1. Global market overview

U.S. stock futures are holding steady as most global markets power higher.

European markets are making strong gains in early trading.

Asian markets ended the day in positive territory.

Australia's main index also rose 0.9% even as new data showed the economy contracted in the latest quarter, marking the first time the economy shrunk since 2011.

The U.S. Energy Information Administration is reporting weekly crude oil inventory data at 15:30GMT. Oil prices are currently holding steady at around $51 per barrel.

Coming later this week:

Thursday - European Central Bank's monetary policy meeting

Friday - Government spending measure expires

2. Italy bank in suspense

Investors are waiting to see if a top Italian bank - Monte dei Paschi di Siena - is going to be able to sort out its own finances or be forced to seek a state bailout.

An announcement could come as early as Wednesday.

The bank is trying to salvage a rescue plan that would see private investors inject €5 billion into the bank. A government bailout is the last resort option, and would cause big losses for shareholders and some bondholders.

The bank's volatile shares jumped by roughly 10% on Wednesday. But they're still down by more than 80% since the start of 2016. Other European banking stocks are also rallying.

3. AT&T-Time Warner mega deal hearing

The CEOs of AT&T and Time Warner are set to defend their $85 billion mega-merger at a congressional hearing scheduled for 15:00GMT.

The CEOs might also eventually face questions from President-elect Donald Trump, who has said the media merger would concentrate "power in the hands of too few."

4. Starbucks investor day

Starbucks is hosting an event for investors on Wednesday, less than a week after Howard Schultz announced plans to step down as CEO next year.

While the New York event was planned before Schultz's announcement, his departure will likely dominate the day's conversation.