Asian equities were lower in Wednesday trade, bucking an overnight rally on Wall Street prompted by encouraging signs that US coronavirus infection rates were in decline.

American officials are beginning to tackle the question of how to safely reopen for business and ease lockdowns that have helped slow the pandemic but battered the economy.

The International Monetary Fund projected Tuesday that Lebanon's economy will shrink 12% in 2020 amid the country's worst economic and financial crisis in decades.

The announcement came as the local currency hit its highest pound-to-dollar exchange rate ever on the parallel market.

Wall Street stocks opened solidly higher Tuesday, bouncing back from a lackluster session as major banks kicked off earnings season in the wake of economic hit from coronavirus shutdowns.

The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic.

Oil prices rose Monday after top producers agreed to massive output cuts, but gains were capped as doubts grew about whether the move was enough to stabilise coronavirus-ravaged energy markets. 

The world's top oil-producing countries will meet via videoconference at 1600 GMT Sunday, a source close to OPEC said, as they try to address plummeting oil prices due to the coronavirus crisis.

Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump's mediation efforts to end a standoff with Mexico.

European Council President Charles Michel on Friday called an EU leaders' videoconference for April 23 to discuss how Europe can pick itself up from the economic damage caused by the coronavirus pandemic.

G20 energy ministers will hold a virtual meeting Friday after an oil production cut agreement between OPEC and its allies to shore up prices hit an impasse, with Mexico rejecting the proposed curbs.

Mexico declined to back the multilateral deal announced after marathon overnight talks to slash output in May and June by 10 million barrels per day and by eight million bpd for the rest of the year.

Inflation in China grew at its slowest pace since last October, official data showed Friday, falling from eight-year highs due to a drop in food prices as the country gradually lifts virus lockdowns.