European firms are accelerating efforts to diversify away from Chinese supply chains as Beijing’s self-reliance drive and export controls deepen global trade uncertainty, the European Union Chamber of Commerce in China said on Wednesday.
China's annual consumer inflation accelerated to a 21-month peak in November, mainly driven by food prices, while factory-gate deflation deepened, with underlying trends suggesting domestic demand remains weak and unlikely to recover in the near term.
Asian stocks retreated on Wednesday amid growing caution over an upcoming U.S. Federal Reserve interest rate decision, with Chinese shares pressured by signs of continued deflation in the country.
Global trade is set to grow by about 7% this year and is on track to exceed a record $35 trillion, the UN Trade and Development Agency said on Tuesday.
U.S. private payrolls increased by 4,750 on average per week in the four weeks ending on November 22, according to a weekly update of the monthly ADP National Employment Report.
Oil prices held steady on Wednesday after falling about 1% in the previous session, as concerns over supply outpacing demand capped gains and investors watched for progress in Russia-Ukraine peace talks.