Commodities Take a Hit After Poor China Data

“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 (SPGSCI) gauge of 24 raw materials dropped 0.6 percent to 627.42 at 7:20 a.m. in New York as copper declined 1.2 percent and lead slid 1.7 percent. The Aussie lost as much as 1.1 percent versus the dollar, the rand tumbled 2 percent and India’s rupee fell to a record as Asian currencies declined. S&P 500 futures added 0.5 percent and the Stoxx Europe 600 Index rose 0.1 percent. Japan’s Topix surged 5.2 percent while the yen depreciated 1.4 percent to 98.94 per dollar….”

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