Glencore shares erase Monday's 29% drop; Volkswagen rallies Third quarter saw losses for shares, emerging markets, oil Share on Facebook Share on Twitter The fourth quarter began the way the third quarter ended -- with markets offering respite from this year’s rout as stocks, commodities and emerging-market currencies advanced. Glencore Plc shares erased Monday’s record loss. The Stoxx Europe 600 Index was on course for the biggest two-day rally in a month, with U.S. equity-index futures pointing to a third day of gains by the Standard & Poor’s 500 Index. Copper, oil and the currencies of commodity-producing nations from Australia to South Africa advanced, while the cost of insuring corporate debt fell for the second day. Haven assets such as the yen declined. The continuation of Wednesday’s market rally was touched off by reports signaling a stabilization in Chinese manufacturing, while euro-region data showed production last month was in line with an earlier reading. Friday’s U.S. jobs report may provide evidence to Federal Reserve policy makers that the economy can withstand higher interest rates this year even as traders don’t see liftoff until 2016. “People are thinking perhaps they panicked too much,� said Ben Kumar, a money manager who helps oversee about $14 billion at Seven Investment Management. “For the first time in a few weeks, people are looking for reasons to be optimistic and saying ‘Wow, maybe the world isn’t falling apart.�’ The Stoxx 600 jumped 1.2 percent at 10 a.m. in London, bringing its advance over two days to 3.7 percent, the most since Aug. 28. More than 530 shares on the benchmark rose, while 61 fell. S&P 500 Index E-mini futures expiring in December climbed 0.8 percent. Stocks Investors today are continuing to buy the companies that fell the most in the third quarter. In Europe, miners and automakers are leading the rally. Glencore climbed 6 percent -- having erased Monday’s 29 percent plunge -- and Volkswagen AG rose 2.5 percent. The MSCI Asia Pacific Index added 1.5 percent, extending Wednesday’s 2.3 percent rebound. The gauge slid 15 percent last quarter, its worst performance since the same period of 2011. China’s Shanghai Composite recorded the biggest drop of any major global index in the period, followed closely by the Hang Seng China Enterprises Index of Hong Kong-listed mainland companies. China’s markets are closed for a week, while Hong Kong’s will reopen Friday. Taiwan’s benchmark index added 1.4 percent Thursday. Japan’s Topix index climbed 2.2 percent after capping its first three-month slump in six quarters. The gains came even as the Tankan gauge of large manufacturers fell to 12, below the 13 level projected by economists. China’s official manufacturing PMI rose to 49.8 from 49.7 in the previous quarter. While economists had predicted it would be unchanged, readings below 50 are a sign of contraction. The private Caixin China manufacturing PMI came in at 47.2, slightly ahead of the 47 preliminary reading last week. Currencies Australia’s dollar was stronger against all 16 major peers, heading for its biggest two-day gain versus the yen since Sept. 9. The Aussie bought 70.75 U.S. cents, while its New Zealand counterpart climbed 0.6 percent to 64.37 U.S. cents. South Africa’s rand appreciated 0.5 percent to 13.7831 per dollar for a third day of gains. The yen was lower for a second day, at 120.06 per dollar, as the better-than-estimated China data combined with speculation that Bank of Japan Governor Haruhiko Kuroda may need to add to its record stimulus program . Commodities The Bloomberg Commodity Index rose for a third day, climbing 0.6 percent in its longest streak of gains since Aug. 31. West Texas Intermediate crude added 1.9 percent to $45.95 a barrel. The average price last quarter was the least since the first three months of 2009, as U.S. crude inventories expanded and Iraq, OPEC’s second-largest producer, increased output. Copper on the London Metal Exchange advanced 0.7 percent, extending a 3.8 percent surge on Wednesday. Nickel rose 1.4 percent.

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