Wednesday's Events: BOC Rates; U.S. Factory Orders & Beige Book

The Bank of Canada's rate decision tops the news of the day for the country as U.S. markets receive factory orders and the Fed's Beige Book. Also on Wednesday, Europeans will be looking out for comments from European Central banker Gertrude Tumpel-Gugerell.

At 7 a.m. EDT, the U.S. Mortgage Bankers Association will release mortgage applications for the week ending Aug. 29. In the previous week, applications rose 0.5% on the week.

At 7:30 a.m. EDT, markets will receive U.S. job cuts from Challenger for August. In July, planned job cuts rose 140.8% on the year.

At 9 a.m. EDT, the Bank of Canada is expected to hold rates at 3.00%.

At 9:30 a.m. EDT, markets will hear European Central Bank Governing Council member Gertrude Tumpel-Gugerell speak at an event in Limelette, Belgium.

At 10 a.m. EDT, the U.S. Department of Commerce will release factory orders for July, which are expected to rise 1.0% month-over-month following a 1.7% increase in June.

At 12:30 p.m. EDT, Boston Fed President Eric Rosengren (non-voter) will speak on New Hampshire's economy in Manchester.

At 1 p.m. EDT, the U.S. Treasury will sell $26 billion in four-week bills.

At 2 p.m. EDT, the Fed will release its latest Beige Book.

At 3:15 p.m. EDT, Assistant Secretary for Economic Policy Phillip Swagel will deliver remarks to the National Association for Business Economics in San Francisco.

7:00 US MBA Mortgage Applications W/E August 29 Prior: +0.5%

7:30 US Challenger Job Cuts (Y/Y) August Prior: +140.8%

9:00 CA Bank of Canada Rate 3-Sep Exp: 3.00% Prior: 3.00%

9:30 EU ECB's Tumpel-Gugerell Speaks in Limelette, Belgium

10:00 US Factory Orders July Exp: +1.0% Prior: +1.7%

12:30 US Boston Fed's Rosengren Speaks in Manchester, New Hampshire

13:00 US Treasury to Sell $26B in 4-Week Bills

14:00 US Fed Releases Beige Book Economic Report

15:15 US TSY's Swagel to Speak in San Francisco

By Erik Kevin Franco and edited by Nancy Girgis