Dec. 1 (Bloomberg) -- European stock-index futures rose, indicating the benchmark Stoxx Europe 600 Index may extend its biggest four-day rally since November 2008, before Spain and France sell debt amid surging borrowing costs.
Norsk Hydro ASA, the Norwegian aluminum maker, may be active after Goldman Sachs Group Inc. advised selling the shares. Zurich Financial Services AG, Switzerland’s biggest insurer, may move after confirming its target for return on equity.
Futures on the Euro Stoxx 50 Index expiring in December gained 0.7 percent to 2,342 at 7:02 a.m. in London. FTSE 100 Index futures advanced 0.8 percent. The December contract on the Standard & Poor’s 500 Index slipped 0.2 percent. The MSCI Asia Pacific Index jumped 3.1 percent.
Spain and France auction 8.25 billion euros ($11 billion) of bonds today as European efforts to strengthen the region’s firewalls against contagion failed to rein in surging borrowing costs.
Spain is selling as much as 3.75 billion euros of notes as the extra yield on its 10-year bonds compared with benchmark German bunds was 395 basis points yesterday. France, rated AAA, is auctioning as much as 4.5 billion euros of debt as its 10- year securities yielded 111 basis points more than comparable German debt.
European stocks yesterday rose 3.6 percent to post their biggest 4-day rally since November 2008 as the Federal Reserve and five other central banks lowered the cost of dollar funding and China cut its reserve rates for banks.
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