Here is what you need to know.
Greece is running out of time. If the Greek government doesn’t reach a debt deal with its creditors in three weeks, “…we could be looking at potentially disastrous political turmoil, which would bring back the scenario of Grexit with a vengeance,” Aristides Hatzis, professor of law and economics at the university of Athens, told the Guardian. Greece’s 10-year yield is higher by 23 basis points at 7.26%.
Euro-area economic confidence is the highest since 2011. Euro-area economic confidence climbed to 108.2 in January, hitting its highest level since March 2011, data released by the European Commission showed. The euro is weaker by 0.4% at 1.0671 against the dollar.
French presidential hopeful Francois Fillon’s wife allegedly had a fake job. Allegations have surfaced that Fillon’s wife was paid half a million euros ($534,000) over eight years to work as the aid for both him and his successor, doing little or no work, AFP reports. “If someone wants to attack me they should attack me straight on, but leave my wife out of this political debate,” Fillon told supporters.
The ECB’s inspection of Monte Paschi is ongoing. The European Central Bank’s inspection of Monte Paschi’s loan portfolio was expected to conclude by the end of 2016, but remains ongoing, a Bank of Italy official told Reuters. Reports suggest the bank could receive an injection of 6.6 billion euros in exchange for a 70% stake.
Volkswagen is the world’s biggest automaker. The German automaker sold 10.31 million vehicles worldwide in 2016, surpassing Toyota which has held the title for the past four years, Associated Press says.
Delta Air Lines suffered a systems outage. The airline grounded US domestic flights on Sunday evening as it dealt with a systems outage, Reuters reports. “UPDATE: Systems return to normal; some flight cancellations linger,” Delta tweeted at 4:06 a.m. ET.
Starbucks plans to hire 10,000 refugees.Starbucks CEO Howard Schulz announced on Sunday that the company is planning to hire 10,000 refugees in 75 countries, Associated Press reports. The announcement comes two days after President Trump announced an executive order banning travellers from seven Muslim-majority countries.
Stock markets around the world are lower. Japan’s Nikkei (-0.5%) led the decline in Asia and France’s CAC (-0.9%) lags in Europe. The S&P 500 is set to open lower by 0.1% near 2,288.
Earnings reporting is light. General Growth Properties reports after markets close.
US economic data flows. Personal income and spending will be released at 8:30 a.m. ET before pending home sales and Dallas Fed manufacturing cross the wires at 10 a.m. ET and 10:30 a.m. ET, respectively. The US 10-year yield is little changed near 2.49%.