BCS Barclays PLC

Global stocks showed signs of steadying Wednesday following a steep selloff, although markets in Asia remained under pressure.

Futures pointed to a 0.3% opening gain for the S&P 500. Changes in futures don't necessarily reflect market moves after the opening bell.

The Stoxx Europe 600 was up 1.1% in early trade, led by the banking sector, after Wall Street stabilized late in the previous session.

The pan-European index had closed Tuesday at its lowest level since October 2013, as steep declines in banking shares sent European markets down for a seventh consecutive session.

On Wednesday, Europe's banking sector gained 3% in early trade, but remained down roughly 25% for the year.

Earlier, Japan's Nikkei Stock Average fell 2.3% to its lowest closing level since late 2014, as the yen remained near its strongest level against the dollar in over a year. A rising yen makes Japanese exports less competitive and reduces the value of repatriated profits.

Despite the Bank of Japan's decision last month to introduce negative interest rates, a policy that tends to weaken the local currency, the yen has strengthened in recent sessions to levels not seen since 2014. The dollar was last up 0.1% against the yen at ¥ 115.00.

Australia's S&P ASX 200 fell 1.2% to land in bear market territory as energy stocks caught up with Tuesday's drop in oil prices.

Markets elsewhere in Asia were closed for the Lunar New Year holiday.

In commodities, Brent crude oil was last up 2.4% at $31.05 a barrel in thin trade on speculation about possible production cuts, but remains down nearly 9% for the week and roughly 19% for the year.

Wednesday's moves followed another volatile session on Wall Street. U.S. stocks steadied late in the afternoon, but investors remained nervous amid another sharp fall in oil prices and mounting fears around global growth.

Later Wednesday, Federal Reserve Chairwoman Janet Yellen begins her two-day testimony for her semiannual report to Congress. Investors will listen closely for any comments on recent turmoil in stock markets and a further slide in the oil price as they assess her position on interest rates.

Low interest rates have supported global equity markets in recent years.

"The chair will, in our view, leave the door open for [a rate rise at the next Fed meeting in] March without providing a strong signal in either direction," strategists at Barclays wrote in a note.

In other currencies, the euro was down 0.1% against the dollar at $1.1282.

Spot gold in London was down 0.2% at $1188.05 an ounce, while three-month copper futures on the London Metal Exchange fell 0.7% to $4,463 a ton.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

February 10, 2016 04:35 ET (09:35 GMT)

Barclays (NYSE:BCS)
Historical Stock Chart
From Mar 2024 to Apr 2024

Barclays (NYSE:BCS)
Historical Stock Chart
From Apr 2023 to Apr 2024