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Asian stocks were mostly lower on Wednesday as investors awaited the Federal Reserve’s interest rate decision and digested mixed Chinese economic data.

Japan’s Nikkei 225 index fell 0.3% to 35,975.50, while South Korea’s Kospi index dropped 0.2% to 2,494.30. Hong Kong’s Hang Seng Index fell 1.1% to 15,536.00, while China’s Shanghai Composite Index fell 0.4% to 2,819.91.

Asian stocks mostly lower as markets await Fed resolution, China’s manufacturing shrinks

Australia’s S&P/ASX 200 Index bucked the trend and rose 0.8% to 7,657.20, boosted by data that Australia’s quarterly inflation rate fell to a two-year low in December.

On Wall Street, U.S. stocks ended mixed on Tuesday as investors reacted to mixed corporate earnings reports. The Standard & Poor’s 500 index fell 0.1 percent to 4,924.97, while the Dow Jones Industrial Average rose 0.3 percent to 38,467.31. The Nasdaq Composite Index fell 0.8% to 15,509.90 points.

UPS shares tumbled 8.2% after it reported weaker-than-expected revenue and disappointing full-year earnings estimates. Whirlpool shares sank 6.6% after the company reported better-than-expected earnings but lower-than-expected revenue estimates. Shares of General Motors jumped 7.8% after the company reported better-than-expected earnings and revenue.

Investors are also digesting mixed economic data from the United States. One report showed that U.S. consumers were more confident than previously thought, while another suggested that the job market may be stronger than expected.

Treasury yields were mixed as investors weighed the economic data against the upcoming Fed resolution.

Meanwhile, oil prices retreated after rising earlier in the week. Benchmark U.S. crude fell 32 cents to $77.50 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell 40 cents to $82.10 a barrel.

The euro edged down to $1.0821 and the dollar rose to 147.73 yen.

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