European Stocks Climb on Euro Summit Progress

European stocks climbed amid signs of stronger growth in China andJapan and as euro-area leaders edged toward agreeing on a strategy to help contain the debt crisis. Asian shares and U.S. futures also rallied.

BHP Billiton Ltd. (BHP) and Rio Tinto Group both jumped more than 3 percent as base metals surged. TomTom NV (TOM2) soared 22 percent after reporting better-than-estimated net income. Nobel Biocare Holding AG (NOBN) surged 7.1 percent following a report that buyout firms are looking at the company.

The benchmark Stoxx Europe 600 Index advanced 0.5 percent to 240.12 at 8:31 a.m. in London, its second day of gains, while the MSCI Asia Pacific Index jumped 2.6 percent and futures on the Standard & Poor’s 500 Index expiring in December gained 0.3 percent.

“Optimism amongst traders over the European summit grows and overnight data from Asia shows an encouraging rebound,” said Jonathan Sudaria, a trader at London Capital Group, in an e-mailed comment. “No new details from the European summit came out over the weekend, but lots of reports of ‘progress’ from policy makers have been interpreted as positives.”

Leaders at yesterday’s summit in Brussels ruled out tapping the European Central Bank’s balance sheet to boost the euro area’s rescue fund, the European Financial Stability Facility, and excluded a forced restructuring of Greece’s debt. The politicians looked at strengthening the International Monetary Fund’s role and outlined plans to aid banks.