Yen climbs on finance minister comments as Italian bonds decline

‘Weak Auction’

“The Italian auction was weak,” said Harvinder Sian, a senior fixed-income strategist at Royal Bank of Scotland Group Plc in London. “The issue is that it was a dealer-led affair and there wasn’t much real money buying. That -- allied to the political concerns -- means that sentiment toward Italian debt is poor.”

Yields on German 10-year bunds fell four basis points to 1.79%, their lowest level since Aug. 13. The 10-year U.S. Treasury yield lost three basis points to 2.63%.

Italy’s FTSE MIB Index dropped 1.1%, the biggest decline by one of the European developed markets. UniCredit SpA and Intesa Sanpaolo SpA, Italy’s two largest lenders, both lost 1.1%. Telecom Italia SpA retreated 2.8%.

West Texas Intermediate crude headed for a third weekly loss as the five permanent members of the UN Security Council agreed on a resolution to find and destroy Syria’s chemical weapons. The agreement does not specify how the UN will determine whether Bashar al-Assad’s regime has complied.

Silver Declines

Gold rose 1.2% to $1,339.93 an ounce. Silver for immediate delivery gained 0.5% to $21.84 an ounce in London trading, paring its loss this month to 7.2%. Copper added 0.4% to $7,277.25 a metric ton on the London Metal Exchange.

Wheat slipped 0.1% from its highest price in more than two months. The crop has gained 4.8% this week and 3.6% this month. Soybeans rose 0.4% today.

The cost of insuring European corporate bonds rose this week, with the Markit iTraxx Crossover Index of credit-default swaps on 50 high-yield companies increasing six basis points to 400, the highest since Sept. 9.

The MSCI Emerging Markets Index slipped 0.3%, trimming the gain since June to 6.3%, its best quarterly performance in a year. Turkey’s Borsa Istanbul National 100 Index dropped 0.1% as it fell for a sixth day, the longest stretch of losses since the end of July.

Stocks in Russia, which receives about half of its budget revenue from the oil and natural-gas industries, retreated 0.7% on the benchmark Micex Index as crude fell in New York.

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