Stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.2 percent, Dow Jones futures down 0.1 percent and Nasdaq 100 futures down 0.2 percent at 0900 GMT (5 a.m. ET).

Adobe Systems reported a 54 percent jump in quarterly net profit on Tuesday, held on to its sales growth target, and warned of weakness in demand in Europe. Its shares, down 3.7 percent in after hours on Wall Street, were up 1.4 percent in Frankfurt on Wednesday morning.

The U.S. Federal Reserve's decision on interest rates was due at 1630 GMT when the focus will be on the statement and press briefing that follow.

The central bank's quarterly forecasts will likely be revised down to reflect recent weakness in the recovery, although Fed Chairman Ben Bernanke will most probably reiterate his forecast for a rebound in the second half, while investors look for clues on new measures to support the economy as the Fed's second quantitative easing program comes to an end.

European shares were down 0.5 percent in morning trade, as investors took a cautious stance ahead of the Fed.

Philips Electronics

warned of sharply lower profit at its lighting and toasters-to-shavers consumer electronics divisions because of weak demand in Europe, wiping 10 percent off its share price.

U.S. company Dentsply International secured a bigger bite of the global dental market by buying AstraZeneca's dental implants and medical devices unit Astra Tech for $1.8 billion.

Demag Cranes said shareholders should accept an offer by Terex after the U.S. construction machinery maker sweetened its bid. Demag said other offer, which Terex last week increased to 45.50 euros per share from 41.75 euros, valuing Demag at 963 million euros ($1.4 billion), was financially adequate.

PostRock Energy Corp

said it will buy Constellation Energy Group's stake in Constellation Energy Partners to consolidate the oil and gas company's operations in the Cherokee Basin of Kansas and Oklahoma.

AT&T said its $39 billion plan to buy T-Mobile USA remained on track for approval in the first quarter of 2012.

Yahoo , Chinese group Alibaba and Japanese company Softbank Corp <9948.T> said they have made substantive and encouraging progress toward an agreement over the ownership of the Chinese company's Alipay e-payment unit.

On the earnings front, investors awaited results from FedEx Corp , likely to report strong fourth-quarter and full-year earnings growth, even as high fuel prices and a faltering economic recovery pose challenges.

According to Societe Generale's cross asset research team, net short positions by hedge funds on the S&P 500 have recently increased, while hedge funds have also been turning increasingly short government bonds, especially at the long end of the curve, although overall positions remain fairly limited.

Despite the absence of a clear solution to the euro zone sovereign crisis, net sellers of the dollar are gradually returning against the euro, SocGen's team also said in a note.

U.S. stocks posted gains for a fourth day on Tuesday on growing hopes Greece will avoid a debt default, adding momentum to the market's recent rebound.

The Dow Jones industrial average <.DJI> rose 109.63 points, or 0.9 percent, to 12,190.01 at the close. The Standard & Poor's 500 Index <.SPX> gained 17.16 points, or 1.3 percent, to 1,295.52. The Nasdaq Composite Index <.IXIC> climbed 57.60 points, or 2.2 percent, to 2,687.26.

(Reporting by Blaise Robinson; Editing by Dan Lalor)