Fed call, GDP, ADP report in focus - MarketWatch

By MarketWatch

U.S. stock futures indicate a soft Wednesday start for Wall Street, as a surprisingly weak reading on gross domestic product leaves investors disappointed. Equity markets are also lower in Europe, while Japanese shares closed at a 33-month high overnight.

U.S. stock-index futures drift lower as Wall Street digests a raft of economic data and with the outcome of a two-day Fed meeting looming. Earnings from blue chip Boeing among other major companies are also on offer.

Weakness in European stocks reflects in part investor caution ahead of a keenly watched announcement from the U.S. Federal Reserve.

U.K. stocks extend gains into a sixth straight session, with heavyweight banks and energy shares on the rise.

An improved economic outlook boosts Asian markets, lifting stocks in Hong Kong and Australia to near two-year highs, while Japanese shares end at their loftiest in 33 months, also fueled by earnings optimism.

The euro pushes above $1.35, notching its highest level versus the dollar since November 2011, thanks partly to repatriation flows and a smaller balance sheet for the European Central Bank.

Crude futures recover from early losses, as analysts weigh the possibility of a climb to $100-a-barrel oil. U.S. inventories data are on tap.

Gold futures climb, advancing modestly ahead of a policy statement due out from the Federal Reserve.

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