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Wall Street To Open Slightly Positive As Investors Await Fed Announcement

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FOMC Meeting announcement and Fed Chair press conference are the highlights on Wednesday. All are awaiting Fed Chairman's media announcement that might signal a rate cut.

Asian shares finished mostly higher, while European shares are trading higher.

Early signs from the U.S. Futures Index suggest that Wall Street might open slightly up.

As of 7.50 am ET, the Dow futures were climbing 23.00 points, the S&P 500 futures were adding 0.50 points and the Nasdaq 100 futures were gaining 6.75 points.

The U.S. major averages ended the session on Tuesday well off their highs. The Dow surged up 353.01 points or 1.4 percent to 26,465.54, the Nasdaq soared 108.86 points or 1.4 percent to 7,953.88 and the S&P 500 jumped 28.08 points or 1 percent to 2,917.75.

On the economic front, the Energy Information Administration or EIA's Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the crude oil inventories were up 2.2 million barrels and Gasoline were up 0.8 million barrels.

The Federal Open Market Committee or FOMC meeting announcement will be held a t 2.00 pm ET. The consensus is for Federal Funds Rate of 2.375 percent, from the prior range of 2.25 to 2.50 percent. The Fed forecasts for GDP, the PCE price index, and the civilian unemployment rate are expected at the meeting.

Fed Chair Press Conference is scheduled at 2.30 pm ET.

Asian stocks posted strong gains on Wednesday. China's Shanghai Composite index gained 27.64 points or 0.96 percent to 2,917.80. Hong Kong's Hang Seng index rallied as much as 2.56 percent to 28,202.14.

Japanese shares closed near six-week highs. The Nikkei average climbed 361.16 points or 1.72 percent to 21,333.87, the highest closing level since May 10. The broader Topix index closed 1.74 percent higher at 1,555.27.

Australian markets rallied amid signs of easing in U.S.-China trade tensions. The benchmark S&P/ASX200 index climbed 78.10 points or 1.19 percent to 6,648.10 while the broader All Ordinaries index ended up 80.60 points or 1.21 percent at 6,728.50.

European shares are trading mostly higher. The CAC 40 Index of France is advancing 5.71 points or 0.10 percent, the German DAX is adding 8.29 points or 0.07 percent, the U.K. FTSE 100 Index is declining 25.62 points or 0.33 percent. The Swiss Market Index dropping 26.63 points or 0.27 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.83 percent.

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