Dollar Strengthens as Commodities Fall; Asia Stocks Mixed

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The dollar strengthened and most commodities declined, while Asian stocks swung between gains and losses. Bonds fell in Asia after the 30-year Treasury yield approached a two-year high on signs of faster U.S. growth.

The Bloomberg Dollar Index advanced for a third day, the longest winning streak since June. South Korea’s won slid 0.4 percent versus the greenback as of 11:50 a.m. in Tokyo, Brent crude fell 0.4 percent and Aluminum dropped 0.5 percent. The MSCI Asia Pacific Index rose less than 0.1 percent as a storm delayed trading in Hong Kong. Australia’s 10-year bond yield climbed to a one-month high after the 30-year Treasury yield added 13 basis points in the last two days.

China will bring forward plans to cut excess industrial capacity, China National Radio said yesterday, citing Industry Minister Miao Wei. Retail sales in New Zealand rose more than economists estimated in the second quarter and South Korea’s jobless rate held at 3.2 percent, data showed today, before a report that is forecast to show the euro-zone economy returned to growth. U.S. retail sales climbed in July for the fourth month in a row, a report showed yesterday.

Nissan Motor Co. (7201), the carmaker that gets 80 percent of sales outside Japan, gained 0.8 percent as the yen held near a 1 1/2-week low versus the dollar. Hyundai Motor Co., South Korea’s biggest automaker, added 2.2 percent. Computershare Ltd. (CPU) sank 5.1 percent in Sydney after the share registry firm reported a decline in profit.

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