European markets are expected to open lower on Wednesday as investors await the outcome of the U.S. Federal Reserve’s two-day policy meeting.

The London-based FTSE is seen opening 19 points lower at 7,479, the German DAX is expected to open 35 points lower at 13,141 and the French CAC is seen 11 points lower at 5,408, according to IG.

Global markets are focused on the conclusion of the Fed’s two-day policy meeting at which the central bank is widely expected to announce an interest rate hike at 2 p.m. ET. Most market watchers expect a 25-basis point rate increase.

Investors are also watching the Fed for clues about how the central bank will process possible changes to the U.S. tax system going forward. Monetary policy decisions are expected from the Bank of England and European Central Bank on Thursday.

In other U.S. news, markets will be watching the outcome of the Alabama Senate election with Democrat Doug Jones projected to win the seat in an historic victory for the party;. Jones will become the first Democrat to win a Senate seat in the Republican stronghold in 25 years. His Republican opponent, Roy Moore, was hit by allegations of sexual misconduct ahead of the vote.

Meanwhile in Asia, markets were mixed Wednesday as investors there also waited for the Fed result. Elsewhere, South Korean President Moon Jae-in began a four-day trip to China. North Korea’s weapons program and Seoul’s deployment of the THAAD missile defense system, which has caused a rift with China, are expected to be on the agenda during the trip.

Earnings are due from travel and tourism firm Tui, retailer Inditex and Dixons Carphone releases interim results on Wednesday.