The U.S. economy grew faster than initially thought in the third quarter as businesses built more warehouses and accumulated machinery equipment, but momentum appears to have since waned as higher borrowing costs curb hiring and spending.

U.S. economic activity slowed from early October through the middle of November, while businesses reported inflation largely moderated and it was easier to hire workers, the Federal Reserve said in a report on Wednesday, underscoring waning economic momentum into the tail end of the year.

The global economy will slow slightly next year but the risk of a hard landing has subsided despite high levels of debt and uncertainty over interest rates, the Organisation for Economic Cooperation and Development said on Wednesday.

The dollar was rooted near a three-month low on Thursday and was set to post its steepest monthly decline in a year as investors ramped up bets that the Federal Reserve is done with rate hikes ahead of a crucial inflation report later in the day.

Most Asian stocks kept to a tight range on Wednesday as caution before key economic readings from China offset growing optimism over an early pivot by the Federal Reserve. 

Vietnam will raise its effective tax rate applied to Samsung and other multinationals to 15% from January as part of a global tax reform, its legislature decided on Wednesday though it delayed measures to offset the higher levy.