FTSEurofirst 300 falls 1.5 percent… Banks under pressure on poor economic outlook… Miners, oils slip…

European shares hit a one-week trough on Thursday, led lower by banks, as poor corporate results and fresh signs of deteriorating global economic outlook overshadowed a compromise deal on a massive U.S. stimulus plan.

By 0949 GMT, the FTSEurofirst 300 index of top European shares was down 1.5 percent to 791.78 points after falling as low as 787.14. The index is down 4.8 percent this year after plunging 45 percent in 2008.

Banks were among the top fallers on the index, with Commerzbank falling 5.4 percent, Credit Agricole down 3.5 percent and Societe Generale declining 3.4 percent.

Energy shares were also under pressure as crude prices eased to trade below $36 a barrel — down 75 percent from a record high near $150 just seven months ago. BP

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If you haven’t heard yet, then you probably will some point on Monday: Japan’s benchmark Nikkei 225 Stock Average closed in the red on Friday, marking its 12th consecutive decline, the longest since a 15-session losing streak in April-May 1954 during a time of “economic uncertainty” after the end of the Korean War. However, the current losing streak is likely to end over the next day or two, as buyers emerge and tip the close into positive territory. No plunge protection team at work that we know of and largely unnecessary, because even though the Nikkei 225 has declined just over 8.5% during the losing streak, over half of the losses have been limited to double-digits, with most of those being very small in percentage terms. That said, we’re not expecting a strong bounce back, although maybe, perhaps a gradual one, since recovering even 14,500 remains a big hurdle. Know that there’s ...