HONG KONG, April 13 — Global stocks climbed for a fourth day as Chinese trade data added to signs of a pickup in the world’s second-largest economy, supporting a rebound in commodities. Haven assets including the yen and gold retreated.

Producers of raw materials and energy companies spearheaded a rally in the MSCI Asia Pacific Index as industrial metals advanced and iron ore jumped in China. The Stoxx Europe 600 Index rose to this month’s high and futures on the Standard & Poor’s 500 Index advanced.

US crude retreated about 2 per cent, after surging 13 per cent in three days on prospects leading producers will agree to freeze output at a meeting in Doha this weekend. Malaysia’s ringgit gained against all 31 major counterparts and the Japanese yen was headed for its biggest two-day loss since February.

Crude rebounded from a 13-year low over the past two months on optimism a global glut will end as major producers including Russia and Saudi Arabia prepare to cap output. Speculation the oil market will soon find some enduring stability is helping to prop up equities, even as investors brace for what’s projected to be the worst US earnings season since the global financial crisis. China’s exports jumped by the most in a year in March and declines in imports narrowed, adding to evidence its economy is improving.

“Higher oil prices are triggering a retreat in risk-off moves,” said Masaaki Yamaguchi, a Tokyo-based equity market strategist at Nomura Holdings Inc, said by phone. “Strength in the yen is also easing, and the currency market is tilted toward a risk-on direction. Chinese trade data released today was weak as commodity prices had fallen, but it’s improved from January and February and concern over the Chinese economy is retreating. These are all acting as positive factors for the market.”

France and Spain will release inflation data today, while euro-area industrial output figures are also due. The US will report on March retail sales, while the Bank of Canada is forecast to leave its benchmark interest rate unchanged at a monetary policy review.

Stocks

The Stoxx Europe 600 Index rose 1.2 per cent as of 8:17am London time, while futures on the Standard & Poor’s 500 Index added 0.2 per cent. US coal giant Peabody Energy Corp voluntarily filed for Chapter 11, the company said in a statement dated today. JPMorgan Chase & Co, the biggest American bank by assets, reports first-quarter earnings today.

The MSCI Asia Pacific Index jumped 1.9 per cent, set for its highest close in more than three months. Measures of energy and materials stocks climbed at least 2.6 per cent with BHP Billiton Ltd — the world’s biggest miner — surging 6 per cent in Sydney. Benchmarks in Hong Kong, Singapore and Tokyo climbed by at least 2 per cent, while the Shanghai Composite Index advanced 1.4 per cent.

China’s overseas sales in March increased 11.5 per cent from a year earlier in dollar terms, rebounding from a 25 per cent plunge in February, and declines in imports narrowed, a report showed today. The International Monetary Fund yesterday boosted its 2016 economic growth forecast for the nation to 6.5 per cent from 6.3 per cent, while trimming its projection for global expansion.

“Economic indicators are going in the right direction and there’s more evidence that Chinese stimulus measures are positively impacting the economy,” said Shane Oliver, head of investment strategy at Sydney-based AMP Capital Investors Ltd, which oversees about US$122 billion (RM472.6 billion). “The fundamental factors that were driving concerns earlier this year seem to have faded.”

Parliamentary elections take place in South Korea today, where financial markets are shut for a holiday.

Currencies

The yen weakened 0.2 per cent versus the dollar, after slipping 0.6 per cent last session to break a seven-day advance. Japan’s economic recovery is weak and prices don’t seem to be rising, central bank board member Yutaka Harada said today, a day after the IMF slashed its growth forecasts for the nation.

The ringgit strengthened as much as 0.9 per cent to an eight-month high as the recent gains in crude prices brightened prospects for Malaysia, Asia’s only major net oil exporter. It subsequently pared its advance to 0.2 per cent as today’s retreat in oil deepened and Russia’s rouble slid 0.5 per cent.

Commodities

The Bloomberg Commodity Index fell 0.3 per cent, after a three-day jump of 4.4 per cent that marked its steepest rally since August.

West Texas Intermediate crude slid to US$41.32 a barrel, retreating from the highest close since November. US oil inventories rose by 6.2 million barrels last week, the American Petroleum Institute was said to have reported late yesterday. American government data today is forecast to show stockpiles climbed by one million barrels, keeping supplies near the highest level since 1930. There’s hope an output freeze can be agreed in Doha regardless of whether Iran participates, said Kremlin press secretary Dmitry Peskov.

Iron ore futures in Dalian, China, closed up 2.2 per cent at 419 yuan a metric ton, their highest in more than three weeks. The contracts have surged 11 per cent in three days.

Zinc rallied after inventories in warehouses tracked by the London Metal Exchange declined the most in more than eight years, signalling a potential improvement in demand. It climbed 1.2 per cent, after a 4.2 per cent jump in the last session. Copper and aluminium gained 0.7 per cent, while gold fell 0.5 per cent.

Soybeans in Chicago rose as much as 1.3 per cent to US$9.48 a bushel, the highest for a most-active contract since August 12. The US Department of Agriculture yesterday cut its domestic inventory forecast to 445 million bushels from 460 million bushels in March on a stronger US export outlook.

Bonds

The yield on 10-year US Treasuries was little changed at 1.78 per cent, after earlier climbing by as much as two basis points. Australia’s yield jumped six basis points to 2.52 per cent, while Germany’s declined by one basis point to 0.15 per cent. — Bloomberg