By David Merritt Jan. 11 (Bloomberg) -- Stocks and commodities gained and the dollar fell after China’s imports rose to a record. The ruble rallied the most in a decade against the dollar as Russian markets opened for the first time this year. The MSCI World Index of 23 developed nations’ stocks climbed 0.8 percent to its highest level since September 2008 at 10:24 a.m. in London. Futures on the Standard & Poor’s 500 Index advanced 0.5 percent. Copper increased 2.6 percent and aluminum added 2.8 percent. The dollar weakened against 15 of the 16 most-traded currencies tracked by Bloomberg. The ruble rose as much as 2.7 percent. China, the engine of recovery from the world’s worst recession since World War II, reported a 55.9 percent increase in December imports and supplanted the U.S. as the world’s biggest auto market. Alcoa Inc. may report a profit later today, starting the fourth-quarter earnings season. Analysts predict S&P 500 companies will snap nine straight quarters of declining profits, easing concern over the loss of 85,000 jobs, while retail sales may have risen in December. “The market doesn’t actually care if more or less Americans have jobs, it’s watching for rate hike signals,” Bill Blain, the joint head of fixed income at Matrix Corporate Capital in London, wrote in a research note. “Other aspects, such as U.S. retail sales or this morning’s dramatic growth in China’s exports, are equally valid indicators of just how strongly the global economy is recovering.” Mining Stocks Europe’s Dow Jones Stoxx 600 Index rallied for a fourth day, climbing 0.8 percent to a 15-month high, as energy and basic-resources stocks advanced. BHP Billiton Ltd., the world’s biggest mining company, jumped 2 percent in London. BP Plc, Europe’s second-largest oil producer, gained 2.4 percent after Citigroup Inc. advised buying the shares. Swiss Life Holding AG rose 5 percent in Zurich. Germany’s Allianz SE is preparing a bid for Switzerland’s biggest life insurer, Wansquare reported on its Web site, citing unidentified Swiss bankers. Heineken NV advanced 3.8 percent in Amsterdam after agreeing to buy to the beer division of Fomento Economico Mexicano SAB, Mexico’s second-biggest brewer, in a deal valued at 5.3 billion euros ($7.7 billion). The MSCI Asia Pacific excluding Japan Index climbed for the 13th day in 14. Newcrest Mining Ltd., Australia’s largest gold producer, rose 1.7 percent in Sydney. Posco, South Korea’s largest steelmaker, advanced 3.1 percent in Seoul after Hyundai Securities Co. raised its share-price estimate. U.S. Futures The gain in U.S futures indicated the S&P 500 may extend last week’s advance. The benchmark gauge for U.S. equities added 0.3 percent to a 15-month high on Jan. 8 as speculation the Federal Reserve will leave interest rates near zero overshadowed the unexpected decline in jobs. The fourth-quarter reporting season starts today, with New York-based Alcoa, the largest U.S. aluminum maker, forecast to post profit of 6 cents a share, rebounding from a loss in the year-earlier period. Copper for delivery in three months added 2.6 percent to $7,656 a metric ton on the London Metal Exchange. Aluminum rose 2.8 percent and nickel 2.5 percent. Gold for immediate delivery advanced 1.8 percent to $1,158.40 an ounce, a one-month high. Crude oil for February delivery rose 1 percent to $83.59 a barrel in New York trading, after earlier touching a 15-month high of $83.67. Oil rose as Chinese imports advanced and frigid weather blanketed much of Europe and the U.S. Orange juice futures may extend the 7.1 percent gain on Jan. 8 because of freezing weather in Florida. Ruble Rallies The ruble added 2.7 percent to 29.3950 per dollar, heading for its biggest jump since March 1999, while the 30-stock Micex Index rallied 5.6 percent. The MSCI Emerging Markets Index gained 1.2 percent, heading for its biggest advance in a week. Venezuela’s benchmark dollar bonds rose to an 11-week high RBS Securities Inc. said the devaluation of the bolivar will cut the budget deficit in half by giving the government more bolivars for each dollar of export revenue from state oil monopoly Petroleos de Venezuela SA. China’s Shanghai Composite Index advanced 0.5 percent, led by brokerages and banks after the government approved the use of stock index futures, fanning speculation the derivatives will boost trading. The dollar weakened 0.8 percent against the euro and 0.4 percent versus the yen as traders pared bets that the Fed will bring forward interest-rate increases after last week’s jobs report. The Dollar Index, which tracks the currency against those of the biggest U.S. trading partners, declined as much as 0.7 percent to its lowest level since Dec. 17. Swiss Franc Drops The Swiss franc slid 0.1 percent versus the euro after central bank President Philipp Hildebrand said policy makers will seek to prevent “excessive appreciation” of the currency. The cost of insuring against losses on European high-yield corporate bonds fell as Fresenius Medical Care AG & Co. KgaA, the world’s biggest provider of kidney dialysis, and English soccer club Manchester United Ltd. said they planned to issue the region’s first so-called junk bonds this year. Credit- default swaps on the Markit iTraxx Crossover Index dropped 12 basis points to 382, the lowest level since December 2007, according to JPMorgan Chase & Co. prices, signaling an improvement in perceptions of credit quality. To contact the reporters on this story: David Merritt in London on dmerritt1@bloomberg.net.

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