Airfreight prices soar while ASX reaches its highest level in weeks

The Drewry Airfreight Index has surged 95 per cent over the past month, driven by reduced flight traffic over Dubai and rising fuel costs, including higher surcharges.

Markets are also pricing in a 65 per cent likelihood of an interest rate increase in May.

Meanwhile, the Australian Securities Exchange (ASX) climbed 1.56 per cent on Wednesday, reaching its highest level in two to three weeks.