European market lower

On Thursday the euro traded little changed and investors piled into a Spanish bond auction while the nation’s stocks recovered as Economy Minister Luis de Guindos poured cold water on Catalonia’s bid for independence. The pound fell against most major peers as political noise swirls around U.K. Prime Minister May’s leadership in the wake of her Conservative Party conference speech.

The broader European equity gauge nudged lower while Treasuries and the dollar were steady as traders awaited minutes from the latest ECB meeting and U.S. jobs data on Friday. The single currency remains near Monday’s six-week low in the wake of the contentious vote in Catalonia, while the dollar held near its recent 11-week high and Treasury yields held around 2.33 percent as investors weigh who Trump will choose to helm the Federal Reserve.

In Spain, the prospect of secession has increased pressure on Prime Minister Mariano Rajoy while rattling Spanish markets. His next move could involve suspending the regional government and implementing direct rule from Madrid. Emerging-market stocks are showing signs of shrugging off declines from last month that were triggered by concern a stronger dollar would hurt developing nations’ currencies.

The Stoxx Europe 600 Index sank 0.2 percent as of 10:21 a.m. in London, the largest decrease in almost three weeks. The MSCI All-Country World Index decreased less than 0.05 percent, the first retreat in more than a week. Spain’s IBEX Index rose 0.4 percent. The MSCI Emerging Market Index increased 0.1 percent, reaching the highest in two weeks on its fifth consecutive advance.

West Texas Intermediate crude climbed 0.4 percent to $50.16 a barrel, the largest increase in more than a week. Gold rose 0.3 percent to $1,278.06 an ounce, the biggest advance in a week.

Copper rose 0.5 percent to $6,552.50 per metric ton, the highest in more than three weeks on the largest advance in a week.