Asian equity markets were mostly lower on Tuesday as investors looked ahead to the start of the U.S. Federal Reserve’s meeting later in the day. “The FOMC [outcome] remains the biggest hurdle to trade this week, and the mixed trading messages from overnight backs this claim. We expect no major trading activity for the next two days as there is too much risk being released to take overly bullish or bearish positions” said Evan Lucas, market strategist at IG in a note.
Tech shares in the region were unaffected after the Nasdaq dropped over 1 percent overnight, suffering its worst day since July, ahead of Alibaba’s planned debut this week.
In other news, the Organization for Economic Co-operation and Development cut its growth projections for developed economies. The group said the biggest threat to global growth was from the euro zone, calling on both the European Central Bank and governments to do more to revive demand.
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