Most European stocks dropped

Most European stocks dropped, following three months of gains, as a report showed that Spanish manufacturing unexpectedly declined last month. U.S. index futures were little changed and Asian shares fell.

Manufacturing in the euro area expanded for a fifth month. The final reading of Markit Economics’s factory index rose to 51.6 in November from 51.3 in October. Today’s reading was above the initial estimate of 51.5. In Spain, the gauge fell to 48.6, the lowest since May, and compared with a forecast 51.1.

In China, a report showed the manufacturing purchasing managers’ index, released yesterday, came in at 51.4 for November, matching the 18-month high reached in October and beating 24 of 26 economist estimates. A separate report from HSBC Holdings Plc and Markit Economics today showed PMI was at 50.8 last month, compared with 50.9 in October.

ThyssenKrupp AG slumped 6.4 percent after it said it plans to sell equity equivalent to as much as 10 percent of its market value as the largest German steelmaker found buyers for a U.S. plant.

U.K. department-store retailer Debenhams Plc fell 4.6 percent after Barclays Plc downgraded the shares.

L’Oreal SA added 1.1 percent after saying it will buy back shares.

FTSE 100 6,606.44 -44.13 -0.66%

CAC 40 4,279.39 -15.82 -0.37%

DAX 9,400.88 -4.42 -0.05%