In European Equity Markets the pan-European Stoxx 600 closed up 0.44 percent, with almost all sectors finishing in positive territory. Oil and gas stocks were the top performers Wednesday, up more than 1.4 percent as investors continued to monitor rising crude prices and looming sanctions against Iran. Galapagos shares jumped to the top of the European benchmark after positive trial results for a drug designed to treat rheumatoid arthritis. Shares of the company closed up over 17 percent on the news.

In Currency Markets the dollar was largely unchanged on Wednesday as markets remained cautious over the likelihood of an escalation in the trade conflict between the United States and China in the backdrop of growing weakness in the renminbi. China’s offshore yuan traded 0.1 percent weaker at 6.8857 per dollar after falling to 6.8888, its lowest in more than two weeks. The Australian dollar led major currencies lower, falling 0.3 percent to $0.7102 and not far from a February 2016 low of $0.7085.

In Commodities Markets oil futures climbed on Wednesday, with Brent reaching $80 a barrel, after a larger-than-expected drop in U.S. crude inventories and as U.S. sanctions on Iran added to concerns over global oil supply. Benchmark Brent crude futures were up $1.01 at $80.07 a barrel after reaching $80.13 a barrel, its highest since May 22. U.S. West Texas Intermediate (WTI) crude rose $1.73 to $70.98 a barrel, a one-week high. The spread between the two benchmarks widened 7 percent in the session to $9.30 a barrel.

In US Equity Markets the benchmark S&P 500 and the Dow were flat on Wednesday, as gains in energy companies helped offset a slide in technology stocks, which weighed on the Nasdaq. Shares of Apple, Twitter, Alphabet and Amazon.com fell between 0.8 and 2.8 percent after executives at these companies, among others, were asked to testify about consumer data privacy before a U.S. Senate panel on Sept. 26. The S&P 500 was down 0.05 percent, at 2,886.32 and the Nasdaq Composite declined 0.58 percent, at 7,926.47.

In Bond Markets Italy’s government bond yields rose on Wednesday after renewed signs of tension within the governing coalition in Rome over the 2019 budget. Italian two and five-year bond yields rose about 6 basis points each , while 10-year yields were up 2.5 bps at 2.80 percent ,above six-week lows hit a day earlier at around 2.70 percent. Outside Italy, most 10-year euro zone bond yields were down 1-2 basis points. Germany’s benchmark 10-year bond was down two basis points at 0.42 percent.