Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

 

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1. Chinese manufacturing

1. Chinese manufacturing

Two important reports on China's manufacturing sector painted a mixed picture about trends in the world's second largest economy.

The government's official purchasing managers index shows the manufacturing sector was expanding ever so slightly in May, which was ahead of expectations.

But Caixin's survey -- which focuses on small and medium-sized manufacturers in China -- showed a contraction in activity over the same period.

2. Stock market overview

2. Stock market overview

A negative mood has spread across global stock markets. The Chinese manufacturing figures and a U.S. warning about travel to Europe has dented confidence.

"A travel alert for Europe issued by the U.S. State Department citing the potential for terrorist attacks at major events and tourist sites [has] further reinforced defensive behavior," noted Mike O'Rourke, chief market strategist at JonesTrading.

U.S. stock futures are slipping a tad. European markets are mostly lower in early trading. Asian markets ended the day with mixed results.

This comes after the Dow Jones industrial average and S&P 500 posted minor losses on Tuesday, though the Nasdaq edged up by 0.3%.

3. Earnings and economic updates

3. Earnings and economic updates

Michael Kors (KORS), Lands' End (LE) and Cracker Barrel (CBRL) are the main companies reporting quarterly results ahead of the open.

On the economic side, Wall Street will get a fresh read on the state of U.S. manufacturing industry at 10 a.m. ET. The ISM manufacturing index is expected to show activity slowed a bit in May and flirted with contraction.

The U.S. Census Bureau will release its construction spending report at the same time. And the latest Federal Reserve Beige Book will be released at 2 p.m., giving detailed information about the state of the U.S. economy.

In Japan, Prime Minister Shinzo Abe announced the country would delay a planned 10% sales tax hike to avoid damaging the fragile economy. The sales tax rise -- a key plank of his reform program -- will be pushed back from 2017 to late 2019.

4. OECD warning

4. OECD warning

The Organization for Economic Cooperation and Development (OECD) pulled no punches with its economic outlook on Wednesday insisting that the global economy was “stuck in a low-growth trap” as it cut the growth forecast for its 34 member countries to 1.8% for this year, from the prior estimate of 2.2% six months ago, and to 2.1% in 2017, compared to the previous 2.3%.

OECD secretary-general Angel Gurría said that the world economy faces “a rather mediocre, a rather dismal outlook”. For the U.S., the OECD now expects growth of just 1.8%, down from February’s projection of 2%.