Japan's central bank held rates steady at -0.1% following its latest meeting, but announced it would modify its policy framework, marking the latest attempt to boost prices and goose economic growth. Among the changes, the BOJ said it would introduce yield curve controls, eliminate the maturity range of its bond purchases, abandon its monetary base targets and confirmed that cutting rates further remained an option. Nikkei +1.9%.

Economy

Traders are now shifting their focus to the Federal Reserve, which is scheduled to release its policy statement and updated summary of economic projections at 2 p.m. ET. Chairwoman Janet Yellen will hold her press conference a half hour later. With weaker-than-expected economic data prompting many to call off bets on a rate hike, investors will be looking for signals about where borrowing costs are headed in the months and years ahead.

The world economy remains in a "low-growth trap" and weaker conditions in advanced economies will persist into 2017, the OECD has warned, predicting global growth this year to expand by only 2.9%, the lowest rate since the financial crisis. The economic thinktank also backtracked on its warning that the U.K. would suffer instant damage from a Brexit vote and has thrown its weight behind Theresa May's plans to provide fresh post-referendum support.

A humanitarian convoy in Syria was attacked by either Russian or Syrian aircraft, according to U.S. deputy national security director Ben Rhodes, further shaking a fragile ceasefire. Tensions were already high at the weekend when U.S.-led coalition planes mistakenly struck a Syrian army base, killing 62 soldiers and wounding more than 100. Hopes of renewing the truce "are very weak for the moment," Kremlin spokesman Dmitry Peskov told reporters.

The judge overseeing the investigation into the colossal scandal surrounding Brazil's Petrobras (NYSE:PBR) has accepted corruption charges against the nation's iconic former leader, Luiz Inacio Lula da Silva. Plagued by scandals, Lula's leftist Workers' Party lost the presidency in August when the Senate impeached his handpicked successor, Dilma Rousseff, in a power struggle that has consumed the political establishment.

Stocks

Microsoft has announced plans to buy back up to $40B in stock and boost its dividend by 8% to $0.39, the latest in a series of moves by the software giant to share a steady flood of cash with shareholders. The repurchase target is the same size as a buyback plan announced in 2013, which the company said it expects to complete by the end of this year. MSFT +1.6% premarket.

Google is launching its latest attempt to catch up in mobile messaging, targeting a market that is quickly expanding to become one of the most important platforms in the industry. On its official blog, Google (GOOG, GOOGL) wrote that its Allo app for Android and iOS "can help you make plans, find information, and express yourself more easily in chat" and "the more you use it, the more it improves over time."

Replacements for only half of the 1M Galaxy Note 7 phones recalled in the U.S. will be available in stores today. The rest will arrive at retail outlets by the end of the month. Samsung (OTC:SSNLF) is also pushing out two new software updates: One will show a green battery icon (instead of white) to confirm a new Note 7 device. The other will tell owners of old Note 7 phones to get a replacement.

AT&T has discovered a new way to deliver high-speed broadband over electrical power lines, a method it claims would make it cheaper and easier to bring internet to hard-to-reach places. The company has filed patents for the technology and is looking for a place to conduct field trials next year. Even if it goes well, AT&T (NYSE:T) warned it would still be several years before the system is commercially available.

Exxon Mobil roundup: InterOil (NYSE:IOC) founder Phil Mulacek has conceded that most of the company's shareholders will vote in favor of Exxon's (NYSE:XOM) acquisition today. The DOJ will join officials from Montana later this morning to announce a "significant development" toward restoring natural resources damaged by Exxon's pipeline spill in 2011. The SEC is also investigating how the energy giant valued its oil reserves in the wake of low prices. XOM +1.3% premarket.

Listing assets of $230M and debts of $545M, Warren Resources (NASDAQ:WRES) has filed for Chapter 11 bankruptcy protection. The latest filing comes as a severe downturn in oil prices has forced scores of energy producers to declare bankruptcy since the start of 2015. According to consulting firm Deloitte, up to a third of all producers may be at risk of bankruptcy if commodity prices remain weak.

BHP Billiton halved the pay packet of its chief executive in the 12 months to end of June following the Samarco dam disaster in Brazil that claimed 19 lives and dragged the miner to a record annual loss. Andrew Mackenzie was paid $2.24M, down from $4.58M the previous year. While his base salary was maintained at $1.7M, he did not receive any short- or long-term incentive payments. BHP -5.7% premarket.

IEX Group is actively courting companies to list their stocks on its exchange, challenging the New York Stock Exchange (NYSE:ICE) and Nasdaq (NASDAQ:NDAQ) for corporate listings. "Flash Boys" will offer significant incentives to its initial founding issuers and plans to begin listing companies in 2017, according to a letter obtained by Reuters, which did not go into more detail.

Despite pricing its IPO near the bottom of expectations, Postal Savings Bank of China has raised over HK$57.6B ($7.4B), valuing its 12.1B shares at HK$4.76 each. It is the world's largest IPO this year and the biggest since Alibaba's (NYSE:BABA) $25B listing two years ago. Shares are due to start trading on the Hong Kong stock exchange on Sept. 28.

The U.S. IPO market is also heating up... There are nine new listings on the calendar over the next three days, marking the busiest week of 2016, and if next week's proposed calendar comes through, September will be the busiest month of the year as well. Among them: The Trade Desk (Pending:TTD), Novan (Pending:NOVN), CapStar (NASDAQ:CSTR), e.l.f. Beauty (Pending:ELF), AC Immune (Pending:ACIU), Apptio (Pending:APTI), Full Spectrum (Pending:FMAX), Gridsum (Pending:GSUM) and Valvoline (Pending:VVV).

Wells Fargo CEO John Stumpf was attacked on Capitol Hill yesterday by senators who contended that the bank's leadership hadn't taken enough responsibility for a scandal over its sales practices. Still, investors appeared to take the political barbs in stride, with no significant revelations beyond what was disclosed earlier this month. Wells Fargo (NYSE:WFC) shares rose 1.2%, beating other bank stocks and reversing some losses suffered since it announced a $190M settlement on Sept. 8.

Another grilling is on deck. Mylan (NASDAQ:MYL) CEO Heather Bresch is scheduled to testify today before the House Committee on Oversight and Government Reform. She will likely be questioned about EpiPen prices, which have increased to more than $600 for a two-pack from about $100 in less than a decade. The hearing comes a day after West Virginia disclosed an investigation into whether Mylan violated antitrust laws or defrauded the state's Medicaid program.

Tuesday's Key Earnings
Adobe (NASDAQ:ADBE) +5.2% AH boosted by subscription sales.
FedEx (NYSE:FDX) +3% AH topping estimates, lifting outlook.

Today's Markets

In Asia, Japan +1.9% to 16807. Hong Kong +0.6% to 23669. China +0.1% to 3025. India -0.1% to 28507.
In Europe, at midday, London +0.4%. Paris +1.3%. Frankfurt +1.1%.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.5%. Crude +2.2% to $45.00. Gold +0.5% to $1324.10.
Ten-year Treasury Yield flat at 1.69%

Today's Economic Calendar

7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:00 PM FOMC Forecast
2:00 PM Chairman Press Conference