10 things you need to know before the opening bell

Here is what you need to know.

China's factories grew at their fastest pace in over two years. China's manufacturing PMI rose 0.8 points to 50.4 in September, making for the fastest expansion in the sector since July 2014. Economists were expecting the reading to remain in contraction (below 50.0) with a 49.6 print.

The Bank of Japan kept policy on hold. Japan's central bank voted 7-to-2 to keep its key interest rate and target for the 10-year JGB yield at -0.1% and 0%, respectively, while warning that risks to growth and inflation are "skewed to the downside." The Japanese yen is weaker by 0.2% at 105.01 per dollar.

Australia's central bank held rates. The Reserve Bank of Australia held its benchmark interest rate at 1.50%, as expected, and said that "the Bank's forecasts for output growth and inflation are little changed from those of three months ago." The Australian dollar is stronger by 0.8% at .7671 against the dollar.

Korea's exports slid. Often referred to as the world's economic canary in the coal mine, or a preview of what's to come, Korea's exports fell 3.2% to $41.9 billion. However, labor strikes at major automakers and the production stoppage of Samsung's Galaxy Note 7 were largely to blame. The Korean won rose 0.4% to 1139.77 per dollar.

The Fed begins its 2-day meeting. Ahead of the Fed's meeting, Peter Hooper, Deutsche Bank's chief economist answered some questions from Business Insider's Akin Oyedele on the Fed and what to watch for in the global economy next year. Currently, fed funds futures data compiled by Bloomberg shows the market is pricing in a 16.1% chance of a November rate hike and a 71.4% chance of a rate hike before the end of the year.

Gasoline is surging. An explosion of a Colonial pipeline in Alabama is causing gasoline futures to skyrocket higher. Futures for December delivery are up 10.8% at $1.5730 per gallon.

October was a record breaking month for deals. Mergers and acquisitions volume totaled $489 billion in October, the highest monthly amount in at least 12 years, Bloomberg's Elizabeth Fournier reports.

Stock markets around the world are mostly higher. Hong Kong's Hang Seng (+0.9%) led in Asia and Britain's FTSE (+0.3%) paces the advance in Europe. The S&P 500 is looking at a higher open of about 0.4% near 2,133.

Earnings reporting remains heavy. Archer-Daniels-Midland, Coach, Kellogg, Molson Coors Brewing, and Pfizer highlight the names reporting ahead of the opening bell while Herbalife, Sturm Ruger, and Texas Roadhouse are among the companies releasing their quarterly results after markets close.

US economic data flows. Markit US manufacturing PMI will be released at 9:45 a.m. ET before construction spending and ISM manufacturing both cross the wires at 10 a.m. ET. The US 10-year yield is higher by 2 basis points at 1.84%.