Investors were keeping a close eye on ECB president Mario Draghi on Monday, where he is speaking before the European Parliament. In his speech, Draghi said that the central bank is ready to ease policy in March, if market volatility or the effect of low energy prices impacts inflation expectations.
With U.S. markets closed Monday, all eyes are on markets in Europe and Asia. While most of Asia's stocks rallied Monday, China's Shenzhen Composite and Shanghai Composite closed slightly lower.
People's Bank of China (PBOC) governor Zhou Xiaochuan told Caixin financial magazine over the weekend, that he saw no basis for a continuing the depreciation of the yuan. He also dismissed speculation that Beijing would tighten capital controls to stem the surging capital outflows from the mainland.