Commodities closed on Wednesday in negative territory, with Brent crude oil futures slipping to $66.30 per barrel on Wednesday, ending a four-day rally as traders likely took profits amid an alarming increase in US crude inventories and renewed concerns over demand. According to data from the EIA Petroleum Status Report, sentiment weakened after EIA data revealed a 3 454 million barrel rise in crude stockpiles. On the supply side, OPEC revised down its 2025 forecast for non-OPEC+ output growth to 800 000 barrels per day, from a previous estimate of 900 000 bpd, citing softer expectations from producers such as the US. However, the group is expected to raise output further following its meeting on 1 June. On the metals market, gold declined by 1.62% to trade at $3 182.61 per ounce. Neither were silver and platinum spared, shedding 2.02% and 0.18%, respectively.

US stocks advanced, with the S&P 500 climbing 0.22% (5 899.64, while Dow Jones increased marginally by 0.3% (42 151.82) and the Nasdaq outpaced them with a 0.73% gain (19 148.80). Investors paid close attention to President Donald Trump’s visit to the Middle East, which has captured the market’s interest. Technology shares led the day’s gains, significantly outperforming, while real estate and utilities lagged. Nvidia rose by more than 3%, extending its 5.60% jump from the previous session after news that it would supply over 18 000 AI chips to Saudi Arabia. Super Micro Computer surged 17% following the announcement of a $20 billion deal with Saudi-based data centre firm DataVolt. Among the major tech players, Apple and Amazon had very little change, while Microsoft (+0.40%), Meta (+0.80%), Alphabet (+0.60%), and Tesla (+2.70%) all traded higher. The US dollar index, however, slipped to 100.7, continuing its decline from the one-month high, amid increasing speculation that the Trump administration may be amenable to a weaker dollar. At 18h21 SAST the dollar gained 0.16% against the euro and had a 0.03% loss to the GB pound. 

European equities ended slightly lower as investors took profits and weighed the potential impact of pending US tariffs on the region's corporate outlook. The FTSE and DAX dropped by 0.21% and 0.42% respectively, while the STOXX 50 dipped 0.3% to close at 5 400 and the broader STOXX 600 fell by 0.40% to 542. Consumer discretionary stocks extended recent volatility, with LVMH and Kering down 2% and 3% respectively and L’Oréal slipping 3.30%. Healthcare shares also declined, as President Donald Trump prepared to introduce measures to cap drug prices - Sanofi and Bayer lost 1% and 2%. Meanwhile, the banking sector outperformed, with Santander, UniCredit and ING all gaining over 1%. In the UK, Burberry jumped 8.90% after announcing a series of internal organisational changes. The euro climbed back above $1.12, supported by the dollar’s weakness.  

In Asia, investor sentiment was shaped by fresh economic data out of China and ongoing concerns surrounding global trade dynamics. The Hang Seng rose by 2.12% to trade at 23 597.28, while the Shanghai Composite Index led regional gains, rising by 27.42 points (0.81%), as optimism around selective stock performances offset concerns about weakening credit conditions. Jiangsu Lianyungang soared 10.02%, while China Pacific Insurance and New China Life added 7.59% and 6.04% respectively. On the other hand, losses were seen in Sany Heavy Industry (-1.91%), Avic Shenyang Aircraft (-0.90%), and LONGi Green (-0.77%). 

Local equities ended the session in the red, with the FTSE/JSE All Share Index (ALSI) edging down 0.18% to close at 92 473.98. The JSE Financial 15 Index slipped 0.41%, while the JSE Top 40 declined by 0.28%. In contrast, the JSE Industrial 25 managed to buck the trend, closing 0.75% higher. Meanwhile, the rand firmed slightly against the US dollar, trading at R18.22 by 18h21 SAST, supported by improved risk sentiment and a modest retreat in the greenback.