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5.30pm Markets Update

US stocks declined today, with investors disappointed by Cisco Systems' earnings outlook and reluctant to buy before a Federal Reserve interest-rate decision later this evening.

The Dow Jones was down 5 points, or 0.04%, at 13,303 and the Nasdaq was down 14 points, or 0.58%, at 2,556.

The Fed's statement, set for 7 pm, may provide clues about the outlook for rates this year. Policy-makers are expected to hold the benchmark overnight federal funds rate target steady at 5.25%.

Most European stock markets advanced  Wednesday, though the London FTSE 100 index was unchanged at 6,549 points.

In Paris the CAC 40 gained 0.29% to 6,051, while in Frankfurt the Dax added 0.45% to finish at 7,475 points.

In London, mining company Rio Tinto closed up 10% at 3660, which rose on talk BHP Billiton, its larger rival, is planning a bid to create the world's fifth largest company.

In Dublin, the ISEQ closed down one hundred and thirteen points at 9,565, with CRH down 84 cent at €34.41 after a mixed Annual General Meeting statement.

Drinks group C&C closed down 10 at €12.40, despite announcing a near doubling in profits last year.

United Drug fell five cent to €4.10 after a rise in first-half profits and McInerney closed up 20 cent at €14.46 after an upbeat AGM.

Earlier, in Japan, the Nikkei average gained 0.52% to its highest close since a global equity sell-off in February, rising 91 points to 17,748.