Asian markets are mainly higher this morning ahead of the key Fed meeting later this evening, although a couple of major bourses are closed. Data released out of China showed the largest rise in house prices since January 2011.

European equity futures are higher by around 30bps, and later this morning we have Bank of England minutes and Eurozone Construction spending.

US markets closed modestly higher last night on light volume ahead of the FOMC meeting later today, with the S&P holding above the psychological 1700 level. Consensus is for the Fed to reduce monthly bond purchases by between $5bn and $10bn.

Philip Ball | Sales and Trading