European shares dip as Carlsberg warns on Russia profits
* FTSEurofirst 300 down 0.1 pct
* Carlsberg warns of deteriorating conditions in Russia
* Heineken surges after forecast-beating results
* Luxottica weakens on reports CEO to step down
By Tricia Wright and Blaise Robinson
LONDON/PARIS Aug 20 (Reuters) - European shares dipped on Wednesday, ending a two-day rally, with investors rattled by Carlsberg warning that profits would fall this year due to deteriorating conditions in Russia.
Shares in the Danish brewer fell 2.8 percent. It derives 35 percent of its profits from Russia, making it a test case of how European companies will be affected by tit-for-tat sanctions between the West and Russia over the conflict in Ukraine.
Shares in rival Heineken, however, surged 7.8 percent after the brewer posted better-than-expected first-half operating profit, as it sped up cost savings and grew volumes in all regions bar Central and Eastern Europe.
Investors were wary about equities, hit in the last few weeks by fears of an escalation in the Ukrainian crisis which has revealed new vulnerabilities in Europe's stumbling economy. Continuación...