In European Equity Markets the pan-European Stoxx 600 was down around 0.9 percent, with most sectors and major bourses in negative territory. Europe’s technology stocks were the worst performers Wednesday, down 2.2 percent percent amid a flurry of rating downgrades. Credit Suisse lowred its target price for France’s Iliad, while Jefferies warned the margin performance of Switzerland’s Temenos was likely to disappoint investors this year. Shares of both companies fell more than 6 percent. Danish hospital equipment maker Ambu fell to the bottom of the European benchmark falling over 10 percent after investment firm Chr. Augustinus Fabrikker reduced it’s holding.

In Currency Markets sterling jumped on Wednesday, rebounding off a two-week low, after a Bloomberg report that the United Kingdom and Germany were prepared to drop a key sticking point on Brexit negotiations fueled hopes of a breakthrough in talks. Investors rushed to buy the currency after the report, lifting it nearly one percent to a three-day high of $1.2983. From trough to peak, sterling has rallied more than 1.2 percent on an intraday basis as the latest headlines prompted investors to cut short bets. Against the euro, the British currency rallied half a percent to 89.65 pence. The currency had been struggling earlier around $1.2787.

In Commodities Markets oil fell below $78 a barrel on Wednesday as a U.S. Gulf tropical storm weakened and moved away from oil-producing areas and concern about weakening global demand added downward pressure. Crude had jumped the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from tropical storm Gordon. But by Wednesday the storm was weakening, reducing its threat to oil producers. Brent crude, the global benchmark, fell 54 cents to $77.63 a barrel. On Tuesday prices had climbed to $79.72, their highest since May. U.S. crude was down 62 cents at $69.25.

In US Equity Markets stock indexes were lower on Wednesday, weighed down by Facebook, energy stocks and concerns over the possibility of President Donald Trump going through with plans to slap new tariffs on Chinese goods as early as this week. Facebook fell 0.6 percent, while Twitter declined 2.4 percent as their top executives appeared in front of the Congress over what lawmakers see as a failure to combat continuing foreign efforts to influence U.S. politics. The S&P 500 was down 0.17 percent, at 2,891.90 and the Nasdaq Composite declined 0.42 percent, at 8,056.97.

In Bond Markets U.S Treasury prices gained slightly on Wednesday as renewed weakness in emerging markets boosted demand for low risk U.S. government debt, though pressure from a heavy corporate debt supply calendar limited gains. Benchmark 10-year notes rose 1/32 in price to yield 2.900 percent, down from 2.902 percent on Tuesday. Markets are now focused on the Labor Department’s August jobs report, which is due to be released on Friday. It will be evaluated for further indications of the strength of labor markets and wage pressures.