Commodities pull down European shares; UK defence stocks rise
* Pan-European index down 0.6 pct
* UK defence stocks rise on budget spending plans
* Commodities, energy plays main fallers on demand worries
* Italian lenders up after launch of rescue fund (Adds details, updates prices)
By Danilo Masoni
MILAN, Nov 23 (Reuters) - European shares fell on Monday, as demand concerns weighed on commodities and energy stocks, but British defence plays such as Rolls Royce rose on plans to boost budget spending.
The pan-European FTSEurofirst 300 was down 0.6 percent, but came off initial lows thanks to stronger than expected business surveys, while the Euro STOXX 50 index was 0.5 percent lower.
Rolls Royce and BAE Systems rose 2.2 and 1.3 percent respectively after Britain's finance minister George Osborne said it planned to buy more fighter jets and boost its anti-terrorism spending by 30 percent.
"There is every likelihood that the defence sector is going to get a larger piece of financing than expected earlier," IG analyst Alastair McCaig said. Continuación...