By Justin Carrigan Oct. 30 (Bloomberg) -- The yen rose and U.S. stock index futures declined on concern central banks around the world may be moving too fast to scale back measures designed to haul their economies out of the recession. The yen advanced against all but one of the 16 most-traded currencies tracked by Bloomberg as of 10:16 a.m. in London. Futures on the Standard & Poor’s 500 Index slipped 0.3 percent before a report that may show spending by U.S. consumers fell in September for the first time in five months. The U.S. recession “might not even be over,” Paul McCulley, managing director of Newport Beach, California-based Pacific Investment Management Co., which runs the world’s biggest bond fund, wrote on the company’s Web site. “The time has come to begin paring exposure to risk assets, and if their prices continue to rise, paring at an accelerated pace.” The Bank of Japan said today it will stop buying corporate debt at the end of the year and Germany’s Axel Weber indicated yesterday the European Central Bank may scale back its aid package. The Federal Reserve’s balance sheet shrank 1.8 percent in the past week as companies reduced reliance on the central bank. The U.S. exited recession in the third quarter, official figures showed, fanning speculation policy makers will drop emergency measures taken at the height of the financial crisis. Kiwi, Rand Fall The yen strengthened 0.6 percent against the dollar and 0.5 percent compared with the euro. It advanced 0.7 percent against the New Zealand dollar and 0.2 percent versus the rand as investors sold higher-yielding currencies. German bunds led gains in government bonds, with the yield on the benchmark 10- year note falling 6 basis points to 3.27 percent. Central banks are signaling they are ready to withdraw stimulus measures even as economic reports show the recovery from the worst global recession since World War II may be tepid. Spending by U.S. consumers probably fell 0.5 percent, after a 1.3 percent jump in August that was the biggest in almost eight years, the Commerce Department may say today, according to the median forecast of 75 economists surveyed by Bloomberg News. The drop in U.S. futures indicated the S&P 500 may extend its second straight weekly slide. NYSE Euronext, the world’s largest owner of stock exchanges, slipped 0.8 percent in Paris after reporting a 28 percent decline in third-quarter profit as revenue from equity trading decreased. The MSCI World Index of 23 developed countries added 0.4 percent as Renault SA led European automakers higher and Bank of China Ltd. posted profit that beat analysts’ estimates. Beating Estimates More than 72 percent of the 672 companies in the MSCI World Index that have reported earnings since Oct. 7 have beaten analysts’ estimates, data compiled by Bloomberg show. In the U.S., 84 percent of companies in the S&P 500 have exceeded projections, the data show. Renault gained 3 percent in Paris. France’s second-largest automaker said in a statement that it remains on course to meet a goal of achieving positive free cash flow and an increased European market share this year. Bank of China gained 5.8 percent in Hong Kong. The nation’s third-largest lender said third-quarter profit rose 19 percent to 21.1 billion yuan ($3.09 billion), beating the average estimate of 20.52 billion yuan of eight analysts compiled by Bloomberg. The MSCI Emerging Markets Index rose 0.7 percent, heading for the steepest gain in nine days. Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. contributed the most to the advance after reporting third-quarter profit that exceeded analysts’ estimates. ICBC, the world’s most profitable bank, added 3.5 percent in Hong Kong trading. Bank of China, the nation’s third-largest lender, climbed 5.8 percent. Crude oil for December delivery fell 16 cents, or 0.2 percent, to $79.71 barrel on the New York Mercantile Exchange. Oil is poised for its biggest monthly gain in five months on signs economies are emerging from recession. Rice for January delivery rose 1.3 percent to $14.595 per 100 pounds in Chicago for a weekly gain of 6.6 percent, the best performance since March. To contact the reporter on this story: Justin Carrigan in London at jcarrigan@bloomberg.net

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