Economic calendar: Fed decision in focus

• European markets set to open lower
• Fed policy decision in the evening
• ADP report on employment change in April

Futures markets point to a flat opening for major European blue chips indices today. US futures trade flat, highlighting that uncertainty is not related only to European investors. The European session is packed with economic releases but, unfortunately, the majority of those will be revisions to April PMI data and therefore are unlikely to trigger any bigger moves on the markets. However things are about to get even interesting later in the day thanks to top-tier events scheduled for today.

The FOMC decision in the evening (7:00 pm GMT) is a key event of the day. The US central bank is widely expected to raise interest rates by 50 basis points and announce plans to reduce its $9 trillion balance sheet. Apart from the FOMC decision, markets will also get a chance to move during the ADP and US non-manufacturing ISM data releases. Oil traders should keep on guard during the release of DOE report at 3:30 pm BST after API data showed a larger than expected decline of US crude stocks. 

8:15 am BST - Spain, services PMI for April. Expected: 55.9. Previous: 53.4

8:45 am BST - Italy, services PMI for April. Expected: 54.5. Previous: 52.1

8:50 am BST - France, services PMI for April (final). First release: 58.8

8:55 am BST - Germany, services PMI for April (final). First release: 57.9

9:00 am BST - Euro area, services PMI for April (final). First release: 57.7

1:15 pm BST - US, ADP report on employment for April. Expected: 395k. Previous: 455k

2:45 pm BST - US, services PMI for April (final). First release: 54.7

3:00 pm BST - US, non-manufacturing ISM index for April. Expected: 58.5. Previous: 58.3

3:30 pm BST - DOE report on oil inventories.

• Oil inventories. Expected: -0.829 mb (API: -3.48 mb)

• Gasoline inventories. Expected: -0.589 mb (API: -4.50 mb)

• Distillate inventories. Expected: -1.341 mb (API: -4.46 mb)

7:00 pm BST - FOMC meeting

Wall Street earnings releases

• UBER (UBER.US) - after market close

• Moderna (MRNA.US) - before market open

• YUM Brands (YUM.US) - before market open

• Marathon Oil (MRO.US) - after market close

• Marriott International (MAR.US)- before market open