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U.S. stock futures are indicating a lower start on Wall Start this morning, ahead of the Federal Reserve policy meeting tomorrow. Investors are uncertain as to the size of the rate cut the Fed will take, although most are convinced there is no getting around having a rate cut. Meanwhile, troubles for some lenders overseas do not help sentiment , especially with British Northern Rock. Australia financials also declined today.

Without major economic data released today, investors will focus on the Fed's upcoming decision. The question is what will happen should the Fed decide not to move, which, at the moment, the Street does not even see as a possibility. Quarter point to half a point rate cut is the expected move.

This week brokerage firms are due to report financial results and will be carefully watched. Lehman Brothers (NYSE: LEH) is reporting tomorrow, Morgan Stanley (NYSE: MS) on Wednesday and Bear Stearns (NYSE: BSC) and Goldman Sachs (NYSE: GS) on Thursday. Merrill Lynch (NYSE: MER) is reporting next week.

Other issues weighing on the market this morning are Microsoft (NASDAQ: MSFT) losing its appeal of a European antitrust order today, with the court ruling against the software giant in both parts of the case, including charging it with monopoly abuse. Microsoft will have to share communications code with rivals, sell a copy of Windows without Media Player and pay a $613 million fine - the largest ever by EU regulators. MSFT shares are down over 1% in premarket action.

General Motors Corp. (NYSE: GM) and the United Auto Workers bargainers took a break early today as they near a critical contract agreement. So far all employees are expected to go to work.

Mobile operator O2 have struck a deal with Apple Inc. (NASDAQ: AAPL) to be the iPhone carrier in the UK. It is preparing to unveil the iPhone in the UK tomorrow. Many question at what cost the O2 has struck the deal, and perhaps the deal, as some say, is "madly money-losing". The Guardian further say, "O2 is understood to have agreed a margin on the retail price - to be confirmed tomorrow - but will return to Apple as much as 40% of any revenues it makes from customers' use of the device."

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