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World stock markets hovered below three-month highs on Wednesday, while the dollar stumbled ahead of a meeting of the U.S. Federal Reserve.

Business conditions are improving after a tough start to the year, Credit Suisse Chief Executive Thomas Gottstein said in a presentation released on Wednesday.

Oil prices fell on Wednesday after a rise in crude and fuel stockpiles in the United States revived fears about oversupply and falling fuel demand in the world's largest crude consumer amid the coronavirus outbreak.

Swiss private bank Julius Baer faces investigation by watchdog FINMA over whether it followed correct procedures against money laundering in its ties with a former Argentine client, the Neue Zuercher Zeitung newspaper said on Wednesday.

The dollar fell against most currencies on Wednesday amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields in a policy decision later in the day.

Asia's stock markets edged up to a fresh three-month high on Wednesday, with the dollar again under pressure but sentiment was largely cautious ahead of the U.S. Federal Reserve's next move.

Cathay Pacific Airways Ltd said it expects to repay the Hong Kong government for HK$19.5 billion ($2.52 billion) of preference shares over a three to five year period.

Shares of Cathay Pacific Airways Ltd surged as much as 18.7% on Wednesday, reaching their highest level since Feb. 24, after the carrier announced a HK$39 billion ($5 billion) recapitalisation plan led by the Hong Kong government.

European Central Bank officials are drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans in the wake of the coronavirus outbreak, two people familiar with the matter told Reuters.

Emirates, one of the world's biggest long-haul airlines, will lay off more pilots and cabin crew on Wednesday, sources said, in what would be a second day of redundancies.

Oil prices fell on Wednesday after data showed a rise in crude and fuel stockpiles in the United States, reviving concerns about oversupply and falling fuel demand in the world's largest crude consumer amid the coronavirus outbreak.

Chinese companies are putting off plans for U.S. listings as tensions between the world's top two economies rise, lawyers, bankers, accountants and regulators involved in what has been a major capital-raising route told Reuters.

China's producer prices fell by the sharpest rate in more than four years, underscoring pressure on the manufacturing sector as the COVID-19 pandemic reduces trade flows and global demand.

Asian stock markets eked out a 10th consecutive session of gains on Wednesday, but momentum ebbed as doubts about the global recovery from the pandemic returned ahead of the U.S. Federal Reserve meeting.

The dollar nursed losses against most currencies on Wednesday amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting.

Oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the world's largest crude consumer.

Oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the world's largest crude consumer.

The U.S. dollar is unlikely to make significant moves higher in the near term because of the ballooning budget deficit, Jeffrey Gundlach, the billionaire chief executive of DoubleLine Capital, said on a webcast presentation on Tuesday.

Shares of Cathay Pacific Airways Ltd were set to open sharply up 18.7% on Wednesday after it announced a HK$39 billion ($5 billion) recapitalisation plan led by the Hong Kong government to help it weather the coronavirus pandemic.

The dollar nursed losses against most currencies on Wednesday amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting.