Investing.com - Asian stock markets turned mixed on Wednesday, as investors awaited the conclusion of a highly anticipated Federal Reserve meeting later in the day.
During late Asian trade, Hong Kong's Hang Seng rallied 1.16%, China’s Shanghai Composite inched up 0.16%, Australia’s S&P/ASX 200 closed 0.7% lower, while Japan’s Nikkei 225 ended down 0.14%.
Shares in mainland China and Hong Kong jumped on reports that the People's Bank of China injected $82 billion into the country's five largest banks to counter a slowdown in the world's second largest economy amid sluggish foreign direct investment and industrial output in August.
China Construction Bank (HK:0939) shares jumped 1.8%, while Industrial and Commercial Bank of China (HK:1398) rose 1.7%.
Market players prepared for the outcome of the Federal Reserve’s policy meeting later Wednesday, amid speculation the U.S. central bank could adopt more hawkish language.
The Fed was expected to cut its asset purchase program by another $10 billion, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.
Market participants will also pay close attention to a press conference with Fed Chair Janet Yellen shortly after the decision for further clues on the timing of the first U.S. rate hike since 2006.
In Europe, markets were higher after the open. The DJ Euro Stoxx 50 tacked on 0.45%, France’s CAC 40 rose 0.45%, London’s FTSE 100 inched up 0.25%, while Germany's DAX added 0.4%.
Across the Atlantic, U.S. equity markets pointed to a steady open. The Dow 30 pointed to a loss of 0.1%, the S&P 500 inched down 0.1%, while the NASDAQ 100 indicated a flat open.
Later Wednesday, the U.S. is to produce data on consumer prices, while the euro zone is to release revised data on consumer price inflation.
The dollar was steady close to recent highs against the euro and the yen on Wednesday as investors awaited the conclusion of the Fed's monetary policy meeting later in the day.