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US markets dropped after a volatile session. Falling oil prices continued to hit sentiment. Losses were seen despite the release of positive labor data. JOLTS Job Opening showed that 4.972 million jobs were available at the end of November.

Asian markets dropped across the region. A report was released from the World Bank stating that the global growth forecast for 2015 was downgraded from 3.4% to 3% due to weakness in emerging markets. The report knocked investor confidence triggering a selloff in the market.

European markets are lower today after the World Bank’s report highlighted that the Euro zone is a threat to global growth. Losses could be greater but a report was also released that showed the European Court of Justice gave a green light to the European Central Bank’s asset purchasing program.

Oil reached a new 6 year low as the United Arab Emirates and Kuwait both downgraded their predictions for the global outlook for 2015. The API also reported that inventories climbed by 3.9million barrels over the past week. The World Bank also hit sentiment as they reduced demand for the commodity by downgrading the outlook for the global economy. The price rebounded slightly today but following a report from the EIA which showed inventories climbed by 5.389million barrels we could see it drop back down.

Gold climbed above $1,240/ounce as demand for safe haven assets increased on the back of oil prices. A downwards correction was seen but the price moved back up after weaker than expected Retail Sales data. As the metal showed little reaction to the World Bank’s report we can infer that it won’t move much higher and so we expect it to trade sideways.

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

1) Commodities Take a Beating

Prices for most major commodities -- including gold, silver, nickel and zinc -- are falling, but copper prices are taking the biggest tumble.

US copper futures are down 6% early Wednesday. Prices have fallen by about 15% since the start of the year. Oil prices continue to drop.

 2) Stocks in the Red

US stock futures are firmly in negative territory.

Major European markets are all declining by about 1% in early trading, with mining companies taking a major beating. Asian markets ended with losses.

3) Earnings and Economics

JPMorgan Chase (JPM) and Wells Fargo (WFC) will report quarterly earnings before the opening bell.

Burberry (BURBY) just provided a quarterly trading update in London, reporting sales surged in the last three months of 2014. But the company also noted that Hong Kong sales were disrupted by last year's pro-democracy protests.

On the data front, the Census Bureau will report December's retail sales number at 8:30am ET.

At 2:00pm the US Federal Reserve will release its latest Beige Book.

4) Tuesday Market Recap

Tuesday was the third consecutive day of declines in the stock market. Stocks had originally jumped in the morning but then fell back to earth.

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What is it? It checks the percentage of the total work force that is unemployed and actively seeking employment during the previous month.

Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

When? January 14^th at 7:30pm Eastern Time.

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

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What is it? It checks the change in the number of employed people during the previous month.

Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

When? January 14^th at 7:30pm Eastern Time.

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

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What is it? Governor Carney is due to testify on the Financial Stability Report before the Treasury Select Committee, in London.

As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? January 14^th at 9:15am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the GBP to rise.

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What is it? It checks the change in the total value of sales at the retail level.

It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

When? January 14^th at 8:30am Eastern Time.

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

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What is it? It checks the change in the total value of sales at the retail level, excluding automobiles.

Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

When? January 14^th at 8:30am Eastern Time.

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

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