In European Equity Markets stocks closed higher on Wednesday as investors kept their focus on earnings and monitored an upcoming Federal Reserve meeting. The pan-European Stoxx 600 closed more than 0.6 percent higher with most sectors trading in positive territory. Basic resources were the top-performing sector, up by almost 2.8 percent, on earnings. Tech stocks were among the top performers. Shares of chipmakers Austria Microsystems and STMicroelectronics rallied after Apple reported strong second-quarter earnings. Inmarsat rose more than 8 percent as demand for Wi-Fi on flights aided its first-quarter results.

In Currency Markets the U.S. dollar held below 3-1/2-month highs on Wednesday as investors awaited the outcome of a Federal Reserve meeting for indications on the U.S. central bank’s future interest rate path. The Fed was viewed as unlikely to raise rates on Wednesday, but market participants will be watching for indications of a rate hike next month, as well as whether the Fed changes its language on inflation to recognize increasing price pressures. The dollar index was last down 0.05 percent at 92.405, after rising to 92.566 on Tuesday, the highest since Jan. 10. Sterling rose 0.24 percent against the dollar to $1.3642, after data showed that UK construction activity rebounded faster than expected last month.

In Commodities Markets oil prices were flat on Wednesday, with U.S. crude up slightly as the market shrugged off a surprise build in U.S. crude inventories because the move was largely concentrated on the U.S. West Coast. Crude stockpiles posted a surprise build of 6.2 million barrels in the week, according to the U.S. Energy Information Administration. Nearly 5 million barrels were concentrated on the West Coast. July Brent futures were down 29 cents at $72.84 a barrel, after falling nearly 3 percent on Tuesday to their lowest in two weeks. U.S. West Texas Intermediate crude futures were up 4 cents at $67.29, off session highs of $67.85.

In US Equity Markets indices were slightly lower on Wednesday, with declines in biotechnology and insurers negating Apple’s rise after strong results, ahead of the Federal Reserve’s policy announcement. Apple was a bright spot, rising 4.1 percent after it posted resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks. Its suppliers Cirrus Logic, Lumentum Holdings and Skyworks Solutions were all up between 2.5 percent and 10 percent. The gains kept the S&P technology index in the positive territory, up 0.52 percent. The S&P 500 was down 0.16 percent, at 2,650.45 and the Nasdaq Composite was up 0.11 percent, at 7,138.48.

In Bond Markets Italian government debt was in demand on Wednesday after Italy’s president soothed concerns about a possible snap election in June which investors fear might raise the chances of a high-spending populist coalition. Italian 10-year bond yields fell 2.5 basis points (bps) to 1.754 percent at one stage, before all euro zone yields were pushed higher by a sell-off in U.S. Treasuries and data suggesting the euro zone economy was not as weak as expected. Germany’s 10-year Bund yield, the benchmark for the bloc, rose to 0.58 percent, but held below six-week highs set last week above 0.65 percent.