Global stocks set for their biggest gain since 2013

On Friday global stocks were set to close a tumultuous year with the biggest gain since 2013, even as European and Japanese equities angled for their first annual decline in five years. The euro spiked higher as the dollar rally continued to fizzle and oil advanced in thin end-of-year trading.

The MSCI All-Country World Index was little changed, though set for 5.7 percent advance for the year. Japan’s benchmark Topix index and the Stoxx Europe 600 Index were set for the first yearly decline since 2011. Oil headed for its first annual climb in three years. A gauge of the dollar shifted lower after reaching the highest level in more than a decade earlier this week.

The Stoxx Europe 600 Index fell 0.4 percent in a second day of losses. The gauge is set to end the year with the first annual loss since 2011. The U.K.’s FTSE 100 Index is heading for one of the best performances among western-European markets in 2016, thanks to a slumping pound that boosted its exporters and a rally in commodity producers. The measure fell 0.3 percent on Friday, after closing at a record earlier this week.

The MSCI Asia Pacific Index was little changed, up 2.3 percent for the year, its first annual gain since 2013.

Crude futures gained 0.5 percent to $54.01 a barrel, after Thursday’s 0.5 percent decline. Prices are up about 46 percent this year. Supply cuts from OPEC and other producing nations next month are intended to stabilize the market and reduce swelling global inventories. Gold’s 0.2 percent advance to $1,160.55 an ounce extended its rally into a fifth day, the longest since Nov. 4. The metal has rebounded 3.3 percent from an 11-month low, and is up more than 9 percent for the year.