10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, DB, PYPL, JWN, PS)

A geologist inspects cracks on a road in Leilani Estates, following eruption of Kilauea volcano, Hawaii. Reuters/United States Geological Survey (USGS)/Handout Here is what you need to know.

China says it did not offer Trump a deal to slash the trade gap by $200 billion. Hours earlier, it dropped an anti-dumping probe into US sorghum imports in a conciliatory gesture as top officials meet in Washington, Reuters says.

Japanese inflation is moving further away from the Bank of Japan’s 2% target. Core inflation, which excludes fresh food, rose by just 0.7% in the year to April, down from the 0.9% print in March, Japanese government data showed.

US companies are returning cash to shareholders at a record pace — and that’s fueling everyone’s biggest fear about tax reform.

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