Economic calendar: FOMC decision in the spotlight

• European markets set to open higher

• FOMC announces rate decision

European stock markets are set for a higher opening of today's cash session. Situation related to Evergrande looks to be taking a backseat today with all the attention being focused on the upcoming FOMC meeting. The US central bank will announce the rate decision at 7:00 pm BST today and Fed Chair Powell will hold a press conference half an hour later, at 7:30 pm BST. Apart from the decision, a new set of macroeconomic projections will be released. If those show significant improvement, the Fed may decide to give a more clear message on the taper timeline. Stocks, USD and gold are expected to experience jump in volatility in the evening.

3:00 pm BST - US, existing home sales for August. Expected: 5.90 mb. Previous: 5.99 mb

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

• Oil inventories. Expected: -2.4 mb

• Gasoline inventories. Expected: -0.3 mb

• Distillate inventories. Expected: -1.1 mb

7:00 pm BST - FOMC rate decision

US earnings releases

• BlackBerry (BB.US) - after market close

• General Mills (GIS.US) - before market open