Feb. 22 (Bloomberg) -- U.S. stock-index futures fell in advance of a report that may show consumer confidence declined in February. Citigroup Inc. and Johnson & Johnson shares slipped in Europe.

``This is not the time to buy U.S. stocks,'' said Philippe Gijsels, chief strategist at Fortis' private investment unit in Brussels, which has $62 billion in assets. ``There are questions about the strength of U.S. economic growth.'' Gijsels said he favors telecommunication and energy companies over basic-resource companies in the U.S.

The Standard & Poor's 500 Index futures expiring in March declined 2.5 to 1199.8 as of 9:14 a.m. in London. Dow average futures lost 27 to 10,770 and Nasdaq-100 Index futures slid 5 to 1512. Nineteen of the 26 Dow average stocks trading in Europe fell. U.S. exchanges were closed yesterday for the President's Day holiday.

U.S. consumer confidence probably declined in February, hovering below a six-month high, economists said before today's private report. Federal Reserve Chairman Alan Greenspan last week said consumer spending may slip as interest rates rise.

The Conference Board's index is forecast to fall to 103 from 103.4, according to the median forecast of 50 economists in a Bloomberg News survey. January's reading was the highest since 105.7 in July. The New York-based research group's report is scheduled for 10 a.m. Washington time.

Citigroup, the world's biggest bank, declined 12 cents to $48.45 in Germany. Johnson & Johnson, the maker of thousands of products ranging from Tylenol to hip implants, fell 27 cents to $65.16, also in Germany.

Home Depot Earnings

Home Depot Inc. shares slipped in Germany. The world's largest home-improvement retailer is one of seven Standard & Poor's 500 Index companies scheduled to report earnings today.

The Labor Department tomorrow will probably say consumer prices in January rose 0.2 percent overall from the previous month, and also did when the food and energy components are excluded, according to the median estimate of 56 economists in Bloomberg surveys. The annualized increase in the core index was likely 2.3 percent, the most since August 2002, surveys showed. Overall consumer prices were unchanged in December.

Shares of MCI Inc., the second-largest U.S. long-distance telephone company, may rise on expectations Qwest Communications International Inc. will sweeten its $8 billion takeover offer for the company as soon as this week.

Qwest executives are considering announcing new terms of its cash and stock offer as early as Wednesday, said a person familiar with the matter. The Wall Street Journal earlier reported a new offer may come this week. Tyler Gronbach, a spokesman for Qwest, declined to comment. Neither MCI nor Qwest shares traded in Europe.

Winn-Dixie, AutoDesk

Winn-Dixie Stores Inc. shares fell 14 cents to $1.33 in Germany. The operator of about 920 supermarkets in the southern U.S., filed for Chapter 11 bankruptcy protection. Wachovia Bank NA has agreed to provide an $800 million debtor-in-possession loan to supplement cash flow during the reorganization process, allowing Winn-Dixie to keep its stores open, the retailer said.

Home Depot lost 30 cents to $41.72. The retailer is expected to report fourth-quarter profit excluding some gains and losses of 48 cents a share, up from 42 cents a year earlier, based on Thomson Financial estimates. The report is expected before U.S. exchanges open.

AutoDesk Inc. may be active. The maker of software to design buildings and for movie visual effects is expected to report fourth-quarter profit of 28 cents a share, up from 23 cents a year earlier, before some gains and losses, according to estimates from Thomson Financial.

The earnings report is due after the close. AutoDesk shares didn't trade in Europe.

Dollar's Decline

The dollar fell the most in more than a week against the euro and dropped versus the yen and Korean won on a report South Korea's central bank will diversify its currency reserves.

``The dollar is likely to fall further, which means lower returns for European investors,'' said Gijsels.

The dollar fell against the euro to $1.3177 from $1.3068 late yesterday in Toronto, according to EBS, an electronic foreign-exchange dealing system.

The Korean central bank, which has $200 billion in reserves, will ``diversify the currencies in which it invests,'' Reuters said yesterday, citing a Bank of Korea spokesman in a parliamentary report. Byun Jai Yung, head of the bank's planning department, said in a telephone interview that he can't comment.

Asian stocks fell, led by exporters such as Samsung Electronics Co. and Toyota Motor Corp., on concern that the value of their overseas sales may be eroded after the dollar dropped against regional currencies. Japan's Nikkei 225 Stock Average lost 0.5 percent to 11,597.71, while South Korea's Kospi dropped 1.1 percent and Singapore's Strait Times Index sank 0.9 percent.

The Dow average rose 0.3 percent on Feb. 18 to 10,785.22. The S&P 500 added 0.1 percent to 1201.59. The Nasdaq Composite Index slid 0.1 percent, to 2058.62.

To contact the reporter on this story: Margo Towie in Brussels at mtowie@bloomberg.net.

Last Updated: February 22, 2005 04:30 EST