Asian stocks opened mixed on Wednesday, following a volatile day on Wall Street that had investors concerned about surging inflation and sent global oil prices retreating.

Equities have been on a roller coaster ride in recent weeks, fuelled by inflationary pressures, Russia's war in Ukraine and concerns about China's Covid-19 lockdowns affecting the global supply chain.

But while the tea leaves remain far from clear for market readers, many are preparing for the worst.

Millions across China -- particularly in its economic engine Shanghai -- have been under a Covid-spurred lockdown for weeks, while restrictions have crept up in the capital Beijing.

The World Health Organization on Tuesday said Beijing's zero-Covid strategy is not sustainable given the behavior of recent ultra-contagious variants.

In New York, the Dow fell for the fourth straight day at Tuesday's close, while the broader S&P 500 edged back up above 4,000 points and Nasdaq jumped one percent.

European markets were more positive -- London, Paris and Frankfurt ended on slight gains.