Adidas pulls European stocks lower
* FTSEurofirst 300 down 0.5 pct, Euro STOXX 50 down 0.6 pct
* Sanofi, Shell, BNP, Inbev rally after posting results
* Argentina's default weighing on Spanish stocks
By Blaise Robinson
PARIS, July 31 (Reuters) - European shares fell in early trade on Thursday, led by Adidas after the group warned about business in Russia, while Argentina's default also rattled investors.
Shares in the German sportswear company sank 12 percent, dragging Germany's DAX 1 percent lower, after saying it will scale back plans to expand in Russia and overhaul its golf business, as problems in both areas prompted it to slash its outlook for the year.
Spanish stocks also underperformed, with Madrid's IBEX dropping 1.5 percent, as traders cited worries over Spanish companies' exposure to Latin America after Argentina's debt default.
The country defaulted for the second time in 12 years on Thursday after hopes for a midnight deal with holdout creditors were dashed.
Overall on Thursday, corporate results from European blue-chips were relatively positive, with shares in Sanofi surging 3.5 percent after the French drugmaker raised its full-year profit forecast while Royal Dutch Shell stock gained 3.4 percent after reporting a 33 percent increase in quarterly earnings, beating analyst forecasts. Continuación...