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By Bloomberg

Chinese stocks climbed after trade data beat estimates. Bonds rose, sending five-year Japanese debt-yields to zero for the first time, while oil sank to a 5 1/2-year low.

The MSCI Asia Pacific Index pared a decline to 0.3 percent by 2:15 p.m. in Tokyo, as Chinese shares rallied in Hong Kong. Standard & Poor’s 500 Index futures were little changed after the index fell 0.8 percent. The Aussie gained 0.2 percent. U.S. oil fell for a third day, slipping 1.9 percent to $45.20 a barrel. Yields on 10-year U.S. and Japanese bonds fell, while rates on similar-maturity Australian and South Korean debt dropped to records.

China’s exports jumped 9.7 percent, as overseas demand supports growth in the world’s second-largest economy. Oil’s more than 55 percent decline since June dragged the Bloomberg Commodity Index to a 12-year low, curbing inflation expectations and cutting the chance of an early Federal Reserve interest-rate increase.

“If China’s trade flows continue to be positive it’s one shining light in a country that’s plagued by an oversupplied property market,” said Jason Teh, who helps manage A$5 billion ($4.1 billion) at Investors Mutual Ltd. in Sydney. “It’s been a little bit volatile but equity markets are holding up as opposed to what you’ve seen in the collapse of the commodity space. You’ve seen safe haven assets being bid up.”

Hang Seng

Hong Kong’s Hang Seng Index swung to a gain of 0.5 percent and a gauge of Chinese shares in the city added 0.5 percent after the trade data. The Shanghai Composite Index fluctuated and the Australian dollar strengthened as much as 0.5 percent before paring gains. China is Australia’s biggest trading partner.

Economists had predicted that exports would advance 6 percent in December, according to a Bloomberg survey, while imports fell 2.4 percent, less than the projected 6.2 percent decline. The estimates from 40 economists for today’s exports growth figure ranged from 1.3 percent to 11 percent. The trade surplus was down from November’s record $54.5 billion.

West Texas Intermediate oil extended losses after settling at the lowest level since April 2009 yesterday. Brent crude slid 2.1 percent to $46.42 in London. The Bloomberg commodity gauge was little changed at 101.8476, the lowest level since November 2002.

Crude inventories probably gained by 1.75 million barrels last week, a Bloomberg News survey shows before government data tomorrow. The United Arab Emirates, a member of the Organization of Petroleum Exporting Countries, will stand by its plan to expand output capacity even with “unstable oil prices,” according to Energy Minister Suhail Al Mazrouei.

Dollar Index

Just two of 10 industry groups advanced on the MSCI Asia Pacific Index as Japan’s Topix index retreated 1.2 percent on a stronger yen. A regional gauge that excludes Japanese shares climbed 0.2 percent today.

The yield on U.S. 10-year Treasuries was at 1.89 percent, while similar maturity Japanese notes paid 0.26 percent and the country’s five-year yield fell as much as one basis point to zero. Australian bonds offered as little as 2.603 percent, a record.

South Korea’s 10-year bond yield fell as much as three basis points to a record-low 2.42 percent. It slid nine basis points yesterday, the biggest decline since October, after President Park Geun Hye said interest rates will be discussed with “macro-economic policy organizations” to ensure a timely response as the government seeks to revive the economy.

Gold bullion for immediate delivery rose as much as 0.5 percent to $1,239.34 an ounce, the highest price since Oct. 23. The yellow metal is trading higher for a third day. Silver jumped 1.1 percent to $16.7569.