Here is what you need to know.

European businesses are worried about the future. Markit’s final composite PMI figure for the eurozone, released Wednesday, shows that businesses are deferring their spending because of an uncertain future. “The slowing rate of growth across the region in part reflects growing caution among businesses in terms of their spending due to worries about the economic outlook, linked in many cases to political uncertainty,” Chris Williamson, IHS Markit’s senior business economist, said in a release alongside the data.

Gold is making a comeback. Light buying early in Wednesday’s session has the precious metal higher by 0.4% at $1,273.72 an ounce. The small gain comes after the shiny metal tumbled below $1,300 an ounce on Tuesday for the first time since the British vote to exit the European Union, falling 3.1%.

The British pound holds near 31-year lows. Fears of a “hard Brexit” pushed sterling below 1.2700 against the dollar for the first time since 1985. Action is now little changed at 1.2727 even though manufacturing PMI came in at 55.4, well above the 52.1 that was expected.

Brexit could cost banks $51 billion. Citing Oliver Wyman, which prepared the report on behalf of the lobby group TheCityUK, Bloomberg says almost 70,000 jobs and £10 billion of tax revenue may be on the line from Brexit.

Jeff Gundlach says a 'pivot' is coming to economic policy. Speaking at the Grant's Interest Rate Observer conference in New York on Tuesday, Jeff Gundlach said he thought interest rates had bottomed and the narrative of rates staying lower for longer was "getting quite old."

There was a huge oil discovery in Alaska. The oil and gas explorer Caelus says it has discovered 6 billion to 10 billion barrels of light oil, making it one of the largest discoveries ever in Alaska, CNN Money reports.

Asahi is interested in some of SABMiller's beer. The Japanese brewer Asahi is putting together an offer of 500 billion yen ($4.87 billion) for SABMiller's beer business in the Czech Republic, Poland, Hungary, Slovakia, and Romania, Nikkei reports.

Stock markets around the world trade mixed. Japan's Nikkei (+0.5%) led the gains in Asia, and France's CAC (-0.7%) paces the decline in Europe. S&P 500 futures are down 0.50 points at 2,144.25.

Earnings reporting remains slow. Monsanto reports ahead of the opening bell, and Yum Brands releases its quarterly results after markets close.

US economic data is heavy. ADP Employment Change will be released at 8:15 a.m. ET before the trade balance crosses the wires at 8:30 a.m. ET. Then, at 9:45 a.m. ET, Markit US Services PMI is released. Data continues to flow at 10 a.m. ET as ISM nonmanufacturing, factory orders, and durable goods are due out. Finally, at 10:30 a.m. ET, Department of Energy oil inventories will be announced. The US 10-year yield is up 1 basis point at 1.70%.