In Asian Equity Markets Japan’s Nikkei index rose to two-year highs on Wednesday, supported by an upbeat outlook for the global economy, while Japan Display rallied on a report that it had developed methods to mass-produce OLED panels at a low cost. The Nikkei was up 0.25 percent at 20,664.92 after reaching 20,689.05, its highest since August 2015. The broader Topix was up 0.15 percent at 1,686.79 after touching 1,687.71, its highest since August 2015. MSCI’s broadest index of Asia-Pacific stocks outside Japan climbed 0.3 percent to extend four straight days of gains. The Hong Kong’s Hang Seng Index rose to a level not seen since May 2015. The Philippines Stock Exchange added 0.7 percent to a record high.

In Currency Markets the dollar stepped back from a 1-1/2-month high against a basket of currencies on Wednesday on speculation that U.S. President Donald Trump’s choice for the next Fed chair could be a less hawkish candidate than some had expected. The euro traded at $1.1764, up 0.2 percent on the day and off Tuesday’s 1 1/2-month low of $1.16955. The dollar fell 0.2 percent to 112.64 yen. The British pound edged 0.2 percent higher to $1.3259, but was still down 1.0 percent so far this week. The Australian dollar bounced back slightly from Tuesday’s three-month low after the central bank cautioned that a higher currency would drag on the economy and inflation. The Aussie fetched $0.7856, up 0.2 percent on the day and off Tuesday’s low of $0.7785.

In Commodities Markets oil prices eased on Wednesday, with U.S. crude falling below $50 per barrel, pulled down by caution that a rally that lasted for most of the third quarter would not extend through the last three months of the year. U.S. West Texas Intermediate crude oil futures were trading at $50 per barrel, down 0.8 percent, from their last close. Brent crude futures were down 0.7 percent, at $55.62 a barrel. Spot gold had risen 0.3 percent to $1,275.34 an ounce. It touched its lowest since mid-August at $1,267.76 on Tuesday. Silver climbed 0.8 percent to $16.72 an ounce. Platinum was 0.5-percent higher at $912 an ounce, while palladium climbed 0.7 percent to $921 an ounce.

In US Equity Markets  the three major stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales. The Dow Jones Industrial Average rose 0.37 percent, to close at 22,641.67, the S&P 500 gained 0.22 percent, to 2,534.58 and the Nasdaq Composite added 0.23 percent, to 6,531.71. General Motors’ shares rose 3.1 percent and hit a record intraday high, while Ford’s stock was up 2.1 percent. Airline shares were among the biggest positives in the S&P 500. Delta Air Lines jumped 6.6 percent after it reported that its “cargo ton miles” metric rose 9.4 percent in September from a year earlier.

In Bond Markets U.S. Treasury debt yields fell on Tuesday in volatile trading as the market remained cautious two days after a mass shooting in Las Vegas, with investors also continuing to weigh the prospects of another interest rate hike this year. In late trading, the benchmark 10-year U.S. Treasury note yield was 2.335 percent, down slightly from 2.337 percent late on Monday, while the 30-year yield was up at 2.876 percent, compared with Monday’s 2.865 percent.

Economic Calendar

• 09:30 GMT+1 UK Services PMI
• 13:15 GMT+1 US ADP Non-Farm Employment Change
• 15:00 GMT+1 US ISM Non-Manufacturing PMI
• 15:30 GMT+1 US Crude Oil Inventories
• 18:15 GMT+1 EU ECB President Draghi Speaks
• 20:15 GMT+1 US Fed Chair Yellen Speaks