European stock indices rising

European stocks pared their decline as banks advanced, offsetting a Federal Reserve policy makers warning that the central bank may reduce its monthly bond purchases as early as this summer. U.S. index futures advanced, while Asian shares retreated.

The Stoxx Europe 600 Index slipped 0.1 percent to 307.8, paring a drop of as much as 0.4 percent. The equity benchmark has still climbed 0.9 percent this week, its fourth consecutive week of gains.

Williams was one of the first Fed officials to advocate that the Fed buy bonds without setting a time limit or total for the purchases. He doesn't vote on policy this year. The European Banking Authority has delayed stress tests for lenders that it had planned to undertake this year, allowing the European Central Bank to hold its own review of the institutions' asset quality. The London-based EBA, which the European Union set up in 2011 to harmonize rules, has postponed its tests until 2014.

FLSmidth sank 9 percent to 304.50 kroner after posting net income of 37 million kroner ($6.4 million) in the first quarter, less than the 231 million-krone average estimate in a survey. Sales of 5.65 billion kroner also missed analysts' predictions for revenue of 5.89 billion kroner.

Intertek Group Plc slid 4.7 percent to 3,289 pence, its biggest decline in 14 months. The consumer-goods testing company said that its operating-profit margin has narrowed from a year earlier as net income at its minerals unit declined. Profit at the minerals business will continue to drop into the second half of the year, the company forecast.

Deutsche Telekom AG, Germany's largest phone company, lost 1.3 percent to 9.22 euros. The index has still gained 13 percent this year. UBS AG lowered its rating on the industry to underweight, similar to a sell recommendation, from neutral. The brokerage cited weak earnings momentum.

Lloyds added 2.2 percent to 62.3 pence, its highest price in more than two years. The U.K.'s largest mortgage lender exceeded the 61 pence threshold below which the Treasury has said it would recognize a loss from selling its shares. The state paid more than $30 billion to rescue the lender in 2008.

At that moment:

FTSE 100 6,706.52 +18.72 +0.28%

CAC 40 3,998.54 +19.47 +0.49%

DAX 8,385.94 +16.07 +0.19%