In European Equity Markets indexes closed higher Thursday afternoon as commodities-related stocks rallied and shares of Ocado jumped after the company signed a partnership deal. The pan-European Stoxx 600 rose to close higher by 0.5 percent, with all major bourses and most sectors in positive territory. Europe’s retail sector was the strongest performer Thursday afternoon, rallying to close up nearly 2 percent. Ocado boosted the sector, closing up over 44 percent after the British online supermarket said it had signed an exclusive deal with U.S. grocer Kroger. Europe’s utility stocks also did well on Thursday, up over 1.4 percent amid earnings news.

In Currency Markets the US dollar climbed to a four-month peak against the yen on Thursday, bolstered by the rise in U.S. Treasury yields that suggests a more upbeat outlook for the world’s largest economy. The dollar rose to its strongest versus the Japanese yen since Jan. 23 at 110.80 yen. It was last at 110.71, up 0.3 percent on the day. The euro, meanwhile, fell to near a five-month low against the dollar on Thursday on concerns about the demands of populist parties likely to form Italy’s next government. The euro slipped to $1.1799, just above the $1.1763 2018 low it hit on Wednesday. The euro has fallen six cents from more than $1.24 in three weeks after a huge dollar rally.

In Commodities Markets oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, hitting new multi-year highs on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market. The market continued to push higher as geopolitical concerns drove trading. Brent crude futures reached an intra-day high of $80.33 a barrel before receding to $80.16. U.S. West Texas Intermediate (WTI) crude futures were up 41 cents at $71.90 after also hitting their highest since November 2014, at $72.30 a barrel. A rapid decline in Venezuela’s crude production has further roiled markets in recent months.

In US Equity Markets indexes fell slightly on Thursday as U.S. bond yields climbed to a seven-year high and Cisco’s forecast disappointed, while looming Sino-U.S. trade talks added to the jitters.Shares of Cisco fell 3.6 percent and were the biggest drag on all the three major indexes, after the company’s forecast indicated its transition to a software-focused business was a work in progress. The S&P 500 was down 0.07 percent, at 2,720.44 and the Nasdaq Composite was down 0.11 percent, at 7,389.86. Six of the 11 main index groups were in negative territory. J.C. Penney Co fell 6.7 percent after its same-store sales missed estimates and the company warned its could post a loss this year.

In Bond Markets the yield premium investors demand for holding Italian bonds over Germany hit its highest since January on Thursday, as two anti-establishment Italian parties moved closer to a government deal that would ramp up spending. The far-right League and 5-Star Movement on Thursday agreed the basis for a governing accord that would slash taxes, boost welfare spending and pose the biggest challenge to the European Union since Britain voted to leave the bloc in 2016. Italy’s 10-year bond yield was up 5 basis points on the day at 2.14 percent, but off earlier 3-months highs of 2.18 percent. It remained on track for the biggest 2-day rise since March 2017, up 20 bps. The Italian/German bond yield gap briefly widened to 157 basis points, its widest since early January.