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 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. Nomura says Europe is already much worse than Japan >
- 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. This is why Germany has no desire to fix the eurozone >
- 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. Here's everything you need to know about the Morgan Stanley debacle >
- 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. Follow it live on Money Game >
- 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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