* FTSEurofirst 300 falls 0.3 pct after gains on Wednesday
* Moody's warning over U.S. credit rating hurt sentiment
* Tech shares among top losers; Software slumps
By Atul Prakash
LONDON, July 14 (Reuters) - European shares resumed their downward journey on Thursday after gains the previous day, with investors dumping riskier assets on Moody's warning the United States may lose its top credit rating if lawmakers fail to hike the country's borrowing limit.
Technology shares fell 1.6 percent to feature among the top decliners, led lower by Software AG , which slipped 11.4 percent after saying late on Wednesday that delays in licensing sales and unfavourable currency effects hit its second-quarter results.
At 0742 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,095.47 points after falling as low as 1,088.72 in early trade. It rose 0.7 percent on Wednesday after declines in the previous three straight sessions. The index is down about 2 percent this week.
Moody's said late on Wednesday it saw a rising possibility that the statutory U.S. debt limit will not be raised on a timely basis, leading to a default on U.S. Treasury debt obligations.
"The U.S. debt situation is annoying. It's politics pure and simple. I guess they'll get out of it in time so no harm will be done," said Koen De Leus, strategist at KBC Securities.
"But it does create additional nervousness on the top of all other issues like the uncertainty about U.S. growth in the second half of 2011, inflation problems in emerging countries and the European debt problem."
DEBT LIMIT
The White House and Congress must forge a deal to raise America's debt limit by Aug. 2 or the government will run out of money to pay its bills and default on some obligations. But they have so far failed due to a sharp divide over taxes.
"Investors are so nervous these days, simply because the actions of politicians are incoherent, inconclusive and irresponsible," said Hendrik Leber, managing partner at ACATIS Investment, which manages 1.2 billion euros.
The dollar fell on Moody's warning and on hints of further policy easing from the U.S. Federal reserve. Gold , generally seen as a safe haven asset, hit a record high.
"Moody's comments may shift some attention from the euro zone to the U.S. However, given the uncertainty in the euro zone, our part of the world will continue to get more than its fare share of attention," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
"Ahead of the EU bank stress test results on Friday, market tensions are likely to persist. The scenario of a nervous and volatile summer seems to be unfolding."
The European Banking Authority (EBA) will publish stress test results for 91 of the region's top lenders at 1600 GMT on Friday, July 15.
Banking shares were also under pressure, with the sector index down 0.4 percent. Commerzbank dropped 1.5 percent, while Dexia was down 1 percent. (Editing by David Holmes)
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