The yen rebounded from the weakest level since October 2008, while silver slumped and gold extended its longest decline since 2009. European stocks pared gains and U.S. index futures were little changed.
The yen strengthened the most in three weeks against the dollar after Japan’s Economy Minister Akira Amari said further losses in the currency would negatively affect people and the government’s job is to minimize that.
Steel reinforcement-bar futures swung between gains and losses in Shanghai as investors weighed a rally in China’s stock market and positive data on home prices against high output and low raw material prices.
Hedge funds led by Paulson & Co. and Maverick Capital are piling into mortgage insurers in a bet that some of the companies worst hit by the U.S. housing crash will be among the biggest winners in the rebound.
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.
Hong Kong stocks rose a third day, with the city’s benchmark index heading for a three-month high, after China developers gained on higher home prices and as U.S. leading indicators and consumer sentiment data signaled improvement in the world’s largest economy.