European stock-index futures dropped, signaling equities may slip for a third day, as investors awaited U.S. jobs data this week to gauge the timing of a reduction in Federal Reserve stimulus. U.S. index futures were little changed, while Asian shares outside Japan retreated. Sonova Holding AG may be active after Morgan Stanley cut its rating on the Swiss hearing-aid maker. Rio Tinto Group may move after the world's second-largest mining company said it will more than halve capital spending by 2015. Futures on the Euro Stoxx 50 Index expiring this month lost 0.2 percent to 3,072 at 7:13 a.m. in London. Contracts on the U.K.'s FTSE 100 Index (UKX) slid 0.2 percent. Standard & Poor's 500 Index futures added less than 0.1 percent. The MSCI Asia Pacific Excluding Japan Index fell 0.6 percent after a seven-day rally, while the Nikkei 225 Stock Average rose 0.6 percent in Tokyo. The Stoxx Europe 600 Index, the region-wide benchmark, fell 0.3 percent yesterday, following a three-month rally, as Spanish manufacturing unexpectedly contracted in November. The gauge is trading at 15.2 times the projected earnings of its constituents, just below the 15.72 mark, its highest since at least March 2005, according to data compiled by Bloomberg. 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. Tomorrow's private jobs report will probably show U.S. employers added the most workers since June. The Federal Reserve has said it will monitor labor-market gains before deciding when to pare its $85 billion of monthly bond purchases. Economic Outlook The U.S. central bank will provide its Beige Book report on economic conditions in the world's largest economy tomorrow, two weeks before the Federal Open Market Committee meets on Dec. 17-18. to consider changes to monetary stimulus. Fed policy makers will probably pare the monthly pace of bond buying to $70 billion at their March 18-19 meeting, according to the median of 32 estimates in Bloomberg's most recent survey of economists conducted on Nov. 8. The European Central Bank and the Bank of England meet this week. Both banks will announce policy decisions on Dec. 5. Sonova may move. 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. Rio Tinto may be active after saying it aims to reduce capital spending to about $8 billion in 2015, less than half its outlay last year, according to a statement. The cut will help Rio strengthen its balance sheet and cut net debt that rose to about $22 billion as of June 30, Chief Financial Officer Chris Lynch said. Source: Bloomberg
