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Chris Beauchamp, chief market analyst at online trading platform IG said:

Bitcoin is experiencing some of its trademark volatility today, dipping down to around $55,000 from the $57,000 it hit earlier in the session.

It's been difficult to predict the digital asset's direction in recent weeks as traders grapple with impending payouts from the Mt Gox bankruptcy.

The Tokyo-based bitcoin exchange, which collapsed about a decade ago, was responsible for more than 70% of bitcoin transactions at its peak. In 2014 it declared bankruptcy after a ruinous hack, where thousands of bitcoin were stolen.

Repayments — announced in June — include $7.7bn in bitcoin. Traders have since been on edge that those waiting for reimbursements will create a mass selling pressure on the market when they receive the cash.

At the time of the hack bitcoin was trading at around $600.

Pedro Goncalves writes:

The UK's first ever female chancellor has pledged a "planning revolution" to help speed up housebuilding as part of a wide-ranging plan to reboot the UK economy.

Rachel Reeves also she would bring back compulsory housebuilding targets and end the effective ban on onshore wind farms in England in order to fast track national infrastructure projects.

She promised her government would build 1.5 million homes over the next five years, as pledged in Labour's election manifesto.

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Alex Kuptsikevich, FxPro senior market analyst has the low down:

Carlsberg (CARL-B.CO) confirmed on Monday that it will buy Robinsons squash maker Britvic (BVIC.L), in a deal worth £3.3bn.

The Danish brewer said it would create a single beverage company. Carlsberg Britvic will be the umbrella under which it will grow its business in the UK and western Europe.

Earlier in June, PepsiCo agreed to waive a change of control clause in its bottling arrangements with Britvic, removing a potential challenge for the Danish brewer looking to buy the UK drinks company.

Carlsberg had been considering its position after Britvic rejected two offers, which it claimed had “significantly undervalued” the business.

Britvic's board said that the offer, and the earlier one of 1,200p a share, both significantly undervalued the business. The latest offer valued the company at £3.1bn.

Shares in Ocado surged after the online supermarket revealed plans to build its third robotic warehouse in Japan as part of its tie-up with Aeon in the country.

The FTSE 250-listed group — which first struck a partnership deal with Japanese retail company Aeon in 2019 — said the new site in Kuki-Miyashiro will go live in 2027.

It comes after Aeon’s first robotic warehouse opened in the Kanto region of Japan a year ago, powered by Ocado’s technology, with a second due to launch in Hachioji in 2026.

The pair plan to open further robotic warehouses across the country as Aeon expands its online grocery delivery offering.

Tim Steiner, chief executive of Ocado Group, hailed the latest announcement as an “exciting moment for Aeon and Ocado’s relationship as we deepen our already strong partnership”.

Shares in the plane manufacturer were in the red ahead of the US opening bell as the company agreed to plead guilty to a criminal fraud charge stemming from two deadly crashes of its 737 Max jetliners.

Federal prosecutors gave Boeing the choice of entering a guilty plea and paying a fine as part of its sentence, or facing a trial on the felony criminal charge of conspiracy to defraud the US.

Boeing will pay a $243.6m (£190.1m) fine and invest at least $455m (£355m) over three years to strengthen its safety and compliance programmes as part of the plea deal.

A total of 346 people died in the incidents which involved a Lion Air MAX 8 flight in Indonesia in 2018 and then, six months later, Ethiopian Airlines Flight 302 outside Addis Ababa.

Pedro Goncalves reports:

Sterling touched a three-week high against the euro after the single European currency dropped following the shock French election result which gave the hard-left the most seats in parliament and risks leaving the country in a political gridlock.

The pound (GBPEUR=X) rose 0.1% against the euro, leaving the euro at €1.1824 on Monday — its lowest since 14 June.

The Euro's sell-off is indicative of the market's initial unease with Sunday's election in France, which could result in a hung parliament for in the eurozone's second-largest economy.

French bonds also suffered a sell-off, pushing government borrowing costs higher, while the CAC 40 (^FCHI) stock exchange in Paris was the worst performer among its European peers this Monday.

"We think investors will probably judge that the election has avoided the worst possible outcomes: a majority RN or NFP government. But things still don’t look good for France,” Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, said.

Speaking in her first speech as chancellor, Reeves said there will be no increases to National Insurance and VAT under Labour.

"We don't take lightly the trust of voters who have been burned too often by incompetence and recklessness," she said.

"Growth is now our national mission," Reeves says adding there "is no time to waste".

Keep an eye on Taylor Wimpey, Persimmon, Vistry and Barratt today, as Rachel Reeves sets out on her first mission as chancellor.

It is expected that she will announce compulsory housebuilding targets, setting out reforms to overhaul Britain's planning system as part of a wider plan to boost economic growth.

Housebuilding has been a key promise of the government in waiting. Labour clinched power on Friday in a landslide win.

Commodities firms were among the biggest fallers in the FTSE 100 on Monday morning in London, dipping with oil prices as concerns about demand persisted alongside concerns about risks from storms.

Oil majors BP and Shell were among the top fallers, alongside miners such as Anglo American, Rio Tinto and Fresnillo.

"How can anyone govern a country with 246 varieties of cheese," asks Neil Wilson, chief market analyst at Finalto.

"Charles de Gaulle’s frustration with the ungovernable French rings true today. The Republican Front held...but is that really democracy? The hard-left alliance now has the most seats – what will that mean for governing a country that seems to have ‘postponed’ the hard right’s victory? The decision to call the snap election has done anything but clarify things for France and President Macron."

"The election has not clarified anything but gridlock may be better than anything too showy for now, but only inasmuch as it contains costly spending plans by left or right…there is no tackling France’s fragile fiscal position under whatever unsustainable and unsteady coalition eventually tries to govern. It’s what I referred to a couple of years ago as ‘ungovernance’ – a result of inept policymaking, a fractured electorate and greater polarisation.

Here's UBS's take on the French election outcome:

The euro is holding up pretty well against the dollar and pound this morning despite the news in France.

US stocks closed last week in the green, with the Dow (^DJI) up 0.2%, the S&P 500 (^GSPC) rising 0.5% and the Nasdaq (^IXIC) 0.9% higher.

A reading on inflation and the start of second quarter earnings reports will greet investors today, after a holiday-shortened week that saw stocks close near record highs.

With job growth slowing, investors will be closely watching the release of June's Consumer Price Index (CPI) on Thursday as the case builds that the Federal Reserve could be set to cut interest rates in September. Semiannual testimony from Federal Reserve Chair Jerome Powell before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday will also be a key focus for investors.

On the corporate side, Friday morning will see some of America's largest financial institutions, including JPMorgan (JPM), Wells Fargo (WFC), and Citi (C), kick off second quarter earnings season. Results from PepsiCo (PEP) and Delta Air Lines (DAL) will also be in focus earlier in the week.

Asian stock indexes closed mostly lower in Monday's session, with the Nikkei (^N225) down 0.3% in Japan.

Japan started the week with official data showing real wages fell 1.4% year-on-year in May, charting a 26th month of declines. The weakening yen and higher commodity costs has pushed up the cost of imports. Nominal wages are up 1.9% in the same period.

In Hong Kong, the Hang Seng (^HSI) fell 1.8%, while the SSE Composite (000001.SS) was 0.9% lower.

Hello from London. It's a new week, and a new government. While UK markets will be looking for clues about what the new Labour government will do in power, the FTSE looks set to open a little lower. Eyes are also on France and the post-election sentiment there.

Today is relatively light on data — on Thursday there's the UK GDP release.

Let's get to it.