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European stocks fell for a fifth day, erasing their gains for the year, as Goldman Sachs Group Inc. cut China's growth forecast amid concern banks in the world's second-largest economy face a cash crunch.

The Stoxx Europe 600 Index declined 1.7 percent to 275.66 at the close in London. The equity benchmark has entered a so-called correction, having slumped 11 percent since May 22, when Federal Reserve Chairman Ben S. Bernanke commented on the possibility of paring bond purchases.

China's stocks plunged the most since August 2009 -- and the CSI 300 Index (SHSZ300) extended its decline from a February high to more than 20 percent -- after the country's central bank signaled it will maintain efforts to curb speculative lending.

Separately, Goldman Sachs cut its estimate for China's economic growth this year to 7.4 percent from an earlier prediction of 7.8 percent, citing weaker economic indicators and tighter financial conditions.

While money-market rates in the country fell for a second day from a record, the overnight repurchase rate of 6.47 percent was still more than double this year's average of 3.09 percent, according to a fixing compiled by the National Interbank Funding Center.

In Germany, data showed that business confidence increased in June in line with economists' estimates. The Ifo institute's business climate index, based on a survey of 7,000 executives, rose to 105.9 this month from 105.7 in May.

National benchmark indexes fell in all of the 17 western European markets trading today, except Iceland. The U.K.'s FTSE 100 retreated 1.4 percent, while France's CAC 40 declined 1.7 percent. Germany's DAX dropped 1.2 percent. Greece was closed for Whit Monday holiday.

Erste tumbled 8.5 percent to 20.09 euros, its biggest drop since January 2012. Austria's biggest lender plans to increase its share capital by 660 million euros in the third quarter as it redeems participation capital of 1.76 billion euros. Erste also cut its earnings outlook, saying it expects its pre-provision operating profit to decline by 5 percent this year.

Kazakhmys, which owns 26 percent of ENRC, plunged 13 percent to 233.7 pence, its lowest price since February 2009. ENRC founders and the Kazakh government made an offer valuing the mining company at 3.04 billion pounds. They offered shareholders $2.65 in cash and 0.23 Kazakhmys shares for each ENRC share held.

A gauge of mining companies in the Stoxx 600 slumped to its lowest level since July 2009. Rio Tinto Group, the second-largest commodity producer, declined 3.4 percent to 2,582 pence and Anglo American Plc fell 4 percent to 1,297.5 pence.

Kabel Deutschland advanced 1.7 percent to 85.50 euros. Vodafone, the world's second-biggest wireless carrier, raised its bid for Kabel Deutschland to 87 euros a share from the initial 80 euros. The German cable company said its board plans to recommend the cash offer to its shareholders.

U.S. stocks futures fell as Chinese equities entered a bear market amid concern a cash crunch will hurt the world's second-largest economy.

Global Stocks:

Nikkei 13,062.78 -167.35 -1.26%

Hang Seng 19,813.98 -449.33 -2.22%

Shanghai Composite 1,963.24 -109.86 -5.30%

FTSE 6,047.79 -68.38 -1.12%

CAC 3,603.61 -54.43 -1.49%

DAX 7,728.92 -60.32 -0.77%

Crude oil $93.65 -0.04%

Gold $1289.00 -0.23%

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Apple (AAPL) target raised to $450 from $435 at BMO

Apple (AAPL) target lowered to $405 from $420 at Jefferies

European stocks fell for a fifth day, erasing their gains fortheyear, as Goldman Sachs Group Inc. cut China's growth forecasta midconcern banks at the world's second-largest economy face acash crunch. U.S. index futures and Asian shares alsod ropped.

The Stoxx Europe 600 Index declined 1.2 percent to 277.17 at 10:31 a.m. in London.Thegauge is heading for an 7.9 percent drop in June, itsbiggestmonthly loss since August 2011, as the Federal Reserve saidlastweek it may end bond purchases next year if the U.S.economystrengthens in line with forecasts. The Stoxx 600 hasslumped 11percent since May 22, when Fed Chairman Ben S. Bernankecommentedon stimulus paring.

Goldman Sachs cut its estimate for China's economic growth thisyearto 7.4 percent from an earlier prediction of 7.8 percent,citingweaker economic indicators and tighterfinancialconditions.

China's benchmark money-market rates last week climbed to arecordas its central bank refrained from using open-marketoperations toease a cash crunch. The rates fell today.

In Germany, data showed that business confidence increased inJunein line with economists' estimates. The Ifo institute'sbusinessclimate index, based on a survey of 7,000 executives, roseto 105.9this month from 105.7 in May.

Erste tumbled 6.5 percent to 20.54 euros, its lowest price sinceNovember.Austria's biggest lender plans to increase its sharecapital by 660million euros in the third quarter as it redeemsparticipationcapital of 1.76 billion euros. Erste also cut itsearnings outlook,saying that it expects its pre-provisionoperating profit to declineby 5 percent this year.

Kazakhmys,whichowns 26 percent of ENRC, plunged 11 percent to 240.8 pence,itslowest price since March 2009. ENRC founders and theKazakhgovernment made an offer valuing the mining company at 3.04billionpounds. They offered shareholders $2.65 in cash and 0.23Kazakhmysshares for each ENRC share held. ENRC rose 1 percent to219pence.

A gauge of mining companies in the Stoxx 600 slumped to itslowestlevel since July 2009. BHP Billiton Ltd., theworld's biggest commodity producer, slid 0.7 percent to 1,692penceand Rio Tinto Group,thesecond largest, declined 1.7 percent to 2,627.5pence.

FTSE 100 6,068.94 -47.23 -0.77%

CAC 40 3,607.45 -50.59 -1.38%

DAX 7,725.23 -64.01 -0.82%

Asian stocksdeclined, with the benchmark regional index heading toward theworst monthly loss in a year, as Chinese stocks headed for a bearmarket amid a cash crunch at banks in the world's second-largesteconomy.

Nikkei 225 13,062.78 -167.35 -1.26%

Hang Seng 19,778.02 -485.29 -2.39%

S&P/ASX 200 4,669.1 -69.70 -1.47%

Shanghai Composite 1,963.24 -109.86 -5.30%

Industrial & Commercial Bank of China Ltd., the world's largestlender, lost 2.6 percent in Hong Kong, having risen just one day inJune.

BHP Billiton Ltd., the No. 1 mining company, declined 3.4 percent,as Goldman Sachs Group Inc. cut its growth forecast forChina.

AMP Ltd. tumbled 13 percent, its biggest slide in 10 years, afterAustralia's biggest life insurer and pension manager said itexpects profit will fall as much as 16 percent.