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 detail, updates prices)
By Blaise Robinson and Alistair Smout
PARIS/LONDON, Feb 27 (Reuters) - European shares edged higher on Friday, pausing after their best start to the year since regional benchmarks began in late 1986, but still supported by positive earnings reports.
Shares in Airbus were up 7.5 percent after it posted a sharp rise in operating earnings, also announcing its biggest ever dividend.
Bank of Ireland rose 7.2 percent after posting its first annual profit since the financial crisis, while shares in International Airlines Group rose 2.8 percent upgrading its 2015 profit forecast by more than 20 percent.
Bucking the trend, Belgian telecom company Belgacom's shares lost almost a 10th of their value after quarterly profit and 2015 forecasts came in below market expectations. Continuación...