Nov. 28 (Bloomberg) -- European equity futures declined and Asian stocks dropped for the first time in six days on concern budget talks to avoid the U.S. fiscal cliff have made little progress. The yen gained and Japanese bond yields dropped to a nine-year low.

Euro Stoxx 50 Index futures lost 0.3 percent as of 7:26 a.m. in London. Contracts on the Standard & Poor's 500 Index fell 0.1 percent and the MSCI Asia Pacific Index of shares dropped 0.6 percent. Copper, nickel and zinc sank at least 0.5 percent. The yen rose 0.6 percent to 105.70 against the euro, while yields on Japan's 10-year government bonds fell 1.5 basis points to 0.715 percent, the lowest level since June 2003.

Investors became more risk averse after U.S. Senate Majority Leader Harry Reid said he was disappointed with the progress made in congressional budget talks over $607 billion in tax increases and spending cuts set to begin in January. Data yesterday showed demand for U.S. capital goods increased, while consumer confidence and home prices rose.

"The U.S. budget issue is posing the biggest uncertainty to the market now given that some data in the world's largest economy have been showing signs of recovery," Kim Dae Young, a Seoul-based fund manager at KB Asset Management Co., which manages about $27 billion in assets, said today. "While the consensus is that the worst-case scenario will be averted, sentiment could take a hit depending on the news flow."

More than two stocks fell for each that rose in the MSCI Asia Pacific Index, poised to snap a five-day winning streak. The gauge trades at 13.8 times estimated earnings, compared with 13.5 times for the S&P 500 Index and 12.4 times for the Stoxx Europe 600 Index.

Election Rally

The Nikkei 225 Stock Average ended the day 1.2 percent lower after closing yesterday at its highest level since April. The measure advanced 7.4 percent from Nov. 14 on speculation an opposition victory in elections called by Prime Minister Yoshihiko Noda will herald more monetary easing.

The Shanghai Composite Index fell 0.9 percent to 1,973.52 after the gauge yesterday closed below 2,000 for the first time since January 2009. The index has fallen 10 percent this year, heading for a third straight annual loss, amid economic growth that slowed for seven quarters.

Toyota Motor Corp. slid 1.6 percent in Tokyo as the yen's gain hurt the outlook for export earnings. Citic Securities Co., China's biggest listed brokerage, sank 2.4 percent in Hong Kong as data showed the number of yuan-denominated stock trading accounts that made transactions last week fell to the lowest level for a five-day week since at least January 2008.

Markets in India are closed today for holiday.

Treasury Sale

Treasury market volatility dropped to the lowest level in five years. Bank of America Merrill Lynch's MOVE index, which measures price swings for Treasuries based on options, fell to 51.7 yesterday in the U.S., the least since May 2007. The Treasury Department is scheduled to sell $35 billion of five- year notes today and $29 billion of seven-year securities tomorrow, after a two-year auction yesterday drew record demand.

Copper for delivery in three months fell 0.5 percent to $7,766.75 a metric ton on the London Metal Exchange, the first decline in five days. Nickel dropped 0.7 percent from the highest level since Oct. 19, while zinc slid 0.8 percent.

The yen strengthened against all its major peers and gained 0.4 percent to 81.84 per dollar. Japan's currency has fallen 8.5 percent this year, the most out of its major peers, according to the Bloomberg Correlation-Weighted Indexes, which track 10 developed-nation currencies.

The euro dropped 0.2 percent to $1.2919.

"Prolonged negotiations over the fiscal cliff create a risk-off environment," said Daisaku Ueno, a senior foreign- exchange and fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. "The yen would be bought against the dollar in that situation. From the perspective of economic fundamentals, the euro is more likely to edge down."

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