European stocks declined for the second time in three days as China’s manufacturing expanded at the slowest pace in nine months. Asian shares advanced and U.S. index futures fluctuated.

Banca Monte dei Paschi SpA sank 5.5 percent as the Italian lender’s controlling shareholder began selling 450 million shares. Nokia Oyj tumbled for a second day, leading technology shares lower. Axa SA, Europe’s second-biggest insurer, climbed 2.8 percent after agreeing to sell its Canadian business to Intact Financial Corp. for C$2.6 billion ($2.7 billion).

The Stoxx Europe 600 Index fell 0.3 percent during morning trading in London, having swung between gains and losses at least eight times. The benchmark declined 1 percent last month amid speculation that Greece will restructure its debt. Since reaching this year’s high on the 17th February, the gauge has retreated 3.7 percent.

U.S. manufacturing probably grew in May at the slowest pace in seven months, partly a reflection of the supply interruptions stemming from the earthquake in Japan, economists said before a report later in the day. Other data may show construction spending rose in April and companies added to payrolls last month.

Greece is close to an agreement with the European Commission, European Central Bank and the International Monetary Fund on a fiscal plan and privatization program, Kathimerini newspaper reported, citing people close to Prime Minister George Papandreou.

China’s manufacturing growth eased in May as the government extended a campaign to cool inflation and the property market.

Japanese stocks added to Tuesday’s advance, the biggest in two months, even as nuclear power producers tumbled after Bank of America Merrill Lynch cut their ratings in the wake of the Fukushima accident. The Nikkei 225 Stock Average rose 0.3 percent while the Topix rose 0.1 percent.