In European Equity Markets the pan-European Stoxx 600 closed slightly lower, down by 0.17 percent with business sectors and major bourses revealing a mixed bag at the end of the day’s trading. Europe’s basic resources recovered from losses earlier in the day, rallying 1.7 percent by the market close. Luxembourg-based steel-maker Arcelormittal topped the sector, closing up over 4 percent. The sector had previously been weighed down by concerns of a global trade war. Oil and gas also performed well, rallying during afternoon trade to close up 1.24 percent. The U.K.’s Tullow Oil was the best performing company, closing up nearly 4 percent.

In Currency Markets the US dollar retreated from three-week highs on Wednesday as traders took some profits before the Federal Reserve’s first expected rate rise of 2018 and focused on whether it will indicate three or four increases are likely this year. The dollar fell 0.2 percent against a basket of currencies, after hitting a nearly three-week high on Tuesday. With the U.S. currency weakening, the euro and yen were able to recover some losses made on Tuesday. As the U.S. currency fell, the euro, which has been driven by dollar-related news in recent weeks, gained 0.3 percent to $1.2275, having fallen 0.78 percent on Tuesday and hitting a near three-week low of $1.2240.

In Commodities Markets U.S. crude oil stockpiles fell unexpectedly last week as imports dropped and refining rates jumped, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell 2.6 million barrels in the week to March 16, compared with analysts’ expectations for an increase of 2.6 million barrels. Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose 905,000 barrels, EIA said. U.S. crude futures extended gains after the report, and were up $1.26 a barrel at $64.80. Brent crude increased $1.64 to $69.06 a barrel.

In US Equity Markets stocks gained late on Wednesday morning, ahead of an imminent U.S. interest rate hike, as Facebook Inc’s  shares reversed course to trade higher and energy stocks got a boost from surging oil prices. Facebook shares gained 1.5 percent and provided some relief to the technology sector after two bruising days during which the social media company lost some $50 billion in market value over reports of data misuse that raised broader questions about consumer privacy and the need for tougher regulation. The S&P 500 gained 0.34 percent to 2,726.24 and the Nasdaq Composite rose 0.32 percent to 7,388.10.

In Bond Markets U.S. Treasury yields rose on Wednesday and two-year yields hit more than nine-year highs as investors awaited the conclusion of the Federal Reserve’s two-day meeting, in which the U.S. central bank is widely expected to raise interest rates. Two-year note yields, which are highly sensitive to interest rate policy, jumped to 2.357 percent, the highest since September 2008. Benchmark 10-year note yields increased to 2.900 percent, the highest since March 12. A jump in consumer prices in January increased expectations for four rate hikes this year, though February’s consumer price index last week showed prices cooled in that month.