London-listed mining giant Anglo American (LON:AAL)’s shares have recovered slightly after tanking around 6% in morning trading on the FTSE 100.

They’ve since clawed back to 390.57, a drop of 0.63% on the day.

The drop was sparked after it reported a pre-tax loss of $5.5 billion (£3.8 billion) for 2015 as it was hit by sinking commodity prices.

The company suspended dividend payments to shareholders, joining other mining groups including Rio Tinto, Glencore and Vale.

It also announced measures – including cutting 60% of jobs – to improve cash flows and to reduce net debt.

But the firm’s debt has been downgraded further into junk territory by Moody’s, which cited a deterioration in commodities market conditions and doubts over how long it will take the company to reduce debt levels.

“Anglo American was amongst the biggest fallers on the UK benchmark after the miner reported double the previous year’s loss thanks to falling commodity prices,” writes Jasper Lawler, Market Analyst at CMC Markets.

“Not helping matters, rating agency Moody’s downgraded the company’s credit rating to junk. The plan for asset disposals makes Anglo a leaner meaner machine but will also limit future growth and was likely a last resort since shareholders had little appetite for injecting new capital.”

New Chinese bank credit hits monthly high

New credit extended by Chinese banks hit a new monthly high in January, as lenders front-loaded lending at the beginning of the year while Chinese companies moved to cut foreign-currency debt and increase local borrowing amid the weakening yuan.

Chinese lenders extended 2.51 trillion yuan (£267 billion) worth of new yuan loans in January, up significantly from the 597.8 billion yuan recorded in December, data from the People’s Bank of China showed on Tuesday. The figure was also above the 1.9 trillion yuan median forecast by The Wall Street Journal‘s poll of 13 economists.

Oil rises again on output-cut hopes

Oil prices surged to their highest levels in more than a week as news of a meeting of top officials from the world’s biggest oil producers spurred speculation of an eventual deal to tackle a deep supply glut.

US crude was up $1.43 at $30.87 per barrel as the market reopened following a shortened holiday session. The April futures contract rose by as much as $1.50, or 5.1%, to $30.94, the highest since February 8, building on Friday’s more than 12% surge.

Brent crude for April delivery was up $1.21 at $34.60 per barrel. It rose as high as $34.72, the highest level since February 5, after rising 11% on Friday.

The world’s top two oil exporters, Saudi Arabia and Russia, will hold talks together with their counterparts from Venezuela and Qatar in Doha on Tuesday, Reuters reported on Tuesday, citing unnamed sources.

The meeting is the latest effort by some members of the Organization of the Petroleum Exporting Countries to join non-OPEC producers in curtailing output. By cutting back production, they hope to reduce the existing supply glut that has pushed prices to the lowest in more than a decade.

Analysts remain cautious, however, that the meeting will result in an agreement.

Shanghai stocks rise; Nikkei pares gains

Asian stocks traded mostly higher on Tuesday, extending Monday’s rally, but pressures on equity markets from oil’s doldrums and weak Chinese data remain.

Worries still hang over the markets, including China, oil and negative interest rates.

Chinese markets, on their second day of trading after returning from a week-long Lunar New Year break, were up, with the Shanghai Composite gaining 2% while the Shenzhen Composite was up 2.6%.

Japan’s Nikkei 225, which surged 7 % on Monday, was down as much as 1% early before erasing losses to trade up 0.70%. Across the Korean Strait, the Kospi was up 0.9%.

Down Under, the S&P/ASX 200 see-sawed through the session.