U.S. stock futures gained and European shares pared declines as Cyprus’s lawmakers debated measures needed to get a bailout. The euro rebounded from near a four-month low against the dollar, while U.K. natural gas rose. Standard & Poor’s 500 Index futures gained 0.2 percent at 8:11 a.m. in New York. The Stoxx Europe 600 Index trimmed its decline, while the MSCI Emerging Markets Index extended a three- month low. The euro appreciated against 15 of its 16 major peers. Italy and Spain’s 10-year borrowing costs fell. A gauge of European bank credit risk climbed for a sixth day. U.K. gas for delivery today jumped as much as 54 percent. Cypriot lawmakers begin a debate today on legislation to unlock the rescue funds needed to prevent a financial collapse. The European Central Bank will withdraw funding from Cyprus’s lenders from next week if the government and the euro area fail to agree on a deal. A report showed German business confidence unexpectedly declined this month, its first drop since October. “The fears are that if Cyprus doesn’t find a solution in time and agree on a bailout, the European Central Bank will stop providing liquidity to its banks, leading the country to a collapse and a euro exit,� said Stephane Ekolo, chief European strategist at Market Securities in London. The Stoxx 600 reversed a loss of as much as 0.4 percent. The gauge was still headed for its worst weekly performance in four months. Lenders were the biggest drag on the benchmark measure as Societe Generale SA and Royal Bank of Scotland Group Plc slid more than 1 percent. BP, AstraZeneca BP Plc gained 2.4 percent after Europe’s second-largest oil producer said it will buy back $8 billion of shares from investors. AstraZeneca Plc added 1.9 percent as analysts responded positively when the drugmaker updated them on plans to revive its research and development division. Hochtief AG dropped 3.9 percent after the chairman of its Australian business resigned, citing a dispute with Germany’s biggest construction company. The euro climbed 0.5 percent to $1.2959 and strengthened 0.3 percent to 122.81 yen after earlier weakening as much as 0.8 percent. The cost of insuring against default on European bank debt rose to the highest since Nov. 19, with the Markit iTraxx Senior Financial Index of credit-default swaps linked to 25 banks and insurers climbing 3.5 basis points to 173. Natural Gas U.K. natural gas for same-day delivery jumped to as high as 150 pence a therm as imports from Belgium were interrupted amid predictions for unseasonably cold weather. The temperature in the U.K. will average 0.3 degrees Celsius (33 Fahrenheit) next week, MetraWeather data show. That’s lower than the 10-year average of 8.2 degrees. The S&P GSCI gauge of 24 commodities added 0.2 percent, paring its first weekly decline in three weeks. Brent oil rose 0.2 percent to $107.70 a barrel, while West Texas Intermediate gained 0.5 percent to $92.95 a barrel. Emerging-market stocks fell 0.6 percent after PetroChina Co.’s profit trailed estimates and Thailand’s bourse said it may raise margin requirements. The SET Index (SET) posted its biggest drop since October 2011. OAO TNK-BP Holding slumped 15 percent in Moscow to its lowest price since December 2010. Russia’s state-owned company, OAO Rosneft, doesn’t plan to buy out the minority investors in TNK-BP Holding after sealing a $55 billion acquisition of the Russian oil producer’s parent, Rosneft Chairman Igor Sechin said today in an interview broadcast by state channel Rossiya 24. To contact the reporter on this story: Will Hadfield in London at whadfield@bloomberg.net To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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