Stocks: 5 things to know before the open

China's 'new normal' means slower growth
China's 'new normal' means slower growth

It's a busy Wednesday but markets are looking calm.

U.S. stock futures are edging higher, with the S&P and Dow futures both up about 0.1%.

Here are five things you need to know before the opening bell rings in New York:

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1. China slows: The world's second largest economy grew at its slowest pace in six years, intensifying pressure on the government to boost stimulus measures. China's GDP expanded by 7% in the first three months of 2015. That was in line with expectations but down from 7.3% in the fourth quarter of 2014.

2. Tech and telecoms: Google (GOOG) is in hot water in Europe. Regulators have launched a legal battle against the search engine giant over accusations it abused its dominant position to hurt competitors. The European Commission said Google is promoting its own shopping comparison services over rival products. Google shares edged down 0.9% in premarket trading.

In merger news, Nokia (NOK) confirmed it is buying Alcatel-Lucent (ALALF) in a €15.6 billion ($16.6 billion) deal that will create a telecoms equipment giant. Nokia shares gained 1.5%, while Alcatel's stock sank nearly 12% after jumping 16% Tuesday on news of the takeover talks.

Related: Nokia is buying Alcatel-Lucent

3. ECB meeting: The European Central Bank is expected leave interest rates at ultra-low levels when it delivers a policy update later Wednesday. Investors will be looking for comments from president Mario Draghi on the outlook for its massive bond buying program launched last month in a bid to boost the economy.

They'll also pay close attention to Draghi's remarks on the state of talks with Greece over its bailout program. Greece needs to reach a deal on economic reforms with its European creditors and the IMF by the end of April or face default on its massive debt.

4. Earnings and economics: Bank of America (BAC), PNC (PNC) and Delta Airlines (DAL) will report ahead of the open. Netflix (NFLX) delivers its results after the close.

On the economic front, the NAHB/Wells Fargo Housing Market Index will be updated at 10 a.m. ET. The Federal Reserve will publish its Beige Book report on the economy at 2 p.m. ET.

Related: CNNMoney's Tech30

5. International markets overview: European markets were rising in early trading. Burberry (BBRYF)was a notable mover, with shares up 2% in London trading, after the luxury goods maker reported a rise in second half sales.

Most Asian markets finished with modest losses, though China's Shanghai Composite dropped 1.2% on the fall in GDP.

On Tuesday the Dow Jones industrial average gained 60 points, while the S&P 500 rose 0.2% and the Nasdaq slid 0.22%.

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