Sept. 10 (Bloomberg) -- U.S. stock-index futures fell after the Standard & Poor’s 500 Index traded at the most expensive valuation in five years and Monsanto Co. forecast lower earnings. European stocks slid, while Asian shares advanced. Monsanto, the world’s largest producer of seeds, sank 3 percent. Aetna Inc. may be active after the health insurer’s Chief Executive Officer Ronald A. Williams said President Barack Obama’s proposal to create a public alternative to private coverage ignores the “central issue” of slowing the growth of health-care costs in the country. Futures on the S&P 500 expiring this month slipped 0.3 percent to 1,028.90 at 11:49 a.m. in London, after rising as much as 0.5 percent earlier. Dow Jones Industrial Average futures decreased 0.3 percent to 9,513. Nasdaq-100 Index futures lost 0.2 percent to 1,662.5. The S&P 500 yesterday jumped for a fourth straight day as Goldman Sachs Group Inc. recommended industrial companies and investor Michael Price said he’s finding value in American equities. The benchmark index for U.S. equities has rebounded 53 percent from a 12-year low on March 9 as reports from consumer confidence to home sales signaled the recession is easing and companies from Johnson & Johnson to Goldman Sachs posted earnings that beat analysts’ estimates. Valuations The rally has pushed valuations in the S&P 500 to about 19 times the reported earnings of its companies, the highest level since June 2004, according to weekly data compiled by Bloomberg. Bank of China Ltd., which led the nation’s $1.1 trillion lending spree in the first half, said ample liquidity has caused “bubbles” in stocks, commodities and real estate. “You see asset bubbles in commodities, stocks and real estate, not only in China, but everywhere,” Vice President Zhu Min said in an interview in Dalian today. Monsanto slipped 3 percent to $81 in early New York trading. The seed maker said earnings per share will fall to a range of $3.10 to $3.30 this fiscal year as the company spends as much as $600 million to cut jobs and reduce costs. U.S. health insurers may be active. Obama, in a speech last night to Congress and the public, said he won’t “back down on the basic principle that we will provide you with a choice” if private insurance is unaffordable. Insurance companies will benefit from his proposals to extend insurance to tens of millions of people lacking coverage, so taxing the providers on their most-expensive policies is fair, he said. ‘Stopped Short’ Obama “stopped short of addressing health-care reform,” said Kristin Binns, a spokeswoman for WellPoint Inc., the second-largest U.S. health insurer by sales. Yahoo! Inc. climbed 3.2 percent to $15.25 after Bank of America Corp. recommended buying shares of the second-most popular U.S. Internet search engine. Schlumberger Ltd., the world’s biggest oilfield-services provider, added 0.6 percent to $57.69, while Exxon Mobil Corp., the largest U.S. oil company, gained 0.7 percent to $70.98 in German trading. Crude rose in New York as the falling dollar spurred investors to buy commodities as a counter against inflation and an industry report showed a decline in U.S. inventories. Texas Instruments Inc. may be active after the second- biggest U.S. chipmaker said third-quarter profit will be 37 cents to 41 cents a share on sales of $2.73 billion to $2.87 billion. Analysts had projected profit of 35 cents a share and revenue of $2.68 billion on average, according to a Bloomberg survey. The shares were little changed in Germany after climbing in after-hours New York trading. Economic Reports A Commerce Department report at 8:30 a.m. in Washington may show the U.S. trade deficit was little changed in July as imports and exports both grew, signaling a revival of commerce as the global recession eased, according to economists. The gap between imports and exports increased 1.1 percent to $27.3 billion, according to the median of 74 estimates in a Bloomberg News survey. The Labor Department may say today that fewer Americans filed first-time jobless claims last week. The total number of people collecting benefits in the prior week was little changed from 6.23 million, a Bloomberg survey of economists showed. Applications for benefits probably fell to 560,000, the lowest level in five weeks, from 570,000. To contact the reporters on this story: Daniela Silberstein in Zurich at dsilberstei2@bloomberg.net.

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