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Global stock markets were mostly steady on Wednesday as investors awaited the outcome of a US Federal Reserve policy meeting, expected to deliver a rate increase.
The euro and sterling softened against the dollar pending the monetary policy decision, while oil prices retreated after a recent surge.
Wall Street came off to a stronger start, and European bourses mostly trod water.
Market players were "biding their time" ahead of the rate decision, said David Cheetham at xtb.com, while David Madden at CMC Markets called the markets' mood "subdued" ahead of the Fed's call.
A quarter-point increase has already been factored in by markets, and attention will quickly focus on any hint that there could be another rate increase before the end of the year, dealers said.
"The statement is probably going to be the most important component of the update," Madden said.
"There is growing chatter that the Fed will hike rates in December, and dealers will be listening out for clues about a possible rate rise at the back end of the year," he said.
Earlier Asian stocks closed with solid increases, helped by strong gains to share prices of energy companies after a rally for oil prices that petered out Wednesday.
The dollar was up against the euro and pound, and the yen.
"The US domestic economy is trotting along nicely; the rest of the world is not in the same place and there's no doubt that global investor caution is continuing to increase as the trade war between the US and China appears to be heating up," noted Nick Twidale, chief operating officer at Rakuten Securities Australia.
"Analysts will be watching closely to see if the Fed acknowledges this and its potential impact on the US."
While worries about the China-US trade row continue to erode confidence, the strong US economy and healthy corporate outlook are providing some buoyancy for now.
But another concern for the global economy are high oil prices that help to fuel inflation and eventually interest-rate hikes.
The weekend decision by major producers from inside and outside OPEC to maintain crude output - despite US President Donald Trump's call for lower prices - has sent both main contracts sharply higher this week.
Trump hit out at OPEC in his United Nations General Assembly speech on Tuesday, accusing it of "ripping off the rest of the world".
Brent North Sea oil continues to sit around four-year highs, with a stronger dollar and expected output cut from Iran adding some lift.
"Oil prices remain in the bulls' domain amid concern that US sanctions on Iranian crude oil exports will result in much tighter physical market conditions once they take effect in November," said Stephen Innes, head of Asia-Pacific trading at OANDA.
