March 10 (Bloomberg) -- Stocks in Europe and Asia advanced and U.S. futures gained as Citigroup Inc. said the bank had its best start to a quarter in more than a year.
Citigroup rallied 12 percent in Germany after Chief Executive Officer Vikram Pandit said the bank’s stock price doesn’t reflect its capital strength or earnings potential. Cnooc Ltd., China’s largest offshore oil producer, climbed 6.4 percent on crude’s advance above $47 a barrel.
Europe’s Dow Jones Stoxx 600 Index added 0.8 percent to 159.23 at 9:07 a.m. in London, rebounding from a 12-year low after earlier falling as much as 0.4 percent. The gauge has declined 20 percent this year as companies from Danisco A/S to Bayer AG gave disappointing forecasts and credit market related losses at financial firms worldwide climbed to $1.2 trillion.
Futures on the Standard & Poor’s 500 Index climbed 1.9 percent, while the MSCI Asia Pacific Index advanced 0.8 percent from a five-year low as HSBC Holdings Plc jumped in Hong Kong.
