Here is what you need to know.
- China ramps up trade-war tensions. "If the United States only wants to escalate trade frictions, we will resolutely respond and fight to the end," Chinese Foreign Ministry spokesman Geng Shuang told Reuters.
- The Chinese yuan climbs off 6-month lows. The offshore Chinese yuan is up 0.28% at 6.9119 per dollar after on Monday closing at its highest level since November.
- Citigroup has been suspended from taking place in Japanese government bond auctions. The firm was discovered to have manipulated futures prices, Bloomberg reports.
- An ‘extraordinary rare’ situation is taking place with Beyond Meat’s stock. The cost for short-sellers to borrow Beyond Meat shares has soared to 134%, according to Ihor Dusaniwsky, managing director of predictive analytics at the data-analytics firm S3 Partners, making it more expensive to short the stock than to own it.
- Tesla’s stock has been on fire ahead of the carmaker’s annual meeting. Shares have surged 19% since bottoming out on June 3, and are trading at an almost one-month high ahead of Tuesday’s annual meeting.
- Short-seller Jim Chanos explains how Silicon Valley uniforms are causing deflation. "Unicorns are amazingly deflationary vehicles," Chanos, the founder and managing partner of Kynikos Associates, told the crowd at a small event recently attended by Business Insider. "They’re deflating rents, they’re deflating driver salaries, they’re deflating all kinds of things."
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- Stock markets around the world are higher. China’s Shanghai Composite (+2.58%) led the gains in Asia and Germany’s DAX (+1.27%) is out front in Europe. The S&P 500 is set to open up 0.53% near 2,902.
- Earnings reports trickle out. H&R Block reports ahead of the opening bell while Dave & Buster’s releases its quarterly report after markets close.
- US economic data os light. PPI will be released at 8:30 a.m. ET. The US 10-year yield is up 2.1 basis points at 2.17%.
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