European shares fall as banks, commodities weigh

* FTSEurofirst 300 index down 0.4 pct

* Banks, commodities weigh

* Telcos up; TeliaSonera, BT Group rise

By Joanne Frearson

LONDON, Nov 12 (Reuters) - European shares fell in early trade on Thursday, led lower by banks and commodities stocks, as investors awaited euro zone industrial production numbers and U.S. weekly jobless figures.

By 0934 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.4 percent at 1,009.82 points after touching a three-week high in the previous session.

"I suspect investors will be looking at the industrial production figures today which will probably show a fairly split picture between core Europe and the rest. I think that is going to weigh on what is happening," said Justin Urquhart Stewart, director at Seven Investment Management.

"U.S. jobless figures are going to be crucial to the level of confidence coming through. I suspect it is still going to show a little weakness but not quite as bad as expected."