Dave Lutz, the head of exchange-traded funds (ETFs) at JonesTrading, has an overview of what's happening in markets on Wednesday:US stock futures are little changed, with the Nasdaq adding to the closing high it hit on Tuesday. The FTSE in London is gunning for a 10th straight record high.Industrial commodities are rallying. Copper is adding to a three-month high, while crude oil is higherafter two days of weakness and ahead of weekly inventory data from the Department of Energy.Here's Lutz:Good Morning! US Futures are marked slightly higher, with the QQQs adding to record close. A Mixed bag in Europe, where the DAX is up 10bp as discretionary and Energy rally, but thos Fins remain under pressure of profit-taking, hitting Italy for 25bp. In London, the FTSE going for 7,300 and a 10th consecutive day of record closes as Miners jump higher again, offsetting weakness in Discretionary. Volumes heavy across the continent, with the DAX and FTSE trading 40% heavier than average. Asian stock markets were broadly higher - Japan closed up 30bp as the Yen fell, China lost 80bp on concerns of heavy Chinese IPOs incoming, while Hong Kong rose for a 5th session - Aussie climbed small on Energy shares, while India reclaims 27,000Some Reversal in Bunds and Treasuriesthey had been under pressure most of the morning, but are now leaping higher, pressing the US 10YY back under 2.37%. The DXY is bouncing from 102 - Euro hit towards 1.05 (and holding for now) - Sterling on 10week lowswhile EM FX still weak: Lira fresh lows and Peso on record lows into the Trump Presser at 11amET. Bitcoin off 6% as China moves further against the currency. Industrial commods are mostly higher, with Copper adding to 3month highs as Ore has leapt 10% this week and Oil rebounding from a 2day whack into DOE inventoriesheaders chattering Saudi supply cuts to Asia outweighing heavier than expected US Inventory data. Interesting that GOLD is well bid despite the DXY ripPositioning shows the street way short that yeller metal.Quiet Economic Calendar todaywe get Bank of England Bond-Buying Operation Results at 9:50, just before UKs NIESR GDP Estimate at 10. DOE data for Crude hits at 10:30 (Last nights API showed a 1.5mln build, with Gasoline stocks jumping 1.7mlnboth slightly heavier than estimates). At 11am we get the Trump Presser (1st Since Election)then at 1pm we get a Auction of $20 Bln 10-Year Notes (Reopening). Small builder KBH (#13 ITBnot even in the XHB) reports after the close. Active day in Washington, as the Senate holds 3 confirmation hearings (supposed to be 5, 2 were delayed) and moves on ACA thru Budget Process.SEE ALSO:GUNDLACH: Here's how we'll know the bond bull market is deadDON'T MISS:Want to get ahead on Wall Street' Here's everything you need to know to land your dream jobJoin the conversation about this storyNOW WATCH: Watch Yellen explain why the Federal Reserve decided to raise rates
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