Banks, miners lead Europe lower on economic woes

* FTSEurofirst 300 falls sharply, led by financials * Mining sector lower on economic concerns

* All eyes on U.S. non-farm payrolls at 1230 GMT

By Joanne Frearson

LONDON, Sept 5 (Reuters) - European shares fell in early trade on Friday, extending losses from the previous session, as investors sold banking and mining stocks amid intensified worries over the global economy.

At 0838 GMT, the FTSEurofirst 300 index of top European shares was down 1.6 percent at 1,133.30 points.

Royal Bank of Scotland (RBS.L: Quote, Profile, Research), Banco Santander (SAN.MC: Quote, Profile, Research), BNP Paribas (BNPP.PA: Quote, Profile, Research) were all down between 1-3 percent and ranked among the top negative weights on the benchmark.

European shares lost 2.6 percent on Thursday and sparked a global equities decline after European Central Bank projections showed a cut in growth expectations compared with their last prognosis three months ago.

The ECB also unveiled tougher rules on the assets banks can submit as collateral in central bank lending operations, hurting bank stocks.