On Thursday European stocks slid after Spain’s bond yields surged and Germany’s unemployment rate rose more than forecast before a two-day summit of the region’s leaders. U.S. index futures also fell, while Asian shares rose.

Bankia SA and Banco Popular Espanol SA led a selloff by European lenders. Commerzbank AG sank more than 5 percent as the lender issued new shares. Debenhams Plc dropped 1.7 percent after the retailer reduced its forecast for profitability.

The Stoxx Europe 600 Index declined 0.6 percent to 244.32 at 10:30 a.m. in London, paring Wednesday’s 1.4 percent rally. The gauge has fallen 10 percent from its high in March, erasing its gains this year, as the euro area’s sovereign-debt crisis threatens global growth.

Stocks extended losses as Spanish bonds declined for the fourth day, sending the yield on benchmark 10-year securities to 7 percent for the first time since June 20.

German unemployment climbed in June for the fourth month this year. The number of people out of work in Germany rose a seasonally adjusted 7,000 to 2.88 million, the Federal Labor Agency said.

European Council President Herman Van Rompuy, European Central Bank President Mario Draghi and European Commission President Jose Barroso have prepared a 10-year road map for the euro area, which they will discuss at today’s summit.

European and U.S. stocks climbed on Wednesday after U.S. housing and durable-goods orders reports exceeded forecasts and speculation grew that China will opt for additional economic stimulus to support growth.

Japan stocks rose a second day as the nation’s retail sales and U.S. housing data and durable goods orders gained more than estimated in May, showing signs of global economic strength before a European debt summit during the day. The Nikkei 225 Stock Average rose 1.7 while the Topix Index gained 1.8 percent.