European stocks declined as a report sparked concern a rescue plan for Cyprus that involves shrinking its banking system may set a precedent for other euro- area lenders.

The Stoxx Europe 600 Index (SXXP) slid 0.3 percent to 293.25 at the close of trading, after rising as much as 1 percent and falling as much as 0.5 percent. The index has still gained 4.9 percent so far this year.

National benchmark indexes fell in 13 of the 17 western European markets open today.

FTSE 100 6,378.38 -14.38 -0.22% CAC 40 3,727.98 -42.31 -1.12% DAX 7,870.9 -40.45 -0.51%

Meyer Burger dropped 5 percent to 6.66 Swiss francs after saying it will raise 150 million francs ($158 million) by selling new stock to existing shareholders. The supplier of machinery to solar-panel makers reported a full-year net loss of 2.33 francs per share.

Remy Cointreau SA declined 2.5 percent to 89.58 euros after Nomura Holdings Inc. lowered its recommendation on the maker of Remy Martin cognac to reduce from neutral, citing a demand slowdown in China.

Vodafone rose 2 percent to 187.2 pence. The Sunday Times reported that Europe’s largest mobile-phone operator held talks with Verizon to sell its stake in Verizon Wireless for $135 billion. The paper cited unnamed people familiar with the matter.

Metso Oyj (MEO1V) surged 9.6 percent to 33.75 euros, the biggest increase since July 26. The Finnish maker of rock crushers is studying the possibility of separating its pulp, paper and power businesses into a new company that would be listed in Helsinki, according to a statement.

CSM NV rallied 6.4 percent to 17.52 euros, the biggest jump since May, after agreeing to sell its bakery-supplies unit to Rhone Capital LLC for an enterprise value of about 1.05 billion euros. The Dutch maker of bakery supplies and lactic acids, which put up the unit for sale in May, said it expects net cash of about 850 million euros from the deal.

Daily Mail & General Trust Plc increased 2.6 percent to 705 pence after the newspaper publisher left its revenue projection for the year unchanged and said it will continue a share buyback program.

U.S. stock futures advanced as the euro area’s finance ministers agreed that Cyprus has met the conditions for a bailout.

Global Stocks:

Nikkei  12,546.46 +207.93 +1.69%

Hang Seng 22,251.15 +135.85 +0.61%

Shanghai  2,326.71 -1.56 -0.07%

FTSE  6,436.51 +43.75 +0.68%

CAC  3,796.58 +26.29 +0.70%

DAX 7,961.06 +49.71 +0.63%

Crude oil $94.41 +0.75%

Gold $1592.40 -0.85%

European stocks climbed, rebounding from a weekly loss, as an overnight rescue deal between Cyprus and euro-area finance ministers lowered the nation’s risk of default and an exit from the currency union.

Cyprus won a 10 billion-euro international bailout after agreeing late yesterday to shrink its banking system, instead of a previous demand to impose a levy on all bank accounts. The accord with the “troika” of the European Central Bank, the European Commission and the International Monetary Fund was ratified by finance ministers from the 17-member euro area.

President Nicos Anastasiades agreed to shut down Cyprus Popular Bank Pcl, the country’s second-largest lender. The Bank of Cyprus Plc will take over viable assets of the failed lender, along with 9 billion euros in emergency loans, according to three European Union officials familiar with the matter.

The revised accord spares bank accounts with less than the insured limit of 100,000 euros. A loss of no more than 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two EU officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said.

Vodafone rose 2.5 percent to 187.95 pence after the Sunday Times reported, citing unnamed people familiar with the matter, that Europe’s largest mobile-phone operator held talks with Verizon to sell its stake in Verizon Wireless for $135 billion.

Metso surged 10 percent to 33.98 euros, the biggest increase since July 26. The Finnish maker of rock crushers is studying the possibility of separating its pulp, paper and power businesses into a new company that would be listed in Helsinki, according to a statement.

Remy Cointreau fell 1.7 percent to 90.29 euros after Nomura Holdings Inc. lowered its recommendation on the shares to reduce from neutral, citing a slowdown in China.

FTSE 100 6,446.22 +53.46 +0.84%

CAC 40 3,830.99 +60.70 +1.61%

DAX 8,013.76 +102.41 +1.29%

Asian stocks rose, with the regional benchmark gauge recovering from its biggest weekly drop in seven months, after Cyprus agreed to an international bailout and profit at China Petroleum & Chemical Corp. topped forecasts.

Nikkei 225 12,546.46 +207.93 +1.69%

Hang Seng 22,251.15 +135.85 +0.61%

S&P/ASX 200 4,990.2 +22.94 +0.46%

Shanghai Composite  2,326.71 -1.56 -0.07%

Sony Corp. gained 3.1 percent as the yen weakened, boosting the outlook at Japan’s No. 1 consumer-electronics exporter.

Sinopec, as Asia’s biggest refiner is known, rose 2.6 percent after net income beat analyst estimates.

Asian stocks fell, with the regional benchmark index posting the biggest weekly drop in seven months, as Cyprus struggled to prevent a financial collapse, stoking concern Europe’s debt crisis is intensifying.

Nikkei  12,338.53 -297.16 -2.35%

Hang Seng 22,115.3 -110.58 -0.50%

Shanghai Composite 2,328.28 +4.04 +0.17%

S&P/ASX  4,967.26 +7.86 +0.16%

The MSCI Asia Pacific Index fell 1.7 percent to 134.31 this week, the biggest weekly decline since the period ended Aug. 31, amid concern that an unprecedented levy on bank deposits in Cyprus may be a sign of deepening crisis in Europe.

Asian stocks fell after the European Central Bank said it may cut off Cyprus banks from emergency funds as the island nation struggles to stave off financial collapse after lawmakers rejected a bank deposit levy as a condition for a euro-zone rescue. Cyprus’ attempt to secure a bailout from Russia was rebuffed yesterday.

HSBC Holdings Plc, Europe’s biggest lender, slid 1.9 percent in Hong Kong.

BHP Billiton Ltd., the world’s biggest mining company, lost 6 percent in Sydney as commodities fell amid concern Europe’s crisis will hinder global growth.

Toyota Motor Corp., the world’s largest carmaker, lost 2.8 percent after Japan’s new central bank governor stopped short of announcing new stimulus.

European stocks were little changed, with the Stoxx Europe 600 Index falling for the first week in a month, as Cypriot lawmakers sought to unlock a 10- billion-euro ($13 billion) bailout fund.

Euro-area finance ministers expect a proposal from Cyprus “as rapidly as possible” to raise the 5.8 billion euros needed to trigger the emergency loans, they said in a statement late yesterday. Cyprus didn’t get the financial support it sought from Russia, although the two countries will continue talking, Cyprus Finance Minister Michael Sarris said.

The race for a compromise comes after a week of tumult marked by Cypriot lawmakers’ rejection of a tax on bank deposits. That was demanded by the other 16 euro countries and the International Monetary Fund as a condition for the 10 billion-euro rescue.

In Germany, business confidence unexpectedly fell in March from a 10-month high. The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, fell to 106.7 this month from 107.4 in February. That’s the first drop in five months. Economists predicted a gain to 107.8.

National benchmark indexes declined in 11 of the 18 western European markets. France’s CAC 40 lost 0.1 percent, Germany’s DAX slipped 0.3 percent, while the U.K.’s FTSE increased 0.1 percent.

MAN lost 2.6 percent to 84.80 euros. VW, Europe’s largest carmaker, will offer other holders of MAN stock 80.89 euros per share in a bid for full control of the company. VW, which already owns 75.03 percent of the Munich-based company’s voting rights, will set the final cash offer after it receives valuation reports from auditors, MAN said yesterday. Volkswagen added 0.8 percent to 156.55 euros.

Mulberry plunged 17 percent to 1,024 pence. The company said that lower tourist spending in London will reduce pretax profit for the year ending March 31 to about 26 million pounds ($39.5 million) from 36 million pounds. The average estimate of three analysts compiled by Bloomberg was 30.7 million pounds.

Hochtief AG, Germany’s largest builder, slid 5.3 percent to 51.41 euros. Leighton Holdings Ltd. Chairman Stephen Johns and two non-executive directors resigned from the board of Australia’s largest construction company, citing a dispute with its controlling shareholder Hochtief.

U.S. stocks rose, paring the second weekly drop of the year for the Standard & Poor’s 500 Index, as Nike Inc. and Tiffany & Co. beat earnings estimates and optimism grew that Cyprus will pass a plan to qualify for a bailout.

Lawmakers in Cyprus began debating legislation to help unlock bailout funds needed to avoid a financial collapse. Government spokesman Christos Stylianides said talks with the European Central Bank, the European Commission and the International Monetary Fund were in the final stages.

The ECB has said it will cut emergency funds for Cypriot banks after March 25 unless it comes to an agreement with the so-called troika of the European Commission, the European Central Bank and the International Monetary Fund. Euro-area finance ministers expect a proposal from Cyprus “as rapidly as possible” to raise the 5.8 billion euros ($7.5 billion) needed to trigger the emergency loans, they said in a statement late yesterday after a teleconference.

Nike surged 11 percent to $59.53 for its biggest gain since 2008. The company said its gross margin widened for the first time in nine quarters as orders for the Nike brand in China climbed 3 percent, beating estimates for a decline of 4.3 percent, which would have been the third straight drop.

Tiffany advanced 1.9 percent to $69.23. The world’s second- largest luxury jewelry retailer said sales in the Asia-Pacific region advanced 13 percent to $254 million in the quarter, helped by store openings in Singapore, China and Australia.

Micron Technology Inc. climbed 11 percent to $10.04 for its biggest gain since 2011. The largest U.S. maker of memory chips said second-quarter sales increased 3.4 percent to $2.08 billion amid a rebound in chip shipments. That beat the average analyst estimate of $1.91 billion.

Monster Beverage Corp., the largest U.S. energy-drink maker by sales volume, dropped 3.7 percent to $48.50. Energy drinks, which have been linked to deaths and hospitalizations, may boost blood pressure and lead to an erratic heartbeat, according to a study led by Sachin Shah presented at an American Heart Association meeting.

At the close:

DJIA 14,512.00 +90.54 0.63%

S&P 500 1,556.89 +11.09 0.72%