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European shares mark time, Telefonica falls after update

Reuters - UK Focus

LONDON, May 9 (Reuters) - European stocks edged lower on Friday as disappointing updates from blue chips such as Spanish telecoms operator Telefonica (Madrid: TEF.MC - news) sobered the mood after a market rally on the previous day.

At 0704 GMT, the pan-European FTSEurofirst 300 index was down 0.2 percent at 1,356.85 points, with Spain's Ibex also down 0.2 percent.

Shares in heavyweight Telefonica fell 1 percent as the company missed market expectations with a 23 percent fall in net profit.

"It looks like Telefonica came in a bit weaker and we had some people going short of the Ibex as a results," Rupert Osborne, futures dealer at IG (LSE: IGG.L - news) , said.

Adding to the gloom, Nordic (SES: MR7.SI - news) builder Skanska (Other OTC: SKBSY - news) saw its operating profit for the period rise less than forecast, sending its shares down 1.7 percent. (Reporting By Francesco Canepa)