Asian markets traded in a tight range early Thursday after the latest Greek budget cuts offered hope it would get a bailout and the Federal Reserve signalled the U.S. economic recovery will be slow.

Japan's Nikkei 225 stock average fell 0.06 percent to 10,247. The Shanghai composite index fell 0.12 percent to 3,093.

In South Korea, the Kospi fell 0.07 percent to 1,621. Australian stocks rose 0.11 percent to 4,741.

Meanwhile, markets in Singapore and Taiwan rose slightly as Malaysia shares dipped.

World markets had been trading higher in recent days on hopes of debt help for Greece, and the country's announced budget cuts on Wednesday fed the optimism that it would get help from European neighbors.

Investors were hopeful of a solution to Greece's financial crisis after the government said it would reduce borrowing levels by 4.8 billion ($6.5 billion), a measure the nation's prime minister said was necessary to Greece's economic survival.

In the U.S. on Wednesday, stocks ended mixed after the Fed's announcement that economic activity has improved in nine of its 12 districts but the gains are ``modest.'' The report dampened enthusiasm that followed an upbeat report on services industries and more takeover news that had helped stocks gain for the past three days.

On Wednesday, the Dow fell 9.22, or 0.1 percent, to 10,396.76 after it had risen nearly 64 points during trading. The broader S&P 500 index rose 0.48, or less than 0.1 percent, to 1,118.79, its highest close since Jan. 20.

The dollar was mixed against other major currencies. Gold rose.

Crude oil rose $1.19 to $80.87 per barrel on the New York Mercantile Exchange.

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