Global shares trade mixed with some exchanges closed ahead of the New Year

Earlier in Asia, the Hang Seng index dipped 0.9% to 25,630.54, while the Shanghai Composite rose 0.1% to 3,968.84. The Taiex in Taiwan jumped 0.9% to 28,963.60. In Australia, Sydney's S&P/ASX 200 dipped less than 0.1% to 8,714.30.

Tokyo trading was set to be closed for the New Year's holidays on Thursday and Friday and scheduled to reopen on Monday. In South Korea, trading was scheduled to be closed on Thursday.

Trading will remain open Wednesday on Wall Street but will be closed Thursday.

In energy trading, U.S. crude fell 16 cents to $57.79 per barrel. The price of Brent crude, the international standard, slipped 16 cents to $61.176 per barrel.

The continued impact of a wide-ranging U.S.-led trade war threatens to add more fuel to inflation in the U.S. The Fed can cut interest rates to help the economy weather a slower jobs market. But that could add more fuel to inflation, which is still solidly above the Fed's 2% target.

The Fed has signaled more caution moving forward. Minutes from its December meeting reflect the divisions within the central bank as it deals with uncertainty about the threats facing the economy.

Wall Street is betting that the Fed will hold interest rates steady at its next meeting in January.

Sung Won Sohn, professor of finance and economics at Loyola Marymount University, believes uncertainty is brewing for global markets because of inflation, labor shortages and questions about where interest rates might be headed.

“Central banks must tread carefully, and financial markets will likely experience continued volatility as expectations shift,” he said.

“For businesses, investors, and policymakers alike, flexibility, risk management, and close attention to economic signals will be essential in navigating the challenges ahead.”

In currency trading, the U.S. dollar rose to 156.55 Japanese yen from 156.36 yen. The euro cost $1.1727, down from $1.1744.

AP Business Writer Damian J. Troise contributed to this report.