10 things you need to know before the opening bell

Here is what you need to know.

Germany’s 10-year yield turned negative. The yield on the 10-year German Bund fell below zero for the first time in history (yields fall when prices rise). Tuesday’s drop below zero comes amid a renewed demand for safety assets as fears of a slowing global economy, and the possibility of a Brexit weigh on investor confidence.

The pound is getting slammed on Brexit worries. The British pound is lower by 0.7% at 1.4168 after a poll conducted by ICM on behalf of the Guardian showed 53% for Leave and 47% for Remain. Additionally, The Sun, which has the largest circulation of any physical newspaper in British, has come out in favour of a Brexit. It should be noted the Sun has a great track record in general elections, and has always backed the winner.

UK inflation missed. Consumer prices in Britain rose 0.3% year-over-year in May, according to the Office for National Statistics. The May reading was unchanged from April, and just shy of the 0.4% gain that was expected. Stripping out food and energy prices, core CPI held at 1.2% YoY.

India WPI inflation picks up. The wholesale price index rose to 0.79% in May, up from 0.34% in April, government data showed. The Economic Times reports, food inflation was a big contributor to the upswing, rising to 7.88% from 4.23%. Until last month, the reading had been in negative territory since November 2014, The Economic Times said. The Indian rupee ended down 0.2% at 67.2575 per dollar.

The IEA sees an oil surplus in 2017. The International Energy Agency says the oil market will balance out in the second half of 2016, but will return to surplus in 2017, Reuters reports. “At halfway in 2016, the oil market looks to be balancing; but we must not forget that there are large volumes of shut-in production, mainly in Nigeria and Libya, that could return to the market, and the strong start for oil demand growth seen this year might not be maintained,” the IEA said. West Texas Intermediate crude oil is lower by 1.4% at $48.20 per barrel.

Apple’s WWDC had some big updates. Apple’s Worldwide Developers Conference took place on Monday in San Francisco. At the conference, Apple announced its Apple Pay and Siri services are now available for desktops. Additionally, a major update to iOS was introduced, which will allow for new messaging options, emoji features, and lock screen and notification menus. Another feature unveiled was a new artificial intelligence for iOS that will allow the keyboard to predict what you are going to type.

NXP Semiconductors is selling its Standard Products Unit. Chinese state-owned investment firm Jianguang Asset Management and private-equity firm Wise Road Capital have agreed to buy NXP’s Standard Products Unit for about $2.75 billion, the Wall Street Journal reports. The unit includes discrete, logic and PowerMOS chips.

Daily fantasy sports sites DraftKings and FanDuel are talking merger. The two companies, worth over $1 billion each in 2015, are considering joining forces, according to Bloomberg. The companies have seen their valuations plummet by as much as 50% due to legal battles in a number of states. A merger would allow the two companies to reduce the amount of money spent on targeting one another, Bloomberg says.

Stock markets pretty much everywhere are in the red. France’s CAC (-1.4%) lags in Europe after Australia’s ASX (-2.1%) trailed in Asia. China’s Shanghai Composite (+0.3%) eked out a gain. Here in the US, S&P 500 futures are down 2.50 points at 2076.25.

US economic data picks up. Import/export prices and retail sales will be released at 8:30 a.m. ET before business inventories crosses the wires at 10 a.m. ET. The US 10-year yield is down three basis points at 1.58%.

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