An increase in U.S. stock-index futures pointed to a rebound in the Standard & Poor’s 500 Index after a three-day drop, with European shares erasing losses amid a rally in mining companies. Crude oil erased intraday gains.
The Stoxx Europe 600 Index recovered as Glencore Plc led a gauge of miners to the biggest gain on the equity benchmark. Currencies of commodity-producing nations strengthened, with Australia’s dollar leading gains after an unexpected pickup in employment. The euro, Swedish krona and rand weakened against the dollar. The U.K. pound traded near a two-week high before a Bank of England policy decision. The cost of insuring corporate debt rose for a third day and reached a seven-week high.
The Stoxx 600 added 0.2 percent at 10:38 a.m. in London, after earlier falling as much as 0.9 percent. The euro declined against most of its 16 major peers as French economic data provided a timely reminder of the challenges facing the region’s policy makers. South Africa’s rand fell 0.3 percent, reversing earlier gains. It sank to a record low on Wednesday as President Jacob Zuma fired the nation’s finance minister. West Texas Intermediate fell 0.2 percent to $ 37.10 a barrel.