The Chinese government will likely need to unlock more stimulus to meet its 5% GDP target for 2024, analysts at ANZ said in a note on Tuesday.

New orders for U.S.-manufactured goods dropped more than expected in January, pulled down by a sharp decline in bookings for commercial aircraft, but demand for computers and electronic products accelerated.

U.S. services industry growth slowed a bit in February amid a decline in employment, but a measure of new orders increased to a six-month high, pointing to underlying strength in the sector.

U.S. manufacturers are struggling to regain momentum as the sector tries to pull out of the prolonged but shallow downturn, with any help from lower interest rates delayed due to continuing inflation in the service sector.

U.S. crude stockpiles increased less than expected, the API reported Tuesday, pointing to a pick-up in demand following weeks of much stronger-than-expected increases..

The U.S. dollar was largely steady on Wednesday, as traders avoided making large bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as the European Central Bank rate decision and U.S. jobs data later this week.