Employment data from the United States and the Department of Energy's weekly inventories report will highlight the North American data on Wednesday as markets prepare for U.S. nonfarm payrolls on Thursday. In the afternoon, markets will also be paying attention to comments from Fed Governor Frederic Mishkin.

At 7:30 a.m. EDT, markets will receive U.S. job cuts in June from Challenger, which rose 45.6% in May.

At 8:15 a.m. EDT, Automatic Data Processing Inc. will release its U.S. employment report for June. Economists are expecting the headline figure to show a decline of 20k jobs in non-agricultural private employment following the previous month's 40k increase.

At 10 a.m. EDT, the U.S. Department of Commerce will release factory orders for May, which are expected to increase 0.5% month-over-month following a 1.1% increase in April.

At 10:30 a.m. EDT, Bank of England Monetary Policy Committee member Charles Bean will testify on his appointment to the Treasury committee.

At 10:35 a.m. EDT, the U.S. Department of Energy will release oil inventories for the week ending June 27. Economists are expecting a 700k draw in crude oil reserves following the previous 803k build. Gasoline inventories are expected to rise 500k following the previous 153k fall. Distillate inventories are expected to rise 1500k after rising 2823k in the previous week. Refinery utilization is expected to increase 0.6% after contracting 0.72% in the previous week.

At 11:00 a.m. EDT, Treasury Secretary Henry Paulson will speak in London about capital markets and the global economy.

At noon EDT, Federal Reserve Governor Frederic Mishkin (voter) will speak on "The Global Financial Disruption and the World Economy" at a conference in Israel.

At noon EDT, Joaquin Almunia will speak at a banking event organized by the National Bank of Belgium in Ghent.

7:30 US Challenger Job Cuts (Y/Y) June Prior: +45.6%

8:15 US ADP Employment Change June Exp: -20K Prior:+40K

10:00 US Factory Orders May Exp: +0.5% Prior: +1.1%

10:35 US DOE U.S. Crude Oil Inventories 27-Jun Exp: -700K Prior: +803K

10:35 US DOE U.S. Gasoline Inventories 27-Jun Exp: +500K Prior: -153K

10:35 US DOE U.S. Distillate Inventory 27-Jun Exp:+1500K +2823K

10:35 US DOE U.S. Refinery Utilization 27-Jun Exp: +0.6% Prior: -0.72%

10:30 UK BOE Bean Testifies in London

11:00 US Paulson Speaks in London about Capital Markets, Global Economy in London

12:00 US Fed's Mishkin Speaks at Conference in Israel

12:00 EU's Almunia Speaks at Banking Event in Ghent

By Erik Kevin Franco and edited by Stephen Huebl