In Asian Equity Markets the Nikkei 225 rose 0.53 percent in Tokyo, shrugging off weak core machinery orders, a leading indicator for capital expenditure, for the month of March. The broader Topix was higher by 0.4 percent, with its oil and iron sub-indexes among the best-performing sectors. Hong Kong’s Hang Seng Index was little changed, with the benchmark trading lower by 0.01 percent as banks and insurers slipped. On the mainland, the Shanghai composite shed 0.23 percent and the Shenzhen composite eased 0.29 percent. Tencent jumped 5 percent after the tech giant reported first-quarter net profit rose 61 percent to 23.9 billion yuan ($3.66 billion), topping forecast of 17.5 billion yuan.

In Currency Markets the US dollar stood tall against a basket of currencies on Thursday, as the euro retreated to a five-month low on concerns the political developments in Italy could cause wider disruptions in the common currency bloc. The euro was 0.05 percent higher at $1.1813 after sliding overnight to $1.1763, its lowest since Dec. 18. Political uncertainty in Italy, where populist parties have jostled to forge a common platform in a bid to lead the next government, have been a major drag on the euro. The New Zealand dollar traded at $0.6899 after managing to pull back the previous day from a five-month trough of $0.6851.

In Commodities Markets oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong. Brent crude futures were at $79.32 per barrel, up 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $71.68 a barrel, up 19 cents, or 0.3 percent, from their last settlement. U.S. crude inventories fell by 1.4 million barrels in the week to May 11, to 432.34 million barrels. The International Energy Agency (IEA) said on Wednesday that it had lowered its global oil demand growth forecast for 2018 from 1.5 million barrels per day (bpd) to 1.4 million bpd.

In US Equity Markets retail and technology stocks led Wall Street higher on Wednesday and the small-cap Russell 2000 hit a record peak, even as a rise in U.S. bond yields to an almost seven-year high suggested more competition for equities and investors fretted over geopolitics. Macy’s Inc shares advanced 10.8 percent after the department store operator reported results that beat analyst estimates and the company raised its profit outlook. The S&P 500 gained 0.41 percent, to 2,722.46, and the Nasdaq Composite added 0.63 percent, to 7,398.30. Of the 11 major sectors of the S&P 500, only rate-sensitive utilities and real estate stocks closed in negative territory.

In Bond Markets U.S. Treasury yields rose on Wednesday as the 10-year yield reached seven-year highs and tested key technical support at 3.10 percent, which may touch off another wave of bond sales if it rises much further above that level. The 10-year Treasury yield was up 1.5 basis points at 3.096 percent after touching 3.104 percent, which was the highest level since July 2011, in late Wednesday trading, Reuters data showed. The two-year yield, which is sensitive to traders’ views on Fed monetary policy, was marginally higher at 2.589 percent, which was the highest level since August 2008.