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U.S. seeks $10 billion penalty from BNP Paribas. The U.S. Justice Department is looking for over $10 billion from the French bank to settle federal and state allegations that it evaded U.S. sanctions on Iran and other countries for years, according to Reuters. This could be the largest criminal penalty in the U.S., bigger than BP’s $4 billion settlement.

Japanese inflation rises. Core consumer prices in Japan climbed at the quickest pace since February 1991. CPI was up 3.2% year-over-year in April, compared with a 1.3% rise in March. The rise in national sales tax is expected to have contributed to the price gain.

Siemens announces massive job cuts. German company Siemens will see 11,600 jobs affected by a restructuring. CEO Joe Kaeser announced the plan earlier in May. "For now, Mr Kaeser has only said how many positions are affected by the organizational restructuring," spokesman Alexander Becker said in an email to Reuters. "But removing jobs in one area does not necessarily have to mean job cuts."

UK home prices and consumer confidence. Home prices climbed 0.5% in England and Wales, according to Hometrack Ltd, compared with a 0.6% rise the previous month. Meanwhile, consumer sentiment climbed to a nine-year high of 0, from -3 the previous month, according to GfK NOP.

Google offers Europeans ‘Right to be Forgotten.’ Google unveiled a site on Friday that lets European residents list web addresses that they want removed from search results involving their name. This comes after a European court ruled that residents can ask to have information that infringes on their right to privacy or information that is irrelevant removed from the internet.

Steve Ballmer buys LA Clippers. Former Microsoft CEO Steve Ballmer has won the bidding for the Los Angeles Clippers for $2 billion. This comes after former owner Donald Sterling was banned from the NBA for life.

Formal campaign for Scottish independence begins. The countdown has started for a Scottish secession from the United Kingdom, according to Reuters. Polls however currently show that Scots are unlikely to vote for such a move.

Personal income and Outlays. At 8:30 a.m. ET we get personal income and outlays for April. Economists polled by Bloomberg are looking for personal income to rise 0.3% month-over-month, compared to a 0.5% rise in March. Consumer spending is expected to rise 0.2% on the month, compared to a 0.9% rise MoM rise in March.

Chicago PMI and consumer sentiment. At 9:45 a.m. ET we get Chicago PMI for May. Economists polled by Bloomberg are looking for Chicago PMI's business barometer index to fall to 61, from 63. Meanwhile, the UMich consumer sentiment is out at 9:55 a.m. ET and is expected to tick up to 82.5 in May, from 81.8 the previous month.

Markets. Asian markets were mostly lower in overnight trading, with the Nikkei down 0.3% and the Jakarta Composite down 1.8%. Europe is mostly flat and U.S. futures are modestly lower.

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