Stock Market Today - China Factory Activity at One Year Low, Optimism for Greece Agreement

NEW YORK (TheStreet) -- Asian stocks closed mixed, with Shanghai higher, while European markets were in the green on Monday morning. London Stock Exchange is closed, as Monday is a bank holiday in the U.K.

Stock index futures indicate a higher open for Wall Street.

We're already a few weeks into earnings season, but the earnings reports will continue to flow this week, keeping investors busy.

First of all, though, what would a Monday morning be worth if we had no Chinese economic data from over the weekend to report on? The HSBC final Purchasing Managers' Index came in at 48.9, less than the preliminary reading of 49.2, and down from March's 49.6 reading, all of which signal negative growth (with 50 being the point of delineation).

Bulls point to China's central banks recent commitment to upping its financial stimulus as a reason to look at the glass as half full, because they believe the central bank will be forced to take additional accommodative action.

In fact, investors hope that China's stimulus will begin to work like that in the eurozone, as its final April PMI came in at 52, which indicated modest growth.

The best news of all this weekend came out of Greece, on which both sides are now optimistic that an agreement could come soon. That's great news, as Greece's next debt repayment to the International Monetary Fund is due on May 12.

Notable earnings today include: Comcast (CMCSA), Cognizant Technology (CTSH), Loews (L), Diamond Offshore (DO), Henry Schein (HSIC), Sysco (SYY), Tyson Foods (TSN), Growth Seeker's Ares Capital (ARCC), Ingram Micro (IM), Cognex(CGNX), and Avis Budget (CAR).

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