European stocks rose for a second day amid speculation China may still support the region even after Premier Wen Jiabao said indebted countries must not rely on bailouts. U.S. futures gained while Asian shares fell.
BP Plc (BP/) climbed 4.6 percent after a report that a U.S. investigation into last year’s Gulf of Mexico oil spill will spread blame between the company and contractors. Next Plc (NXT) rallied 6.8 percent after reporting a jump in earnings. Swedbank AB (SWEDA) slid 4.3 percent after halting share buybacks due to the “intensified financial anxiety in Europe.”
The benchmark Stoxx Europe 600 Index advanced 1.6 percent to 224.32 at 12:31 p.m. in London. The gauge erased an earlier loss of as much as 1 percent after Caijing magazine reported that China is still willing to buy bonds of nations hit by the debt crisis, citing Zhang Xiaoqiang, a vice chairman of the National Development and Reform Commission.
The comments from Zhang “may have eased worries about the European debt crisis,” said Alexander Kraemer, a cross-asset strategist at Commerzbank AG in Frankfurt. “We may also see short covering ahead of the triple witching on Friday” when futures and options on European equity indexes are expire.
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