China markets were still shaken on Wednesday, lagging behind others due to a lower economic outlook after the central bank raised the reserve requirement for banks.

During the Asian session today, the Chinese Shanghai Composite lost 3.09%, the biggest drop of all major Asian indices. Hong Kong's Hang Seng followed with a loss of 2.58%. 

Global markets rebounded following losses early in the trading session.  The S&P is trading at 1143.02, up 0.6% from yesterday's closing. 

Most Exchange Traded Funds (ETFs) that track European and U.S. stock markets are up.

EWU, which tracks the UK stock market, is up despite disappointing manufacturing data.

EWG, which tracks Germany, is also up, despite a report earlier today stating that the German economy contracted by 5%, more than expected. Canada fund EWC, France's EWQ, and Mexico's EWW are also up.

Chinese ETFs, however, are still trading down.  FXI, PGJ, and GXC all show losses, with FXI dropping 1.26%.  EWT, a Taiwanese ETF, and EWH, a Hong Kong ETF, are down as well.  Along with Chinese ETFS, Brazilian and Russian ETFs are trading down as well.