A sweeping bill passed by the U.S. Senate on Sunday and intended to fight climate change, lower drug prices and raise some corporate taxes, will bring down inflation over the medium to long term and cut the deficit, rating agencies Moody's (NYSE:MCO) Investors service and Fitch Ratings told Reuters on Monday.

Malaysia's economy grew at its fastest pace in a year last quarter, thanks to a strong rebound in private consumption and buoyant exports, but a global economic slowdown poses a significant risk to the outlook, a Reuters poll found.

Japanese wholesale prices rose 8.6% in July from a year earlier, data showed on Wednesday, slowing from the previous month's pace in a sign inflationary pressure from higher fuel and raw material costs was easing.

China's factory-gate inflation eased to a 17-month low in July, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer prices picked up pace, driven mostly by tight pork supplies.

 Asian shares fell and the dollar steadied on Wednesday as investors waited for a key U.S. report on inflation to provide hints to the Federal Reserve's plans for future monetary tightening.

Oil prices fell on Wednesday, extending overnight losses after industry data showed U.S. crude stockpiles grew more than expected in the past week.