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From stocks to commodities to emerging market currencies, traders breathed a sigh of relief at the end of the most volatile quarter for financial markets since 2011.
Global equities advanced from a two-year low, with the MSCI All-Country World Index trimming the biggest quarterly drop in four years. US stock index futures climbed, while copper and nickel jumped.
South Korea's won and the South African rand gained and the yen weakened. Treasuries slipped, and the cost of insuring European corporate debt declined for the first time in five days. Glencore shares rose for the second consecutive day.
With almost $11 trillion erased from global shares in the three months, and oil suffering its worst quarter since 2009, analysts debated whether Wednesday's rally was just a blip.
Riskier markets have sold off amid a prolonged commodity slump, slowing growth in China and an exodus from emerging market assets as the US prepared to raise interest rates as soon as this year.
Friday's payrolls report will show the economy created 200,000 or more jobs for the sixth month this year, strategists forecast.
There are "still a lot of people remaining nervous about the outlook", said Jane Foley, a senior currency strategist at Rabobank International in London. "Many investors have been bruised and I think sentiment will remain fragile."
The average level of Bank of America Corp.'s Market Risk index, which measures future price swings in equities, rates, currencies and commodities, was the highest this quarter since the end of 2011. The MSCI global gauge of stocks climbed one per cent at 8.22am in New York, shaving its quarterly decline to 11 per cent. Standard & Poor's 500 Index E-mini futures expiring in December advanced 1.3 per cent, after the benchmark gauge rose on Tuesday for the first time in six sessions.
In the US, a report from the ADP Research Institute showed employers added a more-than-forecast 200,000 workers to payrolls this month, compared with a revised 186,000 in August.
China cut its down-payment requirement for some first-time home buyers, according to a statement from the central bank.
The Stoxx Europe 600 Index climbed 2.5 per cent on Wednesday, trimming its quarterly drop to 8.8 per cent. Automakers and miners led declines in the quarter. Glencore rose 12 per cent after a record 17 per cent rally on Tuesday, leading commodity producers higher.
Glencore's "rebound is a reflection of the management's positive commentary that trading has been good, cash flow is stable," Konstantin Giantiroglou, head of investment advisory and research at Neue Aargauer Bank. "It puts part of the fear that was circling around the stock aside."
The yen declined for the first time in three days against the dollar as stocks rebounded, dimming demand for haven assets. The currency has strengthened 1.9 per cent since June 30, the biggest gainer among 31 major currencies.
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