Global market rout eases as S&P 500 futures rise; Glencore gains
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[HONG KONG] Financial markets stabilised after a rout Monday that wiped US$800 billion off global equities.
US equity-index futures rose. Crude oil advanced with the currencies of commodity-producing nations. The Stoxx Europe 600 Index pared declines as Glencore Plc - which slumped 29 per cent on Monday - rebounded.
"We may have seen the worst of the selling," said James Buckley, a money manager who oversees about US$43 billion at Baring Asset Management in London. "The greater macro uncertainty led by, but not exclusive to, China has really spooked investors. We're trying to take a longer view."
Standard & Poor's 500 Index E-mini futures expiring in December advanced 0.4 per cent at 9:32 am in London, after the gauge gave up 2.6 per cent yesterday. West Texas Intermediate crude climbed 0.9 per cent to US$44.82 a barrel, and Glencore jumped 8.6 per cent.
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