European Stocks Advance as ECB Keeps Interest Rate at Record Low

European stocks surged the most in six months after the European Central Bank held its benchmark interest rate at a record low and said it’s ready to act if necessary as the growth outlook dims.

Diageo Plc, the maker of Johnnie Walker, J&B and Buchanan’s Scotch whiskys, climbed 4.3 percent after saying it will invest 1 billion pounds ($1.54 billion) in production. Petropavlovsk Plc gained 9.7 percent after UBS AG recommended increasing holdings of the stock. UBS and Credit Suisse Group AG, Switzerland’s largest lenders, also advanced.