Global stocks dipped on Wednesday as crunch time neared for a divided Federal Reserve policy board and earnings results that could test sky-high valuations in the AI sector.

With most assets frozen in the Fed headlights, attention was grabbed by a sudden slide in the Japanese yen and the continued dizzy ascent of silver prices, with both hitting record levels.

The futures market showed traders were confident the Fed would cut rates by a quarter point to 3.50-3.75 per cent later on Wednesday, pricing it at an 89 per cent probability. Yet they also assumed the guidance was unlikely to suggest more rate cuts would quickly follow, implying just a 21 per cent chance of a January move.

European stocks edged down 0.1 per cent, while U.S. futures rose 0.1 per cent and the dollar dipped against

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