In European Equity Markets stocks closed lower on Tuesday, dragged down by banking stocks. The pan-European Stoxx 600 closed 0.3 percent lower with most sectors and major bourses trading in negative territory. Banking stocks were the worst performers, with the Royal Bank of Scotland falling to the bottom of the sector. The bank fell more than 5 percent following news that the U.K. government is to sell part of its stake for approximately £2.6 billion ($3.5 billion) — resulting in a loss as it returns the lender back to private ownership after its bailout in 2008.

In Currency Markets the US dollar rose on Tuesday, edging toward a six-month high hit last week, as the latest development in a growing trade conflict between the U.S. and its commercial partners prompted selling in emerging market currencies. The Mexican peso and Canadian dollar posted the biggest losses against the U.S. dollar as trade war concerns rose. Other emerging market currencies also fell in tandem with the peso such as the South African rand. The Mexican peso, meanwhile, fell to a more than one-year low against the dollar, which was last up 1.6 percent at 20.3968 pesos.

In Commodities Markets oil neared its lowest in a month on Tuesday following a report that the U.S. government had asked Saudi Arabia and other major exporters to increase oil output. Brent crude futures lost $1.19 to trade at $74.10 a barrel, having fallen earlier in the day to $73.81, the lowest since May 8. U.S. West Texas Intermediate crude CLc1 fell 8 cents to $64.67 a barrel. The U.S. government has asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels per day (bpd), Bloomberg reported on Tuesday, citing people familiar with the matter.

In US Equity Markets strong gains in tech heavyweights lifted the Nasdaq to a record intra-day high on Tuesday, while declines in financial and healthcare stocks weighed on the S&P 500 and Dow. The gains come after Nasdaq closed at a record high on Monday, adding to the upbeat sentiment since Friday’s job data. The S&P 500 was down 0.09 percent, at 2,744.37 and the Nasdaq Composite was up 0.10 percent, at 7,614.05. Amgen’s shares fell 2.9 percent and pulled the S&P healthcare index lower after Mylan got regulatory approval for a biosimilar.

In Bond Markets Italy’s government bonds sold off on Tuesday, facing renewed pressure after new Prime Minister Guiseppe Conte promised to bring radical change as he sought parliamentary backing for an anti-establishment government. Italy’s government bond yields, which move in the opposite direction to the price, rose as much as 20 basis points across the curve. Ten-year Italian borrowing costs were 18 basis points higher on the day at 2.74 percent and 2-year yields briefly jumped back above 1 percent.