ASIA/PACIFIC
Asian stocks moved mostly higher on Wednesday, supported by eased trade tensions and softer-than-expected U.S. inflation data. China’s Shanghai Composite index jumped 0.9%, while Hong Kong’s Hang Seng Index surged 2.3%. Australia’s benchmark S&P/ASX 200 Index edged up 0.1% as traders scaled back expectations for interest rate cuts from the Reserve Bank of Australia (RBA).
EUROPE
European markets traded lower as softer U.S. inflation data prompted investors to reduce their expectations for Federal Reserve rate cuts this year. The DAX in Germany ended the session down 0.47%, while the French CAC 40 also lost 0.47%. London’s FTSE 100 fell 0.33%, and the pan-European Stoxx 600 index slipped 0.24%, snapping a four-session winning streak. Traders are now focused on Thursday’s talks between Ukraine and Russia in Istanbul.
AMERICAS
Major U.S. stock markets closed with mixed results. The S&P 500 edged up by 0.1%, the Nasdaq Composite rose 0.7% and the Dow Jones Industrial Average declined by 0.2%. Annual inflation in the U.S. eased slightly to 2.3% in April, providing some relief to investors concerned about the Federal Reserve’s tightening cycle.
AFRICA
Egypt’s blue-chip index closed 0.4% higher. Commercial International Bank Egypt (CIB) reported a 39.48% year-on-year growth in consolidated net profits after tax for the first quarter (Q1) of 2025. In South Africa, the official unemployment rate – one of the highest in the world – rose to 32.9% in the first quarter from 31.9% in the final quarter of last year.
MIDDLE EAST
Most Gulf stock markets were largely flat on Wednesday, reflecting cautious sentiment as oil prices dipped amid concerns about rising U.S. crude supply. Saudi Arabia: Flat at 11,532 point. Abu Dhabi: Down 0.1%. Dubai: Down 0.06%. Qatar: Up 0.1%. Bahrain: Up 0.10%. Oman: Up 0.8%. Kuwait: Flat at 8,755 points. Meanwhile, Saudi Arabia’s Public Investment Fund (PIF) announced multi-billion-dollar deals with U.S.-based asset management giants Franklin Templeton and Neuberger Berman. In a separate development, the White House announced that U.S. President Donald Trump has signed a historic economic agreement with Qatar, expected to facilitate trade exchanges worth at least $1.2 trillion.
COMMODITIES
GOLD
Spot gold fell to its lowest level since April 11, slipping 1.8% to $3,188.52 an ounce, while U.S. gold futures eased 1.7% to $3,192.80, as rising trade optimism reduced demand for the safe-haven metal.
OIL
Brent crude futures declined 23 cents (or 0.35%) to $66.40 a barrel by 10:15 a.m. ET. U.S. West Texas Intermediate (WTI) crude futures slipped 19 cents (or 0.3%) to $63.48 as OPEC lowered its oil supply growth forecast for non-OPEC producers.