* Investors eye Fed's announcement on economy
* Macy Q2 earnings, cash flow give lift
* Futures gain: S&P 1.3 pts, Dow 10 pts, Nasdaq 3 pts
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By Angela Moon
NEW YORK, Aug 12 (Reuters) - U.S. stock index futures edged up on Wednesday as investors shied away from big bets ahead of Federal Reserve statements on the state of the economy.
The Fed's monetary policy committee wraps up its two-day meeting Wednesday. The central bank is expected to leave the key target interest rate unchanged, but investors will parse the Fed's policy comments for any changes in its outlook or its program to buy Treasury bonds.
"The focus is on what they say about the economy, quantitative easing, hints that they might change monetary policies sooner than expected," said Peter Cardillo, chief market economist at Avalon Partners in New York.
"The market already has taken into account that the economy is in recovery. Today's announcement will show the strength of that recovery."
Macy's Inc shares gained 1.4 percent to $15.74 before the bell after the retailer reported second quarter results and cash flow that exceeded expectations.
Toll Brothers Inc shares also advanced in premarket trade, by 7.3 percent to $21.98, after the luxury home builder said its net signed contracts rose in the third quarter. But the firm said that it was expecting to report a 42 percent drop in homebuilding revenue next quarter, a further sign of a housing market still suffering from recession.
Other stocks pointing to a higher open include Applied Material Inc, which rose 2.1 percent before the bell to $13.55 after Morgan Stanley raised its price target. Applied Material, the world's largest producer of chip-making gear, which reported its quarterly results after the bell on Tuesday, said it would at least break even this year thanks to new orders and deep cost cuts.
JPMorgan Chase & Co is looking to sell 23 office properties in what may be the country's largest office real estate sale this year, according to a report by the Wall Street Journal. The property on offer could raise more than $1 billion.
S&P 500 index futures rose 1.3 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 10 points, while Nasdaq 100 futures gained 3 points.
Asian shares retreated, however, on uncertainty about the Fed's views. Chinese stocks sank 4.7 percent to their lowest close in four weeks, while Hong Kong shares slid 3 percent.
Other economic indicators set for release include the Commerce Department's June international trade at 8:30 a.m. (1230 GMT). Economists in a Reuters survey forecast a $28.50 billion deficit, compared with a $25.96 billion deficit in May.
U.S. stocks fell Tuesday after a prominent banking analyst questioned the sector's recent gains and industry fundamentals. An unexpectedly large drop in wholesale inventories also raised worries about a recovery, but the broader S&P 500 is still up 47 percent from its closing-low set on March 9.