PARIS, Aug 20 (Reuters) - European shares dipped in early trade on Wednesday, pausing after a sharp two-day rally, as Carlsberg's profit warning rattled investors.
Shares in the Danish brewer sank 5.8 percent after the company said its 2014 operating profit would decline compared to 2013, due to deteriorating conditions in Russia, which generates some 35 percent of its profits.
At 0705 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,346.05 points, retreating after gaining 1.8 percent in the past two sessions.
Investors were also cautious ahead of the U.S. Federal Reserve's minutes of its July policy meeting which could give insight on the outlook for interest rates. (Reporting by Blaise Robinson; Editing by Sudip Kar-Gupta)