European Stocks Extend Gains

Benchmark interest rate cut and rumored Papandreou resignation contributes.

European stocks advanced after the euro-area central bank unexpectedly cut the benchmark interest rate and reports that Greek Prime Minister George Papandreou may quit reduced the chance of a vote on the bailout package.

Swiss Re Ltd. and Man Group Plc each gained more than 5 percent after reporting better-than-expected earnings. Cable & Wireless Communications Plc jumped 9.6 percent after saying restructuring is ahead of schedule.

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