European shares turn negative; banks weigh

LONDON (BestGrowthStock) – European shares turned negative in Tuesday morning trade following a closely watched survey showing German business sentiment unexpectedly fell in February.

The Munich-based Ifo think tank said its business climate index, based on a monthly survey of some 7,000 firms, fell to 95.2 from 95.8 in January. A Reuters poll of 45 economists had forecast the index would show a reading of 96.1.

At 1023 GMT, the FTSEurofirst 300 (.FTEU3: ) index of top European shares was down 0.2 percent at 1,021.35 points after rising to a three-week high of 1,029.80 earlier in the session.

Banks were among the top decliners, with Standard Chartered (STAN.L: ), Barclays (BARC.L: ), Credit Agricole (CAGR.PA: ), Credit Suisse (CSGN.VX: ), Deutsche Bank (DBKGn.DE: ) and Commerzbank (CBKG.DE: ) down 0.2 to 5.8 percent.

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(Reporting by Atul Prakash)

European shares turn negative; banks weigh