In European Equity Markets the pan-European Stoxx 600 closed at 2.06 percent, with all sectors and major bourses in positive territory. Oil and gas stocks were among the top performers, up more than 2.43 percent amid corporate earnings news. Statoil announced better-than-expected fourth-quarter results, marking the latest oil company to benefit from a rapidly improving environment for big energy firms. Shares closed up 4.61 percent. Carlsberg shares were sharply lower, closing down 3.61 percent, after the Danish brewer after beer volumes fell in its key market of Russia. Danish enzymes maker Novozymes closed near the bottom of the index, down 4.28 percent, after it reported weaker-than-expected earnings results. The firm cited challenging conditions in agriculture markets as it missed analyst projections for fourth-quarter results.

In Currency Markets the U.S. dollar rose on Wednesday against most major currencies, even as gains on Wall Street dimmed the greenback’s safe-haven allure after days of equities volatility. The dollar was 0.35 percent higher to 89.895 against a basket of six currencies after advancing for three straight sessions. On Friday it scored its best performance since Oct. 26. Against the yen, the dollar was last down 0.26 percent to 109.27 yen. The euro slipped against the greenback on Wednesday, on disappointment over reports that the leader of Germany’s Social Democrats (SPD), Martin Schulz, would not be taking over as finance minister for Europe’s biggest economy. The euro, which had been trading higher before the news, last fell 0.37 percent to $1.233.

In Commodities Markets oil prices fell to a one-month low Wednesday, after U.S. data showed an unexpected build in refined products, fanning fears of oversupply headed into the slow demand season and offsetting a bounce after the largest UK pipeline shut for the second time in three months. The Brent crude futures contract was down 30 cents at $66.57 a barrel while U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 1.3 percent, to $62.58 a barrel. U.S. crude hit a low of $62.36, the lowest level since Jan. 9. Crude inventories rose by 1.9 million barrels in the week to Feb. 2, compared with analysts’ expectations for an increase of 3.2 million barrels. Refining runs notched a surprising rise in the week, boosting inventories of distillates such as diesel and jet fuel, as well as gasoline.

In US Equity Markets stocks overturned early losses to trade higher on Wednesday as some buyers returned to a market still shaking from a record fall for the Dow Jones Industrial Average earlier this week. Gains in industrial and consumer discretionary stocks led advances on the S&P and the Dow. Boeing rose 2.7 percent, providing the biggest boost to the Dow, while Amazon’s percent rise helped lift the S&P 500. The S&P 500 rose 0.73 percent, at 2,714.84 and the Nasdaq Composite was up 0.37 percent, at 7,142.52. Wynn Resorts climbed about 10 percent after casino mogul Steve Wynn resigned as the chief executive following sexual misconduct allegations. Snapchat jumped 37 percent after it reported a massive user growth and revenue in its latest quarter.

In Bond Markets Southern European government bond yields fell on Wednesday, extending a recent out-performance over peers on reports that Germany’s pro-European, pro-spending Social Democratic party would head the finance ministry in a coalition government. While German Bund yields jumped 4 basis points to 0.67 percent, peripheral debt yields fell 4-8 bps. This took the gap between Italian and German 10-year bond yields to 119 bps, the tightest level since September 2016. The Spanish/German yield spread was its narrowest in eight years at around 65 bps, while Portugal’s 10-year bond yields fell 7 bps to as much as 2.055 percent, their biggest one-day fall in five weeks.