Asian equity markets were mostly higher on Wednesday ahead of key risk events in the United States.
The Federal Reserve's monetary policy decision and U.S. second-quarter gross domestic product are due later in the day. Reuters expects a 3 percent annual rise in economic growth while the Fed is seen reducing monthly asset purchases by another $10 billion to $25 billion a month.
"GDP is actively watched by the Federal Open Market Committee (FOMC) and if the figure is growing at a rate higher than official estimates, chatter of rate rises will hit the Street," said Evan Lucas, market strategist at IG in a morning note.
Concerns over Argentina were also in focus. The government and the court appointed mediator for holdout creditors will resume talks on Wednesday to avert a debt default by the end of the day.
Meanwhile, Europe and the U.S. announced new sanctions against Russia on Tuesday in an effort to pressure Moscow into doing more to end rebel activity in Ukraine. The news sent U.S. stocks lower, pulling the Dow under 17,000.