By Stuart Wallace Nov. 16 (Bloomberg) -- Stock markets rose around the world and the dollar began a third week of declines after Asian leaders pledged to maintain measures to stimulate economic growth. Commodities gained as gold jumped to a record. The MSCI World Index of equities in 23 developed countries added 0.5 percent at 10:10 a.m. in London, advancing for a second day. Futures on the Standard & Poor’s 500 index rose 0.8 percent. The Dollar Index, a six-currency gauge, dropped for a second consecutive session. Copper climbed to within 1 percent of its high for the year and gold reached $1,133.20 an ounce. Leaders of the 21-member Asia Pacific Economic Cooperation forum said in a statement yesterday the recovery isn’t on a “solid footing” yet and pledged to maintain stimulus measures until there is “durable” growth. Signs of revival are increasing: Japan’s government said today the economy expanded at the fastest pace in more than two years in the third quarter. U.S. retail sales probably increased 0.9 percent last month, according to a Bloomberg News survey. “We’ll continue to have good signs from the economy,” said Charles Dautresme, a strategist at Axa Investment Management in Paris, which oversees about $753 billion. “We’re optimistic about stocks. The rally should continue with positive elements from the economy and profits revised higher for 2010.” The MSCI World Index climbed 0.5 percent to a four-week high as BHP Billiton Ltd., the world’s biggest mining company, and Rio Tinto Group rallied. Zijin Mining Group Co., China’s largest gold producer, gained 2.5 in Shanghai. Asian Rally The MSCI Asia Pacific Index increased 0.7 percent and Japan’s Nikkei 225 Stock Average rose 0.2 percent as the Cabinet Office said the world’s second-biggest economy grew at an annual 4.8 percent rate in the third quarter. Economists had estimated a 2.9 percent gain. Europe’s Dow Jones Stoxx 600 Index added 0.9 percent, led by basic resources shares. The gauge has advanced 58 percent since March 9 amid signs government spending and record-low interest rates are helping to drag the economy out of recession. ThyssenKrupp AG, Germany’s largest steelmaker, surged 3.2 percent in Frankfurt after JPMorgan Chase & Co. recommended the stock. European and U.S. stocks have risen for two straight weeks after the Group of 20 nations agreed to maintain stimulus efforts and earnings at companies from Credit Agricole SA to Wal-Mart Stores Inc. beat analysts’ estimates. U.S. Retail Sales Standard & Poor’s 500 Index futures added 0.8 percent before a report forecast to show U.S. retail sales rebounded in October, easing concern households will curtail spending once government incentives fade. Purchases rose 0.9 percent, according to the median estimate of 66 economists in a Bloomberg News survey, after falling in September. The Commerce Department report is due at 8:30 a.m. in Washington. Copper for delivery in three months advanced $165 to $6,685 a metric ton on the London Metal Exchange, $47 away from its high for the year. Aluminum, nickel and zinc also gained. Gold for immediate delivery rose 1.1 percent to $1,130.92 an ounce, after earlier reaching an all-time high of $1,133.20. Crude oil added 1.4 percent to $77.45 a barrel in New York. Corn gained 1.5 percent to $4.12 a bushel in Chicago and soybeans added 1.1 percent to $9.9825 a bushel on speculation that above average rain in parts of the U.S. may damage yields. Rice for January delivery rose 1.7 percent to $15.105 per 100 pounds in Chicago trading. Emerging Markets Emerging-market stocks rose to the highest level in three months. The MSCI Emerging Markets Index added as much as 1.6 percent to 977.27, heading for the highest close since Aug. 14. Poland’s benchmark WIG20 Index gained 2.6 percent, heading for a 13-month high, as PKO Bank Polski SA and software developer Asseco Poland SA jumped after their third-quarter earnings beat analysts’ estimates. The Shanghai Composite Index rose 2.7 percent to the highest since Aug. 6, leading gains in the Asia, after a government spokesman said he expects retail sales in the biggest emerging economy to accelerate. Russia’s Micex Index increased 2.8 percent to a three-week high as oil increased on speculation demand will increase as the global economy recovers. Kazakhstan’s benchmark stock index increased 3.5 percent to the highest level since Sept. 8 as industrial production rose 6.4 percent in October from a year earlier. Yen Declines The dollar and the yen fell against higher-yielding currencies, including the Norwegian krone. The U.S. currency slid 0.7 percent compared with the kroner and dropped 0.5 percent against the euro. The yen weakened 0.3 percent to 134.04 against the single European currency. The Dollar Index, which tracks the movements against six major trading partners, dropped 0.5 percent to 74.996, falling for a second day. Government bonds rose, with the yield on the 10-year U.S. Treasury note sliding 3 basis points to 3.39 percent, according to BGCantor Market Data. The 10-year German bund yield dropped 5 basis points to 3.33 percent and the yield on the similar- maturity U.K. gilt declined 3 basis points to 3.76 percent. The cost of protecting European corporate bonds in the credit-default swaps market fell, with the Markit iTraxx Crossover Index of 50 mostly high-yield companies declining 8 basis points to 510.5, according to JPMorgan Chase & Co. To contact the reporter on this story: Stuart Wallace in London at swallace6@bloomberg.net

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