* FTSEurofirst 300 down 0.1 pct, Euro STOXX 50 down 0.3 pct
* DNB, Skanska lead losers after updates
* Burberry rallies as it posts organic sales growth
By Francesco Canepa
LONDON, July 10 European shares eased on
Thursday, led down by Nordic stocks after disappointing updates
from Norwegian bank DNB and Swedish construction firm
Norway's largest bank posted lower-than-expected
second-quarter results, partly due to higher loan losses, while
Skanska said it would significantly scale down its loss-making
Latin American operations after taking a charge in the second
Their shares, each down about 3 percent, were the top
fallers on the pan-European FTSEurofirst 300 index,
which was down 0.1 percent at 1,362.54 points by 0743 GMT.
The index, which hit a 6-1/2 year highs last month, was down
for the fourth out of the past five sessions as a handful of
disappointing earnings updates cast a shadow on the upcoming
reporting season and raised questions about a nearly 10-percent
rally between mid-March and last week.
"We were looking at an overextended market, so a degree of
profit taking was inevitable," IG chief market strategist Brenda
The euro zone blue chip Euro STOXX 50 was down
0.3 percent while Olso's OSEBX shed 1 percent and
Britain's FTSE 100 was up 0.1 percent, helped by a rise
in luxury group Burberry.
Burberry shares were up 2.3 percent, to be the leading
FTSEurofirst 300 gainers, posted a 12 percent rise in
like-for-like retail sales for its fiscal first quarter to June
It warned, however, that if exchange rates remained at
today's levels, that would have a "material impact on profits".
"Despite driving best-in-class top-line growth, the
continued margin pressure at Burberry remains a concern, and
today's results do not help to improve the profitability gap
that exists between Burberry and its luxury peers," Bernstein
analysts wrote in a note.
"Given the recent underperformance of the stock, we expect
today's results to be positively received by the market."
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Editing by Louise Ireland)