10 things you need to know before the opening bell

Here is what you need to know.

China is worried about rising debt. Zhou Xiaochuan, the governor of the People’s Bank of China, sounded the alarm over rising debt in the country. “Lending as a share of GDP, especially corporate lending as a share of GDP, is too high,” Zhou said, according to Bloomberg and the Financial Times. The concerns come as China’s corporate debt load weighs in at roughly 160 times GDP, and is growing faster than any of the world’s
15 largest economies.

The PBOC bank reportedly emailed the Fed for help. On July 27, 2015, China’s Shanghai Composite crashed 8.5%. The huge loss meant Chinese stocks were now down 28% from their June 12 peak. That’s when the PBOC sent an email to the Fed, asking how it dealt with the 1987 stock market crash. Specifically, the central bank asked “Could you please inform us ASAP about the major measures you took at the time,” according to documents obtained by Reuters through the Freedom of Information Act. Steven Kamin, the director of the Fed’s International Finance Division, wrote a 259-word response highlighting the Fed’s efforts at the time and also sent transcripts, notes and reports with notes attached, Reuters found.

Sherwin-Williams is buying rival Valspar. Paint company Sherwin-Williams is buying Valspar for $11.3 billion, or $113 per share. The acquisition represents a 41% premium to “Valspar’s volume weighted average price for the 30 days up to and including March 18, 2016,” according to Reuters. Sherwin-Williams expects the deal to be immediately accretive to earnings, and thinks it will see $280 million in annual synergies. The deal price will drop to $105 per share in the unlikely event divestitures of more than $650 million in Valspar revenue was required. Additionally, Sherwin-Williams could terminate the deal if divestitures of $1.5 billion of 2015 revenues were required, Reuters says.

New Apple products are coming. Apple CEO Tim Cook will take the stage on Monday to announce the company’s newest products. Expectations are low for any dramatic news, but the company is expected to unveil additions to the iPhone and iPad families. The event is scheduled to begin at 1 p.m. ET.

Banks might be about to crank up clawbacks on bonuses. The Financial Times reports, some shareholders want the big banks to get tougher with their bonuses. Currently, banker bonuses can only typically be clawed back if the banker acted fraudulently, but some investors want future losses to be looked at as well. A plan announced by investors John Chevedden and Kenneth Steiner calls for a “substantial portion” of banker bonuses to be set aside for a decade. If it were to emerge the banker broke the law, or acted recklessly, their bonus would be able to be docked, according to FT.

It’s Twitter’s 10-year anniversary. “Ten years ago, it began with a single Tweet,” says a posting on Twitter’s blog. While the company debuted in 2006, it didn’t go public until November 7, 2013. Twitter shares debuted at $26 per share and hit an all-time high of $73.31 on December 26, 2013. Now the stock trades 77% off its all-time high at $16.85 per share.

The CEO of one of France’s largest insurers is retiring. Henri de Castries, Chairman and Chief Executive Officer of AXA, is stepping down on September 1 after 17 years at the helm. His role of CEO will be assigned to Thomas Buberl while Denis Duverne will be given the title of Chairman of the Board. “
It has been a privilege to succeed Claude Bébéar and lead AXA over all these years, and I want to express my gratitude to the 166,000 women and men who are the face of AXA for our 103 million clients across the world – their professionalism and engagement have been a driving force and a fantastic motivation for me,” de Castries said.

Stock markets around the world are mostly up. Germany’s DAX (+1%) leads the way in Europe after China’s Shanghai Composite (+2.4%) paced the gains in Asia. S&P 500 futures are higher by 2.00 points at 2039.50.

Earnings reports trickle out. A slow day for earnings reporting is highlighted by Mattress Firm releasing its quarterly results after markets close. The Bloomberg consensus is expecting adjusted earnings of $0.56 per share on revenue of $622.4 million.

US economic data is light. The Chicago Fed is due out at 8:30 a.m. ET and existing home sales will be released at 10 a.m. ET. The US 10-year yield is unchanged at 1.87%.

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