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.
The Borsa Istanbul Stock Exchange National 100 Index sank 1.7 percent after Turkish Prime Minister Recep Tayyip Erdogan staged rallies in several cities including the capital Ankara over the weekend while anti-government protestors rallied in Istanbul’s Taksim Square.
The dollar rose against all but two of its 16 major peers, appreciating to 98.64 yen and gaining less than 0.1 percent to $1.3214 per euro.
Currencies of commodity-producing nations slid, with the rand sinking to 10.1649 per dollar and the Aussie reaching 93.94 U.S. cents, the weakest level since Oct. 4, 2011.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most -used currencies excluding the yen, dropped as much as 0.5 percent to 116.36, the lowest level since Sept. 14. India’s rupee slumped 1.6 percent against the dollar, the Malaysian ringgit sank 1.1 percent and South Korea’s won weakened 1 percent.
The yield on 10-year Treasuries was at 2.17 percent. Italy’s 10-year bond yield increased three basis points to 4.22 percent.
The cost of insuring corporate bonds with credit-default swaps increased, with the Markit iTraxx Europe Index of contracts linked to 125 investment-grade companies rising 1.5 basis points to 105.38. The gauge dropped 8.9 basis points on June 7, the biggest daily decline since Jan. 2.
--With assistance from Toshiro Hasegawa in Tokyo, Claudia Carpenter, Paul Dobson, Andrew Rummer, Lars Paulsson and Shelley Smith in London. Editors: Stephen Kirkland, Stuart Wallace
To contact the reporters on this story: Stephen Kirkland in London at email@example.com; Glenys Sim in Singapore at firstname.lastname@example.org;
To contact the editor responsible for this story: Stuart Wallace at Swallace6@bloomberg.net