Economy
European stocks are in the red, as fears over Greece's future in the euro zone and a fresh multi-year low for oil prices weighed on markets. Investors will be watching for data this week that is forecast to show December consumer prices in Europe falling for the first time in five years, adding to the argument for Mario Draghi to extend stimulus. The euro fell to $1.1861 on Sunday night, its weakest level since March 2006, as investors bet on the quantitative easing. The currency last traded at $1.1917.

The German government wants Greece to stay in the euro zone and there are no contingency plans to the contrary, said Vice Chancellor Sigmar Gabriel yesterday, responding to an earlier report that Berlin believes the currency union could manage without Greece. Meanwhile, Greek Prime Minister Antonis Samaras warned on Friday that a victory for the left-wing Syriza party would cause Greece’s exit from the euro zone, while Syriza leader Alexis Tsipras said his party would end German-led austerity.

Extending the drop from its lowest close since 2009, oil is again on the decline, as record Russian production and the highest Iraqi exports since 1980 add to the concerns of oversupply. Brent crude is down 2.1% at $55.26/bbl, while WTI is down 2% at $51.66. The two oil benchmarks have now lost more than half of their value from peaks hit in mid-2014.

After gaining over 50% in 2014, the Shanghai Composite Index shot up 3.6% today, leading Asian markets as they reopened for the first full week in 2015. Many are hoping for monetary policy easing in China after manufacturing activity in December slowed for the first time in seven months.

Investors are beginning to question whether last year's IPO performance can be repeated again this year. 2014 was one of the busiest years since 2010, with some 1,205 issuers raising nearly $249B globally, however, the quest for growth has prompted some analysts to question whether investors and start-ups are becoming a little too starry-eyed for their own good, potentially over-inflating the markets.

Stocks
BMW has agreed to pay 5.1B yuan ($820M) to its distributors in China to help cover their losses after the retailers stopped ordering cars from the manufacturer. Slowing sales growth means a "new normal" is emerging in the country’s auto market, BMW (OTCPK:BAMXY) said in an e-mailed statement. The carmaker and dealer group "reached consensus on the structure of optimized business measures and financial allocation for the dealers."

The union representing American Airlines pilots, the Allied Pilots Association, approved the carrier's final contract offer late Saturday, clearing the way for a retroactive 23% wage hike if its members agree to it in a vote this month. American Airlines (NASDAQ:AAL), now the world's largest airline by traffic, is working toward new deals for all its unionized workers, and reached an agreement on a common contract for its 24,000 flight attendants in December.

BP is set to lose hundreds of millions of dollars in earnings and dividend income from its 19.75% stake in Rosneft (OTC:RNFTF) as a result of the plunge in crude prices and financial turmoil that has sent the ruble tumbling, FT reports. Rosneft accounted for nearly a third of BP’s (NYSE:BP) total oil and gas output for the first nine months of 2014, and the loss is expected to weigh heavily on BP’s overall profits in the fourth quarter.

Glencore will restart coal mining operations in Australia, following a three-week suspension aimed at combating a global supply glut, which did little to turn around depressed prices. "We are in the process of resuming coal production, as planned," Glencore (OTCPK:GLNCY) said in a statement. Thermal coal spot prices declined steadily during 2014 in response to surplus supply and protectionist trade measures implemented by China to support its domestic coal industry.

More than 100 senior employees at GFI Group (NYSE:GFIG) have asked the company to alter their contracts to allow them to leave if a hostile takeover bid by rival BGC Partners (NASDAQ:BGCP) is successful. Many are worried about working within BGC’s corporate culture, which promotes a partnership structure and could lead to bonus cuts. BGC has been engaging in a bidding war with futures market operator CME Group (NASDAQ:CME) since September.

Pushing further into indexing and the growing market for exchange traded funds, Nasdaq (NASDAQ:NDAQ) has purchased U.S. index provider and analytics group Dorsey Wright for $225M. As exchange profits from traditional stock trading remain under pressure, funds have been moving from active investment management to more passive strategies, such as ETFs. As a result, exchanges have been boosting ties to index providers as licensing of data offers new sources of growth.

DreamWorks Animation is shaking up its creative ranks after a series of disappointments at the box office. The company’s chief creative officer, Bill Damaschke, is stepping down, while lead producers Bonnie Arnold and Mireille Soria will take over as co-presidents of feature animation. The two have produced a total of eight films at DreamWorks (NASDAQ:DWA) that have grossed more than $3.5B.

Today's economic calendar:

Auto sales
8:30 Gallup US Consumer Spending Measure
12:30 PM TD Ameritrade IMX

Notable earnings before today's open: CVGW, CMC, LNN

Notable earnings after today's close: SHLM, LNDC, MU, SONC