In European Equity Markets stocks fell on Wednesday, falling from 21-month highs, with Italian banks and construction stocks particularly weak. The pan-European STOXX 600 index was down 0.1 percent, falling from a high reached in the previous session and the euro zone benchmark fell 0.2 percent as German and French bluechip indexes eased from record highs. Construction and materials stocks were the biggest fallers, led by HeidelbergCement which reported its first-quarter operating profit fell 3 percent. Ubi Banca and Mediobanca fell between 1.9 percent and 1.2 percent respectively, while Italy’s banking index was down 0.6 percent.

In Currency Markets the dollar fell on Wednesday as risk appetite faded after U.S. President Donald Trump unexpectedly fired FBI Director James Comey, raising questions about whether this latest crisis could impede the implementation of the government’s economic agenda. The dollar, which had strengthened to as much as 114.32 yen on Tuesday, slid back to 113.90 yen, down 0.1 percent. Comments from European Central Bank President Mario Draghi on Tuesday, meanwhile, failed to have any impact on the euro, which was flat at $1.0875. Draghi said it was too early for the ECB to declare victory in its quest to boost euro zone inflation. Against a basket of six currencies, the dollar was down 0.1 percent at 99.55.

In Commodities Markets oil prices rose on Wednesday after Iraq and Algeria joined Saudi Arabia in supporting an extension to OPEC supply cuts and U.S. crude inventories fell more than expected. Crude inventories fell 5.2 million barrels in the week to May 5, the U.S. Energy Information Administration said, compared with expectations for a decrease of 1.8 million barrels. Global benchmark Brent crude was up 68 cents at $49.41 a barrel. U.S. light crude oil was 69 cents higher at $46.57 a barrel. Spot gold was up 0.2 percent at $1,223.42 an ounce. Among other precious metals, silver was up 0.6 percent at $16.24 an ounce. Platinum was up 0.7 percent at $907.60 and palladium rose 0.6 percent to $801.05.

In US Equity Markets stocks fell on Wednesday, weighed down by a string of weak corporate earnings, while investors turned cautious after President Donald Trump fired his FBI chief. The Dow was down 34.4 points, or 0.16 percent, at 20,941.38, the S&P 500 was down 0.07 percent, at 2,395.25 and the Nasdaq Composite was down 0.23 percent, at 6,106.23. Disney fell 2.5 percent after the media company reported lower-than-expected quarterly revenue and a decline in the number of ESPN subscribers. Allergan fell 3.2 percent after the Botox-maker posted a quarterly loss as it took a write down on the value of its stake in Teva Pharmaceutical.

In Bond Markets U.S. Treasury benchmark yields retreated from a five-week peak on Wednesday as President Donald Trump’s firing of his FBI director spurred some concerns about a political storm that could hinder Trump’s economic agenda. The benchmark 10-year Treasury yield fell 3 basis points to 2.376 percent, below a five-week high of 2.416 percent reached on Tuesday. The 30-year bond yield declined 3 basis points to 3.009 percent, retreating from the 3.047 percent struck on Tuesday, which was its highest level since March 31.