European shares turn positive, financials lead

FRANKFURT, Aug 28 (Reuters) - European shares erased early losses to turn positive in late morning trading on Thursday, led by banks, insurance and financial services stocks.

At 1007 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1.174.15 points, having fallen as much as 0.7 percent earlier.

Banks were up 1.6 percent, insurance gained 1.0 percent and financial services rose 0.8 percent.

Among banks, French Credit Agricole (CAGR.PA: Quote, Profile, Research) climbed 6.2 percent and Swiss UBS (UBSN.VX: Quote, Profile, Research) rose 3.1 percent. (Reporting by Peter Starck)