(Bloomberg News) Most European stocks retreated as finance ministers and central bankers urged policy makers in Europe to intensify efforts to contain the region's debt crisis. U.S. index futures and Asian shares dropped.

Antofagasta Plc and Vedanta Resources Plc sank more than 4 percent as copper dropped for a seventh day in London. BNP Paribas SA and Societe Generale SA gained after Bank of France Governor Christian Noyer said they have enough capital to withstand possible losses from Greece-related risks.

The benchmark Stoxx Europe 600 Index dropped 0.1 percent to 215.93 at 8:28 a.m. in London as three stocks declined for each that gained. Futures contracts on the Standard & Poor's 500 Index retreated 0.4 percent while the benchmark MSCI Asia Pacific Index tumbled 2.6 percent to the lowest since July 2009.

"The market is putting intense pressure on European politicians," Bob Parker, a London-based senior adviser at Credit Suisse Asset Management, said in an interview with Bloomberg Television. "You'll see intense market pressure in the coming weeks."

U.S. Treasury Secretary Timothy F. Geithner warned at the annual meeting of the International Monetary Fund that failure to combat the Greek-led turmoil threatened "cascading default, bank runs and catastrophic risk."

Solution Is Needed

Bank of Canada Governor Mark Carney estimated 1 trillion euros ($1.3 trillion) may have to be deployed while U.K. Chancellor of the Exchequer George Osborne said a solution is needed by the time that Group of 20 leaders meet in Cannes, France, on Nov. 3-4.

Billionaire investor George Soros said "something needs to be done" to safeguard Europe's banks because Greece may be unable to avoid default. Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said advanced economies will stall over the next year as Europe slides into a recession.

"Equity markets are failing to find any great swathes of confidence in the rhetoric that's emerged from the IMF meeting in Washington over the weekend," said Cameron Peacock, market analyst at IG Markets in Melbourne. "The key demand from investors is for action as opposed to words."

More than $3.5 trillion was wiped from equity values last week, driving the MSCI All-Country World Index of 45 nations into a bear market as speculation grew that policy makers are struggling to contain a debt crisis that has engulfed Europe and has Greece teetering on the edge of a default. The benchmark Stoxx Europe 600 Index tumbled 6.1 percent, extending its decline from this year's high on Feb. 17 to 26 percent.

Greek Aid

Germany's Deputy Finance Minister Joerg Asmussen said yesterday that euro-region finance ministers won't be in a position to decide on the disbursement of the next portion of aid to Greece when they meet on Oct. 3 because a report by the IMF, European Central Bank and European Commission has been delayed.

Antofagasta, the copper producer controlled by Chile's Luksic family, led a selloff in mining companies as copper tumbled 5.8 percent in London. The shares fell 4.4 percent to 928 pence, while Vedanta dropped 4 percent to 1,069 pence and Rio Tinto Group slid 3 percent to 2,894.5 pence. Fresnillo Plc, the world's largest primary silver producer, plunged 8.9 percent to 1,490 pence, the lowest in more than two months.

Commodities Drop

The S&P GSCI Index of commodities fell to the lowest in almost 10 months and silver tumbled below $28 an ounce for the first time since February on speculation Europe's debt crisis will curb demand for raw materials. CME Group Inc. increased the margin requirements on gold and silver trading after prices of the metals plunged.

Kloeckner & Co. SE, the German steel trader operating in 15 countries in Europe and North America, fell 8.3 percent to 8.82 euros. The company is expecting a weak third quarter due to lower orders and isn't likely to reach its earning goals for 2011, Deutsches Anleger Fernsehen reported, citing Chief Executive Officer Gisbert Ruehl in an interview.

BNP Paribas climbed 2.5 percent to 25.94 euros and Societe Generale advanced 1.8 percent to 16.94 euros. France's biggest banks by market value have enough capital to withstand possible losses from Greece-related risks and have no hidden problem assets, Noyer told Journal du Dimanche in an interview, calling concern about a run on the banks "preposterous."