Industrial metals gained with the Australian and New Zealand currencies as China’s exports topped forecasts. European stocks swung between gains and losses before the region’s finance chiefs meet to discuss Greek aid. Copper jumped 0.4 percent and aluminum added 0.7 percent at 10:10 a.m. in London. The yuan climbed to a 19-year high and the so-called Aussie and kiwi dollars strengthened against most of their major peers. The Stoxx Europe 600 Index added less than 0.1 percent and Standard & Poor’s 500 Index futures increased 0.2 percent. The yield on Spain’s 10-year note rose five basis points. U.S. bond markets were closed for a holiday. China’s exports jumped 11.6 percent in October, more than the 10 percent median estimate in a Bloomberg survey of 30 analysts, data from the customs administration showed on Nov. 10. European finance ministers meet later today in Brussels after Greek lawmakers passed a 2013 budget needed to unlock bailout funds. “Our global rate strategists view that global industrial production momentum has begun to improve, led by the U.S. and China,� Credit Suisse Group AG wrote in a report received today. “But for now, risk appetite and risky assets are more likely to be driven by perceptions of progress on the key political uncertainties.� In Europe, “risks for further delays on Greek issues are high at today’s eurogroup meeting,� Credit Suisse said. Fiscal Cliff Lawmakers from both major U.S. parties and investors including Pacific Investment Management Co. predicted a resolution to the standoff on the so-called fiscal cliff that threatens to trigger $607 billion in tax increases and spending cuts. Senate Budget Committee Chairman Kent Conrad, a North Dakota Democrat, said a “framework agreement� can be reached. Pimco, which runs the world’s largest bond fund, sees as much as a 70 percent chance a compromise will be struck. Copper rebounded from the lowest close since August. China is the biggest buyer of copper and aluminum. Oil in New York fell 0.1 percent to $85.96 a barrel. Soybeans declined as much as 2.1 percent to $14.2125 a bushel, the lowest since June 29. The Australian dollar rose 0.3 percent to $1.0417 after touching $1.0480 on Nov. 7, the highest level since Sept. 21. New Zealand’s currency strengthened 0.3 percent to 81.61 U.S. cents. The euro was little changed at $1.2711 after sliding to $1.2690 on Nov. 9, the weakest level since Sept. 7. China’s yuan strengthened 0.26 percent, the most in six weeks, to 6.2291 per dollar. The central bank raised its reference rate and the securities regulator said a government quota will be increased to allow more yuan raised overseas to be invested in domestic capital markets. Telecom Italia Three shares gained for every two that declined in the Stoxx 600. (SXXP) Telecom Italia SpA (TIT) climbed 4.1 percent as a person with direct knowledge of the bid said Egyptian billionaire Naguib Sawiris, founder of Orascom Telecom Holding SAE, offered to purchase a stake in the Italian phone company. Cobham Plc tumbled 7.6 percent as the world’s largest maker of airborne- refueling equipment forecast weaker sales and profitability next year. The increase in U.S. futures indicated the S&P 500 (SPX) will rebound after sinking 2.4 percent, the most in five months, last week. The MSCI Asia Pacific dropped 0.4 percent and the Nikkei 225 Stock Average slid 0.9 percent after a report showed Japan’s economy contracted last quarter by the most since earthquake and tsunami in early 2011. The MSCI Emerging Markets Index (MXEF) slipped less than 0.1 percent. India’s Sensex lost 0.3 percent after industrial production unexpectedly fell and Russia’s Micex Index decreased 0.3 percent on lower oil. South Korea’s Kospi Index slipped 0.2 percent. The Shanghai Composite Index (SHCOMP) climbed 0.5 percent. To contact the reporter on this story: Stephen Kirkland in London at skirkland@bloomberg.net; Jason Clenfield in Tokyo at jclenfield@bloomberg.net; To contact the editor responsible for this story: Justin Carrigan at jcarrigan@bloomberg.net

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