Asian stocks reversed earlier gains and headed for the first monthly decline since October. The yen weakened and gold rose.
The MSCI Asia Pacific Index lost 0.1 percent as of 12:52 p.m. in Tokyo, after climbing as much as 0.8 percent, and is down 4.7 percent in May. Japan’s Topix (TPX) index was little changed after entering a correction yesterday, paring a 2 percent gain earlier. Standard & Poor’s 500 Index futures were steady. The yen fell against all 16 major counterparts.
Data today may show U.S. consumer spending stagnated, reducing bets the Federal Reserve will scale back its purchases of bonds. Japan’s industrial production expanded 1.7 percent in April, an initial sign of success for Prime Minister Shinzo Abe’s economic revival campaign.
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