Japan's core machinery orders extended gains in July, raising hopes business growth spending may offset near-term headwinds from a global economic slowdown and a weaker yen, which has pushed up costs at home.

The European Union is set to unveil plans on Wednesday to skim off windfall profits from energy companies and impose cuts in electricity usage across the bloc, in a package designed to shield citizens and businesses from surging energy prices.

The Federal Reserve is likely to raise U.S. borrowing costs faster and further than previously expected after data on Tuesday showed underlying inflation broadening out rather than cooling as expected.

The Federal Open Market Committee, the Federal Reserve's policy-setting committee, is likely to raise its short-term interest rate target by a full percentage point at its policy meeting next week, because of the emergence of upside inflation risks, Nomura analysts said on Tuesday.

China and other big creditors have a responsibility to prevent the debt problems facing emerging market and low-income countries from exploding, International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday.

The International Monetary Fund (IMF) on Tuesday confirmed that it is moving toward expanding emergency financing for countries hit by surging food prices and shortages triggered by the war in Ukraine, with some 20 to 30 countries seen most in need.