Economic activity in the U.S. has shown little change since early September, according to the Federal Reserve's Beige Book.

Mortgage applications for house purchase in the U.S. decreased for a third week in a row, survey results from the Mortgage Bankers Association showed on Wednesday.
The market composite index, which measures the house purchase mortgage loan application volume, dropped a seasonally adjusted 1.8 percent in the week ended October 10 following a 4.7 percent decline in the previous week, results of th

New York manufacturing activity has seen a significant turnaround in the month of October, according to a report released by the Federal Reserve Bank of New York on Wednesday. The New York Fed said its general business conditions index surged to a positive 10.7 in October after plunging to a negative 8.7 in September, with a positive reading indicating growth.

Canadian shares are likely to open on a positive note Wednesday morning, tracking the firm trend in European markets, and higher commodity prices.

The undertone is likely to remain firm amid expectations of an interest rate cut by the Federal Reserve at its upcoming monetary policy meeting.

Eurozone industrial production logged a monthly fall in August, reflecting the uncertainty surrounding the global trade environment. Industrial output dropped 1.2 percent month-on-month, in contrast to the 0.5 percent increase in July, Eurostat said Wednesday. However, the decline was less severe than the forecast of 1.6 percent.

The UK stock market is down in negative territory on Wednesday, unlike its peers Germany and France, which have moved higher thanks to a good show by stocks from the luxury sector after French major LVMH reported better-than-expected sales in the third quarter.

The euro strengthened against other major currencies in the European session on Wednesday, as European shares traded higher with French markets outperforming their regional peers, after LVMH, the owner of Louis Vuitton and Christian Dior, unexpectedly returned to sales growth in the third quarter.

China's consumer prices declined more than expected in September on weaker domestic demand and oversupply, and producer prices remained in deflationary pressures for the 36th straight month, highlighting the persistent deflationary pressure. Consumer prices dropped 0.3 percent on a yearly basis in September, the National Bureau of Statistics reported Wednesday.

China's consumer prices declined more than expected in September on weaker domestic demand and oversupply, and producer prices remained in negative territory for the 36th straight month, highlighting the persistent deflationary pressure.

The U.S. dollar continued to be weaker against other major currencies in the Asian session on Wednesday, following comments made by Federal Reserve (Fed) Chair Jerome Powell that strengthened bets on an interest rate drop this month.

Industrial production from the euro area and final inflation from France are set to be the highlights of the European economic news on Wednesday. At 2.00 am ET, foreign trade from Norway and industrial production from Romania are due.

The International Monetary Fund lifted the global growth forecast for this year and next as the impact of the trade tariffs has been less severe than initially expected but warned that the policy uncertainty remains high.

Small business morale in the U.S. eroded for the first time in three months in September as business struggle with rising inflation, weaker sales outlook and labor shortage, survey data from the National Federation of Independent Business showed on Tuesday.

Federal Reserve Chair Jerome Powell spoke at the 67th Annual Meeting of the National Association for Business Economics in Philadelphia on Tuesday but did not provide much fresh insight into the outlook for interest rates. Powell reiterated his belief that there is "no risk-free path" for monetary policy.

The UK jobless rate rose slightly, and wage growth softened in the three months to August, raising chances of an interest rate cut this year. The ILO jobless rate rose slightly to 4.8 percent from 4.7 percent in the preceding period, the Office for National Statistics reported Tuesday. The rate was seen unchanged at 4.7 percent.

Germany economic sentiment rose moderately in October as investors still hope for an economic upturn, a monthly survey conducted by the think tank ZEW showed Tuesday. The economic confidence index rose to 39.3 in October from 37.3 in the previous month, though it fell short of the forecast of 41.2. However, assessment of the current situation continued to follow a negative trend.

The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Tuesday, due to ongoing trade concerns between the United States and China.

Singapore's central bank maintained its monetary policy on Tuesday as economic growth turned out to be stronger than expected, easing concerns about the impact of higher US tariffs. The Monetary Authority of Singapore said it will maintain the prevailing rate of appreciation of the S$NEER policy band and there will be no change to its width and the level at which it is centered.

Unemployment from the UK and economic sentiment from Germany are the top economic news due on Tuesday. At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is seen unchanged at 4.7 percent in the three months to August.

The euro weakened against other major currencies in the European session on Monday, as investors in Europe remain cautious, as they await word from France's new administration.

The U.S. Dollar rallied emphatically against major currencies during the week ended October 10 amidst political instability in France and Japan that undermined the euro and the yen.

China's exports and imports logged notable growth in September as the world's second largest economy strengthened its trade ties with other nations amid escalating trade tensions with the US. Exports advanced 8.3 percent year-on-year in September, data from the customs office showed Monday. The annual rate was forecast to rise moderately to 6.0 percent from 4.4 percent in August.

Wholesale price data from Germany is the only major report due on Monday, headlining a light day for the European economic news. At 2.00 am ET, Germany's statistical office Destatis releases wholesale prices for September. Economists expect wholesale prices to rise 0.2 percent on a monthly basis, in contrast to the 0.6 percent fall in August.

The U.S. government has started to layoff federal employees, the Office of Management and Budget's chief Russell Vought said on the 10th day of the shutdown. In a post on the social media platform X, Vought said, "The RIFs have begun." RIF is an acronym for reduction in force.

A report released by the University of Michigan on Friday showed its reading on U.S. consumer sentiment was virtually unchanged in the month of October.

The University of Michigan said its consumer sentiment index edged down to 55.0 in October from 55.1 in September. Economists had expected the index to slip to 54.2.