Australia

Australian shares are set to open lower, after U.S. stocks fell, reversing early gains as the market's rebound faltered.

ASX futures were down 0.43% or 33 points as of 8:00am on Thursday, suggesting a lower open.

Strong early gains for U.S. stocks evaporated before the closing bell as the market's rebound faltered.

The S&P 500 ended the day down 0.8%, after climbing as much as 1.7%, making for its biggest blown gain in more than two years. The tech-heavy Nasdaq Composite and Dow Jones Industrial Average also rallied in early trading before finishing the session down 1% and 0.6%, respectively.

In commodity markets, Brent crude oil was up 2.4% to US$78.33 a barrel, while gold was flat at US$2,382.02.

The Australian dollar was at 65.17 US cents.

Asia

Chinese shares ended mixed with gains in energy and auto sector offseting losses in property and semiconductor stocks. A-shares have been resilient amid this week's global equities market selloff affected by the yen carry trade, HSBC Global Research analysts write in a note. Investors should keep an eye on room for further monetary policy easing if the Fed cuts interest rate in September, they add. The benchmark Shanghai Composite Index rose 0.1% to 2,869.93, the Shenzhen Composite Index fell 0.1% and the ChiNext Price Index declined 0.4%. Energy stocks led the gains with China Coal Energy up 4.5% and CGN Power 3.4% higher. Chongqing Changan Automobile rose 2.2%. Meanwhile, China Vanke fell 1.3%. Will Semiconductor and Giga Device Semiconductor declined 2.5% and 1.6%, respectively.

Hong Kong shares ended higher, with the Hang Seng Index rising 1.4% to 16,877.86 and the Hang Seng Tech Index closing 1.2% higher. Asian equities extended a broad recovery after a massive selloff on Monday, after the Bank of Japan on Wednesday sought to reassure markets and walked back talk of rate increases. Among major stocks, Shanghai Hongqiao rose 5.0%, Trip.com added 4.9% and China Mengniu Dairy gained 4.2%. Decliners included Sands China, which was 2.5% lower, and Galaxy Entertainment, down 2.2%.

Japan's Nikkei Stock Average rose 1.2% to close at 35,089.62, reversing earlier losses on a Bank of Japan official's dovish remarks and on the yen's weakness. BOJ Deputy Gov. Uchida said earlier in the session that the Japanese central bank won't raise interest rates when markets are unstable. Gains on the benchmark index were relatively broad-based, with Disco Corp. jumping 12.4%, Sumitomo Mitsui Financial Group climbing 10.2%, and Mitsubishi Heavy Industries rising 9.9%. The 10-year JGB yield was down 1bp at 0.875%.

India's Sensex closed 1.1% higher at 79,468.01, tracking broad regional gains. Risk-off sentiment in financial markets appear to have faded and investors are weighing whether the recent global selloff was an overreaction to weaker-than-expected U.S. data, Deepak Jasani, head of retail research at HDFC Securities, said in a note. Among advancers, Adani Ports and Special Economic Zone rose 3.4%, Power Grid Corp. of India gained 3.3% and JSW Steel was 2.6% higher. Meanwhile, IndusInd Bank fell 2.5%, while Titan Co. and Tech Mahindra each lost 0.3%.

Europe

Stocks in the U.K. gained Wednesday, as the FTSE 100 Index rose 1.7% to 8166.88.

Among large companies, TP ICAP Group PLC was the biggest gainer during the session, surging 7.8%, and Alphawave IP Group PLC surged 5.6%. Quilter PLC rounded out the top three movers on Wednesday, as shares gained 4.6%.

Abrdn PLC posted the largest decline, falling 4.5%, followed by shares of THG PLC, which fell 2.8%. Shares of WH Smith PLC fell 2.6%.

In other parts of Europe markets closed higher, with the STOXX Europe 600 Index up 1.5% to 495.96, Germany's DAX gained 1.5% to 17,615.15 and France's CAC 40 rose 1.9% to 7,266.01.

North America

Strong early gains for U.S. stocks evaporated before the closing bell as the market's rebound faltered.

The S&P 500 ended the day down 0.8%, after climbing as much as 1.7%, making for its biggest blown gain in more than two years. The tech-heavy Nasdaq Composite and Dow Jones Industrial Average also rallied in early trading before finishing the session down 1% and 0.6%, respectively.

The declines put a damper on stocks' recovery Tuesday after a sharp selloff to start the week, and trimmed the S&P 500's gains for the year to 9%.

Declines in the technology, healthcare and consumer discretionary sectors pulled the S&P 500 lower. The energy segment followed oil prices higher, and the utilities, financial and consumer staples sectors also rose.

Investors said they expect the sharp moves to continue.

"It wouldn't surprise me at all if we see another downdraft in the markets. They're just trying to find their way," said Thorne Perkin, president of multifamily office Papamarkou Wellner Perkin. "Big picture, we are long term bullish."

Walt Disney shares fell 4.5% after the entertainment company forecast challenges for its theme-parks business. Airbnb shares tumbled 13% after the short-term rental company warned of slowing demand in the U.S. Shares of Super Micro Computer declined 20% after the server maker reported lower-than-expected earnings.