In European Equity Markets stocks fell by Thursday’s close as traders reacted to weakness seen on Wall Street, policy announcements from central banks and concerns surrounding global trade. The pan-European STOXX 600 closed down 1.55 percent, off its session lows, while sectors all posted sharp declines by the end of trade. Technology was one of the worst performing sectors Thursday, closing down 2.15 percent. The European sector came under additional pressure following earnings, with United Internet falling 9.5 percent after reporting its results for 2017. Banks meantime posted declines of 2.5 percent as a group.

In Currency Markets the yen rose on Thursday, reaching a three-week peak against the dollar, as traders piled into the Japanese currency in a safe-haven move spurred by global trade tension and losses in stocks. The yen was last up 0.57 percent against the dollar at 105.44 yen. The euro also weakened against the Japanese currency, down 0.81 percent at 129.77 yen. Meanwhile, the Bank of England as expected left rates unchanged as robust British wage data cemented expectations that the BOE would raise them in May. The pound extended its overnight rise to hit a near seven-week high of $1.4220. It was last down 0.32 percent to $1.4097.

In Commodities Markets oil prices fell about 1 percent on Thursday as investors took profits after this week’s rally, but losses were limited by the continuing efforts of OPEC and its allies to curb supplies. Brent crude futures were 55 cents lower at $68.92 a barrel, a 0.8 percent loss, having retreated from a session peak of $69.70, close to its highest level since early February. U.S. West Texas Intermediate (WTI) crude futures fell 73 cents, or 1.1 percent, to $64.44 a barrel, after hitting a session high of $65.74. Prices recorded their biggest one-day gain since November on Wednesday after an unexpected drop in U.S. crude inventories.

In US Equity Markets the three major U.S. indexes fell more than 1.5 percent on Thursday, on track for their steepest decline in six weeks, gripped by the growing threat of a global trade war. Nine of the 11 major S&P sectors were in the red, with five of them down more than 2 percent. Only the interest-rate sensitive utilities and real estate sectors were higher after the Federal Reserve raised interest rates, as was widely expected, on Wednesday. The S&P 500 lost 1.65 percent, to 2,667.28 and the Nasdaq Composite fell 1.84 percent, to 7,210.08. The S&P 500 technology index, the best performing sector over the past year, fell 1.63 percent. Apple, Microsoft, Amazon and Alphabet fell 0.9 percent to 3 percent.

In Bond Markets U.S. Treasury prices gained on Thursday on rising risk aversion as President Donald Trump was poised to announce tariffs on Chinese imports, intensifying concerns about a global trade war. Benchmark 10-year notes gained 18/32 in price to yield 2.843 percent, down from 2.907 percent on Wednesday. The yield curve between two-year and 10-year notes flattened to 54 basis points from 58 basis points. Declining stocks boosted demand for lower risk bonds.