TOKYO (AP) — Global shares were mostly lower, trading in a narrow range ahead of a Federal Reserve meeting later Wednesday that's expected to result in the third cut to interest rates this year.

France's CAC 40 slipped 0.3% in early trading to 8,026.35, while the German DAX dipped 0.3% to 24,081.63. Britain's FTSE 100 added 0.1% to 9,652.21.

The future for the S&P 500 edged 0.1% higher and that for the Dow Jones Industrial Average was little changed.

In Asian trading, Japan's benchmark Nikkei 225 dropped 0.1% to finish at 50,602.80. Australia's S&P/ASX 200 slipped nearly 0.1% to 8,579.40. South Korea's Kospi declined 0.2% to 4,135.00. Hong Kong's Hang Seng gained 0.4% to 25,540.78, while the Shanghai Composite shed 0.2% to 3,900.50.

Taiwan's Taiex surged 0.8%.

Lower interest rates can boost the economy and prices for investments, though they can worsen inflation. The U.S. stock market has run to the edge of its records in part because of the assumption the Fed will cut rates again.

Apart from a likely rate cut, investors are waiting to see what the Fed will say about where interest rates will go after that. Inflation has remained above the Fed’s 2% target, and Fed officials are split in their opinions about whether high inflation or the slowing job market is the bigger threat to the economy.

In other dealings early Wednesday, benchmark U.S. crude rose 11 cents to $58.36 a barrel. Brent crude, the international standard, added 16 cents to $62.10 a barrel.

In currency trading, the U.S. dollar fell to 156.82 Japanese yen from 156.89 yen. The euro cost $1.1644, up from $1.1626.