* Spreadbetters see softer opening for European markets
* Fed begins two-day policy meeting later Tuesday
* Bank of Japan maintains policy, economic assessment
* Chinese shares rise near 7-year high on policy hopes
By Lisa Twaronite
TOKYO, March 17 (Reuters) - Asian shares rose on Tuesday, following Wall Street's lead, as investors speculated that weaker-than-expected U.S. data could prompt the Federal Reserve to express caution this week on the timing of a future rate hike.
Financial spreadbetters expected Britain's FTSE 100 to open 8 to 14 points lower, or down as much as 0.2 percent; Germany's DAX to open 10 to 15 points lower, or down as much as 0.1 percent; and France's CAC 40 to open between flat and 4 points lower, as wariness over the Fed offset the cheer generated by the European Central Bank's easing programme launched last week.
"Although the ECB is giving the bulls a strong impetus to take markets higher, there's a natural reticence to do so just ahead of the Fed meeting where they may set markets up for a June rate hike," Jonathan Sudaria, a dealer at Capital Spreads, said in a note.
U.S. crude oil remained under pressure from a global supply glut, after losing as much as 4 percent in the previous session to hit a six-year low. It was last down about 0.3 percent at $43.75 a barrel. Brent steadied, edging up 0.2 percent to $54.06.
The Federal Open Market Committee is scheduled to begin its two-day policy meeting later on Tuesday, and many analysts had expected the central bank to drop the word "patient" from its formal statement on the timing of its first interest rate increase since 2006. Economists polled by Reuters were almost evenly split on whether a rate increase will come in June or later in the year.
But downbeat data on U.S. manufacturing, industrial output and housing on Monday offered the Fed a reason to toe a cautious line on policy.
"We expect the Fed to drop the word 'patient' but at the same time it will say its policy will depend on economic data to keep its hand free so it can raise rates when it wants, whether it is June or September," said Shuji Shirota, the head of macro economics strategy at HSBC Securities in Tokyo.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7 percent, after all three major U.S. stock indexes posted gains of over 1 percent on Monday.
Chinese shares rose 0.9 percent to near 7-year highs, extending gains on hopes that the Chinese government will loosen policy to bolster its slowing economy.
Wu Wenzhe, fund manager at China International Management, likened China's market rally to the U.S. stock market bull run since the Fed's quantitative easing in 2009, saying Beijing's use of monetary and fiscal policies to bolster the economy is "identical to what happened in the U.S."