European stocks were little changed as carmakers dropped, offsetting gains by companies from LVMH Moet Hennessy Louis Vuitton SA to Kering SA that reported faster quarterly sales growth. U.S. futures and Asian shares fell.

The Stoxx Europe 600 Index fell 0.1 percent to 299.2 at 10:49 a.m. in London, erasing a gain of as much as 0.7 percent. The equity benchmark has lost 0.2 percent this week. It has rallied 5.3 percent this month as the Federal Reserve said its stimulus program remained flexible.

The Stoxx 600 has rallied 20 percent since European Central Bank President Mario Draghi pledged on July 26 last year to save the euro. Yields on Spanish 10-year bonds have fallen to 4.66 percent from 7.38 percent on the day before Draghi’s speech, and the country’s IBEX 35 (IBEX) stock index has surged 39 percent.

In the U.S., a report may show consumer confidence declined this month. The Thomson Reuters/University of Michigan index of consumer sentiment dropped to 84 from 84.1 in June, according to the median estimate of economists. The initial reading for the measure was 83.9.

LVMH, which owns Louis Vuitton and Christian Dior, rallied 4.5 percent.

Kering, the owner of Gucci, advanced 4.1 percent.

Vivendi SA climbed 2 percent after selling its controlling stake in Activision Blizzard Inc. (ATVI) to the company and a group led by its chief executive officer for $8.17 billion.

ThyssenKrupp AG dropped 3.5 percent amid concern it has failed to make progress in talks to sell its plants in the Americas.

FTSE 100 6,574.45 -13.50 -0.20%      

CAC 40 3,969.71 +13.69 +0.35%

DAX 8,252.74 -46.24 -0.56%