BHP Billiton Ltd. and Alcoa Inc. added more than 6 percent as copper and aluminum climbed on optimism metals consumption in China will increase. Aluminum Corp. of China Ltd. surged 9 percent as a former statistics chief said China’s Premier Wen Jiabao will announce a new stimulus package tomorrow. Volkswagen AG, the biggest overseas carmaker in China, gained 4.6 percent.
The MSCI World Index added 0.7 percent to 710.12 at 2:09 p.m. in London. The deepening global recession, a third government rescue for Citigroup Inc. and dividend cuts at companies from General Electric Co. to JPMorgan Chase & Co. have sent the of 23 developed countries to a 23 percent drop this year, the worst start since the gauge was created in 1970.
Europe’s Dow Jones Stoxx 600 Index climbed 2.3 percent, rebounding from the lowest level since 1996. Zurich Financial Services AG climbed after JPMorgan said Switzerland’s biggest insurer’s solvency position is strong.”
The MSCI Asia Pacific Index rose 0.6 percent as China’s Jiangxi Copper Co. and Japan’s Seven & I Holdings Co. advanced. Wen will announce a new stimulus package tomorrow, adding to a 4 trillion yuan ($585 billion) spending plan, former Statistics Bureau head Li Deshui said today, without elaborating.
The Shanghai Composite Index jumped 6.1 percent, the biggest gain since Nov. 10, when it climbed 7.2 percent after the government announced its 4 trillion yuan plan. China’s rally helped send the MSCI Emerging Markets Index 2.2 percent higher.