Good morning. Here's what you need to know:
* World markets are somewhat higher in overnight trading as confidence begins to seep back into the system due to the ECB led European bailout. Gold continues to rise, notably, and is now above $1,240.
* The head of the IMF has called for the eurozone to do more than just bailout its fringe and instead bring budgets together and expand integration within the area. Transfers between states are just one solution to the problem, according to Strauss-Kahn.
* Morgan Stanley is under criminal investigation for CDO deals it arranged prior to the financial crisis. The investigation is into a similar type of instrument and deal as the Goldman Sachs ABACUS transaction.
* Property prices in China are finally starting to be impacted by the government's tightening measures. Sale prices of Beijing properties fell 31% from the first week of April to the first week of May. See why China's real estate bubble is the most obvious ever >
* Corporate access to debt financing has hit a troubled patch as investors look to move into emerging market debt and suddenly more solid sovereigns. Debt issuance has dropped 62% since last month. See why small businesses don't have much confidence in this recovery >
* Amazing. Basically every single major bank (Citigroup, Goldman, JPMorgan, and Bank of America) had a perfect trading quarter in Q1.
* The UK's new government is starting to take shape and there is a proper coalition, with Prime Minister David Cameron sharing seats in his cabinet with both Conservatives and Liberal Democrats. UK debt CDS has fallen, a clear sign that sentiment around the new government is confident in markets.
* Deutsche Telekom, with American subsidiary T-Mobile, has reported positive Q1 results with the company bringing a net profit of €787 million, bettering a loss in the same period a year ago. Sales, however, declined during the period.
* A Libyan airplane has crashed flying from South Africa to Tripoli, with at least 96 found dead, leaving only one Dutch child as a survivor. The plane was trying to land at the time of the accident.
* Thai stability remains on the brink with protesters in the city of Bangkok set to have their water supply cut off if they don't depart the city by midnight. The government has threatened the use of force to remove the protesters. Don't miss our complete guide to the protests here >
* Bonus: Lindsay Lohan has said that she did not get into a bar fight with Avril Lavigne as it was reported the two young stars had a bust up in Hollywood.
Read more: Business Insider