U.S. index futures gained and copper rose to a two-year high as Chinese manufacturing expanded. The dollar weakened to a six-month low against the euro amid speculation the Federal Reserve will act to shore up growth. Futures on the Standard & Poor’s 500 Index advanced 0.5 percent at 12:36 p.m. in London. The S&P GSCI index of 24 commodities climbed 0.6 percent and crude oil traded above $80 a barrel. The Dollar Index, which tracks the currency against six major trading partners, declined as much as 0.7 percent to 78.147. The Stoxx Europe 600 Index pared a gain of as much as 0.7 percent to trade little changed after European Union finance officials said the recovery was “fragile and uncertain.” China’s manufacturing expanded at the fastest pace in four months in September, adding to signs that economic growth in the world’s biggest energy consumer is stabilizing. In contrast, a U.S. report today may show manufacturing grew in September at the slowest pace in 10 months. European Union finance officials called for steps to correct economic imbalances, according to a statement issued after a meeting of finance ministers and central bankers in Brussels. “China is viewed as having engineered a gentle moderation in growth,” said David Thurtell, an analyst at Citigroup Inc. in London. “Not too hot, not too cold.” Economic Reports The gain in U.S. futures indicated the S&P 500 may trim its first weekly decline since August. The Institute for Supply Management’s factory index, scheduled for 10 a.m. New York time, probably dropped to 54.5 from 56.3 in August, according to the median estimate of economists in a Bloomberg survey. At 9:55 a.m., a Thomson Reuters/University of Michigan survey is forecast to show American consumers were less optimistic in September, while at 8:30 a.m. the Commerce Department may say that consumers are reining in purchases. In Europe, stocks erased gains as banks fell, with BNP Paribas, France’s biggest lender, declining 2 percent. Repsol YPF SA rose more than 6 percent after China Petrochemical Corp., known as Sinopec, agreed to invest $7.1 billion in the Spanish company’s Brazilian unit. Cap Gemini SA, Europe’s largest computer-services provider, rose 3.4 percent after Accenture Plc forecast sales for this quarter that may top analysts’ estimates as businesses boost spending. The MSCI Asia Pacific Index rose 0.6 percent for a fifth consecutive weekly advance. Chinese markets were closed today for a holiday. Emerging Markets The MSCI Emerging Markets Index advanced 0.6 percent to the highest level since July 2008. South Korea’s won led gains in developing-nation currencies, strengthening 0.9 percent against the dollar. India’s rupee appreciated 1 percent versus the dollar after Goldman Sachs boosted its economic growth forecast for Asia’s third-biggest economy. The euro strengthened 0.8 percent against the dollar and 0.4 percent versus the yen. The Dollar Index, which tracks the U.S. currency against those of six major trading partners, declined as much as 0.7 percent to 78.147, the lowest level since January. The yield on the U.S. 10-year Treasury note climbed 2 basis points to 2.54 percent, while the yield on the German bund increased 3 basis points to 2.3 percent. Copper for delivery in three months gained as much as 2.1 percent to $8,178 a metric ton on the London Metal Exchange, the highest price since July 2008. Tin reached $25,100 a ton, the most since May 2008. Aluminum climbed to the most since April 21 and nickel rose for an eighth straight day, the longest rally since April 2007. To contact the reporter on this story: Stuart Wallace in London at swallace6@bloomberg.net To contact the editor responsible for this story: Paul Sillitoe in London at psillitoe@bloomberg.net

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