European shares pause after rally sparked by ECB
* FTSEurofirst 300 down 0.2 pct, dips from 6-1/2 yr high
* Index set to post fourth weekly gain in a row
* Citi sees stocks as 'super cheap' relative to credit
By Blaise Robinson
PARIS, Sept 5 (Reuters) - European stocks dipped early on Friday, pausing after the previous day's sharp rally spurred by an interest rate cut from the European Central Bank which also launched new measures to support the euro zone economy.
Shares in BP fell 0.4 percent, adding to a steep sell-off after a U.S. judge decided that the firm was 'grossly negligent' and 'reckless' in the Gulf of Mexico oil spill four years ago. The ruling could add nearly $18 billion in fines to more than $42 billion in charges the company took for the worst offshore environmental disaster in U.S. history.
The stock is down about 6 percent since Wednesday's close.
At 0748 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,398.71 points, retreating from a 6-1/2 year high hit in the previous session.
Britain's FTSE 100 index was down 0.2 percent, Germany's DAX index up 0.1 percent, and France's CAC 40 down 0.1 percent. Continuación...