Here are the 5 most important things to know for today:

 

1. Global stock markets mostly higher

Trading activity is likely to stay light on Monday as markets in the U.S. remain closed for President’s Day holiday.

In Europe, stocks started the week on a positive note, with Germany's DAX up 0.6%, as investors eyed earnings and focused on corporate news.

Earlier, in Asia, markets ended the day largely higher, with the Shanghai Composite in China closing up around 1.2%, while Japan's Nikkei edged up about 0.1%.

 

2. The Dollar is looking for direction

The dollar was little changed against a basket of the other major currencies on Monday, lacking direction as market players awaited further hints on the timing of the next U.S. rate hike.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 100.85 in early New York morning trade, almost unchanged for the day.

In the week ahead, global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting as well as housing-related data for more clues on the timing of the next U.S. rate hike.

 

3. European politics takes front stage

Developments in the French presidential election remained in focus after weekend talks aimed at finding a leftist unity candidate for France's presidential election showed little sign of progress.

News that Socialist Benoit Hamon and hard-left rival Jean-Luc Melanchon were discussing cooperation in their bid for the presidency rattled markets on Friday.

Investors believe such a tie-up could possibly knock centrist Emmanuel Macron out of the race in the first round and propel far-right, anti-globalization candidate Marine Le Pen into the Elysee palace.

Over in Germany, the center-left Social Democrats moved ahead of Chancellor Angela Merkel's conservative Christian Democrats in an opinion poll for the first time since 2006, Bild am Sonntag said on Sunday.

Meanwhile, former Italian prime minister Matteo Renzi resigned as head of the ruling Democratic Party on Sunday, opening the way for a leadership fight in which he will take on rivals threatening to split the center-left.

Investors were also keeping an eye on a Monday meeting of euro zone finance ministers, who were expected to discuss a deadlock over Greece’s bailout.

 

4. Unilever falls after Kraft ditches $143B bid

Shares in Anglo-Dutch consumer goods group Unilever PLC fell sharply on Monday after U.S. rival Kraft Heinz abruptly ditched its surprise $143 billion merger proposal.

Unilever's London-listed shares, which jumped 13% on Friday when the approach was made public, fell as much as 8% in early trading on Monday.

A Kraft Heinz spokesperson said it had hoped to negotiate on a "friendly basis", but decided to drop the bid when Unilever made it clear it "did not wish to pursue a transaction."

 

5. Japan export growth slows

Japan's exports rose in January at a slower pace than the previous month due to a decline in shipments to the U.S. and the Lunar New Year holidays and as concerns about growing trade protectionism cast doubts over the outlook.

Exports in January rose 1.3% from the same period a year ago, below forecasts for a 4.7% annual increase and slower than a 5.4% year-on-year increase in December.

Meanwhile, imports into the world's third largest economy posted their first increase since December 2014, rising 8.5%, as oil prices rose.

That left the country with a trade deficit of 1.087 trillion yen, compared to expectations for a deficit of 637.0 billion yen.