Asian stocks saw muted trading Wednesday after their U.S. peers retreated from all-time highs, with investors awaiting a policy decision from the Federal Reserve. Crude oil traded at the highest since 2018. Shares were modestly higher in Japan and Australia, while South Korean stocks led gains.
Hong Kong and Chinese equities slipped. U.S. futures were little changed. Earlier, weakness in the technology and real estate sectors helped snap a three-day winning streak for S&P 500 Index. Copper reversed gains after China ordered state firms to curb overseas commodities exposure as the government seeks to exercise control over soaring raw materials prices. The 10-year Treasury yield held around 1.5%.
The dollar was steady versus major peers. Markets are in a holding pattern ahead of the Fed’s policy decision as investors await clues about when the central bank will slow the pace of emergency asset purchases. The statement is set to include updated projections for interest rates and economic forecasts, and expectations are that officials would broadcast any taper plans well in advance.
