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 ( SSNLF ) 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 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 hit a record high, as did its Emerging Markets benchmark and its broadest index of Asia-Pacific shares outside Japan.

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.

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 developments that could influence markets on Wednesday:

-- Company earnings: Arm Holdings, Novo Nordisk, Walt Disney, Uber, Equinor, Apollo Global Management, CVS Health, Infineon, BMW, Telecom Italia

-- 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