In Asian Equity Markets Japan’s Nikkei 225 rose 0.37 percent and Australia’s S&P/ASX 200 advanced 0.44 percent. Energy sector stocks in both countries traded higher after oil’s more than 2 percent gains overnight, with the Topix oil and coal products sub-index up 2.75 percent. Elsewhere, Hong Kong’s Hang Seng Index tacked on 0.43 percent. On the mainland, the Shanghai composite gained 0.61 percent following the release of better-than expected official manufacturing PMI data. In South Korea, the Kospi advanced 0.62 percent in the morning.

In Currency Markets the euro won a reprieve on Thursday, holding on to the strong gains it made on Wednesday, as Italian leaders moved to mitigate political turbulence and avoid a potentially disruptive early election. The euro traded little changed at $1.1654, having risen 1.1 percent the previous day, its second-biggest daily gain so far this year. It had hit a 10-month low of $1.1510 on Tuesday. The dollar shed 0.3 percent to 108.60 yen on Thursday morning, edging back towards Tuesday’s five-week low of 108.115 yen.

In Commodities Markets oil prices fell on Thursday, weighed down by a surprise rise in U.S. crude inventories and by expectations that OPEC and other producers could increase output at a meeting in June. Brent crude was down 20 cents at $77.30 per barrel, after settling the last session up 2.8 percent. U.S. West Texas Intermediate crude was down 20 cents at $68.01 a barrel. In the previous session, it settled up $1.48, or 2.2 percent, at $68.21 per barrel. U.S. crude inventories rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute, although analysts had expected a decrease of 525,000 barrels.

In US Equity Markets stocks rose on Wednesday, with the S&P 500 set to erase all its losses from Tuesday as signs of easing political turmoil in Italy emerged. The S&P 500 gained 1.29 percent, to 2,724.67 and the Nasdaq Composite added 0.93 percent, to 7,465.61. The S&P energy index jumped 3.2 percent and was on track for its biggest one-day gain in seven weeks. Cloud-based business software maker Sales-force.com rose 2.1 percent and computer and printer maker HP Inc jumped 4.2 percent after both companies raised their full-year profit forecasts.

In Bond Markets U.S. Treasury yields rose on Wednesday, reversing sharp losses the previous session fueled by the Italian political crisis, as financial markets stabilized after Italy sought to end its turmoil with a plan for a new government. Italy sold 5.57 billion euros ($6.5 billion) in bonds, though narrowly missing the top of its targeted issuance range of 3.75 billion to 6.0 billion euros. The auction somewhat eased concerns about Italy’s ability to finance itself. U.S. 10-year yields rose to 2.842 percent, from Tuesday’s 2.768 percent.