China's factory activity likely contracted for a fifth straight month in August, a Reuters poll showed on Tuesday, as weak demand threatens recovery prospects in the world's second-largest economy and pressures officials to prop up growth.

U.S. job openings dropped to their lowest level in more than two years in July, but remain relatively elevated, potentially prompting Federal Reserve officials to keep interest rates higher for longer to help loosen a tight labor market.

U.S. job openings dropped to the lowest level in nearly 2-1/2 years in July as the labor market gradually slowed, bolstering expectations that the Federal Reserve will keep interest rates unchanged next month.

Asian equities rose on Wednesday and the dollar wobbled as weak U.S. labour data bolstered bets that the Federal Reserve was likely done with its interest rate hikes, while beaten-down China stocks rose for a third straight day.

Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge.

The dollar nursed its sharpest drop in a month and a half on Wednesday, as investors bet that softer-than-expected U.S. jobs data reduced the chances of further Federal Reserve rate hikes.