Europe shares pause after best start of year in decades
* FTSEurofirst 300 down 0.1 pct, gains 14 pct in 2 months
* Airbus surges after posting sharp rise in operating profits
* 'Capitulation of shorts' could fuel rally -Mirabaud's Plassard
* European stocks at highest P/E ratio since 2004
By Blaise Robinson
PARIS, Feb 27 (Reuters) - European shares dipped on Friday morning, pausing after their best start to the year since regional benchmarks began in late 1986, while Airbus rallied after posting a sharp rise in operating earnings.
Shares in Airbus were up 6.1 percent, representing a gain in market value of 2.5 billion euros ($2.8 billion), roughly the price of six A380 superjumbos.
Shares in International Airlines Group surged 4.4 percent after the owner of British Airways upgraded its 2015 profit forecast by more than 20 percent, after reporting a 81 percent jump in profit last year as oil prices tumbled.
The 50 percent drop in crude prices since mid-2014 has greatly reduced input costs for airlines overall, as jet fuel accounts for around a third of the sector's operating costs. Continuación...