European stocks declined from their highest level in almost five years before a report that may show U.S. retail sales fell in April for a second month. U.S. index futures declined, while Asian shares rose.

The Stoxx Europe 600 Index slid 0.3 percent to 304.18 at 9:13 a.m. in London, snapping four days of gains. The gauge advanced 1.3 percent last week as companies from BT Group Plc to Hochtief AG posted better-than-expected earnings and European Central Bank President Mario Draghi said policy makers are ready to cut interest rates if needed.

A report in the U.S. today may show retail sales fell in April for a second consecutive month. The 0.3 percent drop last month would follow a 0.4 percent decline in March, according to the median forecast of economists.

European finance ministers will meet in Brussels at 3 p.m. to review programs for Cyprus and Spain and may sign off on aid payments to Greece.

A report on May 15 may show that the euro region is suffering the longest recession since the single currency's creation. Gross domestic product in the 17-nation economy fell 0.1 percent in the first three months of 2013, a sixth straight quarterly decline, according to the median of economists' forecasts.

In China, industrial output in April rose 9.3 percent from a year earlier and retail sales gained 12.8 percent, the National Bureau of Statistics said today.

Commerzbank AG slid 4.5 percent to 9.97 euros. Germany's second-largest bank will sell new shares a part of a 2.5 billion-euro ($3.3 billion) capital increase, Handelsblatt said, citing unidentified people in the finance industry.

Standard Chartered, the U.K. lender that earns most of its profit in Asia, slipped 4.4 percent to 1,514 pence as Block said he's betting against the lender's debt because of "deteriorating" loan quality.

'Red Flags'

Lonmin jumped 5.6 percent to 294.4 pence. The third-largest platinum producer returned to profit in its first half through March from a year earlier. The profit of 13.3 cents a share compared with a loss of 6.3 cents in the year-earlier period. The median estimate in survey was for a loss of 4 cents.

Vestas Wind Systems A/S (VWS) advanced 5.7 percent to 63.24 kroner, its highest price since March 2012. Credit Suisse Group AG raised the world's biggest wind-turbine maker to neutral from underperform, citing benefits from cost cuts

At that moment:

FTSE 100 6,606.82 -18.16 -0.27%

CAC 40 3,936.16 -17.67 -0.45%

DAX 8,222.73 -55.86 -0.67%