European stocks climbed as investors bet that U.S. jobs data will back up the Federal Reserve’s argument that the recovery of the world’s largest economy is intact.

The Stoxx Europe 600 Index rose 1.2 percent to 350.22 at 8:46 a.m. in London. Shares fell yesterday, as an early advance was undone by a report showing U.S. manufacturing deteriorated in September. The equity gauge is heading for a 0.3 percent weekly gain.

Fed officials including Chair Janet Yellen maintain the U.S. recovery is solid enough to cope with an increase in borrowing costs and investors will look to labor-market data today for evidence of this. Economists forecast that more than 200,000 jobs were added to nonfarm payrolls in September.

The odds of a hike this month have held at or below 20 percent since policy makers decided to hold fire at their last meeting, citing weaker-than-hoped-for inflation and risks to global growth emanating from China. Traders are now pricing in a 44 percent probability of a rise in December and about 52 percent chance of a January liftoff.

Shares were also boosted as China increased stimulus measures this week, cutting mortgage requirements and reducing passenger-vehicle tax, as it seeks to meet this year’s economic growth targets.

Adding to the upbeat mood, European Central Bank President Mario Draghi said in New York late Thursday that growth is returning in Europe, and reiterated his commitment to pursuing full monetary union in the region.

A measure of energy companies posted the biggest advance of the 19 industry groups on the Stoxx 600 as oil pared a weekly decline. Total SA and BP Plc contributed the most to the advance with gains of at least 1.2 percent.

Among stocks moving on corporate news, Deutsche Lufthansa AG climbed 5.4 percent after HSBC Holdings Plc raised its rating on the airline to buy from hold, citing strong demand and low fuel costs. Telecom Italia SpA advanced 1.6 percent as Reuters reported that Vivendi SA increased its stake in the telecommunications provider to 19 percent.