European shares turn negative after US GDP data

European shares turned negative in afternoon trading on Tuesday after U.S. GDP data showed the economy grew more slowly than initially thought in the third quarter.

By 1335 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was down 0.2 percent at 1,021.86 points after rising as high as 1,025.17 earlier in the session.

In its second reading of third-quarter gross domestic product, the Commerce Department said the U.S. economy grew at a 2.8 percent annual rate, rather than the 3.5 percent pace it estimated last month.

Banks featured among the worst performers. HSBC (HSBA.L), BNP Paribas (BNPP.PA), Societe Generale (SOGN.PA) and UBS (UBSN.VX) were down 1.2 to 1.9 percent.