European stocks dropped for a third day before a report that may show German investor confidence declined. Asian shares retreated while U.S. index futures indicated a rebound from the biggest drop in five months. Michael Page International Plc fell 3.1 percent after the U.K. recruiter reported lower profit. LVMH Moet Hennessy Louis Vuitton SA (MC) retreated 2.6 percent as revenue growth slowed. Danone rallied to a five-year high as the food company reported first-quarter sales growth that beat analysts’ estimates. The Stoxx Europe 600 Index (SXXP) fell 0.4 percent to 289.18 at 8:07 a.m. in London, bringing the decline over the past three days to 2 percent. The benchmark measure has gained 3.4 percent this year as U.S. lawmakers agreed on a compromise budget and data fueled optimism the world’s biggest economy is recovering. “Germany, the supporting pillar which props up the rest of the euro zone, is expected to see a significant decline in the ZEW Economic Sentiment Survey today, which may be a amplified in the current environment,� said Jonathan Sudaria, a London-based analyst at Capital Spreads, which provides trading services for retail customers. The MSCI Asia Pacific Index lost 0.3 percent today, a second day of losses. Standard & Poor’s 500 Index futures rose 0.6 percent after the U.S. gauge sank 2.3 percent. American equities extended losses yesterday as explosions near the finish line of the Boston Marathon killed three people. German Confidence In Germany, the ZEW Center for European Economic Research in Mannheim is due to release its index of investor and analyst expectations at 11 a.m. local time. The gauge, which aims to predict economic developments six months in advance, fell to 41 in April from 48.5 last month, according to the median of 40 economists’ projections in a Bloomberg survey. Other data may show U.S. builders began work on more new homes in March. Housing starts increased to a 930,000 annualized pace, the second-strongest in more than four years, from 917,000 in February, according to the median estimate of 78 economists surveyed by Bloomberg. Separate figures may show factory production rose and consumer prices were little changed. Michael Page fell 3.1 percent to 385 pence for a third day of losses. The recruitment company reported a 6.7 percent decline in first-quarter gross profit and forecast the second quarter will be “challenging.� LVMH, Danone LVMH retreated 2.6 percent to 127.85 euros. The maker of luxury goods said revenue climbed 6 percent to 6.95 billion euros ($9.1 billion) in the three months through March, meeting the average of 13 estimates compiled by Bloomberg. Sales rose 7 percent excluding exchange-rate fluctuations and acquisitions, compared with 14 percent in the first quarter of last year and 8 percent in the final three months of 2012. Danone (BN) rose 3.5 percent to 56.38 euros, the highest since January 2008, after Paris-based maker of Evian bottled-water and Activia yogurt reported first-quarter sales growth that beat estimates as strong demand for baby food in emerging markets offset weak dairy sales in Europe. So-called like-for-like sales gained 5.6 percent, topping the 4 percent average of 14 analysts’ estimates compiled by Bloomberg. Actelion Ltd. gained 3.1 percent to 53.95 Swiss francs after the Swiss drugmaker that gets almost all its sales from a treatment for a rare lung disease reported first-quarter profit that beat analysts’ estimates and said it may raise its full- year forecast. To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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