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Grab has reason to be optimistic as it speeds towards its debut this week in New York. Southeast Asia’s answer to ride-hailing firm Uber , food delivery giant DoorDash and financial super-app Paytm wrapped into one has held firm against severe pandemic-induced lockdowns since announcing a $31 billion merger with a blank-cheque firm.

Asian stocks rose from a one-year low on Wednesday as U.S. share futures and oil recovered from the previous day's selloff, but uncertainty over the impact of the Omicron coronavirus variant kept investors on edge.

Uncertainty about the COVID-19 pandemic has not dented prospects for European stocks to hit record highs in 2022, boosted by a recovery in corporate profits, according to a Reuters poll of 23 fund managers, strategists and brokers.

Japanese shares rose on Wednesday after three straight sessions of sharp losses, with paper and pulp, shipping and auto stocks leading the rebound, although uncertainties over the impact of the Omicron coronavirus variant weighed on market sentiment.

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Riskier currencies bounced from recent lows and safe-havens such as the yen eased against the dollar on Wednesday as traders in Asia lightened some of their worries about the Omicron variant.

The South African rand continued its recovery from last week's plunge early on Wednesday, as risk appetite returned to markets, but uncertainty over the impact of the Omicron coronavirus variant was expected to keep investors on edge.

Manufacturing growth in the euro zone accelerated slightly last month but supply chain bottlenecks worsened, putting a cap on output and driving the cost of raw materials up at the fastest rate in over two decades, a survey showed.

Japanese shares closed higher amid choppy trade on Wednesday, marking a rebound from three straight sessions of sharp losses, although uncertainties over the impact of the Omicron coronavirus variant capped gains.

Oil prices rose more than 3% on Wednesday, recouping a big chunk of the previous session's steep losses, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant of the coronavirus.