In European Equity Markets the pan-European Stoxx 600 closed 0.65 percent lower with all major bourses and most business sectors in negative territory. Media and technology were the only sectors in positive territory, and only marginally so. They were up 0.05 and 0.07 percent respectively. Basic resources fell the furthest, falling 2.26 percent at the market close. British-Mexican mining firm Fresnillo performed the worst, closing 4.2 percent lower. Its earnings report released Tuesday announced that the company had missed its annual profit expectations for 2017 and anticipated higher costs to come. Utilities and health care were also big movers Wednesday. Utilities closed 1.32 percent lower, while health care was 1.01 percent below the flat line.

In Currency Markets the US dollar rose to five-week highs on Wednesday, bolstered by an upbeat assessment of the U.S. economy from the Federal Reserve’s new chairman, which raised expectations the central bank could aggressively increase interest rates over the next two years. Also helping the dollar was a euro that fell to six-week lows after euro zone inflation slowed to a 14-month low, underlining the European Central Bank’s caution in removing stimulus in the region. The euro fell to a six-week low and was last down 0.3 percent at $1.2189. Against the yen, however, the dollar fell 0.3 percent to 106.98 yen. The yen rose after the Bank of Japan on Wednesday trimmed the amount of super-long Japanese government bonds it offered to buy at its regular debt-buying operation.

In Commodities Markets oil prices fell more than 1 percent on Wednesday and gasoline futures tumbled, after the U.S. government said crude inventories rose more than expected while gasoline stocks posted a big build instead of the draw that was forecast. U.S. crude inventories rose by 3 million barrels for the week ending Feb. 23, compared with analyst expectations for a build of 2.1 million barrels. Gasoline inventories rose by 2.5 million barrels, compared to analyst expectations for a 190,000-barrel draw-down. Gasoline futures fell sharply, leading the rest of the energy complex lower. U.S. West Texas Intermediate crude fell 75 cents at $62.26 a barrel, a 1.2 percent decline. Brent crude futures for the most active May contract were down 84 cents at $65.68 a barrel. Gasoline futures lost 2.2 percent to $1.7636 a gallon.

In US Equity Markets main indexes rose on Wednesday after the downward revision of U.S. economic growth in the fourth quarter weakened the case for faster increases in interest rates. The S&P 500 rose 0.43 percent to 2,756.19 and the Nasdaq Composite gained 0.52 percent to 7,368.17. A string of retail earnings drove gains in the S&P retail index, which was up 0.94 percent. Online retailer Etsy jumped 18 percent after its revenue beat estimates, and off-price apparel seller TJX rose 6.5 percent after reporting upbeat same-store sales. Celgene fell 6 percent after U.S. health regulators rejected the company’s application seeking approval of a key multiple sclerosis drug. Shares of No.2 home improvement chain Lowe’s fell nearly 9 percent after its quarterly profit and margins missed estimates as it spent heavily to take on competition.

In Bond Markets Euro zone bond yields dropped across the board on Wednesday as inflation in the bloc slowed, potentially complicating the European Central Bank’s plan to remove monetary stimulus and move towards raising rates. Annual consumer price inflation dropped as expected to 1.2 percent in February, capping a steady fall from 1.5 percent in November. The ECB wants to raise inflation to a target of below, but close to, 2 percent. Most euro zone government bond yields edged lower on the day. The yield on Germany’s 10-year government bond, the benchmark for the bloc, was lower 2 basis points to 0.66 percent. France’s 10-year government bond yield fell 3 bps to 0.92 percent, well off the 1.05 percent level of the start of February.