European stocks fluctuated, after the Stoxx Europe 600 Index dropped the most in more than five weeks yesterday, as investors awaited reports on the U.S. housing market.

Telekom Austria slid 3.4 percent to 5.53 euros after Format reported that the company may sell 1 billion euros ($1.3 billion) of new equity. Shareholder America Movil SAB wants to use the capital increase to fund investments, according to the magazine, which didn’t say how it got the information. Telekom Austria spokesman Peter Schiefer said the company does not need to sell new shares.

ASML, Europe’s largest semiconductor-equipment supplier, lost 1.2 percent to 68.46 euros. Applied Materials forecast fiscal fourth-quarter revenue that missed analysts’ estimates as customers delayed upgrades to their factories. STMicroelectronics NV slipped 2.4 percent to 6.32 euros.

Portugal Telecom SGPS SA dropped 1.5 percent to 2.83 euros as Goldman Sachs downgraded the shares to neutral from buy. Worse-than-projected second-quarter results for Brazilian carrier Oi SA have increased the risk that it need more capital, Goldman analysts led by Tim Boddy wrote. Portugal Telecom owns 12.1 percent of the investor group that controls Oi.

FTSE 100 6,477.42 -5.92 -0.09%

CAC 40 4,098.24 +5.04 +0.12%

DAX 8,357.21 -19.08 -0.23%