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But even with uncertainty remaining, Italy's government bond yields fell from multi-year highs on Wednesday and a smooth bond auction brought a degree of calm to a battered market. Bank shares slumped another 5 per cent, having lost 4 per cent in the previous session, bruised by the sell-off in government bonds, a core part of Italian banks' portfolios. China's official factory gauge rose more than estimated in May while services also improved, signaling that the expansion remains robust even as debt curbs and trade tensions with the US cloud the outlook.

The 10-year Treasury yield was at 2.871 percent after brushing a 1-1/2-month low of 2.759 percent on Tuesday.

The EU's statistics authority, Eurostat, said inflation in the eurozone jumped to 1.9 percent in May, a sharp pick-up from the 1.2 percent recorded in April.

ITALIAN INSTABILITY: Investors feared the possibility of a financial crisis in Italy, the third largest economy in Europe, as well as the possibility that elections in the fall could become a referendum on Italy's use of the euro.

Spain's Ibex was down 2.2% ahead of a likely confidence vote on prime minister Mariano Rajoy on Friday.

Regarding the safe-haven assets, reignited fears of a global trade war supported Yen, The greenback edged lower by 0.09 percent versus the Japanese Yen, to close at 108.81, gravitating back towards Tuesday's five-week low of 108.10.

ASIA'S DAY: Japan's Nikkei 225 stock index dropped 1.5 per cent to 22,018.52. In New Zealand, the Reserve Bank's financial stability report is due out at 9am and traders will be watching for any comment related to the kiwi dollar.

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His tweets about the Parkland students have been sharply criticized by some Florida Republicans, including Gov. Comey, who would go on to be Federal Bureau of Investigation director and also get fired by Trump.

But investors have dropped long-standing bets that the European Central Bank would hike rates in June 2019 amid signs of weaker economic growth in the euro zone and market turmoil associated with a political crisis in Italy. In Rome, forces for and against Europe are in conflict with each other, and another election is expected to take place as early as September this year, after the parties in Italy were unable to form a government earlier this year in March.

Now, the Italian president has nominated Carlo Cottarelli, a former official at the International Monetary Fund, to create an interim government.

United States crude oil fell 25 cents to $66.50 per barrel in electronic trading on the New York Mercantile Exchange.

Oil prices remained under pressure from expectations that Saudi Arabia and Russian Federation would pump more crude, even as U.S. oil output rises.

But the potentially more significant news was that core inflation - which excludes food, energy, alcohol and tobacco - that also increased to an eight-month high of 1.1 percent.

Brent crude futures edged up 0.3 per cent after dropping to $74.49 per barrel on Monday, their lowest in about three weeks.