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Nordic shares lead Europe lower as DNB, Skanska disappoint

European shares eased on Thursday, led down by Nordic stocks after disappointing updates from Norwegian bank DNB and Swedish construction firm Skanska.

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 quarter.

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 Kelly said.

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 30.

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)

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