European stocks advanced, with the benchmark Stoxx Europe 600 Index rebounding from a two-week low, amid speculation that this year’s slump in equities isn’t commensurate with the outlook for corporate earnings. U.S. index futures rose, while Asian shares fell.

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Old Mutual Plc (OML) rallied 9.4 percent after saying it will sell its Nordic business for 2.1 billion pounds ($3.3 billion). TUI AG, the owner of Europe’s largest travel company, climbed after analysts upgraded the stock. Telefonica SA (TEF) dropped after cutting its dividend forecast for the first time in a decade.