In European Equity Markets the pan-European Stoxx 600 closed 0.45% higher, slightly paring morning gains. Banks jumped 2% while construction and material stocks fell 0.5%. Luxembourg steel manufacturer Arcelormittal reported a fourth-quarter profit beat and gave an upbeat outlook, sending its stuck surging 11% to near the the top of the Stoxx 600. At the other end of the European benchmark, Finnish pharma company Orion fell 7.5% after reporting third-quarter earnings.

In Currency Markets the safe-haven yen and Swiss franc struggled for a fourth straight session against the U.S. dollar on Thursday, as investors’ tolerance for risk increased, encouraged by the Chinese government’s efforts to contain the latest coronavirus and limit the economic fallout. The Japanese currency fell to a two-week low versus the dollar, while the franc fell to its weakest level in more than a week. The U.S. dollar rose 0.1% against the yen to 109.92, and fell 0.2% versus the franc to 0.9754.

In Commodities Markets oil futures gave up early gains on Thursday despite possible action from the OPEC+ group of producers to counter an expected fall in oil demand as a consequence of the coronavirus outbreak. A OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd), though Russia has yet to declare its position on the matter, two sources said. Brent futures were down 88 cents at $54.40 a barrel, while U.S. West Texas Intermediate (WTI) futures were down 29 cents at $50.46.

In US Equity Markets the S&P 500 and Dow Industrials indexes eased from their record highs on Thursday, as investors took a breather after a stellar run this week on waning worries about the economic damage from the coronavirus epidemic. The S&P 500 was up 0.15%, at 3,339.55. The Nasdaq Composite rose 0.29%, at 9,535.86. Seven of the 11 major indexes were lower, led by a 0.8% fall for energy stocks Breakfast cereal maker Kellogg Co fell 6.1% after it forecast full-year earnings well below market expectations.

In Bond Markets Germany’s benchmark 10-year Bund yield touched its highest level in 10 days on Thursday after China said it would halve tariffs on some U.S. imports, boosting hopes the world economy may be able to avoid a major shock from the coronavirus outbreak. Yields across the euro area rose on Wednesday on expectations that the virus outbreak in China could be contained and that a cure could be found. Germany’s Bund yield rose to -0.339%, its highest level since Jan. 27.