LONDON, Jan 5 (Reuters) - European shares ticked lower in early trade on Wednesday after strong gains in the previous two sessions, with weaker chemical shares outpacing a rise in telecommunications stocks.
By 0814 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,140.61 points after rising 0.9 percent to its highest closing in more than a week on Tuesday.
"Cautious optimism is probably where we are for the time being. There might just be an element of nerves creeping back into the market as investors return to their desks," said Keith Bowman, equity analyst at Hargreaves Lansdown.
"There is some optimism with regards to the U.S. economy, but that is mixed with concerns over where Europe is going in the short-to-medium term. We are likely to remain very data sensitive."
European chemical sector index fell 0.6 percent, while K+S dropped 0.9 percent. (Reporting by Atul Prakash)