(Reuters) - European stocks reversed gains and drifted lower on Wednesday afternoon, as the initial enthusiasm that followed strong demand for the ECB's 3-year tender faded away and fears over the region's debt crisis resurfaced.

At 1248 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 971.49 points after gaining more than 1 percent following the ECB tender.