European stocks dropped from a five-year high as investors weighed equity valuations that are at the highest since 2009. U.S. equity-index futures and Asian shares were little changed.

A report showed investor confidence in Germany, Europe’s largest economy, increased to a four-year high in November. A gauge of investor and analyst expectations from the ZEW Center for European Economic Research rose to 54.6 this month from 52.8 in October. That beat economists’ estimate of 54 in a Bloomberg survey.

The Organisation for Economic Cooperation and Development today cut its global growth forecasts for this year and the next. The world economy will probably expand 2.7 percent this year and 3.6 percent next year, down from its May predictions of 3.1 percent and 4 percent respectively, the Paris-based OECD said in its semi-annual report.

Paddy Power dropped 8 percent to 57.50 euros in Dublin. Operating profit growth will probably be in the low-to-mid single digits, down from a previous guidance for double-digit growth, according to a statement. The forecast is about 11 million euros ($15 million) lower than the midpoint of its previous guidance, Paddy Power said, because of continued poor results from sports bets including Champions League soccer matches and horse racing in Australia.

U.K. bookmakers Ladbrokes Plc and William Hill Plc slipped 2.3 percent to 174.1 pence and 1.4 percent to 363.5 pence, respectively.

KBC lost 1.9 percent to 39.92 euros as trading resumed following a temporary suspension. Shareholders KBC Ancora CVA and Cera CVBA sold the shares at about 39.15 euros apiece. Cera offered 14.1 million shares, more than half of its stake in KBC, while KBC Ancora sold 4.7 million shares.

EasyJet increased 6.1 percent to 1,332 pence after proposing to pay 44.1 pence (71 cents) per share, in addition to a regular dividend of 33.5 pence. Pretax profit for the 12 months to Sept. 30 rose to 478 million pounds, topping the 476 million-pound average estimate in a Bloomberg survey.

Royal KPN NV gained 1.4 percent to 2.48 euros as Credit Suisse Group AG raised its rating on the phone company to outperform, a rating similar to buy, from neutral. Credit Suisse predicted the stock will gain in value once the sale of KPN’s German business to Telefonica SA is completed.

FTSE 100 6,689.01 -34.45 -0.51%

CAC 40 4,278.35 -42.33 -0.98%

DAX 9,190.62 -34.81 -0.38%