In Asian Equity Markets the Nikkei 225 declined 1.12 percent, extending losses of more than 270 points in the last session on the firmer yen. Autos traded lower, as did other major exporters. Down Under, the S&P/ASX 200 shed 0.22 percent, with the heavily weighted financials sub-index weighing. South Korea’s benchmark Kospi, meanwhile, gave up early gains to track lower by 0.36 percent. Stocks of South Korean automakers were broadly lower on Thursday, with Hyundai Motor down 1.73 percent and Kia Motors sliding 3.57 percent. Greater China markets were narrowly mixed. The Hang Seng Index added 0.11 percent and on the mainland, the Shanghai composite hovered around the flat line.

In Currency Markets the US dollar lost momentum on Thursday after the double-whammy of dovish-looking minutes of the Federal Reserve’s last policy meeting and the threat by U.S. President Donald Trump of imposing new tariffs on imported cars. Against the yen, the dollar shed as much as 0.6 percent to 109.45 yen, a day after it had fallen 0.73 percent, its biggest fall in nearly three months. It last stood at 109.61 yen, down 0.4 percent on the day. The safe-haven Swiss franc also ticked up 0.2 percent to 0.9943 franc to the dollar, helped by investors’ cautious mood. It hit a three-week high of 0.9894 per dollar on Wednesday.

In Commodities Markets oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran. A surprise build up in crude oil inventories in the United States also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years. Commercial U.S. crude inventories rose by 5.8 million barrels in the week to May 18, beating analyst expectations for a decrease of 1.6 million barrels. Brent futures were down 27 cents, or 0.34 percent, at $79.53 per barrel. U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.24 percent, at $71.67 a barrel.

In US Equity Markets the S&P 500 erased losses to trade little changed on Wednesday after minutes from the last Federal Reserve meeting suggested higher inflation may not result in faster interest rate hikes. Shares of rate-sensitive utilities and real estate gained following the release of the minutes, leading percentage gains among sectors. Tiffany jumped 21.8 percent after the jeweler’s quarterly results blew past estimates and the company raised its full-year profit forecast and announced a $1 billion buyback program. The S&P 500 gained 8.85 points, or 0.32 percent, to 2,733.29 and the Nasdaq Composite added 47.50 points, or 0.64 percent, to 7,425.96.

In Bond Markets U.S. Treasury yields held at lower levels on Wednesday after minutes of the Federal Reserve’s May meeting showed that most Fed policymakers thought it likely another interest rate increase would be warranted “soon” if the U.S. economic outlook remains intact. Benchmark 10-year note yields held around the 3.02 percent level, down from 3.054 percent on Tuesday and from an almost seven-year high of 3.128 percent on Friday. The U.S. government sold 5-year notes at a high yield of 2.864 on Wednesday, near where they had traded before the auction, the second sale of $99 billion in coupon-bearing supply this week.