US consumer confidence unexpectedly improved in March as Americans grew more optimistic about the outlook for business conditions and the labor market.

South Korea's consumer sentiment improved in March to its highest level in nine months, with inflation expectations easing from a month earlier, a central bank survey showed on Wednesday.

Malaysia's central bank on Wednesday maintained its economic growth forecast for 2023 at 4% to 5%, saying that improved domestic conditions will likely offset risks stemming from a global slowdown and persistent inflation.

Most Asian stock markets rose on Wednesday as regulators further downplayed fears of a banking crisis, while Hong Kong’s Hang Seng index rose sharply as investors cheered a major restructuring in e-commerce giant Alibaba Group.

Oil prices rose in early Asian trade on Wednesday, extending gains into a third straight session as disruptions in Kurdish crude shipments and a potentially large draw in U.S. inventories pointed to tighter supply in the near-term.

The safe-haven U.S. dollar remained on the back foot on Wednesday following two days of losses as global financial markets regained a measure of stability on hopes a full-blown banking crisis can be averted.