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NEW YORK, May 29 (Xinhua) -- U.S. stocks extended losses in the morning session on Friday, as the second estimate of U.S. first- quarter gross domestic product (GDP) came out negative.

At midday, the Dow Jones Industrial Average dipped 88.15 points, or 0.49 percent cheap nike air revaderchi , to 18,037.97. The S&P 500 lost 7.96 points, or 0. 38 percent, to 2,112.83. The Nasdaq Composite Index was down 13.54 points, or 0.27 percent, to 5 cheap nike acg ,084.43.

U.S. Commerce Department announced Friday that the second estimate of real GDP decreased at an annual rate of 0.7 percent in the first quarter of 2015, in contrast to the first estimate of a 0.2 percent expansion.

The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, nonresidential fixed investment, and state and local government spending that were partly offset by positive contributions from personal consumption expenditures, private inventory investment, and residential fixed investment, according to the Commerce Department.

"Demand collapsed in the first quarter. Not only was GDP down 0. 7 percent cheap nike exp x14 , final sales fell 1.1 percent. The strong dollar and weak overseas demand have caused exports to drop two quarters in a row while imports continue to grow," said Chris Low, chief economist at FTN Financial, in a note.

Lack of resolution on Greece debt talks weighed on Wall Street sentiment as well. International Monetary Fund Chief Christine Lagarde told a German newspaper that a Greek exit is a possibility, and that it would "probably not" mean the end of the euro.

BEIJING, June 9 (Xinhua) -- China's consumer price index (CPI), a main gauge of inflation cheap nike metcon dsx flyknit 2 , grew 1.2 percent year on year in May, the National Bureau of Statistics (NBS) said on Tuesday.

The reading fell from 1.5 percent posted in April.

On a monthly basis, consumer prices in May slipped 0.2 percent, unchanged from the 0.2-percent drop recorded in April.

Falling prices of vegetables, fruits and eggs due to seasonal factors were the main cause of the CPI decline last month, NBS statistician Yu Qiumei said.

Consumer inflation last month suggests "significant deflation pressures", with an urgent need for more policy easing cheap nike metcon 4 , said Qu Hongbin, chief economist for China at HSBC.

Falling price levels may be a bonus for consumers in the short term, but factories are likely to postpone their investment and people reduce spending on the prospect of continued price drops.

A combination of muted inflation and slowing economy has troubled the world's second largest economy as it tries to re-tool its economy for quality growth.

China's gross domestic product (GDP) grew 7.4 percent in 2014, the weakest annual expansion in 24 years. GDP growth in the first quarter of the year eased to 7 percent.

The central bank has cut the benchmark interest rates three times since November in a bid to spur the faltering economy by lowering financing costs for enterprises.

The reserve requirement ratio (RRR), the amount of cash banks are required to hold as reserves, was cut by 100 basis points on April 20, the second cut this year and the biggest reduction since November 2008 cheap nike free metcon , the height of the global financial crisis.

China targets an annual economic growth rate of around 7 percent for the year and aims to keep inflation at around 3 percent.

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