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European stocks retreated, paring yesterday’s biggest rally in a month, as investors awaited a report that may show U.S. manufacturing teetered between expansion and contraction in August.

The Institute for Supply Management’s factory index was little changed at 50 in August compared with 49.8 in July, according to the median estimate of 70 economists. A reading of 50 is the dividing line between contraction and expansion. Spending on construction projects probably rose in July, another release may show.

Euro-area countries will this week ask investors to stake more than 20 billion euros ($25 billion) on second-guessing the ECB, selling the most debt in more than three months before the central bank’s president, Mario Draghi, speaks on Sept. 6.

Spain, France, Austria and Belgium return to the market after a month-long pause, with Germany also selling debt. The auctions take place before the ECB’s meeting in Frankfurt, where Draghi may reveal details of a new bond-buying program.

The leaders of the single currency’s biggest economies hold further meetings this week as they brace for their central banker’s plan to defend the euro from bond-market turmoil. Draghi told the European Parliament yesterday he would be comfortable buying three-year government debt to bring down borrowing costs for nations in financial distress.

Vodafone slid 1.3 percent to 180.9 pence for the biggest contribution to the Stoxx 600’s retreat. Bernstein lowered the telecommunications company to market perform from outperform, meaning that investors should not buy more of the shares.

Ahold climbed 3 percent to 10.14 euros after the Dutch owner of the U.S. Stop & Shop grocery chain said it will take 6 to 12 months to review options for its stake in ICA. Ahold will probably return at least part of the proceeds from a sale to shareholders in the form of a buyback or special dividend, analysts at SNS Securities said in a note. They value the stake at 2.1 billion euros to 2.4 billion euros.

U.S. stock futures were little changed before a report on American manufacturing and as European leaders prepared for talks to address the debt crisis.

Global Stocks:

Nikkei  8,775.51 -8.38 -0.10%
Hang Seng 19,429.91 -129.30 -0.66%
Shanghai Composite 2,043.65 -15.50 -0.75%
FTSE  5,708.26 -50.15 -0.87%
CAC  3,430.71 -23.00 -0.67%
DAX 6,989.84 -24.99 -0.36%
Crude oil $96.68 +0,22%
Gold $1693.40 +0.34%

IBM upgraded to Overweight from Equal Weight at Barclays; tgt raised to $240 from $208.

European stocks retreated after yesterday's rally most of the past month, as investors await data on the manufacturing index of the Institute for Supply Management U.S. in August. Also waiting for data on construction spending in the U.S..

International rating agency Moody's Investors Service affirmed the long-term rating of the European Union at the level of Aaa by changing the rating outlook from "stable" to "negative." In addition to "negative" outlook changed program-term bonds with a preliminary estimate of AAA. Such information is contained in the relevant report of the agency.

To date:

FTSE 100 5,715.07 -43.34 -0.75%

CAC 40 3,440.61 -13.10 -0.38%

DAX 7,004.87 -9.96 -0.14%  

Vodafone Group Plc shares were down 1.3%, after Sanford C. Bernstein & Co. downgraded the operator. Royal Ahold NV gained 3% on rumors that it may sell its 60 percent stake in Scandinavian ICA, perhaps through an initial public offering.

Asian stocks fell, with the regional benchmark index poised for its longest losing streak in six weeks, as the European Union’s outlook was cut by Moody’s Investors Service ahead of policy makers’ meetings. Australian shares declined as the central bank left the key rate unchanged.

Nikkei 225 8,775.51 -8.38 -0.10%

S&P/ASX 200 4,303.5 -26.17 -0.60%

Shanghai Composite 2,040.09 -19.05 -0.93%

Hutchison Whampoa Ltd., an operator of retail chains that gets 55 percent of its revenue in Europe, fell 0.2 percent in Hong Kong.

Westpac Banking Corp., Australia’s second-biggest lender by market value, slid 2.3 percent.

Asian stocks outside Japan rose as economic reports across the region fueled speculation that central banks will boost stimulus measures. Japanese stocks fell as the yen rose against most of its major counterparts, weighing on the earnings outlook for exporters.

Nikkei 225 8,783.89 -56.02 -0.63%

S&P/ASX 200 4,329.7 +13.59 +0.31%

Shanghai Composite 2,057.68 +10.16 +0.50%

James Hardie Industries SE, a building-materials supplier that gets 67 percent of sales from the U.S., rose 1.2 percent in Sydney.

Canon Inc., a camera maker that gets 31 percent of its revenue in Europe, lost 1.7 percent.

Shimao Property Holdings Ltd. paced gains among Chinese developers on a report the nation should do more to help economic growth.

Samsung Card Co. soared 15 percent in Seoul after the credit-card issuer said it will buy back shares.

Change % Change Last

Nikkei 225 8,783.89 -56.02 -0.63%

S&P/ASX 200 4,329.7 +13.59 +0.31%

Shanghai Composite 2,057.68 +10.16 +0.50%