European shares turn negative as banks, techs slip

LONDON Tue Jan 29, 2013 10:57am GMT

LONDON Jan 29 (Reuters) - European equities turned negative on Tuesday, with Royal Bank of Scotland leading European banks lower after a media report that the British bank was close to a settlement over Libor interest-rate rigging allegations.

The market also came under pressure from weaker tech stocks , down 0.5 percent, with Germany's Software AG falling 14.5 percent after saying it expected 2013 earnings per share to be down from the previous year.

RBS dropped 5.3 percent on a Wall Street Journal report, citing people briefed on the negotiations, that the bank was nearing a 500 million pounds ($785.32 million) settlement with U.S. and British authorities over claims some of its employees submitted false Libor rates.

The STOXX Europe 600 banking index fell 1 percent, the top sectoral faller, while the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1053 GMT after opening higher.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.