By Adria Cimino Jan. 12 (Bloomberg) -- European stocks and U.S. index futures declined after quarterly earnings at Alcoa Inc. missed analysts’ estimates. Most Asian shares gained. Alcoa, the largest U.S. aluminum maker, dropped 5.8 percent in German trading. Assa Abloy AB slid 3.2 percent as Goldman Sachs Group Inc. advised investors to sell the shares. Japan Airlines Corp. sank 45 percent in Asia on speculation it will file for bankruptcy. Tesco Plc climbed 2.1 percent after Britain’s biggest retailer reported higher holiday sales. Europe’s Dow Jones Stoxx 600 Index fell 0.3 percent to 257.97 of 8:44 a.m. in London, having gained as much as 0.2 percent earlier. Record-low interest rates in the U.S. and Europe and about $12 trillion in commitments from governments worldwide have spurred a 64 percent rally in the measure since March 9. The gauge is trading at about 59 times its companies’ reported earnings, near the highest valuation since June 2003, according to weekly data compiled by Bloomberg. “Many are now worried that the early miss by Alcoa could be the theme of what is likely to be a fairly mixed and crucial earnings season,” James Hughes, a market analyst at CMC Markets in London, wrote. U.S. stocks advanced yesterday, sending the Standard & Poor’s 500 Index higher for a sixth day. Futures on the gauge slipped 0.3 percent today, while the MSCI Asia Pacific Index rose 0.3 percent. Alcoa, Assa Abloy Alcoa posted quarterly earnings that trailed estimates as the company conducted a higher number of metals trades that boosted revenue while carrying no profit. The shares sank 5.8 percent to $16.44 in German trading. Intel Corp. and JPMorgan Chase & Co. are among companies scheduled to report results this week. Combined profit for S&P 500 companies surged 62 percent during the fourth quarter in the first increase since 2007, according to the average analyst estimates in a Bloomberg survey. Assa Abloy lost 3.2 percent to 138.40 kronor as Goldman Sachs lowered its recommendation on the lockmaker to “sell” from “neutral.” Japan Airlines, Asia’s biggest carrier, tumbled to a record low. Prime Minister Yukio Hatoyama said today that shareholders should take responsibility “in general” for JAL, which has been bailed out at least three times in nine years. Hatoyama declined to comment on the possibility of JAL being delisted when speaking to reporters today in Tokyo. The government has previously said that JAL, unprofitable in three of the last four years, will continue flying. JAL spokeswoman Sze Hunn Yap declined to comment. Tesco, Heineken Tesco increased 2.1 percent to 426.5 pence. Sales at U.K. stores open at least a year rose 4.9 percent, excluding gasoline and adjusting for value-added tax, in the six weeks ended Jan. 9, the retailer said today. That compares with the prior quarter’s 2.8 percent gain and the 3 percent median estimate of 10 analysts surveyed by Bloomberg. Heineken advanced 1.3 percent to 34.43 euros. The Dutch brewer, which yesterday said it agreed to buy the beer division of Fomento Economico Mexicano SAB, was raised to “buy” from “hold” at RBS. The trade deficit in the U.S. probably widened in November as imports climbed faster than exports, economists said before a report at 8:30 a.m. in Washington. To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net.

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