10 Things You Need To Know Before The Opening Bell

Eric Platt

Jason Merritt/Getty Image

Good morning. Here's what you need to know.

• Markets in Asia sold-off in overnight trade, with Hong Kong's Hang Seng off 3 percent. Shares in Europe are sharply lower and U.S. futures point to a negative open.

• The Spanish economy contracted by 0.4 percent during the second quarter, the Bank of Spain said this morning. That marked the third straight quarter of decline. 

• Greek leaders are set to announce billions of euros worth of budget cuts before officials from the European Commission, ECB, and IMF head to the country this week.  The Greek government plans on closing and merging some 20 agencies as it streamlines itself to shave more than €11.5 billion from its budget.

• The IMF could stop funding Greece if the euro zone's proposed bailout program is approved by member states, Der Spiegel reports.

• The euro fell below $1.21 against the U.S. dollar for the first time since June 2010, touching a low of $1.2081.

• Taiwan's industrial output declined for the fourth consecutive month, down 2.44 percent in June from the year-ago period. That was in sharp contrast to expectations for a 0.5 percent increase during the month. 

• U.S. and European officials are close to charging individual traders with collusion to manipulate LIBOR, Reuters' Matthew Goldstein, Jennifer Ablan, and Philipp Halstrick report. Sources tell Reuters that prosecutors in Washington have notified lawyers representing some suspects that arrests "could be imminent." 

• China's CNOOC will purchase Canadian oil-and-gas firm Nexen for $15.1 billion, a 61 percent premium from the firm's Friday closing price. The deal will mark China's biggest international energy acquisition ever.

• NRG Energy will purchase GenOn Energy for $1.7 billion in a stock transaction creating one of the largest independent power companies in the U.S. The combined firm will generate enough energy to power 40 million homes. 

• Earnings on tap today include Halliburton, McDonald's and Texas Instruments. The oil servicer is forecast to post earnings per share of $0.75. Consensus for McDonald's and TI earnings are $1.38 and $0.34 a share, respectively.

• Attacks in Iraq killed at least 89 people on Monday, following more than 20 deaths on Sunday. The violence targeted mostly Shi'ite Muslims.