China is continuing its ambitious plan to stimulate its economy by devaluing its currency to help its exports. Worldwide markets have received the news negatively, as investors fear that a stronger Chinese economy would absorb the excess growth being enjoyed in other parts of the world.
Of course, nothing with Greece goes smoothly, and today German lawmakers are taking issue with the timing of the agreement as that saga continues to drag on. Greece owes a payment to the European Central Bank on August 20 and if the deal is not approved by then, Greece will need fresh bridge financing to cover its debt until the deal is signed.
The IEA estimated that the "oil glut" will last through 2016 and possibly even later, if economic sanctions on Iran are lifted.
Some notable earnings calls today include Alibaba (BABA), Aramark (ARMK), Flowers Foods (FLO), Macy's (M), EZchip Semiconductor (EZCH), Cisco Systems (CSCO), News Corp. (NWSA), and NetEase (NTES).
In economic news, we will see the MBA Mortgage Applications at 7 a.m., the June JOLTS Job Openings at 10 a.m., and the DOE Energy Inventories at 10:30 a.m.