Good morning! Here's what you need to know in markets today. Greece's bailout could drag into 2016. A report from The Wall Street Journal on Monday afternoon said Greece's international creditors have suggested extending its bailout program until March 2016. Citing three people familiar with the negotiations, The Journal's Gabrielle Steinhauser reports that as part of an extension, Greece would get access to €10.9 billion ($12.34 billion, £8.03 billion) that had been set aside to recapitalise weak banks. European airlines are struggling, according to the industry. "It's difficult to see any real progress in a single European sky," said Tony Tyler, International Air Transport Association (IATA) chief, citing industry projections that Europe will see a 12% shortfall in airport capacity by 2035." And he warned that Europe faces a "quadruple whammy of faltering economies, high taxes, onerous regulation, and failing efforts toward a Single European Sky." UK trade data is coming. The April data is rolling out at 9:30 a.m. UK time (4:30 a.m. New York). Analysts are expecting a deficit in the trade of goods worth £9.850 billion ($15.13 billion) in April, after a deficit worth £10.122 billion ($15.54 billion) in March. HSBC is about to slash thousands of jobs. HSBC is set to cut thousands of staff, axe businesses in Brazil and Turkey and shrink its investment bank in a fresh attempt to become simpler and improve its financial performance. Chief Executive Stuart Gulliver is due to outline on Tuesday his second major strategic plan since taking over at the start of 2011 and needs to show the bank is not too big and unwieldy to succeed, investors and analysts say. Fiat's CEO wants GM to merge. Fiat Chrysler Automobiles Chief Executive Officer Sergio Marchionne is reaching out to hedge funds and activist investors to help persuade General Motors Co to agree to a merger, the Wall Street Journal reported, citing people familiar with the matter. China will have veto power over the new Asian Infrastructure Investment Bank (AIIB). China will ultimately have "veto power" over major decisions of the new Beijing-led AIIB, the Wall Street Journal reported on Tuesday. The AIIB has 57 prospective members, but the United States and Japan -- the world's largest and third-largest economies, respectively -- notably have declined to join. Asian shares are sinking. Hong Kong's Hang Seng is down 1.05%, Japan's Nikkei is down 1.49% and the Shanghai Composite is 0.76% lower. Cisco's outgoing CEO says 40% of firms will fail in the next 10 years. Cisco's giant customer conference, Cisco Live, began on Monday in San Diego and was the last time that 20-year outgoing CEO John Chambers would impart his vision in a keynote speech. "40% of businesses in this room, unfortunately, will not exist in a meaningful way in 10 years," he told the 25,000 attendees, adding that 70% of companies will "attempt" to go digital, but only 30% of those that try it "will be successful." A hedge fund wants to block a Samsung shake-up. US activist hedge fund Elliott said on Tuesday it has filed a request in a Seoul court seeking an injunction against a proposed $8 billion (£5.21 billion) takeover by a key Samsung Group company of another Samsung firm, escalating attempts to block a deal designed to cement succession at the South Korean conglomerate. Several companies are bidding for parts of Procter and Gamble. Henkel & Co and Coty, both of which have personal care and cosmetics businesses, made binding offers to buy separate parts of Procter & Gamble's beauty businesses worth up to a total of $12 billion (£7.81 billion), according to people familiar with the matter. Join the conversation about this story » NOW WATCH: Here's how Floyd Mayweather spends his millions
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