February 11, 2008 / 1:18 PM / 12 years ago

European shares turn flat, banks still drag

LONDON, Feb 11 (Reuters) - European shares pared Monday’s earlier losses to turn flat, tracking a rise in U.S. futures, although wider credit spreads and concern about the fallout from the credit crisis continued to weigh on banking shares.

By 1309 GMT the FTSEurofirst 300 index .FTEU3 of top European shares was flat at 1,302.62 points, having touched an intraday high of 1,303.7 points. The index was down by as much as 1.1 percent earlier in the day.

Oil and gas shares and drugmakers were among the top gainers on the index. British pharma group GlaxoSmithKline (GSK.L) rose 3 percent, while French oil company Total (TOTF.PA) was up 1.3 percent, along with a rise in crude oil futures CLc1.

Among financials, HSBC (HSBA.L), UBS UBSN.VX and ING ING.AS were down between 1.4 and 1.6 percent, while Societe Generale (SOGN.PA) shed over 5 percent after the company launched a capital increase at a steep discount to shore up its balance sheet and speculation of a hostile takeover bid from BNP Paribas (BNPP.PA) appeared to fade.

U.S. stock futures were up between 0.3 and 0.4 percent DJH7=8 SPH8 NDH8. (Reporting by Amanda Cooper)

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