On Tuesday European stocks were little changed near a three-month high, as declines by media companies offset better-than-estimated results at Bayerische Motoren Werke AG. US futures fluctuated, while Asian shares rose.

ITV plc dropped 2.2 per cent as the UK’s biggest commercial broadcaster said the outlook is “uncertain.” Sky Deutschland AG sank 21 per cent after the company announced a capital raising and predicted a full-year loss. BMW lead a rally by carmakers, jumping 4.3 per cent after posting the biggest profit in two-and-a-half years.

European equities retreated from a three-month peak in early trade as investors took profits from the previous session’s sharp bounce, while a fall in key base metals prices dragged down mining stocks.

The FTSEurofirst 300 index of top European shares was down 0.3 per cent at 1,067.91 points after falling to a low of 1,065.44 earlier in the session. The index surged 2.6 per cent on Monday to hit a three-month closing high.

Losses, however, were capped as more company results surprised investors on the positive side, raising optimism for a strong earnings season.

Europe’s biggest mail and express delivery company, Deutsche Post DHL, rose 3.2 per cent after it raised its 2010 outlook. Miners were among the top decliners, as prices of key base metals slipped. BHP Billiton, Anglo American and Rio Tinto all fell.

But mining group Xstrata was up. The company said it would pump over $5 billion into new mines and keep targeting organic growth rather than acquisitions, after more than doubling first-half earnings per share.

Asian stocks climbed, driving the MSCI Asia Pacific Index to a three-month high, after US manufacturing data topped forecasts and HSBC Holdings plc reported better-than-estimated profit. Japan’s Nikkei 225 Stock Average advanced 1.3 per cent and Hong Kong’s Hang Seng Index rose 0.2 per cent.