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Get ready for a busy Wednesday.

U.S. stock futures are ticking higher after China released GDP figures, and Greece prepares to hold crucial vote on its latest bailout.

 1) China GDP

The world's second largest economy grew at a slightly faster pace than expected in the second quarter. Official figures out Wednesday put GDP at 7%, in line with the previous quarter, and Beijing's growth target for the full year.

Growth has slowed considerably from the breakneck pace of previous years, and it's expected to drop further through to 2016.

The positive quarterly numbers didn't stop falls on China's stock markets. The Shanghai Composite resumed its recent slide to close down 3%.

2) Greece votes

Greek lawmakers will vote to ratify tough economic reforms on Wednesday needed to secure Europe's latest offer of $96 billion to bailout the country.

But the International Monetary Fund, one of Greece's major creditors, has warned on the viability of the bailout. The IMF said Tuesday that the country's debt has become "highly unsustainable," and it needs more debt relief than Europe has so far been willing to consider.

3) Oil dips

Crude prices have regained some poise, slipping 0.5% to just below $53 a barrel in electronic trading, after a landmark deal on Iran's nuclear program sealed Tuesday prompted a turbulent session for oil.

4) Earnings and economics

It's a busy day for earnings. Bank of America (BAC) and Delta (DAL) will report ahead of the open along with Blackrock (AOCXX).

Computer chip maker Intel (INTC, Tech30) and Netflix (NFLX, Tech30) report quarterly earnings after the close. Netflix (NFLX, Tech30) shares were rising 2.4% premarket.

On the economic front, the Bureau of Labor Statistics updates its producer price index with June numbers at 8:30 a.m. ET. Numbers on June industrial production will also release at 8:30 a.m. ET.

Federal Reserve chair Janet Yellen will deliver her semi-annual testimony before Congress at 10:00 a.m. ET.

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What is it? This is extremely late relative to inflation data from other countries, but it's the primary gauge of consumer prices and tends to create hefty market impacts. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. The average price of various goods and services are sampled and then compared to the previous sampling.

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? The press conference has 2 parts - first a prepared statement is read, then the conference is open to press questions. The questions often lead to unscripted answers that create heavy market volatility. The press conference is audio webcasted on the BOC website. It's among the primary method the BOC uses to communicate with investors regarding 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 11:15am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD 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.

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? Fed Chair Feb 2014 - Feb 2018. Fed Governor Oct 2010 - Jan 2024. The testimony usually comes in 2 parts: first she reads a prepared statement (a text version is made available on the Fed's website at the start), then the committee will hold a question and answer session. Since the questions are not known beforehand they can make for some unscripted moments that lead to heavy market volatility.

When? At 10:00am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the USD to rise.

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What is it? It's the primary tool the BOC 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 10:00am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.

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1. The dollar regained ground against the other major currencies on Tuesday after initially falling to session lows when data showed that U.S. retail sales unexpectedly fell last month.

The dollar turned lower after the Commerce Department said retail sales fell 0.3% in June, compared to expectations for a 0.2% increase

2. Crude oil futures recovered from earlier losses on Tuesday, as traders looked ahead to weekly data on U.S. stockpiles of crude and refined products later in the day.

On the New York Mercantile Exchange, crude oil for August delivery inched up 15 cents, or 0.25%, to trade at $52.35 a barrel during U.S. morning hours after hitting a session low of $50.90 earlier.

3. U.S. retail sales unexpectedly fell in June as households cut back on purchases of automobiles and a range of other goods, which could raise concerns the economy was slowing again.

Tuesday's weak retail sales report, together with signs of some softening of the labor market, could dampen expectations for an interest rate hike from the Federal Reserve this year, which most economists expect could come in September.

4. U.S. stocks edged higher, trading in a narrow range, early on Tuesday as investors focus on U.S. corporate earnings and oil prices pared some losses after a steep fall earlier in the day.

Oil prices had tumbled due to expectations of increased supply after Iran's nuclear deal, but trimmed some losses as the expected rise in supply was already priced in over recent weeks.

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