MORNING BID EUROPE-Stocks surge in Seoul as Samsung surpasses Berkshire

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A look at the day ahead in European and global markets from Gregor Stuart Hunter

Global stocks were at record highs on Wednesday as some of Asia's biggest markets returned from a holiday in euphoric mood and resumed ramping up AI-related trades.

A rally in semiconductor shares sent South Korea's benchmark KOSPI index above 7,000 points in a historic first as the Seoul market reopened, with Samsung Electronics 005930.KS up 13% and breaking the $1 trillion market-cap barrier. Having recently overtaken Berkshire Hathaway, the electronics giant is now closing in on Walmart.

Oil prices tumbled for a second day after U.S. President Donald Trump said on Tuesday he would pause an operation to help escort ships through the Strait of Hormuz, citing "great progress" toward a comprehensive agreement with Iran.

Chinese stocks .CSI300 hit their highest since January 2022 as trading resumed, after a private gauge of the services sector showed activity expanded at a faster pace in April, helped by stronger growth in new business. Japanese markets remained closed for a holiday.

MSCI's All-Country World Index .MIWD00000PUS hit a record high, as did its Emerging Markets benchmark .MSCIEF and its broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS.

Risk-sensitive currencies surged, with the Australian dollar AUD= rising 0.7% to an almost four-year high of $0.72400 and its New Zealand counterpart rose 0.9% to $0.59380, its strongest in almost two months.

In early European trades, pan-region futures STXEc1 were up 0.6%, German DAX futures FDXc1 were up 0.4% and FTSE futures FFIc1 were up 1%.

Key developments that could influence markets on Wednesday:

  • Company earnings: Arm Holdings ARM.O, Novo Nordisk NOVOb.CO, Walt Disney DIS.N, Uber UBER.N, Equinor EQNR.OL, Apollo Global Management APO.N, CVS Health CVS.N, Infineon IFXGn.DE, BMW BMWG.DE, Telecom Italia TLIT.MI

  • French data: Industrial Output for March, HCOB Services PMI for April

  • German data: HCOB Services PMI for April

  • UK data: S&P Global Service PMI for April, Total Reserve Assets for April

  • German 7-year government debt auction

  • UK 9-year government debt auction


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