Yesterday European stocks climbed, erasing earlier losses, as technology and construction companies rose. U.S. futures were little changed, while Asian shares dropped.

SAP AG gained 1.2 percent after a U.S. judge asked Oracle Corp. to consider revising its request for a review of a court order overturning a damage award against the German software maker. A gauge of technology companies gained 1.4 percent. EON AG and RWE AG both climbed more than 3 percent after a court suspended a tax on companies that use nuclear fuel.

The Stoxx Europe 600 Index rose 0.7 percent 8:59 a.m. in London. Standard & Poor’s 500 Index futures expiring in December rose 0.1 percent, while the MSCI Asia Pacific Index slipped 0.8 percent.

Greece said Finance Minister Evangelos Venizelos held “productive” discussions with European officials on Monday about the country’s bailout. Prime Minister George Papandreou’s government will hold another call during the day as European leaders squabble over the terms of a July agreement and the prospect that they will be forced to channel more money to keep Greece in the currency union.

Italy had its credit rating cut to A from A+ by S&P on concern that weakening economic growth and a “fragile” government mean the nation won’t be able to reduce the euro area’s second-largest debt burden.

S&P said Italy’s net general government debt is the highest among A-rated sovereigns, and the company expects it to peak later and at a higher level than it previously estimated.

The benchmark Stoxx 600 dropped 2.3 percent on Monday, paring last week’s 2.5 percent advance.

Asian stocks fell, extending a two- week decline on the region’s benchmark stock index, after Italy’s sovereign-credit ratings were cut, intensifying concern Europe’s debt crisis is worsening and may sour the earnings outlook for exporters, banks and commodity producers.