Bitcoin (BTC-USD)

Bitcoin is back in the news, as its price briefly rose past the symbolic $50,000 (£39,449) mark on Monday, and maintained that level into the morning on Tuesday.

Bitcoin (BTC-USD) rose past the symbolic $50,000 (£39,449) mark on Monday, and maintained that level into the morning on Tuesday.

It hasn’t hit these levels since late 2021, with many inflows attributed to the recent approval of spot bitcoin ETF offerings and the anticipated Bitcoin halving event in April.

It was trading around 4.2% higher by late-morning in London, up to just under $50,000.

Ethereum (ETH-USD), the second largest cryptoasset by market cap, was also trading around 7.6% higher.

Arm (ARM) stock continued to rally, popping nearly 30% in US trading hours on Monday, after it reported third-quarter earnings that beat expectations last Wednesday and upped its guidance for Q4.

The company said it expects at least $850m in revenue for this quarter, exceeding analyst forecasts.

The strong outlook triggered a surge in Arm’s stock, with shares jumping nearly 50% in total since the earnings release.

FTSE 250: Tui (TUI.L) clocked gains of more than 3% after a set of results that impressed investors. The budget travel company swung to a surprise profit and record revenues in its Christmas quarter.

News emerged that the dual-listed company could also see a potential London exit in the coming months, as investors push for a single listing in Frankfurt.

Tui shares were up by around 3.2% on Tuesday morning.

In the US, agency Tripadvisor (TRIP) has formed a committee to explore a sale of the business. Stock is trading around 11.8% higher in pre-market.

The business announced the formation of a special committee comprised of independent directors of the board of directors of Tripadvisor. The mandate of the special committee is to evaluate any proposals that may be brought forward for a potential transaction, the company said.

In full: Standard Chartered (STAN.L) shares fell on Tuesday after the emerging markets-focused lender reported a 29% slide in 2022 pre-tax profit as it booked a large impairment charge on its Indian operations.

The bank said it booked an impairment of $394m on its India business in the fourth quarter, largely due to a rise in credit costs and a slowdown in loan growth in the country.

It added that the impairment was partially offset by a gain of $233m on the sale of its stake in Bohai Harvest Commodities in China.

Standard Chartered shares were down by around 1.2% on Tuesday morning.

European markets were knocked on Tuesday as traders digested a batch of corporate earnings and awaited key US inflation data later in the week.

The STOXX 600 slipped 0.2% by 0815 GMT, with bourses in Paris and Frankfurt also edging lower. London's FTSE 100 slipped 0.1%.

Among sectors, the oil and gas index rose 0.8% to lead gainers, tracking a rise in crude prices, while the food and beverage index fell 1.1% to be the biggest loser.

UK wage growth slowed in the three months to January but still beat economists' expectations and outpaced inflation, data showed on Tuesday, potentially easing some pressure on the Bank of England to raise interest rates again.

Average weekly earnings excluding bonuses rose by 3.3% in the three months to January, slowing from a 3.6% increase in the three months to December and below a consensus forecast in a Reuters poll of economists for a 3.4% rise.

The slowdown was largely driven by a smaller increase in public sector wages, which rose by 2.8% in the three months to January, slowing from a 3.3% increase in the three months to December.

Private sector wages, meanwhile, rose by 3.6% in the three months to January, up from a 3.5% increase in the three months to December.

The data also showed that unemployment unexpectedly fell to its lowest level since 1974, dropping to 3.5% of the workforce in the three months to January from 3.7% in the three months to December.

Economists had expected the unemployment rate to hold steady at 3.7%, according to the Reuters poll.

Bitcoin's rally has 'room to run' after $50K push: Strategist

Bitcoin's recent rally, which saw the cryptocurrency briefly cross the $50,000 level on Monday, could continue as there is still demand for the asset at higher levels, according to a strategist.

“There is still demand for bitcoin at higher levels, and the recent inflows into bitcoin ETFs (exchange-traded funds) and the anticipation of the Bitcoin halving event

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