Metals rise as treasuries decline
Industrial metals and European stocks rose as China's manufacturing rebounded and results from British Sky Broadcasting Group Plc and Lloyds Banking Group Plc beat estimates. The yen fell and Treasuries snapped a three-day gain.
Copper increased 0.7 percent at 10 a.m. in London and lead advanced 1.6 percent. The Stoxx Europe 600 Index added 0.2 percent, paring gains of as much as 0.4 percent.
Shares in Shanghai rallied the most in three weeks, while Standard & Poor's 500 Index ( SPX) futures retreated 0.4 percent.
The yen declined against all but one of its 16 major peers. Treasury 10-year note yields climbed two basis points to 1.71 percent. The pound strengthened after U.K. house prices rebounded in October.
Panasonic shares lost 19 percent in Tokyo after the company said it will lose 765 billion yen ($9.6 billion) in the year to March.
A Chinese purchasing manager's index climbed to 50.2 in October, a sign growth is picking up after a sevenquarter slowdown.
BskyB, the U.K.'s biggest pay- television provider, said operating profit rose and Lloyds, Britain's largest mortgage lender, posted higher pretax profit. U.S. factory output probably grew at a slower pace in October, while construction spending rebounded in September, economists said before reports today.
" Market sentiment was boosted by China's PMI data which signaled that demand remains steady," said Chae Un Soo, a metals trader at Korea Exchange Bank Futures Co. in Seoul.
BSkyB jumped 3.5 percent after and Lloyds climbed 3.2 percent.
BT Group climbed 6.1 percent as the U.K.'s biggest fixedline phone company kept its full-year profit target and boosted its dividend.