China October RatingDog composite PMI 52, prior 52.4.

India October services PMI (final) 55.8; consensus 56.2, prior 56.2.

Democratic control of Congress is seen as likely to produce Washington gridlock that will restrain fiscal spending and, alongside potential AI regulation that could slow U.S. growth, lower the need for further rate hikes. U.S. Treasuries rose on Wednesday: the 10-year yield fell about 5bps to 4.90%; the 2-year yield slipped to 4.5458%, near a two-month low. Equities advanced on softer rate‑hike expectations.