Japan's services sector activity almost completely stagnated in July as rising inflation and growing economic uncertainty weighed on sentiment, while firms also said a boost from the lifting of COVID-19 pandemic curbs had faded.

China’s services sector grew at a faster clip in July from the previous month as it benefited from easing COVID-19 restrictions, a private survey showed on Wednesday.

Oil prices fell about 1% in early trade on Wednesday before paring some losses, ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar.

Most Asian stocks recovered slightly from recent losses on Wednesday, while bourses in Taiwan and China remained pressured by a potential standoff between Beijing and Washington. 

Toyota Motor (NYSE:TM) Corp is expected to report a double-digit drop in first-quarter profit this week, as a chip shortage and supply-chain woes forced the world's top automaker by sales to repeatedly slash production targets.

Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries.