European shares turn negative as French banks slip

By REUTERS
August 11, 2011 13:17

 
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LONDON - European shares turned negative in morning trade on Thursday as banking shares gave up early gains, with French banks coming under renewed pressure on concerns about their outlook.

At 1003 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 907.34 points after rising as high as 932.34, while the European banking index was down 1.4 percent after gaining as much as 3.7 percent earlier.

Societe General dropped 5.1 percent after falling as much as 23 percent in the previous session on rumors about the French bank's financial solidity, all of which it had denied. Credit Agricole was down 2.2 percent, while BNP Paribas fell 6.2 percent.

The German Bund future rebounded, and last stood up 13 ticks on the day at 134.23.

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