U.S. stocks opened lower Tuesday as the Fed’s policy-making Open Market Committee kicks off its two-day meeting. Almost no one is expecting the Fed to increase the short-term rates it controls this week — or even at its next meeting on July 28 and 29. Housing starts fell more than expected and building permits surged in May. Starts fell 11.1% to an annualized pace of 1.04 million. But building permits rose 11.8% to an annualized pace of 1.1 million, the most since January 2007. Coty (COTY) – the beauty company that produces Rimmel cosmetics and Calvin Klein perfume has won the bidding for Procter & Gamble’s (PG) Wella hair care and Max Factor and CoverGirl makeup brands, the New York Post reports. The New York company will pay as much as $12 billion, the newspaper reported, citing unnamed sources. U.S. crude oil prices edged up on Tuesday, supported by warnings that a tropical storm threatened to hit the coast of the oil-producing state of Texas, but oversupply weighed on Brent.
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