European stocks pared their losses as mining companies and carmakers rallied and as investors awaited an American report on first-quarter economic growth.

Spain’s sovereign credit rating was cut for the second time this year by S&P on concern that the country will have to provide further fiscal support to banks as the economy contracts. S&P lowered the long-term grade to BBB+ from A, with a negative outlook. Spain’s short-term rating was reduced to A-2 from A-1.

FTSE 100 5,757.61 +8.89 +0.15%

CAC 40 3,238.54    +9.22 +0.29%         

DAX 6,739.24         -0.66 -0.01%

Banco Santander fell 1.3 percent to 4.69 euros. Banco Bilbao Vizcaya Argentaria SA dropped 1.6 percent to 5.07 euros.

Nobel Biocare Holding AG, the world’s second-biggest dental implant maker, rose 6.5 percent to 11.40 Swiss francs after it said first-quarter profit rose 9.5 percent on growth in North America as Europe continued to falter along with the economy.