RIO Rio Tinto Plc

Global stocks were little changed Wednesday as investors paused to consider whether a slump in commodities prices had reached its trough.

The Stoxx Europe 600 edged up 0.3% in early trade after falling 1.8% in the previous session as iron ore and oil prices traded at multiyear lows.

The basic-resources sector led gains after taking a sharp hit on Tuesday. BHP Billiton PLC shares were up 3.8% and Rio Tinto PLC shares were up 4.2%.

Tuesday's selloff in energy and mining companies, as they suspend dividend payments and sell assets to combat low raw-material prices, had rippled across the globe, sending Wall Street to a lower close and Japan's Nikkei Stock Average down 1% on Wednesday.

Losses in Asia were tempered by some better-than-expected economic data out of Japan and China, which left the Shanghai Composite Index up 0.1%.

In commodities, Brent crude oil was recently up 1.3% at $40.77 a barrel after falling below $40 on Tuesday for the first time since 2009 on concerns around oversupply and lackluster demand. Inventory data from the U.S. Energy Information Administration is due later Wednesday.

Market participants appear to be divided on whether the recent selloff in energy and mining shares marks a good opportunity to buy.

"We are seeing a relief rally this morning, but prospects for the sector remain subdued," said Rebecca O'Keeffe, head of investment at Interactive Investor. "I can't see a light at the end of the tunnel for iron and oil," she said, pointing to signs of unconstrained supply for industrial metals and oil.

Others saw opportunities in the energy sector following the sharp losses. "Sentiment on oil is incredibly poor and sentiment on oil stocks is incredibly poor," said Eric Nuttall, a portfolio manager who oversees an energy fund at Sprott Asset Management, which manages roughly $5.5 billion. The Sprott Energy Fund saw its worst day in years this week.

In Mr. Nuttall's view, oil stocks are "very mispriced" looking at the coming year. In his view, ultralow oil prices will drive down supply, while demand will continue to grow. He sees oil appreciating to around $55 a barrel by this time next year.

In currencies, the euro was up 0.3% against the dollar at $1.0916, while the dollar was down 0.2% against the yen at Y122.75.

Earlier Wednesday, the People's Bank of China set the yuan reference rate at its weakest point against the dollar in four years.

While the energy sector has come into the spotlight in recent sessions, investors also remained focused on the Federal Reserve's meeting in December, where officials are widely expected to raise benchmark interest rates from ultralow levels.

"Investors are adopting a wait-and-see philosophy until they see what the Fed does," Ms. O'Keeffe said. "Would you put new money into the market a week before the Fed raises rates for the first time in over nine years?"

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

December 09, 2015 04:25 ET (09:25 GMT)

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