Europe shares dip on report of stress-test failures

PARIS Wed Oct 22, 2014 4:55am EDT

PARIS Oct 22 (Reuters) - European shares reversed early gains and dipped on Wednesday morning, with traders citing worries over potential failures in the European Central Bank's ongoing bank stress tests.

At 0839 GMT, the FTSEurofirst 300 index of top European shares was down 0.5 percent at 1,293.03 points.

Traders pointed to a report from Spain's Efe news service which said that at least 11 banks from six European countries are set to fail a region-wide financial health check this weekend.

The euro zone banking index was down 0.6 percent.

However, traders said losses in the sector were limited by expectations of ECB action in corporate bond market and hopes that even failures would remove uncertainty. (Reporting by Blaise Robinson and Francesco Canepa; Editing by Lionel Laurent)

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