- Asian markets were mostly lower in overnight trading with the Nikkei down 1.02 percent on concerns that financial contagion from Europe won't be contained. Europe is modestly higher and U.S. futures are higher.
- The yield on Spain's 10-year bond neared 6.6 percent today, rising for a second straight day. This comes after news of a bailout for its banking sector and on reports that Spain will miss its deficit targets.
- Top JP Morgan executives were warned of the risky practices in its chief investment office by a team of London-based traders two years before the loss was announced, according to a new report by the Wall Street Journal. The trading loss is estimated to be between $2 billion - $5 billion.
- Warren Buffett's Berkshire Hathaway has offered to buy Residential Capital's mortgage unit. Meanwhile, Berkshire is also getting into the private-jet market again with an order valued at $9.6 billion to bolster its subsidiary, NetJets.
- India's industrial output increased 0.1 percent year-over-year in April. The manufacturing sector which accounts for 75 percent of the index grew just 0.1 percent.
- Import and export prices for May will be released at 8:30 a.m. ET. Consensus is for a 0.1 percent month-over-month (MoM) increase in export prices, and a 1.1 percent MoM decline in import prices.
- A new OPEC report shows that its members are still pumping oil at highest levels since 2008. Its crude production was 32.964 million barrels a day in April, up 631K from the previous month. But Iraq's oil minister has suggested that OPEC could cut production given the slump in oil prices.
- UK manufacturing declined more than expected in April with factory output falling 0.7 percent from March. Overall industrial output stayed the same month-over-month.
- Up to 100 Afghans are feared dead after an earthquake and landslide hit northern Afghanistan.
- The Treasury Budget for May will be released at 2 p.m. ET. Expectations are for a monthly Treasury budget deficit of $125 billion.
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