Here’s what’s important in the business world this morning:
U.S. Consumer Spending: Americans were more cautious about spending in May while their income increased only slightly. The lack of growth in consumer spending suggests a faltering job market has stoked new worries about the economy's health.
The Commerce Department said Friday that consumer spending showed no gain in May. That's the weakest figure since spending was unchanged in November.
Income growth edged up 0.2 percent, matching April's increase which also was the worst since November.
EU Decisions: Leaders of the 17 countries that use the euro agreed they will let funds intended to bail out indebted governments funnel money directly to struggling banks as well. They said the move will "break the vicious circle" of bank bailouts piling debt onto already stressed governments.
The decision is a victory for Spain and Italy, whose borrowing costs have risen to near unsustainable levels despite their efforts to cut spending and reform their labor markets.
In Germany, Chancellor Angela Merkel is likely to face a grilling from a skeptical German Parliament later. Merkel insisted the funds would still only be released when it was clear countries were undertaking serious reforms.
In addition, the leaders of the eurozone countries authorized the EU bailout funds to buy bonds of countries in order to reduce the interest rates the markets charge.
German Econ.: Germany itself is at risk of a slowdown, which would make it even harder to end Europe's crisis. Many analysts say a downturn would hit home to Germans how much they depend on the health of other European economies.
Concerns about its economy grew last week with a report that German business optimism fell in June. Earlier in the week, a survey showed manufacturing was slowing. Germany's economy is powered by exports, and manufacturing is at the heart.
Both surveys are intended to forecast where Germany's economy could be in several months. For now, its economy remains far stronger than its European neighbors'.
InBev Buyout: Anheuser-Busch InBev SA agreed Friday to buy the half of Corona maker Grupo Modelo it doesn't already own for $20.1 billion in cash, in a deal that will greatly increase the size and dominance of the world's largest brewer.
In a statement, InBev said it has agreed with the Modelo's management to pay $9.15 per share for the company, a 30 percent premium to the Mexican company's share price just before news of a possible deal came out on June 22.
The combined company would have annual sales of $47 billion, and employ 150,000 workers in 24 countries.
U.S. Futures: Stock futures rebounded sharply after European leaders appeared to take decisive action on debt issues that have threatened to spread across the continent.
Markets had grown increasingly dubious about the ability or willingness of the European Union to institute broad measures that would help to avert a broadening crisis. However, leaders meeting in Brussels Friday revealed a new plan to send EU bailout funds directly to struggling banks and to ease austerity measures for the most troubled nations.
Dow Jones industrial average futures jumped 195 points to 12,721. Standard & Poor's 500 futures rose 26.6 points to 1,349 and Nasdaq futures added 50.25 points to 2,578.
The Associated Press contributed to this report.