European stocks rose the most in three weeks, with the Stoxx Europe 600 Index rebounding from a one-month low, amid signs U.S. lawmakers will agree on a compromise deal to avoid an unprecedented default.
House Republican and Senate Democratic leaders are open to a short-term increase in the debt limit, said congressional aides of both parties who spoke on condition of anonymity. The movement comes after House Democrats met with President Barack Obama at the White House. A small group of House Republicans are scheduled to meet with the president today.
The Stoxx 600 added 1%.
In Europe, economists expect that the Bank of England will leave its benchmark interest rate unchanged today.
In UK banks were among notable movers on Thursday. Royal Bank of Scotland Group PLC climbed 2.7%, Barclays PLC gained 1.8%, Lloyds Banking Group PLC added 1.7% and sector heavyweight HSBC Holdings PLC put on 1.2%.
Mining firms were also mostly lower, even as metals prices dropped across the board. Shares of Glencore Xstrata PLC added 1.2%, Antofagasta PLC picked up 1.1% and Rio Tinto PLC rose 0.9%.
Shares of SSE PLC inched 0.4% higher, after the utility firm said it will increase U.K. household electricity and gas tariffs by an average of 8.2% from Nov. 15.
BAE Systems PLC climbed 1.3% after the aerospace and defense firm said trading between July 1 and Oct. 9 had been in line with management expectations.
Ladbrokes rallied 5.6%, extending yesterday’s 6.4% gain after it . A mystery buyer, thought to be Sagi, bought a stake in the bookmaker, the Telegraph reported. The purchase fueled speculation about a possible bid, the newspaper said.
Arkema rose 2.7%. UBS raised its rating on the company to a buy from neutral, saying the stock is undervalued. UBS also boosted its price target to 100 euros from 80 euros.
Meanwhile, Rheinmetall declined 2.6%. Westhouse Securities Ltd. downgraded its recommendation for the business-information provider to neutral from add.
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