In European Equity Markets the pan-European Stoxx 600 was up 0.5 percent at the closing bell, with most sectors and major bourses in positive territory. Europe’s banking index led the gains Wednesday. It comes after a prominent Italian lawmaker reportedly said mergers among some of the country’s struggling lenders could help make Rome’s banking system more solid. Italy’s Unicredit, FinecoBank and Intesa Sanpaolo were trading around 2 percent higher on the news. Britain’s Pearson fell 6 percent after announcing a profit warning.

In Currency Markets the U.S. dollar rose against the euro on Wednesday as the single currency was pushed lower by worries about the euro zone economy, while sterling was strong ahead of a no-confidence vote in British Prime Minister Theresa May’s government. The euro was down 0.13 percent against the dollar, last at $1.140, after being compressed earlier in the session to a 12-day trough of $1.138. The dollar eased 0.17 percent to 108.83 yen after advancing 0.5 percent against its Japanese peer overnight, amid a further ebb in risk aversion with U.S. stocks posting strong gains.

In Commodities Markets oil prices edged lower on Wednesday after data showed growing U.S. refined product inventories and record crude production, which could undermine global efforts to support prices. Brent crude futures fell 44 cents, or 0.7 percent, to $60.20 a barrel. U.S. West Texas Intermediate (WTI) crude was 69 cents, or 1.3 percent, lower at $51.42 a barrel. U.S. fuel stockpiles last week rose more than forecast and for the fourth straight week, the Energy Information Administration said, outweighing a bigger-than-expected crude draw-down.

In US Equity Markets bank stocks drove Wall Street to a one-month high on Wednesday after strong earnings from Bank of America and Goldman Sachs, with a multi-billion dollar deal in the fin-tech sector adding to the boost. Goldman Sachs climbed 5.1 percent after topping quarterly revenue estimates on strength in equity trading, while Bank of America Corp jumped 5.4 percent after posting a quarterly profit that beat estimates on growth in loan book. The S&P 500 was up 0.44 percent, at 2,621.89 and the Nasdaq Composite was up 0.67 percent, at 7,071.05.

In Bond Markets Italy’s bond yields tumbled on Wednesday after record demand for a new 15-year bond a day earlier, while a selloff in UK gilts after a hefty parliamentary defeat for Prime Minister Theresa May’s Brexit plans hurt broader euro zone debt markets. Italy 10-year yields were last down over 10 basis points on the day to 2.76 percent. This pushed the spread of Italy’s 10-year debt over top rated Germany to 254 basis points, its tightest level for two-weeks. Spain’s 10-year bond yield was last down 1.5 basis points to 1.38 percent.