Earnings from tech giants Oracle and Broadcom this week are also in view amid lingering worries about an artificial intelligence-fuelled bubble that caused some panic on trading floors last month.
With US central bankers expected to cut interest rates for the third straight session later Wednesday, the main focus is on their post-meeting statement, boss Jerome Powell's news conference and the "dot plot" forecast for 2026 policy.
After November's tech-led swoon, markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.
But that has cooled heading into the Fed gathering amid speculation it will announce a "hawkish cut" that plays down the chances of a fourth successive reduction.
Data on Tuesday showing an uptick in job openings -- against estimates for a drop -- further tempered expectations for a string of cuts next year, with markets now pricing in two more over the next 12 months, compared with three previously seen.
Pepperstone's Chris Weston said the figures "catalysed a repricing of US forward Fed rate expectations".
After a weak day in New York, where the S&P 500 and Dow dropped, Asia fared no better.
Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all fell, though Hong Kong and Taipei edged up.
Shanghai dropped even as data showed China's consumer prices rose last month at their fastest pace in almost two years, following an extended period of deflationary pressure in the world's second-largest economy.
London, Paris and Frankfurt opened in the red.
Still, there is some hope that the Fed will turn more dovish next year with President Donald Trump's top economic aide Kevin Hassett -- the frontrunner to succeed Powell in May -- saying he sees plenty of room to substantially lower rates.
"While he has indicated that he would respond to the data and that he would not bow to political pressure to decide whether to cut interest rates, if he becomes the next chair, it is clear that on the current backdrop he is comfortable with more easing" than many board members, wrote National Australia Bank's Taylor Nugent.
Aside from the Fed saga, investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.
Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.
"Oracle may not have a substantial weight in the S&P 500 or NAS100 to move the index on its own," said Pepperstone's Weston. "But what they detail on its capex intentions and future funding plans could resonate across the AI space."
- Key figures at around 0815 GMT -
Tokyo - Nikkei 225: DOWN 0.1 percent at 50,602.80 (close)
Hong Kong - Hang Seng Index: UP 0.4 percent at 25,540.78 (close)
Shanghai - Composite: DOWN 0.2 percent at 3,900.50 (close)
London - FTSE 100: DOWN 0.1 percent at 9,629.99
Dollar/yen: DOWN at 156.68 yen from 156.90 yen on Tuesday
Euro/dollar: UP at $1.1643 from $1.1630
Pound/dollar: UP at $1.3322 from $1.3300
Euro/pound: DOWN at 87.40 pence from 87.43 pence
West Texas Intermediate: UP 0.2 percent at $58.36 per barrel
Brent North Sea Crude: UP 0.2 percent at $62.06 per barrel
New York - Dow: DOWN 0.4 percent at 47,560.29 (close)
dan/jm
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