On Friday European stocks fluctuated, after the Stoxx Europe 600 Index on Thursday entered a bull market, as private bondholders continued to discuss a debt swap with Greece’s government. U.S. index futures and Asian shares rose.

BP Plc, Europe’s second-biggest oil company, declined 1.8 percent after a judge ruled it can’t collect part of the cleanup costs for its Gulf of Mexico spill from Transocean Ltd. Vernier, Switzerland-based Transocean rallied 6.6 percent. BNP Paribas SA fell 2.9 percent, leading a gauge of European banks lower after JPMorgan Chase & Co. recommended selling the shares.

The Stoxx 600 dropped 0.1 percent at 11:40 a.m. in London, erasing an earlier loss of as much as 0.5 percent. The benchmark measure is headed for a gain of 0.7 percent this week. The gauge has advanced 5.4 percent so far this year.

European Union Economic and Monetary Affairs Commissioner Olli Rehn said Greece’s government will probably reach an agreement on a debt swap with its private creditors this month.

The Institute of International Finance said that it made “some progress” at a meeting last night in Athens between managing director Charles Dallara and Greek Prime Minister Lucas Papademos. Work will continue today, said the IIF, which represents private creditors.

Greece and its creditors have haggled over how to reduce the country’s borrowings three months after private bondholders agreed to a 50 percent cut to the face value of more than 200 billion euros of debt by voluntarily swapping bonds for new securities.

Japanese stocks fell for a second day as the yen strengthened even after Prime Minister Yoshihiko Noda pressed the central bank for “bold” action to counter the currency’s gain. Energy companies and trading houses gained as commodity prices climbed. The Nikkei 225 Stock Average fell 0.1 percent while the Topix slipped 0.5 percent, with about three shares dropping for every two that gained.