In European Equity Markets stocks closed lower Wednesday afternoon as investors began to focus on earnings at the start of a new reporting season. The pan-European Stoxx 600 finished 0.6 percent lower with all major bourses and most sectors trading in negative territory. Chemicals, financial services and travel and leisure were the worst performing sectors, all down 1.14 percent at the market close. Retail stocks were the best performing on earnings news, closing up over 0.9 percent. Tesco shares topped the European benchmark, rallying during afternoon trade to close up 7.2 percent. In the morning, the U.K. grocer had announced its first dividend in four years.

In Currency Markets the U.S. dollar weakened against the Japanese yen on Wednesday, as uncertainty over possible Western military action against Syria fed risk aversion even as fears of a trade war between the United States and China faded. The dollar was down 0.27 percent at 106.9 yen. The euro was up 0.18 percent at $1.2376, a day after getting a boost when European Central Bank policymaker Ewald Nowotny said the ECB would wind down its bond buying program by year end, paving the way for the first rate rise since 2011. Sterling was 0.22 percent higher against the greenback, adding to recent gains on expectations that the Bank of England will raise interest rates in May.

In Commodities Markets oil hit its highest in more than three years on Wednesday after Saudi Arabia said it intercepted missiles over Riyadh and international tensions about Syria grew. Both U.S. crude and global benchmark Brent traded at the highest levels since 2014 as concerns about airstrikes drove the market higher. Geopolitical concerns overshadowed global crude inventories as the markets’ main driver. Brent rose $1.59 on the day to $72.63 a barrel, while U.S. crude futures rose $1.62 cents to $67.13 a barrel, a 2.5 percent gain. Gold rallied for a fourth day as investors ditched risk-linked assets such as equities.

In US Equity Markets stocks fell on Wednesday, led by losses in financial stocks, on brewing tensions between the United States and Russia over a possible U.S. military action against Syria. The S&P 500 fell 0.40 percent to 2,646.3 and the Nasdaq Composite declined 0.35 percent to 7,069.38. The S&P banks index slipped nearly 1 percent. JPMorgan and Bank of America fell about 1.2 percent, while Goldman Sachs declined 1.6 percent. Hilton Worldwide jumped 4 percent after the hotel operator’s main shareholder HNA Tourism Group decided to sell its stake in the company.  Facebook Inc shares edged lower as Chief Executive Mark Zuckerberg started his second day of testimony before the U.S. Congress.

In Bond Markets U.S. Treasury yields fell on Wednesday, weighed by geopolitical concerns as the administration of President Donald Trump warned of possible military action against Syria following a suspected poison gas attack. The U.S. 10-year yields were down at 2.762 percent, from 2.797 percent late on Tuesday. U.S. 30-year yields fell to 2.977 percent, from Tuesday’s 3.017 percent. Later on Wednesday, Treasury will auction $21 billion in reopened U.S. 10-year notes. Tuesday’s sale of U.S. 3-year notes drew just tepid demand, with a bid-to-cover ratio that was slightly lower from last month.