Asia markets opened mixed, following a weaker finish on Wall Street overnight as investors await the Federal Open Market Committee decision due in the U.S. and news from the National People's Congress meeting in China.
The U.S. central bank is widely expected to stand pat on policy, but analysts will be closely watching the wording of the committee's statement for cues on the direction ahead.
The Australian S&P/ASX 200 was flat in early trade, with the materials subindex slipping 0.88 percent. Those declines were offset by a 0.26 percent gain in the heavily weighted financial subindex.
Japan's benchmark Nikkei 225 shed 0.5 percent, extending Tuesday's 0.68 percent fall. Across the Korean Strait, the Kospi was up 0.31 percent in early trade.
US equities struggled early in the session on Tuesday before recovering and closing on their highs. The DJIA added 0.13% the S&P 500 lost 0.18% and the NASDAQ gave up 0.45%
- A poor US retail sales figure for February was the catalyst for the morning slump (-0.1% MoM). US business inventories crept up 0.1% in January (mkt est 0%)
The NAHB home builder sentiment held at 58 during March (mkt est 59) and producer prices dropped by -0.2% in Feb (mkt est -0.2%)
The NY Empire State general business conditions index increased to +0.62 in March (mkt est -10.5).
The upcoming FOMC is the primary focus for participants, however, no change in monetary policy is expected.
Earlier in the day the BOJ left its monetary policy unchanged and commented that the economy remained in "gradual recovery".
In Europe, stock markets had a weak session led primarily by the mining sector
Reference: CNBC, MKS Group
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