HONG KONG -- Asian equities displayed mixed movements on Wednesday and oil prices remained below 80 dollars a barrel while traders sought more information about the temporary agreement between Washington and Tehran to conclude the conflict.

U.S. stock futures moved modestly higher ahead of the Federal Reserve policy statement following a mixed finish on Wall Street that stayed close to record peaks.

Tokyo's Nikkei 225 advanced 0.8 percent to 69926.08 near the record high reached earlier this week after government figures revealed Japanese exports surged 17 percent in May from the prior year supported by robust demand for advanced technology goods.

South Korea's Kospi declined 0.2 percent to 8706.10 as major technology shares weakened in line with the pullback in artificial intelligence stocks on Wall Street. Samsung Electronics the nation's largest firm by market value dropped 1.9 percent.

Hong Kong's Hang Seng index fell 0.8 percent to 24273.95 while the Shanghai Composite eased 0.1 percent to 4089.26.

Australia's S&P/ASX 200 rose 0.5 percent to 8965.30.

Taiwan's Taiex slipped 0.5 percent and India's Sensex gained 0.3 percent.

Oil markets steadied after an earlier sharp drop driven by optimism surrounding an end to hostilities and potential reopening of the Strait of Hormuz a vital route for global energy shipments. Obstacles persist however such as whether any accord would require Israeli forces to exit Lebanon.

Brent crude the global benchmark eased 0.3 percent to 78.76 dollars per barrel early Wednesday after declining more than 5 percent the previous day. Prices stayed above the roughly 70 dollar level seen in late February prior to the outbreak of fighting.

West Texas Intermediate crude fell 0.4 percent to 75.78 dollars a barrel.

Economists at HSBC noted in a recent report that restoring normal oil movements will require time with challenges including mine removal insurance recovery depletion of excess storage repositioning vessels and resuming output at idle fields.

The Federal Reserve opened its two-day gathering on Tuesday the first led by new chair Kevin Warsh to review monetary policy with the rate decision due on Wednesday.

U.S. President Donald Trump has urged the central bank to cut rates in order to bolster economic growth yet concerns are mounting over rising inflation stemming from the energy disruption tied to the Iran conflict.

Most analysts anticipate the Fed will leave its benchmark rate steady. In fixed income the yield on the 10-year Treasury note declined below 4.44 percent from 4.47 percent at the close of Monday.

Preston Caldwell chief U.S. economist at Morningstar observed that subdued wage and rent increases suggest inflation could moderate quickly once energy prices stabilize and he does not foresee rate hikes from the Fed during 2026.

On Tuesday the S&P 500 retreated 0.6 percent to 7511.35 after touching an all-time peak earlier in the month while the Dow Jones Industrial Average climbed 0.6 percent to 51999.67 also reaching a fresh record.

The Nasdaq composite fell 1.2 percent to 26376.34 amid declines in major technology names fueled by fresh doubts about an AI-driven market bubble.

Nvidia shares dropped 2.4 percent Broadcom declined 4.4 percent and Micron Technology lost 6.2 percent.

SpaceX the rocket firm founded by Elon Musk gained 4.8 percent extending its advance for a third consecutive session after its stock market listing.

Yum Brands rose 1.9 percent after revealing plans to divest Pizza Hut for 2.7 billion dollars with the majority of outlets acquired by private equity group LongRange Capital.

Elsewhere the U.S. dollar eased to 160.30 yen from 160.42 yen while the euro traded at 1.1612 dollars up slightly from 1.1608 dollars.