Asia-Pacific markets set for a higher open as inverstors look toward Fed rate decision

Asia-Pacific markets were acceptable for a higher unfastened Wednesday arsenic investors awaited the Federal Reserve's involvement complaint decision, wide believed to bring a 2nd consecutive 25-basis-point reduction.

Markets are assigning a astir 100% probability that different quarter-point reduction, connected the heels of September's cut, would bring the national funds complaint to a scope betwixt 3.75%-4.00%.

"If [Fed seat Jerome Powell] comes disconnected dovish, bets for aboriginal Fed cuts volition summation and supply much substance to marketplace momentum," seasoned capitalist Louis Navellier wrote successful a regular note.

The federal funds rate, acceptable by the Federal Open Market Committee, is the involvement complaint banks complaint each different for overnight loans. While it doesn't straight impact consumers, the Fed's moves often power borrowing costs for mortgages, recognition cards and different loans.

Japan's Nikkei 225 futures pointed to a stronger open, with the declaration successful Chicago astatine 50,745 and its counterpart successful Osaka astatine 50,660, compared to the erstwhile adjacent of 50,219.18.

Australia's S&P/ASX 200 started the time flat.

Hong Kong markets are closed for the holidays.

Overnight successful the U.S., each 3 large averages closed higher. The S&P 500 rose 0.23% to adjacent astatine 6,890.89. It had surpassed the 6,900 level for the archetypal time on an intraday ground earlier successful the day.

The Nasdaq Composite advanced 0.80% to decorativeness astatine 23,827.49, portion the Dow Jones Industrial Average gained 161.78 points, oregon 0.34%, to settee astatine 47,706.37. In summation to their closing highs, the tech-heavy Nasdaq and 30-stock Dow scored caller all-time intraday highs alongside the wide marketplace S&P 500.

—CNBC's Jeff Cox, Sean Conlon and Pia Singh contributed to this report.