Good morning. Here's what you need to know.
- Asian markets were mostly lower in overnight trading, but the Nikkei was up 1.2%, hitting a 5.5-year high on yen weakness. Europe is selling off, and U.S. futures are lower.
- On Friday, Jon Hilsnerath at the Wall Street Journal wrote that the Fed is seriously considering when and how it might start to exit its QE program. This is said to be partially responsible for the decline in U.S. futures.
- Chinese industrial production increased 9.3% on the year, just below expectations for a 9.4% rise. Year-to-date FAI increased 20.6% on the year, but was down from 20.9%, and below expectations of a 21% gain. An eerie tour of the abandoned Chinese amusement park that's finally being torn down >
- Chinese retail sales climbed 12.8% on the year in April, in line with expectations. This was up from 12.6% in March. Retail sales were driven by gold and jewelry sales that surged 72.2% in April, from 26.3% in March, according to Bank of America's Ting Lu.
- German finance minister Wolfgang Schäuble is calling for a "'two-step approach' that would leave bank rescues in the hands of 'a network of' national authorities until treaty changes can take place," according to the Financial Times. He has warned that one overarching bailout agency is not viable.
- Retail sales for April unexpectedly climbed by 0.1%. Economists were looking for a 0.3% decline. Excluding autos and gas, sales jumped by 0.6%, beating expectations for a 0.3% increase.
- Kuwait Airways is expected to spend approximately $2.98 billion on 25 Airbus jets. It also plans to lease 13 other aircrafts, according to Reuters. This includes the purchase of 10 A350-900 jets and 15 A320neos. Delivery is expected to begin in 2019. JP Morgan's Tom Lee: These are the 23 best stocks for the next six months >
- This weekend's box office sales saw Iron Man 3 stay at the top, bringing in $72.5 million in ticket sales. The Great Gatsby came in second at $51.1 million.
- 19 people were injured during a shooting at a Mother's Day parade in New Orleans on Sunday. The FBI has said there were no signs of a terrorist attack and told the AP that it was "strictly an act of street violence."
- Pakistan's former prime minister Nawaz Sharif secured a huge victory in Saturday's elections. Sharif's Pakistan Muslim League-N party won 125 of 269 seats. He is expected to form his own government without an alliance.
More From Business Insider