European stocks declined from an almost eight-week high as companies from BASF SE to ABB Ltd. reported earnings that missed analysts’ estimates.

National benchmark indexes fell in 14 of the 18 western European markets. Germany’s DAX dropped 1 percent. The U.K.’s FTSE 100 slid 0.5 percent. France’s CAC 40 lost 0.2 percent.

BASF dropped 4.5 percent to 66.74 euros. The world’s biggest chemical company said second-quarter earnings before interest, taxes and one-time items fell 5.4 percent to 1.83 billion euros ($2.41 billion). The average estimate of analysts in a Bloomberg survey had called for 1.99 billion euros.

ABB lost 3.1 percent 20.78 Swiss francs, its biggest retreat since April 17. The largest maker of power transformers posted second-quarter net income of $763 million that missed the $779-million average estimate of analysts surveyed by Bloomberg. Orders fell 7 percent.

Michelin slid 1.4 percent to 75.84 euros. Europe’s largest tiremaker reported a 13 percent decline in first-half profit as slumping auto markets in its home region sapped demand and sales of tires for earthmovers dropped. Operating profit excluding one-time items declined to 1.15 billion euros. The figure beat the 1.12 billion-euro average forecast.

U.S. stocks may retreat further from record highs Thursday as investors digest the latest batch of mixed earnings results.

Global Stocks:

Nikkei 14,562.93 -168.35 -1.14%

Hang Seng 21,900.96 -67.97 -0.31%

Shanghai Composite 2,021.17 -12.16 -0.60%

FTSE 6,587.65 -32.78 -0.50%

CAC 3,945.09 -17.66 -0.45%

DAX 8,299.14 -79.97 -0.95%

Crude oil $104.47 -0.87%

Crude oil $1324.80 +0.40%

Upgrades:

Facebook (FB) upgraded from Sell to Neutral at BTIG Research

Facebook (FB) upgraded from Mkt Perform to Mkt Outperform at JMP Securities

Downgrades:

Other:

Facebook (FB) reiterated at Buy at Needham, target raised from $33 to $37

Facebook (FB) reiterated at Buy at Cantor Fitzgerald, target raised from $35 to $40

European stocks declined as investors weighed earnings reports by companies from BASF SE to Michelin (ML)& Cie. and Roche Holding AG. U.S. stock-index futures and Asian shares also fell.

The Stoxx Europe 600 Index fell 0.3 percent to 300.34 at 9:42 a.m. in London, after initially sliding as much as 0.3 percent. The benchmark rose to an almost eight-week high yesterday as data signaled Germany is leading a revival in euro-area manufacturing and companies posted results that exceeded estimates.

German business confidence rose for a third month in July, data released today showed. The Ifo institute’s business climate index, based on a survey of 7,000 executives, rose to 106.2 this month from 105.9 in June. Economists in had predicted an increase to 106.3.

BASF dropped 4.4 percent to 66.77 euros. Second-quarter earnings before interest, tax and one-time items fell 5.4 percent to 1.83 billion euros ($2.42 billion), the company said. The average estimate of analysts called for 1.99 billion euros.

ABB Ltd. (ABBN) lost 4 percent 20.59 Swiss francs, its biggest retreat in 13 months. The world’s largest maker of power transformers reported an increase in profit for the first time in six quarters. Net income rose 16 percent to $763 million in the second quarter. The average estimate of analysts was for $779 million. Sales rose 6 percent, meeting predictions.

Michelin declined 4.9 percent to 73.12 euros, its biggest drop since Feb. 12. Europe’s largest tiremaker reported a 13 percent decline in first-half profit as slumping auto markets in its home region sapped demand and sales of tires for earthmovers dropped. Operating profit excluding one-time items declined to 1.15 billion euros from 1.32 billion euros a year earlier. The figure compared with the 1.12 billion-euro average estimate.

FTSE 100 6,551.37 -69.06 -1.04%

CAC 40 3,925.54 -37.21 -0.94%

DAX 8,280.08 -99.03 -1.18%

Asias benchmark stock index fell for a second day as investors weighed corporate earnings and awaited U.S. economic data that may shed light on when the Federal Reserve will taper stimulus.

Nikkei 225 14,562.93-168 .35 -1.14%

Hang Seng 21,902.7 -66.23 -0.30%

S&P/ASX 200 5,035.6 +0.53 +0.01%

Shanghai Composite 2,021.17 -12.16 -0.60%

Canon Inc., the world’s No. 1 camera maker, tumbled 5.4 percent in Tokyo after cutting its sales and profit forecast.

Komatsu Ltd., Japan’s largest construction machinery maker, dropped 2.4 percent after U.S. bellwether Caterpillar Inc. lowered its earnings estimate.

Chinese rail shares rose in Hong Kong as Premier Li Keqiang said the nation will speed railway construction.

Nikkei 225 -0,32 -47,23 14,731.28%

Hang Seng 21,978.76 63,34 0,29%

S & P / ASX 200 5,035.07 17,96 0,36%

Shanghai Composite 2,033.33 -10.55 -0.52%

FTSE 100 6,620.43 +22.99 +0.35%

CAC 40 3,962.75 +39.66 +1.01%

DAX 8,379.11 +64.88 +0.78%

DJIA 15,542.20 -25.50 -0.16%

S&P 500 1,685.94 -6.45 -0.38%

NASDAQ 3,579.60 0.33 0.01%