Good morning! Here are the major market-moving events that happened over the weekend. European manufacturing PMIs are coming. Europe's manufacturing business surveys for May are rolling out between 8:15 a.m. and 9 a.m. London time (3:15 a.m. and 4 a.m. ET). Economists are expecting the a minor improvement from the April reading. Germany's EU Commissioner said a deal with Greece this week might be possible. "We will need progress at the working group level, in order that we can agree on a reform agenda, perhaps even by the end of the week, which would trigger the payment of the last tranche of aid from the current aid program," Guenter Oettinger told Die Welt newspaper in an interview. But Prime Minister Alexis Tsipras attacked Greece's creditors over "absurd" reforms. Greece's Prime Minister Alexis Tsipras on Sunday attacked its creditors for insisting on what he described as absurd reforms which have only held up progress in negotiations for a deal aimed at preventing his country from defaulting. Japan's manufacturing sector signaled growth. The Markit/JMMA final Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 50.9 in May, unchanged from the preliminary reading but higher than a final 49.9 in April. The index returned above the 50 threshold that separates contraction from expansion for the first time in two months. Chinese manufacturing output met expectations. The government's PMI index rose to 50.2, in line with analyst forecasts and above the 50.1 level of April. It also marks the fastest pace of expansion seen since November 2014. The IMF is predicting a colossal recession for Ukraine. The IMF said Sunday it has lowered its growth forecast for Ukraine's war battered economy to -9%, due in large part to "the unresolved conflict in the East." Citigroup may shut down its Banamex USA unit. Citigroup is expected to close its Banamex USA unit after government authorities began probes of possible violations of anti-money laundering laws, the Wall Street Journal said on its website on Sunday. General Electric launched the bidding process for its lending unit. General Electric launched the bidding process for a $40 billion ($26.14 billion) portion of its US commercial lending business, a critical step in its effort to avert regulation by the US Federal Reserve, the Wall Street Journal said on its website on Sunday. A European Central Bank meeting is coming this week. The European Central Bank, bolstered by the success of its controversial bond purchase programme, will pledge to keep it in place while downside risks to economic growth remain, analysts said. Asian markets are up. Japan's Nikkei is up just 0.01%, practically flat, but Chinese equities are climbing. Hong Kong's Hang Seng is up 0.87% and the Shanghai Composite Index is 3.32% higher.Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants
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