* FTSEurofirst 300 index down 0.3 pct
* Oils slip as crude retreats
* Barclays gain as beats forecasts
By Joanne Frearson
LONDON, Feb 9 (Reuters) - European shares were lower early
on Monday, depressed by oils which sagged on lower crude prices
and by a cautious mood ahead of the approval of Washington's
economic stimulus package.
By 0932 GMT, the pan-European FTSEurofirst 300 <>
index of top shares was down 0.3 percent at 823.78 points after
gaining 2 percent on Friday.
Top aides to President Barack Obama on Sunday urged
Democratic and Republican lawmakers to set aside political
differences and quickly approve a massive economic stimulus
package this week. []
The Democratic-led Senate, with the help of a few
Republicans, will vote on Monday to end debate on an $827
billion rescue package and clear the way for its passage on
Tuesday.
"This week is very important because you've got the (G7)
nations meeting at the end of the week, you've got the Obama
bill going through, and you've got the second TARP proposal
coming out," said Justin Urquhart Stewart, director at Seven
Investment Management.
"This is the world's biggest casino throw we've ever seen,"
he said of the stimulus package. "There is no certainty in this
market. We're tap dancing on thin ice."
Energy stocks took the most points off the index as crude
<CLc1> fell 0.6 percent.
Britain's BG Group <BG.L> lost 1.9 percent after it offered
A$796 million ($538 million) for Australia's Pure Energy
<PES.AX>, trumping a bid by Arrow Energy <AOE.AX>, in the latest
deal in Australia's coal seam gas sector as firms seek to boost
their gas reserves. []
BP <BP.L>, Royal Dutch Shell <RDSb.L> and Total <TOTF.PA>
were down 1-1.9 percent.
Across Europe, the FTSE 100 <> index was down 0.8
percent, Germany's DAX <> was 0.7 percent lower and
France's CAC 40 <> was down 0.9 percent.
BARCLAYS BEAT FORECASTS
Banks were also in the doldrums, but stocks within the
sector were mixed.
Britain's Barclays <BARC.L> soared 11.5 percent after
reporting a 2008 profit of 6.1 billion pounds ($9 billion),
ahead of forecasts but down 14 percent on the year following 5.4
billion of charges on bad debts and other credit. []
"No great surprises in Barclays numbers ... obviously they
are speaking a confident story. But, actually until the UK
government makes up its mind on what a commercial or retail bank
is suppose to be and whether it is part of the private sector or
public sector then everyone is in completely in the dark as to
what the banks are and how we should value them," said Jim
Wood-Smith, head of research at Williams de Broe.
Unicredit <CRDI.MI> gained 2.2 percent after the group said
the bank's 3 billion euros of capital measures will be fully
subscribed. Its advisers Mediobanca <MDBI.MI> have obtained
commitments from institutions to take up 500 million euros.
HSBC <HSBA.L> was 1.3 percent lower after UBS said that it
expects to build capital ratios via a dividend cut, and through
a $11 billion rights issue or over-funding an acquisition.
Automobiles rose after French newspapers said that French
President Nicolas Sarkozy will announce that the government will
lend around 6 billion euros on two carmakers to help them cope
with the financial crisis. []
Renault <RENA.PA> and Peugeot <PEUP.PA> were up 3.3 percent
and 3.7 percent respectively.
Investors also turned to defensive drugmakers. Roche
<ROG.VX>, Sanofi-Aventis <SASY.PA> and Shire <SHP.L> were up
0.4-1 percent.
(additional reporting by Rebekah Curtis; Editing by David
Cowell)
