Wall Street stock futures are higher this morning after decent sessions in Asia and Europe overnight. China was up on hopes for a quick start to the Shanghai-Hong Kong exchange link, although some said it was an overreaction to an old story, while Japan’s Nikkei soared after a blowout $12 billion IPO from Japan Post Holdings. Crude oil is holding on to recent gains at just below $48 a barrel, and the dollar is a touch stronger against the euro.

Today’s must-read story is by Fortune’s Katie Fehrenbacher on the five ways to make big companies more innovative according to some of the business world’s most savvy executives. The comments were made at the Fortune Global Forum taking place in San Francisco this week. You can watch the forum live here.

Here’s what else you need to know.

1. VW’s new bombshell

Volkswagen’s shares fell over 10% in early local trading to a new 5-year low, after VW admitted late Tuesday that it had understated the fuel consumption data of various models during the certification process. It says around 800,000 cars are affected and put the cost of the new disaster at over $2 billion.

2. Facebook reports.

Facebook (FB) reveals its quarterly earnings after the market close today. Investors will be keen for more information on the social media giant’s growth in video as well as how its advertising and engagement is growing compared to its peers. Earnings per share are expected to be 52 cents, up from 43 cents a year earlier, on revenue of about $4.37 billion, according to FactSet estimates.

3. Allergan’s earnings amid Pfizer merger talks.

Allergan (AGN) will report its quarterly earnings today in the shadow of a “friendly” takeover talks with U.S. rival Pfizer (PFE). The combination would create the world’s largest drug maker and allow Pfizer to relocate its headquarters abroad in order to pay a lower tax bill. Allergan, which makes Botox, is expected to post a third-quarter profit that may even exceed analyst estimates. Investors will be looking to see if the company will hit its $8 billion sales target for the second half of the year.

4. Janet Yellen heads to the Hill.

Federal Reserve chair Janet Yellen will testify before the House Financial Services Committee starting at 10 a.m. today. She will discuss the Fed’s moves to better regulate banks and well as future its plan for ongoing supervision. A Fed position for a vice chairman for regulation, who would be required to regularly visit Capitol Hill, has gone unfilled since the role was created five years ago.

5. U.S. economic data.

More data on the state of the American economy will be released today ahead of the Labor Department’s employment numbers of Friday. Look out for ADP’s report on private employment at 8:15 a.m. ET. It’s likely to show that 180,000 jobs were added in October, according to a Reuters’ poll. Also out this morning: U.S. trade deficit, which likely narrowed in September, will be released at 8:30 a.m. ET and the ISM non-manufacturing index, which is expected to show a small decline in the pace of service sector growth, will be released at 10 a.m. ET.

Additional reporting contributed by Reuters.