On Friday European stocks advanced as policy makers discussed unleashing $1.3 trillion in funds to help contain the euro area’s debt crisis as they seek to break a deadlock between Germany and France. Asian shares and U.S. index futures climbed.

Banks and mining companies rebounded from their biggest selloffs in more than two weeks. Valeo SA rose 2.7 percent after reporting an increase in sales. Lundin Petroleum AB surged 11 percent after Statoil ASA doubled the estimate of an oil discovery in the North Sea.

The benchmark Stoxx Europe 600 Index gained 1.1 percent during morning trading in London, trimming this week’s loss to 1.2 percent. Six stocks increased for every one that decreased.

U.S. stocks erased losses in late afternoon trading yesterday and the euro rose after two people familiar with the matter said the euro area may combine its temporary and permanent rescue funds to pool as much as 940 billion euros.

A second summit for the 26th October was set on Thursday after Germany and France said the EU needs more time to seal a “global and ambitious” accord. In Greece, Prime Minister George Papandreou won a parliamentary vote on further austerity measures designed to secure more aid under the 2010 bailout.

The Stoxx 600 headed for its first weekly loss in four amid concern Europe’s leaders remain far from agreeing on a strategy to contain the crisis. France and Germany disagree over the role of the European Central Bank and German Chancellor Angela Merkel canceled a speech to her country’s parliament scheduled for the day.

Japanese stocks fell, extending losses for the week on the Nikkei 225 Stock Average. The Nikkei 225 was little changed at 8,678.89 at the 3 p.m. close in Tokyo, ending the week 0.8 percent lower. The broader Topix index fell 0.2 percent.