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The FTSE 100 and European markets started the first full trading week of the year mixed, with London markets making small moves lower in early trade as traders look ahead to a busy week.
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The FTSE 100 (^FTSE) were 0.2% lower as markets opened in London. Intermediate Capital Group (ICG.L) was among the top gainers in the index.
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Over in Germany, the DAX (^GDAXI) jumped 0.4% ahead of PMI and inflation data that will give a fresh read on the state of the economy. France’s CAC (^FCHI) also rallied 0.7%.
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The pan-European STOXX 600 (^STOXX) rose 0.3%.
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The moves follow a survey from the British Chambers of Commerce which showed business confidence has fallen to a two-year low, with concerns about government tax rises and sales in the forefront of minds.
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The survey follows data from last week which showed declining footfall over Christmas — a crucial period for retailers. The British Retail Consortium calculated a 2.2% decline in footfall on UK high streets in December. For the three months to December (also known as the golden quarter) footfall decreased by 2.5% year on year.
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Crypto: What to watch in 2025
Brian McGleenon writes:
The past year has been transformative for bitcoin (BTC-USD) and the broader cryptocurrency market, signalling a shift toward institutional adoption.
Among the most notable milestones were the January launch of US-based spot bitcoin exchange-traded funds (ETFs), the subsequent introduction of options on these ETFs, and bitcoin’s remarkable surge past the $100,000 (£78,600) mark in December.
This crescendo comes as anticipation builds for a potentially crypto-friendly US administration under president-elect Donald Trump, set to be inaugurated early next year.
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Tumbling yuan shakes Asian markets
Markets across Asia watched on Monday as China’s central bank and stock exchanges tried to prop up a falling yuan, as concerns about incoming president Donald Trump and faltering growth continue.
The yuan was its weakest for 16 months, while the SSE Composite (000001.SS) closed 0.1% lower. The Hang Seng (^HSI) in Hong Kong also closed the session 0.4% lower.
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TikTok to face the music in the Supreme Court
The Supreme Court is starting 2025 with a blockbuster case that will have dramatic implications for one of China’s most valuable technology companies, millions of American smartphone users, and some of the biggest social media companies in the US.
TikTok is making an emergency appeal before the highest court, asking it to block enforcement of a federal law signed by President Biden in April that effectively bans the app on Jan. 19 unless it is sold to an owner not controlled by a foreign adversary.
The company’s arguments that the law should be overturned in the name of free speech will be aired at a hearing Jan. 10, just 10 days before Donald Trump is sworn in as president.
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Trudeau likely to resign this week
Political tensions have reached a fever pitch in Canada, with reports that premier Justin Trudeau is likely to resign as leader of the Liberal Party this week.
Limited movement in early trade suggest this is already priced in by the market.
The resignation could come as soon as today.
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How US stocks are faring in premarket
US stock futures are pointing to gains when the market opens later on.
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US stocks finish first trading week higher
How US stocks fared on Friday, from our US team:
US stocks stepped higher on Friday, shaking off a downbeat start to 2025 as Tesla (TSLA) and Nvidia (NVDA) led a tech-heavy comeback.
The S&P 500 (^GSPC) rose 1.3%, while the Dow Jones Industrial Average (^DJI) gained 0.8%. The tech-heavy Nasdaq Composite (^IXIC) led the gains with an increase of 1.8%.
Friday was the last day for the S&P 500 (^GSPC) to pull off a “Santa Claus” rally, watched closely as a historical harbinger of solid returns for January and the year.
But hopes dimmed after the benchmark fell again on Thursday to notch a five-session losing streak, the longest since April. The S&P 500 and Dow both ended the holiday-shortened week with losses of over 1%, while the Nasdaq is facing a weekly drop of 2%.
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Good morning!
Hello from London. It’s a dark wintry day here, with arctic winds blasting the UK and flights grounded at some UK airports. The FTSE 100 (^FTSE) looks set to fall at the opening bell, compounding losses from last week.
Economic events to watch today:
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UK new car sales
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European composite PMI
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UK composite PMI
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US composite PMI
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Preliminary German inflation figures
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Speech by the Federal Reserve’s Lisa Cook
Let’s get to it
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