Economy
European stocks are on the decline after Greek PM Alexis Tsipras vowed to roll back austerity measures yesterday and stressed that his country would not be asking for an extension to its current bailout. The news was enough to bring down Athens' ATG stock index 5.6%, following European markets, which are mostly in the red. S&P cut Greece's sovereign debt rating to B- from B on Friday, while Moody's placed its Caa1 rating on review for downgrade.

Highlighting further weakness in the Chinese economy, data published on Sunday showed the country's exports slipping 3.3% from year-ago levels while imports plunged by 19.9%. The slide in imports is the sharpest since May 2009, while exports have not produced a negative annual reading since March 2014. Many are expecting China to lower its GDP target to around 7% this year, after posting 7.4% in 2014, its lowest annual growth rate in 24 years.

As the conflict in the region escalates, Germany's Angela Merkel has given Russian President Vladimir Putin until February 11 to agree to a road map to end the fighting in eastern Ukraine. Along with France and Ukraine, the two will meet in Belarus on Wednesday to try and hammer out a deal. The West is now debating whether to add sanctions, including broader asset freezes, or a combination of sanctions and arms transfers, should the diplomacy fail.

The Swiss National Bank had no option but to exit its cap on the franc last month as "the international environment had changed," said the head of the central bank, Thomas Jordan, on Saturday citing the ECB’s new QE policy. This would have put "enormous pressure on the franc" and forced the SNB to buy around 100B francs' ($108M) worth of foreign currency a month to defend the cap of 1.20 francs to the euro, he added.

Stocks
The United Steelworkers strike continues with walkouts at two of BP's (NYSE:BP) refineries over the weekend. The strike now encompasses more than 5,000 workers at 11 refineries across the country, which account for about 13% of U.S. fuel-making capacity. Facility owners also hit by the strike include Shell (RDS.A, RDS.B), Tesoro (NYSE:TSO), Marathon Petroleum (NYSE:MPC) and LyondellBasell (NYSE:LYB).

The National Association of Insurance Commissioners, a group representing state regulators, has announced the launch of an investigation into the recent data breach at Anthem (NYSE:ANTM). The health insurer revealed last week that hackers had broken into its database containing the personal information of about 80M customers and employees. Anthem said it welcomes the review and "will cooperate fully."

Marking the first time it has invested directly in a smartphone company, Alibaba (NYSE:BABA) has taken a $590M stake in Meizu, a small Chinese smartphone maker. "The investment in Meizu represents a significant expansion of the Alibaba Group ecosystem and an important step in our overall mobile strategy," announced Chief Technology Officer Jian Wang. Alibaba has spent about $8B since the beginning of 2014 on acquisitions, mainly focused on developing its reach in mobile.

Comcast and Time Warner Cable's $45B merger still remains in limbo, with the DOJ and FCC scrutinizing the deal and Tom Wheeler's new net neutrality proposal. Investors began betting against the combination late last month, with shares of Comcast (NASDAQ:CMCSA) and Time Warner Cable (NYSE:TWC) falling sharply before recovering last week. If regulators allow the deal as is, the merged company would control about 35% of the country’s broadband Internet service coverage and just under 30% of pay television subscribers.

Qualcomm is likely to pay China a record fine of around $1B to settle violations of a 2008 anti-monopoly law, sources told Reuters. The deal, which would likely see Qualcomm (NASDAQ:QCOM) lower its royalty rates by around a third on patents used in China and would require the company to make changes to its licensing practices, could be announced as soon as today.

Nissan has raised its full-year net profit forecast by 3.7% as the yen’s slide against the dollar and strong demand in the U.S. offset weak sales in Japan. Nissan's (OTCPK:NSANY) FQ3 net profit rose 20.8% from the same period a year ago to ¥101.8B, as the U.S. surpassed China to become the automaker’s largest market. Nissan now expects ¥420B ($3.53B) in net profit for the fiscal year ending in March, up 8% from a year earlier.

The U.S. Department of Justice is investigating whether Barclays (NYSE:BCS) and UBS (NYSE:OUBS) sold structured products without disclosing the profit they were making from currency trades used to generate the products' returns, FT reports. Five major banks, including UBS, were fined $3.4B in November to settle forex allegations, although the DOJ was not one of the agencies involved in the deal. Barclays also did not take part in the earlier settlement.

Meanwhile, HSBC has admitted to the failings of its Swiss subsidiary, which helped customers dodge taxes and conceal millions of dollars of assets. HSBC (NYSE:HSBC) said that its Swiss arm had not been fully integrated into the bank after its purchase in 1999, allowing "significantly lower" standards of compliance and due diligence to persist.

Today's economic calendar:

12:30 PM TD Ameritrade IMX

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