What is it? Canada is unique in that they release fresh GDP data on a monthly basis. A quarterly GDP figure is also released, however it's merely a summation of the monthly data. It's the broadest measure of economic activity and the primary gauge of the economy's health.

When? At 8:30am Eastern Time.

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

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1) The U.S. economy rebounded in the second quarter, bouncing back after labor disputes at West Coast shipping ports led to lackluster growth in the first three months of the year. U.S. gross domestic product, the broadest measure of goods and services produced across the economy, grew at a seasonally adjusted annual rate of 2.3 percent in the April-June quarter, the Commerce Department said in its preliminary estimate Thursday. 

2) Facebook Inc's (O:FB) plans to focus spending on its two messaging services, Instagram and its virtual reality headset business was cheered by Wall Street analysts, who said the efforts would boost long-term growth. Of the 50 brokerages covering the stock, at least 20 raised their price targets. Piper Jaffray was the most bullish with a $146 target - 50 percent over Facebook's Wednesday close of $96.99. The median price target is $110.

3) Crude oil futures edged higher on Thursday, amid indications that Saudi Arabia could cut production at the end of the summer and following a larger than expected drawdown in U.S. supplies last week. On the ICE Futures Exchange in London, Brent oil for September delivery tacked on 37 cents, or 0.69%, to trade at $53.75 a barrel during European morning hours.

4) Procter & Gamble Co (N:PG), the world's largest consumer products maker, reported its sixth straight fall in quarterly sales, as the stronger dollar continued to weigh on the value of sales from overseas markets. Shares of the maker of Pampers diapers and Tide detergent were down marginally at $80.43 on Thursday.

5) Time Warner Cable Inc (N:TWC), which is being bought by Charter Communications (O:CHTR), reported lower-than-expected revenue for five quarters in a row as it lost about 45,000 residential video customers. Cable companies have been struggling with declining subscriber numbers as viewers shift to cheaper and more flexible streaming services offered by Netflix Inc (O:NFLX), Amazon.com Inc (O:AMZN), Hulu and others.

6) Natural gas futures extended losses on Thursday, despite data showing that U.S. natural gas supplies rose less than expected last week.

Natural gas for delivery in September on the New York Mercantile Exchange tumbled 5.4 cents, or 1.9%, to trade at $2.809 per million British thermal units during U.S. morning hours after hitting a daily peak of $2.882 earlier, the most since July 23. Prices were at around $2.821 prior to the release of the supply data.

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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:

Global markets are looking chilled Thursday. But watch out for a bunch of quarterly earnings that could shift investor sentiment. 

1) Endless earnings

Quarterly reports will keep coming in from companies such as Cigna (CI), T-Mobile (TMUS), Time Warner Cable (TWC) and Virgin America (VA). These firms are reporting before the opening bell. Fiat Chrysler Automobiles (FCAM) is among the companies reporting after the close. 

2) Stock market movers

Facebook, Whole Foods: Shares in Facebook (FB, Tech30) are falling by about 2.5% premarket after the company reported earnings on Wednesday.

There were high expectations ahead of the quarterly report and Facebook managed to beat earnings and growth expectations.

But investors seem to be feeling a little letdown after bidding up shares by 24% since the start of the year.

Whole Foods (WFM) stock slumped by about 11% in extended trading after its quarterly earnings report missed expectations. 

3) Market overview

U.S. stock futures are looking a little weaker ahead of the open.

This follows a positive Wednesday when the Dow Jones industrial average and the S&P 500 each edged up by 0.7% and the Nasdaq added 0.4%.

European markets are mostly positive in early trading, while Asian markets ended with mixed results. 

4) Economics

The U.S. Department of Labor will post new weekly jobless claims data at 8:30 a.m.

ET. New unemployment claims have climbed in recent weeks, but the week ending July 18 saw just 255,000 new claims. That's the lowest initial unemployment claims report since 1973. Also at 8:30 a.m., the Bureau of Economic Analysis will release GDP data for the second quarter.

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What is it? It's a leading indicator of consumer inflation - when producers charge more for goods and services the higher costs are usually passed on to the consumer.

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? This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes. 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. Unemployment is also a major consideration for those steering the country's monetary policy.

When? At 8:30am Eastern Time.

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

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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. Survey of about 1,500 businesses which asks respondents to rate the relative 12-month economic outlook.

When?  At 9:00pm Eastern Time.

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

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The Dow Jones industrial average and the S&P 500 were slightly higher on Wednesday while the Nasdaq composite edged lower, as investors assessed earning ahead of a statement from the U.S. Federal Reserve that could give clues regarding the timing of a rate hike.

Pending home sales in the U.S. fell unexpectedly in June, dampening optimism over the health of the housing sector, industry data showed on Wednesday. In a report, the National Association of Realtors said its pending home sales index fell by a seasonally adjusted 1.8% last month, disappointing expectations for a gain of 1.0%. Pending home sales in May rose by 0.6%, whose figure was revised down from a previously reported gain of 0.9%.

The dollar remained moderately higher against the other major currencies on Wednesday, even after data showed that U.S. pending home sales unexpectedly fell in June, as investors awaited the Federal Reserve’s rate statement later in the day. EUR/USD was down 0.22% at 1.1034, holding below Monday’s two-week highs of 1.1128.

The euro remained modestly lower against the dollar on Wednesday after data showed that U.S. pending home sales unexpectedly fell in June, snapping five months of gains, as investors awaited the upcoming Federal Reserve rate statement.

Credit and debit card issuer MasterCard Inc (N:MA) reported lower-than-expected quarterly revenue as the company offered more rebates and incentives to win new and renewed deals.

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What is it? Goods trade makes up about 75% of total trade in US and provides early insight into Trade Balance data. A positive number indicates that more goods were exported than imported. Source first released in Jul 2015. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.

When? 8:30am Eastern Time.

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

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What is it? While this is q/q data, it's reported in an annualized format (quarterly change x4). There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact. It's the broadest measure of economic activity and the primary gauge of the economy's health.

When? 8:30am Eastern Time.

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

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Global investors are shifting their focus from Chinese markets to the Federal Reserve today. 

1) Chinese markets gain

The Shanghai Composite index and Shenzhen index both regained some lost ground Wednesday, closing with gains of 3.4% and 4.1% respectively.

Markets are stabilizing after intervention by officials aimed at halting a crash that saw the Shanghai Composite drop 8.5% Monday -- its biggest percentage fall in a day since 2007.

Chinese equities have been on a wild ride since the start of the year. 

2) Focus on the Fed

Now that Chinese markets are closed for the day, investor attention is shifting to the Federal Reserve. The Federal Open Market Committee issues its decision on interest rates at 2 p.m. ET.

"Markets expect the central bank to withhold an interest rate hike this time around, putting the focus on the statement accompanying the announcement for further guidance," said Ilya Spivak, a currency strategist at DailyFX.

Many expect a rate hike could come later this year as the U.S. economy improves. 

3) Stock market overview

U.S. stock futures are edging higher ahead of the open.

European markets are mixed in early trading.

Across Asia, market moves were relatively muted, except for the gains in China.

Looking back to Tuesday's trading, the Dow Jones industrial average rose 1.1%, the S&P 500 climbed 1.2% and the NASDAQ jumped 1%.

4) Movers and shakers

Akamai Technologies (AKAM), a cloud services company, saw its stock drop about 10% in extended trading following weak earnings.

Shares in insurance company Assurant (AIZ) are up about 10% in extended trading after releasing better-than-expected quarterly results.

And shares in Gilead Sciences (GILD) are up 4% premarket after its earnings beat expectations.

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What is it? It's an excellent gauge of future construction activity because obtaining government approval is among the first steps in constructing a new building. Construction is important because it produces a wide-reaching ripple effect - for example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various services are purchased by the builder.

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? 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? At 8:30pm Eastern Time.

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

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What is it? The rate decision is often priced in the market so it tends to be overshadowed by the FOMC Statement which is focused on the future. Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future. FOMC members vote on where to set the target rate. The individual votes are published in the FOMC statement.

When? At 2:00pm Eastern Time.

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

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What is it? It's the primary tool the FOMC uses to communicate with investors about monetary policy. It contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, it discusses the economic outlook and offers clues on the outcome of future votes.

When? At 2:00pm Eastern Time.

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

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1) U.S. consumer confidence deteriorated unexpectedly in July, dampening optimism over the health of the economy, industry data showed on Tuesday.

In a report, the Conference Board, a market research group, said its index of consumer confidence tumbled to 90.9 this month from a reading of 99.8 in June, whose figure was revised from a previously reported 101.4. Analysts expected the index to rise to 100.0 in July.

2) The euro pulled back from session lows against the dollar on Tuesday as data showing that U.S. consumer confidence deteriorated this month tempered expectations for higher interest rates.

3) U.S. natural gas prices extended gains from the previous session on Tuesday, as investors bet a heat wave making its way across the eastern U.S. will prompt households to ramp up their air conditioning.

4) U.S. homeownership dropped to a record low in the second quarter as more Americans opted to rent, data showed on Tuesday.

The seasonally adjusted home ownership rate fell to 63.5 percent, the lowest since the government started tracking the series, the Commerce Department said. The rate, which peaked at 69.4 percent in 2004, was 63.8 percent in the first quarter.

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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:

Markets are calmer Tuesday as investors regain some poise following a global sell-off triggered by China's stock market crash.

 1) China slide continues

Chinese markets took another step down Tuesday, but the move wasn't nearly as dramatic as Monday when the benchmark Shanghai index dropped by 8.5%, its worst performance in eight years.

On Tuesday, the Shanghai Composite closed down 1.7% after slumping as much as 4% in early trading. The Shenzhen Composite fell 2.2%.

China's regulators have taken a number of steps to prop up prices in recent weeks. Late on Monday, China's top securities regulator said it would buy more stocks in a bid to stabilize the market. But the renewed push lower on Tuesday shows officials are struggling to reduce volatility.

2) Commodities getting cheaper

Prices for crude oil, natural gas and gold are all dipping Tuesday after tumbling Monday.

"For [traders] the equation is very simple, if there is no demand in China, this spells trouble for the commodity market," said Naeem Aslam, chief market analyst at AvaTrade.

3) Global stock market overview

Outside of China, the picture is more positive.

U.S. stock futures are moving up and most European markets are rising in early trading. The U.K. economy picked up speed in the second quarter, growing by 0.7% over the first quarter, and at an annual rate of 2.6%.

On Monday, the Dow Jones industrial average fell 0.7%, the S&P 500 slid 0.6% and the Nasdaq lost 1%.

4) Earnings

There are lots of company earnings to watch this morning. Markets will hear from the likes of Ford (F), Pfizer (PFE), UPS (UPS), Jetblue Airways (JBLU) and GrubHub (GRUB) ahead of the opening bell.

After the markets close, expect reports from companies including Panera Bread (PNRA), Yelp (YELP) and Twitter (TWTR, Tech30).

BP (BP) reported results this morning that came in slightly below expectations. Its shares were edging up by about 1% in London trading, in line with the market.

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What is it? Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. Survey of about 5,000 households which asks respondents to rate the relative level of current and future economic conditions including labor availability, business conditions, and overall economic situation.

When? At 10:00am Eastern Time.

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

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