In European Equity Markets the pan-European Stoxx 600 closed off by 1.45%. Autos and banks led the losses, both off more than 2%, as all sectors and major bourses traded firmly in the red. Germany’s DAX was among the worst-performing bourses after a series of weak earnings from German corporate giants, trading over 2% lower. Centrica led the loss in Europe after reporting a net loss of £550 million for the first half of the year along with a 49% decline in adjusted operating profit. It also announced CEO Iain Conn will step down. Shares of the company fell 19%.

In Currency Markets sterling fell towards $1.21 on Tuesday as growing concerns about the chances of a disorderly Brexit spurred investors to hedge or slash their exposure to British assets. The pound, its fortunes tied to the years-long process of negotiating Britain’s exit from the European Union, is suffering from signals of panic among investors that the UK is headed for a no-deal Brexit under new Prime Minister Boris Johnson. The pound fell to a low of $1.2120 and was last down 0.5% on the day at $1.2153.

In Commodities Markets oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, boosting demand expectations in the world’s biggest oil user. Brent crude rose 35 cents to $64.06 a barrel. It is set for a monthly fall of around 3.7%. U.S. crude was up 25 cents at $57.12 a barrel, but set for a monthly decrease of around 1.8%. Supply risks are still a concern as tensions remained high around the Strait of Hormuz, through which about a fifth of the world’s oil passes.

In US Equity Markets stocks fell on Tuesday as U.S.-China trade worries pressured technology shares, while the scale of consensus at the Federal Reserve in favor of deeper cuts in interest rates ate into optimism that drove markets to record highs last week. The S&P 500 technology sector fell 0.62%, with Apple Inc’s 0.84% decline weighing the most on the index. The S&P 500 lost 0.34%, to 3,010.69. The Nasdaq Composite fell 0.47%, to 8,254.09. Merck & Co Inc rose 2.24% after the drug-maker reported quarterly profit above expectations.

In Bond Markets Irish government bond yield spreads over Germany hit their widest in nearly two months on Tuesday, as chances rise of a no-deal Brexit that would cause particular damage to Ireland. The Ireland/Germany 10-year bond yield spread widened to 59 basis points at one point, the widest since June 5, before easing to 56 bps towards the close of the session. The Irish 10-year yield rose as high as 0.207%, the highest since mid-July. French 10-year bond yields remained deeply in negative yielding territory at minus 0.144%.