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European stocks dropped from a five-year high as investors weighed equity valuations that are at the highest since 2009.

The Stoxx Europe 600 Index declined 0.6 percent to 322.67 at 4:30 p.m. in London. The gauge yesterday jumped to its highest level since May 2008, extending a six-week rally.

National benchmark indexes fell in 15 the 18 western European markets.

FTSE 100 6,698.01 -25.45 -0.38% CAC 40 4,272.29 -48.39 -1.12% DAX 9,193.29 -32.14 -0.35%  

The Organisation for Economic Cooperation and Development cut its global growth forecasts for this year and the next. The world economy will probably expand 2.7 percent this year and 3.6 percent next year, down from its May predictions of 3.1 percent and 4 percent respectively, the Paris-based OECD said.

The Federal Reserve will release minutes of its October policy meeting tomorrow. The document will reveal more details behind the decision to press on with $85 billion in monthly asset purchases. Fed policy makers will probably pare that pace to $70 billion at their March 18-19 meeting, according to the median estimate.

Paddy Power (PWL) dropped 8.1 percent to 57.45 euros in Dublin after saying that poor takings from sports gambling will reduce earnings more than originally expected. Operating profit in constant currencies will increase by a low-to-mid single-digit percentage in 2013, down from a previous guidance for double-digit growth, the company said.

KBC lost 2.7 percent to 39.60 euros. Shareholders KBC Ancora CVA and Cera CVBA sold the shares at about 39.15 euros apiece. Cera offered 14.1 million shares, more than half of its stake in KBC, while KBC Ancora sold 4.7 million shares.

Intertek Group Plc, a product-inspection services provider, slid 2.5 percent to 3,103 pence. The company said revenue excluding acquisitions increased 3 percent in the July-to-October period, down from 6.3 percent in the first half.

EasyJet advanced 7 percent to 1,344 pence. Europe’s second-biggest discount carrier proposed to pay 44.1 pence (71 cents) per share, in addition to a regular dividend of 33.5 pence. Pretax profit for the 12 months to Sept. 30 rose 51 percent to 478 million pounds, topping the 476 million-pound average estimate.

Royal KPN NV climbed 1.4 percent to 2.48 euros as Credit Suisse Group AG raised its rating on the phone company to outperform, which is similar to buy, from neutral. Credit Suisse predicted the stock will gain in value once the sale of KPN’s German business to Telefonica SA is completed.

U.S. stock-index futures were little changed after the Dow Jones Industrial Average tested 16,000 yesterday and investors awaited signals on when the Federal Reserve may begin tapering bond purchases.

Global markets:

Nikkei 15,126.56 -37.74 -0.25 %

Hang Seng 23,657.81 -2.25 -0.01 %

Shanghai Composite 2,193.13 -4.09 -0.19 %

FTSE 6,698.37 -25.09 -0.37 %

CAC 4,285.2 -35.48 -0.82 %

DAX 9,213.45 -11.98 -0.13 %

Crude oil $92.97 (-0.06%).

Gold $1272.90 (+0.05%).

European stocks dropped from a five-year high as investors weighed equity valuations that are at the highest since 2009. U.S. equity-index futures and Asian shares were little changed.

A report showed investor confidence in Germany, Europe’s largest economy, increased to a four-year high in November. A gauge of investor and analyst expectations from the ZEW Center for European Economic Research rose to 54.6 this month from 52.8 in October. That beat economists’ estimate of 54 in a Bloomberg survey.

The Organisation for Economic Cooperation and Development today cut its global growth forecasts for this year and the next. The world economy will probably expand 2.7 percent this year and 3.6 percent next year, down from its May predictions of 3.1 percent and 4 percent respectively, the Paris-based OECD said in its semi-annual report.

Paddy Power dropped 8 percent to 57.50 euros in Dublin. Operating profit growth will probably be in the low-to-mid single digits, down from a previous guidance for double-digit growth, according to a statement. The forecast is about 11 million euros ($15 million) lower than the midpoint of its previous guidance, Paddy Power said, because of continued poor results from sports bets including Champions League soccer matches and horse racing in Australia.

U.K. bookmakers Ladbrokes Plc and William Hill Plc slipped 2.3 percent to 174.1 pence and 1.4 percent to 363.5 pence, respectively.

KBC lost 1.9 percent to 39.92 euros as trading resumed following a temporary suspension. Shareholders KBC Ancora CVA and Cera CVBA sold the shares at about 39.15 euros apiece. Cera offered 14.1 million shares, more than half of its stake in KBC, while KBC Ancora sold 4.7 million shares.

EasyJet increased 6.1 percent to 1,332 pence after proposing to pay 44.1 pence (71 cents) per share, in addition to a regular dividend of 33.5 pence. Pretax profit for the 12 months to Sept. 30 rose to 478 million pounds, topping the 476 million-pound average estimate in a Bloomberg survey.

Royal KPN NV gained 1.4 percent to 2.48 euros as Credit Suisse Group AG raised its rating on the phone company to outperform, a rating similar to buy, from neutral. Credit Suisse predicted the stock will gain in value once the sale of KPN’s German business to Telefonica SA is completed.

FTSE 100 6,689.01 -34.45 -0.51%

CAC 40 4,278.35 -42.33 -0.98%

DAX 9,190.62 -34.81 -0.38%

Asian stocks outside Japan rose, with a regional benchmark index heading for a four-day rally, as Hong Kong stocks extended yesterday’s gains amid optimism China’s economic reforms will boost growth.

Nikkei 225 15,126.56 -37.74 -0.25%

S&P/ASX 200 5,352.9 -31.76 -0.59%

Shanghai Composite 2,193.13 -4.09 -0.19%

China Life Insurance Co., the nation’s biggest insurer, rose 5.2 percent in Hong Kong after Citigroup Inc. named the company as one of the beneficiaries of Communist Party reforms.

Olympus Corp. added 3 percent in Tokyo on a newspaper report the company will increase endoscope production capacity by 30 percent.

Commonwealth Property Office Fund jumped 5 percent in Sydney after the Australian property fund received a higher competing bid.

Honda Motor Co., which gets 83 percent of its revenue outside of Japan, lost 1 percent as the yen gained.

Nikkei 225 15,164.3 -1.62 -0.01%

S&P/ASX 200 5,384.66 -17.01 -0.31%

Shanghai Composite 2,197.22 +61.39 +2.87%

FTSE 100 6,722.71 +29.27 +0.44%

CAC 40 4,322.75 +30.52 +0.71%

DAX 9,234.98 +66.29 +0.72%

Dow +14.38 15,976.08 +0.09%

Nasdaq -36.9 3,949.07 -0.93%

S&P -6.62 1,791.56 -0.37%