Banks, commodities lead European shares down

* FTSEurofirst 300 falls 1.4 percent

* Oils, miners slip, tracking lower commodities prices

* Irish banks rise on rescue package report

By Brian Gorman

LONDON, Nov 19 (Reuters) - European shares fell in morning trade on Wednesday, led by banks and commodities stocks, as prospects of a deep global recession continued to rattle investors.

At 1002 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 1.4 percent at 833.26 points, having fallen as low as 828.84. It rose nearly 1 percent on Tuesday.

The index has lost more than 44 percent this year, battered by a credit crisis and impending or actual recession in several developed economies.

BNP Paribas (BNPP.PA), Barclays (BARC.L), Commerzbank (CBKG.DE), Deutsche Bank DBGKn.DE and UBS UBS.AG fell between 4.4 and 6.7 percent.

Lloyds TSB (LLOY.L) was up 0.4 percent ahead of a meeting of its shareholders to approve its takeover of HBOS HBOS.L, which rose 10 percent.

ING (ING.AS) was down 9.8 percent after Goldman Sachs cut its target price on the company to 9 euros, from 14 euros, while keeping its "neutral" rating.

But Irish banks were higher after a press report that the Irish government was on the brink of launching a multi-billion euro rescue plan for the country's banks, including an injection of taxpayers' money.

Anglo Irish Bank ANGL.I was up 21.4 percent, Bank of Ireland (BKIR.I) was up 9.5 percent and Allied Irish Banks (ALBK.I) rose 8.3 percent.

Fortis (FOR.BR) fell 8 percent, losing momentum after initially gaining on a Belgian court ruling on Tuesday that rejected a challenge by shareholders to the state-backed rescue of the financial giant.

Legal & General (LGEN.L) fell 9 percent after Deutsche Bank lowered its price target for the insurer to 75 pence, from 103, while maintaining its "hold" stance.

Strategists are still sceptical about the prospects for a sustained recovery in the market as concern about the economy continues to dominate.