Overnight

Stocks in Asia overnight were mixed as investors await results from an OPEC meeting and others suggest the post-election momentum is waning. The Nikkei 225 was up mid-morning 0.2% at 18345.95. The index has been up  13% since the election and much of that gains rests on expectations  and hopes from fiscal spending, tax cuts and less regulations.

The rise in the Nikkei snapped a two-session decline. Elsewhere, The Hang Send Index rose 0.3%, and Korea’s Kospi added 0.4%. By contrast, the Shanghai Composite Index was off 0.8% and Australia’s S&P/ASX 200 fell 0.4%.

Oil is definitely in the equation as Reuters reported: Oil prices tumbled nearly 4 percent on Tuesday amid fresh uncertainties over an OPEC deal on production levels with ministers from the 14-nation cartel slated to meet in Vienna later Wednesday to announce a decision on output curbs proposed in September.

During Asian hours on Wednesday, U.S. crude futures rebounded slightly, up 0.62 percent at $45.51, after falling 3.9 percent on Tuesday during U.S. hours. Global benchmark Brent gained 0.37 percent to $46.55, following a 3.9 percent tumble overnight.

Even if OPEC reaches a deal some feel compliance by all members could prove sticky Reuters also
cited "a source, reported documents prepared for the meeting proposed OPEC cut production by 1.2 million barrels per day from October levels at 33.82 million barrels a day, which was more than the 1 million barrel per day the group discussed at a meeting in September"

Despite a higher read  on third quarter GDP growth, 3.2%, up from the initial 2.9% reading,the dollar backed off against a basket of currencies. The dollar index traded at 100.93 overnight fading from near102.00 last week. The Chinese yuan was stronger against the dollar, trading at 6.8829, climbing from its previous close at 6.8933. The Korean won traded at 1,167 against the greenback, up from levels near 1,172 in the previous session. The yen weakness continued against the dollar hitting a of 112.56, falling from Tuesday's levels near 111.98. Gold  held firm ahead of the OPEC meeting trading up 2.60 at 1190.6.