AMSTERDAM — Markets were trading in fairly narrow ranges Wednesday ahead of the publication of the minutes to the most recent policy meeting of the U.S. Federal Reserve.
Though tame U.S. inflation figures Wednesday may mean the Fed will feel less pressure to reduce its monetary stimulus soon, investors are more focused on the minutes given some divergent comments from a run of officials at the central bank.
"Investors remain hesitant to enter the markets before tonight's minutes," said Max Cohen, a trader at Spreadex.
In Europe, the FTSE 100 index of leading British shares closed down 0.3 percent at 6,681.08 while Germany's DAX rose 0.1 percent to 9,202.07. The CAC-40 in France ended 0.1 percent lower at 4,268.37.
In the U.S., the Dow Jones industrial average was up 0.1 percent at 15,979 while the broader S&P 500 index rose 0.2 percent to 1,791.
How U.S. markets close out the day could hinge on the minutes. Investors are looking for clues as to whether the Fed will begin reducing its $85 billion monthly asset purchases as soon as December. Most economists think the Fed will maintain the stimulus until early next year, at least. But the minutes could dislodge those expectations.
The Fed's stimulus, in its various guises, has helped shore up risky assets, such as stocks around the world and emerging market currencies, over the past few years as the money created has been recycled through financial markets.
The debate over tapering has been one of the main considerations in markets over the past few months and is likely to be a key driver in how they close out the year.
Earlier, Asian markets generally fell, though Hong Kong's Hang Seng added 0.2 percent to 23,700.86 and China's Shanghai Composite reversed losses to gain 0.6 percent to 2,206.61 after the Organization for Economic Cooperation and Development made positive remarks about the Chinese economy.
Seoul's Kospi was down 0.7 percent to 2,017.24. Australia's S&P/ASX 200 ceded 0.8 percent to 5,307.70. Japan's Nikkei 225 stock average shed 0.3 percent to 15,076.08, hurt by a rise in the yen.
Elsewhere, the euro was under pressure amid speculation that the European Central Bank may do more to shore up the muted economic recovery in the 17-country eurozone. Europe's single currency was trading 0.7 percent lower at $1.3451.
In the oil markets, a barrel of benchmark New York crude rate was up 18 cents at $94.07 a barrel.
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