Good morning. Here's what you need to know.
- Asian indices were mixed in overnight trading with the Bombay Stock Exchange up 0.57%. Major European indices are down and U.S. futures indicate a negative open.
- More terrible economic data from the UK. Manufacturing fell to a 20-month low of 52.1 in May following weak domestic demand that led to a drop in production. Manufacturing also slowed across Europe, where German PMI fell to 57.7 down from 62 last month. Spain's index fell to 48.2 reflecting a contraction, while Italy fell to 52.8 from 55.5. Don't miss: The signs the economy is slowing down >
- Meanwhile Chinese manufacturing grew at its slowest pace in nine months with a reading of 52 in May from 52.9 in April. Check out 18 facts about China that will blow your mind >
- The EU is figuring out how to allow Greece to extend its existing debt without triggering a major credit event. The EU may offer bondholders higher coupons, 'preferred status', or even payment in collateral. Meanwhile EU, IMF and European Central Bank officials are meeting in Vienna. Reminder: Here's who gets slammed if Greece restructures >
- ADP national employment data for May will be released at 8:15 AM ET. Consensus is for 175K new workers. Motor vehicles sales for May are released today. Consensus is for a drop to 9.7 million domestic vehicle sales. Follow the release at Money Game >
- In M&A news, French energy management company Schneider Electric has made a bid to acquire Spain's Telvent for $2 billion. Meanwhile, packaging company Sealed Air has entered into a definitive agreement to acquire Diversey for $4.3 billion. The deal will close in 2011 and Diversey shareholders will get $2.1 billion in cash and about 31.7 million shares of Sealed Air common stock.
- The ISM manufacturing index for May will be released at 10 AM ET. Consensus is for a drop in reading to 57.5. Follow the release at Money Game >
- Google's executive chairman Eric Schmidt spoke at the D9 conference yesterday and admitted that he let the ball drop on a deal with Facebook. He also reiterated that he wished Nokia had signed a deal with Android instead of Windows Phone.
- The dream of a clean debt ceiling hike was crushed last night, after a symbolic vote came in with just 97 in favor of the hike, and 318 against the move.
- Germany's E. coli outbreak is getting worse. Germany's national disease control center reported that another 365 people are sick, with nearly 100 more suffering from a severe form of the infection.
- BONUS: Model and actress Molly Sims just got engaged to Hollywood producer Scott Suber.
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