European equity-index futures rose and Asian stocks headed for the biggest two-day gain in four years, extending a global rally in riskier assets on speculation that governments will act to boost economic growth and shore up the oil market.
Chinese shares led the advance in Asia after data showed a record surge in new credit last month, fueling bets that state-run banks will step up lending to revive the world’s second-largest economy.
Futures on the Euro Stoxx 50 Index and Standard & Poor’s 500 Index both climbed at least 0.2 percent, while U.S. Treasuries fell as trading resumed after a holiday on Monday. Crude futures jumped as much as 4.6 percent in London after Saudi Arabia’s oil minister was said to plan a meeting with his Russian counterpart in Doha.
The 43 percent tumble in crude over the past year has restrained growth in oil-rich emerging countries and heightened sensitivity to any sign of willingness by Saudi Arabia, the de facto OPEC leader, to discuss coordinated production cuts.
China’s lending data followed an expression of confidence in the economy from central bank Governor Zhou Xiaochuan over the weekend and reassurances from European Central Bank President Mario Draghi on Monday that policy makers will act should financial turmoil threaten price stability.
“Central banks will try to calm the markets down a little bit, and then investors will start to step back in,” said Sean Fenton, a Sydney-based money manager at Tribeca Investment Partners. “There’s enough value starting to emerge in certain areas that investors will eventually take advantage of that.”
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