Here is what you need to know. China's economy showed more signs of slowing. According to China's National Bureau of Statistics, consumer prices rose 1.2% year-over-year in May, falling short of the 1.3% increase that was anticipated. Business Insider Australia reports, "A sharp deceleration in food-price inflation, up 1.6% in May from 2.7% in April, was the chief catalyst behind the soft headline print." Meanwhile, producer prices dropped 4.6% compared with last year, marking the 39th straight month of decline. China's yuan was unchanged at 6.2059. EU officials said Greece's latest proposal was not credible. Greece's leaders have submitted a list of reforms to its creditors, but it appears their plan doesn't go far enough. An unnamed EU official announced the latest proposal was a "vague rehash of earlier proposals." Greece's two-year yield is down 27 basis points at 24.99%. HSBC is cutting 50,000 jobs. The investment bank is looking to trim about 20% of its payroll in an effort to reduce costs. CEO Stuart Gulliver has already reduced the workforce by 13% since he took over in 2011. "We recognize the world has changed and we need to change with it," Gulliver said. Lululemon beat on the top and bottom lines. The athletic-apparel maker announced adjusted earnings of $0.34 per share, topping the consensus estimate by a penny. Revenue climbed 10.1% from last year to $423.5 million, easily outpacing the $418.69 million that analysts were looking for. The company announced first-quarter gross margin of 48.6%, missing its guidance of 49% to 50%. Lululemon forecast full-year 2016 earnings per share of $1.86 to $1.91. Fiat Chrysler still wants to merge with GM. Fiat Chrysler CEO Sergio Marchionne has contacted hedge funds in an attempt to complete a merger with General Motors. The attempt by Marchionne has been called "desperate" and comes after hedge funds forced GM to buy back billions of dollars worth of shares. Walter Energy could file for bankruptcy soon. The struggling coal producer might file for bankruptcy sometime in June. Bloomberg reports, "Walter is expected to send a revised plan to first-lien lenders that includes a request for a debtor-in-possession loan that would allow the company to operate while in bankruptcy." Walter has seen its market cap fall to $24.2 million from more than $24 billion just three years ago. Deutsche Bank's headquarters was raided. Prosecutors from the German city of Wiesbaden raided the bank's Frankfurt office in search of securities transactions by the bank's clients. According to Reuters, "No Deutsche Bank employees have been accused of wrongdoing." Small-business optimism is increasing. The NFIB Small Business Optimism Survey climbed 1.4 points to 98.3 as six of 10 components improved. "It appears that the small-business sector has finally attained a normal level of activity, which will hopefully keep the economy moving forward, even at a subpar pace," NFIB chief economist Bill Dunkelberg said. Stock markets around the globe are lower. Japan's Nikkei (-1.8%) paced the decline in Asia, and Germany's DAX (-1.4%) leads the way lower in Europe. S&P 500 futures are down 3.50 points at 2,074.75. US economic data is light. Wholesale inventories and Jolts - Job Openings will be released at 10 a.m. ET. Treasury will auction $24 billion three-year notes at 1 p.m. ET.Join the conversation about this story » NOW WATCH: The tallest building in China — a 2,000-foot skyscraper in Shanghai — is finally ready
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