Billionaire investor George Soros joined Northern Trust Corp. and BlackRock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.
Asian stocks fell, with the regional gauge retreating from a five-year high, as a drop in Japanese banks after forecasting lower earnings offset a report that Japan’s economy expanded faster than analysts estimated.
Asia’s regional benchmark stock index headed for its first advance in three days, driven by a rally in Japanese exporters after the yen weakened past 102 versus the dollar. Stocks outside Japan declined.
Emerging stocks reversed earlier gains as commodity producers paced losses in Brazil’s Ibovespa, overshadowing a surprise interest rate cut in South Korea. Turkey’s benchmark measure slumped from a record-high.