LONDON -- The Dow Jones Industrial Average
Markets are likely to be cautious until the outcome of this month's Federal Open Markets Committee policy meeting is known. An announcement is due at 12:30 p.m. EDT, followed by a press conference with Chairman Ben Bernanke at 2:15 p.m. EDT. The Fed is widely expected to extend its low-interest rate policy until 2015, but what is less certain -- and could shift markets -- is whether a third round of quantitative easing will be announced.
Other economic data due this morning includes the latest weekly jobless claims figures, which are expected to rise to 370,000 from 365,000 the previous week. August's producer price index is also due and is expected to show a rise of 1%, up from 0.3% in July. August's federal budget is due at 2 p.m. EDT, just before Bernanke takes center stage at the FOMC press conference.
Companies that could make waves in trading today include Apple, whose shares could be heavily traded following the launch of the iPhone 5 last night. Apple shares closed slightly higher yesterday, while Pier 1 Imports is due to release results before markets open, with analysts expecting earnings of $0.19 per share on revenue of $368 million.
European markets were fairly quiet this morning ahead of today's Fed announcement (which will take place after European markets close). One big story affecting the French, German, and U.K. markets was the possible merger between BAESystems
At 7 a.m. EDT, the DAX was down by 0.4%, the CAC was down by 0.7%, the FTSE MIB was down by 0.7%, and the IBEX was down by 1.1%. In London, the FTSE 100
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