Image source, Anbang Group

One of China's best known billionaires, Wu Xiaohui, is stepping aside as chairman of Anbang Insurance.

The company gave few details but said he was no longer able to fulfil his duties for "personal reasons".

The move is bound to fuel speculations though – a Chinese magazine had reported that he’d been detained last week.

Anbang is known for a number of high profile international acquisitions, like the purchase of New York's Waldorf Astoria in 2015.

Anbang had recently been in talks with a real estate company part-owned by Donald Trump's son-in-law and senior White House adviser, Jared Kushner.

A possible real estate deal had raised media speculation over a potential conflict of interest and was called off in "mutual agreement" without any reasons given.

Image source, Getty Images

The pound has hung on to gains made on Tuesday. A short while agao in Asian trading it was at $1.2745.

On Tuesday the pound gained a cent against the dollar, after UK inflation figures came in much stronger than expected.

Image source, Getty Images

Asian markets are mixed picture on Wednesday with traders uncertain about what the US Federal Reserve will say later in the day about a possible interest rate hike.

The region's biggest market, Japan's Nikkei 225 is flat while Chinese markets are lower. The mainland Shanghai Composite is down by 0.6% while Hong Kong's Hang Seng is lower by 0.3%.

In Australia, things are looking more upbeat with the ASX 200 0.8% higher.

South Korea's Kospi is currently flat.

The US central bank will releases its rates decision after the close of trading on Asian and European markets.

Most investors are expecting a rise in interest rates and so attention will focus on the policy outlook by the Fed.

Image source, Getty Images

At 09:30 the latest data on the UK labour market is released.

Particular attention will be paid to wage growth, which last month lagged behind inflation for the first time since 2014.

Pay growth could slow further, according to forecasts by Bloomberg.

That will be a drag on the overall economy, as it will leave many people feeling worse off.

Bloomberg also expects unemployment to remain unchanged at 4.6%, the lowest rate in 42 years.

Ben Morris
Business reporter

Welcome to Wednesday's Business Live page.

Watch out for the latest data on UK unemployment and wages due at 09:30.

US shares closed at record levels on Tuesday night, after technology shares rebounded.

But Asian markets are mixed so far.

Some corporate results are due out later, including the owner of Zara, Inditex and WH Smith.