European stocks declined, after two days of gains, as a measure of German investor confidence fell more than forecast. U.S. stock-index futures were little changed, while Asian shares rose.

The Stoxx Europe 600 Index slipped 0.5 percent. The benchmark gauge rose yesterday amid a rally in real estate and mining shares.

German investor confidence fell for a second month in February. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, slid to 55.7 from 61.7 in January, after reaching a seven-year high of 62 in December. Economists forecast a decline to 61.5, according to the median of  estimates.

Data at 13:30 GMT may show the Federal Reserve Bank of New York’s general business index fell this month after climbing in January to the highest level since May 2012, according to the median estimate of analysts.

Inditex lost 3.1 percent to 106.20 euros, its lowest price since September. Citigroup cut its rating on the owner of the Zara chain to neutral from buy and lowered its 2015 pre-tax earnings estimate by 3 percent, citing negative foreign exchange effects.

Centrica slumped 3.2 percent to 308.1 pence. UBS lowered its recommendation on the Windsor, United Kingdom-based company to sell from neutral, saying potential political intervention may hurt its ability to write long-term contracts and reduce investment confidence.

Alstom SA (ALO) fell 4.9 percent to 19.95 euros. The French government has appointed an unnamed group of consultants to study the train and power-equipment maker’s market position and its strategic options, newspaper Les Echos reported, citing an unidentified person in government.

Hochtief AG climbed 4.4 percent to 62.56 euros. Goldman Sachs Group Inc. raised the German builder controlled by Spain’s Actividades de Construccion & Servicios SA to buy from neutral, citing its recent performance lagging its peers and the possibility of a share buyback.

FTSE 100 6,734.84 -1.16 -0.02%

CAC 40 4,314.57 -20.60 -0.48%

DAX 9,635.41 -21.35 -0.22%