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By Bloomberg

Asian stocks headed for the biggest gain in six weeks and emerging-market currencies strengthened after a three-day rally in commodities. Australian bonds plunged.

The MSCI Asia Pacific Index gained 1.6 percent by 2:52 p.m. in Tokyo, as sub-indexes of materials and energy companies surged more than 2.4 percent. Standard & Poor’s 500 Index futures fluctuated. U.S. oil slipped 1.3 percent after a four- day, 19 percent rebound through yesterday, its biggest such rally since January 2009. Malaysia’s ringgit rose and China’s yuan jumped. The rate on Japan’s 10-year bond rose three basis points and similar Australian yields jumped by the most in 19 months a day after the central bank unexpectedly cut rates.

Global stocks have erased 2015 losses this week as energy companies jumped amid speculation that crude prices may have found a bottom and as Greece softened its stance on a debt writedown. Oil is paring gains before data Wednesday that may show stockpiles in the U.S. rose last week. A gauge of China’s services industry expanded at the weakest pace in six months before similar measures in Europe and the U.S.

“There are still underlying issues out there, but the market is choosing to ignore it right now,” said Matt Riordan, a Sydney-based portfolio manager who helps oversee about $7.5 billion at Paradice Investment Management Pty. “When push comes to shove, it’s all about central banks at the moment. When the oil supply report does come out, it will potentially cause quite a bit of volatility. To try and see where the price is going from here will just be guesswork.”

Japan Surge

Japan’s Topix index rose 2.1 percent, gaining for the first time in three days, and set for its biggest one-day advance since Dec. 19. Mitsubishi UFJ Financial Group Inc. shares surged the most since February last year after Japan’s largest bank reported an unexpected 36 percent gain in third-quarter profit. Toyota Motor Corp. added 1.6 percent before Japan’s largest company reports earnings.

Australia’s S&P/ASX 200 Index climbed for a 10th straight day, extending its longest rally since August 2013 and heading for its highest close since May 2008. BHP Billiton Ltd., the world’s biggest mining company and Australia’s top oil and gas producer, is heading for its biggest five-day gain since 2009. Fortescue Metals Group Co. jumped 8.9 percent to lead gains among Asia-Pacific materials shares after the Bloomberg Commodity Index jumped 5.3 percent in the three days through Feb. 4.

Energy stocks drove gains in the S&P 500 Tuesday, with the benchmark U.S. gauge rising 1.4 percent. Exxon Mobil Corp. and Chevron Corp. jumped at least 3 percent to pace a 1.8 percent advance in the Dow Jones Industrial Average.

Brent Bull

West Texas Intermediate oil dropped to $52.49 a barrel today. The U.S. benchmark contract touched its highest level in a month yesterday. Brent, the benchmark for more than half of the world’s oil, finished more than 20 percent above its Jan. 13 settlement on Tuesday in London, the common definition of a bull market.

U.S. crude inventories probably rose by 3.25 million barrels last week, according to a Bloomberg News survey before the Energy Information Administration report. It will be a “long time” before oil returns to $100, according to Bob Dudley, the chief executive officer of BP Plc, which pledged to cut about $2 billion of planned spending in response to the drop, mirroring similar moves by competitors including Chevron.

Japanese government notes due in a decade retreated for a third day, with the yield climbing to as high as 0.385 percent. The country’s 10-year bond rate rose above that of similar German notes for the first time ever yesterday.

U.S. Inflation

U.S. Treasuries fell, extending Tuesday’s biggest rout in 14 months, indicating the threat of deflation in the world’s biggest economy is easing before a government report this week economists said will show wages are rebounding.

Quickening inflation would remove a hurdle for the Federal Reserve as it considers raising its benchmark interest rate from close to zero. The rate on notes due in a decade rose two basis points to 1.81 percent today.

Australia’s 10-year yield surged as much as 20 basis points to 2.48 percent, the biggest jump since June 2013, erasing yesterday’s drop that followed a surprise interest-rate cut by the coutnry’s central bank.

Malaysia’s currency climbed 2.3 percent from Jan. 30 to 3.5482 a dollar in Kuala Lumpur as markets reopened after holidays on Monday and Tuesday, according to prices from local banks. The FTSE Bursa Malaysia KLCI Index of shares climbed 1.3 percent and headed for its highest close since November. SapuraKencana Petroleum Bhd., the nation’s biggest oilfield services contractor by market value, surged 6.7 percent, the most this year.

China’s yuan rose the most in a week after the central bank boosted the reference rate to a level that meant the currency had to strengthen in order to stay within its permitted trading band. The People’s Bank of China raised the daily fixing by 0.08 percent to 6.1318 a dollar, which was 2.06 percent stronger than the closing spot rate on Tuesday.

The currency rose 0.19 percent to 6.2462 per dollar as of 10 a.m. in Shanghai, China Foreign Exchange Trade System prices show.