Oil prices eased on Wednesday, after Brent crude futures ended the Tuesday session above $90 per barrel for the first time since November 2022.

The ICE Brent futures contract with November delivery was 0.57% lower at $89.54 per barrel at 1:03 p.m. London time, as WTI futures dipped 0.42% to $86.33 per barrel.

Saudi Arabia on Tuesday extended its 1 million-barrel-per-day voluntary crude oil production cut until the end of the year, state-owned media reported, sparking concerns over supply heading into winter.

— Jenni Reid

Shares of Polish logistics firm InPost were 9% higher in late morning trade, as the company beat estimates for the second quarter, after a cost management program boosted profit in Poland and trimmed losses in the U.K.

Shares of carmaker Renault were up by 2%, as the firm began a share buyback program running until Sept. 11.

At the bottom of the Stoxx 600 index, British retailer WH Smith fell 5.8% after issuing a full-year trading update. The company said it expected results in-line with expectations, and that revenue for the year ending on Aug. 31 was up 28% year-on-year, on an unaudited basis.

Sales soared in the company’s travel business, but growth was tepid in its high street stores, which Susannah Streeter, head of money and markets at Hargreaves Lansdown, said had disappointed investors.

“The retailer’s mid-price points in such a competitive landscape are not cutting it at a time when shoppers are so keenly rooting out value ranges,” she said in emailed comments.

— Jenni Reid

Ben Thompson, head of EMEA Leveraged Finance Capital Markets at J.P. Morgan, discusses the macro-economic outlook, U.S. interest rates and markets sentiment.

New manufacturing orders in Germany were down 11.7% month-on-month and 10.5% year-on-year in July, according to provisional Destatis figures published Wednesday.

The June figures were confirmed as a 7.6% monthly rise and a 3.3% annual rise.

“The big fluctuations in new orders seen in the past months therefore continued to be observed in July 2023,” the German statistics office said in a statement, attributing part of the July decline to a large order in the air and spacecraft sector in June.

Orders fell across numerous sectors, including computer and electronic product manufacturing, machinery and fabricated metal products. Orders for motor vehicles picked up slightly.

Real turnover in manufacturing was 1% lower month-on-month and 1.4% higher year-on-year.

— Jenni Reid

After a volatile month for global stocks, CNBC Pro screened the MSCI World index for major global stocks that are among the most overbought and oversold, based on their 14-day relative strength index.

The relative strength index (RSI), which measures the magnitude and speed of price moves, can be used by investors to determine if shares are overbought or oversold.

The stocks on the screen also have a market value of more than $10 billion.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Chip designer Arm filed an updated regulatory filing for a U.S. initial public offering, setting a range between $47 per share and $51 per share. SoftBank, which owns Arm, plans to sell 95.5 million shares. This all implies a valuation of up to $54.5 billion.

— Fred Imbert.

RBC has raised its bet on what it calls a “recession resistant’ Canadian company, doubling the weighting of the stock in its “Focus List” bucket to 5%.

Although the bank’s stock list has underperformed over the past six months, it has historically and consistently beaten its benchmark S&P/TSX Index.

The RBC Strategy Canadian Focus List returned 11.3% in compounded annual growth over the past five years. In contrast, the benchmark has risen by 7.8% on the same metric.

CNBC Pro subscribers can read more here.

— Ganesh Rao

HSBC named six Chinese internet stocks it says to buy — predicting that each have upside of at least 27%.

Valuations of Chinese internet stocks fell 5% between mid-June and the start of September, the bank said, adding that its picks offer “opportunities with good value.”

CNBC subscribers can read more here.

— Lucy Handley

Oil prices popped on Tuesday morning after Saudi Arabia extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.

Brent crude futures for November were up $1.49, or 1.67%, at $90.49 a barrel, while U.S. West Texas Intermediate crude October futures edged $1.95 higher, or 2.28%, to $87.50 a barrel.

Riyadh first applied the 1 million-barrels-per-day reduction in July and has since extended it on a monthly basis. This cut adds to another 1.66 million barrels per day of voluntary crude output declines that some other OPEC members have put in place until the end of 2024. Read more here.

— Pia Singh, Ruxandra Iordache

European markets are expected to open around the flatline Wednesday.

The U.K.’s FTSE 100 index is expected to open 15 points lower at 7,420, Germany’s DAX 8 points lower at 15,760, France’s CAC 5 points lower at 7,245 and Italy’s FTSE MIB down 25 points at 28,661, according to data from IG.

Data releases include German industrial orders for July and euro zone retail sales for July.

— Holly Ellyatt