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By Bloomberg

U.S. equity-index futures rose with commodities as the dollar headed for its biggest drop in a month. Asian shares gained as China’s credit growth topped estimates.

The Bloomberg Dollar Spot Index dropped 0.6 percent by 8:14 a.m. in London, with the dollar sliding against most peers as the euro rebounded after touching a 12-year low. The Stoxx Europe 600 Index added 0.3 percent and futures on the Standard & Poor’s 500 Index climbed 0.4 percent. The Shanghai Composite Index rose to a six-week high. New Zealand’s dollar advanced after the central bank held rates. Gold increased for the first time in nine days and copper jumped 1.9 percent.

The Bloomberg gauge tracking the greenback against 10 major peers is retreating after surging 3.9 percent this month through yesterday as the European Central Bank’s 60 billion euro ($63 billion) a month bond buying program sent the euro tumbling. The U.S. reports retail-sales and jobless-claims data Thursday that may color expectations for next week’s meeting of the Federal Reserve. China’s central bank told some lenders to lower deposit rates, people familiar with the situation said.

“The speed of the euro’s move suggests that it may be looking oversold in the short term,” said Mitul Kotecha, the Singapore-based head of Asia-Pacific currency strategy at Barclays Plc. “But directionally, it’s still moving lower.”

Dollar Gauge

The Bloomberg Dollar Spot Index fell from a more-than 10- year high, its first decline in seven days. New Zealand’s dollar climbed 1.5 percent to 74 U.S. cents. The country’s central bank decided to keep the official cash rate on hold at 3.5 percent even as inflation slows to zero.

The euro advanced 0.9 percent to $1.0638 today, having weakened by about 5.8 percent versus the dollar this month through Wednesday. The joint currency earlier touched $1.0495, the lowest since January 2003.

Yields on French 10-year notes held below 0.5 percent after falling to a record yesterday, while similar German notes paid 0.21 percent. Rates on German bunds with maturities out to seven years are less than zero.

Fifteen of the 19 industry groups on the Stoxx 600 advanced today, led by mining firms as commodities rebounded with the weaker dollar. The Bloomberg Commodity Index added 0.6 percent.

Gold for immediate delivery lost as much as 0.4 percent before rising 0.4 percent to $1,159.97 an ounce, according to Bloomberg generic pricing. The yellow metal touched $1,147.72 on Wednesday, the lowest level since Dec. 1 as the U.S. currency climbed, and another daily fall would complete the longest run of losses since January 1998.

Gold Forecaster

With the U.S. central bank indicating it will raise rates for the first time since 2006, bullion will post its third annual drop this year, according to Artur Passos, who produces the metals outlook at Itau Unibanco Holding SA, Latin America’s biggest bank by market value. Passos, part of a group led by former central banker Ilan Goldfajn, was the most-accurate among 20 forecasters, data compiled by Bloomberg Rankings show.

Aluminum in London rebounded from the lowest settlement in almost a year. The metal rose 0.8 percent to $1,758.50 a ton, climbing for the first time in five days. Copper, nickel and zinc for three month delivery on the London Metal Exchange advanced at least 1 percent.

West Texas Intermediate crude for April delivery was at $48.63 a barrel in electronic trading on the New York Mercantile Exchange. Brent added 0.9 percent to $58.08 a barrel in London.

Oil Supply

Crude inventories increased by 4.51 million barrels to 448.9 million through March 6, the highest level in weekly data compiled since August 1982, the Energy Information Administration reported on Wednesday. The world oil market is oversupplied by 1 million to 1.5 million barrels a day, according to an official from Oman, the biggest non-OPEC producer in the Middle East.

Almost three stocks advanced for each that retreated on the MSCI Asia Pacific Index today, with nine of the 10 industry groups climbing.

Australia’s S&P/ASX 200 Index increased 1 percent after the country a reported lower-than-estimated 6.3 percent unemployment rate. The local dollar strengthened 1 percent to 76.69 U.S. cents after earlier trading near the almost six-year low of 75.61 cents struck yesterday. The number of people employed advanced by 15,600, erasing a revised drop of 14,600 in January.

Hang Seng

Hong Kong’s Hang Seng Index rose 0.3 percent after yesterday closing at the lowest since Jan. 7. A gauge of Chinese companies listed in the city advanced 1.5 percent and the Shanghai Composite Index climbed 1.8 percent amid speculation the government may further ease monetary policy. China’s lending data for February beat estimates.

Aggregate financing was 1.35 trillion yuan ($215.5 billion) in February, the People’s Bank of China said in Beijing Thursday, above economists’ median estimate of 1 trillion yuan. New yuan loans totaled 1.02 trillion yuan and M2 money supply rose 12.5 percent from a year earlier.

The Bank of Korea lowered the seven-day repurchase rate to 1.75 percent, as forecast by just two of 17 economists surveyed by Bloomberg. to prevent the nation from falling into deflation and support economic growth. Governor Lee Ju Yeol said the central bank “decided to act preemptively” amid weaker-than expected economic data.

“We’re focusing on U.S. inflation expectations and employment data,” Lee said in press conference today. “I cannot predict when the Fed will raise interest rates but we will closely monitor inflation expectations and employment data in the U.S.”

South Korea’s won weakened as much as 0.8 percent to 1,135.86 per dollar before trading at 1,126.41. The yield on three-year government bonds had been below the benchmark rate since March 3 and was last at 1.88 percent.