European shares rise early; Barclays drops after results

Reuters - UK Focus

PARIS, May 6 (Reuters) - European shares rose early onTuesday, mirroring Wall Street's gains followingforecast-beating U.S. macro data, although Barclays (Berlin: BCY.BE - news)dropped after posting a slide in profit.

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

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

UBS (Xetra: UB0BL6 - news) was the top gainer among European blue-chips,up 1.4 percent, after the Swiss bank said it would revamp itscorporate structure to ensure it can be more easily broken up ina crisis, cutting the amount of money it will need to set asidefor potential losses under Swiss rules and allowing it to payinvestors a special dividend. (Reporting by Blaise Robinson; Editing by James Regan)

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