Markets Drift as Investors Await Fresh Cues; Oil Jumps on Venezuela Tensions

Global share markets were mostly subdued on Wednesday as a mixed U.S. jobs report failed to alter the interest-rate outlook, leaving investors in wait-and-see mode ahead of key inflation data.

Oil prices rebounded after U.S. President Donald Trump ordered a “total and complete” blockade of sanctioned oil tankers linked to Venezuela, lifting geopolitical risk. U.S. crude rose 1.6% to $56.16 a barrel, while Brent gained 1.5% to $59.84, trimming sharp losses from the previous session.

Equity markets were mixed. Asia-Pacific shares (ex-Japan) edged up 0.35%, Japan’s Nikkei rose 0.28%, while U.S. and European futures eased slightly. Fed funds futures continue to price in around two U.S. rate cuts next year, with attention now turning to U.S. CPI data on Thursday.

In China, markets outperformed, led by a 700% debut surge in AI chipmaker MetaX, as investors backed Beijing’s push for domestic tech. The CSI300 climbed 1.6%, Shanghai rose 1%, and Hong Kong’s Hang Seng gained 0.6%.

Commodities were firm, with silver breaking above $65 an ounce for the first time and gold up 0.7% to $4,334.32, supported by softer dollar sentiment.