European markets have pent the day in the green ahead of the conclusion of the U.S. Federal Open Market Committee's (FOMC) policy meeting which began on Tuesday.
Expectations are for the bank to stand pat on interest rates following gloomy jobs data and rising concerns over a Brexit should the U.K. vote to leave the European Union (EU) in a referendum on June 23. The FOMC is expected to wind down its two-day meeting with a 2 p.m. ET (7pm London time) statement that sheds no light on the timing of its intended interest rate hike.
The positive mood was also felt in the U.S. with the Dow Jones Industrial Index up 0.21 percent and the broader S&P 500 rising some 0.18 percent.
Meanwhile in Asia, the Bank of Japan (BOJ) is also scheduled to hold a two-day policy meeting starting on Wednesday. Chinese mainland markets rose Wednesday, shrugging off a decision by stock index provider MSCI on Tuesday to delay inclusion of mainland-traded Chinese A-shares in its key emerging market index.
Most other Asian markets also reversed morning losses, despite continued jitters over the possibility the U.K. may opt to exit the EU as well as concerns over the outcomes of the Fed and BOJ meetings.
Investors are also looking ahead to the Bank of England meeting on Thursday where the central bank is expected to make no move on the interest rate. On Wednesday, the number of jobless people in the U.K. fell by 20,000 in the three months to April while the unemployment rate stood at 5 percent, the lowest since 2005.