In European Equity Markets stocks gave up early gains by Tuesday’s close, as a downturn in commodities weighed on sentiment, despite positive trading from markets overseas. The pan-European STOXX 600 ended trade slightly higher, up 0.13 percent, off its session highs. The U.K.’s FTSE 100 fell 0.17 percent, while the Germany’s DAX rose 0.35 percent. Rio Tinto slipped 3 percent after HSBC downgraded its stock recommendation to a “hold” from a “buy”. In the previous session, the mining giant said it would look to lift 2018 iron ore shipments by 10 million tons after it reported a 1 percent rise in 2017 shipments. Hugo Boss was a top performer, rising 3.73 percent amid stronger-than-anticipated corporate earnings. The German fashion house returned to profit in the final three months of 2017 after a series of profit warnings.

In Currency Markets the euro retreated from a three-year high on Tuesday as investors sold the currency on doubts that the European Central Bank would back away from its pledge to keep buying bonds at next week’s meeting. Sources close to the ECB told Reuters that the central bank was unlikely to tweak its policy message so soon, as rate setters need more time to assess the outlook for the economy and the euro. The euro was last down 0.38 percent at $1.2215. The euro had climbed 2.7 percent between Thursday and Monday, making gains not seen since February 2016, and hit as high as $1.22965, its strongest since December 2014. The common currency was down 0.14 percent at 135.35 yen. The dollar’s index against a basket of six major currencies was up 0.29 percent at 90.703. It was up from Monday’s three-year low of 90.279.

In Commodities Markets Brent crude oil slip some of its recent gains on Tuesday, falling nearly $1 a barrel but healthy demand underpinned prices near $70, a level not seen since 2014’s market decline. Prices have been driven up by oil production curbs in OPEC nations and Russia, as well as strong demand thanks to healthy economic growth. Brent futures fell 90 cents to $69.36 a barrel. Brent hit $70.37 on Monday, a high from December 2014, when markets were at the beginning of a three-year decline. U.S. West Texas Intermediate (WTI) crude futures were at $63.95 a barrel, down 35 cents. Palladium, which hit a record high of $1,138 an ounce on Monday, was down 1.2 percent at $1,112.22. The metal has seen a sustained rally as high demand in the auto industry fueled concerns over a persistent supply deficit, sending net long positions to record highs.

In US Equity Markets the Dow eased slightly after hitting the 26,000 mark for the first time on Tuesday, as earnings season got off to a strong start following upbeat results from United Health and Citigroup. The largest U.S. health insurer rose 2.6 percent after reporting results that beat analysts’ estimates and raised full-year profit forecast. Citigroup Inc rose 0.72 percent after the lender reported a profit that topped expectations as strength in consumer businesses made up for lower revenue from bond and currency trading. The S&P 500 was up 0.28 percent, at 2,794.18 and the Nasdaq Composite was up 0.54 percent, at 7,300.07. Seven of the 11 major S&P sectors were higher, led by a 1.31 percent rise in the real estate index and a 0.72 percent gain in the healthcare index.

In Bond Markets Euro zone borrowing costs fell on Tuesday after a report that the European Central Bank is unlikely to ditch a pledge to keep buying bonds at next week’s meeting eased concern about an early end to the bank’s stimulus scheme. Germany’s 10-year government bond yield was down 4 basis points at 0.49 percent, comfortably below five-month highs hit last week. Thirty-year bond yields fell 5 basis points and were set for their biggest one-day fall since Dec 1. Two year German bond yields were set for their biggest daily fall in six weeks and were last down around 1 bps at 0.60 percent. Italian and Spanish bond yields were down 4 bps each, with the gap between Italian and German bond yields at its tightest level in over a month at 144 bps.