General Information and Analysis

The overnight trading in Europe was mostly higher. Possibly it is an indication that traders have thrown out caution about the FOMC's direction (announcement later today). Several analysis from Japan to Singapore to the UK recon that a taper announcement would clear up uncertainty that has been lingering since June 2013. The analysis seems to indicate that a taper may even cause a year-end rally due to clearing up uncertainty.
BP has a major Oil find in Mexico, but they also write off $1.1B
JP Morgan sues FDIC over Washington Mutual's legal liabilities. FDIC holds money in receivership for the sale of Washington Mutual following the sale of the branches and deposits to JPMorgan.

US

Everyone is waiting on the FOMC meeting. Futures are pointing to flat to up opening.
Budget passes key Senate vote. They voted to restrick the debate on the bipartisan budget. That means the Tea Party leaders cannot filibuster. Democrats control the Senate, and there is enough support from Republicans to approve the budget legislation. Folks, this is kicking the can down the road again. The bill sets spending at just above $1 trillion over two years and eases sequestration cuts in return for future savings (undefined). They are kicking-the-can down the road.

EU Council approves Tobacco directives. This would ban the selling of flavored tobacco to EU member states. They also announced a combined picture and text health warning to cover 65% of the front and back of packaging. The business consequence would appear to be minimal. The flavored tobacco was popular, but banning is not expected to hurt sales.
German businesses confidence is increasing. Says Ifo CEO Hans-Werner Sinn, "the German economy is in a festive mood."

BOE (Bank of England) keeps financial policy on hold. They voted to keep rates at .5% and against more QE. The pound has risen against the Euro and the US currencies. Further gains in the value of the Pound could hurt trade and stifle the UK's recovery. We can look for the BOE to closely monitor the value of Pound and their export trade.