Weak Chinese data and the extended rally in oil prices seem to be working in favor of Wall Street, as indicated by the U.S. index futures, which are up on Wednesday. As expected, Chinese first quarter growth slowed to a 6-year low, while a trio of economic data released earlier today also confirmed the soft patch experienced by the Chinese economy. Among the global markets, Asian stocks closed in a tentative manner, while the European stocks are buoyant ahead of the European Central Bank rate decision. The domestic markets may also focus on another batch of earnings and economic data on regional manufacturing activity, industrial production and homebuilder confidence.