On Friday European stocks fell for a second day amid speculation stress tests on the region’s banks may show they have insufficient capital to weather the fiscal crisis. Asian shares and U.S. index futures were little changed.

The Stoxx Europe 600 Index dropped 0.3 percent in London. The gauge has fallen 2.5 percent this week, the biggest decline in four months, amid concern that the sovereign-debt crisis in Europe will spread from Greece to the larger economies of Italy and Spain. The measure has recorded only one weekly gain since the end of April.

Treasury Secretary Timothy F. Geithner warned there’s no possible extension to the time limit to raise the debt ceiling as S&P joined Moody’s Investors Service in reviewing the U.S.’s top credit rating. The long-term rating may be lowered by one or more notches into the AA category in the next three months if S&P concludes Congress and President Barack Obama’s administration haven’t achieved a credible solution to the government debt burden and aren’t likely to achieve one in the foreseeable future, according to a statement late yesterday.

Hugo Boss jumped 6.5 percent as the company raised its full-year forecast after second-quarter net income jumped more than fivefold to 31 million euros. It now forecasts an increase in 2011 sales of between 15 and 17 percent after adjustments for currency effects, compared with a previous forecast of 12 percent.

Japanese stocks rose, trimming the Nikkei 225 Stock Average’s decline for the week, as appliance retailers gained on a report the government may revive subsidies for consumer purchases of energy-saving products. The Nikkei 225 Stock Average rose 0.4 percent.