Here's a super-quick guide to what traders are talking about right now

Thomson Reuters

Traders work on the floor of the NYSE

Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.

• The Fed's hasn't decided whether to unwind its huge balance sheet.
• European markets are off slightly.
• Emerging market currencies are getting slammed.
• Oil is rebounding slightly after draws were higher than expected.

Here's Lutz:

Morning! Different format as I run out to PT:

"Global Stocks Subdued as Bond Yields Climb" - Fed Minutes have peeps thinking Balance Sheet shrinkage starts in September. Germany's 10YY ripping 7bp higher to 18month highs into ECB Minutes despite weaker German Industrial Orders. US 10YY up 4bp to 2.36%

Europe under some sharp pressure, with DAX off 90bp - Autos rebounding, but Travel and Leisure stocks under pressure

London off 1% with every sector getting hit, led by a 1.4% drop in Staples thx to Reckitt Benckise.

Hang Seng and TOPIX off 20bp, China gained small. Aussie basically unch as Miners and Banks fell. India's Sensex posted a record close

Ahead of ADP this AM (185k expected) Dollar is selling off in favor of Euros, while Commodity Currencies not showing any life. Focus remains in EM - "South Africa's rand, Turkish lira and Russian rouble buckled again after a wave of emerging market selling on Wednesday" noted Reuters

Copper up small as Ore rebounds from a 3% selloff to close slightly higher

WTI bouncing from yesterday's 4% whack as API showed a 5.8mln draw, double what was expected

Get the latest Oil WTI price here.