1. Fed to raise rates?

Markets around the world are sinking a tad as investors contemplate a possible upcoming U.S. interest rate hike.

New York Federal Reserve President William Dudley warned on Tuesday that a Fed rate increase could come next month, a sign that the central bank is confident in the strength of the economy.

At 19:00GMT, the minutes from the Federal Reserve's latest policy-setting meeting will be released. Investors will be looking for further signs of the Fed's plans for interest rates.

US stock futures are slipping a tad, alongside European markets.

Asian markets are closing the day with mixed results.

2. Job cuts coming?

Cisco (CSCO, Tech30) is in focus following a report that the company is set to layoff 14,000 workers, or roughly 20% of its staff.

Cisco said the claim was a "rumor" and noted that its next quarterly earnings will be out after markets close this afternoon.

3. U.K. employment eases Brexit worries

Despite warnings made by economists following the U.K.’s June 23 decision to leave the European Union, known as a Brexit, the July claimant count gave an upbeat reading of the British labor market. The first available data for the period following the vote showed an unexpected decline of 8,600 people, compared to the forecast for a 9,500 increase.

The jobless rate for June also remained at an 11-year low of 4.9%, while U.K. employment in the second quarter hit a record high of 74.5%.

4. Oil data ahead

The U.S. Energy Information Administration is reporting weekly crude oil inventory data at 10:30 a.m. ET.

This report can have a big influence on the direction of oil prices if there's more or less inventory than expected. Crude oil futures are slipping a tad this morning to trade around $46 per barrel.