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Here is what you need to know: 

1. Global equities are rallying after week from hell but investors 'remain on the defensive'. "Some semblance of stability is returning to Asian markets on Friday after China hinted at more fiscal support for its economy."

2.  GE's CEO bought nearly $2 million of the firm's stock following a whistle blower's fraud accusation. GE's shares tanked 14% on the report where the company was accused of fraud, now its CEO is hitting back.

3. Alibaba just keeps growing, shrugging off Trump's trade war and China's slowing economy. The e-commerce company managed to add 98 million customers to its book over the last 12 months, as demand continues to grow for Chinese goods.

4. Malaysia set to begin biggest 1MDB trial involving ex-PM Najib. Malaysia's former prime minister, Najib Razak, on Monday faces the biggest of five trials linked to a multi-billion-dollar scam at state fund 1MDB, although lawyers are seeking a delay to allow time for the completion of a previous trial.

5. These are the 4 biggest risks keeping analysts and economists up at night according to Morgan Stanley. "Companies are indicating the convergence of trade uncertainty, demand weakness, and 2020 planning could all line up higher restructuring in 4Q, meaning lower capex spending and higher risk to employment."

6. Hong Kong protesters are calling for massive ATM withdrawals in an economic warning to China. On August 16, Hong Kong protesters plan to withdraw as much money as possible from their banks or change their currency into US dollars, both to protect their own assets and to show the mainland that the semiautonomous island is more than just a cash cow.

7. Alibaba billionaire Tsai to buy Brooklyn Nets for record-breaking $2.35 billion. The $2.35 billion deal for the New York-based NBA team is the highest ever for a sports franchise, according to the New York Times.

8. Global stocks are rallying today. US futures the S&P 500 (+1.0%) and the Nasdaq (+1.3%) are both up. In Europe, the Dax (+1.0%) and Euro Stoxx 50 (+1.1%) both rallied on open. Asia closed strongly as the Hang Seng (+0.9%) and the Shanghai Composite (+0.3%) both rose but the Nikkei 225 (-0.2%) was marginally down.

9. There are some big earnings from China today. Ping An, the world's largest insurance company releases its Q2 earnings. 

10. There's some interesting data from the US later. Michigan Consumer Sentiment Index is the highlight.