Asian stock markets settled lower on Wednesday ahead of the Fed's rate call later today as the chances of a Donald Trump victory in the Presidential elections appeared to increase.

Japan's benchmark index, Nikkei 225 lost 307.72 points or 1.76 percent to settle at 17,134.68. China's benchmark index, Shanghai Composite declined 19.70 points or 0.63 percent to close at 3,102.73. Hong Kong's Hang Seng declined 336.57 points or 1.45 percent to end at 22,810.50.

Singapore's Straits Times declined 6.55 points or 0.23 percent to end at 2,807.14. South Korea's KOSPI fell 28.45 points or 1.42 percent to end at 1,978.94. Taiwan's TAIEX fell 133.66 points or 1.44 percent to end at 9,139.04.