Asian stock markets were mixed Wednesday as investors bided their time ahead of an expected US interest rate cut later in the day.

Traders took a breather from the global rally that has lifted several indexes to record highs over recent weeks as they await the Federal Reserve decision and post-meeting comments by bank boss Jerome Powell.

While a 25-basis-point reduction -- the first of 2025 -- has been baked into valuations for some time, the main debate has revolved around how many more are in the pipeline and how big they will be.

Expectations for an extended period of easing have grown out of a string of data showing the US labour market is not in as much of a healthy state as first thought.

That comes even as inflation remains stubbornly above the Fed's two percent target, though t

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