Oct. 26 (Bloomberg) -- The dollar fell and metals rose, driving copper to a 13-month high, as South Korea’s fastest economic growth in seven years and profits that almost doubled at Electrolux AB signaled the global recovery is accelerating. The dollar declined against 12 of the 16 most-traded currencies tracked by Bloomberg as of 10:03 a.m. in London. Copper climbed as much as 1.1 percent to $6,723 a metric ton in London, while zinc rallied for a ninth day. South Korea’s Kospi Index advanced 1 percent and futures on the Standard & Poor’s 500 Index added 0.4 percent. South Korea’s gross domestic product increased 2.9 percent in the third quarter from the previous three months, beating the 1.9 percent median estimate of economists surveyed by Bloomberg. Copper rose to the highest level since September 2008 after refined imports by China expanded for the first time in three months. Electrolux, the world’s second-biggest household appliance maker, topped analysts’ profit estimates as sales of consumer products in North America climbed. “Risk appetite is increasing and we can expect more earnings surprises,” said Beat Siegenthaler, chief emerging- market strategist at TD Securities Ltd. in London. “That’s bad for the dollar.” The dollar slid as much as 0.5 percent versus the yen and 0.4 percent against the euro, sending IntercontinentalExchange Inc.’s Dollar Index 0.2 percent lower to 75.321. The pound declined, trading at its lowest level in more than a week against both the dollar and the euro, after a report last week showed the U.K. economy unexpectedly shrank 0.4 percent in the third quarter. Metals, Soybeans Gain Metals rallied as refined copper shipments to China increased 29 percent in September, according to data from the Beijing-based customs office today. Zinc jumped 1.8 percent to $2,312 a ton on the London Metals Exchange, the highest level since May 2008. Soybeans climbed on the Chicago Board of Trade, extending a 15 percent advance in the past three weeks, on speculation that rain and snow will delay the U.S. harvest and hurt crop yields. Soybeans for January delivery added as much as 1.4 percent to $10.2125 a bushel. Oil fell for a third day, dropping below $80 a barrel, after Nigeria’s main rebel group called a cease-fire in its campaign targeting oil and gas installations. Jose Maria Botelho de Vasconcelos, president of the Organization of Petroleum Exporting Countries, said the group’s members would consider increasing production should oil prices rise before their December meeting in Angola. Crude for December delivery slipped as much as 93 cents, or 1.2 percent, to $79.57 a barrel in electronic trading on the New York Mercantile Exchange. Banks Drop Europe’s Dow Jones Stoxx 600 Index fluctuated between gains and losses as Electrolux’s rally offset declines by financial shares. Electrolux added 8.2 percent. Lloyds Banking Group Plc slipped 2.2 percent in London. The U.K.’s biggest mortgage lender will ask shareholders to buy 11.5 billion pounds of stock and will present plans to convert a further 11 billion pounds ($18 billion) of subordinated debt into equity, according to a person familiar with the matter. ING Groep NV tumbled 9.7 percent in Amsterdam after the biggest Dutch financial-services company said it plans to raise 7.5 billion euros ($11.3 billion) in capital to repay state aid. Verizon to Report The gain in U.S. futures indicated the S&P 500 may rebound after its biggest one-day decline in three weeks. Verizon Communications Inc., the second-largest U.S. phone company, advanced 0.7 percent in pre-market New York trading before posting earnings. More than 80 percent of companies in the S&P 500 that have reported third-quarter results have beaten analysts’ projections, exceeding the pace of 72.3 percent for the period ended in June. Governments around the world have spent $12 trillion to help end the global contraction, according to data from the Washington-based International Monetary Fund. The U.S. Treasury is selling a record $123 billion of debt this week to help fund its economic stimulus program. European governments are offering about $23 billion of securities. The yield on the 10-year Treasury note rose 1 basis point to 3.5 percent, according to BGCantor Market Data. Two-year note yields were little changed at 1 percent. To contact the reporter on this story: Michael Patterson in London at mpatterson10@bloomberg.net

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