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 Here is what you need to know. Warren Buffett published the 50th annual letter to Berkshire shareholders. The conglomerate announced earnings of $2,412 per Class A share, missing analyst expectations of $2,702. The company has returned 1,826,163% since Buffett first began the letter in 1965.
There was a lot of stuff in Buffett's letter. Among other things, Buffett admitted regretting that he didn't sell the textile company (with the name that inspired the better-known holding company) Berkshire in 1964, he revealed a blundered insurance acquisition that cost him $100 billion, he took a huge shot at the private equity business, and he gave an endorsement to Airbnb.
China cut rates. The People's Bank of China lowered both its one-year loan rate and one-year deposit rate 25 basis points to 5.35% and 2.5%, respectively. The action comes after last week's data showed Chinese home prices were off 3.8% year-over-year. China's Purchasing Managers Indices outpaced estimates. Beijing saw a trio of numbers that were better than expected as Manufacturing PMI, Non-Manufacturing PMI, and HSBC Final Manufacturing PMI all topped forecasts. Notably, the Manufacturing PMI reading remained in contraction with a 49.9 print. China's yuan fell to 6.2729 versus the dollar, its lowest since October 2012.
India passes Modi's budget. Borrowing within the budget was below market expectations as Prime Minister Modi's government looks to improve infrastructure and crack down on the black-market economy. India's rupee is little changed at 61.85 against the dollar. European data mostly impressed. CPI Flash Estimate ticked up to -0.3% year-over-year from -0.6%, and the region's unemployment improved to 11.2% (11.3% previous). Spain's Manufacturing PMI was the only disappointment, sliding to 54.2 from 54.7. The euro is on session highs, up 0.3% at 1.1230. Britain's Manufacturing PMI hit its best level since August. The reading climbed to 54.1, outpacing the 53.5 that was expected. The British pound is down 0.2% at 1.5410. Samsung launched its new line of Galaxy phones. The Galaxy S 6 and Galaxy S 6 Edge were unveiled in Barcelona, Spain. The company also announced its new payment platform, which is expected to compete with Apple Pay. Global stock markets are higher. China's Shanghai Composite (up 0.8%) led Asian stock markets higher. In Europe, Britain's FTSE (up 0.3%) paces the advance. US economic data remains heavy. Core PCE Price Index, personal income, and personal spending are all due out at 8:30 a.m. ET. Those numbers will be followed by Final Manufacturing PMI at 9:45 a.m. ET, and ISM Manufacturing PMI and construction spending at 10 a.m. ET. Read Business Insider's preview of the data in the Monday Scouting Report. | 
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