In European Equity Markets the pan-European Stoxx 600 closed up over 1%, with all sectors and major bourses in positive territory. Europe’s basic resources shares led the gains following the report, with the sector climbing 1.7%. France’s Ubisoft Entertainment rose to the top of the European benchmark after Morgan Stanley raised its stock recommendation to “overweight” from “equal weight” on Wednesday. Shares of the French game publisher rose 6%. Shares of Orange fell over 4% after announcing that it plans to follow in the footsteps of rival companies by carving out its mobile towers in most European countries where it is present.

In Currency Markets sterling surged above $1.31 and hit its highest level in about 2-1/2 years against the euro on Wednesday, lifted by growing expectations that Britain will avoid a hung parliament after next week’s election and a broader pullback in the U.S. dollar. The pound strengthened almost 1% at one point to trade as high as $1.3120. It had slipped back a touch to $1.3104 in late trade, still poised for its biggest one-day jump since mid-October. Sterling also shot higher against the euro. It rallied almost 0.9% to 84.54 pence, its highest level since May 2017.

In Commodities Markets oil prices jumped 4% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles. Brent crude futures were up $2.44, or 4%, at $63.26 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up $2.38, or 4.2%, at $58.48. U.S. crude stocks fell by 4.9 million barrels in the week to Nov. 29 as refineries hiked output, the Energy Information Administration said, a much deeper draw than expected. Analysts had forecast a decrease of just 1.7 million barrels.

In US Equity Markets main indexes looked set to break a three-day losing streak on Wednesday, following a report that the United States and China were moving closer to signing a “phase one” trade deal. The S&P 500 was up 0.69 percent, at 3,114.48 and the Nasdaq Composite rose 0.60 percent, at 8,572.11. Alphabet Inc rose 2% after it said Sundar Pichai, who has run its core Google search business since 2015, would take the reins as CEO of the parent company. Johnson & Johnson gained 1.6% after it said recent tests showed Johnson’s Baby Powder was free of asbestos.

In Bond Markets U.S. Treasury yields rose on Wednesday on a more positive outlook for a trade deal with China and showing the market zeroed in on slight changes in comments from U.S. President Donald Trump. The benchmark 10-year yield was up 5.8 basis points to 1.768% in morning trade, part of a broader enthusiasm for risk globally. The two-year yield, typically seen as indicator of interest rate expectations, rose 3.8 basis points to 1.570% in morning trading. The spread between the two- and 10-year yields widened 1.75 basis points.