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Good morning. Here’s what you need to know:
- Asian indices were up in overnight trading with the Nikkei surging 1.99%. Major European indices are up and U.S. markets have opened in the green.
- Germany is willing to make concessions for a new aid package for Greece, and the DAX has rallied on the news. Jean-Claude Juncker, has said a “definitive answer” to Greece’s debt crisis will be reached by the end of June but that a total restructuring of the nation’s debt is not an option. Now here’s who gets slammed if Greece defaults >
- Eurozone inflation eased to an annual 2.7% for May but remained above the European Central Bank’s target. April unemployment for the region came in flat at 9.9%. Check out 10 hyperinflation horror stories of the 20th century >
- The Japanese economy showed signs of a recovery after it posted a 1% increase in industrial output in April with further gains expected in coming months. Moody’s has however threatened to downgrade Japanese debt. Don’t miss: The ultimate bear case on Japan >
- The Case-Shiller home price index came in weaker than expected, and is at an 8-year low. Read about it here >
- U.S. chemicals maker Ashland Inc. has announced that it will buy International Specialty Products Inc. for about $3.2 billion in cash. The deal will allow Ashland Inc. to strengthen its position in the personal care and pharmaceutical markets.
- Consumer confidence data came in weaker than expected. Read about it here >
- Germany has announced that it will abandon all 17 of its nuclear reactors by 2022 after the nuclear crisis in Japan. German Chancellor Angela Merkel announced that eight of the country’s reactors will be closed immediately. Don’t miss: The 13 countries most exposed to a nuclear industry backlash >
- Lockheed Martin and U.S. officials confirmed a cyber attack against the largest U.S. defence contractor, Lockheed Martin. The Pentagon has now said that cyber attacks from foreign countries will constitute an act of war.
- Chicago PMI for May came in weaker than expected. Read about it here >
- BONUS: Katie Holmes and daughter Suri Cruise were spotted at a Memorial Day beach party in Malibu.