(Reuters/China Stringer Network) Students crossing a makeshift bridge toward their dormitory building, which was partially submerged by floodwater, at a university campus after heavy rainfall hit Nanjing, Jiangsu province, China.
Here is what you need to know.
Greece is staring into the abyss. The government's €1.5 billion ($1.67 billion) payment to the International Monetary Fund is due at midnight. Reports suggest Greece's government is considering a last-minute proposal from European Commission president Jean-Claude Juncker; however, Greek Prime Minister Alexis Tsipras said the offer was "humiliation." Greece's two-year yield is higher by 108 basis points at 37.48%.
Chinese pension funds are now allowed to invest in stocks. Bloomberg reports Beijing has announced plans to allow basic pension funds to invest in stocks. The funds will also be allowed to invest in domestic bonds, stock funds, private equities, stock-index futures and treasury futures. The announcement comes after Chinese equities have crashed more than 20% over the past two weeks.
The head of Australia's central bank says it will be a while before we see normal monetary policy. Reserve Bank of Australia governor Glenn Stevens thinks it will be many years before global monetary policy returns to normal. "Central banks would counter that they had little choice but to pursue these actions and that, in any event, there are likely to have been some real factors at work in holding down real interest rates," Stevens said. He continued, "Either way, some central banks seem likely to be large players in markets for quite some years."
Eurozone inflation slowed. CPI Flash Estimate slowed to up 0.2% month-over-month in June, down from up 0.3% MoM in May. Looking at the June year-over-year comparison, CPI Flash Estimate climbed 0.8%, which was down from up 0.9% in May. The euro is down 0.5% at 1.1180.
Apple Music launches. The long-awaited music-streaming site is coming Tuesday, coinciding with the iOS 8.4 update.The iOS update will reportedly be available at 11 a.m. ET; however, the time has not been formally announced.
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GE has found a buyer for its European private-equity unit. General Electric has agreed to sell its European private-equity unit to Japan's Sumitomo Mitsui Banking Corp. for $2.2 billion. Reuters reports, "GE Capital will retain its $1 billion investment in the European Senior Secured Loan Program and European Loan Program." The deal follows Monday's announcement that GE was selling its US, Mexico, Australia, and New Zealand fleet businesses for $6.9 billion to Canada's Element Financial Group.
Sony is raising cash through a stock and bond offering. The electronics giant plans to raise $3.6 billion through the sale of stock and convertible bonds. Sony will raise 120 billion yen through the sale of convertible bonds, with the rest of the money coming through the sale of common shares. According to The Wall Street Journal, "The proceeds will be spent to raise production capacity for image sensors used in smartphones, including Apple Inc.'s iPhone and Samsung Electronic Co.'s Galaxy." The company has not issued new shares since 1989.
Uber is reportedly losing a ton of money. A Bloomberg report suggests the company is operating at a loss of almost a half billion dollars. According to the report, it is unclear whether the results are for a quarter, fiscal year or another time frame. An Uber representative told Business Insider, "These are substantially old numbers that do not reflect business activities today."
Global stock markets are higher. Spain's IBEX (+0.7%) leads the advance in Europe after China's Shanghai Composite (+5.5%) rebounded sharply from Monday's drubbing. S&P 500 futures are up 10.00 points at 2,060.00.
US economic data flows. Case-Shiller 20-city Index is due out at 9 a.m. ET, while Chicago PMI crosses the wires at 9:45 a.m. ET and consumer confidence is scheduled for release at 10 a.m. ET.
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