Here's a super-quick guide to what traders are talking about right now

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what traders are watching in markets on Tuesday.

In brief:

• US stock futures are rallying amid a sell-off in the bond market. October was the worst month for stocks since January.
• Gasoline futures are up by more than 10%, the biggest jump in nearly eight years, after an explosion and fire in Alabama shut the largest fuel pipeline in the US.
• In economic data, October auto sales will be reported throughout the day. And, the final reports on US manufacturing last month from ISM and Markit Economics will be released.

Here's Lutz:

US Futures are climbing 30bp as Chinese PMIs propel commodities higher and heavy selling of Sovs persists. Euro Exchanges are all in the green in light volume (All Saints Day Holiday), with Banks shrugging off Standard Charter #s. In Asia, China's H Shares Gain Most in Five Months on Improved PMI Data, Nikkei added small, and Aussie Trading was quiet as Investors focused on the Melbourne Cup horse race.

Heavy Selling in Bunds have driven US 10Y Yields thru last week's peaks - While the DXY is breaking down fast as the Bank of Japan and Reserve Bank of Australia held their policies steady as expected. Base Metals are on fire thanks to better China PMI, with Steel in China at 2year highs, dragging Silver, Gold, Zinc and Copper higher, while WTI resting on yesterday's lows despite the $ getting whacked.

GASOLINE IS UP 11% THIS AM - Gasoline in New York jumped the most in almost eight years and its premium to crude prices soared 60% after an explosion and fire in Alabama shut the largest fuel pipeline in the U.S.

Some select headers:

• 100% of the 91 economists polled by BBG see no change when the Fed announces its rate decision on Wednesday.
• Kuroda admits BoJ will not meet inflation target before term ends - Central bank pushes out date of 2% inflation forecast as it keeps rates on hold.
• China's official manufacturing PMI rose to 51.2 last month, remaining above the expansionary threshold of 50 and touching its highest since July 2014.
• China Inflationary pressures rose sharply in October, with input cost inflation rising to its fastest since Sep. 2011.
• Russia says resumption of Syria peace talks delayed indefinitely.
• Macau's gaming revenue grew for a third-straight month in October, as China's week-long Golden Week public holiday brought a surge in visitors to the city's new tourist-friendly projects - GGR rose 8.8%.
• Two of the largest junk bond exchange traded funds suffered their fifth straight day of losses on Monday.
• WSJ MoneyBeat: An analysis of past elections says Wall Street's "fear gauge" peaks six trading days before (yesterday.)

Ahead of us today:

Autos - Vehicle Sales throughout the day

OPEC - OPEC board of governors meet in Vienna

ECO (9:45) - Markit US Manufacturing PMI

ECO (10) - Construction Spending and ISM Manufacturing

BOE (10:50) - Bank of England Bond-Buying Operation Results

C$ (11:45) - Bank of Canada's Poloz speaks in Vancouver

Energy (4:30) - API data for Crude, Gasoline and Distillates