Wall Street stock index futures were slightly higher Wednesday, ahead of this afternoon’s planned announcement on interest rates from the U.S. Federal Reserve.

No rate increase is expected.

In today’s earnings news, AGF Management Ltd. reported an almost 50% drop in third quarter income as a result of declines in global markets and an increase in loan loss provisions at its trust company operations.

AGF said net income for the quarter ended August 31 was $22.8 million, down from $41.1 million in the same period in 2008.

Revenue fell 20.5% as compared with the year ago period, the company said.

General Mills reported a 51% profit rise and raised its fiscal 2010 earnings forecast.

In commodities news, benchmark crude for November delivery was down 6¢ at US$71.70 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Overseas, Japan’s market was closed for a national holiday, while Hong Kong’s Hang Seng index fell 105.62, or 0.5%, to 21,595.52

Europe stocks recorded muted gains. The UK’s FTSE 100 was up 0.4% at 5,162.52, Germany’s DAX added 0.4% to 5,733.41 and France’s CAC 40 climbed 0.3% to 3,833.37.

On Tuesday, Toronto stocks surged ahead as a rally in oil prices boosted energy shares.

The S&P/TSX composite index ended up 161.12 points, or 1.41%, at 11,585.73.

The junior S&P/TSX Venture composite index added 16.63 points, or 1.31%, to finish at 1,281.63.

In New York, U.S. stocks advanced rose despite disappointing housing data.

The Federal Housing Finance Agency reported that house prices rose 0.3% in July from the prior month, but June’s price increase was revised down to 0.1% from 0.5%.

The Dow Jones industrial average was up 51.01 points, or 0.52%, to 9,829.87.

The Nasdaq composite index advanced 8.26 points, or 0.39%, to 2,146.3, while the S&P 500 index was ahead 7 points, or 0.66%, to 1,071.66.

IE