Europe

Global markets are down this morning on news that the U.S. Federal Reserve may not continue its bond buying program, known as quantitative easing, in the long-term.

The Obama Administration successfully lobbied the EU to do away with a proposed data privacy measure, according to a report in the Financial Times. The exclusion would make it easier for the U.S. to spy on EU citizens.

Residents of Germany, Austria, the Czech Republic and beyond are still wading through high waters today. Severe flooding has led to the deaths of at least 24 people.

The furor over U.S. Internet surveillance could hit transatlantic trade. A senior European lawmaker says the revelations could potentially derail plans for a U.S.-EU free trade deal.

A day after the EU Trade Commission placed anti-dumping duties on Chinese solar panels, the Chinese government has launched an investigation into doing the same on EU wine exports to China.

The Institute of Supply Management releases its survey of U.S. factories for the month of May today. In Europe, the latest factory ordering data are indicating modest economic improvement.

One in four Americans get no vacation days while the average European gets 25 days off.

European -- and some American manufacturers -- believe Chinese solar panels are being sold for less than they cost to build. The European Commission is investigating, but now Germany is distancing itself from the "dumping" allegations.

The European Commission is looking into whether Apple uses unfair tactics that hurt competition, according to the Financial Times.

But that comes with an asterisk.