U.S. equities sell off and futures dip as traders scale back expectations for a June rate cut on the back of hotter-than-expected inflation - now eyeing a first move in September. Chinese deflationary pressures point to the potential for more government stimulus, as CPI cools more than expected, and producer prices slide. The Swiss government strengthens its rules for the country's banking sector as it looks to prevent another collapse of banks that are “too big to fail”. And, the ECB gets set for its latest rate decision, with investors eyeing signs of divergence from the Fed.