By Claudia Carpenter June 9 (Bloomberg) -- U.S. index futures, European stocks and metals rallied after Reuters reported a surge in China’s exports. Government debt sales drove down German and U.K. bonds. Futures on the Standard & Poor’s 500 Index added 0.7 percent, at 8:52 a.m. in New York. The Stoxx Europe 600 Index gained 1.1 percent, snapping three days of losses. China’s Shanghai Composite Index climbed 2.8 percent, the most in more than two weeks. Copper and oil rose and gold declined after jumping to a record yesterday. German notes fell after a 4.6 billion-euro ($5.5 billion) debt sale. China’s exports in May grew about 50 percent from a year earlier, Reuters said. Most advanced economies are experiencing a “subdued” recovery, and risks to the global economic outlook have “risen significantly,” International Monetary Fund Deputy Managing Director Naoyuki Shinohara said. A survey of Bloomberg customers showed 73 percent of participants expect Greece to default. Germany, Portugal, the U.K. and the U.S. are selling bonds today to cover burgeoning deficits. “China’s export numbers showing that global trade remains strong are helping lift market sentiment,” said Sebastian Paris-Horvitz, a Paris-based chief investment strategist at AXA Investment Managers. “However, it would be wrong to conclude that fears about sovereign debt is fading. Volatility is likely to remain high.” U.S. index futures, which earlier swung between gains and losses, are signaling the S&P 500 may advance for a second day. The Federal Reserve will release its Beige Book, a summary of commentary on economic conditions, later today. A report from the Commerce Department set for 10 a.m. in Washington may show inventories at U.S. wholesalers rose for a fourth month in April. Emerging Markets China led gains in emerging markets including Russia, South Africa and the Czech Republic. The Micex Index rose 1.3 percent in Moscow, and the gauge for shares in Johannesburg added 1.5 percent. The Czech PX index advanced 1.1 percent after a report showed the economy returned to growth at the start of the year after shrinking for four quarters. Copper for delivery in three months climbed 2.8 percent to $6,335 a metric ton on the London Metal Exchange, and gold for immediate delivery fell 1 percent to $1,232.13 an ounce, and down from a record $1,252.11 yesterday. Oil advanced for a second day as an industry report showed the biggest weekly decline in U.S. crude stockpiles in six months. A government report today will probably also show stockpiles dropped, according to a Bloomberg News survey of 15 analysts. Crude for July delivery gained as much as $1.25, or 1.7 percent, to $73.24 a barrel in New York. Germany’s benchmark 10-year bund yield rose 4 basis points to 2.55 percent. Countries are selling record amounts of debt this year after funding stimulus programs to boost their economies during last year’s recession. The 10-year gilt yield climbed 4 basis points to 3.51 percent as Britain sold 3.75 billion pounds ($5.4 billion) of 2020 securities. The U.S. is issuing $21 billion of 10-year notes, and Portugal auctioned 1.52 billion euros of debt due in 2013 and 2020. To contact the reporter for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

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