Samsung Surpasses Berkshire as Seoul Stock Market Hits Historic High
Global Market Highlights and Key Financial Developments
A look at the day ahead in European and global markets from Gregor Stuart Hunter
Asian Markets Rally on AI and Semiconductor Surge
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.
South Korea's KOSPI Index Breaks Records
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 up 13% and breaking the $1 trillion market-cap barrier. Having recently overtaken Berkshire Hathaway, the electronics giant is now closing in on Walmart.
Other Asian Market Movements
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 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.
Global Indices and Currency Movements
Record Highs for Global Indices
MSCI's All-Country World Index hit a record high, as did its Emerging Markets benchmark and its broadest index of Asia-Pacific shares outside Japan.
Currency Surges
Risk-sensitive currencies surged, with the Australian dollar 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.
European Market Opening
In early European trades, pan-region futures were up 0.6%, German DAX futures were up 0.4% and FTSE futures were up 1%.
Key Events and Data Releases to Watch
Corporate Earnings Announcements
Major Companies Reporting
• Company earnings: Arm Holdings, Novo Nordisk, Walt Disney, Uber, Equinor, Apollo Global Management, CVS Health, Infineon, BMW, Telecom Italia
Economic Data Releases
France
• French data: Industrial Output for March, HCOB Services PMI for April
Germany
• German data: HCOB Services PMI for April
United Kingdom
• UK data: S&P Global Service PMI for April, Total Reserve Assets for April
Government Debt Auctions
• German 7-year government debt auction
• UK 9-year government debt auction
(Reporting by Gregor Stuart Hunter; Editing by Christopher Cushing)
