French tire giant Michelin reported a 5.4% decline in first-quarter revenue to 6.2 billion euros, as currency headwinds offset otherwise stable business performance in a challenging global environment.

Japan’s factory output unexpectedly fell in March as production tumbled for a range of chemical and petroleum-based goods, data showed on Thursday (Apr 30), suggesting the Middle East conflict is beginning to harm the country’s fragile economy.

 The U.S. trade deficit in goods widened more than expected in March as a rise in imports ‌outpaced exports, suggesting that trade was likely a drag on ‌economic growth in the first quarter.

U.S. economic growth likely accelerated in the first quarter on a rebound in government spending after a crippling government shutdown, but the pickup is expected to be short-lived as the war with Iran drives up gasoline prices and squeezes household budgets.

The Federal Reserve will not cut interest rates this year, and traders of short-term U.S. interest-rate futures are now betting the U.S. central bank will raise in the first half of next year, after the Fed left short-term borrowing costs on hold for the third straight meeting this year and three policymakers dissented against its "easing bias."

Asian stock markets traded mixed on Wednesday amid ongoing U.S.-Iran tensions and caution ahead of the U.S. Federal Reserve decision, while investors assessed strong inflation data from Australia.