European stocks higher

European stocks rose and U.S. equity futures and the dollar both steadied as investors awaited fresh insights into the path for borrowing costs from the Federal Reserve. A creditrating downgrade in China sank industrial metals and oil’s winning streak continued.

The Stoxx Europe 600 Index climbed a second day, but struggled to gain momentum as miners slumped after Moody’s Investors Service reduced its rating on the world’s biggest commodities consumer. That triggered declines across copper, nickel, zinc and iron ore.

The British pound strengthened after two days of losses, even as Prime Minister Theresa May warned that further terrorist attacks could be imminent. Crude extended gains a sixth day as OPEC prepared for Thursday’s key meeting in Vienna.

Moody’s action on China briefly rattled Asian markets, but against a backdrop of strengthening global growth and the impending release of minutes from the Federal Reserve’s latest meeting, investors appeared to quickly move on. Fed Bank of Philadelphia President Patrick Harker said June “is a distinct possibility” for the U.S. central bank’s second interestrate increase of 2017.

The pound rose 0.1 percent to $1.2971 as of 11:09 a.m. in London, following a two-day loss. The euro fell by less than 0.1 percent to $1.1178.

Nickel slumped 1.9 percent and copper fell 0.6 percent. Iron ore futures dropped 4.7 percent. China is the top user of materials. West Texas oil rose 0.2 percent to $51.56 a barrel, adding to a five-day advance. Gold added 0.1 percent to $1,252.30 an ounce, after dropping 0.8 percent on Tuesday.

The yield on 10-year Treasury notes fell less than one basis point to 2.27 percent. Bonds fell during the previous four days. Yields on benchmark French, German and British bonds all dropped two basis points.

The Shanghai Composite rose 0.1 percent, reversing a drop of 1.3 percent. The Hang Seng also ended higher after an earlier decline of 0.4 percent. Japan’s Topix index climbed 0.6 percent