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European Stocks Erase Gains Before Italy Auctions Debt

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June 13 (Bloomberg) -- European stocks erased gains before Italy and Germany sell debt. U.S. index futures also declined while Asian shares rose.

The Stoxx Europe 600 Index fell 0.1 percent to 243.3 at 9:15 a.m. in London after earlier rallying as much as 0.4 percent. Futures on the Standard & Poor’s 500 Index expiring in September slid 0.2 percent, while the MSCI Asia Pacific Index increased 0.4 percent.

Italy plans to auction at least 9.5 billion euros ($11.9 billion) of debt this week, including 6.5 billion euros of 364-day bills today and debt maturing in 2015, 2019 and 2020 tomorrow. The yield on the nation’s benchmark 10-year government bond rose to as high as 6.3 percent yesterday, a level last seen on Jan. 25.

Germany will seek to sell 5 billion euros of 10-year bonds and 1 billion euros of inflation-linked bonds maturing in 2018 this morning.

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To contact the editor responsible for this story: Sarah Jones at sjones35@bloomberg.net

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