Good morning.

Markets are called to open flat in Europe this morning. Gold fell to the lowest level in almost six weeks, leading precious metals lower, and emerging-market stocks slid before the Federal Reserve decides whether to slow $85 billion of monthly asset purchases. Japanese shares headed for an six-week high.

Stock to watch: Inditex

Inditex SA, the Spanish owner of the Zara and Massimo Dutti chains, reported a 0.7 percent increase in first-half profit that beat analysts’ estimates as the retailer expanded by opening 95 stores in 40 markets.

Net income climbed to 951 million euros ($1.27 billion) in the six months through July, the Arteixo, Spain-based company said today in a statement. The average of seven estimates compiled by Bloomberg was 934 million euros.

Inditex, the world’s largest clothing retailer, is adding stores in countries such as China as it seeks to offset weaker growth in markets including Spain. The company said it had 6,104 stores in 86 markets as of the end of July. Sales expressed in constant currency terms gained 10 percent from Aug. 1 to Sept. 14, while first-half sales gained 5.7 percent to 7.7 billion euros.

WHAT TO WATCH:

• Siemens Said to Name SAP’s Snabe to Supervisory Board

• SNB Evolves Franc Ceiling Rationale as Euro Risks Recede

• BOE Assesses Housing Bubble Risk as Aid Criticized

• Banks Face Fines for Breaching Benchmark Safeguards in EU Plan

• Asian Stocks Rise Before Fed Statement as Gold Falls

• Peugeot Said to Consider Stake Sale to Dongfeng Motor in China

• Danone, Novartis Units Probe Claims China Staff Paid Doctors

• Telecom Italia Investor Mediobanca Devalues Stake as Exit Looms

• RBS May Decide on Branch Sale This Week, Daily Telegraph Says

• Cyprus Plans to End Capital Controls in Jan., President Says

• Audi Resumes Brazil Car Output in Expansion Bid to Beat BMW

• Lanxess CEO’s EU100m Cost Squeeze Spans Bonuses, Jobs

• Berlusconi Ally Motion to Halt Senate Ouster Probably Will Fail

EARNINGS All times CET, estimates where available:

• Inditex (ITX SM) pre-mkt, 1H adj. net EU931.8m

• Smiths Group (SMIN LN) 8am, FY adj. EPS GBP0.92

• Redrow (RDW LN) 8am, FY adj. EPS GBP0.13

• Town Centre Securities (TCSC LN) 8am, FY adj. EPS GBP0.14 (1 est.)

• JD Sports Fashion (JD/ LN) 8am, 1H

• Volvo (VOLVB SS) 8:30am, Aug. truck deliveries

Good day and happy trading!

Kristian Camenzuli