Asia markets tepid ahead of Fed meeting

Shares in Asia were tepid on Tuesday, ahead of a closely watched meeting by the U.S. set to kick off later in the day stateside.

Mainland Chinese shares were mixed on the day, with the slipping 0.18 percent to 3,090.98 and the Shenzhen component largely flat at 9,839.74. The Shenzhen composite advanced 0.176 percent to 1,688.76.

In Hong Kong, the rose around 0.1 percent in its final hour of trading, with shares of rising more than 0.2 percent.

Japan‘s closed slightly lower at 21,566.85 despite shares of index heavyweights , and seeing gains on the day. The Topix index declined 0.21 percent to finish at 1,610.23.

Over in South Korea, the closed fractionally lower at 2,177.62.

Amid the day‘s declines, one investor said he was “a bit cautious right now.”

“It appears that … risk assets have moved ahead of fundamentals,” Daryl Liew, head of portfolio management at REYL Singapore, told CNBC‘s “Street Signs” on Tuesday. “If you look at … the sharp run up in equity markets year to date, it‘s come against a backdrop of actually slowing economic numbers.”

Meanwhile, Australia‘s closed fractionally lower at 6,184.80.

On Tuesday, the release of March policy meeting minutes from the showed it noted that trade tensions “remained a continued source of uncertainty for the global outlook.”

“The delay in tariff increases previously scheduled for 1 March had generated some optimism that tensions could ease. However, the increases in tariffs implemented in 2018 had continued to weigh on trade between the United States and China, and there had been spillover effects on some other economies,” the minutes said. China is Australia‘s largest trading partner, according to the .

The fell further to $0.7095 in the afternoon, after touching a two-week high above $0.711 yesterday, when it was boosted by a weaker dollar and a rise in iron ore prices, among other factors.