European stocks rose, snapping a four-day decline, amid speculation that policy makers around the world will take steps to stimulate economic growth.
CaixaBank led Spanish banks higher, rising 3.1 percent after the country’s budget minister said the lenders don’t need an excessive amount of money. BioInvent International AB plunged after it stopped developing an anticoagulant drug.
The Stoxx Europe 600 Index added 0.4 percent to 234.76 at 2:53 p.m. in London. The benchmark measure has still declined 14 percent from its 2012 high on March 16 amid growing concern that Greece will leave the euro currency union. U.K. and Danish markets are closed today for public holidays.
“The market is rebounding with the hope that actions will be taken,” said Yves Maillot, the head of investments at Robeco Gestions SA in Paris, who helps oversee $6.8 billion. “Even if the problems in Europe are taking a while to resolve, we are advancing towards decisions.”
The Stoxx 600 fell yesterday as reports showed that orders to U.S. factories unexpectedly declined in April and growth in China’s services industries weakened in May.
Finance ministers and central-bank governors from the G-7 countries hold a call today to discuss the euro area’s sovereign-debt crisis, Canada’s Finance Minister, Jim Flaherty, told reporters yesterday in Toronto.
German Chancellor Angela Merkel said systemic banks may need supervision at the European level.