Oil is down and European markets are sinking ahead of Wednesday's Fed decision

European markets are sinking and US futures are lower, ahead of tomorrow's Federal Reserve meeting.

Here's the scorecard:

France's CAC 40: -0.87%

Germany's DAX: -1.57%

UK's FTSE 100: -0.06%

Spain's IBEX: -1.18%

Italy's FTSE MIB: -1.31%

Oil prices are down back below $53, after spending most of the last 6 weeks above $55. Brent crude is down 1.99% to $52.87 per barrel.

Asian markets closed mixed. Japan's Nikkei finished 0.99% higher and Hong Kong's Hang Seng dipped 0.21%.

In US futures, the S&P is down 5.75 points and the Dow is down 43 points.

It's a quiet day for data ahead of the Federal Reserve's meeting tomorrow - the euro is back to $1.06, up 0.30%. The Fed's latest decision is the big event on the horizon. Any clear signal that the central bank is (or isn't) happy to see an interest rate hike this summer is likely to be a big market mover.