Key financial figures Ray Dalio of Bridgewater Associates LP and Jane Fraser of Citigroup Inc (NYSE:C). painted a bleak picture of the 2023 global economy at the Future Investment Initiative summit. Their outlook was shaped by various factors including impending monetary policies, the upcoming US elections, and recent geopolitical events.

Oil prices were nearly flat on Wednesday as signs of tighter U.S. supplies countered economic data that dampened the outlook for energy demand.

The dollar was on the front foot on Wednesday, drawing support from yet another resilient U.S. economic data reading, while the euro struggled to make headway on the back of a darkening growth outlook in the bloc.

South Korea's economic growth is expected to have weakened in the third quarter, as high borrowing costs weighed on consumer spending and exports recovered at a slow pace, a Reuters survey showed, pointing to a challenging last few months of 2023.

Singapore's consumer-price inflation rose to 4.1% in September, up from 4% in August, according to a report by the Department of Statistics. The increase was largely driven by a 6.3% annual rise in private transport costs, which accounts for 17.07% of the index weight. Meanwhile, housing and utility costs, comprising 24.84% of the index, saw a year-on-year rise of 3.7%, and food prices, with a 21.10% weighting, increased by 4.3%.

Britain's Office for National Statistics (ONS) said it would publish an experimental adjusted estimate of Britain's unemployment rate on Tuesday, instead of its usual labour market survey which has suffered from a falling response rate.