European stocks advanced for the first time in three days as higher copper and oil lifted commodity producers.
Asian stocks fell for the first time in five days, while US futures fluctuated before Alcoa Inc. kicks off earnings season with its first-quarter results. BHP Billiton Ltd., the world's largest mining company, and Royal Dutch Shell Plc, Europe's biggest oil company, climbed more than 1.3 per cent as copper jumped by the daily limit in Shanghai and crude traded above $51 a barrel.
Alcoa, the largest US aluminum producer, added 1.5 per cent in German trading. The Dow Jones Stoxx 600 Index rose 0.2 per cent to 185.42 at 8:14 am in London, trimming its 2009 decline to 6.5 per cent. The MSCI Asia Pacific Index fell 0.4 per cent on renewed concern that loan losses will swell at financial companies. Standard & Poor's 500 Index futures were little changed.
The S&P 500 yesterday slipped 0.8 per cent after Calyon Securities advised selling bank shares and International Business Machines Corp's purchase of Sun Microsystems Inc. collapsed. The index earlier fell as much as 2.3 per cent. BHP gained 1.4 per cent to 1,405 pence as copper resumed its advance in Asia and London. Copper for three-month delivery on the London Metal Exchange climbed as much as 2.7 per cent.
Copper for July delivery on the Shanghai Futures Exchange climbed 1,700 yuan from the previous settlement price to 35,760 yuan ($5,232) a metric ton. Shell increased 1.3 per cent to 1,541 pence. Crude oil for May delivery gained 0.9 percent to $51.53 a barrel in New York.
Irish Banks Bank of Ireland Plc led a rally in the nation's financial companies on speculation the government may announce plans to remove toxic property loans from balance sheets. Finance Minister Brian Lenihan, who is making his second budget speech in six months, may also increase taxes and cut spending to help stem the biggest budget deficit among euro-area nations. Bank of Ireland, the nation's largest lender by assets, jumped 13 per cent to 1 euro. Irish Life & Permanent Plc advanced 2.3 per cent to 1.73 euro.
Bloom