European markets set for muted open with earnings, Fed meeting on the agenda.

LONDON — European markets are set for a cautious open on Tuesday as investors digest a fresh round of corporate earnings and look ahead to the Federal Reserves policy decision on Wednesday.

Britains FTSE 100 is seen around 13 points higher at 7,319, Germanys DAX is set to slip around 21 points lower to 13,179 and Frances CAC 40 is expected to drop around 13 points to 6,225.

Corporate earnings will be a key driver of individual share price action this week. UBS, UniCredit, Unilever, EasyJet, LVMH, Dassault Systemes and Randstad were among those reporting before the bell on Tuesday.

UBS missed expectations for the second quarter of 2022 as its wealth management and investment banking divisions saw falling client activity on the back of the global market downturn.

The Swiss bank posted a net profit attributable to shareholders of $2.108 billion, below analyst expectations aggregated by the company of $2.403 billion.

Global investors are also looking ahead to the Feds latest monetary policy decision, due to be announced Wednesday following a two-day meeting, with markets mostly pricing in a second consecutive 75 basis point hike to interest rates.

Like many central banks around the world, the Fed is acting aggressively to rein in inflation against a perilous backdrop of slowing economic activity.