In European Equity Markets the pan-European Stoxx 600 closed provisionally up 0.6%, hitting a record high as most sectors and major bourses were in positive territory. Autos shares soared 3.8% to lead gains while utilities bucked the upward trend to fall 0.4%. Dutch lender ABN Amro missed fourth-quarter earnings expectations, sending the stock falling 6% to the bottom of the Stoxx 600. Sweden’s Evolution Gaming jumped nearly 15% to a record high after reporting strong fourth-quarter earnings
In Currency Markets the greenback gained on Wednesday, but held just below four-month highs reached a day earlier against the euro, as investors put more money into U.S. stock markets on greater optimism that the coronavirus will be contained. The euro dipped 0.05% against the greenback to $1.0909. It fell to $1.0889 on Tuesday, the lowest since Oct. 1. The New Zealand dollar jumped to a one-week high after the central bank removed the chance of a rate cut from its forward projections.
In Commodities Markets oil prices rose 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover. Prices held gains, as the U.S. government’s report of a larger-than-forecast weekly build in crude inventories was countered by a decline in fuel stocks, including an unexpected gasoline drawdown.
In US Equity Markets the S&P 500 and Dow Jones Industrials hit all-time highs on Wednesday as investors drew comfort from a drop in the number of new cases of coronavirus infections in China. The S&P 500 gained 0.46% to 3,373.24. The Nasdaq Composite was up 0.42% at 9,679.72. Molson Coors Beverage jumped 4.8% after the beer maker beat quarterly profit and sales estimates. Micron Technology Inc gained 5.7% after UBS upgraded the chipmaker’s shares to “buy”.
In Bond Markets Euro zone bond yields ticked up on Wednesday as the spread of the coronavirus that has spooked world markets showed signs of slowing. Most 10-year bond yields in the euro zone were up three basis points in early trade, with Germany’s benchmark rising to -0.36%, its highest since last Thursday.