European shares turned negative on Friday after earnings results from Bank of America (BAC.N) disappointed investors.

At 1107 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.1 percent at 1,016.51 points after rising earlier to 1,026.43, the highest level since Octber last year.

Bank of America announced a third-quarter net loss of $1.0 billion and said results hurt by continued weakness in the U.S. and global economies.

We're still in a upside trend on the market, but it won't last unless we see companies' revenues starting to rise again. And it's not the case for now. Jacques Henry, analyst at Louis Capital Markets, in Paris.

The dollar index, a broad measure of the greenback's value against six currencies, doubled earlier gains to hit trade up almost a third of a percent on the day at a session high of 75.717 .DXY.

U.S. 10-year Treasury note futures and euro zone government bond futures hit session highs after the results. U.S. T-note futures TYc1 rose as high as 118.00.

The contract was last up 4/32 in price at 117-29/32. December Bund FGBLZ9 futures trimmed losses to mark a day's peak at 121.33. The contract was last 16 ticks down on the day at 121.27.

Earlier, profit at U.S. bellwether General Electric (GE.N) fell 42 percent, as a global economic slump hammered its hefty finance arm and eroded demand for the heavy equipment it manufactures.