Bitcoin spiked up to a new all-time high overnight above $106,000 on the news that Bitcoin holder MicroStrategy is going to be added to the NASDAQ 100 Index. This means that equity capital flowing into NASDAQ-tracking funds may now circle into Bitcoin as well, potentially accelerating mainstream adoption. NASDAQ futures are up 0.5% on this news, compared with a 0.2% gain for Dow Futures. MicroStrategy is up 4.3% premarket adding to its 4.2% gain on Friday.
Overseas, major European markets are down across the board with the CAC losing 0.8% and the FTSE and Dax both falling 0.4%. Asia Pacific trading saw the Hang Seng fall 0.9%. Commodities are mixed today with US Crude Oil down 0.8% Natural Gas down 2.6% and Copper up 0.3%. Gold and Silver are up 0.2%-0.5%.
China-sensitive equities and commodities have been struggling this morning in the wake of mixed economic numbers. China retail sales (3.0% vs street 4.6%) were quite disappointing, while industrial production (5.4% vs 5.3%) were slightly above expectations.
Flash Manufacturing and Flash Service PMI reports have been rolling out from around the world overnight. Australia slowed on the Manufacturing side, while Japan showed improvement in both categories. European and UK surveys showed the Service side improving but Manufacturing still in the doldrums. US Flash Manufacturing (street 49.4) and Flash Service (street 55.7) PMI reports are due at 9:45 am EST.
The US Empire State Manufacturing Index (0.2 vs street 12.0 and previous 31.2) was quite disappointing after showing promise last month. Canada housing starts (262K vs street 248K) came in well above expectations. Bank of Canada Governor Macklem speaks later in the day.
There are several key central bank meetings to come this week including the Fed on Wednesday (interest rate decision and member projections), followed by the Bank of Japan and the Bank of England on Thursday. It is also a busy week for retail sales and other key economic reports from the US, UK, Canada, and other countries.