"This is traditionally a good time of the year for equities, but we have EUR20 billion of Italian government debt being auctioned in the next two days, so there is some event risk which will probably cap any gains," says IG Markets institutional dealer Chris Weston.
Data Tuesday showed U.S. consumer confidence hit an eight-month high in December.
Japan's Nikkei Stock Average was flat, Australia's S&P/ASX 200 slid 1.1%, South Korea's Kospi Composite fell 1.1% and New Zealand's NZX-50 rose 0.6%.
Dow Jones Industrial Average futures were down three points in screen trade.
Energy-related plays in the region traded mixed despite oil futures Tuesday settling above the key $100 a barrel level for the first time in two weeks during U.S. trading, as Iran threatened to close the Strait of Hormuz--a vital crude-shipping route--if Western nations sanctioned its oil exports.
Inpex fell 0.3% in Tokyo, SK Innovation was flat in Seoul, New Zealand Oil & Gas added 0.7% in Wellington and Woodside Petroleum lost 0.8% in Sydney.
February Nymex crude oil futures were recently down 12 cents at $101.22 a barrel on Globex.
Mining companies weighed the Australian market on recent weakness in gold and spot iron-ore prices. BHP Billiton lost 1.2% while Newcrest Mining dropped 2.5%.
Tokyo Electric Power lost 14.2% on comments by Japanese trade and industry minister Yukio Edano late Tuesday that the utility needs to fundamentally rebuild its finances, and should consider all options including temporary state control.
The euro continued to trade in tight ranges against the U.S. dollar and the Japanese yen amid holiday-thinned volumes.
Investors were also cautiously eyeing an Italian bond auction later in the day as a gauge of whether distressed government bonds will be purchased by European banks after the European Central Bank's cash infusion last week.
The single currency was at $1.3071 against the greenback from $1.3068 late Tuesday in New York and at Y101.66 versus the yen from Y101.77. The dollar was at Y77.79 from Y77.89. Spot gold was at $1,587.70 per troy ounce, down $4.60 from its previous settlement.
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