In European Equity Markets the pan-European Stoxx 600 reversed early losses to close over 1% higher, with auto shares leading the gains while only telecoms traded in the red. Valmet Corp was the biggest climber in the Stoxx 600 on Wednesday, adding more than 12% after the Finnish tech company increased its financial targets on the back of a strong fourth quarter. GN Store Nord gained 6.6%, the Danish hearing aid manufacturer adding 6.9% after a strong fourth-quarter earnings report.

In Currency Markets the U.S. dollar gained against the safe-haven yen and Swiss franc on Wednesday, as risk appetite rose on reports of a possible treatment for the new coronavirus out of China that has gripped the world and caused major disruptions among global businesses. In late morning trading, the dollar rose 0.2% against the yen to 109.71 yen, after earlier rising to a two-week high of 109.84 yen. It also rose 0.4% versus the Swiss franc to 0.9727 franc. The euro, meanwhile, fell 0.4% to $1.1003, pushing the dollar index up 0.3% at 98.264.

In Commodities Markets oil prices jumped 4% on Wednesday on media reports that scientists had developed a drug against the fast-spreading coronavirus, an outbreak that continues to weigh heavily on global economic activity and oil demand. Brent crude oil futures were up $2.11, or 4%, at $56.09 a barrel. U.S. WTI crude gained $1.94, or 3.9%, to $51.55. Prices held gains after data showed U.S. crude inventories rose by 3.4 million barrels in the week to Jan. 31, compared with expectations for a 2.8 million-barrel rise.

In US Equity Markets stocks jumped for a third straight day on Wednesday and the Nasdaq hit a new record high, helped by strong monthly domestic private jobs data and reports of progress in developing a treatment to fight the fast-spreading coronavirus. The S&P 500 was up 0.89%, at 3,327.04. The Nasdaq Composite rose 0.66%, at 9,530.65. Coty Inc jumped 17.3% as the cosmetics maker beat estimates for quarterly profit and revenue. Ford Motor Co fell 9.4% after the No. 2 U.S. automaker delivered a weaker-than-expected 2020 forecast.

In Bond Markets Euro zone government bond yields rose on Wednesday as investors looked past the rising death toll from the coronavirus in China on hopes that a cure may be found for the disease. The 10-year German government bond yield rose as much as 4 basis points to -0.36%, its highest level since Jan. 29. Germany’s 10-year yield fell 26 basis points in January, while it is up 7 bps so far in February.