In Asian Equity Markets indices rose in Wednesday morning trade as investors await the U.S. Federal Reserve’s interest rate decision, set to be released later stateside. Mainland Chinese shares were up in early trade, with the Shanghai composite gaining 0.32%. Hong Kong’s Hang Seng index also rose 0.36%. The Nikkei 225 in Japan was little changed. Over in Australia, the S&P/ASX 200 traded largely flat. Australian-listed shares of adventure goods retailer Kathmandu jumped more than 5.5% after the company reported a more than 13% year-on-year jump in its net profit after tax.

In Currency Markets the U.S. dollar traded near a seven-week high versus the yen as oil markets recovered from a supply shock, but the focus is firmly on a U.S. Federal Reserve meeting later on Wednesday that is widely expected to deliver an interest rate cut. The dollar traded at 108.10 yen on Wednesday, close to a seven-week high of 108.37 yen. Sterling traded near a six-week high versus the dollar as some speculators reduced excessive bets on a decline in the pound, but sentiment remained weak due to uncertainty over how the UK will exit the European Union.

In Commodities Markets oil prices extended their losses from the previous session on Wednesday, after Saudi Arabia’s energy minister said the Kingdom will restore lost oil production by the end of the month. But investors remained cautious of potential tension in the Middle East after the United States said it believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran. Iran has denied involvement in the strikes. Brent crude oil futures fell 36 cents, or 0.6%, to $64.19 a barrel, after falling 6.5% the previous session.

In US Equity Markets indices closed higher on Tuesday as the impact of weekend attacks on Saudi Arabia’s biggest oil refinery faded and investors awaited a widely expected Fed interest rate cut on Wednesday. The S&P 500 is less than 1% short of its record high close on July 26. The S&P 500 gained 0.26% to 3,005.61. The Nasdaq Composite added 0.4% to 8,186.02. Among stocks, Chipotle Mexican Grill Inc  jumped 3.2% as it added a new steak dish to its menu in the United States for the first time in three years.

In Bond Markets U.S. Treasury yields fell on Tuesday, ahead of an expected interest rate cut by the Federal Reserve at the conclusion of its two-day policy meeting on Wednesday. While a rate cut is seen as near-certain this month, there are deep disagreements among Fed policymakers. Benchmark 10-year notes gained 14/32 in price to yield 1.794%, down from 1.843% on Monday.