US stocks traded in mixed fashion on Wednesday, with the S&P 500 muted, while the Dow Jones saw a gain of 171 points, marking its sixth consecutive day of gains, the lengthiest streak since December. However, the Nasdaq experienced a slight decline of 0.20%, primarily due to a downturn in Tesla and Intel shares. Trading Economics reported that: “Tesla fell 1.70% after reports that US prosecutors are examining whether (the company) committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities. Intel also declined 2.20% after the US revoked China export licenses.” Investors kept their attention on corporate earnings updates and the Federal Reserve's (Fed) stance on policies, particularly following divergent remarks from various central bank officials. 

European stocks ended the day higher for the fourth time in a row on Wednesday, buoyed by ongoing optimism regarding potential monetary policy easing from both the ECB and the Fed, along with positive corporate earnings releases. The Eurozone's Stoxx 50 index rose by 0.50% to reach a new 23-year peak of 5 040, while the pan-European Stoxx 600 surged by 0.30% to achieve a fresh all-time high of 516. Trading Economics reported that: “AB InBev shares surged by 4% after the Belgian brewer reported better-than-expected sales in North America. Additionally, Munich Re led the gains in the financial sector in the currency bloc with a 3% jump after confirming its net profit guidance for the year. Regarding the broader Stoxx 600, Siemens Energy soared by 12.80% after the company returned to profit and lifted guidance, while French train maker Alstom added 9.40% after reporting higher sales and adjusted earnings despite a wider net loss for its fiscal year.”

On Wednesday, the Shanghai Composite declined by 0.61% to finish at 3 128 points, while the Shenzhen Component retreated by 1.35% to 9 639. Mainland stocks pulled back from their multi-month peaks as investors adopted a more cautious stance in anticipation of key economic data from China. The upcoming release of Chinese trade figures for April later today will be closely monitored by investors to evaluate the performance of the world's second-largest economy.

The FTSE/JSE All Share Index rebounded from initial declines to finish 0.32% higher at 77 177 on Wednesday, marking its highest level since April of the previous year and extending its winning streak for the fourth consecutive day. Traders remained focused on evaluating the Fed's interest rate projections and kept a close watch on additional corporate earnings reports. Risk-averse sentiment restrained the rand, while the US' tardiness in initiating the rate-cutting cycle impacted emerging markets, their currencies, and their capital flows.

Brent crude futures rose towards $84 a barrel on Wednesday, following official reports indicating a decrease in US crude stockpiles, suggesting a reduction in supply. According to EIA data, US crude inventories dropped by 1.361 million barrels last week, a reversal from the 7.265 million barrel increase in the previous period, driven by heightened refinery activity. Gold prices remained steady at approximately $2 310 an ounce on Wednesday, with investors eagerly awaiting US economic data for clues regarding the potential timing of Fed rate cuts.