Bitcoin extends freefall as over $50bn is wiped off its value in just a week
Bitcoin heads towards $8,000 after plunging 8.2pc to a two-month low
What is Tether, what is its link with Bitfinex and why should Bitcoin investors be worried?
Ethereum, Bitcoin Cash, Ripple and Litecoin: here are four of Bitcoin's closest rivals
Cryptocurrency market spooked by India's finance minister warning that the Government will outlaw Bitcoin
Sentiment was also knocked by Facebook banning "deceptive" cryptocurrency adverts
Construction sector stumbles into the new year; growth slipped back towards contraction territory in a closely-watched survey
Bitcoin's value has crashed by $50bn in just a week after its plunge extended into a fourth day on renewed concerns of regulatory crackdowns in the US and India.
Sentiment on the cryptocurrency market has plunged after India's finance minister took aim at digital currencies and reports surfaced that US regulators are closely watching Bitfinex and Tether, one of the world's largest cryptocurrency exchanges. The digital currency market has also been spooked this week by Facebook banning "deceptive" cryptocurrency adverts with prices still suppressed from fears of a clampdown in South Korea and Japan.
Bitcoin slipped towards the $8,000 mark less than 24 hours after dropping below $10,000, diving 17pc in just two days. Rivals Ethereum and Ripple have also tumbled amid a sell-off in cryptocurrencies, plunging 20pc and 32pc, respectively.
Bitcoin | Read more
AstraZeneca expects 2018 sales uptick after three-year decline
AstraZeneca said its annual revenue will rise in 2018 for the first time in four years as the drugmaker releases a flock of new products for cancer, asthma and other disorders.
Product sales for the year will rise by a low single-digit percentage, the Cambridge-based drugmaker said Friday in a statement. Revenue for 2017 was $22.5bn, the company said.
Chief executive Pascal Soriot is working to transform Astra into a drug-development powerhouse that can rebound from waning sales of older products such as Crestor, a former heart-disease blockbuster that’s lost patent protection. Astra launched five new treatments last year and is preparing for more approvals in 2018.
Market uncertainty dragged down new orders in the construction sector
Purchasing managers survey shows #UK#construction activity essentially stagnating in January. PMI down to 50.2 (52.2 in Dec). #House building faltered in January after being the sector's recent bright spot. Fall in new orders does not bode well for activity in near-term at least
— Howard Archer (@HowardArcherUK) February 2, 2018
The construction sector showed tentative signs of recovery at the end of 2017 but crashed back towards contraction territory in January in this morning's closely-watched PMI survey.
IHS Markit blamed a contraction in house building, one of the sector's few bright spots, and the continued "lacklustre" performance of the commercial building and civil engineering market for the slump.
Companies pinned a fall in new orders on market uncertainty but confidence towards future growth prospects improved, according to the survey.
Sterling dips against the dollar as the construction sector stumbles into the new year
UK #construction PMI drops to 4-month low of 50.2 in Jan, down from 52.2 in Dec, shows renewed stagnation of building activity https://t.co/FLjFELUuz0pic.twitter.com/HCp0sJhH5q
— Chris Williamson (@WilliamsonChris) February 2, 2018
The pound has slipped back towards $1.42 against the dollar on currency markets after a construction sector indicator showed growth flatlining in January.
Economists had expected growth to nudge down to 52 in IHS Markit's closely-watched PMI survey (any reading over 50 indicates growth) but it instead dived to 50.2, taking the sector back to the brink of contraction territory once again. More to follow...
Bitcoin hits fresh two-month low as it heads toward $8,000 mark
Is Bitcoin about to burst?
Bitcoin is slipping towards the $8,000 mark, hitting a fresh two-month low less than a day after crashing below $10,000.
The cryptocurrency is in "trouble" and "further losses are on the cards as jitters over regulation erode investor appetite further", according to FXTM analyst Lukman Otunuga.
Sentiment on the cryptocurrency market has plunged after India's finance minister took aim at digital currencies and reports surfaced that US regulators are closely watching Bitfinex and Tether, one of the world's largest cryptocurrency exchanges.
The US Commodity Futures Trading Commission issued a subpoena to the company, which claims that all of its coins are backed by US dollars held in reserves.
BT revenue slips as IT business struggles
BT Group revenue fell 3pc in the third quarter, missing analysts’ estimates for a gain, as its struggling IT business showed continued weakness.
The company reported revenue of £5.97bn in the three months to December 31, compared with an average estimate of £6.07bn, according to a survey of analysts.
Profit before tax rose 25pc to £660m while adjusted earnings before interest, taxes, depreciation and amortisation fell 2pc to £1.83bn, roughly in line with analysts’ forecasts.
Its TV service lost 5,000 customers during the quarter, BT reported, versus the addition of 52,000 customers in the same period a year ago.
Agenda: Bitcoin extends freefall as over $50bn is wiped off its value in just a week
Bitcoin price: last 365 days
A total of $50bn has been wiped off Bitcoin's value this week after it extended its freefall overnight, plunging a further 8.2pc.
The digital currency market has been spooked this week by Facebook banning "deceptive" cryptocurrency adverts and India's finance minister warning that the government will outlaw Bitcoin.
Bitcoin has now plunged 55pc from its peak of $19,500 in December with cryptocurrency peers Ethereum and Ripple tumbling 20pc and 30pc, respectively, in the last 24 hours.
Blowout in bond yields rattles stocks: Asia equities take another leg lower despite sentiment across most other asset classes best characterized as Risk-On (Yen & USD are both weakening, bonds bear steepening). #Bitcoin tumbles further from December's record high. pic.twitter.com/HMKLkdvG4q
— Holger Zschaepitz (@Schuldensuehner) February 2, 2018
After yesterday’s surprise slowdown in manufacturing growth, the construction sector is also expected to see growth cool in a closely-watched survey this morning. In the US, the market’s gaze will be fixed on monthly job figures with a strong reading expected to reinforce the view that the Federal Reserve could hike interest rates as many as four times in 2018.
Job creation in January is expected to rebound to 180,000 after a disappointing December with the ADP’s unofficial figures earlier this week hinting of a stronger-than-expected performance.
Full-year results: AstraZeneca
Trading update: BT
Economics: Construction PMI index (UK), PPI (EU)
