10 things you need to know before the opening bell

Here is what you need to know.

Cruz and Kasich are teaming up to stop Trump. Republican presidential candidates Sen. Ted Cruz and Gov. John Kasich have agreed to divvy up the remaining states in an effort to prevent frontrunner Donald Trump from securing the 1,237 delegates necessary to lock up the nomination. Cruz and Kasich will stay out of one another’s way and focus on the specific states where they are believed to have a better chance of beating Trump. “It is sad that two grown politicians have to collude against one person who has only been a politician for ten months in order to try and stop that person from getting the Republican nomination,” Trump said in his statement.

China’s debt load is at a record high. The Financial Times reports China’s debt total climbed to 237% of GDP in the first quarter, an all-time high. Data from the Bank of International Settlements shows China’s debt load is far greater than emerging markets as a whole, which carry debt at an average of 175% of GDP. According to the FT, China’s debt has exploded since 2007, when it was 148% of GDP.

German business climate slowed. Germany’s Ifo Business Climate survey unexpectedly fell in April. The reading slipped to 106.6 from March’s 106.7, and missed the 107.1 that economists had forecast. In the report, Dr. Clemens Fuest from Ifo said, “Firms at both levels of trade were less satisfied with both their current situation and their business outlook.” The euro is up 0.2% at 1.1248.

Japan has announced an extra budget to repair earthquake damage. Japanese prime minister Shinzo Abe said he will create an additional budget to provide aid to Kumamoto, which was damaged earthquakes earlier this month. According to Bloomberg, Abe says the funds will go towards rebuilding homes, businesses, and infrastructure. “We will gather all strength of the government and work on the relief and reconstruction,” Abe said. The Japanese yen is stronger by 0.6% at 111.17 per dollar.

Halliburton is delaying earnings. The oil services provider announced it’s taking a $2.1 billion charge for the first quarter after cutting more than 600,000 jobs and taking a write off. Additionally, Bloomberg reports, Halliburton’s earnings will be delayed from April 25 to May 3 in order to account for the Baker Hughes deal which is expected to close before the end of the month.

Goldman Sachs has entered online banking. The investment bank is now allowing ordinary citizens, not just the super-rich, to open a bank account. Goldman’s digital savings account offers a rate of 1.05%, and can be opened for as little as $1. The bank accounts are available after Goldman acquired about 150,000 retail customers through its GE Capital deal that closed last week, according to the Financial Times.

Ball is selling its beverage-can assets. Bloomberg reports, Ball will sell 17 can factories and other facilities to European-based packaging company Ardagh for $3.42 billion. Ardagh will sell $2.85 billion of bonds to help fund the deal. Apollo Global Management, Blackstone Group LP and Madison Dearborn Partners were said to be other interested bidders.

Earnings reports flow. Philips and Xerox are among the companies releasing their quarterly results ahead of the opening bell. Container Store and Express Scripts highlight the names reporting after markets close.

Stock markets around the world are in the red. Japan’s Nikkei (-0.8%) lagged in Asia and Germany’s DAX (-0.7%) leads the losses in Europe. S&P 500 futures are lower by 1.50 points at 2085.50.

US economic data is light. New home sales will be released at 10 a.m. ET and the Dallas Fed will cross the wires at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 1.88%.

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