The yen lost ground to major currencies on Wednesday, while the yuan hit its strongest level in over a year, as China's aggressive stimulus package provided the latest shot in the arm for risk appetite.

European stocks are expected to open in negative territory Wednesday, paring gains from the previous session on the back of Chinese stimulus measures.

Chinese stocks rose sharply in trading today as the Central Bank of the Republic of China unveiled a wide-ranging package of stimulus initiatives meant to revive the world’s second-largest economy.

China-exposed assets jumped on Tuesday after Beijing announced its biggest stimulus since the pandemic in a bid to pull the world's second-largest economy out of the deflationary funk that has shaken global currency and equity markets this year.

The price of New York crude oil rose after China announced interest rate cuts and a large economic stimulus package.

Emerging markets' stocks climbed to their highest since April 2022 on Tuesday after China introduced new measures to boost its sluggish economy.

European stocks were lower Wednesday morning, paring gains from the previous session on the back of Chinese stimulus measures.

Stock markets and oil prices rallied Tuesday after China's central bank unveiled fresh stimulus measures to kickstart growth in the world's number two economy.

The indexes initially trimmed gains after a report from the Conference Board revealed an unexpected decline in U.S. consumer confidence in September, driven by growing concerns about the labor market's health.

European stocks closed higher Tuesday, buoyed by China's central bank monetary stimulus measures. The pan-European Stoxx 600 index provisionally ended up 0.6%, with most sectors and major bourses in positive territory.