In Asian Equity Markets Japan’s Nikkei 225 fell 0.39%, retracing some of its earlier losses, and the Topix index declined 0.77%. Automakers declined as shares of Nissan declined 1.69%, Mazda Motor fell 3.48% while Toyota erased some of its earlier losses to trade near flat. Tech conglomerate SoftBank Group fell 3.04% while banking and financial stocks also traded lower. In South Korea, the Kospi index erased losses to trade up 0.2% and Kosdaq was up 1.17%. Australia’s ASX 200 fell 1.05% with the heavily-weighted financial subindex down 0.77%.

In Currency Markets the U.S. dollar was on the defensive on Wednesday, elbowed off a three-week peak by a reversal in U.S. yields as they headed south again ahead of a meeting of central bankers, at which the Federal Reserve is expected to give clues on further rate cuts. Central bankers will gather at Jackson Hole, Wyoming, on Friday with markets focused on a scheduled speech by Fed Chair Jerome Powell. The dollar was little changed at 106.330 yen after shedding 0.4% the previous day, while the euro was steady at $1.1094, having put on 0.2% overnight.

In Commodities Markets Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains. Brent crude had risen 13 cents, or 0.2%, to $60.16 a barrel, after settling 0.5% higher on Tuesday. U.S. crude oil stocks fell by 3.5 million barrels to 439.8 million in the week to Aug. 16, data from industry group the API showed on Tuesday. Analysts polled by Reuters had expected a decrease of 1.9 million barrels.

In US Equity Markets financial shares led U.S. stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week. The S&P 500 financial index fell 1.4% and the group weighed most heavily on the benchmark index among its major sectors, which all registered losses. The S&P 500 lost 0.79%, to 2,900.51 and the Nasdaq Composite fell 0.68%, to 7,948.56. Home Depot Inc shares climbed 4.4% to lead in percentage gains on the S&P 500 after the home improvement retailer’s quarterly earnings beat estimates.

In Bond Markets U.S. Treasury yields fell on Tuesday as the prospect of more central bank easing boosted demand for government debt, while concerns about Italy’s government and Britain’s tumultuous exit from the European Union fueled safe-haven buying. Benchmark 10-year notes gained 13/32 in price to yield 1.556%, down from 1.598% late on Monday. The two-year, 10-year yield curve flattened to 4 basis points, from 6 basis points.