Japan's economy grew more than initially reported in the second quarter, as the lifting of local COVID-19 restrictions boosted consumer and business spending.

Oil prices fell more than $1 on Wednesday to their lowest since before Russia invaded Ukraine as COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand.

The U.S. dollar soared in early European trade Wednesday, rising to a fresh 24-year high against the Japanese yen as traders anticipate further aggressive monetary tightening by the Federal Reserve.

Asian stocks fell to a two-year low on Wednesday on the back of disappointing Chinese trade numbers, while the dollar surged as U.S. data reinforced expectations for aggressive Federal Reserve rate hikes.

China’s trade surplus shrank more than expected in August, data showed on Wednesday, as sluggish manufacturing and COVID-related disruptions weighed on both exports and imports.

Oil prices slipped early on Tuesday, paring the previous session's 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market's recent slide.