Financial Times - 07.10.2026 — 2026-10-07

金融时报

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2026年10月7日，星期三

深度报道，第21页

习近平对中国“超级富豪”的税收打击

英国 £3.70；爱尔兰共和国 €4.10

能源冲击之后将发生什么？

马丁·沃尔夫，第23页

📄 Original Section

FINANCIAL TIMES

WEDNESDAY 7 OCTOBER 2026

BIG READ, PAGE 21

Xi's tax assault on the Chinese 'filthy rich'

UK £3.70; Republic of Ireland €4.10

What comes next with the energy shock?

MARTIN WOLF, PAGE 23

也门冲突 利雅得征集国防盟友

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昨日，在也门西南部塔伊兹省与胡塞武装的冲突中，也门政府军战士从一辆皮卡车上开火。

胡塞武装否认被沙特阿拉伯支持的也门政府军击退，后者已发起一项大规模行动以夺回丢失的领土。

包括红海沿岸和塔伊兹在内的也门全境战斗仍在继续。与此同时，利雅得、巴基斯坦和土耳其表示，他们首次触发了一项共同防御协议，旨在确保巴基斯坦和土耳其的“军事力量和能力”能够“快速部署”至沙特阿拉伯。

然而，在议会批准该协议之前，土耳其无法部署军队；而巴基斯坦则表示，其部署细节属于“行动机密”。

国防协议被触发 第7页

也门巨人旅媒体中心 / 法新社 via Getty Images

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Yemen clash Riyadh enlists defence allies

Pro-Yemeni government fighters fire from a pick-up truck during clashes with Houthi rebels in Taiz province, south-western Yemen, yesterday.

The Houthis have denied being pushed back by Saudi Arabia-backed Yemeni government forces, who have launched a big operation to recapture lost territory.

The fighting across Yemen, including along the Red Sea coast and in Taiz, continued as Riyadh, Pakistan and Turkey said they had triggered a mutual defence pact for the first time, aiming to ensure the “rapid deployment” of Pakistani and Turkish “military forces and capabilities” to Saudi Arabia.

However, Turkey cannot deploy troops until parliament ratifies the pact, while Pakistan said details of its own deployment were “a matter of operational confidentiality”.

Defence pact triggered page 7

Yemen Giants Brigades Media Centre/AFP via Getty Images

航行于险峻的霍尔木兹海峡，油轮船长月薪达 $100,000

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• 船东提供“危险津贴” • “雇佣兵”面临伊朗袭击 • 自2月以来已有93艘船只遇袭

艾丽丝·汉考克 — 伦敦

随着伊朗加强对船只的袭击，在海湾地区航行的油轮船长在通过霍尔木兹海峡时，其薪资水平相当于每月 $100,000，且每次航行还可获得 $50,000 的奖金。

据三位接近船东和船员的人士透露，由于海湾国家试图维持原油通过这一关键海峡的流动，船东们提供巨额的“危险津贴”以说服海员留在船上。

普通海员的正常月薪最低可从 $1,500起，而船长的正常月薪约为 $15,000 每月；当他们在红海南部和欧曼湾航行时，可获得双倍薪资。但在每次通过霍尔木兹海峡期间，其薪资会进一步增加，普通海员可获得至少四到六倍的正常薪资。

由于大多数通过该海峡的航行是由专用油轮进行定期的“穿梭运行”，海员们可以连续数月赚取高薪——同时承受着伊朗导弹和无人机袭击的持续风险。

在海员之中，那些敢于冒险航行的人“几乎被视为

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📄 Original Section

Oil tanker captains paid \$100,000 a month for perilous Hormuz voyages

\- Owners offer ‘danger money’ • ‘Mercenaries’ face Iranian strikes • 93 ships attacked since February

ALICE HANCOCK — LONDON

Oil tanker captains in the Gulf are being paid rates equivalent to \$100,000 a month for travelling through the Strait of Hormuz, along with a \$50,000 bonus for each trip, as Iran steps up its assaults on vessels.

Shipowners were offering the bumper “danger money” to persuade seafarers to stay on vessels as Gulf countries try to keep crude flowing through the crucial strait, according to three people close to tanker owners and crew.

Regular sailors, whose normal monthly salaries can start as low as \$1,500, and their captains, whose regular pay is about \$15,000 a month, receive double pay while they are in the southern Red Sea and Gulf of Oman. But their pay is increased further during each Hormuz transit, with ordinary sailors receiving at least four to six times their normal rates.

Because most trips through the strait are made by dedicated tankers on regular “shuttle runs”, sailors can earn the higher rates for months at a time – while enduring the constant risk of Iranian missile and drone attack.

Among seafarers, those braving the voyage are “almost being viewed as

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“如果他们不同意，可能会丢掉工作；如果他们同意，可能会丢掉生命”

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“雇佣兵”，其中一名人士如此说道，反映出此次航行的危险程度。

自美国和以色列袭击伊朗引发2月战争以来，穿行于该水域的船只正面临着最严重的袭击期之一。根据海事安全公司先锋（Vanguard）的数据，自9月20日以来已发生至少14次袭击，其中四艘船只在周六以来遭到袭击。

国际海事组织的数据显示，自2月28日以来，总计至少有93艘船只被击中，24名船员丧生。

货运航运公司奥尔登多夫航运（Oldendorff Carriers）执行董事斯科特·贝尔热龙（Scott Bergeron）在昨日的一次英国航运会议上表示：“现实情况是，这些船只和我们的船员就是目标……这令人羞愧，但也是一个新的现实。”

然而，由于成功通过海峡的原油价格高昂，且无法运出海湾产油区所带来的风险，这意味着该地区的生产商愿意为运输支付高额费用。本周，通过该水域运输货物的运费达到了每日130万美元的纪录，而去年约为每日20,000至50,000美元。

驶入海湾、装载并离开通常需要四天时间。只有少数船只愿意进行此次航行，将石油穿梭运送到在欧曼湾富查伊拉外海等待的其他油轮上，再由后者将其运往最终目的地。

一艘典型的超级油轮载油量约为200万桶，船员最多35人，由船长领导。

印度前行海员工会（Forward Seamen's Union of India）秘书长马诺杰·亚达夫（Manoj Yadav）表示，船东要么提供巨额薪酬，要么在某些情况下强迫不愿航行的船员出海。“海员在各方面都在遭受损失。如果他们不同意，可能会丢掉工作；如果他们同意，可能会丢掉生命，”他说道。

大多数船只在夜间关闭GPS设备穿过霍尔木兹海峡，而美国海军则部署了防空系统。分析机构Windward估计，10月4日有13艘船只穿过该海峡。其数据显示，第三季度有2%的船只被击中。

在冲突发生前，每天约有135艘船只穿过该海峡，承载着全球约五分之一的石油和液化天然气供应。航运危机见第9页，马丁·沃尔夫见第23页。

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📄 Original Section

'If they won't agree, they may lose their job. If they agree, they may lose their life'

mercenaries", said one of the people, reflecting the danger of the voyage.

Ships traversing the waterway are facing one of the heaviest periods of assaults since the US and Israeli attacks on Iran triggered the war in February. At least 14 attacks have taken place since September 20, according to maritime security company Vanguard, including four vessels struck since Saturday.

Overall, at least 93 ships have been hit since February 28, and 24 sailors have been killed, according to the International Maritime Organization.

Scott Bergeron, executive director of cargo shipping company Oldendorff Carriers, told a UK shipping conference yesterday: "The reality is that these ships and our seafarers are targets . . . It's shameful but it is also a new reality."

But high prices paid for the crude that makes it out of the strait, and the risks associated with being unable to ship oil produced in the Gulf, mean that producers in the region are prepared to pay elevated rates for transit. Freight rates for cargoes being carried through the waterway reached a record of \$1.3mn per day this week, compared with about \$20,000 to \$50,000 per day last year.

Sailing into the Gulf, loading and leaving typically takes four days. Only a handful of ships are willing to make the voyage, shuttling oil to other tankers waiting off Fujairah in the Gulf of Oman, which take it on to its final destination.

A typical supertanker carries around 2mn barrels of oil and has a crew of up to 35, headed by the captain.

Manoj Yadav, secretary-general of the

Forward Seamen's Union of India, said owners were either offering huge pay packets or, in some cases, pressing unwilling crew to sail. "Seafarers are losing from everywhere. If they won't agree, they may lose their job. If they agree, they may lose their life," he said.

Most ships travel through Hormuz at night with their GPS equipment off, while the US Navy has deployed air defences. Analyst Windward estimated 13 vessels travelled through the strait on October 4. Its figures show 2 per cent of ships in the third quarter were hit.

Before the conflict, about 135 vessels sailed through the strait each day carrying around a fifth of the world's supply of oil and liquid natural gas. Shipping crisis warning page 9 Martin Wolf page 23

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简报

🌐 对照英文

▶ 贷款机构 Erebor 自2月以来吸纳存款70亿美元

帕尔默·拉基（Palmer Luckey）这家面向早期科技企业的银行在启动后的八个月内，存款额已激增至70亿美元以上，该初创公司旨在填补2023年硅谷银行（Silicon Valley Bank）崩溃后留下的空白。—— 第8页

与以色列人的裂痕加深

两名知情人士表示，如果本雅明·内塔尼亚胡（Benjamin Netanyahu）的部长们推进关闭英国驻耶路撒冷领事馆的计划，英国准备将部分以色列外交官从伦敦驱逐。—— 第2页

保守党争取年轻选民

保守党誓言，如果赢得选举，将把21至24岁员工的雇主国民保险费减半，以期增强对年轻人的吸引力。—— 报道及“KEMISTRY”，第3页

▶ Asos 评估黑客攻击损失

这家在线时尚零售商正在调查一起疑似网络攻击事件，此前黑客劫持了其应用程序，声称发生了数据泄露并威胁该公司。其股价下跌近10%。—— 第11页

▶ 都柏林提供减税方案

爱尔兰公布了一项包含大量减税措施的预算，旨在直接帮助工人应对由伊朗战争引发的能源和生活成本冲击所带来的“剧烈压力”。—— 第4页

▶ 排除出售 Condé Nast 的可能性

纽豪斯（Newhouse）家族拒绝了出售该出版商的想法，在罗杰·林奇（Roger Lynch）突然离职并开始寻找新首席执行官之际，该家族否认了关于其所有权的猜测。—— 第8页

▶ 勒庞安抚市场

法国极右翼领导人玛丽娜·勒庞（Marine Le Pen）承诺，如果明年春天当选总统，将大幅削减开支并限制未来的借款，以期增强其经济信誉。—— 第4页

律师追踪 AI “叛逆者”

保险公司正准备应对由叛逆 AI 代理引发的大量索赔，人们担心像 OpenAI^💡 的萨姆·奥特曼（Sam Altman）这样的领导者可能会为其模型的行为承担责任。—— 报道与分析，第10页

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Briefing

▶ Lender Erebor reaps \$7bn in deposits since February

Palmer Luckey's bank for early-stage tech businesses has surged past \$7bn in deposits since it was launched eight months ago as the start-up seeks to fill the void left by the collapse of Silicon Valley Bank in 2023.— PAGE 8

Rift with Israelis deepens

The UK is prepared to expel some Israeli diplomats from London if Benjamin Netanyahu's ministers move ahead with plans to close the British consulate in Jerusalem, two informed people have said.—PAGE 2

Tories court young voters The Conservative Party has vowed to halve employers' national insurance for workers aged 21 to 24 if it wins the election in a bid to bolster its appeal to younger people. — REPORT & 'KEMISTRY', PAGE 3

▶ Asos gauges hack damage

The online fashion retailer is investigating a suspected cyber attack after hackers hijacked its app to claim a data breach and threaten the company. Its shares fell nearly 10 per cent. — PAGE 11

▶ Dublin proffers tax cuts

Ireland has unveiled a budget stuffed with tax reductions aimed squarely at helping workers weather “acute pressure” from the energy and cost-of-living shock driven by the Iran war.— PAGE 4

▶ Condé Nast sale ruled out

The Newhouse family has rejected the idea of selling the publisher, dismissing speculation over its ownership as it begins its search for a new chief following Roger Lynch's abrupt departure.— PAGE 8

▶ Le Pen soothes markets

French far-right leader Marine Le Pen has promised to cut spending drastically and cap future borrowing if elected president next spring, in a bid to bolster her economic credentials.— PAGE 4

Lawyers trail AI 'rogues'

Insurers are braced for vast claims stemming from rogue AI agents, with fears that leaders such as OpenAI's Sam Altman might be held liable for the actions of their models. — REPORT & ANALYSIS, PAGE 10

德国前情报首脑因叛国罪被捕，为冷战以来最大泄密事件

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📄 Original Section

German former spy master arrested for treason in biggest breach since cold war

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印度高铁计划让乘客陷入等待

🌐 对照英文

一项延期的铁路项目引发了新德里与受聘将高铁引入印度的日本合作伙伴之间激烈的争端。全长508公里的孟买-艾哈迈达巴德线路最初被构想为总理纳伦德拉·莫迪现代化铁路网络的努力之一，而该网络大部分是在英国殖民统治时期建立的。但由于延期、成本激增以及在是否纳入欧洲——以及至关重要的印度——技术方面的冲突，该计划被推迟了十年。

火车紧张局势 ▶ 第7页

萨姆·琼斯 (SAM JONES) —— 柏林

德国前对外情报机构负责人因涉嫌叛国被捕，检察官认为这可能是自冷战以来最大的国家安全泄密事件。

奥古斯特·汉宁 (August Hanning) 被指控在过去16年里，非法获取了来自德国情报部门最高层的数千份机密文件，并将其中至少部分信息出售给了一个外国势力。

熟悉此次调查的官员表示，俄罗斯并非调查对象。

根据联邦检察官的命令，德国警方于昨日上午在靠近荷兰边境的施泰因富特县 (Steinfurt county) 的家中将汉宁拘留。

这位80岁的老人从1998年到2005年担任联邦情报局 (BND) 局长。从2005年到2009年，他是德国内政部最高级别的文职官员。

一名被警方称为“曼弗雷德·D” (Manfred D) 的现任 BND 高级官员也因涉嫌协助叛国而被拘留。曼弗雷德·D 在汉宁担任 局长期间担任其幕僚长，随后跟随他进入内政部工作。

在汉宁退休后，曼弗雷德·D 从2012年起连续为三任 局长担任幕僚长，直到今年离开该机构——这一职位使他能够接触到该机构最高层的敏感决策和机密材料。

联邦检察官表示：“据信，两名嫌疑人在2010年春季达成协议，由曼弗雷德·D 将联邦情报局的价值情报持续传输给汉宁，以换取报酬。汉宁则在提供私人咨询服务的过程中利用上述信息获利。”

此次泄露的情报材料级别——由 BND 为德国总理准备的机密卷宗——将在 BND 全球合作伙伴中引发紧迫的质疑。

作为欧洲最大的情报机构， BND 接收来自美国中央情报局 (CIA)、英国军情六处 (MI6) 和法国对外安全局 (DGSE) 的高度机密信息。此类信息的共享取决于对其不会被泄露的绝对信任。

据检察官称，汉宁至少有一次利用 机密文件中的信息，为“一名外国情报机构官员”起草了一份简报。他们表示，目前尚不清楚在汉宁 possession 中发现的这份简报是否曾发送给该机构。

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📄 Original Section

Indian bullet train scheme leaves passengers waiting

A delayed rail project has triggered an acrimonious dispute between New Delhi and the Japanese partners enlisted to bring high-speed trains to India. The 508km Mumbai-Ahmedabad line was conceived as part of premier Narendra Modi's efforts to modernise a network largely built under British rule. But delays, swelling costs and clashes over whether to incorporate European — and, crucially, Indian — technology have set the scheme back a decade.

Train tensions ▶ PAGE 7

SAM JONES — BERLIN

Germany's former foreign intelligence chief has been arrested on suspicion of treason in what prosecutors believe could be the biggest national security breach since the cold war.

August Hanning is accused of having spent the past 16 years illegally acquiring thousands of classified documents from the very top of German intelligence and selling at least some information from them to a foreign power.

Officials familiar with the probe said Russia was not part of the investigation.

Hanning was taken into custody by German police from his home in Steinfurt county, near the Dutch border, yesterday morning, under orders from the federal prosecutor.

The 80-year-old served as head of the Bundesnachrichtendienst (BND) from

1998 to 2005. From 2005 to 2009 he was the most senior civil servant in Germany's interior ministry.

A serving senior BND official named by police as “Manfred D” was also taken into custody on suspicion of aiding in treason. Manfred D served as Hanning’s chief of staff during his tenure as BND head and followed him to work at the interior ministry.

After Hanning's retirement, Manfred D worked as chief of staff for three successive BND chiefs from 2012 onwards until he left the agency this year — a position that gave him access to sensitive decision-making and classified materials at the very top of the agency.

“Both suspects are believed to have agreed, in the spring of 2010, to have Manfred D continuously transmit valuable intelligence from the Federal Intelligence Service to Hanning in exchange for remuneration," the federal prosecutor said. "Hanning was to capitalise on said information in the context of his private consulting services."

The grade of intelligence materials involved in the leak – classified dossiers prepared by the BND for the German chancellor – will raise urgent questions among the BND's partners worldwide.

As Europe's biggest intelligence service, the BND is a recipient of highly classified information from the CIA, MI6 and France's DGSE. The sharing of such information is dependent on total confidence it will not be leaked.

According to prosecutors, on at least one occasion Hanning used information from classified BND files to draft a briefing for “an officer of a foreign intelligence service”. It was unclear if the briefing, found in Hanning’s possession, was ever sent to that service, they said.

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< / > 10月06日< / > 前值< / > %涨跌< / >< / > WTI原油< / > 88.72< / > 89.43< / > -0.79< / >< / > 布伦特原油 $< / > 99.15< / > 101.57< / > -2.38< / >< / > 黄金 $< / > 4164.00< / > 4134.80< / > 0.71< / > |

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收益率 (%)< / > 10月06日< / > 前值< / > 变动< / >< / > 美国 2 Yr< / > 4.76< / > 4.81< / > -0.05< / >< / > 美国 10 Yr< / > 5.27< / > 5.33< / > -0.06< / >< / > 美国 30 < / > 5.64< / > 5.69< / > -0.05< / >< / > 英国 2 < / > 4.67< / > 4.68< / > -0.01< / >< / > 英国 10 < / > 5.32< / > 5.35< / > -0.03< / >< / > 英国 30 < / > 5.92< / > 5.94< / > -0.02< / >< / > 日本 2 < / > 1.86< / > 1.85< / > 0.01< / >< / > 日本 10 < / > 3.05< / > 3.06< / > -0.01< / >< / > 日本 30 < / > 4.18< / > 4.19< / > -0.01< / >< / > 德国 2 < / > 3.08< / > 3.05< / > 0.03< / >< / > 德国 10 < / > 3.48< / > 3.49< / > -0.01< / >< / > 德国 30 < / > 3.85< / > 3.86< / > -0.01< / > |

价格为本版最新数据。数据由ICE提供。www.ice.com

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国内新闻

外交紧张局势

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📄 Original Section

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© THE FINANCIAL TIMES LTD 2026

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STOCK MARKETS | Oct 06 | Prev | %chg. | S&P 500 | 7828.84 | 7773.95 | 0.71 | Nasdaq Composite | 27703.79 | 27477.31 | 0.82 | Dow Jones Ind | 51544.23 | 51267.90 | 0.54 | Euro Stoxx 50 | 6272.23 | 6242.14 | 0.48 | FTSEurofirst 300 | 2542.60 | 2531.01 | 0.46 | FTSE 100 | 10541.69 | 10497.94 | 0.42 | FTSE All-Share | 5689.19 | 5665.80 | 0.41 | CAC 40 | 7865.07 | 7834.10 | 0.40 | Xetra Dax | 25449.19 | 25254.21 | 0.77 | Nikkei | 70683.98 | 69946.86 | 1.05 | Hang Seng | 24280.56 | 24040.34 | 1.00 | MSCI World | 4960.50 | 4936.00 | 0.50 | MSCI EM | 1760.90 | 1728.10 | 1.90 | MSCI ACWI | 1148.10 | 1141.60 | 0.57 | World Markets

CURRENCIES | Pair | Oct 06 | Prev | Pair | Oct 06 | Prev | $/€ | 1.126 | 1.121 | €/$ | 0.888 | 0.892 | $/£ | 1.328 | 1.321 | £/$ | 0.753 | 0.757 | £/€ | 0.848 | 0.849 | €/£ | 1.180 | 1.179 | ¥/$ | 158.070 | 158.075 | ¥/€ | 177.931 | 177.242 | ¥/£ | 209.877 | 208.880 | £ Index | 85.249 | 85.16 | Sfr/€ | 0.936 | 0.933 | Sfr/£ | 1.104 | 1.099 | CRYPTO | Oct 06 | Prev | %chg | Bitcoin | 85712.41 | 85235.30 | 0.56 | Ethereum | 2700.83 | 2695.20 | 0.21 | Oct 06 | Prev | %chg | Oil WTI | 88.72 | 89.43 | -0.79 | Oil Brent $ | 99.15 | 101.57 | -2.38 | Gold $ | 4164.00 | 4134.80 | 0.71 | GOVERNMENT BONDS | Yield (%) | Oct 06 | Prev | Chg | US 2 Yr | 4.76 | 4.81 | -0.05 | US 10 Yr | 5.27 | 5.33 | -0.06 | US 30 Yr | 5.64 | 5.69 | -0.05 | UK 2 Yr | 4.67 | 4.68 | -0.01 | UK 10 Yr | 5.32 | 5.35 | -0.03 | UK 30 Yr | 5.92 | 5.94 | -0.02 | JPN 2 Yr | 1.86 | 1.85 | 0.01 | JPN 10 Yr | 3.05 | 3.06 | -0.01 | JPN 30 Yr | 4.18 | 4.19 | -0.01 | GER 2 Yr | 3.08 | 3.05 | 0.03 | GER 10 Yr | 3.48 | 3.49 | -0.01 | GER 30 Yr | 3.85 | 3.86 | -0.01 | Prices are latest for edition Data provided by ICE. www.ice.com

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NATIONAL

Diplomatic tensions

以色列外交使节面临被驱逐威胁

🌐 对照英文

此举正值内塔尼亚胡准备关闭英国驻东耶路撒冷领事馆之际

NERI ZILBER —— 特拉维夫

LUCY FISHER —— 伯明翰

如果本杰明·内塔尼亚胡政府明天继续推进关闭英国驻耶路撒冷领事馆的计划，英国准备将部分以色列外交官从伦敦驱逐出境。

国家安全顾问乔纳森·鲍威尔上周前往以色列进行谈判，试图就该问题达成妥协。据几位知情人士透露，由于关闭领事馆的截止日期临近，这些努力并未取得成功。

一名知情人士表示：“关于领事馆问题，目前仍有持续的谈判和达成某种协议的空间，但到目前为止尚未达成任何一致，且在[明天]之前看来可能性不大。以色列政府正处于竞选活动中，这个问题在其右翼选民基础中很受欢迎。”

两名知情人士表示，如果以色列继续采取关闭领事馆的行动，伦敦可能会等到10月27日选举结束后才执行报复性威胁，或者根本不执行。

关于驱逐以色列驻伦敦外交官的威胁最早由以色列新闻网站 Ynet 报道，尽管几位知情人士表示，关于有超过两打人将被驱逐的说法并不准确。

另一名知情人士表示，英国官员认为“谈判取得了进展”，并推测向媒体泄露消息是内塔尼亚胡政府内部某些势力试图破坏任何可能达成的协议。

以色列外交部拒绝置评。一名以色列官员表示：“我们没有理由就其他国家未来可能做出的决定而应对猜测。”

“我们已经证明，任何针对以色列的步骤都将得到适当的回应，未来也将如此。”

上个月，在伦敦宣布禁止进口与被占领的约旦河西岸以色列定居点相关的商品和部分服务后，英以关系恶化。

外交大臣埃德·米利班在议会宣布这些措施时表示，对于西岸的定居者暴力、定居点建设以及经过数年战争后加沙地带的人道主义灾难，他感到“深深的羞愧”。

这些举措引发了以色列激烈的外交反应，其政府立即宣布打算关闭英国驻东耶路撒冷领事馆。该使团成立于近200年前，主要为巴勒斯坦人服务。

以色列采取的进一步措施包括驱逐两组英国官员出离拉姆安拉以及由美国领导的战后加沙协调中心，并禁止12名英国国会议员进入以色列。

米利班对以色列的措施表示“遗憾”，但补充道：“我对我们的所作所为感到自豪，这是正确的事情。”上周他重申，英国不希望领事馆关闭，并补充说“这是一个我们一直在进行的对话”。外交、联邦和发展事务部拒绝置评。

霍尔本和圣潘克拉斯。民意调查

📄 Original Section

Israeli envoys face expulsion threat

Move comes as Netanyahu prepares to close British consulate in East Jerusalem

NERI ZILBER — TEL AVIV

LUCY FISHER — BIRMINGHAM

The UK is prepared to expel some Israeli diplomats from London if Benjamin Netanyahu's administration moves ahead tomorrow with plans to close the British consulate in Jerusalem.

National security adviser Jonathan Powell travelled to Israel for talks last week in a bid to reach a compromise on the issue. Those efforts did not succeed, according to several people familiar with the matter, with the deadline for closing the consulate looming.

"There are ongoing talks and space for some kind of deal regarding the consulate but so far nothing has been agreed and it's looking unlikely ahead of [tomorrow]," said a person familiar with the matter. "The Israeli government is in an election campaign and the issue plays well in its rightwing base."

Two of the people familiar with the matter said that if Israel went ahead with the move to close the consulate, London would probably wait until after the October 27 election to make good on the retaliatory threats, if at all.

The threat to expel Israeli diplomats from London was first reported by

Israeli news site Ynet, although several of the people familiar with the matter said it was not accurate that more than two dozen were set for expulsion.

A second person familiar with the matter said UK officials believed there had been “progress in the talks” and speculated that the leaks to the media were a bid by elements within Netanyahu’s government to scupper any possible agreement.

The Israeli foreign ministry declined to comment. “There is no reason for us to address speculations regarding decisions that other countries might make in the future,” said an Israeli official.

"We have already proven that any step against Israel will be answered in the appropriate fashion, and this will be the case in the future as well."

UK-Israel ties deteriorated last month after London announced an import ban on goods and some services linked to Israeli settlements in the occupied West Bank.

Announcing the measures in parliament, foreign secretary Ed Miliband said he felt a “deep sense of shame” about settler violence and settlement construction in the West Bank and the humanitarian catastrophe in Gaza after several years of war.

The moves triggered a fierce diplomatic response from Israel, with its government immediately announcing its intention to close the UK consulate in

East Jerusalem, a mission opened almost 200 years ago which primarily serves Palestinians.

Additional steps taken by Israel included the expulsion of two teams of British officials from Ramallah and the US-led co-ordination centre for postwar Gaza, as well as banning a dozen British MPs from entering Israel.

Miliband has expressed “regret” over the Israeli measures but added: “I’m proud of what we did and it was the right thing to do.” Last week he reiterated that Britain did not want the consulate to close, adding that it was “a conversation we continue to have”. The Foreign, Commonwealth and Development Office declined to comment.

Holborn and St Pancras. Polling

绿党准备迎接艰巨的补选之战

🌐 对照英文

自波兰斯基宣布该党准备夺取席位以来，民意已发生转变

作者：DAVID SHEPPARD 和 JIM PICKARD

上个月，扎克·波兰斯基（Zack Polanski）在启动针对伦敦北部前基尔·斯塔默（Sir Keir Starmer）所在的霍尔本和圣潘克拉斯（Holborn and St Pancras）选区的竞选活动时，坚称绿党已经准备好夺取劳工党最稳固的席位之一。

“我们知道我们能在这里获胜，”这位绿党领袖在争取下议院席位的竞选之初如此说道。

一个月后，波兰斯基的语气显得不再那么自信。博彩公司认为他在明天补选中的获胜概率低于 12%，并且已经大幅降低了劳工党的赔率，使其隐含的获胜概率达到了 95%。

在夏季民调下滑后，波兰斯基声称，即便输掉这场竞争也“绝不会”削弱他作为领导者的权威——尽管犹太领袖批评他的政党煽动了反犹主义。

周日，在布赖顿举行的绿党会议上，党内成员支持了一项极具争议的“犹太复国主义即种族主义”动议，尽管五名绿党议员中有四名对此表示反对。波兰斯基并未鼓励成员投票否决该动议，且本人也没有参与投票，而是提前离开会议前往伦敦竞选。

此后，两名绿党议员已辞职，一组劳工党议员已询问警方是否应调查该集会期间是否发生了反犹主义犯罪。以色列已禁止波兰斯基（他本人也是犹太人）进入该国。

一些党内高层指责波兰斯基未能制约绿党中最激进的活动人士，并担心新加入者对加沙战争的关注可能会掩盖该党的环保主张。

“现在的感觉是，这场补选将非常难以获胜，”一名绿党资深成员表示。“我认为如果扎克输了，短期内他的领导地位不会面临挑战，但我认为会有越来越多的人要求在战略和方向上进行重启。”

这与绿党在 2 月份的状态相去甚远。当时，汉娜·斯宾塞（Hannah Spencer）在大曼彻斯特的戈顿和登顿（Gorton and Denton）补选中获胜，成为该党的第五名议员，与此同时，绿党在民调中的支持率激增至近 20%——在斯塔默首相任期最低谷时，与劳工党的差距并不大。

此后，由于波兰斯基在选民中的受欢迎程度和可信度受到质疑，该党的民调支持率几乎减半，而劳工党在安迪·伯纳姆（Andy Burnham）的领导下则迎来了支持率的回升。

新任首相对以色列采取了更强硬的立场，而劳工党若能赢得一场压倒性胜利，将在 5 月选举中失去几个伦敦议会席位给绿党后，提升党内士气。但如果输给绿党，则可能削弱该党对于伯纳姆能够赢回左翼选民的信心。

在霍尔本和圣潘克拉斯这个总体进步但社会经济分化的选区，绿党活动人士依然乐观。他们认为，凭借当地的影响力，他们仍有潜力击败劳工党的候选人萨加尔·阿卜迪-瓦利（Sagal Abdi-Wali），后者是一名出生于索马里的难民且担任当地议员。

周一在该选区为绿党分发传单的法鲁克·哈伦（Faruk Haroon）表示，波兰斯基拥有的“知名度”相当惊人，而社会住房和高房租是选民在敲门走访中提出的主要话题。

哈伦表示，一些选民被“犹太复国主义即种族主义”动议对单一巴勒斯坦国家的支持所“鼓舞”，同时他也呼应了领导层的承诺，即不会歧视犹太成员。

“有些人平时并不参与政治，但现在会主动走向我们，想要拿传单，”哈伦说道，“一切仍有转机。”

工党官员们对此感到“乐观”，但并未“掉以轻心”，他们将自己的竞选活动描述为“仅传递正能量”，而非与对手纠缠。其中一人表示：“我们完全没有谈论绿党。我们预计在投票日当天，地面上会有大量支持者出现。”

在霍尔本和圣潘克拉斯选区，斯塔默在2024年赢得了近49%的选票，该选区的构成使得预测结果可能比博彩公司的赔率所暗示的更为困难。

“我认为如果扎克输了，短期内不会面临挑战，但我认为会有越来越多的呼声要求在战略上进行重启”

该选区始于伦敦中心地带，涵盖了国王十字车站南侧的学生宿舍，并延伸至肯蒂什镇等伦敦北部较富裕的地区。在2021年的人口普查中，该选区有略高于五分之一的人口表示自己是穆斯林，约三分之一的人认同基督教，而犹太人占2%。社会住房和私人租赁的比例远高于全国平均水平，分别为43%和32%。

在绿党会议上，波兰斯基承诺，如果该党能在全国范围内赢得权力，将实施租金上限。

在该选区工作的环境顾问马克·谢勒表示，他“一生”都在工党和绿党之间摇摆，但现在正倾向于回归工党。

“在会议之后，局面变得混乱不堪，他 [波兰斯基] 冒犯的人比他争取到的人还要多，”谢勒说，“这次补选是时代的一个标志——这是一场民粹主义的补选，这让我感到担忧，因为这是政治发展的错误方向。”

涉嫌恐怖主义

📄 Original Section

Greens prepare for uphill by-election battle

Opinions have shifted since Polanski's declaration that the party was ready to seize seat

DAVID SHEPPARD AND JIM PICKARD

On launching his campaign for Sir Keir Starmer's former Holborn and St Pancras constituency in north London last month, Zack Polanski was adamant that the Green Party was ready to seize one of Labour's safest seats.

“We know we can win here,” said the leader of the Greens, at the start of his bid to win a House of Commons place.

A month on and Polanski sounds less sure. Bookmakers give him a less than 12 per cent shot of winning tomorrow's by-election, and have lowered the odds on Labour so far that its implied probability of victory has reached 95 per cent.

After sliding in opinion polls over the summer, Polanski has claimed that losing the contest would not undermine his authority as leader “whatsoever” — despite criticism by Jewish leaders that his party has stoked antisemitism.

A divisive “Zionism is Racism” motion was backed by party members on Sunday at the Greens’ conference in Brighton, even as four of the five Green MPs opposed it. Polanski stopped short of encouraging members to vote the motion down and did not vote on it himself, leaving the conference early to campaign in London.

Two Green councillors have since resigned and a group of Labour MPs has asked police if they should investigate whether antisemitic offences were committed at the gathering. Israel has barred Polanski, who is himself Jewish, from ever visiting the country.

Some senior party figures accuse Polanski of failing to take on the Greens' most radical activists and fear that the newcomers' focus on the war in Gaza risks overshadowing the party's environmental message.

"The feeling is the by-election is going to be very hard to win now," said one senior Green member. "I don't think Zack will face any challenge to his leadership in the short term if he loses, but I do think there will be growing calls for a reset on strategy and direction."

It is a long way from where the Green Party was in February. A victory in the Gorton and Denton by-election in

Green Party leader Zack Polanski speaks at the party's conference. Below, Labour by-election candidate Sagal Abdi-Wali Charlie Bibby/FT

Greater Manchester for Hannah Spencer, making her the party's fifth MP, came as the Greens surged to almost 20 per cent in opinion polls – not far behind Labour at the nadir of Starmer's premiership.

Its polling has almost halved since, amid questions over Polanski's popularity and trustworthiness with voters, while Labour has enjoyed a bounce in support under Andy Burnham.

The new prime minister has taken a tougher stance towards Israel and a resounding win for Labour would raise party morale after it lost several

London councils to the Greens in May elections. But a loss to the Greens would risk undermining the party's belief that Burnham can win back leftwing voters.

Green activists in Holborn and St Pancras, a broadly progressive but socioeconomically divided con-

but socioeconomically divided constituency, remain buoyant. They believe their local muscle retains the potential to beat Labour's candidate, Sagal Abdi-Wali, a Somalia-born refugee and local councillor.

Faruk Haroon, who was leafleting for the Greens in the seat on Monday, said the “name recognition” Polanski had was “pretty amazing” and social housing and high rents were the main topics raised on doorsteps.

Some voters had been “lifted” by the “Zionism is Racism” motion’s backing for a single Palestinian state, Haroon said, while echoing the leadership’s pledge that it would not discriminate against Jewish members.

"You have got people who aren't ordinarily engaged in politics coming up to us, wanting to actually take leaflets," Haroon said. "It is all to play for."

Labour officials were “upbeat” but taking “nothing for granted”, describing their campaign as “positive vibes only” rather than engaging rivals. “We haven’t spoken about the Green Party at all,” one said. “We are expecting a significant presence on the ground on polling day.”

The make-up of Holborn and St Pancras, where Starmer won nearly 49 per cent of the vote in 2024, arguably makes it more difficult to call than the bookmaker odds suggest.

'I don't think Zack will face a challenge in the short term if he loses, but I do think there will be growing calls for a reset on strategy'

Starting in central London, and capturing student accommodation south of King's Cross station, it stretches into wealthier north London areas such as Kentish Town. Just over a fifth of the constituency's population said they were Muslim at the 2021 census, with about a third identifying as Christian, while Jews make up 2 per cent. Social housing and private rentals are far higher than the national average at 43 per cent and 32 per cent respectively.

At the Green conference, Polanski promised a rent cap if the party ever won power nationally.

Mark Shayler, an environmental consultant who works in the constituency, said he had flipped between Labour and the Greens “all of my life” but was leaning back towards Labour.

"On the back of the conference, it is a mess and a pickle, and he [Polanski] is offending more people than he is bringing with him," Shayler said. "It is a bye-election that is a sign of the times — it is a by-election of populism, and that worries me because it is the wrong way for politics to go."

Suspected terrorism

警方就空军基地事件逮捕第七名男子

🌐 对照英文

查尔斯·克洛弗 (CHARLES CLOVER) 和 RAF 罗伯特·赖特 (ROBERT WRIGHT)

一名 22 岁的英国男子昨日被捕，涉嫌准备恐怖袭击，该事件与上月涉嫌企图袭击费尔福德皇家空军基地 (RAF Fairford) 的行动有关。

这是与该格洛斯特郡空军基地事件相关的第七次逮捕。此前，六名二十多岁的英国男子因涉嫌恐怖主义被拘留，随后被保释释放。

警方表示，他们是在伦敦威斯敏斯特市进行了此次逮捕，并搜查了该区的一处房产。

“这仍是一项正在进行的调查，我们的专家团队继续就费尔福德皇家空军基地附近事件的相关情况开展多条线索的调查，”英国反恐怖主义警察局 (Counter Terrorism Policing) 高级国家协调员维基·埃文斯 (Vicki Evans) 表示。“我们正在全天候快速行动，以查明格洛斯特郡事件背后的动机。我们致力于调查所有可能的角度。”

美国在周末从费尔福德皇家空军基地撤走了 12 架 B-1 轰炸机。官员昨日表示，此举是由于收到关于该设施可能遭到伊朗无人机袭击的警告。官员补充说，华盛顿认为潜在的阴谋可能涉及向该空军基地发射短程武器化无人机。

费尔福德皇家空军基地是美国至关重要的军事设施，美军曾以此为起点对伊朗发动轰炸袭击。

关于上月事件的细节——当时警方逮捕了一组在空军基地附近行为可疑的男子——在很大程度上仍不清楚，官员们提供的说法有限且有时相互矛盾。

美国总统唐纳德·特朗普周一表示，在空军基地受到“一些威胁”后，五角大楼将其轰炸机从费尔福德皇家空军基地撤离。

然而，美国国务卿马可·鲁比奥淡化了飞机撤离与基地所受威胁之间的任何联系。他表示：“战争部一直在不断地将资源重新部署到需要的地方。我们记录了上周发生的情况，但我不会将其与此次调动直接挂钩。”

美国在费尔福德皇家空军基地驻有数百名人员。伊朗已将该空军基地列为“我方部队的合法目标”。

此次涉嫌袭击格洛斯特郡基地的计划，与 2025 年 6 月乌克兰对俄罗斯战略轰炸机机群发起的名为“蛛网行动” (Operation Spiderweb) 的袭击有相似之处。在那次事件中，乌克兰小队使用携带爆炸物的无人机摧毁了地面上近 12 架飞机。

首相安迪·伯纳姆 (Andy Burnham) 表示，有“强有力迹象”表明伊朗参与了费尔福德附近的事件。德黑兰方面否认参与。唐宁街昨日表示该基地是安全的。“我们不会对外国的军事行动发表评论。”

对空军基地的无人机袭击将标志着伊朗相关活动在英国模式的重大转变。警方和安全部队近年来调查了数十起伊朗策划的阴谋。其中包括多起纵火事件，例如 4 月份伦敦西北部肯顿的一座犹太会堂遭到纵火轰炸。

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Police arrest seventh man over air base incident

CHARLES CLOVER AND ROBERT WRIGHT

A 22-year-old British man was arrested yesterday on suspicion of preparation of terrorist acts in relation to the alleged attempt to attack RAF Fairfield last month.

The arrest is the seventh relating to the incident at the Gloucestershire air base. Six British men in their twenties had previously been detained on suspicion of terrorism and were later released on bail.

Police said they made the latest arrest in Westminster, London, and searched a property in the borough.

“This remains a live investigation and our specialist teams continue to pursue multiple lines of inquiry into the circumstances surrounding events near RAF Fairford,” Vicki Evans, senior national co-ordinator for Counter Terrorism Policing, said. “We are working around the clock, and at pace, to identify the motivation behind events in Gloucestershire. We remain committed to investigating all possible angles.”

The US withdrew 12 B-1 bombers from RAF Fairford over the weekend. Officials said yesterday that the move had been prompted by warnings about a possible Iranian drone attack on the facility. Washington believed the potential plot could have involved short-range weaponised drones launched at the air base, the officials added.

RAF Fairford is a vital US military installation from which it has launched bombing raids against Iran.

The details of last month's incident, in which police arrested a group of men who had been behaving suspiciously near the air base, remain largely unclear, with officials offering limited and at times contradictory accounts.

US President Donald Trump said on Monday that the Pentagon pulled its bombers from RAF Fairfield after “some threats” were made to the air base.

However, Marco Rubio, US secretary of state, played down any link between the withdrawal of the planes and perceived threats to the base. “The Department of War is constantly relocating resources where they need to be,” he said. “We’ve documented what happened last week, I wouldn’t directly tie that to the move that was made.”

The US keeps hundreds of personnel at RAF Fairfield. Iran has listed the air base as a “legitimate target for our forces”.

The suspected plan to strike the Gloucestershire base has echoes of the Ukrainian attack on Russia's strategic bomber fleet known as “Operation Spiderweb” in June 2025. In that incident, Ukrainian teams destroyed almost a dozen aircraft on the ground with explosive -laden drones.

Andy Burnham, prime minister, has said there were “strong indications” that Iran was involved in the incident near Fairford. Tehran has denied any role. Downing Street yesterday said the base was safe. “We are not going to comment on foreign nations’ military operations.”

A drone attack on an air base would mark a significant departure from the pattern of Iran-linked activity in the UK. Police and security forces have investigated scores of Iranian plots in recent years. They have included several arson incidents, such as the fire-bombing of a synagogue at Kenton in north-west London in April.

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西米德兰兹郡市长敦促放宽电动汽车目标

🌐 对照英文

吉姆·皮克德 (JIM PICKARD) —— 伯明翰

稻垣佳奈 (KANA INAGAKI) —— 伦敦

西米德兰兹郡的工党市长表示，英国的电动汽车销售目标应当降低，以防止对汽车制造商及其供应商造成损害。

理查德·帕克 (Richard Parker) 告诉《金融时报》，他已致信财政大臣约翰·希利 (John Healey)，敦促其通过尽可能放宽零排放车辆 (ZEV) 强制指令来保护汽车工业。该指令要求到本十年末，所有新售车辆中全电动汽车的比例必须达到 80%。

他表示：“市场对电动汽车并没有那么大的需求，而将如此沉重的负担强加给对我们区域经济至关重要的汽车工业……将是一个他们很难承受的负担。”

政府已启动一项磋商，旨在通过降低逐年递增的全电动目标，让驾驶者在购买混合动力车型时拥有更大的自由。拟议的十年末目标可调整为 50%、60% 或 70%。

混合动力汽车将占据剩余份额，而政府将坚持其在 2030 年前停止销售新型汽油和柴油车辆的承诺。

帕克声称，汽车工业及其供应商几乎一致支持 50% 的方案。

尽管在燃料价格上涨的推动下，电动汽车销量有所增加，但汽车制造商一直面临车辆利润率较低的问题，并面临来自中国竞争对手更实惠产品的激烈竞争。

由印度塔塔汽车 (Tata Motors) 拥有的捷豹路虎 (Jaguar Land Rover) 最近宣布将裁员 4,000 人，约占其全球员工总数的 10%；与此同时，面对在中国市场销量下滑以及美国关税提高的情况，阿斯顿·马丁 (Aston Martin) 也进行了重组。

市长表示，目前的强制指令有导致该行业“崩溃”的风险，需要紧急放宽。

捷豹路虎在米德兰兹地区雇佣了约 30,000 人，而在该地区的更广泛供应链中雇佣的人数则多得多。

他说道：“既然这个行业对我们这里的经济如此重要，我们为什么要选择做出会损害该行业的政策决定？”

他补充道：“如果你被要求生产没有市场的汽车，

（图注：一辆 Range Rover 电动汽车在西米德兰兹郡索利哈尔的生产线上。该车型预计将于今年晚些时候开始交付）

那么这很可能意味着所有或多种情况的结合……裁员、减少未来的工厂和生产投资以及减少研发支出，而这些因素的复合效应至关重要。”

部长们目前没有计划更改 2035 年这一截止时间点，届时混合动力车的销售将结束，之后将仅销售纯电动汽车。

零排放车辆 (ZEV) 强制指令对已经在路上的二手车没有影响。

日产 (Nissan) 欧洲区负责人马西米利亚诺·梅西纳 (Massimiliano Messina) 上个月呼吁大幅放宽该指令，称“40% 会更好，但 50% 对我们来说在财务上是有意义的”。

但也有人反对在此时放宽目标，因为在汽油价格上涨后，电动汽车已占据新车销售额的近 30%。

吉利旗下沃尔沃汽车 (Volvo Cars) 的首席执行官霍坎·塞缪尔松 (Håkan Samuelsson) 表示，考虑到“电动化的强劲势头”，现在“降低雄心”时机不对，并补充道：“这有点没必要……我不认为这会阻止消费者转向电动化。”

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Regional economy

保守党赞誉巴登诺克的“化学反应”，但民调数据揭示前路艰巨

🌐 对照英文

党内战略制定者旨在通过“削减福利开支以资助减税”的核心主张赢回选民

乔治·帕克 (GEORGE PARKER) 与 RAF 克里斯·史密斯 (CHRIS SMYTH) —— 伯明翰

周日，在伯明翰举行的一场气氛出奇高昂的保守党会议上，凯米·巴登诺克 (Kemi Badenoch) 显得信心十足：“当我们赢得下次选举时——而我们一定会赢——我们需要迅速进入状态。”

但在公开的乐观情绪背后，是保守党在选举上陷入困境且距离权力之座遥远的残酷现实。在民意调查中，该党支持率仅为 20%，排名第三——低于他们在 2024 年大选惨败时的 23.7%。

他们需要与奈杰尔·法拉奇 (Nigel Farage) 领导的右翼改革英国党（Reform UK）竞争，并赢回那些转向中间派自由民主党的温和保守党选民。正如一名影子内阁成员所言：“当你看到图表时，你会想：‘天哪，我们到底怎么才能赢得多数席位？’”

巴登诺克个人支持率的提升给保守党会议笼罩了一层氛围，另一名影子内阁成员将其称为“谨慎的乐观”。

但到目前为止，这位保守党党魁自称的“化学反应”（Kemistry）尚未能振兴她的政党，该党在上次选举中仅赢得了 121 个席位。该党需要至少增加 200 个席位才能在下议院赢得多数席位。

民调机构 YouGov 的迪兰·迪福德 (Dylan Difford) 本月表示：“保守党在今年的地方选举和权力下放选举中遭受了毁灭性损失，在今年四次议会补选中的两次失去了押金，且在投票意向民调中仍显著低于其 2024 年的得票率。”

巴登诺克政党面临的主要问题之一是，它似乎在两个完全不同的战线上作战，这带来了这样一种风险：针对一组选民的政策可能会疏远另一组目标群体。

另一名影子内阁成员表示，保守党应将目标锁定在 2024 年被自由民主党赢得的一大批席位上，这些席位主要分布在英格兰南部。自由民主党赢得了 72 个席位，很大程度上是以牺牲保守党为代价的。

“有 60 个自由民主党的席位通常应该是保守党的，”该成员说道，并举例提到亨利 (Henley)、埃舍 (Esher)、吉尔福德 (Guildford) 和汤布里奇韦尔斯 (Tunbridge Wells) 等典型的中产阶级地区。大多数保守党人认为，巴登诺克通往权力的道路必须经过这些选区。

党内战略制定者认为，要赢回这些席位，重点必须放在经济上，其核心主张是通过削减福利来资助降低税收。一名党内官员表示：“我们需要谈论经济，然后谈论经济，接着还是谈论经济。”

巴登诺克在参加会议前发布的一项重大声明是取消 10 万英镑 育儿税收门槛（childcare tax cliff edge），同时主张削减遗产税是“道义上正确的”，目前约 5% 的遗产需要缴纳该税项。

周一，影子财政大臣安德鲁·格里菲斯 (Andrew Griffith) 承诺取消工党政府计划对价值超过 £2mn 住宅征收的“豪宅税”，并宣布一项“愿望”，即改革税制，以取消在 10 万英镑 至 125,140 英镑 之间收入的 60% 边际税率。

保守党跌至第三位

英国议会投票意向 (%)

保守党流失选民离开的原因各异

以下哪个原因最能描述您不再打算投票给保守党的原因？（响应百分比）

线条代表加权移动平均值

来源：金融时报 (FT) 民调追踪器 • 最新民调：10月2日

巴登诺克的人气并未提升政党的民调平均值

\* 在回答“您认为凯米·巴德诺克（Kemi Badenoch）作为保守党党魁表现得好还是不好？”时，选择“相当好”或“非常好”的份额。

来源：YouGov；金融时报（FT）民调追踪器

来源：YouGov • 在2024年投票给保守党且目前不打算投票给保守党的779名英国人中所占百分比。未显示所有选项。

这些政策将在前保守党核心地带产生良好效果，但对于那些被改革英国党（Reform）抢走的工人阶级保守党选民来说，财务影响微乎其微；其中一些人可能会对巴德诺克提出的“百万富翁应享有免费育儿服务”的政策感到不满。

不可避免地，此次党代会聚焦于法拉奇（Farage）带来的风险，后者曾表示希望“摧毁”保守党。

虽然保守党战略家们一致认为经济是大问题，但巴德诺克发表了旨在吸引改革英国党倾向选民的强硬信息，但这可能会疏远更富裕的南部地区原有的“一国保守主义”选民。

这位保守党党魁已禁止支持2050年净零目标（由前保守党首相特蕾莎·梅通过立法确定）或支持由温斯顿·丘吉尔倡导的《欧洲人权公约》的潜在议员参选。

该党在移民问题上也采取强硬立场，并将撤销工党在即将举行的峰会上试图“重启”与欧盟关系的任何努力。脱欧依然是一项坚定不移的信念。

这些政策似乎都无法保证赢回那些在2024年转向自由民主党的温和派选民的支持，一些巴德诺克的盟友承认，该党应坚持其核心经济主张。

一名党内战略家表示：“如果你观察那些在2024年转向自由民主党的保守党选民，我们认为税收问题正开始赢回这些人。”

巴德诺克的副手亚历克斯·伯格哈特（Alex Burghart）认为，经济政策可以赢回这两类选民。他在周一的一次边会活动上表示：“经济主张实际上能够触及全国各地和各类人群，这也是保守党应该坚守的位置。”

巴德诺克已排除与法拉奇达成协议的可能性，但由于右翼选票的分裂，她通往唐宁街的路径难以预见。她的盟友们表达了一种惆怅的愿望，即“如果我们能在民调中持续领先改革英国党1或2个百分点”，那么法拉奇看起来就不会像是一个可行的替代首相人选，保守党随后就能获得动力。这仍然是该党在本次党代会上的目标。

巴德诺克在周日的一次边会会议上表示，该党的选举前景可能会比许多人想象的更早受到考验。在由保守党民调专家迈克尔·阿什克罗夫特勋爵（Lord Michael Ashcroft）主持的欢迎招待会上，她表示：“我确实认为安迪·伯纳姆（Andy Burnham）将会提前举行大选。”

在提到里希·苏纳克（Rishi Sunak）在2024年决定提前大选的失败决定时，她说道：“上一次大选时，我们让自己大吃一惊。我们不会再那样做了。我会为大选做好准备。”

阿什克罗夫特表示，公众似乎对巴德诺克产生了好感，但随后补充了一个令人痛苦的打击：“不幸的是，他们对保守党的看法需要更长的时间才能跟上。换句话说，选民喜欢她——但他们对你们其他人并不信服。”

保守党提案

📄 Original Section

West Midlands mayor urges relaxation of electric car targets

JIM PICKARD — BIRMINGHAM

KANA INAGAKI — LONDON

Britain's electric car sales targets should be watered down to prevent damage to carmakers and their suppliers, the Labour mayor of the West Midlands has said.

Richard Parker told the FT that he had written to chancellor John Healey to urge him to protect the automotive industry by relaxing as much as possible the zero-emission vehicle mandate requiring 80 per cent of all new cars sold to be all-electric by the end of the decade.

"There isn't that demand for electric vehicles and imposing such a burden on the car industry that is not just crucial to our regional economy . . . is a burden that they will find really difficult to bear," he said.

The government has launched a consultation on allowing motorists greater freedom to buy hybrid options by reducing the all-electric target, which climbs every year, to either 50 per cent, 60 per cent or 70 per cent by the end of the decade.

Hybrid vehicles would make up the remainder with the government sticking to its pledge to end the sale of new petrol and diesel vehicles by 2030.

Parker claimed that there was near-unanimous support from the car industry and its suppliers for the 50 per cent option.

Despite a rise in EV sales on the back of rising fuel prices, carmakers have struggled with lower margins on the vehicles and faced increased competition from Chinese rivals' more affordable offerings.

Jaguar Land Rover, which is owned by India's Tata Motors, recently announced that it would cut 4,000 jobs, or roughly

10 per cent of its global workforce, while Aston Martin has also carried out a restructuring in the face of flagging sales in China and higher US tariffs.

The mayor said the current mandate risked causing the industry to “fail” and needed to be relaxed, urgently.

JLR employs around 30,000 in the Midlands with far more in the wider supply chain in the region.

He said: “Why would we choose to take policy decisions that will damage our industry when it’s an industry that’s really important to our economy here?”

He added: "If you are expected to produce cars that there isn't a market for,

A Range Rover electric vehicle on the production line in Solihull in the West Midlands. Deliveries of the car are expected to begin later this year

then it is very likely to mean that all of, or a combination of ... job losses, reducing future investment in plant and production and reducing spend on R&D [and] the compound effect of those is important."

Ministers have no plans to change their cut-off point of 2035 when the sale of hybrids will end, after which only fully electric vehicles will be sold.

The ZEV mandate has no impact on second-hand vehicles already on the road.

Nissan's European boss, Massimiliano Messina, last month called for a significant watering down of the mandate, saying “40 per cent will be better [but] 50 per cent is something that, to us, makes sense financially”.

But others have pushed back against relaxing the targets at a time when nearly 30 per cent of new car sales are EVs following rising petrol prices.

Håkan Samuelsson, chief executive of Geely-owned Volvo Cars, said “bringing down the ambitions” now would be mistimed considering the “strong momentum into electrification”, adding: “It’s a bit unnecessary . . . I don’t think it will stop consumers going electric.”

NATIONAL

撕毁任何欧盟协议的计划引发食品行业担忧

🌐 对照英文

金融时报记者

食品生产商批评保守党提出的撕毁任何英国-欧盟协议以消除影响该行业的脱欧后贸易壁垒的方案，称其造成了“巨大的不确定性”。

影子财政大臣安德鲁·格里菲斯（Andrew Griffith）表示，该党将废除安迪·伯纳姆（Andy Burnham）领导的工党政府为自由化农产品贸易而达成的任何协议，理由是这将导致英国不得不遵循布鲁塞尔的规则。

保守党党魁凯米·巴德诺克（Kemi Badenoch）确认她将撕毁协议。她表示：“有农民告诉我，他们正在谈判的一些内容……将会成为问题。”

官方反对党的这一立场引起了食品和饮料行业的担忧，该行业担心自己可能会陷入每隔几年就被迫遵守不同监管体制的局面。

在布鲁塞尔，人们担心在政治局势如此动荡，且工党的主要竞争对手——保守党和改革英国党（Reform UK）持有强烈疑欧立场的情况下，与英国达成协议。

在脱欧十年后，欧盟要求在任何协议中加入一项“法拉奇条款”（Farage clause）。该条款将要求伦敦承诺，如果未来的英国政府退出协议，将支付补偿金以重建边境基础设施。据知情人士透露，伯纳姆政府已对此表示拒绝。

关于食品和饮料的协议是伯纳姆希望在下个月的布鲁塞尔峰会上与欧盟达成的协议之核心。首相将把该协议描述为有利于增长，并有望降低食品价格。

行业组织食品和饮料联合会（Food and Drink Federation）首席执行官凯伦·贝茨（Karen Betts）表示：“总体而言，行业支持与欧盟重新接轨，因为这将消除一定程度的摩擦和壁垒。”

“然而，政党正在给行业制造巨大的不确定性，如果规则不断变化，将产生巨大的干扰。如果我们必须遵守某些规则，然后规则再次改变，行业将感到非常吃亏。”

格里菲斯在保守党会议上明确表示，如果农产品协议如预期那样要求英国与欧盟规则“动态接轨”，他将撕毁该协议。他说：“我们都支持减少摩擦，但我们已经非常明确地表示，这是一个红线。成为布鲁塞尔的规则接受者就是红线。”

一名欧盟外交官表示，保守党的举动将“向布鲁塞尔和欧洲各国的许多人证实，现阶段考虑英国重新加入欧盟是没有意义的”，并补充道：“但这不会影响与英国政府进行建设性接触的意愿。”

工党表示：“保守党向企业传递的信息再清楚不过了：他们想要重新建立起这个工党政府正致力于拆除的壁垒，增加与我们最近邻居进行贸易的难度。”

作者：乔治·帕克（George Parker）、克里斯·史密斯（Chris Smyth）和艾希莉·阿姆斯特朗（Ashley Armstrong）发自伯明翰，玛德琳·斯皮德（Madeleine Speed）发自伦敦，安迪·邦兹（Andy Bounds）发自布鲁塞尔

预算政策

📄 Original Section

Tories hail Badenoch's ‘Kemistry’ but poll numbers show scale of task ahead

Party strategists aim to win back voters with core message of reducing welfare bill to fund tax cuts

GEORGE PARKER AND CHRIS SMYTH — BIRMINGHAM

Addressing a surprisingly upbeat Conservative conference in Birmingham on Sunday, Kemi Badenoch sounded confident: "When we win the next election, and we will, we are going to need to hit the ground running."

But behind the public optimism is the blunt reality that the Tories are on the ropes electorally and miles from power. The party is third in opinion polls on 20 per cent – below their 23.7 per cent in the 2024 general election catastrophe.

They need to take on Nigel Farage's rightwing Reform UK and win back soft Tories who have switched to the centrist Liberal Democrats. Or as one shadow cabinet member put it: "When you look at the charts, you think: 'Bloody hell, how on earth are we going to win a majority?"

An improvement in Badenoch's personal approval ratings has suffused the Tory conference in what another shadow cabinet member called a mood of "cautious optimism".

But so far the Tory leader's self-proclaimed “Kemistry” has failed to revive her party, which won just 121 seats at the last election. The party needs to gain at least 200 more to win a Commons majority.

As Dylan Difford of the pollster YouGov said this month: “The Tories suffered devastating losses in this year’s local and devolved elections, have lost their deposit in two of the four parliamentary by-elections this year, and remain significantly below their 2024 vote share in voting intention polls.”

One of the main problems facing Badenoch's party is that it is fighting on what appear to be two completely different fronts, with the risk that policies aimed at one group of voters will alienate a different target group.

Another shadow cabinet member said the Tories should be targeting a swath of seats won by the Liberal Democrats in 2024, largely in southern England. The Lib Dems won 72 seats, largely at the Conservatives' expense.

"There are 60 Lib Dem seats that would ordinarily be Tory," they said, citing solidly middle-class places such as Henley, Esher, Guildford and Tunbridge Wells. Most Tories believe that Badenoch's path to power must run through such constituencies.

Party strategists believe that to win back such seats the focus must be on the economy, with a core message of welfare cuts funding lower taxes. “We need to talk about the economy, then talk about the economy, then talk about the economy,” said one party official.

Badenoch's big announcement going into the conference was the removal of the £100,000 childcare tax cliff edge, along with assertions that it would be “morally right” to cut inheritance tax, paid by about 5 per cent of estates.

On Monday, Andrew Griffith, shadow chancellor, promised to scrap the Labour government's planned “mansion tax” on homes valued at more than £2mn and declared an “aspiration” to reform the tax system to end the 60 per cent marginal tax rate on earnings between £100,000 and £125,140.

Conservatives fall into third place

UK parliament voting intention (%)

Tory defectors differ on reason for leaving

Which of the following reasons best describe why you no longer intend to vote Conservative? (% responding)

Lines represent weighted moving averages

Source: FT poll tracker • Latest poll: Oct 2

Badenoch's popularity has not boosted party Polling averages

\* Share answering 'fairly well' or 'very well' to 'Do you think Kemi Badenoch is doing well or badly as leader of the Conservative party?'

Sources: YouGov; FT poll tracker

Source: YouGov • Per cent of 779 Britons who voted Conservative in 2024 and currently do not intend to vote Conservative. Not all options shown

These policies will play well in former Conservative heartlands but will have little financial impact on the working-class Tory voters the party lost to Reform, some of whom might have bridled at Badenoch's policy that millionaires should be entitled to free childcare.

Inevitably this party conference is focused on the risk posed by Farage, who has said he wants to “destroy” the Conservatives.

While Tory strategists agree that the economy is the big issue, Badenoch has struck tough messages aimed at Reform-minded voters but that risk alienating former “One Nation” Tory voters in the more-affluent south.

The Tory leader has banned aspiring MPs from standing as candidates if they support the 2050 net zero target – legislated for by former Conservative premier Theresa May – or if they endorse the European Convention on Human Rights, championed by Winston Churchill.

The party is also taking strong positions on migration and would reverse any efforts by Labour to “reset” relations with the EU at a forthcoming summit. Brexit remains an article of faith.

None of these policies seems guaranteed to win back the support of moderate voters who switched to the Lib Dems in 2024, and some Badenoch allies admit that the party should stick to its core economic message.

"If you look at the Tory voters who went to the Lib Dems in 2024, we think the tax issue is starting to win those people back," said one party strategist.

Alex Burghart, Badenoch's deputy, argued that economic policy could win back both sets of voters. "The economic message is one that actually reaches all over the country and in all sorts of demographics, and is the right place for the Conservative Party to be," he told a fringe event on Monday.

Badenoch has ruled out doing a deal with Farage but with the vote on the right split, her route to Downing Street is hard to discern. Her allies express the wistful wish that “if we could only be consistently ahead of Reform by 1 or 2 points” in the polls, then Farage would stop looking like a viable alternative prime minister and the Tories could then gain momentum. That remains the party’s goal at this conference.

Badenoch, speaking at a fringe meeting on Sunday, said the party's electoral prospects might be tested sooner than many think. "I do believe that Andy Burnham is going to call an early general election," she said at a welcoming reception hosted by the Tory pollster Lord Michael Ashcroft.

Referring to Rishi Sunak's ill-fated decision to call a snap poll in 2024, she said: "The last time we had a general election we managed to surprise ourselves. We are not doing that again. I am going to be ready for a general election."

Ashcroft said the public seemed to be warming to Badenoch but then added the painful kicker: “Unfortunately their view of the Conservative Party is taking a bit longer to catch up. In other words, voters like her — they are just not convinced about the rest of you.”

Conservative proposal

希利会谈后，银行对税收的担忧依然存在

🌐 对照英文

金融时报记者

约翰·希利（John Healey）昨日拒绝缓解银行高管们对其预算案中可能提高税收的担忧，他在告知该国最大规模的贷款机构时表示，他正面临一个“具有挑战性的财政局面”。

据知情人士透露，银行界人士利用这次在预算案出台前与财政大臣可能进行的最后一次会面，陈述了反对对该行业进行税收打击的理由。

知情人士补充称，包括巴克莱银行（Barclays）、汇丰银行（HSBC）、劳埃德银行（Lloyds）、国民西敏寺银行（NatWest）、Nationwide和桑坦德银行（Santander）在内的执行管理人员认为，增加银行税将损害增长议程，并导致伦敦与纽约等竞争金融中心之间的差距进一步扩大。

他们表示，希利在唐宁街11号的集会上告诉与会者，政府正面临“困难的财政局面”，但他尚未就税收做出任何决定。

财政大臣希望通过增加收入，以缓解由借贷成本上升和国防等支出需求引起的财政压力。财政部正在考虑一系列税收方案，包括对银行利润征收超额利润税。

财政大臣在会议开场时概述了他的预算优先事项，即在保持财政纪律的同时，“给家庭和企业一点喘息空间，支持英国就业，并推动每个邮政编码区域的增长”。

会上讨论了旨在增加对实体经济贷款、降低银行资本要求以及创造环境以保持国家竞争力的计划。

一些贷款机构的首席执行官指出，他们拥有

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📄 Original Section

Plan to rip up any EU deal prompts food industry fears

FT REPORTERS

Food producers have criticised the “huge uncertainty” created by Conservative Party proposals to rip up any UK-EU deal to remove post-Brexit trade barriers affecting their sector.

Andrew Griffith, shadow chancellor, said the party would scrap any deal struck by Andy Burnham's Labour government to liberalise agrifood trade, on the grounds that it would leave the UK having to follow Brussels' rules.

Kemi Badenoch, Conservative leader, confirmed she would rip up a deal. “I’ve had farmers tell me that some of the things that they are negotiating . . . are going to be a problem,” she said.

The position of the official opposition has caused concern in the food and drink industry, which fears being cast into a situation where it might be forced to comply with different regulatory regimes every few years.

In Brussels there is concern about doing deals with Britain when the political situation is so volatile and where Labour's main rivals – the Tories and Reform UK – are strongly Eurosceptic.

Ten years after Brexit, the EU is demanding a “Farage clause” in any deal. This would commit London to paying compensation to rebuild border infrastructure in the event of a future UK government pulling out of a deal. Burnham’s government has refused, according to people briefed on the talks.

An accord on food and drink is at the heart of the deal Burnham hopes to strike with the EU at a summit in Brussels next month. The prime minister will cast a deal as good for growth with the prospect of lower food prices.

Karen Betts, chief executive of the Food and Drink Federation, an industry body, said: "Overall, the industry is supportive of realigning with the EU because it will remove an amount of friction and barriers.

“However, political parties are creating huge uncertainty for the industry and it will be hugely disruptive if the rules keep changing. If we have to comply with the rules and then they change again, the industry will feel very hard done by.”

Griffith made it clear at the Tory conference that he would rip up an agrifood deal if, as expected, it required Britain to “dynamically align” with EU rules. “We are all in favour of reducing frictions but we have said very clearly that is a red line,” he said. “A red line is becoming a rule-taker from Brussels.”

One EU diplomat said the Conservative move would “confirm to many people in Brussels and European capitals that there is no point in entertaining thoughts of the UK rejoining the EU at this stage”, adding: “This will not affect the will to engage constructively with the British government.”

Labour said: “The Tories’ message to business could not be clearer: they want to put back up the barriers that this Labour government is busy tearing down, making it harder to trade with our nearest neighbours.”

By George Parker, Chris Smyth and Ashley Armstrong in Birmingham, Madeleine Speed in London and Andy Bounds in Brussels

Budget policies

财政大臣表示希望“给家庭和业务一点喘息空间”

🌐 对照英文

一名获悉对话情况的人士表示，他们拥有担心英国税制的国际股东。他们还认为，提高国内银行的税收将是“适得其反”的，因为这将提高资本成本并减少贷款。

人们日益担心，财政大臣可能会增加国内银行的税收，而海外贷款机构在英国的分支机构却能逃避税收打击。

摩根大通（JPMorgan Chase）负责人、银行税制的批评者杰米·戴蒙（Jamie Dimon）昨日表示，他“不支持缺乏原则的做法”，并补充说，总部位于英国的银行与海外贷款机构的英国业务之间应当保持一致性。

他告诉彭博社：“很容易说向我这里的朋友收费，我认为这是错误的。”

财政部拒绝就“猜测、传闻和提案”发表评论，并补充说，希利经常会见来自包括金融服务在内的各经济部门的人员。

数周以来，银行一直在游说政府在预算案中豁免它们，认为更高的征收额或超额利润税将释放出关于增长和竞争力的错误信号。

但他们在经历了又一年创纪录的利润后，承认自己正在进行一场“艰苦”的战斗。今年上半年，四大银行合计录得 290亿英镑 的税前利润。

“我们显然在反对，但很难反驳……因为我们都赚了这么多钱，”一名高级管理人员表示，“从政治角度来看，这里就是最容易下手拿钱的地方。”

“该行业比以往任何时候都强劲，所以很难说这将是致命的，”一名高管说。另一名高管则认为，其影响不太可能对“任何人产生实质性影响”，但如果真的发生，将“极其令人恼火”。

作者：Ortenca Aliaj, Laith Al-Khalaf, Simon Foy, Ashley Armstrong 和 George Parker

雇主税

📄 Original Section

Banks' tax fears remain after Healey talks

FT REPORTERS

John Healey yesterday declined to assuage bank bosses' fears of higher taxes in his Budget, as he told the country's largest lenders he was facing a "challenging fiscal picture".

Banking figures seized on what was likely to be their last meeting with the chancellor ahead of the Budget to make their case against a tax raid on the sector, according to people familiar with yesterday's discussions.

The executives – including from Barclays, HSBC, Lloyds, NatWest, Nationwide and Santander – argued increases to bank taxes would harm the growth agenda and create greater disparity between London and rival financial centres, such as New York, the people added.

Healey told the 11 Downing Street gathering that the government was facing “a difficult fiscal picture” but he had not yet made any decisions on taxes, they said.

The chancellor wants to raise revenue to ease fiscal pressure caused by rising borrowing costs and spending demands, such as on defence. The Treasury is considering a range of taxes, including a windfall levy on bank profits.

The chancellor opened the meeting by outlining his Budget priorities "to give families and businesses a bit of breathing space, back British jobs and drive growth in every postcode" while maintaining fiscal discipline.

There was discussion of plans to boost lending to the real economy, lower capital requirements for banks and create an environment for the country to remain competitive.

Chief executives from some of the lenders pointed out that they had

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政党承诺将年轻员工的国民保险费减半

🌐 对照英文

露西·费舍尔 (LUCY FISHER) —— 伯明翰

保守党誓言，如果他们在下次大选中获胜，将把 21 至 24 岁员工的雇主国民保险（NI）减半，旨在加强该党对年轻人的吸引力。

该党表示，将 21 至 24 岁人群的雇主国民保险税率从 15% 降低至 7.5% 的提案，在计入额外税收收入和较低的福利支出后，成本将为 23亿英镑。

然而，党魁凯米·巴德诺克（Kemi Badenoch）拒绝承诺，如果首相安迪·伯纳姆（Andy Burnham）在下次大选前对其拟议的机制变更实施，她将恢复国家养老金的“三重锁”（triple lock）。

保守党表示，他们将在今天公布这项“就业税”减免的资金筹措细节。今天是该党在伯明翰举行的年度会议的最后一天，会议将以巴德诺克的演讲结束。

国民保险的这一举措是该党更广泛的“青年救援计划”的支柱，因为该党正努力挽回年轻选民的支持。根据民调专家约翰·库蒂斯爵士（Sir John Curtice）对近期四项 YouGov 调查的分析，仅有 8% 的 18 至 24 岁人群支持保守党。

与国民保险提案相平衡的是，该党最近宣布了一项计划，作为“严厉之爱”方法的一部分，禁止连续六个月未工作的 16 至 24 岁人群申请通用信贷（universal credit）。

拟议的减税是该党试图将重心重新转向经济，而非移民和文化战争议题的一种尝试，许多高级人物认为在这些议题上他们无法胜过右翼竞争对手。

在为优先降低年轻员工而非年长员工的雇主国民保险决定进行辩护时，巴德诺克告诉 BBC^💡：“年轻人的问题比其他任何人都要严重得多。”

英国的青年失业率已上升至 16.4%，为 2014 年以来的最高水平，超过了欧盟的平均水平。巴德诺克表示：“我们必须解决这个问题。”

该提案将缓解年轻员工在达到 21 岁时面临的雇主国民保险“悬崖效应”——即从零税率直接跳至全额税率。对于该年龄段的每位年轻员工，这将为企业平均节省 1,545 英镑。超过 50,270 英镑 的收入仍将面临标准税率。

青年吸引力：仅 8% 的 18 至 24 岁人群支持保守党

工党政府也在寻求解决青年失业问题，并已委派前卫生大臣艾伦·米尔本（Alan Milburn）审查如何帮助近 100 万名不在教育、就业或培训中的年轻人。

工党将巴德诺克的提案斥为“保守党又一次幻想经济学”。该党表示，政府正投资 25亿英镑 帮助年轻人就业，包括通过一项就业保证计划。

在养老金问题上，巴德诺克重申她希望保留“三重锁”，此前伯纳姆上周宣布计划取消其现有形式。

但她拒绝承诺如果在选举前实施这些拟议变更则将其撤销，坚持她不会“在假设的情况下发言”，并补充道：“我不能承诺我们现在就能支付‘三重锁’的费用。”

改革英国党（Reform UK）财政发言人罗伯特·詹里克（Robert Jenrick）表示，改革英国党是“唯一准备捍卫”三重锁的政党，并承诺以“坚如磐石的誓言”将其保留。

国际

预算

📄 Original Section

Chancellor said he wanted 'to give families and businesses a bit of breathing space'

international shareholders who were concerned about the UK tax regime, said one person briefed on the conversations. They also argued that higher taxes on domestic banks would be “self-defeating” because it would raise the cost of capital and reduce lending.

Concerns have grown that the chancellor might increase taxes on domestic banks while the British outposts of overseas lenders escape a tax raid.

Jamie Dimon, chief of JPMorgan Chase and a critic of the bank tax regime, said yesterday that he was “not in favour of things that lack principle”, adding that there should be consistency between UK-based banks and the British operations of overseas lenders.

"It's easy to say charge my friends over here, I think that's wrong," he told Bloomberg.

The Treasury declined to comment on “speculation, rumour and proposals”, adding that Healey regularly met people from sectors across the economy, including financial services.

Banks have for weeks been lobbying the government to spare them in the Budget, arguing that a higher levy or windfall tax would send the wrong signal about growth and competitiveness.

But they have acknowledged they are fighting an “uphill” battle after another year of record profits. The biggest four banks posted a combined £29bn of pretax profits in the first half of this year.

"We're obviously speaking against it but it's just tough to argue against it . . . when we are all making so much money," said one senior executive. "It's just politically such an easy place to go take it from."

"The industry is as strong as ever so it's hard to say it's going to be a killer," said one executive. Another described it as unlikely the impact would be "material for anyone" but that it would be "irritating as hell if it happens".

By Ortenca Aliaj, Laith Al-Khalaf, Simon Foy, Ashley Armstrong and George Parker

Employer taxes

爱尔兰削减税收以缓解生活成本压力

🌐 对照英文

财政盈余使都柏林能够降低燃料账单并提高所得税起征点

朱德·韦伯 (JUDE WEBBER) —— 都柏林

爱尔兰政府公布了一项充斥着减税措施的预算，旨在直接帮助工人们应对由美伊战争引发的能源和生活成本冲击所带来的“剧烈压力”。

财政部长西蒙·哈里斯 (Simon Harris) 在议会下议院 (Dáil) 概述这些措施时表示，在日益不确定的世界中，爱尔兰的经济韧性表现“惊人”，但“人们需要感受到经济增长带来的好处……实实在在地体现在他们的口袋里”。

他宣布削减家庭取暖燃料成本以缓解能源账单压力（该项支出在欧洲最高），并延长了对汽油和柴油的减税，同时采取了提高纳税起征点的措施，以帮助中等收入的工人。

与许多欧盟同行不同，爱尔兰处于一个令人羡慕的地位，由于少数几家美国科技和制药跨国公司支付的巨额公司税收入，其预算处于盈余状态。但政府也多次收到爱尔兰独立预算监督机构的警告，要求其将更多这类异常盈余用于储蓄。

哈里斯表示，盈余在今年将达到 67亿欧元，在 2027 年将达到 95亿欧元。

他详细介绍了一项期待已久的新储蓄计划，根据该计划，储蓄者在首个 €50,000, 额度内无需纳税，旨在让爱尔兰家庭持有的 1750亿欧元 现金存款发挥作用。此外，还采取了增加育儿和福利补贴的措施，且政府正在加速为都柏林地铁系统的建设提供资金。

哈里斯补充道，剔除了跨国公司部门扭曲影响的经济活动首选衡量指标——修正后国内需求，将在 2027 年增长 3%。

爱尔兰财政咨询委员会 (Ifac) 代理首席经济学家尼尔·康罗伊 (Niall Conroy) 表示，政府支出正在加速。“与春季的一组预测相比，他们将今年的支出上调了 14亿欧元，直至 2026 年。支出的增长速度远快于他们的计划，”他说道。

政府表示，预计明年公司税将带来超过 390亿欧元 的收入，但央行和 Ifac 多次警告称，政府过于依赖具有风险的公司税收入。

“可以说，在波动性日益增加的世界中，爱尔兰过去和现在一直是一座经济和政治稳定的岛屿。这种稳定性体现在我们的公共财政中，”哈里斯辩称。

但他指出，爱尔兰“不能且绝不能忽视全球债券市场正在发生的事情”。尤其是法国，经历了惨烈的债券抛售，导致其借贷成本被推至近四分之一个世纪以来的最高点。

民意调查显示，生活成本是选民最关心的问题。政府正面临来自教师和公共部门工会的更大压力，这些工会已开始采取“按章工作”的工业行动，以争取更丰厚的薪资协议。一场全面的教师罢工计划于 10 月 14 日举行。

哈里斯表示“特殊情况确实需要采取新的且特殊的措施”，并宣布削减所谓的家庭取暖油和天然气碳税，且该税项“在本届政府任期内将不再增加”。

📄 Original Section

Party pledges to halve NI for younger workers

LUCY FISHER — BIRMINGHAM

The Conservatives have vowed to halve employers' national insurance for workers aged 21 to 24 if they win the next general election in a bid to bolster the party's offer to young people.

The proposal to cut employer NI from 15 per cent to 7.5 per cent for 21- to 24-year-olds would cost £2.3bn once extra tax receipts and lower welfare spending were taken into account, the party said.

Leader Kemi Badenoch, however, refused to commit to reinstating the state pension triple lock if Andy Burnham, prime minister, implements his proposed changes to the mechanism before the next general election.

The Conservatives said they would set out details of how they would fund their "jobs tax" cut today, the final day of the party's annual conference in Birmingham, which will close with Badenoch's speech.

The NI move is a pillar of the party's wider “rescue plan for young people”, as it strives to claw back support among the youth vote. Only 8 per cent of 18- to 24-year-olds support the Conservatives, according to an analysis of four recent YouGov surveys by polling expert Sir John Curtice.

The NI proposal is counterbalanced by a recently announced plan to bar 16- to 24-year-olds who have not worked continuously for six months from claiming universal credit as part of a “tough love” approach.

The proposed tax cut is part of an attempt to reorient the party's focus towards the economy and away from immigration and culture war issues, where many senior figures think they cannot outperform rivals to the right.

Defending her decision to prioritise a reduction in employer NI for young people over older workers, Badenoch told the BBC: “Young people have a much worse problem than everybody else.”

Britain's youth unemployment rate has risen to 16.4 per cent, its highest rate since 2014, overtaking the EU average. "We've got to fix that," Badenoch said.

The proposal would temper the employer NI cliff edge relating to young workers when they reach 21 – from zero to the full rate. It would save a business an average of £1,545 for every young worker in the age bracket. Earnings above £50,270 would still face the standard rate.

Youth appeal: only 8% of 18- to 24-year-olds support the Conservatives

The Labour government is also seeking to address youth unemployment, having tasked former health secretary Alan Milburn with reviewing how to assist nearly 1mn young people not in education, employment or training.

Labour dismissed Badenoch's proposal as “yet more fantasy economics from the Tories”. The government was investing £2.5bn to help young people into work, including via a jobs guarantee scheme, the party said.

On pensions, Badenoch reiterated that she wanted to retain the triple lock after Burnham last week announced plans to scrap it in its current form.

But she refused to commit to reversing the proposed changes if they were implemented before the election, insisting she would not “speak in hypotheticals”, adding: “I don’t promise we can pay for the triple lock now.”

Robert Jenrick, Reform UK Treasury spokesperson, said Reform was “the only party prepared to defend” the triple lock with a “rock-solid pledge” to keep it.

INTERNATIONAL

Budget

西班牙。闪电选举

🌐 对照英文

📄 Original Section

Ireland cuts taxes to ease cost of living pain

Financial surplus enables Dublin to reduce fuel bills and lift income levy bands

JUDE WEBBER — DUBLIN

Ireland's government unveiled a budget stuffed with tax cuts aimed squarely at helping workers weather “acute pressure” from the energy and cost of living shock driven by the US-Iran war.

Outlining the measures in the Dáil lower house of parliament, finance minister Simon Harris said Ireland's economic resilience had been “phenomenal” in an increasingly uncertain world but “people need to feel the benefits of economic growth . . . in their pockets".

He announced cuts in the cost of home heating fuels to help with energy bills, which are the highest in Europe, and extended cuts on petrol and diesel along with measures that also increased the level at which people pay taxes to help workers on middle incomes.

Unlike many EU peers, Ireland is in the enviable position of running a budget surplus fuelled by booming corporation tax receipts paid by a handful of US tech and pharma multinationals. But the government has also faced repeated warnings from Ireland's independent budget watchdog to save more of its extraordinary surpluses.

Harris said the surplus would be

€6.7bn this year and €9.5bn in 2027.

He gave details of a long-awaited new savings scheme, under which savers would pay no tax on the first €50,000, designed to put some of the €175bn cash deposits held by Irish households to work. There were measures to boost childcare and welfare payments and the government is accelerating funding to build a metro system in Dublin.

Modified domestic demand, a preferred measure of economic activity that strips out the distorting effect of the multinational sector, will grow 3 per cent in 2027, Harris added.

Niall Conroy, acting chief economist at the Irish Fiscal Advisory Council (Ifac), said government spending was accelerating. “They have revised up spending this year by €1.4bn for 2026 from the spring set of forecasts. Spending is growing much faster than they planned,” he said.

The government has said corporation tax is expected to bring in more than €39bn next year, but the central bank and Ifac have repeatedly cautioned that it is too dependent on risky corporation tax revenues.

"It is not unreasonable to say that Ireland has been and is an island of economic and political stability in a world of increasing and growing volatility. That stability is reflected in our public finances," Harris argued.

But he noted that Ireland "cannot and must not ignore what is happening in global bond markets". France in particular has seen a brutal bond sell-off that has pushed its borrowing costs to the highest for nearly a quarter of a century.

Polls show the cost of living is the top voter concern. The government is facing more pressure from teachers' and public sector unions that have begun work-to-rule industrial action to push for more generous pay deals. A full teachers' strike is planned for October 14.

Saying “extraordinary circumstances do call for new and extraordinary measures”, Harris announced a cut in the so-called carbon tax on home heating oil and gas which “will not increase again for the lifetime of this government”.

桑切斯利用住房危机试图维持权力

🌐 对照英文

首相旨在利用一名87岁马德里女性被驱逐出住所后引发的愤怒浪潮

巴尼·乔普森 (BARNEY JOPSON) —— 马德里

佩德罗·桑切斯 (Pedro Sánchez) 在海外表现得意气风发——他既是全球左翼的旗手，又是少数愿意与唐纳德·特朗普 (Donald Trump) 对抗的欧洲领导人——但这与他在国内的软弱形成了鲜明对比。由于缺乏议会多数席位，这位西班牙首相在制定议程方面举步维艰，且在腐败丑闻步步逼近的情况下无法通过立法。

他押注于11月的提前大选，试图将西班牙的住房危机转化为打击右翼反对派的武器，以此作为挽救其首相职位的最后尝试。

在西班牙，对租金和房价上涨的愤怒并非新鲜事，但桑切斯正试图利用上个月一名87岁女性被驱逐出马德里公寓后引发的愤怒。

周五，中右翼政党阻挠了他试图通过一套住房改革方案来应对危机的尝试，但桑切斯试图将这次议会挫败转化为自己的优势。

作为一名精明的策略家，他抓住时机宣布于11月29日举行提前大选，将自己塑造为对抗保守派和极右翼反对派、推动进步经济改革的捍卫者。

巴塞罗那自治大学的政治学家奥里奥尔·巴托梅乌 (Oriol Bartomeus) 表示：“桑切斯将试图制造一场对抗，将人民的代表与富人的代表对立起来。这就是他现在宣布选举的原因……这是纯粹的左翼与右翼之争。”

与此同时，他的对手则试图引导公众将对围绕首相亲信的一系列腐败案件的厌恶情绪转化为政治压力，其中包括他的妻子贝戈尼亚·戈麦斯 (Begoña Gómez)，她因涉嫌滥用公款并利用与首相的关系而即将受审。她否认有任何不当行为。

在民调中领先的保守派人民党 (PP) 领导人阿尔贝托·努涅斯·费霍 (Alberto Núñez Feijóo) 表示，桑切斯的连任企图是“出于恐惧，担心腐败案件网络中尚未揭露的每一个细节最终都会曝光”。

周一在巴塞罗那举行的一场针对租金和房价上涨的大规模抗议活动。下方为首相佩德罗·桑切斯。埃米利奥·莫雷纳蒂 / 美联社 (Emilio Morenatti / AP)

右翼民粹主义 Vox 党领导人圣地亚哥·阿巴斯卡尔 (Santiago Abascal) 指责桑切斯领导的是一个“黑手党政府”，该党可能会与人民党组成联盟。

桑切斯的对手还将主张，在执政八年后，他无法逃避对未解决问题的责任。而桑切斯的任务是让选民记住右翼最近对他住房法案的投票反对，而不是他长期以来在立法上的软弱记录。

自2022年底以来，桑切斯一直未能通过预算案。尽管议会此后批准了几项法案，但在他的第二个完整任期内，唯一重大立法是对反叛的加泰罗尼亚独立分子实施的一项具有争议的特赦。这是桑切斯在2023年大选后重新执政必须支付的代价，这也是一项协议的一部分：一个右倾的独立党派为他提供了达到短暂多数所需的选票，尽管他的社会党在得票数上排在人民党之后。

马德里卡洛斯三世大学教授帕布罗·西蒙 (Pablo Simón) 表示：“在议会高度碎片化且缺乏左翼多数的情况下，他以极小的差距侥幸避开了大选失败的子弹。他一直无法通过改革或制定议程。议程是由他人制定的——由他的执政伙伴或由偶发危机决定。”

桑切斯在国际舞台上的名声在一定程度上掩盖了他在国内的漂泊状态，在那里，他将自己塑造为特朗普在国防开支、伊朗和加沙战争以及社交媒体毒害影响方面的欧洲宿敌。

但接连不断的危机介入了。

对他形象损害最大的是针对其妻子的腐败调查。

“这就是为什么他现在要求举行选举……这纯粹是左翼与右翼的对决”

这促使桑切斯在2024年请了五天假以考虑自己的前途。此后，他为自己的兄弟辩护（其兄弟被判定犯有行政不当行为），并为前社会党总理何塞·路易斯·罗德里格斯·萨帕特罗辩护（后者因涉嫌权钱交易及其他指控犯罪而接受调查）。但他也与两名曾经的心腹拉开了距离，其中一人已被判处24年监禁。

灾难同样塑造了他的任期。2024, 瓦伦西亚发生山洪导致230多人死亡，桑切斯目睹了人民党（PP）领导的地区政府因管理不善而遭到严厉谴责。当马德里地区遭遇历史上最严重的森林火灾时，桑切斯政府平息了火势，并呼吁达成一项打击气候变化的跨党派协议，因为他深知人民党会拒绝该协议，并最终陷入被动。

2025年4月发生的一次全国性停电让政府和部分由国家持有的电网运营商感到尴尬，因此桑切斯对此尽可能少地发表评论。

一场更大的灾难发生在7月下旬，超过70,000名移民突然涌入塞乌塔（Ceuta，西班牙在北非的飞地）。由于仍有数千名移民在这座小城市露宿，Vox党的阿巴斯卡尔在周一表示，“塞乌塔仍然处于被入侵状态”。直到9月23日，该飞地一直是西班牙政治的主导议题，随后住房问题取代了它，起因是一家企业房东将一名87岁的老人从一套原先受租金管制且被驱逐的公寓中赶走。

住房对桑切斯来说也是一个风险议题，因为它凸显了他的不作为。自连任以来，他未能通过一项住房法案，而他在2023年推动的改革也未能避免当前的危机。他的亲移民立场增加了另一个脆弱点：桑切斯是少数公开欢迎移民的欧盟领导人之一，即便移民的到来增加了住房需求并推高了价格。

IE大学校长、曾任桑切斯麾下外交部副部长的曼努埃尔·穆尼兹表示，在这些风险之上还有一个更大的问题：“选民将在多大程度上让桑切斯和社会党为过去三年在预算和立法方面的低效直接负责，或者在多大程度上认同他们需要一个更广泛的多数席位，才能实施那些他们之前被禁止实施的议程？” 参见《金融时报》观点（FT View）

萨克森-安哈尔特州

📄 Original Section

Spain. Snap election

德国极右翼势力获得首位州议会议长

🌐 对照英文

劳拉·皮特尔 (LAURA PITEL) 和 艾顺·博拉 (AYSUN BORA)

柏林

极右翼的德国选择党（AfD）在四名来自建制派政党成员的秘密支持下，于昨日获得了其首位州议会议长。

AfD 的托比亚斯·劳施（Tobias Rausch）被选为议长。劳施今年 35 岁，是一名房地产经理，此前曾处于一场亲属裙带关系丑闻的中心。此次选举是在其政党在萨克森-安哈尔特州赢得压倒性选举胜利后，该议会首次召开会议时进行的。

劳施就任议长——这一角色类似于英国下议院的议长——得到了极左翼的萨拉·瓦根克内希联盟（BSW）的帮助，后者此前表示将向该极右翼政党提供五票支持。

尽管所有其他政党在官方层面都排除了与 合作的可能性，但在秘密投票中，劳施还赢得了州议会（Landtag）中另外四名未知成员的支持。 拥有 39 个席位，但他获得了 48 票。

这意味着，除了 BSW 的支持外，他还获得了萨克森-安哈尔特州议会中一个或多个其他四个政党代表的匿名支持：反资本主义的左翼党（Die Linke）、绿党、中左翼的社会民主党，以及总理弗里德里希·梅尔茨（Friedrich Merz）领导的中右翼基督教民主联盟（CDU）。

当被问及对 候选人的支持来自何处时，该党地区主席马丁·赖查特（Martin Reichardt）告诉新闻媒体 t-online，这些票“可能不是来自左翼党、绿党或社民党”。

CDU 在柏林联邦议院的领导人托斯滕·弗赖（Thorsten Frei）表示，这些出乎意料的投给 的票令人“深感担忧”。但他表示，任何暗示这些票来自其政党的说法都纯属“猜测”。

这四位神秘人物的投票将为乌尔里希·西格蒙德（Ulrich Siegmund）提供助力，他是 竞选州长（该地区最高政治职务）的候选人。西格蒙德正寻求获得必要的支持，以便在这个拥有 200 万人口的地区组建政府。

如果他成功，他将成为其政党在德国州级政府中的首位总理，并获得对教育、警务以及移民政策某些方面的权力。

西格蒙德今年 35 岁，曾是一名室内香氛销售员。他上周表示，计划举行一次投票以便他在 12 月就职，并预计将在第一轮投票中以“显著多数”当选。

昨天的结果可能还会深化关于德国所有主要政党围绕 维持的“防火墙”持久性的讨论。 已被国内情报部门正式定性为右翼极端主义组织。

尽管梅尔茨仍然致力于排斥 ，但他面临着 CDU 内部一些人物要求放弃这一立场的压力。

在 9 月 6 日的萨克森-安哈尔特州地区选举中， 赢得了近 44% 的选票。这个反移民政党创纪录的选举结果给政治建制派带来了巨大的冲击。

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法国

📄 Original Section

Sánchez uses housing crisis in bid to retain power

PM aims to harness wave of

outrage after eviction of an

87-year-old woman in Madrid

BARNEY JOPSON — MADRID

Pedro Sánchez's swagger abroad — as a standard-bearer for the global left and a rare European leader willing to confront Donald Trump — contrasts sharply with his weakness at home. Lacking a parliamentary majority, the Spanish prime minister has struggled to set the agenda, unable to pass legislation as corruption scandals close in.

His bet on a November snap election is a final attempt to rescue his premiership by turning Spain's housing crisis into a cudgel against the rightwing opposition.

Anger over rising rents and house prices is hardly new in Spain, but Sánchez is trying to harness outrage after the eviction last month of an 87-year-old woman from her Madrid flat.

On Friday, right-of-centre parties blocked his attempt to respond with a package of housing reforms, but Sánchez has sought to turn the parliamentary defeat to his advantage.

A canny tactician, he seized the moment and called snap elections for November 29, casting himself as the champion of progressive economic reform against a retrograde conservative and far-right opposition.

Oriol Bartomeus, a political scientist at the Autonomous University of Barcelona, said: “Sánchez is going to try to create a confrontation that pits the representatives of the people against the representatives of the rich. That is why he is calling an election now . . . It’s pure left versus right.”

At the same time, his opponents are seeking to channel public disgust over a swirl of corruption cases against people close to the prime minister, including his wife, Begoña Gómez, who is set to stand trial for misusing public funds and exploiting her relationship with him. She denies wrongdoing.

Alberto Núñez Feijóo, leader of the conservative People's Party (PP), which is ahead in the polls, said Sánchez's re-election bid was "motivated by fear that every last detail of what remains to be uncovered in the web of corruption cases will come to light".

A mass protest in Barcelona on Monday over rising rents and house prices. Below, premier Pedro Sánchez Emilio Morenatti/AP

Santiago Abascal, leader of the right-wing populist Vox party, which could join the PP in a coalition, accused Sánchez of leading a “mafia government”.

Sánchez's opponents will also argue that, after eight years in power, he cannot escape responsibility for unresolved problems. His task is to make voters remember the right's recent vote

against his housing bill, not his own long record of legislative weakness.

Sánchez has not been able to pass a budget since late 2022. Although parliament has approved a few bills since then, the only major legislation in his second full term was a controversial amnesty for rebellious Catalan separatists. That was the price Sánchez had to pay to retake office after a 2023 election, part of a deal in which a right-leaning separatist party gave him the votes to reach a fleeting majority, even though his Socialists had come second to the PP.

“He managed to dodge the bullet of defeat in the general election by a very narrow margin, with a highly fragmented parliament and without a leftwing majority,” said Pablo Simón, a professor at the Universidad Carlos III de Madrid. “He has been unable to pass reforms or set the agenda. The agenda has been set for him by others – by his coalition partners or by episodic crises.”

Sánchez's domestic drift was partly obscured by his reputation on the international stage, where he cast himself as Trump's European nemesis on defence spending, the wars in Iran and Gaza, and the poisonous impact of social media.

But repeated crises have intervened.

The most damaging to his image has been the corruption probe into his wife,

‘That is why he is calling an election now . . . It’s pure left versus right’

which prompted Sánchez to take five days off in 2024 to consider his future. He has since defended his brother, found guilty of administrative misconduct, and former Socialist prime minister José Luis Rodríguez Zapatero, who is under investigation for influence peddling and other alleged crimes. But he has distanced himself from two former right-hand men, one of whom has been sentenced to 24 years in prison.

Disasters have shaped his time too. When a flash flood killed more than 230 people in Valencia in 2024, Sánchez watched as a PP regional government was excoriated for its poor management. When the Madrid region was hit by the worst wildfires in its history, Sánchez's government tamed them and called for a bipartisan pact to combat climate change, knowing the PP would reject it and end up on the defensive.

A nationwide blackout in April 2025 was embarrassing for the government and the grid operator, which is partly state-owned, so Sánchez said as little about it as possible.

A greater calamity was the sudden influx of more than 70,000 migrants into Ceuta, a Spanish exclave in north Africa, in late July. With thousands of migrants still living rough in the tiny city, Vox's Abascal said on Monday that "Ceuta remains invaded". The exclave had been the dominant issue in Spanish politics until September 23, when housing took over after a corporate landlord evicted an 87-year-old from a formerly rent-controlled apartment.

Housing is also a risky issue for Sánchez because it highlights his own inaction. He has failed to pass a housing bill since his re-election, while reforms he pushed through in 2023 did not avert the present crisis. His pro-migration stance adds another vulnerability: Sánchez is one of the few EU leaders to openly welcome migrants, even as their arrival has increased housing demand and helped drive prices sharply higher.

Overlaying those risks is a bigger question, says Manuel Muñiz, rector of IE University and a former deputy foreign minister under Sánchez. “How much is the electorate going to make him and the Socialist party directly responsible for the ineffectiveness of the [past three years] in budgetary and legislative terms, or how much is it going to agree that they need a broader majority to implement the agenda that they were not allowed to implement?” See FT View

Saxony-Anhalt

勒庞誓言大幅削减公共支出以安抚市场

🌐 对照英文

莱拉·阿布德 (LEILA ABBOUD) 和 莎拉·怀特 (SARAH WHITE) 巴黎报道

伊恩·史密斯 (IAN SMITH) 伦敦报道

法国极右翼领导人玛丽娜·勒庞（Marine Le Pen）承诺，如果能在明年春季的总统选举中当选，她将大幅削减公共支出并限制未来的借款，旨在增强其经济信誉并安抚不安的市场。

在第四次竞选总统前的民意调查中处于领先地位的勒庞，昨日提出了一项“黄金法则”，旨在将国家债务上限控制在 GDP, 的 60% 以内，并每年将公共赤字降低 0.5%，以实现“接近平衡的预算”。

她表示，她将通过全民公投将这一举措提交给选民。该举措将效仿德国的“债务刹车”机制，后者直到去年为止一直被载入德国宪法。

在一次新闻发布会上，勒庞将总统埃马纽埃尔·马克龙的经济管理和挥霍性支出归咎于今年赤字被推高至 GDP 的 5.4%。

她说：“体制内的政党将我们交到了债权人手中，但我拒绝向法国人撒谎，说这一切不会产生后果。”

勒庞希望她的经济计划能让选民相信她可以被委以权力，并让那些导致法国借贷成本飙升的投资者感到安心。

然而，安联（Allianz）首席经济学家卢多维克·苏布兰（Ludovic Subran）称这些提案为“巫术经济学”，并指出其中一些想法（例如削减外国国民的福利）将需要宪法改革。他表示，单方面将法国对欧盟预算的贡献减半也是不现实的。

他说：“国民联盟（RN）现在将自己塑造为财政严谨的政党，但实现其目标的路径并不清晰。节省资金的数字存在争议。”苏布兰表示，除非国民联盟改变方向降低退休年龄，否则实现宣布的节省目标将是不可能的。

勒庞提出这一主张之际，法国正面临陷入债务危机的风险，并被市场视为欧元区中的薄弱环节。投资者将明年的总统选举视为一项风险，认为这可能会加剧长期的政治僵局，并延长该国挥霍性的社会福利支出。

自 2010 年代初的欧元区主权债务危机以来，形势发生了逆转，法国的借贷成本已飙升至高于意大利和希腊的水平。

马克龙押注于亲商的劳动力和税收改革将带来足够的增长动力以解决法国的长期赤字，但这并未奏效。

玛丽娜·勒庞提出，如果当选总统，将实施一项“黄金法则”，将国家债务上限控制在 GDP 的 60%

政府几十年来一直难以遏制公共支出，自 1974 年以来每年都出现赤字。

勒庞公布了她计划在五年内实施的 1400亿欧元 支出削减和税收调整详细计划，这比早前 1250亿欧元 的目标更具野心。

勒庞长期以来一直主张通过大政府支出来保护工人阶级，但近几个月来，她转向支持法国需要对其恶化的公共财政进行大规模清理的观点。

她的政党国民联盟（RN）还承诺削减税收，并称这将是一场从 2027, 开始、资金完全到位且具有“竞争力冲击”的改革。

然而，国民联盟并未详细说明其计划的其他方面，例如声称其养老金方案将通过纠正当前系统中“不公正或低效的措施”来节省 150亿欧元 至 200亿欧元。经济学家表示，考虑到勒庞已承诺将早年开始工作者的退休年龄从 62 岁降低到 60 岁，这不太可能实现。

国民联盟表示，限制国家支出将在 2027 年带来 715亿欧元 的净节省，而财富税、股票回购税以及对向第三国转移资金的管控将带来更多收入。

其中约 120亿欧元 的节省将来自削减移民，90亿欧元 来自减少对欧盟的贡献，而更多资金将来自撤销政府机构。

该计划在法国债券经历了一场惨烈的暴跌后引发了反弹，上周这场暴跌将该国的基准10年期借贷成本推高至接近 5 per cent。随着债券价格上涨，10年期收益率在昨日下跌 0.12 个百分点，至 4.75 per cent。

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📄 Original Section

German far right secures first president of a regional parliament

LAURA PITEL AND AYSUN BORA

BERLIN

The far-right Alternative for Germany secured its first president of a regional parliament yesterday with the help of secret support from four members of established political parties.

The AfD's Tobias Rausch, a 35-year-old real estate manager who was at the centre of a recent nepotism scandal, was elected as the parliament convened for the first time since his party won a landslide election victory in the state of Saxony-Anhalt.

Rausch became president — a role akin to that of speaker in Britain's House of Commons — with the help of the hard-left Bündnis Sahra Wagenknecht (BSW), which said beforehand that it would lend its five votes to the far-right party.

Despite all other political parties officially ruling out co-operation with the AfD, Rausch also won the support of four other unknown members of the Landtag, or regional parliament, in the secret ballot. The AfD has 39 seats but he won 48 votes.

That means that, along with the BSW support, he secured the anonymous backing of representatives from one or more of the other four parties in the Saxony-Anhalt parliament: the anticapitalist Die Linke, the Green Party, the centre-left Social Democrats and Chancellor Friedrich Merz's centre-right Christian Democratic Union (CDU).

Asked where the support for the AfD candidate came from, the party's regional chair Martin Reichardt told the news outlet t-online that it was “probably not from the ranks of the left, the Greens or the SPD”.

Thorsten Frei, leader of the CDU in the national parliament in Berlin, said that the unexpected votes for the AfD were a “grave concern”. But he said that any suggestion that they came from his party was “pure speculation”.

The votes from four mystery figures will offer a boost to Ulrich Siegmund, the AfD's candidate for the post of minister president, the region's top political role. Siegmund is seeking to secure the necessary backing to form a government in the region of 2mn people.

If he succeeds, he will become his party's first premier of a German state, gaining power over education, policing and some aspects of migration policy.

Siegmund, a 35-year-old former room-fragrance salesman, said last week that he planned to hold a vote to enable him to take office in December—and that he expected to be elected “with a significant majority” in the first round.

Yesterday's result will also probably deepen the debate about the longevity of the "firewall" maintained by all major German political parties around the AfD, which has been officially designated as rightwing extremist by the domestic intelligence service.

Although Merz remains committed to ostracising the AfD, he has faced pressure from some figures within the CDU to abandon that stance.

The AfD won almost 44 per cent of the vote in regional elections in Saxony-Anhalt on September 6. The record result for the anti-immigration party sent shockwaves through the political establishment.

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France

商业必读 精选书单

🌐 对照英文

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📄 Original Section

Le Pen vows big reductions in public spending to calm markets

LEILA ABBOUD AND SARAH WHITE PARIS

IAN SMITH — LONDON

French far-right leader Marine Le Pen has promised to drastically cut public spending and cap future borrowing if elected president next spring, in a bid to bolster her economic credentials and calm jittery markets.

Le Pen, who is leading opinion polls ahead of her fourth bid for president, yesterday proposed a “golden rule” to cap national debt at 60 per cent of GDP and to reduce the public deficit each year by 0.5 per cent to reach “close to a balanced budget”.

She said she would put the move, which would mirror the German “debt brake” that was enshrined in that country’s constitution until last year, to voters in a referendum.

In a news conference, Le Pen blamed President Emmanuel Macron's economic management and profligate spending for pushing the deficit to 5.4 per cent of GDP this year.

"The parties that are part of the system put us in the hands of debt holders but I refuse to lie to the French by saying this all will not have consequences," she said.

Le Pen hopes her economic plans will convince voters she can be entrusted with power and also reassure investors who have sent French borrowing costs soaring.

However, Allianz chief economist Ludovic Subran called the proposals “voodoo economics” and noted that some of the ideas, such as cutting benefits for foreign nationals, would require constitutional reforms. Unilaterally halving France’s contribution to the EU budget was also unrealistic, he said.

"The RN now presents itself as the party of fiscal rectitude, but the route to its targets is unclear. The savings figures are disputed," he said. Delivering the announced savings would be impossible unless the RN reversed tack to lower the retirement age, Subran said.

Le Pen's pitch comes as France is at risk of falling into a debt crisis, having been singled out by markets as a weak link in the Eurozone. Investors see next year's presidential election as a risk that may worsen chronic political gridlock and prolong profligate social welfare spending in the country.

French borrowing costs have soared higher than Italy's and Greece's in a reversal of fortunes since the Eurozone sovereign debt crisis of the early 2010s.

Macron's bet that business-friendly reforms on labour and tax would deliver enough of a growth boost to solve France's chronic deficits has not paid

Marine Le Pen proposed a 'golden rule' to cap national debt at 60% of GDP, if elected president

off. Governments have struggled for decades to rein in public spending, posting deficits every year since 1974.

Le Pen unveiled detailed plans of her €140bn package of spending cuts and tax changes she would make over five years, which is more ambitious than an earlier goal of €125bn.

Long a champion of big-state spending to protect the working class, Le Pen in recent months has swung behind the idea that France needs a major clean-up of its degraded public finances.

Her party, Rassemblement National (RN), also pledged tax cuts in what it said would be a fully financed “competitiveness shock” from 2027.

Yet the RN did not detail other aspects of its plans, such as a claim that its approach to pensions would save €15bn to €20bn by correcting “unjust or inefficient measures” in the current system. Economists said this was unlikely given that Le Pen has pledged to reduce the retirement age from 62 to 60 for those who begin working at a young age.

RN said state spending curbs would deliver €71.5bn in net savings in 2027, while a wealth tax, a tax on share buybacks and controls on money transfers to third countries would bring in more revenue.

Some €12bn in savings will come from cutting immigration and €9bn from reducing EU contributions, while more would come from eliminating government agencies.

The plan stoked a rally in French bonds after a brutal rout that pushed the country's benchmark 10-year borrowing costs close to 5 per cent last week. Ten-year yields fell 0.12 percentage points to 4.75 per cent yesterday as the price of the debt rose.

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2026年度商业图书

🌐 对照英文

《金融时报》与渣打银行（Standard Chartered）很荣幸地公布 2026 年度商业图书奖的六本入围作品。今年的入围名单涵盖了经济学、人工智能、医疗保健、能源以及预测的力量，展示了今年最具吸引力和影响力的商业写作。

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📄 Original Section

Essential Business Reading THE SHORTLIST

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利亚夸特·艾哈迈德 (LIAQUAT AHAMED)

🌐 对照英文

第一次

大萧条

与

现代世界的塑造

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📄 Original Section

BUSINESS BOOK of the YEAR 2026

The Financial Times and Standard Chartered are delighted to reveal the six books shortlisted for the 2026 Business Book of the Year Award. Spanning economics, artificial intelligence, healthcare, energy and the power of prediction, this year's shortlist showcases some of the most compelling and influential business writing of the year.

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1873

🌐 对照英文

《1873：第一次大萧条与现代世界的塑造》，利亚夸特·艾哈迈德 著。Cornerstone (英国), Penguin Press (美国)

Ozempic 的内幕故事与治愈肥胖的竞赛

艾米·多内兰 (AIMEE DONNELLAN)

无限机器

德米斯·哈萨比斯、

DeepMind 以及

对超智能的

追求

塞巴斯蒂安·马拉比 (SEBASTIAN MALLABY)

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📄 Original Section

LIAQUAT AHAMED

The First

GREAT DEPRESSION

and the Making of the

MODERN WORLD

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无限机器

🌐 对照英文

《无限机器：德米斯·哈萨比斯、DeepMind 以及对超智能的追求》，塞巴斯蒂安·马拉比 著。Allen Lane (英国), Penguin Press (美国)

石油与天然气的血腥生意

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📄 Original Section

1873

The First Great Depression and the Making of the Modern World by Liaquat Ahamed Cornerstone (UK), Penguin Press (US)

The Inside Story of Ozempic and the Race to Cure Obesity

AIMEE DONNELLAN

THE INFINITY MACHINE

DEMIS HASSABIS,

DEEPMIND, AND

THE QUEST FOR

SUPERINTELLIGENCE

SEBASTIAN MALLABY

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血流成河

🌐 对照英文

《血流成河：石油与天然气的血腥生意》，亚历克斯·佩里 (Alex Perry) 著。Ithaka Press (英国)

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📄 Original Section

THE INFINITY MACHINE

Demis Hassabis, DeepMind and the Quest for Superintelligence by Sebastian Mallaby

Allen Lane (UK), Penguin Press (US)

THE MURDEROUS BUSINESS OF OIL AND GAS

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摆脱体重枷锁

🌐 对照英文

卡丽莎·维利兹 (CARISSA VÉLIZ)

《Ozempic 的内幕故事与治愈肥胖的竞赛》，艾米·多内兰 著。Fourth Estate (英国), St Martin's Press (美国)

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📄 Original Section

BLOOD WILL FLOW

The Murderous Business of Oil and Gas by Alex Perry Ithaka Press (UK)

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MAVEN 项目

🌐 对照英文

一名海军陆战队上校、他的团队以及 AI 战争的黎明，卡特里娜·曼森 (Katrina Manson) 著。W.W. Norton (英国及美国)

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📄 Original Section

OFF THE SCALES

CARISSA VÉLIZ

The Inside Story of Ozempic and the Race to Cure Obesity by Aimee Donnellan Fourth Estate (UK), St Martin's Press (US)

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预言

🌐 对照英文

从古代神谕到 AI：预测、权力与未来的争夺，卡丽莎·维利兹 著。Swift (英国), Doubleday (美国)

获胜者将于 2 DECEMBER 2026 公布

欲了解更多关于入围名单、评委及往届获奖者的信息，请访问 businessbook.live.ft.com

国际

📄 Original Section

PROJECT MAVEN

A Marine Colonel, His Team, and the Dawn of AI Warfare by Katrina Manson

W.W. Norton (UK & US)

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经济学家质疑硅谷关于 AI 将导致失业的理论

🌐 对照英文

许多人认为工作的性质将发生快速变化，但无法保证收益将得到公平分配

Anthropic 的模型取决于关于 AI 能力、采用率、自主性和生产力的假设。不同情景下 2070 年美国的失业率 (%)

近期毕业生（23-29 岁）失业率与整个劳动年龄人口失业率之间的差异

来源：OECD

“温和”情景假设 对经济的影响与互联网相似；“显著”情景假设其影响大于互联网或铁路；“极端”情景则假设经济被完全改造，且 具备自我改进能力。来源：Anthropic

德尔菲娜·斯特劳斯 (DELPHINE STRAUSS) —— 伦敦

计算机用时 20 年才消灭了打字员池，电灯泡用时 30 年才改变工厂车间，而拖拉机则用了几代人的时间才削减农业劳动力。

Anthropic 首席执行官达里奥·阿莫代伊 (Dario Amodei) 认为，到 2030 年， 将使初级白领工作减少一半。微软联合创始人比尔·盖茨 (Bill Gates) 预测，在十年之内，“如果没有正确的政策，[工作岗位] 将比现在少得多”。

大多数经济学家对硅谷的阴郁预言持怀疑态度，他们表示，此前关于自动化将给就业市场带来“世界末日”的预测——包括 2013 年一项警告称美国一半工作岗位可能在十年内消失的研究——并未成为现实。

“自从数字出现以来……所有的数字都被证明是错误的，”诺贝尔奖得主、未来工作研究所 (Institute for the Future of Work) 联合创始人克里斯托弗·皮萨里德斯爵士 (Sir Christopher Pissarides) 指出。

然而，随着对 破坏潜力的警告日益增强，研究其对劳动力市场的可能影响已成为“经济学领域几乎唯一的话题”，领导英国 经济研究所的国际货币基金组织 (IMF) 前首席经济学家西蒙·约翰逊 (Simon Johnson) 表示。

经济学家并不认为未来将没有工作。但他们确实认为工作的性质将发生快速且颠覆性的变化——且无法保证技术带来的收益将得到公平分配。

关于结果的预测各不相同。

由伦敦政治经济学院的科斯米娜·多罗班图 (Cosmina Dorobantu) 领导的一项研究分析了 74 篇关于 实际和潜在影响的研究。这份近期报告称：“任何试图寻找 对就业影响具体数值的人，可以在 -20% 到 +25% 的估值范围内进行选择。对于工资，范围则在 -34% 到 +40% 之间。选择一个单一的标题数字……实际上是在决定讲述哪个故事。”

在全球经济中，几乎没有迹象表明 正在消灭工作。即使在采用程度最高且数据显示金融等行业就业人数下降的美国，耶鲁预算实验室 (Yale Budget Lab) 也没有发现明确证据表明 改变了劳动力的职业构成或导致毕业生失业。

“尽管近期出现了一些走弱的迹象，但大多数 OECD 国家的就业率仍处于历史高点附近，”总部位于巴黎的 OECD 负责 对就业影响研究的斯泰恩·布罗克 (Stijn Broecke) 表示。该组织对 13 个国家的 8,000 家雇主进行了调查，结果显示，在采用 的企业中，仅有 10 分之一在裁员，而其中仅有 100 分之一主要是因为 而裁员。

最令人担忧的发展是技术相关职位的初级招聘出现放缓——这与 在接管初级常规任务的同时，大幅提升高级员工生产力的现象相一致。

但关于其原因尚未达成共识。“年轻毕业生的失业情况自 2015 年以来有所恶化…… 显然不是唯一因素，”布罗克认为，并提到了毕业生可能供应过剩以及远程办公的兴起。

总就业人数尚未出现下降，这可能是风暴前的宁静。

“尽管近期出现了一些走弱的迹象，但大多数经合组织（OECD）国家的就业率仍处于历史高位附近。”

乐观观点：经济学家认为，较为悲观的预测低估了 AI 创造新就业机会的潜力。

“与非科技部门的高管——即那些将 AI 作为客户的人——交流时，许多人表示他们不再需要像 出现之前那样多的员工，”约翰逊（Johnson）说道。“这还没有体现在数据中……但自动化的威胁是非常真实的。”

Anthropic 研究所上个月发布的一项模型分析包含了一个极端情景： 能力的快速提升将在 2030 年前削减五分之一的“认知型”就业，导致五分之一的白领员工和十分之一的全体员工失业。

该模型对底层假设非常敏感。极端情景假设 将迅速具备在无需人类监督的情况下执行大多数任务的能力，并被广泛采用并产生巨大的生产力提升。

其他情景显示的变化较为温和，但领导该模型研究的安东·科里内克（Anton Korinek）表示，他“个人更倾向于”那些显示 采用率从 2028 年起快速上升的情景，届时该技术将能够取代高级管理人员，而不仅仅是初级员工。

在实践中，即使 工具能够胜任工作，公司在裁员方面也可能较为缓慢。布罗克（Broecke）表示：“这里涉及技术成本，还有法律障碍、社会偏好以及伦理问题。”

更令人担忧的预测是基于对 暴露程度的衡量——即观察 执行构成某个岗位的各项任务的能力。OpenAI 首席经济学家罗尼·查特吉（Ronnie Chatterji）认为，这些关于 潜在暴露程度的研究夸大了可能的失业人数，因为通常情况下，“任务并没有根据其对工作或工资的重要性进行加权”，且它们没有考虑到组织变革的障碍或岗位演变的方式。

伦敦政治经济学院（LSE）公共政策学院教授路易斯·加里卡诺（Luis Garicano）对此表示赞同：“一份工作并不等同于一项任务。”

加里卡诺表示，所有工作都由任务的“组合”构成。有些工作，如翻译或文案撰写，可能很容易被拆分并实现自动化。而其他工作——包括护理或政治——则主要基于人际关系。处于中间地带的是他所谓的“杂乱工作”，其“任务集错综复杂，难以分离”。

经济学家认为，较为悲观的预测往往也低估了 创造新就业机会的潜力。

乐观主义者认为，这在一定程度上是想象力的匮乏。麻省理工学院（MIT）经济学家在 2024 年的一项研究中发现，美国的大多数职业——包括纹身师和催眠治疗师等新颖职业——都是在 1940 年之后才出现的。

由于 的影响，现有职业的需求增加也可能带动就业增长。数据中心对电信工程师的需求量很大。如果 提升了整体繁荣程度，人们可能会在水疗度假等劳动密集型奢侈品上投入更多消费。即使在 节省劳动力的领域，如果价格下降到足以吸引新客户的程度，对就业的整体影响也可能是积极的——例如，如果法律咨询变得足够便宜，让更多人能请得起律师。

“我对人类仍有大量工作可做持乐观态度，”查特吉说道，他指出各国在财富增加后通常会增加在医疗和教育上的支出，因此 带来的收益可以“用于缩小班级规模并提供更多医疗服务”。

科里内克表示，如果 确实消灭了工作，它也可能削弱消费需求——而在衡量综合影响时，“目前尚不清楚结果会向哪个方向发展”。

科技巨头和经济学家一致认为，政府不必等待 革命完全展开。盖茨（Gates）主张某些工作应该被指定为“人类保留”岗位。

印度前央行行长拉古拉姆·拉詹（Raghuram Rajan）是众多主张对 AI 使用征收“代币税”（token tax）的人士之一，旨在确保公司不会纯粹因为“其税收成本低于人力成本”而采用节省劳动力的 AI。

另一些人则认为，政府不应过多担心 AI 是否在消灭工作岗位，而应更多关注它是否在降低工人的技能水平并压低工资。

皮萨里德斯（Pissarides）表示，他主要担心的是，如果收益被少数主导者攫取，将会加剧不平等。“如果 AI 提高了管理者的生产力，那么谁能让护士或酒店员工获得良好的加薪？”

区域外交

📄 Original Section

PROPHECY

Prediction, Power and the Fight for the Future, from Ancient Oracles to AI

by Carissa Véliz

Swift (UK), Doubleday (US)

THE WINNER WILL BE ANNOUNCED 2 DECEMBER 2026

For more information on the shortlist, judges and previous winners, visit businessbook.live.ft.com

INTERNATIONAL

中国计划将亚太峰会部分议程转为线上，引发不满

🌐 对照英文

威廉·兰利 (WILLIAM LANGLEY) —— 广州

爱德华·怀特 (EDWARD WHITE) —— 上海

利奥·刘易斯 (LEO LEWIS) —— 东京

中国计划缩减今年最重要的区域外交会议之一的规模，这在贸易动荡、人工智能进步以及中东和乌克兰战争引发对多边主义需求的担忧之际，引起了合作伙伴的强烈反弹。

据六名知情人士透露，亚太经济合作组织（Apec）论坛将于下月在深圳举行，北京方面已提议将外长和贸易部长的一次关键会议改为线上举行。

五名知情人士表示，北京还计划取消传统上伴随峰会举行、旨在让领导人更自由地互动的“闭门会议”（retreat）。

此次 Apec 峰会是 2014 年以来首次在中国举行，此前已有被美国总统唐纳德·特朗普与中国领导人习近平之间会晤所主导的风险，这将是两人今年的第三次会晤。

但中国缩减议程的举动令参与者感到不安，他们担心习近平将利用此次活动来美化北京的形象，同时限制进行实质性对话的机会。

一名获悉讨论情况的人士表示，北京寻求的是展示国家的实力，而非举办一个有意义的国际论坛。第二个人（2.）则表示，北京希望对活动进行“舞台管理”。“这破坏了 Apec 的精神。”

中国希望利用今年的论坛，在美国背弃国际机构之际，将自己定位为多边主义的领先倡导者。同时，中国还将通过在创新中心——南部城市深圳举办峰会，来推广其技术实力。

Apec 峰会汇集了 21 个环太平洋经济体。部长级会议被认为是其最重要的组成部分之一，比几天后经过精心编排的领导人峰会能够进行更详细的对话。各国通常派遣贸易部长和外交部长出席。

一名获悉讨论情况的人士表示：“[年度部长级会议] 才是真正有实质内容的部分。”

中国尚未向参与者沟通其推动数字化会议的原因。一些与会者认为，这将使北京能够更好地控制后勤安排，并降低出现任何尴尬情况的风险。

几位人士指出，Apec 也是包含中国和台湾（北京主张对其拥有主权）在内的最重要的多边机构之一。

一名获悉讨论情况的人士表示，其国家在三个月来一直反对这种“相当罕见”的线上会议，但其感觉该计划已有“95%”确定了。“这已经几乎板上钉钉了，”该人士说道。

中国外交部、台湾政府和美国国务院未回应置评请求。

中期选举

📄 Original Section

Economists cast doubt on Silicon Valley theories that AI will kill off jobs

Many see scope for rapid change in nature of work with no guarantee gains will be evenly shared

Anthropic's model depends on assumptions about AI's capabilities, adoption rate, autonomy and productivity US unemployment rate by 2070 under different scenarios (%)

Difference between unemployment rate for recent graduates (aged 23-29) and that for the whole working age population

Source: OECD

The 'Modest' scenario assumes an impact on the economy similar to that of the internet. 'Substantial' a bigger impact than either the internet or railways, 'Extreme' a completely transformed economy, with self-improving AI Source: Anthropic

DELPHINE STRAUSS — LONDON

It took 20 years for computers to eliminate the typing pool, 30 years for the electric lightbulb to transform factory floors and generations for tractors to erode the agricultural workforce.

Dario Amodei, Anthropic chief executive, argues that AI will halve entry-level white-collar work by 2030. Microsoft co-founder Bill Gates predict that in a decade “without the right policies, there will be far fewer [jobs] than exist today”.

Most economists are sceptical about Silicon Valley's gloomy prophecies, saying previous predictions that automation would wreak job market Armageddon – including a 2013 study warning that half of US jobs could vanish within a decade – have not materialised.

“Ever since numbers started appearing . . . all the numbers have been proved wrong,” noted Nobel laureate Sir Christopher Pissarides, co-founder of the Institute for the Future of Work.

Yet as warnings over AI's destructive potential intensify, working out its likely effects on labour markets has become “almost the only topic around economics”, according to Simon Johnson, former IMF chief economist heading the UK's AI Economics Institute.

Economists do not see a future without jobs. But they do see scope for rapid, disruptive change in the nature of work – with no guarantee that gains from the technology will be evenly shared.

Predictions for the outcome vary.

Research, led by Cosmina Dorobantu at the London School of Economics, analysed 74 studies of AI's actual and potential impact. The recent report said: "Anyone looking for a figure of AI's effect on employment can choose from estimates ranging from minus 20 per cent to plus 25 per cent. For wages, the range runs from minus 34 per cent to plus 40 per cent. Selecting a single headline number . . . is a decision about which story to tell."

Few signs exist of AI killing jobs across the global economy. Even in the US, where adoption is most advanced and data shows employment is down in sectors such as finance, the Yale Budget Lab has found no clear evidence of it changing the mix of occupations in the workforce or putting graduates out of work.

“Employment rates in most OECD countries are still near record highs, despite some recent signs of weakening,” said Stijn Broecke, who leads research on AI’s effect on jobs at the Paris-based OECD. It has run a survey of 8,000 employers in 13 countries, which suggests only one in 10 of those adopting AI are cutting staff – and just one in 100 is doing so mainly because of AI.

The most worrying development is a slowdown in entry-level hiring in tech-related jobs – consistent with AI turbocharging the productivity of senior staff while taking over routine junior tasks.

But there is no consensus on the cause. “Unemployment of young graduates has worsened since 2015 . . . AI is clearly not the only factor,” Broecke argued, citing a potential oversupply of graduates and the rise of remote work.

The absence of aggregate job losses might be the calm before the storm.

'Employment rates in most OECD countries are still near record highs, despite some recent signs of weakening'

Optimistic view: economists argue bleaker forecasts play down the potential for AI to create new jobs

“Talk to executives in the non-tech sector – those who use AI as customers – and many say they don’t need as many workers as they did before AI,” Johnson said. “It is not yet in the numbers . . . but the automation threat is very real.”

Modelling by the Anthropic Institute, published last month, included an extreme scenario where rapid gains in AI's capabilities cut “cognitive” employment by a fifth by 2030, leaving one in five white-collar workers and one in 10 of all workers unemployed.

The model is sensitive to underlying assumptions. The extreme scenario assumes AI will rapidly become able to perform most tasks without human oversight, will be widely adopted and will generate big productivity gains.

Other scenarios show more modest change, but Anton Korinek, who led the modelling, said he “personally put more weight” on those showing a rapid rise in AI adoption from 2028, with the technology becoming able to replace senior executives, not just entry-level staff.

In practice, companies may be slow to shed workers even when AI tools can do the job. Broecke said: "There is the cost of technology. There are legal barriers, social preferences, ethical issues."

More alarming forecasts are based on measures of exposure to AI – looking at its ability to perform tasks that make up a role. These studies of potential exposure to AI overstate likely job losses, according to Ronnie Chatterji, chief economist at OpenAI, as typically “tasks are not weighted by their importance to the job or the wage” and they do not take account of barriers to organisational change or the way roles can evolve.

"A job is not a task," agreed Luis Garicano, professor at the LSE's School of Public Policy.

All jobs comprise “bundles” of tasks, Garicano said. Some, such as translation or copywriting, may be easy to split up and automate. Others – including nursing or politics – are mostly based on relationships. In the middle are what he calls “messy jobs”, with “tangled sets of tasks that are hard to separate”.

Economists argue bleaker forecasts also tend to play down the potential for AI to create new jobs.

This is partly a failure of imagination, optimists say. A 2024 study by economists at the Massachusetts Institute of Technology found most job occupations in the US – including novelties such as tattooists and hypnotherapists – only emerged after 1940.

Employment could also rise in existing occupations that have higher demand because of AI. Telecoms engineers are in high demand for data centres. If AI boosts overall prosperity, people may have more to spend on labour-intensive luxuries such as spa breaks. Even in areas where AI is labour-saving, the overall effect on jobs could be positive if prices fall far enough to pull in new customers — for instance, if legal advice becomes cheap enough for more people to afford lawyers.

“I am bullish on humans having a lot to do,” Chatterji said, noting countries often spend more on health and education as they gain wealth, so gains from AI could be “put into lowering class sizes and providing more healthcare”.

If AI does eradicate jobs, it could also cut consumer demand – and in gauging the aggregate effect, “it is not obvious which way it would go”, Korinek said.

Tech bosses and economists agree governments do not have to wait for the AI revolution to play out. Gates has argued certain jobs should be designated as “human reserved”.

Raghuram Rajan, India's former central bank governor, is among many voices arguing for a “token tax” on AI usage, to make sure companies do not adopt labour-saving AI purely “because it costs less in taxes than human effort”.

Others say governments should worry less about whether AI is killing jobs and more about if it is deskilling workers and squeezing wages.

Pissarides said his main concern was that it would worsen inequalities if a few dominant people took the gains. “Who is going to make nurses or hotel employees get good pay rises if AI increases the productivity of managers?”

Regional diplomacy

特朗普称在遭到抵制后，Maga Inc 将支付广告费用

🌐 对照英文

艾拉·李 (ELLA LEE) —— 华盛顿

唐纳德·特朗普表示，他将使用自己的资金以及其超级政治行动委员会（Super Pac）的资金来支付推广其政策的广告费用。此前，这位美国总统因在期中选举前数周使用纳税人的资金发布竞选风格的信息而遭到广泛批评。

在社交媒体的一篇帖子中，特朗普将他决定使用政治行动委员会 Maga Inc 的资金而非政府金库支付广告费的行为归咎于“激进左翼”。他表示，他认为这些广告是对“我们伟大的美国的一次积极推广”。

“这样做其实是很常规的，但与其那样做——尽管没有什么能让他们满意——我决定推出‘爱国广告’等项目，并由我自己以及我为 MAGA, Inc 筹集的资金来支付，”这位总统在 Truth Social 上发帖称。

此举是总统的一次立场反转，此前他曾为在国家橄榄球联盟（NFL）比赛和《周六夜现场》（Saturday Night Live）期间播出的电视广告辩护。

联邦预算记录显示，September 19. 有 $20mn 被转移至美国海关和边境保护局，用于“纪念活动”（原文如此，Commerative Events）。根据联邦合同数据，次日，一家总部位于马里兰州的广告公司获得了一项价值 $20mn 的“国家媒体活动”合同。

这些广告大肆宣传特朗普的政策以及总统本人。其中一条由总统发布在 X 上的广告写道：“And on June 14, 1946, 上帝俯瞰祂计划中的天堂并说，‘我需要一名管家。’于是上帝给了我们特朗普。”

特朗普此前通过将这些信息称为“公益广告”来为其辩护，并表示他并非在提升任何候选人的地位，而是在“推广国家”。

白宫周一表示，支持特朗普 2024 presidential run 的 Maga Inc 将在“今后”支付这些广告费用。

主权

“两党政府都曾使用公益广告来解释政策并论证国家的发展方向，”一名白宫官员表示。该官员举例提到乔·拜登政府敦促人们接种新冠疫苗的“我们可以做到”（We Can Do This）广告，以及乔治·W·布什解释其医疗保险政策的宣传活动。

📄 Original Section

China plan to move part of Asia-Pacific summit online spurs anger

WILLIAM LANGLEY — GUANGZHOU

EDWARD WHITE — SHANGHAI

LEO LEWIS — TOKYO

China is planning to curtail one of this year's most important regional diplomatic meetings, prompting a backlash from partners at a time of concern over the need for multilateralism amid trade turmoil, AI advances and wars in the Middle East and Ukraine.

The Asia-Pacific Economic Cooperation (Apec) forum takes place in Shenzhen next month, and Beijing has proposed moving a key meeting of foreign and trade ministers online, according to six people familiar with the plan.

It also plans to omit the “retreat” that traditionally accompanies the summit and allows leaders to interact more freely, five of the people said.

The Apec summit – the first to be held in China since 2014 – was already at risk of being dominated by a meeting between US President Donald Trump and Chinese leader Xi Jinping, their third this year.

But China's move to scale back the agenda has alarmed participants who fear that Xi will exploit the event to burnish Beijing's image while limiting opportunities for substantive talks.

One of the people briefed on the discussions said Beijing was seeking to showcase the country's strengths rather than host a meaningful international forum. A second person said it wanted to “stage manage” the event. “It undermines the spirit of Apec.”

China is hoping to use this year's forum to position itself as a leading proponent of multilateralism at a time when the US has turned its back on international institutions. It will also look to promote its technological prowess, hosting the summit in the southern city of Shenzhen, a hub for innovation.

The Apec summit brings together 21 Pacific Rim economies. The ministerial meeting is considered among its most significant components, allowing for more detailed dialogue than the choreographed leaders' summit a few days later. Countries usually send their trade and foreign ministers.

"The meat on the bones has always been the [annual ministerial meetings]," said one of the people briefed on the discussions.

China has not communicated to participants why it is pushing for a digital meeting. Some attendees suggested that it would allow Beijing to exert greater control over logistics and reduce the risk of any embarrassment.

Several of the people noted that Apec was also among the most important multilateral institutions to include both China and Taiwan, over which Beijing claims sovereignty.

One person briefed on the discussion, who said their country had been pushing back against the “fairly unprecedented” online meeting for three months, said their sense was that it was “95 per cent” confirmed. “It’s as set in stone as it could be,” the person said.

China's foreign ministry, the Taiwanese government and the US state department did not respond to requests for comment.

Midterm elections

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魁北克分离主义者获胜，考验加拿大面对美国的统一战线

🌐 对照英文

伊利亚·格里德内夫 (ILYA GRIDNEFF) —— 多伦多

魁北克省的选民选出了主张分离的魁北克党（Parti Québécois），这次戏剧性的政治回归为该省是否脱离加拿大的主权投票铺平了道路。

该党获得了近 30 per cent 的选票，在省议会 127 个席位中占据 59 席，并将组建一个少数派政府。此次胜利标志着一次显著的复兴，因为该党在 2022 年仅赢得了三个席位。

魁北克党领导人保罗·圣-皮埃尔·普拉蒙东（Paul St-Pierre Plamondon）在周一晚上表示：“我们要为自己建设的魁北克将是以法语为通用语的。它将是繁荣且现代的，但最重要的是，它将成为地球上最典范的民主国家之一。”

在面对美国总统唐纳德·特朗普（Donald Trump）持续不断的攻击时，总理马克·卡尼（Mark Carney）正试图促进国家统一，而分离主义者的胜利对他构成了政治考验。石油资源丰富的阿尔伯塔省将于本月投票决定是否与加拿大断绝关系。这两场分离主义运动都被指责受到外国干预、网络虚假信息以及美国的操纵。

法语区魁北克省人口 900 万，经济规模约 C6000亿美元，是加拿大第二大省，曾在 1980 年和 1995 年举行过两次未获成功的独立公投。

尽管魁北克党承诺在特朗普离开白宫之前推迟任何未来的主权投票，但该党的胜利将挑战卡尼在面对敌对的美国时加强加拿大经济和政治统一的努力。

蒙特利尔麦吉尔大学的经济学讲师朱利安·卡拉格西安（Julian Karaguesian）表示，魁北克党的获胜是一个“小的绊脚石”，将使卡尼的处境变得“更加棘手，更加困难”。

他说：“你可能会看到这样一种动态，即新任魁北克党领导人试图在卡尼和美国之间玩弄权术，但这是一款非常危险的游戏。”他补充道：“特朗普可能也会尝试同样的操作。”

民意调查显示，只有 30 per cent 的魁北克选民希望该省脱离加拿大。卡拉格西安表示：“目前尚不清楚他们是否都支持分离主义”，尽管魁北克党领导人在竞选期间表示，“魁北克作为一个独立国家与美国谈判将会更好”。

传染病

📄 Original Section

Trump says Maga Inc will pay for adverts following backlash

ELLA LEE — WASHINGTON

Donald Trump has said he will use his own money and funds from his Super Pac to pay for adverts boosting his policies, after the US president drew widespread criticism for using taxpayer dollars on campaign-style messages weeks ahead of the midterm elections.

In a post on social media, Trump blamed the “Radical Left” for his decision to pay for the ads with money from political action committee Maga Inc rather than government coffers. He said he saw the ads as “a positive promotion for our Great U.S.A.”

"This is a rather standard thing to do but, rather than doing that, although nothing will make them happy, I have decided to do the Patriotic Ads, among others, and pay for them myself, and with money I raised for MAGA, Inc.," the president posted on Truth Social.

The move is a reversal for the president after he defended television ads that ran during National Football League games and Saturday Night Live.

Federal budget records show that \$20mn was shifted to US Customs and Border Protection for “Commerative

Events" (sic) on September 19. The next day, a Maryland-based advertising company was awarded a \$20mn contract for a "National Media Campaign", according to federal contract data.

The ads trumpeted Trump's policies and the president himself. One, posted by the president on X, says: "And on June 14, 1946, God looked down on His planned paradise and said, 'I need a caretaker.' So God gave us Trump."

Trump previously defended the messages by calling them “public service announcements” and said he was not elevating any candidates but rather “promoting the country”.

The White House said on Monday that Maga Inc, which underpinned Trump's 2024 presidential run, would pay for the ads "moving forward".

Sovereignty

“Administrations of both parties have used public service announcements to explain policy and make the case for the nation's direction,” a White House official said. The official cited as examples the Joe Biden administration’s “We Can Do This” advertisements urging people to get vaccinated against Covid-19 and George W Bush’s campaign explaining his Medicare policy.

刚果金疫情后，肯尼亚确认首例埃博拉病例

🌐 对照英文

威廉·沃利斯 (WILLIAM WALLIS) —— 内罗毕

肯尼亚卫生部门已确认该国首例埃博拉病例。一名曾在刚果民主共和国生活和工作的肯尼亚公民于周六携带病毒返回内罗毕。

卫生部长阿登·杜阿莱 (Aden Duale) 表示，该患者于一个月前首次发病，随后经陆路前往乌干达首都坎帕拉，之后飞回肯尼亚。该患者在内罗毕的医院接受隔离治疗，但于周一去世。

杜阿莱表示：“根据临床表现和旅行史，医生最初认为其病例为病毒性发烧，并采集样本进行检测，结果呈埃博拉阳性。”

肯尼亚首例埃博拉病例出现之际，刚果金的卫生工作者正努力遏制该国最严重的一次病毒爆发，此次疫情于5月在东北部的伊图里省（Ituri）爆发。

卫生部门目前已确定该肯尼亚患者的28名接触者，包括其家属和卫生工作者。杜阿莱在向媒体透露时称，他们正在追踪另外23名乘坐同一架 Jambojet 航班从乌干达出发的旅客。他说：“所有系统均已就绪，以减轻疾病的传播。”

在刚果金，遏制病毒的努力因疫情发生地冲突频发且地形崎岖而变得复杂，且针对此次爆发的罕见布恩迪布格约（Bundibugyo）毒株尚缺乏经批准的疫苗。

根据截至10月2,的数据，刚果金共有8,442例确诊病例和4,080例相关死亡病例，数据还显示病毒已远超伊图里最初的爆发范围。世界卫生组织多次警告称，该疾病的传播速度超过了医务人员追踪和遏制的能力，并预测这将成为记录以来最致命的一次爆发。

杜阿莱表示，在区域性大爆发的威胁下，肯尼亚近几个月已在机场和海港对入境的100,000多名旅客进行了埃博拉筛查，并培训了近5,000名卫生工作者关于该疾病的预防和管理。邻国乌干达最初成功隔离了来自刚果金的感染者。

国际

也门冲突

📄 Original Section

Separatist win in Quebec tests Canada's united front over US

ILYA GRIDNEFF — TORONTO

Voters in Quebec have elected the separatist Parti Québécois in a dramatic political comeback that paves the way for a sovereignty vote on whether the province should leave Canada.

The party won close to 30 per cent of the vote, gaining 59 of the provincial assembly's 127 seats and will form a minority government. The victory marks a remarkable renaissance after it won just three seats in 2022.

"The Quebec we want to build for ourselves will be French-speaking," said PQ leader Paul St-Pierre Plamondon on Monday night. "It will be prosperous and modern, but above all, it will be among the most exemplary democracies on the planet."

The separatist victory poses a political test for Prime Minister Mark Carney as he tries to foster national unity in the face of relentless attacks by US President Donald Trump. The oil-rich province of Alberta votes this month on whether to cut ties with Canada. Both separatist movements have been accused of foreign interference, online disinformation and US meddling.

French-speaking Quebec, with a population of 9mn and an economy worth about C\$600bn, is Canada's second-largest province and held two unsuccessful independence referendums in 1980 and 1995.

Despite the PQ pledging to postpone any future sovereignty vote until Trump leaves the White House, the party's victory will challenge Carney's efforts to strengthen Canada's economy and political unity in the face of a hostile US.

Julian Karaguesian, economics lecturer at McGill University in Montreal, said PQ's win was a "minor stumbling block" that would make it "more thorny, more difficult" for Carney.

“You could see a dynamic where the new PQ leader tries to play Carney and the US off against each other, but that is a very dangerous game,” he said. “Trump may try the same,” he added.

Polls show that only 30 per cent of Quebec voters want the province to separate from Canada. "It's not clear they're all in favour of separatism," said Karaguesian, despite the PQ leader saying during the campaign that "Quebec would be better off negotiating with the US as an independent country".

Infectious disease

利雅得因胡塞武装触发防御协议

🌐 对照英文

协议旨在确保巴基斯坦、沙特和土耳其军队的迅速部署

AHMED AL OMRAN — 吉达

JOHN PAUL RATHBONE — 伊斯坦布尔

沙特阿拉伯、巴基斯坦以及北约成员国土耳其表示，他们首次触发了一项共同防御协议，旨在确保巴基斯坦和土耳其的“军事力量和能力”能够“快速部署”至沙特阿拉伯。

这一决定是在周一于利雅得举行的一次紧急会议后做出的。该会议讨论的是三方在8月签署的《麦加防御协议》，该协议规定对其中一个国家的攻击将被视为对所有国家的攻击。此次行动是对包括也门胡塞武装在内的伊朗支持团体袭击沙特目标的反应。

一份联合声明称，部署将“根据……国家立法”进行。然而，土耳其议会尚未批准该协议，根据宪法，在批准之前无法部署军队。

华盛顿中东研究所的 Gönül Tol 在社交媒体上写道：“这表明（至少目前）土耳其的贡献更有可能涉及除地面部队部署以外的军事能力。”

巴基斯坦表示，不会公布其部署的具体细节。信息部表示：“实现集体威慑的作战细节属于作战机密。”

最终部署规模将有多大尚不明确。巴基斯坦和沙特阿拉伯拥有成熟的双边国防协议，巴基斯坦曾在4月向该王国部署了喷气式飞机、飞行中队和一套防空电池。但一名接近此情况的官员表示，部队的互操作性“很困难，尤其是在战争期间”。

土耳其拥有北约中仅次于美国的第二大军队。麦加协议的三个成员国共拥有约1.14mn名现役正规军人员。

沙特阿拉伯还寻求美国的帮助。据一名知情人士透露，在胡塞武装于8月升级其攻势后，利雅得请求华盛顿对该伊朗支持团体发起超出单次打击规模的空袭。华盛顿拒绝了这一请求。

在宣布触发麦加协议之际，沙特支持的也门政府军与胡塞武装在包括红海沿岸和西南部塔伊兹省在内的多个战线展开激烈战斗。

国际认可的政府官员周一表示，其部队已夺回了战略要地曼德海峡附近的重要区域；与此同时，胡塞武装声称对沙特阿拉伯发动了导弹袭击。

一名军事消息人士告诉政府关联的萨巴通讯社（Saba news agency），沙特支持的政府军在与自9月以来控制该市的胡塞武装交战后，夺回了红海港口城市摩卡（Mocha）。

沙特领导的联军发言人图尔基·马利基（Turki al-Maliki）少将表示，其海军在荷台达（Hodeida）执行了一项行动，摧毁了胡塞武装的目标，并挫败了针对红海南部海域水道的袭击。

周一晚上，位于沙特西南部吉赞（Jizan）和奈季兰（Najran）的沙特机场遭到袭击。Humza Jilani 参与报道

基础设施。铁路

📄 Original Section

Kenya confirms first Ebola case after DR Congo outbreak

WILLIAM WALLIS — NAIROBI

Kenya's health authorities have confirmed the country's first case of Ebola, after a Kenyan citizen who had been living and working in the Democratic Republic of Congo travelled back to Nairobi on Saturday carrying the virus.

Health minister Aden Duale said the patient first fell sick a month ago and had travelled by road to the Ugandan capital, Kampala, before flying back to Kenya. The patient was isolated and treated in hospital in Nairobi but died on Monday.

“Based on the presentation and history of travel, the doctors considered his case to be viral fever and collected samples for testing, which turned positive for Ebola,” Duale said.

Kenya's first Ebola case comes as health workers in DR Congo struggle to contain the country's worst outbreak of the virus, which flared up in the northeast province of Ituri in May.

Health authorities have so far identified 28 contacts of the Kenyan patient, including family members and health workers. They were tracing a further 23 people who travelled on the same Jambojet plane from Uganda, Duale told press. "All systems are in place to mitigate the spread of the disease," he said.

Efforts to contain the virus in DR Congo have been complicated by the rugged terrain of the conflict-wracked region where it presented, and by the lack of an approved vaccine for the rare Bundibugyo strain responsible.

There have been a total of 8,442 confirmed cases in DR Congo and 4,080 related deaths, according to data up until October 2, which also shows the virus spreading far beyond its initial outbreak in Ituri. The World Health Organization has repeatedly warned the disease is spreading faster than the ability of medical workers to track and contain it, predicting it will become the deadliest outbreak on record.

Kenya has screened more than 100,000 travellers coming into the country at air and seaports in recent months for Ebola and trained nearly 5,000 health workers on the prevention and management of the disease, Duale said, amid threats of a wider regional outbreak. Neighbouring Uganda succeeded initially in isolating people coming from DR Congo with the disease.

INTERNATIONAL

Yemen conflict

与日本的关系紧张导致印度高铁进度放缓

🌐 对照英文

莫迪的旗舰合作伙伴项目一直受到延期和成本超支的困扰

哈里·登普西（HARRY DEMPSEY）——东京，安德烈斯·希帕尼（ANDRES SCHIPANI）——新德里，克里希纳·考希克（KRISHN KAUSHIK）与克里斯·凯（CHRIS KAY）——孟买

当印度决定建造其首条高铁时，寻求日本的帮助并不令人意外，因为日本是高铁的发明者，且愿意提供廉价资金。

但十多年后，这条铁路仍未载客。一场关于延期、成本激增和采购的激烈争端已公开化，这暴露了两国之间固有的紧张关系，而两国的基础设施雄心似乎处于不同的轨道上。

这条连接孟买和艾哈迈达巴德的508公里线路，被设想为总理纳伦德拉·莫迪致力于现代化印度铁路网络（全球第四大铁路网）努力的一部分。

新德里与日本签约，日本的高铁因其速度、可靠性和效率而令全球羡慕。两国在2015年达成一项9800亿卢比（当时为150亿美元）的协议，由日本提供一项利率为0.1 per cent的50-year loan支持。

但由于冗长的土地征收程序，运营启动时间远落后于2023, 的最初目标。根据官方估计，预计价格已飙升至至少1.87万亿卢比（195亿美元）。

“未能取得进展100 per cent是印度方面的错，”前日本法务大臣牧原秀纪（Hideki Makihara）7月在X上写道，“他们从未遵守承诺。”

日本官员指责新德里将信号系统的重大合同交给德国工业集团西门子（Siemens）这一国际竞争对手，违反了协议。谈判代表表示，此举令以JR东日本公司（JR East）为首的日本项目公司感到沮丧。

日方认为，集成系统能维持日本高铁的可靠性、安全性和准点率，而由日本轨道、欧洲信号系统和印度列车组成的混合系统则未经测试。

“简直是一团糟，”一名日本项目参与者表示，并补充说谈判陷入僵局。JR东日本公司拒绝就具体细节发表评论。

东京还在外交部设立了一个专门监督该项目的新职位，这表明其担忧程度之深。与此同时，印度暗示其可能会开发国产高铁，其容量将与所需的日本车辆相当。

一名要求匿名的印度铁路部高级官员坚称，双方“完全一致”，且所有决定都是在详细讨论并达成一致后做出的。

对于莫迪而言，改造主要在英国殖民统治时期建立的印度铁路系统，是他现代化形象的重要组成部分。这预计将有助于他的“印度制造”计划，以扩大国内技术制造业。该国已经实现了99.6 per cent的宽轨铁路电气化，高于许多欧洲国家。

除了已经由印度制造的“半高速”Vande Bharat线路服务的艾哈迈达巴德-孟买路线外，铁路部还划定了七条覆盖近4,000km（4,）的高铁走廊进行开发。预计将吸引16万亿卢比（1670亿美元）的投资。

印度方面表示，高铁线路将于明年夏天开通，但仅限于100km的路段，且使用速度较慢的印度制造列车。日本外交官表示，第一阶段仅覆盖50km，并对该时间表表示怀疑。

高铁项目的延期并不罕见：英国的 HS2 和日本的北海道新干线延伸线都出现了预算超支。

对于艾哈迈达巴德-孟买线路，官员们表示，印度谈判代表积极寻求最大化未来的灵活性、实现技术本土化并降低成本，而日本则力争

“未能取得进展 100% 是印度方面的错。他们从未兑现承诺”

牧原秀树

前日本法务大臣

将出口基础设施作为一套综合方案来维持，并因被认为持有“日本例外论”的态度而激怒了对方。

在日本，外交官承认，企业内部封闭的思维模式以及未能培养具有国际视野的人才正在扩大差距。谈判代表还指出了文化差异。

“日本人将目标设定在现实水平，并且执行得非常好，”一名参与谈判的日本高级外交官表示。“印度人将目标设定得很高，虽然没有完全执行，但执行得相当不错。”

但在面对日益强势的中国时，维持良好关系的战略重要性可能超过这场争端带来的任何损害。

在 7 月于新德里举行的一次峰会上，日本首相高市早苗表示，两国应将关系发展为“兄妹般”的关系。

一份联合声明称，日本“充分理解”印度明年开始有限度地运营高铁的目标。一名印度高级外交官表示：“双边关系的速度比高铁项目的速度更快。”

恐怖袭击调查

📄 Original Section

Riyadh triggers defence pact over Houthis

Deal aims to ensure swift deployment of Pakistani, Saudi and Turkish forces

AHMED AL OMRAN — JEDDAH

JOHN PAUL RATHBONE — ISTANBUL

Saudi Arabia, Pakistan and Nato member Turkey said they had triggered a mutual defence pact for the first time, aiming to ensure the “rapid deployment” of Pakistani and Turkish “military forces and capabilities” to Saudi Arabia.

The decision followed an emergency meeting in Riyadh on Monday of the trio's Mecca defence pact signed in

August, which treats an attack on one country as an attack on all, in reaction to assaults on Saudi targets by Iran-backed groups including Yemen's Houthi rebels.

A joint statement said the deployment would take place “in accordance with . . . national legislation”. However, Turkey’s parliament has not yet ratified the pact and cannot deploy troops until that happens under the constitution.

"This suggests that (at least for now) Turkey's contribution is more likely to involve military capabilities other than deployment of ground troops," Gönül Tol of the Middle East Institute in Washington wrote on social media.

Pakistan said it was not releasing details of its own deployment. “The operational details of the actualisation of the collective deterrence are a matter of operational confidentiality,” the information ministry said.

How large a deployment could ultimately follow remains unclear. Pakistan and Saudi Arabia have a well-established bilateral defence agreement, and Pakistan deployed jets, squadrons and an air defence battery to the kingdom in April. But an official close to the situation said interoperability of forces was “difficult, especially in the middle of a war”.

Turkey has Nato's second-biggest army after the US. The three Mecca pact members together field roughly 1.14mn active duty regular military personnel.

Saudi Arabia has also sought US help. After the Houthis stepped up their campaign in August, Riyadh asked Washington to launch air strikes against the Iran-backed group that went beyond a one-off strike, according to a person familiar with the matter. Washington declined.

The Mecca pact announcement came as the Saudi-backed Yemeni government forces and Houthis engaged in heavy battles across multiple fronts, including the Red Sea coast and the south-western province of Taiz.

Officials from the internationally recognised government said on Monday its forces had recaptured important areas near the strategic Bab al-Mandab Strait as the Houthis claimed to have launched missile attacks on Saudi Arabia.

A military source told the government-linked Saba news agency Saudi-backed government forces recaptured the Red Sea port city of Mocha after battles with Houthi forces that controlled the city since September.

Major General Turki al-Maliki, a spokesperson for the Saudi-led coalition, said its navy conducted an operation in Hodeida that destroyed Houthi targets and foiled attacks aimed at waterways in the southern Red Sea area.

Saudi airports in Jizan and Najran, both in the kingdom's south-west, were targeted in attacks on Monday evening. Additional reporting by Humza Jilani

Infrastructure. Railways

袭击 Flydubai 航班的袭击者曾在新西兰接受飞行训练

🌐 对照英文

KIERAN CASH — 阿德莱德 / CHLOE CORNISH — 迪拜 / NERI ZILBER — 特拉维夫

据当局称，近期在从迪拜飞往以色列的 Flydubai 航班上实施袭击的袭击者在澳大利亚留学后，曾在新西兰接受飞行训练。目前调查人员正在对其背景进行审查。

阿拉伯联合酋长国的检察官指控该男子（媒体报道将其身份认定为 Hamam al-Hammami）上周“企图实施恐怖袭击”，使用斧头袭击了 Flydubai 1073 航班的机长。

他先是被机长击退，随后被乘客制服。飞机安全降落在沙特阿拉伯，乘客随后被转移至以色列。

新西兰警察局助理专员迈克尔·约翰逊（Michael Johnson）在未点名 Hammami 的情况下表示，该嫌疑人曾于“2018年11月至2019年5月期间持六个月学生签证在新西兰停留”。

他表示：“该副驾驶在新西兰是为了代表一家不再在新西兰运营的英国公司完成部分飞行训练。”

新西兰警方表示，他们正在“审查记录并就 [Hammami] 在新西兰停留的时间进行调查”。

Hammami 在新西兰接受飞行训练的时间，可能会增加对其在澳大利亚期间的审查，澳大利亚当局此前表示正在调查他与该国的联系。

墨尔本的皇家墨尔本理工大学（RMIT University）周一表示，“一名涉嫌参与 Flydubai 航班事件的前学生”曾在该机构就读，“时间在 2015 年至 2017 年之间，但未能成功获得工程学资格证书”。

《金融时报》此前援引两名熟悉调查的人士报道称，Hammami 涉嫌在澳大利亚访问过激进清真寺和极端主义网站。这些人补充说，澳大利亚情报机构——澳大利亚安全情报组织（ASIO）拥有关于他的“档案”。

澳大利亚战略政策研究所国家安全项目主任约翰·科因（John Coyne）警告称，不要对潜在的情报失误和 Hammami 的激进化过早下结论。“ [澳大利亚情报部门] 将试图确认——我们是否遗漏了什么，他是否被激进化，以及他是否持有极端主义信仰？”

ASIO 拒绝置评，并将查询引导至内政部。新西兰安全情报局未回应置评请求。

以色列官员已将 Hammami 认定为阿曼国民，他目前在阿联酋接受由阿联酋主导的调查。据一名熟悉此事的人士透露，他本周接受了以色列国内情报局（Shin Bet）的审讯。

Hammami 尚未被起诉。

据一名熟悉此事的人士透露，由于担心其已被激进化（包括涉嫌在社交媒体上发布大量反以色列的文字和图像），阿曼此前曾禁止他乘坐飞机。

FT 与渣打银行奖项

📄 Original Section

Tensions with Japan slow India's bullet train

Modi's flagship partnership project has been dogged by delays and cost overruns

HARRY DEMPSEY — TOKYO ANDRES SCHIPANI — NEW DELHI KRISHN KAUSHIK AND CHRIS KAY MUMBAI

When India decided to build its first bullet train, it was no surprise it turned to Japan, the inventor of high-speed rail and a willing supplier of cheap funding, for help.

But over a decade later, the railway has yet to carry a passenger. An acrimonious dispute has burst into the open over delays, ballooning costs and procurement that has exposed inherent tensions between two countries whose infrastructure ambitions have appeared to be on different tracks.

The 508km line connecting Mumbai and Ahmedabad was envisioned as part of Prime Minister Narendra Modi's efforts to modernise India's rail network, the world's fourth largest.

New Delhi contracted Japan, whose bullet trains are a global envy for their speed, reliability and efficiency. The countries agreed in 2015 to a Rs980bn (\$15bn at the time) deal, underpinned by a 50-year loan from Japan at 0.1 per cent interest.

But the start of operations has fallen well behind an initial target of 2023, delayed by lengthy land acquisition procedures. The estimated price tag has rocketed to at least Rs1.87tn (\$19.5bn), according to official estimates.

"The failure to make progress is 100 per cent the fault of the Indian side," Hideki Makihara, a former Japanese justice minister, wrote on X in July. "They never keep their promises."

Japanese officials have accused New Delhi of violating the pact by handing a big contract for the signalling system to German industrial group Siemens, an international competitor. Negotiators said the move dismayed Japanese project companies led by JR East.

The Japanese side argued that an integrated system upholds the reliability, safety and punctuality of Japan's bullet trains, while a hybrid system of Japanese rail track, European signalling systems and Indian trains was untested.

“It’s such a mess,” said one project participant in Japan, adding that negotiations were deadlocked. JR East declined to comment on specifics.

Tokyo also created a new position

Sluggish progress: Prime Minister Narendra Modi, centre, visits the bullet train project in Surat, Gujurat, last year. Below, the 'semi-high-speed' Vande Bharat line DPR PMO/ANI Photo/Reuters; Sudipta Das/NurPhoto/Reuters

within the foreign ministry dedicated to supervising the project, an indication of the seriousness of its concerns. India, meanwhile, has suggested it could develop domestic high-speed trains, which would match the capacity of the desired Japanese stock.

A top India railway ministry official, speaking on condition of anonymity, insisted the two sides were “fully aligned” and that decisions were made after detailed talks and agreement.

For Modi, revamping India's rail system, which was largely built under

British rule, is an important part of his modernising image. It is expected to contribute to his “Make in India” plans to expand domestic technology manufacturing. The country has already electrified 99.6 per cent of its broad-gauge rail, more than many European countries.

On top of the Ahmedabad-Mumbai route – which is already served by the “semi-high-speed”, India-made Vande Bharat line – the railways ministry has earmarked seven high-speed rail corridors covering nearly 4,000km for development. It expects to attract Rs16tn (\$167bn) of investment.

India has said the high-speed route will open next summer, but only along a 100km stretch and using slower, Indian-built trains. Japanese diplomats said the first phase would cover just 50km and expressed doubts about the timeline.

Delays to high-speed rail projects are not uncommon: HS2 in the UK and the Hokkaido bullet train extension in Japan both ran over budget.

For the Ahmedabad-Mumbai line, officials said Indian negotiators aggressively sought to maximise future flexibility, indigenise technology and bring costs down, while Japan fought to

'The failure to make progress is 100 per cent the fault of the Indian side. They never keep their promises'

Hideki

Makihara, former

Japanese justice minister

maintain exporting infrastructure as a comprehensive package and riled counterparts with a perceived attitude of Japanese exceptionalism.

In Japan, diplomats conceded an inward corporate mindset and failure to promote internationally minded talent were widening the gap. Negotiators also pointed to cultural differences.

"The Japanese set the goals at realistic levels and we implement them very well," said a senior Japanese diplomat involved in negotiations. "The Indians set the goals high and don't implement them to the full, but do it quite well."

But the strategic importance of maintaining good relations in the face of an increasingly assertive China may outweigh any damage from the dispute.

During a summit in New Delhi in July, Japan's Prime Minister Sanae Takaichi said the countries should develop their relationship "as brother and sister".

A joint statement said Japan “fully understands” India’s goal to begin limited high-speed rail operations next year. A senior Indian diplomat said: “The velocity of the bilateral relation is faster than the velocity of the high-speed rail project.”

Terror inquiry

AI 主导商业图书奖入围名单

🌐 对照英文

安德鲁·希尔 (ANDREW HILL)

AI 带来的深刻颠覆性挑战主导了今年《金融时报》与渣打银行年度商业图书奖 (Financial Times and Standard Chartered Business Book of the Year Award) 的入围名单。

六本入围作品中有三本探讨了 AI 的风险与机遇——将其视为一种强大的通用工具、一种武器以及一个算法预测引擎。该名单由《金融时报》编辑鲁拉·哈拉夫 (Roula Khalaf) 于昨日公布，其中包括两名该奖项往届获奖者利亚夸特·艾哈迈德 (Liaquat Ahamed) 和塞巴斯蒂安·马拉比 (Sebastian Mallaby) 的著作。

哈拉夫赞扬了入围作品“令人印象深刻的广度与深度”，涵盖了抗肥胖药物革命、化石燃料工业造成的破坏以及从首次全球金融危机中汲取的教训。她表示：“作者们进行了深入挖掘，提出了重大问题，并对商业、领导力以及如何应对不确定性提供了极具说服力的见解。”

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入围作品如下：

《1873：首次大萧条与现代世界的形成》(1873: The First Great Depression and the Making of the Modern World)，作者为 2009 年获奖者利亚夸特·艾哈迈德，他讲述并分析了一个全球转折点，并将其与当今的地缘经济紧张局势进行了具有启发性的类比。

《失控：Ozempic 的内幕故事与治愈肥胖之战》(Off the Scales: The Inside Story of Ozempic and the Race to Cure Obesity) 是艾米·多内兰 (Aimee Donnellan) 对 GLP-1 发现过程以及诺和诺德 (Novo Nordisk) 研发减肥药 Ozempic 的考察。

《无限机器：德米斯·哈萨比斯、DeepMind 与对超智能的追求》(The Infinity Machine: Demis Hassabis, DeepMind and the Quest for Superintelligence)，作者塞巴斯蒂安·马拉比采访了 DeepMind 的联合创始人，探讨了该公司的过去、现在和未来以及 AI 的影响。

《梅文项目：一名海军陆战队上校、他的团队与 AI 战争的黎明》(Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare)，由前《金融时报》记者卡特里娜·曼森 (Katrina Manson) 撰写，追溯了一个五角大楼秘密计划的戏剧性故事，该计划旨在借助硅谷的力量将 AI 引入战场。

《血流成河：石油与天然气的杀戮生意》(Blood Will Flow: The Murderous Business of Oil and Gas)，作者亚历克斯·佩里 (Alex Perry) 调查了莫桑比克的一次伊斯兰主义袭击，以揭示油气勘探带来的危险后果。

《预言：预测、权力与未来的争夺，从古代神谕到 AI》(Prophecy: Prediction, Power and the Fight for the Future, from Ancient Oracles to AI)，作者卡丽莎·韦利兹 (Carissa Véliz) 揭露了人类长期以来对预测的痴迷，以及这对从保险到科技等行业的深远影响。

今年的奖项是这一享有盛誉的《金融时报》奖项的第 22 届，获胜者将获得 3 万英镑。该奖项同时由《金融时报》所有者日经 (Nikkei) 支持，将于 12 月 2 日在伦敦颁发，届时还将颁发布拉肯青年作家奖 (Bracken Prize for Young Authors)。每本入围图书的作者将获得 1 万英镑。

在过去六届《金融时报》奖项中，有五届授予了关于技术的书籍。去年的奖项由斯蒂芬·威特 (Stephen Witt) 探讨芯片制造商英伟达 (Nvidia) 兴起的《思考机器》(The Thinking Machine) 获得。2024 年的获胜者是帕米·奥尔森 (Parmy Olson) 的《至高无上》(Supremacy)，讲述了 AI 先驱之间的竞争。

物理研究

📄 Original Section

Flydubai jet attacker took flight training in New Zealand

KIERAN CASH — ADELAIDE CHLOE CORNISH — DUBAI NERI ZILBER — TEL AVIV

The attacker on a recent Flydubai flight from Dubai to Israel received flight training in New Zealand after studying in Australia, according to the authorities, as investigators scrutinise his background.

Prosecutors in the United Arab Emirates have accused the man, who has been identified in media reports as Hamam al-Hammami, of using an axe to attack the captain of Flydubai flight 1073 as he “attempted to carry out a terrorist act” last week.

He was fought off by the captain before being overpowered by passengers. The plane landed safely in Saudi Arabia and the passengers were transferred to Israel.

Michael Johnson, assistant commissioner of New Zealand Police, said without naming Hammami that the suspect had been in New Zealand “between November 2018 and May 2019 on a six-month student visa”.

"The co-pilot was in New Zealand to complete a portion of his flight training for a UK-based company no longer operating in New Zealand," he said.

New Zealand police said they were “reviewing records and undertaking inquiries with regard to the time [Hammami] spent in New Zealand”.

The timing of Hammami's flight training in New Zealand is likely to add to scrutiny over his time in Australia, where authorities have said they were investigating his links to the country.

RMIT University in Melbourne said on Monday that “a former student alleged to be involved in the Flydubai flight incident” was enrolled at the institution “between 2015 and 2017 but did not successfully complete an engineering qualification”.

The FT previously reported that Hammami had allegedly visited radical mosques and extremist websites in Australia, citing two people familiar with the investigation. The Australian Security Intelligence Organisation (ASIO), the country's spy agency, held a “file” on him, the people added.

John Coyne, director of the national security programme at the Australian Strategic Policy Institute, warned against drawing premature conclusions about potential intelligence failures and Hammami's radicalisation. “[Australian intelligence services] will be trying to make sure – did we miss something, if he was radicalised, and did he hold extremist beliefs?”

ASIO declined to comment, directing inquiries to the Home Affairs office. New Zealand Security Intelligence Service did not respond to request for comment.

Israeli officials have identified Hammami, who is being held in the UAE under an Emirati-led investigation, as an Omani national. He was interrogated by Israel's Shin Bet domestic intelligence directorate this week, according to a person familiar with the matter.

Hammami has not been charged.

He was previously banned by Oman from flying because of concerns he had been radicalised, including an alleged social media history filled with anti-Israel texts and images, according to a person familiar with the matter.

FT and Standard Chartered award

外太空粒子研究获诺贝尔奖

🌐 对照英文

克莱夫·库克森 (CLIVE COOKSON)

弗朗西斯·哈尔岑 (Francis Halzen) 因发现如何探测中微子（来自外太空的幽灵亚原子粒子）而获得诺贝尔物理学奖，该研究为一种新型天文学奠定了基础。

瑞典皇家科学院昨日将 1200 万瑞典克朗（$1.2mn）的奖金授予 82 岁的哈尔岑，“以表彰其对冰立方中微子天文台 (IceCube Neutrino Observatory) 的决定性贡献以及对天体物理起源的高能中微子的发现”。

哈尔岑出生并成长于比利时，自 1971年起就任职于威斯康星大学麦迪逊分校。他发现了如何在南极一立方公里的超纯冰层中探测这些粒子。

根据该科学院的说法，“中微子是宇宙中最害羞的粒子，没有电荷，且几乎没有质量”。每秒钟都有数万亿个来自外太空的中微子在毫无波澜的情况下穿过人体。

哈尔岑在 1988 年产生了一个想法：中微子与普通物质极罕见的碰撞，可以通过它们在南极洲清澈的冰川冰中撞击原子核时产生的闪光来探测。极地冰层具有许多优势，因为它纯净、无干扰且地质稳定。

这一想法得到了其他物理学家的支持，并获得了美国国家科学基金会及国际合作伙伴的资助。在哈尔岑的指导下，冰立方中微子天文台于 2011 年建成，目前正帮助天文学家绘制整个宇宙的高能宇宙事件图谱。

弗朗西斯·哈尔岑曾提出中微子可以在冰层中被探测到的想法

诺贝尔物理学奖委员会主席马克·皮尔斯 (Mark Pearce) 表示：“弗朗西斯·哈尔岑领导了一支由研究人员和工程师组成的国际团队，他们为我们提供了一件极佳的仪器。他的坚韧和科学远见为一种新型天文学铺平了道路。”

伦敦物理研究所科学主任路易斯·巴森 (Louis Barson) 表示，哈尔岑的工作将使科学家能够“利用自然界中最难以捉摸的一些粒子，来研究传统望远镜无法看到的现象”。

哈尔岑昨日在访问意大利期间得知了这一荣誉。“这是一个巨大的惊喜，也是巨大的荣誉，”他在通过电话参加诺贝尔奖新闻发布会时说道。

他补充道：“我希望这将反映在所有做出决定性贡献的其他科学家身上。当我们启动这个项目时，每个人都意识到这是一个好主意，但很少有人认为它能成功。”

瑞典皇家科学院预测，其他人将沿着冰立方天文台开辟的道路前行。全球范围内还有几个中微子望远镜正在开发中。

📄 Original Section

AI dominates business book prize shortlist

ANDREW HILL

The profound disruptive challenges posed by AI dominate the shortlist of this year's Financial Times and Standard Chartered Business Book of the Year Award.

Three of the six finalists tackle the risks and opportunities of AI — as a powerful general purpose tool, as a weapon and as an algorithmic forecasting engine. The list, announced by FT editor Roula Khalaf yesterday, includes books by two former winners of the award, Liaquat Ahamed and Sebastian Mallaby.

Khalaf praised the field's "impressive

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A1CDCCC9D2A529A57F0037009795A561F breadth and depth", which covers the anti-obesity drug revolution, the damage caused by the fossil fuel industry and lessons from the first global financial crisis. "The authors dig deep, ask the big questions, and provide compelling insights into business, leadership and how to navigate uncertainty," she said.

The finalists are:

1873: The First Great Depression and the Making of the Modern World by 2009 winner Liaquat Ahamed, who recounts and analyses a global turning point with suggestive parallels with the geoeconomic tensions of today.

Off the Scales: The Inside Story of Ozempic and the Race to Cure Obesity is Aimee Donnellan's examination of the discovery of GLP-1s and the creation by Novo Nordisk of weight-loss drug Ozempic.

The Infinity Machine: Demis Hassabis, DeepMind and the Quest for Superintelligence by Sebastian Mallaby, who interviews the DeepMind co-founder and explores the past, present and future of the company and the implications of AI.

Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare by former FT reporter Katrina Manson traces the dramatic tale of a secret Pentagon plan to bring AI to the battlefield with the help of Silicon Valley.

Blood Will Flow: The Murderous Business of Oil and Gas by Alex Perry probes an Islamist attack in Mozambique to shed light on the dangerous consequences of oil and gas exploration.

Prophecy: Prediction, Power and the Fight for the Future, from Ancient Oracles to AI by Carissa Véliz exposes our longstanding obsession with forecasting and the implications for industries from insurance to technology.

This year's award is the 22nd edition of the prestigious FT prize and is worth £30,000 to the winner. The prize, which is also supported by FT owner Nikkei, will be presented in London on December 2, along with the Bracken Prize for Young Authors. Authors of each of the shortlisted books will receive £10,000.

Five of the last six FT awards have gone to books on technology. Last year's prize was won by The Thinking Machine, Stephen Witt's exploration of the rise of chipmaker Nvidia. The 2024 winner was Parmy Olson's Supremacy, about the rivalry between AI pioneers.

Physics research

公司与市场

🌐 对照英文

📄 Original Section

Outer-space particles work wins Nobel Prize

CLIVE COOKSON

Francis Halzen has won the Nobel Prize in Physics for discovering how to detect neutrinos – ghostly subatomic particles from outer space – in work that has laid the foundation for a new type of astronomy.

The Royal Swedish Academy of Science awarded the SKr12mn (\$1.2mn) prize yesterday to Halzen, 82, “for decisive contributions to the IceCube Neutrino Observatory and the discovery of high-energy neutrinos of astrophysical origin”.

Halzen, who was born and raised in Belgium, has been based at the University of Madison, Wisconsin, since 1971. He discovered how to detect the particles in a cubic kilometre of ultra-pure ice at the South Pole.

According to the academy, “the neutrino is the shyest particle in the universe, has no electric charge and almost no mass”. Trillions of neutrinos from outer space flow uneventfully through the human body every second.

Halzen had the idea in 1988 that neutrinos' extremely rare collisions with ordinary matter could be detected from flashes of light when they hit atomic nuclei in clear glacial ice in Antarctica. Polar ice has many advantages, as it is pure, free of interference and geologically stable.

The idea gained support from other physicists and funding from the US National Science Foundation and international partners. Under Halzen's guidance, the IceCube Neutrino Observatory was finished in 2011 and now helps astronomers map high-energy cosmic events across the universe.

Francis Halzen had the idea that neutrinos could be detected in ice

Mark Pearce, chair of the Nobel physics committee, said: “Francis Halzen has led an international team of researchers and engineers who have provided us with a fantastic instrument. His tenacity and scientific vision has paved the way for a new kind of astronomy.”

Louis Barson, science director at the Institute of Physics in London, said Halzen's work would enable scientists to "use some of nature's most elusive particles to investigate phenomena that conventional telescopes cannot see".

Halzen heard of his honour yesterday while visiting Italy. "It was a great surprise and great honour," he told the Nobel press conference by phone.

"I hope this will reflect on all the other scientists who have made decisive contributions," he added. "When we started the project everyone realised it was a good idea but very few thought it would work."

The Royal Swedish Academy of Sciences predicted that others would follow the path staked out by the IceCube observatory. Several other neutrino telescopes are under development around the world.

初创贷款机构 Erebor 成立以来存款规模升至 70亿美元

🌐 对照英文

• 亿万富翁所有者 Luckey 利用人脉资源
• 该银行试图填补硅谷银行（SVB）倒闭后留下的空白

乔治·哈蒙德 (GEORGE HAMMOND) —— 旧金山

约书亚·富兰克林 (JOSHUA FRANKLIN) —— 纽约

帕尔默·拉基（Palmer Luckey）为科技行业创办的银行自 2 月成立以来，存款规模已激增至 70亿美元 以上，这家初创银行正寻求填补 2023 年硅谷银行（SVB）崩溃后留下的空白。

Erebor 旨在取代 SVB，成为早期科技企业的首选贷款机构。拉基同时也是无人机制造商 Anduril Industries 的联合创始人，他正利用自己的人脉网络，将 Erebor 打造成为美国增长最快的贷款机构之一。

一名熟悉其财务状况的消息人士表示，这家成立八个月的银行在过去一个季度中增加了 500 多名客户，存款增加了 30亿美元 以上。

据一名知情人士透露，Erebor 在 2 月成为了十多家新贷款机构中的第一家，并且目前正与多家外国贷款机构讨论成为其代理行事宜。

该人士补充称，该集团一直在探索向近期金融制裁有所放宽的国家（包括委内瑞拉和叙利亚）提供银行服务的方法。

Erebor 已从知名风险投资公司筹集资金，包括 Lux Capital、Andreessen Horowitz 以及彼得·蒂尔（Peter Thiel）的 Founders Fund。

它还吸引了大量来自科技初创公司的存款，主要集中在国防和制造业。希尔什曼（Hirshman）表示：“帕尔默·拉基是世界上最成熟的创始人之一。凭借在科技领域作为一家风险投资支持公司的身份，我们能够利用这一点将其转化为我们的优势。”

---

📄 Original Section

Companies & Markets

“帕尔默·拉基是全球最成熟的创始人之一”

🌐 对照英文

雅各布·希尔什曼，Erebor主席

在唐纳德·特朗普总统的第二个任期内获得国家特许状。

Erebor 34 岁的亿万富翁创始人拉基是最早支持特朗普的科技领袖之一。这位共和党的主要捐赠者将 Erebor 描述为科技领域相当于农业银行的机构：一家比主流竞争对手更了解其客户的专业贷款机构。

该集团主席兼联合创始人雅各布·希尔什曼表示，Erebor 的最终目标是为整个科技行业提供服务，从风险投资支持的初创公司到大型科技公司。“最终，我们希望使我们的产品与全球系统重要性银行的产品相匹配，并拥有广泛的信贷产品、[外汇]、贷款等，”他说道。

该公司还寻求向海外扩张

存款的快速增长尚未转化为 Erebor 的大规模贷款。截至第二季度末，该银行发放了约 $78mn 的贷款，而将其近 90 per cent 的资产（超过 40亿美元）以现金和在其他银行的余额形式持有。根据 BankRegData 汇总的联邦存款保险公司（FDIC）数据，这一比例远高于大多数同规模的贷款机构。

该公司第二季度录得 $10.3mn 的净亏损。据熟悉其财务状况的消息人士称，Erebor 有望在 2026年底前实现盈利。

这家以 J.R.R. 托尔金《霍比特人》中的一座山命名的银行，其大部分抵押品为加密货币和半导体。高管们强调，Erebor 在增长过程中将保持保守的资产负债表，贷款存款比将维持在 50 per cent。

2023 年 3 月，在一次银行挤兑迫使其以巨额亏损抛售长期债券组合后，SVB 在几天内崩溃。

坚守阵地：亿万富翁家族在首席执行官突然离职后排除出售 Condé Nast 的可能性

Condé Nast 由纽豪斯家族拥有，出版的杂志包括《纽约客》—— Robert Alexander / Getty Images

安娜·尼古劳 —— 纽约

纽豪斯家族已排除出售 的可能性，在罗杰·林奇突然离职、公司开始寻找新任首席执行官之际，该家族否认了长期以来关于这家出版商未来所有权的猜测。

家族控股公司 Advance 的主席史蒂文·纽豪斯在接受《金融时报》询问纽豪斯家族是否会考虑出售 （旗下拥有《Vogue》、《纽约客》和《名利场》等杂志）时，给出了一个明确的“不”字。

Puck News 在 5 月份报道了时尚圈关于亚马逊创始人杰夫·贝佐斯可能会收购 的猜测，但同时表示这些传闻没有实质依据。

纽豪斯表示，他的家族将 OECD 视为一项商业投资，而非一件奖杯资产。“对于某些非媒体所有者阶层来说，拥有媒体资产可能具有某种威望，”他说道，“但我们担任媒体所有者已经 100 年了。所以我们追求的不是光鲜。”

这些评论出现在 OECD 的一个转折点。林奇于 2019 年被亿万富翁纽豪斯家族聘请以振兴这家出版商，他上周同意离职，出任玩具制造商美泰（Mattel）的首席执行官。

林奇花费七年时间对 OECD 进行了全面改革，将此前分开的美国和国际业务合并，削减职位，并将资源集中在最大的品牌上。

纽豪斯表示，林奇离开时公司的情况比他刚到时要“好得多得多”，并将创建一家全球性公司描述为他最大的成就。

林奇今年告诉《金融时报》，2025 年的收入大致回到了 2021 年的水平，当时据报道接近 20亿美元。他补充说，公司“现在盈利能力强得多”。

此次重组导致了多轮裁员以及员工的不安。

当被问及康泰纳仕（Condé Nast）在财务纪律变得更加严格后是否有所损失时，纽豪斯（Newhouse）表示：“我并不这么认为。”

他补充道：“印刷广告面临的挑战迫使我们做出选择，”并指出“垄断性的科技公司……在窃取我们的内容”，以及康泰纳仕盈利能力强的俄罗斯业务的损失。

纽豪斯表示，林奇（Lynch）在上周一告诉他，林奇计划离开公司，且康泰纳仕董事会尚未讨论对继任者的具体要求。长期担任康泰纳仕董事会成员的迈克·佩利斯（Mike Perlis）将担任临时首席执行官。

纽豪斯拒绝透露康泰纳仕将寻求另一位具有技术背景的高管，还是寻求一名来自出版行业的人员。

📄 Original Section

Start-up lender Erebor rises to \$7bn deposits since launching

\- Billionaire owner Luckey taps contacts

• Bank tries to fill void left by failed SVB

GEORGE HAMMOND — SAN FRANCISCO

JOSHUA FRANKLIN — NEW YORK

Palmer Luckey's bank for the technology industry has surged to more than \$7bn in deposits since launching in February as the start-up seeks to fill a void left by the collapse of Silicon Valley Bank in 2023.

Erebor is aiming to replace SVB as the lender of choice for early-stage technology businesses as Luckey, who also co-founded drone-maker Anduril Industries, capitalises on his network to build one of the US's fastest-growing lenders.

The eight-month-old bank has added over 500 customers and more than \$3bn in deposits over the past quarter, says a source familiar with its finances.

Erebor in February became the first of more than a dozen new lenders to and is in discussion with a number of foreign lenders about becoming a correspondent bank, according to a person with knowledge of the matter.

The group had been exploring ways to provide banking services to countries where financial sanctions have recently been eased, including Venezuela and Syria, they added.

Erebor has raised money from prominent venture capital firms including Lux Capital, Andreessen Horowitz and Peter Thiel's Founders Fund.

It has also raked in deposits from tech start-ups, largely in defence and manufacturing. “Palmer Luckey is one of the most sophisticated founders in the world,” Hirshman said. “By virtue of being a venture-backed company in the tech world we are able to leverage that to our advantage.”

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香港就汇丰银行在新加坡设立AI中心之决定提出质疑

🌐 对照英文

ARJUN NEIL ALIM — 香港

ORTENCA ALIAJ — 伦敦

OWEN WALKER — 新加坡

香港的实际中央银行就汇丰银行（HSBC）为何将其新的AI中心设在新加坡而非中国香港提出质疑，这标志着亚洲金融中心之间竞争的加剧。

据两名知情人士透露，香港金融管理局（HKMA）近几个月向这家欧洲最大的贷款机构询问了其在新加坡设立“全球AI卓越中心”的决定。

该中心于7月宣布，将招聘“100多名AI专家”，以增强该行的财富管理和支付技术。

在首席执行官乔治·埃尔赫德里（Georges Elhedery）的领导下，汇丰银行启动了一项激进的改革计划，退出全球范围内的部分国家和业务，以专注于其核心市场——尤其是其总部所在地香港。

“香港对外部资源的配置非常敏感，尤其是如果这种配置被视为在转移，”其中一名人士表示，并补充说当地当局会担心“不再成为该地区的中心或枢纽”。

此举发生在埃尔赫德里担任首席执行官后的首次重大投资之后：一项$14bn的交易，旨在全面吸收香港恒生银行，使这家总部位于英国的银行成为中国香港地区迄今为止最重要的贷款机构。

汇丰银行今年夏天还宣布以$2.1bn将新加坡的保险业务出售给安联保险（Allianz）。据一名人士透露，AI中心的宣布在一定程度上是为了在出售之后，向新加坡保证其对该城邦的持续承诺。

金管局施加的压力更广泛地源于监管机构希望巩固香港作为国际金融中心的地位，并在汇丰等机构加大对该地区增长投入之际把握时机。

据两名知情人士透露，金管局已与汇丰银行和渣打银行（Standard Chartered）讨论过将更多高管和高级职位安置在中国香港的问题。

汇丰银行拒绝就其与金管局关于AI中心的讨论发表评论。针对高管所在地的问题，该行表示：“我们的高级领导层分布在伦敦和香港这两个总部市场。”

金管局拒绝发表评论。

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📄 Original Section

'Palmer Luckey is one of the most sophisticated founders in the world'

Jacob Hirshman, Erebor chair

receive a national charter during President Donald Trump's second term.

Luckey, Erebor's 34-year-old billionaire founder, was among the earliest tech leaders to back Trump. The major Republican donor has described Erebor as the tech sector's equivalent of an agricultural bank: a specialised lender that understands its customers better than mainstream rivals.

Ultimately, Erebor aspires to service the entire tech sector, from venture capital-backed start-ups to Big Techs, says Jacob Hirshman, the group's chair and co-founder. "Eventually we want to match our offering with those of global systemically important banks [and] have a broad set of credit products, [foreign exchange], loans etc," he said.

It is also looking to expand overseas

The rapid deposit growth has yet to translate into large-scale lending for Erebor. As of the end of the second quarter the bank had made about \$78mn in loans while keeping almost 90 per cent of its assets – more than \$4bn – in cash and balances with other banks. This is a far higher share than most other lenders of its size, according to Federal Deposit Insurance Corporation data aggregated by BankRegData.

It posted a net loss of \$10.3mn for the second quarter. Erebor is on track to be profitable by the end of 2026, according to the source familiar with its finances.

The bank, which takes its name from a mountain in JRR Tolkien's The Hobbit, holds much of its collateral in cryptocurrencies and semiconductors. Executives have emphasised that Erebor will maintain a conservative balance sheet as it grows, with a 50 per cent loan-to-deposit ratio.

SVB collapsed over the course of a few days in March 2023 after a run on the bank forced it to sell off its long-term bond portfolio at a heavy loss.

Staying put Billionaire family rules out sale of Condé Nast after chief executive's abrupt exit

Condé Nast, owned by the Newhouse family, publishes magazines including The New Yorker — Robert Alexander/Getty Images

ANNA NICOLAOU — NEW YORK

The Newhouse family has ruled out selling Condé Nast, rejecting long-standing speculation over the future ownership of the publisher as it begins the search for a new chief executive following the abrupt departure of Roger Lynch.

Steven Newhouse, chair of family holding company Advance, gave a categorical “no” when asked by the FT whether the family would consider selling Condé Nast, the owner of magazines including Vogue, The New Yorker and Vanity Fair.

Puck News wrote in May about speculation in fashion circles that Amazon founder Jeff Bezos could buy Condé Nast while saying the rumours had no substantive basis.

Newhouse said his family regarded Condé Nast as a business investment rather than a trophy asset. "Maybe for a certain class of non-media owner, there's a prestige to owning media properties," he said. "But we've been a media owner for 100 years. So we're not in it for the glamour."

The comments come at a turning point for Condé Nast after Lynch, who was hired by the billionaire Newhouse family in 2019 to revive the publisher, agreed last week to leave to become chief executive of toymaker Mattel.

Lynch spent seven years overhauling Condé Nast, combining its previously separate US and international operations, cutting jobs and focusing resources on its biggest brands.

Newhouse said Lynch was leaving the company in “far, far better shape” than when he arrived, describing the creation of a global company as his greatest accomplishment.

Lynch told the FT this year that revenue in 2025 was roughly back to 2021 levels when it was reported to be nearly \$2bn. He added that the company was “far more profitable now”.

The restructuring has brought repeated rounds of lay-offs and unrest among employees.

Asked whether anything had been lost as Condé Nast became more financially disciplined, Newhouse said: "I just don't see it that way."

He added: “The challenges to print advertising forced us to make choices,” pointing to “the monopoly tech companies . . . stealing our content” and the loss of Condé Nast’s profitable Russian business.

Newhouse said Lynch told him last Monday that he planned to leave the company and that Condé Nast's board had not yet discussed what it wanted in a successor. Mike Perlis, a longtime Condé Nast board member, will serve as interim chief executive.

Newhouse declined to say whether Condé Nast would seek another executive with a technology background or someone from the publishing industry.

合同与招标

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📄 Original Section

HK questions HSBC over Singapore AI hub decision

ARJUN NEIL ALIM — HONG KONG

ORTENCA ALIAJ — LONDON

OWEN WALKER — SINGAPORE

Hong Kong's de facto central bank questioned HSBC on why its new AI hub would be established in Singapore and not in the Chinese territory, in a sign of the intensifying competition between the Asian financial centres.

The Hong Kong Monetary Authority asked Europe's largest lender in recent months about its decision to set up a "global AI centre of excellence" in Singapore, according to two people familiar with the exchange.

The centre, announced in July, will recruit “more than 100 AI specialists” to bolster the bank’s wealth management and payments technology.

Under chief executive Georges Elhedery, HSBC has embarked on a radical reform programme, pulling out of countries and businesses around the world to focus on its core markets – particularly its home market of Hong Kong.

“Hong Kong is very sensitive to resourcing externally, especially if it’s seen as moving,” said one of the people, who added that local authorities would be concerned about “no longer [being] the centre or the hub for the region”.

The move comes after Elhedery's first major investment as chief executive: a \$14bn deal to fully absorb Hong Kong's Hang Seng, making the UK-based bank by far the most important lender in the Chinese territory.

HSBC also announced the \$2.1bn sale of its Singaporean insurance business to Allianz this summer. The AI announcement was in part a way to reassure Singapore of its continuing commitment to the city-state following the sale, according to one person.

The pressure from the HKMA comes more broadly as the regulator looks to entrench the territory's status as an international financial capital, seizing the moment as HSBC and others double down on the region's growth.

The authority has spoken with HSBC and Standard Chartered about locating more executives and senior roles in the Chinese territory, according to two people familiar with conversations.

HSBC declined to comment on its discussions with the HKMA about the AI centre. In response to the location of its executives, the bank said: "We have senior leaders based in both our home markets of London and Hong Kong."

The HKMA declined to comment.

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巴基斯坦气象局 巴基斯坦气象局水文气象服务现代化（MHSP）加强水文气象与气候服务（第二部分）综合洪水韧性与适应项目（IFRAP）

🌐 对照英文

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📄 Original Section

Contracts & Tenders

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巴基斯坦气象局

🌐 对照英文

意向书征集（个人顾问 – 国际专家组）

巴基斯坦气象局项目执行单位（PIU-PMD）现就世界银行资助的IFRAP第二部分（IDA信贷编号 73330）下的以下职位，邀请符合条件的个人顾问提交意向书：

1. 系统集成专家（团队负责人）(PK-PMD-562898-CS-INDV)

1. 系统集成专家（团队负责人）(PK--502898-CS-INDV)

2. 数值天气预报 (NWP) 与预报专家 (--562908--)

3. ICT / 软件与数据集成专家 (--562912--)

4. HPC（高性能计算基础设施）专家 (--414800--) 详细的职权范围（包括所需的资格和经验）可在 https: / weather.gov. / home / circulars / #tender 获取。选拔将根据世界银行针对IPF借款人的采购条例（2020年11月）进行。请在2026年10月26日（巴基斯坦标准时间 1600 小时）前，通过电子邮件或纸质形式提交包含详细简历、注明申请职位及参考编号的意向书至：

Project Implementation Unit (PIU-), Seismic Observatory, Saidpur Village, Islamabad, Pakistan. 电子邮件：ps.mhsp@.gov. / 电话：+92-51-2273534

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📄 Original Section

Pakistan Meteorological Department Modernization of Hydromet Services of PMD in Pakistan (MHSP) Strengthening Hydromet and Climate Services (Component-II) Integrated Flood Resilience and Adaptation Project (IFRAP)

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巴克莱银行表示，它是大约十年来首家“开设分行”的大型银行，而与此同时，这一趋势在美国已经持续了一段时间

🌐 对照英文

一些机构尝试以新颖的方式提高分行的吸引力。尽管桑坦德银行（Santander）一直在缩减其在英国的网络（且预计在整合收购的TSB银行后将关闭更多网点），但它也开始在部分市中心分行中增加“工作咖啡馆”——试图利用共享办公空间的趋势。

其他机构则将保留庞大的分行网络视为一种优势。英国最大的建房互助协会 Nationwide 拥有近 700 家分行，并承诺至少在 2030 年之前不会关闭任何一家。这家强调赋予分行经理权力的互助所有制集团认为，这有助于其在活期账户转移率方面名列前茅（其净转移数量是排名第二的劳埃德银行 [Lloyds] 的两倍多）。它还通过增加新设施来强化其社区友好形象：到今年年底，所有分行外部都将安装除颤器和止血包。

但许多支持分行的思考集中在这些空间内可以开展的核心业务上。随着银行寻求深化与客户的关系，许多银行意识到，如果分行能从传统的柜员处理低价值现金交易模式转型，那么它们将成为扩大每位客户业务量的绝佳途径。

英国的新规赋予了银行在投资和其他主题上提供建议的更大空间，这应该会创造一个机会，让银行能够销售那些客户在纯在线环境下可能犹豫是否承诺购买的产品。

这无疑是美国分行的一个重点，因为许多银行客户同时拥有经纪账户，并且在分行内开设账户或讨论投资可能会让他们感到更舒适。

但此外还存在一些不那么具体的影响。尤其引人注目的是数据表明，美国银行在设有街道分行的地区能向客户销售更多产品：例如，PNC 银行认为，如果纯数字化客户居住在分行附近，其营销效果将提高六倍。谁能想到呢？在门口挂一个巨大的招牌开一家店具有品牌价值——即便这是一种相当昂贵的广告形式。

patrick.jenkins@ft.com

公司与市场

能源

📄 Original Section

Pakistan Meteorological Department

REQUEST FOR EXPRESSIONS OF INTEREST (Individual Consultants – International Panel of Experts)

The Project Implementation Unit, Pakistan Meteorological Department (PIU-PMD) invites Expressions of Interest from eligible individual consultants for the following positions under IFRAP Component-II (IDA Credit No. 73330), financed by the World Bank:

1. System Integrator Expert (Team Leader) (PK-PMD-562898-CS-INDV)

1. System Integrator Expert (Team Leader) (PK-PMD-502898-CS-INDV)

2. Numerical Weather Prediction (NWP) and Forecasting Expert (PK-PMD-562908-CS-INDV)

3. ICT / Software & Data Integration Expert (PK-PMD-562912-CS-INDV)

4. HPC (High-Performance Computing Infrastructure) Expert (PK-PMD-414800-CS-INDV) Detailed Terms of Reference, including qualifications and experience required, are available at https://weather.gov.pk/home/circulars/#tender. Selection will be made in accordance with the World Bank's Procurement Regulations for IPF Borrowers (November 2020). Expression of Interest with a detailed CV, stating the position and Reference No., may be submitted by e-mail or in hard form by 26th October, 2026 (1600 hrs. PST) to:

Project Implementation Unit (PIU-PMD), Seismic Observatory, Saidpur Village, Islamabad, Pakistan. E-mail: ps.mhsp@pmd.gov.pk | Tel: +92-51-2273534

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Vitol 首席执行官警告油轮运输危机

🌐 对照英文

Hardy 表示，油轮短缺威胁将原油价格推高至每桶 $200

马尔科姆·摩尔 (MALCOLM MOORE) 与

维里蒂·拉特克利夫 (VERITY RATCLIFFE) —— 伦敦

全球最大的独立石油贸易商负责人表示，由于缺乏将原油运往全球的油轮，由中东冲突引发的全球能源危机已进入一个新阶段。

Vitol 首席执行官拉塞尔·哈迪 (Russell Hardy) 表示，虽然目前从海湾地区流出的石油有所增加，但由于买家难以获得船只，出现了新的瓶颈。

他在伦敦举行的能源情报论坛 (Energy Intelligence Forum) 上表示：“这场冲突始于原油危机，随后演变为成品油危机。现在，从中东流出的原油增加了，但它正演变成一场航运危机。”

“可用的航运能力确实不足，”哈迪说道，并补充称租用油轮的价格已变得“相当呈抛物线式增长”，炼油厂目前正深受其苦。

哈迪估计，在美国海军为油轮在霍尔木兹海峡的往返航行清理出航道后，目前每天大约有 1200 万桶原油和 200 万桶精炼燃料能从海湾地区运出。

他表示，维持这一流量对于防止油价再次飙升至关重要，因为美国、以色列与伊朗之间的冲突已经耗尽了原油和精炼燃料的库存。

“如果没有它，就会出现每桶 $200 的局面，因此维持这一现状非常重要，”他说，“西方已经没有更多库存可以消耗了。”

该系统依赖于一组油轮在霍尔木兹海峡穿梭，冒着伊朗袭击的风险，然后将货物转移到在欧曼湾等待的另一组船只上。

石油流量的增加缓解了基准油价的压力，昨日伦敦布伦特原油交易价格低于每桶 $98。

但哈迪认为，这种方法也“非常低效”，因为船只一次要花几天或几周时间等待货物，从而减少了其他地方可用的油轮数量。

由此导致的短缺导致运费飙升，使得贸易商和炼油商越来越难以计算原油的交付成本。

“这给每个人都带来了巨大的压力，因为没有人能真正精确到 $2, $3, $4 [每桶] 地知道他们的航运成本将是多少，”哈迪说，“这使得人们在日常决策中面临困难。”

无法租到船或不愿支付天价运费的炼油商，正在激烈竞争那些更容易交付的供应源。一名石油高管表示，上周北海原油的货值售价为每桶 $145。

欧洲炼油商受高昂的原油和运费成本影响尤为严重，精炼利润（将原油加工成燃料的收益）近期已转为负值。根据 LSEG 的数据，在炼油商能够便捷获得国内原油供应的美国，利润仍保持在每桶 $70 以上。

随着欧洲炼油厂难以盈利，它们可能会削减产量，从而加剧柴油等燃料的供应问题。

“维持现状非常困难，这就是为什么市场价格依然高企，因为我们面前还没有明显的解决方案，”哈迪说。

银行

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法国贷款机构 BPCE 收购 Sabadell 7% 的“友好”股份

🌐 对照英文

莎拉·怀特 (SARAH WHITE) —— 巴黎

巴尼·乔普森 (BARNEY JOPSON) —— 马德里

在 BBVA 对其国内同行发起的敌意收购尝试失败一年后，法国的 BPCE 通过一项“友好”交易收购了西班牙贷款机构 Sabadell 7% 的股份。

BPCE 拥有纳蒂克西斯 (Natixis) 投资银行，在首席执行官尼古拉斯·纳米亚斯 (Nicolas Namias) 的领导下，过去几年一直在扩展其法国本土市场以外的业务，包括 2025 年宣布以 65亿欧元 收购葡萄牙的新银行 (Novo Banco)。

该公司昨日表示，已在市场上购买了 的股份——按当前价格计算价值近 12亿欧元 ——并旨在成为这家西班牙第四大银行的长期股东。双方在一份联合声明中强调了“此次股权投资的友好性质”，并表示 BPCE 不会将持股比例提高至 9.9% 以上。

“这显然是一次协同行动，”纳米亚斯告诉记者。他补充说，两家银行都是中小企业的重要融资方，将共同探索战略合作伙伴关系。“双方都有意建立一个友好且稳定的伙伴关系。”BPCE 目标在 的董事会中获得一个席位。

在 成为其规模更大的西班牙竞争对手 BBVA 170亿欧元 敌意收购目标后，此次交易将为其提供支持。该收购始于 2024 年，此前 拒绝了友好的接触。

激烈地抵制 BBVA 的收购，认为该贷款机构作为独立实体能为股东创造更多价值。BBVA 最终在 2025 年 10 月失败，其收购方案仅获得持有该银行四分之一股份的股东认可。

在 BBVA 收购失败后，曾支持此次收购尝试的墨西哥亿万富翁兼 股东大卫·马丁内斯 (David Martínez) 出售了该银行 1.6% 的股份，将其持股比例降低至略低于 2%。

“这次交易增强了我们继续执行战略计划的能力，” 首席执行官马克·阿门戈尔 (Marc Armengol) 表示。

花旗银行分析师博尔哈·拉米雷斯·塞古拉 (Borja Ramirez Segura) 表示，此次交易是对 独立战略的“认可”。但他补充说，这对于西班牙银行业未来的整合可能仍有影响。

参见 Lex

📄 Original Section

Banks are starting to rediscover the value of physical branches

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战斗开始：埃利森确保收购WBD，着手处理Skydance债务堆积

🌐 对照英文

HBO剧集《龙之家族》是即将由Skydance制作的电视节目之一，该公司由派拉蒙（Paramount）以$111bn交易收购华纳兄弟探索（Warner Bros Discovery）而形成。

大卫·埃利森（David Ellison）昨日随着派拉蒙以$111bn收购华纳兄弟探索的交易完成，巩固了其作为好莱坞巨头的地位。这笔交易让这位全球最富有人士之一之子掌握了一些规模最大的媒体和娱乐资产。

新更名的Skydance是一个好莱坞巨擘，但埃利森面临着一项挑战：他将一批主要由传统媒体组成的资产带入战场，与Netflix和YouTube等资金雄厚的科技公司展开竞争。

甲骨文（Oracle）创始人拉里·埃利森（Larry Ellison）之子埃利森在经历了2月份一场惨烈的收购战后，在竞购华纳的竞争中击败了Netflix。他现在面临着一项更艰巨的任务：在承受巨额债务负担的同时，将电影制片厂、有线电视和流媒体业务整合在一起。

根据与贷款机构分享的文件，他掌控的企业在过去一年中产生了$65bn的收入，其直接面向消费者的产品拥有超过2亿名订阅用户。

其业务范围涵盖HBO、CBS、CNN和MTV电视网络，哈利·波特（Harry Potter）、蝙蝠侠（Batman）和星际迷航（Star Trek）系列特许经营权，以及华纳和派拉蒙两家制片厂；截至去年年底，这些公司雇佣了超过53,000人。该公司估计每年在内容上的支出超过300亿美元，制作包括《白莲花度假村》（The White Lotus）和《龙之家族》（House of the Dragon）在内的电影和电视节目。

至关重要的是，埃利森必须在继续吸引好莱坞顶尖演员和导演的同时，想办法从业务中榨出$6bn的承诺成本削减。

在2022年探索-华纳合并后经历了数年的成本削减，华纳的资深员工已为进一步的裁员做好了准备。这些成本削减是

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📄 Original Section

Patrick Jenkins

anks have spent the past few decades frantically closing branches, cutting real estate overheads and trying to keep up with fast-growing digital

fintechs. Now, though, some have come up with a radical new strategy: to open branches.

UK banks have been among the most extreme in the world in slashing their high street presence. Across the country, there are now barely 4,000 bank and building society branches, down 80 per cent in 40 years.

Barclays, which has been the most aggressive in closing branches of late (shrinking its estate from nearly 1,000 in 2019 to 206), is now keen to highlight a reversal of strategy: over the past fortnight it has opened two branches – one in Bishop's Stortford, north of London, and one in Poole on the south coast – declaring itself “the first large bank that’s opened a branch in about a decade”. (The stripped-back stores, to be joined by Beverley in Yorkshire next month, have a handful of cubicles and a couple of ATMs but no counters, and appear chosen to attract retail customers and small and medium-sized enterprises in three reasonably affluent locations.)

Yet this is no aberration. In the US, the trend has been under way for some time. In 2024, JPMorgan Chase said it would open 500 branches. Last year Bank of America announced 150 new "financial centers". PNC is adding 300 branches.

In Europe, a general trend of declining branch numbers has continued – down 42 per cent over the past decade, according to consultancy Kearney. Aside from the UK, the most acute reductions have been in the Netherlands and Spain, while France experienced the smallest decline – at barely half the average EU rate.

In the UK, though, some smaller operators with throwback business models have been expanding. Sweden's Handelsbanken has steadily built out a British network of 120 outlets, each run by a highly autonomous branch manager. Metrobank, despite financial and regulatory stresses, has continued to expand its footprint and now has about 80 outlets, reminiscent of the large, slick “stores” that its US co-founder Vernon Hill pioneered with his US Commerce Bank chain.

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“因为他们[在完成交易方面]被延迟了，他们是在三年来的利率高点筹集资金的”

🌐 对照英文

为了帮助Skydance承担巨额债务而必需的，该集团在借款超过$50bn用于资助收购WBD后，被信用评级机构评为垃圾债券等级。

标普全球（S&P Global）的分析师警告称，衡量公司债务与盈利能力的杠杆率在交易完成后将攀升至令人瞠目的盈利额的7.6倍，并将一直维持在这一高位直到明年。相比之下，获得投资级评级的典型蓝筹公司的杠杆率通常接近2。

“最重要的一点是降低债务，”Needham & Co的高级媒体分析师劳拉·马丁（Laura Martin）表示。“他们过度杠杆化，而且因为他们[在完成交易方面]被延迟了，他们是在三年来的利率高点筹集资金的。他们被困在了[这笔债务]中。”

虽然马丁表示她预计在负责分销和销售华纳电影及电视目录的团队中会有大幅削减，但埃利森在削减电影预算方面将受到限制。

作为与12名起诉阻止与华纳交易的州总检察长达成协议的一部分，Skydance在未来五年内每年必须在电影院发行至少30部电影，并在该期间在美国的电影和电视制作上额外投入15亿美元。

好莱坞的许多人认为，埃利森每年发行30部电影的目标过于雄心勃勃。

埃利森预计于昨日向员工和投资者阐述其愿景。大部分领导团队来自派拉蒙内部，作为收购的一部分，该集团的首席财务官、首席法律官和首席通信官的职责范围有所扩大。

备受尊敬的HBO高管凯西·布洛伊斯（Casey Bloys）将监督Skydance的流媒体内容，而CNN负责人马克·汤普森（Mark Thompson）将继续担任该新闻机构的职务。埃里克·普拉特（Eric Platt）在洛杉矶报道

Healthcare

📄 Original Section

Barclays says it is the first big bank 'to open a branch in about a decade', while in the US the trend has been under way for some time

Some institutions have tried to make their branches more appealing in original ways. Although Santander has continued to trim its UK network (and is expected to close more outlets once it integrates its TSB acquisition), it has also begun adding “work cafés” to a number of its city-centre branches – an attempt to tap into the trend for co-working spaces.

Others have made a virtue of retaining large branch networks. Nationwide, Britain's biggest building society, has nearly 700 branches and has pledged not to close any until at least 2030. The mutually owned group, which makes a point of empowering branch managers, reckons this has helped it top the table of current account switching (with more than double the net switching tally of the next most popular, Lloyds). It is also playing on its community-friendly image by adding new facilities: defibrillators and bleed-control kits are being fitted outside all its branches by the end of this year.

But much of the pro-branch thinking is about the core business that can be done in these spaces. As banks seek to deepen their relationships with customers, many are realising that branches — if they are transformed from the old model of tellers doing low-value cash transactions — can be a great route to broaden the business they do with each customer.

New UK rules giving banks greater scope to provide advice on investments and other topics should open up an opportunity to sell the kinds of products that customers might be wary of committing to in an online-only environment.

That is certainly a key focus of US branches, where many bank customers also have brokerage accounts and may feel more comfortable opening them or discussing investments in a branch.

But there is also something less concrete going on. Particularly striking is data suggesting that US banks sell more products to their customers in areas where they have a high street branch: PNC, for example, reckons it is six times more effective at marketing to purely digital customers if they live near a branch. Who'd have thought it? There's brand value in having a shop with a huge sign over the door—even if it does make for a rather expensive form of advertising.

patrick.jenkins@ft.com

COMPANIES & MARKETS

Energy

McKesson与CD&R达成$5.8bn协议收购输液服务集团

🌐 对照英文

奥利弗·巴恩斯 (OLIVER BARNES) 和 苏吉特·因达普 (SUJEET INDAP)

纽约

医疗保健集团 McKesson 与私募股权公司 Clayton Dubilier & Rice (CD&R) 正联手收购美国最大的独立医疗输液服务提供商，包括债务在内，该业务的估值为58亿美元。

McKesson 和 CD&R 在昨天的独立声明中表示，Option Care Health 将通过一项每股 $32.05 的交易私有化，这证实了《金融时报》早前的一篇报道。该交易对 Option Care 的股权估值接近 48亿美元，较其周一的收盘价溢价 37%。

去年， 通过其居家输液服务及其 184 个护理中心，为全国 315,000 名需要使用特种药物治疗癌症、自身免疫性疾病和严重感染等疾病的患者提供服务。

此次交易是近期一系列收购估值倍数低于历史水平的医疗服务公司交易中的最新一例，其中包括中端市场私募股权集团 Kinderhook Industries 最近以 11亿美元 收购居家护理和临终关怀集团 Enhabit。

医院交付药物的高昂成本，以及制药商向只能通过输液给药的复杂生物药转型，为 的业务提供了显著推动。

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📄 Original Section

Vitol chief warns of oil shipping crisis

Hardy says shortage of tankers threatens to drive crude to \$200 per barrel

MALCOLM MOORE AND

VERITY RATCLIFFE — LONDON

The global energy crisis triggered by the Middle East conflict has entered a new phase because of a shortage of tankers to move crude around the world, according to the head of the world's largest independent oil trader.

Vitol chief executive Russell Hardy said that, while more oil was now flowing out of the Gulf, there was a fresh bottleneck as buyers struggled to secure ships.

“We started this conflict with a crude crisis. Then it turned into a product crisis. Now we have more crude oil coming out of the Middle East but it is turning into a shipping crisis,” he told the Energy Intelligence Forum in London.

"There is really not quite enough shipping to go around," Hardy said, adding that the price for chartering a tanker had become "pretty parabolic" and that refineries were now suffering.

Hardy estimated that roughly 12mn barrels of crude a day and 2mn barrels of refined fuels were now making it out of the Gulf after the US Navy cleared a route for tankers to shuttle in and out of the Strait of Hormuz.

Maintaining this flow was critical to preventing a new surge in oil prices, he said, because the conflict between the US, Israel and Iran had now run down stockpiles of crude and refined fuels.

“Without it, you do have that \$200-a-barrel scenario so it is pretty important it continues,” he said. “There aren’t any more inventories to drain in the west.”

The system relies on one set of tankers shuttling through the Strait of Hormuz, running the gauntlet past Iranian attacks, before transferring their cargoes to another group of ships waiting in the Gulf of Oman.

The increased flow of oil has eased pressure on benchmark oil prices with Brent crude trading below \$98 per barrel in London yesterday.

But the method was also “very inefficient”, according to Hardy, since ships are tied up waiting for cargoes for several days or weeks at a time, reducing the pool of tankers available elsewhere.

The resulting shortage has sent freight rates soaring and made it increasingly difficult for traders and refiners to calculate the delivered cost of crude.

"It is creating a lot of stress for everybody because nobody really knows, to the nearest \$2, \$3, \$4 [per barrel], how much their shipping costs are going to be," said Hardy. "That creates a difficult set of decisions for people to make day to day."

Refiners unable to charter ships or unwilling to pay sky-high rates are aggressively competing for supplies that are easier to deliver. One oil executive said cargoes of North Sea oil were selling for \$145 per barrel last week.

European refiners have been particularly hit by high crude and freight costs, with refining margins, the return from processing crude into fuels, recently turning negative. Margins in the US where refiners have ready access to domestic crude supplies remain above \$70 per barrel, according to LSEG data.

As European refineries struggle to make money, they are likely to cut back production, intensifying the supply problems around fuels such as diesel.

"It is very difficult to maintain this situation and that is why the market remains elevated because there is still no obvious solution in front of us," said Hardy.

Banks

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“ [ 提供的] 机会与 的长期战略相一致”

🌐 对照英文

在交易公布后， 的股价昨日飙升约三分之一。此举几乎抹平了该股今年以来的所有跌幅。

CD&R 表示，它将持有 51% 的股份。作为少数股东的 将拥有在未来购买该收购公司股份的权利。

CD&R 以资产剥离专家著称，一直有与大型医疗保健公司合作的历史，包括收购赛诺菲 (Sanofi) 消费者健康业务 Opella 50% 的股份，以及与 Elevance Health 合作合并部分初级护理业务。

对于 而言， 拥有的居家、专注于肿瘤学及特种输液中心将与其作为美国最大药品分销商的核心业务形成互补。 运营着一个广泛的化疗和癌症护理诊所网络——这是这家年营收 4030亿美元 的公司中增长最快的部门之一。

的股价今年上涨了近 12%，使其市值达到约 1070亿美元。上个月，该集团达成了一项约 22亿美元 的交易，收购私有持有的 Precision Medicine Group，后者为制药商提供临床研究和商业化服务。

该集团首席执行官布莱恩·泰勒 (Brian Tyler) 表示：“这项投资代表了一个重要的机会，与 在整个护理连续体中扩大创新疗法的可及性和可负担性的长期战略相一致。”

与此同时，CD&R 正为其最新的旗舰基金寻求 260亿美元 的资金，这将使其成为收购行业规模最大的基金之一。

金融服务

📄 Original Section

French lender BPCE buys 7% 'friendly' stake in Sabadell

SARAH WHITE — PARIS

BARNEY JOPSON — MADRID

France's BPCE has bought a 7 per cent stake in Spanish lender Sabadell in a "friendly" deal, a year after BBVA's hostile takeover approach on its domestic peer collapsed.

BPCE, which owns Natixis investment bank, has been expanding outside its French home market under chief Nicolas Namias in the past few years, including with the €6.5bn acquisition of Portugal's Novo Banco announced in 2025.

It said yesterday it had bought the Sabadell stake – worth nearly €1.2bn at current prices – on the market, and aimed to become a long-term shareholder in Spain's fourth largest bank. The two underscored “the friendly nature of this equity investment” in a joint statement that said BPCE would not raise its stake above 9.9 per cent.

“This was evidently a concerted move,” Namias told reporters. He added that the banks were both big financiers of small and medium-sized businesses and would explore strategic partnerships together. “There’s a will to build a friendly and stable partnership.” BPCE aims to have a seat on Sabadell’s board.

The deal will bolster Sabadell after it was targeted in a hostile €17bn takeover bid by its larger Spanish rival BBVA, which began in 2024 after the bank rejected a friendly approach.

Sabadell fought fiercely against the BBVA bid, arguing that the lender would create more value for shareholders as a standalone entity. BBVA ultimately failed in October 2025, with its bid accepted only by Sabadell shareholders owning a quarter of the bank's stock.

Following BBVA's failed bid, David Martínez, a Mexican billionaire and Sabadell shareholder who had backed the takeover attempt, sold a 1.6 per cent stake in the bank, reducing his holding to just under 2 per cent.

"This transaction strengthens our ability to continue executing our strategic plan," said Marc Armengol, Sabadell's CEO.

Borja Ramirez Segura, analyst at Citi, said the transaction was an “endorse-ment” of Sabadell’s standalone strategy. But he added there could still be implications for future consolidation in the Spanish banking sector.

See Lex

英国监管机构将审查其与自杀举报人的沟通情况

🌐 对照英文

马丁·阿诺德（MARTIN ARNOLD）——伦敦

英国金融监管机构正在审查其对待一名举报人的方式。该举报人在揭露了一家曾由美国商务部长霍华德·卢特尼克（Howard Lutnick）经营的华尔街经纪公司涉嫌违规行为后，选择了自杀。

西蒙·安德里斯（Simon Andriesz）上个月自杀身亡，这引发了关于英国金融行为监管局（FCA）是否给予这位57岁人士足够支持，以及是否足够严肃地对待他关于前雇主对其进行报复的指控的争议。

一个跨党派的议员小组警告称，安德里斯之死提出了“令人深感不安的问题”，并呼吁对FCA处理举报人的方式进行外部调查。这些政治人物表示，监管机构在这一问题上不应“自己批改自己的作业”。

FCA在给《金融时报》的一份声明中表示，已邀请最近加入该监管机构董事会担任非执行董事的前英格兰银行官员莉亚·帕特森（Lea Paterson）领导一项审查，旨在研究“我们如何与安德里斯先生互动，以便为未来汲取教训”。

“我们对安德里斯先生的去世深表遗憾。我们的心与他的家人和朋友同在，”该监管机构表示。FCA的目标是在年底前公布其内部审查的结论。

这些事件可能会加剧人们的担忧，即在英国，任何举报违规行为的人往往要付出沉重代价而几乎得不到回报。许多人遭受经济和情感伤害，经常失去工作并被潜在雇主列入黑名单，同时还要承受聘请律师以及与财力雄厚的企业巨头对抗的压力。

关于投资欺诈和更公平金融服务的全党派议会小组表示，安德里斯之死“就举报人在向FCA反映违规行为及随后遭受报复时可能被对待的方式，提出了令人深感不安的问题”。

安德里斯向多家美国和英国监管机构举报了BGC集团涉嫌的违规行为。BGC集团是一家由坎托尔-菲茨杰拉德（Cantor Fitzgerald）控制的上市经纪公司，他曾在那担任董事总经理。

卢特尼克在去年成为美国商务部长之前一直经营这两家公司。就职后，他将自己在坎托尔-菲茨杰拉德的所有权转移到了以其子女为受益人的信托基金中，并出售了在BGC的股份。

安德里斯还将显示卢特尼克与已故定罪性犯罪者杰弗里·爱泼斯坦（Jeffrey Epstein）之间联系的电子邮件提交给了众议院监督委员会，随后该委员会在闭门会议中就此质询了商务部长。

然而，尽管其他监管机构根据安德里斯提供的信息对BGC实施了处罚，但他在最近的一次活动中表示，FCA并未对他的大部分指控进行调查，且仅采取了监管行动，而这种行动“基本上只是轻微的警告”。

该议会小组在声明中表示，英国监管机构“承认，FCA一名官员给西蒙的建议——即由于其身份已公开，他已失去举报人保护——是不正确的。FCA为此道歉，并表示将为其举报团队提供进一步的指导和培训。”

安德里斯提供的信息帮助美国和英国的多个部门对BGC采取了行动。美国商品期货交易委员会（CFTC）在2019年命令BGC支付$3mn，并遵守各项承诺，以解决关于“多项监督、报告和记录保存违规”的指控。

2020, 美国证券交易委员会（SEC）在就涉嫌“虚假和误导性披露”达成和解时，对BGC处以$1.4mn的民事罚款。

在英国，英国税务海关总署（HMRC）在2024年向BGC发出决定，要求其就支付给其有限责任合伙成员的资金缴纳£96mn的税款。

Andriesz根据美国商品期货交易委员会（CFTC）的举报人计划获得了$420,000的奖励，该计划旨在奖励自愿提供导致执法行动信息的人员。但在近期为透明度工作组（Transparency Task Force）举行的活动中，他表示这笔款项已被法律费用以及因举报过程压力而产生的超过20 万英镑的医疗账单所抵消。

BGC表示，“听到这个悲伤的消息深感遗憾，并在这个困难时期向Andriesz先生的家人表示哀悼。”美国商务部未回应置评请求。

公司与市场

📄 Original Section

Battle begins Skydance debt pile tackled as Ellison secures WBD takeover

The HBO series 'House of the Dragon' is among the television shows to be produced by Skydance, which was formed from Paramount's \$111bn deal for Warner Bros Discovery

David Ellison yesterday cemented his role as a Hollywood magnate with the close of Paramount's \$111bn takeover of Warner Bros Discovery, a deal that hands the son of one of the world's wealthiest people the keys to some of the biggest media and entertainment assets.

The newly christened Skydance is a Hollywood colossus, but Ellison faces a challenge as he takes a collection of mostly old-media assets into battle against deep-pocketed technology companies such as Netflix and YouTube.

Ellison, son of Oracle founder Larry Ellison, saw off Netflix in his bid for Warner after a bruising takeover fight in February. He now faces a harder task: knitting together a collection of movie studios, cable TV and streaming businesses while labouring under an exorbitant debt load.

He has the reins of businesses that generated \$65bn in revenues over the past year and that counted more than 200mn subscribers to their direct-to-consumer offerings, according to documents shared with lenders.

It spans the HBO, CBS, CNN and MTV television networks, the Harry Potter, Batman and Star Trek franchises and both the Warner and Paramount studios, with the companies employing more than 53,000 people at the end of last year. The company estimates it spends more than \$30bn on content

annually, producing films and TV shows such as The White Lotus and House of the Dragon.

Critically, Ellison must find a way to wring \$6bn of promised cost savings out of the business while still attracting Hollywood's top actors and directors.

After years of cost-cutting following the Discovery-Warner merger in 2022, Warner veterans are girded for more job losses. Those cost savings are

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OpenAI 与奥特曼法律困境加剧，失控智能体四处作乱

🌐 对照英文

其机器人引发的全球网络安全黑客攻击，使 ChatGPT 制造商可能面临密集诉讼

STEPHEN MORRIS 和

GEORGE HAMMOND —— 旧金山

在 OpenAI 的 AI 智能体黑客攻击全球数十家公司和政府后，一场不断升级的法律危机威胁要将其吞没，而接踵而至的诉讼浪潮标志着萨姆·奥特曼（Sam Altman）领导能力的最新考验。

的员工以及资深法律、技术和政策人士告诉《金融时报》，在涉及其 AI 智能体的网络安全漏洞在全球范围内被揭露后，该公司已处于法律赔偿和政府行动的风险之中。

在过去的一周里，从加利福尼亚州到澳大利亚，针对 的新法律行动和监管调查几乎每天都在发起，随着其他事件细节的披露，预计还将有更多行动随之而来。

作为热门应用 ChatGPT 的创造者， 及其首席执行官奥特曼已成为硅谷和华尔街 热潮的象征。

但黑客攻击事件引发的法律责任问题，是奥特曼自 2022 年聊天机器人推出以来面临的一系列危机中的最新一项，此前还包括员工反叛、与包括埃隆·马斯克（Elon Musk）在内的股东之间的法律纠纷、版权争议以及政治冲突。

奥特曼目前正在应对相关指控，指称他为了在与竞争对手 Anthropic 实验室的竞争中夺回阵地，而忽视安全顾虑并降低了“对齐”训练（旨在确保模型不会采取损害人类的行为）的优先级。

周六， 的安全负责人大卫·罗宾逊（David Robinson）在为《大西洋月刊》（The Atlantic）撰写的一篇文章中宣布辞职，理由是对该公司开发模型的“试错”方法感到担忧。

软银创始人孙正义一直是 的著名布道者，并向 及其他该技术领域的巨额赌注投入了近 650亿美元。他在周日对功能日益强大的模型落入不法之手所带来的危险表示担忧。

他在京都的一次活动中表示，如果 被“坏”人使用，“这可能会变得超级危险”。在数百个 智能体攻击 网站 Hugging Face 之后，奥特曼承认了 进步带来的风险，并响应 Anthropic 首席执行官达里奥·阿莫代（Dario Amodei）的呼吁，要求“放慢 开发的前沿速度”。

然而，几位 的投资者及其他接近该公司的人士否认了会出现任何实质性减速的观点。“如果你是萨姆·奥特曼且想要击败竞争对手……你绝不可能踩刹车，”一名 前高级员工表示，“了解那里的人的心理，他们绝不会慢下来。”

尽管如此，出于安全考虑，奥特曼已经推迟了 计划的股票上市，并取消了其最先进模型 Astra 6.1 的发布。

目前，关于其法律责任范围的不确定性，正笼罩在他最新尝试筹集数百亿美元私人融资的努力之上，此次融资可能使公司估值高达 $1.4tn。潜在投资者正在权衡该公司是否能跑赢此次危机，并延续近期商业运势的上升势头。

上周初，佛罗里达州总检察长请求法院停止 在没有增加额外保障措施的情况下开发新模型。

随后在周二， 被一个公益团体起诉，该团体指控其违反了加利福尼亚州去年出台的一项法律，该法律旨在确保“人类对其造成的损害负责”。

[图片说明：上周在旧金山举行的 会议上，乐观的气氛被抗议者所掩盖，抗议者敦促下方的萨姆·奥特曼‘将人置于利润之上’ Heather Diehl / Getty Images]

次日，美国联邦贸易委员会（FTC）扩大了一项调查，旨在核实 OpenAI 及其同行是否在技术潜在危害方面误导了客户。美国官员还表示，AI 公司不应期望获得政府的保护，且高管将对其产品的行为承担责任。

澳大利亚也成立了一个工作组，调查 OpenAI 智能体（agents）未经授权访问政府系统的行为。

在澳大利亚参议院中掌握关键平衡权力的绿党指责这家总部位于旧金山的公司在近期的会议中隐瞒了事件的严重性，其中包括 9 月份奥特曼与副总理理查德·马尔斯（Richard Marles）之间的一次会面。

“这不仅是对他的侮辱，更是对澳大利亚的侮辱，”绿党参议员大卫·舒布里奇（David Shoebridge）表示，并补充说马尔斯被对待得“像个蘑菇”（意指被蒙在鼓里）。

已就此次事件道歉。首席战略官杰森·权（Jason Kwon）原定于昨日在悉尼出席一个议会委员会的听证会。

“‘是我的 AI 做的，别怪我’这种辩护在法律上是站不住脚的。在聊天机器人导致自杀的案例中，这种辩护已经失效了，”AI 安全活动人士、麻省理工学院物理学教授马克斯·泰格马克（Max Tegmark）表示。

一名曾与多家大型科技公司合作的硅谷律师表示，虽然 智能体的攻击“确实存在法律风险”，但由于造成的损害有限，到目前为止这些风险“并不重大”。但该律师表示，这种情况可能会迅速改变。

“真正的风险在于当智能体向用户发布后，它们失控或被用于犯罪，”该律师说。“关键问题将持续多年，即责任应由谁承担：是智能体的创建者，还是派遣其执行任务的人？”

“‘是我的 AI 做的，别怪我’这种辩护在法律上是站不住脚的。在聊天机器人导致自杀的案例中，这种辩护已经失效了”

该律师怀疑法律风险是否会影响 的首次公开募股（IPO）。“任何之前没有被（奥特曼的）鲁莽行为吓跑的投资者，都不会被几个智能体吓跑，”该律师表示。

的内部调查发现了更多“数十起”类似事件。据《金融时报》上周报道，数字取证公司 Asymmetric Security 发现证据表明， 的智能体从 55 个网站抓取了数据，其中包括美国证券交易委员会（SEC）和国际能源署（IEA）。

表示，公司正在审查潜在的违规行为并通知受影响方。

欧盟委员会表示，布鲁塞尔的《AI 法案》旨在应对此类风险，并警告称“前沿实验室必须承担责任并保持完全透明，包括针对非预期事件的透明度”。

“我怀疑（）非常清楚其智能体行为所带来的法律风险，”起诉 的公益团体“安全科学与技术法律倡导组织”（LASST）项目主任薇薇安·东（Vivian Dong）表示。

“在博客文章中说‘对不起’是一回事，而坦率地承认‘我们刚刚从事了非法行为’则是另一回事。”

在公司上周二举行的年度开发者大会上，舞台上的乐观气氛被边缘地带的抗议者所掩盖，他们敦促 “将人置于利润之上”。一名参会者将这种反差描述为像“《黑镜》（Black Mirror）里的情节”，这是一部讽刺反乌托邦技术的电视剧。

此次黑客攻击事件还重新引发了公司内部的紧张局势，一方是寻求优先考虑安全性的员工，另一方则是推动技术商业化的员工。

周四，三名安全研究员被解雇，原因据称是他们将机密信息交给了一个外部 AI 安全组织， 表示这违反了他们的合同。

“这是一个令人担忧的进展，让人想起 OpenAI 曾试图通过其 2024 年非法的禁止贬损协议来压制员工，这也是大型科技公司长期以来用来掩盖损害、对付员工的惯用伎俩，”非营利组织“AI 举报者倡议”（The AI Whistleblower Initiative）的创始人卡尔·科赫（Karl Koch）表示。

他补充道：“针对这些心怀好意的研究人员所采取的行动，是一个典型的例子，说明了为什么 AI 行业无法实现自我监管。”

OpenAI 拒绝置评。更多报道来自悉尼的 Nic Fildes、布鲁塞尔的 Barbara Moens、华盛顿的 Joe Miller、伦敦的 Suzi Ring 以及东京的 Leo Lewis。Nicolas Guilhot 见观点版

技术

📄 Original Section

‘Because they were delayed [in closing the deal], they raised capital at a three-year interest rate high’

needed to help Skydance shoulder a mammoth debt load, with the group earning junk bond ratings from credit agencies after it borrowed more than \$50bn to fund the takeover of WBD.

Analysts at S&P Global warned that its leverage ratio, which measures the amount of debt the company owes compared with its profitability, would climb to an eye-watering 7.6 times earnings in the wake of the deal and stay near those heights through next year. By contrast, typical blue-chip companies that earn investment-grade ratings often have a leverage ratio closer to 2.

"The most important point is to get the debt down," Laura Martin, a senior media analyst at Needham & Co, said. “They are overleveraged and because they were delayed [in closing the deal], they raised capital at a three-year interest rate high. They are stuck with it [the debt].”

While Martin said she expected substantial savings within the teams that distribute and sell Warner's film and TV catalogue, Ellison will be restricted from gutting the film budget.

As part of a deal he reached with 12 state attorneys-general that had sued to block the deal with Warner, Skydance must distribute at least 30 films a year in cinemas over the next five years and spend an additional \$1.5bn on film and TV production in the US over that period.

Many in Hollywood believe Ellison's goal of distributing 30 films a year is ambitious.

Ellison was expected to lay out his vision to employees and investors yesterday. Much of the leadership team has been drawn from within Paramount, with the group's chief financial, legal and communications officers increasing their remit as part of the takeover.

Casey Bloys, the respected HBO executive, will oversee Skydance's streaming content, while CNN chief Mark Thompson will remain in his role at the news organisation. Eric Platt in Los Angeles

Healthcare

AI黑客攻击引发诉讼增加，保险公司面临赔付压力

🌐 对照英文

李·哈里斯 (LEE HARRIS) —— 伦敦

由于 AI 智能体出现“失控”情况，保险公司正准备应对数百万美元的索赔。人们日益担心，OpenAI 的萨姆·奥特曼 (Sam Altman) 和 Anthropic 的达里奥·阿莫代 (Dario Amodei) 等高管可能会为其模型的行为承担法律责任。

一系列由脱离母公司控制的 AI 智能体引发的违规事件（例如 OpenAI 对初创公司 Hugging Face 的黑客攻击），促使保险公司及其律师研究他们是否将被要求支付潜在诉讼的费用和赔偿金。

保险经纪公司 Aon 分析了 300 多起与 相关的法律案件，发现保险公司在涵盖犯罪、知识产权、媒体责任、网络安全以及技术错误与遗漏的保单项下，也可能需要承担赔付责任。

行业高层人士还表示， 高管可能会因模型的行为而被起诉，保险公司可能面临基于“董事及高级职员”（D&O）保险保单的索赔，此类保单在执行官因其决定或言论被起诉时提供保障。

“最终， 的首席执行官应对（Hugging Face 事件）负责，因为他们的业务缺乏控制，”Verisk 英国承保与理赔主管蒂姆·雷纳 (Tim Rayner) 表示。雷纳补充说，如果 购买了 D&O 保险，这家 ChatGPT 制造商可能会尝试通过该保单来覆盖针对其首席执行官奥特曼的潜在未来诉讼损失。“确保业务得到适当的治理和控制是每位首席执行官的责任，”雷纳说，“ 并不能改变这一点。”

其他保险公司和法律助手也同意， 高管在 D&O 索赔中可能会被判定承担损失责任，但他们表示此类案件缺乏先例，且尚未在法庭上得到检验。

“如果 的股东能够证明这导致公司 遭受损失，他们可能会针对 的董事未能妥善管理这些风险而提出索赔，”Stewarts 律师事务所保险保单争议团队负责人亚伦·勒·马奎尔 (Aaron Le Marquer) 表示。

Aon 专注于数字风险的经纪人凯文·卡利尼奇 (Kevin Kalinich) 表示，针对 实验室负责人的法律索赔力度将取决于多种因素，例如该高管在关于公司及其产品的公开声明中是否使用了“合理的商业判断”。

然而，保险公司 Hiscox 的首席执行官阿基·侯赛因 (Aki Hussain) 表示，现在就断定美国法院将如何处理 智能体的责任还为时过早：“那是美国，所以（索赔）可能基于任何理由——只要他们有相应的保险即可。”

和 Anthropic 未回应置评请求。

接近 Anthropic 的投资者表示，这家 公司将在 IPO 招股说明书中称其技术可能会给“人类带来生存风险”。

除了针对 高管的法律索赔外，保险公司还在为针对实验室本身的诉讼做准备，这些诉讼可能涵盖产品责任、算法歧视、隐私以及过失致死。

Anthropic 在 7 月就一项集体诉讼达成了 15亿美元 的和解协议，原告是指控其窃取作品用于训练 模型的作者。这是数十起针对大语言模型训练而发起的类似版权侵权诉讼中的一起。

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📄 Original Section

McKesson and CD&R strike \$5.8bn deal to buy infusion services group

OLIVER BARNES AND SUJEET INDAP

NEW YORK

Healthcare group McKesson and private equity firm Clayton Dubilier & Rice are teaming up to buy the largest independent provider of medical infusion services in the US, valuing the business at \$5.8bn including debt.

Option Care Health will be taken private in a deal valuing the business at \$32.05 a share, McKesson and CD&R said in separate statements yesterday, confirming an earlier FT report. The deal values Option Care's equity at almost \$4.8bn, a 37 per cent premium to its closing price on Monday.

Option Care last year served 315,000 patients nationwide who needed speciality medicines to treat illnesses such as cancer, autoimmune diseases and serious infections, via its at-home infusion services and at its 184 care centres.

The transaction is the latest in a series of buyouts of healthcare services companies trading below historic valuation multiples, including mid-market private equity group Kinderhook Industries' \$1.1bn recent takeover of home care and hospice group Enhabit.

The high costs of delivering medicines in hospitals and drugmakers' push towards complex biologic medicines, which can only be administered via

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公用事业。巨额交易

🌐 对照英文

📄 Original Section

'[Option Care provides an] opportunity that aligns with McKesson's long-term strategy'

infusion, have provided a significant boost to Option Care's business.

Shares in Option Care surged by about one-third yesterday after the deal was announced. The move wiped out nearly all of the stock's declines so far this year.

CD&R said it would own a 51 per cent stake in Option Care. McKesson, the minority stakeholder, would have the right to purchase the buyout firm's share in the future.

CD&R, which has a reputation as a carve-out specialist, has a history of collaborating with major healthcare companies including its purchase of a 50 per cent stake in Sanofi's consumer health business Opella and its partnership with Elevance Health to combine some of their primary care businesses.

For McKesson, Option Care's collection of at-home, oncology-focused and speciality infusion centres will complement its core business as the biggest US drug distributor. McKesson operates an extensive network of chemotherapy and cancer care clinics – one of the fastest-growing divisions of the \$403bn-a-year revenue company.

Shares in McKesson are up almost 12 per cent this year, giving it a market capitalisation of about \$107bn. Last month, the group struck a roughly \$2.2bn deal to buy privately held Precision Medicine Group, a provider of clinical research and commercialisation services to drugmakers.

"This investment represents an important opportunity that aligns with McKesson's long-term strategy to expand access and affordability to innovative therapies across the care continuum," said Brian Tyler, the group's chief executive.

Meanwhile, CD&R is seeking \$26bn for its latest flagship fund, which would rank among the biggest raised in the buyout industry.

Financial services

NextEra 的 670亿美元 Dominion 收购案面临弗吉尼亚州关于成本的政治抵制

🌐 对照英文

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📄 Original Section

UK regulator to examine how it engaged with BGC Group whistleblower who died by suicide

MARTIN ARNOLD — LONDON

Britain's financial regulator is reviewing its treatment of a whistleblower who took his own life after revealing alleged wrongdoing at a Wall Street brokerage formerly run by US commerce secretary Howard Lutnick.

Simon Andriesz's death by suicide last month has triggered controversy over whether the Financial Conduct Authority was supportive enough of the 57-year-old and whether it took his allegations of retaliation by his former employer sufficiently seriously.

A cross-party group of MPs has warned Andriesz's death raised “deeply troubling questions” and called for an external inquiry into the FCA's handling of whistleblowers. The politicians said the regulators should not be “marking their own homework” on this issue.

The FCA told the FT in a statement that it had asked Lea Paterson, a former Bank of England official who recently joined the regulator's board as a non-executive, to lead a review examining "how we interacted with Mr Andriesz to learn any lessons for the future".

“We are very sorry to hear of Mr Andriesz’s death. Our thoughts are with his family and friends,” said the regulator, which is aiming to publish the conclusions of its internal review by the end of the year.

The events are likely to intensify concern that anyone blowing the whistle in the UK often pays a high price with little reward. Many suffer financial and emotional harm, often losing their job and being blacklisted by potential employers while enduring the stress of hiring lawyers and taking on corporate giants with deep pockets.

The all-party parliamentary group on investment fraud and fairer financial services said that Andriesz's death "raised deeply troubling questions about the way whistleblowers can be treated when they approach the FCA with concerns about wrongdoing and subsequent retaliation".

Andriesz blew the whistle to several US and UK regulators about alleged wrongdoing at BGC Group, a listed broker controlled by Cantor Fitzgerald where he was a managing director.

Lutnick ran both companies until becoming US commerce secretary last year, when he transferred his ownership in Cantor Fitzgerald to trusts benefiting his children and sold his stake in BGC.

Andriesz also passed emails showing Lutnick's links to the late convicted sex offender Jeffrey Epstein to the House Oversight Committee, which subsequently questioned the commerce secretary about them behind closed doors.

However, while other regulators imposed penalties on BGC as a result of

A cross-party group of MPs has warned Andriesz's death raised 'deeply troubling questions' and called for an external inquiry into the FCA's handling of whistleblowers Charlie Bibby/IFT

information Andriesz provided, he told a recent event that the FCA did not investigate most of his allegations and only took supervisory action that was “basically a slap on the wrist”.

The parliamentary group said in a statement that the UK regulator “acknowledged that advice given to Simon by an FCA official – that he had lost whistleblower protection because his identity had become known – was incorrect. The FCA apologised and said that further guidance and training would be provided to its whistleblowing team.”

Information provided by Andriesz helped several US and UK authorities to take action against BGC. The US Commodity Futures Trading Commission ordered BGC to pay \$3mn and to comply with various undertakings in 2019 to settle charges of “numerous supervision, reporting and record-keeping violations”.

In 2020, the US Securities and

Exchange Commission imposed a \$1.4mn civil penalty on BGC in a settlement of alleged “false and misleading disclosures”.

In the UK, HM Revenue & Customs issued BGC with determinations in 2024 to pay £96mn of tax on money paid to members of its limited-liability partnership.

Andriesz was paid \$420,000 under the CFTC whistleblower programme, which rewards people who voluntarily provide information that leads to enforcement action. But he said in the recent event for the Transparency Task Force that this payout was more than absorbed by legal costs and more than £200,000 of medical bills incurred from the strain of the whistleblowing process.

BGC said it was “sorry to hear this sad news and expresses our condolences to Mr Andriesz’s family during this difficult time.” The US commerce department did not respond to a request for comment.

COMPANIES & MARKETS

电费上涨与垄断担忧促使官员干预合并案

🌐 对照英文

玛莎·缪尔 (MARTHA MUIR) —— 纽约

随着 11 月中期选举前对电力可负担性的担忧以及反垄断情绪的高涨，美国规模最大的公用事业巨头合并案正面临激烈的反对。

弗吉尼亚州的高级官员对美国最大的公用事业公司 NextEra 与处于弗吉尼亚州“数据中心走廊”核心地带的电力公司 Dominion 之间一项价值 670亿美元 的合并案持怀疑态度。他们认为，在电费快速上涨的背景下，此次合并未必能让电费缴纳者受益，并担心这样一个公用事业巨头可能产生的政治影响力。

弗吉尼亚州公用事业监管机构的独立法官将最终决定该交易的成败。行业专家表示，日益增长的政治抵制提高了批准门槛，使得该小组在没有获得重大让步的情况下很难直接通过这项交易。

华盛顿分析公司 (Washington Analysis) 政策部门研究主任罗布·雷恩斯 (Rob Rains) 表示：“我们在全美范围内都看到了对这类交易的大量抵制。这一点，加上弗吉尼亚州对数据中心的焦虑，可能会形成一个强有力的组合。”

州长阿比盖尔·斯潘伯格 (Abigail Spanberger) 表示，她对该提案“深表怀疑”，并已干预收购进程，这使她有权质询相关公司，并推动采取措施以降低电费并保护就业。

当合并消息传出时，她的政府意识到，通过干预可以获得筹码，从而要求 Dominion 和 NextEra 做出让步，包括采取降低电费的措施、推动清洁能源发展，以及改变公用事业投资的融资方式——将资本结构从股权转向债务，因为股权通常成本更高，且该成本可转嫁给客户。

一名知情人士表示，州长办公室已考虑采取措施限制 Dominion 的政治支出。该公司是该州最大的捐赠者之一，而弗吉尼亚州拥有美国最宽松的竞选资金法。

自合并计划宣布以来，该公司的支出有所加速。在 5 月 26 和 8 月 31, 期间，其竞选捐款达 $3.67mn，是此前两个报告期总额的三倍多。

州长办公室的一位发言人表示，她的正式申请设定了三个优先事项：降低能源账单、保护就业以及加速提供“可负担、可靠、本地且清洁的电力”。

其他弗吉尼亚州高级官员，如总检察长杰伊·琼斯 (Jay Jones)、副州长加扎拉·哈什米 (Ghazala Hashmi)、至少八名立法者以及国会议员尤金·温德曼 (Eugene Vindman) 均反对该交易。审查范围已超出弗吉尼亚州：由马萨诸塞州参议员伊丽莎白·沃伦 (Elizabeth Warren) 领导的一组国会民主党人已警告联邦监管机构，该交易可能会“扼杀竞争并推高价格”。

弗吉尼亚州参议员舒勒·范法尔肯堡 (Schuyler VanValkenburg) 表示：“我不认为将两家巨大的公用事业公司合并成一家更大的公司能解决我们的问题。作为一个州，我们已经在艰难地监管 Dominion；当他们的总部设在佛罗里达州时，他们会对弗吉尼亚州居民更加响应还是更不响应？”

弗吉尼亚州州长阿比盖尔·斯潘伯格表示，她对此次合并“深表怀疑”并已介入干预。

此次交易正值公用事业并购浪潮之中。根据德勤 (Deloitte) 的数据，2026, 上半年，美国公用事业交易额达到了创纪录的 2050亿美元。

NextEra 长期以来一直寻求与一家大型公用事业公司合并，但此前收购夏威夷电力公司 (Hawaiian Electric) 和杜克能源 (Duke Energy) 的尝试均告失败。收购 Dominion 将给 NextEra 提供一个世代仅一次的机会：为处于“数据中心走廊”核心地带的微软、亚马逊、谷歌和 Meta 等公司提供电力。

但当地居民正对家门口的数据中心发起抗议，而监管机构在处理公用事业交易时也变得更加强势。在新墨西哥州，黑石集团 (Blackstone) 收购 TXNM Energy 的尝试在监管压力下已被推迟。

NextEra 和 Dominion 已加大力度争取那些可能影响结果的关键人物。在 5 月宣布交易时，双方承诺在两年内提供约 22亿美元 的电费抵免，而到了 9 月中旬，他们将这一期限延长至四年。原本承诺雇用 Dominion 员工 18 个月的保证也延长至五年。

Dominion 表示，更新后的方案将扩大电费减免，保护客户免受合并成本的影响，并确保数据中心“支付其应承担的份额”。

NextEra 宣传了其在佛罗里达州的记录，称其子公司佛罗里达电力照明公司（Florida Power & Light）的居民电费比全美平均水平低 37%。

对于这些诱饵的反应褒贬不一。州参议员鲁塞特·佩里（Russet Perry）告诉《金融时报》，考虑到自 2025 年 1 月以来弗吉尼亚州的居民电价上涨了近 14%，电费抵免简直是“微不足道”。

但代表大型工业能源用户的 Christian & Barton 事务所助理克里斯蒂安·塔克（Christian Tucker）表示：“在运营和维护费用方面，NextEra 拥有相当稳固的声誉。巨大的不确定性在于这些节省方案的现实程度以及见效速度。”

美国联邦能源监管委员会前委员马克·克里斯蒂（Mark Christie）表示，监管机构只有在交易导致电费大幅上涨的情况下才能阻止该交易。“这是一个很窄的标准，”他说。

英国公司

零售业。超市

📄 Original Section

Legal woes build for OpenAI and Altman as rogue agents run amok

Global cyber security hacks by its bots leave ChatGPT maker potentially facing barrage of litigation

STEPHEN MORRIS AND

GEORGE HAMMOND — SAN FRANCISCO

A spiralling legal crisis threatens to engulf OpenAI after its AI agents hacked dozens of companies and governments worldwide, with the prospect of a barrage of lawsuits marking the latest test of Sam Altman's leadership.

Staff at OpenAI, alongside senior legal, tech and policy figures, told the FT the company has been left open to legal damages and government actions after cyber security breaches involving its AI agents were revealed around the world.

The past week has seen new legal actions and regulatory probes launched against OpenAI almost daily, from California to Australia, with more expected to follow as details of other incidents come to light.

As the creator of the hit app ChatGPT, OpenAI and its chief Altman have become emblematic of the AI boom in Silicon Valley and Wall Street.

But questions over legal liability from the hacking incidents present the latest in a series of crises facing Altman since the chatbot launched in 2022, including employee revolts, legal tangles with shareholders including Elon Musk, copyright disputes and political clashes.

Altman is fending off accusations that he is sidelining security concerns and deprioritising “alignment” training – which ensures models do not take actions harmful to humans – to regain ground against rival lab Anthropic.

On Saturday, David Robinson, a safety leader at OpenAI, announced his resignation from the company in an essay for The Atlantic magazine, citing concerns over its “trial and error” approach to developing models.

Masayoshi Son, the SoftBank founder who has been a prominent evangelist for AI and funnelled almost \$65bn into OpenAI and other huge bets on the technology, expressed concern on Sunday about the dangers of ever more powerful models in the wrong hands.

If AI were used by “bad” humans, he said at an event in Kyoto, “this can become super dangerous”. In the wake of the attack on AI site Hugging Face by hundreds of OpenAI agents, Altman has acknowledged the risks presented by AI’s advances and joined calls by Anthropic chief Dario Amodei to “pace the frontier” of AI development.

However, several OpenAI investors and others close to the company rejected the idea that there would be any meaningful slowdown. “If you’re Sam Altman and you want to beat your competitor . . . there’s no way you’re going to pump the brakes,” said a former senior OpenAI employee. “Knowing the psyche of the people there, there’s no way they’re slowing down.”

Still, citing safety concerns, Altman has already postponed OpenAI's planned stock market listing and scrapped the release of its most advanced model, Astra 6.1.

Uncertainty over the extent of its legal liabilities now hangs over his latest efforts to raise tens of billions in a private financing that could value the company at as much as \$1.4tn. Prospective investors are weighing whether it can outrun its latest crisis and continue a recent upturn in commercial fortunes.

At the start of last week, Florida's attorney-general asked a court to halt OpenAI's development of new models without additional safeguards.

Then on Tuesday, OpenAI was sued by a public interest group that alleges it broke a California law introduced last

An upbeat mood at OpenAI's conference in San Francisco last week was overshadowed by protesters, top, urging Sam Altman, below, to 'put people over profits' Heather Diehl/Getty Images

year to ensure “humans are on the hook for harms they cause”.

The next day, the US Federal Trade Commission broadened a probe into whether OpenAI and its peers misled customers over the potential harms of its technology. US officials have also said that AI companies should not expect protection from the government and that executives will remain liable for their products' actions.

Australia has also set up a task force to investigate OpenAI agents' unauthorised access to government systems.

The Greens, who hold the balance of power in the Australian Senate, accused the San Francisco-based company of hiding the severity of the incidents in recent meetings, including one between Altman and deputy prime minister Richard Marles in September.

"It's an insult not just to him, it's an insult to Australia," said Greens senator David Shoebridge, adding that Marles had been treated "like a mushroom".

OpenAI has apologised for the incident. Jason Kwon, chief strategy officer, was set to appear before a parliamentary committee in Sydney yesterday.

"The 'my AI did it, don't blame me' defence is legally weak. It's already failed for chatbot suicide cases," said Max Tegmark, an AI safety campaigner and physics professor at the Massachusetts Institute of Technology.

One Silicon Valley lawyer who has worked with several Big Tech companies said that while there were “definitely legal risks” from OpenAI’s agent attacks, so far they were “not material” due to the limited damage caused. But that could change fast, the lawyer said.

"The real exposure is when the agents are released to users, and then go rogue or are used to commit crimes," they said. "The key issue, which will go on for years, is to whom should liability be assigned: the creator of the agent, or the person sending it on its mission?"

'The 'my AI did it, don't blame me' defence is legally weak. It's already failed for chatbot suicide cases'

The lawyer doubted legal risks would impact OpenAI's initial public offering. "Any investor who was not previously put off by [Altman's] recklessness will not be put off by a few agents," they said.

OpenAI's internal investigation found "dozens" more incidents. Asymmetric Security, a digital forensics company, found evidence that OpenAI's agents pulled data from 55 websites, including the US Securities and Exchange Commission and the International Energy Agency, the FT reported last week.

OpenAI said it is reviewing potential breaches and notifying those affected.

The European Commission said the Brussels AI Act was designed to address such risks, warning that “frontier labs must take responsibility and be fully transparent, including about unintended incidents”.

"I suspect [OpenAI is] very aware of the legal risks of what their agents are doing," said Vivian Dong, programmes director at Legal Advocates for Safe Science & Technology (LASST), the public interest group suing OpenAI.

"It's one thing to say 'sorry' in your blog post, and another to say outright: 'We just engaged in illegal behaviour.'"

At the company's annual developer conference last Tuesday, the upbeat mood on the stage was overshadowed by protesters on the fringes urging OpenAI to “put people over profits”. One attendee described the contrast as like “something out of Black Mirror”, the satirical dystopian technology TV show.

The hacks have also revived tension inside the company between staff seeking to prioritise safety and those pushing to commercialise the technology.

On Thursday, a trio of safety researchers were fired after allegedly handing confidential information to an external AI safety organisation, which OpenAI said violated their contracts.

“This is a concerning development, a callback to OpenAI trying to suppress workers with their illegal 2024 non-disparagement agreements, and a familiar playbook massive tech companies have been using against employees to cover up harms for a long time,” said Karl Koch, founder of non-profit The AI Whistleblower Initiative.

"The actions against well-intentioned researchers is an object example of why the AI industry cannot regulate itself," he added.

OpenAI declined to comment. Additional reporting by Nic Fildes in Sydney, Barbara Moens in Brussels, Joe Miller in Washington, Suzi Ring in London and Leo Lewis in Tokyo Nicolas Guilhot See Opinion

Technology

Sainsbury's 寻求规模效应，使合并方案重回议程

🌐 对照英文

与 Morrisons 的谈判反映出其对监管机构将批准整合的信心

作者：ASHLEY ARMSTRONG 和 LAURA ONITA

八年前，J Sainsbury's 与竞争对手合并的大胆雄心开始破灭。在公司公布收购 Asda 计划当天，时任首席执行官 Mike Coupe 在电视直播中被拍到在唱《We're in the money》（我们发财了）。

经过数月的争论，这项拟议中的 73亿英镑 交易——本将创造一个新的市场领导者——被竞争监管机构否决。

今年，英国第二大超市连锁店考虑了另一项数十亿英镑的联合计划——这一次是与私募股权持有的 Wm Morrison。据知情人士透露，由于未能就价格达成一致，谈判在 2 月份破裂。

当时讨论的交易极具野心。它将重塑英国食品零售市场，但同时也会引发许多曾导致 Sainsbury's-Asda 交易失败的竞争法担忧。

此次尝试还发生在日常杂货价格持续上涨，以及政府面临缓解国民可支配收入压力之背景下。

出售 Morrisons 将为收购集团 Clayton Dubilier & Rice 提供退出机会，该集团在 2021, 以 100亿英镑（含债务）收购了这家总部位于布拉德福德的零售商。Sainsbury's 的市值略高于 70亿英镑，净债务（含租赁负债）为 57亿英镑。

尽管谈判已不再进行，但它们标志着交易达成已重新回到英国超市高管的议程中。

据接近该进程的人士透露，由 Sainsbury's 首席执行官 Simon Roberts 和 Morrisons 主席 Sir Terry Leahy 主导的谈判从去年 11 月持续到今年 2 月，并在圣诞节前后进入实质性阶段。

与此同时，Roberts 在将 Argos 出售给包括两名前 Morrisons 高管 Trevor Strain 和 Richard Pennycook 在内的三位零售业资深人士的独立谈判中取得了进展。

出售这家十年前被 Sainsbury's 收购的通用商品零售商，符合 Roberts 重新聚焦食品业务的战略。

将英国两家最大的超市连锁店合并将增强对供应商的议价能力。此外，这仍然是一个资产丰富的业务，拥有其超市约 80 per cent 的永久产权。

Bernstein 分析师 Richard Trainor 表示，“一项交易是完全合理的”。

他表示：“规模至关重要，获得可持续回报并在市场中获胜的最佳方式是拥有市场份额优势”，同时他补充说，投资者仍会对谈判未进一步推进感到宽慰，因为这避免了 Sainsbury's 管理层分心的风险。

为了设计交易方案，Sainsbury's 向其顾问 Robey Warshaw（现为 Evercore 的一部分）寻求帮助，并要求一组律师和竞争专家考虑可能需要出售哪些门店，以使监管机构相信合并不会损害消费者利益。

在谈判陷入困境之前，双方已基本认同该交易不会被竞争与市场管理局（CMA）所阻挠。据知情人士透露，这种信心的原因之一是自监管机构在 2019 年否决 Sainsbury's-Asda 交易以来，英国超市格局发生了变化。

在此期间，Aldi 和 Lidl 增加了市场份额；根据 Worldpanel Numerator 的行业数据，两者目前合计占据英国零售食品销售额的 19.3 per cent。

“现在很难再主张存在一个不包括 Lidl 和 Aldi 的‘四大’超市了，”Geradin Partners 的律师 Tom Smith 表示，他曾在 CMA 担任法律总监并参与了 Sainsbury's-Asda 的交易。

“我们现在处于一种每个人都在观察对方的情况。没有人想被留在后面”

自从工党在2024年执政以来，英国竞争与市场管理局（CMA）一直被推动采取一种支持增长的思维模式。这一转变让企业产生希望，认为该监管机构（现由前亚马逊英国负责人道格·格尔（Doug Gurr）领导）将更愿意批准那些将行业领先企业数量从四家减少到三家的合并交易。

据知情人士透露，莫里森斯（Morrisons）和圣之辈（Sainsbury's）感到乐观的另一个原因是，两者的合并不会创造一个新的市场领导者。而圣之辈与 Asda 的交易本会将市场上的第二名和第三名结合在一起，形成一家超越特易购（Tesco）的公司。

然而，莫里森斯已从2018年的第四大超市下滑至如今的第六位，落后于 Lidl 和 Aldi。

史密斯表示，监管机构可能仍会要求在“某些局部地区”剥离门店，“但你得认为这笔交易比 Asda 的交易更有可能获得批准”。CMA 已限制圣之辈在未经其事先批准的情况下，在2029年7月之前不得探索与 Asda 的另一项交易。

与莫里森斯的谈判消息使人们重新关注英国由私募股权持有的超市的未来，这些超市是在低利率 era. 末期通过高杠杆交易收购的。CD&R 对莫里森斯的收购是在 TDR Capital 和 Issa 兄弟于2020年花费 70亿英镑 收购 Asda 之后进行的。

随后的利率上升限制了两家超市与特易购、圣之辈以及折扣超市竞争的能力，后者的财务实力更为雄厚，且均获得了市场份额。

英国竞争极其激烈的超市行业在某种程度上是一个异类。几家较小企业的所有权结构——包括员工持股的 Waitrose 和会员持股的便利店连锁 Co-op——阻碍了海外杂货市场中常见的整合进程。

一些行业顾问质疑，圣之辈是否能赢得主要投资者的支持——这是一个由捷克亿万富翁丹尼尔·克雷廷斯基（Daniel Křetínský）、卡塔尔主权财富基金以及涵盖零售到银行的综合企业 Bestway 组成的多元化群体——去追求一项具有重大反垄断风险的交易。

一名购物者在伦敦提着圣之辈的购物袋；左下方是该市的一家门店及其综合商品店 Argos 的结合体。下方：圣之辈首席执行官西蒙·罗伯茨（Simon Roberts）。（图片来源：Mike Kemp / In Pictures via Getty Images）

如果圣之辈最终决定不与莫里森斯重回谈判桌，英国由私募股权持有的超市可能会转向彼此。一位行业资深人士表示，“莫里森斯与 Asda 之间的结合不应被排除在考虑范围之外”。

莫里森斯通过与 Asda 合并总部、配送网络和其他中央职能，可能会获得比与圣之辈交易更大的成本节省，因为 Asda 的总部位于12英里外的利兹，而圣之辈则更侧重于英格兰南部。

虽然两家公司的结合不会让其所有者获得直接的退出路径，但它将创造一个规模更大的企业，最终可能成为一个更具吸引力的 IPO 候选者。

然而，交易并非易事。两家公司门店组合的重叠度更高，可能会导致 CMA 要求更大规模的资产处置。与此同时，一名资深零售商警告称，将两家杠杆超市合并就如同“两个醉汉互相搀扶”。

虽然圣之辈目前已退出交易谈判，但谈判存在的新闻可能会为期待已久的行业整合鸣枪起跑。“我们现在处于一种每个人都在观察对方的局面，”一名接近此次失败谈判的人士表示，“没有人想被留在后面。”（Suzi Ring 参与报道，详见 Lex）

零售

📄 Original Section

Insurers on the hook amid rise in lawsuits after AI hacks

LEE HARRIS — LONDON

Insurers are preparing for multimillion-dollar claims stemming from AI agents going “rogue”, with growing concern that top executives such as OpenAI’s Sam Altman and Anthropic’s Dario Amodei could be held liable for the actions of their models.

A string of breaches caused by AI agents that have broken free of parent companies' controls, such as OpenAI's hacking of start-up Hugging Face, has led insurers and their lawyers to study whether they will be asked to foot the bill of potential lawsuits and damages.

Insurance broker Aon analysed more than 300 AI-related legal cases and found that insurers could also be on the hook to pay claims under policies covering crime, intellectual property, media liability, cyber security, and technology errors and omissions.

Top industry figures also said that AI executives could be sued for the actions of models, with insurers potentially facing claims under “directors and officers” insurance policies, which cover executives if they are taken to court for their decisions or statements.

“Ultimately, the OpenAI CEO is liable [for the Hugging Face incident], because there's an absence of control in their business,” said Tim Rayner, UK head of underwriting and claims at Verisk. If OpenAI had purchased D&O insurance, Rayner added, the ChatGPT maker could seek to claim on the policy to cover potential future losses from lawsuits targeting Altman, its chief executive. “It’s on every CEO to make sure that their business is appropriately governed and controlled,” said Rayner. “AI doesn’t change that.”

Other insurers and legal aides agreed that AI executives could potentially be held liable for losses in D&O claims but said that such cases lacked precedent and had yet to be tested in court.

“OpenAI’s shareholders could potentially bring claims against the directors of OpenAI for failing to manage those risks properly, if they could show that it had caused the company, OpenAI, to suffer loss,” said Aaron Le Marquer, the head of the insurance policyholder disputes team at the law firm Stewarts.

Kevin Kalinich, a broker at Aon focused on digital risks, said that the strength of a legal claim against the head of an AI lab would depend on factors such as whether the executive had used “reasonable business judgment” in public statements about the company and its products.

However, Aki Hussain, chief executive of insurer Hiscox, said it was too soon to know how US courts would treat liability for AI agents: “It’s the US, so [a claim] could be under anything – whatever insurance they’ve got.”

OpenAI and Anthropic did not respond to requests for comment.

Investors close to Anthropic said that the AI company will say in an IPO prospectus that its technology may pose “existential risks to humanity”.

Short of legal claims targeting AI executives, insurers are also preparing for lawsuits brought against the labs themselves, which could span product liability, algorithmic discrimination, privacy and wrongful death.

Anthropic in July reached a \$1.5bn settlement over a class-action lawsuit brought by authors who accused it of stealing their work to train its AI models. It is one of dozens of similar copyright-infringement suits brought over the training of large language models.

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Asos 在黑客发送“未经授权”应用消息后展开调查

🌐 对照英文

汤姆·威尔逊 (TOM WILSON) 和 劳拉·奥尼塔 (LAURA ONITA)

在黑客劫持时尚零售商 Asos 的自有应用程序，声称发生了数据泄露并威胁该公司后， 正在调查一起疑似网络攻击事件。

根据多名用户在社交媒体上发布的屏幕截图，由于发送给部分客户手机的消息称这家总部位于伦敦的公司已被“黑客入侵”，并威胁要泄露未指明的资料， 的股价昨日最高下跌了 11%。

黑客的消息写道：“亲爱的 数据保护官 (DPO) 和 IT 部门，我们已完全攻破 Snowflake 实例。请与我们接触，否则我们将将其泄露。”

Snowflake 是一个被广泛使用的云端数据平台。

在一份声明中确认，其客户收到了一条“未经授权”的通知，公司正与“专业顾问以及所有相关部门”合作，以了解此次攻击的性质。

该公司表示：“我们正在调查涉及我们用于与客户沟通的第三方平台的未经授权活动。包括姓名和联系方式在内的基本个人信息可能已被访问。我们认为支付卡信息或账户密码并未

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📄 Original Section

Utilities. Megadeal

“包括姓名和联系方式在内的基本个人信息可能已被访问”

🌐 对照英文

受到影响。”此次明显的泄露事件发生在针对包括捷豹路虎 (Jaguar Land Rover) 和合作社集团 (Co-op Group) 在内的多家公司的大规模网络攻击之后。

在伦敦富时 250 指数 (FTSE 250) 上市的 OpenAI 股票在昨日交易尾盘收窄了部分跌幅，最终收盘下跌 9.7%。

该股在过去六个月中的价值增长了一倍多。 OpenAI 表示，“现在量化对交易的任何潜在影响还为时过早”，并指出其网站和应用程序运行正常。

Snowflake 表示，在收到移动端警报后，该公司也在进行调查。

Snowflake 表示：“目前，我们可以报告，我们尚未发现 Snowflake 平台遭到破坏。调查正在进行中，一旦有更多信息，我们将提供进一步更新。”

昨日在纽约的早盘交易中，其股价持平。

2024 年一起涉及 Snowflake 客户的数据泄露事件与包括 AT&T、Ticketmaster 和桑坦德银行 (Santander) 在内的几起高知名度网络攻击有关。

安全供应商 NordVPN 的首席技术官马里尤斯·布里迪斯 (Marijus Briedis) 表示：“这是一个异常大胆且具有威胁性的消息。更令人担忧的是该威胁的传递方式……（应用通知）表明有人获得了对 OpenAI 系统至少部分区域的未经授权访问，尽管我们尚不清楚这种访问的范围有多广。”

他补充道：“当攻击者能够通过公司的自有系统与客户沟通时，会使威胁显得更有说服力，且潜在破坏性大得多。”

石油与天然气

📄 Original Section

NextEra's \$67bn Dominion takeover faces political backlash over costs in Virginia

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Equinor称英国面临成为“不可投资地”的风险

🌐 对照英文

作者：VERITY RATCLIFFE 和 RACHEL MILLARD

Equinor的首席执行官警告称，如果政府不支持北海的Rosebank和Jackdaw油气田，英国的石油和天然气行业将面临被视为“不可投资”的风险。

Anders Opedal表示，在法院就化石燃料排放做出裁决，导致这两个项目必须重新申请开发许可后，他预计这两个项目最终都会获得批准；但他补充说，如果未能获批，这将是一个“重大挫折”。

“那么，我们和其他投资者当然会质疑英国是否还具有投资价值，”他在昨天于伦敦举行的能源情报论坛（Energy Intelligence Forum）上表示。“英国可能拥有全球最严格的油气田审批流程，而我们已经走过两次了。”

Equinor正与壳牌（Shell）通过合资企业开发这两个北海项目。Ithaca Energy持有Rosebank 20%的股份。这些项目在2022年和2023年获得了开发许可，但去年被苏格兰最高法院（Court of Session）撤销。此前，最高法院在2024年的Finch裁决中认定，当局需要考虑燃烧石油和天然气产生的二氧化碳排放，而不仅仅是钻探过程中的排放。

是否允许这些项目继续推进，被视为对首相安迪·伯纳姆（Andy Burnham）对待化石燃料工业及气候政策方式的一次重大考验。

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📄 Original Section

Rising power bills and fears about monopoly prompt officials to intervene in merger

MARTHA MUIR — NEW YORK

The US's largest utility megadeal is running into fierce opposition, as concerns over electricity affordability and anti-monopoly sentiment mount before November's midterm elections.

Senior Virginia officials are sceptical that a \$67bn tie-up between NextEra, the largest utility in the US, and Dominion, the power company at the heart of Virginia's data centre alley, will benefit ratepayers as energy bills rise rapidly and are concerned about the political influence such a utility giant could have.

Independent judges at Virginia's utility regulator will ultimately decide the deal. Industry experts say the growing political backlash raises the bar for approval and make it harder for the panel to wave through the transaction without significant concessions.

“We’re seeing a lot of pushback on these kinds of deals all over the US,” said Rob Rains, director of policy sector research at Washington Analysis. “That, plus the angst in Virginia over data centres, could be a potent combination.”

Governor Abigail Spanberger said she was “deeply sceptical” of the proposal and had intervened in the takeover process, giving her the right to interrogate the companies and push for measures to keep bills down and protect jobs.

When news of the tie-up broke, her administration realised that intervening could give it leverage to seek concessions from Dominion and NextEra, including measures to keep bills down, push clean energy development and change how utility investment is financed, shifting the capital structure towards debt and away from equity, which typically carries a higher cost that can be pushed on to customers.

The governor's office has considered measures to rein in Dominion's political spending, said a person with knowledge of the matter. The company is one of the largest donors in the state, which has some of the loosest campaign finance laws in the US.

Its spending has accelerated since the tie-up was announced, contributing \$3.67mn in campaign donations between May 26 and August 31, more than triple the amount in the two previous reporting periods.

A spokesperson for the governor's office said her formal filing sets out three priorities: lower energy bills, job protection and accelerating “affordable, reliable, local and clean power”.

Other high-level Virginia state officials, such as attorney-general Jay Jones, lieutenant-governor Ghazala Hashmi, at least eight lawmakers and Congress member Eugene Vindman, have opposed the deal. Scrutiny has extended beyond Virginia: a group of congressional Democrats led by Massachusetts senator Elizabeth Warren has warned federal regulators the deal could “squash competition and raise prices”.

"I don't think merging two huge utilities into a bigger one is the answer to our problems," said Virginia state senator

Virginia governor Abigail Spanberger said she was 'deeply sceptical' about the tie-up and has intervened

Schuyler VanValkenburg. “We already struggle as a state to properly regulate Dominion; are they going to be more or less responsive to Virginians when they’re based in Florida?”

The deal comes amid a surge in utility mergers and acquisitions. US utility deals hit a record \$205bn in the first half of 2026, according to Deloitte.

NextEra has long sought to combine with a major utility, with attempts to buy Hawaiian Electric and Duke Energy failing. Taking over Dominion would give NextEra a once-in-a-generation opportunity: providing power to companies such as Microsoft, Amazon, Google and Meta in the heart of “data centre alley”.

But residents are revolting over data centres in their backyards and regulators are more assertive over utility deals. In New Mexico, Blackstone's attempt to buy TXNM Energy has been delayed after regulatory pressure.

NextEra and Dominion have stepped up efforts to woo the power players who could influence the outcome. After pledging about \$2.2bn in bill credits over two years when the deal was announced in May, in mid-September they extended these for four years. A guarantee to employ Dominion staff for 18 months became five years.

Dominion said the updated package would expand bill relief, protect customers from merger costs and ensure data centres "pay their fair share".

NextEra has touted its record in Florida, where it says residential bills at its Florida Power & Light subsidiary are 37 per cent below the national average.

Responses to the sweeteners have been mixed. State senator Russet Perry told the FT the bill credits are “peanuts”, given that residential electricity prices have risen nearly 14 per cent in Virginia since January 2025.

But Christian Tucker, associate at Christian & Barton, representing large industrial energy users, said: "NextEra has a pretty solid reputation when it comes to operations and maintenance expenses. The great uncertainty is how realistic and quick those savings are."

Mark Christie, ex-commissioner at the Federal Energy Regulatory Commission, said the regulator can only block the deal if it led to much higher bills. "That's a narrow standard," he said.

UK COMPANIES

Retail. Supermarkets

“英国可能拥有全球最严格的油气田审批流程”

🌐 对照英文

《金融时报》上月报道称，Jackdaw气田即将获得批准，但部长们是否会批准Rosebank油田尚不明确。能源大臣Miatta Fahnbulleh上月表示，她正在“审查所有证据”。

关于Jackdaw的决定原预计在上月做出，但已被推迟到明天伦敦霍尔本和圣潘克拉斯（Holborn and St Pancras）补选之后，在该选区，工党正与绿党展开竞争。

Jackdaw气田位于阿伯丁以东150英里处，最早可在今年冬季产气。目前，由于伊朗战争导致通过霍尔木兹海峡的航运受阻，全球天然气供应正处于紧张状态。

英国的电力和供暖严重依赖天然气。官方数据显示，去年天然气占其能源需求的35%。

Jackdaw项目的支持者认为，其产出的天然气比以液化天然气形式运输的进口气碳强度要低得多。

Rosebank油田位于设得兰群岛西北80英里处，其审批情况更为复杂，因为由于国内炼油能力不足，北海的大部分石油都被出口。

Opedal表示，不批准这些油气田将与工党宣言以及英国加强能源安全的需要相矛盾，并补充说，他此前得到的保证是项目将会获批。

媒体

📄 Original Section

Sainsbury's search for scale puts mergers back on table

Talks with Morrisons reflect confidence that regulators would approve consolidation

ASHLEY ARMSTRONG AND LAURA ONITA

Eight years ago, J Sainsbury's bold ambitions to merge with a rival began to unravel. On the day the company unveiled its plan to buy Asda, its chief executive at the time, Mike Coupe, was caught on live TV singing “We're in the money”.

After months of wrangling, the proposed £7.3bn deal – which would have created a new market leader – was blocked by competition regulators.

This year Britain's second biggest supermarket chain considered another multibillion-pound tie-up – this time with private equity-owned Wm Morrison. The talks collapsed in February after a failure to agree on price, according to people familiar with the matter.

The deal under discussion was an ambitious one. It would have redrawn the UK food retail market while stoking many of the competition law concerns that had doomed the Sainsbury's-Asda deal.

It was also being attempted against a backdrop of persistent rises in the price of everyday groceries and a government under pressure to alleviate a squeeze on the nation's disposable income.

A sale of Morrisons would provide an exit for buyout group Clayton Dubilier & Rice, which paid £10bn for the Bradford-based retailer in 2021, including debt. Sainsbury's has a market capitalisation of just over £7bn and £5.7bn of net debt, including lease liabilities.

Though the talks are no longer active, they signal dealmaking is back on the agenda for UK supermarket executives.

Negotiations – spearheaded by Sainsbury's chief Simon Roberts and Morrisons' chair Sir Terry Leahy – lasted from November last year to February, becoming serious around Christmas, according to people close to the process.

Roberts had meanwhile been making headway with separate talks to offload Argos to a trio of retail veterans including two former Morrisons executives, Trevor Strain and Richard Pennycook.

Selling the general merchandise retailer, which Sainsbury's bought a decade ago, was consistent with Roberts' strategy of refocusing on food.

Putting together two of the UK's biggest supermarket chains would boost buying power with suppliers. Furthermore, it remains an asset-rich business that owns about 80 per cent of the free-holds to its supermarkets.

Bernstein analyst Richard Trainor said that "a deal makes complete sense".

“Scale really matters and the best way to sustainable returns and winning in the market is to have a market share advantage,” he said, while adding that investors would still be relieved talks had not progressed because of the risk of distraction for Sainsbury’s management.

To devise a deal, Sainsbury's turned to its advisers at Robey Warshaw, now part of Evercore, and asked a group of lawyers and competition experts to consider which stores might need to be sold to satisfy regulators that a combination would not be harmful to consumers.

Before talks hit trouble, the two sides had got comfortable with the idea that a deal would not be thwarted by the Com-

‘We’re now in a situation where everyone is looking at everyone else. No one wants to be left behind’

petition and Markets Authority. One reason for that confidence, according to people familiar with the matter, was the change in the UK supermarket landscape since the watchdog blocked the Sainsbury's-Asda deal in 2019.

In that time Aldi and Lidl have increased their market share; together they now account for 19.3 per cent of UK retail food sales, according to industry data by Worldpanel Numerator.

"It would be more difficult to argue [now] that there's a ‘Big Four’ that doesn't include Lidl and Aldi," said Tom Smith, a lawyer at Geradin Partners who worked on the Sainsbury's-Asda deal as a legal director at the CMA.

Since Labour came to power in 2024, the CMA has been pushed to adopt a pro-growth mindset. The shift has given companies hope that the regulator, now chaired by former Amazon UK boss Doug Gurr, will be more willing to wave through mergers that reduce the number of leading players in an industry from four to three.

Another cause for optimism for Morrisons and Sainsbury's, according to people familiar with their thinking, was that a combination would not create a new market leader. The Sainsbury's-Asda deal would have brought together the number two and three players in the market to form a company that leapfrogged Tesco.

However, Morrisons has slipped from being the fourth-largest supermarket in 2018 to sixth today, behind Lidl and Aldi.

Regulators might still have required store divestments in “some local areas”, said Smith, “but you’d have to think the deal [would be] more likely to be approved than the Asda deal”. The CMA has restricted Sainsbury’s from exploring another deal with Asda until July 2029 without its prior approval.

News of the talks with Morrisons has refocused attention on the future of Britain's private equity-owned supermarkets, which were bought in highly leveraged deals towards the end of the low interest rate era. The acquisition of Morrisons by CD&R followed the £7bn purchase of Asda by TDR Capital and the Issa brothers in 2020.

A subsequent rise in interest rates has restricted the ability of both supermarkets to compete with the superior financial firepower of Tesco, Sainsbury's and the discounters, which have all gained market share.

The UK's highly competitive supermarket industry is something of an anomaly. The ownership structures of several smaller players – including employee-owned Waitrose and member-owned convenience chain the Co-op – have impeded the consolidation seen in overseas grocery markets.

Some industry advisers questioned

A shopper carries Sainsbury's bags in London and, below left, a store in the capital combined with its general merchandise outlet Argos. Below: Sainsbury's chief executive Simon Roberts Mike Kemp/In Pictures via Getty Images

whether Sainsbury's would win the backing of major investors – an eclectic group including Czech billionaire Daniel Křetínský, Qatar's sovereign wealth fund and the retail to banking conglomerate Bestway – to pursue a deal with significant antitrust risk.

If Sainsbury's ultimately decides not to return to the negotiating table with Morrisons, the UK's private-equity-owned supermarkets could turn to each other. One senior industry figure said that a “combination between Morrisons and Asda should not be written off”.

Morrisons could potentially make greater savings by combining head offices, distribution networks and other central functions with Asda, headquartered 12 miles away in Leeds, than it could through a deal with Sainsbury's, which is more focused on the south of England.

While a combination of the two companies would not give their owners a straightforward exit, it would create a larger business that could eventually be a more attractive IPO candidate.

A deal would not be straightforward, however. A closer overlap of their store portfolios could result in the CMA demanding more substantial disposals. Meanwhile, one senior retailer warned that combining two leveraged supermarkets would be akin to “two drunks propping each other up”.

While Sainsbury's has stepped away from deal talks for now, news of their existence may fire the starting gun for a long-anticipated industry consolidation. "We're now in a situation where everyone is looking at everyone else," said a person close to the failed talks. "No one wants to be left behind." Additional reporting by Suzi Ring See Lex

Retail

Informa 将收购竞争对手活动业务 Clarion

🌐 对照英文

丹尼尔·托马斯 (DANIEL THOMAS) 和

斯特法尼亚·帕尔马 (STEFANIA PALMA) —— 伦敦

富时 100 指数成份股公司 Informa 披露了一项战略调整，将分拆其学术出版业务 Taylor & Francis，并筹集 £940mn 的新股资金以收购竞争对手会议集团 Clarion。

这些交易（包括以 22亿英镑 从私募资本集团黑石收购 Clarion）将使 的重点更加集中于其核心的现场活动和商业运营。

斯蒂芬·卡特 (Stephen Carter) 是富时指数中任职时间最长的首席执行官之一，任期近 13 年。近年来，他通过积极扩张现场活动业务，将 打造成为一家市值 110亿英镑 的公司。

表示，在明年决定新分拆学术部门的未来走向之前，将考虑所有可行方案。

卡特表示，已经有公司接触 并表达了收购该业务的兴趣。他补充说，决定分拆 Taylor & Francis 是因为“要发展该业务，确实需要更多的专注”。

与此同时，他表示 正在成为一家“纯粹”的商业活动公司。“我们与 15, 20 年前公司时的样子已截然不同，”他补充道。

斯蒂芬·卡特在 13 年的任期内，通过发展现场活动业务，将 打造成为一个市值 110亿英镑 的集团。

的股价在早盘交易中下跌近 2%，随后反弹，收盘上涨近 3%。该公司受益于新冠疫情封锁后人们对面对面会议和社交活动需求的激增，同时在举办众多全球会议的基础上扩展服务范围，以建立新的收入流。

收购 Clarion 为 带来了一个包含 100 多个 B2B 品牌的新投资组合，其中包括全球最大的消费电子展——柏林国际电子展 (IFA Berlin)、国防展 DSEI 以及在巴塞罗那举办的 ICE 游戏会议。

表示，收购 Clarion 将加速增长，并从 2027 年起提高每股收益。

卡特表示，在加入 Clarion 后，集团的年收入将超过 60亿美元，此次交易将通过收购融资和 £940mn 的股权配售共同筹资。

在许多私募股权集团难以退出投资并影响投资者回报的时期，此次出售对黑石而言是一大利好。

但尽管私募股权并购市场存在困难，活动业务领域的活跃度依然较为强劲。

在 Providence 和 Searchlight 于 6 月将全球商业活动集团 Hyve 以约 18亿美元 出售给 Hellman & Friedman 之后，Clarion 的出售是该行业的最新交易。

公司与市场

固定收益。风险溢价

📄 Original Section

Asos launches probe after 'unauthorised' app messages by hackers

TOM WILSON AND LAURA ONITA

Asos is investigating a suspected cyber attack after hackers hijacked the fashion retailer's own app to claim a data breach and threaten the company.

Shares in Asos fell by as much as 11 per cent yesterday after messages sent to some customers' phones claimed that the London-based company had been "hacked" and threatened to leak unspecified material, according to screen grabs posted by multiple users on social media.

The hackers' message read: "Dear ASOS DPO and IT, we have fully compromised the Snowflake instance. Engage with us, or we will leak it."

Snowflake is a widely used cloud-based data platform.

In a statement, Asos confirmed that an “unauthorised” notification had been sent to its customers and that it was working with “specialist advisers as well as all relevant authorities” to understand the nature of the attack.

“We are investigating unauthorised activity involving third-party platforms that we use to communicate with customers,” it said. “Basic personal information including name and contact details may have been accessed. We do not believe that payment-card information or account passwords were

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借贷成本激增冲击美国企业

🌐 对照英文

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📄 Original Section

'Basic personal information including name and contact details may have been accessed'

impacted." The apparent breach follows several large-scale cyber attacks on companies including Jaguar Land Rover and the Co-op Group.

Shares in Asos, which is listed on London's FTSE 250 index, pared some losses in late trading to close down 9.7 per cent yesterday.

The stock has more than doubled in value over the past six months. Asos said it was “too early to quantify any potential impact on trading”, noting that its website and app were operating normally.

Snowflake said it was also investigating following the mobile alerts.

"At this time, we can report that we have found no compromise of the Snowflake platform," Snowflake said. "The investigation is ongoing and we will provide further updates as soon as more information becomes available."

Its share price was flat in early trading in New York yesterday.

A data breach involving Snowflake customers in 2024 was linked to several high-profile cyber attacks including AT&T, Ticketmaster and Santander.

“This is an unusually brazen and threatening message,” said Marijus Briedis, chief technology officer at NordVPN, a security provider. “What makes it even more concerning is how that threat appears to have been delivered . . . [The app notification] suggests someone has gained unauthorised access to at least part of Asos’s systems, although we don’t yet know how extensive that access is.”

He added: “When an attacker can potentially speak to customers through a company’s own systems, it makes the threat considerably more convincing and potentially much more damaging.”

Oil & gas

美国国债剧烈抛售开始波及垃圾级企业

🌐 对照英文

KATE DUGUID, EMILY HERBERT, JOSHUA FRANKLIN AND MICHELLE CHAN

美国政府债券的剧烈抛售正开始在全美企业界产生反响，迫使公司重新调整其借贷计划，甚至让信用评级最低的企业面临违约风险。

本月，信用评级最低企业的借贷成本触及 17% 的高点，为 2020 年 5 月以来最高水平。这主要受国债收益率攀升至多年高点，以及投资者要求在向此类企业贷款时获得更多补偿所驱动。

评级为 CCC 或更低级别的企业的风险溢价已升至 12 个百分点，为 2022 年以来最大幅度。

分析师表示，持有浮动利率贷款以及在未来几个月需要进行债务再融资的公司，最容易受到政府债券抛售的影响。上周，这种抛售将 10 年期美国国债收益率推至 2002 年以来的最高水平。

凯投宏观（Capital Economics）高级市场经济学家詹姆斯·赖利（James Reilly）表示：“投资者越来越要求在承担企业信用风险时获得更多补偿。”

为了表明国债市场动荡所带来的寒蝉效应，美国银行（Bank of America）将其对本月公司发行的加元计价投资级债券金额的预测从约 1600亿美元 下调至 1100亿美元。

投资者的紧张情绪已在部分交易中显现。美国媒体巨头派拉蒙-天空之舞（Paramount Skydance）上周出售了 520亿美元 的债务，以资助其 1100亿美元 对华纳兄弟探索（Warner Bros Discovery）的收购。据知情人士透露，异常的是，派拉蒙两年期债券的需求几乎是 30 年期债券的两倍，这表明投资者担心利率上升会打击长期债务的价值。

金融中心：日落时的曼哈顿天际线。利率上升将迫使美国企业以与借贷成本相当的速度提高利润 —— Michael Nagle / Bloomberg

因此，投资者被分配到的长期债务超过了其预期，导致债券在市场首次亮相后出现大幅抛售。

财富与投资管理公司 W1M 的固定收益共同负责人詹姆斯·卡特（James Carter）表示：“在边际上，随着投资者变得更加挑剔，我们看到一些交易被撤回或推迟。派拉蒙-天空之舞的第二留置权债券表现疲软，其中 2036 年到期的债券较发行价下跌了几个点，这就是一个迹象。”

目前，许多公司更倾向于出售期限较短的债务，以便在未来有机会以较低利率进行再融资。

法国巴黎银行（BNP Paribas）美洲区全球资本市场共同负责人埃琳·布朗（Erin Brown）表示：“他们现在不想锁定高昂的融资成本。”

“现在进入市场需要更多的策略规划。”

美国香料和酱料制造商麦考密克（McCormick）上周告诉投资者，鉴于近期借贷成本剧增，该公司正在评估其计划发行的债务的币种、期限以及固定利率与浮动利率的比例，该债务是其即将与联合利华（Unilever）食品业务进行巨额合并的一部分。

麦考密克首席财务官马科斯·加布里埃尔（Marcos Gabriel）在公司业绩电话会议上表示：“这是如今投资者关注的重点，因此在我们继续认真评估债务融资策略的同时，我们将密切关注市场动态。”

今年债券收益率上涨的幅度通常预计会损害整个市场，从最弱的公司到评级最高公司均在其中。

然而，今年很大一部分投资级借贷并未受到影响，其中以建设 AI 相关项目的公司为主，这些公司认为建设数据中心的生存紧迫性高于借贷成本增加的一两个百分点。

但分析人士表示，国债收益率的进一步上升可能会给整个信贷市场带来更广泛的痛苦。当现有债务需要进行再融资时，更高的利率可能会对那些在2020年代初利率处于极低水平时举债的公司造成冲击。

穆迪去年估计，在2026年至2030年之间，将有高达$1.45tn的美国投资级公司债券到期。利率上升将迫使企业以与借贷成本上升相近的速度提高利润。

标普全球（S&P Global）美国消费市场服务主管迈克尔·兹迪纳克（Michael Zdinak）表示：“如果利率在2027年、2028年以及本十年后半段一直维持在如此高位，那可能会给公司债务体系带来真正的冲击。”

兹迪纳克补充道，如果未来一年借贷成本保持高位，公司将“推迟投资决策、收购、回购、扩张计划，以及任何只要其回报相对于上升的利率较低即可推迟的酌情投资”。

期货市场交易员押注，美联储在2028年初之前将再次加息三到四次，目前利率区间为3.75%至4%。

穆迪首席信贷官阿齐·谢斯（Atsi Sheth）表示：“如果盈利能力不能随借贷成本同步增长，那么届时就会出现真正的信贷问题。”

由伊恩·史密斯（Ian Smith）提供额外报道

我们的全球团队全天候（24小时）为您提供影响市场的新闻与观点，ft.com / markets

📄 Original Section

Equinor says UK risks being ‘uninvestable’

VERITY RATCLIFFE AND RACHEL MILLARD

The UK's oil and gas sector risks being seen as “uninvestable” if the government does not back the Rosebank and Jackdaw North Sea fields, the chief executive of Equinor has warned.

Anders Opedal said he expected both projects to be approved after they had to reapply for development consent following a court decision on fossil fuel emissions, but added that it would be a “major setback” if not.

“We and others will, of course, then ask if the UK is investable,” he said at the Energy Intelligence Forum in London yesterday. “The UK has probably one of the most rigorous approval processes for oil and gas fields in the world and we have done that twice.”

Equinor is developing the two North Sea projects in a joint venture with Shell. Ithaca Energy has a 20 per cent stake in Rosebank. The projects were awarded development consent in 2022 and 2023 but this was quashed last year by the Court of Session in Scotland. That followed the Finch ruling in the Supreme Court in 2024 which found that authorities needed to consider the carbon dioxide emissions from burning oil and gas, not just drilling for it.

Whether to allow the projects to proceed is seen as a big test for Prime Minis-

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华尔街银行启动 600亿美元 融资协议支持 Anthropic

🌐 对照英文

固定收益

MICHELLE CHAN — 纽约

华尔街银行已开始转让一项 600亿美元 新债务方案的部分份额，用于资助 Anthropic 租赁谷歌半导体。随着科技公司竞相确保 AI 计算能力，这是迄今为止规模最大的芯片融资交易。

据知情人士透露，已承诺资助该交易的美国银行、花旗集团和摩根士丹利于周一联系其他银行，以购买部分债务。

这项由博通（Broadcom）担保的融资被视为 AI 债务需求情况的风向标。近几个月来，由于担心巨额资本投资从长远来看可能无法转化为盈利业务，投资者在向那些投入数万亿美元开发先进 模型的科技公司提供贷款时，要求更高的风险溢价。

大部分借贷热潮将用于采购日益昂贵的先进芯片。此次最新的融资方案紧随博通几个月前与阿波罗（Apollo）和黑石（Blackstone）达成的 350亿美元 协议之后，当时这家芯片制造商宣布了一个巨大的 20 吉瓦“ XPV”平台，以帮助 Anthropic 和 OpenAI 等公司获取计算能力。

博通正与谷歌共同开发所谓的张量处理单元（TPU），以

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📄 Original Section

'The UK has probably one of the most rigorous approval processes for oil and gas fields in the world'

ter Andy Burnham's approach to the fossil fuel industry and climate policy.

The FT reported last month that the Jackdaw gasfield was set to receive the go-ahead but that it was not clear whether ministers would approve the Rosebank oilfield. Miatta Fahnbulleh, energy secretary, said last month she was “going through all the evidence”.

A decision on Jackdaw was expected last month but has been pushed back until after tomorrow's by-election in

London's Holborn and St Pancras, where Labour is battling the Greens.

Jackdaw, which is 150 miles east of Aberdeen, could produce gas as soon as this winter at a time when global gas supplies are constrained owing to the war in Iran, which has disrupted shipping through the Strait of Hormuz.

The UK relies heavily on gas for electricity and heating. It accounted for 35 per cent of its energy demand last year, according to official figures.

Proponents of the Jackdaw project argue that its gas will be much less carbon-intensive than imports, which are transported as liquefied natural gas.

Rosebank oilfield, 80 miles north-west of the Shetland Islands, is a more complicated case for approval as most of the North Sea's oil is exported because of insufficient domestic refining capacity.

Opedal said not approving the fields would contradict the Labour Party manifesto and the UK's need to bolster energy security, adding that he had been reassured approval would be given.

Media

这项由博通担保的融资被视为 Asos 债务需求情况的风向标

🌐 对照英文

对抗英伟达在该领域的主导地位。

新债务将由博通提供部分担保，以帮助 Anthropic 降低借贷成本。资金已预定用于 Anthropic 明年的芯片订单，租赁付款将在芯片交付后开始。

知情人士表示，约 420亿美元 由博通支持的优先担保贷款于周一开始银行团承销，得益于博通 A-minus 的信用评级，这些贷款未来可能会出售给私募市场或投资级债券市场中更广泛的投资者群体。

知情人士补充称，另外 180亿美元 没有博通担保的次级债务预计将由同一批银行在稍后日期推出，其中黑石已承诺出资约 90亿美元 用于次级档次，并参与其余债务的承销。

其中一名知情人士表示，由于贷款人在次级债务中将承担 Anthropic 的信用风险，银行可能更倾向于在该公司今年晚些时候 IPO 之后再进入市场，以便潜在投资者能够获取其财务披露信息。

担任该交易联席账簿管理人的美国银行、花旗集团和摩根士丹利拒绝置评。黑石拒绝置评。彭博社此前报道了该交易的部分细节。

Ryan McMorrow 在旧金山提供了额外报道

技术

📄 Original Section

Informa to buy rival events business Clarion

DANIEL THOMAS AND

STEFANIA PALMA — LONDON

FTSE 100 group Informa has revealed a strategic overhaul that will see it separate its academic-publishing business Taylor & Francis and raise £940mn in new equity to buy rival conferences group Clarion.

The transactions, including the £2.2bn acquisition of Clarion from private capital group Blackstone, will narrow Informa's focus to its core live events and business operations.

Stephen Carter, who is one of the longest-serving FTSE chief executives after almost 13 years, has built Informa into a company with an £11bn market capitalisation by aggressively expanding its live-event operations in recent years.

Informa said it would look at all options for the future of the newly separated academic unit before coming to a decision on its future next year.

Carter said Informa had already been approached by companies expressing interest in acquiring the business. The decision to spin off Taylor & Francis was taken, he added, because “to grow that business, you really needed more focus”.

Meanwhile, Informa was becoming a “pure-play” business events company, he said. “We are unrecognisable from

Stephen Carter has during his 13-year stint built Informa into an £11bn group by growing its live-event operations

where we were as a company 15, 20 years ago," he added.

Shares in Informa fell nearly 2 per cent in early trading before bouncing back and closing up almost 3 per cent. It has benefited from the surge in demand for in-person meetings and social events after Covid lockdowns, while expanding the range of services provided on the back of its many global conferences to build new revenue streams.

Buying Clarion gives Informa a new portfolio of more than 100 business-to-business brands, including the world's largest consumer-electronics event, IFA Berlin, the defence event DSEI and the ICE gaming conference in Barcelona.

Informa said that the acquisition of Clarion would accelerate growth and enhance earnings per share from 2027.

Carter said that annual revenues at the group would exceed \$6bn after the addition of Clarion, with the transaction being funded through a mixture of acquisition financing and a £940mn equity placing.

The sale is a boon for Blackstone during a period in which many private equity groups have struggled to exit investments, hitting returns to their investors.

But despite difficulties in the private equity M&A market, activity in events businesses has been more robust.

The Clarion sale is the latest deal in the sector after Providence and Searchlight in June sold global business-events group Hyve to Hellman & Friedman for about \$1.8bn.

COMPANIES & MARKETS

Fixed income. Risk premiums

Reflection AI 增强白宫在“开放”模型领域挑战中国的希望

🌐 对照英文

乔治·哈蒙德 (GEORGE HAMMOND) —— 旧金山

乔·米勒 (JOE MILLER) —— 华盛顿

一家由英伟达（Nvidia）和特朗普政府支持的美国 AI 初创公司公布了其首个开放权重模型，这增强了美国与主导公共可定制 产品市场的中国团体竞争的雄心。

Reflection 声称其首个模型 Beam 与领先的中国竞争对手 Z. 的 GLM-5.2 处于同一水平。

这家初创公司对于美国在与中国的 Asos 竞赛中具有战略意义，对于旨在创建 OpenAI 和 Anthropic 等最大实验室竞争对手的英伟达而言亦然。

Reflection 表示，Beam 的表现优于美国同行，“在编码和智能体任务上提供了具有竞争力的性能，而 token 成本仅为一小部分”，但尚未公布该模型性能的完整技术细节。Token 是处理的信息单位。

Reflection 已与五角大楼和美国能源部建立合作伙伴关系，并达成协议为包括韩国在内的美国盟友开发 模型，这是特朗普政府旨在抵御中国竞争并扩大自身影响力努力的一部分。

Reflection 自 2024 年成立以来已筹集超过 40 亿加元，在发布首个模型之前，其估值已迅速攀升至 250 亿加元。

开放权重模型允许用户进行定制并在自己的硬件上运行，对于企业而言，其运行成本可能远低于 OpenAI 的 ChatGPT 或 Anthropic 的 Claude 的最先进版本。

由于这些工具的使用量激增，且大多数顶尖模型背后是中国实验室，寻找一个领先的美国开放权重模型在近几个月变得更加紧迫。8 月份，通过 云应用公司 Vercel 的 Gateway 处理的所有 token 中，开放权重模型占 56%，而 12 月份这一比例仅为 7%。

创意天赋：由 Reflection 的 Beam 模型制作的 3D 游戏

一些特朗普政府官员——包括财政部长斯科特·贝森特 (Scott Bessent)——提出了对被认为窃取美国竞争对手知识产权的中国模型实施制裁的想法。

这一威胁引发了一封由英伟达牵头的行业信函，信中指出，开放权重的“生态系统”对于“在全国范围内创造创新和繁荣的机会”至关重要。

英伟达首席执行官黄仁勋 (Jensen Huang) 也为美国企业使用中国的开放权重模型辩护，称它们为公司提供了良好的价值。

英伟达向 Reflection 投资了 8 亿加元并提供了芯片访问权限，帮助该公司在面对中国竞争对手时取得进展。Reflection 还得到了红杉资本 (Sequoia Capital)、Disruptive 和 1789 Capital 等风险投资公司的支持，而唐纳德·特朗普总统之子小唐纳德·特朗普 (Donald Trump Jr) 是 1789 Capital 的合伙人。

衍生品

📄 Original Section

Surge in borrowing costs hits corporate America

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美国洲际交易所于伦敦开启黄金期货交易

🌐 对照英文

菲利普·斯塔福德 (PHILIP STAFFORD) —— 伦敦

美国衍生品集团洲际交易所（Intercontinental Exchange）已开始在伦敦提供黄金期货交易，这是在这一全球实物金条交易中心引入贵金属衍生品的最新尝试。

这家纽约证券交易所的所有者本周推出了与伦敦每日拍卖价格挂钩的贵金属合约。除黄金外，该公司还推出了白银、铂金和钯金合约。

伦敦是全球最大的实物黄金交易市场，每日处理的“场外交易”金额近 1900亿美元，其金库中存放的实物黄金价值约 $1.4tn。

其基准价格被行业以及追踪该金属的股票市场工具广泛使用。

然而，与纽约不同，伦敦近年来并未提供黄金期货合约，且之前的建立尝试均告失败。

伦敦金属交易所（London Metal Exchange）在运行五年后，因交易量低迷于 2022 年关闭了其黄金期货合约；而伦敦黄金期货市场在 20 世纪 80 年代中期也未能取得进展。

洲际交易所（ICE）将重心转向伦敦，正值全球黄金市场面临数年地缘政治冲突、制裁和关税威胁的持续压力，而该市场在历史上一直严重依赖英国进行存储和定价。

在去年 4 月总统唐纳德·特朗普发起贸易攻势后，交易员

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📄 Original Section

Sharp sell-off in Treasuries is beginning to feed through to junk-rated businesses

KATE DUGUID, EMILY HERBERT, JOSHUA FRANKLIN AND MICHELLE CHAN

A sharp sell-off in US government bonds is starting to reverberate across corporate America, forcing companies to overhaul their borrowing plans and even raising the spectre of defaults among the most lowly rated businesses.

Borrowing costs for companies with the lowest credit ratings hit their highest level since May 2020 this month at 17 per cent, driven by the rise in Treasury yields to multiyear highs and by investors demanding more compensation for lending to such businesses.

The risk premium for groups rated triple C or lower has risen to 12 percentage points, the biggest since 2022.

Analysts said companies with floating-rate loans, and those needing to refinance debt in the coming months, were most at risk from the government bond sell-off, which last week pushed the yield on the 10-year Treasury note to its highest since 2002.

“Investors are increasingly demanding more compensation for taking on the corporate credit risk,” said James Reilly, a senior markets economist at Capital Economics.

In a sign of the chilling effect of the ructions in the Treasury market, Bank of America has cut its forecast for the amount of dollar-denominated investment-grade debt that companies will sell this month to \$110bn from about \$160bn.

Investor nervousness is already being felt on some deals. US media conglomerate Paramount Skydance last week sold \$52bn of debt to fund its \$110bn acquisition of Warner Bros Discovery. Unusually, demand for Paramount's two-year bonds was almost double that of 30-year bonds, according to people familiar with the matter, in a sign of worries over interest rate rises hitting the value of longer-maturity debt.

Financial hub: the Manhattan skyline at sunset. Rising rates will put pressure on US businesses to increase profits at a similar pace to borrowing costs — Michael Nagle/Bloomberg

As a result, investors were allocated more long-term debt than they had expected, leading to a significant sell-off after the bonds debuted on the market.

"At the margin, we are seeing some deals pulled or delayed as investors become more selective. The weak performance of Paramount Skydance's sec-"

ond-lien bonds, with the 2036s down several points from issue, is a sign of this," said James Carter, co-head of fixed income at wealth and investment management firm W1M.

Many companies prefer to sell debt with shorter maturities at the moment to give themselves the chance of refinancing at lower rates in the future.

“They don’t want to lock in high financing costs right now,” said Erin Brown, co-head of global capital markets Americas at BNP Paribas.

“Accessing the market now requires more game planning.”

US spice and sauce maker McCormick told investors last week it was evaluating the currencies, duration and ratio of fixed and floating rates for the debt it plans to issue as part of its upcoming mega-merger with Unilever's foods business, given the recent sharp rise in borrowing costs.

"This is on the mind of investors these days, so we are staying very close to market dynamics as we continue to really evaluate our debt financing strategy," Marcos Gabriel, McCormick chief financial officer, said on the company earnings call.

The magnitude of this year's rise in bond yields might typically be expected to hurt the entire market, from the weakest companies to the highest rated.

However, a significant chunk of investment-grade borrowing this year has been unaffected, dominated by companies building out AI-related projects who believe the existential urgency to build data centres trumps an extra percentage point or two in borrowing costs.

But a further rise in Treasury yields could lead to broader pain across credit markets, analysts say. When it comes time to refinance existing debt, higher rates risk jarring the companies that took on debt when interest rates were at rock-bottom levels in the early 2020s.

Moody's estimated last year that a record \$1.45tn of US investment-grade corporate debt would come due between 2026 and 2030. Rising rates will put pressure on businesses to increase profits at a similar pace to rising borrowing costs.

“That could be a real shock to the corporate debt system if rates stay this high through 2027 and through 2028 into the later half of this decade,” said Michael Zdinak, head of the US consumer markets service at S&P Global.

If borrowing costs remain elevated in the next year, companies would "postpone investment decisions, acquisitions, buybacks, expansion plans, any sort of discretionary investment that they can if the pay-off from that is less relative to the rising rates", Zdinak added.

Traders in futures markets are betting that the Federal Reserve will raise interest rates three or four more times by the start of 2028, from the current range of 3.75 to 4 per cent.

"If profitability doesn't grow with the borrowing costs, that's where you'll see a real credit issue," said Moody's chief credit officer Atsi Sheth.

Additional reporting by Ian Smith

Our global team gives you market-moving news and views, 24 hours a day ft.com/markets

“如果你能让人们以不同的方式管理风险，那将是一个极具吸引力的前景”

🌐 对照英文

将大量黄金运往美国，以规避关税风险，因为纽约的期货价格上涨到了高于伦敦实物价格的水平。

一个与英国首都实物市场并行运行的期货市场，可以降低此类价格脱节的风险。

“衍生品市场通常是为了支持实物市场而存在的，”洲际交易所欧洲期货（ICE Futures Europe）总裁克里斯·罗兹（Chris Rhodes）表示，“实物市场在伦敦。我们认为，如果你能让人们以不同的方式管理其风险……那将是一个极具吸引力的前景，特别是如果它与拍卖价格挂钩的话。”

全球不确定性的增加推动了过去两年该金属的牛市，使金价在 1 月份创下每金衡盎司超过 $5,500 的历史新高。

全球央行对于储备金的存放地点变得愈发谨慎，担心可能会失去访问权限。

上个月，荷兰央行将 78 吨以上的黄金从纽约转移到伦敦，理由是“地缘政治动荡加剧”，此前游说者和政治人物警告称，在特朗普领导下不可靠的美国政府可能会没收这些资产。

香港和新加坡正在增加黄金存储能力，而法国和印度的央行已将其在全球范围内的持有量回流。

委内瑞拉即将达成一项协议，将存放于英格兰银行的约 40亿美元 有争议的黄金储备转移至纽约。

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📄 Original Section

Wall St banks launch \$60bn financing deal for Anthropic

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Fixed income

MICHELLE CHAN — NEW YORK

Wall Street banks have begun offloading part of a new \$60bn debt package to fund Anthropic's lease of Google semiconductors, the largest chip-financing deal to date as tech companies race to secure AI computing power.

Bank of America, Citigroup and Morgan Stanley, which have committed to fund the deal, reached out to other banks to purchase portions of the debt on Monday, according to people familiar with the matter.

The financing, guaranteed by Broadcom, is regarded as a bellwether for appetite in AI debt. Investors in recent months have demanded a higher risk premium to lend to tech companies pouring trillions of dollars into developing sophisticated AI models, fuelled by concerns that their heavy capital investments might not translate into profitable businesses in the long run.

Much of the borrowing spree will fund the procurement of advanced chips that are getting more expensive by the day. The latest financing package follows Broadcom's \$35bn deal with Apollo and Blackstone just a few months ago, when the chipmaker announced a massive 20-gigawatt "AI XPV" platform to help the likes of Anthropic and OpenAI acquire computing capacity.

Broadcom is developing the so-called tensor processing units with Google to

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市场日报

🌐 对照英文

科技股推动 S&P 500 指数向历史新高迈进 年初至今百分比变化

来源：彭博 (Bloomberg) • 指数基准已调整至 2026 年初

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📄 Original Section

The financing, guaranteed by Broadcom, is regarded as a bellwether for appetite in AI debt

counter Nvidia's dominance in the space.

The new debt will be partially back-stopped by Broadcom to help Anthropic lower borrowing costs. The proceeds are earmarked for Anthropic's chip orders next year, and the lease payments will begin after the chips are delivered.

About \$42bn of senior secured loans supported by Broadcom began bank syndication on Monday and could be sold to a broader base of investors in the private placement or investment-grade bond market in the future thanks to Broadcom's A-minus credit rating, the people said.

An additional \$18bn of junior debt without Broadcom guarantees is expected to launch by the same banks at a later date, with Blackstone already committing funds to about \$9bn of the junior tranche and participating in the syndication of the remainder of the debt, the people added.

Since lenders will be exposed to Anthropic credit risks in the junior debt, banks might prefer tapping the market after its IPO later this year so would-be investors can access its financial disclosures, one of the people said.

Bank of America, Citigroup and Morgan Stanley, which are joint bookrunners on the deal, declined to comment. Blackstone declined to comment. Bloomberg earlier reported on some aspects of the transaction.

Additional reporting by Ryan McMorrow in San Francisco

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Technology

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核心要点

🌐 对照英文

• 标准普尔500指数上涨0.8%，创下8月以来首个历史新高
• 分析师预测AI公司第三季度财报季表现将十分出色
• 广义指数仍受到近期债券抛售的压力

标准普尔500指数昨日触及8月以来的首个历史新高，由于市场预期AI相关公司将获得丰厚收益，助力股市摆脱政府债券剧烈抛售的影响。

华尔街的蓝筹股标准普尔500指数上涨0.8%，将该指数推至新高。上个月，高油价和处于数十年高位的美国国债收益率曾威胁到其他资产，导致市场出现下滑。

投资者和分析师表示，此次反弹是由对美国企业第三季度财报季表现出色的预期所驱动的，而数万亿加元涌入AI基础设施是主要推手。

然而，许多板块被落在后面，使得市场日益依赖于一小部分科技股。

Pictet资产管理公司高级多资产策略师Arun Sai表示：“我们正处于收益上升期。短期内，我还没有看到任何崩溃的迹象。”

自标准普尔500指数在近三周前触及9月低点以来，科技股大幅反弹。此后，芯片制造商超微半导体（AMD）、超级微电脑（Super Micro Computer）和英特尔（Intel）分别上涨了20%或更多。

随着财报季在下周正式开始，根据FactSet的数据，分析师预计标准普尔500指数在截至9月的三个月内的年度收益增长率为29.5%，这将是连续第三个季度增长率超过25%。

然而，一个迹象表明美国股市对顶尖科技公司的依赖程度已极高：该指数的等权重版本（其中所有股票的波动权重相同，而非由大盘股主导）仍比其历史高点低5%。

道富银行（State Street）全球股票策略主管Marija Veitmane表示，她预计“基本面较弱的公司将在更高的利率环境下崩溃”。今年，油价上涨和强劲的美国经济数据迫使市场对利率预期进行了剧烈重新定价，促使投资者要求更高的政府债券收益率。债券抛售在9月势头增强，将美国10年期借贷成本推至2002年以来的最高水平。

Visdom投资管理公司交易共同主管Michael Zigmont表示：“如果债券市场执意将利率进一步推高，股市将不得不崩溃。” Emily Herbert

市场更新

美国 / 欧元区 / 日本 / 英国 / 中国 / 巴西

:---

股票 / S&P 500 / Eurofirst 300 / Nikkei 225 / FTSE100 / 上海综合指数 / Bovespa

点位 / 7828.84 / 2542.60 / 70683.98 / 10541.69 / 3842.19 / 205711.78

当日涨跌幅% / 0.71 / 0.46 / 1.05 / 0.42 / 休市 / -0.58

货币 / 加元指数 (DXY) / 加元 / 欧元 / 日元 / 加元 / 英镑 / 人民币 / 加元 / 雷亚尔 / 加元

点位 / 101.80 / 1.126 / 158.070 / 1.328 / 6.70 / 4.977

当日涨跌幅% / -0.36 / 0.424 / 0.070 / 0.424 / 0.00 / -0.122

政府债券 / 10年期

国债 | 10年期德国国债< / > 10年期日本国债< / > 10年期英国国债< / > 10年期债券< / > | 收益率< / > 5.27< / > 3.48< / > 3.05< / > 5.32< / > 1.68< / > 12.81< / >< / > 当日基点变化< / > -0.06< / > -0.01< / > -0.03< / > 0.00< / > -0.54< / >< / > 全球 / 大宗商品< / > 富时全球指数< / > 原油 - 布伦特< / > 原油 - WTI< / > 黄金< / > 白银< / > 金属 (LMEX)< / >< / > 水平< / > 761.27< / > 99.15< / > 88.72< / > 4164.00< / > 61.30< / > 5793.80< / >< / > 当日%变化< / > 0.80< / > -2.38< / > -0.79< / > 0.71< / > 0.42< / > 1.04< / > |

主要股票市场

最大涨跌幅

欧元区

< rowspan="3">%< / > | 美国< / >< / > Constellation Energy< / > 15.50< / >< / > Vistra< / > 11.81< / >< / > < rowspan="3">上涨< / > Corteva< / > 11.14< / >< / > GE Vernova< / > 5.52< / >< / > Corning< / > 5.30< / >< / > < rowspan="5">下跌< / > Seagate Tech< / > -8.88< / >< / > Western Digital< / > -6.42< / >< / > CH Robinson Worldwide< / > -4.31< / >< / > KLA Corp< / > -3.87< / >< / > Lam Research< / > -3.67< / > |

价格取自格林威治标准时间 10月06日 17:00

诺基亚 (Nokia)< / > 4.73< / >< / > 瓦尔齐拉 (Wartsila)< / > 4.09< / >< / > 波兰桑坦德银行 (Santander Bank Polska)< / > 3.25< / >< / > 文西 (Vinci)< / > 2.92< / >< / > 威欧利环境 (Veolia Environnement)< / > 2.89< / > |

英国

施耐德电气 (Schneider Electric)< / > -4.51< / >< / > Tenaris< / > -2.84< / >< / > 莱茵金属 (Rheinmetall)< / > -2.77< / >< / > 电信挪威 (Telenor)< / > -2.19< / >< / > 瑞士电信 (Swisscom)< / > -2.18< / > |

基于富时欧洲第一300指数 (FTSE Eurofirst 300) 欧元区成分股

Whitbread< / > 5.15< / >< / > 牛津纳米孔技术 (Oxford Nanopore Technologies)< / > 4.91< / >< / > 达美乐比萨 (Domino's Pizza)< / > 4.80< / >< / > 曼集团 (Man Group)< / > 4.29< / >< / > W.A.G Payment Solutions< / > 4.20< / > |

Inchcape< / > -6.22< / >< / > Qinetiq Group< / > -5.38< / >< / > Chemring Group< / > -4.42< / >< / > BAE SYSTEMS< / > -4.08< / >< / > Drax Group< / > -3.58< / > |

所有数据由 ICE 提供。www.ice.com

财经

📄 Original Section

Reflection AI buoys White House hopes of challenging China in ‘open’ models

GEORGE HAMMOND — SAN FRANCISCO

JOE MILLER — WASHINGTON

A US AI start-up backed by Nvidia and the Trump administration has unveiled its first open-weight model, boosting American ambitions to compete with Chinese groups that dominate the market for public, customisable AI products.

Reflection AI claims that its first model, Beam, is on a par with Z.ai's GLM-5.2, a leading Chinese competitor.

The start-up is strategically significant for the US in its AI race with China as well as for Nvidia, which is aiming to create rivals to the biggest labs including OpenAI and Anthropic.

Reflection said Beam outperformed US peers, “delivering competitive performance on coding and agentic tasks at a fraction of the token cost”, but had not yet published full technical details of the model’s performance. Tokens are units of information processed.

Reflection has partnered with the Pentagon and the US Department of Energy as well as striking agreements to develop AI models for US allies including South Korea as part of the Trump administration's efforts to fend off Chinese competition and expand its own sphere of influence.

Reflection raised more than \$4bn since its launch in 2024, racing to a \$25bn valuation before releasing its first model.

Open-weight models, which users can customise and run on their own hardware, can be far cheaper for businesses to operate than the most advanced versions of OpenAI's ChatGPT or Anthropic's Claude.

The search for a leading US open-weight model has become more urgent in recent months as usage of the tools has surged with Chinese labs behind most top models. In August, open-weight models accounted for 56 per cent of all tokens processed through AI cloud application company Vercel's AI Gateway, up from 7 per cent in December.

Creative flair: a 3D game produced by Reflection AI's Beam model

Some Trump administration officials – including Treasury secretary Scott Bessent – have floated the idea of imposing sanctions on Chinese models thought to be stealing IP from American competitors.

The threat prompted an industry-wide letter, led by Nvidia, which stated that an open-weight “ecosystem” was essential for “creating opportunities for innovation and prosperity across the country”.

Nvidia boss Jensen Huang has also defended the use of China's open-weight models by American businesses, saying they provide good value for companies.

Nvidia has invested \$800mn into Reflection and provided access to its chips, helping the company gain ground on Chinese rivals. Reflection has also been backed by venture firms including Sequoia Capital, Disruptive and 1789 Capital, at which Donald Trump Jr, a son of President Donald Trump, is a partner.

Derivatives

金融科技公司 Ion 告知欠款 110亿美元 的债权人，无意削减债务价值

🌐 对照英文

尤安·希利 (EUAN HEALY) —— 伦敦

在债券市场审查日益严格的背景下，亿万富翁安德烈亚·皮尼亚塔罗 (Andrea Pignataro) 旗下的 Ion Platform 向投资者保证，它不打算采取激进手段来削减欠款 110亿美元 债权人的价值。

这家拥有 Mergermarket 和 Dealogic 等数据平台的金融科技公司在向债权人展示的业绩报告中表示，其目标是全额偿还贷款人，并且不计划执行近年来一些垃圾债券市场同行所采取的那类“负债管理方案”。

由于担心人工智能可能会冲击其软件部门， OpenAI 的债券在今年早些时候暴跌，此后投资者开始更密切地审查其资本结构。随后债券价格有所回升，且在第三季度业绩向好后，价格在昨天再次上涨。

在与信用投资者分享且被《金融时报》看到的第三季度业绩报告中， OpenAI 表示其“不考虑任何优先融资 (priming) 或下放融资 (drop-down financing)、非按比例或强制性交换、提升优先级 (uptier) 或剥离契约 (covenant-stripping) 的交易，或任何类似的负债管理方案 (LME) 交易”。

包括帕特里克·德拉希 (Patrick Drahi) 的 Altice International 和劳伦斯·斯特罗尔 (Lawrence Stroll) 的阿斯顿·马丁 (Aston Martin) 在内的垃圾债券市场同行，在过去一年中达成了将资产转移至数以十亿计债券持有者触及范围之外的协议，导致其债务价格暴跌。

与 Altice 一样，利率上升导致部分投资者质疑

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📄 Original Section

US group Intercontinental Exchange opens gold futures trading in London

PHILIP STAFFORD — LONDON

US derivatives group Intercontinental Exchange has begun offering trading in gold futures in London in the latest attempt to introduce precious metals derivatives in the world's centre of physical bullion trading.

The New York Stock Exchange owner this week debuted precious metals contracts tied to daily auction prices set in London. As well as gold, it has launched contracts on silver, platinum and palladium.

London is the world's largest market for trading physical gold, handling "over-the-counter" deals worth nearly \$190bn a day, while it has physical gold worth about \$1.4tn in its vaults.

Its benchmarks are widely used by industry and stock market vehicles that track the metal.

However, unlike New York, London has not offered a gold futures contract in recent years and previous attempts to establish one have failed.

The London Metal Exchange closed its gold futures contract in 2022 after five years because of low volumes while the London Gold Futures Market failed to make headway in the mid-1980s.

ICE's focus on London comes as the global gold market, which has historically relied heavily on the UK for storage and setting prices, comes under sustained strain from several years of geopolitical conflict, sanctions and tariff threats.

Following President Donald Trump's trade blitz in April last year, traders

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表示其“仍专注于在公开市场机会性地回购债务”

🌐 对照英文

债务规模的可持续性。 该季度营收为 $643mn，同比增长 7%。今年以来，向其母公司分配的现金已达 $409mn，比 2025 年同期下降 35%。

今年前九个月的净利润从去年同期的 $137mn 增长至 $363mn，而公司的债务收益比从去年同期的 7.95 倍下降至 6.15 倍。

旗下还拥有 Fidessa 和 Debtwire 等金融数据集团，在超低利率时代，该公司通过一系列由廉价债务融资的收购实现了快速增长。其每季度的息税折旧及摊销前利润 (EBITDA) 约为 $400mn。

皮尼亚塔罗已成为意大利最富有的人之一，也是欧洲垃圾债券市场最大的参与者之一。

除了上述保证外， 告诉投资者，它“仍专注于在公开市场机会性地回购债务”。今年以来，该集团已以折扣价回购了约 $250mn 的自有债务。

除了公开交易的债务外， 的控股公司还拥有另外 25亿美元 的私人债务，债权人包括贝莱德 (BlackRock) 旗下的私人信贷公司 HPS。

拒绝置评。

📄 Original Section

'If you were to enable people to manage risk in a different way, that could be an attractive prospect'

shipped large quantities of gold to the US to avoid the risk of tariffs as futures prices in New York rose above physical prices in London.

A futures market operating alongside the UK capital's physical market could make such price dislocations less of a risk.

“Derivatives markets generally are there to support the physical market,” said Chris Rhodes, president of ICE Futures Europe. “The physical market is in London. We believe that if you were to enable people to manage their risk in a different way . . . that could be an attractive prospect, particularly if it's linked into the auction price."

The rise in global uncertainty has helped to create a bull market for the metal in the past two years, pushing gold to a record price of more than \$5,500 a troy ounce in January.

Global central banks are becoming skittish about where they store their reserves, fearing a potential loss of access.

Last month, the Dutch central bank moved more than 78 tonnes of gold from New York to London, citing “increasing geopolitical unrest” after lobbyists and politicians warned that an unreliable US government under Trump might otherwise seize them.

Hong Kong and Singapore are increasing their capacity to store gold while France and India's central banks have repatriated their holdings from around the world.

Venezuela is close to reaching an agreement to transfer to New York about \$4bn of disputed gold reserves held at the Bank of England.

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IPO 市场繁荣与崩盘的原因

🌐 对照英文

📄 Original Section

The day in the markets

Tech stocks have powered the S&P 500 towards a record high Year-to-date % change

Source: Bloomberg • Indices rebased to start 2026

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克雷格·科本市场洞察

🌐 对照英文

目前的首次公开募股（IPO）市场正处于繁荣与崩盘并存的状态。

在某种程度上，投资银行家们有理由感到高兴。在SpaceX $86bn的IPO和SK海力士在纳斯达克$26.5bn发行规模的推动下，今年的募资额已达到1475亿美元，而一年前仅为440亿美元。Anthropic则在候场等待。

然而，近期上市进程陷入停滞，自9月劳动节以来，美国仅有三家公司首次亮相。Bamboo Insurance在该月推迟了其IPO。

几天后，由于市场对AI基础设施的热情减退，Holtec Nuclear推迟了上市。软银旗下的美国数据中心开发商SB Energy已“放缓”其IPO时间表，而健身可穿戴设备制造商Oura上周则因“IPO市场的不确定性”撤回了在纳斯达克的上市申请。

IPO市场与股票市场并非同一回事。投资者可以通过现有上市股票获得公司和行业的风险敞口，无需追逐最新的事物。

今年的新股表现令人失望，超过40 per cent的股票交易价格低于发行价。根据彭博社的数据，剔除SpaceX和SK海力士后，2026年IPO的加权平均回报率为minus 4 per cent，而标准普尔500指数则上涨了12 per cent。

鉴于回报率低迷，投资者正对条款表示不满。据报道，SB Energy尽管尚未有任何数据中心投入运行，但仍寻求$50bn的估值。Oura则寻求比同行Garmin更高的溢价，尽管此次发行主要旨在让早期投资者套现，而非为投资提供资金。

部分增速放缓反映了IPO周期的正常起伏——资金涌入，估值被拉高，交易表现不佳，随后市场陷入僵局，直到定价下调且表现改善。

去年春天，与AI相关的股票就出现了这种情况。目前情绪已冷却，相关团体和董事会需要时间进行调整。

为什么这种情况总是发生？从启动到上市通常至少需要六到九个月。为什么大家不能接受在此期间估值可能会下跌？

部分答案在于授权的授予方式。银行家们就像政治家，用前任的话来说[...OMITTED...]

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📄 Original Section

What you need to know

\- S&P 500 rises 0.8 per cent to hit first all-time high since August

• Analysts forecast stellar third-quarter earnings season for AI companies
• Wider index still feeling pressures from recent bond sell-off

The S&P 500 touched its first all-time high since August yesterday as expectations of bumper earnings among AI-related companies help stocks shrug off a brutal sell-off in government bonds.

Wall Street's blue-chip S&P 500 rose 0.8 per cent, taking the index to a new record high after a downturn last month when high oil prices and US Treasury yields at multi-decade highs were threatening to weigh on other assets.

Investors and analysts said the rally was being powered by expectations of a stellar third-quarter earnings season for corporate America, driven by the trillions of dollars pouring into AI infrastructure.

However, many sectors have been left behind, leaving the market increasingly reliant on a small group of tech stocks.

"We are in an earnings upswing," said Arun Sai, senior multi-asset strategist at Pictet Asset Management. "In the short term, I just don't see any evidence of that cracking."

Technology stocks have rallied sharply since the S&P's September low, hit nearly three weeks ago. Since then, chipmakers Advanced Micro Devices, Super Micro Computer and Intel have each gained 20 per cent or more.

With the earnings season starting in earnest next week, analysts are expecting annual earnings growth for the S&P 500 over the three months to September of

29.5 per cent, according to FactSet, the third consecutive quarter of growth of more than 25 per cent.

However, in a sign of how reliant the US stock market has become on its biggest technology names, the equal-weighted version of the index — in which moves in all stocks are weighted the same, rather than being heavily swung by the bigger names — remains 5 per cent below its record high.

Marija Veitmane, global head of equity strategy at State Street, said that she expected “companies with weaker fundamentals to crack under higher

interest rates". Higher oil prices and strong US economic data have forced a sharp repricing of interest rate expectations this year, prompting investors to demand higher yields on government bonds. The bond sell-off gained momentum in September and pushed US 10-year borrowing costs to the highest level since 2002.

"If the bond market is hell-bent on driving rates even higher from here, stocks are going to have to break," said Michael Zigmont, co-head of trading at Visdom Investment Management. Emily Herbert

Markets update | US | Eurozone | Japan | UK | China | Brazil | Stocks | S&P 500 | Eurofirst 300 | Nikkei 225 | FTSE100 | Shanghai Comp | Bovespa | Level | 7828.84 | 2542.60 | 70683.98 | 10541.69 | 3842.19 | 205711.78 | % change on day | 0.71 | 0.46 | 1.05 | 0.42 | Closed | -0.58 | Currency | $ index (DXY) | $ per € | Yen per $ | $ per £ | Rmb per $ | Real per $ | Level | 101.80 | 1.126 | 158.070 | 1.328 | 6.70 | 4.977 | % change on day | -0.36 | 0.424 | 0.070 | 0.424 | 0.00 | -0.122 | Govt. bonds | 10-Year Treasury | 10-year-Bund | 10-year JGB | 10-Year Gilt | 10-year-bond | 10-year-bond | Yield | 5.27 | 3.48 | 3.05 | 5.32 | 1.68 | 12.81 | Basis point change on day | -0.06 | -0.01 | -0.01 | -0.03 | 0.00 | -0.54 | World / Commods | FTSE All-World | Oil - Brent | Oil - WTI | Gold | Silver | Metals (LMEX) | Level | 761.27 | 99.15 | 88.72 | 4164.00 | 61.30 | 5793.80 | % change on day | 0.80 | -2.38 | -0.79 | 0.71 | 0.42 | 1.04 | Main equity markets

Biggest movers

Eurozone | % | US | Constellation Energy | 15.50 | Vistra | 11.81 | Ups | Corteva | 11.14 | GE Vernova | 5.52 | Corning | 5.30 | Downs | Seagate Tech | -8.88 | Western Digital | -6.42 | CH Robinson Worldwide | -4.31 | KLA Corp | -3.87 | Lam Research | -3.67 | Prices taken at 17:00 GMT Oct 06 | Nokia | 4.73 | Wartsila | 4.09 | Santander Bank Polska | 3.25 | Vinci | 2.92 | Veolia Environnement | 2.89 | UK | Schneider Electric | -4.51 | Tenaris | -2.84 | Rheinmetall | -2.77 | Telenor | -2.19 | Swisscom | -2.18 | Based on the constituents of the FTSE Eurofirst 300 Eurozone | Whitbread | 5.15 | Oxford Nanopore Technologies | 4.91 | Domino's Pizza | 4.80 | Man Group | 4.29 | W.A.G Payment Solutions | 4.20 | Inchcape | -6.22 | Qinetiq Group | -5.38 | Chemring Group | -4.42 | BAE SYSTEMS | -4.08 | Drax Group | -3.58 | All data provided by ICE. www.ice.com

Financials

一旦银行赢得授权，告知客户“可比公司”估值已缩水将变得极其棘手

🌐 对照英文

纽约州州长马里奥·库莫（Mario Cuomo）曾说，竞选时用诗歌，执政时用散文。银行的目标是提供一个尽可能可信且乐观的估值。你不能给出一个荒谬且缺乏支撑的价格区间，但你被期望展示如何实现溢价估值倍数。

相反，每一位股票资本市场（ECM）银行家都曾因为竞争对手承诺更高的估值而失去授权。

客户会告诉你：“其他银行似乎比你们更了解我们的增长驱动因素。”

这句话的潜台词是“你的竞争对手给出的数字更高”。一些受挫的银行家在下次时会过度修正，陷入极度乐观的狂热之中。

承销团的结构可能会加剧这个问题。美国的 IPO 过去几乎总是由一家主承销行主导，而欧洲和亚洲的发行则以共同全球协调人的形式出现。

如今，美国规模较大的上市项目越来越多地采用多个“活跃账簿管理人”（active bookrunners），这削弱了主承销行长期以来承担的部分责任。

当其他交易“合作伙伴”从中获益时，主张降低价格的银行家面临着激怒客户的风险。“以前 ECM 是要承担责任的，”一位对现状感到失望的纽约前资深银行家告诉我，“现在就像一场橄榄球抢球争夺战。”

一旦银行赢得了授权，告知客户上市股票的“可比公司”（comps）估值已经缩水且定价必须下调，将变得极其棘手。没有客户喜欢在早期支持者、员工和董事会成员已经接受估值后，再进行一次“重新交易”（re-trade）。

导致僵局还有另一个原因。私募股权公司在 2020 和 2021年以极高价格购买了资产。如今上市可能会使估值在低于当前账面价值的情况下被敲定。

这是痛苦的，也部分解释了为何有如此庞大的私募股权持有资产积压待售。许多此类公司也不符合投资者的时代精神——基金经理愿意为高速增长和规模买单，而不是为那些负债累累、规模中等且暴露在消费周期性或利率风险之下的公司买单。

最后一个问题是，今年虽然是股票承销商的丰收年，但一种“及时行乐”的心态弥漫在华尔街——趁市场开放赶紧完成交易，因为明年可能会很艰难。即便银行家们描绘着阳光灿烂的前景，他们也在匆忙完成交易，仿佛风暴随时可能来袭。

克雷格·科本（Craig Coben）曾任美国银行股票资本市场全球主管，现为 Seda Experts 的董事总经理。

FT 金融时报

📄 Original Section

Fintech Ion tells creditors owed \$11bn it has no plans to strip value from debt pile

EUAN HEALY — LONDON

Billionaire Andrea Pignataro's Ion Platform has assured investors that it is not planning to deploy aggressive tactics that strip value from creditors owed \$11bn, amid increasing bond market scrutiny.

The fintech behind data platforms including Mergermarket and Dealogic said in results shown to creditors that it aimed to repay lenders in full and did not plan the kind of “liability management exercise” executed by some junk-debt market peers in recent years.

Investors have started to scrutinise Ion's capital structure more closely since its bonds plunged early this year on fears that AI may hit its software unit. They have since partially recovered and prices climbed again yesterday after positive third-quarter results.

In the third-quarter results, shared with credit investors and seen by the FT, Ion said it was “not considering any priming or drop-down financing, non-pro-rata or coercive exchange, uptier or covenant-stripping transaction or any similar LME transaction".

Junk-debt market peers including Patrick Drahi's Altice International and Lawrence Stroll's Aston Martin have in the past year struck deals that shift assets out of the reach of bondholders owed billions, causing the price of their debt to plummet.

As with Altice, rising interest rates have caused some investors to question

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另外 20 个案例研究，让利弗休姆勋爵安心

🌐 对照英文

“我花在广告上的钱有一半被浪费了，麻烦在于我不知道是哪一半。”与勋爵不同，如今的品牌所有者无需为此焦虑。

来自今年 IPA 效果奖（IPA Effectiveness Awards）的 20 个案例研究就是最新的无可辩驳的证据。广告预算只要支出得当，绝不会被浪费。扫描二维码，了解您应该如何支出预算。

美洲

欧洲

Effective 07.11.2025

过去 30 天的股市走势，并以相同货币的富时全球指数（FTSE All-World）作为对比

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📄 Original Section

Ion said it ‘remains focused on opportunistically repurchasing debt in the open market’

the sustainability of Ion's debt pile. Ion posted revenues of \$643mn for the quarter, up 7 per cent on the same period last year. Cash distributions to its parent company have reached \$409mn so far this year, down 35 per cent on the same period in 2025.

Net profit for the first nine months of the year grew from \$137mn a year earlier to \$363mn, while the company's debt-to-earnings ratio has fallen from 7.95 times a year earlier to 6.15 times.

Ion, whose other financial data groups include Fidessa and Debtwire, grew rapidly via a series of buys financed by cheap debt in the era of ultra-low interest rates. It generates about \$400mn per quarter in earnings before interest, tax, depreciation and amortisation.

Pignataro has become one of Italy's richest people and among the largest players in Europe's market for junk debt.

On top of the reassurances, Ion told investors that it “remains focused on opportunistically repurchasing debt in the open market”. The group has bought about \$250mn of its own debt at a discount so far this year.

As well as its publicly traded debt, Ion's holding company has another \$2.5bn of private debt from investors including BlackRock-owned private credit firm HPS.

Ion declined to comment.

市场数据

🌐 对照英文

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📄 Original Section

Reasons for the boom and bust in IPO market

世界市场概览

🌐 对照英文

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📄 Original Section

Craig Coben Markets Insight

he initial public offering market right now is booming and busting at the same time.

At one level, investment bankers have reason to rejoice. Proceeds this year have reached \$147.5bn compared with \$44bn a year ago, powered by SpaceX's \$86bn IPO and SK Hynix's \$26.5bn offering on Nasdaq. Anthropic waits in the wings.

Yet flotations have stalled of late with just three US debuts since Labor Day in September. Bamboo Insurance postponed its IPO that month.

Just days later, Holtec Nuclear pushed back its listing owing to waning enthusiasm towards AI infrastructure. SB Energy, SoftBank's US data centre developer, has “slowed” its IPO timeline while fitness wearable maker Oura pulled its Nasdaq flotation last week “due to uncertainty in the IPO market”.

The IPO market and stock market are not the same thing. Investors can gain exposure to companies and sectors through existing listings and do not need to chase the newest thing.

This year's new issues have disappointed with over 40 per cent trading below offer price. Excluding SpaceX and SK Hynix, the weighted average return on IPOs in 2026 is minus 4 per cent, according to Bloomberg, compared with a 12 per cent gain in the S&P 500 index.

Given the weak returns, investors are rebelling over terms. SB Energy was reportedly seeking a \$50bn valuation despite not having brought a data centre online yet. Oura sought a substantial premium to peer company Garmin, even though the offering mostly would have cashed out early investors rather than finance investment.

Some of the slowdown reflects the normal ebb and flow in the IPO cycle – money floods in, valuations get stretched, deals trade poorly and the market seizes up until pricing resets lower and performance improves.

This happened last spring with AI-adjacent stocks. Sentiment has cooled and groups and boards need time to adjust.

Why does this always happen? A listing often takes at least six to nine months from kick-off. Why doesn't everyone accept that valuations may fall in the meantime?

Part of the answer lies in how mandates are awarded. Bankers resemble politicians who, to paraphrase former

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前一交易日涨跌幅 (%)

🌐 对照英文

FTSE EuroFirst

0.46% $ 每 €

0.4238

Sep 04 - Oct 06 | < / > 指数< / > 全球指数< / >< / > | Xetra Dax< / > 法兰克福< / > |

当日 $\rightarrow$ $ 0.54% 当月 $\searrow$ -3.27% 当年 $\nearrow$ $ 10.65%

< / > 当日< / > 0.47%< / > 当月< / > 0.17%< / > 当年< / > 7.57%< / >< / > | Bovespa< / > | 圣保罗< / >< / > < / > 185147.15< / > < / > 205711.78< / > < / > |

当日 $\rightarrow$ $ 0.40% 当月 $\searrow$ -1.18% 当年 $\searrow$ -1.29%

国家< / > 指数< / > 最新< / > 前值< / >< / > 澳大利亚< / > All Ordinaries< / > 8903.50< / > 8659.20< / >< / > 澳大利亚< / > S&P ASX 200< / > 8735.70< / > 8686.40< / >< / > 澳大利亚< / > S&P ASX 200 Res< / > 7805.00< / > 7739.80< / >< / > 奥地利< / > ATX< / > 6792.23< / > 6746.05< / >< / > 比利时< / > BEL 20< / > 5568.99< / > 5498.96< / >< / > 比利时< / > BEL Mid< / > 6446.93< / > 6389.39< / >< / > 巴西< / > Bovespa< / > 205711.78< / > 206911.89< / >< / > 加拿大< / > S&P TSX 60< / > 2101.94< / > 2390.18< / >< / > 加拿大< / > S&P TSX Comp< / > 35721.47< / > 35518.55< / >< / > 智利< / > SS&P / OLX IGPA GEN< / > 56930.02< / > 56920.02< / >< / > 中国< / > China FSE A300< / > 11022.05< / >< / > < / > 上海-A< / > 4028.34< / >< / > < / > 上海-B< / > 305.55< / >< / > < / > 上海综合< / > 3842.19< / >< / > < / > 深圳-A< / > 2515.90< / >< / > < / > 深圳-B< / > 1161.63< / >< / > 克罗地亚< / > CROBEX< / > 4500.83< / > 4481.85< / >< / > 塞浦路斯< / > CSE M&P GEN< / > 317.94< / > 316.97< / > |

当日 ↗ 0.87% 当月 ↘ -1.77% 当年 ↗ 18.62%

当日 ▷ -0.89% 当月 ▷ 3.80% 当年 ▷ 92.25%

当日 → 休市 当月 ↗ -2.24% 当年 ↗ -2.33%

国家< / > 指数< / > 最新< / > 前值< / >< / > 捷克共和国< / > Czech Republic PK< / > 2630.42< / > 2837.96< / >< / > 丹麦< / > DML-Cameroon 20< / > 1927.68< / > 1497.69< / >< / > 埃及< / > ESX 30< / > 53298.18< / > 53553.40< / >< / > 冰岛< / > OMX Tallinn< / > 2228.58< / > 2232.92< / >< / > 芬兰< / > OMX Helsinki General< / > 13746.36< / > 13596.38< / >< / > 法国< / > French CAC40< / > 7865.07< / > 7634.10< / >< / > 法国< / > SBF

120 | 5968.63< / > 5941.45< / > | 德国< / > M-DAX< / > 30543.27< / > 30426.98< / >< / > 德国< / > Tec-Dax< / > 4099.22< / > 4070.35< / >< / > 德国< / > XETRA-Dax< / > 25448.19< / > 25254.21< / >< / > 希腊< / > 雅典< / > 2686.20< / > 2639.95< / >< / > 希腊< / > FTSE / ASIA< / > 6888.60< / > 6768.74< / >< / > 香港< / > 恒生< / > 24260.95< / > 24040.34< / >< / > 香港< / > 恒生中国企业< / > 8129.97< / > 8051.67< / >< / > 香港< / > 恒生红筹< / > 3988.64< / > 3960.61< / >< / > 匈牙利< / > Bux< / > 143802.55< / > 141872.44< / >< / > 印度< / > BSE Sensex< / > 73067.81< / > 72382.47< / >< / > 印度尼西亚< / > 雅加达综合< / > 6192.93< / > 6118.86< / > |

¥ 每 \$

0.0696 \$ 每 £

0.4236

国家< / > 指数< / > 最新< / > 前值< / >< / > 爱尔兰< / > ISED Overall< / > 1440.50< / > 14315.90< / >< / > 以色列< / > 特拉维夫 125< / > 4028.10< / > 4063.58< / >< / > 意大利< / > FTSE Italia All-Share< / > 53874.50< / > 53385.40< / >< / > 意大利< / > FTSE Italia Mid Cap< / > 6006.18< / > 60034.83< / >< / > 意大利< / > FTSE MIB< / > 51261.40< / > 50818.38< / >< / > 日本< / > 日经 225< / > 70603.98< / > 69946.86< / >< / > 日本< / > Topix< / > 4183.56< / > 4145.22< / >< / > 科威特< / > KSK Market Index< / > 8900.83< / > 8887.07< / >< / > 拉脱维亚< / > OMX Riga< / > 977.43< / > 971.12< / >< / > 立陶宛< / > OMX

Virus< / > 1510.75< / > 1513.35< / >< / > 卢森堡< / > Luxif< / > 1817.43< / >< / > 墨西哥< / > 墨西哥城 IPC< / > 65228.42< / > 64975.08< / >< / > 马来西亚< / > FTSE Bursa KLD< / > 1633.35< / > 1631.75< / >< / > 摩洛哥< / > MASI< / > 16882.55< / > 17159.50< / >< / > 荷兰< / > AEX< / > 1128.33< / > 1123.88< / >< / > 荷兰< / > AEX All Share< / > 1539.39< / > 1538.56< / >< / > 新西兰< / > NZX 50< / > 13700.12< / > 13699.02< / >< / > 尼日利亚< / > SE All Share< / > 250273.50< / > 250667.86< / > |

日 $\rightarrow$ $ 0.95% 月 $\geq$ -4.51% 年 $\geq$ -10.66%

国家< / > 指数< / > 最新< / > 前值< / >< / > 挪威< / > Dilo All Share< / > 2466.54< / > 2472.27< / >< / > 巴基斯坦< / > KSE 100< / > 188460.10< / > 165867.32< / >< / > 菲律宾< / > 马尼拉综合< / > 5677.12< / > 5743.21< / >< / > 波兰< / > Wig< / > 159012.30< / > 156543.51< / >< / > 葡萄牙< / > PSI 20< / > 9420.43< / > 3554.24< / >< / > 葡萄牙< / > PSI General< / > 6401.27< / > 6356.31< / >< / > 罗马尼亚< / > 罗马尼亚 BET 指数< / > 33891.15< / > 33647.05< / >< / > 俄罗斯< / > 俄罗斯美元交易指数< / > 988.10< / >< / > 沙特阿拉伯< / > TAHAR / OL All Share Index< / > 10588.95< / > 10479.78< / >< / > 新加坡< / > FTSE Strata

Times | 5701.54< / > 5664.33< / > | 斯洛伐克< / > SAX< / > 321.28< / > 320.00< / >< / > 斯洛文尼亚< / > SBI TOP< / > 3125.07< / > 3115.53< / >< / > 南非< / > FTSE / JSE 全股指数< / > 108981.47< / > 108328.78< / >< / > 南非< / > FTSE / JSE 资源指数< / > 65514.16< / > 65956.13< / >< / > 南非< / > FTSE / JSE Top 40< / > 101162.20< / > 100361.15< / >< / > 韩国< / > Kospi< / > 6941.39< / > 7003.74< / >< / > 韩国< / > Kospi 200< / > 1095.83< / > 1109.05< / >< / > 西班牙< / > Spain BRX 35< / > 19444.20< / > 19299.70< / > |

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📄 Original Section

Once a bank wins a mandate, it is fraught to tell clients that the 'comps' have contracted

New York governor Mario Cuomo, campaign in poetry and govern in prose. The goal is to pitch as credibly optimistic a valuation as possible. You cannot give a ridiculous, unsupported price range but you are expected to show how you can achieve a premium valuation multiple.

Conversely, every equity capital markets banker has lost mandates to rivals promising a higher valuation.

The client tells you: "Other banks seemed to understand our growth drivers better than you guys."

That is vernacular for “your competitors showed a higher number”. Some chastened bankers overcorrect the next time and go into optimism overdrive.

Syndicate structure can aggravate the problem. US IPOs used to be led almost always by a single lead bank, in contrast to European and Asian offerings, which feature joint global coordinators.

Today, larger US flotations increasingly have multiple “active bookrunners”, diluting some of the accountability that the lead bank has long held.

The banker who pushes for a lower price risks incurring the client's wrath as other deal "partners" benefit. "ECM used to be held accountable," a disillusioned former senior banker in New York told me. "Now it's a rugby scrum."

Once a bank wins a mandate, it is fraught to tell clients that the “comps” with listed stocks have contracted and pricing must come down. No client likes a “re-trade” on a valuation already accepted among early backers, employees and board members.

There is another reason for the log-jam. Private equity firms bought assets at nosebleed prices in 2020 and 2021. Going public today risks crystallising a valuation below current marks.

That is painful and it partly explains the enormous backlog of unsold private equity-owned assets. Many such companies also do not jibe with the investor zeitgeist – fund managers pay up for go-go growth and scale, not indebted, midsized firms exposed to consumer cyclicality or interest rate risk.

There is a final issue. This has been a banner year for equity underwriters but a carpe diem mentality permeates Wall Street – get the deals out while the market is open because next year may be tough. Even as bankers paint sunlit uplands, they are rushing to complete transactions as if the storm could come at any time.

Craig Coben is a former global head of equity capital markets at Bank of America and is a managing director at Seda Experts

FT FINANCIAL TIMES

FT.COM / MARKETSDATA

🌐 对照英文

国家 | 指数< / > 最新< / > 前值< / > | 瑞典< / > DMX Stockholm 30< / > 3282.94< / > 3257.59< / >< / > 瑞典< / > DMX Stockholm AS< / > 1130.24< / > 1121.51< / >< / > 瑞士< / > SMI Index< / > 13788.93< / > 13703.53< / >< / > 台湾< / > 加权股价指数< / > 49822.55< / > 49712.04< / >< / > 泰国< / > 曼谷 SET< / > 1582.22< / > 1576.45< / >< / > 土耳其< / > BIST 100< / > 12374.26< / > 12443.92< / >< / > 英国< / > FTSE 100< / > 10541.69< / > 10497.94< / >< / > 英国< / > FTSE 4Good UK< / > 9167.50< / > 9097.15< / >< / > 英国< / > All Share< / > 5698.19< / > 5665.80< / >< / > 英国< / > techMARK 100< / > 9517.94< / > 9554.29< / >< / > 美国< / > 道琼斯综合指数< / > 16605.39< / > 15998.71< / >< / > 美国< / > 道琼斯工业指数< / > 51544.23< / > 51267.60< / >< / > 美国< / > 道琼斯运输指数< / > 19666.96< / > 19791.56< / >< / > 美国< / > 道琼斯公用事业指数< / > 406.08< / > 395.87< / >< / > 美国< / > 纳斯达克 100< / > 31337.57< / > 31076.44< / >< / > 美国< / > 纳斯达克综合指数< / > 27703.79< / > 27477.31< / >< / > 美国< / > 纽约证交所综合指数< / > 23948.94< / > 23788.62< / >< / > 美国< / > 标准普尔 500< / > 7628.84< / > 7773.95< / > |

股市：最大涨跌幅

英国市场上涨与下跌股

£ per €

0.0059%

欧洲市场

活跃股

国家< / > 指数< / > 最新< / > 前值< / >< / > 委内瑞拉< / > IBC< / > 7464.04< / > 7602.74< / >< / > 越南< / > 越南指数< / > 1759.09< / > 1753.20< / >< / > 跨境< / > Euro Stoxx 50 (Eur)< / > 6272.23< / > 6242.14< / >< / > 荷兰< / > Euronext 100 ID< / > 1983.69< / > 1876.61< / >< / > 跨境< / > Food Global ($)< / > 21470.71< / > 21336.32< / >< / > 跨境< / > All World ($)< / > 760.37< / > 755.27< / >< / > 跨境< / > £300< / > 2542.60< / > 2531.01< / >< / > 跨境< / > Eurotop 100< / > 4911.12< / > 4891.63< / >< / > 跨境< / > Global 100 ($)< / > 5960.72< / > 5924.93< / >< / > 跨境< / > Gold Min ($)< / > 5496.96< / >< / > 跨境< / > Latibank Top (Eur)< / > 7274.90< / > 7238.80< / >< / > 跨境< / > World ($)< / > 1424.42< / > 1414.97< / >< / > 跨境< / > FT$ / Eurofirst 100 (Eur)< / > 7069.48< / > 7039.15< / >< / > 跨境< / > FT$ / Eurofirst 80 ID< / > 8561.98< / > 8520.16< / > | 美洲< / >< / > 活跃股< / > 交易量（百万股）< / > 收盘价< / > 当日涨跌< / >< / > 英伟达 (Nvidia)< / > 50.29< / > 240.87< / > 1.97< / >< / > 英特尔 (Intel)< / > 49.21< / > 113.11< / > -3.08< / >< / > 亚马逊 (Amazon.com)< / > 15.96< / > 255.35< / > 3.95< / >< / > 奈飞 (Netflix)< / > 15.82< / > 67.89< / > 0.39< / >< / > 博通普通股 (Broadcom Ord)< / > 15.60< / > 378.18< / > 15.67< / >< / > 超微半导体 (Advanced Micro Devices)< / > 15.23< / > 655.60< / > 23.85< / >< / > 超微电脑 (Super Micro Computer)< / > 14.75< / > 43.31< / > -< / >< / > 特斯拉 (Tesla)< / > 14.38< / > 380.33< / > 1.60< / >< / > 莫德纳 (Moderna)< / > 13.51< / > 189.99< / > -< / >< / > 亨廷顿银行 (Huntington Bancshares)< / > 12.95< / > 15.34< / > 0.04< / >< / > 最大涨跌幅< / > 收盘价< / > 当日< / > |

[...OMITTED...]

活跃股票 | 成交量（百万股）< / > 收盘价< / > 当日涨跌< / > | 劳合信托集团 (Lloyds Big Gp)< / > 141.42< / > 1.06< / > 0.02< / >< / > 英美通用 (Legal & General)< / > 80.62< / > 2.90< / > 0.02< / >< / > 沃达丰 (Vodafone)< / > 33.84< / > 1.25< / > -0.02< / >< / > 英国石油 (BP)< / > 29.46< / > 5.61< / > -0.02< / >< / > 帝亚吉欧 (Diageo)< / > 27.69< / > 16.04< / > 0.28< / >< / > 壳牌 (Shell)< / > 22.14< / > 36.51< / > 0.20< / >< / > 英国电信集团 (BT Group)< / > 21.86< / > 1.95< / > -0.04< / >< / > Haleon< / > 21.50< / > 3.34< / > 0.03< / >< / > 巴克莱 (Barclays)< / > 20.59< / > 4.47< / > 0.01< / >< / > 嘉能可 (Glencore)< / > 19.06< / > 5.74< / > 0.04< / >< / > 最大涨跌幅< / > 收盘价< / > 当日< / > |

活跃股票< / > 成交量（百万股）< / > 收盘价< / > 当日涨跌< / >< / > Stellantis< / > 56.01< / > 4.07< / > 0.08< / >< / > Intesa Sanpaolo< / > 49.82< / > 6.51< / > 0.08< / >< / > 桑坦德银行 (Banco Santander)< / > 19.84< / > 12.52< / > 0.18< / >< / > Enel< / > 15.92< / > 8.84< / > 0.09< / >< / > 萨巴代尔银行 (Banco De Sabadell)< / > 12.45< / > 3.66< / > -< / >< / > 皇家 KPN (Royal KPN)< / > 11.60< / > 3.89< / > -0.08< / >< / > 西班牙电信 (Telefonica)< / > 9.93< / > 3.38< / > -0.05< / >< / > 诺基亚 (Nokia)< / > 8.50< / > 9.60< / > 0.43< / >< / > l'Crédit Agricole< / > 7.50< / > 17.11< / > 0.18< / >< / > Eni< / > 7.00< / > 24.14< / > -0.28< / > |

活跃股票< / > 成交量（百万股）< / > 收盘价< / > 当日涨跌< / >< / > 日本电报电话公司 (Nippon Tel & Tel)< / > 124.01< / > 170.10< / > 0.10< / >< / > 东京海上控股 (Tokio Marine Hldgs)< / > 120.85< / > 522.30< / > 12.80< / >< / > 软银公司 (SoftBank Corp)< / > 66.47< / > 239.60< / > 1.10< / >< / > 藤仓 (Fujikura)< / > 42.93< / > 5855.00< / > 289.00< / >< / > 日产汽车 (Nissan Motor Co)< / > 42.77< / > 286.90< / > 7.10< / >< / > 软银集团 (SoftBank Grp Corp)< / > 39.30< / > 6295.00< / > -202.00< / >< / > 三菱日联金融集团 (Mitsubishi UFJ)< / > 35.29< / > 3671.00< / > 56.00< / >< / > TDK< / > 32.38< / > 3628.00< / > 181.00< / >< / > 东京电力 (Tokyo Electric Power)< / > 29.89< / > 518.80< / > -4.10< / >< / > 新日铁 (Nippon Steel)< / > 25.93< / > 650.50< / > 11.50< / > |

富时100指数 (FTSE 100)< / > 价格(£)< / > 周涨跌幅(%)< / > 年初至今涨跌幅(%)< / >< / > | 上涨股< / >< / > Whitbread< / > 25.51< / > 6.69< / > 0.04< / >< / > Antofagasta< / > 38.29< / > 4.90< / > 16.77< / >< / > 英美资源 (Anglo American)< / > 41.52< / > 4.01< / > 34.59< / >< / > Polar CapTech< / > 7.23< / > 3.95< / > 55.82< / >< / > 嘉能可 (Glencore)< / > 5.74< / > 3.93< / > 41.07< / >< / > Autotrader Group< / > 4.64< / > 3.66< / > -20.79< / >< / > The Sage Grp< / > 10.05< / > 3.46< / > -7.20< / >< / > Pershing Square Hldgs< / > 37.62< / > 3.41< / > -22.37< / >< / > Scot Mort Inv Tst< / > 16.38< / > 3.34< / > 38.07< / >< / > RELX< / > 25.71< / > 2.96< / > -14.87< / > | 价格< / > 涨跌< / > 涨跌幅%< / > | 上涨< / >< / > Constellation Energy< / > 309.11< / > 41.49< / > 15.50< / >< / > Vistra< / > 162.00< / > 17.11< / > 11.81< / >< / > Corteva< / > 13.77< / > 1.38< / > 11.14< / >< / > GE Vernova< / > 1044.63< / > 54.63< / > 5.52< / >< / > Corning< / > 167.82< / > 8.45< / > 5.30< / >< / > | 下跌< / >< / > Seagate Tech< / > 808.28< / > -78.81< / > -8.88< / >< / > Western Digital< / > 413.27< / > -28.37< / > -6.42< / >< / > CH Robinson Worldwide< / > 134.56< / > -6.05< / > -4.31< / >< / > KLA Corp< / > 198.85< / > -8.00< / > -3.87< / >< / > Lam Research< / > 333.12< / > -12.68< / > -3.67< / > |

富时 250 (FTSE 250)< / > 价格(£)< / > 周涨跌幅%< / > 年初至今涨跌幅%< / >< / > | 上涨者< / >< / > Wetherspoon (JD)< / > 9.62< / > 17.45< / > 30.51< / >< / > Saga< / > 7.50< / > 17.00< / > 91.57< / >< / > Oxford Nanopore Technologies< / > 2.31< / > 15.75< / > 79.75< / >< / > Greggs< / > 20.50< / > 9.33< / > 22.02< / >< / > Bridgepoint Group< / > 3.47< / > 7.84< / > 22.20< / >< / > Trustpilot Group< / > 2.31< / > 6.75< / > 40.39< / >< / > Avon Technologies< / > 19.08< / > 5.88< / > 5.18< / >< / > Telecom Plus< / > 8.43< / > 5.51< / > -37.92< / >< / > Oxford Biomedica< / > 5.31< / > 5.36< / > -13.94< / >< / > Renishaw< / > 59.90< / > 5.27< / > 70.66< / > |

货币

| BROSEET MOWERS< / >< / > < / > 收盘价< / > 当日涨跌< / > 当日涨跌幅%< / >< / > | 上涨< / >< / > Whitbread< / > 25.51< / > 1.25< / > 5.15< / >< / > Oxford Nanopore Technologies< / > 2.31< / > 0.11< / > 4.91< / >< / > Domino's Pizza< / > 2.23< / > 0.10< / > 4.80< / >< / > Man Group< / > 3.35< / > 0.14< / > 4.29< / >< / > W.A.G Payment Solutions< / > 0.99< / > 0.04< / > 4.20< / >< / > | 下跌< / >< / > Inchcape< / > 6.86< / > -0.46< / > -6.22< / >< / > Cinetiq Group< / > 4.50< / > -0.26< / > -5.38< / >< / > Chemring Group< / > 5.08< / > -0.23< / > -4.42< / >< / > BAE SYSTEMS< / > 18.55< / > -0.79< / > -4.08< / >< / > Drax Group< / > 7.80< / > -0.29< / > -3.58< / > |

最大涨跌幅< / > 收盘价< / > 当日涨跌< / > 当日涨跌幅%< / >< / > | 上涨< / >< / > Nokia< / > 9.60< / > 0.43< / > 4.73< / >< / > Wartsila< / > 30.79< / > 1.21< / > 4.09< / >< / > Santander Bank Polska< / > 800.20< / > 25.20< / > 3.25< / >< / > Vinci< / > 109.25< / > 3.10< / > 2.92< / >< / > Veolia Environnement< / > 31.34< / > 0.88< / > 2.89< / >< / > | 下跌< / >< / > Schneider Electric< / > 260.50< / > -12.30< / > -4.51< / >< / > Tenaris< / > 25.30< / > -0.74< / > -2.84< / >< / > Rheimetall< / > 953.00< / > -27.20< / > -2.77< / >< / > Telenor< / > 125.10< / > -2.80< / > -2.19< / >< / > Swisscom< / > 627.00< / > -14.00< / > -2.18< / > |

[...OMITTED...]

年初至今涨跌幅% | 行业板块< / > 价格($)< / > 周涨跌幅%< / > 年初至今涨跌幅%< / > | < / > | 上涨板块< / >< / > 14.93< / > 替代能源< / > 42.54< / > 4.74< / > 93.44< / >< / > 14.43< / > 科技硬件与设备< / > 136.04< / > 4.41< / > 124.52< / >< / > 12.24< / > 生物技术< / > 22478.19< / > 4.01< / > 2.01< / >< / > 11.62< / > 消费者数字服务< / > 167.23< / > 3.01< / > -12.52< / >< / > 11.73< / > 工业金属与采矿< / > 9633.83< / > 2.89< / > 29.83< / >< / > 11.18< / > 科技< / > 1606.91< / > 2.85< / > -9.85< / >< / > 11.71< / > 软件与计算机服务< / > 1833.58< / > 2.84< / > -10.20< / >< / > 12.22< / > 基础材料< / > 10582.60< / > 2.54< / > 25.88< / >< / > 11.86< / > 化学品< / > 8358.99< / > 2.27< / > 16.69< / >< / > -< / > 金融与信贷服务< / > 13471.84< / > 2.26< / > -6.97< / > |

最大涨跌幅股< / > 收盘价< / > 当日涨跌< / > 当日涨跌幅%< / >< / > | 上涨< / >< / > 太阳诱电 (Taiyo Yuden)< / > 11135.00< / > 645.00< / > 6.15< / >< / > TDK< / > 3628.00< / > 181.00< / > 5.25< / >< / > 藤仓 (Fujikura)< / > 5855.00< / > 289.00< / > 5.19< / >< / > 三井金属矿业 (Mitsui Mining & Smelting)< / > 2750.50< / > 103.00< / > 3.89< / >< / > 爱德万测试 (Advantest)< / > 41850.00< / > 1550.00< / > 3.85< / >< / > | 下跌< / >< / > 软银集团 (SoftBank Grp Corp)< / > 6295.00< / > -202.00< / > -3.11< / >< / > 三菱重工 (Mitsubishi Heavy Ind)< / > 3787.00< / > -84.00< / > -2.17< / >< / > 夏普公司 (Sharp Corp)< / > 636.50< / > -14.10< / > -2.17< / >< / > 资生堂 (Shiseido)< / > 3219.00< / > -55.00< / > -1.68< / >< / > 欧姆龙 (Omron)< / > 6488.00< / > -109.00< / > -1.65< / > | 下跌板块< / >< / > IG集团 (IG Group)< / > 9.62< / > -26.84< / >< / > 3i集团 (3i Group)< / > 23.89< / > -9.92< / > -26.79< / >< / > 巴布考克国际 (Babcock Intl)< / > 9.07< / > -9.25< / > -27.06< / >< / > 巴拉特-雷德罗 (Barratt Redrow)< / > 3.09< / > -9.17< / > -18.87< / >< / > 狮子金融 (Lion Finance)< / > 133.20< / > -7.37< / > 43.23< / >< / > 游戏工作室 (Games Works)< / > 165.60< / > -6.28< / > -12.47< / >< / > 葛兰素史克 (GSK)< / > 17.66< / > -4.88< / > -3.23< / >< / > BAE系统公司 (BAE SYSTEMS)< / > 18.55< / > -4.75< / > 8.23< / >< / > 阿斯特捷利康 (AstraZeneca)< / > 119.58< / > -3.78< / > -13.29< / >< / > M&G< / > 3.12< / > -3.76< / > 9.08< / > |

富时小盘股 (FTSE Small Cap)< / > 价格(£)< / > 周涨跌幅%< / > 年初至今涨跌幅%< / >< / > | 上涨股< / >< / > 肯马尔资源 (Kenmare Resources)< / > 2.20< / > 19.57< / > -10.93< / >< / > Young & Cos 酿酒厂 A< / > 9.80< / > 15.02< / > 32.43< / >< / > Liontrust资产管理 (Liontrust Asset Management)< / > 2.98< / > 14.40< / > 12.24< / >< / > Xaar< / > 1.48< / > 11.28< / > 39.62< / >< / > 贝莱德拉丁美洲投资信托 (Blackrock Latin American Inv Tst)< / > 4.63< / > 10.36< / > 14.73< / >< / > TT电子 (TT Electronics)< / > 1.92< / > 9.69< / > 68.18< / >< / > 卡片工厂 (Card Factory)< / > 0.84< / > 7.83< / > 23.71< / >< / > Amarog< / > 1.25< / > 7.79< / > 14.22< / >< / > Fevara< / > 1.48< / > 5.71< / > 10.86< / >< / > 泰勒海事 (Taylor Maritime)< / > 0.59< / > 5.36< / > -< / > |

跌幅最大 | 1.84< / > Close Brothers Gp< / > 3.95< / > -11.35< / >< / > 1.79< / > Vistry Group< / > 2.37< / > -10.45< / >< / > 1.06< / > Bellway< / > 20.44< / > -8.83< / >< / > 1.87< / > Taylor Wimpey< / > 0.80< / > -8.44< / >< / > 1.23< / > Inchcape< / > 6.86< / > -8.10< / >< / > 2.47< / > Breedon Group< / > 3.09< / > -6.98< / >< / > 1.23< / > Qinetiq Group< / > 4.50< / > -6.95< / >< / > 1.23< / > Travis Perkins< / > 5.72< / > -6.91< / >< / > 1.29< / > Persimmon< / > 12.40< / > -6.73< / >< / > 1.08< / > ZIGUP< / > 4.39< / > -5.99< / > | 跌幅最大< / >< / > -24.36< / > Tullow Oil< / > 0.10< / > -48.51< / > 65.95< / >< / > -63.11< / > SIG< / > 0.09< / > -10.61< / > -11.06< / >< / > -25.51< / > RM< / > 1.01< / > -9.82< / > -11.40< / >< / > -25.69< / > Crest Nicholson Holdings< / > 0.60< / > -8.44< / > -58.40< / >< / > -10.79< / > Chrysalis Investments< / > 0.65< / > -8.40< / > -45.04< / >< / > -6.14< / > Capita< / > 2.01< / > -7.80< / > -50.43< / >< / > 1.86< / > Future< / > 2.92< / > -7.78< / > -44.58< / >< / > -9.91< / > ASDS< / > 4.54< / > -6.67< / > 60.14< / >< / > -8.72< / > CLS Holdings< / > 0.42< / > -6.67< / > -30.23< / >< / > 14.60< / > Mortgage Advice Bureau< / > 3.38< / > -6.23< / > -50.80< / > | 跌幅最大< / >< / > 65.95< / > 家用商品与家居建设< / > 8333.62< / > -7.56 -22.73< / >< / > -11.06< / > 休闲商品< / > 38992.14< / > -6.21 -13.06< / >< / > -11.40< / > 投资银行与经纪业务< / > 14131.39< / > -5.87 -8.66< / >< / > -58.40< / > 制药与生物技术< / > 22951.30< / > -3.66 -10.47< / >< / > -45.04< / > 航空航天与国防< / > 23198.47< / > -3.60 -15.55< / >< / > -50.43< / > 医疗保健< / > 16047.10< / > -3.50 -10.60< / >< / > -44.58< / > 医疗服务提供商< / > 10131.98< / > -2.96 -27.67< / >< / > 60.14< / > 烟草< / > 43524.15< / > -2.73 -8.40< / >< / > -30.23< / > 建筑与材料< / > 16068.78< / > -2.67 -17.35< / >< / > 50.80< / > 银行< / > 9097.38< / > -2.57 -14.79< / > |

< rowspan="2">Oct 06< / > | 美元< / > | 欧元< / > | 英镑< / >< / > 收盘中间价< / > 当日涨跌< / > 涨跌中间价< / > 收盘中间价< / > 当日涨跌< / > 涨跌中间价< / > 收盘中间价< / > 当日涨跌< / > 周涨跌< / >< / > 阿根廷比索< / > 1527.0449< / > -3.8217< / > -3.8384< / > 1712.1643< / > 2.9413< / > -17.1667< / > 2019.5674< / > 3.4650< / > 4< / >< / > 澳大利亚美元< / > 1.4331< / > -0.0022< / > 0.0014< / > 1.6132< / > 0.0044< / > -0.0104< / > 1.9028< / > 0.0052< / > 0< / >< / > 巴林第纳尔< / > 0.3710< / > < / > 0.4244< / > 0.0018< / > -0.0031< / > 0.5007< / > < / >< / > Balieli [...OMITTED...]< / > |

Tanibana | 11.3070< / > -0.0300< / > -0.0050< / > 13.4740< / > 0.0722< / > -0.1557< / > 15.8932< / > 0.0727< / > 0< / > | 巴西雷亚尔< / > 4.9774< / > -0.0061< / > -0.2435< / > 5.6028< / > 0.0180< / > -0.3177< / > 6.0087< / > 0.0198< / > -0< / >< / > 加拿大元< / > 1.4227< / > -0.0016< / > 0.0034< / > 1.6015< / > 0.0050< / > -0.0081< / > 1.6890< / > 0.0058< / > 0< / >< / > 中国比索< / > 969.6800< / > -4.5300< / > -2.2200< / > 1091.5304< / > -0.4171< / > -15.6143< / > 1287.4028< / > -0.5591< / > 3< / >< / > 中国日元< / > 6.7054< / > < / > -0.0020< / > 7.5480< / > 0.0318< / > -0.0537< / > 8.9031< / > 0.0376< / > 0< / >< / > 哥伦比亚比索< / > 3276.8000< / > -0.9200< / > -116.6800< / > 3620.9910< / > 14.2485< / > -159.1755< / > 4271.1064< / > 16.7976< / > -134< / >< / > 哥斯达黎加科朗< / > 459.5000< / > 1.6000< / > 4.5550< / > 517.2365< / > 3.9162< / > 1.3287< / > 610.1018< / > 4.6888< / > 8< / >< / > 捷克共和国< / > 21.6742< / > -0.1431< / > 0.1327< / > 24.3875< / > -0.0575< / > -0.0057< / > 28.7779< / > -0.0678< / > 0< / >< / > 丹麦克朗< / > 6.6422< / > -0.0276< / > 0.0483< / > 7.4745< / > 0.0006< / > -0.0007< / > 8.8155< / > 0.0006< / > 0< / >< / > 埃及镑< / > 52.3200< / > -0.0700< / > 0.2500< / > 58.8940< / > 0.1700< / > -0.1534< / > 68.4679< / > 0.2005< / > 0< / >< / > 香港元< / > 7.8477< / > 0.0006< / > 0.0011< / > 8.6338< / > 0.0386< / > -0.0847< / > 10.4199< / > 0.0448< / > 0< / >< / > 匈牙利福林< / > 324.5903< / > -3.4721< / > 0.8469< / > 365.3759< / > -2.3500< / > -7.7500< / > 430.9747< / > -2.7728< / > 3< / >< / > 印度卢比< / > 96.4262< / > 0.1262< / > 0.4363< / > 108.5422< / > 0.5996< / > -0.3104< / > 128.0300< / > 0.7069< / > 1< / > |

富时精算师股票指数

| 美元< / > | 欧元< / > | 英镑< / >< / > 周变动< / > 收盘价< / > 月变动< / > 日变动 变动< / > 收盘价< / > 月变动< / >< / > 0.4258< / > 印尼卢比< / > 17895.0000< / > -5.0000< / > -70.0000< / > 20143.5070< / > 79.3860< / > -228.8040< / > 23760.0870< / > 93.6010< / >< / > 0.0180< / > 以色列谢克尔< / > 3.0457< / > -0.0081< / > -0.0213< / > 3.4285< / > 0.0054< / > -0.0497< / > 4.0440< / > 0.0064< / >< / > --< / > 日元< / > 156.0700< / > 0.1100< / > 0.4850< / > 17.9315< / > 0.8741< / > -0.7699< / > 209.8775< / > 1.0306< / >< / > 0.0862< / > 肯尼亚先令< / > 129.8300< / > 0.1500< / > 0.1000< / > 14.4984< / > 0.7847< / > -0.5913< / > 17.2420< / > 0.9253< / >< / > -0.2910< / > 科威特第纳尔< / > 0.3096< / > 0.0002< / > 0.0009< / > 3.3485< / > 0.0017< / > -0.0015< / > 4.4111< / > 0.0020< / >< / > 0.0133< / > 马来西亚林吉特< / > 4.0850< / > -0.0020< / > 0.0040< / > 4.5893< / > 0.0172< / > -0.0295< / > 6.4238< / > 0.0282< / >< / > 0.3782< / > 墨西哥比索< / > 3.0764< / > -0.1738< / > -0.0196< / > 20.2353< / > -0.1092< / > -0.1724< / > 21.8862< / > -0.1288< / >< / > 0.0442< / > 新西兰元< / > 1.7789< / > -0.0073< / > 0.0051< / > 2.0024< / > 0.0002< / > -0.0092< / > 2.3619< / > 0.0003< / >< / > 34.2544< / > 尼日利亚

奈拉 | 1327.2000< / > -2.0800< / > 0.0900< / > 1493.9630< / > 3.9723< / > -10.9799< / > 1762.1903< / > 4.6808< / > | 8.8666< / > 挪威克朗< / > 9.5647< / > -0.0187< / > -0.0297< / > 10.7665< / > 0.0245< / > -0.1135< / > 12.6996< / > 0.0289< / >< / > 298.498< / > 巴基斯坦卢比< / > 276.9750< / > 0.8850< / > -47.3173< / > 37.5339< / > 1.4109< / > -2.3675< / > 77.7336< / > 1.6025< / >< / > 0.1049< / > 秘鲁新索尔< / > 3.4364< / > 0.0116< / > -0.0172< / > 3.8682< / > 0.0294< / > -0.0431< / > 4.5627< / > 0.0346< / >< / > 0.6548< / > 菲律宾比索< / > 62.7700< / > 0.1720< / > 0.2100< / > 70.6570< / > 0.4382< / > -0.2860< / > 83.3428< / > 0.5167< / >< / > 0.0501< / > 波兰

克朗< / > 3.6940< / > -0.0247< / > 0.0285< / > 4.3720< / > -0.0092< / > 13.5750< / > -0.0109< / >< / > 3.1316< / > 罗马尼亚列伊< / > 4.7507< / > -0.0151< / > 0.0056< / > 5.3476< / > 0.0056< / > 0.0688< / > 6.3077< / > 0.0066< / >< / > 1.1743< / > 俄罗斯卢布< / > 85.4000< / > 0.4000< / > 1.5500< / > 96.1335< / > 0.8541< / > 0.9879< / > 133.3899< / > 1.0071< / > |

< rowspan="2">Oct 06< / > | 美元< / > | 欧元< / > | 英镑< / >< / > 收盘中价< / > 当日涨跌< / > 周涨跌< / > 收盘中价< / >< / > 沙特里亚尔< / > 3.7537< / > -0.0005< / > -0.0012< / > 4.2253< / > 0.0173< / > -0.0327< / > 4.9840< / > 0.0203< / > 0.0216< / > < / >< / > 新加坡元< / > 1.2775< / > -0.0021< / > -0.0008< / > 1.4381< / > 0.0037< / > -0.0115< / > 1.6963< / > 0.0044< / > 0.0069< / > < / >< / > 南非

兰特< / > 16.5275< / > -0.1523< / > 0.0981< / > 18.6042< / > -0.0922< / > -0.0268< / > 21.9444< / > -0.1088< / > 0.2322< / > < / >< / > 韩国韩元< / > 1343.8000< / > -0.6000< / > -13.0000< / > 1512.6485< / > 5.7104< / > -25.9028< / > 1784.2305< / > 6.7318< / > -8.8487< / > < / >< / > 瑞典克朗< / > 9.8455< / > -0.0531< / > -0.0176< / > 11.7298< / > -0.0120< / > -0.1033< / > 13.7560< / > -0.0142< / > 0.0388< / > < / >< / > 瑞士法郎< / > 0.8312< / > -0.0002< / > 0.0030< / > 0.9356< / > 0.0038< / > -0.0104< / > 1.1038< / > 0.0044< / > 0.0012< / > < / >< / > 台湾

Dollar< / > 31.8010< / > 0.0425< / > 0.1210< / > 35.7988< / > 0.1987< / > -0.4028< / > 42.2238< / > 0.2343< / > 0.0373< / > < / >< / > 泰铢< / > 33.6250< / > -0.0550< / > 0.0310< / > 37.9899< / > 0.0981< / > -0.2457< / > 44.6456< / > 0.1156< / > 0.2494< / > < / >< / > 突尼斯第纳尔< / > 2.9867< / > -0.0063< / > 0.0300< / > 3.3733< / > 0.0072< / > -0.0057< / > 3.9788< / > 0.0085< / > 0.0527< / > < / >< / > 土耳其里拉< / > 49.1790< / > 0.0250< / > 0.1790< / > 55.3584< / > 0.2617< / > -0.2076< / > 65.2974< / > 0.3084< / > 0.5415< / > < / >< / > 阿联酋迪拉姆< / > 3.6728< / > -< / > 0.0001< / > 4.1342< / > 0.0174< / > -0.0306< / > 4.6765< / > 0.0206< / > 0.0229< / > < / >< / > 英镑

英镑 | 0.7532< / > -0.0032< / > -0.0005< / > 0.8478< / > -< / > -0.0103< / > 1.0000< / > -< / > < / > | 美元< / > 1.9000< / > -< / > 1.1257< / > 0.0047< / > -0.0884< / > 1.5271< / > 0.0056< / > 0.0062< / > < / >< / > 越南盾< / > 25992.0000< / > -11.0000< / > 19.5000< / > 29257.8950< / > -< / > -194.9200< / > 34510.6780< / > 131.0110< / > 186.9200< / > < / >< / > 欧元< / > 0.8884< / > -0.0038< / > 0.0005< / > 1.0000< / > -< / > 1.7796< / > -< / > 0.0141< / > < / > |

富时行业板块：领涨与领跌

年初至今百分比变化

科技硬件与设备< / > 124.52< / >< / > 替代能源< / > 93.44< / >< / > 能源< / > 31.90< / >< / > 石油、天然气与煤炭< / > 31.82< / >< / > 工业金属与采矿< / > 29.83< / >< / > 非寿险< / > 26.22< / >< / > 医疗保健提供商< / > 27.67< / >< / > 基础材料< / > 25.88< / >< / > 电子与电气设备< / > 18.05< / >< / > 电信社会服务提供商< / > 17.43< / >< / > 电信< / > 17.43< / >< / > 建筑与材料< / > 17.35< / >< / > 化学品< / > 16.68< / >< / > 工业运输< / > 15.95< / >< / > 航空航天与国防< / > 15.55< / >< / > 银行< / > 14.79< / >< / > 通用工业< / > 13.27< / >< / > 封闭式投资< / > 12.14< / >< / > 工业< / > 9.84< / > |

52< / > 电力< / >< / > 44< / > 金融< / >< / > 30< / > 金融（不含投资公司）< / >< / > 82< / > 旅游与休闲< / >< / > 83< / > 媒体< / >< / > 22< / > 公用事业< / >< / > 67< / > 饮料< / >< / > 88< / > 零售商< / >< / > 05< / > 工业工程< / >< / > 43< / > 燃气、水及综合公用事业< / >< / > 43< / > 生物技术< / >< / > 35< / > 食品生产商< / >< / > 69< / > 房地产投资信托< / >< / > 95< / > 房地产< / >< / > 55< / > 非必需消费品< / >< / > 78< / > 贵金属与采矿< / >< / > 27< / > 寿险< / >< / > 34< / > 必需消费品< / >< / > 84< / > 消费者服务< / > |

富时全球指数

10月05日区域与国家< / > 股票数量< / > 美元指数< / > 当日%变化< / > 当月%变化< / > 年初至今%变化< / > 美元总回报< / > 年初至今%总回报< / > 总股息率< / >< / > | 富时全球行业指数< / >< / > 全球< / > 10220< / > 1282.36< / > 0.67< / > -0.84< / > 12.71< / > 2183.71< / > 14.29< / > 1.60< / >< / > 全球大盘股< / > 1142< / > 1193.95< / > 0.71< / > 0.0%< / > 13.45< / > 2125.11< / > 14.97< / > 1.47< / >< / > 全球美国< / > 2461< / > 1405.55< / > 0.57< / > -3.03< / > 11.16< / > 2036.94< / > 14.41< / > 1.02< / >< / > 全球小盘股< / > 6011< / > 1413.43< / > 0.50< / > -3.29< / > 10.09< / > 2197.75< / > 11.72< / > 1.83< / >< / > 全球除

欧元区 | 9614< / > 1343.79< / > 0.75< / > -0.45< / > 13.51< / > 2265.19< / > 14.99< / > 1.51< / > | 全球除中国< / > 7064< / > 4359.19< / > 0.68< / > -0.72< / > 13.64< / > 7075.40< / > 15.22< / > 1.57< / >< / > 全球除美国< / > 8873< / > 810.86< / > 0.64< / > -2.87< / > 11.50< / > 6161.72< / > 13.89< / > 2.46< / >< / > 全球除英国< / > 9997< / > 1340.81< / > 0.69< / > -0.70< / > 13.02< / > 2269.70< / > 14.55< / > 1.52< / >< / > 全球除日本< / > 8870< / > 1317.48< / > 0.64< / > -0.90< / > 12.26< / > 2296.38< / > 13.78< / > 1.57< / >< / > | 富时区域

行业< / >< / > 美洲< / > 1989< / > 1763.14< / > 0.74< / > 0.20< / > 13.29< / > 1246.74< / > 14.36< / > 1.18< / >< / > 亚太地区< / > 6429< / > 935.25< / > 1.09< / > -0.34< / > 20.10< / > 1668.39< / > 22.35< / > 2.00< / >< / > 亚太地区除日本< / > 5079< / > 1172.31< / > 1.07< / > -0.54< / > 20.03< / > 2338.90< / > 22.17< / > 2.00< / >< / > 欧洲< / > 1436< / > 671.76< / > -0.25< / > -5.97< / > 2.36< / > 1447.15< / > 5.11< / > 2.90< / >< / > 欧洲除

英国< / > 1215< / > 1257.21< / > -0.35< / > -6.20< / > 1.96< / > 1612.39< / > 4.70< / > 2.82< / >< / > 欧元区< / > 606< / > 701.53< / > -0.49< / > -5.84< / > 2.92< / > 1496.13< / > 5.58< / > 2.79< / >< / > 亚洲< / > 401< / > 743.26< / > 0.37< / > -4.42< / > 5.32< / > 1656.18< / > 9.32< / > 4.57< / >< / > | 富时发达行业< / >< / > 发达国家< / > 5372< / > 1310.17< / > 0.51< / > 0.81< / > 12.99< / > 2255.69< / > 14.49< / > 1.51< / >< / > 发达国家除北美< / > 3608< / > 760.65< / > 0.20< / > -3.27< / > 12.46< / > 1537.77< / > 15.16< / > 2.53< / >< / > 10月05部门< / > 股票数量< / > 美元指数< / > 当日%变化< / > 每月%变化< / > 年初至今%变化< / > 美元总回报< / > 年初至今

%总回报< / > 股息收益率< / > | 数字信息服务< / >< / > 软件与计算机服务< / > 527< / > 3728.29< / > 1.15< / > 4.59< / > 3.84< / > 4539.37< / > 4.34< / >< / > 硬件< / > 154< / > 760.03< / > 0.88< / > -7.04< / > -16.52< / > 1093.9< / > -15.89< / >< / > | 技术< / >< / > 半导体< / > 300< / > 982.28< / > 1.34< / > 7.87< / > 57.47< / > 1075.95< / > 58.17< / >< / > 技术硬件与

设备< / > 765< / > 750.27< / > 0.97< / > 7.43< / > 54.66< / > 1091.12< / > 55.52< / >< / > 汽车< / > 1292< / > 5255.77< / > 1.04< / > 6.37< / > 31.06< / > 6904.28< / > 31.67< / >< / > 生物技术< / > 218< / > 124.70< / > 1.41< / > -10.00< / > 17.54< / > 127.37< / > 17.91< / >< / > 电信设备< / > 112< / > 587.66< / > 0.41< / > 5.83< / > 75.78< / > 680.14< / > 77.22< / >< / > 电子与电气设备< / > 155< / > 2552.72< / > 0.63< / > 1.38< / > 34.75< / > 1755.00< / > 37.22< / >< / > 电信服务提供商 145< / > 438.49< / > 0.93< / > -4.28< / > 0.00< / > 980.75< / > 3.00< / > 3.60< / >< / > 电子与电气

Equip | 361< / > 2153.22< / > -0.07< / > 2.58< / > 26.16< / > 3108.61< / > 27.33< / > | 金融业< / >< / > 金融与信贷服务< / > 111< / > 827.67< / > 1.36< / > -11.46< / > -16.48< / > 1298.70< / > -15.38< / >< / > 金融业< / > 1161< / > 694.07< / > 0.54< / > -6.90< / > 5.03< / > 1451.37< / > 7.70< / >< / > 人寿保险< / > 71< / > 640.95< / > 0.30< / > -6.10< / > 7.78< / > 1344.30< / > 11.23< / >< / > 银行< / > 497< / > 515.50< / > 0.54< / > -6.44< / > 10.51< / > 1203.65< / > 13.68< / >< / > 保险房地产投资信托< / > 7< / > 80.96< / > -0.90< / > -19.91< / > -22.74< / > 1764.50< / > -14.77< / >< / > 非寿险

保险< / > 125< / > 1022.67< / > 0.18< / > -7.44< / > -1.03< / > 1850.07< / > 2.06< / >< / > 投资银行与经纪服务< / > 350< / > 1193.73< / > 0.67< / > -7.08< / > 0.13< / > 1927.96< / > 1.61< / >< / > 交易处理服务< / > 55< / > 142.50< / > 2.09< / > -4.47< / > 149.55< / > -3.81< / >< / > | 房地产< / >< / > 房地产< / > 642< / > 873.59< / > -0.36< / > -7.33< / > -4.27< / > 1072.64< / > -1.38< / >< / > 房地产投资与服务< / > 319< / > 321.81< / > -0.15< / > -8.34< / > -15.17< / > 663.42< / > -13.15< / >< / > 房地产投资信托< / > 323< / > 519.68< / > -0.42< / > -7.01< / > -0.20< / > 1433.93< / > 3.02< / >< / > | 消费品

与服务< / >< / > 消费者数字服务< / > 94< / > 338.69< / > 1.26< / > 5.30< / > 4.31< / > 343.58< / > 4.59< / >< / > 非必需消费品< / > 1486< / > 1154.30< / > 0.45< / > -4.44< / > -7.85< / > 1678.13< / > -6.93< / >< / > 消费者服务< / > 70< / > 1025.26< / > 2.64< / > -5.51< / > -8.75< / > 1809.12< / > -8.10< / >< / > 必需消费品< / > 613< / > 349.42< / > -0.53< / > -4.52< / > 0.21< / > 1661.1< / > 2.19< / >< / > 零售商< / > 263< / > 1878.66< / > 0.15< / > -3.72< / > -0.96< / > 2564.68< / > -0.32< / >< / > 个人护理、药品与杂货店< / > 196< / > 541.84< / > 0.51< / > -4.77< / > -2.67< / > 909.56< / > -0.61< / >< / > 个人

用品< / > 128< / > 727.18< / > 0.13< / > -8.61< / > -2.14< / > 1131.69< / > -19.76< / >< / > 旅游与休闲< / > 153< / > 634.96< / > 0.19< / > -2.97< / > -2.04< / > 709.08< / > -0.14< / >< / > 旅游与休闲< / > 290< / > 1087.74< / > -0.28< / > -7.58< / > -10.06< / > 1607.26< / > -8.92< / > |

9.80< / > 个人护理、药品与杂货< / > -5.18< / >< / > 9.20< / > 工业支持服务< / > -5.28< / >< / > 8.52< / > 金融与信贷服务< / > -6.97< / >< / > 5.05< / > < / >< / > 4.44< / > 个人用品< / > -7.84< / >< / > 4.27< / > 烟草< / > -8.40< / >< / > 4.14< / > 投资银行与经纪< / > -8.66< / >< / > 3.92< / > 技术< / > -9.85< / >< / > 3.52< / > < / >< / > 2.20< / > 软件与计算机服务< / > -10.20< / >< / > 2.01< / > 制药与生物技术< / > -10.47< / >< / > 0.73< / > < / >< / > 0.62< / > 医疗保健< / > -10.60< / >< / > 0.52< / > < / >< / > -1.51< / > 房地产投资与

Svcs. | -12.42< / > | -1.62< / > 消费者数字服务< / > -12.52< / >< / > -2.84< / > 休闲用品< / > -13.06< / >< / > -3.57< / > < / >< / > -4.34< / > 医疗设备与服务< / > -15.67< / >< / > -4.42< / > 耐用消费品与家居建设< / > -22.73< / > |

10月05日 区域与国家< / > 股票数量< / > 美元指数< / > 当日涨跌%< / > 月度涨跌%< / > 年初至今%< / > 美元 / 总回报< / > 年初至今总回报%< / > 总股息率< / >< / > 发达国家（除加拿大）< / > 5155< / > 1317.00< / > 0.55< / > -0.65< / > 13.17< / > 2245.62< / > 14.67< / > 1.49< / >< / > 发达国家（除欧洲）< / > 4158< / > 1546.59< / > 0.66< / > 0.10< / > 15.03< / > 2454.23< / > 16.28< / > 1.27< / >< / > 发达国家（除欧元区）< / > 4766< / > 1409.41< / > 0.61< / > -0.37< / > 13.93< / > 2337.45< / > 15.32< / > 1.40< / >< / > 发达国家（除美国）< / > 3825< / > 789.82< / > 0.17< / > -3.50< / > 11.95< / > 1585.03< / > 14.54< / > 2.48< / >< / > 发达国家（除英国）< / > 5149< / > 1401.38< / > 0.54< / > -0.65< / > 13.34< / > 2336.99< / > 14.79< / > 1.45< / >< / > 发达国家（除日本）< / > 4027< / > 1378.50< / > 0.48< / > -0.51< / > 12.51< / > 2373.72< / > 13.94< / > 1.47< / >< / > 发达国家亚太地区< / > 2301< / > 868.47< / > 0.75< / > -0.01< / > 27.60< / > 1567.73< / > 30.18< / > 2.09< / >< / > 发达国家亚太地区（除日本及L）< / > 11413< / > 1143.49< / > 0.28< / > -0.09< / > 37.83< / > 2518.73< / > 40.55< / > 2.20< / >< / > 发达国家欧洲< / > 1214< / > 688.59< / > -0.26< / > -5.89< / > 2.28< / > 1482.62< / > -0.02< / > 1.90< / >< / > 发达国家亚洲（除英国）< / > 997< / > 660.35< / > -0.09< / > 1.63< / > 1672.09< / > 4.57< / > 2.07< / >< / > 发达国家欧元区< / > 606< / > 696.89< / > -0.49< / > -5.86< / > 2.71< / > 1486.10< / > 5.37< / > 2.79< / >< / > 发达国家亚太地区< / > 3515< / > 762.27< / > 0.20< / > -3.27< / > 1.42< / > 1541.98< / > 15.12< / > 2.53< / >< / > 富时新兴市场指数< / > < / >< / > 新兴欧洲< / > 4848< / > 1095.38< / > 1.93< / > -1.11< / > 10.28< / > 2131.91< / > 12.50< / > 2.39< / >< / > 新兴亚太地区< / > 4128< / > 1231.17< / > 1.56< / > -0.81< / > 11.22< / > 2523.83< / > 13.10< / > 1.88< / >< / > 新兴欧洲< / > 222< / > 324.32< / > 0.91< / > -12.93< / > 4.91< / > 738.27< / > 7.60< / > 2.97< / >< / > 新兴市场（含韩国）< / > 5289< / > 4396.75< / > 1.62< / > 0.30< / > 20.61< / > 8069.45< / > 22.75< / > 2.08< / >< / > 新兴亚洲（除波兰及C）< / > 1088< / > 1088.72< / > 1.95< / > 1.75< / > 14.03< / > 945.45< / > 10.00< / > 2.00< / >< / > 高级新兴市场< / > 1198< / > 1603.32< / > 3.39< / > 3.83< / > 47.15< / > 3493.96< / > 50.27< / > 2.40< / >< / > 次级新兴市场< / > 3650< / > 961.69< / > 0.46< / > -5.77< / > -13.01< / > 1705.14< / > -11.33< / > 2.39< / > |

富时100指数摘要

10月05日行业 | 股票数量< / > 美元指数< / > 当日%变化< / > 月%变化< / > 年初至今%变化< / > 美元总回报< / > 年初至今%总回报< / > 总股息率< / > | 家用商品与家居建设< / > 119< / > 503.70< / > -0.90< / > -5.74< / > -6.18< / > 867.97< / > -4.57< / > 2.39< / >< / > 烟草< / > 13< / > 1345.81< / > 0.89< / > 0.33< / > 9.07< / > 4301.17< / > 12.86< / > 4.65< / >< / > | 医疗保健< / >< / > 医疗保健< / > 843< / > 1158.86< / > 0.51< / > -3.24< / > 4.28< / > 1832.21< / > 5.79< / > 1.62< / >< / > 医疗服务提供商< / > 114< / > 1778.14< / > 1.73< / > -2.59< / > 9.01< / > 2225.22< / > 10.38< / > 1.57< / >< / > 工业化学品与生物技术< / > 531< / > 1015.16< / > -0.20< / > -4.40< / > 8.46< / > 1789.49< / > 10.23< / > 1.94< / >< / > 医疗设备与服务< / > 198< / > 1607.76< / > 2.11< / > 0.09< / > -7.99< / > 2505.30< / > -7.23< / > 1.00< / >< / > | 农业食品与饮料< / >< / > 食品生产商< / > 301< / > 604.45< / > 0.27< / > -6.88< / > -4.01< / > 1087.26< / > -1.29< / > 3.37< / >< / > 饮料< / > 103< / > 927.47< / > 0.58< / > -4.64< / > 4.49< / > 1490.01< / > 6.76< / > 3.03< / >< / > | 能源< / >< / > 能源< / > 376< / > 702.24< / > 0.95< / > -1.34< / > 31.25< / > 1525.83< / > 34.48< / > 2.99< / >< / > 电力< / > 252< / > 633.76< / > 0.66< / > -4.96< / > -2.26< / > 1494.63< / > -0.10< / > 3.02< / >< / > 替代电力< / > 90< / > 97.07< / > 1.56< / > -2.81< / > 5.02< / > 121.25< / > 7.30< / > 3.57< / >< / > 个人能源< / > 69< / > 370.92< / > -0.80< / > -6.22< / > -3.77< / > 167.67< / > -0.14< / > 0.41< / >< / > 石油、天然气与煤炭< / > 307< / > 730.48< / > 1.04< / > -1.08< / > 33.28< / > 1652.92< / > 36.74< / > 3.12< / >< / > 天然气、水与综合公用事业< / > 119< / > 676.36< / > -0.11< / > -4.59< / > -0.49< / > 1711.00< / > 2.33< / > 3.72< / >< / > 公用事业< / > 412< / > 661.92< / > 0.47< / > -4.82< / > -1.79< / > 1585.41< / > 0.47< / > 3.10< / >< / > | 交通运输< / >< / > 汽车与零部件< / > 299< / > 1048.45< / > 1.39< / > -1.35< / > -13.77< / > 1728.51< / > -12.58< / > 1.55< / >< / > 工业运输< / > 384< / > 1362.21< / > -0.28< / > -4.77< / > 8.72< / > 2384.10< / > 10.89< / > 2.37< / >< / > | 工业< / >< / > 航空航天与国防< / > 106< / > 2754.30< / > -0.16< / > -6.39< / > -2.88< / > 4211.64< / > -2.15< / > 1.19< / >< / > 工业金属与采矿< / > 347< / > 2381.77< / > 0.47< / > 0.14< / > 22.09< / > 3784.55< / > 23.39< / > 1.96< / >< / > 工业材料< / > 92< / > 273.65< / > -0.10< / > -5.03< / > -1.83< / > 543.78< / > 0.28< / > 2.94< / >< / > 工业金属与采矿< / > 388< / > 1077.55< / > 1.21< / > -6.08< / > 18.58< / > 2155.68< / > 20.88< / > 2.34< / >< / > 工业支持服务< / > 232< / > 1248.67< / > 1.27< / > -4.22< / > -2.84< / > 1834.72< / > -1.72< / > 1.35< / >< / > 工业< / > 2104< / > 1534.84< / > 0.23< / > -2.81< / > 7.07< / > 2457.00< / > 8.41< / > 1.48< / >< / > 通用工业< / > 202< / > 946.61< / > 0.22< / > -0.85< / > 15.74< / > 1702.30< / > 17.41< / > 1.61< / >< / >

colspan="9">资源与材料 | 基础材料< / > 1034< / > 1029.77< / > 0.75< / > -6.34< / > 12.33< / > 1920.27< / > 14.41< / > 2.16< / >< / > 化学品< / > 456< / > 1070.08< / > 1.06< / > -1.87< / > 15.70< / > 1926.64< / > 17.91< / > 2.09< / >< / > 建筑与材料< / > 472< / > 1363.34< / > -0.23< / > -4.89< / > 3.59< / > 1926.64< / > -2.38< / > 1.36< / >< / > 废物与处置服务< / > 41< / > 400.80< / > 1.14< / > -4.61< / > -2.62< / > 443.08< / > -15.55< / > 1.33< / >< / > 贵金属与采矿< / > 98< / > 1425.28< / > 0.42< / > -12.81< / > 0.31< / > 2537.82< / > 1.87< / > 1.80< / > |

< / > 收盘价 (p)< / > 涨跌幅%< / >< / > 3i Group< / > 2389.00< / > -0.95< / >< / > Aberdeen Group< / > 237.80< / > -1.57< / >< / > Admiral< / > 3650.00< / > 2.13< / >< / > Airtel Africa< / > 310.60< / > 0.06< / >< / > Alliance Witan< / > 1406.00< / > 0.57< / >< / > Anglo American< / > 4152.00< / > -0.67< / >< / > Antofagasta< / > 3829.00< / > -0.23< / >< / > Assoc. Brit. Foods< / > 1834.00< / > 1.24< / >< / > AstraZeneca< / > 11958.00< / > 1.65< / >< / > Autotrader Group< / > 464.50< / > 0.85< / >< / > Aviva< / > 688.40< / > 1.65< / >< / > Babcock Intl< / > 906.60< / > -2.07< / >< / > BAE Systems< / > 1855.00< / > -4.08< / >< / > Balfour Beatty< / > 900.00< / > -1.21< / >< / > Barclays< / > 347.30< / > 0.10< / >< / > Barnett Redrow< / > 309.20< / > 0.10< / >< / > BP< / > 560.90< / > -0.41< / >< / > Brit. Amer. Tobacco< / > 3999.00< / > 0.53< / >< / > British Land< / > 394.60< / > 0.51< / >< / > BT Group< / > 195.25< / > -1.88< / >< / > Bunzl< / > 2668.00< / > 1.75< / >< / > Burberry< / > 1031.50< / > 2.79< / >< / > Centrica< / > 147.70< / > -0.37< / >< / > Coca-Cola Europec< / > 7730.00< / > 1.71< / >< / > Coca-Cola HBC AG< / > 4236.00< / > -0.42< / >< / > Compass< / > 2259.46< / > 0.82< / >< / > Computacenter< / > 5430.00< / > 0.18< / >< / > Conovatec< / > 218.40< / > 0.18< / >< / > Croda International< / > 3347.00< / > 1.64< / >< / > DCC Energy< / > 6440.00< / > < / >< / > Diageo< / > 1603.50< / > 1.78< / >< / > Diploma< / > 7860.00< / > -0.13< / >< / > easyJet< / > 678.20< / > 0.18< / >< / > Endeavour Mining< / > 4208.00< / > -0.99< / >< / > Experian< / > 2503.00< / > 1.50< / >< / > F&C Inv Trust< / > 349.80< / > 0.40< / >< / > Fresnillo< / > 2703.00< / > -1.42< / >< / > Games Works< / > 16560.00< / > -2.42< / >< / > Glencore< / > 573.50< / > 0.74< / >< / > GSK< / > 1765.50< / > 0.37< / >< / > Haleon< / > 234.00< / > 0.91< / >< / > Halma< / > 3536.00< / > -0.05< / >< / > Hiscox< / > 1850.00< / > -0.05< / >< / > Howden Joinery< / > 759.50< / > 0.86< / >< / > HSBC< / > 1472.20< / > 0.90< / >< / > ICG< / > 1767.00< / > 0.17< / >< / > IG Group< / > 362.00< / > -2.43< / >< / > IMI< / > 3148.00< / > -0.06< / >< / > Imperial Brands< / > 2467.00< / > 0.69< / >< / > Informa< / > 887.20< / > 2.95< / > | 收盘价 (p)< / > %涨跌< / > | 洲际酒店 (InterCont'l Hotels)< / > 12129.50< / > 0.64< / >< / > 国际消费航空 (Intl Cons Airlines)< / > 439.70< / > 1.31< / >< / > Interlink Group< / > 5885.00< / > -< / >< / > Investec< / > 618.00< / > 2.32< / >< / > 伊萨卡能源 (Ithaca Energy)< / > 274.20< / > -2.56< / >< / > JD Sports Fashion< / > 80.34< / > 0.80< / >< / > 金笛集团 (Kingfisher)< / > 329.10< / > 1.20< / >< / > Land Securities< / > 617.50< / > -0.16< / >< / > 英美通用 (Legal & General)< / > 290.40< / > 0.55< / >< / > Lion Finance< / > 13320.00< / > 0.30< / >< / > 劳埃德大集团 (Lloyds Big Gp)< / > 105.70< / > 1.63< / >< / > LondonMetric Prop< / > 173.90< / > 1.81< / >< / > 伦敦股票交易所 (Lon Stock Ex)< / > 8386.00< / > 1.77< / >< / > M&G< / > 312.40< / > -0.36< / >< / > 玛莎百货 (Marks & Spencer)< / > 385.80< / > 2.55< / >< / > 梅尔罗斯工业 (Melrose Ind)< / > 461.00< / > -2.97< / >< / > Metlen Energy< / > 4211.78< / > 0.12< / >< / > 国家电网 (Natl Grid)< / > 1151.00< / > 0.22< / >< / > 国民西敏寺集团 (NatWest Group)< / > 668.40< / > 0.75< / >< / > Next< / > 14595.00< / > 2.93< / >< / > 培生 (Pearson)< / > 1233.00< / > 0.28< / >< / > Pershing Square Hldgs< / > 3762.00< / > 1.90< / >< / > Polar CapTech< / > 723.00< / > 0.84< / >< / > 保诚 (Prudential)< / > 924.20< / > 0.57< / >< / > 利洁时 (Reckitt Benckiser)< / > 4977.00< / > 1.80< / >< / > RELX< / > 2571.00< / > 1.38< / >< / > Rentokil Initial< / > 239.00< / > -0.55< / >< / > 力拓 (Rio Tinto)< / > 1164.00< / > -0.26< / >< / > 罗尔斯-罗伊斯 (Rolls-Royce)< / > 1438.20< / > -2.69< / >< / > 圣塞伯瑞 (Sainsbury (J))< / > 321.80< / > -0.34< / >< / > 苏格兰抵押投资信托 (Scot Mort Inv Tst)< / > 1637.50< / > 1.05< / >< / > Segro< / > 920.20< / > 0.52< / >< / > 塞文特伦特 (Severn Trent)< / > 3114.00< / > 0.39< / >< / > 壳牌 (Shell)< / > 3651.00< / > 0.54< / >< / > 史密斯与尼普休 (Smith & Nephew)< / > 1011.50< / > 0.70< / >< / > 史密斯集团 (Smiths Gp)< / > 2847.00< / > 0.21< / >< / > Sprax Group< / > 7360.00< / > 1.17< / >< / > SSE< / > 2472.00< / > 0.24< / >< / > 渣打银行 (Standard Chartered)< / > 2253.00< / > 0.31< / >< / > 标准人寿 (Standard Life)< / > 819.50< / > 1.32< / >< / > 圣詹姆斯广场 (St James's Place)< / > 1038.50< / > -0.05< / >< / > 特易购 (Tesco)< / > 470.00< / > -0.60< / >< / > The Sage Grp< / > 1005.00< / > 0.30< / >< / > Tritax Big Box< / > 142.20< / > 0.92< / >< / > 联合利华 (Unilever)< / > 4569.00< / > 1.52< / >< / > 联合公用事业 (Utd. Utilities)< / > 1418.00< / > 0.64< / >< / > 沃达丰 (Vodafone)< / > 125.10< / > -1.65< / >< / > Weir< / > 2662.00< / > 3.10< / >< / > 惠特布雷德 (Whitbread)< / > 2551.00< / > 5.15< / >< / > WPP< / > 380.30< / > 2.12< / > |

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📄 Original Section

Another 20 case studies to set Lord Leverhulme's mind at ease

"Half the money I spend on advertising is wasted and the trouble is I don't know which half." Unlike His Lordship, today's brand owners needn't fret.

Twenty case studies from this year's IPA Effectiveness Awards are just the latest irrefutable evidence. Advertising budgets, when they are spent properly are never wasted. Scan the QR code to find out how you should spend yours.

AMERICAS

EUROPE

Effective 07.11.2025

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison

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英国近期配股发行

🌐 对照英文

英国近期新增股票

| 收盘价 (p)< / > 涨跌幅%< / > < / > 收盘价 (p)< / > 涨跌幅%< / > | 1947 Oil & Gas< / > 9.50< / > 4.63< / > Mendell Helium< / > 4.00< / > 1.27< / >< / > Aimia< / > 137.64< / > -< / > Meridian Mining< / > 126.50< / > 1.61< / >< / > ATC Music Grp< / > 187.50< / > -< / > Pathos Comms< / > 25.50< / > -< / >< / > Brawha Solutions< / > 164.50< / > -1.20< / > Power Probe< / > 45.00< / > -< / >< / > Coastal Africa Group< / > 200.00< / > -< / > Rift Helium< / > 6.55< / > -< / >< / > Comish Metals< / > 110.00< / > 3.29< / > Serval Resources< / > 30.50< / > 7.02< / >< / > Dauch Corp< / > 446.00< / > 4.69< / > Sintana Energy< / > 21.00< / > -2.33< / >< / > EDX Medical Group< / > 8.75< / > -< / > Sunbelt Rentals< / > 5962.00< / > 0.64< / >< / > Halo Minerals< / > 8.50< / > 3.03< / > Tapir Holdings< / > 44.00< / > -< / >< / > iForex Financial< / > 145.00< / > -< / > The Smarter Web Co< / > 69.50< / > -9.74< / > |

公司名称 Petra Diamonds Ltd

事件

配股发行：每持有 17 股可认购 10 股，认购价每股 16.5p，须在 11 月 21 日前全额支付（参考 07.11.25）。

英国公司业绩

公司< / > 营业额(E)< / > 税前利润(E)< / > 每股收益(p)< / > 股息(p)< / > 派息日< / > 除息日< / >< / > Cykei AI< / > Int 4k (4k)< / > -1.2m (-1.2m)< / > -24.000 (-26.000)< / > n / a (n / a)< / > -< / >< / > Dunedin Income Growth Invest Trust*< / > Int - (-)< / > 7.6m (10.7m)< / > 6.180 (7.820)< / > 4.250 (4.250)< / > Nov 27< / > Nov 05< / >< / > Fidelity Emerging Markets $< / > Fin - (-)< / > 18.5m (24.2m)< / > 32.000 (31.000)< / > 33.000 (26.000)< / > Dec 08< / > Nov 12< / >< / > Fidelity Emerging Markets $*< / > Fin - (-)< / > 18.5m (24.2m)< / > 32.000 (31.000)< / > 33.000 (26.000)< / > Dec 08< / > Nov 12< / >< / > PWN Growth< / > Int - (-)< / > -119k (-110k)< / > -1.200 (-1.710)< / > n / a (n / a)< / > -< / >< / > Schroder Japan Trust< / > Fin - (-)< / > 8.7m (8.9m)< / > 6.790 (6.910)< / > 4.070 (2.850)< / > Oct 30< / > Oct 01< / >< / > Schroder Japan Trust*< / > Fin - (-)< / > 8.7m (8.9m)< / > 6.790 (6.910)< / > 4.070 (2.850)< / > Oct 30< / > Oct 01< / >< / > Spire Healthcare Group*< / > Int 792.7m (796.7m)< / > -14.8m (10.8m)< / > -2.900 (1.600)< / > 0.000 (0.000)< / > -< / >< / > The European Smaller Co's TST*< / > Fin - (-)< / > 17.6m (17.4m)< / > 5.300 (4.240)< / > 3.160 (3.450)< / > Nov 27< / > Oct 29< / >< / > Thorpe (F.W.)*< / > Fin 172.9m (175.2m)< / > 32.4m (31.6m)< / > 23.720 (21.690)< / > 5.530 (5.360)< / > Dec 04< / > Nov 05< / > |

52 周

英国 (USD)

FT GLOBAL 500：全球最大公司

< rowspan="2">股票< / >< rowspan="2">价格< / >< rowspan="2">+ / 涨跌< / > | 52 周< / >< / > 最高< / > 最低< / > 收益率< / > 市盈率< / > 市值 (lb)< / >< / > | 澳大利亚 (AUD)< / >< / > ANZ Group Holdings< / > 37.65< / > 0.28< / > 41.00< / > 33.36< / > 5.78< / > 19.34< / > 113.55< / >< / > BHP Group< / > 61.89< / > 0.68< / > 68.77< / > 40.17< / > 3.91< / > 31.97< / > 314.66< / >< / > Commonwealth Bank< / > 151.22< / > -0.23< / > 185.59< / > 146.98< / > 3.34< / > 23.17< / > 253.06< / >< / > CSL Ltd< / > 176.99< / > 1.64< / > 222.47< / > 90.00< / > 2.29< / > 27.53< / > 84.93< / >< / > Macquarie< / >

Group | 248.02< / > 2.39< / > 267.90< / > 187.31< / > 3.25< / > 25.33< / > 95.15< / > | 澳洲国民银行 (National Australia Bank)< / > 38.40< / > -0.10< / > 48.45< / > 35.48< / > 4.43< / > 17.38< / > 119.71< / >< / > Westernfarmers< / > 75.47< / > -0.75< / > 94.70< / > 70.80< / > 2.94< / > 29.78< / > 85.68< / >< / > 西太平洋银行 (Westpac Banking)< / > 34.44< / > 0.12< / > 43.32< / > 33.46< / > 4.47< / > 17.14< / > 117.80< / >< / > | 比利时 (欧元)< / >< / > Ameriprise Bank< / > 55.00< / > 1.69< / > 70.10< / > 43.90< / > 5.00< / > 51.67< / > 318.44< / > |

Atmelusier-busch indev< / > 65.90< / > 1.02< / > 76.18< / > 49.96< / > 1.22< / > 24.87< / > 118.44< / >< / > | 巴西 (雷亚尔)< / >< / > 伊塔乌联合银行控股 (Itau Unibanco Holding)< / > 54.12< / > 5.20< / > 49.38< / > 32.50< / > 0.00< / > 304.03< / >< / > 伊塔乌联合银行控股优先股 (Itau Unibanco Holding Prfd)< / > 49.48< / > 4.65< / > 49.67< / > 36.96< / > 0.00< / > 267.64< / >< / > 巴西石油 (Petroleo Brasileiro)< / > 60.40< / > 3.78< / > 56.65< / > 30.96< / > 0.00< / > 53.53< / > 449.51< / >< / > 巴西石油优先股 (Petroleo Brasileiro Prfd)< / > 55.36< / > 4.19< / > 51.35< / > 29.31< / > 0.00< / > 301.52< / >< / > 淡水河谷 (Vale)< / > 71.40< / > -0.70< / > 91.62< / > 58.50< / > 0.00< / > 80.45< / > 303.86< / >< / > | 加拿大

($AP)< / > |

< rowspan="2">股票< / >< rowspan="2">价格< / > | 52周< / >< / > + / -涨跌< / > 最高< / > 最低< / > 收益率< / > 市盈率< / > 市值 (十亿)< / >< / > | 芬兰 (欧元)< / >< / > Nordex Bank Abp< / > 17.10< / > 0.01< / > 18.11< / > 13.76< / > 0.00< / > 12.30< / > 56.19< / >< / > | 法国 (欧元)< / >< / > 液化空气 (Air Liquide)< / > 170.76< / > 0.60< / > 189.80< / > 154.86< / > 1.97< / > 32.72< / > 108.97< / >< / > 空中客车 (Airbus)< / > 188.08< / > -0.22< / > 221.30< / > 157.42< / > 1.69< / > 35.28< / > 149.80< / >< / > AAA< / > 42.15< / > 0.08< / > 45.66< / > 36.55< / > 5.50< / > 11.74< / > 88.14< / >< / > 法国巴黎银行 (BNP Paribas)

A< / > 92.76< / > 0.70< / > 113.82< / > 65.12< / > 8.25< / > 9.69< / > 103.59< / >< / > 圣戈班公司 (Compagnie de Saint-Gobain)< / > 66.12< / > -0.98< / > 95.60< / > 85.88< / > 3.48< / > 9.87< / > 32.72< / >< / > 农业信贷银行 (Credit Agricole)< / > 16.93< / > 0.04< / > 20.40< / > 15.37< / > 0.00< / > 7.77< / > 51.77< / >< / > Doverne< / > 57.76< / > -1.36< / > 60.14< / > 57.26< / > 3.90< / > 22.30< / > 39.47< / >< / > 达索 Synnex (Dassault Synnex)< / > 21.40< / > 0.77< / > 30.36< / > 15.82< / > 1.26< / > 23.78< / > 28.72< / >< / > Enise< / > 22.87< / > 0.09< / > 29.88< / > 17.76< / > 4.51< / > 15.05< / > 58.15< / >< / > Essential Utilities< / > 144.50< / > 1.70< / > 323.80< / > 138.30< / > 2.77< / > 27.79< / > 67.08< / >< / > 爱马仕

国际 (Hermes International)< / > 1266.00< / > -13.50< / > 2300.00< / > 1288.50< / > 1.40< / > 29.27< / > 135.76< / >< / > 欧莱雅 (L'Oréal)< / > 373.45< / > 0.70< / > 405.80< / > 338.65< / > 1.93< / > 29.38< / > 198.92< / >< / > LMVMI Uml Me Honduras< / > 380.90< / > 2.35< / > 654.70< / > 376.00< / > 3.41< / > 17.42< / > 188.40< / >< / > 赛峰 (Safran)< / > 329.80< / > -0.30< / > 366.50< / > 262.60< / > 1.02< / > 43.39< / > 137.97< / >< / > Sorfixi< / > 69.99< / > -0.82< / > 91.15< / > 69.75< / > 5.89< / > 8.94< / > 84.53< / >< / > 施耐德 (Schneider)

Electric | 272.80< / > -30.20< / > 312.30< / > 220.40< / > 1.54< / > 31.76< / > 157.84< / > | 道达尔能源 (TotalEnergies)< / > 75.80< / > 1.34< / > 81.34< / > 49.24< / > 4.62< / > 11.00< / > 172.95< / >< / > 文西 (Vinci)< / > 106.15< / > -0.65< / > 143.15< / > 104.25< / > 4.76< / > 12.27< / > 62.44< / > |

Argente Eagle Miners< / > 261.41< / > -0.79< / > 349.84< / > 188.48< / > 0.98< / > 22.30< / > 133.18< / >< / > Amerization-Cuze Ford-Tan< / > 77.13< / > 0.23< / > 95.15< / > 68.30< / > 1.11< / > 26.51< / > 70.80< / >< / > 蒙特利尔银行 (Bank of Montreal)< / > 234.65< / > -1.60< / > 259.20< / > 168.92< / > 2.91< / > 26.70< / > 163.04< / >< / > 新斯科舍银行 (Bank of Nova Scotia)< / > 128.74< / > -1.19< / > 134.50< / > 88.22< / > 3.54< / > 26.49< / > 156.68< / >< / > 布鲁克菲尔德 (Brookfield)< / > 52.55< / > -0.12< / > 97.20< / > 50.85< / > 0.76< / > 93.84< / > 117.31< / >< / > 布鲁克菲尔德资产管理 (Brookfield Asset Mgmt.)< / > 63.80< / > -0.05< / > 82.98< / > 56.09< / > 4.49< / > 36.46< / > 101.90< / >< / > 加拿大帝国银行 (Canadian Imperial Bank)< / > 157.25< / > -1.02< / > 172.87< / > 111.45< / > 2.72< / > 20.99< / > 142.78< / >< / > 加拿大国家铁路 (Canadian National Railway)< / > 170.45< / > -0.21< / > 185.25< / > 126.05< / > 2.15< / > 30.01< / > 102.97< / >< / > 加拿大天然气 (Canadian Natural Gas)< / > 68.93< / > -0.17< / > 72.35< / > 41.67< / > 3.63< / > 16.81< / > 142.10< / >< / > 加拿大太平洋航空 (Canadian Pacific Airways)< / > 122.48< / > -0.03< / > 133.38< / > 96.50< / > 0.81< / > 38.88< / > 107.67< / >< / > Constellation Software< / > 2886.49< / > 5.28< / > 4110.00< / > 2198.00< / > 0.19< / > 1000.55< / > 63.29< / >< / > 恩桥 (Enbridge)< / > 65.65< / > 0.11< / > 80.65< / > 62.42< / > 5.91< / > 34.37< / > 148.88< / >< / > FleetBoston Financial< / > 61.30< / > -0.01< / > 67.30< / > 48.00< / > 0.00< / > 26.10< / > 114.61< / >< / > Franco British American< / > 277.59< / > -1.32< / > 306.38< / > 200.82< / > 2.54< / > 25.21< / > 385.79< / >< / > Shopify Inc.< / > 228.17< / > 12.31< / > 253.10< / > 129.01< / > 0.00< / > 153.13< / > 275.76< / >< / > 森科能源公司 (Suncor Energy)< / > 97.99< / > -1.16< / > 100.24< / > 53.02< / > 2.45< / > 25.58< / > 114.61< / >< / > TC Energy< / > 84.81< / > 0.50< / > 100.18< / > 69.41< / > 4.14< / > 33.92< / > 84.81< / >< / > 多伦多-多米尼언银行 (The Toronto-Dominion Bank)< / > 167.22< / > -0.85< / > 175.33< / > 109.50< / > 2.63< / > 20.24< / > 282.52< / >< / > Waste Connections< / > 219.97< / > 0.72< / > 251.45< / > 203.46< / > 0.91< / > 53.00< / > 55.44< / > | 德国 (欧元)< / >< / > 阿迪达斯 (adidas AG)< / > 142.30< / > -1.75< / > 196.40< / > 129.95< / > 1.97< / > 19.08< / >< / > 安联 (Allianz)< / > 419.20< / > 3.00< / > 454.60< / > 338.80< / > 4.08< / > 14.65< / >< / > 巴斯夫 (BASF)< / > 50.24< / > 0.32< / > 55.05< / > 41.48< / > 4.48< / > 27.60< / >< / > 宝马 (BMW)< / > 54.22< / > -0.10< / > 97.92< / > 52.36< / > 8.12< / > 4.56< / >< / > 德意志银行 (Deutsche Bank)< / > 31.28< / > 0.34< / > 35.84< / > 23.82< / > 3.20< / > 9.90< / >< / > 德意志交易所 (Deutsche Bors)< / > 288.70< / > 2.40< / > 291.90< / > 200.10< / > 1.45< / > 43.96< / >< / > 德国电信 (Deutsche Telekom AG)< / > 28.83< / > 0.27< / > 54.36< / > 23.53< / > 3.73< / > 13.62< / >< / > DHL

Group | 55.92< / > -0.69< / > 58.90< / > 39.37< / > 3.40< / > 19.10< / > | Deutschland Technologics< / > 63.47< / > -1.17< / > 88.83< / > 31.27< / > 0.55< / > 82.43< / >< / > Mercedes-Benz Group< / > 40.20< / > 0.47< / > 62.34< / > 38.73< / > 9.71< / > 3.95< / >< / > Merck< / > 136.05< / > -0.85< / > 148.80< / > 100.70< / > 1.62< / > 21.29< / >< / > Muenchener

Rück< / > 510.40< / > 1.80< / > 575.60< / > 437.40< / > 4.70< / > 24.37< / >< / > Porsche< / > 42.98< / > -0.02< / > 50.66< / > 35.62< / > 2.35< / > 10.88< / >< / > Rheinmetall< / > 980.20< / > 23.30< / > 2008.00< / > 900.20< / > 1.17< / > 59.37< / >< / > SAP< / > 185.04< / > 1.12< / > 244.30< / > 127.50< / > 1.35< / > 30.14< / >< / > Siemens< / > 275.00< / > -1.10< / > 291.70< / > 198.00< / > 1.95< / > 26.12< / >< / > Siemens Energy< / > 145.46< / > 0.04< / > 191.66< / > 94.40< / > 0.48< / > 230.89< / >< / > Siemens

Healthsysteme< / > 37.45< / > -0.41< / > 49.71< / > 32.81< / > 2.67< / > 19.61< / >< / > Volkswagen< / > 68.65< / > 0.85< / > 110.20< / > 67.80< / > 7.57< / > 5.17< / >< / > Volkswagen Privat< / > 68.54< / > 1.06< / > 109.15< / > 67.38< / > 7.67< / > 5.16< / > |

Kuwait Finance HouseMexico (MXN)< / > 0.77< / > -0.00< / > 0.85< / > 0.77< / > 3.12< / > 23.09< / > 15.20< / >< / > America Movil B< / > 20.09< / > 0.73< / > 24.49< / > 17.48< / > 2.69< / > 0.00< / > 1249.30< / >< / > Wal-Mart de Mexico< / > 46.44< / > 0.27< / > 63.97< / > 44.80< / > 2.50< / > 0.00< / > 810.21< / >< / > | 荷兰 (EUR)< / >< / > Adyen< / > 862.50< / > 3.10< / > 1600.80< / > 772.40< / > 0.00< / > 47.36< / > 27.34< / >< / > ASML Holding< / > 1656.20< / > 3.20< / > 1741.00< / > 812.60< / > 0.47< / > 83.18< / > 642.85< / >< / > Heineken< / > 69.96< / > 0.30< / > 80.44< / > 63.90< / > 2.74< / > 15.01< / > 39.56< / >< / > ING

Groep< / > 31.04< / > 0.35< / > 32.40< / > 20.23< / > 3.66< / > 15.67< / > 89.17< / >< / > Praxus N< / > 35.28< / > 0.79< / > 63.94< / > 34.48< / > 0.79< / > 6.67< / > 77.15< / >< / > The Magnum Ice Cream Co< / > 15.25< / > -0.20< / > 17.68< / > 11.02< / > 0.00< / > 31.77< / > 9.34< / >< / > Universal Music Group NV< / > 14.16< / > -0.09< / > 25.32< / > 13.93< / > 3.67< / > 32.94< / > 26.04< / >< / > | 挪威 (NOK)< / > |

< rowspan="2">股票< / >< rowspan="2">价格< / >< ="2">+ / -涨跌< / > | 52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">市值 (十亿)< / >< / > 最高< / > 最低< / > < / >< / > Shin-Etsu Chemical< / > 6218.00< / > 188.00< / > 7930.00< / > 4366.00< / > 2.19< / > 24.61< / > 12342.70< / > < / >< / > SoftBank< / > 236.50< / > 1.10< / > 252.90< / > 202.80< / > 3.69< / > 21.01< / > 11408.21< / > < / >< / > SoftBank Group< / > 6487.00< / > 187.00< / > 27695.00< / > 3365.00< / > 0.17< / > 7.44< / > 37109.88< / > < / >< / > Sony Financial Group< / > 149.00< / > 0.10< / > 180.40< / > 129.30< / > 5.37< / > 18.72< / > 1008.78< / > < / >< / > Sony

Group | 3733.00< / > -30.00< / > 4776.00< / > 3643.00< / > 0.94< / > 68.06< / > 22398.87< / > < / > | 三井住友金融< / > 3734.00< / > 53.00< / > 7390.00< / > 3316.00< / > 2.67< / > 16.39< / > 25649.99< / > < / >< / > 武田药品< / > 5639.00< / > -4.00< / > 6033.00< / > 4102.00< / > 3.92< / > 58.28< / > 9034.48< / > < / >< / > 东京海上控股< / > 509.50< / > 2.10< / > 8468.00< / > 504.30< / > 3.21< / > 27.36< / > 14780.59< / > < / >< / > 东京电子< / > 12765.00< / > 665.00< / > 81260.00< / > 11270.00< / > 1.24< / > 50.87< / > 29827.19< / > < / >< / > 丰田汽车< / > 2893.50< / > 37.00< / > 4000.00< / > 2686.00< / > 3.46< / > 9.80< / > 42230.60< / > < / >< / > | 科威特 (KWD)< / > |

中国农业银行 A< / > 6.97< / > 8.68< / > 5.79< / > 3.72< / > 8.94< / > 22.25< / >< / > 中国银行 A< / > 6.73< / > 6.79< / > 5.13< / > 3.51< / > 9.09< / > 16.06< / >< / > 交通银行 A< / > 7.75< / > 7.77< / > 6.37< / > 4.34< / > 7.18< / > 448.77< / >< / > 中国建设银行 A< / > 11.06< / > 11.23< / > 8.50< / > 3.65< / > 8.51< / > 234.28< / >< / > 中国人寿 A< / > 36.70< / > 51.92< / > 32.32< / > 2.66< / > 6.73< / > 764.22< / >< / > 招商银行 A< / > 41.26< / > 43.79< / > 35.28< / > 4.89< / > 7.24< / > 851.15< / >< / > 中国石化 A< / > 5.28< / > 8.11< / > 4.43< / > 4.11< / > 20.15< / > 512.36< / >< / > 中国神华能源

A< / > 47.80< / > 51.18< / > 38.27< / > 4.21< / > 17.97< / > 875.31< / >< / > 长江电力 A< / > 28.54< / > 29.57< / > 25.38< / > 3.50< / > 20.24< / > 698.32< / >< / > 国投证券 A< / > 25.86< / > 30.63< / > 23.77< / > 3.24< / > 13.19< / > 315.50< / >< / > Cont Amheres Tech A< / > 291.11< / > 468.75< / > 285.74< / > 1.23< / > 18.04< / > 1283.49< / >< / > 东方财富 A< / > 17.79< / > 27.08< / > 17.22< / > 0.56< / > 23.25< / > 281.48< / >< / > Fascsim Int'l Internet A< / > 58.20< / > 84.95< / > 47.35< / > 1.68< / > 32.70< / > 1154.93< / >< / > IDBC A< / > 8.28< / > 8.40< / > 6.85< / > 3.86< / > 8.28< / > 2.23< / >< / > 兴业银行

A< / > 18.05< / > 21.90< / > 16.44< / > 5.91< / > 5.22< / > 381.99< / >< / > 江苏恒瑞医药 A< / > 47.20< / > 71.00< / > 57.00< / > 4.77< / > 37.50< / > 301.31< / >< / > 贵州贵州汽车 A< / > 1258.62< / > 1568.00< / > 1151.01< / > 4.13< / > 19.17< / > 15733.38< / >< / > 立讯精密 A< / > 49.43< / > 81.78< / > 44.57< / > 0.50< / > 21.59< / > 362.91< / >< / > Middle Group A< / > 80.10< / > 89.50< / > 71.02< / > 5.37< / > 13.81< / > 557.70< / >< / > 中国石油 A< / > 11.21< / > 13.69< / > 8.04< / > 4.55< / > 13.03< / > 1.82< / >< / > 中国平安 A< / > 53.29< / > 74.88< / > 46.90< / > 5.12< / > 9.94< / > 568.07< / >< / > 中国邮政储蓄银行

[...OMITTED...]

A | 5.46< / > 6.13< / > 4.76< / > 4.18< / > 7.48< / > 5.47< / > | 深圳迈瑞生物医疗 A< / > 163.32< / > 248.98< / > 130.66< / > 2.63< / > 24.02< / > 195.49< / >< / > 五粮液 A< / > 70.06< / > 122.96< / > 68.68< / > 7.36< / > 30.37< / > 271.95< / >< / > 紫金矿业 A< / > 29.79< / > 44.94< / > 24.42< / > 2.69< / > 15.28< / > 613.73< / > |

Equinor 韩国 (KRW)< / > 404.00< / > 1.20< / > 426.00< / > 226.40< / > 3.65< / > 208.25< / > 965.86< / >< / > LG Energy Solution< / > 371000.00< / > < / > 527000.00< / > 290500.00< / > 0.00< / > 80.92< / > 86814.00< / >< / > 三星生物制药 (SAMSUNG BIOLOGICS)< / > 1354000.00< / > < / > 1987000.00< / > 1003000.00< / > 0.00< / > 56.59< / > 62677.95< / >< / > 三星电子 (Samsung Electronics)< / > 2760000.00< / > < / > 3745000.00< / > 902000.00< / > 0.61< / > 41.79< / > 0.00< / >< / > 三星电子优先股 (Samsung Electronics Pref)< / > 2010000.00< / > < / > 2435000.00< / > 704000.00< / > 0.84< / > 190.05< / > 161276.61< / >< / > Samsung Epis< / > 3650000.00< / > < / > 7730000.00< / > 3245000.00< / > 0.00< / > 288.99< / > 9082.31< / >< / > SK

hyrix< / > 1841000.00< / > < / > 2987000.00< / > 4030000.00< / > 0.16< / > 29.67< / > 0.00< / > |

BioNTech 香港 (HKD)< / > 97.64< / > 0.74< / > 124.00< / > 79.52< / > 0.00< / > 46.72< / > 24.69< / >< / > 友邦保险 (AIA Group)< / > 68.95< / > -0.25< / > 92.15< / > 68.95< / > 2.87< / > 116.67< / > 713.40< / >< / > 香港交易所 (HKEX)< / > 378.00< / > 2.20< / > 460.20< / > 360.00< / > 3.69< / > 26.90< / > 479.24< / > | 沙特阿拉伯 (SAN)< / >< / > ACWA Power< / > 171.00< / > 7.50< / > 252.60< / > 154.50< / > 0.27< / > 69.23< / > 131.07< / >< / > Al Rajhi Bank< / > 63.10< / > 0.10< / > 110.00< / > 62.00< / > 4.77< / > 16.18< / > 378.60< / >< / > 沙特阿拉伯矿业 (Saudi Arabian Mining)< / > 63.50< / > 2.55< / > 79.90< / > 54.90< / > 0.00< / > 33.25< / > 246.94< / >< / > 沙特阿拉伯石油公司 (Saudi Arabian Oil)< / > 25.56< / > 0.28< / > 27.96< / > 23.29< / > 5.31< / > 17.75< / > 61.86< / >< / > 沙特基础工业公司 (Saudi Basic Industries)< / > 47.00< / > 1.18< / > 62.50< / > 45.70< / > 5.53< / > 5.47< / > 141.00< / >< / > 沙特国家银行 (Saudi National Bank)< / > 38.60< / > -0.60< / > 45.24< / > 36.00< / > 5.96< / > 9.55< / > 231.60< / >< / > STC

Co< / > 43.10< / > 0.36< / > 45.38< / > 41.14< / > 5.10< / > 14.51< / > 215.50< / > | 印度 (UNIV)< / >< / > Bajra Finance< / > 971.00< / > 21.65< / > 1177.60< / > 788.40< / > 0.62< / > 50.96 6045.40< / >< / > Brah Amrit Ltd< / > 1782.50< / > 41.50< / > 2174.70< / > 1726.05< / > 1.35< / > 136.1711123.69< / >< / > HCL Technologies< / > 1200.00< / > -46.00< / > 1770.00< / > 1030.00< / > 5.00< / > 18.70 2556.40< / >< / > HECIC Bank< / > 705.00< / > -14.35< / > 1020.35< / > 682.00< / > 1.84< / > 14.2410870.11< / >< / > 印度联合利华 (Hindustan Unilever)< / > 1840.00< / > -1.00< / > 2667.55< / > 1928.35< / > 2.23< / > 42.07 4323.25< / >< / > ICICI Bank< / > 1333.00< / > 27.50< / > 1479.50< / > 1187.55< / > 0.90< / > 21.10

3569.27 | Infosys< / > 1019.50< / > -15.50< / > 1727.85< / > 980.30< / > 4.71< / > 15.61 4137.41< / >< / > 韩国电力 (Korea Electric)< / > 288.55< / > 11.55< / > 436.50< / > 254.75< / > 5.40< / > 9.86 3365.07< / >< / > Kohl Mahindra Bank< / > 418.50< / > -3.50< / > 438.50< / > 310.00< / > 0.16< / > 3.74 4141.30< / >< / > Lansin & Todso< / > 3740.00< / > 54.50< / > 4440.00< / > 3288.65< / > 1.02< / > 31.99 5145.85< / >< / > 印度人寿保险公司 (Life Insurance Corp)< / > 388.25< / > -3.95< / > 936.60< / > 385.90< / > 2.58< / > 13.64 4911.36< / >< / > 马鲁蒂铃木印度 (Maruti Suzuki India)< / > 11522.00< / > 122.00< / > 17371.60< / > 11304.30< / > 1.22< / > 24.68 3622.55< / >< / > 信实工业 (Reliance Industries)< / > 1186.10< / > 20.10< / > 1611.20< / > 1161.00< / > 0.51< / > 23.0416059.4< / >< / > 印度国家银行 (State Bank of India)< / > 959.00< / > 5.00< / > 1234.80< / > 857.30< / > 1.81< / > 11.03 8852.31< / >< / > 太阳制药工业 (Sun Pharmaceutical Inds)< / > 1782.00< / > -28.00< / > 2047.55< / > 1586.60< / > 0.90< / > 39.08 4275.51< / >< / > 塔塔咨询服务 (Tata Consultancy Svs)< / > 2108.35< / > 29.05< / > 3336.70< / > 1976.00< / > 3.08< / > 15.71 7628.19< / > | 新加坡 (SGD)< / >< / > 星展集团控股 (DBS Group Holdings)< / > 77.83< / > 0.62< / > 79.05< / > 51.80< / > 4.09< / > 20.27< / > 221.35< / >< / > 华侨银行 (Oversea-Chinese Banking)< / > 31.88< / > 0.22< / > 32.57< / > 16.62< / > 3.29< / > 1955.83< / > 143.94< / >< / > 大华银行 (United Overseas Bank Ltd)< / > 43.06< / > -0.05< / > 45.15< / > 33.25< / > 3.69< / > 15.60< / > 71.57< / >< / > | 新加坡 (USD)< / >< / > JOYY A< / > 80.50< / > 1.31< / > 81.25< / > 54.24< / > 6.68< / > 322.00< / > 52.56< / >< / > Sea / Singapore A< / > 96.85< / > 1.66< / > 193.48< / > 77.05< / > 0.00< / > 36.55< / > 52.93< / >< / > | 南非 (ZAR)< / > |

中国农业银行 H< / > 6.49< / > 0.03< / > 6.71< / > 5.05< / > 4.69< / > 8.31< / > 199.34< / >< / > 阿里巴巴集团控股< / > 105.40< / > 1.00< / > 186.20< / > 88.65< / > 0.98< / > 126.99< / > 2997.67< / >< / > 中国银行 H< / > 5.92< / > < / > 6.14< / > 4.11< / > 4.66< / > 8.00< / > 495.04< / >< / > 交通银行 H< / > 8.19< / > -0.03< / > 8.38< / > 6.33< / > 4.81< / > 7.58< / > 286.75< / >< / > 比亚迪 H< / > 74.10< / > 0.20< / > 113.40< / > 71.40< / > 0.56< / > 20.70< / > 272.94< / >< / > 中信银行 H< / > 8.24< / > -0.09< / > 8.70< / > 6.50< / > 5.62< / > 6.87< / > 122.63< / >< / > 中国建设银行 H< / > 9.51< / > -0.04< / > 9.90< / > 7.18< / > 4.97< / > 7.32< / > 22.86< / >< / > 中国人寿 H< / > 27.56< / > 0.06< / > 36.16< / > 20.90< / > 4.09< / > 5.06< / > 205.08< / >< / > 招商银行 H< / > 50.70< / > 0.10< / > 53.70< / > 43.34< / > 4.48< / > 8.89< / > 232.76< / >< / > 中国石油化工 H< / > 4.38< / > 0.03< / > 5.70< / > 3.98< / > 5.74< / > 16.72< / > 103.70< / >< / > 中国神华能源 H< / > 43.50< / > 0.10< / > 49.62< / > 37.46< / > 5.34< / > 15.94< / > 146.92< / >< / > 中信证券 H< / > 23.88< / > 0.14< / > 32.50< / > 23.24< / > 4.10< / > 12.18< / > 81.76< / >< / > 中国工商银行 (ICBC)

H | 7.46< / > < / > 7.77< / > 5.56< / > 5.02< / > 7.46< / > 647.05< / > | JCI com A< / > 102.40< / > 0.50< / > 141.00< / > 95.80< / > 3.83< / > 14.86< / > 255.64< / >< / > Meituan B< / > 70.65< / > 0.45< / > 108.00< / > 63.65< / > 0.00< / > 18.40< / > 395.38< / >< / > Midea Group H< / > 90.65< / > 0.50< / > 101.70< / > 77.65< / > 5.55< / > 15.63< / > 59.00< / >< / > NetEase< / > 185.60< / > 0.60< / > 244.80< / > 168.80< / > 2.48< / > 17.53< / > 596.16< / >< / > Norgo Spring H< / > 39.98< / > 0.44< / > 56.25< / > 37.90< / > 2.83< / > 28.33< / > 201.29< / >< / > PetroChina H< / > 9.56< / > 0.05< / > 12.22< / > 7.05< / > 6.15< / > 11.12< / > 201.81< / >< / > Ping An Insurance Group

H< / > 51.75< / > 0.25< / > 74.70< / > 50.00< / > 6.08< / > 6.74< / > 385.41< / >< / > Postal Savings Bank China H< / > 5.35< / > 0.03< / > 5.78< / > 4.48< / > 4.99< / > 7.33< / > 106.23< / >< / > Tencent Holdings< / > 423.00< / > 1.80< / > 692.50< / > 411.00< / > 1.25< / > 17.09< / > 3846.17< / >< / > Xieomi Corp B< / > 23.88< / > 0.36< / > 56.55< / > 21.30< / > 0.00< / > 14.74< / > 510.21< / >< / > Zijin Mining Group H< / > 32.16< / > 0.46< / > 46.99< / > 26.58< / > 2.86< / > 16.49< / > 192.61< / >< / > ZTO Indonesia (USD)< / > < / >< / > Full Truck Alliance< / > 6.41< / > 0.24< / > 14.07< / > 7.46< / > 2.75< / > 288.33< / > 156.85< / >< / > Fidis

Holdings A< / > 109.70< / > 7.53< / > 202.53< / > 80.50< / > 2.32< / > 10.50< / > 84.03< / >< / > HCP Holdings A< / > 77.90< / > 2.52< / > 139.41< / > 71.94< / > 0.00< / > 31.16< / > 443.38< / > | Indonesia (EUR)< / >< / > Bank Central Asia< / > 6175.00< / > 75.00< / > 6750.00< / > 4820.00< / > 0.00< / > 13.22< / > 7612.23< / >< / > PT Bantu Renewables< / > 2950.00< / > 120.00< / > 10725.00< / > 2300.00< / > 0.14< / > 0.00< / > 946.69< / >< / > | Italy (EUR)< / >< / > Aloscurazioni Generali< / > 41.94< / > 0.48< / > 46.24< / > 31.76< / > 3.91< / > 17.26< / > 64.36< / >< / > Enel< / > 8.75< / > 0.05< / > 10.31< / > 8.11< / > 5.60< / > 23.65< / > 86.95< / >< / > Eni< / > 24.41< / > 0.22< / > 25.02< / > 14.54< / > 4.51< / > 17.31< / > 73.91< / >< / > Ferrari< / > 341.20< / > 2.30< / > 431.20< / > 269.00< / > 0.88< / > 49.38< / > 60.49< / >< / > Intesa

Sanpaolo< / > 6.43< / > 0.10< / > 6.94< / > 4.81< / > 5.85< / > 27.94< / > 113.63< / >< / > Stellantis< / > 3.98< / > 0.10< / > 10.49< / > 3.61< / > 0.00< / > 5.36< / > 11.57< / >< / > UniCredit SpA< / > 79.80< / > 0.95< / > 86.42< / > 57.36< / > 3.95< / > 15.63< / > 124.62< / > |

日本 (JPY) | 佳能 (Canon)< / > 4627.00< / > 20.00< / > 5303.00< / > 3967.00< / > 3.46< / > 15.86< / > 6717.32< / >< / > Omega Pharmaceuticals< / > 6089.00< / > 51.00< / > 6700.00< / > 5974.00< / > 2.17< / > 23.09< / > 10223.78< / >< / > 第一三共 (Daichi Sankyo)< / > 2116.00< / > 7.00< / > 4178.00< / > 2390.00< / > 3.88< / > 17.97< / > 5059.62< / >< / > FAST REVENUE< / > 7468.00< / > 200.00< / > 8666.00< / > 4498.00< / > 0.92< / > 52.97< / > 23767.92< / >< / > 日立 (Hitachi)< / > 5942.00< / > 100.00< / > 6585.00< / > 4380.00< / > 1.00< / > 21.15< / > 12060.00< / >< / > 本田 (Honda)

8 86< / >< / > Mitochondria Heavy< / > 3871.00< / > 56.00< / > 5380.00< / > 3454.00< / > 0.75< / > 39.16< / > 13589.39< / >< / > 三菱日联金融集团 (Mitsubishi UFJ Geni Grp)< / > 3015.00< / > 71.00< / > 3813.00< / > 2326.50< / > 3.66< / > 16.96< / > 42601.77< / >< / > 丰田 A 公司 (Toyota A Inc)< / > 4502.00< / > 100.00< / > 4585.00< / > 2445.00< / > 1.62< / > 16.92< / > 43383.69< / >< / > 瑞穗金融集团 (Mizuho Financial Group)< / > 8668.00< / > 222.00< / > 8963.00< / > 4569.00< / > 1.73< / > 17.24< / > 21147.47< / >< / > 任天堂 (Nintendo)< / > 7142.00< / > -107.00< / > 14503.00< / > 6544.00< / > 2.09< / > 21.14< / > 9985.97< / >< / > NTT< / > 170.00< / > 0.10< / > 160.10< / > 142.60< / > 3.18< / > 12.46< / > 15365.55< / >< / > Recruit

Holdings< / > 1605.00< / > -50.00< / > 18215.00< / > 6040.00< / > 0.16< / > 47.56< / > 24458.11< / > |

Naspers N< / > 706.04< / > 10.53< / > 131.14< / > 689.12< / > 0.73< / > 83.69< / > 525.95< / >< / > | 西班牙 (EUR)< / >< / > 桑坦德银行 (Banco Santander)< / > 12.34< / > 0.53< / > 13.12< / > 8.10< / > 1.65< / > 13.56< / > 179.66< / >< / > BBVA Spor< / > 24.00< / > 0.27< / > 25.57< / > 15.39< / > 3.27< / > 92.31< / > 132.26< / >< / > CaixaBank< / > 12.22< / > 0.18< / > 13.55< / > 8.57< / > 3.31< / > 35.94< / > 85.25< / >< / > Berdrolsa SA< / > 21.00< / > 0.18< / > 22.08< / > 16.09< / > 2.92< / > 38.04< / > 140.14< / >< / > NxtEx< / > 53.00< / > -0.24< / > 59.42< / > 46.07< / > 2.67< / > 120.18< / > 165.18< / >< / > | 瑞典 (SEK)< / >< / > 阿特拉斯·科普柯 A (Atlas Copco A)< / > 208.80< / > -1.00< / > 212.30< / > 149.45< / > 1.44< / > 38.45< / > 701.06< / >< / > 阿特拉斯·科普柯 B (Atlas Copco B)< / > 180.35< / > -0.25< / > 185.20< / > 134.00< / > 1.66< / > 33.21< / > 281.50< / >< / > EQT< / > 283.40< / > -0.50< / > 383.00< / > 258.00< / > 1.76< / > 457.83< / > 370.39< / >< / > Investor B< / > 403.80< / > -1.25< / > 426.80< / > 301.20< / > 1.39< / > 7.85< / > 735.70< / >< / > 沃尔沃 B (Volvo B)< / > 312.60< / > -2.20< / > 374.50< / > 244.90< / > 4.16< / > 18.45< / > 497.88< / >< / > | 瑞士

(CHF)< / >< / > ABB< / > 81.70< / > -0.20< / > 89.14< / > 53.78< / > 1.15< / > 31.54< / > 148.95< / >< / > 爱尔康 (Alcon)< / > 53.08< / > 0.24< / > 68.34< / > 47.80< / > 0.53< / > 51.04< / > 26.52< / >< / > Civian Farmers Richmond< / > 174.65< / > 1.80< / > 202.20< / > 127.20< / > 1.89< / > 37.25< / > 93.89< / >< / > Gravisden< / > 3381.00< / > 21.00< / > 3592.00< / > 2566.00< / > 2.13< / > 37.98< / > 31.22< / >< / > 豪瑞 (Holcim)< / > 64.94< / > 0.28< / > 82.54< / > 60.10< / > 2.92< / > 20.17< / > 36.81< / >< / > Lorsa

Group | 574.80< / > 9.20< / > 597.80< / > 454.60< / > 0.87< / > 64.37< / > 40.37< / > | Nestle< / > 74.48< / > -0.30< / > 87.09< / > 70.29< / > 4.16< / > 21.22< / > 191.90< / >< / > NestleFinl< / > 116.48< / > 0.14< / > 132.68< / > 97.05< / > 3.19< / > 38.19< / > 237.02< / >< / > Roche Holding< / > 358.00< / > 2.20< / > 383.00< / > 270.80< / > 2.74< / > 18.13< / > 38.20< / >< / > Roche Holding Pref< / > 348.90< / > 3.20< / > 375.80< / > 291.00< / > 2.81< / > 21.56< / > 245.12< / >< / > Sika< / > 175.00< / > -8.80< / > 197.60< / > 120.35< / > 2.11< / > 26.92< / > 28.08< / >< / > Swiss Re< / > 141.40< / > -0.05< / > 153.85< / > 114.05< / > 4.46< / > 10.84< / > 42.24< / >< / > UBS

Group< / > 40.03< / > 0.50< / > 45.04< / > 28.25< / > 2.14< / > 20.42< / > 131.21< / >< / > Zurich Insurance Group< / > 574.00< / > 1.60< / > 626.00< / > 521.00< / > 5.23< / > 17.95< / > 86.80< / > |

Hon Hai Precision< / > 254.00< / > 3.00< / > 314.00< / > 187.50< / > 2.82< / > 18.66< / > 3575.24< / >< / > MediaTek< / > 5165.00< / > 215.00< / > 5480.00< / > 1130.00< / > 1.04< / > 78.07< / > 8289.58< / >< / > Taiwan Semicon Mfg< / > 2575.00< / > 75.00< / > 2535.00< / > 1365.00< / > 1.01< / > 38.86< / > 66775.85< / >< / > | 阿拉伯联合酋长国 (AED)< / > | Gilead Kingdom (GBP)< / >< / > 3i Group Plc< / > 23.89< / > -0.23< / > 44.97< / > 18.25< / > 3.54< / > 4.43< / > 24.44< / >< / > AstraZeneca< / > 119.58< / > 1.94< / > 157.32< / > 98.92< / > 2.00< / > 24.06< / > 185.47< / >< / > BAS Systems< / > 18.55< / > -0.79< / > 23.60< / > 15.29< / > 2.04< / > 26.96< / > 55.66< / >< / > Barclays< / > 4.47< / > 0.01< / > 5.54< / > 3.54< / > 2.57< / > 10.21< / > 59.79< / >< / > BP< / > 5.61< / > -0.02< / > 6.09< / > 3.99< / > 4.47< / > < / > 88.09< / >< / > British Amer Tobacco< / > 39.99< / > 0.21< / > 53.26< / > 36.77< / > 6.13< / > 11.39< / > 86.27< / >< / > Compass

Group< / > 22.59< / > 0.18< / > 25.81< / > 20.00< / > 2.25< / > 27.25< / > 38.42< / >< / > Diageo< / > 16.04< / > 0.28< / > 19.04< / > 12.96< / > 2.35< / > 27.26< / > 35.72< / >< / > Experian< / > 25.03< / > 0.37< / > 37.07< / > 22.03< / > 2.07< / > 20.20< / > 22.04< / >< / > Glencore< / > 5.74< / > 0.04< / > 7.07< / > 3.32< / > 2.23< / > < / > 67.27< / > |

大宗商品

股票< / > 价格< / > | + / -涨跌< / > 最高< / > 最低< / > 收益率< / > 市盈率< / > 市值 (十亿)< / >< / > GSX< / > 17.66< / > 0.07< / > 22.82< / > 15.92< / > 3.96< / > 12.51< / > 76.20< / > < / >< / > Haleon< / > 3.34< / > 0.03< / > 4.16< / > 3.18< / > 2.19< / > 17.96< / > 29.38< / > < / >< / > HSBC Holdings< / > 14.72< / > 0.13< / > 16.10< / > 9.59< / > 3.78< / > 16.15< / > 252.26< / > < / >< / > Lloyds Banking Group< / > 1.06< / > 0.02< / > 1.18< / > 0.82< / > 3.79< / > 15.10< / > 60.80< / > < / >< / > London Stock Exchange Grp< / > 83.86< / > 1.46< / > 101.40< / > 66.84< / > 1.88< / > 35.18< / > 40.44< / > < / >< / > National

Grid | 11.51< / > 0.03< / > 14.29< / > 10.70< / > 4.21< / > 17.57< / > 57.86< / > < / > | NatWest Group< / > 6.68< / > 0.05< / > 7.26< / > 5.04< / > 5.24< / > 12.49< / > 53.02< / > < / >< / > Reckitt Benckiser Group< / > 49.77< / > 0.88< / > 65.23< / > 36.64< / > 4.35< / > 10.63< / > 31.54< / > < / >< / > RELX< / > 25.71< / > 0.35< / > 35.39< / > 19.91< / > 2.68< / > 22.83< / > 44.81< / > < / >< / > Rio Tinto< / > 71.64< / > -0.19< / > 91.17< / > 48.99< / > 4.86< / > 15.50< / > 89.92< / > < / >< / > Rolls-Royce

Holdings< / > 14.38< / > -0.40< / > 15.86< / > 9.90< / > 0.76< / > 20.72< / > 119.36< / > < / >< / > Shell< / > 36.51< / > 0.20< / > 37.59< / > 25.54< / > 3.09< / > 16.00< / > 208.98< / > < / >< / > Unilever< / > 45.69< / > 0.69< / > 55.42< / > 36.44< / > 3.61< / > 12.45< / > 98.43< / > < / > | 利率：官方< / >< / > < / > 利率类型< / > 当前< / > 生效日期< / > 上次< / >< / > 美国< / > 联邦基金利率< / > 3.75-4.00< / > 16-09-2026< / > 3.50-3.75< / >< / > 美国< / > 最优惠利率< / > 7.00< / > 16-09-2026< / > 6.75< / >< / > 美国< / > 贴现率< / > 4.00< / > 16-09-2026< / > 3.75< / >< / > 欧元< / > 回购利率< / > 2.65< / > 16-09-2026< / > 2.40< / >< / > 英国< / > 回购利率< / > 3.75< / > 18-12-2025< / > 4.00< / >< / > 日本< / > 隔夜拆借利率< / > 1.25< / > 18-09-2026< / > 1.00< / >< / > 瑞士< / > 瑞士国家银行 (SNB)< / > 0.00< / > 19-06-2025< / > 0.25< / > | 利率固定于英国时间上午11点。

债券：十年期政府债券利差

Am Holdings< / > 302.90< / > -4.59< / > 452.70< / > 100.02< / > 0.00< / > 356.35< / > 322.29< / >< / > | 美国 (USD)< / >< / > 3M Co< / > 163.19< / > 1.30< / > 184.90< / > 139.34< / > 1.91< / > 28.78< / > 84.16< / >< / > Abbott Laboratories< / > 100.10< / > 2.60< / > 135.37< / > 81.97< / > 2.52< / > 32.29< / > 173.21< / >< / > AbbVie< / > 265.76< / > 2.94< / > 269.39< / > 190.75< / > 2.60< / > 75.07< / > 469.63< / >< / > Accenture Plc

A< / > 195.05< / > -3.85< / > 291.09< / > 118.15< / > 3.51< / > 15.44< / > 119.36< / >< / > Adobe< / > 238.78< / > 1.09< / > 363.70< / > 190.12< / > 0.00< / > 13.32< / > 92.94< / >< / > Aflac< / > 112.38< / > 0.84< / > 130.22< / > 105.43< / > 2.17< / > 12.07< / > 56.34< / >< / > Air Products & Chemicals< / > 279.45< / > 1.88< / > 314.87< / > 229.11< / > 2.59< / > 29.45< / > 62.23< / >< / > Autiva A< / > 164.07< / > 1.64< / > 193.45< / > 110.81< / > 0.00< / > 43.75< / > 68.83< / >< / > Alphabet A< / > 346.47< / > 2.97< / > 406.61< / > 235.84< / > 0.25< / > 17.19< / > 2033.09< / >< / > Alphabet C< / > 343.83< / > 3.48< / > 404.47< / > 236.69< / > 0.26< / > 17.06< / > 1900.35< / >< / > Altia

Group | 67.88< / > 0.53< / > 77.06< / > 54.70< / > 5.54< / > 14.17< / > 113.34< / > | Amazon.com< / > 251.40< / > 0.12< / > 287.20< / > 196.00< / > 0.00< / > 19.94< / > 2711.68< / >< / > AMZN< / > 631.75< / > 2.16< / > 645.46< / > 163.14< / > 0.00< / > 159.13< / > 1021.32< / >< / > American Electric< / > 100.87< / > 0.24< / > 107.58< / > 75.53< / > 3.17< / > 20.57< / > 65.18< / >< / > American Express< / > 304.94< / > 1.24< / > 387.65< / > 298.03< / > 0.67< / > 12.73< / > 118.65< / >< / > American International< / > 75.12< / > 0.19< / > 87.29< / > 71.25< / > 2.66< / > 13.58< / > 39.28< / >< / > American Tower< / > 162.26< / > 0.06< / > 196.08< / > 106.08< / > 4.36< / > 22.26< / > 75.61< / >< / > Ameriprise Financial< / > 494.94< / > 4.03< / > 572.56< / > 422.37< / > 1.37< / > 11.79< / > 43.72< / >< / > AMETEK Inc< / > 251.92< / > 0.01< / > 261.16< / > 179.24< / > 0.54< / > 36.72< / > 57.76< / >< / > Avang< / > 402.98< / > 0.06< / > 447.03< / > 288.00< / > 2.50< / > 24.84< / > 217.86< / >< / > Amphend A< / > 87.27< / > 0.31< / > 178.52< / > 76.74< / > 0.57< / > 41.56< / > 215.20< / >< / > Analog Devices< / > 419.10< / > 1.95< / > 445.91< / > 223.47< / > 1.05< / > 49.48< / > 203.08< / >< / > Asn Plc A< / > 272.05< / > 2.60< / > 382.34< / > 268.90< / > 1.21< / > 14.93< / > 57.71< / >< / > Apollo Global Mgmt< / > 115.35< / > 1.33< / > 153.29< / > 99.56< / > 1.95< / > 40.62< / > 68.12< / >< / > Apple< / > 332.89< / > 0.80< / > 345.34< / > 243.42< / > 0.32< / > 38.00< / > 4858.26< / >< / > Applied Materials Inc< / > 543.28< / > 2.24< / > 733.67< / > 303.40< / > 0.39< / > 46.43< / > 430.35< / >< / > Agilent A< / > 281.97< / > 13.75< / > 738.01< / > 268.84< / > 0.00< / > 21.59< / > 85.84< / >< / > Aree Management< / > 117.13< / > 0.42< / > 161.19< / > 95.80< / > 4.61< / > 53.73< / > 26.23< / >< / > Arthur J. Gallagher< / > 227.24< / > 1.13< / > 313.55< / > 190.75< / > 1.23< / > 37.25< / > 58.24< / >< / > AT&T< / > 24.24< / > 0.06< / > 29.43< / > 19.89< / > 4.58< / > 8.00< / > 166.10< / >< / > Atlassian Corp A< / > 196.65< / > 8.76< / > 200.00< / > 56.01< / > 0.00< / > 896.43< / > 31.27< / >< / > Autodesk< / > 221.56< / > 9.56< / > 326.20< / > 185.50< / > 0.00< / > 28.51< / > 46.31< / >< / > Auto Data Processing< / > 260.26< / > 2.58< / > 293.51< / > 188.16< / > 2.61< / > 23.72< / > 103.13< / >< / > AutoZone< / > 2807.73< / > 15.70< / > 4522.54< / > 2756.13< / > 0.00< / > 18.83< / > 45.84< / >< / > Baker Hughes A< / > 57.38< / > 1.38< / > 70.41< / > 43.92< / > 1.60< / > 18.22< / > 56.96< / >< / > Bank of New York Mellon< / > 143.75< / > 1.65< / > 165.84< / > 103.11< / > 1.75< / > 16.60< / > 97.53< / >< / > Becton Dickinson< / > 180.67< / > 3.87< / > 213.08< / > 140.11< / > 2.32< / > 31.15< / > 49.21< / >< / > Berkshire Hathaway A< / > 75670.00< / > 158.00< / > 86910.81< / > 68800.00< / > 0.00< / > 94.98< / > 392.90< / >< / > Berkshire Hathaway B< / > 594.26< / > 1.61< / > 537.74< / > 464.01< / > 0.00< / > 94.44< / > 705.11< / >< / > BlackRock [...OMITTED...]

Finance | 1066.45< / > 6.82< / > 2121.94< / > 917.39< / > 2.15< / > 25.16< / > 165.16< / > | 黑石集团 (Blackstone)< / > 111.65< / > -0.10< / > 170.00< / > 101.73< / > 2.97< / > 24.98< / > 83.81< / >< / > 黑石集团 A (Blackstone A)< / > 76.23< / > -0.14< / > 89.32< / > 68.92< / > 1.13< / > 131.43< / > 68.23< / >< / > 波音 (Boeing)< / > 192.72< / > -0.84< / > 254.22< / > 178.77< / > 0.00< / > 15.02< / > 100.00< / >< / > BoEck Corp< / > 54.00< / > 0.25< / > 65.22< / > 46.12< / > 2.37< / > 12.27< / > 377.61< / >< / > Booking Holdings< / > 158.33< / > -0.69< / > 5624.89< / > 150.14< / > 1.04< / > 17.50< / > 118.97< / >< / > 波士顿

Scientific< / > 42.40< / > -0.20< / > 105.65< / > 41.94< / > 0.00< / > 17.03< / > 61.45< / >< / > 百时美施贵宝 (Bristol Myers Squibb)< / > 58.81< / > -2.34< / > 68.64< / > 42.52< / > 4.28< / > 12.90< / > 120.13< / >< / > 博通 (Broadcom)< / > 362.51< / > 7.37< / > 495.00< / > 289.96< / > 0.72< / > 44.92< / > 1730.49< / >< / > 楷登电子 (Cadence Design Systems)< / > 353.48< / > 2.13< / > 416.69< / > 262.75< / > 0.00< / > 69.86< / > 97.35< / >< / > 第一资本金融 (Capital One Financial)< / > 195.14< / > 0.42< / > 258.63< / > 174.24< / > 1.64< / > 10.75< / > 119.72< / >< / > 开利全球 (Carrier Global)< / > 55.73< / > 0.61< / > 76.76< / > 50.24< / > 1.72< / > 39.25< / > 45.94< / >< / > Cavana

A< / > 63.72< / > -0.05< / > 466.89< / > 56.12< / > 0.00< / > 28.57< / > 45.87< / >< / > Carepiral< / > 848.14< / > 2.72< / > 1073.46< / > 483.55< / > 0.77< / > 36.34< / > 389.87< / >< / > CBRE Group A< / > 129.40< / > -0.18< / > 174.27< / > 121.69< / > 0.00< / > 33.35< / > 37.47< / >< / > Cencora< / > 314.93< / > 5.88< / > 377.54< / > 244.82< / > 0.76< / > 23.28< / > 60.10< / >< / > 特许通信 A (Charter Comms A)< / > 107.77< / > -1.52< / > 284.60< / > 108.30< / > 0.00< / > 2.77< / > 12.35< / >< / > 切尼尔能源 (Cheniere Energy)< / > 274.66< / > -0.84< / > 349.98< / > 247.86< / > 0.00< / > 18.89< / > 48.85< / >< / > Chipotle mexican

Engl< / > 206.47< / > -0.22< / > 217.78< / > 146.49< / > 3.45< / > 19.81< / > 407.94< / >< / > Chipotle Mexican Grill< / > 30.85< / > -1.51< / > 42.81< / > 28.04< / > 0.00< / > 28.30< / > 39.04< / >< / > 处罚保险 (Chubb)< / > 330.49< / > -0.40< / > 365.91< / > 265.30< / > 1.23< / > 92.57< / > 127.50< / >< / > Cintas< / > 195.40< / > 2.38< / > 219.16< / > 161.16< / > 1.06< / > 39.32< / > 78.30< / >< / > 思科系统 (Cisco Systems)< / > 112.82< / > 0.62< / > 130.37< / > 66.81< / > 1.49< / > 33.58< / > 444.80< / >< / > 花旗集团 (Citigroup)< / > 128.55< / > 0.05< / > 147.96< / > 93.66< / > 2.08< / > 18.08< / > 215.63< / >< / > Cloudflare Inc

A< / > 359.49< / > 10.42< / > 367.43< / > 158.83< / > 0.00< / > 619.81< / > 115.98< / >< / > 芝商所 A (CME Group A)< / > 270.03< / > 6.89< / > 329.16< / > 218.31< / > 4.18< / > 22.79< / > 97.10< / >< / > Cognizant Tech Sci A< / > 58.17< / > -0.34< / > 87.03< / > 37.08< / > 2.22< / > 12.43< / > 26.20< / >< / > Coinbase Global A< / > 188.22< / > 5.22< / > 402.16< / > 139.11< / > 0.00< / > 48.64< / > 41.94< / >< / > 高露洁-棕榈油 (Colgate-Palmolive)< / > 86.19< / > 1.93< / > 95.33< / > 74.55< / > 2.46< / > 33.93< / > 68.71< / >< / > 康卡斯特 (Comcast)

A | 21.57< / > < / > 32.85< / > 21.28< / > 6.12< / > 6.89< / > 76.34< / > | ConocoPhillips< / > 128.40< / > 1.65< / > 141.62< / > 85.57< / > 2.82< / > 16.98< / > 154.25< / >< / > Constellation Energy< / > 267.62< / > 10.13< / > 412.70< / > 228.63< / > 0.64< / > 26.13< / > 94.82< / >< / > Constellation S< / > 27.85< / > 0.43< / > 45.89< / > 26.74< / > 0.00< / > 17.72< / > 25.61< / >< / > Enbridge A< / > 159.37< / > -4.82< / > 277.18< / > 77.39< / > 0.70< / > 71.79< / > 137.28< / >< / > Corteva< / > 12.39< / > 0.47< / > 90.97< / > 11.84< / > 5.81< / > 14.11< / > 8.27< / >< / > Costco Wholesale< / > 923.52< / > 2.87< / > 1096.50< / > 844.06< / > 0.64< / > 46.38< / > 408.37< / >< / > Coupons

A< / > 14.20< / > 0.42< / > 32.96< / > 13.35< / > 0.00< / > 33.02< / > 23.28< / >< / > CrownA< / > 82.65< / > 0.71< / > 131.55< / > 80.81< / > 1.89< / > 16.30< / > 54.99< / >< / > CrowdStrike Holdings A< / > 272.67< / > 2.63< / > 786.00< / > 174.14< / > 0.00< / > 6816.75< / > 279.20< / > |

>3.98< / > 0.50< / > -1.29< / >< / > 法国< / > 4.64< / > 1.16< / > -0.63< / > 瑞典< / > 3.09< / > -0.39< / > -2.18< / >< / > 德国< / > 3.48< / > 0.00< / > -1.79< / > 英国< / > 5.32< / > 1.84< / > 0.05< / >< / > 爱尔兰< / > 3.52< / > 0.04< / > -1.75< / > 美国< / > 5.27< / > 1.79< / > 0.00< / > |

所列价格仅供参考，且在发布时被认为是准确的。洲际交易所（ICE）或金融时报（FT）未做出任何要约。金融时报不保证该信息的可靠性或完整性。金融时报不承担且不对因依赖或使用该信息而产生的任何损失负责。如需进一步信息，请联系 newspapers@ice.com

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📄 Original Section

MARKET DATA

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数据由 ICE 提供。www.ice.com

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© 2026 Tradeweb Markets LLC. 保留所有权利。本文件中包含的 Tradeweb FTSE Gilt 收盘价信息为 Tradeweb 的专有财产；不得复制或重新分发；不保证其准确性、完整性或及时性；且不构成投资建议。Tradeweb 对因使用此信息而可能导致的任何损失或损害不承担责任。

贵金属 | 黄金< / > 4164.00< / > 29.20< / >< / > 白银 ($)< / > 61.30< / > 0.26< / >< / > 铂金< / > 1702.73< / > -13.77< / >< / > 钯金< / > 1173.81< / > -0.74< / >< / > 铁矿石< / > 91.10< / > -0.18< / > | 大宗商品< / >< / > 波罗的海干散货指数< / > 3002.00< / > -68.00< / >< / > Richards ICE 期货< / > 127.10< / > -0.40< / > |

债券：全球投资级

能源< / > 价格< / > 涨跌< / >< / > 布伦特原油< / > 99.15< / > -2.42< / >< / > 天然气< / > 3.10< / > 0.03< / >< / > 轻质原油< / > 88.71< / > -0.72< / >< / > 3.5 燃料油< / > 561.12< / > -2.75< / >< / > 欧洲石脑油< / > 850.94< / > -3.63< / > |

Tradeweb

| 基本金属< / >< / > 铝< / > 3135.50< / > 8.50< / >< / > 铜< / > 14420.50< / > 0.50< / >< / > 铅< / > 1873.50< / > -2.00< / >< / > 镍< / > 15680.00< / > -34.00< / >< / > 锡< / > 54185.00< / > -129.00< / >< / > 锌< / > 3768.50< / > 25.00< / > |

< rowspan="2">股票< / >< rowspan="2">价格+涨跌< / > | 52周< / >< rowspan="2">市盈率< / >< rowspan="2">市值< / >< / > 最高< / > 最低< / > 收益率< / > 市盈率< / >< / > ONEOK< / > 88.58< / > < / > 4.83< / > < / > 15.25< / > 55.84< / >< / > Oracle< / > 142.48< / > 0.18< / > 322.54< / > 114.50< / > 1.40< / > 21.99< / > 430.82< / >< / > O’Hilly Automotive< / > 83.90< / > -1.00< / > 105.36< / > 82.59< / > 0.00< / > 26.55< / > 67.87< / >< / > Old Worldwide< / > 145.89< / > 1.33< / > 105.36< / > 82.59< / > 0.00< / > 26.55< / > 67.87< / >< / > Parker-Hannifin< / > 975.68< / > 1.03< / > 167.25< / > 137.62< / > 2.98< / > 21.62< / > 339.97< / >< / > PACCAR< / > 109.36< / > -0.32< / > 139.24< / > 92.25< / > 1.29< / > 22.97< / > 57.56< / >< / > Palantir Technologies A< / > 189.40< / > 0.65< / > 207.52< / > 106.37< / > 0.00< / > 149.13< / > 435.76< / >< / > Palo Alto Networks< / > 406.76< / > 3.52< / > 409.50< / > 139.57< / > 0.00< / > 992.10< / > 332.73< / >< / > Paycom< / > 99.78< / > 0.84< / > 129.24< / > 85.45< / > 4.77< / > 19.80< / > 35.52< / >< / > PayPal Holdings< / > 54.41< / > 1.61< / > 79.22< / > 38.46< / > 1.03< / > 10.21< / > 46.55< / >< / > PepsiCo< / > 125.65< / > -0.24< / > 171.48< / > 125.16< / > 4.71< / > 16.45< / > 171.50< / >< / > Pfizer< / > 27.41< / > -0.39< / > 29.21< / > 23.62< / > 6.28< / > 35.60< / > 156.23< / >< / > Philip Morris Intl< / > 189.53< / > 2.07< / > 207.76< / > 142.11< / > 3.38< / > 27.23< / > 295.40< / >< / > Phillips 66< / > 269.72< / > 5.14< / > 277.12< / > 126.74< / > 1.88< / > 15.34< / > 107.62< / >< / > PNC Financial Services< / >

Gp | 220.28< / > -0.75< / > 258.96< / > 176.88< / > 3.63< / > 12.12< / > 87.88< / > | Progressive< / > 212.82< / > 2.31< / > 247.49< / > 189.20< / > 0.19< / > 10.64< / > 123.55< / >< / > Prologis Inc< / > 128.08< / > -0.83< / > 153.35< / > 111.03< / > 3.34< / > 28.34< / > 121.72< / >< / > Prudential Financial< / > 113.48< / > 0.88< / > 127.72< / > 91.89< / > 4.93< / > 10.23< / > 39.15< / >< / > Public Storage< / > 261.66< / > -2.15< / > 335.55< / > 256.54< / > 4.26< / > 26.77< / > 52.63< / >< / > QUALCOMM< / > 180.79< / > -0.89< / > 259.47< / > 141.44< / > 0.97< / > 14.47< / > 109.00< / >< / > 默克公司 (Merck & Company)< / > 53.77< / > -0.36< / > 67.94< / > 53.33< / > 6.06< / > 38.25< / > 50.88< / >< / > 再生元制药 (Regeneron Pharma)< / > 726.47< / > -8.73< / > 859.34< / > 541.00< / > 0.52< / > 17.35< / > 73.47< / >< / > Republic Services< / > 212.83< / > 3.27< / > 233.42< / > 196.41< / > 1.26< / > 30.15< / > 65.17< / >< / > Robinhood Markets A< / > 114.11< / > 1.37< / > 153.86< / > 63.52< / > 0.00< / > 49.40< / > 90.22< / >< / > Rubisco A< / > 44.58< / > 0.46< / > 141.95< / > 33.88< / > 0.00< / > 31.62< / > 29.87< / >< / > Roper Technologies< / > 363.38< / > 9.06< / > 521.28< / > 305.96< / > 1.00< / > 15.08< / > 35.94< / >< / > Ross ceNow< / > 136.08< / > 1.70< / > 864.83< / > 81.24< / > 0.00< / > 80.52< / > 140.71< / >< / > Simon Property Group< / > 201.40< / > 0.45< / > 238.50< / > 172.19< / > 4.47< / > 14.21< / > 65.16< / >< / > Snowflake A< / > 338.99< / > -2.05< / > 394.56< / > 118.00< / > 0.00< / > 110.06< / > 119.60< / >< / > Sonicsson< / > 100.00< / > -0.00< / > 90.88< / > 60.00< / > 0.00< / > 100.00< / >< / > Southern Co< / > 83.79< / > 0.07< / > 100.83< / > 81.69< / > 3.63< / > 20.09< / > 96.39< / >< / > Southern Copper< / > 205.29< / > -0.25< / > 223.88< / > 119.25< / > 1.93< / > 30.82< / > 173.34< / >< / > Spotify Technology< / > 483.05< / > 10.16< / > 708.55< / > 405.00< / > 0.00< / > 216.61< / > 99.45< / >< / > 星巴克公司 (Starbucks Corp)< / > 94.43< / > -0.28< / > 110.51< / > 77.99< / > 2.63< / > 54.58< / > 107.65< / >< / > Strategy A< / > 164.43< / > 4.42< / > 365.21< / > 81.81< / > 0.00< / > 1.66< / > 59.95< / >< / > Stryker< / > 285.22< / > 9.79< / > 392.55< / > 267.00< / > 1.23< / > 29.31< / > 109.40< / >< / > Synopsys< / > 488.47< / > -1.43< / > 539.48< / > 362.55< / > 0.00< / > 84.66< / > 93.61< / >< / > Targa Resources< / > 287.40< / > 5.66< / > 307.94< / > 144.14< / > 1.74< / > 27.40< / > 61.63< / >< / > Target< / > 152.99< / > -3.01< / > 170.75< / > 83.44< / > 3.03< / > 15.80< / > 69.50< / >< / > TE

Connectivity | 218.93< / > -1.43< / > 252.56< / > 190.27< / > 1.43< / > 21.30< / > 63.38< / > | 特斯拉 (Tesla)< / > 378.73< / > 8.14< / > 498.83< / > 297.38< / > 0.00< / > 320.96< / > 1455.81< / >< / > 德州仪器 (Texas Instruments)< / > 294.90< / > 1.10< / > 334.03< / > 152.73< / > 2.06< / > 44.61< / > 269.32< / >< / > Allstate< / > 224.71< / > 0.97< / > 277.22< / > 188.08< / > 1.92< / > 4.44< / > 56.82< / >< / > 嘉信理财 (The Charles Schwab)< / > 97.96< / > 1.26< / > 114.53< / > 83.86< / > 1.31< / > 17.75< / > 169.41< / >< / > 信诺集团 (The Cigna Group)< / > 271.29< / > 0.76< / > 315.47< / > 239.51< / > 2.30< / > 11.42< / > 71.69< / >< / > 可口可乐 (The Coca-Cola)< / > 66.51< / > 0.86< / > 92.49< / > 65.94< / > 2.45< / > 25.98< / > 372.21< / >< / > 克罗格 (The Kroger)< / > 78.78< / > -0.07< / > 94.88< / > 67.80< / > 1.78< / > 17.94< / > 109.00< / >< / > Thomson*Williams*< / > 318.45< / > -1.05< / > 377.77< / > 289.86< / > 1.00< / > 29.11< / > 77.31< / >< / > TJX公司 (The TJX Cos)< / > 134.41< / > 1.73< / > 170.00< / > 122.78< / > 1.43< / > 24.57< / > 147.85< / >< / > 威廉姆斯公司 (The Williams Cos)< / > 70.81< / > 0.27< / > 80.08< / > 56.19< / > 2.97< / > 28.21< / > 86.61< / >< / > 赛默飞世尔科技 (Thermo Fisher Scientific)< / > 676.76< / > 21.96< / > 683.63< / > 435.27< / > 0.28< / > 36.37< / > 250.23< / >< / > T-Mobile US< / > 164.64< / > 1.00< / > 231.02< / > 160.81< / > 2.57< / > 17.19< / > 176.60< / >< / > Trade Engines< / > 470.76< / > 6.85< / > 508.57< / > 348.06< / > 0.89< / > 35.69< / > 103.58< / >< / > TransDigm Group< / > 1092.66< / > 2.28< / > 1463.03< / > 1071.25< / > 0.00< / > 33.14< / > 60.40< / >< / > Travelers< / > 360.70< / > 0.32< / > 398.69< / > 252.26< / > 1.39< / > 9.55< / > 75.23< / >< / > Truist Financial< / > 46.33< / > -0.12< / > 56.20< / > 40.78< / > 4.49< / > 10.51< / > 56.60< / >< / > 优步科技 (Uber Technologies)< / > 69.48< / > 1.37< / > 101.30< / > 65.41< / > 0.00< / > 15.04< / > 141.92< / >< / > 联合太平洋 (Union Pacific)< / > 277.06< / > -1.22< / > 315.99< / > 215.53< / > 2.05< / > 23.09< / > 164.59< / >< / > 联合包裹服务 B (United Parcel Service B)< / > 93.14< / > 0.12< / > 122.41< / > 82.00< / > 7.04< / > 17.31< / > 68.79< / >< / > 联合租赁 (United Rentals)< / > 1074.28< / > -6.76< / > 1179.18< / > 701.59< / > 0.72< / > 25.78< / > 66.87< / >< / > 联合健康集团 (UnitedHealth Group)< / > 378.58< / > 6.68< / > 461.62< / > 255.97< / > 2.45< / > 24.27< / > 339.81< / >< / > 美国银行公司 (US Bancorp)< / > 57.27< / > -0.24< / > 66.08< / > 45.02< / > 3.77< / > 11.43< / > 89.23< / >< / > 瓦莱罗能源 (Valero Energy)< / > 419.33< / > 13.03< / > 419.04< / > 155.29< / > 1.14< / > 17.48< / > 120.74< / >< / > 威瑞森通信 (Verizon Communications)< / > 91.85< / > -0.07< / > 91.85< / > 61.90< / > 8.17< / > 11.94< / > 136.33< / >< / > Vermilion Media Group A< / > 31.02< / > 0.08< / > 59.00< / > 27.17< / > 4.84< / > 0.00< / > 4.31< / >< / > Vertex Pharmaceuticals< / > 503.50< / > -1.23< / > 560.25< / > 400.74< / > 0.00< / > 29.09< / > 127.62< / >< / > Visa A< / > 369.71< / > 9.05< / > 385.57< / > 289.89< / > 0.72< / > 31.41< / > 630.03< / >< / > Volvoa< / > 144.89< / > 4.87< / > 217.10< / > 132.66< / > 0.63< / > 24.15< / > 48.63< / >< / > 沃尔玛 (Walmart)< / > 105.07< / > 0.81< / > 135.16< / > 98.88< / > 0.94< / > 37.93< / > 833.60< / >< / > Walt

Disney | 103.61< / > 1.42< / > 117.09< / > 92.19< / > 1.45< / > 21.28< / > 178.90< / > | Waste Management< / > 206.66< / > 2.21< / > 248.13< / > 194.11< / > 1.83< / > 29.19< / > 82.61< / >< / > Wells Fargo< / > 81.44< / > 0.98< / > 97.76< / > 72.78< / > 2.46< / > 11.70< / > 246.27< / >< / > Welltower< / > 224.16< / > -3.55< / > 255.20< / > 163.75< / > 1.52< / > 97.46< / > 161.56< / >< / > Workday A< / > 188.96< / > 2.82< / > 247.40< / > 110.36< / > 0.00< / > 38.41< / > 37.04< / >< / > WW Grainger< / > 1266.84< / > 6.54< / > 1419.91< / > 906.52< / > 0.77< / > 32.75< / > 60.61< / >< / > Yum Brands< / > 136.97< / > 0.85< / > 170.14< / > 134.26< / > 2.19< / > 17.14< / > 37.38< / >< / > Zscelta A< / > 71.41< / > 1.72< / > 148.79< / > 68.77< / > 2.97< / > 11.65< / > 29.51< / > |

农业产品< / > 价格< / > 涨跌< / >< / > 玉米< / > 502.50< / > 5.25< / >< / > 小麦< / > 209.00< / > 2.75< / >< / > 油菜籽< / > 524.25< / > -13.25< / >< / > 向日葵籽< / > 10050.00< / > 114.00< / >< / > 大豆< / > 1293.25< / > 12.50< / >< / > 豆粕< / > 345.90< / > 1.20< / >< / > 可可 (ICE Liffe)< / > 4382.00< / > 143.00< / >< / > 可可 (ICE US)< / > 5710.00< / > -157.00< / >< / > 咖啡 (罗布斯塔)< / > 3492.00< / > 68.00< / >< / > 咖啡 (阿拉比卡)< / > 371.70< / > 15.70< / >< / > 白糖< / > 547.60< / > 16.10< / >< / > 糖 #11< / > 20.86< / > 0.13< / >< / > 棉花< / > 77.13< / > 1.98< / >< / > 橙汁< / > 149.00< / > 4.65< / >< / > 枫叶糖< / > 4136.83< / > 24.08< / >< / > 活牛< / > 219.70< / > 2.45< / >< / > 育肥牛< / > 337.15< / > 3.30< / >< / > 精瘦猪< / > 78.00< / > 0.15< / >< / > 棕榈油 (马来西亚)< / > 1128.50< / > -2.75< / > |

波动率指数

数据来源：能源：NYMEX。基本金属：LME / 伦敦金属交易所。玉米、小麦、大豆：CBOT。活牛、育肥牛、精瘦猪：CME。

< / > 到期日< / > 票息< / > 买入价< / > 买入收益率< / > 当日< / > 当周< / >< / > | 美元< / >< / > 摩根士丹利< / > 30 / 01< / > 4.00< / > 97.59< / > 4.57< / > 0.18< / > 0.36< / >< / > Trust Finl Corp< / > 28 / 06< / > 4.12< / > 99.38< / > 5.12< / > 0.00< / > 0.11< / >< / > National Rural< / > 32 / 11< / > 4.02< / > 91.08< / > 5.27< / > -0.10< / > 0.06< / >< / > Washington Gaslight Co< / > 36 / 03< / > 5.78< / > 97.97< / > 5.02< / > 0.00< / >< / > Northern States Power< / > 28 / 03< / > 8.13< / > 100.66< / > 5.05< / > 0.00< / >< / > Oklahoma Gas & Elec< / > 28 / 04< / > 6.50< / > 101.12< / > 4.58< / > -0.92< / >< / > | 欧元< / >< / > 德国< / > 25 / 08< / > 2.22< / > 88.60< / > 3.19< / > -0.08< / > 0.62< / >< / > 西班牙< / > 46 / 10< / > 2.88< / > 79.54< / > 4.45< / > 0.66< / > 0.63< / >< / > 比利时< / > 47 / 06< / > 1.50< / > 58.39< / > 4.82< / > 0.42< / > 0.96< / >< / > 法国< / > 48 / 05< / > 2.00< / > 59.08< / > 5.19< / > 0.81< / > 1.03< / >< / > | 英镑< / >< / > 英国< / > 46 / 12< / > 4.25< / > 81.21< / > 5.85< / > 0.43< / >< / > 英国< / > 47 / 07< / > 1.50< / > 47.61< / > 5.91< / > 0.33< / > |

债券：基准政府债券

| 10月06日< / > 当日涨跌< / > 前值< / > 52周最高< / > 52周最低< / > | VIX< / > 15.26< / > -0.26< / > 15.52< / > 35.30< / > 13.38< / >< / > VXD< / > 15.54< / > -0.28< / > 15.82< / > 42.71< / > 2.43< / >< / > VDAX< / > 17.20< / > -1.15< / > 18.35< / > 35.58< / > 13.53< / > |

< / > 到期日期< / > 票面利率< / > 买入价< / > 买入收益率< / > 当日收益率涨跌< / > 每周收益率涨跌< / > 每月收益率涨跌< / > 年度收益率涨跌< / >< / > < rowspan="2">澳大利亚< / > 06 / 54< / > 4.75< / > 84.65< / > 5.88< / > 0.06< / > 0.09< / > 0.21< / > 0.63< / >< / > 04 / 27< / > 4.75< / > 99.95< / > 4.85< / > 0.02< / > -0.04< / > 0.12< / > 1.47< / >< / > < rowspan="2">奥地利< / > 02 / 33< / > 2.88< / > 96.59< / > 3.51< / > 0.00< / > -0.13< / > 0.17< / > 0.63< / >< / > 10 / 53< / > 3.13< / > 85.14< / > 4.07< / > -0.01< / > -0.07< / > 0.03< / > 0.24< / >< / > 比利时< / > 06 / 54< / > 3.25< / > 76.06< / > 4.89< / > -0.05< / > -0.11< / > 0.23< / > 0.61< / >< / > < rowspan="2">加拿大< / > 06 / 27< / > 1.00< / > 98.95< / > 2.82< / > 0.00< / > 0.03< / > -0.18< / >< / > 12 / 55< / > 2.75< / > 74.51< / > 3.93< / > 0.00< / > 0.03< / > 0.13< / > 0.15< / >< / > < rowspan="2">丹麦< / > 11 / 33< / > 2.25< / > 94.07< / > 2.78< / > 0.00< / > 0.20< / >< / > 11 / 39< / > 4.50< / > 111.05< / > 3.44< / > -0.01< / > -0.10< / > 0.13< / > 0.51< / >< / > < rowspan="2">芬兰< / > 09 / 27< / > 0.50< / > 97.76< / > 2.94< / > 0.02< / > -0.17< / > 0.09< / > 0.80< / >< / > 09 / 33< / > 3.00< / > 96.17< / > 3.62< / > -0.02< / > -0.11< / > 0.21< / > 0.65< / >< / > < rowspan="2">法国< / > 05 / 54< / > 3.00< / > 67.57< / > 5.25< / > -0.09< / > -0.11< / > 0.35< / > 0.91< / >< / > 11 / 33< / > 3.50< / > 94.61< / > 4.39< / > -0.12< / > -0.06< / > -0.89< / > -0.35< / >< / > < rowspan="2">德国< / > 08 / 33< / > 2.60< / > 95.50< / > 3.34< / > -0.01< / > -0.17< / > 0.16< / > 0.63< / >< / > 08 / 53< / > 1.75< / > 65.70< / > 3.88< / > 0.00< / > -0.07< / > 0.07< / > 0.39< / >< / > < rowspan="2">希腊< / > 06 / 28< / > 3.88< / > 100.94< / > 3.29< / > -0.06< / > -0.16< / > 0.26< / > 0.85< / >< / > 06 / 33< / > 4.25< / > 100.32< / > 4.19< / > -0.06< / > 0.75< / > 0.43< / > 0.91< / >< / > 爱尔兰< / > 10 / 32< / > 0.35< / > 80.81< / > 4.00< / > -0.02< / > 0.46< / > 1.02< / > 1.37< / >< / > < rowspan="2">意大利< / > 12 / 27< / > 2.63< / > 99.28< / > 3.23< / > -0.03< / > -0.08< / > 0.25< / > 0.99< / >< / > 03 / 34< / > 4.13< / > 99.53< / > 4.29< / > -0.10< / > -0.09< / > 0.40< / > 0.98< / >< / > < rowspan="2">荷兰< / > 01 / 54< / > 2.00< / > 68.91< / > 3.86< / > -0.02< / > -0.09< / > 0.04< / > 0.28< / >< / > 07 / 33< / > 2.50< / > 94.45< / > 3.43< / > -0.02< / > -0.14< / > 0.18< / > 0.63< / >< / > < rowspan="2">波兰< / > 04 / 28< / > 2.75< / > 97.41< / > 4.51< / > -0.07< / > -0.28< / > 0.16< / > 0.67< / >< / > 10 / 33< / > 6.00< / > 99.81< / > 6.03< / > -0.05< / > -0.22< / > 0.20< / > 1.10< / >< / > 葡萄牙< / > 07 / 32< / > 1.63< / > 90.01< / > 3.57< / > -0.07< / > -0.13< / > 0.29< / > 0.79< / >< / > <

rowspan="2">西班牙 | 10 / 52< / > 1.88< / > 60.09< / > 4.54< / > -0.06< / > 0.17< / > 0.49< / > | 10 / 33< / > 3.50< / > 98.52< / > 3.78< / > -0.06< / > -0.11< / > 0.30< / > 0.73< / >< / > 瑞典< / > 11 / 33< / > 1.75< / > 96.30< / > 2.50< / > 0.00< / > -0.14< / >< / > 瑞士< / > 03 / 36< / > 2.50< / > 118.25< / > 0.32< / > 0.00< / > -0.02< / > -0.22< / > -0.82< / >< / > < rowspan="2">英国< / > 06 / 28< / > 0.00< / > 92.66< / > 4.68< / > -0.03< / > -0.08< / > 0.24< / > 0.91< / >< / > 10 / 53< / > 3.75< / > 70.83< / > 5.93< / > -0.04< / > -0.03< / > 0.14< / > 0.71< / >< / > < rowspan="2">美国< / > 11 / 33< / > 4.50< / > 96.13< / > 5.16< / > -0.07< / > -0.05< / > 0.50< / > 1.18< / >< / > 11 / 53< / > 4.75< / > 87.28< / > 5.67< / > -0.06< / > 0.01< / > 0.40< / > 0.84< / > |

英国国债 (GILTS)：英国现金市场

Oct 06< / > 价格< / > 收益率< / > 赎回收益率< / > 当日< / > 当周< / > 最高< / > 最低< / >< / > 1.25pc '27< / > 97.61< / > 1.28< / > 4.39< / > 0.02< / > 0.10< / > 97.71< / > 95.53< / >< / > 0.875pc '29< / > 89.12< / > 0.98< / > 4.76< / > 0.10< / > 0.33< / > 91.00< / > 0.01< / >< / > 1pc '32< / > 81.63< / > 1.23< / > 4.98< / > 0.17< / > 0.37< / > 85.07< / > 81.01< / >< / > 4.25pc '36< / > 92.14< / > 4.61< / > 5.32< / > 0.34< / > 0.31< / > 99.39< / > 91.30< / >< / > 4.5pc '42< / > 87.07< / > 5.17< / > 5.74< / > 0.46< / > 0.38< / > 96.45< / > 86.50< / >< / > 3.75pc '52< / > 71.78< / > 5.22< / > 5.89< / > 0.51< / > 0.33< / > 81.50< / > 70.80< / >< / > 4pc '60< / > 73.01< / > 5.48< / > 5.85< / > 0.59< / > 0.40< / > 83.52< / > 71.78< / > |

收盘价及最高 / 最低价以交易货币计价。市值以当地货币计价。最高 / 最低价基于滚动52周周期。

英国国债 (GILTS)：英国富时精算师指数 (UK FTSE ACTUARIES INDICES)

价格指数固定票息< / > Oct 6< / > 当日变动 %< / > 总回报< / > 月回报< / > 年回报< / > 收益率< / >< / > 5年以内< / > 84.57< / > 0.08< / > 2655.35< / > -0.17< / > 1.01< / > 4.75< / >< / > 5-10年< / > 141.88< / > 0.32< / > 3358.84< / > -1.07< / > -1.68< / > 5.18< / >< / > 10-15年< / > 139.87< / > 0.50< / > 3677.11< / > -1.29< / > -3.31< / > 5.56< / >< / > 5-15年< / > 139.67< / > 0.37< / > 3426.49< / > -1.14< / > -2.18< / > 5.33< / >< / > 15年以上< / > 162.93< / > 0.76< / > 3251.94< / > -1.03< / > -6.54< / > 5.83< / >< / > 所有股票< / > 124.19< / > 0.35< / > 3111.72< / > -0.74< / > -2.07< / > 5.52< / > |

指数挂钩 | 10月6日< / > 当日涨跌 %< / > 当月涨跌 %< / > 当年涨跌 %< / > 总回报< / > 1个月回报< / > 1年回报< / > | 5年及以下< / > 365.05< / > 0.03< / > 0.27< / > 2.76< / > 3185.76< / > 0.29< / > 3.59< / >< / > 5年以上< / > 467.48< / > 0.58< / > -0.35< / > -2.25< / > 3665.67< / > -0.17< / > -1.64< / >< / > 5-15年< / > 456.44< / > 0.30< / > -0.85< / > 0.79< / > 3835.75< / > -0.65< / > 1.55< / >< / > 15年以上< / > 466.73< / > 0.88< / > 0.18< / > -5.12< / > 3525.61< / > 0.34< / > -4.65< / >< / > 所有股票< / > 465.94< / > 0.46< / > -0.21< / > -1.24< / > 3729.01< / > -0.07< / > -0.59< / > |

收益率指数< / > 10月6日< / > 10月5日< / > 一年前< / >< / > 5年< / > 4.94< / > 4.98< / > 4.26< / >< / > 10年< / > 5.36< / > 5.41< / > 4.59< / >< / > 15年< / > 5.66< / > 5.71< / > 4.88< / >< / > 20年< / > 5.81< / > 5.86< / > 5.02< / >< / > 45年< / > 5.65< / > 5.71< / > 4.91< / > |

实际收益率（0%通胀）< / > 10月6日< / > 久期（年）< / > 前值< / > 一年前< / >< / > 5年及以下< / > 1.05< / > 2.60< / > 1.06< / > 0.73< / >< / > 5年以上< / > 2.36< / > 16.18< / > 2.39< / > 1.90< / >< / > 5-15年< / > 2.09< / > 9.45< / > 2.12< / > 1.61< / >< / > 15年以上< / > 2.47< / > 22.94< / > 2.51< / > 2.01< / >< / > 所有股票< / > 2.30< / > 13.28< / > 2.33< / > 1.86< / > |

实际收益率（5%通胀）< / > 10月6日< / > 久期（年）< / > 前值< / > 一年前< / >< / > 5年及以下< / > 0.80< / > 2.60< / > 0.81< / > 0.43< / >< / > 5年以上< / > 2.33< / > 16.18< / > 2.36< / > 1.88< / >< / > 5-15年< / > 2.03< / > 9.45< / > 2.06< / > 1.54< / >< / > 15年以上< / > 2.46< / > 22.94< / > 2.50< / > 2.00< / >< / > 所有股票< / > 2.26< / > 13.28< / > 2.30< / > 1.82< / > |

FT

金融时报

📄 Original Section

WORLD MARKETS AT A GLANCE

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能源来源

🌐 对照英文

利润。权力。政治。

工业通用 | Coats Group< / > 81.10< / > 0.30< / > 98.10< / > 73.15< / > 3.09< / > 18.22< / > 2198.71< / >< / > Macfarlane◆< / > 84.00< / > -< / > 93.80< / > 59.80< / > 4.36< / > 21.05< / > 175.54< / >< / > Smiths< / > 2847.00< / > 6.00< / > 2885.00< / > 2088.00< / > 1.70< / > 4.53< / > 741.30< / >< / > | 工业运输< / > |

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📄 Original Section

Change during previous day's trading (%)

FTSE EuroFirst

0.46% \$ per €

0.4238%

| Sep 04 - Oct 06 | Index | All World | Xetra Dax | Frankfurt |

Day $\rightarrow$ 0.54% Month $\searrow$ -3.27% Year $\nearrow$ 10.65% | Day | 0.47% | Month | 0.17% | Year | 7.57% | Bovespa | Sao Paulo | 185147.15 | 205711.78 |

Day $\rightarrow$ 0.40% Month $\searrow$ -1.18% Year $\searrow$ -1.29% | Country | Index | Latest | Previous | Australia | All Ordinaries | 8903.50 | 8659.20 | Australia | S&P ASX 200 | 8735.70 | 8686.40 | Australia | S&P ASX 200 Res | 7805.00 | 7739.80 | Austria | ATX | 6792.23 | 6746.05 | Belgium | BEL 20 | 5568.99 | 5498.96 | Belgium | BEL Mid | 6446.93 | 6389.39 | Brazil | Bovespa | 205711.78 | 206911.89 | Canada | S&P TSX 60 | 2101.94 | 2390.18 | Canada | S&P TSX Comp | 35721.47 | 35518.55 | Chile | SS&P/OLX IGPA GEN | 56930.02 | 56920.02 | China | China FSE A300 | 11022.05 | 11022.05 | China | China Shanghai-A | 4028.34 | 4028.34 | China | China Shanghai-B | 305.55 | 305.55 | China | China Shanghai Comp | 3842.19 | 3842.19 | China | Shenzhen-A | 2515.90 | 2515.90 | China | Shenzhen-B | 1161.63 | 1161.63 | Croatia | CROBEX | 4500.83 | 4481.85 | Cyprus | CSE M&P GEN | 317.94 | 316.97 |

Day ↗ 0.87% Month ↘ -1.77% Year ↗ 18.62%

Day ▷ -0.89% Month ▷ 3.80% Year ▷ 92.25%

Day → Closed Month ↗ -2.24% Year ↗ -2.33% | Country | Index | Latest | Previous | Czech Republic | Czech Republic PK | 2630.42 | 2837.96 | Denmark | DML-Cameroon 20 | 1927.68 | 1497.69 | Egypt | ESX 30 | 53298.18 | 53553.40 | Iceland | OMX Tallinn | 2228.58 | 2232.92 | Finland | OMX Helsinki General | 13746.36 | 13596.38 | France | French CAC40 | 7865.07 | 7634.10 | France | SBF 120 | 5968.63 | 5941.45 | Germany | M-DAX | 30543.27 | 30426.98 | Germany | Tec-Dax | 4099.22 | 4070.35 | Germany | XETRA-Dax | 25448.19 | 25254.21 | Greece | Athens | 2686.20 | 2639.95 | Greece | FTSE/ASIA | 6888.60 | 6768.74 | Hong Kong | Hang Seng | 24260.95 | 24040.34 | Hong Kong | HS China Enterprises | 8129.97 | 8051.67 | Hong Kong | HSCC Red Chip | 3988.64 | 3960.61 | Hungary | Bux | 143802.55 | 141872.44 | India | BSE Sensex | 73067.81 | 72382.47 | Indonesia | Jakarta Comp | 6192.93 | 6118.86 | ¥ per \$

0.0696% \$ per £

0.4236%

| Country | Index | Latest | Previous | Ireland | ISED Overall | 1440.50 | 14315.90 | Israel | Tel Aviv 125 | 4028.10 | 4063.58 | Italy | FTSE Italia All-Share | 53874.50 | 53385.40 | Italy | FTSE Italia Mid Cap | 6006.18 | 60034.83 | Italy | FTSE MIB | 51261.40 | 50818.38 | Japan | Nikkei 225 | 70603.98 | 69946.86 | Japan | Topix | 4183.56 | 4145.22 | Kuwait | KSK Market Index | 8900.83 | 8887.07 | Latvia | OMX Riga | 977.43 | 971.12 | Lithuania | OMX Virus | 1510.75 | 1513.35 | Luxembourg | Luxif | 1817.43 | 1817.43 | Mexico | IPC Mexico City | 65228.42 | 64975.08 | Malaysia | FTSE Bursa KLD | 1633.35 | 1631.75 | Morocco | MASI | 16882.55 | 17159.50 | Netherlands | AEX | 1128.33 | 1123.88 | Netherlands | AEX All Share | 1539.39 | 1538.56 | New Zealand | NZX 50 | 13700.12 | 13699.02 | Nigeria | SE All Share | 250273.50 | 250667.86 |

Day $\rightarrow$ 0.95% Month $\geq$ -4.51% Year $\geq$ -10.66% | Country | Index | Latest | Previous | Norway | Dilo All Share | 2466.54 | 2472.27 | Pakistan | KSE 100 | 188460.10 | 165867.32 | Philippines | Manila Comp | 5677.12 | 5743.21 | Poland | Wig | 159012.30 | 156543.51 | Portugal | PSI 20 | 9420.43 | 3554.24 | Portugal | PSI General | 6401.27 | 6356.31 | Romania | Romania BET Index | 33891.15 | 33647.05 | Russia | Russia Traded Index in USD | 988.10 | 988.10 | Saudi Arabia | TAHAR/OL All Share Index | 10588.95 | 10479.78 | Singapore | FTSE Strata Times | 5701.54 | 5664.33 | Slovakia | SAX | 321.28 | 320.00 | Slovenia | SBI TOP | 3125.07 | 3115.53 | South Africa | FTSE/JSE All Share Index | 108981.47 | 108328.78 | South Africa | FTSE/JSE Res | 65514.16 | 65956.13 | South Africa | FTSE/JSE Top 40 | 101162.20 | 100361.15 | South Korea | Kospi | 6941.39 | 7003.74 | South Korea | Kospi 200 | 1095.83 | 1109.05 | Spain | Spain BRX 35 | 19444.20 | 19299.70 | ---

主市场

🌐 对照英文

| < rowspan="2">价格< / >< ="2">当日涨跌< / > | 52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量(千股)< / > | 最高< / > 最低< / >< / > | 航空航天与国防< / >< / > BAE Systems■< / > 1855.00< / > -79.00< / > 2360.00< / > 1529.00< / > 2.04< / > 26.96< / > 4721.90< / >< / > Chemring Group< / > 508.50< / > -23.50< / > 650.75< / > 446.52< / > 1.59< / > 28.57< / > 2426.63< / >< / > | 汽车与零部件< / >< / > 福特汽车< / > 917.72< / > -1.24< / > 1319.04< / > 841.76< / > 4.92< / > -5.12< / > —< / >< / > | 银行< / >< / > ANZ集团< / > 1989.70< / > 5.61< / > 2126.50< / > 1753.25< / > 5.75< / > 19.45< / > 3813.18< / >< / > 桑坦德银行< / > 1058.00< / > 14.00< / > 1122.00< / > 709.00< / > 1.64< / > 13.71< / > 139.91< / >< / > 加拿大新斯科舍银行▲< / > 6776.95< / > -59.29< / > 7165.88< / > 4711.98< / > 3.56< / > —< / > 654.07< / >< / > 巴克莱银行■< / > 447.30< / > 0.60< / > 554.10< / > 353.55< / > 2.57< / > 10.21< / > 20591.54< / >< / > 加拿大帝国商业银行▲< / > 8380.82< / > 10.67< / > 9198.88< / > 5969.15< / > 2.71< / > —< / > 266.82< / >< / > 汇丰银行■< / > 1472.20< / > 13.20< / > 1610.00< / > 959.29< / > 3.78< / > 16.15< / > 18412.59< / >< / > Lion Finance集团< / > 13320.00< / > 40.00< / > 14820.00< / > 7320.00< / > 2.38< / > 9.13< / > 92.12< / >< / > 劳埃德银行集团■< / > 105.70< / > 1.70< / > 117.90< / > 81.82< / > 3.79< / > 15.10< / > 141419.70< / >< / > 国民西敏斯特银行集团< / > 668.40< / > 5.00< / > 726.00< / > 504.41< / > 5.24< / > 12.49< / > 8891.78< / >< / > OSB Group< / > 494.00< / > 2.80< / > 647.50< / > 479.00< / > 7.27< / > 6.53< / > 535.89< / >< / > Perm TSB Group< / > 250.94< / > -11.87< / > 291.66< / > 182.42< / > 0.62< / > 6.52< / > 4.00< / >< / > 加拿大皇家银行< / > 14761.90< / > 21.56< / > 16187.03< / > 10784.89< / > 2.52< / > —< / > 446.50< / >< / > 渣打银行< / > 2253.00< / > 7.00< / > 2364.00< / > 1351.50< / > 2.28< / > 15.31< / > 3920.92< / >< / > ...7.375%PI< / > 107.75< / > 1.50< / > 128.84< / > 102.00< / > 6.84< / > —< / > 18.19< / >< / > .8.25%PI< / > 117.85< / > 0.75< / > 143.80< / > 114.25< / > 7.00< / > —< / > 84.14< / >< / > 多伦多道明银行< / > 8890.71< / > 11.14< / > 9256.88< / > 5880.62< / > 2.62< / > —< / > 1446.25< / >< / > 西太平洋银行< / > 1821.53< / > 6.61< / > 2275.39< / > 1755.74< / > 4.44< / > 17.25< / > 4100.89< / > |

Elementis< / > 180.60< / > 1.20< / > 195.40< / > 136.00< / > 1.84< / > -30.74< / > 714.14< / >< / > 庄森马蒂< / > 2436.00< / > 30.00< / > 3245.25< / > 2192.00< / > 4.21< / > -31.94< / > 446.85< / >< / > Victrex< / > 930.00< / > -< / > 1024.00< / > 515.00< / > 3.23< / > 29.06< / > 121.81< / >< / > | 建筑与材料< / > |

Galliford Try Hldgs | 694.00< / > 1.00< / > 728.81< / > 466.00< / > 3.39< / > 16.64< / > 281.66< / > | Morgan Sindall*< / > 4200.00< / > 28.00< / > 5730.00< / > 3938.00< / > 3.88< / > 11.29< / > 111.11< / >< / > | 电子与电气设备< / >< / > discoverGr Grp< / > 865.00< / > 7.00< / > 900.00< / > 505.00< / > 1.50< / > 28.64< / > 424.76< / >< / > Halma< / > 3558.00< / > 30.00< / > 4902.00< / > 3268.00< / > 0.70< / > 36.10< / > 445.34< / >< / > Morgan Adv Mat< / > 276.50< / > 5.50< / > 276.50< / > 179.80< / > 4.41< / > 36.87< / > 1040.52< / >< / > Oxford Instruments< / > 3112.00< / > 64.00< / > 3318.00< / > 1682.00< / > 0.76< / > 36.78< / > 102.12< / >< / > Renishaw< / > 5990.00< / > 135.00< / > 6030.00< / > 3280.00< / > 1.37< / > 36.64< / > 114.62< / >< / > TT Electronics< / > 192.40< / > 4.60< / > 194.00< / > 93.00< / > -< / > -6.75< / > 630.73< / >< / > XP Power< / > 2045.00< / > 35.00< / > 2160.00< / > 849.23< / > -< / > -48.69< / > 129.56< / > | 综合金融< / >< / > 3i Group< / > 2389.00< / > -23.00< / > 4497.00< / > 1825.00< / > 3.54< / > —< / >< / > Aberdeen Group< / > 237.80< / > -3.80< / > 265.00< / > 179.60< / > 6.14< / > 11.01< / > 2916.37< / >< / > Bridgepoint Group●< / > 346.80< / > 13.80< / > 351.50< / > 212.00< / > 2.74< / > 69.36< / > 1217.83< / >< / > City of London Inv●< / > 514.00< / > -8.00< / > 540.00< / > 349.00< / > 6.61< / > 13.93< / > 40.51< / >< / > Close Bros< / > 395.20< / > 0.20< / > 556.15< / > 318.40< / > —< / > -6.92< / > 624.90< / >< / > ICG< / > 1767.00< / > 3.00< / > 2310.00< / > 1424.87< / > 4.92< / > 10.59< / > 391.72< / >< / > Investec< / > 618.00< / > 14.00< / > 690.00< / > 499.36< / > 6.23< / > 8.02< / > 2418.87< / >< / > Jupiter< / > 171.00< / > 4.60< / > 214.50< / > 137.20< / > 3.51< / > 8.91< / > 995.56< / >< / > Liontrust< / > 298.00< / > 3.00< / > 358.00< / > 223.00< / > 6.38< / > 19.35< / > 82.32< / >< / > London Stock Ex●< / > 8386.00< / > 146.00< / > 10140.00< / > 6884.00< / > 1.88< / > 35.18< / > 618.30< / >< / > Rathbones Group< / > 1512.00< / > -6.00< / > 2500.00< / > 1512.00< / > 6.61< / > 14.01< / > 77.98< / >< / > S & U< / > 1890.00< / > -30.00< / > 2458.50< / > 1620.00< / > 6.14< / > 9.68< / > 47.19< / >< / > St James's Place< / > 1038.50< / > -0.50< / > 1575.50< / > 1026.55< / > 1.73< / > 10.40< / > 1536.72< / >< / > TP ICAP Group●< / > 325.20< / > 0.20< / > 355.00< / > 235.50< / > 5.29< / > 12.90< / > 1182.80< / >< / > Vanquis Banking Gp< / > 69.20< / > -0.90< / > 132.00< / > 69.20< / > —< / > 21.62< / > 316.39< / >< / > | 食品与饮料< / > |

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📄 Original Section

FT.COM/MARKETSDATA | Country | Index | Latest | Previous | Sweden | DMX Stockholm 30 | 3282.94 | 3257.59 | Sweden | DMX Stockholm AS | 1130.24 | 1121.51 | Switzerland | SMI Index | 13788.93 | 13703.53 | Taiwan | Weighted Stock Index | 49822.55 | 49712.04 | Thailand | Bangkok SET | 1582.22 | 1576.45 | Turkey | BIST 100 | 12374.26 | 12443.92 | UK | FTSE 100 | 10541.69 | 10497.94 | UK | FTSE 4Good UK | 9167.50 | 9097.15 | UK | FTSE All Share | 5698.19 | 5665.80 | UK | FTSE techMARK 100 | 9517.94 | 9554.29 | U.S.A. | Dow Jones Composite | 16605.39 | 15998.71 | U.S.A. | Dow Jones Industrial | 51544.23 | 51267.60 | U.S.A. | Dow Jones Transport | 19666.96 | 19791.56 | U.S.A. | Dow Jones Utilities | 406.08 | 395.87 | U.S.A. | Nasdaq 100 | 31337.57 | 31076.44 | U.S.A. | Nasdaq Composite | 27703.79 | 27477.31 | U.S.A. | NYSE Composite | 23948.94 | 23788.62 | U.S.A. | S&P 500 | 7628.84 | 7773.95 | STOCK MARKET: BIGGEST MOVERS

UK MARKET WINNERS & LOSERS

£ per €

0.0059%

EURO MARKETS

ACTIVE STOCKS | Country | Index | Latest | Previous | Venezuela | IBC | 7464.04 | 7602.74 | Vietnam | Viet Nam Index | 1759.09 | 1753.20 | Cross-Border | Euro Stoxx 50 (Eur) | 6272.23 | 6242.14 | Netherlands | Euronext 100 ID | 1983.69 | 1876.61 | Cross-Border | FTSE Food Global ($) | 21470.71 | 21336.32 | Cross-Border | FTSE All World ($) | 760.37 | 755.27 | Cross-Border | FTSE £300 | 2542.60 | 2531.01 | Cross-Border | FTSE Eurotop 100 | 4911.12 | 4891.63 | Cross-Border | FTSE Global 100 ($) | 5960.72 | 5924.93 | Cross-Border | FTSE Gold Min ($) | 5496.96 | 5496.96 | Cross-Border | FTSE Latibank Top (Eur) | 7274.90 | 7238.80 | Cross-Border | FTSE World ($) | 1424.42 | 1414.97 | Cross-Border | FT$/Eurofirst 100 (Eur) | 7069.48 | 7039.15 | Cross-Border | FT$/Eurofirst 80 ID | 8561.98 | 8520.16 | AMERICA | ACTIVE STOCKS | stock traded m's | close price | Day's change | Nvidia | 50.29 | 240.87 | 1.97 | Intel | 49.21 | 113.11 | -3.08 | Amazon.com | 15.96 | 255.35 | 3.95 | Netflix | 15.82 | 67.89 | 0.39 | Broadcom Ord | 15.60 | 378.18 | 15.67 | Advanced Micro Devices | 15.23 | 655.60 | 23.85 | Super Micro Computer | 14.75 | 43.31 | - | Tesla | 14.38 | 380.33 | 1.60 | Moderna | 13.51 | 189.99 | - | Huntington Bancshares | 12.95 | 15.34 | 0.04 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Lloyds Big Gp | 141.42 | 1.06 | 0.02 | Legal & General | 80.62 | 2.90 | 0.02 | Vodafone | 33.84 | 1.25 | -0.02 | BP | 29.46 | 5.61 | -0.02 | Diageo | 27.69 | 16.04 | 0.28 | Shell | 22.14 | 36.51 | 0.20 | BT Group | 21.86 | 1.95 | -0.04 | Haleon | 21.50 | 3.34 | 0.03 | Barclays | 20.59 | 4.47 | 0.01 | Glencore | 19.06 | 5.74 | 0.04 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Stellantis | 56.01 | 4.07 | 0.08 | Intesa Sanpaolo | 49.82 | 6.51 | 0.08 | Banco Santander | 19.84 | 12.52 | 0.18 | Enel | 15.92 | 8.84 | 0.09 | Banco De Sabadell | 12.45 | 3.66 | - | Royal KPN | 11.60 | 3.89 | -0.08 | Telefonica | 9.93 | 3.38 | -0.05 | Nokia | 8.50 | 9.60 | 0.43 | Credit Agricole | 7.50 | 17.11 | 0.18 | Eni | 7.00 | 24.14 | -0.28 | ACTIVE STOCKS | stock traded m/s | close price | Day's change | Nippon Tel & Tel | 124.01 | 170.10 | 0.10 | Tokio Marine Hldgs | 120.85 | 522.30 | 12.80 | SoftBank Corp | 66.47 | 239.60 | 1.10 | Fujikura | 42.93 | 5855.00 | 289.00 | Nissan Motor Co | 42.77 | 286.90 | 7.10 | SoftBank Grp Corp | 39.30 | 6295.00 | -202.00 | Mitsubishi UFJ | 35.29 | 3671.00 | 56.00 | TDK | 32.38 | 3628.00 | 181.00 | Tokyo Electric Power | 29.89 | 518.80 | -4.10 | Nippon Steel | 25.93 | 650.50 | 11.50 | FTSE 100 | price(£) | % Chg week | % Chg ytd | Winners | Whitbread | 25.51 | 6.69 | 0.04 | Antofagasta | 38.29 | 4.90 | 16.77 | Anglo American | 41.52 | 4.01 | 34.59 | Polar CapTech | 7.23 | 3.95 | 55.82 | Glencore | 5.74 | 3.93 | 41.07 | Autotrader Group | 4.64 | 3.66 | -20.79 | The Sage Grp | 10.05 | 3.46 | -7.20 | Pershing Square Hldgs | 37.62 | 3.41 | -22.37 | Scot Mort Inv Tst | 16.38 | 3.34 | 38.07 | RELX | 25.71 | 2.96 | -14.87 | price | change | change% | Ups | Constellation Energy | 309.11 | 41.49 | 15.50 | Vistra | 162.00 | 17.11 | 11.81 | Corteva | 13.77 | 1.38 | 11.14 | GE Vernova | 1044.63 | 54.63 | 5.52 | Corning | 167.82 | 8.45 | 5.30 | Downs | Seagate Tech | 808.28 | -78.81 | -8.88 | Western Digital | 413.27 | -28.37 | -6.42 | CH Robinson Worldwide | 134.56 | -6.05 | -4.31 | KLA Corp | 198.85 | -8.00 | -3.87 | Lam Research | 333.12 | -12.68 | -3.67 | FTSE 250 | price(£) | % Chg week | % Chg ytd | Winners | Wetherspoon (JD) | 9.62 | 17.45 | 30.51 | Saga | 7.50 | 17.00 | 91.57 | Oxford Nanopore Technologies | 2.31 | 15.75 | 79.75 | Greggs | 20.50 | 9.33 | 22.02 | Bridgepoint Group | 3.47 | 7.84 | 22.20 | Trustpilot Group | 2.31 | 6.75 | 40.39 | Avon Technologies | 19.08 | 5.88 | 5.18 | Telecom Plus | 8.43 | 5.51 | -37.92 | Oxford Biomedica | 5.31 | 5.36 | -13.94 | Renishaw | 59.90 | 5.27 | 70.66 | CURRENCIES | BROSEET MOWERS | Close price | Day's change | Day's change% | Ups | Whitbread | 25.51 | 1.25 | 5.15 | Oxford Nanopore Technologies | 2.31 | 0.11 | 4.91 | Domino's Pizza | 2.23 | 0.10 | 4.80 | Man Group | 3.35 | 0.14 | 4.29 | W.A.G Payment Solutions | 0.99 | 0.04 | 4.20 | Downs | Inchcape | 6.86 | -0.46 | -6.22 | Cinetiq Group | 4.50 | -0.26 | -5.38 | Chemring Group | 5.08 | -0.23 | -4.42 | BAE SYSTEMS | 18.55 | -0.79 | -4.08 | Drax Group | 7.80 | -0.29 | -3.58 | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Nokia | 9.60 | 0.43 | 4.73 | Wartsila | 30.79 | 1.21 | 4.09 | Santander Bank Polska | 800.20 | 25.20 | 3.25 | Vinci | 109.25 | 3.10 | 2.92 | Veolia Environnement | 31.34 | 0.88 | 2.89 | Downs | Schneider Electric | 260.50 | -12.30 | -4.51 | Tenaris | 25.30 | -0.74 | -2.84 | Rheimetall | 953.00 | -27.20 | -2.77 | Telenor | 125.10 | -2.80 | -2.19 | Swisscom | 627.00 | -14.00 | -2.18 | % chg ytd | Industry Sectors | price($) | %Chg week | %Chg ytd | Winners | 14.93 | Alternative Energy | 42.54 | 4.74 | 93.44 | 14.43 | Tech Hardware & Equip | 136.04 | 4.41 | 124.52 | 12.24 | Biotechnology | 22478.19 | 4.01 | 2.01 | 11.62 | Consumer Digital Services | 167.23 | 3.01 | -12.52 | 11.73 | Industrial Metals & Mining | 9633.83 | 2.89 | 29.83 | 11.18 | Technology | 1606.91 | 2.85 | -9.85 | 11.71 | Software & Computer Svcs | 1833.58 | 2.84 | -10.20 | 12.22 | Basic Materials | 10582.60 | 2.54 | 25.88 | 11.86 | Chemicals | 8358.99 | 2.27 | 16.69 | - | Finance & Credit Services | 13471.84 | 2.26 | -6.97 | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Taiyo Yuden | 11135.00 | 645.00 | 6.15 | TDK | 3628.00 | 181.00 | 5.25 | Fujikura | 5855.00 | 289.00 | 5.19 | Mitsui Mining & Smelting | 2750.50 | 103.00 | 3.89 | Advantest | 41850.00 | 1550.00 | 3.85 | Downs | SoftBank Grp Corp | 6295.00 | -202.00 | -3.11 | Mitsubishi Heavy Ind | 3787.00 | -84.00 | -2.17 | Sharp Corp | 636.50 | -14.10 | -2.17 | Shiseido | 3219.00 | -55.00 | -1.68 | Omron | 6488.00 | -109.00 | -1.65 | Losers | IG Group | 9.62 | -26.84 | -26.84 | 3i Group | 23.89 | -9.92 | -26.79 | Babcock Intl | 9.07 | -9.25 | -27.06 | Barratt Redrow | 3.09 | -9.17 | -18.87 | Lion Finance | 133.20 | -7.37 | 43.23 | Games Works | 165.60 | -6.28 | -12.47 | GSK | 17.66 | -4.88 | -3.23 | BAE SYSTEMS | 18.55 | -4.75 | 8.23 | AstraZeneca | 119.58 | -3.78 | -13.29 | M&G | 3.12 | -3.76 | 9.08 | FTSE Small Cap | price(£) | % Chg week | % Chg ytd | Winners | Kenmare Resources | 2.20 | 19.57 | -10.93 | Young & Cos Brewery A | 9.80 | 15.02 | 32.43 | Liontrust Asset Management | 2.98 | 14.40 | 12.24 | Xaar | 1.48 | 11.28 | 39.62 | Blackrock Latin American Inv Tst | 4.63 | 10.36 | 14.73 | TT Electronics | 1.92 | 9.69 | 68.18 | Card Factory | 0.84 | 7.83 | 23.71 | Amarog | 1.25 | 7.79 | 14.22 | Fevara | 1.48 | 5.71 | 10.86 | Taylor Maritime | 0.59 | 5.36 | - | Losers | 1.84 | Close Brothers Gp | 3.95 | -11.35 | 1.79 | Vistry Group | 2.37 | -10.45 | 1.06 | Bellway | 20.44 | -8.83 | 1.87 | Taylor Wimpey | 0.80 | -8.44 | 1.23 | Inchcape | 6.86 | -8.10 | 2.47 | Breedon Group | 3.09 | -6.98 | 1.23 | Qinetiq Group | 4.50 | -6.95 | 1.23 | Travis Perkins | 5.72 | -6.91 | 1.29 | Persimmon | 12.40 | -6.73 | 1.08 | ZIGUP | 4.39 | -5.99 | Losers | -24.36 | Tullow Oil | 0.10 | -48.51 | 65.95 | -63.11 | SIG | 0.09 | -10.61 | -11.06 | -25.51 | RM | 1.01 | -9.82 | -11.40 | -25.69 | Crest Nicholson Holdings | 0.60 | -8.44 | -58.40 | -10.79 | Chrysalis Investments | 0.65 | -8.40 | -45.04 | -6.14 | Capita | 2.01 | -7.80 | -50.43 | 1.86 | Future | 2.92 | -7.78 | -44.58 | -9.91 | ASDS | 4.54 | -6.67 | 60.14 | -8.72 | CLS Holdings | 0.42 | -6.67 | -30.23 | 14.60 | Mortgage Advice Bureau | 3.38 | -6.23 | -50.80 | Losers | 65.95 | Hhold Goods & Home Const | 8333.62 | -7.56 -22.73 | -11.06 | Leisure Goods | 38992.14 | -6.21 -13.06 | -11.40 | Investment Banking & Brokerage | 14131.39 | -5.87 -8.66 | -58.40 | Pharmaceuticals & Biotech | 22951.30 | -3.66 -10.47 | -45.04 | Aerospace & Defense | 23198.47 | -3.60 -15.55 | -50.43 | Health Care | 16047.10 | -3.50 -10.60 | -44.58 | Health Care Providers | 10131.98 | -2.96 -27.67 | 60.14 | Tobacco | 43524.15 | -2.73 -8.40 | -30.23 | Construction & Materials | 16068.78 | -2.67 -17.35 | 50.80 | Banks | 9097.38 | -2.57 -14.79 | Oct 06 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Chng Mid | Closing Mid | Day's Change | Chng Mid | Closing Mid | Day's Change | Wk Chg | Argentine Peso | 1527.0449 | -3.8217 | -3.8384 | 1712.1643 | 2.9413 | -17.1667 | 2019.5674 | 3.4650 | 4 | Australian Dollar | 1.4331 | -0.0022 | 0.0014 | 1.6132 | 0.0044 | -0.0104 | 1.9028 | 0.0052 | 0 | Bahrainian Ollar | 0.3710 | 0.4244 | 0.0018 | -0.0031 | 0.5007 | Balieli Tanibana | 11.3070 | -0.0300 | -0.0050 | 13.4740 | 0.0722 | -0.1557 | 15.8932 | 0.0727 | 0 | Brazilian Real | 4.9774 | -0.0061 | -0.2435 | 5.6028 | 0.0180 | -0.3177 | 6.0087 | 0.0198 | -0 | Canadian Dollar | 1.4227 | -0.0016 | 0.0034 | 1.6015 | 0.0050 | -0.0081 | 1.6890 | 0.0058 | 0 | Chinese Peso | 969.6800 | -4.5300 | -2.2200 | 1091.5304 | -0.4171 | -15.6143 | 1287.4028 | -0.5591 | 3 | Chinese Yen | 6.7054 | -0.0020 | 7.5480 | 0.0318 | -0.0537 | 8.9031 | 0.0376 | 0 | Colombian Peso | 3276.8000 | -0.9200 | -116.6800 | 3620.9910 | 14.2485 | -159.1755 | 4271.1064 | 16.7976 | -134 | Costa Rican Colon | 459.5000 | 1.6000 | 4.5550 | 517.2365 | 3.9162 | 1.3287 | 610.1018 | 4.6888 | 8 | Czech Republic | 21.6742 | -0.1431 | 0.1327 | 24.3875 | -0.0575 | -0.0057 | 28.7779 | -0.0678 | 0 | Danish Krone | 6.6422 | -0.0276 | 0.0483 | 7.4745 | 0.0006 | -0.0007 | 8.8155 | 0.0006 | 0 | Egyptian Pound | 52.3200 | -0.0700 | 0.2500 | 58.8940 | 0.1700 | -0.1534 | 68.4679 | 0.2005 | 0 | Hong Kong Dollar | 7.8477 | 0.0006 | 0.0011 | 8.6338 | 0.0386 | -0.0847 | 10.4199 | 0.0448 | 0 | Hungarian Forint | 324.5903 | -3.4721 | 0.8469 | 365.3759 | -2.3500 | -7.7500 | 430.9747 | -2.7728 | 3 | Indian Rupee | 96.4262 | 0.1262 | 0.4363 | 108.5422 | 0.5996 | -0.3104 | 128.0300 | 0.7069 | 1 | FTSE ACTUARIES SHARE INDICES | DOLLAR | EURO | POUND | WeeksChange | ClosingMonth | Day's Change | ClosingMonth | Day's Change | ClosingMonth | Day's Change | ClosingMonth | Day's Change | ClosingMonth | 0.4258 | Indonesian Rupiah | 17895.0000 | -5.0000 | -70.0000 | 20143.5070 | 79.3860 | -228.8040 | 23760.0870 | 93.6010 | 0.0180 | Israeli Shekel | 3.0457 | -0.0081 | -0.0213 | 3.4285 | 0.0054 | -0.0497 | 4.0440 | 0.0064 | -- | Japanese Yen | 156.0700 | 0.1100 | 0.4850 | 17.9315 | 0.8741 | -0.7699 | 209.8775 | 1.0306 | 0.0862 | Kenyan Shilling | 129.8300 | 0.1500 | 0.1000 | 14.4984 | 0.7847 | -0.5913 | 17.2420 | 0.9253 | -0.2910 | Kuwait Darin | 0.3096 | 0.0002 | 0.0009 | 3.3485 | 0.0017 | -0.0015 | 4.4111 | 0.0020 | 0.0133 | Malaysian Ringgit | 4.0850 | -0.0020 | 0.0040 | 4.5893 | 0.0172 | -0.0295 | 6.4238 | 0.0282 | 0.3782 | Mexican Peso | 3.0764 | -0.1738 | -0.0196 | 20.2353 | -0.1092 | -0.1724 | 21.8862 | -0.1288 | 0.0442 | New Zealand Dollar | 1.7789 | -0.0073 | 0.0051 | 2.0024 | 0.0002 | -0.0092 | 2.3619 | 0.0003 | 34.2544 | Nigerian Naira | 1327.2000 | -2.0800 | 0.0900 | 1493.9630 | 3.9723 | -10.9799 | 1762.1903 | 4.6808 | 8.8666 | Norwegian Krone | 9.5647 | -0.0187 | -0.0297 | 10.7665 | 0.0245 | -0.1135 | 12.6996 | 0.0289 | 298.498 | Pakistan rupee | 276.9750 | 0.8850 | -47.3173 | 37.5339 | 1.4109 | -2.3675 | 77.7336 | 1.6025 | 0.1049 | Peruvian New Sol | 3.4364 | 0.0116 | -0.0172 | 3.8682 | 0.0294 | -0.0431 | 4.5627 | 0.0346 | 0.6548 | Philippine Peso | 62.7700 | 0.1720 | 0.2100 | 70.6570 | 0.4382 | -0.2860 | 83.3428 | 0.5167 | 0.0501 | Polish Krone | 3.6940 | -0.0247 | 0.0285 | 4.3720 | -0.0092 | -0.0092 | 13.5750 | -0.0109 | 3.1316 | Romanian Leu | 4.7507 | -0.0151 | 0.0056 | 5.3476 | 0.0056 | 0.0688 | 6.3077 | 0.0066 | 1.1743 | Russian Ruble | 85.4000 | 0.4000 | 1.5500 | 96.1335 | 0.8541 | 0.9879 | 133.3899 | 1.0071 | £ Strtg Oct £ chg | Day's chg % | Euro Index | £ Strtg Oct £ | £ Strg Dec £ | Year ago | Div Yield | Cover | P/E ratio | XO adj | Total Return | FTSE 100 (100) | 10541.69 | 0.42 | 9891.50 | 10497.94 | 10461.95 | 9931.38 | 3.12 | 2.21 | 1.449 | 274.96 | 12423.77 | FTSE 100 ex Investment Trusts (95) | 3444.16 | 0.41 | 3166.39 | 3430.18 | 3418.88 | 2521.79 | 3.16 | 2.09 | 1.514 | 91.03 | 33925.23 | FTSE 250 (251) | 24215.33 | 0.38 | 22262.37 | 24123.75 | 24194.24 | 22470.38 | 3.23 | 2.63 | 1.189 | 602.79 | 22925.12 | FTSE 250 ex Inc (164) | 24986.77 | 0.42 | 22571.60 | 24882.41 | 25013.50 | 23306.14 | 3.26 | 1.66 | 1.848 | 657.26 | 24245.99 | FTSE 350 (351) | 5750.60 | 0.41 | 5268.62 | 5726.98 | 5711.27 | 5403.23 | 3.13 | 2.26 | 1.415 | 149.21 | 13431.31 | FTSE 350 ex Investment Trusts (259) | 56573.43 | 0.41 | 5215.67 | 5650.34 | 5635.46 | 5351.90 | 3.17 | 2.05 | 1.535 | 149.84 | 6861.38 | FTSE 350 High Yield (134) | 51157.37 | 0.60 | 4704.10 | 5086.16 | 5071.42 | 4626.85 | 4.27 | 1.91 | 1.225 | 170.88 | 14223.88 | FTSE SmallCap ex US$ (217) | 57469.65 | 0.33 | 5775.85 | 5775.85 | 5775.85 | 5775.85 | 3.13 | 1.72 | 1.272 | 149.51 | 13430.59 | FTSE SmallCap ex IT (17) | 8155.76 | 0.42 | 7498.00 | 8121.95 | 8135.50 | 7537.89 | 3.97 | 1.61 | 1.563 | 227.51 | 15820.34 | FTSE SmallCap ex Inc (88) | 6771.26 | 0.55 | 6225.16 | 6734.13 | 6741.86 | 6260.89 | 3.74 | 0.54 | 49.72 | 169.53 | 13609.09 | FTSE SmallCap Financials ex Inc (13) | 148.61 | 0.23 | 142.93 | 148.26 | 147.95 | 150.06 | 5.43 | 1.54 | 1.133 | 693.99 | FTSE All-Share (528) | 5689.19 | 0.41 | 5230.36 | 5665.80 | 5650.59 | 5350.38 | 3.14 | 2.25 | 1.417 | 147.78 | 13419.19 | FTSE All-Share ex Inc (357) | 5570.34 | 0.41 | 5121.09 | 5547.61 | 5533.14 | 5253.82 | 3.17 | 2.04 | 1.542 | 147.07 | 8839.79 | FTSE Hedging (41) | 13204.73 | -0.54 | 11749.25 | 13095.04 | 13128.74 | 13262.03 | 5.55 | -10.19 | -1.77 | 231.08 | 31447.88 | FTSE Hedging ex Inc (21) | 17310.67 | -0.90 | 15919.53 | 17473.78 | 17594.82 | 24338.42 | 5.77 | -0.89 | -19.42 | 617.81 | 41111.71 | FTSE All-Small (218) | 5659.04 | 0.40 | 5201.72 | 5635.76 | 5645.27 | 5246.47 | 4.00 | 1.25 | 1.900 | 156.67 | 14061.32 | FTSE All-Small ex Inc (118) | 5060.50 | 0.52 | 4673.51 | 5057.30 | 5063.76 | 4745.49 | 3.78 | 0.49 | 54.07 | 128.00 | 12933.01 | FTSE All-Share (525) | 7603.55 | 0.43 | 7803.75 | 7603.55 | 7603.55 | 7661.35 | 3.75 | 1.00 | 1.000 | 101.51 | 9882.82 | FTSE All-Share Technology (20) | 1960.25 | 0.94 | 1802.12 | 1942.01 | 1934.07 | 2154.29 | 2.52 | 1.85 | 21.48 | 47.38 | 3075.82 | FTSE All-Share Telecommunications (5) | 2158.57 | 1.49 | 1984.49 | 2191.28 | 2177.02 | 1838.12 | 3.25 | 0.80 | 38.29 | 41.30 | 4084.86 | FTSE All-Share Health Care (12) | 15848.26 | 1.23 | 14630.29 | 15619.78 | 15800.60 | 17767.22 | 2.49 | 2.43 | 15.58 | 360.33 | 16169.30 | FTSE All-Share Financials (231) | 8446.17 | 0.73 | 7764.99 | 8384.73 | 8342.42 | 7738.99 | 3.55 | 2.96 | 9.54 | 267.18 | 11091.46 | FTSE All-Share Real Estate (38) | 764.52 | 0.94 | 735.27 | 758.16 | 760.41 | 779.49 | 5.16 | 1.02 | 19.03 | 31.52 | 965.90 | FTSE All-Share Consumer Discretionary (68) | 5989.59 | 1.05 | 5515.72 | 5937.09 | 5977.74 | 6097.31 | 2.57 | 2.00 | 1.941 | 116.08 | 6965.26 | FTSE All-Share Consumer Staples (28) | 19278.18 | 1.10 | 17722.40 | 19068.08 | 19083.63 | 20151.95 | 4.22 | 1.40 | 1.689 | 573.78 | 20802.09 | FTSE All-Share Industrials (81) | 11973.36 | -1.39 | 11006.79 | 12141.70 | 12136.85 | 10902.88 | 1.58 | 2.06 | 30.85 | 158.13 | 14856.58 | FTSE All-Share Basic Materials (23) | 11456.07 | -0.08 | 10532.14 | 11465.77 | 11299.82 | 10168.89 | 2.59 | 2.03 | 19.03 | 292.22 | 18380.77 | FTSE All-Share Industrials (1) | 11834.59 | 0.22 | 7807.44 | 11834.59 | 11834.59 | 11834.59 | 3.00 | 1.60 | 19.03 | 246.40 | 18633.62 | FTSE All-Share Utilities (5) | 10953.43 | 0.17 | 10070.04 | 10394.92 | 10915.42 | 10509.92 | 3.75 | 1.52 | 17.49 | 289.41 | 19678.95 | FTSE All-Share Software & Computer Svcs (18) | 2118.07 | 0.95 | 1947.25 | 2098.07 | 2088.38 | 2341.56 | 2.54 | 1.84 | 21.36 | 51.75 | 3515.82 | FTSE All-Share Tech Hardware & Equip (2) | 4550.71 | -0.24 | 4183.70 | 4561.76 | 4565.42 | 2276.41 | 0.00 | 0.00 | 41.80 | 6342.08 | FTSE All-Share Telecoms Svc Providers (5) | 3362.55 | -1.49 | 3091.36 | 3413.50 | 3391.27 | 2863.35 | 3.25 | 0.80 | 38.29 | 64.34 | 5626.39 | FTSE All-Share Healthcare Care Providers (2) | 10741.44 | 0.96 | 9875.15 | 10639.58 | 10586.85 | 8413.29 | 1.09 | 1.36 | 67.69 | 28.78 | 10235.73 | FTSE All-Share Medical Equipment & Svcs (2) | 5165.33 | 0.52 | 4748.75 | 5138.38 | 5074.62 | 6125.00 | 2.81 | 2.12 | 16.76 | 145.18 | 5520.04 | FTSE All-Share Pharmaceuticals & Biotech (8) | 22882.88 | 1.26 | 21037.38 | 22588.22 | 22776.00 | 25560.62 | 2.48 | 2.44 | 16.51 | 514.99 | 20977.48 | FTSE All-Share Banks (13) | 8977.28 | 0.83 | 8253.27 | 8803.51 | 8822.36 | 7620.31 | 3.69 | 2.61 | 10.37 | 303.71 | 9767.21 | FTSE All-Share Credit & Service Services (1) | 17074.24 | -1.71 | 14106.86 | 14398.06 | 14398.06 | 14398.06 | 3.44 | 2.44 | 16.51 | 514.99 | 20977.48 | FTSE All-Share Inv Banking & Brokerage Svcs (3) | 12075.44 | -0.16 | 11101.68 | 12094.85 | 12432.00 | 13207.98 | 4.14 | 2.85 | 8.46 | 408.99 | 20025.93 | FTSE All-Share Closed End Investments (177) | 15735.01 | 0.47 | 14465.98 | 15662.11 | 15600.03 | 14072.94 | 2.59 | 6.48 | 5.98 | 296.06 | 10978.03 | FTSE All-Share Life Insurance (5) | 7998.44 | 0.96 | 7353.37 | 7922.60 | 7915.08 | 8294.18 | 5.05 | 1.17 | 16.90 | 401.46 | 12121.37 | FTSE All-Share Nutrife Insurance (4) | 6633.93 | 1.05 | 6008.91 | 6656.52 | 6580.76 | 5171.05 | 3.51 | 1.27 | 22.36 | 224.06 | 16272.46 | FTSE All-Share Real Estate Inv & Svs (10) | 1798.93 | 1.47 | 1654.67 | 1773.76 | 1798.80 | 20360.18 | 2.45 | 1.77 | 23.06 | 42.58 | 5886.56 | FTSE All-Share Real Estate Investment Trts (28) | 1923.22 | 0.75 | 1768.11 | 1908.87 | 1911.55 | 1926.13 | 5.54 | 0.97 | 18.58 | 84.25 | 3560.85 | FTSE All-Share Automobiles & Parts (1) | 902.86 | -1.83 | 829.31 | 919.86 | 871.52 | 1437.94 | 0.00 | 0.00 | -0.80 | 1031.50 | FTSE All-Share Consumer Services (2) | 3725.58 | 0.82 | 3425.12 | 3685.30 | 3700.29 | 3886.56 | 2.26 | 1.77 | 24.99 | 84.26 | 5114.40 | FTSE All-Share World Goods & Home Cost (8) | 6833.14 | 1.12 | 6270.09 | 6744.35 | 6923.70 | 8888.71 | 4.59 | 2.08 | 10.47 | 130.81 | 7143.79 | FTSE All-Share Energy & Defense (8) | 4195.49 | -0.17 | 3227.69 | 3426.96 | 3426.96 | 3426.96 | 3.00 | 2.00 | 23.63 | 333.36 | 20438.37 | FTSE All-Share Personal Goods (3) | 14444.38 | 2.13 | 13279.44 | 14143.33 | 14272.05 | 15672.83 | 0.26 | 11.75 | 32.48 | 37.50 | 12167.58 | FTSE All-Share Media (8) | 12517.02 | 1.71 | 11507.53 | 12306.33 | 12273.67 | 12307.12 | 3.26 | 1.80 | 17.31 | 333.24 | 9844.14 | FTSE All-Share Retailers (19) | 2708.75 | 1.12 | 2490.29 | 2676.62 | 2704.41 | 2591.68 | 2.76 | 2.63 | 13.77 | 51.85 | 3812.24 | FTSE All-Share Travel & Leisure (24) | 10172.60 | 1.09 | 9352.18 | 10063.07 | 10129.21 | 9962.99 | 1.91 | 1.68 | 31.17 | 150.04 | 11135.87 | FTSE All-Share Beverages (5) | 16263.35 | 1.45 | 14951.75 | 16030.77 | 16220.46 | 15618.32 | 3.29 | 1.55 | 19.68 | 188.93 | 14479.84 | FTSE All-Share Food Producers (10) | 7614.56 | 0.94 | 7000.45 | 7453.44 | 7591.07 | 7569.26 | 2.85 | 1.96 | 17.92 | 115.21 | 8114.90 | FTSE All-Share Tobacco (2) | 43524.23 | 0.56 | 4001.01 | 43282.48 | 43099.95 | 47515.68 | 6.20 | 1.30 | 12.39 | 2030.05 | 54732.93 | FTSE All-Share Construction & Materials (16) | 16520.71 | -0.19 | 15198.32 | 16552.79 | 166340.80 | 14300.56 | 2.67 | 2.21 | 16.97 | 354.45 | 22737.41 | FTSE All-Share Aerospace & Defense (8) | 2429.55 | -0.12 | 2227.67 | 2556.67 | 2556.67 | 2556.67 | 3.00 | 2.00 | 23.63 | 333.36 | 20438.37 | FTSE All-Share Electronics & Electrical (12) | 17644.32 | 0.76 | 16271.31 | 17511.16 | 17865.39 | 14821.05 | 0.94 | 3.02 | 35.14 | 141.00 | 18493.94 | FTSE All-Share General Industrials (6) | 5936.40 | 1.02 | 5494.43 | 5916.18 | 5869.69 | 5275.72 | 2.19 | 1.64 | 27.76 | 84.28 | 8883.32 | FTSE All-Share Industrial Engineering (8) | 15688.21 | 1.93 | 14423.88 | 15392.72 | 15374.72 | 15129.60 | 2.26 | 1.60 | 27.66 | 303.42 | 23019.56 | FTSE All-Share Industrial Support Svcs (26) | 9956.00 | 0.48 | 9154.98 | 9910.53 | 9901.74 | 10152.60 | 2.31 | 1.49 | 28.96 | 199.63 | 12477.57 | FTSE All-Share Industrial Transportation (7) | 6864.19 | 1.12 | 6310.59 | 6788.08 | 6762.47 | 5999.34 | 3.98 | 1.79 | 14.04 | 224.75 | 7867.87 | FTSE All-Share Precious Metals & Mining (5) | 31888.24 | -1.01 | 23516.46 | 32214.92 | 32108.87 | 32669.13 | 2.80 | 2.77 | 12.90 | 911.89 | 25336.70 | FTSE All-Share Chemicals (7) | 9011.20 | 1.15 | 8284.45 | 8089.18 | 8880.47 | 7671.18 | 3.71 | 0.80 | 33.78 | 282.48 | 10380.03 | FTSE All-Share Oil & Gas & Coal (1) | 11490.75 | 0.23 | 10564.02 | 11464.92 | 11352.52 | 8076.65 | 3.51 | 2.52 | 11.31 | 305.59 | 17684.83 | FTSE All-Share Alternative Energy (1) | 79.22 | -0.82 | 79.47 | 79.38 | 28.06 | 9.94 | 0.00 | -0.00 | -0.00 | Oct 06 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Weeks Change | Closing Mid | Day's Change | Weeks Change | Closing Mid | Day's Change | Weeks Change | Closing Mid | Saudi Riyal | 3.7537 | -0.0005 | -0.0012 | 4.2253 | 0.0173 | -0.0327 | 4.9840 | 0.0203 | 0.0216 | Singapore Dollar | 1.2775 | -0.0021 | -0.0008 | 1.4381 | 0.0037 | -0.0115 | 1.6963 | 0.0044 | 0.0069 | South African Rand | 16.5275 | -0.1523 | 0.0981 | 18.6042 | -0.0922 | -0.0268 | 21.9444 | -0.1088 | 0.2322 | South Korea Won | 1343.8000 | -0.6000 | -13.0000 | 1512.6485 | 5.7104 | -25.9028 | 1784.2305 | 6.7318 | -8.8487 | Swedish Krona | 9.8455 | -0.0531 | -0.0176 | 11.7298 | -0.0120 | -0.1033 | 13.7560 | -0.0142 | 0.0388 | Swiss Franc | 0.8312 | -0.0002 | 0.0030 | 0.9356 | 0.0038 | -0.0104 | 1.1038 | 0.0044 | 0.0012 | Taiwan Dollar | 31.8010 | 0.0425 | 0.1210 | 35.7988 | 0.1987 | -0.4028 | 42.2238 | 0.2343 | 0.0373 | Thai Baht | 33.6250 | -0.0550 | 0.0310 | 37.9899 | 0.0981 | -0.2457 | 44.6456 | 0.1156 | 0.2494 | Tunisia Dinar | 2.9867 | -0.0063 | 0.0300 | 3.3733 | 0.0072 | -0.0057 | 3.9788 | 0.0085 | 0.0527 | Turkish Lira | 49.1790 | 0.0250 | 0.1790 | 55.3584 | 0.2617 | -0.2076 | 65.2974 | 0.3084 | 0.5415 | UAE Dirham | 3.6728 | - | 0.0001 | 4.1342 | 0.0174 | -0.0306 | 4.6765 | 0.0206 | 0.0229 | Pound Sterling | 0.7532 | -0.0032 | -0.0005 | 0.8478 | - | -0.0103 | 1.0000 | - | - | United States Dollar | 1.9000 | - | 1.1257 | 1.1257 | 0.0047 | -0.0884 | 1.5271 | 0.0056 | 0.0062 | Vietnamese Dong | 25992.0000 | -11.0000 | 19.5000 | 29257.8950 | - | -194.9200 | 34510.6780 | 131.0110 | 186.9200 | Euro | 0.8884 | -0.0038 | 0.0005 | 1.0000 | - | - | 1.7796 | - | 0.0141 | FTSE SECTORS: LEADERS & LAGGARDS

Year to date percentage changes | Tech Hardware & Equip | 124.52 | Alternative Energy | 93.44 | Energy | 31.90 | Oil & Gas & Coal | 31.82 | Industrial Metals & Mining | 29.83 | Nonlife Insurance | 26.22 | Health Care Providers | 27.67 | Basic Materials | 25.88 | Electronic & Electrical Equip | 18.05 | Telecomms Soc Providers | 17.43 | Telecommunications | 17.43 | Construction & Materials | 17.35 | Chemicals | 16.68 | Industrial Transportation | 15.95 | Aerospace & Defense | 15.55 | Banks | 14.79 | General Industrials | 13.27 | Closed End Investments | 12.14 | Industrial | 9.84 | 52 | Electricity | 44 | Financials | 30 | Financials ex Inv Co. | 82 | Travel & Leisure | 83 | Media | 22 | Utilities | 67 | Beverages | 88 | Retailers | 05 | Industrial Engineering | 43 | Gas Water & Multi-utilities | 43 | Biotechnology | 35 | Food Producers | 69 | Real Estate Investment Trusts | 95 | Real Estate | 55 | Consumer Discretionary | 78 | Precious Metals & Mining | 27 | Life Insurance | 34 | Consumer Staples | 84 | Consumer Services | FTSE GLOBAL INDICES | Oct 05Regions & countries | No of stocks | US$ Indices | Daily %Chg | Monthly %Chg | YTD %Chg | USS Total Ret | YTD %Total Ret | Gr Div Yield | FTSE Global Industries | Global | 10220 | 1282.36 | 0.67 | -0.84 | 12.71 | 2183.71 | 14.29 | 1.60 | Global Large Cap | 1142 | 1193.95 | 0.71 | 0.0% | 13.45 | 2125.11 | 14.97 | 1.47 | Global US | 2461 | 1405.55 | 0.57 | -3.03 | 11.16 | 2036.94 | 14.41 | 1.02 | Global Small Cap | 6011 | 1413.43 | 0.50 | -3.29 | 10.09 | 2197.75 | 11.72 | 1.83 | Global ex Eurozone | 9614 | 1343.79 | 0.75 | -0.45 | 13.51 | 2265.19 | 14.99 | 1.51 | Global ex China | 7064 | 4359.19 | 0.68 | -0.72 | 13.64 | 7075.40 | 15.22 | 1.57 | Global ex US | 8873 | 810.86 | 0.64 | -2.87 | 11.50 | 6161.72 | 13.89 | 2.46 | Global ex UK | 9997 | 1340.81 | 0.69 | -0.70 | 13.02 | 2269.70 | 14.55 | 1.52 | Global ex Japan | 8870 | 1317.48 | 0.64 | -0.90 | 12.26 | 2296.38 | 13.78 | 1.57 | FTSE Regional Industries | Americas | 1989 | 1763.14 | 0.74 | 0.20 | 13.29 | 1246.74 | 14.36 | 1.18 | Asia Pacific | 6429 | 935.25 | 1.09 | -0.34 | 20.10 | 1668.39 | 22.35 | 2.00 | Asia Pacific ex Japan | 5079 | 1172.31 | 1.07 | -0.54 | 20.03 | 2338.90 | 22.17 | 2.00 | Europe | 1436 | 671.76 | -0.25 | -5.97 | 2.36 | 1447.15 | 5.11 | 2.90 | Europe ex UK | 1215 | 1257.21 | -0.35 | -6.20 | 1.96 | 1612.39 | 4.70 | 2.82 | Eurozone | 606 | 701.53 | -0.49 | -5.84 | 2.92 | 1496.13 | 5.58 | 2.79 | Asian | 401 | 743.26 | 0.37 | -4.42 | 5.32 | 1656.18 | 9.32 | 4.57 | FTSE Developed Industries | Developed | 5372 | 1310.17 | 0.51 | 0.81 | 12.99 | 2255.69 | 14.49 | 1.51 | Developed ex North America | 3608 | 760.65 | 0.20 | -3.27 | 12.46 | 1537.77 | 15.16 | 2.53 | Oct 05Sector | No of stocks | US$ Indices | Daily %Chg | Monthly %Chg | YTD %Chg | USS Total Ret | YTD %Total Ret | Gr Div Yield | Digital Information Services | Software & Computer Svcs | 527 | 3728.29 | 1.15 | 4.59 | 3.84 | 4539.37 | 4.34 | Hardware | 154 | 760.03 | 0.88 | -7.04 | -16.52 | 1093.9 | -15.89 | Technology | Semiconductors | 300 | 982.28 | 1.34 | 7.87 | 57.47 | 1075.95 | 58.17 | Tech Hardware & Equip | 765 | 750.27 | 0.97 | 7.43 | 54.66 | 1091.12 | 55.52 | Automobiles | 1292 | 5255.77 | 1.04 | 6.37 | 31.06 | 6904.28 | 31.67 | Biotechnology | 218 | 124.70 | 1.41 | -10.00 | 17.54 | 127.37 | 17.91 | Telecommunications Equip | 112 | 587.66 | 0.41 | 5.83 | 75.78 | 680.14 | 77.22 | Electronic & Electrical Equip | 155 | 2552.72 | 0.63 | 1.38 | 34.75 | 1755.00 | 37.22 | Telecommunications Svcs Providers 145 | 438.49 | 0.93 | -4.28 | 0.00 | 980.75 | 3.00 | 3.60 | Electronic & Electrical Equip | 361 | 2153.22 | -0.07 | 2.58 | 26.16 | 3108.61 | 27.33 | Financials | Finance & Credit Services | 111 | 827.67 | 1.36 | -11.46 | -16.48 | 1298.70 | -15.38 | Financials | 1161 | 694.07 | 0.54 | -6.90 | 5.03 | 1451.37 | 7.70 | Life Insurance | 71 | 640.95 | 0.30 | -6.10 | 7.78 | 1344.30 | 11.23 | Banks | 497 | 515.50 | 0.54 | -6.44 | 10.51 | 1203.65 | 13.68 | Insurance Real Estate Inv Tsts | 7 | 80.96 | -0.90 | -19.91 | -22.74 | 1764.50 | -14.77 | Nonlife Insurance | 125 | 1022.67 | 0.18 | -7.44 | -1.03 | 1850.07 | 2.06 | Inv Banking & Brokerage Svcs | 350 | 1193.73 | 0.67 | -7.08 | 0.13 | 1927.96 | 1.61 | Transaction Processing Svcs | 55 | 142.50 | 2.09 | -4.47 | -4.47 | 149.55 | -3.81 | Real Estate | Real Estate | 642 | 873.59 | -0.36 | -7.33 | -4.27 | 1072.64 | -1.38 | Real Estate Inv & Svcs | 319 | 321.81 | -0.15 | -8.34 | -15.17 | 663.42 | -13.15 | Real Estate Investment Tsts | 323 | 519.68 | -0.42 | -7.01 | -0.20 | 1433.93 | 3.02 | Cemented Goods & Services | Consumer Digital Services | 94 | 338.69 | 1.26 | 5.30 | 4.31 | 343.58 | 4.59 | Consumer Discretionary | 1486 | 1154.30 | 0.45 | -4.44 | -7.85 | 1678.13 | -6.93 | Consumer Services | 70 | 1025.26 | 2.64 | -5.51 | -8.75 | 1809.12 | -8.10 | Consumer Staples | 613 | 349.42 | -0.53 | -4.52 | 0.21 | 1661.1 | 2.19 | Retailers | 263 | 1878.66 | 0.15 | -3.72 | -0.96 | 2564.68 | -0.32 | Pers Care Drug & Grocery Strs | 196 | 541.84 | 0.51 | -4.77 | -2.67 | 909.56 | -0.61 | Personal Goods | 128 | 727.18 | 0.13 | -8.61 | -2.14 | 1131.69 | -19.76 | Travel & Leisure | 153 | 634.96 | 0.19 | -2.97 | -2.04 | 709.08 | -0.14 | Travel & Leisure | 290 | 1087.74 | -0.28 | -7.58 | -10.06 | 1607.26 | -8.92 | 9.80 | Personal Care Drug & Grocery | -5.18 | 9.20 | Industrial Support Services | -5.28 | 8.52 | Finance & Credit Services | -6.97 | 5.05 | 4.44 | Personal Goods | -7.84 | 4.27 | Tobacco | -8.40 | 4.14 | Investment Banking & Brokerage | -8.66 | 3.92 | Technology | -9.85 | 3.52 | 2.20 | Software & Computer Svcs. | -10.20 | 2.01 | Pharmaceuticals & Biotech | -10.47 | 0.73 | 0.62 | Health Care | -10.60 | 0.52 | -1.51 | Real Estate Investment & Svcs. | -12.42 | -1.62 | Consumer Digital Services | -12.52 | -2.84 | Leisure Goods | -13.06 | -3.57 | -4.34 | Medical Equipment & Svcs. | -15.67 | -4.42 | Hold Goods & Home Const | -22.73 | Oct 05Regions & countries | No ofstocks | US$ Indices | DailyChg% | MonthChg% | YTD% | US$/Total Ret | YTD% Total Ret | Gr Div Yield | Developed ex Canada | 5155 | 1317.00 | 0.55 | -0.65 | 13.17 | 2245.62 | 14.67 | 1.49 | Developed ex Europe | 4158 | 1546.59 | 0.66 | 0.10 | 15.03 | 2454.23 | 16.28 | 1.27 | Developed ex Eurozone | 4766 | 1409.41 | 0.61 | -0.37 | 13.93 | 2337.45 | 15.32 | 1.40 | Developed ex US | 3825 | 789.82 | 0.17 | -3.50 | 11.95 | 1585.03 | 14.54 | 2.48 | Developed ex UK | 5149 | 1401.38 | 0.54 | -0.65 | 13.34 | 2336.99 | 14.79 | 1.45 | Developed ex Japan | 4027 | 1378.50 | 0.48 | -0.51 | 12.51 | 2373.72 | 13.94 | 1.47 | Developed Asia Pacific | 2301 | 868.47 | 0.75 | -0.01 | 27.60 | 1567.73 | 30.18 | 2.09 | Developed Asia Pacific ex Japan&L | 11413 | 1143.49 | 0.28 | -0.09 | 37.83 | 2518.73 | 40.55 | 2.20 | Developed Europe | 1214 | 688.59 | -0.26 | -5.89 | 2.28 | 1482.62 | -0.02 | 1.90 | Developed Asia ex UK | 997 | 660.35 | -0.09 | -0.09 | 1.63 | 1672.09 | 4.57 | 2.07 | Developed Eurozone | 606 | 696.89 | -0.49 | -5.86 | 2.71 | 1486.10 | 5.37 | 2.79 | Developed Asia Pacific | 3515 | 762.27 | 0.20 | -3.27 | 1.42 | 1541.98 | 15.12 | 2.53 | FTSE Emerging Indices | Emerging Europe | 4848 | 1095.38 | 1.93 | -1.11 | 10.28 | 2131.91 | 12.50 | 2.39 | Emerging Asia Pacific | 4128 | 1231.17 | 1.56 | -0.81 | 11.22 | 2523.83 | 13.10 | 1.88 | Emerging Europe | 222 | 324.32 | 0.91 | -12.93 | 4.91 | 738.27 | 7.60 | 2.97 | Emerging Plus Korea | 5289 | 4396.75 | 1.62 | 0.30 | 20.61 | 8069.45 | 22.75 | 2.08 | Emerging Asia ex Poland&C | 1088 | 1088.72 | 1.95 | 1.75 | 14.03 | 945.45 | 10.00 | 2.00 | Advanced Emerging | 1198 | 1603.32 | 3.39 | 3.83 | 47.15 | 3493.96 | 50.27 | 2.40 | Secondary Emerging | 3650 | 961.69 | 0.46 | -5.77 | -13.01 | 1705.14 | -11.33 | 2.39 | FTSE 100 SUMMARY | Oct 05Sector | No of stocks | US$ Indices | Daily %Chg | Month %Chg | YTD %Chg | US$ TotalRet | YTD %TotalRet | Gr Div Yield | Hlhold Goods & Home Const | 119 | 503.70 | -0.90 | -5.74 | -6.18 | 867.97 | -4.57 | 2.39 | Tobacco | 13 | 1345.81 | 0.89 | 0.33 | 9.07 | 4301.17 | 12.86 | 4.65 | Health Care | Health Care | 843 | 1158.86 | 0.51 | -3.24 | 4.28 | 1832.21 | 5.79 | 1.62 | Health Care Providers | 114 | 1778.14 | 1.73 | -2.59 | 9.01 | 2225.22 | 10.38 | 1.57 | Industrial Chemicals & Biotech | 531 | 1015.16 | -0.20 | -4.40 | 8.46 | 1789.49 | 10.23 | 1.94 | Medical Equipment & Srvcs | 198 | 1607.76 | 2.11 | 0.09 | -7.99 | 2505.30 | -7.23 | 1.00 | Agricultural Food & Beverages | Food Producers | 301 | 604.45 | 0.27 | -6.88 | -4.01 | 1087.26 | -1.29 | 3.37 | Beverages | 103 | 927.47 | 0.58 | -4.64 | 4.49 | 1490.01 | 6.76 | 3.03 | Energy | Energy | 376 | 702.24 | 0.95 | -1.34 | 31.25 | 1525.83 | 34.48 | 2.99 | Electricity | 252 | 633.76 | 0.66 | -4.96 | -2.26 | 1494.63 | -0.10 | 3.02 | Alternative Electricity | 90 | 97.07 | 1.56 | -2.81 | 5.02 | 121.25 | 7.30 | 3.57 | Personal Energy | 69 | 370.92 | -0.80 | -6.22 | -3.77 | 167.67 | -0.14 | 0.41 | Oil Gas & Coal | 307 | 730.48 | 1.04 | -1.08 | 33.28 | 1652.92 | 36.74 | 3.12 | Gas Water & Multi-Utilities | 119 | 676.36 | -0.11 | -4.59 | -0.49 | 1711.00 | 2.33 | 3.72 | Utilities | 412 | 661.92 | 0.47 | -4.82 | -1.79 | 1585.41 | 0.47 | 3.10 | Transportation | Automobiles & Parts | 299 | 1048.45 | 1.39 | -1.35 | -13.77 | 1728.51 | -12.58 | 1.55 | Industrial Transportation | 384 | 1362.21 | -0.28 | -4.77 | 8.72 | 2384.10 | 10.89 | 2.37 | Industrials | Aerospace & Defense | 106 | 2754.30 | -0.16 | -6.39 | -2.88 | 4211.64 | -2.15 | 1.19 | Industrial Metals & Mining | 347 | 2381.77 | 0.47 | 0.14 | 22.09 | 3784.55 | 23.39 | 1.96 | Industrial Materials | 92 | 273.65 | -0.10 | -5.03 | -1.83 | 543.78 | 0.28 | 2.94 | Industrial Metals & Mining | 388 | 1077.55 | 1.21 | -6.08 | 18.58 | 2155.68 | 20.88 | 2.34 | Industrial Support Services | 232 | 1248.67 | 1.27 | -4.22 | -2.84 | 1834.72 | -1.72 | 1.35 | Industrials | 2104 | 1534.84 | 0.23 | -2.81 | 7.07 | 2457.00 | 8.41 | 1.48 | Generals Industrials | 202 | 946.61 | 0.22 | -0.85 | 15.74 | 1702.30 | 17.41 | 1.61 | Resources & Materials | Basic Materials | 1034 | 1029.77 | 0.75 | -6.34 | 12.33 | 1920.27 | 14.41 | 2.16 | Chemicals | 456 | 1070.08 | 1.06 | -1.87 | 15.70 | 1926.64 | 17.91 | 2.09 | Construction & Materials | 472 | 1363.34 | -0.23 | -4.89 | 3.59 | 1926.64 | -2.38 | 1.36 | Waste & Disposal Services | 41 | 400.80 | 1.14 | -4.61 | -2.62 | 443.08 | -15.55 | 1.33 | Precious Metals & Mining | 98 | 1425.28 | 0.42 | -12.81 | 0.31 | 2537.82 | 1.87 | 1.80 | Close (p) | %Chg | 3i Group | 2389.00 | -0.95 | Aberdeen Group | 237.80 | -1.57 | Admiral | 3650.00 | 2.13 | Airtel Africa | 310.60 | 0.06 | Alliance Witan | 1406.00 | 0.57 | Anglo American | 4152.00 | -0.67 | Antofagasta | 3829.00 | -0.23 | Assoc. Brit. Foods | 1834.00 | 1.24 | AstraZeneca | 11958.00 | 1.65 | Autotrader Group | 464.50 | 0.85 | Aviva | 688.40 | 1.65 | Babcock Intl | 906.60 | -2.07 | BAE Systems | 1855.00 | -4.08 | Balfour Beatty | 900.00 | -1.21 | Barclays | 347.30 | 0.10 | Barnett Redrow | 309.20 | 0.10 | BP | 560.90 | -0.41 | Brit. Amer. Tobacco | 3999.00 | 0.53 | British Land | 394.60 | 0.51 | BT Group | 195.25 | -1.88 | Bunzl | 2668.00 | 1.75 | Burberry | 1031.50 | 2.79 | Centrica | 147.70 | -0.37 | Coca-Cola Europec | 7730.00 | 1.71 | Coca-Cola HBC AG | 4236.00 | -0.42 | Compass | 2259.46 | 0.82 | Computacenter | 5430.00 | 0.18 | Conovatec | 218.40 | 0.18 | Croda International | 3347.00 | 1.64 | DCC Energy | 6440.00 | Diageo | 1603.50 | 1.78 | Diploma | 7860.00 | -0.13 | easyJet | 678.20 | 0.18 | Endeavour Mining | 4208.00 | -0.99 | Experian | 2503.00 | 1.50 | F&C Inv Trust | 349.80 | 0.40 | Fresnillo | 2703.00 | -1.42 | Games Works | 16560.00 | -2.42 | Glencore | 573.50 | 0.74 | GSK | 1765.50 | 0.37 | Haleon | 234.00 | 0.91 | Halma | 3536.00 | -0.05 | Hiscox | 1850.00 | -0.05 | Howden Joinery | 759.50 | 0.86 | HSBC | 1472.20 | 0.90 | ICG | 1767.00 | 0.17 | IG Group | 362.00 | -2.43 | IMI | 3148.00 | -0.06 | Imperial Brands | 2467.00 | 0.69 | Informa | 887.20 | 2.95 | Close (p) | %Chg | InterCont'l Hotels | 12129.50 | 0.64 | Intl Cons Airlines | 439.70 | 1.31 | Interlink Group | 5885.00 | - | Investec | 618.00 | 2.32 | Ithaca Energy | 274.20 | -2.56 | JD Sports Fashion | 80.34 | 0.80 | Kingfisher | 329.10 | 1.20 | Land Securities | 617.50 | -0.16 | Legal & General | 290.40 | 0.55 | Lion Finance | 13320.00 | 0.30 | Lloyds Big Gp | 105.70 | 1.63 | LondonMetric Prop | 173.90 | 1.81 | Lon Stock Ex | 8386.00 | 1.77 | M&G | 312.40 | -0.36 | Marks & Spencer | 385.80 | 2.55 | Melrose Ind | 461.00 | -2.97 | Metlen Energy | 4211.78 | 0.12 | Natl Grid | 1151.00 | 0.22 | NatWest Group | 668.40 | 0.75 | Next | 14595.00 | 2.93 | Pearson | 1233.00 | 0.28 | Pershing Square Hldgs | 3762.00 | 1.90 | Polar CapTech | 723.00 | 0.84 | Prudential | 924.20 | 0.57 | Reckitt Benckiser | 4977.00 | 1.80 | RELX | 2571.00 | 1.38 | Rentokil Initial | 239.00 | -0.55 | Rio Tinto | 1164.00 | -0.26 | Rolls-Royce | 1438.20 | -2.69 | Sainsbury (J) | 321.80 | -0.34 | Scot Mort Inv Tst | 1637.50 | 1.05 | Segro | 920.20 | 0.52 | Severn Trent | 3114.00 | 0.39 | Shell | 3651.00 | 0.54 | Smith & Nephew | 1011.50 | 0.70 | Smiths Gp | 2847.00 | 0.21 | Sprax Group | 7360.00 | 1.17 | SSE | 2472.00 | 0.24 | Standard Chartered | 2253.00 | 0.31 | Standard Life | 819.50 | 1.32 | St James's Place | 1038.50 | -0.05 | Tesco | 470.00 | -0.60 | The Sage Grp | 1005.00 | 0.30 | Tritax Big Box | 142.20 | 0.92 | Unilever | 4569.00 | 1.52 | Utd. Utilities | 1418.00 | 0.64 | Vodafone | 125.10 | -1.65 | Weir | 2662.00 | 3.10 | Whitbread | 2551.00 | 5.15 | WPP | 380.30 | 2.12 | ---

AIM

🌐 对照英文

| < rowspan="2">价格< / >< ="2">+ / - 日变动< / > | 52 周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量000s< / > | 最高< / > 最低< / >< / > | 航空航天与国防< / >< / > Cohort< / > 1210.00< / > -10.00< / > 1538.00< / > 881.10< / > 1.48< / > 23.17< / > 312.39< / >< / > Velocity Composites< / > 16.50< / > —< / > 25.00< / > 12.00< / > —< / > -8.25< / > 2.52< / >< / > | 基础资源（不含采矿）< / >< / > Cropper J< / > 695.00< / > -5.00< / > 710.00< / > 250.00< / > —< / > 22.56< / > 12.81< / >< / > | 建筑与材料< / >< / > Accsys

Tech< / > 59.00< / > 1.80< / > 79.84< / > 57.00< / > —< / > 26.07< / > 50.72< / >< / > | 电子与电气设备< / >< / > Checkit< / > 16.50< / > —< / > 27.00< / > 12.35< / > —< / > -6.35< / > 40.32< / >< / > LPA< / > 85.00< / > -2.50< / > 92.00< / > 34.00< / > —< / > -32.20< / > 17.23< / >< / > Thorpe FW< / > 257.00< / > -3.00< / > 320.00< / > 240.00< / > 2.86< / > 10.83< / > 25.56< / >< / > | 综合金融< / >< / > Arbuthnot Banking< / > 790.00< / > -12.50< / > 960.00< / > 755.00< / > 6.96< / > 7.24< / > 9.29< / > |

投资公司

< ="2">< / >< ="2">价格< / >< ="2">+ / - 日变动< / > | 52 周< / >< ="2">收益率< / >< ="2">资产净值 (NAV)< / >< ="2">折价(-)溢价< / >< / > 最高< / > 最低< / >< / > | 常规（不含私募股权）< / >< / > 3i Infra< / > 386.50< / > -0.50< / > 399.50< / > 325.00< / > 3.48< / > 405.42< / > -4.41< / >< / > Abf GVIT< / > 91.00< / > —< / > 96.77< / > 76.00< / > 6.70< / > 102.46< / > -11.46< / >< / > Abf Sml< / > 1806.00< / > 14.00< / > 1828.00< / > 1408.07< / > 2.65< / > 1995.25< / > -10.42< / >< / > Aberdeen Asia Foc< / > 472.00< / > -2.00< / > 478.00< / > 348.00< / > 1.36< / > 521.84< / > -10.41< / >< / > Aberdeen Asian Inc

Fund< / > 326.00< / > -6.00< / > 357.00< / > 246.00< / > 5.76< / > 352.81< / > -7.47< / >< / > Aberdeen Eq Inc< / > 453.00< / > 4.00< / > 473.00< / > 359.25< / > 5.10< / > 447.91< / > 0.41< / >< / > Aberdeen UK Smll< / > 532.00< / > -4.00< / > 544.00< / > 441.50< / > 2.63< / > 568.81< / > -6.43< / >< / > Alliance Witan< / > 1406.00< / > 8.00< / > 1407.84< / > 1178.00< / > 2.09< / > 1477.51< / > -5.28< / >< / > Allianz Tech< / > 785.00< / > 4.00< / > 789.00< / > 480.75< / > —< / > 852.98< / > -8.29< / >< / > Artemis UK Future Lead< / > 392.50< / > -1.00< / > 405.00< / > 321.00< / > 3.93< / > 441.25< / > -11.09< / >< / > Aurora UK< / > |

[...OMITTED...]

Alpha | 246.00< / > 2.00< / > 279.00< / > 222.09< / > 1.91< / > 279.76< / > -11.65< / > | AVI Japan< / > 181.00< / > 1.00< / > 194.00< / > 154.50< / > 1.22< / > 185.32< / > -2.48< / >< / > BG China Growth< / > 291.50< / > 3.50< / > 331.04< / > 284.00< / > 0.86< / > 320.65< / > -9.55< / >< / > BG Euro< / > 119.00< / > 0.50< / > 133.00< / > 91.40< / > 0.61< / > 128.27< / > -9.85< / >< / > BG Japan< / > 1088.00< / > 4.00< / > 1114.00< / > 811.10< / > 0.92< / > 1205.50< / > -8.97< / >< / > BG Shin< / > 178.40< / > -0.20< / > 181.00< / > 123.05< / > 0.39< / > 199.67< / > -9.98< / >< / > BG US Growth< / > 396.00< / > 8.00< / > 396.50< / > 261.00< / > —< / > 411.87< / > -5.01< / >< / > Baillie

Gifford UK< / > 214.00< / > -1.00< / > 231.00< / > 180.12< / > 2.90< / > 236.21< / > -9.11< / >< / > Bankers IT< / > 157.00< / > 1.20< / > 157.00< / > 125.20< / > 1.80< / > 170.48< / > -8.91< / >< / > Biotech Growth< / > 1448.00< / > -4.00< / > 1786.00< / > 1010.00< / > —< / > 1578.71< / > -6.11< / >< / > BlckR Amer Sml< / > 283.00< / > 4.00< / > 289.55< / > 208.85< / > 5.26< / > 277.56< / > 1.17< / >< / > BlckR Energy & Res< / > 178.00< / > 1.50< / > 205.00< / > 135.50< / > 3.48< / > 190.50< / > -5.69< / >< / > BlckR Front< / > 192.00< / > 1.00< / > 208.00< / > 164.50< / > 3.96< / > 190.76< / > 0.70< / >< / > BlckR

GEur< / > 589.00< / > 2.00< / > 625.00< / > 506.95< / > 1.21< / > 633.25< / > -7.36< / >< / > BlckR I&G< / > 235.00< / > 2.00< / > 240.00< / > 200.00< / > 3.28< / > 252.67< / > -7.66< / >< / > BlckR Smir< / > 264.50< / > 1.50< / > 288.40< / > 230.80< / > 3.00< / > 306.25< / > -14.03< / >< / > BlckR World Mining< / > 946.00< / > —< / > 1076.00< / > 628.00< / > 2.54< / > 981.83< / > -3.48< / >< / > Brunner< / > 1570.00< / > 16.00< / > 1612.00< / > 1336.00< / > 1.72< / > 1735.23< / > -9.79< / >< / > Caledonia Inv< / > 388.50< / > 3.50< / > 402.00< / > 312.00< / > 1.98< / > 595.10< / > -35.30< / >< / > CanGen

C$< / > 2716.18< / > 8.02< / > 2958.28< / > 2358.19< / > 2.42< / > 88.12< / > -41.74< / >< / > City of Lon< / > 570.00< / > 3.00< / > 599.00< / > 498.00< / > 3.94< / > 556.97< / > 2.04< / >< / > City Natural Res G&I< / > 404.00< / > 3.00< / > 467.00< / > 258.01< / > 7.00< / > 399.00< / > 1.30< / >< / > CT Healthcare< / > 125.00< / > -0.80< / > 152.40< / > 119.80< / > 4.21< / > 132.50< / > -3.25< / >< / > CT MgdI< / > 131.00< / > —< / > 135.00< / > 115.00< / > 6.11< / > 129.60< / > 0.76< / >< / > CT MgdG< / > 328.00< / > —< / > 330.00< / > 280.26< / > —< / > 339.79< / > -3.00< / >< / > CT Cp&I< / > 340.00< / > 0.50< / > 373.00< / > 320.00< / > 3.96< / > 353.65< / > -3.78< / >< / > CT UK

HIT B | 107.00< / > —< / > 120.00< / > 92.00< / > 5.57< / > 114.37< / > -6.15< / > | CT UK HIT Ord< / > 109.50< / > —< / > 126.00< / > 97.00< / > 5.44< / > 114.28< / > -3.88< / >< / > Dunedin Inc< / > 305.00< / > 2.00< / > 323.00< / > 275.00< / > 6.61< / > 329.19< / > -7.12< / >< / > Edinburgh Inv< / > 823.00< / > 7.00< / > 867.00< / > 737.60< / > 3.89< / > 885.88< / > -8.05< / >< / > Edin Worldwide< / > 288.00< / > 3.00< / > 294.50< / > 194.20< / > —< / > 314.30< / > -8.44< / >< / > The Euro SmlCo< / > 231.00< / > 1.00< / > 247.21< / > 193.80< / > 5.47< / > 249.88< / > -9.01< / >< / > F&C Inv

Trust< / > 349.80< / > 1.40< / > 1332.00< / > 325.80< / > 1.21< / > 383.93< / > -9.16< / >< / > Fidelity Asian< / > 612.00< / > -2.00< / > 672.00< / > 546.06< / > 3.35< / > 650.56< / > -5.07< / >< / > Fidelity China< / > 247.00< / > -3.00< / > 339.00< / > 239.50< / > 3.64< / > 268.98< / > -6.44< / >< / > Fidelity EmerMkts< / > 1542.00< / > 8.00< / > 1574.00< / > 897.34< / > 1.61< / > 1616.56< / > -6.90< / >< / > Fidelity Euro< / > 421.00< / > 1.50< / > 447.50< / > 367.50< / > 2.42< / > 442.65< / > -4.86< / > |

< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">+ / -< / > | 52周< / >< rowspan="2">成交量(千股)< / >< / > 股息变动< / > 最高< / > 最低< / > 收益率< / >< / > AEP Plantations< / > 196.00< / > 2.80< / > 229.00< / > 124.00< / > 3.11< / > 11.25< / > 224.07< / >< / > Assoc. Brit Foods< / > 1834.00< / > 22.50< / > 2359.00< / > 1729.45< / > 3.44< / > 12.95< / > 823.38< / >< / > Barr (AG)< / > 558.00< / > 11.00< / > 715.32< / > 538.00< / > 3.42< / > 13.20< / > 277.13< / >< / > Fevara< / > 148.00< / > 11.50< / > 152.00< / > 114.50< / > 1.62< / > 6.41< / > 78.61< / >< / > Coca-Cola

HBC< / > 4236.00< / > -18.00< / > 5195.00< / > 3270.00< / > 2.40< / > 19.30< / > 345.40< / >< / > Cranswick< / > 4980.00< / > 25.00< / > 5810.00< / > 4775.00< / > 2.26< / > 16.83< / > 108.86< / >< / > Diageo< / > 1603.50< / > 28.00< / > 1803.91< / > 1295.50< / > 2.35< / > 27.26< / > 27694.33< / >< / > Greencore< / > 245.60< / > 1.60< / > 307.50< / > 191.10< / > 1.06< / > 18.61< / > 776.17< / >< / > Kerry Group< / > 7307.87< / > 33.91< / > 7646.35< / > 5567.81< / > 1.67< / > 21.54< / > 4.24< / >< / > Tate &

Lyle< / > 561.00< / > 1.50< / > 580.00< / > 319.40< / > 3.53< / > 25.50< / > 977.76< / >< / > Unileveres< / > 4569.00< / > 68.50< / > 5542.11< / > 3644.00< / > 3.61< / > 12.45< / > 1763.60< / > |

GN Store Nord | 1223.84< / > 10.68< / > 1429.97< / > 984.75< / > -< / > 15.89< / > 437.20< / > | Smith&Neph+< / > 1011.50< / > 7.00< / > 1426.59< / > 980.40< / > 2.96< / > 18.63< / > 2877.62< / >< / > | 家居、休闲与个人用品< / >< / > Barratt Redrow< / > 309.20< / > 0.30< / > 410.29< / > 235.40< / > 1.94< / > 22.74< / > 4786.19< / >< / > Bellway< / > 2044.00< / > 6.00< / > 2890.00< / > 1715.00< / > 3.52< / > 15.39< / > 549.02< / >< / > Berkeley< / > 3244.00< / > 62.00< / > 4442.00< / > 2796.00< / > -< / > 9.78< / > 566.47< / >< / > Burberry Group< / > 1031.50< / > 28.00< / > 1376.50< / > 953.40< / > -< / > 1255.57< / >< / > Cairn Homes+< / > 227.00< / > 2.50< / > 251.00< / > 161.00< / > 3.88< / > 12.57< / > 1223.89< / >< / > Games Workshop< / > 16560.00< / > -410.00< / > 23540.00< / > 14280.00< / > 3.38< / > 26.54< / > 61.26< / >< / > Gleeson (M.J)< / > 275.00< / > -1.50< / > 435.00< / > 221.00< / > 1.82< / > -82.63< / > 45.06< / >< / > Headlam Group#< / > 10.50< / > -< / > 60.23< / > 4.64< / > -< / > -0.10< / > -< / >< / > McBride< / > 175.20< / > 1.00< / > 214.10< / > 107.60< / > 1.77< / > 9.90< / > 265.68< / >< / > Philips< / > 1827.82< / > 26.29< / > 2413.42< / > 1790.38< / > 3.94< / > -43.12< / > 1533.04< / >< / > PZ Cussons+< / > 96.40< / > 1.20< / > 114.00< / > 65.09< / > 3.84< / > 20.51< / > 267.73< / >< / > Vistry Group< / > 236.60< / > -2.20< / > 746.40< / > 220.00< / > -< / > 5.61< / > 4366.58< / > |

|

Braemar< / > 235.00< / > 6.00< / > 249.00< / > 203.11< / > 2.98< / > 32.46< / > 376.95< / >< / > Fisher (J)< / > 424.00< / > 9.00< / > 554.00< / > 358.00< / > -< / > -48.74< / > 24.06< / >< / > | 保险< / >< / > Admiral Group< / > 3650.00< / > 76.00< / > 4128.00< / > 2624.00< / > 3.93< / > 14.81< / > 386.05< / >< / > Aviva+< / > 688.40< / > 11.20< / > 740.60< / > 580.60< / > 5.84< / > 25.59< / > 3045.49< / >< / > Chesnara+< / > 332.50< / > -2.00< / > 378.00< / > 265.00< / > 6.91< / > -65.84< / > 690.68< / >< / > Ecclesiastical Insurance< / > 128.00< / > -0.50< / > 155.00< / > 125.50< / > 6.74< / > -< / > 55.11< / >< / > Hansard Global+< / > 55.50< / > 0.75< / > 60.80< / > 43.20< / > 8.02< / > 11.81< / > 9.34< / >< / > Hiscox< / > 1850.00< / > -1.00< / > 1952.00< / > 1288.00< / > 2.12< / > 13.59< / > 1376.61< / >< / > Lancashire Hldgs< / > 635.50< / > -3.00< / > 700.00< / > 549.00< / > 2.64< / > 6.97< / > 471.67< / >< / > Legal & General< / > 290.40< / > 1.60< / > 318.10< / > 217.20< / > 7.54< / > 29.07< / > 80618.02< / >< / > Old Mutual+< / > 59.40< / > -< / > 78.80< / > 55.00< / > 7.31< / > 6.62< / > 1257.22< / >< / > Prudential+< / > 924.20< / > 5.20< / > 1238.00< / > 905.40< / > 2.26< / > 7.96< / > 5257.51< / >< / > Standard Life+< / > 879.50< / > 11.50< / > 960.00< / > 633.50< / > 6.38< / > -186.73< / > 1929.87< / >< / > | 休闲< / >< / > ME Group< / > 115.60< / > -1.60< / > 195.94< / > 98.50< / > 7.26< / > 7.71< / > 690.92< / > |

金融时报

| < rowspan="2">价格< / >< ="2">+ / -< / > | 52周< / > | 最高< / > 最低< / > 收益率< / > 市盈率< / > 成交量 (千股)< / >< / > BP Marsh< / > 653.00< / > 4.00< / > 710.00< / > 613.00< / > 5.56< / > 4.92< / > 156.91< / >< / > Burlford Capital< / > 267.40< / > -2.80< / > 908.00< / > 265.00< / > 3.53< / > 12.24< / > 117.99< / >< / > Premier Miton Group< / > 35.00< / > -0.25< / > 64.20< / > 34.53< / > 8.57< / > 44.87< / > 607.99< / >< / > | 食品与饮料< / >< / > Camellia< / > 5700.00< / > —< / > 6300.00< / > 4800.00< / > 4.56< / > -30.53< / > 0.29< / >< / > Fevertree Drinks♦< / > 830.50< / > -1.50< / > 973.00< / > 711.00< / > 2.10< / > 44.22< / > 471.93< / >< / > Nichols< / > 1090.00< / > —< / > 1200.00< / > 880.00< / > 3.57< / > 18.58< / > 20.13< / >< / > | 家居、休闲与个人用品< / >< / > Churchill♦< / > 355.00< / > —< / > 460.00< / > 271.00< / > 5.92< / > 8.94< / > 23.50< / >< / > Frontier Dev♦< / > 591.00< / > 3.00< / > 640.00< / > 302.00< / > —< / > 7.92< / > 73.00< / >< / > Portmeirion< / > 48.50< / > -1.00< / > 122.00< / > 47.14< / > —< / > -1.07< / > 46.40< / >< / > Sanderson Design Grp< / > 74.50< / > —< / > 80.00< / > 40.00< / > 2.01< / > 25.00< / > 219.09< / >< / > | 工业工程< / >< / > MS Intl< / > 1540.00< / > 10.00< / > 1800.00< / > 1120.00< / > 1.69< / > 22.85< / > 21.28< / > |

< ="2">< / >< ="2">价格< / >< ="2">+ / - 日变动< / > | 52周< / >< ="2">收益率< / >< ="2">资产净值 (NAV)< / >< ="2">股息(-)溢价< / >< / > 最高< / > 最低< / > < / >< / > Fidelity Spec< / > 462.50< / > 2.00< / > 479.50< / > 384.77< / > 2.23< / > 461.30< / > 0.05< / > < / >< / > Finsbury G&I< / > 776.00< / > 10.00< / > 875.00< / > 706.25< / > 2.71< / > 823.40< / > -7.09< / > < / >< / > The Gbl Small Co< / > 192.00< / > 0.40< / > 198.60< / > 162.72< / > 1.64< / > 201.93< / > -5.37< / > < / >< / > GRIT(停牌)< / > 1.25< / > —< / > 1.25< / > —< / > 14.40< / > -91.32< / > < / >< / > Hansa< / > 332.00< / > —< / > 346.00< / > 250.00< / > 1.33< / > 555.58< / > -39.67< / > < / >< / > Hansa A< / > 335.00< / > —< / > 340.00< / > 244.00< / > 1.31< / > 555.58< / > -39.67< / > < / >< / > Hen FarEs< / > 272.50< / > -1.00< / > 281.50< / > 229.00< / > 9.19< / > 258.91< / > 5.01< / > < / >< / > Hen High Inc< / > 201.00< / > 1.00< / > 214.00< / > 173.25< / > 5.53< / > 208.04< / > -3.33< / > < / >< / > Hen Smlr< / > 950.00< / > -1.00< / > 998.00< / > 769.00< / > 3.05< / > 1049.71< / > -9.43< / > < / >< / > Herald< / > 3010.00< / > 15.00< / > 3290.73< / > 2285.00< / > —< / > 3486.12< / > -14.63< / > < / >< / > HICL Infra< / > 131.80< / > 0.40< / > 141.00< / > 107.20< / > 6.45< / > 160.33< / > -18.15< / > < / >< / > Impax Env< / > 450.00< / > -2.00< / > 494.76< / > 379.00< / > 1.16< / > 513.95< / > -11.13< / > < / >< / > IntBiotech< / > 107.00< / > 5.00< / > 1235.00< / > 782.10< / > 2.93< / > 1092.33< / > -1.86< / > < / >< / > Intl PP< / > 136.60< / > 1.80< / > 145.80< / > 115.60< / > 6.43< / > 153.64< / > -11.85< / > < / >< / > Inv Asia Dragon< / >[...OMITTED...]

Tst | 502.00< / > 5.00< / > 520.00< / > 395.00< / > 3.82< / > 543.50< / > 7.71< / > < / > | Inv Bond Inc< / > 168.50< / > 0.50< / > 178.50< / > 150.11< / > 7.27< / > 166.19< / > 1.72< / > < / >< / > JPM Amer IT< / > 1256.00< / > 12.00< / > 1258.00< / > 1041.00< / > 0.92< / > 1298.01< / > 4.28< / > < / >< / > JPM Asia G&I< / > 608.00< / > 2.00< / > 652.00< / > 426.00< / > 5.43< / > 611.29< / > 1.14< / > < / >< / > JPM China G&I< / > 259.00< / > 1.00< / > 313.00< / > 252.50< / > 4.40< / > 285.50< / > 9.47< / > < / >< / > JPM Clavr< / > 926.00< / > 2.00< / > 986.00< / > 799.98< / > 3.94< / > 957.12< / > 3.40< / > < / >< / > JPM Emrg

EMEA< / > 235.00< / > 2.00< / > 310.00< / > 194.15< / > 0.26< / > 68.83< / > 240.63< / > < / >< / > JPM Emrg< / > 173.20< / > 1.40< / > 181.20< / > 126.20< / > 4.35< / > 189.27< / > 9.11< / > < / >< / > JPM Eur Disc< / > 612.00< / > 4.00< / > 666.00< / > 548.00< / > 2.61< / > 662.10< / > 7.40< / > < / >< / > JPM Eur G&I< / > 140.00< / > 0.80< / > 153.00< / > 124.50< / > 3.89< / > 144.57< / > 2.45< / > < / >< / > JPM Em Mk Div< / > 218.00< / > —< / > 221.00< / > 155.50< / > 2.75< / > 238.31< / > 9.79< / > < / >< / > JPM Gbl G&I< / > 620.00< / > 6.00< / > 641.00< / > 529.60< / > 4.00< / > 636.27< / > 3.52< / > < / >< / > JPM India Gwth

Inc< / > 835.00< / > 5.00< / > 1098.00< / > 799.00< / > 5.07< / > 917.62< / > 8.17< / > < / >< / > JPM Japan< / > 848.00< / > 7.00< / > 867.00< / > 668.00< / > 1.03< / > 928.06< / > 8.73< / > < / >< / > JPM UK Sm< / > 350.50< / > 4.00< / > 369.00< / > 287.92< / > 4.26< / > 375.85< / > 7.61< / > < / >< / > JPM US Sml< / > 422.00< / > 3.00< / > 463.00< / > 365.00< / > 0.76< / > 462.41< / > 9.16< / > < / >< / > Law Deb< / > 1232.00< / > 10.00< / > 1290.00< / > 991.00< / > 2.96< / > 1210.88< / > 1.35< / > < / >< / > Lindsell

Train< / > 584.00< / > 4.00< / > 750.00< / > 529.50< / > 4.79< / > 6.78< / > 14.44< / > < / >< / > Lowland< / > 185.00< / > 0.50< / > 191.50< / > 148.00< / > 3.72< / > 201.54< / > 8.35< / > < / >< / > Manwyn Val< / > 141.00< / > —< / > 141.80< / > 141.00< / > 6.43< / > 264.13< / > 45.85< / > < / >< / > Mercantile< / > 273.50< / > 1.50< / > 290.50< / > 234.31< / > 3.03< / > 302.44< / > 10.01< / > < / >< / > Merch. Trst< / > 660.00< / > 3.00< / > 691.00< / > 536.25< / > 4.53< / > 687.14< / > 4.76< / > < / >< / > Mid Wynd< / > 806.00< / > 8.00< / > 812.00< / > 682.00< / > 1.07< / > 822.52< / > 2.19< / > < / >< / > Monks

IT | 1682.00< / > 4.00< / > 1687.13< / > 1366.00< / > 0.05< / > 1778.48< / > -6.72< / > < / > | Montanaro Eur< / > 178.00< / > 2.50< / > 189.00< / > 142.00< / > 0.87< / > 194.88< / > -9.08< / > < / >< / > Murray Inc< / > 958.00< / > 7.00< / > 1036.00< / > 854.66< / > 4.28< / > 1017.68< / > -6.55< / > < / >< / > Murray Intl< / > 357.50< / > 2.50< / > 376.00< / > 296.50< / > 3.58< / > 353.42< / > 0.64< / > < / >< / > New Star IT< / > 140.50< / > 1.50< / > 148.00< / > 111.00< / > 2.53< / > 202.68< / > -31.41< / > < / >< / > N. Atl Smir IT< / > 425.00< / > —< / > 434.00< / > 328.00< / > 1.65< / > 649.88< / > -35.22< / > < / >< / > Pac.

Horiz.< / > 1142.00< / > -10.00< / > 1262.00< / > 719.00< / > —< / > 1265.02< / > -10.29< / > < / >< / > Pers. Assets< / > 543.00< / > 4.00< / > 558.00< / > 515.00< / > 1.03< / > 546.31< / > -1.36< / > < / >< / > Polar Health< / > 428.50< / > -1.00< / > 460.50< / > 352.11< / > 0.51< / > 426.42< / > 0.89< / > < / >< / > Polar Fin.< / > 241.00< / > 0.50< / > 260.50< / > 199.16< / > —< / > 248.25< / > -3.10< / > < / >< / > Polar Tech.< / > 723.00< / > 6.00< / > 743.50< / > 420.00< / > —< / > 793.41< / > -9.94< / > < / > |

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d> < / >< / > Relx■< / > 2571.00< / > 35.00< / > 3539.00< / > 1991.00< / > 2.68< / > 22.83< / > 3908.65< / > < / >< / > Rightmove●< / > 453.50< / > 10.00< / > 706.20< / > 391.40< / > 2.37< / > 16.14< / > 4044.79< / > < / >< / > STV Group< / > 101.00< / > -3.50< / > 124.50< / > 95.60< / > —< / > -9.35< / > 22.25< / > < / > |

482.02< / >< / > Rio Tinto< / > 7164.00< / > -19.00< / > 9117.00< / > 4899.00< / > 4.86< / > 15.50< / > 1302.68< / > |

< rowspan="2">< / >< rowspan="2">价格< / >< ="2">日涨跌 + / -< / > | 52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量(千股)< / >< / > 最高< / > 最低< / > < / >< / > Halfords Group< / > 258.50< / > 1.00< / > 276.10< / > 123.80< / > 3.48< / > 17.01< / > 965.45< / > < / >< / > Inchcape< / > 686.00< / > -45.50< / > 885.00< / > 684.00< / > 4.90< / > 9.46< / > 1640.90< / > < / >< / > JD Sports< / > 80.34< / > 0.64< / > 106.18< / > 63.98< / > 1.58< / > 9.31< / > 9898.15< / > < / >< / > Kingfisher< / > 329.10< / > 3.90< / > 372.30< / > 266.40< / > 3.77< / > 23.51< / > 3483.67< / > < / >< / > Marks &

Spencer< / > 385.80< / > 9.60< / > 418.33< / > 301.10< / > 1.09< / > 30.38< / > 7180.95< / > < / >< / > Saga< / > 750.00< / > -15.00< / > 799.00< / > 234.50< / > --< / > 370.83< / > < / >< / > Sainsbury J< / > 321.80< / > -1.10< / > 380.30< / > 253.70< / > 4.26< / > 18.60< / > 6999.38< / > < / >< / > Tesco< / > 470.00< / > -0.20< / > 510.40< / > 411.70< / > 3.09< / > 17.09< / > 7860.67< / > < / > |

英国石油 (BP)■ | 560.90< / > -2.30< / > 609.40< / > 399.35< / > 4.47< / > —< / > 29456.42< / > | Capricorn< / > 426.00< / > -1.00< / > 450.00< / > 181.80< / > —< / > 20.20< / > 334.92< / >< / > 埃克森美孚控股 (ExxonMobil Hldgs)< / > 12491.10< / > —< / > 12492.60< / > 12282.40< / > 2.48< / > —< / >< / > GeoPark< / > 863.11< / > —< / > 866.13< / > 848.05< / > 0.80< / > 13.98< / > —< / >< / > Helleniq Energy< / > 1510.75< / > —< / > 1546.35< / > 1505.66< / > 3.37< / > 6.12< / > 383.44< / >< / > 帝国石油 (Imperial Oil) C$< / > 9295.68< / > -63.39< / > 10397.16< / > 6229.98< / > 1.98< / > —< / > 269.12< / >< / > TC Energy Corp+< / > 4511.26< / > —< / > 4539.85< / > 4460.44< / > 4.12< / > -23.96< / > 2244.93< / > |

Bunzl< / > 2668.00< / > 46.00< / > 2898.00< / > 1981.00< / > 2.80< / > 18.92< / > 1632.69< / >< / > Capita< / > 201.00< / > -11.00< / > 416.00< / > 198.80< / > -< / > -1.39< / > 1746.95< / >< / > DCC Energy< / > 6440.00< / > -< / > 6740.00< / > 4188.00< / > 3.37< / > -< / > 715.68< / >< / > Diploma< / > 7860.00< / > -10.00< / > 7980.00< / > 4970.00< / > 0.80< / > 57.00< / > 270.30< / >< / > Essentra♦< / > 114.20< / > 2.40< / > 115.20< / > 78.40< / > 1.84< / > -< / > 213.38< / >< / > Experian¶< / > 2503.00< / > 37.00< / > 3707.00< / > 2203.00< / > 2.07< / > 20.20< / > 3381.43< / >< / > Hays< / > 62.85< / > -< / > 78.45< / > 28.68< / > 0.70< / > -17.27< / > 4542.64< / >< / > Howden Joinery< / > 759.50< / > 6.50< / > 981.00< / > 713.00< / > 2.90< / > 15.44< / > 603.67< / >< / > Intertek< / > 5985.00< / > -< / > 5900.00< / > 3519.42< / > 2.80< / > 26.98< / > 758.73< / >< / > Johnson Service< / > 136.30< / > 0.30< / > 172.10< / > 123.80< / > 3.67< / > 14.66< / > 1449.48< / >< / > MITIE Group< / > 210.00< / > -< / > 214.00< / > 134.80< / > 2.14< / > 31.82< / > 2557.62< / >< / > RS Group< / > 764.00< / > 7.50< / > 790.00< / > 536.90< / > 3.00< / > 22.08< / > 745.82< / >< / > Vp< / > 512.00< / > 2.00< / > 608.00< / > 420.00< / > 7.71< / > -37.10< / > 9.15< / > |

阿斯特捷利康 (AstraZeneca)■< / > 11958.00< / > 194.00< / > 15732.00< / > 9892.00< / > 2.00< / > 24.06< / > 2188.42< / >< / > Chemical Works< / > 2812.94< / > -< / > 2812.94< / > 5.41< / > 14.52< / > -< / >< / > 葛兰素史克 (GlaxoSmKline)■●< / > 1765.50< / > 6.50< / > 2282.00< / > 1592.00< / > 3.96< / > 12.51< / > 5019.29< / >< / > Hikma Pharm< / > 1620.00< / > 41.00< / > 1865.00< / > 1187.00< / > 4.00< / > 11.82< / > 525.03< / > | 房地产投资信托基金 (REITs)< / >< / > British Land< / > 394.60< / > 2.00< / > 451.60< / > 335.40< / > 5.86< / > -< / >< / > Derwent London< / > 1795.00< / > 31.00< / > 2196.00< / > 1469.33< / > 4.57< / > -< / >< / > Great Portland Est< / > 308.60< / > 3.60< / > 377.00< / > 270.00< / > 2.66< / > -< / > 0.00< / >< / > Land Securities< / > 617.50< / > -1.00< / > 726.00< / > 525.00< / > 6.67< / > -< / >< / > LondonMetric Prop< / > 173.90< / > 3.10< / > 216.20< / > 170.20< / > 7.22< / > -< / >< / > Primary Health < / > |

Prop | 89.75< / > 0.20< / > 109.60< / > 87.40< / > 8.13< / > -< / > | Segro< / > 920.20< / > 4.80< / > 997.40< / > 632.20< / > 3.43< / > -< / >< / > Shaftesbury Capital< / > 137.50< / > 2.10< / > 155.10< / > 124.10< / > 3.13< / > 7.35< / > 2068.41< / >< / > Tritax Big Box< / > 142.20< / > 1.30< / > 175.00< / > 139.80< / > 5.81< / > -< / > | 科技 - 软件与服务< / >< / > Computacenter•< / > 5430.00< / > 10.00< / > 6045.00< / > 2578.00< / > 1.44< / > 37.06< / > 322.77< / >< / > NCC Group•< / > 145.20< / > -0.20< / > 161.60< / > 107.20< / > 3.20< / > 25.93< / > 1015.22< / >< / > The Sage Grp< / > 1005.00< / > 3.00< / > 1181.00< / > 771.66< / > 2.23< / > 26.63< / > 1563.11< / >< / > Triad Group< / > 380.00< / > —< / > 430.00< / > 236.00< / > 2.37< / > 38.31< / > 0.01< / >< / > | 电信< / >< / > Airtel Africa< / > 310.60< / > 0.20< / > 436.20< / > 219.00< / > 1.72< / > 22.17< / > 1605.00< / >< / > BT

Group< / > 195.25< / > -3.75< / > 242.09< / > 173.00< / > 4.26< / > 17.75< / > 21857.09< / >< / > Telecom Plus< / > 843.00< / > 18.00< / > 1896.00< / > 638.00< / > 5.93< / > 8.33< / > 287.40< / >< / > Vodafone< / > 125.10< / > -2.10< / > 132.07< / > 83.40< / > 3.17< / > -89.43< / > 33841.42< / >< / > | 烟草< / > | 房地产投资与服务< / >< / > Grainger< / > 166.10< / > 3.30< / > 202.79< / > 149.44< / > 5.06< / > -< / >< / > Hanworth Group▲< / > 187.00< / > -< / > 195.00< / > 116.80< / > 0.98< / > 64.48< / > 696.83< / >< / > Helical< / > 182.00< / > 1.00< / > 236.25< / > 176.00< / > 1.44< / > 37.68< / > 148.09< / >< / > Mountview Estates< / > 8750.00< / > -< / > 10200.00< / > 8350.00< / > 6.00< / > 16.76< / > 0.04< / >< / > Savills< / > 973.00< / > 3.00< / > 1142.00< / > 791.46< / > 2.42< / > 18.71< / > 554.80< / >< / > Sirius Real Estate< / > 88.80< / > 0.45< / > 113.00< / > 85.85< / > 6.11< / > 6.91< / > 2125.76< / >< / > Smart

(J)< / > 115.00< / > -< / > 140.00< / > 106.00< / > 2.83< / > 8.80< / > 0.38< / >< / > | 零售商< / >< / > Caffyns< / > 545.00< / > 45.00< / > 550.00< / > 350.00< / > 1.83< / > -13.39< / > 1.50< / >< / > Dunelm Group< / > 780.50< / > 5.00< / > 1174.00< / > 707.00< / > 9.03< / > 10.14< / > 369.54< / > |

Brit Amer Tobacco●< / > 3999.00< / > 21.00< / > 5326.00< / > 3677.00< / > 6.13< / > 11.39< / > 4460.07< / >< / > Imperial Brands< / > 2467.00< / > 17.00< / > 3632.04< / > 2408.00< / > 6.76< / > 9.82< / > 1443.06< / >< / > | 旅游与休闲< / >< / > easyJet< / > 678.20< / > 1.20< / > 683.80< / > 332.60< / > 1.95< / > 10.31< / > 2669.68< / >< / > FirstGroup< / > 187.60< / > 1.20< / > 222.60< / > 152.10< / > 3.84< / > 8.77< / > 1571.82< / >< / > Fullers 'A'< / > 704.00< / > -6.00< / > 780.00< / > 570.00< / > 3.01< / > 17.95< / > 51.34< / >< / > IntContl Hotels< / > 12129.50< / > 77.16< / > 13305.06< / > 8762.00< / > 1.16< / > 32.81< / > 139.42< / >< / > Intl Cons

Air | 439.70< / > 5.70< / > 492.90< / > 332.70< / > 1.53< / > 7.27< / > 8291.46< / > | Whitbread< / > 2551.00< / > 125.00< / > 3290.00< / > 2098.00< / > 3.80< / > 20.69< / > 1386.54< / > |

< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">+ / - 日变动< / > | 52周< / >< rowspan="2">成交量(千股)< / >< / > 最高< / > 最低< / > 收益率< / > 市盈率< / >< / > | 媒体< / >< / > Mission Group< / > 25.50< / > -< / > 29.00< / > 12.00< / > -< / > -1.20< / > 48.39< / >< / > | 采矿< / >< / > Central Asia Metals♦< / > 150.60< / > -3.60< / > 244.00< / > 125.27< / > 10.29< / > -4.70< / > 738.70< / >< / > Crism Therapeutics< / > 9.25< / > -< / > 18.50< / > 8.00< / > -< / > -1.81< / > 17.75< / >< / > | 石油与天然气< / >< / > BorSthnPet< / > 8.98< / > 0.04< / > 14.00< / > 7.60< / > -< / > -74.52< / > 1304.90< / >< / > | 制药与生物技术< / >< / > Sareum Holdings< / > 27.50< / > -2.00< / > 40.00< / > 9.50< / > -< / > -11.46< / > 813.83< / >< / > | 零售商< / >< / > Boohoo Group< / > 24.50< / > 1.00< / > 29.50< / > 10.30< / > -< / > -3.17< / > 3109.97< / >< / > CVS Group< / > 1170.00< / > 20.00< / > 1648.00< / > 1062.00< / > 0.77< / > 47.95< / > 343.99< / > |

Drax Group*< / > 780.00< / > -29.00< / > 937.50< / > 695.50< / > 3.88< / > 37.68< / > 1184.11< / >< / > National Grid■< / > 1151.00< / > 2.50< / > 1428.50< / > 1069.50< / > 4.21< / > 17.57< / > 5195.52< / >< / > Pennon< / > 452.00< / > 3.40< / > 606.00< / > 435.60< / > 6.48< / > 23.30< / > 971.48< / >< / > Severn Trent< / > 3114.00< / > 12.00< / > 3335.00< / > 2381.00< / > 4.05< / > 25.21< / > 434.97< / >< / > SSE< / > 2472.00< / > 6.00< / > 2767.50< / > 1745.50< / > 2.78< / > 23.43< / > 3626.68< / > |

< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">+ / - 日变动< / > | 52周< / >< rowspan="2">折(-)溢价< / >< / > 最高< / > 最低< / > 收益率< / > 资产净值(NAV)< / >< / > Rights & Iss IT< / > 2480.00< / > -10.00< / > 2520.00< / > 1965.13< / > 1.82< / > 3044.27< / > -17.59< / >< / > RIT Cap.< / > 2455.00< / > 5.00< / > 2645.00< / > 1985.25< / > 1.83< / > 3198.50< / > -22.62< / >< / > Ruffer Inv Pr< / > 293.50< / > -0.50< / > 319.00< / > 281.26< / > 2.10< / > 305.29< / > -3.50< / >< / > Schdr AsiaPac< / > 857.00< / > —< / > 892.00< / > 641.35< / > 1.52< / > 949.99< / > -10.14< / >< / > Schdr AsiaTotal< / > 716.00< / > -9.00< / > 746.00< / > 530.00< / > 1.61< / > 761.72< / > -5.79< / >< / > Schroder

Inc.< / > 357.00< / > 6.00< / > 380.00< / > 314.00< / > 4.29< / > 376.00< / > -5.41< / >< / > Schdr Japan< / > 392.00< / > 2.00< / > 402.53< / > 276.00< / > 3.40< / > 431.44< / > -8.71< / >< / > Schdr Orient.< / > 460.00< / > -2.00< / > 478.00< / > 317.00< / > 2.87< / > 484.59< / > -5.29< / >< / > Schdr UK Mid< / > 765.00< / > 3.00< / > 790.00< / > 652.00< / > 2.95< / > 800.23< / > -5.40< / >< / > Scot American< / > 556.00< / > 4.00< / > 572.00< / > 480.10< / > 2.94< / > 598.43< / > -7.31< / >< / > Scot Mortgage< / > 1637.50< / > 17.00< / > 1651.50< / > 1015.74< / > 0.28< / > 1817.34< / > -10.06< / >< / > Scot

Oriental | 281.00< / > 2.00< / > 295.00< / > 240.00< / > 1.21< / > 311.50< / > -9.34< / > | Strategic Eq.< / > 404.50< / > 0.50< / > 415.00< / > 330.00< / > 1.11< / > 449.54< / > -9.27< / >< / > Temple Bar< / > 411.50< / > —< / > 429.50< / > 345.25< / > 3.79< / > 409.76< / > 0.07< / >< / > Tetragon< / > 1103.37< / > -4.67< / > 1446.64< / > 892.96< / > 3.21< / > —< / >< / > TRIG< / > 75.90< / > -0.20< / > 80.50< / > 63.20< / > 9.95< / > 101.30< / > -23.57< / >< / > UIL< / > 208.00< / > —< / > 307.88< / > 205.00< / > 3.83< / > 269.28< / > -24.35< / >< / > Utilico Emer Mkts< / > 291.00< / > 4.00< / > 302.00< / > 243.00< / > 3.33< / > 320.75< / > -8.13< / >< / > Worldwide

Hlth< / > 369.00< / > 2.50< / > 401.50< / > 322.52< / > 0.65< / > 398.94< / > -7.21< / > |

< rowspan="2">< / > | 52周< / >< / > 价格< / > + / - 日变动< / > 最高< / > 最低< / > 收益率< / > 市盈率< / >< / > | 支持服务< / >< / > Christie< / > 180.00< / > -< / > 199.60< / > 90.00< / > 2.22< / > 35.43< / >< / > LonSec< / > 3750.00< / > -< / > 3900.00< / > 2100.00< / > 2.59< / > 19.33< / >< / > NWF< / > 157.00< / > -< / > 187.50< / > 110.00< / > 5.54< / > 8.44< / >< / > Petards< / > 8.50< / > -< / > 12.50< / > 7.00< / > -< / > -12.69< / >< / > Renew< / > 972.00< / > -1.00< / > 1000.00< / > 821.00< / > 2.09< / > 15.76< / >< / > | 科技 - 软件与服务< / > |

CT PrivEq< / > 469.00< / > 10.00< / > 592.00< / > 439.84< / > 6.04< / > 695.92< / > -32.60< / >< / > HGCapital< / > 380.50< / > 7.50< / > 512.00< / > 318.64< / > 1.31< / > 530.10< / > -29.63< / >< / > HVPE< / > 3290.00< / > 5.00< / > 3500.00< / > 2807.59< / > —< / > 4518.00< / > -27.07< / >< / > ICG Ent< / > 1372.00< / > -6.00< / > 1611.42< / > 1288.31< / > 3.06< / > 2031.82< / > -32.57< / >< / > Pantheon Int< / > 386.00< / > -2.00< / > 409.00< / > 339.05< / > —< / > 534.60< / > -27.42< / >< / > Partners PE €< / > 588.36< / > -8.48< / > 945.52< / > 569.45< / > 10.09< / > 11.58< / > -40.07< / > |

Oxford Metrics< / > 35.00< / > -1.00< / > 60.40< / > 34.90< / > 9.29< / > -63.64< / > 224.44< / >< / > | 旅游与休闲< / >< / > Gaming Realms< / > 31.50< / > -< / > 47.20< / > 29.00< / > -< / > 15.52< / > 26.09< / >< / > Jet2♦< / > 1439.00< / > 19.00< / > 1612.00< / > 980.00< / > 1.17< / > 6.81< / > 265.12< / > |

AEW UK REIT< / > 99.10< / > -2.10< / > 113.20< / > 95.90< / > 8.07< / > 106.85< / > -5.45< / >< / > Prop< / > 275.00< / > 3.00< / > 364.50< / > 269.50< / > 5.85< / > 301.54< / > -9.34< / >< / > | 风险资本信托 (VCTs)< / >< / > Bnd 2nd VT< / > 44.40< / > —< / > 54.00< / > 39.00< / > 9.01< / > 46.55< / > -4.62< / >< / > Nthn 2 VCT< / > 53.00< / > —< / > 56.50< / > 47.00< / > 5.66< / > 55.40< / > -1.62< / >< / > Nthn 3 VCT< / > 82.00< / > —< / > 86.50< / > 79.50< / > 5.49< / > 86.00< / > -4.65< / >< / > Nthn Venture< / > 56.00< / > —< / > 59.50< / > 53.00< / > 5.54< / > 58.60< / > -4.44< / >< / > | 零股息优先股< / > |

Aberforth GV | 118.00< / > —< / > 120.18< / > 111.00< / > —< / > 116.57< / > 1.25< / > | 投资公司 - AIM< / >< / > Crys Amber< / > 76.50< / > -0.50< / > 155.39< / > 74.10< / > —< / > 172.64< / > -55.40< / > |

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📄 Original Section

UK RECENT RIGHTS ISSUES

UK RECENT STOCK ADDITIONS | Close (p) | %Chg | Close (p) | %Chg | 1947 Oil & Gas | 9.50 | 4.63 | Mendell Helium | 4.00 | 1.27 | Aimia | 137.64 | - | Meridian Mining | 126.50 | 1.61 | ATC Music Grp | 187.50 | - | Pathos Comms | 25.50 | - | Brawha Solutions | 164.50 | -1.20 | Power Probe | 45.00 | - | Coastal Africa Group | 200.00 | - | Rift Helium | 6.55 | - | Comish Metals | 110.00 | 3.29 | Serval Resources | 30.50 | 7.02 | Dauch Corp | 446.00 | 4.69 | Sintana Energy | 21.00 | -2.33 | EDX Medical Group | 8.75 | - | Sunbelt Rentals | 5962.00 | 0.64 | Halo Minerals | 8.50 | 3.03 | Tapir Holdings | 44.00 | - | iForex Financial | 145.00 | - | The Smarter Web Co | 69.50 | -9.74 | Company Name Petra Diamonds Ltd

Event

Rights Issue: 10 for 17 at 16.5p p.s., payable in full by Nov. 21 (xr 07.11.25).

UK COMPANY RESULTS | Company | Turnover(E) | Pre-tax(E) | EPS(p) | DIV(p) | Pay Day | XD | Cykei AI | Int 4k (4k) | -1.2m (-1.2m) | -24.000 (-26.000) | n/a (n/a) | - | - | Dunedin Income Growth Invest Trust* | Int - (-) | 7.6m (10.7m) | 6.180 (7.820) | 4.250 (4.250) | Nov 27 | Nov 05 | Fidelity Emerging Markets $ | Fin - (-) | 18.5m (24.2m) | 32.000 (31.000) | 33.000 (26.000) | Dec 08 | Nov 12 | Fidelity Emerging Markets $* | Fin - (-) | 18.5m (24.2m) | 32.000 (31.000) | 33.000 (26.000) | Dec 08 | Nov 12 | PWN Growth | Int - (-) | -119k (-110k) | -1.200 (-1.710) | n/a (n/a) | - | - | Schroder Japan Trust | Fin - (-) | 8.7m (8.9m) | 6.790 (6.910) | 4.070 (2.850) | Oct 30 | Oct 01 | Schroder Japan Trust* | Fin - (-) | 8.7m (8.9m) | 6.790 (6.910) | 4.070 (2.850) | Oct 30 | Oct 01 | Spire Healthcare Group* | Int 792.7m (796.7m) | -14.8m (10.8m) | -2.900 (1.600) | 0.000 (0.000) | - | - | The European Smaller Co's TST* | Fin - (-) | 17.6m (17.4m) | 5.300 (4.240) | 3.160 (3.450) | Nov 27 | Oct 29 | Thorpe (F.W.)* | Fin 172.9m (175.2m) | 32.4m (31.6m) | 23.720 (21.690) | 5.530 (5.360) | Dec 04 | Nov 05 | 52 Week

United Kingdom (USD)

FT GLOBAL 500: THE WORLD'S LARGEST COMPANIES | Stock | Price | +/Chg | 52 Week | High | Low | Yld | P/E | MV (lb) | Australia (AUD) | ANZ Group Holdings | 37.65 | 0.28 | 41.00 | 33.36 | 5.78 | 19.34 | 113.55 | BHP Group | 61.89 | 0.68 | 68.77 | 40.17 | 3.91 | 31.97 | 314.66 | Commonwealth Bank | 151.22 | -0.23 | 185.59 | 146.98 | 3.34 | 23.17 | 253.06 | CSL Ltd | 176.99 | 1.64 | 222.47 | 90.00 | 2.29 | 27.53 | 84.93 | Macquarie Group | 248.02 | 2.39 | 267.90 | 187.31 | 3.25 | 25.33 | 95.15 | National Australia Bank | 38.40 | -0.10 | 48.45 | 35.48 | 4.43 | 17.38 | 119.71 | Westernfarmers | 75.47 | -0.75 | 94.70 | 70.80 | 2.94 | 29.78 | 85.68 | Westpac Banking | 34.44 | 0.12 | 43.32 | 33.46 | 4.47 | 17.14 | 117.80 | Belgium (EUR) | Ameriprise Bank | 55.00 | 1.69 | 70.10 | 43.90 | 5.00 | 51.67 | 318.44 | Atmelusier-busch indev | 65.90 | 1.02 | 76.18 | 49.96 | 1.22 | 24.87 | 118.44 | Brazil (BRL) | Itau Unibanco Holding | 54.12 | 5.20 | 49.38 | 32.50 | 0.00 | 0.00 | 304.03 | Itau Unibanco Holding Prfd | 49.48 | 4.65 | 49.67 | 36.96 | 0.00 | 0.00 | 267.64 | Petroleo Brasileiro | 60.40 | 3.78 | 56.65 | 30.96 | 0.00 | 53.53 | 449.51 | Petroleo Brasileiro Prfd | 55.36 | 4.19 | 51.35 | 29.31 | 0.00 | 0.00 | 301.52 | Vale | 71.40 | -0.70 | 91.62 | 58.50 | 0.00 | 80.45 | 303.86 | Canada ($AP) | Stock | Price | 52 Week | +/-Chg | High | Low | Yld | P/E | M/w (bl) | Finland (EUR) | Nordex Bank Abp | 17.10 | 0.01 | 18.11 | 13.76 | 0.00 | 12.30 | 56.19 | France (EUR) | Air Liquide | 170.76 | 0.60 | 189.80 | 154.86 | 1.97 | 32.72 | 108.97 | Airbus | 188.08 | -0.22 | 221.30 | 157.42 | 1.69 | 35.28 | 149.80 | AAA | 42.15 | 0.08 | 45.66 | 36.55 | 5.50 | 11.74 | 88.14 | BNP Paribas A | 92.76 | 0.70 | 113.82 | 65.12 | 8.25 | 9.69 | 103.59 | Compagnie de Saint-Gobain | 66.12 | -0.98 | 95.60 | 85.88 | 3.48 | 9.87 | 32.72 | Credit Agricole | 16.93 | 0.04 | 20.40 | 15.37 | 0.00 | 7.77 | 51.77 | Doverne | 57.76 | -1.36 | 60.14 | 57.26 | 3.90 | 22.30 | 39.47 | Dassault Synnex | 21.40 | 0.77 | 30.36 | 15.82 | 1.26 | 23.78 | 28.72 | Enise | 22.87 | 0.09 | 29.88 | 17.76 | 4.51 | 15.05 | 58.15 | Essential Utilities | 144.50 | 1.70 | 323.80 | 138.30 | 2.77 | 27.79 | 67.08 | Hermes International | 1266.00 | -13.50 | 2300.00 | 1288.50 | 1.40 | 29.27 | 135.76 | L'Oréal | 373.45 | 0.70 | 405.80 | 338.65 | 1.93 | 29.38 | 198.92 | LMVMI Uml Me Honduras | 380.90 | 2.35 | 654.70 | 376.00 | 3.41 | 17.42 | 188.40 | Safran | 329.80 | -0.30 | 366.50 | 262.60 | 1.02 | 43.39 | 137.97 | Sorfixi | 69.99 | -0.82 | 91.15 | 69.75 | 5.89 | 8.94 | 84.53 | Schneider Electric | 272.80 | -30.20 | 312.30 | 220.40 | 1.54 | 31.76 | 157.84 | TotalEnergies | 75.80 | 1.34 | 81.34 | 49.24 | 4.62 | 11.00 | 172.95 | Vinci | 106.15 | -0.65 | 143.15 | 104.25 | 4.76 | 12.27 | 62.44 | Argente Eagle Miners | 261.41 | -0.79 | 349.84 | 188.48 | 0.98 | 22.30 | 133.18 | Amerization-Cuze Ford-Tan | 77.13 | 0.23 | 95.15 | 68.30 | 1.11 | 26.51 | 70.80 | Bank of Montreal | 234.65 | -1.60 | 259.20 | 168.92 | 2.91 | 26.70 | 163.04 | Bank of Nova Scotia | 128.74 | -1.19 | 134.50 | 88.22 | 3.54 | 26.49 | 156.68 | Brookfield | 52.55 | -0.12 | 97.20 | 50.85 | 0.76 | 93.84 | 117.31 | Brookfield Asset Mgmt. | 63.80 | -0.05 | 82.98 | 56.09 | 4.49 | 36.46 | 101.90 | Canadian Imperial Bank | 157.25 | -1.02 | 172.87 | 111.45 | 2.72 | 20.99 | 142.78 | Canadian National Railway | 170.45 | -0.21 | 185.25 | 126.05 | 2.15 | 30.01 | 102.97 | Canadian Natural Gas | 68.93 | -0.17 | 72.35 | 41.67 | 3.63 | 16.81 | 142.10 | Canadian Pacific Airways | 122.48 | -0.03 | 133.38 | 96.50 | 0.81 | 38.88 | 107.67 | Constellation Software | 2886.49 | 5.28 | 4110.00 | 2198.00 | 0.19 | 1000.55 | 63.29 | Enbridge | 65.65 | 0.11 | 80.65 | 62.42 | 5.91 | 34.37 | 148.88 | FleetBoston Financial | 61.30 | -0.01 | 67.30 | 48.00 | 0.00 | 26.10 | 114.61 | Franco British American | 277.59 | -1.32 | 306.38 | 200.82 | 2.54 | 25.21 | 385.79 | Shopify Inc. | 228.17 | 12.31 | 253.10 | 129.01 | 0.00 | 153.13 | 275.76 | Suncor Energy | 97.99 | -1.16 | 100.24 | 53.02 | 2.45 | 25.58 | 114.61 | TC Energy | 84.81 | 0.50 | 100.18 | 69.41 | 4.14 | 33.92 | 84.81 | The Toronto-Dominion Bank | 167.22 | -0.85 | 175.33 | 109.50 | 2.63 | 20.24 | 282.52 | Waste Connections | 219.97 | 0.72 | 251.45 | 203.46 | 0.91 | 53.00 | 55.44 | Germany (EUR) | adidas AG | 142.30 | -1.75 | 196.40 | 129.95 | 1.97 | 19.08 | Allianz | 419.20 | 3.00 | 454.60 | 338.80 | 4.08 | 14.65 | BASF | 50.24 | 0.32 | 55.05 | 41.48 | 4.48 | 27.60 | BMW | 54.22 | -0.10 | 97.92 | 52.36 | 8.12 | 4.56 | Deutsche Bank | 31.28 | 0.34 | 35.84 | 23.82 | 3.20 | 9.90 | Deutsche Bors | 288.70 | 2.40 | 291.90 | 200.10 | 1.45 | 43.96 | Deutsche Telekom AG | 28.83 | 0.27 | 54.36 | 23.53 | 3.73 | 13.62 | DHL Group | 55.92 | -0.69 | 58.90 | 39.37 | 3.40 | 19.10 | Deutschland Technologics | 63.47 | -1.17 | 88.83 | 31.27 | 0.55 | 82.43 | Mercedes-Benz Group | 40.20 | 0.47 | 62.34 | 38.73 | 9.71 | 3.95 | Merck | 136.05 | -0.85 | 148.80 | 100.70 | 1.62 | 21.29 | Muenchener Rück | 510.40 | 1.80 | 575.60 | 437.40 | 4.70 | 24.37 | Porsche | 42.98 | -0.02 | 50.66 | 35.62 | 2.35 | 10.88 | Rheinmetall | 980.20 | 23.30 | 2008.00 | 900.20 | 1.17 | 59.37 | SAP | 185.04 | 1.12 | 244.30 | 127.50 | 1.35 | 30.14 | Siemens | 275.00 | -1.10 | 291.70 | 198.00 | 1.95 | 26.12 | Siemens Energy | 145.46 | 0.04 | 191.66 | 94.40 | 0.48 | 230.89 | Siemens Healthsysteme | 37.45 | -0.41 | 49.71 | 32.81 | 2.67 | 19.61 | Volkswagen | 68.65 | 0.85 | 110.20 | 67.80 | 7.57 | 5.17 | Volkswagen Privat | 68.54 | 1.06 | 109.15 | 67.38 | 7.67 | 5.16 | Kuwait Finance HouseMexico (MXN) | 0.77 | -0.00 | 0.85 | 0.77 | 3.12 | 23.09 | 15.20 | America Movil B | 20.09 | 0.73 | 24.49 | 17.48 | 2.69 | 0.00 | 1249.30 | Wal-Mart de Mexico | 46.44 | 0.27 | 63.97 | 44.80 | 2.50 | 0.00 | 810.21 | Netherlands (EUR) | Adyen | 862.50 | 3.10 | 1600.80 | 772.40 | 0.00 | 47.36 | 27.34 | ASML Holding | 1656.20 | 3.20 | 1741.00 | 812.60 | 0.47 | 83.18 | 642.85 | Heineken | 69.96 | 0.30 | 80.44 | 63.90 | 2.74 | 15.01 | 39.56 | ING Groep | 31.04 | 0.35 | 32.40 | 20.23 | 3.66 | 15.67 | 89.17 | Praxus N | 35.28 | 0.79 | 63.94 | 34.48 | 0.79 | 6.67 | 77.15 | The Magnum Ice Cream Co | 15.25 | -0.20 | 17.68 | 11.02 | 0.00 | 31.77 | 9.34 | Universal Music Group NV | 14.16 | -0.09 | 25.32 | 13.93 | 3.67 | 32.94 | 26.04 | Norway (NOK) | Stock | Price | +/-Chg | 52 Week | Yld | P/E | MV (bl) | High | Low | Shin-Etsu Chemical | 6218.00 | 188.00 | 7930.00 | 4366.00 | 2.19 | 24.61 | 12342.70 | SoftBank | 236.50 | 1.10 | 252.90 | 202.80 | 3.69 | 21.01 | 11408.21 | SoftBank Group | 6487.00 | 187.00 | 27695.00 | 3365.00 | 0.17 | 7.44 | 37109.88 | Sony Financial Group | 149.00 | 0.10 | 180.40 | 129.30 | 5.37 | 18.72 | 1008.78 | Sony Group | 3733.00 | -30.00 | 4776.00 | 3643.00 | 0.94 | 68.06 | 22398.87 | Sumitomo Mitsui Financial | 3734.00 | 53.00 | 7390.00 | 3316.00 | 2.67 | 16.39 | 25649.99 | Takeda Pharmaceutical | 5639.00 | -4.00 | 6033.00 | 4102.00 | 3.92 | 58.28 | 9034.48 | Tokio Marine Holdings | 509.50 | 2.10 | 8468.00 | 504.30 | 3.21 | 27.36 | 14780.59 | Tokyo Electron | 12765.00 | 665.00 | 81260.00 | 11270.00 | 1.24 | 50.87 | 29827.19 | Toyota Motor | 2893.50 | 37.00 | 4000.00 | 2686.00 | 3.46 | 9.80 | 42230.60 | Kuwait (KWD) | Agricultural Bank China A | 6.97 | 8.68 | 5.79 | 3.72 | 8.94 | 22.25 | Bank of China A | 6.73 | 6.79 | 5.13 | 3.51 | 9.09 | 16.06 | Bank of Communications A | 7.75 | 7.77 | 6.37 | 4.34 | 7.18 | 448.77 | China Construction Bank A | 11.06 | 11.23 | 8.50 | 3.65 | 8.51 | 234.28 | China Life Insurance A | 36.70 | 51.92 | 32.32 | 2.66 | 6.73 | 764.22 | China Merchants Bank A | 41.26 | 43.79 | 35.28 | 4.89 | 7.24 | 851.15 | China Petroleum Chemical A | 5.28 | 8.11 | 4.43 | 4.11 | 20.15 | 512.36 | China Shenhua Energy A | 47.80 | 51.18 | 38.27 | 4.21 | 17.97 | 875.31 | China Yangtze Power A | 28.54 | 29.57 | 25.38 | 3.50 | 20.24 | 698.32 | OTIC Securities A | 25.86 | 30.63 | 23.77 | 3.24 | 13.19 | 315.50 | Cont Amheres Tech A | 291.11 | 468.75 | 285.74 | 1.23 | 18.04 | 1283.49 | East Money Information A | 17.79 | 27.08 | 17.22 | 0.56 | 23.25 | 281.48 | Fascsim Int'l Internet A | 58.20 | 84.95 | 47.35 | 1.68 | 32.70 | 1154.93 | IDBC A | 8.28 | 8.40 | 6.85 | 3.86 | 8.28 | 2.23 | Industrial Bank A | 18.05 | 21.90 | 16.44 | 5.91 | 5.22 | 381.99 | Jiangsu Hengsu Pharma A | 47.20 | 71.00 | 57.00 | 4.77 | 37.50 | 301.31 | Kweichan Motors A | 1258.62 | 1568.00 | 1151.01 | 4.13 | 19.17 | 15733.38 | Luxshare Precision Ind A | 49.43 | 81.78 | 44.57 | 0.50 | 21.59 | 362.91 | Middle Group A | 80.10 | 89.50 | 71.02 | 5.37 | 13.81 | 557.70 | PetrolChina A | 11.21 | 13.69 | 8.04 | 4.55 | 13.03 | 1.82 | Ping An Insurance Group A | 53.29 | 74.88 | 46.90 | 5.12 | 9.94 | 568.07 | Postal Savings Bank China A | 5.46 | 6.13 | 4.76 | 4.18 | 7.48 | 5.47 | Shenzhen Mind Bio-Med A | 163.32 | 248.98 | 130.66 | 2.63 | 24.02 | 195.49 | WulingYang Jbn A | 70.06 | 122.96 | 68.68 | 7.36 | 30.37 | 271.95 | Zijin Mining Group A | 29.79 | 44.94 | 24.42 | 2.69 | 15.28 | 613.73 | Equinor Republic of Korea (KRW) | 404.00 | 1.20 | 426.00 | 226.40 | 3.65 | 208.25 | 965.86 | LG Energy Solution | 371000.00 | 527000.00 | 290500.00 | 0.00 | 80.92 | 86814.00 | SAMSUNG BIOLOGICS | 1354000.00 | 1987000.00 | 1003000.00 | 0.00 | 56.59 | 62677.95 | Samsung Electronics | 2760000.00 | 3745000.00 | 902000.00 | 0.61 | 41.79 | 0.00 | Samsung Electronics Pref | 2010000.00 | 2435000.00 | 704000.00 | 0.84 | 190.05 | 161276.61 | Samsung Epis | 3650000.00 | 7730000.00 | 3245000.00 | 0.00 | 288.99 | 9082.31 | SK hyrix | 1841000.00 | 2987000.00 | 4030000.00 | 0.16 | 29.67 | 0.00 | BioNTechHong Kong (HKD) | 97.64 | 0.74 | 124.00 | 79.52 | 0.00 | 46.72 | 24.69 | AIA Group | 68.95 | -0.25 | 92.15 | 68.95 | 2.87 | 116.67 | 713.40 | HKEX | 378.00 | 2.20 | 460.20 | 360.00 | 3.69 | 26.90 | 479.24 | Saudi Arabia (SAN) | ACWA Power | 171.00 | 7.50 | 252.60 | 154.50 | 0.27 | 69.23 | 131.07 | Al Rajhi Bank | 63.10 | 0.10 | 110.00 | 62.00 | 4.77 | 16.18 | 378.60 | Saudi Arabian Mining | 63.50 | 2.55 | 79.90 | 54.90 | 0.00 | 33.25 | 246.94 | Saudi Arabian Oil | 25.56 | 0.28 | 27.96 | 23.29 | 5.31 | 17.75 | 61.86 | Saudi Basic Industries | 47.00 | 1.18 | 62.50 | 45.70 | 5.53 | 5.47 | 141.00 | Saudi National Bank | 38.60 | -0.60 | 45.24 | 36.00 | 5.96 | 9.55 | 231.60 | STC Co | 43.10 | 0.36 | 45.38 | 41.14 | 5.10 | 14.51 | 215.50 | India (UNIV) | Bajra Finance | 971.00 | 21.65 | 1177.60 | 788.40 | 0.62 | 50.96 6045.40 | Brah Amrit Ltd | 1782.50 | 41.50 | 2174.70 | 1726.05 | 1.35 | 136.1711123.69 | HCL Technologies | 1200.00 | -46.00 | 1770.00 | 1030.00 | 5.00 | 18.70 2556.40 | HECIC Bank | 705.00 | -14.35 | 1020.35 | 682.00 | 1.84 | 14.2410870.11 | Hindustan Unilever | 1840.00 | -1.00 | 2667.55 | 1928.35 | 2.23 | 42.07 4323.25 | ICICI Bank | 1333.00 | 27.50 | 1479.50 | 1187.55 | 0.90 | 21.10 3569.27 | Infosys | 1019.50 | -15.50 | 1727.85 | 980.30 | 4.71 | 15.61 4137.41 | Korea Electric | 288.55 | 11.55 | 436.50 | 254.75 | 5.40 | 9.86 3365.07 | Kohl Mahindra Bank | 418.50 | -3.50 | 438.50 | 310.00 | 0.16 | 3.74 4141.30 | Lansin & Todso | 3740.00 | 54.50 | 4440.00 | 3288.65 | 1.02 | 31.99 5145.85 | Life Insurance Corp | 388.25 | -3.95 | 936.60 | 385.90 | 2.58 | 13.64 4911.36 | Maruti Suzuki India | 11522.00 | 122.00 | 17371.60 | 11304.30 | 1.22 | 24.68 3622.55 | Reliance Industries | 1186.10 | 20.10 | 1611.20 | 1161.00 | 0.51 | 23.0416059.4 | State Bank of India | 959.00 | 5.00 | 1234.80 | 857.30 | 1.81 | 11.03 8852.31 | Sun Pharmaceutical Inds | 1782.00 | -28.00 | 2047.55 | 1586.60 | 0.90 | 39.08 4275.51 | Tata Consultancy Svs | 2108.35 | 29.05 | 3336.70 | 1976.00 | 3.08 | 15.71 7628.19 | Singapore (SGD) | DBS Group Holdings | 77.83 | 0.62 | 79.05 | 51.80 | 4.09 | 20.27 | 221.35 | Oversea-Chinese Banking | 31.88 | 0.22 | 32.57 | 16.62 | 3.29 | 1955.83 | 143.94 | United Overseas Bank Ltd | 43.06 | -0.05 | 45.15 | 33.25 | 3.69 | 15.60 | 71.57 | Singapore (USD) | JOYY A | 80.50 | 1.31 | 81.25 | 54.24 | 6.68 | 322.00 | 52.56 | Sea / Singapore A | 96.85 | 1.66 | 193.48 | 77.05 | 0.00 | 36.55 | 52.93 | South Africa (ZAR) | Agricultural Bank China H | 6.49 | 0.03 | 6.71 | 5.05 | 4.69 | 8.31 | 199.34 | Alibaba Group Holding | 105.40 | 1.00 | 186.20 | 88.65 | 0.98 | 126.99 | 2997.67 | Bank of China H | 5.92 | 6.14 | 4.11 | 4.66 | 8.00 | 495.04 | Bank of Communications H | 8.19 | -0.03 | 8.38 | 6.33 | 4.81 | 7.58 | 286.75 | BYD H | 74.10 | 0.20 | 113.40 | 71.40 | 0.56 | 20.70 | 272.94 | China CITIC Bank H | 8.24 | -0.09 | 8.70 | 6.50 | 5.62 | 6.87 | 122.63 | China Construction Bank H | 9.51 | -0.04 | 9.90 | 7.18 | 4.97 | 7.32 | 22.86 | China Life Insurance H | 27.56 | 0.06 | 36.16 | 20.90 | 4.09 | 5.06 | 205.08 | China Merchants Bank H | 50.70 | 0.10 | 53.70 | 43.34 | 4.48 | 8.89 | 232.76 | China Petroleum Chemical H | 4.38 | 0.03 | 5.70 | 3.98 | 5.74 | 16.72 | 103.70 | China Shenhua Energy H | 43.50 | 0.10 | 49.62 | 37.46 | 5.34 | 15.94 | 146.92 | CITIC Securities H | 23.88 | 0.14 | 32.50 | 23.24 | 4.10 | 12.18 | 81.76 | ICBC H | 7.46 | 7.77 | 5.56 | 5.02 | 7.46 | 647.05 | JCI com A | 102.40 | -0.50 | 141.00 | 95.80 | 3.83 | 14.86 | 255.64 | Meituan B | 70.65 | 0.45 | 108.00 | 63.65 | 0.00 | 18.40 | 395.38 | Midea Group H | 90.65 | -0.50 | 101.70 | 77.65 | 5.55 | 15.63 | 59.00 | NetEase | 185.60 | -0.60 | 244.80 | 168.80 | 2.48 | 17.53 | 596.16 | Norgo Spring H | 39.98 | 0.44 | 56.25 | 37.90 | 2.83 | 28.33 | 201.29 | PetroChina H | 9.56 | 0.05 | 12.22 | 7.05 | 6.15 | 11.12 | 201.81 | Ping An Insurance Group H | 51.75 | -0.25 | 74.70 | 50.00 | 6.08 | 6.74 | 385.41 | Postal Savings Bank China H | 5.35 | -0.03 | 5.78 | 4.48 | 4.99 | 7.33 | 106.23 | Tencent Holdings | 423.00 | 1.80 | 692.50 | 411.00 | 1.25 | 17.09 | 3846.17 | Xieomi Corp B | 23.88 | -0.36 | 56.55 | 21.30 | 0.00 | 14.74 | 510.21 | Zijin Mining Group H | 32.16 | 0.46 | 46.99 | 26.58 | 2.86 | 16.49 | 192.61 | ZTO Indonesia (USD) | Full Truck Alliance | 6.41 | 0.24 | 14.07 | 7.46 | 2.75 | 288.33 | 156.85 | Fidis Holdings A | 109.70 | 7.53 | 202.53 | 80.50 | 2.32 | 10.50 | 84.03 | HCP Holdings A | 77.90 | 2.52 | 139.41 | 71.94 | 0.00 | 31.16 | 443.38 | Indonesia (EUR) | Bank Central Asia | 6175.00 | 75.00 | 6750.00 | 4820.00 | 0.00 | 13.22 | 7612.23 | PT Bantu Renewables | 2950.00 | 120.00 | 10725.00 | 2300.00 | 0.14 | 0.00 | 946.69 | Italy (EUR) | Aloscurazioni Generali | 41.94 | 0.48 | 46.24 | 31.76 | 3.91 | 17.26 | 64.36 | Enel | 8.75 | -0.05 | 10.31 | 8.11 | 5.60 | 23.65 | 86.95 | Eni | 24.41 | 0.22 | 25.02 | 14.54 | 4.51 | 17.31 | 73.91 | Ferrari | 341.20 | -2.30 | 431.20 | 269.00 | 0.88 | 49.38 | 60.49 | Intesa Sanpaolo | 6.43 | 0.10 | 6.94 | 4.81 | 5.85 | 27.94 | 113.63 | Stellantis | 3.98 | 0.10 | 10.49 | 3.61 | 0.00 | 5.36 | 11.57 | UniCredit SpA | 79.80 | 0.95 | 86.42 | 57.36 | 3.95 | 15.63 | 124.62 | Japan (JPY) | Canon | 4627.00 | 20.00 | 5303.00 | 3967.00 | 3.46 | 15.86 | 6717.32 | Omega Pharmaceuticals | 6089.00 | 51.00 | 6700.00 | 5974.00 | 2.17 | 23.09 | 10223.78 | Daichi Sankyo | 2116.00 | 7.00 | 4178.00 | 2390.00 | 3.88 | 17.97 | 5059.62 | FAST REVENUE | 7468.00 | 200.00 | 8666.00 | 4498.00 | 0.92 | 52.97 | 23767.92 | Hitachi | 5942.00 | 100.00 | 6585.00 | 4380.00 | 1.00 | 21.15 | 12060.00 | Honda Motor | 1676.50 | 12.00 | 1765.50 | 1236.00 | 4.18 | 15.81 | 7559.57 | Hyundai | 2450.00 | 330.00 | 2040.00 | 2140.00 | 1.18 | 32.93 | 8203.53 | ITOCOH | 2197.50 | 22.00 | 9999.00 | 1802.00 | 2.00 | 17.17 | 17413.97 | Japan Tobacco | 6500.00 | 100.00 | 7218.00 | 4638.00 | 3.92 | 24.12 | 13860.00 | KDDI | 2993.00 | -3.50 | 3121.00 | 2315.00 | 2.90 | 15.76 | 11593.56 | Keyence | 8169.00 | 141.00 | 8750.00 | 5151.00 | 0.67 | 44.50 | 19855.20 | Mitsubishi | 4709.00 | 15.00 | 6012.00 | 3470.00 | 2.65 | 23.23 | 17472.86 | Mitochondria Heavy | 3871.00 | 56.00 | 5380.00 | 3454.00 | 0.75 | 39.16 | 13589.39 | Mitsubishi UFJ Geni Grp | 3015.00 | 71.00 | 3813.00 | 2326.50 | 3.66 | 16.96 | 42601.77 | Toyota A Inc | 4502.00 | 100.00 | 4585.00 | 2445.00 | 1.62 | 16.92 | 43383.69 | Mizuho Financial Group | 8668.00 | 222.00 | 8963.00 | 4569.00 | 1.73 | 17.24 | 21147.47 | Nintendo | 7142.00 | -107.00 | 14503.00 | 6544.00 | 2.09 | 21.14 | 9985.97 | NTT | 170.00 | 0.10 | 160.10 | 142.60 | 3.18 | 12.46 | 15365.55 | Recruit Holdings | 1605.00 | -50.00 | 18215.00 | 6040.00 | 0.16 | 47.56 | 24458.11 | Naspers N | 706.04 | 10.53 | 131.14 | 689.12 | 0.73 | 83.69 | 525.95 | Spain (EUR) | Banco Santander | 12.34 | 0.53 | 13.12 | 8.10 | 1.65 | 13.56 | 179.66 | BBVA Spor | 24.00 | 0.27 | 25.57 | 15.39 | 3.27 | 92.31 | 132.26 | CaixaBank | 12.22 | 0.18 | 13.55 | 8.57 | 3.31 | 35.94 | 85.25 | Berdrolsa SA | 21.00 | 0.18 | 22.08 | 16.09 | 2.92 | 38.04 | 140.14 | NxtEx | 53.00 | -0.24 | 59.42 | 46.07 | 2.67 | 120.18 | 165.18 | Sweden (SEK) | Atlas Copco A | 208.80 | -1.00 | 212.30 | 149.45 | 1.44 | 38.45 | 701.06 | Atlas Copco B | 180.35 | -0.25 | 185.20 | 134.00 | 1.66 | 33.21 | 281.50 | EQT | 283.40 | -0.50 | 383.00 | 258.00 | 1.76 | 457.83 | 370.39 | Investor B | 403.80 | -1.25 | 426.80 | 301.20 | 1.39 | 7.85 | 735.70 | Volvo B | 312.60 | -2.20 | 374.50 | 244.90 | 4.16 | 18.45 | 497.88 | Switzerland (CHF) | ABB | 81.70 | -0.20 | 89.14 | 53.78 | 1.15 | 31.54 | 148.95 | Alcon | 53.08 | 0.24 | 68.34 | 47.80 | 0.53 | 51.04 | 26.52 | Civian Farmers Richmond | 174.65 | 1.80 | 202.20 | 127.20 | 1.89 | 37.25 | 93.89 | Gravisden | 3381.00 | 21.00 | 3592.00 | 2566.00 | 2.13 | 37.98 | 31.22 | Holcim | 64.94 | 0.28 | 82.54 | 60.10 | 2.92 | 20.17 | 36.81 | Lorsa Group | 574.80 | 9.20 | 597.80 | 454.60 | 0.87 | 64.37 | 40.37 | Nestle | 74.48 | -0.30 | 87.09 | 70.29 | 4.16 | 21.22 | 191.90 | NestleFinl | 116.48 | 0.14 | 132.68 | 97.05 | 3.19 | 38.19 | 237.02 | Roche Holding | 358.00 | 2.20 | 383.00 | 270.80 | 2.74 | 18.13 | 38.20 | Roche Holding Pref | 348.90 | 3.20 | 375.80 | 291.00 | 2.81 | 21.56 | 245.12 | Sika | 175.00 | -8.80 | 197.60 | 120.35 | 2.11 | 26.92 | 28.08 | Swiss Re | 141.40 | -0.05 | 153.85 | 114.05 | 4.46 | 10.84 | 42.24 | UBS Group | 40.03 | 0.50 | 45.04 | 28.25 | 2.14 | 20.42 | 131.21 | Zurich Insurance Group | 574.00 | 1.60 | 626.00 | 521.00 | 5.23 | 17.95 | 86.80 | Hon Hai Precision | 254.00 | 3.00 | 314.00 | 187.50 | 2.82 | 18.66 | 3575.24 | MediaTek | 5165.00 | 215.00 | 5480.00 | 1130.00 | 1.04 | 78.07 | 8289.58 | Taiwan Semicon Mfg | 2575.00 | 75.00 | 2535.00 | 1365.00 | 1.01 | 38.86 | 66775.85 | United Arab Emirates (AED) | Gilead Kingdom (GBP) | 3i Group Plc | 23.89 | -0.23 | 44.97 | 18.25 | 3.54 | 4.43 | 24.44 | AstraZeneca | 119.58 | 1.94 | 157.32 | 98.92 | 2.00 | 24.06 | 185.47 | BAS Systems | 18.55 | -0.79 | 23.60 | 15.29 | 2.04 | 26.96 | 55.66 | Barclays | 4.47 | 0.01 | 5.54 | 3.54 | 2.57 | 10.21 | 59.79 | BP | 5.61 | -0.02 | 6.09 | 3.99 | 4.47 | 88.09 | British Amer Tobacco | 39.99 | 0.21 | 53.26 | 36.77 | 6.13 | 11.39 | 86.27 | Compass Group | 22.59 | 0.18 | 25.81 | 20.00 | 2.25 | 27.25 | 38.42 | Diageo | 16.04 | 0.28 | 19.04 | 12.96 | 2.35 | 27.26 | 35.72 | Experian | 25.03 | 0.37 | 37.07 | 22.03 | 2.07 | 20.20 | 22.04 | Glencore | 5.74 | 0.04 | 7.07 | 3.32 | 2.23 | 67.27 | COMMODITIES | Stock | Price | +/-Chg | High | Low | Yld | P/E | MV (bl) | GSX | 17.66 | 0.07 | 22.82 | 15.92 | 3.96 | 12.51 | 76.20 | Haleon | 3.34 | 0.03 | 4.16 | 3.18 | 2.19 | 17.96 | 29.38 | HSBC Holdings | 14.72 | 0.13 | 16.10 | 9.59 | 3.78 | 16.15 | 252.26 | Lloyds Banking Group | 1.06 | 0.02 | 1.18 | 0.82 | 3.79 | 15.10 | 60.80 | London Stock Exchange Grp | 83.86 | 1.46 | 101.40 | 66.84 | 1.88 | 35.18 | 40.44 | National Grid | 11.51 | 0.03 | 14.29 | 10.70 | 4.21 | 17.57 | 57.86 | NatWest Group | 6.68 | 0.05 | 7.26 | 5.04 | 5.24 | 12.49 | 53.02 | Reckitt Benckiser Group | 49.77 | 0.88 | 65.23 | 36.64 | 4.35 | 10.63 | 31.54 | RELX | 25.71 | 0.35 | 35.39 | 19.91 | 2.68 | 22.83 | 44.81 | Rio Tinto | 71.64 | -0.19 | 91.17 | 48.99 | 4.86 | 15.50 | 89.92 | Rolls-Royce Holdings | 14.38 | -0.40 | 15.86 | 9.90 | 0.76 | 20.72 | 119.36 | Shell | 36.51 | 0.20 | 37.59 | 25.54 | 3.09 | 16.00 | 208.98 | Unilever | 45.69 | 0.69 | 55.42 | 36.44 | 3.61 | 12.45 | 98.43 | INTEREST RATES: OFFICIAL | Rate | Current | Since | Last | US | Fed Funds | 3.75-4.00 | 16-09-2026 | 3.50-3.75 | US | Prime | 7.00 | 16-09-2026 | 6.75 | US | Discount | 4.00 | 16-09-2026 | 3.75 | Euro | Repo | 2.65 | 16-09-2026 | 2.40 | UK | Repo | 3.75 | 18-12-2025 | 4.00 | Japan | O'night Call | 1.25 | 18-09-2026 | 1.00 | Switzerland | SNB | 0.00 | 19-06-2025 | 0.25 | INTEREST RATES: MARKET | | Overnight | Change | OneMonth | ThreeMonth | SixMonth | OneYear | Day | Week | SOFR | 3.880 | 0.010 | -0.020 | 3.914 | 4.018 | 4.168 | 4.453 | EURIBOR | - | - | - | 2.432 | 2.597 | 2.986 | 3.186 | ESTR | 2.438 | -0.002 | -0.002 | 2.448 | 2.500 | 2.627 | 2.848 | SARON | -0.038 | -0.002 | 0.003 | -0.039 | -0.046 | -0.044 | -0.046 | SONIA | 3.732 | -0.001 | 0.002 | 3.746 | 3.926 | 4.115 | 4.429 | Rates are fixed at 11am UK time.

BONDS: TEN YEAR GOVT SPREADS | Am Holdings | 302.90 | -4.59 | 452.70 | 100.02 | 0.00 | 356.35 | 322.29 | United States (USD) | 3M Co | 163.19 | 1.30 | 184.90 | 139.34 | 1.91 | 28.78 | 84.16 | Abbott Laboratories | 100.10 | 2.60 | 135.37 | 81.97 | 2.52 | 32.29 | 173.21 | AbbVie | 265.76 | 2.94 | 269.39 | 190.75 | 2.60 | 75.07 | 469.63 | Accenture Plc A | 195.05 | -3.85 | 291.09 | 118.15 | 3.51 | 15.44 | 119.36 | Adobe | 238.78 | 1.09 | 363.70 | 190.12 | 0.00 | 13.32 | 92.94 | Aflac | 112.38 | 0.84 | 130.22 | 105.43 | 2.17 | 12.07 | 56.34 | Air Products & Chemicals | 279.45 | 1.88 | 314.87 | 229.11 | 2.59 | 29.45 | 62.23 | Autiva A | 164.07 | 1.64 | 193.45 | 110.81 | 0.00 | 43.75 | 68.83 | Alphabet A | 346.47 | 2.97 | 406.61 | 235.84 | 0.25 | 17.19 | 2033.09 | Alphabet C | 343.83 | 3.48 | 404.47 | 236.69 | 0.26 | 17.06 | 1900.35 | Altia Group | 67.88 | 0.53 | 77.06 | 54.70 | 5.54 | 14.17 | 113.34 | Amazon.com | 251.40 | -0.12 | 287.20 | 196.00 | 0.00 | 19.94 | 2711.68 | AMZN | 631.75 | -2.16 | 645.46 | 163.14 | 0.00 | 159.13 | 1021.32 | American Electric | 100.87 | -0.24 | 107.58 | 75.53 | 3.17 | 20.57 | 65.18 | American Express | 304.94 | 1.24 | 387.65 | 298.03 | 0.67 | 12.73 | 118.65 | American International | 75.12 | 0.19 | 87.29 | 71.25 | 2.66 | 13.58 | 39.28 | American Tower | 162.26 | 0.06 | 196.08 | 106.08 | 4.36 | 22.26 | 75.61 | Ameriprise Financial | 494.94 | 4.03 | 572.56 | 422.37 | 1.37 | 11.79 | 43.72 | AMETEK Inc | 251.92 | -0.01 | 261.16 | 179.24 | 0.54 | 36.72 | 57.76 | Avang | 402.98 | -0.06 | 447.03 | 288.00 | 2.50 | 24.84 | 217.86 | Amphend A | 87.27 | 0.31 | 178.52 | 76.74 | 0.57 | 41.56 | 215.20 | Analog Devices | 419.10 | 1.95 | 445.91 | 223.47 | 1.05 | 49.48 | 203.08 | Asn Plc A | 272.05 | 2.60 | 382.34 | 268.90 | 1.21 | 14.93 | 57.71 | Apollo Global Mgmt | 115.35 | 1.33 | 153.29 | 99.56 | 1.95 | 40.62 | 68.12 | Apple | 332.89 | -0.80 | 345.34 | 243.42 | 0.32 | 38.00 | 4858.26 | Applied Materials Inc | 543.28 | 2.24 | 733.67 | 303.40 | 0.39 | 46.43 | 430.35 | Agilent A | 281.97 | 13.75 | 738.01 | 268.84 | 0.00 | 21.59 | 85.84 | Aree Management | 117.13 | -0.42 | 161.19 | 95.80 | 4.61 | 53.73 | 26.23 | Arthur J. Gallagher | 227.24 | 1.13 | 313.55 | 190.75 | 1.23 | 37.25 | 58.24 | AT&T | 24.24 | -0.06 | 29.43 | 19.89 | 4.58 | 8.00 | 166.10 | Atlassian Corp A | 196.65 | 8.76 | 200.00 | 56.01 | 0.00 | 896.43 | 31.27 | Autodesk | 221.56 | 9.56 | 326.20 | 185.50 | 0.00 | 28.51 | 46.31 | Auto Data Processing | 260.26 | 2.58 | 293.51 | 188.16 | 2.61 | 23.72 | 103.13 | AutoZone | 2807.73 | 15.70 | 4522.54 | 2756.13 | 0.00 | 18.83 | 45.84 | Baker Hughes A | 57.38 | 1.38 | 70.41 | 43.92 | 1.60 | 18.22 | 56.96 | Bank of New York Mellon | 143.75 | -1.65 | 165.84 | 103.11 | 1.75 | 16.60 | 97.53 | Becton Dickinson | 180.67 | 3.87 | 213.08 | 140.11 | 2.32 | 31.15 | 49.21 | Berkshire Hathaway A | 75670.00 | 158.00 | 86910.81 | 68800.00 | 0.00 | 94.98 | 392.90 | Berkshire Hathaway B | 594.26 | 1.61 | 537.74 | 464.01 | 0.00 | 94.44 | 705.11 | BlackRock Finance | 1066.45 | 6.82 | 2121.94 | 917.39 | 2.15 | 25.16 | 165.16 | Blackstone | 111.65 | -0.10 | 170.00 | 101.73 | 2.97 | 24.98 | 83.81 | Blackstone A | 76.23 | -0.14 | 89.32 | 68.92 | 1.13 | 131.43 | 68.23 | Boeing | 192.72 | -0.84 | 254.22 | 178.77 | 0.00 | 15.02 | 100.00 | BoEck Corp | 54.00 | 0.25 | 65.22 | 46.12 | 2.37 | 12.27 | 377.61 | Booking Holdings | 158.33 | -0.69 | 5624.89 | 150.14 | 1.04 | 17.50 | 118.97 | Boston Scientific | 42.40 | -0.20 | 105.65 | 41.94 | 0.00 | 17.03 | 61.45 | Bristol Myers Squibb | 58.81 | -2.34 | 68.64 | 42.52 | 4.28 | 12.90 | 120.13 | Broadcom | 362.51 | 7.37 | 495.00 | 289.96 | 0.72 | 44.92 | 1730.49 | Cadence Design Systems | 353.48 | 2.13 | 416.69 | 262.75 | 0.00 | 69.86 | 97.35 | Capital One Financial | 195.14 | 0.42 | 258.63 | 174.24 | 1.64 | 10.75 | 119.72 | Carrier Global | 55.73 | 0.61 | 76.76 | 50.24 | 1.72 | 39.25 | 45.94 | Cavana A | 63.72 | -0.05 | 466.89 | 56.12 | 0.00 | 28.57 | 45.87 | Carepiral | 848.14 | 2.72 | 1073.46 | 483.55 | 0.77 | 36.34 | 389.87 | CBRE Group A | 129.40 | -0.18 | 174.27 | 121.69 | 0.00 | 33.35 | 37.47 | Cencora | 314.93 | 5.88 | 377.54 | 244.82 | 0.76 | 23.28 | 60.10 | Charter Comms A | 107.77 | -1.52 | 284.60 | 108.30 | 0.00 | 2.77 | 12.35 | Cheniere Energy | 274.66 | -0.84 | 349.98 | 247.86 | 0.00 | 18.89 | 48.85 | Chipotle mexican Engl | 206.47 | -0.22 | 217.78 | 146.49 | 3.45 | 19.81 | 407.94 | Chipotle Mexican Grill | 30.85 | -1.51 | 42.81 | 28.04 | 0.00 | 28.30 | 39.04 | Chubb | 330.49 | -0.40 | 365.91 | 265.30 | 1.23 | 92.57 | 127.50 | Cintas | 195.40 | 2.38 | 219.16 | 161.16 | 1.06 | 39.32 | 78.30 | Cisco Systems | 112.82 | 0.62 | 130.37 | 66.81 | 1.49 | 33.58 | 444.80 | Citigroup | 128.55 | 0.05 | 147.96 | 93.66 | 2.08 | 18.08 | 215.63 | Cloudflare Inc A | 359.49 | 10.42 | 367.43 | 158.83 | 0.00 | 619.81 | 115.98 | CME Group A | 270.03 | 6.89 | 329.16 | 218.31 | 4.18 | 22.79 | 97.10 | Cognizant Tech Sci A | 58.17 | -0.34 | 87.03 | 37.08 | 2.22 | 12.43 | 26.20 | Coinbase Global A | 188.22 | 5.22 | 402.16 | 139.11 | 0.00 | 48.64 | 41.94 | Colgate-Palmolive | 86.19 | 1.93 | 95.33 | 74.55 | 2.46 | 33.93 | 68.71 | Comcast A | 21.57 | 32.85 | 21.28 | 6.12 | 6.89 | 76.34 | ConocoPhillips | 128.40 | 1.65 | 141.62 | 85.57 | 2.82 | 16.98 | 154.25 | Constellation Energy | 267.62 | 10.13 | 412.70 | 228.63 | 0.64 | 26.13 | 94.82 | Constellation S | 27.85 | 0.43 | 45.89 | 26.74 | 0.00 | 17.72 | 25.61 | Enbridge A | 159.37 | -4.82 | 277.18 | 77.39 | 0.70 | 71.79 | 137.28 | Corteva | 12.39 | 0.47 | 90.97 | 11.84 | 5.81 | 14.11 | 8.27 | Costco Wholesale | 923.52 | 2.87 | 1096.50 | 844.06 | 0.64 | 46.38 | 408.37 | Coupons A | 14.20 | 0.42 | 32.96 | 13.35 | 0.00 | 33.02 | 23.28 | CrownA | 82.65 | 0.71 | 131.55 | 80.81 | 1.89 | 16.30 | 54.99 | CrowdStrike Holdings A | 272.67 | 2.63 | 786.00 | 174.14 | 0.00 | 6816.75 | 279.20 | BONDS: TEN YEAR GOVT SPREADS | Bid Yield | Spread vs Bund | Spread vs Bond | Bid Yield | Spread vs Bund | Spread vs Bond | Austria | 3.63 | 0.15 | -1.64 | Italy | 4.40 | 0.92 | -0.87 | Australia | 5.34 | 1.86 | 0.07 | Japan | 3.05 | -0.43 | -2.22 | Belgium | 4.16 | 0.68 | -1.11 | Netherlands | 3.52 | 0.04 | -1.75 | Brazil | 12.81 | 9.33 | 7.54 | Poland | 6.18 | 2.70 | 0.91 | China | 1.68 | -1.81 | -3.60 | Portugal | 3.86 | 0.38 | -1.41 | Denmark | 3.31 | -0.17 | -1.96 | Spain | 3.98 | 0.50 | -1.29 | France | 4.64 | 1.16 | -0.63 | Sweden | 3.09 | -0.39 | -2.18 | Germany | 3.48 | 0.00 | -1.79 | UK | 5.32 | 1.84 | 0.05 | Ireland | 3.52 | 0.04 | -1.75 | US | 5.27 | 1.79 | 0.00 | The prices listed are indicative and believed accurate at the time of publication. No offer is made by ICE or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. For further information contact newspapers@ice.com

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金融时报股票服务指南

🌐 对照英文

所有数据均截至前一交易日收盘。公司分类基于富时（FTSE）采用的 ICB 系统。富时 100 指数成分股以粗体显示。除非另有说明，收盘价以便士（pence）表示。最高价和最低价基于滚动 52 周内的日内交易。市盈率（P / E）基于最新的年度报告和账目，并使用中期数据进行更新。市盈率使用公司的持续经营稀释收益计算。收益率基于收盘价及上一财年支付的股息，并使用中期数据进行更新。收益率以净额显示；英国公司的股息为扣除 10% 税后的净额，非英国公司为税前总额。最高价、最低价、收益率和市盈率在适当情况下已根据资本变动进行了调整。交易量为日终累计总量，四舍五入至最接近的 1,000 股。每股净资产值（NAV）和拆分分析仅供参考。折价和溢价使用最新的累积公允净资产值预估值和收盘价计算。折价、溢价、总赎回收益率（GRY）以及相对于股价（SP）的门槛率（HR）和相对于清算（WO）的门槛率（HR）以百分比显示，NAV 以便士表示。

\- 除权交易

• 除资本分配交易

📄 Original Section

Data provided by ICE. www.ice.com

See FTSE website for more details www.ftse.com/products/indices/gilts.

© 2026 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE Gilt Closing Prices information contained herein is proprietary to Tradeweb; may not be copied or re-distributed; is not warranted to be accurate, complete or timely; and does not constitute investment advice. Tradeweb is not responsible for any loss or damage that might result from the use of this information. | Precious Metals | Gold | 4164.00 | 29.20 | Silver ($) | 61.30 | 0.26 | Platinum | 1702.73 | -13.77 | Palladium | 1173.81 | -0.74 | Iron Ore | 91.10 | -0.18 | Bulk Commodities | Baltic Dry | 3002.00 | -68.00 | Richards ICE Futures | 127.10 | -0.40 | BONDS: GLOBAL INVESTMENT GRADE | Energy | Price | Change | Brent Crude | 99.15 | -2.42 | Natural Gas | 3.10 | 0.03 | Light Crude Oil | 88.71 | -0.72 | 3.5 Fuel Oil | 561.12 | -2.75 | Euro Naphtha Oil | 850.94 | -3.63 | Tradeweb | Base Metals | Aluminium | 3135.50 | 8.50 | Copper | 14420.50 | 0.50 | Lead | 1873.50 | -2.00 | Nickel | 15680.00 | -34.00 | Tin | 54185.00 | -129.00 | Zinc | 3768.50 | 25.00 | Stock | Price+Chg | 52 Week | P/E | Mkt Vol | High | Low | Yld | P/E | ONEOK | 88.58 | 4.83 | 15.25 | 55.84 | Oracle | 142.48 | 0.18 | 322.54 | 114.50 | 1.40 | 21.99 | 430.82 | O’Hilly Automotive | 83.90 | -1.00 | 105.36 | 82.59 | 0.00 | 26.55 | 67.87 | Old Worldwide | 145.89 | 1.33 | 105.36 | 82.59 | 0.00 | 26.55 | 67.87 | Parker-Hannifin | 975.68 | 1.03 | 167.25 | 137.62 | 2.98 | 21.62 | 339.97 | PACCAR | 109.36 | -0.32 | 139.24 | 92.25 | 1.29 | 22.97 | 57.56 | Palantir Technologies A | 189.40 | 0.65 | 207.52 | 106.37 | 0.00 | 149.13 | 435.76 | Palo Alto Networks | 406.76 | 3.52 | 409.50 | 139.57 | 0.00 | 992.10 | 332.73 | Paycom | 99.78 | 0.84 | 129.24 | 85.45 | 4.77 | 19.80 | 35.52 | PayPal Holdings | 54.41 | 1.61 | 79.22 | 38.46 | 1.03 | 10.21 | 46.55 | PepsiCo | 125.65 | -0.24 | 171.48 | 125.16 | 4.71 | 16.45 | 171.50 | Pfizer | 27.41 | -0.39 | 29.21 | 23.62 | 6.28 | 35.60 | 156.23 | Philip Morris Intl | 189.53 | 2.07 | 207.76 | 142.11 | 3.38 | 27.23 | 295.40 | Phillips 66 | 269.72 | 5.14 | 277.12 | 126.74 | 1.88 | 15.34 | 107.62 | PNC Financial Services Gp | 220.28 | -0.75 | 258.96 | 176.88 | 3.63 | 12.12 | 87.88 | Progressive | 212.82 | 2.31 | 247.49 | 189.20 | 0.19 | 10.64 | 123.55 | Prologis Inc | 128.08 | -0.83 | 153.35 | 111.03 | 3.34 | 28.34 | 121.72 | Prudential Financial | 113.48 | 0.88 | 127.72 | 91.89 | 4.93 | 10.23 | 39.15 | Public Storage | 261.66 | -2.15 | 335.55 | 256.54 | 4.26 | 26.77 | 52.63 | QUALCOMM | 180.79 | -0.89 | 259.47 | 141.44 | 0.97 | 14.47 | 109.00 | Merck & Company | 53.77 | -0.36 | 67.94 | 53.33 | 6.06 | 38.25 | 50.88 | Regeneron Pharma | 726.47 | -8.73 | 859.34 | 541.00 | 0.52 | 17.35 | 73.47 | Republic Services | 212.83 | 3.27 | 233.42 | 196.41 | 1.26 | 30.15 | 65.17 | Robinhood Markets A | 114.11 | 1.37 | 153.86 | 63.52 | 0.00 | 49.40 | 90.22 | Rubisco A | 44.58 | 0.46 | 141.95 | 33.88 | 0.00 | 31.62 | 29.87 | Roper Technologies | 363.38 | 9.06 | 521.28 | 305.96 | 1.00 | 15.08 | 35.94 | Ross Stores | 226.37 | -2.17 | 257.00 | 147.49 | 0.79 | 27.18 | 72.31 | Royal Caribbean Group | 275.03 | -2.71 | 356.39 | 222.22 | 2.00 | 102.24 | 73.76 | RTX | 184.33 | -0.35 | 226.88 | 155.64 | 1.58 | 32.06 | 248.43 | S&P Global | 390.92 | 4.65 | 552.25 | 381.61 | 0.99 | 23.78 | 115.24 | Salesforce | 225.79 | -4.90 | 269.11 | 146.32 | 0.77 | 21.00 | 188.12 | Schlumberger | 50.28 | 1.54 | 60.46 | 31.64 | 2.35 | 11.15 | 74.62 | Sempra | 78.16 | -0.22 | 101.04 | 76.21 | 3.36 | 22.66 | 51.11 | ServiceNow | 136.08 | 1.70 | 864.83 | 81.24 | 0.00 | 80.52 | 140.71 | Simon Property Group | 201.40 | 0.45 | 238.50 | 172.19 | 4.47 | 14.21 | 65.16 | Snowflake A | 338.99 | -2.05 | 394.56 | 118.00 | 0.00 | 110.06 | 119.60 | Sonicsson | 100.00 | -0.00 | 90.88 | 60.00 | 0.00 | 100.00 | 100.00 | Southern Co | 83.79 | 0.07 | 100.83 | 81.69 | 3.63 | 20.09 | 96.39 | Southern Copper | 205.29 | -0.25 | 223.88 | 119.25 | 1.93 | 30.82 | 173.34 | Spotify Technology | 483.05 | 10.16 | 708.55 | 405.00 | 0.00 | 216.61 | 99.45 | Starbucks Corp | 94.43 | -0.28 | 110.51 | 77.99 | 2.63 | 54.58 | 107.65 | Strategy A | 164.43 | 4.42 | 365.21 | 81.81 | 0.00 | 1.66 | 59.95 | Stryker | 285.22 | 9.79 | 392.55 | 267.00 | 1.23 | 29.31 | 109.40 | Synopsys | 488.47 | -1.43 | 539.48 | 362.55 | 0.00 | 84.66 | 93.61 | Targa Resources | 287.40 | 5.66 | 307.94 | 144.14 | 1.74 | 27.40 | 61.63 | Target | 152.99 | -3.01 | 170.75 | 83.44 | 3.03 | 15.80 | 69.50 | TE Connectivity | 218.93 | -1.43 | 252.56 | 190.27 | 1.43 | 21.30 | 63.38 | Tesla | 378.73 | 8.14 | 498.83 | 297.38 | 0.00 | 320.96 | 1455.81 | Texas Instruments | 294.90 | 1.10 | 334.03 | 152.73 | 2.06 | 44.61 | 269.32 | The Alstate | 224.71 | 0.97 | 277.22 | 188.08 | 1.92 | 4.44 | 56.82 | The Charles Schwab | 97.96 | 1.26 | 114.53 | 83.86 | 1.31 | 17.75 | 169.41 | The Cigna Group | 271.29 | 0.76 | 315.47 | 239.51 | 2.30 | 11.42 | 71.69 | The Coca-Cola | 66.51 | 0.86 | 92.49 | 65.94 | 2.45 | 25.98 | 372.21 | The Kroger | 78.78 | -0.07 | 94.88 | 67.80 | 1.78 | 17.94 | 109.00 | Thomson*Williams* | 318.45 | -1.05 | 377.77 | 289.86 | 1.00 | 29.11 | 77.31 | The TJX Cos | 134.41 | 1.73 | 170.00 | 122.78 | 1.43 | 24.57 | 147.85 | The Williams Cos | 70.81 | 0.27 | 80.08 | 56.19 | 2.97 | 28.21 | 86.61 | Thermo Fisher Scientific | 676.76 | 21.96 | 683.63 | 435.27 | 0.28 | 36.37 | 250.23 | T-Mobile US | 164.64 | 1.00 | 231.02 | 160.81 | 2.57 | 17.19 | 176.60 | Trade Engines | 470.76 | 6.85 | 508.57 | 348.06 | 0.89 | 35.69 | 103.58 | TransDigm Group | 1092.66 | 2.28 | 1463.03 | 1071.25 | 0.00 | 33.14 | 60.40 | Travelers | 360.70 | 0.32 | 398.69 | 252.26 | 1.39 | 9.55 | 75.23 | Truist Financial | 46.33 | -0.12 | 56.20 | 40.78 | 4.49 | 10.51 | 56.60 | Uber Technologies | 69.48 | 1.37 | 101.30 | 65.41 | 0.00 | 15.04 | 141.92 | Union Pacific | 277.06 | -1.22 | 315.99 | 215.53 | 2.05 | 23.09 | 164.59 | United Parcel Service B | 93.14 | 0.12 | 122.41 | 82.00 | 7.04 | 17.31 | 68.79 | United Rentals | 1074.28 | -6.76 | 1179.18 | 701.59 | 0.72 | 25.78 | 66.87 | UnitedHealth Group | 378.58 | 6.68 | 461.62 | 255.97 | 2.45 | 24.27 | 339.81 | US Bancorp | 57.27 | -0.24 | 66.08 | 45.02 | 3.77 | 11.43 | 89.23 | Valero Energy | 419.33 | 13.03 | 419.04 | 155.29 | 1.14 | 17.48 | 120.74 | Verizon Communications | 91.85 | -0.07 | 91.85 | 61.90 | 8.17 | 11.94 | 136.33 | Vermilion Media Group A | 31.02 | 0.08 | 59.00 | 27.17 | 4.84 | 0.00 | 4.31 | Vertex Pharmaceuticals | 503.50 | -1.23 | 560.25 | 400.74 | 0.00 | 29.09 | 127.62 | Visa A | 369.71 | 9.05 | 385.57 | 289.89 | 0.72 | 31.41 | 630.03 | Volvoa | 144.89 | 4.87 | 217.10 | 132.66 | 0.63 | 24.15 | 48.63 | Walmart | 105.07 | 0.81 | 135.16 | 98.88 | 0.94 | 37.93 | 833.60 | Walt Disney | 103.61 | 1.42 | 117.09 | 92.19 | 1.45 | 21.28 | 178.90 | Waste Management | 206.66 | 2.21 | 248.13 | 194.11 | 1.83 | 29.19 | 82.61 | Wells Fargo | 81.44 | 0.98 | 97.76 | 72.78 | 2.46 | 11.70 | 246.27 | Welltower | 224.16 | -3.55 | 255.20 | 163.75 | 1.52 | 97.46 | 161.56 | Workday A | 188.96 | 2.82 | 247.40 | 110.36 | 0.00 | 38.41 | 37.04 | WW Grainger | 1266.84 | 6.54 | 1419.91 | 906.52 | 0.77 | 32.75 | 60.61 | Yum Brands | 136.97 | 0.85 | 170.14 | 134.26 | 2.19 | 17.14 | 37.38 | Zscelta A | 71.41 | 1.72 | 148.79 | 68.77 | 2.97 | 11.65 | 29.51 | Agriculture | Price | Change | Corn | 502.50 | 5.25 | Wheat | 209.00 | 2.75 | Rapeseed | 524.25 | -13.25 | Sunflower Seed | 10050.00 | 114.00 | Soybeans | 1293.25 | 12.50 | Soybeans Meal | 345.90 | 1.20 | Cocoa (ICE Liffe) | 4382.00 | 143.00 | Cocoa (ICE US) | 5710.00 | -157.00 | Coffee (Robusta) | 3492.00 | 68.00 | Coffee (Arabica) | 371.70 | 15.70 | White Sugar | 547.60 | 16.10 | Sugar #11 | 20.86 | 0.13 | Cotton | 77.13 | 1.98 | Orange Juice | 149.00 | 4.65 | Maple Leaf | 4136.83 | 24.08 | Live Cattle | 219.70 | 2.45 | Feeder Cattle | 337.15 | 3.30 | Lean Hogs | 78.00 | 0.15 | Palm Oil (Malaysian) | 1128.50 | -2.75 | VOLATILITY INDICES | Stock | Price | +Chg | Crown Castle | 67.58 | 1.14 | CSX | 47.43 | Cummins | 523.37 | -4.95 | CVC Health | 87.01 | 0.55 | Danaher | 221.21 | 7.15 | Deere & Co | 682.20 | -4.80 | Del Technologies C | 552.29 | -10.23 | Diamondback Energy | 184.08 | -0.63 | Digital Realty Trust | 179.87 | 1.32 | Dominion Energy | 61.02 | -0.29 | DoorDash A | 191.77 | 2.62 | DR Horton | 133.23 | -1.77 | Duke Energy | 113.84 | -0.29 | Eaton Corp | 432.60 | -3.51 | Ecolab | 277.07 | 3.37 | Edwards Lifesciences Gp | 87.23 | 2.08 | Eastman Health | 394.55 | -0.98 | Eli Lilly & Co | 1143.12 | 0.27 | Emerson Electric | 162.33 | 0.72 | EOG Resources | 144.08 | 2.70 | Equinix | 1023.44 | -2.28 | Exelon | 40.82 | 0.09 | ExxonMobil Hldgs | 164.00 | -0.01 | Fastenal | 50.69 | -0.06 | FedEx | 289.13 | -1.23 | Ferguson Ent | 222.93 | -0.40 | FICO/SSAC | 689.61 | 28.36 | Fiserv | 46.14 | 1.78 | Flutter Entertainment | 75.73 | 0.92 | Fortinet Inc | 184.13 | 3.18 | Freeport-McMoRan | 72.60 | 0.56 | Garmin | 285.52 | 4.36 | General Aerospace | 406.33 | -2.62 | GE Healthcare Tech | 65.74 | 1.45 | GE Vernova | 990.00 | 1.30 | General Dynamics | 331.72 | 1.63 | General Motors | 80.23 | 1.96 | Gilead Sciences | 144.63 | -0.11 | Goldman Sachs Group | 893.46 | -9.10 | HCA Healthcare | 434.92 | 8.23 | Hilton Worldwide Holdings | 316.12 | -3.24 | Home Depot | 281.15 | -1.70 | Honeywell International | 214.14 | 0.15 | Howmet Aerospace | 229.57 | -1.70 | IBM | 221.58 | -1.06 | Illinois Tool Works | 264.19 | 1.27 | Intel | 116.19 | -3.14 | Interactive Brokers Gp A | 89.05 | 0.75 | Intercontinental Inverse | 162.13 | -0.02 | Intercontinental Hotels | 294.68 | 3.60 | Intuitive Surgical | 406.48 | 14.53 | Johnson & Johnson | 252.93 | -3.10 | Johnson Controls Intl | 156.85 | 0.61 | JPMorgan Chase | 332.38 | Kenvue | 17.39 | 0.19 | Keurig Dr Pepper | 30.89 | 0.52 | Kimberly Clark | 95.41 | 1.05 | Kinder Morgan P | 31.41 | 0.34 | KKR & Co | 89.96 | -0.33 | KLA | 206.85 | -0.04 | L3Harris Technologies | 236.88 | 0.28 | Lam Research | 345.80 | -1.69 | Linde | 482.38 | 2.90 | Lockheed Martin | 506.63 | 1.22 | Lowes | 43.57 | 0.57 | Marathon petroleum | 93.14 | -1.32 | Marathon Petroleum | 433.47 | 11.14 | Marriott International A | 355.89 | -3.07 | Marsh | 170.43 | 0.37 | Marvell Technology | 271.25 | -1.04 | Mastercard A | 564.59 | 12.33 | McDonald's | 233.04 | 1.15 | McKesson | 915.45 | 13.17 | Medtronic | 87.97 | 1.59 | Merck & Co | 139.54 | -4.76 | Meta Platforms A | 741.90 | 13.82 | Metlife | 96.88 | 2.45 | Micron Technology | 1063.96 | -10.93 | Microsoft | 525.18 | 7.65 | Mondelez International A | 58.49 | 0.30 | Monster Beverage | 43.57 | 0.57 | Moody's | 448.15 | 6.79 | Morgan Stanley | 190.19 | -0.12 | Motorola Solutions | 455.37 | 7.96 | MSCI Inc A | 552.35 | 16.40 | Nasdaq | 92.19 | 1.86 | Netflix | 67.50 | 0.44 | Newmont Corp | 115.82 | 0.26 | NextEra Energy | 76.28 | -0.55 | NIKE B | 33.96 | 0.09 | Norfolk Southern | 316.23 | -1.21 | Northrop Grumman | 476.11 | -1.89 | Nu Holdings A | 15.18 | 1.75 | NVIDIA | 238.90 | 4.95 | NXP Semiconductors | 241.97 | -1.69 | Occidental Petroleum | 58.31 | 0.23 | Sources: Energy: NYMEX. Base Metals: LME / London Metal Exchange. Corn, Wheat, Soybeans: CBOT. Live Cattle, Live Feeder, Lean Hogs: CME. | Red Date | Coupon | Bid Price | Bid Yield | Daily | Weekly | US$ | Morgan Stanley | 30/01 | 4.00 | 97.59 | 4.57 | 0.18 | 0.36 | Trust Finl Corp | 28/06 | 4.12 | 99.38 | 5.12 | 0.00 | 0.11 | National Rural | 32/11 | 4.02 | 91.08 | 5.27 | -0.10 | 0.06 | Washington Gaslight Co | 36/03 | 5.78 | 97.97 | 5.02 | 0.00 | 0.00 | Northern States Power | 28/03 | 8.13 | 100.66 | 5.05 | 0.00 | 0.00 | Oklahoma Gas & Elec | 28/04 | 6.50 | 101.12 | 4.58 | -0.92 | -0.92 | Euro | Germany | 25/08 | 2.22 | 88.60 | 3.19 | -0.08 | 0.62 | Spain | 46/10 | 2.88 | 79.54 | 4.45 | 0.66 | 0.63 | Belgium | 47/06 | 1.50 | 58.39 | 4.82 | 0.42 | 0.96 | France | 48/05 | 2.00 | 59.08 | 5.19 | 0.81 | 1.03 | £ Sterling | United Kingdom | 46/12 | 4.25 | 81.21 | 5.85 | 0.43 | 0.43 | United Kingdom | 47/07 | 1.50 | 47.61 | 5.91 | 0.33 | 0.33 | BONDS: BENCHMARK GOVERNMENT | Oct 06 | Day Chg | Prev | 52 wk high | 52 wk low | VIX | 15.26 | -0.26 | 15.52 | 35.30 | 13.38 | VXD | 15.54 | -0.28 | 15.82 | 42.71 | 2.43 | VDAX | 17.20 | -1.15 | 18.35 | 35.58 | 13.53 | Red Date | Coupon | Bid Price | Bid Yield | Daily yield chg | Wkly yield chg | Mnthly yield chg | Year yield chg | Australia | 06/54 | 4.75 | 84.65 | 5.88 | 0.06 | 0.09 | 0.21 | 0.63 | 04/27 | 4.75 | 99.95 | 4.85 | 0.02 | -0.04 | 0.12 | 1.47 | Austria | 02/33 | 2.88 | 96.59 | 3.51 | 0.00 | -0.13 | 0.17 | 0.63 | 10/53 | 3.13 | 85.14 | 4.07 | -0.01 | -0.07 | 0.03 | 0.24 | Belgium | 06/54 | 3.25 | 76.06 | 4.89 | -0.05 | -0.11 | 0.23 | 0.61 | Canada | 06/27 | 1.00 | 98.95 | 2.82 | 0.00 | 0.00 | 0.03 | -0.18 | 12/55 | 2.75 | 74.51 | 3.93 | 0.00 | 0.03 | 0.13 | 0.15 | Denmark | 11/33 | 2.25 | 94.07 | 2.78 | 0.00 | 0.00 | 0.00 | 0.20 | 11/39 | 4.50 | 111.05 | 3.44 | -0.01 | -0.10 | 0.13 | 0.51 | Finland | 09/27 | 0.50 | 97.76 | 2.94 | 0.02 | -0.17 | 0.09 | 0.80 | 09/33 | 3.00 | 96.17 | 3.62 | -0.02 | -0.11 | 0.21 | 0.65 | France | 05/54 | 3.00 | 67.57 | 5.25 | -0.09 | -0.11 | 0.35 | 0.91 | 11/33 | 3.50 | 94.61 | 4.39 | -0.12 | -0.06 | -0.89 | -0.35 | Germany | 08/33 | 2.60 | 95.50 | 3.34 | -0.01 | -0.17 | 0.16 | 0.63 | 08/53 | 1.75 | 65.70 | 3.88 | 0.00 | -0.07 | 0.07 | 0.39 | Greece | 06/28 | 3.88 | 100.94 | 3.29 | -0.06 | -0.16 | 0.26 | 0.85 | 06/33 | 4.25 | 100.32 | 4.19 | -0.06 | 0.75 | 0.43 | 0.91 | Ireland | 10/32 | 0.35 | 80.81 | 4.00 | -0.02 | 0.46 | 1.02 | 1.37 | Italy | 12/27 | 2.63 | 99.28 | 3.23 | -0.03 | -0.08 | 0.25 | 0.99 | 03/34 | 4.13 | 99.53 | 4.29 | -0.10 | -0.09 | 0.40 | 0.98 | Netherlands | 01/54 | 2.00 | 68.91 | 3.86 | -0.02 | -0.09 | 0.04 | 0.28 | 07/33 | 2.50 | 94.45 | 3.43 | -0.02 | -0.14 | 0.18 | 0.63 | Poland | 04/28 | 2.75 | 97.41 | 4.51 | -0.07 | -0.28 | 0.16 | 0.67 | 10/33 | 6.00 | 99.81 | 6.03 | -0.05 | -0.22 | 0.20 | 1.10 | Portugal | 07/32 | 1.63 | 90.01 | 3.57 | -0.07 | -0.13 | 0.29 | 0.79 | Spain | 10/52 | 1.88 | 60.09 | 4.54 | -0.06 | -0.06 | 0.17 | 0.49 | 10/33 | 3.50 | 98.52 | 3.78 | -0.06 | -0.11 | 0.30 | 0.73 | Sweden | 11/33 | 1.75 | 96.30 | 2.50 | 0.00 | 0.00 | 0.00 | -0.14 | Switzerland | 03/36 | 2.50 | 118.25 | 0.32 | 0.00 | -0.02 | -0.22 | -0.82 | United Kingdom | 06/28 | 0.00 | 92.66 | 4.68 | -0.03 | -0.08 | 0.24 | 0.91 | 10/53 | 3.75 | 70.83 | 5.93 | -0.04 | -0.03 | 0.14 | 0.71 | United States | 11/33 | 4.50 | 96.13 | 5.16 | -0.07 | -0.05 | 0.50 | 1.18 | 11/53 | 4.75 | 87.28 | 5.67 | -0.06 | 0.01 | 0.40 | 0.84 | GILTS: UK CASH MARKET | Oct 06 | Price | Yield | Red Yield | Day | Week | High | Low | Tr 1.25pc '27 | 97.61 | 1.28 | 4.39 | 0.02 | 0.10 | 97.71 | 95.53 | Tr 0.875pc '29 | 89.12 | 0.98 | 4.76 | 0.10 | 0.33 | 91.00 | 0.01 | Tr 1pc '32 | 81.63 | 1.23 | 4.98 | 0.17 | 0.37 | 85.07 | 81.01 | Tr 4.25pc '36 | 92.14 | 4.61 | 5.32 | 0.34 | 0.31 | 99.39 | 91.30 | Tr 4.5pc '42 | 87.07 | 5.17 | 5.74 | 0.46 | 0.38 | 96.45 | 86.50 | Tr 3.75pc '52 | 71.78 | 5.22 | 5.89 | 0.51 | 0.33 | 81.50 | 70.80 | Tr 4pc '60 | 73.01 | 5.48 | 5.85 | 0.59 | 0.40 | 83.52 | 71.78 | Closing prices and highs & lows are in traded currency. Market capitalisations are in local currency. Highs & lows are based on a rolling 52 week period

GILTS: UK FTSE ACTUARIES INDICES | Price IndicesFixed Coupon | Oct 6 | Dayschg % | TotalReturn | MonthReturn | YearReturn | Yield | Up to 5 Years | 84.57 | 0.08 | 2655.35 | -0.17 | 1.01 | 4.75 | 5-10 Years | 141.88 | 0.32 | 3358.84 | -1.07 | -1.68 | 5.18 | 10-15 Years | 139.87 | 0.50 | 3677.11 | -1.29 | -3.31 | 5.56 | 5-15 Years | 139.67 | 0.37 | 3426.49 | -1.14 | -2.18 | 5.33 | Over 15 Years | 162.93 | 0.76 | 3251.94 | -1.03 | -6.54 | 5.83 | All stocks | 124.19 | 0.35 | 3111.72 | -0.74 | -2.07 | 5.52 | Index Linked | Oct 6 | Day's chg % | Month chg % | Year's chg % | Total Return | Return 1 Month | Return 1 Year | Up to 5 Years | 365.05 | 0.03 | 0.27 | 2.76 | 3185.76 | 0.29 | 3.59 | Over 5 Years | 467.48 | 0.58 | -0.35 | -2.25 | 3665.67 | -0.17 | -1.64 | 5-15 Years | 456.44 | 0.30 | -0.85 | 0.79 | 3835.75 | -0.65 | 1.55 | Over 15 Years | 466.73 | 0.88 | 0.18 | -5.12 | 3525.61 | 0.34 | -4.65 | All stocks | 465.94 | 0.46 | -0.21 | -1.24 | 3729.01 | -0.07 | -0.59 | Yield Indices | Oct 6 | Oct 5 | Yr Ago | 5 Yrs | 4.94 | 4.98 | 4.26 | 10 Yrs | 5.36 | 5.41 | 4.59 | 15 Yrs | 5.66 | 5.71 | 4.88 | 20 Yrs | 5.81 | 5.86 | 5.02 | 45 Yrs | 5.65 | 5.71 | 4.91 | Real Yield 0% Inflation | Oct 6 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 1.05 | 2.60 | 1.06 | 0.73 | Over 5 Years | 2.36 | 16.18 | 2.39 | 1.90 | 5-15 Years | 2.09 | 9.45 | 2.12 | 1.61 | Over 15 Years | 2.47 | 22.94 | 2.51 | 2.01 | All stocks | 2.30 | 13.28 | 2.33 | 1.86 | Real Yield 5% Inflation | Oct 6 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 0.80 | 2.60 | 0.81 | 0.43 | Over 5 Years | 2.33 | 16.18 | 2.36 | 1.88 | 5-15 Years | 2.03 | 9.45 | 2.06 | 1.54 | Over 15 Years | 2.46 | 22.94 | 2.50 | 2.00 | All stocks | 2.26 | 13.28 | 2.30 | 1.82 | FT

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所列价格仅供参考，且在发布时被认为准确。洲际交易所（ICE）或金融时报（FT）不构成任何要约。金融时报不保证信息的可靠性或完整性。金融时报不承担且不对因依赖或使用该信息而产生的任何损失负责。

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数据提供方：

市场与数据在此汇聚。

买入价 卖出价 + / - 收益率 24个月 36个月

CP Global Asset Management Pte.Ltd.

Candriam Investors Group

CP Global Asset Management

Artemis Fund Managers Ltd (1200)F 57 St James's Street, London SW1A 1LD 0800 092 2051

国际共同基金 | Dodge & Cox 全球基金< / > (IRL)< / >< / > | 48-49 Pall Mall, London SW1Y 5JGwww.dodgeandcox.com +44 0203 642 3370FCA 认可< / >< / > | Dodge & Cox 全球基金-新兴市场股票基金< / >< / > 新兴市场股票基金 A USD Acc< / > $< / > 16.38< / > -< / > 0.38< / > 0.00< / > 26.57< / > 24.27< / >< / > 新兴市场股票基金 A GBP Acc< / > £< / > 17.52< / > -< / > 0.44< / > 0.00< / > 24.57< / > 21.95< / >< / > 新兴市场股票基金 D GBP Dis< / > £< / > 15.78< / > -< / > 0.39< / > 1.69< / > 21.91< / > 19.36< / >< / > 新兴市场股票基金 A EUR Acc< / > €< / > 17.74< / > -< / > 0.48< / > 1.51< / > 24.67< / > 22.65< / > |

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Profit. Power. Politics. | Industrial General | Coats Group | 81.10 | 0.30 | 98.10 | 73.15 | 3.09 | 18.22 | 2198.71 | Macfarlane◆ | 84.00 | - | 93.80 | 59.80 | 4.36 | 21.05 | 175.54 | Smiths | 2847.00 | 6.00 | 2885.00 | 2088.00 | 1.70 | 4.53 | 741.30 | Industrial Transportation | ---

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Main Market | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Aerospace & Defence | BAE Systems■ | 1855.00 | -79.00 | 2360.00 | 1529.00 | 2.04 | 26.96 | 4721.90 | Chemring Group | 508.50 | -23.50 | 650.75 | 446.52 | 1.59 | 28.57 | 2426.63 | Automobiles & Parts | Ford Motors | 917.72 | -1.24 | 1319.04 | 841.76 | 4.92 | -5.12 | — | Banks | ANZ Group | 1989.70 | 5.61 | 2126.50 | 1753.25 | 5.75 | 19.45 | 3813.18 | Banco Santander | 1058.00 | 14.00 | 1122.00 | 709.00 | 1.64 | 13.71 | 139.91 | Bank of Nova Scotia▲ | 6776.95 | -59.29 | 7165.88 | 4711.98 | 3.56 | — | 654.07 | Barclays■ | 447.30 | 0.60 | 554.10 | 353.55 | 2.57 | 10.21 | 20591.54 | Canadian Imperial▲ | 8380.82 | 10.67 | 9198.88 | 5969.15 | 2.71 | — | 266.82 | HSBC■ | 1472.20 | 13.20 | 1610.00 | 959.29 | 3.78 | 16.15 | 18412.59 | Lion Finance Gp | 13320.00 | 40.00 | 14820.00 | 7320.00 | 2.38 | 9.13 | 92.12 | Lloyds Bnkg Gp■ | 105.70 | 1.70 | 117.90 | 81.82 | 3.79 | 15.10 | 141419.70 | NatWest Group | 668.40 | 5.00 | 726.00 | 504.41 | 5.24 | 12.49 | 8891.78 | OSB Group | 494.00 | 2.80 | 647.50 | 479.00 | 7.27 | 6.53 | 535.89 | Perm TSB Group | 250.94 | -11.87 | 291.66 | 182.42 | 0.62 | 6.52 | 4.00 | Royal Bank of CA | 14761.90 | 21.56 | 16187.03 | 10784.89 | 2.52 | — | 446.50 | Stand Chart | 2253.00 | 7.00 | 2364.00 | 1351.50 | 2.28 | 15.31 | 3920.92 | ...7.375%PI | 107.75 | 1.50 | 128.84 | 102.00 | 6.84 | — | 18.19 | .8.25%PI | 117.85 | 0.75 | 143.80 | 114.25 | 7.00 | — | 84.14 | Toronto-Dominion | 8890.71 | 11.14 | 9256.88 | 5880.62 | 2.62 | — | 1446.25 | Westpack | 1821.53 | 6.61 | 2275.39 | 1755.74 | 4.44 | 17.25 | 4100.89 | Elementis | 180.60 | 1.20 | 195.40 | 136.00 | 1.84 | -30.74 | 714.14 | Johnson Matthey | 2436.00 | 30.00 | 3245.25 | 2192.00 | 4.21 | -31.94 | 446.85 | Victrex | 930.00 | - | 1024.00 | 515.00 | 3.23 | 29.06 | 121.81 | Construction & Materials | Galliford Try Hldgs | 694.00 | 1.00 | 728.81 | 466.00 | 3.39 | 16.64 | 281.66 | Morgan Sindall* | 4200.00 | 28.00 | 5730.00 | 3938.00 | 3.88 | 11.29 | 111.11 | Electronic & Electrical Equip | discoverGr Grp | 865.00 | 7.00 | 900.00 | 505.00 | 1.50 | 28.64 | 424.76 | Halma | 3558.00 | 30.00 | 4902.00 | 3268.00 | 0.70 | 36.10 | 445.34 | Morgan Adv Mat | 276.50 | 5.50 | 276.50 | 179.80 | 4.41 | 36.87 | 1040.52 | Oxford Instruments | 3112.00 | 64.00 | 3318.00 | 1682.00 | 0.76 | 36.78 | 102.12 | Renishaw | 5990.00 | 135.00 | 6030.00 | 3280.00 | 1.37 | 36.64 | 114.62 | TT Electronics | 192.40 | 4.60 | 194.00 | 93.00 | - | -6.75 | 630.73 | XP Power | 2045.00 | 35.00 | 2160.00 | 849.23 | - | -48.69 | 129.56 | Financial General | 3i Group | 2389.00 | -23.00 | 4497.00 | 1825.00 | 3.54 | — | — | Aberdeen Group | 237.80 | -3.80 | 265.00 | 179.60 | 6.14 | 11.01 | 2916.37 | Bridgepoint Group● | 346.80 | 13.80 | 351.50 | 212.00 | 2.74 | 69.36 | 1217.83 | City of London Inv● | 514.00 | -8.00 | 540.00 | 349.00 | 6.61 | 13.93 | 40.51 | Close Bros | 395.20 | 0.20 | 556.15 | 318.40 | — | -6.92 | 624.90 | ICG | 1767.00 | 3.00 | 2310.00 | 1424.87 | 4.92 | 10.59 | 391.72 | Investec | 618.00 | 14.00 | 690.00 | 499.36 | 6.23 | 8.02 | 2418.87 | Jupiter | 171.00 | 4.60 | 214.50 | 137.20 | 3.51 | 8.91 | 995.56 | Liontrust | 298.00 | 3.00 | 358.00 | 223.00 | 6.38 | 19.35 | 82.32 | London Stock Ex● | 8386.00 | 146.00 | 10140.00 | 6884.00 | 1.88 | 35.18 | 618.30 | Rathbones Group | 1512.00 | -6.00 | 2500.00 | 1512.00 | 6.61 | 14.01 | 77.98 | S & U | 1890.00 | -30.00 | 2458.50 | 1620.00 | 6.14 | 9.68 | 47.19 | St James's Place | 1038.50 | -0.50 | 1575.50 | 1026.55 | 1.73 | 10.40 | 1536.72 | TP ICAP Group● | 325.20 | 0.20 | 355.00 | 235.50 | 5.29 | 12.90 | 1182.80 | Vanquis Banking Gp | 69.20 | -0.90 | 132.00 | 69.20 | — | 21.62 | 316.39 | Food & Beverages | ---

Algebris 投资 | Algebris Core Italy I EUR | € | 247.32 | - | 2.06 | 0.00 | 26.10 | 18.59 | Algebris Core Italy R EUR | € | 228.14 | - | 1.89 | 0.00 | 25.17 | 17.71 | Algebris Financial Credit I EUR | € | 225.21 | - | -0.13 | 0.00 | 5.47 | 8.85 | Algebris Financial Credit I GBP | £ | 199.81 | - | -0.10 | 0.00 | 0.00 | 0.00 | Algebris Financial Credit I USD | $ | 208.37 | - | -0.10 | 5.86 | 0.00 | 0.00 | Algebris Financial Credit R EUR | € | 189.14 | - | -0.12 | 0.00 | 4.79 | 8.21 | Algebris Financial Equity B EUR | € | 375.19 | - | 1.36 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity R EUR | € | 303.71 | - | 1.08 | 0.00 | 28.23 | 29.62 | Algebris Financial Equity Fund B GBP | £ | 314.07 | - | 1.14 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity Fund B USD | $ | 473.87 | - | 1.74 | 3.90 | 0.00 | 0.00 | Algebris Financial Income I EUR | € | 297.36 | - | 0.26 | 0.00 | 15.66 | 17.95 | Algebris Financial Income R EUR | € | 261.42 | - | 0.21 | 0.00 | 14.63 | 16.90 | Algebris Financial Income Fund I GBP | £ | 218.78 | - | 0.19 | 6.02 | 0.00 | 0.00 | Algebris Financial Income Fund I USD | $ | 250.00 | - | 0.24 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I EUR | € | 152.17 | - | -0.16 | 0.00 | 2.83 | 5.54 | Algebris Global Credit Opportunities R EUR | € | 145.77 | - | -0.16 | 0.00 | 2.29 | 5.02 | Algebris Global Credit Opportunities I GBP | £ | 151.81 | - | -0.13 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I USD | $ | 156.68 | - | -0.14 | 0.00 | 0.00 | 0.00 | Algebris IG Financial Credit I EUR | € | 117.58 | - | -0.27 | 0.00 | 3.74 | 6.68 | Algebris IG Financial Credit R EUR | € | 113.57 | - | -0.26 | 0.00 | 3.22 | 6.15 | Algebris Strategic Credit Fund R EUR | € | 113.35 | - | -0.09 | 0.00 | 2.31 | 4.66 | Algebris Global Equity Select B EUR | € | 155.52 | - | 0.28 | 0.00 | 8.44 | 11.42 | Algebris Global Equity Select R EUR | € | 147.75 | - | 0.25 | 0.00 | 7.05 | 9.99 | 

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| Blue Whale 投资资金 ICAV (网址: www.bluewhale.co.uk, 邮箱: info@bluewhale.co.uk) | (爱尔兰) | FCA 认可 - 爱尔兰 UCITS | Blue Whale Growth USD T | $ | 25.79 | - | 0.14 | 0.00 | 0.00 | 0.00 | ---

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AIM | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Aerospace & Defence | Cohort | 1210.00 | -10.00 | 1538.00 | 881.10 | 1.48 | 23.17 | 312.39 | Velocity Composites | 16.50 | — | 25.00 | 12.00 | — | -8.25 | 2.52 | Basic Resources (Ex Mining) | Cropper J | 695.00 | -5.00 | 710.00 | 250.00 | — | 22.56 | 12.81 | Construction & Materials | Accsys Tech | 59.00 | 1.80 | 79.84 | 57.00 | — | 26.07 | 50.72 | Electronic & Electrical Equip | Checkit | 16.50 | — | 27.00 | 12.35 | — | -6.35 | 40.32 | LPA | 85.00 | -2.50 | 92.00 | 34.00 | — | -32.20 | 17.23 | Thorpe FW | 257.00 | -3.00 | 320.00 | 240.00 | 2.86 | 10.83 | 25.56 | Financial General | Arbuthnot Banking | 790.00 | -12.50 | 960.00 | 755.00 | 6.96 | 7.24 | 9.29 | Investment Companies | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Dist(-)Prem | High | Low | Conventional (Ex Private Equity) | 3i Infra | 386.50 | -0.50 | 399.50 | 325.00 | 3.48 | 405.42 | -4.41 | Abf GVIT | 91.00 | — | 96.77 | 76.00 | 6.70 | 102.46 | -11.46 | Abf Sml | 1806.00 | 14.00 | 1828.00 | 1408.07 | 2.65 | 1995.25 | -10.42 | Aberdeen Asia Foc | 472.00 | -2.00 | 478.00 | 348.00 | 1.36 | 521.84 | -10.41 | Aberdeen Asian Inc Fund | 326.00 | -6.00 | 357.00 | 246.00 | 5.76 | 352.81 | -7.47 | Aberdeen Eq Inc | 453.00 | 4.00 | 473.00 | 359.25 | 5.10 | 447.91 | 0.41 | Aberdeen UK Smll | 532.00 | -4.00 | 544.00 | 441.50 | 2.63 | 568.81 | -6.43 | Alliance Witan | 1406.00 | 8.00 | 1407.84 | 1178.00 | 2.09 | 1477.51 | -5.28 | Allianz Tech | 785.00 | 4.00 | 789.00 | 480.75 | — | 852.98 | -8.29 | Artemis UK Future Lead | 392.50 | -1.00 | 405.00 | 321.00 | 3.93 | 441.25 | -11.09 | Aurora UK Alpha | 246.00 | 2.00 | 279.00 | 222.09 | 1.91 | 279.76 | -11.65 | AVI Japan | 181.00 | 1.00 | 194.00 | 154.50 | 1.22 | 185.32 | -2.48 | BG China Growth | 291.50 | 3.50 | 331.04 | 284.00 | 0.86 | 320.65 | -9.55 | BG Euro | 119.00 | 0.50 | 133.00 | 91.40 | 0.61 | 128.27 | -9.85 | BG Japan | 1088.00 | 4.00 | 1114.00 | 811.10 | 0.92 | 1205.50 | -8.97 | BG Shin | 178.40 | -0.20 | 181.00 | 123.05 | 0.39 | 199.67 | -9.98 | BG US Growth | 396.00 | 8.00 | 396.50 | 261.00 | — | 411.87 | -5.01 | Baillie Gifford UK | 214.00 | -1.00 | 231.00 | 180.12 | 2.90 | 236.21 | -9.11 | Bankers IT | 157.00 | 1.20 | 157.00 | 125.20 | 1.80 | 170.48 | -8.91 | Biotech Growth | 1448.00 | -4.00 | 1786.00 | 1010.00 | — | 1578.71 | -6.11 | BlckR Amer Sml | 283.00 | 4.00 | 289.55 | 208.85 | 5.26 | 277.56 | 1.17 | BlckR Energy & Res | 178.00 | 1.50 | 205.00 | 135.50 | 3.48 | 190.50 | -5.69 | BlckR Front | 192.00 | 1.00 | 208.00 | 164.50 | 3.96 | 190.76 | 0.70 | BlckR GEur | 589.00 | 2.00 | 625.00 | 506.95 | 1.21 | 633.25 | -7.36 | BlckR I&G | 235.00 | 2.00 | 240.00 | 200.00 | 3.28 | 252.67 | -7.66 | BlckR Smir | 264.50 | 1.50 | 288.40 | 230.80 | 3.00 | 306.25 | -14.03 | BlckR World Mining | 946.00 | — | 1076.00 | 628.00 | 2.54 | 981.83 | -3.48 | Brunner | 1570.00 | 16.00 | 1612.00 | 1336.00 | 1.72 | 1735.23 | -9.79 | Caledonia Inv | 388.50 | 3.50 | 402.00 | 312.00 | 1.98 | 595.10 | -35.30 | CanGen C$ | 2716.18 | 8.02 | 2958.28 | 2358.19 | 2.42 | 88.12 | -41.74 | City of Lon | 570.00 | 3.00 | 599.00 | 498.00 | 3.94 | 556.97 | 2.04 | City Natural Res G&I | 404.00 | 3.00 | 467.00 | 258.01 | 7.00 | 399.00 | 1.30 | CT Healthcare | 125.00 | -0.80 | 152.40 | 119.80 | 4.21 | 132.50 | -3.25 | CT MgdI | 131.00 | — | 135.00 | 115.00 | 6.11 | 129.60 | 0.76 | CT MgdG | 328.00 | — | 330.00 | 280.26 | — | 339.79 | -3.00 | CT Cp&I | 340.00 | 0.50 | 373.00 | 320.00 | 3.96 | 353.65 | -3.78 | CT UK HIT B | 107.00 | — | 120.00 | 92.00 | 5.57 | 114.37 | -6.15 | CT UK HIT Ord | 109.50 | — | 126.00 | 97.00 | 5.44 | 114.28 | -3.88 | Dunedin Inc | 305.00 | 2.00 | 323.00 | 275.00 | 6.61 | 329.19 | -7.12 | Edinburgh Inv | 823.00 | 7.00 | 867.00 | 737.60 | 3.89 | 885.88 | -8.05 | Edin Worldwide | 288.00 | 3.00 | 294.50 | 194.20 | — | 314.30 | -8.44 | The Euro SmlCo | 231.00 | 1.00 | 247.21 | 193.80 | 5.47 | 249.88 | -9.01 | F&C Inv Trust | 349.80 | 1.40 | 1332.00 | 325.80 | 1.21 | 383.93 | -9.16 | Fidelity Asian | 612.00 | -2.00 | 672.00 | 546.06 | 3.35 | 650.56 | -5.07 | Fidelity China | 247.00 | -3.00 | 339.00 | 239.50 | 3.64 | 268.98 | -6.44 | Fidelity EmerMkts | 1542.00 | 8.00 | 1574.00 | 897.34 | 1.61 | 1616.56 | -6.90 | Fidelity Euro | 421.00 | 1.50 | 447.50 | 367.50 | 2.42 | 442.65 | -4.86 |

| | Price | +/- | 52 Week | Vol000s | Div Chg | High | Low | Yld | AEP Plantations | 196.00 | 2.80 | 229.00 | 124.00 | 3.11 | 11.25 | 224.07 | Assoc. Brit Foods | 1834.00 | 22.50 | 2359.00 | 1729.45 | 3.44 | 12.95 | 823.38 | Barr (AG) | 558.00 | 11.00 | 715.32 | 538.00 | 3.42 | 13.20 | 277.13 | Fevara | 148.00 | 11.50 | 152.00 | 114.50 | 1.62 | 6.41 | 78.61 | Coca-Cola HBC | 4236.00 | -18.00 | 5195.00 | 3270.00 | 2.40 | 19.30 | 345.40 | Cranswick | 4980.00 | 25.00 | 5810.00 | 4775.00 | 2.26 | 16.83 | 108.86 | Diageo | 1603.50 | 28.00 | 1803.91 | 1295.50 | 2.35 | 27.26 | 27694.33 | Greencore | 245.60 | 1.60 | 307.50 | 191.10 | 1.06 | 18.61 | 776.17 | Kerry Group | 7307.87 | 33.91 | 7646.35 | 5567.81 | 1.67 | 21.54 | 4.24 | Tate & Lyle | 561.00 | 1.50 | 580.00 | 319.40 | 3.53 | 25.50 | 977.76 | Unileveres | 4569.00 | 68.50 | 5542.11 | 3644.00 | 3.61 | 12.45 | 1763.60 | GN Store Nord | 1223.84 | 10.68 | 1429.97 | 984.75 | - | 15.89 | 437.20 | Smith&Neph+ | 1011.50 | 7.00 | 1426.59 | 980.40 | 2.96 | 18.63 | 2877.62 | House, Leisure & Pers Goods | Barratt Redrow | 309.20 | 0.30 | 410.29 | 235.40 | 1.94 | 22.74 | 4786.19 | Bellway | 2044.00 | 6.00 | 2890.00 | 1715.00 | 3.52 | 15.39 | 549.02 | Berkeley | 3244.00 | 62.00 | 4442.00 | 2796.00 | - | 9.78 | 566.47 | Burberry Group | 1031.50 | 28.00 | 1376.50 | 953.40 | - | - | 1255.57 | Cairn Homes+ | 227.00 | 2.50 | 251.00 | 161.00 | 3.88 | 12.57 | 1223.89 | Games Workshop | 16560.00 | -410.00 | 23540.00 | 14280.00 | 3.38 | 26.54 | 61.26 | Gleeson (M.J) | 275.00 | -1.50 | 435.00 | 221.00 | 1.82 | -82.63 | 45.06 | Headlam Group# | 10.50 | - | 60.23 | 4.64 | - | -0.10 | - | McBride | 175.20 | 1.00 | 214.10 | 107.60 | 1.77 | 9.90 | 265.68 | Philips | 1827.82 | 26.29 | 2413.42 | 1790.38 | 3.94 | -43.12 | 1533.04 | PZ Cussons+ | 96.40 | 1.20 | 114.00 | 65.09 | 3.84 | 20.51 | 267.73 | Vistry Group | 236.60 | -2.20 | 746.40 | 220.00 | - | 5.61 | 4366.58 | Bodycote● | 910.00 | -0.50 | 967.50 | 585.00 | 2.56 | 29.35 | 358.00 | Goodwin● | 13840.00 | -60.00 | 28500.00 | 10820.00 | 2.38 | 18.74 | 17.28 | Hill & Smith | 3255.00 | -40.00 | 3345.00 | 1994.00 | 31.69 | 201.79 | IMI | 3148.00 | -2.00 | 3192.00 | 2244.00 | 1.12 | 25.33 | 828.40 | Melrose | 461.00 | -14.10 | 685.00 | 409.90 | 1.63 | 15.90 | 4578.09 | RHI | 2845.00 | -35.00 | 3390.00 | 1920.00 | 5.36 | 18.44 | 23.03 | Weir● | 2662.00 | 80.00 | 3580.00 | 2254.00 | 1.58 | 27.82 | 5550.67 | Braemar | 235.00 | 6.00 | 249.00 | 203.11 | 2.98 | 32.46 | 376.95 | Fisher (J) | 424.00 | 9.00 | 554.00 | 358.00 | - | -48.74 | 24.06 | Insurance | Admiral Group | 3650.00 | 76.00 | 4128.00 | 2624.00 | 3.93 | 14.81 | 386.05 | Aviva+ | 688.40 | 11.20 | 740.60 | 580.60 | 5.84 | 25.59 | 3045.49 | Chesnara+ | 332.50 | -2.00 | 378.00 | 265.00 | 6.91 | -65.84 | 690.68 | Ecclesiastical Insurance | 128.00 | -0.50 | 155.00 | 125.50 | 6.74 | - | 55.11 | Hansard Global+ | 55.50 | 0.75 | 60.80 | 43.20 | 8.02 | 11.81 | 9.34 | Hiscox | 1850.00 | -1.00 | 1952.00 | 1288.00 | 2.12 | 13.59 | 1376.61 | Lancashire Hldgs | 635.50 | -3.00 | 700.00 | 549.00 | 2.64 | 6.97 | 471.67 | Legal & General | 290.40 | 1.60 | 318.10 | 217.20 | 7.54 | 29.07 | 80618.02 | Old Mutual+ | 59.40 | - | 78.80 | 55.00 | 7.31 | 6.62 | 1257.22 | Prudential+ | 924.20 | 5.20 | 1238.00 | 905.40 | 2.26 | 7.96 | 5257.51 | Standard Life+ | 879.50 | 11.50 | 960.00 | 633.50 | 6.38 | -186.73 | 1929.87 | Leisure | ME Group | 115.60 | -1.60 | 195.94 | 98.50 | 7.26 | 7.71 | 690.92 | FINANCIAL TIMES | | Price | +/- | 52 Week | High | Low | Yld | P/E | Vol 000s | BP Marsh | 653.00 | 4.00 | 710.00 | 613.00 | 5.56 | 4.92 | 156.91 | Burlford Capital | 267.40 | -2.80 | 908.00 | 265.00 | 3.53 | 12.24 | 117.99 | Premier Miton Group | 35.00 | -0.25 | 64.20 | 34.53 | 8.57 | 44.87 | 607.99 | Food & Beverages | Camellia | 5700.00 | - | 6300.00 | 4800.00 | 4.56 | -30.53 | 0.29 | Fevertree Drinks♦ | 830.50 | -1.50 | 973.00 | 711.00 | 2.10 | 44.22 | 471.93 | Nichols | 1090.00 | - | 1200.00 | 880.00 | 3.57 | 18.58 | 20.13 | House, Leisure & Pers Goods | Churchill♦ | 355.00 | - | 460.00 | 271.00 | 5.92 | 8.94 | 23.50 | Frontier Dev♦ | 591.00 | 3.00 | 640.00 | 302.00 | - | 7.92 | 73.00 | Portmeirion | 48.50 | -1.00 | 122.00 | 47.14 | - | -1.07 | 46.40 | Sanderson Design Grp | 74.50 | - | 80.00 | 40.00 | 2.01 | 25.00 | 219.09 | Industrial Engineering | MS Intl | 1540.00 | 10.00 | 1800.00 | 1120.00 | 1.69 | 22.85 | 21.28 | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Div(-)Prem | High | Low | Fidelity Spec | 462.50 | 2.00 | 479.50 | 384.77 | 2.23 | 461.30 | 0.05 | Finsbury G&I | 776.00 | 10.00 | 875.00 | 706.25 | 2.71 | 823.40 | -7.09 | The Gbl Small Co | 192.00 | 0.40 | 198.60 | 162.72 | 1.64 | 201.93 | -5.37 | GRIT(susp) | 1.25 | — | 1.25 | 1.25 | — | 14.40 | -91.32 | Hansa | 332.00 | — | 346.00 | 250.00 | 1.33 | 555.58 | -39.67 | Hansa A | 335.00 | — | 340.00 | 244.00 | 1.31 | 555.58 | -39.67 | Hen FarEs | 272.50 | -1.00 | 281.50 | 229.00 | 9.19 | 258.91 | 5.01 | Hen High Inc | 201.00 | 1.00 | 214.00 | 173.25 | 5.53 | 208.04 | -3.33 | Hen Smlr | 950.00 | -1.00 | 998.00 | 769.00 | 3.05 | 1049.71 | -9.43 | Herald | 3010.00 | 15.00 | 3290.73 | 2285.00 | — | 3486.12 | -14.63 | HICL Infra | 131.80 | 0.40 | 141.00 | 107.20 | 6.45 | 160.33 | -18.15 | Impax Env | 450.00 | -2.00 | 494.76 | 379.00 | 1.16 | 513.95 | -11.13 | IntBiotech | 107.00 | 5.00 | 1235.00 | 782.10 | 2.93 | 1092.33 | -1.86 | Intl PP | 136.60 | 1.80 | 145.80 | 115.60 | 6.43 | 153.64 | -11.85 | Inv Asia Dragon Tst | 502.00 | -5.00 | 520.00 | 395.00 | 3.82 | 543.50 | -7.71 | Inv Bond Inc | 168.50 | -0.50 | 178.50 | 150.11 | 7.27 | 166.19 | 1.72 | JPM Amer IT | 1256.00 | 12.00 | 1258.00 | 1041.00 | 0.92 | 1298.01 | -4.28 | JPM Asia G&I | 608.00 | -2.00 | 652.00 | 426.00 | 5.43 | 611.29 | -1.14 | JPM China G&I | 259.00 | -1.00 | 313.00 | 252.50 | 4.40 | 285.50 | -9.47 | JPM Clavr | 926.00 | 2.00 | 986.00 | 799.98 | 3.94 | 957.12 | -3.40 | JPM Emrg EMEA | 235.00 | 2.00 | 310.00 | 194.15 | 0.26 | 68.83 | 240.63 | JPM Emrg | 173.20 | -1.40 | 181.20 | 126.20 | 4.35 | 189.27 | -9.11 | JPM Eur Disc | 612.00 | 4.00 | 666.00 | 548.00 | 2.61 | 662.10 | -7.40 | JPM Eur G&I | 140.00 | 0.80 | 153.00 | 124.50 | 3.89 | 144.57 | -2.45 | JPM Em Mk Div | 218.00 | — | 221.00 | 155.50 | 2.75 | 238.31 | -9.79 | JPM Gbl G&I | 620.00 | 6.00 | 641.00 | 529.60 | 4.00 | 636.27 | -3.52 | JPM India Gwth Inc | 835.00 | -5.00 | 1098.00 | 799.00 | 5.07 | 917.62 | -8.17 | JPM Japan | 848.00 | 7.00 | 867.00 | 668.00 | 1.03 | 928.06 | -8.73 | JPM UK Sm | 350.50 | 4.00 | 369.00 | 287.92 | 4.26 | 375.85 | -7.61 | JPM US Sml | 422.00 | 3.00 | 463.00 | 365.00 | 0.76 | 462.41 | -9.16 | Law Deb | 1232.00 | 10.00 | 1290.00 | 991.00 | 2.96 | 1210.88 | 1.35 | Lindsell Train | 584.00 | 4.00 | 750.00 | 529.50 | 4.79 | 6.78 | -14.44 | Lowland | 185.00 | 0.50 | 191.50 | 148.00 | 3.72 | 201.54 | -8.35 | Manwyn Val | 141.00 | — | 141.80 | 141.00 | 6.43 | 264.13 | -45.85 | Mercantile | 273.50 | 1.50 | 290.50 | 234.31 | 3.03 | 302.44 | -10.01 | Merch. Trst | 660.00 | 3.00 | 691.00 | 536.25 | 4.53 | 687.14 | -4.76 | Mid Wynd | 806.00 | 8.00 | 812.00 | 682.00 | 1.07 | 822.52 | -2.19 | Monks IT | 1682.00 | 4.00 | 1687.13 | 1366.00 | 0.05 | 1778.48 | -6.72 | Montanaro Eur | 178.00 | 2.50 | 189.00 | 142.00 | 0.87 | 194.88 | -9.08 | Murray Inc | 958.00 | 7.00 | 1036.00 | 854.66 | 4.28 | 1017.68 | -6.55 | Murray Intl | 357.50 | 2.50 | 376.00 | 296.50 | 3.58 | 353.42 | 0.64 | New Star IT | 140.50 | 1.50 | 148.00 | 111.00 | 2.53 | 202.68 | -31.41 | N. Atl Smir IT | 425.00 | — | 434.00 | 328.00 | 1.65 | 649.88 | -35.22 | Pac. Horiz. | 1142.00 | -10.00 | 1262.00 | 719.00 | — | 1265.02 | -10.29 | Pers. Assets | 543.00 | 4.00 | 558.00 | 515.00 | 1.03 | 546.31 | -1.36 | Polar Health | 428.50 | -1.00 | 460.50 | 352.11 | 0.51 | 426.42 | 0.89 | Polar Fin. | 241.00 | 0.50 | 260.50 | 199.16 | — | 248.25 | -3.10 | Polar Tech. | 723.00 | 6.00 | 743.50 | 420.00 | — | 793.41 | -9.94 | IS YOUR SHARE PRICE BEING NOTICED?

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To advertise contact carol.ramsey@ft.com | | Price | +/- | 52 Week | Vol000s | High | Low | Yld | P/E | Media | Autotrader Grp | 464.50 | 3.90 | 828.80 | 418.60 | 2.50 | 13.59 | 3483.29 | Informa | 887.20 | 25.40 | 1000.00 | 719.00 | 2.53 | — | 7866.89 | ITV | 67.05 | 0.65 | 87.35 | 65.70 | 7.46 | 11.36 | 8749.78 | Pearson | 1233.00 | 3.50 | 1337.00 | 874.80 | 2.08 | 23.99 | 1434.25 | Reach | 47.45 | 0.45 | 73.70 | 39.00 | 12.43 | -1.13 | 1000.60 | Relx■ | 2571.00 | 35.00 | 3539.00 | 1991.00 | 2.68 | 22.83 | 3908.65 | Rightmove● | 453.50 | 10.00 | 706.20 | 391.40 | 2.37 | 16.14 | 4044.79 | STV Group | 101.00 | -3.50 | 124.50 | 95.60 | — | -9.35 | 22.25 | Anglo American | 4152.00 | -28.00 | 4348.00 | 2639.00 | 0.69 | -16.67 | 2083.68 | Antofagasta | 3829.00 | -9.00 | 4475.00 | 2496.00 | 1.54 | 37.71 | 939.07 | BHP Group | 3268.00 | 7.00 | 3592.00 | 1971.00 | 3.89 | 22.41 | 936.24 | Ferrexpo | 32.98 | 0.48 | 87.23 | 25.22 | - | -1.15 | 1495.13 | Fresnillo | 2703.00 | -39.00 | 4472.00 | 2000.00 | 4.14 | 19.11 | 933.00 | Glencore | 573.50 | 4.20 | 707.20 | 332.20 | 2.23 | - | 19059.57 | Harmony | 1282.29 | -15.44 | 1963.66 | 946.96 | 4.55 | 12.17 | 2482.02 | Rio Tinto | 7164.00 | -19.00 | 9117.00 | 4899.00 | 4.86 | 15.50 | 1302.68 | | Price | +/- Dly Dng | 52 Week | Yld | P/E | Vol000s | High | Low | Halfords Group | 258.50 | 1.00 | 276.10 | 123.80 | 3.48 | 17.01 | 965.45 | Inchcape | 686.00 | -45.50 | 885.00 | 684.00 | 4.90 | 9.46 | 1640.90 | JD Sports | 80.34 | 0.64 | 106.18 | 63.98 | 1.58 | 9.31 | 9898.15 | Kingfisher | 329.10 | 3.90 | 372.30 | 266.40 | 3.77 | 23.51 | 3483.67 | Marks & Spencer | 385.80 | 9.60 | 418.33 | 301.10 | 1.09 | 30.38 | 7180.95 | Saga | 750.00 | -15.00 | 799.00 | 234.50 | -- | -- | 370.83 | Sainsbury J | 321.80 | -1.10 | 380.30 | 253.70 | 4.26 | 18.60 | 6999.38 | Tesco | 470.00 | -0.20 | 510.40 | 411.70 | 3.09 | 17.09 | 7860.67 | BP■ | 560.90 | -2.30 | 609.40 | 399.35 | 4.47 | — | 29456.42 | Capricorn | 426.00 | -1.00 | 450.00 | 181.80 | — | 20.20 | 334.92 | ExxonMobil Hldgs | 12491.10 | — | 12492.60 | 12282.40 | 2.48 | — | — | GeoPark | 863.11 | — | 866.13 | 848.05 | 0.80 | 13.98 | — | Helleniq Energy | 1510.75 | — | 1546.35 | 1505.66 | 3.37 | 6.12 | 383.44 | Imperial Oil C$ | 9295.68 | -63.39 | 10397.16 | 6229.98 | 1.98 | — | 269.12 | TC Energy Corp+ | 4511.26 | — | 4539.85 | 4460.44 | 4.12 | -23.96 | 2244.93 | Bunzl | 2668.00 | 46.00 | 2898.00 | 1981.00 | 2.80 | 18.92 | 1632.69 | Capita | 201.00 | -11.00 | 416.00 | 198.80 | - | -1.39 | 1746.95 | DCC Energy | 6440.00 | - | 6740.00 | 4188.00 | 3.37 | - | 715.68 | Diploma | 7860.00 | -10.00 | 7980.00 | 4970.00 | 0.80 | 57.00 | 270.30 | Essentra♦ | 114.20 | 2.40 | 115.20 | 78.40 | 1.84 | - | 213.38 | Experian¶ | 2503.00 | 37.00 | 3707.00 | 2203.00 | 2.07 | 20.20 | 3381.43 | Hays | 62.85 | - | 78.45 | 28.68 | 0.70 | -17.27 | 4542.64 | Howden Joinery | 759.50 | 6.50 | 981.00 | 713.00 | 2.90 | 15.44 | 603.67 | Intertek | 5985.00 | - | 5900.00 | 3519.42 | 2.80 | 26.98 | 758.73 | Johnson Service | 136.30 | 0.30 | 172.10 | 123.80 | 3.67 | 14.66 | 1449.48 | MITIE Group | 210.00 | - | 214.00 | 134.80 | 2.14 | 31.82 | 2557.62 | RS Group | 764.00 | 7.50 | 790.00 | 536.90 | 3.00 | 22.08 | 745.82 | Vp | 512.00 | 2.00 | 608.00 | 420.00 | 7.71 | -37.10 | 9.15 | AstraZeneca■ | 11958.00 | 194.00 | 15732.00 | 9892.00 | 2.00 | 24.06 | 2188.42 | Chemical Works | 2812.94 | - | 2812.94 | 2812.94 | 5.41 | 14.52 | - | GlaxoSmKline■● | 1765.50 | 6.50 | 2282.00 | 1592.00 | 3.96 | 12.51 | 5019.29 | Hikma Pharm | 1620.00 | 41.00 | 1865.00 | 1187.00 | 4.00 | 11.82 | 525.03 | REITs | British Land | 394.60 | 2.00 | 451.60 | 335.40 | 5.86 | - | - | Derwent London | 1795.00 | 31.00 | 2196.00 | 1469.33 | 4.57 | - | - | Great Portland Est | 308.60 | 3.60 | 377.00 | 270.00 | 2.66 | - | 0.00 | Land Securities | 617.50 | -1.00 | 726.00 | 525.00 | 6.67 | - | - | LondonMetric Prop | 173.90 | 3.10 | 216.20 | 170.20 | 7.22 | - | - | Primary Health Prop | 89.75 | 0.20 | 109.60 | 87.40 | 8.13 | - | - | Segro | 920.20 | 4.80 | 997.40 | 632.20 | 3.43 | - | - | Shaftesbury Capital | 137.50 | 2.10 | 155.10 | 124.10 | 3.13 | 7.35 | 2068.41 | Tritax Big Box | 142.20 | 1.30 | 175.00 | 139.80 | 5.81 | - | - | Tech - Software & Services | Computacenter• | 5430.00 | 10.00 | 6045.00 | 2578.00 | 1.44 | 37.06 | 322.77 | NCC Group• | 145.20 | -0.20 | 161.60 | 107.20 | 3.20 | 25.93 | 1015.22 | The Sage Grp | 1005.00 | 3.00 | 1181.00 | 771.66 | 2.23 | 26.63 | 1563.11 | Triad Group | 380.00 | — | 430.00 | 236.00 | 2.37 | 38.31 | 0.01 | Telecommunications | Airtel Africa | 310.60 | 0.20 | 436.20 | 219.00 | 1.72 | 22.17 | 1605.00 | BT Group | 195.25 | -3.75 | 242.09 | 173.00 | 4.26 | 17.75 | 21857.09 | Telecom Plus | 843.00 | 18.00 | 1896.00 | 638.00 | 5.93 | 8.33 | 287.40 | Vodafone | 125.10 | -2.10 | 132.07 | 83.40 | 3.17 | -89.43 | 33841.42 | Tobacco | Real Estate Inv & Services | Grainger | 166.10 | 3.30 | 202.79 | 149.44 | 5.06 | - | - | Hanworth Group▲ | 187.00 | - | 195.00 | 116.80 | 0.98 | 64.48 | 696.83 | Helical | 182.00 | 1.00 | 236.25 | 176.00 | 1.44 | 37.68 | 148.09 | Mountview Estates | 8750.00 | - | 10200.00 | 8350.00 | 6.00 | 16.76 | 0.04 | Savills | 973.00 | 3.00 | 1142.00 | 791.46 | 2.42 | 18.71 | 554.80 | Sirius Real Estate | 88.80 | 0.45 | 113.00 | 85.85 | 6.11 | 6.91 | 2125.76 | Smart (J) | 115.00 | - | 140.00 | 106.00 | 2.83 | 8.80 | 0.38 | Retailers | Caffyns | 545.00 | 45.00 | 550.00 | 350.00 | 1.83 | -13.39 | 1.50 | Dunelm Group | 780.50 | 5.00 | 1174.00 | 707.00 | 9.03 | 10.14 | 369.54 | Brit Amer Tobacco● | 3999.00 | 21.00 | 5326.00 | 3677.00 | 6.13 | 11.39 | 4460.07 | Imperial Brands | 2467.00 | 17.00 | 3632.04 | 2408.00 | 6.76 | 9.82 | 1443.06 | Travel & Leisure | easyJet | 678.20 | 1.20 | 683.80 | 332.60 | 1.95 | 10.31 | 2669.68 | FirstGroup | 187.60 | 1.20 | 222.60 | 152.10 | 3.84 | 8.77 | 1571.82 | Fullers 'A' | 704.00 | -6.00 | 780.00 | 570.00 | 3.01 | 17.95 | 51.34 | IntContl Hotels | 12129.50 | 77.16 | 13305.06 | 8762.00 | 1.16 | 32.81 | 139.42 | Intl Cons Air | 439.70 | 5.70 | 492.90 | 332.70 | 1.53 | 7.27 | 8291.46 | Whitbread | 2551.00 | 125.00 | 3290.00 | 2098.00 | 3.80 | 20.69 | 1386.54 | | Price | +/- Dly Chg | 52 Week | Vol000s | High | Low | Yld | P/E | Media | Mission Group | 25.50 | - | 29.00 | 12.00 | - | -1.20 | 48.39 | Mining | Central Asia Metals♦ | 150.60 | -3.60 | 244.00 | 125.27 | 10.29 | -4.70 | 738.70 | Crism Therapeutics | 9.25 | - | 18.50 | 8.00 | - | -1.81 | 17.75 | Oil & Gas | BorSthnPet | 8.98 | 0.04 | 14.00 | 7.60 | - | -74.52 | 1304.90 | Pharmaceuticals & Biotech | Sareum Holdings | 27.50 | -2.00 | 40.00 | 9.50 | - | -11.46 | 813.83 | Retailers | Boohoo Group | 24.50 | 1.00 | 29.50 | 10.30 | - | -3.17 | 3109.97 | CVS Group | 1170.00 | 20.00 | 1648.00 | 1062.00 | 0.77 | 47.95 | 343.99 | Drax Group* | 780.00 | -29.00 | 937.50 | 695.50 | 3.88 | 37.68 | 1184.11 | National Grid■ | 1151.00 | 2.50 | 1428.50 | 1069.50 | 4.21 | 17.57 | 5195.52 | Pennon | 452.00 | 3.40 | 606.00 | 435.60 | 6.48 | 23.30 | 971.48 | Severn Trent | 3114.00 | 12.00 | 3335.00 | 2381.00 | 4.05 | 25.21 | 434.97 | SSE | 2472.00 | 6.00 | 2767.50 | 1745.50 | 2.78 | 23.43 | 3626.68 | | Price | +/- Dly Chg | 52 Week | Dis(-)Prem | High | Low | Yld | NAV | Rights & Iss IT | 2480.00 | -10.00 | 2520.00 | 1965.13 | 1.82 | 3044.27 | -17.59 | RIT Cap. | 2455.00 | 5.00 | 2645.00 | 1985.25 | 1.83 | 3198.50 | -22.62 | Ruffer Inv Pr | 293.50 | -0.50 | 319.00 | 281.26 | 2.10 | 305.29 | -3.50 | Schdr AsiaPac | 857.00 | — | 892.00 | 641.35 | 1.52 | 949.99 | -10.14 | Schdr AsiaTotal | 716.00 | -9.00 | 746.00 | 530.00 | 1.61 | 761.72 | -5.79 | Schroder Inc. | 357.00 | 6.00 | 380.00 | 314.00 | 4.29 | 376.00 | -5.41 | Schdr Japan | 392.00 | 2.00 | 402.53 | 276.00 | 3.40 | 431.44 | -8.71 | Schdr Orient. | 460.00 | -2.00 | 478.00 | 317.00 | 2.87 | 484.59 | -5.29 | Schdr UK Mid | 765.00 | 3.00 | 790.00 | 652.00 | 2.95 | 800.23 | -5.40 | Scot American | 556.00 | 4.00 | 572.00 | 480.10 | 2.94 | 598.43 | -7.31 | Scot Mortgage | 1637.50 | 17.00 | 1651.50 | 1015.74 | 0.28 | 1817.34 | -10.06 | Scot Oriental | 281.00 | 2.00 | 295.00 | 240.00 | 1.21 | 311.50 | -9.34 | Strategic Eq. | 404.50 | 0.50 | 415.00 | 330.00 | 1.11 | 449.54 | -9.27 | Temple Bar | 411.50 | — | 429.50 | 345.25 | 3.79 | 409.76 | 0.07 | Tetragon | 1103.37 | -4.67 | 1446.64 | 892.96 | 3.21 | — | — | TRIG | 75.90 | -0.20 | 80.50 | 63.20 | 9.95 | 101.30 | -23.57 | UIL | 208.00 | — | 307.88 | 205.00 | 3.83 | 269.28 | -24.35 | Utilico Emer Mkts | 291.00 | 4.00 | 302.00 | 243.00 | 3.33 | 320.75 | -8.13 | Worldwide Hlth | 369.00 | 2.50 | 401.50 | 322.52 | 0.65 | 398.94 | -7.21 | | 52 Week | Price | +/- Dly Chg | High | Low | Yld | P/E | Support Services | Christie | 180.00 | - | 199.60 | 90.00 | 2.22 | 35.43 | LonSec | 3750.00 | - | 3900.00 | 2100.00 | 2.59 | 19.33 | NWF | 157.00 | - | 187.50 | 110.00 | 5.54 | 8.44 | Petards | 8.50 | - | 12.50 | 7.00 | - | -12.69 | Renew | 972.00 | -1.00 | 1000.00 | 821.00 | 2.09 | 15.76 | Tech - Software & Services | CT PrivEq | 469.00 | 10.00 | 592.00 | 439.84 | 6.04 | 695.92 | -32.60 | HGCapital | 380.50 | 7.50 | 512.00 | 318.64 | 1.31 | 530.10 | -29.63 | HVPE | 3290.00 | 5.00 | 3500.00 | 2807.59 | — | 4518.00 | -27.07 | ICG Ent | 1372.00 | -6.00 | 1611.42 | 1288.31 | 3.06 | 2031.82 | -32.57 | Pantheon Int | 386.00 | -2.00 | 409.00 | 339.05 | — | 534.60 | -27.42 | Partners PE € | 588.36 | -8.48 | 945.52 | 569.45 | 10.09 | 11.58 | -40.07 | Oxford Metrics | 35.00 | -1.00 | 60.40 | 34.90 | 9.29 | -63.64 | 224.44 | Travel & Leisure | Gaming Realms | 31.50 | - | 47.20 | 29.00 | - | 15.52 | 26.09 | Jet2♦ | 1439.00 | 19.00 | 1612.00 | 980.00 | 1.17 | 6.81 | 265.12 | AEW UK REIT | 99.10 | -2.10 | 113.20 | 95.90 | 8.07 | 106.85 | -5.45 | TR Prop | 275.00 | 3.00 | 364.50 | 269.50 | 5.85 | 301.54 | -9.34 | VCTs | Bnd 2nd VT | 44.40 | — | 54.00 | 39.00 | 9.01 | 46.55 | -4.62 | Nthn 2 VCT | 53.00 | — | 56.50 | 47.00 | 5.66 | 55.40 | -1.62 | Nthn 3 VCT | 82.00 | — | 86.50 | 79.50 | 5.49 | 86.00 | -4.65 | Nthn Venture | 56.00 | — | 59.50 | 53.00 | 5.54 | 58.60 | -4.44 | Zero Dividend Preference Shares | Aberforth GV | 118.00 | — | 120.18 | 111.00 | — | 116.57 | 1.25 | Investment Companies - AIM | Crys Amber | 76.50 | -0.50 | 155.39 | 74.10 | — | 172.64 | -55.40 | ---

Canaccord WEALTH

🌐 对照英文

Canaccord Wealth International Multi Strategy Funds Limited | Balanced Strategy< / > £< / > 1.19< / > -< / > 0.01< / > 0.00< / > 11.67< / > 11.24< / >< / > Balanced Strategy A< / > £< / > 1.19< / > -< / > 0.01< / > 1.84< / > 8.61< / > 8.77< / >< / > Cautious Balanced Strategy< / > £< / > 1.48< / > -< / > 0.00< / > 0.91< / > 9.02< / > 8.99< / >< / > Cautious Balanced Strategy A< / > £< / > 1.06< / > -< / > 0.00< / > 1.84< / > 6.68< / > 7.15< / >< / > Growth Strategy< / > £< / > 2.71< / > -< / > 0.02< / > 0.78< / > 1.66< / > 5.72< / >< / > Growth Strategy A< / > £< / > 1.29< / > -< / > 0.01< / > 0.54< / > 10.57< / > 11.06< / >< / > High Growth Strategy

GBP< / > £< / > 4.00< / > -< / > 0.03< / > 0.24< / > 14.90< / > 14.99< / >< / > High Growth Strategy A< / > £< / > 1.37< / > -< / > 0.01< / > 0.52< / > 12.63< / > 12.47< / >< / > High Income Bond Fund B Monthly< / > £< / > 0.97< / > -< / > 0.00< / >< / > High Income Bond Fund B Quarterly< / > £< / > 0.98< / > -< / > 0.00< / >< / > US$ Growth Strategy< / > $< / > 2.57< / > -< / > 0.02< / > 0.21< / > 14.55< / > 14.80< / > |

每日交易。A类份额初始费用为零，其他类份额最高为2%。

| CG Portfolio Fund PLC< / >< / > Absolute Return M Inc< / > £< / > 144.58< / > -< / > 0.13< / > 2.61< / > 2.97< / > 2.45< / >< / > Capital Gearing Portfolio GBP P< / > £< / > 39610.76< / > -< / > 37.69< / > 1.95< / > 2.92< / > 2.34< / >< / > Capital Gearing Portfolio GBP V< / > £< / > 192.68< / > -< / > 0.18< / > 1.94< / > 2.94< / > 2.35< / >< / > Dollar Fund Cis D Inc< / > £< / > 152.17< / > -< / > -0.36< / > 2.82< / > -1.34< / > -2.41< / >< / > Dollar Hedged GBP Inc< / > £< / > 92.36< / > -< / > -0.05< / > 2.54< / > -0.11< / > -0.69< / >< / > Real Return Cls A Inc< / > £< / > 182.32< / > -< / > -0.37< / > 2.55< / > -0.87< / > -2.32< / >< / > UK Index-Linked Bond G

Inc< / > £< / > 105.50< / > -< / > 0.00< / > 2.10< / > 0.92< / > 0.00< / > |

Chartered Asset Management Pte Ltd

| 其他国际基金< / >< / > CAM-GTF VCC< / > $ 477779.20< / > 477779.20< / > 0.00< / > 0.49< / > 3.79< / >< / > CAM Gti VCC< / > $ 1755.82< / > -< / > 0.00< / > 20.88< / > 4.69< / >< / > RAIC VCC< / > $ 1.94< / > -< / > 0.00< / > 8.97< / > -1.66< / > | EdenTree Investment Management Ltd (UK)Sunderland SR43 4AU 0800 358 3010< / >< / > | 授权投资基金< / >< / > EdenTree Global Impact Bond< / > 84.37< / > -< / > 0.16< / > 4.34< / > -1.65< / > -0.35< / >< / > EdenTree Green Impact Equity< / > 133.90< / > -< / > 0.60< / > 0.95< / > 7.85< / > 9.18< / >< / > EdenTree Green Impact Infrastructure< / > 76.41< / > -< / > 0.30< / > 6.81< / > -3.66< / > -6.88< / >< / > EdenTree Global Sustainable Government Bond< / > 94.60< / > -< / > -0.01< / > 3.18< / > 0.00< / >< / > EdenTree Sustainable European Equity A< / > 478.90< / > -< / > 6.80< / > 1.94< / > 11.10< / > 12.75< / >< / > EdenTree Sustainable European Equity

B | 484.40< / > -< / > 6.90< / > 0.00< / > 11.10< / > 12.75< / > | EdenTree 可持续全球股票 A< / > 463.30< / > -< / > 2.40< / > 0.53< / > 9.93< / > 9.76< / >< / > EdenTree 可持续全球股票 B< / > 467.60< / > -< / > 2.40< / > 0.95< / > 9.89< / > 9.75< / >< / > EdenTree 可持续管理收益 A< / > 135.60< / > -< / > 0.90< / > 4.21< / > 3.74< / > 3.51< / >< / > EdenTree 可持续管理收益 B< / > 147.10< / > -< / > 1.00< / > 4.17< / > 4.21< / > 3.92< / >< / > EdenTree 可持续短期债券< / > 94.60< / > -< / > 0.10< / > 4.64< / > -0.15< / > 0.69< / >< / > EdenTree 可持续英镑债券 A< / > 82.83< / > -< / > 0.23< / > 5.11< / > -1.49< / > -0.08< / >< / > EdenTree 可持续英镑债券 B< / > 95.67< / > -< / > 0.27< / > 5.11< / > -0.89< / > 0.53< / >< / > EdenTree 可持续英国股票 A< / > 248.10< / > -< / > 1.10< / > 1.82< / > 4.74< / > 3.71< / >< / > EdenTree 可持续英国股票 B< / > 247.50< / > -< / > 1.10< / > 2.20< / > 2.90< / > 3.67< / >< / > EdenTree 可持续英国股票机会 A< / > 318.20< / > -< / > 1.50< / > 1.53< / > 1.73< / > 4.88< / >< / > EdenTree 可持续英国股票机会 B< / > 324.90< / > -< / > 1.50< / > 1.99< / > 1.68< / > 4.85< / > |

CP 多策略基金< / > $< / > 466.99< / > -< / > 0.23< / > 0.00< / > 11.90< / > 13.23< / > |

CP 资本资产管理有限公司 (CP Capital Asset Management Limited)

| Atlantas Sicav< / > (LUX)< / >< / > | 其他国际基金< / >< / > American Dynamic< / > $< / > 9087.20< / > -< / > 141.16< / > 0.00< / >< / > American One< / > $< / > 11100.38< / > -< / > 115.70< / > 0.00< / > 12.41< / >< / > 全球债券< / > €< / > 1646.01< / > -< / > 18.55< / > 0.00< / > 0.73< / >< / > Eurocroissance< / > €< / > 1311.23< / > -< / > -0.09< / > 0.00< / >< / > 远东< / > $< / > 1267.36< / > -< / > 31.70< / > 0.00< / > |

Artemis 公司债券 I Acc< / > 117.51< / > -< / > 0.30< / > 0.00< / > 4.58< / > 5.97< / >< / > Artemis 全球收益 I Dis< / > 243.16< / > -< / > 0.58< / > 0.00< / > 2.17< / > 0.50< / >< / > Artemis 高收益 I Q Inc< / > 73.81< / > -< / > 0.04< / > 0.23< / > 1.34< / > 2.29< / >< / > Artemis 收益 I Inc< / > 344.97< / > -< / > 1.75< / > 5.48< / > 9.76< / > 10.62< / >< / > Artemis 月度分配 I Inc< / > 101.24< / > -< / > 0.19< / > 0.00< / > 12.70< / > 12.93< / >< / > Artemis 短期策略债券< / > 132.96< / > -< / > 0.07< / > 0.00< / > 5.77< / > 6.95< / >< / > Artemis SmartGARP 欧洲股票 I Acc< / > 1001.14< / > -< / > 12.37< / > 0.00< / > 25.71< / > 27.61< / >< / > Artemis SmartGARP 全球

Small Co I Acc | 267.11< / > -< / > 2.23< / > 1.95< / > 15.89< / > 15.41< / > | Artemis SmartGARP GloEmr Eq I Acc< / > 365.58< / > -< / > 1.19< / > 0.00< / > 32.68< / > 27.08< / >< / > Artemis SmartGARP Glo Eq I Acc< / > 834.66< / > -< / > 5.83< / > 0.00< / > 29.57< / > 27.35< / >< / > Artemis SmartGARP UK Eq I Acc< / > 4736.78< / > -< / > 19.77< / > 2.41< / > 25.30< / > 23.58< / >< / > Artemis Strategic Assets I Acc< / > 111.55< / > -< / > 0.35< / > 0.00< / > 3.89< / > 3.42< / >< / > Artemis Strategic Bond I Q Acc< / > 123.88< / > -< / > 0.07< / > 4.46< / > 5.61< / > 6.28< / >< / > Artemis UK Select Fund Class I Acc< / > 1446.51< / > -< / > 8.33< / > 0.00< / > 8.19< / > 19.35< / >< / > Artemis UK Smaller Cos

I Acc< / > 2632.66< / > -< / > 6.57< / > 1.81< / > 4.48< / > 9.00< / >< / > Artemis UK Special Sits I Acc< / > 1203.32< / > -< / > 7.53< / > 0.00< / > 11.50< / > 13.96< / >< / > Artemis US Extended Alpha I Acc< / > 609.39< / > -< / > 6.24< / > 0.00< / > 16.36< / > 19.12< / >< / > Artemis US Select I Acc< / > 598.99< / > -< / > 6.90< / > 0.00< / > 21.00< / > 21.92< / >< / > Artemis US Smir Cos I Acc< / > 530.17< / > -< / > 4.41< / > 0.00< / > 20.33< / > 19.53< / > | ASB Capital< / >< / > | Gate Village 5, Level 4, Unit 11, DIFC,Dubai United Arab Emirateswww.asbc.com< / >< / > ASB SUKUK - ACC< / > $ 101.91< / > -< / > 0.00< / >< / > ASB SUKUK - DIST< / > $ 94.08< / > -< / > 0.00< / > 0.50< / > 0.00< / >< / > ASB State Street Global Equity< / > $ 125.11< / > -< / > 0.00< / >< / > ASB Global Technology< / > $ 168.87< / > -< / > 1.44< / > 0.00< / >< / > ASB MENA Equity< / > $ 98.25< / > -< / > 0.00< / > |

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📄 Original Section

Guide to FT Share Service

All data is as of close of the previous business day. Company classifications are based on the ICB system used by FTSE. FSTE 100 constituents are shown in bold. Closing prices are shown in pence unless otherwise indicated. Highs & lows are based on intra-day trading over a rolling 52 week period. Price/earnings ratios (P/E) are based on latest annual reports and accounts and are updated with interim figures. P/E is calculated using the company's diluted earnings from continuing operations. Yields are based on closing price and on dividends paid in the last financial year and updated with interim figures. Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares. Net asset value per share (NAV) and split analytics are provided only as a guide. Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price. Discounts, premiums, gross redemption yield (GRY) and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV in pence.

\- trading ex-dividend

• trading ex-capital distribution

ASB Capital

🌐 对照英文

国际共同基金 | CP双用途基金< / > $< / > 217.88< / > -< / > -0.06< / > 0.00< / >< / > CP全球阿尔法基金< / > $< / > 509.96< / > -< / > -0.15< / > 0.00< / > 11.19< / >< / > CPS-主私人基金< / > $< / > 616.61< / > -< / > -0.02< / > 0.00< / > 11.01< / > |

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📄 Original Section

price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication. No offer is made by ICE or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information.

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Bid Offer +/- Yield 24m 36m

CP Global Asset Management Pte.Ltd.

Candriam Investors Group

CP Global Asset Management

The Ground Truth image displays a single, solid horizontal line, which is a stylistic or background element (like a rule line on paper). According to Rule 2, such lines must be ignored by the OCR result. The OCR content provided is "", which consists of no characters. Since the OCR output correctly ignores the stylistic line, it complies with Rule 2. Therefore, the OCR result is consistent with the Ground Truth.

Artemis Fund Managers Ltd (1200)F 57 St James's Street, London SW1A 1LD 0800 092 2051 | International Mutual Funds | Dodge & Cox Worldwide Funds | (IRL) | 48-49 Pall Mall, London SW1Y 5JGwww.dodgeandcox.com +44 0203 642 3370FCA Recognised | Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund | Emerging Markets Stock Fund A USD Acc | $ | 16.38 | - | 0.38 | 0.00 | 26.57 | 24.27 | Emerging Markets Stock Fund A GBP Acc | £ | 17.52 | - | 0.44 | 0.00 | 24.57 | 21.95 | Emerging Markets Stock Fund D GBP Dis | £ | 15.78 | - | 0.39 | 1.69 | 21.91 | 19.36 | Emerging Markets Stock Fund A EUR Acc | € | 17.74 | - | 0.48 | 1.51 | 24.67 | 22.65 | ---

CANDRIAM | Candriam 欧元短期债券累积类 (Candriam Bds Euro Sh.Term Cap) | € | 2177.96 | - | -0.87 | 0.00 | 2.08 | 2.86 | Candriam 债券信用机会基金 (Candriam Bonds Credit Opportunities) | € | 220.36 | - | 0.03 | 0.00 | 2.61 | 3.48 | Candriam 新兴市场债券-C-累积类 (Candriam Bonds Emerg Mkt-C-Cap) | $ | 2972.26 | - | 0.18 | 0.00 | 6.44 | 9.61 | Candriam 欧洲优化股票-I-累积类 (Candriam Equities L Euro Opt Olt-I-Cap) | € | 249.70 | - | 0.50 | 0.00 | 7.61 | 6.40 | Candriam 全球人口结构股票-R-累积类 (Candriam Equities L Global Demg R Cap) | € | 405.04 | - | 5.28 | 0.00 | 10.31 | 13.28 | Candriam 肿瘤学影响力股票-I-累积类 (Candriam Equities Onco impt-I-Cap) | $ | 3524.71 | - | 14.15 | 0.00 | 7.99 | 12.21 | Candriam 机器人与创新技术股票-I-累积类 (Candriam Equities L Robt&amp;InnvTech I Cap) | $ | 8368.94 | - | 67.12 | 0.00 | 32.27 | 28.83 | <td colspan="7">Candriam 投资者集团 (Candriam Investors Group) | (卢森堡) | <td colspan="8">FCA 认可 | Candriam 股票市场中性绝对收益-C-累积类 (Candriam Abs Ret Eqt Mkt Neutral-C Cap) | € | 223.47 | - | 2.16 | 0.00 | 1.21 | 2.87 | Candriam 欧元高收益债券累积类 (Candriam Bds Euro High Yield Cap) | € | 1420.24 | - | -2.36 | 0.00 | 3.90 | 5.97 | Candriam 全球高收益债券-C-累积类 (Candriam Bonds Gbl Hi Yield -C Cap) | € | 283.35 | - | -0.48 | 0.00 | 3.59 | 5.71 | Candriam 全球通胀短期债券-I-累积类 (Candriam Bonds Glbl Infl Sh Dtion-I-Cap) | € | 164.08 | - | 0.01 | 0.00 | 2.37 | 3.01 | Candriam 债券总回报-C-累积类 (Candriam Bonds Total Return-C-Cap) | € | 142.88 | - | -0.11 | 0.00 | 1.73 | 2.84 | Candriam 多元化期货-I-累积类 (Candriam Diversified Futures-I-Cap) | € | 14386.35 | - | 122.70 | 0.00 | 1.43 | -1.29 | Candriam 澳大利亚股票累积类 (Candriam Eqts L Australia Cap A$) | A$ | 2349.32 | - | 16.15 | 0.00 | 7.81 | 8.34 | Candriam 新兴市场股票累积类 (Candriam Eqts L Emerging Mkts Cap) | € | 1621.90 | - | 45.85 | 0.00 | 27.77 | 21.76 | Candriam 生物技术股票-C-累积类 (Candriam Equities L Biotech-C-Cap) | $ | 1323.30 | - | 2.07 | 0.00 | 23.20 | 23.33 | Candriam 欧洲创新股票-R-累积类 (Candriam Equities L Europe Innov-R-Cap) | € | 254.61 | - | 1.10 | 0.00 | -3.37 | 1.14 | Candriam 指数套利-C-累积类 (Candriam Index Arbitrage -C-Cap) | € | 1528.82 | - | 0.00 | 0.00 | 1.16 | 2.25 | Candriam 信用多空策略-R-累积类 (Candriam Long Short Credit R-Cap) | € | 120.47 | - | 0.03 | 0.00 | 2.99 | 3.84 | Candriam 风险套利-C-累积类 (Candriam Risk Arbitrage-C-Cap) | € | 2773.68 | - | 0.65 | 0.00 | 2.97 | 3.77 | Candriam 新兴市场可持续债券-I-分红类 (Candriam Sust Bond Emerg Mkts I Dist) | $ | 744.98 | - | 0.15 | 0.00 | 4.48 | 3.35 | Candriam 欧元公司可持续债券-R-累积类 (Candriam Sust Bond Euro Corp R Cap) | € | 109.82 | - | -0.10 | 0.00 | 2.50 | 4.27 | Candriam 全球高收益可持续债券-I-累积类 (Candriam Sust GlbHighYield-I-Cap) | € | 1233.60 | - | -1.59 | 0.00 | 2.98 | 4.78 | Candriam 循环经济股票-R-累积类 (Candriam Eq Crl Econ-R-Cap) | $ | 159.06 | - | 0.47 | 0.00 | 4.22 | 6.18 | Candriam 气候行动股票 (Candriam Eq Clmt Action) | - | - | - | - | - | - | - | I-Cap | $< / > 2145.75< / > -< / > 0.62< / > 0.00< / > 12.27< / > 11.32< / > | Candriam Sust Eq Emerging Mkts C-Cap< / > €< / > 198.08< / > -< / > 5.88< / > 0.00< / > 25.10< / > 18.21< / >< / > Candriam Sust Eq EMU-C-Cap< / > €< / > 217.89< / > -< / > -0.68< / > 0.00< / > 8.17< / > 9.57< / >< / > Candriam Sust Eurp S&amp;M Caps-I-Cap< / > €< / > 2411.81< / > -< / > 8.18< / > 0.00< / > 0.38< / > 1.86< / >< / > Candriam Sust Eq World-C-Cap< / > €< / > 47.96< / > -< / > 0.57< / > 0.00< / > 12.07< / > 14.27< / >< / > NYLIM GF US High YieldCorp Bond-R-Cap< / > $< / > 171.28< / > -< / > -0.12< / > 0.00< / > 5.36< / > 7.10< / > | Cantab Asset Management Ltd< / > (英国)< / >< / > | 01223 522000www.cantabam.com< / >< / > | 英国金融行为监管局（FCA）认可< / >< / > VT Cantab Balanced A GBP Acc< / > 142.29< / > -< / > 0.69< / > 1.80< / > 9.98< / > 9.36< / >< / > VT Cantab Moderate A GBP Acc< / > 139.61< / > -< / > 0.54< / > 2.12< / > 9.15< / > 8.13< / >< / > VT Cantab Sustainable Gbl Eq A GBP Acc< / > 170.21< / > -< / > 0.70< / > 1.37< / > 8.89< / > 9.13< / > |

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📄 Original Section

MANAGED FUNDS SERVICE

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Dodge & Cox® 全球基金

🌐 对照英文

Dodge & Cox 全球基金-全球债券基金 | 欧元累积类< / > €< / > 18.35< / > -< / > 0.12< / > 0.00< / > 3.23< / > 4.04< / >< / > 欧元累积类 (H)< / > €< / > 11.86< / > -< / > 0.03< / > 0.00< / > 2.78< / > 3.44< / >< / > 欧元分红类< / > €< / > 11.17< / > -< / > 0.07< / > 0.00< / > -1.74< / > -0.87< / >< / > 欧元分红类 (H)< / > €< / > 7.17< / > -< / > 0.02< / > 5.05< / > -2.18< / > -1.41< / >< / > 英镑分红类< / > £< / > 11.62< / > -< / > 0.06< / > 4.75< / > -1.85< / > -1.49< / >< / > 英镑分红类 (H)< / > £< / > 8.13< / > -< / > 0.02< / > 4.70< / > -0.36< / > 0.11< / >< / > 美元累积类< / > $< / > 14.86< / > -< / > 0.05< / > 0.00< / > 4.80< / > 5.45< / >< / > 瑞士法郎分红类 (H)< / > Sfr< / > 7.29< / > -< / > 0.02< / > 0.00< / > -4.54< / > -3.90< / > | Dodge & Cox 全球基金-全球股票基金< / >< / > 美元累积份额类< / > $< / > 48.43< / > -< / > 0.69< / > 0.00< / > 13.73< / > 16.04< / >< / > 英镑累积份额类< / > £< / > 60.24< / > -< / > 0.96< / > 0.00< / > 11.91< / > 13.85< / >< / > 英镑分红份额类< / > £< / > 38.51< / > -< / > 0.61< / > 0.00< / > 9.26< / > 12.21< / >< / > 欧元累积份额类< / > €< / > 64.83< / > -< / > 1.14< / > 0.00< / > 12.71< / > 13.18< / >< / > 英镑分红份额类 (H)< / > £< / > 20.81< / > -< / > 0.30< / > 0.00< / > 11.70< / > 13.71< / >< / > 美元分红类< / > $< / > 19.78< / > -< / > 0.28< / > 0.00< / > 12.19< / > 14.43< / >< / > 加元累积类< / > C$< / > 65.17< / > -< / > 0.96< / > 0.00< / > 15.76< / > 17.70< / > | Dodge & Cox 全球基金-美国股票基金< / >< / > 美元累积份额类< / > $< / > 58.50< / > -< / > 0.60< / > 0.00< / > 11.05< / >< / > 英镑累积份额类< / > £< / > 68.83< / > -< / > 0.84< / > 0.00< / > 9.28< / >< / > 英镑分红份额类< / > £< / > 40.04< / > -< / > 0.48< / > 0.00< / > 8.43< / >< / > 欧元累积份额类< / > €< / > 67.61< / > -< / > 0.93< / > 0.00< / > 8.37< / >< / > 英镑分红份额类 (H)< / > £< / > 22.07< / > -< / > 0.23< / > 0.00< / > 9.67< / >< / > 美元分红类< / > $< / > 21.40< / > -< / > 0.22< / > 0.00< / > 10.19< / > |

授权公司董事-Waystone Management (UK) Limited

Royal London< / > (英国)< / >< / > 80 Fenchurch Street, London EC3M 4BY< / > < / > | Nutshell Asset Management Ltd< / > (爱尔兰)< / >< / > | Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LEwww.nutshellam.com< / >< / > | 授权投资资金< / >< / > Nutshell Growth Fund Gbp Inst Founder< / > £< / > 193.16< / > -< / > 2.48< / > 0.00< / > 16.03< / > 17.23< / > |

基金< / > 买入价< / > 卖出价 + / -< / > 收益率< / > 24个月< / > 36个月< / > >< / > |

Fundsmith LLP (1200)F

PO Box 10846, Chelmsford Essex CM99 2BW 0330 123 1815

www.fundsmith.co.uk, enquiries@.co.uk

授权投资资金 | Equity T Acc< / > 713.64< / > -< / > 12.01< / > 0.00< / > 0.74< / >< / > Equity T Inc< / > 644.10< / > -< / > 10.84< / > 0.00< / > 14.33< / > | Guinness Global Investors< / >< / > Guinness Global Equity Income Y GBP Dis< / > £< / > 24.65< / > -< / > 0.08< / > 2.05< / > 8.79< / > 11.42< / >< / > Guinness Global Innovators Y GBP ACC< / > £< / > 49.71< / > -< / > 0.34< / > 0.00< / > 13.54< / > 16.82< / >< / > Guinness Global Quality Mid Cap Y Gbp Acc< / > £< / > 16.66< / > -< / > 0.17< / > 0.00< / > 13.65< / > 12.53< / > |

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Algebris INVESTMENTS | Algebris Core Italy I EUR | € | 247.32 | - | 2.06 | 0.00 | 26.10 | 18.59 | Algebris Core Italy R EUR | € | 228.14 | - | 1.89 | 0.00 | 25.17 | 17.71 | Algebris Financial Credit I EUR | € | 225.21 | - | -0.13 | 0.00 | 5.47 | 8.85 | Algebris Financial Credit I GBP | £ | 199.81 | - | -0.10 | 0.00 | 0.00 | 0.00 | Algebris Financial Credit I USD | $ | 208.37 | - | -0.10 | 5.86 | 0.00 | 0.00 | Algebris Financial Credit R EUR | € | 189.14 | - | -0.12 | 0.00 | 4.79 | 8.21 | Algebris Financial Equity B EUR | € | 375.19 | - | 1.36 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity R EUR | € | 303.71 | - | 1.08 | 0.00 | 28.23 | 29.62 | Algebris Financial Equity Fund B GBP | £ | 314.07 | - | 1.14 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity Fund B USD | $ | 473.87 | - | 1.74 | 3.90 | 0.00 | 0.00 | Algebris Financial Income I EUR | € | 297.36 | - | 0.26 | 0.00 | 15.66 | 17.95 | Algebris Financial Income R EUR | € | 261.42 | - | 0.21 | 0.00 | 14.63 | 16.90 | Algebris Financial Income Fund I GBP | £ | 218.78 | - | 0.19 | 6.02 | 0.00 | 0.00 | Algebris Financial Income Fund I USD | $ | 250.00 | - | 0.24 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I EUR | € | 152.17 | - | -0.16 | 0.00 | 2.83 | 5.54 | Algebris Global Credit Opportunities R EUR | € | 145.77 | - | -0.16 | 0.00 | 2.29 | 5.02 | Algebris Global Credit Opportunities I GBP | £ | 151.81 | - | -0.13 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I USD | $ | 156.68 | - | -0.14 | 0.00 | 0.00 | 0.00 | Algebris IG Financial Credit I EUR | € | 117.58 | - | -0.27 | 0.00 | 3.74 | 6.68 | Algebris IG Financial Credit R EUR | € | 113.57 | - | -0.26 | 0.00 | 3.22 | 6.15 | Algebris Strategic Credit Fund R EUR | € | 113.35 | - | -0.09 | 0.00 | 2.31 | 4.66 | Algebris Global Equity Select B EUR | € | 155.52 | - | 0.28 | 0.00 | 8.44 | 11.42 | Algebris Global Equity Select R EUR | € | 147.75 | - | 0.25 | 0.00 | 7.05 | 9.99 |

| Blue Whale Investment Funds ICAVwww.bluewhale.co.uk info@bluewhale.co.uk | (IRE) | FCA Recognised-Ireland UCITS | Blue Whale Growth USD T | $ | 25.79 | - | 0.14 | 0.00 | 0.00 | 0.00 | ---

HPB Assurance Ltd

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国际保险 | 度假房产债券 Ser 1< / > £< / > 0.49< / > -< / > 0.00< / > -0.28< / >< / > 度假房产债券 Ser 2< / > £< / > 0.66< / > -< / > 0.00< / > 1.43< / > |

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Canaccord WEALTH | Canaccord Wealth International Multi Strategy Funds Limited | Balanced Strategy | £ | 1.19 | - | 0.01 | 0.00 | 11.67 | 11.24 | Balanced Strategy A | £ | 1.19 | - | 0.01 | 1.84 | 8.61 | 8.77 | Cautious Balanced Strategy | £ | 1.48 | - | 0.00 | 0.91 | 9.02 | 8.99 | Cautious Balanced Strategy A | £ | 1.06 | - | 0.00 | 1.84 | 6.68 | 7.15 | Growth Strategy | £ | 2.71 | - | 0.02 | 0.78 | 1.66 | 5.72 | Growth Strategy A | £ | 1.29 | - | 0.01 | 0.54 | 10.57 | 11.06 | High Growth Strategy GBP | £ | 4.00 | - | 0.03 | 0.24 | 14.90 | 14.99 | High Growth Strategy A | £ | 1.37 | - | 0.01 | 0.52 | 12.63 | 12.47 | High Income Bond Fund B Monthly | £ | 0.97 | - | 0.00 | 0.00 | 0.00 | 0.00 | High Income Bond Fund B Quarterly | £ | 0.98 | - | 0.00 | 0.00 | 0.00 | 0.00 | US$ Growth Strategy | $ | 2.57 | - | 0.02 | 0.21 | 14.55 | 14.80 | Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes. | CG Portfolio Fund PLC | Absolute Return M Inc | £ | 144.58 | - | 0.13 | 2.61 | 2.97 | 2.45 | Capital Gearing Portfolio GBP P | £ | 39610.76 | - | 37.69 | 1.95 | 2.92 | 2.34 | Capital Gearing Portfolio GBP V | £ | 192.68 | - | 0.18 | 1.94 | 2.94 | 2.35 | Dollar Fund Cis D Inc | £ | 152.17 | - | -0.36 | 2.82 | -1.34 | -2.41 | Dollar Hedged GBP Inc | £ | 92.36 | - | -0.05 | 2.54 | -0.11 | -0.69 | Real Return Cls A Inc | £ | 182.32 | - | -0.37 | 2.55 | -0.87 | -2.32 | UK Index-Linked Bond G Inc | £ | 105.50 | - | 0.00 | 2.10 | 0.92 | 0.00 | Chartered Asset Management Pte Ltd | Other International Funds | CAM-GTF VCC | $ 477779.20 | 477779.20 | 0.00 | 0.00 | 0.49 | 3.79 | CAM Gti VCC | $ 1755.82 | - | 0.00 | 0.00 | 20.88 | 4.69 | RAIC VCC | $ 1.94 | - | 0.00 | 0.00 | 8.97 | -1.66 | EdenTree Investment Management Ltd (UK)Sunderland SR43 4AU 0800 358 3010 | Authorised Inv Funds | EdenTree Global Impact Bond | 84.37 | - | 0.16 | 4.34 | -1.65 | -0.35 | EdenTree Green Impact Equity | 133.90 | - | 0.60 | 0.95 | 7.85 | 9.18 | EdenTree Green Impact Infrastructure | 76.41 | - | 0.30 | 6.81 | -3.66 | -6.88 | EdenTree Global Sustainable Government Bond | 94.60 | - | -0.01 | 3.18 | 0.00 | 0.00 | EdenTree Sustainable European Equity A | 478.90 | - | 6.80 | 1.94 | 11.10 | 12.75 | EdenTree Sustainable European Equity B | 484.40 | - | 6.90 | 0.00 | 11.10 | 12.75 | EdenTree Sustainable Global Equity A | 463.30 | - | 2.40 | 0.53 | 9.93 | 9.76 | EdenTree Sustainable Global Equity B | 467.60 | - | 2.40 | 0.95 | 9.89 | 9.75 | EdenTree Sustainable Managed Income A | 135.60 | - | 0.90 | 4.21 | 3.74 | 3.51 | EdenTree Sustainable Managed Income B | 147.10 | - | 1.00 | 4.17 | 4.21 | 3.92 | EdenTree Sustainable Short Dated Bond | 94.60 | - | 0.10 | 4.64 | -0.15 | 0.69 | EdenTree Sustainable Sterling Bond A | 82.83 | - | 0.23 | 5.11 | -1.49 | -0.08 | EdenTree Sustainable Sterling Bond B | 95.67 | - | 0.27 | 5.11 | -0.89 | 0.53 | EdenTree Sustainable UK Equity A | 248.10 | - | 1.10 | 1.82 | 4.74 | 3.71 | EdenTree Sustainable UK Equity B | 247.50 | - | 1.10 | 2.20 | 2.90 | 3.67 | EdenTree Sustainable UK Equity Opp A | 318.20 | - | 1.50 | 1.53 | 1.73 | 4.88 | EdenTree Sustainable UK Equity Opp B | 324.90 | - | 1.50 | 1.99 | 1.68 | 4.85 | CP Multi-Strategy Fund | $ | 466.99 | - | 0.23 | 0.00 | 11.90 | 13.23 |

CP Capital Asset Management Limited

| Atlantas Sicav | (LUX) | Other International Funds | American Dynamic | $ | 9087.20 | - | 141.16 | 0.00 | 0.00 | American One | $ | 11100.38 | - | 115.70 | 0.00 | 12.41 | Bond Global | € | 1646.01 | - | 18.55 | 0.00 | 0.73 | Eurocroissance | € | 1311.23 | - | -0.09 | 0.00 | 0.00 | Far East | $ | 1267.36 | - | 31.70 | 0.00 | 0.00 | Artemis Corporate Bond I Acc | 117.51 | - | 0.30 | 0.00 | 4.58 | 5.97 | Artemis Global Income I Dis | 243.16 | - | 0.58 | 0.00 | 2.17 | 0.50 | Artemis High Income I Q Inc | 73.81 | - | 0.04 | 0.23 | 1.34 | 2.29 | Artemis Income I Inc | 344.97 | - | 1.75 | 5.48 | 9.76 | 10.62 | Artemis Monthly Dist I Inc | 101.24 | - | 0.19 | 0.00 | 12.70 | 12.93 | Artemis Short-Dn Strat Bond | 132.96 | - | 0.07 | 0.00 | 5.77 | 6.95 | Artemis SmartGARP Eur Eq I Acc | 1001.14 | - | 12.37 | 0.00 | 25.71 | 27.61 | Artemis SmartGARP Global Small Co I Acc | 267.11 | - | 2.23 | 1.95 | 15.89 | 15.41 | Artemis SmartGARP GloEmr Eq I Acc | 365.58 | - | 1.19 | 0.00 | 32.68 | 27.08 | Artemis SmartGARP Glo Eq I Acc | 834.66 | - | 5.83 | 0.00 | 29.57 | 27.35 | Artemis SmartGARP UK Eq I Acc | 4736.78 | - | 19.77 | 2.41 | 25.30 | 23.58 | Artemis Strategic Assets I Acc | 111.55 | - | 0.35 | 0.00 | 3.89 | 3.42 | Artemis Strategic Bond I Q Acc | 123.88 | - | 0.07 | 4.46 | 5.61 | 6.28 | Artemis UK Select Fund Class I Acc | 1446.51 | - | 8.33 | 0.00 | 8.19 | 19.35 | Artemis UK Smaller Cos I Acc | 2632.66 | - | 6.57 | 1.81 | 4.48 | 9.00 | Artemis UK Special Sits I Acc | 1203.32 | - | 7.53 | 0.00 | 11.50 | 13.96 | Artemis US Extended Alpha I Acc | 609.39 | - | 6.24 | 0.00 | 16.36 | 19.12 | Artemis US Select I Acc | 598.99 | - | 6.90 | 0.00 | 21.00 | 21.92 | Artemis US Smir Cos I Acc | 530.17 | - | 4.41 | 0.00 | 20.33 | 19.53 | ASB Capital | Gate Village 5, Level 4, Unit 11, DIFC,Dubai United Arab Emirateswww.asbc.com | ASB SUKUK - ACC | $ 101.91 | - | 0.00 | 0.00 | 0.00 | 0.00 | ASB SUKUK - DIST | $ 94.08 | - | 0.00 | 0.50 | 0.00 | 0.00 | ASB State Street Global Equity | $ 125.11 | - | 0.00 | 0.00 | 0.00 | 0.00 | ASB Global Technology | $ 168.87 | - | 1.44 | 0.00 | 0.00 | 0.00 | ASB MENA Equity | $ 98.25 | - | 0.00 | 0.00 | 0.00 | 0.00 | ---

Janus Henderson INVESTORS

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McInroy & Wood Portfolios Limited

Easter Alderston, Haddington EH41 3SF 01620 825867

Authorised Inv Funds | Balanced Fund Acc< / > 6960.20< / > -< / > 45.00< / > 1.85< / > 4.38< / > 0.00< / >< / > Balanced Fund Inc< / > 6533.80< / > -< / > 42.30< / > 1.89< / > 2.50< / > 2.57< / >< / > Emerging Markets Fund ACC< / > 2361.90< / > -< / > 43.20< / > 1.72< / > 2.92< / > 0.00< / >< / > Emerging Markets Fund Inc< / > 2115.60< / > -< / > 38.70< / > 1.76< / > 0.98< / > -1.43< / >< / > Income Fund Acc< / > 3615.30< / > -< / > 6.70< / > 2.72< / > 6.55< / > 0.00< / >< / > Income Fund Inc< / > 3185.50< / > -< / > 5.80< / > 2.82< / > 3.32< / > 3.30< / >< / > Smaller Companies Fund Acc< / > 7338.80< / > -< / > 56.40< / > 1.26< / > 4.83< / > 0.00< / >< / > Smaller Companies Fund Inc< / > 6871.10< / > -< / > 52.90< / > 1.28< / > 3.47< / > 3.87< / > | Ministry of Justice Common Investment Funds< / > (UK)< / >< / > | Property & Other UK Unit Trusts< / >< / > The Equity Idx Tracker Fd Inc< / > 2647.00< / > -< / > 11.00< / > 2.00< / > 10.39< / > 10.51< / >< / > | Distribution Units< / > |

Purisima Investment Fds (CI) Ltd

| Authorised Corporate Director-Waystone Management (UK) Limited< / >< / > Global Total Fd PCG A< / > 709.58< / > -< / > 0.00< / > 0.41< / > 14.63< / > 18.02< / >< / > Global Total Fd PCG B< / > 698.49< / > -< / > 0.00< / > 14.54< / > 17.95< / >< / > Global Total Fd PCG INT< / > 681.14< / > -< / > 0.00< / > 14.37< / > 17.76< / > | Private Fund Mgrs (Guernsey) Ltd< / > (GSY)< / >< / > | Regulated< / >< / > Monument Growth 29 / 09 / 2026< / > £< / > 612.77< / > 61847< / > 0.00< / > 1.05< / > 3.09< / > 2.98< / > | Regulated< / >< / > Oasis Crescent Global Eq Fd (USD) A (Dist)< / > $ 56.30< / > -< / > 0.01< / > 0.00< / > 18.20< / > 15.98< / >< / > Oasis Crescent Global Inc Fd (USD) A Dist< / > $ 9.93< / > -< / > -0.01< / > 0.00< / > -0.72< / > -0.17< / >< / > Oasis Crescent Low Equity Fund (USD) D Dist< / > $ 15.96< / > -< / > 0.00< / > 9.41< / > 8.79< / >< / > Oasis Crescent Med Equity Fd (USD) A Dist< / > $ 18.71< / > -< / > 0.00< / > 11.53< / > 10.39< / >< / > Oasis Crescent Prop Equity Fd (USD) A Dist< / > $ 10.15< / > -< / > -0.04< / > 0.00< / > 6.89< / > 9.20< / >< / > Oasis Crescent Short Term Inc Fd (USD) A (Dist)$< / > 0.95< / > -< / > 0.00< / > 0.35< / > 0.56< / >< / > Oasis Crescent Variable Fund (USD) A (Dist) £< / > 12.18< / > -< / > 0.01< / > 0.00< / > 7.22< / > 7.49< / > | Regulated< / >< / > PCG B< / > 569.02< / > -< / > 3.91< / > 0.00< / > 15.64< / > 19.83< / >< / > PCG C< / > 548.91< / > -< / > 3.77< / > 0.00< / > 15.38< / > 19.56< / > |

Royal London Sustainable Diversified A Inc | 288.40< / > -< / > 2.50< / > 1.54< / > 4.84< / > 6.28< / > | Royal London Sustainable World A Inc< / > 526.30< / > -< / > 6.90< / > 0.75< / > 12.18< / > 12.68< / >< / > Royal London Corporate Bond Mth Income< / > 75.40< / > -< / > 0.16< / > 4.39< / > 0.50< / > 0.68< / >< / > Royal London European Growth Trust< / > 288.10< / > -< / > 2.50< / > 1.12< / > 9.47< / > 9.90< / >< / > Royal London Sustainable Leaders A Inc< / > 1003.00< / > -< / > 8.90< / > 1.47< / > 7.19< / > 7.03< / >< / > Royal London UK Growth Trust< / > 855.60< / > -< / > 4.70< / > 1.71< / > 9.94< / > 10.07< / >< / > Royal London UK Income With Growth Trust< / > 251.10< / > -< / > 0.40< / > 3.85< / > 6.38< / > 7.04< / >< / > Royal London US Growth Trust< / > 682.20< / > -< / > 4.80< / > 0.01< / > 15.54< / > 18.19< / > |

可用其他基金

详情请参阅 www.royallondon.com

Ruffer LLP (1000) F

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

订单台及查询电话：0345 601 9610

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📄 Original Section

ASB Capital | International Mutual Funds | CP Dual-Purpose Fund | $ | 217.88 | - | -0.06 | 0.00 | 0.00 | CP Global Alpha Fund | $ | 509.96 | - | -0.15 | 0.00 | 11.19 | CPS-Master Private Fund | $ | 616.61 | - | -0.02 | 0.00 | 11.01 | ---

授权投资资金

🌐 对照英文

WS Ruffer Total Return C Acc | 589.49< / > -< / > 0.00< / > 2.15< / > 4.90< / > 4.23< / > | WS Ruffer Total Return C Inc< / > 340.06< / > -< / > 0.00< / > 2.18< / > 1.96< / > 0.70< / > |

| SICO BSC BHR电话 - +973 1751 6 网站 - www.sicobank.com< / > (BHR)< / >< / > Khaleej Equity Fund< / > $< / > 549.96< / > -< / > -33.51< / > 0.00< / > -3.81< / >< / > Sico Gulf Equity Fund< / > $< / > 202.34< / > -< / > 3.72< / > 0.00< / > 10.57< / > | SICO Capital KSA电话 - +966 11 521 7 网站 - www.sicocapital.com< / > (KSA)< / >< / > SICO Kingdom Equity Fund< / > SAR< / > 10.28< / > -< / > -0.39< / > 0.00< / > 1.39< / > -< / >< / > SICO MENA Equity Fund< / > SAR< / > 20.95< / > -< / > -0.39< / > 0.00< / > -1.37< / > 4.80< / >< / > SICO Capital Money Market< / > SAR< / > 14.07< / > -< / > 0.15< / > 0.00< / > -< / > |

Stonehage Fleming Investment Management Ltd< / > (IRL)< / >< / > www.stonehagefleming.com / gbi enquiries@stonehagefleming.com< / > < / > |

SF Global Best Ideas Eq B USD Acc< / > $< / > 299.30< / > -< / > 2.66< / > 0.00< / > 4.25< / > 6.30< / >< / > SF Global Best Ideas Eq D GBP Inc< / > £< / > 343.44< / > -< / > 3.75< / > 0.00< / > 2.61< / > 4.31< / > |

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00

Trend Gold< / > $ 1822.94< / > -< / > 13.59< / > 0.00< / > 30.61< / > 31.77< / >< / > Trend Silver< / > $ 1974.88< / > -< / > 45.63< / > 0.00< / > 46.93< / > 44.65< / >< / > Trend< / > $ 818.47< / > -< / > 7.17< / > 0.00< / > 13.46< / > 8.17< / >< / > Bitcoin 0-2x< / > € 94.92< / > -< / > 0.00< / > 5.13< / > 14.45< / >< / > Fund-of-Funds< / > $ 170.73< / > -< / > 0.00< / > 21.89< / > 20.71< / > |

Blockchain< / > €< / > 24.64< / > -< / > 0.23< / > 0.00< / > 19.83< / > 32.56< / >< / > Gold Silver + Mining< / > €< / > 19.23< / > -< / > 0.00< / > 25.92< / > 27.07< / >< / > Quadriga All Seasons< / > €< / > 14.86< / > -< / > -0.02< / > 0.00< / > 15.11< / > 16.58< / >< / > Inflation< / > Sfr< / > 11.14< / > -< / > -0.14< / > 0.00< / > 8.33< / > 7.28< / > |

Troy Asset Management (1200)

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

订单台及查询 0345 608 0950

Trojan 投资资金 | Trojan Ethical Global Inc O Acc< / > 109.14< / > -< / > 0.00< / > 3.11< / > -2.32< / > 2.18< / >< / > Ethical Global Inc O Inc< / > 96.11< / > -< / > 0.00< / > 3.17< / > -3.85< / > -0.91< / >< / > Ethical O Acc< / > 156.87< / > -< / > 0.00< / > 0.68< / > 7.54< / > 7.69< / >< / > Ethical O Inc< / > 151.44< / > -< / > 0.00< / > 0.69< / > 4.97< / > 6.06< / >< / > Ethical Income O Acc< / > 164.24< / > -< / > 0.00< / > 2.64< / > 3.23< / > 6.13< / >< / > Ethical Income O Inc< / > 123.58< / > -< / > 0.00< / > 2.73< / > 0.50< / > 3.32< / >< / > Fund Acc< / > 459.10< / > -< / > 0.00< / > 0.81< / > 7.02< / > 6.77< / >< / > Fund Inc< / > 359.53< / > -< / > 0.00< / > 0.89< / > 7.54< / > 5.01< / >< / > Global Income O Acc< / > 168.12< / > -< / > 0.00< / > 3.45< / > 0.57< / > 2.89< / >< / > Global Income O Inc< / > 124.81< / > -< / > 0.00< / > 3.53< / > -2.56< / > -0.33< / >< / > Income O Acc< / > 387.76< / > -< / > 0.00< / > 2.87< / > 3.86< / > 6.15< / >< / > Income O Inc< / > 170.84< / > -< / > 0.00< / > 2.97< / > -0.94< / > 1.81< / > |

Troy Asset Management (1100)< / > (IRL)< / >< / > Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, D01 YE64, Ireland Enquiries +353 (0) 1672 1600< / > < / >< / > FCA 认可基金< / > < / > |

管理公司 - Universal Investment Ireland

| Funds (Ireland) Plc< / >< / > Europe O EUR Acc< / > €< / > 1.0190< / > -< / > 0.00< / >< / > Exclusions X GBP Acc< / > £< / > 1.3168< / > -< / > 0.00< / > 6.07< / >< / > Global Equity O GBP Acc< / > £< / > 5.9388< / > -< / > 0.05< / > 0.20< / > -0.67< / >< / > (Ireland) O GBP Acc< / > £< / > 1.8517< / > -< / > 0.01< / > 0.00< / > 5.60< / > |

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📄 Original Section

CANDRIAM | Candriam Bds Euro Sh.Term Cap | € | 2177.96 | - | -0.87 | 0.00 | 2.08 | 2.86 | Candriam Bonds Credit Opportunities | € | 220.36 | - | 0.03 | 0.00 | 2.61 | 3.48 | Candriam Bonds Emerg Mkt-C-Cap | $ | 2972.26 | - | 0.18 | 0.00 | 6.44 | 9.61 | Candriam Equities L Euro Opt Olt-I-Cap | € | 249.70 | - | 0.50 | 0.00 | 7.61 | 6.40 | Candriam Equities L Global Demg R Cap | € | 405.04 | - | 5.28 | 0.00 | 10.31 | 13.28 | Candriam Equities Onco impt-I-Cap | $ | 3524.71 | - | 14.15 | 0.00 | 7.99 | 12.21 | Candriam Equities L Robt&InnvTech I Cap | $ | 8368.94 | - | 67.12 | 0.00 | 32.27 | 28.83 | Candriam Investors Group | (LUX) | FCA Recognised | Candriam Abs Ret Eqt Mkt Neutral-C Cap | € | 223.47 | - | 2.16 | 0.00 | 1.21 | 2.87 | Candriam Bds Euro High Yield Cap | € | 1420.24 | - | -2.36 | 0.00 | 3.90 | 5.97 | Candriam Bonds Gbl Hi Yield -C Cap | € | 283.35 | - | -0.48 | 0.00 | 3.59 | 5.71 | Candriam Bonds Glbl Infl Sh Dtion-I-Cap | € | 164.08 | - | 0.01 | 0.00 | 2.37 | 3.01 | Candriam Bonds Total Return-C-Cap | € | 142.88 | - | -0.11 | 0.00 | 1.73 | 2.84 | Candriam Diversified Futures-I-Cap | € | 14386.35 | - | 122.70 | 0.00 | 1.43 | -1.29 | Candriam Eqts L Australia Cap A$ | A$ | 2349.32 | - | 16.15 | 0.00 | 7.81 | 8.34 | Candriam Eqts L Emerging Mkts Cap | € | 1621.90 | - | 45.85 | 0.00 | 27.77 | 21.76 | Candriam Equities L Biotech-C-Cap | $ | 1323.30 | - | 2.07 | 0.00 | 23.20 | 23.33 | Candriam Equities L Europe Innov-R-Cap | € | 254.61 | - | 1.10 | 0.00 | -3.37 | 1.14 | Candriam Index Arbitrage -C-Cap | € | 1528.82 | - | 0.00 | 0.00 | 1.16 | 2.25 | Candriam Long Short Credit R-Cap | € | 120.47 | - | 0.03 | 0.00 | 2.99 | 3.84 | Candriam Risk Arbitrage-C-Cap | € | 2773.68 | - | 0.65 | 0.00 | 2.97 | 3.77 | Candriam Sust Bond Emerg Mkts I Dist | $ | 744.98 | - | 0.15 | 0.00 | 4.48 | 3.35 | Candriam Sust Bond Euro Corp R Cap | € | 109.82 | - | -0.10 | 0.00 | 2.50 | 4.27 | Candriam Sust GlbHighYield-I-Cap | € | 1233.60 | - | -1.59 | 0.00 | 2.98 | 4.78 | Candriam Eq Crl Econ-R-Cap | $ | 159.06 | - | 0.47 | 0.00 | 4.22 | 6.18 | Candriam Eq Clmt Action I-Cap | $ | 2145.75 | - | 0.62 | 0.00 | 12.27 | 11.32 | Candriam Sust Eq Emerging Mkts C-Cap | € | 198.08 | - | 5.88 | 0.00 | 25.10 | 18.21 | Candriam Sust Eq EMU-C-Cap | € | 217.89 | - | -0.68 | 0.00 | 8.17 | 9.57 | Candriam Sust Eurp S&M Caps-I-Cap | € | 2411.81 | - | 8.18 | 0.00 | 0.38 | 1.86 | Candriam Sust Eq World-C-Cap | € | 47.96 | - | 0.57 | 0.00 | 12.07 | 14.27 | NYLIM GF US High YieldCorp Bond-R-Cap | $ | 171.28 | - | -0.12 | 0.00 | 5.36 | 7.10 | Cantab Asset Management Ltd | (UK) | 01223 522000www.cantabam.com | FCA Recognised | VT Cantab Balanced A GBP Acc | 142.29 | - | 0.69 | 1.80 | 9.98 | 9.36 | VT Cantab Moderate A GBP Acc | 139.61 | - | 0.54 | 2.12 | 9.15 | 8.13 | VT Cantab Sustainable Gbl Eq A GBP Acc | 170.21 | - | 0.70 | 1.37 | 8.89 | 9.13 | ---

FT 基金数据指南

🌐 对照英文

本页所引用的基金价格由基金运营方、基金管理人及基金行政管理人提供。本页公布的基金详情（包括价格）仅用于信息参考，且仅应作为指南使用。《金融时报》有限公司对其准确性或完整性不作任何陈述，在做出投资决策时不得依赖这些数据。在某些司法管辖区，销售本页所列基金的权益可能受到法律限制，且在出版物流通的所有司法管辖区内，相关人员不一定都能获得这些基金。如有疑问，请寻求适当的专业建议。数据由 ICE 汇总。本期公布的基金价格及附加信息也可在《金融时报》网站 www.ft.com / funds 上获取。本页公布的基金被授予一家金融工具公司。除非另有说明，价格均以便士（pence）计。若显示变动，则为相对于前次引用数值的变动（并非所有基金每天都更新价格）。标记为 \$ 且无前缀的指美元。收益率百分比（在周二至周六的报纸中）已计入购买费用。

某些较旧的保险挂钩计划的价格在出售时可能需缴纳资本利得税。

OEIC：开放式投资公司。类似于单位信托，但采用公司结构而非信托结构。发行不同的股份类别以反映不同的货币、收费结构或持有者类型。

买入价（Bid price）：亦称出售价。投资者出售单位信托份额的价格。

认购价（Offer）：亦称买入价。投资者购买单位信托份额的价格。包含管理人的初始费用。

单一价格（Single）：基于底层投资的中端市场估值。OEIC 股份和单一价格单位信托份额的买入与卖出价格相同。管理人的定期资本费用处理：24 和 36 个月：使用该期间的总收益（或损失）计算 24 和 36 个月的年化业绩数据。业绩计算公式已根据参考期间内的收益分配进行了调整。

收益率（Yield）：使用基金的预计年收入除以最新的可用净资产值计算得出。

报纸上出现的价格是管理人 / 运营方提供的最新价格。

此广告服务的费用基于公布的行数和基金分类。欲了解更多信息，请联系 data@ft.com。其他查询请联系 newspapers@ice.com

数据提供方：

市场与数据在此汇聚。

📄 Original Section

Dodge & Cox® Worldwide Funds | Dodge & Cox Worldwide Funds-Global Bond Funds | EUR Accumulating Class | € | 18.35 | - | 0.12 | 0.00 | 3.23 | 4.04 | EUR Accumulating Class (H) | € | 11.86 | - | 0.03 | 0.00 | 2.78 | 3.44 | EUR Distributing Class | € | 11.17 | - | 0.07 | 0.00 | -1.74 | -0.87 | EUR Distributing Class (H) | € | 7.17 | - | 0.02 | 5.05 | -2.18 | -1.41 | GBP Distributing Class | £ | 11.62 | - | 0.06 | 4.75 | -1.85 | -1.49 | GBP Distributing Class (H) | £ | 8.13 | - | 0.02 | 4.70 | -0.36 | 0.11 | USD Accumulating Class | $ | 14.86 | - | 0.05 | 0.00 | 4.80 | 5.45 | CHF Distributing Class (H) | Sfr | 7.29 | - | 0.02 | 0.00 | -4.54 | -3.90 | Dodge & Cox Worldwide Funds-Global Stock Funds | USD Accumulating Share Class | $ | 48.43 | - | 0.69 | 0.00 | 13.73 | 16.04 | GBP Accumulating Share Class | £ | 60.24 | - | 0.96 | 0.00 | 11.91 | 13.85 | GBP Distributing Share Class | £ | 38.51 | - | 0.61 | 0.00 | 9.26 | 12.21 | EUR Accumulating Share Class | € | 64.83 | - | 1.14 | 0.00 | 12.71 | 13.18 | GBP Distributing Share Class (H) | £ | 20.81 | - | 0.30 | 0.00 | 11.70 | 13.71 | USD Distributing Class | $ | 19.78 | - | 0.28 | 0.00 | 12.19 | 14.43 | CAD Accumulating Class | C$ | 65.17 | - | 0.96 | 0.00 | 15.76 | 17.70 | Dodge & Cox Worldwide Funds-US Stock Fund | USD Accumulating Share Class | $ | 58.50 | - | 0.60 | 0.00 | 11.05 | GBP Accumulating Share Class | £ | 68.83 | - | 0.84 | 0.00 | 9.28 | GBP Distributing Share Class | £ | 40.04 | - | 0.48 | 0.00 | 8.43 | EUR Accumulating Share Class | € | 67.61 | - | 0.93 | 0.00 | 8.37 | GBP Distributing Share Class (H) | £ | 22.07 | - | 0.23 | 0.00 | 9.67 | USD Distributing Class | $ | 21.40 | - | 0.22 | 0.00 | 10.19 | OEIC Funds | Allocator World Fund W-Acc-GBP | £ | 4.40 | - | 0.02 | 0.97 | 16.19 | 16.20 | American Fund W-Acc-GBP | £ | 90.57 | - | 0.72 | 0.00 | 11.62 | 13.58 | American Special Sits W-Acc-GBP | £ | 29.00 | - | 0.12 | 0.42 | 7.07 | 9.14 | Asia Funds W-Acc-GBP | £ | 30.59 | - | -0.09 | 0.48 | 36.18 | 25.82 | Asia Pacific Opps W-Acc | £ | 3.34 | - | 0.00 | 0.69 | 11.09 | 7.55 | Asian Dividend Fund W-Acc-GBP | £ | 3.69 | - | -0.01 | 2.01 | 23.48 | 18.79 | Cash Fund W-Acc-GBP | £ | 1.22 | - | 0.00 | 3.83 | 0.00 | 0.00 | China Fund W-Accumulation-GBP | £ | 2.46 | - | 0.02 | 1.52 | 14.11 | 1.37 | Emerging Mkts NAV | 1616.56 | - | 5.32 | 0.00 | 0.00 | 0.00 | Enhanced Income Fund W-Inc-GBP | £ | 0.93 | - | 0.00 | 6.16 | -1.45 | -1.96 | European Fund W-Acc-GBP | £ | 31.91 | - | 0.34 | 1.47 | 6.13 | 8.84 | Global High Income Bond W-Acc-GBP | £ | 1.55 | - | 0.00 | 5.74 | 5.24 | 7.40 | Sustainable Euro Equity Fund W-ACC-GBP | £ | 7.19 | - | 0.07 | 1.17 | 8.78 | 9.96 | Sustainable Global Equity Fund W-ACC-GBP | £ | 44.32 | - | 0.39 | 0.29 | 7.91 | 8.90 | Japan Fund W-ACC-GBP | £ | 11.13 | - | 0.13 | 0.86 | 23.47 | 19.58 | Select 50 Balanced Fund PI-Acc-GBP | £ | 1.53 | - | 0.00 | 2.17 | 0.00 | 0.00 | Special Situations Fund W-ACC-GBP | £ | 73.24 | - | 0.38 | 2.27 | 18.33 | 20.23 | Short Dated Corp Bond Fund W-ACC-GBP | £ | 12.64 | - | 0.01 | 4.80 | 0.00 | 0.00 | Sustainable Water & Waste W-ACC-GBP | 126.60 | - | 0.00 | 0.00 | 7.94 | 1.31 | Sustainable Water & Waste W-INC-GBP | 124.00 | - | 0.00 | 0.00 | 0.00 | 0.00 | UK Select Fund W-ACC-GBP | £ | 4.61 | - | 0.02 | 1.75 | 6.05 | 8.63 | Global Dividend Fund W-ACC-GBP | £ | 4.57 | - | 0.03 | 2.50 | 12.64 | 14.94 | Global Enhanced W-ACC-GBP | £ | 3.54 | - | 0.02 | 4.19 | 13.19 | 14.36 | Global Special Sits W-ACC-GBP | £ | 93.23 | - | 0.76 | 0.20 | 18.41 | 17.69 | Index Emerging Markets P-ACC-GBP | £ | 2.96 | - | 0.01 | 1.55 | 25.86 | 20.18 | Index Europe ex UK Markets P-ACC-GBP | £ | 2.92 | - | 0.03 | 2.13 | 14.99 | 14.86 | Index Japan P-ACC-GBP | £ | 3.43 | - | 0.03 | 1.40 | 18.15 | 17.38 | Index Pacific ex Japan P-ACC-GBP | £ | 2.61 | - | 0.02 | 2.65 | 15.27 | 13.96 | Index Sterling Corp Bond Fund P-ACC-GBP | £ | 0.95 | - | 0.00 | 5.26 | 0.00 | 0.00 | Index UK P-ACC-GBP | £ | 2.47 | - | 0.01 | 2.69 | 16.39 | 16.52 | Index US P-ACC-GBP | £ | 6.37 | - | 0.03 | 0.83 | 16.58 | 18.09 | Index World P-ACC-GBP | £ | 4.76 | - | 0.03 | 1.12 | 16.76 | 17.60 | MoneyBuilder Balanced Fund W-Acc-GBP | £ | 0.78 | - | 0.00 | 2.95 | 0.00 | 0.00 | MoneyBuilder Dividend Fund W-Acc-GBP | £ | 1.61 | - | 0.01 | 3.68 | -0.89 | -1.54 | Sust. MoneyBuilder Inc Fd Fund W-ACC-GBP | £ | 14.15 | - | 0.03 | 4.50 | 3.28 | 5.58 | Multi Asset Alloc Adventurous Fd W-ACC-GBP | £ | 3.24 | - | 0.01 | 1.13 | 13.41 | 13.38 | Multi Asset Alloc Defensive Fd W-ACC-GBP | £ | 1.56 | - | 0.00 | 0.00 | 5.49 | 5.33 | Multi Asset Alloc Growth Fd W-ACC-GBP | £ | 2.58 | - | 0.01 | 1.12 | 10.55 | 10.52 | Multi Asset Alloc Strategic Fd W-ACC-GBP | £ | 2.03 | - | 0.00 | 1.17 | 7.14 | 7.62 | Multi Asset Balanced Inc Fd W-INC-GBP | £ | 1.02 | - | 0.01 | 0.00 | 3.00 | 2.70 | Multi Asset Inc & Growth Fund W-INC-GBP | £ | 1.31 | - | 0.01 | 2.60 | 10.15 | 8.39 | Multi Asset Income Fund W-INC-GBP | £ | 0.90 | - | 0.01 | 0.00 | 2.03 | 1.47 | Multi Asset Open Advent W-ACC-GBP | £ | 2.51 | - | 0.01 | 1.67 | 12.22 | 11.45 | Multi Asset Open Defen W-ACC-GBP | £ | 1.66 | - | 0.00 | 0.00 | 7.71 | 6.74 | Multi Asset Open GrowthFund W-ACC-GBP | £ | 2.34 | - | 0.01 | 1.80 | 11.63 | 10.87 | Multi Asset Open Strat. Fund W-ACC-GBP | £ | 1.97 | - | 0.00 | 2.40 | 9.25 | 8.45 | Open World Fund W-Acc-GBP | £ | 3.48 | - | 0.02 | 0.81 | 13.35 | 13.14 | Strategic Bond Fund P-Acc-GBP | £ | 1.36 | - | -0.01 | 2.93 | 3.35 | 5.54 | Index UK Gilt Fund P-Acc-GBP | £ | 0.76 | - | 0.00 | 4.50 | 1.65 | 1.92 | Sustainable Asia Equity Fund W-ACC-GBP | £ | 2.85 | - | -0.01 | 0.73 | 25.35 | 16.13 | Sust Multi Asset Balanced Fund W-ACC-GBP | £ | 1.23 | - | 0.01 | 1.29 | 0.00 | 0.00 | Sust Multi Asset Con. Fd W-ACC-GBP | £ | 1.08 | - | 0.00 | 0.00 | 0.00 | 0.00 | Sust Multi Asset Gwth Fd W-ACC-GBP | £ | 1.35 | - | 0.01 | 1.12 | 0.00 | 0.00 | UK Opportunities Fund W-ACC-GBP | £ | 2.65 | - | 0.01 | 2.25 | 0.00 | 0.00 | UK Smaller Companies W-ACC-GBP | £ | 4.83 | - | 0.01 | 2.33 | 6.76 | 11.33 | Authorised Corporate Director-Waystone Management (UK) Limited | Royal London | (UK) | 80 Fenchurch Street, London EC3M 4BY | Nutshell Asset Management Ltd | (IRL) | Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LEwww.nutshellam.com | Authorised Inv Funds | Nutshell Growth Fund Gbp Inst Founder | £ | 193.16 | - | 2.48 | 0.00 | 16.03 | 17.23 | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m |

Fundsmith LLP (1200)F

PO Box 10846, Chelmsford Essex CM99 2BW 0330 123 1815

www.fundsmith.co.uk, enquiries@fundsmith.co.uk | Authorised Inv Funds | Fundsmith Equity T Acc | 713.64 | - | 12.01 | 0.00 | 0.74 | Fundsmith Equity T Inc | 644.10 | - | 10.84 | 0.00 | 14.33 |

| Guinness Global Investors | Guinness Global Equity Income Y GBP Dis | £ | 24.65 | - | 0.08 | 2.05 | 8.79 | 11.42 | Guinness Global Innovators Y GBP ACC | £ | 49.71 | - | 0.34 | 0.00 | 13.54 | 16.82 | Guinness Global Quality Mid Cap Y Gbp Acc | £ | 16.66 | - | 0.17 | 0.00 | 13.65 | 12.53 | ---

透明度。探索。创新。

🌐 对照英文

📄 Original Section

HPB Assurance Ltd | International Insurances | Holiday Property Bond Ser 1 | £ | 0.49 | - | 0.00 | 0.00 | -0.28 | Holiday Property Bond Ser 2 | £ | 0.66 | - | 0.00 | 0.00 | 1.43 | ---

勇者得志——据称如此

🌐 对照英文

Matthieu Blazy 在香奈儿（Chanel）大放异彩，但忐忑不安的行业氛围使得 2027 年巴黎春夏时装季的表现毁誉参半

时尚

Elizabeth Paton

Matthieu Blazy 和香奈儿是整个奢侈品行业的羡慕对象。在去年数十位在全新时装屋首次亮相的设计师中，只有 引发了全球范围内的疯狂销售热潮，而这一点尚未完全体现在香奈儿的财务业绩中（该公司报告 2025 年销售额为 193 亿加元）。他的创意影响力——更方正的短款剪裁、流畅的粗花呢和方头鞋——现在随处可见于各大 T 台，而从前排观众到街头，人们对香奈儿下一步动作的期待值极高。天知道 本人对此作何感想。

于是到了周一晚上，他的下一个系列在巴黎大皇宫（Grand Palais）起飞。在巨大的玻璃天顶上，悬挂着数十只白色纸鸟，而绿色和棕色的理石地板营造出从空中俯瞰陆地与海洋的效果。在后台， 解释说，本季他希望摆脱从不同女性身上寻找灵感的模式。相反，他想要探索一个女性体内包含的多重面貌：一个名叫 Gabrielle 的女孩，后来成为了 Coco Chanel。在他身后立着一块情绪板，上面贴满了 Chanel 生命各个阶段的黑白照片。

那么，这对服装意味着什么？模特 Dyanira Hurbuscher 携带香奈儿标志性的 2.55 包开场并收尾。她最初穿着一件精致的白色透明吊带裙，心口处装饰着胸花，最后则换上了一套看起来时髦且经典的黑色香奈儿圆金扣粗花呢裙装。事实上，这并非粗花呢，而是一种由内部专家开发的新型材料，具有运动装的弹性和舒适度。

这种创新的新面料（以及其他几种面料）是对一个事实的致敬：尽管近期取得了成功，但 不愿止步不前。本季他的廓形感觉更加贴身，裙子的腰线降低，且大多配有腰带，并带有大量性感的透明感。面料的颜色和纹理多样性十分丰富（出现了大量烟熏色粗花呢），印花感觉更加大胆且极繁主义（动物纹和火焰纹采用了冲突的色调），而许多夹克直接贴身穿着，仅由一条细金链固定，若隐若现地露出肌肤。

从左至右：香奈儿；Celine；Miu Miu；爱马仕（Hermès）；渡边淳弥（Junya Watanabe）—— Yannis Vlamos

这种感觉清新、愉悦且充满动力，让宾客们对接下来的发展感到兴奋。一年之后， 对自己所取得的一切怎么看？“这是一个良好的开端，”他带着谦逊的微笑说道。

以下是本季结束之际，本周规模最大、最出色的几场秀的一些其他要点。

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📄 Original Section

Janus Henderson INVESTORS

McInroy & Wood Portfolios Limited

Easter Alderston, Haddington EH41 3SF 01620 825867 | Authorised Inv Funds | Balanced Fund Acc | 6960.20 | - | 45.00 | 1.85 | 4.38 | 0.00 | Balanced Fund Inc | 6533.80 | - | 42.30 | 1.89 | 2.50 | 2.57 | Emerging Markets Fund ACC | 2361.90 | - | 43.20 | 1.72 | 2.92 | 0.00 | Emerging Markets Fund Inc | 2115.60 | - | 38.70 | 1.76 | 0.98 | -1.43 | Income Fund Acc | 3615.30 | - | 6.70 | 2.72 | 6.55 | 0.00 | Income Fund Inc | 3185.50 | - | 5.80 | 2.82 | 3.32 | 3.30 | Smaller Companies Fund Acc | 7338.80 | - | 56.40 | 1.26 | 4.83 | 0.00 | Smaller Companies Fund Inc | 6871.10 | - | 52.90 | 1.28 | 3.47 | 3.87 | Authorised Inv Funds | Janus Henderson Absolute Return Fund A Acc | 207.00 | - | 0.10 | 2.10 | 5.51 | 6.50 | Janus Henderson Asian Divi Inc Unit Trst Inc | 104.10 | - | -0.30 | 5.60 | 12.97 | 10.07 | Janus Henderson Cautious Mngd Fund A Acc | 349.40 | - | 1.10 | 3.80 | 6.51 | 8.64 | Janus Henderson Cautious Mngd Fund A Inc | 149.90 | - | 0.40 | 3.90 | 2.27 | 2.68 | Janus Henderson China Opp Fund A Acc | 1275.00 | - | 9.00 | 0.10 | 20.42 | 7.17 | Janus Henderson Emerging Markets Asia A Acc | 1874.00 | - | -1.00 | 0.00 | 25.49 | 20.45 | Janus Henderson Emerg. Mkts Opps Fnd A Acc | 311.30 | - | 2.50 | 0.00 | 20.45 | 15.75 | Janus Henderson European Focus A Acc | 583.70 | - | 6.80 | 0.10 | 0.00 | 0.00 | Janus Henderson Euro. Sel Opps Fund A Acc | 3128.00 | - | 34.00 | 0.20 | 10.88 | 11.44 | Janus Henderson Fixed Int Mthly Inc Fd Inc | 16.55 | - | 0.01 | 6.20 | -1.11 | -1.14 | Janus Henderson Global Equity Inc Fnd Inc | 86.86 | - | 0.31 | 2.60 | 9.02 | 8.44 | Janus Henderson Global Select Fund Acc | 6647.00 | - | 51.00 | 0.00 | 10.42 | 15.16 | Janus Henderson Global Sust Equity Fd A Inc | 718.90 | - | 7.80 | 0.00 | 9.48 | 12.42 | Janus Henderson Global Tech Ldrs Fnd A Acc | 7597.00 | - | 32.00 | 0.00 | 26.97 | 29.39 | Janus Henderson Instl UK Index Opps A Acc | 174.83 | - | 0.74 | 2.30 | 16.08 | 16.32 | Janus Henderson Multi-Asst Abs Rtn Fd A Acc | 190.10 | - | 0.60 | 2.70 | 4.82 | 4.65 | Janus Henderson Multi-Mgr Actv Fd A Acc | 337.70 | - | 0.00 | 1.70 | 8.31 | 8.74 | Janus Henderson Multi-Mgr Dist Fd A Inc | 136.40 | - | 0.40 | 2.60 | 3.22 | 2.93 | Janus Henderson Multi-Mgr Div. Fd A Acc | 105.10 | - | 0.30 | 3.20 | 6.39 | 7.28 | Janus Henderson Multi-Mgr Glbl Sel Fd A Acc | 450.70 | - | 2.80 | 0.00 | 10.02 | 11.31 | Janus Henderson MultiMgrInc&Gwth FdA Acc | 231.70 | - | 0.70 | 2.60 | 6.48 | 6.55 | Janus Henderson Multi-MgrInc&Gwth Fd A Inc | 160.80 | - | 0.50 | 2.60 | 3.38 | 3.26 | Janus Henderson Multi-Mgr Mngd Fd A Acc | 405.40 | - | 0.00 | 1.40 | 7.67 | 8.12 | Janus Henderson Multi-Mgr Mngd Fd A Inc | 373.90 | - | 0.00 | 1.20 | 6.35 | 6.68 | Janus Henderson Sterling Bond Unit Trust Acc | 226.50 | - | 0.60 | 4.30 | 2.51 | 4.71 | Janus Henderson Sterling Bond Unit Trust Inc | 54.70 | - | 0.14 | 4.30 | -0.60 | 0.32 | Janus Henderson Strategic Bond Fund A Inc | 92.10 | - | 0.03 | 6.10 | -2.51 | -2.83 | Janus Henderson UK Alpha Fund A Acc | 196.30 | - | 0.70 | 0.90 | 11.05 | 15.10 | Janus Henderson UK Eq Inc & Growth Fd A Inc | 684.10 | - | 2.50 | 3.30 | 7.93 | 10.18 | Janus Henderson US Growth Fund A Acc | 3141.00 | - | 36.00 | 0.00 | 12.83 | 16.77 | Ministry of Justice Common Investment Funds | (UK) | Property & Other UK Unit Trusts | The Equity Idx Tracker Fd Inc | 2647.00 | - | 11.00 | 2.00 | 10.39 | 10.51 | Distribution Units |

Purisima Investment Fds (CI) Ltd

| Authorised Corporate Director-Waystone Management (UK) Limited | Global Total Fd PCG A | 709.58 | - | 0.00 | 0.41 | 14.63 | 18.02 | Global Total Fd PCG B | 698.49 | - | 0.00 | 0.00 | 14.54 | 17.95 | Global Total Fd PCG INT | 681.14 | - | 0.00 | 0.00 | 14.37 | 17.76 | Private Fund Mgrs (Guernsey) Ltd | (GSY) | Regulated | Monument Growth 29/09/2026 | £ | 612.77 | 61847 | 0.00 | 1.05 | 3.09 | 2.98 | Regulated | Oasis Crescent Global Eq Fd (USD) A (Dist) | $ 56.30 | - | 0.01 | 0.00 | 18.20 | 15.98 | Oasis Crescent Global Inc Fd (USD) A Dist | $ 9.93 | - | -0.01 | 0.00 | -0.72 | -0.17 | Oasis Crescent Low Equity Fund (USD) D Dist | $ 15.96 | - | 0.00 | 0.00 | 9.41 | 8.79 | Oasis Crescent Med Equity Fd (USD) A Dist | $ 18.71 | - | 0.00 | 0.00 | 11.53 | 10.39 | Oasis Crescent Prop Equity Fd (USD) A Dist | $ 10.15 | - | -0.04 | 0.00 | 6.89 | 9.20 | Oasis Crescent Short Term Inc Fd (USD) A (Dist)$ | 0.95 | - | 0.00 | 0.00 | 0.35 | 0.56 | Oasis Crescent Variable Fund (USD) A (Dist) £ | 12.18 | - | 0.01 | 0.00 | 7.22 | 7.49 | Regulated | PCG B | 569.02 | - | 3.91 | 0.00 | 15.64 | 19.83 | PCG C | 548.91 | - | 3.77 | 0.00 | 15.38 | 19.56 | Royal London Sustainable Diversified A Inc | 288.40 | - | 2.50 | 1.54 | 4.84 | 6.28 | Royal London Sustainable World A Inc | 526.30 | - | 6.90 | 0.75 | 12.18 | 12.68 | Royal London Corporate Bond Mth Income | 75.40 | - | 0.16 | 4.39 | -0.50 | 0.68 | Royal London European Growth Trust | 288.10 | - | 2.50 | 1.12 | 9.47 | 9.90 | Royal London Sustainable Leaders A Inc | 1003.00 | - | 8.90 | 1.47 | 7.19 | 7.03 | Royal London UK Growth Trust | 855.60 | - | 4.70 | 1.71 | 9.94 | 10.07 | Royal London UK Income With Growth Trust | 251.10 | - | 0.40 | 3.85 | 6.38 | 7.04 | Royal London US Growth Trust | 682.20 | - | 4.80 | 0.01 | 15.54 | 18.19 | Additional Funds Available

Please see www.royallondon.com for details

Ruffer LLP (1000) F

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

Order Desk and Enquiries: 0345 601 9610

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Celine

🌐 对照英文

迈克尔·赖德（Michael Rider）曾告诉我，他不喜欢在后台接受关于其 Celine 系列的采访，并补充道：“我希望衣服能自己说话。”幸运的是，与巴黎的一些同行不同，他的衣服不需要解读。赖德设计的服装巧妙且令人向往，既有高级感，又完全根植于现实生活。他的最新系列在阳光斑驳的法国国家档案馆（Archives Nationales）花园中展出，其根源在于巴黎中产阶级的着装规范，如剪裁利落的西装外套和大衣、大扣带腰带、围巾和缎面装饰。但其中也融入了更多随性的波西米亚风格，包括细金链、拼贴印花灯笼裤和磨损的运动鞋。

每一套造型都在一种不费力的随性感与优雅感之间舞动，而这种感觉在照片中无法被完全捕捉。这些造型还具有某种个性，赖德在秀后后台暗示了这一点。“我倾向于在最不刻意营造的时刻寻找个性，这对我很重要，”赖德在簇拥的人群中说道。“我不希望现在的 Celine 充满矫揉造作——没有任何东西应该是过于完美的。但我希望它是自信的、令人安心的，并且偶尔能带来惊喜。”他对这个品牌的愿景涵盖了所有这些特质，甚至更多。

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📄 Original Section

Authorised Inv Funds | WS Ruffer Total Return C Acc | 589.49 | - | 0.00 | 2.15 | 4.90 | 4.23 | WS Ruffer Total Return C Inc | 340.06 | - | 0.00 | 2.18 | 1.96 | 0.70 |

| SICO BSC BHRTelephone - +973 1751 5700Website - www.sicobank.com | (BHR) | Khaleej Equity Fund | $ | 549.96 | - | -33.51 | 0.00 | -3.81 | Sico Gulf Equity Fund | $ | 202.34 | - | 3.72 | 0.00 | 10.57 | SICO Capital KSATelephone - +966 11 521 3835Website - www.sicocapital.com | (KSA) | SICO Kingdom Equity Fund | SAR | 10.28 | - | -0.39 | 0.00 | 1.39 | - | SICO MENA Equity Fund | SAR | 20.95 | - | -0.39 | 0.00 | -1.37 | 4.80 | SICO Capital Money Market | SAR | 14.07 | - | 0.15 | 0.00 | - | - |

| Stonehage Fleming Investment Management Ltd | (IRL) | www.stonehagefleming.com/gbi enquiries@stonehagefleming.com | SF Global Best Ideas Eq B USD Acc | $ | 299.30 | - | 2.66 | 0.00 | 4.25 | 6.30 | SF Global Best Ideas Eq D GBP Inc | £ | 343.44 | - | 3.75 | 0.00 | 2.61 | 4.31 |

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00 | Superfund Trend Gold | $ 1822.94 | - | 13.59 | 0.00 | 30.61 | 31.77 | Superfund Trend Silver | $ 1974.88 | - | 45.63 | 0.00 | 46.93 | 44.65 | Superfund Trend | $ 818.47 | - | 7.17 | 0.00 | 13.46 | 8.17 | Superfund Bitcoin 0-2x | € 94.92 | - | 0.00 | 0.00 | 5.13 | 14.45 | Superfund Fund-of-Funds | $ 170.73 | - | 0.00 | 0.00 | 21.89 | 20.71 | Superfund Blockchain | € | 24.64 | - | 0.23 | 0.00 | 19.83 | 32.56 | Superfund Gold Silver + Mining | € | 19.23 | - | 0.00 | 0.00 | 25.92 | 27.07 | Superfund Quadriga All Seasons | € | 14.86 | - | -0.02 | 0.00 | 15.11 | 16.58 | Superfund Inflation | Sfr | 11.14 | - | -0.14 | 0.00 | 8.33 | 7.28 |

Troy Asset Management (1200)

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

Order Desk and enquiries 0345 608 0950 | Trojan Investment Funds | Trojan Ethical Global Inc O Acc | 109.14 | - | 0.00 | 3.11 | -2.32 | 2.18 | Trojan Ethical Global Inc O Inc | 96.11 | - | 0.00 | 3.17 | -3.85 | -0.91 | Trojan Ethical O Acc | 156.87 | - | 0.00 | 0.68 | 7.54 | 7.69 | Trojan Ethical O Inc | 151.44 | - | 0.00 | 0.69 | 4.97 | 6.06 | Trojan Ethical Income O Acc | 164.24 | - | 0.00 | 2.64 | 3.23 | 6.13 | Trojan Ethical Income O Inc | 123.58 | - | 0.00 | 2.73 | 0.50 | 3.32 | Trojan Fund Acc | 459.10 | - | 0.00 | 0.81 | 7.02 | 6.77 | Trojan Fund Inc | 359.53 | - | 0.00 | 0.89 | 7.54 | 5.01 | Trojan Global Income O Acc | 168.12 | - | 0.00 | 3.45 | 0.57 | 2.89 | Trojan Global Income O Inc | 124.81 | - | 0.00 | 3.53 | -2.56 | -0.33 | Trojan Income O Acc | 387.76 | - | 0.00 | 2.87 | 3.86 | 6.15 | Trojan Income O Inc | 170.84 | - | 0.00 | 2.97 | -0.94 | 1.81 | Troy Asset Management (1100) | (IRL) | Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, D01 YE64, Ireland Enquiries +353 (0) 1672 1600 | FCA Recognised Funds | Management Company - Universal Investment Ireland | Trojan Funds (Ireland) Plc | Trojan Europe O EUR Acc | € | 1.0190 | - | 0.00 | 0.00 | 0.00 | Trojan Exclusions X GBP Acc | £ | 1.3168 | - | 0.00 | 0.00 | 6.07 | Trojan Global Equity O GBP Acc | £ | 5.9388 | - | 0.05 | 0.20 | -0.67 | Trojan (Ireland) O GBP Acc | £ | 1.8517 | - | 0.01 | 0.00 | 5.60 | ---

Miu Miu

🌐 对照英文

Miu Miu 的展区像是一个巨大的旧时时尚现场；我小心翼翼地绕过几位在亮紫色地板上四肢摊开拍摄预热照的网红，而包括奥利维亚·科尔曼（Olivia Colman）、杰米·贝尔（Jamie Bell）和艾玛·科林（Emma Corrin）在内的演员们则身着最新系列的单品走在 T 台上。但缪齐亚·普拉达（Miuccia Prada）一如既往地关注着衣橱中那些平凡的日常部分。她的开场造型让人想起在街头匆匆赶路的忙碌女性：整洁的褶皱格纹裙和剪裁利落的西装外套，搭配运动上衣和运动鞋（一次与 New Balance 的新合作）。学院风毛衣搭配印花跑步短裤，或是在腰带上方露出白色系带的运动裤，随后转向晚装，其中大部分是以镶嵌水晶的工字背心内衣叠穿在日常单品（主要是运动装）之上。坦白说，这有点杂乱——也没有改写时尚规则。但它相当有趣。

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Givenchy

🌐 对照英文

莎拉·伯顿（Sarah Burton）作为设计师的最大优势之一，就是你永远不会怀疑她是在为女性设计。在她为 Givenchy 设计的最新系列中，人们能感觉到她旨在为穿着者创造一种赋予力量的掌控感。一件带有拉链的黄衬里黑色皮革挂脖连衣裙，让女性可以决定露出多少肌肤；解构并软化后的男性化西装，在臀部设有镂空以露出皮肤，并配有实用的下摆口袋，这些都达到了预期效果。“我想要一种平衡感和清晰感。在我们的生活处于多重视角和永恒运动的快节奏中，一套能为着装带来精准与简约的衣橱，”伯顿在她的秀场笔记中写道。然而，这种意图在某些造型中显得不那么令人信服，例如一件袖子被切掉并在胸前交叉的细条纹西装外套，或者腰带被延长以在臀部制造繁琐折叠褶边（ruffles）的裤子。有时，少即是多。

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Transparency. Price discovery. Innovation.

ice.com

渡边 준ยะ (Junya Watanabe)

🌐 对照英文

那是巴黎时装周的一个周六早晨，渡边 준ยะ名为“Funky”的发布会犹如一剂令人振奋的强心针。在东京宫（Palais de Tokyo）内部拥挤的长凳上，观众们看着模特们在 Chaka Khan 的歌曲《Like Sugar》中款款走过 T 台。她们穿着印花紧身连体衣，这些基础层构成了多种造型，包括一套由水钻胸罩、内裤和太阳镜组成的套装，一套带有足以刺瞎眼睛的尖刺的 PVC 腰带与胸罩造型，由电子垃圾制成的锁子甲连衣裙，以及一件从头部一直垂到膝盖的水晶吊灯头饰。这是否疯狂？当然疯狂。但在时尚界这个如此多人选择保守的焦虑时刻，这种不完美和前卫之中也蕴含着快感。当模特和观众都兴奋地欢呼时，人们仿佛瞥见了时尚秀在手机出现之前、在娱乐综合体炒作之前以及在十亿加元规模的母公司出现之前的样子。

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Fortune favours the brave – allegedly

Matthieu Blazy flies high at Chanel, but a jittery industry made for a mixed spring/summer 2027 Paris season

FASHION

Elizabeth Paton

Matthieu Blazy and Chanel are the envy of the entire luxury industry. Amid the dozens of designers who made debuts at a new house last year, only Blazy has triggered a wild global sales frenzy, one yet to be fully reflected in Chanel's financial results (it reported \$19.3bn in sales in 2025). His creative influence – boxier cropped tailoring, fluid tweeds and square-toed shoes – can now be seen on runways everywhere, and expectations from the front row to the street around what Chanel might do next are enormous. God knows what it feels like to Blazy himself.

And so to Monday night, where his next collection took flight at the Grand Palais. Overhead, dozens of white paper birds hung from the vast glass ceiling, while the marbled floor in green and brown gave the effect of land and sea seen from the air. Backstage, Blazy explained how he had wanted to move away from being inspired by different women this season. Rather, he wanted to explore multitudes contained within one woman: a girl called Gabrielle who later became Coco Chanel. Behind him stood a mood board, plastered with black and white photos of Chanel from all stages of her life.

So what did this mean for the clothes? One model, Dyanira Hurbuscher, opened and closed the show carrying Chanel's own 2.55 bag. She began in a fine sheer white slip, with a corsage on the heart, and ended in what looked like a chic and classic black Chanel bouclé skirt suit with round gold buttons. In fact, this was not tweed, but a brand-new material with the stretch and comfort of sportswear, developed by specialists in-house.

That innovative new fabric (and there were several others) was a hat tip to the fact that despite his recent success, Blazy does not want to stand still. His silhouettes felt more form-fitting this season, with a lower waistline to skirts that largely came belted and with a lot of sexy transparency. The variety in colour and texture of fabrics was rich (there were a lot of smoked tweeds), prints felt bolder and more maximalist (animal and flame prints came in clashing shades) while many jackets were worn straight on to the skin, held together with a fine gold chain and offering fleeting glances of bare flesh.

From left: Chanel; Celine; Miu Miu; Hermès; Junya Watanabe — Yannis Vlamos

It felt fresh, joyful and full of a momentum that left guests excited about what might come next. And what did Blazy make of all he has achieved, one year on? "It's been a good start," he said with an understated grin.

Here are some other takeaways from the biggest and best shows of the week as the season came to a close.

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爱马仕 (Hermès)

🌐 对照英文

最近《纽约客》刊登了一篇关于爱马仕的有趣人物特写，探讨了艺术总监 Nadège Vanhée 如何为这个与马术文化等同的传统保守品牌引入大胆的性感和心理深度。但是，

那些期待看到鞭子、马具和古怪皮革的人在周六观看 Vanhee 的最新发布会后可能会感到失望。与本季其他设计师一样，在经历了法国有记录以来最炎热的夏天之一后，她决定创作轻盈透气的服装。极简的裸露当然依然具有感官诱惑力：例如带有精致皮革拼接的细纱针织连衣裙，下摆被剪成带状的沙色大衣裙，以及拉链长裤和裙子。但这些服装主要采用中性色和柑橘色，感觉更偏向实用而非挑衅。这让人不禁好奇 Vanhee 将在 1 月份的首场高级定制秀中采取什么样的方向。

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Celine

Michael Rider once told me he disliked giving backstage interviews about his Celine collections, adding: "I want the clothes to speak for themselves." Luckily, unlike some peers in Paris, his clothes don't need decoding. Rider designs clever and desirable clothes that feel elevated but also completely rooted in real life. His latest collection, shown in the sun-dappled gardens of the Archives Nationales, had roots in Parisian bourgeois codes like sharply tailored blazers and coats, big buckled belts, scarves and satin flourishes. But also thrown into the mix were more rumpled bohemian flourishes including fine gold chains, patchwork print balloon pants and scuffed sneakers.

Every look danced between an effortlessness and elegance that isn't fully captured in pictures. They also had character, something Rider alluded to backstage post-show. "I tend to find personality in the least-produced moment, which is important to me," Rider said amid the scrum. "I don't want Celine now to be about artifice — nothing should be too beautiful. But I do want it to be confident, reassuring and occasionally surprising." His vision for this brand is all of these things, and more.

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Loewe

🌐 对照英文

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Miu Miu

The Miu Miu floor was a big old fashion scene; I tiptoed over several influencers spreadeagled on the bright purple floor for pre-show shots, while actors including Olivia Colman, Jamie Bell and Emma Corrin strode down the runway sporting pieces from the latest collection. But Miuccia Prada, as she so often is, was actually preoccupied with the quotidian parts of a wardrobe. Her opening looks brought to mind busy women rushing down the street; neatly pleated checked skirts and sharply cut blazers mixed with sports tops and trainers (a new collaboration with New Balance). Preppy sweaters came with printed running shorts or track pants with white lacing peeping over the waistband, before a turn to eveningwear, most of which revolved around crystal-encrusted racer-back bra tops layered over everyday items but mainly sportswear. It was, in truth, a bit of a jumble — nor did it rewrite the rule book. But it was rather fun.

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渡边 준ยะ让人们瞥见了时尚秀在手机和十亿加元规模母公司出现之前的样子

🌐 对照英文

Jack McCollough 和 Lazaro Hernandez 在担任 LVMH 旗下这个拥有 180 年历史品牌的共同创意总监的一年里，一直在为该品牌打上自己的烙印。他们目前的方向？俏皮、运动，并带有浓厚的 normcore（极致简约风）和工艺感。本季在地铁线终点温森城堡（Château de Vincennes）举行的发布会上，风格依然如故。加油站风格的太阳镜搭配 Polo 连衣裙，带有金属领口的超大号雨衣，以及穿在超短裙（和骑行帽）外的技术面料派克大衣，与带有复杂鱼子酱珠饰下摆（和头饰）的多色分层无袖直筒裙或绣花热裤混搭在一起。这些衣服确实具有概念性，尽管有些繁琐且并不特别实用——直到你看到这些创意被转化为更令人向往的鞋类和包袋，而这才是最终进入消费者手中的产品。

Sacai 重新诠释了熟悉的服装

Valentino 包含了重新包装的 80 年代风格派对装 —— Getty Images

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Givenchy

One of Sarah Burton's greatest strengths as a designer is that you never doubt she has women in mind. And in her latest collection for Givenchy, one sensed that she was aiming to create an empowering sense of control for wearers of her clothes. A yellow-lined black leather halter dress with zips, allowing a woman to decide how much flesh to show, masculine suiting deconstructed and softened, with cutaways at the hips to reveal skin, and practical peplum pockets, all hit the mark. "I wanted a sense of balance and clarity. A wardrobe to bring precision and simplicity to dressing as we speed through the multiple perspectives and perpetual motion of all our lives," said Burton in her show notes. This intention felt less convincing, however, with looks like a pinstripe blazer with the arms cut off and criss-crossed over the chest, or trousers where waistbands were extended to create fussy folded ruffles on the hips. Sometimes, less is more.

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Valentino

🌐 对照英文

在拉丁区那座宾客们聚集观看 Valentino 表演的宏伟图书馆里，亚历山德罗·米凯莱（Alessandro Michele）提出的创意几乎与墙上排列的书籍一样多（而书籍数量极其庞大）。为他辩护的话是，这一直以来就是米凯莱的方式：他拥有一颗像喜鹊一样贪婪的好奇心，不断地引用各种想法和时代，然后将它们重新包装在他那标志性的宏大且色彩斑斓的美学之中。此次展出包含大量迷人的 80 年代风格派对装，其中大部分感觉与 Valentino 的经典代码相契合：带有荷叶边蝴蝶结裙摆的抹胸褶皱连衣裙，配有腰带的皮夹克搭配塔夫绸鱼尾裙；垫肩西装或带有马拉布羽毛流苏袖口的珠片大衣，内搭丝绸晚礼服。还有大量的蕾丝骑行短裤，以及奢华的叠戴项链。在超过 80 套造型中，有足够的内容可供研究，尽管感觉没有人能从中学到什么新东西。

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Junya Watanabe

It was the Saturday morning of Paris Fashion Week and Junya Watanabe's show, titled "Funky", was a welcome shot in the arm. Crammed on to benches in the belly of Palais de Tokyo, onlookers watched models sashay down the runway to "Like Sugar" by Chaka Khan. They wore printed skin-tight catsuits, base layers for looks including a diamanté bra-pants-sunglasses all-in-one combo, a PVC belt and bra look with spikes that could take your eyes out, chainmail dresses made out of electronic waste and a chandelier headpiece that cascaded from the head to the knees. Was it mad? Of course it was. But in a jittery moment for fashion where so many play it safe, there was also pleasure in imperfection and the avant-garde. As both the models and the audience whooped with delight, it felt like a glimpse of what fashion shows used to be like, before phones, before entertainment complex hype and before billion-dollar parent groups.

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Sacai

🌐 对照英文

另一位乐于坚持自我风格的日本设计师是 Sacai 的阿部千登势（Chitose Abe）。阿部（曾与渡边合作）偏好复杂的剪裁以及她所谓的“混合化”——将两种不同的服装风格或面料拼接在一起。本季，她专注于通过纹理、比例和结构的对比来重新诠释熟悉的服装，达到了极佳且依然具有可穿戴性的效果。受军事启发的剪裁通过闪亮的装饰、雪纺或缎面面料，以及如皮草或钻石等戏谑的印花而变得女性化，部分单品甚至在印花之上点缀了真实的材质。夸张的体积感随处可见，尤其体现在技术面料制成的裙装和袖口，以及一件极佳的白衬衫上。与许多设计师一样，阿部表示她希望在本季探索“紧张感”。她的作品中有一种低调的奇观感，但同时也具有真实的实质内容。

📄 Original Section

Hermès

There was an entertaining New Yorker profile of Hermès recently, one that explored how artistic director Nadège Vanhée has been introducing risqué sexiness and psychological depth to a traditionally conservative brand synonymous with equestrian culture. But

those looking for whips, harnesses and kinky leathers would have walked away disappointed from Vanhee's latest show on Saturday. Like other designers this season, after one of France's hottest summers on record, she had landed on creating airy light clothes. Barely there still has sensuality of course: see fine gauzy knit dresses with delicate leather panelling, sandy-coloured coat dresses with hems cut to ribbons and zippered trousers and skirts. But these clothes, largely in neutrals and citruses, felt more pragmatic than provocative. It left one wondering what direction Vanhee's debut couture show will take in January.

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K-pop明星为艺术策展增添魅力

🌐 对照英文

艺术市场 / BTS队长RM将其庞大收藏中的珍品出借给旧金山的一场小型展览。作者：Melanie Gerlis

“这次展览名为 RM x SFMOMA，但你知道，这里展出的是我的私人物品，所以我更希望被称作南俊（Namjoon）。或者，如果这个名字太长，你也可以叫我俊（Joon）。”在旧金山现代艺术博物馆（SFMOMA）举办的其艺术收藏展的语音导览开始时，K-pop顶流组合BTS的32岁领军音乐人金南俊（Kim Namjoon），即RM，如此说道。

他谦逊的开场白定义了此次名为《RM x SFMOMA：你我之间》（RM x SFMOMA: Between You and Me）的展览。该展于上周末开幕，将南俊收藏的139件作品（主要为韩国艺术品）与博物馆馆藏的39件作品（主要为西方艺术品）结合在一起。

对于一位在Instagram上拥有近5400万粉丝的多白金唱片流行巨星来说，这次展览出人意料地低调且亲切。上周出席VIP开幕式的首尔弗里兹艺术博览会（Frieze Seoul）总监帕特里克·李（Patrick Lee）表示：“它不是一场视觉盛宴，而这正是其力量所在。它既有魅力又严肃，令人耳目一新。”

随着K-pop和韩国艺术的走红，SFMOMA绘画与雕塑助理策展人兼本次展览共同策展人金孝恩（Hyoeun Kim）表示，其目的在于“有些人可能会因为通过音乐认识RM而前来，进而通过他的收藏发现一件艺术品或一位艺术家……同时，对于那些已经熟悉现代和当代艺术以及[我们]馆藏的参观者来说，这次展览提供了一个发现韩国艺术广度与深度的机会。”

南俊的收藏范围极其广泛——从一件六世纪的牛形陶俑，到名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如名作名家名作，如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该馆展出的藏品包括已故三星董事长李健熙捐赠给国家的收藏，其作品跨度超过 2,000 年，其中包括 23 件该国的瑰宝和国宝。

此次展览还邀请了韩国娱乐业的一颗巨星——金球奖提名者李秉宪，他的作品包括《鱿鱼游戏》和电影《KPop Demon Hunters》，大英博物馆已任命他为首位“展览大使”。

对于大英博物馆此次展览的项目策展人 Yoojin Kwak Choi 而言，韩国艺术的美学具有全球共鸣的特质，“尤其是来自朝鲜王朝 [1392-1897] 的作品，当时谦逊和节俭非常重要，并塑造了陶瓷的生产方式……这与当代和现代的极简主义美学结合得非常好。”

她发现，近期韩国文化的吸引力在于“许多韩剧、电影和音乐中存在的那种未经滤镜处理且被放大的情感，以及对不同全球影响的吸收与转化”。

上图：BTS 成员 RM 在旧金山现代艺术博物馆的新展中担任策展人；左图：伊夫·克莱因的雕塑作品 'Éponge (SE251)'，1961 年 —— Hybe；Phyllis C. Wattis 捐赠

她说，其结果是韩国艺术形式“具有一种极其精致的外观，无论是结合了舞蹈与视觉效果的流畅音乐视频，还是 K-beauty 中使用的最新技术或最新成分配方”。她说，这种“独特的审美在全球观众看来新鲜且新颖，产生了共鸣，并真正吸引了年轻一代”。

她认为，韩流（hallyu）至今已有 35 年历史。包括直接赞助和专门负责流行文化软实力的部门在内的政府支持已被证明是有效的。Kwak Choi 表示，最近的一次激增是以 BTS 的重组为标志的，其七名成员在完成韩国 18 个月的强制兵役后重新集结。

艺术市场也经历了波动，根据韩国文化体育观光部和韩国艺术管理服务中心的数据，销售额在 2022 年达到顶峰，为 8060 亿韩元（$600mn），比 2016 年增长了 100% 以上。

“韩国艺术并非突然‘走红’，它一直存在，只是现在更多的人接触到了它”

此后，总额已下降至接近 $500mn，但对于上个月监督在首尔举办的第五届 Frieze 艺术博览会的 Lee 来说，目前的胃口更加稳固，且失去了之前的投机倾向。他说：“韩国艺术并非‘走红’，它一直存在，只是现在更多的人接触到了它。”

旧金山的展览在最后的展厅中保持了冷静，这里由 Yun 的低调极简主义主导，并提醒人们记住 Namjoon 所描述的，一位经历过韩国毁灭性的 20 世纪的艺术家的“愤怒与优雅”。全球超级巨星潜在的华丽光芒退居其次，他广泛的收藏展示了一个意识到自己在整体格局中位置的人的心境。正如他所说：“我还年轻。我对生活一窍不通。我只是在摸索。”

展期至 2 月 7 日，sfmoma.org

合作伙伴

FT LIVE

THE ADECCO GROUP

📄 Original Section

Loewe

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构建以人为本且结合AI的劳动力队伍

🌐 对照英文

明确角色、技能与问责机制需要如何改变

2026年10月12日，星期一 / 18.00–21.00 伦敦，布拉肯大厦 (Bracken House)

诚邀高级管理人员参加这场专属的高管简报会及互动工作会议，共同探讨如何协调人机协作的混合劳动力队伍——哪些环节应实现自动化，AI可在何处增强人力，以及角色、技能和问责机制需要如何演进。

申请参加

演讲嘉宾包括：

Isabel Berwick

《Working It》编辑，

金融时报

Brian Holliday

首席执行官，

西门子英国及爱尔兰公司

Denis Machuel

首席执行官，

Adecco集团

Anna Thomas MBE

联合创始人兼联合主任，

工作未来研究所 (Institute for the Future of Work)

📄 Original Section

Junya Watanabe offered a glimpse of what fashion shows used to be like, before phones and before billion-dollar parent groups

Jack McCollough and Lazaro Hernandez have spent a year since their arrival as co-creative directors at Loewe putting their mark on this 180-year-old brand owned by LVMH. Their direction so far? Playful, sporty and with heavy doses of normcore and craft. It was more of the same at their show this season, held at the very end of the metro line at Château de Vincennes. Gas station sunglasses worn with polo dresses, and oversized macs finished with metallic collars and technical parkas worn over micro mini dresses (and cycling caps) were mixed in with multicoloured layered sleeveless shifts with intricate caviar-beaded hemlines (and headpieces) or hot pants embroidered with flowers. Conceptual clothes, sure, though a bit fussy and not especially wearable — until you saw those ideas translated into the more covetable shoes and bags, ultimately what ends up in the hands of consumers.

Sacai reinterpreted familiar clothing

Valentino included repackaged '80s-style partywear — Getty Images

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金融时报深度报道：中国经济

🌐 对照英文

📄 Original Section

Valentino

In the vast library in the Latin Quarter where guests gathered for the Valentino show, Alessandro Michele offered almost as many ideas as there were books lining the walls (and there were many). In his defence, this has always been the Michele way: the man has a magpie mind, constantly referencing ideas and epochs then repackaging them in his distinctive grand, colourful aesthetic. Here, there was lots of glamorous '80s-style partywear, most of which felt in line with the classic Valentino codes: strapless ruched dresses with ruffled bow hems, belted leather jackets with taffeta fishtail skirts; bold-shouldered suits or beaded coats with marabou-fringed sleeves over silky evening gowns. Lots of lace cycling shorts, and extravagant layered necklaces. At more than 80 looks, there was plenty to study, though it didn't feel like anyone was learning anything new.

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北京对海外资产的税收打击令该国富豪以及在香港、新加坡和东京管理其资金的企业感到不安。作者：Edward White, Leo Lewis, Owen Walker 和 Sun Yu

🌐 对照英文

邓小平曾有一句名言：“致富光荣”。这位伟大的中国改革者的口号成为了他推动国家向外界及其资本力量开放的标志。

在数十年的天文数字般增长中，中国确实有许多人致富了。如今，中国拥有世界第二大经济体，拥有超过 1,000 名亿万富翁和 500 万名百万富翁。

现在，钟摆再次回摆。强人习近平希望那些从中国经济崛起中获益最多的人增加对国家的贡献，由此开启了一场可能是历史上最雄心勃勃的全球税收追缴行动。

从 10 月 22 日起，当局将开始对离岸信托赚取的股息和利息征收 20% 的税款，明确目标是指向将资产转移至海外避税的中国富裕人群。

巴克莱银行（Barclays）的分析师认为，这些措施可能是更广泛行动的“潜在第一步”，旨在“将审查范围扩大到离岸持有的出口商收益、海外投资收益、海外就业收入，以及从长远来看，遗产税或继承税等领域”。

今年夏天宣布的这一突然举措令许多中国富豪感到震惊，其冲击波已波及整个亚洲的金融、法律和房地产行业。香港、新加坡和东京正处于动荡之中，因为它们作为中国离岸资金避风港的地位正面临生存考验。而其他地区（包括纽约的银行家）则从中看到了机会，试图保护中国客户免受其国家税务机关的追缴。

如果成功，这场行动有可能帮助北京填补中央政府国库中日益加深的财政漏洞，并使中国的税收制度与美国和欧洲接轨。“对于中国来说，财富国际化的速度远快于税收制度的演进，”亚洲协会政策研究所（Asia Society Policy Institute）中国分析中心的研究员 Lizzi Lee 表示，“现在，税收制度正在弥补这一差距。”

但这场行动也符合习近平重新分配中国财富、解决不平等并创建一个更平等社会的长期愿望。他在其五卷本演讲和文章集的第四卷中写道，重新分配和税收是实现“共同富裕”的手段，而共同富裕是“中国特色社会主义的本质要求”。

这标志着他在重新定义商业精英（这些精英助力了中国的崛起）与执政党中共之间社会契约的进程中又迈出了一步。

“关注点已经从邓小平‘致富光荣’的信条转移了，”美国智库詹姆斯敦基金会（Jamestown Foundation）的中国专家、研究员 Willy Wo-Lap Lam 表示，“习近平对极富阶层积累的财富持否定态度。”

这一消息是通过国家税务总局发布的一份典型的平淡通知传出的。

7 月 24 日，北京宣布将开始对离岸信托产生的收入征税。这不仅具有追溯力，而且将在多个时间点征收：从信托设立之时、底层资产增值之时，以及收入实现并分配给受益人之时。

此外，当信托资产被继承，或中国个人不再是内地税务居民（包括通过获得外国国籍）时，将适用一次性 20% 的税收。

'打击力度会有多大？虽然有一些答案，但我认为目前问题仍然更多'

该声明称，相关规则将适用于 2023 年至 2025年期间离岸资产的收益。个人及其顾问获得 90 天的宽限期（截至 10 月 22 日）以整理相关事务。此后，款项将每年征收一次。

几天后，在 8 月初，《金融时报》披露，税务官员实际上正在调查 2023-2025 年期间之外、信托之外以及远超中国国境范围的资产。

据多位官员、银行家和顾问透露，中国银行及其他金融机构已收到指示，审查中国富裕人士的海外投资，以检查其收入是否已向当局申报。在某些情况下，当局对海外资本利得和投资的审查时间可追溯至 2000 年。

中国的商业阶层以及在境内外协助管理其资金的庞大产业均措手不及。

一名要求匿名的中国科技投资者表示，他以及同样拥有高净值的友人对税制改革针对关键离岸持仓和历史收入的精准度，以及设定的紧迫缴款期限感到震惊。

北京中央商务区。从 10 月 22日起，中国当局将开始对离岸信托赚取的股息和利息征收 20% 的税款。

法新社 via Getty Images

“他们拥有系统，知道你在海外的投资……他们实际上可以拆解那些信托，”他说道，“我认为他们已经考虑这件事很久了。”

总部位于香港的丰裕信托服务（Fung Yu Trust Services）高级合伙人 Harry Yu 为与中国相关的家庭提供跨境财富结构和继承咨询，他表示，尽管北京的“方向是可以预见的”，但详细的信托规则出台得比他预想的要早。

“公告发布后，我的[即时通讯软件]被担心的询问填满了。我那个周末都在回复消息，”他补充道，“各家庭不得不将过去的交易、目前的现金需求和未来的继承安排统一处理。”

近几周，政府官员一直在协调力量向企业家施压，促使他们赶在 90 天截止日期前完成缴款。

据一名熟悉该高管税务问题的人士透露，在其中一个案例中，一家北京互联网公司的高管接到了权力巨大的国家发展和改革委员会（NDRC）当地分支机构以及其他地方政府官员的联系，询问自新税规生效以来的缴税情况。

随着北京设定的截止日期临近，Yu 正在紧急与客户合作，重建其历史离岸记录，以便在进入中国官方税务评估以及与相关地方税务机关讨论之前，建立一个可靠的事实基础。

在许多情况下，这并非易事。

“有时这更像是在做考古而非规划：在决定下一步怎么做之前，你必须先把碎片拼凑起来，”Yu 说道。

这些影响令香港和新加坡感到不安，因为中国的离岸财富高度集中在这些地区。

根据波士顿咨询公司（Boston Consulting Group）的数据，去年在香港登记的跨境财富达到 $2.9tn，使其超越瑞士成为全球最大的离岸财富中心。

但随着北京对香港的控制加强，这座城市在维持其独立于中国的金融中心身份方面陷入苦战。与此同时，新加坡已成为中国富裕国民的磁石，他们在这一低税管辖区设立家族办公室以管理财富，同时购买豪宅和高端汽车。

该城邦的金融和法律顾问表示，他们的中国客户在听到消息后陷入恐慌。“有一种难以置信的感觉，”新加坡律师事务所 Wong Partnership 的私人财富主管 Sim Bock Eng 回忆道，“许多人在搬到新加坡时设立了信托，认为这能保护他们免于在中国缴税。”

在新加坡最受关注的中国外籍人士中，包括海底捞火锅连锁店的共同创始人夫妇张勇和舒萍。据福布斯估计，他们的共同财富超过70亿加元。这对夫妇已入籍新加坡，设立了家族办公室，并在近年来在该城邦投资了数千万加元购买房产。

9月，舒萍突然出售了这家香港上市公司超过3.5亿加元的股票，导致其股价下跌12%。虽然公司未披露出售原因，但股票分析师推测，舒萍是在尝试筹集现金以支付税单。

其他居住在新加坡的中国移民可能不得不通过贱卖资产（如公司股票和房产）来支付中国税款，这一前景引发了焦虑。新加坡的55位亿万富翁中，包括几位与祖国有着广泛商业联系的中国出生企业家。

对于富裕个人而言，一个选择是从银行借款，使用公司股票和房产等抵押品来支付税单。

财富管理公司Wrise的首席执行官凯文·滕（Kevin Teng）表示：“大多数客户倾向于寻求融资方案，因为这能提供快速补救，而无需采取长期举措。这种情况将比直接出售顶级资产更为普遍。”

他表示，新加坡的房产等资产将是最后被出售的，因为它们提供了最高的安全性。

“家庭必须同时处理过去的交易、目前的现金需求以及未来的继承安排”

渣打银行全球财富规划与家族咨询主管麦克·谭（Mike Tan）表示，除了舒萍之外，还有许多较低调的公司高管通过出售股票来筹集资金的例子，但这种策略充满问题。他说：“这会导致股价下跌，从而损害你持有的其余股份。”

这些人一直是高端房产的激进买家，无论是东京中心区、大阪或其他大城市，还是某些热门滑雪胜地，尤其是北海道北岛的二世古。多位经纪人表示，在部分市场中，中国资金是推高房价的主要因素。一些人还在日本进行资产多元化配置，购买他们感兴趣领域的小型非上市企业，其中就包括清酒酿造。

他补充说，他的一位客户所持公司股票的价值，现在仅为其设立信托时的极小一部分。因此，他20%的税单金额可能比他持有的股票价值还要高。

现在，所有中国外籍人士都在紧急寻求建议，探讨如何在遵守中国税务机关规定的同时，又不至于对其如何将如此巨额资金转移出资本管制引起过多质疑。

“直到大约一年前，我们在东京与[中国]朋友在晚餐时的所有对话都围绕在：在哪里买好房子、还能从中国接多少家庭成员过来、最好的学校在哪里之类的话题。现在，很多对话都变成了税、税、税，”一位在东京经营科技投资公司的中国女企业家说道。

“他试图向税务官员解释这一点，但他明白新的税务规则仍然适用，他必须寻求建议并决定如何处理，”谭表示。

这种连锁反应在日本也得到了体现。尽管日本并非最大的离岸资产存放地，但多年来一直悄悄吸引着大量中国人，其中许多人富有且在中国仍有业务。

“打击会有多严重？留在日本是否依然可行？……虽然有一些答案，但我认为目前问题仍然更多。”

对于那些希望将其资产与中国当局隔离开的人来说，仍有一些可选方案。

F

一些新加坡的顾问报告称，有客户正在考虑将资产转移到台湾或美国——这两个国家并未正式签署经合组织（OECD）的共同申报标准（CRS）框架，该框架旨在促进不同司法管辖区之间金融账户信息的自动交换。

据两名知情银行家透露，在纽约，摩根士丹利（Morgan Stanley）的私人财富业务部门收到的来自香港和新加坡中国客户的咨询、开户和资产转移请求有所增加。他们表示，近几周以来，该团队几乎每天都会收到来自这两个亚洲金融中心的资金转移，这反映出中国富裕阶层对更广泛的投资渠道、更低的手续费、更有利的美国税务待遇以及更强地规避中国政府审查的需求日益增长。他们补充道：“所有金融机构都看到了这一趋势。”

许多将资产转移到纽约的摩根士丹利客户已经在香港或新加坡持有资金或证券。转移离岸资产非常简单。从香港或新加坡汇出的现金通常可以在当天或一个工作日内到达摩根士丹利的美国账户。符合条件的股票、债券和共同基金也可以直接从香港机构转移，无需先进行出售。摩根士丹利拒绝置评。

在美国，非居民外国人无需为其在当地的投资支付资本利得税。银行家们表示，许多使用纽约平台的中国客户也没有就其在美国的投资收益向中国申报或缴纳税款。

“财务顾问告诉我，要多了解如何获得外国国籍或设立‘基金会’，这在欧洲可以实现且无需纳税。我还在考虑（未来的打算）。但目前，我还是先交税吧。”

在美国和中国都能避免支付资本利得税的机会，是将资产从香港和新加坡转移到纽约的一个主要原因。而且，美国没有参与 CRS，降低了这些账户通过该系统被自动披露给中国当局的可能性。

然而，一名中国富裕投资者提醒道，考虑到私营部门贡献了全国约 80% 的就业岗位，中国领导层绝不能将企业领袖逼得太远。

一个更极端的举措是，中国富裕国民申请土耳其和新西兰等国的护照——对于富人来说，这些国家的办理速度相对较快——并放弃中国国籍。

但这种策略只能保护已经在海外的资产。而且，对于许多业务处于北京监管机构监视下的高管来说，放弃国籍也不是一个可行的选择。

“已经在 A 股上市公司担任 C 级管理职位的客户没有选择：他们不能拥有海外身份，”一名服务于一群创始人的驻华财富管理师表示。

“经营企业本身就已经承担了很多风险。你会觉得‘这太多了’，”他说道，并补充道：“这是一个钟摆：现在方向是这样，但它可能会摆回来。”

据几位熟悉当前上市标准的 IPO 银行家称，对于想要将公司上市的人来说，个人税务清算在实践中也是在内地市场上市的条件之一。

一些人警告称，中国精英阶层几乎无法逃脱北京的长臂管辖。加州克莱蒙特麦肯纳学院（Claremont McKenna College）的中国治理专家裴敏欣（Minxin Pei）表示：“政府觉得它有权且能够将人们追回‘祖国’。这就是这种心态，你永远无法‘非中国化’。”

詹姆斯敦（Jamestown）的林（Lam）表示，北京严厉的税务当局显然是习近平的优先事项，他将这一行动视为更广泛的“平等主义推动”的一部分，这与此前对私营科技巨头和房地产开发商的打击是一致的。

面对这种程度的决心，中国许多高净值人群正向不可避免的趋势低头。一名中国科技集团的高管表示，他曾考虑立即关闭其离岸信托，但最终决定不这样做，因为这将触发 20% 的关闭税。由于在内地仍有家人，他无法立即移民离开中国。

香港和新加坡是中国内地离岸财富的主要目的地 高比例公司（6%）的离岸资本配置

数据基于 2025 年 9 月对 1,000 名来自中国内地的富裕旅行者进行的调查，其中 50% 的受访者报告拥有离岸资产 来源：MDRi

中国个人所得税收入今年有所增长 单位：万亿元（1月至8月） 1.5

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

来源：财政部；Wind；金融时报计算

金融时报

“无畏无私”

📄 Original Section

Sacai

Another Japanese designer happily doing things their own way is Chitose Abe at Sacai. Abe (who once worked with Watanabe) has a penchant for complex cutting and what she calls "hybridisation" — splicing two different clothing styles or fabrics together. This season, she focused on reinterpreting familiar clothing through contrasts in textures, proportions and construction to terrific but still wearable effect. Military-inspired tailoring was feminised with sparkling embellishments, chiffon or satin fabrications and tongue-in-cheek prints like fur or diamonds, with some pieces then finished with the real deal sitting on top of the print. Exaggerated volume was everywhere, especially on skirts and sleeves in technical fabrics, and a great white shirt. Like so many designers, Abe said she wanted to explore tension this season. There was understated spectacle to her work, but also real substance.

佩德罗·桑切斯的重大选举豪赌

🌐 对照英文

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📄 Original Section

K-pop star brings charm to art curation

The Art Market | BTS leader RM has lent gems from his vast collection to an intimate show in San Francisco. By Melanie Gerlis

“T his exhibition is called RM x SFMOMA but, you know, it's about my personal things, so I prefer to be called Namjoon. Or

you could call me Joon, like, if it's too long." So says Kim Namjoon, aka RM, the 32-year-old lead musician of K-pop sensations BTS, at the start of the audio guide to the showing of his art collection at the San Francisco Museum of Modern Art.

His modest opener characterises RM x SFMOMA: Between You and Me, which opened last weekend and combines 139 works from Namjoon's mostly Korean art with 39 pieces of mostly western art from the museum's holdings.

For a multi-platinum pop star, with an Instagram following of nearly 54mn, the display is surprisingly unassuming and intimate, says Patrick Lee, director of Frieze Seoul, who was at the VIP opening last week. "It is not a spectacle, and that's its strength. It is charming and serious, very refreshing," he says.

As K-pop and Korean art ride high, the point, says Hyoeun Kim, SFMOMA's assistant curator of painting and sculpture and co-curator of the exhibition, is that “someone might come because they know RM through music, then discover an artwork or artist through his collection . . . At the same time, for visitors who are already familiar with modern and contemporary art and [our] collection, the exhibition offers an opportunity to discover the breadth and depth of Korean art.”

The range of Namjoon's collection is vast – from a sixth-century earthenware figurine of a cow to a new sculpture by Kohei Nawa, "PixCell-Toy-Plum Blossom" (2026), an ornament covered in small, glass spheres. Most of the works fall in the postwar and contemporary camp, and there is range here too. Cartoony pieces by the popular Japa nese artist Yoshitomo Nara vie with a particularly fine collection of monochrome dansaekhwa paintings and gems from an increasingly prized 20th-century abstract movement. Most notable is Yun Hyong-keun, with 16 works of ethereal bleeding colour on show (one of Yun's paintings featured on the cover of RM's debut solo album of 2022, though this is not in the exhibition).

Namjoon describes the exhibition as “a total confusion of mine” and its display as “unconventional”, and there are certainly some novel approaches. One of the exhibition rooms is grouped by the theme “I don’t know . . . but I like it” with works including those by Nara and Nawa, as well as a wood and stone totem-like sculpture by the early avant-garde Korean artist Lee Seung-taek.

The SFMOMA pairings help organise some sort of a scheme, with the overall aim to build bridges between cultures without laboured explanations. “Not to suggest that the artists shared the same histories or experiences, but to see what new perspectives might emerge from bringing them together,” Kim says.

The match-ups certainly highlight the quality of Korea's artists. In the exhibition's first room are works by dansaekwa painter Kim Whanki, Yun's father-in-law and teacher, and whose blue palette came to be known as "Whanki Blue"; these are fittingly paired with Yves Klein's "Éponge (SE251)" sponge sculpture of 1961. Yun is, unsurprisingly, paired with Mark Rothko, among others.

The San Francisco show comes at a time when Korea's art — old and new — is taking a starring role on the international stage. The same city's Asian Art Museum has a coinciding retrospective of Ha Chong-hyun, the 91-year-old artist's first North American survey. And last week, London's British Museum opened its Korea exhibition, drawing on

ARTS

the collection bequeathed to the nation by the late Samsung chair Lee Kun-hee, and with works that span more than 2,000 years, including 23 of the country's Treasures and National Treasures.

This exhibition also boasts a star from Korea's entertainment industry in tow – the Golden Globe nominee Lee Byung-hun, whose credits include Squid Game and the film KPop Demon Hunters, and whom the museum has appointed as its first “exhibition ambassador”.

For Yoojin Kwak Choi, project curator of the British Museum show, the aesthetics of Korean art lend themselves to resonate globally, “particularly those from the Joseon dynasty [1392-1897] where modesty and frugality were really important and shaped how ceramics were produced . . . This marries super well with contemporary and modern minimalist aesthetics.”

More recently, she finds, the appeal of Korea's culture is the “unfiltered and amplified emotion that is present in a lot of [its] drama, film and music, and combined with an absorption and transformation of different global influences.”

Above: BTS rapper RM has turned curator with a new show at the San Francisco Museum of Modern Art; left: Yves Klein's 'Éponge (SE251)' sculpture, 1961 — Hybe; Bequest of Phyllis C. Wattis

The result, she says, is that Korean art forms “have this super-polished look, whether slick music videos that combine dance and visuals or using the latest tech or latest ingredient formulas in K-beauty”. The “distinct aesthetic resonates with global audiences as fresh and new, and really draws in the younger generations,” she says.

She identifies 35 years of the Korean Wave, or hallyu, so far. Government support, including direct sponsorship and a department dedicated to the soft power of popular culture, has proved effective. The latest surge, Kwak Choi says, has been punctuated by the reforming of BTS, whose seven members have reunited after undertaking Korea's mandatory 18 months of military service.

The art market too has had waves, peaking in 2022 with sales of

'Korean art isn't "hot", it has been here a long time, but more people are being exposed to it'

KRW806bn (\$600mn), up more than 100 per cent since 2016, according to data from Korea's Ministry of Culture, Sport and Tourism and Korea Arts Management Service. Totals have since fallen to nearer \$500mn, but for Frieze's Lee, who oversaw the fair's fifth edition in Seoul last month, current appetite is more rooted and has lost its previous speculative tendencies. “Korean art isn't ‘hot’, it has been here a long time, but more people are being exposed to it,” he says.

The San Francisco exhibition plays it cool in its final rooms, which are dominated by the muted minimalism of Yun and a reminder of what Namjoon describes as the “rage and grace” of an artist who lived through Korea’s devastating 20th century. The potential pizzazz of a global superstar takes a back seat as his wide-ranging collection displays the mind of someone who is aware of his place in the scheme of things. As he puts it, “I’m still young. I don’t know a thing about life. I’m just figuring it out.”

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民调显示，这可能是这位西班牙首相的最后一战

🌐 对照英文

西班牙首相佩德罗·桑切斯（Pedro Sánchez）的职业生涯一直以高风险豪赌著称。他最新的举动是宣布在11月29日举行提前选举，试图利用引发大规模抗议的住房危机，将其转化为正面迎击右翼对手的机会。民意调查显示，这可能是他的最后一战。

桑切斯领导的社会工人党（PSOE）支持率为26%，远低于反对党人民党（PP）的32%，以及其可能的联盟伙伴——右翼民粹主义政党Vox党的18%。社会工人党的极左翼盟友波多莫斯（Podemos）和Sumar党的支持率均在个位数，且处于分裂和迷茫状态，这在一定程度上是因为桑切斯采用了民粹左翼的措辞，削弱了他们的地位。

这场斗争不仅关乎西班牙的发展方向，也关乎欧洲左翼的未来。桑切斯在周一自豪地表示，西班牙已成为“和平、女权主义和繁荣的全球参考点”。他是欧盟中孤独的进步主义旗手：支持移民和技术监管，对重新武装持怀疑态度，且坚定地反对特朗普。他的失败可能会迎来另一个中右翼与民族主义民粹主义的联盟——这可能会给欧盟带来麻烦。

自2018年就任首相以来，桑切斯从未拥有过议会多数席位。他的最新一届政府已变成一个“僵尸政府”，在很大程度上无法通过重大立法，被各种事件冲击且深陷腐败丑闻。尽管首相经常警告威权右翼对民主构成的危险，但他自己却越来越多地诉诸于通过法令治理。对于西班牙来说，能够比原计划更早地获得一次议会重启的机会，以及至少拥有建立一个更稳定政府的可能性，是一件好事。

他的保守派对手长期以来一直质疑桑切斯的执政授权。自2018年社会工人党联合包括民族主义政党在内的反对派，通过不信任投票推翻人民党首相马里亚诺·拉霍伊（Mariano Rajoy）以来，他一直领导着一系列少数派政府。在2023年的提前选举后，排名第二的社会工人党在加泰罗尼亚亲独立政党的支持下组建了一个弱势的少数派政府，作为回报，政府为那些在非法加泰罗尼亚脱离尝试期间被定罪的人员提供特赦。

特赦是该政府的主要立法成就。它有助于实现加泰罗尼亚的缓和并化解紧张局势，但在西班牙国内引起了激烈争议。

首相最新的激进策略是试图利用人们对西班牙住房危机以及一名87岁女性被驱逐出马德里公寓的愤怒情绪。他将自己塑造为租房者权利的进步捍卫者，而将保守派反对党描述为保护剥削精英利益的势力——上周，反对党否决了桑切斯政府提出的两项关于住房的紧急法案。

这场斗争不仅关乎国家的方向，也关乎欧洲左翼的未来

桑切斯曾有多次智胜反应迟钝的对手的记录，但考虑到住房短缺在他执政的八年间有所恶化，且因大规模移民而加剧，这次豪赌即便对他而言似乎也过于勉强。

这位西班牙首相拥有不错的经济记录。但欧盟疫情基金和不受限制的移民这两台驱动引擎正在结束，或已达到公众接受的极限。政府的漂移以及涉及首相亲信成员的贪腐指控已留下了印记。

在一个极化且高度紧张的政治体系中，桑切斯的批评者经常激烈地质疑其合法性。但桑切斯本人并不害怕通过夸大极右翼的危险来使辩论极化，以此转移人们对其自身表现的关注。而这一次，这样做可能已经不够了。

民意科学（Opinion Science）

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摩擦学如何驱动经济世界运转

🌐 对照英文

安迪·卡特 (Andy Carter)

安贾娜·阿胡贾 (Anjana Ahuja)

在 20 世纪 60 年代初，就在工党领袖哈罗德·威尔逊 (Harold Wilson) 以承诺利用“技术的白热化”而上台后，英国工程师出身的钢铁厂老板兼企业家彼得·约斯特 (Peter Jost) 察觉到了自己的机遇。

约斯特拥有润滑剂领域的背景，并且在工业界、学术界和政界拥有广泛的人脉。他成功说服政府就困扰全欧洲钢铁厂的机械故障类型委托撰写一份报告。不出所料，1966 年的约斯特报告极力推崇润滑，但同时也为一门名为“摩擦学”（tribology）的新学科奠定了基础。摩擦学是研究表面相互运动并产生摩擦与磨损的科学与技术。约斯特在最终确定这个名称之前，甚至咨询了《牛津英语词典》的编辑，该词源自希腊语“tribo”，意为“摩擦”。

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📄 Original Section

FT BIG READ. CHINESE ECONOMY

优化表面交互可节省大量能源并提高 GDP

🌐 对照英文

从宏观来看，摩擦学（tribology）是一门从字面上让经济各环节保持运转的学科——而且，就像许多专注于预防的研究一样，它在很大程度上被人们所忽视。然而，60 年后的今天，该报告的核心观点之一依然适用：在工业规模上优化表面交互（例如轮胎与沥青之间）这一隐形业务，可以节省大量能源并提高 GDP。

“讽刺的是，摩擦学影响着我们使用的几乎所有东西，但大多数人从未听过这个词，”伦敦帝国理工学院摩擦学教授丹尼尔·迪尼（Daniele Dini）说道。这准确地描述了我上周在《物理世界》（Physics World）的一篇文章中初次接触这个术语的经历。迪尼补充道，如果没有摩擦学，“机器会迅速磨损，车辆将消耗更多燃料，制造工艺的效率会降低，许多医疗设备将无法可靠地运行”。

牙膏、剃须膏和化妆品等物质都是摩擦学的胜利之作，在手机上滑动屏幕亦然。我们的生活充满了经过精心校准的表面接触，以确保抓地力、触感、阻力、纹理和运动之间达到合适的平衡。南安普顿大学表面工程与摩擦学教授罗伯特·伍德（Robert Wood）将牙膏描述为“一种经过精心设计的摩擦学浆料”，旨在清除牙齿上的碎片，而不会剥离牙釉质或损伤牙龈。

更广泛地说，伍德将摩擦学定义为“在包括风能和核能发电、汽车、铁路、航空航天、生物医学植入物（包括关节置换）以及食品加工在内的各领域中，默默支撑工业生产力的赋能技术之一”。它可能包括对工业工厂中的滚珠轴承、润滑剂、涂层和添加剂的研究；而口腔摩擦学则研究食物颗粒与舌头、上腭和牙齿之间的摩擦，以确保冰淇淋尝起来具有奶油般的顺滑感。

能源使用是一个至关重要的考量因素。例如，汽车的所有燃料并非都用于从 A 点移动到 B 点。一部分用于克服轮胎与路面之间的摩擦，一部分用于抵消空气动力学损失，还有一部分用于弥补发动机和变速箱内部的摩擦损失。

“尽管具有巨大的经济影响，但摩擦学的可见度仍低于人工智能、机器人、半导体或生物技术等领域，”伍德表示。这可能是因为它跨越了包括材料科学、化学和计算在内的现有学科。

摩擦学是实现净零排放路径中的核心关注点（伍德担任一个向政府提供相关问题建议的委员会主席）。风力涡轮机的齿轮箱经常在设计寿命结束前失效，有时是因为其运动部件上的润滑膜在风速和风向变化时容易发生剪切。科学家们还在探索“摩擦电效应”，即利用表面的摩擦来发电。

未来的摩擦学目标包括预测和预防磨损，而非在磨损发生后进行测量，以及开发可持续润滑剂。石墨烯以及在原子尺度上光滑的材料等进展，也让人对“超润滑”寄予希望，在这种状态下，运动部件之间的摩擦将降至接近零。如果能规模化应用，这将彻底改变能源效率。

这一切与约斯特（Jost）以及在他之前的列奥纳多·达·芬奇（Leonardo da Vinci）相去甚远。根据达勒姆大学法医工程教授兼摩擦学家萨拉·海恩斯沃思（Sarah Hainsworth）的说法，达·芬奇在 1493 年的《福斯特手稿》（Codex Forster）中记录了关于摩擦的笔记。而与古埃及人则相距更远，他们曾将油脂涂在用于搬运金字塔石块的雪橇滑轨上。

纵观历史，摩擦学的发展轨迹似乎总能变得更加顺滑。

作者为科学评论员

---

📄 Original Section

Beijing's tax crackdown on overseas assets has rattled the country's wealthiest people and the businesses in Hong Kong, Singapore and Tokyo that manage their money. By Edward White, Leo Lewis, Owen Walker and Sun Yu

T

o get rich," Deng Xiaoping famously said, "is glorious". The great Chinese reformer's slogan became synonymous with his cam-

paign to open the country up to the outside world and its capitalist forces.

And over decades of astronomical growth, many in China did get rich. Today, the country boasts the world's second-biggest economy, with more than 1,000 billionaires and 5mn millionaires.

Now the pendulum is swinging back again. Strongman Xi Jinping wants those who benefited the most from China's economic ascent to increase their contributions back to the state, embarking on what could be the most ambitious global tax hunt in history.

From October 22, authorities will begin collecting a 20 per cent tax on dividends and interest earned from offshore trusts, explicitly targeting wealthy Chinese people who shelter their assets overseas.

Analysts at Barclays view the measures as “potentially the first steps” in a broader campaign to “[expand] scrutiny to areas such as exporter earnings held offshore, overseas investment income, overseas employment income and, over the longer term, estate or inheritance taxation”.

The sudden move announced this summer came as a shock to many of China's wealthiest people, and the shockwaves have been felt in financial, legal and property industries across Asia. Hong Kong, Singapore and Tokyo are in flux as their status as havens for money channelled offshore from China faces an existential test. Others, including New York bankers, spy an opportunity to shield Chinese customers from their country's taxman.

If successful, the campaign has the potential to help Beijing fill a deepening fiscal hole in central government coffers, and could also bring China's tax system in line with the US and Europe. "For China, wealth became international much faster than the tax system did," says Lizzi Lee, a fellow at the Asia Society Policy Institute's Center for China Analysis. "Now the tax system is just closing that gap."

But the campaign also serves Xi's long-term desire to redistribute wealth in China, tackle inequality and create a more egalitarian society. Redistribution and taxation are a means of achieving “common prosperity”, he wrote in the fourth of his five-volume collection of speeches and essays, which is “an essential requirement of socialism with Chinese characteristics”.

It marks a further step along his journey of redrawing the social contract between the business elite who helped propel China's rise and the ruling CCP.

"The shift in focus is away from the ‘to get rich is glorious’ mantra of Deng Xiaoping," says Willy Wo-Lap Lam, a China expert and fellow at the Jamestown Foundation, a US think-tank. "Xi frowns on wealth accumulated by the filthy rich."

The news came via a typically bland notice issued by the national tax office.

On July 24, Beijing announced it would begin taxing income generated by offshore trusts. Not only would this be retroactive, but it would also be levied at numerous points, from when the trust is established, as the underlying assets appreciate, and including when income is realised and distributed to beneficiaries.

A further one-off 20 per cent tax would apply when trust assets are inherited or when a Chinese individual ceases to be a mainland tax resident, including by acquiring foreign citizenship.

'How hard is it going to hit? There are some answers but I'd say there are still more questions at this point'

The statement said the rules would apply to gains on offshore assets from 2023 to 2025. Individuals and their advisers were allowed a 90-day grace period – until October 22 – to get their affairs in order. After that, the payments would be collected annually.

A few days later, in early August, the FT revealed that tax officials are, in fact, probing beyond the 2023-2025 period, beyond trusts, and well beyond China's borders.

According to multiple officials, bankers and advisers, Chinese banks and other financial institutions have been instructed to review overseas investments by wealthy Chinese people to check if income has been declared to authorities. In some cases, the authorities' scrutiny of overseas capital gains and investments went as far back as 2000.

China's business establishment was caught off guard, as well as the vast industry helping to manage their money inside and outside the country.

One Chinese tech investor, who spoke on the condition of anonymity, says he and friends of similar high net worth were shocked by the precision with which the tax reforms target key offshore holdings and historic income, and the tight deadline set to pay.

Beijing's central business district. From October 22, Chinese authorities will begin collecting a 20 per cent tax on dividends and interest earned from offshore trusts

AFP via Getty Images

“They have the system, they know your investments overseas . . . they can actually break open those trusts,” he says. “I think they’ve been thinking about this for a long time.”

Harry Yu, a senior partner at Hong Kong-based Fung Yu Trust Services, who advises China-connected families on cross-border wealth structuring and succession, says that although Beijing's "direction was foreseeable", the detailed trust rules arrived sooner than he expected.

"After the announcement, my [messaging app] filled up with worried questions. I spent that weekend responding to messages," he adds. "Families are having to address past transactions, present cash needs and future succession arrangements together."

Over recent weeks government officials have been co-ordinating efforts to put pressure on entrepreneurs, nudging them to meet the 90-day deadline.

In one example, an executive at a Beijing-based internet company was contacted by the local branch of the powerful National Development and Reform Commission as well as other local government officials over tax payments since the new taxing rule took effect, according to a person familiar with the executive's tax issues.

With Beijing's deadline looming, Yu is urgently working with clients to reconstruct their historical offshore records to establish a reliable factual basis before they move towards an official Chinese tax assessment and discussions with the relevant local tax authorities.

In many cases, this is no easy task.

“Sometimes it is closer to archaeology than planning: you have to put the pieces back together before deciding what to do next,” Yu says.

he repercussions have rattled Hong Kong and Singapore, where Chinese offshore wealth is highly concentrated.

Cross-border wealth booked in Hong Kong reached \$2.9tn last year, allowing it to overtake Switzerland as the world's largest offshore wealth centre, according to Boston Consulting Group.

But as Beijing's authority over Hong Kong has tightened, the city has struggled to maintain its identity as a financial hub independent of China. Singapore, meanwhile, has become a magnet for wealthy Chinese nationals, who set up family offices in the low-tax jurisdiction to manage their fortunes while buying luxury properties and high-end cars.

Financial and legal advisers in the city-state say their Chinese clients flew into a panic upon hearing the news. "There was a sense of disbelief," recalls Sim Bock Eng, head of private wealth at Wong Partnership, a Singapore law firm. "Many had set up trusts when they relocated to Singapore and thought that would protect them from paying tax in China."

Among the highest-profile Chinese expats in Singapore are Zhang Yong and Shu Ping, the married co-founders of Chinese hotpot restaurant chain Haidilao. Forbes estimates that their combined fortune is more than \$7bn. The pair have taken up Singaporean citizenship, set up a family office and spent tens of millions of dollars on properties in the city-state in recent years.

In September, Shu abruptly sold more than \$350mn of stock in the Hong Kong-listed company, sending its shares down 12 per cent. While the company did not disclose the reasons for the sale, equity analysts speculated that Shu was trying to generate cash to pay her tax bill.

The prospect of other Chinese émigrés living in Singapore having to undergo a fire sale of assets — such as company shares and properties — in order to pay Chinese taxes has caused anxiety. Singapore's 55 billionaires include several Chinese-born entrepreneurs with extensive business ties to their homeland.

One option for wealthy individuals would be to borrow money from banks, using collateral such as company shares and property, to pay their tax bills.

“Most clients prefer to look at financing options because that gives them a quick remedy without having to make longer-term moves,” says Kevin Teng, chief executive of wealth manager Wrise. “There will be more of these than outright sales of trophy assets.”

He said assets such as property in Singapore would be among the last to be sold because they provided the most security.

‘Families are having to address past transactions, present cash needs and future succession arrangements together’

Mike Tan, global head of wealth planning and family advisory at Standard Chartered, says there were plenty of lower-profile examples than Shu of company executives selling shares apparently to raise funds, but this tactic was fraught with problems. “This can cause drops in the share price, which damages the rest of your holdings,” he says.

These people have been extremely aggressive buyers of higher-end property, either in central Tokyo, Osaka or other major cities, or in some of the favourite ski resorts, notably Niseko in the northern island of Hokkaido. In some parts of the market, say multiple brokers, the Chinese money has been a major factor in inflating property prices. Some have also been diversifying their assets in Japan, buying small unlisted businesses in areas that interest them, sake brewing among them.

He adds that the value of shares in one of his client's companies is now a fraction of what they were worth when he set up his trust. As a result, his 20 per cent tax bill could be larger than the value of shares he owns.

Now, all the Chinese expats are urgently seeking out advice on how to keep on the right side of the tax man in China, while also not raising too many questions about how they got so much money past capital controls.

“Until about a year ago, all the conversations we had at dinner among [Chinese] friends in Tokyo were about where to buy good properties, how many more family members could be brought over from China, where the best schools were, that kind of thing. Now, a lot of the conversation is about tax, tax, tax,” says a Chinese businesswoman who runs a tech investment firm in Tokyo.

"He tried to explain this to the tax officer, but understands that the new tax rules still apply and he would have to take advice and decide what he wishes to do," Tan says.

The fallout has also been felt in Japan. Even though it is not among the largest repositories for offshore assets, it has for many years been quietly attracting a huge flow of Chinese, many wealthy and with businesses still in China.

"How hard is it going to hit? Is it still viable to stay in Japan? . . . There are some answers but I'd say there are still more questions at this point."

or those hoping to shield their assets from the Chinese authorities, there are options available.

F

Some Singaporean advisers report clients who are weighing moving their assets to Taiwan or the US – two countries that are not formally signed up to the OECD's Common Reporting Standard (CRS) framework, which facilitates the automatic exchange of financial account information between jurisdictions.

In New York, Morgan Stanley's private wealth business has seen an increase in enquiries, account openings and asset transfers from Chinese clients in Hong Kong and Singapore, according to two bankers with knowledge of the matter. The team has received transfers from the two Asian financial centres on close to a daily basis in recent weeks, they say, reflecting growing demand among wealthy Chinese for broader investment access, lower fees, favourable US tax treatment and greater protection from Chinese government scrutiny. "This is a trend that all financial firms are seeing," they add.

Many of the Morgan Stanley clients moving assets to New York already hold money or securities in Hong Kong or Singapore. Moving offshore assets is straightforward. Cash sent from Hong Kong or Singapore can generally reach a Morgan Stanley US account on the same day or within one business day. Eligible stocks, bonds and mutual funds can also be moved directly from a Hong Kong institution without first being sold. Morgan Stanley declined to comment.

In the US, non-resident foreigners are not required to pay capital gains tax on investments there. The bankers say that many Chinese clients using the New York platform also do not report or pay Chinese tax on their US investment gains.

“Financial advisers told me to learn more about obtaining foreign citizenship or setting up a ‘foundation’, which can be done in Europe without paying tax. I am still thinking about it [for the future]. But for now, I’ll just pay.”

The opportunity to avoid paying capital gains tax in the US and in China is a major reason for moving assets from Hong Kong and Singapore to New York. And the absence of US participation in CRS reduces the likelihood that the accounts will be disclosed automatically to Chinese authorities through that system.

Yet one of the wealthy Chinese investors cautions that China's leaders must not push business leaders too far, given that the private sector is responsible for about 80 per cent of the nation's jobs.

A more extreme move would be for wealthy Chinese nationals to apply for passports in countries such as Turkey and New Zealand – which can be processed relatively quickly for wealthy individuals – and renounce their Chinese citizenship.

But that tactic would only work to shelter assets already outside China. And giving up citizenship is also not a feasible option for many executives whose businesses fall under the watch of Beijing's regulators.

“Clients who are already in the C-level position of A-share listed firms have no choice: they cannot have overseas status,” says one China-based wealth manager who serves a group of founders.

“Running a business means taking on a lot of risk already. You become like, ‘this is too much’,” he says, adding: “It is a pendulum swing: right now, the direction is this. It could swing back.”

And for people who want to take their companies public, personal tax clearance is also, in practice, a condition for listing in the mainland market, according to several IPO bankers familiar with current listing standards.

Some warn that there is little China's elite can do to escape Beijing's long reach. "The government feels like it has access and a right to pursue people back to 'the motherland'," says Minxin Pei, an expert in Chinese governance at Claremont McKenna College in California. "This is this mindset, you can never be un-Chinese."

Beijing's rigid tax authority is clearly a high priority to Xi, who views the campaign as part of a broader “egalitarian push”, says Jamestown's Lam, in line with earlier crackdowns on private tech giants, and property developers.

Faced with this level of determination, many of China's high-net-worth class are bowing to the inevitable. A senior executive with a Chinese tech group says he considered closing his offshore trust immediately but decided against it because that would trigger the 20 per cent closure tax. Emigrating from China was not immediately possible because he still has family in the mainland.

Hong Kong and Singapore are the main destinations for mainland Chinese offshore wealth Offshore capital allocation of high-rate companies (6%)

Data based on a survey conducted in Sep 2025 of 1,000 affluent travellers from mainland China, $50\%$ of whom reported having offshore assets Source:MDRi

China's personal income tax revenue has risen this year Rmb tn (Jan to Aug) 1.5

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Sources: Ministry of Finance; Wind; FT calculations

FINANCIAL TIMES

'Without fear and without favour'

ft.com/opinion

读者来信

🌐 对照英文

📄 Original Section

Pedro Sánchez's big electoral gamble

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要抑制美国通胀需要更激进的紧缩政策

🌐 对照英文

我非常赞同希拉·贝尔（Sheila Bair）对美联储在9月16日宣布的加息25个基点的支持，也赞同她关于传统观点误解利率变动如何影响实体经济的主张（“美联储这次将实体经济置于华尔街之前”，评论版，9月28日）。

如果您对《金融时报》对您投诉的回复不满意，可以向《金融时报》编辑投诉专员提出申诉：complaints.commissioner@ft.com

尽管如此，我认为她低估了所需的力度。

电子邮件：letters.editor@ft.com

如果加息25个基点是正确的，因为家庭承受的是物价而非信贷成本，那么我们应当坦诚，上述加息并不能显著缓解前者。要真正地抑制通胀

请附上白天的电话号码和详细地址 勘误：corrections@ft.com

意味着需要远为激进的紧缩政策——这种政策将带来像沃尔克时代那样沉重的代价。这个代价是真实的：产出严重下降，且失业压力将不成比例地由那些缓冲能力最弱的人群承担。不存在温和地拆除这座跨越四十年的债务金字塔的方法。然而，在花费了40年时间推迟支付成本之后，我们已不再拥有选择是否支付的奢侈。

我很喜欢阅读芭芭拉·蒙斯（Barbara Moens）的评论文章《交易商渴望测试布鲁塞尔关于区域冠军的政策》（评论版，10月2日）。它再次表明，很多事情取决于布鲁塞尔的政治风向如何吹动。难怪公司及其顾问会根据谁的交易在谈判桌上，而主张更宽松或更严格的执法。

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📄 Original Section

Opinion polls suggest it may be the last for the Spanish prime minister

Spanish prime minister Pedro Sánchez has made a career out of high-stakes gambles. His latest is to call snap elections for November 29, seeking to use a housing crisis that has prompted mass protests as an opportunity to face down his rightwing opponents. Opinion polls suggest it could be his last.

Sánchez's Socialist party (PSOE) on 26 per cent is well behind the opposition People's Party on 32 per cent and its probable coalition partner, the right-wing populist Vox, on 18 per cent. PSOE's far-left allies Podemos and Sumar, both in single figures, are divided and rudderless, weakened by Sánchez talking the language of the populist left.

This is a fight not just for the direction of Spain but also for the future of the left in Europe. Spain had become a “global reference point for peace, feminism and prosperity”, Sánchez boasted on Monday. He is a lonely progressive standard-bearer in the EU: pro-immigration and tech regulation, sceptical on rearmament, and staunchly anti-Trump. His defeat could usher in another centre-right/nationalist-populist coalition — which could spell trouble for the EU.

Sánchez has never had a parliamentary majority since becoming prime minister in 2018. His latest administration has turned into a zombie government, largely unable to pass major legislation, buffeted by events and mired in corruption scandals. The prime minister frequently warns of the dangers to democracy from an authoritarian right, but has increasingly resorted to rule by decree. It is good for Spain to have an earlier-than-scheduled chance at a parliamentary reset and at least the possibility of a more stable government.

His conservative opponents have long questioned Sánchez's mandate to govern. He has led a series of minority governments since 2018 when the PSOE united the opposition, including nationalist parties, against the PP premier Mariano Rajoy in a no-confidence motion. After snap elections in 2023, the second-placed Socialists formed a weak minority government with the support of the Catalan pro-independence parties in return for an amnesty for people convicted of offences during the illegal Catalan secession attempt.

The amnesty has been the government's main legislative achievement. It helped achieve détente in Catalonia, defusing tensions, but it was deeply contentious in Spain.

The prime minister's latest sharp manoeuvre is to try to harness the outpouring of anger over Spain's housing crisis and the eviction of an 87-year-old woman from her Madrid flat. He is presenting himself as a progressive champion of tenants' rights against a conservative opposition – which last week voted down two emergency bills on

This is a fight not just for the direction of the country but also for the future of the left in Europe

housing from Sánchez's government – that he says is protecting the interests of an exploitative elite.

Sánchez has a record of outfoxing flat-footed opponents, but his latest gambit seems a stretch even for him, given that the housing shortage has worsened during his eight years in power, aggravated by mass immigration.

The Spanish premier has a decent economic record. But the twin motors of EU pandemic funds and unbridled immigration are ending or reaching the limit of public acceptance. Government drift and allegations of graft involving members of the prime minister's inner circle have left their mark

In a polarised and highly charged political system, Sánchez's critics have often vehemently questioned his legitimacy. But Sánchez himself is not afraid of polarising the debate by playing up the dangers of the far right, when it turns attention from his own performance. This time it may well not be enough.

Opinion Science

警告不要将欧盟合并法推得太远

🌐 对照英文

竞争法并非经济政策。它基于法律原则，无论当事人是谁，无论买家来自何处，都必须以相同的方式适用。这种中立性赋予了企业确定性，也维持了制度的合法性。一旦它变得可以协商，两者都将丧失。

贝尔的观点是正确的，金融体系是传导机制，因此处于顶端的人攫取了廉价资金的收益。然而，这里存在一个讽刺之处

新指南增加了规模、创新和韧性的权重，但它们仍然只是指南。法律测试标准与此前相同。

这并非新鲜事。早在7月，贵报在《欧洲风力涡轮机制造商探讨合并前景以打造冠军企业》（报道，7月29日）中就已经提出了同样的问题。两个月后，争论点不再是一个行业是否应该获得特殊待遇，而是哪笔交易将率先获得该待遇。

文中引用了一位欧盟委员会官员的话，称“我们需要一笔交易来证明我们在转向”打造区域冠军方面是认真的。这令我担忧。为了传递政治信号而做出的决定，无法为交易商所正当地要求的连贯先例体系提供良好基础，而且在总部位于卢森堡的欧盟法院中可能无法立足。

竞争法应当处于其应在的位置。将其向任何一个方向推得太远都可能适得其反，而首批尝试的交易将发现这一点。

托马斯·埃斯普尼·卡雷尼奥（Tomás Espuny Carreño）

西班牙，巴塞罗那

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📄 Original Section

How tribology makes the economic world go round

Andy Carter

Anjana

Ahuja

n the early 1960s, just after Labour leader Harold Wilson rose to power on his promise of harnessing the “white heat of technology”, the British engineer-

turned-steelworks boss and entrepreneur Peter Jost sensed his moment.

Jost, with a background in lubricants and a well-oiled contacts book stretching across industry, academia and politics, persuaded the government to commission a report into the kind of machinery failures afflicting steelworks all over Europe. The 1966 Jost report championed lubrication, unsurprisingly, but also laid the groundwork for a new discipline called tribology, the science and technology of how surfaces move against each other, creating friction and wear. Jost even consulted the editor of the Oxford English Dictionary before settling on the name, based on the Greek word tribo, meaning "to rub".

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AI 借贷全球化是一个问题

🌐 对照英文

您在 9 月 28 日的“深度阅读”（Big Read）中探讨了 AI 超大规模云服务商对债务市场的改造，但这为吸收所有这些发行债券的投资者带来了一个不那么明显的问题：多元化可能变得更难以衡量。

一个投资组合可以持有英镑计价的 Alphabet 债券、加元计价的亚马逊债务、欧元计价的 Meta 发行债券以及加元计价的微软票据。根据传统衡量标准，它在发行人、货币和市场方面似乎实现了多元化。

然而，从经济角度来看，这些证券可能日益依赖于同一个底层命题：即对计算能力、数据中心及其配套基础设施的巨额投资将产生足够的未来现金流。

“你应该在他 ASOS 账户被黑之前看看他”

多元化在不同资产因不同原因而失效时最为有用。AI 借贷的全球化可能会使投资组合看起来更加多元化，而与此同时，一个共同的风险因素却变得更加重要。

因此，信用投资者的挑战不仅仅是计算发行人的数量，而是要识别他们持有多少个真正独立的经济赌注。

Edoardo Porrato

意大利都灵

那是她未曾探讨的部分。可以说，高利率环境是对食利者的馈赠。现有债权持有者无需创造任何新东西即可从中获得更多收益。

随着 AI 融资从超大规模云服务商本身扩展到芯片制造商、数据中心运营商、公用事业公司和其他供应商，这种区分就变得至关重要。投资者在降低对任何单个借款人风险敞口的同时，可能会在不经意间增加了对同一个投资周期的风险敞口。

而受苦最深的是企业家——那些真正尝试创造价值、必须针对不确定的未来进行借贷的人。这是一种奇怪的倒置：廉价资金讨好所有者而惩罚建设者，而昂贵资金则相反。我们不应假装这种倒置是没有代价的。

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📄 Original Section

Optimising surface interactions can save vast amounts of energy and raise GDP

Writ large, tribology is the discipline that literally keeps parts of the economy moving – and, like so much research that focuses on prevention, remains largely invisible. And yet, 60 years on, one of the report's key messages remains relevant: that the unseen business of optimising surface interactions, such as tyre against asphalt, at an industrial scale can save vast amounts of energy and raise GDP.

“The irony is that tribology affects almost everything we use, yet most people have never heard the word,” says Daniele Dini, professor of tribology at Imperial College London, accurately describing my own experience of discovering the term last week in a Physics World essay. Without tribology, Dini adds, “machines would wear out rapidly, vehicles would consume much more fuel, manufacturing processes would be less efficient, and many medical devices would simply not function reliably”.

Substances like toothpaste, shaving cream and cosmetics are all triumphs of tribology, as is the action of swiping a phone. Our lives are filled with carefully calibrated surface contacts to ensure a suitable balance of grip, feel, resistance, texture and motion. Robert Wood, professor of surface engi neering and tribology at the University of Southampton, describes toothpaste as “a carefully engineered tribological slurry”, designed to remove debris from teeth without stripping enamel or damaging gums.

More widely, Wood characterises tribology as “one of the enabling technologies that silently underpins industrial productivity” in sectors including wind and nuclear power generation, automotive, rail, aerospace, biomedical implants – including joint replacements – and food processing. It can comprise the study of ball bearings, lubricants, coatings and additives in an industrial factory; while oral tribology looks at the friction between food particles and tongue, palate and teeth, to ensure that ice cream tastes creamy.

Energy use is a vital consideration. Not all a car's fuel, for example, is spent on going from A to B. Some is expended on overcoming the friction between tyre and road surface, some to counter aerodynamic losses, and some to make up for friction losses within the engine and transmission.

“Despite its huge economic impact, tribology remains less visible than fields such as AI, robotics, semiconductors or biotechnology,” Wood says. That could be because it cuts across existing disciplines, including materials science, chemistry and computing.

Tribology is a central concern in the path to net zero (Wood chairs a committee advising government on the relevant issues). Wind turbine gearboxes regularly fail before the end of their design life, sometimes because lubricant films on their moving parts are prone to shearing with changes in wind speed and direction. Scientists are also exploring the “triboelectric effect”, in which the rubbing of surfaces is used to generate electricity.

Future tribological goals include predicting and preventing wear, rather than measuring it after it happens, and the development of sustainable lubricants. Advances like graphene and materials that are smooth at the atomic scale are also raising hopes of “superlubricity”, where friction between moving parts drops to near zero. If scaled up, that would revolutionise energy efficiency.

It is all a long way from Jost and, before him, Leonardo da Vinci, who, according to forensic engineering professor and tribologist Sarah Hainsworth from Durham University, scribbled notes about friction in his 1493 Codex Forster. It is even further from the ancient Egyptians, who applied oil and fats to the sled runners used to move the stone blocks for building the pyramids.

Throughout history, it seems, the course of tribology can always run that little bit smoother.

The writer is a science commentator

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递归自我改进——年度词汇？

🌐 对照英文

马丁·沃尔夫（Martin Wolf）对 AI 崛起相关的社会及安全风险进行了冷静且深思熟虑的评估，这给这位读者留下了两个截然不同且矛盾的感悟（见 9 月 16 日评论版《面对 AI，“我早就告诉过你”将为时太晚》）。

好消息是，我们似乎已经为任何词典年度词汇或短语奖找到了一个早期且几乎确定的赢家，那个令人不安的词条“递归自我改进”（recursive self-improvement）正悄然进入我们的集体意识领域。

然而，严重的坏消息是，考虑到这句话的含义及其潜在的可怕后果，在不久的将来，我们可能根本不需要任何此类词汇或竞赛。

Toby Zanin

至少，推荐这个词的原因是我们已经没有其他替代方案了。生产性财富创造的机会

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📄 Original Section

Letters

SkyNet卫星必须处于主权控制之下

🌐 对照英文

下一代SkyNet卫星有可能依赖美国技术（见《SkyNet竞争考验英国“购买英国货”承诺》，报道，FT.com，10月3日），这将是一个规模相当巨大的退步。自英国在20世纪60年代中期率先开发专用军事通信卫星系统以来，SkyNet已进入第六代，成功地从完全依赖美国技术演变为几乎完全自主。此外，与几项关键采购项目不同，SkyNet的交付准时且成本可控，完全满足了作战需求。即便在SkyNet 2的一次问题发射导致其未能进入正确轨道后，它仍然足以服务于英国军方和其他用户。

随着时间的推移，SkyNet卫星被出售给北约盟友，其底层技术也为英国令人瞩目的民用卫星能力奠定了基础。

我对洛克希德·马丁公司长期致力于英国国防工业基础表示极大尊重，但SkyNet代表了一项必须保持在主权控制之下的核心能力。另一种选择可能会带来经济收益，但失去这样一个基础资产将损害航天工业未来的机遇，而航天工业是未来十年内的增长领域之一。

基思·海沃德教授 (Professor Keith Hayward)

英国伦敦 SW20

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📄 Original Section

Bringing US inflation to heel needs more aggressive tightening

I strongly agree with Sheila Bair's support for the Federal Reserve's quarter-point increase announced on September 16, and with her claim that conventional wisdom misunderstands how changes in rates affect Main Street ("For once, the Fed has put Main Street before Wall Street", Opinion, September 28).

If you are not satisfied with the FT's response to your complaint, you can appeal to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

I nevertheless believe she understates what is required.

Email: letters.editor@ft.com

If a quarter-point rise is correct because households suffer from the price of things rather than the price of credit, then we should be honest that said increase will not meaningfully relieve the former. Bringing inflation

Include daytime telephone number and full address Corrections: corrections@ft.com

genuinely to heel implies far more aggressive tightening – the kind that carries a Volcker-sized bill. That bill is real: severely diminished output and unemployment borne disproportionately by those with the least cushion. There is no way to dismantle a four-decade debt pyramid gently. Yet having spent 40 years deferring the cost, we no longer have the luxury of choosing whether to pay it.

I enjoyed reading Barbara Moens's opinion piece “Dealmakers keen to test Brussels’ policy on regional champions” (Opinion, October 2). It shows again how much depends on which way the political wind is blowing in Brussels. No wonder companies and their advisers argue for lighter or tougher enforcement depending on whose deal is on the table.

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为什么这位国会议员支持洛克希德·马丁的竞标

🌐 对照英文

我对贵报关于空中客车公司与洛克希德·马丁公司竞标英国下一代军事通信卫星供应合同的描述感到失望（见《SkyNet卫星竞争考验英国“购买英国货”承诺》，报道，FT.com，10月3日）。

创造力已经萎缩，因为金融已脱离经济，剩下的很大程度上是金融化的回报——资产增值从轻信者转移到了拥有资源者手中。在这种环境下，高利率至少能起到一个作用：它们使债务成本足够高，从而停止增长，并开始缓慢地拆除这座金字塔。

事实上，竞争对手洛克希德·马丁的竞标方案将在达勒姆郡制造，这将有助于一个拥有光荣制造和采矿传统且在先进制造领域具有现有优势的地区实现再工业化。它将建立一个新的制造设施，创造400个新的技术岗位，并在供应链中创造更多岗位。洛克希德·马丁已经向纽卡斯尔诺森比亚大学的东北部空间技能与技术中心投资数百万加元并创造了数百个就业机会。这家美国公司正为英国提供一种能力极强的主权卫星解决方案，这将成为东北部航天和国防部门增长的催化剂。卢克·艾克赫斯特 (Luke Akehurst)

国会议员（工党，北达勒姆），英国伦敦 SW1 下议院

请注意，这并不是在证明高利率作为一种政策理想是正确的——远非如此。这仅仅是我们现在能获得的一点微小的慰藉。

马里亚诺·托拉斯 (Mariano Torras)

经济学教授，美国纽约州花园城市，阿德菲大学

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A warning not to push EU merger law too far

Competition law is not economic policy. It rests on legal principles that have to be applied the same way whoever the parties are and wherever the buyer comes from. That neutrality is what gives businesses certainty and it is also what keeps the system legitimate. Once it becomes negotiable, both are lost.

Bair is correct that the financial system is the mechanism of transmission, and therefore that those at the top of it capture the gains from cheap money. Yet there is an irony here

The new guidelines give more weight to scale, innovation and resilience, but they are still guidance. The legal test is the same as before.

This is not new. Back in July, your pages were already asking the same question in “Europe’s wind turbine makers examine merger prospects to create champions” (Report, July 29). Two months later, the debate is no longer whether one sector should get special treatment but which deal will get it first.

The article quoted a European Commission official saying “we need one deal that shows we are serious about the shift” to creating regional champions. That worries me. A decision taken to send a political message is a poor foundation for the coherent body of precedent that dealmakers are rightly asking for, and it may not hold up in the Luxembourg-based Court of Justice of the European Union.

Competition law is where it should be. Pushing it too far in either direction is likely to backfire, and the first deals to try will find that out.

Tomás Espuny Carreño

Barcelona, Spain

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伦敦空置的自行车架究竟告诉了我们什么

🌐 对照英文

关于办公楼内自行车架利用率不足的文章（《伦敦新办公楼中空置的自行车架随处可见，开发商抱怨道》，报告，10月5日）缺失了一个关键的拼图。伦敦各地的骑行需求一直只有一个方向——上升，且已达到创纪录的水平。

仅仅因为人们可能不骑自己的自行车，并不意味着伦敦不极度缺乏共享电动自行车的停放空间。去年，进入金融城（Square Mile）的 Lime 骑行次数增长了近 50%，而停车空间的增长总是滞后于需求。

健身房和水疗中心有其价值，但在伦敦，这类设施绝不算短缺。

如果私人自行车停车位的使用率不如预期，那么相关投资应转向同时涵盖无桩电动自行车的停放。

Lime 已经投入数百万资金用于改善伦敦的电动自行车停放。但在公共土地上建设需要时间。正如我们在提交给伦敦市长的建议中所论述的那样，如果开发商能够将私人土地上的共享电动自行车停车位计入其现有要求，这将对公共利益产生重大影响。

人们依然选择更积极的通勤方式——只是形式发生了变化。因此，我们不要在倒掉洗澡水的同时把孩子也一起扔掉。

Stef Johnson

政府关系负责人，

Lime 英国及爱尔兰，Lime Technology Limited, c / o WeWork, London EC4, UK

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📄 Original Section

The globalisation of AI borrowing is a problem

Your September 28 Big Read on the transformation of debt markets by AI hyperscalers raises a less obvious problem for the investors absorbing all this issuance: diversification may be becoming harder to measure.

A portfolio can own an Alphabet bond in sterling, Amazon debt in Canadian dollars, a Meta issue in euros and Microsoft paper in dollars. By conventional measures it appears diversified across issuers, currencies and markets.

Economically, however, these securities may increasingly depend on the same underlying proposition: that enormous investment in computing

"You SHOULD HAVE SEEN HIM BEFORE HIS ASOS ACCOUNT WAS HACKED"

Diversification is most useful when different assets fail for different reasons. The globalisation of AI borrowing may make portfolios look more diversified precisely as one common risk factor becomes more important.

The challenge for credit investors is therefore not merely to count issuers. It is to identify how many genuinely independent economic bets they own.

Edoardo Porrato

Turin, Italy

that she leaves unexplored. A higher-rate regime is, arguably, a gift to the rentier. The holder of existing claims earns more on them without producing anything new.

capacity, data centres and their supporting infrastructure will generate sufficient future cash flows.

The distinction matters as AI financing spreads beyond the hyperscalers themselves to chipmakers, data centre operators, utilities and other suppliers. An investor can reduce exposure to any individual borrower while inadvertently increasing exposure to the same investment cycle.

It is the entrepreneur – the one actually attempting to create value, who must borrow against an uncertain future – who suffers most. This is the strange inversion in which easy money flatters the owner and punishes the builder, while dear money does the reverse. We should not pretend that the inversion is costless.

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一位“不精通”莎士比亚的美国投资者

🌐 对照英文

在《不要持有债券，对股票保持谨慎》（市场洞察，10月1日）这篇评论文章中，比尔·格罗斯（Bill Gross）提到“威廉·莎士比亚写道‘既不要借钱，也不要出借’”。他以此断言，这位历史上最伟大的作家之一“显然不精通经济学”。

这位慈善家、私人投资者兼 Pimco 联合创始人，可能不是第一个将剧作中人物的台词归功于作者的人。在《哈姆雷特》的这段独白中，莎士比亚是通过波洛尼厄斯（Polonius）给儿子莱尔提斯（Laertes）的一系列建议，来揭示波洛尼厄斯的虚伪。不久之后，“一群精明的蠕虫便在他身上开会了”。波洛尼厄斯的演说推动了悲剧向高潮发展，最终导致哈姆雷特与莱尔提斯的对峙。这系列说教中的许多短语都被误引，并被错误地归于莎士比亚名下。

Vipin Bharathan

纽约，纽约州，美国

来源：IEA

📄 Original Section

Recursive self-improvement – a phrase of the year?

Martin Wolf's sober and thoughtful assessment of the societal and related safety risks associated with the ascent of AI left this reader with two contrasting and contradictory takeaways ("With AI, 'I told you so' will be too late", Opinion, September 16).

The consequential bad news, however, is that given the implications and the potential dire ramifications of that phrase, we may not be in need of any such word or contest in the very near future.

Toby Zanin

The good news is that we seem to have found an early and almost certain winner for any dictionary word or phrase of the year award, with the ominous entry “recursive self-improvement” edging into the realm of our collective self-consciousness.

What recommends it, at least, is that we have run out of alternatives. Opportunities for productive wealth

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观点

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📄 Original Section

SkyNet satellites must be under sovereign control

The possibility that the next generation of SkyNet satellites could be dependent on US technology (“SkyNet battle tests UK pledge to ‘buy British’”, Report, FT.com, October 3) would be a retrograde step of considerable magnitude. As the sixth generation since the UK pioneered development of a dedicated military communications satellite system in the mid 1960s, SkyNet has successfully progressed from total dependence on US technology to almost full autonomy. Moreover, unlike several key procurements, SkyNet has been delivered on time, on cost, and completely fulfilling operational requirements. Even after a problematic launch of a SkyNet 2, which left it out of its proper orbit, it still did enough to serve the UK military and other users.

In time, SkyNet vehicles were sold to Nato allies and the underlying technology served as a basis for an impressive UK civil satellite capability.

I have great respect for Lockheed Martin's longstanding commitment to the UK defence industrial base, but SkyNet represents a core capability that must remain under sovereign control. The alternative might bring economic gain, but the loss of such a fundamental asset would undermine future opportunities in the space industry, one of the growth areas over the next decade.

Professor Keith Hayward London SW20, UK

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加利福尼亚州的寡头税将改变美国

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美国 爱德华·卢斯 (Edward Luce)

发生在加利福尼亚州的事情很少会仅留在加利福尼亚州。如果该州的选民在下个月通过一项针对其 246 位亿万富翁的财富税，其中一些人可能会逃往德克萨斯州或佛罗里达州。然而，这个被称为“Prop 40”的想法——对 10亿美元 以上的财富征收 5 per cent 的意外之财税——也可能会传播开来。无论结果如何，美国的未来都将受到深远影响。其核心在于，美国超级富豪在过去一代人中基本不受阻碍的崛起是否将继续毫无中断地进行。因此，这项税收的目标是政治性的，而非预算性的。从财政角度来看，Prop 40 的设计很糟糕。一次性税收是会计师的噩梦。通过将其约 1000亿美元 的收入主要专项用于医疗保健，它限制了加利福尼亚州的灵活空间。任何想要进行真正改革的人都会建议对净资产超过一定数额（例如 $100mn）的人征收最低税。这将永久性地转移负担，并让加利福尼亚州的立法者掌控如何支出这笔资金。在这两方面，该提案都失败了。

尽管如此，Prop 40 的政治框架很聪明。美国的反税反应始于 1978 年加利福尼亚州的 Prop 13 的胜利，该提案对财产税设定了严格上限。两年后，加利福尼亚州的罗纳德·里根赢得总统大选，这种抵制情绪随之传遍全国。Prop 40 的目标是触发一场相应的、针对未缴税的巨额财富的抵制。其目的因此是移动所谓的“奥弗顿之窗”（Overton Window），即决定什么是政治上可行之事的界限。就此而言，无论结果是赞成还是反对，对美国未来的影响可能都与人们广泛预测的同日民主党中期选举获胜一样重大。这就是加利福尼亚州那些发声最响亮的亿万富翁们的看法。

其中最主要的人物是谷歌联合创始人谢尔盖·布林 (Sergey Brin)，他将 Prop 40 的意图与他的

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📄 Original Section

Why this MP is backing the Lockheed Martin bid

I was disappointed at your characterisation of the competition between Airbus and Lockheed Martin for the contract to supply the UK with its next-generation military communications satellite (“SkyNet satellite battle tests UK pledge to ‘buy British’”, Report, FT.com, October 3).

creation have withered as finance has detached itself from economics, and what remains is largely financialised return – asset appreciation transferred from the credulous to the endowed. In that setting, higher rates do at least one useful thing: they make debt expensive enough to stop growing and so begin the slow work of dismantling the pyramid.

In fact, the rival Lockheed Martin bid would be manufactured in County Durham, helping to reindustrialise an area with a proud manufacturing and mining heritage and existing strengths in advanced manufacturing. It would create a new manufacturing facility with 400 new skilled jobs and many more in the supply chain. Lockheed Martin has already invested millions and created hundreds of jobs in the North East Space Skills and Technology Centre at Northumbria University in Newcastle. The US company is offering a highly capable sovereign satellite solution for the UK that will be a catalyst for the growth of the space and defence sectors in the North East. Luke Akehurst

MP (Labour, North Durham), House of Commons, London SW1, UK

Note that it is not a vindication of high rates as a policy ideal — far from it. It is merely the modest consolation available to us now.

Mariano Torras

Professor of Economics, Adelphi University, Garden City, NY, US

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关键在于超级富豪那几乎毫无阻碍的上升势头是否将继续不受干扰

🌐 对照英文

父母在20世纪70年代逃离的那个体制。在美国最具影响力的自由意志主义者彼得·蒂尔（Peter Thiel）的支持下，布林已花费超过$100mn的个人资金来击败该提案。亿万富翁们还设计了另一项措施，Prop 42, 该提案将禁止对房地产以外的个人资产征收任何新税。由于这将是一项州宪法层面的禁令，其通过将封死任何形式的财富税。

鉴于全民投票民主制的特性，Prop 40 和 42 可能同时通过，这将引发巨大的混乱。任何此类灾难都将归结为两个因素。首先是加利福尼亚州民主党州长加文·纽森（Gavin Newsom）对 40 的反对，他在许多预测市场中被认为是该党 2028 年提名的领先者。纽森表示，这种税收只有在联邦层面实施才有意义。他的观点有其道理，但这种立场也服务于他的竞选需求。区块链公司Ripple的亿万富翁联合创始人、 40 的反对者克里斯·拉森（Chris Larsen）已承诺将“尽一切可能”支持纽森。

导致失败的第二个原因是的一场虚假信息宣传活动，该活动称这项税收实际上是“全民税”。在最近的一则广告中，一只装满面色阴沉的官僚的“特洛伊猪”被释放到一个加州中产阶级社区。他们袭击老人和儿童，争先恐后地没收自行车、电视机和冲浪板等资产。其传递的信息纯属煽动主义。 40 的征税门槛只有在加州议会获得三分之二多数通过，且在法律精神允许的范围内才能降低。将亿万富翁与普通美国人混为一谈是一种大胆的障眼法。但这场宣传活动降低了对 40 的支持率，目前该提案的结果已难以预料。

布林并非傻瓜。尽管美国最高收入税和资本利得税在20世纪70年代几乎是今天的两倍（目前分别略低于 40 per cent 和 20 per cent），但他的苏联类比触动了其他美国富豪的神经。他们担心 40 只是一个开端（thin end of the wedge）。布林还声称，这些资金将被一个失败的官僚机构挥霍掉。这一点有一定道理。对于任何认为加州政府高效的人，我愿意向你推销一条洛杉矶至旧金山的高铁线路。

然而，如果布林、蒂尔等人是在倡导某种政府改革理念，他们会更有说服力。而他们的真实目标似乎是使其瘫痪。美国最高法院大法官奥利弗·温德尔·霍姆斯（Oliver Wendell Holmes Jr）曾说过，“税收是我们为文明付出的代价”，这句话在今天与一个世纪前一样正确。一个理性的亿万富翁应该能看到购买社会和平的益处。一个开明的亿万富翁则会承认自己对联邦科学、公共教育和机遇所欠的人情债。

遗憾的是，这样的超级富豪寥寥无几。如果布林在 November 3, 得偿所愿，这最终可能是一场皮洛士式的胜利（得不偿失的胜利）。

edward.luce@ft.com

📄 Original Section

What London's empty bike racks really tell us

There is a fundamental piece of the puzzle missing from your article on underused bike racks in office buildings (“New offices in London are full of empty bike racks, complain developers”, Report, October 5). Demand for cycling has gone only one way – up, to record levels across London.

Just because people may not cycle using their own bikes doesn't mean London isn't desperately short of spaces to park shared e-bikes. Lime trips into the Square Mile rose by nearly 50 per cent last year, and parking space always lags behind demand.

Gyms and spas have their place, but there isn't exactly a shortage of them across London.

If private cycle parking isn't being used as much as expected, investment in it should pivot to also include dockless e-bike parking.

Lime has already committed millions to improve London's e-bike parking. But building it on public land takes time. As our submission to the London mayor argues, if developers were able to count shared e-bike parking on private land against their existing requirement, it could have a major impact towards a common good.

People are still choosing to commute more actively – it just looks different. So let's not throw the baby out with the bathwater.

Stef Johnson

Head of Government Relations,

Lime UK & Ireland, Lime Technology

Limited, c/o WeWork, London EC4, UK

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能源冲击之后将发生什么？

🌐 对照英文

马丁·沃尔夫 经济学评论

到目前为止，石油供应、油价以及世界经济受到的干扰在令人惊讶的程度上尚在可控范围内

这场旨在迅速推翻伊朗政权的战争现已进入第八个月，且看不到结束的迹象。那么，接下来可能会发生什么？我的初步结论是，人们永远不应低估人类的愚蠢或人类的聪明才智。到目前为止，两者之间处于僵持状态。这种情况将持续多久？这才是问题所在。

芝加哥大学的约翰·米尔斯海默（John Mearsheimer）在一篇毁灭性的分析中，将这场针对伊朗的战争描述为“所有战略失误之母”。

他指出，除其他因素外，美国基于伊朗即将获得核武器的虚假主张而参战；美国认为仅凭空军力量就能实现政权更迭，而这从未奏效；美国对于伊朗关闭霍尔木兹海峡没有制定任何应急计划。此外，美国未能实现其四个主要目标中的任何一个——政权更迭、终结伊朗的核浓缩能力、终结其远程导弹能力，以及终结其对哈马斯、真主党和胡塞武装的支持。海峡的关闭已对国际经济造成了重大损害，且可能造成更大损害；同时，美国的联盟结构（在海湾地区及其他地方）也受到了破坏。而且，所有这些仅是完整指控单的一半。

这种愚蠢程度确实令人印象深刻。即便在现在，我们也无法猜测它将如何结束。然而，存在一种反向论点。这场战争确实可能是一个战略失误，但经济损失却

柴油价格的涨幅远高于汽油

终端用户燃料产品价格变化（同比 %，2026年8月或之后）

汽油 汽车柴油

出奇地小。正如约翰·霍普金斯大学高级国际研究学院的约翰内斯·乌尔佩莱宁（Johannes Urpelainen）在8月份所指出的那样，“许多专家最初认为，这次供应中断会将油价推高至每桶200美元，从而引发大规模通货膨胀和全球经济衰退。然而，油价在2026年4月在每桶126美元达到顶峰。”如今，原油的实际价格仍接近其自1972年以来的长期平均水平。

考虑到国际能源署负责人法提赫·比罗尔（Fatih Birol）在3月份曾表示这是“历史上最大的全球能源安全威胁”，这种情况是如何发生的？答案在于聪明才智。

乌尔佩莱宁指出：“首先，能源转型降低了全球经济对石油的依赖。其次，供应链证明了其具有韧性和适应性。第三，中东以外的生产商迅速采取行动，增加了石油和天然气的产量。最后，全球石油库存的削减填补了剩余的缺口。”海湾地区在灵活性方面表现尤为突出。前外交官穆罕默德·埃尔苏卡里（Mohammed Elsoukkary）写道：“到9月底，初步估计该地区的原油出口量约为每天1630 万桶，而2月份为1950 万桶，其中约969 万桶通过霍尔木兹海峡运输。”

\*2026年8月为预测值：来源：OECD

这是一项令人瞩目的成就。但不要忘记，我们消费的是产品，而非原油。海湾地区的炼油厂受到了实质性破坏。此外，炼油厂是为加工特定原油而设立的，因此出现了产品短缺。一个显著的例子就是柴油。这甚至导致唐纳德·特朗普总统考虑一项计划（现已放弃）以停止美国的出口。但其他产品的价格涨幅也高于原油，尤其是天然气和硫磺。

来源：OECD

尽管如此，事实上，对石油供应、油价以及更广泛的世界经济所造成的干扰，在令人惊讶的程度上是可控的。就整体经济而言，正如努里尔·鲁比尼（Nouriel Roubini）在 Project Syndicate 中指出的，这在很大程度上归功于由人工智能（AI）引发的大规模投资热潮。但对于世界经济未来的健康状况而言，关键不在于投资的水平，而在于其增长率，以及 AI 本身最终能带来的经济贡献。当然，投资在某个时间点必然会放缓。至于 AI 的经济贡献（或者确实是其末日特性），谁能自信地给出答案？

还存在其他脆弱源。其中之一是我上周讨论过的，在利率上升时期全球债务的可管理性。法国、英国和美国正处于风口浪尖。对于那些公共债务绝大多数为短期债务的国家来说，存在着特殊的风险，因为结果是，它们在应对高通胀对利率产生的影响时，几乎没有任何缓冲保障。

那么，最大的问题之一就是，愚蠢与才智之间的僵持是否会继续下去。如果这种情况持续，能源冲击至少应能保持在可控范围内。但这不能被视为理所当然：目前的局面，尤其是库存的下降，不可能永远持续下去。中国对国内需求的显著抑制可能也无法持久。如果这些情况停止，原油价格可能会跳升至更具破坏性的水平。

一个更大的问题是战争本身将走向何方。特朗普是否会将中期选举的结束视为释放其好战倾向的机会？届时作为一名“跛脚鸭”，他可能会认为现在是解决那些讨厌的伊朗人的正确时机。如果真是这样，伊朗在破坏邻国石油基础设施方面能走多远（以及是否愿意走那么远）？毕竟，令人瞩目的是海湾地区的石油依然在大量流动。这种情况是否会再次被中断？

或者，中期选举后的国会能否（或是否愿意）阻止此类行动？又或者特朗普会对整件事感到厌倦，让敌对行动逐渐消退，演变成一场情绪不佳（且可能是非正式的）停火？

独裁者的一个优势在于他们很容易感到厌倦。我无法想象特朗普现在还觉得与伊朗的战争很有趣。即使是他，也一定很难相信这是一次伟大的胜利。毕竟，正如米尔斯海默（Mearsheimer）所说，他没有实现任何目标。伊朗虽然遭受重创，但其可怕的政权以及在海湾地区的影响力看起来相当稳固。特朗普肯定会被诱导去宣布胜利并转向其他事务。美国人民将会欣喜若狂。那么，这一切是否会以“并非轰然巨响，而是低声呜咽”的方式结束？

martin.wolf@ft.com

📄 Original Section

An American investor 'ill-versed' in Shakespeare

In his opinion piece “Don’t own bonds and be cautious with equities” (Markets Insight, October 1), Bill Gross says “William Shakespeare wrote ‘neither a borrower nor a lender be’”. He uses this to assert that one of history’s greatest authors is “obviously ill-versed in economics”.

The philanthropist, private investor and co-founder of Pimco may not be the first person to attribute a character's utterances in a play to the play's author. In this speech from Hamlet, Shakespeare was establishing Polonius' hypocrisy with a series of bits of advice offered to his son Laertes. Soon, "a convocation of politic worms were e'en at him". Polonius' speech drives the tragedy forward to its culmination in the confrontation between Hamlet and Laertes. Many phrases from this series of homilies have been misquoted and attributed, erroneously, to Shakespeare.

Vipin Bharathan

New York, NY, US

Source: IEA

我们应当停止谈论“末世”

🌐 对照英文

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📄 Original Section

Opinion

尼古拉斯·吉尔霍特 (Nicolas Guilhot)

🌐 对照英文

从气候崩溃到失控的人工智能可能引发的“回形针末日”，如今灾难性的预演层出不穷。无论是为了应对即将来临的毁灭，还是为了谴责新企业霸主们的毒害意识形态，每个人似乎都认定“末世” (end times) 是最能捕捉时代精神的表达方式。

这在很大程度上与科技精英中流行的一种观点有关，即只有不受限制地发展人工智能，才能带领被选中的人们度过即将到来的灾难。这种末世论的潜台词偶尔会被明确表达出来。在最近的一次采访中，美国副总统 JD 万斯 (JD Vance) 沉思道，他的政治工作可能是在为人类历史的终结铺路。对话还触及了那个在最后一刻不请自来的不速之客：万斯承认，如果“反基督者 (Antichrist) 就在我们中间行走”，他不会感到惊讶。

彼得·蒂尔 (Peter Thiel) 也曾详述过这个耐人寻味的人物，警告称他可能伪装成一个致力于监管人工智能或对抗气候变化的善类。在教皇利奥十四世 (Pope Leo XIV) 发表关于人工智能的通谕后引发的争端，让人回想起中世纪时期，当时教皇与皇帝互相指责对方是反基督者。

世俗思想家同样在强化我们正生活在末世之中的观念，从彼得·图尔钦 (Peter Turchin) 对社会崩溃的预测，到娜奥米·克莱恩 (Naomi Klein) 和阿斯特拉·泰勒 (Astra Taylor) 最近对一种被他们称为“末世法西斯主义”的精英“生存主义”形式的警告。无论终结是否临近，每个人都认为我们已走到了绝路。

所有这些讨论中最令人震惊的是，它们是如此地阴郁。

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📄 Original Section

California's oligarch tax would change the US

AMERICA Edward Luce

W hat happens in California rarely stays in California. Should the state's voters pass a wealth tax on its 246 bil-

lionaires next month, some of them might flee to Texas or Florida. Yet the idea (known as "Prop 40") — a 5 per cent windfall tax on wealth above \$1bn — might also spread. America's future will be deeply affected by either result. At stake is whether the US super-rich's largely unimpeded ascent in the last generation will continue uninterrupted. The tax's goal is thus political, not budgetary. In fiscal terms, Prop 40 is badly designed. One-off taxes are a headache for accountants. By earmarking its roughly \$100bn in revenues mostly for healthcare, it limits California's leeway. Anyone wanting genuine reform would propose a minimum tax on those above a certain net worth (say \$100mn). That would permanently shift the burden and give California's legislators control of how to spend it. On both counts it fails.

Prop 40's political framing is nevertheless smart. America's anti-tax reaction began in California in 1978 with the victory of Prop 13, which put a strict lid on property taxes. That backlash spread to the nation via the presidential victory two years later of California's Ronald Reagan. Prop 40's goal is to trigger a corresponding backlash against untaxed exorbitant wealth. The aim is thus to shift the so-called Overton Window that dictates what is politically possible. In that respect, a yes or a no could be just as momentous for America's future as the widely forecast Democratic midterm win on the same day. That is how California's most vocal billionaires see it.

Chief among these is Sergey Brin, co-founder of Google, who compares Prop 40's intent to the Soviet system that his

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当今的政治文化已丧失在危机地平线之外洞察救赎未来的能力

🌐 对照英文

即便那些在政治主张或公司推介中援引经文权威的人，也无法提供多少关于未来的愿景。

然而，从基督教的期盼，到世俗意识形态中将“资本主义社会的崩溃和无阶级社会的黎明视为一场巨大的启示录”——正如哲学家雅各布·陶贝斯（Jacob Taubes）曾言——关于终结的愿景并不总是恐惧的来源。几个世纪以来，这些愿景给被压迫者带来了希望，并将危机重新定义为更新与纠正的机会。“终结”不仅是指作为灾难的终结，也是指作为目的（telos）的终结，它赋予了当下以目标感和意义。

而现在情况已不再如此。当今的政治文化已丧失在危机地平线之外洞察救赎未来的能力。从字面意义上讲，我们已经没有什么可以期待的了。

这种情况并非新鲜事。这就是弗朗西斯·福山（Francis Fukuyama）在 30 多年前诊断出的“历史终结”。现在，否定他的观点已成为一种时尚，但福山曾明确表示，他谈论的不是世界事件，而是自由主义想象力的枯竭：当我们无法再想象一个“与现状本质不同且同时更好的世界”时，历史的终结便到来了。

所有迹象都表明，生活在历史的终结可能并非可持续的——尤其是如果它最终并未变成当初承诺的那种幸福状态。在缺乏对现状的可取替代方案的情况下，世界不再是我们体验创造力、进而体验自由的空间。它变得晦暗且陌生，仿佛有无形的力量在阻碍我们的能动性。

一个世纪前，精神科医生将“启示录体验”认定为精神分裂症的典型症状。与这种体验最契合的叙事在词源意义上也是“启示录”式的：即揭示隐藏之物。末世之时，便是历史中运作的黑暗力量被揭露、线索被串联、敌人被揭开面具之时。

如今，政治将对未来福祉的追求替换成了对敌人的击败；阴谋论四处传播，并成为唯一可能的历史愿景。

这无疑令人担忧。但这也表明，灾难并非命中注定——也不是由算法决定。它是错误政治的结果，这些政治就像多里安·格雷（Dorian Gray）一样，沉溺于历史终结所承诺的永葆青春的幻想，而其自身的腐朽却日益明显。某些事物老化得糟糕，并不意味着历史随之终结，而是意味着是时候放手，并思考新的出发了。

作者是欧洲大学学院（European University Institute）知识史教授，《阴谋：一种政治痴迷的历史》（Conspiracy: The History of a Political Obsession）一书的作者。

📄 Original Section

At stake is whether the super-rich's largely unimpeded ascent will continue uninterrupted

parents fled in the 1970s. Supported by Peter Thiel, America's most influential libertarian, Brin has spent more than \$100mn of his own money to defeat it. Billionaires have also devised another measure, Prop 42, that would ban any new taxes on personal assets other than real estate. Since this would be a state constitutional ban, its approval would seal off any kind of wealth tax.

Plebiscitary democracy being what it is, Prop 40 and Prop 42 could both pass, which would trigger rampant confusion. Any such train wreck would be down to two factors. The first is the opposition to Prop 40 of Gavin Newsom, California's Democratic governor, who leads many prediction markets for his party's 2028 nomination. Newsom says that the tax would only make sense if it were federal. He has a point. But this stance also serves his campaign needs. Chris Larsen, the billionaire co-founder of the blockchain company Ripple, and an opponent of Prop 40, has promised to boost Newsom "any way we can".

The second cause of defeat would be a disinformation campaign, which says the tax is really an “everyone tax”. In a recent ad, a Trojan hog filled with scowling bureaucrats is unleashed on a middle-class Californian neighbourhood. They assault old people and children in a scramble to seize assets such as bicycles, televisions and surfboards. Their message is pure demagoguery. Prop 40's tax threshold could be lowered only with a two-thirds majority of California's assembly and within the legal spirit of the measure. Conflating billionaires with ordinary Americans is a bold sleight of hand. But the campaign has depressed support for Prop 40, which is now too close to call.

Brin is no fool. Though America's top income and capital gains tax were both close to double the rates in the 1970s of what they are today (at just under 40 per cent and 20 per cent, respectively), his Soviet analogy strikes a nerve with other wealthy Americans. Their fear is that Prop 40 is the thin end of the wedge. Brin also claims that the money would be squandered by a failed bureaucracy. That point has some merit. To anyone who thinks California's state is efficient, I have a high-speed Los Angeles-San Francisco rail link to sell you.

Yet Brin, Thiel and others would be more convincing if they were championing any idea of government reform. Their true goal appears to be to disable it. The line from the US Supreme Court justice Oliver Wendell Holmes Jr that "taxes are the price we pay for civilisation" is as true today as when he made it a century ago. A rational billionaire would see the merits of buying social peace. An enlightened one would acknowledge his debts to federal science, public education and chance.

Alas, there are few such super-rich to be found. Should Brin get his way on November 3, it could turn out to be a Pyrrhic victory.

edward.luce@ft.com

如果超市并购回归，森基比斯将处于有利地位

🌐 对照英文

乐购（Tesco）是英国的市场领导者，市场份额接近 28% —— Leon Neal / Getty Images

从近期森基比斯（Sainsbury's）与其竞争对手莫里森（Morrisons）之间的合并讨论中，可以得出一个重要结论：英国超市不再认为合并是完全不可想象的。

如果这一判断正确，且竞争监管机构已经放宽了对该国食品零售商整合的强硬立场，那么这对森基比斯自身应该是好事，而对市场领导者乐购则不利。

超市为何希望合并并非谜团。超市数量过多，而它们争夺的市场需求却不再增长。

在过去十年中，折扣连锁店奥乐齐（Aldi）和利多（Lidl）夺取了约 10 个百分点的市场份额，抢走了由私募股权持有的莫里森和 Asda 的销售额，并削弱了所有人的盈利能力。

乐购的营业利润率仅为 4%。森基比斯维持在 3% 左右。规模更大的超市在应对价格战方面更具优势。

直到最近，合并还不在考虑之列：竞争与市场管理局（CMA）在 2019年阻止了森基比斯与 Asda 拟议的合并。然而，此后该机构改变了对折扣零售商的定义，将其与超市置于相同的衡量标准之下。

将折扣店充分纳入考量，将改变对全国市场份额以及特定区域内竞争的计算，而这两点是最重要的考量因素。

在未来的任何整合中，森基比斯最适合扮演“造王者”的角色。

凭借 15% 的市场份额，它可以与莫里森或 Asda 中的任何一家合并，而在全国市场份额方面仍将小于乐购。

由于其重心偏向英格兰南部，这意味着它可以收购莫里森或 Asda（这两家在北部拥有更大的规模），而无需处置过多门店。

在已经中断与莫里森的谈判后，森基比斯面临的风险是看到其陷入困境的竞争对手与

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📄 Original Section

What comes next with the energy shock?

Martin Wolf Economics

The disruption to oil supply, oil prices and the world economy has been surprisingly manageable so far

T

he war that was intended to deliver a swift overthrow of the Iranian regime is now in its eighth month, with no end in sight. So, what might

happen next? My preliminary conclusion is that one should never underestimate human stupidity or human ingenuity. So far it is a rough draw between the two. How long will this last? That is the question.

In a devastating analysis, John Mearsheimer of the University of Chicago describes the war on Iran as “The Mother of All Strategic Blunders”.

Among other things, he notes, the US went into the war on the false claim that Iran was on the verge of acquiring a nuclear weapon; it thought air power alone would produce regime change, which has never worked; it had no contingency plan for dealing with Iran's closure of the Strait of Hormuz. It has also failed to achieve any of its four principal objectives – regime change, ending Iran's nuclear enrichment capability, ending its long-range missile capability and ending its support for Hamas, Hizbollah and the Houthis. The closure of the strait has done significant damage to the international economy and may do much more; and the US alliance structure (in the Gulf and elsewhere) has been damaged. All this, moreover, is only about half of the full charge sheet.

The stupidity is indeed impressive. Even now we cannot guess how it ends. Yet there is a counter-argument. The war may indeed be a strategic blunder. But the economic damage has been

The prices of diesel have risen far more than those of gasoline

Change in fuel product prices for end-users (year-on-year %, Aug 2026 or later)

Gasoline Automotive diesel

surprisingly modest. As Johannes Urpelainen of the Johns Hopkins School of Advanced International Studies noted in August, "Many experts initially thought that this supply disruption would send oil prices to USD 200 per barrel, causing massive inflation and a global recession. Instead, oil prices peaked at USD 126 per barrel in April 2026." Today, the real price of crude oil is still near its long-run average since 1972.

How can this be, given that Fatih Birol, head of the International Energy Agency, said in March this was “the greatest global energy security threat in history”? The ingenuity is the answer.

Urpelainen notes that: “First, the energy transition has reduced the global economy’s dependence on oil. Second, supply chains have proven resilient and adaptive. Third, producers outside the Middle East have acted fast to produce more oil and natural gas. Finally, drawdowns of global oil inventories have filled the remaining gap.” Flexibility is notably true of the Gulf. As former diplomat Mohammed Elsoukkary writes: “by the end of September preliminary estimates placed regional crude exports at approximately 16.3 million barrels per day, compared with 19.5 million in February, including roughly 9.7 million moving through Hormuz.”

\*Aug 2026 is a projection : Source: OECD

This is an impressive achievement. Yet do not forget that we consume products, not crude oil. There has been substantial damage to refineries in the Gulf. Moreover, refineries are set up to process specific crude oils, so shortages of products have emerged. One notable example is diesel. This even led President Donald Trump to consider a plan (now abandoned) to halt the US exports. But other products have also had bigger price rises than crude, notably natural gas and sulphur.

Source: OECD

Nevertheless, the disruption to oil supply, oil prices and the world economy more broadly has, in truth, been quite surprisingly manageable. In terms of the overall economy, this is, as Nouriel Roubini notes in Project Syndicate, in large part due to the massive invest-

cannot continue forever ment boom triggered by AI. But, for the future health of the world economy, it is not the level of investment, but its rate of growth, that matters, as does the ultimate economic contribution of AI itself. Surely at some point investment will slow. As to the economic contribution of AI (or indeed its doomsday properties), who knows with confidence?

There exist other sources of fragility. One, which I discussed last week, is the manageability of global debt at a time of rising interest rates. France, the UK and US are in the crosshairs. There is a particular risk for countries whose public debt is overwhelmingly short-term since, as a result, they enjoy little insurance against the impact of higher inflation on interest rates.

One of the biggest questions, then, is whether the stand-off between stupidity and ingenuity will continue. If it does, the energy shock at least should remain contained. But that cannot be taken for granted: the present situation, not least the drawdown in stocks, cannot continue forever. China's noteworthy suppression of domestic demand might not last either. If these come to a halt, crude prices might jump to more disruptive levels.

A still bigger question is where the war itself will go. Might Trump greet the passing of the midterm elections as a chance to release his bellicosity? Then a lame duck, he might think it would be the right time to sort out those pesky Iranians. If so, how far might Iran be able (and willing) to go in damaging the oil infrastructure of its neighbours? What is remarkable, after all, is how much Gulf oil is still flowing. Might that again be disrupted?

Alternatively, could (or would) a postmidterm Congress halt such efforts? Or might Trump get bored with the whole thing and let hostilities peter out into an ill-tempered (and probably informal) ceasefire?

An advantage of arbitrary despots is that they can so easily get bored. I cannot imagine that Trump finds the war with Iran much fun any longer. Even he must also find it really difficult to believe that it has been a great triumph. After all, as Mearsheimer says, he has achieved none of his objectives. Iran is battered, but its ghastly regime and influence in the Gulf look rather secure. Trump will surely be tempted to declare victory and move on. The American people would be delighted. So, might it all end “not with a bang but a whimper”?

martin.wolf@ft.com

森基比斯和莫里森仍可能达成双方都满意的条款。症结可能在于价格

🌐 对照英文

Asda 合并。这两家公司将占据全国约 20% 的市场，超过森基比斯成为第二名。但由于两家公司在英格兰北部都有大量布局，这意味着它们可能不得不处置很大一部分门店。

森基比斯将是一个显而易见的潜在买家，且作为规模较大的运营商，可能能够出价高于 Waitrose 和 M&S 等较小团体。

此外，现在就断定森基比斯和莫里森无法达成双方都满意的条款还为时过早。症结很可能在于价格：CD&R 以 98亿英镑 收购了莫里森，相当于 9 倍的息税折旧摊销前利润（ebitda）；而森基比斯的交易价格接近 5。

但如果能克服这一障碍，将获益良多。2018年，该零售商估计，收购 Asda 将使其能够将必需品的价格降低 10%。实现这一点将使它与折扣连锁店之间的差距缩减约一半。

那么，市场领导者将如何？虽然乐购可能会收购部分资产，但凭借接近 28% 的市场份额和广泛的本地布局，它规模太大，无法参与任何有意义的整合。

它近期表现良好：自 2020年以来，其市场份额增长了 1.3 个百分点。

目前没有潜在的合并组合能比乐购更大，但并购浪潮的爆发将使其面临严峻挑战。

📄 Original Section

We should call time on the 'end times'

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欧洲银行合并：悄无声息而非轰轰烈烈

🌐 对照英文

在银行问题上，欧洲面临着“邻避效应”（Nimby）的困扰。政治家、监管机构和高管们都认同欧洲大陆需要跨境整合，只要被整合的不是他们自己的银行即可。法国BPCE银行与西班牙萨巴德尔银行（Sabadell）之间达成的一项协议，提供了一种不完美的方式来小心翼翼地绕过这一问题。

BPCE已购入萨巴德尔银行7%的“友好”股份，按昨日收盘价计算价值约12亿欧元。BPCE将在萨巴德尔银行董事会获得一个席位，两家集团将探讨合作方式。例如，BPCE旗下的纳蒂克西斯（Natixis）可为萨巴德尔银行的企业客户提供投资银行服务。BPCE表示，其持股比例将不会超过9.9%。

BPCE希望这笔资本能让其在无需陷入政治纠纷的情况下，获得收购带来的部分潜在收益——即间接接触快速增长的西班牙经济。由于欧洲大陆监管条例碎片化，跨境交易通常无法实现太多的成本削减，因此BPCE在这一方面并没有损失太多。

如果BPCE最终决定寻求全面控制，花几年时间与萨巴德尔银行的董事会及当地政治人物建立关系可能会铺平道路。与此同时，该行正忙于整合去年以€6.4bn收购的新银行（Novo Banco）。在分心处理整合期间，持有萨巴德尔银行的股份可以让其他竞购者难以趁虚而入。

与此同时，在花费18个月抵御当地竞争对手西班牙对外银行（BBVA）的恶意收购后，萨巴德尔银行可以专注于其独立发展战略，而无需担心再次遭到敌意收购。

然而，这也存在弊端。少数股权投资会占用可用于其他用途的资本，且在缺乏足够控制权的情况下承担财务风险——目前萨巴德尔银行与BPCE目标一致，但一旦发生危机或简单的战略调整，这家法国银行可能会被套牢，不得不亏本抛售股份。

退一步看，这里存在一个更大的问题。欧洲需要规模更大的银行来支持国防、能源以及

友好的竞争

萨巴德尔银行 vs 欧洲银行股票指数（基准重置）

基础设施方面的投资。这就是为什么前央行行长马里奥·德拉吉（Mario Draghi）等人一直推动银行整合的原因。但这需要目前尚不存在的条件，例如统一的监管条例和顺从的当地政治家。

这些项目现在就需要，而不是在10年后。因此，虽然“慢动作”收购可能是银行投资者向更高效的行业迈进的唯一可行方式，但对于更广泛的欧洲而言，这在很大程度上仅仅是一个安慰奖。

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📄 Original Section

Nicolas Guilhot

F

rom the climate meltdown to the possibility of a runaway AI triggering a paper-clip apocalypse, catastrophic scenarios aren't in short supply these days. Whether it is in order to prep for impending doom or to denounce the toxic ideology of new corporate overlords, everyone seems to have settled on "end times" as the expression that best captures the zeitgeist.

Much of this has to do with the idea, widespread among tech elites, that only the unfettered development of AI will see the elect through the coming catastrophe. The eschatological subtext is occasionally made explicit. In a recent interview, US vice-president JD Vance mused that his political work might be paving the way for the consummation of human history. The conversation also touched upon the uninvited guest who crashes the party at the eleventh hour: Vance confessed he would not be surprised “if the Antichrist was walking among us”.

Peter Thiel too has expatiated on this intriguing figure, warning that he might be masquerading as a do-gooder bent on regulating AI or fighting climate change. The spat that followed the publication of Pope Leo XIV's encyclical about AI was a throwback to medieval times, when pope and emperor hurled accusations about being the Antichrist at each other.

Secular thinkers as well have shored up the notion that we are living through the end times, from Peter Turchin's prognosis of societal collapse to Naomi

Klein and Astra Taylor's recent warnings about the form of elite "survivalism" they call "end times fascism". Whether the end is nigh or not, everyone thinks we have run out of rope.

What is striking about all these discussions is how bleak they are.

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硅谷科技巨头的“抢才收购”诡计可能已过时

🌐 对照英文

想象一下，你没有被邀请参加一场办公室派对，而参加者们领到的礼品袋里装的是数百万美元。这就是芯片制造商 Groq 的两名员工在巨头竞争对手英伟达（Nvidia）雇佣了他们大多数同事时所面临的处境。

精选嘉宾名单或许适用于高端社交晚宴，但并不太适用于企业并购。

英伟达支付了 200 亿美元以获得其在 Groq 想要的资源。但它并没有采取传统的收购或资产购买方式，而是设立了一个 30 亿美元的奖金池用来诱导 Groq 的顶尖人才，并向该公司支付 170 亿美元以获得知识产权的许可。

那些心怀不满的工程师作为股东，虽然分到了 170 亿美元中的一部分，但这比英伟达以 200 亿美元收购该公司时他们能拿到的份额要少。因此，他们起诉了 Groq 的董事会。他们作为股东的懊恼是可以理解的。

所谓的“抢才收购”（acqui-hires）是一种在不触发适用于传统合并的反垄断程序的情况下，购买企业核心资产的方式。

而 Groq 董事会似乎给了英伟达一个极其廉价的交易，这让情况变得更糟。当 Groq 的空壳公司最终被清算时，英伟达为现金和杂项资产提供的“挤出”付款仅为数亿美元，随后却将其购买的资产重新估值为 35 亿美元。

想象一下，如果英伟达采取更直接的路线直接收购 Groq，工程师们可能会在股份方面获得更丰厚的报价。

但这样的交易需要很长时间才能完成，而且很可能会被竞争监管机构直接否决。当然，在这种情况下，他们至少可能保住工作。

关键问题在于，从竞争角度来看，抢才收购是否将被视为合并。拜登政府审查了数千起类似的安排，认为实质重于形式。特朗普政府也表达了担忧。

被激怒的前员工提出的异议为这类交易带来了新挑战。如果他们胜诉，未来的抢才收购可能会变得更加昂贵，从而降低其吸引力。

无论如何，诉讼给了监管机构另一个理由去识破抢才收购策略。科技巨头们能找到创新方法来钻系统漏洞值得称赞，但在未来，他们可能被迫采取更直接的方式。

日经亚洲（NIKKEI Asia） 亚洲世纪之声

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📄 Original Section

Today's political culture has lost the capacity to discern a redemptive future beyond a horizon of crisis

Even those who claim the authority of scripture for their politics or their corporate pitch do not have much of a future to offer.

Yet, from Christian expectancy to secular ideologies that envision “the collapse of capitalist society and the dawn of classless society as a mighty apocalypse", as the philosopher Jacob Taubes once put it, visions of the end have not always been a source of terror. For centuries, they gave hope to the downtrodden and reconfigured crises as opportunities for renewal and redress. The "end" was not only the end-as-catastrophe; it was also the end-as-telos, which gives a sense of purpose and meaning to the present.

This is no longer the case. Today's political culture has lost the capacity to discern a redemptive future beyond a horizon of crisis. We have, literally, nothing to look forward to.

This condition isn't new. It is the one Francis Fukuyama diagnosed more than 30 years ago as the "end of history". It has become fashionable to dismiss his idea, yet Fukuyama was clear he wasn't talking about world events but about the exhaustion of the liberal imagination: the end of history arrives when we can no longer imagine “a world that is essentially different from the present one, and at the same time better”.

Everything indicates that living at the end of history may not be sustainable — especially if it did not turn out to be the blissful dispensation that was promised. In the absence of desirable alternatives to the current state of things, the world ceases to be the space in which we experience our creative powers and, therefore, our freedom. It becomes opaque and alien, as if invisible forces were thwarting our agency.

A century ago, psychiatrists identified the “apocalyptic experience” as a typical symptom of schizophrenia. The narratives that best comport with this experience are also apocalyptic in the etymological sense of the term: the revelation of what is hidden. The end times are when the dark forces acting in history will be revealed, the dots connected, the enemies unmasked.

Today, politics swaps the pursuit of a future good for the defeat of an enemy; conspiracy theories spread and become the only possible vision of history.

This is certainly cause for concern. Yet it is also an indication that the catastrophe is not written in stone — or in algorithms. It is the result of faulty politics that, like Dorian Gray, have embraced the fantasy of eternal youth promised by the end of history, while their decay was increasingly visible. The fact that some things age badly does not mean history ends with them but that it's time to let go of them and contemplate new departures.

The writer is professor of intellectual history at the European University Institute and author of 'Conspiracy: The History of a Political Obsession'

横向

🌐 对照英文

1 穿得更少之指南 (6)

4 房间里有发疯的猫？那可能是创伤性的 (6)

8 试图将 1 寄生虫困在 5 中 (7)

9 易于隐藏不体面的票据 (7)

11 笔记并保持安静，关于一个人的恢复能力 (10)

12 速度在最后开始正确 (4)

13 计算机工作场所发回的咖喱 (5)

14 就像这个线索在法语游戏中 (8)

16 奔跑并在此之前办理护照以进入欧洲 (8)

18 任何伪造的广告被揭露并曝光 (5)

20 从某些房屋中拾取的灵感 (4)

21 日志参考中由法院指控的一人 (10)

23 她退出了人文科学，可能是为了某些琐事 (7)

24 合理的课程和高尔夫地点 (7)

25 客人的裤子？部分 (6)

26 时装模特偶尔 (6)

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📄 Original Section

If supermarket M&A is back, Sainsbury's is in a sweet spot

Tesco is the UK's market leader with a near 28% share — Leon Neal/Getty Images

here is one big takeaway from recent merger discussions between Sainsbury's and its rival Morrisons: British

supermarkets no longer believe that mergers are completely unthinkable.

If they are right, and the competition watchdog has softened its hawkish stance on consolidation among the country's grocers, it ought to be good for Sainsbury's itself – and bad for market leader Tesco.

Why supermarkets would like to merge is no mystery. There are too many of them, chasing a market where demand is not growing.

Discount chains Aldi and Lidl have taken about 10 percentage points of market share over the past decade, taking sales from private-equity owned Morrisons and Asda, and profitability from everyone.

Tesco generates an operating margin of only 4 per cent. Sainsbury's manages around 3 per cent. Bigger supermarkets are better at fighting price wars.

Until recently, tie-ups weren't on the cards: the Competition and Markets Authority blocked a mooted union of Sainsbury's and Asda in 2019. Since then, however, it has changed its definition of discount retailers to include them on the same terms as supermarkets.

Factoring them in fully would change the calculus on national market share and competition within specific regions, two of the most important considerations.

In any future consolidation, Sainsbury's is best placed to play kingmaker.

With 15 per cent of the market, it could combine with either Morrisons or Asda and still be smaller than Tesco in national market share terms.

Its skew to the south of England also means it could buy either Morrisons or Asda, both of which have larger footprints in the north, without having to dispose of too many stores.

Having broken off talks with Morrisons already, Sainsbury's risks seeing its struggling rival combine with

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纵向线索

🌐 对照英文

1 社交媒体上的大人物，影响力者终于成名 (5)

2 由悠闲的老计时员支撑的恒星 (7)

3 处于危险境地，地中海度假胜地出人意料地炎热 (2,4,3)

5 - 上一题的 2 (5)

6 得出结论：没有火 (7)

7 在潮汐改变之前从男爵夫人那里获利 (9)

10 思乡之情的影响，时不时地重新上演 (9)

13 令人厌烦且冗长，文章被包含在内 (9)

15 坦率地与申请人共进午餐 (9)

17 父母确保就业的艺术场馆 (7)

19 饮品鸡尾酒和晚礼服的首字母相关 (7)

21 从地下河流中获取的能量 (5)

22 王国的真实报头 (5)

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📄 Original Section

Sainsbury's and Morrisons could still find terms that appeal to both sides. The sticking point may be price

Asda instead. The two would have roughly 20 per cent of the national market, overtaking Sainsbury's as the number two. But both businesses have large positions in the north of England, meaning they would probably have to dispose of a big chunk of their store base.

Sainsbury's would be an obvious potential buyer, and, as a larger operator, would probably be able to outbid smaller groups such as Waitrose and M&S.

Besides, it would be rash to conclude that Sainsbury's and Morrisons can't still find terms that appeal to both sides. The sticking point may well be price: CD&R bought Morrisons for £9.8bn, equivalent to 9 times ebitda; Sainsbury's trades at nearer 5.

But there is much to be gained if that obstacle can be surmounted. In 2018, the retailer estimated that buying Asda would enable it to lower prices on essentials by 10 per cent. Achieving that would roughly halve the gap with the discount chains.

What, then, becomes of the market leader? While Tesco might be able to pick up assets, with a near 28 per cent market share and widespread local presence it is too big to take part in any meaningful consolidation.

It has had a good run of late: since 2020, it has grown its market share by 1.3 percentage points.

There's no potential combination that would be bigger than Tesco, but an outbreak of M&A would give it a run for its money.

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📄 Original Section

Bank mergers arrive in Europe with a whimper rather than a bang

Europe has a Nimby problem when it comes to banks. Politicians, regulators and executives agree the continent needs cross-border consolidation, just as long as it's not their banks being consolidated. An agreement between France's BPCE and Spain's Sabadell offers an imperfect way to tiptoe around the issue.

BPCE has bought a “friendly” 7 per cent stake in Sabadell, worth around €1.2bn at yesterday’s closing price. It will take a seat on Sabadell’s board and the two groups will consider ways to work together. That could mean, for example, BPCE-owned Natixis providing investment banking services to Sabadell’s business customers. BPCE says it won’t lift its holding above 9.9 per cent.

BPCE will be hoping the capital buys it some of the upside of an acquisition — in the form of indirect exposure to the fast-growing Spanish economy — without the political wrangling. European cross-border deals tend not to include many cost savings, due to the continent's patchwork of different regulations, so it isn't missing out on much there.

If BPCE did eventually decide it wanted full control, spending a few years getting to know Sabadell's board and local politicians could smooth the way. In the meantime, it is busy with the integration of Novo Banco, which it bought for €6.4bn last year. Taking a stake in Sabadell makes it harder for other bidders to swoop in while it is distracted.

Sabadell, meanwhile, can focus on its standalone strategy without worrying about another hostile bid, after it spent 18 months fending off local rival BBVA.

There are downsides, however. Minority investments tie up capital that could be used elsewhere and give financial exposure without much control – Sabadell and BPCE are on the same page for now, but a crisis or simply a change of strategy could leave the French bank lumbered with a stake to offload at a loss.

Step back, and there's a bigger issue. Europe needs larger banks to support investments in defence, energy and

Friendly rivalries

Sabadell vs index of European bank stocks rebased

infrastructure. That is why former central banker Mario Draghi and others have been pushing for banking consolidation. But that requires things that don't yet exist, such as harmonised regulation and acquiescent local politicians.

Those projects are needed now, not in 10 years. So while slow motion takeovers might be the best available way for bank investors to edge towards a more efficient industry, for Europe more broadly they are very much a consolation prize.

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FINANCIAL TIMES

WEDNESDAY 7 OCTOBER 2026

BIG READ, PAGE 21

Xi's tax assault on the Chinese 'filthy rich'

UK £3.70; Republic of Ireland €4.10

What comes next with the energy shock?

MARTIN WOLF, PAGE 23

Yemen clash Riyadh enlists defence allies

Pro-Yemeni government fighters fire from a pick-up truck during clashes with Houthi rebels in Taiz province, south-western Yemen, yesterday.

The Houthis have denied being pushed back by Saudi Arabia-backed Yemeni government forces, who have launched a big operation to recapture lost territory.

The fighting across Yemen, including along the Red Sea coast and in Taiz, continued as Riyadh, Pakistan and Turkey said they had triggered a mutual defence pact for the first time, aiming to ensure the “rapid deployment” of Pakistani and Turkish “military forces and capabilities” to Saudi Arabia.

However, Turkey cannot deploy troops until parliament ratifies the pact, while Pakistan said details of its own deployment were “a matter of operational confidentiality”.

Defence pact triggered page 7

Yemen Giants Brigades Media Centre/AFP via Getty Images

Oil tanker captains paid \$100,000 a month for perilous Hormuz voyages

\- Owners offer ‘danger money’ • ‘Mercenaries’ face Iranian strikes • 93 ships attacked since February

ALICE HANCOCK — LONDON

Oil tanker captains in the Gulf are being paid rates equivalent to \$100,000 a month for travelling through the Strait of Hormuz, along with a \$50,000 bonus for each trip, as Iran steps up its assaults on vessels.

Shipowners were offering the bumper “danger money” to persuade seafarers to stay on vessels as Gulf countries try to keep crude flowing through the crucial strait, according to three people close to tanker owners and crew.

Regular sailors, whose normal monthly salaries can start as low as \$1,500, and their captains, whose regular pay is about \$15,000 a month, receive double pay while they are in the southern Red Sea and Gulf of Oman. But their pay is increased further during each Hormuz transit, with ordinary sailors receiving at least four to six times their normal rates.

Because most trips through the strait are made by dedicated tankers on regular “shuttle runs”, sailors can earn the higher rates for months at a time – while enduring the constant risk of Iranian missile and drone attack.

Among seafarers, those braving the voyage are “almost being viewed as

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'If they won't agree, they may lose their job. If they agree, they may lose their life'

mercenaries", said one of the people, reflecting the danger of the voyage.

Ships traversing the waterway are facing one of the heaviest periods of assaults since the US and Israeli attacks on Iran triggered the war in February. At least 14 attacks have taken place since September 20, according to maritime security company Vanguard, including four vessels struck since Saturday.

Overall, at least 93 ships have been hit since February 28, and 24 sailors have been killed, according to the International Maritime Organization.

Scott Bergeron, executive director of cargo shipping company Oldendorff Carriers, told a UK shipping conference yesterday: "The reality is that these ships and our seafarers are targets . . . It's shameful but it is also a new reality."

But high prices paid for the crude that makes it out of the strait, and the risks associated with being unable to ship oil produced in the Gulf, mean that producers in the region are prepared to pay elevated rates for transit. Freight rates for cargoes being carried through the waterway reached a record of \$1.3mn per day this week, compared with about \$20,000 to \$50,000 per day last year.

Sailing into the Gulf, loading and leaving typically takes four days. Only a handful of ships are willing to make the voyage, shuttling oil to other tankers waiting off Fujairah in the Gulf of Oman, which take it on to its final destination.

A typical supertanker carries around 2mn barrels of oil and has a crew of up to 35, headed by the captain.

Manoj Yadav, secretary-general of the

Forward Seamen's Union of India, said owners were either offering huge pay packets or, in some cases, pressing unwilling crew to sail. "Seafarers are losing from everywhere. If they won't agree, they may lose their job. If they agree, they may lose their life," he said.

Most ships travel through Hormuz at night with their GPS equipment off, while the US Navy has deployed air defences. Analyst Windward estimated 13 vessels travelled through the strait on October 4. Its figures show 2 per cent of ships in the third quarter were hit.

Before the conflict, about 135 vessels sailed through the strait each day carrying around a fifth of the world's supply of oil and liquid natural gas. Shipping crisis warning page 9 Martin Wolf page 23

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Briefing

▶ Lender Erebor reaps \$7bn in deposits since February

Palmer Luckey's bank for early-stage tech businesses has surged past \$7bn in deposits since it was launched eight months ago as the start-up seeks to fill the void left by the collapse of Silicon Valley Bank in 2023.— PAGE 8

Rift with Israelis deepens

The UK is prepared to expel some Israeli diplomats from London if Benjamin Netanyahu's ministers move ahead with plans to close the British consulate in Jerusalem, two informed people have said.—PAGE 2

Tories court young voters The Conservative Party has vowed to halve employers' national insurance for workers aged 21 to 24 if it wins the election in a bid to bolster its appeal to younger people. — REPORT & 'KEMISTRY', PAGE 3

▶ Asos gauges hack damage

The online fashion retailer is investigating a suspected cyber attack after hackers hijacked its app to claim a data breach and threaten the company. Its shares fell nearly 10 per cent. — PAGE 11

▶ Dublin proffers tax cuts

Ireland has unveiled a budget stuffed with tax reductions aimed squarely at helping workers weather “acute pressure” from the energy and cost-of-living shock driven by the Iran war.— PAGE 4

▶ Condé Nast sale ruled out

The Newhouse family has rejected the idea of selling the publisher, dismissing speculation over its ownership as it begins its search for a new chief following Roger Lynch's abrupt departure.— PAGE 8

▶ Le Pen soothes markets

French far-right leader Marine Le Pen has promised to cut spending drastically and cap future borrowing if elected president next spring, in a bid to bolster her economic credentials.— PAGE 4

Lawyers trail AI 'rogues'

Insurers are braced for vast claims stemming from rogue AI agents, with fears that leaders such as OpenAI's Sam Altman might be held liable for the actions of their models. — REPORT & ANALYSIS, PAGE 10

German former spy master arrested for treason in biggest breach since cold war

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Indian bullet train scheme leaves passengers waiting

A delayed rail project has triggered an acrimonious dispute between New Delhi and the Japanese partners enlisted to bring high-speed trains to India. The 508km Mumbai-Ahmedabad line was conceived as part of premier Narendra Modi's efforts to modernise a network largely built under British rule. But delays, swelling costs and clashes over whether to incorporate European — and, crucially, Indian — technology have set the scheme back a decade.

Train tensions ▶ PAGE 7

SAM JONES — BERLIN

Germany's former foreign intelligence chief has been arrested on suspicion of treason in what prosecutors believe could be the biggest national security breach since the cold war.

August Hanning is accused of having spent the past 16 years illegally acquiring thousands of classified documents from the very top of German intelligence and selling at least some information from them to a foreign power.

Officials familiar with the probe said Russia was not part of the investigation.

Hanning was taken into custody by German police from his home in Steinfurt county, near the Dutch border, yesterday morning, under orders from the federal prosecutor.

The 80-year-old served as head of the Bundesnachrichtendienst (BND) from

1998 to 2005. From 2005 to 2009 he was the most senior civil servant in Germany's interior ministry.

A serving senior BND official named by police as “Manfred D” was also taken into custody on suspicion of aiding in treason. Manfred D served as Hanning’s chief of staff during his tenure as BND head and followed him to work at the interior ministry.

After Hanning's retirement, Manfred D worked as chief of staff for three successive BND chiefs from 2012 onwards until he left the agency this year — a position that gave him access to sensitive decision-making and classified materials at the very top of the agency.

“Both suspects are believed to have agreed, in the spring of 2010, to have Manfred D continuously transmit valuable intelligence from the Federal Intelligence Service to Hanning in exchange for remuneration," the federal prosecutor said. "Hanning was to capitalise on said information in the context of his private consulting services."

The grade of intelligence materials involved in the leak – classified dossiers prepared by the BND for the German chancellor – will raise urgent questions among the BND's partners worldwide.

As Europe's biggest intelligence service, the BND is a recipient of highly classified information from the CIA, MI6 and France's DGSE. The sharing of such information is dependent on total confidence it will not be leaked.

According to prosecutors, on at least one occasion Hanning used information from classified BND files to draft a briefing for “an officer of a foreign intelligence service”. It was unclear if the briefing, found in Hanning’s possession, was ever sent to that service, they said.

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No: 42,375 ★

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NATIONAL

Diplomatic tensions

Israeli envoys face expulsion threat

Move comes as Netanyahu prepares to close British consulate in East Jerusalem

NERI ZILBER — TEL AVIV

LUCY FISHER — BIRMINGHAM

The UK is prepared to expel some Israeli diplomats from London if Benjamin Netanyahu's administration moves ahead tomorrow with plans to close the British consulate in Jerusalem.

National security adviser Jonathan Powell travelled to Israel for talks last week in a bid to reach a compromise on the issue. Those efforts did not succeed, according to several people familiar with the matter, with the deadline for closing the consulate looming.

"There are ongoing talks and space for some kind of deal regarding the consulate but so far nothing has been agreed and it's looking unlikely ahead of [tomorrow]," said a person familiar with the matter. "The Israeli government is in an election campaign and the issue plays well in its rightwing base."

Two of the people familiar with the matter said that if Israel went ahead with the move to close the consulate, London would probably wait until after the October 27 election to make good on the retaliatory threats, if at all.

The threat to expel Israeli diplomats from London was first reported by

Israeli news site Ynet, although several of the people familiar with the matter said it was not accurate that more than two dozen were set for expulsion.

A second person familiar with the matter said UK officials believed there had been “progress in the talks” and speculated that the leaks to the media were a bid by elements within Netanyahu’s government to scupper any possible agreement.

The Israeli foreign ministry declined to comment. “There is no reason for us to address speculations regarding decisions that other countries might make in the future,” said an Israeli official.

"We have already proven that any step against Israel will be answered in the appropriate fashion, and this will be the case in the future as well."

UK-Israel ties deteriorated last month after London announced an import ban on goods and some services linked to Israeli settlements in the occupied West Bank.

Announcing the measures in parliament, foreign secretary Ed Miliband said he felt a “deep sense of shame” about settler violence and settlement construction in the West Bank and the humanitarian catastrophe in Gaza after several years of war.

The moves triggered a fierce diplomatic response from Israel, with its government immediately announcing its intention to close the UK consulate in

East Jerusalem, a mission opened almost 200 years ago which primarily serves Palestinians.

Additional steps taken by Israel included the expulsion of two teams of British officials from Ramallah and the US-led co-ordination centre for postwar Gaza, as well as banning a dozen British MPs from entering Israel.

Miliband has expressed “regret” over the Israeli measures but added: “I’m proud of what we did and it was the right thing to do.” Last week he reiterated that Britain did not want the consulate to close, adding that it was “a conversation we continue to have”. The Foreign, Commonwealth and Development Office declined to comment.

Holborn and St Pancras. Polling

Greens prepare for uphill by-election battle

Opinions have shifted since Polanski's declaration that the party was ready to seize seat

DAVID SHEPPARD AND JIM PICKARD

On launching his campaign for Sir Keir Starmer's former Holborn and St Pancras constituency in north London last month, Zack Polanski was adamant that the Green Party was ready to seize one of Labour's safest seats.

“We know we can win here,” said the leader of the Greens, at the start of his bid to win a House of Commons place.

A month on and Polanski sounds less sure. Bookmakers give him a less than 12 per cent shot of winning tomorrow's by-election, and have lowered the odds on Labour so far that its implied probability of victory has reached 95 per cent.

After sliding in opinion polls over the summer, Polanski has claimed that losing the contest would not undermine his authority as leader “whatsoever” — despite criticism by Jewish leaders that his party has stoked antisemitism.

A divisive “Zionism is Racism” motion was backed by party members on Sunday at the Greens’ conference in Brighton, even as four of the five Green MPs opposed it. Polanski stopped short of encouraging members to vote the motion down and did not vote on it himself, leaving the conference early to campaign in London.

Two Green councillors have since resigned and a group of Labour MPs has asked police if they should investigate whether antisemitic offences were committed at the gathering. Israel has barred Polanski, who is himself Jewish, from ever visiting the country.

Some senior party figures accuse Polanski of failing to take on the Greens' most radical activists and fear that the newcomers' focus on the war in Gaza risks overshadowing the party's environmental message.

"The feeling is the by-election is going to be very hard to win now," said one senior Green member. "I don't think Zack will face any challenge to his leadership in the short term if he loses, but I do think there will be growing calls for a reset on strategy and direction."

It is a long way from where the Green Party was in February. A victory in the Gorton and Denton by-election in

Green Party leader Zack Polanski speaks at the party's conference. Below, Labour by-election candidate Sagal Abdi-Wali Charlie Bibby/FT

Greater Manchester for Hannah Spencer, making her the party's fifth MP, came as the Greens surged to almost 20 per cent in opinion polls – not far behind Labour at the nadir of Starmer's premiership.

Its polling has almost halved since, amid questions over Polanski's popularity and trustworthiness with voters, while Labour has enjoyed a bounce in support under Andy Burnham.

The new prime minister has taken a tougher stance towards Israel and a resounding win for Labour would raise party morale after it lost several

London councils to the Greens in May elections. But a loss to the Greens would risk undermining the party's belief that Burnham can win back leftwing voters.

Green activists in Holborn and St Pancras, a broadly progressive but socioeconomically divided con-

but socioeconomically divided constituency, remain buoyant. They believe their local muscle retains the potential to beat Labour's candidate, Sagal Abdi-Wali, a Somalia-born refugee and local councillor.

Faruk Haroon, who was leafleting for the Greens in the seat on Monday, said the “name recognition” Polanski had was “pretty amazing” and social housing and high rents were the main topics raised on doorsteps.

Some voters had been “lifted” by the “Zionism is Racism” motion’s backing for a single Palestinian state, Haroon said, while echoing the leadership’s pledge that it would not discriminate against Jewish members.

"You have got people who aren't ordinarily engaged in politics coming up to us, wanting to actually take leaflets," Haroon said. "It is all to play for."

Labour officials were “upbeat” but taking “nothing for granted”, describing their campaign as “positive vibes only” rather than engaging rivals. “We haven’t spoken about the Green Party at all,” one said. “We are expecting a significant presence on the ground on polling day.”

The make-up of Holborn and St Pancras, where Starmer won nearly 49 per cent of the vote in 2024, arguably makes it more difficult to call than the bookmaker odds suggest.

'I don't think Zack will face a challenge in the short term if he loses, but I do think there will be growing calls for a reset on strategy'

Starting in central London, and capturing student accommodation south of King's Cross station, it stretches into wealthier north London areas such as Kentish Town. Just over a fifth of the constituency's population said they were Muslim at the 2021 census, with about a third identifying as Christian, while Jews make up 2 per cent. Social housing and private rentals are far higher than the national average at 43 per cent and 32 per cent respectively.

At the Green conference, Polanski promised a rent cap if the party ever won power nationally.

Mark Shayler, an environmental consultant who works in the constituency, said he had flipped between Labour and the Greens “all of my life” but was leaning back towards Labour.

"On the back of the conference, it is a mess and a pickle, and he [Polanski] is offending more people than he is bringing with him," Shayler said. "It is a bye-election that is a sign of the times — it is a by-election of populism, and that worries me because it is the wrong way for politics to go."

Suspected terrorism

Police arrest seventh man over air base incident

CHARLES CLOVER AND ROBERT WRIGHT

A 22-year-old British man was arrested yesterday on suspicion of preparation of terrorist acts in relation to the alleged attempt to attack RAF Fairfield last month.

The arrest is the seventh relating to the incident at the Gloucestershire air base. Six British men in their twenties had previously been detained on suspicion of terrorism and were later released on bail.

Police said they made the latest arrest in Westminster, London, and searched a property in the borough.

“This remains a live investigation and our specialist teams continue to pursue multiple lines of inquiry into the circumstances surrounding events near RAF Fairford,” Vicki Evans, senior national co-ordinator for Counter Terrorism Policing, said. “We are working around the clock, and at pace, to identify the motivation behind events in Gloucestershire. We remain committed to investigating all possible angles.”

The US withdrew 12 B-1 bombers from RAF Fairford over the weekend. Officials said yesterday that the move had been prompted by warnings about a possible Iranian drone attack on the facility. Washington believed the potential plot could have involved short-range weaponised drones launched at the air base, the officials added.

RAF Fairford is a vital US military installation from which it has launched bombing raids against Iran.

The details of last month's incident, in which police arrested a group of men who had been behaving suspiciously near the air base, remain largely unclear, with officials offering limited and at times contradictory accounts.

US President Donald Trump said on Monday that the Pentagon pulled its bombers from RAF Fairfield after “some threats” were made to the air base.

However, Marco Rubio, US secretary of state, played down any link between the withdrawal of the planes and perceived threats to the base. “The Department of War is constantly relocating resources where they need to be,” he said. “We’ve documented what happened last week, I wouldn’t directly tie that to the move that was made.”

The US keeps hundreds of personnel at RAF Fairfield. Iran has listed the air base as a “legitimate target for our forces”.

The suspected plan to strike the Gloucestershire base has echoes of the Ukrainian attack on Russia's strategic bomber fleet known as “Operation Spiderweb” in June 2025. In that incident, Ukrainian teams destroyed almost a dozen aircraft on the ground with explosive -laden drones.

Andy Burnham, prime minister, has said there were “strong indications” that Iran was involved in the incident near Fairford. Tehran has denied any role. Downing Street yesterday said the base was safe. “We are not going to comment on foreign nations’ military operations.”

A drone attack on an air base would mark a significant departure from the pattern of Iran-linked activity in the UK. Police and security forces have investigated scores of Iranian plots in recent years. They have included several arson incidents, such as the fire-bombing of a synagogue at Kenton in north-west London in April.

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Regional economy

West Midlands mayor urges relaxation of electric car targets

JIM PICKARD — BIRMINGHAM

KANA INAGAKI — LONDON

Britain's electric car sales targets should be watered down to prevent damage to carmakers and their suppliers, the Labour mayor of the West Midlands has said.

Richard Parker told the FT that he had written to chancellor John Healey to urge him to protect the automotive industry by relaxing as much as possible the zero-emission vehicle mandate requiring 80 per cent of all new cars sold to be all-electric by the end of the decade.

"There isn't that demand for electric vehicles and imposing such a burden on the car industry that is not just crucial to our regional economy . . . is a burden that they will find really difficult to bear," he said.

The government has launched a consultation on allowing motorists greater freedom to buy hybrid options by reducing the all-electric target, which climbs every year, to either 50 per cent, 60 per cent or 70 per cent by the end of the decade.

Hybrid vehicles would make up the remainder with the government sticking to its pledge to end the sale of new petrol and diesel vehicles by 2030.

Parker claimed that there was near-unanimous support from the car industry and its suppliers for the 50 per cent option.

Despite a rise in EV sales on the back of rising fuel prices, carmakers have struggled with lower margins on the vehicles and faced increased competition from Chinese rivals' more affordable offerings.

Jaguar Land Rover, which is owned by India's Tata Motors, recently announced that it would cut 4,000 jobs, or roughly

10 per cent of its global workforce, while Aston Martin has also carried out a restructuring in the face of flagging sales in China and higher US tariffs.

The mayor said the current mandate risked causing the industry to “fail” and needed to be relaxed, urgently.

JLR employs around 30,000 in the Midlands with far more in the wider supply chain in the region.

He said: “Why would we choose to take policy decisions that will damage our industry when it’s an industry that’s really important to our economy here?”

He added: "If you are expected to produce cars that there isn't a market for,

A Range Rover electric vehicle on the production line in Solihull in the West Midlands. Deliveries of the car are expected to begin later this year

then it is very likely to mean that all of, or a combination of ... job losses, reducing future investment in plant and production and reducing spend on R&D [and] the compound effect of those is important."

Ministers have no plans to change their cut-off point of 2035 when the sale of hybrids will end, after which only fully electric vehicles will be sold.

The ZEV mandate has no impact on second-hand vehicles already on the road.

Nissan's European boss, Massimiliano Messina, last month called for a significant watering down of the mandate, saying “40 per cent will be better [but] 50 per cent is something that, to us, makes sense financially”.

But others have pushed back against relaxing the targets at a time when nearly 30 per cent of new car sales are EVs following rising petrol prices.

Håkan Samuelsson, chief executive of Geely-owned Volvo Cars, said “bringing down the ambitions” now would be mistimed considering the “strong momentum into electrification”, adding: “It’s a bit unnecessary . . . I don’t think it will stop consumers going electric.”

NATIONAL

Tories hail Badenoch's ‘Kemistry’ but poll numbers show scale of task ahead

Party strategists aim to win back voters with core message of reducing welfare bill to fund tax cuts

GEORGE PARKER AND CHRIS SMYTH — BIRMINGHAM

Addressing a surprisingly upbeat Conservative conference in Birmingham on Sunday, Kemi Badenoch sounded confident: "When we win the next election, and we will, we are going to need to hit the ground running."

But behind the public optimism is the blunt reality that the Tories are on the ropes electorally and miles from power. The party is third in opinion polls on 20 per cent – below their 23.7 per cent in the 2024 general election catastrophe.

They need to take on Nigel Farage's rightwing Reform UK and win back soft Tories who have switched to the centrist Liberal Democrats. Or as one shadow cabinet member put it: "When you look at the charts, you think: 'Bloody hell, how on earth are we going to win a majority?"

An improvement in Badenoch's personal approval ratings has suffused the Tory conference in what another shadow cabinet member called a mood of "cautious optimism".

But so far the Tory leader's self-proclaimed “Kemistry” has failed to revive her party, which won just 121 seats at the last election. The party needs to gain at least 200 more to win a Commons majority.

As Dylan Difford of the pollster YouGov said this month: “The Tories suffered devastating losses in this year’s local and devolved elections, have lost their deposit in two of the four parliamentary by-elections this year, and remain significantly below their 2024 vote share in voting intention polls.”

One of the main problems facing Badenoch's party is that it is fighting on what appear to be two completely different fronts, with the risk that policies aimed at one group of voters will alienate a different target group.

Another shadow cabinet member said the Tories should be targeting a swath of seats won by the Liberal Democrats in 2024, largely in southern England. The Lib Dems won 72 seats, largely at the Conservatives' expense.

"There are 60 Lib Dem seats that would ordinarily be Tory," they said, citing solidly middle-class places such as Henley, Esher, Guildford and Tunbridge Wells. Most Tories believe that Badenoch's path to power must run through such constituencies.

Party strategists believe that to win back such seats the focus must be on the economy, with a core message of welfare cuts funding lower taxes. “We need to talk about the economy, then talk about the economy, then talk about the economy,” said one party official.

Badenoch's big announcement going into the conference was the removal of the £100,000 childcare tax cliff edge, along with assertions that it would be “morally right” to cut inheritance tax, paid by about 5 per cent of estates.

On Monday, Andrew Griffith, shadow chancellor, promised to scrap the Labour government's planned “mansion tax” on homes valued at more than £2mn and declared an “aspiration” to reform the tax system to end the 60 per cent marginal tax rate on earnings between £100,000 and £125,140.

Conservatives fall into third place

UK parliament voting intention (%)

Tory defectors differ on reason for leaving

Which of the following reasons best describe why you no longer intend to vote Conservative? (% responding)

Lines represent weighted moving averages

Source: FT poll tracker • Latest poll: Oct 2

Badenoch's popularity has not boosted party Polling averages

\* Share answering 'fairly well' or 'very well' to 'Do you think Kemi Badenoch is doing well or badly as leader of the Conservative party?'

Sources: YouGov; FT poll tracker

Source: YouGov • Per cent of 779 Britons who voted Conservative in 2024 and currently do not intend to vote Conservative. Not all options shown

These policies will play well in former Conservative heartlands but will have little financial impact on the working-class Tory voters the party lost to Reform, some of whom might have bridled at Badenoch's policy that millionaires should be entitled to free childcare.

Inevitably this party conference is focused on the risk posed by Farage, who has said he wants to “destroy” the Conservatives.

While Tory strategists agree that the economy is the big issue, Badenoch has struck tough messages aimed at Reform-minded voters but that risk alienating former “One Nation” Tory voters in the more-affluent south.

The Tory leader has banned aspiring MPs from standing as candidates if they support the 2050 net zero target – legislated for by former Conservative premier Theresa May – or if they endorse the European Convention on Human Rights, championed by Winston Churchill.

The party is also taking strong positions on migration and would reverse any efforts by Labour to “reset” relations with the EU at a forthcoming summit. Brexit remains an article of faith.

None of these policies seems guaranteed to win back the support of moderate voters who switched to the Lib Dems in 2024, and some Badenoch allies admit that the party should stick to its core economic message.

"If you look at the Tory voters who went to the Lib Dems in 2024, we think the tax issue is starting to win those people back," said one party strategist.

Alex Burghart, Badenoch's deputy, argued that economic policy could win back both sets of voters. "The economic message is one that actually reaches all over the country and in all sorts of demographics, and is the right place for the Conservative Party to be," he told a fringe event on Monday.

Badenoch has ruled out doing a deal with Farage but with the vote on the right split, her route to Downing Street is hard to discern. Her allies express the wistful wish that “if we could only be consistently ahead of Reform by 1 or 2 points” in the polls, then Farage would stop looking like a viable alternative prime minister and the Tories could then gain momentum. That remains the party’s goal at this conference.

Badenoch, speaking at a fringe meeting on Sunday, said the party's electoral prospects might be tested sooner than many think. "I do believe that Andy Burnham is going to call an early general election," she said at a welcoming reception hosted by the Tory pollster Lord Michael Ashcroft.

Referring to Rishi Sunak's ill-fated decision to call a snap poll in 2024, she said: "The last time we had a general election we managed to surprise ourselves. We are not doing that again. I am going to be ready for a general election."

Ashcroft said the public seemed to be warming to Badenoch but then added the painful kicker: “Unfortunately their view of the Conservative Party is taking a bit longer to catch up. In other words, voters like her — they are just not convinced about the rest of you.”

Conservative proposal

Plan to rip up any EU deal prompts food industry fears

FT REPORTERS

Food producers have criticised the “huge uncertainty” created by Conservative Party proposals to rip up any UK-EU deal to remove post-Brexit trade barriers affecting their sector.

Andrew Griffith, shadow chancellor, said the party would scrap any deal struck by Andy Burnham's Labour government to liberalise agrifood trade, on the grounds that it would leave the UK having to follow Brussels' rules.

Kemi Badenoch, Conservative leader, confirmed she would rip up a deal. “I’ve had farmers tell me that some of the things that they are negotiating . . . are going to be a problem,” she said.

The position of the official opposition has caused concern in the food and drink industry, which fears being cast into a situation where it might be forced to comply with different regulatory regimes every few years.

In Brussels there is concern about doing deals with Britain when the political situation is so volatile and where Labour's main rivals – the Tories and Reform UK – are strongly Eurosceptic.

Ten years after Brexit, the EU is demanding a “Farage clause” in any deal. This would commit London to paying compensation to rebuild border infrastructure in the event of a future UK government pulling out of a deal. Burnham’s government has refused, according to people briefed on the talks.

An accord on food and drink is at the heart of the deal Burnham hopes to strike with the EU at a summit in Brussels next month. The prime minister will cast a deal as good for growth with the prospect of lower food prices.

Karen Betts, chief executive of the Food and Drink Federation, an industry body, said: "Overall, the industry is supportive of realigning with the EU because it will remove an amount of friction and barriers.

“However, political parties are creating huge uncertainty for the industry and it will be hugely disruptive if the rules keep changing. If we have to comply with the rules and then they change again, the industry will feel very hard done by.”

Griffith made it clear at the Tory conference that he would rip up an agrifood deal if, as expected, it required Britain to “dynamically align” with EU rules. “We are all in favour of reducing frictions but we have said very clearly that is a red line,” he said. “A red line is becoming a rule-taker from Brussels.”

One EU diplomat said the Conservative move would “confirm to many people in Brussels and European capitals that there is no point in entertaining thoughts of the UK rejoining the EU at this stage”, adding: “This will not affect the will to engage constructively with the British government.”

Labour said: “The Tories’ message to business could not be clearer: they want to put back up the barriers that this Labour government is busy tearing down, making it harder to trade with our nearest neighbours.”

By George Parker, Chris Smyth and Ashley Armstrong in Birmingham, Madeleine Speed in London and Andy Bounds in Brussels

Budget policies

Banks' tax fears remain after Healey talks

FT REPORTERS

John Healey yesterday declined to assuage bank bosses' fears of higher taxes in his Budget, as he told the country's largest lenders he was facing a "challenging fiscal picture".

Banking figures seized on what was likely to be their last meeting with the chancellor ahead of the Budget to make their case against a tax raid on the sector, according to people familiar with yesterday's discussions.

The executives – including from Barclays, HSBC, Lloyds, NatWest, Nationwide and Santander – argued increases to bank taxes would harm the growth agenda and create greater disparity between London and rival financial centres, such as New York, the people added.

Healey told the 11 Downing Street gathering that the government was facing “a difficult fiscal picture” but he had not yet made any decisions on taxes, they said.

The chancellor wants to raise revenue to ease fiscal pressure caused by rising borrowing costs and spending demands, such as on defence. The Treasury is considering a range of taxes, including a windfall levy on bank profits.

The chancellor opened the meeting by outlining his Budget priorities "to give families and businesses a bit of breathing space, back British jobs and drive growth in every postcode" while maintaining fiscal discipline.

There was discussion of plans to boost lending to the real economy, lower capital requirements for banks and create an environment for the country to remain competitive.

Chief executives from some of the lenders pointed out that they had

---

Chancellor said he wanted 'to give families and businesses a bit of breathing space'

international shareholders who were concerned about the UK tax regime, said one person briefed on the conversations. They also argued that higher taxes on domestic banks would be “self-defeating” because it would raise the cost of capital and reduce lending.

Concerns have grown that the chancellor might increase taxes on domestic banks while the British outposts of overseas lenders escape a tax raid.

Jamie Dimon, chief of JPMorgan Chase and a critic of the bank tax regime, said yesterday that he was “not in favour of things that lack principle”, adding that there should be consistency between UK-based banks and the British operations of overseas lenders.

"It's easy to say charge my friends over here, I think that's wrong," he told Bloomberg.

The Treasury declined to comment on “speculation, rumour and proposals”, adding that Healey regularly met people from sectors across the economy, including financial services.

Banks have for weeks been lobbying the government to spare them in the Budget, arguing that a higher levy or windfall tax would send the wrong signal about growth and competitiveness.

But they have acknowledged they are fighting an “uphill” battle after another year of record profits. The biggest four banks posted a combined £29bn of pretax profits in the first half of this year.

"We're obviously speaking against it but it's just tough to argue against it . . . when we are all making so much money," said one senior executive. "It's just politically such an easy place to go take it from."

"The industry is as strong as ever so it's hard to say it's going to be a killer," said one executive. Another described it as unlikely the impact would be "material for anyone" but that it would be "irritating as hell if it happens".

By Ortenca Aliaj, Laith Al-Khalaf, Simon Foy, Ashley Armstrong and George Parker

Employer taxes

Party pledges to halve NI for younger workers

LUCY FISHER — BIRMINGHAM

The Conservatives have vowed to halve employers' national insurance for workers aged 21 to 24 if they win the next general election in a bid to bolster the party's offer to young people.

The proposal to cut employer NI from 15 per cent to 7.5 per cent for 21- to 24-year-olds would cost £2.3bn once extra tax receipts and lower welfare spending were taken into account, the party said.

Leader Kemi Badenoch, however, refused to commit to reinstating the state pension triple lock if Andy Burnham, prime minister, implements his proposed changes to the mechanism before the next general election.

The Conservatives said they would set out details of how they would fund their "jobs tax" cut today, the final day of the party's annual conference in Birmingham, which will close with Badenoch's speech.

The NI move is a pillar of the party's wider “rescue plan for young people”, as it strives to claw back support among the youth vote. Only 8 per cent of 18- to 24-year-olds support the Conservatives, according to an analysis of four recent YouGov surveys by polling expert Sir John Curtice.

The NI proposal is counterbalanced by a recently announced plan to bar 16- to 24-year-olds who have not worked continuously for six months from claiming universal credit as part of a “tough love” approach.

The proposed tax cut is part of an attempt to reorient the party's focus towards the economy and away from immigration and culture war issues, where many senior figures think they cannot outperform rivals to the right.

Defending her decision to prioritise a reduction in employer NI for young people over older workers, Badenoch told the BBC: “Young people have a much worse problem than everybody else.”

Britain's youth unemployment rate has risen to 16.4 per cent, its highest rate since 2014, overtaking the EU average. "We've got to fix that," Badenoch said.

The proposal would temper the employer NI cliff edge relating to young workers when they reach 21 – from zero to the full rate. It would save a business an average of £1,545 for every young worker in the age bracket. Earnings above £50,270 would still face the standard rate.

Youth appeal: only 8% of 18- to 24-year-olds support the Conservatives

The Labour government is also seeking to address youth unemployment, having tasked former health secretary Alan Milburn with reviewing how to assist nearly 1mn young people not in education, employment or training.

Labour dismissed Badenoch's proposal as “yet more fantasy economics from the Tories”. The government was investing £2.5bn to help young people into work, including via a jobs guarantee scheme, the party said.

On pensions, Badenoch reiterated that she wanted to retain the triple lock after Burnham last week announced plans to scrap it in its current form.

But she refused to commit to reversing the proposed changes if they were implemented before the election, insisting she would not “speak in hypotheticals”, adding: “I don’t promise we can pay for the triple lock now.”

Robert Jenrick, Reform UK Treasury spokesperson, said Reform was “the only party prepared to defend” the triple lock with a “rock-solid pledge” to keep it.

INTERNATIONAL

Budget

Ireland cuts taxes to ease cost of living pain

Financial surplus enables Dublin to reduce fuel bills and lift income levy bands

JUDE WEBBER — DUBLIN

Ireland's government unveiled a budget stuffed with tax cuts aimed squarely at helping workers weather “acute pressure” from the energy and cost of living shock driven by the US-Iran war.

Outlining the measures in the Dáil lower house of parliament, finance minister Simon Harris said Ireland's economic resilience had been “phenomenal” in an increasingly uncertain world but “people need to feel the benefits of economic growth . . . in their pockets".

He announced cuts in the cost of home heating fuels to help with energy bills, which are the highest in Europe, and extended cuts on petrol and diesel along with measures that also increased the level at which people pay taxes to help workers on middle incomes.

Unlike many EU peers, Ireland is in the enviable position of running a budget surplus fuelled by booming corporation tax receipts paid by a handful of US tech and pharma multinationals. But the government has also faced repeated warnings from Ireland's independent budget watchdog to save more of its extraordinary surpluses.

Harris said the surplus would be

€6.7bn this year and €9.5bn in 2027.

He gave details of a long-awaited new savings scheme, under which savers would pay no tax on the first €50,000, designed to put some of the €175bn cash deposits held by Irish households to work. There were measures to boost childcare and welfare payments and the government is accelerating funding to build a metro system in Dublin.

Modified domestic demand, a preferred measure of economic activity that strips out the distorting effect of the multinational sector, will grow 3 per cent in 2027, Harris added.

Niall Conroy, acting chief economist at the Irish Fiscal Advisory Council (Ifac), said government spending was accelerating. “They have revised up spending this year by €1.4bn for 2026 from the spring set of forecasts. Spending is growing much faster than they planned,” he said.

The government has said corporation tax is expected to bring in more than €39bn next year, but the central bank and Ifac have repeatedly cautioned that it is too dependent on risky corporation tax revenues.

"It is not unreasonable to say that Ireland has been and is an island of economic and political stability in a world of increasing and growing volatility. That stability is reflected in our public finances," Harris argued.

But he noted that Ireland "cannot and must not ignore what is happening in global bond markets". France in particular has seen a brutal bond sell-off that has pushed its borrowing costs to the highest for nearly a quarter of a century.

Polls show the cost of living is the top voter concern. The government is facing more pressure from teachers' and public sector unions that have begun work-to-rule industrial action to push for more generous pay deals. A full teachers' strike is planned for October 14.

Saying “extraordinary circumstances do call for new and extraordinary measures”, Harris announced a cut in the so-called carbon tax on home heating oil and gas which “will not increase again for the lifetime of this government”.

Spain. Snap election

Sánchez uses housing crisis in bid to retain power

PM aims to harness wave of

outrage after eviction of an

87-year-old woman in Madrid

BARNEY JOPSON — MADRID

Pedro Sánchez's swagger abroad — as a standard-bearer for the global left and a rare European leader willing to confront Donald Trump — contrasts sharply with his weakness at home. Lacking a parliamentary majority, the Spanish prime minister has struggled to set the agenda, unable to pass legislation as corruption scandals close in.

His bet on a November snap election is a final attempt to rescue his premiership by turning Spain's housing crisis into a cudgel against the rightwing opposition.

Anger over rising rents and house prices is hardly new in Spain, but Sánchez is trying to harness outrage after the eviction last month of an 87-year-old woman from her Madrid flat.

On Friday, right-of-centre parties blocked his attempt to respond with a package of housing reforms, but Sánchez has sought to turn the parliamentary defeat to his advantage.

A canny tactician, he seized the moment and called snap elections for November 29, casting himself as the champion of progressive economic reform against a retrograde conservative and far-right opposition.

Oriol Bartomeus, a political scientist at the Autonomous University of Barcelona, said: “Sánchez is going to try to create a confrontation that pits the representatives of the people against the representatives of the rich. That is why he is calling an election now . . . It’s pure left versus right.”

At the same time, his opponents are seeking to channel public disgust over a swirl of corruption cases against people close to the prime minister, including his wife, Begoña Gómez, who is set to stand trial for misusing public funds and exploiting her relationship with him. She denies wrongdoing.

Alberto Núñez Feijóo, leader of the conservative People's Party (PP), which is ahead in the polls, said Sánchez's re-election bid was "motivated by fear that every last detail of what remains to be uncovered in the web of corruption cases will come to light".

A mass protest in Barcelona on Monday over rising rents and house prices. Below, premier Pedro Sánchez Emilio Morenatti/AP

Santiago Abascal, leader of the right-wing populist Vox party, which could join the PP in a coalition, accused Sánchez of leading a “mafia government”.

Sánchez's opponents will also argue that, after eight years in power, he cannot escape responsibility for unresolved problems. His task is to make voters remember the right's recent vote

against his housing bill, not his own long record of legislative weakness.

Sánchez has not been able to pass a budget since late 2022. Although parliament has approved a few bills since then, the only major legislation in his second full term was a controversial amnesty for rebellious Catalan separatists. That was the price Sánchez had to pay to retake office after a 2023 election, part of a deal in which a right-leaning separatist party gave him the votes to reach a fleeting majority, even though his Socialists had come second to the PP.

“He managed to dodge the bullet of defeat in the general election by a very narrow margin, with a highly fragmented parliament and without a leftwing majority,” said Pablo Simón, a professor at the Universidad Carlos III de Madrid. “He has been unable to pass reforms or set the agenda. The agenda has been set for him by others – by his coalition partners or by episodic crises.”

Sánchez's domestic drift was partly obscured by his reputation on the international stage, where he cast himself as Trump's European nemesis on defence spending, the wars in Iran and Gaza, and the poisonous impact of social media.

But repeated crises have intervened.

The most damaging to his image has been the corruption probe into his wife,

‘That is why he is calling an election now . . . It’s pure left versus right’

which prompted Sánchez to take five days off in 2024 to consider his future. He has since defended his brother, found guilty of administrative misconduct, and former Socialist prime minister José Luis Rodríguez Zapatero, who is under investigation for influence peddling and other alleged crimes. But he has distanced himself from two former right-hand men, one of whom has been sentenced to 24 years in prison.

Disasters have shaped his time too. When a flash flood killed more than 230 people in Valencia in 2024, Sánchez watched as a PP regional government was excoriated for its poor management. When the Madrid region was hit by the worst wildfires in its history, Sánchez's government tamed them and called for a bipartisan pact to combat climate change, knowing the PP would reject it and end up on the defensive.

A nationwide blackout in April 2025 was embarrassing for the government and the grid operator, which is partly state-owned, so Sánchez said as little about it as possible.

A greater calamity was the sudden influx of more than 70,000 migrants into Ceuta, a Spanish exclave in north Africa, in late July. With thousands of migrants still living rough in the tiny city, Vox's Abascal said on Monday that "Ceuta remains invaded". The exclave had been the dominant issue in Spanish politics until September 23, when housing took over after a corporate landlord evicted an 87-year-old from a formerly rent-controlled apartment.

Housing is also a risky issue for Sánchez because it highlights his own inaction. He has failed to pass a housing bill since his re-election, while reforms he pushed through in 2023 did not avert the present crisis. His pro-migration stance adds another vulnerability: Sánchez is one of the few EU leaders to openly welcome migrants, even as their arrival has increased housing demand and helped drive prices sharply higher.

Overlaying those risks is a bigger question, says Manuel Muñiz, rector of IE University and a former deputy foreign minister under Sánchez. “How much is the electorate going to make him and the Socialist party directly responsible for the ineffectiveness of the [past three years] in budgetary and legislative terms, or how much is it going to agree that they need a broader majority to implement the agenda that they were not allowed to implement?” See FT View

Saxony-Anhalt

German far right secures first president of a regional parliament

LAURA PITEL AND AYSUN BORA

BERLIN

The far-right Alternative for Germany secured its first president of a regional parliament yesterday with the help of secret support from four members of established political parties.

The AfD's Tobias Rausch, a 35-year-old real estate manager who was at the centre of a recent nepotism scandal, was elected as the parliament convened for the first time since his party won a landslide election victory in the state of Saxony-Anhalt.

Rausch became president — a role akin to that of speaker in Britain's House of Commons — with the help of the hard-left Bündnis Sahra Wagenknecht (BSW), which said beforehand that it would lend its five votes to the far-right party.

Despite all other political parties officially ruling out co-operation with the AfD, Rausch also won the support of four other unknown members of the Landtag, or regional parliament, in the secret ballot. The AfD has 39 seats but he won 48 votes.

That means that, along with the BSW support, he secured the anonymous backing of representatives from one or more of the other four parties in the Saxony-Anhalt parliament: the anticapitalist Die Linke, the Green Party, the centre-left Social Democrats and Chancellor Friedrich Merz's centre-right Christian Democratic Union (CDU).

Asked where the support for the AfD candidate came from, the party's regional chair Martin Reichardt told the news outlet t-online that it was “probably not from the ranks of the left, the Greens or the SPD”.

Thorsten Frei, leader of the CDU in the national parliament in Berlin, said that the unexpected votes for the AfD were a “grave concern”. But he said that any suggestion that they came from his party was “pure speculation”.

The votes from four mystery figures will offer a boost to Ulrich Siegmund, the AfD's candidate for the post of minister president, the region's top political role. Siegmund is seeking to secure the necessary backing to form a government in the region of 2mn people.

If he succeeds, he will become his party's first premier of a German state, gaining power over education, policing and some aspects of migration policy.

Siegmund, a 35-year-old former room-fragrance salesman, said last week that he planned to hold a vote to enable him to take office in December—and that he expected to be elected “with a significant majority” in the first round.

Yesterday's result will also probably deepen the debate about the longevity of the "firewall" maintained by all major German political parties around the AfD, which has been officially designated as rightwing extremist by the domestic intelligence service.

Although Merz remains committed to ostracising the AfD, he has faced pressure from some figures within the CDU to abandon that stance.

The AfD won almost 44 per cent of the vote in regional elections in Saxony-Anhalt on September 6. The record result for the anti-immigration party sent shockwaves through the political establishment.

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France

Le Pen vows big reductions in public spending to calm markets

LEILA ABBOUD AND SARAH WHITE PARIS

IAN SMITH — LONDON

French far-right leader Marine Le Pen has promised to drastically cut public spending and cap future borrowing if elected president next spring, in a bid to bolster her economic credentials and calm jittery markets.

Le Pen, who is leading opinion polls ahead of her fourth bid for president, yesterday proposed a “golden rule” to cap national debt at 60 per cent of GDP and to reduce the public deficit each year by 0.5 per cent to reach “close to a balanced budget”.

She said she would put the move, which would mirror the German “debt brake” that was enshrined in that country’s constitution until last year, to voters in a referendum.

In a news conference, Le Pen blamed President Emmanuel Macron's economic management and profligate spending for pushing the deficit to 5.4 per cent of GDP this year.

"The parties that are part of the system put us in the hands of debt holders but I refuse to lie to the French by saying this all will not have consequences," she said.

Le Pen hopes her economic plans will convince voters she can be entrusted with power and also reassure investors who have sent French borrowing costs soaring.

However, Allianz chief economist Ludovic Subran called the proposals “voodoo economics” and noted that some of the ideas, such as cutting benefits for foreign nationals, would require constitutional reforms. Unilaterally halving France’s contribution to the EU budget was also unrealistic, he said.

"The RN now presents itself as the party of fiscal rectitude, but the route to its targets is unclear. The savings figures are disputed," he said. Delivering the announced savings would be impossible unless the RN reversed tack to lower the retirement age, Subran said.

Le Pen's pitch comes as France is at risk of falling into a debt crisis, having been singled out by markets as a weak link in the Eurozone. Investors see next year's presidential election as a risk that may worsen chronic political gridlock and prolong profligate social welfare spending in the country.

French borrowing costs have soared higher than Italy's and Greece's in a reversal of fortunes since the Eurozone sovereign debt crisis of the early 2010s.

Macron's bet that business-friendly reforms on labour and tax would deliver enough of a growth boost to solve France's chronic deficits has not paid

Marine Le Pen proposed a 'golden rule' to cap national debt at 60% of GDP, if elected president

off. Governments have struggled for decades to rein in public spending, posting deficits every year since 1974.

Le Pen unveiled detailed plans of her €140bn package of spending cuts and tax changes she would make over five years, which is more ambitious than an earlier goal of €125bn.

Long a champion of big-state spending to protect the working class, Le Pen in recent months has swung behind the idea that France needs a major clean-up of its degraded public finances.

Her party, Rassemblement National (RN), also pledged tax cuts in what it said would be a fully financed “competitiveness shock” from 2027.

Yet the RN did not detail other aspects of its plans, such as a claim that its approach to pensions would save €15bn to €20bn by correcting “unjust or inefficient measures” in the current system. Economists said this was unlikely given that Le Pen has pledged to reduce the retirement age from 62 to 60 for those who begin working at a young age.

RN said state spending curbs would deliver €71.5bn in net savings in 2027, while a wealth tax, a tax on share buybacks and controls on money transfers to third countries would bring in more revenue.

Some €12bn in savings will come from cutting immigration and €9bn from reducing EU contributions, while more would come from eliminating government agencies.

The plan stoked a rally in French bonds after a brutal rout that pushed the country's benchmark 10-year borrowing costs close to 5 per cent last week. Ten-year yields fell 0.12 percentage points to 4.75 per cent yesterday as the price of the debt rose.

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INTERNATIONAL

Economists cast doubt on Silicon Valley theories that AI will kill off jobs

Many see scope for rapid change in nature of work with no guarantee gains will be evenly shared

Anthropic's model depends on assumptions about AI's capabilities, adoption rate, autonomy and productivity US unemployment rate by 2070 under different scenarios (%)

Difference between unemployment rate for recent graduates (aged 23-29) and that for the whole working age population

Source: OECD

The 'Modest' scenario assumes an impact on the economy similar to that of the internet. 'Substantial' a bigger impact than either the internet or railways, 'Extreme' a completely transformed economy, with self-improving AI Source: Anthropic

DELPHINE STRAUSS — LONDON

It took 20 years for computers to eliminate the typing pool, 30 years for the electric lightbulb to transform factory floors and generations for tractors to erode the agricultural workforce.

Dario Amodei, Anthropic chief executive, argues that AI will halve entry-level white-collar work by 2030. Microsoft co-founder Bill Gates predict that in a decade “without the right policies, there will be far fewer [jobs] than exist today”.

Most economists are sceptical about Silicon Valley's gloomy prophecies, saying previous predictions that automation would wreak job market Armageddon – including a 2013 study warning that half of US jobs could vanish within a decade – have not materialised.

“Ever since numbers started appearing . . . all the numbers have been proved wrong,” noted Nobel laureate Sir Christopher Pissarides, co-founder of the Institute for the Future of Work.

Yet as warnings over AI's destructive potential intensify, working out its likely effects on labour markets has become “almost the only topic around economics”, according to Simon Johnson, former IMF chief economist heading the UK's AI Economics Institute.

Economists do not see a future without jobs. But they do see scope for rapid, disruptive change in the nature of work – with no guarantee that gains from the technology will be evenly shared.

Predictions for the outcome vary.

Research, led by Cosmina Dorobantu at the London School of Economics, analysed 74 studies of AI's actual and potential impact. The recent report said: "Anyone looking for a figure of AI's effect on employment can choose from estimates ranging from minus 20 per cent to plus 25 per cent. For wages, the range runs from minus 34 per cent to plus 40 per cent. Selecting a single headline number . . . is a decision about which story to tell."

Few signs exist of AI killing jobs across the global economy. Even in the US, where adoption is most advanced and data shows employment is down in sectors such as finance, the Yale Budget Lab has found no clear evidence of it changing the mix of occupations in the workforce or putting graduates out of work.

“Employment rates in most OECD countries are still near record highs, despite some recent signs of weakening,” said Stijn Broecke, who leads research on AI’s effect on jobs at the Paris-based OECD. It has run a survey of 8,000 employers in 13 countries, which suggests only one in 10 of those adopting AI are cutting staff – and just one in 100 is doing so mainly because of AI.

The most worrying development is a slowdown in entry-level hiring in tech-related jobs – consistent with AI turbocharging the productivity of senior staff while taking over routine junior tasks.

But there is no consensus on the cause. “Unemployment of young graduates has worsened since 2015 . . . AI is clearly not the only factor,” Broecke argued, citing a potential oversupply of graduates and the rise of remote work.

The absence of aggregate job losses might be the calm before the storm.

'Employment rates in most OECD countries are still near record highs, despite some recent signs of weakening'

Optimistic view: economists argue bleaker forecasts play down the potential for AI to create new jobs

“Talk to executives in the non-tech sector – those who use AI as customers – and many say they don’t need as many workers as they did before AI,” Johnson said. “It is not yet in the numbers . . . but the automation threat is very real.”

Modelling by the Anthropic Institute, published last month, included an extreme scenario where rapid gains in AI's capabilities cut “cognitive” employment by a fifth by 2030, leaving one in five white-collar workers and one in 10 of all workers unemployed.

The model is sensitive to underlying assumptions. The extreme scenario assumes AI will rapidly become able to perform most tasks without human oversight, will be widely adopted and will generate big productivity gains.

Other scenarios show more modest change, but Anton Korinek, who led the modelling, said he “personally put more weight” on those showing a rapid rise in AI adoption from 2028, with the technology becoming able to replace senior executives, not just entry-level staff.

In practice, companies may be slow to shed workers even when AI tools can do the job. Broecke said: "There is the cost of technology. There are legal barriers, social preferences, ethical issues."

More alarming forecasts are based on measures of exposure to AI – looking at its ability to perform tasks that make up a role. These studies of potential exposure to AI overstate likely job losses, according to Ronnie Chatterji, chief economist at OpenAI, as typically “tasks are not weighted by their importance to the job or the wage” and they do not take account of barriers to organisational change or the way roles can evolve.

"A job is not a task," agreed Luis Garicano, professor at the LSE's School of Public Policy.

All jobs comprise “bundles” of tasks, Garicano said. Some, such as translation or copywriting, may be easy to split up and automate. Others – including nursing or politics – are mostly based on relationships. In the middle are what he calls “messy jobs”, with “tangled sets of tasks that are hard to separate”.

Economists argue bleaker forecasts also tend to play down the potential for AI to create new jobs.

This is partly a failure of imagination, optimists say. A 2024 study by economists at the Massachusetts Institute of Technology found most job occupations in the US – including novelties such as tattooists and hypnotherapists – only emerged after 1940.

Employment could also rise in existing occupations that have higher demand because of AI. Telecoms engineers are in high demand for data centres. If AI boosts overall prosperity, people may have more to spend on labour-intensive luxuries such as spa breaks. Even in areas where AI is labour-saving, the overall effect on jobs could be positive if prices fall far enough to pull in new customers — for instance, if legal advice becomes cheap enough for more people to afford lawyers.

“I am bullish on humans having a lot to do,” Chatterji said, noting countries often spend more on health and education as they gain wealth, so gains from AI could be “put into lowering class sizes and providing more healthcare”.

If AI does eradicate jobs, it could also cut consumer demand – and in gauging the aggregate effect, “it is not obvious which way it would go”, Korinek said.

Tech bosses and economists agree governments do not have to wait for the AI revolution to play out. Gates has argued certain jobs should be designated as “human reserved”.

Raghuram Rajan, India's former central bank governor, is among many voices arguing for a “token tax” on AI usage, to make sure companies do not adopt labour-saving AI purely “because it costs less in taxes than human effort”.

Others say governments should worry less about whether AI is killing jobs and more about if it is deskilling workers and squeezing wages.

Pissarides said his main concern was that it would worsen inequalities if a few dominant people took the gains. “Who is going to make nurses or hotel employees get good pay rises if AI increases the productivity of managers?”

Regional diplomacy

China plan to move part of Asia-Pacific summit online spurs anger

WILLIAM LANGLEY — GUANGZHOU

EDWARD WHITE — SHANGHAI

LEO LEWIS — TOKYO

China is planning to curtail one of this year's most important regional diplomatic meetings, prompting a backlash from partners at a time of concern over the need for multilateralism amid trade turmoil, AI advances and wars in the Middle East and Ukraine.

The Asia-Pacific Economic Cooperation (Apec) forum takes place in Shenzhen next month, and Beijing has proposed moving a key meeting of foreign and trade ministers online, according to six people familiar with the plan.

It also plans to omit the “retreat” that traditionally accompanies the summit and allows leaders to interact more freely, five of the people said.

The Apec summit – the first to be held in China since 2014 – was already at risk of being dominated by a meeting between US President Donald Trump and Chinese leader Xi Jinping, their third this year.

But China's move to scale back the agenda has alarmed participants who fear that Xi will exploit the event to burnish Beijing's image while limiting opportunities for substantive talks.

One of the people briefed on the discussions said Beijing was seeking to showcase the country's strengths rather than host a meaningful international forum. A second person said it wanted to “stage manage” the event. “It undermines the spirit of Apec.”

China is hoping to use this year's forum to position itself as a leading proponent of multilateralism at a time when the US has turned its back on international institutions. It will also look to promote its technological prowess, hosting the summit in the southern city of Shenzhen, a hub for innovation.

The Apec summit brings together 21 Pacific Rim economies. The ministerial meeting is considered among its most significant components, allowing for more detailed dialogue than the choreographed leaders' summit a few days later. Countries usually send their trade and foreign ministers.

"The meat on the bones has always been the [annual ministerial meetings]," said one of the people briefed on the discussions.

China has not communicated to participants why it is pushing for a digital meeting. Some attendees suggested that it would allow Beijing to exert greater control over logistics and reduce the risk of any embarrassment.

Several of the people noted that Apec was also among the most important multilateral institutions to include both China and Taiwan, over which Beijing claims sovereignty.

One person briefed on the discussion, who said their country had been pushing back against the “fairly unprecedented” online meeting for three months, said their sense was that it was “95 per cent” confirmed. “It’s as set in stone as it could be,” the person said.

China's foreign ministry, the Taiwanese government and the US state department did not respond to requests for comment.

Midterm elections

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Trump says Maga Inc will pay for adverts following backlash

ELLA LEE — WASHINGTON

Donald Trump has said he will use his own money and funds from his Super Pac to pay for adverts boosting his policies, after the US president drew widespread criticism for using taxpayer dollars on campaign-style messages weeks ahead of the midterm elections.

In a post on social media, Trump blamed the “Radical Left” for his decision to pay for the ads with money from political action committee Maga Inc rather than government coffers. He said he saw the ads as “a positive promotion for our Great U.S.A.”

"This is a rather standard thing to do but, rather than doing that, although nothing will make them happy, I have decided to do the Patriotic Ads, among others, and pay for them myself, and with money I raised for MAGA, Inc.," the president posted on Truth Social.

The move is a reversal for the president after he defended television ads that ran during National Football League games and Saturday Night Live.

Federal budget records show that \$20mn was shifted to US Customs and Border Protection for “Commerative

Events" (sic) on September 19. The next day, a Maryland-based advertising company was awarded a \$20mn contract for a "National Media Campaign", according to federal contract data.

The ads trumpeted Trump's policies and the president himself. One, posted by the president on X, says: "And on June 14, 1946, God looked down on His planned paradise and said, 'I need a caretaker.' So God gave us Trump."

Trump previously defended the messages by calling them “public service announcements” and said he was not elevating any candidates but rather “promoting the country”.

The White House said on Monday that Maga Inc, which underpinned Trump's 2024 presidential run, would pay for the ads "moving forward".

Sovereignty

“Administrations of both parties have used public service announcements to explain policy and make the case for the nation's direction,” a White House official said. The official cited as examples the Joe Biden administration’s “We Can Do This” advertisements urging people to get vaccinated against Covid-19 and George W Bush’s campaign explaining his Medicare policy.

Separatist win in Quebec tests Canada's united front over US

ILYA GRIDNEFF — TORONTO

Voters in Quebec have elected the separatist Parti Québécois in a dramatic political comeback that paves the way for a sovereignty vote on whether the province should leave Canada.

The party won close to 30 per cent of the vote, gaining 59 of the provincial assembly's 127 seats and will form a minority government. The victory marks a remarkable renaissance after it won just three seats in 2022.

"The Quebec we want to build for ourselves will be French-speaking," said PQ leader Paul St-Pierre Plamondon on Monday night. "It will be prosperous and modern, but above all, it will be among the most exemplary democracies on the planet."

The separatist victory poses a political test for Prime Minister Mark Carney as he tries to foster national unity in the face of relentless attacks by US President Donald Trump. The oil-rich province of Alberta votes this month on whether to cut ties with Canada. Both separatist movements have been accused of foreign interference, online disinformation and US meddling.

French-speaking Quebec, with a population of 9mn and an economy worth about C\$600bn, is Canada's second-largest province and held two unsuccessful independence referendums in 1980 and 1995.

Despite the PQ pledging to postpone any future sovereignty vote until Trump leaves the White House, the party's victory will challenge Carney's efforts to strengthen Canada's economy and political unity in the face of a hostile US.

Julian Karaguesian, economics lecturer at McGill University in Montreal, said PQ's win was a "minor stumbling block" that would make it "more thorny, more difficult" for Carney.

“You could see a dynamic where the new PQ leader tries to play Carney and the US off against each other, but that is a very dangerous game,” he said. “Trump may try the same,” he added.

Polls show that only 30 per cent of Quebec voters want the province to separate from Canada. "It's not clear they're all in favour of separatism," said Karaguesian, despite the PQ leader saying during the campaign that "Quebec would be better off negotiating with the US as an independent country".

Infectious disease

Kenya confirms first Ebola case after DR Congo outbreak

WILLIAM WALLIS — NAIROBI

Kenya's health authorities have confirmed the country's first case of Ebola, after a Kenyan citizen who had been living and working in the Democratic Republic of Congo travelled back to Nairobi on Saturday carrying the virus.

Health minister Aden Duale said the patient first fell sick a month ago and had travelled by road to the Ugandan capital, Kampala, before flying back to Kenya. The patient was isolated and treated in hospital in Nairobi but died on Monday.

“Based on the presentation and history of travel, the doctors considered his case to be viral fever and collected samples for testing, which turned positive for Ebola,” Duale said.

Kenya's first Ebola case comes as health workers in DR Congo struggle to contain the country's worst outbreak of the virus, which flared up in the northeast province of Ituri in May.

Health authorities have so far identified 28 contacts of the Kenyan patient, including family members and health workers. They were tracing a further 23 people who travelled on the same Jambojet plane from Uganda, Duale told press. "All systems are in place to mitigate the spread of the disease," he said.

Efforts to contain the virus in DR Congo have been complicated by the rugged terrain of the conflict-wracked region where it presented, and by the lack of an approved vaccine for the rare Bundibugyo strain responsible.

There have been a total of 8,442 confirmed cases in DR Congo and 4,080 related deaths, according to data up until October 2, which also shows the virus spreading far beyond its initial outbreak in Ituri. The World Health Organization has repeatedly warned the disease is spreading faster than the ability of medical workers to track and contain it, predicting it will become the deadliest outbreak on record.

Kenya has screened more than 100,000 travellers coming into the country at air and seaports in recent months for Ebola and trained nearly 5,000 health workers on the prevention and management of the disease, Duale said, amid threats of a wider regional outbreak. Neighbouring Uganda succeeded initially in isolating people coming from DR Congo with the disease.

INTERNATIONAL

Yemen conflict

Riyadh triggers defence pact over Houthis

Deal aims to ensure swift deployment of Pakistani, Saudi and Turkish forces

AHMED AL OMRAN — JEDDAH

JOHN PAUL RATHBONE — ISTANBUL

Saudi Arabia, Pakistan and Nato member Turkey said they had triggered a mutual defence pact for the first time, aiming to ensure the “rapid deployment” of Pakistani and Turkish “military forces and capabilities” to Saudi Arabia.

The decision followed an emergency meeting in Riyadh on Monday of the trio's Mecca defence pact signed in

August, which treats an attack on one country as an attack on all, in reaction to assaults on Saudi targets by Iran-backed groups including Yemen's Houthi rebels.

A joint statement said the deployment would take place “in accordance with . . . national legislation”. However, Turkey’s parliament has not yet ratified the pact and cannot deploy troops until that happens under the constitution.

"This suggests that (at least for now) Turkey's contribution is more likely to involve military capabilities other than deployment of ground troops," Gönül Tol of the Middle East Institute in Washington wrote on social media.

Pakistan said it was not releasing details of its own deployment. “The operational details of the actualisation of the collective deterrence are a matter of operational confidentiality,” the information ministry said.

How large a deployment could ultimately follow remains unclear. Pakistan and Saudi Arabia have a well-established bilateral defence agreement, and Pakistan deployed jets, squadrons and an air defence battery to the kingdom in April. But an official close to the situation said interoperability of forces was “difficult, especially in the middle of a war”.

Turkey has Nato's second-biggest army after the US. The three Mecca pact members together field roughly 1.14mn active duty regular military personnel.

Saudi Arabia has also sought US help. After the Houthis stepped up their campaign in August, Riyadh asked Washington to launch air strikes against the Iran-backed group that went beyond a one-off strike, according to a person familiar with the matter. Washington declined.

The Mecca pact announcement came as the Saudi-backed Yemeni government forces and Houthis engaged in heavy battles across multiple fronts, including the Red Sea coast and the south-western province of Taiz.

Officials from the internationally recognised government said on Monday its forces had recaptured important areas near the strategic Bab al-Mandab Strait as the Houthis claimed to have launched missile attacks on Saudi Arabia.

A military source told the government-linked Saba news agency Saudi-backed government forces recaptured the Red Sea port city of Mocha after battles with Houthi forces that controlled the city since September.

Major General Turki al-Maliki, a spokesperson for the Saudi-led coalition, said its navy conducted an operation in Hodeida that destroyed Houthi targets and foiled attacks aimed at waterways in the southern Red Sea area.

Saudi airports in Jizan and Najran, both in the kingdom's south-west, were targeted in attacks on Monday evening. Additional reporting by Humza Jilani

Infrastructure. Railways

Tensions with Japan slow India's bullet train

Modi's flagship partnership project has been dogged by delays and cost overruns

HARRY DEMPSEY — TOKYO ANDRES SCHIPANI — NEW DELHI KRISHN KAUSHIK AND CHRIS KAY MUMBAI

When India decided to build its first bullet train, it was no surprise it turned to Japan, the inventor of high-speed rail and a willing supplier of cheap funding, for help.

But over a decade later, the railway has yet to carry a passenger. An acrimonious dispute has burst into the open over delays, ballooning costs and procurement that has exposed inherent tensions between two countries whose infrastructure ambitions have appeared to be on different tracks.

The 508km line connecting Mumbai and Ahmedabad was envisioned as part of Prime Minister Narendra Modi's efforts to modernise India's rail network, the world's fourth largest.

New Delhi contracted Japan, whose bullet trains are a global envy for their speed, reliability and efficiency. The countries agreed in 2015 to a Rs980bn (\$15bn at the time) deal, underpinned by a 50-year loan from Japan at 0.1 per cent interest.

But the start of operations has fallen well behind an initial target of 2023, delayed by lengthy land acquisition procedures. The estimated price tag has rocketed to at least Rs1.87tn (\$19.5bn), according to official estimates.

"The failure to make progress is 100 per cent the fault of the Indian side," Hideki Makihara, a former Japanese justice minister, wrote on X in July. "They never keep their promises."

Japanese officials have accused New Delhi of violating the pact by handing a big contract for the signalling system to German industrial group Siemens, an international competitor. Negotiators said the move dismayed Japanese project companies led by JR East.

The Japanese side argued that an integrated system upholds the reliability, safety and punctuality of Japan's bullet trains, while a hybrid system of Japanese rail track, European signalling systems and Indian trains was untested.

“It’s such a mess,” said one project participant in Japan, adding that negotiations were deadlocked. JR East declined to comment on specifics.

Tokyo also created a new position

Sluggish progress: Prime Minister Narendra Modi, centre, visits the bullet train project in Surat, Gujurat, last year. Below, the 'semi-high-speed' Vande Bharat line DPR PMO/ANI Photo/Reuters; Sudipta Das/NurPhoto/Reuters

within the foreign ministry dedicated to supervising the project, an indication of the seriousness of its concerns. India, meanwhile, has suggested it could develop domestic high-speed trains, which would match the capacity of the desired Japanese stock.

A top India railway ministry official, speaking on condition of anonymity, insisted the two sides were “fully aligned” and that decisions were made after detailed talks and agreement.

For Modi, revamping India's rail system, which was largely built under

British rule, is an important part of his modernising image. It is expected to contribute to his “Make in India” plans to expand domestic technology manufacturing. The country has already electrified 99.6 per cent of its broad-gauge rail, more than many European countries.

On top of the Ahmedabad-Mumbai route – which is already served by the “semi-high-speed”, India-made Vande Bharat line – the railways ministry has earmarked seven high-speed rail corridors covering nearly 4,000km for development. It expects to attract Rs16tn (\$167bn) of investment.

India has said the high-speed route will open next summer, but only along a 100km stretch and using slower, Indian-built trains. Japanese diplomats said the first phase would cover just 50km and expressed doubts about the timeline.

Delays to high-speed rail projects are not uncommon: HS2 in the UK and the Hokkaido bullet train extension in Japan both ran over budget.

For the Ahmedabad-Mumbai line, officials said Indian negotiators aggressively sought to maximise future flexibility, indigenise technology and bring costs down, while Japan fought to

'The failure to make progress is 100 per cent the fault of the Indian side. They never keep their promises'

Hideki

Makihara, former

Japanese justice minister

maintain exporting infrastructure as a comprehensive package and riled counterparts with a perceived attitude of Japanese exceptionalism.

In Japan, diplomats conceded an inward corporate mindset and failure to promote internationally minded talent were widening the gap. Negotiators also pointed to cultural differences.

"The Japanese set the goals at realistic levels and we implement them very well," said a senior Japanese diplomat involved in negotiations. "The Indians set the goals high and don't implement them to the full, but do it quite well."

But the strategic importance of maintaining good relations in the face of an increasingly assertive China may outweigh any damage from the dispute.

During a summit in New Delhi in July, Japan's Prime Minister Sanae Takaichi said the countries should develop their relationship "as brother and sister".

A joint statement said Japan “fully understands” India’s goal to begin limited high-speed rail operations next year. A senior Indian diplomat said: “The velocity of the bilateral relation is faster than the velocity of the high-speed rail project.”

Terror inquiry

Flydubai jet attacker took flight training in New Zealand

KIERAN CASH — ADELAIDE CHLOE CORNISH — DUBAI NERI ZILBER — TEL AVIV

The attacker on a recent Flydubai flight from Dubai to Israel received flight training in New Zealand after studying in Australia, according to the authorities, as investigators scrutinise his background.

Prosecutors in the United Arab Emirates have accused the man, who has been identified in media reports as Hamam al-Hammami, of using an axe to attack the captain of Flydubai flight 1073 as he “attempted to carry out a terrorist act” last week.

He was fought off by the captain before being overpowered by passengers. The plane landed safely in Saudi Arabia and the passengers were transferred to Israel.

Michael Johnson, assistant commissioner of New Zealand Police, said without naming Hammami that the suspect had been in New Zealand “between November 2018 and May 2019 on a six-month student visa”.

"The co-pilot was in New Zealand to complete a portion of his flight training for a UK-based company no longer operating in New Zealand," he said.

New Zealand police said they were “reviewing records and undertaking inquiries with regard to the time [Hammami] spent in New Zealand”.

The timing of Hammami's flight training in New Zealand is likely to add to scrutiny over his time in Australia, where authorities have said they were investigating his links to the country.

RMIT University in Melbourne said on Monday that “a former student alleged to be involved in the Flydubai flight incident” was enrolled at the institution “between 2015 and 2017 but did not successfully complete an engineering qualification”.

The FT previously reported that Hammami had allegedly visited radical mosques and extremist websites in Australia, citing two people familiar with the investigation. The Australian Security Intelligence Organisation (ASIO), the country's spy agency, held a “file” on him, the people added.

John Coyne, director of the national security programme at the Australian Strategic Policy Institute, warned against drawing premature conclusions about potential intelligence failures and Hammami's radicalisation. “[Australian intelligence services] will be trying to make sure – did we miss something, if he was radicalised, and did he hold extremist beliefs?”

ASIO declined to comment, directing inquiries to the Home Affairs office. New Zealand Security Intelligence Service did not respond to request for comment.

Israeli officials have identified Hammami, who is being held in the UAE under an Emirati-led investigation, as an Omani national. He was interrogated by Israel's Shin Bet domestic intelligence directorate this week, according to a person familiar with the matter.

Hammami has not been charged.

He was previously banned by Oman from flying because of concerns he had been radicalised, including an alleged social media history filled with anti-Israel texts and images, according to a person familiar with the matter.

FT and Standard Chartered award

AI dominates business book prize shortlist

ANDREW HILL

The profound disruptive challenges posed by AI dominate the shortlist of this year's Financial Times and Standard Chartered Business Book of the Year Award.

Three of the six finalists tackle the risks and opportunities of AI — as a powerful general purpose tool, as a weapon and as an algorithmic forecasting engine. The list, announced by FT editor Roula Khalaf yesterday, includes books by two former winners of the award, Liaquat Ahamed and Sebastian Mallaby.

Khalaf praised the field's "impressive

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A1CDCCC9D2A529A57F0037009795A561F breadth and depth", which covers the anti-obesity drug revolution, the damage caused by the fossil fuel industry and lessons from the first global financial crisis. "The authors dig deep, ask the big questions, and provide compelling insights into business, leadership and how to navigate uncertainty," she said.

The finalists are:

1873: The First Great Depression and the Making of the Modern World by 2009 winner Liaquat Ahamed, who recounts and analyses a global turning point with suggestive parallels with the geoeconomic tensions of today.

Off the Scales: The Inside Story of Ozempic and the Race to Cure Obesity is Aimee Donnellan's examination of the discovery of GLP-1s and the creation by Novo Nordisk of weight-loss drug Ozempic.

The Infinity Machine: Demis Hassabis, DeepMind and the Quest for Superintelligence by Sebastian Mallaby, who interviews the DeepMind co-founder and explores the past, present and future of the company and the implications of AI.

Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare by former FT reporter Katrina Manson traces the dramatic tale of a secret Pentagon plan to bring AI to the battlefield with the help of Silicon Valley.

Blood Will Flow: The Murderous Business of Oil and Gas by Alex Perry probes an Islamist attack in Mozambique to shed light on the dangerous consequences of oil and gas exploration.

Prophecy: Prediction, Power and the Fight for the Future, from Ancient Oracles to AI by Carissa Véliz exposes our longstanding obsession with forecasting and the implications for industries from insurance to technology.

This year's award is the 22nd edition of the prestigious FT prize and is worth £30,000 to the winner. The prize, which is also supported by FT owner Nikkei, will be presented in London on December 2, along with the Bracken Prize for Young Authors. Authors of each of the shortlisted books will receive £10,000.

Five of the last six FT awards have gone to books on technology. Last year's prize was won by The Thinking Machine, Stephen Witt's exploration of the rise of chipmaker Nvidia. The 2024 winner was Parmy Olson's Supremacy, about the rivalry between AI pioneers.

Physics research

Outer-space particles work wins Nobel Prize

CLIVE COOKSON

Francis Halzen has won the Nobel Prize in Physics for discovering how to detect neutrinos – ghostly subatomic particles from outer space – in work that has laid the foundation for a new type of astronomy.

The Royal Swedish Academy of Science awarded the SKr12mn (\$1.2mn) prize yesterday to Halzen, 82, “for decisive contributions to the IceCube Neutrino Observatory and the discovery of high-energy neutrinos of astrophysical origin”.

Halzen, who was born and raised in Belgium, has been based at the University of Madison, Wisconsin, since 1971. He discovered how to detect the particles in a cubic kilometre of ultra-pure ice at the South Pole.

According to the academy, “the neutrino is the shyest particle in the universe, has no electric charge and almost no mass”. Trillions of neutrinos from outer space flow uneventfully through the human body every second.

Halzen had the idea in 1988 that neutrinos' extremely rare collisions with ordinary matter could be detected from flashes of light when they hit atomic nuclei in clear glacial ice in Antarctica. Polar ice has many advantages, as it is pure, free of interference and geologically stable.

The idea gained support from other physicists and funding from the US National Science Foundation and international partners. Under Halzen's guidance, the IceCube Neutrino Observatory was finished in 2011 and now helps astronomers map high-energy cosmic events across the universe.

Francis Halzen had the idea that neutrinos could be detected in ice

Mark Pearce, chair of the Nobel physics committee, said: “Francis Halzen has led an international team of researchers and engineers who have provided us with a fantastic instrument. His tenacity and scientific vision has paved the way for a new kind of astronomy.”

Louis Barson, science director at the Institute of Physics in London, said Halzen's work would enable scientists to "use some of nature's most elusive particles to investigate phenomena that conventional telescopes cannot see".

Halzen heard of his honour yesterday while visiting Italy. "It was a great surprise and great honour," he told the Nobel press conference by phone.

"I hope this will reflect on all the other scientists who have made decisive contributions," he added. "When we started the project everyone realised it was a good idea but very few thought it would work."

The Royal Swedish Academy of Sciences predicted that others would follow the path staked out by the IceCube observatory. Several other neutrino telescopes are under development around the world.

Companies & Markets

Start-up lender Erebor rises to \$7bn deposits since launching

\- Billionaire owner Luckey taps contacts

• Bank tries to fill void left by failed SVB

GEORGE HAMMOND — SAN FRANCISCO

JOSHUA FRANKLIN — NEW YORK

Palmer Luckey's bank for the technology industry has surged to more than \$7bn in deposits since launching in February as the start-up seeks to fill a void left by the collapse of Silicon Valley Bank in 2023.

Erebor is aiming to replace SVB as the lender of choice for early-stage technology businesses as Luckey, who also co-founded drone-maker Anduril Industries, capitalises on his network to build one of the US's fastest-growing lenders.

The eight-month-old bank has added over 500 customers and more than \$3bn in deposits over the past quarter, says a source familiar with its finances.

Erebor in February became the first of more than a dozen new lenders to and is in discussion with a number of foreign lenders about becoming a correspondent bank, according to a person with knowledge of the matter.

The group had been exploring ways to provide banking services to countries where financial sanctions have recently been eased, including Venezuela and Syria, they added.

Erebor has raised money from prominent venture capital firms including Lux Capital, Andreessen Horowitz and Peter Thiel's Founders Fund.

It has also raked in deposits from tech start-ups, largely in defence and manufacturing. “Palmer Luckey is one of the most sophisticated founders in the world,” Hirshman said. “By virtue of being a venture-backed company in the tech world we are able to leverage that to our advantage.”

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'Palmer Luckey is one of the most sophisticated founders in the world'

Jacob Hirshman, Erebor chair

receive a national charter during President Donald Trump's second term.

Luckey, Erebor's 34-year-old billionaire founder, was among the earliest tech leaders to back Trump. The major Republican donor has described Erebor as the tech sector's equivalent of an agricultural bank: a specialised lender that understands its customers better than mainstream rivals.

Ultimately, Erebor aspires to service the entire tech sector, from venture capital-backed start-ups to Big Techs, says Jacob Hirshman, the group's chair and co-founder. "Eventually we want to match our offering with those of global systemically important banks [and] have a broad set of credit products, [foreign exchange], loans etc," he said.

It is also looking to expand overseas

The rapid deposit growth has yet to translate into large-scale lending for Erebor. As of the end of the second quarter the bank had made about \$78mn in loans while keeping almost 90 per cent of its assets – more than \$4bn – in cash and balances with other banks. This is a far higher share than most other lenders of its size, according to Federal Deposit Insurance Corporation data aggregated by BankRegData.

It posted a net loss of \$10.3mn for the second quarter. Erebor is on track to be profitable by the end of 2026, according to the source familiar with its finances.

The bank, which takes its name from a mountain in JRR Tolkien's The Hobbit, holds much of its collateral in cryptocurrencies and semiconductors. Executives have emphasised that Erebor will maintain a conservative balance sheet as it grows, with a 50 per cent loan-to-deposit ratio.

SVB collapsed over the course of a few days in March 2023 after a run on the bank forced it to sell off its long-term bond portfolio at a heavy loss.

Staying put Billionaire family rules out sale of Condé Nast after chief executive's abrupt exit

Condé Nast, owned by the Newhouse family, publishes magazines including The New Yorker — Robert Alexander/Getty Images

ANNA NICOLAOU — NEW YORK

The Newhouse family has ruled out selling Condé Nast, rejecting long-standing speculation over the future ownership of the publisher as it begins the search for a new chief executive following the abrupt departure of Roger Lynch.

Steven Newhouse, chair of family holding company Advance, gave a categorical “no” when asked by the FT whether the family would consider selling Condé Nast, the owner of magazines including Vogue, The New Yorker and Vanity Fair.

Puck News wrote in May about speculation in fashion circles that Amazon founder Jeff Bezos could buy Condé Nast while saying the rumours had no substantive basis.

Newhouse said his family regarded Condé Nast as a business investment rather than a trophy asset. "Maybe for a certain class of non-media owner, there's a prestige to owning media properties," he said. "But we've been a media owner for 100 years. So we're not in it for the glamour."

The comments come at a turning point for Condé Nast after Lynch, who was hired by the billionaire Newhouse family in 2019 to revive the publisher, agreed last week to leave to become chief executive of toymaker Mattel.

Lynch spent seven years overhauling Condé Nast, combining its previously separate US and international operations, cutting jobs and focusing resources on its biggest brands.

Newhouse said Lynch was leaving the company in “far, far better shape” than when he arrived, describing the creation of a global company as his greatest accomplishment.

Lynch told the FT this year that revenue in 2025 was roughly back to 2021 levels when it was reported to be nearly \$2bn. He added that the company was “far more profitable now”.

The restructuring has brought repeated rounds of lay-offs and unrest among employees.

Asked whether anything had been lost as Condé Nast became more financially disciplined, Newhouse said: "I just don't see it that way."

He added: “The challenges to print advertising forced us to make choices,” pointing to “the monopoly tech companies . . . stealing our content” and the loss of Condé Nast’s profitable Russian business.

Newhouse said Lynch told him last Monday that he planned to leave the company and that Condé Nast's board had not yet discussed what it wanted in a successor. Mike Perlis, a longtime Condé Nast board member, will serve as interim chief executive.

Newhouse declined to say whether Condé Nast would seek another executive with a technology background or someone from the publishing industry.

HK questions HSBC over Singapore AI hub decision

ARJUN NEIL ALIM — HONG KONG

ORTENCA ALIAJ — LONDON

OWEN WALKER — SINGAPORE

Hong Kong's de facto central bank questioned HSBC on why its new AI hub would be established in Singapore and not in the Chinese territory, in a sign of the intensifying competition between the Asian financial centres.

The Hong Kong Monetary Authority asked Europe's largest lender in recent months about its decision to set up a "global AI centre of excellence" in Singapore, according to two people familiar with the exchange.

The centre, announced in July, will recruit “more than 100 AI specialists” to bolster the bank’s wealth management and payments technology.

Under chief executive Georges Elhedery, HSBC has embarked on a radical reform programme, pulling out of countries and businesses around the world to focus on its core markets – particularly its home market of Hong Kong.

“Hong Kong is very sensitive to resourcing externally, especially if it’s seen as moving,” said one of the people, who added that local authorities would be concerned about “no longer [being] the centre or the hub for the region”.

The move comes after Elhedery's first major investment as chief executive: a \$14bn deal to fully absorb Hong Kong's Hang Seng, making the UK-based bank by far the most important lender in the Chinese territory.

HSBC also announced the \$2.1bn sale of its Singaporean insurance business to Allianz this summer. The AI announcement was in part a way to reassure Singapore of its continuing commitment to the city-state following the sale, according to one person.

The pressure from the HKMA comes more broadly as the regulator looks to entrench the territory's status as an international financial capital, seizing the moment as HSBC and others double down on the region's growth.

The authority has spoken with HSBC and Standard Chartered about locating more executives and senior roles in the Chinese territory, according to two people familiar with conversations.

HSBC declined to comment on its discussions with the HKMA about the AI centre. In response to the location of its executives, the bank said: "We have senior leaders based in both our home markets of London and Hong Kong."

The HKMA declined to comment.

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Contracts & Tenders

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Pakistan Meteorological Department Modernization of Hydromet Services of PMD in Pakistan (MHSP) Strengthening Hydromet and Climate Services (Component-II) Integrated Flood Resilience and Adaptation Project (IFRAP)

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Pakistan Meteorological Department

REQUEST FOR EXPRESSIONS OF INTEREST (Individual Consultants – International Panel of Experts)

The Project Implementation Unit, Pakistan Meteorological Department (PIU-PMD) invites Expressions of Interest from eligible individual consultants for the following positions under IFRAP Component-II (IDA Credit No. 73330), financed by the World Bank:

1. System Integrator Expert (Team Leader) (PK-PMD-562898-CS-INDV)

1. System Integrator Expert (Team Leader) (PK-PMD-502898-CS-INDV)

2. Numerical Weather Prediction (NWP) and Forecasting Expert (PK-PMD-562908-CS-INDV)

3. ICT / Software & Data Integration Expert (PK-PMD-562912-CS-INDV)

4. HPC (High-Performance Computing Infrastructure) Expert (PK-PMD-414800-CS-INDV) Detailed Terms of Reference, including qualifications and experience required, are available at https://weather.gov.pk/home/circulars/#tender. Selection will be made in accordance with the World Bank's Procurement Regulations for IPF Borrowers (November 2020). Expression of Interest with a detailed CV, stating the position and Reference No., may be submitted by e-mail or in hard form by 26th October, 2026 (1600 hrs. PST) to:

Project Implementation Unit (PIU-PMD), Seismic Observatory, Saidpur Village, Islamabad, Pakistan. E-mail: ps.mhsp@pmd.gov.pk | Tel: +92-51-2273534

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Business for Sale, Business Opportunities, Business Services, Business Wanted, Legal Notices, Company Notices, Public Notices, Floating Rates Notes, Shareholder Messages, Property For Sale, Tender Notices

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A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from +44 (0)20 7873 3000, or viewed at www.FT.com/advertising

Banks are starting to rediscover the value of physical branches

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Patrick Jenkins

anks have spent the past few decades frantically closing branches, cutting real estate overheads and trying to keep up with fast-growing digital

fintechs. Now, though, some have come up with a radical new strategy: to open branches.

UK banks have been among the most extreme in the world in slashing their high street presence. Across the country, there are now barely 4,000 bank and building society branches, down 80 per cent in 40 years.

Barclays, which has been the most aggressive in closing branches of late (shrinking its estate from nearly 1,000 in 2019 to 206), is now keen to highlight a reversal of strategy: over the past fortnight it has opened two branches – one in Bishop's Stortford, north of London, and one in Poole on the south coast – declaring itself “the first large bank that’s opened a branch in about a decade”. (The stripped-back stores, to be joined by Beverley in Yorkshire next month, have a handful of cubicles and a couple of ATMs but no counters, and appear chosen to attract retail customers and small and medium-sized enterprises in three reasonably affluent locations.)

Yet this is no aberration. In the US, the trend has been under way for some time. In 2024, JPMorgan Chase said it would open 500 branches. Last year Bank of America announced 150 new "financial centers". PNC is adding 300 branches.

In Europe, a general trend of declining branch numbers has continued – down 42 per cent over the past decade, according to consultancy Kearney. Aside from the UK, the most acute reductions have been in the Netherlands and Spain, while France experienced the smallest decline – at barely half the average EU rate.

In the UK, though, some smaller operators with throwback business models have been expanding. Sweden's Handelsbanken has steadily built out a British network of 120 outlets, each run by a highly autonomous branch manager. Metrobank, despite financial and regulatory stresses, has continued to expand its footprint and now has about 80 outlets, reminiscent of the large, slick “stores” that its US co-founder Vernon Hill pioneered with his US Commerce Bank chain.

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Barclays says it is the first big bank 'to open a branch in about a decade', while in the US the trend has been under way for some time

Some institutions have tried to make their branches more appealing in original ways. Although Santander has continued to trim its UK network (and is expected to close more outlets once it integrates its TSB acquisition), it has also begun adding “work cafés” to a number of its city-centre branches – an attempt to tap into the trend for co-working spaces.

Others have made a virtue of retaining large branch networks. Nationwide, Britain's biggest building society, has nearly 700 branches and has pledged not to close any until at least 2030. The mutually owned group, which makes a point of empowering branch managers, reckons this has helped it top the table of current account switching (with more than double the net switching tally of the next most popular, Lloyds). It is also playing on its community-friendly image by adding new facilities: defibrillators and bleed-control kits are being fitted outside all its branches by the end of this year.

But much of the pro-branch thinking is about the core business that can be done in these spaces. As banks seek to deepen their relationships with customers, many are realising that branches — if they are transformed from the old model of tellers doing low-value cash transactions — can be a great route to broaden the business they do with each customer.

New UK rules giving banks greater scope to provide advice on investments and other topics should open up an opportunity to sell the kinds of products that customers might be wary of committing to in an online-only environment.

That is certainly a key focus of US branches, where many bank customers also have brokerage accounts and may feel more comfortable opening them or discussing investments in a branch.

But there is also something less concrete going on. Particularly striking is data suggesting that US banks sell more products to their customers in areas where they have a high street branch: PNC, for example, reckons it is six times more effective at marketing to purely digital customers if they live near a branch. Who'd have thought it? There's brand value in having a shop with a huge sign over the door—even if it does make for a rather expensive form of advertising.

patrick.jenkins@ft.com

COMPANIES & MARKETS

Energy

Vitol chief warns of oil shipping crisis

Hardy says shortage of tankers threatens to drive crude to \$200 per barrel

MALCOLM MOORE AND

VERITY RATCLIFFE — LONDON

The global energy crisis triggered by the Middle East conflict has entered a new phase because of a shortage of tankers to move crude around the world, according to the head of the world's largest independent oil trader.

Vitol chief executive Russell Hardy said that, while more oil was now flowing out of the Gulf, there was a fresh bottleneck as buyers struggled to secure ships.

“We started this conflict with a crude crisis. Then it turned into a product crisis. Now we have more crude oil coming out of the Middle East but it is turning into a shipping crisis,” he told the Energy Intelligence Forum in London.

"There is really not quite enough shipping to go around," Hardy said, adding that the price for chartering a tanker had become "pretty parabolic" and that refineries were now suffering.

Hardy estimated that roughly 12mn barrels of crude a day and 2mn barrels of refined fuels were now making it out of the Gulf after the US Navy cleared a route for tankers to shuttle in and out of the Strait of Hormuz.

Maintaining this flow was critical to preventing a new surge in oil prices, he said, because the conflict between the US, Israel and Iran had now run down stockpiles of crude and refined fuels.

“Without it, you do have that \$200-a-barrel scenario so it is pretty important it continues,” he said. “There aren’t any more inventories to drain in the west.”

The system relies on one set of tankers shuttling through the Strait of Hormuz, running the gauntlet past Iranian attacks, before transferring their cargoes to another group of ships waiting in the Gulf of Oman.

The increased flow of oil has eased pressure on benchmark oil prices with Brent crude trading below \$98 per barrel in London yesterday.

But the method was also “very inefficient”, according to Hardy, since ships are tied up waiting for cargoes for several days or weeks at a time, reducing the pool of tankers available elsewhere.

The resulting shortage has sent freight rates soaring and made it increasingly difficult for traders and refiners to calculate the delivered cost of crude.

"It is creating a lot of stress for everybody because nobody really knows, to the nearest \$2, \$3, \$4 [per barrel], how much their shipping costs are going to be," said Hardy. "That creates a difficult set of decisions for people to make day to day."

Refiners unable to charter ships or unwilling to pay sky-high rates are aggressively competing for supplies that are easier to deliver. One oil executive said cargoes of North Sea oil were selling for \$145 per barrel last week.

European refiners have been particularly hit by high crude and freight costs, with refining margins, the return from processing crude into fuels, recently turning negative. Margins in the US where refiners have ready access to domestic crude supplies remain above \$70 per barrel, according to LSEG data.

As European refineries struggle to make money, they are likely to cut back production, intensifying the supply problems around fuels such as diesel.

"It is very difficult to maintain this situation and that is why the market remains elevated because there is still no obvious solution in front of us," said Hardy.

Banks

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French lender BPCE buys 7% 'friendly' stake in Sabadell

SARAH WHITE — PARIS

BARNEY JOPSON — MADRID

France's BPCE has bought a 7 per cent stake in Spanish lender Sabadell in a "friendly" deal, a year after BBVA's hostile takeover approach on its domestic peer collapsed.

BPCE, which owns Natixis investment bank, has been expanding outside its French home market under chief Nicolas Namias in the past few years, including with the €6.5bn acquisition of Portugal's Novo Banco announced in 2025.

It said yesterday it had bought the Sabadell stake – worth nearly €1.2bn at current prices – on the market, and aimed to become a long-term shareholder in Spain's fourth largest bank. The two underscored “the friendly nature of this equity investment” in a joint statement that said BPCE would not raise its stake above 9.9 per cent.

“This was evidently a concerted move,” Namias told reporters. He added that the banks were both big financiers of small and medium-sized businesses and would explore strategic partnerships together. “There’s a will to build a friendly and stable partnership.” BPCE aims to have a seat on Sabadell’s board.

The deal will bolster Sabadell after it was targeted in a hostile €17bn takeover bid by its larger Spanish rival BBVA, which began in 2024 after the bank rejected a friendly approach.

Sabadell fought fiercely against the BBVA bid, arguing that the lender would create more value for shareholders as a standalone entity. BBVA ultimately failed in October 2025, with its bid accepted only by Sabadell shareholders owning a quarter of the bank's stock.

Following BBVA's failed bid, David Martínez, a Mexican billionaire and Sabadell shareholder who had backed the takeover attempt, sold a 1.6 per cent stake in the bank, reducing his holding to just under 2 per cent.

"This transaction strengthens our ability to continue executing our strategic plan," said Marc Armengol, Sabadell's CEO.

Borja Ramirez Segura, analyst at Citi, said the transaction was an “endorse-ment” of Sabadell’s standalone strategy. But he added there could still be implications for future consolidation in the Spanish banking sector.

See Lex

Battle begins Skydance debt pile tackled as Ellison secures WBD takeover

The HBO series 'House of the Dragon' is among the television shows to be produced by Skydance, which was formed from Paramount's \$111bn deal for Warner Bros Discovery

David Ellison yesterday cemented his role as a Hollywood magnate with the close of Paramount's \$111bn takeover of Warner Bros Discovery, a deal that hands the son of one of the world's wealthiest people the keys to some of the biggest media and entertainment assets.

The newly christened Skydance is a Hollywood colossus, but Ellison faces a challenge as he takes a collection of mostly old-media assets into battle against deep-pocketed technology companies such as Netflix and YouTube.

Ellison, son of Oracle founder Larry Ellison, saw off Netflix in his bid for Warner after a bruising takeover fight in February. He now faces a harder task: knitting together a collection of movie studios, cable TV and streaming businesses while labouring under an exorbitant debt load.

He has the reins of businesses that generated \$65bn in revenues over the past year and that counted more than 200mn subscribers to their direct-to-consumer offerings, according to documents shared with lenders.

It spans the HBO, CBS, CNN and MTV television networks, the Harry Potter, Batman and Star Trek franchises and both the Warner and Paramount studios, with the companies employing more than 53,000 people at the end of last year. The company estimates it spends more than \$30bn on content

annually, producing films and TV shows such as The White Lotus and House of the Dragon.

Critically, Ellison must find a way to wring \$6bn of promised cost savings out of the business while still attracting Hollywood's top actors and directors.

After years of cost-cutting following the Discovery-Warner merger in 2022, Warner veterans are girded for more job losses. Those cost savings are

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‘Because they were delayed [in closing the deal], they raised capital at a three-year interest rate high’

needed to help Skydance shoulder a mammoth debt load, with the group earning junk bond ratings from credit agencies after it borrowed more than \$50bn to fund the takeover of WBD.

Analysts at S&P Global warned that its leverage ratio, which measures the amount of debt the company owes compared with its profitability, would climb to an eye-watering 7.6 times earnings in the wake of the deal and stay near those heights through next year. By contrast, typical blue-chip companies that earn investment-grade ratings often have a leverage ratio closer to 2.

"The most important point is to get the debt down," Laura Martin, a senior media analyst at Needham & Co, said. “They are overleveraged and because they were delayed [in closing the deal], they raised capital at a three-year interest rate high. They are stuck with it [the debt].”

While Martin said she expected substantial savings within the teams that distribute and sell Warner's film and TV catalogue, Ellison will be restricted from gutting the film budget.

As part of a deal he reached with 12 state attorneys-general that had sued to block the deal with Warner, Skydance must distribute at least 30 films a year in cinemas over the next five years and spend an additional \$1.5bn on film and TV production in the US over that period.

Many in Hollywood believe Ellison's goal of distributing 30 films a year is ambitious.

Ellison was expected to lay out his vision to employees and investors yesterday. Much of the leadership team has been drawn from within Paramount, with the group's chief financial, legal and communications officers increasing their remit as part of the takeover.

Casey Bloys, the respected HBO executive, will oversee Skydance's streaming content, while CNN chief Mark Thompson will remain in his role at the news organisation. Eric Platt in Los Angeles

Healthcare

McKesson and CD&R strike \$5.8bn deal to buy infusion services group

OLIVER BARNES AND SUJEET INDAP

NEW YORK

Healthcare group McKesson and private equity firm Clayton Dubilier & Rice are teaming up to buy the largest independent provider of medical infusion services in the US, valuing the business at \$5.8bn including debt.

Option Care Health will be taken private in a deal valuing the business at \$32.05 a share, McKesson and CD&R said in separate statements yesterday, confirming an earlier FT report. The deal values Option Care's equity at almost \$4.8bn, a 37 per cent premium to its closing price on Monday.

Option Care last year served 315,000 patients nationwide who needed speciality medicines to treat illnesses such as cancer, autoimmune diseases and serious infections, via its at-home infusion services and at its 184 care centres.

The transaction is the latest in a series of buyouts of healthcare services companies trading below historic valuation multiples, including mid-market private equity group Kinderhook Industries' \$1.1bn recent takeover of home care and hospice group Enhabit.

The high costs of delivering medicines in hospitals and drugmakers' push towards complex biologic medicines, which can only be administered via

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'[Option Care provides an] opportunity that aligns with McKesson's long-term strategy'

infusion, have provided a significant boost to Option Care's business.

Shares in Option Care surged by about one-third yesterday after the deal was announced. The move wiped out nearly all of the stock's declines so far this year.

CD&R said it would own a 51 per cent stake in Option Care. McKesson, the minority stakeholder, would have the right to purchase the buyout firm's share in the future.

CD&R, which has a reputation as a carve-out specialist, has a history of collaborating with major healthcare companies including its purchase of a 50 per cent stake in Sanofi's consumer health business Opella and its partnership with Elevance Health to combine some of their primary care businesses.

For McKesson, Option Care's collection of at-home, oncology-focused and speciality infusion centres will complement its core business as the biggest US drug distributor. McKesson operates an extensive network of chemotherapy and cancer care clinics – one of the fastest-growing divisions of the \$403bn-a-year revenue company.

Shares in McKesson are up almost 12 per cent this year, giving it a market capitalisation of about \$107bn. Last month, the group struck a roughly \$2.2bn deal to buy privately held Precision Medicine Group, a provider of clinical research and commercialisation services to drugmakers.

"This investment represents an important opportunity that aligns with McKesson's long-term strategy to expand access and affordability to innovative therapies across the care continuum," said Brian Tyler, the group's chief executive.

Meanwhile, CD&R is seeking \$26bn for its latest flagship fund, which would rank among the biggest raised in the buyout industry.

Financial services

UK regulator to examine how it engaged with BGC Group whistleblower who died by suicide

MARTIN ARNOLD — LONDON

Britain's financial regulator is reviewing its treatment of a whistleblower who took his own life after revealing alleged wrongdoing at a Wall Street brokerage formerly run by US commerce secretary Howard Lutnick.

Simon Andriesz's death by suicide last month has triggered controversy over whether the Financial Conduct Authority was supportive enough of the 57-year-old and whether it took his allegations of retaliation by his former employer sufficiently seriously.

A cross-party group of MPs has warned Andriesz's death raised “deeply troubling questions” and called for an external inquiry into the FCA's handling of whistleblowers. The politicians said the regulators should not be “marking their own homework” on this issue.

The FCA told the FT in a statement that it had asked Lea Paterson, a former Bank of England official who recently joined the regulator's board as a non-executive, to lead a review examining "how we interacted with Mr Andriesz to learn any lessons for the future".

“We are very sorry to hear of Mr Andriesz’s death. Our thoughts are with his family and friends,” said the regulator, which is aiming to publish the conclusions of its internal review by the end of the year.

The events are likely to intensify concern that anyone blowing the whistle in the UK often pays a high price with little reward. Many suffer financial and emotional harm, often losing their job and being blacklisted by potential employers while enduring the stress of hiring lawyers and taking on corporate giants with deep pockets.

The all-party parliamentary group on investment fraud and fairer financial services said that Andriesz's death "raised deeply troubling questions about the way whistleblowers can be treated when they approach the FCA with concerns about wrongdoing and subsequent retaliation".

Andriesz blew the whistle to several US and UK regulators about alleged wrongdoing at BGC Group, a listed broker controlled by Cantor Fitzgerald where he was a managing director.

Lutnick ran both companies until becoming US commerce secretary last year, when he transferred his ownership in Cantor Fitzgerald to trusts benefiting his children and sold his stake in BGC.

Andriesz also passed emails showing Lutnick's links to the late convicted sex offender Jeffrey Epstein to the House Oversight Committee, which subsequently questioned the commerce secretary about them behind closed doors.

However, while other regulators imposed penalties on BGC as a result of

A cross-party group of MPs has warned Andriesz's death raised 'deeply troubling questions' and called for an external inquiry into the FCA's handling of whistleblowers Charlie Bibby/IFT

information Andriesz provided, he told a recent event that the FCA did not investigate most of his allegations and only took supervisory action that was “basically a slap on the wrist”.

The parliamentary group said in a statement that the UK regulator “acknowledged that advice given to Simon by an FCA official – that he had lost whistleblower protection because his identity had become known – was incorrect. The FCA apologised and said that further guidance and training would be provided to its whistleblowing team.”

Information provided by Andriesz helped several US and UK authorities to take action against BGC. The US Commodity Futures Trading Commission ordered BGC to pay \$3mn and to comply with various undertakings in 2019 to settle charges of “numerous supervision, reporting and record-keeping violations”.

In 2020, the US Securities and

Exchange Commission imposed a \$1.4mn civil penalty on BGC in a settlement of alleged “false and misleading disclosures”.

In the UK, HM Revenue & Customs issued BGC with determinations in 2024 to pay £96mn of tax on money paid to members of its limited-liability partnership.

Andriesz was paid \$420,000 under the CFTC whistleblower programme, which rewards people who voluntarily provide information that leads to enforcement action. But he said in the recent event for the Transparency Task Force that this payout was more than absorbed by legal costs and more than £200,000 of medical bills incurred from the strain of the whistleblowing process.

BGC said it was “sorry to hear this sad news and expresses our condolences to Mr Andriesz’s family during this difficult time.” The US commerce department did not respond to a request for comment.

COMPANIES & MARKETS

Legal woes build for OpenAI and Altman as rogue agents run amok

Global cyber security hacks by its bots leave ChatGPT maker potentially facing barrage of litigation

STEPHEN MORRIS AND

GEORGE HAMMOND — SAN FRANCISCO

A spiralling legal crisis threatens to engulf OpenAI after its AI agents hacked dozens of companies and governments worldwide, with the prospect of a barrage of lawsuits marking the latest test of Sam Altman's leadership.

Staff at OpenAI, alongside senior legal, tech and policy figures, told the FT the company has been left open to legal damages and government actions after cyber security breaches involving its AI agents were revealed around the world.

The past week has seen new legal actions and regulatory probes launched against OpenAI almost daily, from California to Australia, with more expected to follow as details of other incidents come to light.

As the creator of the hit app ChatGPT, OpenAI and its chief Altman have become emblematic of the AI boom in Silicon Valley and Wall Street.

But questions over legal liability from the hacking incidents present the latest in a series of crises facing Altman since the chatbot launched in 2022, including employee revolts, legal tangles with shareholders including Elon Musk, copyright disputes and political clashes.

Altman is fending off accusations that he is sidelining security concerns and deprioritising “alignment” training – which ensures models do not take actions harmful to humans – to regain ground against rival lab Anthropic.

On Saturday, David Robinson, a safety leader at OpenAI, announced his resignation from the company in an essay for The Atlantic magazine, citing concerns over its “trial and error” approach to developing models.

Masayoshi Son, the SoftBank founder who has been a prominent evangelist for AI and funnelled almost \$65bn into OpenAI and other huge bets on the technology, expressed concern on Sunday about the dangers of ever more powerful models in the wrong hands.

If AI were used by “bad” humans, he said at an event in Kyoto, “this can become super dangerous”. In the wake of the attack on AI site Hugging Face by hundreds of OpenAI agents, Altman has acknowledged the risks presented by AI’s advances and joined calls by Anthropic chief Dario Amodei to “pace the frontier” of AI development.

However, several OpenAI investors and others close to the company rejected the idea that there would be any meaningful slowdown. “If you’re Sam Altman and you want to beat your competitor . . . there’s no way you’re going to pump the brakes,” said a former senior OpenAI employee. “Knowing the psyche of the people there, there’s no way they’re slowing down.”

Still, citing safety concerns, Altman has already postponed OpenAI's planned stock market listing and scrapped the release of its most advanced model, Astra 6.1.

Uncertainty over the extent of its legal liabilities now hangs over his latest efforts to raise tens of billions in a private financing that could value the company at as much as \$1.4tn. Prospective investors are weighing whether it can outrun its latest crisis and continue a recent upturn in commercial fortunes.

At the start of last week, Florida's attorney-general asked a court to halt OpenAI's development of new models without additional safeguards.

Then on Tuesday, OpenAI was sued by a public interest group that alleges it broke a California law introduced last

An upbeat mood at OpenAI's conference in San Francisco last week was overshadowed by protesters, top, urging Sam Altman, below, to 'put people over profits' Heather Diehl/Getty Images

year to ensure “humans are on the hook for harms they cause”.

The next day, the US Federal Trade Commission broadened a probe into whether OpenAI and its peers misled customers over the potential harms of its technology. US officials have also said that AI companies should not expect protection from the government and that executives will remain liable for their products' actions.

Australia has also set up a task force to investigate OpenAI agents' unauthorised access to government systems.

The Greens, who hold the balance of power in the Australian Senate, accused the San Francisco-based company of hiding the severity of the incidents in recent meetings, including one between Altman and deputy prime minister Richard Marles in September.

"It's an insult not just to him, it's an insult to Australia," said Greens senator David Shoebridge, adding that Marles had been treated "like a mushroom".

OpenAI has apologised for the incident. Jason Kwon, chief strategy officer, was set to appear before a parliamentary committee in Sydney yesterday.

"The 'my AI did it, don't blame me' defence is legally weak. It's already failed for chatbot suicide cases," said Max Tegmark, an AI safety campaigner and physics professor at the Massachusetts Institute of Technology.

One Silicon Valley lawyer who has worked with several Big Tech companies said that while there were “definitely legal risks” from OpenAI’s agent attacks, so far they were “not material” due to the limited damage caused. But that could change fast, the lawyer said.

"The real exposure is when the agents are released to users, and then go rogue or are used to commit crimes," they said. "The key issue, which will go on for years, is to whom should liability be assigned: the creator of the agent, or the person sending it on its mission?"

'The 'my AI did it, don't blame me' defence is legally weak. It's already failed for chatbot suicide cases'

The lawyer doubted legal risks would impact OpenAI's initial public offering. "Any investor who was not previously put off by [Altman's] recklessness will not be put off by a few agents," they said.

OpenAI's internal investigation found "dozens" more incidents. Asymmetric Security, a digital forensics company, found evidence that OpenAI's agents pulled data from 55 websites, including the US Securities and Exchange Commission and the International Energy Agency, the FT reported last week.

OpenAI said it is reviewing potential breaches and notifying those affected.

The European Commission said the Brussels AI Act was designed to address such risks, warning that “frontier labs must take responsibility and be fully transparent, including about unintended incidents”.

"I suspect [OpenAI is] very aware of the legal risks of what their agents are doing," said Vivian Dong, programmes director at Legal Advocates for Safe Science & Technology (LASST), the public interest group suing OpenAI.

"It's one thing to say 'sorry' in your blog post, and another to say outright: 'We just engaged in illegal behaviour.'"

At the company's annual developer conference last Tuesday, the upbeat mood on the stage was overshadowed by protesters on the fringes urging OpenAI to “put people over profits”. One attendee described the contrast as like “something out of Black Mirror”, the satirical dystopian technology TV show.

The hacks have also revived tension inside the company between staff seeking to prioritise safety and those pushing to commercialise the technology.

On Thursday, a trio of safety researchers were fired after allegedly handing confidential information to an external AI safety organisation, which OpenAI said violated their contracts.

“This is a concerning development, a callback to OpenAI trying to suppress workers with their illegal 2024 non-disparagement agreements, and a familiar playbook massive tech companies have been using against employees to cover up harms for a long time,” said Karl Koch, founder of non-profit The AI Whistleblower Initiative.

"The actions against well-intentioned researchers is an object example of why the AI industry cannot regulate itself," he added.

OpenAI declined to comment. Additional reporting by Nic Fildes in Sydney, Barbara Moens in Brussels, Joe Miller in Washington, Suzi Ring in London and Leo Lewis in Tokyo Nicolas Guilhot See Opinion

Technology

Insurers on the hook amid rise in lawsuits after AI hacks

LEE HARRIS — LONDON

Insurers are preparing for multimillion-dollar claims stemming from AI agents going “rogue”, with growing concern that top executives such as OpenAI’s Sam Altman and Anthropic’s Dario Amodei could be held liable for the actions of their models.

A string of breaches caused by AI agents that have broken free of parent companies' controls, such as OpenAI's hacking of start-up Hugging Face, has led insurers and their lawyers to study whether they will be asked to foot the bill of potential lawsuits and damages.

Insurance broker Aon analysed more than 300 AI-related legal cases and found that insurers could also be on the hook to pay claims under policies covering crime, intellectual property, media liability, cyber security, and technology errors and omissions.

Top industry figures also said that AI executives could be sued for the actions of models, with insurers potentially facing claims under “directors and officers” insurance policies, which cover executives if they are taken to court for their decisions or statements.

“Ultimately, the OpenAI CEO is liable [for the Hugging Face incident], because there's an absence of control in their business,” said Tim Rayner, UK head of underwriting and claims at Verisk. If OpenAI had purchased D&O insurance, Rayner added, the ChatGPT maker could seek to claim on the policy to cover potential future losses from lawsuits targeting Altman, its chief executive. “It’s on every CEO to make sure that their business is appropriately governed and controlled,” said Rayner. “AI doesn’t change that.”

Other insurers and legal aides agreed that AI executives could potentially be held liable for losses in D&O claims but said that such cases lacked precedent and had yet to be tested in court.

“OpenAI’s shareholders could potentially bring claims against the directors of OpenAI for failing to manage those risks properly, if they could show that it had caused the company, OpenAI, to suffer loss,” said Aaron Le Marquer, the head of the insurance policyholder disputes team at the law firm Stewarts.

Kevin Kalinich, a broker at Aon focused on digital risks, said that the strength of a legal claim against the head of an AI lab would depend on factors such as whether the executive had used “reasonable business judgment” in public statements about the company and its products.

However, Aki Hussain, chief executive of insurer Hiscox, said it was too soon to know how US courts would treat liability for AI agents: “It’s the US, so [a claim] could be under anything – whatever insurance they’ve got.”

OpenAI and Anthropic did not respond to requests for comment.

Investors close to Anthropic said that the AI company will say in an IPO prospectus that its technology may pose “existential risks to humanity”.

Short of legal claims targeting AI executives, insurers are also preparing for lawsuits brought against the labs themselves, which could span product liability, algorithmic discrimination, privacy and wrongful death.

Anthropic in July reached a \$1.5bn settlement over a class-action lawsuit brought by authors who accused it of stealing their work to train its AI models. It is one of dozens of similar copyright-infringement suits brought over the training of large language models.

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Utilities. Megadeal

NextEra's \$67bn Dominion takeover faces political backlash over costs in Virginia

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Rising power bills and fears about monopoly prompt officials to intervene in merger

MARTHA MUIR — NEW YORK

The US's largest utility megadeal is running into fierce opposition, as concerns over electricity affordability and anti-monopoly sentiment mount before November's midterm elections.

Senior Virginia officials are sceptical that a \$67bn tie-up between NextEra, the largest utility in the US, and Dominion, the power company at the heart of Virginia's data centre alley, will benefit ratepayers as energy bills rise rapidly and are concerned about the political influence such a utility giant could have.

Independent judges at Virginia's utility regulator will ultimately decide the deal. Industry experts say the growing political backlash raises the bar for approval and make it harder for the panel to wave through the transaction without significant concessions.

“We’re seeing a lot of pushback on these kinds of deals all over the US,” said Rob Rains, director of policy sector research at Washington Analysis. “That, plus the angst in Virginia over data centres, could be a potent combination.”

Governor Abigail Spanberger said she was “deeply sceptical” of the proposal and had intervened in the takeover process, giving her the right to interrogate the companies and push for measures to keep bills down and protect jobs.

When news of the tie-up broke, her administration realised that intervening could give it leverage to seek concessions from Dominion and NextEra, including measures to keep bills down, push clean energy development and change how utility investment is financed, shifting the capital structure towards debt and away from equity, which typically carries a higher cost that can be pushed on to customers.

The governor's office has considered measures to rein in Dominion's political spending, said a person with knowledge of the matter. The company is one of the largest donors in the state, which has some of the loosest campaign finance laws in the US.

Its spending has accelerated since the tie-up was announced, contributing \$3.67mn in campaign donations between May 26 and August 31, more than triple the amount in the two previous reporting periods.

A spokesperson for the governor's office said her formal filing sets out three priorities: lower energy bills, job protection and accelerating “affordable, reliable, local and clean power”.

Other high-level Virginia state officials, such as attorney-general Jay Jones, lieutenant-governor Ghazala Hashmi, at least eight lawmakers and Congress member Eugene Vindman, have opposed the deal. Scrutiny has extended beyond Virginia: a group of congressional Democrats led by Massachusetts senator Elizabeth Warren has warned federal regulators the deal could “squash competition and raise prices”.

"I don't think merging two huge utilities into a bigger one is the answer to our problems," said Virginia state senator

Virginia governor Abigail Spanberger said she was 'deeply sceptical' about the tie-up and has intervened

Schuyler VanValkenburg. “We already struggle as a state to properly regulate Dominion; are they going to be more or less responsive to Virginians when they’re based in Florida?”

The deal comes amid a surge in utility mergers and acquisitions. US utility deals hit a record \$205bn in the first half of 2026, according to Deloitte.

NextEra has long sought to combine with a major utility, with attempts to buy Hawaiian Electric and Duke Energy failing. Taking over Dominion would give NextEra a once-in-a-generation opportunity: providing power to companies such as Microsoft, Amazon, Google and Meta in the heart of “data centre alley”.

But residents are revolting over data centres in their backyards and regulators are more assertive over utility deals. In New Mexico, Blackstone's attempt to buy TXNM Energy has been delayed after regulatory pressure.

NextEra and Dominion have stepped up efforts to woo the power players who could influence the outcome. After pledging about \$2.2bn in bill credits over two years when the deal was announced in May, in mid-September they extended these for four years. A guarantee to employ Dominion staff for 18 months became five years.

Dominion said the updated package would expand bill relief, protect customers from merger costs and ensure data centres "pay their fair share".

NextEra has touted its record in Florida, where it says residential bills at its Florida Power & Light subsidiary are 37 per cent below the national average.

Responses to the sweeteners have been mixed. State senator Russet Perry told the FT the bill credits are “peanuts”, given that residential electricity prices have risen nearly 14 per cent in Virginia since January 2025.

But Christian Tucker, associate at Christian & Barton, representing large industrial energy users, said: "NextEra has a pretty solid reputation when it comes to operations and maintenance expenses. The great uncertainty is how realistic and quick those savings are."

Mark Christie, ex-commissioner at the Federal Energy Regulatory Commission, said the regulator can only block the deal if it led to much higher bills. "That's a narrow standard," he said.

UK COMPANIES

Retail. Supermarkets

Sainsbury's search for scale puts mergers back on table

Talks with Morrisons reflect confidence that regulators would approve consolidation

ASHLEY ARMSTRONG AND LAURA ONITA

Eight years ago, J Sainsbury's bold ambitions to merge with a rival began to unravel. On the day the company unveiled its plan to buy Asda, its chief executive at the time, Mike Coupe, was caught on live TV singing “We're in the money”.

After months of wrangling, the proposed £7.3bn deal – which would have created a new market leader – was blocked by competition regulators.

This year Britain's second biggest supermarket chain considered another multibillion-pound tie-up – this time with private equity-owned Wm Morrison. The talks collapsed in February after a failure to agree on price, according to people familiar with the matter.

The deal under discussion was an ambitious one. It would have redrawn the UK food retail market while stoking many of the competition law concerns that had doomed the Sainsbury's-Asda deal.

It was also being attempted against a backdrop of persistent rises in the price of everyday groceries and a government under pressure to alleviate a squeeze on the nation's disposable income.

A sale of Morrisons would provide an exit for buyout group Clayton Dubilier & Rice, which paid £10bn for the Bradford-based retailer in 2021, including debt. Sainsbury's has a market capitalisation of just over £7bn and £5.7bn of net debt, including lease liabilities.

Though the talks are no longer active, they signal dealmaking is back on the agenda for UK supermarket executives.

Negotiations – spearheaded by Sainsbury's chief Simon Roberts and Morrisons' chair Sir Terry Leahy – lasted from November last year to February, becoming serious around Christmas, according to people close to the process.

Roberts had meanwhile been making headway with separate talks to offload Argos to a trio of retail veterans including two former Morrisons executives, Trevor Strain and Richard Pennycook.

Selling the general merchandise retailer, which Sainsbury's bought a decade ago, was consistent with Roberts' strategy of refocusing on food.

Putting together two of the UK's biggest supermarket chains would boost buying power with suppliers. Furthermore, it remains an asset-rich business that owns about 80 per cent of the free-holds to its supermarkets.

Bernstein analyst Richard Trainor said that "a deal makes complete sense".

“Scale really matters and the best way to sustainable returns and winning in the market is to have a market share advantage,” he said, while adding that investors would still be relieved talks had not progressed because of the risk of distraction for Sainsbury’s management.

To devise a deal, Sainsbury's turned to its advisers at Robey Warshaw, now part of Evercore, and asked a group of lawyers and competition experts to consider which stores might need to be sold to satisfy regulators that a combination would not be harmful to consumers.

Before talks hit trouble, the two sides had got comfortable with the idea that a deal would not be thwarted by the Com-

‘We’re now in a situation where everyone is looking at everyone else. No one wants to be left behind’

petition and Markets Authority. One reason for that confidence, according to people familiar with the matter, was the change in the UK supermarket landscape since the watchdog blocked the Sainsbury's-Asda deal in 2019.

In that time Aldi and Lidl have increased their market share; together they now account for 19.3 per cent of UK retail food sales, according to industry data by Worldpanel Numerator.

"It would be more difficult to argue [now] that there's a ‘Big Four’ that doesn't include Lidl and Aldi," said Tom Smith, a lawyer at Geradin Partners who worked on the Sainsbury's-Asda deal as a legal director at the CMA.

Since Labour came to power in 2024, the CMA has been pushed to adopt a pro-growth mindset. The shift has given companies hope that the regulator, now chaired by former Amazon UK boss Doug Gurr, will be more willing to wave through mergers that reduce the number of leading players in an industry from four to three.

Another cause for optimism for Morrisons and Sainsbury's, according to people familiar with their thinking, was that a combination would not create a new market leader. The Sainsbury's-Asda deal would have brought together the number two and three players in the market to form a company that leapfrogged Tesco.

However, Morrisons has slipped from being the fourth-largest supermarket in 2018 to sixth today, behind Lidl and Aldi.

Regulators might still have required store divestments in “some local areas”, said Smith, “but you’d have to think the deal [would be] more likely to be approved than the Asda deal”. The CMA has restricted Sainsbury’s from exploring another deal with Asda until July 2029 without its prior approval.

News of the talks with Morrisons has refocused attention on the future of Britain's private equity-owned supermarkets, which were bought in highly leveraged deals towards the end of the low interest rate era. The acquisition of Morrisons by CD&R followed the £7bn purchase of Asda by TDR Capital and the Issa brothers in 2020.

A subsequent rise in interest rates has restricted the ability of both supermarkets to compete with the superior financial firepower of Tesco, Sainsbury's and the discounters, which have all gained market share.

The UK's highly competitive supermarket industry is something of an anomaly. The ownership structures of several smaller players – including employee-owned Waitrose and member-owned convenience chain the Co-op – have impeded the consolidation seen in overseas grocery markets.

Some industry advisers questioned

A shopper carries Sainsbury's bags in London and, below left, a store in the capital combined with its general merchandise outlet Argos. Below: Sainsbury's chief executive Simon Roberts Mike Kemp/In Pictures via Getty Images

whether Sainsbury's would win the backing of major investors – an eclectic group including Czech billionaire Daniel Křetínský, Qatar's sovereign wealth fund and the retail to banking conglomerate Bestway – to pursue a deal with significant antitrust risk.

If Sainsbury's ultimately decides not to return to the negotiating table with Morrisons, the UK's private-equity-owned supermarkets could turn to each other. One senior industry figure said that a “combination between Morrisons and Asda should not be written off”.

Morrisons could potentially make greater savings by combining head offices, distribution networks and other central functions with Asda, headquartered 12 miles away in Leeds, than it could through a deal with Sainsbury's, which is more focused on the south of England.

While a combination of the two companies would not give their owners a straightforward exit, it would create a larger business that could eventually be a more attractive IPO candidate.

A deal would not be straightforward, however. A closer overlap of their store portfolios could result in the CMA demanding more substantial disposals. Meanwhile, one senior retailer warned that combining two leveraged supermarkets would be akin to “two drunks propping each other up”.

While Sainsbury's has stepped away from deal talks for now, news of their existence may fire the starting gun for a long-anticipated industry consolidation. "We're now in a situation where everyone is looking at everyone else," said a person close to the failed talks. "No one wants to be left behind." Additional reporting by Suzi Ring See Lex

Retail

Asos launches probe after 'unauthorised' app messages by hackers

TOM WILSON AND LAURA ONITA

Asos is investigating a suspected cyber attack after hackers hijacked the fashion retailer's own app to claim a data breach and threaten the company.

Shares in Asos fell by as much as 11 per cent yesterday after messages sent to some customers' phones claimed that the London-based company had been "hacked" and threatened to leak unspecified material, according to screen grabs posted by multiple users on social media.

The hackers' message read: "Dear ASOS DPO and IT, we have fully compromised the Snowflake instance. Engage with us, or we will leak it."

Snowflake is a widely used cloud-based data platform.

In a statement, Asos confirmed that an “unauthorised” notification had been sent to its customers and that it was working with “specialist advisers as well as all relevant authorities” to understand the nature of the attack.

“We are investigating unauthorised activity involving third-party platforms that we use to communicate with customers,” it said. “Basic personal information including name and contact details may have been accessed. We do not believe that payment-card information or account passwords were

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'Basic personal information including name and contact details may have been accessed'

impacted." The apparent breach follows several large-scale cyber attacks on companies including Jaguar Land Rover and the Co-op Group.

Shares in Asos, which is listed on London's FTSE 250 index, pared some losses in late trading to close down 9.7 per cent yesterday.

The stock has more than doubled in value over the past six months. Asos said it was “too early to quantify any potential impact on trading”, noting that its website and app were operating normally.

Snowflake said it was also investigating following the mobile alerts.

"At this time, we can report that we have found no compromise of the Snowflake platform," Snowflake said. "The investigation is ongoing and we will provide further updates as soon as more information becomes available."

Its share price was flat in early trading in New York yesterday.

A data breach involving Snowflake customers in 2024 was linked to several high-profile cyber attacks including AT&T, Ticketmaster and Santander.

“This is an unusually brazen and threatening message,” said Marijus Briedis, chief technology officer at NordVPN, a security provider. “What makes it even more concerning is how that threat appears to have been delivered . . . [The app notification] suggests someone has gained unauthorised access to at least part of Asos’s systems, although we don’t yet know how extensive that access is.”

He added: “When an attacker can potentially speak to customers through a company’s own systems, it makes the threat considerably more convincing and potentially much more damaging.”

Oil & gas

Equinor says UK risks being ‘uninvestable’

VERITY RATCLIFFE AND RACHEL MILLARD

The UK's oil and gas sector risks being seen as “uninvestable” if the government does not back the Rosebank and Jackdaw North Sea fields, the chief executive of Equinor has warned.

Anders Opedal said he expected both projects to be approved after they had to reapply for development consent following a court decision on fossil fuel emissions, but added that it would be a “major setback” if not.

“We and others will, of course, then ask if the UK is investable,” he said at the Energy Intelligence Forum in London yesterday. “The UK has probably one of the most rigorous approval processes for oil and gas fields in the world and we have done that twice.”

Equinor is developing the two North Sea projects in a joint venture with Shell. Ithaca Energy has a 20 per cent stake in Rosebank. The projects were awarded development consent in 2022 and 2023 but this was quashed last year by the Court of Session in Scotland. That followed the Finch ruling in the Supreme Court in 2024 which found that authorities needed to consider the carbon dioxide emissions from burning oil and gas, not just drilling for it.

Whether to allow the projects to proceed is seen as a big test for Prime Minis-

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'The UK has probably one of the most rigorous approval processes for oil and gas fields in the world'

ter Andy Burnham's approach to the fossil fuel industry and climate policy.

The FT reported last month that the Jackdaw gasfield was set to receive the go-ahead but that it was not clear whether ministers would approve the Rosebank oilfield. Miatta Fahnbulleh, energy secretary, said last month she was “going through all the evidence”.

A decision on Jackdaw was expected last month but has been pushed back until after tomorrow's by-election in

London's Holborn and St Pancras, where Labour is battling the Greens.

Jackdaw, which is 150 miles east of Aberdeen, could produce gas as soon as this winter at a time when global gas supplies are constrained owing to the war in Iran, which has disrupted shipping through the Strait of Hormuz.

The UK relies heavily on gas for electricity and heating. It accounted for 35 per cent of its energy demand last year, according to official figures.

Proponents of the Jackdaw project argue that its gas will be much less carbon-intensive than imports, which are transported as liquefied natural gas.

Rosebank oilfield, 80 miles north-west of the Shetland Islands, is a more complicated case for approval as most of the North Sea's oil is exported because of insufficient domestic refining capacity.

Opedal said not approving the fields would contradict the Labour Party manifesto and the UK's need to bolster energy security, adding that he had been reassured approval would be given.

Media

Informa to buy rival events business Clarion

DANIEL THOMAS AND

STEFANIA PALMA — LONDON

FTSE 100 group Informa has revealed a strategic overhaul that will see it separate its academic-publishing business Taylor & Francis and raise £940mn in new equity to buy rival conferences group Clarion.

The transactions, including the £2.2bn acquisition of Clarion from private capital group Blackstone, will narrow Informa's focus to its core live events and business operations.

Stephen Carter, who is one of the longest-serving FTSE chief executives after almost 13 years, has built Informa into a company with an £11bn market capitalisation by aggressively expanding its live-event operations in recent years.

Informa said it would look at all options for the future of the newly separated academic unit before coming to a decision on its future next year.

Carter said Informa had already been approached by companies expressing interest in acquiring the business. The decision to spin off Taylor & Francis was taken, he added, because “to grow that business, you really needed more focus”.

Meanwhile, Informa was becoming a “pure-play” business events company, he said. “We are unrecognisable from

Stephen Carter has during his 13-year stint built Informa into an £11bn group by growing its live-event operations

where we were as a company 15, 20 years ago," he added.

Shares in Informa fell nearly 2 per cent in early trading before bouncing back and closing up almost 3 per cent. It has benefited from the surge in demand for in-person meetings and social events after Covid lockdowns, while expanding the range of services provided on the back of its many global conferences to build new revenue streams.

Buying Clarion gives Informa a new portfolio of more than 100 business-to-business brands, including the world's largest consumer-electronics event, IFA Berlin, the defence event DSEI and the ICE gaming conference in Barcelona.

Informa said that the acquisition of Clarion would accelerate growth and enhance earnings per share from 2027.

Carter said that annual revenues at the group would exceed \$6bn after the addition of Clarion, with the transaction being funded through a mixture of acquisition financing and a £940mn equity placing.

The sale is a boon for Blackstone during a period in which many private equity groups have struggled to exit investments, hitting returns to their investors.

But despite difficulties in the private equity M&A market, activity in events businesses has been more robust.

The Clarion sale is the latest deal in the sector after Providence and Searchlight in June sold global business-events group Hyve to Hellman & Friedman for about \$1.8bn.

COMPANIES & MARKETS

Fixed income. Risk premiums

Surge in borrowing costs hits corporate America

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Sharp sell-off in Treasuries is beginning to feed through to junk-rated businesses

KATE DUGUID, EMILY HERBERT, JOSHUA FRANKLIN AND MICHELLE CHAN

A sharp sell-off in US government bonds is starting to reverberate across corporate America, forcing companies to overhaul their borrowing plans and even raising the spectre of defaults among the most lowly rated businesses.

Borrowing costs for companies with the lowest credit ratings hit their highest level since May 2020 this month at 17 per cent, driven by the rise in Treasury yields to multiyear highs and by investors demanding more compensation for lending to such businesses.

The risk premium for groups rated triple C or lower has risen to 12 percentage points, the biggest since 2022.

Analysts said companies with floating-rate loans, and those needing to refinance debt in the coming months, were most at risk from the government bond sell-off, which last week pushed the yield on the 10-year Treasury note to its highest since 2002.

“Investors are increasingly demanding more compensation for taking on the corporate credit risk,” said James Reilly, a senior markets economist at Capital Economics.

In a sign of the chilling effect of the ructions in the Treasury market, Bank of America has cut its forecast for the amount of dollar-denominated investment-grade debt that companies will sell this month to \$110bn from about \$160bn.

Investor nervousness is already being felt on some deals. US media conglomerate Paramount Skydance last week sold \$52bn of debt to fund its \$110bn acquisition of Warner Bros Discovery. Unusually, demand for Paramount's two-year bonds was almost double that of 30-year bonds, according to people familiar with the matter, in a sign of worries over interest rate rises hitting the value of longer-maturity debt.

Financial hub: the Manhattan skyline at sunset. Rising rates will put pressure on US businesses to increase profits at a similar pace to borrowing costs — Michael Nagle/Bloomberg

As a result, investors were allocated more long-term debt than they had expected, leading to a significant sell-off after the bonds debuted on the market.

"At the margin, we are seeing some deals pulled or delayed as investors become more selective. The weak performance of Paramount Skydance's sec-"

ond-lien bonds, with the 2036s down several points from issue, is a sign of this," said James Carter, co-head of fixed income at wealth and investment management firm W1M.

Many companies prefer to sell debt with shorter maturities at the moment to give themselves the chance of refinancing at lower rates in the future.

“They don’t want to lock in high financing costs right now,” said Erin Brown, co-head of global capital markets Americas at BNP Paribas.

“Accessing the market now requires more game planning.”

US spice and sauce maker McCormick told investors last week it was evaluating the currencies, duration and ratio of fixed and floating rates for the debt it plans to issue as part of its upcoming mega-merger with Unilever's foods business, given the recent sharp rise in borrowing costs.

"This is on the mind of investors these days, so we are staying very close to market dynamics as we continue to really evaluate our debt financing strategy," Marcos Gabriel, McCormick chief financial officer, said on the company earnings call.

The magnitude of this year's rise in bond yields might typically be expected to hurt the entire market, from the weakest companies to the highest rated.

However, a significant chunk of investment-grade borrowing this year has been unaffected, dominated by companies building out AI-related projects who believe the existential urgency to build data centres trumps an extra percentage point or two in borrowing costs.

But a further rise in Treasury yields could lead to broader pain across credit markets, analysts say. When it comes time to refinance existing debt, higher rates risk jarring the companies that took on debt when interest rates were at rock-bottom levels in the early 2020s.

Moody's estimated last year that a record \$1.45tn of US investment-grade corporate debt would come due between 2026 and 2030. Rising rates will put pressure on businesses to increase profits at a similar pace to rising borrowing costs.

“That could be a real shock to the corporate debt system if rates stay this high through 2027 and through 2028 into the later half of this decade,” said Michael Zdinak, head of the US consumer markets service at S&P Global.

If borrowing costs remain elevated in the next year, companies would "postpone investment decisions, acquisitions, buybacks, expansion plans, any sort of discretionary investment that they can if the pay-off from that is less relative to the rising rates", Zdinak added.

Traders in futures markets are betting that the Federal Reserve will raise interest rates three or four more times by the start of 2028, from the current range of 3.75 to 4 per cent.

"If profitability doesn't grow with the borrowing costs, that's where you'll see a real credit issue," said Moody's chief credit officer Atsi Sheth.

Additional reporting by Ian Smith

Our global team gives you market-moving news and views, 24 hours a day ft.com/markets

Wall St banks launch \$60bn financing deal for Anthropic

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Fixed income

MICHELLE CHAN — NEW YORK

Wall Street banks have begun offloading part of a new \$60bn debt package to fund Anthropic's lease of Google semiconductors, the largest chip-financing deal to date as tech companies race to secure AI computing power.

Bank of America, Citigroup and Morgan Stanley, which have committed to fund the deal, reached out to other banks to purchase portions of the debt on Monday, according to people familiar with the matter.

The financing, guaranteed by Broadcom, is regarded as a bellwether for appetite in AI debt. Investors in recent months have demanded a higher risk premium to lend to tech companies pouring trillions of dollars into developing sophisticated AI models, fuelled by concerns that their heavy capital investments might not translate into profitable businesses in the long run.

Much of the borrowing spree will fund the procurement of advanced chips that are getting more expensive by the day. The latest financing package follows Broadcom's \$35bn deal with Apollo and Blackstone just a few months ago, when the chipmaker announced a massive 20-gigawatt "AI XPV" platform to help the likes of Anthropic and OpenAI acquire computing capacity.

Broadcom is developing the so-called tensor processing units with Google to

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The financing, guaranteed by Broadcom, is regarded as a bellwether for appetite in AI debt

counter Nvidia's dominance in the space.

The new debt will be partially back-stopped by Broadcom to help Anthropic lower borrowing costs. The proceeds are earmarked for Anthropic's chip orders next year, and the lease payments will begin after the chips are delivered.

About \$42bn of senior secured loans supported by Broadcom began bank syndication on Monday and could be sold to a broader base of investors in the private placement or investment-grade bond market in the future thanks to Broadcom's A-minus credit rating, the people said.

An additional \$18bn of junior debt without Broadcom guarantees is expected to launch by the same banks at a later date, with Blackstone already committing funds to about \$9bn of the junior tranche and participating in the syndication of the remainder of the debt, the people added.

Since lenders will be exposed to Anthropic credit risks in the junior debt, banks might prefer tapping the market after its IPO later this year so would-be investors can access its financial disclosures, one of the people said.

Bank of America, Citigroup and Morgan Stanley, which are joint bookrunners on the deal, declined to comment. Blackstone declined to comment. Bloomberg earlier reported on some aspects of the transaction.

Additional reporting by Ryan McMorrow in San Francisco

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Technology

The image contains only a stylistic horizontal line, which must be ignored according to Rule 2. No text or placeholder characters should be output.

Reflection AI buoys White House hopes of challenging China in ‘open’ models

GEORGE HAMMOND — SAN FRANCISCO

JOE MILLER — WASHINGTON

A US AI start-up backed by Nvidia and the Trump administration has unveiled its first open-weight model, boosting American ambitions to compete with Chinese groups that dominate the market for public, customisable AI products.

Reflection AI claims that its first model, Beam, is on a par with Z.ai's GLM-5.2, a leading Chinese competitor.

The start-up is strategically significant for the US in its AI race with China as well as for Nvidia, which is aiming to create rivals to the biggest labs including OpenAI and Anthropic.

Reflection said Beam outperformed US peers, “delivering competitive performance on coding and agentic tasks at a fraction of the token cost”, but had not yet published full technical details of the model’s performance. Tokens are units of information processed.

Reflection has partnered with the Pentagon and the US Department of Energy as well as striking agreements to develop AI models for US allies including South Korea as part of the Trump administration's efforts to fend off Chinese competition and expand its own sphere of influence.

Reflection raised more than \$4bn since its launch in 2024, racing to a \$25bn valuation before releasing its first model.

Open-weight models, which users can customise and run on their own hardware, can be far cheaper for businesses to operate than the most advanced versions of OpenAI's ChatGPT or Anthropic's Claude.

The search for a leading US open-weight model has become more urgent in recent months as usage of the tools has surged with Chinese labs behind most top models. In August, open-weight models accounted for 56 per cent of all tokens processed through AI cloud application company Vercel's AI Gateway, up from 7 per cent in December.

Creative flair: a 3D game produced by Reflection AI's Beam model

Some Trump administration officials – including Treasury secretary Scott Bessent – have floated the idea of imposing sanctions on Chinese models thought to be stealing IP from American competitors.

The threat prompted an industry-wide letter, led by Nvidia, which stated that an open-weight “ecosystem” was essential for “creating opportunities for innovation and prosperity across the country”.

Nvidia boss Jensen Huang has also defended the use of China's open-weight models by American businesses, saying they provide good value for companies.

Nvidia has invested \$800mn into Reflection and provided access to its chips, helping the company gain ground on Chinese rivals. Reflection has also been backed by venture firms including Sequoia Capital, Disruptive and 1789 Capital, at which Donald Trump Jr, a son of President Donald Trump, is a partner.

Derivatives

US group Intercontinental Exchange opens gold futures trading in London

PHILIP STAFFORD — LONDON

US derivatives group Intercontinental Exchange has begun offering trading in gold futures in London in the latest attempt to introduce precious metals derivatives in the world's centre of physical bullion trading.

The New York Stock Exchange owner this week debuted precious metals contracts tied to daily auction prices set in London. As well as gold, it has launched contracts on silver, platinum and palladium.

London is the world's largest market for trading physical gold, handling "over-the-counter" deals worth nearly \$190bn a day, while it has physical gold worth about \$1.4tn in its vaults.

Its benchmarks are widely used by industry and stock market vehicles that track the metal.

However, unlike New York, London has not offered a gold futures contract in recent years and previous attempts to establish one have failed.

The London Metal Exchange closed its gold futures contract in 2022 after five years because of low volumes while the London Gold Futures Market failed to make headway in the mid-1980s.

ICE's focus on London comes as the global gold market, which has historically relied heavily on the UK for storage and setting prices, comes under sustained strain from several years of geopolitical conflict, sanctions and tariff threats.

Following President Donald Trump's trade blitz in April last year, traders

---

'If you were to enable people to manage risk in a different way, that could be an attractive prospect'

shipped large quantities of gold to the US to avoid the risk of tariffs as futures prices in New York rose above physical prices in London.

A futures market operating alongside the UK capital's physical market could make such price dislocations less of a risk.

“Derivatives markets generally are there to support the physical market,” said Chris Rhodes, president of ICE Futures Europe. “The physical market is in London. We believe that if you were to enable people to manage their risk in a different way . . . that could be an attractive prospect, particularly if it's linked into the auction price."

The rise in global uncertainty has helped to create a bull market for the metal in the past two years, pushing gold to a record price of more than \$5,500 a troy ounce in January.

Global central banks are becoming skittish about where they store their reserves, fearing a potential loss of access.

Last month, the Dutch central bank moved more than 78 tonnes of gold from New York to London, citing “increasing geopolitical unrest” after lobbyists and politicians warned that an unreliable US government under Trump might otherwise seize them.

Hong Kong and Singapore are increasing their capacity to store gold while France and India's central banks have repatriated their holdings from around the world.

Venezuela is close to reaching an agreement to transfer to New York about \$4bn of disputed gold reserves held at the Bank of England.

---

The day in the markets

Tech stocks have powered the S&P 500 towards a record high Year-to-date % change

Source: Bloomberg • Indices rebased to start 2026

---

What you need to know

\- S&P 500 rises 0.8 per cent to hit first all-time high since August

• Analysts forecast stellar third-quarter earnings season for AI companies
• Wider index still feeling pressures from recent bond sell-off

The S&P 500 touched its first all-time high since August yesterday as expectations of bumper earnings among AI-related companies help stocks shrug off a brutal sell-off in government bonds.

Wall Street's blue-chip S&P 500 rose 0.8 per cent, taking the index to a new record high after a downturn last month when high oil prices and US Treasury yields at multi-decade highs were threatening to weigh on other assets.

Investors and analysts said the rally was being powered by expectations of a stellar third-quarter earnings season for corporate America, driven by the trillions of dollars pouring into AI infrastructure.

However, many sectors have been left behind, leaving the market increasingly reliant on a small group of tech stocks.

"We are in an earnings upswing," said Arun Sai, senior multi-asset strategist at Pictet Asset Management. "In the short term, I just don't see any evidence of that cracking."

Technology stocks have rallied sharply since the S&P's September low, hit nearly three weeks ago. Since then, chipmakers Advanced Micro Devices, Super Micro Computer and Intel have each gained 20 per cent or more.

With the earnings season starting in earnest next week, analysts are expecting annual earnings growth for the S&P 500 over the three months to September of

29.5 per cent, according to FactSet, the third consecutive quarter of growth of more than 25 per cent.

However, in a sign of how reliant the US stock market has become on its biggest technology names, the equal-weighted version of the index — in which moves in all stocks are weighted the same, rather than being heavily swung by the bigger names — remains 5 per cent below its record high.

Marija Veitmane, global head of equity strategy at State Street, said that she expected “companies with weaker fundamentals to crack under higher

interest rates". Higher oil prices and strong US economic data have forced a sharp repricing of interest rate expectations this year, prompting investors to demand higher yields on government bonds. The bond sell-off gained momentum in September and pushed US 10-year borrowing costs to the highest level since 2002.

"If the bond market is hell-bent on driving rates even higher from here, stocks are going to have to break," said Michael Zigmont, co-head of trading at Visdom Investment Management. Emily Herbert

Markets update | US | Eurozone | Japan | UK | China | Brazil | Stocks | S&P 500 | Eurofirst 300 | Nikkei 225 | FTSE100 | Shanghai Comp | Bovespa | Level | 7828.84 | 2542.60 | 70683.98 | 10541.69 | 3842.19 | 205711.78 | % change on day | 0.71 | 0.46 | 1.05 | 0.42 | Closed | -0.58 | Currency | $ index (DXY) | $ per € | Yen per $ | $ per £ | Rmb per $ | Real per $ | Level | 101.80 | 1.126 | 158.070 | 1.328 | 6.70 | 4.977 | % change on day | -0.36 | 0.424 | 0.070 | 0.424 | 0.00 | -0.122 | Govt. bonds | 10-Year Treasury | 10-year-Bund | 10-year JGB | 10-Year Gilt | 10-year-bond | 10-year-bond | Yield | 5.27 | 3.48 | 3.05 | 5.32 | 1.68 | 12.81 | Basis point change on day | -0.06 | -0.01 | -0.01 | -0.03 | 0.00 | -0.54 | World / Commods | FTSE All-World | Oil - Brent | Oil - WTI | Gold | Silver | Metals (LMEX) | Level | 761.27 | 99.15 | 88.72 | 4164.00 | 61.30 | 5793.80 | % change on day | 0.80 | -2.38 | -0.79 | 0.71 | 0.42 | 1.04 | Main equity markets

Biggest movers

Eurozone | % | US | Constellation Energy | 15.50 | Vistra | 11.81 | Ups | Corteva | 11.14 | GE Vernova | 5.52 | Corning | 5.30 | Downs | Seagate Tech | -8.88 | Western Digital | -6.42 | CH Robinson Worldwide | -4.31 | KLA Corp | -3.87 | Lam Research | -3.67 | Prices taken at 17:00 GMT Oct 06 | Nokia | 4.73 | Wartsila | 4.09 | Santander Bank Polska | 3.25 | Vinci | 2.92 | Veolia Environnement | 2.89 | UK | Schneider Electric | -4.51 | Tenaris | -2.84 | Rheinmetall | -2.77 | Telenor | -2.19 | Swisscom | -2.18 | Based on the constituents of the FTSE Eurofirst 300 Eurozone | Whitbread | 5.15 | Oxford Nanopore Technologies | 4.91 | Domino's Pizza | 4.80 | Man Group | 4.29 | W.A.G Payment Solutions | 4.20 | Inchcape | -6.22 | Qinetiq Group | -5.38 | Chemring Group | -4.42 | BAE SYSTEMS | -4.08 | Drax Group | -3.58 | All data provided by ICE. www.ice.com

Financials

Fintech Ion tells creditors owed \$11bn it has no plans to strip value from debt pile

EUAN HEALY — LONDON

Billionaire Andrea Pignataro's Ion Platform has assured investors that it is not planning to deploy aggressive tactics that strip value from creditors owed \$11bn, amid increasing bond market scrutiny.

The fintech behind data platforms including Mergermarket and Dealogic said in results shown to creditors that it aimed to repay lenders in full and did not plan the kind of “liability management exercise” executed by some junk-debt market peers in recent years.

Investors have started to scrutinise Ion's capital structure more closely since its bonds plunged early this year on fears that AI may hit its software unit. They have since partially recovered and prices climbed again yesterday after positive third-quarter results.

In the third-quarter results, shared with credit investors and seen by the FT, Ion said it was “not considering any priming or drop-down financing, non-pro-rata or coercive exchange, uptier or covenant-stripping transaction or any similar LME transaction".

Junk-debt market peers including Patrick Drahi's Altice International and Lawrence Stroll's Aston Martin have in the past year struck deals that shift assets out of the reach of bondholders owed billions, causing the price of their debt to plummet.

As with Altice, rising interest rates have caused some investors to question

---

Ion said it ‘remains focused on opportunistically repurchasing debt in the open market’

the sustainability of Ion's debt pile. Ion posted revenues of \$643mn for the quarter, up 7 per cent on the same period last year. Cash distributions to its parent company have reached \$409mn so far this year, down 35 per cent on the same period in 2025.

Net profit for the first nine months of the year grew from \$137mn a year earlier to \$363mn, while the company's debt-to-earnings ratio has fallen from 7.95 times a year earlier to 6.15 times.

Ion, whose other financial data groups include Fidessa and Debtwire, grew rapidly via a series of buys financed by cheap debt in the era of ultra-low interest rates. It generates about \$400mn per quarter in earnings before interest, tax, depreciation and amortisation.

Pignataro has become one of Italy's richest people and among the largest players in Europe's market for junk debt.

On top of the reassurances, Ion told investors that it “remains focused on opportunistically repurchasing debt in the open market”. The group has bought about \$250mn of its own debt at a discount so far this year.

As well as its publicly traded debt, Ion's holding company has another \$2.5bn of private debt from investors including BlackRock-owned private credit firm HPS.

Ion declined to comment.

Reasons for the boom and bust in IPO market

Craig Coben Markets Insight

he initial public offering market right now is booming and busting at the same time.

At one level, investment bankers have reason to rejoice. Proceeds this year have reached \$147.5bn compared with \$44bn a year ago, powered by SpaceX's \$86bn IPO and SK Hynix's \$26.5bn offering on Nasdaq. Anthropic waits in the wings.

Yet flotations have stalled of late with just three US debuts since Labor Day in September. Bamboo Insurance postponed its IPO that month.

Just days later, Holtec Nuclear pushed back its listing owing to waning enthusiasm towards AI infrastructure. SB Energy, SoftBank's US data centre developer, has “slowed” its IPO timeline while fitness wearable maker Oura pulled its Nasdaq flotation last week “due to uncertainty in the IPO market”.

The IPO market and stock market are not the same thing. Investors can gain exposure to companies and sectors through existing listings and do not need to chase the newest thing.

This year's new issues have disappointed with over 40 per cent trading below offer price. Excluding SpaceX and SK Hynix, the weighted average return on IPOs in 2026 is minus 4 per cent, according to Bloomberg, compared with a 12 per cent gain in the S&P 500 index.

Given the weak returns, investors are rebelling over terms. SB Energy was reportedly seeking a \$50bn valuation despite not having brought a data centre online yet. Oura sought a substantial premium to peer company Garmin, even though the offering mostly would have cashed out early investors rather than finance investment.

Some of the slowdown reflects the normal ebb and flow in the IPO cycle – money floods in, valuations get stretched, deals trade poorly and the market seizes up until pricing resets lower and performance improves.

This happened last spring with AI-adjacent stocks. Sentiment has cooled and groups and boards need time to adjust.

Why does this always happen? A listing often takes at least six to nine months from kick-off. Why doesn't everyone accept that valuations may fall in the meantime?

Part of the answer lies in how mandates are awarded. Bankers resemble politicians who, to paraphrase former

---

Once a bank wins a mandate, it is fraught to tell clients that the 'comps' have contracted

New York governor Mario Cuomo, campaign in poetry and govern in prose. The goal is to pitch as credibly optimistic a valuation as possible. You cannot give a ridiculous, unsupported price range but you are expected to show how you can achieve a premium valuation multiple.

Conversely, every equity capital markets banker has lost mandates to rivals promising a higher valuation.

The client tells you: "Other banks seemed to understand our growth drivers better than you guys."

That is vernacular for “your competitors showed a higher number”. Some chastened bankers overcorrect the next time and go into optimism overdrive.

Syndicate structure can aggravate the problem. US IPOs used to be led almost always by a single lead bank, in contrast to European and Asian offerings, which feature joint global coordinators.

Today, larger US flotations increasingly have multiple “active bookrunners”, diluting some of the accountability that the lead bank has long held.

The banker who pushes for a lower price risks incurring the client's wrath as other deal "partners" benefit. "ECM used to be held accountable," a disillusioned former senior banker in New York told me. "Now it's a rugby scrum."

Once a bank wins a mandate, it is fraught to tell clients that the “comps” with listed stocks have contracted and pricing must come down. No client likes a “re-trade” on a valuation already accepted among early backers, employees and board members.

There is another reason for the log-jam. Private equity firms bought assets at nosebleed prices in 2020 and 2021. Going public today risks crystallising a valuation below current marks.

That is painful and it partly explains the enormous backlog of unsold private equity-owned assets. Many such companies also do not jibe with the investor zeitgeist – fund managers pay up for go-go growth and scale, not indebted, midsized firms exposed to consumer cyclicality or interest rate risk.

There is a final issue. This has been a banner year for equity underwriters but a carpe diem mentality permeates Wall Street – get the deals out while the market is open because next year may be tough. Even as bankers paint sunlit uplands, they are rushing to complete transactions as if the storm could come at any time.

Craig Coben is a former global head of equity capital markets at Bank of America and is a managing director at Seda Experts

FT FINANCIAL TIMES

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AMERICAS

EUROPE

Effective 07.11.2025

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison

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MARKET DATA

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WORLD MARKETS AT A GLANCE

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Change during previous day's trading (%)

FTSE EuroFirst

0.46% \$ per €

0.4238%

| Sep 04 - Oct 06 | Index | All World | Xetra Dax | Frankfurt |

Day $\rightarrow$ 0.54% Month $\searrow$ -3.27% Year $\nearrow$ 10.65% | Day | 0.47% | Month | 0.17% | Year | 7.57% | Bovespa | Sao Paulo | 185147.15 | 205711.78 |

Day $\rightarrow$ 0.40% Month $\searrow$ -1.18% Year $\searrow$ -1.29% | Country | Index | Latest | Previous | Australia | All Ordinaries | 8903.50 | 8659.20 | Australia | S&P ASX 200 | 8735.70 | 8686.40 | Australia | S&P ASX 200 Res | 7805.00 | 7739.80 | Austria | ATX | 6792.23 | 6746.05 | Belgium | BEL 20 | 5568.99 | 5498.96 | Belgium | BEL Mid | 6446.93 | 6389.39 | Brazil | Bovespa | 205711.78 | 206911.89 | Canada | S&P TSX 60 | 2101.94 | 2390.18 | Canada | S&P TSX Comp | 35721.47 | 35518.55 | Chile | SS&P/OLX IGPA GEN | 56930.02 | 56920.02 | China | China FSE A300 | 11022.05 | 11022.05 | China | China Shanghai-A | 4028.34 | 4028.34 | China | China Shanghai-B | 305.55 | 305.55 | China | China Shanghai Comp | 3842.19 | 3842.19 | China | Shenzhen-A | 2515.90 | 2515.90 | China | Shenzhen-B | 1161.63 | 1161.63 | Croatia | CROBEX | 4500.83 | 4481.85 | Cyprus | CSE M&P GEN | 317.94 | 316.97 |

Day ↗ 0.87% Month ↘ -1.77% Year ↗ 18.62%

Day ▷ -0.89% Month ▷ 3.80% Year ▷ 92.25%

Day → Closed Month ↗ -2.24% Year ↗ -2.33% | Country | Index | Latest | Previous | Czech Republic | Czech Republic PK | 2630.42 | 2837.96 | Denmark | DML-Cameroon 20 | 1927.68 | 1497.69 | Egypt | ESX 30 | 53298.18 | 53553.40 | Iceland | OMX Tallinn | 2228.58 | 2232.92 | Finland | OMX Helsinki General | 13746.36 | 13596.38 | France | French CAC40 | 7865.07 | 7634.10 | France | SBF 120 | 5968.63 | 5941.45 | Germany | M-DAX | 30543.27 | 30426.98 | Germany | Tec-Dax | 4099.22 | 4070.35 | Germany | XETRA-Dax | 25448.19 | 25254.21 | Greece | Athens | 2686.20 | 2639.95 | Greece | FTSE/ASIA | 6888.60 | 6768.74 | Hong Kong | Hang Seng | 24260.95 | 24040.34 | Hong Kong | HS China Enterprises | 8129.97 | 8051.67 | Hong Kong | HSCC Red Chip | 3988.64 | 3960.61 | Hungary | Bux | 143802.55 | 141872.44 | India | BSE Sensex | 73067.81 | 72382.47 | Indonesia | Jakarta Comp | 6192.93 | 6118.86 | ¥ per \$

0.0696% \$ per £

0.4236%

| Country | Index | Latest | Previous | Ireland | ISED Overall | 1440.50 | 14315.90 | Israel | Tel Aviv 125 | 4028.10 | 4063.58 | Italy | FTSE Italia All-Share | 53874.50 | 53385.40 | Italy | FTSE Italia Mid Cap | 6006.18 | 60034.83 | Italy | FTSE MIB | 51261.40 | 50818.38 | Japan | Nikkei 225 | 70603.98 | 69946.86 | Japan | Topix | 4183.56 | 4145.22 | Kuwait | KSK Market Index | 8900.83 | 8887.07 | Latvia | OMX Riga | 977.43 | 971.12 | Lithuania | OMX Virus | 1510.75 | 1513.35 | Luxembourg | Luxif | 1817.43 | 1817.43 | Mexico | IPC Mexico City | 65228.42 | 64975.08 | Malaysia | FTSE Bursa KLD | 1633.35 | 1631.75 | Morocco | MASI | 16882.55 | 17159.50 | Netherlands | AEX | 1128.33 | 1123.88 | Netherlands | AEX All Share | 1539.39 | 1538.56 | New Zealand | NZX 50 | 13700.12 | 13699.02 | Nigeria | SE All Share | 250273.50 | 250667.86 |

Day $\rightarrow$ 0.95% Month $\geq$ -4.51% Year $\geq$ -10.66% | Country | Index | Latest | Previous | Norway | Dilo All Share | 2466.54 | 2472.27 | Pakistan | KSE 100 | 188460.10 | 165867.32 | Philippines | Manila Comp | 5677.12 | 5743.21 | Poland | Wig | 159012.30 | 156543.51 | Portugal | PSI 20 | 9420.43 | 3554.24 | Portugal | PSI General | 6401.27 | 6356.31 | Romania | Romania BET Index | 33891.15 | 33647.05 | Russia | Russia Traded Index in USD | 988.10 | 988.10 | Saudi Arabia | TAHAR/OL All Share Index | 10588.95 | 10479.78 | Singapore | FTSE Strata Times | 5701.54 | 5664.33 | Slovakia | SAX | 321.28 | 320.00 | Slovenia | SBI TOP | 3125.07 | 3115.53 | South Africa | FTSE/JSE All Share Index | 108981.47 | 108328.78 | South Africa | FTSE/JSE Res | 65514.16 | 65956.13 | South Africa | FTSE/JSE Top 40 | 101162.20 | 100361.15 | South Korea | Kospi | 6941.39 | 7003.74 | South Korea | Kospi 200 | 1095.83 | 1109.05 | Spain | Spain BRX 35 | 19444.20 | 19299.70 | ---

FT.COM/MARKETSDATA | Country | Index | Latest | Previous | Sweden | DMX Stockholm 30 | 3282.94 | 3257.59 | Sweden | DMX Stockholm AS | 1130.24 | 1121.51 | Switzerland | SMI Index | 13788.93 | 13703.53 | Taiwan | Weighted Stock Index | 49822.55 | 49712.04 | Thailand | Bangkok SET | 1582.22 | 1576.45 | Turkey | BIST 100 | 12374.26 | 12443.92 | UK | FTSE 100 | 10541.69 | 10497.94 | UK | FTSE 4Good UK | 9167.50 | 9097.15 | UK | FTSE All Share | 5698.19 | 5665.80 | UK | FTSE techMARK 100 | 9517.94 | 9554.29 | U.S.A. | Dow Jones Composite | 16605.39 | 15998.71 | U.S.A. | Dow Jones Industrial | 51544.23 | 51267.60 | U.S.A. | Dow Jones Transport | 19666.96 | 19791.56 | U.S.A. | Dow Jones Utilities | 406.08 | 395.87 | U.S.A. | Nasdaq 100 | 31337.57 | 31076.44 | U.S.A. | Nasdaq Composite | 27703.79 | 27477.31 | U.S.A. | NYSE Composite | 23948.94 | 23788.62 | U.S.A. | S&P 500 | 7628.84 | 7773.95 | STOCK MARKET: BIGGEST MOVERS

UK MARKET WINNERS & LOSERS

£ per €

0.0059%

EURO MARKETS

ACTIVE STOCKS | Country | Index | Latest | Previous | Venezuela | IBC | 7464.04 | 7602.74 | Vietnam | Viet Nam Index | 1759.09 | 1753.20 | Cross-Border | Euro Stoxx 50 (Eur) | 6272.23 | 6242.14 | Netherlands | Euronext 100 ID | 1983.69 | 1876.61 | Cross-Border | FTSE Food Global ($) | 21470.71 | 21336.32 | Cross-Border | FTSE All World ($) | 760.37 | 755.27 | Cross-Border | FTSE £300 | 2542.60 | 2531.01 | Cross-Border | FTSE Eurotop 100 | 4911.12 | 4891.63 | Cross-Border | FTSE Global 100 ($) | 5960.72 | 5924.93 | Cross-Border | FTSE Gold Min ($) | 5496.96 | 5496.96 | Cross-Border | FTSE Latibank Top (Eur) | 7274.90 | 7238.80 | Cross-Border | FTSE World ($) | 1424.42 | 1414.97 | Cross-Border | FT$/Eurofirst 100 (Eur) | 7069.48 | 7039.15 | Cross-Border | FT$/Eurofirst 80 ID | 8561.98 | 8520.16 | AMERICA | ACTIVE STOCKS | stock traded m's | close price | Day's change | Nvidia | 50.29 | 240.87 | 1.97 | Intel | 49.21 | 113.11 | -3.08 | Amazon.com | 15.96 | 255.35 | 3.95 | Netflix | 15.82 | 67.89 | 0.39 | Broadcom Ord | 15.60 | 378.18 | 15.67 | Advanced Micro Devices | 15.23 | 655.60 | 23.85 | Super Micro Computer | 14.75 | 43.31 | - | Tesla | 14.38 | 380.33 | 1.60 | Moderna | 13.51 | 189.99 | - | Huntington Bancshares | 12.95 | 15.34 | 0.04 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Lloyds Big Gp | 141.42 | 1.06 | 0.02 | Legal & General | 80.62 | 2.90 | 0.02 | Vodafone | 33.84 | 1.25 | -0.02 | BP | 29.46 | 5.61 | -0.02 | Diageo | 27.69 | 16.04 | 0.28 | Shell | 22.14 | 36.51 | 0.20 | BT Group | 21.86 | 1.95 | -0.04 | Haleon | 21.50 | 3.34 | 0.03 | Barclays | 20.59 | 4.47 | 0.01 | Glencore | 19.06 | 5.74 | 0.04 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Stellantis | 56.01 | 4.07 | 0.08 | Intesa Sanpaolo | 49.82 | 6.51 | 0.08 | Banco Santander | 19.84 | 12.52 | 0.18 | Enel | 15.92 | 8.84 | 0.09 | Banco De Sabadell | 12.45 | 3.66 | - | Royal KPN | 11.60 | 3.89 | -0.08 | Telefonica | 9.93 | 3.38 | -0.05 | Nokia | 8.50 | 9.60 | 0.43 | Credit Agricole | 7.50 | 17.11 | 0.18 | Eni | 7.00 | 24.14 | -0.28 | ACTIVE STOCKS | stock traded m/s | close price | Day's change | Nippon Tel & Tel | 124.01 | 170.10 | 0.10 | Tokio Marine Hldgs | 120.85 | 522.30 | 12.80 | SoftBank Corp | 66.47 | 239.60 | 1.10 | Fujikura | 42.93 | 5855.00 | 289.00 | Nissan Motor Co | 42.77 | 286.90 | 7.10 | SoftBank Grp Corp | 39.30 | 6295.00 | -202.00 | Mitsubishi UFJ | 35.29 | 3671.00 | 56.00 | TDK | 32.38 | 3628.00 | 181.00 | Tokyo Electric Power | 29.89 | 518.80 | -4.10 | Nippon Steel | 25.93 | 650.50 | 11.50 | FTSE 100 | price(£) | % Chg week | % Chg ytd | Winners | Whitbread | 25.51 | 6.69 | 0.04 | Antofagasta | 38.29 | 4.90 | 16.77 | Anglo American | 41.52 | 4.01 | 34.59 | Polar CapTech | 7.23 | 3.95 | 55.82 | Glencore | 5.74 | 3.93 | 41.07 | Autotrader Group | 4.64 | 3.66 | -20.79 | The Sage Grp | 10.05 | 3.46 | -7.20 | Pershing Square Hldgs | 37.62 | 3.41 | -22.37 | Scot Mort Inv Tst | 16.38 | 3.34 | 38.07 | RELX | 25.71 | 2.96 | -14.87 | price | change | change% | Ups | Constellation Energy | 309.11 | 41.49 | 15.50 | Vistra | 162.00 | 17.11 | 11.81 | Corteva | 13.77 | 1.38 | 11.14 | GE Vernova | 1044.63 | 54.63 | 5.52 | Corning | 167.82 | 8.45 | 5.30 | Downs | Seagate Tech | 808.28 | -78.81 | -8.88 | Western Digital | 413.27 | -28.37 | -6.42 | CH Robinson Worldwide | 134.56 | -6.05 | -4.31 | KLA Corp | 198.85 | -8.00 | -3.87 | Lam Research | 333.12 | -12.68 | -3.67 | FTSE 250 | price(£) | % Chg week | % Chg ytd | Winners | Wetherspoon (JD) | 9.62 | 17.45 | 30.51 | Saga | 7.50 | 17.00 | 91.57 | Oxford Nanopore Technologies | 2.31 | 15.75 | 79.75 | Greggs | 20.50 | 9.33 | 22.02 | Bridgepoint Group | 3.47 | 7.84 | 22.20 | Trustpilot Group | 2.31 | 6.75 | 40.39 | Avon Technologies | 19.08 | 5.88 | 5.18 | Telecom Plus | 8.43 | 5.51 | -37.92 | Oxford Biomedica | 5.31 | 5.36 | -13.94 | Renishaw | 59.90 | 5.27 | 70.66 | CURRENCIES | BROSEET MOWERS | Close price | Day's change | Day's change% | Ups | Whitbread | 25.51 | 1.25 | 5.15 | Oxford Nanopore Technologies | 2.31 | 0.11 | 4.91 | Domino's Pizza | 2.23 | 0.10 | 4.80 | Man Group | 3.35 | 0.14 | 4.29 | W.A.G Payment Solutions | 0.99 | 0.04 | 4.20 | Downs | Inchcape | 6.86 | -0.46 | -6.22 | Cinetiq Group | 4.50 | -0.26 | -5.38 | Chemring Group | 5.08 | -0.23 | -4.42 | BAE SYSTEMS | 18.55 | -0.79 | -4.08 | Drax Group | 7.80 | -0.29 | -3.58 | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Nokia | 9.60 | 0.43 | 4.73 | Wartsila | 30.79 | 1.21 | 4.09 | Santander Bank Polska | 800.20 | 25.20 | 3.25 | Vinci | 109.25 | 3.10 | 2.92 | Veolia Environnement | 31.34 | 0.88 | 2.89 | Downs | Schneider Electric | 260.50 | -12.30 | -4.51 | Tenaris | 25.30 | -0.74 | -2.84 | Rheimetall | 953.00 | -27.20 | -2.77 | Telenor | 125.10 | -2.80 | -2.19 | Swisscom | 627.00 | -14.00 | -2.18 | % chg ytd | Industry Sectors | price($) | %Chg week | %Chg ytd | Winners | 14.93 | Alternative Energy | 42.54 | 4.74 | 93.44 | 14.43 | Tech Hardware & Equip | 136.04 | 4.41 | 124.52 | 12.24 | Biotechnology | 22478.19 | 4.01 | 2.01 | 11.62 | Consumer Digital Services | 167.23 | 3.01 | -12.52 | 11.73 | Industrial Metals & Mining | 9633.83 | 2.89 | 29.83 | 11.18 | Technology | 1606.91 | 2.85 | -9.85 | 11.71 | Software & Computer Svcs | 1833.58 | 2.84 | -10.20 | 12.22 | Basic Materials | 10582.60 | 2.54 | 25.88 | 11.86 | Chemicals | 8358.99 | 2.27 | 16.69 | - | Finance & Credit Services | 13471.84 | 2.26 | -6.97 | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Taiyo Yuden | 11135.00 | 645.00 | 6.15 | TDK | 3628.00 | 181.00 | 5.25 | Fujikura | 5855.00 | 289.00 | 5.19 | Mitsui Mining & Smelting | 2750.50 | 103.00 | 3.89 | Advantest | 41850.00 | 1550.00 | 3.85 | Downs | SoftBank Grp Corp | 6295.00 | -202.00 | -3.11 | Mitsubishi Heavy Ind | 3787.00 | -84.00 | -2.17 | Sharp Corp | 636.50 | -14.10 | -2.17 | Shiseido | 3219.00 | -55.00 | -1.68 | Omron | 6488.00 | -109.00 | -1.65 | Losers | IG Group | 9.62 | -26.84 | -26.84 | 3i Group | 23.89 | -9.92 | -26.79 | Babcock Intl | 9.07 | -9.25 | -27.06 | Barratt Redrow | 3.09 | -9.17 | -18.87 | Lion Finance | 133.20 | -7.37 | 43.23 | Games Works | 165.60 | -6.28 | -12.47 | GSK | 17.66 | -4.88 | -3.23 | BAE SYSTEMS | 18.55 | -4.75 | 8.23 | AstraZeneca | 119.58 | -3.78 | -13.29 | M&G | 3.12 | -3.76 | 9.08 | FTSE Small Cap | price(£) | % Chg week | % Chg ytd | Winners | Kenmare Resources | 2.20 | 19.57 | -10.93 | Young & Cos Brewery A | 9.80 | 15.02 | 32.43 | Liontrust Asset Management | 2.98 | 14.40 | 12.24 | Xaar | 1.48 | 11.28 | 39.62 | Blackrock Latin American Inv Tst | 4.63 | 10.36 | 14.73 | TT Electronics | 1.92 | 9.69 | 68.18 | Card Factory | 0.84 | 7.83 | 23.71 | Amarog | 1.25 | 7.79 | 14.22 | Fevara | 1.48 | 5.71 | 10.86 | Taylor Maritime | 0.59 | 5.36 | - | Losers | 1.84 | Close Brothers Gp | 3.95 | -11.35 | 1.79 | Vistry Group | 2.37 | -10.45 | 1.06 | Bellway | 20.44 | -8.83 | 1.87 | Taylor Wimpey | 0.80 | -8.44 | 1.23 | Inchcape | 6.86 | -8.10 | 2.47 | Breedon Group | 3.09 | -6.98 | 1.23 | Qinetiq Group | 4.50 | -6.95 | 1.23 | Travis Perkins | 5.72 | -6.91 | 1.29 | Persimmon | 12.40 | -6.73 | 1.08 | ZIGUP | 4.39 | -5.99 | Losers | -24.36 | Tullow Oil | 0.10 | -48.51 | 65.95 | -63.11 | SIG | 0.09 | -10.61 | -11.06 | -25.51 | RM | 1.01 | -9.82 | -11.40 | -25.69 | Crest Nicholson Holdings | 0.60 | -8.44 | -58.40 | -10.79 | Chrysalis Investments | 0.65 | -8.40 | -45.04 | -6.14 | Capita | 2.01 | -7.80 | -50.43 | 1.86 | Future | 2.92 | -7.78 | -44.58 | -9.91 | ASDS | 4.54 | -6.67 | 60.14 | -8.72 | CLS Holdings | 0.42 | -6.67 | -30.23 | 14.60 | Mortgage Advice Bureau | 3.38 | -6.23 | -50.80 | Losers | 65.95 | Hhold Goods & Home Const | 8333.62 | -7.56 -22.73 | -11.06 | Leisure Goods | 38992.14 | -6.21 -13.06 | -11.40 | Investment Banking & Brokerage | 14131.39 | -5.87 -8.66 | -58.40 | Pharmaceuticals & Biotech | 22951.30 | -3.66 -10.47 | -45.04 | Aerospace & Defense | 23198.47 | -3.60 -15.55 | -50.43 | Health Care | 16047.10 | -3.50 -10.60 | -44.58 | Health Care Providers | 10131.98 | -2.96 -27.67 | 60.14 | Tobacco | 43524.15 | -2.73 -8.40 | -30.23 | Construction & Materials | 16068.78 | -2.67 -17.35 | 50.80 | Banks | 9097.38 | -2.57 -14.79 | Oct 06 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Chng Mid | Closing Mid | Day's Change | Chng Mid | Closing Mid | Day's Change | Wk Chg | Argentine Peso | 1527.0449 | -3.8217 | -3.8384 | 1712.1643 | 2.9413 | -17.1667 | 2019.5674 | 3.4650 | 4 | Australian Dollar | 1.4331 | -0.0022 | 0.0014 | 1.6132 | 0.0044 | -0.0104 | 1.9028 | 0.0052 | 0 | Bahrainian Ollar | 0.3710 | 0.4244 | 0.0018 | -0.0031 | 0.5007 | Balieli Tanibana | 11.3070 | -0.0300 | -0.0050 | 13.4740 | 0.0722 | -0.1557 | 15.8932 | 0.0727 | 0 | Brazilian Real | 4.9774 | -0.0061 | -0.2435 | 5.6028 | 0.0180 | -0.3177 | 6.0087 | 0.0198 | -0 | Canadian Dollar | 1.4227 | -0.0016 | 0.0034 | 1.6015 | 0.0050 | -0.0081 | 1.6890 | 0.0058 | 0 | Chinese Peso | 969.6800 | -4.5300 | -2.2200 | 1091.5304 | -0.4171 | -15.6143 | 1287.4028 | -0.5591 | 3 | Chinese Yen | 6.7054 | -0.0020 | 7.5480 | 0.0318 | -0.0537 | 8.9031 | 0.0376 | 0 | Colombian Peso | 3276.8000 | -0.9200 | -116.6800 | 3620.9910 | 14.2485 | -159.1755 | 4271.1064 | 16.7976 | -134 | Costa Rican Colon | 459.5000 | 1.6000 | 4.5550 | 517.2365 | 3.9162 | 1.3287 | 610.1018 | 4.6888 | 8 | Czech Republic | 21.6742 | -0.1431 | 0.1327 | 24.3875 | -0.0575 | -0.0057 | 28.7779 | -0.0678 | 0 | Danish Krone | 6.6422 | -0.0276 | 0.0483 | 7.4745 | 0.0006 | -0.0007 | 8.8155 | 0.0006 | 0 | Egyptian Pound | 52.3200 | -0.0700 | 0.2500 | 58.8940 | 0.1700 | -0.1534 | 68.4679 | 0.2005 | 0 | Hong Kong Dollar | 7.8477 | 0.0006 | 0.0011 | 8.6338 | 0.0386 | -0.0847 | 10.4199 | 0.0448 | 0 | Hungarian Forint | 324.5903 | -3.4721 | 0.8469 | 365.3759 | -2.3500 | -7.7500 | 430.9747 | -2.7728 | 3 | Indian Rupee | 96.4262 | 0.1262 | 0.4363 | 108.5422 | 0.5996 | -0.3104 | 128.0300 | 0.7069 | 1 | FTSE ACTUARIES SHARE INDICES | DOLLAR | EURO | POUND | WeeksChange | ClosingMonth | Day's Change | ClosingMonth | Day's Change | ClosingMonth | Day's Change | ClosingMonth | Day's Change | ClosingMonth | 0.4258 | Indonesian Rupiah | 17895.0000 | -5.0000 | -70.0000 | 20143.5070 | 79.3860 | -228.8040 | 23760.0870 | 93.6010 | 0.0180 | Israeli Shekel | 3.0457 | -0.0081 | -0.0213 | 3.4285 | 0.0054 | -0.0497 | 4.0440 | 0.0064 | -- | Japanese Yen | 156.0700 | 0.1100 | 0.4850 | 17.9315 | 0.8741 | -0.7699 | 209.8775 | 1.0306 | 0.0862 | Kenyan Shilling | 129.8300 | 0.1500 | 0.1000 | 14.4984 | 0.7847 | -0.5913 | 17.2420 | 0.9253 | -0.2910 | Kuwait Darin | 0.3096 | 0.0002 | 0.0009 | 3.3485 | 0.0017 | -0.0015 | 4.4111 | 0.0020 | 0.0133 | Malaysian Ringgit | 4.0850 | -0.0020 | 0.0040 | 4.5893 | 0.0172 | -0.0295 | 6.4238 | 0.0282 | 0.3782 | Mexican Peso | 3.0764 | -0.1738 | -0.0196 | 20.2353 | -0.1092 | -0.1724 | 21.8862 | -0.1288 | 0.0442 | New Zealand Dollar | 1.7789 | -0.0073 | 0.0051 | 2.0024 | 0.0002 | -0.0092 | 2.3619 | 0.0003 | 34.2544 | Nigerian Naira | 1327.2000 | -2.0800 | 0.0900 | 1493.9630 | 3.9723 | -10.9799 | 1762.1903 | 4.6808 | 8.8666 | Norwegian Krone | 9.5647 | -0.0187 | -0.0297 | 10.7665 | 0.0245 | -0.1135 | 12.6996 | 0.0289 | 298.498 | Pakistan rupee | 276.9750 | 0.8850 | -47.3173 | 37.5339 | 1.4109 | -2.3675 | 77.7336 | 1.6025 | 0.1049 | Peruvian New Sol | 3.4364 | 0.0116 | -0.0172 | 3.8682 | 0.0294 | -0.0431 | 4.5627 | 0.0346 | 0.6548 | Philippine Peso | 62.7700 | 0.1720 | 0.2100 | 70.6570 | 0.4382 | -0.2860 | 83.3428 | 0.5167 | 0.0501 | Polish Krone | 3.6940 | -0.0247 | 0.0285 | 4.3720 | -0.0092 | -0.0092 | 13.5750 | -0.0109 | 3.1316 | Romanian Leu | 4.7507 | -0.0151 | 0.0056 | 5.3476 | 0.0056 | 0.0688 | 6.3077 | 0.0066 | 1.1743 | Russian Ruble | 85.4000 | 0.4000 | 1.5500 | 96.1335 | 0.8541 | 0.9879 | 133.3899 | 1.0071 | £ Strtg Oct £ chg | Day's chg % | Euro Index | £ Strtg Oct £ | £ Strg Dec £ | Year ago | Div Yield | Cover | P/E ratio | XO adj | Total Return | FTSE 100 (100) | 10541.69 | 0.42 | 9891.50 | 10497.94 | 10461.95 | 9931.38 | 3.12 | 2.21 | 1.449 | 274.96 | 12423.77 | FTSE 100 ex Investment Trusts (95) | 3444.16 | 0.41 | 3166.39 | 3430.18 | 3418.88 | 2521.79 | 3.16 | 2.09 | 1.514 | 91.03 | 33925.23 | FTSE 250 (251) | 24215.33 | 0.38 | 22262.37 | 24123.75 | 24194.24 | 22470.38 | 3.23 | 2.63 | 1.189 | 602.79 | 22925.12 | FTSE 250 ex Inc (164) | 24986.77 | 0.42 | 22571.60 | 24882.41 | 25013.50 | 23306.14 | 3.26 | 1.66 | 1.848 | 657.26 | 24245.99 | FTSE 350 (351) | 5750.60 | 0.41 | 5268.62 | 5726.98 | 5711.27 | 5403.23 | 3.13 | 2.26 | 1.415 | 149.21 | 13431.31 | FTSE 350 ex Investment Trusts (259) | 56573.43 | 0.41 | 5215.67 | 5650.34 | 5635.46 | 5351.90 | 3.17 | 2.05 | 1.535 | 149.84 | 6861.38 | FTSE 350 High Yield (134) | 51157.37 | 0.60 | 4704.10 | 5086.16 | 5071.42 | 4626.85 | 4.27 | 1.91 | 1.225 | 170.88 | 14223.88 | FTSE SmallCap ex US$ (217) | 57469.65 | 0.33 | 5775.85 | 5775.85 | 5775.85 | 5775.85 | 3.13 | 1.72 | 1.272 | 149.51 | 13430.59 | FTSE SmallCap ex IT (17) | 8155.76 | 0.42 | 7498.00 | 8121.95 | 8135.50 | 7537.89 | 3.97 | 1.61 | 1.563 | 227.51 | 15820.34 | FTSE SmallCap ex Inc (88) | 6771.26 | 0.55 | 6225.16 | 6734.13 | 6741.86 | 6260.89 | 3.74 | 0.54 | 49.72 | 169.53 | 13609.09 | FTSE SmallCap Financials ex Inc (13) | 148.61 | 0.23 | 142.93 | 148.26 | 147.95 | 150.06 | 5.43 | 1.54 | 1.133 | 693.99 | FTSE All-Share (528) | 5689.19 | 0.41 | 5230.36 | 5665.80 | 5650.59 | 5350.38 | 3.14 | 2.25 | 1.417 | 147.78 | 13419.19 | FTSE All-Share ex Inc (357) | 5570.34 | 0.41 | 5121.09 | 5547.61 | 5533.14 | 5253.82 | 3.17 | 2.04 | 1.542 | 147.07 | 8839.79 | FTSE Hedging (41) | 13204.73 | -0.54 | 11749.25 | 13095.04 | 13128.74 | 13262.03 | 5.55 | -10.19 | -1.77 | 231.08 | 31447.88 | FTSE Hedging ex Inc (21) | 17310.67 | -0.90 | 15919.53 | 17473.78 | 17594.82 | 24338.42 | 5.77 | -0.89 | -19.42 | 617.81 | 41111.71 | FTSE All-Small (218) | 5659.04 | 0.40 | 5201.72 | 5635.76 | 5645.27 | 5246.47 | 4.00 | 1.25 | 1.900 | 156.67 | 14061.32 | FTSE All-Small ex Inc (118) | 5060.50 | 0.52 | 4673.51 | 5057.30 | 5063.76 | 4745.49 | 3.78 | 0.49 | 54.07 | 128.00 | 12933.01 | FTSE All-Share (525) | 7603.55 | 0.43 | 7803.75 | 7603.55 | 7603.55 | 7661.35 | 3.75 | 1.00 | 1.000 | 101.51 | 9882.82 | FTSE All-Share Technology (20) | 1960.25 | 0.94 | 1802.12 | 1942.01 | 1934.07 | 2154.29 | 2.52 | 1.85 | 21.48 | 47.38 | 3075.82 | FTSE All-Share Telecommunications (5) | 2158.57 | 1.49 | 1984.49 | 2191.28 | 2177.02 | 1838.12 | 3.25 | 0.80 | 38.29 | 41.30 | 4084.86 | FTSE All-Share Health Care (12) | 15848.26 | 1.23 | 14630.29 | 15619.78 | 15800.60 | 17767.22 | 2.49 | 2.43 | 15.58 | 360.33 | 16169.30 | FTSE All-Share Financials (231) | 8446.17 | 0.73 | 7764.99 | 8384.73 | 8342.42 | 7738.99 | 3.55 | 2.96 | 9.54 | 267.18 | 11091.46 | FTSE All-Share Real Estate (38) | 764.52 | 0.94 | 735.27 | 758.16 | 760.41 | 779.49 | 5.16 | 1.02 | 19.03 | 31.52 | 965.90 | FTSE All-Share Consumer Discretionary (68) | 5989.59 | 1.05 | 5515.72 | 5937.09 | 5977.74 | 6097.31 | 2.57 | 2.00 | 1.941 | 116.08 | 6965.26 | FTSE All-Share Consumer Staples (28) | 19278.18 | 1.10 | 17722.40 | 19068.08 | 19083.63 | 20151.95 | 4.22 | 1.40 | 1.689 | 573.78 | 20802.09 | FTSE All-Share Industrials (81) | 11973.36 | -1.39 | 11006.79 | 12141.70 | 12136.85 | 10902.88 | 1.58 | 2.06 | 30.85 | 158.13 | 14856.58 | FTSE All-Share Basic Materials (23) | 11456.07 | -0.08 | 10532.14 | 11465.77 | 11299.82 | 10168.89 | 2.59 | 2.03 | 19.03 | 292.22 | 18380.77 | FTSE All-Share Industrials (1) | 11834.59 | 0.22 | 7807.44 | 11834.59 | 11834.59 | 11834.59 | 3.00 | 1.60 | 19.03 | 246.40 | 18633.62 | FTSE All-Share Utilities (5) | 10953.43 | 0.17 | 10070.04 | 10394.92 | 10915.42 | 10509.92 | 3.75 | 1.52 | 17.49 | 289.41 | 19678.95 | FTSE All-Share Software & Computer Svcs (18) | 2118.07 | 0.95 | 1947.25 | 2098.07 | 2088.38 | 2341.56 | 2.54 | 1.84 | 21.36 | 51.75 | 3515.82 | FTSE All-Share Tech Hardware & Equip (2) | 4550.71 | -0.24 | 4183.70 | 4561.76 | 4565.42 | 2276.41 | 0.00 | 0.00 | 41.80 | 6342.08 | FTSE All-Share Telecoms Svc Providers (5) | 3362.55 | -1.49 | 3091.36 | 3413.50 | 3391.27 | 2863.35 | 3.25 | 0.80 | 38.29 | 64.34 | 5626.39 | FTSE All-Share Healthcare Care Providers (2) | 10741.44 | 0.96 | 9875.15 | 10639.58 | 10586.85 | 8413.29 | 1.09 | 1.36 | 67.69 | 28.78 | 10235.73 | FTSE All-Share Medical Equipment & Svcs (2) | 5165.33 | 0.52 | 4748.75 | 5138.38 | 5074.62 | 6125.00 | 2.81 | 2.12 | 16.76 | 145.18 | 5520.04 | FTSE All-Share Pharmaceuticals & Biotech (8) | 22882.88 | 1.26 | 21037.38 | 22588.22 | 22776.00 | 25560.62 | 2.48 | 2.44 | 16.51 | 514.99 | 20977.48 | FTSE All-Share Banks (13) | 8977.28 | 0.83 | 8253.27 | 8803.51 | 8822.36 | 7620.31 | 3.69 | 2.61 | 10.37 | 303.71 | 9767.21 | FTSE All-Share Credit & Service Services (1) | 17074.24 | -1.71 | 14106.86 | 14398.06 | 14398.06 | 14398.06 | 3.44 | 2.44 | 16.51 | 514.99 | 20977.48 | FTSE All-Share Inv Banking & Brokerage Svcs (3) | 12075.44 | -0.16 | 11101.68 | 12094.85 | 12432.00 | 13207.98 | 4.14 | 2.85 | 8.46 | 408.99 | 20025.93 | FTSE All-Share Closed End Investments (177) | 15735.01 | 0.47 | 14465.98 | 15662.11 | 15600.03 | 14072.94 | 2.59 | 6.48 | 5.98 | 296.06 | 10978.03 | FTSE All-Share Life Insurance (5) | 7998.44 | 0.96 | 7353.37 | 7922.60 | 7915.08 | 8294.18 | 5.05 | 1.17 | 16.90 | 401.46 | 12121.37 | FTSE All-Share Nutrife Insurance (4) | 6633.93 | 1.05 | 6008.91 | 6656.52 | 6580.76 | 5171.05 | 3.51 | 1.27 | 22.36 | 224.06 | 16272.46 | FTSE All-Share Real Estate Inv & Svs (10) | 1798.93 | 1.47 | 1654.67 | 1773.76 | 1798.80 | 20360.18 | 2.45 | 1.77 | 23.06 | 42.58 | 5886.56 | FTSE All-Share Real Estate Investment Trts (28) | 1923.22 | 0.75 | 1768.11 | 1908.87 | 1911.55 | 1926.13 | 5.54 | 0.97 | 18.58 | 84.25 | 3560.85 | FTSE All-Share Automobiles & Parts (1) | 902.86 | -1.83 | 829.31 | 919.86 | 871.52 | 1437.94 | 0.00 | 0.00 | -0.80 | 1031.50 | FTSE All-Share Consumer Services (2) | 3725.58 | 0.82 | 3425.12 | 3685.30 | 3700.29 | 3886.56 | 2.26 | 1.77 | 24.99 | 84.26 | 5114.40 | FTSE All-Share World Goods & Home Cost (8) | 6833.14 | 1.12 | 6270.09 | 6744.35 | 6923.70 | 8888.71 | 4.59 | 2.08 | 10.47 | 130.81 | 7143.79 | FTSE All-Share Energy & Defense (8) | 4195.49 | -0.17 | 3227.69 | 3426.96 | 3426.96 | 3426.96 | 3.00 | 2.00 | 23.63 | 333.36 | 20438.37 | FTSE All-Share Personal Goods (3) | 14444.38 | 2.13 | 13279.44 | 14143.33 | 14272.05 | 15672.83 | 0.26 | 11.75 | 32.48 | 37.50 | 12167.58 | FTSE All-Share Media (8) | 12517.02 | 1.71 | 11507.53 | 12306.33 | 12273.67 | 12307.12 | 3.26 | 1.80 | 17.31 | 333.24 | 9844.14 | FTSE All-Share Retailers (19) | 2708.75 | 1.12 | 2490.29 | 2676.62 | 2704.41 | 2591.68 | 2.76 | 2.63 | 13.77 | 51.85 | 3812.24 | FTSE All-Share Travel & Leisure (24) | 10172.60 | 1.09 | 9352.18 | 10063.07 | 10129.21 | 9962.99 | 1.91 | 1.68 | 31.17 | 150.04 | 11135.87 | FTSE All-Share Beverages (5) | 16263.35 | 1.45 | 14951.75 | 16030.77 | 16220.46 | 15618.32 | 3.29 | 1.55 | 19.68 | 188.93 | 14479.84 | FTSE All-Share Food Producers (10) | 7614.56 | 0.94 | 7000.45 | 7453.44 | 7591.07 | 7569.26 | 2.85 | 1.96 | 17.92 | 115.21 | 8114.90 | FTSE All-Share Tobacco (2) | 43524.23 | 0.56 | 4001.01 | 43282.48 | 43099.95 | 47515.68 | 6.20 | 1.30 | 12.39 | 2030.05 | 54732.93 | FTSE All-Share Construction & Materials (16) | 16520.71 | -0.19 | 15198.32 | 16552.79 | 166340.80 | 14300.56 | 2.67 | 2.21 | 16.97 | 354.45 | 22737.41 | FTSE All-Share Aerospace & Defense (8) | 2429.55 | -0.12 | 2227.67 | 2556.67 | 2556.67 | 2556.67 | 3.00 | 2.00 | 23.63 | 333.36 | 20438.37 | FTSE All-Share Electronics & Electrical (12) | 17644.32 | 0.76 | 16271.31 | 17511.16 | 17865.39 | 14821.05 | 0.94 | 3.02 | 35.14 | 141.00 | 18493.94 | FTSE All-Share General Industrials (6) | 5936.40 | 1.02 | 5494.43 | 5916.18 | 5869.69 | 5275.72 | 2.19 | 1.64 | 27.76 | 84.28 | 8883.32 | FTSE All-Share Industrial Engineering (8) | 15688.21 | 1.93 | 14423.88 | 15392.72 | 15374.72 | 15129.60 | 2.26 | 1.60 | 27.66 | 303.42 | 23019.56 | FTSE All-Share Industrial Support Svcs (26) | 9956.00 | 0.48 | 9154.98 | 9910.53 | 9901.74 | 10152.60 | 2.31 | 1.49 | 28.96 | 199.63 | 12477.57 | FTSE All-Share Industrial Transportation (7) | 6864.19 | 1.12 | 6310.59 | 6788.08 | 6762.47 | 5999.34 | 3.98 | 1.79 | 14.04 | 224.75 | 7867.87 | FTSE All-Share Precious Metals & Mining (5) | 31888.24 | -1.01 | 23516.46 | 32214.92 | 32108.87 | 32669.13 | 2.80 | 2.77 | 12.90 | 911.89 | 25336.70 | FTSE All-Share Chemicals (7) | 9011.20 | 1.15 | 8284.45 | 8089.18 | 8880.47 | 7671.18 | 3.71 | 0.80 | 33.78 | 282.48 | 10380.03 | FTSE All-Share Oil & Gas & Coal (1) | 11490.75 | 0.23 | 10564.02 | 11464.92 | 11352.52 | 8076.65 | 3.51 | 2.52 | 11.31 | 305.59 | 17684.83 | FTSE All-Share Alternative Energy (1) | 79.22 | -0.82 | 79.47 | 79.38 | 28.06 | 9.94 | 0.00 | -0.00 | -0.00 | Oct 06 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Weeks Change | Closing Mid | Day's Change | Weeks Change | Closing Mid | Day's Change | Weeks Change | Closing Mid | Saudi Riyal | 3.7537 | -0.0005 | -0.0012 | 4.2253 | 0.0173 | -0.0327 | 4.9840 | 0.0203 | 0.0216 | Singapore Dollar | 1.2775 | -0.0021 | -0.0008 | 1.4381 | 0.0037 | -0.0115 | 1.6963 | 0.0044 | 0.0069 | South African Rand | 16.5275 | -0.1523 | 0.0981 | 18.6042 | -0.0922 | -0.0268 | 21.9444 | -0.1088 | 0.2322 | South Korea Won | 1343.8000 | -0.6000 | -13.0000 | 1512.6485 | 5.7104 | -25.9028 | 1784.2305 | 6.7318 | -8.8487 | Swedish Krona | 9.8455 | -0.0531 | -0.0176 | 11.7298 | -0.0120 | -0.1033 | 13.7560 | -0.0142 | 0.0388 | Swiss Franc | 0.8312 | -0.0002 | 0.0030 | 0.9356 | 0.0038 | -0.0104 | 1.1038 | 0.0044 | 0.0012 | Taiwan Dollar | 31.8010 | 0.0425 | 0.1210 | 35.7988 | 0.1987 | -0.4028 | 42.2238 | 0.2343 | 0.0373 | Thai Baht | 33.6250 | -0.0550 | 0.0310 | 37.9899 | 0.0981 | -0.2457 | 44.6456 | 0.1156 | 0.2494 | Tunisia Dinar | 2.9867 | -0.0063 | 0.0300 | 3.3733 | 0.0072 | -0.0057 | 3.9788 | 0.0085 | 0.0527 | Turkish Lira | 49.1790 | 0.0250 | 0.1790 | 55.3584 | 0.2617 | -0.2076 | 65.2974 | 0.3084 | 0.5415 | UAE Dirham | 3.6728 | - | 0.0001 | 4.1342 | 0.0174 | -0.0306 | 4.6765 | 0.0206 | 0.0229 | Pound Sterling | 0.7532 | -0.0032 | -0.0005 | 0.8478 | - | -0.0103 | 1.0000 | - | - | United States Dollar | 1.9000 | - | 1.1257 | 1.1257 | 0.0047 | -0.0884 | 1.5271 | 0.0056 | 0.0062 | Vietnamese Dong | 25992.0000 | -11.0000 | 19.5000 | 29257.8950 | - | -194.9200 | 34510.6780 | 131.0110 | 186.9200 | Euro | 0.8884 | -0.0038 | 0.0005 | 1.0000 | - | - | 1.7796 | - | 0.0141 | FTSE SECTORS: LEADERS & LAGGARDS

Year to date percentage changes | Tech Hardware & Equip | 124.52 | Alternative Energy | 93.44 | Energy | 31.90 | Oil & Gas & Coal | 31.82 | Industrial Metals & Mining | 29.83 | Nonlife Insurance | 26.22 | Health Care Providers | 27.67 | Basic Materials | 25.88 | Electronic & Electrical Equip | 18.05 | Telecomms Soc Providers | 17.43 | Telecommunications | 17.43 | Construction & Materials | 17.35 | Chemicals | 16.68 | Industrial Transportation | 15.95 | Aerospace & Defense | 15.55 | Banks | 14.79 | General Industrials | 13.27 | Closed End Investments | 12.14 | Industrial | 9.84 | 52 | Electricity | 44 | Financials | 30 | Financials ex Inv Co. | 82 | Travel & Leisure | 83 | Media | 22 | Utilities | 67 | Beverages | 88 | Retailers | 05 | Industrial Engineering | 43 | Gas Water & Multi-utilities | 43 | Biotechnology | 35 | Food Producers | 69 | Real Estate Investment Trusts | 95 | Real Estate | 55 | Consumer Discretionary | 78 | Precious Metals & Mining | 27 | Life Insurance | 34 | Consumer Staples | 84 | Consumer Services | FTSE GLOBAL INDICES | Oct 05Regions & countries | No of stocks | US$ Indices | Daily %Chg | Monthly %Chg | YTD %Chg | USS Total Ret | YTD %Total Ret | Gr Div Yield | FTSE Global Industries | Global | 10220 | 1282.36 | 0.67 | -0.84 | 12.71 | 2183.71 | 14.29 | 1.60 | Global Large Cap | 1142 | 1193.95 | 0.71 | 0.0% | 13.45 | 2125.11 | 14.97 | 1.47 | Global US | 2461 | 1405.55 | 0.57 | -3.03 | 11.16 | 2036.94 | 14.41 | 1.02 | Global Small Cap | 6011 | 1413.43 | 0.50 | -3.29 | 10.09 | 2197.75 | 11.72 | 1.83 | Global ex Eurozone | 9614 | 1343.79 | 0.75 | -0.45 | 13.51 | 2265.19 | 14.99 | 1.51 | Global ex China | 7064 | 4359.19 | 0.68 | -0.72 | 13.64 | 7075.40 | 15.22 | 1.57 | Global ex US | 8873 | 810.86 | 0.64 | -2.87 | 11.50 | 6161.72 | 13.89 | 2.46 | Global ex UK | 9997 | 1340.81 | 0.69 | -0.70 | 13.02 | 2269.70 | 14.55 | 1.52 | Global ex Japan | 8870 | 1317.48 | 0.64 | -0.90 | 12.26 | 2296.38 | 13.78 | 1.57 | FTSE Regional Industries | Americas | 1989 | 1763.14 | 0.74 | 0.20 | 13.29 | 1246.74 | 14.36 | 1.18 | Asia Pacific | 6429 | 935.25 | 1.09 | -0.34 | 20.10 | 1668.39 | 22.35 | 2.00 | Asia Pacific ex Japan | 5079 | 1172.31 | 1.07 | -0.54 | 20.03 | 2338.90 | 22.17 | 2.00 | Europe | 1436 | 671.76 | -0.25 | -5.97 | 2.36 | 1447.15 | 5.11 | 2.90 | Europe ex UK | 1215 | 1257.21 | -0.35 | -6.20 | 1.96 | 1612.39 | 4.70 | 2.82 | Eurozone | 606 | 701.53 | -0.49 | -5.84 | 2.92 | 1496.13 | 5.58 | 2.79 | Asian | 401 | 743.26 | 0.37 | -4.42 | 5.32 | 1656.18 | 9.32 | 4.57 | FTSE Developed Industries | Developed | 5372 | 1310.17 | 0.51 | 0.81 | 12.99 | 2255.69 | 14.49 | 1.51 | Developed ex North America | 3608 | 760.65 | 0.20 | -3.27 | 12.46 | 1537.77 | 15.16 | 2.53 | Oct 05Sector | No of stocks | US$ Indices | Daily %Chg | Monthly %Chg | YTD %Chg | USS Total Ret | YTD %Total Ret | Gr Div Yield | Digital Information Services | Software & Computer Svcs | 527 | 3728.29 | 1.15 | 4.59 | 3.84 | 4539.37 | 4.34 | Hardware | 154 | 760.03 | 0.88 | -7.04 | -16.52 | 1093.9 | -15.89 | Technology | Semiconductors | 300 | 982.28 | 1.34 | 7.87 | 57.47 | 1075.95 | 58.17 | Tech Hardware & Equip | 765 | 750.27 | 0.97 | 7.43 | 54.66 | 1091.12 | 55.52 | Automobiles | 1292 | 5255.77 | 1.04 | 6.37 | 31.06 | 6904.28 | 31.67 | Biotechnology | 218 | 124.70 | 1.41 | -10.00 | 17.54 | 127.37 | 17.91 | Telecommunications Equip | 112 | 587.66 | 0.41 | 5.83 | 75.78 | 680.14 | 77.22 | Electronic & Electrical Equip | 155 | 2552.72 | 0.63 | 1.38 | 34.75 | 1755.00 | 37.22 | Telecommunications Svcs Providers 145 | 438.49 | 0.93 | -4.28 | 0.00 | 980.75 | 3.00 | 3.60 | Electronic & Electrical Equip | 361 | 2153.22 | -0.07 | 2.58 | 26.16 | 3108.61 | 27.33 | Financials | Finance & Credit Services | 111 | 827.67 | 1.36 | -11.46 | -16.48 | 1298.70 | -15.38 | Financials | 1161 | 694.07 | 0.54 | -6.90 | 5.03 | 1451.37 | 7.70 | Life Insurance | 71 | 640.95 | 0.30 | -6.10 | 7.78 | 1344.30 | 11.23 | Banks | 497 | 515.50 | 0.54 | -6.44 | 10.51 | 1203.65 | 13.68 | Insurance Real Estate Inv Tsts | 7 | 80.96 | -0.90 | -19.91 | -22.74 | 1764.50 | -14.77 | Nonlife Insurance | 125 | 1022.67 | 0.18 | -7.44 | -1.03 | 1850.07 | 2.06 | Inv Banking & Brokerage Svcs | 350 | 1193.73 | 0.67 | -7.08 | 0.13 | 1927.96 | 1.61 | Transaction Processing Svcs | 55 | 142.50 | 2.09 | -4.47 | -4.47 | 149.55 | -3.81 | Real Estate | Real Estate | 642 | 873.59 | -0.36 | -7.33 | -4.27 | 1072.64 | -1.38 | Real Estate Inv & Svcs | 319 | 321.81 | -0.15 | -8.34 | -15.17 | 663.42 | -13.15 | Real Estate Investment Tsts | 323 | 519.68 | -0.42 | -7.01 | -0.20 | 1433.93 | 3.02 | Cemented Goods & Services | Consumer Digital Services | 94 | 338.69 | 1.26 | 5.30 | 4.31 | 343.58 | 4.59 | Consumer Discretionary | 1486 | 1154.30 | 0.45 | -4.44 | -7.85 | 1678.13 | -6.93 | Consumer Services | 70 | 1025.26 | 2.64 | -5.51 | -8.75 | 1809.12 | -8.10 | Consumer Staples | 613 | 349.42 | -0.53 | -4.52 | 0.21 | 1661.1 | 2.19 | Retailers | 263 | 1878.66 | 0.15 | -3.72 | -0.96 | 2564.68 | -0.32 | Pers Care Drug & Grocery Strs | 196 | 541.84 | 0.51 | -4.77 | -2.67 | 909.56 | -0.61 | Personal Goods | 128 | 727.18 | 0.13 | -8.61 | -2.14 | 1131.69 | -19.76 | Travel & Leisure | 153 | 634.96 | 0.19 | -2.97 | -2.04 | 709.08 | -0.14 | Travel & Leisure | 290 | 1087.74 | -0.28 | -7.58 | -10.06 | 1607.26 | -8.92 | 9.80 | Personal Care Drug & Grocery | -5.18 | 9.20 | Industrial Support Services | -5.28 | 8.52 | Finance & Credit Services | -6.97 | 5.05 | 4.44 | Personal Goods | -7.84 | 4.27 | Tobacco | -8.40 | 4.14 | Investment Banking & Brokerage | -8.66 | 3.92 | Technology | -9.85 | 3.52 | 2.20 | Software & Computer Svcs. | -10.20 | 2.01 | Pharmaceuticals & Biotech | -10.47 | 0.73 | 0.62 | Health Care | -10.60 | 0.52 | -1.51 | Real Estate Investment & Svcs. | -12.42 | -1.62 | Consumer Digital Services | -12.52 | -2.84 | Leisure Goods | -13.06 | -3.57 | -4.34 | Medical Equipment & Svcs. | -15.67 | -4.42 | Hold Goods & Home Const | -22.73 | Oct 05Regions & countries | No ofstocks | US$ Indices | DailyChg% | MonthChg% | YTD% | US$/Total Ret | YTD% Total Ret | Gr Div Yield | Developed ex Canada | 5155 | 1317.00 | 0.55 | -0.65 | 13.17 | 2245.62 | 14.67 | 1.49 | Developed ex Europe | 4158 | 1546.59 | 0.66 | 0.10 | 15.03 | 2454.23 | 16.28 | 1.27 | Developed ex Eurozone | 4766 | 1409.41 | 0.61 | -0.37 | 13.93 | 2337.45 | 15.32 | 1.40 | Developed ex US | 3825 | 789.82 | 0.17 | -3.50 | 11.95 | 1585.03 | 14.54 | 2.48 | Developed ex UK | 5149 | 1401.38 | 0.54 | -0.65 | 13.34 | 2336.99 | 14.79 | 1.45 | Developed ex Japan | 4027 | 1378.50 | 0.48 | -0.51 | 12.51 | 2373.72 | 13.94 | 1.47 | Developed Asia Pacific | 2301 | 868.47 | 0.75 | -0.01 | 27.60 | 1567.73 | 30.18 | 2.09 | Developed Asia Pacific ex Japan&L | 11413 | 1143.49 | 0.28 | -0.09 | 37.83 | 2518.73 | 40.55 | 2.20 | Developed Europe | 1214 | 688.59 | -0.26 | -5.89 | 2.28 | 1482.62 | -0.02 | 1.90 | Developed Asia ex UK | 997 | 660.35 | -0.09 | -0.09 | 1.63 | 1672.09 | 4.57 | 2.07 | Developed Eurozone | 606 | 696.89 | -0.49 | -5.86 | 2.71 | 1486.10 | 5.37 | 2.79 | Developed Asia Pacific | 3515 | 762.27 | 0.20 | -3.27 | 1.42 | 1541.98 | 15.12 | 2.53 | FTSE Emerging Indices | Emerging Europe | 4848 | 1095.38 | 1.93 | -1.11 | 10.28 | 2131.91 | 12.50 | 2.39 | Emerging Asia Pacific | 4128 | 1231.17 | 1.56 | -0.81 | 11.22 | 2523.83 | 13.10 | 1.88 | Emerging Europe | 222 | 324.32 | 0.91 | -12.93 | 4.91 | 738.27 | 7.60 | 2.97 | Emerging Plus Korea | 5289 | 4396.75 | 1.62 | 0.30 | 20.61 | 8069.45 | 22.75 | 2.08 | Emerging Asia ex Poland&C | 1088 | 1088.72 | 1.95 | 1.75 | 14.03 | 945.45 | 10.00 | 2.00 | Advanced Emerging | 1198 | 1603.32 | 3.39 | 3.83 | 47.15 | 3493.96 | 50.27 | 2.40 | Secondary Emerging | 3650 | 961.69 | 0.46 | -5.77 | -13.01 | 1705.14 | -11.33 | 2.39 | FTSE 100 SUMMARY | Oct 05Sector | No of stocks | US$ Indices | Daily %Chg | Month %Chg | YTD %Chg | US$ TotalRet | YTD %TotalRet | Gr Div Yield | Hlhold Goods & Home Const | 119 | 503.70 | -0.90 | -5.74 | -6.18 | 867.97 | -4.57 | 2.39 | Tobacco | 13 | 1345.81 | 0.89 | 0.33 | 9.07 | 4301.17 | 12.86 | 4.65 | Health Care | Health Care | 843 | 1158.86 | 0.51 | -3.24 | 4.28 | 1832.21 | 5.79 | 1.62 | Health Care Providers | 114 | 1778.14 | 1.73 | -2.59 | 9.01 | 2225.22 | 10.38 | 1.57 | Industrial Chemicals & Biotech | 531 | 1015.16 | -0.20 | -4.40 | 8.46 | 1789.49 | 10.23 | 1.94 | Medical Equipment & Srvcs | 198 | 1607.76 | 2.11 | 0.09 | -7.99 | 2505.30 | -7.23 | 1.00 | Agricultural Food & Beverages | Food Producers | 301 | 604.45 | 0.27 | -6.88 | -4.01 | 1087.26 | -1.29 | 3.37 | Beverages | 103 | 927.47 | 0.58 | -4.64 | 4.49 | 1490.01 | 6.76 | 3.03 | Energy | Energy | 376 | 702.24 | 0.95 | -1.34 | 31.25 | 1525.83 | 34.48 | 2.99 | Electricity | 252 | 633.76 | 0.66 | -4.96 | -2.26 | 1494.63 | -0.10 | 3.02 | Alternative Electricity | 90 | 97.07 | 1.56 | -2.81 | 5.02 | 121.25 | 7.30 | 3.57 | Personal Energy | 69 | 370.92 | -0.80 | -6.22 | -3.77 | 167.67 | -0.14 | 0.41 | Oil Gas & Coal | 307 | 730.48 | 1.04 | -1.08 | 33.28 | 1652.92 | 36.74 | 3.12 | Gas Water & Multi-Utilities | 119 | 676.36 | -0.11 | -4.59 | -0.49 | 1711.00 | 2.33 | 3.72 | Utilities | 412 | 661.92 | 0.47 | -4.82 | -1.79 | 1585.41 | 0.47 | 3.10 | Transportation | Automobiles & Parts | 299 | 1048.45 | 1.39 | -1.35 | -13.77 | 1728.51 | -12.58 | 1.55 | Industrial Transportation | 384 | 1362.21 | -0.28 | -4.77 | 8.72 | 2384.10 | 10.89 | 2.37 | Industrials | Aerospace & Defense | 106 | 2754.30 | -0.16 | -6.39 | -2.88 | 4211.64 | -2.15 | 1.19 | Industrial Metals & Mining | 347 | 2381.77 | 0.47 | 0.14 | 22.09 | 3784.55 | 23.39 | 1.96 | Industrial Materials | 92 | 273.65 | -0.10 | -5.03 | -1.83 | 543.78 | 0.28 | 2.94 | Industrial Metals & Mining | 388 | 1077.55 | 1.21 | -6.08 | 18.58 | 2155.68 | 20.88 | 2.34 | Industrial Support Services | 232 | 1248.67 | 1.27 | -4.22 | -2.84 | 1834.72 | -1.72 | 1.35 | Industrials | 2104 | 1534.84 | 0.23 | -2.81 | 7.07 | 2457.00 | 8.41 | 1.48 | Generals Industrials | 202 | 946.61 | 0.22 | -0.85 | 15.74 | 1702.30 | 17.41 | 1.61 | Resources & Materials | Basic Materials | 1034 | 1029.77 | 0.75 | -6.34 | 12.33 | 1920.27 | 14.41 | 2.16 | Chemicals | 456 | 1070.08 | 1.06 | -1.87 | 15.70 | 1926.64 | 17.91 | 2.09 | Construction & Materials | 472 | 1363.34 | -0.23 | -4.89 | 3.59 | 1926.64 | -2.38 | 1.36 | Waste & Disposal Services | 41 | 400.80 | 1.14 | -4.61 | -2.62 | 443.08 | -15.55 | 1.33 | Precious Metals & Mining | 98 | 1425.28 | 0.42 | -12.81 | 0.31 | 2537.82 | 1.87 | 1.80 | Close (p) | %Chg | 3i Group | 2389.00 | -0.95 | Aberdeen Group | 237.80 | -1.57 | Admiral | 3650.00 | 2.13 | Airtel Africa | 310.60 | 0.06 | Alliance Witan | 1406.00 | 0.57 | Anglo American | 4152.00 | -0.67 | Antofagasta | 3829.00 | -0.23 | Assoc. Brit. Foods | 1834.00 | 1.24 | AstraZeneca | 11958.00 | 1.65 | Autotrader Group | 464.50 | 0.85 | Aviva | 688.40 | 1.65 | Babcock Intl | 906.60 | -2.07 | BAE Systems | 1855.00 | -4.08 | Balfour Beatty | 900.00 | -1.21 | Barclays | 347.30 | 0.10 | Barnett Redrow | 309.20 | 0.10 | BP | 560.90 | -0.41 | Brit. Amer. Tobacco | 3999.00 | 0.53 | British Land | 394.60 | 0.51 | BT Group | 195.25 | -1.88 | Bunzl | 2668.00 | 1.75 | Burberry | 1031.50 | 2.79 | Centrica | 147.70 | -0.37 | Coca-Cola Europec | 7730.00 | 1.71 | Coca-Cola HBC AG | 4236.00 | -0.42 | Compass | 2259.46 | 0.82 | Computacenter | 5430.00 | 0.18 | Conovatec | 218.40 | 0.18 | Croda International | 3347.00 | 1.64 | DCC Energy | 6440.00 | Diageo | 1603.50 | 1.78 | Diploma | 7860.00 | -0.13 | easyJet | 678.20 | 0.18 | Endeavour Mining | 4208.00 | -0.99 | Experian | 2503.00 | 1.50 | F&C Inv Trust | 349.80 | 0.40 | Fresnillo | 2703.00 | -1.42 | Games Works | 16560.00 | -2.42 | Glencore | 573.50 | 0.74 | GSK | 1765.50 | 0.37 | Haleon | 234.00 | 0.91 | Halma | 3536.00 | -0.05 | Hiscox | 1850.00 | -0.05 | Howden Joinery | 759.50 | 0.86 | HSBC | 1472.20 | 0.90 | ICG | 1767.00 | 0.17 | IG Group | 362.00 | -2.43 | IMI | 3148.00 | -0.06 | Imperial Brands | 2467.00 | 0.69 | Informa | 887.20 | 2.95 | Close (p) | %Chg | InterCont'l Hotels | 12129.50 | 0.64 | Intl Cons Airlines | 439.70 | 1.31 | Interlink Group | 5885.00 | - | Investec | 618.00 | 2.32 | Ithaca Energy | 274.20 | -2.56 | JD Sports Fashion | 80.34 | 0.80 | Kingfisher | 329.10 | 1.20 | Land Securities | 617.50 | -0.16 | Legal & General | 290.40 | 0.55 | Lion Finance | 13320.00 | 0.30 | Lloyds Big Gp | 105.70 | 1.63 | LondonMetric Prop | 173.90 | 1.81 | Lon Stock Ex | 8386.00 | 1.77 | M&G | 312.40 | -0.36 | Marks & Spencer | 385.80 | 2.55 | Melrose Ind | 461.00 | -2.97 | Metlen Energy | 4211.78 | 0.12 | Natl Grid | 1151.00 | 0.22 | NatWest Group | 668.40 | 0.75 | Next | 14595.00 | 2.93 | Pearson | 1233.00 | 0.28 | Pershing Square Hldgs | 3762.00 | 1.90 | Polar CapTech | 723.00 | 0.84 | Prudential | 924.20 | 0.57 | Reckitt Benckiser | 4977.00 | 1.80 | RELX | 2571.00 | 1.38 | Rentokil Initial | 239.00 | -0.55 | Rio Tinto | 1164.00 | -0.26 | Rolls-Royce | 1438.20 | -2.69 | Sainsbury (J) | 321.80 | -0.34 | Scot Mort Inv Tst | 1637.50 | 1.05 | Segro | 920.20 | 0.52 | Severn Trent | 3114.00 | 0.39 | Shell | 3651.00 | 0.54 | Smith & Nephew | 1011.50 | 0.70 | Smiths Gp | 2847.00 | 0.21 | Sprax Group | 7360.00 | 1.17 | SSE | 2472.00 | 0.24 | Standard Chartered | 2253.00 | 0.31 | Standard Life | 819.50 | 1.32 | St James's Place | 1038.50 | -0.05 | Tesco | 470.00 | -0.60 | The Sage Grp | 1005.00 | 0.30 | Tritax Big Box | 142.20 | 0.92 | Unilever | 4569.00 | 1.52 | Utd. Utilities | 1418.00 | 0.64 | Vodafone | 125.10 | -1.65 | Weir | 2662.00 | 3.10 | Whitbread | 2551.00 | 5.15 | WPP | 380.30 | 2.12 | ---

UK RECENT RIGHTS ISSUES

UK RECENT STOCK ADDITIONS | Close (p) | %Chg | Close (p) | %Chg | 1947 Oil & Gas | 9.50 | 4.63 | Mendell Helium | 4.00 | 1.27 | Aimia | 137.64 | - | Meridian Mining | 126.50 | 1.61 | ATC Music Grp | 187.50 | - | Pathos Comms | 25.50 | - | Brawha Solutions | 164.50 | -1.20 | Power Probe | 45.00 | - | Coastal Africa Group | 200.00 | - | Rift Helium | 6.55 | - | Comish Metals | 110.00 | 3.29 | Serval Resources | 30.50 | 7.02 | Dauch Corp | 446.00 | 4.69 | Sintana Energy | 21.00 | -2.33 | EDX Medical Group | 8.75 | - | Sunbelt Rentals | 5962.00 | 0.64 | Halo Minerals | 8.50 | 3.03 | Tapir Holdings | 44.00 | - | iForex Financial | 145.00 | - | The Smarter Web Co | 69.50 | -9.74 | Company Name Petra Diamonds Ltd

Event

Rights Issue: 10 for 17 at 16.5p p.s., payable in full by Nov. 21 (xr 07.11.25).

UK COMPANY RESULTS | Company | Turnover(E) | Pre-tax(E) | EPS(p) | DIV(p) | Pay Day | XD | Cykei AI | Int 4k (4k) | -1.2m (-1.2m) | -24.000 (-26.000) | n/a (n/a) | - | - | Dunedin Income Growth Invest Trust* | Int - (-) | 7.6m (10.7m) | 6.180 (7.820) | 4.250 (4.250) | Nov 27 | Nov 05 | Fidelity Emerging Markets $ | Fin - (-) | 18.5m (24.2m) | 32.000 (31.000) | 33.000 (26.000) | Dec 08 | Nov 12 | Fidelity Emerging Markets $* | Fin - (-) | 18.5m (24.2m) | 32.000 (31.000) | 33.000 (26.000) | Dec 08 | Nov 12 | PWN Growth | Int - (-) | -119k (-110k) | -1.200 (-1.710) | n/a (n/a) | - | - | Schroder Japan Trust | Fin - (-) | 8.7m (8.9m) | 6.790 (6.910) | 4.070 (2.850) | Oct 30 | Oct 01 | Schroder Japan Trust* | Fin - (-) | 8.7m (8.9m) | 6.790 (6.910) | 4.070 (2.850) | Oct 30 | Oct 01 | Spire Healthcare Group* | Int 792.7m (796.7m) | -14.8m (10.8m) | -2.900 (1.600) | 0.000 (0.000) | - | - | The European Smaller Co's TST* | Fin - (-) | 17.6m (17.4m) | 5.300 (4.240) | 3.160 (3.450) | Nov 27 | Oct 29 | Thorpe (F.W.)* | Fin 172.9m (175.2m) | 32.4m (31.6m) | 23.720 (21.690) | 5.530 (5.360) | Dec 04 | Nov 05 | 52 Week

United Kingdom (USD)

FT GLOBAL 500: THE WORLD'S LARGEST COMPANIES | Stock | Price | +/Chg | 52 Week | High | Low | Yld | P/E | MV (lb) | Australia (AUD) | ANZ Group Holdings | 37.65 | 0.28 | 41.00 | 33.36 | 5.78 | 19.34 | 113.55 | BHP Group | 61.89 | 0.68 | 68.77 | 40.17 | 3.91 | 31.97 | 314.66 | Commonwealth Bank | 151.22 | -0.23 | 185.59 | 146.98 | 3.34 | 23.17 | 253.06 | CSL Ltd | 176.99 | 1.64 | 222.47 | 90.00 | 2.29 | 27.53 | 84.93 | Macquarie Group | 248.02 | 2.39 | 267.90 | 187.31 | 3.25 | 25.33 | 95.15 | National Australia Bank | 38.40 | -0.10 | 48.45 | 35.48 | 4.43 | 17.38 | 119.71 | Westernfarmers | 75.47 | -0.75 | 94.70 | 70.80 | 2.94 | 29.78 | 85.68 | Westpac Banking | 34.44 | 0.12 | 43.32 | 33.46 | 4.47 | 17.14 | 117.80 | Belgium (EUR) | Ameriprise Bank | 55.00 | 1.69 | 70.10 | 43.90 | 5.00 | 51.67 | 318.44 | Atmelusier-busch indev | 65.90 | 1.02 | 76.18 | 49.96 | 1.22 | 24.87 | 118.44 | Brazil (BRL) | Itau Unibanco Holding | 54.12 | 5.20 | 49.38 | 32.50 | 0.00 | 0.00 | 304.03 | Itau Unibanco Holding Prfd | 49.48 | 4.65 | 49.67 | 36.96 | 0.00 | 0.00 | 267.64 | Petroleo Brasileiro | 60.40 | 3.78 | 56.65 | 30.96 | 0.00 | 53.53 | 449.51 | Petroleo Brasileiro Prfd | 55.36 | 4.19 | 51.35 | 29.31 | 0.00 | 0.00 | 301.52 | Vale | 71.40 | -0.70 | 91.62 | 58.50 | 0.00 | 80.45 | 303.86 | Canada ($AP) | Stock | Price | 52 Week | +/-Chg | High | Low | Yld | P/E | M/w (bl) | Finland (EUR) | Nordex Bank Abp | 17.10 | 0.01 | 18.11 | 13.76 | 0.00 | 12.30 | 56.19 | France (EUR) | Air Liquide | 170.76 | 0.60 | 189.80 | 154.86 | 1.97 | 32.72 | 108.97 | Airbus | 188.08 | -0.22 | 221.30 | 157.42 | 1.69 | 35.28 | 149.80 | AAA | 42.15 | 0.08 | 45.66 | 36.55 | 5.50 | 11.74 | 88.14 | BNP Paribas A | 92.76 | 0.70 | 113.82 | 65.12 | 8.25 | 9.69 | 103.59 | Compagnie de Saint-Gobain | 66.12 | -0.98 | 95.60 | 85.88 | 3.48 | 9.87 | 32.72 | Credit Agricole | 16.93 | 0.04 | 20.40 | 15.37 | 0.00 | 7.77 | 51.77 | Doverne | 57.76 | -1.36 | 60.14 | 57.26 | 3.90 | 22.30 | 39.47 | Dassault Synnex | 21.40 | 0.77 | 30.36 | 15.82 | 1.26 | 23.78 | 28.72 | Enise | 22.87 | 0.09 | 29.88 | 17.76 | 4.51 | 15.05 | 58.15 | Essential Utilities | 144.50 | 1.70 | 323.80 | 138.30 | 2.77 | 27.79 | 67.08 | Hermes International | 1266.00 | -13.50 | 2300.00 | 1288.50 | 1.40 | 29.27 | 135.76 | L'Oréal | 373.45 | 0.70 | 405.80 | 338.65 | 1.93 | 29.38 | 198.92 | LMVMI Uml Me Honduras | 380.90 | 2.35 | 654.70 | 376.00 | 3.41 | 17.42 | 188.40 | Safran | 329.80 | -0.30 | 366.50 | 262.60 | 1.02 | 43.39 | 137.97 | Sorfixi | 69.99 | -0.82 | 91.15 | 69.75 | 5.89 | 8.94 | 84.53 | Schneider Electric | 272.80 | -30.20 | 312.30 | 220.40 | 1.54 | 31.76 | 157.84 | TotalEnergies | 75.80 | 1.34 | 81.34 | 49.24 | 4.62 | 11.00 | 172.95 | Vinci | 106.15 | -0.65 | 143.15 | 104.25 | 4.76 | 12.27 | 62.44 | Argente Eagle Miners | 261.41 | -0.79 | 349.84 | 188.48 | 0.98 | 22.30 | 133.18 | Amerization-Cuze Ford-Tan | 77.13 | 0.23 | 95.15 | 68.30 | 1.11 | 26.51 | 70.80 | Bank of Montreal | 234.65 | -1.60 | 259.20 | 168.92 | 2.91 | 26.70 | 163.04 | Bank of Nova Scotia | 128.74 | -1.19 | 134.50 | 88.22 | 3.54 | 26.49 | 156.68 | Brookfield | 52.55 | -0.12 | 97.20 | 50.85 | 0.76 | 93.84 | 117.31 | Brookfield Asset Mgmt. | 63.80 | -0.05 | 82.98 | 56.09 | 4.49 | 36.46 | 101.90 | Canadian Imperial Bank | 157.25 | -1.02 | 172.87 | 111.45 | 2.72 | 20.99 | 142.78 | Canadian National Railway | 170.45 | -0.21 | 185.25 | 126.05 | 2.15 | 30.01 | 102.97 | Canadian Natural Gas | 68.93 | -0.17 | 72.35 | 41.67 | 3.63 | 16.81 | 142.10 | Canadian Pacific Airways | 122.48 | -0.03 | 133.38 | 96.50 | 0.81 | 38.88 | 107.67 | Constellation Software | 2886.49 | 5.28 | 4110.00 | 2198.00 | 0.19 | 1000.55 | 63.29 | Enbridge | 65.65 | 0.11 | 80.65 | 62.42 | 5.91 | 34.37 | 148.88 | FleetBoston Financial | 61.30 | -0.01 | 67.30 | 48.00 | 0.00 | 26.10 | 114.61 | Franco British American | 277.59 | -1.32 | 306.38 | 200.82 | 2.54 | 25.21 | 385.79 | Shopify Inc. | 228.17 | 12.31 | 253.10 | 129.01 | 0.00 | 153.13 | 275.76 | Suncor Energy | 97.99 | -1.16 | 100.24 | 53.02 | 2.45 | 25.58 | 114.61 | TC Energy | 84.81 | 0.50 | 100.18 | 69.41 | 4.14 | 33.92 | 84.81 | The Toronto-Dominion Bank | 167.22 | -0.85 | 175.33 | 109.50 | 2.63 | 20.24 | 282.52 | Waste Connections | 219.97 | 0.72 | 251.45 | 203.46 | 0.91 | 53.00 | 55.44 | Germany (EUR) | adidas AG | 142.30 | -1.75 | 196.40 | 129.95 | 1.97 | 19.08 | Allianz | 419.20 | 3.00 | 454.60 | 338.80 | 4.08 | 14.65 | BASF | 50.24 | 0.32 | 55.05 | 41.48 | 4.48 | 27.60 | BMW | 54.22 | -0.10 | 97.92 | 52.36 | 8.12 | 4.56 | Deutsche Bank | 31.28 | 0.34 | 35.84 | 23.82 | 3.20 | 9.90 | Deutsche Bors | 288.70 | 2.40 | 291.90 | 200.10 | 1.45 | 43.96 | Deutsche Telekom AG | 28.83 | 0.27 | 54.36 | 23.53 | 3.73 | 13.62 | DHL Group | 55.92 | -0.69 | 58.90 | 39.37 | 3.40 | 19.10 | Deutschland Technologics | 63.47 | -1.17 | 88.83 | 31.27 | 0.55 | 82.43 | Mercedes-Benz Group | 40.20 | 0.47 | 62.34 | 38.73 | 9.71 | 3.95 | Merck | 136.05 | -0.85 | 148.80 | 100.70 | 1.62 | 21.29 | Muenchener Rück | 510.40 | 1.80 | 575.60 | 437.40 | 4.70 | 24.37 | Porsche | 42.98 | -0.02 | 50.66 | 35.62 | 2.35 | 10.88 | Rheinmetall | 980.20 | 23.30 | 2008.00 | 900.20 | 1.17 | 59.37 | SAP | 185.04 | 1.12 | 244.30 | 127.50 | 1.35 | 30.14 | Siemens | 275.00 | -1.10 | 291.70 | 198.00 | 1.95 | 26.12 | Siemens Energy | 145.46 | 0.04 | 191.66 | 94.40 | 0.48 | 230.89 | Siemens Healthsysteme | 37.45 | -0.41 | 49.71 | 32.81 | 2.67 | 19.61 | Volkswagen | 68.65 | 0.85 | 110.20 | 67.80 | 7.57 | 5.17 | Volkswagen Privat | 68.54 | 1.06 | 109.15 | 67.38 | 7.67 | 5.16 | Kuwait Finance HouseMexico (MXN) | 0.77 | -0.00 | 0.85 | 0.77 | 3.12 | 23.09 | 15.20 | America Movil B | 20.09 | 0.73 | 24.49 | 17.48 | 2.69 | 0.00 | 1249.30 | Wal-Mart de Mexico | 46.44 | 0.27 | 63.97 | 44.80 | 2.50 | 0.00 | 810.21 | Netherlands (EUR) | Adyen | 862.50 | 3.10 | 1600.80 | 772.40 | 0.00 | 47.36 | 27.34 | ASML Holding | 1656.20 | 3.20 | 1741.00 | 812.60 | 0.47 | 83.18 | 642.85 | Heineken | 69.96 | 0.30 | 80.44 | 63.90 | 2.74 | 15.01 | 39.56 | ING Groep | 31.04 | 0.35 | 32.40 | 20.23 | 3.66 | 15.67 | 89.17 | Praxus N | 35.28 | 0.79 | 63.94 | 34.48 | 0.79 | 6.67 | 77.15 | The Magnum Ice Cream Co | 15.25 | -0.20 | 17.68 | 11.02 | 0.00 | 31.77 | 9.34 | Universal Music Group NV | 14.16 | -0.09 | 25.32 | 13.93 | 3.67 | 32.94 | 26.04 | Norway (NOK) | Stock | Price | +/-Chg | 52 Week | Yld | P/E | MV (bl) | High | Low | Shin-Etsu Chemical | 6218.00 | 188.00 | 7930.00 | 4366.00 | 2.19 | 24.61 | 12342.70 | SoftBank | 236.50 | 1.10 | 252.90 | 202.80 | 3.69 | 21.01 | 11408.21 | SoftBank Group | 6487.00 | 187.00 | 27695.00 | 3365.00 | 0.17 | 7.44 | 37109.88 | Sony Financial Group | 149.00 | 0.10 | 180.40 | 129.30 | 5.37 | 18.72 | 1008.78 | Sony Group | 3733.00 | -30.00 | 4776.00 | 3643.00 | 0.94 | 68.06 | 22398.87 | Sumitomo Mitsui Financial | 3734.00 | 53.00 | 7390.00 | 3316.00 | 2.67 | 16.39 | 25649.99 | Takeda Pharmaceutical | 5639.00 | -4.00 | 6033.00 | 4102.00 | 3.92 | 58.28 | 9034.48 | Tokio Marine Holdings | 509.50 | 2.10 | 8468.00 | 504.30 | 3.21 | 27.36 | 14780.59 | Tokyo Electron | 12765.00 | 665.00 | 81260.00 | 11270.00 | 1.24 | 50.87 | 29827.19 | Toyota Motor | 2893.50 | 37.00 | 4000.00 | 2686.00 | 3.46 | 9.80 | 42230.60 | Kuwait (KWD) | Agricultural Bank China A | 6.97 | 8.68 | 5.79 | 3.72 | 8.94 | 22.25 | Bank of China A | 6.73 | 6.79 | 5.13 | 3.51 | 9.09 | 16.06 | Bank of Communications A | 7.75 | 7.77 | 6.37 | 4.34 | 7.18 | 448.77 | China Construction Bank A | 11.06 | 11.23 | 8.50 | 3.65 | 8.51 | 234.28 | China Life Insurance A | 36.70 | 51.92 | 32.32 | 2.66 | 6.73 | 764.22 | China Merchants Bank A | 41.26 | 43.79 | 35.28 | 4.89 | 7.24 | 851.15 | China Petroleum Chemical A | 5.28 | 8.11 | 4.43 | 4.11 | 20.15 | 512.36 | China Shenhua Energy A | 47.80 | 51.18 | 38.27 | 4.21 | 17.97 | 875.31 | China Yangtze Power A | 28.54 | 29.57 | 25.38 | 3.50 | 20.24 | 698.32 | OTIC Securities A | 25.86 | 30.63 | 23.77 | 3.24 | 13.19 | 315.50 | Cont Amheres Tech A | 291.11 | 468.75 | 285.74 | 1.23 | 18.04 | 1283.49 | East Money Information A | 17.79 | 27.08 | 17.22 | 0.56 | 23.25 | 281.48 | Fascsim Int'l Internet A | 58.20 | 84.95 | 47.35 | 1.68 | 32.70 | 1154.93 | IDBC A | 8.28 | 8.40 | 6.85 | 3.86 | 8.28 | 2.23 | Industrial Bank A | 18.05 | 21.90 | 16.44 | 5.91 | 5.22 | 381.99 | Jiangsu Hengsu Pharma A | 47.20 | 71.00 | 57.00 | 4.77 | 37.50 | 301.31 | Kweichan Motors A | 1258.62 | 1568.00 | 1151.01 | 4.13 | 19.17 | 15733.38 | Luxshare Precision Ind A | 49.43 | 81.78 | 44.57 | 0.50 | 21.59 | 362.91 | Middle Group A | 80.10 | 89.50 | 71.02 | 5.37 | 13.81 | 557.70 | PetrolChina A | 11.21 | 13.69 | 8.04 | 4.55 | 13.03 | 1.82 | Ping An Insurance Group A | 53.29 | 74.88 | 46.90 | 5.12 | 9.94 | 568.07 | Postal Savings Bank China A | 5.46 | 6.13 | 4.76 | 4.18 | 7.48 | 5.47 | Shenzhen Mind Bio-Med A | 163.32 | 248.98 | 130.66 | 2.63 | 24.02 | 195.49 | WulingYang Jbn A | 70.06 | 122.96 | 68.68 | 7.36 | 30.37 | 271.95 | Zijin Mining Group A | 29.79 | 44.94 | 24.42 | 2.69 | 15.28 | 613.73 | Equinor Republic of Korea (KRW) | 404.00 | 1.20 | 426.00 | 226.40 | 3.65 | 208.25 | 965.86 | LG Energy Solution | 371000.00 | 527000.00 | 290500.00 | 0.00 | 80.92 | 86814.00 | SAMSUNG BIOLOGICS | 1354000.00 | 1987000.00 | 1003000.00 | 0.00 | 56.59 | 62677.95 | Samsung Electronics | 2760000.00 | 3745000.00 | 902000.00 | 0.61 | 41.79 | 0.00 | Samsung Electronics Pref | 2010000.00 | 2435000.00 | 704000.00 | 0.84 | 190.05 | 161276.61 | Samsung Epis | 3650000.00 | 7730000.00 | 3245000.00 | 0.00 | 288.99 | 9082.31 | SK hyrix | 1841000.00 | 2987000.00 | 4030000.00 | 0.16 | 29.67 | 0.00 | BioNTechHong Kong (HKD) | 97.64 | 0.74 | 124.00 | 79.52 | 0.00 | 46.72 | 24.69 | AIA Group | 68.95 | -0.25 | 92.15 | 68.95 | 2.87 | 116.67 | 713.40 | HKEX | 378.00 | 2.20 | 460.20 | 360.00 | 3.69 | 26.90 | 479.24 | Saudi Arabia (SAN) | ACWA Power | 171.00 | 7.50 | 252.60 | 154.50 | 0.27 | 69.23 | 131.07 | Al Rajhi Bank | 63.10 | 0.10 | 110.00 | 62.00 | 4.77 | 16.18 | 378.60 | Saudi Arabian Mining | 63.50 | 2.55 | 79.90 | 54.90 | 0.00 | 33.25 | 246.94 | Saudi Arabian Oil | 25.56 | 0.28 | 27.96 | 23.29 | 5.31 | 17.75 | 61.86 | Saudi Basic Industries | 47.00 | 1.18 | 62.50 | 45.70 | 5.53 | 5.47 | 141.00 | Saudi National Bank | 38.60 | -0.60 | 45.24 | 36.00 | 5.96 | 9.55 | 231.60 | STC Co | 43.10 | 0.36 | 45.38 | 41.14 | 5.10 | 14.51 | 215.50 | India (UNIV) | Bajra Finance | 971.00 | 21.65 | 1177.60 | 788.40 | 0.62 | 50.96 6045.40 | Brah Amrit Ltd | 1782.50 | 41.50 | 2174.70 | 1726.05 | 1.35 | 136.1711123.69 | HCL Technologies | 1200.00 | -46.00 | 1770.00 | 1030.00 | 5.00 | 18.70 2556.40 | HECIC Bank | 705.00 | -14.35 | 1020.35 | 682.00 | 1.84 | 14.2410870.11 | Hindustan Unilever | 1840.00 | -1.00 | 2667.55 | 1928.35 | 2.23 | 42.07 4323.25 | ICICI Bank | 1333.00 | 27.50 | 1479.50 | 1187.55 | 0.90 | 21.10 3569.27 | Infosys | 1019.50 | -15.50 | 1727.85 | 980.30 | 4.71 | 15.61 4137.41 | Korea Electric | 288.55 | 11.55 | 436.50 | 254.75 | 5.40 | 9.86 3365.07 | Kohl Mahindra Bank | 418.50 | -3.50 | 438.50 | 310.00 | 0.16 | 3.74 4141.30 | Lansin & Todso | 3740.00 | 54.50 | 4440.00 | 3288.65 | 1.02 | 31.99 5145.85 | Life Insurance Corp | 388.25 | -3.95 | 936.60 | 385.90 | 2.58 | 13.64 4911.36 | Maruti Suzuki India | 11522.00 | 122.00 | 17371.60 | 11304.30 | 1.22 | 24.68 3622.55 | Reliance Industries | 1186.10 | 20.10 | 1611.20 | 1161.00 | 0.51 | 23.0416059.4 | State Bank of India | 959.00 | 5.00 | 1234.80 | 857.30 | 1.81 | 11.03 8852.31 | Sun Pharmaceutical Inds | 1782.00 | -28.00 | 2047.55 | 1586.60 | 0.90 | 39.08 4275.51 | Tata Consultancy Svs | 2108.35 | 29.05 | 3336.70 | 1976.00 | 3.08 | 15.71 7628.19 | Singapore (SGD) | DBS Group Holdings | 77.83 | 0.62 | 79.05 | 51.80 | 4.09 | 20.27 | 221.35 | Oversea-Chinese Banking | 31.88 | 0.22 | 32.57 | 16.62 | 3.29 | 1955.83 | 143.94 | United Overseas Bank Ltd | 43.06 | -0.05 | 45.15 | 33.25 | 3.69 | 15.60 | 71.57 | Singapore (USD) | JOYY A | 80.50 | 1.31 | 81.25 | 54.24 | 6.68 | 322.00 | 52.56 | Sea / Singapore A | 96.85 | 1.66 | 193.48 | 77.05 | 0.00 | 36.55 | 52.93 | South Africa (ZAR) | Agricultural Bank China H | 6.49 | 0.03 | 6.71 | 5.05 | 4.69 | 8.31 | 199.34 | Alibaba Group Holding | 105.40 | 1.00 | 186.20 | 88.65 | 0.98 | 126.99 | 2997.67 | Bank of China H | 5.92 | 6.14 | 4.11 | 4.66 | 8.00 | 495.04 | Bank of Communications H | 8.19 | -0.03 | 8.38 | 6.33 | 4.81 | 7.58 | 286.75 | BYD H | 74.10 | 0.20 | 113.40 | 71.40 | 0.56 | 20.70 | 272.94 | China CITIC Bank H | 8.24 | -0.09 | 8.70 | 6.50 | 5.62 | 6.87 | 122.63 | China Construction Bank H | 9.51 | -0.04 | 9.90 | 7.18 | 4.97 | 7.32 | 22.86 | China Life Insurance H | 27.56 | 0.06 | 36.16 | 20.90 | 4.09 | 5.06 | 205.08 | China Merchants Bank H | 50.70 | 0.10 | 53.70 | 43.34 | 4.48 | 8.89 | 232.76 | China Petroleum Chemical H | 4.38 | 0.03 | 5.70 | 3.98 | 5.74 | 16.72 | 103.70 | China Shenhua Energy H | 43.50 | 0.10 | 49.62 | 37.46 | 5.34 | 15.94 | 146.92 | CITIC Securities H | 23.88 | 0.14 | 32.50 | 23.24 | 4.10 | 12.18 | 81.76 | ICBC H | 7.46 | 7.77 | 5.56 | 5.02 | 7.46 | 647.05 | JCI com A | 102.40 | -0.50 | 141.00 | 95.80 | 3.83 | 14.86 | 255.64 | Meituan B | 70.65 | 0.45 | 108.00 | 63.65 | 0.00 | 18.40 | 395.38 | Midea Group H | 90.65 | -0.50 | 101.70 | 77.65 | 5.55 | 15.63 | 59.00 | NetEase | 185.60 | -0.60 | 244.80 | 168.80 | 2.48 | 17.53 | 596.16 | Norgo Spring H | 39.98 | 0.44 | 56.25 | 37.90 | 2.83 | 28.33 | 201.29 | PetroChina H | 9.56 | 0.05 | 12.22 | 7.05 | 6.15 | 11.12 | 201.81 | Ping An Insurance Group H | 51.75 | -0.25 | 74.70 | 50.00 | 6.08 | 6.74 | 385.41 | Postal Savings Bank China H | 5.35 | -0.03 | 5.78 | 4.48 | 4.99 | 7.33 | 106.23 | Tencent Holdings | 423.00 | 1.80 | 692.50 | 411.00 | 1.25 | 17.09 | 3846.17 | Xieomi Corp B | 23.88 | -0.36 | 56.55 | 21.30 | 0.00 | 14.74 | 510.21 | Zijin Mining Group H | 32.16 | 0.46 | 46.99 | 26.58 | 2.86 | 16.49 | 192.61 | ZTO Indonesia (USD) | Full Truck Alliance | 6.41 | 0.24 | 14.07 | 7.46 | 2.75 | 288.33 | 156.85 | Fidis Holdings A | 109.70 | 7.53 | 202.53 | 80.50 | 2.32 | 10.50 | 84.03 | HCP Holdings A | 77.90 | 2.52 | 139.41 | 71.94 | 0.00 | 31.16 | 443.38 | Indonesia (EUR) | Bank Central Asia | 6175.00 | 75.00 | 6750.00 | 4820.00 | 0.00 | 13.22 | 7612.23 | PT Bantu Renewables | 2950.00 | 120.00 | 10725.00 | 2300.00 | 0.14 | 0.00 | 946.69 | Italy (EUR) | Aloscurazioni Generali | 41.94 | 0.48 | 46.24 | 31.76 | 3.91 | 17.26 | 64.36 | Enel | 8.75 | -0.05 | 10.31 | 8.11 | 5.60 | 23.65 | 86.95 | Eni | 24.41 | 0.22 | 25.02 | 14.54 | 4.51 | 17.31 | 73.91 | Ferrari | 341.20 | -2.30 | 431.20 | 269.00 | 0.88 | 49.38 | 60.49 | Intesa Sanpaolo | 6.43 | 0.10 | 6.94 | 4.81 | 5.85 | 27.94 | 113.63 | Stellantis | 3.98 | 0.10 | 10.49 | 3.61 | 0.00 | 5.36 | 11.57 | UniCredit SpA | 79.80 | 0.95 | 86.42 | 57.36 | 3.95 | 15.63 | 124.62 | Japan (JPY) | Canon | 4627.00 | 20.00 | 5303.00 | 3967.00 | 3.46 | 15.86 | 6717.32 | Omega Pharmaceuticals | 6089.00 | 51.00 | 6700.00 | 5974.00 | 2.17 | 23.09 | 10223.78 | Daichi Sankyo | 2116.00 | 7.00 | 4178.00 | 2390.00 | 3.88 | 17.97 | 5059.62 | FAST REVENUE | 7468.00 | 200.00 | 8666.00 | 4498.00 | 0.92 | 52.97 | 23767.92 | Hitachi | 5942.00 | 100.00 | 6585.00 | 4380.00 | 1.00 | 21.15 | 12060.00 | Honda Motor | 1676.50 | 12.00 | 1765.50 | 1236.00 | 4.18 | 15.81 | 7559.57 | Hyundai | 2450.00 | 330.00 | 2040.00 | 2140.00 | 1.18 | 32.93 | 8203.53 | ITOCOH | 2197.50 | 22.00 | 9999.00 | 1802.00 | 2.00 | 17.17 | 17413.97 | Japan Tobacco | 6500.00 | 100.00 | 7218.00 | 4638.00 | 3.92 | 24.12 | 13860.00 | KDDI | 2993.00 | -3.50 | 3121.00 | 2315.00 | 2.90 | 15.76 | 11593.56 | Keyence | 8169.00 | 141.00 | 8750.00 | 5151.00 | 0.67 | 44.50 | 19855.20 | Mitsubishi | 4709.00 | 15.00 | 6012.00 | 3470.00 | 2.65 | 23.23 | 17472.86 | Mitochondria Heavy | 3871.00 | 56.00 | 5380.00 | 3454.00 | 0.75 | 39.16 | 13589.39 | Mitsubishi UFJ Geni Grp | 3015.00 | 71.00 | 3813.00 | 2326.50 | 3.66 | 16.96 | 42601.77 | Toyota A Inc | 4502.00 | 100.00 | 4585.00 | 2445.00 | 1.62 | 16.92 | 43383.69 | Mizuho Financial Group | 8668.00 | 222.00 | 8963.00 | 4569.00 | 1.73 | 17.24 | 21147.47 | Nintendo | 7142.00 | -107.00 | 14503.00 | 6544.00 | 2.09 | 21.14 | 9985.97 | NTT | 170.00 | 0.10 | 160.10 | 142.60 | 3.18 | 12.46 | 15365.55 | Recruit Holdings | 1605.00 | -50.00 | 18215.00 | 6040.00 | 0.16 | 47.56 | 24458.11 | Naspers N | 706.04 | 10.53 | 131.14 | 689.12 | 0.73 | 83.69 | 525.95 | Spain (EUR) | Banco Santander | 12.34 | 0.53 | 13.12 | 8.10 | 1.65 | 13.56 | 179.66 | BBVA Spor | 24.00 | 0.27 | 25.57 | 15.39 | 3.27 | 92.31 | 132.26 | CaixaBank | 12.22 | 0.18 | 13.55 | 8.57 | 3.31 | 35.94 | 85.25 | Berdrolsa SA | 21.00 | 0.18 | 22.08 | 16.09 | 2.92 | 38.04 | 140.14 | NxtEx | 53.00 | -0.24 | 59.42 | 46.07 | 2.67 | 120.18 | 165.18 | Sweden (SEK) | Atlas Copco A | 208.80 | -1.00 | 212.30 | 149.45 | 1.44 | 38.45 | 701.06 | Atlas Copco B | 180.35 | -0.25 | 185.20 | 134.00 | 1.66 | 33.21 | 281.50 | EQT | 283.40 | -0.50 | 383.00 | 258.00 | 1.76 | 457.83 | 370.39 | Investor B | 403.80 | -1.25 | 426.80 | 301.20 | 1.39 | 7.85 | 735.70 | Volvo B | 312.60 | -2.20 | 374.50 | 244.90 | 4.16 | 18.45 | 497.88 | Switzerland (CHF) | ABB | 81.70 | -0.20 | 89.14 | 53.78 | 1.15 | 31.54 | 148.95 | Alcon | 53.08 | 0.24 | 68.34 | 47.80 | 0.53 | 51.04 | 26.52 | Civian Farmers Richmond | 174.65 | 1.80 | 202.20 | 127.20 | 1.89 | 37.25 | 93.89 | Gravisden | 3381.00 | 21.00 | 3592.00 | 2566.00 | 2.13 | 37.98 | 31.22 | Holcim | 64.94 | 0.28 | 82.54 | 60.10 | 2.92 | 20.17 | 36.81 | Lorsa Group | 574.80 | 9.20 | 597.80 | 454.60 | 0.87 | 64.37 | 40.37 | Nestle | 74.48 | -0.30 | 87.09 | 70.29 | 4.16 | 21.22 | 191.90 | NestleFinl | 116.48 | 0.14 | 132.68 | 97.05 | 3.19 | 38.19 | 237.02 | Roche Holding | 358.00 | 2.20 | 383.00 | 270.80 | 2.74 | 18.13 | 38.20 | Roche Holding Pref | 348.90 | 3.20 | 375.80 | 291.00 | 2.81 | 21.56 | 245.12 | Sika | 175.00 | -8.80 | 197.60 | 120.35 | 2.11 | 26.92 | 28.08 | Swiss Re | 141.40 | -0.05 | 153.85 | 114.05 | 4.46 | 10.84 | 42.24 | UBS Group | 40.03 | 0.50 | 45.04 | 28.25 | 2.14 | 20.42 | 131.21 | Zurich Insurance Group | 574.00 | 1.60 | 626.00 | 521.00 | 5.23 | 17.95 | 86.80 | Hon Hai Precision | 254.00 | 3.00 | 314.00 | 187.50 | 2.82 | 18.66 | 3575.24 | MediaTek | 5165.00 | 215.00 | 5480.00 | 1130.00 | 1.04 | 78.07 | 8289.58 | Taiwan Semicon Mfg | 2575.00 | 75.00 | 2535.00 | 1365.00 | 1.01 | 38.86 | 66775.85 | United Arab Emirates (AED) | Gilead Kingdom (GBP) | 3i Group Plc | 23.89 | -0.23 | 44.97 | 18.25 | 3.54 | 4.43 | 24.44 | AstraZeneca | 119.58 | 1.94 | 157.32 | 98.92 | 2.00 | 24.06 | 185.47 | BAS Systems | 18.55 | -0.79 | 23.60 | 15.29 | 2.04 | 26.96 | 55.66 | Barclays | 4.47 | 0.01 | 5.54 | 3.54 | 2.57 | 10.21 | 59.79 | BP | 5.61 | -0.02 | 6.09 | 3.99 | 4.47 | 88.09 | British Amer Tobacco | 39.99 | 0.21 | 53.26 | 36.77 | 6.13 | 11.39 | 86.27 | Compass Group | 22.59 | 0.18 | 25.81 | 20.00 | 2.25 | 27.25 | 38.42 | Diageo | 16.04 | 0.28 | 19.04 | 12.96 | 2.35 | 27.26 | 35.72 | Experian | 25.03 | 0.37 | 37.07 | 22.03 | 2.07 | 20.20 | 22.04 | Glencore | 5.74 | 0.04 | 7.07 | 3.32 | 2.23 | 67.27 | COMMODITIES | Stock | Price | +/-Chg | High | Low | Yld | P/E | MV (bl) | GSX | 17.66 | 0.07 | 22.82 | 15.92 | 3.96 | 12.51 | 76.20 | Haleon | 3.34 | 0.03 | 4.16 | 3.18 | 2.19 | 17.96 | 29.38 | HSBC Holdings | 14.72 | 0.13 | 16.10 | 9.59 | 3.78 | 16.15 | 252.26 | Lloyds Banking Group | 1.06 | 0.02 | 1.18 | 0.82 | 3.79 | 15.10 | 60.80 | London Stock Exchange Grp | 83.86 | 1.46 | 101.40 | 66.84 | 1.88 | 35.18 | 40.44 | National Grid | 11.51 | 0.03 | 14.29 | 10.70 | 4.21 | 17.57 | 57.86 | NatWest Group | 6.68 | 0.05 | 7.26 | 5.04 | 5.24 | 12.49 | 53.02 | Reckitt Benckiser Group | 49.77 | 0.88 | 65.23 | 36.64 | 4.35 | 10.63 | 31.54 | RELX | 25.71 | 0.35 | 35.39 | 19.91 | 2.68 | 22.83 | 44.81 | Rio Tinto | 71.64 | -0.19 | 91.17 | 48.99 | 4.86 | 15.50 | 89.92 | Rolls-Royce Holdings | 14.38 | -0.40 | 15.86 | 9.90 | 0.76 | 20.72 | 119.36 | Shell | 36.51 | 0.20 | 37.59 | 25.54 | 3.09 | 16.00 | 208.98 | Unilever | 45.69 | 0.69 | 55.42 | 36.44 | 3.61 | 12.45 | 98.43 | INTEREST RATES: OFFICIAL | Rate | Current | Since | Last | US | Fed Funds | 3.75-4.00 | 16-09-2026 | 3.50-3.75 | US | Prime | 7.00 | 16-09-2026 | 6.75 | US | Discount | 4.00 | 16-09-2026 | 3.75 | Euro | Repo | 2.65 | 16-09-2026 | 2.40 | UK | Repo | 3.75 | 18-12-2025 | 4.00 | Japan | O'night Call | 1.25 | 18-09-2026 | 1.00 | Switzerland | SNB | 0.00 | 19-06-2025 | 0.25 | INTEREST RATES: MARKET | | Overnight | Change | OneMonth | ThreeMonth | SixMonth | OneYear | Day | Week | SOFR | 3.880 | 0.010 | -0.020 | 3.914 | 4.018 | 4.168 | 4.453 | EURIBOR | - | - | - | 2.432 | 2.597 | 2.986 | 3.186 | ESTR | 2.438 | -0.002 | -0.002 | 2.448 | 2.500 | 2.627 | 2.848 | SARON | -0.038 | -0.002 | 0.003 | -0.039 | -0.046 | -0.044 | -0.046 | SONIA | 3.732 | -0.001 | 0.002 | 3.746 | 3.926 | 4.115 | 4.429 | Rates are fixed at 11am UK time.

BONDS: TEN YEAR GOVT SPREADS | Am Holdings | 302.90 | -4.59 | 452.70 | 100.02 | 0.00 | 356.35 | 322.29 | United States (USD) | 3M Co | 163.19 | 1.30 | 184.90 | 139.34 | 1.91 | 28.78 | 84.16 | Abbott Laboratories | 100.10 | 2.60 | 135.37 | 81.97 | 2.52 | 32.29 | 173.21 | AbbVie | 265.76 | 2.94 | 269.39 | 190.75 | 2.60 | 75.07 | 469.63 | Accenture Plc A | 195.05 | -3.85 | 291.09 | 118.15 | 3.51 | 15.44 | 119.36 | Adobe | 238.78 | 1.09 | 363.70 | 190.12 | 0.00 | 13.32 | 92.94 | Aflac | 112.38 | 0.84 | 130.22 | 105.43 | 2.17 | 12.07 | 56.34 | Air Products & Chemicals | 279.45 | 1.88 | 314.87 | 229.11 | 2.59 | 29.45 | 62.23 | Autiva A | 164.07 | 1.64 | 193.45 | 110.81 | 0.00 | 43.75 | 68.83 | Alphabet A | 346.47 | 2.97 | 406.61 | 235.84 | 0.25 | 17.19 | 2033.09 | Alphabet C | 343.83 | 3.48 | 404.47 | 236.69 | 0.26 | 17.06 | 1900.35 | Altia Group | 67.88 | 0.53 | 77.06 | 54.70 | 5.54 | 14.17 | 113.34 | Amazon.com | 251.40 | -0.12 | 287.20 | 196.00 | 0.00 | 19.94 | 2711.68 | AMZN | 631.75 | -2.16 | 645.46 | 163.14 | 0.00 | 159.13 | 1021.32 | American Electric | 100.87 | -0.24 | 107.58 | 75.53 | 3.17 | 20.57 | 65.18 | American Express | 304.94 | 1.24 | 387.65 | 298.03 | 0.67 | 12.73 | 118.65 | American International | 75.12 | 0.19 | 87.29 | 71.25 | 2.66 | 13.58 | 39.28 | American Tower | 162.26 | 0.06 | 196.08 | 106.08 | 4.36 | 22.26 | 75.61 | Ameriprise Financial | 494.94 | 4.03 | 572.56 | 422.37 | 1.37 | 11.79 | 43.72 | AMETEK Inc | 251.92 | -0.01 | 261.16 | 179.24 | 0.54 | 36.72 | 57.76 | Avang | 402.98 | -0.06 | 447.03 | 288.00 | 2.50 | 24.84 | 217.86 | Amphend A | 87.27 | 0.31 | 178.52 | 76.74 | 0.57 | 41.56 | 215.20 | Analog Devices | 419.10 | 1.95 | 445.91 | 223.47 | 1.05 | 49.48 | 203.08 | Asn Plc A | 272.05 | 2.60 | 382.34 | 268.90 | 1.21 | 14.93 | 57.71 | Apollo Global Mgmt | 115.35 | 1.33 | 153.29 | 99.56 | 1.95 | 40.62 | 68.12 | Apple | 332.89 | -0.80 | 345.34 | 243.42 | 0.32 | 38.00 | 4858.26 | Applied Materials Inc | 543.28 | 2.24 | 733.67 | 303.40 | 0.39 | 46.43 | 430.35 | Agilent A | 281.97 | 13.75 | 738.01 | 268.84 | 0.00 | 21.59 | 85.84 | Aree Management | 117.13 | -0.42 | 161.19 | 95.80 | 4.61 | 53.73 | 26.23 | Arthur J. Gallagher | 227.24 | 1.13 | 313.55 | 190.75 | 1.23 | 37.25 | 58.24 | AT&T | 24.24 | -0.06 | 29.43 | 19.89 | 4.58 | 8.00 | 166.10 | Atlassian Corp A | 196.65 | 8.76 | 200.00 | 56.01 | 0.00 | 896.43 | 31.27 | Autodesk | 221.56 | 9.56 | 326.20 | 185.50 | 0.00 | 28.51 | 46.31 | Auto Data Processing | 260.26 | 2.58 | 293.51 | 188.16 | 2.61 | 23.72 | 103.13 | AutoZone | 2807.73 | 15.70 | 4522.54 | 2756.13 | 0.00 | 18.83 | 45.84 | Baker Hughes A | 57.38 | 1.38 | 70.41 | 43.92 | 1.60 | 18.22 | 56.96 | Bank of New York Mellon | 143.75 | -1.65 | 165.84 | 103.11 | 1.75 | 16.60 | 97.53 | Becton Dickinson | 180.67 | 3.87 | 213.08 | 140.11 | 2.32 | 31.15 | 49.21 | Berkshire Hathaway A | 75670.00 | 158.00 | 86910.81 | 68800.00 | 0.00 | 94.98 | 392.90 | Berkshire Hathaway B | 594.26 | 1.61 | 537.74 | 464.01 | 0.00 | 94.44 | 705.11 | BlackRock Finance | 1066.45 | 6.82 | 2121.94 | 917.39 | 2.15 | 25.16 | 165.16 | Blackstone | 111.65 | -0.10 | 170.00 | 101.73 | 2.97 | 24.98 | 83.81 | Blackstone A | 76.23 | -0.14 | 89.32 | 68.92 | 1.13 | 131.43 | 68.23 | Boeing | 192.72 | -0.84 | 254.22 | 178.77 | 0.00 | 15.02 | 100.00 | BoEck Corp | 54.00 | 0.25 | 65.22 | 46.12 | 2.37 | 12.27 | 377.61 | Booking Holdings | 158.33 | -0.69 | 5624.89 | 150.14 | 1.04 | 17.50 | 118.97 | Boston Scientific | 42.40 | -0.20 | 105.65 | 41.94 | 0.00 | 17.03 | 61.45 | Bristol Myers Squibb | 58.81 | -2.34 | 68.64 | 42.52 | 4.28 | 12.90 | 120.13 | Broadcom | 362.51 | 7.37 | 495.00 | 289.96 | 0.72 | 44.92 | 1730.49 | Cadence Design Systems | 353.48 | 2.13 | 416.69 | 262.75 | 0.00 | 69.86 | 97.35 | Capital One Financial | 195.14 | 0.42 | 258.63 | 174.24 | 1.64 | 10.75 | 119.72 | Carrier Global | 55.73 | 0.61 | 76.76 | 50.24 | 1.72 | 39.25 | 45.94 | Cavana A | 63.72 | -0.05 | 466.89 | 56.12 | 0.00 | 28.57 | 45.87 | Carepiral | 848.14 | 2.72 | 1073.46 | 483.55 | 0.77 | 36.34 | 389.87 | CBRE Group A | 129.40 | -0.18 | 174.27 | 121.69 | 0.00 | 33.35 | 37.47 | Cencora | 314.93 | 5.88 | 377.54 | 244.82 | 0.76 | 23.28 | 60.10 | Charter Comms A | 107.77 | -1.52 | 284.60 | 108.30 | 0.00 | 2.77 | 12.35 | Cheniere Energy | 274.66 | -0.84 | 349.98 | 247.86 | 0.00 | 18.89 | 48.85 | Chipotle mexican Engl | 206.47 | -0.22 | 217.78 | 146.49 | 3.45 | 19.81 | 407.94 | Chipotle Mexican Grill | 30.85 | -1.51 | 42.81 | 28.04 | 0.00 | 28.30 | 39.04 | Chubb | 330.49 | -0.40 | 365.91 | 265.30 | 1.23 | 92.57 | 127.50 | Cintas | 195.40 | 2.38 | 219.16 | 161.16 | 1.06 | 39.32 | 78.30 | Cisco Systems | 112.82 | 0.62 | 130.37 | 66.81 | 1.49 | 33.58 | 444.80 | Citigroup | 128.55 | 0.05 | 147.96 | 93.66 | 2.08 | 18.08 | 215.63 | Cloudflare Inc A | 359.49 | 10.42 | 367.43 | 158.83 | 0.00 | 619.81 | 115.98 | CME Group A | 270.03 | 6.89 | 329.16 | 218.31 | 4.18 | 22.79 | 97.10 | Cognizant Tech Sci A | 58.17 | -0.34 | 87.03 | 37.08 | 2.22 | 12.43 | 26.20 | Coinbase Global A | 188.22 | 5.22 | 402.16 | 139.11 | 0.00 | 48.64 | 41.94 | Colgate-Palmolive | 86.19 | 1.93 | 95.33 | 74.55 | 2.46 | 33.93 | 68.71 | Comcast A | 21.57 | 32.85 | 21.28 | 6.12 | 6.89 | 76.34 | ConocoPhillips | 128.40 | 1.65 | 141.62 | 85.57 | 2.82 | 16.98 | 154.25 | Constellation Energy | 267.62 | 10.13 | 412.70 | 228.63 | 0.64 | 26.13 | 94.82 | Constellation S | 27.85 | 0.43 | 45.89 | 26.74 | 0.00 | 17.72 | 25.61 | Enbridge A | 159.37 | -4.82 | 277.18 | 77.39 | 0.70 | 71.79 | 137.28 | Corteva | 12.39 | 0.47 | 90.97 | 11.84 | 5.81 | 14.11 | 8.27 | Costco Wholesale | 923.52 | 2.87 | 1096.50 | 844.06 | 0.64 | 46.38 | 408.37 | Coupons A | 14.20 | 0.42 | 32.96 | 13.35 | 0.00 | 33.02 | 23.28 | CrownA | 82.65 | 0.71 | 131.55 | 80.81 | 1.89 | 16.30 | 54.99 | CrowdStrike Holdings A | 272.67 | 2.63 | 786.00 | 174.14 | 0.00 | 6816.75 | 279.20 | BONDS: TEN YEAR GOVT SPREADS | Bid Yield | Spread vs Bund | Spread vs Bond | Bid Yield | Spread vs Bund | Spread vs Bond | Austria | 3.63 | 0.15 | -1.64 | Italy | 4.40 | 0.92 | -0.87 | Australia | 5.34 | 1.86 | 0.07 | Japan | 3.05 | -0.43 | -2.22 | Belgium | 4.16 | 0.68 | -1.11 | Netherlands | 3.52 | 0.04 | -1.75 | Brazil | 12.81 | 9.33 | 7.54 | Poland | 6.18 | 2.70 | 0.91 | China | 1.68 | -1.81 | -3.60 | Portugal | 3.86 | 0.38 | -1.41 | Denmark | 3.31 | -0.17 | -1.96 | Spain | 3.98 | 0.50 | -1.29 | France | 4.64 | 1.16 | -0.63 | Sweden | 3.09 | -0.39 | -2.18 | Germany | 3.48 | 0.00 | -1.79 | UK | 5.32 | 1.84 | 0.05 | Ireland | 3.52 | 0.04 | -1.75 | US | 5.27 | 1.79 | 0.00 | The prices listed are indicative and believed accurate at the time of publication. No offer is made by ICE or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. For further information contact newspapers@ice.com

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Tradeweb is not responsible for any loss or damage that might result from the use of this information. | Precious Metals | Gold | 4164.00 | 29.20 | Silver ($) | 61.30 | 0.26 | Platinum | 1702.73 | -13.77 | Palladium | 1173.81 | -0.74 | Iron Ore | 91.10 | -0.18 | Bulk Commodities | Baltic Dry | 3002.00 | -68.00 | Richards ICE Futures | 127.10 | -0.40 | BONDS: GLOBAL INVESTMENT GRADE | Energy | Price | Change | Brent Crude | 99.15 | -2.42 | Natural Gas | 3.10 | 0.03 | Light Crude Oil | 88.71 | -0.72 | 3.5 Fuel Oil | 561.12 | -2.75 | Euro Naphtha Oil | 850.94 | -3.63 | Tradeweb | Base Metals | Aluminium | 3135.50 | 8.50 | Copper | 14420.50 | 0.50 | Lead | 1873.50 | -2.00 | Nickel | 15680.00 | -34.00 | Tin | 54185.00 | -129.00 | Zinc | 3768.50 | 25.00 | Stock | Price+Chg | 52 Week | P/E | Mkt Vol | High | Low | Yld | P/E | ONEOK | 88.58 | 4.83 | 15.25 | 55.84 | Oracle | 142.48 | 0.18 | 322.54 | 114.50 | 1.40 | 21.99 | 430.82 | O’Hilly Automotive | 83.90 | -1.00 | 105.36 | 82.59 | 0.00 | 26.55 | 67.87 | Old Worldwide | 145.89 | 1.33 | 105.36 | 82.59 | 0.00 | 26.55 | 67.87 | Parker-Hannifin | 975.68 | 1.03 | 167.25 | 137.62 | 2.98 | 21.62 | 339.97 | PACCAR | 109.36 | -0.32 | 139.24 | 92.25 | 1.29 | 22.97 | 57.56 | Palantir Technologies A | 189.40 | 0.65 | 207.52 | 106.37 | 0.00 | 149.13 | 435.76 | Palo Alto Networks | 406.76 | 3.52 | 409.50 | 139.57 | 0.00 | 992.10 | 332.73 | Paycom | 99.78 | 0.84 | 129.24 | 85.45 | 4.77 | 19.80 | 35.52 | PayPal Holdings | 54.41 | 1.61 | 79.22 | 38.46 | 1.03 | 10.21 | 46.55 | PepsiCo | 125.65 | -0.24 | 171.48 | 125.16 | 4.71 | 16.45 | 171.50 | Pfizer | 27.41 | -0.39 | 29.21 | 23.62 | 6.28 | 35.60 | 156.23 | Philip Morris Intl | 189.53 | 2.07 | 207.76 | 142.11 | 3.38 | 27.23 | 295.40 | Phillips 66 | 269.72 | 5.14 | 277.12 | 126.74 | 1.88 | 15.34 | 107.62 | PNC Financial Services Gp | 220.28 | -0.75 | 258.96 | 176.88 | 3.63 | 12.12 | 87.88 | Progressive | 212.82 | 2.31 | 247.49 | 189.20 | 0.19 | 10.64 | 123.55 | Prologis Inc | 128.08 | -0.83 | 153.35 | 111.03 | 3.34 | 28.34 | 121.72 | Prudential Financial | 113.48 | 0.88 | 127.72 | 91.89 | 4.93 | 10.23 | 39.15 | Public Storage | 261.66 | -2.15 | 335.55 | 256.54 | 4.26 | 26.77 | 52.63 | QUALCOMM | 180.79 | -0.89 | 259.47 | 141.44 | 0.97 | 14.47 | 109.00 | Merck & Company | 53.77 | -0.36 | 67.94 | 53.33 | 6.06 | 38.25 | 50.88 | Regeneron Pharma | 726.47 | -8.73 | 859.34 | 541.00 | 0.52 | 17.35 | 73.47 | Republic Services | 212.83 | 3.27 | 233.42 | 196.41 | 1.26 | 30.15 | 65.17 | Robinhood Markets A | 114.11 | 1.37 | 153.86 | 63.52 | 0.00 | 49.40 | 90.22 | Rubisco A | 44.58 | 0.46 | 141.95 | 33.88 | 0.00 | 31.62 | 29.87 | Roper Technologies | 363.38 | 9.06 | 521.28 | 305.96 | 1.00 | 15.08 | 35.94 | Ross Stores | 226.37 | -2.17 | 257.00 | 147.49 | 0.79 | 27.18 | 72.31 | Royal Caribbean Group | 275.03 | -2.71 | 356.39 | 222.22 | 2.00 | 102.24 | 73.76 | RTX | 184.33 | -0.35 | 226.88 | 155.64 | 1.58 | 32.06 | 248.43 | S&P Global | 390.92 | 4.65 | 552.25 | 381.61 | 0.99 | 23.78 | 115.24 | Salesforce | 225.79 | -4.90 | 269.11 | 146.32 | 0.77 | 21.00 | 188.12 | Schlumberger | 50.28 | 1.54 | 60.46 | 31.64 | 2.35 | 11.15 | 74.62 | Sempra | 78.16 | -0.22 | 101.04 | 76.21 | 3.36 | 22.66 | 51.11 | ServiceNow | 136.08 | 1.70 | 864.83 | 81.24 | 0.00 | 80.52 | 140.71 | Simon Property Group | 201.40 | 0.45 | 238.50 | 172.19 | 4.47 | 14.21 | 65.16 | Snowflake A | 338.99 | -2.05 | 394.56 | 118.00 | 0.00 | 110.06 | 119.60 | Sonicsson | 100.00 | -0.00 | 90.88 | 60.00 | 0.00 | 100.00 | 100.00 | Southern Co | 83.79 | 0.07 | 100.83 | 81.69 | 3.63 | 20.09 | 96.39 | Southern Copper | 205.29 | -0.25 | 223.88 | 119.25 | 1.93 | 30.82 | 173.34 | Spotify Technology | 483.05 | 10.16 | 708.55 | 405.00 | 0.00 | 216.61 | 99.45 | Starbucks Corp | 94.43 | -0.28 | 110.51 | 77.99 | 2.63 | 54.58 | 107.65 | Strategy A | 164.43 | 4.42 | 365.21 | 81.81 | 0.00 | 1.66 | 59.95 | Stryker | 285.22 | 9.79 | 392.55 | 267.00 | 1.23 | 29.31 | 109.40 | Synopsys | 488.47 | -1.43 | 539.48 | 362.55 | 0.00 | 84.66 | 93.61 | Targa Resources | 287.40 | 5.66 | 307.94 | 144.14 | 1.74 | 27.40 | 61.63 | Target | 152.99 | -3.01 | 170.75 | 83.44 | 3.03 | 15.80 | 69.50 | TE Connectivity | 218.93 | -1.43 | 252.56 | 190.27 | 1.43 | 21.30 | 63.38 | Tesla | 378.73 | 8.14 | 498.83 | 297.38 | 0.00 | 320.96 | 1455.81 | Texas Instruments | 294.90 | 1.10 | 334.03 | 152.73 | 2.06 | 44.61 | 269.32 | The Alstate | 224.71 | 0.97 | 277.22 | 188.08 | 1.92 | 4.44 | 56.82 | The Charles Schwab | 97.96 | 1.26 | 114.53 | 83.86 | 1.31 | 17.75 | 169.41 | The Cigna Group | 271.29 | 0.76 | 315.47 | 239.51 | 2.30 | 11.42 | 71.69 | The Coca-Cola | 66.51 | 0.86 | 92.49 | 65.94 | 2.45 | 25.98 | 372.21 | The Kroger | 78.78 | -0.07 | 94.88 | 67.80 | 1.78 | 17.94 | 109.00 | Thomson*Williams* | 318.45 | -1.05 | 377.77 | 289.86 | 1.00 | 29.11 | 77.31 | The TJX Cos | 134.41 | 1.73 | 170.00 | 122.78 | 1.43 | 24.57 | 147.85 | The Williams Cos | 70.81 | 0.27 | 80.08 | 56.19 | 2.97 | 28.21 | 86.61 | Thermo Fisher Scientific | 676.76 | 21.96 | 683.63 | 435.27 | 0.28 | 36.37 | 250.23 | T-Mobile US | 164.64 | 1.00 | 231.02 | 160.81 | 2.57 | 17.19 | 176.60 | Trade Engines | 470.76 | 6.85 | 508.57 | 348.06 | 0.89 | 35.69 | 103.58 | TransDigm Group | 1092.66 | 2.28 | 1463.03 | 1071.25 | 0.00 | 33.14 | 60.40 | Travelers | 360.70 | 0.32 | 398.69 | 252.26 | 1.39 | 9.55 | 75.23 | Truist Financial | 46.33 | -0.12 | 56.20 | 40.78 | 4.49 | 10.51 | 56.60 | Uber Technologies | 69.48 | 1.37 | 101.30 | 65.41 | 0.00 | 15.04 | 141.92 | Union Pacific | 277.06 | -1.22 | 315.99 | 215.53 | 2.05 | 23.09 | 164.59 | United Parcel Service B | 93.14 | 0.12 | 122.41 | 82.00 | 7.04 | 17.31 | 68.79 | United Rentals | 1074.28 | -6.76 | 1179.18 | 701.59 | 0.72 | 25.78 | 66.87 | UnitedHealth Group | 378.58 | 6.68 | 461.62 | 255.97 | 2.45 | 24.27 | 339.81 | US Bancorp | 57.27 | -0.24 | 66.08 | 45.02 | 3.77 | 11.43 | 89.23 | Valero Energy | 419.33 | 13.03 | 419.04 | 155.29 | 1.14 | 17.48 | 120.74 | Verizon Communications | 91.85 | -0.07 | 91.85 | 61.90 | 8.17 | 11.94 | 136.33 | Vermilion Media Group A | 31.02 | 0.08 | 59.00 | 27.17 | 4.84 | 0.00 | 4.31 | Vertex Pharmaceuticals | 503.50 | -1.23 | 560.25 | 400.74 | 0.00 | 29.09 | 127.62 | Visa A | 369.71 | 9.05 | 385.57 | 289.89 | 0.72 | 31.41 | 630.03 | Volvoa | 144.89 | 4.87 | 217.10 | 132.66 | 0.63 | 24.15 | 48.63 | Walmart | 105.07 | 0.81 | 135.16 | 98.88 | 0.94 | 37.93 | 833.60 | Walt Disney | 103.61 | 1.42 | 117.09 | 92.19 | 1.45 | 21.28 | 178.90 | Waste Management | 206.66 | 2.21 | 248.13 | 194.11 | 1.83 | 29.19 | 82.61 | Wells Fargo | 81.44 | 0.98 | 97.76 | 72.78 | 2.46 | 11.70 | 246.27 | Welltower | 224.16 | -3.55 | 255.20 | 163.75 | 1.52 | 97.46 | 161.56 | Workday A | 188.96 | 2.82 | 247.40 | 110.36 | 0.00 | 38.41 | 37.04 | WW Grainger | 1266.84 | 6.54 | 1419.91 | 906.52 | 0.77 | 32.75 | 60.61 | Yum Brands | 136.97 | 0.85 | 170.14 | 134.26 | 2.19 | 17.14 | 37.38 | Zscelta A | 71.41 | 1.72 | 148.79 | 68.77 | 2.97 | 11.65 | 29.51 | Agriculture | Price | Change | Corn | 502.50 | 5.25 | Wheat | 209.00 | 2.75 | Rapeseed | 524.25 | -13.25 | Sunflower Seed | 10050.00 | 114.00 | Soybeans | 1293.25 | 12.50 | Soybeans Meal | 345.90 | 1.20 | Cocoa (ICE Liffe) | 4382.00 | 143.00 | Cocoa (ICE US) | 5710.00 | -157.00 | Coffee (Robusta) | 3492.00 | 68.00 | Coffee (Arabica) | 371.70 | 15.70 | White Sugar | 547.60 | 16.10 | Sugar #11 | 20.86 | 0.13 | Cotton | 77.13 | 1.98 | Orange Juice | 149.00 | 4.65 | Maple Leaf | 4136.83 | 24.08 | Live Cattle | 219.70 | 2.45 | Feeder Cattle | 337.15 | 3.30 | Lean Hogs | 78.00 | 0.15 | Palm Oil (Malaysian) | 1128.50 | -2.75 | VOLATILITY INDICES | Stock | Price | +Chg | Crown Castle | 67.58 | 1.14 | CSX | 47.43 | Cummins | 523.37 | -4.95 | CVC Health | 87.01 | 0.55 | Danaher | 221.21 | 7.15 | Deere & Co | 682.20 | -4.80 | Del Technologies C | 552.29 | -10.23 | Diamondback Energy | 184.08 | -0.63 | Digital Realty Trust | 179.87 | 1.32 | Dominion Energy | 61.02 | -0.29 | DoorDash A | 191.77 | 2.62 | DR Horton | 133.23 | -1.77 | Duke Energy | 113.84 | -0.29 | Eaton Corp | 432.60 | -3.51 | Ecolab | 277.07 | 3.37 | Edwards Lifesciences Gp | 87.23 | 2.08 | Eastman Health | 394.55 | -0.98 | Eli Lilly & Co | 1143.12 | 0.27 | Emerson Electric | 162.33 | 0.72 | EOG Resources | 144.08 | 2.70 | Equinix | 1023.44 | -2.28 | Exelon | 40.82 | 0.09 | ExxonMobil Hldgs | 164.00 | -0.01 | Fastenal | 50.69 | -0.06 | FedEx | 289.13 | -1.23 | Ferguson Ent | 222.93 | -0.40 | FICO/SSAC | 689.61 | 28.36 | Fiserv | 46.14 | 1.78 | Flutter Entertainment | 75.73 | 0.92 | Fortinet Inc | 184.13 | 3.18 | Freeport-McMoRan | 72.60 | 0.56 | Garmin | 285.52 | 4.36 | General Aerospace | 406.33 | -2.62 | GE Healthcare Tech | 65.74 | 1.45 | GE Vernova | 990.00 | 1.30 | General Dynamics | 331.72 | 1.63 | General Motors | 80.23 | 1.96 | Gilead Sciences | 144.63 | -0.11 | Goldman Sachs Group | 893.46 | -9.10 | HCA Healthcare | 434.92 | 8.23 | Hilton Worldwide Holdings | 316.12 | -3.24 | Home Depot | 281.15 | -1.70 | Honeywell International | 214.14 | 0.15 | Howmet Aerospace | 229.57 | -1.70 | IBM | 221.58 | -1.06 | Illinois Tool Works | 264.19 | 1.27 | Intel | 116.19 | -3.14 | Interactive Brokers Gp A | 89.05 | 0.75 | Intercontinental Inverse | 162.13 | -0.02 | Intercontinental Hotels | 294.68 | 3.60 | Intuitive Surgical | 406.48 | 14.53 | Johnson & Johnson | 252.93 | -3.10 | Johnson Controls Intl | 156.85 | 0.61 | JPMorgan Chase | 332.38 | Kenvue | 17.39 | 0.19 | Keurig Dr Pepper | 30.89 | 0.52 | Kimberly Clark | 95.41 | 1.05 | Kinder Morgan P | 31.41 | 0.34 | KKR & Co | 89.96 | -0.33 | KLA | 206.85 | -0.04 | L3Harris Technologies | 236.88 | 0.28 | Lam Research | 345.80 | -1.69 | Linde | 482.38 | 2.90 | Lockheed Martin | 506.63 | 1.22 | Lowes | 43.57 | 0.57 | Marathon petroleum | 93.14 | -1.32 | Marathon Petroleum | 433.47 | 11.14 | Marriott International A | 355.89 | -3.07 | Marsh | 170.43 | 0.37 | Marvell Technology | 271.25 | -1.04 | Mastercard A | 564.59 | 12.33 | McDonald's | 233.04 | 1.15 | McKesson | 915.45 | 13.17 | Medtronic | 87.97 | 1.59 | Merck & Co | 139.54 | -4.76 | Meta Platforms A | 741.90 | 13.82 | Metlife | 96.88 | 2.45 | Micron Technology | 1063.96 | -10.93 | Microsoft | 525.18 | 7.65 | Mondelez International A | 58.49 | 0.30 | Monster Beverage | 43.57 | 0.57 | Moody's | 448.15 | 6.79 | Morgan Stanley | 190.19 | -0.12 | Motorola Solutions | 455.37 | 7.96 | MSCI Inc A | 552.35 | 16.40 | Nasdaq | 92.19 | 1.86 | Netflix | 67.50 | 0.44 | Newmont Corp | 115.82 | 0.26 | NextEra Energy | 76.28 | -0.55 | NIKE B | 33.96 | 0.09 | Norfolk Southern | 316.23 | -1.21 | Northrop Grumman | 476.11 | -1.89 | Nu Holdings A | 15.18 | 1.75 | NVIDIA | 238.90 | 4.95 | NXP Semiconductors | 241.97 | -1.69 | Occidental Petroleum | 58.31 | 0.23 | Sources: Energy: NYMEX. Base Metals: LME / London Metal Exchange. Corn, Wheat, Soybeans: CBOT. Live Cattle, Live Feeder, Lean Hogs: CME. | Red Date | Coupon | Bid Price | Bid Yield | Daily | Weekly | US$ | Morgan Stanley | 30/01 | 4.00 | 97.59 | 4.57 | 0.18 | 0.36 | Trust Finl Corp | 28/06 | 4.12 | 99.38 | 5.12 | 0.00 | 0.11 | National Rural | 32/11 | 4.02 | 91.08 | 5.27 | -0.10 | 0.06 | Washington Gaslight Co | 36/03 | 5.78 | 97.97 | 5.02 | 0.00 | 0.00 | Northern States Power | 28/03 | 8.13 | 100.66 | 5.05 | 0.00 | 0.00 | Oklahoma Gas & Elec | 28/04 | 6.50 | 101.12 | 4.58 | -0.92 | -0.92 | Euro | Germany | 25/08 | 2.22 | 88.60 | 3.19 | -0.08 | 0.62 | Spain | 46/10 | 2.88 | 79.54 | 4.45 | 0.66 | 0.63 | Belgium | 47/06 | 1.50 | 58.39 | 4.82 | 0.42 | 0.96 | France | 48/05 | 2.00 | 59.08 | 5.19 | 0.81 | 1.03 | £ Sterling | United Kingdom | 46/12 | 4.25 | 81.21 | 5.85 | 0.43 | 0.43 | United Kingdom | 47/07 | 1.50 | 47.61 | 5.91 | 0.33 | 0.33 | BONDS: BENCHMARK GOVERNMENT | Oct 06 | Day Chg | Prev | 52 wk high | 52 wk low | VIX | 15.26 | -0.26 | 15.52 | 35.30 | 13.38 | VXD | 15.54 | -0.28 | 15.82 | 42.71 | 2.43 | VDAX | 17.20 | -1.15 | 18.35 | 35.58 | 13.53 | Red Date | Coupon | Bid Price | Bid Yield | Daily yield chg | Wkly yield chg | Mnthly yield chg | Year yield chg | Australia | 06/54 | 4.75 | 84.65 | 5.88 | 0.06 | 0.09 | 0.21 | 0.63 | 04/27 | 4.75 | 99.95 | 4.85 | 0.02 | -0.04 | 0.12 | 1.47 | Austria | 02/33 | 2.88 | 96.59 | 3.51 | 0.00 | -0.13 | 0.17 | 0.63 | 10/53 | 3.13 | 85.14 | 4.07 | -0.01 | -0.07 | 0.03 | 0.24 | Belgium | 06/54 | 3.25 | 76.06 | 4.89 | -0.05 | -0.11 | 0.23 | 0.61 | Canada | 06/27 | 1.00 | 98.95 | 2.82 | 0.00 | 0.00 | 0.03 | -0.18 | 12/55 | 2.75 | 74.51 | 3.93 | 0.00 | 0.03 | 0.13 | 0.15 | Denmark | 11/33 | 2.25 | 94.07 | 2.78 | 0.00 | 0.00 | 0.00 | 0.20 | 11/39 | 4.50 | 111.05 | 3.44 | -0.01 | -0.10 | 0.13 | 0.51 | Finland | 09/27 | 0.50 | 97.76 | 2.94 | 0.02 | -0.17 | 0.09 | 0.80 | 09/33 | 3.00 | 96.17 | 3.62 | -0.02 | -0.11 | 0.21 | 0.65 | France | 05/54 | 3.00 | 67.57 | 5.25 | -0.09 | -0.11 | 0.35 | 0.91 | 11/33 | 3.50 | 94.61 | 4.39 | -0.12 | -0.06 | -0.89 | -0.35 | Germany | 08/33 | 2.60 | 95.50 | 3.34 | -0.01 | -0.17 | 0.16 | 0.63 | 08/53 | 1.75 | 65.70 | 3.88 | 0.00 | -0.07 | 0.07 | 0.39 | Greece | 06/28 | 3.88 | 100.94 | 3.29 | -0.06 | -0.16 | 0.26 | 0.85 | 06/33 | 4.25 | 100.32 | 4.19 | -0.06 | 0.75 | 0.43 | 0.91 | Ireland | 10/32 | 0.35 | 80.81 | 4.00 | -0.02 | 0.46 | 1.02 | 1.37 | Italy | 12/27 | 2.63 | 99.28 | 3.23 | -0.03 | -0.08 | 0.25 | 0.99 | 03/34 | 4.13 | 99.53 | 4.29 | -0.10 | -0.09 | 0.40 | 0.98 | Netherlands | 01/54 | 2.00 | 68.91 | 3.86 | -0.02 | -0.09 | 0.04 | 0.28 | 07/33 | 2.50 | 94.45 | 3.43 | -0.02 | -0.14 | 0.18 | 0.63 | Poland | 04/28 | 2.75 | 97.41 | 4.51 | -0.07 | -0.28 | 0.16 | 0.67 | 10/33 | 6.00 | 99.81 | 6.03 | -0.05 | -0.22 | 0.20 | 1.10 | Portugal | 07/32 | 1.63 | 90.01 | 3.57 | -0.07 | -0.13 | 0.29 | 0.79 | Spain | 10/52 | 1.88 | 60.09 | 4.54 | -0.06 | -0.06 | 0.17 | 0.49 | 10/33 | 3.50 | 98.52 | 3.78 | -0.06 | -0.11 | 0.30 | 0.73 | Sweden | 11/33 | 1.75 | 96.30 | 2.50 | 0.00 | 0.00 | 0.00 | -0.14 | Switzerland | 03/36 | 2.50 | 118.25 | 0.32 | 0.00 | -0.02 | -0.22 | -0.82 | United Kingdom | 06/28 | 0.00 | 92.66 | 4.68 | -0.03 | -0.08 | 0.24 | 0.91 | 10/53 | 3.75 | 70.83 | 5.93 | -0.04 | -0.03 | 0.14 | 0.71 | United States | 11/33 | 4.50 | 96.13 | 5.16 | -0.07 | -0.05 | 0.50 | 1.18 | 11/53 | 4.75 | 87.28 | 5.67 | -0.06 | 0.01 | 0.40 | 0.84 | GILTS: UK CASH MARKET | Oct 06 | Price | Yield | Red Yield | Day | Week | High | Low | Tr 1.25pc '27 | 97.61 | 1.28 | 4.39 | 0.02 | 0.10 | 97.71 | 95.53 | Tr 0.875pc '29 | 89.12 | 0.98 | 4.76 | 0.10 | 0.33 | 91.00 | 0.01 | Tr 1pc '32 | 81.63 | 1.23 | 4.98 | 0.17 | 0.37 | 85.07 | 81.01 | Tr 4.25pc '36 | 92.14 | 4.61 | 5.32 | 0.34 | 0.31 | 99.39 | 91.30 | Tr 4.5pc '42 | 87.07 | 5.17 | 5.74 | 0.46 | 0.38 | 96.45 | 86.50 | Tr 3.75pc '52 | 71.78 | 5.22 | 5.89 | 0.51 | 0.33 | 81.50 | 70.80 | Tr 4pc '60 | 73.01 | 5.48 | 5.85 | 0.59 | 0.40 | 83.52 | 71.78 | Closing prices and highs & lows are in traded currency. Market capitalisations are in local currency. Highs & lows are based on a rolling 52 week period

GILTS: UK FTSE ACTUARIES INDICES | Price IndicesFixed Coupon | Oct 6 | Dayschg % | TotalReturn | MonthReturn | YearReturn | Yield | Up to 5 Years | 84.57 | 0.08 | 2655.35 | -0.17 | 1.01 | 4.75 | 5-10 Years | 141.88 | 0.32 | 3358.84 | -1.07 | -1.68 | 5.18 | 10-15 Years | 139.87 | 0.50 | 3677.11 | -1.29 | -3.31 | 5.56 | 5-15 Years | 139.67 | 0.37 | 3426.49 | -1.14 | -2.18 | 5.33 | Over 15 Years | 162.93 | 0.76 | 3251.94 | -1.03 | -6.54 | 5.83 | All stocks | 124.19 | 0.35 | 3111.72 | -0.74 | -2.07 | 5.52 | Index Linked | Oct 6 | Day's chg % | Month chg % | Year's chg % | Total Return | Return 1 Month | Return 1 Year | Up to 5 Years | 365.05 | 0.03 | 0.27 | 2.76 | 3185.76 | 0.29 | 3.59 | Over 5 Years | 467.48 | 0.58 | -0.35 | -2.25 | 3665.67 | -0.17 | -1.64 | 5-15 Years | 456.44 | 0.30 | -0.85 | 0.79 | 3835.75 | -0.65 | 1.55 | Over 15 Years | 466.73 | 0.88 | 0.18 | -5.12 | 3525.61 | 0.34 | -4.65 | All stocks | 465.94 | 0.46 | -0.21 | -1.24 | 3729.01 | -0.07 | -0.59 | Yield Indices | Oct 6 | Oct 5 | Yr Ago | 5 Yrs | 4.94 | 4.98 | 4.26 | 10 Yrs | 5.36 | 5.41 | 4.59 | 15 Yrs | 5.66 | 5.71 | 4.88 | 20 Yrs | 5.81 | 5.86 | 5.02 | 45 Yrs | 5.65 | 5.71 | 4.91 | Real Yield 0% Inflation | Oct 6 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 1.05 | 2.60 | 1.06 | 0.73 | Over 5 Years | 2.36 | 16.18 | 2.39 | 1.90 | 5-15 Years | 2.09 | 9.45 | 2.12 | 1.61 | Over 15 Years | 2.47 | 22.94 | 2.51 | 2.01 | All stocks | 2.30 | 13.28 | 2.33 | 1.86 | Real Yield 5% Inflation | Oct 6 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 0.80 | 2.60 | 0.81 | 0.43 | Over 5 Years | 2.33 | 16.18 | 2.36 | 1.88 | 5-15 Years | 2.03 | 9.45 | 2.06 | 1.54 | Over 15 Years | 2.46 | 22.94 | 2.50 | 2.00 | All stocks | 2.26 | 13.28 | 2.30 | 1.82 | FT

FINANCIAL TIMES

Energy Source

Profit. Power. Politics. | Industrial General | Coats Group | 81.10 | 0.30 | 98.10 | 73.15 | 3.09 | 18.22 | 2198.71 | Macfarlane◆ | 84.00 | - | 93.80 | 59.80 | 4.36 | 21.05 | 175.54 | Smiths | 2847.00 | 6.00 | 2885.00 | 2088.00 | 1.70 | 4.53 | 741.30 | Industrial Transportation | ---

Main Market | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Aerospace & Defence | BAE Systems■ | 1855.00 | -79.00 | 2360.00 | 1529.00 | 2.04 | 26.96 | 4721.90 | Chemring Group | 508.50 | -23.50 | 650.75 | 446.52 | 1.59 | 28.57 | 2426.63 | Automobiles & Parts | Ford Motors | 917.72 | -1.24 | 1319.04 | 841.76 | 4.92 | -5.12 | — | Banks | ANZ Group | 1989.70 | 5.61 | 2126.50 | 1753.25 | 5.75 | 19.45 | 3813.18 | Banco Santander | 1058.00 | 14.00 | 1122.00 | 709.00 | 1.64 | 13.71 | 139.91 | Bank of Nova Scotia▲ | 6776.95 | -59.29 | 7165.88 | 4711.98 | 3.56 | — | 654.07 | Barclays■ | 447.30 | 0.60 | 554.10 | 353.55 | 2.57 | 10.21 | 20591.54 | Canadian Imperial▲ | 8380.82 | 10.67 | 9198.88 | 5969.15 | 2.71 | — | 266.82 | HSBC■ | 1472.20 | 13.20 | 1610.00 | 959.29 | 3.78 | 16.15 | 18412.59 | Lion Finance Gp | 13320.00 | 40.00 | 14820.00 | 7320.00 | 2.38 | 9.13 | 92.12 | Lloyds Bnkg Gp■ | 105.70 | 1.70 | 117.90 | 81.82 | 3.79 | 15.10 | 141419.70 | NatWest Group | 668.40 | 5.00 | 726.00 | 504.41 | 5.24 | 12.49 | 8891.78 | OSB Group | 494.00 | 2.80 | 647.50 | 479.00 | 7.27 | 6.53 | 535.89 | Perm TSB Group | 250.94 | -11.87 | 291.66 | 182.42 | 0.62 | 6.52 | 4.00 | Royal Bank of CA | 14761.90 | 21.56 | 16187.03 | 10784.89 | 2.52 | — | 446.50 | Stand Chart | 2253.00 | 7.00 | 2364.00 | 1351.50 | 2.28 | 15.31 | 3920.92 | ...7.375%PI | 107.75 | 1.50 | 128.84 | 102.00 | 6.84 | — | 18.19 | .8.25%PI | 117.85 | 0.75 | 143.80 | 114.25 | 7.00 | — | 84.14 | Toronto-Dominion | 8890.71 | 11.14 | 9256.88 | 5880.62 | 2.62 | — | 1446.25 | Westpack | 1821.53 | 6.61 | 2275.39 | 1755.74 | 4.44 | 17.25 | 4100.89 | Elementis | 180.60 | 1.20 | 195.40 | 136.00 | 1.84 | -30.74 | 714.14 | Johnson Matthey | 2436.00 | 30.00 | 3245.25 | 2192.00 | 4.21 | -31.94 | 446.85 | Victrex | 930.00 | - | 1024.00 | 515.00 | 3.23 | 29.06 | 121.81 | Construction & Materials | Galliford Try Hldgs | 694.00 | 1.00 | 728.81 | 466.00 | 3.39 | 16.64 | 281.66 | Morgan Sindall* | 4200.00 | 28.00 | 5730.00 | 3938.00 | 3.88 | 11.29 | 111.11 | Electronic & Electrical Equip | discoverGr Grp | 865.00 | 7.00 | 900.00 | 505.00 | 1.50 | 28.64 | 424.76 | Halma | 3558.00 | 30.00 | 4902.00 | 3268.00 | 0.70 | 36.10 | 445.34 | Morgan Adv Mat | 276.50 | 5.50 | 276.50 | 179.80 | 4.41 | 36.87 | 1040.52 | Oxford Instruments | 3112.00 | 64.00 | 3318.00 | 1682.00 | 0.76 | 36.78 | 102.12 | Renishaw | 5990.00 | 135.00 | 6030.00 | 3280.00 | 1.37 | 36.64 | 114.62 | TT Electronics | 192.40 | 4.60 | 194.00 | 93.00 | - | -6.75 | 630.73 | XP Power | 2045.00 | 35.00 | 2160.00 | 849.23 | - | -48.69 | 129.56 | Financial General | 3i Group | 2389.00 | -23.00 | 4497.00 | 1825.00 | 3.54 | — | — | Aberdeen Group | 237.80 | -3.80 | 265.00 | 179.60 | 6.14 | 11.01 | 2916.37 | Bridgepoint Group● | 346.80 | 13.80 | 351.50 | 212.00 | 2.74 | 69.36 | 1217.83 | City of London Inv● | 514.00 | -8.00 | 540.00 | 349.00 | 6.61 | 13.93 | 40.51 | Close Bros | 395.20 | 0.20 | 556.15 | 318.40 | — | -6.92 | 624.90 | ICG | 1767.00 | 3.00 | 2310.00 | 1424.87 | 4.92 | 10.59 | 391.72 | Investec | 618.00 | 14.00 | 690.00 | 499.36 | 6.23 | 8.02 | 2418.87 | Jupiter | 171.00 | 4.60 | 214.50 | 137.20 | 3.51 | 8.91 | 995.56 | Liontrust | 298.00 | 3.00 | 358.00 | 223.00 | 6.38 | 19.35 | 82.32 | London Stock Ex● | 8386.00 | 146.00 | 10140.00 | 6884.00 | 1.88 | 35.18 | 618.30 | Rathbones Group | 1512.00 | -6.00 | 2500.00 | 1512.00 | 6.61 | 14.01 | 77.98 | S & U | 1890.00 | -30.00 | 2458.50 | 1620.00 | 6.14 | 9.68 | 47.19 | St James's Place | 1038.50 | -0.50 | 1575.50 | 1026.55 | 1.73 | 10.40 | 1536.72 | TP ICAP Group● | 325.20 | 0.20 | 355.00 | 235.50 | 5.29 | 12.90 | 1182.80 | Vanquis Banking Gp | 69.20 | -0.90 | 132.00 | 69.20 | — | 21.62 | 316.39 | Food & Beverages | ---

AIM | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Aerospace & Defence | Cohort | 1210.00 | -10.00 | 1538.00 | 881.10 | 1.48 | 23.17 | 312.39 | Velocity Composites | 16.50 | — | 25.00 | 12.00 | — | -8.25 | 2.52 | Basic Resources (Ex Mining) | Cropper J | 695.00 | -5.00 | 710.00 | 250.00 | — | 22.56 | 12.81 | Construction & Materials | Accsys Tech | 59.00 | 1.80 | 79.84 | 57.00 | — | 26.07 | 50.72 | Electronic & Electrical Equip | Checkit | 16.50 | — | 27.00 | 12.35 | — | -6.35 | 40.32 | LPA | 85.00 | -2.50 | 92.00 | 34.00 | — | -32.20 | 17.23 | Thorpe FW | 257.00 | -3.00 | 320.00 | 240.00 | 2.86 | 10.83 | 25.56 | Financial General | Arbuthnot Banking | 790.00 | -12.50 | 960.00 | 755.00 | 6.96 | 7.24 | 9.29 | Investment Companies | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Dist(-)Prem | High | Low | Conventional (Ex Private Equity) | 3i Infra | 386.50 | -0.50 | 399.50 | 325.00 | 3.48 | 405.42 | -4.41 | Abf GVIT | 91.00 | — | 96.77 | 76.00 | 6.70 | 102.46 | -11.46 | Abf Sml | 1806.00 | 14.00 | 1828.00 | 1408.07 | 2.65 | 1995.25 | -10.42 | Aberdeen Asia Foc | 472.00 | -2.00 | 478.00 | 348.00 | 1.36 | 521.84 | -10.41 | Aberdeen Asian Inc Fund | 326.00 | -6.00 | 357.00 | 246.00 | 5.76 | 352.81 | -7.47 | Aberdeen Eq Inc | 453.00 | 4.00 | 473.00 | 359.25 | 5.10 | 447.91 | 0.41 | Aberdeen UK Smll | 532.00 | -4.00 | 544.00 | 441.50 | 2.63 | 568.81 | -6.43 | Alliance Witan | 1406.00 | 8.00 | 1407.84 | 1178.00 | 2.09 | 1477.51 | -5.28 | Allianz Tech | 785.00 | 4.00 | 789.00 | 480.75 | — | 852.98 | -8.29 | Artemis UK Future Lead | 392.50 | -1.00 | 405.00 | 321.00 | 3.93 | 441.25 | -11.09 | Aurora UK Alpha | 246.00 | 2.00 | 279.00 | 222.09 | 1.91 | 279.76 | -11.65 | AVI Japan | 181.00 | 1.00 | 194.00 | 154.50 | 1.22 | 185.32 | -2.48 | BG China Growth | 291.50 | 3.50 | 331.04 | 284.00 | 0.86 | 320.65 | -9.55 | BG Euro | 119.00 | 0.50 | 133.00 | 91.40 | 0.61 | 128.27 | -9.85 | BG Japan | 1088.00 | 4.00 | 1114.00 | 811.10 | 0.92 | 1205.50 | -8.97 | BG Shin | 178.40 | -0.20 | 181.00 | 123.05 | 0.39 | 199.67 | -9.98 | BG US Growth | 396.00 | 8.00 | 396.50 | 261.00 | — | 411.87 | -5.01 | Baillie Gifford UK | 214.00 | -1.00 | 231.00 | 180.12 | 2.90 | 236.21 | -9.11 | Bankers IT | 157.00 | 1.20 | 157.00 | 125.20 | 1.80 | 170.48 | -8.91 | Biotech Growth | 1448.00 | -4.00 | 1786.00 | 1010.00 | — | 1578.71 | -6.11 | BlckR Amer Sml | 283.00 | 4.00 | 289.55 | 208.85 | 5.26 | 277.56 | 1.17 | BlckR Energy & Res | 178.00 | 1.50 | 205.00 | 135.50 | 3.48 | 190.50 | -5.69 | BlckR Front | 192.00 | 1.00 | 208.00 | 164.50 | 3.96 | 190.76 | 0.70 | BlckR GEur | 589.00 | 2.00 | 625.00 | 506.95 | 1.21 | 633.25 | -7.36 | BlckR I&G | 235.00 | 2.00 | 240.00 | 200.00 | 3.28 | 252.67 | -7.66 | BlckR Smir | 264.50 | 1.50 | 288.40 | 230.80 | 3.00 | 306.25 | -14.03 | BlckR World Mining | 946.00 | — | 1076.00 | 628.00 | 2.54 | 981.83 | -3.48 | Brunner | 1570.00 | 16.00 | 1612.00 | 1336.00 | 1.72 | 1735.23 | -9.79 | Caledonia Inv | 388.50 | 3.50 | 402.00 | 312.00 | 1.98 | 595.10 | -35.30 | CanGen C$ | 2716.18 | 8.02 | 2958.28 | 2358.19 | 2.42 | 88.12 | -41.74 | City of Lon | 570.00 | 3.00 | 599.00 | 498.00 | 3.94 | 556.97 | 2.04 | City Natural Res G&I | 404.00 | 3.00 | 467.00 | 258.01 | 7.00 | 399.00 | 1.30 | CT Healthcare | 125.00 | -0.80 | 152.40 | 119.80 | 4.21 | 132.50 | -3.25 | CT MgdI | 131.00 | — | 135.00 | 115.00 | 6.11 | 129.60 | 0.76 | CT MgdG | 328.00 | — | 330.00 | 280.26 | — | 339.79 | -3.00 | CT Cp&I | 340.00 | 0.50 | 373.00 | 320.00 | 3.96 | 353.65 | -3.78 | CT UK HIT B | 107.00 | — | 120.00 | 92.00 | 5.57 | 114.37 | -6.15 | CT UK HIT Ord | 109.50 | — | 126.00 | 97.00 | 5.44 | 114.28 | -3.88 | Dunedin Inc | 305.00 | 2.00 | 323.00 | 275.00 | 6.61 | 329.19 | -7.12 | Edinburgh Inv | 823.00 | 7.00 | 867.00 | 737.60 | 3.89 | 885.88 | -8.05 | Edin Worldwide | 288.00 | 3.00 | 294.50 | 194.20 | — | 314.30 | -8.44 | The Euro SmlCo | 231.00 | 1.00 | 247.21 | 193.80 | 5.47 | 249.88 | -9.01 | F&C Inv Trust | 349.80 | 1.40 | 1332.00 | 325.80 | 1.21 | 383.93 | -9.16 | Fidelity Asian | 612.00 | -2.00 | 672.00 | 546.06 | 3.35 | 650.56 | -5.07 | Fidelity China | 247.00 | -3.00 | 339.00 | 239.50 | 3.64 | 268.98 | -6.44 | Fidelity EmerMkts | 1542.00 | 8.00 | 1574.00 | 897.34 | 1.61 | 1616.56 | -6.90 | Fidelity Euro | 421.00 | 1.50 | 447.50 | 367.50 | 2.42 | 442.65 | -4.86 |

| | Price | +/- | 52 Week | Vol000s | Div Chg | High | Low | Yld | AEP Plantations | 196.00 | 2.80 | 229.00 | 124.00 | 3.11 | 11.25 | 224.07 | Assoc. Brit Foods | 1834.00 | 22.50 | 2359.00 | 1729.45 | 3.44 | 12.95 | 823.38 | Barr (AG) | 558.00 | 11.00 | 715.32 | 538.00 | 3.42 | 13.20 | 277.13 | Fevara | 148.00 | 11.50 | 152.00 | 114.50 | 1.62 | 6.41 | 78.61 | Coca-Cola HBC | 4236.00 | -18.00 | 5195.00 | 3270.00 | 2.40 | 19.30 | 345.40 | Cranswick | 4980.00 | 25.00 | 5810.00 | 4775.00 | 2.26 | 16.83 | 108.86 | Diageo | 1603.50 | 28.00 | 1803.91 | 1295.50 | 2.35 | 27.26 | 27694.33 | Greencore | 245.60 | 1.60 | 307.50 | 191.10 | 1.06 | 18.61 | 776.17 | Kerry Group | 7307.87 | 33.91 | 7646.35 | 5567.81 | 1.67 | 21.54 | 4.24 | Tate & Lyle | 561.00 | 1.50 | 580.00 | 319.40 | 3.53 | 25.50 | 977.76 | Unileveres | 4569.00 | 68.50 | 5542.11 | 3644.00 | 3.61 | 12.45 | 1763.60 | GN Store Nord | 1223.84 | 10.68 | 1429.97 | 984.75 | - | 15.89 | 437.20 | Smith&Neph+ | 1011.50 | 7.00 | 1426.59 | 980.40 | 2.96 | 18.63 | 2877.62 | House, Leisure & Pers Goods | Barratt Redrow | 309.20 | 0.30 | 410.29 | 235.40 | 1.94 | 22.74 | 4786.19 | Bellway | 2044.00 | 6.00 | 2890.00 | 1715.00 | 3.52 | 15.39 | 549.02 | Berkeley | 3244.00 | 62.00 | 4442.00 | 2796.00 | - | 9.78 | 566.47 | Burberry Group | 1031.50 | 28.00 | 1376.50 | 953.40 | - | - | 1255.57 | Cairn Homes+ | 227.00 | 2.50 | 251.00 | 161.00 | 3.88 | 12.57 | 1223.89 | Games Workshop | 16560.00 | -410.00 | 23540.00 | 14280.00 | 3.38 | 26.54 | 61.26 | Gleeson (M.J) | 275.00 | -1.50 | 435.00 | 221.00 | 1.82 | -82.63 | 45.06 | Headlam Group# | 10.50 | - | 60.23 | 4.64 | - | -0.10 | - | McBride | 175.20 | 1.00 | 214.10 | 107.60 | 1.77 | 9.90 | 265.68 | Philips | 1827.82 | 26.29 | 2413.42 | 1790.38 | 3.94 | -43.12 | 1533.04 | PZ Cussons+ | 96.40 | 1.20 | 114.00 | 65.09 | 3.84 | 20.51 | 267.73 | Vistry Group | 236.60 | -2.20 | 746.40 | 220.00 | - | 5.61 | 4366.58 | Bodycote● | 910.00 | -0.50 | 967.50 | 585.00 | 2.56 | 29.35 | 358.00 | Goodwin● | 13840.00 | -60.00 | 28500.00 | 10820.00 | 2.38 | 18.74 | 17.28 | Hill & Smith | 3255.00 | -40.00 | 3345.00 | 1994.00 | 31.69 | 201.79 | IMI | 3148.00 | -2.00 | 3192.00 | 2244.00 | 1.12 | 25.33 | 828.40 | Melrose | 461.00 | -14.10 | 685.00 | 409.90 | 1.63 | 15.90 | 4578.09 | RHI | 2845.00 | -35.00 | 3390.00 | 1920.00 | 5.36 | 18.44 | 23.03 | Weir● | 2662.00 | 80.00 | 3580.00 | 2254.00 | 1.58 | 27.82 | 5550.67 | Braemar | 235.00 | 6.00 | 249.00 | 203.11 | 2.98 | 32.46 | 376.95 | Fisher (J) | 424.00 | 9.00 | 554.00 | 358.00 | - | -48.74 | 24.06 | Insurance | Admiral Group | 3650.00 | 76.00 | 4128.00 | 2624.00 | 3.93 | 14.81 | 386.05 | Aviva+ | 688.40 | 11.20 | 740.60 | 580.60 | 5.84 | 25.59 | 3045.49 | Chesnara+ | 332.50 | -2.00 | 378.00 | 265.00 | 6.91 | -65.84 | 690.68 | Ecclesiastical Insurance | 128.00 | -0.50 | 155.00 | 125.50 | 6.74 | - | 55.11 | Hansard Global+ | 55.50 | 0.75 | 60.80 | 43.20 | 8.02 | 11.81 | 9.34 | Hiscox | 1850.00 | -1.00 | 1952.00 | 1288.00 | 2.12 | 13.59 | 1376.61 | Lancashire Hldgs | 635.50 | -3.00 | 700.00 | 549.00 | 2.64 | 6.97 | 471.67 | Legal & General | 290.40 | 1.60 | 318.10 | 217.20 | 7.54 | 29.07 | 80618.02 | Old Mutual+ | 59.40 | - | 78.80 | 55.00 | 7.31 | 6.62 | 1257.22 | Prudential+ | 924.20 | 5.20 | 1238.00 | 905.40 | 2.26 | 7.96 | 5257.51 | Standard Life+ | 879.50 | 11.50 | 960.00 | 633.50 | 6.38 | -186.73 | 1929.87 | Leisure | ME Group | 115.60 | -1.60 | 195.94 | 98.50 | 7.26 | 7.71 | 690.92 | FINANCIAL TIMES | | Price | +/- | 52 Week | High | Low | Yld | P/E | Vol 000s | BP Marsh | 653.00 | 4.00 | 710.00 | 613.00 | 5.56 | 4.92 | 156.91 | Burlford Capital | 267.40 | -2.80 | 908.00 | 265.00 | 3.53 | 12.24 | 117.99 | Premier Miton Group | 35.00 | -0.25 | 64.20 | 34.53 | 8.57 | 44.87 | 607.99 | Food & Beverages | Camellia | 5700.00 | - | 6300.00 | 4800.00 | 4.56 | -30.53 | 0.29 | Fevertree Drinks♦ | 830.50 | -1.50 | 973.00 | 711.00 | 2.10 | 44.22 | 471.93 | Nichols | 1090.00 | - | 1200.00 | 880.00 | 3.57 | 18.58 | 20.13 | House, Leisure & Pers Goods | Churchill♦ | 355.00 | - | 460.00 | 271.00 | 5.92 | 8.94 | 23.50 | Frontier Dev♦ | 591.00 | 3.00 | 640.00 | 302.00 | - | 7.92 | 73.00 | Portmeirion | 48.50 | -1.00 | 122.00 | 47.14 | - | -1.07 | 46.40 | Sanderson Design Grp | 74.50 | - | 80.00 | 40.00 | 2.01 | 25.00 | 219.09 | Industrial Engineering | MS Intl | 1540.00 | 10.00 | 1800.00 | 1120.00 | 1.69 | 22.85 | 21.28 | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Div(-)Prem | High | Low | Fidelity Spec | 462.50 | 2.00 | 479.50 | 384.77 | 2.23 | 461.30 | 0.05 | Finsbury G&I | 776.00 | 10.00 | 875.00 | 706.25 | 2.71 | 823.40 | -7.09 | The Gbl Small Co | 192.00 | 0.40 | 198.60 | 162.72 | 1.64 | 201.93 | -5.37 | GRIT(susp) | 1.25 | — | 1.25 | 1.25 | — | 14.40 | -91.32 | Hansa | 332.00 | — | 346.00 | 250.00 | 1.33 | 555.58 | -39.67 | Hansa A | 335.00 | — | 340.00 | 244.00 | 1.31 | 555.58 | -39.67 | Hen FarEs | 272.50 | -1.00 | 281.50 | 229.00 | 9.19 | 258.91 | 5.01 | Hen High Inc | 201.00 | 1.00 | 214.00 | 173.25 | 5.53 | 208.04 | -3.33 | Hen Smlr | 950.00 | -1.00 | 998.00 | 769.00 | 3.05 | 1049.71 | -9.43 | Herald | 3010.00 | 15.00 | 3290.73 | 2285.00 | — | 3486.12 | -14.63 | HICL Infra | 131.80 | 0.40 | 141.00 | 107.20 | 6.45 | 160.33 | -18.15 | Impax Env | 450.00 | -2.00 | 494.76 | 379.00 | 1.16 | 513.95 | -11.13 | IntBiotech | 107.00 | 5.00 | 1235.00 | 782.10 | 2.93 | 1092.33 | -1.86 | Intl PP | 136.60 | 1.80 | 145.80 | 115.60 | 6.43 | 153.64 | -11.85 | Inv Asia Dragon Tst | 502.00 | -5.00 | 520.00 | 395.00 | 3.82 | 543.50 | -7.71 | Inv Bond Inc | 168.50 | -0.50 | 178.50 | 150.11 | 7.27 | 166.19 | 1.72 | JPM Amer IT | 1256.00 | 12.00 | 1258.00 | 1041.00 | 0.92 | 1298.01 | -4.28 | JPM Asia G&I | 608.00 | -2.00 | 652.00 | 426.00 | 5.43 | 611.29 | -1.14 | JPM China G&I | 259.00 | -1.00 | 313.00 | 252.50 | 4.40 | 285.50 | -9.47 | JPM Clavr | 926.00 | 2.00 | 986.00 | 799.98 | 3.94 | 957.12 | -3.40 | JPM Emrg EMEA | 235.00 | 2.00 | 310.00 | 194.15 | 0.26 | 68.83 | 240.63 | JPM Emrg | 173.20 | -1.40 | 181.20 | 126.20 | 4.35 | 189.27 | -9.11 | JPM Eur Disc | 612.00 | 4.00 | 666.00 | 548.00 | 2.61 | 662.10 | -7.40 | JPM Eur G&I | 140.00 | 0.80 | 153.00 | 124.50 | 3.89 | 144.57 | -2.45 | JPM Em Mk Div | 218.00 | — | 221.00 | 155.50 | 2.75 | 238.31 | -9.79 | JPM Gbl G&I | 620.00 | 6.00 | 641.00 | 529.60 | 4.00 | 636.27 | -3.52 | JPM India Gwth Inc | 835.00 | -5.00 | 1098.00 | 799.00 | 5.07 | 917.62 | -8.17 | JPM Japan | 848.00 | 7.00 | 867.00 | 668.00 | 1.03 | 928.06 | -8.73 | JPM UK Sm | 350.50 | 4.00 | 369.00 | 287.92 | 4.26 | 375.85 | -7.61 | JPM US Sml | 422.00 | 3.00 | 463.00 | 365.00 | 0.76 | 462.41 | -9.16 | Law Deb | 1232.00 | 10.00 | 1290.00 | 991.00 | 2.96 | 1210.88 | 1.35 | Lindsell Train | 584.00 | 4.00 | 750.00 | 529.50 | 4.79 | 6.78 | -14.44 | Lowland | 185.00 | 0.50 | 191.50 | 148.00 | 3.72 | 201.54 | -8.35 | Manwyn Val | 141.00 | — | 141.80 | 141.00 | 6.43 | 264.13 | -45.85 | Mercantile | 273.50 | 1.50 | 290.50 | 234.31 | 3.03 | 302.44 | -10.01 | Merch. Trst | 660.00 | 3.00 | 691.00 | 536.25 | 4.53 | 687.14 | -4.76 | Mid Wynd | 806.00 | 8.00 | 812.00 | 682.00 | 1.07 | 822.52 | -2.19 | Monks IT | 1682.00 | 4.00 | 1687.13 | 1366.00 | 0.05 | 1778.48 | -6.72 | Montanaro Eur | 178.00 | 2.50 | 189.00 | 142.00 | 0.87 | 194.88 | -9.08 | Murray Inc | 958.00 | 7.00 | 1036.00 | 854.66 | 4.28 | 1017.68 | -6.55 | Murray Intl | 357.50 | 2.50 | 376.00 | 296.50 | 3.58 | 353.42 | 0.64 | New Star IT | 140.50 | 1.50 | 148.00 | 111.00 | 2.53 | 202.68 | -31.41 | N. Atl Smir IT | 425.00 | — | 434.00 | 328.00 | 1.65 | 649.88 | -35.22 | Pac. Horiz. | 1142.00 | -10.00 | 1262.00 | 719.00 | — | 1265.02 | -10.29 | Pers. Assets | 543.00 | 4.00 | 558.00 | 515.00 | 1.03 | 546.31 | -1.36 | Polar Health | 428.50 | -1.00 | 460.50 | 352.11 | 0.51 | 426.42 | 0.89 | Polar Fin. | 241.00 | 0.50 | 260.50 | 199.16 | — | 248.25 | -3.10 | Polar Tech. | 723.00 | 6.00 | 743.50 | 420.00 | — | 793.41 | -9.94 | IS YOUR SHARE PRICE BEING NOTICED?

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To advertise contact carol.ramsey@ft.com | | Price | +/- | 52 Week | Vol000s | High | Low | Yld | P/E | Media | Autotrader Grp | 464.50 | 3.90 | 828.80 | 418.60 | 2.50 | 13.59 | 3483.29 | Informa | 887.20 | 25.40 | 1000.00 | 719.00 | 2.53 | — | 7866.89 | ITV | 67.05 | 0.65 | 87.35 | 65.70 | 7.46 | 11.36 | 8749.78 | Pearson | 1233.00 | 3.50 | 1337.00 | 874.80 | 2.08 | 23.99 | 1434.25 | Reach | 47.45 | 0.45 | 73.70 | 39.00 | 12.43 | -1.13 | 1000.60 | Relx■ | 2571.00 | 35.00 | 3539.00 | 1991.00 | 2.68 | 22.83 | 3908.65 | Rightmove● | 453.50 | 10.00 | 706.20 | 391.40 | 2.37 | 16.14 | 4044.79 | STV Group | 101.00 | -3.50 | 124.50 | 95.60 | — | -9.35 | 22.25 | Anglo American | 4152.00 | -28.00 | 4348.00 | 2639.00 | 0.69 | -16.67 | 2083.68 | Antofagasta | 3829.00 | -9.00 | 4475.00 | 2496.00 | 1.54 | 37.71 | 939.07 | BHP Group | 3268.00 | 7.00 | 3592.00 | 1971.00 | 3.89 | 22.41 | 936.24 | Ferrexpo | 32.98 | 0.48 | 87.23 | 25.22 | - | -1.15 | 1495.13 | Fresnillo | 2703.00 | -39.00 | 4472.00 | 2000.00 | 4.14 | 19.11 | 933.00 | Glencore | 573.50 | 4.20 | 707.20 | 332.20 | 2.23 | - | 19059.57 | Harmony | 1282.29 | -15.44 | 1963.66 | 946.96 | 4.55 | 12.17 | 2482.02 | Rio Tinto | 7164.00 | -19.00 | 9117.00 | 4899.00 | 4.86 | 15.50 | 1302.68 | | Price | +/- Dly Dng | 52 Week | Yld | P/E | Vol000s | High | Low | Halfords Group | 258.50 | 1.00 | 276.10 | 123.80 | 3.48 | 17.01 | 965.45 | Inchcape | 686.00 | -45.50 | 885.00 | 684.00 | 4.90 | 9.46 | 1640.90 | JD Sports | 80.34 | 0.64 | 106.18 | 63.98 | 1.58 | 9.31 | 9898.15 | Kingfisher | 329.10 | 3.90 | 372.30 | 266.40 | 3.77 | 23.51 | 3483.67 | Marks & Spencer | 385.80 | 9.60 | 418.33 | 301.10 | 1.09 | 30.38 | 7180.95 | Saga | 750.00 | -15.00 | 799.00 | 234.50 | -- | -- | 370.83 | Sainsbury J | 321.80 | -1.10 | 380.30 | 253.70 | 4.26 | 18.60 | 6999.38 | Tesco | 470.00 | -0.20 | 510.40 | 411.70 | 3.09 | 17.09 | 7860.67 | BP■ | 560.90 | -2.30 | 609.40 | 399.35 | 4.47 | — | 29456.42 | Capricorn | 426.00 | -1.00 | 450.00 | 181.80 | — | 20.20 | 334.92 | ExxonMobil Hldgs | 12491.10 | — | 12492.60 | 12282.40 | 2.48 | — | — | GeoPark | 863.11 | — | 866.13 | 848.05 | 0.80 | 13.98 | — | Helleniq Energy | 1510.75 | — | 1546.35 | 1505.66 | 3.37 | 6.12 | 383.44 | Imperial Oil C$ | 9295.68 | -63.39 | 10397.16 | 6229.98 | 1.98 | — | 269.12 | TC Energy Corp+ | 4511.26 | — | 4539.85 | 4460.44 | 4.12 | -23.96 | 2244.93 | Bunzl | 2668.00 | 46.00 | 2898.00 | 1981.00 | 2.80 | 18.92 | 1632.69 | Capita | 201.00 | -11.00 | 416.00 | 198.80 | - | -1.39 | 1746.95 | DCC Energy | 6440.00 | - | 6740.00 | 4188.00 | 3.37 | - | 715.68 | Diploma | 7860.00 | -10.00 | 7980.00 | 4970.00 | 0.80 | 57.00 | 270.30 | Essentra♦ | 114.20 | 2.40 | 115.20 | 78.40 | 1.84 | - | 213.38 | Experian¶ | 2503.00 | 37.00 | 3707.00 | 2203.00 | 2.07 | 20.20 | 3381.43 | Hays | 62.85 | - | 78.45 | 28.68 | 0.70 | -17.27 | 4542.64 | Howden Joinery | 759.50 | 6.50 | 981.00 | 713.00 | 2.90 | 15.44 | 603.67 | Intertek | 5985.00 | - | 5900.00 | 3519.42 | 2.80 | 26.98 | 758.73 | Johnson Service | 136.30 | 0.30 | 172.10 | 123.80 | 3.67 | 14.66 | 1449.48 | MITIE Group | 210.00 | - | 214.00 | 134.80 | 2.14 | 31.82 | 2557.62 | RS Group | 764.00 | 7.50 | 790.00 | 536.90 | 3.00 | 22.08 | 745.82 | Vp | 512.00 | 2.00 | 608.00 | 420.00 | 7.71 | -37.10 | 9.15 | AstraZeneca■ | 11958.00 | 194.00 | 15732.00 | 9892.00 | 2.00 | 24.06 | 2188.42 | Chemical Works | 2812.94 | - | 2812.94 | 2812.94 | 5.41 | 14.52 | - | GlaxoSmKline■● | 1765.50 | 6.50 | 2282.00 | 1592.00 | 3.96 | 12.51 | 5019.29 | Hikma Pharm | 1620.00 | 41.00 | 1865.00 | 1187.00 | 4.00 | 11.82 | 525.03 | REITs | British Land | 394.60 | 2.00 | 451.60 | 335.40 | 5.86 | - | - | Derwent London | 1795.00 | 31.00 | 2196.00 | 1469.33 | 4.57 | - | - | Great Portland Est | 308.60 | 3.60 | 377.00 | 270.00 | 2.66 | - | 0.00 | Land Securities | 617.50 | -1.00 | 726.00 | 525.00 | 6.67 | - | - | LondonMetric Prop | 173.90 | 3.10 | 216.20 | 170.20 | 7.22 | - | - | Primary Health Prop | 89.75 | 0.20 | 109.60 | 87.40 | 8.13 | - | - | Segro | 920.20 | 4.80 | 997.40 | 632.20 | 3.43 | - | - | Shaftesbury Capital | 137.50 | 2.10 | 155.10 | 124.10 | 3.13 | 7.35 | 2068.41 | Tritax Big Box | 142.20 | 1.30 | 175.00 | 139.80 | 5.81 | - | - | Tech - Software & Services | Computacenter• | 5430.00 | 10.00 | 6045.00 | 2578.00 | 1.44 | 37.06 | 322.77 | NCC Group• | 145.20 | -0.20 | 161.60 | 107.20 | 3.20 | 25.93 | 1015.22 | The Sage Grp | 1005.00 | 3.00 | 1181.00 | 771.66 | 2.23 | 26.63 | 1563.11 | Triad Group | 380.00 | — | 430.00 | 236.00 | 2.37 | 38.31 | 0.01 | Telecommunications | Airtel Africa | 310.60 | 0.20 | 436.20 | 219.00 | 1.72 | 22.17 | 1605.00 | BT Group | 195.25 | -3.75 | 242.09 | 173.00 | 4.26 | 17.75 | 21857.09 | Telecom Plus | 843.00 | 18.00 | 1896.00 | 638.00 | 5.93 | 8.33 | 287.40 | Vodafone | 125.10 | -2.10 | 132.07 | 83.40 | 3.17 | -89.43 | 33841.42 | Tobacco | Real Estate Inv & Services | Grainger | 166.10 | 3.30 | 202.79 | 149.44 | 5.06 | - | - | Hanworth Group▲ | 187.00 | - | 195.00 | 116.80 | 0.98 | 64.48 | 696.83 | Helical | 182.00 | 1.00 | 236.25 | 176.00 | 1.44 | 37.68 | 148.09 | Mountview Estates | 8750.00 | - | 10200.00 | 8350.00 | 6.00 | 16.76 | 0.04 | Savills | 973.00 | 3.00 | 1142.00 | 791.46 | 2.42 | 18.71 | 554.80 | Sirius Real Estate | 88.80 | 0.45 | 113.00 | 85.85 | 6.11 | 6.91 | 2125.76 | Smart (J) | 115.00 | - | 140.00 | 106.00 | 2.83 | 8.80 | 0.38 | Retailers | Caffyns | 545.00 | 45.00 | 550.00 | 350.00 | 1.83 | -13.39 | 1.50 | Dunelm Group | 780.50 | 5.00 | 1174.00 | 707.00 | 9.03 | 10.14 | 369.54 | Brit Amer Tobacco● | 3999.00 | 21.00 | 5326.00 | 3677.00 | 6.13 | 11.39 | 4460.07 | Imperial Brands | 2467.00 | 17.00 | 3632.04 | 2408.00 | 6.76 | 9.82 | 1443.06 | Travel & Leisure | easyJet | 678.20 | 1.20 | 683.80 | 332.60 | 1.95 | 10.31 | 2669.68 | FirstGroup | 187.60 | 1.20 | 222.60 | 152.10 | 3.84 | 8.77 | 1571.82 | Fullers 'A' | 704.00 | -6.00 | 780.00 | 570.00 | 3.01 | 17.95 | 51.34 | IntContl Hotels | 12129.50 | 77.16 | 13305.06 | 8762.00 | 1.16 | 32.81 | 139.42 | Intl Cons Air | 439.70 | 5.70 | 492.90 | 332.70 | 1.53 | 7.27 | 8291.46 | Whitbread | 2551.00 | 125.00 | 3290.00 | 2098.00 | 3.80 | 20.69 | 1386.54 | | Price | +/- Dly Chg | 52 Week | Vol000s | High | Low | Yld | P/E | Media | Mission Group | 25.50 | - | 29.00 | 12.00 | - | -1.20 | 48.39 | Mining | Central Asia Metals♦ | 150.60 | -3.60 | 244.00 | 125.27 | 10.29 | -4.70 | 738.70 | Crism Therapeutics | 9.25 | - | 18.50 | 8.00 | - | -1.81 | 17.75 | Oil & Gas | BorSthnPet | 8.98 | 0.04 | 14.00 | 7.60 | - | -74.52 | 1304.90 | Pharmaceuticals & Biotech | Sareum Holdings | 27.50 | -2.00 | 40.00 | 9.50 | - | -11.46 | 813.83 | Retailers | Boohoo Group | 24.50 | 1.00 | 29.50 | 10.30 | - | -3.17 | 3109.97 | CVS Group | 1170.00 | 20.00 | 1648.00 | 1062.00 | 0.77 | 47.95 | 343.99 | Drax Group* | 780.00 | -29.00 | 937.50 | 695.50 | 3.88 | 37.68 | 1184.11 | National Grid■ | 1151.00 | 2.50 | 1428.50 | 1069.50 | 4.21 | 17.57 | 5195.52 | Pennon | 452.00 | 3.40 | 606.00 | 435.60 | 6.48 | 23.30 | 971.48 | Severn Trent | 3114.00 | 12.00 | 3335.00 | 2381.00 | 4.05 | 25.21 | 434.97 | SSE | 2472.00 | 6.00 | 2767.50 | 1745.50 | 2.78 | 23.43 | 3626.68 | | Price | +/- Dly Chg | 52 Week | Dis(-)Prem | High | Low | Yld | NAV | Rights & Iss IT | 2480.00 | -10.00 | 2520.00 | 1965.13 | 1.82 | 3044.27 | -17.59 | RIT Cap. | 2455.00 | 5.00 | 2645.00 | 1985.25 | 1.83 | 3198.50 | -22.62 | Ruffer Inv Pr | 293.50 | -0.50 | 319.00 | 281.26 | 2.10 | 305.29 | -3.50 | Schdr AsiaPac | 857.00 | — | 892.00 | 641.35 | 1.52 | 949.99 | -10.14 | Schdr AsiaTotal | 716.00 | -9.00 | 746.00 | 530.00 | 1.61 | 761.72 | -5.79 | Schroder Inc. | 357.00 | 6.00 | 380.00 | 314.00 | 4.29 | 376.00 | -5.41 | Schdr Japan | 392.00 | 2.00 | 402.53 | 276.00 | 3.40 | 431.44 | -8.71 | Schdr Orient. | 460.00 | -2.00 | 478.00 | 317.00 | 2.87 | 484.59 | -5.29 | Schdr UK Mid | 765.00 | 3.00 | 790.00 | 652.00 | 2.95 | 800.23 | -5.40 | Scot American | 556.00 | 4.00 | 572.00 | 480.10 | 2.94 | 598.43 | -7.31 | Scot Mortgage | 1637.50 | 17.00 | 1651.50 | 1015.74 | 0.28 | 1817.34 | -10.06 | Scot Oriental | 281.00 | 2.00 | 295.00 | 240.00 | 1.21 | 311.50 | -9.34 | Strategic Eq. | 404.50 | 0.50 | 415.00 | 330.00 | 1.11 | 449.54 | -9.27 | Temple Bar | 411.50 | — | 429.50 | 345.25 | 3.79 | 409.76 | 0.07 | Tetragon | 1103.37 | -4.67 | 1446.64 | 892.96 | 3.21 | — | — | TRIG | 75.90 | -0.20 | 80.50 | 63.20 | 9.95 | 101.30 | -23.57 | UIL | 208.00 | — | 307.88 | 205.00 | 3.83 | 269.28 | -24.35 | Utilico Emer Mkts | 291.00 | 4.00 | 302.00 | 243.00 | 3.33 | 320.75 | -8.13 | Worldwide Hlth | 369.00 | 2.50 | 401.50 | 322.52 | 0.65 | 398.94 | -7.21 | | 52 Week | Price | +/- Dly Chg | High | Low | Yld | P/E | Support Services | Christie | 180.00 | - | 199.60 | 90.00 | 2.22 | 35.43 | LonSec | 3750.00 | - | 3900.00 | 2100.00 | 2.59 | 19.33 | NWF | 157.00 | - | 187.50 | 110.00 | 5.54 | 8.44 | Petards | 8.50 | - | 12.50 | 7.00 | - | -12.69 | Renew | 972.00 | -1.00 | 1000.00 | 821.00 | 2.09 | 15.76 | Tech - Software & Services | CT PrivEq | 469.00 | 10.00 | 592.00 | 439.84 | 6.04 | 695.92 | -32.60 | HGCapital | 380.50 | 7.50 | 512.00 | 318.64 | 1.31 | 530.10 | -29.63 | HVPE | 3290.00 | 5.00 | 3500.00 | 2807.59 | — | 4518.00 | -27.07 | ICG Ent | 1372.00 | -6.00 | 1611.42 | 1288.31 | 3.06 | 2031.82 | -32.57 | Pantheon Int | 386.00 | -2.00 | 409.00 | 339.05 | — | 534.60 | -27.42 | Partners PE € | 588.36 | -8.48 | 945.52 | 569.45 | 10.09 | 11.58 | -40.07 | Oxford Metrics | 35.00 | -1.00 | 60.40 | 34.90 | 9.29 | -63.64 | 224.44 | Travel & Leisure | Gaming Realms | 31.50 | - | 47.20 | 29.00 | - | 15.52 | 26.09 | Jet2♦ | 1439.00 | 19.00 | 1612.00 | 980.00 | 1.17 | 6.81 | 265.12 | AEW UK REIT | 99.10 | -2.10 | 113.20 | 95.90 | 8.07 | 106.85 | -5.45 | TR Prop | 275.00 | 3.00 | 364.50 | 269.50 | 5.85 | 301.54 | -9.34 | VCTs | Bnd 2nd VT | 44.40 | — | 54.00 | 39.00 | 9.01 | 46.55 | -4.62 | Nthn 2 VCT | 53.00 | — | 56.50 | 47.00 | 5.66 | 55.40 | -1.62 | Nthn 3 VCT | 82.00 | — | 86.50 | 79.50 | 5.49 | 86.00 | -4.65 | Nthn Venture | 56.00 | — | 59.50 | 53.00 | 5.54 | 58.60 | -4.44 | Zero Dividend Preference Shares | Aberforth GV | 118.00 | — | 120.18 | 111.00 | — | 116.57 | 1.25 | Investment Companies - AIM | Crys Amber | 76.50 | -0.50 | 155.39 | 74.10 | — | 172.64 | -55.40 | ---

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All data is as of close of the previous business day. Company classifications are based on the ICB system used by FTSE. FSTE 100 constituents are shown in bold. Closing prices are shown in pence unless otherwise indicated. Highs & lows are based on intra-day trading over a rolling 52 week period. Price/earnings ratios (P/E) are based on latest annual reports and accounts and are updated with interim figures. P/E is calculated using the company's diluted earnings from continuing operations. Yields are based on closing price and on dividends paid in the last financial year and updated with interim figures. Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares. Net asset value per share (NAV) and split analytics are provided only as a guide. Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price. Discounts, premiums, gross redemption yield (GRY) and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV in pence.

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Bid Offer +/- Yield 24m 36m

CP Global Asset Management Pte.Ltd.

Candriam Investors Group

CP Global Asset Management

The Ground Truth image displays a single, solid horizontal line, which is a stylistic or background element (like a rule line on paper). According to Rule 2, such lines must be ignored by the OCR result. The OCR content provided is "", which consists of no characters. Since the OCR output correctly ignores the stylistic line, it complies with Rule 2. Therefore, the OCR result is consistent with the Ground Truth.

Artemis Fund Managers Ltd (1200)F 57 St James's Street, London SW1A 1LD 0800 092 2051 | International Mutual Funds | Dodge & Cox Worldwide Funds | (IRL) | 48-49 Pall Mall, London SW1Y 5JGwww.dodgeandcox.com +44 0203 642 3370FCA Recognised | Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund | Emerging Markets Stock Fund A USD Acc | $ | 16.38 | - | 0.38 | 0.00 | 26.57 | 24.27 | Emerging Markets Stock Fund A GBP Acc | £ | 17.52 | - | 0.44 | 0.00 | 24.57 | 21.95 | Emerging Markets Stock Fund D GBP Dis | £ | 15.78 | - | 0.39 | 1.69 | 21.91 | 19.36 | Emerging Markets Stock Fund A EUR Acc | € | 17.74 | - | 0.48 | 1.51 | 24.67 | 22.65 | ---

MANAGED FUNDS SERVICE

---

Algebris INVESTMENTS | Algebris Core Italy I EUR | € | 247.32 | - | 2.06 | 0.00 | 26.10 | 18.59 | Algebris Core Italy R EUR | € | 228.14 | - | 1.89 | 0.00 | 25.17 | 17.71 | Algebris Financial Credit I EUR | € | 225.21 | - | -0.13 | 0.00 | 5.47 | 8.85 | Algebris Financial Credit I GBP | £ | 199.81 | - | -0.10 | 0.00 | 0.00 | 0.00 | Algebris Financial Credit I USD | $ | 208.37 | - | -0.10 | 5.86 | 0.00 | 0.00 | Algebris Financial Credit R EUR | € | 189.14 | - | -0.12 | 0.00 | 4.79 | 8.21 | Algebris Financial Equity B EUR | € | 375.19 | - | 1.36 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity R EUR | € | 303.71 | - | 1.08 | 0.00 | 28.23 | 29.62 | Algebris Financial Equity Fund B GBP | £ | 314.07 | - | 1.14 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity Fund B USD | $ | 473.87 | - | 1.74 | 3.90 | 0.00 | 0.00 | Algebris Financial Income I EUR | € | 297.36 | - | 0.26 | 0.00 | 15.66 | 17.95 | Algebris Financial Income R EUR | € | 261.42 | - | 0.21 | 0.00 | 14.63 | 16.90 | Algebris Financial Income Fund I GBP | £ | 218.78 | - | 0.19 | 6.02 | 0.00 | 0.00 | Algebris Financial Income Fund I USD | $ | 250.00 | - | 0.24 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I EUR | € | 152.17 | - | -0.16 | 0.00 | 2.83 | 5.54 | Algebris Global Credit Opportunities R EUR | € | 145.77 | - | -0.16 | 0.00 | 2.29 | 5.02 | Algebris Global Credit Opportunities I GBP | £ | 151.81 | - | -0.13 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I USD | $ | 156.68 | - | -0.14 | 0.00 | 0.00 | 0.00 | Algebris IG Financial Credit I EUR | € | 117.58 | - | -0.27 | 0.00 | 3.74 | 6.68 | Algebris IG Financial Credit R EUR | € | 113.57 | - | -0.26 | 0.00 | 3.22 | 6.15 | Algebris Strategic Credit Fund R EUR | € | 113.35 | - | -0.09 | 0.00 | 2.31 | 4.66 | Algebris Global Equity Select B EUR | € | 155.52 | - | 0.28 | 0.00 | 8.44 | 11.42 | Algebris Global Equity Select R EUR | € | 147.75 | - | 0.25 | 0.00 | 7.05 | 9.99 |

| Blue Whale Investment Funds ICAVwww.bluewhale.co.uk info@bluewhale.co.uk | (IRE) | FCA Recognised-Ireland UCITS | Blue Whale Growth USD T | $ | 25.79 | - | 0.14 | 0.00 | 0.00 | 0.00 | ---

Canaccord WEALTH | Canaccord Wealth International Multi Strategy Funds Limited | Balanced Strategy | £ | 1.19 | - | 0.01 | 0.00 | 11.67 | 11.24 | Balanced Strategy A | £ | 1.19 | - | 0.01 | 1.84 | 8.61 | 8.77 | Cautious Balanced Strategy | £ | 1.48 | - | 0.00 | 0.91 | 9.02 | 8.99 | Cautious Balanced Strategy A | £ | 1.06 | - | 0.00 | 1.84 | 6.68 | 7.15 | Growth Strategy | £ | 2.71 | - | 0.02 | 0.78 | 1.66 | 5.72 | Growth Strategy A | £ | 1.29 | - | 0.01 | 0.54 | 10.57 | 11.06 | High Growth Strategy GBP | £ | 4.00 | - | 0.03 | 0.24 | 14.90 | 14.99 | High Growth Strategy A | £ | 1.37 | - | 0.01 | 0.52 | 12.63 | 12.47 | High Income Bond Fund B Monthly | £ | 0.97 | - | 0.00 | 0.00 | 0.00 | 0.00 | High Income Bond Fund B Quarterly | £ | 0.98 | - | 0.00 | 0.00 | 0.00 | 0.00 | US$ Growth Strategy | $ | 2.57 | - | 0.02 | 0.21 | 14.55 | 14.80 | Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes. | CG Portfolio Fund PLC | Absolute Return M Inc | £ | 144.58 | - | 0.13 | 2.61 | 2.97 | 2.45 | Capital Gearing Portfolio GBP P | £ | 39610.76 | - | 37.69 | 1.95 | 2.92 | 2.34 | Capital Gearing Portfolio GBP V | £ | 192.68 | - | 0.18 | 1.94 | 2.94 | 2.35 | Dollar Fund Cis D Inc | £ | 152.17 | - | -0.36 | 2.82 | -1.34 | -2.41 | Dollar Hedged GBP Inc | £ | 92.36 | - | -0.05 | 2.54 | -0.11 | -0.69 | Real Return Cls A Inc | £ | 182.32 | - | -0.37 | 2.55 | -0.87 | -2.32 | UK Index-Linked Bond G Inc | £ | 105.50 | - | 0.00 | 2.10 | 0.92 | 0.00 | Chartered Asset Management Pte Ltd | Other International Funds | CAM-GTF VCC | $ 477779.20 | 477779.20 | 0.00 | 0.00 | 0.49 | 3.79 | CAM Gti VCC | $ 1755.82 | - | 0.00 | 0.00 | 20.88 | 4.69 | RAIC VCC | $ 1.94 | - | 0.00 | 0.00 | 8.97 | -1.66 | EdenTree Investment Management Ltd (UK)Sunderland SR43 4AU 0800 358 3010 | Authorised Inv Funds | EdenTree Global Impact Bond | 84.37 | - | 0.16 | 4.34 | -1.65 | -0.35 | EdenTree Green Impact Equity | 133.90 | - | 0.60 | 0.95 | 7.85 | 9.18 | EdenTree Green Impact Infrastructure | 76.41 | - | 0.30 | 6.81 | -3.66 | -6.88 | EdenTree Global Sustainable Government Bond | 94.60 | - | -0.01 | 3.18 | 0.00 | 0.00 | EdenTree Sustainable European Equity A | 478.90 | - | 6.80 | 1.94 | 11.10 | 12.75 | EdenTree Sustainable European Equity B | 484.40 | - | 6.90 | 0.00 | 11.10 | 12.75 | EdenTree Sustainable Global Equity A | 463.30 | - | 2.40 | 0.53 | 9.93 | 9.76 | EdenTree Sustainable Global Equity B | 467.60 | - | 2.40 | 0.95 | 9.89 | 9.75 | EdenTree Sustainable Managed Income A | 135.60 | - | 0.90 | 4.21 | 3.74 | 3.51 | EdenTree Sustainable Managed Income B | 147.10 | - | 1.00 | 4.17 | 4.21 | 3.92 | EdenTree Sustainable Short Dated Bond | 94.60 | - | 0.10 | 4.64 | -0.15 | 0.69 | EdenTree Sustainable Sterling Bond A | 82.83 | - | 0.23 | 5.11 | -1.49 | -0.08 | EdenTree Sustainable Sterling Bond B | 95.67 | - | 0.27 | 5.11 | -0.89 | 0.53 | EdenTree Sustainable UK Equity A | 248.10 | - | 1.10 | 1.82 | 4.74 | 3.71 | EdenTree Sustainable UK Equity B | 247.50 | - | 1.10 | 2.20 | 2.90 | 3.67 | EdenTree Sustainable UK Equity Opp A | 318.20 | - | 1.50 | 1.53 | 1.73 | 4.88 | EdenTree Sustainable UK Equity Opp B | 324.90 | - | 1.50 | 1.99 | 1.68 | 4.85 | CP Multi-Strategy Fund | $ | 466.99 | - | 0.23 | 0.00 | 11.90 | 13.23 |

CP Capital Asset Management Limited

| Atlantas Sicav | (LUX) | Other International Funds | American Dynamic | $ | 9087.20 | - | 141.16 | 0.00 | 0.00 | American One | $ | 11100.38 | - | 115.70 | 0.00 | 12.41 | Bond Global | € | 1646.01 | - | 18.55 | 0.00 | 0.73 | Eurocroissance | € | 1311.23 | - | -0.09 | 0.00 | 0.00 | Far East | $ | 1267.36 | - | 31.70 | 0.00 | 0.00 | Artemis Corporate Bond I Acc | 117.51 | - | 0.30 | 0.00 | 4.58 | 5.97 | Artemis Global Income I Dis | 243.16 | - | 0.58 | 0.00 | 2.17 | 0.50 | Artemis High Income I Q Inc | 73.81 | - | 0.04 | 0.23 | 1.34 | 2.29 | Artemis Income I Inc | 344.97 | - | 1.75 | 5.48 | 9.76 | 10.62 | Artemis Monthly Dist I Inc | 101.24 | - | 0.19 | 0.00 | 12.70 | 12.93 | Artemis Short-Dn Strat Bond | 132.96 | - | 0.07 | 0.00 | 5.77 | 6.95 | Artemis SmartGARP Eur Eq I Acc | 1001.14 | - | 12.37 | 0.00 | 25.71 | 27.61 | Artemis SmartGARP Global Small Co I Acc | 267.11 | - | 2.23 | 1.95 | 15.89 | 15.41 | Artemis SmartGARP GloEmr Eq I Acc | 365.58 | - | 1.19 | 0.00 | 32.68 | 27.08 | Artemis SmartGARP Glo Eq I Acc | 834.66 | - | 5.83 | 0.00 | 29.57 | 27.35 | Artemis SmartGARP UK Eq I Acc | 4736.78 | - | 19.77 | 2.41 | 25.30 | 23.58 | Artemis Strategic Assets I Acc | 111.55 | - | 0.35 | 0.00 | 3.89 | 3.42 | Artemis Strategic Bond I Q Acc | 123.88 | - | 0.07 | 4.46 | 5.61 | 6.28 | Artemis UK Select Fund Class I Acc | 1446.51 | - | 8.33 | 0.00 | 8.19 | 19.35 | Artemis UK Smaller Cos I Acc | 2632.66 | - | 6.57 | 1.81 | 4.48 | 9.00 | Artemis UK Special Sits I Acc | 1203.32 | - | 7.53 | 0.00 | 11.50 | 13.96 | Artemis US Extended Alpha I Acc | 609.39 | - | 6.24 | 0.00 | 16.36 | 19.12 | Artemis US Select I Acc | 598.99 | - | 6.90 | 0.00 | 21.00 | 21.92 | Artemis US Smir Cos I Acc | 530.17 | - | 4.41 | 0.00 | 20.33 | 19.53 | ASB Capital | Gate Village 5, Level 4, Unit 11, DIFC,Dubai United Arab Emirateswww.asbc.com | ASB SUKUK - ACC | $ 101.91 | - | 0.00 | 0.00 | 0.00 | 0.00 | ASB SUKUK - DIST | $ 94.08 | - | 0.00 | 0.50 | 0.00 | 0.00 | ASB State Street Global Equity | $ 125.11 | - | 0.00 | 0.00 | 0.00 | 0.00 | ASB Global Technology | $ 168.87 | - | 1.44 | 0.00 | 0.00 | 0.00 | ASB MENA Equity | $ 98.25 | - | 0.00 | 0.00 | 0.00 | 0.00 | ---

ASB Capital | International Mutual Funds | CP Dual-Purpose Fund | $ | 217.88 | - | -0.06 | 0.00 | 0.00 | CP Global Alpha Fund | $ | 509.96 | - | -0.15 | 0.00 | 11.19 | CPS-Master Private Fund | $ | 616.61 | - | -0.02 | 0.00 | 11.01 | ---

CANDRIAM | Candriam Bds Euro Sh.Term Cap | € | 2177.96 | - | -0.87 | 0.00 | 2.08 | 2.86 | Candriam Bonds Credit Opportunities | € | 220.36 | - | 0.03 | 0.00 | 2.61 | 3.48 | Candriam Bonds Emerg Mkt-C-Cap | $ | 2972.26 | - | 0.18 | 0.00 | 6.44 | 9.61 | Candriam Equities L Euro Opt Olt-I-Cap | € | 249.70 | - | 0.50 | 0.00 | 7.61 | 6.40 | Candriam Equities L Global Demg R Cap | € | 405.04 | - | 5.28 | 0.00 | 10.31 | 13.28 | Candriam Equities Onco impt-I-Cap | $ | 3524.71 | - | 14.15 | 0.00 | 7.99 | 12.21 | Candriam Equities L Robt&InnvTech I Cap | $ | 8368.94 | - | 67.12 | 0.00 | 32.27 | 28.83 | Candriam Investors Group | (LUX) | FCA Recognised | Candriam Abs Ret Eqt Mkt Neutral-C Cap | € | 223.47 | - | 2.16 | 0.00 | 1.21 | 2.87 | Candriam Bds Euro High Yield Cap | € | 1420.24 | - | -2.36 | 0.00 | 3.90 | 5.97 | Candriam Bonds Gbl Hi Yield -C Cap | € | 283.35 | - | -0.48 | 0.00 | 3.59 | 5.71 | Candriam Bonds Glbl Infl Sh Dtion-I-Cap | € | 164.08 | - | 0.01 | 0.00 | 2.37 | 3.01 | Candriam Bonds Total Return-C-Cap | € | 142.88 | - | -0.11 | 0.00 | 1.73 | 2.84 | Candriam Diversified Futures-I-Cap | € | 14386.35 | - | 122.70 | 0.00 | 1.43 | -1.29 | Candriam Eqts L Australia Cap A$ | A$ | 2349.32 | - | 16.15 | 0.00 | 7.81 | 8.34 | Candriam Eqts L Emerging Mkts Cap | € | 1621.90 | - | 45.85 | 0.00 | 27.77 | 21.76 | Candriam Equities L Biotech-C-Cap | $ | 1323.30 | - | 2.07 | 0.00 | 23.20 | 23.33 | Candriam Equities L Europe Innov-R-Cap | € | 254.61 | - | 1.10 | 0.00 | -3.37 | 1.14 | Candriam Index Arbitrage -C-Cap | € | 1528.82 | - | 0.00 | 0.00 | 1.16 | 2.25 | Candriam Long Short Credit R-Cap | € | 120.47 | - | 0.03 | 0.00 | 2.99 | 3.84 | Candriam Risk Arbitrage-C-Cap | € | 2773.68 | - | 0.65 | 0.00 | 2.97 | 3.77 | Candriam Sust Bond Emerg Mkts I Dist | $ | 744.98 | - | 0.15 | 0.00 | 4.48 | 3.35 | Candriam Sust Bond Euro Corp R Cap | € | 109.82 | - | -0.10 | 0.00 | 2.50 | 4.27 | Candriam Sust GlbHighYield-I-Cap | € | 1233.60 | - | -1.59 | 0.00 | 2.98 | 4.78 | Candriam Eq Crl Econ-R-Cap | $ | 159.06 | - | 0.47 | 0.00 | 4.22 | 6.18 | Candriam Eq Clmt Action I-Cap | $ | 2145.75 | - | 0.62 | 0.00 | 12.27 | 11.32 | Candriam Sust Eq Emerging Mkts C-Cap | € | 198.08 | - | 5.88 | 0.00 | 25.10 | 18.21 | Candriam Sust Eq EMU-C-Cap | € | 217.89 | - | -0.68 | 0.00 | 8.17 | 9.57 | Candriam Sust Eurp S&M Caps-I-Cap | € | 2411.81 | - | 8.18 | 0.00 | 0.38 | 1.86 | Candriam Sust Eq World-C-Cap | € | 47.96 | - | 0.57 | 0.00 | 12.07 | 14.27 | NYLIM GF US High YieldCorp Bond-R-Cap | $ | 171.28 | - | -0.12 | 0.00 | 5.36 | 7.10 | Cantab Asset Management Ltd | (UK) | 01223 522000www.cantabam.com | FCA Recognised | VT Cantab Balanced A GBP Acc | 142.29 | - | 0.69 | 1.80 | 9.98 | 9.36 | VT Cantab Moderate A GBP Acc | 139.61 | - | 0.54 | 2.12 | 9.15 | 8.13 | VT Cantab Sustainable Gbl Eq A GBP Acc | 170.21 | - | 0.70 | 1.37 | 8.89 | 9.13 | ---

Dodge & Cox® Worldwide Funds | Dodge & Cox Worldwide Funds-Global Bond Funds | EUR Accumulating Class | € | 18.35 | - | 0.12 | 0.00 | 3.23 | 4.04 | EUR Accumulating Class (H) | € | 11.86 | - | 0.03 | 0.00 | 2.78 | 3.44 | EUR Distributing Class | € | 11.17 | - | 0.07 | 0.00 | -1.74 | -0.87 | EUR Distributing Class (H) | € | 7.17 | - | 0.02 | 5.05 | -2.18 | -1.41 | GBP Distributing Class | £ | 11.62 | - | 0.06 | 4.75 | -1.85 | -1.49 | GBP Distributing Class (H) | £ | 8.13 | - | 0.02 | 4.70 | -0.36 | 0.11 | USD Accumulating Class | $ | 14.86 | - | 0.05 | 0.00 | 4.80 | 5.45 | CHF Distributing Class (H) | Sfr | 7.29 | - | 0.02 | 0.00 | -4.54 | -3.90 | Dodge & Cox Worldwide Funds-Global Stock Funds | USD Accumulating Share Class | $ | 48.43 | - | 0.69 | 0.00 | 13.73 | 16.04 | GBP Accumulating Share Class | £ | 60.24 | - | 0.96 | 0.00 | 11.91 | 13.85 | GBP Distributing Share Class | £ | 38.51 | - | 0.61 | 0.00 | 9.26 | 12.21 | EUR Accumulating Share Class | € | 64.83 | - | 1.14 | 0.00 | 12.71 | 13.18 | GBP Distributing Share Class (H) | £ | 20.81 | - | 0.30 | 0.00 | 11.70 | 13.71 | USD Distributing Class | $ | 19.78 | - | 0.28 | 0.00 | 12.19 | 14.43 | CAD Accumulating Class | C$ | 65.17 | - | 0.96 | 0.00 | 15.76 | 17.70 | Dodge & Cox Worldwide Funds-US Stock Fund | USD Accumulating Share Class | $ | 58.50 | - | 0.60 | 0.00 | 11.05 | GBP Accumulating Share Class | £ | 68.83 | - | 0.84 | 0.00 | 9.28 | GBP Distributing Share Class | £ | 40.04 | - | 0.48 | 0.00 | 8.43 | EUR Accumulating Share Class | € | 67.61 | - | 0.93 | 0.00 | 8.37 | GBP Distributing Share Class (H) | £ | 22.07 | - | 0.23 | 0.00 | 9.67 | USD Distributing Class | $ | 21.40 | - | 0.22 | 0.00 | 10.19 | OEIC Funds | Allocator World Fund W-Acc-GBP | £ | 4.40 | - | 0.02 | 0.97 | 16.19 | 16.20 | American Fund W-Acc-GBP | £ | 90.57 | - | 0.72 | 0.00 | 11.62 | 13.58 | American Special Sits W-Acc-GBP | £ | 29.00 | - | 0.12 | 0.42 | 7.07 | 9.14 | Asia Funds W-Acc-GBP | £ | 30.59 | - | -0.09 | 0.48 | 36.18 | 25.82 | Asia Pacific Opps W-Acc | £ | 3.34 | - | 0.00 | 0.69 | 11.09 | 7.55 | Asian Dividend Fund W-Acc-GBP | £ | 3.69 | - | -0.01 | 2.01 | 23.48 | 18.79 | Cash Fund W-Acc-GBP | £ | 1.22 | - | 0.00 | 3.83 | 0.00 | 0.00 | China Fund W-Accumulation-GBP | £ | 2.46 | - | 0.02 | 1.52 | 14.11 | 1.37 | Emerging Mkts NAV | 1616.56 | - | 5.32 | 0.00 | 0.00 | 0.00 | Enhanced Income Fund W-Inc-GBP | £ | 0.93 | - | 0.00 | 6.16 | -1.45 | -1.96 | European Fund W-Acc-GBP | £ | 31.91 | - | 0.34 | 1.47 | 6.13 | 8.84 | Global High Income Bond W-Acc-GBP | £ | 1.55 | - | 0.00 | 5.74 | 5.24 | 7.40 | Sustainable Euro Equity Fund W-ACC-GBP | £ | 7.19 | - | 0.07 | 1.17 | 8.78 | 9.96 | Sustainable Global Equity Fund W-ACC-GBP | £ | 44.32 | - | 0.39 | 0.29 | 7.91 | 8.90 | Japan Fund W-ACC-GBP | £ | 11.13 | - | 0.13 | 0.86 | 23.47 | 19.58 | Select 50 Balanced Fund PI-Acc-GBP | £ | 1.53 | - | 0.00 | 2.17 | 0.00 | 0.00 | Special Situations Fund W-ACC-GBP | £ | 73.24 | - | 0.38 | 2.27 | 18.33 | 20.23 | Short Dated Corp Bond Fund W-ACC-GBP | £ | 12.64 | - | 0.01 | 4.80 | 0.00 | 0.00 | Sustainable Water & Waste W-ACC-GBP | 126.60 | - | 0.00 | 0.00 | 7.94 | 1.31 | Sustainable Water & Waste W-INC-GBP | 124.00 | - | 0.00 | 0.00 | 0.00 | 0.00 | UK Select Fund W-ACC-GBP | £ | 4.61 | - | 0.02 | 1.75 | 6.05 | 8.63 | Global Dividend Fund W-ACC-GBP | £ | 4.57 | - | 0.03 | 2.50 | 12.64 | 14.94 | Global Enhanced W-ACC-GBP | £ | 3.54 | - | 0.02 | 4.19 | 13.19 | 14.36 | Global Special Sits W-ACC-GBP | £ | 93.23 | - | 0.76 | 0.20 | 18.41 | 17.69 | Index Emerging Markets P-ACC-GBP | £ | 2.96 | - | 0.01 | 1.55 | 25.86 | 20.18 | Index Europe ex UK Markets P-ACC-GBP | £ | 2.92 | - | 0.03 | 2.13 | 14.99 | 14.86 | Index Japan P-ACC-GBP | £ | 3.43 | - | 0.03 | 1.40 | 18.15 | 17.38 | Index Pacific ex Japan P-ACC-GBP | £ | 2.61 | - | 0.02 | 2.65 | 15.27 | 13.96 | Index Sterling Corp Bond Fund P-ACC-GBP | £ | 0.95 | - | 0.00 | 5.26 | 0.00 | 0.00 | Index UK P-ACC-GBP | £ | 2.47 | - | 0.01 | 2.69 | 16.39 | 16.52 | Index US P-ACC-GBP | £ | 6.37 | - | 0.03 | 0.83 | 16.58 | 18.09 | Index World P-ACC-GBP | £ | 4.76 | - | 0.03 | 1.12 | 16.76 | 17.60 | MoneyBuilder Balanced Fund W-Acc-GBP | £ | 0.78 | - | 0.00 | 2.95 | 0.00 | 0.00 | MoneyBuilder Dividend Fund W-Acc-GBP | £ | 1.61 | - | 0.01 | 3.68 | -0.89 | -1.54 | Sust. MoneyBuilder Inc Fd Fund W-ACC-GBP | £ | 14.15 | - | 0.03 | 4.50 | 3.28 | 5.58 | Multi Asset Alloc Adventurous Fd W-ACC-GBP | £ | 3.24 | - | 0.01 | 1.13 | 13.41 | 13.38 | Multi Asset Alloc Defensive Fd W-ACC-GBP | £ | 1.56 | - | 0.00 | 0.00 | 5.49 | 5.33 | Multi Asset Alloc Growth Fd W-ACC-GBP | £ | 2.58 | - | 0.01 | 1.12 | 10.55 | 10.52 | Multi Asset Alloc Strategic Fd W-ACC-GBP | £ | 2.03 | - | 0.00 | 1.17 | 7.14 | 7.62 | Multi Asset Balanced Inc Fd W-INC-GBP | £ | 1.02 | - | 0.01 | 0.00 | 3.00 | 2.70 | Multi Asset Inc & Growth Fund W-INC-GBP | £ | 1.31 | - | 0.01 | 2.60 | 10.15 | 8.39 | Multi Asset Income Fund W-INC-GBP | £ | 0.90 | - | 0.01 | 0.00 | 2.03 | 1.47 | Multi Asset Open Advent W-ACC-GBP | £ | 2.51 | - | 0.01 | 1.67 | 12.22 | 11.45 | Multi Asset Open Defen W-ACC-GBP | £ | 1.66 | - | 0.00 | 0.00 | 7.71 | 6.74 | Multi Asset Open GrowthFund W-ACC-GBP | £ | 2.34 | - | 0.01 | 1.80 | 11.63 | 10.87 | Multi Asset Open Strat. Fund W-ACC-GBP | £ | 1.97 | - | 0.00 | 2.40 | 9.25 | 8.45 | Open World Fund W-Acc-GBP | £ | 3.48 | - | 0.02 | 0.81 | 13.35 | 13.14 | Strategic Bond Fund P-Acc-GBP | £ | 1.36 | - | -0.01 | 2.93 | 3.35 | 5.54 | Index UK Gilt Fund P-Acc-GBP | £ | 0.76 | - | 0.00 | 4.50 | 1.65 | 1.92 | Sustainable Asia Equity Fund W-ACC-GBP | £ | 2.85 | - | -0.01 | 0.73 | 25.35 | 16.13 | Sust Multi Asset Balanced Fund W-ACC-GBP | £ | 1.23 | - | 0.01 | 1.29 | 0.00 | 0.00 | Sust Multi Asset Con. Fd W-ACC-GBP | £ | 1.08 | - | 0.00 | 0.00 | 0.00 | 0.00 | Sust Multi Asset Gwth Fd W-ACC-GBP | £ | 1.35 | - | 0.01 | 1.12 | 0.00 | 0.00 | UK Opportunities Fund W-ACC-GBP | £ | 2.65 | - | 0.01 | 2.25 | 0.00 | 0.00 | UK Smaller Companies W-ACC-GBP | £ | 4.83 | - | 0.01 | 2.33 | 6.76 | 11.33 | Authorised Corporate Director-Waystone Management (UK) Limited | Royal London | (UK) | 80 Fenchurch Street, London EC3M 4BY | Nutshell Asset Management Ltd | (IRL) | Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LEwww.nutshellam.com | Authorised Inv Funds | Nutshell Growth Fund Gbp Inst Founder | £ | 193.16 | - | 2.48 | 0.00 | 16.03 | 17.23 | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m |

Fundsmith LLP (1200)F

PO Box 10846, Chelmsford Essex CM99 2BW 0330 123 1815

www.fundsmith.co.uk, enquiries@fundsmith.co.uk | Authorised Inv Funds | Fundsmith Equity T Acc | 713.64 | - | 12.01 | 0.00 | 0.74 | Fundsmith Equity T Inc | 644.10 | - | 10.84 | 0.00 | 14.33 |

| Guinness Global Investors | Guinness Global Equity Income Y GBP Dis | £ | 24.65 | - | 0.08 | 2.05 | 8.79 | 11.42 | Guinness Global Innovators Y GBP ACC | £ | 49.71 | - | 0.34 | 0.00 | 13.54 | 16.82 | Guinness Global Quality Mid Cap Y Gbp Acc | £ | 16.66 | - | 0.17 | 0.00 | 13.65 | 12.53 | ---

HPB Assurance Ltd | International Insurances | Holiday Property Bond Ser 1 | £ | 0.49 | - | 0.00 | 0.00 | -0.28 | Holiday Property Bond Ser 2 | £ | 0.66 | - | 0.00 | 0.00 | 1.43 | ---

Janus Henderson INVESTORS

McInroy & Wood Portfolios Limited

Easter Alderston, Haddington EH41 3SF 01620 825867 | Authorised Inv Funds | Balanced Fund Acc | 6960.20 | - | 45.00 | 1.85 | 4.38 | 0.00 | Balanced Fund Inc | 6533.80 | - | 42.30 | 1.89 | 2.50 | 2.57 | Emerging Markets Fund ACC | 2361.90 | - | 43.20 | 1.72 | 2.92 | 0.00 | Emerging Markets Fund Inc | 2115.60 | - | 38.70 | 1.76 | 0.98 | -1.43 | Income Fund Acc | 3615.30 | - | 6.70 | 2.72 | 6.55 | 0.00 | Income Fund Inc | 3185.50 | - | 5.80 | 2.82 | 3.32 | 3.30 | Smaller Companies Fund Acc | 7338.80 | - | 56.40 | 1.26 | 4.83 | 0.00 | Smaller Companies Fund Inc | 6871.10 | - | 52.90 | 1.28 | 3.47 | 3.87 | Authorised Inv Funds | Janus Henderson Absolute Return Fund A Acc | 207.00 | - | 0.10 | 2.10 | 5.51 | 6.50 | Janus Henderson Asian Divi Inc Unit Trst Inc | 104.10 | - | -0.30 | 5.60 | 12.97 | 10.07 | Janus Henderson Cautious Mngd Fund A Acc | 349.40 | - | 1.10 | 3.80 | 6.51 | 8.64 | Janus Henderson Cautious Mngd Fund A Inc | 149.90 | - | 0.40 | 3.90 | 2.27 | 2.68 | Janus Henderson China Opp Fund A Acc | 1275.00 | - | 9.00 | 0.10 | 20.42 | 7.17 | Janus Henderson Emerging Markets Asia A Acc | 1874.00 | - | -1.00 | 0.00 | 25.49 | 20.45 | Janus Henderson Emerg. Mkts Opps Fnd A Acc | 311.30 | - | 2.50 | 0.00 | 20.45 | 15.75 | Janus Henderson European Focus A Acc | 583.70 | - | 6.80 | 0.10 | 0.00 | 0.00 | Janus Henderson Euro. Sel Opps Fund A Acc | 3128.00 | - | 34.00 | 0.20 | 10.88 | 11.44 | Janus Henderson Fixed Int Mthly Inc Fd Inc | 16.55 | - | 0.01 | 6.20 | -1.11 | -1.14 | Janus Henderson Global Equity Inc Fnd Inc | 86.86 | - | 0.31 | 2.60 | 9.02 | 8.44 | Janus Henderson Global Select Fund Acc | 6647.00 | - | 51.00 | 0.00 | 10.42 | 15.16 | Janus Henderson Global Sust Equity Fd A Inc | 718.90 | - | 7.80 | 0.00 | 9.48 | 12.42 | Janus Henderson Global Tech Ldrs Fnd A Acc | 7597.00 | - | 32.00 | 0.00 | 26.97 | 29.39 | Janus Henderson Instl UK Index Opps A Acc | 174.83 | - | 0.74 | 2.30 | 16.08 | 16.32 | Janus Henderson Multi-Asst Abs Rtn Fd A Acc | 190.10 | - | 0.60 | 2.70 | 4.82 | 4.65 | Janus Henderson Multi-Mgr Actv Fd A Acc | 337.70 | - | 0.00 | 1.70 | 8.31 | 8.74 | Janus Henderson Multi-Mgr Dist Fd A Inc | 136.40 | - | 0.40 | 2.60 | 3.22 | 2.93 | Janus Henderson Multi-Mgr Div. Fd A Acc | 105.10 | - | 0.30 | 3.20 | 6.39 | 7.28 | Janus Henderson Multi-Mgr Glbl Sel Fd A Acc | 450.70 | - | 2.80 | 0.00 | 10.02 | 11.31 | Janus Henderson MultiMgrInc&Gwth FdA Acc | 231.70 | - | 0.70 | 2.60 | 6.48 | 6.55 | Janus Henderson Multi-MgrInc&Gwth Fd A Inc | 160.80 | - | 0.50 | 2.60 | 3.38 | 3.26 | Janus Henderson Multi-Mgr Mngd Fd A Acc | 405.40 | - | 0.00 | 1.40 | 7.67 | 8.12 | Janus Henderson Multi-Mgr Mngd Fd A Inc | 373.90 | - | 0.00 | 1.20 | 6.35 | 6.68 | Janus Henderson Sterling Bond Unit Trust Acc | 226.50 | - | 0.60 | 4.30 | 2.51 | 4.71 | Janus Henderson Sterling Bond Unit Trust Inc | 54.70 | - | 0.14 | 4.30 | -0.60 | 0.32 | Janus Henderson Strategic Bond Fund A Inc | 92.10 | - | 0.03 | 6.10 | -2.51 | -2.83 | Janus Henderson UK Alpha Fund A Acc | 196.30 | - | 0.70 | 0.90 | 11.05 | 15.10 | Janus Henderson UK Eq Inc & Growth Fd A Inc | 684.10 | - | 2.50 | 3.30 | 7.93 | 10.18 | Janus Henderson US Growth Fund A Acc | 3141.00 | - | 36.00 | 0.00 | 12.83 | 16.77 | Ministry of Justice Common Investment Funds | (UK) | Property & Other UK Unit Trusts | The Equity Idx Tracker Fd Inc | 2647.00 | - | 11.00 | 2.00 | 10.39 | 10.51 | Distribution Units |

Purisima Investment Fds (CI) Ltd

| Authorised Corporate Director-Waystone Management (UK) Limited | Global Total Fd PCG A | 709.58 | - | 0.00 | 0.41 | 14.63 | 18.02 | Global Total Fd PCG B | 698.49 | - | 0.00 | 0.00 | 14.54 | 17.95 | Global Total Fd PCG INT | 681.14 | - | 0.00 | 0.00 | 14.37 | 17.76 | Private Fund Mgrs (Guernsey) Ltd | (GSY) | Regulated | Monument Growth 29/09/2026 | £ | 612.77 | 61847 | 0.00 | 1.05 | 3.09 | 2.98 | Regulated | Oasis Crescent Global Eq Fd (USD) A (Dist) | $ 56.30 | - | 0.01 | 0.00 | 18.20 | 15.98 | Oasis Crescent Global Inc Fd (USD) A Dist | $ 9.93 | - | -0.01 | 0.00 | -0.72 | -0.17 | Oasis Crescent Low Equity Fund (USD) D Dist | $ 15.96 | - | 0.00 | 0.00 | 9.41 | 8.79 | Oasis Crescent Med Equity Fd (USD) A Dist | $ 18.71 | - | 0.00 | 0.00 | 11.53 | 10.39 | Oasis Crescent Prop Equity Fd (USD) A Dist | $ 10.15 | - | -0.04 | 0.00 | 6.89 | 9.20 | Oasis Crescent Short Term Inc Fd (USD) A (Dist)$ | 0.95 | - | 0.00 | 0.00 | 0.35 | 0.56 | Oasis Crescent Variable Fund (USD) A (Dist) £ | 12.18 | - | 0.01 | 0.00 | 7.22 | 7.49 | Regulated | PCG B | 569.02 | - | 3.91 | 0.00 | 15.64 | 19.83 | PCG C | 548.91 | - | 3.77 | 0.00 | 15.38 | 19.56 | Royal London Sustainable Diversified A Inc | 288.40 | - | 2.50 | 1.54 | 4.84 | 6.28 | Royal London Sustainable World A Inc | 526.30 | - | 6.90 | 0.75 | 12.18 | 12.68 | Royal London Corporate Bond Mth Income | 75.40 | - | 0.16 | 4.39 | -0.50 | 0.68 | Royal London European Growth Trust | 288.10 | - | 2.50 | 1.12 | 9.47 | 9.90 | Royal London Sustainable Leaders A Inc | 1003.00 | - | 8.90 | 1.47 | 7.19 | 7.03 | Royal London UK Growth Trust | 855.60 | - | 4.70 | 1.71 | 9.94 | 10.07 | Royal London UK Income With Growth Trust | 251.10 | - | 0.40 | 3.85 | 6.38 | 7.04 | Royal London US Growth Trust | 682.20 | - | 4.80 | 0.01 | 15.54 | 18.19 | Additional Funds Available

Please see www.royallondon.com for details

Ruffer LLP (1000) F

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

Order Desk and Enquiries: 0345 601 9610

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Authorised Inv Funds | WS Ruffer Total Return C Acc | 589.49 | - | 0.00 | 2.15 | 4.90 | 4.23 | WS Ruffer Total Return C Inc | 340.06 | - | 0.00 | 2.18 | 1.96 | 0.70 |

| SICO BSC BHRTelephone - +973 1751 5700Website - www.sicobank.com | (BHR) | Khaleej Equity Fund | $ | 549.96 | - | -33.51 | 0.00 | -3.81 | Sico Gulf Equity Fund | $ | 202.34 | - | 3.72 | 0.00 | 10.57 | SICO Capital KSATelephone - +966 11 521 3835Website - www.sicocapital.com | (KSA) | SICO Kingdom Equity Fund | SAR | 10.28 | - | -0.39 | 0.00 | 1.39 | - | SICO MENA Equity Fund | SAR | 20.95 | - | -0.39 | 0.00 | -1.37 | 4.80 | SICO Capital Money Market | SAR | 14.07 | - | 0.15 | 0.00 | - | - |

| Stonehage Fleming Investment Management Ltd | (IRL) | www.stonehagefleming.com/gbi enquiries@stonehagefleming.com | SF Global Best Ideas Eq B USD Acc | $ | 299.30 | - | 2.66 | 0.00 | 4.25 | 6.30 | SF Global Best Ideas Eq D GBP Inc | £ | 343.44 | - | 3.75 | 0.00 | 2.61 | 4.31 |

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00 | Superfund Trend Gold | $ 1822.94 | - | 13.59 | 0.00 | 30.61 | 31.77 | Superfund Trend Silver | $ 1974.88 | - | 45.63 | 0.00 | 46.93 | 44.65 | Superfund Trend | $ 818.47 | - | 7.17 | 0.00 | 13.46 | 8.17 | Superfund Bitcoin 0-2x | € 94.92 | - | 0.00 | 0.00 | 5.13 | 14.45 | Superfund Fund-of-Funds | $ 170.73 | - | 0.00 | 0.00 | 21.89 | 20.71 | Superfund Blockchain | € | 24.64 | - | 0.23 | 0.00 | 19.83 | 32.56 | Superfund Gold Silver + Mining | € | 19.23 | - | 0.00 | 0.00 | 25.92 | 27.07 | Superfund Quadriga All Seasons | € | 14.86 | - | -0.02 | 0.00 | 15.11 | 16.58 | Superfund Inflation | Sfr | 11.14 | - | -0.14 | 0.00 | 8.33 | 7.28 |

Troy Asset Management (1200)

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

Order Desk and enquiries 0345 608 0950 | Trojan Investment Funds | Trojan Ethical Global Inc O Acc | 109.14 | - | 0.00 | 3.11 | -2.32 | 2.18 | Trojan Ethical Global Inc O Inc | 96.11 | - | 0.00 | 3.17 | -3.85 | -0.91 | Trojan Ethical O Acc | 156.87 | - | 0.00 | 0.68 | 7.54 | 7.69 | Trojan Ethical O Inc | 151.44 | - | 0.00 | 0.69 | 4.97 | 6.06 | Trojan Ethical Income O Acc | 164.24 | - | 0.00 | 2.64 | 3.23 | 6.13 | Trojan Ethical Income O Inc | 123.58 | - | 0.00 | 2.73 | 0.50 | 3.32 | Trojan Fund Acc | 459.10 | - | 0.00 | 0.81 | 7.02 | 6.77 | Trojan Fund Inc | 359.53 | - | 0.00 | 0.89 | 7.54 | 5.01 | Trojan Global Income O Acc | 168.12 | - | 0.00 | 3.45 | 0.57 | 2.89 | Trojan Global Income O Inc | 124.81 | - | 0.00 | 3.53 | -2.56 | -0.33 | Trojan Income O Acc | 387.76 | - | 0.00 | 2.87 | 3.86 | 6.15 | Trojan Income O Inc | 170.84 | - | 0.00 | 2.97 | -0.94 | 1.81 | Troy Asset Management (1100) | (IRL) | Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, D01 YE64, Ireland Enquiries +353 (0) 1672 1600 | FCA Recognised Funds | Management Company - Universal Investment Ireland | Trojan Funds (Ireland) Plc | Trojan Europe O EUR Acc | € | 1.0190 | - | 0.00 | 0.00 | 0.00 | Trojan Exclusions X GBP Acc | £ | 1.3168 | - | 0.00 | 0.00 | 6.07 | Trojan Global Equity O GBP Acc | £ | 5.9388 | - | 0.05 | 0.20 | -0.67 | Trojan (Ireland) O GBP Acc | £ | 1.8517 | - | 0.01 | 0.00 | 5.60 | ---

Guide to FT Funds Data

The fund prices quoted on these pages are supplied by the fund operators, fund managers and fund administrators. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision. The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by ICE. The fund prices published in this edition along with additional information are also available on the Financial Times website. www.ft.com/funds. The funds published on these pages are granted to a financial instrument company. Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously quoted figure (not all funds update prices daily). Those designated \$ with no prefix refer to US dollars. Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses.

Prices of certain older insurance linked plans might be subject to capital gains tax on sales.

OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure. Different share classes are issued to reflect a different currency, charging structure or type of holder.

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Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same. Treatment of manager's periodic capital charge: 24 and 36 months: 24 and 36 month annualized performance figures calculated using the total gain (or loss) from that period. Performance formula is adjusted to consider the income distribution during the reference period.

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Fortune favours the brave – allegedly

Matthieu Blazy flies high at Chanel, but a jittery industry made for a mixed spring/summer 2027 Paris season

FASHION

Elizabeth Paton

Matthieu Blazy and Chanel are the envy of the entire luxury industry. Amid the dozens of designers who made debuts at a new house last year, only Blazy has triggered a wild global sales frenzy, one yet to be fully reflected in Chanel's financial results (it reported \$19.3bn in sales in 2025). His creative influence – boxier cropped tailoring, fluid tweeds and square-toed shoes – can now be seen on runways everywhere, and expectations from the front row to the street around what Chanel might do next are enormous. God knows what it feels like to Blazy himself.

And so to Monday night, where his next collection took flight at the Grand Palais. Overhead, dozens of white paper birds hung from the vast glass ceiling, while the marbled floor in green and brown gave the effect of land and sea seen from the air. Backstage, Blazy explained how he had wanted to move away from being inspired by different women this season. Rather, he wanted to explore multitudes contained within one woman: a girl called Gabrielle who later became Coco Chanel. Behind him stood a mood board, plastered with black and white photos of Chanel from all stages of her life.

So what did this mean for the clothes? One model, Dyanira Hurbuscher, opened and closed the show carrying Chanel's own 2.55 bag. She began in a fine sheer white slip, with a corsage on the heart, and ended in what looked like a chic and classic black Chanel bouclé skirt suit with round gold buttons. In fact, this was not tweed, but a brand-new material with the stretch and comfort of sportswear, developed by specialists in-house.

That innovative new fabric (and there were several others) was a hat tip to the fact that despite his recent success, Blazy does not want to stand still. His silhouettes felt more form-fitting this season, with a lower waistline to skirts that largely came belted and with a lot of sexy transparency. The variety in colour and texture of fabrics was rich (there were a lot of smoked tweeds), prints felt bolder and more maximalist (animal and flame prints came in clashing shades) while many jackets were worn straight on to the skin, held together with a fine gold chain and offering fleeting glances of bare flesh.

From left: Chanel; Celine; Miu Miu; Hermès; Junya Watanabe — Yannis Vlamos

It felt fresh, joyful and full of a momentum that left guests excited about what might come next. And what did Blazy make of all he has achieved, one year on? "It's been a good start," he said with an understated grin.

Here are some other takeaways from the biggest and best shows of the week as the season came to a close.

---

Celine

Michael Rider once told me he disliked giving backstage interviews about his Celine collections, adding: "I want the clothes to speak for themselves." Luckily, unlike some peers in Paris, his clothes don't need decoding. Rider designs clever and desirable clothes that feel elevated but also completely rooted in real life. His latest collection, shown in the sun-dappled gardens of the Archives Nationales, had roots in Parisian bourgeois codes like sharply tailored blazers and coats, big buckled belts, scarves and satin flourishes. But also thrown into the mix were more rumpled bohemian flourishes including fine gold chains, patchwork print balloon pants and scuffed sneakers.

Every look danced between an effortlessness and elegance that isn't fully captured in pictures. They also had character, something Rider alluded to backstage post-show. "I tend to find personality in the least-produced moment, which is important to me," Rider said amid the scrum. "I don't want Celine now to be about artifice — nothing should be too beautiful. But I do want it to be confident, reassuring and occasionally surprising." His vision for this brand is all of these things, and more.

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Miu Miu

The Miu Miu floor was a big old fashion scene; I tiptoed over several influencers spreadeagled on the bright purple floor for pre-show shots, while actors including Olivia Colman, Jamie Bell and Emma Corrin strode down the runway sporting pieces from the latest collection. But Miuccia Prada, as she so often is, was actually preoccupied with the quotidian parts of a wardrobe. Her opening looks brought to mind busy women rushing down the street; neatly pleated checked skirts and sharply cut blazers mixed with sports tops and trainers (a new collaboration with New Balance). Preppy sweaters came with printed running shorts or track pants with white lacing peeping over the waistband, before a turn to eveningwear, most of which revolved around crystal-encrusted racer-back bra tops layered over everyday items but mainly sportswear. It was, in truth, a bit of a jumble — nor did it rewrite the rule book. But it was rather fun.

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Givenchy

One of Sarah Burton's greatest strengths as a designer is that you never doubt she has women in mind. And in her latest collection for Givenchy, one sensed that she was aiming to create an empowering sense of control for wearers of her clothes. A yellow-lined black leather halter dress with zips, allowing a woman to decide how much flesh to show, masculine suiting deconstructed and softened, with cutaways at the hips to reveal skin, and practical peplum pockets, all hit the mark. "I wanted a sense of balance and clarity. A wardrobe to bring precision and simplicity to dressing as we speed through the multiple perspectives and perpetual motion of all our lives," said Burton in her show notes. This intention felt less convincing, however, with looks like a pinstripe blazer with the arms cut off and criss-crossed over the chest, or trousers where waistbands were extended to create fussy folded ruffles on the hips. Sometimes, less is more.

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Junya Watanabe

It was the Saturday morning of Paris Fashion Week and Junya Watanabe's show, titled "Funky", was a welcome shot in the arm. Crammed on to benches in the belly of Palais de Tokyo, onlookers watched models sashay down the runway to "Like Sugar" by Chaka Khan. They wore printed skin-tight catsuits, base layers for looks including a diamanté bra-pants-sunglasses all-in-one combo, a PVC belt and bra look with spikes that could take your eyes out, chainmail dresses made out of electronic waste and a chandelier headpiece that cascaded from the head to the knees. Was it mad? Of course it was. But in a jittery moment for fashion where so many play it safe, there was also pleasure in imperfection and the avant-garde. As both the models and the audience whooped with delight, it felt like a glimpse of what fashion shows used to be like, before phones, before entertainment complex hype and before billion-dollar parent groups.

---

Hermès

There was an entertaining New Yorker profile of Hermès recently, one that explored how artistic director Nadège Vanhée has been introducing risqué sexiness and psychological depth to a traditionally conservative brand synonymous with equestrian culture. But

those looking for whips, harnesses and kinky leathers would have walked away disappointed from Vanhee's latest show on Saturday. Like other designers this season, after one of France's hottest summers on record, she had landed on creating airy light clothes. Barely there still has sensuality of course: see fine gauzy knit dresses with delicate leather panelling, sandy-coloured coat dresses with hems cut to ribbons and zippered trousers and skirts. But these clothes, largely in neutrals and citruses, felt more pragmatic than provocative. It left one wondering what direction Vanhee's debut couture show will take in January.

---

Loewe

---

Junya Watanabe offered a glimpse of what fashion shows used to be like, before phones and before billion-dollar parent groups

Jack McCollough and Lazaro Hernandez have spent a year since their arrival as co-creative directors at Loewe putting their mark on this 180-year-old brand owned by LVMH. Their direction so far? Playful, sporty and with heavy doses of normcore and craft. It was more of the same at their show this season, held at the very end of the metro line at Château de Vincennes. Gas station sunglasses worn with polo dresses, and oversized macs finished with metallic collars and technical parkas worn over micro mini dresses (and cycling caps) were mixed in with multicoloured layered sleeveless shifts with intricate caviar-beaded hemlines (and headpieces) or hot pants embroidered with flowers. Conceptual clothes, sure, though a bit fussy and not especially wearable — until you saw those ideas translated into the more covetable shoes and bags, ultimately what ends up in the hands of consumers.

Sacai reinterpreted familiar clothing

Valentino included repackaged '80s-style partywear — Getty Images

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Valentino

In the vast library in the Latin Quarter where guests gathered for the Valentino show, Alessandro Michele offered almost as many ideas as there were books lining the walls (and there were many). In his defence, this has always been the Michele way: the man has a magpie mind, constantly referencing ideas and epochs then repackaging them in his distinctive grand, colourful aesthetic. Here, there was lots of glamorous '80s-style partywear, most of which felt in line with the classic Valentino codes: strapless ruched dresses with ruffled bow hems, belted leather jackets with taffeta fishtail skirts; bold-shouldered suits or beaded coats with marabou-fringed sleeves over silky evening gowns. Lots of lace cycling shorts, and extravagant layered necklaces. At more than 80 looks, there was plenty to study, though it didn't feel like anyone was learning anything new.

---

Sacai

Another Japanese designer happily doing things their own way is Chitose Abe at Sacai. Abe (who once worked with Watanabe) has a penchant for complex cutting and what she calls "hybridisation" — splicing two different clothing styles or fabrics together. This season, she focused on reinterpreting familiar clothing through contrasts in textures, proportions and construction to terrific but still wearable effect. Military-inspired tailoring was feminised with sparkling embellishments, chiffon or satin fabrications and tongue-in-cheek prints like fur or diamonds, with some pieces then finished with the real deal sitting on top of the print. Exaggerated volume was everywhere, especially on skirts and sleeves in technical fabrics, and a great white shirt. Like so many designers, Abe said she wanted to explore tension this season. There was understated spectacle to her work, but also real substance.

K-pop star brings charm to art curation

The Art Market | BTS leader RM has lent gems from his vast collection to an intimate show in San Francisco. By Melanie Gerlis

“T his exhibition is called RM x SFMOMA but, you know, it's about my personal things, so I prefer to be called Namjoon. Or

you could call me Joon, like, if it's too long." So says Kim Namjoon, aka RM, the 32-year-old lead musician of K-pop sensations BTS, at the start of the audio guide to the showing of his art collection at the San Francisco Museum of Modern Art.

His modest opener characterises RM x SFMOMA: Between You and Me, which opened last weekend and combines 139 works from Namjoon's mostly Korean art with 39 pieces of mostly western art from the museum's holdings.

For a multi-platinum pop star, with an Instagram following of nearly 54mn, the display is surprisingly unassuming and intimate, says Patrick Lee, director of Frieze Seoul, who was at the VIP opening last week. "It is not a spectacle, and that's its strength. It is charming and serious, very refreshing," he says.

As K-pop and Korean art ride high, the point, says Hyoeun Kim, SFMOMA's assistant curator of painting and sculpture and co-curator of the exhibition, is that “someone might come because they know RM through music, then discover an artwork or artist through his collection . . . At the same time, for visitors who are already familiar with modern and contemporary art and [our] collection, the exhibition offers an opportunity to discover the breadth and depth of Korean art.”

The range of Namjoon's collection is vast – from a sixth-century earthenware figurine of a cow to a new sculpture by Kohei Nawa, "PixCell-Toy-Plum Blossom" (2026), an ornament covered in small, glass spheres. Most of the works fall in the postwar and contemporary camp, and there is range here too. Cartoony pieces by the popular Japa nese artist Yoshitomo Nara vie with a particularly fine collection of monochrome dansaekhwa paintings and gems from an increasingly prized 20th-century abstract movement. Most notable is Yun Hyong-keun, with 16 works of ethereal bleeding colour on show (one of Yun's paintings featured on the cover of RM's debut solo album of 2022, though this is not in the exhibition).

Namjoon describes the exhibition as “a total confusion of mine” and its display as “unconventional”, and there are certainly some novel approaches. One of the exhibition rooms is grouped by the theme “I don’t know . . . but I like it” with works including those by Nara and Nawa, as well as a wood and stone totem-like sculpture by the early avant-garde Korean artist Lee Seung-taek.

The SFMOMA pairings help organise some sort of a scheme, with the overall aim to build bridges between cultures without laboured explanations. “Not to suggest that the artists shared the same histories or experiences, but to see what new perspectives might emerge from bringing them together,” Kim says.

The match-ups certainly highlight the quality of Korea's artists. In the exhibition's first room are works by dansaekwa painter Kim Whanki, Yun's father-in-law and teacher, and whose blue palette came to be known as "Whanki Blue"; these are fittingly paired with Yves Klein's "Éponge (SE251)" sponge sculpture of 1961. Yun is, unsurprisingly, paired with Mark Rothko, among others.

The San Francisco show comes at a time when Korea's art — old and new — is taking a starring role on the international stage. The same city's Asian Art Museum has a coinciding retrospective of Ha Chong-hyun, the 91-year-old artist's first North American survey. And last week, London's British Museum opened its Korea exhibition, drawing on

ARTS

the collection bequeathed to the nation by the late Samsung chair Lee Kun-hee, and with works that span more than 2,000 years, including 23 of the country's Treasures and National Treasures.

This exhibition also boasts a star from Korea's entertainment industry in tow – the Golden Globe nominee Lee Byung-hun, whose credits include Squid Game and the film KPop Demon Hunters, and whom the museum has appointed as its first “exhibition ambassador”.

For Yoojin Kwak Choi, project curator of the British Museum show, the aesthetics of Korean art lend themselves to resonate globally, “particularly those from the Joseon dynasty [1392-1897] where modesty and frugality were really important and shaped how ceramics were produced . . . This marries super well with contemporary and modern minimalist aesthetics.”

More recently, she finds, the appeal of Korea's culture is the “unfiltered and amplified emotion that is present in a lot of [its] drama, film and music, and combined with an absorption and transformation of different global influences.”

Above: BTS rapper RM has turned curator with a new show at the San Francisco Museum of Modern Art; left: Yves Klein's 'Éponge (SE251)' sculpture, 1961 — Hybe; Bequest of Phyllis C. Wattis

The result, she says, is that Korean art forms “have this super-polished look, whether slick music videos that combine dance and visuals or using the latest tech or latest ingredient formulas in K-beauty”. The “distinct aesthetic resonates with global audiences as fresh and new, and really draws in the younger generations,” she says.

She identifies 35 years of the Korean Wave, or hallyu, so far. Government support, including direct sponsorship and a department dedicated to the soft power of popular culture, has proved effective. The latest surge, Kwak Choi says, has been punctuated by the reforming of BTS, whose seven members have reunited after undertaking Korea's mandatory 18 months of military service.

The art market too has had waves, peaking in 2022 with sales of

'Korean art isn't "hot", it has been here a long time, but more people are being exposed to it'

KRW806bn (\$600mn), up more than 100 per cent since 2016, according to data from Korea's Ministry of Culture, Sport and Tourism and Korea Arts Management Service. Totals have since fallen to nearer \$500mn, but for Frieze's Lee, who oversaw the fair's fifth edition in Seoul last month, current appetite is more rooted and has lost its previous speculative tendencies. “Korean art isn't ‘hot’, it has been here a long time, but more people are being exposed to it,” he says.

The San Francisco exhibition plays it cool in its final rooms, which are dominated by the muted minimalism of Yun and a reminder of what Namjoon describes as the “rage and grace” of an artist who lived through Korea’s devastating 20th century. The potential pizzazz of a global superstar takes a back seat as his wide-ranging collection displays the mind of someone who is aware of his place in the scheme of things. As he puts it, “I’m still young. I don’t know a thing about life. I’m just figuring it out.”

To February 7, sfmoma.org

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FT BIG READ. CHINESE ECONOMY

Beijing's tax crackdown on overseas assets has rattled the country's wealthiest people and the businesses in Hong Kong, Singapore and Tokyo that manage their money. By Edward White, Leo Lewis, Owen Walker and Sun Yu

T

o get rich," Deng Xiaoping famously said, "is glorious". The great Chinese reformer's slogan became synonymous with his cam-

paign to open the country up to the outside world and its capitalist forces.

And over decades of astronomical growth, many in China did get rich. Today, the country boasts the world's second-biggest economy, with more than 1,000 billionaires and 5mn millionaires.

Now the pendulum is swinging back again. Strongman Xi Jinping wants those who benefited the most from China's economic ascent to increase their contributions back to the state, embarking on what could be the most ambitious global tax hunt in history.

From October 22, authorities will begin collecting a 20 per cent tax on dividends and interest earned from offshore trusts, explicitly targeting wealthy Chinese people who shelter their assets overseas.

Analysts at Barclays view the measures as “potentially the first steps” in a broader campaign to “[expand] scrutiny to areas such as exporter earnings held offshore, overseas investment income, overseas employment income and, over the longer term, estate or inheritance taxation”.

The sudden move announced this summer came as a shock to many of China's wealthiest people, and the shockwaves have been felt in financial, legal and property industries across Asia. Hong Kong, Singapore and Tokyo are in flux as their status as havens for money channelled offshore from China faces an existential test. Others, including New York bankers, spy an opportunity to shield Chinese customers from their country's taxman.

If successful, the campaign has the potential to help Beijing fill a deepening fiscal hole in central government coffers, and could also bring China's tax system in line with the US and Europe. "For China, wealth became international much faster than the tax system did," says Lizzi Lee, a fellow at the Asia Society Policy Institute's Center for China Analysis. "Now the tax system is just closing that gap."

But the campaign also serves Xi's long-term desire to redistribute wealth in China, tackle inequality and create a more egalitarian society. Redistribution and taxation are a means of achieving “common prosperity”, he wrote in the fourth of his five-volume collection of speeches and essays, which is “an essential requirement of socialism with Chinese characteristics”.

It marks a further step along his journey of redrawing the social contract between the business elite who helped propel China's rise and the ruling CCP.

"The shift in focus is away from the ‘to get rich is glorious’ mantra of Deng Xiaoping," says Willy Wo-Lap Lam, a China expert and fellow at the Jamestown Foundation, a US think-tank. "Xi frowns on wealth accumulated by the filthy rich."

The news came via a typically bland notice issued by the national tax office.

On July 24, Beijing announced it would begin taxing income generated by offshore trusts. Not only would this be retroactive, but it would also be levied at numerous points, from when the trust is established, as the underlying assets appreciate, and including when income is realised and distributed to beneficiaries.

A further one-off 20 per cent tax would apply when trust assets are inherited or when a Chinese individual ceases to be a mainland tax resident, including by acquiring foreign citizenship.

'How hard is it going to hit? There are some answers but I'd say there are still more questions at this point'

The statement said the rules would apply to gains on offshore assets from 2023 to 2025. Individuals and their advisers were allowed a 90-day grace period – until October 22 – to get their affairs in order. After that, the payments would be collected annually.

A few days later, in early August, the FT revealed that tax officials are, in fact, probing beyond the 2023-2025 period, beyond trusts, and well beyond China's borders.

According to multiple officials, bankers and advisers, Chinese banks and other financial institutions have been instructed to review overseas investments by wealthy Chinese people to check if income has been declared to authorities. In some cases, the authorities' scrutiny of overseas capital gains and investments went as far back as 2000.

China's business establishment was caught off guard, as well as the vast industry helping to manage their money inside and outside the country.

One Chinese tech investor, who spoke on the condition of anonymity, says he and friends of similar high net worth were shocked by the precision with which the tax reforms target key offshore holdings and historic income, and the tight deadline set to pay.

Beijing's central business district. From October 22, Chinese authorities will begin collecting a 20 per cent tax on dividends and interest earned from offshore trusts

AFP via Getty Images

“They have the system, they know your investments overseas . . . they can actually break open those trusts,” he says. “I think they’ve been thinking about this for a long time.”

Harry Yu, a senior partner at Hong Kong-based Fung Yu Trust Services, who advises China-connected families on cross-border wealth structuring and succession, says that although Beijing's "direction was foreseeable", the detailed trust rules arrived sooner than he expected.

"After the announcement, my [messaging app] filled up with worried questions. I spent that weekend responding to messages," he adds. "Families are having to address past transactions, present cash needs and future succession arrangements together."

Over recent weeks government officials have been co-ordinating efforts to put pressure on entrepreneurs, nudging them to meet the 90-day deadline.

In one example, an executive at a Beijing-based internet company was contacted by the local branch of the powerful National Development and Reform Commission as well as other local government officials over tax payments since the new taxing rule took effect, according to a person familiar with the executive's tax issues.

With Beijing's deadline looming, Yu is urgently working with clients to reconstruct their historical offshore records to establish a reliable factual basis before they move towards an official Chinese tax assessment and discussions with the relevant local tax authorities.

In many cases, this is no easy task.

“Sometimes it is closer to archaeology than planning: you have to put the pieces back together before deciding what to do next,” Yu says.

he repercussions have rattled Hong Kong and Singapore, where Chinese offshore wealth is highly concentrated.

Cross-border wealth booked in Hong Kong reached \$2.9tn last year, allowing it to overtake Switzerland as the world's largest offshore wealth centre, according to Boston Consulting Group.

But as Beijing's authority over Hong Kong has tightened, the city has struggled to maintain its identity as a financial hub independent of China. Singapore, meanwhile, has become a magnet for wealthy Chinese nationals, who set up family offices in the low-tax jurisdiction to manage their fortunes while buying luxury properties and high-end cars.

Financial and legal advisers in the city-state say their Chinese clients flew into a panic upon hearing the news. "There was a sense of disbelief," recalls Sim Bock Eng, head of private wealth at Wong Partnership, a Singapore law firm. "Many had set up trusts when they relocated to Singapore and thought that would protect them from paying tax in China."

Among the highest-profile Chinese expats in Singapore are Zhang Yong and Shu Ping, the married co-founders of Chinese hotpot restaurant chain Haidilao. Forbes estimates that their combined fortune is more than \$7bn. The pair have taken up Singaporean citizenship, set up a family office and spent tens of millions of dollars on properties in the city-state in recent years.

In September, Shu abruptly sold more than \$350mn of stock in the Hong Kong-listed company, sending its shares down 12 per cent. While the company did not disclose the reasons for the sale, equity analysts speculated that Shu was trying to generate cash to pay her tax bill.

The prospect of other Chinese émigrés living in Singapore having to undergo a fire sale of assets — such as company shares and properties — in order to pay Chinese taxes has caused anxiety. Singapore's 55 billionaires include several Chinese-born entrepreneurs with extensive business ties to their homeland.

One option for wealthy individuals would be to borrow money from banks, using collateral such as company shares and property, to pay their tax bills.

“Most clients prefer to look at financing options because that gives them a quick remedy without having to make longer-term moves,” says Kevin Teng, chief executive of wealth manager Wrise. “There will be more of these than outright sales of trophy assets.”

He said assets such as property in Singapore would be among the last to be sold because they provided the most security.

‘Families are having to address past transactions, present cash needs and future succession arrangements together’

Mike Tan, global head of wealth planning and family advisory at Standard Chartered, says there were plenty of lower-profile examples than Shu of company executives selling shares apparently to raise funds, but this tactic was fraught with problems. “This can cause drops in the share price, which damages the rest of your holdings,” he says.

These people have been extremely aggressive buyers of higher-end property, either in central Tokyo, Osaka or other major cities, or in some of the favourite ski resorts, notably Niseko in the northern island of Hokkaido. In some parts of the market, say multiple brokers, the Chinese money has been a major factor in inflating property prices. Some have also been diversifying their assets in Japan, buying small unlisted businesses in areas that interest them, sake brewing among them.

He adds that the value of shares in one of his client's companies is now a fraction of what they were worth when he set up his trust. As a result, his 20 per cent tax bill could be larger than the value of shares he owns.

Now, all the Chinese expats are urgently seeking out advice on how to keep on the right side of the tax man in China, while also not raising too many questions about how they got so much money past capital controls.

“Until about a year ago, all the conversations we had at dinner among [Chinese] friends in Tokyo were about where to buy good properties, how many more family members could be brought over from China, where the best schools were, that kind of thing. Now, a lot of the conversation is about tax, tax, tax,” says a Chinese businesswoman who runs a tech investment firm in Tokyo.

"He tried to explain this to the tax officer, but understands that the new tax rules still apply and he would have to take advice and decide what he wishes to do," Tan says.

The fallout has also been felt in Japan. Even though it is not among the largest repositories for offshore assets, it has for many years been quietly attracting a huge flow of Chinese, many wealthy and with businesses still in China.

"How hard is it going to hit? Is it still viable to stay in Japan? . . . There are some answers but I'd say there are still more questions at this point."

or those hoping to shield their assets from the Chinese authorities, there are options available.

F

Some Singaporean advisers report clients who are weighing moving their assets to Taiwan or the US – two countries that are not formally signed up to the OECD's Common Reporting Standard (CRS) framework, which facilitates the automatic exchange of financial account information between jurisdictions.

In New York, Morgan Stanley's private wealth business has seen an increase in enquiries, account openings and asset transfers from Chinese clients in Hong Kong and Singapore, according to two bankers with knowledge of the matter. The team has received transfers from the two Asian financial centres on close to a daily basis in recent weeks, they say, reflecting growing demand among wealthy Chinese for broader investment access, lower fees, favourable US tax treatment and greater protection from Chinese government scrutiny. "This is a trend that all financial firms are seeing," they add.

Many of the Morgan Stanley clients moving assets to New York already hold money or securities in Hong Kong or Singapore. Moving offshore assets is straightforward. Cash sent from Hong Kong or Singapore can generally reach a Morgan Stanley US account on the same day or within one business day. Eligible stocks, bonds and mutual funds can also be moved directly from a Hong Kong institution without first being sold. Morgan Stanley declined to comment.

In the US, non-resident foreigners are not required to pay capital gains tax on investments there. The bankers say that many Chinese clients using the New York platform also do not report or pay Chinese tax on their US investment gains.

“Financial advisers told me to learn more about obtaining foreign citizenship or setting up a ‘foundation’, which can be done in Europe without paying tax. I am still thinking about it [for the future]. But for now, I’ll just pay.”

The opportunity to avoid paying capital gains tax in the US and in China is a major reason for moving assets from Hong Kong and Singapore to New York. And the absence of US participation in CRS reduces the likelihood that the accounts will be disclosed automatically to Chinese authorities through that system.

Yet one of the wealthy Chinese investors cautions that China's leaders must not push business leaders too far, given that the private sector is responsible for about 80 per cent of the nation's jobs.

A more extreme move would be for wealthy Chinese nationals to apply for passports in countries such as Turkey and New Zealand – which can be processed relatively quickly for wealthy individuals – and renounce their Chinese citizenship.

But that tactic would only work to shelter assets already outside China. And giving up citizenship is also not a feasible option for many executives whose businesses fall under the watch of Beijing's regulators.

“Clients who are already in the C-level position of A-share listed firms have no choice: they cannot have overseas status,” says one China-based wealth manager who serves a group of founders.

“Running a business means taking on a lot of risk already. You become like, ‘this is too much’,” he says, adding: “It is a pendulum swing: right now, the direction is this. It could swing back.”

And for people who want to take their companies public, personal tax clearance is also, in practice, a condition for listing in the mainland market, according to several IPO bankers familiar with current listing standards.

Some warn that there is little China's elite can do to escape Beijing's long reach. "The government feels like it has access and a right to pursue people back to 'the motherland'," says Minxin Pei, an expert in Chinese governance at Claremont McKenna College in California. "This is this mindset, you can never be un-Chinese."

Beijing's rigid tax authority is clearly a high priority to Xi, who views the campaign as part of a broader “egalitarian push”, says Jamestown's Lam, in line with earlier crackdowns on private tech giants, and property developers.

Faced with this level of determination, many of China's high-net-worth class are bowing to the inevitable. A senior executive with a Chinese tech group says he considered closing his offshore trust immediately but decided against it because that would trigger the 20 per cent closure tax. Emigrating from China was not immediately possible because he still has family in the mainland.

Hong Kong and Singapore are the main destinations for mainland Chinese offshore wealth Offshore capital allocation of high-rate companies (6%)

Data based on a survey conducted in Sep 2025 of 1,000 affluent travellers from mainland China, $50\%$ of whom reported having offshore assets Source:MDRi

China's personal income tax revenue has risen this year Rmb tn (Jan to Aug) 1.5

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Sources: Ministry of Finance; Wind; FT calculations

FINANCIAL TIMES

'Without fear and without favour'

ft.com/opinion

Pedro Sánchez's big electoral gamble

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Opinion polls suggest it may be the last for the Spanish prime minister

Spanish prime minister Pedro Sánchez has made a career out of high-stakes gambles. His latest is to call snap elections for November 29, seeking to use a housing crisis that has prompted mass protests as an opportunity to face down his rightwing opponents. Opinion polls suggest it could be his last.

Sánchez's Socialist party (PSOE) on 26 per cent is well behind the opposition People's Party on 32 per cent and its probable coalition partner, the right-wing populist Vox, on 18 per cent. PSOE's far-left allies Podemos and Sumar, both in single figures, are divided and rudderless, weakened by Sánchez talking the language of the populist left.

This is a fight not just for the direction of Spain but also for the future of the left in Europe. Spain had become a “global reference point for peace, feminism and prosperity”, Sánchez boasted on Monday. He is a lonely progressive standard-bearer in the EU: pro-immigration and tech regulation, sceptical on rearmament, and staunchly anti-Trump. His defeat could usher in another centre-right/nationalist-populist coalition — which could spell trouble for the EU.

Sánchez has never had a parliamentary majority since becoming prime minister in 2018. His latest administration has turned into a zombie government, largely unable to pass major legislation, buffeted by events and mired in corruption scandals. The prime minister frequently warns of the dangers to democracy from an authoritarian right, but has increasingly resorted to rule by decree. It is good for Spain to have an earlier-than-scheduled chance at a parliamentary reset and at least the possibility of a more stable government.

His conservative opponents have long questioned Sánchez's mandate to govern. He has led a series of minority governments since 2018 when the PSOE united the opposition, including nationalist parties, against the PP premier Mariano Rajoy in a no-confidence motion. After snap elections in 2023, the second-placed Socialists formed a weak minority government with the support of the Catalan pro-independence parties in return for an amnesty for people convicted of offences during the illegal Catalan secession attempt.

The amnesty has been the government's main legislative achievement. It helped achieve détente in Catalonia, defusing tensions, but it was deeply contentious in Spain.

The prime minister's latest sharp manoeuvre is to try to harness the outpouring of anger over Spain's housing crisis and the eviction of an 87-year-old woman from her Madrid flat. He is presenting himself as a progressive champion of tenants' rights against a conservative opposition – which last week voted down two emergency bills on

This is a fight not just for the direction of the country but also for the future of the left in Europe

housing from Sánchez's government – that he says is protecting the interests of an exploitative elite.

Sánchez has a record of outfoxing flat-footed opponents, but his latest gambit seems a stretch even for him, given that the housing shortage has worsened during his eight years in power, aggravated by mass immigration.

The Spanish premier has a decent economic record. But the twin motors of EU pandemic funds and unbridled immigration are ending or reaching the limit of public acceptance. Government drift and allegations of graft involving members of the prime minister's inner circle have left their mark

In a polarised and highly charged political system, Sánchez's critics have often vehemently questioned his legitimacy. But Sánchez himself is not afraid of polarising the debate by playing up the dangers of the far right, when it turns attention from his own performance. This time it may well not be enough.

Opinion Science

How tribology makes the economic world go round

Andy Carter

Anjana

Ahuja

n the early 1960s, just after Labour leader Harold Wilson rose to power on his promise of harnessing the “white heat of technology”, the British engineer-

turned-steelworks boss and entrepreneur Peter Jost sensed his moment.

Jost, with a background in lubricants and a well-oiled contacts book stretching across industry, academia and politics, persuaded the government to commission a report into the kind of machinery failures afflicting steelworks all over Europe. The 1966 Jost report championed lubrication, unsurprisingly, but also laid the groundwork for a new discipline called tribology, the science and technology of how surfaces move against each other, creating friction and wear. Jost even consulted the editor of the Oxford English Dictionary before settling on the name, based on the Greek word tribo, meaning "to rub".

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Optimising surface interactions can save vast amounts of energy and raise GDP

Writ large, tribology is the discipline that literally keeps parts of the economy moving – and, like so much research that focuses on prevention, remains largely invisible. And yet, 60 years on, one of the report's key messages remains relevant: that the unseen business of optimising surface interactions, such as tyre against asphalt, at an industrial scale can save vast amounts of energy and raise GDP.

“The irony is that tribology affects almost everything we use, yet most people have never heard the word,” says Daniele Dini, professor of tribology at Imperial College London, accurately describing my own experience of discovering the term last week in a Physics World essay. Without tribology, Dini adds, “machines would wear out rapidly, vehicles would consume much more fuel, manufacturing processes would be less efficient, and many medical devices would simply not function reliably”.

Substances like toothpaste, shaving cream and cosmetics are all triumphs of tribology, as is the action of swiping a phone. Our lives are filled with carefully calibrated surface contacts to ensure a suitable balance of grip, feel, resistance, texture and motion. Robert Wood, professor of surface engi neering and tribology at the University of Southampton, describes toothpaste as “a carefully engineered tribological slurry”, designed to remove debris from teeth without stripping enamel or damaging gums.

More widely, Wood characterises tribology as “one of the enabling technologies that silently underpins industrial productivity” in sectors including wind and nuclear power generation, automotive, rail, aerospace, biomedical implants – including joint replacements – and food processing. It can comprise the study of ball bearings, lubricants, coatings and additives in an industrial factory; while oral tribology looks at the friction between food particles and tongue, palate and teeth, to ensure that ice cream tastes creamy.

Energy use is a vital consideration. Not all a car's fuel, for example, is spent on going from A to B. Some is expended on overcoming the friction between tyre and road surface, some to counter aerodynamic losses, and some to make up for friction losses within the engine and transmission.

“Despite its huge economic impact, tribology remains less visible than fields such as AI, robotics, semiconductors or biotechnology,” Wood says. That could be because it cuts across existing disciplines, including materials science, chemistry and computing.

Tribology is a central concern in the path to net zero (Wood chairs a committee advising government on the relevant issues). Wind turbine gearboxes regularly fail before the end of their design life, sometimes because lubricant films on their moving parts are prone to shearing with changes in wind speed and direction. Scientists are also exploring the “triboelectric effect”, in which the rubbing of surfaces is used to generate electricity.

Future tribological goals include predicting and preventing wear, rather than measuring it after it happens, and the development of sustainable lubricants. Advances like graphene and materials that are smooth at the atomic scale are also raising hopes of “superlubricity”, where friction between moving parts drops to near zero. If scaled up, that would revolutionise energy efficiency.

It is all a long way from Jost and, before him, Leonardo da Vinci, who, according to forensic engineering professor and tribologist Sarah Hainsworth from Durham University, scribbled notes about friction in his 1493 Codex Forster. It is even further from the ancient Egyptians, who applied oil and fats to the sled runners used to move the stone blocks for building the pyramids.

Throughout history, it seems, the course of tribology can always run that little bit smoother.

The writer is a science commentator

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Letters

Bringing US inflation to heel needs more aggressive tightening

I strongly agree with Sheila Bair's support for the Federal Reserve's quarter-point increase announced on September 16, and with her claim that conventional wisdom misunderstands how changes in rates affect Main Street ("For once, the Fed has put Main Street before Wall Street", Opinion, September 28).

If you are not satisfied with the FT's response to your complaint, you can appeal to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

I nevertheless believe she understates what is required.

Email: letters.editor@ft.com

If a quarter-point rise is correct because households suffer from the price of things rather than the price of credit, then we should be honest that said increase will not meaningfully relieve the former. Bringing inflation

Include daytime telephone number and full address Corrections: corrections@ft.com

genuinely to heel implies far more aggressive tightening – the kind that carries a Volcker-sized bill. That bill is real: severely diminished output and unemployment borne disproportionately by those with the least cushion. There is no way to dismantle a four-decade debt pyramid gently. Yet having spent 40 years deferring the cost, we no longer have the luxury of choosing whether to pay it.

I enjoyed reading Barbara Moens's opinion piece “Dealmakers keen to test Brussels’ policy on regional champions” (Opinion, October 2). It shows again how much depends on which way the political wind is blowing in Brussels. No wonder companies and their advisers argue for lighter or tougher enforcement depending on whose deal is on the table.

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A warning not to push EU merger law too far

Competition law is not economic policy. It rests on legal principles that have to be applied the same way whoever the parties are and wherever the buyer comes from. That neutrality is what gives businesses certainty and it is also what keeps the system legitimate. Once it becomes negotiable, both are lost.

Bair is correct that the financial system is the mechanism of transmission, and therefore that those at the top of it capture the gains from cheap money. Yet there is an irony here

The new guidelines give more weight to scale, innovation and resilience, but they are still guidance. The legal test is the same as before.

This is not new. Back in July, your pages were already asking the same question in “Europe’s wind turbine makers examine merger prospects to create champions” (Report, July 29). Two months later, the debate is no longer whether one sector should get special treatment but which deal will get it first.

The article quoted a European Commission official saying “we need one deal that shows we are serious about the shift” to creating regional champions. That worries me. A decision taken to send a political message is a poor foundation for the coherent body of precedent that dealmakers are rightly asking for, and it may not hold up in the Luxembourg-based Court of Justice of the European Union.

Competition law is where it should be. Pushing it too far in either direction is likely to backfire, and the first deals to try will find that out.

Tomás Espuny Carreño

Barcelona, Spain

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The globalisation of AI borrowing is a problem

Your September 28 Big Read on the transformation of debt markets by AI hyperscalers raises a less obvious problem for the investors absorbing all this issuance: diversification may be becoming harder to measure.

A portfolio can own an Alphabet bond in sterling, Amazon debt in Canadian dollars, a Meta issue in euros and Microsoft paper in dollars. By conventional measures it appears diversified across issuers, currencies and markets.

Economically, however, these securities may increasingly depend on the same underlying proposition: that enormous investment in computing

"You SHOULD HAVE SEEN HIM BEFORE HIS ASOS ACCOUNT WAS HACKED"

Diversification is most useful when different assets fail for different reasons. The globalisation of AI borrowing may make portfolios look more diversified precisely as one common risk factor becomes more important.

The challenge for credit investors is therefore not merely to count issuers. It is to identify how many genuinely independent economic bets they own.

Edoardo Porrato

Turin, Italy

that she leaves unexplored. A higher-rate regime is, arguably, a gift to the rentier. The holder of existing claims earns more on them without producing anything new.

capacity, data centres and their supporting infrastructure will generate sufficient future cash flows.

The distinction matters as AI financing spreads beyond the hyperscalers themselves to chipmakers, data centre operators, utilities and other suppliers. An investor can reduce exposure to any individual borrower while inadvertently increasing exposure to the same investment cycle.

It is the entrepreneur – the one actually attempting to create value, who must borrow against an uncertain future – who suffers most. This is the strange inversion in which easy money flatters the owner and punishes the builder, while dear money does the reverse. We should not pretend that the inversion is costless.

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Recursive self-improvement – a phrase of the year?

Martin Wolf's sober and thoughtful assessment of the societal and related safety risks associated with the ascent of AI left this reader with two contrasting and contradictory takeaways ("With AI, 'I told you so' will be too late", Opinion, September 16).

The consequential bad news, however, is that given the implications and the potential dire ramifications of that phrase, we may not be in need of any such word or contest in the very near future.

Toby Zanin

The good news is that we seem to have found an early and almost certain winner for any dictionary word or phrase of the year award, with the ominous entry “recursive self-improvement” edging into the realm of our collective self-consciousness.

What recommends it, at least, is that we have run out of alternatives. Opportunities for productive wealth

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SkyNet satellites must be under sovereign control

The possibility that the next generation of SkyNet satellites could be dependent on US technology (“SkyNet battle tests UK pledge to ‘buy British’”, Report, FT.com, October 3) would be a retrograde step of considerable magnitude. As the sixth generation since the UK pioneered development of a dedicated military communications satellite system in the mid 1960s, SkyNet has successfully progressed from total dependence on US technology to almost full autonomy. Moreover, unlike several key procurements, SkyNet has been delivered on time, on cost, and completely fulfilling operational requirements. Even after a problematic launch of a SkyNet 2, which left it out of its proper orbit, it still did enough to serve the UK military and other users.

In time, SkyNet vehicles were sold to Nato allies and the underlying technology served as a basis for an impressive UK civil satellite capability.

I have great respect for Lockheed Martin's longstanding commitment to the UK defence industrial base, but SkyNet represents a core capability that must remain under sovereign control. The alternative might bring economic gain, but the loss of such a fundamental asset would undermine future opportunities in the space industry, one of the growth areas over the next decade.

Professor Keith Hayward London SW20, UK

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Why this MP is backing the Lockheed Martin bid

I was disappointed at your characterisation of the competition between Airbus and Lockheed Martin for the contract to supply the UK with its next-generation military communications satellite (“SkyNet satellite battle tests UK pledge to ‘buy British’”, Report, FT.com, October 3).

creation have withered as finance has detached itself from economics, and what remains is largely financialised return – asset appreciation transferred from the credulous to the endowed. In that setting, higher rates do at least one useful thing: they make debt expensive enough to stop growing and so begin the slow work of dismantling the pyramid.

In fact, the rival Lockheed Martin bid would be manufactured in County Durham, helping to reindustrialise an area with a proud manufacturing and mining heritage and existing strengths in advanced manufacturing. It would create a new manufacturing facility with 400 new skilled jobs and many more in the supply chain. Lockheed Martin has already invested millions and created hundreds of jobs in the North East Space Skills and Technology Centre at Northumbria University in Newcastle. The US company is offering a highly capable sovereign satellite solution for the UK that will be a catalyst for the growth of the space and defence sectors in the North East. Luke Akehurst

MP (Labour, North Durham), House of Commons, London SW1, UK

Note that it is not a vindication of high rates as a policy ideal — far from it. It is merely the modest consolation available to us now.

Mariano Torras

Professor of Economics, Adelphi University, Garden City, NY, US

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What London's empty bike racks really tell us

There is a fundamental piece of the puzzle missing from your article on underused bike racks in office buildings (“New offices in London are full of empty bike racks, complain developers”, Report, October 5). Demand for cycling has gone only one way – up, to record levels across London.

Just because people may not cycle using their own bikes doesn't mean London isn't desperately short of spaces to park shared e-bikes. Lime trips into the Square Mile rose by nearly 50 per cent last year, and parking space always lags behind demand.

Gyms and spas have their place, but there isn't exactly a shortage of them across London.

If private cycle parking isn't being used as much as expected, investment in it should pivot to also include dockless e-bike parking.

Lime has already committed millions to improve London's e-bike parking. But building it on public land takes time. As our submission to the London mayor argues, if developers were able to count shared e-bike parking on private land against their existing requirement, it could have a major impact towards a common good.

People are still choosing to commute more actively – it just looks different. So let's not throw the baby out with the bathwater.

Stef Johnson

Head of Government Relations,

Lime UK & Ireland, Lime Technology

Limited, c/o WeWork, London EC4, UK

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An American investor 'ill-versed' in Shakespeare

In his opinion piece “Don’t own bonds and be cautious with equities” (Markets Insight, October 1), Bill Gross says “William Shakespeare wrote ‘neither a borrower nor a lender be’”. He uses this to assert that one of history’s greatest authors is “obviously ill-versed in economics”.

The philanthropist, private investor and co-founder of Pimco may not be the first person to attribute a character's utterances in a play to the play's author. In this speech from Hamlet, Shakespeare was establishing Polonius' hypocrisy with a series of bits of advice offered to his son Laertes. Soon, "a convocation of politic worms were e'en at him". Polonius' speech drives the tragedy forward to its culmination in the confrontation between Hamlet and Laertes. Many phrases from this series of homilies have been misquoted and attributed, erroneously, to Shakespeare.

Vipin Bharathan

New York, NY, US

Source: IEA

Opinion

California's oligarch tax would change the US

AMERICA Edward Luce

W hat happens in California rarely stays in California. Should the state's voters pass a wealth tax on its 246 bil-

lionaires next month, some of them might flee to Texas or Florida. Yet the idea (known as "Prop 40") — a 5 per cent windfall tax on wealth above \$1bn — might also spread. America's future will be deeply affected by either result. At stake is whether the US super-rich's largely unimpeded ascent in the last generation will continue uninterrupted. The tax's goal is thus political, not budgetary. In fiscal terms, Prop 40 is badly designed. One-off taxes are a headache for accountants. By earmarking its roughly \$100bn in revenues mostly for healthcare, it limits California's leeway. Anyone wanting genuine reform would propose a minimum tax on those above a certain net worth (say \$100mn). That would permanently shift the burden and give California's legislators control of how to spend it. On both counts it fails.

Prop 40's political framing is nevertheless smart. America's anti-tax reaction began in California in 1978 with the victory of Prop 13, which put a strict lid on property taxes. That backlash spread to the nation via the presidential victory two years later of California's Ronald Reagan. Prop 40's goal is to trigger a corresponding backlash against untaxed exorbitant wealth. The aim is thus to shift the so-called Overton Window that dictates what is politically possible. In that respect, a yes or a no could be just as momentous for America's future as the widely forecast Democratic midterm win on the same day. That is how California's most vocal billionaires see it.

Chief among these is Sergey Brin, co-founder of Google, who compares Prop 40's intent to the Soviet system that his

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At stake is whether the super-rich's largely unimpeded ascent will continue uninterrupted

parents fled in the 1970s. Supported by Peter Thiel, America's most influential libertarian, Brin has spent more than \$100mn of his own money to defeat it. Billionaires have also devised another measure, Prop 42, that would ban any new taxes on personal assets other than real estate. Since this would be a state constitutional ban, its approval would seal off any kind of wealth tax.

Plebiscitary democracy being what it is, Prop 40 and Prop 42 could both pass, which would trigger rampant confusion. Any such train wreck would be down to two factors. The first is the opposition to Prop 40 of Gavin Newsom, California's Democratic governor, who leads many prediction markets for his party's 2028 nomination. Newsom says that the tax would only make sense if it were federal. He has a point. But this stance also serves his campaign needs. Chris Larsen, the billionaire co-founder of the blockchain company Ripple, and an opponent of Prop 40, has promised to boost Newsom "any way we can".

The second cause of defeat would be a disinformation campaign, which says the tax is really an “everyone tax”. In a recent ad, a Trojan hog filled with scowling bureaucrats is unleashed on a middle-class Californian neighbourhood. They assault old people and children in a scramble to seize assets such as bicycles, televisions and surfboards. Their message is pure demagoguery. Prop 40's tax threshold could be lowered only with a two-thirds majority of California's assembly and within the legal spirit of the measure. Conflating billionaires with ordinary Americans is a bold sleight of hand. But the campaign has depressed support for Prop 40, which is now too close to call.

Brin is no fool. Though America's top income and capital gains tax were both close to double the rates in the 1970s of what they are today (at just under 40 per cent and 20 per cent, respectively), his Soviet analogy strikes a nerve with other wealthy Americans. Their fear is that Prop 40 is the thin end of the wedge. Brin also claims that the money would be squandered by a failed bureaucracy. That point has some merit. To anyone who thinks California's state is efficient, I have a high-speed Los Angeles-San Francisco rail link to sell you.

Yet Brin, Thiel and others would be more convincing if they were championing any idea of government reform. Their true goal appears to be to disable it. The line from the US Supreme Court justice Oliver Wendell Holmes Jr that "taxes are the price we pay for civilisation" is as true today as when he made it a century ago. A rational billionaire would see the merits of buying social peace. An enlightened one would acknowledge his debts to federal science, public education and chance.

Alas, there are few such super-rich to be found. Should Brin get his way on November 3, it could turn out to be a Pyrrhic victory.

edward.luce@ft.com

What comes next with the energy shock?

Martin Wolf Economics

The disruption to oil supply, oil prices and the world economy has been surprisingly manageable so far

T

he war that was intended to deliver a swift overthrow of the Iranian regime is now in its eighth month, with no end in sight. So, what might

happen next? My preliminary conclusion is that one should never underestimate human stupidity or human ingenuity. So far it is a rough draw between the two. How long will this last? That is the question.

In a devastating analysis, John Mearsheimer of the University of Chicago describes the war on Iran as “The Mother of All Strategic Blunders”.

Among other things, he notes, the US went into the war on the false claim that Iran was on the verge of acquiring a nuclear weapon; it thought air power alone would produce regime change, which has never worked; it had no contingency plan for dealing with Iran's closure of the Strait of Hormuz. It has also failed to achieve any of its four principal objectives – regime change, ending Iran's nuclear enrichment capability, ending its long-range missile capability and ending its support for Hamas, Hizbollah and the Houthis. The closure of the strait has done significant damage to the international economy and may do much more; and the US alliance structure (in the Gulf and elsewhere) has been damaged. All this, moreover, is only about half of the full charge sheet.

The stupidity is indeed impressive. Even now we cannot guess how it ends. Yet there is a counter-argument. The war may indeed be a strategic blunder. But the economic damage has been

The prices of diesel have risen far more than those of gasoline

Change in fuel product prices for end-users (year-on-year %, Aug 2026 or later)

Gasoline Automotive diesel

surprisingly modest. As Johannes Urpelainen of the Johns Hopkins School of Advanced International Studies noted in August, "Many experts initially thought that this supply disruption would send oil prices to USD 200 per barrel, causing massive inflation and a global recession. Instead, oil prices peaked at USD 126 per barrel in April 2026." Today, the real price of crude oil is still near its long-run average since 1972.

How can this be, given that Fatih Birol, head of the International Energy Agency, said in March this was “the greatest global energy security threat in history”? The ingenuity is the answer.

Urpelainen notes that: “First, the energy transition has reduced the global economy’s dependence on oil. Second, supply chains have proven resilient and adaptive. Third, producers outside the Middle East have acted fast to produce more oil and natural gas. Finally, drawdowns of global oil inventories have filled the remaining gap.” Flexibility is notably true of the Gulf. As former diplomat Mohammed Elsoukkary writes: “by the end of September preliminary estimates placed regional crude exports at approximately 16.3 million barrels per day, compared with 19.5 million in February, including roughly 9.7 million moving through Hormuz.”

\*Aug 2026 is a projection : Source: OECD

This is an impressive achievement. Yet do not forget that we consume products, not crude oil. There has been substantial damage to refineries in the Gulf. Moreover, refineries are set up to process specific crude oils, so shortages of products have emerged. One notable example is diesel. This even led President Donald Trump to consider a plan (now abandoned) to halt the US exports. But other products have also had bigger price rises than crude, notably natural gas and sulphur.

Source: OECD

Nevertheless, the disruption to oil supply, oil prices and the world economy more broadly has, in truth, been quite surprisingly manageable. In terms of the overall economy, this is, as Nouriel Roubini notes in Project Syndicate, in large part due to the massive invest-

cannot continue forever ment boom triggered by AI. But, for the future health of the world economy, it is not the level of investment, but its rate of growth, that matters, as does the ultimate economic contribution of AI itself. Surely at some point investment will slow. As to the economic contribution of AI (or indeed its doomsday properties), who knows with confidence?

There exist other sources of fragility. One, which I discussed last week, is the manageability of global debt at a time of rising interest rates. France, the UK and US are in the crosshairs. There is a particular risk for countries whose public debt is overwhelmingly short-term since, as a result, they enjoy little insurance against the impact of higher inflation on interest rates.

One of the biggest questions, then, is whether the stand-off between stupidity and ingenuity will continue. If it does, the energy shock at least should remain contained. But that cannot be taken for granted: the present situation, not least the drawdown in stocks, cannot continue forever. China's noteworthy suppression of domestic demand might not last either. If these come to a halt, crude prices might jump to more disruptive levels.

A still bigger question is where the war itself will go. Might Trump greet the passing of the midterm elections as a chance to release his bellicosity? Then a lame duck, he might think it would be the right time to sort out those pesky Iranians. If so, how far might Iran be able (and willing) to go in damaging the oil infrastructure of its neighbours? What is remarkable, after all, is how much Gulf oil is still flowing. Might that again be disrupted?

Alternatively, could (or would) a postmidterm Congress halt such efforts? Or might Trump get bored with the whole thing and let hostilities peter out into an ill-tempered (and probably informal) ceasefire?

An advantage of arbitrary despots is that they can so easily get bored. I cannot imagine that Trump finds the war with Iran much fun any longer. Even he must also find it really difficult to believe that it has been a great triumph. After all, as Mearsheimer says, he has achieved none of his objectives. Iran is battered, but its ghastly regime and influence in the Gulf look rather secure. Trump will surely be tempted to declare victory and move on. The American people would be delighted. So, might it all end “not with a bang but a whimper”?

martin.wolf@ft.com

We should call time on the 'end times'

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Nicolas Guilhot

F

rom the climate meltdown to the possibility of a runaway AI triggering a paper-clip apocalypse, catastrophic scenarios aren't in short supply these days. Whether it is in order to prep for impending doom or to denounce the toxic ideology of new corporate overlords, everyone seems to have settled on "end times" as the expression that best captures the zeitgeist.

Much of this has to do with the idea, widespread among tech elites, that only the unfettered development of AI will see the elect through the coming catastrophe. The eschatological subtext is occasionally made explicit. In a recent interview, US vice-president JD Vance mused that his political work might be paving the way for the consummation of human history. The conversation also touched upon the uninvited guest who crashes the party at the eleventh hour: Vance confessed he would not be surprised “if the Antichrist was walking among us”.

Peter Thiel too has expatiated on this intriguing figure, warning that he might be masquerading as a do-gooder bent on regulating AI or fighting climate change. The spat that followed the publication of Pope Leo XIV's encyclical about AI was a throwback to medieval times, when pope and emperor hurled accusations about being the Antichrist at each other.

Secular thinkers as well have shored up the notion that we are living through the end times, from Peter Turchin's prognosis of societal collapse to Naomi

Klein and Astra Taylor's recent warnings about the form of elite "survivalism" they call "end times fascism". Whether the end is nigh or not, everyone thinks we have run out of rope.

What is striking about all these discussions is how bleak they are.

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Today's political culture has lost the capacity to discern a redemptive future beyond a horizon of crisis

Even those who claim the authority of scripture for their politics or their corporate pitch do not have much of a future to offer.

Yet, from Christian expectancy to secular ideologies that envision “the collapse of capitalist society and the dawn of classless society as a mighty apocalypse", as the philosopher Jacob Taubes once put it, visions of the end have not always been a source of terror. For centuries, they gave hope to the downtrodden and reconfigured crises as opportunities for renewal and redress. The "end" was not only the end-as-catastrophe; it was also the end-as-telos, which gives a sense of purpose and meaning to the present.

This is no longer the case. Today's political culture has lost the capacity to discern a redemptive future beyond a horizon of crisis. We have, literally, nothing to look forward to.

This condition isn't new. It is the one Francis Fukuyama diagnosed more than 30 years ago as the "end of history". It has become fashionable to dismiss his idea, yet Fukuyama was clear he wasn't talking about world events but about the exhaustion of the liberal imagination: the end of history arrives when we can no longer imagine “a world that is essentially different from the present one, and at the same time better”.

Everything indicates that living at the end of history may not be sustainable — especially if it did not turn out to be the blissful dispensation that was promised. In the absence of desirable alternatives to the current state of things, the world ceases to be the space in which we experience our creative powers and, therefore, our freedom. It becomes opaque and alien, as if invisible forces were thwarting our agency.

A century ago, psychiatrists identified the “apocalyptic experience” as a typical symptom of schizophrenia. The narratives that best comport with this experience are also apocalyptic in the etymological sense of the term: the revelation of what is hidden. The end times are when the dark forces acting in history will be revealed, the dots connected, the enemies unmasked.

Today, politics swaps the pursuit of a future good for the defeat of an enemy; conspiracy theories spread and become the only possible vision of history.

This is certainly cause for concern. Yet it is also an indication that the catastrophe is not written in stone — or in algorithms. It is the result of faulty politics that, like Dorian Gray, have embraced the fantasy of eternal youth promised by the end of history, while their decay was increasingly visible. The fact that some things age badly does not mean history ends with them but that it's time to let go of them and contemplate new departures.

The writer is professor of intellectual history at the European University Institute and author of 'Conspiracy: The History of a Political Obsession'

If supermarket M&A is back, Sainsbury's is in a sweet spot

Tesco is the UK's market leader with a near 28% share — Leon Neal/Getty Images

here is one big takeaway from recent merger discussions between Sainsbury's and its rival Morrisons: British

supermarkets no longer believe that mergers are completely unthinkable.

If they are right, and the competition watchdog has softened its hawkish stance on consolidation among the country's grocers, it ought to be good for Sainsbury's itself – and bad for market leader Tesco.

Why supermarkets would like to merge is no mystery. There are too many of them, chasing a market where demand is not growing.

Discount chains Aldi and Lidl have taken about 10 percentage points of market share over the past decade, taking sales from private-equity owned Morrisons and Asda, and profitability from everyone.

Tesco generates an operating margin of only 4 per cent. Sainsbury's manages around 3 per cent. Bigger supermarkets are better at fighting price wars.

Until recently, tie-ups weren't on the cards: the Competition and Markets Authority blocked a mooted union of Sainsbury's and Asda in 2019. Since then, however, it has changed its definition of discount retailers to include them on the same terms as supermarkets.

Factoring them in fully would change the calculus on national market share and competition within specific regions, two of the most important considerations.

In any future consolidation, Sainsbury's is best placed to play kingmaker.

With 15 per cent of the market, it could combine with either Morrisons or Asda and still be smaller than Tesco in national market share terms.

Its skew to the south of England also means it could buy either Morrisons or Asda, both of which have larger footprints in the north, without having to dispose of too many stores.

Having broken off talks with Morrisons already, Sainsbury's risks seeing its struggling rival combine with

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Sainsbury's and Morrisons could still find terms that appeal to both sides. The sticking point may be price

Asda instead. The two would have roughly 20 per cent of the national market, overtaking Sainsbury's as the number two. But both businesses have large positions in the north of England, meaning they would probably have to dispose of a big chunk of their store base.

Sainsbury's would be an obvious potential buyer, and, as a larger operator, would probably be able to outbid smaller groups such as Waitrose and M&S.

Besides, it would be rash to conclude that Sainsbury's and Morrisons can't still find terms that appeal to both sides. The sticking point may well be price: CD&R bought Morrisons for £9.8bn, equivalent to 9 times ebitda; Sainsbury's trades at nearer 5.

But there is much to be gained if that obstacle can be surmounted. In 2018, the retailer estimated that buying Asda would enable it to lower prices on essentials by 10 per cent. Achieving that would roughly halve the gap with the discount chains.

What, then, becomes of the market leader? While Tesco might be able to pick up assets, with a near 28 per cent market share and widespread local presence it is too big to take part in any meaningful consolidation.

It has had a good run of late: since 2020, it has grown its market share by 1.3 percentage points.

There's no potential combination that would be bigger than Tesco, but an outbreak of M&A would give it a run for its money.

Bank mergers arrive in Europe with a whimper rather than a bang

Europe has a Nimby problem when it comes to banks. Politicians, regulators and executives agree the continent needs cross-border consolidation, just as long as it's not their banks being consolidated. An agreement between France's BPCE and Spain's Sabadell offers an imperfect way to tiptoe around the issue.

BPCE has bought a “friendly” 7 per cent stake in Sabadell, worth around €1.2bn at yesterday’s closing price. It will take a seat on Sabadell’s board and the two groups will consider ways to work together. That could mean, for example, BPCE-owned Natixis providing investment banking services to Sabadell’s business customers. BPCE says it won’t lift its holding above 9.9 per cent.

BPCE will be hoping the capital buys it some of the upside of an acquisition — in the form of indirect exposure to the fast-growing Spanish economy — without the political wrangling. European cross-border deals tend not to include many cost savings, due to the continent's patchwork of different regulations, so it isn't missing out on much there.

If BPCE did eventually decide it wanted full control, spending a few years getting to know Sabadell's board and local politicians could smooth the way. In the meantime, it is busy with the integration of Novo Banco, which it bought for €6.4bn last year. Taking a stake in Sabadell makes it harder for other bidders to swoop in while it is distracted.

Sabadell, meanwhile, can focus on its standalone strategy without worrying about another hostile bid, after it spent 18 months fending off local rival BBVA.

There are downsides, however. Minority investments tie up capital that could be used elsewhere and give financial exposure without much control – Sabadell and BPCE are on the same page for now, but a crisis or simply a change of strategy could leave the French bank lumbered with a stake to offload at a loss.

Step back, and there's a bigger issue. Europe needs larger banks to support investments in defence, energy and

Friendly rivalries

Sabadell vs index of European bank stocks rebased

infrastructure. That is why former central banker Mario Draghi and others have been pushing for banking consolidation. But that requires things that don't yet exist, such as harmonised regulation and acquiescent local politicians.

Those projects are needed now, not in 10 years. So while slow motion takeovers might be the best available way for bank investors to edge towards a more efficient industry, for Europe more broadly they are very much a consolation prize.

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Acqui-hire ruse by Silicon Valley's tech titans may have passed its prime

Imagine not being invited to the office party, one where attendees are gifted with swag bags containing millions of dollars. That's the position that two employees of chipmaker Groq found themselves in when mega-sized rival Nvidia hired most of their colleagues.

Selective guest lists may work for elite soirées but they're not so well suited to corporate M&A.

Nvidia paid \$20bn to get what it wanted from Groq. But rather than a traditional acquisition or asset purchase, it set aside a \$3bn bonus pool with which to lure Groq's top talent and paid \$17bn to the company to license Groq's intellectual property.

The disgruntled engineers as shareholders got their cut of that \$17bn but that was less than they would have got if Nvidia had bought the company for \$20bn. They have therefore sued Groq's board. Their chagrin as shareholders is understandable.

So-called “acqui-hires” are one way of buying the guts of a business without triggering antitrust processes that apply to conventional mergers.

It doesn't help that the Groq board seems to have given Nvidia what appears to be a bargain. When the Groq shell was finally liquidated, Nvidia offered a "squeeze-out" payment for cash and sundry assets of just a few hundred million dollars, only to then revalue its purchases at \$3.5bn.

Imagine Nvidia had gone the more direct route and bought Groq outright; the engineers might have received a more generous offer for their shares.

But such a deal would have taken a long time to close and might well have been blocked outright by competition watchdogs. Of course, in that scenario they might have at least kept their jobs.

The big question is whether acqui-hires will come to be treated as mergers from a competition standpoint. The Biden administration reviewed thousands of similar arrangements, taking the view that substance mattered more than form. The Trump administration has expressed concerns, too.

The objections of irked former employees add a new challenge for such deals. If they win, future acqui-hires will probably become more expensive and thus less attractive.

Either way, lawsuits give regulators another reason to wise up to the acqui-hire strategy. Kudos to tech titans for finding innovative ways to hack the system but, in future, they may be forced to take a more direct approach.

NIKKEI Asia The voice of the Asian century

CROSSWORD No 18,499 by GOLIATH

JOTTER PAD

Solution 18,498

Scan the QR code to access FT crosswords over the last 30 days — cryptic, Polymath, Weekend and Sunday puzzles — or go to ft.com/crosswordapp

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ACROSS

1 Tutorial for wearing fewer clothes (6)

4 Chamber with cat going wild? That could be traumatic (6)

8 Attempt to trap 1 parasite in 5 (7)

9 Liable to hide note that's indecent (7)

11 Note and be quiet about one's ability to bounce back (10)

12 Speed to start right at the end (4)

13 Computer workplace sent back curry (5)

14 Like this clue in the French game (8)

16 Run and get your passport this before entry to Europe (8)

18 Any faked ads uncovered and exposed (5)

20 Inspiration picked up from some houses (4)

21 One charged by court in journal reference (10)

23 She dropped out of humanities, possibly for something trivial (7)

24 Reasonable course and location for golf (7)

25 Guest's pants? Partly (6)

26 Fashion models occasionally (6)

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DOWN

1 Big in social media, influencer getting fame at last (5)

2 Star supported by laid back old timer (7)

3 In a precarious position, surprisingly hot in Mediterranean resort (2,4,3)

5 - 2 for the preceding clue (5)

6 Reach a conclusion: there's no fire (7)

7 Profited from baroness before tides changed (9)

10 Impact of homesickness re-enacted every now and then (9)

13 Annoying and tedious article is enclosed (9)

15 Frank had lunch with applicant (9)

17 Art venues where parents secure employment (7)

19 Drink cocktail and evening dress primarily related (7)

21 Energy obtained from underground river (5)

22 Kingdom's authentic masthead (5)

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