Updated from 7:02 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, June 17:
1. -- U.S. stock futures were rising modestly as investors readied for the Federal Reserve Open Market Committee results.
European stocks were slightly lower on Wednesday as investors awaited the outcome of the two-day Fed meeting and digested the latest U.K. labor-market figures.
Asian stocks were mixed, with the Hang Seng rising in Hong Kong as the Nikkei fell in Tokyo.
2. -- The economic calendar in the U.S. on Wednesday includes the Mortgage Bankers' Association mortgage application data at 7 a.m., the Energy Information Administration petroleum status report at 10:30 a.m., and the Federal Reserve Open Market Committee meeting statement at 2 p.m.
3. -- U.S. stocks on Tuesday rose despite dubious market sentiments about the Federal Reserve's interest rate policy.
4. -- The Federal Reserve Open Market Committee releases the result of its two-day June meeting at 2 p.m. Wednesday. The FOMC makes decisions about the official U.S. interest rate, which has been hovering at about zero since 2008 in an effort to boost the economy. The committee's announcement will be very closely watched.
Investors are mainly wondering if the Fed will raise interest rates in June (unlikely) or possibly September or later. That would be a major event for stock and bond markets alike.
5. -- Cosmetics company Coty (COTY) looks ready to buy Procter & Gamble's (PG) beauty business for $12 billion. The deal would include the Gucci and Hugo Boss perfume brands, plus Clairol hair products and Cover Girl make-up. Conglomerate P&G is narrowing its focus and Coty is trying to boost its sales.
In premarket trading, Coty was falling by 1.6% and P&G was down 0.11%.
6. -- Greece is one day closer to a debt default. The euro is falling, along with the wider European stock market. A meeting Sunday failed to find a way for Greece to avoid a default on €1.5 billion ($1.68 billion) it owes to the International Monetary Fund this month. Talks resume in Luxembourg on Thursday in a last-ditch effort, but little movement seems to have occurred.
If Greece can't reach a bailout on its debt terms with the International Monetary Fund, the European Commission and the European Union, it likely be forced out of the euro currency and go bankrupt.
7. -- Hank Greenberg, the former head of insurer AIG (AIG), will appeal a court case in which AIG claimed it was forced to hand over too much of the company to the U.S. government in exchange for a bailout.
A federal judge ruled Monday that the federal salvaging of AIG illegally exceeded the government's reach. The government took over 80% of AIG in compensation for saving it. The judge ruled that the effective takeover by Uncle Sam was illegal. But the judge also found that AIG and its shareholders suffered no damages, as the company was on the brink of bankruptcy.
Greenberg is appealing to seek the damages that the court denied him.
In premarket trading, AIG was up 0.08%.