The JSE closed 0.11% higher on Wednesday ahead of the South African Reserve Bank’s interest rate announcement later today. By 17h44, the rand had weakened, trading at R17.97 to the US dollar.

US stock markets closed lower on Wednesday, with the Dow falling 0.58%, the S&P 500 down 0.56% and the Nasdaq Composite dropping 0.51%, following reports that the Trump administration had urged American firms to suspend certain semiconductor software sales to China, reigniting trade tensions. However, in after-hours trading, stock futures advanced after Nvidia released quarterly results that exceeded expectations. Futures for the Dow, S&P 500 and Nasdaq 100 all rose by more than 1%. Nvidia’s shares surged over 5%, as the company’s first-quarter earnings and revenue surpassed forecasts, driven by a 73% year-on-year increase in its data centre division. These results highlight strong ongoing demand from the artificial intelligence (AI) sector, despite challenges posed by US export restrictions to China. Chief Executive Jensen Huang noted that the company is foregoing billions in potential revenue due to limitations on sales to China.

European shares retreated in afternoon trading on Wednesday, closing notably lower as recent gains were pared back across most major sectors. The Eurozone’s STOXX 50 slipped 0.70% to 5 380, while the broader STOXX 600 dropped 0.60% to 549. Investors were cautious ahead of Nvidia’s earnings, scaling back on riskier assets amid rising concerns about potential tariffs and export restrictions targeting the chipmaker, which could have a global market impact.

Hong Kong’s Hang Seng Index fell 0.50% to end at 23 258, reversing earlier gains. The decline was driven by widespread losses in financial, consumer, and technology stocks, as market sentiment deteriorated over fears of escalating China-US trade tensions once the current truce expires in July. Investor caution was also heightened by an intensifying price war in China’s automotive sector after BYD Co. announced significant discounts on several models. Additionally, traders are awaiting upcoming Chinese PMI data, with concerns lingering about weak manufacturing activity despite government stimulus efforts.

WTI crude oil futures rose for the second straight session, reaching around $62.60 per barrel. Prices were supported by expectations of tighter global supply and easing trade-related concerns. A US Court of International Trade ruling declared President Trump's global tariffs illegal, ordering their removal—a move likely to be appealed, but which temporarily reduced trade uncertainty and improved the outlook for global oil demand. On the supply front, OPEC+ concluded its latest meeting with an agreement to maintain current production levels, signalling ongoing output discipline as fundamentals tighten.