The Bank of England looks on track to raise interest rates by three quarters of a percentage point to 3% later on Thursday, its biggest rate rise since 1989 as it battles the highest inflation in 40 years.

Indonesia's economy grew at its fastest pace in over a year last quarter, buoyed by strong exports and consumption, but a slowdown in China and a widely expected global recession pose significant risks, a Reuters poll found.

 The dollar was on the front foot on Thursday after Federal Reserve Chair Jerome Powell signalled U.S. rates would likely rise further than expected, disappointing traders' hopes for a change in tone, and shifting the focus to Friday's jobs data.

Asian shares slipped on Thursday after the U.S. Federal Reserve shifted the outlook on tightening from short and sharp to long and high, putting to rest any thought of a near-term pause.

China’s massive services sector shrank far more than expected in October, a private survey showed on Thursday, as disruptions from COVID-related lockdowns continued to chip away at business activity and sentiment.

The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point as it continued to battle the worst outbreak of inflation in 40 years, but signaled future increases in borrowing costs could be made in smaller steps to account for the "cumulative tightening of monetary policy" it has enacted so far.