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European shares slip after rally, Telefonica tumbles
* FTSEurofirst 300 retreats from highs hit on Thursday* Telefonica falls after Q1 profits miss forecasts* Prospect of new ECB stimulus keeps some traders bullishBy Sudip Kar-GuptaLONDON, May 9 (Reuters) - European shares retreated on Friday as a disappointing business update from leading telecoms group Telefonica TEF.MC sobered the mood after a rally on the previous day.The pan-European FTSEurofir
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