- Reuters/Carlos Barria
Here is what you need to know.
Investors are running out of cash. While money-market assets make up a record-low 17% of long-term funds, the cash balance of equity mutual funds also sits at an all-time low of 3.3%, according to data compiled by INTL FCStone.
Traders are flocking back to the US dollar. Traders reduced their short positions in the US dollar by $3.7 billion to $1 billion, the lowest net shorts since July, according to data released Friday by the US Commodity Futures Trading Commission.
India’s banks rip higher after a huge government stimulus package. Last week, the Indian government announced it would fund a 2.11 trillion rupee, or $32.4 billion, recapitalization of state-run banks, sending State Bank of India up 24% and Punjab National Bank higher by 48%.
Butter is going bananas. European butter prices are up 50% this year to about €600 for 100 kilograms amid a shortage of supply and increased demand from China.
Bitcoin soars above $6,300 for the first time. The cryptocurrency hit a record high of $6,306 a coin on Sunday evening, and now it’s little changed near $6,165.
Booming Switch sales cause Nintendo to raise its forecast. Strong Switch demand caused Nintendo to nearly double its profit forecast to 120 billion yen, or $1.06 billion, from 65 billion yen for the fiscal year ending in March, Reuters says.
Mark Zuckerberg is back in China. Facebook’s CEO returns to China for his annual trip amid increased efforts by Facebook to begin business in the country.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (-0.36%) lagged in Asia, and Germany’s DAX (+0.09%) clings to gains in Europe. The S&P 500 is set to open down 0.21% near 2,575.
Earnings reports keep coming. Loews reports ahead of the opening bell, while Mondelez and Texas Roadhouse are among the names releasing their quarterly results after markets close.
US economic data is heavy. Personal income and spending and PCE prices will all be released at 8:30 a.m. ET before Dallas Fed manufacturing crosses the wires at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.40%.