Information services company Markit releases U.S. flash Markit Manufacturing PMI for October at 1258 GMT. Economists expect a reading of 51.5, compared with 51.1 in the final September report.

Commercial jet and defense giant Boeing (BA.N) and the second-largest U.S. wireless carrier AT&T Inc (T.N) are expected to report strong results. Other companies announcing earnings include Eli Lilly (LLY.N), Kimberly-Clark (KMB.N), Bristol-Myers Squibb (BMY.N) and Nasdaq OMX group (NDAQ.O).

The Mortgage Bankers Association releases its Weekly Mortgage Market Index for the week ended October 19 at 1100 GMT. It read 964.0 in the previous week, with the refinancing index at 5,452.9.

The Federal Open Market Committee convenes for the second day of a meeting on interest rate policy and will release a statement later. Primary dealers with the Fed expect the fed funds rate to remain in the 0.0 percent to 0.25 percent range.

Shares in Netflix (NFLX.O) were down 15 percent, while Gilead Sciences (GILD.O) was up 3.2 percent after the bell on Tuesday following their results.

Facebook (FB.O) shares leapt nearly 13 percent in after-hours trading on Tuesday after the company said it grew mobile advertising revenue several times in the third quarter, a faster-than-expected pace.

At 1400 GMT, the Federal Housing Finance Agency issues its Home Price Index for August. In the prior month, it rose 0.2 percent.

The Commerce Department releases new home sales figures for September at 1400 GMT. Economists forecast a total of 385,000 annualized units, against 373,000 in August.

Ford Motor Co (F.N) is poised to tell unions on Wednesday that it will close a factory employing 4,300 workers in the Belgian town of Genk, as it tries to stem losses in Europe and match capacity to tumbling demand.

General Motors (GM.N) is examining whether to extend an alliance with French partner PSA Peugeot Citroen (PEUP.PA) beyond existing plans for joint purchasing and development, the U.S. carmaker said on Wednesday.

Citigroup (C.N) overtook UBS AG (UBSN.VX) to become the top private bank in the Asia-Pacific last year when assets managed by the industry fell, industry publication Private Banker International said on Wednesday.

Europe's FTSEurofirst 300 .FTEU3 fell 0.3 percent after opening higher as a weaker-than-expected German Ifo survey added to signs of slowing growth in the euro zone's biggest economy.

China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signaled on Wednesday, with new orders and output at their highest in months.

U.S. stocks fell on Tuesday, driving the Dow industrials to the biggest drop since June 21, as weak results from index members DuPont and United Technologies showed profit growth is slowing.

The Dow Jones industrial average .DJI slid 243.36 points, or 1.82 percent, to close at 13,102.53. The Standard & Poor's 500 Index .SPX fell 20.71 points, or 1.44 percent, to 1,413.11. The Nasdaq Composite Index .IXIC dropped 26.49 points, or 0.88 percent, to end at 2,990.46.

(Reporting by Atul Prakash; Editing by Catherine Evans)

• A Permanent Economic Emergency