China fixed its currency at a 6-year low. The People's Bank of China set the yuan's mid-point at 6.7379, its weakest since September 2010.
Australia's central bank is worried about China's debt levels. The Reserve Bank of Australia says China's "continued reliance on debt-financed growth and bank forbearance, along with official actions that reinforce perceptions of implicit government guarantees, add to existing vulnerabilities."
Oil is lower. West Texas Intermediate crude oil briefly dipped below the $50 per barrel mark, but has recovered the majority of its losses. Currently, the energy component is down 0.3% at $50.22 per barrel.
Bank of America reports ahead of the opening bell. The bank is expected to earn $0.34 per share on revenue of $20.82 billion.
Deutsche Bank is reportedly trying to shrink its US operations. Bloomberg and German paper Sueddeutsche Zeitung report the bank is considering shrinking its US investment banking operation in an effort to save money while German newspaper Die Welt am Sonntag says such a move could happen as part of a settlement with the US Department of Justice.
China has detained 18 employees of Crown Resorts casinos. The reason for the arrests is unclear aside from China's Foreign Ministry telling Reuters some Australian nationals had been suspected of "gambling crimes," Reuters reports.
A Wall Street titan is getting his own TV show. David Rubenstein, founder and co-CEO of private equity Carlyle Group, will host a show 0n Bloomberg called "The David Rubenstein Show: Peer-to-Peer Conversations" where he will conduct one-on-one interviews with business leaders like Lloyd Blankfein, Warren Buffett, and Bill Gates.
Stock markets around the world are mostly lower. China's Shanghai Composite (-0.7%) trailed in Asia and Britain's FTSE (-0.8%) lags in Europe. S&P 500 futures are down 6.75 points at 2,120.25.
Earnings reporting picks up a bit. Netflix and United Continental release their quarterly results after markets close.
US economic data is light. Empire State Manufacturing will be released at 8:30 a.m. ET and industrial production will cross the wires at 9:15 a.m. ET. The US 10-year yield is unchanged at 1.80%.