European stocks dropped, erasing a two-day gain, as Remy Cointreau SA and Pernod Ricard SA dragged food-and-beverage companies lower.

In the U.S., the S&P Case-Shiller index of property prices in 20 cities rose 13.3 percent in September, more than the 13 percent forecast by economists surveyed by Bloomberg. The gauge of house values increased 12.8 percent in August.

A separate report showed that confidence among U.S. consumers unexpectedly declined this month. The Conference Board’s index fell to 70.4 in November from a revised 72.4 in October, the New York-based private research group said. The median forecast in a survey of economists had called for a reading of 72.6.

National benchmark indexes declined in every western-European market except Spain and Iceland. The U.K.’s FTSE 100 retreated 0.9 percent and France’s CAC 40 dropped 0.6 percent. Germany’s DAX decreased 0.1 percent.

Remy slumped 8.3 percent to 66 euros after Chief Executive Officer Frederic Pflanz said on a conference call that profit may fall 20 percent. The maker of Remy Martin cognac forecast in a statement that operating profit will drop in its financial year through March, with trading worsening in the next six months, because of lower sales in China. The company said that its distribution network in the world’s second-largest economy had high levels of inventory.

Pernod Ricard and Diageo Plc, Remy’s larger rivals, retreated 2.6 percent to 84.33 euros and 1.6 percent to 1,968 pence, respectively.

Banca Monte dei Paschi di Siena SpA slid 5.9 percent to 18.4 euro cents after its board decided to increase a rights offer to 3 billion euros ($4.1 billion). The bank had planned to raise 2.5 billion euros through the share sale, which it intends to complete by the end of of the first quarter of 2014.

Hugo Boss AG slipped 2.1 percent to 97 euros after the German luxury-clothing maker controlled by buyout firm Permira Advisers LLP predicted that it will miss a 2015 target to achieve a 25 percent ">Repsol climbed 4.3 percent to 19.24 euros after ministers made a new offer to compensate the oil producer for the 51 percent stake in YPF seized by Argentina in April 2012. The Spanish oil company in June rejected an offer of assets valued by Argentina at $3.5 billion plus a further $1.5 billion to develop the project, according to a regulatory filing. Repsol’s board will consider the proposal tomorrow.

U.S. stock-index futures were little changed, as investors weighed reports showing higher home prices and an increase in building permits.

Global markets:

Nikkei 15,515.24 -103.89 -0.67%

Hang Seng 23,681.28 -3.17 -0.01%

Shanghai Composite 2,183.07 -3.04 -0.14%

FTSE 6,663.92 -30.70 -0.46%

CAC 4,293.66 -8.31 -0.19%

DAX 9,300.02 +0.07 0.00%

Crude oil $94.05 (-0.04%).

Gold $1246.10 (+0.36%).

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%

Most stocks on Asia’s benchmark regional stock index dropped after valuations climbed to near the highest level in six months. Japanese exporters declined on a stronger yen, while gold producers advanced

Nikkei 225 15,515.24 -103.89 -0.67%

Hang Seng 23,681.28 -3.17 -0.01%

S&P/ASX 200 5,357.01 +4.18 +0.08%

Shanghai Composite 2,183.07 -3.04 -0.14%

Honda Motor Co., Japan’s second-biggest automaker by market cap, slid 2 percent.

Doosan Engineering & Construction Co. slumped 15 percent after the Korea Economic Daily said the provider of architectural services will sell redeemable convertible preferred shares.

Perseus Mining Ltd. rose 3.6 percent in Sydney to lead a rebound in gold producers after prices for the precious metal rallied from their lowest since July.

Nikkei 225 15,619.13 +237.41 +1.54%

S&P/ASX 200 5,352.83 +16.92 +0.32%

Shanghai Composite 2,186.12 -10.26 -0.47%

FTSE 100 6,694.62 +20.32 +0.30%

CAC 40 4,301.97 +23.44 +0.55%

DAX 9,299.95 +80.91 +0.88%

Dow 16,072.54 +7.77 +0.05%

Nasdaq 3,994.57 +2.92 +0.07%

S&P 500 1,802.48 -2.28 -0.13%