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It's Fed day, Abe plans more Japan stimulus, and U.K. GDP's last hurrah. Here are some of the things people in markets are talking about today.

Fed decision

At 2 p.m. ET today the Federal Open Markets Committee will unveil its latest interest rate decision. With no press conference following today's announcement and expectations for a change in rates very low, investors will be looking at the statement for any hints on future policy direction. With Chair Janet Yellen not due to speak in public until August 26 at the Kansas City Fed's economic conference in Jackson Hole, Wyoming, markets may find themselves left guessing on the committee's intentions for the next month if the statement provides no clarity. 

Japan stimulus

Japanese Prime Minister Shinzo Abe announced plans overnight for more than 28 trillion yen ($265 billion) in economic stimulus for the nation's economy. While the announcement was very short on details, the timing is significant, coming two days ahead of Friday's Bank of Japan policy meeting. With expectations for more easing from the BOJ, bond traders in the U.S. are paying more attention as policies that push Japanese bonds further into negative territory are driving demand for Treasuries. The yen, which fell as low as 106.54 to the dollar on the stimulus news, had recovered much of that move to trade at 105.44 to the dollar by 6:06 a.m. ET.

U.K. GDP ahead of estimates

The U.K. economy grew more than expected in the second quarter, with GDP rising 0.6 percent, ahead of analyst predictions for a 0.5 percent increase. While the pick up means the economy has had three years of uninterrupted growth, Britain's shock decision to leave the European Union - which came right at the end of the second quarter - may mean the run is about to end. The pound was trading lower at $1.3093 at 6:18 a.m. ET following the data release.

Deutsche Bank pain

Deutsche Bank AG Chief Executive Officer John Cryan signalled more costs cuts are ahead for Germany's largest lender as the bank announced net income decreased to €18 million ($20 million) from €796 million a year earlier, with a slump in trading revenue accounting for much of the fall in profits. The performance of the bank's prime finance division, which caters to hedge funds, was particularly disappointing. Deutsche Bank shares were 4.5 percent lower at €12.28 at 6:12 a.m. ET. Also in European bank news, UniCredit SpA is considering tapping shareholders for €5 billion ($5.5 billion) as it looks to improve its capital position, according to people with knowledge of the matter.

Markets rise

The MSCI Asia Pacific Index added 0.2 percent overnight, with Japan's Topix index gaining 1.1 percent on stimulus plans. In China, the ChiNext Index of small-company shares sank 5.5 percent after a report about possible curbs on wealth management products added to concerns on regulatory risk. In Europe, the Stoxx 600 Index was 0.5 percent higher at 6:20 a.m. ET as earnings announcements lifted equities. S&P 500 futures were 0.25 percent higher, with Apple gaining more than 6 percent ahead of the open following yesterday's results

What we've been reading 

This is what's caught our eye over the last 24 hours.

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