- Bitcoin treasury companies surge
FTSE 100 adds 33 points at 9,129 points
M&S up 2.5% as normal service resumed
5.07pm: FTSE edges higher
The FTSE 100 added 33 points to finish Monday’s session at 9,129 points.
Meanwhile, across the Atlantic, trade kicked off the week on a cautious note ahead of Tuesday’s US CPI release.
“While the Nikkei 225 surged by 1.85%, and neared its record high, and the FTSE 100 rose by 0.3%, most European and some US indices like the Dow Jones Industrial Index took a more cautious stance and dipped,” IG senior technical analyst Axel Rudolph said.
“Some investors seem to have taken money off the table ahead of Tuesday's US inflation print.”
4.00 pm: Bitcoin treasury companies in demand
UK bitcoin treasury companies enjoyed a boost as Bitcoin began edging back into nose-bleed territory.
At the vanguard were two of London's largest crypto plays: The Smarter Web Company, which rose 7%, and the London BTC Company, up 2.5%.
Bitcoin, meanwhile, was up just over $900 at $120,193, or about $3,000 below its record peak.
Despite retreating from session highs, Bitcoin rose as much as 3.3% during the day, climbing above $122,000, fuelled by growing demand from institutional investors and corporate treasury buyers.
Ethereum also rallied strongly, surpassing $4,300 for the first time since December 2021.
The surge reflects increasing interest in cryptocurrencies among major investors.
Listed digital-asset treasury companies, which accumulate cryptocurrencies as part of their corporate treasuries, have amassed an estimated $113 billion in Bitcoin holdings, with Ether stockpiles around $13 billion.
2.20 pm: Market up but range-bound
Ahead of the opening bell in New York, the FTSE 100 remained in the green, but rangebound. Both the Dow Jones and Nasdaq look set to build on Friday's momentum, though not quite at the same velocity as we saw before the weekend hiatus.
With the blue-chip reporting season nearing its close here in the UK, it was open season for mid- and small-caps with most of the news of a distinctly negative hue.
Among the big fallers, down 35%, was Versarian, which is effectively on life support as it looks for new investment. Mobile Tornado, off 46%, looks set to exit the market with a whimper rather than a bang, while Aurrigo, off 28%, hit investors with a profit warning.
Falcon Oil & Gas was one of the positive movers after its partner successfully tested another gas well in Australia's Northern Territory.
12:20 pm: An eye for a bargain
Monday saw bargain hunters snapping up beaten-down stocks like kids in a sweet shop. Miners Fresnillo and Glencore made their way into portfolios following their quarterly results, while Hikma, down 12% so far this year, caught the eye of traders chasing a slice of value.
Marks & Spencer also saw a surge after finally resurrecting its click and collect service (see below).
>Sure, that was the immediate trigger, but the share price now offers a tempting entry into a retail turnaround story that might just have some legs... cyber hiccups notwithstanding.
11.20 am: Marks boost as click-and-collect restored
Marks & Spencer’s shares jumped 2.5% as the retailer finally fully restored its Click & Collect service, almost four months after a crippling cyberattack knocked out its online operations.
The attack, traced to hacking groups DragonForce and Scattered Spider, hit in late April, shutting down online orders, contactless payments, and Click & Collect. Home delivery orders bounced back after six weeks, but Click & Collect was the final piece of the puzzle.
M&S estimates the disruption has cost around £300 million in lost profits, though it hopes to claw back about half of that. Personal customer data was also stolen, adding to the fallout.
Chair Archie Norman called the attack “traumatic” and “an out-of-body experience,” praising staff for their relentless work to keep things afloat. The share price bounce suggests investors are relieved the worst is over... for now.
10.10 am: Gains pared, but the mood is relaxed
We've seen a solid start to proceedings with bargain hunters snapping up shares in recent laggards. Investors seem calm ahead of tomorrow’s US-China trade talks deadline, betting on an extension and a deal eventually being struck.
Still, there’s a risk that this optimism could be premature, says AJ Bell's stocks guru Russ Mould.
Key US data on inflation, retail sales, and industrial production will be in focus after weaker-than-expected jobs numbers sparked recession fears earlier this month.
Meanwhile, gold lost some shine after reports that tariffs on gold bars might be off the table.
In the UK, Tuesday’s employment figures will be closely watched following last week’s Bank of England meeting.
The unexpected near split vote on rate cuts and the hawkish tone from policymakers suggest markets remain cautious about the path of interest rates.
9.00 am: FTSE 100 on the front foot
The Footsie is off to a positive start, opening higher as a wave of positivity. Over in the US, Wall Street ended last week near record highs and looks set to continue the momentum with gains expected as markets digest fresh developments.
One headline-grabbing attention: chipmakers Nvidia and AMD have reportedly struck an unusual deal to pay the US government 15% of their revenues from sales to China.
This comes after export bans on advanced chips over national security concerns.
For Nvidia, the deal secures vital access to China’s huge market while boosting US Treasury coffers.
It’s a striking example of how tech giants are navigating the shifting sands of trade policy, following moves like Apple’s $100 billion US manufacturing investment.
Meanwhile, Tesla is aiming to expand beyond cars by applying to supply electricity to homes across the UK.
Despite a recent dip in EV sales, Tesla’s already established presence through battery storage and car ownership could help it carve out a new niche in the energy market, mirroring its innovative Texas power model.
Commodity markets are steady: Brent crude is hovering near $66 a barrel, its lowest level in two months, as hopes rise for progress on the Ukraine conflict following a planned Trump-Putin meeting in Alaska.
Gold prices have slipped slightly on easing geopolitical fears but remain sensitive to ongoing uncertainty over US taxation on gold imports.
Susannah Streeter of Hargreaves Lansdown sums it up: “There’s optimism in the air, but eyes are firmly fixed on US inflation data this week, which will be crucial for the Federal Reserve’s next interest rate decision.”
Stay tuned as we track the day’s movers and shakers.
8.15 am: FTSE 100 makes confident start; Sorrell's S4 in early merger talks
The FTSE 100 kicked off what was expected to be a slow week for equities in confident style, adding 29 points to advance to 9,124.06 in the first 15 minutes of trading. That said, the blue-chip corporate news was at a premium.
Amid the welter of small- and mid-cap headlines was the news that Gemfields is offloading its Faberge business for $50 million.
Meanwhile, in the world of advertising and marketing, Sir Martin Sorrell's S4 Capital has confirmed it is in preliminary merger talks with private equity-backed MSQ Partners.
According to Sky News, S4 has also garnered interest from New Mountain Capital.
7.15 am: Slow start predicted
The FTSE100 looks set to open marginally in the green around the 9,100 level, according to spread-betting firms.
As we head into the dog days of summer, the corporate calendar for the week appears to be relatively light.
On the roster this week are updates from Aviva, Entain, Persimmon and Bellway, along with unemployment data.
Talks between Donald Trump and Vladimir Putin aimed at ending the war in Ukraine kick off in Alaska - but not until Friday. So, they are unlikely to have any real sway over sentiment.