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The euro zone is set to continue its eastward expansion after Bulgaria was deemed ready to become the currency bloc’s 21st member.

The European Commission recommended on Wednesday that the Black Sea nation of 6.4 million should be allowed to adopt the common currency in 2026. The European Union’s executive arm and the European Central Bank said in separate reports that all the requirements on issues including inflation and public debt had been fulfilled.

US stock futures extended gains as investors await further data on the labour market, which has so far held up better than expected amid the Trump administration’s trade war.

S&P 500 contracts rose 0.2% after the US benchmark posted consecutive advances for the first time since mid-May. MSCI’s gauge for global equities hit an all-time high after gains in European and Asian stocks. The dollar and US Treasuries were little changed

Mortgage demand in the US fell 3.9% last week, marking the third consecutive weekly decline, even as average rates on 30-year fixed mortgages edged down to 6.92%. Applications for home purchases dropped 4% but remained 18% higher than a year ago. Refinancing activity also slipped 4% and hit its lowest average loan size since July 2024, as borrowers continue to wait for steeper rate cuts. Despite more housing supply on the market, sales remain subdued, with economists eyeing Friday’s US jobs report for potential rate direction.

Asian markets rose on Wednesday, buoyed by Wall Street’s tech rally, with South Korea leading the advance after opposition leader Lee Jae-myung won the presidential election. The Kospi jumped 2.66% to its highest level since August, while the Kosdaq climbed 1.34%. Gains were more modest elsewhere in the region, as Chinese and Hong Kong markets were muted amid renewed U.S.-China trade tensions. Japan’s Nikkei rose 0.8%, and Australia’s ASX 200 added 0.89% despite weaker-than-expected GDP figures.

Oil steadied after a two-day gain as rains slowed the growth of some blazes that had disrupted Canadian crude production.

Brent traded around $65 a barrel after closing at a three-week high on Tuesday. One Canadian operator restarted a site after shutting down last week, with wildfires halting about 7% of output at one stage in the world’s fourth-largest producer.

Separately, the American Petroleum Institute reported US crude inventories dropped by 3.28 million barrels last week, according to a person familiar with the figures. That would be the biggest draw since March if confirmed by official data later on Wednesday.

Gold edged higher after falling in the previous session, buoyed by Asian bargain-hunters as concerns resurfaced over the impact of US President Donald Trump’s trade war.

The precious metal rose as much as 0.6% to $3,372 an ounce, following a 0.8% decline on Tuesday, after Trump signed a directive to double steel and aluminum tariffs to 50%, while trade relations with China and the European Union again turned sour. That outweighed a rise in US job openings that had boosted positive sentiment about the resilience of the American economy.

Bullion is up around 28% this year, less than $200 below an all-time high reached in April. It’s been bolstered by haven demand as investors have exited assets exposed to an expanding trade war. Central banks are also a major driving force, with their buying spree expected to continue amid geopolitical tensions and concerns about overexposure to the dollar.

Asia-Pacific markets advanced Wednesday after Wall Street rose on the back of a tech rally, led by chipmaker Nvidia, with South Korean stocks leading gains.

South Korean markets rose as opposition party leader Lee Jae-myung won the presidential election. The Kospi index popped 2.66% to end the day at 2,770.84, hitting its highest level since August last year, while the small-cap Kosdaq advanced 1.34% to 750.21.

Lee’s “election pledge has placed considerable weight on enhancing the value of the Korean stock market,” John Cho, Korea equity portfolio manager at J.P. Morgan Asset Management, said in a note.

Futures on Wall Street are pointing towards another positive start for the benchmark indices after the job openings data surprised on the positive side on Tuesday, leading to the indices ending at the day’s high.

The Dow futures are currently up 75 points, while the S&P 500 and Nasdaq futures are up 10 points and 25 points respectively.

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Futures are pointing towards another positive start for Wall Street.

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