Dow 17,224.06 +59.11 +0.34%

Nasdaq 4,651.60 +16.36 +0.35%

S&P 500 2,002.90 +7.91 +0.40%

10 Year Yield 1.70% +0.03 --

Gold $1,270.10 -9.10 -0.71%

Oil $48.87 +0.63 +1.31%

Exxon Mobil Corporation (XOM) earned $1.56 per share in the fourth quarter, beating analysts' estimate of $1.34. Revenue in the fourth quarter decreased 21.3% year-over-year to $87.28 billion, but exceeding analysts' estimate of $79.54 billion.

Exxon Mobil Corporation (XOM) shares decreased to $87.30 (-0.14%) prior to the opening bell.

European indices are trading higher despite worries about Greece's fate in the Eurozone. The new Greek government said that it will not collaborate with the IMF and the EU fuelling fears about instability in the Eurozone.

France's Manufacturing PMI for January came in at 49.2, below forecasts of 49.5 with a previous reading of 49.5. In Germany, the biggest economy in the Eurozone, the Manufacturing PMI for January showed a reading of 50.9. Analysts had expected the German Manufacturing PMI to remain unchanged at 51.0. Eurozone's PMI remained unchanged at 51 and in line with expectations. U.K's Manufacturing PMI improved from 52.5 to 53.0. Analysts expected the index to have a reading of to 52.9.

Later in the day a set of U.S. data including Personal Spending and Income as well as the ISM Manufacturing index will be in the focus.

The commodity heavy FTSE 100 index is currently trading +0.37% quoted at 6,774.21 points. Germany's DAX 30 added +0.57% trading at 10,755.08. France's CAC 40 is currently trading at 4,612.67 points, +0.18%.

BLOOMBERG

American CEOs Most Bearish on Earnings Since 2008 Crisis

(Bloomberg) -- U.S. chief executive officers are more pessimistic about corporate earnings than any time since the financial crisis, according to research from Bespoke Investment Group LLC.

The percentage of companies cutting profit forecasts during this earnings season has outpaced those with upward revisions by 8.6 percentage points, the widest margin in six years, according to data compiled by Bespoke. Consumer companies and drugmakers are the most bearish among 10 major industries, with at least 18 percent of each group providing lower guidance, the data show.

Plunging oil and a strengthening dollar are wreaking havoc on earnings this month as Procter & Gamble Co. to Caterpillar Inc. and Pfizer Inc. joined an increased number for companies to announce disappointing forecasts. While the reduction in projections sets a lower bar for companies to exceed, the dismal outlook undermines the bull market where five years of profit expansions have helped the Standard & Poor's 500 Index triple.

Source: http://www.bloomberg.com/news/articles/2015-01-30/american-ceos-most-bearish-on-earnings-since-2008-crisis

REUTERS

ECB's Coeure says union without risk sharing is vulnerable

(Reuters) - European Central Bank money printing has giveneuro zone governments the chance to make structural reforms, a senior policy maker said on Monday, warning that a union without risk sharing was vulnerable.

"Our recent decision to expand our asset purchases ... has opened a unique window of opportunity for euro area governments to act together, remove structural obstacles to growth, and pull our economy out of the low growth, low confidence trap," Benoit Coeure, a member of the ECB's Executive Board, said in the text of a speech.

Source: http://www.reuters.com/article/2015/02/02/us-ecb-coeure-idUSKBN0L60KD20150202

REUTERS

Deflation the danger as China's factories struggle

(Reuters) - The risk of global deflation looms large for 2015 as surveys of China's mammoth manufacturing sector showed excess supply and deficient demand in January drove down prices and production.

While the pulse of activity was livelier in Japan, India and South Korea, they shared a common condition of slowing inflation that argued for yet more policy stimulus ahead.

"The slide in global oil prices and inflation has turned out to be even bigger than anticipated," said David Hensley, an economist at JPMorgan, and central banks from Europe to Canada to Indiahave responded by easing policy.

Source: http://www.reuters.com/article/2015/02/02/us-global-economy-idUSKBN0L60AT20150202

U.S. markets closed lower on Friday ending the month negative with a volatile session after the mostly weaker-than-expected U.S. economic data. The U.S. preliminary gross domestic product increased at an annual rate of 2.6% in the fourth quarter, missing expectations for a 3.3% gain, after a 5.0% rise in the third quarter. For 2014 as a whole, GDP expanded 2.4% compared to 2.2% in 2013.

The personal consumption expenditures (PCE) price index declined at an annual rate of 0.5% in the fourth quarter. That was the weakest reading since the first quarter of 2009.The Chicago purchasing managers' index increased from 59.4 in January to 58.8 in December, exceeding expectations for a fall to 58.1. December's figure was revised up from 58.3.The final University of Michigan's consumer sentiment index was 98.1 in January, in line with expectations, down from the preliminary estimate of 98.2.

The DOW JONES index lost -1.45%, closing at 17,164.95 points. The S&P 500 shed -1.30% with a final quote of 1,994.99 points. The S&P declined by 3.1% in January, the biggest loss since January 2014.

Chinese stock markets traded lower on Monday as data showed a weaker-than-expected Chinese HSBC Manufacturing PMI coming in at 49.7 in January compared to a previous reading of 49.8 with a forecast of 49.8. Hong Kong's Hang Seng is trading -0.32% at 24,428.03 points. China's Shanghai Composite closed at 3,129.00 points -2.53%.

Japan's Nikkei posted losses on Monday, closing -0.66% with a final quote of 17,558.04. Disappointing economic data from the U.S. and China raised concerns on global growth. Uncertainty over the fate of Greece in the Eurozone further added to risk aversion. A stronger Japanese Yen weighed on exporter shares. A rally in oil prices had a negative effect on airlines and the energy sector.

(index / closing price / change items /% change)

Nikkei 225 17,674.39 +68.17 +0.39%

Hang Seng 24,507.05 -88.80 -0.36%

Shanghai Composite 3,211.67 -50.64 -1.55%

FTSE 100 6,749.4 -61.20 -0.90%

CAC 40 4,604.25 -27.18 -0.59%

Xetra DAX 10,694.32 -43.55 -0.41%

S&P 500 1,994.99 -26.26 -1.30%

NASDAQ Composite 4,635.24 -48.17 -1.03%

Dow Jones 17,164.95 -251.90 -1.45%