GLNCY Glencore Plc (PK)

A sharp selloff in global stocks continued Tuesday, as the recent slump in mining shares added to investors' worries over the impact of a slowdown in China.

The Stoxx Europe 600 fell 1.1% in early trade, after a 2.2% decline Monday.

In Asian, Japan's Nikkei Stock Average shed more than 4%, turning negative for the year Tuesday, while Australia's S&P/ASX 200 closed 3.8% lower. The Shanghai Composite Index lost 2% during the session.

U.S. stock futures steadied following Monday's sharp declines, with S&P futures 0.2% higher.

Data released Monday showing that China's industrial profits suffered their biggest drop since October 2011 in August sparked fresh worries over the future demand for commodities from the world's second largest economy.

China's September reading on manufacturing activity on Thursday will provide new evidence on the economic health of the country.

Monday's 29% decline in the shares of Glencore PLC, as investors worried about the company's debt load, helped trigger the selling in Asia. Glencore steadied Tuesday, trading 6.5% higher.

But heavy losses at Glencore, as well as the emissions scandal rocking Volkswagen AG shares, have added to the nervousness of investors, analysts say.

"The tone of the market is very poor. Investors are suffering large losses on specific stocks, and reducing risk elsewhere," said Sean Shepley, head of macro strategy at Credit Suisse in London.

The Dow Jones Industrial Average slipped 1.9% Monday, while the S&P 500 fell 2.6%, their biggest percentage and point declines since Sept. 1.

Adding to investors' uncertainty has been the decision by the U.S. central bank to keep short-term rates near zero at its meeting in September, interpreted by some as a lack of confidence in the U.S. economic recovery.

A Fed official said Monday that the central bank is on track to increase interest rates this year, pointing to the two remaining scheduled policy meetings, one in October and another in December.

In currency markets, the euro rose 0.2% against the dollar, trading at $1.1256.

In commodity markets, Brent crude oil bounced back Tuesday after a 2.4% selloff Monday. Gold fell 0.5% to $1,126.30 a troy ounce.

Write to Chiara Albanese at chiara.albanese@wsj.com

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(END) Dow Jones Newswires

September 29, 2015 04:55 ET (08:55 GMT)

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