In Asian Equity Markets shares in Australia led losses among the region’s major markets, with the S&P/ASX 200 declining more than 1.4% as shares of major miner BHP fell 2.5%. n Japan, the Nikkei 225 fell 1.07% in afternoon trade as shares of index heavyweight Fast Retailing declined more than 4%. Mainland Chinese stocks were mixed by the afternoon, with the Shanghai composite down about 0.3% while the Shenzhen component was up 0.18%. Hong Kong’s Hang Seng index declined 1.19%. South Korea’s Kospi traded 0.94% lower, as shares of chipmaker SK Hynix fell 1.78%.

In Currency Markets the yen and Swiss franc held gains against the dollar on Wednesday as appetite for safe-havens spiked after U.S. President Donald Trump warned a trade deal with China might not come until after the 2020 U.S. presidential election. In offshore trade, China’s yuan traded near its weakest versus the dollar since October due to waning hopes for a truce in trade war between the world’s two-largest economies. The yen stood at 108.54 versus the dollar on Wednesday, close to its strongest since Nov. 22. The Swiss franc was quoted at 0.9875 versus the dollar, near its highest level since Nov. 4.

In Commodities Markets oil prices rose on Wednesday ahead of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices. Brent crude futures were up 35 cents, or 0.6%, at $61.17 a barrel. U.S. WTI crude futures were up by 31 cents, or 0.6%, at $56.41. The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia – a group known as OPEC+ – are preparing to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group’s second-biggest producer.

In US Equity Markets stocks sold fell for a third consecutive session on Tuesday after comments from President Donald Trump and Commerce Secretary Wilbur Ross threw cold water on hopes of a possible near-term respite from the market-bruising U.S.-China trade war. The S&P 500 lost 0.66%, to 3,093.2 and the Nasdaq Composite fell 0.55%, to 8,520.64. Energy, financial and trade-vulnerable industrial stocks suffered the largest percentage losses. Audentes Therapeutics Inc’s shares jumped 106% after Japan’s Astellas Pharma Inc said it would buy the U.S. drugmaker for about $3 billion in cash.

In Bond Markets U.S. Treasury yields fell sharply on Tuesday, as tough trade talk from U.S. President Donald Trump and other world leaders triggered a flight to safety among investors. The benchmark 10-year yield was 12.7 basis points lower at 1.709% in afternoon trade. Around noon, they had fallen as low as 1.693%, 14.3 basis points off their close on Dec. 2 and the biggest daily fall since May 2018. The two-year yield, which typically moves in step with interest rate expectations, was down 8.2 basis points to 1.532% on Tuesday.