An afternoon rally for commodities and a reversal on Wall Street on Thursday, which pushed the S&P 500 to a closing high for the year, followed early losses for global markets. A tone of risk aversion was established in Asia as equities slumped and the yen rallied on fears that China’s economy will slow. The country’s State Council called on authorities to “resolutely” curb overcapacity in the steel and concrete industries.

That in turn knocked commodity prices, with US crude oil falling below $70 a barrel, before it rallied back and closed in positive territory, above $72.