European shares erase gains, Bund futures rise after weak Ifo
LONDON Oct 27 (Reuters) - European shares erased their early gains while futures on benchmark German government bonds turned higher on Monday after a key index of German business sentiment hit its lowest level in almost two years.
The Munich-based Ifo think-tank's business climate index, based on a monthly survey of some 7,000 firms, fell to 103.2 from 104.7 the previous month, suggesting Europe's largest economy could be in for a bumpy ride in the fourth quarter.
At 0912 GMT, the FTSEurofirst 300 index of pan-European shares was flat at 1,314.84 points after trading as high as 1,324.50 points in early deals on better-than-expected results from the European banking sector's health checks.
German Bund futures erased their losses to last trade 2 ticks higher on the day at 150.37, having traded as low as 150.07 earlier. (Reporting by Francesco Canepa; Editing by Sudip Kar-Gupta)
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