Danske Bank analysts suggest that the key focus today will be the Fed meeting, where we look for another rate cut of 25bp but no pre-commitment to further cuts.

“Another 'mid-cycle adjustment' cut is warranted by weak global growth and high uncertainty, while a still strong US consumer puts the Fed on a 'meeting-by-meeting path' to gauge the need for how much further support the economy needs. We see a risk that markets will be disappointed from what might be perceived as a hawkish rate cut. We still expect the Fed to ultimately cut five times in total until March 2020 as we look for weak global growth and high uncertainty to prevail for some time. The tensions in the Middle East have only added to the uncertainty. On the economic front we get UK inflation and final euro area inflation for August and US housing starts.”