10 things you need to know before the opening bell

Here is what you need to know.

Stock markets all over the world are opening 2017 with a bang. China's Shanghai Composite (+1%) paced the gains in Asia and Italy's MIB (+1.7%) leads the advance in Europe. Here in the US, the Dow is on track to open higher by 0.9% near 19,932.

The dollar is flying. The US dollar index is higher by 0.6% at 103.39, and on track to close at its best level since the end of 2002. The greenback is higher against all of its major peers with its biggest gains coming against the euro (+0.8%).

Bonds are getting crushed. Heavy selling has yields across the Treasury curve up about 6 basis points apiece with the 10-year reaching 2.51%. Selling isn't limited to just the US, as yields are also screaming higher across Europe, where the UK 10-year is up 9 bps at 1.33%.

Crude oil soars to an 18-month high. West Texas Intermediate crude oil trades up 2.3% at $54.93 per barrel following confirmation both Kuwait and Oman have lived up to their promises to cut production, Bloomberg reports. Meanwhile, Brent crude oil, the international benchmark, is higher by 2.2% at $58.08 per barrel.

Bitcoin is above $1,000.The cryptocurrency trades up 0.8% at $1,020 per coin after crossing the $1,000 mark for the first time since 2013 on Monday.

China is tightening control of capital. Beijing announced new rules aimed at slowing the flow of capital out of China. The measures include requiring citizens taking money out of the country to pledge it won't be used to buy property overseas and calling on banks to report any overseas transactions valued at $10,000 or more, Reuters says. State-run media organization Xinhua has denied the measures are capital controls.

UK manufacturing is booming. Markit UK Manufacturing PMI hit 56.1 in December, making for the best print in 30 months. "The UK manufacturing sector starts 2017 on a strong footing. The headline PMI hit a two-and-ahalf year high in December, with rates of expansion in output and new orders among the fastest seen during the survey's 25-year history," wrote Rob Dobson, senior economist at IHS Markit, which compiles the survey. The British pound is little changed near 1.2275 versus the dollar.

2017 could be a busy year for tech IPOs. Blue Apron, Dropbox, Snap, and Spotify are among the tech startups that are candidates to go public this year.

Cantor Fitzgerald hires Anshu Jain. Cantor has named Jain president about one and a half years after he resigned as co-CEO of Deutsche Bank following a series of regulatory troubles.

Twitter's China boss is out. Kathy Chen has quit after eight months on the job, Reuters reports. In a tweet announcing her departure, Chen wrote, "Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company."

US economic data flows. Markit manufacturing PMI will be released at 9:45 a.m. ET before both ISM Manufacturing and construction spending cross the wires at 10 a.m. ET.