In European Equity Markets stocks rose on Wednesday, reaching their highest level in more than two weeks as retail stocks and financials gained, although Britain’s FTSE was hurt by a jump in sterling after reports of a breakthrough in Brexit talks. The pan-European STOXX 600 ended the session with a 0.3 percent gain. Euro zone blue chips  rose 0.2 percent. Financials contributed the most to gains, with Lloyds, Santander and Barclays  rising 1.8 percent to 3.6 percent. Britain’s FTSE 100 fell 0.9 percent as sterling climbed to a two-month high against the dollar. Tech stocks declined the most. Chipmakers STMicroelectronics, Infineon and Dialog Semiconductor lost 3.6 percent to 7.3 percent.

In Currency Markets the dollar traded roughly unchanged against a basket of major currencies as upbeat economic data and signs of progress on tax reform lifted sentiment but a rise in sterling weighed on upside momentum. Sterling  was last trading at $1.3437, up 0.76 percent on the day. Even as the British currency hit a two-month high some investors were wary of rushing in to buy the pound until more details emerged from a EU summit on Dec 14-15. The dollar index fell 0.12 percent, with the euro up 0.17 percent to $1.1859. The Japanese yen weakened 0.28 percent versus the greenback at 111.81 per dollar.

In Commodities Markets  oil prices hit session lows on Wednesday in a volatile session buffeted by conflicting statements from oil ministers a day ahead of OPEC’s meeting in Vienna, as members debate the path for an extension of the group’s supply-cut agreement. Brent crude futures fell 82 cents to $62.79 a barrel, while U.S. crude fell 97 cents to $57.01 a barrel. The market was less affected by a larger-than-expected 3.4 million-barrel drawdown in U.S. crude inventories, although gasoline and distillate stocks rising more than anticipated weighed.  Spot gold was at $1,284.16 an ounce, down 0.7 percent. Silver was down 1.3 percent at $16.62 an ounce, while platinum was down 0.3 percent at $945.90. Palladium was down 1.2 percent at $1,015.30 an ounce.

In US Equity Markets  the Nasdaq Composite index fell more than 1 percent in midday trade on Wednesday as investors sold off technology stocks and moved into financials that have gained on strong economic data and comments from Fed officials on future rate hikes. The Dow Jones Industrial Average was up 0.39 percent, at 23,928.94, the S&P 500 was up 0.01 percent, at 2,627.36 and the Nasdaq Composite was down 1.11 percent, at 6,835.94.  The high-flying FAANG stocks – Facebook, Amazon , Apple, Netflix and Google parent Alphabet – fell between 2.3 percent and 5.3 percent. JPMorgan climbed 2.5 percent and Bank of America rose 2.7 percent, putting the S&P financial index on track for its best two-day gains in more than a year.

In Bond Markets U.S. Treasury yields rose across most maturities on Wednesday bolstered by upbeat remarks on the economy by Federal Reserve Chair Janet Yellen and data showing stronger than expected U.S. economic growth for the third quarter. In mid-morning trading, the 10-year Treasury yield was up at 2.386 percent, from 2.337 percent late on Tuesday. U.S. 30-year bond yields were up at 2.827 percent from Tuesday’s 2.765 percent. U.S. two-year yields, which climbed to a nine-year peak last week, were at 1.774 percent from 1.758 percent on Tuesday.