In European Equity Markets the pan-European Stoxx 600 closed over 1% higher. Utilities stocks led the gains, jumping over 3%, while travel and leisure shares bucked the trend to fall 2%. Food delivery company Hellofresh gained more than 8%, leading the Stoxx 600 after Barclays raised its target price. Eurofins Scientific shares also jumped, climbing 5% following its 2019 full-year results and positive forward guidance. Signature Aviation shares fell 7% after both Barclays and J.P. Morgan cut their price targets for the stock.

In Currency Markets the U.S. dollar recouped some losses on Wednesday as traders looked to see which other major central banks might follow the U.S. Federal Reserve and make emergency cuts to their interest rates. The euro has been one of the currencies to climb on the broad-based dollar weakness of recent weeks and it had slipped back to $1.1145 ahead of U.S. trading from Tuesday’s two-month high at $1.12135. The dollar, which also fell to a five-month low of 106.85 yen in Asia on Wednesday, was last up 0.35% at 107.51 yen.

In Commodities Markets Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent crude was up by 91 cents, or 1.7%, at $52.77 a barrel at 1442 GMT. U.S. WTI was up by $1.03, or 2.2%, at $48.21 a barrel. Saudi Arabia and other OPEC members are seeking to persuade Russia on Wednesday to join them in large additional oil output cuts to prop up prices.

In US Equity Markets stocks jumped more than 2% after the open on Wednesday as investors cheered Joe Biden’s surprise lead in the Democratic primaries. The S&P 500 opened higher by 42.38 points, or 1.41%, at 3,045.75. The Nasdaq Composite gained 150.01 points, or 1.73%, to 8,834.10. General Electric Co was up 2% as the industrial conglomerate stuck to its 2020 targets after forecasting a hit of just $300 million to $500 million to its first-quarter cash flow due to the virus outbreak.

In Bond Markets U.S. benchmark Treasury 10-year yields held below 1% on Wednesday, as bond investors continued to flock to safe-haven assets amid persistent uncertainty about the economic impact of the rapidly-spreading coronavirus. U.S. 10-year yields fell to 0.97%, from 1.017% late on Tuesday. On the short end of the curve, U.S. two-year yields fell to 0.629% from Tuesday’s 0.729%. They touched 0.614%, the lowest in nearly four years.