Stocks head lower as Bitcoin surges to new $106,000 record

The average price of a UK property coming to the market is down 1.7% this month, or the equivalent of £6,395, with data showing that the typical cost of a home has fallen to £360,197.

Property portal Rightmove (RMV.L), which released this latest set of data, said this fall was in line with the usual December fall.

Despite this month’s fall, Rightmove said prices were still 1.4% higher than in December 2023 and were broadly in line with its expectation of 1% growth in prices this year.

Even with the anticipated festive lull, Rightmove found that activity remained much stronger than the same time last year, with the number of sales being agreed up by 22%, while new buyer demand is up by 13%.

Rightmove expected to see a further pick up in activity, in what it said had become the “traditional Boxing Day bounce”.

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Film production company Canal+ has become this year’s biggest London market listing as its shares began trading this morning.

The international pay-TV company and owner of the studio behind the Paddington film franchise has been spun out of French media conglomerate Vivendi. However, it is not expected to meet the eligibility criteria for the FTSE 100 index.

Chancellor Rachel Reeves has hailed the floatation as a “vote of confidence” in the UK’s capital markets.

Shares were trading around 252p ($3.19) the morning, down 13.1% from the open.

Bitcoin (BTC-USD) has surged to a new record high of $106,000. The cryptocurrency’s price rise has rallied by more than 50% since Donald Trump’s US election victory on 5 November thanks to the incoming administration being more friendly towards crypto than the Biden White House.

Last week, Trump pledged to “do something great with crypto”, to avoid other countries getting ahead of the US on the issue.

Bitcoin has climbed around 4.6% since Friday night, hitting $106,533, and extending its rise over the $100k mark.

Meanwhile, analyst Naeem Aslam of Zaye Capital Markets said:

Stocks in Asia were lower overnight with the Nikkei (^N225) flat on the day in Japan, while the Hang Seng (^HSI) fell 0.9% in Hong Kong.

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The Shanghai Composite (000001.SS) was 0.2% down by the end of the session with Chinese stocks weak after disappointing retail sales data.

Sales unexpectedly slowed in November, rising 3.0% year-on-year, compares to the 5.0% expected. It marked a sharp slowdown from the 4.8% growth in October.

November industrial production rose by 5.4% from a year ago, accelerating from a climb of 5.3% in the prior month and in line with expectations.

Elsewhere, the Kospi (^KS11) erased its opening gains following the impeachment of [resident Yoon Suk Yeol over the weekend.

It also comes ahead of the Bank of Japan (BoJ) meeting on Thursday in which most economists expect no change. There is only a 16% probability of a hike priced in.

One of the reasons why a hike might wait until January is that MP Ishiba is trying to push a stimulus plan through parliament this month and the BoJ may prefer to avoid political interference and delay the hike.

Across the pond, on Friday, the S&P 500 (^GSPC) ended pretty much unchanged, and the tech-heavy Nasdaq (^IXIC) was 0.1% higher. The Dow Jones (^DJI) lost 0.2%.

Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what’s moving markets, and all that’s happening across the global economy.

Here’s a quick look at what’s on the agenda for today:

• 7am: Trading updates: Juke Capital

• 8.15am: European Central Bank president Christine Lagarde gives a speech to mark the 10th anniversary of the introduction of the euro in Lithuania

• 9am: Eurozone flash PMI survey for December

• 9.30am: UK flash PMI survey for December

• 1.30pm: NY Empire State Manufacturing Index

• 2.45pm: US flash PMI survey for December