U.S stocks fluctuated,
after attempts to stabilize faltered as renewed weakness in China
rekindled a rout in commodities from oil to copper. Government bonds
fell with the yen.
The Standard and
Poor’s 500 Index swung between gains and losses after the worst start to
a year on record. European shares ended lower after a tumultuous
session. The Shanghai Composite Index tumbled more than 5 percent, South
Africa’s rand fell to a record low, oil extended its slide to a 12-year
low and copper declined. Treasuries halted a seven-day advance.
Equities in Europe and
the U.S. sought to end week-long selloffs as a strengthening of the
yuan provided some relief to concern that the weakness in the Chinese
currency would spark turmoil in the economies of its major trading
partners. Markets still stumbled as selling in resources worsened, with
the Bloomberg Commodity Index down 2.2 percent. Investors await an
indication of whether slowing global growth hurt profits last quarter as
Alcoa Inc. begins the reporting season after U.S. markets close.
The S&P 500
slipped 0.4 percent at 1:02 p.m. in New York, after rising as much as
0.7 percent earlier. The index capped its steepest ever slide over five
days to begin a year amid a worldwide rout sparked by worries that
China’s slowdown is worse than anticipated. Even data showing resilience
in the U.S. labor market couldn’t halt losses for the benchmark on
Friday.
Source: Bloomberg
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