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 Good morning. Here's what you need to know. - Markets in Asia largely sold off in overnight trading, with Hong Kong's Hang Seng off 0.5 percent. Shares in Europe bucked that trend, heading higher, and U.S. futures point to a positive open.
- Chinese manufacturing continued to decline in May, flash estimates out of HSBC shows. The headline number fell to 48.7 during the month from 49.3 in April. A reading below 50 indicates contraction. Albert Edwards: A Chinese hard landing could be good for the eurozone >
- The U.K. economy contracted at a greater rate than earlier estimates, falling 0.3 percent in the first quarter. An initial reading from the Office of National Statistics showed a 0.2 percent drop.
- A key index measuring Germany's business climate fell to 106.9 from 109.9 a month earlier. Economists expected a decline to 109.4. Guess how bad manufacturing has turned in Germany >
- The New York Stock Exchange has made a pitch to Facebook to switch stock exchanges after the Nasdaq poorly executed the IPO, Fox Business News' Charles Gasparino reports. The NYSE has denied the reports. Here's a tale of two exchanges >
- The Royal Bank of Canada missed earnings expectations this morning, posting EPS of C$1.17 on weak M&A activity. Better news out of TD Bank, which posted earnings of C$1.82, four cents ahead of forecasts.
- The parent company of T-Mobile USA does not believe a sale of the wireless company is likely after AT&T's purchase-attempt failed. Deutsche Telekom CEO Rene Obermann said the firm would look for long-term solutions for the fourth-place carrier.
- Hewlett-Packard announced some 27,000 job cuts, or 8 percent of its workforce, after the closing bell yesterday. The news came at the same time the company beat earnings expectations, posting earnings per share of $0.98 against forecasts for $0.91.
- U.S. economic announcements kick off at 8:30 a.m. with the initial jobless claims and durable goods reports. Expectations are for claims to remain flat at 370,000, while orders pick up 0.2 percent in April. At 8:58 a.m. the first ever flash U.S. PMI will be released for May. Follow it all on Money Game >
- Costco beat earnings expectations this morning as membership fees increased 9.2 percent. The retail giant reported earnings of $0.88 per share, a penny ahead of estimates. Luxury jeweler Tiffany missed forecasts and cut guidance, reporting earnings per share of $0.64, a nickle below consensus. These are the 21 most controversial stocks >
BONUS: Sofia Vergara took a last-minute trip to the Caribbean.  |  |  | | | | BI Intelligence ia a new subscription research service that provides real–time insight, information, and analysis of the Internet industry. Subscribe now and you'll get briefs, notes, interviews, and in–depth reports, as well as a library of charts and data that will help you stay on top of key trends and dynamics. | | | Try it free for four weeks. Click here to sign up. | | Please follow Money Game on Twitter and Facebook. | | | | | | | |
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