European shares rise early; Barclays drops after results

Big 5

European shares rose early on Tuesday, mirroring Wall Street’s gains following forecast-beating U.S. macro data, although Barclays dropped after posting a slide in profit.

Shares in the UK lender were down 2.9 percent after it said adjusted profit before tax fell 5 percent in the first quarter, with revenue in its fixed income business falling more steeply than at most rivals.

At 0706 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,349.99 points.

UBS was the top gainer among European blue-chips, up 1.4 percent, after the Swiss bank said it would revamp its corporate structure to ensure it can be more easily broken up in a crisis, cutting the amount of money it will need to set aside for potential losses under Swiss rules and allowing it to pay investors a special dividend.

Source: Reuters