UPDATED 7:10 ET – Overnight Trading Action  

STOCKS – European shares fell after a gauge of China manufacturing dropped more than forecast and minutes from the Federal Reserve’s last meeting signaled the U.S. may reduce stimulus in coming months. U.S. stock-index futures rose and Asian shares dropped.

BONDS – Treasury 10-year notes snapped a two-day decline before a U.S. report that economists said will show producer prices dropped for a second month.

COMMODITIES – Gold rebounded from a four-month low in London as investors weighed prospects of rising physical demand.

CURRENCIES – Australia’s central bank Governor Glenn Stevens said he remains “open-minded” on currency intervention, even as policy makers have been unconvinced to date the benefit of lowering the Aussie would outweigh costs.

ECONOMIC DATA – US Unemployment Claims and PPI due at 8:30, Flash Manufacturing PMI at 9:00, FOMC Member Powell Speaks at 9:45, Philly Fed Manufacturing Index at 10:00, Natural Gas Storage at 10:30, FOMC Member Bullard Speaks at 13:00 ET.