10 things you need to know before the opening bell

Kin Cheung/AP

Hong Kong's Chief Executive Carrie Lam.

1. Hong Kong stocks are surging after leader Carrie Lam scrapped the extradition bill that sparked months of protest. At Wednesday's close, the Hang Seng finished up 3.9%. Numerous luxury real-estate stocks skyrocketed by more than 10% on the news.

2. Stocks are soaring after UK Parliament voted against a 'no-deal' Brexit and Hong Kong scrapped its extradition bill. The UK Parliament's vote could lead to an extension to Brexit negotiations.

3. Italy's Prime Minister is poised to approve a new government and unveil a new cabinet. Italy's FTSE MIB rose 1.6% on the open.

4. Malaysia is pursuing civil action to recover nearly $1 billion from former 1MDB unit. "Considering a large portion of the funds had been used across the world, the government is taking the necessary steps to repatriate as much of the 4 billion ringgit," Finance Minister Lim Guan Eng said in a statement.

5. Japanese automakers' sales fall in South Korea amid consumer boycott. Japan's decision in July to tighten controls on exports of materials that South Korea uses to make semiconductors and display screens has prompted a consumer backlash in South Korea, with consumers boycotting Japanese products such as beer, clothes, vehicles, and tours to the neighboring country.

6. Meal delivery service DoorDash said it will begin taking orders in the Australian city of Melbourne on Wednesday, its first foray outside North America. This adds to the competition in the country's home-delivery service market, which already features Uber Eats, Just Eat and Deliveroo.

7. Facebook is changing a fundamental feature of its service: how it suggests tags for photos that users upload. Amid ongoing privacy concerns and a historic $5 billion FTC fine, Facebook is flipping the way it works.

8. Stocks are rising today after political developments in the UK and Hong Kong. Futures underlying the S&P 500 (+0.8%) and the Nasdaq (+1.0%) are both rallying. In Europe, the Dax (+1.0%) and Euro Stoxx 50 (+0.8%) both rose in early trading. Asia closed higher, with the Nikkei (+0.2%), Shanghai Composite (+0.9%), and the Hang Seng (+3.8%.) all up.

9. There are some interesting tech earnings out today. Slack, Palo Alto, and Logitech are set to release earnings.

10. There's a stack of economic data out today. The trade balance is the highlight.