Europe little changed

European stocks and U.S. share futures struggled for direction as a bounce on optimism over the American economy faded and President Donald Trump battled to revive his legislative agenda. The pound was choppy as the U.K. prepared to start its exit from the EU.

The Stoxx Europe 600 Index erased gains to trade little changed as of 10:38 a.m. in London, with auto makers leading the gauge for a second day. European bonds mostly edged higher, with a one-basis point decline in the yield of 10-year Spanish bonds among the largest moves.

Sterling pared losses of as much as 0.6 percent to edge lower before a letter formally triggering Britain’s departure from the European Union is delivered. The South African rand weakened further as traders await clarity on the fate of Finance Minister Pravin Gordhan.

Merger negotiations between London Stock Exchange and Deutsche Boerse were halted after EU antitrust regulators blocked the proposed deal, as expected, saying the merger’s size would have harmed competition. LSE shares gained 1.8 percent, while Deutsche Boerse was up 0.3 percent.

Global stocks remain on course for a fifth straight month of gains as the reflation trade triggered

West-Texas Intermediate crude oil rose 0.7 percent to $48.69, extending Tuesday’s 1.3 percent advance as an unexpected disruption in Libyan crude output helps investors shrug off record U.S. by Trump’s election proves its resilience. Stronger growth from the world’s biggest economy to developing nations has helped underpin the rally, even amid doubts about the president’s ability to enact progrowth policies.

stockpiles. Gold rose less than 0.1 percent to $1,252.70.

The MSCI Asia Pacific Excluding Japan Index rose 0.4 percent, with Australia’s S&P/ASX 200 Index and New Zealand’s S&P/NZX 50 adding at least 0.9 percent. Japan’s Topix Index fell as more than 1,500 of its constituent companies traded without the right to their latest dividend.