Europe stocks turn negative; BP tumbles 5 percent

PARIS (BestGrowthStock) – European stocks erased early gains and turned negative on Tuesday morning, as worries over the massive oil spill dragged BP (BP.L: ), eclipsing strong results from Swiss lender UBS (UBSN.VX: ).

At 0720 GMT, the FTSEurofirst 300 (.FTEU3: ) index of top European shares was down 0.2 percent at 1,062.80 points.

BP fell 5 percent as the massive oil spill in the Gulf of Mexico continued to grow, although the company said it made some progress toward capping the underwater well that ruptured almost two weeks ago.

Investors were also rattled by lingering fears over Greece’s debt. A German government source said on Tuesday Greece’s capital requirements until 2012 are greater than the 110 billion euros included in a euro zone and IMF rescue package.

Stock Basics

(Reporting by Blaise Robinson)

Europe stocks turn negative; BP tumbles 5 percent