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European stocks fell the most in more than three months as investors weighed valuations before U.S. jobs data this week that may help gauge when the Federal Reserve will pare its stimulus.

The Stoxx Europe 600 Index fell 1.4 percent to 319.44 at 4:30 p.m. in London, its biggest loss since Aug. 27. The gauge has rallied 14 percent this year, even as analysts cut their earnings estimate for its constituents to 21.37 euros per share from 24.13 euros at the beginning of 2013.

On Friday, investors will get the latest reading on U.S. non-farm payrolls for November, and data may show the unemployment rate fell to 7.2 percent, matching the lowest level in five years. A jobs report tomorrow may show U.S. companies added the most workers since June. The central bank will release its Beige Book on economic conditions tomorrow.

The Fed has said it will monitor labor-market gains before deciding when to pare its $85 billion of monthly bond purchases. Policy makers will probably wait until their March 18-19 meeting, when they will reduce monthly bond purchases to $70 billion, according to the median estimate. They next meet on Dec. 17-18.

The European Central Bank and the Bank of England will both announce policy decisions on Thursday.

National benchmark indexes fell in all 18 western European markets.

FTSE 100 6,532.43 -62.90 -0.95% CAC 40 4,190.81 -95.00 -2.22% DAX 9,233.12 -168.84 -1.80%

ThyssenKrupp fell 2.4 percent to 17.21 euros. The German steelmaker sold 51.4 million new shares at 17.15 euros apiece. The company yesterday plunged the most since August 2011 after saying it would boost capital by 10 percent of its market value.

Orange declined 3.2 percent to 9.22 euros. Iliad SA’s Free Mobile subsidiary said it will offer customers 4G Internet as part of its monthly plans at no extra cost, according to a statement. Bouygues SA retreated 3.4 percent to 26.78 euros.

Sonova lost 1.5 percent to 123.40 Swiss francs. Morgan Stanley downgraded the stock to equal weight, similar to a neutral recommendation, from overweight. New product releases from competitors such as GN Store Nord A/S and William Demant Holding A/S may hurt revenue growth, Morgan Stanley said.

Sanofi fell 2.9 percent to 75.03 euros, for its biggest decrease in four months. Tests showed Sanofi’s U300 treatment wasn’t more effective than the company’s best-selling Lantus diabetes drug in a test of patients not already taking insulin, Sanofi said.

U.S. stock-index futures declined, before economic reports this week that may give clues on when the Federal Reserve will reduce stimulus.

Global markets:

Nikkei 15,749.66 +94.59 +0.60 %

Hang Seng 23,910.47 -128.08 -0.53 %

Shanghai Composite 2,222.67 +15.30 +0.69 %

FTSE 6,539.12 -56.21 -0.85%

CAC 4,202.38 -83.43 -1.95%

DAX 9,262.46 -139.50 -1.48%

Crude oil $93.84 (+0.02%).

Gold $1222.40 (+0.04%).

European stocks declined for a third day as investors weighed valuations before U.S. jobs data this week that may help gauge the timing of a reduction in Federal Reserve stimulus. U.S. index futures were also little changed, while Asian shares outside Japan retreated.

Investors will on Dec. 6 get the latest reading on U.S. non-farm payrolls for November, and data may show the unemployment rate slipped to 7.2 percent, matching the lowest level in five years. A private jobs report tomorrow may show U.S. employers added the most workers since June. The Fed has said it will monitor labor-market gains before deciding when to pare its $85 billion of monthly bond purchases.

The European Central Bank and the Bank of England meet this week. Both banks will announce policy decisions on Dec. 5.

ThyssenKrupp fell 0.9 percent to 17.48 euros. The German steelmaker sold 51.4 million new shares at 17.15 euros apiece. The stock yesterday fell the most since August 2011 after the company said it would increase its capital by 10 percent of its market value.

Sonova lost 1.7 percent to 123.20 Swiss francs. Morgan Stanley downgraded the stock to equal weight, similar to a neutral recommendation, from overweight. New product releases from competitors such as GN Store Nord A/S and William Demant Holding A/S may affect revenue growth, Morgan Stanley said.

FTSE 100 6,536.6 -58.73 -0.89%

CAC 40 4,213.85 -71.96 -1.68%

DAX 9,303.32 -98.64 -1.05%

Asian stocks outside Japan fell, with the equity gauge heading for its first drop in eight days, as signs the U.S. economy is strengthening fueled speculation that the Federal Reserve will soon start tapering stimulus.

Nikkei 225 15,749.66 +94.59 +0.60%

S&P/ASX 200 5,256.07 -23.44 -0.44%

Shanghai Composite 2,222.67 +15.30 +0.69%

Newcrest Mining Ltd., Australia’s biggest gold producer, sank 6.7 percent as the bullion’s price traded near a five-month low.

Hyundai Motor Co., South Korea’s No. 1 carmaker, lost 4.2 percent as November sales fell.

Sekisui Chemical Co. led Japanese stocks higher, rising 7.5 percent after a report that it developed a cheaper and longer-lasting material for lithium-ion batteries used in the electric vehicles.

Nikkei 225 15,655.07 -6.80 -0.04%

S&P/ASX 200 5,279.5 -40.55 -0.76%

Shanghai Composite 2,201.52 -18.99 -0.86%

FTSE 100 6,595.33 -55.24 -0.83%

CAC 40 4,289.64 -5.57 -0.13%

DAX 9,408.87 +3.57 +0.04%

Dow -79.44 16,006.97 -0.49%

Nasdaq -14.63 4,045.26 -0.36%

S&P -4.98 1,800.83 -0.28%