* FTSEurofirst 300 down 0.2 pct
* Total stock hit by worries over Russia investment
* Peugeot jumps after posting positive results
* So far, 58 pct of companies meet or beat forecasts
* Investors await U.S. GDP, Fed statement
By Blaise Robinson
PARIS, July 30 European stocks dipped on
Wednesday, with shares in oil major Total falling on
worries over its investments in Russia and after posting a drop
Shares in the French group, one of the top foreign investors
in Russia, dropped 3 percent after saying that it stopped buying
shares in Russia's Novatek the day of the downing of a
Malaysia Airlines flight over Ukraine.
Last April, Total forecast that Russia would become its
biggest source of oil and gas output by 2020 thanks to its
partnership with Novatek and their Yamal LNG project in Siberia.
The European Union and the United States on Tuesday
announced further sanctions against Russia, targeting its
energy, banking and defence sectors in the strongest
international action yet over Moscow's support for rebels in
By 0749 GMT, the FTSEurofirst 300 index of top
European shares was down 0.2 percent at 1,370.92 points, after
gaining 0.3 percent on Tuesday.
Investors awaited U.S. growth figures for the second
quarter, due at 1230 GMT, as well as the conclusion of the U.S.
Federal Reserve's two-day policy meeting and its statement set
to be released at 1800 GMT.
Analysts polled by Reuters expect the U.S. economy to have
grown at an annualised rate of 3.0 percent in the second
quarter, turning around from a 2.9 percent contraction in the
first three months of the year, due in part to a harsh winter.
The Fed, meanwhile, is all but certain to cut its monthly
bond-buying programme by another $10 billion.
"People are getting nervous about the impact of the end of
the quantitative easing programme on the equity market," FXCM
analyst Vincent Ganne said.
"The end of the first quantitative easing programme
triggered a sharp correction on the market. It's more gradual
this time, but overall equities could suffer outflows in the
Around Europe, UK's FTSE 100 index was down 0.1
percent, Germany's DAX index down 0.1 percent, and
France's CAC 40 down 0.4 percent.
Bucking the trend, shares in aerospace group Airbus
surged 3.8 percent after reporting first-half underlying
operating profit up 10 percent and reaffirming its forecasts.
KPN rose 4.3 percent after the Dutch telecoms group
reported better-than-expected second-quarter core profit, helped
in part by cost cuts.
Peugeot surged 6.7 percent after the carmaker
posted the first positive contribution from its core auto
division in three years.
"Good quarterly results for Peugeot, and very good free cash
flow generation," a Paris-based trader said.
According to Thomson Reuters StarMine data, about 35 percent
of STOXX Europe 600 companies have reported results so
far in the earnings season, of which 58 percent have met or
beaten profit forecast.
On average, quarterly profits are up 6.9 percent
year-over-year, data shows, fuelling hopes of a long-awaited
recovery in European profits this year.
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)