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 4:30am Eastern Time.

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

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New orders for U.S. factory goods rebounded strongly in June on robust demand for transportation equipment and other goods, a hopeful sign for the struggling manufacturing sector.

The Commerce Department said on Tuesday new orders for manufactured goods increased 1.8 percent after declining 1.1 percent in May.

The dollar trimmed losses against the other major currencies on Tuesday, after data showed that U.S. factory orders rose broadly in line with expectations in June, while markets continued to eye the release of U.S. nonfarm payrolls on Friday.

Drugmaker Shire (L:SHP) said on Tuesday it was seeking to buy Baxalta (N:BXLT), a company spun-off by Baxter International (N:BAX) last month, for $30 billion to forge the leading global specialist in rare diseases.

U.S. drugmaker Pfizer (N:PFE) gained European Union antitrust approval on Tuesday for its proposed $15 billion acquisition of U.S. rival Hospira (N:HSP) after pledging to sell some drugs to allay competition concerns.

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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:

Welcome to Tuesday. 

1) More volatility in China and Greece

The two most volatile stock markets in the world right now -- China and Greece -- continue to grab attention.

Chinese stock markets shot up Tuesday, with the Shanghai Composite closing with a 3.7% gain and the Shenzhen market finishing with a 4.8% jump.

Chinese markets have been on a bumpy downward trend since hitting record highs in mid-June. Tuesday's move higher followed new restrictions on short sellers.

In Greece, the main stock market index fell by another 1% following a 16% plunge on Monday. Prior to reopening Monday, the Greek stock market had been closed for five weeks due to the nation's financial crisis.

Three of the country's biggest banks -- Piraeus (BPIRF), Eurobank and Alpha Bank (ALBKF) -- are all tanking by about 30% Tuesday, after a similar fall Monday. Shares in the National Bank of Greece (NBG) fared only slightly better, falling 23%. 

2) Expecting earnings

Among the companies reporting quarterly earnings this morning are Aetna (AET), Coach (COH), CVS Health (CVS), Time (TIME) and Office Depot (ODP).

In Europe, shares in BMW (BAMXY) are slipping by about 1.5% after the automaker reported quarterly results.

Toyota (TM) shares could be on the move after the firm reported a record $5.2 billion profit. The company benefited from favorable foreign exchange rates and cost reductions.

After the close, investors will get to look through results from Dreamworks Animation (DWA), Etsy (ETSY), News Corp (NWS). and Walt Disney (DIS). 

3) Global market moves

U.S. stock futures are sitting at roughly where they closed on Monday.

A few stocks are throwing their weight around premarket, including Allstate (ALL), Microchip Technology (MCHP) and Aflac (AFL). Shares in all three companies are declining as investors react to the firms' latest earnings, which were released late Monday afternoon.

European markets are mixed in early trading. The key Italian index is declining by just over 1%, but the other markets are little changed. Asian stocks closed with mixed results.

Crude oil futures are recovering a bit Tuesday, up 2% to trade around $46 a barrel. Over the past month, oil prices plunged by about 20%. 

4) Market recap

On Monday, the Dow Jones industrial average dropped 0.5%, while the S&P 500 and the Nasdaq each shed 0.3%.

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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 6:45pm 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 a leading indicator of the nation's trade balance with other countries because rising commodity prices boost export income. The weighted-average price of the 9 dairy products sold at auction are sampled and then compared to the previous sampling.

When? Tentative

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 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. Survey of about 170 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.

When? At 4:30am Eastern Time.

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

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What is it? It's among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

When? At 12:30am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD 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 RBA Rate Statement which is focused on the future. Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.

When? At 12:30am Eastern Time.

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

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1) Wall Street was lower on the first trading day in August as oil prices touched a six-month low and data showed U.S. economy lost some momentum at the end of the second quarter.

2) Oil prices hit six-month lows earlier in the day, knocked by fresh evidence of growing oversupply and data highlighting slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008.

3) The euro backed off session lows against the dollar on Monday following the release of lackluster data on U.S. manufacturing activity and consumer spending.

EUR/USD was last at 1.0980, up from lows of 1.0941.

4) Greece's stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears the country was about to be dumped from the euro zone.

Bank shares fell 30 percent before loss-limits kicked in to stop investors selling any more.

5) U.S. natural gas prices edged higher on Monday, but held near the previous session's three-week low as forecasts for mild weather across the U.S. in the weeks ahead dampened demand expectations for the fuel.

6) U.S. consumer spending in June advanced at its slowest pace in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter.

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