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At 0804 GMT, the FTSEurofirst 300 index of top European shares was down 0.9 percent at 939.62 points, after gaining 6.5 percent since a low hit on Friday. Barclays, HSBC and UBS, downgraded by S&P, were down 1.5-1.8 percent. "The market remains headline-driven," said David Thebault, head of quantitative sales trading, at Global Equities. "But we're starting to see big institutional investors coming back, mostly through equity futures to minimise the risks."