By Stuart Wallace Nov. 23 (Bloomberg) -- Stocks rose around the world, commodities advanced and the dollar and the yen fell on signs central banks will keep interest rates near record lows to underpin the global economic recovery. Europe’s Dow Jones Stoxx 600 Index added 1.5 percent as of 10:13 a.m. in London, rebounding from four straight declines. Futures on the Standard & Poor’s 500 Index rose 1 percent. Copper reached a 14-month high and gold advanced to a record in London. The Dollar Index fell for the first time in three days. Economic reports this week will show rising export orders in Taiwan and South Korea, according to Bloomberg News surveys of economists’ forecasts. U.S. reports may show personal spending, durable-goods orders and home sales climbed. Charles Evans, president of the Federal Reserve Bank of Chicago, told the Financial Times that U.S. interest rates may stay near zero until “late 2010, perhaps later in terms of 2011.” Evans’s comment “is going to provide the market with some comfort in the near term, allow asset markets and higher-risk markets to continue to move higher,” Ian Stannard, a foreign- exchange strategist in London at BNP Paribas SA, said today in a Bloomberg Television interview. That “will keep the dollar under pressure for the time being,” he said. The MSCI World Index of 23 developed nations rose 0.9 percent, its biggest gain in a week. BHP Billiton Ltd., the world’s biggest mining company, and Rio Tinto Group climbed at least 2.6 percent in London. Renault SA, Europe’s second-biggest automaker, increased 4.7 percent in Paris after Credit Suisse Group AG advised buying the shares. Asian Rally The MSCI Asia Pacific Index climbed 0.9 percent. China Construction Bank Corp., the nation’s second-biggest lender, gained 4.1 percent in Hong Kong after Zhang Ping, chairman of the National Development and Reform Commission, said China will favor “consistent, stable” policies on the economy. James Hardie Industries NV, the top seller of home siding in the U.S., surged 6.4 percent in Sydney after forecasting earnings at the top end of its range. Futures on the S&P 500 indicated the benchmark gauge for U.S. equities may advance for the first day in four. Sales of existing U.S. homes probably increased in October to the highest level in more than two years, spurred in part by a tax credit that lured first-time buyers, economists said before a National Association of Realtors report due at 10 a.m. in Washington. Purchases rose 2.3 percent to a 5.7 million annual rate, according to the median forecast of 60 economists surveyed by Bloomberg News. Copper, Oil Copper for delivery in three months rose as much as 2.4 percent to $7,010 a metric ton on the London Metal Exchange. Nickel, zinc and tin also gained. Crude oil jumped 2.1 percent to $78.33 a barrel in New York. The S&P GSCI index of 24 commodities advanced 48 percent this year, the best performance since 1973. Gold for immediate delivery added as much as 1.5 percent to $1,167.88 an ounce in London. The Dollar Index, which tracks the greenback against currencies of six trading partners, snapped a two-day gain, falling 0.8 percent to 75.083. It declined to 74.679 on Nov. 16, the lowest level since August 2008. The dollar dropped against 14 of its 16 most-traded counterparts, sliding 0.8 percent to $1.4980 per euro. U.S. 10-year Treasuries were little changed before the home-sales report and as the government prepared to sell a record $118 billion of notes this week. The yield on the 10-year note was at 3.38 percent, according to BGCantor Market Data. The U.S. will sell $44 billion of two-year notes today, $42 billion of five-year securities tomorrow and $32 billion of seven-year debt in two days. Fed’s Bullard James Bullard, the St. Louis Fed president, said he favors the U.S. central bank seeking authority to continue buying mortgage-backed bonds after the first quarter of next year to bolster bank liquidity. The cost of protecting European corporate bonds from default fell in the market for credit-default swaps, with contracts on the Markit iTraxx Crossover Index of 50 mostly high-yield companies declining 11.5 basis points to 520.5, according to JPMorgan Chase & Co. Emerging-market stocks rose to the highest level in three days, with the MSCI Emerging Markets Index of stocks in 22 developing economies adding 0.8 percent. The Micex Index of stocks in Russia, the world’s biggest energy-exporting economy, increased 1.7 percent to the highest value since Nov. 18 as oil prices climbed. Dubai Rebound The Dubai Financial Market General Index increased 1.7 percent, the biggest gain in almost three weeks. The benchmark rebounded from a 2.6 percent decline yesterday after the emirate’s ruler, Sheikh Mohammed Bin Rashid Al Maktoum, fired a senior aide and removed three others. Bonds of Mumbai-based Reliance Industries Ltd., the oil refiner and energy explorer controlled by billionaire Mukesh Ambani, fell after the company bid for bankrupt chemicals and fuels maker LyondellBasell Industries AF. Yields on Reliance’s $130 million of 7.625 percent bonds due August 2027 widened to 8.498 percent, the most in at least a year, according to Royal Bank of Scotland Group Plc. To contact the reporter on this story: Stuart Wallace in London at swallace6@bloomberg.net

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