European shares were little changed, after a two-day rally, with retailers dragging down the market. U.S. stock-index futures and Asian shares rose.

The Stoxx Europe 600 Index rose less than 0.1 percent to 331.15 at 9:44 a.m. in London. The benchmark gauge rallied 2 percent in the past two days. Standard & Poor’s 500 Index futures rose 0.2 percent, and the MSCI Asia Pacific Index added 0.3 percent.

H&M declined 4.6 percent to 276.70 kronor. Europe’s second-biggest clothing retailer said net income rose 7.8 percent to 2.65 billion kronor ($410 million) in the first quarter, falling short of the 2.89-billion kronor estimated by analysts. The gross ">Royal Bank of Scotland Group Plc dropped 1.2 percent to 302.5 pence after its U.S. unit failed the Federal Reserve’s stress test. RBS Citizens Financial Group Inc. was one of three U.S. units of foreign banks whose capital plan was rejected.

United Internet advanced 4.1 percent to 33.51 euros. The German provider of phone and Internet services said earnings before interest, taxes, depreciation and amortization climbed 25 percent to 407 million euros ($561 million) last year. Sales rose 11 percent to 2.66 billion euros.

FTSE 100 6,576.13 -29.17 -0.44%

CAC 40 4,380.95 -4.20 -0.10%

DAX 9,449.09 +0.51 +0.01%