On Wednesday European stocks rose for a second day before the euro-area central bank’s interest rate decision and the release of the U.S. Federal Reserve’s anecdotal survey of the economy. U.S. index futures and Asian shares also advanced.

Diageo Plc, the maker of Johnnie Walker, J&B and Buchanan’s Scotch whiskys, rose 2.3 percent after saying it will invest 1 billion pounds in production. Petropavlovsk Plc gained 5.4 percent after UBS AG recommended increasing holdings of the stock. Premier Oil Plc jumped 6.6 percent after finding oil at a North Sea well.

The Stoxx Europe 600 Index added 1.6 percent, the most since May 22, to 238.27 at 10:12 a.m. in London.

European stocks advanced on Tuesday for the first day in five as the U.S. services industry expanded at a faster pace than forecast and finance ministers and central bank governors from the Group of Seven economies agreed to coordinate their response to the euro area’s sovereign-debt crisis.

Spain may receive a precautionary credit line from the European Financial Stability Facility, Germany’s Die Welt newspaper reported in a preview of a story that will run today, citing unidentified people familiar with talks about the possible option.

The U.S. economy grew at a “modest to moderate” pace, according to the April survey.

Asian stocks rose, with the MSCI Asia-Pacific Index heading for its biggest two-day advance in five months, as reports showed Australia’s economy expanded twice as fast as economists estimated and U.S. service industries grew. Japan’s Nikkei 225 Stock Average rose the most in seven weeks after Group of Seven leaders agreed to coordinate efforts on Europe’s debt crisis before the region’s central bank meets during the day. The Nikkei 225 rose 1.8 percent while the broader Topix Index gained 1.5 percent.