The ASX 200 rose for a second session as US futures rebounded after a torrid week of selling on global markets.
The ASX 200 reversed an opening 46-point loss to gain of eight points or 0.11% by the close. Gains in Telstra, Wesfarmers, the supermarkets and major energy producers helped offset declines among the banks and iron ore miners.
Chinese ore futures slid 1.9% today as Oceanwide was declared bankrupt and fellow property developer Evergrande appeared to lurch nearer to liquidation. Evergrande cancelled meetings today with creditors regarding a proposed restructure. The Hang Seng index in Hong Kong skidded 1.3%.
Buying interest was aided by a revival in US equity futures following Wall Street's worst week since March. S&P 500 futures firmed 0.21% this afternoon. The US benchmark gave up 2.9% last week as investors resigned themselves to higher rates for longer.
