Azernews.Az

By Bloomberg

European stocks rose as investors speculated that the fallout from Greece’s debt crisis can be contained, while Chinese shares rebounded.

The Stoxx Europe 600 Index added 0.4 percent to 374.42 at 8:06 a.m. in London, after flirting with a correction during the past two days. The measure closed just under 10 percent below its April record on Wednesday.

Equities in Italy and Portugal are leading a rebound for European countries that bore the brunt of a two-day selloff following the Greek vote against austerity. The FTSE MIB Index and the PSI 20 Index climbed at least 0.5 percent today.

The Greek government is working to pull together an economic package to convince European leaders that it can stay in the euro area. Prime Minister Alexis Tsipras has until midnight Thursday to present officials with a plan that includes spending cuts, in exchange for a new European bailout.

In China, stocks advanced in volatile trading as the government battled to restore investor confidence.

Among stocks moving on corporate news, Bwin.party Digital Entertainment Plc advanced 1.2 percent after getting a 110- pence-a-share takeover proposal from GVC Holdings Plc.

Barratt Developments Plc climbed 2.6 percent, rebounding from its biggest drop in almost a year. The British housebuilder said full-year profit will increase about 45 percent, or more than projected.

Zalando SE slipped 1.5 percent as investors sold shares. Saipem SpA declined 5.3 after losing its $2.2-billion contract to lay a Russian natural-gas pipeline under the Black Sea.