European stock markets are mixed, while Milan's banks are struggling.

It seems a given that an interest rate cut will arrive in Washington this evening, but it remains to be seen how large—25 or 50 basis points—and, more importantly, what accompanying commentary from Federal Reserve Chairman Powell. Meanwhile, European stock markets are performing in mixed fashion: London and Frankfurt are up just under half a percentage point, Paris is at par, while Milan slips 0.92%. Weighing on the Milan Stock Exchange are banking stocks, all sharply down. Unicredit is particularly heavy, falling 2.75% below the main index, following comments this morning from its chairman, Orcel, who ruled out further acquisition attempts in the Italian market. "We've learned our lesson," he said, after abandoning the bid for Banco BPM, which failed, again in Orcel's words, "due to government interference."

Wall Street is also mixed, as it primarily expects the Fed to provide guidance on future moves—possible further rate cuts between now and the end of the year, as well as forecasts for the economy and inflation.