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Equity markets have been offside for most of the morning session as traders are waiting to hear the update from the Fed before they make a decision. Today's European equity markets turned red after a two-day winning streak, as investors locked in their profits.
In London, natural resource stocks are offside due to weaker copper prices. Traders sold mining-focused stocks believing that Chinese demand for minerals will fall after HSBC lowers its growth forecast for China. The UK banking sector is also lower today after the banking commission stated that new regulation should be applied to UK banks; if these changes are implemented it may affect their profitability. The banking sector is now down 0.6%.
In the US, we are expecting the Dow to open 18 points lower at 15,300. There is a degree of caution surrounding the Fed update as it may have a large impact on US equities. Most economists are expecting no change of policy, but if there is any talk of tapering for the next few months we could see a sell-off.