Economy
The Treasury Department says the total U.S. government budget deficit for May was $130B. The announcement comes after a big $106.9B surplus in April caused by the inflow of tax revenues. Although the budget for the first eight months is still down from the same period in 2013, the current shortage still totals $436.4B. The Congressional Budget Office forecasts a full year deficit of $492B ending September 30.

OPEC has announced it has not changed its output target of 30M barrels a day, despite a higher demand forecast of 30.4M barrels for the rest of the year, stating the rest of demand will be covered by growth outside the group. Production is still facing challenges though, with turmoil enveloping Libyan output, Iran sanctions, and political unrest in Iraq.

Stocks
Goldman Sachs will pay $67M and Bain Capital will pay $54M to settle a lawsuit claiming they conspired not to outbid each other on companies they wished to buy. The settlement fees will go to the former shareholders of the companies Goldman (GS) and Bain acquired. Five other firms are also accused of conspiring not to jump each others' deals, including the Blackstone Group (BX), Carlyle Group (CG), KKR (KKR), Silver Lake Partners and TPG Capital.

American International Group has joined with private-equity firm Oak Hill Capital Management, and put down $1.5B to start a joint venture lending to medium-sized companies. AIG (AIG) intends to hold anywhere from $20-100M for a typical transaction, and syndicate the rest to other investors. With bond interest rates nearing record lows, many institutional investors have added loans to middle-market companies to boost yields.

After continued U.S. pressure, BNP Paribas COO Georges Chodron de Courcel has declared that he is stepping down June 30, prior to his planned retirement on September 30. As the investigation continues regarding BNP Paribas' (OTCPK:BNPQF) sanction violations, the Justice Department is pushing the bank to pay more than a $10B fine, and had previously demanded de Courcel be one of a dozen employees to leave the bank as part of any settlement.

Hitachi is said to be in talks in joining Siemens' (OTCPK:SIEGY) bid on Alstom's (OTCPK:ALSMY) energy business, the Nikkei business daily reports. The account comes after yesterday's announcement of Mitsubishi (OTCPK:MHVYF) coming on as a partner to Siemens' bid. Siemens is looking to ramp up its effort to out do General Electric's (GE) latest $17B offer, and including the Hitachi (OTCPK:HTHIY) and Mitsubishi joint venture, it may tip the scales.

Euronext says trading was delayed this morning following a technical glitch affecting its systems. During the half hour connectivity problem, members were not able to send orders to the market. The Euronext (NYX) cash market pre-opening started at 7 a.m. GMT, and the market opening auction started at 7:30 a.m. GMT.

The auto woes continue, with Mitsubishi Motors recalling 920k vehicles worldwide due to a malfunction relating to light switches. Approximately 704k of the cars are located in Japan, and no accidents have been reported yet relating to the light switch defects. The recall includes some vehicles Mitsubishi (OTCPK:MMTOF) manufactures for Nissan (OTCPK:NSANY).

Europe's second-highest court has upheld a $1.44B fine levied in 2009 on Intel (INTC) by the EU's antitrust regulators. Intel was accused five years ago of blocking AMD's (AMD) market share by giving rebates to PC makers. The result led companies to buy most of their computer chips from Intel. The fine can still be appealed to Europe’s highest court, the European Court of Justice.

Amazon is launching a streaming music service today that comes free with its $99-a-year Prime membership program. Although Amazon (AMZN) is expected to include offerings from Sony and the Warner Music Group, it will not feature Universal Music's catalog, as a deal could not be reached between the two. The ad-free stream will also not contain new releases, only featuring songs 6 months and older.

Today's economic calendar:

8:30 Retail Sales
8:30 Import/Export Prices
8:30 Initial Jobless Claims
10:00 Business Inventories
10:30 EIA Natural Gas Inventory
1:00 PM Results of $13B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

Notable earnings before today's open: LULU

Notable earnings after today's close: FNSR