Oct 24 - European shares reversed early declines to gain on Tuesday as robust earnings from the region and the U.S. outweighed concerns about downbeat economic data in the euro zone, while bank shares underperformed.U.S. stocks rose as a sell-off in U.S. Treasuries eased, while upbeat corporate forecasts boosted optimism about corporate America's health in the face of a slowing economy and higher inflation.
Lenders were however a drag, down 1.0% as Barclays fell 6.5% after the British lender hinted at major cost cutting later this year and warned competition for savers' money was eating into its margins. "We're seeing the impact of increased borrowing costs in the fact that business activity in Germany has contracted again, so a real expectation that a recession is well underway, certainly in that part of the euro zone," said Danni Hewson, head of financial analysis at AJ Bell.
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