"Jan. 23 (Bloomberg) -- European stocks rose and the euro erased losses before regional policy makers meet in Brussels to discuss new budget rules and a Greek debt swap. U.S. equity futures and oil declined.

The Stoxx Europe 600 Index climbed 0.2 percent as of 8:20 a.m. in London, poised for its fifth advance in six days. The euro was little changed against the dollar after earlier falling as much as 0.6 percent. Standard & Poor’s 500 Index futures slid 0.1 percent and oil declined 0.2 percent. Treasuries snapped three days of losses and wheat and corn futures added at least 0.9 percent.

Markets including China, South Korea and Taiwan were shut today for the Lunar New Year holiday. Bondholders negotiating a debt swap with Greece have made their "maximum" offer, leaving it to the European Union and International Monetary Fund to decide whether to accept the deal, said Charles Dallara, managing director of the Institute of International Finance and representative for the private creditors.

"Traders are treading cautiously, faced with the heightened risk of a disorderly default in Greece," said Jonathan Sudaria, a trader at London Capital Group. A deal "is in the hands of two groups that appear to be in a standoff waiting to see who blinks first."

Lower S&P 500 futures suggest the U.S. equity benchmark may end its four-day winning streak. The index has gained 4.6 percent in 2012, the best start to a year since 1997, after companies from Goldman Sachs Group Inc. to Union Pacific Corp. and EBay Inc. topped analysts’ profit projections. "

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