FTSE 100 Live: Retail sales shocker after Plan B hit, Netflix subscriber growth disappoints

Fairlead Strategies' Katie Stockton highlights $37,361 as the key support level that the world's premier cryptocurrency needs to hold.

If bitcoin dips below this level it could indicate a move to a low of $30,000 before a readjustment from buy-backs.

Speaking to Market Insider Stockton said: "We expect a 'hard' test of support given room to short-term oversold territory, meaning bitcoin is likely to spend some time below support before recovering."

She added that the key support level for bitcoin is $37,361, not the psychological level price of $40,000.

She added that this key support level "defines the long-term uptrend and is far more important than any interim level on the way down. $40,000 was not a key level for us."

Global stock markets have seen a severe downturn today as a sell-off of tech shares spreads to other sectors.

At the opening of trading at the New York Stock the blue-chip S&P 500 fell 0.4%.

The tech-heavy Nasdaq Composite fell 0.7%.

Netflix saw the heaviest sell-off, now trading at $384, down $124, or 24.4%.

Red charts were not isolated to tech stocks, American Airlines dropped 1.9% and General Motors fell 1.4%.

Share prices in US banks and energy producers also suffered after the NYSE opening bell.

Netflix shares began plummeting in value on the opening bell of the New York Stock Exchange at 2.30 pm today.

After traders began shedding stock the Netflix share price fell to $392.85, down $115, a fall of 22.7%.

The sharp sell-off of the streaming giant's stock was in response to a Netflix report that its subscriber growth would slow substantially in early 2022.

Red was the dominant colour across the majority of US stock listings.

The Dow Jones Industrial Average fell 13.70 points, or 0.04%, at the open to 34,701.69.

The S&P 500 opened lower by 11.35 points, or 0.25%, at 4,471.38.

The Nasdaq Composite dropped 107.80 points, or 0.76%, to 14,046.22 at the sounding of the Wall Street opening bell.

The International Monetary Fund (IMF) chief said interest rate hikes by the Federal Reserve would “throw cold water” on the global economic recovery.

IMF managing director Kristalina Georgieva warned that any interest rate rise would have a significant effect on conutries that have high levels of dollar-denominated debt.

At a panel discussion at the Davos Agenda Georgieva warned that the global recovery is “losing some momentum.”

Global markets have reacted with sharp sell-offs after the forecast of a tightening of monetary policy by the Federal Reserve.countries

Wall Street traders are bracing for US stocks to follow the FTSE 100 into the red.

The FTSE 100 has dropped 102 points today after a sell-off of tech stocks hits markets.

The value of the London Stock Exchange's top 100 companies has fallen by 1.35% as of the time of writing.

The spiralling trend into the red is forecasted to be replayed when US stocks open for trading at 2.30pm (UK time).

The combination of falling tech stocks, mixed company earnings reports and interest rate rises is set to panic the US market .

Futures tracking the S&P 500 and Dow Jones fell by 0.4% and 0.2% respectively.

Rising inflation is predicted to prompt a tightening of monetary policy by the Federal Reserve.

Next week the US central bank is set to make a decision on an interest rate rise.

This led the chief of the International Monetary Fund to announce a Fed rate hike could dampen the global recovery.

One key stock to watch with concern is Netflix which plunged 20% in pre-market trading.

The streaming service has reported a reduced rate of subscriber growth.

All eyes on Wall Street now as Netflix looks set for further falls.

The Squid Game streamer was down 20% from last night’s $500 close in pre-market trading after telling investors it only expects to add another 2.5 million viewers in the current quarter.

If that holds, it will be the biggest drop in a decade. Goldman slashed its price target from $580 to $450

Peloton, another pandemic darling which suffered a 24% hit yesterday after cutting its 2022 forecast by $1bn, was on a steadier course, back up 5% before the bell rings.

Stay-at-home stocks Zoom, DocuSign, Etsy have all tanked this week on optimism the pandemic is in the rear view.

Playtech shares have crashed as the online gambling software firm’s multibillion pound takeover looked in doubt.

One interested party ruled itself out, while Playtech admitted it was unsure if a remaining £2.7 billion bid would win investor approval.

A consortium led by Formula One tycoon Eddie Jordan that was circling Playtech today said it won’t make an offer. Jordan said his team had “worked tirelessly to assemble a bid that would create value” but was dropping out of the race.

That leaves Australian gambling group Aristocrat, which tabled a £2.7 billion bid last October. However, Playtech admitted today it does not have “a clear understanding” of whether all shareholders are supportive of the deal.

Read the full story.

Rio Tinto has been sent reeling by Serbia’s decision to revoke the exploration licence for a planned $2.4 billion lithium mine.

The surprise overnight move sent the FTSE 100 titan’s shares down 3% on opening, to the bottom of a gloomy FSTE 100.

The vast Jadar project is key to Rio’s ambition to become a top supplier of the electric car battery metal.

It is now reviewing the legal basis of Prime Minister Ana Brnabić’s “extremely concerning” decision.

Brnabić’s populist government faces a general election in April and Rio’s project has provoked fierce environmental protests.

Meanwhile, The world faces a shortage of lithium as manufacture of EVs outpaces production of new supplies.

Jadar was expected to yield 58,000 tonnes annually, enough for one million vehicles a year.

Lithium futures jumped 170 to a record $38/kg.

The chief executive of photo booth and vending machine operator Photo-Me has tabled a lowball takeover bid for the company.

Serge Crasnianski, a 79-year-old Frenchman who made his name with an automatic key-cutting machine, has announced a 75p-a-share offer, valuing the business at £284.5 million.

The bid is being supported by his daughter Tania Crasnianski and Jean-Marc Janailhac, both of whom are executive directors of the company.

The mandatory offer comes after Crasnianksi, who has been with the business since the early 1990s and in charge for a decade, bought a 7.7% chunk of shares. It takes his and his allies holdings to 36.5%.

Crasnianksi’s proposal is a slight discount to Photo-Me’s closing price on Thursday.

An independent committee of board members not associated with the deal told investors to take no actions for now and promised a full assessment of the offer in due course.

Read the full story.

M&C Saatchi today looked to draw a line under its historic accounting scandal once and for all, as a watchdog investigation into the matter ended and it upgraded profit forecasts.

The storied ad agency, which has close links to the Conservative Party, said the Financial Conduct Authority had closed a year-long investigation into M&C’s 2019 scandal, which pushed the company to the brink and led to the exit of co-founder Maurice Saatchi and three other directors. The FCA is taking no enforcement action over the matter.

In the same update, M&C Saatchi said a flurry of business at the tail end of 2021 meant profits for the year were now set to be “materially” ahead of forecasts and have put the company in a position to resume paying dividends.

Shares rose 6.4p, or 3.6%, to 182.4p, valuing the business at around £220 million.

Read the full story.