European stocks rallied the most in six weeks

On Thursday European stocks rallied the most in six weeks as the Federal Reserve’s decision to slow the pace of its stimulus boosted investor confidence in the U.S. economic recovery. U.S. futures and Asian shares were little changed.

Saab AB surged the most in at least 15 years after winning a $4.5 billion order to supply 36 jet fighters to Brazil’s air force. Amadeus IT Holding SA jumped to a record after the travel-reservations company said its $500 million purchase of NMTI Holdings Inc. will boost 2013 results. Algeta ASA also climbed to a record after Bayer AG agreed to acquire the drugmaker at an increased offer price.

The Stoxx Europe 600 Index rose 1.5 percent to 318.64 at 9:26 a.m. in London, for its biggest two-day gain since June. The gauge has slid 2 percent from the 28 November, when it hit its highest level since May 2008.

Japanese shares advanced, with the Nikkei 225 Stock Average closing at its highest in six years, after the yen touched a five-year low against the dollar overnight on the Federal Reserve’s decision to reduce stimulus. The Nikkei 225 increased 1.7 percent to 15,859.22 in Tokyo, its highest close since December 2007. The Topix index climbed 1 percent to 1,263.07, with volume 13 percent above the 30day average.

China’s stocks fell for an eighth day, capping the benchmark index’s longest losing streak since June, on concern higher funding costs will hurt economic growth. Financial, industrial and drug companies led declines.

West Texas Intermediate traded near the highest price in a week after crude stockpiles declined in the U.S. and the Federal Reserve said it will reduce stimulus as the nation’s economic outlook improves.