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.
The benchmark Stoxx Europe 600 Index climbed 2.2 percent to 242.52 at 1:23 p.m. in London, after the European Central Bank's rate decision. The stocks earlier erased their losses amid speculation that Greece will cancel the referendum as Papandreou's ruling Pasok party split over the question.
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