European Market Gained, Crude Oil Slid

In Europe, the pan-European STOXX 600 gained 0.6 percent, recovering nearly all the ground lost in the previous session and banking stocks .SX7P - which had led the risk-averse move lower on Tuesday - were also up 0.6 percent.

This followed gains in Asia: MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 0.6 percent while Japan's Nikkei .N225 rose 0.7 percent. 

Euro zone government bond yields, which fell to fresh lows on Tuesday, edged up on Wednesday as higher than forecast inflation in Spain was expected to be followed by similar data in Germany, defying the euro’s recent strength. 

Crude oil slid and gasoline futures touched their highest in over two years on Wednesday as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude while raising the risk of fuel shortages. 

U.S. gasoline futures RBc1 rose 5.8 percent to $1.8874, bringing gains this week to well over 10 percent. 

A rise in crude inventories as a result of refinery shutdowns, however, weighed on oil prices.

U.S. crude futures CLc1 fell 0.6 percent to $46.17 a barrel, after touching a five-week low on Tuesday. 

Global benchmark Brent LCOc1 slipped 0.5 percent to $51.67. 

Spot gold XAU= rose 0.1 percent to $1,310.86 an ounce on Wednesday. On Tuesday, the precious metal jumped to its highest since Trump was elected U.S. president.