Premarket: Here's what you need to know before the bell

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The billionaire's space tourism company will be made public as part of an agreement with Social Capital Hedosophia Holdings, according to the Wall Street Journal.
Hédosophia social capital (PAI), a venture-specific acquisition company formed by the venture capital companies Social Capital and Hedosophia, is expected to pay US $ 800 million for 49% of Virgin Galactic.

The agreement is expected to help Virgin Galactic raise the funds needed to compete with space tourism companies like Blue Origin by Jeff Bezos and SpaceX by Elon Musk.

It would be the first publicly traded company trying to bring humans into space. Virgin Galactic declined to comment.

2. Powell Week: Federal Reserve Chairman Jerome Powell kicks off his big week at the Boston Federal Reserve.

Powell will appear by videoconference Tuesday at an event on resistance tests, where he will deliver the opening speech.

This is a prelude to his testimony before Congress on Wednesday and Thursday. There, his remarks will be analyzed to show that the Fed will reduce rates when it meets later, and if so, by how much.

The markets estimate that there is a 100% chance that the Fed will lower its rates at its July meeting, according to the futures contracts traded on the Chicago Mercantile Exchange. But a good job report released in June is on the nerves of investors.

3. Automatic warnings: The difficult conditions for car manufacturers continue to wreak havoc.

Geely, from China, who owns Volvo and has created a joint venture for car assembly in China with Daimler (DDAIF), issued a warning regarding the sales of 2019. The company pointed out the "persistent uncertainties" in its local market.
From Germany BASF (BASFY), the world's largest producer of chemicals, has narrowed its outlook for 2019, due to the slowdown in the global auto industry and the ongoing conflict between the United States and China. Shares fell 5.8% on Tuesday.

4. markets bottom: Global equities herald another day of decline as investors wait for more information from central banks.

The Dow is about to lose 120 points, or 0.5%, when opening US markets. The Nasdaq could fall by 0.7% and the S & P 500 is down 0.5%.
European markets have opened down. The British FTSE 100 lost 0.3% early in the session, while the German DAX fell 1.3%.
This follows further declines in Asia. Hang Seng of Hong Kong lost 0.8% and Shanghai Composite 0.2%. Japan's Nikkei was the most atypical, up 0.1%.

The Dow finished down 115 points, or 0.4%, on Monday. The S & P 500 finished down 0.5%. Nasdaq lost 0.8%.

5. Coming this week:

Tuesday – inflation data in China; PepsiCo (DYNAMISM) earnings
Wednesday – US oil stocks; Powered minutes; Bath & Beyond Bed (BBBY) earnings; Powell testifies in the House
Thursday – US inflation rate; China's trade balance; Delta (DAL) earnings; Powell testifies in the Senate
Friday – American producer prices

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