Here is what you need to know before the bell:
1. European stocks drift lower as investors await key economic data from Eurostat and markets continue to test multi-year and all-time highs while political risks recede.
2. Vodafone Group plc (VOD) posted weaker-than-expected full year adjusted profits and slowing revenues as it continues to struggle in Europe while it re-tools operations in emerging markets.
3. Investors have taken the euro to a three-week high of 1.0988 against the U.S. dollar in overnight trading.
4. Oil prices extended gains after hitting a three-week high in New York Monday with investors scrambling to cover short positions after both Russia and Saudi Arabia issued a statement that signalled an 18-month extension of OPEC's 1.8 million barrels per day of output cuts.
5. Ford (F) is reportedly planning to announce later this week a plan to cut 10% of its workforce, according to published reports.