Hooray! Global stock markets are marching ahead and Japan's Nikkei index has surged by nearly 8%.

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

1. Jumping Japan

Investors around the world are marveling over Japan's huge one-day rally, with the Nikkei 225 index closing up 7.7%. This is the index's biggest leap in a session since October 2008.

Many are speculating about the reason behind the surge, but there's no clear cut answer.

"We can only conclude that either Japanese equities' pricing was irrational yesterday, or it is irrational today," said Paul Donovan, a senior economist at UBS.

2. Stock market surge

Other global stock markets are also rallying Wednesday and U.S. stock futures are all up by just over 1%.

Investors seem to be bidding shares higher as they pin their hopes on the possibility that the Federal Reserve will bow to pressure and hold off raising interest rates this month. The chief economist at the World Bank joined the crowd calling for a delay, telling the Financial Times that the Fed should wait until the global economy is on surer footing.

In early trading, all European markets were rising by nearly 2% and all key indexes in Asia locked in solid gains.

Markets also had a positive day Tuesday. The Dow Jones industrial average added 2.4%, while the S&P 500 climbed 2.5% and the Nasdaq shot up by 2.7%. 

3. Apple of my eye

Apple (AAPL, Tech30) shares are rising by about 1.3% premarket as investors prepare for a highly anticipated product event. The fun begins at 10 a.m. PT (1 p.m. ET) in San Francisco, and speculation about new products and offerings has been rampant.

Many expect the biggest news will surround an updated Apple TV. The company is also due to update its iPhone line and could unveil a bigger iPad. 

4. Stock market movers

Yahoo, Ryanair: Shares in Yahoo (YHOO, Tech30) are declining by about 2.6% premarket after the company said its planned spinoff of a big stake in Alibaba (BABA, Tech30) had hit a roadblock.

Yahoo told investors that the IRS rejected its request for a special tax ruling on the Alibaba deal, which was supposed to save investors huge sums of money.

Shares in Ryanair (RYAAY) are soaring by about 7% in Europe after the budget airline announced annual profit would surge by 25% after a strong summer season.

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What is it? Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to respond by raising interest rates.

When? At 9:30pm Eastern Time.

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

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What is it? 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? 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 vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts.

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? It's among the primary tools the RBNZ uses to communicate with investors about monetary policy. It covers in detail the factors that affected the most recent interest rate decision, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.

When? At 5:05pm Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the NZD 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 RBNZ Rate Statement which is focused on the future.

When? At 5:00pm Eastern Time.

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

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What is it? It's an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.

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) U.S. stocks opened sharply higher on Tuesday after weak economic data out of China bolstered hopes of more stimulus measures from the Chinese government. China's imports shrank far more than expected in August, falling for the 10th straight month. Imports fell 13.8 percent from a year earlier, more than the 8.2 percent drop economists had expected.

2) The dollar slipped lower against the other major currencies in subdued trade on Tuesday, amid mounting uncertainty over whether or not the Federal Reserve will raise interest rates at its meeting this month. The dollar was lower against the euro, with EUR/USD up 0.18% at 1.1190.

3) Gross domestic product in the euro zone rose more-than-expected in the last quarter, official data showed on Tuesday. In a report, Eurostat said that GDP rose to a seasonally adjusted 0.4%, from 0.5% in the preceding quarter whose figure was revised up from 0.3%. Analysts had expected GDP to rise 0.3% in the last quarter.

4) Crude oil futures were mixed in choppy trade on Tuesday, as a refinery closure weighed on West Texas Intermediate prices while Brent futures rallied, tracking strong gains in global equity markets.

5) U.S. small business confidence rose modestly in August, suggesting the economy continued to grow at a steady clip halfway through the third quarter. The National Federation of Independent Business said on Tuesday its Small Business Optimism Index gained half a point to 95.9 last month.

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