Markets Overview: (Source: Bloomberg, FT, Reuters, DJ Newswires)

UK 100 called to open +15pts at 6780 having finished the session slightly in the blue by 12pts following a choppy trading day. Is this the start of another rally back to recent highs?

US stocks advanced with the Dow up 28pts to finish above 16800, as the Fed started its two-day policy meeting with another $10B in QE taper expected and interest rates to remain at 0.25%. The S&P 500 also advanced to make gains of just 0.2%, following a 0.7% drop last week as Sunni insurgents in Iraq occupied more territory. With the benchmark index having advanced over 5% this year reaching records last week all eyes will be on the FOMC statement this evening to see whether or not there is can be a catalyst to propel the markets back to those levels.

Asian markets finished lower with the exception of the Nikkei trading higher for the second session, helped by a weaker yen. Japan’s trade figures came in weaker than expected and helped to widen the deficit once again. In Hong Kong, the Hang Seng was flat as Chinese property developers fell amid further weakness in China’s housing markets.

This morning it has been announced that Zoopla will price its IPO at 220p between the range of 200-250p mentioned last week to imply a market cap of £918.8M. This will begin trading today. How will TSB price their IPO ready for Friday’s conditional trading.

Commodities: Gold traded at $1,272.41 before the U.S. Federal Reserve concludes a two-day policy meeting today, while investors weighed tensions in Iraq and Ukraine. Brent Crude declined as much as 40 cents to $113.05 a barrel on speculation that violence in Iraq won’t spread to the main oil-producing south.

FX: USD/EUR was little changed at $1.3543 after increasing 0.2% yesterday. USD gained 0.1% to 102.25 yen after appreciating to 102.31, highest level since June 11. The YEN/EUR weakened 0.1% to 138.46

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Key Overnight Macro Data: (Source: Reuters/DJ Newswires)

• AU          Conference Board Leading Index                IN-LINE
• CH           MNI June Business Indicator                       IN-LINE
• JP            Nationwide Department Store Sales         IN-LINE
• JP            Tokyo Department Store Sales                   IN-LINE

See Live Macro calendar for full details

UK Company Headlines: (Source: Reuters/DJ Newswires)

• N Brown Q1 revenue up 2.6 pct
• Berkeley Group says confident on long-term success
• Spectris buys La Corporation Scientifique Claisse for undisclosed sum
• Gemfields posts ruby and corundum auction revenue of $33.5 mln
• Zoopla sets IPO price in lower half of range
• Balfour Beatty wins $156 mln U.S. construction contract
• Premier Foods warns on Q2 sales, sets up jv
• Daily Mail Group to receive up to 190 mln stg from Zoopla IPO
• Serco and Abellio to end Northern rail jv for next tender
• Volution sets offer price at 150 pence per share
• Croda International finance director to stand down in April 2015
• Fastjet signs partnership deal with Venere.com