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 (Adds quote)
By Blaise Robinson and Alistair Smout
PARIS/LONDON, Feb 27 (Reuters) - European shares dipped on Friday , pausing after their best start to the year since regional benchmarks began in late 1986, while Airbus was boosted by a strong earnings report.
Shares in Airbus were up 6.6 percent after it posted a sharp rise in operating earnings. The rise represented a gain in market value of over 2.5 billion euros ($2.8 billion), roughly the price of six A380 superjumbos.
Shares in International Airlines Group rose 2.7 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...