NEW YORK - US stocks opened sharply lower ahead of a widely watched policy decision by the US Federal Reserve on continuing to trim stimulus. Five minutes into trade, the Dow Jones Industrial Average slumped 138.57 points (0.87 per cent) to 15,789.99 The broad-based S&P 500 fell 13.81 (0.77 per cent) to 1,778.69, while the tech-rich Nasdaq Composite Index declined 35.04 (0.85 per cent) to 4,062.93. The losses came ahead of the conclusion of the Fed's Federal Open Market Committee meeting that is overwhelmingly expected to trim another $US10 billion from the Fed's bond-buying program. LONDON - European stocks slumped despite rate hikes in Turkey and South Africa as concerns over emerging markets persisted ahead of an expected decision by the US Federal Reserve to cut stimulus. London's benchmark FTSE 100 index ended the day down 0.43 per cent at 6,544.28 points, while Frankfurt's DAX 30 fell 0.75 per cent to 9,336.73 points and the CAC 40 in Paris dropped 0.68 per cent to 4,156.98 points. The euro dipped against the US dollar, as a cut to stimulus would make the dollar a more attractive asset and may push up yields on US treasury bonds. The euro edged down to $US1.3662 from $US1.3667 late on Tuesday in New York. HONG KONG - Asian markets rose following Wall Street's lead, as tensions over emerging markets eased and ahead of a Federal Reserve decision on its stimulus program. Tokyo stocks jumped 2.70 per cent, or 403.75 points, to 15,383.91 on Wednesday as the dollar climbed and confidence rose after the central banks of India and Turkey increased interest rates, countering a sell-off in their currencies. Seoul rose 1.26 per cent, or 24.22 points, to 1,941.15 and Sydney finished 1.04 per cent, or 53.9 points, higher at 5,229.0. Hong Kong added 0.82 per cent, or 180.97 points, to end at 22,141.61 and Shanghai rose 0.56 per cent, or 11.40 points, to 2,049.91. WELLINGTON - The NZX 50 Index climbed 34.28 points, or 0.7 per cent, to 4,882.72.