Good morning. Here's what you need to know.
- Overnight trading in Asia was mostly mixed, with Japan's Nikkei gaining 0.2 percent. Shares in Europe followed that pattern and U.S. futures point to a flat open.
- Japanese core inflation increased at a faster pace than expected in April, up 0.2 percent during the month. That follows a 0.2 percent gain in March.
- French and German consumer confidence surprised slightly to the upside, indicating that demand remains strong despite mounting euro woes. The May reading in Germany remained flat at 5.7.
- Yields on French 10-year debt hit a record low overnight, down to 2.422 percent.
- Bank lending in the U.S. declined 0.8 percent, or $56 billion, in the first quarter of the year, according to the FDIC. Loans in most categories, including those made to small businesses, fell. However, commercial and industrial loans continued to register growth.
- The SEC is ending its probe into Lehman Brothers without seeking any action on the company or its executives, according to a memo obtained by Bloomberg. The move comes after three years of investigation into the company and its collapse.
- Morgan Stanley Smith Barney will adjust Facebook prices for a few thousand client trades after the disappointing IPO engulfed the firm and the Nasdaq, Bloomberg reports.
- JP Morgan's Chief Investment Office made risky bets in financially unstable companies like LightSquared, which filed for bankruptcy protection this month, the Wall Street Journal's Gregory Zuckerman and Dan Fitzpatrick report.
- The University of Michigan Consumer Confidence May report is scheduled for 9:30 a.m. Expectations are for earlier reports of 77.8 to hold.
- New York Police arrested a man in conjunction with the murder of six-year-old Etan Patz. Patz went missing in 1979 in a case that garnered national attention. The NYPD said Pedro Hernandez confessed to the murder.
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