TOKYO, Oct 24 (Reuters) - U.S. crude futures steadied below $87 a barrel in early Asian trade on Wednesday as investors waited for data on China's economic health, after weak corporate earnings and forecasts pointed to a still distressed global economy.
* U.S. November crude had risen 12 cents to $86.79 a barrel as of 0029 GMT, after settling down $1.98 at $86.67 a barrel on Tuesday, a three-month low.
* Brent December crude was up 9 cents at $108.34 a barrel. It settled down $1.19 at $108.25 a barrel previously.
* Pressure is building on China to make the next move to provide stimulus to boost its slowing economy. A further contraction in its vast manufacturing sector could finally trigger action from Beijing.
* A preliminary estimate from HSBC on the state of China's factory activity is due out this morning. The HSBC Purchasing Managers' Index for China stood at 47.6 in August, the lowest level since March 2009.
* Faced with weakening revenue, three of the largest U.S. companies warned on Tuesday that they would cut jobs to protect profits.
* Lenders will face steep discounts to transfer property assets into Spain's so-called bad bank, to reflect a worsening economic and property market scenario, a source with knowledge of the process said.
* Business morale in France's manufacturing sector slumped in October to its lowest level in over two years as export demand from the euro zone weakened, adding to signs the bloc's No. 2 economy is contracting.
* European Union diplomats are pushing to secure a swift deal on the bloc's next seven-year budget, believing a Nov. 22-23 summit offers the best chance of agreement - saying the need to solve bigger issues may work to defuse the political challenges.
* U.S. stocks fell on Tuesday, driving the Dow industrials to the biggest drop since June 21, as weak results from index members DuPont and United Technologies showed profit growth is slowing.
* Japan's Nikkei share average dropped at Wednesday's open and looked set to break its seven-day winning streak despite hopes for a policy easing by the Bank of Japan.
* The euro and Australian dollar were at one-week lows on Wednesday.
* The following data is expected on Wednesday:
0145 China HSBC Mfg Flash PMI Oct
0658 France Markit Mfg Flash PMI Oct
0728 Germany Markit Mfg Flash PMI Oct
0758 Euro zone Markit Mfg flash PMI Oct
0800 Germany Ifo business climate Oct
1258 U.S. Markit Mfg flash PMI Oct
1400 U.S. New home sales Sep
1430 U.S. EIA petroleum status report
1815 U.S. FOMC policy decision
ECB President Mario Draghi to address Bundestag
(Reporting by Aaron Sheldrick; Editing by Joseph Radford)