By Daniel Tilles June 7 (Bloomberg) -- U.S. stock-index futures rebounded and European shares pared declines after a surge in German export orders allayed concerns that the global recovery is faltering. The euro erased losses against the dollar and the yen. Futures on the Standard & Poor’s 500 Index rose 0.3 percent to 1068.70 at 12:33 p.m. in London, recovering from a drop of as much as 1.3 percent, and the Stoxx Europe 600 Index was down 0.2 percent, after sliding as much as 1.7 percent. The euro was little changed at $1.1960, rebounding from $1.1877, the lowest level since March 2006. The common currency also bought 109.95 yen, after depreciating to the weakest level since November 2001. German factory orders unexpectedly jumped for a second month in April after the euro’s 16 percent plunge against the dollar this year made Europe more competitive in world markets. Sentiment improved after Hungarian officials toned down comments about a potential default that rattled investors and sent the S&P 500 to its lowest level in four months on June 4. “There’s some better data out of Germany and there’s an absence of fresh bad news, allowing a bit of a recovery in risk,” said Charles Diebel, head of sovereign strategy at Nomura International Plc in London. “Equities are recovering and fixed-income markets have lost their shine. It’s more of a pause for breath than an outright reversal.” The rebound in U.S. futures indicated the S&P 500 may recover some of its 3.4 percent slump from June 4. Citigroup Inc. advanced 0.8 percent in early New York trading. Talecris Biotherapeutics Holdings Corp. soared 38 percent after Grifols SA agreed to buy the company for $3.4 billion. Asia Pacific Stocks The MSCI Asia Pacific Index slumped 3.3 percent, its biggest daily decline in 14 months. Greek stocks tumbled for a second day, with the ASE Index falling 3.2 percent to its lowest level since 1998. Hellenic Telecommunications Organization SA dropped 7.5 percent in Athens after saying it will cut its dividend. Declines were limited in Europe as BP Plc gained for a third day, rising 2.9 percent in London, after increasing the pace at which it’s capturing oil pouring into the Gulf of Mexico after the oil rig explosion. The region’s banks were also among the best performers, with the Stoxx 600 Banks Index rising 0.4 percent. UBS AG in Zurich rose 2.1 percent, while Banco Santander SA, Spain’s biggest lender, rose for the first time in six days, gaining 1 percent in Madrid. Emerging Markets The MSCI Emerging Markets Index declined 2.3 percent, after earlier dropping as much as 2.7 percent. Hungary’s BUX index slipped 1.6 percent, paring an earlier decline of as much as 5.3 percent. The forint gained 0.7 percent versus the euro, the best performance among 25 emerging-market currencies. It rebounded from the biggest two-day drop since 2008 last week after the government pledged to stick to the budget-deficit goal approved by creditors and distanced itself from comments raising the prospect of a default. Nickel and tin erased declines, and copper pared a drop of as much as 3.3 percent, and was down 1.2 percent at $6,204 a metric ton on the London Metal Exchange. Crude oil rose 4 cents to $71.54 a barrel, after earlier falling as low at $69.51. The yield on the German 10-year bond was little changed at 2.58 percent, after dropping to 2.54 percent, the lowest level since Bloomberg began collating the data in 1989. The 10-year U.S. Treasury yield rose 3 basis points to 3.24 percent, after falling to 3.16 percent. The government will sell $70 billion of notes and bonds this week, down from $78 billion at the last sale of similar securities. The cost of insuring against a default on European sovereign debt rose, with the Markit iTraxx SovX Western Europe Index of credit-default swaps tied to the debt of 15 governments climbing 0.5 basis point to 169, compared with the record-high 174.4 reached on June 4, CMA DataVision prices show. To contact the reporter for this story: Daniel Tilles in London at dtilles@bloomberg.net

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