* FTSEurofirst 300 down 0.5 percent
* ECB cuts deposit rate
* ECB's Draghi gives news conference at 1330 GMT
LONDON, Dec 3 (Reuters) - European shares fell on Thursday after the European Central Bank cut deposit rates in line with expectations, surprising some investors who had expected a more dovish move.
Following volatile trade around the decision, the FTSEurofirst 300 was last down 0.5 percent at 1,505.90, over one percent down from session highs hit shortly before the announcement.
The Euro STOXX 50 was down 0.3 percent, with Germany's DAX down 0.5 percent.
The European Central Bank cut one of its interest rates and is expected to unveil more policy measures, including changes to its quantitative easing (QE) programme, when ECB President Mario Draghi starts speaking at 1330 GMT.
"The markets had already been pricing in a deposit rate cut, and some investors had actually been looking for a bigger cut - maybe of 15 to 20 basis points," said Hantec Markets' analyst Richard Perry.
"Having disappointed on the deposit rate cut, some investors may now be looking for Draghi to overdeliver on the QE front."
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today's European research round-up (Reporting by Alistair Smout and Sudip Kar-Gupta; Editing by Toby Chopra)