Asia markets fall, tracking Wall Street losses as investors await Fed meeting decision

Asia-Pacific markets opened lower Wednesday, tracking Wall Street losses as investors awaited the key monetary policy decision from the U.S. Federal Reserve’s two-day meeting, where it is expected to cut interest rates.

Japan’s benchmark Nikkei 225 index lost 0.3%, while the Topix index fell 0.65%.

The country’s exports dropped 0.1% year on year in August, government data showed, less than the 1.9% drop expected by economists polled by Reuters. The latest reading compares with the 2.6% decline in exports in the previous month.

Australia’s ASX/S&P 200 retreated 0.34% at the open.

South Korea’s Kospi index lost 1.07%, while the small-cap Kosdaq fell 0.78%.

Hong Kong’s Hang Seng Index was set to open higher, with its futures contract last traded at 26,612, against the index’s previous close of 26,438.51.

Singapore’s non-oil domestic exports plunged 11.3% in August year over year, according to government data Wednesday, missing the 1% rise expected by Reuters-polled economists. The latest reading was dragged by falling demand in specialised machinery, food preparations and petrochemicals. It followed a revised 4.7% decline in July.

The city-state is one of the world’s most open economies, and its exports are widely watched as a bellwether of global demand and economic health.

U.S. equity futures were little changed in early Asian hours ahead of the Fed meeting Wednesday stateside. The central bank is widely expected to cut interest rates for the first time since December.

Overnight stateside, U.S. stocks were lower as investors took some profits ahead of the Fed outcome.

The S&P 500 traded 0.13% lower to close at 6606.76, after hitting a fresh record earlier in the session. The Nasdaq Composite lost 0.07% to finish the session at 22,333.96. The Dow Jones Industrial Average dropped 125.55 points, or 0.27%, to close at 45,757.90.

— CNBC’s Pia Singh and Alex Harring contributed to this report.