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Asian shares were mixed on Wednesday as already high valuations discouraged investors from buying equities ahead of a closely-watched U.S. Federal Reserve meeting.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) declined 0.23%. Australian stocks (.AXJO) rose 0.55%, but shares in China (.CSI300) slipped 0.44%. Stocks in Tokyo (.N225) edged 0.16% higher.

S&P 500 e-mini stock futures rose 0.09%.

· Japan shares end slightly higher, corporate outlook concerns cap gains

Japanese shares closed slightly higher on Wednesday, led by technology stocks, but concerns about corporate outlook capped gains even as investors awaited a decision by the U.S. Federal Reserve.

The Nikkei share average edged up 0.21% to close at 29,053.97, while the broader Topix inched up 0.29% to 1,903.

Japan is in the middle of the corporate earnings season, with Sony Group, Shin-Etsu Chemical and TDK among major firms reporting their outlook after the market closes on Wednesday.

So far, a slew of companies, including Nidec and Canon, have failed to impress investors despite relatively strong earnings.

Technology firms such as robot maker Fanuc rose 2.03%, while air conditioner maker Daikin Industries gained 2.82%.

Nomura Holdings rose 1.54% after Japan’s largest brokerage said it would book a $2.9 billion loss from the collapse of U.S. investment fund Archegos.

· China shares flat as investors await policy signs

Mainland shares were nearly flat on Wednesday as investors awaited key politburo meeting for policy deliberations, shrugging off strong company earnings as economy recovered from the pandemic.

At the midday break, the Shanghai Composite index was down 0.04% at 3,441.10, while the blue-chip CSI300 index inched up 0.04% to 5090.52.

Hang Seng Index was up 0.13% at 28,978.49.

The smaller Shenzhen index was up 0.49%, the start-up board ChiNext Composite index was higher by 1.83% and Shanghai’s tech-focused STAR50 index was up 0.63%.

China is set to report its first population decline since 1949, the Financial Times reported on Tuesday, complicating the challenges faced by policymakers to ensure the country’s long-term economic growth.

Investors are expecting a politburo meeting, the top decision-making body of China’s ruling Communist Party, to happen sometime later this week for comments and guidance on policy deliberations.

· European markets mixed with Fed, earnings in focus; Deutsche Bank up 6%

European stocks were mixed on Wednesday morning as global markets await comments from the U.S. Federal Reserve.

The pan-European Stoxx 600 slipped fractionally below the flatline in early trade, with banks adding 0.9% while travel and leisure stocks dropped 0.7%. Sharp declines for Danish and Swedish markets weakened the continental picture.

Also in focus will be the latest decision from the U.S. Federal Reserve, which is due to be announced later in the day. U.S. stock futures were flat in overnight trading on Tuesday as investors digested major technology earnings and geared up for the latest Federal Reserve policy announcement.

The Fed wraps up its two-day policy meeting on Wednesday. The central bank is not expected to take any action, but economists expect it to defend its policy to let inflation run hot. Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET, 30 minutes after the decision is announced.

· Indian shares rise on strong earnings; food delivery firm Zomato files for IPO

Indian shares hit a near three-week high on Wednesday, helped by gains in financial and automaker stocks on strong quarterly results, while shares of Zomato Ltd’s top shareholder rose after the food delivery startup filed for an IPO.

By 0507 GMT, the NSE Nifty 50 index gained 0.71% to 14,757, while the benchmark S&P BSE Sensex rose 0.78% to 49,327.30.

Both the indexes fell nearly 2% last week, as investors fretted over the economic impact from a furious surge in COVID-19 cases and deaths. India added over 1.2 million cases and 8,000 deaths in the week to April 23.