European shares fall after soft data from China and Japan
* FTSEurofirst 300 down 0.3 pct, trims Friday's gains
* Italy's credit downgrade weighs on sentiment
* Energy shares drop again as Brent slips below $69
By Blaise Robinson
PARIS, Dec 8 (Reuters) - European shares fell early on Monday, trimming some of the previous session's sharp gains after soft macro data from China and Japan.
At 0900 GMT the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,401.34 points, having surged 1.8 percent on Friday after much better than expected U.S. monthly jobs data.
Also weighing on sentiment on Monday was S&P's Friday cut to Italy's sovereign credit rating from BBB to BBB-, only one notch above junk, citing weak growth and poor competitiveness that undermine the sustainability of its huge public debt.
"The euphoria from Friday's U.S. payrolls is dissipating; we're seeing a bit of profit-taking," Saxo Bank trader Pierre Martin said.
"Italy's downgrade is a good reminder that Europe is far from being out of the woods. Even if the ECB is pro-active, there are a lot of issues still to be resolved." Continuación...