European stocks closed fractionally higher Tuesday, rebounding at the last minute after being pressured most of the session by the energy sector after Iran poured cold water on hopes for an output cap at a meeting of major oil producers this week.

U.S. stocks closed higher Tuesday, with the Dow industrials rising more than 100 points after the first presidential debate between Democratic candidate Hillary Clinton and Republican contender Donald Trump and a number of stronger-than-expected economic reports. The advance in stocks suggests that U.S. equity markets are betting that Clinton benefited the most from Monday's presidential debate. Stocks are rising on the prospect of a Clinton presidency because the Democrat is viewed as a known quantity while some view Trump as being more unpredictable-a bad thing for stock investors.

Asian stocks were mostly lower on Wednesday, with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets. Equities in Asia had gained the previous day on a perceived win by Democrat Hillary Clinton at the first presidential debate over Republican Donald Trump, who is seen as creating greater uncertainty for the U.S. and global economies.