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By Bloomberg

Oil retreated with metals and Hong Kong shares after Chinese industrial profits fell the most since at least 2011, while the ruble climbed. Europe’s benchmark equity index fluctuated near a seven-year high and the euro gained amid speculation Greece will stay in the euro region.

Oil in New York slipped 0.7 percent to $44.85 a barrel, while Brent lost 0.9 percent by 8:17 a.m. in London. Copper fell 0.8 percent and the Hang Seng Index retreated 0.4 percent. The Stoxx Europe 600 Index fell 0.3 percent after rising 0.1 percent, while Standard & Poor’s 500 Index futures slipped 0.2 percent as a snowstorm lashes the U.S. east coast. The euro traded at $1.1277, while the ruble gained 1.2 percent after tumbling when S&P cut Russia’s foreign-currency rating to junk.

Chinese industrial profits declined 8 percent in December, the most since at least 2011, data today showed. Oil prices are sliding ahead of a U.S. supply report this week that’s estimated to show a further expansion in stockpiles. European finance ministers signaled willingness to work with Greek Prime Minister-elect Alexis Tsipras as long as he drops demands for a debt writedown, a central plank of the victorious Syriza party’s election platform.

Oil “supply is still the issue, we need to see that cut back,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone. “The potential is still for the downside in the near term because of that need to see a reduction in current production. Demand doesn’t improve rapidly on the falling price, it does take a while to kick in.”

West Texas Intermediate crude was lower today after sliding more than 5 percent over the past three trading days amid ongoing concern over the global supply glut for oil. WTI settled at $45.15 a barrel on Monday, the lowest price since March 11, 2009.

U.S. Supply

Stockpiles of crude in the U.S., the world’s biggest oil consumer, probably increased by 4.25 million barrels last week, according to a Bloomberg News survey of energy analysts before government data on Wednesday. Brent traded at $47.86 a barrel in London.

The Shanghai Composite Index retreated 0.9 percent and a gauge of mainland companies in Hong Kong retreated 1.6 percent after the industrial profit report. The Hang Seng Index fell from a four-month high.

Prada SpA, the Italian luxury-goods maker that gets more than 60 percent of its revenue outside Europe, jumped 6 percent in Hong Kong, the most since June. The stock was raised to overweight from neutral by HSBC Holdings Plc analyst Erwan Rambourg yesterday.

Ericsson Sales

Fifteen of the 19 industry groups on the Stoxx 600 declined today, with banks leading declines as Societe Generale Sa slid 1.5 percent. Ericsson AB fell 1.6 percent after it reported sales trailing analysts’ estimates as phone companies in North America curbed projects to expand their wireless networks.

In the U.S., the S&P 500 rose for the fifth time in six days, adding 0.3 percent on Monday. Microsoft Corp. lost 4.4 percent in extended trading after reporting lower-than-expected sales of software licenses for the fiscal second quarter.

The euro climbed 0.3 percent. The yen strengthed 0.3 percent to 118.10 per dollar and was little changed at 133.05 per euro.

Tsipras, 40, has pledged to keep Greece within the euro area as he negotiates a writedown of Greek debt and eases budget constraints that were imposed in return for aid after the country’s economic collapse.

Stalled Talks

Greece’s current round of funding expires Feb. 28 and talks with the so-called troika -- the International Monetary Fund, the European Commission and the European Central Bank -- for its renewal have stalled since September amid demands for further belt tightening.

“Uncertainty is likely to remain elevated until we get clear confirmation from Syriza that they will negotiate constructively with creditors,” Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand Ltd., wrote in a client note today. “There is a giant game of chicken going on, no one wants a ‘Grexit’.”

Greek 10-year bonds fell Monday, pushing yields on the 2025 securities up 68 basis points, or 0.68 percentage point, to 9.09 percent, after the rate dropped 56 basis points on Jan. 23. The country’s benchmark equity gauge declined 3.2 percent, paring a 6.1 percent gain on Friday.

The ruble advanced to 67.96 per dollar today and added 0.7 percent to 76.7 to the euro. The currency slumped 6.6 percent against the greenback on Monday as S&P reduced Russia’s rating one level to BB+ with a negative outlook, putting it below investment grade for the first time in a decade.

The U.S. and the European Union also warned that Russia may face further repercussions after a rocket attack on the Ukrainian port city of Mariupol on Saturday. The U.S., NATO, and the OSCE said the attack came from rebel-held territory, while the separatists blamed Ukrainian government forces.

Nickel fell as much as 1.4 percent, dropping for the third time in four days. Aluminum slid 0.8 percent to $1,864 a ton and copper declined to $5,538 a ton.