Most Asian stocks fell on Wednesday amid persistent fears of an economic slowdown this year, although technology-heavy indexes were aided by consensus-beating results from major U.S. firms.
Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer.
The U.S. dollar and the yen were steady on Wednesday, holding onto overnight gains as concerns over the U.S. banking sector and economy hit sentiment, while the Aussie slid after easing inflation suggested less pressure to raise interest rates.
Most Asian stocks fell further on Tuesday, with South Korea’s KOSPI plummeting on a soft GDP reading, while losses in U.S. technology stocks spilled over into regional markets amid concerns over a slowdown in earnings.
Oil prices held steady on Tuesday as investors weighed strong holiday travel in China that could boost fuel demand against the prospect of rising interest rates elsewhere, slowing economic growth.
The dollar was on the back foot and the euro climbed on Tuesday, as regional bank jitters had traders expecting U.S. interest rate cuts before long, while in Europe a 50 basis point hike remains a live option at next week's central bank meeting.