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1) U.S. stocks opened sharply higher on Tuesday after weak economic data out of China bolstered hopes of more stimulus measures from the Chinese government. China's imports shrank far more than expected in August, falling for the 10th straight month. Imports fell 13.8 percent from a year earlier, more than the 8.2 percent drop economists had expected.

2) The dollar slipped lower against the other major currencies in subdued trade on Tuesday, amid mounting uncertainty over whether or not the Federal Reserve will raise interest rates at its meeting this month. The dollar was lower against the euro, with EUR/USD up 0.18% at 1.1190.

3) Gross domestic product in the euro zone rose more-than-expected in the last quarter, official data showed on Tuesday. In a report, Eurostat said that GDP rose to a seasonally adjusted 0.4%, from 0.5% in the preceding quarter whose figure was revised up from 0.3%. Analysts had expected GDP to rise 0.3% in the last quarter.

4) Crude oil futures were mixed in choppy trade on Tuesday, as a refinery closure weighed on West Texas Intermediate prices while Brent futures rallied, tracking strong gains in global equity markets.

5) U.S. small business confidence rose modestly in August, suggesting the economy continued to grow at a steady clip halfway through the third quarter. The National Federation of Independent Business said on Tuesday its Small Business Optimism Index gained half a point to 95.9 last month.

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It has been a long weekend so there are only four trading days this week, this is what you need to know before the week begins.

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1) Ready for a rally

U.S. stock futures are set to shoot higher once the trading day begins in New York.

The Dow Jones industrial average, S&P 500 and Nasdaq are all poised to open about 1.8% higher. Stocks like Apple (AAPL, Tech30), PayPal (PYPL, Tech30) and Freeport-McMoRan (FCX) are leading the way with premarket gains of between 2% and 4%.

The positive sentiment comes as Chinese stocks rebound despite disappointing trade data. Most global stock markets are climbing Tuesday. But this follows several tumultuous weeks in the markets which saw wild fluctuations for stocks and oil prices. 

2) Eyes on oil

Crude oil futures are dipping by about 2.5% to trade around $44.90 per barrel Tuesday. The price of crude dropped below $39 per barrel in late August and then quickly shot up to trade near $50 per barrel on the final day of the month. 

3) Weekly market recap

The Dow Jones industrial average and S&P 500 both experienced wild trading jumps and bumps over the previous week. They closed out the five days with a total loss of 2.6%. The Nasdaq dropped by 1.9% over the same period. 

4) European stocks higher

European stocks were sharply higher on Tuesday, led by sharp gains in the financial sector, even after the release of weak export data from China. During European morning trade, the EURO STOXX 50 rallied 1.44%, France’s CAC 40 advanced 1.29%, while Germany’s DAX 30 jumped 1.40%. Data released earlier showed that China's trade surplus widened to $60.2 billion last month from $43.0 billion in July, compared to estimates for a surplus of $48.2 billion. 

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What is it? It's a leading indicator of demand in the housing market - most homes are financed, so it provides an excellent gauge of how many qualified buyers are entering the market.

When? At 9:30pm Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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1. U.S Stock Markets are closed due to "Labor Day".

2. German industrial output rose in July at its fastest pace so far this year, data from the Economy Ministry showed on Monday, suggesting Europe's largest economy powered ahead at the beginning of the third quarter. Factories produced 0.7 percent more goods than in the previous month, the ministry said. That was the strongest increase since December, but it missed the Reuters consensus forecast for a 1.0-percent rise.

3. Crude oil futures declined on Monday, as ongoing concerns over the health of the global economy underlined worries over a global supply glut. Trade volumes were expected to remain light on Monday, with U.S. markets closed for the Labor Day holiday.

4. Mining and trading company Glencore (LONDON:GLEN) acknowledged on Monday the severity of the global commodity market slump as it suspended dividends and said it would sell assets and new shares to cut heavy debts built up through years of rapid expansion.

5. The U.S. dollar was almost unchanged against its Canadian counterpart on Monday, as trading volumes were expected to remain thin with markets closed in the U.S. and in Canada for the Labor Day holiday.

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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment.

When? At 9:30pm Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.

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What is it? It's the broadest measure of economic activity and the primary gauge of the economy's health.

When? At 7:50pm Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the JPY to rise.

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