US Fed set to call time on its stimulus plan - New York Report

UNLESS it springs a major surprise, the US Federal Reserve will call time this week on its programme of government bond purchases, which at one point was pumping $85bn (£52.83bn) a month into financial markets and the economy. The Federal Open Market Committee’s (FOMC) interest rate-setting is meeting on Wednesday.

Other indicators include Tuesday’s data on US durable goods orders and the Chicago purchasing managers’ index on Friday.

Today, Allergan, Eastman Kodak, Merck, Precision Drilling, Southern Copper and Twitter report earnings. And the US pending home sales report for September is out, with the consensus being that it will rise by one per cent.

Tomorrow, the big earnings reports will be from Facebook and Pfizer. Others reporting include Electronic Arts, Marriott Internat­ional, Novartis, Sirius XM Radio and Whirlpool.

Among those reporting on Wednesday are Kraft Foods Group, Sodastream International, Weight Watchers International, Avis Budget Group, Goodyear Tire & Rubber, Hershey and Visa.

Thursday sees reports from Starbucks, Groupon, LinkedIn, Kellogg, Time Warner Cable and Thomson Reuters.

And on Friday, among those reporting are Imperial Oil, Chevron, Exxon Mobil and Weyerhaeuser. Meanwhile, a report into US personal income and spending, is expected to forecast a rise of 0.3 per cent and 0.1 per cent, respectively.

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