Shares were mixed overnight as the rally which lifted equities to multi-year and record highs stalled. Nikkei 225 closed just above its best level since January 1992. Trump’s Asian tour and geopolitical tensions in the Middle East has muted the market rally so far. Trump called out China and Russia to cut any form of support to North Korea, as trade talks with China could prove to be a sensitive matter.

Dollar eased as forex investors grew concerned over delays in US corporate tax cuts. The greenback is in the red against its G-10 peers, recording gains only against the pound.

The pound eased on Wednesday on profit taking, following a strong performance on Tuesday. Emerging currencies were hammered on Tuesday, with the RUB and TRY leading the way. The South African rand was leading the charge today as EM recovered some ground but were quickly reversing their gains as the European session got under way.

WTI Crude oil retreated from its peaks overnight as Chinese oil imports dropped to their lowest in a year. Tensions in Middle East should keep markets supported as well as OPEC lead supply cuts. Gold inched higher as the dollar backed off. Gold may remain well bid given current geopolitical climate in Middle East and Trump’s visit to South Korea. Silver under performed on Tuesday. USD/JPY failed to gain traction above 114 and is quickly slipping towards 113.50.