10 things you need to know before the opening bell

War figurinesReuters/Francois LenoirFigurines representing French Brigade of Lancers are seen on a 40-square-metre miniature model of the June 18, 1815 Waterloo battlefield, in Diest, Belgium.

Here is what you need to know.

Crude oil trades at a 5-month high. West Texas Intermediate crude oil is higher by 2.4% at $US61.87 per barrel, and threatening the $US62 mark for the first time since December. The energy component has rallied approximately 35% off the March lows.

Goldman Sachs says buy the US dollar. Analysts at the investment bank believe the dollar will likely gain 18% against the euro to 95 cents, and 8% against the yen to 130 over the next 12 months. The dollar’s rebound will be fuelled by strong second quarter growth after a relatively flat first quarter. The US Dollar Index trades lower by 0.3% at 94.80.

China’s HSBC Serives PMI improves, but misses estimates. China’s HSBC Services PMI hit a four-month high of 52.9. The April reading showed a continued improvement, but fell short of the 53.1 that analysts were expecting. China’s yuan gained 0.1% to 6.2004 per dollar.

Euro zone retail sales dive. Retail sales in Europe tumbled 0.8% month-over-month, missing the 0.7% mum decline that was anticipated. The euro is up 0.4% at 1.1234.

The majority of German business executives favour a Grexit. A survey conducted by Germany’s premier business newspaper, Handelsblatt, showed 44% of those surveyed believe Greece should leave the euro on its own accord, and another 13% were in favour of ejecting Greece from the euro. Almost 80% of respondents think a Greek exit from the euro would not lead to contagion. Greece’s 2-year yield is higher by 81 basis points at 21.36%.

The FTC is investigating Apple’s Beats Music streaming service. The Federal Trade Commission is looking into the possibility Apple’s Beats Music used the iTunes platform to put competitors at a disadvantage. According to Bloomberg, the investigation is still in the early stages.

Allstate posted a mixed quarter. The insurance giant announced earnings of $US1.46 per share, excluding non-recurring items, topping the $US1.42 that was anticipated. Revenues rose 5.1% to $US7.43 billion.

Herbalife earnings blow past estimates. The multi-level marketer earned $US1.29 per share, excluding non-recurring items, handily beating the $US1.01 that Wall Street was expecting. Revenues tumbled 12.5% from the prior year to $US1.11 billion, outpacing the $US1.09 billion that was anticipated.

Global stock markets trade mixed. Overnight, Australia’s ASX (-2.3%) paced the decline. In Europe, Germany’s DAX (+0.8%) leads the advance. S&P 500 futures are up 3.50 points at 2087.50.

US economic data is moderate. ADP Employment Change is due out at 8:15 a.m. ET, before productivity and unit labour costs cross the wires at 8:30 a.m. ET. Crude oil inventories will be released at 10:30 a.m. ET. The US 10-year yield is little changed at 2.19%.

NOW WATCH: Here’s how Floyd Mayweather spends his millions

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.