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* FTSEurofirst 300 down 0.5 pct
* Back in the red for the week
* Banks lead fallers; UniCredit leads banks
By Simon Jessop
LONDON, July 8 (Reuters) - European shares fell on Friday after the release of much worse than expected U.S. jobs data, putting the blue-chip index on course to end the week in the red and reigniting fears over the pace of growth in the world's largest economy.
The U.S. non-farm payrolls figure had been expected to show 90,000 jobs had been created in June but in the event showed just 18,000 were added.
In response, the FTSEurofirst 300 index was down 0.8 percent by 1300 GMT, having been up 0.4 percent just before the announcement, for a 0.4 percent loss on the week.
"It's certainly very disappointing and does raise questions whether this was a temporary slowdown or anything else. It will up the emphasis on the second-quarter (corporate results) reporting season," Keith Bowman, equity analyst at Hargreaves Lansdown, said.
Just ahead of the data release the White House had announced that President Obama would deliver a statement at 1435 GMT. No further details were given.
Banks continued to lead sectoral fallers across the region, battered by euro zone sovereign debt and capital adequacy concerns, with the STOXX Europe 600 banking sector index down 1.4 percent.
Leading the sector lower was Italian lender UniCredit , down 4.7 percent on concerns that it and its domestic rivals would need to raise fresh cash to prop up their balance sheets after the latest European Union banking stress tests. (Additional reporting by Atul Prakash and Michael Rose; Editing by Greg Mahlich)
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