1. Markets overview

Global stock markets were relatively calm on Wednesday. U.S. stock futures look a bit soft.

Most European markets were steady in early trading. Asian markets closed the day with mixed results.

The Dow Jones industrial average, S&P 500 and Nasdaq have now slipped in two consecutive trading sessions. U.S. stocks had been on a massive winning streak before they lost momentum at the end of last week.

In the U.K. - the GBP fell to just below $1.22 on Wednesday, its lowest level since January.

The country's top finance official - Philip Hammond - will present the government's budget plans for the coming year later on Wednesday.

2. NFP report preview

Anticipation is building on Wall Street ahead of Friday's monthly jobs report (NFP). Continued growth could give the U.S. Federal Reserve confidence to raise interest rates later this month and therefore supporting the USD for more rises.

But before the main event, investors will get a preview of the labor market conditions from ADP.

ADP will release numbers on private-sector job creation for February at 13:15 GMT. Economists expect the report to show 180,000 new jobs.

3. Oil drops on bets for oversupply

Oil prices were under pressure on Wednesday, nearing a four-week low after data overnight showed another massive increase in U.S. crude supplies.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories rose by a whopping 11.6 million barrels in the week ended March 3, surging past expectations for a build of just 1.6 million.

The U.S. Energy Information Administration will release its official weekly oil supplies report 15:30GMT Wednesday.

4. Japan expands for fourth straight quarter

Japan’s gross domestic product (GDP) expanded for a fourth straight quarter in the final three months of 2016, according to data released on Wednesday.

Although the data was revised up to show a larger expansion that originally thought, it still disappointed consensus forecasts.

The world’s third largest economy grew an annualized 1.2% in October-December, less than the median estimate for 1.6% annualized growth although more than the preliminary reading of a 1.0% annualized expansion.

The figure translates into quarter-on-quarter growth of 0.3%, versus a preliminary reading of 0.2% growth and the median estimate for 0.4% growth.