European shares give up gains after DAX touches new 2016 peak

* DAX touches new peak for 2016
* German stocks boosted by Ifo
* Monte Paschi slumps on strategy plan
* UPM (Taiwan OTC: 4752.TWO – news) and Luxottica (Milan: LUX.MI – news) rise after results (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon – see cpurl://apps.cp./cms/?pageId=livemarkets)
By Sudip Kar-Gupta and Alistair Smout
LONDON, Oct (HKSE: 3366-OL.HK – news) 25 (Reuters) – European shares turned lower afte