In European Equity Markets the pan-European Stoxx 600 finished the session down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses fell into the red. Utilities were the standout performers, gaining 0.7%. In terms of individual stocks, Swedish retailer Ica Gruppen saw its shares jumped 10.9% in deals to top the Stoxx 600. Danish beer maker Carlsberg was up 4.2% having earlier hit a fresh all-time high after it reported promising first-half earnings, raising revenue by 6.5% amid strong growth in Asia.

In Currency Markets sterling gained on Thursday, boosted by better-than-expected retail sales and news that Britain’s opposition Labour Party had begun its bid to bring down Prime Minister Boris Johnson and stop him taking him out of the European Union without a deal. The pound was last up by 0.7% at $1.2136, having briefly touched a one-week high of $1.2150, but it remains not far from the 31-month low of $1.2015 it reached on Monday. Against the euro, the pound was up by 0.6% at 92.14 pence, after falling to 92.50, its lowest since Aug. 6.

In Commodities Markets oil prices fell more than 1% on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories. In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the U.S. Treasury bond yield curve inverted on Wednesday for the first time since 2007. Brent crude fell as much as $1.81, or 3%, to $57.67 a barrel. The global benchmark was down $1.52, or 2.6%, at $57.96 and WTI was down 80 cents, or 1.5%, to $54.43

In US Equity Markets swung between gains and losses on Thursday as strong July retail sales and upbeat Walmart earnings eased fears of a recession, but mixed reports on trade and Cisco’s dismal forecast kept investors on edge. Walmart Inc shares rose 5% after the retailer reported second-quarter U.S. comparable sales that beat estimates and boosted its earnings forecast for the year. The company’s strong report lifted the consumer staples sector up 1.2%, the most among the S&P sectors.

In Bond Markets Italy’s 10-year bond yield fell to a near three-year low and German bond yields hit fresh record lows on Thursday, following reports of comments by the European Central Bank’s Olli Rehn that a significant easing package was needed in September. Italy’s 10-year bond yield fell to its lowest since late 2016 at 1.33%, and was last down almost 20 bps on day. Germany’s 10-year Bund yield fell to -0.706%, a record low.