In European Equity Markets indexes closed lower Wednesday on as investors digested corporate earnings and awaited the next policy decision from the U.S. Federal Reserve. The pan-European Stoxx 600 closed 0.17 percent lower with business sectors pointing in different directions. While the French and German bourses ended Wednesday’s trade close to the flat line, the U.K. FTSE fell in afternoon trade to close 0.72 percent lower. Europe’s media stocks were the biggest gainers Wednesday, with the sector up over 0.6 percent amid news of several rating updates. Morgan Stanley announced it had upgraded its stock recommendation for Telenet to “equal weight” from “underweight” on Wednesday. The Belgian media firm gained throughout the day and was up nearly 3 percent at the end of trade. Healthcare was the worst performing sector, down 1.17 percent, but retail was also significantly into the red, 0.67 percent lower. Swedish clothing retailer H&M was the biggest laggard, down 10.6 percent.

In Currency Markets the U.S. dollar was lower on Wednesday ahead of a Federal Reserve policy announcement that was widely expected to leave interest rates unchanged but nod to the strengthening economy, while the euro rose on firm underlying euro zone inflation data. Against a basket of six currencies, the greenback was down 0.35 percent to 88.846, putting it on track to fall nearly 3.5 percent in January, its biggest monthly decline since March 2016. The Fed ends a two-day meeting on monetary policy later on Wednesday. Analysts do not expect any dramatic changes in policy just days before incoming chairman Jerome Powell takes the helm. The euro last climbed 0.49 percent to $1.2461 on Wednesday and was on track for its biggest monthly rise in nearly two years as firm underlying euro zone inflation data for January kept expectations alive for a swift withdrawal of the central bank’s stimulus policies.

In Commodities Markets oil prices fell on Wednesday for a third day, after the U.S. Energy Department said oil inventories rose for the first time in nearly three months, though crude futures remained on track for the fifth straight month of gains. U.S. oil inventories rose 6.8 million barrels in the week to Jan. 26, after 10 straight weeks of declines, which had declined supply to its lowest levels since early 2015. The increase far exceeded expectations for a rise of 126,000 barrels. Analysts noted that refiners have been cutting activity while U.S. crude production has kept rising. Oil prices faded immediately after the news, then retraced some losses when the data showed a surprising 2 million-barrel drawdown in gasoline stocks, suggesting demand for products may be enough to limit seasonal inventory buildup. U.S. crude futures were down 42 cents to $64.08 a barrel, a decline of 0.6 percent, after hitting a low of $63.92 shortly after the release. Brent crude fell 39 cents to $68.63 a barrel, a 0.6 percent decline.

In US Equity Markets indexes rose on Wednesday, with the Dow climbing more than 200 points after two days of steep losses, boosted by a jump in Boeing. The planemaker forecast full-year profit well above market estimates, sparking a 6.2 percent jump in its shares, the biggest weight in the price-weighted Dow Jones Industrial Average and the benchmark S&P 500. Boeing helped the industrials sector increase 1 percent, the most among the 11 major S&P sectors. But the biggest boost came from the tech sector, which gained 0.90 percent. Microsoft and Facebook were both up more than 1 percent ahead of their results after the bell. The S&P was up 0.26 percent, at 2,829.95 and the Nasdaq Composite .was up 0.42 percent, at 7,433.84. Among stocks, chipmaker AMD rose 4.7 percent, while Electronic Arts jumped 9.1 percent after their upbeat quarterly reports. Anthem’s strong results and forecast sent its shares up 2.5 percent and also boosted other health insurers.

In Bond Markets most euro zone government bond yields were up in late trades. Yields had initially fallen on Wednesday after data showed euro zone inflation was still missing the European Central Bank’s target, while ECB policymaker Benoit Coeure warned that monetary stimulus was still needed. However, by the end of the trading session, borrowing costs across the bloc had risen 1 to 3 basis points.  The yield on Germany’s 10-year government bond, the benchmark for the region, is up 26 basis points in January at 0.692 percent and set for its biggest monthly rise since October 2016. Germany’s bond yield curve is close to its steepest in around six months, with the gap between 2 and 10-year bond yields around 121 bps, up from 106 bps a month ago. U.S. 10-year Treasury yields, which this week hit their highest since April 2014, have risen almost 30 bps this month. They are poised for their biggest monthly rise since November 2016