In Asian Equity Markets Japan’s Nikkei share average took a breather on Wednesday morning after rising to a fresh 26-year high in the previous session, as weakness in exporters such as Murata and Fanuc offset gains in real estate stocks. The Nikkei fell 0.4 percent to 24,021.73, after touching 24,129.34 on the previous day, the highest level since November 1991. Murata Manufacturing shed 1.5 percent and Fanuc Corp fell 2.1 percent. Banking shares also lost ground, with Mitsubishi UFJ Financial Group down 1.4 percent and Sumitomo Mitsui Financial Group off 1.5 percent. On the other hand, stocks sensitive to domestic-demand such as real estate companies rose. Mitsui Fudosan jumped 2.2 percent and Mitsubishi Estate advanced 1.5 percent.

In Currency Markets the US dollar extended recent weakness against a basket of major currencies to hit a fresh three-year low on Tuesday, after the euro surged on consumer confidence data indicating strong momentum in the region’s economy. The dollar index, which measures the greenback against six rival currencies, was down 0.32 percent at 90.115, after slipping as low as 90.063, its lowest since December 2014. The euro was up 0.29 percent to $1.2295 against the greenback. The dollar failed to hold early gains against the Japanese yen after the Bank of Japan kept monetary policy unchanged. The greenback slipped about half a percent to 110.31 yen, its lowest since Wednesday. Mexico’s peso pared sharp losses after President Trump said talks to renegotiate the North American Free Trade Agreement (NAFTA) were going well.

In Commodities Markets oil prices fell on Wednesday, weighed down by data that showed an increase in U.S. crude oil and gasoline inventories. Brent crude oil futures were at $69.83 a barrel, down 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.43 a barrel, down 4 cents from their last settlement. The American Petroleum Institute said on Tuesday that crude inventories rose by 4.8 million barrels in the week to Jan. 19 to 416.2 million, after nine weeks of drawdowns. Gasoline stocks climbed by 4.1 million barrels, while refinery crude runs fell by 420,000 barrels per day. Gold held steady near a four-month high on Wednesday, as the U.S. dollar fell to a fresh three-year low, while worries of potential trade wars led to some risk-aversion trade as well.

In US Equity Markets stocks advanced on Tuesday, as strong results from Netflix helped lift the S&P and Nasdaq Composite, but declines in Johnson & Johnson and Procter & Gamble kept the Dow Industrials in check. Netflix touched a record high of $257.71 closing up 9.98 percent at $250.30, to cross the $100 billion market value threshold after the video-streaming pioneer beat Wall Street targets for new subscribers in the fourth quarter. Insurer Travelers provided the biggest boost to the Dow, up 5.32 percent after the company’s profit topped estimates. The S&P 500 gained 4.38 points, or 0.15 percent, to 2,837.35 and the Nasdaq Composite added 41.32 points, or 0.56 percent, to 7,449.36. Procter & Gamble fell 3.25 percent as investors focused on a decline in gross margins at the world’s largest consumer goods maker.

In Bond Markets U.S. Treasury debt yields weakened on Tuesday in quiet trading, moving in tandem with Japanese government bond yields, after the Bank of Japan kept interest rate targets unchanged and its top official quashed speculation of a move away from an easy monetary policy. Benchmark U.S. 10-year yields, which move inversely to prices, fell for the first time in five days, while those on 30-year bonds sank to a one-week low. U.S. 10-year Treasury yields fell to 2.627 percent, from 2.663 percent late on Monday. U.S. 30-year bond yields, meanwhile, hit a one-week low of 2.879 percent and was last at 2.907 percent, down from Monday’s 2.927 percent. In Japan, the 10-year Japanese government bond yield fell to 0.070 percent, slipping further from a six-month high of 0.090 percent set last week.

Today’s inflection points

• 10:00 GMT+1 EUR PMI manufacturing, preliminary
• 10:00 GMT+1 EUR PMI services, preliminary
• 15:45 GMT+1 USD Markit PMI manufacturing, preliminary
• 15:45 GMT+1 USD Markit PMI service, preliminary
• 16:00 GMT+1 USD Existing home sales
• 16:30 GMT+1 USD DOE U.S. crude oil inventories