UPDATE 5-Bourses fall on war fear and profits warnings.

(From FT Investor (Stories))

LONDON (FT.com) - European stock markets were weak on Wednesday morning after US blue chips pared gains overnight as the fear of war against Iraq weighed on sentiment.

The declines came after the principal indices recorded solid gains on Tuesday, triggered by resilient earnings reports from Vodafone, Repsol and UBS. But on Wednesday, the picture was reversed, with steelmakers and telecoms stocks dropping sharply following warnings from Corus and Cable & Wireless.

Adding to the downbeat corporate news, the Iraqi parliament on Tuesday rejected the UN resolution on weapons inspections, increasing the likelihood of a military campaign against Baghdad. President Saddam Hussein, who ultimately decides on the matter, has …