Sept. 18 (Bloomberg) -- European and Asian shares declined and U.S. stock-index futures retreated on speculation that a six-month rally in global equity markets has outpaced the prospects for earnings. Lonmin Plc decreased 2.1 percent as metal prices fell. Lloyds Banking Group Plc dropped 1.4 percent after the lender said it’s considering alternatives to a government asset protection program. Super de Boer surged 19 percent after receiving a takeover offer from Jumbo Groep Holding BV. The MSCI World Index slid 0.3 percent at 8:25 a.m. in London. The gauge of stocks in 23 developed nations has surged 65 percent since March 9, driving its valuation to more than 27 times reported earnings, the highest level since June 2003. “I still think the market is showing all the characteristics of a bear-market rally,” said Philippe Gijsels, a senior structured-equity strategist at Fortis Global Markets in Brussels. “People have become too optimistic about the economic outlook and sentiment has been fairly bullish. I still think we are in for a rough ride from here.” Europe’s Dow Jones Stoxx 600 Index fell 0.4 percent. The MSCI Asia Pacific Index decreased 0.4 percent as China’s Shanghai Composite Index slumped 3.2 percent. Aiful Corp., Japan’s third-largest consumer lender by revenue, was untraded, with shares offered lower by 27 percent, after the company sought to reschedule debt payments. U.S. Futures Standard & Poor’s 500 Index futures expiring in December lost 0.2 percent, indicating the benchmark gauge for U.S. equities may extend yesterday’s retreat from an 11-month high. The measure has jumped 57 since March, leaving stocks at the most expensive compared with earnings in five years. Price swings and trading volume may be greater than average today in the U.S. and Europe with futures and options on indexes and stocks due to expire. Lonmin, the world’s third-biggest platinum producer, retreated 2.1 percent to 1,745 pence, leading basic-resource producers lower. Copper dropped in Shanghai and London as expanding global stockpiles of the metal raised concern that prices don’t reflect demand. Lloyds declined 1.4 percent to 108.13 pence. The U.K.’s biggest mortgage lender is in discussions with the Treasury over possible alternatives to entering into a program to insure 260 billion pounds ($426 billion) of risky assets. The bank is also discussing potential changes to the terms of the Government Asset Protection Scheme, including reducing the amount of assets to be insured after market conditions improved and the performance of the loans was reviewed, Lloyds said today. Asset Protection The Daily Telegraph earlier reported that Lloyds was forced to abandon a move to withdraw from the U.K. government’s asset- protection plan after failing to raise enough capital to meet regulatory requirements. Super de Boer, the Dutch food retailer controlled by France’s Casino Guichard-Perrachon SA, jumped 19 percent to 4.15 euros after receiving an offer from rival Jumbo worth 4.20 euros a share. Casino advanced 3 percent to 57.12 euros. Dr. Reddy’s Laboratories Ltd., India’s second-biggest drugmaker, rose 3.4 percent to 863.55 rupees in Mumbai after the Economic Times reported that GlaxoSmithKline Plc is in talks to buy a 5 percent stake.

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