European shares lose 3 pct as US worries weigh

LONDON, Feb 5 (Reuters) - European shares fell 3 percent on Tuesday, led by financials, as U.S. indexes extended their fall after data suggested the U.S. economy may be at greater risk of recession.

The FTSEurofirst 300 index of top European shares fell to an intraday low of 1,314.83 points, marking a 3.1 percent decline on the day as U.S. stocks extended an earlier sell-off.

Bank stocks were the day's worst performers, hit by the growing prospect of U.S. recession and another round of broker downgrades. Banco Santander (SAN.MC: Quote, Profile, Research) lost 4.8 percent, HSBC (HSBA.L: Quote, Profile, Research) fell 2.3 percent and BNP Paribas (BNPP.PA: Quote, Profile, Research) fell 5.2 percent.

U.S. benchmark indexes .DJI .SPX .IXIC were down between 1.5 and 1.9 percent. Wall Street shares fell after the Institute for Supply Management said its index of non-manufacturing business activity -- which measures the growth of the mammoth U.S. services sector -- fell to its lowest since October 2001 in January and showed a surprise contraction.

Around Europe, London's FTSE 100 index .FTSE slid 2.5 percent, while Frankfurt's DAX .GDAXI fell 3.4 percent and Paris' CAC 40 .FCHI lost 3.6 percent. (Reporting by Amanda Cooper)