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European shares pare losses after U.S. data

Tue Nov 3, 2009 10:11am EST

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LONDON, Nov 3 (Reuters) - European shares pared losses in afternoon trading on Tuesday after data showed new orders received by U.S. factories beat Wall Street expectations and rose 0.9 percent in September.

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At 1507 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.9 percent at 970.90 after hitting a one-month low of 959.11 earlier in the session.

Financials were among the biggest losers, with UBS (UBSN.VX) falling 5.2 percent after the Swiss lender posted a higher-than-expected accounting charge and withdrawals at all its key divisions pushed it into another quarterly loss. [ID:nL2713325]

Royal Bank of Scotland (RBS.L) fell 12 percent after the bank agreed to sell off businesses to limit its reliance on government support [ID:nL3540088].

Standard Chartered (STAN.L), HSBC (HSBA.L), Barclays (BARC.L), BNP Paribas (BNPP.PA) and Societe Generale (SOGN.PA) were down 1.4 to 2.9 percent. (Reporting by Atul Prakash)

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