U.S. stock futures pointed to a higher open Wednesday ahead of the Federal Reserve’s afternoon decision on interest rates.

The Fed is expected to hold its policy rate unchanged at 2%.

Here at home, the Canadian dollar opened at US98.76¢, off 0.10 cent from Tuesday.

In today’s earnings news, AGF Management Ltd reported a 1.3% decline in revenue during the second quarter and a 1.6% decline in earnings before interest, taxes, depreciation and amortization over the year ago period, excluding the $8 million securitization gain recognized in the second
quarter of 2007.

In addition, AGF announced plans to repurchase up to $60 million of class B non-voting shares over the next several months.

Research In Motion reports its results after markets close.

In other business, potash export agency Canpotex Ltd. announced plans to spend more than $500 million to almost double its B.C. shipping capacity to 23 million tonnes a year through Prince Rupert and North Vancouver.

In international banking news, Barclays Plc plans to raise US$8.85 billion by issuing new stock to investors from the Middle East and Asia, to shore up the British bank’s capital position after losses in the U.S. mortgage market.

The price of crude oil, was little changed Wednesday. Light sweet crude for August delivery was off 22 cents at US$136.78 a barrel on the New York Mercantile Exchange, ahead of today’s report on U.S. weekly energy inventories.

Overseas, the FTSE 100 index was up 0.3% early in the afternoon in London. The German DAX advanced 0.8% while the Paris CAC-40 rose 0.9%.

Japan’s Nikkei stock average slipped 0.1%.

Hong Kong’s Hang Seng index closed up 0.8% in a shortened session after financial markets were closed for the morning because of tropical storm Fengshen.

On Tuesday, the Toronto Stock Exchange’s main index fell sharply, dragged down by falling resource issues.

The S&P/TSX composite index closed down 282.22 points, or 1.92%, at 14,409.60 with all 10 of its main sectors lower.

The junior S&P/TSX Venture composite index fell 43.93 points, or 1.69%, to close at 2,559.68.

In New York, U.S. stocks fell after a report showed consumer confidence hit a 16-year low.

The Dow Jones industrial average fell 34.93 points, or 0.29%, to close at 11,807.43. The S&P 500 was down 3.71 points, or 0.28%, at 1,314.29, while the Nasdaq composite index shed 17.46 points, or 0.73%, to end at 2,368.28.