German government bonds fell as minutes of the Federal Reserve’s October policy meeting showed the U.S. central bank may taper its $85 billion in monthly asset purchases “in coming months” if the economy improves.
The Standard & Poor’s 500 Index rose following its first three-day slump since September, as gasoline and oil rallied while gold and silver slid. Emerging market stocks fell as a gauge of Chinese manufacturing missed estimates and the Federal Reserve said it may reduce stimulus.
U.K. stocks were little changed as minutes from the Federal Reserve’s last meeting signaled policy makers may slow the pace of bond purchases in coming months and as Chinese manufacturing expanded slower than forecast.
Most Chinese stocks fell after a manufacturing gauge declined and on speculation the government will announce property curbs. A rally for energy shares almost erased a loss of as much as 1.3 percent for the benchmark index.
A Chinese manufacturing gauge declined for the first time in four months, adding headwinds to a recovery in the world’s second-largest economy as leaders start to implement the broadest policy reforms since the 1990s.