India, Jan. 28 -- Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, with most of the major markets in the region including China, Hong Kong, Singapore and South Korea closed for Lunar New Year holidays. Traders remain cautious ahead of the US Fed's interest rate decision later in the day. Asian markets closed mostly lower on Tuesday.
The Fed is widely expected to leave interest rates unchanged, but traders will pay watch for the accompanying statement for clues about the outlook for rates.
Recent economic data has led to concerns about the Fed leaving rates on hold for a prolonged period, but many economists still expect the central bank to resume cutting rates some...