Before the Bell: 5 things you should know

Though trading is subdued thanks to the July 4th holiday in the U.S.,  European stocks slid on Wednesday , giving up gains enjoyed earlier in the week. Disappointing Eurozone data heightened fears of economic woe as the PMI (purchasing manager's index) for the region showed a contraction. Concern about the U.S. economy is also top of mind ahead of Friday's closely watched nonfarm payrolls report.

Asian bourses are mostly up on Wednesday , inspired by a worldwide hope that the central banks in the U.S. and Europe are on the cusp of taking action to boost economic growth.

Prior to the TSX open, here's what you should know:

*U.S. equity markets are closed for the Independence Day holiday today.

*The price of oil has fallen below US$87 per barrel despite ongoing tension over Iran.  Benchmark oil for August delivery was down 99 cents at $86.67 a barrel while Brent crude for August delivery was down 98 cents at $99.70 per barrel. The European Union's ban on Iranian oil took affect on July 1 ^st , cutting the exports from OPEC's second-largest producer.

*The price of  gold is holding steady with spot gold at $1,615.99 an ounce and gold futures for August delivery trading down 0.4 per cent at $1,616.20.

*The commodity-sensitive Canadian dollar rose 0.54¢ at close on Tuesday to trade at 98.77¢ US.

*Statistics Canada will release its 'Employment Growth Rates of Small Versus Large Firms' study on Wednesday. The research paper analyzes annual employment growth rates of business sector firms from 1999 to 2008.