MSCI world equity index, which tracks shares in 47 countries, fell 0.2 percent on Wednesday.

In Europe, stocks squeezed out gains of 0.1 percent. The utilities, healthcare, and real estate sectors - considered as a safer bet during times of uncertainty - were in demand.

Commodities were under pressure. Brent crude futures, which fell 4.6 percent overnight, steadied at $77.89 a barrel.

Elsewhere, Japan's Nikkei rose 1 percent. Shares in Seven & I Holdings - the owner of 7-Eleven convenience stores - added 4.7 percent after Bloomberg News reported Canadian retailer Alimentation Couche-Tard would raise its buyout offer.

If it were to go ahead, the deal would be the largest overseas buyout of a Japanese firm.

The direction of US interest rate cuts was in focus, investors said.

Minutes from the US Federal Reserve's September meeting - where US rates were cut 50 bps - are due later on Wednesday, along with appearances from the Fed's Raphael Bostic, Lorie Logan and Mary Daly.

Market expectations of Federal Reserve rate cuts have been pared back following strong labor market data last week, lifting yields and the dollar.

That backdrop saw a 0.9 percent slide for the New Zealand dollar in the Asia session, with the kiwi falling to a seven-week low after the central bank cut interest rates by 50 basis points and left the door open to more.

The dollar was up 0.2 percent against the Japanese yen at 148.535 yen, and at $1.096 per euro.