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By Bloomberg

Stocks rose around the world, with U.S. equity-index futures signaling the first gain in five days, while copper led a rally in industrial metals. Bonds retreated with Japan’s yen, and oil retreated.

The Stoxx Europe 600 Index climbed 1.1 percent by 8:17 a.m. in London, while Standard & Poor’s 500 Index futures added 0.6 percent. The MSCI Asia Pacific Index advanced 0.7 percent after India cut interest rates and China reported lending that exceeded estimates. The yen weakened 0.4 percent, while the euro slipped. The yield on 10-year Treasuries rose three basis points and the rate on U.K. gilts rose. Copper rose from its lowest level since 2009. Oil slipped more than 1.2 percent in New York and London.

Central banks in the two biggest emerging markets are taking action to support growth as a six-month tumble in commodities eases inflation pressures. The European Central Bank meets next week amid speculation it will widen an asset-purchase program. Spain confirmed consumer prices dropped the most since 2009 last month, while the U.S. reports producer prices after December retail sales fell more than estimated.

“Investors are hoping for more stimulus from central banks following today’s rate cut in India,” Audrey Goh, an investment strategist at Standard Chartered Plc in Singapore, said by phone.

Futures on the U.S.’s Nasdaq 100 Index added 0.7 percent and contracts on the Dow Jones Industrial Average climbed 0.7 percent. The S&P 500 finished yesterday down 0.6 percent at 2,011.27. The benchmark gauge’s second four-day slump this year comes after it went all of 2014 without a losing streak of more than three days.

Rajan Cuts

All 19 groups advanced on the Stoxx 600, erasing the gauges decline for the year. Energy companies recorded the biggest gains, led by a 4.5 percent jump by Premier Oil Plc and a 2.9 percent advance by Repsol SA. None of the 28 companies in the subindex of oil and gas firms declined today.

West Texas Intermediate crude traded at $47.88 a barrel today. WTI surged the most since 2012 yesterday. Brent slipped to $47.75 London, having erased its premium to WTI. Before this week the two benchmarks last hit parity in 2013.

In India, The S&P BSE Sensex climbed 2.5 percent, the biggest gain since May 16, in Mumbai. The yield on sovereign bonds due July 2024 slumped 10 basis points, or 0.1 percentage point, to 7.67 percent, prices from the RBI’s trading system show. That’s the lowest level for the benchmark 10-year debt since July 2013. The rupee climbed 1 percent to 61.5975 a dollar.

India Rates

Indian central bank Governor Raghuram Rajan cut the benchmark repurchase rate to 7.75 percent from 8 percent, the first reduction since May 2013, and said inflation will probably be below 6 percent by January 2016.

The Shanghai Composite Index jumped 3.5 percent. The Hang Seng Index advanced 1 percent, with a measure of Chinese shares in Hong Kong adding 1.5 percent.

China’s aggregate financing in December was 1.69 trillion yuan ($273 billion), the People’s Bank of China said in Beijing today, topping the 1.2 trillion yuan median estimate in a Bloomberg survey.

The yen slipped 0.4 percent to 117.76 per dollar today after reaching 116.07 last session, its strongest level since Dec. 16. The euro weakened 0.2 percent to $1.1768 after falling to as low as $1.1727 yesterday, the lowest level since 2005. The Bloomberg Dollar Spot Index added 0.1 percent as yields on 10- year U.S. Treasuries climbed to 1.88 percent.

The rate on similar maturity gilts was four basis points higher at 1.55 percent and yields on German bunds due in a decade climbed two basis points to 0.444 percent.

Copper, Aussie

Copper headed for its first gain this year, rising to $5,685.25 a metric ton on the London Metal Exchange. The metal slid 5.3 percent yesterday to its lowest closing price since July 2009. Copper’s 14-day relative strength index was 21, its seventh day below 30, a level that some investors take to signal prices have declined too far, too fast.

The Aussie dollar climbed 1 percent to 82.28 U.S. cents and the yield on the country’s 10-year bonds advanced 10 basis points from a record low. Employers added 37,400 workers in Australia last month, exceeding the median economist forecast for a 5,000-person increase. The country’s jobless rate unexpectedly dropped to 6.1 percent from 6.3 percent.