Asian shares were mixed on Wednesday as already high valuations discouraged investors from buying equities ahead of a closely-watched U.S. Federal Reserve meeting.

Profits at China's industrial firms nearly doubled in March from a year ago, as demand for raw materials surged along with the economic recovery, official data showed on Tuesday.

China's share of global exports has increased during the COVID-19 pandemic to close to 15% although its dominance may soon peak as domestic demand grows and the cost of labour rises, U.N. agency UNCTAD said on Tuesday.

MELBOURNE (Reuters) - Oil prices dropped on Wednesday, paring overnight gains, with soaring COVID-19 cases in India and a bigger-than-expected build in U.S. crude stocks offsetting confidence shown by OPEC and its allies in a solid recovery in global fuel demand.

TOKYO (Reuters) - The dollar is set to take its cue from the U.S. Federal Reserve’s policy statement and President Joe Biden’s speech on Wednesday, as it seeks to extend a recovery from an eight-week low touched earlier in the week against a basket of currencies.

Michelin's (MICP.PA) sales returned to growth in January-March, boosted by a sharp rebound in demand in China, the French tyre maker said on Monday.