Reuters/China Daily China Daily Information Corp - CDIC
A therapist applies traditional moxibustion treatment on a patient in Yiwu, Zhejiang province.
Iran and the US have a deal. World powers agreed to remove billions of dollars of economic sanctions against Iran in exchange for Iran promising not to produce enough material for a nuclear weapon for at least 10 years, according to the AP. In addition, "new provisions will be imposed for inspection of Iranian facilities, including military sites." The new deal allows for Iranian oil to return to market. President Obama has said he will veto any legislation that attempts to block the deal. West Texas Intermediate crude oil is 2.1% at $51.13 per barrel.
Tsinghua has offered to buy Micron. The Chinese chipmaker has offered to buy Micron for $23 billion. Tsinghua's offer of $21 per share represents a 19.3% premium over Micron's closing price on Monday. Reuters reports, if the deal goes through, it would be the largest Chinese takeover of a US company.
JPMorgan Chase beats. The investment bank announced earnings $1.54 per share, which easily beat the Wall Street estimate of $1.45. Revenue slipped 3.5% to $24.5 billion, edging out the $24.4 billion that analysts were expecting.
Euro zone sentiment reports disappoint. Economic sentiment in both the euro zone and Germany weakened as the Greek debt drama dragged on. The euro zone's ZEW reading slumped to 42.7 July from 53.7 in June, making for the lowest reading since December. Meanwhile, German ZEW fell to 31.5 in July from 41.9 in June to register is lowest print since November. Both numbers missed estimates. The euro is up 0.2% at 1.1022.
India's inflation slid further into negative territory. Wholesale prices in India fell further into deflation, hitting -2.4% YoY in June. The drop was bigger than the 2.2% YoY decline economists were anticipating, and was largely a result of the continued weakness in oil prices. India's rupee is stronger by 0.2% at 63.4225 per dollar.
Apple Pay has been set live in the UK. Apple's contactless payment system will let iPhone and Apple Watch users in the UK pay for items of up to 20 British pounds. Barclays, which is working on its own contactless payment system, says it will eventually support Apple Pay after previously rejecting the service.
Stock markets around the world are mostly lower. Overnight, China's Shanghai Composite (-1.2%) led to the downside while Australia's ASX (+1.9%) and Japan's Nikkei (+1.5%) outperformed. In Europe, Spain's IBEX (-0.6%) lags. S&P 500 futures are down 1.00 points at 2093.50.
Wells Fargo will report at 8 a.m. ET. The bank is expected to announce earnings of $1.03 per share on revenue of $21.72 billion.
US economic data is moderate. Retail sales and import/export prices are due out at 8:30 a.m. ET and business inventories are set to cross the wires at 10 a.m. ET.
Notable earnings due out after the closing bell. CSX is expected to report earnings of $0.53 per share on revenue of $3.12 billion. Also, Yum Brands is expected to announce adjusted earnings of $0.62 per share on $3.19 billion in revenue.