Brent crude oil futures dropped over 3% to $68.7 per barrel on Wednesday, marking their lowest level since November 2021, as concerns over rising supply and trade policy uncertainty weighed on markets. OPEC+ announced plans to boost oil production by 138 000 barrels per day starting in April, marking the first output increase since 2022.

Gold remained near record highs at around $2 900 per ounce on Wednesday, supported by a weaker US dollar and increased safe-haven demand amid the rollout of new US tariffs. Trump's 25% duties on imports from Mexico and Canada took effect on Tuesday, alongside a tariff hike on Chinese goods to 20%, intensifying trade tensions and prompting retaliatory measures.

US stocks rebounded in afternoon trading following reports that the Trump administration might delay tariffs on automakers by one month. The S&P 500, Nasdaq 100, and Dow Jones all rose about 1.3%, providing relief after this week's equity selloff. This followed the US President's imposition of 25% tariffs on Canada and Mexico, along with increased Chinese levies, further tariff threats on other trading partners, and aggressive budget-cutting measures.

European stocks surged on Wednesday, nearly erasing losses from the previous session amid optimism that increased public spending on defence would boost economic growth. The STOXX 50 climbed 1.9% to close at 5,489, while the STOXX 600 added 0.9% to 556. In Germany, the CDU/CSU and SPD coalition agreed to ease strict borrowing regulations to allow defence spending to exceed 1% of GDP.

The Hang Seng jumped 2.80% to 23 594 on Wednesday, reversing losses from the prior session, driven by broad-based gains across sectors. Market sentiment improved after China maintained its GDP growth target at around 5% for 2025, consistent with 2024, despite ongoing trade tensions with the US. Beijing also announced new measures to support domestic consumption and the tech industry while lowering its inflation target to 2%, the first adjustment in over two decades from the previous 3% goal. Meanwhile, the Nikkei edged up 0.23%, recovering some of its prior losses as hopes grew for a potential US trade compromise with Canada and Mexico, easing concerns over the escalating global trade war.

The ALSI rebounded on Wednesday, gaining 1.14%, while the rand traded positively at R18.39/$ by 18h00. On the economic front, the S&P Global South Africa PMI rose to 49.0 in February 2025, up from 47.4 in January, indicating a milder contraction in private sector activity. Output and new orders continued to decline due to weak demand, though at a slower pace than in January. The wholesale and retail sectors saw the steepest drops, while export sales contracted at the slowest rate in six months.