Taking their queue from overseas markets, local shares are set for a sharp drop at the open and perhaps a few sharp swings through Thursday's session. What you need2know: SPI futures down 31 pts at 5190 AUD at 88.10 US cents In late trade, S&P 500 -1%, Dow -1.2%, Nasdaq -0.4% In Europe, Euro Stoxx 50 -3.6%, FTSE -2.8%, CAC -3.6%, DAX -2.9% Spot gold up $US7.70 to $US1240.53 an ounce Brent oil down $US1.58 to $US83.46 per barrel What's on today Ten Network Holdings full-year results; Australia employment data, Reserve Bank of Australia assistant governor Guy Debell panel participation at Thomson Reuters FX Benchmark event, Sydney; US industrial production, Philadelphia Fed index, unemployment; FOMC Charles Plosser speaks.