Updated from 6:55 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Aug. 18:
1. -- U.S. stock futures are trading lower as investors look to mortgage, inflation and petroleum data. The Fed's minutes for the July FOMC meeting will be closely watched when they are released Wednesday afternoon.
European stocks retreated on Wednesday, as investors digested weak earnings from companies including mining giant Glencore (GLCNF) and Danish brewer Carlsberg (CABGY) , and considered the German Parliament's approval of the latest Greek bailout deal.
In London, the FTSE 100 was down 1.01%, while the DAX slid 1.19% in Frankfurt and the CAC 40 lost 1% in Paris.
Asian stocks were mixed, as volatility in China rattled investors. The Shanghai Composite regained 1.2% after an ugly drop of more than 6% Monday. Tokyo's Nikkei 225 fell 1.6%. Hong Kong's Hang Seng fell 1.3%.
2. -- The economic calendar in the U.S. on Wednesday includes the Mortgage Bankers' Association mortgage application data at 7 a.m., the Consumer Price Index at 8:30 a.m., the Energy Information Administration petroleum status report at 10:30 a.m., and the Federal Reserve's Open Market Committee minutes for July at 2 p.m.
3. -- U.S. stocks on Tuesday dropped as concerns over the health of the Chinese economy weighed on investors' minds, even though domestic data showed a strengthening housing market.
4. -- Greece's bailout will move ahead after Germany approved the terms, despite some reluctance and foot-dragging among some German parliamentarians. This vote was one of the final steps before Greece can gain access to an €86 billion ($95 billion) three-year bailout.
Some -- the International Monetary Fund included -- consider Greece's debt load too high and have called for some debt forgiveness. German Chancellor Angela Merkel said she felt sure the IMF would participate in the Greek loan deal, despite its prior refusal to cooperate without a partial write-down of Greece's debt balance.
5. -- Big-box retailer Target (TGT - Get Report) reported earnings Wednesday that beat expectations. Despite a lackluster performance from Wal-Mart (WMT - Get Report) in its earnings report Tuesday, Target managed to differentiate itself and attract customers.
Analysts expected earnings per share of $1.11 on sales of $17.4 billion -- Target actually delivered $1.22 a share on revenue of $17.4 billion. In the year-ago quarter, Target reported $17 billion in revenue. Target also boosted its forecast for full-year earnings per share to $4.60 to $4.75 a share, up from an initial estimate of $4.50 to $4.65 a share.
Target led up to its report by promoting its CFO John Mulligan to COO on Monday and naming Cathy Smith as the new CFO. Target also settled with Visa (V - Get Report) over a massive data breach in 2013.
On Tuesday, Wal-Mart reported weaker results than expected and cut its EPS guidance to $4.40 to $4.70 a share, from a prior estimate of $4.70 to $5.05. A stronger dollar and higher wages look to have dinged the retailer.
Target shares have risen 5.8% in 2015, while Wal-Mart's fell 19% -- with a 3.4% drop on Tuesday. In premarket trading, Target stock is leaping by 5.2%.
6. -- Oil prices are steady ahead of the petroleum status report from the U.S. Energy Information Administration. U.S. crude oil, known as West Texas Intermediate, was trading for more than $42 a barrel, and Brent crude oil was in the $48-a-barrel range. Those prices are near six-year lows.
The EIA report this morning will provide more official data on how much oil is stockpiled in the U.S. -- a quantity near record highs at recent count. On Tuesday, the American Petroleum Institute said that stockpiles were lower for the week, which if confirmed could support prices or push them up.
7. -- General Motors (GM - Get Report) is shifting to make at least some of its cars in China. The largest U.S. carmaker is building a Buick five-seater for the Chinese market, and it may move to sell the car in the U.S. as well. The United Auto Workers' union, which is in negotiations with GM over a contract that expires next month, is unlikely to be thrilled by reports of Chinese-made cars for sale in the U.S.
Although GM has refused to comment on the rumors of its plans to import its cars from China, Reuters said most Buicks could be made overseas as early as 2016.
In premarket trading, GM stock was edging higher by 0.06%.
8. -- Comcast's (CMCSA - Get Report) NBCUniversal division has invested $200 million in BuzzFeed, the viral online content site. Last week, NBCUniversal said it invested the same amount in Vox Media, another digital media site. The investments are part of a larger effort from the old-media company to gain a foothold in digital media and mobile -- and to grab the younger audiences that flock to the Web and smartphones instead of cable TV.
The deal values BuzzFeed at $1.5 billion.
In premarket trading, Comcast stock was falling by 1.4% after a drop of 1.2% on Tuesday.
9. -- Commodity prices are at six-year lows, dragging down metal and mining companies as well. The U.K. mining company Glencore (GLCNF), for example, saw profits fall by 56% for the first half. A slowdown in Chinese economic growth has hurt prices for copper, oil and other materials.
10. -- The earnings calendar for Wednesday includes American Eagle Outfitters (AEO - Get Report), Hormel Foods (HRL - Get Report), Lowe's (LOW - Get Report), Staples (SPLS), and Target (TGT - Get Report) before the opening bell, and L Brands (LB - Get Report) and NetApp (NTAP - Get Report) after the closing bell.