European shares slip back from nine-month highs

                                
 * FTSEurofirst 300 closes 0.2 pct lower
                                
 * Miners, most banks decline
                                
 * UniCredit rises after results
                                
 
                                
 By Brian Gorman
                                
 LONDON, Aug 4 (Reuters) - European shares closed lower on
Tuesday, slipping back from the nine-month high reached in the
previous session, with some banks giving back a little of their
recent hefty gains.
                                
 The FTSEurofirst 300 <.FTEU3> index of top European shares
fell 0.2 percent to close at 939.67 points.
                                
 However, the index is still up more than 45 percent from the
lifetime low to which it sank on March 9, with investors growing
more confident on the prospects of economic recovery and
encouraged by the current corporate results season.
                                
 "We've had a very strong move on better than expected
earnings, especially among banks," said Philip Lawlor,
strategist at Nomura in London. "It's not surprising that we've
had some profit-taking."
                                
 Banks took most points off the index, after a run that has
seen the DJ STOXX European banking sector index <.SX7P> rise 140
percent from its March 9 low.
                                
 Swiss bank UBS <UBSN.VX> dropped 4.3 percent after the
company posted a second-quarter net loss of 1.4 billion Swiss
francs ($1.32 billion), worse than forecast. [ID:nL3704235]
                                
 Asia-focused Standard Chartered <STAN.L> closed 7.5 percent
lower after unveiling a surprise 1 billion pound ($1.7 billion)
fundraising, though it beat expectations with a record pretax
profit for the first six months of 2009. [ID:nL4317381]
                                
 BBVA <BBVA.MC>, Nordea Bank <NDA.ST> and HSBC <HSBA.L> were
down between 1 and 4.3 percent.
                                
 However, Italian bank UniCredit <CRDI.MI> was up 3.6 percent
after it beat expectations for second-quarter net income due to
improved trading profits as it recovers from a pummelling as the
biggest lender in recession-hit eastern Europe. [ID:nL4165404]
                                
 Belgian financial services group KBC <KBC.BR> rose 8.6
percent, ahead of results on Thursday. 
                                
 Mining stocks, also strong gainers in recent days, ended the
day down, with the DJ STOXX European Basic Resources sector
index <.SXPP> down 1.5 percent, though copper prices hit their
highest since October 2008..
                                
 Anglo American <AAL.L>, Antofagasta <ANTO.L> and Rio Tinto
<RIO.L> fell between 1.5 and 4.4 percent.
                                
 
                                
 BMW <BMWG.DE> FALLS 
                                
 BMW <BMWG.DE> closed 1.7 percent lower, despite the car
maker posting a second-quarter operating profit ahead of
expectations. [ID:nL4222397]
                                
 "Despite good financial performance in H1/2009 we are still
sceptical on German premium manufacturers, especially on BMW and
thus confirm our sell recommendation," DZ Bank wrote in a note.
                                
 Danish brewer Carlsberg <CARLb.CO> fell 2.3 percent, ahead
of results on Wednesday, and after Citigroup downgraded the
shares to "hold" from "buy", citing worries over Russian taxes
on beer. [ID:nL4484683]
                                
 Across Europe, UK's FTSE 100 index <.FTSE> and Germany's DAX
closed 0.2 percent lower; France's CAC 40 <.FCHI> fell 0.04
percent.
                                
 The Dow Jones <.DJI>, S&P 500 <.SPX> and Nasdaq Composite
<.IXIC> were flat as European bourses were closing.
                                
 U.S. economic data continued to point to an upturn.
                                
 Pending sales of previously owned U.S. homes rose at a
faster-than-expected pace in June, and consumer spending rose
slightly more than expected. [ID:nN0498623] [ID:nN0482042]
                                
 Nomura's Lawlor added: "We are seeing some forward-looking
estimates are creeping up. But my worry is on valuations, at
14.5 times earnings. You can't argue that they're cheap.
Economic data is going to have to do the heavy lifting after the
corporate announcements."
 (Additional reporting by Christoph Steitz; Editing by Greg
Mahlich)