European shares dip ahead of Italian bond auction

Wed Feb 27, 2013 4:52am EST

European shares dipped into negative territory on Wednesday, with investors jittery in the run-up to an Italian bond auction.

Italy will auction up to 6.5 billion euros of new 5- and 10-year bonds at around 1000 GMT.

The FTSEurofirst 300 was off 0.3 percent at 1,147.28 points by 0951 GMT, reversing from an earlier high of 1,154.83. The index dropped 1.4 percent on Tuesday after an Italian election stalemate revived worries about the future of the euro zone.

"Worry about the Italian debt auction (is causing the falls)," Joe Rundle, head of trading at ETX Capital, said. (Reporting by Tricia Wright; Editing by Toni Vorobyova)