In European Equity Markets stocks fell on Wednesday with Spain’s IBEX marking its biggest loss since last year’s Brexit vote shook equity markets. The pan-European STOXX 600 index was down 0.1 percent at its close while Spain’s IBEX  posted a 2.9 percent loss. Catalonia-headquartered Caixabank and Banco Sabadell the stocks most sensitive to the rising political risk, fell 5 and 5.7 pct. Italian banks also took a hit as yields on Italian sovereign bonds rose, with Banco BPM and UBI Banca losing 5.3 and 3.8 percent respectively. Buoyed by strong data in the United States, car makers boosted Germany’s DAX, with Volkswagen rising 2.3 percent and Daimler rising 1.2 percent.

In Currency Markets the U.S. dollar pared losses on Wednesday after data showed a service sector index increasing to its highest level in more than 12 years, boosting the likelihood that the Federal Reserve will raise rates at its December meeting. The dollar index was last down 0.7 percent at 93.479, after earlier falling as low as 93.259. A stronger pound and euro also weighed on the dollar following better-than-expected UK and Eurozone service sector data.  Euro added 0.15 percent to $1.1762. Gains in the euro were capped, however, as political uncertainty remained front and center in the wake of Catalonia vote for independence. Against the Japanese yen, the dollar fell 0.02 percent to Y112.83 while the sterling rose to $1.3275, up 0.29 percent.

In Commodities Markets  oil prices were little changed on Wednesday, though U.S. futures caught a bit of a bid against the Brent benchmark after a surprising jump in U.S. exports to a record 2 million barrels a day. November U.S. crude was up 2 cents to $50.47 a barrel. Brent was down 11 cents to $55.87 a barrel. U.S. crude inventories fell 6 million barrels in the week to Sept. 29, a much bigger decline than the decrease of 756,000 barrels analysts had expected.  U.S. gold futures for December delivery rose 0.3 percent to $1,278.20. Silver climbed 0.3 percent to $16.64 an ounce. Platinum rose 0.7 percent to $913.30 an ounce, while palladium climbed 0.4 percent to $919.20.

In US Equity Markets  the S&P 500 and the Nasdaq reversed course to scale new record highs on Wednesday after U.S. Secretary of State Rex Tillerson denied reports that he had considered resigning. The Dow Jones industrial average was up 0.09 percent, at 22,662.99, the S&P 500 was up 0.045 percent, at 2,535.73. The Nasdaq Composite was up 0.01 percent, at 6,532.21. A decline in technology stocks had pulled down the S&P and the Nasdaq in early trading.  Six of the 11 major S&P indexes were higher, led by the healthcare, which got the biggest boost from Mylan. Mylan rose 16.7 percent after the U.S. FDA approved the company’s copycat version of Teva’s blockbuster multiple sclerosis drug. Teva Pharmaceutical fell 14 percent.

In Bond Markets  U.S. Treasury debt yields rose on Wednesday after data showed a stronger-than-expected index for the U.S. services sector for September. In mid-morning trading, the benchmark 10-year U.S. Treasury note yield was at 2.339 percent, up from 2.332 percent late Tuesday, while the 30-year yield was at 2.881 percent, compared with Tuesday’s 2.872 percent.