* FTSEurofirst 300 index down 0.6 percent
* Banks, oils retreat from earlier gains
* Cadbury gains on JP Morgan upgrade
By Joanne Frearson
LONDON, Nov 20 European shares fell for a fourth
consecutive session on Friday, with banks retreating from
earlier gains and energy stocks falling after crude CLc1
By 1150 GMT, the pan-European FTSEurofirst 300 .FTEU3
index of top shares was down 0.6 percent at 1,004.31 points in a
choppy session, having been up as much as 1,016.51 earlier.
The index has gained 56 percent since falling to a record
low in early March and is up 21 percent so far this year.
"I think the market is pausing for breath ahead of the U.S.
Thanksgiving holiday next week. I like to think it is the start
of a correction, but I am not so sure," said Howard Wheeldon,
strategist at BGC Partners.
"The macro data coming out of the U.S. has been poor, but
there is still a wide belief that the global recession is over."
Banks retreated from earlier gains to feature among the
worst performers. UBS UBSN.VX, Societe Generale (SOGN.PA) and
Barclays (BARC.L) fell 2.2 to 2.5 percent.
Energy stocks turned lower after crude CLc1 prices fell
0.5 percent. BP (BP.L), Royal Dutch Shell (RDSa.L) and Total
(TOTF.PA) were down 0.6 to 1.3 percent.
TRAVEL OPERATORS WEIGH
Travel operators TUI Travel TT.L and Thomas Cook (TCG.L)
fell 5.8 percent and 5.3 percent respectively after Morgan
Stanley downgraded the two companies, citing a weaker operating
environment and more expensive debt refinancing. [ID:nBNG495215]
The broker cut its stance on Thomas Cook to "underweight"
from "equal-weight" and downgraded TUI to "equal-weight" from
A UBS downgrade hurt Italy's biggest utility Enel (ENEI.MI),
with the shares falling 2.5 percent after the broker cut the
group to "neutral" from "buy".
Fiat FIA.MI lost 3.9 percent as UBS cut the carmaker to
"neutral" from "buy".
"We're still stuck in a tight range, and this could last
until December," said David Thebault, head of quantitative sales
trading at Global Equities in Paris.
"Recent U.S. housing data and default rates are grim and
that could seriously revive fears over banks' balance sheets and
dampen hopes of an end-of-year rally."
On the upside, Cable & Wireless CW.L gained 2.5 percent
after JP Morgan upgraded the stock to "overweight" from
"neutral" and increased its target price, and said it is well
placed to benefit from a rebound in the economy.
Across Europe, the FTSE 100 .FTSE index was down 0.3
percent, Germany's DAX .GDAXI was down 0.4 percent and
France's CAC 40 .FCHI was 0.6 percent lower.
(Additional reporting by Blaise Robinson and Dominic Lau;
Editing by Jon Loades-Carter)