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China stock rout, Alcoa begins earnings season–5 things to know today

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It's spreading.Photograph by Isaac Lawrence — AFP/Getty Images

Hello friends and Fortune readers.

Wall Street stock futures are opening lower this morning in the pull of China’s market meltdown and news of the Eurozone’s latest (supposedly final) ultimatum to Greece. Crude oil futures have bounced a little to $52.75 a barrel, while the dollar is down a fraction against most major currencies (including the euro).

Today’s must-read story is by Fortune’s Alan Murray, who explains why the world should refocus its concerns from Greece’s debt crisis to China’s market meltdown, which holds much greater concern for the future. Read more here.

Here’s what else you need to know today.

1. Greece has till Sunday to avoid ‘Grexit’

The Eurozone gave Greece until Friday to present an acceptable request for new aid, or else face the closure of its banks and an exit from the common currency area. There will be no debt relief or rescheduling until October at least, European Commission President Juncker said. That means capitulation or chaos for Greek Prime Minister, who endured a battering from European lawmakers after addressing the E.U. Parliament in Brussels Monday.

2. Fed minutes released.

The Federal Open Market Committee will issue the official minutes from its June meeting this afternoon at 2 p.m. ET. Following the recent meeting, Federal Reserve Chairman Janet Yellen talked with the media and investors, indicating that the central bank is waiting for more evidence of a rise in inflation and sustained job gains before it is ready to raise the current rock-bottom interest rates. A rate rise could as soon as this September, though it may not come until December or 2016. Interest rate rises will likely be gradual and low.

3. Alcoa kicks off the earnings season.

Aluminum-maker Alcoa (AA) rings in the second-quarter earnings season when it reports after the market close. Metal prices have plummeted in recent months and there’s not much relief on the horizon given growing exports of semi-fabricated items from China and high energy costs. That’s led many aluminum producers to cut capacity or shut down completely. Alcoa is expected to show earnings of 23 cents a share on sales of $5.81 billion, according to FactSet data.

4. American consumer credit update.

The Federal Reserve comes out with its update on the total outstanding credit provided to U.S. consumers. The sum likely increased by $18.5 billion in May, a slight decrease when compared to April’s $20.54 billion. Total consumer credit outstanding was nearly $3.4 trillion as of April. The Fed’s report comes out at 3 p.m. ET.

5. Will South Carolina keep the confederate flag?

The state’s House of Representatives convenes today to vote on a bill that would remove the Confederate flag from State House grounds. South Carolina’s Senate already passed the bill, which would remove the controversial symbol from the state house after more than five decades. The flag is viewed by many as a racist symbol harkening back to the days of slavery. The move comes in the wake of an attack on a historic black church in Charleston, S.C. that killed nine. For approval, at least two-thirds of the House must vote in favor.

Additional reporting by Reuters.