What is it? Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

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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What is it? Volatile items account for about a quarter of CPI but they tend to be very volatile and distort the underlying trend. The Bank of Canada pays most attention to the Core data - so do traders. This is among the few non-seasonally adjusted numbers reported on the calendar, as it's the calculation most commonly reported.

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) Wall Street fell sharply for the fourth straight day on Thursday after the Federal Reserve highlighted global growth concerns and as finance stocks declined on speculation that the central bank would not raise interest rates in September.

2) U.S. home resales rose more than expected in July to their highest level since 2007, a sign the U.S. housing market was heating up and could provide more support for the overall economy.

3) The number of Americans filing new applications for unemployment benefits unexpectedly rose last week, but the trend remained consistent with solid labor market momentum that could keep the Federal Reserve on track to raise interest rates this year. (Reuters)

4) U.S. crude oil prices fell to almost $40 a barrel on Thursday, their lowest since the global financial crisis of 2009, as supplies rose in North America and the Middle East, filling stockpiles to record levels.

5) The dollar moved lower against a basket of other major currencies on Thursday after the minutes of the Federal Reserve’s latest meeting prompted investors to push back expectations on the timing of an initial rate hike.

6) Gold prices extended gains to a five-week high on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. rose unexpectedly last week. (Investing.com)

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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:

Investors are bracing for a bruising session Thursday.

U.S. stock futures were falling and global markets are awash with red. 

1) Oil slides

Crude prices are under pressure, losing 0.7% to hover just below $41 a barrel, after plunging to a six-year low on Wednesday. Oil has been falling in recent weeks as the supply glut worsens and demand remains sluggish. Weak oil is ringing alarm bells for investors about the health of the global economy.

And the latest victim of low oil prices? Kazakhstan. Its currency plunged 23% after the country's government allowed the tenge to float freely in an attempt to blunt the impact of falling crude prices. 

2) China tumbles

Another day, another wild ride for Chinese investors. The Shanghai Composite closed down 3.4% and the smaller, tech-heavy Shenzhen index lost 3%.

Volatility has dominated trading in China over the summer and prompted Beijing intervene to stabilize markets. 

3) Earnings updates

A batch of results are due before the market open, including Tech Data (TECD), Sears (SHLD), Madison Square Garden (MSG), Stein Mart (SMRT) and Kirklands (KIRK). This afternoon, Hewlett-Packard (HPQ, Tech30), Gap (GPS) and Ross (ROST) are due to provide earnings updates. 

4) Economic reports

Plenty to watch out for on the economic front, beginning with the federal government's weekly jobless claims at 8:30 a.m. ET.

The National Association of Realtors releases July home sales figures at 10 a.m. ET. Sales surged in June, but analysts don't expect the trend to continue.

Also at 10 a.m., the Philadelphia Fed will post its business outlook survey for August. Last month there were signs manufacturing was slowing down, and unemployment data wasn't favorable.

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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

When? At 9:45pm 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? 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.

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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What is it? It's a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

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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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.

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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