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European shares lost ground on Tuesday, giving up gains in early deals after a long holiday week-end for several markets, with Spanish banks among the worst performers after a local-poll hit for Prime Minister Mariano Rajoy.
Shares of Banco Sabadell, Bankia, Caixabank and Popular were down 1.8 to 2.3 per cent at 0734 GMT.
Spain's IBEX index was down 0.8 per cent, underperforming a 0.2 per cent lower FTSEurofirst 300 index. Both indexes had been in positive territory in earlier trading, helped by a lift from the weaker euro.
"Markets are trying to digest what is going on in Spain and what it means for Greece," said Michael Hewson, CMC Markets analyst. "Anti-austerity parties in Spain have been giving the incumbent government a kicking...That's keeping investors on the back foot."
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