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European stocks rose before Greek debt-swap deadline

European stocks rose before Greek debt-swap deadline

European stocks rose for a second day as Japan’s economy shrank less than the government initially estimated and a deadline on Greece’s debt swap approached. Asian shares and U.S. index futures advanced.

European Aeronautic, Defence & Space Co. rallied to a five- year high after doubling its dividend and predicting earnings will climb. Aviva Plc added 2.1 percent as the U.K.’s second- biggest insurer by market value reported operating profit that exceeded estimates. Enel SpA, Italy’s largest energy company sank 8.2 percent after cutting its dividend.

The Stoxx Europe 600 Index added 0.6 percent to 261.57 at 8:25 a.m. in London. The benchmark gauge has surged 7 percent this year as the European Central Bank lent more than 1 trillion euros ($1.3 trillion) for three years to the region’s banks to ease liquidity.

“European equity markets are set to open higher as traders begin to turn optimistic over the Greek bond swap deal and the U.S. continues the string of strong economic data,” Jonathan Sudaria, a trader at Capital Spreads in London, wrote in e- mailed comments.

Standard & Poor’s 500 Index futures mounted 0.3 percent before a report at 8:30 a.m. in Washington that economists in a Bloomberg survey forecast may show initial claims for U.S. jobless benefits held at 351,000 last week. The MSCI Asia Pacific Index gained 1.3 percent.