European stocks rise before US jobs report

European (SXXP) stocks advanced, rebounding from yesterday’s biggest drop since November, as investors awaited a private report that may show American payrolls increased. U.S. index futures rose, while Asian shares fell. HSBC Holdings Plc (HSBA) gained after it agreed to sell some of its general insurance units. Adidas AG fell 2.1 percent after it forecast 2012 net income that missed analyst estimates. The Stoxx Europe 600 Index climbed 0.4 percent to 259.48 at 9:29 a.m. in London. The benchmark gauge retreated 2.7 percent yesterday, the biggest drop since Nov. 21, and has still advanced 6.1 percent so far this year. Futures on the Standard & Poor’s 500 Index expiring this month rose 0.4 percent. The MSCI Asia Pacific Index slid 0.8 percent. ADP Employer Services may say companies in the U.S. added 215,000 workers in February, compared with 170,000 in January, according to a Bloomberg News survey of economists. Societe Generale SA, France’s second-biggest bank, Assicurazioni Generali SpA and UniCredit SpA joined bondholders saying they would participate in Greece’s debt swap as the country threatened to compel holdouts to take part. Greece’s six largest banks also plan to accept the offer, the country’s Finance Ministry said late yesterday. The lenders are among the biggest private holders of the nation’s sovereign debt, data compiled by Bloomberg show, making them crucial to the success of the exchange. Debt-Swap Deadline The goal of the swap, which runs until March 8, is to reduce by 53.5 percent the total of privately held Greek sovereign debt, helping the country avert an uncontrolled default. HSBC, Europe’s largest bank by market value, rose 0.8 percent to 552.8 pence as it agreed to sell some of its general insurance units in Asia and Latin America for about $914 million. Drax Group Plc (DRX) gained 3.2 percent to 511 pence after the stock was raised to “buy” from “neutral” at UBS AG. Adidas AG declined 2.1 percent to 56.50 euros. The world’s second-largest sporting-goods maker said it has set a target of 736 million euros to 770 million euros for 2012 net income, missing analysts’ estimates.