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Good morning. Here's what you need to know.
  • Asian markets were mostly higher in overnight trading. Europe is higher ahead of this morning's European Central Bank meeting, and U.S. futures are modestly higher.

  • The ECB left its interest rates unchanged a 0.75 percent. Attention now shifts to Mario Draghi's press conference at 8:30 a.m. ET. Markets expect the ECB to unveil a bond purchase program. 

  • The Bank of England maintained its interest rate at 0.5 percent, and left its asset purchase program unchanged at £375 billion.
  • The ADP employment report for August will be out at 8:15 a.m. ET, followed by initial jobless claims at 8:30 a.m. ET. Consensus is for the ADP private payroll employment to rise by 149,000 in August, and for new claims level of 370K. 

  • Former president Bill Clinton delivered his speech at the Democratic National Convention last night. In his 50-minute speech he blamed Republicans for the impasse in Washington and defended President Obama from Republican attacks.

  • Amazon is working on a smartphone, according to The Verge, and could announce it at this morning's Kindle event in Los Angeles.

  • Australian unemployment declined to 5.1 percent in August, but the economy shed 8,800 jobs against expectations of an increase of 5,000. 

  • Greek unemployment climbed to 24.4 percent in June, according to the latest data from the Hellenic Statistical Authority. Meanwhile, French unemployment rose to 10.2 percent in the second quarter reaching its highest level in 13 years.

  • The ISM non-manufacturing index for August is out at 10 a.m. ET. Expectations are for the composite index to rise to 53.