Chinese manufacturing activity unexpectedly contracted in October, a private survey showed on Wednesday, pointing to broad declines in the sector after a government survey also showed a similar reading earlier this week.
Manufacturing activity in Asia slumped again in October as conflict in the Middle East drove oil prices higher, costs rose and global demand remained under pressure.
Asian stocks inched lower on Wednesday ahead of a keenly-awaited policy decision from the Federal Reserve later in the day, while the yen was stuck near one-year lows against the dollar, keeping markets on edge for possible intervention by Tokyo.
U.S. labor costs increased solidly in the third quarter amid strong wage growth while house price inflation accelerated in August, the latest signs that the Federal Reserve could keep interest rates high for some time.
Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict.
Singapore expects muted prospects for its economy in the short-term amid global uncertainty, but the second half of 2024 should bring gradual improvement, its central bank said on Monday.