(Bloomberg) -- Global stocks stabilized after China undertook a series of measures to calm its financial markets.
The MSCI All-Country World Index is little changed after the worst start to a year in at least three decades. Asian and European stocks alternated between gains and losses, while S&P 500 Index futures slipped.
China propped up its stock market after after $590 billion of value disappeared on Monday. State-controlled funds bought equities, and the securities regulator signaled a selling ban on major investors will remain beyond this week's expiration date, according to people familiar with the matter.
The nation's central bank also pumped 130 billion yuan ($19.9 billion) into the financial system after money market rates jumped. The CSI 300 Index rose 0.3 percent after alternating between a loss of 2.6 percent and a gain pf 1.4 percent. Monday's 7 percent loss was the worst-ever start to a year.
Industrial metals rebounded from the biggest drop since September. Copper gained as much as 1.5 percent after China sought to calm investors after stock trading was halted on Monday. Concerns remain about the health of the world's second- biggest economy after two gauges of manufacturing contracted.
Copper sank 25 percent in 2015, the biggest drop since 2008. An LME index of six industrial metals plunged 24 percent last year, the third consecutive fall and worst run since at least 2001.
The yen continues to be a refuge for investors and is the best-performing major currency against the U.S. dollar for a second day. Australia's dollar was the worst performing developed-market currency on Monday, falling 1.5 percent. Its fortunes improved today after China reacted to yesterday's market turmoil.
The currencies of commodity-producing nations bore the brunt of yesterday's sell-off with the New Zealand dollar, Brazilian real and Canadian dollar among the worst performers. The U.S. dollar, as measured by the Bloomberg Dollar Spot Index, rose for a third year in 2015, a record winning streak.