Economy
After failing to agree on a cash-for-reforms deal with Athens last week, eurozone leaders are holding an emergency summit today to "urgently discuss the situation of Greece at the highest political level." The summit comes just eight days before Athens needs to make a crucial €1.6B payment to the IMF. Over the weekend, Greek PM Alexis Tsipras submitted a new reforms package to foreign creditors, signaling eleventh-hour concessions to avoid a possible default.

Stocks and bonds surged around the world on news of Greece's last-ditch package of proposals, giving another boost to global shares after weeks of heavy pressure. European Commission spokesman Martin Selmayr said in a Twitter post that Greece's new offer "was a good basis for progress." FTSE 100 +1.2%; DAX +3.3%; CAC 40 +3.3%; Athens' ATG Index +7.6%; Nikkei +1.3%; U.S. futures are all higher by +0.9%.

The European Union has extended sanctions against Russia by six months to the end of January, keeping up pressure on the Kremlin to bring peace to eastern Ukraine. The restrictions outlaw financing for major Russian banks, ban the export of sophisticated energy-exploration equipment, and prohibit the sale of weapons and some civilian goods with military uses. Debt-stricken Greece, which has been courting Russian economic aid, shied away from a veto.

The Senate is scheduled to end the debate on "fast-track authority" for trade deals on Tuesday, with a vote that will likely send the Trans-Pacific Partnership to the President's desk. TPP would create a free trade zone covering 40% of the world economy - making it the largest trade deal since NAFTA.

The Bank of Japan has ample means to hit its 2% price goal, Governor Haruhiko Kuroda announced today, emphasizing that the central bank could keep inflation at that level in a stable manner. Speaking in parliament, Kuroda said raising the 0.1% interest the BOJ pays on excess reserves could be one option if it were to conclude its massive stimulus program, but stressed that it was still premature to debate a specific exit strategy.

Stocks
The nation's biggest health insurers, which are pursuing a series of potential megamergers due to changes in the healthcare landscape, have many market overlaps that pose challenges to competition around the country. On Saturday, Anthem (NYSE:ANTM) made a third offer to purchase Cigna (NYSE:CI) for $54B (although the bid was rejected), while Aetna (NYSE:AET) made a takeover offer for Humana (NYSE:HUM). Those deals, if completed, would shrink the current top five insurers to a powerful big three, each with revenue on paper of more than $100B. UnitedHealth (NYSE:UNH), the largest industry player by revenue, has also recently jumped on the bandwagon by making a takeover approach for Aetna.

Confirming other M&A talk from the weekend, Altice (OTC:ATCEY) said it has made a €10B ($11.4B) offer for France's Bouygues Telecom (OTCPK:BOUYY) through its subsidiary, Numericable-SFR (OTCPK:NUMCF). If completed, the deal would vault Numericable-SFR ahead of current French leader Orange (NYSE:ORAN) and take Europe's third-largest telecom market from four to three players. Bouygues said it would discuss Altice's "unsolicited offer" when its board meets on Tuesday. Bouygues shares +14.6% in France.

Advanced Micro Devices is at the initial stage of reviewing whether to split itself in two or spin off a business, and has asked a consulting firm to help it review its options. One possibility said to be under consideration is separating AMD's (NASDAQ:AMD) graphics and licensing business from its server business; AMD had explored such a move in the past and decided against it, but CEO Lisa Sun believes there is merit for AMD to at least consider it again.

Airline stocks are poised for a breakout as the reality of improved profits overrides concerns on capacity growth, reasons Barron's Jack Hough. The publication mirrors the view of many SA commenters that there's a disconnect between valuations in the sector and the degree to which lower jet fuel prices continue to prime operating earnings. Related tickers: AAL, DAL, UAL, LUV, JBLU, VA, HA, RJET, SAVE, ALGT, SKYW, ALK.

Apple has reversed its policy and said it would now pay artists during the free three-month trial of its new streaming music service, after pop star Taylor Swift threatened to hold back her latest album "1989" from Apple Music. "When I woke up this morning and read Taylor's note, it really solidified that we need to make a change," Eddy Cue, Apple's (NASDAQ:AAPL) senior vice president of Internet software and services, said in an interview late Sunday. Apple's free trial period is seen as a crucial part of the company's strategy to attract paying subscribers.

Following three weeks of negotiations, General Electric (NYSE:GE) has reached tentative agreements on new labor contracts with its two largest unions, the IUE-CWA and the United Electrical, Radio and Machine Workers of America. GE's existing four-year national contracts with IUE-CWA and UE, which provide improvements in healthcare, wages, pension and job/income security, expire at midnight tonight.

Hong Kong's stock exchange is opening the door to Alibaba (NYSE:BABA) listing on its home market - returning to the debate of controversial dual class shareholdings. The exchange will re-examine its current bar on China-based companies having a secondary listing of their shares in the city. Earlier this month, Alibaba's Jack Ma said Hong Kong's rules were paramount to the company's 2014 decision to list its shares in New York.

The air bag crisis continues after Honda confirmed an eighth fatal victim of a ruptured Takata (OTCPK:TKTDY) inflator, completing the investigation of a September crash in Los Angeles. Company records show the owners of the car never repaired its air bags, even though the Honda (NYSE:HMC) vehicle had been recalled multiple times.

Williams Companies has rejected an unsolicited buyout offer worth $48B from Energy Transfer Equity (NYSE:ETE), but has hired banks to explore alternatives, including a merger, a sale of the company or simply continuing on its current path. Williams (NYSE:WMB) said the $64/share bid, a 33% premium to Friday's closing price, "significantly undervalued" the company and would not deliver value commensurate with what it "expects to achieve on a standalone basis." WMB +26.7% premarket.

Today's Markets:

In Asia, Japan +1.3% to 20428. Hong Kong +1.2% to 27081. China closed. India +1.5% to 27730.
In Europe, at midday, London +1.2%. Paris +3.3%. Frankfurt +3.3%.
Futures at 6:20: Dow +0.9%. S&P +0.9%. Nasdaq +0.9%. Crude +0.8% to $60.47. Gold -0.7% to $1193.70.
Ten-year Treasury Yield +6 bps to 2.33%

Today's economic calendar:

8:30 Chicago Fed National Activity Index
10:00 Existing Home Sales

Notable earnings after today's close: SONC