Global stock markets have steadied after the Federal Reserve cut interest rates but investors are circumspect after the world's biggest central bank signalled a measured approach to further monetary policy easing.

US equity futures advanced 0.3 per cent after an uneven session on Wall Street overnight, while shares in Korea and Taiwan led gains in Asia, both opening about 0.7 per cent higher. Japan's Nikkei 225 tacked on 0.3 per cent.

The gains steadied MSCI's broadest index of Asia-Pacific shares outside Japan, which edged 0.1 per cent lower, as declines in Australian and New Zealand markets weighed on the wider benchmark.

Global stocks stumbled on Wednesday after hitting a record high in the wake of the Fed's quarter-point rate cut and indications it will steadily lower borrowing cost

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