Europe Stocks Rise to Five-Month High

European stocks climbed to a five- month high, led by a rally in banks, as Greece bargained with bondholders over debt relief and Germany floated the idea of combining Europe’s two rescue funds.

UniCredit SpA and Commerzbank AG both jumped at least 10 percent after a report that a broad agreement on Greece’s debt has been reached. Outokumpu Oyj surged 18 percent as Finland’s biggest stainless-steel maker held discussions that may lead to a merger with a unit of ThyssenKrupp AG. Cable & Wireless Worldwide Plc rallied 34 percent.

 

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