Here is what you need to know.

The South African economy contracted 0.7% quarter-over-quarter in Q2, making for two consecutive quarters of negative growth, sending the rand down 2.45% to 15.2227 per dollar.

Argentina late on Monday revealed new austerity measures - including an increase in export tariffs for grains such as soybeans, and a halving of the number of government agencies - aimed at reducing the country's huge budget deficit.

The Reserve Bank of Australia, on Tuesday, kept its benchmark interest rate unchanged at 1.5% for a 25th consecutive meeting.

The cofounder and chief investment strategist at the $71 billion Grantham, Mayo, & van Otterloo shared with Business Insider his contrarian play for investors who can afford a longer time horizon.

Official are considering a merger between China United Network Communications Group Co. and China Telecommunications Corp. with the hopes of speeding up the development of 5G, Bloomberg says, citing people familiar with the matter.

Liu Qiangdong, the founder and CEO of Chinese e-commerce giant JD.com, was detained in Minneapolis over the weekend on a sexual-misconduct allegation - but has returned to China after not being charged with a crime.

The electric-car maker produced about 4,300 Model 3 sedans during the last week of August - shy of its goal of 6,000 per week, but remains on track to meet its quarterly goal of producing 50,000 to 55,000 vehicles, according to the auto news website Electrek.

China's Shanghai Composite (+1.1%) led the gains in Asia and France's CAC (-0.91%) trails in Europe. The S&P 500 is set to open little changed near 2,903.

RH reports after markets close.

Markit manufacturing PMI will be released at 9:45 a.m. ET before construction spending and ISM Manufacturing cross the wires at 10 p.m. ET. US auto sales will be announced throughout the day. The US 10-year yield is up 1 basis point at 2.87%.