European shares fall ahead of U.S. payrolls report

* FTSEurofirst 300 down 0.4 pct

* ArcelorMittal (LSE: 0NSF.L - news) lower after no change to guidance

* Monte Paschi higher after results

* Miners, energy share top sectoral fallers (ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development) Adds details, updates prices)

By Danilo Masoni

MILAN, May 6 (Reuters) - European shares fell slightly on Friday, as investors awaited the U.S (Other OTC: UBGXF - news) . April payrolls report for more clues about the interest rate outlook in the world's largest economy

ArcelorMittal was among the leading losers after the world's largest steelmaker kept its guidance unchanged.

"Main focus today will be on US employment data this afternoon," Markus Huber, trader at City of London Markets said.

"Even (Taiwan OTC: 6436.TWO - news) with the Fed appearing very eager to give the impression that the economy is doing well and that more rate hikes are in the offing rather sooner than later, recent economic data has been showing a mixed picture at best. Consequently only a much stronger than expected Non-Farm payroll number is likely to spook markets," he added.

Economists forecast Friday's payrolls data will show U.S. employers added 202,000 workers in April following a 215,000 increase in March, with the jobless rate holding at 5.0 percent.

The pan-European FTSEurofirst 300 index was down 0.4 percent by 0851 GMT, hovering around its lowest point in almost one month, and was on course for its second straight week of losses.

Angelo Meda, portfolio manager at Banor in Milan, said while in the U.S. there have been some positive earning surprises, the reporting season in Europe was not as strong, weighing on markets.

Among the leading losers, ArcelorMittal fell 3.9 percent after company said it was slightly more positive about the steel market but kept its 2016 earnings forecast unchanged.

"We believe the fact that the company is unwilling to raise the bottom of its guidance range implies either a lack of confidence ... or that cost savings are not coming through as quickly as we had envisaged," JP Morgan said in a note.

Monte dei Paschi (Milan: BMPS.MI - news) di Siena rose 4.4 percent after first-quarter net profit at the battered Italian lender beat forecasts thanks to lower loan loss charges, an increase in commissions and falling costs.

"Monte dei Paschi results came in better than expected but looking more in detail the fact that they have lost deposits and that core capital is weaker are not that good," Banor's Meda said.

Man Group (LSE: EMG.L - news) fell 6.9 percent, hit by a downgrade by Citi to "sell".

Mining sector stocks were among the top losers as copper prices steadied but were heading for their largest weekly loss since early 2015 amid on worries over China's economy and a stronger dollar.

Oil stocks also fell by 1 percent, tracking weak crude prices.

ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.

If you have any thoughts, suggestions or feedback on this, please email mike.dolan@thomsonreuters.com.

Mike Dolan, Markets Editor EMEA.

(Reporting by Danilo Masoni)