NEW YORK (

TheStreet

) -- U.S. stock futures were signaling Wall Street would open higher on Wednesday ahead of a rates announcement from the

Federal Reserve

.

European shares were rising while Asian stocks finished Wednesday's trading session with losses as manufacturing in China slowed. Japan's Nikkei 225 average closed down 0.6% at 8,641.85.

The economic calendar in the U.S. Wednesday includes the Federal Open Market Committee rate decision at 2:15 p.m. EDT; Automatic Data Processing's employment change report for July at 8:15 a.m.; the Institute for Supply Management's manufacturing index for July at 10 a.m; and construction spending for June at 10 a.m.

U.S. stocks

on Tuesday fell for a second consecutive session with traders showing some nervousness as the Fed began its two-day policy meeting.

The Fed will issue its decision on interest rates Wednesday afternoon. More quantitative easing from the central bank would be a surprise but a change in the Fed's pledge to keep rates at historic lows for longer than currently telegraphed is viewed as likely.

The

Dow Jones Industrial Average

slumped 64 points, or 0.49%, to close at 13,009 on Tuesday.

Automakers such as

Ford

(F) - Get Report

and

General Motors

(GM) - Get Report

issue their car and truck sales reports for July on Wednesday.

Media and entertainment giant

Time Warner

(TWX)

is expected by analysts Wednesday to post second-quarter adjusted earnings of 59 cents a share on revenue of $6.95 billion.

MasterCard

(MA) - Get Report

, the credit card processor, is scheduled to report second-quarter results before Wednesday's opening bell and analysts expect earnings of $5.58 a share on revenue of $1.88 billion.

Other companies scheduled to report earnings before Wednesday's opening bell include

Allergan

(AGN) - Get Report

,

Amerigroup

(AGP)

,

Automatic Data Processing

(ADP) - Get Report

,

Burger King Worldwide

(BKW)

,

Comcast

(CMCSA) - Get Report

,

Devon Energy

(DVN) - Get Report

,

Dollar Thrifty Automotive

(DTG)

,

Exelon

(EXC) - Get Report

,

Garmin

(GRMN) - Get Report

,

IntercontinentialExchange

(ICE) - Get Report

,

R.R. Donnelly

(RRD) - Get Report

, and

Vonage Holdings

(VG) - Get Report

.

Late reporters include

Avis Budget Group

(CAR) - Get Report

,

Extreme Networks

(EXTR) - Get Report

,

First Solar

(FSLR) - Get Report

,

Green Mountain Coffee Roasters

(GMCR)

,

LeapFrog Enterprises

(LF)

,

Lincoln National

(LNC) - Get Report

,

MetLife

(MET) - Get Report

,

Onyx Pharmaceuticals

(ONXX)

,

Prudential

(PRU) - Get Report

,

Transocean

(RIG) - Get Report

,

Weight Watchers International

(WTW) - Get Report

and

Williams

(WMB) - Get Report

.

Nokia

(NOK) - Get Report

shares were rising more than 10% Wednesday on talk that Chinese PC maker

Lenovo

may be interested in the struggling Finnish cellphone maker,

Reuters

reported.

The U.S. is tied with China for the most medals -- 23 -- over the first four days of competition at the Olympic Games in London. China has won 13 gold medals; the U.S. has won nine.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

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.