World stocks hit new 12-month high

World stocks hit a new 12-month high on Wednesday, driven higher by positive earnings from U.S. tech giant Intel and surprisingly strong trade figures from economic powerhouse China.

MSCI's all-country world index rose as high as 294.38, a level last seen in early October last year. The index is up 29 percent this year.

MSCI's emerging market equities index also rose, reaching its highest since late August 2008 above 965 and gaining 1.5 percent on the day.