SINGAPORE — Asia markets traded mixed on Wednesday, after U.S. equities tumbled overnight in another volatile session as investors await the Fed meeting statement later stateside. Due to tensions between Russia and Ukraine, oil prices and gold also rose.

Hong Kong Hang Seng indexWhile the remained stable at 0.57% Shanghai compositeIt was up 0.3% and Shenzhen’s component was up 0.48%.

Chinese tech stocks have slightly recovered from losses that occurred the previous day, TencentThe increase was almost 2% JDUp 1% Hang Seng Tech Index rose 1.14 percent

Elsewhere, Japan’s Nikkei 225The Topix fell 0.85% while it was up 0.46%. However, tech stocks and some auto stock fell.

In South Korea, there are KospiThe index rose by 0.18%. Singapore’s Straits Times index rose 0.46%.

Tuesday holidays are observed in Australia’s and India’s markets.

In the meantime, there is also an International Monetary Fund downgraded its global growth forecast for this yearAs rising Covid-19 case numbers, supply chain disruptions, and higher inflation hinder economic recovery. It said in a report published Tuesday that it expects global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 — with this year’s figure being half a percentage point lower than previously estimated.

Markets will look forward to Wednesday’s Fed meeting, when it is likely to make a statement. signaling a rate hike as soon as March and more policy tightening on the table to address high inflation.

Before the Fed’s meeting announcement, stocks stateside tumbledAfter a volatile session Monday.

Dow Jones Industrial Average ended Tuesday down, losing 67.77points, or 0.2% to close at 34.297.73. It fluctuated between a deficit of nearly 819 points at the lows and a rally of roughly 226 points at the highs. The S&P 500 dipped 1.2% to 4,356.45. Nasdaq Composite, a technology-heavy stock, fell 2.3% at 13,539.30

Investors were also rattled by geopolitical tensions elsewhere. Western allies prepared for some kind of military confrontationIn the case of an invasion by Russia, putting troops on standby.

Oil prices rose over 2% on TuesdayConcerns that supplies may become more restricted due to tensions between Ukraine and Russia, as well as other factors.

U.S. crude oil was trading at $85.34 in Asia, with Brent slightly lower at $88.14 per bar.

Prices for gold also jumped to a more than two-month highThe geopolitical tensions grew overnight, spot goldAt $1,852.65, spot gold reached its highest point since Nov. 19, when it was at $1.834. On Wednesday morning in Asia, spot gold stood at $1.847.

“Gold is rallying as investors run to safety over fears the Fed will aggressively tighten policy and as the list of geopolitical risks continues to grow:  The Russian-Ukraine standoff will remain a tense situation for the foreseeable future, North Korea may resume nuclear tests, and Iran nuclear talks are approaching a decisive moment,” said Edward Moya, senior market analyst at foreign exchange trading firm Oanda.

The U.S. dollar indexThe indices that track the greenback in relation to a basket of peers were at 95.973 and are continuing their rise from previous levels around 95.8.

Kathy Lien of 60 Second Investor said that the path of U.S. monetary tightening, if aggressive, could set the pace for the dollar to strengthen.

In a note, she stated that Powell’s confirmation that rates will rise in March is a sign that the Fed needs to tighten inflation aggressively with four more rounds. The U.S. should then appreciate against the other major currencies. But anything less could lead to a rebound in stocks and currencies, which would ease demand for U.S. dollar. dollars.”

You can also find the following currency conversions: Japanese yenTraded at 113.83 USD, while Australian dollarThe price was $0.7155 up from $0.714 earlier

— CNBC’s Karen Gilchrist contributed to this report.