10 things you need to know before the opening bell

Here is what you need to know.

Mnuchin says the economy will grow at least 3% over the next 4 to 5 years. “I don’t think this is a one- or two-year phenomenon,” Treasury Secretary Steven Mnuchin told “Fox News Sunday.” “I think we definitely are in a period of four or five years of sustained 3% growth at least.”

Trump’s trade war just sank a $US2 billion investment for a top Russian steelmaker. The Russian steel giant MMK has delayed the start of a lucrative project in Turkey because of President Donald Trump’s trade war, Reuters reports.

The stock market’s biggest bear calls out a huge investing mistake that could have ‘brutal consequences.’ John Hussman, the outspoken investor and former professor who has been predicting a stock market crash, says investors who use the Iron Law of Valuation – which says the higher the price investors pay for future cash flow, the lower their long-term investment returns will be – are making a big mistake and creating a dangerous situation.

There’s a simple way to profit if one of Wall Street’s most-feared recession signals is triggered soon. The Hong Kong-based trading firm CLSA has identified a dividend strategy that outperforms whenever the yield curve inverts.

Deutsche Bank is shifting business out of London.Germany’s biggest lender will move half of its euro-clearing volumes to Frankfurt, the Financial Times says.

Heineken cuts its guidance. The world’s second-largest brewer missed on earnings and said its operating margin would fall by 20 basis points this year, versus a previous forecast for a 25-basis-point increase, Reuters reports.

‘Fortnite: Battle Royale’ is a moneymaking machine.The free video game has generated more than $US1 billion in revenue across all platforms, according to an estimate from the media intelligence company SuperData.

Stock markets around the world are lower. Japan’s Nikkei (-0.74%) led the losses in Europe, and France’s CAC (-0.42%) trails in Asia. The S&P 500 is set to open down 0.16% near 2,814.

Earnings reporting remains heavy. Caterpillar and Loews report ahead of the opening bell, while AthenaHealth releases its quarterly results after markets close.

US economic data keeps coming. Pending home sales will be released at 10 a.m. ET, and Dallas Fed Manufacturing will cross the wires at 10:30 a.m. ET. The US 10-year yield is up 3 basis points at 2.98%.

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