The sharp decline in commodity prices in the first three quarters of the year continues to reverberate through financial markets and the global economy. Mining giant Glencore has transformed into something of a poster child for the difficulties facing raw-material producers after wild swings in its stock and bond prices bled over into broad-market sentiment this week and the former high flyer scrambled to offload assets to shore up its balance sheet. Glencore’s stock declined by almost 30 percent on Monday only to rebound in three subsequent sessions. With a dependence on short-term financing for liquidity and a credit rating tied to the price of depressed base metals, the Baar, Switzerland–based company faces a crisis of confidence that is also affecting forward guidance of companies indirectly tied to commodity production, such as Peoria, Illinois-based Caterpillar. In the midst of this turmoil, some investors appear willing to wager that a bottom has been reached. On Thursday, New York alternative-asset stalwart KKR & Co. announced it was expanding its stake in Australian copper miner OZ Minerals, driving that company’s stock nearly 20 percent higher for the session in Sydney.

PMI shows divergence of fortunes in China. Final September PMI data suggests that recent liquidity efforts by policymakers have boosted prospects for larger, state-owned companies more than their private-sector counterparties so far. National Bureau of Statistics manufacturing purchasing managers’ index levels registered at 49.8 in September versus 49.7 in August and flash readings of 49.6, with an increase in the new orders sub-index that bodes well for coming months. The Markit Caixin manufacturing PMI report released today indicated that small and mid-sized companies had a rougher go of it for the month, with the headline index slipping to 47.2 from 47.3 in August, a marginal improvement over the flash reading.

M&T acquisition of Hudson City wins approval, finally. Yesterday the Federal Reserve approved the acquisition of Hudson City Bancorp by Buffalo, New York–based lender M&T Bank Corp. for approximately $5.4 billion in stock and cash. M&T’s attempt to win approval has been a saga that began in 2012 and involved delays caused by increased regulatory scrutiny brought on by legislation in the wake of the credit crisis.