World shares hovered around record highs on Wednesday, as traders found ways to justify why increasingly complicated world economics and politics would not affect stocks, though ​jitters were apparent in precious metal and oil markets.

Investors were trying to balance those big-picture concerns with what will be a busy day in terms of short-term developments with U.S. corporate earnings gathering pace, ⁠a raft of Federal Reserve speakers and the possibility of a Supreme Court ruling on tariffs.

Ahead of that, broad share indexes in Asia and Europe both rose to all-time peaks with the former buoyed by Japanese ⁠markets, ‌as investors braced for a possible election that could lead to more stimulus there.

That optimism could peter out in the U.S., however, with S&P 500 futures down 0.4%, partly due to premarket falls from Citi and Wells Fargo after their results.

"We are starting the year as we left off last, people ⁠are very positive towards equities, and within that there is a slow burn rotation from the U.S. to the rest of the world, whether out of conviction or risk management, is hard to say," said Ben Laidler, head of equity strategy at Bradesco BBI.

"What's different is policy uncertainty, led by the U.S., has spiked, and that's generated headlines around 'sell America'.

"While that hasn't happened -- the dollar's got a bit of a safe-haven bid -- we are seeing it play out in this incredible metal rally," he said.

METAL SURGE

Silver rose to $92 per ounce for ⁠the first time on Wednesday. It began 2025 under $30 ​an ounce, and has surged 29% in the first nine trading days of the year.

Gold is back at record highs, and up 7% in the first two weeks of the year, while copper is also at unprecedented ‍levels.

Fears about everything from Federal Reserve independence to the pressure U.S. aspirations to own Greenland is putting on the NATO alliance via the implications of large protests in Iran are still firmly near the top of investors' minds.

Concerns over Iranian supply disruptions sent ​oil prices higher for a fifth straight session on Wednesday, with Brent futures up 1.36% at $66.3 a barrel.

BUSY DAY

Even if investors did not have to make time for thinking about great power politics and the importance of central bank independence, Wednesday would have been busy.

Shares of Bank of America rose in premarket trading after it beat estimates for fourth-quarter profit, as its traders capitalized on volatile markets, but those of Wells Fargo and Citigroup fell with the latter booking a $1.2 billion loss tied to the sale of its Russia business.

JPMorgan Chase on Tuesday said its profit exceeded analysts' estimates as its traders cashed in on volatile markets, though its shares fell as investment banking revenue missed.

It is possible the U.S. Supreme Court ruling on the legality of President Donald Trump's tariffs could come later in the day, and investors are also processing news that U.S. high-end department store conglomerate Saks Global filed for bankruptcy protection.

JAPAN IN FOCUS

Earlier in the day, Japan was the main focus as Prime Minister Sanae Takaichi moves towards holding a snap lower house election on February 8.

That sent the Nikkei up over 1% to a record and pushed Japanese government bond prices lower, ⁠a so-called "Takaichi trade" that appears to have been turbocharged this week as investors fret about the country's fiscal health.

That ‌is bad news for the Japanese yen, which fell to its weakest level since July 2024 but was last stronger at 158.63 per dollar after Japanese authorities reiterated warnings they may intervene directly in markets to stop its slide.

Other currencies were broadly steady, with the euro flat at $1.1648.

The benchmark 10-year Treasury yield was marginally softer at 4.16%.

China stocks reversed course to trade 0.4% ‌lower after Chinese stock exchanges tightened ⁠margin requirements in a surprise move to cool the red-hot equity market. Blue-chip stocks had hit a 10-year high on Tuesday.

Investors mostly looked past trade data where China reported a record trade surplus of nearly $1.2 trillion ⁠in 2025, led by booming exports to non-U.S. markets.

(Reporting by Ankur Banerjee in Singapore; Editing by Thomas Derpinghau, Kate Mayberry and Ed Osmond)