On Monday European stocks swung between gains and losses, following three days of declines, as France prepared to sell debt after Standard & Poor’s stripped the country of its top credit rating. U.S. index futures and Asian shares fell.

Carnival Corp. tumbled 16 percent in London after its Costa Concordia cruise liner ran aground off Italy, killing at least six people. Holcim Ltd. retreated 2.5 percent as the cement maker said it will book a charge in the fourth quarter. Fiat SpA and Daimler AG led a rally in carmakers after Goldman Sachs Group Inc. recommended the industry.

The benchmark Stoxx Europe 600 Index gained 0.2 percent 12:21 p.m. in London after earlier falling as much as 0.5 percent and rising 0.4 percent.

The Stoxx 600 erased its gains on the 13th January closing 0.1 percent lower, after reports that S&P planned to downgrade several euro-area countries. The gauge still climbed 0.7 percent over the week as Spain and Italy sold debt at lower borrowing costs.

The rating company downgraded France to AA+ from AAA with a negative outlook after the close of European trading on Friday 13th January. It cut Cyprus, Italy, Portugal and Spain by two grades, while also lowering the long-term ratings on Austria, Malta, Slovakia and Slovenia. Germany, Belgium, Estonia, Finland, Ireland, Luxembourg and the Netherlands had their grades affirmed.

European leaders will this week try to rescue under-fire efforts to deliver new fiscal rules and cut Greece’s debt burden as they urge investors to ignore the S&P downgrades.

Asian stocks fell ahead of a debt sale during the day by France after Standard & Poor’s stripped the country of its top credit rating and cut eight other European nations on concern the region hasn’t done enough to contain its debt crisis. The Nikkei 225 Stock Average fell 1.4 percent while the Topix lost 1.3 percent.