On Thursday European stocks retreated, dragging the Stoxx Europe 600 Index from a 28-month high, as food and travel companies declined. Asian shares advanced, while U.S. futures were little changed.

Nestle SA, the world’s biggest food company, fell 2% on analyst downgrades. Dixons Retail Plc slumped 7.3% after saying earnings will probably be “around the bottom end” of analysts’ estimates. Commerzbank AG lost 2.6% after announcing a capital increase. Banco Santander SA, and Banco Bilbao Vizcaya Argentaria SA, Spain’s largest banks, climbed as demand increased at an auction of the nation’s debt.

European shares slipped back from 28-month highs, ahead of interest rate decisions at central banks but after a successful Spanish bond auction. The FTSEurofirst 300 index was down, after rising 1.5% in the previous session to its highest close since September 2008. The European benchmark is up nearly 80% from its lifetime low in March 2009.

Spain attracted strong demand at an auction of 5-year bonds on Thursday while the yield came in lower than expected, reflecting growing hopes that euro zone governments will take fresh action to ease the region’s debt crisis. Spanish banks rose sharply after the Spanish bond auction, and adding to Wednesday’s rally after a Portuguese bond auction.

Asia stocks advanced, sending the regional benchmark index to a two-and-a-half year intraday high, after commodity producers rallied and as speculation mounted Europe will step up efforts to control its debt crisis.

BHP Billiton Ltd., the world’s biggest mining company, climbed 1.9% in Sydney after copper and oil futures rose. Industrial & Commercial Bank of China Ltd., the nation’s No. l lender, jumped 1.5% in Hong Kong after its chairman said the company won’t seek financing within three years. HSBC Holdings Plc, Europe’s largest bank, advanced 1.4% in Hong Kong after Germany indicated it’s ready to revise the terms of Europe’s rescue fund for indebted states. Japan’s Nikkei 255 Stock Average climbed 0.7%.