Modest Gains Ahead Of The Fed

Regional markets are mostly higher, although key bourses are struggling to make meaningful positive headway. US futures are in the red, albeit away from worst levels. Eminis are down -0.20%, Nasdaq futures off -0.28%. This is taking some of the shine off the better tone from Wall Street through Tuesday's session. Some cautiousness is also evident ahead of the upcoming Fed decision.

• The HSI is modestly higher, last +0.27%, after correcting lower for the first two sessions of the week. The tech sub index has rebounded 1.73% so far. The China-HK authorities plan to expand the border re-opening by Feb 6.
• The CSI 300 is close to flat. The Caixin manufacturing PMI, which is orientated towards smaller and export firms, disappointed coming in at 49.2, versus 49.8 expected.
• The Nikkei 225 is around flat as well, while the Kospi is enjoying a better session, up 0.45%, although this is down from earlier session highs. Trade figures were weaker than expected, while chip maker SK Hynix had a disappointing earnings result, but this hasn't impact sentiment. The Taiex is up around 0.45% as well.
• India shares are higher, last +0.60% for the Nifty, even with further Adani headwinds. The Indian budget is due later.