European shares fall for third day before U.S. jobs data
* FTSEurofirst 300 down 0.4 pct, Euro STOXX 50 down 0.3 pct
* Investors on edge before U.S. jobs data
* Gloomy outlook at Arcelor, Vinci also weigh
* Iliad down 10.9 pct after bid for T-Mobile U.S.
By Francesco Canepa
LONDON, Aug 1 (Reuters) - European equity indexes fell for a third day on Friday, weighed by gloomy corporate outlooks and the prospect of U.S. jobs data, which is expected to shed light on the chances of an early end to the Federal Reserve's ultra-easy monetary policy.
While encouraging for the global economy at large, a strong U.S. employment report would strengthen the case for an early interest rate hike by the Fed, whose monetary largesse has helped fuel a nearly 40 percent rally in European equities over the past two years.
"I still think good data is good for the stock market in the long term because it means the global recovery is still on track," Farhan Ahmad, a trader at Tradenext, said. "Short term, however, we may see some reverberation in the stock market and some further weakening."
At 0724 GMT, the pan-European FTSEurofirst 300 index was down 0.4 percent at 1,344.22 points, falling for a third straight session. The euro zone Euro STOXX 50 index was down 0.3 percent at 3,106.17 points Continuación...