London stock market hits record high but bitcoin wobbles - as it happened

All the day's economic and financial news, as shares in London close at a new peak

• Latest: FTSE 100 closes at new high
• Wealthiest 500 people became 23% richer this year
• FTSE 250 hits new peak

Earlier:

• Bitcoin rebounds from pre-Christmas wobble
• Israel plans clampdown over 'bubble' fears
• Analyst: How do you value bitcoin?

6.26pm GMT

Right, time for a quick recap.

Britain's stock market has closed at a new peak tonight, on the first trading day since Christmas.

Related: World's richest 500 see their wealth increase by $1tn this year

Bitcoin drops back below $15,000 https://t.co/orhdKeJqJB pic.twitter.com/ShNei58BUn

6.10pm GMT

The jump in commodity prices today helped to push the FTSE 100 to its record high, thanks to the various mining giants that are included in the index.

Sky News explains:

The rally was supported by an upturn in copper and other commodity prices, which helped to lift global mining giants including Fresnillo, Antofagasta and Glencore.

Demand for commodities implies optimism about the outlook for rapidly advancing world economies such as China.

6.08pm GMT

Of course, the FTSE 100's run of record highs is less impressive once you remember the tumble in sterling 18 months ago.

The pound is still worth around 10% less than before the EU referendum; that made UK companies more affordable to overseas investors, and pumped up the value of their foreign earnings.

5.12pm GMT

Peer and pollster Lord Ashcroft tweets:

Both Remainers and Leavers should be heartened by the FTSE 100 at the Stock Exchange having closed at a record high of 7620...

5.06pm GMT

The smaller, more domestically focused FTSE 250 has also hit a new record high tonight:

#FTSE 250 closes at 20,640.04, up 0.78% https://t.co/bE3ySiNxLp

5.04pm GMT

Newsflash: the FTSE 100 index has closed at a new all time high of 7,620 points.

Mining companies and supermarkets helped the index rise on the first trading day since Christmas.

For the 29th year in the last 34, the #FTSE100 closes up on the first trading day after Christmashttps://t.co/2SnQ5e4gde pic.twitter.com/B2XgqVjsam

3.10pm GMT

Newsflash: US consumer confidence has fallen back from its recent highs.

The Conference Board's measure of consumer confidence, just released, dropped to 122.1 in December, down from November's 129.5 - which was the highest in 17 years.

"The decline in confidence was fueled by a somewhat less optimistic outlook for business and job prospects in the coming months,"

3.07pm GMT

The wheels are coming off Bitcoin's recovery. The crypocurrency is now down over 4% at $15,080, which means it has shed over $1,000 since this morning's early bounce.

2.46pm GMT

Over in New York, the US stock market has opened very slightly higher as traders return to work after the Christmas break.

The Dow Jones industrial average rose by 16 points, or 0.07%, with the S&P 500 and the Nasdaq also managed minuscule gains.

US stocks open higher as copper hits 3.5-year highhttps://t.co/A5ZGefqIL7 pic.twitter.com/VuiaxPQn5h

2.32pm GMT

While mining companies drove the FTSE 100 to today's record high, engineering firm Rolls-Royce, building materials group Ferguson, broadcaster Sky and holiday firm TUI all held it back:

2.08pm GMT

Newsflash: Britain's FTSE 100 has just hit a new all-time high, following the lead set by its little brother, the FTSE 250.

The index of the biggest companies listed in London has risen by 22 points, or 0.3%, to 7615 - nudging over the previous intraday record set last Friday.

BRITAIN'S FTSE 100 HITS FRESH RECORD HIGH, UP 0.3 PCT.

1.59pm GMT

Maybe it was the prospect of Mrs Brown's Boys as the highlight of TV on Christmas Day - but according to official HMRC figures, a total of 2,590 people said 'bah humbug' to the festivities and decided to spend the day filling in and submitting their tax return instead.

"Don't let your tax returns peck away at you".

1.44pm GMT

Via City AM, here's a list of the billionaires who gained the most wealth in 2017.

12.58pm GMT

Meanwhile a new poll in Greece has revealed that most citizens are not buying the leftist-led government's cheery vision of a 'clean exit' from international supervision when the country's latest bailout programme officially ends next year.

12.41pm GMT

Boom! Britain's FTSE 250 index, which contains medium-sized companies too small for the FTSE 100, has hit a new alltime high.

The FTSE 250 has gained 59 points to 20,540 this morning, putting it ahead of the previous record high set on 22 December.

Miners are leading the FTSE's charge higher after Copper traded a fresh three and half year high on Christmas Day, however a significant contribution from Oilers, the index's largest sector, is aiding the latest foray in record territory.

Continued concern as to the impact of last week's Catalonian election victory for pro-independence parties, as well as a Euro recovery from its Christmas Day 'flash crash', are both weighing on mainland European equities, while US futures are clawing back gains following a negative Boxing day session impacted by an Apple sell-off.

12.12pm GMT

Commodity price are charging ahead today (doubtless pleasing billionaires in the raw materials sector).

The copper price has hit its highest level in over three years, partly due to optimism that the strengthening global economy will push up demand.

No one can succeed like Dr Copper.
Copper hits $7,210/ton, its highest in almost 4 years on the back of strong demand from China. pic.twitter.com/LKbojYRTwA

11.28am GMT

The world's roster of billionaires includes Tyler and Cameron Winkelvoss, the internet entrepreneurs who made a big investment in bitcoin back in 2011.

Their $11m investment is probably worth around $1.3bn today - although their precise fortune is obviously as volatile as bitcoin itself.

Bitcoin is going to continue to fascinate traders heading into the new year and while volatility by its own standards has been tame today, it's likely to remain very active. Speculators appetite for Bitcoin has been tested in the run up to Christmas, with price having fallen from around $20,000 to not far from half that less than a week later, depending on the exchange.

While prices have since rebounded back to around $15,000, it will be interesting to see whether we see the kind of wild gains that we've become accustomed to in the coming months, or whether the recent decline has shaken people's confidence in the cryptocurrency.

10.55am GMT

The world's wealthiest people needn't worry about their incomes being squeezed, though.

New figures from Bloomberg show that the 500 richest people in the world saw their respective wealth expand by an astonishing 23% during 2017, from $4.4 trillion to over $5.3 trillion.

The world's wealthiest became $1 trillion richer in 2017 https://t.co/hHy5VAo4Iq pic.twitter.com/w2NH5Hgu9G

10.32am GMT

Hmmm, bitcoin's rally seems to be fizzling out.

10.20am GMT

Britain should brace itself for another year of falling real wages.

In news that might take the sparkle off your new year celebrations, the Resolution Foundation has predicted that pay rises won't overtake inflation until the end of next year.

Related: Zero real wage growth in Britain until end of 2018, thinktank forecasts

Merry Christmas (for next Christmas...). Pay may not be rising until the back end of 2018, with the Office for Budget Responsibility forecasts implying pay standing still for the year as a whole pic.twitter.com/1cJxlQTCWZ

"The Resolution Foundation report succinctly encapsulates the hardship many across Britain are facing under the Tories and will continue to face in 2018.

"After seven years of Conservative economic mismanagement, the figures speak for themselves. Real wages are still lower than they were in 2010 and Britain faces a productivity crisis.

9.58am GMT

Tech companies are suffering a hangover this morning, following reports that sales of Apple's new iPhone X have been disappointing.

9.45am GMT

We had been expecting new UK mortgage data today, but it turns out that the figures are actually being released by UK Finance (the industry body) tomorrow.

9.25am GMT

As predicted, European stock markets are rather quiet after the Christmas break.

In London, the FTSE 100 is up a modest four points (perhaps traders are being distracted by the snowflakes that are now sweeping through the capital).

Christmas Week markets summary: thinner markets, fatter participants

9.09am GMT

Bitcoin's stumble last week came after two exchanges, CME and Cboe, both launched futures markets allowing investors to bet against the cryptocurrency - as this tweet shows:

#Bitcoin's rally has taken a pause >16k as cryptocurrency watchers debate value. Now trades at $16300. https://t.co/yofZAuYWgj pic.twitter.com/xsQ0XPPyyB

8.57am GMT

Shares in cryptocurrency-related companies have also risen today, on the back of bitcoin's rebound.

Reuters has the details:

Internet provider GMO Internet Inc, which is engaged in the "mining" of bitcoin, rose 3.1%.

Remixpoint Inc, an operator of virtual currency trading post services, gained 5%.

8.50am GMT

The bitcoin futures price has also rebounded from last week's slump.

On CME Group's new bitcoin derivatives market, the price of a bitcoin in January has risen by $430 today to $16,250.

8.40am GMT

As things stand, bitcoin has gained around 1,600% during 2017, despite last week's wobble.

8.23am GMT

Hussein Sayed, chief market strategist at FXTM, agrees that bitcoin looks like a bubble -- partly because it's so hard to put a 'proper' value on it.

He writes:

After crashing by more than $8,000 from an all-time high, Bitcoin is up 3.5% at the time of writing. Although the recent plunge frightened many bitcoin fans, when looking at the relatively short history of bitcoin trading, the price action seems just normal. During 2017 the cryptocurrency crashed by 30% or more six times. Every fall was followed by huge price appreciation until it peaked on 17 December.

Whether the Bitcoin bull market is close to an end or just pausing for a short break, remains to be a wild question for 2018. I still believe that Bitcoin is in a bubble formation. However, there's no effective test to measure at which stage we are currently standing.

8.02am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Related: Bitcoin bubble inflates again after pre-Christmas rout

"If we have a company that their main business is digital currencies we would not allow it. If already listed, its trading will be suspended."

"I think it looks like a bubble, smells like a bubble, acts like a bubble and feels like a bubble.

European Opening Calls:#FTSE 7605 +0.16%#DAX 13092 +0.15%#CAC 5375 +0.19%#MIB 22252 +0.19%#IBEX 10197 +0.15%