European markets lower as sentiment struggles; Barclays up 7% on earnings

This is CNBC's live blog covering European markets.

European stocks were flat Tuesday as sentiment struggles to pick up in global markets.

The pan-European Stoxx 600 index was 0.1% lower at 1:20 p.m. in London, with sectors mixed. Mining and tech stocks both fell 1.1% while chemicals jumped 2.2%.

Shares of Barclays rose 7% after the lender announced a major operational overhaul including substantial cost cuts, asset sales and a reorganization of its business divisions in its fourth-quarter results.

Asia-Pacific markets fell Tuesday, as investors parsed the Chinese central bank's decisions on key lending rates. In the U.S. overnight, S&P 500 futures were almost flat, as the market came off its first losing week in more than a month.

That came after economic data raised concerns that the U.S. Federal Reserve may not begin cutting interest rates as soon, or by as much, as market participants expected this year. U.S. markets were closed Monday for the Presidents Day holiday.

Shares of French automotive supplier Forvia were down 12% in early afternoon deals, after the company reported higher sales and operating profit in its full-year results, but analysts cut their target prices on the stock.

Forvia announced a five-year cost-cutting project that will also target shifting its regional mix to reduce its dependency on China, which it said could impact up to 10,000 jobs.

Analysts at HSBC and Deutsche Bank both trimmed their target prices on the stock Tuesday.

— Jenni Reid

John Cronin of Goodbody discusses Barclays' earnings and the strategic overhaul, as well as the health of European and U.S. banks.

Shares of Barclays rose 5.4% after the lender announced a major operational overhaul including substantial cost cuts, asset sales and a