Asian stocks rallied, paring the first weekly drop in three months, and commodities gained after Greece completed its debt swap and Chinese inflation slowed. The euro declined against most of its major peers. The MSCI Asia Pacific Index (MXAP) advanced 1.1 percent as of 3:29 p.m. in Tokyo. The Nikkei 225 Stock Average jumped 1.7 percent. Standard & Poor’s 500 Index futures slipped 0.1 percent before data that may show U.S. employers added fewer jobs last month. The euro slipped 0.2 percent and yen slid to a nine-month low. The S&P GSCI Index of 24 raw materials climbed for a third day. Soybeans reached the highest level since September. Bond risk in Asia dropped to a six-month low. Greece’s government said the participation rate in its swap of sovereign debt for new securities will reach 95.7 percent after it received approval to activate collective action clauses. China’s consumer prices rose 3.2 percent in February, the slowest pace in 20 months, according to a government report. American companies probably added 210,000 jobs in February, economist forecasts show. “People have got ammunition to be a bit more upbeat about investment markets,� said Angus Gluskie, who manages more than $350 million as a managing director at White Funds Management in Sydney. “What we are likely to see today and overnight is a reminder for people that the Greek risk, at least for the moment, has been taken off the table and economic data is all heading in the right direction.� Bull Market Bondholders tendered 152 billion euros ($201 billion) of Greek-law bonds, or 85.8 percent, after the government offered to swap their holdings in the biggest restructuring in history. The goal of the exchange is to reduce the 206 billion euros of privately held Greek debt by 53.5 percent and tame the debt crisis that has roiled Europe for more than two years. Today is the three-year anniversary of the beginning of the global bull market in stocks that began after the U.S. housing crisis in 2008. The MSCI All-Country World Index has soared 91 percent since then, while the S&P GSCI Index more than doubled. The MSCI Asia gauge has fallen 0.7 percent in the past five days after rallying for a record 11 straight weeks. The valuation for the benchmark index reached 15 times estimated earnings in February, the highest level in almost two years, according to data compiled by Bloomberg. The Hang Seng China Enterprises Index climbed 0.9 percent, led by mining companies and building-material producers, as inflation slowed more than economists estimated, giving Chinese policy makers more room to stimulate economic growth. Data on industrial output and retail sales released after the inflation report missed economist estimates. To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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