European shares stalled near a seven-year high and Asian shares hit a six-week peak on Wednesday, a day before the European Central Bank is expected to announce a sovereign bond-buying program to boost the euro zone's flagging economy.
The expectations of ECB action -- with the potential stimulus seen at around 600 billion euros ($690 billion), according to a Reuters poll -- also kept euro zone core bond yields near record lows and the euro close to an 11-year trough.
The Japanese yen meanwhile rose by around 1 percent against the U.S. dollar after the Bank of Japan left policy unchanged. While the decision not to expand its stimulus package had been widely expected, some had also bet on a surprise move as inflation targets looked elusive.
In London, sterling fell and equities rose after the minutes of British central bankers' last policy meeting showed a rate rise was less likely. Two policymakers dropped their call for higher rates in the face of tumbling inflation.
The pan-European FTSEurofirst 300 equity index was down 0.3 percent, at 1,418.46 points, while the MSCI World Index was flat. MSCI's broadest index of Asia-Pacific shares outsideJapan rose 1.4 percent.
U.S. equity futures were down 0.3 percent. Shares of International Business Machines Corp fell in pre-market trading after the one-time world technology leader posted profit and revenue targets that were below expectations.
European trading updates from brewer SABMiller and semiconductor equipment-maker ASML got a positive reaction, with shares of SAB up 1.4 percent and ASML up 2.3 percent. A weaker euro and recent slide in oil are seen boosting most euro zone firms' earnings this year.
Traders, however, also pointed to ripples of nervousness ahead of the ECB meeting, given the risk of disappointment if the bank does not meet market expectations.
"TREPIDATION"
"A sizeable percentage of the market is factoring in some sort of quantitative-easing announcement, so there's a touch of trepidation," said Alistair McCaig, analyst at IG. "Investors have bought the rumor so they could sell the news."
ECB Governing Council member Ewald Nowotny told a Euromoney conference in Vienna the bank's Thursday meeting would be interesting but one "shouldn't get over-excited about it".
Bets on euro zone monetary stimulus also reached the commodities markets, with gold climbing above $1,300 an ounce for the first time since August. The prospect of looming deflation and increased market volatility were cited as factors supporting demand for bullion.
Oil prices edged up, with Brent crude holding above $48.50, following a recent heavy sell-off that led Total's chief executive to say the French energy major plans to cut capital spending by 10 percent this year.
Slightly firmer energy prices were not enough to prevent a further fall in the Russian rouble, which was down 1 percent against the dollar as fighting intensified in eastern Ukraine.
Ukraine sovereign dollar bonds sold off heavily to trade at 51-55 cents in the dollar.
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