June 10 (Bloomberg) -- Commodities fell and currencies from Australia to South Africa weakened after Chinese data trailed estimates. U.S. stock-index futures rose, Japan’s Topix surged the most in more than two years and the yen retreated.
The Standard & Poor’s GSCI gauge of 24 raw materials dropped 0.6 percent to 627.6 at 10:40 a.m. in London as copper declined 1.1 percent and lead slid 1.5 percent. The Aussie lost as much as 1.1 percent versus the dollar, the rand tumbled 2.1 percent and India’s rupee fell to a record as Asian currencies declined. S&P 500 futures added 0.4 percent and the Stoxx Europe 600 Index rose less than 0.1 percent. Japan’s Topix surged 5.2 percent while the yen depreciated 1.1 percent.
China’s industrial production rose a less-than-forecast 9.2 percent last month, while export gains were at a 10-month low and imports dropped, weekend data showed. Japan’s gross domestic product expanded an annualized 4.1 percent in the first quarter, compared with a preliminary calculation of 3.5 percent, the Cabinet Office said today, after a report on June 7 showed U.S. employers took on more workers than forecast last month.
"There is a change in the composition of global growth, with the risk of China overslowing and the U.S. possibly growing too fast," said Kit Juckes, global strategist at Societe Generale SA in London. "For now, softer commodity prices are a boost for emerging markets, helping offset a slowdown in global trade."
Commodities fell for the first time in six days. China is the biggest buyer of industrial metals and energy. Brent declined 0.3 percent and West Texas Intermediate oil retreated 0.3 percent to $95.79 a barrel. Corn dropped 1.1 percent as dry weather may help planting in the U.S.
European thermal coal for delivery in 2014 fell for a third day, declining 0.3 percent to a record $88.60 a metric ton, according to broker data compiled by Bloomberg.
Three shares advanced for every two that fell in the Stoxx 600. Severn Trent Plc sank 5.8 percent, the biggest drop in almost a year, as Borealis Infrastructure Management Inc. and its partners in the LongRiver group abandon a 5.3 billion-pound ($8.2 billion) takeover offer after the U.K. water utility declined to negotiate.
The gain in S&P 500 futures indicated the U.S. gauge will extend last week’s 0.8 percent advance.
The MSCI Emerging Markets Index fell 0.4 percent, declining for a fourth day. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong dropped for a ninth day, the longest losing streak in more than a year, slipping 0.6 percent.