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A Fed rate cut is basically baked in, trade talks between the U.S. and China are on pause again, and earnings are coming in fast.  All eyes on the Fed. Again Policy makers at the Federal Reserve are widely expected to lower the federal funds rate by a quarter point when they complete their two-day meeting this afternoon.  Barring any surprises from that announcement, attention will be trained on Chairman Jerome Powell's press conference and whether he will give any hints on future easing. That's by no means a given, considering recent U.S. data. It's a different story elsewhere: Numbers this morning showed economic growth in the euro area slowed by half in the second quarter, the latest in a string of reports flagging a deteriorating outlook which have investors mulling the chances of a return to central bank stimulus. Trade talks on pause. Again Chinese and U.S. negotiators concluded a round of 'cordial' trade talks, but there was little immediate evidence of progress being made toward ending their year-long dispute. The talks, which began with U.S.  Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin sitting down to dinner with Chinese counterparts on Tuesday, were the first in months. Presumably it was all politeness when the teams were face-to-face, despite U.S. President Donald Trump throwing barbs at the Asian nation on Twitter from the outset. The People's Daily, mouthpiece of the Communist Party, responded to Trump on Wednesday with a commentary saying that China has no motive to "rip off" the U.S. and has never done so, and China won't make concessions against its principles on trade. Sponsored by Daily Harvest Daily Harvest delivers perfectly portioned, chef-crafted food that's ready to enjoy with one step and five minutes, max. Everything is built on organic fruits and vegetables and farm-frozen to lock in peak-season nourishment. Get $25 off your first box with code FIVETHINGS (Valid for new customers only).   Earnings roll in. Again Apple Inc.'s upbeat numbers are supporting U.S. futures this morning. The next big names to report include Fiat Chrysler Automobiles NV (at 6:59 a.m. Eastern time) and Spotify Technology. It's also a biggish day for energy companies, with numbers from Hess Corp. and Dominion Energy Corp. due. And look for MetLife Inc., Prudential Financial Inc., Qualcomm Inc. and BlackRock Capital Investment Corporation earnings after the close. Earlier in Europe, Credit Suisse Group AG brushed off much of the gloom in European bank earnings as wealthy clients added 9.5 billion Swiss francs ($9.6 billion) in new money. BNP Paribras SA reported better-than-expected results. Elsewhere, Nomura Holdings Inc. posted profits abroad for the first time in two years.  Markets mixed. Again The MSCI Asia Pacific Index fell 0.6% overnight, while the Hang Seng index closed 1.3% lower as Hong Kong charged dozens of protesters under a colonial-era rioting law, suggesting the government is ramping up its response to the escalating unrest. In Europe, the Stoxx 600 Index traded little changed at 5:29 a.m. as mixed corporate results and economic data weighed on the regional gauge. S&P 500 futures pointed to a green open, the 10-year Treasury yield was at 2.054% and gold traded sideways. Coming up… Be on the look out for any more from the trade meetings as officials may seek to fill in details. And aside from the Fed and the glut of corporate earnings, we're due data on mortgage applications (7 a.m.), ADP employment numbers (8:15 a.m.) and the Chicago PMI data for July (9:45 a.m.). That's projected to be 51.0. after falling more than expected last month.  What we've been reading This is what's caught our eye over the last 24 hours. Apple finds life after the iPhone while still banking on the iPhone. The sinking pound may test Boris Johnson's pain threshold on Brexit. Airbus profit jumps as it boosts production of its Boeing Max rival. Bond bull market may be supporting MMT. The biggest takeaways from the Dem's debate. Tropical storm shuts Hong Kong market early. Cafe Coffee Day tycoon's body found. And finally, here's what Sid's interested in this morning Welcome to the Fed's first-ever rate cut pre-emptively spurred by concern about global activity. Maybe. Or to put it another way: the central bank lacks an obvious domestic rationale for extra stimulus given trend GDP growth, healthy consumption and the fact nothing new is happening with inflation or the labor market. The strongest argument for monetary action is to cushion a possible fall in business investment as global trade volumes weaken. But it's interesting how much emphasis is implicitly being placed on the overseas dimension, given the Fed's domestic mandate and how little we are talking about that. Obviously, the Fed always mulls the international landscape and has shifted gears in the past. But it feels different this time because there's no overseas crisis flash point. Whether lower yields will spur a weaker dollar -- the principal mechanism for dovish redress ex-U.S. -- is an open question given the outperformance of American output and risk markets. All of which suggests that an attempt to buffer trade headwinds via monetary policy will only loosen financial conditions and distort asset prices further. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. 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