European shares turn negative as French banks slip

European shares turn negative as French banks slip

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 3:33pm, the FTSEurofirst 300 index of top European shares was down 0.3% at 907.34 points after rising as high as 932.34, while the European banking index was down 1.4% after gaining as much as 3.7% earlier.

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

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

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