[MARKET UPDATE] Asia-Pac stocks saw mixed price action amid some cautiousness ahead of the Fed, although sentiment has gradually improved during the session

APAC Stocks: Mixed Asia-Pac stocks are mixed in cautious, choppy trade following the declines on Wall St and recent upside in oil, while participants now turn their attention to the major central bank decisions, beginning with the FOMC later. ASX 200: +0.2% Eked slight gains with strength seen in the commodity-related sectors and with sentiment also helped by M&A news after reports that Brookfield is to acquire Reliance Worldwide for USD 2.8bln, although gains are limited amid weakness in tech, real estate and consumer stocks. Nikkei 225: -0.1% Trades indecisively after mixed data from Japan as Exports and Imports topped forecasts, but Machinery Orders disappointed, while yen weakness and mostly higher yields also facilitate the inconclusive mood. KOSPI +0.8% Edged higher in two-way trade with the index swinging between gains and losses, while tech heavyweights have shown some resilience with SK Hynix mildly underpinned after a union approved the tentative wage agreement in a re-vote. Hang Seng & Shanghai Comp: Hang Seng -0.3% / Shanghai Comp +0.2% Chinese markets are mixed in range-bound trade, with the Hong Kong benchmark lacklustre as the special administrative region's Chief Executive unveils its first-ever Five-Year plan, which some fear could be a step away from a free market, while the mainland pared initial losses with the PBoC upping its liquidity efforts. US Equity Futures: Mildly higher Recouped some of the prior day's losses as sentiment in Asia gradually improved, but with gains capped ahead of the looming Fed rate decision. European Equity Futures +0.3% Indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with losses of 0.4% on Tuesday.