10 things you need to know before the opening bell
Here is what you need to know.
1. Christine Lagarde has been nominated to take the top job at the European Central Bank. The IMF's managing director could become president of the one of the largest monetary organisations in the world.
2. Tesla's stock is soaring after setting a new quarterly record. CEO Elon Musk and his team delivered 95,200 vehicles, 4,000 more than expected.
3. South Korea's growth forecasts were cut to a seven-year low amid fears over Trump's trade war hurting exports of semiconductors. The finance ministry now expects growth of 2.4% to 2.5% this year, 0.2 percentage points lower than its previous forecast made in December.
4. The latest Eurozone PMI manufacturing survey showed the sector contracted for a fifth consecutive month in June. US manufacturing activity also slowed to its lowest level in close to three years, according to ISM data.
5. US government staff have been told to treat Huawei as blacklisted. This comes days after Trump sowed confusion with a vow to ease a ban on selling to the Chinese tech giant.
6. Oil prices edged up after a steep fall. The commodity rose despite concerns about weakening demand in light of OPEC's supply cuts.
7. Tech companies are leaving China. HP, Dell, Microsoft and others are planning to shift substantial production capacity out of China, according to Nikkei.
8. US and European stocks are up. The Nasdaq (+0.3%) and S&P 500 (+0.3%) were out front in the US, while the Euro Stoxx 50 (+0.7%) led the pack in Europe. Asian shares were broadly lower with the Shanghai Composite Index (-0.6%) down sharply.
9. There are some interesting earnings coming out. Nascar race track owner International Speedway and Canadian software company Tecsys are scheduled to report results.
10. More economic data is on the docket. The latest figure for the US trade balance and ISM non-manufacturing survey results will be watched closely.