Chinese stocks listed in the U.S. tumbled to the lowest in three weeks, led by Melco Crown Entertainment Ltd. and China Unicom Hong Kong Ltd., as a report showed manufacturing in the world’s second-largest economy contracted for the first time in seven months.
The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.
China’s new-home prices rose last month in 68 of 70 cities tracked by the government, indicating Premier Li Keqiang will need to maintain efforts to cool the property market even as economic growth slows.