World stocks held near record highs, gold retreated and the dollar won a reprieve, ahead of a widely anticipated Federal Reserve rate cut later on Wednesday against a backdrop of concern about the future of central bank independence.

European shares were higher in early trade, Japan's blue-chip Nikkei index pulled back from record highs and the dollar was a touch firmer a day after it took a beating on Fed easing bets.

The Nikkei closed 0.3 per cent lower on Wednesday, finishing at 44,790.38.

In contrast, Hong Kong's Hang Seng Index surged 1.8 per cent to close at its highest level in four years, buoyed by signs of progress of a deal to allow the Chinese-owned social media platform TikTok to keep operating in the US.

China's blue-chip CSI300 Index ended higher by 0.6 per cent, while th

See Full Page