Euro zone consumers lowered their inflation expectations last month, a fresh European Central Bank survey showed on Tuesday, just as the bank was making plans to start rolling back a record string of interest rate hikes.
China's economy is set to grow 5% this year, after a "strong" first quarter, the International Monetary Fund said on Wednesday, upgrading its earlier forecast of 4.6% expansion though it expects slower growth in the years ahead.
U.S. consumer confidence unexpectedly improved in May after deteriorating for three straight months amid optimism about the labor market, but worries about inflation persisted and many households expected higher interest rates over the next year.
Most Asian stocks fell on Wednesday, weighed by persistent concerns that sticky inflation will push major central banks into keeping interest rates high for longer.
Oil prices rose in Asian trade on Wednesday, extending recent gains on hopes that demand will pick up with the onset of the travel-heavy U.S. summer season.
The dollar was stable on Wednesday on wagers the Federal Reserve is unlikely to cut rates until later this year ahead of crucial inflation readings this week, while the yen drifted to its weakest in four weeks.