Investors are also awaiting the European Central Bank rate decision at 1245 GMT and the Bank of England decision at 1200 GMT. Both are expected to keep rates unchanged.
By 0931 GMT, the pan-European FTSEurofirst 300 .FTEU3 index was down 0.9 percent at 1,011.98 points after earlier being up as much as 1,024.22.
Banks took the most points off the index. Deutsche Bank fell 1.3 percent despite beating market forecasts to swing to a fourth quarter net profit of 1.3 billion euros ($1.8 billion). [ID:nLDE61304U]
Santander, the euro zone’s biggest bank, lost 3.9 percent on investor concerns over the outlook for crisis-hit Spain in 2010 after the bank’s forecast-beating results in 2009. [ID:nLDE6122AB] (Reporting by Joanne Frearson)
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