Investing.com - Here are the top five things you need to know this morning, Tuesday, September 29:
1. Wall Street futures reverse overnight losses
U.S. stock futures reversed overnight losses to point to a modestly higher open on Tuesday, as sentiment rebounded one day after global equites plunged amid concerns over sluggish global growth.
During early morning hours in New York, the blue-chip Dow futures inched up 47 points, or 0.3%, the S&P 500 futures tacked on 8 points, or 0.41%, while the Nasdaq 100 futures rose 22 points, or 0.54%.
On Monday, Wall Street closed sharply lower, with the tech-heavy Nasdaq Composite slumping 3%, as pharmaceutical and biotech stocks plunged.
Meanwhile, the Dow lost 1.9%, while the S&P 500 tumbled 2.6% to end below the psychologically key level of 1,900 for the first time since August 26, as investors worried about the health of China's economy and its potential impact on the timing of a U.S. interest rate increase.
2. Commodities prices mainly in the green
Crude oil and copper futures rebounded along with global stock markets on Tuesday, one day after falling sharply due to fresh concerns over the health of China's economy.
U.S. crude was up 41 cents, or 0.91%, at $44.84 a barrel, while Brent added 44 cents, or 0.93%, to $47.78 a barrel. Meanwhile, copper tacked on 0.4 cents, or 0.2%, to $2.256 a pound.
Commodities tumbled on Monday after data showed profits earned by Chinese industrial companies in August fell 8.8% from a year earlier.
3. Glencore shares rebound after Monday's 30% plunge
Shares in mining-and-trading giant Glencore (LONDON:GLEN) rebounded by as much as 9% in early trade in London on Tuesday, after a number of brokers said worries about the firm's debt pile were overdone.
Glencore shares sank almost 30% to close at a record-low on Monday, as plunging commodity prices raised fears about the company's massive debt load.
4. Asian stocks tumble to multi-month lows
Japan's Nikkei sank 4% on Tuesday to close at an eight-month low, Hong Kong's Hang Seng tumbled 3% and China's Shanghai Composite Index fell 2.1%, as Asian markets tracked sharp losses on Wall Street on Monday.
Australian shares also saw a heavy bout of selling, as concerns over the health of China's economy and plunging commodity prices hurt investor sentiment.
5. Reserve Bank of India surprises with 0.5% rate cut to 6.75%
The Reserve Bank of India cut its key repo rate by a bigger-than-expected 50 basis points to a four-and-a-half-year low of 6.75% on Tuesday, as inflation running at record lows and the economy in danger of slowing down spurred policymakers into action.
Most market experts predicted a 0.25% rate cut to 7.0%.The RBI had previously cut interest rates three times this year, lowering it by 25 basis points each time.