In European Equity Markets the pan-European Stoxx 600 closed 0.3 percent lower, though the U.K. FTSE and some sectors pared losses from earlier on in the afternoon’s trading. Telecoms and retail were the two worst performing sectors, closing down 1.5 and 1.4 percent respectively on corporate earnings. U.K. retailer Marks and Spencer fell over 7 percent in afternoon trade, impacted by its fourth quarter earnings report. Chief Executive Steve Rowe described 2017’s October to December business as “mixed”, with “a weak clothing market in October and ongoing under-performance in our food like-for-like sales.” Britain’s biggest retailer Tesco was down over 4.5 percent after the firm missed Christmas trading forecasts. Basic resources was the best performing sector Thursday, up 0.6 percent, followed by oil and gas and banks.

In Currency Markets the euro jumped against the dollar on Thursday after the European Central Bank said it could revisit its communication stance in early 2018, boosting expectations that policymakers are preparing to reduce their vast monetary stimulus program. With the euro zone seeing its best growth in a decade, the ECB should gradually shift its stance to avoid a more disruptive move later and look at a broader revision of its policy guidance to reduce the focus on bond purchases and raise the emphasis on interest rates, accounts of the ECB’s December meeting showed. The euro was up 0.9 percent to $1.2053, on pace for its biggest single-day percentage gain against the greenback in about two months. The dollar index which measures the greenback against six rival currencies, was down 0.6 percent at 91.80, after falling to a nearly one-week low 91.808.

In Commodities Markets oil prices jumped to their highest since 2014 on Thursday on tightening global crude stocks and after OPEC members said they would stick with output cuts for now despite gains in Brent to nearly $70 per barrel. Brent crude futures hit $69.88, their highest since December 2014. The contract was trading at $69.70, 1 percent above the last close. U.S. West Texas Intermediate (WTI) crude futures jumped to $64.77, also the highest since December 2014, before edging back to $64.42, 1.4 percent above the last close. Sentiment received a boost from a surprise drop in U.S. production and lower U.S. crude inventories. U.S. production declined by 290,000 barrels per day (bpd) to 9.5 million bpd, the EIA said, despite expectations of output breaking through 10 million bpd.

In US Equity Markets stocks rose on Thursday with a broad-based rally across sectors as speculation over China halting U.S. bond purchases eased and investors focused on quarterly earnings reports and higher oil prices. The S&P 500 was up 0.12 percent, at 2,753.52. The Nasdaq Composite gained 0.18 percent, at 7,166.36. Technology and industrial stocks were among the biggest gainers. Boeing rose 1.5 percent and Caterpillar gained 0.7 percent, boosting the Dow. Xerox shares jumped 5 percent after the Wall Street Journal reported the copier maker was in deal talks with Japanese camera maker Fujifilm Holdings that could include a change in control of Xerox. Delta Air Lines was up 1.3 percent after the company’s profit for the fourth quarter beat estimates.

In Bond Markets German bond yields hit their highest levels since September on Thursday after minutes from the ECB’s December meeting said the bank should revisit its communication stance in early 2018 and gradually adjust its language to reflect improved growth. Germany’s 10-year Bund yield was up more than 2 basis points to 0.508 percent, its highest since late September. Most euro zone bond yields were 2-3 basis points higher on the day. Peripheral bonds outperformed their top-rated peers after Italy successfully sold six billion euros of bonds but trimmed yield falls after the ECB minutes. U.S. Treasury yields gave up earlier falls and were last up around 2 bps at 2.57 percent — heading back towards Wednesday’s 10-month peak just shy of 2.60 percent.