European stocks, US futures drop

European stocks and US index futures fell on concern credit losses will reduce bank earnings, while slowing economic growth curbs profits for broadcasters and technology companies. Asian shares advanced.

Citigroup Inc declined after Goldman Sachs Group Inc recommended selling the shares, predicting $8.9 billion more in writedowns for the bank. Oracle Corp dropped after its forecast signaled a slowdown in growth. British Sky Broadcasting Group Plc retreated to the lowest in almost four years after JPMorgan Chase & Co downgraded the stock, citing a "poor" economic environment.

Europe's Dow Jones Stoxx 600 Index lost 1.7 percent to 291.19 at 10:39 am in London, while futures on the Standard & Poor's 500 Index fell 0.6 percent. The MSCI Asia Pacific Index increased 0.3 percent.