European stocks erased their decline in the final half an hour of trading, leaving the Stoxx Europe 600 Index little changed at its highest level in a month.

Commodity producers slid as the release fueled concern about the slowdown in the world’s second-biggest economy.

A report from the General Administration of Customs in Beijing showed that China’s exports fell 3.1 percent in June from a year earlier. The median estimate in a Bloomberg News survey had called for a 3.7 percent gain. Imports dropped 0.7 percent last month, compared with the median projection of a 6 percent increase.

In the U.S., the Federal Reserve releases the minutes of its June meeting at 2 p.m. in Washington today. Speaking after that meeting, Chairman Ben S. Bernanke said the central bank may reduce the pace of its $85 billion in monthly bond buying later in 2013, and may halt purchases in the middle of 2014 if the U.S. economy performs as the Fed forecasts.

National benchmark indexes fell in 10 of the 18 western-European markets today. The U.K.’s FTSE 100, Germany’s DAX and France’s CAC 40 all slipped 0.1 percent.

K+S AG decreased 4 percent to 27.19 euros after UBS downgraded Europe’s largest potash maker to sell from neutral. Analysts led by Joe Dewhurst predicted that declining earnings will reduce cash returns to investors until 2018.

Gagfah SA slumped 6.5 percent to 8.75 euros, its biggest decrease in 18 months. Germany’s second-biggest residential landlord said it sold 9.5 million new shares and 10.5 million existing treasury shares at 8.85 euros apiece. Fortress Investment Group LLC sold 20 million shares in the company, taking its stake to about 49 percent, according to a statement.

Burberry, the U.K. luxury-goods maker known for its trench coats, advanced 4.8 percent to 1,509 pence. Retail sales increased to 339 million pounds ($506 million) in the three months ended in June, more than the 316 million-pound median estimate of analysts surveyed by Bloomberg.

Tryg added 3.3 percent to 507.50 kroner. The Danish property and casualty insurer posted second-quarter profit before taxes of 688 million kroner ($118 million), more than the average analyst estimate of 598 million kroner.

U.S. stock-index futures were little changed as China’s trade unexpectedly shrank and investors awaited minutes of the Federal Reserve’s June policy meeting.

Global Stocks:

Nikkei  14,416.6 -56.30 -0.39%

Hang Seng 20,904.56 +221.55 +1.07%

Shanghai Composite 2,008.13 +42.67 +2.17%

FTSE  6,491.09 -21.99 -0.34%

CAC  3,837.56 -6.00 -0.16%

DAX 8,048.78 -8.97 -0.11%

Crude oil $105.41 +1.82%

Gold $1252.90 +0.56%

Upgrades:

Hewlett-Packard (HPQ) upgraded to Buy from Sell at Citigroup

Downgrades:

Other:

Google (GOOG) initiated at Buy at Citigroup

Facebook (FB) initiated at Neutral at Citigroup

European stocks fell, dropping at the same time with the highest level in almost a month, as a report showed that Chinese exports and imports fell unexpectedly.

According to published data, the volume of exports in June fell by 3.1% compared with the same period last year, after the lackluster growth in May, up 1% compared to May 2012. Result for June was significantly worse than expected export increase by an amount slightly greater than 3%.

Weak export completes a series of disappointing indicators of the Chinese economy. However, in a report released Wednesday morning, a statement by Prime Minister Li Keqiang pointed out that the current level of growth is within the acceptable range.

"As long as the rate of economic growth, employment and other indicators do not fall below our minimum limit, and inflation does not exceed the upper limit, we will focus on restructuring and promoting reform," - said Lee.

China's export sector is suffering under the weight of rising wages and a strong yuan, to the detriment of competitiveness, as well as sluggish demand from major trading partners - the U.S. and Europe.

Imports fell in June by 0.7% compared to the same period last year, against a decline of 0.3% in May, indicating that weak domestic demand in the Chinese economy. Value of the index for June is also not in line with expectations of economists, who had forecast an increase in imports by 5.5%.

The positive balance of foreign trade of China in June rose to 27.13 billion dollars against 20.43 billion dollars in May.

U.S. index futures little changed, while Asian shares rose.

The cost of K + S AG fell 4% after UBS AG recommended investors sell shares of potash.

Shares of Burberry Group Plc (BRBY) rose 4.6%, as the retail sales of the spring-summer collection of ornaments contributed to an increase in sales in the fiscal first quarter, more than expected.

The cost of Tryg A / S (TRYG) rose by 1.4% after posting better-than-expected report on profit before tax, which was associated with a reduction in expenditures.

Stoxx Europe 600 Index fell 0.3% to 293.66. Note that yesterday, the index rose to its highest level since June 10, after the financial report from the American Alcoa exceeded expectations.

We also recall that today in the U.S. Federal Reserve will present its minutes of the last meeting. Earlier this month, Federal Reserve Chairman Ben Bernanke said the central bank may reduce the rate of asset purchases later this year, and can completely stop them in about mid-2014, if the U.S. economy shows signs of significant improvement.

At the moment:

FTSE 100 6,493.45 -19.63 -0.30%

CAC 40 3,829.25 -14.31 -0.37%

DAX 8,037.91 -19.84 -0.25%

Asian stocks rose on speculation China will introduce measures to stimulate the economy after exports contracted by the most since 2009 as a stronger yen pulled down Japanese exporters.

Nikkei 225 14,416.6 -56.30 -0.39 %

Hang Seng 20,904.56 +221.55 +1.07 %

S&P/ASX 200 4,901.36 +19.70 +0.40 %

Shanghai Composite 2,008.13 +42.67 +2.17 %

Chow Tai Fook Jewellery Group Ltd., the world’s biggest jewelery chain had a record gain in Hong Kong after same-store sales jumped on gold demand.

Aeon Co., Japan’s largest retailer, rose 1.4 percent in Tokyo after reporting a 9.8 percent increase in first-quarter operating profit.

Fanuc Corp., a supplier of factory automation systems, slipped 1 percent, pacing losses among Japanese exporters.

Nikkei 225 14,472.9 363,56 2,58%

Hang Seng 20,690.13 107,94 0,52%

S & P / ASX 200 4,881.65 72,12 1,50%

Shanghai Composite 1,965.45 7,18 0,37%

FTSE 100 6,513.08 +63.01 +0.98%

CAC 40 3,843.56 +19.73 +0.52%

DAX 8,057.75 +89.21 +1.12%

DJIA 15,300.30 75.65 0.50%

S&P 500 1,652.31 11.85 0.72%

NASDAQ 3,504.26 19.43 0.56%