The market is likely to be cautious ahead of two-day Federal Reserve meeting that kicks off today. The central bank is expected to raise rates. According to the CME Group's Fedwatch tool, market expectations for a rate hike this week are above 95 percent.
The Fed is widely expected to hike interest rates for the first time in 2016 at a two-day meeting, with markets pricing in a nearly 100 percent chance of a quarter percentage point increase to the Fed's target range of 0.25 to 0.50 percent.
Asian shares were on tenterhooks as investors awaited the Federal Reserve's meeting that begins later in session for clues on the outlook for US monetary policy, while crude oil prices pulled back after their surge to 18-month highs.
