U.S. Treasury Secretary Janet Yellen said on Thursday a second-quarter contraction of U.S. economic output was a sign of an inevitable and significant slowdown, but there was still broad strength in the economy, especially in jobs.

Vietnam is expected to register a trade surplus of $764 million in the first seven months of 2022, government data released on Friday showed.

Asian shares made cautious gains on Thursday as investors scented a possible slowdown in the pace of U.S. rate hikes, comforting bond markets and sending the dollar to a three-week low on the yen.

The dollar dropped to a three-week low versus the yen on Thursday after Federal Reserve Chair Jerome Powell assuaged investors' worries about continued aggressive monetary tightening.

Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices.

The Federal Reserve on Wednesday raised interest rates by 75-basis points for the second straight meeting and reiterated that further hikes would be appropriate to curb "elevated" inflation, which is weighing on global economic activity.