European stocks fell for the first time in three days while oil rallied in New York.

The Stoxx Europe 600 Index slid 0.3 percent at 6:08 a.m. in New York. Standard & Poor’s 500 Index futures lost less than 0.1 percent.

The European Central Bank doesn’t see deeper disinflation, European Central Bank Executive Board member Benoit Coeure said on CNBC today, after China’s central bank governor said the euro was important to his nation’s reserve management. U.S. consumer confidence and house prices increased, economists said before reports today.

“Large central banks around the world are looking to diversify their dollar holdings, in part in favor of the euro,” said Neil Jones, head of European hedge-fund sales at Mizuho Bank Ltd. in London. “When ECB members are doubting disinflation concerns and giving more upbeat growth expectations this also boosts the euro.”

Remy (RCO) lost 11 percent after posting first-half adjusted operating profit that declined 7.3 percent to 132.7 million euros ($179.5 million) on an organic basis.

Hugo Boss, the German luxury-clothing maker controlled by buyout firm Permira Advisers LLP, fell 3.3 percent.

Repsol SA advanced 4.1 percent after the governments of Spain and Argentina reached a preliminary agreement to compensate the Madrid-based oil company for its stake in YPF SA.

FTSE 100 6,668.15 -26.47 -0.40%

CAC 40 4,292.74 -9.23 -0.21%

DAX 9,299.66 -0.29 0.00%