The Conference Board’s index was down for a third month to 95.7 from a 98.4 reading in June. The FTSE 100 was flat, as commodity stocks limited losses.

Energy ministers from EU countries have reached a deal to reduce their gas consumption by 15% across the bloc from now until next spring. This is after the gas flow through the Nord Stream 1 pipeline dropped to 20% of capacity.

Today, all eyes are on the Fed, which is expected to announce a 75 basis-point interest rate hike, and unveil prospects for a September policy move.

Better-than-expected results at Microsoft and Alphabet, as well as strong guidance from Reckitt Benckiser and Lloyds Banking Group have lifted sentiment. The FTSE 100 was up 0.4% this morning.

Meanwhile, Rio Tinto fell 3.7% after the miner posted a 29% drop in first-half profit.

 

Things to read today:

Lloyds beats profit forecasts boosted by rate rises and mortgage volumes (Financial Times)

Why the Fed May Soon Need Treasury Help (WSJ)

Is the end of the bear market near? Morgan Stanley names one indicator to watch closely (CNBC)