European shares fall for 5th day, led by financials

LONDON, July 8 (Reuters) - European shares fell for the fifth straight session on Wednesday to their lowest closing level in 10 weeks, as investors faced further signs that the pace of economic recovery will not be fast.

The FTSEurofirst 300 .FTEU3 index of top European shares unofficially closed 1.3 percent lower at 815.99 points. The fifth consecutive drop also marked the index's longest losing streak since mid-January.

Financials were among the standout losers, with HSBC (HSBA.L), Banco Santander (SAN.MC), UBS (UBSN.VX), BNP Paribas (BNPP.PA), Aviva (AV.L), KBC Groep (KBC.BR), Legal & General (LGEN.L) and AXA (AXAF.PA) off 2.3 percent to 9 percent.

Oil producers and carmakers were other standout losers. BP (BP.L) lost 0.6 percent and Royal Dutch Shell (RDSa.AS) slipped 0.7 percent.

Among car makers, Renault (RENA.PA) dropped 7.5 percent and Peugeot (PEUP.PA) shed 5.1 percent.

Across Europe, Britain's FTSE 100 .FTSE slipped 1.1 percent, Germany's DAX .GDAXI lost 0.6 percent and France's CAC 40 .FCHI eased 1.3 percent. (Reporting by Dominic Lau)