In European Equity Markets stocks closed mixed on Tuesday, as investors monitored bond yields and the latest deluge of corporate earnings. The pan-European Stoxx 600 closed flat, with most sectors and major bourses in negative territory. Travel and leisure stocks were the worst performers, down 1.4 percent. The sector was dragged lower by William Hill, after the U.K. Treasury said it planned to support a proposed cut in the maximum bet for fixed odds betting terminals. Shares of the U.K. firm fell 12.7 percent on the news. Meanwhile, oil and gas stocks led the gains Tuesday, up 1 percent, after Barclays published a list of its preferred European oil and refining stocks.

In Currency Markets the U.S. dollar and euro were largely unchanged on Tuesday morning as the 10-year Treasury yield broke through the psychologically significant barrier of 3 percent. The single currency stabilized around $1.22 on Tuesday after having touched a low of $1.2185 in the Asian session, its lowest since March 1. It has fallen 3 percent from a 2018 high above $1.2550 in mid-February. The dollar set a 2-and-a-1/2 month high of 109.17 yen and was holding near those levels. A stronger dollar also intensified pressure on some commodity-linked currencies such as the Australian dollar which fell 0.4 percent to 0.7577 per dollar, its lowest since Dec. 13.

In Commodities Markets oil rose above $75 a barrel on Tuesday to its highest since November 2014 before paring some gains, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran. Brent crude, the global benchmark, rose to its highest level since OPEC on Nov. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016. Brent  traded as high as $75.27, gaining for a sixth day, and was up 4 cents at $74.75. U.S. crude rose 3 cents to $68.67, having hit its highest since Nov. 28, 2014 on Thursday.

In US Equity Markets stocks turned negative on Tuesday, weighed down by shares of Alphabet and 3M and as yield on the 10-year Treasury notes rose to 3 percent for the first time in more than four years. The S&P 500 was flat at 2,671.09 and the Nasdaq Composite was down 0.28 percent, at 7,108.49. Before the bell, 3M reported quarterly earnings that met analyst expectations, but the stock fell about 7 percent. Alphabet, meanwhile, topped bottom-line estimates but its stock declined more than 3 percent. Bank stocks gained after the 10-year yield hit 3 percent. J.P. Morgan Chase, Citigroup, and Bank of America all rose more than 1 percent.

In Bond Markets Germany’s 10-year bond yield, the benchmark for the euro zone, rose to a 6-week high on Tuesday after U.S. 10-year borrowing costs hit 3 percent for the first time in four years. As U.S. 10-year Treasury yields hit 3.003 percent for the first time since January 2014, Germany’s 10-year Bund yield rose to as high as 0.655 percent. Both eased from those highs, with the yield on the 10-year Treasury falling to 2.98 percent by the end of European trading. Ten-year bond yields across the euro zone were flat to 0.5 basis points higher at the close of markets, having been steady for much of the session.