Stock markets rose Wednesday in Asia, following modest rebounds in Europe and the U.S. that partially reversed Monday's global declines. Despite the strong start, trading volume across asset classes is likely to be muted in Asia through the day, ahead of the looming Federal Reserve interest-rate hike and updated economic projections.

European stocks ended higher on Tuesday, aided by a pullback for the euro following a weak German business sentiment reading. As well, a drop in the pound after a slowdown in British inflation helped lift U.K. blue-chip stocks.

U.S. stocks ended higher Tuesday, led by strong gains in the energy sector as the overall market reclaimed some lost ground from the previous day, when tech shares fell sharply. Market participants also were anticipating the Federal Reserve's two-day policy meeting, which started in the early afternoon. Investors are watching for signs that the central bank will take a more aggressive path toward normalizing monetary policy.