Updated from 5:57 a.m. EST

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Here are five things you must know for Tuesday, Jan. 3:

1. -- U.S. stock futures pointed to a sharply higher start for Wall Street on Tuesday, indicating equities would open higher on the first trading day of 2017.

Markets in Hong Kong and China rose on Tuesday following encouraging news from China's manufacturing sector. Japanese markets were closed for a holiday.

European stocks rose, with London's FTSE 100 striking a new high.

The economic calendar in the U.S. on Tuesday includes the ISM Manufacturing Index for December at 10 a.m. EST, and Construction Spending for November at 10 a.m.

Oil for February delivery was trading 2.2% higher early Tuesday to $54.91 a barrel. Crude hit an 18-month high of $55.24 a barrel earlier in the session after a deal between OPEC and non-OPEC members to cut production began on Sunday.

2. -- The boss of Twitter's (TWTR - Get Report) operations in China has quit, after serving at the helm for just eight months.

Kathy Chen sent a tweet over the weekend about her resignation.

Twitter has been blocked in China since 2009 but is still used through virtual private networks, according to Reuters.

Chen, who previously worked at Microsoft and Cisco, was brought in to lure more Chinese advertisers to Twitter, Reuters reported.

"Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company," Chen wrote in her tweet.

Twitter grew its Greater China advertiser base nearly 400% over the past two years, according to Chen, making it one of the company's fastest growing revenue markets in Asia Pacific (APAC).

3. -- Deutsche Bank (DB - Get Report)  Chairman Paul Achleitner ruled out a European merger or a state bailout after the bank's mortgage settlement with the U.S. Department of Justice, according to a report from Frankfurter Allgemeine Sonntagszeitung.

Germany's biggest bank last week announced a $7.2 billion settlement with the DOJ that involved a probe of its mortgage-backed securities sales before the 2008 financial crisis.

"The management board in principle looks at everything that could help the business," Achleitner said in an interview with the German weekly newspaper, Reuters reported.

"At the moment, however, enthusiasm for a pan-European merger is muted as we have other priorities," he said.

4. -- Exchange operator Euronext reached a deal Tuesday to buy the French clearing operation of London Stock Exchange (LDNXF) for €510 million ($532 million).

London Stock Exchange is divesting LCH SA ahead of a planned merger with Germany's Deutsche Boerse (DBOEY) as part of an effort to sweeten regulators who are investigating the competition aspects of the deal. The LCH sale is conditional upon the LSE and Deutsche Boerse merger being successful.

5. -- President-elect Donald Trump will nominate lawyer Robert Lighthizer as U.S. Trade Representative, a transition official confirmed on Tuesday.

Lighthizer, who served as deputy trade rep under President Ronald Reagan, would play a key role in Trump's trade agenda. The president-elect has opposed the 12-nation Trans-Pacific Partnership pact, but has said he would look to reach one-on-one trade deals with individual countries. Trump has also signaled a tough stance on trade with China, including levying a hefty tariff on Chinese imports.