Record closes for the S&P 500 and Nasdaq provided a little inspiration, even with few catalysts to drive buying, with minutes from the Federal Reserve's May policy decision possibly giving an insight into officials' thinking with regard to interest rates.
A slowdown in US inflation and China's announcement last week of plans to support its crucial but battered property sector have helped propel equities but, with that euphoria petering out, traders are taking a breather.
The next major driver could be the results from Nvidia -- the third-largest US company by market capitalisation -- which is being seen as a gauge of overall market sentiment.
The chip-making giant's stock price has rocketed in recent years -- its shares are up around 90 percent in 2024 -- with the high-end processors prized by firms looking to get ahead in the booming artificial intelligence sector.
However, there is a worry that the figures do not match sky-high expectations, which some observers say could spark a hefty sell-off, particularly among market-heavyweight tech firms.
After the previous day's retreat, Asian markets were mixed as a morning rally ran out of steam.
Tokyo, Hong Kong, Sydney and Manila edged down, while Wellington, Taipei, Mumbai and Jakarta rose. Shanghai and Seoul were flat.
London fell after data showed UK inflation had eased to its slowest pace since July 2021 but at a faster clip than expected. That caused a spike in the pound against the euro and dollar as it dented optimism that the Bank of England would soon cut interest rates.
Paris and Frankfurt also dropped.
Investors are also looking forward to getting an eye on the minutes from the Fed's May 1 rate decision, which will be pored over for an idea about the thought process as decision-makers considered three straight months of above-forecast consumer inflation data.
While the April reading on prices showed a slowdown, a number of central bank officials are reluctant to begin cutting too early.
Fed Governor Christopher Waller said he wanted to see "several" months of additional data, while Atlanta boss Raphael Bostic warned that "one number is not a trend" and he did not see a reduction before the fourth quarter.
Bostic's comments were echoed by his Cleveland and Boston counterparts Loretta Mester and Susan Collins.
"I think this is a moment or a period when patience really matters," Collins said. "I think the data has been very mixed.
"It's going to take longer than I had previously thought."
- Key figures around 0810 GMT -
Tokyo - Nikkei 225: DOWN 0.9 percent at 38,617.10 (close)
Hong Kong - Hang Seng Index: DOWN 0.1 percent at 19,195.60 (close)
Shanghai - Composite: FLAT at 3,158.54 (close)
London - FTSE 100: DOWN 0.4 percent at 8,381.22
Dollar/yen: UP at 156.40 yen from 156.18 yen on Tuesday
Euro/dollar: DOWN at $1.0857 from $1.0858
Pound/dollar: UP at $1.2745 from $1.2708
Euro/pound: DOWN at 85.17 from 85.41 pence
West Texas Intermediate: DOWN 1.4 percent at $77.55 per barrel
Brent North Sea Crude: DOWN 1.3 percent at $81.77 per barrel
New York - Dow: UP 0.2 percent at 39,872.99 (close)
dan/rsc/lb
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