Global equities decline

On Wednesday growing concerns over the turmoil engulfing President Donald Trump’s administration weighed on risk appetite, boosting the yen and gold and sending stocks lower.

S&P 500 Index futures declined with European and Asian equities on reports that Trump asked FBI Director James Comey to drop an investigation into former National Security Adviser Michael Flynn. The dollar was already in retreat after a report that the U.S. president shared terrorism intelligence with Russian officials, an action he has since defended.

After a protracted period of dormancy, financial markets are beginning to react to developments in Washington in a more unified manner. With stock and bond volatility muted, investors have looked for a clearer reaction to the political din in currency markets. The U.S. currency now sits at its lowest level since the day of Trump’s shock win, a retracement some blame on perceptions his legislative agenda faces deeper challenges.

The Stoxx Europe 600 Index fell 0.3 percent, after ending little changed in the previous session. Benchmark yields in France lost two basis points to 0.87 percent, while those in Germany declined two basis points to 0.42 percent.

OPEC’s internal Economic Commission Board meets in Vienna to discuss the market in preparation for the group’s formal meeting on May 25. The U.S. Energy Information Administration is projected to report that crude stockpiles declined by 2.67 million barrels in the week ended May 12.

Gold rose 0.7 percent to $1,245.92 an ounce, extending gains to a fifth day. Oil lost 0.3 percent to $48.52 a barrel. Industry data showed an unexpected increase in U.S. crude stockpiles, stalling a rally driven by Saudi Arabian and Russian pledges to extend supply cuts.

Japan’s Nikkei 225 Stock Average slid 0.5 percent, a day after the equities benchmark came within 2 points of topping 20,000. Australia’s S&P/ASX 200 Index lost 1.1 percent, and Chinese shares traded in Hong Kong fell 0.5 percent.