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By Bloomberg

European stocks rose for a second day, with Greek shares surging the most since February after the government pledged greater efforts to get a deal. New Zealand’s dollar plunged on an interest-rate cut and commodities fell.

The Stoxx Europe 600 Index climbed 0.8 percent as of 8:31 a.m. in New York, and Greece’s ASE Index jumped 7.9 percent. New Zealand’s dollar tumbled to the lowest in almost five years. Commodities dropped for the first time in five days, led by a decline in copper. Asian equities rose and U.S. futures contracts were little changed.

Greek Prime Minister Alexis Tsipras heads into talks with his country’s creditors after telling the leaders of France and Germany that his government will work with “higher intensity” to reach an agreement. The New Zealand dollar dropped after the central bank lowered the benchmark interest rate to 3.25 percent and signaled potential for another cut by mid-2016.

“Europe is repairing and Greece is not a problem,” said John Haynes, head of research at Investec Wealth & Investment in London. “People are increasingly unconcerned whether Greece stays or goes. The majority of Europe is in a good situation. We are positive on a longer-time horizon.”

Greek stock gains were led by lenders, with Eurobank Ergasias SA, Piraeus Bank SA and National Bank of Greece SA all jumping more than 10 percent. Tsipras will meet with European Commission President Jean-Claude Juncker in Brussels on Thursday. His earlier talks with German Chancellor Angela Merkel and French President Francois Hollande took place in a “constructive atmosphere,” a German government spokesman said.

U.S. Retail Sales

Sales at U.S. retailers increased 1.2 percent in May, matching the median forecast of economists surveyed by Bloomberg and improving on a 0.2 percent advance in April, Commerce Department figures showed Thursday. Applications for unemployment benefits remained below 300,000 for a 14th straight week.

Treasury 10-year note yields fell one basis point to 2.47 percent. Benchmark German 10-year bund yields dropped four basis points to 0.94 percent.

The kiwi sank to as low as 69.98 U.S. cents, the weakest intraday level since Sept. 1, 2010, after the Reserve Bank of New Zealand’s decision. It lost 2.5 percent against the neighboring Aussie dollar, the steepest descent since October 2008, after Australian government data showed unemployment unexpectedly fell in May to the lowest in a year.

The dollar was little changed at $1.1231 per euro and 123.72 yen.

CDS Decline

The cost of insuring corporate debt fell, with the Markit iTraxx Europe Index of credit-default swaps declining more than one basis point to 65 basis points, according to data compiled by Bloomberg. The gauge is down for a second day after reaching the highest since October this week.

Average yields on investment-grade bonds in euros climbed for a ninth day to close at a 10-month high of 1.39 percent on Wednesday, Bank of America Merrill Lynch data show.

The Shanghai Composite Index rose for first time in three days, advancing 0.3 percent and Hong Kong’s Hang Seng China Enterprises Index gained 0.9 percent. China’s industrial output rose 6.1 percent in May, and retail-sales growth kept pace with the previous month, reports showed on Thursday.

Emerging-market currencies fell. Russia’s ruble dropped 0.9 percent, halting four days of gains. South Africa’s rand was down 1 percent.

Ukraine’s Eurobonds fell for a third day after the Wall Street Journal reported that Finance Minister Natalie Jaresko is seeking a 40 percent principal reduction in restructuring negotiations with creditors.

The Bloomberg Commodity Index declined 0.8 percent. The gauge climbed to the highest in more than two weeks on Wednesday. Copper fell as much as 1.9 percent on the London Metal Exchange, snapping a four-day rally.

West Texas Intermediate crude dropped 0.9 percent to $60.85 a barrel after surging 5.7 percent in the previous two days. The International Energy Agency said Thursday that this year’s price rally is under threat as the biggest members of the Organization of Petroleum Exporting Countries pump record amounts of crude. Brent fell 1 percent.