10 things you need to know before the opening bell

Here is what you need to know.

Harvey is continuing to pummel Texas with ‘catastrophic,’ ‘unprecedented’ flooding. After making landfall on the Texas Gulf Friday night, it’s expected to continue to dump rain on the region for days, although it’s now been downgraded from a hurricane to a tropical storm.

Oil prices are surging on Harvey as the storm brings refinery closures, Reuters reports. U.S. gasoline futures are up nearly 7% to a two-year high in early trading, while an already weak dollar hit 16-month lows against a basket of currencies.

Uber has picked Expedia CEO Dara Khosrowshahi to be its new CEO, although the company has not yet publicly announced the news, as Khosrowshahi hasn’t officially accepted the offer.

Gilead Sciences has agreed to buy immunotherapy developer Kite Pharma, Reuters reports. It’s an all-cash deal valued at $US11.9 billion, with Gilead paying $US180 per share, a 29.4 per cent premium over Kite’s Friday close.

Chinese regulators are preparing new regulations on digital coin offerings, according to Reuters. They may ban ICOs until the rules are in place as interest in the new fundraising channel grows rapidly in a regulatory grey area, the financial magazine Caixin reported on Monday.

It’s getting less likely that Britain will actually secure a Brexit deal. Oxford Economics says the chance of a Brexit deal by March 2019 has fallen to 60%.

General Electric is shifting its digital strategy, Reuters reports. The company wants its industrial software business to cut costs and lift profits next year, and is considering expanded partnerships and the possible sale of equity in the unit.

US economic data will be released. Monthly wholesale inventories will come out at 8:30 a.m. ET before the Dallas Fed releases its monthly manufacturing survey outlook at 10:30 a.m. ET.

Stock markets around the world are mixed. Japan’s Nikkei (-0.01%) was little changed in a quiet day in Asia, and the Euro Stoxx 50 (-0.24%) led slight losses across Europe. The S&P 500 is set to open up 0.06% near 2,444.

The Trump Organisation was reportedly pursuing a deal in Moscow during the election, the Washington Post reported on Sunday. The deal apparently fell apart in January 2016 because the Trump Organisation did not have the land or permits to pursue it.

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