News Summary for May 23, 2011

U.S. stock index futures look weak this morning while investors' digest all the bad news from the euro zone crisis. Political and fiscal troubles plague the European Union with debt in peripheral economies highlighting the biggest struggle. Highly watched Greece was downgraded by Fitch Ratings to B-plus as unemployment skyrockets and fears of a bankrupt country still loom. To worsen matters, the S&P cut their outlook on Italy to negative. The country cited weak growth prospects and increased risks it would fail to decrease their debt. Click here for more. China shares dipped to a 3 1/2 - month low providing Asian stocks a reason to post in the red. After a spike in money market rates and a less-than-impressive reading on Chinese manufacturing, investors sold off in droves. The dollar has surged to a two-month high causing crude oil to slip by more than $3. The U.S. has felt temporary relief in gas prices with the national average dropping by more than a dime over a week. Gold has extended gains to a two-week high benefiting from investors moving away from riskier bets. Security issues have surfaced for IPO superstar LinkedIn NA. According to a security researcher, users' accounts are exposed to hackers who do not even need a password to gain access to private information. Kohlber Kravis Roberts KKR is expected to make another large acquisition; in cash. The private-equity firm is looking to buy Ipreo Holdings, a provider of capital-markets data to financial institutions for $425 million.