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- 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 20.1% on the year, but was down from 20.7%. 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 is up from 12.6% in March, and was driven by gold and jewelry sales. Gold and jewelry sales were up 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 “‘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 are out at 8:30 a.m. ET, and business inventories for March are out at 10 a.m. ET. Consensus is for retail sales to fall 0.3% month-over-month (mum) and for inventories to rise 0.3%. Follow the release at Business Insider >
- Kuwait Airways is expected to spend $2.98 billion on 25 Airbus jets. It also plans to lease 13 other aircrafts, according to Reuters. This includes 10 A350-900 jets and 15 A320neo’s. 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 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 and is expected to form his own government without an alliance.
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