Here are the top 5 most important things to know for today.
1. Global stocks mixed
U.S. futures pointed to a flat to higher open on Tuesday suggesting a partial recovery of losses logged a day earlier while investors wait for the first major economic data of the week.
European stocks were mixed on Tuesday, as oil prices turned lower amid concerns ahead of a highly-anticipated OPEC meeting on Wednesday and as investors also remained cautious ahead of an Italian referendum this weekend.
Earlier, Asian equities closed with mixed signs on Tuesday and the Nikkei 225 ended slightly slower on the back of mixed Japanese data.
The world’s third largest economy saw household spending unexpectedly slump in October, though retail sales slipped much less than forecast and the jobless rate came out in line with consensus.
2. OPEC scare drive oil down
Oil prices were down around 2% on Tuesday as nerves continued to fray over the capability of OPEC to reach a meaningful deal to limit crude production at their official meeting on Wednesday.
The cartel’s technical committee was unable to reach a preliminary deal ahead late Monday with reports pointing to disagreements over Iran and Iraq’s production levels.
Furthermore, Russia confirmed Tuesday that it would not attend the official gathering in Vienna on Wednesday. Though Moscow does not belong to the cartel, there was some hope that reports that the Algerian and Venezuelan oil ministers who had traveled to the country’s capital on Monday could have persuaded collaboration.
3. U.S. data to be released
The first major economic reports of the week were set for release on Tuesday, after a light calendar a day earlier.
The second estimate of third quarter gross domestic product (GDP) will be out at 13:30GMT with consensus expecting a slight upward revision to 3.0% growth, from the initial reading of a 2.9% expansion.
Half an hour later, investors will gauge the S&P/Case-Shiller house price index for September to gauge the state of the real estate market.
Smack dab in the middle of the holiday season spending, the Conference Board will release its consumer confidence indicator for November at 15:00GMT.
4. Online sales show encouraging start to holiday season
After Black Friday showed record breaking online sales at the unofficial start of holiday season shopping, Cyber Monday also came through with what was unexpected to be all-time highs in revenue, according to Adobe Digital Insights (ADI).
As of 23:30GMT Monday, ADI expected online sales to have grown by 10.2% on Cyber Monday to a record-breaking $3.39 billion.
Total online sales from the November 24 to 27 period had increased 7.1% year-on-year to reach $36.5 billion.
ADI was expected to update the final totals for Cyber Monday later in the day.
5. Italy raise euro fears pushing currency lower
The chance that Italy would decide to follow in the footsteps of the U.K. and leave the euro zone hit a four-year high, according to a Sentix survey.
Italy will hold a referendum on Sunday to determine if Prime Minister Mateo Renzi could go ahead with constitutional reform to the Senate to facilitate passing legislation.
Surveys largely point to a “no” vote that could end in Renzi’s resignation and giving the opportunity to the anti-euro Five Star Movement populist group to take on a larger representation.
Concerns put pressure on the euro, leaving the single currency to lose ground against both the dollar and the pound on Tuesday.