June 5 (Bloomberg) -- The euro fell as the region's manufacturing and services industries shrank the most in almost three years and Spain's budget minister called for outside help for banks. European stocks rose amid speculation of international stimulus measures while U.S. equities were little changed. The euro depreciated 0.3 percent to $1.2457 at 9:37 a.m. in New York and the Dollar Index, a gauge of the currency against six major peers, snapped a two-day drop. The yen weakened against 15 of 16 major peers as Japanese Finance Minister Jun Azumi said he told officials from the Group of Seven nations he is concerned about the currency's rapid rise. The Stoxx Europe 600 Index added 0.4 percent to halt a four-day slump. The Standard & Poor's 500 Index drifted between gains and losses around 1,277. A gauge of euro-area services and manufacturing slid to 46 in May, the lowest since June 2009, London-based Markit Economics said today, before a report that will probably show U.S. service industries held at a four-month low. Leaders from the Group of Seven countries discussed the European debt crisis today ahead of the G-20 meeting this month. The Reserve Bank of Australia reduced its key interest rate by 25 basis points to 3.5 percent, the lowest level since 2009. "There's unlikely to be too much positive news out of today's data," said Jeremy Stretch, head of currency strategy at Canadian Imperial Bank of Commerce in London. "There are still a lot of structural headwinds, and the data isn't particularly constructive." Dollar Index Climbs The euro slid against 12 of 16 major peers, with the currencies of Brazil and South Africa rallying more than 1 percent. The Dollar Index, which tracks the U.S. currency against those of six trading partners, climbed 0.3 percent, rising for the first time in three days. The yield on the two-year German note hovered near zero after falling to minus 0.012 percent at the end of last week. The yield on the Italian 10-year bond advanced two basis points to 5.68 percent. Ten-year Treasury note rates rose four basis points to 1.56 percent. The Stoxx 600 rebounded from its lowest level since Dec. 19. U.K. markets are closed for second day of holidays. S&P 500 futures swung between gains and losses. The Institute for Supply Management's gauge of service industries may hold at 53.5 percent in May, the same rate as in April, according to economists surveyed by Bloomberg News. Emerging Markets The MSCI Emerging Markets Index rose 0.7 percent, rebounding from a six-month low. Benchmark gauges in South Korea, Indonesia and Taiwan climbed more than 1 percent. The Shanghai Composite index gained 0.2 percent, while Russia's Micex Index fell 0.8 percent. Oil swung between gains and losses near $85 a barrel in New York. Natural gas, cocoa and sugar led gains among 16 of 24 commodities tracked by the S&P GSCI Index, sending the gauge higher for a second day. --With assistance from Mariko Ishikawa in Tokyo, Sarah McDonald in Sydney and Keith Jenkins, Daniel Tilles, John Deane, Will Hadfield and Stephen Kirkland in London. Editors: Michael P. Regan, Nick Baker To contact the reporters on this story: John Buckley in Amsterdam at johnbuckley@bloomberg.net; Michael P. Regan in New York at mregan12@bloomberg.net To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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