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The euro declined for the first time in three days and copper fell as Germany, Spain and Italy plan 21 billion euros ($26.8 billion) in debt sales. Most Asian shares rose, led by mining companies.

The euro weakened 0.3 percent to $1.2741 as of 1:54 p.m. in Tokyo. Copper retreated 0.6 percent to $7,695 a metric ton as aluminum and zinc declined. Standard & Poor’s 500 Index futures lost 0.3 percent after the U.S. gauge closed at five-month high. Australia’s S&P/ASX 200 Index rallied 0.9 percent, while the MSCI Asia Pacific Index was little changed. Treasury 10-year yields held at 1.96 percent.

Germany will auction 4 billion euros of five-year notes today, while Spain and Italy will sell as much as 17 billion in debt the following day. Greece is in final negotiations to persuade investors to forgive at least half of its debt, the euro area’s first large-scale restructuring.

“We see Europe deteriorating this year with the economy moving formally into recession,” said Imre Speizer, a strategist in Auckland at Westpac Banking Corp., Australia’s second-largest lender. “Over the next three months, the euro may drop to at least $1.20.”

Economic data tomorrow may show industrial production in the euro region shrunk for a third month in November and China’s consumer prices increased 4 percent last month, according to the median economist estimate from surveys compiled by Bloomberg.

S&P 500 Futures
S&P 500 futures expiring in March fell to 1,281.90 and Nasdaq 100 Index futures slid 0.4 percent. Microsoft Corp. (MSFT) shares may be active in U.S. trading. The world’s largest software maker said industrywide sales of personal computers will probably be lower than analysts projected in the fourth quarter because supply was hurt by flooding in Thailand.

Almost 1.5 stocks rose for each that fell in the MSCI Asia Pacific Index today. The Shanghai Composite Index (SHCOMP) sank 0.4 percent after surging 6.4 percent in the past three days. Japan’s Nikkei-225 Stock Average climbed 0.2 percent.

BHP Billiton Ltd., the world’s biggest mining company, climbed 1.3 percent in Australian trading as Rio Tinto Group increased 1.4 percent. Westpac rallied 2.2 percent.

Oil retreated 0.4 percent to $101.87 a barrel. Aluminum fell 0.5 percent to $2,153.75 a ton in London and zinc was down 0.9 percent at $1,913. Nickel dropped 0.2 percent to $19,464.

Spot gold gained 0.3 percent to $1,636.68 an ounce. Holdings in exchange-traded products backed by the metal rose for a second day to 2,346.415 tons yesterday, data compiled by Bloomberg show.