Here's a super-quick guide to what traders are talking about right now

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has an overview of what traders are watching on Wednesday.

In brief:

  • Stock futures are little changed as companies continue to report third-quarter earnings. But Intel shares are down 4% pre-market after the company announced fourth-quarter revenue guidance that was weaker than what analysts expected.
  • The euro is slightly weaker ahead of the European Central Bank’s meeting on Thursday.
  • Housing starts and building permits data cross at 8:30 a.m. ET, and the Fed’s latest Beige Book of economic anecdotes will be released at 2 p.m.

Here’s Lutz:

Good Morning! US Futures are mixed this AM as Earnings continue to roll (INTC getting clobbered) and China GDP on target with 6.7% growth. Euro Markets are mostly red, with the DAX off 10bp as only Consumer Discretionary seems to be well bid in Germany. Italy is outperforming on Monte Paschi headers — the only exchange in the green. UK is getting hit for 10bp as UK Builders under pressure on Travis Perkins and Consumer from Reckitt’s #s. Volumes across Europe are light, with most exchanges 10-20% below Trend. Pretty Quiet overnight in Asia, Hong Kong off 40bp – Shanghai closed flat as weakness in Insurers off China Life #s weighed – Nikkei closed just under 17k as Staples enjoyed the weaker Yen – Aussie climbed 40bp on the heels of a $11B Merger header, while Philippines +2% continue to outperform on optimism over President Duerte’s China visit.

The Dollar is backing off 7month peaks as Fed fund futures around a 65% probability of a move, down from 70% pre CPI yesterday. The Euro is a bit weaker ahead of ECB tomorrow — while $/Y is breaking lower quicker as headers say BOJ “No Additional Easing” roll. The US 10YY had a test and bounce off the 200dma overnight as Investors put in for the Saudi Bond Deal. Metals are mixed, with Gold enjoying the falling $, while Nickel gets whacked for 1%+. WTI has shot back above $51 as the Saudi oil minister calls an end to price ‘downturn’ and a Huge draw in API inventories support WTI into expiry tomorrow. Natty gas is getting whacked for almost 2% tho. Softs are weak across the board.

We have a heavy slate of Catalysts today, with Housing Starts and Building Permits for September Fed’s Williams Speaks in New Jersey at 8:45. At 9:50 we get the Bank of England Bond-Buying Operation Results, just before the Bank of Canada Rate Decision at 10. 10:30 brings that DOE data for Crude. At 1:30 Fed’s Kaplan Speaks in Fort Worth, just before the Federal Reserve Releases the Beige Book at 2. Heavy Earnings Post-Close, with AXP, EBAY, LRCX, LSTR, MAT, SLM, and XLNX among others after the close. At 7:45 tonight, Fed’s Dudley Speaks on NYC Economic History in New York — at 9pm we have the Final Debate between Hillary and Donald.

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