U.K. stocks dropped Tuesday, suffering their first loss in three sessions, as mining shares were swept lower after Antofagasta PLC canceled its final dividend. The axed dividend "acted as a sharp reminder of the industry's suffering after the hefty drop in metals prices," wrote Jasper Lawler, market analyst at CMC Markets, in a note.

U.S. stocks finished lower Tuesday, but off session lows, as weak oil prices drove a selloff in energy and materials shares. Weak U.S. economic data also weighed on sentiment a day before the Federal Reserve is expected to release an updated policy statement and economic projections.

Asian shares were mixed Wednesday ahead of Chinese Premier Li Keqiang's address to government officials in Beijing. While investors don't expect the Federal Reserve to change monetary policy, they will be closely watching the bank's policy statement and economic projections, as well as Chairwoman Janet Yellen's news conference. Most expect the Fed will raise rates later in the year, with a vast majority of fund managers expecting no more than two hikes in the next 12 months, according to a fund manager survey published Wednesday by Bank of America Merrill Lynch.

Based on MarketWatch materials