The U.S. trade deficit widened more than expected in September, making it less likely for trade to have contributed to growth in the third quarter.
Most Asian stocks moved in a flat-to-low range on Wednesday as recent comments from Federal Reserve officials suggested that the central bank may not be done raising interest rates.
Oil prices fell more than 4% on Tuesday to their lowest since late July, as mixed Chinese economic data and rising OPEC exports eased fears about tight markets and as the dollar strengthened.
The dollar regained its footing on Wednesday and inched higher after a slew of Federal Reserve speakers left the door open to further rate hikes, as traders looked to a speech from Chair Jerome Powell on the central bank's future policy path.
India's nominal GDP is expected to accelerate at a rate of 12.4% year over year in the fiscal year 2025, surpassing China, the US, and the Euro Area, according to a recent report by Morgan Stanley. This growth would propel India to become the world's third-largest economy with a GDP of $5 trillion by 2027.
Indonesia, Southeast Asia's largest economy, posted a slower-than-expected growth of 4.94% in the third quarter of 2023, falling short of the Wall Street Journal's predicted 5.06% and down from the second quarter's expansion of 5.17%. The country's GDP saw a quarter-on-quarter expansion of 1.60%, but this still lags behind last year's third quarter GDP growth rate of 5.73%.