European stocks closed with their first loss in four sessions Tuesday, with a selloff in the oil prices knocking down oil shares, while investors stepped back before this week's Dutch election and the Federal Reserve's policy meeting.

U.S. stocks finished lower Tuesday as a persistent slump in oil prices put pressure on energy shares, while investors were also making guarded moves as the Federal Reserve's two-day Federal Open Market Committee meeting got underway. Meanwhile, a winter storm bearing down on New York City cut into trading volumes, with thousands of flights canceled across parts of the East Coast and a state of emergency declared for the city itself.

Asian shares were broadly lower Wednesday, tracking losses in the U.S., as the market cautiously awaited a decision on interest rates by the Federal Reserve. In keeping with the theme of quiet anticipation that has dominated markets for much of the week, selling was modest ahead of the conclusion of the two-day Federal Open Market Committee meeting later in the global trading day.