Financial Times - 08.10.2026 — 2026-10-07

综合要闻 1

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2026年10月8日，星期四

📄 Original Section

THURSDAY 8 OCTOBER 2026

金融时报

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分析，第11页

一家打破常规的南非银行

英国 3.70英镑；爱尔兰共和国 4.10欧元

为什么男性较少关注全球变暖

PILITA CLARK，第23页

📄 Original Section

FINANCIAL TIMES

ANALYSIS, PAGE 11

A South African bank that defies convention

UK £3.70; Republic of Ireland €4.10

Why men care less about global warming

PILITA CLARK, PAGE 23

伊朗战争导致希利财政空间出现120亿英镑缺口

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📄 Original Section

Iran war blows £12bn hole in Healey's room for manoeuvre

——公共财政冲击预算预期——担忧税收增加与支出削减

🌐 对照英文

SAM FLEMING, VALENTINA ROMEI 以及 GEORGE PARKER

据《金融时报》估计，伊朗战争在英国公共财政中造成了近120亿英镑的缺口，使财政大臣约翰·希利在预算案公布前的财政空间（headroom）减半，迫使他不得不依赖增加税收和削减支出，以为缓解生活成本的举措提供资金。

根据这些估计，借贷成本上升和通胀增加可能已将希利的财政操作空间从预算责任办公室（OBR）在3月份预测的236亿英镑削减至约120亿英镑。

政府数据显示，财政空间的目的是在诸如中东战争等异常情况下充当“应急基金”。

投资者似乎也愿意接受财政缓冲区的一定程度缩减。他们在告诉《金融时报》时表示，在计入预算措施后，政府的财政空间可以缩小到约140亿英镑而不会引发英国国债（gilt）的抛售。

《金融时报》此前曾报道，希利可能会接受一个比3月份数据更窄的缓冲区。

然而，财政空间的缩减仍意味着财政大臣可能被迫在10月28日宣布痛苦的增税和削减支出计划，以维持债券市场的信心，并为缓解家庭生活成本的措施支付费用。

政府的核心财政规则要求到2029-30年度，日常支出必须由收入覆盖。财政空间是指在达成该目标时预计剩余的缓冲区。

英威斯塔银行（Investec）经济学家菲利普·肖（Philip Shaw）表示：“近期的市场背景对于财政大臣在采取措施前预测中所能获得的财政空间量非常不利。”

根据《金融时报》的预算追踪器，希利财政空间遭受的绝大部分打击（约100亿英镑）源于债务利息支出增加。其余部分则反映了自3月以来增长、收益和通胀预测的变化。

在选民受到伊朗战争引发的成本飙升冲击后，预计希利和安迪·伯纳姆将在预算案中的家庭支持方案重点关注降低能源账单。

伯纳姆还承诺为小公司提供更多帮助。今年7月，他表示，为酒吧、社交俱乐部和现场演出场所降低20%的商业税率（成本为1亿英镑）是“第一步”。

为了资助希利所谓的“生活成本和商业成本”缓解方案而采取的增税努力，预计将显著低于其前任瑞秋·里夫斯，后者在两次预算案中总共增税660亿英镑。

《金融时报》最新的财政空间估计值与本周对其调查的六位经济学家的平均预测值接近。咨询公司RSM英国会计师事务所（RSM UK）首席经济学家托马斯·普（Thomas Pugh）表示：“主要因素是英国国债收益率的上升、对英格兰银行利率预期的提高以及更高的通胀。”

即使希利能够实现工党对一次平稳预算案的期望，这也将留下一个问题：他明年将如何为支出审查提供资金。财政部表示：“我们不对有关财政空间的传闻、猜测或匿名指控发表评论。” 债券抛售回归 第9页 Chris Giles 第23页

📄 Original Section

- Public finances check Budget hopes - Tax rises and spending cuts feared

SAM FLEMING, VALENTINA ROMEI AND GEORGE PARKER

The Iran war has blown a near-£12bn hole in Britain's public finances, according to FT estimates, halving chancellor John Healey's headroom ahead of the Budget and forcing him to lean on tax rises and spending cuts to fund efforts to ease the cost of living.

Higher borrowing costs and rising inflation are likely to have cut Healey's fiscal room for manoeuvre from the £23.6bn forecast by the Office for Budget Responsibility in March to about £12bn, according to the estimates.

Government figures say the purpose of the headroom is to act as a “contingency fund” during extraordinary circumstances such as the Middle East war.

Investors also appear willing to accept some erosion of the fiscal buffer, telling the FT that the government's headroom could narrow to about £14bn once Budget measures are factored in without sparking a gilt sell-off.

The FT has previously reported that Healey may accept a narrower buffer than the March figure.

However, the reduction in headroom still means the chancellor could be forced to announce painful tax increases and spending cuts on October 28 to retain the confidence of the bond markets and pay for measures to ease the cost of living for households.

The government's key fiscal rule requires day-to-day spending to be covered by revenues by 2029-30. Headroom is the buffer estimated to be left over when that target is reached.

"The recent market background has been very unhelpful for the amount of headroom available to the chancellor at the pre-measures forecast," said Philip Shaw, an economist at Investec.

The vast majority of the hit to Healey's headroom, about £10bn, stems from higher interest payments on debt, according to the FT's budget tracker. The remainder is a reflection of movements in growth, earnings and inflation forecasts since March.

Healey and Andy Burnham are expected to focus their household support package in the Budget on cutting energy bills after voters have been hit by soaring costs triggered by the Iran war.

Burnham has also promised more help for small companies. In July, he said a 20 per cent cut to business rates for pubs, social clubs and live venues, costing £100mn, was a “first step”.

Tax-raising efforts to fund the package to ease what Healey calls “the cost of living and the cost of business” are expected to be significantly smaller than those under predecessor Rachel Reeves, who raised taxes by a total of £66bn in her two Budgets.

The FT's latest headroom estimate is close to the average in a poll of six economists it surveyed this week. "The main factors are the rise in gilt yields, increase in expectations around Bank [of England] rate and higher inflation," said Thomas Pugh, chief economist at consultancy RSM UK.

Even if Healey manages to fulfil Labour hopes for an uneventful Budget, this will leave open the question of how he funds the spending review next year. The Treasury said: "We do not comment on rumour, speculation or anonymous claims regarding the fiscal headroom." Bond sell-off returns page 9 Chris Giles page 23

新浪潮：巴德诺克承诺取消住房遗产税，援引保守党核心价值

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Charlie Bibby / FT

凯米·巴德诺克昨日在伯明翰发表讲话，她承诺如果该党赢得下次大选，将取消家庭住房的遗产税，并允许夫妇在免税额基础上额外传承£1mn。

这位保守党领袖在党代会演讲中旨在巩固保守党作为“住房所有权之党”的主张。巴德诺克表示，根据她的计划，缴纳遗产税的家庭数量将减少一半以上，她试图以此与首相安迪·伯纳姆划清界限。她表示：“劳工党认为将你赚到的钱传给孩子是自私的。我们不这么认为。”

官员表示，这些变动将耗资60亿英镑，部分资金将通过削减福利来筹集。巴德诺克宣称，遗产税的设计初衷是仅针对“超级富豪”，但现在已变成一项针对“普通中产阶级家庭”的征税。

劳工党主席布里奇特·菲利普森表示：“保守党没有改变。凯米·巴德诺克表明了[他们的]选择，即不对在社会护理成本中挣扎的普通家庭提供任何帮助，而是优先考虑最富有的人。”

战略转变 第3页

FT观点 第22页

Janan Ganesh 第23页

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📄 Original Section

New wave Badenoch invokes core Tory values with pledge to scrap inheritance tax on homes

Charlie Bibby/FT

Kemi Badenoch speaking in Birmingham yesterday, where she pledged to abolish inheritance tax on family homes and allow couples to pass on an additional £1mn tax-free if the party won the next general election.

The Conservative leader used her conference speech to cement the Tories' claim to be "the party of home ownership". Badenoch said the number of families paying inheritance tax would fall by more than half under her plan as she tried to draw a dividing line with Prime Minister Andy Burnham. “Labour think it is selfish to pass on what you have earned to your children. We don’t,” she said.

The changes would cost £6bn and would be partly funded by welfare cuts, officials said. Inheritance tax was designed to ensnare only the “super wealthy” but had become a levy on "ordinary middle-class families", Badenoch declared.

Labour chair Bridget Phillipson said: "The Tories haven't changed. Kemi Badenoch has shown [their] choice is to do nothing to help ordinary families struggling with the cost of social care, prioritising the wealthiest instead."

Change of strategy page 3

FT View page 22

Janan Ganesh page 23

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简报

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▶ Boots再次易主，Westons家族出手

Weston家族的加拿大分支已同意以$8.9bn的价格收购这家零售商，这标志着该公司在一年多时间内的第二次所有权变更，并结束了与Stefano Pessina长达20年的联系。—— 第12页

▶ 中国加速建设数据中心

中国正在其能源丰富的内陆地区快速建设数据中心，北京方面寻求将充足的电力和廉价的土地转化为AI竞赛中的优势。—— 第4页；LEX，第24页

▶ 北京拒绝欧盟汽车要求

在中国与欧盟进入避免贸易战的最终谈判之际，中国拒绝了限制向该贸易集团出口混合动力汽车的请求。布鲁塞尔目前希望中国能接受欧盟的进口上限。—— 第4页

房产市场受压 随着基准抵押贷款利率触及三年来的最高水平，销售额、价格和需求均有所下降，买家咨询量下滑，给房地产市场带来了新的“痛苦”。—— 第2页

▶ 推动化学品关税

贸易监管机构表示，部长们应对进口的一种中国工业化学品征收关税，这给部长们带来了更大压力，迫使他们在欧盟与北京的争端中选边站队。—— 第2页

▶ 布鲁塞尔调整税收策略

欧盟委员会正在考虑通过对大型企业征收广泛税款的方式，对美国科技集团征税，旨在增加收入的同时避免与白宫发生争端。—— 第6页

▶ 债券抛售重启

全球抛售潮再次燃起，由于对通货膨胀和公共债务的担忧令投资者不安，美国和英国的长期借贷成本回升至数十年来的最高水平。—— 第9页

▶ 谷歌游戏创建者

这家美国科技集团推出一个平台，允许用户通过简单的文本提示创建视频游戏，并与游戏工具开发商Unity合作，AI正在颠覆该行业。—— 第10页

📄 Original Section

Briefing

▶ Boots changes hands again as Westons swoop

The Canadian branch of the Weston family has agreed to buy the retailer in an \$8.9bn deal marking its second change of ownership in little over a year and ending the 20-year link to Stefano Pessina.— PAGE 12

▶ China in data centre dash

The country is building data centres at rapid speed across its energy-rich hinterland, as Beijing seeks to turn abundant electricity and cheap land into an advantage in the AI race.— PAGE 4; LEX, PAGE 24

▶ Beijing rejects EU car call

China has thrown out a request to restrict its exports of hybrid cars to the bloc as the two sides enter final talks to avert a trade war. Brussels now hopes China will accept an EU import cap.— PAGE 4

House market squeezed Sales, prices and demand have all fallen after benchmark mortgage rates hit their highest level in three years, inflicting new “pain” on the property market as buyer enquiries dipped.— PAGE 2

▶ Push for chemicals tariff

Ministers should impose tariffs on imports of a Chinese industrial chemical, the trade watchdog has said, putting more pressure on ministers to take a side in the EU's dispute with Beijing.— PAGE 2

▶ Brussels shifts tax tack

The European Commission is weighing taxing US tech groups through a broad levy on large corporations in an effort to raise revenues while avoiding a row with the White House.— PAGE 6

▶ Bond sell-off resumes

The global rout has reignited, pushing long-term borrowing costs in the US and UK back to their highest levels in decades, as fears over inflation and public debt rattle investors.— PAGE 9

▶ Google game creator

The US tech group has unveiled a platform that lets users create video games from a simple text prompt, partnering with gaming-tools developer Unity as AI disrupts the industry.— PAGE 10

随着Libor操纵案瓦解，前巴克莱交易员的定罪被撤销

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📄 Original Section

Former Barclays traders' convictions quashed as Libor rigging cases unravel

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英国税务海关总署近十年前曾调查曼城税务问题

🌐 对照英文

在曼城足球俱乐部上月被判定通过“虚假”交易虚增财务状况的八年前，当《镜报》（Der Spiegel）披露泄露的电子邮件后，英国税务海关总署（HMRC）便对其税务问题启动了民事调查。该调查从未结案，重点在于俱乐部是否利用复杂结构来避税。一名部长表示，税务机关现在“不可避免”地将研究有关违反财务规定的指控。

2018年调查 ▶ 第9页

苏齐·林（SUZI RING）与查理·温德尔（CHARLIE WINDLE）

五名前巴克莱银行交易员因操纵利率基准而被判入狱，随着利博（Libor）操纵案起诉程序的进一步瓦解，他们的定罪现已被撤销。

在去年一项裁决对定罪结果产生质疑后，上诉法院昨日撤销了杰伊·默钱特（Jay Merchant）、乔纳森·马修（Jonathan Mathew）、菲利普·莫里尤塞夫（Philippe Moryoussef）、亚历克斯·帕邦（Alex Pabon）和科林·伯明汉姆（Colin Bermingham）的定罪。

马修、默钱特和帕邦在十年前被判定操纵现已失效的伦敦银行同业拆借利率（Libor），该利率曾是数万亿美元金融合约的基础。莫里尤塞夫和伯明汉姆则分别在2018年和2019年被判定操纵其欧元等价利率——欧元银行间同业拆借利率（Euribor）。此次裁决是在2025年7月最高法院撤销汤姆·海耶斯（Tom Hayes）的定罪之后做出的，海耶斯是前瑞银（UBS）和花旗银行（Citigroup）交易员，也是首位被陪审团判定操纵利博利率的人。

海耶斯及其他人的定罪成为了公众对金融危机愤怒的导火索，利博丑闻导致银行支付了数十亿英镑的罚款。但大西洋两岸的起诉程序均在瓦解，已有十多起定罪被撤销。

尽管最高法院的裁决并非完全洗清海耶斯的嫌疑，但法院发现法官在2015年向陪审团提供的指示是“不准确且不公平的”。海耶斯曾在监狱中度过了五年半的时间。

© UECHTENSTEIN, The Princely Collections, Vaduz-Vienna

最高法院还撤销了前巴克莱交易员卡洛·帕隆博（Carlo Palombo）操纵欧元银行间同业拆借利率（Euribor）的定罪。

埃迪斯大法官（Lord Justice Edis）昨日表示，最高法院在海耶斯的审判中发现了一个法律错误，而该错误在这些前巴克莱银行家的案件中被“直接复制”。他补充说，伯明汉姆是在与帕隆博相同的审判中，基于相同的陪审团指示被定罪的。

“在过去的10年里，刑事定罪的污点是我每一分每一秒都背负的沉重负担，”马修在裁决后拥抱了他的律师和支持者时说道。

这五起案件于今年1月由刑事案件审查委员会提交至法院。负责起诉这些案件的严重欺诈办公室（SFO）并未对上诉提出异议。“最高法院发现，有充分的证据可以让一个获得正确指示的陪审团判定汤姆·海耶斯和卡洛·帕隆博有罪，”SFO欺诈与腐败部门负责人杰森·威廉姆斯（Jason Williams）表示，并补充说该办公室认为寻求重新审判不符合公共利益。

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📄 Original Section

HMRC probed Man City tax affairs nearly a decade ago

Eight years before Manchester City was found guilty last month of having inflated its finances with 'sham' deals, HM Revenue & Customs opened a civil investigation into its tax affairs when leaked emails appeared in Der Spiegel. The probe, which was never closed, focused on whether the club had used complex structures to avoid tax. One minister says it is now 'inevitable' the allegations over financial breaches will be studied by the tax authority.

2018 investigation ▶ PAGE 9

SUZI RING AND CHARLIE WINDLE

Five former Barclays traders sentenced to prison for manipulating interest-rate benchmarks have had their convictions overturned in the latest unravelling of Libor-rigging prosecutions.

The Court of Appeal yesterday quashed the convictions of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham after a ruling last year cast doubt on their guilty verdicts.

Mathew, Merchant and Pabon were convicted a decade ago of rigging the now defunct London interbank offered rate, which underpinned trillions of dollars of financial contracts. Moryoussef and Bermingham were found guilty of manipulating the euro equivalent, Euribor, in 2018 and 2019 respectively. The ruling comes after the Supreme Court quashed the conviction of Tom Hayes, the former UBS and Citigroup trader who was the first to be found guilty by a jury of Libor rigging, in July 2025.

The convictions of Hayes and others became a lightning rod for public anger over the financial crisis, and the Libor scandal resulted in banks paying billions in fines. But prosecutions have unravelled on both sides of the Atlantic, with more than a dozen overturned.

Although its ruling was not a complete exoneration of Hayes, the Supreme Court found that directions the judge had given to the jury in 2015 were “inaccurate and unfair”. Hayes spent five-and-a-half years in prison.

© UECHTENSTEIN, The Princely Collections, Vaduz-Vienna

The highest court also quashed the conviction of ex-Barclays trader Carlo Palombo for manipulating Euribor.

Lord Justice Edis said yesterday that the Supreme Court had identified a legal error in Hayes' trial that was "directly replicated" in the former Barclays bankers' cases. He added that Bermingham had been convicted in the same trial as Palombo on the same jury directions.

"For the last 10 years, the stain of a criminal conviction has been a burden I have carried every minute of every day," said Mathew, who hugged his lawyers and supporters after the ruling.

The five cases were referred to the court in January by the Criminal Cases Review Commission. The Serious Fraud Office, which prosecuted the cases, did not contest the appeals. "The Supreme Court found that there was ample evidence on which a properly directed jury could have convicted Tom Hayes and Carlo Palombo," said Jason Williams, head of fraud and corruption at the SFO, adding that the office did not deem it in the public interest to seek retrials.

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货币

货币对< / > Oct 07< / > 前值< / > 货币对< / > Oct 07< / > 前值< / >< / > $ / €< / > 1.119< / > 1.123< / > € / $< / > 0.893< / > 0.890< / >< / > $ / £< / > 1.322< / > 1.325< / > £ / $< / > 0.756< / > 0.755< / >< / > £ / €< / > 0.847< / > 0.848< / > € / £< / > 1.181< / > 1.180< / >< / > ¥ / $< / > 158.105< / > 158.365< / > ¥ / €< / > 176.983< / > 177.860< / >< / > ¥ / £< / > 208.999< / > 209.834< / > 英镑指数< / > 85.424< / > 85.25< / >< / > Sfr / €< / > 0.932< / > 0.936< / > Sfr / £< / > 1.101< / > 1.104< / > |

< / > Oct 07< / > 前值< / > 涨跌幅%< / >< / > 比特币< / > 83391.53< / > 85712.41< / > -2.71< / >< / > 以太坊< / > 2569.07< / > 2700.83< / > -4.88< / > |

< / > Oct 07< / > 前值< / > 涨跌幅%< / >< / > WTI原油< / > 89.09< / > 89.44< / > -0.39< / >< / > 布伦特原油 $< / > 100.83< / > 99.15< / > 1.69< / >< / > 黄金 $< / > 4106.46< / > 4164.00< / > -1.38< / > |

政府债券

收益率 (%)< / > Oct 07< / > 前值< / > 变动< / >< / > 美国 2年期< / > 4.76< / > 0.00< / >< / > 美国 10年期< / > 5.31< / > 5.27< / > 0.04< / >< / > 美国 30年期< / > 5.69< / > 5.64< / > 0.05< / >< / > 英国 2年期< / > 4.66< / > 4.67< / > -0.01< / >< / > 英国 10年期< / > 5.38< / > 5.32< / > 0.06< / >< / > 英国 30年期< / > 5.97< / > 5.92< / > 0.05< / >< / > 日本 2年期< / > 1.89< / > 1.86< / > 0.03< / >< / > 日本 10年期< / > 3.07< / > 3.05< / > 0.02< / >< / > 日本 30年期< / > 4.16< / > 4.18< / > -0.02< / >< / > 德国 2年期< / > 3.03< / > 3.08< / > -0.05< / >< / > 德国 10年期< / > 3.47< / > 3.48< / > -0.01< / >< / > 德国 30年期< / > 3.85< / > 0.00< / > |

价格为本版最新数据

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国内新闻

贸易监管机构

📄 Original Section

Subscribe In print and online www.ft.com/subscribenow Tel: 0800 028 1407

For the latest news go to www.ft.com

© THE FINANCIAL TIMES LTD 2026

No: 42,376 ★

Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Milan, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai

9 770307 176142

STOCK MARKETS | Oct 07 | Prev | %chg. | S&P 500 | 7791.44 | 7818.93 | -0.35 | Nasdaq Composite | 27480.78 | 27599.89 | -0.43 | Dow Jones Ind | 51163.98 | 51521.28 | -0.69 | Euro Stoxx 50 | 6180.29 | 6272.23 | -1.47 | FTSEurofirst 300 | 2517.48 | 2542.60 | -0.99 | FTSE 100 | 10458.50 | 10541.69 | -0.79 | FTSE All-Share | 5644.81 | 5689.19 | -0.78 | CAC 40 | 7769.21 | 7865.07 | -1.22 | Xetra Dax | 25104.36 | 25449.19 | -1.35 | Nikkei | 70035.71 | 70683.98 | -0.92 | Hang Seng | 24130.50 | 24280.56 | -0.62 | MSCI World | 5012.00 | 4961.00 | 1.03 | MSCI EM | 1756.80 | 1761.10 | -0.24 | MSCI ACWI | 1158.60 | 1148.20 | 0.91 | World Markets

CURRENCIES | Pair | Oct 07 | Prev | Pair | Oct 07 | Prev | $/€ | 1.119 | 1.123 | €/$ | 0.893 | 0.890 | $/£ | 1.322 | 1.325 | £/$ | 0.756 | 0.755 | £/€ | 0.847 | 0.848 | €/£ | 1.181 | 1.180 | ¥/$ | 158.105 | 158.365 | ¥/€ | 176.983 | 177.860 | ¥/£ | 208.999 | 209.834 | £ Index | 85.424 | 85.25 | Sfr/€ | 0.932 | 0.936 | Sfr/£ | 1.101 | 1.104 | Oct 07 | Prev | %chg | Bitcoin | 83391.53 | 85712.41 | -2.71 | Ethereum | 2569.07 | 2700.83 | -4.88 | Oct 07 | Prev | %chg | Oil WTI | 89.09 | 89.44 | -0.39 | Oil Brent $ | 100.83 | 99.15 | 1.69 | Gold $ | 4106.46 | 4164.00 | -1.38 | GOVERNMENT BONDS | Yield (%) | Oct 07 | Prev | Chg | US 2 Yr | 4.76 | 4.76 | 0.00 | US 10 Yr | 5.31 | 5.27 | 0.04 | US 30 Yr | 5.69 | 5.64 | 0.05 | UK 2 Yr | 4.66 | 4.67 | -0.01 | UK 10 Yr | 5.38 | 5.32 | 0.06 | UK 30 Yr | 5.97 | 5.92 | 0.05 | JPN 2 Yr | 1.89 | 1.86 | 0.03 | JPN 10 Yr | 3.07 | 3.05 | 0.02 | JPN 30 Yr | 4.16 | 4.18 | -0.02 | GER 2 Yr | 3.03 | 3.08 | -0.05 | GER 10 Yr | 3.47 | 3.48 | -0.01 | GER 30 Yr | 3.85 | 3.85 | 0.00 | Prices are latest for edition

Data provided by ICE. www.ice.com

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NATIONAL

Trade watchdog

敦促对中国关键化学品征收高额关税

🌐 对照英文

欧盟担忧英国正成为廉价产品的后门

PETER FOSTER 和 AMY BORRETT

伦敦

ANDY BOUNDS — 布鲁塞尔

英国贸易监管机构表示，政府应对中国进口的一种关键工业化学品征收高额关税，这进一步向相关部长施压，要求其在欧盟与北京的贸易争端中表明立场。

贸易救济局（Trade Remedies Authority, TRA）提出对中国二氧化钛（一种广泛用于油漆和塑料的工业白色颜料）征收反倾销税。此前，欧盟已表达担忧，认为英国正成为廉价产品的后门。

这意味着英国商业大臣乔纳森·雷诺兹（Jonathan Reynolds）很快必须决定是采纳该建议并冒着激怒中国及其投资者的风险，还是在英国政府试图与欧盟建立更紧密关系的时刻违背布鲁塞尔的意愿。

TRA 对中国二氧化钛进行了为期六个月的调查，结论是英国工业正“遭受实质性损害的威胁”。该机构建议征收每吨至少 £660 的反倾销税。

TRA 表示，2026 年 5 月英国从中国进口的二氧化钛数量是去年同月的三倍，并补充称“如果不采取贸易救济措施，这一趋势可能会继续”。

相关方在 10 月 26 日之前可对初步调查结果做出回应，随后 TRA 将向雷诺兹提交最终建议，由其决定接受或拒绝。

由于担心英国成为中国商品规避欧盟关税的后门，布鲁塞尔上个月宣布将监控英国的二氧化钛出口，以确保欧盟的“反倾销措施……未被规避”。

英国已经在钢铁贸易保障措施上与欧盟保持一致，如果希望避免影响关键出口产品的“欧洲制造”壁垒，则面临在汽车和化学品方面采取同样行动的压力。

政府警告称，欧盟优先考虑欧盟内部生产的举措，可能会严重损害参与汽车、核能和绿色能源供应链的英国公司。

欧盟在 2024 年对二氧化钛征收了反倾销税，其税率水平与 TRA 建议的水平相似，并准备对包括 PET 塑料和树脂在内的其他化学品采取进一步措施。

英国目前有三项正在进行的倾销调查，将面临采取跟进措施的压力。

本月，北京启动了针对欧洲出口的对硝基甲苯（一种用于药物和染料的化学品）的反倾销调查。

在过去十年中，中国大规模增加了二氧化钛等大宗化学品的产量。TRA 发现，中国在土地、能源和金融等多个领域为该产业提供了补贴。

显然是为了预判来自布鲁塞尔的压力，雷诺兹上个月致信英国化学工业，要求提供关于不公平贸易行为所带来风险的信息。

在《金融时报》（FT）看到的这封信中，雷诺兹表示，这些信息将帮助英国“决定在哪些方面可能需要进一步的贸易防御行动”。

在由美国所有之特诺克斯（Tronox）公司牵头的企业指控中国二氧化钛向英国倾销后，TRA 于 3 月启动了调查。特诺克斯首席执行官约翰·D·罗马诺（John D Romano）敦促雷诺兹“迅速”实施拟议的关税以保护该行业。

商业、创新、科学与贸易部拒绝就正在进行的调查发表评论。

欧盟委员会表示：“欧盟和英国是密切的合作伙伴，在应对不公平竞争和确保公平竞争环境方面有着许多共同的关切。”

中国商务部未立即回应置评请求。由广州的 William Langley 参与报道。

Ground Truth 图像显示一条单一的实线，这是一个风格化或背景元素（类似于纸上的分隔线）。根据规则 2，此类线条必须在 OCR 结果中被忽略。提供的 OCR 内容为 ""，不包含任何字符。由于 OCR 输出正确地忽略了该风格化线条，因此符合规则 2。因此，OCR 结果与 Ground Truth 一致。

📄 Original Section

Tough tariffs urged on key Chinese chemical

EU raises fears that UK is becoming a backdoor for cheap products

PETER FOSTER AND AMY BORRETT

LONDON

ANDY BOUNDS — BRUSSELS

The government should impose steep tariffs on Chinese imports of a key industrial chemical, the UK's trade watchdog has said, putting further pressure on ministers to take a side in the EU's trade dispute with Beijing.

The proposal by the Trade Remedies Authority to add anti-dumping duties on Chinese titanium dioxide, an industrial whitening agent widely used in paints and plastics, comes after the EU raised fears that the UK is becoming a backdoor for cheap products.

It means UK business secretary Jonathan Reynolds will soon have to decide whether to follow the recommendation and risk angering China and its investors, or go against Brussels' wishes at a time when the UK government is trying to build closer ties with the EU.

A six-month investigation by the TRA into Chinese titanium dioxide concluded that UK industry was “suffering from a threat of material injury”. It has proposed minimum anti-dumping duties of £660 a tonne.

The volume of titanium dioxide imported into the UK from China was three times higher in May 2026 than the same month a year earlier, the TRA said, adding that “this trend would be likely to continue if a trade remedy measure were not imposed”.

Affected parties have until October 26 to respond to the preliminary findings before the TRA sends its final recommendations to Reynolds, who must then decide whether to accept or reject them.

Amid fears that the UK was becoming a backdoor for Chinese goods trying to evade EU duties, Brussels announced last month that it would be monitoring UK exports of titanium dioxide to ensure that EU “anti-dumping measures . . . are not being circumvented”.

The UK has already matched EU trade safeguards on steel and is under pressure to follow suit on cars and chemicals if it wants to avoid “made in Europe” barriers that would hit key exports.

The government has warned that the bloc's move to prioritise production inside the EU risks severely damaging UK firms involved in autos, nuclear and green energy supply chains.

The EU imposed anti-dumping duties on titanium dioxide in 2024 at similar levels to those proposed by the TRA and is poised to take further measures against other chemicals, including PET plastics and resins.

The UK, which has three of its own active dumping investigations under way, will be under pressure to follow suit.

This month, Beijing launched its own anti-dumping investigation into European exports of p-nitrotoluene, a chemical used for pharmaceuticals and dyes.

Over the past decade, China has massively increased its output of bulk chemicals such as titanium dioxide, with the TRA finding China provided subsidies for the industry in a host of areas, including land, energy and finance.

In apparent anticipation of the coming pressure from Brussels, Reynolds last month wrote to the UK chemicals industry asking for information about the risk posed by unfair trade practices.

In the letter, seen by the FT, Reynolds said the information would help the UK “in deciding where further trade defence action may be required”.

The TRA opened the investigation in March after companies led by US-owned Tronox alleged that Chinese titanium dioxide was being dumped into the UK. Tronox chief executive John D Romano urged Reynolds to implement the proposed tariffs “swiftly” to protect the industry.

The Department for Business, Innovation, Science and Trade declined to comment on an ongoing investigation.

The European Commission said: “The EU and the UK are close partners and share many of the same concerns when it comes to tackling unfair competition and ensuring a level playing field.”

The Chinese Ministry of Commerce did not immediately respond to requests for comment. Additional reporting by William Langley in Guangzhou

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.

北爱尔兰一棵倾斜的榆树赢得年度树木大赛

🌐 对照英文

位于北爱尔兰纽卡斯尔（Newcastle）的“弯曲之树”（The Bendy Tree）荣获 2026 年英国年度树木奖。

这棵位于唐郡（County Down）的英国榆（wych elm）是首棵在林地信托基金会（Woodland Trust）年度竞赛中夺冠的北爱尔兰树木。

该竞赛旨在表彰全英国具有特色的树木，同时旨在提高人们对稀有、古老或处于危险之中的树木的关注，今年的主题是“逆境生存”（Against the Odds）。

“弯曲之树”在超过 150 年的时间里一直受到天气的影响而形成了现在的形状。

Michael Cooper / Woodland Trust / PA

📄 Original Section

Laid back N Ireland elm wins annual tree contest

The Bendy Tree in Newcastle, Northern Ireland, has won UK Tree of the Year 2026.

The wych elm in County Down is the first-ever tree in Northern Ireland to be crowned the winner of the Woodland Trust's annual competition.

The competition celebrates interesting trees across the UK. It also aims to raise awareness of rare, ancient or at-risk trees, and the theme this year was “Against the Odds”.

The Bendy Tree has been shaped by the weather for more than 150 years.

Michael Cooper/Woodland Trust/PA

抵押贷款利率上升给房产市场带来“痛苦”

🌐 对照英文

高昂的借贷成本和经济不确定性抑制了房产需求

VALENTINA ROMEI

📄 Original Section

Mortgage rate rises inflict ‘pain’ on house market

High cost of borrowing and economic uncertainty damp demand for properties

VALENTINA ROMEI

行业调查：买家咨询量

🌐 对照英文

基准抵押贷款利率飙升至三年来的最高水平，挤压了家庭财务状况并给英国房地产市场带来新的“痛苦”，导致9月份的房屋销售额、价格和需求全部下降。

英国皇家特许测量师学会（RICS）今日将表示，其买家咨询量指标在9月份降至-22，而8月份为-18。

根据这项备受关注的调查，同期达成交易的销售额从16下滑至18，而房价指标从8月份的28降至上月的32。

这些指数衡量的是报告咨询量、销售额或价格上升与下降的房地产经纪人比例之间的差异。此次增速放缓是因为更高的借贷成本和经济不确定性令买家望而却步。

莱坊（Knight Frank）英国住宅研究主管汤姆·比尔（Tom Bill）表示：“随着更高抵押贷款成本的影响渗透到整个系统，英国住房市场将面临痛苦。”

他警告称，更高的借贷成本将增加今年最后几个月房价和交易量的下行压力。

他补充道：“由于买家和卖家在猜测10月28日预算案前反复出现的税收传闻中哪些会成真，情况可能会进一步恶化。”他指的是关于资本利得税、养老金税和房产税的猜测。

RICS的调查结果公布之际，昨日更新的英格兰银行数据显示，贷款价值比（LTV）为75%的五年期平均固定抵押贷款利率（一项标准基准）在9月底升至4.98%，为2023年以来的最高数值。

由于金融市场将英格兰银行加息的可能性纳入考量，抵押贷款利率有所上升。预计央行将在11月的会议上将利率从3.75%上调0.25个百分点，以应对能源成本上升带来的价格压力。

RICS市场研究与分析主管塔兰特·帕森斯（Tarrant Parsons）表示：“利率预期再次上升为住房市场带来了新的阻力，买家变得更加谨慎，本月的销售活动失去了一些动力。”

劳埃德银行（Lloyds）昨日公布的独立数据显示，9月份的平均房价为298,441 英镑，与去年同月持平。

咨询公司MHA的经济研究主管乔·内利斯（Joe Nellis）表示，政府最近宣布的购房援助措施——“你的首套房”（Your First Home）计划，可以为“首次购房者提供急需的支持”。

然而，内利斯表示，抵押贷款利率的上升增加了更广泛的生活成本压力，且伴随着经济不确定性的加剧，促使许多潜在买家“推迟购买决定”。

上周柴油价格达到每升£2，而英国能源账单的价格上限预计将在1月份上涨16%，达到近2,000 英镑。食品通胀预计也将进一步上升。

英格兰银行今年夏天估计，自海湾冲突开始以来，更高的抵押贷款利率将导致约500万家庭在2028年底前面临还款额增加的情况。

RICS的调查显示，由于许多家庭不确定或无法购买房屋，房地产经纪人报告称租赁房产的需求在增加。

亚历山大·布鲁斯地产公司（Alexander Bruce Estates）董事詹姆斯·奥托韦尔（James Ottewell）表示：“租金继续上涨。”它们被“潜在购房者为了观察市场走向而产生的租赁需求所推高”。

美国科技集团

📄 Original Section

Sector survey. Buyer enquiries

House sales, prices and demand all fell in September after benchmark mortgage rates surged to their highest level in three years, squeezing household finances and inflicting fresh “pain” on the UK property market.

The Royal Institution of Chartered Surveyors will say today that its measure of buyer enquiries fell to minus 22 in September from minus 18 in August.

Agreed sales slipped to minus 18 from minus 16 over the same period, while the measure for house prices dropped to minus 32 last month from minus 28 in August, according to the closely watched survey.

The indices measure the difference between the share of estate agents reporting rising and falling enquiries, sales or prices. The slowdown comes as higher borrowing costs and economic uncertainty are putting buyers off making purchases.

Tom Bill, head of UK residential research at Knight Frank, said: "There is pain in the post for the UK housing market as the impact of higher mortgage costs filters through the system."

He warned that higher borrowing costs would increase downward pressure on prices and transactions in the final months of the year.

"The situation could be exacerbated as buyers and sellers speculate about which of the recurring tax rumours ahead of the Budget prove to be true," he added, referring to speculation of levies on capital gains, pensions and property on October 28.

The Rics survey comes as Bank of England data updated yesterday showed that the five-year average fixed mortgage rate with 75 per cent loan-to-value – a standard benchmark – rose to 4.98 per cent at the end of September, the highest figure since 2023.

Mortgage rates have risen as financial markets factored in the prospect of the BoE increasing interest rates. The central bank is expected to raise interest rates by a quarter point from 3.75 per cent at its November meeting to tackle price pressures resulting from higher energy costs.

"A renewed rise in interest rate expectations has created a fresh headwind for the housing market, with buyers becoming a little more cautious and sales activity losing some momentum this month," said Tarrant Parsons, head of market research and analysis at Rics.

Separate data published yesterday by Lloyds showed the average house price was £298,441 in September, unchanged from the same month last year.

Joe Nellis, head of economic research at the advisory company MHA, said that the government's recently announced help-to-buy measure, the "Your First Home" scheme, could provide "much-needed support for first-time buyers".

However, rising mortgage rates are adding to broader cost of living pressures and, alongside heightened economic uncertainty, prompting many potential buyers “to delay purchase decisions", said Nellis.

Diesel prices hit £2 a litre last week, while the price cap on UK energy bills is forecast to rise 16 per cent in January to nearly £2,000. Food inflation is also set to rise further.

The BoE estimated this summer that higher mortgage rates since the start of the Gulf conflict would leave about 5mn households facing increased repayments by the end of 2028.

With many households uncertain or unable to buy a home, estate agents reported rising demand for rental properties, according to the Rics survey.

“Rents continue to rise,” said James Ottewell, director at Alexander Bruce Estates. They are “driven upwards by increased demand generated by potential homebuyers renting to see how the market unfolds”.

US tech group

Palantir 的“乌克兰之家”协议使政府额外支出 £5mn

🌐 对照英文

劳拉·休斯 (LAURA HUGHES)

英国政府将与 Palantir 的一项合同延长了一年，并追加了 £5mn，以支持其“乌克兰之家”（Homes for Ukraine）计划，这凸显了政府对这家备受争议的美国技术集团的依赖。

住房、社区和地方政府部（MHCLG）在回应一项信息自由请求时确认，该部门已在 2024, 9 月行使了延长 合同的选项，使支付总额达到 £15mn——高于此前向议会报告的 £10mn 数值。

尽管追加的款项出现在该部门的支出数据中，但该部门并未单独发布记录其延长合同决定或协议新价值的通知。

此次合同延期表明了政府在执行重大项目时对 TRA 的依赖。在 TRA 与美国国防部门的联系以及特朗普政府打击移民行动受到审查后，部长们面临着减少与这家美国科技公司往来的压力。

《金融时报》（FT）上周报道称，由于部长们正考虑在明年行使合同中的终止条款，他们已经确定了一些希望能够接管由 TRA 构建的、价值 £330mn 的国民医疗服务体系（NHS^💡）数据平台的英国科技公司。

国防大臣弗农·科克勋爵（Lord Vernon Coaker）也告诉议会，政府正在为 TRA 的国防部合同寻找替代供应商。

早在 2023, 一份关于“乌克兰之家”计划的国家审计署（NAO）报告就指出，政府官员承认他们“应该计划摆脱对 TRA 的依赖”。住房、社区和地方政府部表示，其在“2024 夏天”开始构建内部替代方案。

国家审计署还指出，政府放弃了通常的竞争性采购流程，以优先快速地为乌克兰难民提供支持。

最初免费为“乌克兰之家”计划提供 IT 系统。2022, 9 月，该公司获得了一份为期一年、费用为 £4.5mn 的合同。当时，一名英国高级官员对 TRA 的合同表示了担忧。

负责监督采购的政府首席商业官加雷斯·里斯·威廉姆斯（Gareth Rhys Williams）在 2023 2 月致信 ，其中“提到他对以零成本或名义成本向公共部门客户提供服务以获取商业立足点的做法表示担忧，这违背了通常要求公开竞争的公共采购原则”。

的一名发言人表示：“显然，情况的紧急性意味着时间至关重要，快速行动有助于更迅速地将乌克兰人转移到安全地带。”

2023 9 月， TRA 获得了一份 £5.5mn 的合同，将其向住房、社区和地方政府部提供的服务再延长一年。问责与研究组织 Aria 的信息自由请求揭示，政府随后将原合同从 2024 9 月延长至 2025 9 月，并追加了 £5mn。随后，住房、社区和地方政府部转向了一个名为“共享乌克兰之家数据”（Share Homes for Ukraine Data）的内部替代方案。

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📄 Original Section

Palantir's Homes for Ukraine deal cost state extra £5mn

LAURA HUGHES

The UK extended a contract with Palantir by an extra year and an additional £5mn to support its Homes for Ukraine programme, underlining the government's reliance on the controversial US technology group.

The Ministry of Housing, Communities and Local Government (MHCLG) confirmed in response to a Freedom of Information request that it had exercised an option to extend Palantir's contract in September 2024, taking the total value of payments to £15mn – more than the £10mn figure previously reported to parliament.

While the additional payments appeared in the department's spending data, it did not separately publish a notice recording its decision to extend the contract or the new value of the deal.

The contract extension shows the government's dependence on Palantir for the delivery of major programmes. Ministers are under pressure to reduce their dealings with the US tech company following scrutiny of its ties to the US defence sector and the Trump administration's immigration crackdown.

The FT reported last week that ministers have identified UK tech companies they hope might be candidates to take over the NHS's £330mn Palantir-built data platform, as they consider applying a break clause in the contract next year.

Defence minister Lord Vernon Coaker has also told parliament that the government was sounding out alternative suppliers for Palantir's MoD contract.

As early as 2023, a National Audit Office report on the Homes for Ukraine scheme said government officials acknowledged they “should plan to move away from Palantir”. MHCLG said that it started building an in-house alternative in “the summer of 2024”.

The NAO also noted that the government had abandoned the usual competitive procurement process in favour of quickly rolling out the support for Ukrainian refugees.

Palantir initially provided the IT system for the Homes for Ukraine programme free of charge. In September 2022, the company secured a one-year contract for a fee of £4.5mn. A senior UK official raised concerns at the time about Palantir's contract.

Gareth Rhys Williams, the government's chief commercial officer who oversaw procurement, wrote to Palantir in February 2023 "noting his concern about the practice of offering services to public sector customers for a zero or nominal cost to gain a commercial foothold, contrary to the principles of public procurement, which usually require open competition".

A Palantir spokesperson said: "Clearly, the urgency of the situation meant that time was of the essence and moving fast helped deliver Ukrainians to safety more quickly."

In September 2023, Palantir secured a £5.5mn contract to extend its services to MHCLG for another year. The FOI request by accountability and research group Aria reveals the government then extended the original contract from September 2024 to September 2025 for an extra £5mn. MHCLG then moved to an in-house alternative, called Share Homes for Ukraine Data.

Subscribe today at ft.com/subscribetoday

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法庭获悉：谋杀嫌疑人曾试图闯入法拉奇家中

🌐 对照英文

罗伯特·赖特 (ROBERT WRIGHT)

检察官昨日表示，约书亚·克里 (Joshua Kerry) 去年试图闯入改革英国党（Reform UK）党魁奈杰尔·法拉奇 (Nigel Farage) 的家中，并在两年多时间里对知名人士进行了研究。

来自罗瑟勒姆 (Rotherham) 的 28 岁男子克里被指控恐怖主义，而在此之前，他已因今年 7 月 8 日谋杀前保守党部长、改革英国党发言人安·威德科姆 (Ann Widdecombe) 而面临指控。

由于有迹象表明，在法拉奇举报闯入企图后，警员未能跟进部分相关线索，伦敦大都会警察局已就去年在法拉奇家中发生的涉嫌事件向警察监管机构——独立警察行为监察局（IOPC）提交了报告。

在威斯敏斯特治安法院 (Westminster Magistrates' Court) 举行的一次简短听证会上，克里仅开口确认了自己的姓名和年龄。

他被指控在 31 2024 年 5 月至今年 7 月 8 日期间，通过研究潜在目标准备恐怖主义行为。他还被指控前往并试图进入法拉奇的住所。

公诉人卡希夫·马利克 (Kashif Malik) 向法庭提供了关于 20 2025 年 4 月涉嫌试图进入法拉奇住所的证据。他告诉法庭，法拉奇的伴侣劳拉·费拉里 (Laure Ferrari) 回到家后发现前门受损，包括凿痕。

控方指称，克里在案发当天从他位于南约克郡罗瑟勒姆的家中开车前往法拉奇所在的街道，并在那里停留了数小时。据控方称，克里在 31 2024 年 5 月至 8 2026 年 7 月期间对“知名人士和机构”进行了侦察。

克里此前已被指控于 7 月 8，在达特穆尔 (Dartmoor) 的家中谋杀威德科姆，反恐警察将此次事件描述为一次“有针对性的袭击”。

克里的律师未申请保释。他预计将于明天在中央刑事法院 (Old Bailey) 出庭。

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📄 Original Section

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巴德诺克揭晓新策略，旨在吸引温和派选民

🌐 对照英文

保守党党魁在党代会演讲中将重点放在经济而非“文化战争”议题上

昨日在伯明翰举行的演讲中，保守党代表为凯米·巴德诺克鼓掌 —— Tolga Akmen / 乔治·帕克 (GEORGE PARKER) 与 TRA 吉姆·皮卡德 (JIM PICKARD)

伯明翰

凯米·巴德诺克在伯明翰举行的保守党年度会议闭幕式上，在掌声中乐观地宣布：“我们将获胜。”尽管她的盟友私下承认，保守党党魁及其政党距离掌权仍有很长一段路要走，但他们认为此次党代会释放出的信号为复苏奠定了基础。

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Work experience push at risk over rules, say tutors

ANDREW JACK

The government's new safeguarding rules are undermining Andy Burnham's plans to significantly expand work experience for schoolchildren, educators and employers have warned.

Stricter requirements for employees in England, Wales and Northern Ireland coming into contact with children were introduced last month, increasing the requirement for them to undergo so-called enhanced Disclosure and Barring Service (DBS) checks on whether they have a criminal record or are banned from working with vulnerable groups.

While designed to enhance child protection, the changes have stalled preparations for work experience placements this academic year as employers say they are seeking legal advice and schools are hesitating over their additional responsibilities in how to interpret the requirements on safeguarding.

Alex Kelly, co-founder of Unifrog, a platform for schools to organise work experience, said placements tracked by his system had slumped to the lowest level in three years. “Small employers might be unable to continue offering work experience [and] schools are extremely worried about the additional admin burden they now face,” he said.

The Careers & Enterprise Company, the national body for careers education, said it was in “urgent contact” with the government over the changes.

Jo Saward at the Creative Education Trust, a multi-academy trust, said enhanced DBS checks “will put some employers off hosting students”, adding the changes risk undermining Burnham’s pledge to “close the gap between the classroom and the workplace”.

The Department for Education said DBS checks were not mandatory under the new guidelines and responsibility remained with employers to decide whether they were needed. It added: "Safeguarding children must be the ultimate priority. These changes make sure individuals who regularly work with children can be subject to checks, where appropriate."

Terrorism charge

关键在于经济，傻瓜

🌐 对照英文

巴德诺克在演讲中刻意将经济置于其向全国推介方案的核心，并特别向房主——该党的传统选民基础——发出呼吁。这位保守党党魁将首相安迪·伯纳姆描述为一个“鲁莽的”大政府信奉者，挥霍国家并不拥有的资金。她说：“我们的钱快用完了，纠正这一状况的时间也所剩无几。”

巴德诺克对经济的关注令保守党高层感到欣慰，他们一直敦促她放弃“文化战争”议题，坚持该党降低税收、减少福利支出和加强国防的核心主张。她本周承诺取消工党的“豪宅税”，并取消将家庭住宅传给直系后裔的遗产税，这完善了一套针对房主的政策组合。去年，她曾誓言要取消购房印花税。

巴德诺克表示，伯纳姆对 20 世纪 70 年代充满怀旧之情，并认为政府是解决大多数问题的答案。她补充道：“仅仅因为这些观点是通过 TikTok 传播的，并不意味着它们就没那么危险。”

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Murder suspect tried to break into Farage's home, court told

ROBERT WRIGHT

Joshua Kerry sought to break into the home of Reform UK leader Nigel Farage last year and conducted research on prominent people over a period of more than two years, prosecutors said yesterday.

The terrorism charge for Kerry, 28, from Rotherham, comes on top of charges he was already facing over the murder of Ann Widdecombe, a former Conservative minister and spokesperson for Reform, on July 8 this year.

London's Metropolitan Police has referred itself to the Independent Office for Police Conduct, the police watchdog, over the alleged incident at Farage's home last year because of indications that officers failed to follow some relevant leads after the politician reported the break-in attempt.

In a brief hearing at Westminster Magistrates' Court, Kerry spoke only to confirm his name and age.

He is charged with preparing acts of terrorism between May 31 2024 and

July 8 this year by researching potential targets. He is also charged with travelling to and attempting to gain entry to Farage's home.

Kashif Malik, prosecuting, gave the court evidence about the alleged attempt to gain entry to Farage's home on April 20 2025. He told the court that Farage's partner, Laure Ferrari, returned home to find damage to the front door, including chisel marks.

The prosecution alleges that Kerry drove from his home in Rotherham in South Yorkshire to Farage's street on the day in question and was there for several hours. Kerry conducted reconnaissance “on prominent people and institutions” between May 31 2024 and July 8 2026, according to the prosecution.

Kerry had already been charged with the murder of Widdecombe at her home on Dartmoor on July 8, which counterterror police have described as a “targeted attack”.

Kerry's solicitors made no application for bail. He is due to appear at the Old Bailey tomorrow.

NATIONAL

不再追随法拉奇的脚步

🌐 对照英文

在去年的党代会上，巴德诺克似乎对奈杰尔·法拉奇（Nigel Farage）领导的改革英国党（Reform UK）构成的威胁深感焦虑，并试图在移民等问题上与其正面交锋。去年，巴德诺克告诉她的党内成员：“党代会，我主张更强大的边境和更强劲的经济。”今年的官方党代会口号则是“更强劲的经济，更强大的国家”。

巴德诺克似乎已经得出结论——用一位保守党大佬的话来说——“你不可能比法拉奇更‘法拉奇’”。她的演讲中很少提及非法移民或小型船只问题。相反，她将改革英国党的成员描绘成古怪、有时甚至是犯罪且种族主义的人。她批评改革英国党威胁记者、称退伍军人为“叛徒”以及讨论“我的混血孩子是否是英国人”，并表示：“性格、行为和标准至关重要。”

“我们不像他们，我们不同，我们是保守党。”在回应有关她将与法拉奇组建联合政府的猜测时，她表示：“我们不会与那种势力联合。”

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📄 Original Section

Badenoch reveals change of strategy with pitch to attract moderate voters

Tory leader focused on the economy rather than ‘culture war’ issues in her conference speech

Tory party delegates applaud Kemi Badenoch during her speech in Birmingham yesterday — Tolga Akmen/EPA/Shutterstock

GEORGE PARKER AND JIM PICKARD

BIRMINGHAM

Kemi Badenoch closed the Conservatives' annual conference in Birmingham bathed in applause and declaring optimistically: "We are going to win." The Tory leader and her party are still a long way from power, as her allies privately admit, but they believe there were signs from the conference that provide a basis for recovery.

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对抗自民党

🌐 对照英文

如果保守党想要重新夺回政权，他们必须赢回在上次选举中转向自由民主党（Liberal Democrats）的中立选民，后者赢得了72个席位。

几项拟议的减税方案并非针对改革英国党的选民，而是针对居住在中产阶级地区的人群，其中包括新的遗产税政策。巴德诺克还向收入超过 10 万英镑 的人群提供儿童看护补贴，而影子财政大臣安德鲁·格里菲斯（Andrew Griffith）则谈到了他的“雄心”，即取消对 10 万英镑 至 12.5 万英镑 之间收入征收的 60 per cent 边际税率。

与此同时，一些经常令传统“一国保守主义者”反感的议题——例如巴德诺克坚持认为党内候选人不能支持 2050 net zero 目标或《欧洲人权公约》——在她的演讲中并未被提及。一名影子内阁成员表示：“如果我们不能赢回吉尔福德（Guildford）、埃舍（Esher）或汤布里奇韦尔斯（Tunbridge Wells），我们就无法重新执政。”

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📄 Original Section

It's the economy, stupid

Badenoch deliberately put the economy at the heart of her pitch to the country in her speech, with a specific appeal to homeowners – the party's traditional electoral bedrock. The Tory leader described Prime Minister Andy Burnham as a “reckless” believer in a big state, spending money the country did not have. “We are running out of money and running out of time to put it right,” she said.

Badenoch's focus on the economy delighted senior Tories, who have been urging her to drop “culture war” issues and stick to the party’s core message of lower taxes, lower welfare spending and strong defence. Her promise this week to scrap Labour’s “mansion tax” and to ditch inheritance tax on a family home passed to direct descendants completes a suite of policies aimed at homeowners. Last year, she vowed to abolish stamp duty on house purchases.

Badenoch said Burnham was nostalgic for the 1970s and believed in the state as the answer to most problems. "Just because these ideas are delivered on TikTok doesn't make them any less dangerous," she added.

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现在这是我的政党

🌐 对照英文

巴德诺克对她的政党拥有绝对的控制权，其演讲所获得的狂热反响证明了这一点，这标志着她的政治命运发生了重大转折。去年此时，她还承受着压力，并面临来自罗伯特·詹里克（Robert Jenrick）可能的领导权挑战。

今年的党代会围绕巴德诺克展开，她的民调支持率超过了她的政党。上周她告诉《金融时报》：“政党将按照我想做的方式行事，因为现在这是我的保守党。”

YouGov 7月份的一项民调发现，38 per cent 的选民认为巴德诺克作为保守党领导人的表现良好，比去年10月上升了 23 points，尽管她的政党在民调中依然低迷。

她的风格有所缓和，加入了更多幽默感。在向最近去世的安·威德科姆（Ann Widdecombe）和杰弗里·阿彻（Jeffrey Archer）致敬时，她显得几乎要落泪，但人们将根据她能否振兴这个受损的政治品牌来评判她。另一名影子内阁成员承认：“党内显然存在信任缺失。”

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📄 Original Section

No longer chasing Farage's tail

At last year's conference, Badenoch appeared obsessed with the threat posed by Nigel Farage's Reform UK and tried to go head-to-head with him on issues such as migration. “Conference, I stand for stronger borders and a stronger economy,” Badenoch told her party last year. This year, the official conference slogan was “Stronger Economy, Stronger Country”.

Badenoch seems to have concluded that – in the words of one Tory grandee – “you can’t out-Farage Farage”. Her speech contained few references to illicit migration or small boats. Instead, she portrayed members of Reform as cranky, sometimes criminal and racist. “Character, conduct and standards matter,” she said, criticising Reform for threatening journalists, calling veterans “traitors” and debating “whether my mixed-race children are English”.

"We are not like them, we are different, we are the Conservative Party." Addressing suggestions she would work with Farage in a coalition, she said: "We are not uniting with that."

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“如果我们不能赢回吉尔福德或埃舍或汤布里奇韦尔斯，我们就无法重新执政”

🌐 对照英文

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📄 Original Section

Taking on the Lib Dems

If the Tories are to regain power, they have to win back moderate voters who switched at the last election to the Liberal Democrats, who won 72 seats.

Several of the proposed tax cuts were aimed not at Reform voters but at people living in middle-class areas, including the new inheritance tax policy. Badenoch also offered subsidised childcare to people earning over £100,000 while shadow chancellor Andrew Griffith spoke of his “ambition” to end the 60 per cent marginal tax rate on earnings between £100,000 and £125,000.

Meanwhile, some issues which often repel traditional “One Nation Tories”, for example Badenoch's insistence that the party's candidates cannot support the 2050 net zero target or the European Convention on Human Rights, were not mentioned in her speech. “We cannot get back into power if we're not winning Guildford or Esher or Tunbridge Wells,” said one shadow cabinet member.

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脱欧辩论的回归

🌐 对照英文

📄 Original Section

It's my party now

Badenoch has total control of her party, as witnessed by the euphoric reception for her speech, a major turnaround in her political fortunes. This time last year she was under pressure and facing a possible leadership challenge from Robert Jenrick.

This year's conference was built around Badenoch, whose poll ratings outstrip those of her party. "The party will be doing what I want to do, because it's my Conservative Party now," she told the FT last week.

A YouGov poll in July found 38 per cent of voters thought Badenoch was doing well as Tory leader, up 23 points from the previous October, even if her party languishes in the polls.

She has softened her style, introducing more humour. She appeared close to tears when paying tribute to the recently deceased Ann Widdecombe and Jeffrey Archer, but will be judged on whether she can revive a tarnished political brand. “There’s obviously a trust deficit for the party,” admitted another shadow cabinet member.

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财富承诺：放宽遗产税规则将耗资 60亿英镑

🌐 对照英文

杰米·约翰 (JAMIE JOHN)

保守党党魁凯米·巴德诺克昨日承诺，如果她的政党在下次大选中获胜，将取消对家庭住宅征收的遗产税。她表示，此举将使缴纳该税款的家庭数量减少一半以上。

目前的遗产税对价值超过 32.5 万英镑 的遗产征收 40 per cent 的税率，该门槛于 2009 年实施，并一直冻结至 2031 年。

巴德诺克表示，她将把这一门槛提高到每人 50 万英镑，从而允许夫妇双方免税传承总计 £1mn 的资产。

根据现有规则，对于价值低于 £2mn 的遗产，若住宅房产传承给子女或孙子女，可获得额外的 17.5 万英镑 免税额。巴德诺克的提案将允许“家庭住宅”无论价值多少，均可免遗产税传承给直系后裔。

保守党官员表示，遗产税是“英国最令人厌恶的税种”，并将巴德诺克的计划定性为一次旨在“保护努力工作并储蓄的家庭”的尝试。

根据英国税务海关总署（HMRC）的数据，在 2023-24 纳税年度，英国每 21 例死亡中就有 1 例产生了遗产税费用。

巴德诺克对首相在上周的工党会议上重新开启关于英国与欧盟未来关系的讨论提出了强烈批评。她称“重新开启脱欧辩论”是一个“糟糕的主意”，并补充道：“你能想象再次经历一遍吗？”

该税种筹集的总额已从本世纪低点 2009 / 10 年度的 24亿英镑 上升至 2023 / 24 年度的 70亿英镑。HMRC 将这一增长归因于“资产价值的持续上涨”以及门槛的冻结。

保守党官员引用昨日公布的牛津经济研究院（Oxford Economics）的模型分析称，该政策在 2029-30年度每年将耗资 60亿英镑，大约使遗产税的税收减半。该党表示，他们将通过削减政府支出（包括福利支出）来为此提供资金。

根据预算责任办公室（OBR）的最新预估，遗产税收入预计到 2030-31年度将增加至 145亿英镑，影响到每 11 份遗产中的 1 份。这些数字取决于未来几年资产价格的上涨。

遗产税在最初引入时，仅针对英国最富有的遗产。虽然目前缴纳该税款的遗产比例相对较小，但门槛的冻结意味着越来越多的人发现自己必须证明是否符合免税条件。

巴德诺克表示，遗产税的设计初衷是仅针对“超级富豪”，但现在它已变成一项针对“我国每个角落的普通中产阶级家庭”的税收——因为最富有的人已经找到了避税的方法。

财政研究学会（IFS）在 2023 年估计，价值 £2.1mn 或更多的最富有遗产将获得取消遗产税约一半的收益。

经济学家表示，此类举措会对住房市场产生扭曲效应，并鼓励富人购买并留在昂贵的住宅中，以此作为免税传承财富的一种方式。IFS 高级经济学家斯图尔特·亚当（Stuart Adam）认为，此举的最大受益者将是那些拥有最高价值住宅的人，“这是一个非常富有的群体，主要居住在伦敦和英格兰东南部”。

税务分析中心（Centre for the Analysis of Taxation）主任阿伦·阿德瓦尼（Arun Advani）表示，这种转变将对城市的毕业生产生连锁反应，导致住房供应下降，使拥有住房的前景变得更加遥不可及。“如果我 75 岁且住在伦敦的一栋大房子里，我绝对不可能现在搬离，”他说，“我可以免税将其传承下去。”他表示，一个可以避免此类扭曲的更简单的方案是降低该税种的法定税率，或提高遗产开始缴税的门槛。

她警告称，这将导致英国分裂，并使“企业不知道是否应该投资”。

保守党明确表示，如果安迪·伯纳姆（Burnham）采取任何旨在与欧盟达成更紧密协议且涉及接受布鲁塞尔规则的行动，他们将予以撤销。

工党希望将保守党描绘成出于意识形态原因地想要重新设立贸易壁垒，从而阻碍企业发展。

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📄 Original Section

‘We cannot get back into power if we’re not winning Guildford or Esher or Tunbridge Wells’

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Bobby J：保守党的眼中钉

🌐 对照英文

在今年的党代会上，有一个人虽然缺席，但其影响力无处不在——那就是巴德诺克之前的党魁竞争对手詹里克（Jenrick），他现在是改革英国党（Reform UK）的财政部发言人。“Bobby J的离开改变了整个氛围，”一名影子内阁成员表示，并声称他的脱党营造了一种更加协作的氛围。

巴德诺克开玩笑说，影子内阁成员现在实际上彼此喜欢对方。一名党内资深人士表示：“我认为自2010年大选前，或者可能是2019年大选获胜后，我们就没这么团结过。”

詹里克在1月被巴德诺克解雇，此前她声称发现他准备投奔改革英国党。他在该党的“伯明翰挂毯”中被讽刺为一个渺小且在流泪的人物。詹里克则反击称，巴德诺克在抄袭改革英国党的政策。《金融时报》观点见第22页；贾南·加内什（Janan Ganesh）见第23页。

捐款陷阱

📄 Original Section

The return of the Brexit debate

改革英国党内部调查称高级官员未违法

🌐 对照英文

吉姆·皮克德（JIM PICKARD）——伯明翰

改革英国党的一项内部调查发现，该右翼政党在两名高级官员被秘密录音的陷阱行动中并未违法。该行动指控该党在明知的情况下寻求来自海外的非法资金。

党魁奈杰尔·法拉奇（Nigel Farage）的高级助手丹·朱克斯（Dan Jukes）和改革英国党的政策主管詹姆斯·奥尔（James Orr）在 Channel 4 News 于伯明翰年度党代会前夕播出一篇报道后，均于上月辞职。

改革英国党否认有任何不当行为，昨日表示其调查审查了证人访谈、文件记录和电子通信，并“未发现

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📄 Original Section

Wealth pledge Easing IHT rules would cost £6bn

JAMIE JOHN

Conservative leader Kemi Badenoch yesterday promised to scrap inheritance tax on family homes if her party wins the next general election, a move she said would drive down the number of families paying the tax by more than half.

Inheritance tax at present is paid at a rate of 40 per cent on estates valued over £325,000, a threshold implemented in 2009 and that has been frozen until 2031.

Badenoch has said she would raise this threshold to £500,000 per person, allowing couples to pass on a total of £1mn in assets tax free.

Under the existing rules, there is an extra £175,000 allowance for residential property that is passed on to children or grandchildren for estates worth less than £2mn. Badenoch's proposal would allow a "family home" to be passed on to direct descendants free of inheritance tax regardless of its value.

Conservative Party officials said inheritance tax was “Britain’s most hated tax” and framed Badenoch’s plan as an attempt to “protect families who work hard and save”.

One in 21 UK deaths resulted in an inheritance tax charge in the 2023-24

Badenoch was strongly critical of the prime minister for reopening the debate about Britain's future relationship with the EU at last week's Labour conference. She said it was a “terrible idea” to “reopen the Brexit debate”, adding: “Can you imagine going through that again?”

tax year, according to HM Revenue & Customs.

The total sums raised by the levy have risen from a low this century of £2.4bn in 2009/10 to £7bn in 2023/24. HMRC attributed the rise to “continued rises in asset values” and the freeze in thresholds.

Tory party officials said the policy would cost £6bn a year in 2029-30, roughly halving the tax take from IHT, citing modelling by Oxford Economics published yesterday. The party says they would fund this by cutting government spending, including on welfare.

IHT receipts are forecast to rise to £14.5bn by 2030-31, hitting one in 11 estates, according to the Office for Budget Responsibility's latest estimates. These figures depend on asset prices rising in coming years.

When it was first introduced, IHT caught only the wealthiest of estates in the UK. While a relatively small proportion of estates pay the levy at present, threshold freezes mean that an increasing number are finding themselves having to prove whether they are exempt.

Badenoch said IHT was designed to capture only the “super wealthy” but that it had become a tax on “ordinary middle-class families in every corner of our country" — because the wealthiest had found ways to avoid it.

The Institute for Fiscal Studies estimated in 2023 that the wealthiest estates, worth £2.1mn or more, would get about half the benefit from the abolition of IHT.

Economists say that such a move would have distortive effects on the housing market and encourage the wealthy to buy and stay in expensive homes as a way of passing on their wealth free of tax. The biggest beneficiaries of the move would be those with the most valuable homes, "a very well-off group, mainly living in London and the South East of England", according to Stuart Adam, senior economist at the IFS.

Arun Advani, director of the Centre for the Analysis of Taxation, said such a switch would have a knock-on impact on graduates in cities, driving down housing supply and putting the prospect of owning a home even further out of reach. "If I am 75 and I live in a big house in London, there is no way in hell I am going to leave this house now," he said. "I can pass it on tax free." He said a simpler proposal that would avoid such distortions would be to cut the headline rate of the levy or raise the threshold at which estates start paying.

She warned it would divide the UK and leave “businesses not knowing whether they should invest”.

The Conservatives made clear they would unravel any moves by Burnham to secure a closer deal with the EU if it involved accepting Brussels' rules.

Labour hopes to portray the Tories as wanting to reimpose trade barriers for ideological reasons, hobbling business.

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“代表该党发言的人员发表了错误、轻率且在一种情况下不真实的言论”

🌐 对照英文

有任何法律被违反的证据”。该党威胁要对揭露其官员私人对话的新闻机构 Verbatim 采取法律行动。

劳工党主席布里奇特·菲利普森（Bridget Phillipson）批评了这份内部报告，称：“这份报告里的‘粉饰’比你在当地 B&Q 商店里看到的还要多。”

伦敦警察厅仍在就改革英国党是否违反资金法进行刑事调查。

根据英国选举法，政党的捐赠者必须是英国注册选民或在英国注册的公司。

Channel 4 播出了一部30分钟的影片，展示了大量秘密拍摄的片段，显示朱克斯和奥尔涉嫌试图安排来自外国捐赠者的非法捐款。法拉奇也卷入了这次陷阱行动，他会见了两个伪装成美国富豪及其在英儿子的男人，后者资助了改革英国党在5月英格兰地方选举前委托开展的三项民意调查。

据称，朱克斯随后向这些伪装的捐赠者寻求高达 50 万英镑 的赠款，并建议可以通过其在英儿子进行交付，以绕过对外国捐赠者的限制。

改革英国党的内部调查称，该党没有做出或接受任何捐款。由改革英国党的大律师亚当·理查森（Adam Richardson）和总书记汤姆·沃特豪斯（Tom Waterhouse）进行的调查发现，该党核查捐赠者的程序“从未被启动”。

报告将法拉奇最亲近的助手之一朱克斯描述为一名“承包商”而非改革英国党的雇员。报告将剑桥大学教授兼神学家奥尔称为一名“顾问”。

虽然改革英国党的报告称，没有证据表明任何个人在明知的情况下参与安排从不可允许的来源获取捐款，但内部调查发现，“代表该党发言的人员发表了错误、轻率且在一种情况下不真实的言论”。

朱克斯表示，他正在考虑针对关于他的“任何虚假或损害性陈述”采取“所有适当的法律救济”。Verbatim 表示：“我们注意到这份报告是由改革英国党自己的大律师和总书记撰写的内部报告，且警方调查仍在进行中。我们对自己的新闻报道充满信心，事实胜于雄辩。”

奥尔未立即回应置评请求。

身份核查

📄 Original Section

Bobby J: Tory bogeyman

One person absent from this year's conference – but omnipresent – was Badenoch's former leadership rival Jenrick, now Reform UK's Treasury spokesperson. "Bobby J's departure changed the whole mood," said one shadow cabinet member, who claimed his defection had created a more collegiate atmosphere.

Badenoch joked the shadow cabinet now actually liked each other. “I don’t think we’ve been this united since just before the 2010 election or maybe just after the 2019 election win,” said one party veteran.

Jenrick was sacked by Badenoch in January after she claimed she had discovered he was set to defect to Reform. He was lampooned in the party's "Birmingham Tapestry" as a miniature and tearful figure. Jenrick hit back, saying Badenoch was copying Reform policies. The FT View page 22

Janan Ganesh page 23

Donations sting

数千名董事可能涉嫌欺诈

🌐 对照英文

JAMIE JOHN 和 JORGE SANCHEZ-CANO

一项针对英国公司注册处（Companies House）数据的分析发现，数万家活跃的英国公司可能拥有涉嫌欺诈的董事，这揭示了公司注册登记簿被滥用的潜在规模。

自去年11月以来，公司董事在提交年度确认声明时，必须使用护照或驾驶执照等有效的带照片身份证件来验证其身份。

此举是对注册登记簿进行全面改革的一部分，此前曾有董事使用诸如“阿道夫·牙仙·希特勒”（Adolf Tooth Fairy Hitler）和“唐老鸭”（Donald Duck）等虚假姓名进行注册。

根据企业软件集团 Shareflo 进行并经《金融时报》（FT）核实的分析，在这些变更生效后的几个月里，逾期提交确认声明的情况大幅增加。

Shareflo 在一份关于该调查结果的报告中表示，涉及数万家公司的这种剧增表明，“2026年增长的部分很可能是因为相关公司的董事无法通过验证，因为他们并非其自称的身份”。

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📄 Original Section

Reform UK internal probe clears senior officials of breaking law

JIM PICKARD — BIRMINGHAM

An internal investigation by Reform UK has found the rightwing party did not breach the law when two senior officials were recorded in an undercover sting that alleged it knowingly sought illegal funding from overseas.

Dan Jukes, senior aide to party leader Nigel Farage, and James Orr, Reform's head of policy, both stepped down last month after the broadcast of a film by Channel 4 News on the eve of the party's annual conference in Birmingham.

Reform, which has denied wrongdoing, yesterday said its investigation had examined witness interviews, documentary records and electronic communications and “found no evidence

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“长期以来人们一直怀疑英国为欺诈和洗钱敞开了大门”

🌐 对照英文

Shareflo 创始人理查德·桑顿（Richard Thornton）表示：“长期以来人们一直怀疑英国为欺诈和洗钱敞开了大门。这些数据表明，这种情况在相当大的规模上正在发生。”

批评人士此前认为，之前的制度助长了金融犯罪，并允许犯罪分子通过英国的壳公司洗钱。

Shareflo 利用英国公司注册处的“免费公司数据产品”（Free Company Data Product）——该产品提供了截至9月1日所有注册公司的快照——识别出300万家非休眠、且未处于清算或破产程序中的私营公司。

Shareflo 将重点放在确认声明逾期在1到12个月之间的公司上，识别出落入该区间内的公司共有 56,710 家。

Shareflo 发现，在1到12个月的逾期区间内，逾期声明的数量比去年9月高出 139%。截至9月19日，仍有近 39,000 家公司处于逾期状态。

其中 5,321 家公司的董事已为其他公司验证了身份，而 33,675 家公司则没有此类证据。

Shareflo 表示：“这 33,675 家公司在收到一年通知的申报件上逾期了1到12个月，而且直到去年他们还在按时申报。对此我们没有合理的解释。”

公司注册处表示：“引入身份验证有助于提高登记簿的准确性和完整性，并增加任命虚构董事的难度。”

********** 混合战争

📄 Original Section

'People speaking for the party said things that were wrong, careless and in one instance untrue'

that any laws were broken". The party threatened legal action against Verbatim, the journalism outfit that exposed its officials' private conversations.

Bridget Phillipson, Labour Party chair, criticised the internal report, saying: "You can find more whitewash in this report than at your local B&Q."

The Metropolitan Police is still carrying out a criminal investigation into whether Reform broke funding laws.

Under UK electoral law, donors to political parties must be either a UK-registered voter or a company registered in the country.

Channel 4 broadcast a 30-minute film showing extensive undercover footage of Jukes and Orr allegedly looking to arrange illicit donations from foreign donors. Farage was also implicated in the sting, meeting two men posing as a wealthy American and his UK-based son, who had funded three polls commissioned by Reform ahead of local elections in England in May.

Jukes allegedly sought a later gift from the fake donors of as much as £500,000 and suggested it could be given via the UK-based son to bypass restrictions on foreign donors.

Reform's internal investigation said no donation was made or accepted by the party. The probe by Adam Richardson, Reform's barrister, and Tom Waterhouse, its general secretary, found that the party's procedures for checking donors were "never reached".

The report described Jukes, one of Farage's closest aides, as a “contractor” and not an employee of Reform. It referred to Orr, a Cambridge professor and theologian, as a “consultant”.

While Reform's report said there was no evidence any individual took part knowingly in an arrangement to facilitate a donation from an impermissible source, the internal investigation had found that “people speaking for the party said things that were wrong, careless and in one instance untrue”.

Jukes said he was considering “all appropriate legal remedies” in relation to “any false or damaging statements” about him. Verbatim said: “We note that this report is an internal one authored by Reform’s own barrister and general secretary, and that a police investigation remains ongoing. We are confident in our journalism, which speaks for itself.”

Orr did not immediately respond to a request for comment.

Identity checks

[EMPTY]

俄罗斯敌对行为每年给英国造成高达£2.5bn损失

🌐 对照英文

露西·费舍尔 (LUCY FISHER) —— 伯明翰

查尔斯·克洛弗 (CHARLES CLOVER) —— 伦敦

根据跨党派议会重新武装小组副主席的一份新报告，俄罗斯针对英国的敌对活动所造成的经济影响每年总计至少 20亿英镑-25亿英镑。

这份名为“普京税”的报告统计了因俄罗斯针对英国的混合战争而导致的干扰、恢复以及韧性投资的成本。工党议员格雷姆·道尼（Graeme Downie）于昨日发表的研究表明，真实数字可能比他的预测“高得多”。

他警告称，政府公布的数据中存在缺失，这阻碍了对与莫斯科相关的混合战争成本进行准确计算。

20亿英镑-£2.5bn的标题数字包括：根据 2022 年以来已归因的主要事件（如针对捷豹路虎、英国皇家邮政和 NHS 供应商的攻击）计算出的年均损失 £400mn-£500mn；基于行业分析和威胁情报得出的与俄罗斯相关的网络攻击损失 14.7亿英镑；以及海底通信电缆及相关基础设施受损造成的 £250mn-£500mn 损失。

报告还强调，英国缺乏一个衡量敌对国家活动经济影响的一致框架，且许多重大事件尚未核算成本，导致议员和公众都“无法清晰地了解其财务后果”。

重新武装 APPG 副主席道尼表示，如果英国不能“对英国人民坦诚面对我们所面临的威胁，以及‘普京税’已经给我国带来的成本，我们就无法威慑俄罗斯或任何其他国家”。

他表示，这涵盖了网络攻击、基础设施威胁、企业损失和更广泛的经济干扰，而“这是首次尝试衡量其给英国带来的真实经济成本”，这一点令人“震惊”。

网络安全专家表示，不断增加的经济损失反映了网络攻击在俄罗斯及其他国家试图在不触发常规冲突阈值的情况下造成破坏中所扮演的核心角色。

总部位于旧金山的网络安全公司 Horizon3 AI 的首席执行官斯内哈尔·安塔尼（Snehal Antani）表示，针对汽车行业的网络攻击（例如去年 8 月针对捷豹路虎的攻击）表明，混合战争正日益聚焦于网络领域。安塔尼说：“网络攻击的核心在于‘灰色地带战争’。网络在这一领域扮演的角色非常有趣，因为直到现在，它一直处于阈值之下，因此演变成大规模冲突的风险极低。但经济上的痛苦却是真实存在的。”

北约前秘书长安德斯·福格·拉斯穆森（Anders Fogh Rasmussen）表示，他反对使用“混合战争”这个词。拉斯穆森说：“普京在测试我们的决心。我不喜欢‘混合’这个词。这就是战争。所以为什么我们要称之为混合战争，好像它是某种别的东西一样？”

国际

贸易谈判

📄 Original Section

Thousands of directors may be fraudulent

JAMIE JOHN AND JORGE SANCHEZ-CANO

Tens of thousands of active UK companies may have fraudulent directors, an analysis of Companies House data has found, illustrating the potential scale of abuse of the corporate register.

Since November last year, company directors have been required to verify their identities using valid photo ID such as a passport or driving licence in order to file their annual confirmation statements.

The move is part of an overhaul of the register after some directors registered with bogus names such as Adolf Tooth Fairy Hitler and Donald Duck.

In the months since the changes came into effect, there has been a surge in overdue confirmation statements, according to an analysis carried out by enterprise software group Shareflo and verified by the FT.

The steep increase, involving tens of thousands of companies, indicated "that a portion of the 2026 rise is likely to be companies whose directors cannot verify because they are not who they say they are", Shareflo said in a report on the findings.

"It's long been suspected that the UK was presenting an open door to fraud and money laundering," said Richard

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北京拒绝自愿限制出口

🌐 对照英文

布鲁塞尔寻求避免因限制混合动力汽车进口计划而引发报复

安迪·邦兹 (ANDY BOUNDS) —— 布鲁塞尔

彼得·福斯特 (PETER FOSTER) —— 伦敦

随着双方进入旨在避免贸易冲突的最后谈判，中国拒绝了欧盟关于自愿限制其向该贸易集团激增的混合动力汽车出口的请求。

两名知情外交官表示，欧盟委员会希望北京转而接受一项由欧盟单方面实施的限制混合动力汽车进口的措施。

欧盟贸易委员马罗什·谢夫乔维奇 (Maroš Šefčovič) 今天在北京开始为期两天的谈判，他希望能就至少一项减少中国对欧盟巨额贸易顺差的措施达成一致，而不是采取可能引发报复循环的惩罚性措施。

外交官称，他最初的提议是让北京同意将混合动力汽车对欧盟的出口限制在市场份额约 15% 左右（目前超过三分之一），否则将面临关税等报复行动。欧盟官员昨天告知成员国，中国已予以拒绝。

欧盟委员会目前正在讨论一项临时性的“保障”贸易防御措施，即使在没有市场滥用证据的情况下也可以实施。这将允许中国出口有限数量的车辆，而对其余车辆则征收新的补充关税。

外交官表示，目标是私下达成一个中国可以接受且不会采取报复的数字。不利影响将是，此类保障措施也将必须应用于英国、韩国和日本等贸易伙伴。

在欧盟对来自中国的电动汽车在常规 10% 税率基础上额外征收最高 35% 的反补贴税后，混合动力汽车的出货量激增。北京则以对欧盟的白兰地、猪肉和乳制品征收反倾销税作为反击。

官员们表示，如果混合动力汽车问题无法得到解决，北京谈判将以失败告终，这可能会导致严重的贸易冲突，因为欧盟已宣布每天 10亿欧元 的贸易逆差是不可持续的。

德国和法国本周发布了一份联合文件，敦促欧盟委员会采取强硬立场，因为“一场巨大的工业冲击正在影响欧洲工业模式核心且具有系统重要性的部门”。

这些部门包括制药、航空航天、汽车、机床和化学工业。他们还呼吁建立一种新工具，可以切断特定产品进入欧盟市场的渠道，柏林和巴黎认为这将有助于威慑报复行为。

第三位外交官表示，德国工业基础所遭受的损害改变了欧盟不愿冒险与中国发生贸易冲突的态度。

他们表示对谈判进程信心不足，并补充道：“如果有一个简单的答案，我们现在已经找到了。”

此次谈判还涉及欧盟对华出口下降的问题。外交官表示，欧盟要求中国降低部分商品的关税，但中方对此持保留态度。

中国驻布鲁塞尔大使馆未立即回应置评请求。中国商务部上月表示，中国反对“自愿出口限制”。欧盟委员会拒绝置评。

欧洲。安全

📄 Original Section

'It's long been suspected the UK was presenting an open door to fraud and money laundering'

Thornton, founder of Shareflo. "This data suggests it was happening at quite a big scale."

Critics had argued that the previous regime enabled financial crime and allowed criminals to launder money through UK shell companies.

Using the UK corporate register's Free Company Data Product, which gave a snapshot of all registered companies as of September 1, Shareflo identified 3mn private companies that were not dormant, in the process of being wound up or in insolvency proceedings.

Shareflo focused on companies whose statements were overdue by between one and 12 months, identifying 56,710 companies that fell within this band.

Within the one-to-12-month band, the number of overdue statements was 139 per cent higher than in September last year, Shareflo found. By September 19, just under 39,000 companies remained overdue.

Directors at 5,321 of them had verified their identities for other companies, leaving 33,675 with no such evidence.

"These 33,675 companies are one to 12 months late on a filing they had a year's notice of [and] they were filing on time as recently as last year," Shareflo said. "We have no good explanation for that."

Companies House said: “The introduction of identity verification is helping to improve the accuracy and integrity of the register and make it harder for fictitious directors to be appointed.”

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Hybrid warfare

德国间谍机构深陷新丑闻遭受重创

🌐 对照英文

前情报局局长被捕，打击了该机构重返顶层圈子的努力

萨姆·琼斯 (SAM JONES) —— 柏林

就在德国议员们开始讨论一项旨在赋予该国对外情报机构广泛新权限的法律仅一周后，检察官们投下了一枚震撼弹：该机构历史上最大规模的安全漏洞之一被曝光。据指控，此次泄密是由其前局长所为。

数月来，德国政府一直在谨慎地构建公众和立法层面的论据，旨在通过大胆的新规则，让联邦情报局（BND）重返国际情报界的顶层圈子。

周二的披露威胁到这些论据的可信度。同时，这也提出了一个更深层的问题：在历史的关键时刻，新法律究竟能否改变 BND 的文化并恢复其内部士气。

周二凌晨，1998 年至 2005 年期间担任 BND 局长的奥古斯特·汉宁（August Hanning）在德国西北部的家中被捕，涉嫌叛国罪。检察官指控，在过去的 16 年中的大部分时间里，这位 80 岁的前间谍首脑一直秘密地从 BND 的一名前下属那里获取机密信息。

在汉宁的持有物中发现了约 2,000 份敏感文件——这些文件原定仅限德国政治领导层审阅。

检察官表示，在至少一起案例中，汉宁试图将从这些材料中获取的信息出售给一家外国情报机构。汉宁未回应置评请求。

接近调查的人员选择不透露该外国情报机构隶属于哪个国家。他们仅表示该国并非俄罗斯。德国《镜报》（Der Spiegel）周二报道称，汉宁准备的一份包含德国政府机密信息的报告，其预定接收者可能是一名阿塞拜疆情报特工。汉宁曾是德阿论坛（German-Azerbaijan forum）的董事会成员，该论坛是一个旨在促进巴库利益的游说团体。阿塞拜疆的国家媒体和广播委员会将这一指控描述为“造假”。

像据称在汉宁持有物中发现的这类文件，之所以被限制在极小圈子内，是有原因的。这些文件以非加密格式出现在私人住宅中——或者更糟糕的是，以数字形式出现在

警察在柏林的一栋建筑中将箱子装入汽车。下方：奥古斯特·汉宁

Sven Kaeuler / picture-alliance / dpa / AP Images

这令注重安全的官员感到震惊，并引起了 BND 最亲密的国际合作伙伴的担忧。

自 2009 年从公职退休以来，汉宁一直从事顾问工作，将其专业知识、谨慎态度和外交技巧出售给商业世界。

这是一条被前人走过的路：美国中央情报局（CIA）、英国秘密情报局（MI6）和法国对外安全局（DGSE）的前负责人后来都成为了地缘政治和战略顾问。

此类角色可能会将前间谍首脑引向意想不到的方向。调查人员在一次无关的调查中开始审视汉宁的事务：2025 年，由于涉及一名德国牛排餐厅餐饮业百万富翁继承人的著名子女监护权案件，法院下令搜查其住所，而汉宁在该案中提供了顾问服务。

这类角色始终带有内在的紧张关系。在离职后的生活中，前间谍被要求继续遵守关于政府工作的保密协议，即便他们试图利用这些经验赚钱。

在汉宁的案例中，检察官指控他不仅选择无视此前约束他的规则，而且他

“情报机构的核心就是让人们做出背叛行为”

还招募了一名在职的联邦情报局（BND）官员，并诱导其为了经济利益窃取文件。“情报机构的核心就是让人们做出背叛行为，”一位前欧洲高级情报官员表示，“但讽刺的是，成功的情报机构同样建立在信任之上。”

情报机构与其监督者之间，以及组织内部，必须维持信任。对于联邦情报局来说，过去几年十分坎坷。前联邦情报局高级间谍卡斯滕·L（Carsten L.）的审判尚未结束，他于2022年因叛国罪被捕。检察官称，这名前机构部门负责人多年来向俄罗斯提供机密情报。去年退休的前联邦情报局局长布鲁诺·卡尔（Bruno Kahl）曾作证称，这次泄密对德国情报部门来说是一场“灾难”。

2014年，联邦情报局员工马库斯·R（Markus R）因涉嫌为美国中央情报局（CIA）从事间谍活动而被捕。他向美国传递了200多份文件，并于2016年被判处八年监禁。

成立于1956年西德的联邦情报局，还不得不应对日益严格的法律运行规则。2020年，德国最高法院做出了一项里程碑式的裁决，支持了一组民权活动人士，这些人自2013年爱德华·斯诺登（Edward Snowden）揭露事件以来一直就监控实践对联邦情报局提出质疑。裁决宣布，联邦情报局必须将保障德国公民的一系列隐私保护措施扩展到所有监控目标——包括居住在海外的外国国民。

一名当时在联邦情报局工作、现已退休的员工表示，过去几年在机构工作已变成了一场形式主义的勾选练习。他们说，即使是完成最基础的分析任务也可能需要好几天时间。

一名现任高级职业官员最近开玩笑说，当该机构为柏林或其盟友提供“即时情报”（up-to-the-minute intelligence）时，每个接收者首先得问，这里指的是“联邦情报局的一分钟”还是“真正的一分钟”？

对该机构运作方式的此类担忧，以及围绕汉宁（Hanning）而起的丑闻，出现于一个关键时刻。联邦情报局现任局长马丁·耶格尔（Martin Jäger）本周警告称，俄罗斯正试图在德国领土上制造混乱和谋杀。耶格尔告诉德国议员，克里姆林宫认为柏林是其在欧洲的主要对手。他指出，联邦情报局是德国的“第一道防线”。

物流集团

📄 Original Section

Russian hostile acts cost UK up to £2.5bn a year

LUCY FISHER — BIRMINGHAM

CHARLES CLOVER — LONDON

The economic impact of Russian hostile activity against Britain totals at least £2bn-£2.5bn annually, according to a new report by the vice-chair of the all-party parliamentary group on rearmament.

The report, named “The Putin Tax”, tallied up the cost of disruption, recovery and investment in resilience that results from Russian hybrid warfare against the UK. Labour MP Graeme Downie’s research, published yesterday, suggested that the true figure was likely to be “vastly higher” than his forecast.

He warned that omissions in data published by the government hampered an accurate calculation of the cost of Moscow-linked hybrid warfare.

The headline figure of £2bn-£2.5bn included £400mn-£500mn in average annual losses, calculated from major attributed incidents since 2022 such as the attacks at Jaguar Land Rover, Royal

Mail and NHS suppliers; £1.47bn in losses from Russia-linked cyber attacks, based on industry analysis and threat intelligence; and £250mn-£500mn from damage to subsea communications cables and related infrastructure.

The report also highlighted that the UK lacks a consistent framework for measuring the economic impact of hostile state activity and that many major incidents remain uncosted, leaving both MPs and the public “without a clear picture of the financial consequences”.

Downie, vice-chair of the APPG on rearmament, said the UK could not “deter Russia or anyone else if we aren’t honest with the British people about the threats we face and the cost the ‘Putin Tax’ is already having on our country”.

He said it was “striking” that “this is the first serious attempt to measure its true economic cost to Britain”, which includes cyber attacks, infrastructure threats, business losses and wider economic disruption.

Cyber security experts said the growing economic toll reflected the central role of cyber attacks in Russian and other states' efforts to inflict damage while remaining below the threshold of conventional conflict.

Snehal Antani, CEO of Horizon3 AI, a San Francisco-based cyber security company, said cyber attacks against the auto industry, such as the targeting of JLR in August last year, demonstrated that hybrid warfare was increasingly focused on the cyber domain. “Cyber is all about ‘grey zone warfare’,” Antani said. “The role that cyber plays in that realm is super interesting because, up until now, it has always been below the threshold, so the risk of this blowing up to a big conflict is extremely low. But the economic pain is very real.”

Anders Fogh Rasmussen, former secretary-general of Nato, said he was opposed to the term “hybrid warfare”. “Putin is testing our resolve,” Rasmussen said. “I don’t like the term hybrid. It’s warfare. So why do we call it hybrid warfare as if it’s something else?”

INTERNATIONAL

Trade talks

中国利用电力过剩，力争在数据中心竞赛中获胜

🌐 对照英文

ELEANOR OLCOTT — 乌兰察布

ZIJING WU — 香港

中国正以极快的速度在其能源丰富的内陆地区建设数据中心，北京方面试图将充足的电力和廉价的土地转化为在全球 AI 开发竞赛中的优势。

这一举措正在打造巨大的新型计算枢纽，例如内蒙古的乌兰察布，那里已有 89 个数据中心已建成或在计划中。此次 AI 基础设施的扩张规模在世界范围内是最快且最大的之一。

北京已将 AI 进展列为国家战略重点，旨在提高经济生产力，巩固国内政治影响力，并通过确保全球更多地区依赖其技术来保障中国的全球影响力。

尽管中国在获取足够的高端芯片以满足激增的 AI 需求方面面临困难，但它能够动员建设这些芯片所需的数据中心所需的土地、电力和建设能力。

根据研究公司 SemiAnalysis 的数据，中国拥有 24GW 的在运行数据中心计算能力，超过了亚洲其他地区的总和，但不足美国 56GW 的一半。另有 50GW 正在建设中或已公布。

乌兰察布是一座以土豆和酸奶零食闻名的偏远农业城市，是此次扩张行动中最显著的例子之一。该市已承诺投入约 15GW 的计算能力，使其成为亚洲增长最快的数据中心枢纽。

该市受益于其他市场稀缺的优势：充足的风能和煤电、廉价的土地、寒冷的气候以及快速建设设施的能力。这与美国形成对比，在美国，电力供应和电网连接的获取限制了其数据中心的繁荣。

建设规模在城市的郊区清晰可见。工程师们甚至将一所废弃的学校改造成数据中心。很快，成排的计算机架将占据操场。

《金融时报》看到，在四个规模庞大的园区中，至少有十几家公司正在开展工作，部分运营商在多个地点进行建设。其中包括阿里巴巴和华为，以及 ZData 和 VNET 等建设设施并将计算能力出租给科技集团的运营商。

据知情人士透露，字节跳动已成为中国租赁计算基础设施的最大需求来源，而 AI 实验室 DeepSeek 和 Z.ai 也在乌兰察布建设设施。Z.ai 未回应置评请求。

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📄 Original Section

Beijing rejects voluntary curbs on exports

Brussels seeks to avoid

retaliation over plan to

cap hybrid car imports

ANDY BOUNDS — BRUSSELS

PETER FOSTER — LONDON

China has rejected an EU request to voluntarily restrict its surging exports of hybrid cars to the bloc as the two sides enter last-ditch talks to avert a trade conflict.

The European Commission hopes to get Beijing to accept a unilateral EU measure to cap hybrid imports instead, two diplomats briefed on the plan said.

European trade commissioner Maroš

Šefčovič starts two days of talks in Beijing today and wants to agree at least one measure to reduce China's ballooning trade surplus with the EU rather than launch punitive measures that could spark a retaliatory spiral.

His original pitch was that Beijing agree to limit hybrid vehicle exports to the EU to about 15 per cent of the bloc's market compared with more than a third today, or face retaliatory action such as tariffs. EU officials told member states yesterday that China had refused, according to the diplomats.

The Commission is now discussing a temporary “safeguard” trade defence measure, which could be applied even without evidence of market abuse. This would allow China to export a limited number of vehicles, with a new supplementary tariff applied to the rest.

The aim is to agree a number China can accept privately without retaliating, the diplomats said. The downside would be that safeguards would also have to be applied to trading partners such as the UK, South Korea and Japan.

The surge in hybrid shipments came after the EU levied anti-subsidy duties on electric vehicles from China of up to 35 per cent on top of the usual 10 per cent rate. Beijing hit back with anti-dumping duties on EU cognac, pork and dairy products.

Officials have said the Beijing talks will be a failure if there is no solution to the hybrid cars issue, probably leading to a serious trade conflict since the EU has declared the €1bn-a-day trade deficit to be unsustainable.

Germany and France this week issued a joint paper urging the Commission to take a strong line because “a massive industrial shock is affecting sectors at the heart of the European industrial model and of systemic relevance”.

These sectors included pharmaceuticals, aerospace, automotive, machine tools and chemicals industries. They also called for a new tool that could cut off access to the EU market for targeted products, something Berlin and Paris believe would help deter retaliation.

A third diplomat said the damage inflicted on Germany's industrial base had changed the EU's reluctance to risk trade conflict with China.

They said they had little faith in the talks process, adding: "If there was an easy answer we would have found it by now."

The talks also concern the EU's declining exports to China. The diplomats said the EU was asking China to lower tariffs for some goods, but it is reluctant to do so.

The Chinese embassy in Brussels did not immediately respond to a request to comment. Beijing's commerce ministry said last month that China opposed "voluntary export restrictions". The Commission declined to comment.

Europe. Security

在内蒙古，“有海量的电力处于极低的利用率状态”

🌐 对照英文

华为在乌兰察布拥有三个数据中心。华为董事长徐直军表示，该公司在决定选址该市之前考虑了多个地点，最终选择这里是因为其电费低廉且毗邻北京（乘坐高铁仅需两小时）。“我原以为这是一个小城市，”于8月首次前往乌兰察布的徐直军说道，“其规模令我惊讶，与我的预期截然不同。”

截至今年6月，内蒙古的装机风电容量已达117GW，是中国规模最大的风电集群，几乎是英国总容量的4倍。此外，内蒙古还拥有约130GW的化石燃料发电容量，其中大部分为煤电。

咨询公司兰涛集团（The Lantau Group）分析师大卫·费什曼（David Fishman）表示，内蒙古可能是全球任何行政区中“局部电力过剩最严重”的地区。“有海量的电力处于极低的利用率状态，”他说，“数据中心有助于吸收这些过剩电力。”

该地区寒冷的气候也有助于降低AI计算集群巨大的冷却需求。乌兰察布的年平均气温约为4.3摄氏度，而其毗邻北京的地理位置使工程团队能够快速抵达现场。

然而，该地区并非没有资源限制。内蒙古的水资源并不丰富，一名数据中心高管警告称，随着行业的扩张，这可能会成为一个问题。

Lex版 第24页

海马师潜水表 300M 同轴天文台认证大师时计

国际

📄 Original Section

Germany's spies dealt blow by fresh scandal

Arrest of former intelligence chief a setback in agency's bid for a return to the top table

SAM JONES — BERLIN

Barely a week after German parliamentarians began debating a law to grant the country's foreign intelligence service sweeping new powers, prosecutors delivered a bombshell: news of one of the biggest security breaches in the agency's history. Perpetrated, they allege, by its former chief.

For months, the German government has carefully put together the public and legislative case for bold new rules aiming to return the Federal Intelligence Service, the Bundesnachrichtendienst (BND), to the top table of international intelligence.

Tuesday's revelations threaten to call that case into doubt. They also raise a deeper question: what, if anything, new laws might do to change the culture of the BND and restore morale among its ranks at a critical juncture in its history.

In the early hours of Tuesday, August Hanning, BND chief from 1998 to 2005, was arrested at his home in north-west Germany on suspicion of treason. For much of the past 16 years, prosecutors allege, the 80-year-old former spy chief had been secretly acquiring classified information from a former protégé at the BND.

About 2,000 sensitive documents – intended for the eyes of Germany's political leadership only – were found in Hanning's possession.

In at least one instance, prosecutors say, Hanning tried to sell information gleaned from those materials to a foreign intelligence agency. Hanning did not respond to a request for comment.

Officials close to the investigation are choosing not to disclose which country, the foreign intelligence agency was answerable to. They have only indicated it is not Russia. Germany's Der Spiegel magazine on Tuesday reported that an Azerbaijani intelligence agent may have been the intended recipient of a report prepared by Hanning containing classified German government information. Hanning was a board member of the German-Azerbaijan forum, a lobbying group to promote the interests of Baku. Azerbaijan's state media and

Police officers load boxes into a car at a building in Berlin. Below: August Hanning

Sven Kaeuler/picture-alliance/dpa/AP Images

broadcasting council described the claim as "fake".

Documents such as those alleged to have been found in Hanning's possession are kept within extremely close circles for a reason. Their presence in an unsecured format, at a private residence – or worse, in digital form on

has shocked security-conscious officials and raised concerns among the BND's closest international partners.

Since his retirement from public office in 2009, Hanning has plied his trade as a consultant, selling his expertise, discretion and diplomatic skills to the business world.

It is a well-worn path: former heads of the CIA, MI6 and France's

DGSE have all found later careers as geopolitical and strategic consultants.

Such roles can lead former spy chiefs in unexpected directions. Investigators began looking into Hanning's affairs as a result of an unrelated probe: a search was ordered of his home in 2025 linked to a prominent child custody case involving the multi-millionaire heiress of a German steakhouse restaurateur, in which Hanning had provided consultancy services.

Such roles have always carried an inbuilt tension. In life after office, former spies are expected to continue to abide by a compact of secrecy about their government work, even as they try to make money from the experience.

In Hanning's case, prosecutors allege that not only did he choose to ignore the rules that previously bound him, but he

'Intelligence agencies are all about getting people to commit acts of betrayal'

also recruited a serving BND official and induced him to steal documents for financial gain. “Intelligence agencies are all about getting people to commit acts of betrayal,” said one former senior European intelligence official. “But the irony is that successful intelligence agencies are also built on trust.”

Trust must be maintained between intelligence agencies and their supervisors – and within an organisation itself. It has been a rocky few years for the BND. The trial has not concluded for the former senior BND spy Carsten L., arrested in 2022 on treason charges. The former head of department at the agency fed classified intelligence to Russia for years, prosecutors claim. Former BND chief Bruno Kahl, who retired last year, has testified that the leak was a “catastrophe” for German intelligence.

In 2014, BND employee Markus R was arrested on charges of spying for the CIA. He had passed more than 200 documents to the US and was sentenced to eight years in prison in 2016.

The BND, set up in West Germany in 1956, has also had to contend with an increasingly restrictive set of legal operating rules. In 2020, Germany's supreme court issued a landmark judgment in favour of a group of civil rights campaigners who had been challenging the BND over its surveillance practices since the Edward Snowden revelations of 2013. The judgment declared the BND must extend a range of privacy protections guaranteed to German citizens to all surveillance targets – including foreign nationals living abroad.

One employee of the BND at the time, since retired, said working for the agency in the past few years had become an exercise in box-ticking. It could take days to complete even the most basic of analytical tasks, they said.

When the agency produces “up-to-the-minute intelligence” for Berlin or its allies, joked one current senior career officer recently, everyone receiving it first needs to ask if what is meant is “a BND minute or a real minute”?

Such concerns about the agency's approach, and the emerging scandal over Hanning, come at a critical time. The BND's current chief, Martin Jäger, this week warned that Russia was seeking to perpetrate acts of mayhem and murder on German soil. Berlin, the Kremlin believes, is its primary adversary in Europe, Jäger told German lawmakers. The BND, he pointed out, is Germany's "first line of defence".

Logistics group

俄罗斯抗鼠疫单位实验室工作人员死亡引发寻求真相之战

🌐 对照英文

莫斯科否认其在西伯利亚研究所感染的猜测，但事实依然模糊

迈克尔·皮尔（MICHAEL PEEL）——伦敦

安娜斯塔西娅·斯托格内（ANASTASIA STOGNEI）——柏林

西伯利亚出现的一例疑似鼠疫病例引发了国际关注，美国表示正在“密切”监测情况，世界卫生组织则要求提供更多信息。

俄罗斯当局在伊尔库茨克实施了广泛的隔离措施，当地一家鼠疫研究中心的实验室工作人员在医院死亡。但官员表示，该死亡事件与其工作无关，并坚称并未发生疫情。

---

📄 Original Section

Berlin bars Chinese acquisition in largest seaport

ANNE-SYLVAINE CHASSANY — BERLIN

Germany has blocked the Chinese acquisition of a logistics group in its biggest seaport, a decision underlining Berlin's firmer stance against Beijing under Chancellor Friedrich Merz.

The decision, approved by the cabinet yesterday, follows a review of the planned acquisition by Chinese state-owned shipping group Cosco of an 80 per cent stake in Konrad Zippel Spediteur, a medium-sized logistics group operating in the North Sea port of Hamburg.

The move comes as Berlin is preparing new legislation designed to tighten investment screening. It also underlines a sharpening of Germany's posture towards China, whose cheap electric vehicles and steel products have hurt German manufacturers at home and in their traditional export markets.

On Monday, Merz joined French President Emmanuel Macron in proposing the EU adopt a powerful trade instrument designed to deter countries from exerting economic coercion. The move was widely seen as a response to Beijing's restrictions on rare earths and magnets last year, which brought some German car manufacturing plants to a halt because of shortages.

Since taking office in May last year, Merz has sought to balance the desire to attract foreign investment to rekindle Germany's stagnating economy with the need to beef up tools to safeguard critical infrastructure and reduce potentially harmful economic dependencies.

The decision to reject Cosco's acquisition was “based on security concerns”, a spokesperson for the economy ministry said in an email to the FT.

"The acquisition would have deepened dependencies and jeopardised the resilience of Germany's and the EU's supply chains," he added.

Cosco and the Chinese embassy in Berlin did not respond to requests for comment. The Chinese foreign ministry did not immediately comment.

The Zippel Group specialises in inland container transport, primarily connecting Germany's largest port complex with the country's eastern states, the German economy ministry said.

Berlin has rejected eight foreign investments out of about 300 reviews a year, the ministry said. The country “welcomes foreign investments”, it said yesterday, but its legislation enables it to review deals “on a case-by-case basis”.

"The criterion for review is whether the acquisition is likely to jeopardise public order or security," the ministry said.

In 2022, the three-way coalition led by Merz's predecessor, the Social Democrat Olaf Scholz, allowed Cosco to acquire 24.9 per cent of the Tollerort container facility, one of several terminals that comprise the port of Hamburg. The Chinese state-owned company had originally sought a 35 per cent stake.

The deal was a compromise between Scholz, a former Hamburg mayor who supported the investment, and his economy, foreign, defence and interior ministries, which opposed it on security grounds. The government capped the investment at below 25 per cent.

Additional reporting by Aysun Bora and Edward White

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AI development

什么是鼠疫？

🌐 对照英文

鼠疫是一种所谓的动物源性疾病，由动物传播给人类，如果不治疗通常会导致死亡。它通过寄生在老鼠等小型哺乳动物身上的跳蚤传播给人类。

它可以通过呼吸道颗粒或接触受污染的体液或材料在人与人之间传播。

最常见的类型是腺鼠疫。病原体在淋巴系统中繁殖，如果不治疗，会导致该疾病著名的化脓性开放性溃疡。如果细菌扩散到肺部或血液，腺鼠疫可能会演变为另外两种形式——肺鼠疫和败血性鼠疫——这两种形式通常是致命的。

肺鼠疫是人与人之间传染性最强的一种形式。根据世界卫生组织的说法，它可以引发严重的流行病，尽管其传染性低于新冠肺炎（Covid-19）等某些病毒。

---

📄 Original Section

China taps power glut in push to win data centre race

ELEANOR OLCOTT — ULANQAB

ZIJING WU — HONG KONG

China is building data centres at rapid speed across its energy-rich hinterland as Beijing seeks to turn abundant electricity and cheap land into an advantage in the global race to develop AI.

The push is creating vast new computing hubs such as Ulanqab in Inner Mongolia, where 89 data centres are built or planned. The AI infrastructure expansion is among the fastest and biggest in the world.

Beijing has outlined AI progress as a national strategic priority to boost economic productivity, entrench domestic political influence and secure China's global influence by ensuring more of the world becomes reliant on its technology.

While China is struggling to secure enough advanced chips to satisfy soaring AI demand, it has been able to mobilise the land, electricity and construction capacity needed to build the data centres that house them.

China has 24GW of operational data centre computing capacity, more than the rest of Asia combined but less than half the 56GW in the US, according to research firm SemiAnalysis. A further 50GW is under construction or has been announced.

Ulanqab, a remote agricultural city famed for its potatoes and yoghurt snacks, is among the most striking examples of the expansion drive. About 15GW of computing capacity has been committed in the city, making it the fastest-growing data centre hub in Asia.

The city is benefiting from advantages scarce in other markets: abundant wind and coal power, cheap land, a cold climate and the capacity to build facilities rapidly. That contrasts with the US, where securing electricity and grid connections constrains its data centre boom.

The scale of construction is visible across the city's outskirts. Engineers are turning even an abandoned school into a data centre. Soon, rows of computing racks will occupy the playground.

The FT saw work under way by at least a dozen companies across four sprawling campuses, with some operators building at multiple sites. They include Alibaba and Huawei, as well as operators such as ZData and VNET, which build facilities and let out computing capacity to tech groups.

ByteDance has emerged as China's largest source of demand for rented computing infrastructure, while AI labs DeepSeek and Z.ai are also building facilities in Ulanqab, according to people briefed on the matter. Z.ai did not respond to a request for comment.

---

曾发生过哪些疫情？

🌐 对照英文

历史上，鼠疫曾引发毁灭性的全球大流行，在流行文化和民间记忆中占据重要地位。

人们普遍认为，鼠疫导致了所谓的“黑死病”，据估计在1300s（14世纪）杀死了欧洲数千万人口。

由于这发生在微生物致病理论发展之前，人们既缺乏相关知识，也缺乏遏制传播的医疗手段。

生物研究：伊尔库茨克抗鼠疫研究所的工作人员，上周在医院死亡的实验室工作人员达里亚·希皮洛娃（Daria Shipilova）曾就职于此

---

📄 Original Section

In Inner Mongolia ‘there is an immense amount of electricity that operates at very low capacity’

Eric Xu, chair of Huawei, which has three data centres in Ulanqab, said the tech group considered several locations before settling on the city because of its cheap electricity and proximity to Beijing, just two hours away by high-speed rail. "I thought it was a small city," said Xu, who travelled to Ulanqab for the first time in August. "I was surprised by the scale. It's very different from what I expected."

Inner Mongolia had 117GW of installed wind capacity by June this year, the largest fleet in China and nearly four times the entire capacity of the UK. It also has roughly 130GW of fossil-fuel power capacity, mostly made up of coal.

David Fishman, an analyst at consultancy The Lantau Group, said that Inner Mongolia had probably the “largest electricity local oversupply” of any administrative region in the world. “There is an immense amount of electricity that operates at very low capacity,” he said. “Data centres help soak up this excess power.”

The region's cold climate also helps reduce the enormous cooling requirements of AI computing clusters. Average annual temperatures in Ulanqab are about 4.3C, while its proximity to Beijing allows engineering teams to reach the sites quickly.

The region is not free of resource constraints, however. Inner Mongolia does not have abundant water supplies, and one data centre executive warned that this could become a problem as the industry expands.

Lex page 24

SEAMASTER DIVER 300M Co-Axial Master Chronometer

INTERNATIONAL

发生了什么，俄罗斯当局如何回应？

🌐 对照英文

据当地媒体报道，实验室工作人员达里亚·希皮洛娃（Daria Shipilova）于上周五在伊尔库茨克附近的舍列霍夫一家医院去世。她在三天前入院。

多家当地和联邦新闻机构援引匿名消息人士报道称，希皮洛娃死于肺鼠疫。报道中提到了关于她可能感染途径的不同说法，但尚未得到官方或授权的确认。

俄罗斯首席卫生医生在同一天访问了伊尔库茨克，当地州长将其描述为“一起疑似特别危险感染病例”。州长表示，希皮洛娃的所有接触者已被置于观察之中。

当地官员表示，舍列霍夫医院实际上已被隔离。俄罗斯卫生监管机构 Rospotrebnadzor 周日表示，希皮洛娃死于“原因不明的肺炎”。该监管机构补充称，她的生物样本中“未检测到与其职业工作相关的任何微生物”。

希皮洛娃的母亲同样是一名医务工作者，她在周一告诉当地媒体，她尚未收到关于其女儿死亡的官方结论。希皮洛娃工作的抗鼠疫设施是俄罗斯乃至全球少数几家此类研究机构之一。

她的学术发表记录显示，她研究过自然宿主中鼠疫杆菌（Yersinia pestis，引起鼠疫的细菌）的抗生素耐药性。

鼠疫有多普遍，威胁程度如何？

鼠疫杆菌仍在动物体内循环，这意味着病原体存在永久的所谓“宿主”。这些病原体不时地传播给人类。

根据世界卫生组织的说法，除大洋洲外，所有大洲均发现了鼠疫。

自 20 世纪 90 年代以来，大多数人类病例报告于非洲，特别是马达加斯加和刚果民主共和国。

近年来，与俄罗斯接壤且边界漫长的蒙古国也报告了病例，但在俄罗斯及其邻国，大规模鼠疫爆发极其罕见。

据估计，全球每年的人类鼠疫病例数在 1,000 例或更多。

根据美国疾病控制与预防中心的数据，美国每年平均报告 7 例人类鼠疫病例。

“鼠疫本身并未消失，”牛津大学大流行科学研究所（Pandemic Sciences Institute）的教授皮耶罗·奥利亚罗（Piero Olliaro）表示。

“大约 200 种啮齿动物可以携带这种细菌，宿主分布在美洲、欧亚大陆和非洲。因此，散发性的人类病例仍在继续出现。”

此类研究设施具备研发潜在生物武器的能力

鼠疫病例如何治疗？

一旦确定，可以通过隔离感染患者来切断鼠疫的传播链。如果疾病在早期被发现，可以使用抗生素成功治疗。

这与今年早些时候一艘邮轮上发生的致命啮齿动物携带汉坦病毒爆发事件有某些相似之处。由于环境封闭且意识到病毒在船上较慢，该疾病在船上蔓延。一旦当局意识到问题并采取隔离措施，他们就阻止了进一步的传播。

---

📄 Original Section

Death of laboratory worker at Russian anti- plague unit spurs race for answers

Moscow denies speculation that she contracted infection at Siberian institute but facts remain elusive

MICHAEL PEEL — LONDON

ANASTASIA STOGNEI — BERLIN

A suspected case of plague in Siberia has triggered international concern, with the US saying it is monitoring the situation “closely” and the World Health Organization requesting more information.

Russian authorities have imposed sweeping quarantine measures in Irkutsk, where a lab worker at a local plague research centre died in hospital. But officials said the death was unrelated to her work and insisted there had been no outbreak.

---

此案例还引发了哪些问题？

🌐 对照英文

该案例引发了关于细菌是否来自生物研究设施的质疑。将病原体保存在安全设施中是有正当理由的，特别是为了更好地了解疾病并改进潜在的治疗方法。

此类研究设施具备研发潜在生物武器的能力，可以通过基因工程改造病原体，使其更具传染性或更致命——或者两者兼有。从表面上看，鼠疫杆菌可能不是最明显选择，因为它们在人与人之间的传播不像某些其他病原体那样容易，且可以用现有药物治疗。

乌克兰战争

📄 Original Section

What is the plague?

Plague is a so-called zoonotic disease spread from animals to humans that is often fatal if untreated. It is transmitted to people via fleas that live on small mammals such as rats.

It can spread from person to person via respiratory particles or contact with contaminated body fluids or materials.

The most common type is bubonic plague. The pathogen multiplies in the lymphatic system and, if left untreated, can cause the open pus-filled sores for which the disease is infamous. If the bacteria spreads to the lungs or blood, bubonic can evolve into two other forms

\- pneumonic and septicaemic - that are usually fatal.

Pneumonic plague is the most contagious form from person to person. It can trigger severe epidemics, according to the World Health Organization, although it is less transmissible than some viruses such as Covid-19.

---

莫斯科致命袭击导致基辅多个区电力中断

🌐 对照英文

克里斯托弗·米勒 —— 基辅

俄罗斯对乌克兰全境的住宅楼和能源基础设施发动了大规模致命袭击，导致基辅多个区电力中断。随着冬季临近，莫斯科正在加强其空中攻势。

据弗拉基米尔·泽连斯基和当地当局称，昨晚的俄罗斯导弹和无人机袭击造成至少 24 人死亡，并损坏了乌克兰 12 个地区的住宅楼和能源基础设施。

乌克兰总统表示，能源基础设施是俄罗斯的主要目标之一。据该国能源部称，乌克兰首都的多个区受到了“紧急”停电的影响。能源部将停电归因于俄罗斯的袭击，并敦促民众避免使能源系统过载。

“关键目标之一就是我们的能源基础设施。俄罗斯人想要进行一次痛苦且具有示范性的打击，”泽连斯基说。

此次袭击发生在泽连斯基于周二晚间演说中警告即将发生大规模袭击的数小时之后。上周，他在一所被无人机击中的学校接受《金融时报》（FT）采访时表示，俄罗斯总统弗拉基米尔·普京已指示其军队升级对平民和关键基础设施的空袭，因为其军队未能实现在战场上的军事目标。

据泽连斯基和地区当局称，基辅有 2 人死亡，位于首都以东约 150 公里的普里卢基市有 18 人死亡，俄罗斯的一次袭击在那里摧毁了一栋五层公寓楼。乌克兰国家紧急服务局报告称，救援人员在现场发现了四名儿童的尸体——其中三名是婴儿，一名是 8 岁男孩。另有数十人受伤，救援人员继续在废墟下搜寻幸存者。

泽连斯基表示，俄罗斯的导弹和无人机袭击还损坏了东南部第聂伯罗的五栋公寓楼和克雷门丘克市中心的四栋高层建筑，造成 2 人死亡，8 人受伤。一架无人机损坏了附近扎波罗热的一栋高层建筑。据乌克兰总统称，在奥列克桑德里亚又有 2 人死亡。

据乌克兰空军称，俄罗斯发射了 70 枚导弹和 130 架爆炸无人机，其中近三分之一为喷气动力。空军表示，其击落了 44 枚导弹和 117 架无人机。

俄罗斯国防部表示，军方打击的目标是参与生产和储存乌克兰 Flamingo 巡航导弹及无人机的工业设施。国防部称，在昨晚的袭击中，敖德萨地区的港口和航运设施也遭到了打击。

乌克兰外交部长安德里·西比哈注意到普京昨天年满 74 岁，他在 X 上写道：“在普京的生日那天，俄罗斯将军们给他带来了他最喜欢的礼物：战争罪行。”

根据国际法，蓄意攻击平民基础设施属于战争罪。

精准计时

📄 Original Section

What outbreaks have there been?

Plague has historically caused devastating pandemics that loom large in popular culture and folk memory.

It is generally thought to have caused the so-called “Black Death” estimated to have killed tens of millions of people in Europe in the 1300s.

Since this happened long before the development of the germ theory of how invading microbes cause disease, people lacked the knowledge as well as the medical means to curb the spread.

Biological research: staff at Irkutsk anti-plague institute, where lab worker Daria Shipilova, who died in hospital last week, was employed

---

首款超高精度核钟助力提升安全性

🌐 对照英文

迈克尔·皮尔 (MICHAEL PEEL) —— 伦敦

科学家们揭晓了首批投入运行的核钟（nuclear clocks），这标志着在升级并保障现代生活赖以生存的数字化系统所需的精密计时安全性方面，取得了里程碑式的进展。

研究人员表示，在一次严苛的物理实验中，基于放射性元素钍（thorium）的设备与现有的原子钟技术达到了相同的精度。

由中国和欧洲团队研发的这些时钟，是更广泛地保障时间测量安全之努力的一部分。因为无论是意外的时钟停机还是蓄意破坏，都威胁着对通信、金融交易和电厂运行至关重要的电子系统。

维也纳工业大学的物理学家托斯滕·舒姆（Thorsten Schumm）表示：“核钟有望提供最先进的光学原子钟的卓越性能，但能大幅降低能耗，且设备更简单、更稳健。可以肯定的是，在未来两三年内，核钟的性能将取得飞速进展。”

核钟利用原子中心原子核中质子和中子状态的微小能量偏移。由于这些变化远小于长期以来原子钟技术所测量的电子变化，因此核钟在理论上可以进行更精确的测量。此外，钍核钟应更不容易受到外部电磁源的干扰。

随着篡改和意外停机揭示了全球定位系统（GPS）的漏洞，具有韧性的超高精度计时和导航方法已成为全球日益关注的安全重点。许多基础数字化服务所依赖的精密时钟安置在卫星上，而卫星容易受到干扰，或受到太空碎片等来源的损害。

领导中国团队工作的北京清华大学研究员丁世谦（Shiqian Ding）表示，核钟有望比现有的光学原子钟更紧凑且更易于操作，而后者目前仍是“复杂的实验室系统”。“如果这成为可能，这种精度就可以得到更广泛的部署……”

企业税

📄 Original Section

What has happened and what have Russian authorities said?

The lab worker, Daria Shipilova, died in a hospital in Shelekhov near Irkutsk on Friday last week, local media reported. She had been admitted three days earlier.

Several local and federal news outlets reported, citing unnamed sources, that Shipilova died from pneumonic plague. The reports cited various accounts of how she may have contracted it, but there has been no official or authorised confirmation.

Russia's chief sanitary doctor visited Irkutsk the same day because of what the local governor described as “a suspected case of a particularly dangerous infection”. The governor said that all of Shipilova's contacts had been placed under observation.

Local officials said Shelekhov hospital had been de facto quarantined. Russia's health watchdog Rospotrebnadzor said on Sunday that Shipilova died from a “pneumonia of unknown” origin. The regulator added her biological samples “did not detect any micro-organisms linked to her professional work”.

Shipilova's mother, also a medical worker, told a local media outlet on Monday that she had yet to receive the official conclusion on her death. The anti-plague facility where Shipilova worked is one of a few such research institutes in Russia and in the world.

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Her scientific publication history shows she studied the antibiotic resistance of Yersinia pestis – the bacterium that causes plague – in natural reservoirs.

MapLibre ©Mapcreator ©OpenStreetMap

How common is plague and how much of a threat is it?

Plague bacteria still circulate in animals, meaning there is a permanent so-called “reservoir” of the pathogens. These jump across to humans from time to time.

It is found on all continents save Oceania, according to the World Health Organization.

Since the 1990s most human cases have been reported in Africa, particularly in Madagascar and the Democratic Republic of Congo.

Cases have also been reported in recent years in Mongolia, which shares a long border with Russia, but large plague outbreaks are extremely rare in Russia and its neighbours.

Estimates of the number of human plague cases worldwide annually run to 1,000 or more.

An average of seven human plague cases is reported each year in the US, according to the country's Centers for Disease Control and Prevention.

“Plague itself has not disappeared,” said Piero Olliaro, a professor at the University of Oxford’s Pandemic Sciences Institute.

"Around 200 rodent species can harbour the bacterium, with reservoirs found across the Americas, Eurasia and Africa. Sporadic human cases therefore continue to occur."

Such research facilities have capabilities to work on potential bioweapons

How can plague cases be treated?

Once identified, plague transmission chains can be broken by isolating infected patients. They can be treated successfully with antibiotics if the disease is identified early on.

There are some parallels with the deadly outbreak of rodent-borne hanta-virus on a cruise ship earlier this year. The disease spread aboard the vessel because of the confined environment and the slow realisation it was on board. Once authorities realised the problem and put in place quarantine measures they prevented further onward spread.

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布鲁塞尔旨在通过扩大税基捕捉科技巨头税收

🌐 对照英文

PAOLA TAMMA, HENRY FOY 及 BARBARA MOENS —— 布鲁塞尔

布鲁塞尔正考虑通过一项针对大型企业的广泛征税方案，对美国大型科技公司征税，旨在为欧盟增加收入，同时避免引起特朗普政府的强烈反弹。

六名知情官员告诉《金融时报》，在华盛顿威胁将对实施数字服务税的国家采取报复措施后，欧盟委员会正在研究新方法，以便在不单独针对特定公司的情况下，从苹果（Apple）、Meta 和谷歌（Google）等技术集团中获取更多收入。

此次讨论发生在欧盟各国就该联盟的共同预算进行谈判且国内面临支出限制之际，这导致在全球征收跨国公司利润税的努力陷入停滞时，出现了对建立新中央征税机制的需求。

官员们表示，布鲁塞尔正在考虑对一项现有提案进行修改，该提案将要求所有在欧盟运营且年收入超过 €100mn 的公司缴纳年度一次性税款。

虽然该提案目前的版本（被称为“欧洲企业资源”，简称 Core）将强制要求在欧盟设有子公司的数字服务公司缴纳这笔一次性税款，但它仅能捕捉到跨国公司收益中相对较小的一部分。

官员们认为，调整 Core 提案下的门槛和缴款额，使其仅覆盖极大型企业，既能增加从科技集团筹集的资金，又能化解欧洲内部关于 将打击许多欧洲中型企业的批评。

官员们表示，新税种将覆盖所有类型的公司，而不仅仅是专注于数字服务的公司，但具体细节仍在讨论中。

一名欧盟官员表示：“一些（欧盟）国家反对纯粹的数字税，因为他们不想激怒美国人，而且更多国家反对 。解决方案是将（税收）范围扩大到几乎所有大公司。”

税是五项新税收或“自有资源”计划的一部分，这些计划预计将从 2028起，每年为欧盟共同预算筹集约 600亿欧元。但大多数欧盟国家对此强烈反对，认为这将使许多欧洲中型公司在面对外国竞争对手时处于不利地位。

官员们表示，通过更改门槛以排除中型企业，可能会意味着更多的国家会支持该税种。然而，他们警告称，此举需要所有 27 个欧盟国家的一致同意。欧盟委员会拒绝置评。

近年来，全球征收大型数字服务公司税收的努力陷入停滞。2021 年由经合组织（OECD）促成的协议旨在强制大型跨国公司在产生销售额的国家缴纳更多税款，但在 2024. 美国总统唐纳德·特朗普（Donald Trump）再次当选后陷入僵局。一名欧盟官员将该协议描述为实际上已经“死亡”。

欧盟委员会正寻求从技术集团获取更多收入

布鲁塞尔此前暂停了关于全联盟数字服务税的立法，以允许全球协议的实施，但它仍然警惕任何会单独针对数字集团的税收设计。

官员们表示，由于担心美国的报复，此类税收不太可能获得欧盟成员国必要的支持。

自特朗普再次当选以来，该联盟一直在走钢丝，一方面继续执行其具有里程碑意义的数字规则，另一方面避免与华盛顿的关系进一步紧张。

法国、意大利、西班牙和奥地利已经实施了国家数字服务税，并成为了美国 Section 301 调查的目标，这可能会导致报复性的贸易关税。

代表多家美国科技巨头的 CCIA 拒绝置评。

欧盟委员会的一位发言人表示，委员会已准备好支持欧盟理事会和欧洲议会“在今年就新的自有资源方案达成协议”，并补充说，该方案对于“确保未来十年我们的共同优先事项获得充足资金”至关重要。

SEAMASTER DIVER 300M 同轴天文台认证正计时腕表

007

Ω

欧米茄 (OMEGA)

詹姆斯·邦德 007 及相关詹姆斯·邦德版权和 / 或商标由 Metro-Goldwyn-Mayer Studios Inc.（London Operations LLC 的独家被许可方）授权使用。© 2026 Metro-Goldwyn-Mayer Studios Inc. 保留所有权利。

国际

中东

📄 Original Section

What other questions does this case raise?

The case has raised questions about whether the bacteria came from a biological research facility. There are legitimate reasons to keep pathogens in secure facilities, notably to better understand diseases and improve potential treatments.

Such research facilities have capabilities to work on potential bioweapons, by engineering pathogens to make them more transmissible or more deadly – or both. On the face of it, plague bacteria would not be the most obvious choice, since they do not spread between people as easily as some other pathogens and are treatable with existing drugs.

Ukraine war

以色列在选举临近之际纪念October 7袭击事件

🌐 对照英文

在指责内塔尼亚胡未能阻止袭击的氛围中，人们缅怀受害者

NERI ZILBER — 特拉维夫

昨日，以色列举行了肃穆的仪式，纪念哈马斯October 7袭击事件三周年。与此同时，以色列即将迎来一场投票，这将是对总理本雅明·内塔尼亚胡在这次灾难性袭击以来首次面临的选举审判。

昨日清晨，活动人士在特拉维夫的一处海滩上摆放了代表受害者的白色剪影，另一些人则在三年前哈马斯向以色列南部发动入侵的时间点拦截交通。根据以色列的数据，此次袭击造成1,200多人死亡，另有250人被带往加沙作为人质，使其成为大屠杀以来犹太人伤亡最惨重的一天。此次袭击引发了一系列战争，随后蹂躏了中东的大片地区。

“在这个国家的每个角落，依然存在着一种非常强烈的巨大丧失感。现在感觉还不到创伤后恢复期，”民调专家兼政治分析师达莉亚·谢因德林（Dahlia Scheindlin）表示。“这一切都太近了，太鲜活了，而且亲人们现在才开始公布新的故事和资料。”

内塔尼亚胡表示，他点燃了一支纪念蜡烛以缅怀October 7的受害者，并补充道：“国家在这一天团结起来，共同思念我们的亲人。我们将完成任务——我们已经清算了账目，并将继续与所有凶手清算账目。”

袭击发生时内塔尼亚胡在任，随后他在加沙发起了攻势。根据当地卫生部门的数据，此次攻势已导致74,000多名巴勒斯坦人死亡。

在定于October 27,举行且竞争激烈的议会选举竞选活动中，面对未能阻止October 7袭击的指责，内塔尼亚胡一直处于防御状态。

反对者指责他忽视了警告，更广泛地指责他在灾难发生前的数年里对哈马斯采取了失败的遏制战略。内塔尼亚胡则反过来试图将自己塑造为以色列抵御生存威胁的捍卫者，以及一位“改变了中东面貌”的领导人。

本周，内塔尼亚胡发表了演讲，向阵亡者致敬，并赞扬他试图将其重新定义为以色列“救赎之战”的成果——这指的是自October 7以来在加沙、黎巴嫩、伊朗及其他战线的冲突，这位总理承诺如果连任将“结束”这些冲突。

内塔尼亚胡的对手也纪念了受害者，同时承认以色列国家在阻止袭击方面的失败程度之深。

昨日，总理的主要挑战者、前军方首脑加迪·艾森科特（Gadi Eisenkot）前往以色列南部受灾严重的社区，包括一个路边掩体，October 7当天有数十名从Nova音乐节逃离的年轻人在此避难。

尽管在过去二十年的大部分时间里一直领导国家，但内塔尼亚胡拒绝为他在突袭发生前的角色承担个人责任。袭击期间负责的所有安全首脑要么被解雇，要么已辞职，但这位总理挫败了成立独立国家调查委员会的努力。

知名专栏作家本·卡斯皮特（Ben Caspit）昨日在《马里夫》（Maariv）日报中写道，内塔尼亚胡多次断言国家在“October 7处于毁灭的边缘”。但卡斯皮特写道，“如果以色列真的面临毁灭的危险……那么内塔尼亚胡对此负有责任”。

距离议会选举不足三周，大多数民调仍显示内塔尼亚胡的极右翼联盟落后于反对派，尽管差距在近几周有所缩小，且两大阵营均未获得绝对多数。

本周由以色列Channel 16委托进行的一项民调显示，68 per cent的公众表示那一天的事件将影响他们的投票方式。谢因德林说：“这件事现在重新回到了公众议程中，如此新鲜且如此突出。”

📄 Original Section

Lethal strikes by Moscow cause power shutdowns in Kyiv districts

CHRISTOPHER MILLER — KYIV

Russia has carried out large-scale deadly strikes on residential buildings and energy infrastructure across Ukraine, cutting power to several Kyiv districts as Moscow intensifies its air campaign ahead of winter.

The Russian missile and drone strikes overnight yesterday killed at least 24 people and damaged residential buildings and energy infrastructure in 12 Ukrainian regions, according to Volodymyr Zelenskyy and local authorities.

The Ukrainian president said energy infrastructure was among Russia's main targets, with “emergency” power cuts affecting several districts in the Ukrainian capital, according to the country's energy ministry. It attributed the shutdowns to Russia's attacks and urged people to avoid overloading the energy system.

"One of the key targets was our energy infrastructure. The Russians wanted to strike painfully and demonstratively," Zelenskyy said.

The attacks came hours after Zelenskyy, in his nightly address on Tuesday, warned of an impending large-scale attack. Last week, he told the FT in an interview in a school hit by a drone that Russian President Vladimir Putin had instructed his military to escalate air strikes on civilians and critical infrastructure because his army had failed to achieve its military goals on the battlefield.

Two people were killed in Kyiv and 18 in the city of Pryluky, about 150km east of the capital, where a Russian strike destroyed a five-storey apartment complex, according to Zelenskyy and regional authorities. First responders recovered the bodies of four children from the site – three infants and an 8-year-old boy – Ukraine's state emergency service reported. Dozens more people were wounded, with emergency crews continuing to search for survivors under the rubble.

Russian missile and drone strikes also damaged five apartment buildings in Dnipro to the south-east and four high-rise buildings in central Kremenchuk, killing two people and injuring eight, Zelenskyy said. A drone damaged a high-rise building in nearby Zaporizhzhia. Two more people were killed in Oleksandriya, according to the Ukrainian president.

Russia fired 70 missiles and 130 explosive drones, of which almost a third were jet-powered, according to the Ukrainian air force. It said it shot down 44 missiles and 117 drones.

Russia's defence ministry said the military had targeted industrial facilities involved in the production and storage of Ukraine's Flamingo cruise missiles and drones. It said ports and shipping facilities in the Odesa region were also struck in the overnight attacks.

Noting that Putin turned 74 yesterday, Ukrainian foreign minister Andriy Sybiha wrote on X: "On Putin's birthday, Russian generals brought him his favourite present: war crimes."

Deliberately targeting civilian infrastructure is a war crime according to international law.

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Precision timekeeping

南美洲。最高法院

🌐 对照英文

📄 Original Section

First ultra-accurate nuclear clocks offer security boost

MICHAEL PEEL — LONDON

Scientists have unveiled the first operational nuclear clocks, a milestone in efforts to upgrade and secure the precision timekeeping vital to the digital systems that underpin modern life.

Devices based on the radioactive element thorium matched existing atomic clock technology in an exacting physics experiment, said researchers.

The development of the clocks by groups in China and Europe is part of a wider quest to safeguard the measurement of time, as risks of both accidental clock outages and sabotage threaten electronic systems vital for communications, financial transactions and operating power plants.

“The nuclear clock offers the potential of the outstanding performance of state of the art optical atomic clocks, but with a massively reduced energy footprint and a simpler and more robust apparatus,” said Thorsten Schumm, a physicist at Vienna University of Technology. “It’s certain that we will make very fast progress in nuclear clock performance in the next two or three years.”

The nuclear clocks exploit tiny energy shifts in the states of the protons and neutrons that make up nuclei at the centre of atoms. Since these changes are much smaller than those for electrons measured by long-established atomic clock technology, nuclear clocks can in theory make more precise measurements. The thorium clock should also be less prone to disruption by external electromagnetic sources.

Resilient ultra-accurate timekeeping and navigation methods have become a growing security priority around the world as tampering and unexpected outages have revealed vulnerabilities in the Global Positioning System (GPS). Many precision clocks on which fundamental digital services depend are housed on satellites that are vulnerable to interference or damage from sources such as spacecraft debris.

The nuclear clock promised to be more compact and easier to operate than existing optical atomic clocks that remain “complex laboratory systems”, said Shiqian Ding, a researcher at Tsinghua University, Beijing, who led the Chinese group’s work. “If that becomes possible, it could allow such precision to be deployed much more broadly . . .”

Corporate levy

巴西选举增加博索纳罗获得特赦的可能性

🌐 对照英文

右翼势力的增长增强了要求释放前领导人的呼声，其子弗拉维奥正竞选总统

迈克尔·普勒 (MICHAEL POOLER) —— 圣保罗

巴西国会中右翼势力的全面增长，提升了弗拉维奥·博索纳罗（Flávio Bolsonaro）在赢得总统选举后，为其父亲（该国前极右翼领导人）及其他政变策划者争取特赦的机会。

这位45岁的参议员在周日的首轮投票中，以领先左翼现任总统路易斯·伊纳西奥·卢拉·达席尔瓦（Luiz Inácio Lula da Silva）近两个百分点的优势，颠覆了许多民调预测，目前在月底的决选投票中处于领先地位。

反对党候选人的强劲表现，以及保守派在议会和州长选举中的胜利，增强了要求释放前总统雅伊尔·博索纳罗（Jair Bolsonaro）的呼声。博索纳罗家族所属的自由党（PL）巩固了其作为国家立法机构最大势力的地位。

年长的博索纳罗是一位被誉为“热带特朗普”的激进民粹主义者。他在四年前竞选连任败给卢拉后策划了一场暴力政变，被判处27年监禁，目前因健康原因被软禁在家中。其盟友声称他是政治迫害的受害者。

“我们正在向被软禁在家的博索纳罗[前]总统致敬，我们将释放他，”周日当选参议员的自由党成员比亚·基西斯（Bia Kicis）表示，“我们将投票支持特赦，让政治犯出狱。”

自由党在参议院的席位将从15席增加到28席，这是自1988年巴西宪法生效以来该党拥有的最大规模议席。参议院中一个松散的中右翼集团似乎接近达到弹劾最高法院法官所需的三分之二门槛，而这些法官正是将年长博索纳罗投入监狱的人。

在更为碎片化的众议院中，该党将占据513个席位中的121席，但如果能与其他保守派和中间派政党合作，可能掌握实际的多数席位。

为年长的博索纳罗获得国会特赦，是其被选定的继承人在寻求恢复家族政治地位过程中的一个关键目标，也是长期承诺的竞选诺言。

右翼人士还希望为那些在2023年1月8日巴西利亚骚乱中被定罪的人争取宽恕。当时，数百名博索纳罗的支持者捣毁了政府大楼并呼吁军队接管，在没有证据的情况下声称

自由党总统候选人弗拉维奥·博索纳罗（中）在周二的一次集会上。他的父亲雅伊尔·博索纳罗（右）因在企图政变中扮演的角色被判处27年监禁。Sergio Lima / 之前的选举被窃取。检察官表示，这是一场涉及前部长和武装部队人员的广泛阴谋的最后挣扎，旨在非法维持年长博索纳罗的权力。这场失败的阴谋还包括刺杀卢拉的计划。

“弗拉维奥竞选的主要驱动力是他父亲的释放，”Dharma政治风险与战略公司的创始人克雷奥马尔·德·索萨（Creomar de Souza）表示，“如果弗拉维奥的胜利得到确认——而且目前看来结果会很强劲——那么我认为这个问题将进入议程。”

自由党党魁瓦尔德马尔·科斯塔·内托（Valdemar Costa Neto）周一暗示，如果其子赢得选举并将其释放，71岁的雅伊尔·博索纳罗可能会在2030年再次竞选总统。

全面的特赦还可能使弗拉维奥的兄弟爱德华多（Eduardo）受益。这位前立法者目前在德克萨斯州自我流亡，去年被缺席定罪，原因是游说美国当局干预其父亲的审判，一旦回国将面临被捕风险。

撤换某些高级法官成为了博索纳罗支持者（Bolsonaristas）的又一号召口号，他们指责该法庭在政治上偏袒卢拉，并不公正地针对保守派。他们的主要目标是最高法院大法官亚历山大·德·莫赖斯（Alexandre de Moraes），他负责监督博索纳罗政变案，且因与一名处于腐败丑闻中心的失势银行家的往来而面临严厉审查。他否认有任何不当行为。

“工作已经开始，亚历山大·德·莫赖斯将被送进监狱，”代表右翼新党（Novo party）当选为参议员的马塞尔·范·哈特姆（Marcel Van Hattem）表示。

然而，考虑到强大的最高法院可能会否决特赦提案，人们怀疑弗拉维奥·博索纳罗（Flavio Bolsonaro）是否愿意立即走上一条可能引发宪法危机的道路。

圣保罗Insper学院的政治学家莱安德罗·康森蒂诺（Leandro Consentino）表示，这种向右转的趋势“更多是由对现任政府的抵制，以及试图回应最高法院——以及整个政治阶层——的过度行为所驱动的”。

他补充道：“[弗拉维奥·博索纳罗]在言辞上倾向于更加强硬，但在实践中则更为谨慎。”

如果当选，根据热图利奥·瓦加斯基金会（Getulio Vargas Foundation）教授卡洛斯·佩雷拉（Carlos Pereira）的分析，弗拉维奥·博索纳罗可能会采取长线策略。巴西的下一任总统可以任命四名最高法院法官。“从战略上讲，对弗拉维奥来说，最好等到法院对其利益更有利的时候，”他说。

巴西国会以交易性著称，建制派的中右翼政党可能会担心激怒最高法院，因为该法院在近年来积累了异常巨大的影响力。

然而，如果博索纳罗在1月就职，他的支持基础不太可能退让。

“我们不能再继续接受最高法院的独裁，”自由党（PL）参议员当选人多明戈斯·萨维奥（Domingos Sávio）表示。“我将为政治犯争取特赦。”

由Beatriz Langella参与报道

也门武装分子

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📄 Original Section

Brussels aims to capture Big Tech with wider tax

PAOLA TAMMA, HENRY FOY AND BARBARA MOENS — BRUSSELS

Brussels is considering taxing big US tech companies through a broad levy on large corporations in an effort to raise revenues for the EU while avoiding a backlash from the Trump administration.

The European Commission was working on new ways to capture more income from technology groups such as Apple, Meta and Google without singing them out, six officials with knowledge of the discussions told the FT, after Washington threatened retaliation against countries that implement digital services levies.

The discussions come as EU countries are negotiating over the bloc's shared budget and facing spending constraints at home, leading to demands for new centralised levies while global efforts to tax multinationals' profits falter.

Brussels was considering changes to an existing proposal that would require all companies operating in the EU with revenue of more than €100mn a year to pay an annual lump-sum tax contribution, the officials said.

While in its current form the proposal, known as the "Corporate

Resource for Europe" (Core), would oblige digital services companies with an EU subsidiary to pay the lump sum, it would capture only a relatively small portion of a multinational company's earnings.

Adjusting the thresholds and contributions under the Core proposal to cover only very large corporates would both increase the amount raised from tech groups and defuse criticism in Europe that Core would hit many medium-sized European companies, officials argued.

The new tax would cover all types of companies, not just those specialising in digital services, but the specifics were still under discussion, officials said.

"Some [EU] capitals are opposed to a pure digital tax because they don't want to upset the Americans, and many more are opposed to Core," said one EU official. "The solution is to expand [the tax] to cover pretty much all the big companies."

The Core tax is part of a group of five new levies or “own resources” that would collectively raise about €60bn a year for the EU’s common budget from 2028. But it is fiercely opposed by a majority of EU countries that argue it would put a number of medium-sized

European companies at a disadvantage compared with their foreign rivals.

Officials said that changing the thresholds to exclude medium-sized businesses would probably mean that a larger number of countries would back the tax. However, they cautioned that the move would require the agreement of all 27 EU countries. The Commission declined to comment.

Global efforts to tax big digital services companies have stalled in recent years. A 2021 agreement brokered by the OECD to oblige large multinationals to pay more tax in the countries where they generate sales hit a wall following US President Donald Trump's re-election in 2024. An EU official described the deal as in effect “dead”.

The Commission is seeking more income from technology groups

Brussels had put on hold legislation for a bloc-wide digital services levy to allow for the global deal to be implemented, but it remains wary of any tax design that would single out digital groups.

Officials said such a tax would be unlikely to garner the necessary support from EU members due to fears of US retaliation.

The bloc has been walking a fine line since Trump's re-election as it continues to enforce its landmark digital rules while avoiding escalating tensions with Washington.

France, Italy, Spain and Austria already have a national digital services levy and have been targeted by the US with Section 301 investigations, potentially leading to retaliatory trade tariffs.

CCIA, which represents several US Big Tech companies, declined to comment.

A Commission spokesperson said it was ready to support the EU Council and European parliament “in reaching an agreement on the new own resources package this year”, adding that the package was “essential to ensure the adequate financing of our joint priorities over the next decade”.

SEAMASTER DIVER 300M Co-Axial Master Chronometer

007

Ω

OMEGA

JAMES BOND 007 and related James Bond copyrights and/or trademarks authorized for use by Metro-Goldwyn-Mayer Studios Inc., exclusive licensee of London Operations LLC. © 2026 Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved.

INTERNATIONAL

Middle East

胡塞武装导弹袭击利雅得和亚丁

🌐 对照英文

艾哈迈德·奥姆兰 (AHMED AL OMRAN) —— 吉达

也门胡塞武装昨日袭击了亚丁机场，并向沙特阿拉伯首都利雅得发射导弹。与此同时，在沙特支持下，也门军队正奋力争取重新控制战略要地曼德海峡。

这是自7月长期冲突重启以来，首次对亚丁机场发起的此类袭击。亚丁是南部港口城市，是国际认可政府的事实首都。此次袭击发生在政府宣布发起大规模攻势以夺回被伊朗支持的叛军占领领土的两天之后。

据发言人亚希亚·萨雷 (Yahya Saree) 准将称，胡塞武装的目标是运往机场附近一个营地的沙特军事物资。

他补充说，叛军还使用弹道导弹和无人机袭击了利雅得机场，以及沙特西南部阿布哈 (Abha) 机场和哈米斯穆谢特 (Khamis Mushait) 空军基地。

亚丁警方表示，该市机场遭到两枚导弹袭击，但未报告有人员伤亡；而沙特领导的联军则表示，他们拦截并摧毁了一枚向利雅得北部发射的弹道导弹。

联军发言人图尔基·马利基 (Turki al-Maliki) 少将表示，联军将打击位于萨那的导弹发射台。

在沙特空袭的支持下，也门政府军表示，近日在曼德海峡和港口城市摩卡 (Mocha) 附近取得了进展，但与胡塞武装在红海沿岸以及也门西南部塔伊兹省 (Taiz) 的战斗仍在继续。

胡塞武装上个月控制了俯瞰该海峡的区域，从而获得了监控和攻击沙特船只的能力，并引发了全球能源市场的动荡。

在袭击亚丁机场之前，沙特阿拉伯、巴基斯坦和北约成员国土耳其表示，他们首次启动了共同防御协议，旨在确保巴基斯坦和土耳其的部队及能力能够“快速部署”到沙特王国。分析人士预计短期内不会部署地面部队。

2015年，在胡塞武装占领首都萨那后，沙特阿拉伯干预也门内战，试图恢复国际认可政府的统治。

通胀担忧

📄 Original Section

Israelis mark October 7 attack as election looms

Victims remembered amid claims Netanyahu failed to prevent assault

NERI ZILBER — TEL AVIV

Israel marked three years since Hamas's October 7 assault with sombre ceremonies yesterday as it approaches a vote that will deliver the first electoral verdict on Prime Minister Benjamin Netanyahu since the catastrophic attack.

Early yesterday morning, activists laid out white silhouettes on a Tel Aviv beach representing the victims, while others stopped traffic at the time when Hamas launched its incursion into southern Israel three years earlier. The attack killed more than 1,200 people with 250 more taken to Gaza as hostages, according to Israeli figures, making it the deadliest day for Jewish people since the Holocaust. It triggered a series of wars that have since ravaged large areas of the Middle East.

"There's still a very active sense of immense loss everywhere in this country. It doesn't feel like post-trauma yet," said Dahlia Scheindlin, a pollster and political analyst. "It's all too recent and too alive, and you still have new stories and materials that loved ones are only now releasing."

Netanyahu said he had lit a memorial candle in memory of the October 7 victims and added: “The nation unites on this day in longing for our loved ones. We will complete the mission – we have settled the score, and will continue to settle the score with all the murderers.”

Netanyahu was in office at the time of the attack and subsequently launched an offensive in Gaza that has killed more than 74,000 Palestinians, according to local health authorities.

On the campaign trail, ahead of closely fought parliamentary elections set for October 27, Netanyahu has been on the defensive over accusations he failed to prevent the October 7 attack.

Opponents have accused him of ignoring warnings and more broadly of pursuing a failed containment strategy towards Hamas for years before the disaster. Netanyahu in turn has sought to portray himself as Israel's defender against existential threats and a leader who has "changed the face of the Middle East".

This week, Netanyahu made speeches honouring the fallen and extolling the successes of what he has attempted to rebrand as Israel's “war of redemption”

— a reference to the country's conflicts since October 7 in Gaza, Lebanon, Iran and other fronts, which the premier has pledged to “finish” if re-elected.

Netanyahu's rivals also commemorated victims, while nodding to the magnitude of the Israeli state's failure to prevent the attack.

Yesterday the prime minister's main challenger, former military chief Gadi Eisenkot, travelled to hard-hit communities in Israel's south, including a roadside shelter where dozens of young people fleeing from the Nova festival took cover on October 7.

Netanyahu has refused to take individual responsibility for his role in the run-up to the surprise assault, despite leading the country for much of the past two decades. All of the security chiefs in charge during the assault have either been fired or resigned, but the premier has scuttled efforts to form an independent state commission of inquiry.

Writing in the Maariv daily yesterday, prominent columnist Ben Caspit said

Netanyahu has repeatedly asserted that the country was “on the verge of annihilation on October 7”. But “if Israel was truly facing the danger of annihilation . . . Netanyahu is to blame for that”, Caspit wrote.

With less than three weeks until parliamentary elections, most polls still show Netanyahu's far-right coalition behind the opposition, although the gap has narrowed in recent weeks and both blocs remain short of a clear majority.

A poll commissioned by Israel's Channel 16 this week showed that 68 per cent of the public said the events of that day would affect the way they voted. "It's now back on the public agenda, so fresh and so prominent," Scheindlin said.

印度 3 年来首次加息

🌐 对照英文

克里希纳·考希克 (KRISHN KAUSHIK) —— 孟买

印度央行自 2023, 以来首次上调关键贷款利率，理由是通货膨胀加速、全球能源价格上涨以及这个全球增长最快的大型经济体强劲的增长势头。

印度储备银行 (RBI) 行长桑杰·马尔霍特拉 (Sanjay Malhotra) 表示，央行由六人组成的货币政策委员会一致投票决定将利率上调 0.25 个百分点至 5.5%。此外，委员会以 4-2 的投票结果将政策立场从“中立”转变为“有计划的紧缩”。

马尔霍特拉表示，虽然央行预计印度经济将“保持韧性”，但通胀前景“并不乐观”。8月份的年度消费者通胀率为 4.8%，高于印度储备银行 4% 的核心目标，且预计将进一步上升。

“在能源成本攀升和食品价格上涨的推动下，预计全球通胀将大幅增加，这将促使全球主要央行采取货币政策紧缩措施，”于 2024 年 12 月接掌央行的马尔霍特拉说道。

他补充道：“短期内不考虑降息。”

高盛 (Goldman Sachs) 的经济学家上周预测还将有四次加息

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📄 Original Section

South America. Supreme Court

“在能源成本和食品价格上涨的推动下，全球通胀预计将大幅上升”

🌐 对照英文

到2027年上半年结束时，总计将上升1个百分点。

印度储备银行（RBI）的这一举措在广泛预期之中，且正值全球央行纷纷提高利率、政府债券承压之际。美国联邦储备委员会上个月在三年内首次加息，上调0.25个百分点至4%。

由于美国与伊朗之间的战争导致能源成本上升，这也给卢比带来了压力。卢比已经是亚洲表现最差的货币之一，在截至5月的一年里兑加元贬值了14%。印度超过90%的原油依赖进口。

该央行通过临时方案筹集了1436亿加元，旨在吸引海外印度侨民将加元资金回流国内，这有助于向银行系统注入流动性，并增加了印度储备银行的外汇储备。

标准普尔评级（S&P Ratings）全球首席经济学家保罗·格鲁恩瓦尔德（Paul Gruenwald）表示，如果美国和印度的利率差距过大，“那么你可能会看到其他领域出现汇率压力”。

印度经济成功地打破了最初关于遭受严重冲击的预期，在截至6月的季度中增长了7.8%，因为政府屏蔽了原油价格飙升对消费者的影响。马尔霍特拉在去年年底曾称印度经济处于一个“金发姑娘时期”（Goldilocks period），即增长强劲且通胀低迷。

📄 Original Section

Brazil election raises prospect of Bolsonaro amnesty

Rightwing gains embolden calls for release of ex-leader as his son, Flávio, chases presidency

MICHAEL POOLER — SÃO PAULO

Sweeping rightwing gains in Brazil's Congress have boosted Flávio Bolsonaro's chances to push for amnesty for his father, the country's former hard-right leader, and other coup plotters if he wins the presidency.

The 45-year-old senator is in pole position to win a run-off vote later this month after he upended many polling forecasts with a nearly two-point lead over leftwing incumbent Luiz Inácio Lula da Silva in a first round on Sunday.

The strong showing for the opposition candidate, along with conservative victories in parliamentary and gubernatorial races, has emboldened calls for the release of former president Jair Bolsonaro. The Bolsonaros' Liberal Party (PL) solidified its position as the largest force in the national legislature.

The elder Bolsonaro, a radical populist dubbed the “Trump of the Tropics”, is serving a 27-year sentence, currently under house arrest on health grounds, for planning a violent putsch after losing re-election to Lula four years ago. Allies claim that he is a victim of political persecution.

“We are honouring our [former] president Bolsonaro who is imprisoned at home and we will free him,” said PL's Bia Kicis, who was elected to the Senate on Sunday. “We are going to vote for amnesty and get the political prisoners out of jail.”

The PL's senators will rise from 15 to 28, the biggest bench since Brazil's 1988 constitution went into force. A loose centre-to-right bloc in the Senate appears close to reaching the two-thirds threshold required for the impeachment of Supreme Court justices, such as those who jailed the elder Bolsonaro.

In the more fragmented lower house, the party will occupy 121 of 513 seats but could command a working majority with the co-operation of other conservative and centrist parties.

Obtaining a congressional pardon for the elder Bolsonaro is a key objective and long-promised campaign pledge for his anointed heir as he seeks to restore the dynasty's political fortunes.

Rightwingers also want clemency for those convicted of riots in Brasília on January 8 2023, when hundreds of Bolsonaro supporters trashed government buildings and called for a military takeover, claiming without proof that the

Liberal Party presidential candidate Flávio Bolsonaro, centre, at a rally on Tuesday. His father Jair Bolsonaro, right, is serving a 27-year sentence for his role in an attempted coup Sergio Lima/AFP/Getty

prior election had been stolen. Prosecutors said it was the last gasp of a wide-ranging conspiracy, involving former ministers and armed forces personnel, aimed at illegally maintaining the elder Bolsonaro in power. The abortive plot involved plans to assassinate Lula.

"The main driver of Flávio's campaign is his father's release," said Creomar de Souza, founder of Dharma Political Risk and Strategy. "If Flávio's victory is confirmed – and it looks set to be a strong result – then I think this issue will hit the agenda."

The head of the PL, Valdemar Costa Neto, on Monday suggested that Jair Bolsonaro, 71, could run for president again in 2030 should his son win the election and free him.

A comprehensive amnesty could also benefit Flavio's brother, Eduardo. The former lawmaker, living in self-imposed exile in Texas, was convicted in absentia last year for lobbying US authorities to interfere in his father's trial and risks arrest upon return home.

The removal of certain senior judges is a further rallying cry for Bolsonaristas, who allege the tribunal is politically biased in favour of Lula and unfairly targets conservatives. Their main target is Supreme Court Justice Alexandre de Moraes, who oversaw the Bolsonaro coup case and has faced intense scrutiny over his dealings with a disgraced banker at the centre of a corruption scandal. He denies wrongdoing.

“Work has already begun and Alexandre de Moraes is going to prison,” said Marcel Van Hattem, who was elected senator for the rightwing Novo party.

However, there are doubts about Flavio Bolsonaro's willingness to immediately embark on a path that could spark a constitutional crisis, given the powerful Supreme Court is likely to veto an amnesty proposal.

Leandro Consentino, political scientist at Insper in São Paulo, said the rightward shift was “driven more by a rejection of the current government and an attempt to respond to the excesses of the Supreme Court – and the political class as a whole”.

“[Flávio Bolsonaro] tends to be more forceful rhetorically but more cautious in practice,” he added.

If elected, Flavio Bolsonaro may play the long game, according to Carlos Pereira, professor at the Getulio Vargas Foundation. Brazil's next president could appoint four Supreme Court judges. "Strategically for Flávio it's better to wait until the moment when the court is more favourable to his interests," he said.

Brazil's Congress is notoriously transactional and establishment centre-right parties may be wary about provoking the wrath of the Supreme Court, which has amassed unusual influence in recent years.

Yet if Bolsonaro assumes office in January, his base is unlikely to relent.

"We can no longer keep accepting a dictatorship of the Supreme Court," said Domingos Sávio, a PL senator-elect. "I will fight for amnesty for political prisoners."

Additional reporting by Beatriz Langella

Yemeni militants

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法院支持社区就煤炭气候风险提起诉讼

🌐 对照英文

肯扎·布赖恩 (KENZA BRYAN) —— 伦敦

一个行业协会表示，澳大利亚最高法院在一项支持社区团体反对煤矿扩建的里程碑式气候变化裁决中，使该行业的前景陷入风险，且此裁决可能成为未来诉讼的模板。

昨天的判决认定，地方当局在授予采矿许可时，应考虑燃烧煤炭对气候产生的影响，而不仅仅是生产煤炭所带来的影响。

澳大利亚矿业理事会（Minerals Council of Australia）首席执行官塔妮娅·康斯特布尔（Tania Constable）表示，这一决定是对该国满足全球煤炭需求前景的一次“打击”，其他矿业项目的投资者将对此进行仔细审查。该行业协会的成员包括煤炭生产商嘉能可（Glencore）和必和必拓（BHP）。

该裁决是一系列诉讼中的最新一项，旨在探讨导致温室气体排放的全球化企业化石燃料生产商与气候变化局部影响之间的关系。温迪·威尔士（Wendy Wales）是与社区团体共同提起此案的退休科学教师之一，她表示，法院实际上已经认同澳大利亚的煤炭直接导致了极端气候。

她说：“我们不能挖掘煤炭，将其运往海外，看着它驱动气候变化，然后假装后果与我们无关，且我们不会感受到。”她补充道，“干旱、山火、洪水与温室气体直接相关。”

最高法院维持了州法院的一项裁决，认为其独立规划委员会在未考虑燃烧这些煤炭将如何通过极端天气事件影响该地区的情况下，不应批准新南威尔士州 Mach Energy 公司的 Mount Pleasant 煤矿扩建计划。

就在该决定出台的一周前，规划委员会批准了该州另一项煤炭运营项目的延期。由于澳大利亚政府正以领导即将举行的联合国 COP31 气候峰会谈判的身份在太平洋岛国开启会谈，此举引发了争议。

最高法院的裁决直接影响到新南威尔士州规划管线中的 17 项煤炭提案。

澳大利亚最大的油气公司伍德赛德（Woodside）的一项计划中的离岸天然气项目也遭到了反对，尽管社区和监管机构已提供意见，该公司表示将对该决定进行审查。

Mach Energy 表示，将与监管机构、政府、当地社区和其他利益相关者合作，以了解该决定的“实际影响”。

Mount Pleasant 项目代表了来自印度尼西亚和日本投资者的 A\20亿美元 支出，该项目原本将使目前的年煤炭产量几乎翻倍。

澳大利亚是全球最大的冶金煤出口国，国际能源署（IEA）估计，其今年的动力煤年出口量将略微增加至 2.16 亿吨。

电池突击：澳大利亚先驱者为全球电力存储行业提供了一张“来自未来的明信片” ✪ 道德金融，第 13 页

📄 Original Section

Houthi rebels target Riyadh and Aden in missile strikes

AHMED AL OMRAN — JEDDAH

Houthi rebels in Yemen targeted Aden's airport and launched missiles at Saudi Arabia's capital Riyadh yesterday as Yemeni forces backed by the kingdom battled to reclaim control of the strategic Bab al-Mandab waterway.

It was the first such attack on the airport of Aden — a southern port city that serves as the internationally recognised government's de facto capital — since the long-running conflict reignited in July, and came two days after the government announced a major offensive to recapture territory taken by the Iran-backed rebels.

The Houthis said they were targeting a shipment of Saudi military supplies delivered to a camp near the airport, according to spokesperson Brigadier General Yahya Saree.

He added that the rebels had also targeted Riyadh's airport with ballistic missiles and drones, as well as Abha airport and Khamis Mushait air base in south-western Saudi Arabia.

Police in Aden said the city's airport was attacked with two missiles but no casualties were reported, while the Saudi-led coalition said it intercepted and destroyed a ballistic missile launched towards northern Riyadh.

Major General Turki al-Maliki, a coalition spokesperson, said it would target the missile-launching pad in Sana'a.

Yemeni government forces, backed by Saudi air strikes, said they made gains near the Bab al-Mandab Strait and the port city of Mocha in recent days, but battles with the Houthis have continued along the Red Sea coast and Taiz province in the south-west of Yemen.

The Houthis last month took control of areas overlooking the strait, gaining the ability to monitor and attack Saudi ships and roiling global energy markets.

The attack on Aden airport comes after Saudi Arabia, Pakistan and Nato member Turkey said they had triggered a mutual defence pact for the first time, with the aim to ensure the “rapid deployment” of Pakistani and Turkish forces and capabilities to the kingdom. Analysts did not expect ground troops to be deployed in the near term.

Saudi Arabia intervened in Yemen's civil war in 2015 to try to restore the internationally recognised government after the Houthis seized the capital Sana'a.

Inflation fears

[EMPTY]

公司与市场

🌐 对照英文

📄 Original Section

India raises rates for first time in 3 years

KRISHN KAUSHIK — MUMBAI

India's central bank has raised its key lending rate for the first time since 2023, citing accelerating inflation, higher global energy prices and the strong momentum of the world's fastest-growing large economy.

Reserve Bank of India governor Sanjay Malhotra said the central bank's six-member monetary policy committee voted unanimously to raise rates by 0.25 percentage points to 5.5 per cent. It also shifted its stance from “neutral” to “calibrated tightening” by a 4-2 vote.

[EMPTY]

While the central bank expected India's economy to "remain resilient", Malhotra said, the inflation outlook was "not benign". Annual consumer inflation was 4.8 per cent in August, above the RBI's central target of 4 per cent, and is expected to rise further.

“Driven by escalating energy costs and rising food prices, global inflation is projected to increase sharply, prompting monetary policy tightening by major central banks across the world," said Malhotra, who took over the helm of the central bank in December 2024.

“Rate cuts are off the table in the near term,” he added.

Economists at Goldman Sachs last week forecast four more rate increases

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通胀担忧引发全球债券抛售回归

🌐 对照英文

• 美国借贷成本触及 2002 年以来最高点
• 油价维持高位令投资者不安

伊恩·史密斯 (IAN SMITH) 和

艾米莉·赫伯特 (EMILY HERBERT) —— 伦敦

凯特·杜盖德 (KATE DUGUID) —— 纽约

全球债券抛售昨日重启，由于对通货膨胀和高公共债务的担忧令投资者不安，美国和英国的长期借贷成本被推回至数十年来的最高水平。

30 年期美国国债收益率最高攀升 0.09 个百分点至 5.73%，为 2002 年以来最高点，加剧了伊朗战争引发的通胀冲击给家庭和企业带来的压力。随后收益率回落至 5.69%。

欧洲政府债券同样承压，法国和意大利的收益率上涨超过 0.1 个百分点，延续了一系列

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📄 Original Section

'Driven by rising energy costs and food prices, global inflation is projected to increase sharply'

totalling 1 percentage point by the end of the first half of 2027.

The RBI's move was widely expected and came as global central banks are increasing rates and government bonds have come under pressure. The US Federal Reserve last month raised its rates for the first time in three years, by a quarter point to 4 per cent.

Higher energy costs as a result of the US-Israel war on Iran have also put pressure on the rupee, which is already one of Asia's worst-performing currencies and weakened 14 per cent in the year to May against the US dollar. India relies on imports for more than 90 per cent of its crude oil.

The central bank has raised \$143.6bn through temporary schemes to attract dollars back to the country from the Indian diaspora, which helped infuse liquidity into the banking system and boosted the RBI's foreign currency reserves.

If the disparity between US and Indian rates went too far, “then you might see pressure on the exchange rate in other areas”, said Paul Gruenwald, global chief economist at S&P Ratings.

India's economy has managed to defy initial expectations of a severe shock, expanding 7.8 per cent in the quarter to June, as the government shielded consumers from soaring crude prices. Malhotra had hailed a “Goldilocks period” for the economy late last year, with soaring growth and low inflation.

“这实际上是一个拥有可靠预算政策的问题，而这在目前全球范围内都相当匮乏”

🌐 对照英文

剧烈波动。债券收益率与价格呈反向变动。

投资者表示，对债务的担忧、高油价以及伊朗战争结束时间缺乏可见度，正推动收益率走高。强劲的美国经济数据也增加了上涨压力。

法国10年期借贷成本上升至4.87%，在人们持续担心欧元区第二大经济体将面临债务清算之际，正向本月早些时候创下的2002年以来高点回升。

花旗集团（Citigroup）短期利率交易全球主管阿克谢·辛格尔（Akshay Singal）表示：“法国可能是第一个，但不会是最后一个。”

英国政府债务也被卷入这场剧烈的交易中，30年期英国国债收益率最高上涨0.13个百分点，触及28年高点6.04%。随后，该收益率回落至略低于6%的水平。

“我们经常听到关于‘债券义警’（bond vigilantes）的讨论，尤其是在英国，但我认为这实际上是一个拥有可靠预算政策的问题，不幸的是，这在目前全球范围内都相当匮乏，而这正是驱动债券市场的因素，”辛格尔说道。

新一轮的债券抛售冲击了股市，欧洲斯托克600指数（Stoxx Europe 600）下跌1%。在华尔街的早盘交易中，标普500指数下跌0.3%，纳斯达克100指数下跌0.4%，而两者在周二均收于历史高点。

瑞穗金融（Mizuho）多资产策略师埃弗琳·戈麦斯-利希蒂（Evelyne Gomez-Liechti）表示，昨天的抛售是由油价再次走高导致“风险情绪恶化”所触发的。“由于所有的波动，投资者在购买（长期债券）方面非常犹豫，”她说道，并补充称，尽管收益率更具吸引力，但养老基金等投资者仍不愿介入。

国际原油基准布伦特原油价格略有上涨，约为每桶$100.80。

根据美国抵押贷款银行家协会的数据，30年期固定利率抵押贷款的平均利率触及7.49%，为近三年来的最高水平，这表明收益率上升对美国经济构成了威胁。

一些投资者表示，债券开始显得具有吸引力。Ninety One多资产收益主管约翰·斯托福德（John Stopford）表示，“如果抛售继续进一步持续”，债券将开始显得“显著便宜”，并将收益率接近6%的30年期美国国债描述为“捡便宜”。

Keyridge资产管理公司的约翰·桑顿（John Thornton）表示：“我认为这里（收益率）没有硬顶。短期内唯一能解决这个问题的是油价的重大转变。”

支撑 RBI 邮轮公司削减加勒比海票价，因中东航线分流导致运力激增

挪威邮轮公司（Norwegian Cruise Line）是努力填满客舱的加勒比海运营商之一 —— Jeffrey Greenberg / Universal Images Group / Getty Images

STEPHANIE STACEY

由于从中东地区重新路由的船只增加了本已过剩的运力，邮轮运营商正在削减加勒比海地区的票价，以争夺客源。

根据Cruise-Critic汇总的数据，1月份5至7晚航程内舱房的9月平均起售价为$748,，低于一年前的$846。

旅行社Not Just Travel的联合创始人史蒂夫·威特（Steve Witt）表示：“目前加勒比海地区是买方市场。”

邮轮公司在该地区进行了扩张，以利用全年接触高消费美国游客的机会。高盛估计，2026年的乘客运力同比增长11.5%，比2019年的水平高出近60%。

运营商还投资了私人海滩和岛屿，CruiseCompete首席执行官鲍勃·列文斯坦（Bob Levinstein）表示，这可能“高度盈利”，因为运营商可以绕过港口费用并获取乘客在岸上的消费。

一些最剧烈的折扣出现在挪威邮轮公司（Norwegian Cruise Line），该公司在第一季度将其加勒比海地区的运力提升了40%，首席财务官马克·肯帕（Mark Kempa）随后承认这一举措过于“仓促”。巴克莱研究（Barclays Research）的数据显示，2027年前三个月加勒比海航线的平均票价，在9月份比去年同期预订周期的同一阶段低了21%。

嘉年华邮轮（Carnival）的价格同比下降了7%，尽管从8月起有所回升；而皇家加勒比邮轮（Royal Caribbean）的价格则下跌了8%。

挪威邮轮公司已将船舶从欧洲及其他地区重新部署到该区域。该公司承认，在升级工作完成之前就增加运力带来了“挑战”，并警告称定价压力将持续到明年。

中东冲突也打击了消费者信心，并增加了加勒比海邮轮的运力，因为船舶正从海湾地区转移，其中包括可容纳6,700多名乘客的“MSC世界欧洲号”（MSC World Europa）。

Truist分析师帕特里克·肖尔斯（Patrick Scholes）认为，运营商有动力即使在大幅打折的情况下也要“将船填满”，因为他们的成本基础大部分是固定成本。他说：“无论入住率是80%还是100%，承载这些乘客的成本几乎是一样的。”

伯恩斯坦（Bernstein）分析师理查德·克拉克（Richard Clarke）表示，运营商正寻求通过“增加船上消费来弥补票价的下降”。

在截至8月的三个月里，嘉年华邮轮来自船上消费及其他支出的收入同比增长6.7%，达到29.1亿美元。门票销售额则达到55.3亿美元。

📄 Original Section

Court backs community on climate risk of coal

KENZA BRYAN — LONDON

Australia's landmark High Court climate change ruling backing a community group over coal mine expansion has put the industry's outlook at risk, a trade body said, and could serve as a template for future litigation.

Yesterday's verdict found that local authorities should consider the climate effects of burning coal, not only as a result of producing it, when granting mining permits.

Tania Constable, chief executive of the Minerals Council of Australia, said the decision was a “blow” to the nation’s prospects of meeting global demand for coal and would be carefully reviewed by investors in other mining projects. The trade body’s membership includes coal producers Glencore and BHP.

The ruling is the latest in a series of lawsuits to examine the relationship between global corporate producers of the fossil fuels behind greenhouse gas emissions and the local impacts of climate change. Wendy Wales, one of the retired science teachers who brought the case along with a community group, said the court had in effect agreed that Australian coal directly contributed to climate extremes.

"We cannot dig up coal, ship it overseas, watch it drive climate change, and then pretend the consequences have nothing to do with us and won't be felt by us," she said. "The droughts, the bushfires, the floods, are directly connected to greenhouse gases."

The High Court upheld a state court ruling that its independent planning commission should not have approved the expansion of Mach Energy's Mount Pleasant coal mine in the state of New South Wales without considering how burning this coal would affect the region through extreme weather events.

The decision follows in the week after the planning commission gave an extension to another coal operation in the same state, creating controversy for the Australian government as it opened talks in the Pacific Islands in its role leading negotiations for the upcoming UN COP31 climate summit.

The High Court ruling directly affects 17 coal proposals in the planning pipeline in New South Wales.

Australia's largest oil and gas company, Woodside, has also met opposition to a planned offshore gas project, despite community and regulator input, and said it would review the decision.

Mach Energy said it would work with regulators, governments, local communities and other stakeholders to understand the “practical implications” of the decision.

The Mount Pleasant project represented A\$2bn in spending by investors in Indonesia and Japan, which would have almost doubled the amount of coal per year presently produced.

Australia is the world's largest exporter of metallurgical coal, with the IEA estimating its annual exports of thermal coal would increase slightly to 216mn tonnes this year.

Battery blitz Australian trailblazers offer ‘a postcard from the future’ for the global power storage industry ✪ MORAL MONEY, PAGE 13

英国税务海关总署在2018年电子邮件泄露后对曼城进行调查

🌐 对照英文

作者：CAROLINE BINHAM, SUZI RING, JIM PICKARD 以及 JENNIFER WILLIAMS

英国税务机关在2018年对曼彻斯特城足球俱乐部（Manchester City）进行了调查，旨在核实该俱乐部是否利用复杂的安排来少缴税款。此次调查发生在该俱乐部被判定违反英超联赛财务规则的近十年之前。

据知情人士透露，在《明镜周刊》（Der Spiegel）于2018, 公布大量泄露的内部电子邮件后，英国税务海关总署（HMRC）对曼城的税务状况启动了民事调查。

这些电子邮件促使英超联赛在当年12月发起一项调查，以核实该俱乐部是否操纵账目，并将来自所有者谢赫·曼苏尔·本·扎耶德·阿尔纳哈扬（Sheikh Mansour bin Zayed al-Nahyan，阿布扎比统治家族成员）的资金伪装成商业收入。

上个月，一个独立委员会发现，曼城在2009年至2018年期间通过安排“虚假”商业交易，将其财务状况人为夸大了超过£900。

知情人士表示，英国税务海关总署的这项调查从未正式结案，它是按照所谓的“实践准则8”（Code of Practice 8）进行的——这是一种在怀疑个人或公司可能利用复杂结构进行避税时采用的民事调查。COP8调查不涉及对蓄意欺诈的怀疑。

知情人士称，俱乐部指示律师就此次调查提供建议；其中一名知情人士表示，俱乐部向英国税务海关总署辩称其安排没有任何不妥之处。知情人士补充道，英国税务海关总署尚未采取任何行动。曼城和英国税务海关总署均拒绝置评。

英超联赛的独立委员会判定曼城在对其提出的115项指控中，除一项外全部成立。曼城上周提起上诉，称“基于多个理由，该意见在法律、原则和事实上包含明显的重大错误，且是不稳妥的”。

官员们认为，涉嫌财务违规的程度将促使英国税务海关总署加强对曼城的审查。一名高级部长表示，税务机关对这些指控进行审查是“不可避免的”。

代表曼城对抗英超联赛的律师事务所——快理查森（Clifford Chance）的前税务主管丹·奈德尔（Dan Neidle）分析了《明镜周刊》公布的泄露文件，并估计该俱乐部存在£12的税款缺口。

Josh Noble 参与报道

📄 Original Section

Companies & Markets

挪威就AI眼镜监管向欧盟采取强硬立场

🌐 对照英文

理查德·米尔恩 (Richard Milne)

是能够侵犯隐私的所谓“色情眼镜”，还是近几十年来最重要的零售产品之一？在近期的消费科技产品中，很少有像 Meta 等公司提供的 AI 赋能眼镜那样引发如此剧烈的抵制。

现在，挪威将为广泛限制此类眼镜的使用提供一个测试案例。直到本周为止，全球范围内的任何禁令在很大程度上都是零散的。

英国和美国的法院、挪威石油公司 Equinor 以及奥斯陆的学校都是近几个月来禁止使用此类眼镜的机构。

但周一，挪威的中左翼政府成为全球首个提议在某些公共场所禁止（尽管是临时性的）使用 AI 眼镜的国家。

许多细节仍有待敲定。该想法旨在将禁令在学校和更衣室等最敏感区域实施。但数字化部长托尔盖尔·米凯尔森 (Torgeir Micaelsen) 表示，向挪威议会提交该提案是“一项高优先级任务”。

对于欧洲的许多政策制定者来说，这有一种明显的纠正错误的感觉，旨在避免在其他技术上曾采取过且现在深感后悔的放任自流的做法。

“我们必须避免重复 15 年前在社交媒体上不采取任何政治行动的错误，”米凯尔森说道。

AI 眼镜受到了 Meta 的大力推动，但华为等其他公司也提供此类产品，苹果和谷歌也可能效仿。科技公司认为，它们比智能手机能更好地成为进入 AI 世界的入口。

但这些公司也倾向于利用涉及音频和视频的现实生活互动来训练眼镜——这一点引起了极大的不安。

几乎每天都有关于智能眼镜潜在滥用的头条新闻，从男子在街上接近女性且不告知对方正在录像，到本周一名丹麦国会议员披露他记录了议员们工作时的情景。

禁止它们出现在游泳池、办公室等地。

人们普遍担心这些眼镜可能被用于监视女性和儿童，特别是在更衣室等环境下，以及隐私保护措施（例如显示正在录像的闪烁灯）可能会被屏蔽。

荷兰零售商 Hans Anders 本月成为全球首批因隐私担忧而停止销售 Meta Ray-Ban 眼镜的公司之一。

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📄 Original Section

Global bond sell-off returns amid worries over inflation

\- US borrowing cost highest since 2002

• Investors fret as oil prices stay higher

IAN SMITH AND

EMILY HERBERT — LONDON

KATE DUGUID — NEW YORK

The global bond sell-off resumed yesterday, pushing long-term borrowing costs in the US and UK back to their highest levels in decades, as fears over inflation and high public debt rattled investors.

The yield on 30-year US Treasuries climbed as much as 0.09 percentage points to 5.73 per cent, its highest since 2002, intensifying the squeeze on households and businesses from the inflation shock set off by the Iran war. It later dipped to 5.69 per cent.

European government bonds were also under pressure, with French and Italian yields rising more than 0.1 percentage points, extending a series of

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拟议的限制措施将成为欧洲政策制定者在面对对其使用产生的激烈抵制时，针对眼镜类产品的试金石

🌐 对照英文

法国数据保护机构——国家信息自由委员会（Commission Nationale de l'Informatique et des Libertés）今年的一项调查发现，绝大多数人（67%的受访者）认为智能眼镜会对个人隐私构成风险。

采取行动的并非只有挪威。代表全欧洲隐私监管机构的独立机构——欧洲数据保护委员会（European Data Protection Board）委托编写了一份关于智能眼镜社会认可度的报告，以指导立法者。

在澳大利亚的若干地方议会之后，澳大利亚政府已就是否禁止在办公场所和服务中心使用此类眼镜寻求建议。

目前，挪威的举措最为激进。该国计划很快提出一项临时禁令提案，并成立一个专家组为永久性监管奠定基础。政府表示，禁令覆盖的地点可能包括海滩、博物馆、购物中心、幼儿园、游乐场、医疗设施、健身中心更衣室，甚至包括大学。

米凯尔森（Micaelsen）承认，“监管这类技术非常复杂”。

但根据 Gerrish 律师事务所的观点，欧洲数据保护委员会（EDPB）的报告可能会引导欧盟制定一套统一的智能眼镜监管方法，就像早期各国在 Cookie 和广告技术上碎片化的立场最终汇聚成统一指南那样。

法国监管机构 CNIL 已经呼吁对智能眼镜加强警惕。该机构表示：“智能眼镜的兴起可能会带来大规模监控及其平庸化的重大风险……这些设备相对低廉的价格可能会导致传感器在社会空间中达到饱和。”

鉴于此类眼镜在商业上的重要性，任何限制措施可能会遭到科技团体的强烈抗议。Counterpoint Research 预测，从现在到 2032 年，可穿戴设备的支出将超过 $1tn。

但活动人士对社交媒体给一代儿童带来的影响所表达的担忧表明，欧洲及其他地区的政府如果允许科技公司为所欲为，将面临巨大的风险。

richard.milne@ft.com

📄 Original Section

'It is really a question of having credible budgetary policies and that's a bit scarce right now globally'

wild swings. Bond yields move inversely to prices.

Investors said debt concerns, high oil prices and the lack of visibility over an end to the Iran war was powering yields higher. Strong US economic data has added to the upward pressure.

France's 10-year borrowing costs rose to 4.87 per cent, heading back towards the post-2002 high reached earlier this month, amid persistent worries that the Eurozone's second-biggest economy is heading for a debt reckoning.

“France might be the first but it won’t be the last,” said Akshay Singal, global head of short-term interest rate trading at Citigroup.

UK government debt was also swept up in the volatile trading, with the yield on the 30-year gilt rising as much as 0.13 percentage points to a 28-year high of

6.04 per cent. It later drifted back to just below 6 per cent.

"We hear a lot about the bond vigilantes, especially in the UK, but I think it is really a question of having credible budgetary policies and that's unfortunately a bit scarce right now globally, and that is what is driving the bond market," Singal said.

The renewed bond sell-off hit stock markets, with the Stoxx Europe 600 down 1 per cent. The S&P 500 was down 0.3 per cent and the Nasdaq 100 was 0.4 per cent lower in early afternoon trading on Wall Street, having closed at record highs on Tuesday.

Evelyne Gomez-Liechti, multi-asset strategist at Mizuho, said yesterday's selling was triggered by "risk sentiment souring" as oil prices moved higher again. "Investors are very hesitant to buy [long-term bonds] because of all the volatility," she said, adding that investors such as pension funds were reluctant to step in despite the more attractive yields.

Brent crude, the international oil benchmark, was slightly higher at around \$100.80 a barrel.

In a sign of the threat to the US economy from rising yields, the average rate on 30-year fixed-rate mortgages hit 7.49 per cent, its highest level in almost three years, according to the US Mortgage Bankers Association.

Some investors said that bonds were starting to look attractive. John Stopford, head of multi-asset income at Ninety One, said that “if the sell-off carries on much further”, bonds would start to look “meaningfully cheap” and described 30-year Treasuries approaching 6 per cent as a “steal”.

"I don't think there is a hard ceiling here [on yields]," said John Thornton, at Keyridge Asset Management. "The only thing that fixes this in the short term is a significant shift in the oil price."

Shoring up Cruise lines slash Caribbean fares as diversions from Middle East swell capacity

Norwegian Cruise Line is among Caribbean operators battling to fill its ships — Jeffrey Greenberg/Universal Images Group/Getty Images

STEPHANIE STACEY

Cruise operators are cutting fares in the Caribbean in a battle to fill ships, as vessels rerouted from the Middle East add to already excess capacity.

The average starting price in September for an inside cabin on a five-to-seven-night January cruise was \$748, according to data collated by Cruise-Critic, down from \$846 a year earlier.

"It's a buyer's market right now in the Caribbean," said Steve Witt, co-founder of travel agency Not Just Travel.

Cruise lines have expanded in the region to tap year-round access to high-spending US travellers. Goldman Sachs estimates passenger capacity has risen 11.5 per cent year on year in 2026 to a level almost 60 per cent higher than in 2019.

Operators have also invested in private beaches and islands, which CruiseCompete chief executive Bob Levinstein said could be “highly profitable” because operators can bypass port charges and capture their passengers’ onshore spending.

Some of the steepest discounting has been at Norwegian Cruise Line, which boosted its Caribbean capacity 40 per cent in the first quarter, a move chief financial officer Mark Kempa has since acknowledged was “premature”. Its average ticket prices for Caribbean cruises in the first three months of 2027 were 21 per cent lower in September than at the same stage of the previous year’s booking cycle, according to Barclays Research.

Prices at Carnival were 7 per cent lower year on year, although they increased from August, while Royal Caribbean's prices fell 8 per cent.

Norwegian has redeployed ships from Europe and elsewhere to the region. It has acknowledged “challenges” filling extra capacity that arrived before the upgrades were complete and warned that pricing pressure would persist into next year.

The conflict in the Middle East has also weighed on consumer confidence and added to Caribbean cruise capacity as ships are moved from the Gulf, including MSC World Europa, which can hold more than 6,700 passengers.

Operators are motivated to “fill their ships to the brim” even at a steep discount, according to Truist analyst Patrick Scholes, because much of their cost base is fixed. “Whether you’re 80 per cent full or 100 per cent full,” he said, “your cost to carry those passengers is pretty much the same.”

Operators are looking to “make up for lower ticket prices by charging more on board”, said Bernstein analyst Richard Clarke.

Carnival's revenues from onboard and other spending rose 6.7 per cent year on year to \$2.91bn in the three months to August. Ticket sales hit \$5.53bn.

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🌐 对照英文

保障驱动世界的资源

2026年10月14-16日

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公司与市场

技术

📄 Original Section

HMRC probed Man City in wake of 2018 emails leak

CAROLINE BINHAM, SUZI RING, JIM PICKARD AND JENNIFER WILLIAMS

UK tax authorities investigated Manchester City in 2018 over whether it had used complex arrangements to under-pay tax, nearly a decade before the club was found to have breached the Premier League's financial rules.

HM Revenue & Customs opened a civil investigation into Man City's tax affairs after the publication of a trove of leaked internal emails by Der Spiegel in 2018, according to people with knowledge of the situation.

The emails prompted a Premier League inquiry in December of that year into whether the club had manipulated its accounts and disguised funding from owner Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi's ruling family, as commercial revenue.

Last month, an independent commission found that Man City had artificially inflated its financial position by more than £900mn between 2009 and 2018 by arranging “sham” commercial deals.

HMRC's investigation, which was never formally closed, was conducted as a so-called Code of Practice 8 — a civil inquiry used when it suspects a person or company may have used complex structures for tax avoidance, the people said. COP8 investigations do not involve suspicions of deliberate fraud.

The club instructed lawyers to advise it on the inquiry, the people said, and argued to HMRC that there was nothing untoward about its arrangements, according to one of the people. HMRC has not taken any action, the people added. Man City and HMRC declined to comment.

The Premier League's independent commission found City guilty of all but one of the 115 charges laid against it. City lodged an appeal last week, saying that "on multiple grounds, the opinion contains clear material errors of law, principle and fact, and is unsafe".

Officials believe the extent of the alleged financial irregularities will prompt HMRC to intensify scrutiny of Man City. One senior minister said it was “inevitable” that the allegations would be looked at by the tax authority.

Dan Neidle, former head of tax at Clifford Chance, the law firm representing City against the Premier League, analysed the leaked documents published by Der Spiegel and estimated a £12mn tax shortfall at the club.

Additional reporting by Josh Noble

谷歌推出 AI 视频游戏工具

🌐 对照英文

与 Unity 的合作让用户能够通过简单的文本提示将创意变为现实

克里斯蒂娜·克里德尔 (CRISTINA CRIDDLE) —— 旧金山

随着人工智能颠覆该行业，谷歌正在推出一个允许用户通过简单的文本提示创建视频游戏的平台，并与游戏工具开发商 Unity 合作，以提供更复杂的体验。

这家科技巨头与 Unity 昨日共同揭晓了名为 Playground 的产品。两家公司此举旨在利用谷歌在所谓“世界模型”方面的成功——这是一种旨在理解物理世界且处理能力不仅限于语言的人工智能。

谷歌在的一篇博客文章中表示：“从历史上看，游戏创作一直局限于极少数具有技术经验的人群。Playground 降低了创作门槛，因此将游戏创意变为现实现在可以像通过几个提示词进行描述那样简单——无需编程经验。”

更先进的软件选项 Unity Spark 将于今年晚些时候集成到该产品中，该产品使用了谷歌的模型、其他前沿产品及其自身的现有技术。

Unity 首席执行官马修·布罗姆伯格 (Matthew Bromberg) 补充道：“创作是新的消费，”他认为那些创作短视频的人将转向包括游戏在内的交互式形式。

谷歌去年推出了其世界模型 Genie 3，并于 1 月发布了一个使用 Genie 创建世界和角色的原型。此后不久，游戏类股票大幅下跌，市场担心这些进步可能会导致游戏开发部门变得多余。

Unity 当时经历了近四年来最糟糕的单日跌幅，股价暴跌超过 20%。此后，其股价已基本回升；截至周二收盘，该公司估值为 198亿美元。

布罗姆伯格表示，市场的反应是对 AI 将如何影响这个规模达 2000亿美元 的游戏行业的“误解”。他告诉《金融时报》：“ 并不取代软件，而是使用软件。”

他补充道：“我们对‘一键生成’游戏，即认为你可以在 10 秒钟内做出某种东西的想法完全不感兴趣。我们正在构建一个旨在创建精美、交互式娱乐产品的工具，而不是重复语言模型在学习了所有已制作的游戏后所会重复的平庸之作。”

游戏玩家一直对 HMRC 持批评态度，既担心它给创作游戏的艺术家和开发人员带来的风险，也担心它对游戏质量的影响。

已经出现了一些 生成的游戏，它们看起来与现有作品高度相似。1 月，以小狗为主题的恐怖游戏《Haunted Paws》的开发人员指责竞争对手的作品《Ghostly Whiskers》使用 生成的资产来抄袭其视觉效果和故事。

去年，热门攀爬游戏《Peak》的共同开发商 Landfall 批评了一款名为《Peaked Climbing》的抄袭作品，称其一直在报告“ 垃圾”模仿之作。索尼随后将这两款作品从 PlayStation 商店中移除。

布罗姆伯格说：“要求 重现一款已经制作出来的游戏，并不能让你成为一名著名的游戏开发人员，就像在文字处理器中输入《战争与和平》的第一段话并不能让你成为托尔斯泰一样。”

财务状况

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📄 Original Section

Norway lays down a hard line for EU on regulating AI glasses

Richard Milne

o-called “pervert glasses” that enable privacy intrusion? Or one of the most important retail products in decades? Few recent consumer tech-

nologies have sparked such a fierce backlash as the AI-enabled eyewear being offered by the likes of Meta.

Now Norway is set to provide a test case for broad restrictions on their use. Up until this week, any bans around the world had been largely piecemeal.

Courts in the UK and US, Norwegian oil company Equinor and schools in Oslo were among those to prohibit their use in recent months.

But on Monday, Norway's centre-left government became the first in the world to propose a ban – albeit temporary – on the use of AI glasses in certain public places.

Many of the details remain to be worked out. The idea would be to enact it in the most sensitive areas such as schools and changing rooms. But bringing a proposal to Norway's parliament is "a high priority" for digitalisation minister Torgeir Micaelsen.

For many policymakers in Europe, there is a distinct sense of righting wrongs and avoiding a laissez-faire approach that they now regret for other technologies.

"We must avoid making the same mistake we made 15 years ago with social media, taking no political action," Micaelsen said.

AI glasses have been pushed particularly hard by Meta but others, such as Huawei, offer them and Apple and Google could follow. Tech companies argue they could be a better gateway to AI than smartphones.

But these companies also like the idea of training the glasses on real-life interactions involving audio and video — something that causes great disquiet.

Barely a day passes without a headline on the potential misuse of smart glasses, from men approaching women on the street without telling them they are filming, to this week's revelations by one Danish MP that he recorded members of parliament at work.

prohibited them from swimming pools, offices and more.

Worries abound about how the glasses could be used to spy on women

and children, particularly in settings such as changing rooms, and how privacy safeguards – such as a flashing light that shows when they are recording – could be overridden.

Dutch retailer Hans Anders this month became one of the first in the world to stop the sale of Meta's Ray-Ban glasses over privacy concerns.

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债务投资者 Arini 的主基金遭受 16% 损失

🌐 对照英文

COSTAS MOURSELAS, ROBERT SMITH 和 EUAN HEALY

伦敦信贷投资者 Arini Capital Management 的旗舰基金今年遭受了近 16% 的损失，此前该公司在一系列针对财务困境公司债务的押注中失利。

据知情人士透露，作为欧洲增长最快的信贷对冲基金之一， 的主基金在 9 月份的预估损失为 7.6%，使其年初至今的累计损失达到 15.7%。9 月份的最终业绩数据将于本月晚些时候确定。

对于这家资产规模达 220亿美元 的信贷专家公司而言，其最大基金已连续三个月出现亏损，此前在 7 月份下跌了近 8%，8 月份下跌了近 1%。据一名知情人士透露， 的主基金约占其资产的 73亿美元。

在短短五年多时间里已成长为欧洲高风险公司债券市场最著名的参与者之一，目前正陷入多个困境，在这些情况下，贷款方在重组谈判中正准备面对潜在的巨额损失。

该公司持有陷入困境的电信公司 Altice International 和 Brightspeed 的大量债务头寸，并持有阿斯顿·马丁（Aston Martin）的债券；当这家豪华车制造商将其部分最 valuable 资产移出债权人可触及的范围时，这些债券遭受了损失。

由于与该集团所有者帕特里克·德拉希（Patrick Drahi）的重组谈判仍在继续，Altice 的高级债券目前的交易价格不足面值的一半。

属于一部分高级债权者，他们正推动达成一项协议，使其在任何重组方案中比同行获得更优先的偿付。

随着高速互联网供应商 Brightspeed 开始就如何处理其 100亿美元 债务堆积进行谈判，由阿波罗（Apollo）支持的 Brightspeed 的债券和贷款价值继续暴跌。

前瑞信（Credit Suisse）明星交易员哈姆扎·莱姆苏格（Hamza Lemssouguer）于 2021年创立了 。该对冲基金的高风险高回报策略此前曾取得惊人成果，在成立的前四年中实现了 73% 的回报。

拒绝置评。

📄 Original Section

Proposed restrictions will be a test case for Europe's policymakers on the eyewear after fierce backlash over their use

A survey by France's data protection office, Commission Nationale de l'Informatique et des Libertés, this year found the vast majority of people – 67 per cent of respondents – thought smart glasses posed a risk to people's privacy.

Norway is not alone in taking action. The European Data Protection Board, an independent body representing privacy regulators across Europe, commissioned a report on the social acceptability of smart glasses to guide lawmakers.

Australia's government has asked for advice on whether to ban them from its offices and service centres after a number of the country's local councils

Norway, for now, has gone the furthest. It plans to bring out a proposal for a temporary ban soon and set up an expert group to lay the groundwork for permanent regulation. The locations for a ban could include beaches, museums, shopping centres, kindergartens, playgrounds, healthcare facilities, changing rooms for fitness centres and even universities, the government has indicated.

Micaelsen concedes that “regulating this type of technology is complex”.

But the EDPB report might guide the development of a common EU approach to regulating smart glasses in much the same way that early, fragmented national positions on cookies and ad tech eventually converged into harmonised guidance, according to law firm Gerrish.

French regulator CNIL has already called for enhanced vigilance on smart glasses. “The rise of smart glasses could give rise to a significant risk of widespread surveillance and its trivialisation . . . The relatively moderate cost of these devices could lead to a saturation of the social space by sensors,” it said.

Any restrictions will probably be met by strong protests from tech groups, given the glasses commercial importance. Counterpoint Research forecasts more than \$1tn will be spent on wearable devices between now and 2032.

But the concerns among campaigners about what social media has done to a generation of children show the risks for governments in Europe and beyond of allowing tech companies free rein.

richard.milne@ft.com

电动滑行：捷豹跃入豪华电动汽车市场

🌐 对照英文

重大举措：捷豹 Type 01 车型大胆背离了该品牌的历史设计理念，其 $130,000 起售价是进军高端市场的刻意之举

捷豹已强势进入豪华电动汽车市场，推出一款旨在凭借大胆设计和尺寸而“脱颖而出”的车型，因为该品牌警告称，如果所有电动汽车看起来都一样，它们将面临变成“大宗商品”的风险。

此次电动汽车的发布是在捷豹发布一段没有汽车、而是由身着鲜艳服装的模特出演的 30 秒广告近两年之后。这次品牌重塑行动在社交媒体上遭到猛烈抨击，一些汽车爱好者和活动人士指责这个拥有 91 年历史的品牌“变得过于觉醒”且“抛弃了传统”。

捷豹路虎（Jaguar Land Rover）总经理罗登·格洛弗（Rawdon Glover）表示，从社交媒体的抵制中吸取的一个教训是，其新车型不能“仅仅关于改变”。虽然捷豹 Type 00 原型车采用了大胆的粉红色，但新款捷豹 Type 01 则采用了银色和蓝色等较为柔和的颜色。

尽管如此，这款续航里程高达 450 英里的纯电动车型仍背离了其历史设计理念。这款四门豪华旅行车长 5.2 米，体型巨大，配备 23 英寸轮毂、低车顶线和长引擎盖。其“跃豹”——即跳跃的捷豹标志——不再位于车头，而是激光蚀刻在车身侧面。

该电动汽车在英国的起售价为 13 万英镑，在美国为 $130,000，价格将是其此前同类车型的两倍——在经历十多年销售低迷后，这是为了进一步进军高端市场的刻意尝试。

“我们需要让捷豹重新站稳脚跟，”格洛弗说，并补充道

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📄 Original Section

METALS & MINING SUMMIT

Securing the resources that power the world

14-16 October 2026

In-Person & Digital | The Landmark, London | #FTMining

Join the leaders shaping the metals and mining industry:

COMPANIES & MARKETS

Technology

“如果你不想在出场时引起轰动，你不会买一辆长5.2米、长成那样的四门GT车”

🌐 对照英文

其目标是通过以更高的价格销售更少的汽车，从而实现“商业相关性”。

由印度塔塔汽车（Tata Motors）拥有的捷豹路虎（JLR）将瞄准那些希望“脱颖而出”的年轻客户。格洛弗表示：“如果你不想在出场时引起轰动，你不会买一辆长5.2米、长成那样的四门GT车。”

格洛弗补充说，如果所有的新电动汽车都遵循“当前的典型设计”，例如短引擎盖和细轮毂，“它们会开始看起来千篇一律，从而变成一种大宗商品”。

法拉利和宾利今年都推出了首款电动车型。

然而，在汽油车继续产生更高利润，并吸引那些偏好内燃机轰鸣声的忠实拥趸之际，捷豹是唯一一个转向全面电动化的品牌。

一些分析师质疑捷豹的转型能否成功，尽管法拉利的新款电动汽车在最初因由乔尼·艾夫（Sir Jony Ive）设计而引发抗议后，仍实现了销售目标。

汽车市场研究机构AutoPacific的首席分析师埃德·金（Ed Kim）表示：“在美国，我们人口中较为右翼的群体产生了强烈的抵制情绪，我认为这在较小程度上是因为设计本身，更多是因为……对‘觉醒文化’（wokeness）的认知，这似乎让很多人望而却步。” 伦敦记者 Kana Inagaki 和纽约记者 Christian Davies 报道

汽车

📄 Original Section

Google launches AI video games tool

Tie-up with Unity allows users to bring ideas to life with simple text prompts

CRISTINA CRIDDLE — SAN FRANCISCO

Google is launching a platform that lets users create video games from a simple text prompt, partnering with gaming-tools developer Unity for more sophisticated experiences as AI disrupts the industry.

The Big Tech group and Unity unveiled the product called Playground yesterday as the companies moved to capitalise on Google's success with so-called world models, a type of artificial intelligence that aims to understand the physical world and process more than language.

“Game creation has historically been limited to a very select group with technical experience,” Google said in a blog post. “Playground lowers the barriers to creation, so bringing game ideas to life can now be as easy as describing it through a few prompts — no coding experience required.”

Unity Spark, a more advanced software option, will later this year be integrated within the product, which uses Google's models, other frontier offerings and its own existing technology.

"Creation is the new consumption," added Matthew Bromberg, chief executive of Unity, arguing that those creating short-form video will turn to interactive formats including games.

Google launched its world model Genie 3 last year and in January released a prototype for using Genie to create worlds and characters. Gaming stocks plummeted shortly thereafter on fears that the advances could render the game-developer sector redundant.

Unity at that time suffered its worst single-day drop in nearly four years as its shares plummeted more than 20 per cent. Since then, its shares have largely recovered; at Tuesday's close the company was valued at \$19.8bn.

Bromberg said the market reaction was a "misunderstanding" of how AI would affect the \$200bn games industry. "AI doesn't replace software; it uses it," he told the FT.

“We have absolutely no interest in the idea of one-shotting a game, this idea that you can make something in 10 seconds,” he added. “We are building a tool with the idea of creating beautiful, interactive entertainment, not regurgitating the median that language models will regurgitate, having been trained on every game ever made.”

Gamers have been vocal in their criticism of AI, for both the risk it poses to artists and developers who create games, as well as its impact on the quality of games.

There have been a number of AIgenerated titles that have appeared to closely mirror existing titles. In January, the developers of puppy-themed horror game Haunted Paws accused a rival title, Ghostly Whiskers, of using AI-generated assets to copy their visuals and story.

Last year, Landfall, the co-developer of the hit climbing game Peak, criticised a copycat title called Peaked Climbing, saying it had been reporting “AI slop” imitations. Sony subsequently removed both titles from the PlayStation Store.

"Asking AI to recreate a game that's already been made does not make you a famous game developer any more than typing the first paragraph of War and Peace into a word processor makes you Tolstoy," said Bromberg.

Financials

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保时捷旨在将顶配车型价格提高20%，押注独特性

🌐 对照英文

KANA INAGAKI —— 斯图加特

保时捷旨在到2030年将其最昂贵车型的平均价格提高约20%，这家德国跑车制造商在效仿法拉利利用独特性来提升利润的策略。

首席执行官迈克尔·莱特斯（Michael Leiters）在昨天的投资者日上概述了一项多年计划，旨在通过销售数量更少但更高端的汽车来恢复保时捷的势头，此前该公司在去年经历了代价高昂的电动汽车雄心调整。

“我们希望进一步提升我们的定位，保护保时捷的独特性并获得定价权，”今年1月接任的、前迈凯伦负责人莱特斯表示。“这个品牌拥有巨大的力量。”

到本十年末，保时捷顶配车型的平均价格将从今年的约€270,000增加到超过€330,000，而顶配车型在产品组合中所占的比例预计将从目前的三分之一上升到45%。

保时捷向高利润跑车和独家车型限量版转移的举措，呼应了法拉利的标志性策略，该策略帮助这家意大利汽车制造商实现了高达30%的行业领先营业利润率。

从历史上看，保时捷贡献了出—。

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📄 Original Section

Debt investor Arini's master fund suffers losses of 16%

COSTAS MOURSELAS, ROBERT SMITH AND EUAN HEALY

London credit investor Arini Capital Management's flagship fund has suffered losses of almost 16 per cent this year, after a string of soured bets on the debt of financially troubled companies.

Arini, one of Europe's fastest-growing credit hedge funds, suffered estimated losses of 7.6 per cent in September in its master fund, according to people familiar with its returns, taking its year-to-date losses to 15.7 per cent. Final performance figures for September will be determined later this month.

September was the third consecutive month of losses for the largest fund of the \$22bn-in-assets credit specialist, after it shed almost 8 per cent in July and close to 1 per cent in August. Arini's master fund accounts for around \$7.3bn of its assets, according to a person familiar with the matter.

Arini, which in little over five years has grown into one of Europe's most prominent players in the market for higher-risk corporate debt, is ensnared in several situations where lenders are braced for potentially large losses in restructuring negotiations.

It has large positions in the debt of struggling telecoms companies Altice International and Brightspeed, as well as owning Aston Martin bonds that suffered when the luxury-car maker moved some of its most valuable assets out of creditors' reach.

Top-ranking bonds at Altice are now trading at less than half their face value, as restructuring talks continue with the group's owner, Patrick Drahi.

Arini is part of a subset of senior creditors that is pushing for a deal that would give them a preferential payout compared with their peers in any restructuring.

Bonds and loans at Apollo-backed Brightspeed have continued to crater in value as the high-speed internet provider has begun negotiations about ways to tackle its \$10bn debt pile.

Hamza Lemssouguer, a former star trader at Credit Suisse, established Arini in 2021. The hedge fund's high-octane strategy has previously yielded outsized results, earning a return of 73 per cent over its first four years.

Arini declined to comment.

“我们希望进一步提升我们的定位……这个品牌拥有巨大的力量”

🌐 对照英文

首席执行官 迈克尔·莱特斯 (Michael Leiters)

得益于在中国市场的爆发式增长，保时捷曾为大众集团贡献了规模巨大的利润。

但随着其在这一全球最大汽车市场的销量骤减，并受到美国更高关税的冲击，其境遇发生了剧烈逆转。该公司还进行了巨额资产减记，以重新投资于在向电动汽车重大转型期间被放弃的汽油车型。

莱特斯的战略将导致保时捷的规模大幅缩小，该公司将把实现盈利所需的销量降低至 200,000 辆以下。

该集团在 2023 年交付了约 320,000 辆汽车，当时的营业利润率为 18%，但去年在交付量约为 280,000 辆的情况下，其利润率骤降至 1.1%。

该集团昨日维持其目标，即到 2030. 实现 10 到 15 的营业利润率，以及高达 12 的汽车净现金流利润率。其目标是在 2035 实现 15 的利润率。

保时捷正寄希望于其最畅销的 Macan 车型将于 2028, 推出的新内燃机版本，以恢复利润并抵消在中国市场下滑的销量。

该公司还计划在同年推出一款包含汽油版和插电式混合动力版的新型 SUV，并开发一款定价高于其标志性 911 车型的新超级跑车。

瑞银 (UBS) 分析师帕特里克·胡梅尔 (Patrick Hummel) 表示，如果莱特斯能成功执行其战略，保时捷到本十年末应能“轻松”回归两位数的利润率。

他补充道：“这是在复制法拉利的成功经验。保时捷同样具有在高端市场销售更多产品，并通过合适的车型提供更高独特性（exclusivity）的潜力。”

技术

📄 Original Section

Electric slide Jaguar leaps into luxury EV market

Big moves: Jaguar's Type 01 model is a bold departure from the marque's historic design ethos and its \$130,000 starting price tag is a deliberate effort to push into the premium segment

Jaguar has muscled into the luxury electric-vehicle market with a £130,000 model intended to “stand out” for its bold design and size, as the marque warned that EVs risked becoming “a commodity” if they all look the same.

The EV launch comes almost two years after Jaguar released a 30-second ad with no cars, instead featuring models dressed in brightly coloured outfits. The rebranding exercise was excoriated on social media with some car enthusiasts and activists accusing the 91-year-old brand of “going woke” and “throwing away heritage”.

Rawdon Glover, Jaguar Land Rover's managing director, said one lesson from the social media backlash was that its new model could not "just be about change". While the Jaguar Type 00 prototype was in bold pink, the new Jaguar Type 01 comes in more muted colours such as silver and blue.

Still, the all-electric model, with a range of up to 450 miles, is a departure from its historic design ethos. At 5.2 metres, the four-door grand tourer is enormous, with 23-inch wheels, a low roofline and a long bonnet. The

"leaper" — its leaping-jaguar emblem — is no longer on the front but is laser-etched in the side of the vehicle.

With a starting price of £130,000 in the UK and \$130,000 in the US, the EV will be double the price of its previous comparable models – a deliberate attempt to push further into the premium segment following more than a decade of flagging sales.

"We need to put Jaguar back on a firm footing," Glover said, adding that

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SpaceX 寻求 400亿美元 资金以采购英伟达芯片

🌐 对照英文

米歇尔·陈 (MICHELLE CHAN) 和

苏吉特·因达普 (SUJEET INDAP) —— 纽约

斯蒂芬·莫里斯 (STEPHEN MORRIS) 和

迈克尔·艾克顿 (MICHAEL ACTON) —— 旧金山

埃隆·马斯克 (Elon Musk) 的 SpaceX 正在寻求筹集 400亿美元 用于购买英伟达 (Nvidia) 芯片，因为这家 AI 和火箭集团正在加大对其芯片制造商先进技术的押注。

据知情人士透露，该公司正寻求通过银行贷款筹集约 100亿美元，并通过投资级债券筹集 300亿美元，以资助其巨额的芯片订单。

私募资本集团阿波罗 (Apollo) 预计将主导此次融资工作，并帮助向广泛的投资者出售债券。知情人士称，债券集团品格 (Pimco) 是参与讨论为该交易提供资金的少数贷款机构之一。该交易预计将于明年完成。

SpaceX 的融资计划凸显了为数据中心、芯片和其他支撑 AI 的基础设施投资而筹集的巨额资金。

由于 SpaceX 拥有 BBB 信用评级（投资级评级中的第二低等级），保险公司和养老基金将能够购买其债券。此类基金在垃圾级债券中的持仓则要有限得多。

阿波罗和品格拒绝置评。SpaceX 和英伟达未回应置评请求。

在马斯克之后，该交易将加强 SpaceX 与英伟达之间的联系

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📄 Original Section

'You don't buy a 5.2-metre four-door GT that looks like that if you don't want to make a dramatic entrance'

it aimed to become “commercially relevant” by selling fewer cars at higher prices.

JLR, owned by India's Tata Motors, will target younger customers who want to "stand out". "You don't buy a 5.2-metre four-door GT that looks like that if you don't want to make a dramatic entrance," Glover said.

If all new EVs complied with "current archetypes", such as short bonnets and skinny wheels, Glover added, "they start to look homogenous and it becomes a commodity".

Ferrari and Bentley have launched their first electric models this year.

However, Jaguar is the only marque to go fully electric at a time when petrol vehicles continue to generate higher margins and attract loyalists who prefer the roaring noise of the internal combustion engine.

Some analysts have questioned whether Jaguar's makeover will succeed, even as Ferrari has achieved its sales target for its new EV despite an initial outcry over the Sir Jony Ive-designed model.

“In the US, there was such a backlash from the more rightwing elements of our population, I think less because of the design itself, but because of . . . the perception of ‘wokeness’, which seemed to put a lot of people off,” said Ed Kim, chief analyst at AutoPacific, an automotive market research group. Kana Inagaki in London and Christian Davies in New York

Automobiles

阿波罗预计将主导融资工作，并帮助向广泛的投资者群体出售债务

🌐 对照英文

誓言在人工智能计划中加倍投入该集团的技术。这也将标志着英伟达（Nvidia）的一次胜利，因为该公司正面临来自其他芯片制造商的竞争。

“我们决定专门基于英伟达进行构建，因为我们认为 Vera Rubin 架构是最好的架构，”马斯克在 8 月份 SpaceX 的财报电话会议上说道，他指的是英伟达最前沿的 AI 平台。

“我们认为它是最好的 AI 计算机，并且我们非常重视在多个层面上与英伟达的密切合作与伙伴关系。”

SpaceX 在 6 月份完成 860亿美元 的首次公开募股（IPO）后不久获得了投资级评级。不到两周后，该公司出售了 250亿美元 的高等级债券。

但由于市场对其债务增加和资本支出巨大的担忧，这些债券在接下来的几天内遭到抛售。

根据 Market-Axess 的数据，其 2056 年到期的债券交易价格约为每 1 美元 85 美分，收益率比美国国债高出约 2.27 个百分点，与垃圾债券的水平相似。

阿波罗在 6 月还主导了一项 350亿美元 的芯片融资交易，用于购买英伟达竞争对手博通（Broadcom）制造的处理器，这在当时是规模最大的私募信贷交易。

8 月，英伟达宣布正与华尔街一些最大的公司合作建立一个 5000亿美元 的融资平台。该财团旨在创建第三方资本池，以资助购买英伟达的芯片。

石油与天然气

📄 Original Section

Porsche aims to raise price of top models by 20% in bet on exclusivity

KANA INAGAKI — STUTTGART

Porsche aims to raise the average price of its most expensive models by about 20 per cent by 2030 as the German sports-car maker echoes Ferrari's strategy of using exclusivity to boost profits.

Chief executive Michael Leiters outlined a years-long plan at an investor day yesterday to revive Porsche's fortunes by selling fewer but more upmarket cars following a costly unwinding of its electric vehicle ambitions last year.

“We want to further elevate our positioning, protect the exclusivity of Porsche and gain pricing power,” said Leiters, the former McLaren boss who took over in January. “This brand has a lot of power.”

The average price of Porsche's top models will increase to more than €330,000 by the end of the decade from about €270,000 this year while the proportion of its portfolio made up of top-end models is expected to rise to 45 per cent from a third currently.

Porsche's shift towards higher-margin sports cars and limited editions of exclusive models echoes a signature Ferrari strategy that has helped the Italian car-maker achieve an industry-beating operating profit margin of 30 per cent.

Porsche historically contributed out-

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埃克森希望特立尼达能复制圭亚那的繁荣

🌐 对照英文

VERITY RATCLIFFE — 伦敦

JOE DANIELS — 波哥大

埃克森美孚（ExxonMobil）的勘探主管表示，该公司正寻求在委内瑞拉以东的海盆中扩大规模，旨在特立尼达和多巴哥海岸复制圭亚那所享有的油气繁荣。

作为斯塔布鲁克（Stabroek）区块的最大股东，这家能源巨头在开发邻国圭亚那近海全球最大的油田之一方面取得了成功。

“很多人问，‘那么，下一个圭亚那在哪里？’”全球勘探主管兼副总裁约翰·阿迪尔（John Ardill）表示，“在特立尼达，我们将其视为圭亚那开发模式的延伸。”

阿迪尔表示，特立尼达和多巴哥的开发速度比圭亚那快得多。埃克森在七个月内就与政府协商达成了一项产量分成协议，“这大约只有通常情况下顺利进展所需时间的一半”。

通常情况下，确保获得一艘船只以开始获取某个前景区的地震数据大约需要一年时间。然而，阿迪尔表示，在特立尼达和多巴哥，这一过程仅在六个月内就完成了。“这是一个纪录时间，”他补充道。

这个双岛国家的政府今年与

特立尼达和多巴哥这个双岛国家的一处液化天然气（LNG）设施，该国依赖于能源部门

特朗普政府结盟，正式承认委内瑞拉临时总统德尔西·罗德里格斯（Delcy Rodríguez），这被视为为加强能源合作铺平了道路。

英国石油公司（BP）、壳牌（Shell）以及特立尼达和多巴哥政府正与加拉加斯和华盛顿寻求跨境协议，旨在为该国的液化天然气工业提供委内瑞拉天然气。

这个位于加勒比海南部国家还试图建立旅游经济，以弥补其对油气部门的依赖，这种依赖始于1857年钻出第一口油井之时。原油产量在20世纪70年代末达到顶峰并稳步下降，自90年代以来转向天然气和石化产品。

特立尼达和多巴哥石油工业的复兴可能会减轻该国财政的压力，近年来该国财政受到了液化天然气原料短缺的影响。

BP和壳牌各持有主要天然气出口工厂 Atlantic LNG 45%的股份，其余股份由国有的特立尼达和多巴哥国家天然气公司持有。

阿迪尔表示，埃克森将在2027年中期决定首口井的钻探位置。“如果我们在那口井上取得成功，我们就可以部署圭亚那的开发模式——该模式速度极快——而且我们还拥有在圭亚那开发的AI工具。”

这家美国石油巨头将其在圭亚那的成功视为对其战略的肯定，即即使在一些竞争对手退缩时，仍坚持投资于油气勘探。

公司与市场

📄 Original Section

‘We want to further elevate our positioning . . . This brand has a lot of power’

Michael Leiters, chief executive

sized profits to the Volkswagen Group thanks to explosive growth in China.

But its fortunes have reversed dramatically as sales plummeted in the world's largest car market and it was hit by higher US tariffs. The company has also taken huge writedowns to reinvest in petrol models that it abandoned during a major pivot to electric cars.

Leiters' strategy will result in a much smaller Porsche with the company reducing the number of vehicles it needs to sell to turn a profit to fewer than 200,000 units.

The group delivered about 320,000 cars in 2023 when it had an operating profit margin of 18 per cent but last year its margin plunged to 1.1 per cent on deliveries of roughly 280,000 cars.

The group yesterday maintained its target to achieve an operating profit margin of 10 to 15 per cent and an automotive net cash flow margin of up to 12 per cent by 2030. It will target a profit margin of 15 per cent by 2035.

Porsche is betting on a new combustion-engine version of its best-selling Macan, due in 2028, to revive its profits and offset falling sales in China.

It also plans to unveil a new SUV, which will come in petrol and plug-in hybrid versions, in the same year and develop a new super-sports car to be priced higher than its signature 911 model.

UBS analyst Patrick Hummel said Porsche should “comfortably” return to double-digit profit margins by the end of the decade if Leiters was successful in executing his strategy.

“It’s replicating what Ferrari has been successful at,” he added. “Porsche also has the potential to [sell] more at the upper end and offer more exclusivity with the right models.”

Technology

Capitec在摒弃银行传统后股价飙升

🌐 对照英文

这家按客户数量计算的南非最大贷款机构在凭借国内的迅猛成功后，将目光投向了更远的地方

1. 2017年1月1日

MONICA MARK

当Capitec银行在2001年开业时，很少有人预料到，一家基于拒绝几乎所有南非银行业惯例的初创公司，能在非洲大陆最成熟的金融市场中生存多久。

那些驻守在堡垒般的分行外的武装警卫，以及身处栅栏和厚防弹玻璃后的出纳员，全部消失了。

Capitec选择了轻现金分行，将其建在公交车站和市中心附近，并为黑人通勤工人延长了营业时间。最激进的是，它摒弃了那种认为低收入南非人没有银行服务价值的传统观念。

二十年后，这家由几家发薪日贷款店发展而来的贷款机构拥有2600万客户，使其成为按客户数量计算的南非最大银行。

它的崛起被拿来与巴西的Nubank相比较，后者同样在扩展至整个拉丁美洲之前，围绕简单、低成本的银行业务建立了一个大众市场特许经营体系。

虽然Capitec在单一国家实现了增长，但该贷款机构现在正将目光投向南非以外。

“他们重塑了南非的银行业格局，但像这样的银行成功案例在全球范围内是不寻常的，”该银行历史记录书籍《追踪巨头》（Stalking Giants）的作者TJ Strydom表示。“他们对所有既有银行发动了价格战，同时在扩大金融普惠。”

每个月月底，在约翰内斯堡市中心工人阶级区的一栋设有Capitec ATM机的建筑周围，蜿蜒的排队长龙反映出这家银行的规模，该行称其服务了南非一半以上的成年人口。

“我的工资发到Capitec账户里，但一旦回到家，所有东西都用现金，”Thami Ntuli说，他是一名保安，在索韦托镇区里从理发到买杂货的所有事情都使用纸币。

与许多客户一样，他的工资是通过电子方式支付的，但在一个很大程度上依赖现金的庞大非正规经济中赚钱和消费。

数字银行与现金经济之间的这种分歧，正是当前政府政策以及Capitec雄心的核心。

作为振兴一个停滞十余年经济努力的一部分，政策制定者正在开展民主era以来对非正规商业部门最大规模的改革。

Capitec首席执行官Graham Lee今年告诉《金融时报》（FT），该银行的下一个增长阶段在于向企业家和小企业提供金融服务，这些群体驱动着一个估计约占南非GDP四分之一的非正规部门。

“Capitec建立在这样一个信念之上，即南非的大多数人具有信用能力且服务不足，”他说。“在拥有2600万活跃客户之后，我认为这个论点已经得到了证明。”

他说，虽然随着该行成为“南非的一个重要组成部分”，其零售业务的飞速增长将不可避免地放缓，但下一个机会在于商业银行业务——特别是服务于小公司和“从事副业的人”。

这一转型可能并不那么简单。分析人士表示，由于目前约85%的南非成年人拥有银行账户，增长将日益取决于说服客户转移账户——而商业客户通常是最难争取到的。

“有句话说，离婚比更换商业银行账户要容易得多，”总部位于开普敦的Aeon Investment Management首席执行官Asief Mohamed表示。

拓展分支：Capitec终结了那种认为经济状况较差的南非人不值得提供银行服务的传统观念 Gulshan Khan / FT

“我们对小企业增长的前景感到乐观，但这不会像个人市场那样快。”

Capitec能否重复其零售业务的成功，将定义它的下一个篇章。

“Capitec 的成功在于将一件事做到了极致——让银行业务变得更简单、更便宜，”Otto1890 的首席全球股票策略师 David Shapiro 表示。“现在的问题是，随着它成长为一个更广泛的金融服务集团，是否能保留这种基因。”

Capitec 兴起于南非金融体系在种族隔离制度结束时被重塑的时期。在种族隔离期间，黑人大多数被排除在城市地区房产所有权、资产积累以及正式银行和信贷服务之外。

1994 年民主化之后，信贷需求激增。Strydom 表示，“自由的气息在空气中弥漫”，对于许多人来说，获得信贷成为了参与新经济的象征。

南非拥有百年历史的四大银行——标准银行（Standard Bank）、第一国民银行（First National Bank）、内德银行（Nedbank）和 Absa 银行——在适应该国新出现的庞大银行客户群体方面反应迟缓。

“从某种意义上说，这些老牌银行在‘睡觉’，”Mohamed 表示。“他们拥有大量陈旧的系统，很难转变思维模式。”

一批发薪日微贷机构趁虚而入，填补了这一真空，但其中一些贷款行为引发了争议。

的创始人购买了两家发薪日贷款店，将其专业化，并

“ 的成功在于将一件事做到了极致——让银行业务变得更简单、更便宜”

随后将其作为进入银行业的跳板。一个异常亲力亲为的管理团队也让 脱颖而出。

“在开设分行之前，他们习惯于去出租车候车区与人们交谈，在那里待上一整天，”Mohamed 说道，这使得分行选址远离传统的银行区。

Strydom 表示， 只有在能比竞争对手便宜至少 40% 的情况下才会推出产品，这降低了整个行业的交易费用，并迫使传统银行重新思考其零售业务。

他补充道：“ 所做的许多事情后来都成为了行业标准。”

现在的关注点正转向银行系统之外的领域。南非统计局估计，有 5.7mn 人（约三分之一的劳动者）从事非正式就业，而更多的人依赖于镇区企业、spaza 小店和街头摊贩维持生计。

尽管大多数人现在拥有银行账户，但大部分此类经济活动对贷款机构和政策制定者来说仍然是不可见的。该贷款机构表示，截至 2 月份的一年里，其企业客户增长了 71%，达到 456,000 家。

去年， 前首席执行官 Gerrie Fourie 引发了一场激烈的全国性辩论，他建议，如果将非正式经济活动考虑在内，南非约 30% 的官方失业率实际上更接近 10%。

这些言论促使 Fourie 与南非统计局、总统府和国家财政部进行了讨论，最终达成协议，开始建立非正式企业登记册。

这与 20 世纪 90 年代初以来最大规模的商业规则修订同步进行，包括降低非正式企业的注册难度和成本。

其他公司也在觊觎 的大众市场王冠。Pepkor 是 Pep、Ackermans 和 Bradlows 背后的非洲零售集团，该公司正围绕许多推动 崛起的低收入消费者构建银行业务。

其 PlusB 银行风险投资旨在基于现有的涵盖贷款、保险、资金转移和账单支付的金融服务业务进行构建，而非从零开始。

每年有超过 3200 万客户光顾其门店，其拥有 6,000 多家门店的网络规模超过了南非四大银行分行足迹的总和。

尽管如此，在连续四年创纪录地获利后，Lee 表示， 计划在五年内将业务扩展至南非以外。“我们正在寻找那些……我们的优势能够在该国产生显著影响的市场。现在，世界的大门是敞开的。”

10 月 18 - 21 日 / 佛罗里达州迈阿密，枫丹白露酒店

主题演讲对话

通过与《金融时报》记者的系列独家对话，直接聆听 Ginnie Mae 和 VantageScore 高层领导者的见解。

西尔维奥·塔瓦雷斯 (Silvio Tavares)

首席执行官，

VantageScore

对话嘉宾（《金融时报》记者）：

苏吉特·因达普 (Sujeet Indap)

华尔街编辑，

《金融时报》

约瑟夫·M·戈姆利 (The Honourable Joseph M. Gormley)

总裁，Ginnie Mae

立即注册，在 abseast.com 观看他们的现场演讲

财经

📄 Original Section

SpaceX seeks \$40bn to acquire Nvidia chips

MICHELLE CHAN AND

SUJEET INDAP — NEW YORK

STEPHEN MORRIS AND

MICHAEL ACTON — SAN FRANCISCO

Elon Musk's SpaceX is seeking to raise \$40bn to buy Nvidia chips as the AI and rocket group amplifies its bet on the chipmaker's advanced technology.

The company is seeking to raise about \$10bn in bank loans and \$30bn in investment-grade debt to fund its blockbuster chip order, according to people familiar with the matter.

Private capital group Apollo is expected to lead the financing effort and help sell the debt to a broad base of investors. Bond group Pimco was among a small group of lenders in talks to fund the deal, the people said. The transaction is set to close next year.

SpaceX's financing plans underscore the vast sums being raised to pay for investments in data centres, chips and other infrastructure underpinning AI.

Insurance and pension funds would be able to buy SpaceX's debt owing to its BBB credit rating, the second-lowest investment-grade ranking. Such funds take much more limited positions in junk-rated notes.

Apollo and Pimco declined to comment. SpaceX and Nvidia did not respond to requests for comment.

The deal would strengthen ties between SpaceX and Nvidia, after Musk

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高盛加入安永数据泄露受害者名单

🌐 对照英文

哈丽特·阿格纽 (HARRIET AGNEW)、斯蒂芬·福利 (STEPHEN FOLEY)、汤姆·威尔逊 (TOM WILSON) 和约书亚·富兰克林 (JOSHUA FRANKLIN)

根据近几周发出的通知，高盛财富管理部门的客户以及在英国上市的对冲基金曼群组 (Man Group) 均在四大会计师事务所之一安永 (EY) 一次重大数据泄露事件的受害者之列。

这些披露扩大了今年 3 月和 4 月发生的一起黑客攻击事件的受害者范围，该会计师事务所最早于 7 月披露了此事。安永表示，此次事件源于 Checkmarx 软件的一个漏洞，该漏洞影响了安永、数家客户以及许多其他组织。

在攻击发生数月后，安永向使用其税务服务的公司（包括高盛、曼群组和房地产开发商 Tishman Speyer）的客户发出警告，称其个人和财务信息已遭到泄露。

网络安全已成为专业服务公司一个高度敏感的问题，而这些公司一直将自己定位为该领域的专家顾问。像安永这样的公司在自己的系统中处理客户数据，必须采取广泛的预防措施以防止泄露，包括与技术供应商协商定制条款，以便在共享云基础设施上对数据进行隔离。

在上月底发送给受影响客户的信函中提到，在

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📄 Original Section

Apollo is expected to lead the financing effort and help sell the debt to a broad base of investors

vowed to double down on the group's tech for his AI initiatives. It would also mark a win for Nvidia, as it contends with competition from chipmakers.

“We’ve decided to build exclusively on Nvidia because we think the Vera Rubin architecture is the best architecture,” Musk said during SpaceX’s earnings call in August, referring to Nvidia’s cutting-edge AI platform.

"We think it's the best AI computer, and we greatly value our close co-operation and partnership on many levels with Nvidia."

SpaceX secured an investment-grade rating shortly after its \$86bn initial public offering in June. It sold \$25bn in high-grade bonds less than two weeks later.

But the bonds sold off in the following days owing to concerns over its mounting debt and heavy capital expenditure.

Its bonds maturing in 2056 are trading at about 85 cents on the dollar, with a yield at about 2.27 percentage points above US Treasuries, similar to the level of junk bonds, according to Market-Axess data.

Apollo also led a \$35bn chip-financing deal in June for processors made by Nvidia rival Broadcom, marking the largest private-credit transaction at the time.

In August, Nvidia announced that it was working with some of the largest firms on Wall Street on a \$500bn funding platform. The consortium aims to create pools of third-party capital to finance the acquisition of Nvidia's chips.

Oil & gas

“（此次黑客攻击）未影响安永更广泛的企业系统，且不对持续经营构成威胁”

🌐 对照英文

3 月 28 日至 4 月 12 日期间，一名“未经授权的第三方”下载了与安永客户相关的文档。这些信函由安永驻纽约的副伦理与合规官罗布·坎宁 (Robb Canning) 签署，信中称受影响的个人信息包括“姓名、地址、税务识别号、电子邮件地址、财务信息”。

安永在 7 月向加利福尼亚州、德克萨斯州、马萨诸塞州和佛蒙特州的监管机构报告了此次事件。当单次泄露影响的居民人数超过给定阈值时，必须通知州总检察长。

同月，基本匿名的网络犯罪组织 ShinyHunters 声称对此次黑客攻击负责。

高盛上个月告知其财富管理客户，安永已聘请一家独立网络安全公司来确认涉及此次事件的系统目前已安全。高盛和曼群组表示，其内部系统未受影响。Tishman Speyer 的系统也未遭到破坏。

安永表示，此次事件“未影响安永更广泛的企业系统，且不对持续经营构成威胁”。该公司补充称，对受影响数据的审查已进入最后阶段，结果将在“审查过程结束时直接告知客户”。伦敦记者 Ellesheva Kissin 亦参与报道

英国公司

零售

📄 Original Section

Exxon hopes Trinidad can repeat Guyana's boom

VERITY RATCLIFFE — LONDON

JOE DANIELS — BOGOTÁ

ExxonMobil is looking to replicate off the coast of Trinidad and Tobago the oil and gas boom that has been enjoyed by Guyana, the company's head of exploration said, as it pursues expansion in the basin to the east of Venezuela.

The energy major has found success in developing one of the world's largest oilfields offshore from neighbouring Guyana, as the biggest shareholder in the Stabroek block.

"A lot of people ask, 'Well, where's the next Guyana?' John Ardill, vice-president, head of global exploration, said. "In Trinidad, we moved in as a play extension to Guyana."

Development in Trinidad and Tobago was occurring at a much faster pace than in Guyana, said Ardill. Exxon had negotiated a production-sharing agreement with the government within seven months “which is about half as long as it usually takes on a good day”.

It typically took about a year to secure a vessel to begin acquiring seismic data over a prospect. In Trinidad and Tobago, however, the process was completed in just six months, Ardill said. "That's a record time," he added.

The government of the dual-island nation this year aligned itself with the

An LNG facility in the dual-island nation of Trinidad and Tobago, which is dependent on the energy sector

Trump administration in officially recognising Venezuela's interim president Delcy Rodríguez, seen as paving the way for greater energy co-operation.

BP, Shell, and the government of Trinidad and Tobago are pursuing cross-border agreements with Caracas and Washington to supply the country's LNG industry with Venezuelan gas.

The southern Caribbean nation has also attempted to build a tourist economy to supplement its dependence on the oil and gas sector, which began when its first oil well was drilled in 1857. Crude output peaked in the late 1970s and has fallen steadily, with a shift to gas and petrochemicals since the 1990s.

A revival of Trinidad and Tobago's oil industry could ease the strain on the country's finances, which have been hit by shortages of LNG feedstocks in recent years.

BP and Shell each own 45 per cent of Atlantic LNG, the main gas-export plant, with the remainder held by the state-owned National Gas Company of Trinidad and Tobago.

Ardill said that Exxon would make a decision on where to drill its first well by mid-2027. "If we're successful with that well, we can deploy the Guyana development model – which is extremely fast – and we also have the AI tools developed in Guyana."

The US oil major sees its success in Guyana as vindication of its strategy to keep investing in exploring for oil and gas even when some competitors stepped back.

COMPANIES & MARKETS

加拿大韦斯顿家族将收购Boots

🌐 对照英文

交易价值89亿美元，标志着这家英国连锁店在短短一年内第二次易主

作者：IVAN LEVINGSTON 和 LAURA ONITA

韦斯顿家族的加拿大分支已同意以$8.9bn的价格收购Boots。这标志着该公司在一年多时间里第二次变更所有权，并结束了斯特凡诺·佩西纳（Stefano Pessina）与这家英国健康美容零售商长达20年的关联。

拥有杂货连锁店Loblaws和药店零售商Shoppers Drug Mart的韦斯顿家族昨日表示，他们已与私募股权公司Sycamore Partners达成最终协议，收购Boots。

“我们看到了一个重大机遇，可以通过稳定的长期所有权、进一步的资本投资以及重新聚焦运营，使一家伟大的企业变得更好，从而在未来几代人中以卓越的服务对待客户，”该家族投资工具Wittington的主席加伦·韦斯顿二世（Galen Weston Jr）表示，他将出任Boots的主席。

Sycamore去年在与佩西纳及其家族合作收购母公司Walgreens Boots Alliance（交易额237亿美元）的过程中收购了Boots。

在接管之后，Sycamore将该集团拆分为五家独立公司，其中之一便是Boots。佩西纳及其家族在每家公司中持有44 per cent的股份。

佩西纳与合作伙伴奥内拉·巴拉（Ornella Barra）自2006年将Boots与他们的欧洲制药业务Alliance UniChem合并以来，一直深度参与Boots的经营。

随后，佩西纳与私募股权公司KKR合作，在次年将Boots私有化，之后又将这家英国连锁店反向合并入Walgreens。佩西纳在声明中表示：“我们很高兴能将繁荣的Boots交给强大且可靠的所有者，他们懂得其伟大传承的价值。”

总部位于多伦多的Fairfax Financial Holdings在零售领域有投资，此次与Wittington合作完成交易。Sycamore和佩西纳将保留Boots在墨西哥Farmacias Benavides和德国Alliance Healthcare Deutschland的权益。该交易预计将于明年第一季度完成。

此次交易标志着韦斯顿家族在将奢侈品百货公司Selfridges以£4bn的价格出售给一家泰国财团近五年后，重新回归英国零售业。该家族的英国分支控制着快时尚连锁店Primark，并拥有高端百货公司Fortnum & Mason。

Boots近年来的业绩有所改善，部分得益于对其部分门店美容区的投资——这是消费支出中较为稳健的领域——尽管其1,800家门店中的许多门店仍未获得多少投资。

这家连锁店的出售结束了Sycamore将Boots在伦敦股市上市的可能性，而这次IPO本可以为陷入困境的伦敦市场提供急需的助力。

总部位于诺丁汉的Boots最近任命了前Currys负责人亚历克斯·鲍尔多克（Alex Baldock）为首席执行官。

CIBC和摩根士丹利（Morgan Stanley）是Wittington的主要财务顾问，Skadden和A&O Shearman提供法律咨询。瑞银（UBS）和罗斯柴尔德（Rothschild）是Boots的主要财务顾问，Davis Polk担任该集团的法律顾问。

金融服务

📄 Original Section

Capitec soars after ditching banking norms

Largest South African lender by customer numbers sets its sights further afield on the back of runaway domestic success

1. 2017年1月1日

MONICA MARK

When Capitec Bank opened its doors in 2001, few expected that a start-up based on rejecting almost every convention of South African banking would last long in the continent's most sophisticated financial market.

Gone were the armed guards stationed outside fortress-like branches, and cashiers behind bars and thick bulletproof glass.

Capitec opted for cash-light branches, built near bus stops and town centres with longer opening hours for working Black commuters. Most radically, it dispensed with the conventional wisdom that lower-income South Africans were not worth banking.

Two decades later, the lender that grew out of a handful of payday loan shops boasts 26mn clients, making it South Africa's largest bank by customer numbers.

Its rise has drawn comparisons with Brazil's Nubank, which similarly built a mass-market franchise around simple, low-cost banking before expanding across Latin America.

While Capitec achieved its growth in a single country, the lender is now setting its sights beyond South Africa.

“They reshaped the South African banking landscape but a banking success like this is unusual globally,” said TJ Strydom, author of Stalking Giants, a history of the bank. “They waged a price war on all the established banks and they did this while expanding financial inclusion.”

At the end of each month, queues snaking around a building housing a Capitec ATM in downtown Johannesburg's working-class district reflect the scale of a bank that says it serves more than half of South Africa's adult population.

“My salary goes into Capitec but once I get home, everything is cash,” said Thami Ntuli, a security guard who uses banknotes for everything from haircuts to groceries in his Soweto township.

Like many customers, he is paid electronically but earns and spends money in a vast informal economy that runs largely on cash.

That divide between digital banking and a cash economy is at the heart of current government policy – and Capitec's ambitions.

As part of efforts to revive an economy that has stagnated for more than a decade, policymakers are embarking on the biggest overhaul of the informal business sector in the democratic era.

Capitec chief executive Graham Lee told the FT this year that the bank's next phase of growth lay in extending financial services to the entrepreneurs and small businesses that drive an informal sector estimated to account for about a quarter of South Africa's GDP.

“Capitec was built on the conviction that South Africa’s majority were creditworthy and underserved,” he said. “Twenty-six million active clients later, I think that thesis has been proved.”

While the bank's breakneck retail growth would inevitably slow as it became “a significant proportion of South Africa”, the next opportunity lay in business banking – particularly serving small companies and “people with hustles”, he said.

The pivot may not be as straightforward. With about 85 per cent of South African adults now holding a bank account, growth will increasingly depend on persuading customers to move – and business clients are typically the hardest to win, analysts said.

"There's a saying that it's far easier to get a divorce than to change a business bank account," said Asief Mohamed,

Branching out: Capitec ended the conventional wisdom that less well off South Africans were not worth the provision of banking services Gulshan Khan/FT

chief executive of Cape Town-based Aeon Investment Management. “We are happy with the prospect of small-business growth but it’s not going to be as fast as in the individual market.”

Whether Capitec can repeat its retail success will define its next chapter.

“Capitec won by doing one thing brilliantly – making banking simpler and cheaper,” said David Shapiro, chief global equity strategist at Otto1890. “The question now is whether it can preserve that DNA as it grows into a much broader financial-services group.”

Capitec emerged as South Africa's financial system was being reshaped by the end of apartheid, during which the Black majority was excluded from owning property in urban areas, building up assets or accessing formal banking and credit.

After democracy in 1994, demand for credit exploded. "Freedom was in the air," Strydom said, and for many access to credit became a symbol of participation in the new economy.

South Africa's century-old Big Four banks – Standard Bank, First National Bank, Nedbank and Absa – were slow to adapt to the country's newly bankable majority.

"The incumbents were, in a sense, asleep," said Mohamed. "They had a lot of legacy systems and it was difficult for them to switch to a different mindset."

A rash of payday microlenders stepped in to fill the vacuum with some controversial lending practices.

Capitec's founders bought two payday loan shops, professionalised them and

'Capitec won by doing one thing brilliantly – making banking simpler and cheaper'

later used them as a springboard into banking. An unusually hands-on management team also set Capitec apart.

“Before they opened the branch, they used to go to the taxi ranks, talk to the people, spend a day there,” said Mohamed, leading to branches far from traditional banking districts.

Capitec would launch a product only if it could offer it at least 40 per cent cheaper than rivals, Strydom said, driving down transaction fees across the industry and forcing legacy banks to rethink their retail business.

"There are many things that Capitec did that became the norm," he added.

Attention is shifting to what remains outside the banking system. Statistics South Africa estimates that 5.7mn people – a third of workers – are employed informally while many more depend on township businesses, spaza shops and street traders for their livelihoods.

Although most now have bank accounts, much of that economic activity remains invisible to lenders and policymakers. The lender said its business clients rose 71 per cent to 456,000 in the year to February.

Last year, Gerrie Fourie, a former Capitec chief executive, sparked a heated national debate when he suggested that South Africa's official unemployment rate of about 30 per cent was closer to 10 per cent if informal economic activity were taken into account.

The remarks prompted talks between Fourie, Statistics South Africa, the Presidency and National Treasury, culminating in an agreement to begin developing a register of informal enterprises.

That coincided with the biggest rewriting of business rules since the early 1990s, including making it easier and cheaper for informal businesses to register.

Others are eyeing Capitec's mass-market crown. Pepkor, the African retail group behind Pep, Ackermans and Bradlows, is building a banking business around many of the same lower-income consumers who fuelled Capitec's rise.

Its PlusB banking venture aims to build on an existing financial services business spanning lending, insurance, money transfers and bill payments rather than starting from scratch.

More than 32mn customers visit its stores every year and its network of more than 6,000 outlets is larger than the combined branch footprint of South Africa's four biggest banks.

Still, after posting record profits for four straight years, Capitec is looking to launch beyond South Africa within five years, Lee said. “We’re scanning for markets where . . . what we’re good at can translate into a meaningful difference in that country. Right now, the world is open.”

October 18 - 21 | Fontainebleau, Miami, FL

Keynote conversations

Hear directly from senior leaders at Ginnie Mae and VantageScore in a series of exclusive conversations with an FT journalist.

Silvio Tavares

Chief Executive Officer,

VantageScore

In conversation with FT journalist:

Sujeet Indap

Wall Street Editor,

Financial Times

The Honourable Joseph M. Gormley President, Ginnie Mae

[EMPTY]

Register now to see them on stage abseast.com

Financials

VW car loans unit sets aside £725mn for client redress

🌐 对照英文

KANA INAGAKI

大众汽车已拨备 £725mn，用于支付与汽车金融误导销售丑闻相关的费用。这是迄今为止汽车制造商拨备的最高金额，使汽车行业的总损失增加至 15亿英镑 以上。

这家德国汽车制造商在英国的融资部门——大众金融服务（Volkswagen Financial Services）表示，将计提 £725mn 的拨备，但补充称，对于英国金融行为监管局（FCA）实施的赔偿方案的“最终结果仍存在不确定性”。

这起涉及数十亿英镑的丑闻源于汽车买家在办理贷款时，支付给经销商的佣金披露不足。

拥有沃克斯豪尔（Vauxhall）、标致（Peugeot）和菲亚特（Fiat）品牌的 Stellantis 旗下的金融部门最近表示，截至 12 月底，其与汽车金融丑闻相关的费用已从 2024. 的仅 £37.1mn 上升至 £221.3mn。在上个月的一份文件中，宝马金融服务（BMW Financial Services (GM)）表示已拨备 £611.6mn。

据一名知情人士透露，梅赛德斯-奔驰（Mercedes-Benz）的英国金融部门已拨备约 £400mn，以覆盖该方案下任何索赔的成本。该公司拒绝置评。

在此次披露之前，FCA 在 3 月份提出了一项缩减规模的赔偿计划方案，预计该方案可能使贷款机构承担 91亿英镑 的成本。

由于与贷款机构和消费者团体之间存在法律纠纷，英国监管机构被迫部分暂停该方案，导致贷款机构向数百万英国消费者支付数十亿英镑款项的启动时间被推迟，而 FCA 最初希望在今年开始支付。这使得 FCA 的赔偿方案处于不确定状态，因为如果法庭支持任何一项挑战，该方案就有被放弃的风险。

大众金融服务（VWFS）表示，最终成本可能与目前的拨备额有“重大差异”。Stellantis 金融服务英国公司和宝马的英国金融部门也警告称，最终成本和向客户支付款项的时间仍存在“不确定性”。

VWFS、梅赛德斯-奔驰金融服务和法国农业信贷汽车金融（Crédit Agricole Auto Finance）已对 FCA 的方案提出上诉。

📄 Original Section

Goldman joins list of EY data breach victims

HARRIET AGNEW, STEPHEN FOLEY, TOM WILSON AND JOSHUA FRANKLIN

Clients of Goldman Sachs' wealth management division and UK-listed hedge fund Man Group are among the victims of a major data breach at Big Four accounting firm EY, according to notifications sent out in recent weeks.

The disclosures widen the circle of victims of a hacking incident in March and April that the accounting firm first disclosed in July. It stemmed from a vulnerability in Checkmarx software, which had an impact on EY, several clients and many other organisations, EY said.

Months after the attacks, EY has warned individuals who were clients of firms using EY's tax services – including Goldman Sachs, Man Group and real estate developer Tishman Speyer – that their personal and financial information had been compromised.

Cyber security has become a highly sensitive issue at professional services firms, which pitch themselves as expert advisers on the topic. Firms such as EY process client data on their systems and must take extensive precautions to prevent leaks, including negotiating bespoke terms with technology providers to segregate data on shared cloud infrastructure.

Letters sent to the affected clients at the end of last month said that between

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Limbering up Frasers takes 8.8% Under Armour stake

🌐 对照英文

美国运动装集团 Under Armour 在销售压力以及股价自 2015 以来暴跌的背景下，正专注于销售利润率更高的高端产品。

由大亨迈克·艾希利（Mike Ashley）控制的零售商 Frasers Group 已购入陷入困境的美国运动装制造商 Under Armour 近 10 per cent 的股份。

根据 10 月 1 with 美国监管机构提交的文件，Frasers 购入了 Under Armour 16.6mn 股股票，占该公司股份的 8.8 per cent。

这家以 Sports Direct 所有者身份著称的公司，一直有收购其他零售连锁店股份的记录。在寻求突破本土市场、实现增长的过程中，该公司在海外的交易活动也十分频繁。

8 月，该公司将其在德国时尚品牌 Hugo Boss 的持股比例提高至 48 per cent，就在此一周前，它刚刚收购了陷入困境的英国百货公司 Harvey Nichols。

Under Armour 由前美式足球运动员凯文·普兰克（Kevin Plank）于 1996, 创立，在从耐克（Nike）和阿迪达斯（Adidas）抢占市场份额的过程中经历了爆发式增长。

但这家总部位于巴尔的摩的公司在 2015, 达到顶峰后，由于在“运动休闲装”领域的扩张失败损害了投资者信心，股价大幅下跌。

普兰克正试图振兴

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‘[The hack] did not impact broader EY enterprise systems and presents no threat to ongoing business’

March 28 and April 12 an “unauthorised third party” downloaded documents pertaining to EY clients. The letters, which were signed by Robb Canning, EY’s New York-based deputy ethics and compliance officer, said that affected personal information included “name, address, tax identifier, email address, financial information”.

EY in July reported the incident to regulators in California, Texas, Massachusetts and Vermont. Notice to the state attorney-general is required when a single breach affects a number of residents over a given threshold.

The same month, the largely anonymous cyber criminal group ShinyHunters claimed responsibility for the hack.

Goldman told its wealth management clients last month that EY had hired an independent cyber security firm to confirm that systems involved in the incident were now secure. Goldman and Man Group said their internal systems were not affected. Tishman Speyer's systems were also not compromised.

EY said the incident “did not impact broader EY enterprise systems and presents no threat to ongoing business”. It added that a review of the affected data was in its final stages, with the results being communicated “directly to clients as the review process concludes”. Additional reporting by Ellesheva Kissin in London

UK COMPANIES

Retail

“[Under Armour 品牌正面临] 挑战性的消费者需求环境”

🌐 对照英文

该品牌在 8 月表示，他正专注于简化业务，并以全价销售更多高端商品，这类商品的利润率通常高于折扣商品。

由于在北美的表现疲软，该零售商在截至 6 月底的三个月内，营收下降 3 per cent，至 11亿美元。

普兰克表示，该品牌正面临“挑战性的消费者需求环境”——这一问题同样影响了其许多规模更大的同行。其中包括耐克（Nike），该公司上周制定了裁员计划，并表示由于在美国到中国的各市场销售停滞，预计未来一年营收将下降。

去年，Frasers 收购了美国奢侈品零售商 The Webster；同时在澳大利亚，它建立了鞋类零售商 Accent Group 的大量股份，并在 6 月对其发起了恶意收购。

作为构建国际零售集团这一更广泛计划的一部分，Frasers 还通过在南非的收购进行了扩张。

在截至 4 月 26, 的年度中，受国际营收增长 59.2 per cent 的推动，集团营收增长 8.7 per cent，至 53亿英镑。金融时报记者

工业

📄 Original Section

Canada's Weston family to buy Boots

Deal worth \$8.9bn marks UK chain's second change of owner in barely one year

IVAN LEVINGSTON AND LAURA ONITA

The Canadian branch of the Weston family has agreed to buy Boots in an \$8.9bn deal that marks its second change of ownership in little over a year and ends Stefano Pessina's 20-year association with the UK health and beauty retailer.

The Westons, who own the grocery chain Loblaws and pharmacy retailer Shoppers Drug Mart, said yesterday that they had entered into a definitive agreement to buy Boots from private equity firm Sycamore Partners.

“We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come,” said Galen Weston Jr, chair of the family’s Wittington investment vehicle, who will become chair of Boots.

Sycamore acquired Boots last year as part of its \$23.7bn purchase of parent company Walgreens Boots Alliance, in partnership with Pessina and his family.

After the takeover, Sycamore split the group into five standalone companies, one of which was Boots. Pessina and his family hold a 44 per cent stake in each.

With his partner Ornella Barra, Pessina has been closely involved with Boots since the pair merged it with their European pharmaceuticals business Alliance UniChem in 2006.

Pessina then teamed up with private equity firm KKR to take took Boots private the next year before reversing the UK chain into Walgreens. “We are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage,” Pessina said in a statement.

Toronto-based Fairfax Financial Holdings, which has investments in the retail sector, partnered with Wittington on the deal. Sycamore and Pessina will retain ownership of Boots' interests in Mexico's Farmacias Benavides and Germany's Alliance Healthcare Deutschland, with the deal expected to close in the first quarter of next year.

The deal marks a return to UK retail for the Westons almost five years after they sold luxury department store Selfridges for £4bn to a Thai conglomerate. The British branch of the family controls fast-fashion chain Primark and owns upmarket department store Fortnum & Mason.

Performance at Boots has improved in recent years, partly driven by investments in its beauty halls in some stores. — one of the more durable corners of consumer spending – although many of its 1,800 stores have still received little investment

The sale of the chain ends the prospect of Sycamore floating Boots on the London stock market, an IPO that would have provided a badly needed boost to the struggling market.

Nottingham-based Boots recently appointed former Currys boss Alex Baldock as chief executive.

CIBC and Morgan Stanley were lead financial advisers to Wittington while Skadden and A&O Shearman provided legal advice. UBS and Rothschild were lead financial advisers to Boots, with Davis Polk acting as legal adviser to the group.

Financial services

Ineos 旗下部门的油气收益抵消化学品业务下滑

🌐 对照英文

ALICE HANCOCK

吉姆·拉特克利夫爵士（Sir Jim Ratcliffe）旗下的 Ineos 帝国中，一个部门的油气收益激增，掩盖了其化学品投资组合的剧烈恶化以及汽车制造部门不断扩大的亏损。

根据提交至公司注册处（Companies House）的账目， Industries 运营着该企业集团的数家石化业务以及能源和汽车公司，去年税前亏损 22亿欧元。

该部门约占 集团总营收的三分之一。其在 2024 年录得 20亿欧元 的亏损。

去年， Industries 的石化业务营收下降 10 per cent，至 150亿欧元，该业务受到了高能源成本、亚洲进口产品进入欧洲的竞争以及需求疲软的打击。该部门的调整后收益下降四分之一，至 €622mn。

但这被 Industries 能源部门收益的改善所抵消，该部门包括在英国和美国的离岸油气生产，去年收益增长 41 per cent，至 €935mn。

这些数据凸显了欧洲化学工业的糟糕状态。 FCA 上个月表示，由于能源价格“高得离谱”，将使其在英国的 3 家工厂停产，并指出欧洲的天然气价格最高可达美国的 12 倍。

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VW car loans unit sets aside £725mn for client redress

KANA INAGAKI

Volkswagen has set aside £725mn to cover costs relating to the car finance mis-selling scandal, marking the biggest figure yet for a car manufacturer and raising the total hit to the automotive industry to more than £1.5bn.

Volkswagen Financial Services, the UK financing arm of the German carmaker, said it would take a £725mn provision but added that there remained “uncertainty over the final outcome” of the redress scheme put in place by the Financial Conduct Authority.

The multibillion-pound scandal stems from poorly disclosed commissions paid to dealerships when car buyers took out loans.

The financial arm of Stellantis, which owns Vauxhall, Peugeot and Fiat brands, recently said its charge related to the motor finance scandal had risen to £221.3mn at the end of December, from just £37.1mn in 2024. In a filing last month, BMW Financial Services (GM) said it had set aside £611.6mn.

The UK financial arm of Mercedes-Benz has set aside about £400mn in provisions to cover the costs of any claims made under the scheme, according to a person familiar with the matter. The company declined to comment.

The disclosures come after the FCA presented scaled-back proposals in March for a redress programme that it predicted could cost lenders £9.1bn.

The UK regulator was forced to partially suspend the scheme due to a legal dispute with lenders and consumer groups, delaying the start of billions of pounds in payments by lenders to millions of British consumers, which the FCA had initially hoped would begin this year. It leaves the FCA's redress scheme in the balance, as it risks being abandoned if the tribunal upholds any of the challenges.

VWFS said the final cost could “vary materially” from the current provision. Stellantis Financial Services UK and the UK financial arm of BMW have also warned that “uncertainty” remains over the final cost and timing of payments to customers.

VWFS, Mercedes-Benz Financial Services and Crédit Agricole Auto Finance have appealed against the FCA scheme.

“情况依然困难，尤其是对于能源成本高昂的制造业企业而言”

🌐 对照英文

Ineos 表示，其生产基础工业化学品和聚氯乙烯（PVC）的大宗化学品部门 Inovyn 受到了“来自亚洲进口产品的强劲竞争压力”以及欧洲需求低迷的影响。

伯恩斯坦（Bernstein）负责欧洲化学品行业的资深分析师詹姆斯·胡珀（James Hooper）估计，在“未来几年”内，多达 9% 的欧洲化学品产能可能会关闭。

虽然石油巨头已将石化产品视为增长来源，但 Ineos 扩大了其离岸油气资产，尤其是在美国。

拉特克利夫（Ratcliffe）的企业集团还涵盖时尚、汽车以及曼联等体育俱乐部的所有权。他长期以来一直批评欧洲的绿色议程及其对投资者情绪的影响，尽管该集团目前正在向安特卫普的一家工厂投资 48亿欧元。

债券投资者对 的沉重债务状况及其帝国的扩张规模表示担忧。

Industries 在 2025 年底拥有 84亿欧元 的外部借款，此外还欠“关联方” 88亿欧元。该公司还因其汽车部门的开发成本而遭受了 €333.5mn 的减值损失。

表示，其汽车部门经历了一个“极具挑战的一年”，这在很大程度上归因于美国关税的征收。

该公司表示，尽管欧洲制造业面临着“数十年来最具挑战性的环境”，但 Industries 在 2025 年仍实现了“韧性表现”。

该公司补充道：“虽然情况依然困难，尤其是对于面临高能源成本和碳税的制造业企业而言，但 将继续进行长期投资。”

银行

📄 Original Section

Limbering up Frasers takes 8.8% Under Armour stake

US sportswear group Under Armour is focusing on selling more premium goods that command higher margins amid pressure on sales and a plunge in its share price since 2015

Frasers Group, the retailer controlled by tycoon Mike Ashley, has built an almost 10 per cent stake in struggling US sportswear maker Under Armour.

Frasers acquired 16.6mn shares in Under Armour, or 8.8 per cent of the company, according to a filing on October 1 with US regulators.

The company, which is best known as the owner of Sports Direct, has a record of snapping up stakes in other retail chains. It has also been on a dealmaking tear overseas as it seeks to grow beyond its home market.

In August, it raised its stake in German fashion brand Hugo Boss to 48 per cent, just a week after acquiring struggling UK department store Harvey Nichols.

Founded by former American football player Kevin Plank in 1996, Under Armour enjoyed explosive growth as it took market share from Nike and Adidas.

But shares in the Baltimore-based company have plunged since peaking in 2015, after a botched expansion into “athleisure wear” hurt investor confidence.

Plank, who is attempting to revive

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汇丰银行将削减财富管理业务岗位

🌐 对照英文

ORTENCA ALIAJ

汇丰银行（HSBC）计划对其英国财富管理业务进行大规模裁员，大幅削减财务顾问和其他专家的数量，旨在推动利用 AI 来服务富裕客户。

据知情人士透露，该银行将削减其英国财富业务的岗位。其中一人表示，预计该业务约一半的管理和专家岗位将被取消，而财务顾问岗位的削减幅度将接近 70%。

一名人士将此次裁员描述为“深层、广泛且残酷”，并补充说几乎整个团队都将被裁员。汇丰银行并未详细披露其英国财富业务的雇员人数，但据信该行在全国范围内拥有数百名客户关系经理。

据一名知情人士透露，该银行目前正就拟议的变更处于“磋商期”。受影响的员工预计将在本月底离开银行。

该银行表示：“我们正在继续演进，以提供更多数字化产品和流程，以支持我们一流的财富服务并满足客户不断变化的需求。”

此次裁员发生之际，关于广泛采用

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'[The Under Armour brand is facing a] challenging consumer demand environment'

the brand, said in August he was focused on simplifying the business and selling more premium goods at full price, which typically have better profit margins than discounted goods.

The retailer posted a 3 per cent drop in revenue to \$1.1bn in the three months to the end of June, dragged down by a weak performance in North America.

Plank said the brand was facing a “challenging consumer demand environment” – an issue also affecting many of its larger peers. Those include Nike, which last week set out plans to cut jobs and said it was expecting a decline in revenue in the coming year as sales stalled in markets from the US to China.

Last year, Frasers acquired The Webster, a US luxury retailer, while in Australia it built a sizeable stake in footwear retailer Accent Group and in June it launched a hostile takeover bid for the business.

Frasers has also expanded through acquisitions in South Africa as part of a broader push to build an international retail group.

Group revenue rose 8.7 per cent to £5.3bn in the year to April 26, driven by international revenue growth of 59.2 per cent. FT reporters

Industrials

“我们正在利用 AI 为客户经理赋能，以帮助他们更快速地服务客户”

🌐 对照英文

AI 的广泛采用将有助于提高现有员工的生产力，或允许公司在规模小得多的员工队伍下运行。

这些举措似乎标志着与两年前情况的逆转。当时，汇丰银行（HSBC）展开了一场招聘热潮，旨在扩大其在英国的财富管理和私人银行业务，并设定了一个雄心勃勃的目标，即在十年末将管理资产规模翻倍至 1000亿英镑。截至去年年底，其资产规模略高于 620亿英镑。

此次变动发生在汇丰银行英国财富管理与个人银行主管何塞·卡瓦略（José Carvalho）离职之后。他在上个月的一篇 LinkedIn 帖子中宣布，在任职三年后将卸任该职务。

汇丰银行首席执行官乔治·埃尔赫德里（Georges Elhedery）自 2024 年 9 月接掌权力以来，已将 AI 作为其简化银行架构战略的核心部分。他还承诺通过削减管理层级和消除重复的高管职位来减少银行的人员编制。

在今年夏天发布的一份名为《我们的战略——建立在信任之上，由 AI 加速》的报告中，埃尔赫德里特别指出，财富管理是 AI 能够产生最大影响的领域之一。

他写道：“我们正在利用 AI 为客户经理赋能，以帮助他们更快速地服务客户，同时通过提供更相关的客户支持来个性化服务体验。”

工业

📄 Original Section

Ineos arm's oil and gas earnings offset chemicals downturn

ALICE HANCOCK

A surge in oil and gas earnings in a division of Sir Jim Ratcliffe's Ineos empire has masked a sharp deterioration in its chemicals portfolio and widening losses in its carmaking arm.

Ineos Industries, which operates several of the conglomerate's petrochemicals businesses as well as its energy and automotive companies, reported a pretax loss of €2.2bn last year, according to accounts posted at Companies House.

The division makes up about a third of total revenues at conglomerate Ineos. It posted losses of €2bn in 2024.

Revenues last year dropped 10 per cent to €15bn in Ineos Industries' petrochemicals business, which has been battered by high energy costs, competition from Asian imports into Europe and weak demand. Adjusted earnings in the division fell a quarter to €622mn.

But that was offset by improved earnings from Ineos Industries' energy division, which includes offshore oil and gas production in the UK and US, with a rise of 41 per cent to €935mn last year.

The figures underline the dire state of Europe's chemicals industry. Ineos said last month that it would idle three of its UK plants due to "ridiculously high" energy prices, pointing to gas prices in Europe of up to 12 times that of the US.

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英国皇家邮政将削减 2,500 个非投递岗位

🌐 对照英文

JASON MA

英国皇家邮政（Royal Mail）将削减 2,500 个工作岗位。这家由捷克亿万富翁丹尼尔·克雷廷斯基（Daniel Křetínský）持有的陷入困境的邮政服务公司正寻求降低成本，以资助一项旨在缩短投递时间的 £500mn 计划。

这家前国有公司表示，此次裁员将于 2028年生效，涉及行政和支持岗位，不包括邮件投递员和投递司机等面向客户的岗位。

英国皇家邮政首席执行官阿里斯泰尔·科克伦（Alistair Cochrane）表示，这些变动将消除“重复”工作，并使其能够“进一步投资于服务”，因为该公司正试图将业务重心从信件转向包裹投递。

此次裁员影响的人数少于英国皇家邮政 131,000 名员工的 2%，是克雷廷斯基去年斥资 53亿英镑 收购该公司以来的首次裁员。

长期以来，英国皇家邮政一直难以达成投递目标，且在不断演进的行业中处于落后地位。在克雷廷斯基接管后，该公司于 4 月公布了 £500mn 的投资计划。该公司 6 月表示，其一类邮件的准时投递率仅为 75.7%，而目标是 93%。

通信监管机构英国通信管理局（Ofcom）已对英国皇家邮政“不可接受”的投递水平启动调查，并于去年因其未达成投递目标而对其处以 £21mn 的罚款。

裁员将影响英国皇家邮政 131,000 名员工中的不足 2%，该公司去年被收购价格为 53亿英镑。

克雷廷斯基 3 月在下议院商业和贸易委员会表示，他对公司的现状感到“深表遗憾”。

英国皇家邮政今年表示，将缩减服务规模，包括减少二类邮件的投递天数。该公司称，这些变动使一类邮件的投递时间同比缩短了 9%。

该公司还试图进一步进军包裹市场，与亚马逊（Amazon）、DPD 和 DHL 等公司竞争。上个月，它收购了拥有 3,000 个包裹储物柜的 Quadient UK。该公司表示，裁员带来的成本节省将有助于资助其在包裹业务方面的增长。

通信工人联盟（Communication Workers Union）副总书记马丁·沃尔什（Martin Walsh）表示，此次裁员是对员工的又一次打击，并且是“该公司在打击员工士气，且未能为客户及更广泛的社区提供服务的进一步证明”。

“我们敦促政府面对英国皇家邮政崩溃的现实，并介入以拯救这一国家机构。”

Unite 工会总书记莎伦·格雷厄姆（Sharon Graham）表示：“这对员工或客户都没有好处。这不会提高服务质量，员工绝不能成为公司、政府或英国通信管理局（Ofcom）错误决策的替罪羊。”

Alice Hancock 在伦敦提供了额外报道

股票。S&P 500

📄 Original Section

'Conditions remain difficult, particularly for manufacturing businesses [with] high energy costs'

Ineos said its commodity chemicals division Inovyn, which produces basic industrial chemicals and PVC, had been hit by “strong competitive pressure from Asian imports” and low demand in Europe.

James Hooper, a senior analyst covering European chemicals at Bernstein, estimated that as much as 9 per cent of European chemicals production could close “in the next few years”.

While oil majors have turned to petrochemicals as a source of growth, Ineos has expanded its offshore oil and gas assets, particularly in the US.

Ratcliffe, whose conglomerate also includes fashion, cars and ownership of sports teams such as Manchester United, has long been a critic of Europe's green agenda and the impact it has on investor sentiment, although the group is in the process of making a €4.8bn investment in a plant in Antwerp.

Bond investors have raised concerns about Ineos' heavy debt position and the sprawling nature of the Ineos empire.

Ineos Industries ended 2025 with €8.4bn of external borrowings alongside a further €8.8bn owed to “related parties”. It was also hit by a €333.5mn impairment charge on development costs in its automotive division.

Ineos said its car division had a "hugely challenging year", in large part thanks to the imposition of US tariffs.

It said Ineos Industries had delivered a “resilient performance” in 2025 “despite some of the most challenging conditions European manufacturing has faced in decades”.

It added: “While conditions remain difficult, particularly for manufacturing businesses exposed to high energy costs and carbon taxation, Ineos continues to invest for the long term.”

Banks

AI 支出热潮为丰厚业绩季铺路

🌐 对照英文

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📄 Original Section

HSBC to axe jobs across wealth operation

ORTENCA ALIAJ

HSBC is planning sweeping job cuts in its UK wealth management business, drastically reducing its ranks of financial advisers and other specialists as part of a push to use AI to help serve wealthy clients.

The bank will cut roles across its UK wealth business, according to people familiar with the plans. About half of the business's management and specialist roles are expected to go, while the reduction in the ranks of financial advisers will be closer to 70 per cent, one of the people said.

One person described the cuts as "deep, wide and brutal", adding that almost entire teams would be made redundant. HSBC does not break down how many people it employs in its UK wealth business, but it is thought to have hundreds of relationship managers based across the country.

The bank is in a “consultation period” regarding the proposed changes, according to one person familiar with its plans. Affected staff are expected to leave the bank at the end of the month.

“We’re continuing to evolve to deliver more digitally enabled products and journeys to support our best-in-class wealth service and meet the changing needs of our customers,” the bank said.

The redundancies come amid debate about whether the widespread adoption

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科技巨头基础设施驱动，最新季度利润预计增长 $27\%$

🌐 对照英文

乔治·斯蒂尔 (GEORGE STEER) 与 HSBC 拉姆塞·霍奇森 (RAMSAY HODGSON) —— 纽约

在人工智能（AI）建设的大规模投入刺激下，美国正准备迎接又一个企业盈利丰收的季度。

这种强劲的增长应能帮助华尔街在借贷成本上升的背景下，化解对 AI 交易持久性的担忧，但可能无法减轻人们对创纪录的高位股市过度依赖少数科技股的忧虑。

据高盛（Goldman Sachs）预测，财报季将于下周开启，在 AI 基础设施繁荣核心企业的推动下，标准普尔 500 指数（S&P 500）公司 9 月季度的盈利预计将比去年同期增长 27%，由处于 AI 基础设施繁荣中心的公司推动。

法国兴业银行（Société Générale）美国股票首席策略师马尼什·卡布拉（Manish Kabra）表示，这将是盈利增长连续第三个季度超过 25% —— 在金融危机后的复苏期之外，这种情况前所未有。营收增长预计将达到 12%。

联邦赫尔姆斯（Federated Hermes）股票首席投资官史蒂夫·恰瓦罗内（Steve Chiavarone）表示，很大程度上得益于 AI 建设的资本支出，投资者正见证着“我们有生以来最好的盈利和利润率增长”。

他补充道：“人们积累的担忧……会被盈利数据击碎。”

华尔街股市在周二收于历史最高点，基本忽略了从 8 月中旬开始并在上个月美国联邦储备委员会三年来首次加息后加速的国债市场抛售。

结果导致长期借贷成本飙升至二十多年来的最高水平。这给美国经济中对利率更敏感的领域（如金融、房地产和公用事业）以及小型企业和消费者带来了压力。

尽管如此，根据 FactSet 的数据，标准普尔 500 指数的所有 11 个板块预计都将报告盈利增长。

该数据提供商还指出，创纪录的 72 家标准普尔 500 指数公司对 9 月季度发布了积极的盈利指引，而发布负面指引的企业数量处于五年来的最低水平。

2026 年第三季度数据为预估值

来源：FactSet

一些市场观察人士预计好时光将继续。高盛美国股票首席策略师本·斯奈德（Ben Snider）表示：“无论是近期的宏观经济数据，还是与 AI 投资热潮相关的信号，都没有指向增速放缓。”

由于霍尔木兹海峡关闭引发能源价格飙升（这令美国消费者承受了痛苦），美国能源公司预计将获得巨额利润。

根据数据提供商 FactSet 的数据，西德克萨斯中质原油（WTI）价格在第三季度跳涨 30%，这意味着在美上市的能源巨头预计季度盈利将同比增长 114%，高于 6 月底预测的 79% 增长。

马拉松石油（Marathon Petroleum）与 HSBC 瓦莱罗（Valero）

2026 年第三季度数据为预估值

一名在纽约证券交易所交易大厅的交易员。随着投资者将资金注入狭窄的 AI 相关股票范围，市场广度已降至互联网泡沫时期以来的最低水平。

图片来源：Michael M. Santiago / Getty Images

投资者正见证“我们有生以来最好的盈利和利润率增长”

能源行业被认为是主要受益者之一。

但分析师表示，市场盈利增长的大部分将再次来自科技巨头。芯片公司美光（Micron）上周报告净利润为 377亿美元，高于一年前的 32亿美元，预示了未来的趋势。

在政府借贷成本上升和能源价格回升压制其他行业之际，包括 Meta、Alphabet 和博通（Broadcom）在内的一小组大型科技股也在支撑着更广泛的股票市场。

高盛估计，美光（Micron）和英伟达（Nvidia）预计将占据市场季度总盈利增长的三分之一以上。

这引发了人们对盈利增长狭窄程度以及支撑股市高点的 AI 相关股票的担忧，因为其中几家公司通常互为客户或投资者。

随着投资者继续将资金注入范围日益狭窄的 AI 相关股票，市场广度已跌至互联网泡沫时期以来的最低水平。

高盛分析师预计，所谓的超大规模云服务商在 9 月季度的资本支出年增长率将达到 116%，较 6 月季度的 87% 增长有所加速。

Pimco 经济学家蒂法尼·怀尔丁（Tiffany Wilding）认为，任何投资增长放缓的迹象都将给美国经济带来麻烦。

“届时，经济韧性将更加依赖于 AI 驱动的生产力提升能否足够迅速地到来，以取代正在消退的 [支出]，”怀尔丁在本周的一份报告中写道。

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股票

📄 Original Section

‘We are empowering relationship managers with AI to help them serve customers faster’

of AI will help boost the productivity of existing staff or allow companies to operate with far smaller workforces.

They also appear to mark a reversal from two years ago when HSBC embarked on a hiring spree to grow the UK's wealth and private banking operations with an ambitious target of doubling assets under management to £100bn by the end of the decade. It had just over £62bn in assets at the end of last year.

The move follows the departure of José Carvalho, HSBC's head of wealth and personal banking in the UK, who announced he would step down from the role in a LinkedIn post last month after three years.

HSBC chief executive Georges Elhedery has made AI a central part of his strategy to simplify the bank since taking the reins in September 2024. He also pledged to reduce the bank's headcount by stripping out layers of management and eliminating duplicate senior roles.

In a report published this summer titled “Our strategy – built on trust, accelerated with AI”, Elhedery singled out wealth management as one of the areas where it could have the most impact.

“We are empowering relationship managers with AI to help them serve customers faster, while at the same time personalising the experience by providing more relevant customer support,” he wrote.

Industrials

日本将从 Topix 指数中剔除数百只股票

🌐 对照英文

大卫·基恩 (DAVID KEOHANE) —— 东京

日本证券交易所公布了一项创纪录的基准指数 Topix 调整计划，近 700 只股票面临被剔除出该指数的风险，而追踪该指数的被动基金规模近 $1tn。

此举是日本交易所集团 (Japan Exchange Group) 负责人山路宏美 (Hiromi Yamaji) 领导的一场更广泛改革运动的一部分。他一直敦促企业通过提高回报率以及改善与股东的互动方式来提升估值。

日本交易所集团 (JPX) 此前已着手精简 指数，第一阶段改革在去年年初达到顶峰，将指数中的股票数量从约 2,200 只减少到 1,700 只。被剔除出指数会触发被动投资者的自动抛售，而被纳入则会驱动需求。

被认为比知名度更高的 Nikkei 225 指数更广泛且更具代表性，因为后者的权重由价格而非市值决定。然而， HSBC 中股票数量过多令部分投资者感到担忧。

的最大权重股是市值高达数千亿加元的全球运营商，以巨头银行三菱日联金融集团 (Mitsubishi UFJ Financial)、全球最大汽车制造商丰田 (Toyota) 和技术投资者软银集团 (SoftBank Group) 为首。

而在名单的另一端则是像 Prored Partners 这样市值仅为 36亿人民币 ($22.7mn) 的管理咨询公司，以及市值仅略高一点的房地产和仓储企业 Phil Company。

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📄 Original Section

Royal Mail to shed 2,500 non-delivery roles

JASON MA

Royal Mail is to cut 2,500 jobs as the ailing postal service owned by Czech billionaire Daniel Křetínský seeks to reduce costs to fund a £500mn plan to improve delivery times.

The former state-owned company said the job losses, to take effect 2028, would be in administrative and support roles and would not involve those in customer-facing positions, such as mail delivery workers and delivery drivers.

Alistair Cochrane, Royal Mail chief executive, said the changes would remove “duplication” and allow it to “invest further in the service”, as the company attempts to reorientate itself away from letters to parcel delivery.

The job losses, which will affect fewer than 2 per cent of Royal Mail's 131,000 staff, are the first since Křetínský paid £5.3bn for the business last year.

Royal Mail has long struggled to meet delivery targets and has lagged behind in an evolving industry. The £500mn investment plan was unveiled in April after Křetínský's takeover. The company said in June that it had managed to deliver only 75.7 per cent of first-class mail on time; its target was 93 per cent.

Communications watchdog Ofcom has launched a probe into “unacceptable” delivery levels at Royal Mail and

Losses will affect fewer than 2% of the 131,000 staff at Royal Mail, which was bought last year for £5.3bn

last year fined the company £21mn for missing delivery targets.

Křetínský told the House of Commons business and trade committee in March that he was “deeply sorry” for the state of the business.

Royal Mail said this year that it would scale back services, including reducing the number of delivery days for second-class post. It said the changes had helped improve first-class delivery times by 9 per cent year on year.

It is also attempting to push further into the parcels market, competing with the likes of Amazon, DPD and DHL. Last month it bought Quadient UK, which owns 3,000 parcel lockers. It said cost savings from the job cuts would help fund its growth into parcels.

Martin Walsh, deputy general secretary of the Communication Workers Union, said the job losses were another blow to staff and “further evidence of a company that is demoralising staff and failing to deliver for customers and the wider community.

"We urge the government to confront the reality of a collapsing Royal Mail and intervene to save this national institution."

Unite general secretary Sharon Graham said: “This is not good for employees or customers. It will not improve quality of service and the workforce must not be made the scapegoats for poor decisions made by the company, government or Ofcom.”

Additional reporting by Alice Hancock in London

Equities. S&P 500

“通过促进更广泛的价值创造，此次改革可能对日本股票产生积极影响”

🌐 对照英文

新规则将基于相对表现，要求公司必须满足流动性义务，且其自由流通市值排名需在前 97% 之内。新进入者则必须排名在前 96% 之内。

这意味着，如果公司无法跟上增长较快同行的步伐，可能会被剔除出指数，投资者希望这将能激励竞争。

昨日公布的审查结果显示，有 683 只成分股未能满足新标准，面临最终被剔除的风险。与此同时，将有 35 家公司被纳入该指数。

针对表现最差企业的调整将逐步进行，计划在 2028 年 7 月前完成全部剔除。

负责监督此次变更的 JPX 市场创新与研究部门预计， 最终将包含至少 986 家公司，而截至 8 月底该数字为 1,636 家。最终数量将取决于明年 10 月的重新评估。

分析师还表示，这些举措应能让被动投资者更容易追踪 指数。根据瑞银 (UBS) 分析师的数据，该指数是估计价值 ¥155tn 的被动资产的基准。

瑞银日本股票分析师小林千纱 (Chisa Kobayashi) 表示：“通过在整个日本企业界促进更广泛的价值创造，此次改革可能对日本股票产生长期积极影响。” 详见 Lex 专栏

📄 Original Section

AI spending spree sets stage for bumper earnings season

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澳大利亚为全球电力存储行业提供“来自未来的明信片”

🌐 对照英文

今年第二季度，澳大利亚的主要电力市场发生了一件非同寻常的事情。在国家电力市场（National Electricity Market）中，平均批发现货价格——该市场覆盖了全国九成的人口——比一年前低了 47%。

一个关键驱动因素是，昂贵的燃气发电量下降了近三分之一，这在很大程度上归功于该国电力存储电池规模的爆发式增长。

国际能源署（IEA）表示，相对于人口规模，澳大利亚目前拥有全球最高的大规模电池普及率，而这类电池已成为全球增长最快的电力技术。

澳大利亚电价的下降表明，电网级电池如何通过在发电充足期间存储极低成本的风能和太阳能，并在随后释放，从而帮助降低电费成本和碳排放。

可再生能源公司 Neoen 的首席执行官 Xavier Barbaro 表示，对于全球电力存储行业而言，澳大利亚提供了一张“来自未来的明信片”。该公司在澳大利亚开发了多个大型电池项目。

但他补充说，这也提供了一个警告——关于“同类相食”（cannibalisation）风险的警告。

电池存储项目有多种盈利方式，包括提供快速频率响应以稳定电网。但电网对这些所谓辅助服务的需求量是有限的。

因此，在像澳大利亚这样部署规模巨大的市场中，电池项目最大的收入来源往往是套利——在价格低时（例如中午太阳能激增时）买电，在价格高时（通常是傍晚家庭需求激增时）卖电。随着澳大利亚电池存储规模的激增，电力市场的波动性在很大程度上得到了平滑。这对消费者是有利的，但对电池运营商本身则不然，因为他们正在削减自身获利的价差。

本质上，他们的效率太高，反而对自己不利。

澳大利亚国家电力市场（NEM）的已安装电池存储规模在第二季度比一年前规模大了两倍多，但该行业的收入却下降了 56%。

专注于电池存储和可再生能源的研究公司 Modo Energy 的董事 Ed Porter 表示：“当电池首次进入市场时，它们获得的报酬过高。”这是因为它们在傍晚需求高峰期间，与昂贵的燃气“峰值”电厂正面竞争以提供电力。

但 Porter 补充道，一旦电池存储规模化部署，“电池不再与燃气竞争，而是与电池竞争，然后价格就会一路下跌，下跌，再下跌”。

对于该领域的公司和投资者来说，同类相食的威胁是严重的——但他们表示，他们正在寻找管理这一风险的方法。

Barbaro 表示，Neoen 能够通过卓越的技术和管理来保护其在澳大利亚的利润率。

“如果你拥有正确的竞价策略、正确的算法以及正确的组合

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📄 Original Section

Profits expected to have risen $27\%$ in latest quarter amid Big Tech's infrastructure drive

GEORGE STEER AND RAMSAY HODGSON — NEW YORK

The US is gearing up for another quarter of bumper corporate earnings spurred by lavish spending on the AI build-out.

The robust growth should help Wall Street shrug off worries about the durability of the AI trade against the backdrop of rising borrowing costs but may do little to allay concerns about how reliant the record-high stock market has become on a small group of technology names.

Reporting season kicks off next week with S&P 500 earnings forecast to have risen 27 per cent in the September quarter from a year earlier, according to Goldman Sachs, propelled by companies at the centre of the AI infrastructure boom.

That would mark the third consecutive quarter in which earnings growth has exceeded 25 per cent – an unprecedented run outside of the recovery from financial crises, according to Manish Kabra, chief US equity strategist at Société Générale. Revenue growth is forecast to hit 12 per cent.

Investors are witnessing “the best earnings and margin growth in our lifetime” thanks largely to capital expenditure on the AI build-out, said Steve Chiavarone, chief investment officer for equities at Federated Hermes.

"People build up concerns . . . that get smashed in the face by earnings," he added.

Wall Street stocks closed at a record high on Tuesday, having largely shrugged off a sell-off in the Treasury market that began in mid-August and accelerated after the US Federal Reserve last month raised interest rates for the first time in three years.

Longer-term borrowing costs have surged to their highest levels in more than two decades as a result. That has heaped pressure on the more interest rate-sensitive segments of the American economy such as financials, real estate and utilities, as well as smaller businesses and consumers.

Still, all 11 S&P 500 sectors are expected to report earnings growth, according to FactSet.

The data provider also notes that a record-high 72 S&P 500 companies have issued positive earnings guidance for the September quarter while the number of businesses issuing negative guidance is at its lowest in five years.

Data for Q3 2026 is an estimate

Source: FactSet

Some market watchers expect the good times to continue. “Neither recent macroeconomic data nor signals relating to the AI investment boom point to a slowdown,” said Ben Snider, Goldman Sachs’ chief US equity strategist.

US energy companies are expected to post bumper profits thanks to the spiralling energy prices triggered by the closure of the Strait of Hormuz that have punished American consumers.

A 30 per cent jump in the price of West Texas Intermediate oil in the third quarter means US-listed energy majors are expected to report a 114 per cent year-on-year jump in quarterly earnings growth, up from a forecast of 79 per cent growth at the end of June, according to data provider FactSet.

Marathon Petroleum and Valero

Data for Q3 2026 is an estimate

A trader on the floor of the New York Stock Exchange. Market breadth has hit its lowest since the dotcom bubble as investors pump money into a narrow range of AI-linked stocks

Michael M. Santiago/Getty Images

Investors are seeing 'the best earnings and margin growth in our lifetime'

Energy are tipped to be among the main beneficiaries.

But the bulk of the market's earnings growth is again set to come from Big Tech, analysts said. Chip group Micron last week gave a preview of things to come when it reported net income of \$37.7bn, up from \$3.2bn a year before.

A small group of large tech stocks – including Meta, Alphabet and Broadcom – is also carrying the broader equity market as rising government borrowing costs and resurgent energy prices weigh on other sectors.

Micron and Nvidia are expected to account for more than one-third of the market's total quarterly earnings expansion, Goldman estimated.

That is fuelling concerns about the narrowness of the earnings growth and the AI-related names underpinning the stock market's highs with several of the companies often customers of and investors in the others.

Market breadth has plunged to its lowest since the dotcom bubble as investors continue to pump money into an increasingly narrow range of AI-linked stocks.

Analysts at Goldman expect capital expenditure by the so-called hyperscalers to have grown at an annual pace of 116 per cent in the September quarter, marking an acceleration from the June quarter's 87 per cent expansion.

Any signs of slowing investment growth would spell trouble for the US economy, according to Pimco economist Tiffany Wilding.

“Economic resilience would then become more dependent on AI-driven productivity gains arriving quickly enough to replace the fading [spending],” Wilding wrote in a note this week.

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Equities

“超大规模云服务商对电力的需求巨大——他们会抓住任何能找到的能源”

🌐 对照英文

“你依然可以保持盈利，而其他人则无法盈利，”巴尔巴罗补充道。

资产管理公司布鲁克菲尔德（Brookfield）能源首席投资官杰·维维纳（Jeh Vevaina）表示，投资者和开发商正日益关注通过锁定电池储能服务的长期合同来保障回报。

他们发现，目前来自美国公用事业公司的需求尤为强劲，这些公司正面临电力需求的历史性增长，尤其是来自数据中心的需求。

大型科技公司（即“超大规模云服务商”）自身也在寻求与电池项目签订直接合同，以维持其对电力需求极高的 AI 增长。

亚马逊签署了一项协议，使其获得澳大利亚维多利亚州一个大型新电池电站的控制权，此前该公司已与多家将可再生能源发电与电池储能相结合的工厂签署了合同。

哥本哈根基础设施伙伴公司（Copenhagen Infrastructure Partners）合伙人尼沙尔·阿加瓦尔（Nischal Agarwal）认为，数据中心的繁荣将在未来几年为电池行业带来获利机会。该公司已在从苏格兰到南澳大利亚的储能项目中进行了投资。

“超大规模云服务商对电力的需求巨大，他们会抓住任何能找到的能源，”他说。

他补充道，目前许多主要市场仍处于电池部署的“极早期阶段”，电池项目的可用价差看起来依然具有吸引力。其中包括西班牙，那里大规模的太阳能部署导致电价经常出现负值——这意味着储能运营商在为电池充电时可以获得报酬，而在放电时能再次获得报酬。

在六大洲提供能源的 Engie 公司可再生能源与灵活性执行副总裁佩德罗·瓦斯孔塞洛斯（Pedro Vasconcelos）表示，对于大型电力集团而言，电池开发是应对低电价或负电价的“自然对冲”。但他补充说，对于整个电池行业而言，同类竞争导致的利润侵蚀（cannibalisation）风险仍然是一个实质性的担忧。

“其回报预期高于风能和太阳能，”他说。“投资者的想法是：当（市场）发生转变时，我们就会开始互相侵蚀。因此，关于能以多快速度收回资金，人们存在担忧。”

Moral Money

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📄 Original Section

Japan to axe hundreds of stocks from Topix index

DAVID KEOHANE — TOKYO

Japan's stock exchange has unveiled a record revamp of the benchmark Topix, with almost 700 stocks at risk of being ejected from an index tracked by passive funds worth almost \$1tn.

The move is part of a wider reform campaign spearheaded by Japan Exchange Group chief Hiromi Yamaji. He has been pushing companies to achieve higher valuations by improving returns and how they interact with shareholders.

JPX has already moved to prune the Topix, with the first phase of reforms culminating at the start of last year that reduced the number of stocks in the index from about 2,200 to 1,700. Removal from the index triggers automatic selling by passive investors, while inclusion drives demand.

The Topix is considered a broader and more representative index than the better known Nikkei 225, which is weighted by price rather than market value. However, the large number of stocks in the Topix has concerned some investors.

The biggest constituents of the Topix are global operators with market caps running into the hundreds of billions of dollars, led by megabank Mitsubishi UFJ Financial, the world's biggest automaker Toyota and technology investor SoftBank Group.

At the other end of the list are compa-

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原油的真实价格并非由期货合约揭示

🌐 对照英文

Amrita Sen 市场洞察

今年比以往任何时候都更清晰地表明，原油并没有一个统一的价格。在各处被引用为“价格”的期货合约，绝对不能被视为统一价格。

实物原油价格一直与期货价格存在一定偏差，但差距从未如此之大。

根据 Argus Media Group 的数据，布伦特原油期货价格目前仅为亚洲到岸原油成本的 60-70% 左右，而通常约为 90%。它仅代表柴油价格的 50%，而通常为价格的 80-90%。

在 2007 年至 2019 年间，布伦特原油现货价格与期货价格之间价差的标准差约为每桶 $1。今年，这一数值已上升至近每桶 $8，并在 9 月份甚至超过了 $20，这凸显了期货在捕捉实物平衡真实状态方面的低效。

这还没有计算运输成本，而运输成本与伊朗战争前的水平相比增加了 5 到 10 倍。抵达亚洲的大西洋盆地原油价格比战前水平高出 5 倍，这主要是由更高的运费驱动的。

一桶原油的价值日益取决于它所处的位置、何时可用以及它能以多大的便捷程度到达需要的炼油厂。

通过霍尔木兹海峡的流量已从 4 月份约 200 万桶 / 日的低点恢复到约 1100 万桶 / 日。中东地区的总流量（包括通过管道绕行）目前比战前水平低约 2.5mn 桶 / 日。

但船舶可用性受到限制，原油在抵达买家之前需要采取更长、更复杂的路线。一桶穿过霍尔木兹海峡的原油，并不一定是一桶边际炼油商能够轻易获得的原油。

期货不仅作为真实供需的代理指标日益不可靠，而且作为对冲工具也不再有用，并且与驱动通货膨胀的燃料价格进一步脱节。

出现这种情况有几个原因。首先，根据我们的数据，美国政府为了降低价格而进行的持续口头干预，导致原油市场的参与者减少。

人们认为，美国将在选举前采取一切必要措施来降低价格

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📄 Original Section

'The reform could be a positive for Japanese equities by promoting broader value creation'

nies such as Prored Partners, a management consultancy firm with a market cap of ¥3.6bn (\$22.7mn), and Phil Company, a real estate and storage business that is worth only slightly more.

The new rules will be based on relative performance, with companies required to meet liquidity obligations and rank within the top 97 per cent by free-float market cap. New entrants must rank within the top 96 per cent.

That means companies could be ejected from the index if they fail to keep pace with faster-growing peers, which investors hope will encourage competition.

The review announced yesterday found that 683 constituents failed to meet the new criteria and risk eventual removal. At the same time, 35 companies will be added to the index.

The changes to the bottom performers will happen gradually, with full removal scheduled by July 2028.

JPX Market Innovation & Research, the body overseeing the changes, expects the Topix ultimately to contain at least 986 companies, compared with 1,636 at the end of August. The final number will depend on a reassessment in October next year.

Analysts also say the moves should make it easier for passive investors to track the Topix. According to UBS analysts, the index serves as the benchmark for passive assets worth an estimated ¥155tn.

"The reform could be a long-term positive for Japanese equities by promoting broader value creation across corporate Japan," said Chisa Kobayashi, a Japan equity analyst with UBS. See Lex

期货作为供需指标日益不可靠，且不再适用于套期保值

🌐 对照英文

这种情绪占据了主导。因此，根据 Kayrros 的库存数据，尽管自冲突开始以来全球原油库存下降了约 6.5 亿桶，交易员仍不敢持有多头头寸。

这在很大程度上是因为来自政府的大量看跌头条新闻，使得价格受制于算法驱动的交易。

其次，通过霍尔木兹海峡流量的增加完全是由原油的船对船转移驱动的。这一昂贵的过程已将运输成本推至历史新高，自 9 月初以来，“超大型原油运输船”（VLCC）市场进入了未知领域。

底线是，运输原油和成品油所需的基础设施已变得受限且昂贵。

更高的霍尔木兹海峡流量降低了出现绝对短缺的风险，但无法恢复此前维持边际桶油低价的缓冲空间或灵活性。而且考虑到对船对船转移的依赖，通过该路线流动的石油越多，运费的底线就越高，而这将直接影响到我们在加油站支付的价格。

最后，中国以外的全球炼油能力短缺、乌克兰对俄罗斯炼油厂的持续攻击以及中东地区面向出口的区域性炼油厂的关闭，意味着汽油、航空煤油和柴油等成品油的价格处于历史高位。

这就是为什么在过去几个月里，成品油的交易价格是原油的两倍，这种情况此前从未发生过。

归根结底，驱动通货膨胀的是柴油和汽油，而非原油。原油一直被用作指标，是因为它与成品油同步波动，且是成品油价格的最大驱动因素。

这种关系现在已经破裂。事实上，自 5 月以来，10 年期美国国债收益率与柴油价格的相关性首次高于其与原油价格的相关性。

这就是为什么美国政府现在将注意力转向平抑柴油价格。然而，尽管政府努力降低原油期货价格，认为这能控制债券和股票市场，但石油的实际价格却失控上涨。

并不是那些认为此次冲突会导致油价达到 200% 的人错了——只是他们选择的金融工具不对。

Amrita Sen 是 Energy Aspects 的市场情报总监兼联合创始人。Robert Campbell 为本文做出了贡献。

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📄 Original Section

Australia offers ‘postcard from the future’ for global power storage sector

n the second quarter of this year, something remarkable happened in Australia's main power market. The average wholesale spot price in the National Electricity Market

the National Electricity Market – which covers nine-tenths of the country's population – was 47 per cent lower than a year before.

A key driver — a fall of almost a third in expensive gas-fired generation, due in large part to an explosion in the country's fleet of power-storage batteries.

Relative to population size, Australia now has the biggest national penetration of large-scale batteries, which have become the world's fastest-growing power technology, according to the International Energy Agency.

The Australian power price decline demonstrates how grid-scale batteries can help lower both electricity costs and carbon emissions by storing ultra-cheap wind and solar power during periods of abundant generation and discharging it later.

For the global power storage sector, Australia offers “a postcard from the future”, said Xavier Barbaro, chief executive of renewable energy company Neoen, which has developed several large battery projects in the country.

But it also offers a warning, he added – of the risks of “cannibalisation”.

Battery storage projects have various ways of making money, including providing rapid frequency responses to stabilise the grid. But a grid only needs so much of those so-called ancillary services.

So in markets with strong deployment such as Australia, the biggest source of revenue for battery projects tends to be arbitrage — buying power when the price is low (when solar power surges in the middle of the day, for example) and selling when it's high (typically when household demand spikes in the evening). As Australia's battery storage fleet has boomed, it's smoothed out much of the volatility in the power market. That's good for consumers; less so for the battery operators themselves who have been whittling away the spreads from which they gain profits.

In essence, they've been too effective for their own good.

The installed battery storage fleet on the Australian NEM was more than twice as large in the second quarter as a year before but the sector's revenue was down 56 per cent.

"When batteries first come into a market, they get paid way too much money," said Ed Porter, a director at Modo Energy, a research company focused on battery storage and renewable power. That's because they're competing head-on with expensive gas "peaker" plants to provide power during the evening demand peak.

But once battery storage is deployed at scale, Porter added, “batteries no longer compete with gas; they compete with batteries, and then the price goes down, down, down”.

The cannibalisation threat is a serious one for companies and investors in the space — but one they say they are finding ways to manage.

Barbaro said Neoen had been able to protect its margins in Australia through superior technology and management.

"If you have the right bidding strategy, the right algorithms, the right mix of

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市场日报

🌐 对照英文

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📄 Original Section

'The hyperscalers have a huge demand for power – they will grab whatever source they can find'

services, you can still be profitable while others are not so able to operate profitably," Barbaro added.

Investors and developers are increasingly focused on safeguarding returns by locking in long-term contracts for battery storage services, said Jeh Vevaina, chief investment officer for energy at asset manager Brookfield.

They are now finding especially strong demand for this from utilities in the US dealing with a historic rise in power demand, notably from data centres.

Big tech “hyperscalers” themselves are eyeing direct contracts with battery projects as they look to sustain their power-hungry AI growth.

Amazon signed a deal giving it control of a large new battery farm in Australia's Victoria state, adding to other contracts with plants that combine renewable generation with battery storage.

The data centre boom will help drive moneymaking opportunities for the battery sector in the years ahead, according to Nischal Agarwal, a partner at Copenhagen Infrastructure Partners, which has invested in storage projects from Scotland to South Australia.

"The hyperscalers have a huge demand for power and they will grab whatever source of power they can find," he said.

For now, he added, many major markets are in “the very early stages” of the battery rollout with the available spread for battery projects still looking lucrative. These include Spain, where a huge rollout of solar power has meant that power prices are often negative — meaning storage operators can get paid to charge their batteries, and then get paid again to discharge them.

For big power groups, battery development is a “natural hedge” against low or negative electricity prices, said Pedro Vasconcelos, executive vice-president of renewable power and flexibility at Engie, which provides energy on six continents. But for the battery sector as a whole, he added, the cannibalisation risk remains a material concern.

"The return expectation is bigger than you would have in wind and solar," he said. "The thinking of investors is: when [the market] shifts, then we will start to cannibalise each other. So there's a concern there on how fast you can get your money back."

Moral Money

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核心要点

🌐 对照英文

• 全球股市下跌，半导体板块在华尔街承压
• 投资者持续担忧法国政治动态，欧元遭到抛售
• 美国30年期国债收益率触及2002年以来最高水平

随着政府债券抛售加剧，全球股价昨日下跌。

纽约时间午餐时分，华尔街蓝筹股标普500指数下跌0.4%，此前该基准指数在昨日刚创下8月以来的首个历史新高。

科技股权重较大的纳斯达克100指数同样下跌0.4%。

法兴银行（Société Générale）全球股票策略主管查尔斯·德·博伊塞宗（Charles de Boissezon）表示：“股票市场的首要[话题]是债券收益率上升。我们正迅速达到一段时间以来未曾见过的水平。”

在最近的一波窄幅反弹中，半导体公司曾是股市最大的赢家之一，但其跌幅超过了整体市场。美国芯片股的费城半导体指数下跌1.7%。

投资者和分析师此前一直押注，在债券收益率较高的环境下，科技股将驱动美国市场。

“面对高企的债券收益率，我们暂停了‘广度交易’，”德·博伊塞宗表示，“在目前的债券收益率水平下，你需要强大的盈利能力引擎，并且不能担心债务滚动能力，”他补充道，并解释了其对小盘股指数持更负面看法的原因，因为小盘股包含更多亏损公司，更容易受到借贷成本上升的影响。

在大西洋彼岸，泛欧Stoxx Europe 600指数下跌1.1%，法兰克福Xetra Dax指数下跌1.4%，伦敦富时100指数（FTSE 100）下跌0.8%。

由于投资者继续担忧法国的政治和财政动态会损害单一市场的其他部分，欧元遭到抛售，导致该单一货币兑加元汇率回落至2025年5月以来的最低水平附近。欧元兑加元下跌0.6%，至1.1190加元。

三菱日联金融集团（MUFG）的分析师写道：“欧元在过去一个月承受了越来越大的抛售压力，”并补充称，“欧元的疲软是由美国收益率上升以及欧元区（尤其是法国）财政和政治风险增加所驱动的。”

油价小幅上涨，全球基准布伦特原油上涨0.3%，至每桶100.90加元。

由于投资者担忧通胀升高、增长强劲以及债务堆积，政府债券承压，延续了近期剧烈的抛售行情。

美国30年期国债收益率触及2002年以来的最高水平，上涨多达0.09个百分点，至5.73%。艾米莉·赫伯特（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< / > 日经225< / > 富时100< / > 上证综指< / > 博维斯帕< / >< / > 水平< / > 7791.44< / > 2517.48< / > 70035.71< / > 10458.50< / > 3842.19< / > 205003.50< / >< / > 当日涨跌幅%< / > -0.35< / > -0.99< / > -0.92< / > -0.79< / > 休市< / > -0.40< / >< / > 货币< / > 加元指数 (DXY)< / > 加元 / 欧元< / > 日元 / 加元< / > 加元 / 英镑< / > 人民币 / 加元< / > 雷亚尔 / 加元< / >< / > 水平< / > 102.36< / > 1.119< / > 158.105< / > 1.322< / > 6.70< / > 4.997< / >< / > 当日涨跌幅%< / > 0.51< / > -0.555< / > 0.022< / > -0.441< / > 0.00< / > 0.384< / >< / > 政府债券< / > 10年期

财政部 | 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< / > 5.31< / > 3.47< / > 3.07< / > 5.38< / > 1.68< / > 12.95< / >< / > 当日基点变化< / > 0.04< / > -0.01< / > 0.02< / > 0.06< / > 0.00< / > 0.13< / >< / > 全球 / 大宗商品< / > 富时全球指数< / > 原油 - 布伦特< / > 原油 - 西德州< / > 黄金< / > 白银< / > 金属 (LMEX)< / >< / > 水平< / > 754.44< / > 100.83< / > 89.09< / > 4106.46< / > 59.89< / > 5793.30< / >< / > 当日百分比变化< / > -0.70< / > 1.69< / > -0.39< / > -1.38< / > -2.36< / > -0.01< / > |

主要股票市场

最大涨跌幅

< rowspan="3">*< / > | 美国< / >< / > 礼来 (Eli Lilly)< / > 4.25< / >< / > 科迪华 (Corteva)< / > 4.10< / >< / > < rowspan="3">上涨< / > 惠普企业 (Hewlett Packard Ent)< / > 3.60< / >< / > CVS健康公司 (CVS Health Corp)< / > 3.37< / >< / > Netapp< / > 3.06< / >< / > < rowspan="5">下跌< / > 卡特彼勒 (Caterpillar)< / > -5.76< / >< / > 微芯科技 (Microchip Technology)< / > -5.35< / >< / > 泰瑞达 (Teradyne)< / > -5.29< / >< / > 恩智浦半导体 (NXP Semiconductors)< / > -4.63< / >< / > SLB< / > -4.08< / > |

价格取自格林威治标准时间 10月07日 17:00

| 欧元区< / >< / > 诺和诺德 (Novo-Nordisk)< / > 3.40< / >< / > 瑞士电信 (Swisscom)< / > 2.87< / >< / > 保乐力加 (Pernod Ricard)< / > 2.77< / >< / > 泰利亚公司 (Telia Co)< / > 2.52< / >< / > 诺华 (Novartis)< / > 2.42< / > |

费森尤斯医疗护理 (Fresenius Medical Care)< / > -6.85< / >< / > 英飞凌科技 (Infineon Technologies)< / > -5.77< / >< / > ASM International< / > -5.15< / >< / > 法国兴业银行 (Societe Generale)< / > -5.01< / >< / > 德意志银行 (Deutsche Bank)< / > -4.94< / > |

基于富时欧洲第一 300 欧元区成分股

Avon Technologies< / > 14.78< / >< / > Ocado Group< / > 9.22< / >< / > Baltic Classifieds Group< / > 6.81< / >< / > Bridgepoint Group< / > 5.36< / >< / > B&M European Value< / > 4.50< / > |

该图像仅包含虚线，这些是样式或背景元素而非文本占位符。根据规则 2，OCR 结果必须忽略此类线条。因此，正确的 OCR 输出为空。

(无文本)

所有数据由 ICE 提供。www.ice.com

Pennon Group< / > -20.09< / >< / > Playtech< / > -6.27< / >< / > Inchcape< / > -6.12< / >< / > Vistry Group< / > -5.07< / >< / > Hill & Smith< / > -4.76< / > |

财经

📄 Original Section

The real price of oil is not revealed by futures contracts

Amrita Sen Markets Insight

his year has shown more clearly than ever that there is no single price of oil. The futures contracts quoted everywhere as “the price”

certainly can't be considered that.

Physical crude prices have always diverged somewhat from futures but the gap has never been this large.

According to Argus Media Group data, the Brent futures price is now only around 60-70 per cent of the landed crude cost in Asia compared with around 90 per cent usually. It represents only 50 per cent of the diesel price, versus the usual 80-90 per cent of the price.

Between 2007 and 2019, the standard deviation of the spread between the spot price for Brent and futures was around \$1 a barrel. This year, it has risen to nearly \$8 a barrel and even exceeded \$20 in September, highlighting how ineffective futures are at capturing the true state of physical balances.

That is even before the cost of shipping, which has increased by anywhere between five and 10 times compared with levels before the Iran war. Prices for Atlantic basin crude landing in Asia are five times higher than prewar levels, primarily driven by higher freight costs.

The value of a barrel of crude oil increasingly depends on where it is, when it is available and how easily it can reach the refinery that needs it.

Flows through the Strait of Hormuz have recovered from their lows of around 2mn barrels a day in April to around 11mn. Total Middle Eastern flows (including on pipeline bypasses) are now around 2.5mn barrels a day below their prewar levels.

But vessel availability is constrained and barrels are taking longer, more complicated routes to reach buyers. A barrel crossing Hormuz is not necessarily a barrel readily available to the marginal refiner.

Not only are futures increasingly unreliable as a proxy for genuine supply and demand, they are also no longer useful as a hedge either and further disconnected from the fuel prices that drive inflation.

There are several reasons for this. First and foremost, the constant jawboning by the US administration to get prices down has left fewer participants in the crude market, according to our data.

The view that the US will do whatever it takes to lower prices before elections

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Blue Owl 计划在私募资本领域动荡后“大力进军”保险业

🌐 对照英文

詹姆斯·丰塔内拉-汗 (JAMES FONTANELLA-KHAN)、朱莉娅·罗克 (JULIA ROCK) 和 安托万·加拉 (ANTOINE GARA) —— 伦敦

处于近期私募信贷动荡中心的 Blue Owl 集团正计划“大力进军”保险业，旨在开拓新的业务领域，并利用一个不断增长的长期资本来源。

联合首席执行官道格·奥斯特罗弗 (Doug Ostrover) 表示，随着大型替代投资集团竞相深化与大型保险公司的关系，该公司正寻求增加其管理的保险资本规模。在伦敦举行的《金融时报》(FT) 与 Latham & Watkins 私募资本峰会上，奥斯特罗弗表示：“我们管理的资本还不够多。”

这位前瑞信 (Credit Suisse) 和黑石 (Blackstone) 高管补充道：“我们意识到，如果我们拥有更大的资本池，即保险资本，我们就能提供真正独特的解决方案……这是我们将要大力推进的方向。”

奥斯特罗弗排除了 Blue Owl 直接收购保险公司的可能性，而一些竞争对手曾采用这一策略来加速增长。

“阿波罗 (Apollo) 收购了 Athene，KKR 收购了一家保险业务。我们更多地是在考虑一种轻资产负债表的方法，”奥斯特罗弗说道。

虽然 Blue Owl 已经为持有少数股权的 Kuvare 管理数十亿加元的保险资产，但与黑石等规模更大的竞争对手相比，其管理的保险资产仅占很小一部分。Blue Owl

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📄 Original Section

Futures are increasingly unreliable as a proxy for supply and demand, and no longer useful as a hedge

has dominated sentiment. So despite global crude stocks falling by about 650mn barrels since the conflict began, according to Kayrros inventory data, traders are scared to hold long positions.

This is largely because of the volume of bearish headlines coming from the administration, leaving prices at the mercy of algorithm-driven trading.

Second, the increase in flows through Hormuz is entirely driven by ship-to-ship transfers of crude, a costly process that has pushed shipping costs to record highs with the “very large crude carrier” market in uncharted territory since early September.

The bottom line is that the infrastructure needed to move crude and products has become constrained and expensive.

Higher Hormuz flows reduce the risk of outright shortages but cannot restore the buffers or flexibility that previously kept the marginal barrel cheap. And given the reliance on ship-to-ship transfers, the more oil flows via this route, the higher the floor is for shipping rates, which feeds through to the prices we pay at the pump.

Finally, the shortage of global refining capacity outside of China, the constant attacks by Ukraine on Russian refineries and the shutdown of regional export-oriented refineries in the Middle East have meant products such as gasoline, jet and diesel are at record high prices.

This is why products have been trading at double the price of crude during the past few months, something that has never happened before.

Ultimately diesel and gasoline drive inflation, not crude oil. Crude has always been used as a proxy because it moved in tandem with products and was the biggest driver of product prices.

That relationship has now broken down. In fact, since May, 10-year US Treasury yields have correlated more closely with diesel prices than crude prices for the first time ever.

That is why the US government has now turned its attention to calming diesel prices. Yet, in all the government's efforts to keep crude futures prices lower in the belief it would keep the bond and equity markets in check, the real price of oil has run away.

It is not that those who believed oil would be \$200 due to this conflict were wrong — it was just the choice of financial instrument that was incorrect.

Amrita Sen is director of market intelligence and co-founder at Energy Aspects. Robert Campbell contributed to this article

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“人们认为违约率将会上升。但我认为不会发生”

🌐 对照英文

Blue Owl 联合首席执行官 道格·奥斯特罗弗

最近聘请了保险业高管德瓦·米什拉 (Deva Mishra) 来协助其战略实施。

此次进军保险业之际，私募资本行业正准备迎接整合，机构投资者正将其资金分配集中在少数几家规模更大的管理公司（即普通合伙人，GPs）手中。

“最大的资本分配者希望将资金分配给更少的 GP。这种情况正在发生，我们看到了，”他表示。“如果……你是一家中端市场的私募股权 (PE) 公司，你投资于各种领域，但没有任何一项是专家。这些公司要么会被兼并，要么会逐渐消失。”

在行业经历了一段困难时期——期间对违约风险的担忧促使富裕的个人投资者赎回资金——之后，奥斯特罗弗对私募信贷表达了乐观态度。

Blue Owl 对可能被 AI 颠覆的软件集团持有过高敞口，这导致其股价在过去一年中下跌了 40%。

奥斯特罗弗并未排除违约率上升的可能性，但表示行业感知与底层贷款的实际表现之间存在脱节。

他表示，信贷表现依然强劲，并补充说，他可以“展望未来 12 或 18 个月，并相当有信心这些投资组合将继续表现良好……我知道人们认为违约率将会上升。但我认为不会发生”。

当日 ↩ -0.35% | 当月 ↗ 0.77%< / > 当年 ↗ 15.83%< / > | 纳斯达克综合指数< / > 纽约< / > | 美洲

Day ▷ -0.40% Month ▷ 10.71% Year ▷ 45.01%

欧洲

伦敦

过去 30 天的股市走势，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

The day in the markets

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世界市场概览

🌐 对照英文

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📄 Original Section

What you need to know

\- Global stocks fall as semiconductor groups come under pressure on Wall St

• Euro sells off as investors continue to worry about political dynamics in France
• US 30-year government bond yields hit highest level since 2002

Global stock prices fell yesterday as a sell-off in government bonds deepened.

Wall Street's blue-chip S&P 500 was down 0.4 per cent by lunchtime in New York, a day after the benchmark index hit its first record high since August.

The tech-heavy Nasdaq 100 index also fell 0.4 per cent.

"The number one [topic] in the equity space is rising bond yields," said Charles de Boissezon, global head of equity strategy at Société Générale. "We are reaching levels which we haven't seen for a while — and quite fast."

Semiconductor companies, which have been some of the biggest stock market winners in the latest narrow rally, slipped more than the wider market. The Philadelphia Semiconductor Index of US chip stocks was down 1.7 per cent.

Investors and analysts have been betting that technology stocks will drive the US market in a higher bond yield environment.

"We have put the 'broadening trade' on hold in the face of high bond yields," de Boissezon said. "With this level of bond yields, you need the earnings power engine and you need to not be worried about your capacity to roll the debt," he added, explaining his more negative view of small-cap indices that contain more lossmaking companies that are vulnerable to higher borrowing costs.

Across the Atlantic, the pan-regional Stoxx Europe 600 fell 1.1 per cent with Frankfurt's Xetra Dax down 1.4 per cent and London's FTSE 100 off 0.8 per cent.

The euro sold off as investors continued to worry about political and fiscal dynamics in France hurting the rest of the single market, taking the single currency back towards its lowest level against the dollar since May 2025. It fell 0.6 per cent against the dollar to \$1.1190.

"The euro has come under increased selling pressure over the past month," analysts at MUFG wrote, adding that "euro weakness has been driven by

higher US yields and rising fiscal and political risks in the euro area, particularly in France."

Oil prices edged higher, with global benchmark Brent crude up 0.3 per cent to \$100.90 per barrel.

Government bonds came under pressure, extending a recent bout of brutal selling, as investors worried about higher inflation, strong growth and growing debt piles.

The yield on 30-year US Treasuries hit its highest level since 2002, rising as much as 0.09 percentage points to 5.73 per cent. Emily Herbert

Markets update | US | Eurozone | Japan | UK | China | Brazil | Stocks | S&P 500 | Eurofirst 300 | Nikkei 225 | FTSE100 | Shanghai Comp | Bovespa | Level | 7791.44 | 2517.48 | 70035.71 | 10458.50 | 3842.19 | 205003.50 | % change on day | -0.35 | -0.99 | -0.92 | -0.79 | Closed | -0.40 | Currency | $ index (DXY) | $ per € | Yen per $ | $ per £ | Rmb per $ | Real per $ | Level | 102.36 | 1.119 | 158.105 | 1.322 | 6.70 | 4.997 | % change on day | 0.51 | -0.555 | 0.022 | -0.441 | 0.00 | 0.384 | Govt. bonds | 10-Year Treasury | 10-year-Bund | 10-year JGB | 10-Year Gilt | 10-year-bond | 10-year-bond | Yield | 5.31 | 3.47 | 3.07 | 5.38 | 1.68 | 12.95 | Basis point change on day | 0.04 | -0.01 | 0.02 | 0.06 | 0.00 | 0.13 | World / Commods | FTSE All-World | Oil - Brent | Oil - WTI | Gold | Silver | Metals (LMEX) | Level | 754.44 | 100.83 | 89.09 | 4106.46 | 59.89 | 5793.30 | % change on day | -0.70 | 1.69 | -0.39 | -1.38 | -2.36 | -0.01 | Main equity markets

Biggest movers

| * | US | Eli Lilly | 4.25 | Corteva | 4.10 | Ups | Hewlett Packard Ent | 3.60 | CVS Health Corp | 3.37 | Netapp | 3.06 | Downs | Caterpillar | -5.76 | Microchip Technology | -5.35 | Teradyne | -5.29 | NXP Semiconductors | -4.63 | SLB | -4.08 | Prices taken at 17:00 GMT Oct 07

| Eurozone | Novo-Nordisk | 3.40 | Swisscom | 2.87 | Pernod Ricard | 2.77 | Telia Co | 2.52 | Novartis | 2.42 | Fresenius Medical Care | -6.85 | Infineon Technologies | -5.77 | ASM Int'l | -5.15 | Societe Generale | -5.01 | Deutsche Bank | -4.94 | Based on the constituents of the FTSE Eurofirst 300 Eurozone | Avon Technologies | 14.78 | Ocado Group | 9.22 | Baltic Classifieds Group | 6.81 | Bridgepoint Group | 5.36 | B&M European Value | 4.50 | The image contains only dotted lines, which are stylistic or background elements and not text placeholders. According to Rule 2, such lines must be ignored by the OCR result. Therefore, the correct OCR output is empty.

(no text)

All data provided by ICE. www.ice.com | Pennon Group | -20.09 | Playtech | -6.27 | Inchcape | -6.12 | Vistry Group | -5.07 | Hill & Smith | -4.76 | Financials

前一交易日涨跌幅 (%)

🌐 对照英文

道琼斯工业指数

富时欧洲第一指数

富时 100

-0.79%

-0.99%

日经指数

Sep 07 - Oct 07 S&P 500 New York | < rowspan="2">< / > Index< / > All World< / >< / > 7718.6< / > 7791.44< / > |

当日 ▷ -0.69% 当月 ▷ -4.57% 当年 ▷ 9.38%

国家< / > 指数< / > 最新< / > 前值< / >< / > 澳大利亚< / > All Ordinaries< / > 8994.60< / > 8993.50< / >< / > 澳大利亚< / > S&P ASX 200< / > 8727.70< / > 8735.70< / >< / > 澳大利亚< / > S&P ASX 200 Res.< / > 7794.00< / > 7805.00< / >< / > 奥地利< / > ATX< / > 6611.99< / > 6792.23< / >< / > 比利时< / > BEL 20< / > 5527.87< / > 5569.99< / >< / > 比利时< / > BEL Mid< / > 6408.21< / > 6446.93< / >< / > 巴西< / > Bovespa< / > 205003.50< / > 205635.29< / >< / > 加拿大< / > S&P TSX 60< / > 2067.75< / > 2099.06< / >< / > 加拿大< / > S&P TSX Comp< / > 35083.31< / > 35649.51< / >< / > 智利< / > SS&P / OLX IGPA GEN< / > 56930.02< / > 56920.02< / >< / > 中国< / > China FSE A300< / > 11022.05< / >< / > < / > Shanghai A< / > 4028.34< / >< / > < / > Shanghai B< / > 305.55< / >< / > < / > Shanghai Comp< / > 3842.19< / >< / > < / > Shenzhen A< / > 2515.90< / >< / > < / > Shenzhen B< / > 1161.63< / >< / > 克罗地亚< / > CROBEX< / > 4496.15< / > 4500.83< / >< / > 塞浦路斯< / > CSE M&P GEN< / > 314.00< / > 317.94< / > |

国家< / > 指数< / > 最新< / > 前值< / >< / > 捷克共和国< / > Czech Republic PX< / > 2565.99< / > 2530.42< / >< / > 丹麦< / > OMC Copenhagen 20< / > 1509.01< / > 1552.68< / >< / > 埃及< / > ESL 20< / > 5328.10< / >< / > 爱沙尼亚< / > OMX Tallinn< / > 2229.77< / > 2228.58< / >< / > 芬兰< / > OMK Helsinki General< / > 13630.87< / > 13746.36< / >< / > 法国< / > French CAC40< / > 7769.27< / > 7865.07< / >< / > 德国< / > SBF 120< / > 5897.00< / > 5968.63< / >< / > 德国< / > M-DAX< / > 30112.41< / > 30543.27< / >< / > 德国< / > Tec-Dax< / > 4048.53< / > 4099.22< / >< / > 德国< / > XETRA Dax< / > 25104.36< / > 25449.19< / >< / > 希腊< / > Athens< / > 2622.02< / > 2686.20< / >< / > 希腊< / > FTSE / ASA< / > 6722.55< / > 6898.60< / >< / > 香港< / > Hang Seng< / > 24130.50< / > 24280.56< / >< / > 香港< / > HS Enterprises< / > 8082.40< / > 8128.97< / >< / > 香港< / > HSCC Red Chip< / > 4008.30< / > 3998.64< / >< / > 匈牙利< / > Bux< / > 141308.07< / > 143682.55< / >< / > 印度< / > BSE Sensex< / > 72838.70< / > 73067.81< / >< / > 印度尼西亚< / > Jakarta Comp< / > 6146.72< / > 6192.93< / > |

股市：最大涨跌幅

恒生指数

当日 ▷ -1.22% 当月 ▷ -2.40% 当年 ▷ -2.55%

欧洲市场

活跃股票

美洲 | 活跃股票< / > 成交量（百万股）< / > 收盘价< / > 当日涨跌< / >< / > 英特尔 (Intel)< / > 51.97< / > 113.14< / > 0.64< / >< / > 英伟达 (Nvidia)< / > 40.05< / > 238.90< / > -2.35< / >< / > 美光科技 (Micron Technology)< / > 17.87< / > 1076.87< / > 31.31< / >< / > 亚马逊 (Amazon.com)< / > 16.34< / > 258.89< / > 2.60< / >< / > 超微电脑 (Super Micro Computer)< / > 16.30< / > 44.33< / > -< / >< / > 特斯拉 (Tesla)< / > 14.38< / > 375.67< / > -5.01< / >< / > 苹果 (Apple)< / > 13.62< / > 335.14< / > 1.51< / >< / > 网飞 (Netflix)< / > 12.69< / > 69.28< / > 0.59< / >< / > 超威半导体 (Advanced Micro Devices)< / > 11.24< / > 641.85< / > -7.57< / >< / > 亨廷顿银行 (Huntington Bancshares)< / > 10.99< / > 15.12< / > -0.21< / >< / > 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< / >< / > 劳埃德银行集团 (Lloyds Bkg Gp)< / > 152.51< / > 1.02< / > -0.03< / >< / > 巴克莱银行 (Barclays)< / > 56.40< / > 4.32< / > -0.15< / >< / > Haleon< / > 40.47< / > 3.42< / > 0.08< / >< / > 嘉能可 (Glencore)< / > 39.45< / > 5.69< / > -0.05< / >< / > 沃达丰 (Vodafone)< / > 30.62< / > 1.28< / > 0.03< / >< / > 汇丰银行 (HSBC)< / > 28.02< / > 14.08< / > -0.64< / >< / > 英国石油公司 (BP)< / > 26.67< / > 5.62< / > 0.01< / >< / > 国民西敏斯特银行集团 (NatWest Group)< / > 26.10< / > 6.50< / > -0.19< / >< / > 泰勒·温佩 (Taylor Wimpey)< / > 25.65< / > 0.77< / > -0.03< / >< / > 森特里卡 (Centrica)< / > 24.40< / > 1.46< / > -0.02< / >< / > 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< / >< / > 联合圣保罗银行 (Intesa Sanpaolo)< / > 64.00< / > 6.24< / > -0.26< / >< / > Stellantis< / > 61.22< / > 4.12< / > 0.06< / >< / > 桑坦德银行 (Banco Santander)< / > 27.84< / > 12.26< / > -0.26< / >< / > 萨巴德尔银行 (Banco De Sabadell)< / > 25.96< / > 3.59< / > -< / >< / > 国家电力公司 (Enel)< / > 20.45< / > 8.73< / > -0.11< / >< / > 诺基亚 (Nokia)< / > 11.34< / > 9.54< / > -0.06< / >< / > 西班牙对外银行 (Banco Bilbao Vizcaya Argentina)< / > 10.73< / > 23.43< / > -0.85< / >< / > 西班牙电信 (Telefonica)< / > 10.31< / > 3.43< / > 0.05< / >< / > 皇家 KPN (Royal KPN)< / > 10.01< / > 3.96< / > 0.07< / >< / > CaixaBank< / > 8.39< / > 11.93< / > -0.43< / >< / > 最大涨跌幅< / > 收盘价< / > 当日< / > |

国家< / > 指数< / > 最新< / > 前值< / >< / > 爱尔兰< / > ISED Overall< / > 14344.11< / > 14470.50< / >< / > 以色列< / > 特拉维夫 125 (Tel Aviv 125)< / > 3932.42< / > 4028.10< / >< / > 意大利< / > 富时意大利全股指数 (FTSE Italia All-Share)< / > 52533.03< / > 53674.50< / >< / > 意大利< / > 富时意大利中盘股指数 (FTSE Italia Mid Cap)< / > 59769.58< / > 60836.18< / >< / > 意大利< / > 富时 MIB (FTSE MIB)< / > 49972.25< / > 51261.40< / >< / > 日本< / > 日经 225 (Nikkei 225)< / > 70035.71< / > 70683.98< / >< / > 日本< / > 东证指数 (Topix)< / > 4154.11< / > 4183.56< / >< / > 科威特< / > KSK 市场指数 (KSK Market Index)< / > 8918.53< / > 8900.83< / >< / > 拉脱维亚< / > OMX 里加 (OMX Riga)< / > 982.54< / > 977.43< / >< / > 立陶宛< / > OMX

Virus | 1508.72< / > 1510.75< / > | 卢森堡< / > Luxi< / > 187.61< / > 187.43< / >< / > 墨西哥< / > 墨西哥城IPC< / > 64490.28< / > 65312.46< / >< / > 马来西亚< / > 富时吉隆坡综合指数 (FTSE Bursa KLDI)< / > 1611.78< / > 1633.35< / >< / > 摩洛哥< / > MASI< / > 16990.77< / > 16992.55< / >< / > 荷兰< / > AEX< / > 1117.75< / > 1128.33< / >< / > 荷兰< / > AEX全股指数< / > 1521.75< / > 1539.39< / >< / > 新西兰< / > NZX 50< / > 13684.04< / > 13700.12< / >< / > 尼日利亚< / > SE全股指数< / > 250096.75< / > 250273.50< / > |

富时全球指数 (FTSE All World)

活跃股票< / > 股票交易量（百万股）< / > 收盘价< / > 当日涨跌< / >< / > 日本电报电话公司 (Nippon Tel & Tel)< / > 186.04< / > 172.10< / > 2.00< / >< / > 东京海上控股 (Tokio Marine Hldgs)< / > 100.67< / > 516.00< / > -6.30< / >< / > 软银公司 (SoftBank Corp)< / > 79.01< / > 240.70< / > 1.10< / >< / > 乐天集团 (Rakuten Group)< / > 47.30< / > 639.60< / > -< / >< / > 藤仓 (Fujikura)< / > 41.81< / > 5700.00< / > -155.00< / >< / > 太阳诱电 (Taiyo Yuden)< / > 34.75< / > 11460.00< / > 325.00< / >< / > 软银集团 (SoftBank Grp Corp)< / > 32.91< / > 6310.00< / > 15.00< / >< / > 三菱日联 (Mitsubishi UFJ)< / > 31.95< / > 3622.00< / > -49.00< / >< / > Archion< / > 30.00< / > 292.00< / > -< / >< / > 古河电工 (Furukawa Electric)< / > 29.69< / > 4444.00< / > -46.00< / > | 9月07日 - 10月07日< / >< / > Xetra Dax< / > 法兰克福< / >< / > 指数< / > 全球< / >< / > 26006.53< / > < / >< / > 25104.36< / > < / > |

国家< / > 指数< / > 最新< / > 前值< / >< / > 挪威< / > Dilo全股指数< / > 2444.94< / > 2466.54< / >< / > 巴基斯坦< / > KSE 100< / > 168580.40< / > 169460.11< / >< / > 菲律宾< / > 马尼拉综合指数< / > 5736.69< / > 5677.12< / >< / > 波兰< / > Wig< / > 156066.10< / > 159012.30< / >< / > 葡萄牙< / > PSI 20< / > 9333.76< / > 9420.43< / >< / > 葡萄牙< / > PSI综合指数< / > 6345.98< / > 6401.27< / >< / > 罗马尼亚< / > 罗马尼亚BET指数< / > 33562.51< / > 33891.15< / >< / > 俄罗斯< / > 俄罗斯美元交易指数< / > 988.10< / >< / > 沙特阿拉伯< / > TAHAR / UL全股指数< / > 10542.23< / > 10589.95< / >< / > 新加坡< / > 富时Strata Times< / > 5608.44< / > 5701.54< / >< / > 斯洛伐克< / > SAX< / > 320.42< / > 321.28< / >< / > < rowspan="2">南非< / > SBI TOP< / > 3117.11< / > 3125.87< / >< / > 富时 / 约翰内斯堡全股指数 (FTSE / JSE All Share)< / > 107104.29< / > 108881.47< / >< / > 南非< / > 富时 / 约翰内斯堡资源指数 (FTSE / JSE Res)< / > 64069.32< / > 65514.16< / >< / > 南非< / > 富时 / 约翰内斯堡40强指数 (FTSE / JSE Top 40)< / > 99394.06< / > 101162.20< / >< / > 韩国< / > Kospi< / > 6803.90< / > 6941.39< / >< / > 韩国< / > Kospi 200< / > 1073.63< / > 1095.83< / >< / > 西班牙< / > 西班牙BRX 35< / > 19118.00< / > 19444.20< / > |

-0.70%

英国市场涨跌幅榜

涨跌幅最大股票 | 收盘价< / > 当日涨跌< / > 当日涨跌%< / > | 上涨< / >< / > 诺和诺德 (Novo-Nordisk)< / > 253.90< / > 8.35< / > 3.40< / >< / > 瑞士电信 (Swisscom)< / > 645.00< / > 18.00< / > 2.87< / >< / > 保乐力加 (Pernod Ricard)< / > 60.86< / > 1.64< / > 2.77< / >< / > 泰利亚公司 (Telia Co)< / > 44.70< / > 1.10< / > 2.52< / >< / > 诺华 (Novartis)< / > 120.02< / > 2.84< / > 2.42< / >< / > | 下跌< / >< / > 费森尤斯医疗护理 (Fresenius Medical Care)< / > 37.42< / > -2.75< / > -6.85< / >< / > 英飞凌科技 (Infineon Technologies)< / > 60.95< / > -3.73< / > -5.77< / >< / > ASM 国际 (ASM Int'l)< / > 898.60< / > -48.80< / > -5.15< / >< / > 法国兴业银行 (Societe Generale)< / > 63.94< / > -3.37< / > -5.01< / >< / > 德意志银行 (Deutsche Bank)< / > 29.86< / > -1.55< / > -4.94< / > |

美元 / 欧元

富时100指数 (FTSE 100)< / > 价格(£)< / > 周涨跌%< / > 年初至今涨跌%< / >< / > | 上涨者< / >< / > Sage 集团 (The Sage Grp)< / > 10.22< / > 5.21< / > -5.63< / >< / > RELX< / > 25.99< / > 4.13< / > -13.94< / >< / > 沃达丰 (Vodafone)< / > 1.28< / > 4.12< / > 29.20< / >< / > 艾尔泰尔非洲 (Airtel Africa)< / > 3.13< / > 4.06< / > -11.94< / >< / > Autotrader 集团 (Autotrader Group)< / > 4.71< / > 3.98< / > -19.71< / >< / > 康帕斯 (Compass)< / > 23.07< / > 3.97< / > -2.40< / >< / > 惠特布雷德 (Whitbread)< / > 24.72< / > 3.60< / > -3.06< / >< / > 英国电信集团 (BT Group)< / > 1.98< / > 3.36< / > 7.82< / >< / > 益博睿 (Experian)< / > 25.43< / > 3.16< / > -24.38< / >< / > JD Sports Fashion< / > 0.83< / > 2.73< / > -1.14< / > |

公司 / 行业< / > 价格< / > 涨跌< / > 涨跌%< / >< / > | 上涨< / >< / > Avon Technologies< / > 21.90< / > 2.82< / > 14.78< / >< / > Ocado 集团 (Ocado Group)< / > 2.87< / > 0.24< / > 9.22< / >< / > 波罗的海分类广告集团 (Baltic Classifieds Group)< / > 1.83< / > 0.12< / > 6.81< / >< / > Bridgepoint 集团 (Bridgepoint Group)< / > 3.65< / > 0.19< / > 5.36< / >< / > B&M 欧洲价值 (B&M European Value)< / > 2.56< / > 0.11< / > 4.50< / >< / > | 下跌< / >< / > Pennon 集团 (Pennon Group)< / > 3.61< / > -0.91< / > -20.09< / >< / > Playtech< / > 3.59< / > -0.24< / > -6.27< / >< / > Inchcape< / > 6.44< / > -0.42< / > -6.12< / >< / > Vistry 集团 (Vistry Group)< / > 2.25< / > -0.12< / > -5.07< / >< / > Hill & Smith< / > 31.00< / > -1.55< / > -4.76< / > |

涨跌幅最大股票< / > 收盘价< / > 当日涨跌< / > 当日涨跌%< / >< / > | 上涨< / >< / > 铃木汽车 (Suzuki Motor)< / > 2039.50< / > 58.00< / > 2.93< / >< / > 太阳诱电 (Tayo Yuden)< / > 11460.00< / > 325.00< / > 2.92< / >< / > J Front Retailing< / > 2728.00< / > 69.50< / > 2.61< / >< / > NEC 公司 (NEC Corp)< / > 5050.00< / > 123.00< / > 2.50< / >< / > 雅马哈发动机 (Yamaha Motor)< / > 1832.50< / > 42.50< / > 2.37< / >< / > | 下跌< / >< / > 理索纳 (Resona)< / > 2512.50< / > -97.50< / > -3.74< / >< / > 福冈金融 (Fukuoka Fin'l)< / > 7756.00< / > -277.00< / > -3.45< / >< / > 千叶银行 (Chiba Bank)< / > 2798.50< / > -91.50< / > -3.17< / >< / > 东宝株式会社 (Toho Co)< / > 1520.50< / > -45.50< / > -2.91< / >< / > SMC 公司 (SMC Corp)< / > 73860.00< / > -2140.00< / > -2.82< / > |

跌幅最大 | 跌幅最大< / > | IG Group< / > 9.50< / > -28.30< / > -27.76< / > Pennon Inc< / >< / > Lion Finance< / > 128.30< / > -10.72< / > 37.96< / > Inchcape< / >< / > Babcock Intl< / > 8.91< / > -9.73< / > -28.32< / > Vistry Day< / >< / > Barratt Redrow< / > 3.00< / > -9.66< / > -21.25< / > Taylor W< / >< / > 3i Group< / > 23.91< / > -8.88< / > -26.72< / > Bellway< / >< / > Games Works< / > 165.40< / > -8.06< / > -12.58< / > RHI Mag< / >< / > BAE SYSTEMS< / > 18.26< / > -6.72< / > 6.53< / > Rank Gnd< / >< / > Standard Chartered< / > 21.51< / > -6.40< / > 18.06< / > Chemring< / >< / > HSBC< / > 14.08< / > -5.98< / > 19.95< / > Metro B< / >< / > Aberdeen Group< / > 2.34< / > -5.64< / > 14.01< / > TBC Bank< / > |

当日 $\rightarrow$ 收盘 月度 ↩ -2.30% 年度 ↗ 6.41%

英镑兑美元 ($ per £)

-0.4406%

美元兑日元 (¥ per \$)

0.0221% 欧元兑英镑 (£ per €)

< / > 价格< / > 涨跌< / > 涨跌幅%< / >< / > | 涨幅最大< / >< / > Eli Lilly< / > 1206.63< / > 49.14< / > 4.25< / >< / > Corteva< / > 14.48< / > 0.57< / > 4.10< / >< / > Hewlett Packard Ent< / > 73.02< / > 2.54< / > 3.60< / >< / > CVS Health Corp< / > 89.34< / > 2.91< / > 3.37< / >< / > Netapp< / > 235.45< / > 7.00< / > 3.06< / >< / > | 跌幅最大< / >< / > Caterpillar< / > 813.73< / > -49.71< / > -5.76< / >< / > Microchip Technology< / > 76.91< / > -4.35< / > -5.35< / >< / > Teradyne< / > 407.55< / > -22.77< / > -5.29< / >< / > NXP Semiconductors< / > 233.06< / > -11.32< / > -4.63< / >< / > SLB< / > 47.96< / > -2.04< / > -4.08< / > |

国家< / > 指数< / > 最新< / > 前值< / >< / > 瑞典< / > DMX Stockholm 30< / > 3226.82< / > 3282.94< / >< / > 瑞典< / > DMX Stockholm AS< / > 1112.14< / > 1130.24< / >< / > 瑞士< / > SMI Index< / > 13808.42< / > 13788.93< / >< / > 台湾< / > 加权股价指数< / > 49806.37< / > 49822.55< / >< / > 泰国< / > 曼谷 SET< / > 1584.63< / > 1582.22< / >< / > 土耳其< / > BIST 100< / > 12122.94< / > 12374.26< / >< / > 英国< / > FTSE 100< / > 10458.50< / > 10541.69< / >< / > 英国< / > FTSE 4Good UK< / > 9930.61< / > 9167.50< / >< / > 英国< / > FTSE All Share< / > 5644.81< / > 5689.19< / >< / > 英国< / > FTSE techMARK 100< / > 9499.63< / > 9517.94< / >< / > 美国< / > 道琼斯综合指数< / > 15980.57< / > 16076.20< / >< / > 美国< / > 道琼斯工业指数< / > 51143.98< / > 51521.29< / >< / > 美国< / > 道琼斯运输指数< / > 15966.43< / > 17010.76< / >< / > 美国< / > 道琼斯公用事业指数< / > 407.55< / > 407.80< / >< / > 美国< / > 纳斯达克 100< / > 31091.35< / > 31224.69< / >< / > 美国< / > 纳斯达克综合指数< / > 27480.78< / > 27598.89< / >< / > 美国< / > 纽约证交所综合指数< / > 23728.45< / > 23921.67< / >< / > 美国< / > 标准普尔 500< / > 7791.44< / > 7818.93< / > |

富时250指数 (FTSE 250) | 价格(£)< / > 周涨跌幅(%)< / > 年初至今涨跌幅(%)< / > | 上涨股< / >< / > Wetherspoon (JD)< / > 9.89< / > 21.63< / > 34.17< / >< / > Avon Technologies< / > 21.90< / > 18.76< / > 20.73< / >< / > Ocado Group< / > 2.87< / > 13.19< / > 21.44< / >< / > Bridgepoint Group< / > 3.65< / > 8.75< / > 28.75< / >< / > Goodwin< / > 142.00< / > 6.93< / > -33.33< / >< / > Domino's Pizza< / > 2.26< / > 5.71< / > 30.33< / >< / > Frasers Group< / > 8.49< / > 5.47< / > 25.22< / >< / > Baltic Classifieds Group< / > 1.83< / > 5.38< / > -9.90< / >< / > Telecom Plus< / > 8.50< / > 5.07< / > -37.41< / >< / > Fidelity Emerging Markets< / > 15.30< / > 3.94< / > 43.53< / > | 下跌股< / >< / > 7.76< / > Pennon Group< / > 3.61< / > -21.14< / >< / > 7.96< / > Inchcape< / > 6.44< / > -13.90< / >< / > 8.32< / > Vistry Group< / > 2.25< / > -12.88< / >< / > 8.25< / > Taylor Wimpey< / > 0.77< / > -10.35< / >< / > 6.72< / > Bellway< / > 20.00< / > -9.58< / >< / > 2.58< / > RHI Magnesita< / > 28.40< / > -8.53< / >< / > 3.53< / > Rank Group< / > 0.70< / > -8.50< / >< / > 3.06< / > Chemring Group< / > 5.00< / > -8.34< / >< / > 3.95< / > Metro Bank< / > 1.58< / > -7.93< / >< / > 4.01< / > TBC Bank Group< / > 49.60< / > -7.89< / > |

当日 ▷ -0.59% 当月 ▷ -4.59% 当年 ▷ -11.34%

-0.1180% 4

---

📄 Original Section

Blue Owl plans ‘big push’ into insurance following tumult in private capital sector

JAMES FONTANELLA-KHAN, JULIA ROCK AND ANTOINE GARA — LONDON

Blue Owl, the group at the centre of recent turmoil in private credit, is planning a “big push” into insurance to tap a growing source of long-term capital as it seeks to expand into new areas.

Co-chief executive Doug Ostrover said the company was looking to increase the amount of insurance capital that it manages as large alternative investment groups compete to deepen their ties with big insurers. “We are not managing enough capital,” Ostrover said at the FT and Latham & Watkins’ Private Capital Summit in London.

"We're realising that if we had a bigger pool of capital, meaning insurance capital, we could provide really unique solutions . . . It's something we're going to make a big push in," the former Credit Suisse and Blackstone executive added.

Ostrover ruled out Blue Owl acquiring an insurer outright, a strategy some rivals have used to turbocharge growth.

"Apollo bought Athene. KKR bought an insurance business. We're thinking about it more from the balance-sheet-light approach," Ostrover said.

While Blue Owl already manages billions of dollars in insurance assets for Kuvare, in which it has a minority stake, it manages just a small fraction of the insurance assets overseen by larger rivals such as Blackstone. Blue Owl

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FT.COM / MARKETSDATA

🌐 对照英文

布伦特原油 $

国家 / 地区 | 指数< / > 最新< / > 前值< / > | 委内瑞拉< / > IBC< / > 7802.12< / > 7495.68< / >< / > 越南< / > 越南指数 (Viet Nam Index)< / > 1753.29< / > 1759.08< / >< / > 跨境< / > 欧洲斯托克 50 (欧元)< / > 6180.29< / > 6272.23< / >< / > 荷兰< / > 泛欧交易所 100 lD< / > 1857.43< / > 1883.69< / >< / > 跨境< / > 富时全球食品指数 ($)< / > 21323.61< / > 21450.17< / >< / > 跨境< / > 富时全球指数 ($)< / > 754.08< / > 759.75< / >< / > 跨境< / > 富时 £300< / > 2517.48< / > 2542.60< / >< / > 跨境< / > 富时欧洲顶级 100 (FTSE Eurotop 100)< / > 4864.26< / > 4911.12< / >< / > 跨境< / > 富时全球 100 ($)< / > 5925.12< / > 5948.22< / >< / > 跨境< / > 富时黄金矿业指数 ($)< / > 5532.92< / >< / > 跨境< / > 富时 Limbase Top (欧元)< / > 7164.60< / > 7274.90< / >< / > 跨境< / > 富时世界指数 ($)< / > 1413.81< / > 1423.18< / >< / > 跨境< / > FT$ / Eurofirst 100 (欧元)< / > 6982.08< / > 7089.48< / >< / > 跨境< / > FT$ / Eurofirst 80 lD< / > 8431.25< / > 8561.88< / > |

黄金 $

富时小盘股< / > 价格($)< / > 周涨跌幅%< / > 年初至今涨跌幅%< / >< / > | 上涨榜< / >< / > Kenmare Resources< / > 2.27< / > 20.24< / > -7.89< / >< / > Blackrock Latin American Inv Tst< / > 4.69< / > 14.67< / > 16.09< / >< / > Taylor Maritime< / > 0.59< / > 6.50< / > -< / >< / > Aston Martin Lagonda< / > 0.37< / > 6.09< / > 42.41< / >< / > TT Electronics< / > 1.88< / > 5.84< / > 64.69< / >< / > Young & Cos Brewery A< / > 9.75< / > 5.63< / > 31.76< / >< / > Frasers Group< / > 8.49< / > 5.47< / > 25.22< / >< / > Ashtead Technology< / > 5.60< / > 5.46< / > 80.65< / >< / > Amarog< / > 1.23< / > 5.13< / > 12.84< / >< / > Brown Advisory US Smaller Co's< / > 16.40< / > 4.96< / > 17.99< / > | 下跌榜< / >< / > -31.53< / > ASDS< / > 4.51< / > -11.05< / > 59.08< / >< / > -16.25< / > Hostelworld Group< / > 0.93< / > -9.66< / > -25.92< / >< / > -64.98< / > Marshalls< / > 1.60< / > -8.46< / > -11.30< / >< / > -28.28< / > Ibstock< / > 0.78< / > -8.38< / > -44.38< / >< / > -27.11< / > Mortgage Advice Bureau< / > 3.27< / > -8.15< / > -52.47< / >< / > 2.16< / > Future< / > 2.92< / > -8.13< / > -44.62< / >< / > -29.51< / > Helical< / > 1.77< / > -7.81< / > -10.62< / >< / > 5.82< / > Vanquis Banking Gp< / > 0.68< / > -7.69< / > -42.81< / >< / > 30.85< / > Biotech Growth Trust< / > 14.30< / > -7.62< / > 19.17< / >< / > 22.17< / > M J Gleeson< / > 2.69< / > -7.57< / > -36.07< / > |

g / d | 行业板块< / > 价格($)< / > 周涨跌幅%< / > 年初至今涨跌幅%< / > | < / > | 上涨者< / >< / > 89< / > 消费者服务< / > 4047.59< / > 3.97< / > -2.40< / >< / > 09< / > 电信服务提供商< / > 3428.70< / > 3.66< / > 19.56< / >< / > -< / > 电信< / > 2197.95< / > 3.66< / > 19.56< / >< / > 41< / > 软件与计算机服务< / > 1853.31< / > 3.64< / > -8.24< / >< / > 69< / > 技术< / > 1623.75< / > 3.58< / > -8.90< / >< / > 76< / > 消费者数字服务< / > 170.11< / > 3.01< / > -11.01< / >< / > 22< / > 生物技术< / > 22607.15< / > 2.22< / > 2.60< / >< / > 65< / > 石油、天然气与煤炭< / > 11457.14< / > 2.19< / > 31.82< / >< / > 84< / > 能源< / > 12046.76< / > 2.17< / > 31.87< / >< / > 89< / > 金融与信贷服务< / > 13355.23< / > 1.59< / > -7.78< / > |

货币

| 下跌者< / >< / > 59.08< / > 家用商品与家居建设< / > 8129.74< / > -8.50< / > -24.62< / >< / > 25.92< / > 休闲商品< / > 38919.78< / > -8.03< / > -13.23< / >< / > 31.30< / > 投资银行与经纪业务< / > 14075.43< / > -6.51< / > -9.03< / >< / > 44.38< / > 替代能源< / > 39.68< / > -5.78< / > 80.47< / >< / > 52.47< / > 银行< / > 8742.89< / > -5.76< / > 10.32< / >< / > 44.62< / > 金融（不含投资公司）< / > 200.33< / > -4.99< / > 5.19< / >< / > 10.62< / > 航空航天与国防< / > 22732.14< / > -4.91< / > 13.23< / >< / > 42.81< / > 建筑与材料< / > 15680.11< / > -4.78< / > 14.52< / >< / > 19.17< / > 技术硬件与设备< / > 133.31< / > -4.62< / > 120.03< / >< / > 36.07< / > 金融< / > 8157.85< / > -4.18< / > 6.26< / > |

< rowspan="2">Oct 07< / > | 美元< / >< rowspan="2">收盘价< / >< ="2">当日涨跌< / >< ="2">收盘价< / >< ="2">当日涨跌< / >< ="2">收盘价< / > 英镑< / >< / > 收盘中价< / > 当日涨跌< / > 周中价< / > 当日涨跌< / >< / > 阿根廷比索< / > 1522.4961< / > 1.4511< / > -2.4002< / > 1704.2822< / > -7.8821< / > -27.7713< / > 2012.5676< / > -6.9799< / > < / >< / > 澳大利亚元< / > 1.4363< / > 0.0032< / > -0.0011< / > 1.6078< / > -0.0054< / > -0.0250< / > 1.8986< / > -0.0042< / > < / >< / > 巴林第纳尔< / > 0.3771< / > 0.0001< / > 0.4222< / > -0.0022< / > -0.0080< / > 0.4985< / > -< / > < / >< / > 玻利维亚玻利维亚诺< / > 11.3703< / > -< / > -0.0500< / > 13.3892< / > -0.0146< / > -0.2513< / > 15.8231< / > -0.0701< / > < / >< / > 巴西雷亚尔< / > 4.9965< / > 0.0191< / > -0.1767< / > 5.5931< / > -0.0097< / > -0.2829< / > 6.0408< / > -0.0039< / > < / >< / > 加拿大元< / > 1.4248< / > 0.0021< / > 0.0051< / > 1.5950< / > -0.0065< / > -0.0176< / > 1.8835< / > -0.0055< / > < / >< / > 智利比索< / > 978.700< / > 9.0700< / > 5.8100< / > 1055.6128< / > 4.0924< / > -9.5010< / > 1293.8807< / > 6.3168< / > < / >< / > 人民币< / > 6.7064< / > -< / > 7.5060< / > -0.0430< / > -0.1100< / > 8.6838< / > -0.0393< / > < / >< / > 哥伦比亚[...OMITTED...]

Peso | 2378.6500< / > 21.8500< / > -69.4500< / > 3625.3449< / > 4.3538< / > -132.1607< / > 4281.1761< / > 10.0651< / > < / > | 哥斯达黎加科朗< / > 458.3650< / > -3.1300< / > 1.3650< / > 510.8553< / > -6.3813< / > -5.9568< / > 803.2695< / > -6.8332< / > < / >< / > 捷克克朗< / > 21.8197< / > 0.1455< / > 3.1302< / > 24.4250< / > -0.0275< / > -0.0085< / > 28.4835< / > 0.0656< / > < / >< / > 丹麦克朗< / > 6.6772< / > 0.0371< / > 0.0056< / > 7.4450< / > -< / > -0.0010< / > 8.8267< / > 0.0102< / > < / >< / > Egustian Pound< / > 52.3700< / > 0.0500< / > 0.4300< / > 58.6230< / > -0.2710< / > -0.3730< / > 89.2729< / > -0.3400< / > < / >< / > 港元< / > 7.9483< / > 0.0005< / > 0.0015< / > 8.7853< / > -0.0465< / > -0.1274< / > 10.3746< / > -0.0452< / > < / >< / > 匈牙利福林< / > 327.1172< / > 2.5269< / > 4.6054< / > 366.1750< / > 0.8000< / > -0.1508< / > 432.4162< / > 1.4415< / > < / >< / > 印度卢比< / > 96.7750< / > 0.3488< / > 0.9475< / > 108.3299< / > -0.2123< / > -0.5157< / > 127.9269< / > -0.1031< / > < / > |

FTSE 精算师份额指数

< rowspan="2" colspan="2">截至10月07日的周数据< / > | 美元< / > | 欧元< / > | 英镑< / >< / > 收盘中价< / > 当日涨跌< / > 涨跌幅< / >< / > 13-13.000< / > 印尼卢比< / > 17880.0000< / > -15.0000< / > 5.0000< / > 20014.6720< / > -128.6360< / > -288.4480< / > 23635.5730< / > -124.5150< / > -110.4720< / >< / > -0.0109< / > 以色列谢克尔< / > 3.0723< / > 0.0265< / > -0.0022< / > 4.3492< / > 0.0107< / > -0.0529< / > 4.0613< / > 0.0173< / > -0.0231< / >< / > < / > 日元< / > 156.1050< / > 0.0350< / > 0.9700< / > 176.9827< / > -0.9468< / > -1.4981< / > 208.9990< / > -0.8764< / > 0.2530< / >< / > 0.1499< / > Kamenda< / > 129.6300< / > 0.0300< / > 0.1740< / > 145.2055< / > -0.7889< / > -1.5474< / > 11.6080< / > -0.7330< / > -0.6320< / >< / > -0.2674< / > 科威特第纳尔< / > 0.3104< / > 0.0008< / > 0.0016< / > 4.3474< / > -0.0011< / > -0.0033< / > 4.0103< / > -0.0008< / > 0.0001< / >< / > -0.0025< / > 马来西亚林吉特< / > 4.0880< / > 0.0036< / > 0.0078< / > 4.5761< / > -0.0222< / > -0.0563< / > 5.4040< / > -0.0199< / > -0.0164< / >< / > 0.3074< / > 墨西哥比索< / > 16.1050< / > 0.0341< / > 0.0169< / > 20.1609< / > -0.0742< / > -0.2162< / > 21.6081< / > -0.0601< / > -0.0595< / >< / > -0.0440< / > 新西兰元< / > 1.7888< / > 0.0088< / > 0.0157< / > 2.0002< / > -0.0022< / > -0.0116< / > 2.3620< / > 0.0091< / >< / > -113.4741< / > 尼日利亚奈拉< / > 1328.8900< / > 8.6900< / > 0.7680< / > 1487.5596< / > -6.4034< / > -20.9971< / > 1756.6599< / > -5.5304< / > -7.6948< / >< / > -1.1757< / > 挪威克朗< / > 9.5700< / > 0.0052< / > -0.0174< / > 10.7126< / > -0.0539< / > -0.1772< / > 12.6565< / > -0.0491< / > -0.0858< / >< / > -0.0493< / > 巴基斯坦< / >

卢比 | 1.9570< / > -0.0500< / > -0.1093< / > 201.9898< / > -1.7871< / > -4.6867< / > 1.0672< / > -1.6864< / > -1.9467< / > | 0.0835< / > 秘鲁新索尔< / > 3.4507< / > 0.0143< / > 0.0229< / > 9.8627< / > -0.0055< / > -0.0338< / > 4.5614< / > -0.0012< / > 0.0078< / >< / > 2.2832< / > 菲律宾比索< / > 62.7600< / > -0.0100< / > 0.1150< / > 20.2536< / > -0.4335< / > -0.9018< / > 82.9625< / > -0.3864< / > -0.2583< / >< / > 3.3658< / > 波兰克朗< / > 3.9133< / > 0.0291< / > 0.0728< / > 3.3853< / > 0.0082< / > 0.0182< / > 5.1726< / > 0.0157< / > 0.0129< / >< / > 3.9754< / > 罗马尼亚

列伊< / > 4.7832< / > 0.0324< / > 0.1414< / > 5.3453< / > 0.0067< / > 0.0818< / > 6.3238< / > 0.0151< / > 0.1564< / >< / > 0.6249< / > 俄罗斯卢布< / > 85.5000< / > 0.1000< / > 2.3750< / > 35.7087< / > -0.4218< / > 1.2912< / > 113.0225< / > -0.3674< / > 2.5560< / > |

富时行业指数：领涨与领跌

科技硬件与设备< / > 120.03< / >< / > 替代能源< / > 80.47< / >< / > 能源< / > 31.87< / >< / > 石油、天然气与煤炭< / > 31.82< / >< / > 非寿险< / > 27.62< / >< / > 工业金属与采矿< / > 27.45< / >< / > 医疗保健提供商< / > 27.25< / >< / > 基础材料< / > 23.63< / >< / > 电信服务提供商< / > 19.56< / >< / > 电信< / > 19.56< / >< / > 化学品< / > 16.16< / >< / > 工业运输< / > 15.57< / >< / > 电子与电气设备< / > 15.21< / >< / > 建筑与材料< / > 14.52< / >< / > 航空航天与国防< / > 13.23< / >< / > 封闭式投资< / > 11.66< / >< / > 通用

工业< / > 11.32< / >< / > 银行< / > 10.32< / >< / > 电化学< / > 9.23< / > |

富时全球指数

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📄 Original Section

'People think defaults are going to be going up. I don't see that occurring'

Blue Owl co-chief Doug Ostrover

recently hired insurance executive Deva Mishra to help its strategy.

The insurance push comes as the private capital industry is braced for consolidation with institutional investors concentrating their allocations among fewer, larger managers, known as general partners (GPs).

"The biggest allocators of capital want to allocate to fewer GPs. It's happening, we see it," he said. "If . . . you're a mid-market PE firm, you invest in kind of everything, you're not an expert in anything. Those are going to get merged up or they're going to fade away."

Ostrover struck a bullish tone on private credit following a difficult period for the industry in which concerns over default risk have prompted wealthy individual investors to redeem money.

Blue Owl's outsized exposure to software groups that could be disrupted by AI contributed to a 40 per cent decline in its share price over the past year.

Ostrover did not rule out an increase in defaults but said that there was a disconnect between how the industry was perceived and the performance of its underlying loans.

Credit performance remained strong, he said, adding that he could “look out 12 or 18 months and feel pretty good that these portfolios will continue to perform . . . I know people think defaults are going to be going up. I don’t see that occurring”. | Day ↩ -0.35% | Month ↗ 0.77% | Year ↗ 15.83% | Nasdaq Composite | New York | AMERICAS

Day ▷ -0.40% Month ▷ 10.71% Year ▷ 45.01%

EUROPE

LONDON

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison

---

英国近期配股发行

🌐 对照英文

公司名称 Petra Diamonds Ltd

3.03 | 工业< / > | 3.47< / > 金融< / >< / > 3.87< / > 金融或投资公司< / >< / > 3.82< / > 饮料< / >< / > 3.62< / > 零售商< / >< / > 3.45< / > 旅游与休闲< / >< / > 3.25< / > 媒体< / >< / > 3.63< / > 公用事业< / >< / > 3.56< / > 生物技术< / >< / > 3.58< / > 燃气、水及综合公用事业< / >< / > 3.18< / > 食品生产商< / >< / > 3.57< / > 工业工程< / >< / > 3.37< / > 房地产投资信托基金< / >< / > 3.52< / > 可选消费< / >< / > 3.23< / > 房地产< / >< / > 3.66< / > 消费者服务< / >< / > 3.32< / > 必需消费品< / >< / > 3.32< / > 个人护理、药品及杂货< / >< / > 3.23< / > 贵金属与采矿< / > |

< rowspan="2">10月07日< / > | 美元< / > | 欧元< / > | 英镑< / >< / > 收盘中间价< / > 当日涨跌< / > 周涨跌< / > 收盘中间价< / >< / > 沙特里亚尔< / > 3.7542< / > 0.0005< / > -0.0006< / > 4.2024< / > -0.0229< / > -0.0025< / > 4.9827< / > -0.0212< / > -0.0254< / > < / >< / > 新加坡元< / > 1.2797< / > 0.0021< / > 0.0024< / > 1.4325< / > -0.0056< / > -0.0183< / > 1.6917< / > -0.0047< / > -0.0051< / > < / >< / > 南非兰特< / > 16.6513< / > 0.1238< / > 0.2550< / > 18.6394< / > 0.0352< / > 0.0157< / > 22.0113< / > 0.0689< / > 0.2298< / > < / >< / > 韩元< / > 1340.2500< / > -3.5500< / > -13.2500< / > 1500.2759< / > -12.3737< / > -37.0971< / > 1771.6785< / > -12.5541< / > -26.3807< / > < / >< / > 瑞典克朗< / > 10.0192< / > 0.0012< / > 0.0373< / > 11.2115< / > -0.0275< / > -0.1227< / > 13.2298< / > -0.0172< / > -0.0164< / > < / >< / > 瑞士法郎< / > 0.8326< / > 0.0014< / > -0.0023< / > 0.9320< / > -0.0036< / > -0.0164< / > 1.1006< / > -0.0030< / > -0.0086< / > < / >< / > 新台币< / > 31.8130< / > 0.0120< / > 0.0165< / > 35.6115< / > -0.1853< / > -0.5421< / > 42.0536< / > -0.1702< / > -0.2303< / > < / >< / > 泰铢< / > 33.6975< / > 0.0125< / > 0.1450< / > 37.7210< / > -0.1399< / > -0.3986< / > 44.5447< / > -0.1059< / > -0.0282< / > < / >< / > 突尼斯第纳尔< / > 3.0603< / > 0.0115< / > 0.0424< / > 3.3675< / > -0.0057< / > -0.0424< / > 3.8766< / > -0.0022< / > 0.0082< / > < / >< / > 土耳其里拉< / > 49.1972< / > 0.0182< / > 0.1802< / > 55.6714< / > -0.2870< / > -0.6046< / > 65.0339< / > -0.2635< / > -0.0828< / > < / >< / > 阿联酋迪拉姆< / > 3.0727< / > -0.0001< / > 0.0002< / > 4.1112< / > -0.0230< / > -0.0066< / > 4.8549< / > -0.0216< / > -0.0243< / > < / >< / > 英镑< / >

英镑 | 0.7565< / > 0.0033< / > 0.0037< / > 0.8469< / > -0.0010< / > -0.0082< / > 1.0000< / > -< / > < / > | 美元< / > 1.0000< / > -< / > 1.1194< / > -0.0063< / > -0.0165< / > 1.3719< / > -0.0058< / > -0.0096< / > < / >< / > 越南盾< / > 25800.5000< / > -11.5000< / > 18.5000< / > 29082.5730< / > -175.5230< / > -408.3660< / > 34433.6240< / > -167.2550< / > -145.5960< / > < / >< / > 欧元< / > 0.8933< / > 0.0050< / > 0.0129< / > 1.0000< / > -< / > 1.0009< / > 0.0013< / > 0.0113< / > < / > |

10月06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%< / > 总股息率< / >< / > | 富时全球工业指数 (FTSE Global Industries)< / >< / > 全球< / > 10219< / > 1289.56< / > 0.57< / > -0.27< / > 13.35< / > 2196.28< / > 14.95< / > 1.59< / >< / > 全球大盘股< / > 1742< / > 1200.62< / > 0.56< / > 0.55< / > 14.08< / > 2317.12< / > 15.62< / > 1.02< / >< / > 全球中盘股< / > 2469< / > 1415.93< / > 0.74< / > 0.32< / > 11.99< / > 2333.44< / > 13.78< / > 1.28< / >< / > 全球小盘股< / > 6017< / > 1418.19< / > 0.34< / > -2.97< / > 10.46< / > 2255.19< / > 12.12< / > 1.82< / >< / > 全球（除欧元区）< / > 9613< / > 1351.04< / > 0.54< / > 0.08< / > 14.12< / > 2277.53< / > 15.62< / > 1.50< / >< / > 全球（除中国）< / > 7603< / > 4393.14< / > 0.56< / > -0.16< / > 14.28< / > 7115.48< / > 15.87< / > 1.57< / >< / > 全球（除日本）< / > 8873< / > 815.70< / > 0.60< / > -2.29< / > 12.16< / > 6266.41< / > 14.67< / > 2.45< / >< / > 全球（除英国）< / > 9996< / > 1348.35< / > 0.56< / > -0.14< / > 13.65< / > 2285.58< / > 15.20< / > 1.54< / >< / > 全球（除日本）< / > 8689< / > 1324.77< / > 0.55< / > -0.35< / > 12.89< / > 2309.20< / > 14.42< / > 1.57< / >< / > | 富时区域工业指数 (FTSE Regional Industries)< / >< / > 美洲< / > 1988< / > 1772.81< / > 0.55< / > 0.75< / > 13.92< / > 1762.01< / > 15.00< / > 1.18< / >< / > 亚太< / > 6429< / > 939.21< / > 0.42< / > 0.08< / > 20.61< / > 1693.54< / > 22.87< / > 1.99< / >< / > 亚太（除日本）< / > 5079< / > 1175.06< / > 0.23< / > -0.30< / > 20.31< / > 2344.42< / > 22.46< / > 2.00< / >< / > 欧洲< / > 1436< / > 677.84< / > 0.91< / > -5.12< / > 3.29< / > 1460.76< / > 6.06< / > 2.89< / >< / > 欧洲（除英国）< / > 1215< / > 635.37< / > 0.92< / > -5.33< / > 2.90< / > 1627.30< / > 5.67< / > 2.81< / >< / > 欧元区< / > 606< / > 708.53< / > 1.00< / > -4.90< / > 3.95< / > 1511.06< / > 6.64< / > 2.78< / >< / > 亚洲< / > 401< / > 746.77< / > 0.47< / > -3.97< / > 5.62< / > 1664.01< / > 9.84< / > 4.55< / >< / > | 富时发达工业指数 (FTSE Developed Industries)< / >< / > 发达国家< / > 5371< / > 1317.74< / > 0.58< / > -0.24< / > 13.65< / > 2525.73< / > 15.16< / > 1.50< / >< / > 发达国家（除北美）< / > 3608< / > 765.60< / > 0.65< / > -2.64< / > 13.20< / > 1547.78< / > 15.91< / > 2.52< / >< / > < rowspan="2">10月06日行业< / >< rowspan="2">股票数量< / >< ="2">美元 / 指数< / >< ="2">当日涨跌%< / >< ="2">月度涨跌%< / >< ="2">年初至今%< / >< ="2">美元 / 总回报< / >< ="2">年初至今%< / >< ="2">总股息率< / >< / > < / > |

事件

配股：每17股配10股，价格为每股16.5便士，须在11月21日前全额支付（参考 07.11.25）。

数字信息服务 | 软件与计算机服务< / > 527< / > 3751.40< / > 0.62< / > 5.24< / > 4.49< / > 6667.51< / > 4.98 0.53< / >< / > 媒体< / > 153< / > 766.74< / > 0.88< / > -6.22< / > -15.78< / > 1103.27< / > -15.14 1.10< / >< / > 技术< / > < / >< / > 半导体< / > 300< / > 985.53< / > 0.33< / > 8.22< / > 57.99< / > 1079.51< / > 58.69 0.52< / >< / > 技术硬件与设备< / > 769< / > 7511.25< / > 0.12< / > 7.56< / > 55.00< / > 10852.52< / > 58.69 1.52< / >< / > 技术< / > 1292< / > 1118.84< / > 0.31< / > 6.69< / > 41.46< / > 10257.37< / > 32.07 0.52< / >< / > 生物技术< / > 216< / > 123.14< / > -1.25< / > -2.24< / > -16.07< / > 125.78< / > 16.44 0.29< / >< / > 电信设备< / > 112< / > 595.95< / > 1.41< / > 7.32< / > 78.26< / > 869.73< / > 79.72 0.74< / >< / > 电信设备< / > 162< / > 109.50< / > 0.78< / > 2.14< / > -15.77< / > 1385.60< / > 36.44 15.81< / >< / > 电信服务提供商< / > 145< / > 437.76< / > -0.17< / > 4.44< / > -0.17< / > 979.13< / > 2.83 3.61< / >< / > 电子与电气设备< / > 361< / > 2171.52< / > 0.85< / > 3.45< / > 27.23< / > 3135.23< / > 28.41 0.91< / >< / > 金融< / > < / >< / > 金融与信贷< / > 111< / > 833.10< / > 0.66< / > -10.88< / > -15.93< / > 1307.25< / > -14.82 1.58< / >< / > 金融< / > 1181< / > 698.73< / > 0.67< / > -6.27< / > 5.74< / > 1461.59< / > 8.45 2.86< / >< / > 人寿保险< / > 71< / > 643.97< / > 0.47< / > -5.66< / > 8.29< / > 1350.64< / > 11.75 3.40< / >< / > 银行< / > 497< / > 519.78< / > 0.59< / > -8.66< / > 11.24< / > 1214.40< / > 14.70 3.35< / >< / > 抵押房地产投资信托< / > < / > 81.28< / > 0.38< / > -10.60< / > -24.45< / > 195.25< / > -14.44 15.81< / >< / > 非寿险< / > 125< / > 1029.64< / > 0.68< / > -6.81< / > -0.36< / > 1862.67< / > 2.75 2.77< / >< / > 投资银行与经纪服务< / > 350< / > 1198.15< / > 0.37< / > 6.74< / > 4.20< / > 1930.08< / > 1.98 1.73< / >< / > 交易处理服务< / > 55< / > 142.90< / > 0.28< / > -4.20< / > -0.50< / > 149.98< / > -3.54 0.87< / >< / > 房地产< / > < / >< / > 房地产< / > 642< / > 881.09< / > 0.86< / > -6.54< / > -3.45< / > 1081.87< / > -0.53 3.99< / >< / > 房地产投资与服务< / > 319< / > 323.34< / > 0.48< / > -7.90< / > -14.76< / > 666.59< / > -12.73 2.94< / >< / > 房地产投资信托< / > 323< / > 524.77< / > 0.98< / > -6.10< / > 0.77< / > 1448.00< / > 4.03 4.33< / >< / > 消费品与< / >

Servi | < / > < / > | 消费者数字服务< / > 94< / > 339.75< / > 0.31< / > 5.62< / > 4.63< / > 344.65< / > 4.92 0.32< / >< / > 非必需消费品< / > 1485< / > 1167.83< / > 1.17< / > 3.32< / > 6.77< / > 1697.84< / > 5.84 1.26< / >< / > 消费者服务< / > 70< / > 1325.04< / > 0.02< / > 5.53< / > 8.76< / > 1808.62< / > 8.11 0.91< / >< / > 必需消费品< / > 613< / > 956.23< / > 0.73< / > 3.88< / > 0.94< / > 1718.57< / > 1.47 1.47< / >< / > 零售商< / > 263< / > 1908.40< / > 1.69< / > 2.09< / > 0.72< / > 2628.49< / > 1.37 0.83< / >< / > 个人护理、药品与杂货

Strs< / > 196< / > 546.74< / > 0.90< / > 3.91< / > 1.79< / > 917.73< / > 0.29 2.61< / >< / > 个人用品< / > 138< / > 733.58< / > 0.88< / > 7.81< / > 20.45< / > 141.69< / > 19.85 2.25< / >< / > 旅游与休闲< / > 150< / > 638.26< / > 0.27< / > 2.70< / > 1.76< / > 914.73< / > 1.47 1.49< / >< / > 旅游与休闲< / > 296< / > 1097.22< / > 0.87< / > 6.77< / > 19.28< / > 962.26< / > 1.81 2.12< / > |

2025年11月7日生效

8.04< / > 工业支持服务< / > 5.21< / >< / > 6.25< / > 人寿保险< / > 5.89< / >< / > 5.19< / > 烟草< / > 6.67< / >< / > 4.30< / > 金融与信贷服务< / > 7.78< / >< / > 4.15< / > 个人用品< / > 8.43< / >< / > 3.89< / > 制药与生物技术< / > 8.86< / >< / > 3.30< / > 技术< / > 8.90< / >< / > 2.60< / > 投资银行与经纪< / > 9.03< / >< / > 0.88< / > 医疗保健< / > 9.05< / >< / > 0.68< / > 软件与计算机服务< / > 9.24< / >< / > 0.67< / > 消费者数字服务< / > 11.01< / >< / > 2.21< / > 房地产投资与服务< / > 11.91< / >< / > 2.40< / > 休闲

Goods< / > 13.23< / >< / > 3.09< / > 医疗设备与服务< / > 15.46< / >< / > 3.67< / > 控股商品与住宅建设< / > 24.62< / > |

10月06日区域与国家< / > 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< / > 股息率< / >< / > 发达国家（除加拿大）< / > 5154< / > 1324.66< / > 0.58< / > 0.07< / > 13.83< / > 2256.78< / > 15.34< / > 1.48< / >< / > 发达国家（除欧洲）< / > 4157< / > 1554.66< / > 0.52< / > 0.62< / > 15.63< / > 2467.20< / > 16.89< / > 1.27< / >< / > 发达国家（除欧元区）< / > 4765< / > 1417.07< / > 0.54< / > 0.17< / > 14.55< / > 2350.30< / > 15.95< / > 1.40< / >< / > 发达国家（除美国）< / > 3825< / > 794.81< / > 0.63< / > 2.90< / > 12.66< / > 1595.09< / > 15.27< / > 2.47< / >< / > 发达国家（除

英国）< / > 5140< / > 1408.36< / > 0.57< / > 0.00< / > 13.99< / > 2350.67< / > 15.45< / > 1.45< / >< / > 发达国家（除日本）< / > 4021< / > 1386.22< / > 0.56< / > 0.32< / > 13.14< / > 2387.15< / > 14.59< / > 2.47< / >< / > 发达亚太地区< / > 2301< / > 871.76< / > 0.38< / > 0.39< / > 28.08< / > 5753.68< / > 30.67< / > 2.08< / >< / > 发达亚太地区（除日本）$1< / > 1141< / > 1141.53< / > -0.17< / > -0.26< / > 37.59< / > 2514.45< / > 40.31< / > 2.21< / >< / > 发达欧洲< / > 1214< / > 694.86< / > 0.91< / > 5.03< / > 3.21< / > 4466.12< / > 5.98< / > 2.89< / >< / > 发达国家（除欧元区除

英国 | 997< / > 483.57< / > 0.83< / > -5.22< / > 2.18< / > 1689.16< / > 5.55< / > 1.29< / > | 发达欧元区< / > 606< / > 703.84< / > 1.00< / > -4.92< / > 3.74< / > 1500.92< / > 4.42< / > 2.78< / >< / > 发达亚太地区（除 3515< / > 3675< / > 76.37< / > 0.60< / > -2.63< / > 13.17< / > 155.27< / > 15.89< / > 2.52< / >< / > | 富时新兴市场指数< / >< / > 新兴市场< / > 4848< / > 1100.90< / > 0.50< / > -0.61< / > 10.83< / > 2142.66< / > 13.06< / > 2.39< / >< / > 新兴亚太地区< / > 4128< / > 1237.11< / > 0.43< / > 0.33< / > 11.76< / > 2684.72< / > 13.65< / > 1.87< / >< / > 新兴

欧洲< / > 222< / > 325.55< / > 0.38< / > -12.60< / > 5.31< / > 741.11< / > 8.02< / > 2.98< / >< / > 新兴市场（含韩国）< / > 5289< / > 4490.21< / > 0.22< / > 0.51< / > 20.87< / > 8115.93< / > 23.02< / > 2.08< / >< / > 新兴亚太地区（除波兰）< / > 2737< / > 1146.35< / > 0.07< / > 1.85< / > 14.12< / > 951.51< / > 15.09< / > 1.73< / >< / > 高级新兴市场< / > 1198< / > 1606.14< / > 0.18< / > 4.01< / > 47.41< / > 5300.15< / > 50.54< / > 2.40< / >< / > 次级新兴市场< / > 3650< / > 969.79< / > 0.84< / > -2.63< / > -12.77< / > 7119.50< / > -10.59< / > 2.37< / > |

英国公司业绩

10月06日< / > 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< / >< / > 板块< / > < / >< / > 家用商品与家居建筑< / > 119< / > 511.58< / > 1.57< / > -4.27< / > -4.72< / > 881.56< / > -3.08< / > 2.35< / >< / > 烟草< / > 13< / > 1353.86< / > 0.60< / > 0.93< / > 9.72< / > 4326.92< / > 13.53< / > 4.63< / >< / > | 医疗保健< / >< / > 医疗保健< / > 843< / > 1157.19< / > 0.03< / > -3.21< / > 4.31< / > 1832.77< / > 5.83< / > 1.62< / >< / > 医疗保健

提供商< / > 114< / > 1777.92< / > 0.10< / > -2.50< / > 9.12< / > 2227.45< / > 10.48< / > 1.57< / >< / > 医疗与生物技术< / > 531< / > 1019.35< / > 0.41< / > -4.01< / > 8.90< / > 1776.79< / > 10.75< / > 1.83< / >< / > 医疗设备与服务< / > 198< / > 1651.53< / > -1.15< / > -1.07< / > -9.05< / > 2026.92< / > -8.29< / > 1.01< / >< / > | 农业食品与饮料< / >< / > 食品生产商< / > 300< / > 610.00< / > 0.92< / > -6.02< / > -3.13< / > 1097.26< / > -0.38< / > 3.32< / >< / > 饮料< / > 103< / > 830.24< / > 0.33< / > -4.32< / > 4.84< / > 1495.00< / > 7.12< / > 3.03< / >< / > | 能源< / >< / > 能源< / > 376< / > 704.85< / > 0.37< / > -0.97< / > 31.74< / > 1531.51< / > 34.98< / > 2.98< / >< / > 电力< / > 252< / > 647.31< / > 2.14< / > -2.93< / > -0.16< / > 1526.60< / > 2.03< / > 2.96< / >< / > 替代能源< / > 90< / > 97.65< / > 0.59< / > -2.23< / > 5.64< / > 121.98< / > 7.94< / > 3.55< / >< / > 替代能源< / > 69< / > 376.90< / > 1.63< / > -4.70< / > 1.75< / > 288.00< / > -0.40< / > 0.40< / >< / > 石油、天然气与煤炭< / > 307< / > 732.75< / > 0.31< / > -0.78< / > 33.69< / > 1568.05< / > 37.17< / > 3.11< / >< / > 天然气、水与

综合公用事业 | 119< / > 684.76< / > 1.24< / > -3.40< / > 0.74< / > 1732.24< / > 3.60< / > 3.68< / > | 公用事业< / > 412< / > 673.48< / > 1.75< / > -3.16< / > -0.08< / > 1613.09< / > 2.23< / > 3.05< / >< / > | 交通运输< / >< / > 汽车零部件< / > 299< / > 1057.21< / > 0.84< / > -0.52< / > -13.05< / > 1742.95< / > -11.85< / > 1.54< / >< / > 工业运输< / > 384< / > 1363.74< / > 0.11< / > -4.66< / > 8.94< / > 2386.79< / > 11.01< / > 2.37< / >< / > | 工业< / >< / > 航空航天与国防< / > 106< / > 2746.99< / > -0.27< / > -6.64< / > -3.14< / > 4200.47< / > -2.41< / > -1.20< / >< / > 工业工程< / > 347< / > 2408.10< / > 1.11< / > 1.25< / > 23.35< / > 3626.47< / > 24.41< / > 1.69< / >< / > 工业材料< / > 92< / > 275.42< / > 0.65< / > -4.42< / > -0.99< / > 547.22< / > 0.93< / > 2.93< / >< / > 工业金属与采矿< / > 388< / > 1084.34< / > 0.63< / > -5.49< / > 19.32< / > 2169.24< / > 21.64< / > 2.33< / >< / > 工业支持服务< / > 232< / > 1252.97< / > 0.34< / > -3.89< / > -2.51< / > 1841.03< / > -1.38< / > 1.35< / >< / > 工业< / > 2104< / > 1544.88< / > 0.65< / > -2.18< / > 7.77< / > 2473.09< / > 9.12< / > 1.47< / >< / > 通用工业< / > 202< / > 957.91< / > 1.19< / > 0.33< / > 17.12< / > 1722.62< / > 18.81< / > 1.59< / >< / > | 资源与材料< / >< / > 基础材料< / > 1035< / > 1038.02< / > 0.80< / > -5.59< / > 13.23< / > 1935.65< / > 15.33< / > 2.15< / >< / > 化学品< / > 457< / > 1083.00< / > 1.21< / > -0.69< / > 17.09< / > 1949.89< / > 19.34< / > 2.09< / >< / > 建筑与材料< / > 472< / > 1395.38< / > 1.62< / > -3.35< / > -2.09< / > 2385.09< / > -0.61< / > 1.40< / >< / > 废物与处置服务< / > 41< / > 402.14< / > 0.33< / > -4.29< / > -2.29< / > 4445.56< / > -1.22< / > 1.32< / >< / > 贵金属与采矿< / > 98< / > 1433.08< / > 0.55< / > -12.34< / > 0.86< / > 2551.73< / > 2.43< / > 1.80< / > |

公司< / > 营业额(£)< / >< / > Ashoka India Equity Inv Trust< / > Fin - (-)< / >< / > Dunedin Income Growth Invest Trust*< / > Int - (-)< / >< / > Fidelity Emerging Markets $*< / > Fin - (-)< / >< / > Fletcher King< / > 3.5m (3.8m)< / >< / > Maven Renovar VCT< / > Int - (-)< / >< / > Netcall< / > 57.7m (48.0m)< / >< / > Schroder Japan Trust*< / > - (-)< / >< / > Spire Healthcare Group*< / > Int 792.7m (796.7m)< / >< / > The European Smaller Co's TST*< / > - (-)< / >< / > Thorpe (F.W.)*< / > 172.9m (175.2m)< / > |

富时 100 指数摘要

[...OMITTED...]

| 收盘价 (p)< / > 涨跌幅%< / > | 3i Group< / > 2391.00< / > 0.08< / >< / > Aberdeen Group< / > 234.40< / > -1.43< / >< / > Admiral< / > 3634.00< / > -0.44< / >< / > Airtel Africa< / > 312.80< / > 0.71< / >< / > Alliance Witan< / > 1402.00< / > -0.28< / >< / > Anglo American< / > 4059.00< / > -2.24< / >< / > Antofagasta< / > 3692.00< / > -3.58< / >< / > Assoc. Brit. Foods< / > 1827.00< / > -0.38< / >< / > AstraZeneca< / > 12180.00< / > 1.86< / >< / > Autotraeder Group< / > 470.80< / > 1.36< / >< / > Aviva< / > 677.20< / > -1.63< / >< / > Babcock Intl< / > 891.00< / > -1.72< / >< / > BAE Systems< / > 1826.00< / > -1.56< / >< / > Balfour Beatty< / > 674.50< / > -2.83< / >< / > Barclays< / > 432.95< / > -3.41< / >< / > Barnett Redrow< / > 300.10< / > -2.94< / >< / > BP< / > 562.00< / > 0.20< / >< / > Brit. Amer. Tobacco< / > 4084.00< / > 2.13< / >< / > British Land< / > 391.20< / > -0.86< / >< / > BT Group< / > 198.45< / > 1.64< / >< / > Bunzl< / > 2650.00< / > -0.67< / >< / > Burberry< / > 1016.00< / > -1.50< / >< / > Centrica< / > 145.80< / > -1.29< / >< / > Coca-Cola Europec< / > 7700.00< / > -0.39< / >< / > Coca-Cola HBC AG< / > 4246.00< / > 0.28< / >< / > Compass< / > 2307.28< / > 2.12< / >< / > Computacenter< / > 5450.00< / > 0.37< / >< / > Conovatec< / > 216.80< / > -0.73< / >< / > Croda International< / > 3338.00< / > -0.27< / >< / > DCC Energy< / > 6440.00< / > < / >< / > Diageo< / > 1611.00< / > 0.47< / >< / > Diploma< / > 7700.00< / > -2.04< / >< / > easyJet< / > 679.60< / > 0.21< / >< / > Endeavour Mining< / > 4104.00< / > -2.47< / >< / > Experian< / > 2543.00< / > 1.60< / >< / > F&C Inv Trust< / > 348.20< / > -0.46< / >< / > Fresnillo< / > 2688.00< / > -0.55< / >< / > Games Works< / > 16540.00< / > -0.12< / >< / > Glencore< / > 588.90< / > -0.80< / >< / > GSK< / > 1790.50< / > 1.42< / >< / > Halisteon< / > 342.40< / > 2.52< / >< / > Halima< / > 3478.00< / > -2.25< / >< / > Hiscox< / > 1834.00< / > -0.86< / >< / > Howden Joinery< / > 754.50< / > -0.66< / >< / > HSBC< / > 1408.00< / > -4.36< / >< / > ICG< / > 1764.00< / > -0.17< / >< / > IG Group< / > 950.00< / > -1.25< / >< / > IMI< / > 3052.00< / > -3.05< / >< / > Imperial Brands< / > 2488.00< / > 0.85< / >< / > Informa< / > 866.60< / > -2.32< / > |

< / > 收盘价 (p)< / > 涨跌幅%< / >< / > InterCont'l Hotels< / > 12115.10< / > -0.12< / >< / > Intl Cons Airlines< / > 432.80< / > -1.57< / >< / > Intersk Group< / > 5900.00< / > 0.25< / >< / > Investec< / > 595.00< / > -3.72< / >< / > Ithaca Energy< / > 274.60< / > 0.15< / >< / > JD Sports Fashion< / > 83.50< / > 3.93< / >< / > Kingfisher< / > 329.10< / > --< / >< / > Land Securities< / > 612.50< / > -0.81< / >< / > Legal & General< / > 288.10< / > -0.79< / >< / > Lion Finance< / > 12630.00< / > -3.68< / >< / > Lloyds Big Gp< / > 102.30< / > -3.22< / >< / > LondonMetric Prop< / > 172.40< / > -0.86< / >< / > Lion Stock < / > |

8316.00 | -0.83< / > | M&G< / > 308.00< / > -1.41< / >< / > 玛莎百货 (Marks & Spen)< / > 393.80< / > 2.90< / >< / > 梅尔罗斯保险 (Melrose Insur)< / > 450.00< / > -2.39< / >< / > Metlen Energy< / > 4154.46< / > -1.36< / >< / > 国家电网 (Nat'l Grid)< / > 1150.00< / > -0.09< / >< / > 国民西敏斯特银行集团 (NatWest Group)< / > 649.80< / > -2.78< / >< / > Next< / > 14575.00< / > -0.14< / >< / > 培生 (Pearson)< / > 1243.00< / > 0.81< / >< / > Pershing Square Hldgs< / > 3750.00< / > -0.32< / >< / > Polar CapTech< / > 712.00< / > -1.52< / >< / > 普鲁登申 (Prudential)< / > 881.00< / > -4.67< / >< / > 利洁时 (Reckitt Benckiser)< / > 5106.00< / > 2.59< / >< / > RELX< / > 2599.00< / > 1.09< / >< / > Rentokil Initial< / > 297.90< / > -0.37< / >< / > 必和必拓 (Rio Tinto)< / > 7022.00< / > -1.90< / >< / > 罗尔斯-罗伊斯 (Rolls-Royce)< / > 1404.40< / > -2.35< / >< / > 赛恩斯伯里 (Sainsbury UJ)< / > 327.60< / > 1.80< / >< / > Scot Mort Inv Tst< / > 1626.00< / > -0.70< / >< / > Segro< / > 913.60< / > -0.72< / >< / > Severn Trent< / > 3058.00< / > -1.80< / >< / > 壳牌 (Shell)< / > 3648.00< / > -0.08< / >< / > 史密斯与尼普休 (Smith & Nephew)< / > 1019.00< / > 0.74< / >< / > 史密斯集团 (Smiths Gp)< / > 2762.00< / > -2.99< / >< / > Sprax Group< / > 7140.00< / > -2.99< / >< / > SSE< / > 2459.00< / > -0.53< / >< / > 渣打银行 (Standard Chartered)< / > 2151.00< / > -4.53< / >< / > 标准生活 (Standard Life)< / > 871.50< / > -0.91< / > St. James's Place< / > 1027.00< / > -1.11< / >< / > 特易购 (Tesco)< / > 4750.00< / > 1.90< / >< / > The Sage Gp< / > 1022.00< / > 1.69< / >< / > Tritax Big Box< / > 141.60< / > -0.42< / >< / > 联合利华 (Unilever)< / > 4623.00< / > 1.18< / >< / > 联合公用事业 (Utd. Utilities)< / > 1398.00< / > -1.41< / >< / > 沃达丰 (Vodafone)< / > 127.75< / > 2.12< / >< / > Weir< / > 2560.00< / > -3.83< / >< / > 惠特布雷德 (Whitbread)< / > 2472.00< / > -3.10< / >< / > WPP< / > 385.00< / > 1.24< / > |

英国近期新增股票

< / > 收盘价 (p)< / > %涨跌< / > < / > 收盘价 (p)< / > %涨跌< / >< / > 1947 Oil & Gas< / > 9.50< / > -< / > iForex Financial< / > 145.00< / > -< / >< / > Avimia< / > 141.00< / > -< / > Mendell Helium< / > 3.95< / > -1.25< / >< / > ATC Music Corp< / > 187.50< / > -< / > Meridian Mining< / > 124.00< / > -1.98< / >< / > Braovus Solutions< / > 164.50< / > -< / > Pathos Comms< / > 25.50< / > -< / >< / > Chaleit Holdings< / > 57.50< / > -< / > Rift Helium< / > 6.40< / > -2.29< / >< / > Coastal Africa Group< / > 200.00< / > -< / > Serval Resources< / > 30.50< / > -< / >< / > Comish Metals< / > 105.00< / > -4.55< / > Sintana Energy< / > 21.00< / > -< / >< / > Dauch Corp< / > 426.00< / > -4.48< / > Sunbelt Rentals< / > 5652.00< / > -5.20< / >< / > EDX Medical Group< / > 8.75< / > -< / > Tapir Holdings< / > 44.00< / > -< / >< / > Halo Minerals< / > 8.25< / > -2.94< / > The Smarter Web Co< / > 67.50< / > -2.88< / > |

EPS(p) | DIV(p)< / > 派息日< / > 除权日< / > | 0.750 (0.410)< / > 0.600 (0.500)< / > Oct 30< / > Oct 08< / >< / > 6.180 (7.820)< / > 4.250 (4.250)< / > Nov 27< / > Nov 05< / >< / > 32.000 (31.000)< / > 33.000 (26.000)< / > Dec 08< / > Nov 12< / >< / > 0.010 (1.480)< / > 0.000 (2.250)< / > -< / >< / > 0.160 (0.410)< / > 3.500 (2.500)< / > Nov 13< / > Oct 15< / >< / > 0.930 (2.450)< / > 1.100 (0.940)< / > Feb 08< / > Dec 24< / >< / > 6.790 (6.910)< / > 4.070 (2.850)< / > Oct 30< / > Oct 01< / >< / > -2.900 (1.600)< / > 0.000 (0.000)< / > -< / >< / > 5.300 (4.240)< / > 3.160 (3.450)< / > Nov 27< / > Oct 29< / >< / > 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

< rowspan="2">股票< / > | 52 Week< / >< / > 价格< / > + / 涨跌< / > 最高< / > 最低< / > 收益率< / > 市盈率< / > 市值 (lb)< / >< / > | Australia (AUD)< / >< / > ANZ Group Holdings< / > 37.86< / > 0.21< / > 41.00< / > 33.36< / > 5.75< / > 19.45< / > 114.18< / >< / > BHP Group< / > 62.86< / > 0.97< / > 68.77< / > 40.17< / > 3.85< / > 32.47< / > 319.59< / >< / > Commonwealth Bank< / > 152.38< / > 1.16< / > 185.59< / > 146.98< / > 3.31< / > 23.35< / > 255.00< / >< / > CSL Ltd< / > 178.68< / > 1.69< / > 222.47< / > 90.00< / > 2.27< / > 27.79< / > 85.75< / >< / > Macquarie Group< / > 250.02< / > 2.00< / > 267.90< / > 187.31< / > 3.22< / > 25.54< / > 95.92< / >< / > National Australia Bank< / > 38.70< / > 0.30< / > 49.45< / > 35.48< / > 4.39< / > 17.51< / > 120.65< / >< / > Westfarmers< / > 75.86< / > 0.39< / > 94.70< / > 70.80< / > 2.93< / > 29.94< / > 86.12< / >< / > Wispac Banking< / > 34.66< / > 0.22< / > 43.32< / > 33.46< / > 4.44< / > 17.25< / > 118.55< / >< / > | Belgium (EUR)< / > |

Aténeuser-busch indev< / > 67.56< / > 1.66< / > 76.18< / > 49.96< / > 1.19< / > 25.49< / > 121.42< / >< / > | Brazil (BRL)< / >< / > Itau Unibanco Holding< / > 54.86< / > 0.74< / > 55.13< / > 32.50< / > 0.00< / > 308.19< / >< / > Itau Unibanco Holding Prfd< / > 50.45< / > 0.97< / > 50.68< / > 36.96< / > 0.00< / > 272.89< / >< / > Petroleo Brasileiro< / > 59.31< / > -1.09< / > 62.00< / > 30.96< / > 0.00< / > 52.57< / > 441.40< / >< / > Petroleo Brasileiro Prfd< / > 53.82< / > -1.54< / > 56.75< / > 29.31< / > 0.00< / > 293.13< / >< / > Vale< / > 70.37< / > -1.03< / > 91.62< / > 58.75< / > 0.00< / > 79.29< / > 299.48< / >< / > | Canada ($AP)< / > |

< rowspan="2">股票< / >< rowspan="2">价格< / > | 52 Week< / >< / > + / -涨跌< / > 最高< / > 最低< / > 收益率< / > 市盈率< / > 市值 (bl)< / >< / > | Finland (EUR)< / >< / > Nordex Bank Abp< / > 17.07< / > -0.04< / > 18.11< / > 13.76< / > 0.00< / > 12.28< / > 56.07< / >< / > | France (EUR)< / >< / > Air Liquide< / > 169.10< / > -1.66< / > 189.80< / > 154.86< / > 1.99< / > 32.41< / > 107.91< / >< / > Airtus< / > 188.00< / > -1.08< / > 221.30< / > 157.42< / > 1.70< / > 35.07< / > 148.95< / >< / > AAA< / > 42.77< / > 0.62< / > 45.66< / > 36.55< / > 5.42< / > 11.91< / > 89.43< / >< / > BNP Paribas< / >

A | 95.09< / > 2.33< / > 113.82< / > 65.12< / > 6.10< / > 9.94< / > 106.20< / > | 圣戈班公司 (Compagnie de Saint-Gobain)< / > 67.14< / > 1.02< / > 95.60< / > 65.72< / > 3.43< / > 10.02< / > 33.22< / >< / > 农业信贷银行 (Crédit Agricole)< / > 17.11< / > 0.18< / > 20.40< / > 15.37< / > 0.00< / > 7.85< / > 52.34< / >< / > Doverne< / > 58.82< / > 1.06< / > 60.14< / > 57.26< / > 3.63< / > 22.71< / > 40.19< / >< / > 达索 Synthons (Dassault Synthons)< / > 21.51< / > 0.11< / > 30.36< / > 15.82< / > 1.26< / > 23.90< / > 28.86< / >< / > ENSE< / > 23.45< / > 0.58< / > 29.89< / > 17.78< / > 4.40< / > 15.43< / > 59.82< / >< / > 依视路陆逊梯卡 (EssilorLuxottica)< / > 146.70< / > 2.20< / > 323.90< / > 138.30< / > 2.73< / > 28.21< / > 68.11< / >< / > 爱马仕国际 (Hermes International)< / > 1282.00< / > -4.00< / > 2300.00< / > 1260.00< / > 1.40< / > 29.18< / > 135.34< / >< / > 欧莱雅 (L'Oréal)< / > 373.60< / > 0.15< / > 405.80< / > 338.85< / > 1.93< / > 29.39< / > 199.00< / >< / > LVMH 酩悦·轩尼诗-路易·威登 (LMVMI Uml Meet Hennessy)< / > 385.60< / > 4.70< / > 654.70< / > 376.00< / > 3.37< / > 17.64< / > 190.72< / >< / > 赛峰 (Safran)< / > 329.40< / > -0.40< / > 366.50< / > 262.60< / > 1.02< / > 43.34< / > 137.80< / >< / > Sorfixi< / > 70.61< / > 0.62< / > 91.15< / > 69.75< / > 5.83< / > 9.02< / > 85.28< / >< / > 施耐德电气 (Schneider Electric)< / > 260.50< / > -12.30< / > 312.30< / > 220.40< / > 1.61< / > 30.33< / > 150.73< / >< / > 道达尔能源 (TotalEnergies)< / > 75.72< / > -0.08< / > 81.34< / > 49.24< / > 4.62< / > 10.99< / > 172.77< / >< / > 文西 (Vinci)< / > 109.25< / > 3.10< / > 143.15< / > 104.25< / > 4.62< / > 12.63< / > 64.26< / > | 加拿大 (英国)< / >< / > Agricola Eagle Mines< / > 264.60< / > 3.19< / > 348.94< / > 188.48< / > 0.97< / > 22.58< / > 134.81< / >< / > Alimentation Conscute-Tand< / > 77.16< / > 0.03< / > 95.15< / > 68.00< / > 1.11< / > 28.52< / > 70.83< / >< / > 纽约银行 (Bank of New York)< / > 236.00< / > 1.55< / > 259.20< / > 168.00< / > 2.90< / > 26.20< / > 164.1< / >< / > 新斯科舍银行 (Bank of Nova Scotia)< / > 128.24< / > -0.50< / > 134.50< / > 88.22< / > 3.56< / > 26.39< / > 158.06< / >< / > 布鲁克菲尔德 (Brookfield)< / > 52.98< / > 0.43< / > 97.20< / > 50.85< / > 0.75< / > 94.61< / > 118.27< / >< / > 布鲁克菲尔德资产管理 (Brookfield Asset Mgmt.)< / > 64.29< / > 0.49< / > 82.98< / > 58.09< / > 4.45< / > 36.74< / > 102.69< / >< / > 加拿大帝国银行 (Canadian Imperial Bank)< / > 156.65< / > 1.40< / > 172.87< / > 111.45< / > 2.70< / > 21.18< / > 144.05< / >< / > 加拿大国家铁路 (Canadian National Railway)< / > 168.34< / > -2.11< / > 185.25< / > 128.05< / > 2.17< / > 29.64< / > 101.69< / >< / > 加拿大自然资源公司 (Canadian Natural)< / > 68.48< / > -0.45< / > 72.35< / > 41.67< / > 3.65< / > 16.70< / > 141.17< / >< / > 加拿大太平洋航空 (Canadian Pacific Airways)< / > 121.44< / > -1.04< / > 133.38< / > 96.50< / > 0.82< / > 38.55< / > 106.76< / >< / > Constellation Software< / > 2500.64< / > -35.65< / > 4110.00< / > 2198.00< / > 0.19< / > 993.48< / > 62.53< / >< / > 恩桥 (Enbridge)< / > 66.20< / > 0.55< / > 80.65< / > 62.42< / > 5.86< / > 34.66< / > 150.12< / >< / > FleetBoston

Financial | 61.90< / > 0.55< / > 83.30< / > 60.00< / > 0.87< / > 34.38< / > 150.12< / > | 苏格兰西南银行 (Southwest Bank of Scotland)< / > 279.19< / > 1.68< / > 306.38< / > 200.82< / > 2.52< / > 25.36< / > 388.01< / >< / > Shopify Inc.< / > 233.73< / > 5.56< / > 253.10< / > 129.01< / > 0.00< / > 156.87< / > 282.48< / >< / > 森科能源公司（Suncor）< / > 97.05< / > -0.94< / > 100.24< / > 53.02< / > 2.47< / > 25.34< / > 113.51< / >< / > TC Energy< / > 85.57< / > 0.76< / > 100.18< / > 69.41< / > 4.10< / > 34.23< / > 85.57< / >< / > 多伦多道明银行 (The Toronto-Dominion Bank)< / > 168.06< / > 0.64< / > 175.33< / > 109.50< / > 2.62< / > 20.35< / > 283.94< / >< / > Waste

Connections< / > 219.69< / > -0.28< / > 251.45< / > 203.46< / > 0.91< / > 52.94< / > 55.37< / > | 德国 (欧元)< / >< / > 阿迪达斯 (adidas AG)< / > 145.15< / > 2.85< / > 196.40< / > 129.95< / > 1.93< / > 19.46< / >< / > 安联保险 (Allianz)< / > 420.70< / > 1.50< / > 454.60< / > 338.80< / > 4.06< / > 14.70< / >< / > 巴斯夫 (BASF)< / > 51.08< / > 0.84< / > 55.05< / > 41.48< / > 4.40< / > 28.07< / >< / > 宝马 (BMW)< / > 54.64< / > 0.42< / > 97.92< / > 52.36< / > 8.05< / > 4.60< / >< / > 德意志银行 (Deutsche Bank)< / > 31.41< / > 0.12< / > 35.84< / > 23.82< / > 3.18< / > 9.94< / >< / > 德意志交易所 (Deutsche Borsch)< / > 295.30< / > 5.60< / > 291.90< / > 200.10< / > 1.42< / > 44.81< / >< / > 德国电信 (Deutsche Telekom

AG)< / > 28.41< / > -0.42< / > 34.36< / > 23.53< / > 3.79< / > 13.41< / >< / > 芬兰 (Finland)< / > 56.16< / > -0.67< / > 58.90< / > 39.37< / > 3.39< / > 19.17< / >< / > Infraech Technologics< / > 64.68< / > 1.27< / > 88.83< / > 31.27< / > 0.54< / > 84.00< / >< / > 梅赛德斯-奔驰集团 (Mercedes-Benz Group)< / > 40.70< / > 0.50< / > 62.34< / > 39.41< / > 8.60< / > 3.99< / >< / > 默克 (Merck)< / > 139.00< / > 2.95< / > 148.80< / > 100.70< / > 1.58< / > 21.75< / >< / > 慕尼黑再保险 (Muenchener

Buck)< / > 512.00< / > 1.60< / > 575.60< / > 437.40< / > 4.69< / > 24.45< / >< / > 保时捷 (Porsche)< / > 42.53< / > -0.45< / > 50.66< / > 35.62< / > 2.37< / > 10.77< / >< / > 莱茵金属 (Rheinmetall)< / > 953.00< / > -27.20< / > 1972.00< / > 900.20< / > 1.21< / > 57.72< / >< / > SAP< / > 188.60< / > 3.56< / > 244.30< / > 127.50< / > 1.33< / > 30.72< / >< / > 西门子 (Siemens)< / > 279.00< / > 4.00< / > 291.70< / > 198.00< / > 1.92< / > 26.50< / >< / > 西门子能源 (Siemens Energy)< / > 147.44< / > 1.98< / > 191.66< / > 94.40< / > 0.47< / > 234.03< / >< / > 西门子医疗 (Siemens

Healthineers)< / > 38.07< / > 0.62< / > 49.71< / > 32.81< / > 2.63< / > 19.93< / >< / > 大众汽车 (Volkswagen)< / > 68.95< / > 0.30< / > 110.20< / > 67.50< / > 7.54< / > 5.19< / >< / > 大众私有 (Volkswagen Privat)< / > 68.88< / > 0.34< / > 109.15< / > 67.02< / > 7.64< / > 5.18< / > |

Kuwait Finance House墨西哥 (MXN) | 0.77< / > 0.00< / > 0.85< / > 0.77< / > 3.12< / > 23.06< / > 15.18< / > | America Movil B< / > 20.12< / > 0.03< / > 24.49< / > 17.48< / > 2.68< / > 0.00< / > 1251.16< / >< / > Wal-Mart de Mexico< / > 46.64< / > 0.20< / > 63.97< / > 44.80< / > 2.49< / > 0.00< / > 813.70< / >< / > | 荷兰 (EUR)< / >< / > Adyen< / > 867.00< / > 4.50< / > 1600.80< / > 772.40< / > 0.00< / > 47.61< / > 27.48< / >< / > ASML Holding< / > 1636.40< / > -19.80< / > 1741.00< / > 812.60< / > 0.48< / > 82.19< / > 635.16< / >< / > Heineken< / > 70.24< / > 0.28< / > 80.44< / > 63.90< / > 2.73< / > 15.07< / > 39.72< / >< / > ING Groep< / > 31.12< / > 0.09< / > 32.40< / > 20.23< / > 3.65< / > 15.72< / > 89.43< / >< / > Praxus N< / > 35.56< / > 0.28< / > 63.94< / > 34.48< / > 0.79< / > 6.72< / > 77.76< / >< / > The Magnum Ice Cream Co< / > 15.42< / > 0.17< / > 17.68< / > 11.02< / > 0.00< / > 32.13< / > 9.44< / >< / > Universal Music Group NV< / > 14.29< / > 0.12< / > 24.72< / > 13.92< / > 3.64< / > 33.23< / > 26.27< / >< / > | 挪威 (NOK)< / > |

< rowspan="2">股票< / >< rowspan="2">价格< / >< ="2">+ / -涨跌< / > | 52周< / >< ="2">市盈率 (P / E)< / >< ="2">市值 (bl)< / >< / > 最高< / > 最低< / > 收益率 (Yld)< / >< / > Shin-Etsu Chemical< / > 6321.00< / > 103.00< / > 7930.00< / > 4366.00< / > 2.15< / > 25.01< / > 12547.16< / >< / > SoftBank< / > 239.60< / > 1.10< / > 252.90< / > 202.80< / > 3.67< / > 21.11< / > 11513.06< / >< / > SoftBank Group< / > 6295.00< / > -322.00< / > 72655.00< / > 3365.00< / > 0.17< / > 7.21< / > 35568.08< / >< / > Sony Financial Group< / > 149.30< / > 0.30< / > 180.40< / > 129.30< / > 5.36< / > 18.76< / > 10101.81< / >< / > Sony Group< / > 3768.00< / > 45.00< / > 4776.00< / > 3643.00< / > 0.93< / > 68.88< / > 22477.31< / >< / > Sumitomo Mitsui Financial< / > 3429.00< / > 55.00< / > 7250.00< / > 3300.00< / > 2.62< / > 19.65< / > 26068.11< / >< / > Takeda Pharmaceutical< / > 5719.00< / > 80.00< / > 6033.00< / > 4102.00< / > 3.57< / > 59.11< / > 19162.65< / >< / > Tokio Marine Holdings< / > 522.30< / > 12.80< / > 8468.00< / > 501.00< / > 3.13< / > 28.05< / > 15151.92< / >< / > Tokyo Electron< / > 12805.00< / > 40.00< / > 81260.00< / > 11270.00< / > 1.24< / > 51.03< / > 29965.80< / >< / > Toyota Motor< / > 2503.50< / > 37.00< / > 4000.00< / > 2686.00< / > 3.41< / > 9.93< / > 42770.61< / >< / > Kuwait (KWD)< / > < / > |

中国农业银行 A 股 | 6.97< / > 8.68< / > 5.79< / > 3.72< / > 8.94< / > 22.25< / > | 中国银行 A 股< / > 6.73< / > 6.79< / > 5.13< / > 3.51< / > 9.09< / > 16.06< / >< / > 交通银行 A 股< / > 7.75< / > 7.77< / > 6.37< / > 4.34< / > 7.18< / > 448.77< / >< / > 中国建设银行 A 股< / > 11.06< / > 11.23< / > 8.50< / > 3.65< / > 8.51< / > 234.28< / >< / > 中国人寿 A 股< / > 36.70< / > 51.92< / > 32.32< / > 2.66< / > 6.73< / > 764.22< / >< / > 招商银行 A 股< / > 41.26< / > 43.79< / > 35.28< / > 4.89< / > 7.24< / > 851.15< / >< / > 中国石油化工 A 股< / > 5.28< / > 8.11< / > 4.43< / > 4.11< / > 20.15< / > 512.36< / >< / > 中国神华 A 股< / > 47.80< / > 51.18< / > 38.27< / > 4.21< / > 17.97< / > 875.31< / >< / > 长江电力 A 股< / > 28.54< / > 29.57< / > 25.38< / > 3.50< / > 20.24< / > 698.32< / >< / > OTC Securities A 股< / > 25.86< / > 30.63< / > 23.77< / > 3.24< / > 13.19< / > 315.50< / >< / > Cont Amheres Tech A 股< / > 291.11< / > 468.75< / > 285.74< / > 1.23< / > 18.04< / > 1283.49< / >< / > 东方财富 A 股< / > 17.79< / > 27.08< / > 17.22< / > 0.56< / > 23.25< / > 281.48< / >< / > Fascariot India Internet A 股< / > 58.20< / > 84.95< / > 47.35< / > 1.68< / > 32.70< / > 1154.93< / >< / > IDBC A 股< / > 8.28< / > 8.40< / > 6.85< / > 3.86< / > 8.28< / > 2.23< / >< / > 兴业银行 A 股< / > 18.05< / > 21.90< / > 16.44< / > 5.91< / > 5.22< / > 381.99< / >< / > 江苏恒瑞医药 A 股< / > 47.20< / > 71.00< / > 57.00< / > 4.77< / > 37.50< / > 301.31< / >< / > Kweichan Mechat A 股< / > 1258.62< / > 1568.00< / > 1151.01< / > 4.13< / > 19.17< / > 15733.38< / >< / > 立讯精密 A 股< / > 49.43< / > 81.78< / > 44.57< / > 0.50< / > 21.59< / > 362.91< / >< / > 中组 A 股< / > 80.10< / > 89.50< / > 71.02< / > 5.37< / > 13.81< / > 557.70< / >< / > 中国石油 A 股< / > 11.21< / > 13.69< / > 8.04< / > 4.55< / > 13.03< / > 1.82< / >< / > 中国平安 A 股< / > 53.29< / > 74.88< / > 46.90< / > 5.12< / > 9.94< / > 568.07< / >< / > 中国邮政储蓄银行 A 股< / > 5.46< / > 6.13< / > 4.76< / > 4.18< / > 7.48< / > 5.47< / >< / > 深圳迈瑞生物医疗 A 股< / > 163.32< / > 248.98< / > 130.66< / > 2.63< / > 24.02< / > 195.49< / >< / > 五粮液 A 股< / > 70.06< / > 122.96< / > 68.68< / > 7.36< / > 30.37< / > 271.95< / >< / > 紫金矿业 A 股< / > 29.79< / > 44.94< / > 24.42< / > 2.69< / > 15.28< / > 613.73< / > |

Equinor 大韩民国 (KRW)< / > 410.00< / > 6.00< / > 426.00< / > 226.40< / > 3.59< / > 211.34< / > 980.21< / >< / > LG Energy Solution< / > 390000.00< / > 19000.00< / > 527000.00< / > 206500.00< / > 0.00< / > 85.06< / > 91260.00< / >< / > 三星生物药 (SAMSUNG BIOLOGICS)< / > 1310000.00< / > -44000.00< / > 1987000.00< / > 1003000.00< / > 0.00< / > 54.75< / > 60641.15< / >< / > 三星电子< / > 272000.00< / > -4000.00< / > 374500.00< / > 90200.00< / > 0.62< / > 41.18< / > 0.00< / >< / > 三星电子优先股< / > 198200.00< / > -2800.00< / > 243500.00< / > 70400.00< / > 0.85< / > 187.41< / > 159829.97< / >< / > 三星

Epis | 371500.00< / > 6500.00< / > 773000.00< / > 324500.00< / > 0.00< / > 294.14< / > 9244.05< / > | SK hyrix< / > 1773000.00< / > 68000.00< / > 2987000.00< / > 403000.00< / > 0.17< / > 28.58< / > 0.00< / > |

BioNTech香港 (HKD)< / > 95.73< / > -1.91< / > 124.00< / > 79.52< / > 0.00< / > 45.80< / > 24.21< / >< / > 友邦保险 (AIA Group)< / > 68.80< / > -0.15< / > 92.15< / > 68.00< / > 2.88< / > 116.41< / > 711.85< / >< / > 香港交易所 (HKEX)< / > 380.00< / > 2.00< / > 460.20< / > 360.00< / > 3.67< / > 27.05< / > 481.78< / > | 沙特阿拉伯 (SAN)< / >< / > ACWA Power< / > 175.50< / > 4.50< / > 252.60< / > 154.50< / > 0.26< / > 71.05< / > 134.52< / >< / > Al Rajhi Bank< / > 63.75< / > 0.65< / > 110.00< / > 62.00< / > 4.72< / > 16.35< / > 382.50< / >< / > 沙特阿拉伯矿业 (Saudi Arabian Mining)< / > 63.85< / > 0.35< / > 79.90< / > 54.90< / > 0.00< / > 33.43< / > 248.30< / >< / > 沙特阿拉伯石油公司 (Saudi Arabian Oil)< / > 25.80< / > 0.24< / > 27.96< / > 23.29< / > 5.26< / > 17.92< / > 62.44< / >< / > 沙特基础工业公司 (Saudi Basic Industries)< / > 46.64< / > -0.36< / > 62.50< / > 45.70< / > 5.57< / > 5.43< / > 139.92< / >< / > 沙特国家银行 (Saudi National Bank)< / > 39.02< / > 0.42< / > 45.24< / > 36.00< / > 5.89< / > 9.66< / > 234.12< / >< / > STC

Co< / > 42.80< / > -0.30< / > 45.38< / > 41.14< / > 5.14< / > 14.41< / > 214.00< / > | 印度 (UNIV)< / >< / > Bajra Finance< / > 961.80< / > -9.20< / > 1177.60< / > 788.40< / > 0.62< / > 50.48< / >< / > Brah Amrit Ltd< / > 1809.00< / > 26.50< / > 2174.70< / > 1726.05< / > 1.33< / > 138.20< / >< / > HCL Technologies< / > 1202.10< / > 2.10< / > 1770.00< / > 1030.00< / > 4.98< / > 16.74< / >< / > HEC Bank< / > 710.20< / > 5.20< / > 1020.35< / > 682.00< / > 1.83< / > 14.35< / >< / > Hindustan Ivintech< / > 1882.10< / > 52.10< / > 2667.55< / > 1827.10< / > 2.17< / > 43.26< / >< / > ICICI

Bank< / > 1341.60< / > 8.60< / > 1479.30< / > 1187.55< / > 0.89< / > 21.23< / >< / > Infosys< / > 1013.00< / > -6.50< / > 1727.85< / > 980.30< / > 4.74< / > 15.71< / >< / > Kapital< / > 286.50< / > -2.05< / > 435.50< / > 254.75< / > 5.44< / > 9.58< / >< / > Kohl's Mahindra Bank< / > 431.00< / > 14.95< / > 435.50< / > 347.00< / > 1.02< / > 43.26< / >< / > Lansin & Todso< / > 3773.00< / > 33.00< / > 4440.00< / > 3288.65< / > 1.01< / > 32.27< / >< / > 印度人寿保险公司 (Life Insurance Corp)< / > 390.00< / > 1.75< / > 936.60< / > 385.25< / > 2.56< / > 13.71< / >< / > 马鲁蒂铃木印度 (Maruti Suzuki India)< / > 11603.00< / > 81.00< / > 17371.60< / > 11304.30< / > 1.21< / > 24.85< / >< / > Reliance

Industries< / > 1219.00< / > 32.90< / > 1611.20< / > 1161.00< / > 0.49< / > 23.68< / >< / > 印度国家银行 (State Bank of India)< / > 957.25< / > -1.75< / > 1234.80< / > 857.30< / > 1.81< / > 11.01< / >< / > 太阳制药工业 (Sun Pharmaceutical Inds)< / > 1801.00< / > 19.00< / > 2047.55< / > 1586.60< / > 0.89< / > 39.50< / >< / > 塔塔咨询服务 (Tata Consultancy Svs)< / > 2098.00< / > -10.35< / > 3336.70< / > 1976.00< / > 3.10< / > 15.63< / > |

[...OMITTED...]

新加坡 (SGD) | 星展集团控股 (DBS Group Holdings)< / > 78.56< / > 0.73< / > 79.05< / > 51.80< / > 4.05< / > 20.46< / > 223.42< / >< / > 华侨银行 (Overseas-Chinese Banking)< / > 32.20< / > 0.32< / > 32.57< / > 16.62< / > 3.26< / > 1975.46< / > 145.38< / >< / > 大华银行 (United Overseas Bank Ltd)< / > 43.72< / > 0.66< / > 45.15< / > 33.25< / > 3.64< / > 15.84< / > 72.67< / >< / > | 新加坡 (USD)< / >< / > JOYY A< / > 80.65< / > 0.15< / > 81.25< / > 54.24< / > 6.67< / > 322.60< / > 52.66< / >< / > Sea / Singapore A< / > 96.53< / > -0.32< / > 193.48< / > 77.05< / > 0.00< / > 36.43< / > 52.75< / > |

中国农业银行 H (Agricultural Bank China H)< / > 6.55< / > 0.07< / > 6.71< / > 5.05< / > 4.64< / > 8.40< / > 201.34< / >< / > 阿里巴巴集团控股 (Alibaba Group Holding)< / > 108.20< / > 2.80< / > 183.80< / > 88.65< / > 0.95< / > 130.36< / > 2153.39< / >< / > 中国银行 H (Bank of China H)< / > 6.01< / > 0.10< / > 6.14< / > 4.11< / > 4.59< / > 8.13< / > 502.99< / >< / > 交通银行 H (Bank of Communications H)< / > 8.23< / > 0.04< / > 8.38< / > 6.33< / > 4.78< / > 7.62< / > 288.32< / >< / > 比亚迪 H (BYD H)< / > 75.00< / > 0.90< / > 113.40< / > 71.40< / > 0.55< / > 20.95< / > 276.25< / >< / > 中信银行 H (China CITIC Bank H)< / > 8.28< / > 0.04< / > 8.70< / > 6.50< / > 5.60< / > 6.90< / > 123.15< / >< / > 中国建设银行 H (China Construction Bank H)< / > 9.65< / > 0.14< / > 9.90< / > 7.18< / > 4.90< / > 7.42< / > 23.20< / >< / > 中国人寿 H (China Life Insurance H)< / > 27.30< / > -0.26< / > 36.16< / > 20.90< / > 4.13< / > 5.01< / > 203.14< / >< / > 招商银行 H (China Merchants Bank H)< / > 51.00< / > 0.30< / > 53.70< / > 43.34< / > 4.45< / > 8.95< / > 234.14< / >< / > 中国石油化工 (China Petroleum Chemical In)< / > 4.39< / > 0.01< / > 5.70< / > 3.98< / > 5.72< / > 16.76< / > 102.94< / >< / > 中国神华能源 H (China Shenhua Energy H)< / > 4.26< / > 0.09< / > 4.80< / > 3.78< / > 5.00< / > 11.88< / > 100.00< / >< / > DTEC证券 H (DTEC Securities H)< / > 24.02< / > 0.14< / > 32.50< / > 23.24< / > 4.08< / > 12.26< / > 82.24< / >< / > IDCB H< / > 7.58< / > 0.12< / > 7.77< / > 5.56< / > 4.94< / > 7.58< / > 657.90< / >< / > 京东 A (JD.com A)< / > 103.60< / > 1.20< / > 139.30< / > 95.80< / > 3.79< / > 15.04< / > 258.64< / >< / > 三菱 B (Mitsubishi B)< / > 70.80< / > 0.15< / > 108.00< / > 63.65< / > 0.00< / > 18.44< / > 396.22< / >< / > 中组 H (Middle Group H)< / > 90.80< / > 0.15< / > 101.70< / > 77.65< / > 5.54< / > 15.66< / > 59.10< / >< / > 网易 (NetEase)< / > 185.60< / > < / > 244.80< / > 168.80< / > 2.48< / > 17.53< / > 596.16< / >< / > 南京春 H (Nanjing Spring H)< / > 39.36< / > -0.62< / > 56.25< / > 37.90< / > 2.87< / > 27.90< / > 198.16< / >< / > 中国石油 H (Petrol China H)< / > 9.67< / > 0.10< / > 12.22< / > 7.05< / > 6.08< / > 11.24< / > 204.03< / >< / > 平安保险集团 (Ping An Insurance Group)< / >

H | 51.55< / > -0.20< / > 74.70< / > 50.00< / > 6.10< / > 6.71< / > 383.92< / > | Prudential Savings Bank China H< / > 5.37< / > 0.02< / > 5.78< / > 4.48< / > 4.98< / > 7.36< / > 106.63< / >< / > Tencent Holdings H< / > 428.20< / > 5.29< / > 682.50< / > 411.00< / > 1.24< / > 17.30< / > 3883.45< / >< / > Zijin mining H< / > 41.26< / > 0.38< / > 54.80< / > 21.30< / > 0.00< / > 14.98< / > 516.33< / >< / > Zijin Mining Group H< / > 32.58< / > 0.42< / > 46.98< / > 26.58< / > 2.83< / > 16.71< / > 195.12< / >< / > | 中国 (USD)< / >< / > Full Truck Alliance< / > 8.44< / > 0.03< / > 14.07< / > 7.46< / > 2.74< / > 281.33< / > 157.41< / >< / > Fiatu Holdings

A< / > 113.21< / > 3.51< / > 202.53< / > 80.50< / > 2.25< / > 10.83< / > 86.72< / >< / > PDD Holdings A< / > 78.40< / > 0.50< / > 139.41< / > 71.94< / > 0.00< / > 31.36< / > 445.20< / >< / > | 丹麦 (DKK)< / >< / > DSV A / S< / > 1157.00< / > -3.50< / > 1913.50< / > 1148.00< / > 0.61< / > 33.73< / > 278.19< / > | 印度尼西亚 (EUR)< / >< / > Bank Central Asia< / > 6100.00< / > -75.00< / > 6750.00< / > 4820.00< / > 0.00< / > 13.06< / > 7519.78< / >< / > PT Bantu Renewables< / > 2920.00< / > 30.00< / > 10725.00< / > 2300.00< / > 0.14< / > 0.00< / > 906.56< / >< / > | 意大利 (EUR)< / >< / > Aloisurazioni Generali< / > 42,20< / > 0.26< / > 46,24< / > 31.76< / > 3.89< / > 17.37< / > 64.76< / >< / > Enel< / > 8.84< / > 0.09< / > 10.31< / > 8.11< / > 5.55< / > 23.88< / > 87.81< / >< / > Eni< / > 24,14< / > -0.28< / > 25.02< / > 14.54< / > 4.56< / > 17.12< / > 73.08< / >< / > Ferrari< / > 345,25< / > 4.05< / > 429,90< / > 269.00< / > 0.86< / > 49.96< / > 61.21< / >< / > Intesa

Sanpaolo< / > 6.51< / > 0.08< / > 6.94< / > 4.81< / > 5.78< / > 28.29< / > 115.06< / >< / > Stellantis< / > 4.07< / > 0.08< / > 10.49< / > 3.61< / > 0.00< / > 5.47< / > 11.79< / >< / > UniCredit SpA< / > 81.11< / > 1.31< / > 86.42< / > 57.36< / > 3.88< / > 15.89< / > 126.67< / > |

Canon< / > 4640.00< / > 16.00< / > 5633.00< / > 3967.00< / > 3.45< / > 16.01< / > 6102.66< / >< / > Chagas Pharmaceutical< / > 6120.00< / > 31.00< / > 10780.00< / > 5914.00< / > 2.18< / > 23.21< / > 10275.63< / >< / > Caterpillar< / > 2752.00< / > 36.00< / > 4178.00< / > 2296.00< / > 3.63< / > 19.20< / > 5126.68< / >< / > FAST RETAILING< / > 75580.00< / > 900.00< / > 86690.00< / > 64540.00< / > 0.85< / > 23.56< / > 24654.32< / >< / > Hiscox< / > 5660.00< / > 18.00< / > 6039.00< / > 4222.00< / > 0.99< / > 42.29< / > 25671.28< / >< / > Honda

72 | 三菱重工< / > 3767.00< / > -64.00< / > 5236.00< / > 3484.00< / > 0.77< / > 38.31< / > 13178.00< / >< / > 三菱美国金融集团< / > 3671.00< / > -56.00< / > 3813.00< / > 22350.50< / > 3.92< / > 17.32< / > 45983.37< / >< / > 瑞穗金融< / > 4926.00< / > -10.00< / > 4982.00< / > 3558.00< / > 2.68< / > 17.64< / > 11818.99< / >< / > 瑞穗金融集团< / > 8857.00< / > -100.00< / > 8893.00< / > 4560.00< / > 1.69< / > 17.61< / > 21058.16< / >< / > 任天堂< / > 7915.00< / > 73.00< / > 8340.00< / > 6544.00< / > 2.07< / > 21.44< / > 10059.94< / >< / > NTT< / > 170.10< / > 0.10< / > 180.10< / > 142.60< / > 3.17< / > 12.49< / > 1542.61< / >< / > Recruit

Holdings< / > 16975.00< / > 340.00< / > 18215.00< / > 6040.00< / > 0.15< / > 48.53< / > 24956.76< / > |

Naspers N< / > 707.87< / > 1.83< / > 1307.47< / > 690.05< / > 0.72< / > 83.91< / > 527.32< / >< / > | 西班牙 (欧元)< / >< / > 桑坦德银行< / > 12.52< / > 0.18< / > 13.12< / > 8.10< / > 1.63< / > 13.76< / > 182.25< / >< / > BBVA Spor< / > 24.28< / > 0.28< / > 25.57< / > 15.39< / > 3.24< / > 93.38< / > 133.80< / >< / > CaixaBank< / > 12.36< / > 0.14< / > 13.55< / > 8.57< / > 3.28< / > 36.35< / > 86.22< / >< / > Berdrolsa SA< / > 20.99< / > -0.01< / > 22.08< / > 16.11< / > 2.92< / > 38.03< / > 140.07< / >< / > NxtEx< / > 53.82< / > 0.82< / > 59.42< / > 46.07< / > 2.63< / > 122.04< / > 167.74< / >< / > | 瑞典 (瑞典克朗)< / >< / > Atlas Copco

A< / > 213.40< / > 4.60< / > 212.30< / > 149.45< / > 1.41< / > 39.30< / > 716.51< / >< / > Atlas Copco B< / > 185.50< / > 5.15< / > 185.20< / > 134.00< / > 1.62< / > 34.16< / > 289.54< / >< / > EET< / > 288.40< / > 5.00< / > 383.00< / > 259.00< / > 1.73< / > 465.91< / > 376.93< / >< / > Investor B< / > 411.00< / > 7.20< / > 426.80< / > 301.50< / > 1.36< / > 7.99< / > 748.82< / >< / > 沃尔沃 B< / > 315.00< / > 2.40< / > 374.50< / > 244.90< / > 4.13< / > 18.59< / > 501.70< / >< / > | 瑞士

(瑞士法郎)< / >< / > ABB< / > 82.58< / > 0.88< / > 89.14< / > 53.78< / > 1.14< / > 31.88< / > 150.56< / >< / > Alcon< / > 52.68< / > -0.40< / > 68.34< / > 47.80< / > 0.53< / > 50.65< / > 26.32< / >< / > Civic Financiers Richent< / > 174.85< / > 0.20< / > 202.20< / > 127.20< / > 1.88< / > 37.29< / > 94.00< / >< / > Givauden< / > 3402.00< / > 21.00< / > 3592.00< / > 2566.00< / > 2.12< / > 38.21< / > 31.41< / >< / > Holcim< / > 85.84< / > 0.90< / > 82.54< / > 60.10< / > 2.58< / > 20.45< / > 37.32< / >< / > Lorsa 8

Group | 576.20< / > 1.40< / > 597.80< / > 454.60< / > 0.87< / > 64.52< / > 40.47< / > | 雀巢 (Nestle)< / > 75.20< / > 0.72< / > 87.09< / > 70.29< / > 4.12< / > 21.42< / > 193.75< / >< / > 罗氏 (Roche)< / > 117.18< / > 0.70< / > 132.68< / > 97.05< / > 3.16< / > 38.42< / > 238.44< / >< / > 罗氏控股 (Roche Holding)< / > 359.00< / > 1.20< / > 383.00< / > 270.80< / > 2.73< / > 22.20< / > 28.32< / >< / > 罗氏控股优先股 (Roche Holding Pref)< / > 349.80< / > 0.90< / > 375.80< / > 291.00< / > 2.80< / > 21.62< / > 245.76< / >< / > 西卡 (Sika)< / > 175.50< / > 0.50< / > 197.60< / > 120.35< / > 2.11< / > 27.00< / > 28.16< / >< / > 瑞士再保险 (Swiss Re)< / > 143.05< / > 1.65< / > 153.85< / > 114.05< / > 4.40< / > 10.96< / > 42.74< / >< / > 瑞银 (UBS)

Group< / > 40.57< / > 0.54< / > 45.04< / > 28.25< / > 2.11< / > 20.70< / > 132.98< / >< / > 苏黎世保险集团 (Zurich Insurance Group)< / > 577.00< / > 3.00< / > 626.00< / > 521.00< / > 5.20< / > 18.04< / > 87.26< / > |

鸿海精密 (Hon Hai Precision)< / > 256.00< / > 2< / > 314.00< / > 187.50< / > 2.80< / > 18.81< / > 3603.39< / >< / > 联发科 (MediaTek)< / > 4920.00< / > -245.00< / > 5480.00< / > 1130.00< / > 1.09< / > 74.37< / > 7896.37< / >< / > 台积电 (Taiwan Semicon Mfg)< / > 2585.00< / > 10.00< / > 2580.00< / > 1375.00< / > 1.01< / > | 39.0167035.18< / >< / > | 阿拉伯联合酋长国 (AED)< / > | 英国 (GBP)< / >< / > 3i集团 (3i Group Plc)< / > 23.91< / > 0.02< / > 44.97< / > 18.25< / > 3.53< / > 4.43< / > 24.46< / >< / > 阿斯利康 (AstraZeneca)< / > 121.80< / > 2.22< / > 157.32< / > 98.92< / > 1.96< / > 24.40< / > 108.92< / >< / > BAE系统公司 (BAE Systems)< / > 18.26< / > -0.29< / > 23.60< / > 15.29< / > 2.07< / > 26.54< / > 54.79< / >< / > 巴克莱 (Barclays)< / > 4.32< / > -0.15< / > 5.54< / > 3.54< / > 2.66< / > 9.86< / > 57.75< / >< / > 英国石油公司 (BP)< / > 5.62< / > 0.01< / > 6.09< / > 3.99< / > 4.47< / > < / > 88.27< / >< / > 英美烟草 (British Amer Tobacco)< / > 40.84< / > 0.85< / > 53.26< / > 36.77< / > 6.00< / > 11.64< / > 88.10< / >< / > 康帕斯 (Compass)

Group< / > 23.07< / > 0.48< / > 25.81< / > 20.00< / > 2.20< / > 27.70< / > 39.23< / >< / > 帝亚吉欧 (Diageo)< / > 16.11< / > 0.07< / > 19.04< / > 12.96< / > 2.35< / > 27.27< / > 35.89< / >< / > 益博睿 (Experian)< / > 25.43< / > 0.40< / > 37.07< / > 22.03< / > 2.04< / > 20.44< / > 22.39< / >< / > 嘉能可 (Glencore)< / > 5.69< / > -0.05< / > 7.07< / > 3.32< / > 2.26< / > < / > 66.73< / > |

股票< / > 价格< / > 涨跌< / > 最高< / > 最低< / > 收益率< / > 市盈率< / > 市值 (十亿)< / >< / > GSX< / > 17.91< / > 0.25< / > 22.82< / > 15.92< / > 3.91< / > 12.69< / > 77.28< / >< / > Haleon< / > 3.42< / > 0.08< / > 4.16< / > 3.18< / > 2.13< / > 18.41< / > 30.12< / >< / > 汇丰控股 (HSBC Holdings)< / > 14.08< / > -0.64< / > 16.10< / > 9.59< / > 3.95< / > 15.38< / > 241.26< / >< / > 劳埃德银行集团 (Lloyds Banking Group)< / > 1.02< / > -0.03< / > 1.18< / > 0.82< / > 3.92< / > 14.61< / > 58.84< / >< / > 伦敦证券交易所集团 (London Stock Exchange Grp)< / > 83.16< / > -0.70< / > 101.40< / > 66.84< / > 1.90< / > 34.88< / > 40.10< / >< / > 国家

Grid | 11.50< / > -0.01< / > 14.29< / > 10.76< / > 4.22< / > 17.56< / > 57.81< / > | NatWest Group< / > 6.50< / > -0.19< / > 7.26< / > 5.04< / > 5.39< / > 12.15< / > 51.55< / >< / > Reckitt Benckiser Group< / > 51.06< / > 1.29< / > 65.23< / > 36.64< / > 4.24< / > 10.90< / > 32.36< / >< / > RELX< / > 25.99< / > 0.28< / > 35.39< / > 19.91< / > 2.65< / > 23.08< / > 45.30< / >< / > 必和必拓< / > 70.22< / > -1.42< / > 91.17< / > 48.25< / > 4.96< / > 15.13< / > 88.14< / >< / > 罗尔斯-罗伊斯

Holdings< / > 14.04< / > -0.34< / > 15.86< / > 9.90< / > 0.78< / > 20.23< / > 116.48< / >< / > 壳牌< / > 36.48< / > -0.03< / > 37.59< / > 25.54< / > 3.09< / > 15.92< / > 208.76< / >< / > 联合利华< / > 46.23< / > 0.54< / > 55.42< / > 36.44< / > 3.57< / > 12.61< / > 99.59< / > |

大宗商品

| 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< / > |

Aim Holdings< / > 302.56< / > -0.34< / > 452.70< / > 100.02< / > 0.00< / > 355.95< / > 321.92< / >< / > | 美国 (美元)< / >< / > 3M Co< / > 163.64< / > 0.45< / > 184.90< / > 139.34< / > 1.91< / > 28.86< / > 84.39< / >< / > 雅培实验室 (Abbott Laboratories)< / > 98.16< / > -1.94< / > 135.24< / > 81.97< / > 2.57< / > 31.66< / > 169.85< / >< / > 艾伯维 (AbbVie)< / > 266.69< / > 0.93< / > 269.39< / > 190.75< / > 2.59< / > 75.34< / > 471.27< / >< / > 埃森哲 (Accenture Plc

A< / > 193.40< / > -1.65< / > 291.09< / > 118.15< / > 3.54< / > 15.31< / > 118.35< / >< / > Adobe< / > 238.12< / > -0.67< / > 363.70< / > 190.12< / > 0.00< / > 13.28< / > 92.68< / >< / > Aflac< / > 113.63< / > 1.25< / > 130.22< / > 105.43< / > 2.15< / > 12.21< / > 56.97< / >< / > 空气产品与化学品 (Air Products & Chemicals)< / > 281.00< / > 1.55< / > 314.87< / > 229.11< / > 2.58< / > 29.61< / > 62.57< / >< / > Autiva A< / > 160.39< / > -3.68< / > 193.45< / > 110.81< / > 0.00< / > 42.77< / > 67.29< / >< / > Alphabet A< / > 347.68< / > 1.21< / > 406.81< / > 235.84< / > 0.25< / > 17.25< / > 2049.10< / >< / > Alphabet C< / > 344.59< / > 0.76< / > 404.47< / > 236.69< / > 0.26< / > 17.09< / > 1804.55< / >< / > Altia

[...OMITTED...]

Group | 68.55< / > 0.67< / > 77.06< / > 54.70< / > 6.48< / > 14.31< / > 114.46< / > | Amazon.com< / > 256.29< / > 4.89< / > 287.20< / > 196.00< / > 0.00< / > 20.32< / > 2784.42< / >< / > Amazon.com< / > 649.42< / > 17.67< / > 645.46< / > 168.22< / > 0.00< / > 163.58< / > 1000.16< / >< / > American Electric< / > 407.24< / > -1.05< / > 455.58< / > 255.53< / > 3.12< / > 20.91< / > 66.74< / >< / > American Express< / > 304.55< / > 0.53< / > 387.60< / > 298.03< / > 2.67< / > 14.76< / > 112.77< / >< / > American International< / > 75.11< / > -0.01< / > 87.29< / > 72.66< / > 2.58< / > 13.58< / > 39.27< / >< / > American Tower< / > 164.78< / > 2.52< / > 196.08< / > 160.06< / > 4.29< / > 22.60< / > 76.78< / >< / > American Finance< / > 496.61< / > 1.67< / > 572.56< / > 422.37< / > 1.37< / > 11.83< / > 43.87< / >< / > AMETEK Inc< / > 253.72< / > 1.80< / > 261.16< / > 179.24< / > 0.54< / > 36.99< / > 56.17< / >< / > Avang< / > 402.60< / > -0.38< / > 447.03< / > 288.00< / > 2.50< / > 24.82< / > 217.66< / >< / > Amphend A< / > 88.62< / > 1.35< / > 178.52< / > 76.74< / > 0.56< / > 42.20< / > 218.53< / >< / > Analog Devices< / > 420.55< / > 1.45< / > 445.91< / > 223.47< / > 1.05< / > 49.65< / > 203.78< / >< / > Asn Plc A< / > 273.99< / > 1.94< / > 382.34< / > 266.33< / > 1.20< / > 15.04< / > 56.12< / >< / > Apollo Global Mgmt< / > 115.95< / > 0.60< / > 153.29< / > 99.56< / > 1.94< / > 40.83< / > 68.47< / >< / > Apple< / > 333.63< / > 0.74< / > 345.34< / > 243.42< / > 0.32< / > 38.09< / > 48698.06< / >< / > Applied Materials Inc< / > 530.27< / > -12.01< / > 733.67< / > 203.40< / > 0.40< / > 45.40< / > 430.82< / >< / > Agilentiv A< / > 278.78< / > -3.19< / > 738.01< / > 266.84< / > 0.00< / > 21.35< / > 84.87< / >< / > Aree Management< / > 117.74< / > 0.61< / > 161.19< / > 95.00< / > 4.59< / > 54.01< / > 26.37< / >< / > Arthur J gallagher< / > 229.85< / > 2.61< / > 313.09< / > 190.75< / > 1.22< / > 37.68< / > 58.91< / >< / > AT&T< / > 24.43< / > 0.19< / > 29.43< / > 19.88< / > 4.54< / > 8.06< / > 167.40< / >< / > Atlassian Corp A< / > 193.98< / > -2.67< / > 200.00< / > 56.01< / > 0.00< / > 823.71< / > 30.84< / >< / > Autodesk< / > 231.28< / > 9.72< / > 326.20< / > 185.50< / > 0.00< / > 29.77< / > 48.34< / >< / > Auto Data Processing< / > 262.36< / > 2.10< / > 293.51< / > 188.16< / > 2.59< / > 23.92< / > 103.96< / >< / > AutoZone< / > 2898.57< / > 90.84< / > 4224.08< / > 2730.65< / > 0.00< / > 19.44< / > 47.32< / >< / > Baker Hughes A< / > 57.13< / > -0.25< / > 70.41< / > 43.92< / > 1.61< / > 18.14< / > 56.71< / >< / > Bank of New York Mellon< / > 143.73< / > -0.02< / > 165.84< / > 103.11< / > 1.75< / > 16.60< / > 97.52< / >< / > Becton Dickinson< / > 180.30< / > -0.37< / > 213.08< / > 140.11< / > 2.33< / > 31.09< / > 49.11< / >< / > Berkshire Hathaway A< / > 78198.00< / > 178.00< / > 86012.81< / > 68000.00< / > 0.00< / > 55.16< / > 303.46< / >< / > Berkshire Hathaway B< / > 593.54< / > 1.28< / > 537.74< / > 464.01< / > 0.00< / > 14.9< / > 708.90< / >< / > BlackRock

Finance | 1079.42< / > 12.97< / > 1219.94< / > 917.39< / > 2.12< / > 25.47< / > 167.17< / > | Blackstone< / > 113.36< / > 1.71< / > 170.00< / > 101.73< / > 2.92< / > 25.36< / > 85.09< / >< / > Blackstone< / > 76.54< / > -0.42< / > 91.92< / > 63.32< / > 1.12< / > 131.97< / > 411.39< / >< / > Boeing< / > 189.82< / > -2.90< / > 254.47< / > 178.77< / > 0.00< / > 152.00< / > 150.00< / >< / > BoH Corp< / > 54.09< / > 0.09< / > 65.22< / > 46.12< / > 2.37< / > 12.29< / > 378.24< / >< / > Booking Holdings< / > 157.63< / > -0.70< / > 562.89< / > 150.14< / > 1.04< / > 17.42< / > 118.44< / >< / > Boston

Scientific< / > 42.19< / > -0.21< / > 105.65< / > 41.94< / > 0.00< / > 16.94< / > 61.14< / >< / > Bristol Myers Squibb< / > 59.59< / > 0.78< / > 68.64< / > 42.52< / > 4.23< / > 13.07< / > 121.73< / >< / > Broadcom< / > 375.81< / > 13.30< / > 495.00< / > 289.96< / > 0.69< / > 46.57< / > 1730.98< / >< / > Cadence Design Systems< / > 359.55< / > 6.07< / > 416.69< / > 262.75< / > 0.00< / > 71.06< / > 99.02< / >< / > Capital One Financial< / > 195.82< / > 0.68< / > 258.63< / > 174.24< / > 1.63< / > 10.79< / > 120.13< / >< / > Carrier Global< / > 56.10< / > 0.37< / > 76.76< / > 50.24< / > 1.71< / > 39.51< / > 46.24< / >< / > Cavana

A< / > 63.88< / > 0.16< / > 466.89< / > 56.12< / > 0.00< / > 28.65< / > 45.99< / >< / > Carepiral< / > 863.44< / > 15.30< / > 1073.46< / > 483.55< / > 0.76< / > 36.99< / > 396.90< / >< / > CROE Group A< / > 130.66< / > 1.26< / > 174.27< / > 121.69< / > 0.00< / > 33.68< / > 37.84< / >< / > Cencora< / > 316.37< / > 1.44< / > 377.54< / > 244.82< / > 0.76< / > 23.38< / > 60.37< / >< / > Charter Comms A< / > 108.64< / > 0.67< / > 284.60< / > 104.91< / > 0.00< / > 2.79< / > 12.45< / >< / > Cheniere Energy< / > 275.82< / > -0.58< / > 385.88< / > 257.39< / > 0.00< / > 15.88< / > 56.88< / >< / > Chipotle mexican

Engl< / > 207.58< / > 1.11< / > 217.78< / > 146.49< / > 3.43< / > 19.92< / > 410.13< / >< / > Chipotle Mexican Grill< / > 30.90< / > 0.05< / > 42.81< / > 28.04< / > 0.00< / > 28.35< / > 39.10< / >< / > Chubb< / > 334.21< / > 3.72< / > 365.91< / > 265.30< / > 1.22< / > 93.62< / > 128.94< / >< / > Cintas< / > 195.96< / > 0.56< / > 219.16< / > 161.16< / > 1.06< / > 39.43< / > 78.52< / >< / > Cisco Systems< / > 117.94< / > 5.12< / > 130.37< / > 66.81< / > 1.42< / > 35.10< / > 464.99< / >< / > Citigroup< / > 128.52< / > -0.03< / > 147.96< / > 93.66< / > 2.09< / > 18.08< / > 215.58< / >< / > Cloudflare Inc

A< / > 355.01< / > -4.48< / > 367.43< / > 158.83< / > 0.00< / > 612.09< / > 114.53< / >< / > CME Group A< / > 270.18< / > 0.15< / > 329.16< / > 218.31< / > 4.18< / > 22.80< / > 97.15< / >< / > Cognizant Tech Sci A< / > 57.22< / > -0.95< / > 87.03< / > 37.08< / > 2.31< / > 12.23< / > 25.77< / >< / > Coinbase Global A< / > 185.74< / > -2.48< / > 402.16< / > 139.11< / > 0.00< / > 47.99< / > 41.38< / >< / > Colgate-Palmolite< / > 87.25< / > 1.06< / > 95.33< / > 74.55< / > 2.43< / > 34.35< / > 69.55< / >< / > Comcast

A | 21.56< / > -0.01< / > 32.85< / > 21.28< / > 6.12< / > 6.89< / > 76.30< / > | ConocoPhillips< / > 129.35< / > 0.95< / > 141.62< / > 85.57< / > 2.60< / > 17.11< / > 155.39< / >< / > Constellation Energy< / > 300.40< / > 32.78< / > 412.70< / > 228.63< / > 0.57< / > 29.34< / > 106.43< / >< / > Constellation Srl A< / > 26.89< / > -0.03< / > 45.88< / > 26.74< / > 0.00< / > 17.19< / > 24.84< / >< / > Constellation Srl B< / > 168.97< / > 9.60< / > 271.78< / > 73.79< / > 0.66< / > 76.11< / > 145.55< / >< / > Corteva< / > 13.91< / > 1.52< / > 90.97< / > 11.74< / > 5.18< / > 15.84< / > 9.28< / >< / > Costco

Wholesale< / > 935.68< / > 12.16< / > 1086.50< / > 844.06< / > 0.63< / > 47.00< / > 414.76< / >< / > Coupang A< / > 14.42< / > 0.22< / > 32.74< / > 13.35< / > 0.00< / > 33.53< / > 23.64< / >< / > CRH< / > 83.60< / > 0.95< / > 131.55< / > 80.13< / > 1.87< / > 16.49< / > 55.62< / >< / > CrowdStrike Holdings A< / > 278.66< / > 6.19< / > 786.00< / > 174.14< / > 0.00< / > 66971.50< / > 285.53< / > |

le>

汇率固定于英国时间上午11点。

债券：十年期政府债券利差

>4.02< / > 0.55< / > -1.29< / >< / > 法国< / > 4.76< / > 1.29< / > -0.55< / > 瑞典< / > 3.11< / > -0.36< / > -2.20< / >< / > 德国< / > 3.47< / > 0.00< / > -1.84< / > 英国< / > 5.38< / > 1.91< / > 0.07< / >< / > 爱尔兰< / > 3.50< / > 0.03< / > -1.81< / > 美国< / > 5.31< / > 1.84< / > 0.00< / > |

所列价格仅供参考，且在发布时被认为是准确的。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

WORLD MARKETS AT A GLANCE

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© 2026 Tradeweb Markets LLC. 保留所有权利。本文包含的 Tradeweb FTSE 英国国债收盘价信息为 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。

股票 | < rowspan="2">价格< / >< ="2">涨跌< / > | 52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">市值< / > | 最高< / > 最低< / > 收益率< / >< / > ONEOK< / > 89.23< / > < / > 4.80< / > 15.36< / > 56.25< / > < / >< / > Oracle< / > 144.77< / > 2.29< / > 322.54< / > 114.50< / > 1.38< / > 23.34< / > 437.75< / > < / >< / > O'Reilly Automotive< / > 85.14< / > 1.24< / > 105.23< / > 82.59< / > 0.00< / > 26.94< / > 68.87< / > < / >< / > Old

Worldwide< / > 66.66< / > 0.22< / > 100.00< / > 64.00< / > 0.00< / > 18.88< / > 25.44< / > < / >< / > Oneok< / > 148.41< / > 2.47< / > 167.25< / > 137.62< / > 2.93< / > 21.99< / > 10.21< / > < / >< / > PACCAR< / > 109.32< / > -0.04< / > 139.24< / > 92.25< / > 1.28< / > 22.97< / > 57.54< / > < / >< / > Palantir Technologies A< / > 192.07< / > 2.67< / > 207.52< / > 106.37< / > 0.00< / > 151.24< / > 441.90< / > < / >< / > Palo Alto

Networks< / > 419.91< / > 13.15< / > 409.50< / > 139.57< / > 0.00< / > 1024.17< / > 343.49< / > < / >< / > Parker-Hannifin< / > 884.91< / > 9.23< / > 1099.94< / > 715.37< / > 0.81< / > 34.09< / > 124.21< / > < / >< / > Paychex< / > 101.02< / > 1.24< / > 129.24< / > 85.45< / > 4.71< / > 20.04< / > 35.96< / > < / >< / > PayPal Holdings< / > 54.61< / > 0.20< / > 79.22< / > 38.46< / > 1.03< / > 10.25< / > 46.72< / > < / >< / > PepsiCo< / > 125.71< / > 0.06< / > 171.48< / > 124.22< / > 4.71< / > 16.45< / > 171.58< / > < / >< / > Pfizer< / > 27.50< / > 0.09< / > 29.21< / > 23.62< / > 6.25< / > 35.71< / > 156.74< / > < / >< / > Philip Morris

Intl< / > 190.40< / > 0.87< / > 207.76< / > 142.11< / > 3.36< / > 27.36< / > 296.76< / > < / >< / > Phillips 66< / > 269.79< / > 0.07< / > 277.12< / > 126.74< / > 1.88< / > 15.35< / > 107.65< / > < / >< / > PNC Financial Services Gp< / > 220.16< / > -0.12< / > 258.96< / > 176.88< / > 3.63< / > 12.11< / > 87.83< / > < / >< / > Progressive< / > 212.05< / > -0.57< / > 245.64< / > 169.20< / > 0.19< / > 10.61< / > 123.22< / > < / >< / > Prologis Inc< / > 128.68< / > 0.60< / > 153.35< / > 111.03< / > 3.33< / > 28.47< / > 122.29< / > < / >< / > Prudential Financial< / > 113.54< / > 0.06< / > 127.72< / > 91.89< / > 4.93< / > 10.24< / > 39.17< / > < / >< / > Public

[...OMITTED...]

Storage | 285.85< / > 4.19< / > 335.55< / > 256.54< / > 4.20< / > 27.17< / > 53.41< / > < / > | QUALCOMM< / > 181.00< / > -0.01< / > 259.68< / > 163.00< / > 0.00< / > 16.88< / > 100.00< / > < / >< / > Qualcomm< / > 54.25< / > 0.48< / > 67.94< / > 53.33< / > 6.01< / > 39.60< / > 51.33< / > < / >< / > Regeneron Pharma< / > 738.72< / > 12.25< / > 859.34< / > 541.00< / > 0.51< / > 17.64< / > 74.71< / > < / >< / > Republic Services< / > 214.74< / > 1.91< / > 233.42< / > 196.41< / > 1.25< / > 30.42< / > 65.76< / > < / >< / > Robinhood Markets A< / > 112.00< / > -2.11< / > 153.86< / > 63.52< / > 0.00< / > 48.48< / > 88.55< / > < / >< / > Rubisco

A< / > 45.56< / > 0.98< / > 141.95< / > 33.88< / > 0.00< / > 32.31< / > 30.52< / > < / >< / > Roper Technologies< / > 362.28< / > -1.10< / > 521.28< / > 305.96< / > 1.00< / > 15.03< / > 35.83< / > < / >< / > Ross Stores< / > 224.21< / > -2.16< / > 257.00< / > 147.49< / > 0.79< / > 26.92< / > 71.62< / > < / >< / > Royal Caribbean Group< / > 288.78< / > 13.75< / > 356.39< / > 222.22< / > 1.90< / > 107.35< / > 77.45< / > < / >< / > RTX< / > 183.29< / > -1.04< / > 226.88< / > 155.64< / > 1.59< / > 31.88< / > 247.03< / > < / >< / > S&P

Global< / > 396.13< / > 5.21< / > 552.25< / > 381.61< / > 0.98< / > 24.10< / > 116.78< / > < / >< / > Salesforce< / > 224.99< / > -4.80< / > 269.11< / > 146.32< / > 0.78< / > 20.57< / > 185.17< / > < / >< / > Schlumberger< / > 50.00< / > -0.28< / > 60.46< / > 31.64< / > 2.36< / > 11.09< / > 74.21< / > < / >< / > Sempra< / > 79.97< / > 1.81< / > 101.04< / > 76.21< / > 3.29< / > 23.18< / > 52.29< / > < / >< / > ServiceNow< / > 137.97< / > 1.89< / > 864.83< / > 81.24< / > 0.00< / > 81.64< / > 142.66< / > < / >< / > Simon Property Group< / > 201.74< / > 0.34< / > 238.50< / > 172.19< / > 4.46< / > 14.24< / > 65.27< / > < / >< / > Snowflake

A< / > 335.95< / > -3.04< / > 394.56< / > 118.00< / > 0.00< / > 109.08< / > 118.52< / > < / >< / > Shenwin-williams< / > 30.87< / > 0.09< / > 38.54< / > 21.45< / > 0.00< / > 10.37< / > 33.37< / > < / >< / > State Hermit Co< / > 85.44< / > 1.68< / > 100.83< / > 81.69< / > 3.56< / > 20.49< / > 98.29< / > < / >< / > Southern Copper< / > 204.26< / > -1.03< / > 223.88< / > 119.25< / > 1.94< / > 30.67< / > 172.47< / > < / >< / > Spotify Technology< / > 488.13< / > 5.08< / > 700.12< / > 405.00< / > 0.00< / > 218.89< / > 100.50< / > < / >< / > Starbucks Corp< / > 96.11< / > 1.68< / > 110.51< / > 77.99< / > 2.58< / > 55.55< / > 109.57< / > < / >< / > Strategic

A< / > 164.55< / > 0.12< / > 365.21< / > 81.80< / > 0.00< / > 1.66< / > 59.99< / > < / >< / > Stryker< / > 278.20< / > -7.02< / > 392.55< / > 267.00< / > 1.27< / > 28.59< / > 106.71< / > < / >< / > Synopsys< / > 505.17< / > 16.70< / > 539.48< / > 362.55< / > 0.00< / > 87.55< / > 96.81< / > < / >< / > Targa Resources< / > 285.72< / > -1.68< / > 307.94< / > 144.14< / > 1.75< / > 27.24< / > 61.27< / > < / >< / > Target< / > 154.33< / > 1.34< / > 170.75< / > 83.44< / > 3.01< / > 15.94< / > 70.11< / > < / >< / > TE

Connectivity | 219.51< / > 0.58< / > 252.56< / > 190.27< / > 1.42< / > 21.35< / > 63.55< / > < / > | 特斯拉 (Tesla)< / > 380.68< / > 1.95< / > 498.83< / > 297.38< / > 0.00< / > 322.61< / > 1503.51< / > < / >< / > 德州仪器 (Texas Instruments)< / > 297.23< / > 2.33< / > 334.03< / > 152.73< / > 2.05< / > 44.97< / > 271.44< / > < / >< / > The Alstate< / > 224.27< / > -0.44< / > 277.22< / > 168.08< / > 1.93< / > 4.43< / > 56.71< / > < / >< / > The Charles Schwab< / > 96.80< / > -1.16< / > 114.53< / > 83.86< / > 1.32< / > 17.54< / > 167.40< / > < / >< / > The Cigna Group< / > 274.37< / > 3.08< / > 312.18< / > 239.51< / > 2.27< / > 11.55< / > 72.50< / > < / >< / > 可口可乐 (The Coca-Cola)< / > 66.17< / > -0.34< / > 92.49< / > 65.94< / > 2.46< / > 25.88< / > 370.75< / > < / >< / > The Enghouse< / > 51.88< / > 0.13< / > 64.76< / > 49.60< / > 1.65< / > 19.47< / > 136.43< / > < / >< / > Thomson*Willings*< / > 321.76< / > 2.78< / > 377.77< / > 289.66< / > 1.00< / > 28.36< / > 77.98< / > < / >< / > The TJAC Cos< / > 137.03< / > 2.62< / > 170.00< / > 122.78< / > 1.40< / > 25.05< / > 150.73< / > < / >< / > The Williams Cos< / > 72.39< / > 1.58< / > 80.08< / > 56.19< / > 2.90< / > 28.84< / > 88.55< / > < / >< / > 赛默飞世尔科技 (Thermo Fisher Scientific)< / > 656.58< / > -20.18< / > 683.63< / > 435.27< / > 0.29< / > 35.28< / > 242.77< / > < / >< / > T-Mobile US< / > 165.93< / > 1.29< / > 231.02< / > 160.81< / > 2.55< / > 17.32< / > 177.99< / > < / >< / > Trade Connectors< / > 476.39< / > 5.63< / > 505.87< / > 348.06< / > 0.88< / > 36.12< / > 104.82< / > < / >< / > TransDigm Group Inc< / > 1103.33< / > 10.67< / > 1463.03< / > 1071.25< / > 0.00< / > 33.46< / > 60.99< / > < / >< / > Travelers< / > 360.64< / > -0.06< / > 398.69< / > 252.26< / > 1.39< / > 9.55< / > 75.22< / > < / >< / > Truist Financial< / > 46.25< / > -0.08< / > 56.20< / > 40.78< / > 4.50< / > 10.49< / > 56.50< / > < / >< / > Uber Technologies< / > 69.08< / > -0.40< / > 101.30< / > 65.41< / > 0.00< / > 14.95< / > 141.10< / > < / >< / > 联合太平洋 (Union Pacific)< / > 276.61< / > -0.45< / > 315.99< / > 215.53< / > 2.05< / > 23.05< / > 164.33< / > < / >< / > 联合包裹服务 B (United Parcel Service B)< / > 93.11< / > -0.03< / > 122.41< / > 82.00< / > 7.05< / > 17.31< / > 69.77< / > < / >< / > United Rentals< / > 1080.62< / > 6.34< / > 1179.18< / > 701.59< / > 0.71< / > 25.83< / > 67.26< / > < / >< / > 联合健康集团 (UnitedHealth Group)< / > 376.32< / > -2.26< / > 461.62< / > 255.97< / > 2.47< / > 24.12< / > 337.78< / > < / >< / > 美国银行公司 (US Bancorp)< / > 57.29< / > 0.02< / > 66.08< / > 45.02< / > 3.77< / > 11.44< / > 89.26< / > < / >< / > 瓦莱罗能源 (Valero Energy)< / > 419.22< / > -0.11< / > 421.88< / > 155.29< / > 1.14< / > 17.47< / > 120.70< / > < / >< / > Verizon< / >[...OMITTED...]

Communications | 139.88< / > -0.04< / > 177.09< / > 92.19< / > 4.15< / > 11.97< / > 134.44< / > < / > | Vermilion Media Group A< / > 31.47< / > 0.45< / > 59.00< / > 27.17< / > 4.77< / > 0.00< / > 4.37< / > < / >< / > Vertex Pharmaceuticals< / > 502.31< / > -1.19< / > 560.25< / > 400.74< / > 0.00< / > 29.02< / > 127.32< / > < / >< / > Visa A< / > 370.64< / > 0.93< / > 385.57< / > 239.89< / > 0.72< / > 31.49< / > 631.61< / > < / >< / > Volvoa< / > 160.50< / > 15.61< / > 217.10< / > 132.66< / > 0.57< / > 26.75< / > 53.87< / > < / >< / > Walmart< / > 107.20< / > 2.13< / > 135.16< / > 98.88< / > 3.80< / > 38.70< / > 850.50< / > < / >< / > Walt

Disney< / > 104.03< / > 0.42< / > 117.09< / > 92.19< / > 1.44< / > 21.36< / > 179.63< / > < / >< / > Waste Management< / > 207.88< / > 1.22< / > 248.13< / > 194.11< / > 1.82< / > 29.36< / > 83.09< / > < / >< / > Wells Fargo< / > 81.51< / > 0.07< / > 97.76< / > 72.78< / > 2.45< / > 11.71< / > 246.49< / > < / >< / > Welltower< / > 225.78< / > 1.62< / > 255.20< / > 163.75< / > 1.51< / > 98.17< / > 162.73< / > < / >< / > Workday A< / > 186.55< / > -2.41< / > 247.40< / > 110.36< / > 0.00< / > 37.92< / > 36.56< / > < / >< / > WW Grainger< / > 1275.56< / > -11.28< / > 1419.91< / > 906.52< / > 0.78< / > 32.47< / > 60.08< / > < / >< / > Yum

Brands< / > 139.84< / > 2.87< / > 170.14< / > 134.26< / > 2.15< / > 17.50< / > 38.16< / > < / >< / > Zscelta A< / > 71.33< / > -0.08< / > 148.30< / > 68.77< / > 2.97< / > 11.64< / > 29.48< / > < / > |

债券：全球投资级

| 贵金属< / >< / > 黄金< / > 4106.46< / > -57.54< / >< / > 白银 ($)< / > 59.89< / > -1.45< / >< / > 铂金< / > 1639.40< / > -70.40< / >< / > 钯金< / > 1124.51< / > -43.43< / >< / > 铁矿石< / > 91.50< / > 0.35< / >< / > | 大宗商品< / >< / > 波罗的海干散货指数< / > 2994.00< / > -8.00< / >< / > Richards ICE 期货< / > 127.30< / > 0.20< / > |

能源< / > 价格< / > 涨跌< / >< / > 布伦特原油< / > 100.83< / > 1.68< / >< / > 天然气< / > 3.24< / > 0.12< / >< / > 轻质原油< / > 89.05< / > -0.39< / >< / > 3.5 度燃料油< / > 569.21< / > 8.09< / >< / > 欧洲石脑油< / > 860.91< / > 9.97< / > | 基本金属< / >< / > 铝< / > 3121.00< / > -12.50< / >< / > 铜< / > 14473.50< / > 58.50< / >< / > 铅< / > 1895.00< / > 22.00< / >< / > 镍< / > 15715.00< / > 33.00< / >< / > 锡< / > 54360.00< / > 176.00< / >< / > 锌< / > 3763.50< / > -2.50< / > |

波动率指数

Tradeweb | 股票 | 价格 | +/-涨跌 | Crown Castle | 68.28 | 0.70 | CSX | 47.50 | 0.07 | Cummins | 525.31 | 1.94 | Coca-Cola Health | 86.43 | 0.00 | Danaher | 215.61 | -5.60 | Deere & Co | 682.79 | 0.59 | Del Technologies C | 574.00 | 21.71 | Diamondback Energy | 184.98 | 0.90 | Digital Realty Trust | 184.65 | 4.78 | Dominion Energy | 62.00 | 0.98 | DoorDash A | 193.62 | 1.85 | DR Horton | 136.75 | 3.52 | Duke Energy | 115.66 | 1.82 | Eaton Corp | 445.09 | 12.49 | Ecolab | 280.82 | 3.75 | Edwards Lifesciences Corp | 86.48 | -0.75 | Elevance Health | 400.09 | 5.58 | Eli Lilly & Co | 1157.49 | 14.37 | Emerson Electric | 161.40 | -0.93 | EOG Resources | 144.20 | 1.42 | Evans Inc | 1047.36 | 23.92 | Exelon | 41.68 | 0.66 | ExxonMobil Hldgs | 164.48 | 0.48 | Fastenal | 50.81 | 0.12 | FedEx | 289.03 | -0.10 | Ferguson Ent | 223.33 | 0.40 | FICO/SSAC | 695.46 | 5.85 | Fiserv | 45.48 | -0.66 | Flutter Entertainment | 76.25 | 0.52 | Fortinet Inc | 191.27 | 7.14 | Freeport-McKeller | 72.56 | -0.04 | Garmin | 279.21 | -6.31 | GE Aerospace | 309.39 | 3.05 | GE Healthcare Tech | 64.77 | -0.97 | GE Vernova | 1029.21 | 39.21 | General Dynamics | 311.33 | -0.95 | GlaxoSmiths Ltd | 82.01 | 1.78 | GlaxoSmiths | 144.23 | -0.46 | Goldman Sachs Group | 897.18 | 3.72 | HCA Healthcare | 432.20 | -2.72 | Hilton Worldwide Holdings | 322.61 | 6.49 | Home Depot | 286.69 | 5.54 | Honeywell International | 212.87 | -1.27 | Howmet Aerospace | 231.60 | 2.03 | IBM | 221.29 | -0.29 | Illinois Tool Works | 267.14 | 2.95 | Intel | 112.50 | -3.69 | Interactive Brokers Grp A | 90.58 | 1.53 | Intercontinental Exchange | 153.49 | 1.34 | Intuit | 289.81 | 5.13 | Intuitive Surgical | 404.76 | -1.72 | Johnson & Johnson | 254.78 | 1.85 | JPMorgan Chase Inds | 282.71 | -2.11 | JPMorgan Chase | 331.28 | -1.10 | Kenya | 17.59 | 0.20 | Keurig Dr Pepper | 31.13 | 0.24 | Kimberly | Clark | 96.77< / > 1.36< / > | Kinder Morgan P< / > 32.16< / > 0.75< / >< / > KKR & Co< / > 90.67< / > 0.71< / >< / > KLA< / > 197.46< / > -9.39< / >< / > L3Harris Technologies< / > 237.90< / > 1.02< / >< / > Lear Research< / > 333.89< / > -11.91< / >< / > Linde< / > 489.95< / > 7.57< / >< / > Lockheed Martin< / > 510.12< / > 3.49< / >< / > Lowe's< / > 183.67< / > 4.17< / >< / > Lululemon athletica< / > 93.61< / > 0.47< / >< / > Marathon Petroleum< / > 432.36< / > -1.11< / >< / > Marriott International A< / > 361.28< / > 5.91< / >< / > Marathon Oil< / > 171.73< / > 1.11< / >< / > Marvell Technology< / > 287.01< / > 15.76< / >< / > Mastercard

A< / > 566.58< / > 1.99< / >< / > McDonald's< / > 232.45< / > -0.59< / >< / > McKesson< / > 921.67< / > 6.22< / >< / > Medtronic< / > 87.09< / > -0.88< / >< / > Merck & Co< / > 141.94< / > 2.40< / >< / > Meta Platforms A< / > 738.88< / > -3.02< / >< / > MetLife< / > 97.16< / > 0.28< / >< / > Micron Technology< / > 1045.56< / > -18.40< / >< / > Microsoft< / > 529.30< / > 4.12< / >< / > Mondelez International A< / > 59.62< / > 1.13< / >< / > Monster Beverage< / > 43.25< / > -0.26< / >< / > Moody's< / > 452.32< / > 4.17< / >< / > Morgan Stanley< / > 191.02< / > 0.83< / >< / > Motorola

Solutions< / > 456.28< / > 0.91< / >< / > MPLX< / > 554.92< / > -1.80< / >< / > Nvidia< / > 92.77< / > 0.08< / >< / > Netflix< / > 68.69< / > 1.19< / >< / > Newmont Corp< / > 116.39< / > 0.57< / >< / > NextEra Energy< / > 77.88< / > 1.60< / >< / > NIKE B< / > 34.61< / > 0.65< / >< / > Norfolk Southern< / > 316.31< / > 0.08< / >< / > Northrop Grumman< / > 483.11< / > 7.00< / >< / > Nu Holdings A< / > 15.66< / > 0.48< / >< / > NVIDIA< / > 239.24< / > 0.34< / >< / > NXP Semiconductors< / > 244.38< / > 2.41< / >< / > Occidental Petroleum< / > 58.33< / > 0.02< / > |

农产品< / > 价格< / > 涨跌< / >< / > 玉米< / > 502.00< / > -6.00< / >< / > 小麦< / > 209.50< / > 0.50< / >< / > 油菜籽< / > 508.50< / > -14.50< / >< / > 向日葵籽< / > 10150.00< / > 120.00< / >< / > 大豆< / > 1297.00< / > -6.00< / >< / > 豆粕< / > 360.60< / > 7.20< / >< / > 可可 (ICE Liffe)< / > 4231.00< / > -151.00< / >< / > 可可 (ICE US)< / > 5583.00< / > -117.00< / >< / > 咖啡 (罗布斯塔)< / > 3559.00< / > 67.00< / >< / > 咖啡 (阿拉比卡)< / > 362.00< / > -9.70< / >< / > 白糖< / > 556.50< / > 8.90< / >< / > 糖 #11< / > 20.67< / > -0.15< / >< / > 棉花< / > 77.48< / > 0.35< / >< / > 橙汁< / > 147.40< / > -2.90< / >< / > 枫

糖浆< / > 4078.85< / > -57.52< / >< / > 活牛< / > 221.55< / > 0.33< / >< / > 育肥牛< / > 339.03< / > -1.48< / >< / > 精瘦猪< / > 77.30< / > -0.63< / >< / > 棕榈油 (马来西亚)< / > 1122.50< / > -6.00< / > |

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< / > 票面利率< / > 买入价< / > 买入收益率< / > 日变动< / > 周变动< / > | 美元< / >< / > 摩根士丹利< / > 30 / 01< / > 4.00< / > 97.53< / > 4.57< / > -0.06< / > 0.14< / >< / > Trust Finl Corp< / > 28 / 06< / > 4.12< / > 99.38< / > 5.12< / > 0.00< / > 0.06< / >< / > National Rural< / > 32 / 11< / > 4.02< / > 90.97< / > 5.27< / > -0.11< / > -0.24< / >< / > 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< / > 0.00< / > -0.92< / >< / > | 欧元< / >< / > 德国< / > 25 / 08< / > 2.22< / > 88.79< / > 3.14< / > 0.19< / > 0.51< / >< / > 西班牙< / > 46 / 10< / > 2.88< / > 78.91< / > 4.51< / > -0.63< / > 0.08< / >< / > 比利时< / > 47 / 06< / > 1.50< / > 57.61< / > 4.90< / > -0.78< / > 0.49< / >< / > 法国< / > 48 / 05< / > 2.00< / > 58.09< / > 5.29< / > -0.99< / > 0.57< / >< / > | 英镑< / >< / > 英国< / > 46 / 12< / > 4.25< / > 80.46< / > 5.92< / > -0.76< / >< / > 英国< / > 47 / 07< / > 1.50< / > 47.08< / > 5.98< / > -0.53< / > |

债券：基准政府债券

< / > 10月07日< / > 当日变动< / > 前值< / > 52周最高< / > 52周最低< / >< / > VIX< / > 15.39< / > 0.38< / > 15.01< / > 35.30< / > 13.38< / >< / > VXD< / > 15.67< / > 0.47< / > 15.20< / > 42.71< / > 2.43< / >< / > VDAX< / > 18.62< / > 1.41< / > 17.21< / > 35.58< / > 13.53< / > |

< / > 到期日< / > 票面利率< / > 买入价< / > 买入收益率< / > 日收益率变动< / > 周收益率变动< / > 月收益率变动< / > 年收益率变动< / >< / > < rowspan="2">澳大利亚< / > 06 / 54< / > 4.75< / > 84.54< / > 5.89< / > 0.01< / > 0.11< / > 0.20< / > 0.64< / >< / > 04 / 27< / > 4.75< / > 99.95< / > 4.85< / > 0.00< / > -0.01< / > 0.09< / > 1.48< / >< / > < rowspan="2">奥地利< / > 02 / 33< / > 2.88< / > 96.56< / > 3.51< / > 0.00< / > -0.06< / > 0.13< / > 0.63< / >< / > 10 / 53< / > 3.13< / > 84.91< / > 4.08< / > 0.02< / > -0.03< / > 0.01< / > 0.26< / >< / > 比利时< / > 06 / 54< / > 3.25< / > 74.98< / > 4.98< / > 0.09< / > -0.06< / > 0.26< / > 0.70< / >< / > < rowspan="2">加拿大< / > 06 / 27< / > 1.00< / > 98.95< / > 2.82< / > 0.00< / > 0.03< / > -0.18< / >< / > 12 / 55< / > 2.75< / > 73.99< / > 3.93< / > 0.00< / > 0.03< / > 0.13< / > 0.15< / >< / > < rowspan="2">丹麦< / > 11 / 33< / > 2.25< / > 94.11< / > 2.78< / > 0.00< / > 0.20< / >< / > 11 / 39< / > 4.50< / > 110.89< / > 3.45< / > 0.01< / > -0.05< / > 0.10< / > 0.52< / >< / > < rowspan="2">芬兰< / > 09 / 27< / > 0.50< / > 97.79< / > 2.91< / > -0.03< / > -0.12< / > 0.01< / > 0.78< / >< / > 09 / 33< / > 3.00< / > 96.10< / > 3.63< / > 0.01< / > -0.06< / > 0.17< / > 0.66< / >< / > <

rowspan="2">法国 | 05 / 54< / > 3.00< / > 66.39< / > 5.35< / > 0.10< / > -0.07< / > 0.40< / > 0.26< / > | 11 / 33< / > 3.50< / > 94.04< / > 4.49< / > 0.10< / > 0.00< / > 0.97< / > -0.37< / >< / > < rowspan="2">德国< / > 08 / 33< / > 2.60< / > 95.60< / > 3.32< / > -0.02< / > -0.13< / > 0.09< / > 0.62< / >< / > 08 / 53< / > 1.75< / > 65.60< / > 3.89< / > 0.01< / > -0.04< / > 0.04< / > 0.40< / >< / > <

rowspan="2">希腊< / > 06 / 28< / > 3.88< / > 100.93< / > 3.29< / > 0.01< / > -0.17< / > 0.20< / > 0.85< / >< / > 06 / 33< / > 4.25< / > 99.98< / > 4.25< / > 0.06< / > 0.79< / > 0.44< / > 0.97< / >< / > 爱尔兰< / > 10 / 32< / > 0.35< / > 80.81< / > 4.00< / > 0.00< / > -0.10< / > 1.02< / > 1.37< / >< / > < rowspan="2">意大利< / > 12 / 27< / > 2.63< / > 99.29< / > 3.23< / > 0.00< / > -0.04< / > 0.20< / > 0.99< / >< / > 03 / 34< / > 4.13< / > 99.98< / > 4.38< / > 0.09< / > 0.01< / > 0.43< / > 1.06< / >< / > <

rowspan="2">荷兰< / > 01 / 54< / > 2.00< / > 68.80< / > 3.86< / > 0.00< / > -0.01< / > 0.01< / > 0.29< / >< / > 07 / 33< / > 2.50< / > 94.49< / > 3.42< / > -0.01< / > -0.10< / > 0.13< / > 0.63< / >< / > < rowspan="2">波兰< / > 04 / 28< / > 2.75< / > 97.34< / > 4.56< / > 0.05< / > -0.18< / > 0.21< / > 0.72< / >< / > 10 / 33< / > 6.00< / > 99.56< / > 6.08< / > 0.04< / > -0.07< / > 0.18< / > 1.14< / >< / > 葡萄牙< / > 07 / 32< / > 1.63< / > 89.87< / > 3.60< / > 0.03< / > -0.05< / > 0.27< / > 0.82< / >< / > <

rowspan="2">西班牙< / > 10 / 52< / > 1.88< / > 59.53< / > 4.59< / > 0.05< / > -0.01< / > 0.18< / > 0.54< / >< / > 10 / 33< / > 3.50< / > 98.30< / > 3.82< / > 0.04< / > -0.04< / > 0.28< / > 0.76< / >< / > 瑞典< / > 11 / 33< / > 1.75< / > 96.30< / > 2.50< / > 0.00< / > -0.14< / >< / > 瑞士< / > 03 / 36< / > 2.50< / > 118.13< / > 0.32< / > 0.00< / > -0.02< / > -0.22< / > -0.49< / >< / > < rowspan="2">英国< / > 06 / 28< / > 0.00< / > 92.65< / > 4.69< / > 0.01< / > -0.04< / > 0.21< / > 0.93< / >< / > 10 / 53< / > 3.75< / > 70.05< / > 6.00< / > 0.08< / > 0.02< / > 0.17< / > 0.79< / >< / > < rowspan="2">美国< / > 11 / 33< / > 4.50< / > 95.91< / > 5.20< / > 0.04< / > 0.01< / > 0.52< / > 1.22< / >< / > 11 / 53< / > 4.75< / > 86.58< / > 5.73< / > 0.06< / > 0.05< / > 0.45< / > 0.90< / > |

英国国债：英国现金市场

10月07日< / > 价格< / > 收益率< / > 赎回收益率< / > 当日< / > 当周< / > 最高< / > 最低< / >< / > 1.25% '27< / > 97.63< / > 1.28< / > 4.38< / > 0.01< / > 0.10< / > 97.71< / > 0.01< / >< / > 0.875% '29< / > 89.03< / > 0.98< / > 4.80< / > -0.10< / > 0.13< / > 91.00< / > 0.01< / >< / > 1% '32< / > 81.42< / > 1.23< / > 5.03< / > -0.21< / > 0.06< / > 85.07< / > 81.01< / >< / > 4.25% '36< / > 91.65< / > 4.64< / > 5.39< / > -0.49< / > -0.21< / > 99.39< / > 91.30< / >< / > 4.5% '42< / > 86.32< / > 5.21< / > 5.82< / > -0.76< / > -0.39< / > 96.45< / > 85.88< / >< / > 3.75% '52< / > 70.96< / > 5.28< / > 5.97< / > -0.82< / > -0.45< / > 81.50< / > 70.51< / >< / > 4% '60< / > 72.14< / > 5.54< / > 5.93< / > -0.85< / > -0.46< / > 83.52< / > 71.62< / > |

收盘价以及最高价和最低价以交易货币计价。市值以当地货币计价。最高价和最低价基于滚动 52 周期间。

英国国债：英国富时精算师指数 (UK FTSE ACTUARIES INDICES)

价格指数（固定票息） | 10月7日< / > 当日涨跌 %< / > 总回报< / > 月回报< / > 年回报< / > 收益率< / > | 5年期及以下< / > 84.51< / > -0.07< / > 2653.68< / > -0.21< / > 0.95< / > 4.79< / >< / > 5-10年期< / > 141.33< / > -0.39< / > 3345.94< / > -1.35< / > -2.05< / > 5.24< / >< / > 10-15年期< / > 138.89< / > -0.70< / > 3651.32< / > -1.86< / > -3.98< / > 5.64< / >< / > 5-15年期< / > 139.00< / > -0.48< / > 3410.08< / > -1.51< / > -2.65< / > 5.40< / >< / > 15年期以上< / > 161.10< / > -1.12< / > 3215.42< / > -1.95< / > -7.59< / > 5.91< / >< / > 所有债券< / > 123.61< / > -0.47< / > 3097.14< / > -1.11< / > -2.53< / > 5.58< / > |

指数挂钩< / > 10月7日< / > 当日涨跌 %< / > 月涨跌 %< / > 年涨跌 %< / > 总回报< / > 1个月回报< / > 1年回报< / >< / > 5年期及以下< / > 365.04< / > -0.00< / > 0.16< / > 2.76< / > 3185.70< / > 0.17< / > 3.59< / >< / > 5年期以上< / > 462.04< / > -1.16< / > -1.73< / > -3.39< / > 3622.98< / > -1.55< / > -2.78< / >< / > 5-15年期< / > 454.28< / > -0.47< / > -1.40< / > 0.31< / > 3817.58< / > -1.20< / > 1.07< / >< / > 15年期以上< / > 457.82< / > -1.91< / > -2.09< / > -6.94< / > 3458.29< / > -1.93< / > -6.47< / >< / > 所有债券< / > 461.73< / > -0.90< / > -1.31< / > -2.13< / > 3695.33< / > -1.16< / > -1.49< / > |

收益率指数< / > 10月7日< / > 10月6日< / > 一年前< / >< / > 5年期< / > 4.99< / > 4.94< / > 4.26< / >< / > 10年期< / > 5.43< / > 5.36< / > 4.59< / >< / > 15年期< / > 5.73< / > 5.66< / > 4.88< / >< / > 20年期< / > 5.88< / > 5.81< / > 5.02< / >< / > 45年期< / > 5.73< / > 5.65< / > 4.91< / > |

实际收益率（0% 通胀）< / > 10月7日< / > 久期（年）< / > 前值< / > 一年前< / >< / > 5年期及以下< / > 1.05< / > 2.60< / > 1.05< / > 0.73< / >< / > 5年期以上< / > 2.43< / > 16.10< / > 2.36< / > 1.90< / >< / > 5-15年期< / > 2.14< / > 9.43< / > 2.09< / > 1.61< / >< / > 15年期以上< / > 2.56< / > 22.88< / > 2.47< / > 2.01< / >< / > 所有债券< / > 2.37< / > 13.19< / > 2.30< / > 1.86< / > |

实际收益率（5% 通胀）< / > 10月7日< / > 久期（年）< / > 前值< / > 一年前< / >< / > 5年期及以下< / > 0.81< / > 2.60< / > 0.80< / > 0.43< / >< / > 5年期以上< / > 2.40< / > 16.10< / > 2.33< / > 1.88< / >< / > 5-15年期< / > 2.08< / > 9.43< / > 2.03< / > 1.54< / >< / > 15年期以上< / > 2.54< / > 22.88< / > 2.46< / > 2.00< / >< / > 所有债券< / > 2.33< / > 13.19< / > 2.26< / > 1.82< / > |

FT

金融时报 (FINANCIAL TIMES)

📄 Original Section

Change during previous day's trading (%)

Dow Jones Ind

FTSE EuroFirst

FTSE 100

-0.79%

-0.99%

Nikkei | Sep 07 - Oct 07S&P 500 New York | | Index | All World | 7718.6 | 7791.44 |

Day ▷ -0.69% Month ▷ -4.57% Year ▷ 9.38% | Country | Index | Latest | Previous | Australia | All Ordinaries | 8994.60 | 8993.50 | Australia | S&P ASX 200 | 8727.70 | 8735.70 | Australia | S&P ASX 200 Res. | 7794.00 | 7805.00 | Austria | ATX | 6611.99 | 6792.23 | Belgium | BEL 20 | 5527.87 | 5569.99 | Belgium | BEL Mid | 6408.21 | 6446.93 | Brazil | Bovespa | 205003.50 | 205635.29 | Canada | S&P TSX 60 | 2067.75 | 2099.06 | Canada | S&P TSX Comp | 35083.31 | 35649.51 | 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 | 4496.15 | 4500.83 | Cyprus | CSE M&P GEN | 314.00 | 317.94 | Country | Index | Latest | Previous | Czech Republic | Czech Republic PX | 2565.99 | 2530.42 | Denmark | OMC Copenhagen 20 | 1509.01 | 1552.68 | Egypt | ESL 20 | 5328.10 | 5328.10 | Estonia | OMX Tallinn | 2229.77 | 2228.58 | Finland | OMK Helsinki General | 13630.87 | 13746.36 | France | French CAC40 | 7769.27 | 7865.07 | Germany | SBF 120 | 5897.00 | 5968.63 | Germany | M-DAX | 30112.41 | 30543.27 | Germany | Tec-Dax | 4048.53 | 4099.22 | Germany | XETRA Dax | 25104.36 | 25449.19 | Greece | Athens | 2622.02 | 2686.20 | Greece | FTSE/ASA | 6722.55 | 6898.60 | Hong Kong | Hang Seng | 24130.50 | 24280.56 | Hong Kong | HS China Enterprises | 8082.40 | 8128.97 | Hong Kong | HSCC Red Chip | 4008.30 | 3998.64 | Hungary | Bux | 141308.07 | 143682.55 | India | BSE Sensex | 72838.70 | 73067.81 | Indonesia | Jakarta Comp | 6146.72 | 6192.93 | STOCK MARKET: BIGGEST MOVERS

Hang Seng

Day ▷ -1.22% Month ▷ -2.40% Year ▷ -2.55%

EURO MARKETS

ACTIVE STOCKS | AMERICA | ACTIVE STOCKS | stock traded m's | close price | Day's change | Intel | 51.97 | 113.14 | 0.64 | Nvidia | 40.05 | 238.90 | -2.35 | Micron Technology | 17.87 | 1076.87 | 31.31 | Amazon.com | 16.34 | 258.89 | 2.60 | Super Micro Compter | 16.30 | 44.33 | - | Tesla | 14.38 | 375.67 | -5.01 | Apple | 13.62 | 335.14 | 1.51 | Netflix | 12.69 | 69.28 | 0.59 | Advanced Micro Devices | 11.24 | 641.85 | -7.57 | Huntington Bancshares | 10.99 | 15.12 | -0.21 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Lloyds Bkg Gp | 152.51 | 1.02 | -0.03 | Barclays | 56.40 | 4.32 | -0.15 | Haleon | 40.47 | 3.42 | 0.08 | Glencore | 39.45 | 5.69 | -0.05 | Vodafone | 30.62 | 1.28 | 0.03 | HSBC | 28.02 | 14.08 | -0.64 | BP | 26.67 | 5.62 | 0.01 | NatWest Group | 26.10 | 6.50 | -0.19 | Taylor Wimpey | 25.65 | 0.77 | -0.03 | Centrica | 24.40 | 1.46 | -0.02 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Intesa Sanpaolo | 64.00 | 6.24 | -0.26 | Stellantis | 61.22 | 4.12 | 0.06 | Banco Santander | 27.84 | 12.26 | -0.26 | Banco De Sabadell | 25.96 | 3.59 | - | Enel | 20.45 | 8.73 | -0.11 | Nokia | 11.34 | 9.54 | -0.06 | Banco Bilbao Vizcaya Argentina | 10.73 | 23.43 | -0.85 | Telefonica | 10.31 | 3.43 | 0.05 | Royal KPN | 10.01 | 3.96 | 0.07 | CaixaBank | 8.39 | 11.93 | -0.43 | BIGGEST MOHENS | Close | Day's | Day's | Country | Index | Latest | Previous | Ireland | ISED Overall | 14344.11 | 14470.50 | Israel | Tel Aviv 125 | 3932.42 | 4028.10 | Italy | FTSE Italia All-Share | 52533.03 | 53674.50 | Italy | FTSE Italia Mid Cap | 59769.58 | 60836.18 | Italy | FTSE MIB | 49972.25 | 51261.40 | Japan | Nikkei 225 | 70035.71 | 70683.98 | Japan | Topix | 4154.11 | 4183.56 | Kuwait | KSK Market Index | 8918.53 | 8900.83 | Latvia | OMX Riga | 982.54 | 977.43 | Lithuania | OMX Virus | 1508.72 | 1510.75 | Luxembourg | Luxi | 187.61 | 187.43 | Mexico | IPC Mexico City | 64490.28 | 65312.46 | Malaysia | FTSE Bursa KLDI | 1611.78 | 1633.35 | Morocco | MASI | 16990.77 | 16992.55 | Netherlands | AEX | 1117.75 | 1128.33 | Netherlands | AEX All Share | 1521.75 | 1539.39 | New Zealand | NZX 50 | 13684.04 | 13700.12 | Nigeria | SE All Share | 250096.75 | 250273.50 | FTSE All World | ACTIVE STOCKS | stock traded m's | close price | Day's change | Nippon Tel & Tel | 186.04 | 172.10 | 2.00 | Tokio Marine Hldgs | 100.67 | 516.00 | -6.30 | SoftBank Corp | 79.01 | 240.70 | 1.10 | Rakuten Group | 47.30 | 639.60 | - | Fujikura | 41.81 | 5700.00 | -155.00 | Taiyo Yuden | 34.75 | 11460.00 | 325.00 | SoftBank Grp Corp | 32.91 | 6310.00 | 15.00 | Mitsubishi UFJ | 31.95 | 3622.00 | -49.00 | Archion | 30.00 | 292.00 | - | Furukawa Electric | 29.69 | 4444.00 | -46.00 | Sep 07 - Oct 07 | Xetra Dax | Frankfurt | Index | All World | 26006.53 | 25104.36 | Country | Index | Latest | Previous | Norway | Dilo All Share | 2444.94 | 2466.54 | Pakistan | KSE 100 | 168580.40 | 169460.11 | Philippines | Manila Comp | 5736.69 | 5677.12 | Poland | Wig | 156066.10 | 159012.30 | Portugal | PSI 20 | 9333.76 | 9420.43 | Portugal | PSI General | 6345.98 | 6401.27 | Romania | Romania BET Index | 33562.51 | 33891.15 | Russia | Russia Traded Index in USD | 988.10 | 988.10 | Saudi Arabia | TAHAR/UL All Share Index | 10542.23 | 10589.95 | Singapore | FTSE Strata Times | 5608.44 | 5701.54 | Slovakia | SAX | 320.42 | 321.28 | South Africa | SBI TOP | 3117.11 | 3125.87 | FTSE/JSE All Share | 107104.29 | 108881.47 | South Africa | FTSE/JSE Res | 64069.32 | 65514.16 | South Africa | FTSE/JSE Top 40 | 99394.06 | 101162.20 | South Korea | Kospi | 6803.90 | 6941.39 | South Korea | Kospi 200 | 1073.63 | 1095.83 | Spain | Spain BRX 35 | 19118.00 | 19444.20 | -0.70%

UK MARKET WINNERS & LOSERS | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Novo-Nordisk | 253.90 | 8.35 | 3.40 | Swisscom | 645.00 | 18.00 | 2.87 | Pernod Ricard | 60.86 | 1.64 | 2.77 | Telia Co | 44.70 | 1.10 | 2.52 | Novartis | 120.02 | 2.84 | 2.42 | Downs | Fresenius Medical Care | 37.42 | -2.75 | -6.85 | Infineon Technologies | 60.95 | -3.73 | -5.77 | ASM Int'l | 898.60 | -48.80 | -5.15 | Societe Generale | 63.94 | -3.37 | -5.01 | Deutsche Bank | 29.86 | -1.55 | -4.94 | \$ per € | FTSE 100 | price(£) | % Chg week | % Chg ytd | Winners | The Sage Grp | 10.22 | 5.21 | -5.63 | RELX | 25.99 | 4.13 | -13.94 | Vodafone | 1.28 | 4.12 | 29.20 | Airtel Africa | 3.13 | 4.06 | -11.94 | Autotrader Group | 4.71 | 3.98 | -19.71 | Compass | 23.07 | 3.97 | -2.40 | Whitbread | 24.72 | 3.60 | -3.06 | BT Group | 1.98 | 3.36 | 7.82 | Experian | 25.43 | 3.16 | -24.38 | JD Sports Fashion | 0.83 | 2.73 | -1.14 | Company/Industry | price | change | change% | Ups | Avon Technologies | 21.90 | 2.82 | 14.78 | Ocado Group | 2.87 | 0.24 | 9.22 | Baltic Classifieds Group | 1.83 | 0.12 | 6.81 | Bridgepoint Group | 3.65 | 0.19 | 5.36 | B&M European Value | 2.56 | 0.11 | 4.50 | Downs | Pennon Group | 3.61 | -0.91 | -20.09 | Playtech | 3.59 | -0.24 | -6.27 | Inchcape | 6.44 | -0.42 | -6.12 | Vistry Group | 2.25 | -0.12 | -5.07 | Hill & Smith | 31.00 | -1.55 | -4.76 | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Suzuki Motor | 2039.50 | 58.00 | 2.93 | Tayo Yuden | 11460.00 | 325.00 | 2.92 | J Front Retailing | 2728.00 | 69.50 | 2.61 | NEC Corp | 5050.00 | 123.00 | 2.50 | Yamaha Motor | 1832.50 | 42.50 | 2.37 | Downs | Resona | 2512.50 | -97.50 | -3.74 | Fukuoka Fin'l | 7756.00 | -277.00 | -3.45 | Chiba Bank | 2798.50 | -91.50 | -3.17 | Toho Co | 1520.50 | -45.50 | -2.91 | SMC Corp | 73860.00 | -2140.00 | -2.82 | Losers | Losers | IG Group | 9.50 | -28.30 | -27.76 | Pennon Inc | Lion Finance | 128.30 | -10.72 | 37.96 | Inchcape | Babcock Intl | 8.91 | -9.73 | -28.32 | Vistry Day | Barratt Redrow | 3.00 | -9.66 | -21.25 | Taylor W | 3i Group | 23.91 | -8.88 | -26.72 | Bellway | Games Works | 165.40 | -8.06 | -12.58 | RHI Mag | BAE SYSTEMS | 18.26 | -6.72 | 6.53 | Rank Gnd | Standard Chartered | 21.51 | -6.40 | 18.06 | Chemring | HSBC | 14.08 | -5.98 | 19.95 | Metro B | Aberdeen Group | 2.34 | -5.64 | 14.01 | TBC Bank | Day → Closed Month ↩ -2.30% Year ↗ 6.41%

\$ per £

-0.4406%

¥ per \$

0.0221% £ per € | price | change | change% | Ups | Eli Lilly | 1206.63 | 49.14 | 4.25 | Corteva | 14.48 | 0.57 | 4.10 | Hewlett Packard Ent | 73.02 | 2.54 | 3.60 | CVS Health Corp | 89.34 | 2.91 | 3.37 | Netapp | 235.45 | 7.00 | 3.06 | Downs | Caterpillar | 813.73 | -49.71 | -5.76 | Microchip Technology | 76.91 | -4.35 | -5.35 | Teradyne | 407.55 | -22.77 | -5.29 | NXP Semiconductors | 233.06 | -11.32 | -4.63 | SLB | 47.96 | -2.04 | -4.08 | Country | Index | Latest | Previous | Sweden | DMX Stockholm 30 | 3226.82 | 3282.94 | Sweden | DMX Stockholm AS | 1112.14 | 1130.24 | Switzerland | SMI Index | 13808.42 | 13788.93 | Taiwan | Weighted Stock Index | 49806.37 | 49822.55 | Thailand | Bangkok SET | 1584.63 | 1582.22 | Turkey | BIST 100 | 12122.94 | 12374.26 | UK | FTSE 100 | 10458.50 | 10541.69 | UK | FTSE 4Good UK | 9930.61 | 9167.50 | UK | FTSE All Share | 5644.81 | 5689.19 | UK | FTSE techMARK 100 | 9499.63 | 9517.94 | U.S.A. | Dow Jones Composite | 15980.57 | 16076.20 | U.S.A. | Dow Jones Industrial | 51143.98 | 51521.29 | U.S.A. | Dow Jones Transport | 15966.43 | 17010.76 | U.S.A. | Dow Jones Utilities | 407.55 | 407.80 | U.S.A. | Nasdaq 100 | 31091.35 | 31224.69 | U.S.A. | Nasdaq Composite | 27480.78 | 27598.89 | U.S.A. | NYSE Composite | 23728.45 | 23921.67 | U.S.A. | S&P 500 | 7791.44 | 7818.93 | FTSE 250 | price(£) | % Chg week | % Chg ytd | Winners | Wetherspoon (JD) | 9.89 | 21.63 | 34.17 | Avon Technologies | 21.90 | 18.76 | 20.73 | Ocado Group | 2.87 | 13.19 | 21.44 | Bridgepoint Group | 3.65 | 8.75 | 28.75 | Goodwin | 142.00 | 6.93 | -33.33 | Domino's Pizza | 2.26 | 5.71 | 30.33 | Frasers Group | 8.49 | 5.47 | 25.22 | Baltic Classifieds Group | 1.83 | 5.38 | -9.90 | Telecom Plus | 8.50 | 5.07 | -37.41 | Fidelity Emerging Markets | 15.30 | 3.94 | 43.53 | Losers | 7.76 | Pennon Group | 3.61 | -21.14 | 7.96 | Inchcape | 6.44 | -13.90 | 8.32 | Vistry Group | 2.25 | -12.88 | 8.25 | Taylor Wimpey | 0.77 | -10.35 | 6.72 | Bellway | 20.00 | -9.58 | 2.58 | RHI Magnesita | 28.40 | -8.53 | 3.53 | Rank Group | 0.70 | -8.50 | 3.06 | Chemring Group | 5.00 | -8.34 | 3.95 | Metro Bank | 1.58 | -7.93 | 4.01 | TBC Bank Group | 49.60 | -7.89 | Day ▷ -0.59% Month ▷ -4.59% Year ▷ -11.34%

-0.1180%

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能源来源

🌐 对照英文

利润。权力。政治。

Ground Truth 图像显示了一条长而实心的水平线，这是一个风格化或背景元素（类似于纸上的分隔线）。根据规则 2，此类线条必须在 OCR 结果中被忽略。提供的 OCR 内容为 ""，不包含任何字符。由于 OCR 输出正确地忽略了该风格化线条，因此符合规则 2。因此，OCR 结果与 Ground Truth 一致。

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📄 Original Section

FT.COM/MARKETSDATA

Oil Brent \$ | Country | Index | Latest | Previous | Venezuela | IBC | 7802.12 | 7495.68 | Vietnam | Viet Nam Index | 1753.29 | 1759.08 | Cross-Border | Euro Stoxx 50 (Eur) | 6180.29 | 6272.23 | Netherlands | Euronext 100 lD | 1857.43 | 1883.69 | Cross-Border | FTSE Food Global ($) | 21323.61 | 21450.17 | Cross-Border | FTSE All World ($) | 754.08 | 759.75 | Cross-Border | FTSE £300 | 2517.48 | 2542.60 | Cross-Border | FTSE Eurotop 100 | 4864.26 | 4911.12 | Cross-Border | FTSE Global 100 ($) | 5925.12 | 5948.22 | Cross-Border | FTSE Gold Min ($) | 5532.92 | 5532.92 | Cross-Border | FTSE Limbase Top (Eur) | 7164.60 | 7274.90 | Cross-Border | FTSE World ($) | 1413.81 | 1423.18 | Cross-Border | FT$/Eurofirst 100 (Eur) | 6982.08 | 7089.48 | Cross-Border | FT$/Eurofirst 80 lD | 8431.25 | 8561.88 | Gold \$ | FTSE Small Cap | price($) | % Chg week | % Chg ytd | Winners | Kenmare Resources | 2.27 | 20.24 | -7.89 | Blackrock Latin American Inv Tst | 4.69 | 14.67 | 16.09 | Taylor Maritime | 0.59 | 6.50 | - | Aston Martin Lagonda | 0.37 | 6.09 | 42.41 | TT Electronics | 1.88 | 5.84 | 64.69 | Young & Cos Brewery A | 9.75 | 5.63 | 31.76 | Frasers Group | 8.49 | 5.47 | 25.22 | Ashtead Technology | 5.60 | 5.46 | 80.65 | Amarog | 1.23 | 5.13 | 12.84 | Brown Advisory US Smaller Co's | 16.40 | 4.96 | 17.99 | Losers | -31.53 | ASDS | 4.51 | -11.05 | 59.08 | -16.25 | Hostelworld Group | 0.93 | -9.66 | -25.92 | -64.98 | Marshalls | 1.60 | -8.46 | -11.30 | -28.28 | Ibstock | 0.78 | -8.38 | -44.38 | -27.11 | Mortgage Advice Bureau | 3.27 | -8.15 | -52.47 | 2.16 | Future | 2.92 | -8.13 | -44.62 | -29.51 | Helical | 1.77 | -7.81 | -10.62 | 5.82 | Vanquis Banking Gp | 0.68 | -7.69 | -42.81 | 30.85 | Biotech Growth Trust | 14.30 | -7.62 | 19.17 | 22.17 | M J Gleeson | 2.69 | -7.57 | -36.07 | g/d | Industry Sectors | price($) | %Chg week | %Chg ytd | Winners | 89 | Consumer Services | 4047.59 | 3.97 | -2.40 | 09 | Telecomms Svc Providers | 3428.70 | 3.66 | 19.56 | - | Telecommunications | 2197.95 | 3.66 | 19.56 | 41 | Software & Computer Svcs | 1853.31 | 3.64 | -8.24 | 69 | Technology | 1623.75 | 3.58 | -8.90 | 76 | Consumer Digital Services | 170.11 | 3.01 | -11.01 | 22 | Biotechnology | 22607.15 | 2.22 | 2.60 | 65 | Oil Gas & Coal | 11457.14 | 2.19 | 31.82 | 84 | Energy | 12046.76 | 2.17 | 31.87 | 89 | Finance & Credit Services | 13355.23 | 1.59 | -7.78 | CURRENCIES | Losers | 59.08 | Hhold Goods & Home Const | 8129.74 | -8.50 | -24.62 | 25.92 | Leisure Goods | 38919.78 | -8.03 | -13.23 | 31.30 | Investment Banking & Brokerage | 14075.43 | -6.51 | -9.03 | 44.38 | Alternative Energy | 39.68 | -5.78 | 80.47 | 52.47 | Banks | 8742.89 | -5.76 | 10.32 | 44.62 | Financials ex Inv Co | 200.33 | -4.99 | 5.19 | 10.62 | Aerospace & Defense | 22732.14 | -4.91 | 13.23 | 42.81 | Construction & Materials | 15680.11 | -4.78 | 14.52 | 19.17 | Techn Hardware & Equip | 133.31 | -4.62 | 120.03 | 36.07 | Financials | 8157.85 | -4.18 | 6.26 | Oct 07 | DOLLAR | Closing Price | Day's Change | Closing Price | Day's Change | Closing Price | POUND | Closing Mid | Day's Change | Weeks Mid | Day's Change | Argentine Peso | 1522.4961 | 1.4511 | -2.4002 | 1704.2822 | -7.8821 | -27.7713 | 2012.5676 | -6.9799 | Australian Dollar | 1.4363 | 0.0032 | -0.0011 | 1.6078 | -0.0054 | -0.0250 | 1.8986 | -0.0042 | Bahraini Dinar | 0.3771 | 0.0001 | 0.0001 | 0.4222 | -0.0022 | -0.0080 | 0.4985 | - | Bolivian Boliviano | 11.3703 | - | -0.0500 | 13.3892 | -0.0146 | -0.2513 | 15.8231 | -0.0701 | Brazilian Real | 4.9965 | 0.0191 | -0.1767 | 5.5931 | -0.0097 | -0.2829 | 6.0408 | -0.0039 | Canadian Dollar | 1.4248 | 0.0021 | 0.0051 | 1.5950 | -0.0065 | -0.0176 | 1.8835 | -0.0055 | Chilean Peso | 978.700 | 9.0700 | 5.8100 | 1055.6128 | 4.0924 | -9.5010 | 1293.8807 | 6.3168 | Chinese Yuan | 6.7064 | - | - | 7.5060 | -0.0430 | -0.1100 | 8.6838 | -0.0393 | Colombian Peso | 2378.6500 | 21.8500 | -69.4500 | 3625.3449 | 4.3538 | -132.1607 | 4281.1761 | 10.0651 | Costa Rican Colon | 458.3650 | -3.1300 | 1.3650 | 510.8553 | -6.3813 | -5.9568 | 803.2695 | -6.8332 | Czech Krona | 21.8197 | 0.1455 | 3.1302 | 24.4250 | -0.0275 | -0.0085 | 28.4835 | 0.0656 | Danish Krone | 6.6772 | 0.0371 | 0.0056 | 7.4450 | - | -0.0010 | 8.8267 | 0.0102 | Egustian Pound | 52.3700 | 0.0500 | 0.4300 | 58.6230 | -0.2710 | -0.3730 | 89.2729 | -0.3400 | Hong Kong Dollar | 7.9483 | 0.0005 | 0.0015 | 8.7853 | -0.0465 | -0.1274 | 10.3746 | -0.0452 | Hungarian Forint | 327.1172 | 2.5269 | 4.6054 | 366.1750 | 0.8000 | -0.1508 | 432.4162 | 1.4415 | Indian Rupee | 96.7750 | 0.3488 | 0.9475 | 108.3299 | -0.2123 | -0.5157 | 127.9269 | -0.1031 | FTSE ACTUARIES SHARE INDICES | Weeks as of October 07 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Change | Closing Mid | Day's Change | Change | Closing Mid | Day's Change | Change | 13-13.000 | Indonesian Rupiah | 17880.0000 | -15.0000 | 5.0000 | 20014.6720 | -128.6360 | -288.4480 | 23635.5730 | -124.5150 | -110.4720 | -0.0109 | Israeli Shekel | 3.0723 | 0.0265 | -0.0022 | 4.3492 | 0.0107 | -0.0529 | 4.0613 | 0.0173 | -0.0231 | Japanese Yen | 156.1050 | 0.0350 | 0.9700 | 176.9827 | -0.9468 | -1.4981 | 208.9990 | -0.8764 | 0.2530 | 0.1499 | Kamenda | 129.6300 | 0.0300 | 0.1740 | 145.2055 | -0.7889 | -1.5474 | 11.6080 | -0.7330 | -0.6320 | -0.2674 | Kuwaiti Dinar | 0.3104 | 0.0008 | 0.0016 | 4.3474 | -0.0011 | -0.0033 | 4.0103 | -0.0008 | 0.0001 | -0.0025 | Malaysian Ringgit | 4.0880 | 0.0036 | 0.0078 | 4.5761 | -0.0222 | -0.0563 | 5.4040 | -0.0199 | -0.0164 | 0.3074 | Mexican Peso | 16.1050 | 0.0341 | 0.0169 | 20.1609 | -0.0742 | -0.2162 | 21.6081 | -0.0601 | -0.0595 | -0.0440 | New Zealand Dollar | 1.7888 | 0.0088 | 0.0157 | 2.0002 | -0.0022 | -0.0116 | 2.3620 | 0.0091 | 0.0091 | -113.4741 | Nigerian Naira | 1328.8900 | 8.6900 | 0.7680 | 1487.5596 | -6.4034 | -20.9971 | 1756.6599 | -5.5304 | -7.6948 | -1.1757 | Norwegian Krone | 9.5700 | 0.0052 | -0.0174 | 10.7126 | -0.0539 | -0.1772 | 12.6565 | -0.0491 | -0.0858 | -0.0493 | Pakistan rupee | 1.9570 | -0.0500 | -0.1093 | 201.9898 | -1.7871 | -4.6867 | 1.0672 | -1.6864 | -1.9467 | 0.0835 | Persuvian New Sol | 3.4507 | 0.0143 | 0.0229 | 9.8627 | -0.0055 | -0.0338 | 4.5614 | -0.0012 | 0.0078 | 2.2832 | Philippine Peso | 62.7600 | -0.0100 | 0.1150 | 20.2536 | -0.4335 | -0.9018 | 82.9625 | -0.3864 | -0.2583 | 3.3658 | Polish Krone | 3.9133 | 0.0291 | 0.0728 | 3.3853 | 0.0082 | 0.0182 | 5.1726 | 0.0157 | 0.0129 | 3.9754 | Romanian Lou | 4.7832 | 0.0324 | 0.1414 | 5.3453 | 0.0067 | 0.0818 | 6.3238 | 0.0151 | 0.1564 | 0.6249 | Russian Ruble | 85.5000 | 0.1000 | 2.3750 | 35.7087 | -0.4218 | 1.2912 | 113.0225 | -0.3674 | 2.5560 | £ Strng Oct 2 | Day's chg % | Euro Index | £ Strng Oct 6 | £ Strng Oct 10 | Year ago | Div Cover | P/E ratio | XO adj | Total Return | FTSE 100 (100) | 10458.50 | -0.79 | 9626.11 | 10541.69 | 10497.94 | 9331.38 | 3.15 | 2.21 | 14.37 | 274.96 | FTSE 100 ex Investment Trusts (F5) | 3416.94 | 0.79 | 3144.99 | 3444.16 | 3430.18 | 3251.79 | 3.19 | 2.09 | 15.02 | 91.03 | FTSE 250 (251) | 24036.75 | -0.74 | 22123.67 | 24215.33 | 24123.75 | 22470.38 | 3.23 | 2.63 | 11.77 | 602.79 | FTSE 250 ex Inc (104) | 24774.94 | -0.83 | 22897.62 | 24986.77 | 24862.41 | 23306.14 | 3.29 | 1.66 | 18.33 | 657.25 | FTSE 350 (351) | 5705.44 | 0.78 | 5251.44 | 5750.60 | 5726.96 | 5403.23 | 3.26 | 2.26 | 14.04 | 149.21 | FTSE 350 ex Investment Trusts (359) | 9263.40 | -0.79 | 5180.46 | 9673.43 | 9563.34 | 5351.90 | 3.23 | 2.05 | 15.23 | 149.84 | FTSE All-Share Value Yield (134) | 5373.72 | -0.85 | 5114.79 | 5386.15 | 5141.97 | 4826.54 | 3.21 | 1.81 | 12.15 | 787.12 | FTSE All-Share Yield (217) | 5706.20 | -0.70 | 5252.06 | 5746.65 | 5735.28 | 5645.00 | 1.84 | 3.19 | 17.08 | 98.51 | FTSE SmallCap (177) | 8114.13 | -0.51 | 7468.33 | 8157.56 | 8121.95 | 7537.89 | 3.99 | 1.58 | 15.88 | 227.51 | FTSE SmallCap ex Inv Co (88) | 6748.15 | -0.34 | 6211.06 | 6771.26 | 6734.13 | 6260.89 | 3.75 | 0.54 | 49.57 | 169.53 | FTSE SmallCap Financials ex Inv Co (113) | 148.01 | -0.40 | 142.51 | 148.61 | 148.26 | 150.06 | 5.45 | 1.54 | 11.88 | 6.93 | FTSE All-Share (528) | 5644.81 | -0.78 | 5159.54 | 5689.19 | 5665.80 | 5350.38 | 3.17 | 2.25 | 14.06 | 147.78 | FTSE All-Share ex Inv Co (357) | 5525.33 | -0.79 | 5086.49 | 5570.34 | 5547.61 | 5253.82 | 3.20 | 2.04 | 15.30 | 147.07 | FTSE Fledgling (41) | 12982.13 | -0.33 | 11948.88 | 13024.73 | 13005.04 | 13262.03 | 5.56 | -10.19 | -1.76 | 231.08 | FTSE Fledgling ex Inv Co (21) | 17132.51 | -1.05 | 15768.93 | 17316.07 | 17473.78 | 24338.42 | 5.83 | -0.89 | -19.21 | 617.81 | FTSE All-Share (218) | 5623.86 | -0.51 | 5181.34 | 5658.04 | 5625.76 | 5246.42 | 1.02 | 2.22 | 23.33 | 156.67 | FTSE All-Share Inv Co (119) | 5065.38 | -0.32 | 4667.24 | 5080.96 | 4998.30 | 5245.49 | 2.49 | 0.49 | 53.69 | 188.00 | FTSE AIM All-Share (529) | 775.98 | -0.98 | 714.22 | 783.62 | 780.31 | 766.39 | 1.22 | 2767.89 | -0.02 | 10.51 | FTSE All-Share Technology (20) | 1980.04 | 1.01 | 1822.45 | 1960.25 | 1942.01 | 2154.29 | 2.49 | 1.85 | 21.69 | 47.38 | FTSE All-Share Telecommunications (5) | 2157.71 | 1.81 | 2022.79 | 2158.57 | 2131.28 | 1838.12 | 3.19 | 0.80 | 38.99 | 41.30 | FTSE All-Share Health Care (12) | 16158.19 | 1.72 | 14872.16 | 15846.24 | 15691.78 | 17672.22 | 2.44 | 2.43 | 15.87 | 360.33 | FTSE All-Share Financials (231) | 8223.53 | -2.64 | 7569.02 | 8446.17 | 8384.73 | 7738.99 | 3.64 | 2.96 | 9.28 | 267.18 | FTSE All-Share Real Estate (38) | 759.39 | -0.67 | 731.18 | 764.52 | 758.16 | 775.49 | 5.20 | 1.02 | 18.90 | 31.52 | FTSE All-Share Consumer Discretionary (68) | 5893.33 | -0.10 | 5516.32 | 5899.59 | 5837.09 | 6097.31 | 2.57 | 2.00 | 19.39 | 116.08 | FTSE All-Share Consumer Staples (28) | 19541.58 | 1.37 | 17982.27 | 19287.18 | 19060.08 | 20115.35 | 4.16 | 1.70 | 11.72 | 573.78 | FTSE All-Share Industrial Products (9) | 11777.38 | -1.63 | 10840.05 | 11974.70 | 11803.94 | 12086.67 | 3.49 | 1.74 | 131.74 | 100.00 | FTSE All-Share Basic Materials (23) | 11252.68 | -1.78 | 10357.08 | 11456.07 | 11465.77 | 9106.89 | 2.64 | 2.03 | 18.69 | 252.22 | FTSE All-Share Energy (13) | 11832.78 | -0.02 | 10891.01 | 11834.60 | 11808.29 | 8961.27 | 3.50 | 2.15 | 11.35 | 341.11 | FTSE All-Share Utilities (9) | 10865.55 | -0.88 | 9992.48 | 10593.43 | 10394.92 | 10509.92 | 3.79 | 1.52 | 17.33 | 289.41 | FTSE All-Share Software & Computer Socs (18) | 2140.21 | 1.05 | 1969.88 | 2118.07 | 2089.07 | 2341.56 | 2.52 | 1.84 | 21.58 | 51.75 | FTSE All-Share Tech Hardware & Equip (2) | 4458.17 | -2.03 | 4133.35 | 4507.51 | 4561.76 | 2276.41 | 0.00 | 0.00 | 40.95 | 0.00 | FTSE All-Share Telecoms Svc Providers (5) | 3423.51 | 1.81 | 3151.03 | 3382.55 | 3413.50 | 2863.35 | 3.19 | 0.80 | 38.99 | 64.34 | FTSE All-Share Health Care Providers (2) | 10705.79 | -0.33 | 9853.72 | 10741.44 | 10639.58 | 8413.29 | 1.09 | 1.36 | 67.46 | 28.78 | FTSE All-Share Medical Equipment & Socs (2) | 5718.71 | 0.25 | 4766.04 | 5165.33 | 5138.38 | 6125.00 | 2.81 | 2.12 | 16.00 | 145.18 | FTSE All-Share Pharmaceuticals & Benon (8) | 23265.00 | 1.80 | 21443.96 | 22882.88 | 22586.22 | 25560.62 | 2.43 | 2.44 | 16.81 | 514.99 | FTSE All-Share Consumer Services (2) | 8672.58 | -1.93 | 8377.74 | 8677.74 | 8677.74 | 8677.74 | -0.00 | -0.00 | -0.00 | -0.00 | FTSE All-Share Finance & Credit Services (7) | 11490.93 | -0.88 | 10546.60 | 11602.44 | 11403.64 | 12503.51 | 2.14 | 1.91 | 24.49 | 246.40 | FTSE All-Share Inv Banking & Brokerage Socs (3) | 12029.07 | -0.39 | 11071.62 | 12075.54 | 12094.95 | 13207.98 | 4.16 | 2.85 | 8.43 | 408.99 | FTSE All-Share Closed End Investments (17) | 15638.97 | -0.61 | 14394.27 | 15735.01 | 15662.11 | 14207.94 | 2.60 | 6.47 | 5.94 | 286.06 | FTSE All-Share Life Insurance (5) | 7805.83 | -2.41 | 7184.57 | 7998.44 | 7922.60 | 8294.18 | 5.18 | 1.17 | 16.49 | 401.46 | FTSE All-Share Nonlife Insurance (4) | 6605.96 | -0.42 | 6300.19 | 6633.93 | 6565.32 | 5171.05 | 3.53 | 1.27 | 22.27 | 224.06 | FTSE All-Share Real Estate Inv & Socs (10) | 1810.09 | 0.57 | 1666.03 | 1799.83 | 1773.76 | 2060.18 | 2.44 | 1.77 | 23.19 | 425.8 | FTSE All-Share Real Estate Investment Trusts (3) | 1906.98 | -0.84 | 1755.21 | 1923.23 | 1908.87 | 1926.13 | 5.59 | 0.97 | 18.42 | 84.25 | FTSE All-Share Automobiles & Parts (1) | 931.59 | 3.27 | 857.44 | 902.06 | 918.86 | 1437.94 | 0.00 | 0.00 | -0.83 | 106.25 | FTSE All-Share Consumer Services (2) | 3808.49 | -2.11 | 3755.88 | 3876.36 | 3725.58 | 3463.69 | -0.00 | -0.00 | -0.00 | -522.2 | FTSE All-Share Hold Goods & Home Const (8) | 6664.23 | -2.43 | 6124.59 | 6621.44 | 6744.35 | 8889.71 | 4.71 | 2.08 | 10.21 | 130.81 | FTSE All-Share Leisure Goods (2) | 41577.68 | -0.19 | 38268.50 | 41645.47 | 42685.76 | 47968.76 | 2.59 | 1.62 | 23.84 | 1017.36 | FTSE All-Share Personal Goods (3) | 14351.21 | -0.65 | 13209.00 | 14444.38 | 14143.33 | 15672.83 | 2.05 | 11.75 | 32.27 | 37.50 | FTSE All-Share Media (9) | 12427.76 | -0.71 | 11438.63 | 12517.02 | 12306.33 | 13226.17 | 3.24 | 1.80 | 17.19 | 333.24 | FTSE All-Share Retailers (19) | 2715.58 | -0.25 | 2499.45 | 2708.75 | 2678.62 | 2591.68 | 2.76 | 2.63 | 13.81 | 51.85 | FTSE All-Share Travel & Leisure (2) | 10082.58 | -0.89 | 9280.09 | 10172.60 | 10063.07 | 9962.99 | 1.93 | 1.68 | 30.89 | 150.04 | FTSE All-Share Beverages (5) | 16268.24 | 0.21 | 15001.07 | 15623.38 | 16030.77 | 15618.32 | 3.28 | 1.55 | 19.73 | 188.93 | FTSE All-Share Food Producers (10) | 7610.45 | -0.05 | 7004.73 | 7614.56 | 7543.54 | 7556.92 | 2.85 | 1.96 | 17.91 | 811.02 | FTSE All-Share Tobacco (2) | 44346.85 | 1.89 | 40817.29 | 45243.23 | 43282.48 | 47515.58 | 6.08 | 1.30 | 12.62 | 2030.05 | FTSE All-Share Construction & Materials (19) | 16126.78 | -1.27 | 14486.26 | 14823.74 | 14823.74 | 14823.74 | 4.00 | 1.69 | 25.20 | 267.7 | FTSE All-Share Aerospace & Defense (8) | 23783.40 | -2.01 | 21899.68 | 24281.50 | 25059.01 | 21410.13 | 2.48 | 34.07 | 229.46 | 30656.03 | FTSE All-Share Electronic & Electrical Equip (12) | 17248.70 | -2.24 | 15875.88 | 17644.32 | 17511.16 | 14821.05 | 0.96 | 3.02 | 34.35 | 141.00 | FTSE All-Share General Industrials (6) | 5673.88 | -1.72 | 5406.38 | 5976.40 | 5916.18 | 5275.72 | 2.23 | 1.64 | 27.28 | 84.28 | FTSE All-Share Industrial Engineering (6) | 15254.90 | -2.77 | 14040.77 | 15689.21 | 15382.72 | 15129.60 | 2.32 | 1.60 | 25.90 | 303.42 | FTSE All-Share Industrial Support Socs (26) | 9966.23 | 0.08 | 9173.02 | 9958.00 | 9910.53 | 10512.10 | 2.31 | 1.49 | 28.99 | 199.63 | FTSE All-Share Industrial Transportation (7) | 6839.68 | -0.36 | 6295.31 | 6864.19 | 6788.00 | 5995.34 | 1.49 | 1.79 | 13.99 | 224.75 | FTSE All-Share Precious Metals & Mining (5) | 31267.38 | -1.95 | 28778.62 | 31888.24 | 32214.92 | 32669.13 | 2.86 | 2.77 | 12.65 | 911.89 | FTSE All-Share Chemicals (7) | 8972.88 | -0.43 | 8258.73 | 9011.20 | 8909.75 | 7617.18 | 3.02 | 0.80 | 33.63 | 282.48 | FTSE All-Share Oil & Gas & Coal (1) | 11495.80 | 0.00 | 10576.18 | 11494.39 | 11494.32 | 8700.55 | 3.51 | 1.52 | 30.59 | 1784.79 | FTSE All-Share Energy & Energy (1) | 173.93 | -0.71 | 18.14 | 19.22 | 19.38 | FTSE All-Share Electricity (2) | 14291.57 | -0.52 | 13154.47 | 14367.37 | 14378.07 | 13084.84 | 2.88 | 1.83 | 18.94 | 256.70 | FTSE All-Share Financials ex Inv Co (60) | 200.16 | -3.11 | 192.73 | 206.59 | 204.90 | 190.33 | 3.89 | 2.09 | 10.73 | 25.16 | FTSE All-Share Gas Water & Multi-unitilities (7) | 9374.81 | -1.01 | 8628.67 | 9470.79 | 9446.52 | 9258.32 | 4.11 | 1.45 | 16.82 | 270.48 | FTSE All-Share Industrial Metals & Mining (11) | 10106.22 | -1.83 | 9384.70 | 10386.24 | 10392.37 | 8093.63 | 2.56 | 2.05 | 19.10 | 258.55 | FTSE All-Share Pets Care Drug & Concry Sits (1) | 4277.60 | 1.58 | 4351.34 | 4654.21 | 4594.63 | 4902.73 | 3.47 | 1.42 | 20.29 | 128.25 | NON FINANCIALS (291) | 6274.16 | -0.01 | 5774.80 | 6274.52 | 6257.01 | 5966.81 | 2.97 | 1.69 | 17.77 | 147.72 | FTSE SECTORS: LEADERS & LAGGARDS | Tech Hardware & Equip | 120.03 | Alternative Energy | 80.47 | Energy | 31.87 | Oil & Gas & Coal | 31.82 | Nonlife Insurance | 27.62 | Industrial Metals & Mining | 27.45 | Health Care Providers | 27.25 | Basic Materials | 23.63 | Telecomms Svc Providers | 19.56 | Telecommunications | 19.56 | Chemicals | 16.16 | Industrial Transportation | 15.57 | Electronic & Electrical Equip | 15.21 | Construction & Materials | 14.52 | Aerospace & Defense | 13.23 | Closed End Investments | 11.66 | General Industrials | 11.32 | Banks | 10.32 | Electroch | 9.23 | FTSE GLOBAL INDICES

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| < 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■< / > 1826.00< / > -29.00< / > 2360.00< / > 1529.00< / > 2.07< / > 26.54< / > 6351.94< / >< / > Chemring Group< / > 500.00< / > -8.50< / > 650.75< / > 446.52< / > 1.62< / > 28.09< / > 1517.15< / >< / > | 汽车与零部件< / >< / > Ford Motors< / > 912.32< / > -12.55< / > 1319.04< / > 841.76< / > 4.98< / > -5.07< / > —< / >< / > | 银行< / >< / > ANZ Group< / > 1998.84< / > 9.14< / > 2126.50< / > 1753.25< / > 5.73< / > 19.49< / > 4023.55< / >< / > Banco Santander< / > 1034.00< / > -24.00< / > 1122.00< / > 709.00< / > 1.67< / > 13.42< / > 8032.48< / >< / > Bank of Nova Scotia▲< / > 6654.10< / > -134.50< / > 7165.88< / > 4711.98< / > 3.64< / > —< / > 1960.79< / >< / > Barclays■< / > 432.05< / > -15.25< / > 554.10< / > 353.55< / > 2.66< / > 9.86< / > 56399.73< / >< / > Canadian Imperial▲< / > 8213.96< / > -184.44< / > 9198.88< / > 5969.15< / > 2.77< / > —< / > 586.66< / >< / > HSBC■< / > 1408.00< / > -64.20< / > 1610.00< / > 959.29< / > 3.95< / > 15.38< / > 28017.18< / >< / > Lion Finance Gp< / > 12830.00< / > -490.00< / > 14820.00< / > 7320.00< / > 2.47< / > 8.75< / > 52.91< / >< / > Lloyds Bnkg Gp■< / > 102.30< / > -3.40< / > 117.90< / > 81.82< / > 3.92< / > 14.61< / > 152507.40< / >< / > NatWest Group< / > 649.80< / > -18.60< / > 726.00< / > 504.41< / > 5.39< / > 12.15< / > 26089.67< / >< / > OSB Group< / > 485.40< / > -8.60< / > 647.50< / > 479.00< / > 7.40< / > 6.42< / > 950.03< / >< / > Perm TSB Group< / > 251.08< / > 0.14< / > 291.66< / > 182.42< / > 0.62< / > 6.53< / > 1.35< / >< / > Royal Bank of CA< / > 14531.70< / > -247.69< / > 16187.03< / > 10784.89< / > 2.57< / > —< / > 712.61< / >< / > Stand Chart< / > 2151.00< / > -102.00< / > 2864.00< / > 1351.50< / > 2.39< / > 14.55< / > 4590.27< / >< / > ...7.375%PF< / > 107.75< / > < / > 128.84< / > 102.00< / > 6.84< / > —< / > 91.03< / >< / > 8.25%P / B< / > 118.75< / > 0.90< / > 143.80< / > 114.25< / > 6.95< / > —< / > 283.73< / >< / > Toronto-Dominion< / > 8670.03< / > -226.51< / > 9256.88< / > 5880.62< / > 2.69< / > —< / > 4550.84< / >< / > Westpack< / > 1803.43< / > -18.10< / > 2275.39< / > 1755.74< / > 4.50< / > 17.04< / > 3057.85< / >< / > | 化学品< / > |

Elementis< / > 180.20< / > -0.40< / > 195.40< / > 136.00< / > 1.85< / > -30.54< / > 1389.92< / >< / > Johnson Matthey< / > 2412.00< / > -24.00< / > 3245.25< / > 2192.00< / > 4.25< / > -31.63< / > 388.48< / >< / > Victrex< / > 929.00< / > -1.00< / > 1024.00< / > 515.00< / > 3.23< / > 29.03< / > 133.78< / >< / > | 建筑与材料< / > |

Galliford Try Hldgs | 685.00< / > -9.00< / > 726.81< / > 466.00< / > 3.43< / > 16.43< / > 393.53< / > | Morgan Sindall*< / > 4078.00< / > -122.00< / > 5730.00< / > 3938.00< / > 4.00< / > 10.96< / > 155.97< / >< / > | 电子与电气设备< / >< / > discoverGrp< / > 850.00< / > -15.00< / > 900.00< / > 505.00< / > 1.53< / > 28.15< / > 288.00< / >< / > Halma< / > 3478.00< / > -80.00< / > 4902.00< / > 3268.00< / > 0.71< / > 35.28< / > 681.83< / >< / > Morgan Adv Mat< / > 270.00< / > -6.50< / > 278.00< / > 179.80< / > 4.52< / > 36.00< / > 851.63< / >< / > Oxford Instruments< / > 3048.00< / > -64.00< / > 3318.00< / > 1682.00< / > 0.77< / > 36.03< / > 69.77< / >< / > Renishaw< / > 5765.00< / > -225.00< / > 6030.00< / > 3280.00< / > 1.42< / > 35.26< / > 103.67< / >< / > TT Electronics< / > 188.40< / > -4.00< / > 197.80< / > 93.00< / > -< / > -6.61< / > 409.36< / >< / > XP Power< / > 1984.00< / > -61.00< / > 2160.00< / > 849.23< / > -< / > -47.24< / > 107.94< / > | 综合金融< / >< / > 3i Group< / > 2391.00< / > 2.00< / > 4497.00< / > 1825.00< / > 3.53< / > -< / >< / > Aberdeen Group< / > 234.40< / > -3.40< / > 265.00< / > 179.60< / > 6.23< / > 10.85< / > 2959.77< / >< / > Bridgepoint Group< / > 365.40< / > 18.60< / > 397.11< / > 212.00< / > 2.68< / > 73.08< / > 5866.90< / >< / > City of London Inv< / > 512.00< / > -2.00< / > 540.00< / > 349.00< / > 6.64< / > 13.88< / > 43.07< / >< / > Close Bros< / > 389.60< / > -5.60< / > 556.15< / > 318.40< / > -< / > -6.82< / > 389.99< / >< / > ICG< / > 1764.00< / > -3.00< / > 2298.00< / > 1424.87< / > 4.93< / > 10.58< / > 3120.00< / >< / > 英威斯塔银行 (Investec)< / > 595.00< / > -23.00< / > 690.00< / > 499.36< / > 6.47< / > 7.72< / > 1777.11< / >< / > Jupiter< / > 171.00< / > -< / > 214.50< / > 137.20< / > 3.51< / > 8.91< / > 1693.70< / >< / > Liontrust< / > 297.00< / > -1.00< / > 358.00< / > 223.00< / > 6.40< / > 19.29< / > 144.13< / >< / > London Stock Exa< / > 8216.00< / > -70.00< / > 10140.00< / > 6884.00< / > 1.90< / > 34.88< / > 934.87< / >< / > Rathbones Group< / > 1532.00< / > 20.00< / > 2500.00< / > 1500.00< / > 6.53< / > 14.20< / > 131.86< / >< / > S & U< / > 1900.00< / > 10.00< / > 2459.50< / > 1620.00< / > 6.11< / > 9.73< / > 5.34< / >< / > St James's Place< / > 1027.00< / > -11.50< / > 1575.50< / > 1020.50< / > 1.75< / > 10.28< / > 1032.48< / >< / > TP ICAP Group< / > 323.00< / > -2.20< / > 355.00< / > 235.50< / > 5.33< / > 12.82< / > 812.99< / >< / > Vanquis Banking Gp< / > 68.40< / > -0.80< / > 132.00< / > 68.40< / > -< / > 21.38< / > 708.86< / >< / > | 食品与饮料< / > |

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📄 Original Section

UK RECENT RIGHTS ISSUES

Company Name Petra Diamonds Ltd | 3.03 | Industrials | 3.47 | Financials | 3.87 | Financials or Inv Co. | 3.82 | Beverages | 3.62 | Retailers | 3.45 | Travel & Leisure | 3.25 | Media | 3.63 | Utilities | 3.56 | Biotechnology | 3.58 | Gas Water & Multi-utilities | 3.18 | Food Producers | 3.57 | Industrial Engineering | 3.37 | Real Estate Investment Trusts | 3.52 | Consumer Discretionary | 3.23 | Real Estate | 3.66 | Consumer Services | 3.32 | Consumer Staples | 3.32 | Personal Care Drug & Grocery | 3.23 | Precious Metals & Mining | Oct 07 | 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 | 3.7542 | 0.0005 | -0.0006 | 4.2024 | -0.0229 | -0.0025 | 4.9827 | -0.0212 | -0.0254 | Singapore Dollar | 1.2797 | 0.0021 | 0.0024 | 1.4325 | -0.0056 | -0.0183 | 1.6917 | -0.0047 | -0.0051 | South African Rand | 16.6513 | 0.1238 | 0.2550 | 18.6394 | 0.0352 | 0.0157 | 22.0113 | 0.0689 | 0.2298 | South Korea Won | 1340.2500 | -3.5500 | -13.2500 | 1500.2759 | -12.3737 | -37.0971 | 1771.6785 | -12.5541 | -26.3807 | Swedish Krona | 10.0192 | 0.0012 | 0.0373 | 11.2115 | -0.0275 | -0.1227 | 13.2298 | -0.0172 | -0.0164 | Swiss Franc | 0.8326 | 0.0014 | -0.0023 | 0.9320 | -0.0036 | -0.0164 | 1.1006 | -0.0030 | -0.0086 | Taiwan Dollar | 31.8130 | 0.0120 | 0.0165 | 35.6115 | -0.1853 | -0.5421 | 42.0536 | -0.1702 | -0.2303 | Thai Baht | 33.6975 | 0.0125 | 0.1450 | 37.7210 | -0.1399 | -0.3986 | 44.5447 | -0.1059 | -0.0282 | Tunisian Dinar | 3.0603 | 0.0115 | 0.0424 | 3.3675 | -0.0057 | -0.0424 | 3.8766 | -0.0022 | 0.0082 | Turkish Lira | 49.1972 | 0.0182 | 0.1802 | 55.6714 | -0.2870 | -0.6046 | 65.0339 | -0.2635 | -0.0828 | UAE Dirham | 3.0727 | -0.0001 | 0.0002 | 4.1112 | -0.0230 | -0.0066 | 4.8549 | -0.0216 | -0.0243 | Pound Sterling | 0.7565 | 0.0033 | 0.0037 | 0.8469 | -0.0010 | -0.0082 | 1.0000 | - | - | United States Dollar | 1.0000 | - | - | 1.1194 | -0.0063 | -0.0165 | 1.3719 | -0.0058 | -0.0096 | Vietnamese Dong | 25800.5000 | -11.5000 | 18.5000 | 29082.5730 | -175.5230 | -408.3660 | 34433.6240 | -167.2550 | -145.5960 | Euro | 0.8933 | 0.0050 | 0.0129 | 1.0000 | - | - | 1.0009 | 0.0013 | 0.0113 | Oct 06Regions & countries | No ofstocks | US$/indices | DailyChg% | MonthlyChg% | YTD% | US$/TotalRet | YTD% | Gr DivYield | FTSE Global Industries | Global | 10219 | 1289.56 | 0.57 | -0.27 | 13.35 | 2196.28 | 14.95 | 1.59 | Global Large Cap | 1742 | 1200.62 | 0.56 | 0.55 | 14.08 | 2317.12 | 15.62 | 1.02 | Global Mid Cap | 2469 | 1415.93 | 0.74 | 0.32 | 11.99 | 2333.44 | 13.78 | 1.28 | Global Small Cap | 6017 | 1418.19 | 0.34 | -2.97 | 10.46 | 2255.19 | 12.12 | 1.82 | Global ex Eurozone | 9613 | 1351.04 | 0.54 | 0.08 | 14.12 | 2277.53 | 15.62 | 1.50 | Global ex China | 7603 | 4393.14 | 0.56 | -0.16 | 14.28 | 7115.48 | 15.87 | 1.57 | Global ex Japan | 8873 | 815.70 | 0.60 | -2.29 | 12.16 | 6266.41 | 14.67 | 2.45 | Global ex UK | 9996 | 1348.35 | 0.56 | -0.14 | 13.65 | 2285.58 | 15.20 | 1.54 | Global ex Japan | 8689 | 1324.77 | 0.55 | -0.35 | 12.89 | 2309.20 | 14.42 | 1.57 | FTSE Regional Industries | Americas | 1988 | 1772.81 | 0.55 | 0.75 | 13.92 | 1762.01 | 15.00 | 1.18 | Asia Pacific | 6429 | 939.21 | 0.42 | 0.08 | 20.61 | 1693.54 | 22.87 | 1.99 | Asia Pacific ex Japan | 5079 | 1175.06 | 0.23 | -0.30 | 20.31 | 2344.42 | 22.46 | 2.00 | Europe | 1436 | 677.84 | 0.91 | -5.12 | 3.29 | 1460.76 | 6.06 | 2.89 | Europe ex UK | 1215 | 635.37 | 0.92 | -5.33 | 2.90 | 1627.30 | 5.67 | 2.81 | Eurozone | 606 | 708.53 | 1.00 | -4.90 | 3.95 | 1511.06 | 6.64 | 2.78 | Asian | 401 | 746.77 | 0.47 | -3.97 | 5.62 | 1664.01 | 9.84 | 4.55 | FTSE Developed Industries | Developed | 5371 | 1317.74 | 0.58 | -0.24 | 13.65 | 2525.73 | 15.16 | 1.50 | Developed ex North America | 3608 | 765.60 | 0.65 | -2.64 | 13.20 | 1547.78 | 15.91 | 2.52 | Oct 06Sector | No ofstocks | US$/indices | DailyChg% | MonthlyChg% | YTD% | US$/TotalRet | YTD% | Gr DivYield | Event

Rights Issue: 10 for 17 at 16.5p p.s., payable in full by Nov. 21 (xr 07.11.25). | Digital Information Services | Software & Computer Svcs | 527 | 3751.40 | 0.62 | 5.24 | 4.49 | 6667.51 | 4.98 0.53 | Media | 153 | 766.74 | 0.88 | -6.22 | -15.78 | 1103.27 | -15.14 1.10 | Technology | Semiconductors | 300 | 985.53 | 0.33 | 8.22 | 57.99 | 1079.51 | 58.69 0.52 | Tech Hardware & Equip | 769 | 7511.25 | 0.12 | 7.56 | 55.00 | 10852.52 | 58.69 1.52 | Technology | 1292 | 1118.84 | 0.31 | 6.69 | 41.46 | 10257.37 | 32.07 0.52 | Biotechnology | 216 | 123.14 | -1.25 | -2.24 | -16.07 | 125.78 | 16.44 0.29 | Telecommunications Equip | 112 | 595.95 | 1.41 | 7.32 | 78.26 | 869.73 | 79.72 0.74 | Telecommunications Equipment | 162 | 109.50 | 0.78 | 2.14 | -15.77 | 1385.60 | 36.44 15.81 | Telecommunications Svcs Providers | 145 | 437.76 | -0.17 | 4.44 | -0.17 | 979.13 | 2.83 3.61 | Electronic & Electrical Equip | 361 | 2171.52 | 0.85 | 3.45 | 27.23 | 3135.23 | 28.41 0.91 | Financials | Financials & Credit | 111 | 833.10 | 0.66 | -10.88 | -15.93 | 1307.25 | -14.82 1.58 | Financials | 1181 | 698.73 | 0.67 | -6.27 | 5.74 | 1461.59 | 8.45 2.86 | Life Insurance | 71 | 643.97 | 0.47 | -5.66 | 8.29 | 1350.64 | 11.75 3.40 | Banks | 497 | 519.78 | 0.59 | -8.66 | 11.24 | 1214.40 | 14.70 3.35 | Mortgage Real Estate Inv Tots | 81.28 | 0.38 | -10.60 | -24.45 | 195.25 | -14.44 15.81 | Nonlife Insurance | 125 | 1029.64 | 0.68 | -6.81 | -0.36 | 1862.67 | 2.75 2.77 | Inv Banking & Brokerage Svcs | 350 | 1198.15 | 0.37 | 6.74 | 4.20 | 1930.08 | 1.98 1.73 | Transaction Processing Svcs | 55 | 142.90 | 0.28 | -4.20 | -0.50 | 149.98 | -3.54 0.87 | Real Estate | Real Estate | 642 | 881.09 | 0.86 | -6.54 | -3.45 | 1081.87 | -0.53 3.99 | Real Estate Inv & Svcs | 319 | 323.34 | 0.48 | -7.90 | -14.76 | 666.59 | -12.73 2.94 | Real Estate Investment Tots | 323 | 524.77 | 0.98 | -6.10 | 0.77 | 1448.00 | 4.03 4.33 | Consumer Goods & Servi | Consumer Digital Services | 94 | 339.75 | 0.31 | 5.62 | 4.63 | 344.65 | 4.92 0.32 | Consumer Discretionary | 1485 | 1167.83 | 1.17 | -3.32 | -6.77 | 1697.84 | -5.84 1.26 | Consumer Services | 70 | 1325.04 | -0.02 | -5.53 | -8.76 | 1808.62 | -8.11 0.91 | Consumer Staples | 613 | 956.23 | 0.73 | -3.88 | 0.94 | 1718.57 | -1.47 1.47 | Retailers | 263 | 1908.40 | 1.69 | -2.09 | 0.72 | 2628.49 | 1.37 0.83 | Pers Care Drug & Grocery Strs | 196 | 546.74 | 0.90 | -3.91 | -1.79 | 917.73 | 0.29 2.61 | Personal Goods | 138 | 733.58 | 0.88 | -7.81 | -20.45 | 141.69 | -19.85 2.25 | Travel & Leisure | 150 | 638.26 | 0.27 | -2.70 | -1.76 | 914.73 | -1.47 1.49 | Travel & Leisure | 296 | 1097.22 | 0.87 | -6.77 | -19.28 | 962.26 | -1.81 2.12 | Effective 07.11.2025 | 8.04 | Industrial Support Services | -5.21 | 6.25 | Life Insurance | -5.89 | 5.19 | Tobacco | -6.67 | 4.30 | Finance & Credit Services | -7.78 | 4.15 | Personal Goods | -8.43 | 3.89 | Pharmaceuticals & Biotech | -8.86 | 3.30 | Technology | -8.90 | 2.60 | Investment Banking & Brokerage | -9.03 | 0.88 | Health Care | -9.05 | 0.68 | Software & Computer Svcs. | -9.24 | -0.67 | Consumer Digital Services | -11.01 | -2.21 | Real Estate Investment & Svcs. | -11.91 | -2.40 | Leisure Goods | -13.23 | -3.09 | Medical Equipment & Svcs. | -15.46 | -3.67 | Holding Goods & Home Const | -24.62 | Oct 06Regions & countries | No ofstocks | US$ Indices | Daily%Chg | Month%Chg | YTD%Chg | US$/TotRet | YTD%Total Ret | Div Yield | Developed ex Canada | 5154 | 1324.66 | 0.58 | -0.07 | 13.83 | 2256.78 | 15.34 | 1.48 | Developed ex Europe | 4157 | 1554.66 | 0.52 | 0.62 | 15.63 | 2467.20 | 16.89 | 1.27 | Developed ex Eurozone | 4765 | 1417.07 | 0.54 | 0.17 | 14.55 | 2350.30 | 15.95 | 1.40 | Developed ex US | 3825 | 794.81 | 0.63 | -2.90 | 12.66 | 1595.09 | 15.27 | 2.47 | Developed ex UK | 5140 | 1408.36 | 0.57 | -0.00 | 13.99 | 2350.67 | 15.45 | 1.45 | Developed ex Japan | 4021 | 1386.22 | 0.56 | -0.32 | 13.14 | 2387.15 | 14.59 | 2.47 | Developed Asia Pacific | 2301 | 871.76 | 0.38 | 0.39 | 28.08 | 5753.68 | 30.67 | 2.08 | Developed Asia Pacific ex Japan$1 | 1141 | 1141.53 | -0.17 | -0.26 | 37.59 | 2514.45 | 40.31 | 2.21 | Developed Europe | 1214 | 694.86 | 0.91 | -5.03 | 3.21 | 4466.12 | 5.98 | 2.89 | Developed ex Eurozone ex UK | 997 | 483.57 | 0.83 | -5.22 | 2.18 | 1689.16 | 5.55 | 1.29 | Developed Eurozone | 606 | 703.84 | 1.00 | -4.92 | 3.74 | 1500.92 | 4.42 | 2.78 | Developed Asia Pacific ex 3515 | 3675 | 76.37 | 0.60 | -2.63 | 13.17 | 155.27 | 15.89 | 2.52 | FTSE Emerging Indices | Emerging | 4848 | 1100.90 | 0.50 | -0.61 | 10.83 | 2142.66 | 13.06 | 2.39 | Emerging Asia Pacific | 4128 | 1237.11 | 0.43 | 0.33 | 11.76 | 2684.72 | 13.65 | 1.87 | Emerging Europe | 222 | 325.55 | 0.38 | -12.60 | 5.31 | 741.11 | 8.02 | 2.98 | Emerging Plus Korea | 5289 | 4490.21 | 0.22 | 0.51 | 20.87 | 8115.93 | 23.02 | 2.08 | Emerging Asia Pacific ex Poland | 2737 | 1146.35 | 0.07 | 1.85 | 14.12 | 951.51 | 15.09 | 1.73 | Advanced Emerging | 1198 | 1606.14 | 0.18 | 4.01 | 47.41 | 5300.15 | 50.54 | 2.40 | Secondary Emerging | 3650 | 969.79 | 0.84 | -2.63 | -12.77 | 7119.50 | -10.59 | 2.37 | UK COMPANY RESULTS | Oct 06 | No of stocks | US$ Indices | Daily %Chg | Month %Chg | YTD %Chg | US$ TotalRet | YTD %TotalRet | Gr Div Yield | Sector | Hhold Goods & Home Const | 119 | 511.58 | 1.57 | -4.27 | -4.72 | 881.56 | -3.08 | 2.35 | Tobacco | 13 | 1353.86 | 0.60 | 0.93 | 9.72 | 4326.92 | 13.53 | 4.63 | Health Care | Health Care | 843 | 1157.19 | 0.03 | -3.21 | 4.31 | 1832.77 | 5.83 | 1.62 | Health Care Providers | 114 | 1777.92 | 0.10 | -2.50 | 9.12 | 2227.45 | 10.48 | 1.57 | Medical & Biotech | 531 | 1019.35 | 0.41 | -4.01 | 8.90 | 1776.79 | 10.75 | 1.83 | Medical Equipment & Svcs | 198 | 1651.53 | -1.15 | -1.07 | -9.05 | 2026.92 | -8.29 | 1.01 | Agricultural Food & Beverages | Food Producers | 300 | 610.00 | 0.92 | -6.02 | -3.13 | 1097.26 | -0.38 | 3.32 | Beverages | 103 | 830.24 | 0.33 | -4.32 | 4.84 | 1495.00 | 7.12 | 3.03 | Energy | Energy | 376 | 704.85 | 0.37 | -0.97 | 31.74 | 1531.51 | 34.98 | 2.98 | Electricity | 252 | 647.31 | 2.14 | -2.93 | -0.16 | 1526.60 | 2.03 | 2.96 | Alternative Energy | 90 | 97.65 | 0.59 | -2.23 | 5.64 | 121.98 | 7.94 | 3.55 | Alternative Energy | 69 | 376.90 | 1.63 | -4.70 | 1.75 | 288.00 | -0.40 | 0.40 | Oil Gas & Coal | 307 | 732.75 | 0.31 | -0.78 | 33.69 | 1568.05 | 37.17 | 3.11 | Gas Water & Multi-Utilities | 119 | 684.76 | 1.24 | -3.40 | 0.74 | 1732.24 | 3.60 | 3.68 | Utilities | 412 | 673.48 | 1.75 | -3.16 | -0.08 | 1613.09 | 2.23 | 3.05 | Transportation | Automobile Parts | 299 | 1057.21 | 0.84 | -0.52 | -13.05 | 1742.95 | -11.85 | 1.54 | Industrial Transportation | 384 | 1363.74 | 0.11 | -4.66 | 8.94 | 2386.79 | 11.01 | 2.37 | Industrials | Aerospace & Defense | 106 | 2746.99 | -0.27 | -6.64 | -3.14 | 4200.47 | -2.41 | -1.20 | Industrial Engineering | 347 | 2408.10 | 1.11 | 1.25 | 23.35 | 3626.47 | 24.41 | 1.69 | Industrial Materials | 92 | 275.42 | 0.65 | -4.42 | -0.99 | 547.22 | 0.93 | 2.93 | Industrial Metals & Mining | 388 | 1084.34 | 0.63 | -5.49 | 19.32 | 2169.24 | 21.64 | 2.33 | Industrial Support Services | 232 | 1252.97 | 0.34 | -3.89 | -2.51 | 1841.03 | -1.38 | 1.35 | Industrials | 2104 | 1544.88 | 0.65 | -2.18 | 7.77 | 2473.09 | 9.12 | 1.47 | Generals Industrials | 202 | 957.91 | 1.19 | 0.33 | 17.12 | 1722.62 | 18.81 | 1.59 | Resources & Materials | Basic Materials | 1035 | 1038.02 | 0.80 | -5.59 | 13.23 | 1935.65 | 15.33 | 2.15 | Chemicals | 457 | 1083.00 | 1.21 | -0.69 | 17.09 | 1949.89 | 19.34 | 2.09 | Construction & Materials | 472 | 1395.38 | 1.62 | -3.35 | -2.09 | 2385.09 | -0.61 | 1.40 | Waste & Disposal Services | 41 | 402.14 | 0.33 | -4.29 | -2.29 | 4445.56 | -1.22 | 1.32 | Precious Metals & Mining | 98 | 1433.08 | 0.55 | -12.34 | 0.86 | 2551.73 | 2.43 | 1.80 | Company | Turnover(£) | Ashoka India Equity Inv Trust | Fin - (-) | Dunedin Income Growth Invest Trust* | Int - (-) | Fidelity Emerging Markets $* | Fin - (-) | Fletcher King | Fin 3.5m (3.8m) | Maven Renovar VCT | Int - (-) | Netcall | Fin 57.7m (48.0m) | Schroder Japan Trust* | Fin - (-) | Spire Healthcare Group* | Int 792.7m (796.7m) | The European Smaller Co's TST* | Fin - (-) | Thorpe (F.W.)* | Fin 172.9m (175.2m) | FTSE 100 SUMMARY | Close (p) | %Chg | 3i Group | 2391.00 | 0.08 | Aberdeen Group | 234.40 | -1.43 | Admiral | 3634.00 | -0.44 | Airtel Africa | 312.80 | 0.71 | Alliance Witan | 1402.00 | -0.28 | Anglo American | 4059.00 | -2.24 | Antofagasta | 3692.00 | -3.58 | Assoc. Brit. Foods | 1827.00 | -0.38 | AstraZeneca | 12180.00 | 1.86 | Autotraeder Group | 470.80 | 1.36 | Aviva | 677.20 | -1.63 | Babcock Intl | 891.00 | -1.72 | BAE Systems | 1826.00 | -1.56 | Balfour Beatty | 674.50 | -2.83 | Barclays | 432.95 | -3.41 | Barnett Redrow | 300.10 | -2.94 | BP | 562.00 | 0.20 | Brit. Amer. Tobacco | 4084.00 | 2.13 | British Land | 391.20 | -0.86 | BT Group | 198.45 | 1.64 | Bunzl | 2650.00 | -0.67 | Burberry | 1016.00 | -1.50 | Centrica | 145.80 | -1.29 | Coca-Cola Europec | 7700.00 | -0.39 | Coca-Cola HBC AG | 4246.00 | 0.28 | Compass | 2307.28 | 2.12 | Computacenter | 5450.00 | 0.37 | Conovatec | 216.80 | -0.73 | Croda International | 3338.00 | -0.27 | DCC Energy | 6440.00 | Diageo | 1611.00 | 0.47 | Diploma | 7700.00 | -2.04 | easyJet | 679.60 | 0.21 | Endeavour Mining | 4104.00 | -2.47 | Experian | 2543.00 | 1.60 | F&C Inv Trust | 348.20 | -0.46 | Fresnillo | 2688.00 | -0.55 | Games Works | 16540.00 | -0.12 | Glencore | 588.90 | -0.80 | GSK | 1790.50 | 1.42 | Halisteon | 342.40 | 2.52 | Halima | 3478.00 | -2.25 | Hiscox | 1834.00 | -0.86 | Howden Joinery | 754.50 | -0.66 | HSBC | 1408.00 | -4.36 | ICG | 1764.00 | -0.17 | IG Group | 950.00 | -1.25 | IMI | 3052.00 | -3.05 | Imperial Brands | 2488.00 | 0.85 | Informa | 866.60 | -2.32 | Close (p) | %Chg | InterCont'l Hotels | 12115.10 | -0.12 | Intl Cons Airlines | 432.80 | -1.57 | Intersk Group | 5900.00 | 0.25 | Investec | 595.00 | -3.72 | Ithaca Energy | 274.60 | 0.15 | JD Sports Fashion | 83.50 | 3.93 | Kingfisher | 329.10 | -- | Land Securities | 612.50 | -0.81 | Legal & General | 288.10 | -0.79 | Lion Finance | 12630.00 | -3.68 | Lloyds Big Gp | 102.30 | -3.22 | LondonMetric Prop | 172.40 | -0.86 | Lion Stock Ex | 8316.00 | -0.83 | M&G | 308.00 | -1.41 | Marks & Spen | 393.80 | 2.90 | Melrose Insur | 450.00 | -2.39 | Metlen Energy | 4154.46 | -1.36 | Nat'l Grid | 1150.00 | -0.09 | NatWest Group | 649.80 | -2.78 | Next | 14575.00 | -0.14 | Pearson | 1243.00 | 0.81 | Pershing Square Hldgs | 3750.00 | -0.32 | Polar CapTech | 712.00 | -1.52 | Prudential | 881.00 | -4.67 | Reckitt Benckiser | 5106.00 | 2.59 | RELX | 2599.00 | 1.09 | Rentokil Initial | 297.90 | -0.37 | Rio Tinto | 7022.00 | -1.90 | Rolls-Royce | 1404.40 | -2.35 | Sainsbury UJ | 327.60 | 1.80 | Scot Mort Inv Tst | 1626.00 | -0.70 | Segro | 913.60 | -0.72 | Severn Trent | 3058.00 | -1.80 | Shell | 3648.00 | -0.08 | Smith & Nephew | 1019.00 | 0.74 | Smiths Gp | 2762.00 | -2.99 | Sprax Group | 7140.00 | -2.99 | SSE | 2459.00 | -0.53 | Standard Chartered | 2151.00 | -4.53 | Standard Life | 871.50 | -0.91 | St. James's Place | 1027.00 | -1.11 | Tesco | 4750.00 | 1.90 | The Sage Gp | 1022.00 | 1.69 | Tritax Big Box | 141.60 | -0.42 | Unilever | 4623.00 | 1.18 | Utd. Utilities | 1398.00 | -1.41 | Vodafone | 127.75 | 2.12 | Weir | 2560.00 | -3.83 | Whitbread | 2472.00 | -3.10 | WPP | 385.00 | 1.24 | UK RECENT STOCK ADDITIONS | Close (p) | %Chg | Close (p) | %Chg | 1947 Oil & Gas | 9.50 | - | iForex Financial | 145.00 | - | Avimia | 141.00 | - | Mendell Helium | 3.95 | -1.25 | ATC Music Corp | 187.50 | - | Meridian Mining | 124.00 | -1.98 | Braovus Solutions | 164.50 | - | Pathos Comms | 25.50 | - | Chaleit Holdings | 57.50 | - | Rift Helium | 6.40 | -2.29 | Coastal Africa Group | 200.00 | - | Serval Resources | 30.50 | - | Comish Metals | 105.00 | -4.55 | Sintana Energy | 21.00 | - | Dauch Corp | 426.00 | -4.48 | Sunbelt Rentals | 5652.00 | -5.20 | EDX Medical Group | 8.75 | - | Tapir Holdings | 44.00 | - | Halo Minerals | 8.25 | -2.94 | The Smarter Web Co | 67.50 | -2.88 | EPS(p) | DIV(p) | Pay Day | XD | 0.750 (0.410) | 0.600 (0.500) | Oct 30 | Oct 08 | 6.180 (7.820) | 4.250 (4.250) | Nov 27 | Nov 05 | 32.000 (31.000) | 33.000 (26.000) | Dec 08 | Nov 12 | 0.010 (1.480) | 0.000 (2.250) | - | - | 0.160 (0.410) | 3.500 (2.500) | Nov 13 | Oct 15 | 0.930 (2.450) | 1.100 (0.940) | Feb 08 | Dec 24 | 6.790 (6.910) | 4.070 (2.850) | Oct 30 | Oct 01 | -2.900 (1.600) | 0.000 (0.000) | - | - | 5.300 (4.240) | 3.160 (3.450) | Nov 27 | Oct 29 | 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 | 52 Week | Price | +/Chg | High | Low | Yld | P/E | MV (lb) | Australia (AUD) | ANZ Group Holdings | 37.86 | 0.21 | 41.00 | 33.36 | 5.75 | 19.45 | 114.18 | BHP Group | 62.86 | 0.97 | 68.77 | 40.17 | 3.85 | 32.47 | 319.59 | Commonwealth Bank | 152.38 | 1.16 | 185.59 | 146.98 | 3.31 | 23.35 | 255.00 | CSL Ltd | 178.68 | 1.69 | 222.47 | 90.00 | 2.27 | 27.79 | 85.75 | Macquarie Group | 250.02 | 2.00 | 267.90 | 187.31 | 3.22 | 25.54 | 95.92 | National Australia Bank | 38.70 | 0.30 | 49.45 | 35.48 | 4.39 | 17.51 | 120.65 | Westfarmers | 75.86 | 0.39 | 94.70 | 70.80 | 2.93 | 29.94 | 86.12 | Wispac Banking | 34.66 | 0.22 | 43.32 | 33.46 | 4.44 | 17.25 | 118.55 | Belgium (EUR) | Aténeuser-busch indev | 67.56 | 1.66 | 76.18 | 49.96 | 1.19 | 25.49 | 121.42 | Brazil (BRL) | Itau Unibanco Holding | 54.86 | 0.74 | 55.13 | 32.50 | 0.00 | 0.00 | 308.19 | Itau Unibanco Holding Prfd | 50.45 | 0.97 | 50.68 | 36.96 | 0.00 | 0.00 | 272.89 | Petroleo Brasileiro | 59.31 | -1.09 | 62.00 | 30.96 | 0.00 | 52.57 | 441.40 | Petroleo Brasileiro Prfd | 53.82 | -1.54 | 56.75 | 29.31 | 0.00 | 0.00 | 293.13 | Vale | 70.37 | -1.03 | 91.62 | 58.75 | 0.00 | 79.29 | 299.48 | Canada ($AP) | Stock | Price | 52 Week | +/-Chg | High | Low | Yld | P/E | M/w (bl) | Finland (EUR) | Nordex Bank Abp | 17.07 | -0.04 | 18.11 | 13.76 | 0.00 | 12.28 | 56.07 | France (EUR) | Air Liquide | 169.10 | -1.66 | 189.80 | 154.86 | 1.99 | 32.41 | 107.91 | Airtus | 188.00 | -1.08 | 221.30 | 157.42 | 1.70 | 35.07 | 148.95 | AAA | 42.77 | 0.62 | 45.66 | 36.55 | 5.42 | 11.91 | 89.43 | BNP Paribas A | 95.09 | 2.33 | 113.82 | 65.12 | 6.10 | 9.94 | 106.20 | Compagnie de Saint-Gobain | 67.14 | 1.02 | 95.60 | 65.72 | 3.43 | 10.02 | 33.22 | Crédit Agricole | 17.11 | 0.18 | 20.40 | 15.37 | 0.00 | 7.85 | 52.34 | Doverne | 58.82 | 1.06 | 60.14 | 57.26 | 3.63 | 22.71 | 40.19 | Dassault Synthons | 21.51 | 0.11 | 30.36 | 15.82 | 1.26 | 23.90 | 28.86 | ENSE | 23.45 | 0.58 | 29.89 | 17.78 | 4.40 | 15.43 | 59.82 | EssilorLuxottica | 146.70 | 2.20 | 323.90 | 138.30 | 2.73 | 28.21 | 68.11 | Hermes International | 1282.00 | -4.00 | 2300.00 | 1260.00 | 1.40 | 29.18 | 135.34 | L'Oréal | 373.60 | 0.15 | 405.80 | 338.85 | 1.93 | 29.39 | 199.00 | LMVMI Uml Meet Hennessy | 385.60 | 4.70 | 654.70 | 376.00 | 3.37 | 17.64 | 190.72 | Safran | 329.40 | -0.40 | 366.50 | 262.60 | 1.02 | 43.34 | 137.80 | Sorfixi | 70.61 | 0.62 | 91.15 | 69.75 | 5.83 | 9.02 | 85.28 | Schneider Electric | 260.50 | -12.30 | 312.30 | 220.40 | 1.61 | 30.33 | 150.73 | TotalEnergies | 75.72 | -0.08 | 81.34 | 49.24 | 4.62 | 10.99 | 172.77 | Vinci | 109.25 | 3.10 | 143.15 | 104.25 | 4.62 | 12.63 | 64.26 | Canadian (UK) | Agricola Eagle Mines | 264.60 | 3.19 | 348.94 | 188.48 | 0.97 | 22.58 | 134.81 | Alimentation Conscute-Tand | 77.16 | 0.03 | 95.15 | 68.00 | 1.11 | 28.52 | 70.83 | Bank of New York | 236.00 | 1.55 | 259.20 | 168.00 | 2.90 | 26.20 | 164.1 | Bank of Nova Scotia | 128.24 | -0.50 | 134.50 | 88.22 | 3.56 | 26.39 | 158.06 | Brookfield | 52.98 | 0.43 | 97.20 | 50.85 | 0.75 | 94.61 | 118.27 | Brookfield Asset Mgmt. | 64.29 | 0.49 | 82.98 | 58.09 | 4.45 | 36.74 | 102.69 | Canadian Imperial Bank | 156.65 | 1.40 | 172.87 | 111.45 | 2.70 | 21.18 | 144.05 | Canadian National Railway | 168.34 | -2.11 | 185.25 | 128.05 | 2.17 | 29.64 | 101.69 | Canadian Natural | 68.48 | -0.45 | 72.35 | 41.67 | 3.65 | 16.70 | 141.17 | Canadian Pacific Airways | 121.44 | -1.04 | 133.38 | 96.50 | 0.82 | 38.55 | 106.76 | Constellation Software | 2500.64 | -35.65 | 4110.00 | 2198.00 | 0.19 | 993.48 | 62.53 | Enbridge | 66.20 | 0.55 | 80.65 | 62.42 | 5.86 | 34.66 | 150.12 | FleetBoston Financial | 61.90 | 0.55 | 83.30 | 60.00 | 0.87 | 34.38 | 150.12 | Southwest Bank of Scotland | 279.19 | 1.68 | 306.38 | 200.82 | 2.52 | 25.36 | 388.01 | Shopify Inc. | 233.73 | 5.56 | 253.10 | 129.01 | 0.00 | 156.87 | 282.48 | Suncor Energy | 97.05 | -0.94 | 100.24 | 53.02 | 2.47 | 25.34 | 113.51 | TC Energy | 85.57 | 0.76 | 100.18 | 69.41 | 4.10 | 34.23 | 85.57 | The Toronto-Dominion Bank | 168.06 | 0.64 | 175.33 | 109.50 | 2.62 | 20.35 | 283.94 | Waste Connections | 219.69 | -0.28 | 251.45 | 203.46 | 0.91 | 52.94 | 55.37 | Germany (EUR) | adidas AG | 145.15 | 2.85 | 196.40 | 129.95 | 1.93 | 19.46 | Allianz | 420.70 | 1.50 | 454.60 | 338.80 | 4.06 | 14.70 | BASF | 51.08 | 0.84 | 55.05 | 41.48 | 4.40 | 28.07 | BMW | 54.64 | 0.42 | 97.92 | 52.36 | 8.05 | 4.60 | Deutsche Bank | 31.41 | 0.12 | 35.84 | 23.82 | 3.18 | 9.94 | Deutsche Borsch | 295.30 | 5.60 | 291.90 | 200.10 | 1.42 | 44.81 | Deutsche Telekom AG | 28.41 | -0.42 | 34.36 | 23.53 | 3.79 | 13.41 | Finland | 56.16 | -0.67 | 58.90 | 39.37 | 3.39 | 19.17 | Infraech Technologics | 64.68 | 1.27 | 88.83 | 31.27 | 0.54 | 84.00 | Mercedes-Benz Group | 40.70 | 0.50 | 62.34 | 39.41 | 8.60 | 3.99 | Merck | 139.00 | 2.95 | 148.80 | 100.70 | 1.58 | 21.75 | Muenchener Buck | 512.00 | 1.60 | 575.60 | 437.40 | 4.69 | 24.45 | Porsche | 42.53 | -0.45 | 50.66 | 35.62 | 2.37 | 10.77 | Rheinmetall | 953.00 | -27.20 | 1972.00 | 900.20 | 1.21 | 57.72 | SAP | 188.60 | 3.56 | 244.30 | 127.50 | 1.33 | 30.72 | Siemens | 279.00 | 4.00 | 291.70 | 198.00 | 1.92 | 26.50 | Siemens Energy | 147.44 | 1.98 | 191.66 | 94.40 | 0.47 | 234.03 | Siemens Healthineers | 38.07 | 0.62 | 49.71 | 32.81 | 2.63 | 19.93 | Volkswagen | 68.95 | 0.30 | 110.20 | 67.50 | 7.54 | 5.19 | Volkswagen Privat | 68.88 | 0.34 | 109.15 | 67.02 | 7.64 | 5.18 | Kuwait Finance HouseMexico (MXN) | 0.77 | -0.00 | 0.85 | 0.77 | 3.12 | 23.06 | 15.18 | America Movil B | 20.12 | 0.03 | 24.49 | 17.48 | 2.68 | 0.00 | 1251.16 | Wal-Mart de Mexico | 46.64 | 0.20 | 63.97 | 44.80 | 2.49 | 0.00 | 813.70 | Netherlands (EUR) | Adyen | 867.00 | 4.50 | 1600.80 | 772.40 | 0.00 | 47.61 | 27.48 | ASML Holding | 1636.40 | -19.80 | 1741.00 | 812.60 | 0.48 | 82.19 | 635.16 | Heineken | 70.24 | 0.28 | 80.44 | 63.90 | 2.73 | 15.07 | 39.72 | ING Groep | 31.12 | 0.09 | 32.40 | 20.23 | 3.65 | 15.72 | 89.43 | Praxus N | 35.56 | 0.28 | 63.94 | 34.48 | 0.79 | 6.72 | 77.76 | The Magnum Ice Cream Co | 15.42 | 0.17 | 17.68 | 11.02 | 0.00 | 32.13 | 9.44 | Universal Music Group NV | 14.29 | 0.12 | 24.72 | 13.92 | 3.64 | 33.23 | 26.27 | Norway (NOK) | Stock | Price | +/-Chg | 52 Week | P/E | MV (bl) | High | Low | Yld | Shin-Etsu Chemical | 6321.00 | 103.00 | 7930.00 | 4366.00 | 2.15 | 25.01 | 12547.16 | SoftBank | 239.60 | 1.10 | 252.90 | 202.80 | 3.67 | 21.11 | 11513.06 | SoftBank Group | 6295.00 | -322.00 | 72655.00 | 3365.00 | 0.17 | 7.21 | 35568.08 | Sony Financial Group | 149.30 | 0.30 | 180.40 | 129.30 | 5.36 | 18.76 | 10101.81 | Sony Group | 3768.00 | 45.00 | 4776.00 | 3643.00 | 0.93 | 68.88 | 22477.31 | Sumitomo Mitsui Financial | 3429.00 | 55.00 | 7250.00 | 3300.00 | 2.62 | 19.65 | 26068.11 | Takeda Pharmaceutical | 5719.00 | 80.00 | 6033.00 | 4102.00 | 3.57 | 59.11 | 19162.65 | Tokio Marine Holdings | 522.30 | 12.80 | 8468.00 | 501.00 | 3.13 | 28.05 | 15151.92 | Tokyo Electron | 12805.00 | 40.00 | 81260.00 | 11270.00 | 1.24 | 51.03 | 29965.80 | Toyota Motor | 2503.50 | 37.00 | 4000.00 | 2686.00 | 3.41 | 9.93 | 42770.61 | 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 | OTC 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 | Fascariot India 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 Mechat A | 1258.62 | 1568.00 | 1151.01 | 4.13 | 19.17 | 15733.38 | Luxshare Precision Food 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 | Wulingye Ybn 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) | 410.00 | 6.00 | 426.00 | 226.40 | 3.59 | 211.34 | 980.21 | LG Energy Solution | 390000.00 | 19000.00 | 527000.00 | 206500.00 | 0.00 | 85.06 | 91260.00 | SAMSUNG BIOLOGICS | 1310000.00 | -44000.00 | 1987000.00 | 1003000.00 | 0.00 | 54.75 | 60641.15 | Samsung Electronics | 272000.00 | -4000.00 | 374500.00 | 90200.00 | 0.62 | 41.18 | 0.00 | Samsung Electronics Pref | 198200.00 | -2800.00 | 243500.00 | 70400.00 | 0.85 | 187.41 | 159829.97 | Samsung Epis | 371500.00 | 6500.00 | 773000.00 | 324500.00 | 0.00 | 294.14 | 9244.05 | SK hyrix | 1773000.00 | -68000.00 | 2987000.00 | 403000.00 | 0.17 | 28.58 | 0.00 | BioNTechHong Kong (HKD) | 95.73 | -1.91 | 124.00 | 79.52 | 0.00 | 45.80 | 24.21 | AIA Group | 68.80 | -0.15 | 92.15 | 68.00 | 2.88 | 116.41 | 711.85 | HKEX | 380.00 | 2.00 | 460.20 | 360.00 | 3.67 | 27.05 | 481.78 | Saudi Arabia (SAN) | ACWA Power | 175.50 | 4.50 | 252.60 | 154.50 | 0.26 | 71.05 | 134.52 | Al Rajhi Bank | 63.75 | 0.65 | 110.00 | 62.00 | 4.72 | 16.35 | 382.50 | Saudi Arabian Mining | 63.85 | 0.35 | 79.90 | 54.90 | 0.00 | 33.43 | 248.30 | Saudi Arabian Oil | 25.80 | 0.24 | 27.96 | 23.29 | 5.26 | 17.92 | 62.44 | Saudi Basic Industries | 46.64 | -0.36 | 62.50 | 45.70 | 5.57 | 5.43 | 139.92 | Saudi National Bank | 39.02 | 0.42 | 45.24 | 36.00 | 5.89 | 9.66 | 234.12 | STC Co | 42.80 | -0.30 | 45.38 | 41.14 | 5.14 | 14.41 | 214.00 | India (UNIV) | Bajra Finance | 961.80 | -9.20 | 1177.60 | 788.40 | 0.62 | 50.48 | Brah Amrit Ltd | 1809.00 | 26.50 | 2174.70 | 1726.05 | 1.33 | 138.20 | HCL Technologies | 1202.10 | 2.10 | 1770.00 | 1030.00 | 4.98 | 16.74 | HEC Bank | 710.20 | 5.20 | 1020.35 | 682.00 | 1.83 | 14.35 | Hindustan Ivintech | 1882.10 | 52.10 | 2667.55 | 1827.10 | 2.17 | 43.26 | ICICI Bank | 1341.60 | 8.60 | 1479.30 | 1187.55 | 0.89 | 21.23 | Infosys | 1013.00 | -6.50 | 1727.85 | 980.30 | 4.74 | 15.71 | Kapital | 286.50 | -2.05 | 435.50 | 254.75 | 5.44 | 9.58 | Kohl's Mahindra Bank | 431.00 | 14.95 | 435.50 | 347.00 | 1.02 | 43.26 | Lansin & Todso | 3773.00 | 33.00 | 4440.00 | 3288.65 | 1.01 | 32.27 | Life Insurance Corp | 390.00 | 1.75 | 936.60 | 385.25 | 2.56 | 13.71 | Maruti Suzuki India | 11603.00 | 81.00 | 17371.60 | 11304.30 | 1.21 | 24.85 | Reliance Industries | 1219.00 | 32.90 | 1611.20 | 1161.00 | 0.49 | 23.68 | State Bank of India | 957.25 | -1.75 | 1234.80 | 857.30 | 1.81 | 11.01 | Sun Pharmaceutical Inds | 1801.00 | 19.00 | 2047.55 | 1586.60 | 0.89 | 39.50 | Tata Consultancy Svs | 2098.00 | -10.35 | 3336.70 | 1976.00 | 3.10 | 15.63 | Singapore (SGD) | DBS Group Holdings | 78.56 | 0.73 | 79.05 | 51.80 | 4.05 | 20.46 | 223.42 | Overseas-Chinese Banking | 32.20 | 0.32 | 32.57 | 16.62 | 3.26 | 1975.46 | 145.38 | United Overseas Bank Ltd | 43.72 | 0.66 | 45.15 | 33.25 | 3.64 | 15.84 | 72.67 | Singapore (USD) | JOYY A | 80.65 | 0.15 | 81.25 | 54.24 | 6.67 | 322.60 | 52.66 | Sea /Singapore A | 96.53 | -0.32 | 193.48 | 77.05 | 0.00 | 36.43 | 52.75 | Agricultural Bank China H | 6.55 | 0.07 | 6.71 | 5.05 | 4.64 | 8.40 | 201.34 | Alibaba Group Holding | 108.20 | 2.80 | 183.80 | 88.65 | 0.95 | 130.36 | 2153.39 | Bank of China H | 6.01 | 0.10 | 6.14 | 4.11 | 4.59 | 8.13 | 502.99 | Bank of Communications H | 8.23 | 0.04 | 8.38 | 6.33 | 4.78 | 7.62 | 288.32 | BYD H | 75.00 | 0.90 | 113.40 | 71.40 | 0.55 | 20.95 | 276.25 | China CITIC Bank H | 8.28 | 0.04 | 8.70 | 6.50 | 5.60 | 6.90 | 123.15 | China Construction Bank H | 9.65 | 0.14 | 9.90 | 7.18 | 4.90 | 7.42 | 23.20 | China Life Insurance H | 27.30 | -0.26 | 36.16 | 20.90 | 4.13 | 5.01 | 203.14 | China Merchants Bank H | 51.00 | 0.30 | 53.70 | 43.34 | 4.45 | 8.95 | 234.14 | China Petroleum Chemical In | 4.39 | 0.01 | 5.70 | 3.98 | 5.72 | 16.76 | 102.94 | China Shenhua Energy H | 4.26 | 0.09 | 4.80 | 3.78 | 5.00 | 11.88 | 100.00 | DTEC Securities H | 24.02 | 0.14 | 32.50 | 23.24 | 4.08 | 12.26 | 82.24 | IDCB H | 7.58 | 0.12 | 7.77 | 5.56 | 4.94 | 7.58 | 657.90 | JD.com A | 103.60 | 1.20 | 139.30 | 95.80 | 3.79 | 15.04 | 258.64 | Mitsubishi B | 70.80 | 0.15 | 108.00 | 63.65 | 0.00 | 18.44 | 396.22 | Middle Group H | 90.80 | 0.15 | 101.70 | 77.65 | 5.54 | 15.66 | 59.10 | NetEase | 185.60 | 244.80 | 168.80 | 2.48 | 17.53 | 596.16 | Nanjing Spring H | 39.36 | -0.62 | 56.25 | 37.90 | 2.87 | 27.90 | 198.16 | Petrol China H | 9.67 | 0.10 | 12.22 | 7.05 | 6.08 | 11.24 | 204.03 | Ping An Insurance Group H | 51.55 | -0.20 | 74.70 | 50.00 | 6.10 | 6.71 | 383.92 | Prudential Savings Bank China H | 5.37 | 0.02 | 5.78 | 4.48 | 4.98 | 7.36 | 106.63 | Tencent Holdings H | 428.20 | 5.29 | 682.50 | 411.00 | 1.24 | 17.30 | 3883.45 | Zijin mining H | 41.26 | 0.38 | 54.80 | 21.30 | 0.00 | 14.98 | 516.33 | Zijin Mining Group H | 32.58 | 0.42 | 46.98 | 26.58 | 2.83 | 16.71 | 195.12 | China (USD) | Full Truck Alliance | 8.44 | 0.03 | 14.07 | 7.46 | 2.74 | 281.33 | 157.41 | Fiatu Holdings A | 113.21 | 3.51 | 202.53 | 80.50 | 2.25 | 10.83 | 86.72 | PDD Holdings A | 78.40 | 0.50 | 139.41 | 71.94 | 0.00 | 31.36 | 445.20 | Denmark (DKK) | DSV A/S | 1157.00 | -3.50 | 1913.50 | 1148.00 | 0.61 | 33.73 | 278.19 | Indonesia (EUR) | Bank Central Asia | 6100.00 | -75.00 | 6750.00 | 4820.00 | 0.00 | 13.06 | 7519.78 | PT Bantu Renewables | 2920.00 | 30.00 | 10725.00 | 2300.00 | 0.14 | 0.00 | 906.56 | Italy (EUR) | Aloisurazioni Generali | 42,20 | 0.26 | 46,24 | 31.76 | 3.89 | 17.37 | 64.76 | Enel | 8.84 | 0.09 | 10.31 | 8.11 | 5.55 | 23.88 | 87.81 | Eni | 24,14 | -0.28 | 25.02 | 14.54 | 4.56 | 17.12 | 73.08 | Ferrari | 345,25 | 4.05 | 429,90 | 269.00 | 0.86 | 49.96 | 61.21 | Intesa Sanpaolo | 6.51 | 0.08 | 6.94 | 4.81 | 5.78 | 28.29 | 115.06 | Stellantis | 4.07 | 0.08 | 10.49 | 3.61 | 0.00 | 5.47 | 11.79 | UniCredit SpA | 81.11 | 1.31 | 86.42 | 57.36 | 3.88 | 15.89 | 126.67 | Canon | 4640.00 | 16.00 | 5633.00 | 3967.00 | 3.45 | 16.01 | 6102.66 | Chagas Pharmaceutical | 6120.00 | 31.00 | 10780.00 | 5914.00 | 2.18 | 23.21 | 10275.63 | Caterpillar | 2752.00 | 36.00 | 4178.00 | 2296.00 | 3.63 | 19.20 | 5126.68 | FAST RETAILING | 75580.00 | 900.00 | 86690.00 | 64540.00 | 0.85 | 23.56 | 24654.32 | Hiscox | 5660.00 | 18.00 | 6039.00 | 4222.00 | 0.99 | 42.29 | 25671.28 | Honda Motor | 1667.50 | 11.00 | 1736.50 | 1238.00 | 4.15 | 15.91 | 7649.44 | HOYA | 25300.00 | 80.00 | 30400.00 | 21040.00 | 1.15 | 34.01 | 8471.40 | ITOCOJ | 2183.00 | -14.50 | 9959.00 | 1883.00 | 2.02 | 7.05 | 17259.07 | Japan Tobacco | 6556.00 | 6.00 | 7216.00 | 4836.00 | 3.92 | 24.14 | 13872.00 | KDDI | 2983.00 | -10.00 | 3121.00 | 2329.00 | 2.91 | 15.70 | 11553.48 | Kayacai | 8148.00 | -100.00 | 6783.00 | 51510.00 | 0.67 | 44.39 | 18918.99 | Mitsubishi | 4713.00 | 4.00 | 6012.00 | 3483.00 | 2.65 | 22.34 | 11467.72 | Mitsubishi Heavy | 3767.00 | -64.00 | 5236.00 | 3484.00 | 0.77 | 38.31 | 13178.00 | Mitsubishi U.S. Finl Grp | 3671.00 | -56.00 | 3813.00 | 22350.50 | 3.92 | 17.32 | 45983.37 | Mizuho Financiero | 4926.00 | -10.00 | 4982.00 | 3558.00 | 2.68 | 17.64 | 11818.99 | Mizuho Financial Group | 8857.00 | -100.00 | 8893.00 | 4560.00 | 1.69 | 17.61 | 21058.16 | Nintendo | 7915.00 | 73.00 | 8340.00 | 6544.00 | 2.07 | 21.44 | 10059.94 | NTT | 170.10 | 0.10 | 180.10 | 142.60 | 3.17 | 12.49 | 1542.61 | Recruit Holdings | 16975.00 | 340.00 | 18215.00 | 6040.00 | 0.15 | 48.53 | 24956.76 | Naspers N | 707.87 | 1.83 | 1307.47 | 690.05 | 0.72 | 83.91 | 527.32 | Spain (EUR) | Banco Santander | 12.52 | 0.18 | 13.12 | 8.10 | 1.63 | 13.76 | 182.25 | BBVA Spor | 24.28 | 0.28 | 25.57 | 15.39 | 3.24 | 93.38 | 133.80 | CaixaBank | 12.36 | 0.14 | 13.55 | 8.57 | 3.28 | 36.35 | 86.22 | Berdrolsa SA | 20.99 | -0.01 | 22.08 | 16.11 | 2.92 | 38.03 | 140.07 | NxtEx | 53.82 | 0.82 | 59.42 | 46.07 | 2.63 | 122.04 | 167.74 | Sweden (SEK) | Atlas Copco A | 213.40 | 4.60 | 212.30 | 149.45 | 1.41 | 39.30 | 716.51 | Atlas Copco B | 185.50 | 5.15 | 185.20 | 134.00 | 1.62 | 34.16 | 289.54 | EET | 288.40 | 5.00 | 383.00 | 259.00 | 1.73 | 465.91 | 376.93 | Investor B | 411.00 | 7.20 | 426.80 | 301.50 | 1.36 | 7.99 | 748.82 | Volvo B | 315.00 | 2.40 | 374.50 | 244.90 | 4.13 | 18.59 | 501.70 | Switzerland (CHF) | ABB | 82.58 | 0.88 | 89.14 | 53.78 | 1.14 | 31.88 | 150.56 | Alcon | 52.68 | -0.40 | 68.34 | 47.80 | 0.53 | 50.65 | 26.32 | Civic Financiers Richent | 174.85 | 0.20 | 202.20 | 127.20 | 1.88 | 37.29 | 94.00 | Givauden | 3402.00 | 21.00 | 3592.00 | 2566.00 | 2.12 | 38.21 | 31.41 | Holcim | 85.84 | 0.90 | 82.54 | 60.10 | 2.58 | 20.45 | 37.32 | Lorsa Group | 576.20 | 1.40 | 597.80 | 454.60 | 0.87 | 64.52 | 40.47 | Nestle | 75.20 | 0.72 | 87.09 | 70.29 | 4.12 | 21.42 | 193.75 | Roche | 117.18 | 0.70 | 132.68 | 97.05 | 3.16 | 38.42 | 238.44 | Roche Holding | 359.00 | 1.20 | 383.00 | 270.80 | 2.73 | 22.20 | 28.32 | Roche Holding Pref | 349.80 | 0.90 | 375.80 | 291.00 | 2.80 | 21.62 | 245.76 | Sika | 175.50 | 0.50 | 197.60 | 120.35 | 2.11 | 27.00 | 28.16 | Swiss Re | 143.05 | 1.65 | 153.85 | 114.05 | 4.40 | 10.96 | 42.74 | UBS Group | 40.57 | 0.54 | 45.04 | 28.25 | 2.11 | 20.70 | 132.98 | Zurich Insurance Group | 577.00 | 3.00 | 626.00 | 521.00 | 5.20 | 18.04 | 87.26 | Hon Hai Precision | 256.00 | 2.00 | 314.00 | 187.50 | 2.80 | 18.81 | 3603.39 | MediaTek | 4920.00 | -245.00 | 5480.00 | 1130.00 | 1.09 | 74.37 | 7896.37 | Taiwan Semicon Mfg | 2585.00 | 10.00 | 2580.00 | 1375.00 | 1.01 | 39.0167035.18 | United Arab Emirates (AED) | United Kingdom (GBP) | 3i Group Plc | 23.91 | 0.02 | 44.97 | 18.25 | 3.53 | 4.43 | 24.46 | AstraZeneca | 121.80 | 2.22 | 157.32 | 98.92 | 1.96 | 24.40 | 108.92 | BAE Systems | 18.26 | -0.29 | 23.60 | 15.29 | 2.07 | 26.54 | 54.79 | Barclays | 4.32 | -0.15 | 5.54 | 3.54 | 2.66 | 9.86 | 57.75 | BP | 5.62 | 0.01 | 6.09 | 3.99 | 4.47 | 88.27 | British Amer Tobacco | 40.84 | 0.85 | 53.26 | 36.77 | 6.00 | 11.64 | 88.10 | Compass Group | 23.07 | 0.48 | 25.81 | 20.00 | 2.20 | 27.70 | 39.23 | Diageo | 16.11 | 0.07 | 19.04 | 12.96 | 2.35 | 27.27 | 35.89 | Experian | 25.43 | 0.40 | 37.07 | 22.03 | 2.04 | 20.44 | 22.39 | Glencore | 5.69 | -0.05 | 7.07 | 3.32 | 2.26 | 66.73 | Stock | Price | +Chg | High | Low | Yld | P/E | MV (bl) | GSX | 17.91 | 0.25 | 22.82 | 15.92 | 3.91 | 12.69 | 77.28 | Haleon | 3.42 | 0.08 | 4.16 | 3.18 | 2.13 | 18.41 | 30.12 | HSBC Holdings | 14.08 | -0.64 | 16.10 | 9.59 | 3.95 | 15.38 | 241.26 | Lloyds Banking Group | 1.02 | -0.03 | 1.18 | 0.82 | 3.92 | 14.61 | 58.84 | London Stock Exchange Grp | 83.16 | -0.70 | 101.40 | 66.84 | 1.90 | 34.88 | 40.10 | National Grid | 11.50 | -0.01 | 14.29 | 10.76 | 4.22 | 17.56 | 57.81 | NatWest Group | 6.50 | -0.19 | 7.26 | 5.04 | 5.39 | 12.15 | 51.55 | Reckitt Benckiser Group | 51.06 | 1.29 | 65.23 | 36.64 | 4.24 | 10.90 | 32.36 | RELX | 25.99 | 0.28 | 35.39 | 19.91 | 2.65 | 23.08 | 45.30 | Rio Tinto | 70.22 | -1.42 | 91.17 | 48.25 | 4.96 | 15.13 | 88.14 | Rolls-Royce Holdings | 14.04 | -0.34 | 15.86 | 9.90 | 0.78 | 20.23 | 116.48 | Shell | 36.48 | -0.03 | 37.59 | 25.54 | 3.09 | 15.92 | 208.76 | Unilever | 46.23 | 0.54 | 55.42 | 36.44 | 3.57 | 12.61 | 99.59 | COMMODITIES | 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 | Aim Holdings | 302.56 | -0.34 | 452.70 | 100.02 | 0.00 | 355.95 | 321.92 | United States (USD) | 3M Co | 163.64 | 0.45 | 184.90 | 139.34 | 1.91 | 28.86 | 84.39 | Abbott Laboratories | 98.16 | -1.94 | 135.24 | 81.97 | 2.57 | 31.66 | 169.85 | AbbVie | 266.69 | 0.93 | 269.39 | 190.75 | 2.59 | 75.34 | 471.27 | Accenture Plc A | 193.40 | -1.65 | 291.09 | 118.15 | 3.54 | 15.31 | 118.35 | Adobe | 238.12 | -0.67 | 363.70 | 190.12 | 0.00 | 13.28 | 92.68 | Aflac | 113.63 | 1.25 | 130.22 | 105.43 | 2.15 | 12.21 | 56.97 | Air Products & Chemicals | 281.00 | 1.55 | 314.87 | 229.11 | 2.58 | 29.61 | 62.57 | Autiva A | 160.39 | -3.68 | 193.45 | 110.81 | 0.00 | 42.77 | 67.29 | Alphabet A | 347.68 | 1.21 | 406.81 | 235.84 | 0.25 | 17.25 | 2049.10 | Alphabet C | 344.59 | 0.76 | 404.47 | 236.69 | 0.26 | 17.09 | 1804.55 | Altia Group | 68.55 | 0.67 | 77.06 | 54.70 | 6.48 | 14.31 | 114.46 | Amazon.com | 256.29 | 4.89 | 287.20 | 196.00 | 0.00 | 20.32 | 2784.42 | Amazon.com | 649.42 | 17.67 | 645.46 | 168.22 | 0.00 | 163.58 | 1000.16 | American Electric | 407.24 | -1.05 | 455.58 | 255.53 | 3.12 | 20.91 | 66.74 | American Express | 304.55 | 0.53 | 387.60 | 298.03 | 2.67 | 14.76 | 112.77 | American International | 75.11 | -0.01 | 87.29 | 72.66 | 2.58 | 13.58 | 39.27 | American Tower | 164.78 | 2.52 | 196.08 | 160.06 | 4.29 | 22.60 | 76.78 | American Finance | 496.61 | 1.67 | 572.56 | 422.37 | 1.37 | 11.83 | 43.87 | AMETEK Inc | 253.72 | 1.80 | 261.16 | 179.24 | 0.54 | 36.99 | 56.17 | Avang | 402.60 | -0.38 | 447.03 | 288.00 | 2.50 | 24.82 | 217.66 | Amphend A | 88.62 | 1.35 | 178.52 | 76.74 | 0.56 | 42.20 | 218.53 | Analog Devices | 420.55 | 1.45 | 445.91 | 223.47 | 1.05 | 49.65 | 203.78 | Asn Plc A | 273.99 | 1.94 | 382.34 | 266.33 | 1.20 | 15.04 | 56.12 | Apollo Global Mgmt | 115.95 | 0.60 | 153.29 | 99.56 | 1.94 | 40.83 | 68.47 | Apple | 333.63 | 0.74 | 345.34 | 243.42 | 0.32 | 38.09 | 48698.06 | Applied Materials Inc | 530.27 | -12.01 | 733.67 | 203.40 | 0.40 | 45.40 | 430.82 | Agilentiv A | 278.78 | -3.19 | 738.01 | 266.84 | 0.00 | 21.35 | 84.87 | Aree Management | 117.74 | 0.61 | 161.19 | 95.00 | 4.59 | 54.01 | 26.37 | Arthur J gallagher | 229.85 | 2.61 | 313.09 | 190.75 | 1.22 | 37.68 | 58.91 | AT&T | 24.43 | 0.19 | 29.43 | 19.88 | 4.54 | 8.06 | 167.40 | Atlassian Corp A | 193.98 | -2.67 | 200.00 | 56.01 | 0.00 | 823.71 | 30.84 | Autodesk | 231.28 | 9.72 | 326.20 | 185.50 | 0.00 | 29.77 | 48.34 | Auto Data Processing | 262.36 | 2.10 | 293.51 | 188.16 | 2.59 | 23.92 | 103.96 | AutoZone | 2898.57 | 90.84 | 4224.08 | 2730.65 | 0.00 | 19.44 | 47.32 | Baker Hughes A | 57.13 | -0.25 | 70.41 | 43.92 | 1.61 | 18.14 | 56.71 | Bank of New York Mellon | 143.73 | -0.02 | 165.84 | 103.11 | 1.75 | 16.60 | 97.52 | Becton Dickinson | 180.30 | -0.37 | 213.08 | 140.11 | 2.33 | 31.09 | 49.11 | Berkshire Hathaway A | 78198.00 | 178.00 | 86012.81 | 68000.00 | 0.00 | 55.16 | 303.46 | Berkshire Hathaway B | 593.54 | 1.28 | 537.74 | 464.01 | 0.00 | 14.9 | 708.90 | BlackRock Finance | 1079.42 | 12.97 | 1219.94 | 917.39 | 2.12 | 25.47 | 167.17 | Blackstone | 113.36 | 1.71 | 170.00 | 101.73 | 2.92 | 25.36 | 85.09 | Blackstone | 76.54 | -0.42 | 91.92 | 63.32 | 1.12 | 131.97 | 411.39 | Boeing | 189.82 | -2.90 | 254.47 | 178.77 | 0.00 | 152.00 | 150.00 | BoH Corp | 54.09 | 0.09 | 65.22 | 46.12 | 2.37 | 12.29 | 378.24 | Booking Holdings | 157.63 | -0.70 | 562.89 | 150.14 | 1.04 | 17.42 | 118.44 | Boston Scientific | 42.19 | -0.21 | 105.65 | 41.94 | 0.00 | 16.94 | 61.14 | Bristol Myers Squibb | 59.59 | 0.78 | 68.64 | 42.52 | 4.23 | 13.07 | 121.73 | Broadcom | 375.81 | 13.30 | 495.00 | 289.96 | 0.69 | 46.57 | 1730.98 | Cadence Design Systems | 359.55 | 6.07 | 416.69 | 262.75 | 0.00 | 71.06 | 99.02 | Capital One Financial | 195.82 | 0.68 | 258.63 | 174.24 | 1.63 | 10.79 | 120.13 | Carrier Global | 56.10 | 0.37 | 76.76 | 50.24 | 1.71 | 39.51 | 46.24 | Cavana A | 63.88 | 0.16 | 466.89 | 56.12 | 0.00 | 28.65 | 45.99 | Carepiral | 863.44 | 15.30 | 1073.46 | 483.55 | 0.76 | 36.99 | 396.90 | CROE Group A | 130.66 | 1.26 | 174.27 | 121.69 | 0.00 | 33.68 | 37.84 | Cencora | 316.37 | 1.44 | 377.54 | 244.82 | 0.76 | 23.38 | 60.37 | Charter Comms A | 108.64 | 0.67 | 284.60 | 104.91 | 0.00 | 2.79 | 12.45 | Cheniere Energy | 275.82 | -0.58 | 385.88 | 257.39 | 0.00 | 15.88 | 56.88 | Chipotle mexican Engl | 207.58 | 1.11 | 217.78 | 146.49 | 3.43 | 19.92 | 410.13 | Chipotle Mexican Grill | 30.90 | 0.05 | 42.81 | 28.04 | 0.00 | 28.35 | 39.10 | Chubb | 334.21 | 3.72 | 365.91 | 265.30 | 1.22 | 93.62 | 128.94 | Cintas | 195.96 | 0.56 | 219.16 | 161.16 | 1.06 | 39.43 | 78.52 | Cisco Systems | 117.94 | 5.12 | 130.37 | 66.81 | 1.42 | 35.10 | 464.99 | Citigroup | 128.52 | -0.03 | 147.96 | 93.66 | 2.09 | 18.08 | 215.58 | Cloudflare Inc A | 355.01 | -4.48 | 367.43 | 158.83 | 0.00 | 612.09 | 114.53 | CME Group A | 270.18 | 0.15 | 329.16 | 218.31 | 4.18 | 22.80 | 97.15 | Cognizant Tech Sci A | 57.22 | -0.95 | 87.03 | 37.08 | 2.31 | 12.23 | 25.77 | Coinbase Global A | 185.74 | -2.48 | 402.16 | 139.11 | 0.00 | 47.99 | 41.38 | Colgate-Palmolite | 87.25 | 1.06 | 95.33 | 74.55 | 2.43 | 34.35 | 69.55 | Comcast A | 21.56 | -0.01 | 32.85 | 21.28 | 6.12 | 6.89 | 76.30 | ConocoPhillips | 129.35 | 0.95 | 141.62 | 85.57 | 2.60 | 17.11 | 155.39 | Constellation Energy | 300.40 | 32.78 | 412.70 | 228.63 | 0.57 | 29.34 | 106.43 | Constellation Srl A | 26.89 | -0.03 | 45.88 | 26.74 | 0.00 | 17.19 | 24.84 | Constellation Srl B | 168.97 | 9.60 | 271.78 | 73.79 | 0.66 | 76.11 | 145.55 | Corteva | 13.91 | 1.52 | 90.97 | 11.74 | 5.18 | 15.84 | 9.28 | Costco Wholesale | 935.68 | 12.16 | 1086.50 | 844.06 | 0.63 | 47.00 | 414.76 | Coupang A | 14.42 | 0.22 | 32.74 | 13.35 | 0.00 | 33.53 | 23.64 | CRH | 83.60 | 0.95 | 131.55 | 80.13 | 1.87 | 16.49 | 55.62 | CrowdStrike Holdings A | 278.66 | 6.19 | 786.00 | 174.14 | 0.00 | 66971.50 | 285.53 | INTEREST RATES: MARKET | | Overnight | Change | OneMonth | ThreeMonth | SixMonth | OneYear | Day | Week | SOFR | 3.890 | 0.010 | 0.010 | 3.919 | 4.030 | 4.191 | 4.486 | EURIBOR | - | - | - | 2.424 | 2.602 | 2.954 | 3.177 | ESTR | 2.439 | 0.001 | 0.000 | 2.449 | 2.507 | 2.642 | 2.863 | SARON | -0.038 | 0.000 | 0.030 | -0.039 | -0.046 | -0.044 | -0.046 | SONIA | 3.732 | 0.001 | 0.000 | 3.765 | 3.931 | 4.124 | 4.449 | Rates are fixed at 11am UK time.

BONDS: TEN YEAR GOVT SPREADS | BONDS: TEN YEAR GOVT SPREADS | Bid Yield | Spread vs Bund | Spread vs Bond | Bid Yield | Spread vs Bund | Spread vs Bond | Austria | 3.65 | 0.18 | -1.66 | Italy | 4.48 | 1.01 | -0.83 | Australia | 5.35 | 1.88 | 0.04 | Japan | 3.07 | -0.40 | -2.24 | Belgium | 4.22 | 0.75 | -1.09 | Netherlands | 3.53 | 0.06 | -1.78 | Brazil | 12.95 | 9.48 | 7.64 | Poland | 6.23 | 2.76 | 0.92 | China | 1.68 | -1.80 | -3.64 | Portugal | 3.90 | 0.43 | -1.41 | Denmark | 3.29 | -0.18 | -2.02 | Spain | 4.02 | 0.55 | -1.29 | France | 4.76 | 1.29 | -0.55 | Sweden | 3.11 | -0.36 | -2.20 | Germany | 3.47 | 0.00 | -1.84 | UK | 5.38 | 1.91 | 0.07 | Ireland | 3.50 | 0.03 | -1.81 | US | 5.31 | 1.84 | 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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AIM

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| < 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< / >< / > Cohort< / > 1182.00< / > -28.00< / > 1538.00< / > 881.10< / > 1.51< / > 22.63< / > 297.84< / >< / > Velocity Composites< / > 16.25< / > -0.25< / > 25.00< / > 12.00< / > —< / > -8.12< / > 19.78< / >< / > | 基础资源（不含采矿）< / >< / > Cropper J< / > 685.00< / > -10.00< / > 710.00< / > 250.00< / > —< / > 22.24< / > 13.73< / >< / > | 建筑与材料< / >< / > Accsys

Tech< / > 57.40< / > -1.60< / > 79.84< / > 57.00< / > —< / > 25.39< / > 19.36< / >< / > | 电子与电气设备< / >< / > Checkit< / > 16.25< / > -0.25< / > 27.00< / > 12.35< / > —< / > -6.25< / > 39.86< / >< / > LPA< / > 82.50< / > -2.50< / > 92.00< / > 34.00< / > —< / > -31.25< / > 6.52< / >< / > Thorpe FW< / > 265.00< / > 8.00< / > 320.00< / > 240.00< / > 2.77< / > 11.17< / > 91.52< / >< / > | 综合金融< / >< / > Arbuthnot Banking< / > 795.00< / > 5.00< / > 955.00< / > 755.00< / > 6.92< / > 7.29< / > 9.98< / > |

投资公司

< ="2">< / >< ="2">价格< / >< ="2">当日涨跌< / > | 52周< / >< ="2">分红-溢价< / >< / > 最高< / > 最低< / > 收益率< / > 资产净值 (NAV)< / >< / > | 常规投资（不含私募股权）< / >< / > 3i Infra< / > 384.00< / > -2.50< / > 399.50< / > 325.00< / > 3.50< / > 405.47< / > -4.54< / >< / > Abf GVIT< / > 91.00< / > —< / > 96.77< / > 76.00< / > 6.70< / > 102.95< / > -11.18< / >< / > Abf Sml< / > 1802.00< / > -4.00< / > 1828.00< / > 1408.07< / > 2.65< / > 2015.64< / > -10.19< / >< / > Aberdeen Asia Foc< / > 474.00< / > 2.00< / > 478.00< / > 348.00< / > 1.36< / > 523.17< / > -9.17< / >< / > Aberdeen Asian Inc

Fund< / > 323.00< / > -3.00< / > 357.00< / > 246.00< / > 5.81< / > 352.10< / > -5.90< / >< / > Aberdeen Eq Inc< / > 450.00< / > -3.00< / > 473.00< / > 359.25< / > 5.13< / > 448.37< / > 0.24< / >< / > Aberdeen UK SmlI< / > 530.00< / > -2.00< / > 544.00< / > 441.50< / > 2.64< / > 568.99< / > -5.77< / >< / > Alliance Witan< / > 1402.00< / > -4.00< / > 1409.00< / > 1178.00< / > 2.09< / > 1480.03< / > -5.38< / >< / > Alliance Tech< / > 776.00< / > -9.00< / > 789.00< / > 460.75< / > —< / > 850.72< / > -8.44< / >< / > Artemis UK Future Lead< / > 387.00< / > -5.50< / > 405.00< / > 321.00< / > 3.99< / > 442.45< / > -10.82< / >< / > Aurora UK

Alpha | 245.00< / > 1.00< / > 279.00< / > 222.09< / > 1.92< / > 282.49< / > 12.78< / > | AVI Japan< / > 181.00< / > —< / > 194.00< / > 154.50< / > 1.22< / > 187.45< / > 2.87< / >< / > BG China Growth< / > 286.00< / > 5.50< / > 331.04< / > 264.00< / > 0.87< / > 310.46< / > 10.18< / >< / > BG Euro< / > 118.50< / > 0.50< / > 133.00< / > 91.40< / > 0.61< / > 128.76< / > 7.62< / >< / > BG Japan< / > 1082.00< / > 6.00< / > 1114.00< / > 811.10< / > 0.92< / > 1199.37< / > 10.08< / >< / > BG Shin< / > 178.20< / > 0.20< / > 182.00< / > 123.05< / > 0.39< / > 198.25< / > 10.55< / >< / > BG US Growth< / > 396.00< / > —< / > 398.00< / > 261.00< / > —< / > 408.44< / > 5.79< / >< / > Baillie

Gifford UK< / > 214.00< / > —< / > 231.00< / > 180.12< / > 2.90< / > 238.31< / > 8.98< / >< / > Bankers IT< / > 155.80< / > 1.20< / > 157.80< / > 125.20< / > 1.81< / > 171.06< / > 8.61< / >< / > Biotech Growth< / > 1430.00< / > 18.00< / > 1786.00< / > 1015.00< / > —< / > 1539.92< / > 8.03< / >< / > BckR Amer Sml< / > 281.00< / > 2.00< / > 289.55< / > 208.85< / > 5.30< / > 278.16< / > 0.52< / >< / > BckR Energy & Res< / > 174.00< / > 4.00< / > 205.00< / > 135.50< / > 3.56< / > 186.27< / > 7.35< / >< / > BckR Front< / > 187.50< / > 4.50< / > 208.00< / > 164.50< / > 4.06< / > 191.85< / > 0.13< / >< / > BckR

GtEur< / > 577.00< / > 12.00< / > 625.00< / > 506.95< / > 1.24< / > 633.92< / > 7.30< / >< / > BckR I&G< / > 235.00< / > —< / > 240.00< / > 208.00< / > 3.28< / > 254.22< / > 7.78< / >< / > BckR Smir< / > 263.00< / > 1.50< / > 288.40< / > 230.80< / > 3.01< / > 307.85< / > 14.12< / >< / > BckR World Mining< / > 926.00< / > 20.00< / > 1076.00< / > 628.00< / > 2.59< / > 978.36< / > 3.65< / >< / > Brunner< / > 1556.00< / > 14.00< / > 1612.00< / > 1336.00< / > 1.74< / > 1732.19< / > 10.44< / >< / > Caledonia Inv< / > 386.00< / > 2.50< / > 402.00< / > 312.00< / > 1.99< / > 595.13< / > 35.30< / >< / > CanGen

C$< / > 2758.16< / > 41.98< / > 2958.28< / > 2358.19< / > 2.39< / > 88.58< / > 42.13< / >< / > City of Lon< / > 567.00< / > 3.00< / > 599.00< / > 498.00< / > 3.96< / > 558.98< / > 1.80< / >< / > City Natural Res G&I< / > 401.00< / > 3.00< / > 467.00< / > 258.01< / > 7.06< / > 410.17< / > 0.50< / >< / > CT Healthcare< / > 124.60< / > 0.40< / > 152.40< / > 119.80< / > 4.23< / > 131.07< / > 5.06< / >< / > CT MgdI< / > 131.00< / > —< / > 135.00< / > 115.00< / > 6.11< / > 129.86< / > 1.08< / >< / > CT MgdG< / > 328.00< / > —< / > 330.00< / > 280.26< / > —< / > 341.19< / > 3.47< / >< / > CT Cp&I< / > 337.00< / > 3.00< / > 373.00< / > 320.00< / > 3.99< / > 356.02< / > 4.00< / >< / > CT

UK HIT B | 107.00< / > —< / > 120.00< / > 92.00< / > 5.57< / > 114.91< / > -6.45< / > | CT UK HIT Ord< / > 107.00< / > -2.50< / > 126.00< / > 97.00< / > 5.57< / > 114.73< / > -4.19< / >< / > Dunedin Inc< / > 304.00< / > -1.00< / > 323.00< / > 275.00< / > 6.63< / > 332.21< / > -7.95< / >< / > Edinburgh Inv< / > 819.00< / > -4.00< / > 867.00< / > 737.60< / > 3.91< / > 892.85< / > -7.89< / >< / > Edin Worldwide< / > 282.00< / > -6.00< / > 294.50< / > 194.20< / > —< / > 307.27< / > -9.32< / >< / > The Euro SmlCo< / > 227.50< / > -3.50< / > 247.21< / > 193.80< / > 5.56< / > 251.84< / > -7.96< / >< / > F&C Inv

Trust< / > 348.20< / > -1.60< / > 1332.00< / > 325.80< / > 1.21< / > 384.52< / > -9.25< / >< / > Fidelity Asian< / > 608.00< / > -4.00< / > 672.00< / > 546.06< / > 3.37< / > 645.28< / > -5.62< / >< / > Fidelity China< / > 246.50< / > -0.50< / > 339.00< / > 239.50< / > 3.65< / > 266.00< / > -7.06< / >< / > Fidelity Emer Mkts< / > 1530.00< / > -12.00< / > 1574.00< / > 897.34< / > 1.63< / > 1684.82< / > -5.11< / >< / > Fidelity Euro< / > 415.00< / > -6.00< / > 447.50< / > 367.50< / > 2.46< / > 443.32< / > -5.23< / > |

< rowspan="2">< / >< rowspan="2">价格< / >< ="2">+ / - 日变动< / > | 52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量(千股)< / >< / > 最高< / > 最低< / >< / > AEP Plantations< / > 195.40< / > -0.60< / > 229.00< / > 124.00< / > 3.12< / > 11.16< / > 238.73< / >< / > Assoc. Brit Foods< / > 1827.00< / > -7.00< / > 2359.00< / > 1729.45< / > 3.45< / > 12.90< / > 580.71< / >< / > Barr (AG)< / > 560.00< / > 2.00< / > 715.32< / > 538.00< / > 3.41< / > 13.25< / > 476.34< / >< / > Fevara< / > 147.00< / > -1.00< / > 152.00< / > 114.50< / > 1.63< / > 6.36< / > 35.12< / >< / > Coca-Cola

HBC< / > 4248.00< / > 12.00< / > 5195.00< / > 3306.00< / > 2.39< / > 19.38< / > 488.73< / >< / > Cranswick< / > 4970.00< / > -10.00< / > 5810.00< / > 4775.00< / > 2.26< / > 16.80< / > 148.65< / >< / > Diageo#< / > 1611.00< / > 7.50< / > 1903.91< / > 1295.50< / > 2.35< / > 27.27< / > 3010.74< / >< / > Greencore< / > 248.60< / > 3.00< / > 307.50< / > 191.10< / > 1.05< / > 18.83< / > 803.35< / >< / > Kerry Group< / > 7502.75< / > 194.88< / > 7646.35< / > 5567.81< / > 1.63< / > 22.14< / > 14.35< / >< / > Tate &

Lyle< / > 560.00< / > -1.00< / > 580.00< / > 319.40< / > 3.54< / > 25.45< / > 281.59< / >< / > Unileverw< / > 4623.00< / > 54.00< / > 5542.11< / > 3644.00< / > 3.57< / > 12.61< / > 2376.50< / >< / > | 医疗保健设备与服务< / > |

GN Store Nord | 1194.11< / > -29.73< / > 1429.97< / > 984.75< / > —< / > 15.52< / > 321.75< / > | Smith&Neph+< / > 1019.00< / > 7.50< / > 1426.59< / > 980.40< / > 2.95< / > 18.68< / > 2074.09< / >< / > | 家居、休闲与个人用品< / >< / > Barratt Redrow< / > 300.10< / > -9.10< / > 410.29< / > 235.40< / > 2.00< / > 22.07< / > 4462.98< / >< / > Bellway< / > 2000.00< / > -44.00< / > 2890.00< / > 1715.00< / > 3.60< / > 15.06< / > 873.88< / >< / > Berkeley< / > 3192.00< / > -52.00< / > 4442.00< / > 2796.00< / > —< / > 9.63< / > 456.36< / >< / > Burberry Group< / > 1016.00< / > -15.50< / > 1376.50< / > 953.40< / > < / > 1184.54< / >< / > Caim Homes+< / > 227.00< / > < / > 251.00< / > 161.00< / > 3.88< / > 12.59< / > 267.44< / >< / > Games Workshop< / > 6540.00< / > -20.00< / > 23540.00< / > 14280.00< / > 3.39< / > 26.51< / > 92.31< / >< / > Gleeson (MJ)< / > 268.50< / > -6.50< / > 435.00< / > 221.00< / > 1.86< / > -80.87< / > 51.27< / >< / > Headlam Group#< / > 10.50< / > < / > 60.23< / > 4.64< / > < / > -0.10< / > < / >< / > McBride< / > 175.80< / > 0.60< / > 214.10< / > 107.60< / > 1.76< / > 9.93< / > 180.34< / >< / > Philips< / > 1823.19< / > -4.63< / > 2413.42< / > 1790.38< / > 3.95< / > -43.06< / > 1496.32< / >< / > PZ Cussons+< / > 96.20< / > -0.20< / > 114.00< / > 65.09< / > 3.85< / > 20.47< / > 347.48< / >< / > Vistry Group< / > 744.60< / > -12.00< / > 746.40< / > 220.00< / > —< / > 5.32< / > 2394.72< / > |

5

| 通用工业< / >< / > Coats Group< / > 81.00< / > -0.10< / > 98.10< / > 73.15< / > 3.11< / > 18.12< / > 3112.31< / >< / > Macfarlane•< / > 84.40< / > 0.40< / > 93.80< / > 59.80< / > 4.34< / > 21.15< / > 171.97< / >< / > Smiths< / > 2762.00< / > -85.00< / > 2885.00< / > 2088.00< / > 1.76< / > 4.39< / > 1015.06< / >< / > | 工业运输< / > |

Braemar< / > 235.00< / > -< / > 249.00< / > 203.11< / > 2.98< / > 32.46< / > 69.25< / >< / > Fisher (J)< / > 417.00< / > -7.00< / > 554.00< / > 358.00< / > -< / > -47.93< / > 22.35< / >< / > | 保险< / >< / > Admiral Group< / > 3634.00< / > -16.00< / > 4128.00< / > 2624.00< / > 3.94< / > 14.75< / > 1748.98< / >< / > Aviva+< / > 677.20< / > -11.20< / > 740.60< / > 590.60< / > 5.94< / > 25.17< / > 6933.48< / >< / > Chesnara+< / > 330.00< / > -2.50< / > 378.00< / > 265.00< / > 6.96< / > -65.35< / > 474.62< / >< / > Ecclesiastical Insurance< / > 130.25< / > 2.25< / > 155.00< / > 125.50< / > 6.62< / > -< / > 108.24< / >< / > Hansard< / >

Global+ | 54.00< / > -1.50< / > 60.80< / > 43.20< / > 8.24< / > 11.49< / > 2.13< / > | Hiscox< / > 1834.00< / > -16.00< / > 1952.00< / > 1288.00< / > 2.14< / > 13.42< / > 1005.09< / >< / > Lancashire Hldgs< / > 641.50< / > 6.00< / > 700.00< / > 549.00< / > 2.62< / > 7.01< / > 359.52< / >< / > Legal & General< / > 288.10< / > -2.30< / > 318.10< / > 217.20< / > 7.61< / > 28.84< / > 21969.16< / >< / > Old Mutual+< / > 59.20< / > -0.20< / > 78.80< / > 55.00< / > 7.34< / > 6.61< / > 827.57< / >< / > Prudential+< / > 881.00< / > -43.20< / > 1238.00< / > 877.60< / > 2.38< / > 7.55< / > 17270.33< / >< / > Standard

Life+< / > 871.50< / > -8.00< / > 960.00< / > 633.50< / > 6.44< / > -185.03< / > 1523.50< / >< / > | 休闲< / >< / > ME Group< / > 113.80< / > -1.80< / > 195.94< / > 98.50< / > 7.37< / > 7.59< / > 669.79< / > |

< rowspan="2">< / >< rowspan="2">价格 + / -< / > | 52周< / >< ="2">成交量 (千)< / >< / > 当日变动< / > 最高< / > 最低< / > 收益率< / > 市盈率< / >< / > BP Marsh< / > 655.00< / > 2.00< / > 710.00< / > 613.00< / > 5.54< / > 4.94< / > 27.44< / >< / > Burlford Capital< / > 270.00< / > 2.60< / > 892.50< / > 264.20< / > 3.50< / > 12.31< / > 95.21< / >< / > Premier Miton Group< / > 34.75< / > -0.25< / > 64.20< / > 34.50< / > 8.63< / > 44.55< / > 74.27< / >< / > | 食品与饮料< / >< / > Camellia< / > 5900.00< / > 200.00< / > 6300.00< / > 4800.00< / > 4.41< / > -31.60< / > 0.26< / >< / > Fevertree

Drinks●< / > 840.00< / > 9.50< / > 973.00< / > 711.00< / > 2.08< / > 44.73< / > 1723.78< / >< / > Nichols< / > 1100.00< / > 10.00< / > 1200.00< / > 880.00< / > 3.54< / > 18.75< / > 23.80< / >< / > | 家居、休闲与个人用品< / >< / > Churchill●< / > 351.00< / > -4.00< / > 460.00< / > 271.00< / > 5.98< / > 8.84< / > 3.86< / >< / > Frontier Dev●< / > 583.00< / > -8.00< / > 640.00< / > 302.00< / > —< / > 7.82< / > 38.44< / >< / > Portmeirion< / > 48.00< / > -0.50< / > 122.00< / > 47.00< / > —< / > -1.06< / > 10.64< / >< / > Sanderson Design Grp< / > 74.50< / > —< / > 80.00< / > 40.00< / > 2.01< / > 25.00< / > 17.17< / >< / > | 工业工程< / >< / > MS

Intl< / > 1535.00< / > -5.00< / > 1800.00< / > 1120.00< / > 1.69< / > 22.77< / > 14.06< / > |

< ="2">< / >< ="2">价格< / >< ="2">+ / - 日变动< / > | 52周< / >< ="2">收益率< / >< ="2">资产净值 (NAV)< / >< ="2">分红-) 溢价< / >< / > 最高< / > 最低< / > < / >< / > Fidelity Spec< / > 460.00< / > -2.50< / > 479.50< / > 384.77< / > 2.25< / > 464.15< / > -0.17< / > < / >< / > Finsbury G&I< / > 780.00< / > 4.00< / > 875.00< / > 706.25< / > 2.69< / > 835.02< / > -6.97< / > < / >< / > The Glbl Small

Co | 190.20< / > -1.80< / > 198.60< / > 162.72< / > 1.66< / > 202.18< / > -5.12< / > < / > | GRIT(susp)< / > 1.25< / > —< / > 1.25< / > —< / > 14.40< / > -91.32< / > < / >< / > Hansa< / > 334.00< / > 2.00< / > 346.00< / > 250.00< / > 1.32< / > 557.74< / > -40.24< / > < / >< / > Hansa A< / > 335.00< / > —< / > 340.00< / > 244.00< / > 1.31< / > 557.74< / > -39.70< / > < / >< / > Hen FarEs< / > 271.00< / > -1.50< / > 281.50< / > 229.00< / > 9.24< / > 257.86< / > 5.64< / > < / >< / > Hen High Inc< / > 198.50< / > -2.50< / > 214.00< / > 173.25< / > 5.60< / > 209.20< / > -3.87< / > < / >< / > Hen

Smrl< / > 952.00< / > 2.00< / > 998.00< / > 769.00< / > 3.05< / > 1050.40< / > -9.40< / > < / >< / > Herald< / > 2970.00< / > -40.00< / > 3290.73< / > 2285.00< / > —< / > 3476.32< / > -14.09< / > < / >< / > HICL Infra< / > 131.00< / > -0.80< / > 141.00< / > 107.20< / > 6.49< / > 160.37< / > -18.05< / > < / >< / > Impax Env< / > 452.50< / > 2.50< / > 494.76< / > 379.00< / > 1.15< / > 517.36< / > -12.05< / > < / >< / > IntiBiotech< / > 1060.00< / > -10.00< / > 1235.00< / > 786.00< / > 2.95< / > 1080.05< / > -2.50< / > < / >< / > Intl PP< / > 135.60< / > -1.00< / > 145.80< / > 115.60< / > 6.48< / > 153.67< / > -12.26< / > < / >< / > Inv Asia Dragon

Tst< / > 499.00< / > -3.00< / > 520.00< / > 395.00< / > 3.85< / > 541.78< / > -6.72< / > < / >< / > Inv Bond Inc< / > 169.00< / > 0.50< / > 178.50< / > 150.11< / > 7.25< / > 165.85< / > 1.69< / > < / >< / > JPM Amer IT< / > 1246.00< / > -10.00< / > 1258.00< / > 1041.00< / > 0.92< / > 1304.49< / > -4.16< / > < / >< / > JPM Asia G&I< / > 600.00< / > -8.00< / > 652.00< / > 426.00< / > 5.50< / > 609.93< / > -0.21< / > < / >< / > JPM China G&I< / > 254.50< / > -4.50< / > 313.00< / > 252.50< / > 4.48< / > 288.99< / > -8.93< / > < / >< / > JPM Clavr< / > 924.00< / > -2.00< / > 986.00< / > 799.98< / > 3.95< / > 960.17< / > -3.46< / > < / >< / > JPM Emrg

EMEA< / > 229.00< / > -6.00< / > 310.00< / > 196.00< / > 0.26< / > 69.03< / > 238.52< / > < / >< / > JPM Emrg< / > 171.80< / > -1.40< / > 181.20< / > 126.20< / > 4.38< / > 189.09< / > -7.75< / > < / >< / > JPM Eur Disc< / > 603.00< / > -9.00< / > 666.00< / > 548.00< / > 2.65< / > 667.10< / > -8.17< / > < / >< / > JPM Eur G&I< / > 137.80< / > -2.20< / > 153.00< / > 124.50< / > 3.95< / > 145.01< / > -3.72< / > < / >< / > JPM Em Mk Div< / > 216.00< / > -2.00< / > 221.00< / > 155.50< / > 2.78< / > 237.73< / > -8.52< / > < / >< / > JPM Gbl G&I< / > 613.50< / > -6.50< / > 641.00< / > 529.60< / > 4.04< / > 637.95< / > -3.50< / > < / >< / > JPM India Gwth

Inc | 834.00< / > -1.00< / > 1098.00< / > 799.00< / > 5.08< / > 915.48< / > -8.46< / > < / > | JPM 日本< / > 840.00< / > -8.00< / > 867.00< / > 668.00< / > 1.04< / > 926.31< / > -9.38< / > < / >< / > JPM 英国小型股< / > 346.00< / > -4.50< / > 369.00< / > 287.92< / > 4.31< / > 377.57< / > -7.81< / > < / >< / > JPM 美国小型股< / > 415.00< / > -7.00< / > 463.00< / > 365.00< / > 0.77< / > 463.72< / > -9.39< / > < / >< / > Law Deb< / > 1216.00< / > -16.00< / > 1290.00< / > 991.00< / > 3.00< / > 1215.40< / > 0.92< / > < / >< / > Lindsell

Train< / > 574.00< / > -10.00< / > 750.00< / > 529.50< / > 4.88< / > 6.78< / > -14.45< / > < / >< / > Lowland< / > 184.00< / > -1.00< / > 191.50< / > 148.00< / > 3.74< / > 201.78< / > -8.46< / > < / >< / > Marwyn Val< / > 141.00< / > —< / > 141.60< / > 140.40< / > 6.43< / > 264.17< / > -46.05< / > < / >< / > Mercantile< / > 270.00< / > -3.50< / > 290.50< / > 234.31< / > 3.07< / > 302.40< / > -10.06< / > < / >< / > Merch. Trst< / > 657.00< / > -3.00< / > 691.00< / > 536.25< / > 4.55< / > 690.89< / > -4.39< / > < / >< / > Mid Wynd< / > 798.00< / > -8.00< / > 814.00< / > 682.00< / > 1.08< / > 823.93< / > -2.98< / > < / >< / > Monks

IT< / > 1670.00< / > -12.00< / > 1687.13< / > 1366.00< / > 0.05< / > 1779.21< / > -5.65< / > < / >< / > Montanaro Eur< / > 176.00< / > -2.00< / > 189.00< / > 142.00< / > 0.88< / > 197.22< / > -9.95< / > < / >< / > Murray Inc< / > 954.00< / > -4.00< / > 1036.00< / > 854.66< / > 4.30< / > 1026.43< / > -6.55< / > < / >< / > Murray Intl< / > 357.00< / > -0.50< / > 376.00< / > 296.50< / > 3.59< / > 355.06< / > 0.45< / > < / >< / > New Star IT< / > 138.00< / > -2.50< / > 148.00< / > 111.00< / > 2.57< / > 202.69< / > -31.42< / > < / >< / > N. Atl Smrl IT< / > 428.00< / > 3.00< / > 434.00< / > 328.00< / > 1.64< / > 649.91< / > -34.60< / > < / >< / > Pac.

Horiz.< / > 1132.00< / > -10.00< / > 1262.00< / > 719.00< / > —< / > 1256.84< / > -8.93< / > < / >< / > Pers. Assets< / > 542.00< / > -1.00< / > 558.00< / > 515.00< / > 1.03< / > 546.83< / > -1.34< / > < / >< / > Polar Health< / > 435.00< / > 6.50< / > 460.50< / > 352.11< / > 0.51< / > 423.32< / > 0.72< / > < / >< / > Polar Fin.< / > 239.00< / > -2.00< / > 260.50< / > 199.16< / > —< / > 248.87< / > -3.12< / > < / >< / > Polar Tech.< / > 712.00< / > -11.00< / > 743.50< / > 420.00< / > —< / > 791.89< / > -9.63< / > < / > |

r> Relx■< / > 2599.00< / > 28.00< / > 3539.00< / > 1991.00< / > 2.65< / > 23.08< / > 4413.37< / >< / > Rightmove◆< / > 461.50< / > 8.00< / > 702.80< / > 391.40< / > 2.33< / > 16.42< / > 4385.23< / >< / > STV Group< / > 102.00< / > 1.00< / > 124.50< / > 95.60< / > —< / > -9.44< / > 71.82< / >< / > | 采矿业< / > |

3531.84< / >< / > 必和必拓m< / > 7022.00< / > -142.00< / > 9117.00< / > 4925.00< / > 4.96< / > 15.13< / > 3311.14< / > |

BP■ | 562.00< / > 1.10< / > 609.40< / > 399.35< / > 4.47< / > -< / > 26688.71< / > | Capricorn< / > 427.00< / > 1.00< / > 450.00< / > 181.80< / > -< / > 20.16< / > 140.72< / >< / > ExxonMobil Hldgs< / > 12404.90< / > -< / > 12622.00< / > 12371.60< / > 2.51< / > -< / >< / > GeoPark< / > 847.26< / > -< / > 876.77< / > 841.21< / > 0.82< / > 13.66< / > -< / >< / > Helleniq Energy< / > 1529.34< / > -< / > 1544.58< / > 1509.02< / > 3.32< / > 6.21< / > 457.34< / >< / > 帝国石油 C$< / > 9157.95< / > -48.26< / > 10397.16< / > 6229.98< / > 2.02< / > -< / > 228.82< / >< / > TC Energy Corp◆< / > 4477.83< / > -< / > 4547.39< / > 4462.97< / > 4.16< / > -23.68< / > 702.80< / > |

AstraZeneca■< / > 12180.00< / > 222.00< / > 15732.00< / > 9892.00< / > 1.96< / > 24.40< / > 1721.60< / >< / > Chemical Works< / > 2838.51< / > -< / > 2838.51< / > 5.34< / > 14.70< / > -< / >< / > GlaxoSmKline■●< / > 1790.50< / > 25.00< / > 2282.00< / > 1592.00< / > 3.91< / > 12.69< / > 5071.00< / >< / > Hikma Pharm< / > 1646.00< / > 26.00< / > 1865.00< / > 1187.00< / > 3.95< / > 11.96< / > 412.32< / > | 房地产投资信托 (REITs)< / >< / > British Land< / > 391.20< / > -3.40< / > 451.60< / > 335.40< / > 5.91< / > -< / >< / > Derwent London< / > 1786.00< / > -9.00< / > 2196.00< / > 1469.33< / > 4.59< / > -< / >< / > Great Portland Est< / > 304.60< / > -4.00< / > 377.00< / > 270.00< / > 2.69< / > -< / > 0.00< / >< / > Land Securities< / > 612.50< / > -5.00< / > 726.00< / > 525.00< / > 6.73< / > -< / >< / > LondonMetric Prop< / > 172.40< / > -1.50< / > 216.20< / > 170.20< / > 7.28< / > -< / > -19.81< / >< / > Primary Health Prop< / > 89.25< / > -0.50< / > 109.60< / > 87.40< / > 8.18< / > -< / >< / > Segro< / > 913.60< / > -6.60< / > 997.40< / > 632.20< / > 3.45< / > -< / >< / > Shaftesbury Capital< / > 136.10< / > -1.40< / > 155.10< / > 124.10< / > 3.16< / > 7.28< / > 1918.84< / >< / > Tritax Big Box< / > 141.60< / > -0.60< / > 175.00< / > 139.80< / > 5.83< / > -< / > | 房地产投资与服务< / >< / > Grainger< / > 163.90< / > -2.20< / > 202.79< / > 149.44< / > 5.13< / > -< / >< / > Harworth Group*< / > 187.00< / > -< / > 195.00< / > 116.80< / > 0.98< / > 64.48< / > 359.15< / >< / > Helical< / > 177.00< / > -5.00< / > 236.25< / > 176.00< / > 1.48< / > 36.65< / > 53.24< / >< / > Mountview Estates< / > 8625.00< / > -125.00< / > 10200.00< / > 8350.00< / > 6.09< / > 16.52< / > 3.52< / >< / > Savills< / > 953.00< / > -20.00< / > 1142.00< / > 791.46< / > 2.47< / > 18.33< / > 307.72< / >< / > Sirius Real Estate< / > 88.20< / > -0.60< / > 113.00< / > 85.85< / > 6.14< / > 6.87< / > 1506.48< / >< / > Smart (J)< / > 115.00< / > -< / > 140.00< / > 106.00< / > 2.83< / > 8.80< / > -< / >< / > | 零售商< / >< / > Caffyns< / > 500.00< / > -45.00< / > 550.00< / > 350.00< / > 2.00< / > -12.29< / > 0.01< / >< / > Dunelm Group< / > 788.00< / > 7.50< / > 1174.00< / > 707.00< / > 8.95< / > 10.23< / > 337.38< / > | 52周< / >< rowspan="2">成交量(千)< / > | 价格< / > + / - 日变动< / > 最高< / > 最低< / > 收益率< / > 市盈率< / >< / > | 媒体< / >< / > Mission Group< / > 25.50< / > -< / > 29.00< / > 12.00< / > -< / > -1.20< / > 1.63< / >< / > | 采矿< / >< / > Central Asia Metals●< / > 150.00< / > -0.60< / > 244.00< / > 125.27< / > 10.33< / > -4.66< / > 929.19< / >< / > Crism Therapeutics< / > 9.25< / > -< / > 18.50< / > 8.00< / > -< / > -1.81< / > 81.66< / >< / > | 石油与天然气< / >< / > BorSthnPet< / > 7.96< / > -1.02< / > 14.00< / > 7.26< / > -< / > -65.76< / > 2986.89< / >< / > | 制药与生物技术< / >< / > Sareum

Holdings< / > 27.50< / > -< / > 40.00< / > 9.50< / > -< / > -11.46< / > 126.55< / >< / > | 零售商< / >< / > Boohoo Group< / > 24.00< / > -0.50< / > 29.50< / > 10.30< / > -< / > -3.10< / > 538.88< / >< / > CVS Group< / > 1163.00< / > -7.00< / > 1648.00< / > 1062.00< / > 0.77< / > 47.66< / > 284.17< / > |

< ="2">< / >< ="2">价格< / >< ="2">+ / - 日变动< / > | 52周< / >< ="2">收益率< / >< ="2">资产净值(NAV)< / >< ="2">折 / 溢价(Dis(-)Prem)< / >< / > 最高< / > 最低< / >< / > Rights & Iss IT< / > 2440.00< / > -40.00< / > 2520.00< / > 1965.13< / > 1.85< / > 3048.22< / > -18.21< / >< / > RIT Cap.< / > 2465.00< / > 10.00< / > 2645.00< / > 1985.25< / > 1.83< / > 3198.50< / > -23.40< / >< / > Ruffer Inv Pr< / > 293.00< / > -0.50< / > 319.00< / > 281.26< / > 2.11< / > 305.01< / > -3.70< / >< / > Schdr AsiaPac< / > 849.00< / > -8.00< / > 892.00< / > 641.35< / > 1.53< / > 944.94< / > -9.79< / >< / > Schdr

AsiaTotal< / > 713.00< / > -3.00< / > 746.00< / > 530.00< / > 1.61< / > 757.95< / > -4.82< / >< / > Schroder Inc< / > 351.00< / > -6.00< / > 380.00< / > 314.00< / > 4.36< / > 378.80< / > -6.65< / >< / > Schdr Japan< / > 390.00< / > -2.00< / > 402.53< / > 276.00< / > 3.42< / > 429.13< / > -9.60< / >< / > Schdr Orient.< / > 458.00< / > -2.00< / > 478.00< / > 317.00< / > 2.88< / > 482.79< / > -4.66< / >< / > Schdr UK Mid< / > 748.00< / > -17.00< / > 790.00< / > 652.00< / > 3.02< / > 801.19< / > -4.78< / >< / > Scot American< / > 553.00< / > -3.00< / > 572.00< / > 480.10< / > 2.96< / > 589.70< / > -7.76< / >< / > Scot

Mortgage< / > 1626.00< / > -11.50< / > 1651.50< / > 1015.74< / > 0.28< / > 1796.60< / > -10.83< / >< / > Scot Oriental< / > 282.00< / > 1.00< / > 295.00< / > 240.00< / > 1.21< / > 312.48< / > -10.43< / >< / > Strategic Eq.< / > 397.00< / > -7.50< / > 415.00< / > 330.00< / > 1.13< / > 448.34< / > -10.13< / >< / > Temple Bar< / > 409.50< / > -2.00< / > 429.50< / > 345.25< / > 3.81< / > 411.07< / > 0.43< / >< / > Tetragon< / > 1108.25< / > 4.88< / > 1476.82< / > 892.96< / > 3.21< / > —< / > < / >< / > TRIG< / > 75.70< / > -0.20< / > 80.50< / > 63.20< / > 9.97< / > 101.33< / > -24.87< / >< / > UIL< / > 209.00< / > —< / > 307.88< / > 205.00< / > 3.83< / > 284.77< / > -23.50< / >< / > Utilico

EmerMkts | 293.00< / > 2.00< / > 302.00< / > 243.00< / > 3.30< / > 324.61< / > -10.52< / > | Worldwide Hlth< / > 371.50< / > 2.50< / > 401.50< / > 322.52< / > 0.65< / > 393.14< / > -8.13< / >< / > | 常规 - 私募股权< / >< / > CT PrivEq< / > 459.00< / > -10.00< / > 592.00< / > 439.84< / > 6.17< / > 696.04< / > -34.04< / >< / > HGCapital< / > 373.00< / > -7.50< / > 512.00< / > 318.64< / > 1.34< / > 530.12< / > -29.64< / >< / > HVPE< / > 3235.00< / > -55.00< / > 3500.00< / > 2807.59< / > —< / > 4518.00< / > -27.29< / >< / > ICG Ent< / > 1380.00< / > 8.00< / > 1611.42< / > 1288.31< / > 3.04< / > 2031.97< / > -32.18< / >< / > Pantheon

Int< / > 381.50< / > -4.50< / > 409.00< / > 339.05< / > —< / > 534.60< / > -27.42< / >< / > Partners PE €< / > 592.77< / > 4.41< / > 945.52< / > 569.45< / > 10.00< / > 11.58< / > -39.21< / >< / > | 常规 - 房地产投资公司< / >< / > AEW UK REIT< / > 99.40< / > 0.30< / > 113.20< / > 95.90< / > 8.05< / > 106.88< / > -5.29< / >< / > Prop< / > 271.00< / > -4.00< / > 364.50< / > 269.50< / > 5.94< / > 302.93< / > -9.80< / >< / > | 风险资本信托 (VCTs)< / >< / > Bmd 2nd VT< / > 44.40< / > —< / > 54.00< / > 39.50< / > 9.01< / > 46.55< / > -4.62< / >< / > Nthn 2 VCT< / > 53.00< / > —< / > 56.50< / > 47.00< / > 5.66< / > 55.40< / > -4.33< / >< / > 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< / > —< / > 116.59< / > 1.23< / >< / > | 投资公司 - AIM< / >< / > Crys Amber< / > 75.50< / > -1.00< / > 155.39< / > 73.00< / > —< / > 172.64< / > -55.40< / > |

< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">当日涨跌 + / -< / > | 52周< / >< rowspan="2">成交量(千股)< / >< / > 最高< / > 最低< / > 收益率< / > 市盈率< / >< / > Halfords Group< / > 260.00< / > 1.50< / > 276.10< / > 123.80< / > 3.46< / > 17.11< / > 1405.70< / >< / > Inchcape< / > 644.00< / > -42.00< / > 895.00< / > 644.00< / > 5.22< / > 8.88< / > 1916.07< / >< / > JD Sports< / > 83.50< / > 3.16< / > 105.00< / > 63.98< / > 1.52< / > 9.68< / > 14439.39< / >< / > Kingfisher< / > 329.10< / > --< / > 372.30< / > 266.40< / > 3.77< / > 23.51< / > 6699.30< / >< / > Marks &

Spencer< / > 393.80< / > 8.00< / > 418.33< / > 301.10< / > 1.07< / > 31.01< / > 5477.91< / >< / > Saga< / > 761.00< / > 11.00< / > 799.00< / > 234.50< / > --< / > 379.47< / >< / > Sainsbury J< / > 327.60< / > 5.80< / > 380.30< / > 293.70< / > 4.18< / > 18.94< / > 8832.43< / >< / > Tesco< / > 475.80< / > 5.80< / > 510.40< / > 411.70< / > 3.05< / > 17.30< / > 8675.68< / > |

wden Joinery | 754.50< / > -5.00< / > 981.00< / > 713.00< / > 2.92< / > 15.34< / > 934.72< / > | Intertek< / > 5900.00< / > 15.00< / > 5900.00< / > 3519.42< / > 2.80< / > 27.05< / > 678.46< / >< / > Johnson Service< / > 137.40< / > 1.10< / > 172.10< / > 123.80< / > 3.64< / > 14.77< / > 1318.87< / >< / > MITIE Group< / > 210.40< / > 0.40< / > 214.00< / > 134.80< / > 2.14< / > 31.88< / > 1975.15< / >< / > RS Group< / > 756.50< / > -7.50< / > 790.00< / > 536.90< / > 3.03< / > 21.86< / > 902.39< / >< / > Vp< / > 512.00< / > —< / > 608.00< / > 420.00< / > 7.71< / > -37.10< / > 14.82< / > | 科技 - 软件与服务< / >< / > Computacenter+< / > 5450.00< / > 20.00< / > 6045.00< / > 2578.00< / > 1.43< / > 37.20< / > 161.41< / >< / > NCC Group+< / > 149.20< / > 4.00< / > 161.60< / > 107.20< / > 3.12< / > 26.64< / > 727.33< / >< / > The Sage Grp< / > 1022.00< / > 17.00< / > 1181.00< / > 771.66< / > 2.20< / > 27.08< / > 2130.26< / >< / > Triad Group< / > 380.00< / > -< / > 430.00< / > 236.00< / > 2.37< / > 38.31< / > 3.00< / >< / > | 电信< / >< / > Airtel Africa< / > 312.80< / > 2.20< / > 436.20< / > 219.00< / > 1.72< / > 22.23< / > 2874.32< / >< / > BT Group< / > 198.45< / > 3.20< / > 242.09< / > 173.00< / > 4.19< / > 18.04< / > 18061.29< / >< / > Telecom Plus< / > 850.00< / > 7.00< / > 1896.00< / > 638.00< / > 5.88< / > 8.40< / > 307.88< / >< / > Vodafone< / > 127.75< / > 2.65< / > 132.07< / > 83.40< / > 3.10< / > -91.43< / > 30623.77< / >< / > | 烟草< / > |

Brit Amer Tobacco•< / > 4094.00< / > 85.00< / > 5326.00< / > 3677.00< / > 6.00< / > 11.64< / > 2685.30< / >< / > Imperial Brands< / > 2498.00< / > 21.00< / > 3632.04< / > 2408.00< / > 6.70< / > 9.91< / > 1323.52< / >< / > | 旅游与休闲< / >< / > easyJet< / > 679.60< / > 1.40< / > 683.80< / > 332.60< / > 1.94< / > 10.33< / > 2669.69< / >< / > FirstGroup< / > 186.60< / > -1.00< / > 222.60< / > 152.10< / > 3.86< / > 8.72< / > 1833.23< / >< / > Fullers 'A'< / > 702.00< / > -2.00< / > 780.00< / > 570.00< / > 3.02< / > 17.90< / > 49.39< / >< / > IntContl Hotels< / > 12115.10< / > -14.44< / > 13305.06< / > 8762.00< / > 1.16< / > 32.62< / > 149.23< / >< / > Intl Cons Air< / > 432.80< / > -6.90< / > 492.90< / > 332.70< / > 1.55< / > 7.17< / > 6969.43< / >< / > Whitbread< / > 2472.00< / > -79.00< / > 3286.05< / > 2098.00< / > 3.92< / > 20.05< / > 674.01< / >< / > | 公用事业< / >< / > Drax Group•< / > 776.00< / > -4.00< / > 937.50< / > 695.50< / > 3.90< / > 37.49< / > 935.25< / >< / > National Grida< / > 1150.00< / > -1.00< / > 1428.50< / > 1075.50< / > 4.22< / > 17.56< / > 7136.73< / >< / > Pennon< / > 361.20< / > -90.80< / > 606.00< / > 340.00< / > 8.11< / > 18.62< / > 14493.08< / >< / > Severn Trent< / > 3058.00< / > -56.00< / > 3335.00< / > 2381.00< / > 4.12< / > 24.76< / > 1025.61< / >< / > SSE< / > 2459.00< / > -13.00< / > 2767.50< / > 1760.00< / > 2.79< / > 23.31< / > 2117.83< / > | < 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< / >< / > | 支持服务< / >< / > Christie< / > 180.00< / > -< / > 199.60< / > 90.00< / > 2.22< / > 35.43< / > 21.52< / >< / > LonSec< / > 3750.00< / > -< / > 3900.00< / > 2100.00< / > 2.59< / > 19.33< / > -< / >< / > NWF< / > 157.00< / > -< / > 187.50< / > 110.00< / > 5.54< / > 8.44< / > 17.51< / >< / > Petards< / > 8.50< / > -< / > 12.50< / > 7.00< / > -< / > -12.69< / > 1.47< / >< / > Renew< / > 965.00< / > -7.00< / > 1016.00< / > 821.00< / > 2.11< / > 15.65< / > 139.54< / >< / > | 科技

• 软件与服务< / > |

Oxford Metrics< / > 34.90< / > -0.10< / > 60.40< / > 34.90< / > 9.31< / > -63.45< / > 373.56< / >< / > | 旅游与休闲< / >< / > Gaming Realms< / > 31.60< / > 0.10< / > 47.20< / > 29.00< / > -< / > 15.57< / > 230.86< / >< / > Jet2♦< / > 1420.00< / > -19.00< / > 1612.00< / > 980.00< / > 1.19< / > 6.72< / > 381.36< / > |

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📄 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.

| Stock | Price | +Chg | 52 Week | Yld | P/E | Mkt Vol. | High | Low | Yld | ONEOK | 89.23 | 4.80 | 15.36 | 56.25 | Oracle | 144.77 | 2.29 | 322.54 | 114.50 | 1.38 | 23.34 | 437.75 | O'Reilly Automotive | 85.14 | 1.24 | 105.23 | 82.59 | 0.00 | 26.94 | 68.87 | Old Worldwide | 66.66 | 0.22 | 100.00 | 64.00 | 0.00 | 18.88 | 25.44 | Oneok | 148.41 | 2.47 | 167.25 | 137.62 | 2.93 | 21.99 | 10.21 | PACCAR | 109.32 | -0.04 | 139.24 | 92.25 | 1.28 | 22.97 | 57.54 | Palantir Technologies A | 192.07 | 2.67 | 207.52 | 106.37 | 0.00 | 151.24 | 441.90 | Palo Alto Networks | 419.91 | 13.15 | 409.50 | 139.57 | 0.00 | 1024.17 | 343.49 | Parker-Hannifin | 884.91 | 9.23 | 1099.94 | 715.37 | 0.81 | 34.09 | 124.21 | Paychex | 101.02 | 1.24 | 129.24 | 85.45 | 4.71 | 20.04 | 35.96 | PayPal Holdings | 54.61 | 0.20 | 79.22 | 38.46 | 1.03 | 10.25 | 46.72 | PepsiCo | 125.71 | 0.06 | 171.48 | 124.22 | 4.71 | 16.45 | 171.58 | Pfizer | 27.50 | 0.09 | 29.21 | 23.62 | 6.25 | 35.71 | 156.74 | Philip Morris Intl | 190.40 | 0.87 | 207.76 | 142.11 | 3.36 | 27.36 | 296.76 | Phillips 66 | 269.79 | 0.07 | 277.12 | 126.74 | 1.88 | 15.35 | 107.65 | PNC Financial Services Gp | 220.16 | -0.12 | 258.96 | 176.88 | 3.63 | 12.11 | 87.83 | Progressive | 212.05 | -0.57 | 245.64 | 169.20 | 0.19 | 10.61 | 123.22 | Prologis Inc | 128.68 | 0.60 | 153.35 | 111.03 | 3.33 | 28.47 | 122.29 | Prudential Financial | 113.54 | 0.06 | 127.72 | 91.89 | 4.93 | 10.24 | 39.17 | Public Storage | 285.85 | 4.19 | 335.55 | 256.54 | 4.20 | 27.17 | 53.41 | QUALCOMM | 181.00 | -0.01 | 259.68 | 163.00 | 0.00 | 16.88 | 100.00 | Qualcomm | 54.25 | 0.48 | 67.94 | 53.33 | 6.01 | 39.60 | 51.33 | Regeneron Pharma | 738.72 | 12.25 | 859.34 | 541.00 | 0.51 | 17.64 | 74.71 | Republic Services | 214.74 | 1.91 | 233.42 | 196.41 | 1.25 | 30.42 | 65.76 | Robinhood Markets A | 112.00 | -2.11 | 153.86 | 63.52 | 0.00 | 48.48 | 88.55 | Rubisco A | 45.56 | 0.98 | 141.95 | 33.88 | 0.00 | 32.31 | 30.52 | Roper Technologies | 362.28 | -1.10 | 521.28 | 305.96 | 1.00 | 15.03 | 35.83 | Ross Stores | 224.21 | -2.16 | 257.00 | 147.49 | 0.79 | 26.92 | 71.62 | Royal Caribbean Group | 288.78 | 13.75 | 356.39 | 222.22 | 1.90 | 107.35 | 77.45 | RTX | 183.29 | -1.04 | 226.88 | 155.64 | 1.59 | 31.88 | 247.03 | S&P Global | 396.13 | 5.21 | 552.25 | 381.61 | 0.98 | 24.10 | 116.78 | Salesforce | 224.99 | -4.80 | 269.11 | 146.32 | 0.78 | 20.57 | 185.17 | Schlumberger | 50.00 | -0.28 | 60.46 | 31.64 | 2.36 | 11.09 | 74.21 | Sempra | 79.97 | 1.81 | 101.04 | 76.21 | 3.29 | 23.18 | 52.29 | ServiceNow | 137.97 | 1.89 | 864.83 | 81.24 | 0.00 | 81.64 | 142.66 | Simon Property Group | 201.74 | 0.34 | 238.50 | 172.19 | 4.46 | 14.24 | 65.27 | Snowflake A | 335.95 | -3.04 | 394.56 | 118.00 | 0.00 | 109.08 | 118.52 | Shenwin-williams | 30.87 | 0.09 | 38.54 | 21.45 | 0.00 | 10.37 | 33.37 | State Hermit Co | 85.44 | 1.68 | 100.83 | 81.69 | 3.56 | 20.49 | 98.29 | Southern Copper | 204.26 | -1.03 | 223.88 | 119.25 | 1.94 | 30.67 | 172.47 | Spotify Technology | 488.13 | 5.08 | 700.12 | 405.00 | 0.00 | 218.89 | 100.50 | Starbucks Corp | 96.11 | 1.68 | 110.51 | 77.99 | 2.58 | 55.55 | 109.57 | Strategic A | 164.55 | 0.12 | 365.21 | 81.80 | 0.00 | 1.66 | 59.99 | Stryker | 278.20 | -7.02 | 392.55 | 267.00 | 1.27 | 28.59 | 106.71 | Synopsys | 505.17 | 16.70 | 539.48 | 362.55 | 0.00 | 87.55 | 96.81 | Targa Resources | 285.72 | -1.68 | 307.94 | 144.14 | 1.75 | 27.24 | 61.27 | Target | 154.33 | 1.34 | 170.75 | 83.44 | 3.01 | 15.94 | 70.11 | TE Connectivity | 219.51 | 0.58 | 252.56 | 190.27 | 1.42 | 21.35 | 63.55 | Tesla | 380.68 | 1.95 | 498.83 | 297.38 | 0.00 | 322.61 | 1503.51 | Texas Instruments | 297.23 | 2.33 | 334.03 | 152.73 | 2.05 | 44.97 | 271.44 | The Alstate | 224.27 | -0.44 | 277.22 | 168.08 | 1.93 | 4.43 | 56.71 | The Charles Schwab | 96.80 | -1.16 | 114.53 | 83.86 | 1.32 | 17.54 | 167.40 | The Cigna Group | 274.37 | 3.08 | 312.18 | 239.51 | 2.27 | 11.55 | 72.50 | The Coca-Cola | 66.17 | -0.34 | 92.49 | 65.94 | 2.46 | 25.88 | 370.75 | The Enghouse | 51.88 | 0.13 | 64.76 | 49.60 | 1.65 | 19.47 | 136.43 | Thomson*Willings* | 321.76 | 2.78 | 377.77 | 289.66 | 1.00 | 28.36 | 77.98 | The TJAC Cos | 137.03 | 2.62 | 170.00 | 122.78 | 1.40 | 25.05 | 150.73 | The Williams Cos | 72.39 | 1.58 | 80.08 | 56.19 | 2.90 | 28.84 | 88.55 | Thermo Fisher Scientific | 656.58 | -20.18 | 683.63 | 435.27 | 0.29 | 35.28 | 242.77 | T-Mobile US | 165.93 | 1.29 | 231.02 | 160.81 | 2.55 | 17.32 | 177.99 | Trade Connectors | 476.39 | 5.63 | 505.87 | 348.06 | 0.88 | 36.12 | 104.82 | TransDigm Group Inc | 1103.33 | 10.67 | 1463.03 | 1071.25 | 0.00 | 33.46 | 60.99 | Travelers | 360.64 | -0.06 | 398.69 | 252.26 | 1.39 | 9.55 | 75.22 | Truist Financial | 46.25 | -0.08 | 56.20 | 40.78 | 4.50 | 10.49 | 56.50 | Uber Technologies | 69.08 | -0.40 | 101.30 | 65.41 | 0.00 | 14.95 | 141.10 | Union Pacific | 276.61 | -0.45 | 315.99 | 215.53 | 2.05 | 23.05 | 164.33 | United Parcel Service B | 93.11 | -0.03 | 122.41 | 82.00 | 7.05 | 17.31 | 69.77 | United Rentals | 1080.62 | 6.34 | 1179.18 | 701.59 | 0.71 | 25.83 | 67.26 | UnitedHealth Group | 376.32 | -2.26 | 461.62 | 255.97 | 2.47 | 24.12 | 337.78 | US Bancorp | 57.29 | 0.02 | 66.08 | 45.02 | 3.77 | 11.44 | 89.26 | Valero Energy | 419.22 | -0.11 | 421.88 | 155.29 | 1.14 | 17.47 | 120.70 | Verizon Communications | 139.88 | -0.04 | 177.09 | 92.19 | 4.15 | 11.97 | 134.44 | Vermilion Media Group A | 31.47 | 0.45 | 59.00 | 27.17 | 4.77 | 0.00 | 4.37 | Vertex Pharmaceuticals | 502.31 | -1.19 | 560.25 | 400.74 | 0.00 | 29.02 | 127.32 | Visa A | 370.64 | 0.93 | 385.57 | 239.89 | 0.72 | 31.49 | 631.61 | Volvoa | 160.50 | 15.61 | 217.10 | 132.66 | 0.57 | 26.75 | 53.87 | Walmart | 107.20 | 2.13 | 135.16 | 98.88 | 3.80 | 38.70 | 850.50 | Walt Disney | 104.03 | 0.42 | 117.09 | 92.19 | 1.44 | 21.36 | 179.63 | Waste Management | 207.88 | 1.22 | 248.13 | 194.11 | 1.82 | 29.36 | 83.09 | Wells Fargo | 81.51 | 0.07 | 97.76 | 72.78 | 2.45 | 11.71 | 246.49 | Welltower | 225.78 | 1.62 | 255.20 | 163.75 | 1.51 | 98.17 | 162.73 | Workday A | 186.55 | -2.41 | 247.40 | 110.36 | 0.00 | 37.92 | 36.56 | WW Grainger | 1275.56 | -11.28 | 1419.91 | 906.52 | 0.78 | 32.47 | 60.08 | Yum Brands | 139.84 | 2.87 | 170.14 | 134.26 | 2.15 | 17.50 | 38.16 | Zscelta A | 71.33 | -0.08 | 148.30 | 68.77 | 2.97 | 11.64 | 29.48 | BONDS: GLOBAL INVESTMENT GRADE | Precious Metals | Gold | 4106.46 | -57.54 | Silver ($) | 59.89 | -1.45 | Platinum | 1639.40 | -70.40 | Palladium | 1124.51 | -43.43 | Iron Ore | 91.50 | 0.35 | Bulk Commodities | Baltic Dry | 2994.00 | -8.00 | Richards ICE Futures | 127.30 | 0.20 | Energy | Price | Change | Brent Crude | 100.83 | 1.68 | Natural Gas | 3.24 | 0.12 | Light Crude Oil | 89.05 | -0.39 | 3.5 Fuel Oil | 569.21 | 8.09 | Euro Naphtha Oil | 860.91 | 9.97 | Base Metals | Aluminium | 3121.00 | -12.50 | Copper | 14473.50 | 58.50 | Lead | 1895.00 | 22.00 | Nickel | 15715.00 | 33.00 | Tin | 54360.00 | 176.00 | Zinc | 3763.50 | -2.50 | VOLATILITY INDICES

Tradeweb | Stock | Price | +/-Chg | Crown Castle | 68.28 | 0.70 | CSX | 47.50 | 0.07 | Cummins | 525.31 | 1.94 | Coca-Cola Health | 86.43 | 0.00 | Danaher | 215.61 | -5.60 | Deere & Co | 682.79 | 0.59 | Del Technologies C | 574.00 | 21.71 | Diamondback Energy | 184.98 | 0.90 | Digital Realty Trust | 184.65 | 4.78 | Dominion Energy | 62.00 | 0.98 | DoorDash A | 193.62 | 1.85 | DR Horton | 136.75 | 3.52 | Duke Energy | 115.66 | 1.82 | Eaton Corp | 445.09 | 12.49 | Ecolab | 280.82 | 3.75 | Edwards Lifesciences Corp | 86.48 | -0.75 | Elevance Health | 400.09 | 5.58 | Eli Lilly & Co | 1157.49 | 14.37 | Emerson Electric | 161.40 | -0.93 | EOG Resources | 144.20 | 1.42 | Evans Inc | 1047.36 | 23.92 | Exelon | 41.68 | 0.66 | ExxonMobil Hldgs | 164.48 | 0.48 | Fastenal | 50.81 | 0.12 | FedEx | 289.03 | -0.10 | Ferguson Ent | 223.33 | 0.40 | FICO/SSAC | 695.46 | 5.85 | Fiserv | 45.48 | -0.66 | Flutter Entertainment | 76.25 | 0.52 | Fortinet Inc | 191.27 | 7.14 | Freeport-McKeller | 72.56 | -0.04 | Garmin | 279.21 | -6.31 | GE Aerospace | 309.39 | 3.05 | GE Healthcare Tech | 64.77 | -0.97 | GE Vernova | 1029.21 | 39.21 | General Dynamics | 311.33 | -0.95 | GlaxoSmiths Ltd | 82.01 | 1.78 | GlaxoSmiths | 144.23 | -0.46 | Goldman Sachs Group | 897.18 | 3.72 | HCA Healthcare | 432.20 | -2.72 | Hilton Worldwide Holdings | 322.61 | 6.49 | Home Depot | 286.69 | 5.54 | Honeywell International | 212.87 | -1.27 | Howmet Aerospace | 231.60 | 2.03 | IBM | 221.29 | -0.29 | Illinois Tool Works | 267.14 | 2.95 | Intel | 112.50 | -3.69 | Interactive Brokers Grp A | 90.58 | 1.53 | Intercontinental Exchange | 153.49 | 1.34 | Intuit | 289.81 | 5.13 | Intuitive Surgical | 404.76 | -1.72 | Johnson & Johnson | 254.78 | 1.85 | JPMorgan Chase Inds | 282.71 | -2.11 | JPMorgan Chase | 331.28 | -1.10 | Kenya | 17.59 | 0.20 | Keurig Dr Pepper | 31.13 | 0.24 | Kimberly Clark | 96.77 | 1.36 | Kinder Morgan P | 32.16 | 0.75 | KKR & Co | 90.67 | 0.71 | KLA | 197.46 | -9.39 | L3Harris Technologies | 237.90 | 1.02 | Lear Research | 333.89 | -11.91 | Linde | 489.95 | 7.57 | Lockheed Martin | 510.12 | 3.49 | Lowe's | 183.67 | 4.17 | Lululemon athletica | 93.61 | 0.47 | Marathon Petroleum | 432.36 | -1.11 | Marriott International A | 361.28 | 5.91 | Marathon Oil | 171.73 | 1.11 | Marvell Technology | 287.01 | 15.76 | Mastercard A | 566.58 | 1.99 | McDonald's | 232.45 | -0.59 | McKesson | 921.67 | 6.22 | Medtronic | 87.09 | -0.88 | Merck & Co | 141.94 | 2.40 | Meta Platforms A | 738.88 | -3.02 | MetLife | 97.16 | 0.28 | Micron Technology | 1045.56 | -18.40 | Microsoft | 529.30 | 4.12 | Mondelez International A | 59.62 | 1.13 | Monster Beverage | 43.25 | -0.26 | Moody's | 452.32 | 4.17 | Morgan Stanley | 191.02 | 0.83 | Motorola Solutions | 456.28 | 0.91 | MPLX | 554.92 | -1.80 | Nvidia | 92.77 | 0.08 | Netflix | 68.69 | 1.19 | Newmont Corp | 116.39 | 0.57 | NextEra Energy | 77.88 | 1.60 | NIKE B | 34.61 | 0.65 | Norfolk Southern | 316.31 | 0.08 | Northrop Grumman | 483.11 | 7.00 | Nu Holdings A | 15.66 | 0.48 | NVIDIA | 239.24 | 0.34 | NXP Semiconductors | 244.38 | 2.41 | Occidental Petroleum | 58.33 | 0.02 | Agriculture | Price | Change | Corn | 502.00 | -6.00 | Wheat | 209.50 | 0.50 | Rapeseed | 508.50 | -14.50 | Sunflower Seed | 10150.00 | 120.00 | Soybeans | 1297.00 | -6.00 | Soybeans Meal | 360.60 | 7.20 | Cocoa (ICE Liffe) | 4231.00 | -151.00 | Cocoa (ICE US) | 5583.00 | -117.00 | Coffee (Robusta) | 3559.00 | 67.00 | Coffee (Arabica) | 362.00 | -9.70 | White Sugar | 556.50 | 8.90 | Sugar #11 | 20.67 | -0.15 | Cotton | 77.48 | 0.35 | Orange Juice | 147.40 | -2.90 | Maple Leaf | 4078.85 | -57.52 | Live Cattle | 221.55 | 0.33 | Feeder Cattle | 339.03 | -1.48 | Lean Hogs | 77.30 | -0.63 | Palm Oil (Malaysian) | 1122.50 | -6.00 | 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 | 97.53 | 4.57 | -0.06 | 0.14 | Trust Finl Corp | 28/06 | 4.12 | 99.38 | 5.12 | 0.00 | 0.06 | National Rural | 32/11 | 4.02 | 90.97 | 5.27 | -0.11 | -0.24 | 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 | 0.00 | -0.92 | Euro | Germany | 25/08 | 2.22 | 88.79 | 3.14 | 0.19 | 0.51 | Spain | 46/10 | 2.88 | 78.91 | 4.51 | -0.63 | 0.08 | Belgium | 47/06 | 1.50 | 57.61 | 4.90 | -0.78 | 0.49 | France | 48/05 | 2.00 | 58.09 | 5.29 | -0.99 | 0.57 | £ Sterling | United Kingdom | 46/12 | 4.25 | 80.46 | 5.92 | -0.76 | -0.76 | United Kingdom | 47/07 | 1.50 | 47.08 | 5.98 | -0.53 | -0.53 | BONDS: BENCHMARK GOVERNMENT | Oct 07 | Day Chg | Prev | 52 wk high | 52 wk low | VIX | 15.39 | 0.38 | 15.01 | 35.30 | 13.38 | VXD | 15.67 | 0.47 | 15.20 | 42.71 | 2.43 | VDAX | 18.62 | 1.41 | 17.21 | 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 | 84.54 | 5.89 | 0.01 | 0.11 | 0.20 | 0.64 | 04/27 | 4.75 | 99.95 | 4.85 | 0.00 | -0.01 | 0.09 | 1.48 | Austria | 02/33 | 2.88 | 96.56 | 3.51 | 0.00 | -0.06 | 0.13 | 0.63 | 10/53 | 3.13 | 84.91 | 4.08 | 0.02 | -0.03 | 0.01 | 0.26 | Belgium | 06/54 | 3.25 | 74.98 | 4.98 | 0.09 | -0.06 | 0.26 | 0.70 | Canada | 06/27 | 1.00 | 98.95 | 2.82 | 0.00 | 0.00 | 0.03 | -0.18 | 12/55 | 2.75 | 73.99 | 3.93 | 0.00 | 0.03 | 0.13 | 0.15 | Denmark | 11/33 | 2.25 | 94.11 | 2.78 | 0.00 | 0.00 | 0.00 | 0.20 | 11/39 | 4.50 | 110.89 | 3.45 | 0.01 | -0.05 | 0.10 | 0.52 | Finland | 09/27 | 0.50 | 97.79 | 2.91 | -0.03 | -0.12 | 0.01 | 0.78 | 09/33 | 3.00 | 96.10 | 3.63 | 0.01 | -0.06 | 0.17 | 0.66 | France | 05/54 | 3.00 | 66.39 | 5.35 | 0.10 | -0.07 | 0.40 | 0.26 | 11/33 | 3.50 | 94.04 | 4.49 | 0.10 | 0.00 | 0.97 | -0.37 | Germany | 08/33 | 2.60 | 95.60 | 3.32 | -0.02 | -0.13 | 0.09 | 0.62 | 08/53 | 1.75 | 65.60 | 3.89 | 0.01 | -0.04 | 0.04 | 0.40 | Greece | 06/28 | 3.88 | 100.93 | 3.29 | 0.01 | -0.17 | 0.20 | 0.85 | 06/33 | 4.25 | 99.98 | 4.25 | 0.06 | 0.79 | 0.44 | 0.97 | Ireland | 10/32 | 0.35 | 80.81 | 4.00 | 0.00 | -0.10 | 1.02 | 1.37 | Italy | 12/27 | 2.63 | 99.29 | 3.23 | 0.00 | -0.04 | 0.20 | 0.99 | 03/34 | 4.13 | 99.98 | 4.38 | 0.09 | 0.01 | 0.43 | 1.06 | Netherlands | 01/54 | 2.00 | 68.80 | 3.86 | 0.00 | -0.01 | 0.01 | 0.29 | 07/33 | 2.50 | 94.49 | 3.42 | -0.01 | -0.10 | 0.13 | 0.63 | Poland | 04/28 | 2.75 | 97.34 | 4.56 | 0.05 | -0.18 | 0.21 | 0.72 | 10/33 | 6.00 | 99.56 | 6.08 | 0.04 | -0.07 | 0.18 | 1.14 | Portugal | 07/32 | 1.63 | 89.87 | 3.60 | 0.03 | -0.05 | 0.27 | 0.82 | Spain | 10/52 | 1.88 | 59.53 | 4.59 | 0.05 | -0.01 | 0.18 | 0.54 | 10/33 | 3.50 | 98.30 | 3.82 | 0.04 | -0.04 | 0.28 | 0.76 | Sweden | 11/33 | 1.75 | 96.30 | 2.50 | 0.00 | 0.00 | 0.00 | -0.14 | Switzerland | 03/36 | 2.50 | 118.13 | 0.32 | 0.00 | -0.02 | -0.22 | -0.49 | United Kingdom | 06/28 | 0.00 | 92.65 | 4.69 | 0.01 | -0.04 | 0.21 | 0.93 | 10/53 | 3.75 | 70.05 | 6.00 | 0.08 | 0.02 | 0.17 | 0.79 | United States | 11/33 | 4.50 | 95.91 | 5.20 | 0.04 | 0.01 | 0.52 | 1.22 | 11/53 | 4.75 | 86.58 | 5.73 | 0.06 | 0.05 | 0.45 | 0.90 | GILTS: UK CASH MARKET | Oct 07 | Price | Yield | Red Yield | Day | Week | High | Low | Tr 1.25pc '27 | 97.63 | 1.28 | 4.38 | 0.01 | 0.10 | 97.71 | 0.01 | Tr 0.875pc '29 | 89.03 | 0.98 | 4.80 | -0.10 | 0.13 | 91.00 | 0.01 | Tr 1pc '32 | 81.42 | 1.23 | 5.03 | -0.21 | 0.06 | 85.07 | 81.01 | Tr 4.25pc '36 | 91.65 | 4.64 | 5.39 | -0.49 | -0.21 | 99.39 | 91.30 | Tr 4.5pc '42 | 86.32 | 5.21 | 5.82 | -0.76 | -0.39 | 96.45 | 85.88 | Tr 3.75pc '52 | 70.96 | 5.28 | 5.97 | -0.82 | -0.45 | 81.50 | 70.51 | Tr 4pc '60 | 72.14 | 5.54 | 5.93 | -0.85 | -0.46 | 83.52 | 71.62 | 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 7 | Dayschg % | TotalReturn | MonthReturn | YearReturn | Yield | Up to 5 Years | 84.51 | -0.07 | 2653.68 | -0.21 | 0.95 | 4.79 | 5-10 Years | 141.33 | -0.39 | 3345.94 | -1.35 | -2.05 | 5.24 | 10-15 Years | 138.89 | -0.70 | 3651.32 | -1.86 | -3.98 | 5.64 | 5-15 Years | 139.00 | -0.48 | 3410.08 | -1.51 | -2.65 | 5.40 | Over 15 Years | 161.10 | -1.12 | 3215.42 | -1.95 | -7.59 | 5.91 | All stocks | 123.61 | -0.47 | 3097.14 | -1.11 | -2.53 | 5.58 | Index Linked | Oct 7 | Day's chg % | Month chg % | Year's chg % | Total Return | Return 1 Month | Return 1 Year | Up to 5 Years | 365.04 | -0.00 | 0.16 | 2.76 | 3185.70 | 0.17 | 3.59 | Over 5 Years | 462.04 | -1.16 | -1.73 | -3.39 | 3622.98 | -1.55 | -2.78 | 5-15 Years | 454.28 | -0.47 | -1.40 | 0.31 | 3817.58 | -1.20 | 1.07 | Over 15 Years | 457.82 | -1.91 | -2.09 | -6.94 | 3458.29 | -1.93 | -6.47 | All stocks | 461.73 | -0.90 | -1.31 | -2.13 | 3695.33 | -1.16 | -1.49 | Yield Indices | Oct 7 | Oct 6 | Yr Ago | 5 Yrs | 4.99 | 4.94 | 4.26 | 10 Yrs | 5.43 | 5.36 | 4.59 | 15 Yrs | 5.73 | 5.66 | 4.88 | 20 Yrs | 5.88 | 5.81 | 5.02 | 45 Yrs | 5.73 | 5.65 | 4.91 | Real Yield 0% Inflation | Oct 7 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 1.05 | 2.60 | 1.05 | 0.73 | Over 5 Years | 2.43 | 16.10 | 2.36 | 1.90 | 5-15 Years | 2.14 | 9.43 | 2.09 | 1.61 | Over 15 Years | 2.56 | 22.88 | 2.47 | 2.01 | All stocks | 2.37 | 13.19 | 2.30 | 1.86 | Real Yield 5% Inflation | Oct 7 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 0.81 | 2.60 | 0.80 | 0.43 | Over 5 Years | 2.40 | 16.10 | 2.33 | 1.88 | 5-15 Years | 2.08 | 9.43 | 2.03 | 1.54 | Over 15 Years | 2.54 | 22.88 | 2.46 | 2.00 | All stocks | 2.33 | 13.19 | 2.26 | 1.82 | FT

FINANCIAL TIMES

FT 股票服务指南

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所有数据均截至前一交易日收盘。公司分类基于富时指数（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）显示。最高价和最低价基于滚动 52 周期间的日内交易。市盈率（P / E）基于最新的年度报告和账目，并使用中期数据更新。市盈率是根据公司的持续经营稀释收益计算的。收益率基于收盘价以及上一财年支付的股息，并使用中期数据更新。收益率以净额显示；英国公司的股息扣除 10% 的税款，非英国公司则为税前总额。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。每股净资产价值（NAV）和拆分分析仅供参考。折价和溢价是使用最新的含权公允净资产价值预估值和收盘价计算的。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 以便士显示。

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Energy Source

Profit. Power. Politics.

The Ground Truth image displays a long, 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.

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- 除权交易

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■ 除资本分配交易

📄 Original Section

Main Market | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Aerospace & Defence | BAE Systems■ | 1826.00 | -29.00 | 2360.00 | 1529.00 | 2.07 | 26.54 | 6351.94 | Chemring Group | 500.00 | -8.50 | 650.75 | 446.52 | 1.62 | 28.09 | 1517.15 | Automobiles & Parts | Ford Motors | 912.32 | -12.55 | 1319.04 | 841.76 | 4.98 | -5.07 | — | Banks | ANZ Group | 1998.84 | 9.14 | 2126.50 | 1753.25 | 5.73 | 19.49 | 4023.55 | Banco Santander | 1034.00 | -24.00 | 1122.00 | 709.00 | 1.67 | 13.42 | 8032.48 | Bank of Nova Scotia▲ | 6654.10 | -134.50 | 7165.88 | 4711.98 | 3.64 | — | 1960.79 | Barclays■ | 432.05 | -15.25 | 554.10 | 353.55 | 2.66 | 9.86 | 56399.73 | Canadian Imperial▲ | 8213.96 | -184.44 | 9198.88 | 5969.15 | 2.77 | — | 586.66 | HSBC■ | 1408.00 | -64.20 | 1610.00 | 959.29 | 3.95 | 15.38 | 28017.18 | Lion Finance Gp | 12830.00 | -490.00 | 14820.00 | 7320.00 | 2.47 | 8.75 | 52.91 | Lloyds Bnkg Gp■ | 102.30 | -3.40 | 117.90 | 81.82 | 3.92 | 14.61 | 152507.40 | NatWest Group | 649.80 | -18.60 | 726.00 | 504.41 | 5.39 | 12.15 | 26089.67 | OSB Group | 485.40 | -8.60 | 647.50 | 479.00 | 7.40 | 6.42 | 950.03 | Perm TSB Group | 251.08 | 0.14 | 291.66 | 182.42 | 0.62 | 6.53 | 1.35 | Royal Bank of CA | 14531.70 | -247.69 | 16187.03 | 10784.89 | 2.57 | — | 712.61 | Stand Chart | 2151.00 | -102.00 | 2864.00 | 1351.50 | 2.39 | 14.55 | 4590.27 | ...7.375%PF | 107.75 | 128.84 | 102.00 | 6.84 | — | 91.03 | 8.25%P/B | 118.75 | 0.90 | 143.80 | 114.25 | 6.95 | — | 283.73 | Toronto-Dominion | 8670.03 | -226.51 | 9256.88 | 5880.62 | 2.69 | — | 4550.84 | Westpack | 1803.43 | -18.10 | 2275.39 | 1755.74 | 4.50 | 17.04 | 3057.85 | Chemicals | Elementis | 180.20 | -0.40 | 195.40 | 136.00 | 1.85 | -30.54 | 1389.92 | Johnson Matthey | 2412.00 | -24.00 | 3245.25 | 2192.00 | 4.25 | -31.63 | 388.48 | Victrex | 929.00 | -1.00 | 1024.00 | 515.00 | 3.23 | 29.03 | 133.78 | Construction & Materials | Galliford Try Hldgs | 685.00 | -9.00 | 726.81 | 466.00 | 3.43 | 16.43 | 393.53 | Morgan Sindall* | 4078.00 | -122.00 | 5730.00 | 3938.00 | 4.00 | 10.96 | 155.97 | Electronic & Electrical Equip | discoverGrp | 850.00 | -15.00 | 900.00 | 505.00 | 1.53 | 28.15 | 288.00 | Halma | 3478.00 | -80.00 | 4902.00 | 3268.00 | 0.71 | 35.28 | 681.83 | Morgan Adv Mat | 270.00 | -6.50 | 278.00 | 179.80 | 4.52 | 36.00 | 851.63 | Oxford Instruments | 3048.00 | -64.00 | 3318.00 | 1682.00 | 0.77 | 36.03 | 69.77 | Renishaw | 5765.00 | -225.00 | 6030.00 | 3280.00 | 1.42 | 35.26 | 103.67 | TT Electronics | 188.40 | -4.00 | 197.80 | 93.00 | - | -6.61 | 409.36 | XP Power | 1984.00 | -61.00 | 2160.00 | 849.23 | - | -47.24 | 107.94 | Financial General | 3i Group | 2391.00 | 2.00 | 4497.00 | 1825.00 | 3.53 | - | - | Aberdeen Group | 234.40 | -3.40 | 265.00 | 179.60 | 6.23 | 10.85 | 2959.77 | Bridgepoint Group | 365.40 | 18.60 | 397.11 | 212.00 | 2.68 | 73.08 | 5866.90 | City of London Inv | 512.00 | -2.00 | 540.00 | 349.00 | 6.64 | 13.88 | 43.07 | Close Bros | 389.60 | -5.60 | 556.15 | 318.40 | - | -6.82 | 389.99 | ICG | 1764.00 | -3.00 | 2298.00 | 1424.87 | 4.93 | 10.58 | 3120.00 | Investec | 595.00 | -23.00 | 690.00 | 499.36 | 6.47 | 7.72 | 1777.11 | Jupiter | 171.00 | - | 214.50 | 137.20 | 3.51 | 8.91 | 1693.70 | Liontrust | 297.00 | -1.00 | 358.00 | 223.00 | 6.40 | 19.29 | 144.13 | London Stock Exa | 8216.00 | -70.00 | 10140.00 | 6884.00 | 1.90 | 34.88 | 934.87 | Rathbones Group | 1532.00 | 20.00 | 2500.00 | 1500.00 | 6.53 | 14.20 | 131.86 | S & U | 1900.00 | 10.00 | 2459.50 | 1620.00 | 6.11 | 9.73 | 5.34 | St James's Place | 1027.00 | -11.50 | 1575.50 | 1020.50 | 1.75 | 10.28 | 1032.48 | TP ICAP Group | 323.00 | -2.20 | 355.00 | 235.50 | 5.33 | 12.82 | 812.99 | Vanquis Banking Gp | 68.40 | -0.80 | 132.00 | 68.40 | - | 21.38 | 708.86 | Food & Beverages | ---

暂停交易时的价格

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所列价格仅为参考，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。金融时报不承担责任，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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📄 Original Section

AIM | | Price | +/- Dly Dng | 52 Week | Yld | P/E | Vol 000s | High | Low | Aerospace & Defence | Cohort | 1182.00 | -28.00 | 1538.00 | 881.10 | 1.51 | 22.63 | 297.84 | Velocity Composites | 16.25 | -0.25 | 25.00 | 12.00 | — | -8.12 | 19.78 | Basic Resources (Ex Mining) | Cropper J | 685.00 | -10.00 | 710.00 | 250.00 | — | 22.24 | 13.73 | Construction & Materials | Accsys Tech | 57.40 | -1.60 | 79.84 | 57.00 | — | 25.39 | 19.36 | Electronic & Electrical Equip | Checkit | 16.25 | -0.25 | 27.00 | 12.35 | — | -6.25 | 39.86 | LPA | 82.50 | -2.50 | 92.00 | 34.00 | — | -31.25 | 6.52 | Thorpe FW | 265.00 | 8.00 | 320.00 | 240.00 | 2.77 | 11.17 | 91.52 | Financial General | Arbuthnot Banking | 795.00 | 5.00 | 955.00 | 755.00 | 6.92 | 7.29 | 9.98 | Investment Companies | | Price | +/- Dly Chg | 52 Week | Dist- Prem | High | Low | Yld | NAV | Conventional (Ex Private Equity) | 3i Infra | 384.00 | -2.50 | 399.50 | 325.00 | 3.50 | 405.47 | -4.54 | Abf GVIT | 91.00 | — | 96.77 | 76.00 | 6.70 | 102.95 | -11.18 | Abf Sml | 1802.00 | -4.00 | 1828.00 | 1408.07 | 2.65 | 2015.64 | -10.19 | Aberdeen Asia Foc | 474.00 | 2.00 | 478.00 | 348.00 | 1.36 | 523.17 | -9.17 | Aberdeen Asian Inc Fund | 323.00 | -3.00 | 357.00 | 246.00 | 5.81 | 352.10 | -5.90 | Aberdeen Eq Inc | 450.00 | -3.00 | 473.00 | 359.25 | 5.13 | 448.37 | 0.24 | Aberdeen UK SmlI | 530.00 | -2.00 | 544.00 | 441.50 | 2.64 | 568.99 | -5.77 | Alliance Witan | 1402.00 | -4.00 | 1409.00 | 1178.00 | 2.09 | 1480.03 | -5.38 | Alliance Tech | 776.00 | -9.00 | 789.00 | 460.75 | — | 850.72 | -8.44 | Artemis UK Future Lead | 387.00 | -5.50 | 405.00 | 321.00 | 3.99 | 442.45 | -10.82 | Aurora UK Alpha | 245.00 | -1.00 | 279.00 | 222.09 | 1.92 | 282.49 | -12.78 | AVI Japan | 181.00 | — | 194.00 | 154.50 | 1.22 | 187.45 | -2.87 | BG China Growth | 286.00 | -5.50 | 331.04 | 264.00 | 0.87 | 310.46 | -10.18 | BG Euro | 118.50 | -0.50 | 133.00 | 91.40 | 0.61 | 128.76 | -7.62 | BG Japan | 1082.00 | -6.00 | 1114.00 | 811.10 | 0.92 | 1199.37 | -10.08 | BG Shin | 178.20 | -0.20 | 182.00 | 123.05 | 0.39 | 198.25 | -10.55 | BG US Growth | 396.00 | — | 398.00 | 261.00 | — | 408.44 | -5.79 | Baillie Gifford UK | 214.00 | — | 231.00 | 180.12 | 2.90 | 238.31 | -8.98 | Bankers IT | 155.80 | -1.20 | 157.80 | 125.20 | 1.81 | 171.06 | -8.61 | Biotech Growth | 1430.00 | -18.00 | 1786.00 | 1015.00 | — | 1539.92 | -8.03 | BckR Amer Sml | 281.00 | -2.00 | 289.55 | 208.85 | 5.30 | 278.16 | 0.52 | BckR Energy & Res | 174.00 | -4.00 | 205.00 | 135.50 | 3.56 | 186.27 | -7.35 | BckR Front | 187.50 | -4.50 | 208.00 | 164.50 | 4.06 | 191.85 | 0.13 | BckR GtEur | 577.00 | -12.00 | 625.00 | 506.95 | 1.24 | 633.92 | -7.30 | BckR I&G | 235.00 | — | 240.00 | 208.00 | 3.28 | 254.22 | -7.78 | BckR Smir | 263.00 | -1.50 | 288.40 | 230.80 | 3.01 | 307.85 | -14.12 | BckR World Mining | 926.00 | -20.00 | 1076.00 | 628.00 | 2.59 | 978.36 | -3.65 | Brunner | 1556.00 | -14.00 | 1612.00 | 1336.00 | 1.74 | 1732.19 | -10.44 | Caledonia Inv | 386.00 | -2.50 | 402.00 | 312.00 | 1.99 | 595.13 | -35.30 | CanGen C$ | 2758.16 | 41.98 | 2958.28 | 2358.19 | 2.39 | 88.58 | -42.13 | City of Lon | 567.00 | -3.00 | 599.00 | 498.00 | 3.96 | 558.98 | 1.80 | City Natural Res G&I | 401.00 | -3.00 | 467.00 | 258.01 | 7.06 | 410.17 | 0.50 | CT Healthcare | 124.60 | -0.40 | 152.40 | 119.80 | 4.23 | 131.07 | -5.06 | CT MgdI | 131.00 | — | 135.00 | 115.00 | 6.11 | 129.86 | 1.08 | CT MgdG | 328.00 | — | 330.00 | 280.26 | — | 341.19 | -3.47 | CT Cp&I | 337.00 | -3.00 | 373.00 | 320.00 | 3.99 | 356.02 | -4.00 | CT UK HIT B | 107.00 | — | 120.00 | 92.00 | 5.57 | 114.91 | -6.45 | CT UK HIT Ord | 107.00 | -2.50 | 126.00 | 97.00 | 5.57 | 114.73 | -4.19 | Dunedin Inc | 304.00 | -1.00 | 323.00 | 275.00 | 6.63 | 332.21 | -7.95 | Edinburgh Inv | 819.00 | -4.00 | 867.00 | 737.60 | 3.91 | 892.85 | -7.89 | Edin Worldwide | 282.00 | -6.00 | 294.50 | 194.20 | — | 307.27 | -9.32 | The Euro SmlCo | 227.50 | -3.50 | 247.21 | 193.80 | 5.56 | 251.84 | -7.96 | F&C Inv Trust | 348.20 | -1.60 | 1332.00 | 325.80 | 1.21 | 384.52 | -9.25 | Fidelity Asian | 608.00 | -4.00 | 672.00 | 546.06 | 3.37 | 645.28 | -5.62 | Fidelity China | 246.50 | -0.50 | 339.00 | 239.50 | 3.65 | 266.00 | -7.06 | Fidelity Emer Mkts | 1530.00 | -12.00 | 1574.00 | 897.34 | 1.63 | 1684.82 | -5.11 | Fidelity Euro | 415.00 | -6.00 | 447.50 | 367.50 | 2.46 | 443.32 | -5.23 | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | AEP Plantations | 195.40 | -0.60 | 229.00 | 124.00 | 3.12 | 11.16 | 238.73 | Assoc. Brit Foods | 1827.00 | -7.00 | 2359.00 | 1729.45 | 3.45 | 12.90 | 580.71 | Barr (AG) | 560.00 | 2.00 | 715.32 | 538.00 | 3.41 | 13.25 | 476.34 | Fevara | 147.00 | -1.00 | 152.00 | 114.50 | 1.63 | 6.36 | 35.12 | Coca-Cola HBC | 4248.00 | 12.00 | 5195.00 | 3306.00 | 2.39 | 19.38 | 488.73 | Cranswick | 4970.00 | -10.00 | 5810.00 | 4775.00 | 2.26 | 16.80 | 148.65 | Diageo# | 1611.00 | 7.50 | 1903.91 | 1295.50 | 2.35 | 27.27 | 3010.74 | Greencore | 248.60 | 3.00 | 307.50 | 191.10 | 1.05 | 18.83 | 803.35 | Kerry Group | 7502.75 | 194.88 | 7646.35 | 5567.81 | 1.63 | 22.14 | 14.35 | Tate & Lyle | 560.00 | -1.00 | 580.00 | 319.40 | 3.54 | 25.45 | 281.59 | Unileverw | 4623.00 | 54.00 | 5542.11 | 3644.00 | 3.57 | 12.61 | 2376.50 | Health Care Equip & Services | GN Store Nord | 1194.11 | -29.73 | 1429.97 | 984.75 | — | 15.52 | 321.75 | Smith&Neph+ | 1019.00 | 7.50 | 1426.59 | 980.40 | 2.95 | 18.68 | 2074.09 | House, Leisure & Pers Goods | Barratt Redrow | 300.10 | -9.10 | 410.29 | 235.40 | 2.00 | 22.07 | 4462.98 | Bellway | 2000.00 | -44.00 | 2890.00 | 1715.00 | 3.60 | 15.06 | 873.88 | Berkeley | 3192.00 | -52.00 | 4442.00 | 2796.00 | — | 9.63 | 456.36 | Burberry Group | 1016.00 | -15.50 | 1376.50 | 953.40 | 1184.54 | Caim Homes+ | 227.00 | 251.00 | 161.00 | 3.88 | 12.59 | 267.44 | Games Workshop | 6540.00 | -20.00 | 23540.00 | 14280.00 | 3.39 | 26.51 | 92.31 | Gleeson (MJ) | 268.50 | -6.50 | 435.00 | 221.00 | 1.86 | -80.87 | 51.27 | Headlam Group# | 10.50 | 60.23 | 4.64 | -0.10 | McBride | 175.80 | 0.60 | 214.10 | 107.60 | 1.76 | 9.93 | 180.34 | Philips | 1823.19 | -4.63 | 2413.42 | 1790.38 | 3.95 | -43.06 | 1496.32 | PZ Cussons+ | 96.20 | -0.20 | 114.00 | 65.09 | 3.85 | 20.47 | 347.48 | Vistry Group | 744.60 | -12.00 | 746.40 | 220.00 | — | 5.32 | 2394.72 | Bodycote• | 910.50 | 0.50 | 967.50 | 585.00 | 2.56 | 29.37 | 643.89 | Goodwill• | 14200.00 | 360.00 | 28500.00 | 10820.00 | 2.32 | 19.23 | 23.61 | Hill & Smith | 3100.00 | -155.00 | 3345.00 | 1994.00 | 30.18 | 148.06 | IMI | 3552.00 | -86.00 | 3020.00 | 2244.00 | 1.16 | 24.55 | 586.70 | Melrose | 450.00 | -11.00 | 685.00 | 409.90 | 1.67 | 15.52 | 4228.74 | RHI | 2840.00 | -5.00 | 3390.00 | 1920.00 | 5.37 | 18.43 | 28.71 | Weir• | 2560.00 | -102.00 | 3580.00 | 2254.00 | 1.64 | 26.75 | 762.35 | Industrial General | Coats Group | 81.00 | -0.10 | 98.10 | 73.15 | 3.11 | 18.12 | 3112.31 | Macfarlane• | 84.40 | 0.40 | 93.80 | 59.80 | 4.34 | 21.15 | 171.97 | Smiths | 2762.00 | -85.00 | 2885.00 | 2088.00 | 1.76 | 4.39 | 1015.06 | Industrial Transportation | Braemar | 235.00 | - | 249.00 | 203.11 | 2.98 | 32.46 | 69.25 | Fisher (J) | 417.00 | -7.00 | 554.00 | 358.00 | - | -47.93 | 22.35 | Insurance | Admiral Group | 3634.00 | -16.00 | 4128.00 | 2624.00 | 3.94 | 14.75 | 1748.98 | Aviva+ | 677.20 | -11.20 | 740.60 | 590.60 | 5.94 | 25.17 | 6933.48 | Chesnara+ | 330.00 | -2.50 | 378.00 | 265.00 | 6.96 | -65.35 | 474.62 | Ecclesiastical Insurance | 130.25 | 2.25 | 155.00 | 125.50 | 6.62 | - | 108.24 | Hansard Global+ | 54.00 | -1.50 | 60.80 | 43.20 | 8.24 | 11.49 | 2.13 | Hiscox | 1834.00 | -16.00 | 1952.00 | 1288.00 | 2.14 | 13.42 | 1005.09 | Lancashire Hldgs | 641.50 | 6.00 | 700.00 | 549.00 | 2.62 | 7.01 | 359.52 | Legal & General | 288.10 | -2.30 | 318.10 | 217.20 | 7.61 | 28.84 | 21969.16 | Old Mutual+ | 59.20 | -0.20 | 78.80 | 55.00 | 7.34 | 6.61 | 827.57 | Prudential+ | 881.00 | -43.20 | 1238.00 | 877.60 | 2.38 | 7.55 | 17270.33 | Standard Life+ | 871.50 | -8.00 | 960.00 | 633.50 | 6.44 | -185.03 | 1523.50 | Leisure | ME Group | 113.80 | -1.80 | 195.94 | 98.50 | 7.37 | 7.59 | 669.79 | | Price +/- | 52 Week | Vol 000s | Dly Dng | High | Low | Yld | P/E | BP Marsh | 655.00 | 2.00 | 710.00 | 613.00 | 5.54 | 4.94 | 27.44 | Burlford Capital | 270.00 | 2.60 | 892.50 | 264.20 | 3.50 | 12.31 | 95.21 | Premier Miton Group | 34.75 | -0.25 | 64.20 | 34.50 | 8.63 | 44.55 | 74.27 | Food & Beverages | Camellia | 5900.00 | 200.00 | 6300.00 | 4800.00 | 4.41 | -31.60 | 0.26 | Fevertree Drinks● | 840.00 | 9.50 | 973.00 | 711.00 | 2.08 | 44.73 | 1723.78 | Nichols | 1100.00 | 10.00 | 1200.00 | 880.00 | 3.54 | 18.75 | 23.80 | House, Leisure & Pers Goods | Churchill● | 351.00 | -4.00 | 460.00 | 271.00 | 5.98 | 8.84 | 3.86 | Frontier Dev● | 583.00 | -8.00 | 640.00 | 302.00 | — | 7.82 | 38.44 | Portmeirion | 48.00 | -0.50 | 122.00 | 47.00 | — | -1.06 | 10.64 | Sanderson Design Grp | 74.50 | — | 80.00 | 40.00 | 2.01 | 25.00 | 17.17 | Industrial Engineering | MS Intl | 1535.00 | -5.00 | 1800.00 | 1120.00 | 1.69 | 22.77 | 14.06 | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Dist-) Prem | High | Low | Fidelity Spec | 460.00 | -2.50 | 479.50 | 384.77 | 2.25 | 464.15 | -0.17 | Finsbury G&I | 780.00 | 4.00 | 875.00 | 706.25 | 2.69 | 835.02 | -6.97 | The Glbl Small Co | 190.20 | -1.80 | 198.60 | 162.72 | 1.66 | 202.18 | -5.12 | GRIT(susp) | 1.25 | — | 1.25 | 1.25 | — | 14.40 | -91.32 | Hansa | 334.00 | 2.00 | 346.00 | 250.00 | 1.32 | 557.74 | -40.24 | Hansa A | 335.00 | — | 340.00 | 244.00 | 1.31 | 557.74 | -39.70 | Hen FarEs | 271.00 | -1.50 | 281.50 | 229.00 | 9.24 | 257.86 | 5.64 | Hen High Inc | 198.50 | -2.50 | 214.00 | 173.25 | 5.60 | 209.20 | -3.87 | Hen Smrl | 952.00 | 2.00 | 998.00 | 769.00 | 3.05 | 1050.40 | -9.40 | Herald | 2970.00 | -40.00 | 3290.73 | 2285.00 | — | 3476.32 | -14.09 | HICL Infra | 131.00 | -0.80 | 141.00 | 107.20 | 6.49 | 160.37 | -18.05 | Impax Env | 452.50 | 2.50 | 494.76 | 379.00 | 1.15 | 517.36 | -12.05 | IntiBiotech | 1060.00 | -10.00 | 1235.00 | 786.00 | 2.95 | 1080.05 | -2.50 | Intl PP | 135.60 | -1.00 | 145.80 | 115.60 | 6.48 | 153.67 | -12.26 | Inv Asia Dragon Tst | 499.00 | -3.00 | 520.00 | 395.00 | 3.85 | 541.78 | -6.72 | Inv Bond Inc | 169.00 | 0.50 | 178.50 | 150.11 | 7.25 | 165.85 | 1.69 | JPM Amer IT | 1246.00 | -10.00 | 1258.00 | 1041.00 | 0.92 | 1304.49 | -4.16 | JPM Asia G&I | 600.00 | -8.00 | 652.00 | 426.00 | 5.50 | 609.93 | -0.21 | JPM China G&I | 254.50 | -4.50 | 313.00 | 252.50 | 4.48 | 288.99 | -8.93 | JPM Clavr | 924.00 | -2.00 | 986.00 | 799.98 | 3.95 | 960.17 | -3.46 | JPM Emrg EMEA | 229.00 | -6.00 | 310.00 | 196.00 | 0.26 | 69.03 | 238.52 | JPM Emrg | 171.80 | -1.40 | 181.20 | 126.20 | 4.38 | 189.09 | -7.75 | JPM Eur Disc | 603.00 | -9.00 | 666.00 | 548.00 | 2.65 | 667.10 | -8.17 | JPM Eur G&I | 137.80 | -2.20 | 153.00 | 124.50 | 3.95 | 145.01 | -3.72 | JPM Em Mk Div | 216.00 | -2.00 | 221.00 | 155.50 | 2.78 | 237.73 | -8.52 | JPM Gbl G&I | 613.50 | -6.50 | 641.00 | 529.60 | 4.04 | 637.95 | -3.50 | JPM India Gwth Inc | 834.00 | -1.00 | 1098.00 | 799.00 | 5.08 | 915.48 | -8.46 | JPM Japan | 840.00 | -8.00 | 867.00 | 668.00 | 1.04 | 926.31 | -9.38 | JPM UK Sm | 346.00 | -4.50 | 369.00 | 287.92 | 4.31 | 377.57 | -7.81 | JPM US Sml | 415.00 | -7.00 | 463.00 | 365.00 | 0.77 | 463.72 | -9.39 | Law Deb | 1216.00 | -16.00 | 1290.00 | 991.00 | 3.00 | 1215.40 | 0.92 | Lindsell Train | 574.00 | -10.00 | 750.00 | 529.50 | 4.88 | 6.78 | -14.45 | Lowland | 184.00 | -1.00 | 191.50 | 148.00 | 3.74 | 201.78 | -8.46 | Marwyn Val | 141.00 | — | 141.60 | 140.40 | 6.43 | 264.17 | -46.05 | Mercantile | 270.00 | -3.50 | 290.50 | 234.31 | 3.07 | 302.40 | -10.06 | Merch. Trst | 657.00 | -3.00 | 691.00 | 536.25 | 4.55 | 690.89 | -4.39 | Mid Wynd | 798.00 | -8.00 | 814.00 | 682.00 | 1.08 | 823.93 | -2.98 | Monks IT | 1670.00 | -12.00 | 1687.13 | 1366.00 | 0.05 | 1779.21 | -5.65 | Montanaro Eur | 176.00 | -2.00 | 189.00 | 142.00 | 0.88 | 197.22 | -9.95 | Murray Inc | 954.00 | -4.00 | 1036.00 | 854.66 | 4.30 | 1026.43 | -6.55 | Murray Intl | 357.00 | -0.50 | 376.00 | 296.50 | 3.59 | 355.06 | 0.45 | New Star IT | 138.00 | -2.50 | 148.00 | 111.00 | 2.57 | 202.69 | -31.42 | N. Atl Smrl IT | 428.00 | 3.00 | 434.00 | 328.00 | 1.64 | 649.91 | -34.60 | Pac. Horiz. | 1132.00 | -10.00 | 1262.00 | 719.00 | — | 1256.84 | -8.93 | Pers. Assets | 542.00 | -1.00 | 558.00 | 515.00 | 1.03 | 546.83 | -1.34 | Polar Health | 435.00 | 6.50 | 460.50 | 352.11 | 0.51 | 423.32 | 0.72 | Polar Fin. | 239.00 | -2.00 | 260.50 | 199.16 | — | 248.87 | -3.12 | Polar Tech. | 712.00 | -11.00 | 743.50 | 420.00 | — | 791.89 | -9.63 | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Media | Autotrader Grp | 470.80 | 6.30 | 828.80 | 418.60 | 2.46 | 13.78 | 3296.01 | Informa | 866.60 | -20.60 | 1000.00 | 719.00 | 2.59 | — | 6679.02 | ITV | 65.75 | -1.30 | 87.35 | 65.70 | 7.60 | 11.14 | 10843.34 | Pearson | 1243.00 | 10.00 | 1337.00 | 874.80 | 2.06 | 24.18 | 5326.14 | Reach | 47.05 | -0.40 | 73.70 | 39.00 | 12.54 | -1.12 | 751.70 | Relx■ | 2599.00 | 28.00 | 3539.00 | 1991.00 | 2.65 | 23.08 | 4413.37 | Rightmove◆ | 461.50 | 8.00 | 702.80 | 391.40 | 2.33 | 16.42 | 4385.23 | STV Group | 102.00 | 1.00 | 124.50 | 95.60 | — | -9.44 | 71.82 | Mining | Anglo American | 4059.00 | -93.00 | 4348.00 | 2639.00 | 0.71 | -16.22 | 3794.07 | Antofagasta | 3692.00 | -137.00 | 4475.00 | 2496.00 | 1.60 | 36.21 | 932.13 | BHP Group | 3215.00 | -53.00 | 3592.00 | 1971.00 | 3.96 | 21.95 | 1208.94 | Ferrexpo | 31.94 | -1.04 | 87.23 | 25.22 | - | -1.11 | 852.96 | Fresnillo | 2688.00 | -15.00 | 4472.00 | 2000.00 | 4.16 | 18.92 | 622.49 | Glencore■ | 568.90 | -4.60 | 707.20 | 332.20 | 2.26 | - | 39453.74 | Harmony+ | 1209.11 | -73.18 | 1963.66 | 946.96 | 4.81 | 11.51 | 3531.84 | Rio Tintom | 7022.00 | -142.00 | 9117.00 | 4925.00 | 4.96 | 15.13 | 3311.14 | BP■ | 562.00 | 1.10 | 609.40 | 399.35 | 4.47 | - | 26688.71 | Capricorn | 427.00 | 1.00 | 450.00 | 181.80 | - | 20.16 | 140.72 | ExxonMobil Hldgs | 12404.90 | - | 12622.00 | 12371.60 | 2.51 | - | - | GeoPark | 847.26 | - | 876.77 | 841.21 | 0.82 | 13.66 | - | Helleniq Energy | 1529.34 | - | 1544.58 | 1509.02 | 3.32 | 6.21 | 457.34 | Imperial Oil C$ | 9157.95 | -48.26 | 10397.16 | 6229.98 | 2.02 | - | 228.82 | TC Energy Corp◆ | 4477.83 | - | 4547.39 | 4462.97 | 4.16 | -23.68 | 702.80 | AstraZeneca■ | 12180.00 | 222.00 | 15732.00 | 9892.00 | 1.96 | 24.40 | 1721.60 | Chemical Works | 2838.51 | - | 2838.51 | 2838.51 | 5.34 | 14.70 | - | GlaxoSmKline■● | 1790.50 | 25.00 | 2282.00 | 1592.00 | 3.91 | 12.69 | 5071.00 | Hikma Pharm | 1646.00 | 26.00 | 1865.00 | 1187.00 | 3.95 | 11.96 | 412.32 | REITs | British Land | 391.20 | -3.40 | 451.60 | 335.40 | 5.91 | - | - | Derwent London | 1786.00 | -9.00 | 2196.00 | 1469.33 | 4.59 | - | - | Great Portland Est | 304.60 | -4.00 | 377.00 | 270.00 | 2.69 | - | 0.00 | Land Securities | 612.50 | -5.00 | 726.00 | 525.00 | 6.73 | - | - | LondonMetric Prop | 172.40 | -1.50 | 216.20 | 170.20 | 7.28 | - | -19.81 | Primary Health Prop | 89.25 | -0.50 | 109.60 | 87.40 | 8.18 | - | - | Segro | 913.60 | -6.60 | 997.40 | 632.20 | 3.45 | - | - | Shaftesbury Capital | 136.10 | -1.40 | 155.10 | 124.10 | 3.16 | 7.28 | 1918.84 | Tritax Big Box | 141.60 | -0.60 | 175.00 | 139.80 | 5.83 | - | - | Real Estate Inv & Services | Grainger | 163.90 | -2.20 | 202.79 | 149.44 | 5.13 | - | - | Harworth Group* | 187.00 | - | 195.00 | 116.80 | 0.98 | 64.48 | 359.15 | Helical | 177.00 | -5.00 | 236.25 | 176.00 | 1.48 | 36.65 | 53.24 | Mountview Estates | 8625.00 | -125.00 | 10200.00 | 8350.00 | 6.09 | 16.52 | 3.52 | Savills | 953.00 | -20.00 | 1142.00 | 791.46 | 2.47 | 18.33 | 307.72 | Sirius Real Estate | 88.20 | -0.60 | 113.00 | 85.85 | 6.14 | 6.87 | 1506.48 | Smart (J) | 115.00 | - | 140.00 | 106.00 | 2.83 | 8.80 | - | Retailers | Caffyns | 500.00 | -45.00 | 550.00 | 350.00 | 2.00 | -12.29 | 0.01 | Dunelm Group | 788.00 | 7.50 | 1174.00 | 707.00 | 8.95 | 10.23 | 337.38 | | 52 Week | Vol000s | Price | +/- Dly Chg | High | Low | Yld | P/E | Media | Mission Group | 25.50 | - | 29.00 | 12.00 | - | -1.20 | 1.63 | Mining | Central Asia Metals● | 150.00 | -0.60 | 244.00 | 125.27 | 10.33 | -4.66 | 929.19 | Crism Therapeutics | 9.25 | - | 18.50 | 8.00 | - | -1.81 | 81.66 | Oil & Gas | BorSthnPet | 7.96 | -1.02 | 14.00 | 7.26 | - | -65.76 | 2986.89 | Pharmaceuticals & Biotech | Sareum Holdings | 27.50 | - | 40.00 | 9.50 | - | -11.46 | 126.55 | Retailers | Boohoo Group | 24.00 | -0.50 | 29.50 | 10.30 | - | -3.10 | 538.88 | CVS Group | 1163.00 | -7.00 | 1648.00 | 1062.00 | 0.77 | 47.66 | 284.17 | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Dis(-)Prem | High | Low | Rights & Iss IT | 2440.00 | -40.00 | 2520.00 | 1965.13 | 1.85 | 3048.22 | -18.21 | RIT Cap. | 2465.00 | 10.00 | 2645.00 | 1985.25 | 1.83 | 3198.50 | -23.40 | Ruffer Inv Pr | 293.00 | -0.50 | 319.00 | 281.26 | 2.11 | 305.01 | -3.70 | Schdr AsiaPac | 849.00 | -8.00 | 892.00 | 641.35 | 1.53 | 944.94 | -9.79 | Schdr AsiaTotal | 713.00 | -3.00 | 746.00 | 530.00 | 1.61 | 757.95 | -4.82 | Schroder Inc | 351.00 | -6.00 | 380.00 | 314.00 | 4.36 | 378.80 | -6.65 | Schdr Japan | 390.00 | -2.00 | 402.53 | 276.00 | 3.42 | 429.13 | -9.60 | Schdr Orient. | 458.00 | -2.00 | 478.00 | 317.00 | 2.88 | 482.79 | -4.66 | Schdr UK Mid | 748.00 | -17.00 | 790.00 | 652.00 | 3.02 | 801.19 | -4.78 | Scot American | 553.00 | -3.00 | 572.00 | 480.10 | 2.96 | 589.70 | -7.76 | Scot Mortgage | 1626.00 | -11.50 | 1651.50 | 1015.74 | 0.28 | 1796.60 | -10.83 | Scot Oriental | 282.00 | 1.00 | 295.00 | 240.00 | 1.21 | 312.48 | -10.43 | Strategic Eq. | 397.00 | -7.50 | 415.00 | 330.00 | 1.13 | 448.34 | -10.13 | Temple Bar | 409.50 | -2.00 | 429.50 | 345.25 | 3.81 | 411.07 | 0.43 | Tetragon | 1108.25 | 4.88 | 1476.82 | 892.96 | 3.21 | — | TRIG | 75.70 | -0.20 | 80.50 | 63.20 | 9.97 | 101.33 | -24.87 | UIL | 209.00 | — | 307.88 | 205.00 | 3.83 | 284.77 | -23.50 | Utilico EmerMkts | 293.00 | 2.00 | 302.00 | 243.00 | 3.30 | 324.61 | -10.52 | Worldwide Hlth | 371.50 | 2.50 | 401.50 | 322.52 | 0.65 | 393.14 | -8.13 | Conventional - Private Equity | CT PrivEq | 459.00 | -10.00 | 592.00 | 439.84 | 6.17 | 696.04 | -34.04 | HGCapital | 373.00 | -7.50 | 512.00 | 318.64 | 1.34 | 530.12 | -29.64 | HVPE | 3235.00 | -55.00 | 3500.00 | 2807.59 | — | 4518.00 | -27.29 | ICG Ent | 1380.00 | 8.00 | 1611.42 | 1288.31 | 3.04 | 2031.97 | -32.18 | Pantheon Int | 381.50 | -4.50 | 409.00 | 339.05 | — | 534.60 | -27.42 | Partners PE € | 592.77 | 4.41 | 945.52 | 569.45 | 10.00 | 11.58 | -39.21 | Conventional - Property ICs | AEW UK REIT | 99.40 | 0.30 | 113.20 | 95.90 | 8.05 | 106.88 | -5.29 | TR Prop | 271.00 | -4.00 | 364.50 | 269.50 | 5.94 | 302.93 | -9.80 | VCTs | Bmd 2nd VT | 44.40 | — | 54.00 | 39.50 | 9.01 | 46.55 | -4.62 | Nthn 2 VCT | 53.00 | — | 56.50 | 47.00 | 5.66 | 55.40 | -4.33 | 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 | — | 116.59 | 1.23 | Investment Companies - AIM | Crys Amber | 75.50 | -1.00 | 155.39 | 73.00 | — | 172.64 | -55.40 | | Price | +/- Dly Chg | 52 Week | Vol000s | High | Low | Yld | P/E | Halfords Group | 260.00 | 1.50 | 276.10 | 123.80 | 3.46 | 17.11 | 1405.70 | Inchcape | 644.00 | -42.00 | 895.00 | 644.00 | 5.22 | 8.88 | 1916.07 | JD Sports | 83.50 | 3.16 | 105.00 | 63.98 | 1.52 | 9.68 | 14439.39 | Kingfisher | 329.10 | -- | 372.30 | 266.40 | 3.77 | 23.51 | 6699.30 | Marks & Spencer | 393.80 | 8.00 | 418.33 | 301.10 | 1.07 | 31.01 | 5477.91 | Saga | 761.00 | 11.00 | 799.00 | 234.50 | -- | -- | 379.47 | Sainsbury J | 327.60 | 5.80 | 380.30 | 293.70 | 4.18 | 18.94 | 8832.43 | Tesco | 475.80 | 5.80 | 510.40 | 411.70 | 3.05 | 17.30 | 8675.68 | Bunzl | 2650.00 | -18.00 | 2898.00 | 1981.00 | 2.82 | 18.79 | 1903.38 | Capita | 206.00 | 5.00 | 416.00 | 196.20 | — | -1.43 | 1738.34 | DCC Energy | 6440.00 | 6740.00 | 4188.00 | 3.37 | — | 1348.50 | Diploma | 7700.00 | -160.00 | 7980.00 | 4970.00 | 0.82 | 55.84 | 236.94 | Essentra● | 112.20 | -2.00 | 115.20 | 78.40 | 1.87 | — | 137.38 | Experian■ | 2543.00 | 40.00 | 3707.00 | 2203.00 | 2.04 | 20.44 | 2318.55 | Hays | 62.00 | -0.85 | 78.45 | 28.68 | 0.71 | -17.03 | 3670.39 | Howden Joinery | 754.50 | -5.00 | 981.00 | 713.00 | 2.92 | 15.34 | 934.72 | Intertek | 5900.00 | 15.00 | 5900.00 | 3519.42 | 2.80 | 27.05 | 678.46 | Johnson Service | 137.40 | 1.10 | 172.10 | 123.80 | 3.64 | 14.77 | 1318.87 | MITIE Group | 210.40 | 0.40 | 214.00 | 134.80 | 2.14 | 31.88 | 1975.15 | RS Group | 756.50 | -7.50 | 790.00 | 536.90 | 3.03 | 21.86 | 902.39 | Vp | 512.00 | — | 608.00 | 420.00 | 7.71 | -37.10 | 14.82 | Tech - Software & Services | Computacenter+ | 5450.00 | 20.00 | 6045.00 | 2578.00 | 1.43 | 37.20 | 161.41 | NCC Group+ | 149.20 | 4.00 | 161.60 | 107.20 | 3.12 | 26.64 | 727.33 | The Sage Grp | 1022.00 | 17.00 | 1181.00 | 771.66 | 2.20 | 27.08 | 2130.26 | Triad Group | 380.00 | - | 430.00 | 236.00 | 2.37 | 38.31 | 3.00 | Telecommunications | Airtel Africa | 312.80 | 2.20 | 436.20 | 219.00 | 1.72 | 22.23 | 2874.32 | BT Group | 198.45 | 3.20 | 242.09 | 173.00 | 4.19 | 18.04 | 18061.29 | Telecom Plus | 850.00 | 7.00 | 1896.00 | 638.00 | 5.88 | 8.40 | 307.88 | Vodafone | 127.75 | 2.65 | 132.07 | 83.40 | 3.10 | -91.43 | 30623.77 | Tobacco | Brit Amer Tobacco• | 4094.00 | 85.00 | 5326.00 | 3677.00 | 6.00 | 11.64 | 2685.30 | Imperial Brands | 2498.00 | 21.00 | 3632.04 | 2408.00 | 6.70 | 9.91 | 1323.52 | Travel & Leisure | easyJet | 679.60 | 1.40 | 683.80 | 332.60 | 1.94 | 10.33 | 2669.69 | FirstGroup | 186.60 | -1.00 | 222.60 | 152.10 | 3.86 | 8.72 | 1833.23 | Fullers 'A' | 702.00 | -2.00 | 780.00 | 570.00 | 3.02 | 17.90 | 49.39 | IntContl Hotels | 12115.10 | -14.44 | 13305.06 | 8762.00 | 1.16 | 32.62 | 149.23 | Intl Cons Air | 432.80 | -6.90 | 492.90 | 332.70 | 1.55 | 7.17 | 6969.43 | Whitbread | 2472.00 | -79.00 | 3286.05 | 2098.00 | 3.92 | 20.05 | 674.01 | Utilities | Drax Group• | 776.00 | -4.00 | 937.50 | 695.50 | 3.90 | 37.49 | 935.25 | National Grida | 1150.00 | -1.00 | 1428.50 | 1075.50 | 4.22 | 17.56 | 7136.73 | Pennon | 361.20 | -90.80 | 606.00 | 340.00 | 8.11 | 18.62 | 14493.08 | Severn Trent | 3058.00 | -56.00 | 3335.00 | 2381.00 | 4.12 | 24.76 | 1025.61 | SSE | 2459.00 | -13.00 | 2767.50 | 1760.00 | 2.79 | 23.31 | 2117.83 | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol 000s | High | Low | Support Services | Christie | 180.00 | - | 199.60 | 90.00 | 2.22 | 35.43 | 21.52 | LonSec | 3750.00 | - | 3900.00 | 2100.00 | 2.59 | 19.33 | - | NWF | 157.00 | - | 187.50 | 110.00 | 5.54 | 8.44 | 17.51 | Petards | 8.50 | - | 12.50 | 7.00 | - | -12.69 | 1.47 | Renew | 965.00 | -7.00 | 1016.00 | 821.00 | 2.11 | 15.65 | 139.54 | Tech - Software & Services | Oxford Metrics | 34.90 | -0.10 | 60.40 | 34.90 | 9.31 | -63.45 | 373.56 | Travel & Leisure | Gaming Realms | 31.60 | 0.10 | 47.20 | 29.00 | - | 15.57 | 230.86 | Jet2♦ | 1420.00 | -19.00 | 1612.00 | 980.00 | 1.19 | 6.72 | 381.36 | ---

管理基金服务

🌐 对照英文

(1) $\because {AD} = {BD} = 1$

买入价 卖出价 + / - 收益率 24m 36m 基金

买入价 卖出价 + / - 收益率 24m 36m

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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.

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Algebris 投资

🌐 对照英文

Candriam 投资者集团 | Algebris Core Italy I EUR | € | 249.50 | - | 2.18 | 0.00 | 26.10 | 18.59 | Algebris Core Italy R EUR | € | 230.14 | - | 2.00 | 0.00 | 25.17 | 17.71 | Algebris Financial Credit I EUR | € | 226.21 | - | 1.00 | 0.00 | 5.47 | 8.85 | Algebris Financial Credit I GBP | £ | 200.68 | - | 0.87 | 0.00 | 0.00 | 0.00 | Algebris Financial Credit I USD | $ | 209.28 | - | 0.91 | 5.86 | 0.00 | 0.00 | Algebris Financial Credit R EUR | € | 190.04 | - | 0.90 | 0.00 | 4.79 | 8.21 | Algebris Financial Equity B EUR | € | 377.03 | - | 1.84 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity R EUR | € | 305.18 | - | 1.47 | 0.00 | 28.23 | 29.62 | Algebris Financial Equity Fund B GBP | £ | 315.63 | - | 1.56 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity Fund B USD | $ | 476.22 | - | 2.35 | 3.90 | 0.00 | 0.00 | Algebris Financial Income I EUR | € | 298.64 | - | 1.28 | 0.00 | 15.66 | 17.95 | Algebris Financial Income R EUR | € | 262.54 | - | 1.12 | 0.00 | 14.63 | 16.90 | Algebris Financial Income Fund I GBP | £ | 219.74 | - | 0.96 | 6.02 | 0.00 | 0.00 | Algebris Financial Income Fund I USD | $ | 251.09 | - | 1.09 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I EUR | € | 152.38 | - | 0.21 | 0.00 | 2.83 | 5.54 | Algebris Global Credit Opportunities R EUR | € | 145.97 | - | 0.20 | 0.00 | 2.29 | 5.02 | Algebris Global Credit Opportunities I GBP | £ | 152.00 | - | 0.19 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I USD | $ | 156.88 | - | 0.20 | 0.00 | 0.00 | 0.00 | Algebris IG Financial Credit I EUR | € | 118.25 | - | 0.67 | 0.00 | 3.74 | 6.68 | Algebris IG Financial Credit R EUR | € | 114.22 | - | 0.65 | 0.00 | 3.22 | 6.15 | Algebris Strategic Credit Fund R EUR | € | 113.87 | - | 0.52 | 0.00 | 2.31 | 4.66 | Algebris Global Equity Select B EUR | € | 156.86 | - | 1.34 | 0.00 | 8.44 | 11.42 | Algebris Global Equity Select R EUR | € | 149.01 | - | 1.26 | 0.00 | 7.05 | 9.99 |

| Blue Whale 投资资金 ICAV (网站: 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 | $ | 25.49 | - | -0.31 | 0.00 | 0.00 | 0.00 | ---

📄 Original Section

- trading ex-dividend

■ trading ex-capital distribution

Canaccord WEALTH

🌐 对照英文

CG Asset Management Limited | (IRL)< / > | 20 King Street, London EC2V 8EG交易电话：+353 1434 5098 传真：+353 1542 2859英国金融行为监管局 (FCA) 认可< / >< / > | CG Portfolio Fund PLC< / >< / > Absolute Return M Inc< / > £< / > 144.48< / > -< / > -0.10< / > 2.61< / > 2.93< / > 2.43< / >< / > Capital Gearing Portfolio GBP P< / > £< / > 39590.76< / > -< / > -20.00< / > 1.95< / > 2.90< / > 2.32< / >< / > Capital Gearing Portfolio GBP V< / > £< / > 192.59< / > -< / > -0.10< / > 1.94< / > 2.91< / > 2.33< / >< / > Dollar Fund Cis D Inc< / > £< / > 152.73< / > -< / > 0.57< / > 2.82< / > -1.19< / > -2.30< / >< / > Dollar Hedged GBP

Inc< / > £< / > 92.49< / > -< / > 0.13< / > 2.54< / > -0.05< / > -0.65< / >< / > Real Return CIs A Inc< / > £< / > 182.81< / > -< / > 0.49< / > 2.55< / > -0.75< / > -2.24< / >< / > UK Index-Linked Bond G Inc< / > £< / > 105.10< / > -< / > -0.40< / > 2.10< / > 0.76< / > 0.00< / > |

Chartered Asset Management Pte Ltd

| 其他国际基金< / >< / > CAM-GTF VCC< / > $ 477779.20< / > 47779.20< / > 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< / > | 授权投资基金< / >< / > EdenTree Global Impact Bond< / > 84.28< / > -< / > -0.09< / > 4.34< / > -1.70< / > -0.38< / >< / > EdenTree Green Impact Equity< / > 133.80< / > -< / > -0.10< / > 0.95< / > 7.81< / > 9.15< / >< / > EdenTree Green Impact Infrastructure< / > 76.07< / > -< / > -0.34< / > 6.81< / > -3.84< / > -7.00< / >< / > EdenTree Global Sustainable Government Bond< / > 94.44< / > -< / > -0.16< / > 3.18< / > 0.00< / >< / > EdenTree Sustainable European Equity A< / > 473.90< / > -< / > -5.00< / > 1.94< / > 10.60< / > 12.39< / >< / > EdenTree Sustainable European Equity B< / > 479.30< / > -< / > -5.10< / > 0.00< / > 10.59< / > 12.39< / >< / > EdenTree Sustainable Global Equity

A< / > 463.20< / > -< / > -0.10< / > 0.53< / > 9.90< / > 9.75< / >< / > EdenTree Sustainable Global Equity B< / > 467.60< / > -< / > 0.00< / > 0.95< / > 9.88< / > 9.74< / >< / > EdenTree Sustainable Managed Income A< / > 134.30< / > -< / > -1.30< / > 4.21< / > 3.31< / > 3.21< / >< / > EdenTree Sustainable Managed Income B< / > 145.70< / > -< / > -1.40< / > 4.17< / > 3.79< / > 3.62< / >< / > EdenTree Sustainable Short Dated Bond< / > 94.49< / > -< / > -0.11< / > 4.64< / > -0.20< / > 0.66< / >< / > EdenTree Sustainable Sterling Bond A< / > 82.48< / > -< / > -0.35< / > 5.11< / > -1.67< / > -0.20< / >< / > EdenTree Sustainable Sterling Bond

B< / > 95.26< / > -< / > -0.41< / > 5.11< / > -1.07< / > 0.40< / >< / > EdenTree Sustainable UK Equity A< / > 247.40< / > -< / > -0.70< / > 1.82< / > 4.61< / > 3.62< / >< / > EdenTree Sustainable UK Equity B< / > 246.80< / > -< / > -0.70< / > 2.20< / > 2.78< / > 3.58< / >< / > EdenTree Sustainable UK Equity Opp A< / > 319.20< / > -< / > 1.00< / > 1.53< / > 1.87< / > 4.98< / >< / > EdenTree Sustainable UK Equity Opp B< / > 326.00< / > -< / > 1.10< / > 1.99< / > 1.83< / > 4.95< / > |

Canaccord Wealth International Multi Strategy Funds Limited | 平衡策略 (Balanced Strategy)< / > £< / > 1.19< / > -< / > 0.00< / > 11.73< / > 11.28< / >< / > 平衡策略 A (Balanced Strategy A)< / > £< / > 1.19< / > -< / > 0.00< / > 1.84< / > 8.68< / > 8.81< / >< / > 谨慎平衡策略 (Cautious Balanced Strategy)< / > £< / > 1.48< / > -< / > 0.00< / > 0.91< / > 9.08< / > 9.03< / >< / > 谨慎平衡策略 A (Cautious Balanced Strategy A)< / > £< / > 1.06< / > -< / > 0.00< / > 1.84< / > 6.74< / > 7.20< / >< / > 增长策略 (Growth Strategy)< / > £< / > 2.71< / > -< / > 0.00< / > 0.76< / > 1.73< / > 5.77< / >< / > 增长策略 A (Growth Strategy A)< / > £< / > 1.30< / > -< / > 0.00< / > 0.54< / > 10.64< / > 11.11< / >< / > 高增长策略 (High Growth Strategy)

GBP< / > £< / > 4.01< / > -< / > 0.01< / > 0.24< / > 14.98< / > 15.05< / >< / > 高增长策略 A (High Growth Strategy A)< / > £< / > 1.37< / > -< / > 0.00< / > 0.52< / > 12.71< / > 12.53< / >< / > 高收益债券基金 B 月度 (High Income Bond Fund B Monthly)< / > £< / > 0.97< / > -< / > 0.00< / >< / > 高收益债券基金 B 季度 (High Income Bond Fund B Quarterly)< / > £< / > 0.98< / > -< / > 0.00< / >< / > 美元增长策略 (US$ Growth Strategy)< / > $< / > 2.58< / > -< / > 0.01< / > 0.21< / > 14.70< / > 14.90< / > |

CP Global Asset Management Pte.Ltd.

www.cpglobal.com.sg, 电子邮件: customer_support@cpglobal.com.sg< / >< / > 国际共同基金< / > |

每日交易。A 类份额初始费用为零，其他类份额最高为 $2\%$。

CP Capital Asset Management Limited

| 国际共同基金< / >< / > 双用途基金 ( Dual-Purpose Fund)< / > $< / > 217.88< / > -< / > -0.06< / > 0.00< / >< / > 全球阿尔法基金 ( Global Alpha Fund)< / > $< / > 509.96< / > -< / > -0.15< / > 0.00< / > 11.19< / >< / > CPS-主私人基金 (CPS-Master Private Fund)< / > $< / > 616.61< / > -< / > -0.02< / > 0.00< / > 11.01< / > | 其他国际基金< / >< / > American Dynamic< / > $ 9087.20< / > -< / > 0.00< / >< / > American One< / > $ 11100.38< / > -< / > 0.00< / > 12.41< / > 14.22< / >< / > Bond Global< / > € 1646.01< / > -< / > 0.00< / > 0.73< / > 6.90< / >< / > Eurocroissance< / > € 1311.23< / > -< / > 0.00< / >< / > Far East< / > $ 1267.36< / > -< / > 0.00< / > |

Artemis Corporate Bond I Acc< / > 116.99< / > -< / > -0.52< / > 0.00< / > 4.37< / > 5.83< / >< / > Artemis Global Income I Dis< / > 240.51< / > -< / > -2.65< / > 0.00< / > 2.17< / > 0.50< / >< / > Artemis High Income I Q Inc< / > 73.76< / > -< / > -0.05< / > 0.23< / > 1.31< / > 2.26< / >< / > Artemis Income I Inc< / > 343.20< / > -< / > -1.77< / > 5.48< / > 9.51< / > 10.44< / >< / > Artemis Monthly Dist I Inc< / > 100.87< / > -< / > -0.37< / > 0.00< / > 12.51< / > 12.79< / >< / > Artemis Short-Dn Strat Bond< / > 133.00< / > -< / > 0.04< / > 0.00< / > 5.77< / > 6.95< / >< / > Artemis SmartGARP Eur Eq I Acc< / > 980.73< / > -< / > -20.41< / > 0.00< / > 24.58< / > 26.81< / >< / > Artemis SmartGARP

Global Small Co I Acc | 266.16< / > -< / > -0.95< / > 1.95< / > 15.69< / > 15.27< / > | Artemis SmartGARP GloEmr Eq I Acc< / > 360.94< / > -< / > -4.64< / > 0.00< / > 32.68< / > 27.08< / >< / > Artemis SmartGARP Glo Eq I Acc< / > 831.23< / > -< / > -3.43< / > 0.00< / > 29.30< / > 27.17< / >< / > Artemis SmartGARP UK Eq I Acc< / > 4689.57< / > -< / > -47.21< / > 2.41< / > 24.73< / > 23.19< / >< / > Artemis Strategic Assets I Acc< / > 111.30< / > -< / > -0.25< / > 0.00< / > 3.78< / > 3.35< / >< / > Artemis Strategic Bond I Q Acc< / > 123.83< / > -< / > -0.05< / > 4.46< / > 5.58< / > 6.26< / >< / > Artemis UK Select Fund Class I Acc< / > 1430.60< / > -< / > -15.91< / > 0.00< / > 7.67< / > 18.94< / >< / > Artemis

UK Smaller Cos I Acc< / > 2643.38< / > -< / > 10.72< / > 1.81< / > 4.66< / > 9.13< / >< / > Artemis UK Special Sits I Acc< / > 1197.73< / > -< / > -5.59< / > 0.00< / > 11.27< / > 13.79< / >< / > Artemis US Extended Alpha I Acc< / > 605.99< / > -< / > -3.40< / > 0.00< / > 16.06< / > 18.90< / >< / > Artemis US Select I Acc< / > 596.43< / > -< / > -2.56< / > 0.00< / > 21.00< / > 21.92< / >< / > Artemis US Smir Cos I Acc< / > 524.16< / > -< / > -6.01< / > 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< / > $ 169.43< / > -< / > 0.56< / > 0.00< / >< / > ASB MENA Equity< / > $ 98.25< / > -< / > 0.00< / > |

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📄 Original Section

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Bid Offer +/- Yield 24m 36m Fund

Bid Offer +/- Yield 24m 36m Fund

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ASB Capital

🌐 对照英文

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📄 Original Section

MANAGED FUNDS SERVICE

(1) $\because {AD} = {BD} = 1$

Bid Offer +/- Yield 24m 36m Fund

Bid Offer +/- Yield 24m 36m

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CANDRIAM | <td colspan="7">Candriam 投资者集团 | (卢森堡) | <td colspan="8">经英国金融行为监管局 (FCA) 认可 | Candriam 绝对收益股票市场中性-C 累积类 | € | 222.49 | - | -0.98 | 0.00 | 1.21 | 2.87 | Candriam 欧元高收益债券累积类 | € | 1427.94 | - | 7.70 | 0.00 | 3.90 | 5.97 | Candriam 全球高收益债券-C 累积类 | € | 284.59 | - | 1.24 | 0.00 | 3.59 | 5.71 | Candriam 全球通胀挂钩债券短期-I-累积类 | € | 164.25 | - | 0.17 | 0.00 | 2.37 | 3.01 | Candriam 债券总回报-C-累积类 | € | 143.22 | - | 0.34 | 0.00 | 1.73 | 2.84 | Candriam 多元化期货-I-累积类 | € | 14366.83 | - | -19.52 | 0.00 | 1.43 | -1.29 | Candriam 澳大利亚股票累积类 | A$ | 2350.28 | - | 0.96 | 0.00 | 7.81 | 8.34 | Candriam 新兴市场股票累积类 | € | 1610.20 | - | -11.70 | 0.00 | 27.77 | 21.76 | Candriam 生物技术股票-C-累积类 | $ | 1300.74 | - | -22.56 | 0.00 | 23.20 | 23.33 | Candriam 欧洲创新股票-R-累积类 | € | 256.36 | - | 1.75 | 0.00 | -3.37 | 1.14 | Candriam 指数套利-C-累积类 | € | 1532.67 | - | 0.00 | 0.00 | 1.16 | 2.25 | Candriam 信用多空策略 R-累积类 | € | 120.56 | - | 0.09 | 0.00 | 2.99 | 3.84 | Candriam 风险套利-C-累积类 | € | 2773.68 | - | 0.00 | 0.00 | 2.97 | 3.77 | Candriam 可持续新兴市场债券 I 分配类 | $ | 749.83 | - | 4.85 | 0.00 | 4.48 | 3.35 | Candriam 可持续欧元公司债 R 累积类 | € | 110.22 | - | 0.40 | 0.00 | 2.50 | 4.27 | Candriam 可持续全球高收益-I-累积类 | € | 1239.26 | - | 5.66 | 0.00 | 2.98 | 4.78 | Candriam 循环经济股票-R-累积类 | $ | 160.22 | - | 1.16 | 0.00 | 4.22 | 6.18 | Candriam 气候行动股票 I-累积类 | $ | 2171.44 | - | 25.69 | 0.00 | 12.27 | 11.32 | Candriam 可持续新兴市场股票 C-累积类 | € | 196.99 | - | -1.09 | 0.00 | 25.10 | 18.21 | Candriam 可持续欧元区股票-C-累积类 | € | 219.43 | - | 1.54 | 0.00 | 8.17 | 9.57 | Candriam 可持续欧洲中小盘股-I-累积类 | € | 2437.02 | - | 25.21 | 0.00 | 0.38 | 1.86 | Candriam 可持续全球股票-C-累积类 | € | 47.99 | - | 0.03 | 0.00 | 12.07 | 14.27 | NYLIM GF 美国高收益公司债-R-累积类 | $ | 171.88 | - | 0.60 | 0.00 | 5.36 | 7.10 | 其他国际基金 | Candriam Bds Euro Sh.Term Cap< / > €< / > 2179.79< / > -< / > 1.83< / > 0.00< / > 2.08< / >< / > Candriam Bonds Credit Opportunities< / > €< / > 220.80< / > -< / > 0.44< / > 0.00< / > 2.61< / >< / > Candriam Bonds Emerg Mkt-C-Cap< / > $< / > 2994.82< / > -< / > 22.56< / > 0.00< / > 6.44< / >< / > Candriam Equities L Eurp Opt Olt -I-Cap< / > €< / > 251.24< / > -< / > 1.54< / > 0.00< / > 7.61< / >< / > Candriam Equities L Global Demg R Cap< / > €< / > 405.59< / > -< / > 0.55< / > 0.00< / > 10.31< / >< / > Candriam Equities Onco impt-I-Cap< / > $< / > 3504.13< / > -< / > -20.58< / > 0.00< / > 7.99< / >< / > Candriam Equities L Robt&amp;InnTech I Cap< / > $< / > 8402.96< / > -< / > 34.02< / > 0.00< / > 32.27< / > | Cantab Asset Management Ltd(UK) 01223 522000 www.cantabam.com< / >< / > | 经英国金融行为监管局（FCA）认可< / >< / > VT Cantab Balanced A GBP Acc< / > 142.46< / > -< / > 0.17< / > 1.80< / > 10.02< / > 9.39< / >< / > VT Cantab Moderate A GBP Acc< / > 139.75< / > -< / > 0.14< / > 2.12< / > 9.19< / > 8.16< / >< / > VT Cantab Sustainable Gbl Eq A GBP Acc< / > 170.10< / > -< / > -0.11< / > 1.37< / > 8.85< / > 9.10< / > |

🌐 对照英文

7

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📄 Original Section

$\alpha$ lgebris INVESTMENTS

Candriam Investors Group | Algebris Core Italy I EUR | € | 249.50 | - | 2.18 | 0.00 | 26.10 | 18.59 | Algebris Core Italy R EUR | € | 230.14 | - | 2.00 | 0.00 | 25.17 | 17.71 | Algebris Financial Credit I EUR | € | 226.21 | - | 1.00 | 0.00 | 5.47 | 8.85 | Algebris Financial Credit I GBP | £ | 200.68 | - | 0.87 | 0.00 | 0.00 | 0.00 | Algebris Financial Credit I USD | $ | 209.28 | - | 0.91 | 5.86 | 0.00 | 0.00 | Algebris Financial Credit R EUR | € | 190.04 | - | 0.90 | 0.00 | 4.79 | 8.21 | Algebris Financial Equity B EUR | € | 377.03 | - | 1.84 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity R EUR | € | 305.18 | - | 1.47 | 0.00 | 28.23 | 29.62 | Algebris Financial Equity Fund B GBP | £ | 315.63 | - | 1.56 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity Fund B USD | $ | 476.22 | - | 2.35 | 3.90 | 0.00 | 0.00 | Algebris Financial Income I EUR | € | 298.64 | - | 1.28 | 0.00 | 15.66 | 17.95 | Algebris Financial Income R EUR | € | 262.54 | - | 1.12 | 0.00 | 14.63 | 16.90 | Algebris Financial Income Fund I GBP | £ | 219.74 | - | 0.96 | 6.02 | 0.00 | 0.00 | Algebris Financial Income Fund I USD | $ | 251.09 | - | 1.09 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I EUR | € | 152.38 | - | 0.21 | 0.00 | 2.83 | 5.54 | Algebris Global Credit Opportunities R EUR | € | 145.97 | - | 0.20 | 0.00 | 2.29 | 5.02 | Algebris Global Credit Opportunities I GBP | £ | 152.00 | - | 0.19 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I USD | $ | 156.88 | - | 0.20 | 0.00 | 0.00 | 0.00 | Algebris IG Financial Credit I EUR | € | 118.25 | - | 0.67 | 0.00 | 3.74 | 6.68 | Algebris IG Financial Credit R EUR | € | 114.22 | - | 0.65 | 0.00 | 3.22 | 6.15 | Algebris Strategic Credit Fund R EUR | € | 113.87 | - | 0.52 | 0.00 | 2.31 | 4.66 | Algebris Global Equity Select B EUR | € | 156.86 | - | 1.34 | 0.00 | 8.44 | 11.42 | Algebris Global Equity Select R EUR | € | 149.01 | - | 1.26 | 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 | $ | 25.49 | - | -0.31 | 0.00 | 0.00 | 0.00 | ---

Dodge & Cox® Worldwide Funds

🌐 对照英文

Dodge & Cox Worldwide Funds | (IRL)< / > | 48-49 Pall Mall, London SW1Y 5JG< / > < / >< / > www.dodgeandcox.com +44 0203 642 3370< / > < / >< / > ECA Recognised< / > < / > | Dodge & Cox Worldwide Funds-新兴市场股票基金< / >< / > 新兴市场股票基金 A USD 累积类< / > $< / > 16.39< / > -< / > 0.01< / > 0.00< / > 26.57< / >< / > 新兴市场股票基金 A GBP 累积类< / > £< / > 17.46< / > -< / > -0.06< / > 0.00< / > 24.35< / >< / > 新兴市场股票基金 D GBP 分配类< / > £< / > 15.73< / > -< / > -0.05< / > 1.69< / > 21.72< / >< / > 新兴市场股票基金 A EUR 累积类< / > €< / > 17.69< / > -< / > -0.05< / > 1.51< / > 24.49< / > | Dodge & Cox Worldwide Funds-全球债券基金< / >< / > EUR 累积类< / > €< / > 18.33< / > -< / > -0.02< / > 0.00< / > 3.18< / > 4.00< / >< / > EUR 累积类 (H)< / > €< / > 11.89< / > -< / > 0.03< / > 0.00< / > 2.89< / > 3.51< / >< / > EUR 分配类< / > €< / > 11.16< / > -< / > -0.01< / > 0.00< / > -1.78< / > -0.89< / >< / > EUR 分配类 (H)< / > €< / > 7.18< / > -< / > 0.01< / > 5.05< / > -2.11< / > -1.37< / >< / > GBP 分配类< / > £< / > 11.60< / > -< / > -0.02< / > 4.75< / > -1.92< / > -1.54< / >< / > GBP 分配类 (H)< / > £< / > 8.15< / > -< / > 0.02< / > 4.70< / > -0.26< / > 0.18< / >< / > USD 累积类< / > $< / > 14.89< / > -< / > 0.03< / > 0.00< / > 4.89< / > 5.51< / >< / > CHF 分配类 (H)< / > Sfr< / > 7.31< / > -< / > 0.02< / > 0.00< / > -4.42< / > -3.82< / > | Dodge & Cox Worldwide Funds-全球股票基金< / >< / > USD 累积份额类< / > $< / > 48.64< / > -< / > 0.21< / > 0.00< / > 13.93< / > 16.18< / >< / > GBP 累积份额类< / > £< / > 60.26< / > -< / > 0.02< / > 0.00< / > 11.91< / > 13.85< / >< / > GBP 分配份额类< / > £< / > 38.52< / > -< / > 0.01< / > 0.00< / > 9.26< / > 12.21< / >< / > EUR 累积份额类< / > €< / > 64.88< / > -< / > 0.05< / > 0.00< / > 12.71< / > 13.18< / >< / > GBP 分配份额类 (H)< / > £< / > 20.90< / > -< / > 0.09< / > 0.00< / > 11.89< / > 13.85< / >< / > USD 分配类< / > $< / > 19.86< / > -< / > 0.08< / > 0.00< / > 12.36< / > 14.56< / >< / > CAD 累积类< / > C$< / > 65.23< / > -< / > 0.06< / > 0.00< / > 15.78< / > 17.72< / > |

SICO Capital KSA

授权公司董事——Waystone Management (UK) Limited

Troy Asset Management (1200) | (英国)< / > | 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL< / > < / >< / > 订单台及查询电话 0345 608 0950< / > < / > |

基金< / > 买入价< / > 卖出价 + / -< / > 收益率< / > 24个月< / > 36个月< / > < / > |

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📄 Original Section

Canaccord WEALTH | CG Asset Management Limited | (IRL) | 20 King Street, London EC2V 8EGDealing: Tel +353 1434 5098 Fax +353 1542 2859FCA Recognised | CG Portfolio Fund PLC | Absolute Return M Inc | £ | 144.48 | - | -0.10 | 2.61 | 2.93 | 2.43 | Capital Gearing Portfolio GBP P | £ | 39590.76 | - | -20.00 | 1.95 | 2.90 | 2.32 | Capital Gearing Portfolio GBP V | £ | 192.59 | - | -0.10 | 1.94 | 2.91 | 2.33 | Dollar Fund Cis D Inc | £ | 152.73 | - | 0.57 | 2.82 | -1.19 | -2.30 | Dollar Hedged GBP Inc | £ | 92.49 | - | 0.13 | 2.54 | -0.05 | -0.65 | Real Return CIs A Inc | £ | 182.81 | - | 0.49 | 2.55 | -0.75 | -2.24 | UK Index-Linked Bond G Inc | £ | 105.10 | - | -0.40 | 2.10 | 0.76 | 0.00 | Chartered Asset Management Pte Ltd | Other International Funds | CAM-GTF VCC | $ 477779.20 | 47779.20 | 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 | Authorised Inv Funds | EdenTree Global Impact Bond | 84.28 | - | -0.09 | 4.34 | -1.70 | -0.38 | EdenTree Green Impact Equity | 133.80 | - | -0.10 | 0.95 | 7.81 | 9.15 | EdenTree Green Impact Infrastructure | 76.07 | - | -0.34 | 6.81 | -3.84 | -7.00 | EdenTree Global Sustainable Government Bond | 94.44 | - | -0.16 | 3.18 | 0.00 | 0.00 | EdenTree Sustainable European Equity A | 473.90 | - | -5.00 | 1.94 | 10.60 | 12.39 | EdenTree Sustainable European Equity B | 479.30 | - | -5.10 | 0.00 | 10.59 | 12.39 | EdenTree Sustainable Global Equity A | 463.20 | - | -0.10 | 0.53 | 9.90 | 9.75 | EdenTree Sustainable Global Equity B | 467.60 | - | 0.00 | 0.95 | 9.88 | 9.74 | EdenTree Sustainable Managed Income A | 134.30 | - | -1.30 | 4.21 | 3.31 | 3.21 | EdenTree Sustainable Managed Income B | 145.70 | - | -1.40 | 4.17 | 3.79 | 3.62 | EdenTree Sustainable Short Dated Bond | 94.49 | - | -0.11 | 4.64 | -0.20 | 0.66 | EdenTree Sustainable Sterling Bond A | 82.48 | - | -0.35 | 5.11 | -1.67 | -0.20 | EdenTree Sustainable Sterling Bond B | 95.26 | - | -0.41 | 5.11 | -1.07 | 0.40 | EdenTree Sustainable UK Equity A | 247.40 | - | -0.70 | 1.82 | 4.61 | 3.62 | EdenTree Sustainable UK Equity B | 246.80 | - | -0.70 | 2.20 | 2.78 | 3.58 | EdenTree Sustainable UK Equity Opp A | 319.20 | - | 1.00 | 1.53 | 1.87 | 4.98 | EdenTree Sustainable UK Equity Opp B | 326.00 | - | 1.10 | 1.99 | 1.83 | 4.95 | Canaccord Wealth International Multi Strategy Funds Limited | Balanced Strategy | £ | 1.19 | - | 0.00 | 0.00 | 11.73 | 11.28 | Balanced Strategy A | £ | 1.19 | - | 0.00 | 1.84 | 8.68 | 8.81 | Cautious Balanced Strategy | £ | 1.48 | - | 0.00 | 0.91 | 9.08 | 9.03 | Cautious Balanced Strategy A | £ | 1.06 | - | 0.00 | 1.84 | 6.74 | 7.20 | Growth Strategy | £ | 2.71 | - | 0.00 | 0.76 | 1.73 | 5.77 | Growth Strategy A | £ | 1.30 | - | 0.00 | 0.54 | 10.64 | 11.11 | High Growth Strategy GBP | £ | 4.01 | - | 0.01 | 0.24 | 14.98 | 15.05 | High Growth Strategy A | £ | 1.37 | - | 0.00 | 0.52 | 12.71 | 12.53 | 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 | $ | 2.58 | - | 0.01 | 0.21 | 14.70 | 14.90 | CP Global Asset Management Pte.Ltd. | www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg | International Mutual Funds | Dealing Daily. Initial Charge Nil for A classes and up to $2\%$ for other classes.

CP Capital Asset Management Limited

| 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 | Other International Funds | American Dynamic | $ 9087.20 | - | 0.00 | 0.00 | 0.00 | 0.00 | American One | $ 11100.38 | - | 0.00 | 0.00 | 12.41 | 14.22 | Bond Global | € 1646.01 | - | 0.00 | 0.00 | 0.73 | 6.90 | Eurocroissance | € 1311.23 | - | 0.00 | 0.00 | 0.00 | 0.00 | Far East | $ 1267.36 | - | 0.00 | 0.00 | 0.00 | 0.00 | Artemis Corporate Bond I Acc | 116.99 | - | -0.52 | 0.00 | 4.37 | 5.83 | Artemis Global Income I Dis | 240.51 | - | -2.65 | 0.00 | 2.17 | 0.50 | Artemis High Income I Q Inc | 73.76 | - | -0.05 | 0.23 | 1.31 | 2.26 | Artemis Income I Inc | 343.20 | - | -1.77 | 5.48 | 9.51 | 10.44 | Artemis Monthly Dist I Inc | 100.87 | - | -0.37 | 0.00 | 12.51 | 12.79 | Artemis Short-Dn Strat Bond | 133.00 | - | 0.04 | 0.00 | 5.77 | 6.95 | Artemis SmartGARP Eur Eq I Acc | 980.73 | - | -20.41 | 0.00 | 24.58 | 26.81 | Artemis SmartGARP Global Small Co I Acc | 266.16 | - | -0.95 | 1.95 | 15.69 | 15.27 | Artemis SmartGARP GloEmr Eq I Acc | 360.94 | - | -4.64 | 0.00 | 32.68 | 27.08 | Artemis SmartGARP Glo Eq I Acc | 831.23 | - | -3.43 | 0.00 | 29.30 | 27.17 | Artemis SmartGARP UK Eq I Acc | 4689.57 | - | -47.21 | 2.41 | 24.73 | 23.19 | Artemis Strategic Assets I Acc | 111.30 | - | -0.25 | 0.00 | 3.78 | 3.35 | Artemis Strategic Bond I Q Acc | 123.83 | - | -0.05 | 4.46 | 5.58 | 6.26 | Artemis UK Select Fund Class I Acc | 1430.60 | - | -15.91 | 0.00 | 7.67 | 18.94 | Artemis UK Smaller Cos I Acc | 2643.38 | - | 10.72 | 1.81 | 4.66 | 9.13 | Artemis UK Special Sits I Acc | 1197.73 | - | -5.59 | 0.00 | 11.27 | 13.79 | Artemis US Extended Alpha I Acc | 605.99 | - | -3.40 | 0.00 | 16.06 | 18.90 | Artemis US Select I Acc | 596.43 | - | -2.56 | 0.00 | 21.00 | 21.92 | Artemis US Smir Cos I Acc | 524.16 | - | -6.01 | 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 | $ 169.43 | - | 0.56 | 0.00 | 0.00 | 0.00 | ASB MENA Equity | $ 98.25 | - | 0.00 | 0.00 | 0.00 | 0.00 | ---

管理基金服务

🌐 对照英文

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< / > 714.27< / > -< / > 0.63< / > 0.00< / > 0.74< / > 4.20< / >< / > Equity T Inc< / > 644.67< / > -< / > 0.57< / > 0.00< / > 14.35< / > 13.67< / > |

| Guinness Global Investors< / >< / > Guinness Global Equity Income Y GBP Dis< / > £< / > 24.79< / > -< / > 0.13< / > 2.05< / > 8.79< / > 11.42< / >< / > Guinness Global Innovators Y GBP ACC< / > £< / > 49.46< / > -< / > -0.25< / > 0.00< / > 13.54< / > 16.82< / >< / > Guinness Global Quality Mid Cap Y Gbp Acc< / > £< / > 16.61< / > -< / > -0.04< / > 0.00< / > 13.50< / > 12.43< / > |

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📄 Original Section

ASB Capital

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HPB Assurance Ltd

🌐 对照英文

| 国际保险< / >< / > Holiday Property Bond Ser 1< / > £< / > 0.49< / > -< / > 0.00< / > -0.28< / >< / > Holiday Property Bond Ser 2< / > £< / > 0.66< / > -< / > 0.00< / > 1.43< / > |

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📄 Original Section

CANDRIAM | Candriam Investors Group | (LUX) | FCA Recognised | Candriam Abs Ret Eqt Mkt Neutral-C Cap | € | 222.49 | - | -0.98 | 0.00 | 1.21 | 2.87 | Candriam Bds Euro High Yield Cap | € | 1427.94 | - | 7.70 | 0.00 | 3.90 | 5.97 | Candriam Bonds Gbl Hi Yield -C Cap | € | 284.59 | - | 1.24 | 0.00 | 3.59 | 5.71 | Candriam Bonds Glbl Infl Sh Dton-I-Cap | € | 164.25 | - | 0.17 | 0.00 | 2.37 | 3.01 | Candriam Bonds Total Return-C-Cap | € | 143.22 | - | 0.34 | 0.00 | 1.73 | 2.84 | Candriam Diversified Futures-I-Cap | € | 14366.83 | - | -19.52 | 0.00 | 1.43 | -1.29 | Candriam Eqts L Australia Cap A$ | A$ | 2350.28 | - | 0.96 | 0.00 | 7.81 | 8.34 | Candriam Eqts L Emerging Mkts Cap | € | 1610.20 | - | -11.70 | 0.00 | 27.77 | 21.76 | Candriam Equities L Biotech-C-Cap | $ | 1300.74 | - | -22.56 | 0.00 | 23.20 | 23.33 | Candriam Equities L Europe Innov-R-Cap | € | 256.36 | - | 1.75 | 0.00 | -3.37 | 1.14 | Candriam Index Arbitrage -C-Cap | € | 1532.67 | - | 0.00 | 0.00 | 1.16 | 2.25 | Candriam Long Short Credit R-Cap | € | 120.56 | - | 0.09 | 0.00 | 2.99 | 3.84 | Candriam Risk Arbitrage-C-Cap | € | 2773.68 | - | 0.00 | 0.00 | 2.97 | 3.77 | Candriam Sust Bond Emerg Mkts I Dist | $ | 749.83 | - | 4.85 | 0.00 | 4.48 | 3.35 | Candriam Sust Bond Euro Corp R Cap | € | 110.22 | - | 0.40 | 0.00 | 2.50 | 4.27 | Candriam Sust GlbHighYield-I-Cap | € | 1239.26 | - | 5.66 | 0.00 | 2.98 | 4.78 | Candriam Eq Crl Econ-R-Cap | $ | 160.22 | - | 1.16 | 0.00 | 4.22 | 6.18 | Candriam Eq Clmt Action I-Cap | $ | 2171.44 | - | 25.69 | 0.00 | 12.27 | 11.32 | Candriam Sust Eq Emerging Mkts C-Cap | € | 196.99 | - | -1.09 | 0.00 | 25.10 | 18.21 | Candriam Sust Eq EMU-C-Cap | € | 219.43 | - | 1.54 | 0.00 | 8.17 | 9.57 | Candriam Sust Eurp S&M Caps-I-Cap | € | 2437.02 | - | 25.21 | 0.00 | 0.38 | 1.86 | Candriam Sust Eq World-C-Cap | € | 47.99 | - | 0.03 | 0.00 | 12.07 | 14.27 | NYLIM GF US High YieldCorp Bond-R-Cap | $ | 171.88 | - | 0.60 | 0.00 | 5.36 | 7.10 | Other International Funds | Candriam Bds Euro Sh.Term Cap | € | 2179.79 | - | 1.83 | 0.00 | 2.08 | Candriam Bonds Credit Opportunities | € | 220.80 | - | 0.44 | 0.00 | 2.61 | Candriam Bonds Emerg Mkt-C-Cap | $ | 2994.82 | - | 22.56 | 0.00 | 6.44 | Candriam Equities L Eurp Opt Olt -I-Cap | € | 251.24 | - | 1.54 | 0.00 | 7.61 | Candriam Equities L Global Demg R Cap | € | 405.59 | - | 0.55 | 0.00 | 10.31 | Candriam Equities Onco impt-I-Cap | $ | 3504.13 | - | -20.58 | 0.00 | 7.99 | Candriam Equities L Robt&InnTech I Cap | $ | 8402.96 | - | 34.02 | 0.00 | 32.27 | Cantab Asset Management Ltd(UK)01223 522000www.cantabam.com | FCA Recognised | VT Cantab Balanced A GBP Acc | 142.46 | - | 0.17 | 1.80 | 10.02 | 9.39 | VT Cantab Moderate A GBP Acc | 139.75 | - | 0.14 | 2.12 | 9.19 | 8.16 | VT Cantab Sustainable Gbl Eq A GBP Acc | 170.10 | - | -0.11 | 1.37 | 8.85 | 9.10 | ---

Janus Henderson INVESTORS

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McInroy & Wood Portfolios Limited

Easter Alderston, Haddington EH41 3SF 01620 825867

授权投资资金 | 平衡基金 Acc< / > 6947.00< / > -< / > -13.20< / > 1.85< / > 4.29< / > 0.00< / >< / > 平衡基金 Inc< / > 6521.40< / > -< / > -12.40< / > 1.90< / > 2.41< / > 2.51< / >< / > 新兴市场基金 ACC< / > 2348.50< / > -< / > -13.40< / > 1.73< / > 2.67< / > 0.00< / >< / > 新兴市场基金 Inc< / > 2103.60< / > -< / > -12.00< / > 1.77< / > 0.74< / > -1.59< / >< / > 收益基金 Acc< / > 3608.60< / > -< / > -6.70< / > 2.72< / > 6.46< / > 0.00< / >< / > 收益基金 Inc< / > 3179.70< / > -< / > -5.80< / > 2.82< / > 3.23< / > 3.24< / >< / > 小型公司基金 Acc< / > 7290.30< / > -< / > -46.50< / > 1.26< / > 4.54< / > 0.00< / >< / > 小型公司基金 Inc< / > 6827.50< / > -< / > -43.60< / > 1.29< / > 3.19< / > 3.67< / > | 司法部共同投资资金< / > (英国)< / >< / > | 房地产及其他英国单位信托< / >< / > 股票指数追踪基金 Inc< / > 2650.00< / > -< / > 3.00< / > 2.00< / > 10.43< / > 10.54< / >< / > 分配单位< / > < / > |

| Nutshell Asset Management Ltd< / > (爱尔兰)< / >< / > | Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LE www.nutshellam.com< / >< / > | 授权投资资金< / >< / > Nutshell Growth Fund Gbp Inst Founder< / > £< / > 193.82< / > -< / > 0.66< / > 0.00< / > 16.18< / > 17.34< / > |

Purisima Investment Fds (CI) Ltd

Royal London

80 Fenchurch Street, London EC3M 4BY

| 授权公司董事-Waystone Management (UK) Limited< / >< / > 全球总基金 PCG A< / > 713.11< / > -< / > 0.00< / > 0.41< / > 14.85< / > 18.18< / >< / > 全球总基金 PCG B< / > 701.96< / > -< / > 0.00< / > 14.77< / > 18.10< / >< / > 全球总基金 PCG INT< / > 684.52< / > -< / > 0.00< / > 14.59< / > 17.92< / > | 受监管< / >< / > PCG B< / > < / > 572.14< / > -< / > 3.12< / > 0.00< / > 15.89< / >< / > PCG C< / > < / > 551.92< / > -< / > 3.01< / > 0.00< / > 15.63< / > |

Royal London 可持续多元化 A Inc< / > 287.80< / > -< / > -0.60< / > 1.54< / > 4.74< / > 6.21< / >< / > Royal London 可持续世界 A Inc< / > 527.30< / > -< / > 1.00< / > 0.75< / > 12.26< / > 12.73< / >< / > Royal London 公司债券月收益< / > 75.05< / > -< / > -0.35< / > 4.39< / > -0.69< / > 0.54< / >< / > Royal London 欧洲增长信托< / > 283.20< / > -< / > -4.90< / > 1.12< / > 8.66< / > 9.33< / >< / > Royal London 可持续领导者 A Inc< / > 990.50< / > -< / > -12.50< / > 1.47< / > 6.61< / > 6.62< / >< / > Royal London 英国增长信托< / > 848.70< / > -< / > -6.90< / > 1.71< / > 9.55< / > 9.80< / >< / > Royal London 英国收益增长信托< / > 250.00< / > -< / > -1.10< / > 3.85< / > 6.18< / > 6.89< / >< / > Royal London 美国增长信托< / > 684.50< / > -< / > 2.30< / > 0.01< / > 15.68< / > 18.29< / > |

可用追加资金

详情请参阅 www.royallondon.com

Private Fund Mgrs (Guernsey) Ltd | (GSY)< / > | 受监管< / >< / > Monument Growth 06 / 10 / 2026< / > £< / > 612.77< / > 618.47< / > 0.00< / > 1.05< / > 3.09< / > 2.98< / > | 受监管< / >< / > Oasis Crescent Global Eq Fd (USD) A (Dist)< / > $ 56.52< / > -< / > 0.22< / > 0.00< / > 18.37< / > 16.10< / >< / > Oasis Crescent Global Inc Fd (USD) A Dist< / > $ 9.96< / > -< / > 0.03< / > 0.00< / > -0.60< / > -0.09< / >< / > Oasis Crescent Low Equity Fund (USD) D Dist< / > $ 16.02< / > -< / > 0.06< / > 0.00< / > 9.58< / > 8.91< / >< / > Oasis Crescent Med Equity Fd (USD) A Dist< / > $ 18.78< / > -< / > 0.07< / > 0.00< / > 11.69< / > 10.50< / >< / > Oasis Crescent Prop Equity Fd (USD) A Dist< / > $ 10.27< / > -< / > 0.12< / > 0.00< / > 7.43< / > 9.58< / >< / > Oasis Crescent Short Term Inc Fd (USD) A (Dist)< / > $ 0.95< / > -< / > 0.00< / > 0.41< / > 0.60< / >< / > Oasis Crescent Variable Fund (USD) A (Dist)< / > £ 12.17< / > -< / > -0.01< / > 0.00< / > 7.16< / > 7.45< / > |

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

Dodge & Cox® Worldwide Funds | Dodge & Cox Worldwide Funds | (IRL) | 48-49 Pall Mall, London SW1Y 5JG | www.dodgeandcox.com +44 0203 642 3370 | ECA Recognised | Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund | Emerging Markets Stock Fund A USD Acc | $ | 16.39 | - | 0.01 | 0.00 | 26.57 | Emerging Markets Stock Fund A GBP Acc | £ | 17.46 | - | -0.06 | 0.00 | 24.35 | Emerging Markets Stock Fund D GBP Dis | £ | 15.73 | - | -0.05 | 1.69 | 21.72 | Emerging Markets Stock Fund A EUR Acc | € | 17.69 | - | -0.05 | 1.51 | 24.49 | Dodge & Cox Worldwide Funds-Global Bond Funds | EUR Accumulating Class | € | 18.33 | - | -0.02 | 0.00 | 3.18 | 4.00 | EUR Accumulating Class (H) | € | 11.89 | - | 0.03 | 0.00 | 2.89 | 3.51 | EUR Distributing Class | € | 11.16 | - | -0.01 | 0.00 | -1.78 | -0.89 | EUR Distributing Class (H) | € | 7.18 | - | 0.01 | 5.05 | -2.11 | -1.37 | GBP Distributing Class | £ | 11.60 | - | -0.02 | 4.75 | -1.92 | -1.54 | GBP Distributing Class (H) | £ | 8.15 | - | 0.02 | 4.70 | -0.26 | 0.18 | USD Accumulating Class | $ | 14.89 | - | 0.03 | 0.00 | 4.89 | 5.51 | CHF Distributing Class (H) | Sfr | 7.31 | - | 0.02 | 0.00 | -4.42 | -3.82 | Dodge & Cox Worldwide Funds-Global Stock Funds | USD Accumulating Share Class | $ | 48.64 | - | 0.21 | 0.00 | 13.93 | 16.18 | GBP Accumulating Share Class | £ | 60.26 | - | 0.02 | 0.00 | 11.91 | 13.85 | GBP Distributing Share Class | £ | 38.52 | - | 0.01 | 0.00 | 9.26 | 12.21 | EUR Accumulating Share Class | € | 64.88 | - | 0.05 | 0.00 | 12.71 | 13.18 | GBP Distributing Share Class (H) | £ | 20.90 | - | 0.09 | 0.00 | 11.89 | 13.85 | USD Distributing Class | $ | 19.86 | - | 0.08 | 0.00 | 12.36 | 14.56 | CAD Accumulating Class | C$ | 65.23 | - | 0.06 | 0.00 | 15.78 | 17.72 | Dodge & Cox Worldwide Funds-US Stock Fund | USD Accumulating Share Class | $ | 58.57 | - | 0.07 | 0.00 | 11.09 | 14.26 | GBP Accumulating Share Class | £ | 68.62 | - | -0.21 | 0.00 | 9.13 | 11.97 | GBP Distributing Share Class | £ | 39.92 | - | -0.12 | 0.00 | 8.28 | 11.06 | EUR Accumulating Share Class | € | 67.44 | - | -0.17 | 0.00 | 8.37 | 12.17 | GBP Distributing Share Class (H) | £ | 22.10 | - | 0.03 | 0.00 | 9.72 | 12.79 | USD Distributing Class | $ | 21.43 | - | 0.03 | 0.00 | 10.24 | 13.32 | FIL Investment Services (1200)F | Beech Gate, Millfield Lane, Lower Kingswood, Tadworth KT20 GRP | Calffree: Private Clients 0800 414161 | Broker Dealings: 080 414 181 | OEIC Funds | Allocator World Fund W-Acc-GBP | £ | 4.40 | - | 0.00 | 0.97 | 16.16 | 16.18 | American Fund W-Acc-GBP | £ | 91.01 | - | 0.44 | 0.00 | 11.62 | 13.58 | American Special Sits W-Acc-GBP | £ | 29.20 | - | 0.20 | 0.41 | 7.07 | 9.14 | Asia Funds W-Acc-GBP | £ | 30.19 | - | -0.40 | 0.48 | 36.18 | 25.82 | Asia Pacific Opps W-Acc | £ | 3.32 | - | -0.02 | 0.69 | 11.09 | 7.55 | Asian Dividend Fund W-Acc-GBP | £ | 3.68 | - | -0.01 | 2.02 | 23.48 | 18.79 | Cash Fund W-Acc-GBP | £ | 1.22 | - | 0.00 | 3.83 | 0.00 | 0.00 | China Fund W-Accumulation-GBP | £ | 2.44 | - | -0.02 | 1.53 | 14.11 | 1.37 | Emerging Mkts NAV | 1684.82 | - | 68.26 | 0.00 | 0.00 | 0.00 | Enhanced Income Fund W-Inc-GBP | £ | 0.92 | - | -0.01 | 6.20 | -1.45 | -1.96 | European Fund W-Acc-GBP | £ | 31.33 | - | -0.58 | 1.50 | 6.13 | 8.84 | Global High Income Bond W-Acc-GBP | £ | 1.55 | - | 0.00 | 5.73 | 5.24 | 7.40 | Sustainable Euro Equity Fund W-ACC-GBP | £ | 7.06 | - | -0.14 | 1.19 | 8.78 | 9.96 | Sustainable Global Equity Fund W-ACC-GBP | £ | 44.23 | - | -0.09 | 0.29 | 7.91 | 8.90 | Japan Fund W-ACC-GBP | £ | 10.92 | - | -0.21 | 0.87 | 23.47 | 19.58 | Select 50 Balanced Fund Pl-Acc-GBP | £ | 1.53 | - | 0.00 | 2.17 | 0.00 | 0.00 | Special Situations Fund W-ACC-GBP | £ | 72.87 | - | -0.37 | 2.28 | 18.33 | 20.23 | Short Dated Corp Bond Fund W-ACC-GBP | £ | 12.62 | - | -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 | £ | 4.58 | - | -0.03 | 1.76 | 6.05 | 8.63 | Global Dividend Fund W-ACC-GBP | £ | 4.56 | - | -0.01 | 2.51 | 12.64 | 14.94 | Global Enhanced W-ACC-GBP | £ | 3.52 | - | -0.02 | 4.22 | 13.19 | 14.36 | Global Special Sits W-ACC-GBP | £ | 93.05 | - | -0.18 | 0.20 | 18.41 | 17.69 | Index Emerging Markets P-ACC-GBP | £ | 2.94 | - | -0.02 | 1.56 | 25.86 | 20.18 | Index Europe ex UK Markets P-ACC-GBP | £ | 2.87 | - | -0.05 | 2.16 | 14.99 | 14.86 | Index Japan P-ACC-GBP | £ | 3.37 | - | -0.06 | 1.42 | 18.15 | 17.38 | Index Pacific ex Japan P-ACC-GBP | £ | 2.59 | - | -0.02 | 2.68 | 15.27 | 13.96 | Index Sterling Corp Bond Fund P-ACC-GBP | £ | 0.95 | - | 0.00 | 5.29 | 0.00 | 0.00 | Index UK P-ACC-GBP | £ | 2.45 | - | -0.02 | 2.71 | 16.39 | 16.52 | Index US P-ACC-GBP | £ | 6.41 | - | 0.05 | 0.83 | 16.58 | 18.09 | Index World P-ACC-GBP | £ | 4.78 | - | 0.01 | 1.11 | 16.76 | 17.60 | MoneyBuilder Balanced Fund W-Acc-GBP | £ | 0.77 | - | 0.00 | 2.97 | 0.00 | 0.00 | MoneyBuilder Dividend Fund W-Acc-GBP | £ | 1.60 | - | -0.01 | 3.70 | -0.89 | -1.54 | Sust. MoneyBuilder Inc Fd Fund W-ACC-GBP | £ | 14.09 | - | -0.06 | 4.52 | 3.28 | 5.58 | Multi Asset Alloc Adventurous Fd W-ACC-GBP | £ | 3.24 | - | 0.00 | 1.13 | 13.39 | 13.37 | Multi Asset Alloc Defensive Fd W-ACC-GBP | £ | 1.56 | - | 0.00 | 0.00 | 5.51 | 5.35 | Multi Asset Alloc Growth Fd W-ACC-GBP | £ | 2.58 | - | 0.00 | 1.12 | 10.55 | 10.52 | Multi Asset Alloc Strategic Fd W-ACC-GBP | £ | 2.03 | - | 0.00 | 1.17 | 7.15 | 7.63 | Multi Asset Balanced Inc Fd W-INC-GBP | £ | 1.02 | - | 0.00 | 0.00 | 3.04 | 2.73 | Multi Asset Inc & Growth Fund W-INC-GBP | £ | 1.31 | - | 0.00 | 2.59 | 10.18 | 8.41 | Multi Asset Income Fund W-INC-GBP | £ | 0.90 | - | 0.00 | 0.00 | 2.07 | 1.49 | Multi Asset Open Advent W-ACC-GBP | £ | 2.52 | - | 0.01 | 1.66 | 12.34 | 11.53 | Multi Asset Open Defen W-ACC-GBP | £ | 1.66 | - | 0.00 | 0.00 | 7.75 | 6.77 | Multi Asset Open GrowthFund W-ACC-GBP | £ | 2.35 | - | 0.01 | 1.80 | 11.74 | 10.94 | Multi Asset Open Strat. Fund W-ACC-GBP | £ | 1.97 | - | 0.00 | 2.40 | 9.34 | 8.50 | Open World Fund W-Acc-GBP | £ | 3.49 | - | 0.01 | 0.81 | 13.50 | 13.25 | Strategic Bond Fund P-Acc-GBP | £ | 1.36 | - | 0.00 | 2.93 | 3.35 | 5.54 | Index UK Gilt Fund P-Acc-GBP | £ | 0.76 | - | 0.00 | 4.53 | 1.36 | 1.73 | Sustainable Asia Equity Fund W-ACC-GBP | £ | 2.83 | - | -0.02 | 0.74 | 25.35 | 16.13 | Sust Multi Asset Balanced Fund W-ACC-GBP | £ | 1.22 | - | 0.00 | 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 | 1.13 | 0.00 | 0.00 | UK Opportunities Fund W-ACC-GBP | £ | 2.63 | - | -0.02 | 2.27 | 0.00 | 0.00 | UK Smaller Companies W-ACC-GBP | £ | 4.83 | - | 0.00 | 2.33 | 6.76 | 11.33 | SICO Capital KSA

Authorised Corporate Director-Waystone Management (UK) Limited | Troy Asset Management (1200) | (UK) | 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL | Order Desk and enquiries 0345 608 0950 | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | ---

授权投资资金

🌐 对照英文

WS Ruffer Total Return C Acc | 587.10< / > -< / > -2.39< / > 2.16< / > 4.90< / > 4.23< / > | WS Ruffer Total Return C Inc< / > 338.68< / > -< / > -1.38< / > 2.19< / > 1.76< / > 0.57< / > |

| SICO BSC BHR< / > (BHR)< / >< / > | 电话 - +973 1751 5700 网站 - www.sicobank.com< / >< / > Khaleej Equity Fund< / > $< / > 583.47< / > -< / > -33.51< / > 0.00< / > -3.81< / >< / > Sico Gulf Equity Fund< / > $< / > 202.34< / > -< / > 3.72< / > 0.00< / > 10.57< / > | SICO Capital KSA< / >< rowspan="2">(KSA)< / >< / > | 电话 - +966 11 521 3835 网站 - www.sicocapital.com< / >< / > SICO Kingdom Equity Fund< / > SAR< / > 10.28< / > -< / > -0.39< / > 0.00< / > 1.39< / > -< / >< / > SICO MENA Equity Fund< / > SAR< / > 21.34< / > -< / > -0.39< / > 0.00< / > -1.37< / > 4.80< / >< / > SICO Capital Money Market< / > SAR< / > 13.92< / > -< / > -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< / > $< / > 300.95< / > -< / > 1.65< / > 0.00< / > 4.49< / > 6.47< / >< / > SF Global Best Ideas Eq D GBP Inc< / > £< / > 343.88< / > -< / > 0.44< / > 0.00< / > 2.66< / > 4.35< / > |

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00

Trend Gold< / > $ 1835.48< / > -< / > 12.54< / > 0.00< / > 31.06< / > 31.64< / >< / > Trend Silver< / > $ 1983.46< / > -< / > 8.58< / > 0.00< / > 47.24< / > 43.10< / >< / > Trend< / > $ 818.16< / > -< / > -0.31< / > 0.00< / > 13.44< / > 8.07< / >< / > Bitcoin 0-2x< / > € 94.92< / > -< / > 0.00< / > 5.13< / > 14.45< / >< / > Fund-of-Funds< / > $ 170.73< / > -< / > 0.00< / > 21.89< / > 20.71< / > |

Blockchain< / > €< / > 24.60< / > -< / > -0.04< / > 0.00< / > 18.77< / > 34.82< / >< / > Gold Silver + Mining< / > €< / > 19.25< / > -< / > 0.02< / > 0.00< / > 26.04< / > 27.57< / >< / > Quadriga All Seasons< / > €< / > 14.93< / > -< / > 0.07< / > 0.00< / > 15.23< / > 17.35< / >< / > Inflation< / > Sfr< / > 11.23< / > -< / > 0.09< / > 0.00< / > 8.83< / > 8.45< / > |

Trojan 投资资金 | Trojan Ethical Global Inc O Acc< / > 110.09< / > -< / > 0.00< / > 3.09< / > -1.89< / > 2.89< / >< / > Ethical Global Inc O Inc< / > 96.95< / > -< / > 0.00< / > 3.14< / > -3.43< / > -0.31< / >< / > Ethical O Acc< / > 157.37< / > -< / > 0.00< / > 0.68< / > 7.54< / > 7.69< / >< / > Ethical O Inc< / > 151.92< / > -< / > 0.00< / > 0.68< / > 5.13< / > 6.30< / >< / > Ethical Income O Acc< / > 165.51< / > -< / > 0.00< / > 2.62< / > 3.62< / > 6.55< / >< / > Ethical Income O Inc< / > 124.54< / > -< / > 0.00< / > 2.71< / > 0.89< / > 3.72< / >< / > Fund Acc< / > 460.44< / > -< / > 0.00< / > 0.81< / > 7.02< / > 6.77< / >< / > Fund Inc< / > 360.58< / > -< / > 0.00< / > 0.89< / > 7.54< / > 5.01< / >< / > Global Income O Acc< / > 169.57< / > -< / > 0.00< / > 3.42< / > 1.00< / > 3.50< / >< / > Global Income O Inc< / > 125.88< / > -< / > 0.00< / > 3.50< / > -2.14< / > 0.26< / >< / > Income O Acc< / > 390.79< / > -< / > 0.00< / > 2.85< / > 3.86< / > 6.15< / >< / > Income O Inc< / > 172.18< / > -< / > 0.00< / > 2.95< / > -0.55< / > 2.26< / > |

Troy 资产管理公司 (1100)< / > (IRL)< / >< / > Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, D01 YE64, Ireland 咨询电话 +353 (0) 1672 1600< / > < / >< / > 英国金融行为监管局 (FCA) 认可基金< / > < / > |

管理公司 - Universal Investment Ireland

| Funds (Ireland) Plc< / >< / > Europe O EUR Acc< / > €< / > 1.0205< / > -< / > 0.00< / >< / > Exclusions X GBP Acc< / > £< / > 1.3179< / > -< / > 0.00< / > 6.13< / >< / > Global Equity O GBP Acc< / > £< / > 5.9490< / > -< / > 0.01< / > 0.20< / > -1.16< / >< / > (Ireland) O GBP Acc< / > £< / > 1.8530< / > -< / > 0.00< / > 5.34< / > |

---

📄 Original Section

MANAGED FUNDS SERVICE

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 | 714.27 | - | 0.63 | 0.00 | 0.74 | 4.20 | Fundsmith Equity T Inc | 644.67 | - | 0.57 | 0.00 | 14.35 | 13.67 |

| Guinness Global Investors | Guinness Global Equity Income Y GBP Dis | £ | 24.79 | - | 0.13 | 2.05 | 8.79 | 11.42 | Guinness Global Innovators Y GBP ACC | £ | 49.46 | - | -0.25 | 0.00 | 13.54 | 16.82 | Guinness Global Quality Mid Cap Y Gbp Acc | £ | 16.61 | - | -0.04 | 0.00 | 13.50 | 12.43 | ---

《金融时报》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、基金管理人和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，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，且这些基金未必向本刊发行的所有司法管辖区的人员开放。如有疑问，请寻求适当的专业建议。数据由 ICE 汇总。本版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。本页公布的基金按基金管理公司分组。除非另有说明，价格单位为便士。如果显示了变动，则为相对于前次引用数据的变动（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。发行不同的份额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)：也称为出售价。投资者出售单位信托份额的价格。

申购价 (Offer)：也称为买入价。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 份额和单一价格单位信托份额的买入和卖出价格相同。管理人定期资本费用的处理：24 和 36 个月：24 和 36 个月的年化业绩数据使用该期间的总收益（或损失）计算。业绩公式经过调整，以考虑参考期间内的收益分配。

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。

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的分类。欲了解更多信息，请联系 data@ft.com。如需进一步查询，请联系 newspapers@ice.com

数据提供方：

📄 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 | ---

透明度。探索。创新。

🌐 对照英文

市场与数据在此汇聚。

📄 Original Section

Janus Henderson INVESTORS

McInroy & Wood Portfolios Limited

Easter Alderston, Haddington EH41 3SF 01620 825867 | Authorised Inv Funds | Janus Henderson Absolute Return Fund A Acc | 206.50 | - | -0.50 | 2.10 | 5.51 | 6.50 | Janus Henderson Asian Divi Inc Unit Trst Inc | 103.80 | - | -0.30 | 5.60 | 12.82 | 9.96 | Janus Henderson Cautious Mngd Fund A Acc | 347.00 | - | -2.40 | 3.80 | 6.51 | 8.64 | Janus Henderson Cautious Mngd Fund A Inc | 148.90 | - | -1.00 | 3.90 | 1.98 | 2.47 | Janus Henderson China Opp Fund A Acc | 1271.00 | - | -4.00 | 0.10 | 20.42 | 7.17 | Janus Henderson Emerging Markets Asia A Acc | 1861.00 | - | -13.00 | 0.00 | 25.49 | 20.45 | Janus Henderson Emerg. Mkts Opps Fnd A Acc | 309.70 | - | -1.60 | 0.00 | 20.16 | 15.56 | Janus Henderson European Focus A Acc | 574.30 | - | -9.40 | 0.10 | 0.00 | 0.00 | Janus Henderson Euro. Sel Opps Fund A Acc | 3074.00 | - | -54.00 | 0.20 | 10.88 | 11.44 | Janus Henderson Fixed Int Mthly Inc Fd Inc | 16.58 | - | 0.03 | 6.20 | -1.03 | -1.09 | Janus Henderson Global Equity Inc Fnd Inc | 86.62 | - | -0.24 | 2.60 | 8.88 | 8.35 | Janus Henderson Global Select Fund Acc | 6605.00 | - | -42.00 | 0.00 | 10.11 | 14.93 | Janus Henderson Global Sust Equity Fd A Inc | 718.10 | - | -0.80 | 0.00 | 9.41 | 12.37 | Janus Henderson Global Tech Ldrs Fnd A Acc | 7644.00 | - | 47.00 | 0.00 | 27.27 | 29.60 | Janus Henderson Instl UK Index Opps A Acc | 173.45 | - | -1.38 | 2.30 | 16.08 | 16.32 | Janus Henderson Multi-Asst Abs Rtn Fd A Acc | 190.50 | - | 0.40 | 2.70 | 4.90 | 4.72 | Janus Henderson Multi-Mgr Actv Fd A Acc | 339.30 | - | 0.00 | 1.70 | 8.52 | 8.89 | Janus Henderson Multi-Mgr Dist Fd A Inc | 136.50 | - | 0.10 | 2.60 | 3.25 | 2.95 | Janus Henderson Multi-Mgr Div. Fd A Acc | 105.10 | - | 0.00 | 3.20 | 6.39 | 7.28 | Janus Henderson Multi-Mgr Glbl Sel Fd A Acc | 452.30 | - | 1.60 | 0.00 | 10.17 | 11.41 | Janus Henderson MultiMglnlc&Gwth FdA Acc | 231.90 | - | 0.20 | 2.60 | 6.51 | 6.57 | Janus Henderson Multi-Mglnlc&Gwth Fd A Inc | 160.90 | - | 0.10 | 2.60 | 3.41 | 3.28 | Janus Henderson Multi-Mgr Mngd Fd A Acc | 407.20 | - | 0.00 | 1.40 | 7.87 | 8.25 | Janus Henderson Multi-Mgr Mngd Fd A Inc | 375.60 | - | 0.00 | 1.20 | 6.54 | 6.81 | Janus Henderson Sterling Bond Unit Trust Acc | 225.40 | - | -1.10 | 4.30 | 2.51 | 4.71 | Janus Henderson Sterling Bond Unit Trust Inc | 54.44 | - | -0.26 | 4.30 | -0.80 | 0.18 | Janus Henderson Strategic Bond Fund A Inc | 92.23 | - | 0.13 | 6.10 | -2.45 | -2.78 | Janus Henderson UK Alpha Fund A Acc | 194.70 | - | -1.60 | 0.90 | 11.05 | 15.10 | Janus Henderson UK Eq Inc & Growth Fd A Inc | 679.40 | - | -4.70 | 3.30 | 7.60 | 9.94 | Janus Henderson US Growth Fund A Acc | 3170.00 | - | 29.00 | 0.00 | 12.83 | 16.77 | Authorised Inv Funds | Balanced Fund Acc | 6947.00 | - | -13.20 | 1.85 | 4.29 | 0.00 | Balanced Fund Inc | 6521.40 | - | -12.40 | 1.90 | 2.41 | 2.51 | Emerging Markets Fund ACC | 2348.50 | - | -13.40 | 1.73 | 2.67 | 0.00 | Emerging Markets Fund Inc | 2103.60 | - | -12.00 | 1.77 | 0.74 | -1.59 | Income Fund Acc | 3608.60 | - | -6.70 | 2.72 | 6.46 | 0.00 | Income Fund Inc | 3179.70 | - | -5.80 | 2.82 | 3.23 | 3.24 | Smaller Companies Fund Acc | 7290.30 | - | -46.50 | 1.26 | 4.54 | 0.00 | Smaller Companies Fund Inc | 6827.50 | - | -43.60 | 1.29 | 3.19 | 3.67 | Ministry of Justice Common Investment Funds | (UK) | Property & Other UK Unit Trusts | The Equity Idx Tracker Fd Inc | 2650.00 | - | 3.00 | 2.00 | 10.43 | 10.54 | Distribution Units |

| 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 | £ | 193.82 | - | 0.66 | 0.00 | 16.18 | 17.34 | Purisima Investment Fds (CI) Ltd

Royal London

80 Fenchurch Street, London EC3M 4BY | Authorised Corporate Director-Waystone Management (UK) Limited | Global Total Fd PCG A | 713.11 | - | 0.00 | 0.41 | 14.85 | 18.18 | Global Total Fd PCG B | 701.96 | - | 0.00 | 0.00 | 14.77 | 18.10 | Global Total Fd PCG INT | 684.52 | - | 0.00 | 0.00 | 14.59 | 17.92 | Regulated | PCG B | 572.14 | - | 3.12 | 0.00 | 15.89 | PCG C | 551.92 | - | 3.01 | 0.00 | 15.63 | Royal London Sustainable Diversified A Inc | 287.80 | - | -0.60 | 1.54 | 4.74 | 6.21 | Royal London Sustainable World A Inc | 527.30 | - | 1.00 | 0.75 | 12.26 | 12.73 | Royal London Corporate Bond Mth Income | 75.05 | - | -0.35 | 4.39 | -0.69 | 0.54 | Royal London European Growth Trust | 283.20 | - | -4.90 | 1.12 | 8.66 | 9.33 | Royal London Sustainable Leaders A Inc | 990.50 | - | -12.50 | 1.47 | 6.61 | 6.62 | Royal London UK Growth Trust | 848.70 | - | -6.90 | 1.71 | 9.55 | 9.80 | Royal London UK Income With Growth Trust | 250.00 | - | -1.10 | 3.85 | 6.18 | 6.89 | Royal London US Growth Trust | 684.50 | - | 2.30 | 0.01 | 15.68 | 18.29 |

Additional Funds Available

Please see www.royallondon.com for details | Private Fund Mgrs (Guernsey) Ltd | (GSY) | Regulated | Monument Growth 06/10/2026 | £ | 612.77 | 618.47 | 0.00 | 1.05 | 3.09 | 2.98 | Regulated | Oasis Crescent Global Eq Fd (USD) A (Dist) | $ 56.52 | - | 0.22 | 0.00 | 18.37 | 16.10 | Oasis Crescent Global Inc Fd (USD) A Dist | $ 9.96 | - | 0.03 | 0.00 | -0.60 | -0.09 | Oasis Crescent Low Equity Fund (USD) D Dist | $ 16.02 | - | 0.06 | 0.00 | 9.58 | 8.91 | Oasis Crescent Med Equity Fd (USD) A Dist | $ 18.78 | - | 0.07 | 0.00 | 11.69 | 10.50 | Oasis Crescent Prop Equity Fd (USD) A Dist | $ 10.27 | - | 0.12 | 0.00 | 7.43 | 9.58 | Oasis Crescent Short Term Inc Fd (USD) A (Dist) | $ 0.95 | - | 0.00 | 0.00 | 0.41 | 0.60 | Oasis Crescent Variable Fund (USD) A (Dist) | £ 12.17 | - | -0.01 | 0.00 | 7.16 | 7.45 |

Ruffer LLP (1000) F

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

Order Desk and Enquiries: 0345 601 9610

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当不安与俏皮相遇

🌐 对照英文

亚瑟·贾法（Arthur Jafa）擅长以轻盈的手法处理沉重题材，这一点在他一场令人振奋的纽约展览中得到了充分展现。作者：阿里埃拉·布迪克（Ariella Budick）

亚瑟·贾法被那些困难且令人不安的事物所吸引。“如果某件事让我感到不安，首先，我会对‘我为什么会对它感到不安’产生浓厚兴趣，”他曾这样说道。这意味着，参观新博物馆（New Museum）这场规模宏大的贾法回顾展《我是托尼》（I Am Tony）的观众，应当愿意在自己的不安感中驻足。而这种尝试将带来回报。

几十年来，贾法一直痴迷于从废弃的杂志中剪下照片，并将它们重新组合成充满阴郁诗意的笔记本，与朋友分享。在这场曲折且发散的展览中，他将这些私人沉思转化为墙面大小的照片和视频，通过可爱与恐怖意象的结合来诱导观众。

时长半小时的蒙太奇作品《SloPEX》（2022）快速切换着名人们出汗、抽烟和唱歌的镜头，其中穿插着动画电影的画面、游行中的气球，以及被捆绑、肢解和焚烧的身体片段。几乎每一秒钟，惊叹声（“ooh”）都会转化为沉重的叹息（“oof”）。

展览在一种压抑的震惊感中开始。《效忠誓言》（Pledge of Allegiance）（2017）是一张被放大到壁画尺寸的颗粒感照片，画面中一群黑人学童向一名年幼的旗手所持的星条旗行直臂礼。也许是我在AI时代养成的怀疑心理在作祟，起初我以为贾法篡改了图像，以此构思出一个由黑人婴儿纳粹组成的噩梦之国。但事实并非如此。

原图日期可追溯至1899年，当时单臂伸直、手掌向下的敬礼方式仍是一种纯洁的习俗。直到美国参加第二次世界大战，这种姿势与法西斯手势的相似之处才变得如此明显，以至于旗帜法典不得不正式修改。然而，随着我们进一步了解到纳粹对吉姆·克劳（Jim Crow）种族隔离法的钦佩，并面对那些将自己的血统同时追溯到这两个运动的白人至上主义者，这一场景最近获得了一种诡异的新力量。

贾法将他那些令人不安的创作分布在漆黑如迷宫的黑色画廊和漫长且封闭的走廊中。作品经常以成对的档案照片形式出现：一名年轻的、光线清晰且着装正式的詹姆斯·鲍德温（James Baldwin），与一名幽灵般的迈尔斯·戴维斯（Miles Davis）并列——后者仅有眼睛在阴暗的背景中闪烁。贾法的并置是对黑人表达两种相反模式的研究：鲍德温的语言烟火与戴维斯的刻意沉默相对峙；紧迫的清晰与低沉的情绪相对比。

这位现年六十多岁的艺术家在职业生涯中经历了曲折。他出生于密西西比州的图珀洛，就读于霍华德大学，最初学习建筑学，随后转向电影。他曾担任其时任妻子朱莉·达什（Julie Dash）1991年作品《尘埃之女》（Daughters of the Dust）以及斯派克·李（Spike Lee）作品《克鲁克林》（Crooklyn）的摄影指导，还参与了斯坦利·库布里克（Stanley Kubrick）的《大开眼戒》（Eyes Wide Shut）。然而，商业电影让他感到创作受限，他最终发现画廊和博物馆才是其短片的天然栖息地。他的几部作品出现在2000年惠特尼双年展和国际群展中，但贾法很快便远离了艺术界，因为他对其中纯粹的白人主导感到沮丧。

2016年，他凭借《爱是信息，信息是死亡》（Love Is the Message, The Message Is Death）重新回到了公众视野。这是一部由素材剪辑和个人影像组成的震撼的八分钟蒙太奇，支撑起了整个新博物馆的展览。在视频中，我们看到黑人——无论名流与否，无论在世与已故——经历着狂喜、恐惧、温柔与愤怒的痉挛，而坎耶·韦斯特（Kanye West）则以那种充满情欲且虔诚的低吟演唱着《Ultralight Beam》。

贾法在舞蹈、庆祝、演说、斗殴的场景之间高速剪辑——

艺术

（图上：亚瑟·贾法的《效忠誓言》（2017）；图下：艺术家的《怪物》（1988）是一幅等身自画像照片）

亚瑟·贾法

跳舞、庆祝、演说、斗殴、抽泣、扣篮以及被警察枪击的场景在高速切换。你会认出其中闪过的詹姆斯·布朗、妮娜·西蒙、塞雷娜·威廉姆斯、比吉·斯莫尔斯、巴拉克·奥巴马、安吉拉·戴维斯和马哈利亚·杰克逊，但许多其他人只是恰好在镜头前演绎着他们匿名的私人戏剧。这里没有明确的政治教训：《信息》（Message）是对强烈情感时刻的一次开放式混剪。

在那种电光火石般的强度之后，其他作品可能会显得平淡。在随后的《白色专辑》（The White Album，2018）中，贾法将他标志性的拼贴方法应用于“白人性”这一主题，但结果是乏味而非振奋的。我们看到白人作为加害者（迪兰·鲁夫进入伊曼纽尔非洲卫理公会教堂进行大规模谋杀）、受害者（1992年洛杉矶骚乱期间，卡车司机雷金纳德·丹尼被暴徒殴打）以及自封的种族专家。

在这里，切分音无法契合，挑衅也未能激起反响。我们得到的不是《信息》那样丰富多彩的呈现，而是一个从未超越疏离、委屈、暴力和自我沉溺等概括性论述的论题。也许这是一种刻意的演示，旨在展示白人至上主义作为一种事业和美学项目的软弱。无论如何，2019年威尼斯双年展的评审团非常喜爱这部作品，授予了贾法金狮奖。

这次展览足够宽广且大胆，因此个别作品必然会出现参差不齐的情况，甚至一些失败之作也具有启发意义。贾法将迥异图像配对的技巧既产生了哑炮，也带来了启示。例如，他将安迪·沃霍尔的一幅令人毛骨悚然的车祸丝网印刷画与罗斯科晚期的一幅昏暗抽象画结合，组成了一组日落红色的双联画；尽管崇高的忧郁与机械的破坏之结合本应产生某种剧烈且强有力的效果，但最终感觉却十分沉闷。

另一方面，《米老鼠是天蝎座》（Mickey Mouse Was a Scorpio，2017）则引发了一次真正的深水炸弹。左边是一幅经典的黑白米老鼠绘画，它面带微笑，歪着胯，两手叉腰。右边是一张诺丁山狂欢节面具者的照片，一名黑人男子涂着骷髅般的白脸，棋盘格状的嘴唇紧闭，表情严峻。

这种共鸣是立即且诡异的——甚至面具者眼睛周围的大黑圈也呼应了米老鼠的圆形耳朵。突然之间，这个动画角色看起来像某个阴森仪式中戴面具的庆祝者，而那个穿着白衬衫和开襟羊毛衫的严肃男人则有一种奇怪的卡通气息。两者使对方显得更加陌生。这种相似性不仅仅是一种艺术构思：学者们已将米老鼠和其他早期漫画角色追溯到黑脸吟游诗人表演的惯例，因此，起初看起来像是一个轻松的视觉双关语，实际上却承载了沉重的种族历史。这就是贾法精湛的魔术：将一个沉重的思考走私进一张在瞬间就能被感知到的图像中。

展出至1月4日，详情见 newmuseum.org

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FT AT COP31

2026年11月10-21日 / 土耳其，安塔利亚

世界人口很快将出现自黑死病以来的首次下降。关于生育的社会传染可以帮助解释出生率的下降——但可能也提供了一种出路。

作者：卡米拉·卡文迪什（Camilla Cavendish）

📄 Original Section

Authorised Inv Funds | WS Ruffer Total Return C Acc | 587.10 | - | -2.39 | 2.16 | 4.90 | 4.23 | WS Ruffer Total Return C Inc | 338.68 | - | -1.38 | 2.19 | 1.76 | 0.57 |

| SICO BSC BHR | (BHR) | Telephone - +973 1751 5700Website - www.sicobank.com | Khaleej Equity Fund | $ | 583.47 | - | -33.51 | 0.00 | -3.81 | Sico Gulf Equity Fund | $ | 202.34 | - | 3.72 | 0.00 | 10.57 | SICO Capital KSA | (KSA) | Telephone - +966 11 521 3835Website - www.sicocapital.com | SICO Kingdom Equity Fund | SAR | 10.28 | - | -0.39 | 0.00 | 1.39 | - | SICO MENA Equity Fund | SAR | 21.34 | - | -0.39 | 0.00 | -1.37 | 4.80 | SICO Capital Money Market | SAR | 13.92 | - | -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 | $ | 300.95 | - | 1.65 | 0.00 | 4.49 | 6.47 | SF Global Best Ideas Eq D GBP Inc | £ | 343.88 | - | 0.44 | 0.00 | 2.66 | 4.35 |

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00 | Superfund Trend Gold | $ 1835.48 | - | 12.54 | 0.00 | 31.06 | 31.64 | Superfund Trend Silver | $ 1983.46 | - | 8.58 | 0.00 | 47.24 | 43.10 | Superfund Trend | $ 818.16 | - | -0.31 | 0.00 | 13.44 | 8.07 | 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 | € | 24.60 | - | -0.04 | 0.00 | 18.77 | 34.82 | Superfund Gold Silver + Mining | € | 19.25 | - | 0.02 | 0.00 | 26.04 | 27.57 | Superfund Quadriga All Seasons | € | 14.93 | - | 0.07 | 0.00 | 15.23 | 17.35 | Superfund Inflation | Sfr | 11.23 | - | 0.09 | 0.00 | 8.83 | 8.45 |

| Trojan Investment Funds | Trojan Ethical Global Inc O Acc | 110.09 | - | 0.00 | 3.09 | -1.89 | 2.89 | Trojan Ethical Global Inc O Inc | 96.95 | - | 0.00 | 3.14 | -3.43 | -0.31 | Trojan Ethical O Acc | 157.37 | - | 0.00 | 0.68 | 7.54 | 7.69 | Trojan Ethical O Inc | 151.92 | - | 0.00 | 0.68 | 5.13 | 6.30 | Trojan Ethical Income O Acc | 165.51 | - | 0.00 | 2.62 | 3.62 | 6.55 | Trojan Ethical Income O Inc | 124.54 | - | 0.00 | 2.71 | 0.89 | 3.72 | Trojan Fund Acc | 460.44 | - | 0.00 | 0.81 | 7.02 | 6.77 | Trojan Fund Inc | 360.58 | - | 0.00 | 0.89 | 7.54 | 5.01 | Trojan Global Income O Acc | 169.57 | - | 0.00 | 3.42 | 1.00 | 3.50 | Trojan Global Income O Inc | 125.88 | - | 0.00 | 3.50 | -2.14 | 0.26 | Trojan Income O Acc | 390.79 | - | 0.00 | 2.85 | 3.86 | 6.15 | Trojan Income O Inc | 172.18 | - | 0.00 | 2.95 | -0.55 | 2.26 | 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 | € | 1.0205 | - | 0.00 | 0.00 | 0.00 | Trojan Exclusions X GBP Acc | £ | 1.3179 | - | 0.00 | 0.00 | 6.13 | Trojan Global Equity O GBP Acc | £ | 5.9490 | - | 0.01 | 0.20 | -1.16 | Trojan (Ireland) O GBP Acc | £ | 1.8530 | - | 0.00 | 0.00 | 5.34 | ---

全球生育率下降的背后原因是什么？

🌐 对照英文

当 37 岁的苏珊娜·麦金太尔（Susannah McIntyre）带着她的三个年幼儿子穿过她所在的剑桥郡村庄时，她说，路人们会低声议论。咖啡馆似乎在他们离开时感到宽慰。在她成长过程中，拥有五个孩子的家庭才算规模大。但在当地的小学里，只有另外两个家庭有三个孩子。现在她说，她觉得自己像个“异类”，被那些“将育儿视为一种自我放纵的生活方式选择”的人们用怀疑的眼光看待。

在世界范围内，为人父母的情况正在减少。在欧洲，独生子女正成为常态，一半有受抚养子女的家庭只有一个孩子。在英国，这一比例为 45%，只有 14% 的家庭拥有三个或更多孩子。这种情况在一些出人意料的地方同样在发生。阿拉伯联合酋长国和印度的泰米尔纳德邦现在的出生率已低于德国。墨西哥的出生率已落后于美国，而在美国，独生子女家庭的数量现在已经超过了两个孩子的家庭。

全球超过三分之二国家的出生率已低于 2.1 个孩子的“替代率”（即维持人口稳定所需的每位女性生育子女数）。世界人口很快将开始下降，这将是自 14 世纪黑死病以来首次出现这种情况，一项估计认为“人类巅峰”最早可能出现在 2064 年。

导致婴儿数量骤减的原因有很多，且已有详尽记录。年轻人比前几代人在同年龄段时更不容易建立恋爱关系。年轻夫妇更难进入住房市场，也更难在经济上感到足够稳定，从而考虑在生活中增加一个婴儿。还有一些人担心，将孩子带到一个动荡的世界是否正确。

但在五年的研究之后，我开始相信还有其他因素在起作用：一种社会传染形式。在一个似乎对父母持有敌意、养育孩子之益处被掩盖的世界里，如果周围的所有人都做出同样的决定，那么保持无子女状态会变得更容易。作为一种现象，它可以变得自我延续。

这个额外因素——网络效应——可以解释在截然不同的地区和文化中，出生率下降之间惊人的相似性。它也为人类提供了一种扭转下降趋势的方法，即让生育孩子再次变得具有吸引力。

出生率下降通常被简单地描述为一种选择问题。但在埃斯特·拉扎里（Ester Lazzari）和伊娃·博茹安（Eva Beaujouan）对 10 个低生育率国家的研究中，高达一半的男性和女性在生育年限结束时希望自己能有更多孩子。虽然度过人类巅峰期将减轻自然资源的负担，但全球人口的下降预计将是迅速的，这将带来庞大的老年群体，从而给福利国家和经济带来压力。在中国，1980 年实施的独生子女政策使家庭计划在 35 年间发生了扭曲，现在出现了“4-2-1 问题”，即一个独生子女需要赡养两个父母和四个祖父母。

还存在其他一些微妙的影响。随着儿童变得越来越少见，我们对他们吵闹且反复无常行为的容忍度在降低。在日本，众包的 Dorozoku 地图向人们展示如何避开那些“孩子们在玩球”的街道。在巴黎一个智能郊区，去年法官在邻居投诉噪音后，命令一所小学关闭其操场。2022 年，在马萨诸塞州波士顿的一家诊所里，我遇到了万达·贝克（Wanda Baker），她被要求站在门外，因为她生病的孩子和另外两个兄弟姐妹干扰了其他病人。“我觉得自己像二等公民，”她说。

“家庭是社会最基本的单位，也是人类最不可或缺的制度，”人口统计学家、美国企业研究所（American Enterprise Institute）亨利·温特（Henry Wendt）讲席教授尼古拉斯·埃伯施塔特（Nicholas Eberstadt）表示。“但随着家庭及其分支的萎缩，它们承重的能力将越来越低。”他补充说，政策制定者们“还没有为人口减少时代做好准备，而这个时代将重塑社会、经济和权力政治”。

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📄 Original Section

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低生育率陷阱

🌐 对照英文

人类倾向于相互模仿，这种原始驱动力可以追溯到早期我们在部落中保护自己的需求。社会规范的形成，是为了将部分决策过程“外包”。与群体协作由此成为了本能。

即便在现代世界，从众的需求依然强大。在 20 世纪 50 年代一项证明社会传染力量的早期实验中，心理学家所罗门·阿希（Solomon Asch）要求参与者完成一项简单的任务：匹配卡片上的线条，且正确答案显而易见。参与者在不知情的情况下，面对的是由阿希指导的演员，结果超过三分之一的参与者选择了随大流，尽管该选择明显错误。

一项针对巴西的研究详细记录了网络效应对出生率的影响。20 世纪 80 年代，广播信号在不同地区的逐步引入伴随着出生率的断崖式下跌。拥有信号的人们被电视连续剧（telenovelas）所吸引，剧中展现的城市女性主角很少或没有孩子。1960 年，巴西女性平均生育子女略高于 6 个。四十年后，这一数字降至略高于 2 个：其下降速度几乎与中国相当。这种影响在年龄与剧中女性角色最接近、认同感最强的女性观众身上最为显著。

更近期的研究证实了—。

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📄 Original Section

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“（政策制定者）尚未为人口减少时代做好准备，而这一时代将重塑社会、经济和政治”

🌐 对照英文

对这类研究结果进行了评估。2010年的一项瑞典研究表明，如果职级相近的同事生了孩子，在办公室工作的女性更有可能生育，而其他职级的同事则没有这种影响。另一项针对6,500家德国公司的研究同样发现，在一名同事生完孩子后，女性员工进入首次怀孕阶段的概率大约翻了一番，且这种影响持续约两年。

德国社会科学家丹尼尔·洛伊斯（Daniel Lois）和奥利弗·阿兰斯·贝克尔（Oliver Arránz Becker）发现，如果朋友成为了父母，夫妻双方生育孩子的意愿会增强。他们提出了三个可能的因素：已有孩子的夫妇为社交网络揭开了为人父母的神秘面纱；给他人制造了加入他们的社会压力；并产生一种如果不加入可能会破坏社交纽带的感觉。

“同伴群体的行为发出了信号，告知像我这样的人被预期在生命周期的哪个阶段去做什么，”芬兰人口研究所研究教授安娜·罗特基希（Anna Rotkirch）表示。“我们已经进化到能够敏锐地察觉环境中的生育信号，”她补充说，她觉得这些信号正变得越来越负面。

自智能手机出现以来，出生率下降的加速可能与花在屏幕上的时间分散了对浪漫关系的注意力关系较小，而与分娩的负面形象以及单身生活的正面形象关系更大。“在过去的15年里，对怀孕的恐惧以及将母亲身份视为牺牲的论调变得更加普遍，”罗特基希说，“许多没有孩子的女性提到，对分娩时身体发生变化的恐惧是她们没有孩子的原因之一”。

多项研究发现，看到并抱着真实的婴儿会让女性更渴望拥有自己的孩子——尽管这可能是由于自我筛选导致的。

社交媒体增加了年轻人与不认识且没有亲缘关系的同伴或榜样互动的程度。“我与一些年轻母亲交谈过，她们很惊讶地发现，在Instagram上发布关于生孩子的帖子获得的‘点赞’比发布一次奢华度假旅行的帖子要少，”罗特基希说。“年轻人越来越多地从那些对其组建家庭目标没有真实兴趣或利益关系的人或平台中获取生育信号。”

目前英格兰和威尔士的情况是，出生于1979年的女性所组建的家庭规模比他们的婴儿潮一代父母和最伟大一代的祖父母要小，而他们的Z世代女儿预计组建的家庭规模将更小。

人们最终生育的孩子数量少于预期的一个重要原因是，我们开始组建家庭的时间推迟了。欧洲初产妇的平均年龄为31岁，父亲为34岁，而1975年时，母亲的平均年龄为26岁，父亲为30岁。这本身就使得生育多个孩子变得更加困难。

但这种整体模式验证了经济学家维加德·斯基尔贝克（Vegard Skirbekk）、沃尔夫冈·卢茨（Wolfgang Lutz）和玛丽亚·丽塔·泰斯塔（Maria Rita Testa）在2006年提出的“低生育率陷阱”假设。他们认为，一旦生育率降至替代水平以下，随后每一代人的规模缩减可能会使“无子女”成为一种规范，且这种规范将更难扭转。这种恶性循环减轻了组建家庭的社会压力。

事实确实如此，目前还没有哪个国家在生育率远低于每名女性两个孩子之后，能反弹回接近该水平的程度。韩国的生育率略有回升，从2024年的0.75上升到2025年的0.8，但这是否是一个暂时现象，或是女性稍微提前生育了一个孩子的结果，目前尚不清楚。

随着时间的推移，反弹的可能性可能会变得越来越小。在中国，作家高海伦（Helen Gao）曾指出，“中国没有任何一个独生子女能够想象抚养多个孩子会是什么样子”。如果你在没有兄弟姐妹的环境中长大，而你的朋友也是如此，你为什么会想要不同的生活？再加上现代密集型育儿的荒诞要求，以及在现代世界中你可以利用时间做的其他所有事情，现在这么多夫妇宣布自己“只要一个”也就不足为奇了。

美国企业研究所（American Enterprise Institute）的埃伯斯塔特（Eberstadt）认为，模因理论（mimetic theory），即文化对人类行为的影响，在生育率暴跌中扮演了一个被忽视的角色。他说：“由于学者们所称的‘社会学习缺失’，大家庭变得越来越罕见，这可能会使人类更难选择回归多子家庭，并延长低生育率的状态。”

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When the disturbing meets the playful

Arthur Jafa's talent for bringing a light touch to difficult subjects is showcased in a bracing New York show. By Ariella Budick

rthur Jafa is drawn to the difficult and disquieting. "If something disturbs me, first and foremost, I'm fascinated by why I'm dis-

turbed by it," he once said. Which means that visitors to I Am Tony, the New Museum's multitudinous Jafa retrospective, should be willing to linger on their own unease. The effort brings rewards.

Jafa has spent decades obsessively cutting out photos from discarded magazines and reassembling them into darkly poetic notebooks that he shares with friends. In this twisty, discursive exhibition, he transposes those private musings into wall-size photos and videos that seduce through the combination of adorable and horrific imagery.

The half-hour montage “SloPEX” (2022) flicks through shots of celebrities sweating, smoking and singing, intermingled with frames from animated movies, balloons on parade and glimpses of bodies that have been tied up, mutilated and burned. Almost every second, “ooh” gives way to “oof”.

The exhibition begins with a sense of muffled shock. “Pledge of Allegiance” (2017), a grainy photo blown up to mural scale, shows a crowd of Black schoolchildren giving a straight-armed salute to the Stars and Stripes, held by a tiny flag-bearer. Maybe it’s just my AI-induced scepticism kicking in, but I thought at first that Jafa had doctored the image to conjure a nightmarish nation of Black baby Nazis. But no.

The original dates from 1899, when saluting the flag with one arm extended, palm facing down, was still an untainted custom. Only when the US entered the second world war did the resemblance to a fascist gesture become so obvious that the flag code had to be formally changed. Yet the scene has lately acquired a strange new power, as we learn more about the Nazis' admiration for Jim Crow racial laws and cope with white supremacists who trace their lineage to both movements.

Jafa distributes his unsettling creations around an inky warren of black-painted galleries and long, blind corridors. Often, the work comes in the form of paired archival photos: a young James Baldwin, crisply illuminated and formally dressed, alongside a spectral Miles Davis – just his eyes glowing against a murky background. Jafa's juxtaposition is a study in opposite modes of Black expression: Baldwin's verbal pyrotechnics confront Davis's cultivated reticence; urgent clarity versus muted mood.

The artist, now in his mid-sixties, meandered into his career. Born in Tupelo, Mississippi, he went to Howard University where he began studying architecture before shifting to film. He served as cinematographer on his then wife Julie Dash's 1991 Daughters of the Dust and Spike Lee's Crooklyn, and also worked on Stanley Kubrick's Eyes Wide Shut. Commercial movies felt creatively constrained, though, and he eventually discovered that galleries and museums were the natural habitat for his short films. Several appeared in the 2000 Whitney Biennial and in international group shows, but Jafa soon pulled away from the art world, frustrated by its undiluted whiteness.

He sprang back into prominence in 2016, thanks to “Love Is the Message, The Message Is Death”, a sensational eight-minute montage of found and personal footage that powers the whole New Museum show. In the video, we see Black people, famous and not, living and past, experiencing spasms of ecstasy, terror, tenderness and rage, while Kanye West delivers “Ultralight Beam” in that erotic, reverential croon.

Jafa cuts at high speed between scenes of dancing, celebrating, orating, brawl-

ARTS

Above: Arthur Jafa's ‘Pledge of Allegiance’ (2017); below: the artist's ‘Monster’ (1988) is a life-scale self-portrait photograph

Arthur Jafa

ing, sobbing, dunking baskets and getting shot by police. You will recognise James Brown, Nina Simone, Serena Williams, Biggie Smalls, Barack Obama, Angela Davis and Mahalia Jackson as they flash by, but many others just happen to be living their anonymous private dramas on camera. There's no explicit political lesson here: "Message" is an open-ended mash-up of intensely emotional moments.

After that electric intensity, other pieces can feel subdued. In the follow-up "The White Album" (2018), Jafa applies his signature collage method to the topic of whiteness, but the result is limp rather than bracing. We see white people as perpetrators (Dylann Roof entering Emanuel African Methodist Episcopal Church to commit mass murder), victims (the truck driver Reginald Denny being beaten by rioters during the 1992 Los Angeles riots) and self-appointed experts on race.

Here, syncopations don't click and provocations don't provoke. Instead of the panoply of “Message”, we get a thesis that never gets past generalities of alienation, grievance, violence and self-absorption. Maybe that’s an intentional demonstration of the weakness of white supremacy, both as a cause and an aesthetic project. In any case, the 2019 Venice Biennale jury loved it, awarding Jafa the Golden Lion.

The exhibition is broad and bold enough that individual pieces are bound to be uneven, and even some of the misfires are instructive. Jafa's technique of pairing disparate images yields both duds and revelations. He forms a sunset-red diptych by joining one of Andy Warhol's gruesome car-crash silkscreens with a dusky late Rothko abstraction, for instance, and though the mixture of sublime melancholy and mechanical destruction should have produced something volatile and potent, it winds up feeling inert.

"Mickey Mouse Was a Scorpio" (2017), on the other hand, sets off a genuine depth charge. On the left is a classic black-and-white drawing of a smiling Mickey, hips cocked and paws akimbo. On the right is a photo of a masquerader at the Notting Hill Carnival, a Black man in skull-like whiteface with checkerboard lips set in a grim expression.

The resonance is immediate and uncanny – even the big dark circles around the mummer's eyes echo Mickey's circular ears. Suddenly, the animated character looks like a masked celebrant of some sinister ritual, and the serious man in the white shirt and cardigan has an oddly cartoonish air. Each makes the other stranger. The resemblance isn't just an artistic conceit: scholars have traced Mickey Mouse and other early comic strip characters back to the conventions of blackface minstrelsy, so what seems at first like a light-hearted visual pun packs on a load of racial history. That's Jafa's virtuosic sleight of hand: smuggling a heavy thought into an image that registers in a flash.

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The world's population will soon be declining for the first time since the Black Death. Social contagion about having children can help explain the drop in birth rates – but may also offer a way out.

By Camilla Cavendish

育儿奖金

🌐 对照英文

填补人口缺口的希望通常寄托在移民身上。但一个国家的新移民同样受到社会规范的影响。在一次挪威的调查中，来自越南、巴基斯坦、斯里兰卡和土耳其的第一代移民大多数表示，为了拥有幸福的婚姻，生育孩子非常重要。而到了第二代，持有这一观点的人数则不足一半。索马里裔女性在索马里平均生育七个孩子，但在挪威仅为两个。

一项研究甚至发现，移居英格兰和威尔士的波兰女性最终生育的孩子数量比

如果移民无法提供解决方案，或许可以利用网络效应本身。让孩子显得令人向往、可行且可见，是两家在低生育率国家逆势而上的公司的特点。

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What's behind the global fall in fertility?

W hen Susannah McIn- tyre, 37, hauls her three young sons through her Cambridgeshire village, pedestrians mutter, she

says. Cafés seem relieved to see them depart. When she was growing up, it was families with five children that seemed big. But at the local primary school, only two other families have three kids. Now she says she feels like an “outlier”, one who is looked down on with suspicion by people “who regard parenting as a self-indulgent lifestyle choice”.

Across the world, parenthood is on the wane. In Europe, the only child is becoming the norm, with half of families with dependent children having only one. In the UK, the figure is 45 per cent, with just 14 per cent of families having three or more. This is repeated in unexpected places. The United Arab Emirates and Tamil Nadu in India now have lower birth rates than Germany. Mexico's rate has fallen behind the US, where one-child families now outnumber families with two.

Birth rates in more than two-thirds of the world's countries have fallen below the “replacement rate” of 2.1 children per woman needed to maintain a stable population. The world population will soon start to decline, for the first time since the Black Death of the 14th century, with one estimate putting “peak human” as soon as 2064.

There are many well-documented factors behind the baby bust. Young people are less likely to be in a relationship than previous generations were at the same age. It is harder for young couples to get on the housing ladder and to feel economically stable enough to contemplate adding a baby to the mix. And some worry whether it would be right to bring a child into a febrile world.

But after five years of research, I have come to believe that there is something else at play too: a form of social contagion. In a world that appears to treat parents with hostility, where the advantages of raising children are obscured, remaining childless is easier if the same decision is made by everyone around you. As a phenomenon, it can become self-perpetuating.

This extra factor – network effects – can explain the remarkable similarities between falling birth rates across very different places and cultures. It also offers humans a way to reverse the decline by making having children attractive again.

Falling birth rates are often presented as a simple matter of choice. But in research of 10 low-fertility countries by Ester Lazzari and Eva Beaujouan, up to half of men and women end their reproductive years wishing they had more children. While passing peak human will ease the burden on natural resources, the drop in global population is projected to be rapid, ushering in legions of elderly who will strain welfare states and economies. In China, where a one-child policy introduced in 1980 distorted family planning for 35 years, there is now the “4-2-1 problem”, with an only child supporting two parents and four grandparents.

There are other, subtle effects. As children become less visible, our tolerance for their noisy capriciousness dwindles. In Japan, crowdsourced Dorozoku maps show people how to avoid streets where “children play with balls”. In a smart Paris suburb, judges last year ordered a junior school to close its playground after neighbours complained about noise. At a clinic in Boston, Massachusetts, in 2022, I met Wanda Baker, who had been asked to stand outside because her sick baby and his two siblings were upsetting other patients. “I feel second class,” she said.

“Families are society’s most basic unit and humanity’s most indispensable institution,” says Nicholas Eberstadt, demographer and Henry Wendt chair at the American Enterprise Institute. “But as families and their branches thin out, they will become ever less able to bear weight.” Policymakers, he adds, are “not ready for the age of depopulation which will recast societies, economies and power politics”.

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“对怀孕的恐惧以及将母亲身份视为牺牲的论调，在过去 15 年里已变得普遍”

🌐 对照英文

在台湾，芯片制造商台积电（TSMC）的员工约占人口的 0.3%，但在 2023 年，他们是 1.8% 台湾新生儿的父母。该公司所在地的新竹县，每 100 名劳动年龄人口拥有的儿童数量高于其他任何地区。该公司创造了一个让孩子高度可见的环境，在现场提供全方位托儿服务，且每个园区都设有幼儿园。

同样，韩国零售帝国乐天（LOTTE）的内部出生率是全国出生率的两倍多，每名女性生育 2.05 个孩子，而全国平均值为 0.8。这家拥有约 60,000 名员工的公司拥有强有力的育儿假政策。例如，父亲必须休至少一个月且全薪的陪产假。韩国人口战略委员会对该公司的努力表示赞赏。

这种模式也可以被迁移。在日本山城名义（Nagi），人口下降在 2002 年成为了一个生存问题，当时居民数量的减少造成了与其它县合并的压力。市长转而努力提供财政激励措施，包括生育奖金、优厚的日托服务和儿童免费医疗。居民采取全社区参与的方式，退休人员参与帮扶，孩子被视为一种积极的存在。结果是，虽然一半的日本家庭只有一个孩子，但在名义镇，47% 的家庭拥有三个或更多孩子。

她们在故乡的同龄人，反映了她们新居住国的家庭平均水平，尽管在伦敦抚养孩子的成本通常高于在华沙。

卡米拉·卡文迪什（Camilla Cavendish）是企鹅出版社出版的《也许一代：为什么我们生育的孩子更少，以及这对我们所有人意味着什么》（Generation Maybe: Why We're Having Fewer Children, and What It Means For Us All）一书的作者。

“人类巅峰”：全球人口预计将在 2080 年代开始下降

全球超过三分之二国家的出生率已低于维持人口稳定所需的“替代率”

Alex Wong / Getty Images

那些与原籍国保持更强联系且具有坚定宗教信仰的群体，受到的直接影响较小。但数据表明，他们最终仍会组建规模较小的家庭。根据移民观察站（Migration Observatory）的数据，英国巴基斯坦女性的生育率在 2001 年至 2021 年间下降了 38%。

2020 2030 2040 2050 2060 2070 2080年代 2090 2100

来源：联合国；维特根斯坦人口与人力资本中心 (WIC)；健康指标与评估研究所 (IHME)

按女性出生年份划分的过去及预测每名女性平均子女数（完成家庭规模）

女性和男性均报告了理想家庭规模与实际家庭规模之间存在差距

来源：国家统计局 (ONS) • 英格兰和威尔士。1979 年出生的群体是最后一批完成生育的群体，后续为预测值

来源：Ester Lazzari 和 Eva Beaujouan 所著《不孕症与未实现的理想家庭规模》（《人口与发展评论》，2026 年 1 月）

按性别和国家划分的女性在 42-50 岁时的平均回顾性理想和实际家庭规模（每名女性子女数） 理想家庭规模 未实现的生育率

金融时报

“无畏无私”

📄 Original Section

A low fertility trap

Humans copy each other, a primal drive that goes all the way back to our early need to protect ourselves in tribes. Social norms developed as a way to outsource some of our decision-making. Co-operation with the group became instinctive.

Even in the modern world, the need to conform is powerful. In an early experiment demonstrating the power of social contagion from the 1950s, the psychologist Solomon Asch asked participants to do a simple task, matching lines on a card, where the correct answer was obvious. Unaware that other participants were actors instructed by Asch, more than a third of participants went along with the group's choice, despite this being obviously wrong.

The impact of network effects on birth rates was well documented by a study in Brazil. The gradual introduction of broadcast signal into different regions in the 1980s was accompanied by a cliff-like fall in birth rates. People with signal had become gripped by telenovelas - soap operas - showing urban female protagonists with few or no kids. In 1960, the average Brazilian woman had just over six children. Forty years later it was just over two: a drop almost as rapid as China's. The impact was strongest on the female viewers who were closest in age to the female characters, with whom they identified most strongly.

More recent studies have corrobo-

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巴德诺克的英国保守党仍处于建设过程中

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📄 Original Section

'[Policymakers] are not ready for the age of depopulation which will recast societies, economies and politics'

rated such findings. Research from Sweden in 2010 showed that women working in offices were more likely to have a baby if a colleague of similar seniority did so, with no effect from co-workers at other levels. A separate study of 6,500 German companies similarly found that female employees' transition rates to first pregnancy roughly doubled after a colleague had a baby, with the effect lasting about two years.

The German social scientists Daniel Lois and Oliver Arránz Becker have found that couples' interest in having a child strengthens if friends become parents. They suggest three possible factors: couples with children demystify parenthood for the network, create a social pressure on others to join them, and create a feeling that not joining might disrupt social ties.

“Peer group behaviour signals what people like me are expected to do, and at what point in the life course,” says Anna Rotkirch, research professor at Finland’s Population Research Institute. “We have evolved to be very conscious of reproductive cues in our environment," she says, adding that she feels these have become increasingly negative.

The acceleration of the birth rate fall since the advent of the smartphone may have less to do with time spent on screens distracting from romance and more to do with negative images of childbirth and positive ones about being single. "Fear of pregnancy and the discourse about motherhood as sacrifice have become more common in the past 15 years," says Rotkirch, with "many childless women mentioning fear of what happens to your body in childbirth as a reason for not having had a child".

Several studies have found that seeing and holding real babies makes women keener to have their own baby – although they may be self-selecting.

Social media increases the extent to which young adults interact with peers or role models they do not know and are not related to. “I have talked to young mothers who are surprised that posting on Instagram about having a baby is creating fewer ‘likes’ than posting about a fancy holiday trip,” says Rotkirch. “Young adults are increasingly taking their reproductive cues from people or platforms with no real interest or stakes in their family formation goals.”

The situation today in England and Wales is that women born in 1979 are having smaller families than their baby boomer parents and greatest generation grandparents, while their Gen Z daughters are projected to have even smaller families still.

A big reason that people end up with fewer children than they wanted is that we are leaving it later to start a family. European first-time mothers are 31, and fathers 34, compared with 1975 when the average ages were 26 for mothers and 30 for fathers. This in itself makes it harder to have multiple children.

But the overarching pattern fulfils the “low fertility trap” hypothesis proposed by the economists Vegard Skirbekk, Wolfgang Lutz and Maria Rita Testa in 2006. They contended that once fertility declines below replacement level, the subsequent shrinking of each generation may entrench childlessness as a norm which becomes harder to reverse. The downward spiral lessens social pressure to have a family.

It is true that no country that has fallen well below two children per woman has yet rebounded to anything like that level. South Korea has ticked up a little, from 0.75 in 2024 to 0.8 in 2025, but it's not yet clear whether that is a temporary phenomenon, a result of women having one child a little younger.

As time goes on, a rebound could become less and less possible. In China, the writer Helen Gao has suggested that “none of China’s only children can imagine what raising multiple children could look like”. If you grew up without siblings, and your friends did too, why would you want something different? Add in the absurd demands of modern intensive parenting, and all the other things you can do with your time in the modern world, and it’s no surprise that so many couples now declare themselves “one and done”.

Eberstadt, of the American Enterprise Institute, thinks that mimetic theory, the cultural influences on human behaviour, is playing an overlooked role in the baby bust. “The increasing rarity of large families could make it harder for humans to choose to return to having them — owing to what scholars call loss of social learning — and prolong low levels of fertility,” he says.

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伯纳姆的左倾为中间地带留出了空间，保守党应当占据此处

🌐 对照英文

凯米·巴德诺克在12个月内取得了相当大的进步。在去年的保守党会议上，她还是一个处境艰难的人物，而如今她已成为党内的主导者；她的个人支持率显著提高。但她的政党进步较小。该党依然处于空心化状态，在民调中徘徊在第三位，并承受着来自右翼奈杰尔·法拉奇领导的民粹主义改革英国党（Reform UK）的巨大压力。它距离成为一个可信的执政党还很遥远。不过，它正开始塑造成为一个可信的反对党。

这本身就具有重要意义。新任首相安迪·伯纳姆正将其政府惊人地推向旧时那个大政府、高支出的工党，似乎不仅在否认撒切尔主义，还在否认布莱尔式地将社会民主主义与自由市场相结合的模式。在斯塔默政府向企业课以重税之后，其继任者似乎并不致力于释放企业活力，而更倾向于扩大公共控制。

这不仅在政治中心地带开辟了一个空间，巴德诺克的保守党应当寻求占据此处；同时也使得一个中右翼反对党坚定地监督伯纳姆的工党变得更加重要。

保守党在这两方面都取得了一些进展。最令人欢迎的是在言论和政策上重新拥抱企业。尽管考虑到保守党在直到2024年的14年间的经济记录，企业界持怀疑态度，但该党提出的新兴方案正赢得关注：降低劳动、财富和企业的税收，减少监管限制，并提供更强的劳动和投资激励。

将21至24岁人群的雇主国民保险缴款减半，为250,000家高街企业削减商业税，以及简化英国臃肿的税收体系，这些都是令人鼓舞的亲企业或亲劳动的政策。巴德诺克承诺取消家庭住宅的遗产税，并增加£1mn的免税额度，这与工党在2024年后扩大财富征税的做法形成了鲜明对比。

不那么理想的是，这位保守党领袖目前坚持将保留不可持续的养老金“三重锁”机制，而伯纳姆曾表示他将在2030年放宽该机制，以帮助资助国家护理服务。这暴露出一种倾向于玩弄政治手段，而非在任何能合理找到的地方寻求节省开支的倾向。

该党的主要弱点之一是对欧盟的敏感神经。伯纳姆主张改善英国脱欧后与欧盟的关系，在这一领域，许多企业界人士可能会更倾向于工党。保守党提出要废除工党达成的任何旨在自由化农产品贸易的英欧协议，这引发了人们对食品工业可能面临不断变化的监管体制的担忧。

该党花费了太长时间试图模仿改革英国党在移民问题上的强硬立场，希望赢回2024年失去的选民

保守党还花费了太长时间试图模仿改革英国党在移民问题上的强硬立场，希望赢回2024年失去的选民——但这冒着疏远中间摇摆选民的风险。然而，昨天出现了转变的迹象。巴德诺克否认了任何“统一右翼”的想法，坚持认为改革英国党“不像我们，我们也不像他们”。在一次有时带有情感色彩的演讲中，她谴责了那些讨论巴德诺克的混血孩子是否是英国人的“人们”，并呼吁倾向于改革英国党的保守党人回归她的政党。

最后一个问题是，在巴德诺克本人之外，缩减后的议会党团缺乏人才；新任影子财政大臣安德鲁·格里菲斯的演讲尽管触及了一些正确的基调，但未能引起共鸣。领袖本人正开始展现出更多的政治微妙感和深度。她对整个政党的重建仍是一个进行中的工程，但已显示出向正确方向迈进的迹象。

亚洲观点

📄 Original Section

Baby bonus

Hopes of filling the demographic gap are often pinned on immigration. But newcomers to a country are also influenced by social norms. In a Norwegian survey, majorities of first-generation immigrants from Vietnam, Pakistan, Sri Lanka and Turkey said that it was very important to have children in order to have a happy marriage. By the second generation, fewer than half expressed this view. Somali-heritage women have an average of seven children in Somalia, but two in Norway.

One study has even found that Polish women moving to England and Wales ended up having more children than

If immigration provides no solution, perhaps network effects themselves can be used. Making children seem desirable, possible and visible is a feature of two companies that are bucking the trend in low-fertility countries.

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日本从未正常，现在也不会正常

🌐 对照英文

María Hergueta

Leo Lewis

失去一家拥有百年历史的仙台地区叶形笹蒲鱼糕（sasakamaboko）生产商可能被视为一种不幸。失去两家则看起来像是粗心大意。而像日本在过去12个月中所做的那样，接连失去三家，人们就开始谈论所谓的“新常态”。

但他们应该这么做吗？对于日本，以及那些与日本打交道和投资日本的人来说，如果说现在有一个时刻应该去接受一个“新异常”的确定性，那么现在无疑就是那个时刻。

显然，日本东北地区的鱼糕行业正处于残酷的时期。从明太鱼浆、塑料包装到物流和劳动力，激增的成本正将商业模式推向崩溃的边缘。饮食习惯的改变使得鱼类食品的空间被压缩；游客们更倾向于当地的牛舌。在所有这些压力背后，人们可以看到巨大的

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📄 Original Section

'Fear of pregnancy and the discourse about motherhood as sacrifice have become common in the past 15 years'

In Taiwan, chipmaker TSMC's employees make up around 0.3 per cent of the population but were parents to 1.8 per cent of Taiwanese babies in 2023. Hsinchu County, where the company is based, has more children per 100 working-age adults than any other region. It has created an environment in which children are highly visible, with wraparound childcare on site and a preschool on each of its campuses.

Similarly LOTTE, the South Korean retail empire, has an internal birth rate which is more than double the national one, at 2.05 babies born per woman compared to 0.8. The company, which employs around 60,000 people, has strong parental leave policies. For example, it is compulsory for fathers to take at least one month of paternity leave on full pay. In recognition of its efforts, the company has been commended by South Korea's Population Strategy Committee.

The pattern can be transposed. In Nagi, a Japanese mountain town, population decline became an existential issue in 2002, when the dwindling number of residents created pressure to merge with other prefectures. The mayor instead worked hard to offer financial incentives including baby bonuses, generous daycare and free healthcare for children. Residents take a whole-community approach, with pensioners stepping in to help out, and children are seen as a positive. The result is that while half of Japanese families have only one child, in Nagi, 47 per cent of households have three or more.

their peers back home, mirroring the household average of their new country, even though it often costs more to raise a child in London than in Warsaw.

Camilla Cavendish is the author of 'Generation Maybe: Why We're Having Fewer Children, and What It Means For Us All' published by Penguin

'Peak human': global population is expected to be declining by the 2080s

Birth rates in more than two-thirds of the world's countries have fallen below the 'replacement rate' needed to maintain a stable population

Alex Wong/Getty Images

Groups that retain stronger ties to their countries of origin, and which have strong religious faith, are less immediately influenced. But the data suggests they still eventually produce smaller families. The fertility rate among Pakistani women in the UK dropped by 38 per cent between 2001 and 2021, according to the Migration Observatory.

2020 2030 2040 2050 2060 2070 2080 2090 2100

Sources: UN; Wittgenstein Centre for Demography and Human Capital (WIC); Institute for Health Metrics and Evaluation (IHME)

Past and projected average number of children per woman (completed family size), by year of birth of woman

Both women and men report a gap between ideal and actual family size

Source: ONS • England and Wales. The cohort born in 1979 is the latest to complete childbearing, projections follow

Source: 'Infertility and Unrealized Ideal Family Size', Ester Lazzari and Eva Beaujouan (Population and Development Review, Jan 2026)

Women's average retrospective ideal and actual family size at age 42-50, by sex and country (children per woman) Ideal family size Unfulfilled fertility

FINANCIAL TIMES

'Without fear and without favour'

ft.com/opinion

自民党需要新政策，国家需要新思维

🌐 对照英文

地缘经济学、气候变化和人口结构的动力机制。

这些鱼糕制造商此前曾挺过军事独裁、世界大战战败、石油危机、海啸、世代交替以及通货紧缩。因此，在对武田之笹鱼糕（成立于1935年）、 Bajo Kamabokoten（成立于1912年）和金子桥沼商店（成立于1927年）接连突然关店感到悲哀之余，人们很容易得出结论：这是日本认知中的生活方式正在发生一场异常剧烈转变的一部分。关键政治人物也在积极强化这一观点。周二，日本经济产业大臣赤泽亮正（Ryosei Akazawa）在一次新闻发布会上，颠覆了其所属政党数十年以来关于中小企业作用的思考。

赤泽是一个深谙规范之时代性颠覆的人。他的职责使他处于美国重新定义友谊以及中国重新定义敌对的前线。当日本需要有人去协商如何应对唐纳德·特朗普（Donald Trump）随意计算的“互惠”关税，并向一个规模几乎是其10倍的经济体承诺5500亿加元的基础设施投资时，赤泽是那个被信任去戴上MAGA帽子并对新世界秩序竖起双大拇指的人。

而且在近一年里，随着北京和东京之间的外交进入深度冻结，且日本公司以创纪录的速度撤出其最大贸易伙伴中国，他还不得不应对商业游说团体的担忧。

在本周早些时候的演讲中，赤泽没有提到那三家鱼糕制造商，但他的论点是，日本应该预料并接受一波公司关闭潮。至关重要的一点是，他认为日本对此抵制得太久了。

几十年来，政府一直将庞大的中小企业部门视为防止大规模失业的堡垒。这些企业无论在个体层面在经济上多么不合理，在更广泛的国家目标下，它们在集体上被赋予了合法性。在困难时期，它们得到了赤泽所称的由补贴和激励构成的“温暖舒适的氛围”。但无论这些企业变得多么臃肿和无关紧要，自民党的核心政策始终是：只要有可能，就不应让任何一家中小企业破产。

随着劳动人口现在处于永久性下降状态，该政策显然充满了道德风险。“大多数中小企业没有增长的雄心，”他说，并补充道，“这并不完全是资本主义思维。”他的论点是？自民党需要新政策，日本需要新思维。

以“新常态”来思考是制定此类政策的错误方式——无论这听起来多么诱人。日本无论多么渴望将自己想象成通过一系列既定常态演进而来，但或许将其定义为对“异常”的持续接纳会更有用。一个拥有数万家成立超过100年的公司的经济体给人一种永恒的印象；而事实上，它代表的是异常之上的异常。

日本银行在长期准备持续货币紧缩的过程中，多次谈到“正常化”的必要性。赤泽的言论表明，这个国家对待资本主义的整个方式需要类似的彻底改革。其他人则感叹日本对其和平主义或移民规则的关注。这些辩论往往低估了日本在面对由国内或外部世界定义的“常态”时，具有多么强的抵制力。

在最近的一次人口普查中，11%的日本人低于15岁，17%的人高于75岁。其他国家很可能会步日本的后尘，但目前还没有哪个现代国家达到如此极端的状态——也没有哪个国家会在类似的起点上经历环境、地缘政治和技术的变革。对于日本来说，不存在任何可以获得且持久的“常态”，无论它是新的还是其他的。

leo.lewis@ft.com

读者来信

📄 Original Section

Badenoch's UK Conservatives are a work in progress

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制裁政策有时必须做出妥协以挽救生命

🌐 对照英文

马丁·桑德布（Martin Sandbu）在其关于欧盟成员国利用否决权取消对特定寡头制裁的专栏中，对法国为了从阿塞拜疆监狱营救一名法国公民而采取的行动提出了尖锐批评（见October 5评论版《欧盟国家否决制裁是在搬起石头砸自己的脚》）。

然而，他的文章完全没有意识到我们所有人应对被独裁政权监禁的无辜人质所持有的至关重要的人道主义关切，例如

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📄 Original Section

Burnham's leftward shift opens space in the centre. The Tories should occupy it

Kemi Badenoch has come quite a distance in 12 months. A beleaguered figure at last year's Conservative Party conference, she is today master of her party; her personal ratings have improved markedly. Her party has come less far. It is still hollowed out, languishing in third place in the polls and under huge pressure from Nigel Farage's populist Reform UK on the right. It remains far from being a credible party of government. It is, though, beginning to shape up as a credible party of opposition.

That is significant in itself. New Prime Minister Andy Burnham is shifting his government alarmingly towards the big-state, high-spending Labour of old, seeming to repudiate not just Thatcherism but the Blairite blend of social democracy and free markets. After the Starmer government heaped taxes on business, his successor seems less committed to freeing animal spirits than to expanding public control.

This not only opens up a space in the political centre that Badenoch's Conservatives ought to be seeking to occupy. It also makes it all the more important for a centre-right opposition party to be holding Burnham's Labour firmly to account.

The Tories are showing some progress on both. Most welcome is the re-embrace of business, in rhetoric and policy. Despite business scepticism given the Conservatives' economic record in the 14 years to 2024, the party is earning a hearing for its emerging offer: lower taxes on work, wealth and business, with fewer regulatory constraints and stronger incentives to work and invest.

Halving employer national insurance contributions for 21- to 24-year-olds, cutting business rates for 250,000 high street businesses and simplifying Britain's bloated tax system are encouragingly pro-business or pro-work policies. Badenoch's pledge to scrap inheritance tax on family homes, with an additional £1mn tax-free allowance, is a stark contrast to Labour's post-2024 extension of taxation on wealth.

Less favourable is the Conservative leader's insistence, for now, that she would keep the unsustainable triple lock on pensions, which Burnham said he would loosen in 2030 to help fund a national care service. It betrays a tendency to play politics rather than to make savings wherever they can sensibly be found.

Among the party's big weaknesses are its neuralgia over the EU. Burnham's pitch to improve the UK's post-Brexit relationship with the bloc is one area in which many in business may favour Labour. The Conservative proposal to rip up any UK-EU deal made by Labour to liberalise trade in agrifood has raised concerns that the food industry could face ever-shifting regulatory regimes.

The party has spent too long trying to ape Reform's hardline stance on immigration, hoping to win back voters lost in 2024

The Conservatives have also spent too long trying to ape Reform's hardline stance on immigration, hoping to win back voters lost in 2024 – but risking alienating centrist waverers. Here, however, there were signs yesterday of a shift. Badenoch repudiated any idea of "uniting the right", insisting Reform "are not like us, we are not like them". In a sometimes emotional speech that decried "people" debating whether Badenoch's mixed-race children were English, she appealed to Reform-leaning Tories to come home to her party.

A final issue is the shrunken parliamentary party's shortage of talent beyond Badenoch herself; new shadow chancellor Andrew Griffith's speech failed to enthuse despite sounding some of the right notes. The leader herself is beginning to show a little more political subtlety and depth. Her rebuilding of the broader party remains a work in progress, though it is showing moves in the right direction.

Opinion Asia

回顾英国对欧盟单一市场的贡献

🌐 对照英文

你们的深度报道《英国回归受欢迎吗？》（October 3）遗漏了一段重要的历史：在二十多年时间里，英国曾是欧洲单一市场的主要构建者和捍卫者之一。

在欧洲议会中，内部市场和消费者保护委员会在2004年成立后的绝大多数年份里，均由来自工党和保守党的英国议员担任主席。欧盟首席脱欧谈判代表米歇尔·巴尼耶（Michel Barnier）对此深有体会。在担任内部市场专员期间，他与这些英国主席密切合作，以深化那个他现在称不能被“点菜式”对待的市场。

作为前欧洲议会议员，我亲眼见证了这种承诺。英国议员通常是主张开放市场、消费者保护和公平竞争最强有力的声音。

巴尼耶认为单一市场的完整性至关重要，这一点没错。但英国并非在请求加入一个它从未理解的俱乐部。英国参与了规则的制定。在十年未能找到可行关系之后，双方

那些在俄罗斯、阿塞拜疆和伊朗的人。

我们需要关注每一个被当作国际战略棋子的个体，他们经常遭受酷刑，经常面临死亡，例如埃马德·沙尔吉（Emad Shargi）讲述他在德黑兰埃温监狱度过的5年多时光。这位伊朗裔美国商人在出差期间被捕，随后遭到伊斯兰革命卫队的审讯、酷刑和单独监禁，并被要求支付赎金，

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

BANX

应当对更紧密的经济联系持开放态度，无论是通过欧洲经济区（EEA）和欧洲自由贸易协会（EFTA）的路径，还是基于这段共同历史而定制的安排。

凯瑟琳·斯蒂勒（Catherine Stihler）

凯瑟琳·斯蒂勒

前苏格兰欧洲议会议员（苏格兰工党），美国加利福尼亚州卡梅尔海边，拜登政府通过谈判确保了他以及另外四人的自由。

随后，在一场涉及一名被关在德国监狱的俄罗斯杀人犯的复杂交换中，美国记者埃文·格什科维奇（Evan Gershkovich）从俄罗斯监狱获释——他在新书《这片被诅咒的美丽土地》（This Cursed Beautiful Land）中描述了他的可怕经历。

这些受害者讲述的他们所陷入的噩梦般处境的故事应当足以令人信服

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📄 Original Section

Japan was never normal, and will not be now

María Hergueta

Leo Lewis

T

o lose one century-old, Sendai-area producer of leaf-shaped sasakamaboko fishcakes may be considered a misfortune. To lose

two looks like carelessness. Lose three in quick succession, as Japan has done in the past 12 months, and people start talking about a “new normal”.

But should they? If ever there were a moment for Japan, for those that engage with it and those that invest in it, to embrace the certainty of a new abnormal, that time is surely now.

Clearly, times are cruel in the northeastern Japanese fishcake game. Surging costs, from pollock paste and plastic packaging to logistics and labour, are straining business models to breaking point. Changing diets have less space for fishy fare; tourists prefer local beef tongue. Behind all of these pressures, one can see the vast

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梅尔茨的改革可能有助于削弱 AfD 的吸引力

🌐 对照英文

贾南·加内什（Janan Ganesh）在 9 月 24 日的评论文章《西方的问题不在于领导力》中指出，对弗里德里希·梅尔茨（Friedrich Merz）改革的抵制，反映了选民不愿放弃在福利国家几代人积累的舒适生活。然而，正如哈维·克拉克·格雷斯曼（Harvey Clark Greisman）最近在 9 月 23 日的信函中所述，一些东德人将统一记忆为经济安全感的丧失。对进一步变革的担忧不能简单地被斥为期望过高。

在我于里加法学院（Riga Graduate School of Law）教授的一门地缘经济学课程中，我引用了谢里·伯曼（Sheri Berman）和汉斯·昆德纳尼（Hans Kundnani）2021 年的论文《收敛的代价》，以探讨德国过度依赖出口驱动经济增长的风险。该论文认为，这种依赖使德国在面对外部冲击时显得脆弱，并建议提高工资、增强家庭消费以及投资数字化和绿色转型。

梅尔茨的基础设施和气候计划解决了该议程的一部分。至于他的广泛改革

电子邮件：letters.editor@ft.com

请附上白天的电话号码和详细地址 勘误：corrections@ft.com

桑德布（Sandbu）以及其他持有相同观点的人认为，有时为了挽救生命，必须在广泛的制裁政策上做出妥协。

西方政府为营救人质而采取的行动至关重要，这能让我们所有人获得安全感，并给当今所有政治犯带来希望。弗兰克·福尔（Frank Voel）

乔治城大学兼职教授；透明国际（Transparency International）华盛顿特区联合创始人，美国

能否给那些面临被遗忘风险的社区带来切实利益，关系到德国的韧性，并可能减少极右翼德国选择党（AfD）所利用的一种不安全感来源。问题不在于改革是否带来痛苦，而在于它是否能让德国及其人民更加安全。

蒂亚科·范登豪特（Tjaco van den Hout）

拉脱维亚，里加

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📄 Original Section

The Liberal Democratic Party needs a new policy and the country needs a new mindset

hydraulics of geoeconomics, climate change and demographics.

These fishcake makers have previously survived military dictatorship, world war defeat, oil crises, tsunamis, generational handover and deflation. So as well as being saddened by the abrupt, back-to-back shutterings of Takeda no Sasakamaboko (est. 1935), Bajo Kamabokoten (est. 1912) and Kaneko Hashinuma Shoten (est. 1927), there is huge temptation to conclude this is part of an unusually forceful shift away from life as Japan knows it. Key political figures actively reinforce that view. On Tuesday, Ryosei Akazawa, Japan's minister for economy, trade and industry, used a press conference to upend decades of his own party's thinking on the role of small and medium-sized enterprises.

Akazawa is someone who knows a bit about epochal disruption of norms. His role puts him prominently on the front line of America's redefinition of friendship and of China's redefinition of hostility. When Japan needed someone to negotiate its way through Donald Trump's arbitrarily calculated "reciprocal" tariffs, and to pledge \$550bn of infrastructure investment to an economy nearly 10 times its size, Akazawa was the one trusted to put on a Maga hat and give a double thumbs-up to the new world order.

And for almost a year, he has also had to field the concerns of the business lobby as diplomacy between Beijing and Tokyo has entered a deep freeze and Japanese companies have pulled out of China – Japan's biggest trading partner – at a record rate.

In his presentation earlier this week, Akazawa did not mention the three fishcake makers, but his thesis was that Japan should expect and embrace a spate of company closures. Crucially, he argued, it has resisted this for far too long.

For decades, the government has seen its enormous SME sector as the bastion against mass unemployment. Those businesses, no matter how economically illogical at the individual level, were collectively legitimised by a broader national goal. They were given what Akazawa called a “warm and comfortable atmosphere” of subsidy and incentives in hard times. But however flabby and irrelevant they became, it remained core LDP policy that, wherever possible, no SME should go bankrupt.

With the working population now in permanent decline, that policy is clearly brimming with moral hazard. "Most SMEs have no ambition to grow," he said, adding that "this is not exactly a capitalist mindset." His argument? The LDP needs a new policy and Japan needs a new mindset.

Thinking in terms of “new normals” is the wrong way to form such a policy – however alluring that sounds. Japan, however desperately it would like to imagine itself as having evolved through a series of established normals, is perhaps more usefully defined by its rolling embrace of abnormality. An economy in which tens of thousands of companies are over 100 years old gives the impression of permanence; in fact it represents abnormality stacked on abnormality.

The Bank of Japan, in its long build-up to sustained monetary tightening, has talked a lot about the necessity of “normalisation”. Akazawa’s comments suggest that the country’s entire approach to capitalism needs a similar overhaul. Others lament Japan’s focus on its pacifism or immigration rules. Too often, these debates underplay just how resistant it is to having normality defined for it — either domestically or by the outside world.

At the most recent census, 11 per cent of Japanese were under 15 and 17 per cent were over 75. Others may well follow Japan down this road, but no modern country has yet arrived at these extremes – and no country will experience the transformations of environment, geopolitics and technology from a similar starting point. There is no lingering “normal” to be had for Japan, new or otherwise.

leo.lewis@ft.com

Letters

HS2 的益处：一个北方怀疑论者的看法

🌐 对照英文

詹妮弗·威廉姆斯（Jennifer Williams）在 9 月 11 日的《内部政治》专栏文章《伯纳姆的盲点》（FT.com）中暗示了英国高速铁路项目 HS2 的益处。真的吗？正如我们在北方所说的，“谁获益”（Cui bono）？

如果大多数有两个孩子的家庭除非能提前规划或在没人想旅行的时间乘车，否则根本负担不起票价，那么一列被推广者称作能让你在 50 分钟内从伯明翰到达伦敦的火车又有什么意义？在北方，像我这样的曼彻斯特人的税金将为 HS2 买单，但我们却无法使用它。

彼得·哈德威克（Peter Hardwick）

英国，曼彻斯特

展望

皮埃蒙特（PIEDMONT）

📄 Original Section

Sanctions policy sometimes must be compromised to save lives

Martin Sandbu, in his column on EU members using their veto powers to lift sanctions on targeted oligarchs, is sharp in his criticism of France for the actions it took to free a French citizen from jail in Azerbaijan (“EU countries shoot themselves in the foot when they veto sanctions”, Opinion, October 5).

However there is not the slightest recognition in his article of the vital humanitarian concerns that we all should have for innocent hostages jailed by authoritarian regimes, such as

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意大利的葡萄酒采收期正日益提前

🌐 对照英文

作者：Susannah Savage

在出发参加我的第一天葡萄采摘工作之前，我给自己涂满了防晒霜，并将防晒霜递给了我的意大利伴侣弗朗切斯科（Francesco）。他意味深长地看向窗外浓稠的黑暗，举起一只手，指尖因难以置信而蜷缩。喝下一口浓咖啡，吃一口ciambellone（意大利环形蛋糕），我们在太阳升起之前便出发前往葡萄园。

弗朗切斯科父母的葡萄园位于阿利亚诺泰尔梅（Agliano Terme）的山坡上，坐落在意大利西北部皮埃蒙特（Piedmont）乡村的褶皱之中，该地区以红葡萄酒闻名。

那是8月30日。弗朗切斯科的母亲估计，他们今年的采收时间比大多数年份提前了大约一个月。我是来度假的，却发现自己在参与一场在过去可能完全会错过的采收。

蓝黑色的葡萄串悬挂在交错的叶片之下。零星地，有些整串的葡萄在酷热的煎熬下已经萎缩。另一些则顺从地长得硕大多汁，且处于易于触及的高度。靠近尘土地面的较小簇群则需要更多的扭曲动作才能采摘。没过多久，我的脸上沾满了葡萄汁，背部也感到酸痛。

我看向这一排的末端，检查其他人的进度。作为一名农民的女儿，我觉得自己应该表现得更好一些。弗朗切斯科在不知不觉中陷入了这场竞争，而且也处于落后状态。他的母亲同样对此毫无察觉，但她正稳操胜券，深棕色晒黑的双臂在叶片间快速穿梭。他九岁的侄女则转向了更惬意的任务——担任团队摄影师。

斯特凡诺·佩斯奇（Stefano Pesci）是附近卡斯蒂廖内法莱托（Castiglione Falletto）的葡萄酒合作社Terre del Barolo的总干事。他记得大约20年前刚开始职业生涯时，采收是从9月中旬开始的。他说，现在采收在9月下旬基本就结束了。“这种变化过去是，现在也依然是非常、非常迅速的。”

尽管采收期一段时间以来一直在提前，但意大利葡萄酒联盟（Unione Italiana Vini）的保罗·卡斯特莱蒂（Paolo Castelletti）表示，今年的情况是“异常”的。“过去，在涉及葡萄酒质量时，灌溉被认为是亵渎，”他说，“而今天，干旱实际上会降低质量。”

极端高温意味着糖分上升而酸度下降，这意味着种植者必须提前采摘，以防止果实变得过甜，导致酿出的葡萄酒酒精含量过高。

行业刊物《葡萄园信使》（Il Corriere Vinicolo）收集的数据显示，我们这个地区的采摘时间比过去几十年的习惯日期提前了15到25天。

与弗朗切斯科的家人一样，全意大利的葡萄采摘者也因为葡萄脱水而被迫放慢速度，必须更缓慢、更具选择性地进行采摘。

高温还随葡萄一起进入了酒窖。管理果实及其发酵的温度需要冷却设备和电力。佩斯奇表示，他们不得不将今年的黑皮诺（Pinot Noir）和霞多丽（Chardonnay）葡萄在压榨前先放入冰箱。

在弗朗切斯科父母的小葡萄园里没有这样的冷却设备。他们将酒窖工作交给邻居，由邻居负责压榨和发酵葡萄，将他们每年少量的收获转化为葡萄酒。

我们的工作则没那么专业。随着水桶装满葡萄，我们将它们一路搬到邻居葡萄园的边缘。在我喘息之机，我羡慕地看着他的小拖拉机在葡萄藤间咔哒咔哒地行驶，为他及其工人承担搬运工作。然而，葡萄本身仍然必须手工采摘。

这带来了另一个问题。在意大利，8月是度假时间。“提前开始让人们有些措手不及，”卡斯特莱蒂说。一个已经面临劳动力短缺的行业，还面临着限制工作时间的酷热。在地形允许的地方，一些种植者在夜间采收。“在30-35度的高温下工作极其困难。”

我可以为此作证。我们的提前启动还不够早。遮盖着整串果实的叶子几乎无法为采摘的人提供遮蔽，在工作结束前很久，太阳就已将我们笼罩。由于汗流浃背，我们中的一些人退回阴凉处喝水和咖啡。而弗朗切斯科的父母，两人都已七十多岁，却依然坚持工作。

他们的努力得到了回报。到这一天结束时，最后一批葡萄已从藤上采摘完毕。下次我们与它们相遇时，将在玻璃杯中。

susannah.savage@ft.com

📄 Original Section

Recalling the British input to the EU's single market

Your Big Read “Is Britain welcome to return?” (October 3) leaves out an important piece of history: for more than two decades, the UK was one of the European single market’s leading architects and defenders.

In the European parliament, the internal market and consumer protection committee was chaired by British MEPs, both Labour and Conservative, for most of the years after it was created in 2004. Michel Barnier, the EU's chief Brexit negotiator, knows this well. As internal market commissioner, he worked closely with those British chairs to deepen the very market he now says cannot be taken “à la carte”.

As a former MEP, I saw this commitment at first hand. British members were often the strongest voices for open markets, consumer protection and fair competition.

Barnier is right that the single market's integrity matters. But Britain is not asking to join a club it never understood. It helped write the rules. After a decade of failing to find a relationship that works, both sides

those in Russia, Azerbaijan and Iran.

We need to be concerned about every individual who is taken as a pawn in international strategies, often tortured, often facing death, as, for example, Emad Shargi recounts about his more than five years in Evin prison, Tehran. This Iranian-American businessman was on a business trip when he was arrested, subsequently interrogated, tortured and confined to solitary by the Islamic Revolutionary Guard Corps, and held for ransom,

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

BANX

should be open to closer economic ties, whether through the European Economic Area and European Free Trade Association route or a tailored arrangement built on that shared history.

Catherine Stihler

Catherine Stihler

Former MEP for Scotland (Scottish Labour), Carmel-by-the-Sea, CA, US which the Biden administration negotiated to secure his freedom along with four others.

Then, in a complicated exchange that involved a Russian murderer in a German jail, American journalist Evan Gershkovich was freed from a Russian prison – he describes his terrible ordeal in his new book This Cursed Beautiful Land.

The stories these victims tell of the nightmare situations in which they found themselves ought to convince

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观点

🌐 对照英文

📄 Original Section

Merz's reforms could help blunt the appeal of the AfD

Janan Ganesh “Leadership is not the problem in the west”, Opinion, September 24) suggests that resistance to Friedrich Merz’s reforms reflects voters’ unwillingness to surrender comforts acquired over generations of the welfare state. Yet, as Harvey Clark Greisman recently noted (Letters, September 23), some East Germans remember reunification as their loss of economic security. Apprehension about further change cannot simply be dismissed as excessive expectations.

In a course on geoeconomics I taught at the Riga Graduate School of Law, I used Sheri Berman and Hans Kundnani's 2021 essay "The Cost of Convergence" to examine the risks of Germany's over-reliance on exports to drive economic growth. The essay argued that this reliance left Germany vulnerable to external shocks, and proposed higher wages, stronger household consumption and investment in the digital and green transitions.

Merz's infrastructure and climate programme addresses part of that agenda. Whether his wider reforms

Email: letters.editor@ft.com

Include daytime telephone number and full address Corrections: corrections@ft.com

Sandbu, and others who share his view, that there are times when broad sanctions policies need to be compromised in order to save lives.

The actions taken by western governments to rescue hostages is vital to provide us all with a sense of safety, and give hope for all those who today are political prisoners. Frank Voel

Adjunct Professor, Georgetown University; Co-founder, Transparency International, Washington, DC, US

bring tangible benefits to communities at risk of being left behind matters for Germany's resilience and could reduce one source of insecurity on which the far-right Alternative for Germany (AfD) draws. The question is not whether reform hurts, but whether it leaves Germany and its people more secure.

Tjaco van den Hout

Riga, Latvia

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我们需要一场关于美国债务的对话——共和党人会参与吗？

🌐 对照英文

布伦丹·博伊尔 (Brendan Boyle)

当美国国债在8月突破 $40tn 时，我很清楚共和党人会怎么说：美国花钱太多了。

支出确实很重要。作为众议院预算委员会的首席民主党人，我非常关注纳税人的资金如何被使用，以及在哪些方面可以改进。然而，那些认为我们达到 $40tn 债务纯粹是因为支出的共和党同事，忽略了事情的另一半。

在过去的 25 年里，主要使富人和大公司受益的大规模减税政策，使联邦收入减少了数万亿美元。

一项利用美国国会预算办公室 (CBO) 和税务联合委员会数据的分析发现，乔治·W·布什总统的减税政策及其延期，以及唐纳德·特朗普 2017 年的税法，到 2023年为止给债务增加了约 $10tn。任何诚实的陈述都应该承认，民主党人当时也投票支持将布什的减税政策永久化。

但在过去的 10 年里，特朗普总统和共和党人走得更远。根据 CBO 的数据，2017年通过的《减税与就业法案》使债务增加了近 $2tn。当时共和党人承诺，更快的经济增长将弥补损失的收入。但事实远非如此。

随后在去年，特朗普和共和党人通过了《一项宏大而美丽的法案》(One Big Beautiful Bill Act)。根据 CBO 的说法，该立法将在未来 19 年给赤字增加惊人的 $4.7tn，使其成为美国历史上最昂贵的立法之一。

减税并非债务的唯一原因。政府为了支付伊拉克和阿富汗战争而大量借债。在经济大衰退和新冠疫情期间，我们投入了巨额资金以维持经济运转并防止经济崩溃。

这些情况也表明了为什么美国的财政健康至关重要。在紧急时刻，国家需要具备借贷能力。在常态时期积累结构性债务（例如通过大量借贷来为富人减税），会让我们在面对紧急情况时准备不足。

另一个导致

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📄 Original Section

The benefits of HS2: a sceptical northerner's take

Jennifer Williams' Inside Politics piece "Burnham's Blind Spot" (FT.com, September 11) alludes to the benefits of HS2, Britain's high-speed rail project. Really? Cui bono as we say "oop" north.

What is the point of a train its promoters say will get you from Birmingham to London in under 50 minutes, when most families with two kids will not be able to afford the fares, unless they can plan in advance or take trains at times nobody wants to travel at? Up north, the taxes of Mancunians like me will pay for HS2 but we will not get to use it.

Peter Hardwick

Manchester, UK

OUTLOOK

PIEDMONT

在常态时期积累结构性赤字会让我们在面对紧急情况时准备不足

🌐 对照英文

债务，但经常在叙述中被忽略的，是应缴但从未收缴的税款。

美国国税局（IRS）估计，2022年度应缴的联邦税款中有近 7000亿美元 未按时缴纳，其中约 6000亿美元 将永远无法收回。这其中并非全部是欺诈，但违背税法的规模极其巨大。

尽管如此，共和党人多次削减 IRS 的执法资金。这产生了严重影响。美国财政部税务行政监察长 8 月发布的一份报告显示，2025 财年 IRS 审计带来的收入比前一年减少了 35%。这一剧烈下降发生在特朗普在共和党支持下将 IRS 专门负责审计的人员数量削减约 30% 之后。

我们财政健康状况恶化的负面影响已不能再被忽视，而此前两党中的许多人都对此视而不见。国家债务现在规模如此之大，预计年度净利息成本将超过 $2tn。用于偿还债务的每一加元，都是我们无法用于医疗、基础设施或教育的资金。

那么，在不要求劳动家庭做出牺牲的情况下，我们该如何应对？

首先，大规模的减税馈赠，尤其是针对富人的，不应成为永久性的。它们应该接受关于其影响以及经济增长是否覆盖了减税成本的定期非党派审查。此外，国会应被强制要求以年度或每两年一次的频率投票决定是否续期。国会理所当然地会对支出进行逐行仔细审查，减税也应如此。

其次，我的共和党同事必须认真对待税务执法。如果他们真的在意“浪费、欺诈和滥用”以及解决赤字问题，他们应该与民主党人一起，为 IRS 提供资源，以审计富有的逃税者和大型企业。

债务已达 $40tn 且在快速增长。共和党人在这个问题上已被证明是伪君子。但这并不会让债务问题变得不那么真实。

如果他们想就我们如何陷入此境以及如何修复它进行严肃辩论，我已经准备好参与其中。我们需要一次诚实的讨论，随后制定一个可信的计划，以免为时已晚。

作者代表宾夕法尼亚州第二国会选区，并且是众议院预算委员会的高级成员。

📄 Original Section

Italy's wine harvest is creeping ever earlier

by Susannah Savage

B

efore setting out for my first day of grape-picking I smothered myself in sun cream and offered the bottle to my Italian partner,

Francesco. He glanced pointedly into the inky darkness outside and raised a hand, fingertips gathered in disbelief. A gulp of thick coffee, a bite of ciambellone, and we were off to the vines before the sun could rise.

Francesco's parents' vineyard sits on a hillside in Agliano Terme, among the folds of the Piedmont countryside in north-west Italy, a region that is known for its red wines.

It was August 30. Francesco's mother reckoned they were harvesting around a month earlier than most years. I had come on holiday and found myself helping with a harvest I might once have missed altogether.

Blue-black bunches hung beneath the tangle of leaves. Here and there, whole bunches had shrivelled in the parching heat. Others had obligingly grown large and juicy at an easy-to-reach height. Smaller clusters nearer the dusty ground required more contortions. Before long, I had grape juice on my face and an ache in my back.

I glanced down the row to check everyone else's progress. As a farmer's daughter, I felt I ought to be making a better showing. Francesco, unaware he was in a race, was also losing. His mother, equally unaware, was comfortably winning, her deeply tanned arms darting among the

leaves. His nine-year-old niece had switched to the more congenial task of team photographer.

Stefano Pesci, director-general of wine co-operative Terre del Barolo in nearby Castiglione Falletto, remembers harvests beginning in mid-September when he started his career some 20 years ago. Now they are largely finished by late September, he says. “The change was and is very, very fast.”

Although harvests have been creeping earlier for some time, this year's has been “exceptional”, says Paolo Castelletti of Unione Italiana Vini. “Irrigation was once considered sacrilege when it came to wine quality,” he says. “Today, drought actually reduces quality.”

Extreme heat meant sugars rose and acidity fell, meaning growers had to pick earlier to prevent the fruit becoming too sweet and the resulting wines too alcoholic.

Accounts collected by trade publication Il Corriere Vinicolo put our region's picking 15 to 25 days ahead of dates familiar in past decades.

Like Francesco's family, grape pickers across Italy have also been slowed down by dehydrated grapes, which have forced them to pick more slowly and selectively.

The heat is also following the grapes into the cellar. Managing the temperature of the fruit and its fermentation requires cooling equipment and electricity. Pesci says they had to put this year's Pinot Noir and Chardonnay grapes in the

fridge before they were pressed.

There is no such cooling equipment at Francesco's parents' little vineyard. They leave the cellar work to their neighbour, who crushes and ferments the grapes and turns their small annual harvest into wine.

Our part was rather less technical. As our buckets filled with grapes, we lugged them down the row to the edge of the neighbour's vineyard. While I caught my breath, I enviously watched his little tractor chug between the vines, doing the carrying for him and his workers. Grapes themselves, however, still have to be picked by hand.

This presents another problem. In Italy, August is holiday time. “The early start caught people somewhat by surprise,” Castelletti says. An industry already short of labour also faces heat that restricts working hours. Some growers harvest at night where the terrain permits. “Working at 30-35 degrees is extremely difficult.”

I can attest to this. Our early start was not early enough. Leaves that concealed whole bunches of fruit offered little shelter to the people gathering them and the sun caught us long before we finished. Soaked with sweat, some of us retreated for water and coffee. Francesco's parents, both in their seventies, kept going.

Their efforts paid off. By the end of the day, the last grapes were off the vines. The next time we encounter them will be in a glass.

susannah.savage@ft.com

巴德诺克的欧洲噩梦

🌐 对照英文

政治

Janan Ganesh

不久前，本专栏曾建议读者押注保守党将在英国下次大选中赢得最多席位。当时的赔率是 13 / 2。现在？是 3 / 1，且在持续缩短。不用谢。

他们的领导人凯米·巴德诺克（Kemi Badenoch）可能很快会被高估——稍后详述——但此前低估她才是真正的错误。显而易见，人们会对工党领导下的“大政府”感到厌倦。一年以来，选民们即便以牺牲公共服务为代价也希望减税。这就是最典型的“恒温器式”政治：主导思想会引发反向反应。（注意到“紧缩”已经有一段时间没被提及为国民之疾了。）保守党的民调支持率虽然仍处于低谷，但这可能仅仅是滞后于他们在经济信任度方面更好的潜在数据。

那么，关于“过度修正”又是怎么回事？一个问题此前曾毁掉过才华横溢的保守党人：欧洲。有理由认为，这次依然如此。

不足三分之一的选民认为脱欧是正确的。这个数字四年来没有变动。大多数人倾向于与欧盟进行更紧密的合作，即便这意味着要接受其规则。全面重新加入将具有挑衅性。但想象一下，如果安迪·伯纳姆（Andy Burnham）提供一个折中方案，例如加入单一市场。分裂的左翼将立即在工党周围团结起来。而右翼则必须捍卫一个不受欢迎的现状，理由是——什么？——英国拥有制定比布鲁塞尔更宽松的 AI 规则的自由，而此时选民恰恰开始恐惧 AI。如果伯纳姆确实与欧盟达成了一项“半加入”协议，保守党似乎准备在就任后承诺撤销该协议。还有比这更愚蠢的吗？

保守党人会争辩说，外交事务从未决定过选举。但英欧关系不同。它与经济管理密不可分，而经济管理是选民最关心的问题。一些现在对工党感到绝望的商业领袖会支持加入单一市场。

此外，在近期的两个英语民主国家——加拿大和澳大利亚，保守派因为与美国右翼的关联而输掉了本可获胜的选举。也就是说，这是一个外部实体。像伯纳姆这样具有煽动天赋的人，可以将巴德诺克的反欧盟路线定格为对美国的奴颜婢膝。她不是 MAGA，不，但她并非“非 MAGA”。她在带有美国色彩的文化辩论中成名。她在伊朗战争问题上陷入困境，条件反射地支持美国直到该立场变得难以维持，此时她的退缩之笨拙令人难以直视。如果她为了美国贸易以及可能的 AI 前沿模型访问权限而捍卫纯粹的脱欧，工党应当为此欢欣鼓舞。

英国已陷入一种令巴德诺克不安的常态：工党提出与欧盟达成某种妥协，右翼指责其背叛，而……几乎没人关心。上周，伯纳姆在称脱欧是一个至少应该被弱化的错误这一点上，超过了 2016 年之后的所有首相。他的民调领先优势依然稳固。保守党认为选民并不太关注这个问题，这一点没错，但这意味着伯纳姆可以在没有风险的情况下大展身手。不必考虑下一个议会，折磨保守党的时间就是现在。他可以像瑞士那样，分行业地用接受规则来换取单一市场的准入，并挑战他们敢于反对。他们这样做能获得的政治奖赏究竟是什么？在早已失去的“红墙”选区中获得一个更好的第三名或第四名吗？

而这仅仅是政治层面。现状更大的问题在于它是

问题在于她是否现在——在她个人强势时期——面对它。

或者在日后被迫面对，这在实践中效果很差。巴德诺克最吸引人的特质是一种工程师式的纯真。她似乎只在乎能否在特定问题上得出（她认为的）正确答案。大多数政治家会让选票计算、党派情感或意识形态先入之见，干扰到解决问题这一冷静的行为。

在私下时刻，她内在的工程师精神必然会问，所有可能的脱欧方案中最强硬的一种究竟实现了什么。基本上，没有一个欧洲民主国家选择像英国这样与欧盟如此隔绝。甚至土耳其都在关税同盟之中。在将独立视为国家精神的瑞士，与布鲁塞尔的滚动谈判已持续三十年，且其中瑞士大多在让步。拥有丰富矿产资源的挪威则处于申根免签区。大多数西巴尔干国家都拥有候选国地位。

你必须用广义相对论的视角来看待欧盟：它像一个弯曲周围时空的质量体，强迫较小的实体进入其轨道。英国无法无限期地抵抗这种引力，因为它做不到。这就是为什么欧洲问题在这里从未消失。一个处于中外层轨道的地位注定会出现。问题在于，巴德诺克是在现在这个个人强势时期面对它，还是在日后被迫面对——届时强硬脱欧的不可持续性将变得显而易见。

随着选举临近，她心中会有一个目标选民：一个在劳工党政府下感到被剥削，但又对奈杰尔·法拉奇（Nigel Farage）感到反感的中高收入者。这样的人可能会投票给一个不对欧盟采取特别缓和政策的保守党纲领。但绝不会投票给一个提议扭转现有缓和趋势的纲领。那将散发出太浓的教条主义和蓄意破坏的味道。

如果巴德诺克足够精明，她会让伯纳姆去承担缓解脱欧影响的艰巨工作，然后在选举时将其接受为既成事实，转而在税收负担问题上获胜。如果不是这样？如果她捍卫现状，或者捍卫届时的原状？那么就以 2 / 1 的赔率卖掉这个赌注。

janan.ganesh@ft.com

📄 Original Section

Opinion

真男人不关心气候变化

🌐 对照英文

环境

Pilita Clark

如果你是一个关心气候变化的男人，你是不是有点像个书呆子？换句话说，如果一个男人说全球变暖纯属胡扯，他是不是看起来更有男人味？

在我撰写关于气候变化的 15 年里，我以前从未考虑过这些问题。但自从接触到一项研究后，我开始思考这个问题，该研究表明，许多男性因为担心显得过于女性化而对气候问题不屑一顾。

加州大学河滨分校管理学副教授迈克尔·哈塞尔胡恩（Michael Haselhuhn）的分析有助于回答一个最令人费解的气候问题：为什么全球范围内的研究和民意调查一致显示，男性对全球变暖的关注程度低于女性？

一些研究表明，男性认为自己在应对气候变化的政策中损失更多。另一些研究则得出结论，这是因为女性在社会化过程中被引导去更多地关注环境等问题。但关注社会化的研究人员往往是从被社会化的女性视角来看待这一问题的。

哈塞尔胡恩认为，同样的条件反射模式可能对男性产生了一种独立但被忽视的影响。因此，他进行了一系列相关研究，结果表明情况确实如此。

通过使用来自美国的数据，以及一项针对欧洲 40,000 多人的长期调查，他证明了那些表示想要拯救地球的男性被认为更加温暖和体贴。与这一发现一致，他还证明，那些非常担心维持其男子气概的男性，对气候问题的关注程度较低，并表示他们认为自己在管理该问题方面的责任较小。

当然，这并不意味着所有质疑气候变化的男性都担心自己的男子气概。其他观点同样重要。本周发表的一项针对 115 个国家 9,000 多名科学家的研究显示，与缺乏此类信心的人相比，那些相信技术在很大程度上能解决气候问题的科学家，参加气候游行、签署请愿书或采取类似公民行动的可能性低 23%。这些技术乐观主义者采取重大生活方式改变以减少碳排放的可能性也低 18%。换句话说，许多

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📄 Original Section

We need a US debt conversation – will the Republicans have one?

Brendan Boyle

W

hen the US national debt crossed \$40tn in August, I knew exactly what Republicans would say: America spends too much money.

Spending does matter and, as the top Democrat on the House Budget Committee, I am very conscious of how taxpayer dollars are spent and where this can be done better. However, my Republican colleagues who say that we got to \$40tn because of spending alone are ignoring half the story.

Over the past 25 years, major tax cuts, primarily benefiting the wealthy and large corporations, have reduced federal revenues by trillions of dollars.

One analysis using data from the Congressional Budget Office (CBO) and Joint Committee on Taxation found that President George W Bush's tax cuts, their extensions and Donald Trump's 2017 tax law added roughly \$10tn to the debt through 2023. Any honest account should acknowledge that Democrats also voted to make the Bush tax cuts permanent.

But over the past 10 years, President Trump and Republicans have gone even further. The Tax Cuts and Jobs Act, passed in 2017, added nearly \$2tn to the debt, according to the CBO. At the time Republicans promised that faster economic growth would make up for the lost revenue. It did not come close.

Then last year, Trump and Republicans passed the One Big Beautiful Bill Act. That legislation, according to the CBO, will add a staggering \$4.7tn to the deficit over the next decade, making it one of the most expensive pieces of legislation in US history.

Tax cuts are not the sole reason for the debt. The government borrowed heavily to pay for wars in Iraq and Afghanistan. During the Great Recession and the Covid-19 pandemic, we spent a tremendous amount to keep the economy afloat and prevent economic devastation.

Those situations also show why America's fiscal health matters. In times of emergency, the nation needs the capacity to borrow. Piling up structural debt during normal times, such as by borrowing heavily to finance tax cuts for the wealthy, leaves us less prepared for emergencies when they come.

Another factor that has added to the

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那些担心自己男子气概的人，对全球变暖的关注程度较低

🌐 对照英文

个人观点很重要，即使是对专家而言也是如此。

但 Haselhuhn 的研究确实提出了一个问题：宣传气候行动必要性的最佳方式是什么，尤其是针对男性。他目前正试图确定哪些信息最能产生效果，但结果不一。起初，他认为暗示“真正的男人会照顾家庭并成为好父母”可能会有效，但他告诉我，这“完全没有起到任何作用”。

当强调气候行动的经济利益时，效果则更好。例如，当男性在普通淋浴头和节能淋浴头之间做出选择时，如果节能淋浴头被描述为一种省钱的方式，大约 80% 的人会选择更环保的那款。但如果被告知同一款淋浴头用水量更少且更环保，支持率则下降 10 个百分点。Haselhuhn 表示，去掉“环境”这个词似乎有所帮助。

这一切与凯瑟琳·海耶（Katharine Hayhoe）等气候科学家的观点不谋而合。海耶是德克萨斯理工大学的一名教授，曾深入研究探讨气候变化的有效沟通方式。这包括如何应对那些在每次家庭聚会上都告诉你气候一直在变化、如今的创纪录高温只是自然周期一部分的“不可避免的叔叔”。

海耶在最近的一次《金融时报》（FT）会议上表示，滔滔不绝地讲述科学事实来证明对方是错误的并没有帮助。这是因为这里真正的问题不是否认科学，而是“方案厌恶”（solution aversion），即担心气候政策会与个人的身份、意识形态或对美好世界的设想相冲突。

由于公开承认不想解决一个严重问题会令人不快，人们会使用所谓的“动机性推理”（motivated reasoning）来寻找理由，证明气候变化是不真实的或不严重的。换句话说，他们处理信息的方式是为了与自己已经相信或想要的东西保持一致，而不是依据客观证据。

海耶说，令人高兴的是，如果那位叔叔购买了能帮他省钱的太阳能电池板，或者做了其他既能改善自身状况又能改善气候的事情，他的观点可能会完全反转。

对于那些正确地担忧气温升高的人来说，这里有一个启示。科学事实确实很重要，环境健康同样重要。但在某些时候，你能为地球做的最好的事情，就是根本不谈论它。

pilita.clark@ft.com

📄 Original Section

Piling up structural deficits during normal times leaves us less prepared for emergencies

debt, but is often left out of the story, is taxes that are owed but never collected.

The Internal Revenue Service estimates that nearly \$700bn in federal taxes owed for 2022 were not paid on time, and roughly \$600bn of this will never be collected. Not all of that is fraud, but the scale of not complying with the tax code is enormous.

Nevertheless, Republicans repeatedly cut IRS enforcement funding. That has had a serious impact. A report from the Treasury Inspector General for Tax Administration published in August showed that IRS audits brought in 35 per cent less in revenue in fiscal year 2025 than in the previous year. That sharp decrease has come after Trump, supported by Republicans, cut the number of IRS staff dedicated to audits by roughly 30 per cent.

The negative impact of our deteriorating fiscal health can no longer be ignored, as it has been by many on both sides of the aisle. The national debt is now so large that annual net interest costs are projected to be higher than \$2tn. Every dollar that goes towards servicing the debt is money we cannot use on healthcare, infrastructure or education.

So, what do we do about it without asking working families to make sacrifices?

First, large tax giveaways, especially to the wealthy, should not be permanent. They should face periodic non-partisan reviews on their impact and whether economic growth has covered the cost of the tax break. In addition, Congress should be forced to vote to renew them on an annual or biennial basis. Congress, rightfully so, carefully examines spending line by line. The same should be done for tax cuts.

Second, my Republican colleagues must get serious about tax enforcement. If they are truly serious about “waste, fraud and abuse” and tackling the deficit, they should join Democrats to give the IRS the resources to audit wealthy tax cheats and large corporations.

The debt is \$40tn and rising – quickly. Republicans have proved to be hypocrites on the issue. But that does not make the debt problem any less real.

If they want a serious debate about how we got here and how we fix it, I am ready to have one. We need an honest discussion, followed by a credible plan, before it's too late.

The writer represents Pennsylvania's second congressional district and is the ranking member of the House Budget Committee

希利在即将到来的预算案中面临的重要判断

🌐 对照英文

经济学 Chris Giles

在地缘政治紧张和债券市场波动的时期，英国的经济和公共财政前景笼罩在不确定性之中。

没有任何一套复杂的方程式能让预算责任办公室 (OBR) 为预算案提供完美的预测。也没有任何像约翰·梅纳德·凯恩斯那样的能干之辈能可靠地告诉约翰·希利应该怎么做。相反，一切都取决于财政监督机构和财政大臣双方的正确判断。

到目前为止，OBR 需要做出的最关键决定是设定其五年预测期末的潜在 GDP 水平。这是一个基于信息的判断，而今年其底层驱动因素的变动使这一判断变得复杂。国家统计局上调了生产率增长预期，下调了工作时长。它还下调了净迁移路径，并建议所有人关注税务记录而非调查来辨别就业趋势。而这些趋势较为疲软。

因此，OBR 最好判断英国经济的潜在增长率比 3 月份略差，工作时长与生产率增长相互抵消，而就业增长的空间则被较低的迁移率所抵消。这些广泛的假设共同导致税收收入将略低于之前的预期。

除此之外，由于英国遭受的长期能源冲击，通胀概况将会更高

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📄 Original Section

Badenoch's European nightmare

POLITICS

Janan

Ganesh

while ago, this column advised readers to bet on the Conservatives winning the most seats at Britain's next general election. The

odds at the time were 13/2. Now? 3/1, and shortening. Don't mention it.

Their leader Kemi Badenoch might soon be overpriced – more on which in a minute – but underpricing her was the real offence. It should have been obvious that people would tire of big government under Labour. Voters want tax cuts even at the expense of public services, and have done for a year. This is politics at its most thermostatic: the ruling idea sets off a counter-reaction. (Notice that “austerity” has not been cited as the national ill for a while.) The Tories’ poll rating is still in the sewer but it might just lag their better, underlying numbers on economic trust.

So, what's all this about overcorrection? Well, one issue has undone talented Conservatives before: Europe. There is reason to think it shall again.

Scarcely one voter in three believes it was right to leave the EU. That figure has not moved for four years. A plurality favours much closer co-operation with the bloc, even if that entails accepting its rules. Total re-entry would be provocative. But imagine that Andy Burnham offers a fudge, such as single market membership. A fragmented left would at once consolidate behind Labour. The right would have to defend an unpopular status quo, citing — what? — Britain's freedom to set lighter AI rules than Brussels, just as voters come to fear AI. If indeed Burnham did clinch a half-in deal with the EU, the Tories seem set to promise to reverse it in office. Could anything be sillier?

Foreign affairs never decided an election, Tories will argue. But the UK-EU relationship is different. It is inseparable from economic management, which is the paramount issue for voters. Some of the business leaders now despairing of Labour would endorse the single market.

Also, in two anglophone democracies of late, Canada and Australia, conservatives have lost winnable elections due to their association with the American right. That is, a foreign entity. A man of Burnham's demagogic gifts can frame Badenoch's anti-EU line as American servility. She is not Maga, no, but she is not not Maga. She made her name in US-flavoured culture debates. She got into a mess over the Iran war, reflexively backing America until that became untenable, at which point she backed off with a clumsiness that was hard to watch. If she defends pure Brexit, for the sake of US trade and perhaps AI frontier-model access, Labour should rejoice.

Britain has settled into a routine that should trouble Badenoch. Labour proposes some accommodation with the EU, the right alleges betrayal and . . . almost no one cares. Last week, Burnham outdid all the post-2016 prime ministers in calling Brexit a mistake that should at least be softened. His poll lead held. The Tories are right that voters don't think much about the issue, but that means Burnham can do a lot without risk. Forget the next parliament. The time to torture the Tories is now. He could trade single-market access for rule-acceptance, sector by sector, Swiss-style, and dare them to oppose it. Their political prize for doing so would be, what exactly? A better third or fourth position in long-lost Red Wall seats?

And this is just the politics. The larger problem with the status quo is that it is

The question is whether she confronts it now, at a time of personal strength,

or under duress later bad in practice. Badenoch's most appealing trait is a sort of engineer's innocence. She seems to care about getting to (what she sees as) the right answer on a given subject. Most politicians let electoral calculation, tribal feeling or ideological priors muddle the cold act of problem-solving.

In private moments, the engineer in her must ask what the hardest of all possible Brexits has achieved. Essentially no European democracy chooses to be as cut off from the EU as Britain. Even Turkey is in the customs union. Switzerland, where independence is the national ethos, is three decades into a rolling negotiation with Brussels, in which it mostly gives ground. Norway, with mineral wealth galore, is in the Schengen visa-free zone. Most of the western Balkan states have candidate status.

You have to think of the EU in terms of general relativity: as a mass that bends space-time around it, forcing smaller entities into its orbit. Britain won't resist the gravitation indefinitely, because it can't. This is why the subject of Europe never goes away here. A place in the middle-to-outer orbit is destined to materialise. The question is whether Badenoch confronts it now, at a time of personal strength, or under duress later, when the untenability of hard Brexit becomes plain.

As the election approaches, she will have a voter in mind: an upper-middle earner who feels fleeced under a Labour government but recoils from Nigel Farage. That person might vote for a Conservative platform that offers no particular thaw with the EU. But not one that proposes to reverse an ongoing thaw. It would reek too much of dogma, of wilful disruptiveness.

If Badenoch is shrewd, she will let Burnham do the hard work of easing Brexit, then accept it as a fait accompli at the election, and win on the tax burden instead. If not? If she defends the status quo, or what would then be the status quo ante? Sell the bet at 2/1.

janan.ganesh@ft.com

他从预算责任办公室（OBR）收到的任何预测可能都不受欢迎，但并非灾难性的

🌐 对照英文

2026. 这将在未来增加养老金和福利支付的成本，且不太可能产生相应的额外税收收入。最后一条坏消息是，更高的利率将使政府债务偿还成本的预测在十年末增加约 GDP 的 0.3%。

你可能会注意到，我在讨论经济和公共财政时，没有提到以十亿英镑为单位的财政空间（fiscal headroom）。预算责任办公室（OBR）最终的判断应该是摒弃这一毫无帮助的虚构概念，遵循法律条文，并开始以经济学家的身份而非寻求关注的官员身份，报告公共财政的可持续性。

综合来看，希利从预算责任办公室（OBR）收到的消息可能是不受欢迎的，但并非灾难性的。赤字削减的预测路径将更加缓慢，债务偿还成本将更高，但英国仍有望在十年末实现预算平衡并稳定其债务与 GDP 的比例。

财政大臣的核心判断将在于决定如何应对；首相及其内阁虽然想法很多，但很少有准备好实施的计划。因此，只要希利能满足以下条件，他提交一份稳扎稳打的预算案将是合理的。

为了履行安迪·伯纳姆给民众提供一点喘息空间的承诺，预测初期的任何财政宽松措施，要么必须是可信的临时措施，要么必须在随后几年通过削减支出或增加税收来抵消。这意味着不能出现持续的酌情财政宽松。由于世界变得更加艰难，赤字削减速度放缓是可以接受的，只要英国政府不加剧这些趋势即可。

赤字还必须保持下降趋势。这意味着任何生活成本的喘息空间之后，在议会任期结束前，都将迎来一些更为艰难的财政年份。希利若能将他的政治资本投入到这一必要之举中，将是明智的。

最后，财政大臣应概述其税收和公共支出的长期战略。其目标将是给金融市场提供一定的保证，从而遏制投机行为。无需提供细节。公共财政正处于艰难时期。没有什么比证明英国正以对预测和政策的正确判断来面对这些挑战更为重要的了。

chris.giles@ft.com

📄 Original Section

Real men don't do climate change

ENVIRONMENT

Pilita Clark

f you are a man who cares about climate change, are you a bit of a dweeb? Put another way, if a man says global warming is rubbish, does he seem more manly?

In my 15 years of writing about climate change, these are not questions I have considered before. But I have begun to do so since coming across research that suggests a lot of men brush off the climate problem for fear of seeming too feminine.

The analysis by Michael Haselhuhn, an associate professor of management at University of California, Riverside, helps to answer one of the more baffling climate questions: why do studies and polls across the world consistently show that men care less about global warming than women?

Some studies suggest that men feel they have more to lose from policies to fight climate change. Others conclude it is because women are socialised to care more about things like the environment. But researchers who focus on socialisation tend to look at it from the perspective of the women being socialised.

Haselhuhn thought the same patterns of conditioning might be having a separate but overlooked effect on men. So he did a series of linked studies that suggest this is indeed what is happening.

Using data from the US, and a long-running survey of more than 40,000 people across Europe, he showed that men who say they want to save the planet are perceived to be more warm and caring. In keeping with this finding, he also showed that men who are strongly concerned about maintaining their sense of manhood express less concern about the climate problem and say they feel less responsibility for managing it.

This does not, of course, mean that all male climate sceptics are worried about their manhood. Other views also matter. A study of more than 9,000 scientists in 115 countries published this week shows that those who believe technology will largely solve the climate problem are 23 per cent less likely to go on a climate march, sign a petition or take similar civic actions, compared with scientists who lack such faith. The techno-optimists are also 18 per cent less likely to make big lifestyle changes to cut carbon. In other words, many

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AI助力储蓄者资金配置，银行或将蒙受损失

🌐 对照英文

一点帮助：Meta的Muse AI助手吉祥物Jolly —— Minh Connors / Bloomberg

银行界有一个事实：你越不在意，你的银行赚得越多。贷款机构通过利用客户留在银行账户中闲置的资金，并以更高利率进行投资，从而获得丰厚利润。

目前热门的流行词“智能体AI”（Agentic AI）将打破这种惬意的安排。虽然仅凭这一点还不足以将银行从高位击落，但它们确实面临巨大的损失风险。

理论上，像Meta的Muse这样的AI助手可以帮助客户更好地利用数万亿美元的“懒钱”。

这可能仅仅意味着在储蓄者能为其盈余余额获得更好回报时发出提醒。或者更具野心地，自动将多余资金转移到货币市场基金中，因为目前即时支取存款的利率几乎为零。

这将是一个巨大的变化。银行约三分之二的收入来自支付利率与贷款利率之间的利差。摩根大通（JPMorgan Chase）、美国银行（Bank of America）和富国银行（Wells Fargo）持有1.6万亿美元的无息存款，占其负债的16%。如果对这些存款支付3%的利率，每年将耗费它们470亿美元，几乎相当于它们年度总利润的一半。

银行利润真的会蒸发到这种程度吗？可能性不大。关于“智能体银行挤兑”的讨论认为，目前仍存在多种摩擦，阻碍了客户资金在各处之间快速流动。

最简单的障碍是信任——家庭是否愿意将财务控制权交给那些以“快速行动，打破常规”著称的公司？

如果智能体将资金发送到了错误的地方，谁来承担责任？

但AI无疑会使客户变得不再那么被动，而且有一种方法可以估算这将给银行带来多少成本。在美国，每当一家贷款机构收购另一家机构时，必须量化通过获得粘性、低成本存款（而非在市场上筹集资金）所带来的财务收益。这被称为“核心存款无形资产”，根据Mercer Capital的分析，这通常

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📄 Original Section

Those concerned about their sense of manhood express less concern about global warming

personal views matter, even for experts.

But Haselhuhn's work does raise a question about the best way to sell the need for climate action, especially to men. He is now trying to determine which messages might land best, with mixed results. At first he thought it might be effective to suggest that real men take care of their family and are good parents, but that “just didn’t move the needle at all”, he told me.

More success came when highlighting the financial benefits of climate action. For example, when men are choosing between a regular showerhead and an energy-efficient one, about 80 per cent of them will choose the greener one if it is described as a way to save money. But if told that the same showerhead uses less water and is more environmentally friendly, that support falls by 10 percentage points. Taking out the word “environment” seems to help, says Haselhuhn.

All of this gels with the ideas of climate scientists such as Katharine Hayhoe, a Texas Tech University professor who has worked extensively on effective ways to talk about climate change. This includes advice on dealing with the inevitable uncle who tells you at every family gathering that the climate has always been changing and today's record temperatures are just part of a natural cycle.

It doesn't help to spout scientific facts to show why he is wrong, Hayhoe told a recent FT conference. That's because the real issue here is not science denial but solution aversion, or concern that climate policies will clash with a person's identity, ideology or ideas about a better world.

Because it's unpleasant to say openly that you don't want to fix a serious problem, people use so-called motivated reasoning to find grounds for why climate change cannot be real or serious. In other words, they process information in ways that align with what they already believe or want, rather than with objective evidence.

Happily, Hayhoe says, the same uncle's views can reverse completely if he buys solar panels that save him money or does something else that improves his own circumstances as well as the climate.

There is a message here for those of us who rightly worry about warming temperatures. Scientific facts really matter, as does the health of the environment. But there will be times when the best thing you can do for the planet is not talk about it at all.

pilita.clark@ft.com

这可能意味着提醒用户有更好的方案，甚至将储蓄转移到货币市场基金中

🌐 对照英文

相当于相关账户余额的2%或3%。

将这个粗略的比例应用于所有美国银行及其20万亿美元的存款（其中约80%为“核心”存款），得出的结果约为5000亿美元。换句话说，如果所有这些存款都能获得市场化回报，这就是银行将损失的股权价值部分。根据S&P Capital IQ的数据，这约占美国上市银行总价值的十分之一。

诚然，银行在AI方面既有损失也会有收益。削减成本、更有效地为贷款定价以及避免代价高昂的人为错误——不再出现像花旗集团那样搞砸的9亿美元电汇——都应能产生收益。

美国银行首席执行官布莱恩·莫伊尼汉（Brian Moynihan）上个月表示，其机构在AI改进上投入了4亿美元，并获得了8亿美元的收益。随着智能体的普及，效率提升的成果将越来越多地流向存款人，而不仅仅是股东。

目前，有更值得担忧的事情。贷款机构Truist在9月底的一项投资者调查中发现，超过一半的银行投资者认为美国联邦储备委员会的加息是对估值最大的风险。

极少有人提到来自机器人的威胁。正如摩根大通首席执行官杰米·戴蒙（Jamie Dimon）经常警告的那样，银行系统已经十多年没有经历过一次真正的信贷衰退了，而一次衰退早已迟到。真正的混乱之源已经与我们同在。

📄 Original Section

Important judgments for Healey in the coming Budget

ECONOMICS Chris Giles

t a time of geopolitical tension and bond market volatility, the UK's economic and public finance outlook is shrouded in uncertainty.

No system of fancy equations will enable the Office for Budget Responsibility to produce perfect forecasts for the Budget. And no agentic John Maynard Keynes will reliably tell John Healey what he should do. Everything instead rests on sound judgments from both the fiscal watchdog and the chancellor.

By far the most consequential decision the OBR needs to make is to set the potential level of GDP at the end of its five-year forecasting horizon. This is an informed judgment, complicated this year by movements in its underlying drivers. The Office for National Statistics has revised productivity growth up and hours worked down. It has also revised the path of net migration down and is advising everyone to focus on tax records rather than surveys to discern employment trends. These are weaker.

The OBR would be well advised therefore to judge that the potential growth of the UK economy is just a bit worse than in March, with hours and productivity growth cancelling each other out, while the scope for more employment growth is more than offset by lower migration. Together, these broad assumptions would generate a little less tax revenue than previously expected.

On top of that, the inflation profile will be higher due to the prolonged energy shock the UK has suffered in

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日本小盘股剔除行动为AI驱动基金带来机遇

🌐 对照英文

股市改革很少有如此残酷的。日本东证指数（Topix）——约$1tn的资金紧随其后——因规模过小而剔除了近700家公司。此次剔除旨在使幸存者成为更简单、更具吸引力的投资标的。同时，这对于AI驱动的基金来说，也是一个在被剔除的“小鱼”中证明自身价值的机会。

与其他地区一样，日本股市的财富集中在最大的公司手中。但其指数规模庞大。资金管理人员更青睐东证指数而非知名度更高的日经225指数，目前东证指数包含超过1,600家公司，规模从市值$272bn的巨头三菱日联金融集团（Mitsubishi UFJ Financial）到市值$22mn的管理咨询公司Prored Partners不等。

东证指数中无数的小盘股交易起来繁琐且成本高昂，而且对指数表现几乎没有任何影响。交易所运营商JPX的改革凸显了问题的严重性：其点名的683个潜在剔除组仅占该指数总市值的3%，而这还是在2025年早前剔除了约500家规模更小的公司之后的结果。

筛选小盘股是一项繁重的工作：贝莱德（BlackRock）统计这类公司超过6,000家，而MSCI全球小盘股指数涵盖47个国家的5,600多家公司，其中市值最小的成分股仅为$6.2mn。

但援助已经到来：在大海捞针中寻找机会正是AI及其处理数千份公司报告和言论能力所擅长的任务。

潜在机会的数量可能正在增加。AI热潮不仅在推动芯片和电力供应商的发展。瓶颈正在意想不到的地方出现，而日本制造商深度参与如此多的供应链，可能会带来意想不到的意外之财。

与此同时，随着时间的推移，AI工具可能会降低作为“小鱼”相对于“巨鲸”而产生的低效率。

这一理念的早期采用者看起来表现不俗。今年2月，总部位于鹿特丹的Robeco推出了一只全球小盘股交易所交易基金（ETF），将AI与量化模型相结合来挑选股票。到目前为止，该产品的涨幅为13%，而MSCI全球指数和全球小盘股基准的涨幅分别为9%和3%。

来源：LSEG

贝莱德也在宣传其利用大语言模型和其他技术来识别全球小盘股之间“非显而易见”主题的做法。

指数追踪者无疑仍会更倾向于精简后的东证指数。但对于新一代技术驱动的投资者来说，在这些被剔除的“边角料”中，应该有大量有趣的内容。

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📄 Original Section

Any forecast he will receive from the OBR is likely to be unwelcome but not disastrous

2026. This will raise the costs of pension and welfare payments in future and is unlikely to generate commensurate additional tax revenue. The final piece of bad news is that higher interest rates will raise forecasts of government debt-servicing costs by roughly 0.3 per cent of GDP by the end of the decade.

You might notice that I have been able to talk about the economy and the public finances without any mention of fiscal headroom in billions of pounds. The final OBR judgment should be to ditch this unhelpful invention, follow the letter of the law and start reporting on the sustainability of the public finances as economists rather than officials seeking to get themselves noticed.

Putting this together, the news Healey will receive from the OBR is likely to be unwelcome but not disastrous. The forecast path of deficit reduction will be slower and debt-servicing costs higher, but the UK will still be set to balance its budget and stabilise its debt-to-GDP ratio by the end of the decade.

The chancellor's core judgment will be to decide how to respond; the prime minister and his cabinet are fizzing with ideas but have few plans ready for implementation. It would therefore be reasonable for Healey to deliver a steady-as-she-goes Budget so long as he meets the following conditions.

Any fiscal loosening in the early years of the forecast to meet Andy Burnham's pledge to give people a bit of breathing space needs either to be credibly temporary or to be matched with spending cuts or tax rises in later years. That means there must not be a sustained discretionary fiscal loosening. It is OK for deficit reduction to be slower because the world has become more difficult, so long as the UK government does not aggravate the trends.

The deficit must also stay on a downward path. This will mean that any cost-of-living breathing space is followed by some tougher fiscal years towards the end of the parliament. Healey would be wise to put his political capital behind that necessity.

Finally, the chancellor should outline his longer-term strategy for tax and public spending. The aim will be to provide some reassurance to financial markets so that speculation can be held in check. Details are not necessary. These are difficult times in public finance. There is nothing more important than demonstrating the UK is facing them with sound judgments on both the forecasts and policy.

chris.giles@ft.com

欧洲对技术主权的追求使电信公司转向数据中心热潮

🌐 对照英文

欧洲电信公司很少能接触到令人兴奋的投资趋势。它们在成熟且竞争激烈的市场中运作，年营收增长仅为几个百分点，且难以将回报率提升至资本成本之上。

但在其业务的至少一个方面，它们现在看起来像 CoreWeave 等更具激进色彩的美国新云服务商：欧洲对技术主权的追求正将它们转变为数据中心建设者。

在英国，BT 正与美国芯片制造商英伟达（Nvidia）以及 Nscale 合作，在三个 BT 站点建设高达 14 兆瓦的 AI 数据中心基础设施。法国的 Orange 与私募股权公司 Morrison 合作，计划投资 30亿欧元 开发数据中心，这将使其容量增加 10 倍；而埃利亚德 (Iliad) 同样拨出了 30亿欧元。

该行业在追随技术潮流方面的记录并不出色。想想 2000 年代那些因过度支付 3G 许可证费用和进行虚荣合并而积累的巨额债务。但就数据中心而言，它们可能终于找到了更好的发展空间。

一方面，它们面临的竞争并不激烈。欧洲渴望减少对美国超大规模云服务商的依赖：本土建设者不存在像谷歌和亚马逊在欧洲领土上运营那样必须将数据交给美国的风险。德国电信利用了这些担忧，宣传其“为德国打造，德国制造”的服务。而且，电信集团已经运行着关键基础设施，并受到严格监管。

此外，回报的获取无需承担过多风险。在这一轮电信投资周期中，大型运营商选择与技术和金融提供商合作，而不是单纯地过度扩张其资产负债表。

北极星市场研究（Polaris Market Research）预测，明年欧洲的主权云市场规模将达到 700亿美元。按照超大规模云服务商的标准来看，这个数字很小——据路透社报道，仅 Anthropic 一家公司在一年多时间内在 AI 基础设施上的支出就将达到这个数额——但对于该行业平庸的增长而言，这已大有裨益。

这些数字很有可能会增长。加拿大上个月决定建设自己的主权宽带骨干网以连接全国东西海岸，而不是继续通过美国路由数据，这凸显了昔日盟友的焦虑。

一个碎片化的世界可能会给与技术相关的本土公司带来红利。

日经亚洲 (NIKKEI Asia) 亚洲世纪之声

纵横填字游戏 第 18,500 号 作者：JASON

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第 18,499 号答案

扫描二维码即可访问过去 30 天内的 FT 填字游戏——包括隐喻、博学者、周末和周日谜题——或访问 ft.com / crosswordapp

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📄 Original Section

Banks stand to lose out as AI helps savers deploy funds

A little help: Jolly, the mascot for Meta's Muse AI assistant — Minh Connors/Bloomberg

t is a fact of banking that the less you care, the more your bank earns. Lenders make a handsome profit by taking money

customers leave idle in their bank accounts and investing it at higher rates.

Agentic AI, the buzz-phrase of the moment, will upset this cosy arrangement. While it will take more than that to knock banks off their perch, they have quite a lot to lose.

The theory is that AI assistants like Meta's Muse could help customers put trillions of dollars of “lazy money” to better use.

That could just mean flagging when a saver could get a better deal on their surplus balance. Or more ambitiously, automatically sweeping the excess into a money market fund offering more than the nearly nil paid on instant-access deposits today.

This would be a big change. Banks make about two-thirds of their income on the spread between what they pay and what they lend. JPMorgan Chase, Bank of America and Wells Fargo hold \$1.6tn of non-interest bearing deposits – 16 per cent of their liabilities. Paying a 3 per cent rate on those would cost them \$47bn a year, almost half of their collective annual earnings.

Will bank profit really evaporate to that extent? Not likely. Shrell talk of “agentic bank runs” reckons without the manifold frictions that stop customer funds from flying hither and thither.

The simplest barrier is trust – will households hand control over their finances to companies known for moving fast and breaking things?

Who takes the rap if the agent sends funds to the wrong place?

But AI will no doubt make customers less inert and there's a way to estimate what that will cost their banks. Whenever a lender buys another in the US, it must quantify the financial benefit from acquiring sticky, cheap deposits, as opposed to raising funds in the market. This is called a “core deposit intangible”, and is typically

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横向

🌐 对照英文

1 悲伤的黑暗忧郁？一个正确的离开必要的麻烦 (9)

6 因无休止的铃声而精疲力竭 (3,2)

9 较轻的，但仅为一半的装备 (5)

10 E-type 也许由使用后的污点显示在公共场合 (6,3)

11 一个让你起床行走然后奔跑 (10)

12 头饰大部分由一人照顾 (4)

14 考试可能是平滑的，因为在外部 (1,6)

15 更好的绅士被听到是成功的 (7)

17 涉及三位一体的弥撒的忠实信徒 (7)

19 掉落鹦鹉的零食 (7)

20 一次讽刺的笔触，遗憾地未能完全完成 (4)

22 18 及类似地以健康的方式烹饪关节 (10)

25 由一种对冲提供的安全感？ (9)

26 法国将放弃绝望的特技 (5)

27 一个将离开专家组 (5)

28 军团对事情没那么重要 (9)

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📄 Original Section

It could mean flagging a better deal or even sweeping the savings into a money market fund

equivalent to 2 or 3 per cent of the relevant account balances, according to analysis by Mercer Capital.

Run that back-of-the-envelope ratio across all US banks with their \$20tn of deposits of which roughly 80 per cent are “core” and it comes out at about \$500bn. That, in other words, is the chunk of equity value banks would lose if all of those deposits received market-like returns. It’s about one-tenth of the total value of listed US banks, based on S&P Capital IQ data.

True, banks will gain from AI as well as lose. Cutting costs, pricing lending more effectively and avoiding costly human error – no more Citigroup-style bungled \$900mn wire transfers – should all generate gains.

Bank of America chief Brian Moynihan said last month that his institution spent \$400mn on AI improvements and saw \$800mn of benefits. As agents gain traction, the fruits of efficiency drives will increasingly flow to depositors as well as shareholders.

For now, there are bigger things to fret about. More than half of bank investors think US Federal Reserve rate hikes are the biggest risk to valuations, lender Truist found in an investor survey at the end of September.

Very few cited the threat from bots. And as JPMorgan chief Jamie Dimon regularly warns, the banking system hasn't weathered a proper credit downturn for well over a decade and one is long overdue. The real agents of chaos are already with us.

向下

🌐 对照英文

1 关于教练的谜题 (5)

2 在欢迎词中发现的和谐之辈 (9)

3 宽大的讨厌鬼在支持账单 —— 里面装满了垃圾 (7.3)

4 留在频道上 (7)

5 比如指向那些可怜之人的点？ (7)

6 在圣诞期间课程中见到的饮料 (4)

7 这可能是肮脏的，也可能是残酷的 (5)

8 只凝视自己的水仙花？ (9)

13 白痴紧握传输的一部分 (10)

14 钟声回荡在周围，很有吸引力 (9)

16 一个诗人，我为发帖的人生动地写下 (9)

18 翻新后的提香画作上巨大的色彩滴落 (7)

19 外国庄园在 Perrier（气泡水）之上的闲聊 (7)

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📄 Original Section

Japan's small-cap cull is an opportunity for AI-enabled funds

Stock market reforms don't come much more brutal. Japan's Topix, followed by about \$1tn of funds, has ditched almost 700 companies because they're too small. The cull is designed to make the survivors a simpler and more attractive investment proposition. It is an opportunity, too, for AI-enabled funds to prove their worth among the ejected minnows.

As elsewhere, Japan's stock market wealth is concentrated in its biggest companies. But its indices are sprawling things. The Topix, preferred by money managers to the better-known Nikkei 225, currently contains more than 1,600 companies ranging from mighty \$272bn Mitsubishi UFJ Financial to \$22mn Prored Partners, a management consultancy.

The Topix's myriad small fry are fiddly and expensive to trade — and have virtually no effect on index performance anyway. The scale of the issue is writ large in exchange operator JPX's overhaul: the 683 groups it has named for potential eviction account only for 3 per cent of the index's total market capitalisation, and that's after an earlier cull of roughly 500 even smaller companies in 2025.

Sifting through small caps is a lot of work: BlackRock counts more than 6,000 of them, while MSCI's All-World small-cap index has more than 5,600 from 47 countries and its smallest constituent is valued at just \$6.2mn.

But help is at hand: finding needles amid haystacks is a task for AI and its ability to crunch thousands of company reports and utterances.

The number of potential opportunities may be on the rise. The AI frenzy isn't just boosting suppliers of chips and electricity. Bottlenecks are appearing in unexpected locations and Japanese manufacturers' deep involvement in so many supply chains may result in unexpected windfalls.

Meanwhile, AI tools may over time reduce the inefficiencies of being a minnow compared with a whale.

Early adopters of this idea are looking smart. In February, Rotterdam-based Robeco launched a global small-cap exchange traded fund combining AI with quantitative models to pick stocks. So far, its offering is up 13 per cent, against 9 per cent and 3 per cent respectively for MSCI's All-World and global small-cap gauges.

Source: LSEG

BlackRock, too, has been touting its use of large language models and other tech to identify “non-obvious” themes between small-caps across the world.

Index huggers will doubtless still prefer the newly streamlined Topix. But for a new generation of tech-enabled investors, there should be plenty of interesting material among the offcuts.

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THURSDAY 8 OCTOBER 2026

FINANCIAL TIMES

ANALYSIS, PAGE 11

A South African bank that defies convention

UK £3.70; Republic of Ireland €4.10

Why men care less about global warming

PILITA CLARK, PAGE 23

Iran war blows £12bn hole in Healey's room for manoeuvre

- Public finances check Budget hopes - Tax rises and spending cuts feared

SAM FLEMING, VALENTINA ROMEI AND GEORGE PARKER

The Iran war has blown a near-£12bn hole in Britain's public finances, according to FT estimates, halving chancellor John Healey's headroom ahead of the Budget and forcing him to lean on tax rises and spending cuts to fund efforts to ease the cost of living.

Higher borrowing costs and rising inflation are likely to have cut Healey's fiscal room for manoeuvre from the £23.6bn forecast by the Office for Budget Responsibility in March to about £12bn, according to the estimates.

Government figures say the purpose of the headroom is to act as a “contingency fund” during extraordinary circumstances such as the Middle East war.

Investors also appear willing to accept some erosion of the fiscal buffer, telling the FT that the government's headroom could narrow to about £14bn once Budget measures are factored in without sparking a gilt sell-off.

The FT has previously reported that Healey may accept a narrower buffer than the March figure.

However, the reduction in headroom still means the chancellor could be forced to announce painful tax increases and spending cuts on October 28 to retain the confidence of the bond markets and pay for measures to ease the cost of living for households.

The government's key fiscal rule requires day-to-day spending to be covered by revenues by 2029-30. Headroom is the buffer estimated to be left over when that target is reached.

"The recent market background has been very unhelpful for the amount of headroom available to the chancellor at the pre-measures forecast," said Philip Shaw, an economist at Investec.

The vast majority of the hit to Healey's headroom, about £10bn, stems from higher interest payments on debt, according to the FT's budget tracker. The remainder is a reflection of movements in growth, earnings and inflation forecasts since March.

Healey and Andy Burnham are expected to focus their household support package in the Budget on cutting energy bills after voters have been hit by soaring costs triggered by the Iran war.

Burnham has also promised more help for small companies. In July, he said a 20 per cent cut to business rates for pubs, social clubs and live venues, costing £100mn, was a “first step”.

Tax-raising efforts to fund the package to ease what Healey calls “the cost of living and the cost of business” are expected to be significantly smaller than those under predecessor Rachel Reeves, who raised taxes by a total of £66bn in her two Budgets.

The FT's latest headroom estimate is close to the average in a poll of six economists it surveyed this week. "The main factors are the rise in gilt yields, increase in expectations around Bank [of England] rate and higher inflation," said Thomas Pugh, chief economist at consultancy RSM UK.

Even if Healey manages to fulfil Labour hopes for an uneventful Budget, this will leave open the question of how he funds the spending review next year. The Treasury said: "We do not comment on rumour, speculation or anonymous claims regarding the fiscal headroom." Bond sell-off returns page 9 Chris Giles page 23

New wave Badenoch invokes core Tory values with pledge to scrap inheritance tax on homes

Charlie Bibby/FT

Kemi Badenoch speaking in Birmingham yesterday, where she pledged to abolish inheritance tax on family homes and allow couples to pass on an additional £1mn tax-free if the party won the next general election.

The Conservative leader used her conference speech to cement the Tories' claim to be "the party of home ownership". Badenoch said the number of families paying inheritance tax would fall by more than half under her plan as she tried to draw a dividing line with Prime Minister Andy Burnham. “Labour think it is selfish to pass on what you have earned to your children. We don’t,” she said.

The changes would cost £6bn and would be partly funded by welfare cuts, officials said. Inheritance tax was designed to ensnare only the “super wealthy” but had become a levy on "ordinary middle-class families", Badenoch declared.

Labour chair Bridget Phillipson said: "The Tories haven't changed. Kemi Badenoch has shown [their] choice is to do nothing to help ordinary families struggling with the cost of social care, prioritising the wealthiest instead."

Change of strategy page 3

FT View page 22

Janan Ganesh page 23

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Briefing

▶ Boots changes hands again as Westons swoop

The Canadian branch of the Weston family has agreed to buy the retailer in an \$8.9bn deal marking its second change of ownership in little over a year and ending the 20-year link to Stefano Pessina.— PAGE 12

▶ China in data centre dash

The country is building data centres at rapid speed across its energy-rich hinterland, as Beijing seeks to turn abundant electricity and cheap land into an advantage in the AI race.— PAGE 4; LEX, PAGE 24

▶ Beijing rejects EU car call

China has thrown out a request to restrict its exports of hybrid cars to the bloc as the two sides enter final talks to avert a trade war. Brussels now hopes China will accept an EU import cap.— PAGE 4

House market squeezed Sales, prices and demand have all fallen after benchmark mortgage rates hit their highest level in three years, inflicting new “pain” on the property market as buyer enquiries dipped.— PAGE 2

▶ Push for chemicals tariff

Ministers should impose tariffs on imports of a Chinese industrial chemical, the trade watchdog has said, putting more pressure on ministers to take a side in the EU's dispute with Beijing.— PAGE 2

▶ Brussels shifts tax tack

The European Commission is weighing taxing US tech groups through a broad levy on large corporations in an effort to raise revenues while avoiding a row with the White House.— PAGE 6

▶ Bond sell-off resumes

The global rout has reignited, pushing long-term borrowing costs in the US and UK back to their highest levels in decades, as fears over inflation and public debt rattle investors.— PAGE 9

▶ Google game creator

The US tech group has unveiled a platform that lets users create video games from a simple text prompt, partnering with gaming-tools developer Unity as AI disrupts the industry.— PAGE 10

Former Barclays traders' convictions quashed as Libor rigging cases unravel

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HMRC probed Man City tax affairs nearly a decade ago

Eight years before Manchester City was found guilty last month of having inflated its finances with 'sham' deals, HM Revenue & Customs opened a civil investigation into its tax affairs when leaked emails appeared in Der Spiegel. The probe, which was never closed, focused on whether the club had used complex structures to avoid tax. One minister says it is now 'inevitable' the allegations over financial breaches will be studied by the tax authority.

2018 investigation ▶ PAGE 9

SUZI RING AND CHARLIE WINDLE

Five former Barclays traders sentenced to prison for manipulating interest-rate benchmarks have had their convictions overturned in the latest unravelling of Libor-rigging prosecutions.

The Court of Appeal yesterday quashed the convictions of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham after a ruling last year cast doubt on their guilty verdicts.

Mathew, Merchant and Pabon were convicted a decade ago of rigging the now defunct London interbank offered rate, which underpinned trillions of dollars of financial contracts. Moryoussef and Bermingham were found guilty of manipulating the euro equivalent, Euribor, in 2018 and 2019 respectively. The ruling comes after the Supreme Court quashed the conviction of Tom Hayes, the former UBS and Citigroup trader who was the first to be found guilty by a jury of Libor rigging, in July 2025.

The convictions of Hayes and others became a lightning rod for public anger over the financial crisis, and the Libor scandal resulted in banks paying billions in fines. But prosecutions have unravelled on both sides of the Atlantic, with more than a dozen overturned.

Although its ruling was not a complete exoneration of Hayes, the Supreme Court found that directions the judge had given to the jury in 2015 were “inaccurate and unfair”. Hayes spent five-and-a-half years in prison.

© UECHTENSTEIN, The Princely Collections, Vaduz-Vienna

The highest court also quashed the conviction of ex-Barclays trader Carlo Palombo for manipulating Euribor.

Lord Justice Edis said yesterday that the Supreme Court had identified a legal error in Hayes' trial that was "directly replicated" in the former Barclays bankers' cases. He added that Bermingham had been convicted in the same trial as Palombo on the same jury directions.

"For the last 10 years, the stain of a criminal conviction has been a burden I have carried every minute of every day," said Mathew, who hugged his lawyers and supporters after the ruling.

The five cases were referred to the court in January by the Criminal Cases Review Commission. The Serious Fraud Office, which prosecuted the cases, did not contest the appeals. "The Supreme Court found that there was ample evidence on which a properly directed jury could have convicted Tom Hayes and Carlo Palombo," said Jason Williams, head of fraud and corruption at the SFO, adding that the office did not deem it in the public interest to seek retrials.

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© THE FINANCIAL TIMES LTD 2026

No: 42,376 ★

Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Milan, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai

9 770307 176142

STOCK MARKETS | Oct 07 | Prev | %chg. | S&P 500 | 7791.44 | 7818.93 | -0.35 | Nasdaq Composite | 27480.78 | 27599.89 | -0.43 | Dow Jones Ind | 51163.98 | 51521.28 | -0.69 | Euro Stoxx 50 | 6180.29 | 6272.23 | -1.47 | FTSEurofirst 300 | 2517.48 | 2542.60 | -0.99 | FTSE 100 | 10458.50 | 10541.69 | -0.79 | FTSE All-Share | 5644.81 | 5689.19 | -0.78 | CAC 40 | 7769.21 | 7865.07 | -1.22 | Xetra Dax | 25104.36 | 25449.19 | -1.35 | Nikkei | 70035.71 | 70683.98 | -0.92 | Hang Seng | 24130.50 | 24280.56 | -0.62 | MSCI World | 5012.00 | 4961.00 | 1.03 | MSCI EM | 1756.80 | 1761.10 | -0.24 | MSCI ACWI | 1158.60 | 1148.20 | 0.91 | World Markets

CURRENCIES | Pair | Oct 07 | Prev | Pair | Oct 07 | Prev | $/€ | 1.119 | 1.123 | €/$ | 0.893 | 0.890 | $/£ | 1.322 | 1.325 | £/$ | 0.756 | 0.755 | £/€ | 0.847 | 0.848 | €/£ | 1.181 | 1.180 | ¥/$ | 158.105 | 158.365 | ¥/€ | 176.983 | 177.860 | ¥/£ | 208.999 | 209.834 | £ Index | 85.424 | 85.25 | Sfr/€ | 0.932 | 0.936 | Sfr/£ | 1.101 | 1.104 | Oct 07 | Prev | %chg | Bitcoin | 83391.53 | 85712.41 | -2.71 | Ethereum | 2569.07 | 2700.83 | -4.88 | Oct 07 | Prev | %chg | Oil WTI | 89.09 | 89.44 | -0.39 | Oil Brent $ | 100.83 | 99.15 | 1.69 | Gold $ | 4106.46 | 4164.00 | -1.38 | GOVERNMENT BONDS | Yield (%) | Oct 07 | Prev | Chg | US 2 Yr | 4.76 | 4.76 | 0.00 | US 10 Yr | 5.31 | 5.27 | 0.04 | US 30 Yr | 5.69 | 5.64 | 0.05 | UK 2 Yr | 4.66 | 4.67 | -0.01 | UK 10 Yr | 5.38 | 5.32 | 0.06 | UK 30 Yr | 5.97 | 5.92 | 0.05 | JPN 2 Yr | 1.89 | 1.86 | 0.03 | JPN 10 Yr | 3.07 | 3.05 | 0.02 | JPN 30 Yr | 4.16 | 4.18 | -0.02 | GER 2 Yr | 3.03 | 3.08 | -0.05 | GER 10 Yr | 3.47 | 3.48 | -0.01 | GER 30 Yr | 3.85 | 3.85 | 0.00 | Prices are latest for edition

Data provided by ICE. www.ice.com

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NATIONAL

Trade watchdog

Tough tariffs urged on key Chinese chemical

EU raises fears that UK is becoming a backdoor for cheap products

PETER FOSTER AND AMY BORRETT

LONDON

ANDY BOUNDS — BRUSSELS

The government should impose steep tariffs on Chinese imports of a key industrial chemical, the UK's trade watchdog has said, putting further pressure on ministers to take a side in the EU's trade dispute with Beijing.

The proposal by the Trade Remedies Authority to add anti-dumping duties on Chinese titanium dioxide, an industrial whitening agent widely used in paints and plastics, comes after the EU raised fears that the UK is becoming a backdoor for cheap products.

It means UK business secretary Jonathan Reynolds will soon have to decide whether to follow the recommendation and risk angering China and its investors, or go against Brussels' wishes at a time when the UK government is trying to build closer ties with the EU.

A six-month investigation by the TRA into Chinese titanium dioxide concluded that UK industry was “suffering from a threat of material injury”. It has proposed minimum anti-dumping duties of £660 a tonne.

The volume of titanium dioxide imported into the UK from China was three times higher in May 2026 than the same month a year earlier, the TRA said, adding that “this trend would be likely to continue if a trade remedy measure were not imposed”.

Affected parties have until October 26 to respond to the preliminary findings before the TRA sends its final recommendations to Reynolds, who must then decide whether to accept or reject them.

Amid fears that the UK was becoming a backdoor for Chinese goods trying to evade EU duties, Brussels announced last month that it would be monitoring UK exports of titanium dioxide to ensure that EU “anti-dumping measures . . . are not being circumvented”.

The UK has already matched EU trade safeguards on steel and is under pressure to follow suit on cars and chemicals if it wants to avoid “made in Europe” barriers that would hit key exports.

The government has warned that the bloc's move to prioritise production inside the EU risks severely damaging UK firms involved in autos, nuclear and green energy supply chains.

The EU imposed anti-dumping duties on titanium dioxide in 2024 at similar levels to those proposed by the TRA and is poised to take further measures against other chemicals, including PET plastics and resins.

The UK, which has three of its own active dumping investigations under way, will be under pressure to follow suit.

This month, Beijing launched its own anti-dumping investigation into European exports of p-nitrotoluene, a chemical used for pharmaceuticals and dyes.

Over the past decade, China has massively increased its output of bulk chemicals such as titanium dioxide, with the TRA finding China provided subsidies for the industry in a host of areas, including land, energy and finance.

In apparent anticipation of the coming pressure from Brussels, Reynolds last month wrote to the UK chemicals industry asking for information about the risk posed by unfair trade practices.

In the letter, seen by the FT, Reynolds said the information would help the UK “in deciding where further trade defence action may be required”.

The TRA opened the investigation in March after companies led by US-owned Tronox alleged that Chinese titanium dioxide was being dumped into the UK. Tronox chief executive John D Romano urged Reynolds to implement the proposed tariffs “swiftly” to protect the industry.

The Department for Business, Innovation, Science and Trade declined to comment on an ongoing investigation.

The European Commission said: “The EU and the UK are close partners and share many of the same concerns when it comes to tackling unfair competition and ensuring a level playing field.”

The Chinese Ministry of Commerce did not immediately respond to requests for comment. Additional reporting by William Langley in Guangzhou

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.

Laid back N Ireland elm wins annual tree contest

The Bendy Tree in Newcastle, Northern Ireland, has won UK Tree of the Year 2026.

The wych elm in County Down is the first-ever tree in Northern Ireland to be crowned the winner of the Woodland Trust's annual competition.

The competition celebrates interesting trees across the UK. It also aims to raise awareness of rare, ancient or at-risk trees, and the theme this year was “Against the Odds”.

The Bendy Tree has been shaped by the weather for more than 150 years.

Michael Cooper/Woodland Trust/PA

Mortgage rate rises inflict ‘pain’ on house market

High cost of borrowing and economic uncertainty damp demand for properties

VALENTINA ROMEI

Sector survey. Buyer enquiries

House sales, prices and demand all fell in September after benchmark mortgage rates surged to their highest level in three years, squeezing household finances and inflicting fresh “pain” on the UK property market.

The Royal Institution of Chartered Surveyors will say today that its measure of buyer enquiries fell to minus 22 in September from minus 18 in August.

Agreed sales slipped to minus 18 from minus 16 over the same period, while the measure for house prices dropped to minus 32 last month from minus 28 in August, according to the closely watched survey.

The indices measure the difference between the share of estate agents reporting rising and falling enquiries, sales or prices. The slowdown comes as higher borrowing costs and economic uncertainty are putting buyers off making purchases.

Tom Bill, head of UK residential research at Knight Frank, said: "There is pain in the post for the UK housing market as the impact of higher mortgage costs filters through the system."

He warned that higher borrowing costs would increase downward pressure on prices and transactions in the final months of the year.

"The situation could be exacerbated as buyers and sellers speculate about which of the recurring tax rumours ahead of the Budget prove to be true," he added, referring to speculation of levies on capital gains, pensions and property on October 28.

The Rics survey comes as Bank of England data updated yesterday showed that the five-year average fixed mortgage rate with 75 per cent loan-to-value – a standard benchmark – rose to 4.98 per cent at the end of September, the highest figure since 2023.

Mortgage rates have risen as financial markets factored in the prospect of the BoE increasing interest rates. The central bank is expected to raise interest rates by a quarter point from 3.75 per cent at its November meeting to tackle price pressures resulting from higher energy costs.

"A renewed rise in interest rate expectations has created a fresh headwind for the housing market, with buyers becoming a little more cautious and sales activity losing some momentum this month," said Tarrant Parsons, head of market research and analysis at Rics.

Separate data published yesterday by Lloyds showed the average house price was £298,441 in September, unchanged from the same month last year.

Joe Nellis, head of economic research at the advisory company MHA, said that the government's recently announced help-to-buy measure, the "Your First Home" scheme, could provide "much-needed support for first-time buyers".

However, rising mortgage rates are adding to broader cost of living pressures and, alongside heightened economic uncertainty, prompting many potential buyers “to delay purchase decisions", said Nellis.

Diesel prices hit £2 a litre last week, while the price cap on UK energy bills is forecast to rise 16 per cent in January to nearly £2,000. Food inflation is also set to rise further.

The BoE estimated this summer that higher mortgage rates since the start of the Gulf conflict would leave about 5mn households facing increased repayments by the end of 2028.

With many households uncertain or unable to buy a home, estate agents reported rising demand for rental properties, according to the Rics survey.

“Rents continue to rise,” said James Ottewell, director at Alexander Bruce Estates. They are “driven upwards by increased demand generated by potential homebuyers renting to see how the market unfolds”.

US tech group

Palantir's Homes for Ukraine deal cost state extra £5mn

LAURA HUGHES

The UK extended a contract with Palantir by an extra year and an additional £5mn to support its Homes for Ukraine programme, underlining the government's reliance on the controversial US technology group.

The Ministry of Housing, Communities and Local Government (MHCLG) confirmed in response to a Freedom of Information request that it had exercised an option to extend Palantir's contract in September 2024, taking the total value of payments to £15mn – more than the £10mn figure previously reported to parliament.

While the additional payments appeared in the department's spending data, it did not separately publish a notice recording its decision to extend the contract or the new value of the deal.

The contract extension shows the government's dependence on Palantir for the delivery of major programmes. Ministers are under pressure to reduce their dealings with the US tech company following scrutiny of its ties to the US defence sector and the Trump administration's immigration crackdown.

The FT reported last week that ministers have identified UK tech companies they hope might be candidates to take over the NHS's £330mn Palantir-built data platform, as they consider applying a break clause in the contract next year.

Defence minister Lord Vernon Coaker has also told parliament that the government was sounding out alternative suppliers for Palantir's MoD contract.

As early as 2023, a National Audit Office report on the Homes for Ukraine scheme said government officials acknowledged they “should plan to move away from Palantir”. MHCLG said that it started building an in-house alternative in “the summer of 2024”.

The NAO also noted that the government had abandoned the usual competitive procurement process in favour of quickly rolling out the support for Ukrainian refugees.

Palantir initially provided the IT system for the Homes for Ukraine programme free of charge. In September 2022, the company secured a one-year contract for a fee of £4.5mn. A senior UK official raised concerns at the time about Palantir's contract.

Gareth Rhys Williams, the government's chief commercial officer who oversaw procurement, wrote to Palantir in February 2023 "noting his concern about the practice of offering services to public sector customers for a zero or nominal cost to gain a commercial foothold, contrary to the principles of public procurement, which usually require open competition".

A Palantir spokesperson said: "Clearly, the urgency of the situation meant that time was of the essence and moving fast helped deliver Ukrainians to safety more quickly."

In September 2023, Palantir secured a £5.5mn contract to extend its services to MHCLG for another year. The FOI request by accountability and research group Aria reveals the government then extended the original contract from September 2024 to September 2025 for an extra £5mn. MHCLG then moved to an in-house alternative, called Share Homes for Ukraine Data.

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Security checks

Work experience push at risk over rules, say tutors

ANDREW JACK

The government's new safeguarding rules are undermining Andy Burnham's plans to significantly expand work experience for schoolchildren, educators and employers have warned.

Stricter requirements for employees in England, Wales and Northern Ireland coming into contact with children were introduced last month, increasing the requirement for them to undergo so-called enhanced Disclosure and Barring Service (DBS) checks on whether they have a criminal record or are banned from working with vulnerable groups.

While designed to enhance child protection, the changes have stalled preparations for work experience placements this academic year as employers say they are seeking legal advice and schools are hesitating over their additional responsibilities in how to interpret the requirements on safeguarding.

Alex Kelly, co-founder of Unifrog, a platform for schools to organise work experience, said placements tracked by his system had slumped to the lowest level in three years. “Small employers might be unable to continue offering work experience [and] schools are extremely worried about the additional admin burden they now face,” he said.

The Careers & Enterprise Company, the national body for careers education, said it was in “urgent contact” with the government over the changes.

Jo Saward at the Creative Education Trust, a multi-academy trust, said enhanced DBS checks “will put some employers off hosting students”, adding the changes risk undermining Burnham’s pledge to “close the gap between the classroom and the workplace”.

The Department for Education said DBS checks were not mandatory under the new guidelines and responsibility remained with employers to decide whether they were needed. It added: "Safeguarding children must be the ultimate priority. These changes make sure individuals who regularly work with children can be subject to checks, where appropriate."

Terrorism charge

Murder suspect tried to break into Farage's home, court told

ROBERT WRIGHT

Joshua Kerry sought to break into the home of Reform UK leader Nigel Farage last year and conducted research on prominent people over a period of more than two years, prosecutors said yesterday.

The terrorism charge for Kerry, 28, from Rotherham, comes on top of charges he was already facing over the murder of Ann Widdecombe, a former Conservative minister and spokesperson for Reform, on July 8 this year.

London's Metropolitan Police has referred itself to the Independent Office for Police Conduct, the police watchdog, over the alleged incident at Farage's home last year because of indications that officers failed to follow some relevant leads after the politician reported the break-in attempt.

In a brief hearing at Westminster Magistrates' Court, Kerry spoke only to confirm his name and age.

He is charged with preparing acts of terrorism between May 31 2024 and

July 8 this year by researching potential targets. He is also charged with travelling to and attempting to gain entry to Farage's home.

Kashif Malik, prosecuting, gave the court evidence about the alleged attempt to gain entry to Farage's home on April 20 2025. He told the court that Farage's partner, Laure Ferrari, returned home to find damage to the front door, including chisel marks.

The prosecution alleges that Kerry drove from his home in Rotherham in South Yorkshire to Farage's street on the day in question and was there for several hours. Kerry conducted reconnaissance “on prominent people and institutions” between May 31 2024 and July 8 2026, according to the prosecution.

Kerry had already been charged with the murder of Widdecombe at her home on Dartmoor on July 8, which counterterror police have described as a “targeted attack”.

Kerry's solicitors made no application for bail. He is due to appear at the Old Bailey tomorrow.

NATIONAL

Badenoch reveals change of strategy with pitch to attract moderate voters

Tory leader focused on the economy rather than ‘culture war’ issues in her conference speech

Tory party delegates applaud Kemi Badenoch during her speech in Birmingham yesterday — Tolga Akmen/EPA/Shutterstock

GEORGE PARKER AND JIM PICKARD

BIRMINGHAM

Kemi Badenoch closed the Conservatives' annual conference in Birmingham bathed in applause and declaring optimistically: "We are going to win." The Tory leader and her party are still a long way from power, as her allies privately admit, but they believe there were signs from the conference that provide a basis for recovery.

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It's the economy, stupid

Badenoch deliberately put the economy at the heart of her pitch to the country in her speech, with a specific appeal to homeowners – the party's traditional electoral bedrock. The Tory leader described Prime Minister Andy Burnham as a “reckless” believer in a big state, spending money the country did not have. “We are running out of money and running out of time to put it right,” she said.

Badenoch's focus on the economy delighted senior Tories, who have been urging her to drop “culture war” issues and stick to the party’s core message of lower taxes, lower welfare spending and strong defence. Her promise this week to scrap Labour’s “mansion tax” and to ditch inheritance tax on a family home passed to direct descendants completes a suite of policies aimed at homeowners. Last year, she vowed to abolish stamp duty on house purchases.

Badenoch said Burnham was nostalgic for the 1970s and believed in the state as the answer to most problems. "Just because these ideas are delivered on TikTok doesn't make them any less dangerous," she added.

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No longer chasing Farage's tail

At last year's conference, Badenoch appeared obsessed with the threat posed by Nigel Farage's Reform UK and tried to go head-to-head with him on issues such as migration. “Conference, I stand for stronger borders and a stronger economy,” Badenoch told her party last year. This year, the official conference slogan was “Stronger Economy, Stronger Country”.

Badenoch seems to have concluded that – in the words of one Tory grandee – “you can’t out-Farage Farage”. Her speech contained few references to illicit migration or small boats. Instead, she portrayed members of Reform as cranky, sometimes criminal and racist. “Character, conduct and standards matter,” she said, criticising Reform for threatening journalists, calling veterans “traitors” and debating “whether my mixed-race children are English”.

"We are not like them, we are different, we are the Conservative Party." Addressing suggestions she would work with Farage in a coalition, she said: "We are not uniting with that."

---

Taking on the Lib Dems

If the Tories are to regain power, they have to win back moderate voters who switched at the last election to the Liberal Democrats, who won 72 seats.

Several of the proposed tax cuts were aimed not at Reform voters but at people living in middle-class areas, including the new inheritance tax policy. Badenoch also offered subsidised childcare to people earning over £100,000 while shadow chancellor Andrew Griffith spoke of his “ambition” to end the 60 per cent marginal tax rate on earnings between £100,000 and £125,000.

Meanwhile, some issues which often repel traditional “One Nation Tories”, for example Badenoch's insistence that the party's candidates cannot support the 2050 net zero target or the European Convention on Human Rights, were not mentioned in her speech. “We cannot get back into power if we're not winning Guildford or Esher or Tunbridge Wells,” said one shadow cabinet member.

---

It's my party now

Badenoch has total control of her party, as witnessed by the euphoric reception for her speech, a major turnaround in her political fortunes. This time last year she was under pressure and facing a possible leadership challenge from Robert Jenrick.

This year's conference was built around Badenoch, whose poll ratings outstrip those of her party. "The party will be doing what I want to do, because it's my Conservative Party now," she told the FT last week.

A YouGov poll in July found 38 per cent of voters thought Badenoch was doing well as Tory leader, up 23 points from the previous October, even if her party languishes in the polls.

She has softened her style, introducing more humour. She appeared close to tears when paying tribute to the recently deceased Ann Widdecombe and Jeffrey Archer, but will be judged on whether she can revive a tarnished political brand. “There’s obviously a trust deficit for the party,” admitted another shadow cabinet member.

---

‘We cannot get back into power if we’re not winning Guildford or Esher or Tunbridge Wells’

---

The return of the Brexit debate

Wealth pledge Easing IHT rules would cost £6bn

JAMIE JOHN

Conservative leader Kemi Badenoch yesterday promised to scrap inheritance tax on family homes if her party wins the next general election, a move she said would drive down the number of families paying the tax by more than half.

Inheritance tax at present is paid at a rate of 40 per cent on estates valued over £325,000, a threshold implemented in 2009 and that has been frozen until 2031.

Badenoch has said she would raise this threshold to £500,000 per person, allowing couples to pass on a total of £1mn in assets tax free.

Under the existing rules, there is an extra £175,000 allowance for residential property that is passed on to children or grandchildren for estates worth less than £2mn. Badenoch's proposal would allow a "family home" to be passed on to direct descendants free of inheritance tax regardless of its value.

Conservative Party officials said inheritance tax was “Britain’s most hated tax” and framed Badenoch’s plan as an attempt to “protect families who work hard and save”.

One in 21 UK deaths resulted in an inheritance tax charge in the 2023-24

Badenoch was strongly critical of the prime minister for reopening the debate about Britain's future relationship with the EU at last week's Labour conference. She said it was a “terrible idea” to “reopen the Brexit debate”, adding: “Can you imagine going through that again?”

tax year, according to HM Revenue & Customs.

The total sums raised by the levy have risen from a low this century of £2.4bn in 2009/10 to £7bn in 2023/24. HMRC attributed the rise to “continued rises in asset values” and the freeze in thresholds.

Tory party officials said the policy would cost £6bn a year in 2029-30, roughly halving the tax take from IHT, citing modelling by Oxford Economics published yesterday. The party says they would fund this by cutting government spending, including on welfare.

IHT receipts are forecast to rise to £14.5bn by 2030-31, hitting one in 11 estates, according to the Office for Budget Responsibility's latest estimates. These figures depend on asset prices rising in coming years.

When it was first introduced, IHT caught only the wealthiest of estates in the UK. While a relatively small proportion of estates pay the levy at present, threshold freezes mean that an increasing number are finding themselves having to prove whether they are exempt.

Badenoch said IHT was designed to capture only the “super wealthy” but that it had become a tax on “ordinary middle-class families in every corner of our country" — because the wealthiest had found ways to avoid it.

The Institute for Fiscal Studies estimated in 2023 that the wealthiest estates, worth £2.1mn or more, would get about half the benefit from the abolition of IHT.

Economists say that such a move would have distortive effects on the housing market and encourage the wealthy to buy and stay in expensive homes as a way of passing on their wealth free of tax. The biggest beneficiaries of the move would be those with the most valuable homes, "a very well-off group, mainly living in London and the South East of England", according to Stuart Adam, senior economist at the IFS.

Arun Advani, director of the Centre for the Analysis of Taxation, said such a switch would have a knock-on impact on graduates in cities, driving down housing supply and putting the prospect of owning a home even further out of reach. "If I am 75 and I live in a big house in London, there is no way in hell I am going to leave this house now," he said. "I can pass it on tax free." He said a simpler proposal that would avoid such distortions would be to cut the headline rate of the levy or raise the threshold at which estates start paying.

She warned it would divide the UK and leave “businesses not knowing whether they should invest”.

The Conservatives made clear they would unravel any moves by Burnham to secure a closer deal with the EU if it involved accepting Brussels' rules.

Labour hopes to portray the Tories as wanting to reimpose trade barriers for ideological reasons, hobbling business.

---

Bobby J: Tory bogeyman

One person absent from this year's conference – but omnipresent – was Badenoch's former leadership rival Jenrick, now Reform UK's Treasury spokesperson. "Bobby J's departure changed the whole mood," said one shadow cabinet member, who claimed his defection had created a more collegiate atmosphere.

Badenoch joked the shadow cabinet now actually liked each other. “I don’t think we’ve been this united since just before the 2010 election or maybe just after the 2019 election win,” said one party veteran.

Jenrick was sacked by Badenoch in January after she claimed she had discovered he was set to defect to Reform. He was lampooned in the party's "Birmingham Tapestry" as a miniature and tearful figure. Jenrick hit back, saying Badenoch was copying Reform policies. The FT View page 22

Janan Ganesh page 23

Donations sting

Reform UK internal probe clears senior officials of breaking law

JIM PICKARD — BIRMINGHAM

An internal investigation by Reform UK has found the rightwing party did not breach the law when two senior officials were recorded in an undercover sting that alleged it knowingly sought illegal funding from overseas.

Dan Jukes, senior aide to party leader Nigel Farage, and James Orr, Reform's head of policy, both stepped down last month after the broadcast of a film by Channel 4 News on the eve of the party's annual conference in Birmingham.

Reform, which has denied wrongdoing, yesterday said its investigation had examined witness interviews, documentary records and electronic communications and “found no evidence

---

'People speaking for the party said things that were wrong, careless and in one instance untrue'

that any laws were broken". The party threatened legal action against Verbatim, the journalism outfit that exposed its officials' private conversations.

Bridget Phillipson, Labour Party chair, criticised the internal report, saying: "You can find more whitewash in this report than at your local B&Q."

The Metropolitan Police is still carrying out a criminal investigation into whether Reform broke funding laws.

Under UK electoral law, donors to political parties must be either a UK-registered voter or a company registered in the country.

Channel 4 broadcast a 30-minute film showing extensive undercover footage of Jukes and Orr allegedly looking to arrange illicit donations from foreign donors. Farage was also implicated in the sting, meeting two men posing as a wealthy American and his UK-based son, who had funded three polls commissioned by Reform ahead of local elections in England in May.

Jukes allegedly sought a later gift from the fake donors of as much as £500,000 and suggested it could be given via the UK-based son to bypass restrictions on foreign donors.

Reform's internal investigation said no donation was made or accepted by the party. The probe by Adam Richardson, Reform's barrister, and Tom Waterhouse, its general secretary, found that the party's procedures for checking donors were "never reached".

The report described Jukes, one of Farage's closest aides, as a “contractor” and not an employee of Reform. It referred to Orr, a Cambridge professor and theologian, as a “consultant”.

While Reform's report said there was no evidence any individual took part knowingly in an arrangement to facilitate a donation from an impermissible source, the internal investigation had found that “people speaking for the party said things that were wrong, careless and in one instance untrue”.

Jukes said he was considering “all appropriate legal remedies” in relation to “any false or damaging statements” about him. Verbatim said: “We note that this report is an internal one authored by Reform’s own barrister and general secretary, and that a police investigation remains ongoing. We are confident in our journalism, which speaks for itself.”

Orr did not immediately respond to a request for comment.

Identity checks

[EMPTY]

Thousands of directors may be fraudulent

JAMIE JOHN AND JORGE SANCHEZ-CANO

Tens of thousands of active UK companies may have fraudulent directors, an analysis of Companies House data has found, illustrating the potential scale of abuse of the corporate register.

Since November last year, company directors have been required to verify their identities using valid photo ID such as a passport or driving licence in order to file their annual confirmation statements.

The move is part of an overhaul of the register after some directors registered with bogus names such as Adolf Tooth Fairy Hitler and Donald Duck.

In the months since the changes came into effect, there has been a surge in overdue confirmation statements, according to an analysis carried out by enterprise software group Shareflo and verified by the FT.

The steep increase, involving tens of thousands of companies, indicated "that a portion of the 2026 rise is likely to be companies whose directors cannot verify because they are not who they say they are", Shareflo said in a report on the findings.

"It's long been suspected that the UK was presenting an open door to fraud and money laundering," said Richard

---

'It's long been suspected the UK was presenting an open door to fraud and money laundering'

Thornton, founder of Shareflo. "This data suggests it was happening at quite a big scale."

Critics had argued that the previous regime enabled financial crime and allowed criminals to launder money through UK shell companies.

Using the UK corporate register's Free Company Data Product, which gave a snapshot of all registered companies as of September 1, Shareflo identified 3mn private companies that were not dormant, in the process of being wound up or in insolvency proceedings.

Shareflo focused on companies whose statements were overdue by between one and 12 months, identifying 56,710 companies that fell within this band.

Within the one-to-12-month band, the number of overdue statements was 139 per cent higher than in September last year, Shareflo found. By September 19, just under 39,000 companies remained overdue.

Directors at 5,321 of them had verified their identities for other companies, leaving 33,675 with no such evidence.

"These 33,675 companies are one to 12 months late on a filing they had a year's notice of [and] they were filing on time as recently as last year," Shareflo said. "We have no good explanation for that."

Companies House said: “The introduction of identity verification is helping to improve the accuracy and integrity of the register and make it harder for fictitious directors to be appointed.”

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

Hybrid warfare

Russian hostile acts cost UK up to £2.5bn a year

LUCY FISHER — BIRMINGHAM

CHARLES CLOVER — LONDON

The economic impact of Russian hostile activity against Britain totals at least £2bn-£2.5bn annually, according to a new report by the vice-chair of the all-party parliamentary group on rearmament.

The report, named “The Putin Tax”, tallied up the cost of disruption, recovery and investment in resilience that results from Russian hybrid warfare against the UK. Labour MP Graeme Downie’s research, published yesterday, suggested that the true figure was likely to be “vastly higher” than his forecast.

He warned that omissions in data published by the government hampered an accurate calculation of the cost of Moscow-linked hybrid warfare.

The headline figure of £2bn-£2.5bn included £400mn-£500mn in average annual losses, calculated from major attributed incidents since 2022 such as the attacks at Jaguar Land Rover, Royal

Mail and NHS suppliers; £1.47bn in losses from Russia-linked cyber attacks, based on industry analysis and threat intelligence; and £250mn-£500mn from damage to subsea communications cables and related infrastructure.

The report also highlighted that the UK lacks a consistent framework for measuring the economic impact of hostile state activity and that many major incidents remain uncosted, leaving both MPs and the public “without a clear picture of the financial consequences”.

Downie, vice-chair of the APPG on rearmament, said the UK could not “deter Russia or anyone else if we aren’t honest with the British people about the threats we face and the cost the ‘Putin Tax’ is already having on our country”.

He said it was “striking” that “this is the first serious attempt to measure its true economic cost to Britain”, which includes cyber attacks, infrastructure threats, business losses and wider economic disruption.

Cyber security experts said the growing economic toll reflected the central role of cyber attacks in Russian and other states' efforts to inflict damage while remaining below the threshold of conventional conflict.

Snehal Antani, CEO of Horizon3 AI, a San Francisco-based cyber security company, said cyber attacks against the auto industry, such as the targeting of JLR in August last year, demonstrated that hybrid warfare was increasingly focused on the cyber domain. “Cyber is all about ‘grey zone warfare’,” Antani said. “The role that cyber plays in that realm is super interesting because, up until now, it has always been below the threshold, so the risk of this blowing up to a big conflict is extremely low. But the economic pain is very real.”

Anders Fogh Rasmussen, former secretary-general of Nato, said he was opposed to the term “hybrid warfare”. “Putin is testing our resolve,” Rasmussen said. “I don’t like the term hybrid. It’s warfare. So why do we call it hybrid warfare as if it’s something else?”

INTERNATIONAL

Trade talks

Beijing rejects voluntary curbs on exports

Brussels seeks to avoid

retaliation over plan to

cap hybrid car imports

ANDY BOUNDS — BRUSSELS

PETER FOSTER — LONDON

China has rejected an EU request to voluntarily restrict its surging exports of hybrid cars to the bloc as the two sides enter last-ditch talks to avert a trade conflict.

The European Commission hopes to get Beijing to accept a unilateral EU measure to cap hybrid imports instead, two diplomats briefed on the plan said.

European trade commissioner Maroš

Šefčovič starts two days of talks in Beijing today and wants to agree at least one measure to reduce China's ballooning trade surplus with the EU rather than launch punitive measures that could spark a retaliatory spiral.

His original pitch was that Beijing agree to limit hybrid vehicle exports to the EU to about 15 per cent of the bloc's market compared with more than a third today, or face retaliatory action such as tariffs. EU officials told member states yesterday that China had refused, according to the diplomats.

The Commission is now discussing a temporary “safeguard” trade defence measure, which could be applied even without evidence of market abuse. This would allow China to export a limited number of vehicles, with a new supplementary tariff applied to the rest.

The aim is to agree a number China can accept privately without retaliating, the diplomats said. The downside would be that safeguards would also have to be applied to trading partners such as the UK, South Korea and Japan.

The surge in hybrid shipments came after the EU levied anti-subsidy duties on electric vehicles from China of up to 35 per cent on top of the usual 10 per cent rate. Beijing hit back with anti-dumping duties on EU cognac, pork and dairy products.

Officials have said the Beijing talks will be a failure if there is no solution to the hybrid cars issue, probably leading to a serious trade conflict since the EU has declared the €1bn-a-day trade deficit to be unsustainable.

Germany and France this week issued a joint paper urging the Commission to take a strong line because “a massive industrial shock is affecting sectors at the heart of the European industrial model and of systemic relevance”.

These sectors included pharmaceuticals, aerospace, automotive, machine tools and chemicals industries. They also called for a new tool that could cut off access to the EU market for targeted products, something Berlin and Paris believe would help deter retaliation.

A third diplomat said the damage inflicted on Germany's industrial base had changed the EU's reluctance to risk trade conflict with China.

They said they had little faith in the talks process, adding: "If there was an easy answer we would have found it by now."

The talks also concern the EU's declining exports to China. The diplomats said the EU was asking China to lower tariffs for some goods, but it is reluctant to do so.

The Chinese embassy in Brussels did not immediately respond to a request to comment. Beijing's commerce ministry said last month that China opposed "voluntary export restrictions". The Commission declined to comment.

Europe. Security

Germany's spies dealt blow by fresh scandal

Arrest of former intelligence chief a setback in agency's bid for a return to the top table

SAM JONES — BERLIN

Barely a week after German parliamentarians began debating a law to grant the country's foreign intelligence service sweeping new powers, prosecutors delivered a bombshell: news of one of the biggest security breaches in the agency's history. Perpetrated, they allege, by its former chief.

For months, the German government has carefully put together the public and legislative case for bold new rules aiming to return the Federal Intelligence Service, the Bundesnachrichtendienst (BND), to the top table of international intelligence.

Tuesday's revelations threaten to call that case into doubt. They also raise a deeper question: what, if anything, new laws might do to change the culture of the BND and restore morale among its ranks at a critical juncture in its history.

In the early hours of Tuesday, August Hanning, BND chief from 1998 to 2005, was arrested at his home in north-west Germany on suspicion of treason. For much of the past 16 years, prosecutors allege, the 80-year-old former spy chief had been secretly acquiring classified information from a former protégé at the BND.

About 2,000 sensitive documents – intended for the eyes of Germany's political leadership only – were found in Hanning's possession.

In at least one instance, prosecutors say, Hanning tried to sell information gleaned from those materials to a foreign intelligence agency. Hanning did not respond to a request for comment.

Officials close to the investigation are choosing not to disclose which country, the foreign intelligence agency was answerable to. They have only indicated it is not Russia. Germany's Der Spiegel magazine on Tuesday reported that an Azerbaijani intelligence agent may have been the intended recipient of a report prepared by Hanning containing classified German government information. Hanning was a board member of the German-Azerbaijan forum, a lobbying group to promote the interests of Baku. Azerbaijan's state media and

Police officers load boxes into a car at a building in Berlin. Below: August Hanning

Sven Kaeuler/picture-alliance/dpa/AP Images

broadcasting council described the claim as "fake".

Documents such as those alleged to have been found in Hanning's possession are kept within extremely close circles for a reason. Their presence in an unsecured format, at a private residence – or worse, in digital form on

has shocked security-conscious officials and raised concerns among the BND's closest international partners.

Since his retirement from public office in 2009, Hanning has plied his trade as a consultant, selling his expertise, discretion and diplomatic skills to the business world.

It is a well-worn path: former heads of the CIA, MI6 and France's

DGSE have all found later careers as geopolitical and strategic consultants.

Such roles can lead former spy chiefs in unexpected directions. Investigators began looking into Hanning's affairs as a result of an unrelated probe: a search was ordered of his home in 2025 linked to a prominent child custody case involving the multi-millionaire heiress of a German steakhouse restaurateur, in which Hanning had provided consultancy services.

Such roles have always carried an inbuilt tension. In life after office, former spies are expected to continue to abide by a compact of secrecy about their government work, even as they try to make money from the experience.

In Hanning's case, prosecutors allege that not only did he choose to ignore the rules that previously bound him, but he

'Intelligence agencies are all about getting people to commit acts of betrayal'

also recruited a serving BND official and induced him to steal documents for financial gain. “Intelligence agencies are all about getting people to commit acts of betrayal,” said one former senior European intelligence official. “But the irony is that successful intelligence agencies are also built on trust.”

Trust must be maintained between intelligence agencies and their supervisors – and within an organisation itself. It has been a rocky few years for the BND. The trial has not concluded for the former senior BND spy Carsten L., arrested in 2022 on treason charges. The former head of department at the agency fed classified intelligence to Russia for years, prosecutors claim. Former BND chief Bruno Kahl, who retired last year, has testified that the leak was a “catastrophe” for German intelligence.

In 2014, BND employee Markus R was arrested on charges of spying for the CIA. He had passed more than 200 documents to the US and was sentenced to eight years in prison in 2016.

The BND, set up in West Germany in 1956, has also had to contend with an increasingly restrictive set of legal operating rules. In 2020, Germany's supreme court issued a landmark judgment in favour of a group of civil rights campaigners who had been challenging the BND over its surveillance practices since the Edward Snowden revelations of 2013. The judgment declared the BND must extend a range of privacy protections guaranteed to German citizens to all surveillance targets – including foreign nationals living abroad.

One employee of the BND at the time, since retired, said working for the agency in the past few years had become an exercise in box-ticking. It could take days to complete even the most basic of analytical tasks, they said.

When the agency produces “up-to-the-minute intelligence” for Berlin or its allies, joked one current senior career officer recently, everyone receiving it first needs to ask if what is meant is “a BND minute or a real minute”?

Such concerns about the agency's approach, and the emerging scandal over Hanning, come at a critical time. The BND's current chief, Martin Jäger, this week warned that Russia was seeking to perpetrate acts of mayhem and murder on German soil. Berlin, the Kremlin believes, is its primary adversary in Europe, Jäger told German lawmakers. The BND, he pointed out, is Germany's "first line of defence".

Logistics group

Berlin bars Chinese acquisition in largest seaport

ANNE-SYLVAINE CHASSANY — BERLIN

Germany has blocked the Chinese acquisition of a logistics group in its biggest seaport, a decision underlining Berlin's firmer stance against Beijing under Chancellor Friedrich Merz.

The decision, approved by the cabinet yesterday, follows a review of the planned acquisition by Chinese state-owned shipping group Cosco of an 80 per cent stake in Konrad Zippel Spediteur, a medium-sized logistics group operating in the North Sea port of Hamburg.

The move comes as Berlin is preparing new legislation designed to tighten investment screening. It also underlines a sharpening of Germany's posture towards China, whose cheap electric vehicles and steel products have hurt German manufacturers at home and in their traditional export markets.

On Monday, Merz joined French President Emmanuel Macron in proposing the EU adopt a powerful trade instrument designed to deter countries from exerting economic coercion. The move was widely seen as a response to Beijing's restrictions on rare earths and magnets last year, which brought some German car manufacturing plants to a halt because of shortages.

Since taking office in May last year, Merz has sought to balance the desire to attract foreign investment to rekindle Germany's stagnating economy with the need to beef up tools to safeguard critical infrastructure and reduce potentially harmful economic dependencies.

The decision to reject Cosco's acquisition was “based on security concerns”, a spokesperson for the economy ministry said in an email to the FT.

"The acquisition would have deepened dependencies and jeopardised the resilience of Germany's and the EU's supply chains," he added.

Cosco and the Chinese embassy in Berlin did not respond to requests for comment. The Chinese foreign ministry did not immediately comment.

The Zippel Group specialises in inland container transport, primarily connecting Germany's largest port complex with the country's eastern states, the German economy ministry said.

Berlin has rejected eight foreign investments out of about 300 reviews a year, the ministry said. The country “welcomes foreign investments”, it said yesterday, but its legislation enables it to review deals “on a case-by-case basis”.

"The criterion for review is whether the acquisition is likely to jeopardise public order or security," the ministry said.

In 2022, the three-way coalition led by Merz's predecessor, the Social Democrat Olaf Scholz, allowed Cosco to acquire 24.9 per cent of the Tollerort container facility, one of several terminals that comprise the port of Hamburg. The Chinese state-owned company had originally sought a 35 per cent stake.

The deal was a compromise between Scholz, a former Hamburg mayor who supported the investment, and his economy, foreign, defence and interior ministries, which opposed it on security grounds. The government capped the investment at below 25 per cent.

Additional reporting by Aysun Bora and Edward White

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AI development

China taps power glut in push to win data centre race

ELEANOR OLCOTT — ULANQAB

ZIJING WU — HONG KONG

China is building data centres at rapid speed across its energy-rich hinterland as Beijing seeks to turn abundant electricity and cheap land into an advantage in the global race to develop AI.

The push is creating vast new computing hubs such as Ulanqab in Inner Mongolia, where 89 data centres are built or planned. The AI infrastructure expansion is among the fastest and biggest in the world.

Beijing has outlined AI progress as a national strategic priority to boost economic productivity, entrench domestic political influence and secure China's global influence by ensuring more of the world becomes reliant on its technology.

While China is struggling to secure enough advanced chips to satisfy soaring AI demand, it has been able to mobilise the land, electricity and construction capacity needed to build the data centres that house them.

China has 24GW of operational data centre computing capacity, more than the rest of Asia combined but less than half the 56GW in the US, according to research firm SemiAnalysis. A further 50GW is under construction or has been announced.

Ulanqab, a remote agricultural city famed for its potatoes and yoghurt snacks, is among the most striking examples of the expansion drive. About 15GW of computing capacity has been committed in the city, making it the fastest-growing data centre hub in Asia.

The city is benefiting from advantages scarce in other markets: abundant wind and coal power, cheap land, a cold climate and the capacity to build facilities rapidly. That contrasts with the US, where securing electricity and grid connections constrains its data centre boom.

The scale of construction is visible across the city's outskirts. Engineers are turning even an abandoned school into a data centre. Soon, rows of computing racks will occupy the playground.

The FT saw work under way by at least a dozen companies across four sprawling campuses, with some operators building at multiple sites. They include Alibaba and Huawei, as well as operators such as ZData and VNET, which build facilities and let out computing capacity to tech groups.

ByteDance has emerged as China's largest source of demand for rented computing infrastructure, while AI labs DeepSeek and Z.ai are also building facilities in Ulanqab, according to people briefed on the matter. Z.ai did not respond to a request for comment.

---

In Inner Mongolia ‘there is an immense amount of electricity that operates at very low capacity’

Eric Xu, chair of Huawei, which has three data centres in Ulanqab, said the tech group considered several locations before settling on the city because of its cheap electricity and proximity to Beijing, just two hours away by high-speed rail. "I thought it was a small city," said Xu, who travelled to Ulanqab for the first time in August. "I was surprised by the scale. It's very different from what I expected."

Inner Mongolia had 117GW of installed wind capacity by June this year, the largest fleet in China and nearly four times the entire capacity of the UK. It also has roughly 130GW of fossil-fuel power capacity, mostly made up of coal.

David Fishman, an analyst at consultancy The Lantau Group, said that Inner Mongolia had probably the “largest electricity local oversupply” of any administrative region in the world. “There is an immense amount of electricity that operates at very low capacity,” he said. “Data centres help soak up this excess power.”

The region's cold climate also helps reduce the enormous cooling requirements of AI computing clusters. Average annual temperatures in Ulanqab are about 4.3C, while its proximity to Beijing allows engineering teams to reach the sites quickly.

The region is not free of resource constraints, however. Inner Mongolia does not have abundant water supplies, and one data centre executive warned that this could become a problem as the industry expands.

Lex page 24

SEAMASTER DIVER 300M Co-Axial Master Chronometer

INTERNATIONAL

Death of laboratory worker at Russian anti- plague unit spurs race for answers

Moscow denies speculation that she contracted infection at Siberian institute but facts remain elusive

MICHAEL PEEL — LONDON

ANASTASIA STOGNEI — BERLIN

A suspected case of plague in Siberia has triggered international concern, with the US saying it is monitoring the situation “closely” and the World Health Organization requesting more information.

Russian authorities have imposed sweeping quarantine measures in Irkutsk, where a lab worker at a local plague research centre died in hospital. But officials said the death was unrelated to her work and insisted there had been no outbreak.

---

What is the plague?

Plague is a so-called zoonotic disease spread from animals to humans that is often fatal if untreated. It is transmitted to people via fleas that live on small mammals such as rats.

It can spread from person to person via respiratory particles or contact with contaminated body fluids or materials.

The most common type is bubonic plague. The pathogen multiplies in the lymphatic system and, if left untreated, can cause the open pus-filled sores for which the disease is infamous. If the bacteria spreads to the lungs or blood, bubonic can evolve into two other forms

\- pneumonic and septicaemic - that are usually fatal.

Pneumonic plague is the most contagious form from person to person. It can trigger severe epidemics, according to the World Health Organization, although it is less transmissible than some viruses such as Covid-19.

---

What outbreaks have there been?

Plague has historically caused devastating pandemics that loom large in popular culture and folk memory.

It is generally thought to have caused the so-called “Black Death” estimated to have killed tens of millions of people in Europe in the 1300s.

Since this happened long before the development of the germ theory of how invading microbes cause disease, people lacked the knowledge as well as the medical means to curb the spread.

Biological research: staff at Irkutsk anti-plague institute, where lab worker Daria Shipilova, who died in hospital last week, was employed

---

What has happened and what have Russian authorities said?

The lab worker, Daria Shipilova, died in a hospital in Shelekhov near Irkutsk on Friday last week, local media reported. She had been admitted three days earlier.

Several local and federal news outlets reported, citing unnamed sources, that Shipilova died from pneumonic plague. The reports cited various accounts of how she may have contracted it, but there has been no official or authorised confirmation.

Russia's chief sanitary doctor visited Irkutsk the same day because of what the local governor described as “a suspected case of a particularly dangerous infection”. The governor said that all of Shipilova's contacts had been placed under observation.

Local officials said Shelekhov hospital had been de facto quarantined. Russia's health watchdog Rospotrebnadzor said on Sunday that Shipilova died from a “pneumonia of unknown” origin. The regulator added her biological samples “did not detect any micro-organisms linked to her professional work”.

Shipilova's mother, also a medical worker, told a local media outlet on Monday that she had yet to receive the official conclusion on her death. The anti-plague facility where Shipilova worked is one of a few such research institutes in Russia and in the world.

[EMPTY]

Her scientific publication history shows she studied the antibiotic resistance of Yersinia pestis – the bacterium that causes plague – in natural reservoirs.

MapLibre ©Mapcreator ©OpenStreetMap

How common is plague and how much of a threat is it?

Plague bacteria still circulate in animals, meaning there is a permanent so-called “reservoir” of the pathogens. These jump across to humans from time to time.

It is found on all continents save Oceania, according to the World Health Organization.

Since the 1990s most human cases have been reported in Africa, particularly in Madagascar and the Democratic Republic of Congo.

Cases have also been reported in recent years in Mongolia, which shares a long border with Russia, but large plague outbreaks are extremely rare in Russia and its neighbours.

Estimates of the number of human plague cases worldwide annually run to 1,000 or more.

An average of seven human plague cases is reported each year in the US, according to the country's Centers for Disease Control and Prevention.

“Plague itself has not disappeared,” said Piero Olliaro, a professor at the University of Oxford’s Pandemic Sciences Institute.

"Around 200 rodent species can harbour the bacterium, with reservoirs found across the Americas, Eurasia and Africa. Sporadic human cases therefore continue to occur."

Such research facilities have capabilities to work on potential bioweapons

How can plague cases be treated?

Once identified, plague transmission chains can be broken by isolating infected patients. They can be treated successfully with antibiotics if the disease is identified early on.

There are some parallels with the deadly outbreak of rodent-borne hanta-virus on a cruise ship earlier this year. The disease spread aboard the vessel because of the confined environment and the slow realisation it was on board. Once authorities realised the problem and put in place quarantine measures they prevented further onward spread.

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What other questions does this case raise?

The case has raised questions about whether the bacteria came from a biological research facility. There are legitimate reasons to keep pathogens in secure facilities, notably to better understand diseases and improve potential treatments.

Such research facilities have capabilities to work on potential bioweapons, by engineering pathogens to make them more transmissible or more deadly – or both. On the face of it, plague bacteria would not be the most obvious choice, since they do not spread between people as easily as some other pathogens and are treatable with existing drugs.

Ukraine war

Lethal strikes by Moscow cause power shutdowns in Kyiv districts

CHRISTOPHER MILLER — KYIV

Russia has carried out large-scale deadly strikes on residential buildings and energy infrastructure across Ukraine, cutting power to several Kyiv districts as Moscow intensifies its air campaign ahead of winter.

The Russian missile and drone strikes overnight yesterday killed at least 24 people and damaged residential buildings and energy infrastructure in 12 Ukrainian regions, according to Volodymyr Zelenskyy and local authorities.

The Ukrainian president said energy infrastructure was among Russia's main targets, with “emergency” power cuts affecting several districts in the Ukrainian capital, according to the country's energy ministry. It attributed the shutdowns to Russia's attacks and urged people to avoid overloading the energy system.

"One of the key targets was our energy infrastructure. The Russians wanted to strike painfully and demonstratively," Zelenskyy said.

The attacks came hours after Zelenskyy, in his nightly address on Tuesday, warned of an impending large-scale attack. Last week, he told the FT in an interview in a school hit by a drone that Russian President Vladimir Putin had instructed his military to escalate air strikes on civilians and critical infrastructure because his army had failed to achieve its military goals on the battlefield.

Two people were killed in Kyiv and 18 in the city of Pryluky, about 150km east of the capital, where a Russian strike destroyed a five-storey apartment complex, according to Zelenskyy and regional authorities. First responders recovered the bodies of four children from the site – three infants and an 8-year-old boy – Ukraine's state emergency service reported. Dozens more people were wounded, with emergency crews continuing to search for survivors under the rubble.

Russian missile and drone strikes also damaged five apartment buildings in Dnipro to the south-east and four high-rise buildings in central Kremenchuk, killing two people and injuring eight, Zelenskyy said. A drone damaged a high-rise building in nearby Zaporizhzhia. Two more people were killed in Oleksandriya, according to the Ukrainian president.

Russia fired 70 missiles and 130 explosive drones, of which almost a third were jet-powered, according to the Ukrainian air force. It said it shot down 44 missiles and 117 drones.

Russia's defence ministry said the military had targeted industrial facilities involved in the production and storage of Ukraine's Flamingo cruise missiles and drones. It said ports and shipping facilities in the Odesa region were also struck in the overnight attacks.

Noting that Putin turned 74 yesterday, Ukrainian foreign minister Andriy Sybiha wrote on X: "On Putin's birthday, Russian generals brought him his favourite present: war crimes."

Deliberately targeting civilian infrastructure is a war crime according to international law.

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Precision timekeeping

First ultra-accurate nuclear clocks offer security boost

MICHAEL PEEL — LONDON

Scientists have unveiled the first operational nuclear clocks, a milestone in efforts to upgrade and secure the precision timekeeping vital to the digital systems that underpin modern life.

Devices based on the radioactive element thorium matched existing atomic clock technology in an exacting physics experiment, said researchers.

The development of the clocks by groups in China and Europe is part of a wider quest to safeguard the measurement of time, as risks of both accidental clock outages and sabotage threaten electronic systems vital for communications, financial transactions and operating power plants.

“The nuclear clock offers the potential of the outstanding performance of state of the art optical atomic clocks, but with a massively reduced energy footprint and a simpler and more robust apparatus,” said Thorsten Schumm, a physicist at Vienna University of Technology. “It’s certain that we will make very fast progress in nuclear clock performance in the next two or three years.”

The nuclear clocks exploit tiny energy shifts in the states of the protons and neutrons that make up nuclei at the centre of atoms. Since these changes are much smaller than those for electrons measured by long-established atomic clock technology, nuclear clocks can in theory make more precise measurements. The thorium clock should also be less prone to disruption by external electromagnetic sources.

Resilient ultra-accurate timekeeping and navigation methods have become a growing security priority around the world as tampering and unexpected outages have revealed vulnerabilities in the Global Positioning System (GPS). Many precision clocks on which fundamental digital services depend are housed on satellites that are vulnerable to interference or damage from sources such as spacecraft debris.

The nuclear clock promised to be more compact and easier to operate than existing optical atomic clocks that remain “complex laboratory systems”, said Shiqian Ding, a researcher at Tsinghua University, Beijing, who led the Chinese group’s work. “If that becomes possible, it could allow such precision to be deployed much more broadly . . .”

Corporate levy

Brussels aims to capture Big Tech with wider tax

PAOLA TAMMA, HENRY FOY AND BARBARA MOENS — BRUSSELS

Brussels is considering taxing big US tech companies through a broad levy on large corporations in an effort to raise revenues for the EU while avoiding a backlash from the Trump administration.

The European Commission was working on new ways to capture more income from technology groups such as Apple, Meta and Google without singing them out, six officials with knowledge of the discussions told the FT, after Washington threatened retaliation against countries that implement digital services levies.

The discussions come as EU countries are negotiating over the bloc's shared budget and facing spending constraints at home, leading to demands for new centralised levies while global efforts to tax multinationals' profits falter.

Brussels was considering changes to an existing proposal that would require all companies operating in the EU with revenue of more than €100mn a year to pay an annual lump-sum tax contribution, the officials said.

While in its current form the proposal, known as the "Corporate

Resource for Europe" (Core), would oblige digital services companies with an EU subsidiary to pay the lump sum, it would capture only a relatively small portion of a multinational company's earnings.

Adjusting the thresholds and contributions under the Core proposal to cover only very large corporates would both increase the amount raised from tech groups and defuse criticism in Europe that Core would hit many medium-sized European companies, officials argued.

The new tax would cover all types of companies, not just those specialising in digital services, but the specifics were still under discussion, officials said.

"Some [EU] capitals are opposed to a pure digital tax because they don't want to upset the Americans, and many more are opposed to Core," said one EU official. "The solution is to expand [the tax] to cover pretty much all the big companies."

The Core tax is part of a group of five new levies or “own resources” that would collectively raise about €60bn a year for the EU’s common budget from 2028. But it is fiercely opposed by a majority of EU countries that argue it would put a number of medium-sized

European companies at a disadvantage compared with their foreign rivals.

Officials said that changing the thresholds to exclude medium-sized businesses would probably mean that a larger number of countries would back the tax. However, they cautioned that the move would require the agreement of all 27 EU countries. The Commission declined to comment.

Global efforts to tax big digital services companies have stalled in recent years. A 2021 agreement brokered by the OECD to oblige large multinationals to pay more tax in the countries where they generate sales hit a wall following US President Donald Trump's re-election in 2024. An EU official described the deal as in effect “dead”.

The Commission is seeking more income from technology groups

Brussels had put on hold legislation for a bloc-wide digital services levy to allow for the global deal to be implemented, but it remains wary of any tax design that would single out digital groups.

Officials said such a tax would be unlikely to garner the necessary support from EU members due to fears of US retaliation.

The bloc has been walking a fine line since Trump's re-election as it continues to enforce its landmark digital rules while avoiding escalating tensions with Washington.

France, Italy, Spain and Austria already have a national digital services levy and have been targeted by the US with Section 301 investigations, potentially leading to retaliatory trade tariffs.

CCIA, which represents several US Big Tech companies, declined to comment.

A Commission spokesperson said it was ready to support the EU Council and European parliament “in reaching an agreement on the new own resources package this year”, adding that the package was “essential to ensure the adequate financing of our joint priorities over the next decade”.

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INTERNATIONAL

Middle East

Israelis mark October 7 attack as election looms

Victims remembered amid claims Netanyahu failed to prevent assault

NERI ZILBER — TEL AVIV

Israel marked three years since Hamas's October 7 assault with sombre ceremonies yesterday as it approaches a vote that will deliver the first electoral verdict on Prime Minister Benjamin Netanyahu since the catastrophic attack.

Early yesterday morning, activists laid out white silhouettes on a Tel Aviv beach representing the victims, while others stopped traffic at the time when Hamas launched its incursion into southern Israel three years earlier. The attack killed more than 1,200 people with 250 more taken to Gaza as hostages, according to Israeli figures, making it the deadliest day for Jewish people since the Holocaust. It triggered a series of wars that have since ravaged large areas of the Middle East.

"There's still a very active sense of immense loss everywhere in this country. It doesn't feel like post-trauma yet," said Dahlia Scheindlin, a pollster and political analyst. "It's all too recent and too alive, and you still have new stories and materials that loved ones are only now releasing."

Netanyahu said he had lit a memorial candle in memory of the October 7 victims and added: “The nation unites on this day in longing for our loved ones. We will complete the mission – we have settled the score, and will continue to settle the score with all the murderers.”

Netanyahu was in office at the time of the attack and subsequently launched an offensive in Gaza that has killed more than 74,000 Palestinians, according to local health authorities.

On the campaign trail, ahead of closely fought parliamentary elections set for October 27, Netanyahu has been on the defensive over accusations he failed to prevent the October 7 attack.

Opponents have accused him of ignoring warnings and more broadly of pursuing a failed containment strategy towards Hamas for years before the disaster. Netanyahu in turn has sought to portray himself as Israel's defender against existential threats and a leader who has "changed the face of the Middle East".

This week, Netanyahu made speeches honouring the fallen and extolling the successes of what he has attempted to rebrand as Israel's “war of redemption”

— a reference to the country's conflicts since October 7 in Gaza, Lebanon, Iran and other fronts, which the premier has pledged to “finish” if re-elected.

Netanyahu's rivals also commemorated victims, while nodding to the magnitude of the Israeli state's failure to prevent the attack.

Yesterday the prime minister's main challenger, former military chief Gadi Eisenkot, travelled to hard-hit communities in Israel's south, including a roadside shelter where dozens of young people fleeing from the Nova festival took cover on October 7.

Netanyahu has refused to take individual responsibility for his role in the run-up to the surprise assault, despite leading the country for much of the past two decades. All of the security chiefs in charge during the assault have either been fired or resigned, but the premier has scuttled efforts to form an independent state commission of inquiry.

Writing in the Maariv daily yesterday, prominent columnist Ben Caspit said

Netanyahu has repeatedly asserted that the country was “on the verge of annihilation on October 7”. But “if Israel was truly facing the danger of annihilation . . . Netanyahu is to blame for that”, Caspit wrote.

With less than three weeks until parliamentary elections, most polls still show Netanyahu's far-right coalition behind the opposition, although the gap has narrowed in recent weeks and both blocs remain short of a clear majority.

A poll commissioned by Israel's Channel 16 this week showed that 68 per cent of the public said the events of that day would affect the way they voted. "It's now back on the public agenda, so fresh and so prominent," Scheindlin said.

South America. Supreme Court

Brazil election raises prospect of Bolsonaro amnesty

Rightwing gains embolden calls for release of ex-leader as his son, Flávio, chases presidency

MICHAEL POOLER — SÃO PAULO

Sweeping rightwing gains in Brazil's Congress have boosted Flávio Bolsonaro's chances to push for amnesty for his father, the country's former hard-right leader, and other coup plotters if he wins the presidency.

The 45-year-old senator is in pole position to win a run-off vote later this month after he upended many polling forecasts with a nearly two-point lead over leftwing incumbent Luiz Inácio Lula da Silva in a first round on Sunday.

The strong showing for the opposition candidate, along with conservative victories in parliamentary and gubernatorial races, has emboldened calls for the release of former president Jair Bolsonaro. The Bolsonaros' Liberal Party (PL) solidified its position as the largest force in the national legislature.

The elder Bolsonaro, a radical populist dubbed the “Trump of the Tropics”, is serving a 27-year sentence, currently under house arrest on health grounds, for planning a violent putsch after losing re-election to Lula four years ago. Allies claim that he is a victim of political persecution.

“We are honouring our [former] president Bolsonaro who is imprisoned at home and we will free him,” said PL's Bia Kicis, who was elected to the Senate on Sunday. “We are going to vote for amnesty and get the political prisoners out of jail.”

The PL's senators will rise from 15 to 28, the biggest bench since Brazil's 1988 constitution went into force. A loose centre-to-right bloc in the Senate appears close to reaching the two-thirds threshold required for the impeachment of Supreme Court justices, such as those who jailed the elder Bolsonaro.

In the more fragmented lower house, the party will occupy 121 of 513 seats but could command a working majority with the co-operation of other conservative and centrist parties.

Obtaining a congressional pardon for the elder Bolsonaro is a key objective and long-promised campaign pledge for his anointed heir as he seeks to restore the dynasty's political fortunes.

Rightwingers also want clemency for those convicted of riots in Brasília on January 8 2023, when hundreds of Bolsonaro supporters trashed government buildings and called for a military takeover, claiming without proof that the

Liberal Party presidential candidate Flávio Bolsonaro, centre, at a rally on Tuesday. His father Jair Bolsonaro, right, is serving a 27-year sentence for his role in an attempted coup Sergio Lima/AFP/Getty

prior election had been stolen. Prosecutors said it was the last gasp of a wide-ranging conspiracy, involving former ministers and armed forces personnel, aimed at illegally maintaining the elder Bolsonaro in power. The abortive plot involved plans to assassinate Lula.

"The main driver of Flávio's campaign is his father's release," said Creomar de Souza, founder of Dharma Political Risk and Strategy. "If Flávio's victory is confirmed – and it looks set to be a strong result – then I think this issue will hit the agenda."

The head of the PL, Valdemar Costa Neto, on Monday suggested that Jair Bolsonaro, 71, could run for president again in 2030 should his son win the election and free him.

A comprehensive amnesty could also benefit Flavio's brother, Eduardo. The former lawmaker, living in self-imposed exile in Texas, was convicted in absentia last year for lobbying US authorities to interfere in his father's trial and risks arrest upon return home.

The removal of certain senior judges is a further rallying cry for Bolsonaristas, who allege the tribunal is politically biased in favour of Lula and unfairly targets conservatives. Their main target is Supreme Court Justice Alexandre de Moraes, who oversaw the Bolsonaro coup case and has faced intense scrutiny over his dealings with a disgraced banker at the centre of a corruption scandal. He denies wrongdoing.

“Work has already begun and Alexandre de Moraes is going to prison,” said Marcel Van Hattem, who was elected senator for the rightwing Novo party.

However, there are doubts about Flavio Bolsonaro's willingness to immediately embark on a path that could spark a constitutional crisis, given the powerful Supreme Court is likely to veto an amnesty proposal.

Leandro Consentino, political scientist at Insper in São Paulo, said the rightward shift was “driven more by a rejection of the current government and an attempt to respond to the excesses of the Supreme Court – and the political class as a whole”.

“[Flávio Bolsonaro] tends to be more forceful rhetorically but more cautious in practice,” he added.

If elected, Flavio Bolsonaro may play the long game, according to Carlos Pereira, professor at the Getulio Vargas Foundation. Brazil's next president could appoint four Supreme Court judges. "Strategically for Flávio it's better to wait until the moment when the court is more favourable to his interests," he said.

Brazil's Congress is notoriously transactional and establishment centre-right parties may be wary about provoking the wrath of the Supreme Court, which has amassed unusual influence in recent years.

Yet if Bolsonaro assumes office in January, his base is unlikely to relent.

"We can no longer keep accepting a dictatorship of the Supreme Court," said Domingos Sávio, a PL senator-elect. "I will fight for amnesty for political prisoners."

Additional reporting by Beatriz Langella

Yemeni militants

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Houthi rebels target Riyadh and Aden in missile strikes

AHMED AL OMRAN — JEDDAH

Houthi rebels in Yemen targeted Aden's airport and launched missiles at Saudi Arabia's capital Riyadh yesterday as Yemeni forces backed by the kingdom battled to reclaim control of the strategic Bab al-Mandab waterway.

It was the first such attack on the airport of Aden — a southern port city that serves as the internationally recognised government's de facto capital — since the long-running conflict reignited in July, and came two days after the government announced a major offensive to recapture territory taken by the Iran-backed rebels.

The Houthis said they were targeting a shipment of Saudi military supplies delivered to a camp near the airport, according to spokesperson Brigadier General Yahya Saree.

He added that the rebels had also targeted Riyadh's airport with ballistic missiles and drones, as well as Abha airport and Khamis Mushait air base in south-western Saudi Arabia.

Police in Aden said the city's airport was attacked with two missiles but no casualties were reported, while the Saudi-led coalition said it intercepted and destroyed a ballistic missile launched towards northern Riyadh.

Major General Turki al-Maliki, a coalition spokesperson, said it would target the missile-launching pad in Sana'a.

Yemeni government forces, backed by Saudi air strikes, said they made gains near the Bab al-Mandab Strait and the port city of Mocha in recent days, but battles with the Houthis have continued along the Red Sea coast and Taiz province in the south-west of Yemen.

The Houthis last month took control of areas overlooking the strait, gaining the ability to monitor and attack Saudi ships and roiling global energy markets.

The attack on Aden airport comes after Saudi Arabia, Pakistan and Nato member Turkey said they had triggered a mutual defence pact for the first time, with the aim to ensure the “rapid deployment” of Pakistani and Turkish forces and capabilities to the kingdom. Analysts did not expect ground troops to be deployed in the near term.

Saudi Arabia intervened in Yemen's civil war in 2015 to try to restore the internationally recognised government after the Houthis seized the capital Sana'a.

Inflation fears

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India raises rates for first time in 3 years

KRISHN KAUSHIK — MUMBAI

India's central bank has raised its key lending rate for the first time since 2023, citing accelerating inflation, higher global energy prices and the strong momentum of the world's fastest-growing large economy.

Reserve Bank of India governor Sanjay Malhotra said the central bank's six-member monetary policy committee voted unanimously to raise rates by 0.25 percentage points to 5.5 per cent. It also shifted its stance from “neutral” to “calibrated tightening” by a 4-2 vote.

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While the central bank expected India's economy to "remain resilient", Malhotra said, the inflation outlook was "not benign". Annual consumer inflation was 4.8 per cent in August, above the RBI's central target of 4 per cent, and is expected to rise further.

“Driven by escalating energy costs and rising food prices, global inflation is projected to increase sharply, prompting monetary policy tightening by major central banks across the world," said Malhotra, who took over the helm of the central bank in December 2024.

“Rate cuts are off the table in the near term,” he added.

Economists at Goldman Sachs last week forecast four more rate increases

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'Driven by rising energy costs and food prices, global inflation is projected to increase sharply'

totalling 1 percentage point by the end of the first half of 2027.

The RBI's move was widely expected and came as global central banks are increasing rates and government bonds have come under pressure. The US Federal Reserve last month raised its rates for the first time in three years, by a quarter point to 4 per cent.

Higher energy costs as a result of the US-Israel war on Iran have also put pressure on the rupee, which is already one of Asia's worst-performing currencies and weakened 14 per cent in the year to May against the US dollar. India relies on imports for more than 90 per cent of its crude oil.

The central bank has raised \$143.6bn through temporary schemes to attract dollars back to the country from the Indian diaspora, which helped infuse liquidity into the banking system and boosted the RBI's foreign currency reserves.

If the disparity between US and Indian rates went too far, “then you might see pressure on the exchange rate in other areas”, said Paul Gruenwald, global chief economist at S&P Ratings.

India's economy has managed to defy initial expectations of a severe shock, expanding 7.8 per cent in the quarter to June, as the government shielded consumers from soaring crude prices. Malhotra had hailed a “Goldilocks period” for the economy late last year, with soaring growth and low inflation.

Court backs community on climate risk of coal

KENZA BRYAN — LONDON

Australia's landmark High Court climate change ruling backing a community group over coal mine expansion has put the industry's outlook at risk, a trade body said, and could serve as a template for future litigation.

Yesterday's verdict found that local authorities should consider the climate effects of burning coal, not only as a result of producing it, when granting mining permits.

Tania Constable, chief executive of the Minerals Council of Australia, said the decision was a “blow” to the nation’s prospects of meeting global demand for coal and would be carefully reviewed by investors in other mining projects. The trade body’s membership includes coal producers Glencore and BHP.

The ruling is the latest in a series of lawsuits to examine the relationship between global corporate producers of the fossil fuels behind greenhouse gas emissions and the local impacts of climate change. Wendy Wales, one of the retired science teachers who brought the case along with a community group, said the court had in effect agreed that Australian coal directly contributed to climate extremes.

"We cannot dig up coal, ship it overseas, watch it drive climate change, and then pretend the consequences have nothing to do with us and won't be felt by us," she said. "The droughts, the bushfires, the floods, are directly connected to greenhouse gases."

The High Court upheld a state court ruling that its independent planning commission should not have approved the expansion of Mach Energy's Mount Pleasant coal mine in the state of New South Wales without considering how burning this coal would affect the region through extreme weather events.

The decision follows in the week after the planning commission gave an extension to another coal operation in the same state, creating controversy for the Australian government as it opened talks in the Pacific Islands in its role leading negotiations for the upcoming UN COP31 climate summit.

The High Court ruling directly affects 17 coal proposals in the planning pipeline in New South Wales.

Australia's largest oil and gas company, Woodside, has also met opposition to a planned offshore gas project, despite community and regulator input, and said it would review the decision.

Mach Energy said it would work with regulators, governments, local communities and other stakeholders to understand the “practical implications” of the decision.

The Mount Pleasant project represented A\$2bn in spending by investors in Indonesia and Japan, which would have almost doubled the amount of coal per year presently produced.

Australia is the world's largest exporter of metallurgical coal, with the IEA estimating its annual exports of thermal coal would increase slightly to 216mn tonnes this year.

Battery blitz Australian trailblazers offer ‘a postcard from the future’ for the global power storage industry ✪ MORAL MONEY, PAGE 13

Companies & Markets

Global bond sell-off returns amid worries over inflation

\- US borrowing cost highest since 2002

• Investors fret as oil prices stay higher

IAN SMITH AND

EMILY HERBERT — LONDON

KATE DUGUID — NEW YORK

The global bond sell-off resumed yesterday, pushing long-term borrowing costs in the US and UK back to their highest levels in decades, as fears over inflation and high public debt rattled investors.

The yield on 30-year US Treasuries climbed as much as 0.09 percentage points to 5.73 per cent, its highest since 2002, intensifying the squeeze on households and businesses from the inflation shock set off by the Iran war. It later dipped to 5.69 per cent.

European government bonds were also under pressure, with French and Italian yields rising more than 0.1 percentage points, extending a series of

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'It is really a question of having credible budgetary policies and that's a bit scarce right now globally'

wild swings. Bond yields move inversely to prices.

Investors said debt concerns, high oil prices and the lack of visibility over an end to the Iran war was powering yields higher. Strong US economic data has added to the upward pressure.

France's 10-year borrowing costs rose to 4.87 per cent, heading back towards the post-2002 high reached earlier this month, amid persistent worries that the Eurozone's second-biggest economy is heading for a debt reckoning.

“France might be the first but it won’t be the last,” said Akshay Singal, global head of short-term interest rate trading at Citigroup.

UK government debt was also swept up in the volatile trading, with the yield on the 30-year gilt rising as much as 0.13 percentage points to a 28-year high of

6.04 per cent. It later drifted back to just below 6 per cent.

"We hear a lot about the bond vigilantes, especially in the UK, but I think it is really a question of having credible budgetary policies and that's unfortunately a bit scarce right now globally, and that is what is driving the bond market," Singal said.

The renewed bond sell-off hit stock markets, with the Stoxx Europe 600 down 1 per cent. The S&P 500 was down 0.3 per cent and the Nasdaq 100 was 0.4 per cent lower in early afternoon trading on Wall Street, having closed at record highs on Tuesday.

Evelyne Gomez-Liechti, multi-asset strategist at Mizuho, said yesterday's selling was triggered by "risk sentiment souring" as oil prices moved higher again. "Investors are very hesitant to buy [long-term bonds] because of all the volatility," she said, adding that investors such as pension funds were reluctant to step in despite the more attractive yields.

Brent crude, the international oil benchmark, was slightly higher at around \$100.80 a barrel.

In a sign of the threat to the US economy from rising yields, the average rate on 30-year fixed-rate mortgages hit 7.49 per cent, its highest level in almost three years, according to the US Mortgage Bankers Association.

Some investors said that bonds were starting to look attractive. John Stopford, head of multi-asset income at Ninety One, said that “if the sell-off carries on much further”, bonds would start to look “meaningfully cheap” and described 30-year Treasuries approaching 6 per cent as a “steal”.

"I don't think there is a hard ceiling here [on yields]," said John Thornton, at Keyridge Asset Management. "The only thing that fixes this in the short term is a significant shift in the oil price."

Shoring up Cruise lines slash Caribbean fares as diversions from Middle East swell capacity

Norwegian Cruise Line is among Caribbean operators battling to fill its ships — Jeffrey Greenberg/Universal Images Group/Getty Images

STEPHANIE STACEY

Cruise operators are cutting fares in the Caribbean in a battle to fill ships, as vessels rerouted from the Middle East add to already excess capacity.

The average starting price in September for an inside cabin on a five-to-seven-night January cruise was \$748, according to data collated by Cruise-Critic, down from \$846 a year earlier.

"It's a buyer's market right now in the Caribbean," said Steve Witt, co-founder of travel agency Not Just Travel.

Cruise lines have expanded in the region to tap year-round access to high-spending US travellers. Goldman Sachs estimates passenger capacity has risen 11.5 per cent year on year in 2026 to a level almost 60 per cent higher than in 2019.

Operators have also invested in private beaches and islands, which CruiseCompete chief executive Bob Levinstein said could be “highly profitable” because operators can bypass port charges and capture their passengers’ onshore spending.

Some of the steepest discounting has been at Norwegian Cruise Line, which boosted its Caribbean capacity 40 per cent in the first quarter, a move chief financial officer Mark Kempa has since acknowledged was “premature”. Its average ticket prices for Caribbean cruises in the first three months of 2027 were 21 per cent lower in September than at the same stage of the previous year’s booking cycle, according to Barclays Research.

Prices at Carnival were 7 per cent lower year on year, although they increased from August, while Royal Caribbean's prices fell 8 per cent.

Norwegian has redeployed ships from Europe and elsewhere to the region. It has acknowledged “challenges” filling extra capacity that arrived before the upgrades were complete and warned that pricing pressure would persist into next year.

The conflict in the Middle East has also weighed on consumer confidence and added to Caribbean cruise capacity as ships are moved from the Gulf, including MSC World Europa, which can hold more than 6,700 passengers.

Operators are motivated to “fill their ships to the brim” even at a steep discount, according to Truist analyst Patrick Scholes, because much of their cost base is fixed. “Whether you’re 80 per cent full or 100 per cent full,” he said, “your cost to carry those passengers is pretty much the same.”

Operators are looking to “make up for lower ticket prices by charging more on board”, said Bernstein analyst Richard Clarke.

Carnival's revenues from onboard and other spending rose 6.7 per cent year on year to \$2.91bn in the three months to August. Ticket sales hit \$5.53bn.

HMRC probed Man City in wake of 2018 emails leak

CAROLINE BINHAM, SUZI RING, JIM PICKARD AND JENNIFER WILLIAMS

UK tax authorities investigated Manchester City in 2018 over whether it had used complex arrangements to under-pay tax, nearly a decade before the club was found to have breached the Premier League's financial rules.

HM Revenue & Customs opened a civil investigation into Man City's tax affairs after the publication of a trove of leaked internal emails by Der Spiegel in 2018, according to people with knowledge of the situation.

The emails prompted a Premier League inquiry in December of that year into whether the club had manipulated its accounts and disguised funding from owner Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi's ruling family, as commercial revenue.

Last month, an independent commission found that Man City had artificially inflated its financial position by more than £900mn between 2009 and 2018 by arranging “sham” commercial deals.

HMRC's investigation, which was never formally closed, was conducted as a so-called Code of Practice 8 — a civil inquiry used when it suspects a person or company may have used complex structures for tax avoidance, the people said. COP8 investigations do not involve suspicions of deliberate fraud.

The club instructed lawyers to advise it on the inquiry, the people said, and argued to HMRC that there was nothing untoward about its arrangements, according to one of the people. HMRC has not taken any action, the people added. Man City and HMRC declined to comment.

The Premier League's independent commission found City guilty of all but one of the 115 charges laid against it. City lodged an appeal last week, saying that "on multiple grounds, the opinion contains clear material errors of law, principle and fact, and is unsafe".

Officials believe the extent of the alleged financial irregularities will prompt HMRC to intensify scrutiny of Man City. One senior minister said it was “inevitable” that the allegations would be looked at by the tax authority.

Dan Neidle, former head of tax at Clifford Chance, the law firm representing City against the Premier League, analysed the leaked documents published by Der Spiegel and estimated a £12mn tax shortfall at the club.

Additional reporting by Josh Noble

Norway lays down a hard line for EU on regulating AI glasses

Richard Milne

o-called “pervert glasses” that enable privacy intrusion? Or one of the most important retail products in decades? Few recent consumer tech-

nologies have sparked such a fierce backlash as the AI-enabled eyewear being offered by the likes of Meta.

Now Norway is set to provide a test case for broad restrictions on their use. Up until this week, any bans around the world had been largely piecemeal.

Courts in the UK and US, Norwegian oil company Equinor and schools in Oslo were among those to prohibit their use in recent months.

But on Monday, Norway's centre-left government became the first in the world to propose a ban – albeit temporary – on the use of AI glasses in certain public places.

Many of the details remain to be worked out. The idea would be to enact it in the most sensitive areas such as schools and changing rooms. But bringing a proposal to Norway's parliament is "a high priority" for digitalisation minister Torgeir Micaelsen.

For many policymakers in Europe, there is a distinct sense of righting wrongs and avoiding a laissez-faire approach that they now regret for other technologies.

"We must avoid making the same mistake we made 15 years ago with social media, taking no political action," Micaelsen said.

AI glasses have been pushed particularly hard by Meta but others, such as Huawei, offer them and Apple and Google could follow. Tech companies argue they could be a better gateway to AI than smartphones.

But these companies also like the idea of training the glasses on real-life interactions involving audio and video — something that causes great disquiet.

Barely a day passes without a headline on the potential misuse of smart glasses, from men approaching women on the street without telling them they are filming, to this week's revelations by one Danish MP that he recorded members of parliament at work.

prohibited them from swimming pools, offices and more.

Worries abound about how the glasses could be used to spy on women

and children, particularly in settings such as changing rooms, and how privacy safeguards – such as a flashing light that shows when they are recording – could be overridden.

Dutch retailer Hans Anders this month became one of the first in the world to stop the sale of Meta's Ray-Ban glasses over privacy concerns.

---

Proposed restrictions will be a test case for Europe's policymakers on the eyewear after fierce backlash over their use

A survey by France's data protection office, Commission Nationale de l'Informatique et des Libertés, this year found the vast majority of people – 67 per cent of respondents – thought smart glasses posed a risk to people's privacy.

Norway is not alone in taking action. The European Data Protection Board, an independent body representing privacy regulators across Europe, commissioned a report on the social acceptability of smart glasses to guide lawmakers.

Australia's government has asked for advice on whether to ban them from its offices and service centres after a number of the country's local councils

Norway, for now, has gone the furthest. It plans to bring out a proposal for a temporary ban soon and set up an expert group to lay the groundwork for permanent regulation. The locations for a ban could include beaches, museums, shopping centres, kindergartens, playgrounds, healthcare facilities, changing rooms for fitness centres and even universities, the government has indicated.

Micaelsen concedes that “regulating this type of technology is complex”.

But the EDPB report might guide the development of a common EU approach to regulating smart glasses in much the same way that early, fragmented national positions on cookies and ad tech eventually converged into harmonised guidance, according to law firm Gerrish.

French regulator CNIL has already called for enhanced vigilance on smart glasses. “The rise of smart glasses could give rise to a significant risk of widespread surveillance and its trivialisation . . . The relatively moderate cost of these devices could lead to a saturation of the social space by sensors,” it said.

Any restrictions will probably be met by strong protests from tech groups, given the glasses commercial importance. Counterpoint Research forecasts more than \$1tn will be spent on wearable devices between now and 2032.

But the concerns among campaigners about what social media has done to a generation of children show the risks for governments in Europe and beyond of allowing tech companies free rein.

richard.milne@ft.com

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COMPANIES & MARKETS

Technology

Google launches AI video games tool

Tie-up with Unity allows users to bring ideas to life with simple text prompts

CRISTINA CRIDDLE — SAN FRANCISCO

Google is launching a platform that lets users create video games from a simple text prompt, partnering with gaming-tools developer Unity for more sophisticated experiences as AI disrupts the industry.

The Big Tech group and Unity unveiled the product called Playground yesterday as the companies moved to capitalise on Google's success with so-called world models, a type of artificial intelligence that aims to understand the physical world and process more than language.

“Game creation has historically been limited to a very select group with technical experience,” Google said in a blog post. “Playground lowers the barriers to creation, so bringing game ideas to life can now be as easy as describing it through a few prompts — no coding experience required.”

Unity Spark, a more advanced software option, will later this year be integrated within the product, which uses Google's models, other frontier offerings and its own existing technology.

"Creation is the new consumption," added Matthew Bromberg, chief executive of Unity, arguing that those creating short-form video will turn to interactive formats including games.

Google launched its world model Genie 3 last year and in January released a prototype for using Genie to create worlds and characters. Gaming stocks plummeted shortly thereafter on fears that the advances could render the game-developer sector redundant.

Unity at that time suffered its worst single-day drop in nearly four years as its shares plummeted more than 20 per cent. Since then, its shares have largely recovered; at Tuesday's close the company was valued at \$19.8bn.

Bromberg said the market reaction was a "misunderstanding" of how AI would affect the \$200bn games industry. "AI doesn't replace software; it uses it," he told the FT.

“We have absolutely no interest in the idea of one-shotting a game, this idea that you can make something in 10 seconds,” he added. “We are building a tool with the idea of creating beautiful, interactive entertainment, not regurgitating the median that language models will regurgitate, having been trained on every game ever made.”

Gamers have been vocal in their criticism of AI, for both the risk it poses to artists and developers who create games, as well as its impact on the quality of games.

There have been a number of AIgenerated titles that have appeared to closely mirror existing titles. In January, the developers of puppy-themed horror game Haunted Paws accused a rival title, Ghostly Whiskers, of using AI-generated assets to copy their visuals and story.

Last year, Landfall, the co-developer of the hit climbing game Peak, criticised a copycat title called Peaked Climbing, saying it had been reporting “AI slop” imitations. Sony subsequently removed both titles from the PlayStation Store.

"Asking AI to recreate a game that's already been made does not make you a famous game developer any more than typing the first paragraph of War and Peace into a word processor makes you Tolstoy," said Bromberg.

Financials

---

Debt investor Arini's master fund suffers losses of 16%

COSTAS MOURSELAS, ROBERT SMITH AND EUAN HEALY

London credit investor Arini Capital Management's flagship fund has suffered losses of almost 16 per cent this year, after a string of soured bets on the debt of financially troubled companies.

Arini, one of Europe's fastest-growing credit hedge funds, suffered estimated losses of 7.6 per cent in September in its master fund, according to people familiar with its returns, taking its year-to-date losses to 15.7 per cent. Final performance figures for September will be determined later this month.

September was the third consecutive month of losses for the largest fund of the \$22bn-in-assets credit specialist, after it shed almost 8 per cent in July and close to 1 per cent in August. Arini's master fund accounts for around \$7.3bn of its assets, according to a person familiar with the matter.

Arini, which in little over five years has grown into one of Europe's most prominent players in the market for higher-risk corporate debt, is ensnared in several situations where lenders are braced for potentially large losses in restructuring negotiations.

It has large positions in the debt of struggling telecoms companies Altice International and Brightspeed, as well as owning Aston Martin bonds that suffered when the luxury-car maker moved some of its most valuable assets out of creditors' reach.

Top-ranking bonds at Altice are now trading at less than half their face value, as restructuring talks continue with the group's owner, Patrick Drahi.

Arini is part of a subset of senior creditors that is pushing for a deal that would give them a preferential payout compared with their peers in any restructuring.

Bonds and loans at Apollo-backed Brightspeed have continued to crater in value as the high-speed internet provider has begun negotiations about ways to tackle its \$10bn debt pile.

Hamza Lemssouguer, a former star trader at Credit Suisse, established Arini in 2021. The hedge fund's high-octane strategy has previously yielded outsized results, earning a return of 73 per cent over its first four years.

Arini declined to comment.

Electric slide Jaguar leaps into luxury EV market

Big moves: Jaguar's Type 01 model is a bold departure from the marque's historic design ethos and its \$130,000 starting price tag is a deliberate effort to push into the premium segment

Jaguar has muscled into the luxury electric-vehicle market with a £130,000 model intended to “stand out” for its bold design and size, as the marque warned that EVs risked becoming “a commodity” if they all look the same.

The EV launch comes almost two years after Jaguar released a 30-second ad with no cars, instead featuring models dressed in brightly coloured outfits. The rebranding exercise was excoriated on social media with some car enthusiasts and activists accusing the 91-year-old brand of “going woke” and “throwing away heritage”.

Rawdon Glover, Jaguar Land Rover's managing director, said one lesson from the social media backlash was that its new model could not "just be about change". While the Jaguar Type 00 prototype was in bold pink, the new Jaguar Type 01 comes in more muted colours such as silver and blue.

Still, the all-electric model, with a range of up to 450 miles, is a departure from its historic design ethos. At 5.2 metres, the four-door grand tourer is enormous, with 23-inch wheels, a low roofline and a long bonnet. The

"leaper" — its leaping-jaguar emblem — is no longer on the front but is laser-etched in the side of the vehicle.

With a starting price of £130,000 in the UK and \$130,000 in the US, the EV will be double the price of its previous comparable models – a deliberate attempt to push further into the premium segment following more than a decade of flagging sales.

"We need to put Jaguar back on a firm footing," Glover said, adding that

---

'You don't buy a 5.2-metre four-door GT that looks like that if you don't want to make a dramatic entrance'

it aimed to become “commercially relevant” by selling fewer cars at higher prices.

JLR, owned by India's Tata Motors, will target younger customers who want to "stand out". "You don't buy a 5.2-metre four-door GT that looks like that if you don't want to make a dramatic entrance," Glover said.

If all new EVs complied with "current archetypes", such as short bonnets and skinny wheels, Glover added, "they start to look homogenous and it becomes a commodity".

Ferrari and Bentley have launched their first electric models this year.

However, Jaguar is the only marque to go fully electric at a time when petrol vehicles continue to generate higher margins and attract loyalists who prefer the roaring noise of the internal combustion engine.

Some analysts have questioned whether Jaguar's makeover will succeed, even as Ferrari has achieved its sales target for its new EV despite an initial outcry over the Sir Jony Ive-designed model.

“In the US, there was such a backlash from the more rightwing elements of our population, I think less because of the design itself, but because of . . . the perception of ‘wokeness’, which seemed to put a lot of people off,” said Ed Kim, chief analyst at AutoPacific, an automotive market research group. Kana Inagaki in London and Christian Davies in New York

Automobiles

Porsche aims to raise price of top models by 20% in bet on exclusivity

KANA INAGAKI — STUTTGART

Porsche aims to raise the average price of its most expensive models by about 20 per cent by 2030 as the German sports-car maker echoes Ferrari's strategy of using exclusivity to boost profits.

Chief executive Michael Leiters outlined a years-long plan at an investor day yesterday to revive Porsche's fortunes by selling fewer but more upmarket cars following a costly unwinding of its electric vehicle ambitions last year.

“We want to further elevate our positioning, protect the exclusivity of Porsche and gain pricing power,” said Leiters, the former McLaren boss who took over in January. “This brand has a lot of power.”

The average price of Porsche's top models will increase to more than €330,000 by the end of the decade from about €270,000 this year while the proportion of its portfolio made up of top-end models is expected to rise to 45 per cent from a third currently.

Porsche's shift towards higher-margin sports cars and limited editions of exclusive models echoes a signature Ferrari strategy that has helped the Italian car-maker achieve an industry-beating operating profit margin of 30 per cent.

Porsche historically contributed out-

---

‘We want to further elevate our positioning . . . This brand has a lot of power’

Michael Leiters, chief executive

sized profits to the Volkswagen Group thanks to explosive growth in China.

But its fortunes have reversed dramatically as sales plummeted in the world's largest car market and it was hit by higher US tariffs. The company has also taken huge writedowns to reinvest in petrol models that it abandoned during a major pivot to electric cars.

Leiters' strategy will result in a much smaller Porsche with the company reducing the number of vehicles it needs to sell to turn a profit to fewer than 200,000 units.

The group delivered about 320,000 cars in 2023 when it had an operating profit margin of 18 per cent but last year its margin plunged to 1.1 per cent on deliveries of roughly 280,000 cars.

The group yesterday maintained its target to achieve an operating profit margin of 10 to 15 per cent and an automotive net cash flow margin of up to 12 per cent by 2030. It will target a profit margin of 15 per cent by 2035.

Porsche is betting on a new combustion-engine version of its best-selling Macan, due in 2028, to revive its profits and offset falling sales in China.

It also plans to unveil a new SUV, which will come in petrol and plug-in hybrid versions, in the same year and develop a new super-sports car to be priced higher than its signature 911 model.

UBS analyst Patrick Hummel said Porsche should “comfortably” return to double-digit profit margins by the end of the decade if Leiters was successful in executing his strategy.

“It’s replicating what Ferrari has been successful at,” he added. “Porsche also has the potential to [sell] more at the upper end and offer more exclusivity with the right models.”

Technology

SpaceX seeks \$40bn to acquire Nvidia chips

MICHELLE CHAN AND

SUJEET INDAP — NEW YORK

STEPHEN MORRIS AND

MICHAEL ACTON — SAN FRANCISCO

Elon Musk's SpaceX is seeking to raise \$40bn to buy Nvidia chips as the AI and rocket group amplifies its bet on the chipmaker's advanced technology.

The company is seeking to raise about \$10bn in bank loans and \$30bn in investment-grade debt to fund its blockbuster chip order, according to people familiar with the matter.

Private capital group Apollo is expected to lead the financing effort and help sell the debt to a broad base of investors. Bond group Pimco was among a small group of lenders in talks to fund the deal, the people said. The transaction is set to close next year.

SpaceX's financing plans underscore the vast sums being raised to pay for investments in data centres, chips and other infrastructure underpinning AI.

Insurance and pension funds would be able to buy SpaceX's debt owing to its BBB credit rating, the second-lowest investment-grade ranking. Such funds take much more limited positions in junk-rated notes.

Apollo and Pimco declined to comment. SpaceX and Nvidia did not respond to requests for comment.

The deal would strengthen ties between SpaceX and Nvidia, after Musk

---

Apollo is expected to lead the financing effort and help sell the debt to a broad base of investors

vowed to double down on the group's tech for his AI initiatives. It would also mark a win for Nvidia, as it contends with competition from chipmakers.

“We’ve decided to build exclusively on Nvidia because we think the Vera Rubin architecture is the best architecture,” Musk said during SpaceX’s earnings call in August, referring to Nvidia’s cutting-edge AI platform.

"We think it's the best AI computer, and we greatly value our close co-operation and partnership on many levels with Nvidia."

SpaceX secured an investment-grade rating shortly after its \$86bn initial public offering in June. It sold \$25bn in high-grade bonds less than two weeks later.

But the bonds sold off in the following days owing to concerns over its mounting debt and heavy capital expenditure.

Its bonds maturing in 2056 are trading at about 85 cents on the dollar, with a yield at about 2.27 percentage points above US Treasuries, similar to the level of junk bonds, according to Market-Axess data.

Apollo also led a \$35bn chip-financing deal in June for processors made by Nvidia rival Broadcom, marking the largest private-credit transaction at the time.

In August, Nvidia announced that it was working with some of the largest firms on Wall Street on a \$500bn funding platform. The consortium aims to create pools of third-party capital to finance the acquisition of Nvidia's chips.

Oil & gas

Exxon hopes Trinidad can repeat Guyana's boom

VERITY RATCLIFFE — LONDON

JOE DANIELS — BOGOTÁ

ExxonMobil is looking to replicate off the coast of Trinidad and Tobago the oil and gas boom that has been enjoyed by Guyana, the company's head of exploration said, as it pursues expansion in the basin to the east of Venezuela.

The energy major has found success in developing one of the world's largest oilfields offshore from neighbouring Guyana, as the biggest shareholder in the Stabroek block.

"A lot of people ask, 'Well, where's the next Guyana?' John Ardill, vice-president, head of global exploration, said. "In Trinidad, we moved in as a play extension to Guyana."

Development in Trinidad and Tobago was occurring at a much faster pace than in Guyana, said Ardill. Exxon had negotiated a production-sharing agreement with the government within seven months “which is about half as long as it usually takes on a good day”.

It typically took about a year to secure a vessel to begin acquiring seismic data over a prospect. In Trinidad and Tobago, however, the process was completed in just six months, Ardill said. "That's a record time," he added.

The government of the dual-island nation this year aligned itself with the

An LNG facility in the dual-island nation of Trinidad and Tobago, which is dependent on the energy sector

Trump administration in officially recognising Venezuela's interim president Delcy Rodríguez, seen as paving the way for greater energy co-operation.

BP, Shell, and the government of Trinidad and Tobago are pursuing cross-border agreements with Caracas and Washington to supply the country's LNG industry with Venezuelan gas.

The southern Caribbean nation has also attempted to build a tourist economy to supplement its dependence on the oil and gas sector, which began when its first oil well was drilled in 1857. Crude output peaked in the late 1970s and has fallen steadily, with a shift to gas and petrochemicals since the 1990s.

A revival of Trinidad and Tobago's oil industry could ease the strain on the country's finances, which have been hit by shortages of LNG feedstocks in recent years.

BP and Shell each own 45 per cent of Atlantic LNG, the main gas-export plant, with the remainder held by the state-owned National Gas Company of Trinidad and Tobago.

Ardill said that Exxon would make a decision on where to drill its first well by mid-2027. "If we're successful with that well, we can deploy the Guyana development model – which is extremely fast – and we also have the AI tools developed in Guyana."

The US oil major sees its success in Guyana as vindication of its strategy to keep investing in exploring for oil and gas even when some competitors stepped back.

COMPANIES & MARKETS

Capitec soars after ditching banking norms

Largest South African lender by customer numbers sets its sights further afield on the back of runaway domestic success

1. 2017年1月1日

MONICA MARK

When Capitec Bank opened its doors in 2001, few expected that a start-up based on rejecting almost every convention of South African banking would last long in the continent's most sophisticated financial market.

Gone were the armed guards stationed outside fortress-like branches, and cashiers behind bars and thick bulletproof glass.

Capitec opted for cash-light branches, built near bus stops and town centres with longer opening hours for working Black commuters. Most radically, it dispensed with the conventional wisdom that lower-income South Africans were not worth banking.

Two decades later, the lender that grew out of a handful of payday loan shops boasts 26mn clients, making it South Africa's largest bank by customer numbers.

Its rise has drawn comparisons with Brazil's Nubank, which similarly built a mass-market franchise around simple, low-cost banking before expanding across Latin America.

While Capitec achieved its growth in a single country, the lender is now setting its sights beyond South Africa.

“They reshaped the South African banking landscape but a banking success like this is unusual globally,” said TJ Strydom, author of Stalking Giants, a history of the bank. “They waged a price war on all the established banks and they did this while expanding financial inclusion.”

At the end of each month, queues snaking around a building housing a Capitec ATM in downtown Johannesburg's working-class district reflect the scale of a bank that says it serves more than half of South Africa's adult population.

“My salary goes into Capitec but once I get home, everything is cash,” said Thami Ntuli, a security guard who uses banknotes for everything from haircuts to groceries in his Soweto township.

Like many customers, he is paid electronically but earns and spends money in a vast informal economy that runs largely on cash.

That divide between digital banking and a cash economy is at the heart of current government policy – and Capitec's ambitions.

As part of efforts to revive an economy that has stagnated for more than a decade, policymakers are embarking on the biggest overhaul of the informal business sector in the democratic era.

Capitec chief executive Graham Lee told the FT this year that the bank's next phase of growth lay in extending financial services to the entrepreneurs and small businesses that drive an informal sector estimated to account for about a quarter of South Africa's GDP.

“Capitec was built on the conviction that South Africa’s majority were creditworthy and underserved,” he said. “Twenty-six million active clients later, I think that thesis has been proved.”

While the bank's breakneck retail growth would inevitably slow as it became “a significant proportion of South Africa”, the next opportunity lay in business banking – particularly serving small companies and “people with hustles”, he said.

The pivot may not be as straightforward. With about 85 per cent of South African adults now holding a bank account, growth will increasingly depend on persuading customers to move – and business clients are typically the hardest to win, analysts said.

"There's a saying that it's far easier to get a divorce than to change a business bank account," said Asief Mohamed,

Branching out: Capitec ended the conventional wisdom that less well off South Africans were not worth the provision of banking services Gulshan Khan/FT

chief executive of Cape Town-based Aeon Investment Management. “We are happy with the prospect of small-business growth but it’s not going to be as fast as in the individual market.”

Whether Capitec can repeat its retail success will define its next chapter.

“Capitec won by doing one thing brilliantly – making banking simpler and cheaper,” said David Shapiro, chief global equity strategist at Otto1890. “The question now is whether it can preserve that DNA as it grows into a much broader financial-services group.”

Capitec emerged as South Africa's financial system was being reshaped by the end of apartheid, during which the Black majority was excluded from owning property in urban areas, building up assets or accessing formal banking and credit.

After democracy in 1994, demand for credit exploded. "Freedom was in the air," Strydom said, and for many access to credit became a symbol of participation in the new economy.

South Africa's century-old Big Four banks – Standard Bank, First National Bank, Nedbank and Absa – were slow to adapt to the country's newly bankable majority.

"The incumbents were, in a sense, asleep," said Mohamed. "They had a lot of legacy systems and it was difficult for them to switch to a different mindset."

A rash of payday microlenders stepped in to fill the vacuum with some controversial lending practices.

Capitec's founders bought two payday loan shops, professionalised them and

'Capitec won by doing one thing brilliantly – making banking simpler and cheaper'

later used them as a springboard into banking. An unusually hands-on management team also set Capitec apart.

“Before they opened the branch, they used to go to the taxi ranks, talk to the people, spend a day there,” said Mohamed, leading to branches far from traditional banking districts.

Capitec would launch a product only if it could offer it at least 40 per cent cheaper than rivals, Strydom said, driving down transaction fees across the industry and forcing legacy banks to rethink their retail business.

"There are many things that Capitec did that became the norm," he added.

Attention is shifting to what remains outside the banking system. Statistics South Africa estimates that 5.7mn people – a third of workers – are employed informally while many more depend on township businesses, spaza shops and street traders for their livelihoods.

Although most now have bank accounts, much of that economic activity remains invisible to lenders and policymakers. The lender said its business clients rose 71 per cent to 456,000 in the year to February.

Last year, Gerrie Fourie, a former Capitec chief executive, sparked a heated national debate when he suggested that South Africa's official unemployment rate of about 30 per cent was closer to 10 per cent if informal economic activity were taken into account.

The remarks prompted talks between Fourie, Statistics South Africa, the Presidency and National Treasury, culminating in an agreement to begin developing a register of informal enterprises.

That coincided with the biggest rewriting of business rules since the early 1990s, including making it easier and cheaper for informal businesses to register.

Others are eyeing Capitec's mass-market crown. Pepkor, the African retail group behind Pep, Ackermans and Bradlows, is building a banking business around many of the same lower-income consumers who fuelled Capitec's rise.

Its PlusB banking venture aims to build on an existing financial services business spanning lending, insurance, money transfers and bill payments rather than starting from scratch.

More than 32mn customers visit its stores every year and its network of more than 6,000 outlets is larger than the combined branch footprint of South Africa's four biggest banks.

Still, after posting record profits for four straight years, Capitec is looking to launch beyond South Africa within five years, Lee said. “We’re scanning for markets where . . . what we’re good at can translate into a meaningful difference in that country. Right now, the world is open.”

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Financials

Goldman joins list of EY data breach victims

HARRIET AGNEW, STEPHEN FOLEY, TOM WILSON AND JOSHUA FRANKLIN

Clients of Goldman Sachs' wealth management division and UK-listed hedge fund Man Group are among the victims of a major data breach at Big Four accounting firm EY, according to notifications sent out in recent weeks.

The disclosures widen the circle of victims of a hacking incident in March and April that the accounting firm first disclosed in July. It stemmed from a vulnerability in Checkmarx software, which had an impact on EY, several clients and many other organisations, EY said.

Months after the attacks, EY has warned individuals who were clients of firms using EY's tax services – including Goldman Sachs, Man Group and real estate developer Tishman Speyer – that their personal and financial information had been compromised.

Cyber security has become a highly sensitive issue at professional services firms, which pitch themselves as expert advisers on the topic. Firms such as EY process client data on their systems and must take extensive precautions to prevent leaks, including negotiating bespoke terms with technology providers to segregate data on shared cloud infrastructure.

Letters sent to the affected clients at the end of last month said that between

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‘[The hack] did not impact broader EY enterprise systems and presents no threat to ongoing business’

March 28 and April 12 an “unauthorised third party” downloaded documents pertaining to EY clients. The letters, which were signed by Robb Canning, EY’s New York-based deputy ethics and compliance officer, said that affected personal information included “name, address, tax identifier, email address, financial information”.

EY in July reported the incident to regulators in California, Texas, Massachusetts and Vermont. Notice to the state attorney-general is required when a single breach affects a number of residents over a given threshold.

The same month, the largely anonymous cyber criminal group ShinyHunters claimed responsibility for the hack.

Goldman told its wealth management clients last month that EY had hired an independent cyber security firm to confirm that systems involved in the incident were now secure. Goldman and Man Group said their internal systems were not affected. Tishman Speyer's systems were also not compromised.

EY said the incident “did not impact broader EY enterprise systems and presents no threat to ongoing business”. It added that a review of the affected data was in its final stages, with the results being communicated “directly to clients as the review process concludes”. Additional reporting by Ellesheva Kissin in London

UK COMPANIES

Retail

Canada's Weston family to buy Boots

Deal worth \$8.9bn marks UK chain's second change of owner in barely one year

IVAN LEVINGSTON AND LAURA ONITA

The Canadian branch of the Weston family has agreed to buy Boots in an \$8.9bn deal that marks its second change of ownership in little over a year and ends Stefano Pessina's 20-year association with the UK health and beauty retailer.

The Westons, who own the grocery chain Loblaws and pharmacy retailer Shoppers Drug Mart, said yesterday that they had entered into a definitive agreement to buy Boots from private equity firm Sycamore Partners.

“We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come,” said Galen Weston Jr, chair of the family’s Wittington investment vehicle, who will become chair of Boots.

Sycamore acquired Boots last year as part of its \$23.7bn purchase of parent company Walgreens Boots Alliance, in partnership with Pessina and his family.

After the takeover, Sycamore split the group into five standalone companies, one of which was Boots. Pessina and his family hold a 44 per cent stake in each.

With his partner Ornella Barra, Pessina has been closely involved with Boots since the pair merged it with their European pharmaceuticals business Alliance UniChem in 2006.

Pessina then teamed up with private equity firm KKR to take took Boots private the next year before reversing the UK chain into Walgreens. “We are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage,” Pessina said in a statement.

Toronto-based Fairfax Financial Holdings, which has investments in the retail sector, partnered with Wittington on the deal. Sycamore and Pessina will retain ownership of Boots' interests in Mexico's Farmacias Benavides and Germany's Alliance Healthcare Deutschland, with the deal expected to close in the first quarter of next year.

The deal marks a return to UK retail for the Westons almost five years after they sold luxury department store Selfridges for £4bn to a Thai conglomerate. The British branch of the family controls fast-fashion chain Primark and owns upmarket department store Fortnum & Mason.

Performance at Boots has improved in recent years, partly driven by investments in its beauty halls in some stores. — one of the more durable corners of consumer spending – although many of its 1,800 stores have still received little investment

The sale of the chain ends the prospect of Sycamore floating Boots on the London stock market, an IPO that would have provided a badly needed boost to the struggling market.

Nottingham-based Boots recently appointed former Currys boss Alex Baldock as chief executive.

CIBC and Morgan Stanley were lead financial advisers to Wittington while Skadden and A&O Shearman provided legal advice. UBS and Rothschild were lead financial advisers to Boots, with Davis Polk acting as legal adviser to the group.

Financial services

VW car loans unit sets aside £725mn for client redress

KANA INAGAKI

Volkswagen has set aside £725mn to cover costs relating to the car finance mis-selling scandal, marking the biggest figure yet for a car manufacturer and raising the total hit to the automotive industry to more than £1.5bn.

Volkswagen Financial Services, the UK financing arm of the German carmaker, said it would take a £725mn provision but added that there remained “uncertainty over the final outcome” of the redress scheme put in place by the Financial Conduct Authority.

The multibillion-pound scandal stems from poorly disclosed commissions paid to dealerships when car buyers took out loans.

The financial arm of Stellantis, which owns Vauxhall, Peugeot and Fiat brands, recently said its charge related to the motor finance scandal had risen to £221.3mn at the end of December, from just £37.1mn in 2024. In a filing last month, BMW Financial Services (GM) said it had set aside £611.6mn.

The UK financial arm of Mercedes-Benz has set aside about £400mn in provisions to cover the costs of any claims made under the scheme, according to a person familiar with the matter. The company declined to comment.

The disclosures come after the FCA presented scaled-back proposals in March for a redress programme that it predicted could cost lenders £9.1bn.

The UK regulator was forced to partially suspend the scheme due to a legal dispute with lenders and consumer groups, delaying the start of billions of pounds in payments by lenders to millions of British consumers, which the FCA had initially hoped would begin this year. It leaves the FCA's redress scheme in the balance, as it risks being abandoned if the tribunal upholds any of the challenges.

VWFS said the final cost could “vary materially” from the current provision. Stellantis Financial Services UK and the UK financial arm of BMW have also warned that “uncertainty” remains over the final cost and timing of payments to customers.

VWFS, Mercedes-Benz Financial Services and Crédit Agricole Auto Finance have appealed against the FCA scheme.

Limbering up Frasers takes 8.8% Under Armour stake

US sportswear group Under Armour is focusing on selling more premium goods that command higher margins amid pressure on sales and a plunge in its share price since 2015

Frasers Group, the retailer controlled by tycoon Mike Ashley, has built an almost 10 per cent stake in struggling US sportswear maker Under Armour.

Frasers acquired 16.6mn shares in Under Armour, or 8.8 per cent of the company, according to a filing on October 1 with US regulators.

The company, which is best known as the owner of Sports Direct, has a record of snapping up stakes in other retail chains. It has also been on a dealmaking tear overseas as it seeks to grow beyond its home market.

In August, it raised its stake in German fashion brand Hugo Boss to 48 per cent, just a week after acquiring struggling UK department store Harvey Nichols.

Founded by former American football player Kevin Plank in 1996, Under Armour enjoyed explosive growth as it took market share from Nike and Adidas.

But shares in the Baltimore-based company have plunged since peaking in 2015, after a botched expansion into “athleisure wear” hurt investor confidence.

Plank, who is attempting to revive

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'[The Under Armour brand is facing a] challenging consumer demand environment'

the brand, said in August he was focused on simplifying the business and selling more premium goods at full price, which typically have better profit margins than discounted goods.

The retailer posted a 3 per cent drop in revenue to \$1.1bn in the three months to the end of June, dragged down by a weak performance in North America.

Plank said the brand was facing a “challenging consumer demand environment” – an issue also affecting many of its larger peers. Those include Nike, which last week set out plans to cut jobs and said it was expecting a decline in revenue in the coming year as sales stalled in markets from the US to China.

Last year, Frasers acquired The Webster, a US luxury retailer, while in Australia it built a sizeable stake in footwear retailer Accent Group and in June it launched a hostile takeover bid for the business.

Frasers has also expanded through acquisitions in South Africa as part of a broader push to build an international retail group.

Group revenue rose 8.7 per cent to £5.3bn in the year to April 26, driven by international revenue growth of 59.2 per cent. FT reporters

Industrials

Ineos arm's oil and gas earnings offset chemicals downturn

ALICE HANCOCK

A surge in oil and gas earnings in a division of Sir Jim Ratcliffe's Ineos empire has masked a sharp deterioration in its chemicals portfolio and widening losses in its carmaking arm.

Ineos Industries, which operates several of the conglomerate's petrochemicals businesses as well as its energy and automotive companies, reported a pretax loss of €2.2bn last year, according to accounts posted at Companies House.

The division makes up about a third of total revenues at conglomerate Ineos. It posted losses of €2bn in 2024.

Revenues last year dropped 10 per cent to €15bn in Ineos Industries' petrochemicals business, which has been battered by high energy costs, competition from Asian imports into Europe and weak demand. Adjusted earnings in the division fell a quarter to €622mn.

But that was offset by improved earnings from Ineos Industries' energy division, which includes offshore oil and gas production in the UK and US, with a rise of 41 per cent to €935mn last year.

The figures underline the dire state of Europe's chemicals industry. Ineos said last month that it would idle three of its UK plants due to "ridiculously high" energy prices, pointing to gas prices in Europe of up to 12 times that of the US.

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'Conditions remain difficult, particularly for manufacturing businesses [with] high energy costs'

Ineos said its commodity chemicals division Inovyn, which produces basic industrial chemicals and PVC, had been hit by “strong competitive pressure from Asian imports” and low demand in Europe.

James Hooper, a senior analyst covering European chemicals at Bernstein, estimated that as much as 9 per cent of European chemicals production could close “in the next few years”.

While oil majors have turned to petrochemicals as a source of growth, Ineos has expanded its offshore oil and gas assets, particularly in the US.

Ratcliffe, whose conglomerate also includes fashion, cars and ownership of sports teams such as Manchester United, has long been a critic of Europe's green agenda and the impact it has on investor sentiment, although the group is in the process of making a €4.8bn investment in a plant in Antwerp.

Bond investors have raised concerns about Ineos' heavy debt position and the sprawling nature of the Ineos empire.

Ineos Industries ended 2025 with €8.4bn of external borrowings alongside a further €8.8bn owed to “related parties”. It was also hit by a €333.5mn impairment charge on development costs in its automotive division.

Ineos said its car division had a "hugely challenging year", in large part thanks to the imposition of US tariffs.

It said Ineos Industries had delivered a “resilient performance” in 2025 “despite some of the most challenging conditions European manufacturing has faced in decades”.

It added: “While conditions remain difficult, particularly for manufacturing businesses exposed to high energy costs and carbon taxation, Ineos continues to invest for the long term.”

Banks

HSBC to axe jobs across wealth operation

ORTENCA ALIAJ

HSBC is planning sweeping job cuts in its UK wealth management business, drastically reducing its ranks of financial advisers and other specialists as part of a push to use AI to help serve wealthy clients.

The bank will cut roles across its UK wealth business, according to people familiar with the plans. About half of the business's management and specialist roles are expected to go, while the reduction in the ranks of financial advisers will be closer to 70 per cent, one of the people said.

One person described the cuts as "deep, wide and brutal", adding that almost entire teams would be made redundant. HSBC does not break down how many people it employs in its UK wealth business, but it is thought to have hundreds of relationship managers based across the country.

The bank is in a “consultation period” regarding the proposed changes, according to one person familiar with its plans. Affected staff are expected to leave the bank at the end of the month.

“We’re continuing to evolve to deliver more digitally enabled products and journeys to support our best-in-class wealth service and meet the changing needs of our customers,” the bank said.

The redundancies come amid debate about whether the widespread adoption

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‘We are empowering relationship managers with AI to help them serve customers faster’

of AI will help boost the productivity of existing staff or allow companies to operate with far smaller workforces.

They also appear to mark a reversal from two years ago when HSBC embarked on a hiring spree to grow the UK's wealth and private banking operations with an ambitious target of doubling assets under management to £100bn by the end of the decade. It had just over £62bn in assets at the end of last year.

The move follows the departure of José Carvalho, HSBC's head of wealth and personal banking in the UK, who announced he would step down from the role in a LinkedIn post last month after three years.

HSBC chief executive Georges Elhedery has made AI a central part of his strategy to simplify the bank since taking the reins in September 2024. He also pledged to reduce the bank's headcount by stripping out layers of management and eliminating duplicate senior roles.

In a report published this summer titled “Our strategy – built on trust, accelerated with AI”, Elhedery singled out wealth management as one of the areas where it could have the most impact.

“We are empowering relationship managers with AI to help them serve customers faster, while at the same time personalising the experience by providing more relevant customer support,” he wrote.

Industrials

Royal Mail to shed 2,500 non-delivery roles

JASON MA

Royal Mail is to cut 2,500 jobs as the ailing postal service owned by Czech billionaire Daniel Křetínský seeks to reduce costs to fund a £500mn plan to improve delivery times.

The former state-owned company said the job losses, to take effect 2028, would be in administrative and support roles and would not involve those in customer-facing positions, such as mail delivery workers and delivery drivers.

Alistair Cochrane, Royal Mail chief executive, said the changes would remove “duplication” and allow it to “invest further in the service”, as the company attempts to reorientate itself away from letters to parcel delivery.

The job losses, which will affect fewer than 2 per cent of Royal Mail's 131,000 staff, are the first since Křetínský paid £5.3bn for the business last year.

Royal Mail has long struggled to meet delivery targets and has lagged behind in an evolving industry. The £500mn investment plan was unveiled in April after Křetínský's takeover. The company said in June that it had managed to deliver only 75.7 per cent of first-class mail on time; its target was 93 per cent.

Communications watchdog Ofcom has launched a probe into “unacceptable” delivery levels at Royal Mail and

Losses will affect fewer than 2% of the 131,000 staff at Royal Mail, which was bought last year for £5.3bn

last year fined the company £21mn for missing delivery targets.

Křetínský told the House of Commons business and trade committee in March that he was “deeply sorry” for the state of the business.

Royal Mail said this year that it would scale back services, including reducing the number of delivery days for second-class post. It said the changes had helped improve first-class delivery times by 9 per cent year on year.

It is also attempting to push further into the parcels market, competing with the likes of Amazon, DPD and DHL. Last month it bought Quadient UK, which owns 3,000 parcel lockers. It said cost savings from the job cuts would help fund its growth into parcels.

Martin Walsh, deputy general secretary of the Communication Workers Union, said the job losses were another blow to staff and “further evidence of a company that is demoralising staff and failing to deliver for customers and the wider community.

"We urge the government to confront the reality of a collapsing Royal Mail and intervene to save this national institution."

Unite general secretary Sharon Graham said: “This is not good for employees or customers. It will not improve quality of service and the workforce must not be made the scapegoats for poor decisions made by the company, government or Ofcom.”

Additional reporting by Alice Hancock in London

Equities. S&P 500

AI spending spree sets stage for bumper earnings season

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Profits expected to have risen $27\%$ in latest quarter amid Big Tech's infrastructure drive

GEORGE STEER AND RAMSAY HODGSON — NEW YORK

The US is gearing up for another quarter of bumper corporate earnings spurred by lavish spending on the AI build-out.

The robust growth should help Wall Street shrug off worries about the durability of the AI trade against the backdrop of rising borrowing costs but may do little to allay concerns about how reliant the record-high stock market has become on a small group of technology names.

Reporting season kicks off next week with S&P 500 earnings forecast to have risen 27 per cent in the September quarter from a year earlier, according to Goldman Sachs, propelled by companies at the centre of the AI infrastructure boom.

That would mark the third consecutive quarter in which earnings growth has exceeded 25 per cent – an unprecedented run outside of the recovery from financial crises, according to Manish Kabra, chief US equity strategist at Société Générale. Revenue growth is forecast to hit 12 per cent.

Investors are witnessing “the best earnings and margin growth in our lifetime” thanks largely to capital expenditure on the AI build-out, said Steve Chiavarone, chief investment officer for equities at Federated Hermes.

"People build up concerns . . . that get smashed in the face by earnings," he added.

Wall Street stocks closed at a record high on Tuesday, having largely shrugged off a sell-off in the Treasury market that began in mid-August and accelerated after the US Federal Reserve last month raised interest rates for the first time in three years.

Longer-term borrowing costs have surged to their highest levels in more than two decades as a result. That has heaped pressure on the more interest rate-sensitive segments of the American economy such as financials, real estate and utilities, as well as smaller businesses and consumers.

Still, all 11 S&P 500 sectors are expected to report earnings growth, according to FactSet.

The data provider also notes that a record-high 72 S&P 500 companies have issued positive earnings guidance for the September quarter while the number of businesses issuing negative guidance is at its lowest in five years.

Data for Q3 2026 is an estimate

Source: FactSet

Some market watchers expect the good times to continue. “Neither recent macroeconomic data nor signals relating to the AI investment boom point to a slowdown,” said Ben Snider, Goldman Sachs’ chief US equity strategist.

US energy companies are expected to post bumper profits thanks to the spiralling energy prices triggered by the closure of the Strait of Hormuz that have punished American consumers.

A 30 per cent jump in the price of West Texas Intermediate oil in the third quarter means US-listed energy majors are expected to report a 114 per cent year-on-year jump in quarterly earnings growth, up from a forecast of 79 per cent growth at the end of June, according to data provider FactSet.

Marathon Petroleum and Valero

Data for Q3 2026 is an estimate

A trader on the floor of the New York Stock Exchange. Market breadth has hit its lowest since the dotcom bubble as investors pump money into a narrow range of AI-linked stocks

Michael M. Santiago/Getty Images

Investors are seeing 'the best earnings and margin growth in our lifetime'

Energy are tipped to be among the main beneficiaries.

But the bulk of the market's earnings growth is again set to come from Big Tech, analysts said. Chip group Micron last week gave a preview of things to come when it reported net income of \$37.7bn, up from \$3.2bn a year before.

A small group of large tech stocks – including Meta, Alphabet and Broadcom – is also carrying the broader equity market as rising government borrowing costs and resurgent energy prices weigh on other sectors.

Micron and Nvidia are expected to account for more than one-third of the market's total quarterly earnings expansion, Goldman estimated.

That is fuelling concerns about the narrowness of the earnings growth and the AI-related names underpinning the stock market's highs with several of the companies often customers of and investors in the others.

Market breadth has plunged to its lowest since the dotcom bubble as investors continue to pump money into an increasingly narrow range of AI-linked stocks.

Analysts at Goldman expect capital expenditure by the so-called hyperscalers to have grown at an annual pace of 116 per cent in the September quarter, marking an acceleration from the June quarter's 87 per cent expansion.

Any signs of slowing investment growth would spell trouble for the US economy, according to Pimco economist Tiffany Wilding.

“Economic resilience would then become more dependent on AI-driven productivity gains arriving quickly enough to replace the fading [spending],” Wilding wrote in a note this week.

Our global team gives you market-moving news and views, 24 hours a day ft.com/markets

Equities

Japan to axe hundreds of stocks from Topix index

DAVID KEOHANE — TOKYO

Japan's stock exchange has unveiled a record revamp of the benchmark Topix, with almost 700 stocks at risk of being ejected from an index tracked by passive funds worth almost \$1tn.

The move is part of a wider reform campaign spearheaded by Japan Exchange Group chief Hiromi Yamaji. He has been pushing companies to achieve higher valuations by improving returns and how they interact with shareholders.

JPX has already moved to prune the Topix, with the first phase of reforms culminating at the start of last year that reduced the number of stocks in the index from about 2,200 to 1,700. Removal from the index triggers automatic selling by passive investors, while inclusion drives demand.

The Topix is considered a broader and more representative index than the better known Nikkei 225, which is weighted by price rather than market value. However, the large number of stocks in the Topix has concerned some investors.

The biggest constituents of the Topix are global operators with market caps running into the hundreds of billions of dollars, led by megabank Mitsubishi UFJ Financial, the world's biggest automaker Toyota and technology investor SoftBank Group.

At the other end of the list are compa-

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'The reform could be a positive for Japanese equities by promoting broader value creation'

nies such as Prored Partners, a management consultancy firm with a market cap of ¥3.6bn (\$22.7mn), and Phil Company, a real estate and storage business that is worth only slightly more.

The new rules will be based on relative performance, with companies required to meet liquidity obligations and rank within the top 97 per cent by free-float market cap. New entrants must rank within the top 96 per cent.

That means companies could be ejected from the index if they fail to keep pace with faster-growing peers, which investors hope will encourage competition.

The review announced yesterday found that 683 constituents failed to meet the new criteria and risk eventual removal. At the same time, 35 companies will be added to the index.

The changes to the bottom performers will happen gradually, with full removal scheduled by July 2028.

JPX Market Innovation & Research, the body overseeing the changes, expects the Topix ultimately to contain at least 986 companies, compared with 1,636 at the end of August. The final number will depend on a reassessment in October next year.

Analysts also say the moves should make it easier for passive investors to track the Topix. According to UBS analysts, the index serves as the benchmark for passive assets worth an estimated ¥155tn.

"The reform could be a long-term positive for Japanese equities by promoting broader value creation across corporate Japan," said Chisa Kobayashi, a Japan equity analyst with UBS. See Lex

Australia offers ‘postcard from the future’ for global power storage sector

n the second quarter of this year, something remarkable happened in Australia's main power market. The average wholesale spot price in the National Electricity Market

the National Electricity Market – which covers nine-tenths of the country's population – was 47 per cent lower than a year before.

A key driver — a fall of almost a third in expensive gas-fired generation, due in large part to an explosion in the country's fleet of power-storage batteries.

Relative to population size, Australia now has the biggest national penetration of large-scale batteries, which have become the world's fastest-growing power technology, according to the International Energy Agency.

The Australian power price decline demonstrates how grid-scale batteries can help lower both electricity costs and carbon emissions by storing ultra-cheap wind and solar power during periods of abundant generation and discharging it later.

For the global power storage sector, Australia offers “a postcard from the future”, said Xavier Barbaro, chief executive of renewable energy company Neoen, which has developed several large battery projects in the country.

But it also offers a warning, he added – of the risks of “cannibalisation”.

Battery storage projects have various ways of making money, including providing rapid frequency responses to stabilise the grid. But a grid only needs so much of those so-called ancillary services.

So in markets with strong deployment such as Australia, the biggest source of revenue for battery projects tends to be arbitrage — buying power when the price is low (when solar power surges in the middle of the day, for example) and selling when it's high (typically when household demand spikes in the evening). As Australia's battery storage fleet has boomed, it's smoothed out much of the volatility in the power market. That's good for consumers; less so for the battery operators themselves who have been whittling away the spreads from which they gain profits.

In essence, they've been too effective for their own good.

The installed battery storage fleet on the Australian NEM was more than twice as large in the second quarter as a year before but the sector's revenue was down 56 per cent.

"When batteries first come into a market, they get paid way too much money," said Ed Porter, a director at Modo Energy, a research company focused on battery storage and renewable power. That's because they're competing head-on with expensive gas "peaker" plants to provide power during the evening demand peak.

But once battery storage is deployed at scale, Porter added, “batteries no longer compete with gas; they compete with batteries, and then the price goes down, down, down”.

The cannibalisation threat is a serious one for companies and investors in the space — but one they say they are finding ways to manage.

Barbaro said Neoen had been able to protect its margins in Australia through superior technology and management.

"If you have the right bidding strategy, the right algorithms, the right mix of

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'The hyperscalers have a huge demand for power – they will grab whatever source they can find'

services, you can still be profitable while others are not so able to operate profitably," Barbaro added.

Investors and developers are increasingly focused on safeguarding returns by locking in long-term contracts for battery storage services, said Jeh Vevaina, chief investment officer for energy at asset manager Brookfield.

They are now finding especially strong demand for this from utilities in the US dealing with a historic rise in power demand, notably from data centres.

Big tech “hyperscalers” themselves are eyeing direct contracts with battery projects as they look to sustain their power-hungry AI growth.

Amazon signed a deal giving it control of a large new battery farm in Australia's Victoria state, adding to other contracts with plants that combine renewable generation with battery storage.

The data centre boom will help drive moneymaking opportunities for the battery sector in the years ahead, according to Nischal Agarwal, a partner at Copenhagen Infrastructure Partners, which has invested in storage projects from Scotland to South Australia.

"The hyperscalers have a huge demand for power and they will grab whatever source of power they can find," he said.

For now, he added, many major markets are in “the very early stages” of the battery rollout with the available spread for battery projects still looking lucrative. These include Spain, where a huge rollout of solar power has meant that power prices are often negative — meaning storage operators can get paid to charge their batteries, and then get paid again to discharge them.

For big power groups, battery development is a “natural hedge” against low or negative electricity prices, said Pedro Vasconcelos, executive vice-president of renewable power and flexibility at Engie, which provides energy on six continents. But for the battery sector as a whole, he added, the cannibalisation risk remains a material concern.

"The return expectation is bigger than you would have in wind and solar," he said. "The thinking of investors is: when [the market] shifts, then we will start to cannibalise each other. So there's a concern there on how fast you can get your money back."

Moral Money

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The real price of oil is not revealed by futures contracts

Amrita Sen Markets Insight

his year has shown more clearly than ever that there is no single price of oil. The futures contracts quoted everywhere as “the price”

certainly can't be considered that.

Physical crude prices have always diverged somewhat from futures but the gap has never been this large.

According to Argus Media Group data, the Brent futures price is now only around 60-70 per cent of the landed crude cost in Asia compared with around 90 per cent usually. It represents only 50 per cent of the diesel price, versus the usual 80-90 per cent of the price.

Between 2007 and 2019, the standard deviation of the spread between the spot price for Brent and futures was around \$1 a barrel. This year, it has risen to nearly \$8 a barrel and even exceeded \$20 in September, highlighting how ineffective futures are at capturing the true state of physical balances.

That is even before the cost of shipping, which has increased by anywhere between five and 10 times compared with levels before the Iran war. Prices for Atlantic basin crude landing in Asia are five times higher than prewar levels, primarily driven by higher freight costs.

The value of a barrel of crude oil increasingly depends on where it is, when it is available and how easily it can reach the refinery that needs it.

Flows through the Strait of Hormuz have recovered from their lows of around 2mn barrels a day in April to around 11mn. Total Middle Eastern flows (including on pipeline bypasses) are now around 2.5mn barrels a day below their prewar levels.

But vessel availability is constrained and barrels are taking longer, more complicated routes to reach buyers. A barrel crossing Hormuz is not necessarily a barrel readily available to the marginal refiner.

Not only are futures increasingly unreliable as a proxy for genuine supply and demand, they are also no longer useful as a hedge either and further disconnected from the fuel prices that drive inflation.

There are several reasons for this. First and foremost, the constant jawboning by the US administration to get prices down has left fewer participants in the crude market, according to our data.

The view that the US will do whatever it takes to lower prices before elections

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Futures are increasingly unreliable as a proxy for supply and demand, and no longer useful as a hedge

has dominated sentiment. So despite global crude stocks falling by about 650mn barrels since the conflict began, according to Kayrros inventory data, traders are scared to hold long positions.

This is largely because of the volume of bearish headlines coming from the administration, leaving prices at the mercy of algorithm-driven trading.

Second, the increase in flows through Hormuz is entirely driven by ship-to-ship transfers of crude, a costly process that has pushed shipping costs to record highs with the “very large crude carrier” market in uncharted territory since early September.

The bottom line is that the infrastructure needed to move crude and products has become constrained and expensive.

Higher Hormuz flows reduce the risk of outright shortages but cannot restore the buffers or flexibility that previously kept the marginal barrel cheap. And given the reliance on ship-to-ship transfers, the more oil flows via this route, the higher the floor is for shipping rates, which feeds through to the prices we pay at the pump.

Finally, the shortage of global refining capacity outside of China, the constant attacks by Ukraine on Russian refineries and the shutdown of regional export-oriented refineries in the Middle East have meant products such as gasoline, jet and diesel are at record high prices.

This is why products have been trading at double the price of crude during the past few months, something that has never happened before.

Ultimately diesel and gasoline drive inflation, not crude oil. Crude has always been used as a proxy because it moved in tandem with products and was the biggest driver of product prices.

That relationship has now broken down. In fact, since May, 10-year US Treasury yields have correlated more closely with diesel prices than crude prices for the first time ever.

That is why the US government has now turned its attention to calming diesel prices. Yet, in all the government's efforts to keep crude futures prices lower in the belief it would keep the bond and equity markets in check, the real price of oil has run away.

It is not that those who believed oil would be \$200 due to this conflict were wrong — it was just the choice of financial instrument that was incorrect.

Amrita Sen is director of market intelligence and co-founder at Energy Aspects. Robert Campbell contributed to this article

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The day in the markets

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What you need to know

\- Global stocks fall as semiconductor groups come under pressure on Wall St

• Euro sells off as investors continue to worry about political dynamics in France
• US 30-year government bond yields hit highest level since 2002

Global stock prices fell yesterday as a sell-off in government bonds deepened.

Wall Street's blue-chip S&P 500 was down 0.4 per cent by lunchtime in New York, a day after the benchmark index hit its first record high since August.

The tech-heavy Nasdaq 100 index also fell 0.4 per cent.

"The number one [topic] in the equity space is rising bond yields," said Charles de Boissezon, global head of equity strategy at Société Générale. "We are reaching levels which we haven't seen for a while — and quite fast."

Semiconductor companies, which have been some of the biggest stock market winners in the latest narrow rally, slipped more than the wider market. The Philadelphia Semiconductor Index of US chip stocks was down 1.7 per cent.

Investors and analysts have been betting that technology stocks will drive the US market in a higher bond yield environment.

"We have put the 'broadening trade' on hold in the face of high bond yields," de Boissezon said. "With this level of bond yields, you need the earnings power engine and you need to not be worried about your capacity to roll the debt," he added, explaining his more negative view of small-cap indices that contain more lossmaking companies that are vulnerable to higher borrowing costs.

Across the Atlantic, the pan-regional Stoxx Europe 600 fell 1.1 per cent with Frankfurt's Xetra Dax down 1.4 per cent and London's FTSE 100 off 0.8 per cent.

The euro sold off as investors continued to worry about political and fiscal dynamics in France hurting the rest of the single market, taking the single currency back towards its lowest level against the dollar since May 2025. It fell 0.6 per cent against the dollar to \$1.1190.

"The euro has come under increased selling pressure over the past month," analysts at MUFG wrote, adding that "euro weakness has been driven by

higher US yields and rising fiscal and political risks in the euro area, particularly in France."

Oil prices edged higher, with global benchmark Brent crude up 0.3 per cent to \$100.90 per barrel.

Government bonds came under pressure, extending a recent bout of brutal selling, as investors worried about higher inflation, strong growth and growing debt piles.

The yield on 30-year US Treasuries hit its highest level since 2002, rising as much as 0.09 percentage points to 5.73 per cent. Emily Herbert

Markets update | US | Eurozone | Japan | UK | China | Brazil | Stocks | S&P 500 | Eurofirst 300 | Nikkei 225 | FTSE100 | Shanghai Comp | Bovespa | Level | 7791.44 | 2517.48 | 70035.71 | 10458.50 | 3842.19 | 205003.50 | % change on day | -0.35 | -0.99 | -0.92 | -0.79 | Closed | -0.40 | Currency | $ index (DXY) | $ per € | Yen per $ | $ per £ | Rmb per $ | Real per $ | Level | 102.36 | 1.119 | 158.105 | 1.322 | 6.70 | 4.997 | % change on day | 0.51 | -0.555 | 0.022 | -0.441 | 0.00 | 0.384 | Govt. bonds | 10-Year Treasury | 10-year-Bund | 10-year JGB | 10-Year Gilt | 10-year-bond | 10-year-bond | Yield | 5.31 | 3.47 | 3.07 | 5.38 | 1.68 | 12.95 | Basis point change on day | 0.04 | -0.01 | 0.02 | 0.06 | 0.00 | 0.13 | World / Commods | FTSE All-World | Oil - Brent | Oil - WTI | Gold | Silver | Metals (LMEX) | Level | 754.44 | 100.83 | 89.09 | 4106.46 | 59.89 | 5793.30 | % change on day | -0.70 | 1.69 | -0.39 | -1.38 | -2.36 | -0.01 | Main equity markets

Biggest movers

| * | US | Eli Lilly | 4.25 | Corteva | 4.10 | Ups | Hewlett Packard Ent | 3.60 | CVS Health Corp | 3.37 | Netapp | 3.06 | Downs | Caterpillar | -5.76 | Microchip Technology | -5.35 | Teradyne | -5.29 | NXP Semiconductors | -4.63 | SLB | -4.08 | Prices taken at 17:00 GMT Oct 07

| Eurozone | Novo-Nordisk | 3.40 | Swisscom | 2.87 | Pernod Ricard | 2.77 | Telia Co | 2.52 | Novartis | 2.42 | Fresenius Medical Care | -6.85 | Infineon Technologies | -5.77 | ASM Int'l | -5.15 | Societe Generale | -5.01 | Deutsche Bank | -4.94 | Based on the constituents of the FTSE Eurofirst 300 Eurozone | Avon Technologies | 14.78 | Ocado Group | 9.22 | Baltic Classifieds Group | 6.81 | Bridgepoint Group | 5.36 | B&M European Value | 4.50 | The image contains only dotted lines, which are stylistic or background elements and not text placeholders. According to Rule 2, such lines must be ignored by the OCR result. Therefore, the correct OCR output is empty.

(no text)

All data provided by ICE. www.ice.com | Pennon Group | -20.09 | Playtech | -6.27 | Inchcape | -6.12 | Vistry Group | -5.07 | Hill & Smith | -4.76 | Financials

Blue Owl plans ‘big push’ into insurance following tumult in private capital sector

JAMES FONTANELLA-KHAN, JULIA ROCK AND ANTOINE GARA — LONDON

Blue Owl, the group at the centre of recent turmoil in private credit, is planning a “big push” into insurance to tap a growing source of long-term capital as it seeks to expand into new areas.

Co-chief executive Doug Ostrover said the company was looking to increase the amount of insurance capital that it manages as large alternative investment groups compete to deepen their ties with big insurers. “We are not managing enough capital,” Ostrover said at the FT and Latham & Watkins’ Private Capital Summit in London.

"We're realising that if we had a bigger pool of capital, meaning insurance capital, we could provide really unique solutions . . . It's something we're going to make a big push in," the former Credit Suisse and Blackstone executive added.

Ostrover ruled out Blue Owl acquiring an insurer outright, a strategy some rivals have used to turbocharge growth.

"Apollo bought Athene. KKR bought an insurance business. We're thinking about it more from the balance-sheet-light approach," Ostrover said.

While Blue Owl already manages billions of dollars in insurance assets for Kuvare, in which it has a minority stake, it manages just a small fraction of the insurance assets overseen by larger rivals such as Blackstone. Blue Owl

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'People think defaults are going to be going up. I don't see that occurring'

Blue Owl co-chief Doug Ostrover

recently hired insurance executive Deva Mishra to help its strategy.

The insurance push comes as the private capital industry is braced for consolidation with institutional investors concentrating their allocations among fewer, larger managers, known as general partners (GPs).

"The biggest allocators of capital want to allocate to fewer GPs. It's happening, we see it," he said. "If . . . you're a mid-market PE firm, you invest in kind of everything, you're not an expert in anything. Those are going to get merged up or they're going to fade away."

Ostrover struck a bullish tone on private credit following a difficult period for the industry in which concerns over default risk have prompted wealthy individual investors to redeem money.

Blue Owl's outsized exposure to software groups that could be disrupted by AI contributed to a 40 per cent decline in its share price over the past year.

Ostrover did not rule out an increase in defaults but said that there was a disconnect between how the industry was perceived and the performance of its underlying loans.

Credit performance remained strong, he said, adding that he could “look out 12 or 18 months and feel pretty good that these portfolios will continue to perform . . . I know people think defaults are going to be going up. I don’t see that occurring”. | Day ↩ -0.35% | Month ↗ 0.77% | Year ↗ 15.83% | Nasdaq Composite | New York | AMERICAS

Day ▷ -0.40% Month ▷ 10.71% Year ▷ 45.01%

EUROPE

LONDON

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison

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WORLD MARKETS AT A GLANCE

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Change during previous day's trading (%)

Dow Jones Ind

FTSE EuroFirst

FTSE 100

-0.79%

-0.99%

Nikkei | Sep 07 - Oct 07S&P 500 New York | | Index | All World | 7718.6 | 7791.44 |

Day ▷ -0.69% Month ▷ -4.57% Year ▷ 9.38% | Country | Index | Latest | Previous | Australia | All Ordinaries | 8994.60 | 8993.50 | Australia | S&P ASX 200 | 8727.70 | 8735.70 | Australia | S&P ASX 200 Res. | 7794.00 | 7805.00 | Austria | ATX | 6611.99 | 6792.23 | Belgium | BEL 20 | 5527.87 | 5569.99 | Belgium | BEL Mid | 6408.21 | 6446.93 | Brazil | Bovespa | 205003.50 | 205635.29 | Canada | S&P TSX 60 | 2067.75 | 2099.06 | Canada | S&P TSX Comp | 35083.31 | 35649.51 | 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 | 4496.15 | 4500.83 | Cyprus | CSE M&P GEN | 314.00 | 317.94 | Country | Index | Latest | Previous | Czech Republic | Czech Republic PX | 2565.99 | 2530.42 | Denmark | OMC Copenhagen 20 | 1509.01 | 1552.68 | Egypt | ESL 20 | 5328.10 | 5328.10 | Estonia | OMX Tallinn | 2229.77 | 2228.58 | Finland | OMK Helsinki General | 13630.87 | 13746.36 | France | French CAC40 | 7769.27 | 7865.07 | Germany | SBF 120 | 5897.00 | 5968.63 | Germany | M-DAX | 30112.41 | 30543.27 | Germany | Tec-Dax | 4048.53 | 4099.22 | Germany | XETRA Dax | 25104.36 | 25449.19 | Greece | Athens | 2622.02 | 2686.20 | Greece | FTSE/ASA | 6722.55 | 6898.60 | Hong Kong | Hang Seng | 24130.50 | 24280.56 | Hong Kong | HS China Enterprises | 8082.40 | 8128.97 | Hong Kong | HSCC Red Chip | 4008.30 | 3998.64 | Hungary | Bux | 141308.07 | 143682.55 | India | BSE Sensex | 72838.70 | 73067.81 | Indonesia | Jakarta Comp | 6146.72 | 6192.93 | STOCK MARKET: BIGGEST MOVERS

Hang Seng

Day ▷ -1.22% Month ▷ -2.40% Year ▷ -2.55%

EURO MARKETS

ACTIVE STOCKS | AMERICA | ACTIVE STOCKS | stock traded m's | close price | Day's change | Intel | 51.97 | 113.14 | 0.64 | Nvidia | 40.05 | 238.90 | -2.35 | Micron Technology | 17.87 | 1076.87 | 31.31 | Amazon.com | 16.34 | 258.89 | 2.60 | Super Micro Compter | 16.30 | 44.33 | - | Tesla | 14.38 | 375.67 | -5.01 | Apple | 13.62 | 335.14 | 1.51 | Netflix | 12.69 | 69.28 | 0.59 | Advanced Micro Devices | 11.24 | 641.85 | -7.57 | Huntington Bancshares | 10.99 | 15.12 | -0.21 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Lloyds Bkg Gp | 152.51 | 1.02 | -0.03 | Barclays | 56.40 | 4.32 | -0.15 | Haleon | 40.47 | 3.42 | 0.08 | Glencore | 39.45 | 5.69 | -0.05 | Vodafone | 30.62 | 1.28 | 0.03 | HSBC | 28.02 | 14.08 | -0.64 | BP | 26.67 | 5.62 | 0.01 | NatWest Group | 26.10 | 6.50 | -0.19 | Taylor Wimpey | 25.65 | 0.77 | -0.03 | Centrica | 24.40 | 1.46 | -0.02 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Intesa Sanpaolo | 64.00 | 6.24 | -0.26 | Stellantis | 61.22 | 4.12 | 0.06 | Banco Santander | 27.84 | 12.26 | -0.26 | Banco De Sabadell | 25.96 | 3.59 | - | Enel | 20.45 | 8.73 | -0.11 | Nokia | 11.34 | 9.54 | -0.06 | Banco Bilbao Vizcaya Argentina | 10.73 | 23.43 | -0.85 | Telefonica | 10.31 | 3.43 | 0.05 | Royal KPN | 10.01 | 3.96 | 0.07 | CaixaBank | 8.39 | 11.93 | -0.43 | BIGGEST MOHENS | Close | Day's | Day's | Country | Index | Latest | Previous | Ireland | ISED Overall | 14344.11 | 14470.50 | Israel | Tel Aviv 125 | 3932.42 | 4028.10 | Italy | FTSE Italia All-Share | 52533.03 | 53674.50 | Italy | FTSE Italia Mid Cap | 59769.58 | 60836.18 | Italy | FTSE MIB | 49972.25 | 51261.40 | Japan | Nikkei 225 | 70035.71 | 70683.98 | Japan | Topix | 4154.11 | 4183.56 | Kuwait | KSK Market Index | 8918.53 | 8900.83 | Latvia | OMX Riga | 982.54 | 977.43 | Lithuania | OMX Virus | 1508.72 | 1510.75 | Luxembourg | Luxi | 187.61 | 187.43 | Mexico | IPC Mexico City | 64490.28 | 65312.46 | Malaysia | FTSE Bursa KLDI | 1611.78 | 1633.35 | Morocco | MASI | 16990.77 | 16992.55 | Netherlands | AEX | 1117.75 | 1128.33 | Netherlands | AEX All Share | 1521.75 | 1539.39 | New Zealand | NZX 50 | 13684.04 | 13700.12 | Nigeria | SE All Share | 250096.75 | 250273.50 | FTSE All World | ACTIVE STOCKS | stock traded m's | close price | Day's change | Nippon Tel & Tel | 186.04 | 172.10 | 2.00 | Tokio Marine Hldgs | 100.67 | 516.00 | -6.30 | SoftBank Corp | 79.01 | 240.70 | 1.10 | Rakuten Group | 47.30 | 639.60 | - | Fujikura | 41.81 | 5700.00 | -155.00 | Taiyo Yuden | 34.75 | 11460.00 | 325.00 | SoftBank Grp Corp | 32.91 | 6310.00 | 15.00 | Mitsubishi UFJ | 31.95 | 3622.00 | -49.00 | Archion | 30.00 | 292.00 | - | Furukawa Electric | 29.69 | 4444.00 | -46.00 | Sep 07 - Oct 07 | Xetra Dax | Frankfurt | Index | All World | 26006.53 | 25104.36 | Country | Index | Latest | Previous | Norway | Dilo All Share | 2444.94 | 2466.54 | Pakistan | KSE 100 | 168580.40 | 169460.11 | Philippines | Manila Comp | 5736.69 | 5677.12 | Poland | Wig | 156066.10 | 159012.30 | Portugal | PSI 20 | 9333.76 | 9420.43 | Portugal | PSI General | 6345.98 | 6401.27 | Romania | Romania BET Index | 33562.51 | 33891.15 | Russia | Russia Traded Index in USD | 988.10 | 988.10 | Saudi Arabia | TAHAR/UL All Share Index | 10542.23 | 10589.95 | Singapore | FTSE Strata Times | 5608.44 | 5701.54 | Slovakia | SAX | 320.42 | 321.28 | South Africa | SBI TOP | 3117.11 | 3125.87 | FTSE/JSE All Share | 107104.29 | 108881.47 | South Africa | FTSE/JSE Res | 64069.32 | 65514.16 | South Africa | FTSE/JSE Top 40 | 99394.06 | 101162.20 | South Korea | Kospi | 6803.90 | 6941.39 | South Korea | Kospi 200 | 1073.63 | 1095.83 | Spain | Spain BRX 35 | 19118.00 | 19444.20 | -0.70%

UK MARKET WINNERS & LOSERS | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Novo-Nordisk | 253.90 | 8.35 | 3.40 | Swisscom | 645.00 | 18.00 | 2.87 | Pernod Ricard | 60.86 | 1.64 | 2.77 | Telia Co | 44.70 | 1.10 | 2.52 | Novartis | 120.02 | 2.84 | 2.42 | Downs | Fresenius Medical Care | 37.42 | -2.75 | -6.85 | Infineon Technologies | 60.95 | -3.73 | -5.77 | ASM Int'l | 898.60 | -48.80 | -5.15 | Societe Generale | 63.94 | -3.37 | -5.01 | Deutsche Bank | 29.86 | -1.55 | -4.94 | \$ per € | FTSE 100 | price(£) | % Chg week | % Chg ytd | Winners | The Sage Grp | 10.22 | 5.21 | -5.63 | RELX | 25.99 | 4.13 | -13.94 | Vodafone | 1.28 | 4.12 | 29.20 | Airtel Africa | 3.13 | 4.06 | -11.94 | Autotrader Group | 4.71 | 3.98 | -19.71 | Compass | 23.07 | 3.97 | -2.40 | Whitbread | 24.72 | 3.60 | -3.06 | BT Group | 1.98 | 3.36 | 7.82 | Experian | 25.43 | 3.16 | -24.38 | JD Sports Fashion | 0.83 | 2.73 | -1.14 | Company/Industry | price | change | change% | Ups | Avon Technologies | 21.90 | 2.82 | 14.78 | Ocado Group | 2.87 | 0.24 | 9.22 | Baltic Classifieds Group | 1.83 | 0.12 | 6.81 | Bridgepoint Group | 3.65 | 0.19 | 5.36 | B&M European Value | 2.56 | 0.11 | 4.50 | Downs | Pennon Group | 3.61 | -0.91 | -20.09 | Playtech | 3.59 | -0.24 | -6.27 | Inchcape | 6.44 | -0.42 | -6.12 | Vistry Group | 2.25 | -0.12 | -5.07 | Hill & Smith | 31.00 | -1.55 | -4.76 | BIGGEST MOVERS | Close price | Day's change | Day's change% | Ups | Suzuki Motor | 2039.50 | 58.00 | 2.93 | Tayo Yuden | 11460.00 | 325.00 | 2.92 | J Front Retailing | 2728.00 | 69.50 | 2.61 | NEC Corp | 5050.00 | 123.00 | 2.50 | Yamaha Motor | 1832.50 | 42.50 | 2.37 | Downs | Resona | 2512.50 | -97.50 | -3.74 | Fukuoka Fin'l | 7756.00 | -277.00 | -3.45 | Chiba Bank | 2798.50 | -91.50 | -3.17 | Toho Co | 1520.50 | -45.50 | -2.91 | SMC Corp | 73860.00 | -2140.00 | -2.82 | Losers | Losers | IG Group | 9.50 | -28.30 | -27.76 | Pennon Inc | Lion Finance | 128.30 | -10.72 | 37.96 | Inchcape | Babcock Intl | 8.91 | -9.73 | -28.32 | Vistry Day | Barratt Redrow | 3.00 | -9.66 | -21.25 | Taylor W | 3i Group | 23.91 | -8.88 | -26.72 | Bellway | Games Works | 165.40 | -8.06 | -12.58 | RHI Mag | BAE SYSTEMS | 18.26 | -6.72 | 6.53 | Rank Gnd | Standard Chartered | 21.51 | -6.40 | 18.06 | Chemring | HSBC | 14.08 | -5.98 | 19.95 | Metro B | Aberdeen Group | 2.34 | -5.64 | 14.01 | TBC Bank | Day → Closed Month ↩ -2.30% Year ↗ 6.41%

\$ per £

-0.4406%

¥ per \$

0.0221% £ per € | price | change | change% | Ups | Eli Lilly | 1206.63 | 49.14 | 4.25 | Corteva | 14.48 | 0.57 | 4.10 | Hewlett Packard Ent | 73.02 | 2.54 | 3.60 | CVS Health Corp | 89.34 | 2.91 | 3.37 | Netapp | 235.45 | 7.00 | 3.06 | Downs | Caterpillar | 813.73 | -49.71 | -5.76 | Microchip Technology | 76.91 | -4.35 | -5.35 | Teradyne | 407.55 | -22.77 | -5.29 | NXP Semiconductors | 233.06 | -11.32 | -4.63 | SLB | 47.96 | -2.04 | -4.08 | Country | Index | Latest | Previous | Sweden | DMX Stockholm 30 | 3226.82 | 3282.94 | Sweden | DMX Stockholm AS | 1112.14 | 1130.24 | Switzerland | SMI Index | 13808.42 | 13788.93 | Taiwan | Weighted Stock Index | 49806.37 | 49822.55 | Thailand | Bangkok SET | 1584.63 | 1582.22 | Turkey | BIST 100 | 12122.94 | 12374.26 | UK | FTSE 100 | 10458.50 | 10541.69 | UK | FTSE 4Good UK | 9930.61 | 9167.50 | UK | FTSE All Share | 5644.81 | 5689.19 | UK | FTSE techMARK 100 | 9499.63 | 9517.94 | U.S.A. | Dow Jones Composite | 15980.57 | 16076.20 | U.S.A. | Dow Jones Industrial | 51143.98 | 51521.29 | U.S.A. | Dow Jones Transport | 15966.43 | 17010.76 | U.S.A. | Dow Jones Utilities | 407.55 | 407.80 | U.S.A. | Nasdaq 100 | 31091.35 | 31224.69 | U.S.A. | Nasdaq Composite | 27480.78 | 27598.89 | U.S.A. | NYSE Composite | 23728.45 | 23921.67 | U.S.A. | S&P 500 | 7791.44 | 7818.93 | FTSE 250 | price(£) | % Chg week | % Chg ytd | Winners | Wetherspoon (JD) | 9.89 | 21.63 | 34.17 | Avon Technologies | 21.90 | 18.76 | 20.73 | Ocado Group | 2.87 | 13.19 | 21.44 | Bridgepoint Group | 3.65 | 8.75 | 28.75 | Goodwin | 142.00 | 6.93 | -33.33 | Domino's Pizza | 2.26 | 5.71 | 30.33 | Frasers Group | 8.49 | 5.47 | 25.22 | Baltic Classifieds Group | 1.83 | 5.38 | -9.90 | Telecom Plus | 8.50 | 5.07 | -37.41 | Fidelity Emerging Markets | 15.30 | 3.94 | 43.53 | Losers | 7.76 | Pennon Group | 3.61 | -21.14 | 7.96 | Inchcape | 6.44 | -13.90 | 8.32 | Vistry Group | 2.25 | -12.88 | 8.25 | Taylor Wimpey | 0.77 | -10.35 | 6.72 | Bellway | 20.00 | -9.58 | 2.58 | RHI Magnesita | 28.40 | -8.53 | 3.53 | Rank Group | 0.70 | -8.50 | 3.06 | Chemring Group | 5.00 | -8.34 | 3.95 | Metro Bank | 1.58 | -7.93 | 4.01 | TBC Bank Group | 49.60 | -7.89 | Day ▷ -0.59% Month ▷ -4.59% Year ▷ -11.34%

-0.1180%

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FT.COM/MARKETSDATA

Oil Brent \$ | Country | Index | Latest | Previous | Venezuela | IBC | 7802.12 | 7495.68 | Vietnam | Viet Nam Index | 1753.29 | 1759.08 | Cross-Border | Euro Stoxx 50 (Eur) | 6180.29 | 6272.23 | Netherlands | Euronext 100 lD | 1857.43 | 1883.69 | Cross-Border | FTSE Food Global ($) | 21323.61 | 21450.17 | Cross-Border | FTSE All World ($) | 754.08 | 759.75 | Cross-Border | FTSE £300 | 2517.48 | 2542.60 | Cross-Border | FTSE Eurotop 100 | 4864.26 | 4911.12 | Cross-Border | FTSE Global 100 ($) | 5925.12 | 5948.22 | Cross-Border | FTSE Gold Min ($) | 5532.92 | 5532.92 | Cross-Border | FTSE Limbase Top (Eur) | 7164.60 | 7274.90 | Cross-Border | FTSE World ($) | 1413.81 | 1423.18 | Cross-Border | FT$/Eurofirst 100 (Eur) | 6982.08 | 7089.48 | Cross-Border | FT$/Eurofirst 80 lD | 8431.25 | 8561.88 | Gold \$ | FTSE Small Cap | price($) | % Chg week | % Chg ytd | Winners | Kenmare Resources | 2.27 | 20.24 | -7.89 | Blackrock Latin American Inv Tst | 4.69 | 14.67 | 16.09 | Taylor Maritime | 0.59 | 6.50 | - | Aston Martin Lagonda | 0.37 | 6.09 | 42.41 | TT Electronics | 1.88 | 5.84 | 64.69 | Young & Cos Brewery A | 9.75 | 5.63 | 31.76 | Frasers Group | 8.49 | 5.47 | 25.22 | Ashtead Technology | 5.60 | 5.46 | 80.65 | Amarog | 1.23 | 5.13 | 12.84 | Brown Advisory US Smaller Co's | 16.40 | 4.96 | 17.99 | Losers | -31.53 | ASDS | 4.51 | -11.05 | 59.08 | -16.25 | Hostelworld Group | 0.93 | -9.66 | -25.92 | -64.98 | Marshalls | 1.60 | -8.46 | -11.30 | -28.28 | Ibstock | 0.78 | -8.38 | -44.38 | -27.11 | Mortgage Advice Bureau | 3.27 | -8.15 | -52.47 | 2.16 | Future | 2.92 | -8.13 | -44.62 | -29.51 | Helical | 1.77 | -7.81 | -10.62 | 5.82 | Vanquis Banking Gp | 0.68 | -7.69 | -42.81 | 30.85 | Biotech Growth Trust | 14.30 | -7.62 | 19.17 | 22.17 | M J Gleeson | 2.69 | -7.57 | -36.07 | g/d | Industry Sectors | price($) | %Chg week | %Chg ytd | Winners | 89 | Consumer Services | 4047.59 | 3.97 | -2.40 | 09 | Telecomms Svc Providers | 3428.70 | 3.66 | 19.56 | - | Telecommunications | 2197.95 | 3.66 | 19.56 | 41 | Software & Computer Svcs | 1853.31 | 3.64 | -8.24 | 69 | Technology | 1623.75 | 3.58 | -8.90 | 76 | Consumer Digital Services | 170.11 | 3.01 | -11.01 | 22 | Biotechnology | 22607.15 | 2.22 | 2.60 | 65 | Oil Gas & Coal | 11457.14 | 2.19 | 31.82 | 84 | Energy | 12046.76 | 2.17 | 31.87 | 89 | Finance & Credit Services | 13355.23 | 1.59 | -7.78 | CURRENCIES | Losers | 59.08 | Hhold Goods & Home Const | 8129.74 | -8.50 | -24.62 | 25.92 | Leisure Goods | 38919.78 | -8.03 | -13.23 | 31.30 | Investment Banking & Brokerage | 14075.43 | -6.51 | -9.03 | 44.38 | Alternative Energy | 39.68 | -5.78 | 80.47 | 52.47 | Banks | 8742.89 | -5.76 | 10.32 | 44.62 | Financials ex Inv Co | 200.33 | -4.99 | 5.19 | 10.62 | Aerospace & Defense | 22732.14 | -4.91 | 13.23 | 42.81 | Construction & Materials | 15680.11 | -4.78 | 14.52 | 19.17 | Techn Hardware & Equip | 133.31 | -4.62 | 120.03 | 36.07 | Financials | 8157.85 | -4.18 | 6.26 | Oct 07 | DOLLAR | Closing Price | Day's Change | Closing Price | Day's Change | Closing Price | POUND | Closing Mid | Day's Change | Weeks Mid | Day's Change | Argentine Peso | 1522.4961 | 1.4511 | -2.4002 | 1704.2822 | -7.8821 | -27.7713 | 2012.5676 | -6.9799 | Australian Dollar | 1.4363 | 0.0032 | -0.0011 | 1.6078 | -0.0054 | -0.0250 | 1.8986 | -0.0042 | Bahraini Dinar | 0.3771 | 0.0001 | 0.0001 | 0.4222 | -0.0022 | -0.0080 | 0.4985 | - | Bolivian Boliviano | 11.3703 | - | -0.0500 | 13.3892 | -0.0146 | -0.2513 | 15.8231 | -0.0701 | Brazilian Real | 4.9965 | 0.0191 | -0.1767 | 5.5931 | -0.0097 | -0.2829 | 6.0408 | -0.0039 | Canadian Dollar | 1.4248 | 0.0021 | 0.0051 | 1.5950 | -0.0065 | -0.0176 | 1.8835 | -0.0055 | Chilean Peso | 978.700 | 9.0700 | 5.8100 | 1055.6128 | 4.0924 | -9.5010 | 1293.8807 | 6.3168 | Chinese Yuan | 6.7064 | - | - | 7.5060 | -0.0430 | -0.1100 | 8.6838 | -0.0393 | Colombian Peso | 2378.6500 | 21.8500 | -69.4500 | 3625.3449 | 4.3538 | -132.1607 | 4281.1761 | 10.0651 | Costa Rican Colon | 458.3650 | -3.1300 | 1.3650 | 510.8553 | -6.3813 | -5.9568 | 803.2695 | -6.8332 | Czech Krona | 21.8197 | 0.1455 | 3.1302 | 24.4250 | -0.0275 | -0.0085 | 28.4835 | 0.0656 | Danish Krone | 6.6772 | 0.0371 | 0.0056 | 7.4450 | - | -0.0010 | 8.8267 | 0.0102 | Egustian Pound | 52.3700 | 0.0500 | 0.4300 | 58.6230 | -0.2710 | -0.3730 | 89.2729 | -0.3400 | Hong Kong Dollar | 7.9483 | 0.0005 | 0.0015 | 8.7853 | -0.0465 | -0.1274 | 10.3746 | -0.0452 | Hungarian Forint | 327.1172 | 2.5269 | 4.6054 | 366.1750 | 0.8000 | -0.1508 | 432.4162 | 1.4415 | Indian Rupee | 96.7750 | 0.3488 | 0.9475 | 108.3299 | -0.2123 | -0.5157 | 127.9269 | -0.1031 | FTSE ACTUARIES SHARE INDICES | Weeks as of October 07 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Change | Closing Mid | Day's Change | Change | Closing Mid | Day's Change | Change | 13-13.000 | Indonesian Rupiah | 17880.0000 | -15.0000 | 5.0000 | 20014.6720 | -128.6360 | -288.4480 | 23635.5730 | -124.5150 | -110.4720 | -0.0109 | Israeli Shekel | 3.0723 | 0.0265 | -0.0022 | 4.3492 | 0.0107 | -0.0529 | 4.0613 | 0.0173 | -0.0231 | Japanese Yen | 156.1050 | 0.0350 | 0.9700 | 176.9827 | -0.9468 | -1.4981 | 208.9990 | -0.8764 | 0.2530 | 0.1499 | Kamenda | 129.6300 | 0.0300 | 0.1740 | 145.2055 | -0.7889 | -1.5474 | 11.6080 | -0.7330 | -0.6320 | -0.2674 | Kuwaiti Dinar | 0.3104 | 0.0008 | 0.0016 | 4.3474 | -0.0011 | -0.0033 | 4.0103 | -0.0008 | 0.0001 | -0.0025 | Malaysian Ringgit | 4.0880 | 0.0036 | 0.0078 | 4.5761 | -0.0222 | -0.0563 | 5.4040 | -0.0199 | -0.0164 | 0.3074 | Mexican Peso | 16.1050 | 0.0341 | 0.0169 | 20.1609 | -0.0742 | -0.2162 | 21.6081 | -0.0601 | -0.0595 | -0.0440 | New Zealand Dollar | 1.7888 | 0.0088 | 0.0157 | 2.0002 | -0.0022 | -0.0116 | 2.3620 | 0.0091 | 0.0091 | -113.4741 | Nigerian Naira | 1328.8900 | 8.6900 | 0.7680 | 1487.5596 | -6.4034 | -20.9971 | 1756.6599 | -5.5304 | -7.6948 | -1.1757 | Norwegian Krone | 9.5700 | 0.0052 | -0.0174 | 10.7126 | -0.0539 | -0.1772 | 12.6565 | -0.0491 | -0.0858 | -0.0493 | Pakistan rupee | 1.9570 | -0.0500 | -0.1093 | 201.9898 | -1.7871 | -4.6867 | 1.0672 | -1.6864 | -1.9467 | 0.0835 | Persuvian New Sol | 3.4507 | 0.0143 | 0.0229 | 9.8627 | -0.0055 | -0.0338 | 4.5614 | -0.0012 | 0.0078 | 2.2832 | Philippine Peso | 62.7600 | -0.0100 | 0.1150 | 20.2536 | -0.4335 | -0.9018 | 82.9625 | -0.3864 | -0.2583 | 3.3658 | Polish Krone | 3.9133 | 0.0291 | 0.0728 | 3.3853 | 0.0082 | 0.0182 | 5.1726 | 0.0157 | 0.0129 | 3.9754 | Romanian Lou | 4.7832 | 0.0324 | 0.1414 | 5.3453 | 0.0067 | 0.0818 | 6.3238 | 0.0151 | 0.1564 | 0.6249 | Russian Ruble | 85.5000 | 0.1000 | 2.3750 | 35.7087 | -0.4218 | 1.2912 | 113.0225 | -0.3674 | 2.5560 | £ Strng Oct 2 | Day's chg % | Euro Index | £ Strng Oct 6 | £ Strng Oct 10 | Year ago | Div Cover | P/E ratio | XO adj | Total Return | FTSE 100 (100) | 10458.50 | -0.79 | 9626.11 | 10541.69 | 10497.94 | 9331.38 | 3.15 | 2.21 | 14.37 | 274.96 | FTSE 100 ex Investment Trusts (F5) | 3416.94 | 0.79 | 3144.99 | 3444.16 | 3430.18 | 3251.79 | 3.19 | 2.09 | 15.02 | 91.03 | FTSE 250 (251) | 24036.75 | -0.74 | 22123.67 | 24215.33 | 24123.75 | 22470.38 | 3.23 | 2.63 | 11.77 | 602.79 | FTSE 250 ex Inc (104) | 24774.94 | -0.83 | 22897.62 | 24986.77 | 24862.41 | 23306.14 | 3.29 | 1.66 | 18.33 | 657.25 | FTSE 350 (351) | 5705.44 | 0.78 | 5251.44 | 5750.60 | 5726.96 | 5403.23 | 3.26 | 2.26 | 14.04 | 149.21 | FTSE 350 ex Investment Trusts (359) | 9263.40 | -0.79 | 5180.46 | 9673.43 | 9563.34 | 5351.90 | 3.23 | 2.05 | 15.23 | 149.84 | FTSE All-Share Value Yield (134) | 5373.72 | -0.85 | 5114.79 | 5386.15 | 5141.97 | 4826.54 | 3.21 | 1.81 | 12.15 | 787.12 | FTSE All-Share Yield (217) | 5706.20 | -0.70 | 5252.06 | 5746.65 | 5735.28 | 5645.00 | 1.84 | 3.19 | 17.08 | 98.51 | FTSE SmallCap (177) | 8114.13 | -0.51 | 7468.33 | 8157.56 | 8121.95 | 7537.89 | 3.99 | 1.58 | 15.88 | 227.51 | FTSE SmallCap ex Inv Co (88) | 6748.15 | -0.34 | 6211.06 | 6771.26 | 6734.13 | 6260.89 | 3.75 | 0.54 | 49.57 | 169.53 | FTSE SmallCap Financials ex Inv Co (113) | 148.01 | -0.40 | 142.51 | 148.61 | 148.26 | 150.06 | 5.45 | 1.54 | 11.88 | 6.93 | FTSE All-Share (528) | 5644.81 | -0.78 | 5159.54 | 5689.19 | 5665.80 | 5350.38 | 3.17 | 2.25 | 14.06 | 147.78 | FTSE All-Share ex Inv Co (357) | 5525.33 | -0.79 | 5086.49 | 5570.34 | 5547.61 | 5253.82 | 3.20 | 2.04 | 15.30 | 147.07 | FTSE Fledgling (41) | 12982.13 | -0.33 | 11948.88 | 13024.73 | 13005.04 | 13262.03 | 5.56 | -10.19 | -1.76 | 231.08 | FTSE Fledgling ex Inv Co (21) | 17132.51 | -1.05 | 15768.93 | 17316.07 | 17473.78 | 24338.42 | 5.83 | -0.89 | -19.21 | 617.81 | FTSE All-Share (218) | 5623.86 | -0.51 | 5181.34 | 5658.04 | 5625.76 | 5246.42 | 1.02 | 2.22 | 23.33 | 156.67 | FTSE All-Share Inv Co (119) | 5065.38 | -0.32 | 4667.24 | 5080.96 | 4998.30 | 5245.49 | 2.49 | 0.49 | 53.69 | 188.00 | FTSE AIM All-Share (529) | 775.98 | -0.98 | 714.22 | 783.62 | 780.31 | 766.39 | 1.22 | 2767.89 | -0.02 | 10.51 | FTSE All-Share Technology (20) | 1980.04 | 1.01 | 1822.45 | 1960.25 | 1942.01 | 2154.29 | 2.49 | 1.85 | 21.69 | 47.38 | FTSE All-Share Telecommunications (5) | 2157.71 | 1.81 | 2022.79 | 2158.57 | 2131.28 | 1838.12 | 3.19 | 0.80 | 38.99 | 41.30 | FTSE All-Share Health Care (12) | 16158.19 | 1.72 | 14872.16 | 15846.24 | 15691.78 | 17672.22 | 2.44 | 2.43 | 15.87 | 360.33 | FTSE All-Share Financials (231) | 8223.53 | -2.64 | 7569.02 | 8446.17 | 8384.73 | 7738.99 | 3.64 | 2.96 | 9.28 | 267.18 | FTSE All-Share Real Estate (38) | 759.39 | -0.67 | 731.18 | 764.52 | 758.16 | 775.49 | 5.20 | 1.02 | 18.90 | 31.52 | FTSE All-Share Consumer Discretionary (68) | 5893.33 | -0.10 | 5516.32 | 5899.59 | 5837.09 | 6097.31 | 2.57 | 2.00 | 19.39 | 116.08 | FTSE All-Share Consumer Staples (28) | 19541.58 | 1.37 | 17982.27 | 19287.18 | 19060.08 | 20115.35 | 4.16 | 1.70 | 11.72 | 573.78 | FTSE All-Share Industrial Products (9) | 11777.38 | -1.63 | 10840.05 | 11974.70 | 11803.94 | 12086.67 | 3.49 | 1.74 | 131.74 | 100.00 | FTSE All-Share Basic Materials (23) | 11252.68 | -1.78 | 10357.08 | 11456.07 | 11465.77 | 9106.89 | 2.64 | 2.03 | 18.69 | 252.22 | FTSE All-Share Energy (13) | 11832.78 | -0.02 | 10891.01 | 11834.60 | 11808.29 | 8961.27 | 3.50 | 2.15 | 11.35 | 341.11 | FTSE All-Share Utilities (9) | 10865.55 | -0.88 | 9992.48 | 10593.43 | 10394.92 | 10509.92 | 3.79 | 1.52 | 17.33 | 289.41 | FTSE All-Share Software & Computer Socs (18) | 2140.21 | 1.05 | 1969.88 | 2118.07 | 2089.07 | 2341.56 | 2.52 | 1.84 | 21.58 | 51.75 | FTSE All-Share Tech Hardware & Equip (2) | 4458.17 | -2.03 | 4133.35 | 4507.51 | 4561.76 | 2276.41 | 0.00 | 0.00 | 40.95 | 0.00 | FTSE All-Share Telecoms Svc Providers (5) | 3423.51 | 1.81 | 3151.03 | 3382.55 | 3413.50 | 2863.35 | 3.19 | 0.80 | 38.99 | 64.34 | FTSE All-Share Health Care Providers (2) | 10705.79 | -0.33 | 9853.72 | 10741.44 | 10639.58 | 8413.29 | 1.09 | 1.36 | 67.46 | 28.78 | FTSE All-Share Medical Equipment & Socs (2) | 5718.71 | 0.25 | 4766.04 | 5165.33 | 5138.38 | 6125.00 | 2.81 | 2.12 | 16.00 | 145.18 | FTSE All-Share Pharmaceuticals & Benon (8) | 23265.00 | 1.80 | 21443.96 | 22882.88 | 22586.22 | 25560.62 | 2.43 | 2.44 | 16.81 | 514.99 | FTSE All-Share Consumer Services (2) | 8672.58 | -1.93 | 8377.74 | 8677.74 | 8677.74 | 8677.74 | -0.00 | -0.00 | -0.00 | -0.00 | FTSE All-Share Finance & Credit Services (7) | 11490.93 | -0.88 | 10546.60 | 11602.44 | 11403.64 | 12503.51 | 2.14 | 1.91 | 24.49 | 246.40 | FTSE All-Share Inv Banking & Brokerage Socs (3) | 12029.07 | -0.39 | 11071.62 | 12075.54 | 12094.95 | 13207.98 | 4.16 | 2.85 | 8.43 | 408.99 | FTSE All-Share Closed End Investments (17) | 15638.97 | -0.61 | 14394.27 | 15735.01 | 15662.11 | 14207.94 | 2.60 | 6.47 | 5.94 | 286.06 | FTSE All-Share Life Insurance (5) | 7805.83 | -2.41 | 7184.57 | 7998.44 | 7922.60 | 8294.18 | 5.18 | 1.17 | 16.49 | 401.46 | FTSE All-Share Nonlife Insurance (4) | 6605.96 | -0.42 | 6300.19 | 6633.93 | 6565.32 | 5171.05 | 3.53 | 1.27 | 22.27 | 224.06 | FTSE All-Share Real Estate Inv & Socs (10) | 1810.09 | 0.57 | 1666.03 | 1799.83 | 1773.76 | 2060.18 | 2.44 | 1.77 | 23.19 | 425.8 | FTSE All-Share Real Estate Investment Trusts (3) | 1906.98 | -0.84 | 1755.21 | 1923.23 | 1908.87 | 1926.13 | 5.59 | 0.97 | 18.42 | 84.25 | FTSE All-Share Automobiles & Parts (1) | 931.59 | 3.27 | 857.44 | 902.06 | 918.86 | 1437.94 | 0.00 | 0.00 | -0.83 | 106.25 | FTSE All-Share Consumer Services (2) | 3808.49 | -2.11 | 3755.88 | 3876.36 | 3725.58 | 3463.69 | -0.00 | -0.00 | -0.00 | -522.2 | FTSE All-Share Hold Goods & Home Const (8) | 6664.23 | -2.43 | 6124.59 | 6621.44 | 6744.35 | 8889.71 | 4.71 | 2.08 | 10.21 | 130.81 | FTSE All-Share Leisure Goods (2) | 41577.68 | -0.19 | 38268.50 | 41645.47 | 42685.76 | 47968.76 | 2.59 | 1.62 | 23.84 | 1017.36 | FTSE All-Share Personal Goods (3) | 14351.21 | -0.65 | 13209.00 | 14444.38 | 14143.33 | 15672.83 | 2.05 | 11.75 | 32.27 | 37.50 | FTSE All-Share Media (9) | 12427.76 | -0.71 | 11438.63 | 12517.02 | 12306.33 | 13226.17 | 3.24 | 1.80 | 17.19 | 333.24 | FTSE All-Share Retailers (19) | 2715.58 | -0.25 | 2499.45 | 2708.75 | 2678.62 | 2591.68 | 2.76 | 2.63 | 13.81 | 51.85 | FTSE All-Share Travel & Leisure (2) | 10082.58 | -0.89 | 9280.09 | 10172.60 | 10063.07 | 9962.99 | 1.93 | 1.68 | 30.89 | 150.04 | FTSE All-Share Beverages (5) | 16268.24 | 0.21 | 15001.07 | 15623.38 | 16030.77 | 15618.32 | 3.28 | 1.55 | 19.73 | 188.93 | FTSE All-Share Food Producers (10) | 7610.45 | -0.05 | 7004.73 | 7614.56 | 7543.54 | 7556.92 | 2.85 | 1.96 | 17.91 | 811.02 | FTSE All-Share Tobacco (2) | 44346.85 | 1.89 | 40817.29 | 45243.23 | 43282.48 | 47515.58 | 6.08 | 1.30 | 12.62 | 2030.05 | FTSE All-Share Construction & Materials (19) | 16126.78 | -1.27 | 14486.26 | 14823.74 | 14823.74 | 14823.74 | 4.00 | 1.69 | 25.20 | 267.7 | FTSE All-Share Aerospace & Defense (8) | 23783.40 | -2.01 | 21899.68 | 24281.50 | 25059.01 | 21410.13 | 2.48 | 34.07 | 229.46 | 30656.03 | FTSE All-Share Electronic & Electrical Equip (12) | 17248.70 | -2.24 | 15875.88 | 17644.32 | 17511.16 | 14821.05 | 0.96 | 3.02 | 34.35 | 141.00 | FTSE All-Share General Industrials (6) | 5673.88 | -1.72 | 5406.38 | 5976.40 | 5916.18 | 5275.72 | 2.23 | 1.64 | 27.28 | 84.28 | FTSE All-Share Industrial Engineering (6) | 15254.90 | -2.77 | 14040.77 | 15689.21 | 15382.72 | 15129.60 | 2.32 | 1.60 | 25.90 | 303.42 | FTSE All-Share Industrial Support Socs (26) | 9966.23 | 0.08 | 9173.02 | 9958.00 | 9910.53 | 10512.10 | 2.31 | 1.49 | 28.99 | 199.63 | FTSE All-Share Industrial Transportation (7) | 6839.68 | -0.36 | 6295.31 | 6864.19 | 6788.00 | 5995.34 | 1.49 | 1.79 | 13.99 | 224.75 | FTSE All-Share Precious Metals & Mining (5) | 31267.38 | -1.95 | 28778.62 | 31888.24 | 32214.92 | 32669.13 | 2.86 | 2.77 | 12.65 | 911.89 | FTSE All-Share Chemicals (7) | 8972.88 | -0.43 | 8258.73 | 9011.20 | 8909.75 | 7617.18 | 3.02 | 0.80 | 33.63 | 282.48 | FTSE All-Share Oil & Gas & Coal (1) | 11495.80 | 0.00 | 10576.18 | 11494.39 | 11494.32 | 8700.55 | 3.51 | 1.52 | 30.59 | 1784.79 | FTSE All-Share Energy & Energy (1) | 173.93 | -0.71 | 18.14 | 19.22 | 19.38 | FTSE All-Share Electricity (2) | 14291.57 | -0.52 | 13154.47 | 14367.37 | 14378.07 | 13084.84 | 2.88 | 1.83 | 18.94 | 256.70 | FTSE All-Share Financials ex Inv Co (60) | 200.16 | -3.11 | 192.73 | 206.59 | 204.90 | 190.33 | 3.89 | 2.09 | 10.73 | 25.16 | FTSE All-Share Gas Water & Multi-unitilities (7) | 9374.81 | -1.01 | 8628.67 | 9470.79 | 9446.52 | 9258.32 | 4.11 | 1.45 | 16.82 | 270.48 | FTSE All-Share Industrial Metals & Mining (11) | 10106.22 | -1.83 | 9384.70 | 10386.24 | 10392.37 | 8093.63 | 2.56 | 2.05 | 19.10 | 258.55 | FTSE All-Share Pets Care Drug & Concry Sits (1) | 4277.60 | 1.58 | 4351.34 | 4654.21 | 4594.63 | 4902.73 | 3.47 | 1.42 | 20.29 | 128.25 | NON FINANCIALS (291) | 6274.16 | -0.01 | 5774.80 | 6274.52 | 6257.01 | 5966.81 | 2.97 | 1.69 | 17.77 | 147.72 | FTSE SECTORS: LEADERS & LAGGARDS | Tech Hardware & Equip | 120.03 | Alternative Energy | 80.47 | Energy | 31.87 | Oil & Gas & Coal | 31.82 | Nonlife Insurance | 27.62 | Industrial Metals & Mining | 27.45 | Health Care Providers | 27.25 | Basic Materials | 23.63 | Telecomms Svc Providers | 19.56 | Telecommunications | 19.56 | Chemicals | 16.16 | Industrial Transportation | 15.57 | Electronic & Electrical Equip | 15.21 | Construction & Materials | 14.52 | Aerospace & Defense | 13.23 | Closed End Investments | 11.66 | General Industrials | 11.32 | Banks | 10.32 | Electroch | 9.23 | FTSE GLOBAL INDICES

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UK RECENT RIGHTS ISSUES

Company Name Petra Diamonds Ltd | 3.03 | Industrials | 3.47 | Financials | 3.87 | Financials or Inv Co. | 3.82 | Beverages | 3.62 | Retailers | 3.45 | Travel & Leisure | 3.25 | Media | 3.63 | Utilities | 3.56 | Biotechnology | 3.58 | Gas Water & Multi-utilities | 3.18 | Food Producers | 3.57 | Industrial Engineering | 3.37 | Real Estate Investment Trusts | 3.52 | Consumer Discretionary | 3.23 | Real Estate | 3.66 | Consumer Services | 3.32 | Consumer Staples | 3.32 | Personal Care Drug & Grocery | 3.23 | Precious Metals & Mining | Oct 07 | 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 | 3.7542 | 0.0005 | -0.0006 | 4.2024 | -0.0229 | -0.0025 | 4.9827 | -0.0212 | -0.0254 | Singapore Dollar | 1.2797 | 0.0021 | 0.0024 | 1.4325 | -0.0056 | -0.0183 | 1.6917 | -0.0047 | -0.0051 | South African Rand | 16.6513 | 0.1238 | 0.2550 | 18.6394 | 0.0352 | 0.0157 | 22.0113 | 0.0689 | 0.2298 | South Korea Won | 1340.2500 | -3.5500 | -13.2500 | 1500.2759 | -12.3737 | -37.0971 | 1771.6785 | -12.5541 | -26.3807 | Swedish Krona | 10.0192 | 0.0012 | 0.0373 | 11.2115 | -0.0275 | -0.1227 | 13.2298 | -0.0172 | -0.0164 | Swiss Franc | 0.8326 | 0.0014 | -0.0023 | 0.9320 | -0.0036 | -0.0164 | 1.1006 | -0.0030 | -0.0086 | Taiwan Dollar | 31.8130 | 0.0120 | 0.0165 | 35.6115 | -0.1853 | -0.5421 | 42.0536 | -0.1702 | -0.2303 | Thai Baht | 33.6975 | 0.0125 | 0.1450 | 37.7210 | -0.1399 | -0.3986 | 44.5447 | -0.1059 | -0.0282 | Tunisian Dinar | 3.0603 | 0.0115 | 0.0424 | 3.3675 | -0.0057 | -0.0424 | 3.8766 | -0.0022 | 0.0082 | Turkish Lira | 49.1972 | 0.0182 | 0.1802 | 55.6714 | -0.2870 | -0.6046 | 65.0339 | -0.2635 | -0.0828 | UAE Dirham | 3.0727 | -0.0001 | 0.0002 | 4.1112 | -0.0230 | -0.0066 | 4.8549 | -0.0216 | -0.0243 | Pound Sterling | 0.7565 | 0.0033 | 0.0037 | 0.8469 | -0.0010 | -0.0082 | 1.0000 | - | - | United States Dollar | 1.0000 | - | - | 1.1194 | -0.0063 | -0.0165 | 1.3719 | -0.0058 | -0.0096 | Vietnamese Dong | 25800.5000 | -11.5000 | 18.5000 | 29082.5730 | -175.5230 | -408.3660 | 34433.6240 | -167.2550 | -145.5960 | Euro | 0.8933 | 0.0050 | 0.0129 | 1.0000 | - | - | 1.0009 | 0.0013 | 0.0113 | Oct 06Regions & countries | No ofstocks | US$/indices | DailyChg% | MonthlyChg% | YTD% | US$/TotalRet | YTD% | Gr DivYield | FTSE Global Industries | Global | 10219 | 1289.56 | 0.57 | -0.27 | 13.35 | 2196.28 | 14.95 | 1.59 | Global Large Cap | 1742 | 1200.62 | 0.56 | 0.55 | 14.08 | 2317.12 | 15.62 | 1.02 | Global Mid Cap | 2469 | 1415.93 | 0.74 | 0.32 | 11.99 | 2333.44 | 13.78 | 1.28 | Global Small Cap | 6017 | 1418.19 | 0.34 | -2.97 | 10.46 | 2255.19 | 12.12 | 1.82 | Global ex Eurozone | 9613 | 1351.04 | 0.54 | 0.08 | 14.12 | 2277.53 | 15.62 | 1.50 | Global ex China | 7603 | 4393.14 | 0.56 | -0.16 | 14.28 | 7115.48 | 15.87 | 1.57 | Global ex Japan | 8873 | 815.70 | 0.60 | -2.29 | 12.16 | 6266.41 | 14.67 | 2.45 | Global ex UK | 9996 | 1348.35 | 0.56 | -0.14 | 13.65 | 2285.58 | 15.20 | 1.54 | Global ex Japan | 8689 | 1324.77 | 0.55 | -0.35 | 12.89 | 2309.20 | 14.42 | 1.57 | FTSE Regional Industries | Americas | 1988 | 1772.81 | 0.55 | 0.75 | 13.92 | 1762.01 | 15.00 | 1.18 | Asia Pacific | 6429 | 939.21 | 0.42 | 0.08 | 20.61 | 1693.54 | 22.87 | 1.99 | Asia Pacific ex Japan | 5079 | 1175.06 | 0.23 | -0.30 | 20.31 | 2344.42 | 22.46 | 2.00 | Europe | 1436 | 677.84 | 0.91 | -5.12 | 3.29 | 1460.76 | 6.06 | 2.89 | Europe ex UK | 1215 | 635.37 | 0.92 | -5.33 | 2.90 | 1627.30 | 5.67 | 2.81 | Eurozone | 606 | 708.53 | 1.00 | -4.90 | 3.95 | 1511.06 | 6.64 | 2.78 | Asian | 401 | 746.77 | 0.47 | -3.97 | 5.62 | 1664.01 | 9.84 | 4.55 | FTSE Developed Industries | Developed | 5371 | 1317.74 | 0.58 | -0.24 | 13.65 | 2525.73 | 15.16 | 1.50 | Developed ex North America | 3608 | 765.60 | 0.65 | -2.64 | 13.20 | 1547.78 | 15.91 | 2.52 | Oct 06Sector | No ofstocks | US$/indices | DailyChg% | MonthlyChg% | YTD% | US$/TotalRet | YTD% | Gr DivYield | Event

Rights Issue: 10 for 17 at 16.5p p.s., payable in full by Nov. 21 (xr 07.11.25). | Digital Information Services | Software & Computer Svcs | 527 | 3751.40 | 0.62 | 5.24 | 4.49 | 6667.51 | 4.98 0.53 | Media | 153 | 766.74 | 0.88 | -6.22 | -15.78 | 1103.27 | -15.14 1.10 | Technology | Semiconductors | 300 | 985.53 | 0.33 | 8.22 | 57.99 | 1079.51 | 58.69 0.52 | Tech Hardware & Equip | 769 | 7511.25 | 0.12 | 7.56 | 55.00 | 10852.52 | 58.69 1.52 | Technology | 1292 | 1118.84 | 0.31 | 6.69 | 41.46 | 10257.37 | 32.07 0.52 | Biotechnology | 216 | 123.14 | -1.25 | -2.24 | -16.07 | 125.78 | 16.44 0.29 | Telecommunications Equip | 112 | 595.95 | 1.41 | 7.32 | 78.26 | 869.73 | 79.72 0.74 | Telecommunications Equipment | 162 | 109.50 | 0.78 | 2.14 | -15.77 | 1385.60 | 36.44 15.81 | Telecommunications Svcs Providers | 145 | 437.76 | -0.17 | 4.44 | -0.17 | 979.13 | 2.83 3.61 | Electronic & Electrical Equip | 361 | 2171.52 | 0.85 | 3.45 | 27.23 | 3135.23 | 28.41 0.91 | Financials | Financials & Credit | 111 | 833.10 | 0.66 | -10.88 | -15.93 | 1307.25 | -14.82 1.58 | Financials | 1181 | 698.73 | 0.67 | -6.27 | 5.74 | 1461.59 | 8.45 2.86 | Life Insurance | 71 | 643.97 | 0.47 | -5.66 | 8.29 | 1350.64 | 11.75 3.40 | Banks | 497 | 519.78 | 0.59 | -8.66 | 11.24 | 1214.40 | 14.70 3.35 | Mortgage Real Estate Inv Tots | 81.28 | 0.38 | -10.60 | -24.45 | 195.25 | -14.44 15.81 | Nonlife Insurance | 125 | 1029.64 | 0.68 | -6.81 | -0.36 | 1862.67 | 2.75 2.77 | Inv Banking & Brokerage Svcs | 350 | 1198.15 | 0.37 | 6.74 | 4.20 | 1930.08 | 1.98 1.73 | Transaction Processing Svcs | 55 | 142.90 | 0.28 | -4.20 | -0.50 | 149.98 | -3.54 0.87 | Real Estate | Real Estate | 642 | 881.09 | 0.86 | -6.54 | -3.45 | 1081.87 | -0.53 3.99 | Real Estate Inv & Svcs | 319 | 323.34 | 0.48 | -7.90 | -14.76 | 666.59 | -12.73 2.94 | Real Estate Investment Tots | 323 | 524.77 | 0.98 | -6.10 | 0.77 | 1448.00 | 4.03 4.33 | Consumer Goods & Servi | Consumer Digital Services | 94 | 339.75 | 0.31 | 5.62 | 4.63 | 344.65 | 4.92 0.32 | Consumer Discretionary | 1485 | 1167.83 | 1.17 | -3.32 | -6.77 | 1697.84 | -5.84 1.26 | Consumer Services | 70 | 1325.04 | -0.02 | -5.53 | -8.76 | 1808.62 | -8.11 0.91 | Consumer Staples | 613 | 956.23 | 0.73 | -3.88 | 0.94 | 1718.57 | -1.47 1.47 | Retailers | 263 | 1908.40 | 1.69 | -2.09 | 0.72 | 2628.49 | 1.37 0.83 | Pers Care Drug & Grocery Strs | 196 | 546.74 | 0.90 | -3.91 | -1.79 | 917.73 | 0.29 2.61 | Personal Goods | 138 | 733.58 | 0.88 | -7.81 | -20.45 | 141.69 | -19.85 2.25 | Travel & Leisure | 150 | 638.26 | 0.27 | -2.70 | -1.76 | 914.73 | -1.47 1.49 | Travel & Leisure | 296 | 1097.22 | 0.87 | -6.77 | -19.28 | 962.26 | -1.81 2.12 | Effective 07.11.2025 | 8.04 | Industrial Support Services | -5.21 | 6.25 | Life Insurance | -5.89 | 5.19 | Tobacco | -6.67 | 4.30 | Finance & Credit Services | -7.78 | 4.15 | Personal Goods | -8.43 | 3.89 | Pharmaceuticals & Biotech | -8.86 | 3.30 | Technology | -8.90 | 2.60 | Investment Banking & Brokerage | -9.03 | 0.88 | Health Care | -9.05 | 0.68 | Software & Computer Svcs. | -9.24 | -0.67 | Consumer Digital Services | -11.01 | -2.21 | Real Estate Investment & Svcs. | -11.91 | -2.40 | Leisure Goods | -13.23 | -3.09 | Medical Equipment & Svcs. | -15.46 | -3.67 | Holding Goods & Home Const | -24.62 | Oct 06Regions & countries | No ofstocks | US$ Indices | Daily%Chg | Month%Chg | YTD%Chg | US$/TotRet | YTD%Total Ret | Div Yield | Developed ex Canada | 5154 | 1324.66 | 0.58 | -0.07 | 13.83 | 2256.78 | 15.34 | 1.48 | Developed ex Europe | 4157 | 1554.66 | 0.52 | 0.62 | 15.63 | 2467.20 | 16.89 | 1.27 | Developed ex Eurozone | 4765 | 1417.07 | 0.54 | 0.17 | 14.55 | 2350.30 | 15.95 | 1.40 | Developed ex US | 3825 | 794.81 | 0.63 | -2.90 | 12.66 | 1595.09 | 15.27 | 2.47 | Developed ex UK | 5140 | 1408.36 | 0.57 | -0.00 | 13.99 | 2350.67 | 15.45 | 1.45 | Developed ex Japan | 4021 | 1386.22 | 0.56 | -0.32 | 13.14 | 2387.15 | 14.59 | 2.47 | Developed Asia Pacific | 2301 | 871.76 | 0.38 | 0.39 | 28.08 | 5753.68 | 30.67 | 2.08 | Developed Asia Pacific ex Japan$1 | 1141 | 1141.53 | -0.17 | -0.26 | 37.59 | 2514.45 | 40.31 | 2.21 | Developed Europe | 1214 | 694.86 | 0.91 | -5.03 | 3.21 | 4466.12 | 5.98 | 2.89 | Developed ex Eurozone ex UK | 997 | 483.57 | 0.83 | -5.22 | 2.18 | 1689.16 | 5.55 | 1.29 | Developed Eurozone | 606 | 703.84 | 1.00 | -4.92 | 3.74 | 1500.92 | 4.42 | 2.78 | Developed Asia Pacific ex 3515 | 3675 | 76.37 | 0.60 | -2.63 | 13.17 | 155.27 | 15.89 | 2.52 | FTSE Emerging Indices | Emerging | 4848 | 1100.90 | 0.50 | -0.61 | 10.83 | 2142.66 | 13.06 | 2.39 | Emerging Asia Pacific | 4128 | 1237.11 | 0.43 | 0.33 | 11.76 | 2684.72 | 13.65 | 1.87 | Emerging Europe | 222 | 325.55 | 0.38 | -12.60 | 5.31 | 741.11 | 8.02 | 2.98 | Emerging Plus Korea | 5289 | 4490.21 | 0.22 | 0.51 | 20.87 | 8115.93 | 23.02 | 2.08 | Emerging Asia Pacific ex Poland | 2737 | 1146.35 | 0.07 | 1.85 | 14.12 | 951.51 | 15.09 | 1.73 | Advanced Emerging | 1198 | 1606.14 | 0.18 | 4.01 | 47.41 | 5300.15 | 50.54 | 2.40 | Secondary Emerging | 3650 | 969.79 | 0.84 | -2.63 | -12.77 | 7119.50 | -10.59 | 2.37 | UK COMPANY RESULTS | Oct 06 | No of stocks | US$ Indices | Daily %Chg | Month %Chg | YTD %Chg | US$ TotalRet | YTD %TotalRet | Gr Div Yield | Sector | Hhold Goods & Home Const | 119 | 511.58 | 1.57 | -4.27 | -4.72 | 881.56 | -3.08 | 2.35 | Tobacco | 13 | 1353.86 | 0.60 | 0.93 | 9.72 | 4326.92 | 13.53 | 4.63 | Health Care | Health Care | 843 | 1157.19 | 0.03 | -3.21 | 4.31 | 1832.77 | 5.83 | 1.62 | Health Care Providers | 114 | 1777.92 | 0.10 | -2.50 | 9.12 | 2227.45 | 10.48 | 1.57 | Medical & Biotech | 531 | 1019.35 | 0.41 | -4.01 | 8.90 | 1776.79 | 10.75 | 1.83 | Medical Equipment & Svcs | 198 | 1651.53 | -1.15 | -1.07 | -9.05 | 2026.92 | -8.29 | 1.01 | Agricultural Food & Beverages | Food Producers | 300 | 610.00 | 0.92 | -6.02 | -3.13 | 1097.26 | -0.38 | 3.32 | Beverages | 103 | 830.24 | 0.33 | -4.32 | 4.84 | 1495.00 | 7.12 | 3.03 | Energy | Energy | 376 | 704.85 | 0.37 | -0.97 | 31.74 | 1531.51 | 34.98 | 2.98 | Electricity | 252 | 647.31 | 2.14 | -2.93 | -0.16 | 1526.60 | 2.03 | 2.96 | Alternative Energy | 90 | 97.65 | 0.59 | -2.23 | 5.64 | 121.98 | 7.94 | 3.55 | Alternative Energy | 69 | 376.90 | 1.63 | -4.70 | 1.75 | 288.00 | -0.40 | 0.40 | Oil Gas & Coal | 307 | 732.75 | 0.31 | -0.78 | 33.69 | 1568.05 | 37.17 | 3.11 | Gas Water & Multi-Utilities | 119 | 684.76 | 1.24 | -3.40 | 0.74 | 1732.24 | 3.60 | 3.68 | Utilities | 412 | 673.48 | 1.75 | -3.16 | -0.08 | 1613.09 | 2.23 | 3.05 | Transportation | Automobile Parts | 299 | 1057.21 | 0.84 | -0.52 | -13.05 | 1742.95 | -11.85 | 1.54 | Industrial Transportation | 384 | 1363.74 | 0.11 | -4.66 | 8.94 | 2386.79 | 11.01 | 2.37 | Industrials | Aerospace & Defense | 106 | 2746.99 | -0.27 | -6.64 | -3.14 | 4200.47 | -2.41 | -1.20 | Industrial Engineering | 347 | 2408.10 | 1.11 | 1.25 | 23.35 | 3626.47 | 24.41 | 1.69 | Industrial Materials | 92 | 275.42 | 0.65 | -4.42 | -0.99 | 547.22 | 0.93 | 2.93 | Industrial Metals & Mining | 388 | 1084.34 | 0.63 | -5.49 | 19.32 | 2169.24 | 21.64 | 2.33 | Industrial Support Services | 232 | 1252.97 | 0.34 | -3.89 | -2.51 | 1841.03 | -1.38 | 1.35 | Industrials | 2104 | 1544.88 | 0.65 | -2.18 | 7.77 | 2473.09 | 9.12 | 1.47 | Generals Industrials | 202 | 957.91 | 1.19 | 0.33 | 17.12 | 1722.62 | 18.81 | 1.59 | Resources & Materials | Basic Materials | 1035 | 1038.02 | 0.80 | -5.59 | 13.23 | 1935.65 | 15.33 | 2.15 | Chemicals | 457 | 1083.00 | 1.21 | -0.69 | 17.09 | 1949.89 | 19.34 | 2.09 | Construction & Materials | 472 | 1395.38 | 1.62 | -3.35 | -2.09 | 2385.09 | -0.61 | 1.40 | Waste & Disposal Services | 41 | 402.14 | 0.33 | -4.29 | -2.29 | 4445.56 | -1.22 | 1.32 | Precious Metals & Mining | 98 | 1433.08 | 0.55 | -12.34 | 0.86 | 2551.73 | 2.43 | 1.80 | Company | Turnover(£) | Ashoka India Equity Inv Trust | Fin - (-) | Dunedin Income Growth Invest Trust* | Int - (-) | Fidelity Emerging Markets $* | Fin - (-) | Fletcher King | Fin 3.5m (3.8m) | Maven Renovar VCT | Int - (-) | Netcall | Fin 57.7m (48.0m) | Schroder Japan Trust* | Fin - (-) | Spire Healthcare Group* | Int 792.7m (796.7m) | The European Smaller Co's TST* | Fin - (-) | Thorpe (F.W.)* | Fin 172.9m (175.2m) | FTSE 100 SUMMARY | Close (p) | %Chg | 3i Group | 2391.00 | 0.08 | Aberdeen Group | 234.40 | -1.43 | Admiral | 3634.00 | -0.44 | Airtel Africa | 312.80 | 0.71 | Alliance Witan | 1402.00 | -0.28 | Anglo American | 4059.00 | -2.24 | Antofagasta | 3692.00 | -3.58 | Assoc. Brit. Foods | 1827.00 | -0.38 | AstraZeneca | 12180.00 | 1.86 | Autotraeder Group | 470.80 | 1.36 | Aviva | 677.20 | -1.63 | Babcock Intl | 891.00 | -1.72 | BAE Systems | 1826.00 | -1.56 | Balfour Beatty | 674.50 | -2.83 | Barclays | 432.95 | -3.41 | Barnett Redrow | 300.10 | -2.94 | BP | 562.00 | 0.20 | Brit. Amer. Tobacco | 4084.00 | 2.13 | British Land | 391.20 | -0.86 | BT Group | 198.45 | 1.64 | Bunzl | 2650.00 | -0.67 | Burberry | 1016.00 | -1.50 | Centrica | 145.80 | -1.29 | Coca-Cola Europec | 7700.00 | -0.39 | Coca-Cola HBC AG | 4246.00 | 0.28 | Compass | 2307.28 | 2.12 | Computacenter | 5450.00 | 0.37 | Conovatec | 216.80 | -0.73 | Croda International | 3338.00 | -0.27 | DCC Energy | 6440.00 | Diageo | 1611.00 | 0.47 | Diploma | 7700.00 | -2.04 | easyJet | 679.60 | 0.21 | Endeavour Mining | 4104.00 | -2.47 | Experian | 2543.00 | 1.60 | F&C Inv Trust | 348.20 | -0.46 | Fresnillo | 2688.00 | -0.55 | Games Works | 16540.00 | -0.12 | Glencore | 588.90 | -0.80 | GSK | 1790.50 | 1.42 | Halisteon | 342.40 | 2.52 | Halima | 3478.00 | -2.25 | Hiscox | 1834.00 | -0.86 | Howden Joinery | 754.50 | -0.66 | HSBC | 1408.00 | -4.36 | ICG | 1764.00 | -0.17 | IG Group | 950.00 | -1.25 | IMI | 3052.00 | -3.05 | Imperial Brands | 2488.00 | 0.85 | Informa | 866.60 | -2.32 | Close (p) | %Chg | InterCont'l Hotels | 12115.10 | -0.12 | Intl Cons Airlines | 432.80 | -1.57 | Intersk Group | 5900.00 | 0.25 | Investec | 595.00 | -3.72 | Ithaca Energy | 274.60 | 0.15 | JD Sports Fashion | 83.50 | 3.93 | Kingfisher | 329.10 | -- | Land Securities | 612.50 | -0.81 | Legal & General | 288.10 | -0.79 | Lion Finance | 12630.00 | -3.68 | Lloyds Big Gp | 102.30 | -3.22 | LondonMetric Prop | 172.40 | -0.86 | Lion Stock Ex | 8316.00 | -0.83 | M&G | 308.00 | -1.41 | Marks & Spen | 393.80 | 2.90 | Melrose Insur | 450.00 | -2.39 | Metlen Energy | 4154.46 | -1.36 | Nat'l Grid | 1150.00 | -0.09 | NatWest Group | 649.80 | -2.78 | Next | 14575.00 | -0.14 | Pearson | 1243.00 | 0.81 | Pershing Square Hldgs | 3750.00 | -0.32 | Polar CapTech | 712.00 | -1.52 | Prudential | 881.00 | -4.67 | Reckitt Benckiser | 5106.00 | 2.59 | RELX | 2599.00 | 1.09 | Rentokil Initial | 297.90 | -0.37 | Rio Tinto | 7022.00 | -1.90 | Rolls-Royce | 1404.40 | -2.35 | Sainsbury UJ | 327.60 | 1.80 | Scot Mort Inv Tst | 1626.00 | -0.70 | Segro | 913.60 | -0.72 | Severn Trent | 3058.00 | -1.80 | Shell | 3648.00 | -0.08 | Smith & Nephew | 1019.00 | 0.74 | Smiths Gp | 2762.00 | -2.99 | Sprax Group | 7140.00 | -2.99 | SSE | 2459.00 | -0.53 | Standard Chartered | 2151.00 | -4.53 | Standard Life | 871.50 | -0.91 | St. James's Place | 1027.00 | -1.11 | Tesco | 4750.00 | 1.90 | The Sage Gp | 1022.00 | 1.69 | Tritax Big Box | 141.60 | -0.42 | Unilever | 4623.00 | 1.18 | Utd. Utilities | 1398.00 | -1.41 | Vodafone | 127.75 | 2.12 | Weir | 2560.00 | -3.83 | Whitbread | 2472.00 | -3.10 | WPP | 385.00 | 1.24 | UK RECENT STOCK ADDITIONS | Close (p) | %Chg | Close (p) | %Chg | 1947 Oil & Gas | 9.50 | - | iForex Financial | 145.00 | - | Avimia | 141.00 | - | Mendell Helium | 3.95 | -1.25 | ATC Music Corp | 187.50 | - | Meridian Mining | 124.00 | -1.98 | Braovus Solutions | 164.50 | - | Pathos Comms | 25.50 | - | Chaleit Holdings | 57.50 | - | Rift Helium | 6.40 | -2.29 | Coastal Africa Group | 200.00 | - | Serval Resources | 30.50 | - | Comish Metals | 105.00 | -4.55 | Sintana Energy | 21.00 | - | Dauch Corp | 426.00 | -4.48 | Sunbelt Rentals | 5652.00 | -5.20 | EDX Medical Group | 8.75 | - | Tapir Holdings | 44.00 | - | Halo Minerals | 8.25 | -2.94 | The Smarter Web Co | 67.50 | -2.88 | EPS(p) | DIV(p) | Pay Day | XD | 0.750 (0.410) | 0.600 (0.500) | Oct 30 | Oct 08 | 6.180 (7.820) | 4.250 (4.250) | Nov 27 | Nov 05 | 32.000 (31.000) | 33.000 (26.000) | Dec 08 | Nov 12 | 0.010 (1.480) | 0.000 (2.250) | - | - | 0.160 (0.410) | 3.500 (2.500) | Nov 13 | Oct 15 | 0.930 (2.450) | 1.100 (0.940) | Feb 08 | Dec 24 | 6.790 (6.910) | 4.070 (2.850) | Oct 30 | Oct 01 | -2.900 (1.600) | 0.000 (0.000) | - | - | 5.300 (4.240) | 3.160 (3.450) | Nov 27 | Oct 29 | 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 | 52 Week | Price | +/Chg | High | Low | Yld | P/E | MV (lb) | Australia (AUD) | ANZ Group Holdings | 37.86 | 0.21 | 41.00 | 33.36 | 5.75 | 19.45 | 114.18 | BHP Group | 62.86 | 0.97 | 68.77 | 40.17 | 3.85 | 32.47 | 319.59 | Commonwealth Bank | 152.38 | 1.16 | 185.59 | 146.98 | 3.31 | 23.35 | 255.00 | CSL Ltd | 178.68 | 1.69 | 222.47 | 90.00 | 2.27 | 27.79 | 85.75 | Macquarie Group | 250.02 | 2.00 | 267.90 | 187.31 | 3.22 | 25.54 | 95.92 | National Australia Bank | 38.70 | 0.30 | 49.45 | 35.48 | 4.39 | 17.51 | 120.65 | Westfarmers | 75.86 | 0.39 | 94.70 | 70.80 | 2.93 | 29.94 | 86.12 | Wispac Banking | 34.66 | 0.22 | 43.32 | 33.46 | 4.44 | 17.25 | 118.55 | Belgium (EUR) | Aténeuser-busch indev | 67.56 | 1.66 | 76.18 | 49.96 | 1.19 | 25.49 | 121.42 | Brazil (BRL) | Itau Unibanco Holding | 54.86 | 0.74 | 55.13 | 32.50 | 0.00 | 0.00 | 308.19 | Itau Unibanco Holding Prfd | 50.45 | 0.97 | 50.68 | 36.96 | 0.00 | 0.00 | 272.89 | Petroleo Brasileiro | 59.31 | -1.09 | 62.00 | 30.96 | 0.00 | 52.57 | 441.40 | Petroleo Brasileiro Prfd | 53.82 | -1.54 | 56.75 | 29.31 | 0.00 | 0.00 | 293.13 | Vale | 70.37 | -1.03 | 91.62 | 58.75 | 0.00 | 79.29 | 299.48 | Canada ($AP) | Stock | Price | 52 Week | +/-Chg | High | Low | Yld | P/E | M/w (bl) | Finland (EUR) | Nordex Bank Abp | 17.07 | -0.04 | 18.11 | 13.76 | 0.00 | 12.28 | 56.07 | France (EUR) | Air Liquide | 169.10 | -1.66 | 189.80 | 154.86 | 1.99 | 32.41 | 107.91 | Airtus | 188.00 | -1.08 | 221.30 | 157.42 | 1.70 | 35.07 | 148.95 | AAA | 42.77 | 0.62 | 45.66 | 36.55 | 5.42 | 11.91 | 89.43 | BNP Paribas A | 95.09 | 2.33 | 113.82 | 65.12 | 6.10 | 9.94 | 106.20 | Compagnie de Saint-Gobain | 67.14 | 1.02 | 95.60 | 65.72 | 3.43 | 10.02 | 33.22 | Crédit Agricole | 17.11 | 0.18 | 20.40 | 15.37 | 0.00 | 7.85 | 52.34 | Doverne | 58.82 | 1.06 | 60.14 | 57.26 | 3.63 | 22.71 | 40.19 | Dassault Synthons | 21.51 | 0.11 | 30.36 | 15.82 | 1.26 | 23.90 | 28.86 | ENSE | 23.45 | 0.58 | 29.89 | 17.78 | 4.40 | 15.43 | 59.82 | EssilorLuxottica | 146.70 | 2.20 | 323.90 | 138.30 | 2.73 | 28.21 | 68.11 | Hermes International | 1282.00 | -4.00 | 2300.00 | 1260.00 | 1.40 | 29.18 | 135.34 | L'Oréal | 373.60 | 0.15 | 405.80 | 338.85 | 1.93 | 29.39 | 199.00 | LMVMI Uml Meet Hennessy | 385.60 | 4.70 | 654.70 | 376.00 | 3.37 | 17.64 | 190.72 | Safran | 329.40 | -0.40 | 366.50 | 262.60 | 1.02 | 43.34 | 137.80 | Sorfixi | 70.61 | 0.62 | 91.15 | 69.75 | 5.83 | 9.02 | 85.28 | Schneider Electric | 260.50 | -12.30 | 312.30 | 220.40 | 1.61 | 30.33 | 150.73 | TotalEnergies | 75.72 | -0.08 | 81.34 | 49.24 | 4.62 | 10.99 | 172.77 | Vinci | 109.25 | 3.10 | 143.15 | 104.25 | 4.62 | 12.63 | 64.26 | Canadian (UK) | Agricola Eagle Mines | 264.60 | 3.19 | 348.94 | 188.48 | 0.97 | 22.58 | 134.81 | Alimentation Conscute-Tand | 77.16 | 0.03 | 95.15 | 68.00 | 1.11 | 28.52 | 70.83 | Bank of New York | 236.00 | 1.55 | 259.20 | 168.00 | 2.90 | 26.20 | 164.1 | Bank of Nova Scotia | 128.24 | -0.50 | 134.50 | 88.22 | 3.56 | 26.39 | 158.06 | Brookfield | 52.98 | 0.43 | 97.20 | 50.85 | 0.75 | 94.61 | 118.27 | Brookfield Asset Mgmt. | 64.29 | 0.49 | 82.98 | 58.09 | 4.45 | 36.74 | 102.69 | Canadian Imperial Bank | 156.65 | 1.40 | 172.87 | 111.45 | 2.70 | 21.18 | 144.05 | Canadian National Railway | 168.34 | -2.11 | 185.25 | 128.05 | 2.17 | 29.64 | 101.69 | Canadian Natural | 68.48 | -0.45 | 72.35 | 41.67 | 3.65 | 16.70 | 141.17 | Canadian Pacific Airways | 121.44 | -1.04 | 133.38 | 96.50 | 0.82 | 38.55 | 106.76 | Constellation Software | 2500.64 | -35.65 | 4110.00 | 2198.00 | 0.19 | 993.48 | 62.53 | Enbridge | 66.20 | 0.55 | 80.65 | 62.42 | 5.86 | 34.66 | 150.12 | FleetBoston Financial | 61.90 | 0.55 | 83.30 | 60.00 | 0.87 | 34.38 | 150.12 | Southwest Bank of Scotland | 279.19 | 1.68 | 306.38 | 200.82 | 2.52 | 25.36 | 388.01 | Shopify Inc. | 233.73 | 5.56 | 253.10 | 129.01 | 0.00 | 156.87 | 282.48 | Suncor Energy | 97.05 | -0.94 | 100.24 | 53.02 | 2.47 | 25.34 | 113.51 | TC Energy | 85.57 | 0.76 | 100.18 | 69.41 | 4.10 | 34.23 | 85.57 | The Toronto-Dominion Bank | 168.06 | 0.64 | 175.33 | 109.50 | 2.62 | 20.35 | 283.94 | Waste Connections | 219.69 | -0.28 | 251.45 | 203.46 | 0.91 | 52.94 | 55.37 | Germany (EUR) | adidas AG | 145.15 | 2.85 | 196.40 | 129.95 | 1.93 | 19.46 | Allianz | 420.70 | 1.50 | 454.60 | 338.80 | 4.06 | 14.70 | BASF | 51.08 | 0.84 | 55.05 | 41.48 | 4.40 | 28.07 | BMW | 54.64 | 0.42 | 97.92 | 52.36 | 8.05 | 4.60 | Deutsche Bank | 31.41 | 0.12 | 35.84 | 23.82 | 3.18 | 9.94 | Deutsche Borsch | 295.30 | 5.60 | 291.90 | 200.10 | 1.42 | 44.81 | Deutsche Telekom AG | 28.41 | -0.42 | 34.36 | 23.53 | 3.79 | 13.41 | Finland | 56.16 | -0.67 | 58.90 | 39.37 | 3.39 | 19.17 | Infraech Technologics | 64.68 | 1.27 | 88.83 | 31.27 | 0.54 | 84.00 | Mercedes-Benz Group | 40.70 | 0.50 | 62.34 | 39.41 | 8.60 | 3.99 | Merck | 139.00 | 2.95 | 148.80 | 100.70 | 1.58 | 21.75 | Muenchener Buck | 512.00 | 1.60 | 575.60 | 437.40 | 4.69 | 24.45 | Porsche | 42.53 | -0.45 | 50.66 | 35.62 | 2.37 | 10.77 | Rheinmetall | 953.00 | -27.20 | 1972.00 | 900.20 | 1.21 | 57.72 | SAP | 188.60 | 3.56 | 244.30 | 127.50 | 1.33 | 30.72 | Siemens | 279.00 | 4.00 | 291.70 | 198.00 | 1.92 | 26.50 | Siemens Energy | 147.44 | 1.98 | 191.66 | 94.40 | 0.47 | 234.03 | Siemens Healthineers | 38.07 | 0.62 | 49.71 | 32.81 | 2.63 | 19.93 | Volkswagen | 68.95 | 0.30 | 110.20 | 67.50 | 7.54 | 5.19 | Volkswagen Privat | 68.88 | 0.34 | 109.15 | 67.02 | 7.64 | 5.18 | Kuwait Finance HouseMexico (MXN) | 0.77 | -0.00 | 0.85 | 0.77 | 3.12 | 23.06 | 15.18 | America Movil B | 20.12 | 0.03 | 24.49 | 17.48 | 2.68 | 0.00 | 1251.16 | Wal-Mart de Mexico | 46.64 | 0.20 | 63.97 | 44.80 | 2.49 | 0.00 | 813.70 | Netherlands (EUR) | Adyen | 867.00 | 4.50 | 1600.80 | 772.40 | 0.00 | 47.61 | 27.48 | ASML Holding | 1636.40 | -19.80 | 1741.00 | 812.60 | 0.48 | 82.19 | 635.16 | Heineken | 70.24 | 0.28 | 80.44 | 63.90 | 2.73 | 15.07 | 39.72 | ING Groep | 31.12 | 0.09 | 32.40 | 20.23 | 3.65 | 15.72 | 89.43 | Praxus N | 35.56 | 0.28 | 63.94 | 34.48 | 0.79 | 6.72 | 77.76 | The Magnum Ice Cream Co | 15.42 | 0.17 | 17.68 | 11.02 | 0.00 | 32.13 | 9.44 | Universal Music Group NV | 14.29 | 0.12 | 24.72 | 13.92 | 3.64 | 33.23 | 26.27 | Norway (NOK) | Stock | Price | +/-Chg | 52 Week | P/E | MV (bl) | High | Low | Yld | Shin-Etsu Chemical | 6321.00 | 103.00 | 7930.00 | 4366.00 | 2.15 | 25.01 | 12547.16 | SoftBank | 239.60 | 1.10 | 252.90 | 202.80 | 3.67 | 21.11 | 11513.06 | SoftBank Group | 6295.00 | -322.00 | 72655.00 | 3365.00 | 0.17 | 7.21 | 35568.08 | Sony Financial Group | 149.30 | 0.30 | 180.40 | 129.30 | 5.36 | 18.76 | 10101.81 | Sony Group | 3768.00 | 45.00 | 4776.00 | 3643.00 | 0.93 | 68.88 | 22477.31 | Sumitomo Mitsui Financial | 3429.00 | 55.00 | 7250.00 | 3300.00 | 2.62 | 19.65 | 26068.11 | Takeda Pharmaceutical | 5719.00 | 80.00 | 6033.00 | 4102.00 | 3.57 | 59.11 | 19162.65 | Tokio Marine Holdings | 522.30 | 12.80 | 8468.00 | 501.00 | 3.13 | 28.05 | 15151.92 | Tokyo Electron | 12805.00 | 40.00 | 81260.00 | 11270.00 | 1.24 | 51.03 | 29965.80 | Toyota Motor | 2503.50 | 37.00 | 4000.00 | 2686.00 | 3.41 | 9.93 | 42770.61 | 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 | OTC 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 | Fascariot India 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 Mechat A | 1258.62 | 1568.00 | 1151.01 | 4.13 | 19.17 | 15733.38 | Luxshare Precision Food 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 | Wulingye Ybn 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) | 410.00 | 6.00 | 426.00 | 226.40 | 3.59 | 211.34 | 980.21 | LG Energy Solution | 390000.00 | 19000.00 | 527000.00 | 206500.00 | 0.00 | 85.06 | 91260.00 | SAMSUNG BIOLOGICS | 1310000.00 | -44000.00 | 1987000.00 | 1003000.00 | 0.00 | 54.75 | 60641.15 | Samsung Electronics | 272000.00 | -4000.00 | 374500.00 | 90200.00 | 0.62 | 41.18 | 0.00 | Samsung Electronics Pref | 198200.00 | -2800.00 | 243500.00 | 70400.00 | 0.85 | 187.41 | 159829.97 | Samsung Epis | 371500.00 | 6500.00 | 773000.00 | 324500.00 | 0.00 | 294.14 | 9244.05 | SK hyrix | 1773000.00 | -68000.00 | 2987000.00 | 403000.00 | 0.17 | 28.58 | 0.00 | BioNTechHong Kong (HKD) | 95.73 | -1.91 | 124.00 | 79.52 | 0.00 | 45.80 | 24.21 | AIA Group | 68.80 | -0.15 | 92.15 | 68.00 | 2.88 | 116.41 | 711.85 | HKEX | 380.00 | 2.00 | 460.20 | 360.00 | 3.67 | 27.05 | 481.78 | Saudi Arabia (SAN) | ACWA Power | 175.50 | 4.50 | 252.60 | 154.50 | 0.26 | 71.05 | 134.52 | Al Rajhi Bank | 63.75 | 0.65 | 110.00 | 62.00 | 4.72 | 16.35 | 382.50 | Saudi Arabian Mining | 63.85 | 0.35 | 79.90 | 54.90 | 0.00 | 33.43 | 248.30 | Saudi Arabian Oil | 25.80 | 0.24 | 27.96 | 23.29 | 5.26 | 17.92 | 62.44 | Saudi Basic Industries | 46.64 | -0.36 | 62.50 | 45.70 | 5.57 | 5.43 | 139.92 | Saudi National Bank | 39.02 | 0.42 | 45.24 | 36.00 | 5.89 | 9.66 | 234.12 | STC Co | 42.80 | -0.30 | 45.38 | 41.14 | 5.14 | 14.41 | 214.00 | India (UNIV) | Bajra Finance | 961.80 | -9.20 | 1177.60 | 788.40 | 0.62 | 50.48 | Brah Amrit Ltd | 1809.00 | 26.50 | 2174.70 | 1726.05 | 1.33 | 138.20 | HCL Technologies | 1202.10 | 2.10 | 1770.00 | 1030.00 | 4.98 | 16.74 | HEC Bank | 710.20 | 5.20 | 1020.35 | 682.00 | 1.83 | 14.35 | Hindustan Ivintech | 1882.10 | 52.10 | 2667.55 | 1827.10 | 2.17 | 43.26 | ICICI Bank | 1341.60 | 8.60 | 1479.30 | 1187.55 | 0.89 | 21.23 | Infosys | 1013.00 | -6.50 | 1727.85 | 980.30 | 4.74 | 15.71 | Kapital | 286.50 | -2.05 | 435.50 | 254.75 | 5.44 | 9.58 | Kohl's Mahindra Bank | 431.00 | 14.95 | 435.50 | 347.00 | 1.02 | 43.26 | Lansin & Todso | 3773.00 | 33.00 | 4440.00 | 3288.65 | 1.01 | 32.27 | Life Insurance Corp | 390.00 | 1.75 | 936.60 | 385.25 | 2.56 | 13.71 | Maruti Suzuki India | 11603.00 | 81.00 | 17371.60 | 11304.30 | 1.21 | 24.85 | Reliance Industries | 1219.00 | 32.90 | 1611.20 | 1161.00 | 0.49 | 23.68 | State Bank of India | 957.25 | -1.75 | 1234.80 | 857.30 | 1.81 | 11.01 | Sun Pharmaceutical Inds | 1801.00 | 19.00 | 2047.55 | 1586.60 | 0.89 | 39.50 | Tata Consultancy Svs | 2098.00 | -10.35 | 3336.70 | 1976.00 | 3.10 | 15.63 | Singapore (SGD) | DBS Group Holdings | 78.56 | 0.73 | 79.05 | 51.80 | 4.05 | 20.46 | 223.42 | Overseas-Chinese Banking | 32.20 | 0.32 | 32.57 | 16.62 | 3.26 | 1975.46 | 145.38 | United Overseas Bank Ltd | 43.72 | 0.66 | 45.15 | 33.25 | 3.64 | 15.84 | 72.67 | Singapore (USD) | JOYY A | 80.65 | 0.15 | 81.25 | 54.24 | 6.67 | 322.60 | 52.66 | Sea /Singapore A | 96.53 | -0.32 | 193.48 | 77.05 | 0.00 | 36.43 | 52.75 | Agricultural Bank China H | 6.55 | 0.07 | 6.71 | 5.05 | 4.64 | 8.40 | 201.34 | Alibaba Group Holding | 108.20 | 2.80 | 183.80 | 88.65 | 0.95 | 130.36 | 2153.39 | Bank of China H | 6.01 | 0.10 | 6.14 | 4.11 | 4.59 | 8.13 | 502.99 | Bank of Communications H | 8.23 | 0.04 | 8.38 | 6.33 | 4.78 | 7.62 | 288.32 | BYD H | 75.00 | 0.90 | 113.40 | 71.40 | 0.55 | 20.95 | 276.25 | China CITIC Bank H | 8.28 | 0.04 | 8.70 | 6.50 | 5.60 | 6.90 | 123.15 | China Construction Bank H | 9.65 | 0.14 | 9.90 | 7.18 | 4.90 | 7.42 | 23.20 | China Life Insurance H | 27.30 | -0.26 | 36.16 | 20.90 | 4.13 | 5.01 | 203.14 | China Merchants Bank H | 51.00 | 0.30 | 53.70 | 43.34 | 4.45 | 8.95 | 234.14 | China Petroleum Chemical In | 4.39 | 0.01 | 5.70 | 3.98 | 5.72 | 16.76 | 102.94 | China Shenhua Energy H | 4.26 | 0.09 | 4.80 | 3.78 | 5.00 | 11.88 | 100.00 | DTEC Securities H | 24.02 | 0.14 | 32.50 | 23.24 | 4.08 | 12.26 | 82.24 | IDCB H | 7.58 | 0.12 | 7.77 | 5.56 | 4.94 | 7.58 | 657.90 | JD.com A | 103.60 | 1.20 | 139.30 | 95.80 | 3.79 | 15.04 | 258.64 | Mitsubishi B | 70.80 | 0.15 | 108.00 | 63.65 | 0.00 | 18.44 | 396.22 | Middle Group H | 90.80 | 0.15 | 101.70 | 77.65 | 5.54 | 15.66 | 59.10 | NetEase | 185.60 | 244.80 | 168.80 | 2.48 | 17.53 | 596.16 | Nanjing Spring H | 39.36 | -0.62 | 56.25 | 37.90 | 2.87 | 27.90 | 198.16 | Petrol China H | 9.67 | 0.10 | 12.22 | 7.05 | 6.08 | 11.24 | 204.03 | Ping An Insurance Group H | 51.55 | -0.20 | 74.70 | 50.00 | 6.10 | 6.71 | 383.92 | Prudential Savings Bank China H | 5.37 | 0.02 | 5.78 | 4.48 | 4.98 | 7.36 | 106.63 | Tencent Holdings H | 428.20 | 5.29 | 682.50 | 411.00 | 1.24 | 17.30 | 3883.45 | Zijin mining H | 41.26 | 0.38 | 54.80 | 21.30 | 0.00 | 14.98 | 516.33 | Zijin Mining Group H | 32.58 | 0.42 | 46.98 | 26.58 | 2.83 | 16.71 | 195.12 | China (USD) | Full Truck Alliance | 8.44 | 0.03 | 14.07 | 7.46 | 2.74 | 281.33 | 157.41 | Fiatu Holdings A | 113.21 | 3.51 | 202.53 | 80.50 | 2.25 | 10.83 | 86.72 | PDD Holdings A | 78.40 | 0.50 | 139.41 | 71.94 | 0.00 | 31.36 | 445.20 | Denmark (DKK) | DSV A/S | 1157.00 | -3.50 | 1913.50 | 1148.00 | 0.61 | 33.73 | 278.19 | Indonesia (EUR) | Bank Central Asia | 6100.00 | -75.00 | 6750.00 | 4820.00 | 0.00 | 13.06 | 7519.78 | PT Bantu Renewables | 2920.00 | 30.00 | 10725.00 | 2300.00 | 0.14 | 0.00 | 906.56 | Italy (EUR) | Aloisurazioni Generali | 42,20 | 0.26 | 46,24 | 31.76 | 3.89 | 17.37 | 64.76 | Enel | 8.84 | 0.09 | 10.31 | 8.11 | 5.55 | 23.88 | 87.81 | Eni | 24,14 | -0.28 | 25.02 | 14.54 | 4.56 | 17.12 | 73.08 | Ferrari | 345,25 | 4.05 | 429,90 | 269.00 | 0.86 | 49.96 | 61.21 | Intesa Sanpaolo | 6.51 | 0.08 | 6.94 | 4.81 | 5.78 | 28.29 | 115.06 | Stellantis | 4.07 | 0.08 | 10.49 | 3.61 | 0.00 | 5.47 | 11.79 | UniCredit SpA | 81.11 | 1.31 | 86.42 | 57.36 | 3.88 | 15.89 | 126.67 | Canon | 4640.00 | 16.00 | 5633.00 | 3967.00 | 3.45 | 16.01 | 6102.66 | Chagas Pharmaceutical | 6120.00 | 31.00 | 10780.00 | 5914.00 | 2.18 | 23.21 | 10275.63 | Caterpillar | 2752.00 | 36.00 | 4178.00 | 2296.00 | 3.63 | 19.20 | 5126.68 | FAST RETAILING | 75580.00 | 900.00 | 86690.00 | 64540.00 | 0.85 | 23.56 | 24654.32 | Hiscox | 5660.00 | 18.00 | 6039.00 | 4222.00 | 0.99 | 42.29 | 25671.28 | Honda Motor | 1667.50 | 11.00 | 1736.50 | 1238.00 | 4.15 | 15.91 | 7649.44 | HOYA | 25300.00 | 80.00 | 30400.00 | 21040.00 | 1.15 | 34.01 | 8471.40 | ITOCOJ | 2183.00 | -14.50 | 9959.00 | 1883.00 | 2.02 | 7.05 | 17259.07 | Japan Tobacco | 6556.00 | 6.00 | 7216.00 | 4836.00 | 3.92 | 24.14 | 13872.00 | KDDI | 2983.00 | -10.00 | 3121.00 | 2329.00 | 2.91 | 15.70 | 11553.48 | Kayacai | 8148.00 | -100.00 | 6783.00 | 51510.00 | 0.67 | 44.39 | 18918.99 | Mitsubishi | 4713.00 | 4.00 | 6012.00 | 3483.00 | 2.65 | 22.34 | 11467.72 | Mitsubishi Heavy | 3767.00 | -64.00 | 5236.00 | 3484.00 | 0.77 | 38.31 | 13178.00 | Mitsubishi U.S. Finl Grp | 3671.00 | -56.00 | 3813.00 | 22350.50 | 3.92 | 17.32 | 45983.37 | Mizuho Financiero | 4926.00 | -10.00 | 4982.00 | 3558.00 | 2.68 | 17.64 | 11818.99 | Mizuho Financial Group | 8857.00 | -100.00 | 8893.00 | 4560.00 | 1.69 | 17.61 | 21058.16 | Nintendo | 7915.00 | 73.00 | 8340.00 | 6544.00 | 2.07 | 21.44 | 10059.94 | NTT | 170.10 | 0.10 | 180.10 | 142.60 | 3.17 | 12.49 | 1542.61 | Recruit Holdings | 16975.00 | 340.00 | 18215.00 | 6040.00 | 0.15 | 48.53 | 24956.76 | Naspers N | 707.87 | 1.83 | 1307.47 | 690.05 | 0.72 | 83.91 | 527.32 | Spain (EUR) | Banco Santander | 12.52 | 0.18 | 13.12 | 8.10 | 1.63 | 13.76 | 182.25 | BBVA Spor | 24.28 | 0.28 | 25.57 | 15.39 | 3.24 | 93.38 | 133.80 | CaixaBank | 12.36 | 0.14 | 13.55 | 8.57 | 3.28 | 36.35 | 86.22 | Berdrolsa SA | 20.99 | -0.01 | 22.08 | 16.11 | 2.92 | 38.03 | 140.07 | NxtEx | 53.82 | 0.82 | 59.42 | 46.07 | 2.63 | 122.04 | 167.74 | Sweden (SEK) | Atlas Copco A | 213.40 | 4.60 | 212.30 | 149.45 | 1.41 | 39.30 | 716.51 | Atlas Copco B | 185.50 | 5.15 | 185.20 | 134.00 | 1.62 | 34.16 | 289.54 | EET | 288.40 | 5.00 | 383.00 | 259.00 | 1.73 | 465.91 | 376.93 | Investor B | 411.00 | 7.20 | 426.80 | 301.50 | 1.36 | 7.99 | 748.82 | Volvo B | 315.00 | 2.40 | 374.50 | 244.90 | 4.13 | 18.59 | 501.70 | Switzerland (CHF) | ABB | 82.58 | 0.88 | 89.14 | 53.78 | 1.14 | 31.88 | 150.56 | Alcon | 52.68 | -0.40 | 68.34 | 47.80 | 0.53 | 50.65 | 26.32 | Civic Financiers Richent | 174.85 | 0.20 | 202.20 | 127.20 | 1.88 | 37.29 | 94.00 | Givauden | 3402.00 | 21.00 | 3592.00 | 2566.00 | 2.12 | 38.21 | 31.41 | Holcim | 85.84 | 0.90 | 82.54 | 60.10 | 2.58 | 20.45 | 37.32 | Lorsa Group | 576.20 | 1.40 | 597.80 | 454.60 | 0.87 | 64.52 | 40.47 | Nestle | 75.20 | 0.72 | 87.09 | 70.29 | 4.12 | 21.42 | 193.75 | Roche | 117.18 | 0.70 | 132.68 | 97.05 | 3.16 | 38.42 | 238.44 | Roche Holding | 359.00 | 1.20 | 383.00 | 270.80 | 2.73 | 22.20 | 28.32 | Roche Holding Pref | 349.80 | 0.90 | 375.80 | 291.00 | 2.80 | 21.62 | 245.76 | Sika | 175.50 | 0.50 | 197.60 | 120.35 | 2.11 | 27.00 | 28.16 | Swiss Re | 143.05 | 1.65 | 153.85 | 114.05 | 4.40 | 10.96 | 42.74 | UBS Group | 40.57 | 0.54 | 45.04 | 28.25 | 2.11 | 20.70 | 132.98 | Zurich Insurance Group | 577.00 | 3.00 | 626.00 | 521.00 | 5.20 | 18.04 | 87.26 | Hon Hai Precision | 256.00 | 2.00 | 314.00 | 187.50 | 2.80 | 18.81 | 3603.39 | MediaTek | 4920.00 | -245.00 | 5480.00 | 1130.00 | 1.09 | 74.37 | 7896.37 | Taiwan Semicon Mfg | 2585.00 | 10.00 | 2580.00 | 1375.00 | 1.01 | 39.0167035.18 | United Arab Emirates (AED) | United Kingdom (GBP) | 3i Group Plc | 23.91 | 0.02 | 44.97 | 18.25 | 3.53 | 4.43 | 24.46 | AstraZeneca | 121.80 | 2.22 | 157.32 | 98.92 | 1.96 | 24.40 | 108.92 | BAE Systems | 18.26 | -0.29 | 23.60 | 15.29 | 2.07 | 26.54 | 54.79 | Barclays | 4.32 | -0.15 | 5.54 | 3.54 | 2.66 | 9.86 | 57.75 | BP | 5.62 | 0.01 | 6.09 | 3.99 | 4.47 | 88.27 | British Amer Tobacco | 40.84 | 0.85 | 53.26 | 36.77 | 6.00 | 11.64 | 88.10 | Compass Group | 23.07 | 0.48 | 25.81 | 20.00 | 2.20 | 27.70 | 39.23 | Diageo | 16.11 | 0.07 | 19.04 | 12.96 | 2.35 | 27.27 | 35.89 | Experian | 25.43 | 0.40 | 37.07 | 22.03 | 2.04 | 20.44 | 22.39 | Glencore | 5.69 | -0.05 | 7.07 | 3.32 | 2.26 | 66.73 | Stock | Price | +Chg | High | Low | Yld | P/E | MV (bl) | GSX | 17.91 | 0.25 | 22.82 | 15.92 | 3.91 | 12.69 | 77.28 | Haleon | 3.42 | 0.08 | 4.16 | 3.18 | 2.13 | 18.41 | 30.12 | HSBC Holdings | 14.08 | -0.64 | 16.10 | 9.59 | 3.95 | 15.38 | 241.26 | Lloyds Banking Group | 1.02 | -0.03 | 1.18 | 0.82 | 3.92 | 14.61 | 58.84 | London Stock Exchange Grp | 83.16 | -0.70 | 101.40 | 66.84 | 1.90 | 34.88 | 40.10 | National Grid | 11.50 | -0.01 | 14.29 | 10.76 | 4.22 | 17.56 | 57.81 | NatWest Group | 6.50 | -0.19 | 7.26 | 5.04 | 5.39 | 12.15 | 51.55 | Reckitt Benckiser Group | 51.06 | 1.29 | 65.23 | 36.64 | 4.24 | 10.90 | 32.36 | RELX | 25.99 | 0.28 | 35.39 | 19.91 | 2.65 | 23.08 | 45.30 | Rio Tinto | 70.22 | -1.42 | 91.17 | 48.25 | 4.96 | 15.13 | 88.14 | Rolls-Royce Holdings | 14.04 | -0.34 | 15.86 | 9.90 | 0.78 | 20.23 | 116.48 | Shell | 36.48 | -0.03 | 37.59 | 25.54 | 3.09 | 15.92 | 208.76 | Unilever | 46.23 | 0.54 | 55.42 | 36.44 | 3.57 | 12.61 | 99.59 | COMMODITIES | 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 | Aim Holdings | 302.56 | -0.34 | 452.70 | 100.02 | 0.00 | 355.95 | 321.92 | United States (USD) | 3M Co | 163.64 | 0.45 | 184.90 | 139.34 | 1.91 | 28.86 | 84.39 | Abbott Laboratories | 98.16 | -1.94 | 135.24 | 81.97 | 2.57 | 31.66 | 169.85 | AbbVie | 266.69 | 0.93 | 269.39 | 190.75 | 2.59 | 75.34 | 471.27 | Accenture Plc A | 193.40 | -1.65 | 291.09 | 118.15 | 3.54 | 15.31 | 118.35 | Adobe | 238.12 | -0.67 | 363.70 | 190.12 | 0.00 | 13.28 | 92.68 | Aflac | 113.63 | 1.25 | 130.22 | 105.43 | 2.15 | 12.21 | 56.97 | Air Products & Chemicals | 281.00 | 1.55 | 314.87 | 229.11 | 2.58 | 29.61 | 62.57 | Autiva A | 160.39 | -3.68 | 193.45 | 110.81 | 0.00 | 42.77 | 67.29 | Alphabet A | 347.68 | 1.21 | 406.81 | 235.84 | 0.25 | 17.25 | 2049.10 | Alphabet C | 344.59 | 0.76 | 404.47 | 236.69 | 0.26 | 17.09 | 1804.55 | Altia Group | 68.55 | 0.67 | 77.06 | 54.70 | 6.48 | 14.31 | 114.46 | Amazon.com | 256.29 | 4.89 | 287.20 | 196.00 | 0.00 | 20.32 | 2784.42 | Amazon.com | 649.42 | 17.67 | 645.46 | 168.22 | 0.00 | 163.58 | 1000.16 | American Electric | 407.24 | -1.05 | 455.58 | 255.53 | 3.12 | 20.91 | 66.74 | American Express | 304.55 | 0.53 | 387.60 | 298.03 | 2.67 | 14.76 | 112.77 | American International | 75.11 | -0.01 | 87.29 | 72.66 | 2.58 | 13.58 | 39.27 | American Tower | 164.78 | 2.52 | 196.08 | 160.06 | 4.29 | 22.60 | 76.78 | American Finance | 496.61 | 1.67 | 572.56 | 422.37 | 1.37 | 11.83 | 43.87 | AMETEK Inc | 253.72 | 1.80 | 261.16 | 179.24 | 0.54 | 36.99 | 56.17 | Avang | 402.60 | -0.38 | 447.03 | 288.00 | 2.50 | 24.82 | 217.66 | Amphend A | 88.62 | 1.35 | 178.52 | 76.74 | 0.56 | 42.20 | 218.53 | Analog Devices | 420.55 | 1.45 | 445.91 | 223.47 | 1.05 | 49.65 | 203.78 | Asn Plc A | 273.99 | 1.94 | 382.34 | 266.33 | 1.20 | 15.04 | 56.12 | Apollo Global Mgmt | 115.95 | 0.60 | 153.29 | 99.56 | 1.94 | 40.83 | 68.47 | Apple | 333.63 | 0.74 | 345.34 | 243.42 | 0.32 | 38.09 | 48698.06 | Applied Materials Inc | 530.27 | -12.01 | 733.67 | 203.40 | 0.40 | 45.40 | 430.82 | Agilentiv A | 278.78 | -3.19 | 738.01 | 266.84 | 0.00 | 21.35 | 84.87 | Aree Management | 117.74 | 0.61 | 161.19 | 95.00 | 4.59 | 54.01 | 26.37 | Arthur J gallagher | 229.85 | 2.61 | 313.09 | 190.75 | 1.22 | 37.68 | 58.91 | AT&T | 24.43 | 0.19 | 29.43 | 19.88 | 4.54 | 8.06 | 167.40 | Atlassian Corp A | 193.98 | -2.67 | 200.00 | 56.01 | 0.00 | 823.71 | 30.84 | Autodesk | 231.28 | 9.72 | 326.20 | 185.50 | 0.00 | 29.77 | 48.34 | Auto Data Processing | 262.36 | 2.10 | 293.51 | 188.16 | 2.59 | 23.92 | 103.96 | AutoZone | 2898.57 | 90.84 | 4224.08 | 2730.65 | 0.00 | 19.44 | 47.32 | Baker Hughes A | 57.13 | -0.25 | 70.41 | 43.92 | 1.61 | 18.14 | 56.71 | Bank of New York Mellon | 143.73 | -0.02 | 165.84 | 103.11 | 1.75 | 16.60 | 97.52 | Becton Dickinson | 180.30 | -0.37 | 213.08 | 140.11 | 2.33 | 31.09 | 49.11 | Berkshire Hathaway A | 78198.00 | 178.00 | 86012.81 | 68000.00 | 0.00 | 55.16 | 303.46 | Berkshire Hathaway B | 593.54 | 1.28 | 537.74 | 464.01 | 0.00 | 14.9 | 708.90 | BlackRock Finance | 1079.42 | 12.97 | 1219.94 | 917.39 | 2.12 | 25.47 | 167.17 | Blackstone | 113.36 | 1.71 | 170.00 | 101.73 | 2.92 | 25.36 | 85.09 | Blackstone | 76.54 | -0.42 | 91.92 | 63.32 | 1.12 | 131.97 | 411.39 | Boeing | 189.82 | -2.90 | 254.47 | 178.77 | 0.00 | 152.00 | 150.00 | BoH Corp | 54.09 | 0.09 | 65.22 | 46.12 | 2.37 | 12.29 | 378.24 | Booking Holdings | 157.63 | -0.70 | 562.89 | 150.14 | 1.04 | 17.42 | 118.44 | Boston Scientific | 42.19 | -0.21 | 105.65 | 41.94 | 0.00 | 16.94 | 61.14 | Bristol Myers Squibb | 59.59 | 0.78 | 68.64 | 42.52 | 4.23 | 13.07 | 121.73 | Broadcom | 375.81 | 13.30 | 495.00 | 289.96 | 0.69 | 46.57 | 1730.98 | Cadence Design Systems | 359.55 | 6.07 | 416.69 | 262.75 | 0.00 | 71.06 | 99.02 | Capital One Financial | 195.82 | 0.68 | 258.63 | 174.24 | 1.63 | 10.79 | 120.13 | Carrier Global | 56.10 | 0.37 | 76.76 | 50.24 | 1.71 | 39.51 | 46.24 | Cavana A | 63.88 | 0.16 | 466.89 | 56.12 | 0.00 | 28.65 | 45.99 | Carepiral | 863.44 | 15.30 | 1073.46 | 483.55 | 0.76 | 36.99 | 396.90 | CROE Group A | 130.66 | 1.26 | 174.27 | 121.69 | 0.00 | 33.68 | 37.84 | Cencora | 316.37 | 1.44 | 377.54 | 244.82 | 0.76 | 23.38 | 60.37 | Charter Comms A | 108.64 | 0.67 | 284.60 | 104.91 | 0.00 | 2.79 | 12.45 | Cheniere Energy | 275.82 | -0.58 | 385.88 | 257.39 | 0.00 | 15.88 | 56.88 | Chipotle mexican Engl | 207.58 | 1.11 | 217.78 | 146.49 | 3.43 | 19.92 | 410.13 | Chipotle Mexican Grill | 30.90 | 0.05 | 42.81 | 28.04 | 0.00 | 28.35 | 39.10 | Chubb | 334.21 | 3.72 | 365.91 | 265.30 | 1.22 | 93.62 | 128.94 | Cintas | 195.96 | 0.56 | 219.16 | 161.16 | 1.06 | 39.43 | 78.52 | Cisco Systems | 117.94 | 5.12 | 130.37 | 66.81 | 1.42 | 35.10 | 464.99 | Citigroup | 128.52 | -0.03 | 147.96 | 93.66 | 2.09 | 18.08 | 215.58 | Cloudflare Inc A | 355.01 | -4.48 | 367.43 | 158.83 | 0.00 | 612.09 | 114.53 | CME Group A | 270.18 | 0.15 | 329.16 | 218.31 | 4.18 | 22.80 | 97.15 | Cognizant Tech Sci A | 57.22 | -0.95 | 87.03 | 37.08 | 2.31 | 12.23 | 25.77 | Coinbase Global A | 185.74 | -2.48 | 402.16 | 139.11 | 0.00 | 47.99 | 41.38 | Colgate-Palmolite | 87.25 | 1.06 | 95.33 | 74.55 | 2.43 | 34.35 | 69.55 | Comcast A | 21.56 | -0.01 | 32.85 | 21.28 | 6.12 | 6.89 | 76.30 | ConocoPhillips | 129.35 | 0.95 | 141.62 | 85.57 | 2.60 | 17.11 | 155.39 | Constellation Energy | 300.40 | 32.78 | 412.70 | 228.63 | 0.57 | 29.34 | 106.43 | Constellation Srl A | 26.89 | -0.03 | 45.88 | 26.74 | 0.00 | 17.19 | 24.84 | Constellation Srl B | 168.97 | 9.60 | 271.78 | 73.79 | 0.66 | 76.11 | 145.55 | Corteva | 13.91 | 1.52 | 90.97 | 11.74 | 5.18 | 15.84 | 9.28 | Costco Wholesale | 935.68 | 12.16 | 1086.50 | 844.06 | 0.63 | 47.00 | 414.76 | Coupang A | 14.42 | 0.22 | 32.74 | 13.35 | 0.00 | 33.53 | 23.64 | CRH | 83.60 | 0.95 | 131.55 | 80.13 | 1.87 | 16.49 | 55.62 | CrowdStrike Holdings A | 278.66 | 6.19 | 786.00 | 174.14 | 0.00 | 66971.50 | 285.53 | INTEREST RATES: MARKET | | Overnight | Change | OneMonth | ThreeMonth | SixMonth | OneYear | Day | Week | SOFR | 3.890 | 0.010 | 0.010 | 3.919 | 4.030 | 4.191 | 4.486 | EURIBOR | - | - | - | 2.424 | 2.602 | 2.954 | 3.177 | ESTR | 2.439 | 0.001 | 0.000 | 2.449 | 2.507 | 2.642 | 2.863 | SARON | -0.038 | 0.000 | 0.030 | -0.039 | -0.046 | -0.044 | -0.046 | SONIA | 3.732 | 0.001 | 0.000 | 3.765 | 3.931 | 4.124 | 4.449 | Rates are fixed at 11am UK time.

BONDS: TEN YEAR GOVT SPREADS | BONDS: TEN YEAR GOVT SPREADS | Bid Yield | Spread vs Bund | Spread vs Bond | Bid Yield | Spread vs Bund | Spread vs Bond | Austria | 3.65 | 0.18 | -1.66 | Italy | 4.48 | 1.01 | -0.83 | Australia | 5.35 | 1.88 | 0.04 | Japan | 3.07 | -0.40 | -2.24 | Belgium | 4.22 | 0.75 | -1.09 | Netherlands | 3.53 | 0.06 | -1.78 | Brazil | 12.95 | 9.48 | 7.64 | Poland | 6.23 | 2.76 | 0.92 | China | 1.68 | -1.80 | -3.64 | Portugal | 3.90 | 0.43 | -1.41 | Denmark | 3.29 | -0.18 | -2.02 | Spain | 4.02 | 0.55 | -1.29 | France | 4.76 | 1.29 | -0.55 | Sweden | 3.11 | -0.36 | -2.20 | Germany | 3.47 | 0.00 | -1.84 | UK | 5.38 | 1.91 | 0.07 | Ireland | 3.50 | 0.03 | -1.81 | US | 5.31 | 1.84 | 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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Data provided by ICE. www.ice.com

See FTSE website for more details www.ftse.com/products/indices/gilts.

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| Stock | Price | +Chg | 52 Week | Yld | P/E | Mkt Vol. | High | Low | Yld | ONEOK | 89.23 | 4.80 | 15.36 | 56.25 | Oracle | 144.77 | 2.29 | 322.54 | 114.50 | 1.38 | 23.34 | 437.75 | O'Reilly Automotive | 85.14 | 1.24 | 105.23 | 82.59 | 0.00 | 26.94 | 68.87 | Old Worldwide | 66.66 | 0.22 | 100.00 | 64.00 | 0.00 | 18.88 | 25.44 | Oneok | 148.41 | 2.47 | 167.25 | 137.62 | 2.93 | 21.99 | 10.21 | PACCAR | 109.32 | -0.04 | 139.24 | 92.25 | 1.28 | 22.97 | 57.54 | Palantir Technologies A | 192.07 | 2.67 | 207.52 | 106.37 | 0.00 | 151.24 | 441.90 | Palo Alto Networks | 419.91 | 13.15 | 409.50 | 139.57 | 0.00 | 1024.17 | 343.49 | Parker-Hannifin | 884.91 | 9.23 | 1099.94 | 715.37 | 0.81 | 34.09 | 124.21 | Paychex | 101.02 | 1.24 | 129.24 | 85.45 | 4.71 | 20.04 | 35.96 | PayPal Holdings | 54.61 | 0.20 | 79.22 | 38.46 | 1.03 | 10.25 | 46.72 | PepsiCo | 125.71 | 0.06 | 171.48 | 124.22 | 4.71 | 16.45 | 171.58 | Pfizer | 27.50 | 0.09 | 29.21 | 23.62 | 6.25 | 35.71 | 156.74 | Philip Morris Intl | 190.40 | 0.87 | 207.76 | 142.11 | 3.36 | 27.36 | 296.76 | Phillips 66 | 269.79 | 0.07 | 277.12 | 126.74 | 1.88 | 15.35 | 107.65 | PNC Financial Services Gp | 220.16 | -0.12 | 258.96 | 176.88 | 3.63 | 12.11 | 87.83 | Progressive | 212.05 | -0.57 | 245.64 | 169.20 | 0.19 | 10.61 | 123.22 | Prologis Inc | 128.68 | 0.60 | 153.35 | 111.03 | 3.33 | 28.47 | 122.29 | Prudential Financial | 113.54 | 0.06 | 127.72 | 91.89 | 4.93 | 10.24 | 39.17 | Public Storage | 285.85 | 4.19 | 335.55 | 256.54 | 4.20 | 27.17 | 53.41 | QUALCOMM | 181.00 | -0.01 | 259.68 | 163.00 | 0.00 | 16.88 | 100.00 | Qualcomm | 54.25 | 0.48 | 67.94 | 53.33 | 6.01 | 39.60 | 51.33 | Regeneron Pharma | 738.72 | 12.25 | 859.34 | 541.00 | 0.51 | 17.64 | 74.71 | Republic Services | 214.74 | 1.91 | 233.42 | 196.41 | 1.25 | 30.42 | 65.76 | Robinhood Markets A | 112.00 | -2.11 | 153.86 | 63.52 | 0.00 | 48.48 | 88.55 | Rubisco A | 45.56 | 0.98 | 141.95 | 33.88 | 0.00 | 32.31 | 30.52 | Roper Technologies | 362.28 | -1.10 | 521.28 | 305.96 | 1.00 | 15.03 | 35.83 | Ross Stores | 224.21 | -2.16 | 257.00 | 147.49 | 0.79 | 26.92 | 71.62 | Royal Caribbean Group | 288.78 | 13.75 | 356.39 | 222.22 | 1.90 | 107.35 | 77.45 | RTX | 183.29 | -1.04 | 226.88 | 155.64 | 1.59 | 31.88 | 247.03 | S&P Global | 396.13 | 5.21 | 552.25 | 381.61 | 0.98 | 24.10 | 116.78 | Salesforce | 224.99 | -4.80 | 269.11 | 146.32 | 0.78 | 20.57 | 185.17 | Schlumberger | 50.00 | -0.28 | 60.46 | 31.64 | 2.36 | 11.09 | 74.21 | Sempra | 79.97 | 1.81 | 101.04 | 76.21 | 3.29 | 23.18 | 52.29 | ServiceNow | 137.97 | 1.89 | 864.83 | 81.24 | 0.00 | 81.64 | 142.66 | Simon Property Group | 201.74 | 0.34 | 238.50 | 172.19 | 4.46 | 14.24 | 65.27 | Snowflake A | 335.95 | -3.04 | 394.56 | 118.00 | 0.00 | 109.08 | 118.52 | Shenwin-williams | 30.87 | 0.09 | 38.54 | 21.45 | 0.00 | 10.37 | 33.37 | State Hermit Co | 85.44 | 1.68 | 100.83 | 81.69 | 3.56 | 20.49 | 98.29 | Southern Copper | 204.26 | -1.03 | 223.88 | 119.25 | 1.94 | 30.67 | 172.47 | Spotify Technology | 488.13 | 5.08 | 700.12 | 405.00 | 0.00 | 218.89 | 100.50 | Starbucks Corp | 96.11 | 1.68 | 110.51 | 77.99 | 2.58 | 55.55 | 109.57 | Strategic A | 164.55 | 0.12 | 365.21 | 81.80 | 0.00 | 1.66 | 59.99 | Stryker | 278.20 | -7.02 | 392.55 | 267.00 | 1.27 | 28.59 | 106.71 | Synopsys | 505.17 | 16.70 | 539.48 | 362.55 | 0.00 | 87.55 | 96.81 | Targa Resources | 285.72 | -1.68 | 307.94 | 144.14 | 1.75 | 27.24 | 61.27 | Target | 154.33 | 1.34 | 170.75 | 83.44 | 3.01 | 15.94 | 70.11 | TE Connectivity | 219.51 | 0.58 | 252.56 | 190.27 | 1.42 | 21.35 | 63.55 | Tesla | 380.68 | 1.95 | 498.83 | 297.38 | 0.00 | 322.61 | 1503.51 | Texas Instruments | 297.23 | 2.33 | 334.03 | 152.73 | 2.05 | 44.97 | 271.44 | The Alstate | 224.27 | -0.44 | 277.22 | 168.08 | 1.93 | 4.43 | 56.71 | The Charles Schwab | 96.80 | -1.16 | 114.53 | 83.86 | 1.32 | 17.54 | 167.40 | The Cigna Group | 274.37 | 3.08 | 312.18 | 239.51 | 2.27 | 11.55 | 72.50 | The Coca-Cola | 66.17 | -0.34 | 92.49 | 65.94 | 2.46 | 25.88 | 370.75 | The Enghouse | 51.88 | 0.13 | 64.76 | 49.60 | 1.65 | 19.47 | 136.43 | Thomson*Willings* | 321.76 | 2.78 | 377.77 | 289.66 | 1.00 | 28.36 | 77.98 | The TJAC Cos | 137.03 | 2.62 | 170.00 | 122.78 | 1.40 | 25.05 | 150.73 | The Williams Cos | 72.39 | 1.58 | 80.08 | 56.19 | 2.90 | 28.84 | 88.55 | Thermo Fisher Scientific | 656.58 | -20.18 | 683.63 | 435.27 | 0.29 | 35.28 | 242.77 | T-Mobile US | 165.93 | 1.29 | 231.02 | 160.81 | 2.55 | 17.32 | 177.99 | Trade Connectors | 476.39 | 5.63 | 505.87 | 348.06 | 0.88 | 36.12 | 104.82 | TransDigm Group Inc | 1103.33 | 10.67 | 1463.03 | 1071.25 | 0.00 | 33.46 | 60.99 | Travelers | 360.64 | -0.06 | 398.69 | 252.26 | 1.39 | 9.55 | 75.22 | Truist Financial | 46.25 | -0.08 | 56.20 | 40.78 | 4.50 | 10.49 | 56.50 | Uber Technologies | 69.08 | -0.40 | 101.30 | 65.41 | 0.00 | 14.95 | 141.10 | Union Pacific | 276.61 | -0.45 | 315.99 | 215.53 | 2.05 | 23.05 | 164.33 | United Parcel Service B | 93.11 | -0.03 | 122.41 | 82.00 | 7.05 | 17.31 | 69.77 | United Rentals | 1080.62 | 6.34 | 1179.18 | 701.59 | 0.71 | 25.83 | 67.26 | UnitedHealth Group | 376.32 | -2.26 | 461.62 | 255.97 | 2.47 | 24.12 | 337.78 | US Bancorp | 57.29 | 0.02 | 66.08 | 45.02 | 3.77 | 11.44 | 89.26 | Valero Energy | 419.22 | -0.11 | 421.88 | 155.29 | 1.14 | 17.47 | 120.70 | Verizon Communications | 139.88 | -0.04 | 177.09 | 92.19 | 4.15 | 11.97 | 134.44 | Vermilion Media Group A | 31.47 | 0.45 | 59.00 | 27.17 | 4.77 | 0.00 | 4.37 | Vertex Pharmaceuticals | 502.31 | -1.19 | 560.25 | 400.74 | 0.00 | 29.02 | 127.32 | Visa A | 370.64 | 0.93 | 385.57 | 239.89 | 0.72 | 31.49 | 631.61 | Volvoa | 160.50 | 15.61 | 217.10 | 132.66 | 0.57 | 26.75 | 53.87 | Walmart | 107.20 | 2.13 | 135.16 | 98.88 | 3.80 | 38.70 | 850.50 | Walt Disney | 104.03 | 0.42 | 117.09 | 92.19 | 1.44 | 21.36 | 179.63 | Waste Management | 207.88 | 1.22 | 248.13 | 194.11 | 1.82 | 29.36 | 83.09 | Wells Fargo | 81.51 | 0.07 | 97.76 | 72.78 | 2.45 | 11.71 | 246.49 | Welltower | 225.78 | 1.62 | 255.20 | 163.75 | 1.51 | 98.17 | 162.73 | Workday A | 186.55 | -2.41 | 247.40 | 110.36 | 0.00 | 37.92 | 36.56 | WW Grainger | 1275.56 | -11.28 | 1419.91 | 906.52 | 0.78 | 32.47 | 60.08 | Yum Brands | 139.84 | 2.87 | 170.14 | 134.26 | 2.15 | 17.50 | 38.16 | Zscelta A | 71.33 | -0.08 | 148.30 | 68.77 | 2.97 | 11.64 | 29.48 | BONDS: GLOBAL INVESTMENT GRADE | Precious Metals | Gold | 4106.46 | -57.54 | Silver ($) | 59.89 | -1.45 | Platinum | 1639.40 | -70.40 | Palladium | 1124.51 | -43.43 | Iron Ore | 91.50 | 0.35 | Bulk Commodities | Baltic Dry | 2994.00 | -8.00 | Richards ICE Futures | 127.30 | 0.20 | Energy | Price | Change | Brent Crude | 100.83 | 1.68 | Natural Gas | 3.24 | 0.12 | Light Crude Oil | 89.05 | -0.39 | 3.5 Fuel Oil | 569.21 | 8.09 | Euro Naphtha Oil | 860.91 | 9.97 | Base Metals | Aluminium | 3121.00 | -12.50 | Copper | 14473.50 | 58.50 | Lead | 1895.00 | 22.00 | Nickel | 15715.00 | 33.00 | Tin | 54360.00 | 176.00 | Zinc | 3763.50 | -2.50 | VOLATILITY INDICES

Tradeweb | Stock | Price | +/-Chg | Crown Castle | 68.28 | 0.70 | CSX | 47.50 | 0.07 | Cummins | 525.31 | 1.94 | Coca-Cola Health | 86.43 | 0.00 | Danaher | 215.61 | -5.60 | Deere & Co | 682.79 | 0.59 | Del Technologies C | 574.00 | 21.71 | Diamondback Energy | 184.98 | 0.90 | Digital Realty Trust | 184.65 | 4.78 | Dominion Energy | 62.00 | 0.98 | DoorDash A | 193.62 | 1.85 | DR Horton | 136.75 | 3.52 | Duke Energy | 115.66 | 1.82 | Eaton Corp | 445.09 | 12.49 | Ecolab | 280.82 | 3.75 | Edwards Lifesciences Corp | 86.48 | -0.75 | Elevance Health | 400.09 | 5.58 | Eli Lilly & Co | 1157.49 | 14.37 | Emerson Electric | 161.40 | -0.93 | EOG Resources | 144.20 | 1.42 | Evans Inc | 1047.36 | 23.92 | Exelon | 41.68 | 0.66 | ExxonMobil Hldgs | 164.48 | 0.48 | Fastenal | 50.81 | 0.12 | FedEx | 289.03 | -0.10 | Ferguson Ent | 223.33 | 0.40 | FICO/SSAC | 695.46 | 5.85 | Fiserv | 45.48 | -0.66 | Flutter Entertainment | 76.25 | 0.52 | Fortinet Inc | 191.27 | 7.14 | Freeport-McKeller | 72.56 | -0.04 | Garmin | 279.21 | -6.31 | GE Aerospace | 309.39 | 3.05 | GE Healthcare Tech | 64.77 | -0.97 | GE Vernova | 1029.21 | 39.21 | General Dynamics | 311.33 | -0.95 | GlaxoSmiths Ltd | 82.01 | 1.78 | GlaxoSmiths | 144.23 | -0.46 | Goldman Sachs Group | 897.18 | 3.72 | HCA Healthcare | 432.20 | -2.72 | Hilton Worldwide Holdings | 322.61 | 6.49 | Home Depot | 286.69 | 5.54 | Honeywell International | 212.87 | -1.27 | Howmet Aerospace | 231.60 | 2.03 | IBM | 221.29 | -0.29 | Illinois Tool Works | 267.14 | 2.95 | Intel | 112.50 | -3.69 | Interactive Brokers Grp A | 90.58 | 1.53 | Intercontinental Exchange | 153.49 | 1.34 | Intuit | 289.81 | 5.13 | Intuitive Surgical | 404.76 | -1.72 | Johnson & Johnson | 254.78 | 1.85 | JPMorgan Chase Inds | 282.71 | -2.11 | JPMorgan Chase | 331.28 | -1.10 | Kenya | 17.59 | 0.20 | Keurig Dr Pepper | 31.13 | 0.24 | Kimberly Clark | 96.77 | 1.36 | Kinder Morgan P | 32.16 | 0.75 | KKR & Co | 90.67 | 0.71 | KLA | 197.46 | -9.39 | L3Harris Technologies | 237.90 | 1.02 | Lear Research | 333.89 | -11.91 | Linde | 489.95 | 7.57 | Lockheed Martin | 510.12 | 3.49 | Lowe's | 183.67 | 4.17 | Lululemon athletica | 93.61 | 0.47 | Marathon Petroleum | 432.36 | -1.11 | Marriott International A | 361.28 | 5.91 | Marathon Oil | 171.73 | 1.11 | Marvell Technology | 287.01 | 15.76 | Mastercard A | 566.58 | 1.99 | McDonald's | 232.45 | -0.59 | McKesson | 921.67 | 6.22 | Medtronic | 87.09 | -0.88 | Merck & Co | 141.94 | 2.40 | Meta Platforms A | 738.88 | -3.02 | MetLife | 97.16 | 0.28 | Micron Technology | 1045.56 | -18.40 | Microsoft | 529.30 | 4.12 | Mondelez International A | 59.62 | 1.13 | Monster Beverage | 43.25 | -0.26 | Moody's | 452.32 | 4.17 | Morgan Stanley | 191.02 | 0.83 | Motorola Solutions | 456.28 | 0.91 | MPLX | 554.92 | -1.80 | Nvidia | 92.77 | 0.08 | Netflix | 68.69 | 1.19 | Newmont Corp | 116.39 | 0.57 | NextEra Energy | 77.88 | 1.60 | NIKE B | 34.61 | 0.65 | Norfolk Southern | 316.31 | 0.08 | Northrop Grumman | 483.11 | 7.00 | Nu Holdings A | 15.66 | 0.48 | NVIDIA | 239.24 | 0.34 | NXP Semiconductors | 244.38 | 2.41 | Occidental Petroleum | 58.33 | 0.02 | Agriculture | Price | Change | Corn | 502.00 | -6.00 | Wheat | 209.50 | 0.50 | Rapeseed | 508.50 | -14.50 | Sunflower Seed | 10150.00 | 120.00 | Soybeans | 1297.00 | -6.00 | Soybeans Meal | 360.60 | 7.20 | Cocoa (ICE Liffe) | 4231.00 | -151.00 | Cocoa (ICE US) | 5583.00 | -117.00 | Coffee (Robusta) | 3559.00 | 67.00 | Coffee (Arabica) | 362.00 | -9.70 | White Sugar | 556.50 | 8.90 | Sugar #11 | 20.67 | -0.15 | Cotton | 77.48 | 0.35 | Orange Juice | 147.40 | -2.90 | Maple Leaf | 4078.85 | -57.52 | Live Cattle | 221.55 | 0.33 | Feeder Cattle | 339.03 | -1.48 | Lean Hogs | 77.30 | -0.63 | Palm Oil (Malaysian) | 1122.50 | -6.00 | 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 | 97.53 | 4.57 | -0.06 | 0.14 | Trust Finl Corp | 28/06 | 4.12 | 99.38 | 5.12 | 0.00 | 0.06 | National Rural | 32/11 | 4.02 | 90.97 | 5.27 | -0.11 | -0.24 | 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 | 0.00 | -0.92 | Euro | Germany | 25/08 | 2.22 | 88.79 | 3.14 | 0.19 | 0.51 | Spain | 46/10 | 2.88 | 78.91 | 4.51 | -0.63 | 0.08 | Belgium | 47/06 | 1.50 | 57.61 | 4.90 | -0.78 | 0.49 | France | 48/05 | 2.00 | 58.09 | 5.29 | -0.99 | 0.57 | £ Sterling | United Kingdom | 46/12 | 4.25 | 80.46 | 5.92 | -0.76 | -0.76 | United Kingdom | 47/07 | 1.50 | 47.08 | 5.98 | -0.53 | -0.53 | BONDS: BENCHMARK GOVERNMENT | Oct 07 | Day Chg | Prev | 52 wk high | 52 wk low | VIX | 15.39 | 0.38 | 15.01 | 35.30 | 13.38 | VXD | 15.67 | 0.47 | 15.20 | 42.71 | 2.43 | VDAX | 18.62 | 1.41 | 17.21 | 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 | 84.54 | 5.89 | 0.01 | 0.11 | 0.20 | 0.64 | 04/27 | 4.75 | 99.95 | 4.85 | 0.00 | -0.01 | 0.09 | 1.48 | Austria | 02/33 | 2.88 | 96.56 | 3.51 | 0.00 | -0.06 | 0.13 | 0.63 | 10/53 | 3.13 | 84.91 | 4.08 | 0.02 | -0.03 | 0.01 | 0.26 | Belgium | 06/54 | 3.25 | 74.98 | 4.98 | 0.09 | -0.06 | 0.26 | 0.70 | Canada | 06/27 | 1.00 | 98.95 | 2.82 | 0.00 | 0.00 | 0.03 | -0.18 | 12/55 | 2.75 | 73.99 | 3.93 | 0.00 | 0.03 | 0.13 | 0.15 | Denmark | 11/33 | 2.25 | 94.11 | 2.78 | 0.00 | 0.00 | 0.00 | 0.20 | 11/39 | 4.50 | 110.89 | 3.45 | 0.01 | -0.05 | 0.10 | 0.52 | Finland | 09/27 | 0.50 | 97.79 | 2.91 | -0.03 | -0.12 | 0.01 | 0.78 | 09/33 | 3.00 | 96.10 | 3.63 | 0.01 | -0.06 | 0.17 | 0.66 | France | 05/54 | 3.00 | 66.39 | 5.35 | 0.10 | -0.07 | 0.40 | 0.26 | 11/33 | 3.50 | 94.04 | 4.49 | 0.10 | 0.00 | 0.97 | -0.37 | Germany | 08/33 | 2.60 | 95.60 | 3.32 | -0.02 | -0.13 | 0.09 | 0.62 | 08/53 | 1.75 | 65.60 | 3.89 | 0.01 | -0.04 | 0.04 | 0.40 | Greece | 06/28 | 3.88 | 100.93 | 3.29 | 0.01 | -0.17 | 0.20 | 0.85 | 06/33 | 4.25 | 99.98 | 4.25 | 0.06 | 0.79 | 0.44 | 0.97 | Ireland | 10/32 | 0.35 | 80.81 | 4.00 | 0.00 | -0.10 | 1.02 | 1.37 | Italy | 12/27 | 2.63 | 99.29 | 3.23 | 0.00 | -0.04 | 0.20 | 0.99 | 03/34 | 4.13 | 99.98 | 4.38 | 0.09 | 0.01 | 0.43 | 1.06 | Netherlands | 01/54 | 2.00 | 68.80 | 3.86 | 0.00 | -0.01 | 0.01 | 0.29 | 07/33 | 2.50 | 94.49 | 3.42 | -0.01 | -0.10 | 0.13 | 0.63 | Poland | 04/28 | 2.75 | 97.34 | 4.56 | 0.05 | -0.18 | 0.21 | 0.72 | 10/33 | 6.00 | 99.56 | 6.08 | 0.04 | -0.07 | 0.18 | 1.14 | Portugal | 07/32 | 1.63 | 89.87 | 3.60 | 0.03 | -0.05 | 0.27 | 0.82 | Spain | 10/52 | 1.88 | 59.53 | 4.59 | 0.05 | -0.01 | 0.18 | 0.54 | 10/33 | 3.50 | 98.30 | 3.82 | 0.04 | -0.04 | 0.28 | 0.76 | Sweden | 11/33 | 1.75 | 96.30 | 2.50 | 0.00 | 0.00 | 0.00 | -0.14 | Switzerland | 03/36 | 2.50 | 118.13 | 0.32 | 0.00 | -0.02 | -0.22 | -0.49 | United Kingdom | 06/28 | 0.00 | 92.65 | 4.69 | 0.01 | -0.04 | 0.21 | 0.93 | 10/53 | 3.75 | 70.05 | 6.00 | 0.08 | 0.02 | 0.17 | 0.79 | United States | 11/33 | 4.50 | 95.91 | 5.20 | 0.04 | 0.01 | 0.52 | 1.22 | 11/53 | 4.75 | 86.58 | 5.73 | 0.06 | 0.05 | 0.45 | 0.90 | GILTS: UK CASH MARKET | Oct 07 | Price | Yield | Red Yield | Day | Week | High | Low | Tr 1.25pc '27 | 97.63 | 1.28 | 4.38 | 0.01 | 0.10 | 97.71 | 0.01 | Tr 0.875pc '29 | 89.03 | 0.98 | 4.80 | -0.10 | 0.13 | 91.00 | 0.01 | Tr 1pc '32 | 81.42 | 1.23 | 5.03 | -0.21 | 0.06 | 85.07 | 81.01 | Tr 4.25pc '36 | 91.65 | 4.64 | 5.39 | -0.49 | -0.21 | 99.39 | 91.30 | Tr 4.5pc '42 | 86.32 | 5.21 | 5.82 | -0.76 | -0.39 | 96.45 | 85.88 | Tr 3.75pc '52 | 70.96 | 5.28 | 5.97 | -0.82 | -0.45 | 81.50 | 70.51 | Tr 4pc '60 | 72.14 | 5.54 | 5.93 | -0.85 | -0.46 | 83.52 | 71.62 | 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 7 | Dayschg % | TotalReturn | MonthReturn | YearReturn | Yield | Up to 5 Years | 84.51 | -0.07 | 2653.68 | -0.21 | 0.95 | 4.79 | 5-10 Years | 141.33 | -0.39 | 3345.94 | -1.35 | -2.05 | 5.24 | 10-15 Years | 138.89 | -0.70 | 3651.32 | -1.86 | -3.98 | 5.64 | 5-15 Years | 139.00 | -0.48 | 3410.08 | -1.51 | -2.65 | 5.40 | Over 15 Years | 161.10 | -1.12 | 3215.42 | -1.95 | -7.59 | 5.91 | All stocks | 123.61 | -0.47 | 3097.14 | -1.11 | -2.53 | 5.58 | Index Linked | Oct 7 | Day's chg % | Month chg % | Year's chg % | Total Return | Return 1 Month | Return 1 Year | Up to 5 Years | 365.04 | -0.00 | 0.16 | 2.76 | 3185.70 | 0.17 | 3.59 | Over 5 Years | 462.04 | -1.16 | -1.73 | -3.39 | 3622.98 | -1.55 | -2.78 | 5-15 Years | 454.28 | -0.47 | -1.40 | 0.31 | 3817.58 | -1.20 | 1.07 | Over 15 Years | 457.82 | -1.91 | -2.09 | -6.94 | 3458.29 | -1.93 | -6.47 | All stocks | 461.73 | -0.90 | -1.31 | -2.13 | 3695.33 | -1.16 | -1.49 | Yield Indices | Oct 7 | Oct 6 | Yr Ago | 5 Yrs | 4.99 | 4.94 | 4.26 | 10 Yrs | 5.43 | 5.36 | 4.59 | 15 Yrs | 5.73 | 5.66 | 4.88 | 20 Yrs | 5.88 | 5.81 | 5.02 | 45 Yrs | 5.73 | 5.65 | 4.91 | Real Yield 0% Inflation | Oct 7 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 1.05 | 2.60 | 1.05 | 0.73 | Over 5 Years | 2.43 | 16.10 | 2.36 | 1.90 | 5-15 Years | 2.14 | 9.43 | 2.09 | 1.61 | Over 15 Years | 2.56 | 22.88 | 2.47 | 2.01 | All stocks | 2.37 | 13.19 | 2.30 | 1.86 | Real Yield 5% Inflation | Oct 7 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 0.81 | 2.60 | 0.80 | 0.43 | Over 5 Years | 2.40 | 16.10 | 2.33 | 1.88 | 5-15 Years | 2.08 | 9.43 | 2.03 | 1.54 | Over 15 Years | 2.54 | 22.88 | 2.46 | 2.00 | All stocks | 2.33 | 13.19 | 2.26 | 1.82 | FT

FINANCIAL TIMES

Energy Source

Profit. Power. Politics.

The Ground Truth image displays a long, 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.

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Main Market | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Aerospace & Defence | BAE Systems■ | 1826.00 | -29.00 | 2360.00 | 1529.00 | 2.07 | 26.54 | 6351.94 | Chemring Group | 500.00 | -8.50 | 650.75 | 446.52 | 1.62 | 28.09 | 1517.15 | Automobiles & Parts | Ford Motors | 912.32 | -12.55 | 1319.04 | 841.76 | 4.98 | -5.07 | — | Banks | ANZ Group | 1998.84 | 9.14 | 2126.50 | 1753.25 | 5.73 | 19.49 | 4023.55 | Banco Santander | 1034.00 | -24.00 | 1122.00 | 709.00 | 1.67 | 13.42 | 8032.48 | Bank of Nova Scotia▲ | 6654.10 | -134.50 | 7165.88 | 4711.98 | 3.64 | — | 1960.79 | Barclays■ | 432.05 | -15.25 | 554.10 | 353.55 | 2.66 | 9.86 | 56399.73 | Canadian Imperial▲ | 8213.96 | -184.44 | 9198.88 | 5969.15 | 2.77 | — | 586.66 | HSBC■ | 1408.00 | -64.20 | 1610.00 | 959.29 | 3.95 | 15.38 | 28017.18 | Lion Finance Gp | 12830.00 | -490.00 | 14820.00 | 7320.00 | 2.47 | 8.75 | 52.91 | Lloyds Bnkg Gp■ | 102.30 | -3.40 | 117.90 | 81.82 | 3.92 | 14.61 | 152507.40 | NatWest Group | 649.80 | -18.60 | 726.00 | 504.41 | 5.39 | 12.15 | 26089.67 | OSB Group | 485.40 | -8.60 | 647.50 | 479.00 | 7.40 | 6.42 | 950.03 | Perm TSB Group | 251.08 | 0.14 | 291.66 | 182.42 | 0.62 | 6.53 | 1.35 | Royal Bank of CA | 14531.70 | -247.69 | 16187.03 | 10784.89 | 2.57 | — | 712.61 | Stand Chart | 2151.00 | -102.00 | 2864.00 | 1351.50 | 2.39 | 14.55 | 4590.27 | ...7.375%PF | 107.75 | 128.84 | 102.00 | 6.84 | — | 91.03 | 8.25%P/B | 118.75 | 0.90 | 143.80 | 114.25 | 6.95 | — | 283.73 | Toronto-Dominion | 8670.03 | -226.51 | 9256.88 | 5880.62 | 2.69 | — | 4550.84 | Westpack | 1803.43 | -18.10 | 2275.39 | 1755.74 | 4.50 | 17.04 | 3057.85 | Chemicals | Elementis | 180.20 | -0.40 | 195.40 | 136.00 | 1.85 | -30.54 | 1389.92 | Johnson Matthey | 2412.00 | -24.00 | 3245.25 | 2192.00 | 4.25 | -31.63 | 388.48 | Victrex | 929.00 | -1.00 | 1024.00 | 515.00 | 3.23 | 29.03 | 133.78 | Construction & Materials | Galliford Try Hldgs | 685.00 | -9.00 | 726.81 | 466.00 | 3.43 | 16.43 | 393.53 | Morgan Sindall* | 4078.00 | -122.00 | 5730.00 | 3938.00 | 4.00 | 10.96 | 155.97 | Electronic & Electrical Equip | discoverGrp | 850.00 | -15.00 | 900.00 | 505.00 | 1.53 | 28.15 | 288.00 | Halma | 3478.00 | -80.00 | 4902.00 | 3268.00 | 0.71 | 35.28 | 681.83 | Morgan Adv Mat | 270.00 | -6.50 | 278.00 | 179.80 | 4.52 | 36.00 | 851.63 | Oxford Instruments | 3048.00 | -64.00 | 3318.00 | 1682.00 | 0.77 | 36.03 | 69.77 | Renishaw | 5765.00 | -225.00 | 6030.00 | 3280.00 | 1.42 | 35.26 | 103.67 | TT Electronics | 188.40 | -4.00 | 197.80 | 93.00 | - | -6.61 | 409.36 | XP Power | 1984.00 | -61.00 | 2160.00 | 849.23 | - | -47.24 | 107.94 | Financial General | 3i Group | 2391.00 | 2.00 | 4497.00 | 1825.00 | 3.53 | - | - | Aberdeen Group | 234.40 | -3.40 | 265.00 | 179.60 | 6.23 | 10.85 | 2959.77 | Bridgepoint Group | 365.40 | 18.60 | 397.11 | 212.00 | 2.68 | 73.08 | 5866.90 | City of London Inv | 512.00 | -2.00 | 540.00 | 349.00 | 6.64 | 13.88 | 43.07 | Close Bros | 389.60 | -5.60 | 556.15 | 318.40 | - | -6.82 | 389.99 | ICG | 1764.00 | -3.00 | 2298.00 | 1424.87 | 4.93 | 10.58 | 3120.00 | Investec | 595.00 | -23.00 | 690.00 | 499.36 | 6.47 | 7.72 | 1777.11 | Jupiter | 171.00 | - | 214.50 | 137.20 | 3.51 | 8.91 | 1693.70 | Liontrust | 297.00 | -1.00 | 358.00 | 223.00 | 6.40 | 19.29 | 144.13 | London Stock Exa | 8216.00 | -70.00 | 10140.00 | 6884.00 | 1.90 | 34.88 | 934.87 | Rathbones Group | 1532.00 | 20.00 | 2500.00 | 1500.00 | 6.53 | 14.20 | 131.86 | S & U | 1900.00 | 10.00 | 2459.50 | 1620.00 | 6.11 | 9.73 | 5.34 | St James's Place | 1027.00 | -11.50 | 1575.50 | 1020.50 | 1.75 | 10.28 | 1032.48 | TP ICAP Group | 323.00 | -2.20 | 355.00 | 235.50 | 5.33 | 12.82 | 812.99 | Vanquis Banking Gp | 68.40 | -0.80 | 132.00 | 68.40 | - | 21.38 | 708.86 | Food & Beverages | ---

AIM | | Price | +/- Dly Dng | 52 Week | Yld | P/E | Vol 000s | High | Low | Aerospace & Defence | Cohort | 1182.00 | -28.00 | 1538.00 | 881.10 | 1.51 | 22.63 | 297.84 | Velocity Composites | 16.25 | -0.25 | 25.00 | 12.00 | — | -8.12 | 19.78 | Basic Resources (Ex Mining) | Cropper J | 685.00 | -10.00 | 710.00 | 250.00 | — | 22.24 | 13.73 | Construction & Materials | Accsys Tech | 57.40 | -1.60 | 79.84 | 57.00 | — | 25.39 | 19.36 | Electronic & Electrical Equip | Checkit | 16.25 | -0.25 | 27.00 | 12.35 | — | -6.25 | 39.86 | LPA | 82.50 | -2.50 | 92.00 | 34.00 | — | -31.25 | 6.52 | Thorpe FW | 265.00 | 8.00 | 320.00 | 240.00 | 2.77 | 11.17 | 91.52 | Financial General | Arbuthnot Banking | 795.00 | 5.00 | 955.00 | 755.00 | 6.92 | 7.29 | 9.98 | Investment Companies | | Price | +/- Dly Chg | 52 Week | Dist- Prem | High | Low | Yld | NAV | Conventional (Ex Private Equity) | 3i Infra | 384.00 | -2.50 | 399.50 | 325.00 | 3.50 | 405.47 | -4.54 | Abf GVIT | 91.00 | — | 96.77 | 76.00 | 6.70 | 102.95 | -11.18 | Abf Sml | 1802.00 | -4.00 | 1828.00 | 1408.07 | 2.65 | 2015.64 | -10.19 | Aberdeen Asia Foc | 474.00 | 2.00 | 478.00 | 348.00 | 1.36 | 523.17 | -9.17 | Aberdeen Asian Inc Fund | 323.00 | -3.00 | 357.00 | 246.00 | 5.81 | 352.10 | -5.90 | Aberdeen Eq Inc | 450.00 | -3.00 | 473.00 | 359.25 | 5.13 | 448.37 | 0.24 | Aberdeen UK SmlI | 530.00 | -2.00 | 544.00 | 441.50 | 2.64 | 568.99 | -5.77 | Alliance Witan | 1402.00 | -4.00 | 1409.00 | 1178.00 | 2.09 | 1480.03 | -5.38 | Alliance Tech | 776.00 | -9.00 | 789.00 | 460.75 | — | 850.72 | -8.44 | Artemis UK Future Lead | 387.00 | -5.50 | 405.00 | 321.00 | 3.99 | 442.45 | -10.82 | Aurora UK Alpha | 245.00 | -1.00 | 279.00 | 222.09 | 1.92 | 282.49 | -12.78 | AVI Japan | 181.00 | — | 194.00 | 154.50 | 1.22 | 187.45 | -2.87 | BG China Growth | 286.00 | -5.50 | 331.04 | 264.00 | 0.87 | 310.46 | -10.18 | BG Euro | 118.50 | -0.50 | 133.00 | 91.40 | 0.61 | 128.76 | -7.62 | BG Japan | 1082.00 | -6.00 | 1114.00 | 811.10 | 0.92 | 1199.37 | -10.08 | BG Shin | 178.20 | -0.20 | 182.00 | 123.05 | 0.39 | 198.25 | -10.55 | BG US Growth | 396.00 | — | 398.00 | 261.00 | — | 408.44 | -5.79 | Baillie Gifford UK | 214.00 | — | 231.00 | 180.12 | 2.90 | 238.31 | -8.98 | Bankers IT | 155.80 | -1.20 | 157.80 | 125.20 | 1.81 | 171.06 | -8.61 | Biotech Growth | 1430.00 | -18.00 | 1786.00 | 1015.00 | — | 1539.92 | -8.03 | BckR Amer Sml | 281.00 | -2.00 | 289.55 | 208.85 | 5.30 | 278.16 | 0.52 | BckR Energy & Res | 174.00 | -4.00 | 205.00 | 135.50 | 3.56 | 186.27 | -7.35 | BckR Front | 187.50 | -4.50 | 208.00 | 164.50 | 4.06 | 191.85 | 0.13 | BckR GtEur | 577.00 | -12.00 | 625.00 | 506.95 | 1.24 | 633.92 | -7.30 | BckR I&G | 235.00 | — | 240.00 | 208.00 | 3.28 | 254.22 | -7.78 | BckR Smir | 263.00 | -1.50 | 288.40 | 230.80 | 3.01 | 307.85 | -14.12 | BckR World Mining | 926.00 | -20.00 | 1076.00 | 628.00 | 2.59 | 978.36 | -3.65 | Brunner | 1556.00 | -14.00 | 1612.00 | 1336.00 | 1.74 | 1732.19 | -10.44 | Caledonia Inv | 386.00 | -2.50 | 402.00 | 312.00 | 1.99 | 595.13 | -35.30 | CanGen C$ | 2758.16 | 41.98 | 2958.28 | 2358.19 | 2.39 | 88.58 | -42.13 | City of Lon | 567.00 | -3.00 | 599.00 | 498.00 | 3.96 | 558.98 | 1.80 | City Natural Res G&I | 401.00 | -3.00 | 467.00 | 258.01 | 7.06 | 410.17 | 0.50 | CT Healthcare | 124.60 | -0.40 | 152.40 | 119.80 | 4.23 | 131.07 | -5.06 | CT MgdI | 131.00 | — | 135.00 | 115.00 | 6.11 | 129.86 | 1.08 | CT MgdG | 328.00 | — | 330.00 | 280.26 | — | 341.19 | -3.47 | CT Cp&I | 337.00 | -3.00 | 373.00 | 320.00 | 3.99 | 356.02 | -4.00 | CT UK HIT B | 107.00 | — | 120.00 | 92.00 | 5.57 | 114.91 | -6.45 | CT UK HIT Ord | 107.00 | -2.50 | 126.00 | 97.00 | 5.57 | 114.73 | -4.19 | Dunedin Inc | 304.00 | -1.00 | 323.00 | 275.00 | 6.63 | 332.21 | -7.95 | Edinburgh Inv | 819.00 | -4.00 | 867.00 | 737.60 | 3.91 | 892.85 | -7.89 | Edin Worldwide | 282.00 | -6.00 | 294.50 | 194.20 | — | 307.27 | -9.32 | The Euro SmlCo | 227.50 | -3.50 | 247.21 | 193.80 | 5.56 | 251.84 | -7.96 | F&C Inv Trust | 348.20 | -1.60 | 1332.00 | 325.80 | 1.21 | 384.52 | -9.25 | Fidelity Asian | 608.00 | -4.00 | 672.00 | 546.06 | 3.37 | 645.28 | -5.62 | Fidelity China | 246.50 | -0.50 | 339.00 | 239.50 | 3.65 | 266.00 | -7.06 | Fidelity Emer Mkts | 1530.00 | -12.00 | 1574.00 | 897.34 | 1.63 | 1684.82 | -5.11 | Fidelity Euro | 415.00 | -6.00 | 447.50 | 367.50 | 2.46 | 443.32 | -5.23 | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | AEP Plantations | 195.40 | -0.60 | 229.00 | 124.00 | 3.12 | 11.16 | 238.73 | Assoc. Brit Foods | 1827.00 | -7.00 | 2359.00 | 1729.45 | 3.45 | 12.90 | 580.71 | Barr (AG) | 560.00 | 2.00 | 715.32 | 538.00 | 3.41 | 13.25 | 476.34 | Fevara | 147.00 | -1.00 | 152.00 | 114.50 | 1.63 | 6.36 | 35.12 | Coca-Cola HBC | 4248.00 | 12.00 | 5195.00 | 3306.00 | 2.39 | 19.38 | 488.73 | Cranswick | 4970.00 | -10.00 | 5810.00 | 4775.00 | 2.26 | 16.80 | 148.65 | Diageo# | 1611.00 | 7.50 | 1903.91 | 1295.50 | 2.35 | 27.27 | 3010.74 | Greencore | 248.60 | 3.00 | 307.50 | 191.10 | 1.05 | 18.83 | 803.35 | Kerry Group | 7502.75 | 194.88 | 7646.35 | 5567.81 | 1.63 | 22.14 | 14.35 | Tate & Lyle | 560.00 | -1.00 | 580.00 | 319.40 | 3.54 | 25.45 | 281.59 | Unileverw | 4623.00 | 54.00 | 5542.11 | 3644.00 | 3.57 | 12.61 | 2376.50 | Health Care Equip & Services | GN Store Nord | 1194.11 | -29.73 | 1429.97 | 984.75 | — | 15.52 | 321.75 | Smith&Neph+ | 1019.00 | 7.50 | 1426.59 | 980.40 | 2.95 | 18.68 | 2074.09 | House, Leisure & Pers Goods | Barratt Redrow | 300.10 | -9.10 | 410.29 | 235.40 | 2.00 | 22.07 | 4462.98 | Bellway | 2000.00 | -44.00 | 2890.00 | 1715.00 | 3.60 | 15.06 | 873.88 | Berkeley | 3192.00 | -52.00 | 4442.00 | 2796.00 | — | 9.63 | 456.36 | Burberry Group | 1016.00 | -15.50 | 1376.50 | 953.40 | 1184.54 | Caim Homes+ | 227.00 | 251.00 | 161.00 | 3.88 | 12.59 | 267.44 | Games Workshop | 6540.00 | -20.00 | 23540.00 | 14280.00 | 3.39 | 26.51 | 92.31 | Gleeson (MJ) | 268.50 | -6.50 | 435.00 | 221.00 | 1.86 | -80.87 | 51.27 | Headlam Group# | 10.50 | 60.23 | 4.64 | -0.10 | McBride | 175.80 | 0.60 | 214.10 | 107.60 | 1.76 | 9.93 | 180.34 | Philips | 1823.19 | -4.63 | 2413.42 | 1790.38 | 3.95 | -43.06 | 1496.32 | PZ Cussons+ | 96.20 | -0.20 | 114.00 | 65.09 | 3.85 | 20.47 | 347.48 | Vistry Group | 744.60 | -12.00 | 746.40 | 220.00 | — | 5.32 | 2394.72 | Bodycote• | 910.50 | 0.50 | 967.50 | 585.00 | 2.56 | 29.37 | 643.89 | Goodwill• | 14200.00 | 360.00 | 28500.00 | 10820.00 | 2.32 | 19.23 | 23.61 | Hill & Smith | 3100.00 | -155.00 | 3345.00 | 1994.00 | 30.18 | 148.06 | IMI | 3552.00 | -86.00 | 3020.00 | 2244.00 | 1.16 | 24.55 | 586.70 | Melrose | 450.00 | -11.00 | 685.00 | 409.90 | 1.67 | 15.52 | 4228.74 | RHI | 2840.00 | -5.00 | 3390.00 | 1920.00 | 5.37 | 18.43 | 28.71 | Weir• | 2560.00 | -102.00 | 3580.00 | 2254.00 | 1.64 | 26.75 | 762.35 | Industrial General | Coats Group | 81.00 | -0.10 | 98.10 | 73.15 | 3.11 | 18.12 | 3112.31 | Macfarlane• | 84.40 | 0.40 | 93.80 | 59.80 | 4.34 | 21.15 | 171.97 | Smiths | 2762.00 | -85.00 | 2885.00 | 2088.00 | 1.76 | 4.39 | 1015.06 | Industrial Transportation | Braemar | 235.00 | - | 249.00 | 203.11 | 2.98 | 32.46 | 69.25 | Fisher (J) | 417.00 | -7.00 | 554.00 | 358.00 | - | -47.93 | 22.35 | Insurance | Admiral Group | 3634.00 | -16.00 | 4128.00 | 2624.00 | 3.94 | 14.75 | 1748.98 | Aviva+ | 677.20 | -11.20 | 740.60 | 590.60 | 5.94 | 25.17 | 6933.48 | Chesnara+ | 330.00 | -2.50 | 378.00 | 265.00 | 6.96 | -65.35 | 474.62 | Ecclesiastical Insurance | 130.25 | 2.25 | 155.00 | 125.50 | 6.62 | - | 108.24 | Hansard Global+ | 54.00 | -1.50 | 60.80 | 43.20 | 8.24 | 11.49 | 2.13 | Hiscox | 1834.00 | -16.00 | 1952.00 | 1288.00 | 2.14 | 13.42 | 1005.09 | Lancashire Hldgs | 641.50 | 6.00 | 700.00 | 549.00 | 2.62 | 7.01 | 359.52 | Legal & General | 288.10 | -2.30 | 318.10 | 217.20 | 7.61 | 28.84 | 21969.16 | Old Mutual+ | 59.20 | -0.20 | 78.80 | 55.00 | 7.34 | 6.61 | 827.57 | Prudential+ | 881.00 | -43.20 | 1238.00 | 877.60 | 2.38 | 7.55 | 17270.33 | Standard Life+ | 871.50 | -8.00 | 960.00 | 633.50 | 6.44 | -185.03 | 1523.50 | Leisure | ME Group | 113.80 | -1.80 | 195.94 | 98.50 | 7.37 | 7.59 | 669.79 | | Price +/- | 52 Week | Vol 000s | Dly Dng | High | Low | Yld | P/E | BP Marsh | 655.00 | 2.00 | 710.00 | 613.00 | 5.54 | 4.94 | 27.44 | Burlford Capital | 270.00 | 2.60 | 892.50 | 264.20 | 3.50 | 12.31 | 95.21 | Premier Miton Group | 34.75 | -0.25 | 64.20 | 34.50 | 8.63 | 44.55 | 74.27 | Food & Beverages | Camellia | 5900.00 | 200.00 | 6300.00 | 4800.00 | 4.41 | -31.60 | 0.26 | Fevertree Drinks● | 840.00 | 9.50 | 973.00 | 711.00 | 2.08 | 44.73 | 1723.78 | Nichols | 1100.00 | 10.00 | 1200.00 | 880.00 | 3.54 | 18.75 | 23.80 | House, Leisure & Pers Goods | Churchill● | 351.00 | -4.00 | 460.00 | 271.00 | 5.98 | 8.84 | 3.86 | Frontier Dev● | 583.00 | -8.00 | 640.00 | 302.00 | — | 7.82 | 38.44 | Portmeirion | 48.00 | -0.50 | 122.00 | 47.00 | — | -1.06 | 10.64 | Sanderson Design Grp | 74.50 | — | 80.00 | 40.00 | 2.01 | 25.00 | 17.17 | Industrial Engineering | MS Intl | 1535.00 | -5.00 | 1800.00 | 1120.00 | 1.69 | 22.77 | 14.06 | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Dist-) Prem | High | Low | Fidelity Spec | 460.00 | -2.50 | 479.50 | 384.77 | 2.25 | 464.15 | -0.17 | Finsbury G&I | 780.00 | 4.00 | 875.00 | 706.25 | 2.69 | 835.02 | -6.97 | The Glbl Small Co | 190.20 | -1.80 | 198.60 | 162.72 | 1.66 | 202.18 | -5.12 | GRIT(susp) | 1.25 | — | 1.25 | 1.25 | — | 14.40 | -91.32 | Hansa | 334.00 | 2.00 | 346.00 | 250.00 | 1.32 | 557.74 | -40.24 | Hansa A | 335.00 | — | 340.00 | 244.00 | 1.31 | 557.74 | -39.70 | Hen FarEs | 271.00 | -1.50 | 281.50 | 229.00 | 9.24 | 257.86 | 5.64 | Hen High Inc | 198.50 | -2.50 | 214.00 | 173.25 | 5.60 | 209.20 | -3.87 | Hen Smrl | 952.00 | 2.00 | 998.00 | 769.00 | 3.05 | 1050.40 | -9.40 | Herald | 2970.00 | -40.00 | 3290.73 | 2285.00 | — | 3476.32 | -14.09 | HICL Infra | 131.00 | -0.80 | 141.00 | 107.20 | 6.49 | 160.37 | -18.05 | Impax Env | 452.50 | 2.50 | 494.76 | 379.00 | 1.15 | 517.36 | -12.05 | IntiBiotech | 1060.00 | -10.00 | 1235.00 | 786.00 | 2.95 | 1080.05 | -2.50 | Intl PP | 135.60 | -1.00 | 145.80 | 115.60 | 6.48 | 153.67 | -12.26 | Inv Asia Dragon Tst | 499.00 | -3.00 | 520.00 | 395.00 | 3.85 | 541.78 | -6.72 | Inv Bond Inc | 169.00 | 0.50 | 178.50 | 150.11 | 7.25 | 165.85 | 1.69 | JPM Amer IT | 1246.00 | -10.00 | 1258.00 | 1041.00 | 0.92 | 1304.49 | -4.16 | JPM Asia G&I | 600.00 | -8.00 | 652.00 | 426.00 | 5.50 | 609.93 | -0.21 | JPM China G&I | 254.50 | -4.50 | 313.00 | 252.50 | 4.48 | 288.99 | -8.93 | JPM Clavr | 924.00 | -2.00 | 986.00 | 799.98 | 3.95 | 960.17 | -3.46 | JPM Emrg EMEA | 229.00 | -6.00 | 310.00 | 196.00 | 0.26 | 69.03 | 238.52 | JPM Emrg | 171.80 | -1.40 | 181.20 | 126.20 | 4.38 | 189.09 | -7.75 | JPM Eur Disc | 603.00 | -9.00 | 666.00 | 548.00 | 2.65 | 667.10 | -8.17 | JPM Eur G&I | 137.80 | -2.20 | 153.00 | 124.50 | 3.95 | 145.01 | -3.72 | JPM Em Mk Div | 216.00 | -2.00 | 221.00 | 155.50 | 2.78 | 237.73 | -8.52 | JPM Gbl G&I | 613.50 | -6.50 | 641.00 | 529.60 | 4.04 | 637.95 | -3.50 | JPM India Gwth Inc | 834.00 | -1.00 | 1098.00 | 799.00 | 5.08 | 915.48 | -8.46 | JPM Japan | 840.00 | -8.00 | 867.00 | 668.00 | 1.04 | 926.31 | -9.38 | JPM UK Sm | 346.00 | -4.50 | 369.00 | 287.92 | 4.31 | 377.57 | -7.81 | JPM US Sml | 415.00 | -7.00 | 463.00 | 365.00 | 0.77 | 463.72 | -9.39 | Law Deb | 1216.00 | -16.00 | 1290.00 | 991.00 | 3.00 | 1215.40 | 0.92 | Lindsell Train | 574.00 | -10.00 | 750.00 | 529.50 | 4.88 | 6.78 | -14.45 | Lowland | 184.00 | -1.00 | 191.50 | 148.00 | 3.74 | 201.78 | -8.46 | Marwyn Val | 141.00 | — | 141.60 | 140.40 | 6.43 | 264.17 | -46.05 | Mercantile | 270.00 | -3.50 | 290.50 | 234.31 | 3.07 | 302.40 | -10.06 | Merch. Trst | 657.00 | -3.00 | 691.00 | 536.25 | 4.55 | 690.89 | -4.39 | Mid Wynd | 798.00 | -8.00 | 814.00 | 682.00 | 1.08 | 823.93 | -2.98 | Monks IT | 1670.00 | -12.00 | 1687.13 | 1366.00 | 0.05 | 1779.21 | -5.65 | Montanaro Eur | 176.00 | -2.00 | 189.00 | 142.00 | 0.88 | 197.22 | -9.95 | Murray Inc | 954.00 | -4.00 | 1036.00 | 854.66 | 4.30 | 1026.43 | -6.55 | Murray Intl | 357.00 | -0.50 | 376.00 | 296.50 | 3.59 | 355.06 | 0.45 | New Star IT | 138.00 | -2.50 | 148.00 | 111.00 | 2.57 | 202.69 | -31.42 | N. Atl Smrl IT | 428.00 | 3.00 | 434.00 | 328.00 | 1.64 | 649.91 | -34.60 | Pac. Horiz. | 1132.00 | -10.00 | 1262.00 | 719.00 | — | 1256.84 | -8.93 | Pers. Assets | 542.00 | -1.00 | 558.00 | 515.00 | 1.03 | 546.83 | -1.34 | Polar Health | 435.00 | 6.50 | 460.50 | 352.11 | 0.51 | 423.32 | 0.72 | Polar Fin. | 239.00 | -2.00 | 260.50 | 199.16 | — | 248.87 | -3.12 | Polar Tech. | 712.00 | -11.00 | 743.50 | 420.00 | — | 791.89 | -9.63 | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol000s | High | Low | Media | Autotrader Grp | 470.80 | 6.30 | 828.80 | 418.60 | 2.46 | 13.78 | 3296.01 | Informa | 866.60 | -20.60 | 1000.00 | 719.00 | 2.59 | — | 6679.02 | ITV | 65.75 | -1.30 | 87.35 | 65.70 | 7.60 | 11.14 | 10843.34 | Pearson | 1243.00 | 10.00 | 1337.00 | 874.80 | 2.06 | 24.18 | 5326.14 | Reach | 47.05 | -0.40 | 73.70 | 39.00 | 12.54 | -1.12 | 751.70 | Relx■ | 2599.00 | 28.00 | 3539.00 | 1991.00 | 2.65 | 23.08 | 4413.37 | Rightmove◆ | 461.50 | 8.00 | 702.80 | 391.40 | 2.33 | 16.42 | 4385.23 | STV Group | 102.00 | 1.00 | 124.50 | 95.60 | — | -9.44 | 71.82 | Mining | Anglo American | 4059.00 | -93.00 | 4348.00 | 2639.00 | 0.71 | -16.22 | 3794.07 | Antofagasta | 3692.00 | -137.00 | 4475.00 | 2496.00 | 1.60 | 36.21 | 932.13 | BHP Group | 3215.00 | -53.00 | 3592.00 | 1971.00 | 3.96 | 21.95 | 1208.94 | Ferrexpo | 31.94 | -1.04 | 87.23 | 25.22 | - | -1.11 | 852.96 | Fresnillo | 2688.00 | -15.00 | 4472.00 | 2000.00 | 4.16 | 18.92 | 622.49 | Glencore■ | 568.90 | -4.60 | 707.20 | 332.20 | 2.26 | - | 39453.74 | Harmony+ | 1209.11 | -73.18 | 1963.66 | 946.96 | 4.81 | 11.51 | 3531.84 | Rio Tintom | 7022.00 | -142.00 | 9117.00 | 4925.00 | 4.96 | 15.13 | 3311.14 | BP■ | 562.00 | 1.10 | 609.40 | 399.35 | 4.47 | - | 26688.71 | Capricorn | 427.00 | 1.00 | 450.00 | 181.80 | - | 20.16 | 140.72 | ExxonMobil Hldgs | 12404.90 | - | 12622.00 | 12371.60 | 2.51 | - | - | GeoPark | 847.26 | - | 876.77 | 841.21 | 0.82 | 13.66 | - | Helleniq Energy | 1529.34 | - | 1544.58 | 1509.02 | 3.32 | 6.21 | 457.34 | Imperial Oil C$ | 9157.95 | -48.26 | 10397.16 | 6229.98 | 2.02 | - | 228.82 | TC Energy Corp◆ | 4477.83 | - | 4547.39 | 4462.97 | 4.16 | -23.68 | 702.80 | AstraZeneca■ | 12180.00 | 222.00 | 15732.00 | 9892.00 | 1.96 | 24.40 | 1721.60 | Chemical Works | 2838.51 | - | 2838.51 | 2838.51 | 5.34 | 14.70 | - | GlaxoSmKline■● | 1790.50 | 25.00 | 2282.00 | 1592.00 | 3.91 | 12.69 | 5071.00 | Hikma Pharm | 1646.00 | 26.00 | 1865.00 | 1187.00 | 3.95 | 11.96 | 412.32 | REITs | British Land | 391.20 | -3.40 | 451.60 | 335.40 | 5.91 | - | - | Derwent London | 1786.00 | -9.00 | 2196.00 | 1469.33 | 4.59 | - | - | Great Portland Est | 304.60 | -4.00 | 377.00 | 270.00 | 2.69 | - | 0.00 | Land Securities | 612.50 | -5.00 | 726.00 | 525.00 | 6.73 | - | - | LondonMetric Prop | 172.40 | -1.50 | 216.20 | 170.20 | 7.28 | - | -19.81 | Primary Health Prop | 89.25 | -0.50 | 109.60 | 87.40 | 8.18 | - | - | Segro | 913.60 | -6.60 | 997.40 | 632.20 | 3.45 | - | - | Shaftesbury Capital | 136.10 | -1.40 | 155.10 | 124.10 | 3.16 | 7.28 | 1918.84 | Tritax Big Box | 141.60 | -0.60 | 175.00 | 139.80 | 5.83 | - | - | Real Estate Inv & Services | Grainger | 163.90 | -2.20 | 202.79 | 149.44 | 5.13 | - | - | Harworth Group* | 187.00 | - | 195.00 | 116.80 | 0.98 | 64.48 | 359.15 | Helical | 177.00 | -5.00 | 236.25 | 176.00 | 1.48 | 36.65 | 53.24 | Mountview Estates | 8625.00 | -125.00 | 10200.00 | 8350.00 | 6.09 | 16.52 | 3.52 | Savills | 953.00 | -20.00 | 1142.00 | 791.46 | 2.47 | 18.33 | 307.72 | Sirius Real Estate | 88.20 | -0.60 | 113.00 | 85.85 | 6.14 | 6.87 | 1506.48 | Smart (J) | 115.00 | - | 140.00 | 106.00 | 2.83 | 8.80 | - | Retailers | Caffyns | 500.00 | -45.00 | 550.00 | 350.00 | 2.00 | -12.29 | 0.01 | Dunelm Group | 788.00 | 7.50 | 1174.00 | 707.00 | 8.95 | 10.23 | 337.38 | | 52 Week | Vol000s | Price | +/- Dly Chg | High | Low | Yld | P/E | Media | Mission Group | 25.50 | - | 29.00 | 12.00 | - | -1.20 | 1.63 | Mining | Central Asia Metals● | 150.00 | -0.60 | 244.00 | 125.27 | 10.33 | -4.66 | 929.19 | Crism Therapeutics | 9.25 | - | 18.50 | 8.00 | - | -1.81 | 81.66 | Oil & Gas | BorSthnPet | 7.96 | -1.02 | 14.00 | 7.26 | - | -65.76 | 2986.89 | Pharmaceuticals & Biotech | Sareum Holdings | 27.50 | - | 40.00 | 9.50 | - | -11.46 | 126.55 | Retailers | Boohoo Group | 24.00 | -0.50 | 29.50 | 10.30 | - | -3.10 | 538.88 | CVS Group | 1163.00 | -7.00 | 1648.00 | 1062.00 | 0.77 | 47.66 | 284.17 | | Price | +/- Dly Chg | 52 Week | Yld | NAV | Dis(-)Prem | High | Low | Rights & Iss IT | 2440.00 | -40.00 | 2520.00 | 1965.13 | 1.85 | 3048.22 | -18.21 | RIT Cap. | 2465.00 | 10.00 | 2645.00 | 1985.25 | 1.83 | 3198.50 | -23.40 | Ruffer Inv Pr | 293.00 | -0.50 | 319.00 | 281.26 | 2.11 | 305.01 | -3.70 | Schdr AsiaPac | 849.00 | -8.00 | 892.00 | 641.35 | 1.53 | 944.94 | -9.79 | Schdr AsiaTotal | 713.00 | -3.00 | 746.00 | 530.00 | 1.61 | 757.95 | -4.82 | Schroder Inc | 351.00 | -6.00 | 380.00 | 314.00 | 4.36 | 378.80 | -6.65 | Schdr Japan | 390.00 | -2.00 | 402.53 | 276.00 | 3.42 | 429.13 | -9.60 | Schdr Orient. | 458.00 | -2.00 | 478.00 | 317.00 | 2.88 | 482.79 | -4.66 | Schdr UK Mid | 748.00 | -17.00 | 790.00 | 652.00 | 3.02 | 801.19 | -4.78 | Scot American | 553.00 | -3.00 | 572.00 | 480.10 | 2.96 | 589.70 | -7.76 | Scot Mortgage | 1626.00 | -11.50 | 1651.50 | 1015.74 | 0.28 | 1796.60 | -10.83 | Scot Oriental | 282.00 | 1.00 | 295.00 | 240.00 | 1.21 | 312.48 | -10.43 | Strategic Eq. | 397.00 | -7.50 | 415.00 | 330.00 | 1.13 | 448.34 | -10.13 | Temple Bar | 409.50 | -2.00 | 429.50 | 345.25 | 3.81 | 411.07 | 0.43 | Tetragon | 1108.25 | 4.88 | 1476.82 | 892.96 | 3.21 | — | TRIG | 75.70 | -0.20 | 80.50 | 63.20 | 9.97 | 101.33 | -24.87 | UIL | 209.00 | — | 307.88 | 205.00 | 3.83 | 284.77 | -23.50 | Utilico EmerMkts | 293.00 | 2.00 | 302.00 | 243.00 | 3.30 | 324.61 | -10.52 | Worldwide Hlth | 371.50 | 2.50 | 401.50 | 322.52 | 0.65 | 393.14 | -8.13 | Conventional - Private Equity | CT PrivEq | 459.00 | -10.00 | 592.00 | 439.84 | 6.17 | 696.04 | -34.04 | HGCapital | 373.00 | -7.50 | 512.00 | 318.64 | 1.34 | 530.12 | -29.64 | HVPE | 3235.00 | -55.00 | 3500.00 | 2807.59 | — | 4518.00 | -27.29 | ICG Ent | 1380.00 | 8.00 | 1611.42 | 1288.31 | 3.04 | 2031.97 | -32.18 | Pantheon Int | 381.50 | -4.50 | 409.00 | 339.05 | — | 534.60 | -27.42 | Partners PE € | 592.77 | 4.41 | 945.52 | 569.45 | 10.00 | 11.58 | -39.21 | Conventional - Property ICs | AEW UK REIT | 99.40 | 0.30 | 113.20 | 95.90 | 8.05 | 106.88 | -5.29 | TR Prop | 271.00 | -4.00 | 364.50 | 269.50 | 5.94 | 302.93 | -9.80 | VCTs | Bmd 2nd VT | 44.40 | — | 54.00 | 39.50 | 9.01 | 46.55 | -4.62 | Nthn 2 VCT | 53.00 | — | 56.50 | 47.00 | 5.66 | 55.40 | -4.33 | 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 | — | 116.59 | 1.23 | Investment Companies - AIM | Crys Amber | 75.50 | -1.00 | 155.39 | 73.00 | — | 172.64 | -55.40 | | Price | +/- Dly Chg | 52 Week | Vol000s | High | Low | Yld | P/E | Halfords Group | 260.00 | 1.50 | 276.10 | 123.80 | 3.46 | 17.11 | 1405.70 | Inchcape | 644.00 | -42.00 | 895.00 | 644.00 | 5.22 | 8.88 | 1916.07 | JD Sports | 83.50 | 3.16 | 105.00 | 63.98 | 1.52 | 9.68 | 14439.39 | Kingfisher | 329.10 | -- | 372.30 | 266.40 | 3.77 | 23.51 | 6699.30 | Marks & Spencer | 393.80 | 8.00 | 418.33 | 301.10 | 1.07 | 31.01 | 5477.91 | Saga | 761.00 | 11.00 | 799.00 | 234.50 | -- | -- | 379.47 | Sainsbury J | 327.60 | 5.80 | 380.30 | 293.70 | 4.18 | 18.94 | 8832.43 | Tesco | 475.80 | 5.80 | 510.40 | 411.70 | 3.05 | 17.30 | 8675.68 | Bunzl | 2650.00 | -18.00 | 2898.00 | 1981.00 | 2.82 | 18.79 | 1903.38 | Capita | 206.00 | 5.00 | 416.00 | 196.20 | — | -1.43 | 1738.34 | DCC Energy | 6440.00 | 6740.00 | 4188.00 | 3.37 | — | 1348.50 | Diploma | 7700.00 | -160.00 | 7980.00 | 4970.00 | 0.82 | 55.84 | 236.94 | Essentra● | 112.20 | -2.00 | 115.20 | 78.40 | 1.87 | — | 137.38 | Experian■ | 2543.00 | 40.00 | 3707.00 | 2203.00 | 2.04 | 20.44 | 2318.55 | Hays | 62.00 | -0.85 | 78.45 | 28.68 | 0.71 | -17.03 | 3670.39 | Howden Joinery | 754.50 | -5.00 | 981.00 | 713.00 | 2.92 | 15.34 | 934.72 | Intertek | 5900.00 | 15.00 | 5900.00 | 3519.42 | 2.80 | 27.05 | 678.46 | Johnson Service | 137.40 | 1.10 | 172.10 | 123.80 | 3.64 | 14.77 | 1318.87 | MITIE Group | 210.40 | 0.40 | 214.00 | 134.80 | 2.14 | 31.88 | 1975.15 | RS Group | 756.50 | -7.50 | 790.00 | 536.90 | 3.03 | 21.86 | 902.39 | Vp | 512.00 | — | 608.00 | 420.00 | 7.71 | -37.10 | 14.82 | Tech - Software & Services | Computacenter+ | 5450.00 | 20.00 | 6045.00 | 2578.00 | 1.43 | 37.20 | 161.41 | NCC Group+ | 149.20 | 4.00 | 161.60 | 107.20 | 3.12 | 26.64 | 727.33 | The Sage Grp | 1022.00 | 17.00 | 1181.00 | 771.66 | 2.20 | 27.08 | 2130.26 | Triad Group | 380.00 | - | 430.00 | 236.00 | 2.37 | 38.31 | 3.00 | Telecommunications | Airtel Africa | 312.80 | 2.20 | 436.20 | 219.00 | 1.72 | 22.23 | 2874.32 | BT Group | 198.45 | 3.20 | 242.09 | 173.00 | 4.19 | 18.04 | 18061.29 | Telecom Plus | 850.00 | 7.00 | 1896.00 | 638.00 | 5.88 | 8.40 | 307.88 | Vodafone | 127.75 | 2.65 | 132.07 | 83.40 | 3.10 | -91.43 | 30623.77 | Tobacco | Brit Amer Tobacco• | 4094.00 | 85.00 | 5326.00 | 3677.00 | 6.00 | 11.64 | 2685.30 | Imperial Brands | 2498.00 | 21.00 | 3632.04 | 2408.00 | 6.70 | 9.91 | 1323.52 | Travel & Leisure | easyJet | 679.60 | 1.40 | 683.80 | 332.60 | 1.94 | 10.33 | 2669.69 | FirstGroup | 186.60 | -1.00 | 222.60 | 152.10 | 3.86 | 8.72 | 1833.23 | Fullers 'A' | 702.00 | -2.00 | 780.00 | 570.00 | 3.02 | 17.90 | 49.39 | IntContl Hotels | 12115.10 | -14.44 | 13305.06 | 8762.00 | 1.16 | 32.62 | 149.23 | Intl Cons Air | 432.80 | -6.90 | 492.90 | 332.70 | 1.55 | 7.17 | 6969.43 | Whitbread | 2472.00 | -79.00 | 3286.05 | 2098.00 | 3.92 | 20.05 | 674.01 | Utilities | Drax Group• | 776.00 | -4.00 | 937.50 | 695.50 | 3.90 | 37.49 | 935.25 | National Grida | 1150.00 | -1.00 | 1428.50 | 1075.50 | 4.22 | 17.56 | 7136.73 | Pennon | 361.20 | -90.80 | 606.00 | 340.00 | 8.11 | 18.62 | 14493.08 | Severn Trent | 3058.00 | -56.00 | 3335.00 | 2381.00 | 4.12 | 24.76 | 1025.61 | SSE | 2459.00 | -13.00 | 2767.50 | 1760.00 | 2.79 | 23.31 | 2117.83 | | Price | +/- Dly Chg | 52 Week | Yld | P/E | Vol 000s | High | Low | Support Services | Christie | 180.00 | - | 199.60 | 90.00 | 2.22 | 35.43 | 21.52 | LonSec | 3750.00 | - | 3900.00 | 2100.00 | 2.59 | 19.33 | - | NWF | 157.00 | - | 187.50 | 110.00 | 5.54 | 8.44 | 17.51 | Petards | 8.50 | - | 12.50 | 7.00 | - | -12.69 | 1.47 | Renew | 965.00 | -7.00 | 1016.00 | 821.00 | 2.11 | 15.65 | 139.54 | Tech - Software & Services | Oxford Metrics | 34.90 | -0.10 | 60.40 | 34.90 | 9.31 | -63.45 | 373.56 | Travel & Leisure | Gaming Realms | 31.60 | 0.10 | 47.20 | 29.00 | - | 15.57 | 230.86 | Jet2♦ | 1420.00 | -19.00 | 1612.00 | 980.00 | 1.19 | 6.72 | 381.36 | ---

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.

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■ trading ex-capital distribution

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$\alpha$ lgebris INVESTMENTS

Candriam Investors Group | Algebris Core Italy I EUR | € | 249.50 | - | 2.18 | 0.00 | 26.10 | 18.59 | Algebris Core Italy R EUR | € | 230.14 | - | 2.00 | 0.00 | 25.17 | 17.71 | Algebris Financial Credit I EUR | € | 226.21 | - | 1.00 | 0.00 | 5.47 | 8.85 | Algebris Financial Credit I GBP | £ | 200.68 | - | 0.87 | 0.00 | 0.00 | 0.00 | Algebris Financial Credit I USD | $ | 209.28 | - | 0.91 | 5.86 | 0.00 | 0.00 | Algebris Financial Credit R EUR | € | 190.04 | - | 0.90 | 0.00 | 4.79 | 8.21 | Algebris Financial Equity B EUR | € | 377.03 | - | 1.84 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity R EUR | € | 305.18 | - | 1.47 | 0.00 | 28.23 | 29.62 | Algebris Financial Equity Fund B GBP | £ | 315.63 | - | 1.56 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity Fund B USD | $ | 476.22 | - | 2.35 | 3.90 | 0.00 | 0.00 | Algebris Financial Income I EUR | € | 298.64 | - | 1.28 | 0.00 | 15.66 | 17.95 | Algebris Financial Income R EUR | € | 262.54 | - | 1.12 | 0.00 | 14.63 | 16.90 | Algebris Financial Income Fund I GBP | £ | 219.74 | - | 0.96 | 6.02 | 0.00 | 0.00 | Algebris Financial Income Fund I USD | $ | 251.09 | - | 1.09 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I EUR | € | 152.38 | - | 0.21 | 0.00 | 2.83 | 5.54 | Algebris Global Credit Opportunities R EUR | € | 145.97 | - | 0.20 | 0.00 | 2.29 | 5.02 | Algebris Global Credit Opportunities I GBP | £ | 152.00 | - | 0.19 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I USD | $ | 156.88 | - | 0.20 | 0.00 | 0.00 | 0.00 | Algebris IG Financial Credit I EUR | € | 118.25 | - | 0.67 | 0.00 | 3.74 | 6.68 | Algebris IG Financial Credit R EUR | € | 114.22 | - | 0.65 | 0.00 | 3.22 | 6.15 | Algebris Strategic Credit Fund R EUR | € | 113.87 | - | 0.52 | 0.00 | 2.31 | 4.66 | Algebris Global Equity Select B EUR | € | 156.86 | - | 1.34 | 0.00 | 8.44 | 11.42 | Algebris Global Equity Select R EUR | € | 149.01 | - | 1.26 | 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 | $ | 25.49 | - | -0.31 | 0.00 | 0.00 | 0.00 | ---

Canaccord WEALTH | CG Asset Management Limited | (IRL) | 20 King Street, London EC2V 8EGDealing: Tel +353 1434 5098 Fax +353 1542 2859FCA Recognised | CG Portfolio Fund PLC | Absolute Return M Inc | £ | 144.48 | - | -0.10 | 2.61 | 2.93 | 2.43 | Capital Gearing Portfolio GBP P | £ | 39590.76 | - | -20.00 | 1.95 | 2.90 | 2.32 | Capital Gearing Portfolio GBP V | £ | 192.59 | - | -0.10 | 1.94 | 2.91 | 2.33 | Dollar Fund Cis D Inc | £ | 152.73 | - | 0.57 | 2.82 | -1.19 | -2.30 | Dollar Hedged GBP Inc | £ | 92.49 | - | 0.13 | 2.54 | -0.05 | -0.65 | Real Return CIs A Inc | £ | 182.81 | - | 0.49 | 2.55 | -0.75 | -2.24 | UK Index-Linked Bond G Inc | £ | 105.10 | - | -0.40 | 2.10 | 0.76 | 0.00 | Chartered Asset Management Pte Ltd | Other International Funds | CAM-GTF VCC | $ 477779.20 | 47779.20 | 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 | Authorised Inv Funds | EdenTree Global Impact Bond | 84.28 | - | -0.09 | 4.34 | -1.70 | -0.38 | EdenTree Green Impact Equity | 133.80 | - | -0.10 | 0.95 | 7.81 | 9.15 | EdenTree Green Impact Infrastructure | 76.07 | - | -0.34 | 6.81 | -3.84 | -7.00 | EdenTree Global Sustainable Government Bond | 94.44 | - | -0.16 | 3.18 | 0.00 | 0.00 | EdenTree Sustainable European Equity A | 473.90 | - | -5.00 | 1.94 | 10.60 | 12.39 | EdenTree Sustainable European Equity B | 479.30 | - | -5.10 | 0.00 | 10.59 | 12.39 | EdenTree Sustainable Global Equity A | 463.20 | - | -0.10 | 0.53 | 9.90 | 9.75 | EdenTree Sustainable Global Equity B | 467.60 | - | 0.00 | 0.95 | 9.88 | 9.74 | EdenTree Sustainable Managed Income A | 134.30 | - | -1.30 | 4.21 | 3.31 | 3.21 | EdenTree Sustainable Managed Income B | 145.70 | - | -1.40 | 4.17 | 3.79 | 3.62 | EdenTree Sustainable Short Dated Bond | 94.49 | - | -0.11 | 4.64 | -0.20 | 0.66 | EdenTree Sustainable Sterling Bond A | 82.48 | - | -0.35 | 5.11 | -1.67 | -0.20 | EdenTree Sustainable Sterling Bond B | 95.26 | - | -0.41 | 5.11 | -1.07 | 0.40 | EdenTree Sustainable UK Equity A | 247.40 | - | -0.70 | 1.82 | 4.61 | 3.62 | EdenTree Sustainable UK Equity B | 246.80 | - | -0.70 | 2.20 | 2.78 | 3.58 | EdenTree Sustainable UK Equity Opp A | 319.20 | - | 1.00 | 1.53 | 1.87 | 4.98 | EdenTree Sustainable UK Equity Opp B | 326.00 | - | 1.10 | 1.99 | 1.83 | 4.95 | Canaccord Wealth International Multi Strategy Funds Limited | Balanced Strategy | £ | 1.19 | - | 0.00 | 0.00 | 11.73 | 11.28 | Balanced Strategy A | £ | 1.19 | - | 0.00 | 1.84 | 8.68 | 8.81 | Cautious Balanced Strategy | £ | 1.48 | - | 0.00 | 0.91 | 9.08 | 9.03 | Cautious Balanced Strategy A | £ | 1.06 | - | 0.00 | 1.84 | 6.74 | 7.20 | Growth Strategy | £ | 2.71 | - | 0.00 | 0.76 | 1.73 | 5.77 | Growth Strategy A | £ | 1.30 | - | 0.00 | 0.54 | 10.64 | 11.11 | High Growth Strategy GBP | £ | 4.01 | - | 0.01 | 0.24 | 14.98 | 15.05 | High Growth Strategy A | £ | 1.37 | - | 0.00 | 0.52 | 12.71 | 12.53 | 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 | $ | 2.58 | - | 0.01 | 0.21 | 14.70 | 14.90 | CP Global Asset Management Pte.Ltd. | www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg | International Mutual Funds | Dealing Daily. Initial Charge Nil for A classes and up to $2\%$ for other classes.

CP Capital Asset Management Limited

| 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 | Other International Funds | American Dynamic | $ 9087.20 | - | 0.00 | 0.00 | 0.00 | 0.00 | American One | $ 11100.38 | - | 0.00 | 0.00 | 12.41 | 14.22 | Bond Global | € 1646.01 | - | 0.00 | 0.00 | 0.73 | 6.90 | Eurocroissance | € 1311.23 | - | 0.00 | 0.00 | 0.00 | 0.00 | Far East | $ 1267.36 | - | 0.00 | 0.00 | 0.00 | 0.00 | Artemis Corporate Bond I Acc | 116.99 | - | -0.52 | 0.00 | 4.37 | 5.83 | Artemis Global Income I Dis | 240.51 | - | -2.65 | 0.00 | 2.17 | 0.50 | Artemis High Income I Q Inc | 73.76 | - | -0.05 | 0.23 | 1.31 | 2.26 | Artemis Income I Inc | 343.20 | - | -1.77 | 5.48 | 9.51 | 10.44 | Artemis Monthly Dist I Inc | 100.87 | - | -0.37 | 0.00 | 12.51 | 12.79 | Artemis Short-Dn Strat Bond | 133.00 | - | 0.04 | 0.00 | 5.77 | 6.95 | Artemis SmartGARP Eur Eq I Acc | 980.73 | - | -20.41 | 0.00 | 24.58 | 26.81 | Artemis SmartGARP Global Small Co I Acc | 266.16 | - | -0.95 | 1.95 | 15.69 | 15.27 | Artemis SmartGARP GloEmr Eq I Acc | 360.94 | - | -4.64 | 0.00 | 32.68 | 27.08 | Artemis SmartGARP Glo Eq I Acc | 831.23 | - | -3.43 | 0.00 | 29.30 | 27.17 | Artemis SmartGARP UK Eq I Acc | 4689.57 | - | -47.21 | 2.41 | 24.73 | 23.19 | Artemis Strategic Assets I Acc | 111.30 | - | -0.25 | 0.00 | 3.78 | 3.35 | Artemis Strategic Bond I Q Acc | 123.83 | - | -0.05 | 4.46 | 5.58 | 6.26 | Artemis UK Select Fund Class I Acc | 1430.60 | - | -15.91 | 0.00 | 7.67 | 18.94 | Artemis UK Smaller Cos I Acc | 2643.38 | - | 10.72 | 1.81 | 4.66 | 9.13 | Artemis UK Special Sits I Acc | 1197.73 | - | -5.59 | 0.00 | 11.27 | 13.79 | Artemis US Extended Alpha I Acc | 605.99 | - | -3.40 | 0.00 | 16.06 | 18.90 | Artemis US Select I Acc | 596.43 | - | -2.56 | 0.00 | 21.00 | 21.92 | Artemis US Smir Cos I Acc | 524.16 | - | -6.01 | 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 | $ 169.43 | - | 0.56 | 0.00 | 0.00 | 0.00 | ASB MENA Equity | $ 98.25 | - | 0.00 | 0.00 | 0.00 | 0.00 | ---

ASB Capital

---

CANDRIAM | Candriam Investors Group | (LUX) | FCA Recognised | Candriam Abs Ret Eqt Mkt Neutral-C Cap | € | 222.49 | - | -0.98 | 0.00 | 1.21 | 2.87 | Candriam Bds Euro High Yield Cap | € | 1427.94 | - | 7.70 | 0.00 | 3.90 | 5.97 | Candriam Bonds Gbl Hi Yield -C Cap | € | 284.59 | - | 1.24 | 0.00 | 3.59 | 5.71 | Candriam Bonds Glbl Infl Sh Dton-I-Cap | € | 164.25 | - | 0.17 | 0.00 | 2.37 | 3.01 | Candriam Bonds Total Return-C-Cap | € | 143.22 | - | 0.34 | 0.00 | 1.73 | 2.84 | Candriam Diversified Futures-I-Cap | € | 14366.83 | - | -19.52 | 0.00 | 1.43 | -1.29 | Candriam Eqts L Australia Cap A$ | A$ | 2350.28 | - | 0.96 | 0.00 | 7.81 | 8.34 | Candriam Eqts L Emerging Mkts Cap | € | 1610.20 | - | -11.70 | 0.00 | 27.77 | 21.76 | Candriam Equities L Biotech-C-Cap | $ | 1300.74 | - | -22.56 | 0.00 | 23.20 | 23.33 | Candriam Equities L Europe Innov-R-Cap | € | 256.36 | - | 1.75 | 0.00 | -3.37 | 1.14 | Candriam Index Arbitrage -C-Cap | € | 1532.67 | - | 0.00 | 0.00 | 1.16 | 2.25 | Candriam Long Short Credit R-Cap | € | 120.56 | - | 0.09 | 0.00 | 2.99 | 3.84 | Candriam Risk Arbitrage-C-Cap | € | 2773.68 | - | 0.00 | 0.00 | 2.97 | 3.77 | Candriam Sust Bond Emerg Mkts I Dist | $ | 749.83 | - | 4.85 | 0.00 | 4.48 | 3.35 | Candriam Sust Bond Euro Corp R Cap | € | 110.22 | - | 0.40 | 0.00 | 2.50 | 4.27 | Candriam Sust GlbHighYield-I-Cap | € | 1239.26 | - | 5.66 | 0.00 | 2.98 | 4.78 | Candriam Eq Crl Econ-R-Cap | $ | 160.22 | - | 1.16 | 0.00 | 4.22 | 6.18 | Candriam Eq Clmt Action I-Cap | $ | 2171.44 | - | 25.69 | 0.00 | 12.27 | 11.32 | Candriam Sust Eq Emerging Mkts C-Cap | € | 196.99 | - | -1.09 | 0.00 | 25.10 | 18.21 | Candriam Sust Eq EMU-C-Cap | € | 219.43 | - | 1.54 | 0.00 | 8.17 | 9.57 | Candriam Sust Eurp S&M Caps-I-Cap | € | 2437.02 | - | 25.21 | 0.00 | 0.38 | 1.86 | Candriam Sust Eq World-C-Cap | € | 47.99 | - | 0.03 | 0.00 | 12.07 | 14.27 | NYLIM GF US High YieldCorp Bond-R-Cap | $ | 171.88 | - | 0.60 | 0.00 | 5.36 | 7.10 | Other International Funds | Candriam Bds Euro Sh.Term Cap | € | 2179.79 | - | 1.83 | 0.00 | 2.08 | Candriam Bonds Credit Opportunities | € | 220.80 | - | 0.44 | 0.00 | 2.61 | Candriam Bonds Emerg Mkt-C-Cap | $ | 2994.82 | - | 22.56 | 0.00 | 6.44 | Candriam Equities L Eurp Opt Olt -I-Cap | € | 251.24 | - | 1.54 | 0.00 | 7.61 | Candriam Equities L Global Demg R Cap | € | 405.59 | - | 0.55 | 0.00 | 10.31 | Candriam Equities Onco impt-I-Cap | $ | 3504.13 | - | -20.58 | 0.00 | 7.99 | Candriam Equities L Robt&InnTech I Cap | $ | 8402.96 | - | 34.02 | 0.00 | 32.27 | Cantab Asset Management Ltd(UK)01223 522000www.cantabam.com | FCA Recognised | VT Cantab Balanced A GBP Acc | 142.46 | - | 0.17 | 1.80 | 10.02 | 9.39 | VT Cantab Moderate A GBP Acc | 139.75 | - | 0.14 | 2.12 | 9.19 | 8.16 | VT Cantab Sustainable Gbl Eq A GBP Acc | 170.10 | - | -0.11 | 1.37 | 8.85 | 9.10 | ---

Dodge & Cox® Worldwide Funds | Dodge & Cox Worldwide Funds | (IRL) | 48-49 Pall Mall, London SW1Y 5JG | www.dodgeandcox.com +44 0203 642 3370 | ECA Recognised | Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund | Emerging Markets Stock Fund A USD Acc | $ | 16.39 | - | 0.01 | 0.00 | 26.57 | Emerging Markets Stock Fund A GBP Acc | £ | 17.46 | - | -0.06 | 0.00 | 24.35 | Emerging Markets Stock Fund D GBP Dis | £ | 15.73 | - | -0.05 | 1.69 | 21.72 | Emerging Markets Stock Fund A EUR Acc | € | 17.69 | - | -0.05 | 1.51 | 24.49 | Dodge & Cox Worldwide Funds-Global Bond Funds | EUR Accumulating Class | € | 18.33 | - | -0.02 | 0.00 | 3.18 | 4.00 | EUR Accumulating Class (H) | € | 11.89 | - | 0.03 | 0.00 | 2.89 | 3.51 | EUR Distributing Class | € | 11.16 | - | -0.01 | 0.00 | -1.78 | -0.89 | EUR Distributing Class (H) | € | 7.18 | - | 0.01 | 5.05 | -2.11 | -1.37 | GBP Distributing Class | £ | 11.60 | - | -0.02 | 4.75 | -1.92 | -1.54 | GBP Distributing Class (H) | £ | 8.15 | - | 0.02 | 4.70 | -0.26 | 0.18 | USD Accumulating Class | $ | 14.89 | - | 0.03 | 0.00 | 4.89 | 5.51 | CHF Distributing Class (H) | Sfr | 7.31 | - | 0.02 | 0.00 | -4.42 | -3.82 | Dodge & Cox Worldwide Funds-Global Stock Funds | USD Accumulating Share Class | $ | 48.64 | - | 0.21 | 0.00 | 13.93 | 16.18 | GBP Accumulating Share Class | £ | 60.26 | - | 0.02 | 0.00 | 11.91 | 13.85 | GBP Distributing Share Class | £ | 38.52 | - | 0.01 | 0.00 | 9.26 | 12.21 | EUR Accumulating Share Class | € | 64.88 | - | 0.05 | 0.00 | 12.71 | 13.18 | GBP Distributing Share Class (H) | £ | 20.90 | - | 0.09 | 0.00 | 11.89 | 13.85 | USD Distributing Class | $ | 19.86 | - | 0.08 | 0.00 | 12.36 | 14.56 | CAD Accumulating Class | C$ | 65.23 | - | 0.06 | 0.00 | 15.78 | 17.72 | Dodge & Cox Worldwide Funds-US Stock Fund | USD Accumulating Share Class | $ | 58.57 | - | 0.07 | 0.00 | 11.09 | 14.26 | GBP Accumulating Share Class | £ | 68.62 | - | -0.21 | 0.00 | 9.13 | 11.97 | GBP Distributing Share Class | £ | 39.92 | - | -0.12 | 0.00 | 8.28 | 11.06 | EUR Accumulating Share Class | € | 67.44 | - | -0.17 | 0.00 | 8.37 | 12.17 | GBP Distributing Share Class (H) | £ | 22.10 | - | 0.03 | 0.00 | 9.72 | 12.79 | USD Distributing Class | $ | 21.43 | - | 0.03 | 0.00 | 10.24 | 13.32 | FIL Investment Services (1200)F | Beech Gate, Millfield Lane, Lower Kingswood, Tadworth KT20 GRP | Calffree: Private Clients 0800 414161 | Broker Dealings: 080 414 181 | OEIC Funds | Allocator World Fund W-Acc-GBP | £ | 4.40 | - | 0.00 | 0.97 | 16.16 | 16.18 | American Fund W-Acc-GBP | £ | 91.01 | - | 0.44 | 0.00 | 11.62 | 13.58 | American Special Sits W-Acc-GBP | £ | 29.20 | - | 0.20 | 0.41 | 7.07 | 9.14 | Asia Funds W-Acc-GBP | £ | 30.19 | - | -0.40 | 0.48 | 36.18 | 25.82 | Asia Pacific Opps W-Acc | £ | 3.32 | - | -0.02 | 0.69 | 11.09 | 7.55 | Asian Dividend Fund W-Acc-GBP | £ | 3.68 | - | -0.01 | 2.02 | 23.48 | 18.79 | Cash Fund W-Acc-GBP | £ | 1.22 | - | 0.00 | 3.83 | 0.00 | 0.00 | China Fund W-Accumulation-GBP | £ | 2.44 | - | -0.02 | 1.53 | 14.11 | 1.37 | Emerging Mkts NAV | 1684.82 | - | 68.26 | 0.00 | 0.00 | 0.00 | Enhanced Income Fund W-Inc-GBP | £ | 0.92 | - | -0.01 | 6.20 | -1.45 | -1.96 | European Fund W-Acc-GBP | £ | 31.33 | - | -0.58 | 1.50 | 6.13 | 8.84 | Global High Income Bond W-Acc-GBP | £ | 1.55 | - | 0.00 | 5.73 | 5.24 | 7.40 | Sustainable Euro Equity Fund W-ACC-GBP | £ | 7.06 | - | -0.14 | 1.19 | 8.78 | 9.96 | Sustainable Global Equity Fund W-ACC-GBP | £ | 44.23 | - | -0.09 | 0.29 | 7.91 | 8.90 | Japan Fund W-ACC-GBP | £ | 10.92 | - | -0.21 | 0.87 | 23.47 | 19.58 | Select 50 Balanced Fund Pl-Acc-GBP | £ | 1.53 | - | 0.00 | 2.17 | 0.00 | 0.00 | Special Situations Fund W-ACC-GBP | £ | 72.87 | - | -0.37 | 2.28 | 18.33 | 20.23 | Short Dated Corp Bond Fund W-ACC-GBP | £ | 12.62 | - | -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 | £ | 4.58 | - | -0.03 | 1.76 | 6.05 | 8.63 | Global Dividend Fund W-ACC-GBP | £ | 4.56 | - | -0.01 | 2.51 | 12.64 | 14.94 | Global Enhanced W-ACC-GBP | £ | 3.52 | - | -0.02 | 4.22 | 13.19 | 14.36 | Global Special Sits W-ACC-GBP | £ | 93.05 | - | -0.18 | 0.20 | 18.41 | 17.69 | Index Emerging Markets P-ACC-GBP | £ | 2.94 | - | -0.02 | 1.56 | 25.86 | 20.18 | Index Europe ex UK Markets P-ACC-GBP | £ | 2.87 | - | -0.05 | 2.16 | 14.99 | 14.86 | Index Japan P-ACC-GBP | £ | 3.37 | - | -0.06 | 1.42 | 18.15 | 17.38 | Index Pacific ex Japan P-ACC-GBP | £ | 2.59 | - | -0.02 | 2.68 | 15.27 | 13.96 | Index Sterling Corp Bond Fund P-ACC-GBP | £ | 0.95 | - | 0.00 | 5.29 | 0.00 | 0.00 | Index UK P-ACC-GBP | £ | 2.45 | - | -0.02 | 2.71 | 16.39 | 16.52 | Index US P-ACC-GBP | £ | 6.41 | - | 0.05 | 0.83 | 16.58 | 18.09 | Index World P-ACC-GBP | £ | 4.78 | - | 0.01 | 1.11 | 16.76 | 17.60 | MoneyBuilder Balanced Fund W-Acc-GBP | £ | 0.77 | - | 0.00 | 2.97 | 0.00 | 0.00 | MoneyBuilder Dividend Fund W-Acc-GBP | £ | 1.60 | - | -0.01 | 3.70 | -0.89 | -1.54 | Sust. MoneyBuilder Inc Fd Fund W-ACC-GBP | £ | 14.09 | - | -0.06 | 4.52 | 3.28 | 5.58 | Multi Asset Alloc Adventurous Fd W-ACC-GBP | £ | 3.24 | - | 0.00 | 1.13 | 13.39 | 13.37 | Multi Asset Alloc Defensive Fd W-ACC-GBP | £ | 1.56 | - | 0.00 | 0.00 | 5.51 | 5.35 | Multi Asset Alloc Growth Fd W-ACC-GBP | £ | 2.58 | - | 0.00 | 1.12 | 10.55 | 10.52 | Multi Asset Alloc Strategic Fd W-ACC-GBP | £ | 2.03 | - | 0.00 | 1.17 | 7.15 | 7.63 | Multi Asset Balanced Inc Fd W-INC-GBP | £ | 1.02 | - | 0.00 | 0.00 | 3.04 | 2.73 | Multi Asset Inc & Growth Fund W-INC-GBP | £ | 1.31 | - | 0.00 | 2.59 | 10.18 | 8.41 | Multi Asset Income Fund W-INC-GBP | £ | 0.90 | - | 0.00 | 0.00 | 2.07 | 1.49 | Multi Asset Open Advent W-ACC-GBP | £ | 2.52 | - | 0.01 | 1.66 | 12.34 | 11.53 | Multi Asset Open Defen W-ACC-GBP | £ | 1.66 | - | 0.00 | 0.00 | 7.75 | 6.77 | Multi Asset Open GrowthFund W-ACC-GBP | £ | 2.35 | - | 0.01 | 1.80 | 11.74 | 10.94 | Multi Asset Open Strat. Fund W-ACC-GBP | £ | 1.97 | - | 0.00 | 2.40 | 9.34 | 8.50 | Open World Fund W-Acc-GBP | £ | 3.49 | - | 0.01 | 0.81 | 13.50 | 13.25 | Strategic Bond Fund P-Acc-GBP | £ | 1.36 | - | 0.00 | 2.93 | 3.35 | 5.54 | Index UK Gilt Fund P-Acc-GBP | £ | 0.76 | - | 0.00 | 4.53 | 1.36 | 1.73 | Sustainable Asia Equity Fund W-ACC-GBP | £ | 2.83 | - | -0.02 | 0.74 | 25.35 | 16.13 | Sust Multi Asset Balanced Fund W-ACC-GBP | £ | 1.22 | - | 0.00 | 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 | 1.13 | 0.00 | 0.00 | UK Opportunities Fund W-ACC-GBP | £ | 2.63 | - | -0.02 | 2.27 | 0.00 | 0.00 | UK Smaller Companies W-ACC-GBP | £ | 4.83 | - | 0.00 | 2.33 | 6.76 | 11.33 | SICO Capital KSA

Authorised Corporate Director-Waystone Management (UK) Limited | Troy Asset Management (1200) | (UK) | 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL | Order Desk and enquiries 0345 608 0950 | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | ---

MANAGED FUNDS SERVICE

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 | 714.27 | - | 0.63 | 0.00 | 0.74 | 4.20 | Fundsmith Equity T Inc | 644.67 | - | 0.57 | 0.00 | 14.35 | 13.67 |

| Guinness Global Investors | Guinness Global Equity Income Y GBP Dis | £ | 24.79 | - | 0.13 | 2.05 | 8.79 | 11.42 | Guinness Global Innovators Y GBP ACC | £ | 49.46 | - | -0.25 | 0.00 | 13.54 | 16.82 | Guinness Global Quality Mid Cap Y Gbp Acc | £ | 16.61 | - | -0.04 | 0.00 | 13.50 | 12.43 | ---

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 | Janus Henderson Absolute Return Fund A Acc | 206.50 | - | -0.50 | 2.10 | 5.51 | 6.50 | Janus Henderson Asian Divi Inc Unit Trst Inc | 103.80 | - | -0.30 | 5.60 | 12.82 | 9.96 | Janus Henderson Cautious Mngd Fund A Acc | 347.00 | - | -2.40 | 3.80 | 6.51 | 8.64 | Janus Henderson Cautious Mngd Fund A Inc | 148.90 | - | -1.00 | 3.90 | 1.98 | 2.47 | Janus Henderson China Opp Fund A Acc | 1271.00 | - | -4.00 | 0.10 | 20.42 | 7.17 | Janus Henderson Emerging Markets Asia A Acc | 1861.00 | - | -13.00 | 0.00 | 25.49 | 20.45 | Janus Henderson Emerg. Mkts Opps Fnd A Acc | 309.70 | - | -1.60 | 0.00 | 20.16 | 15.56 | Janus Henderson European Focus A Acc | 574.30 | - | -9.40 | 0.10 | 0.00 | 0.00 | Janus Henderson Euro. Sel Opps Fund A Acc | 3074.00 | - | -54.00 | 0.20 | 10.88 | 11.44 | Janus Henderson Fixed Int Mthly Inc Fd Inc | 16.58 | - | 0.03 | 6.20 | -1.03 | -1.09 | Janus Henderson Global Equity Inc Fnd Inc | 86.62 | - | -0.24 | 2.60 | 8.88 | 8.35 | Janus Henderson Global Select Fund Acc | 6605.00 | - | -42.00 | 0.00 | 10.11 | 14.93 | Janus Henderson Global Sust Equity Fd A Inc | 718.10 | - | -0.80 | 0.00 | 9.41 | 12.37 | Janus Henderson Global Tech Ldrs Fnd A Acc | 7644.00 | - | 47.00 | 0.00 | 27.27 | 29.60 | Janus Henderson Instl UK Index Opps A Acc | 173.45 | - | -1.38 | 2.30 | 16.08 | 16.32 | Janus Henderson Multi-Asst Abs Rtn Fd A Acc | 190.50 | - | 0.40 | 2.70 | 4.90 | 4.72 | Janus Henderson Multi-Mgr Actv Fd A Acc | 339.30 | - | 0.00 | 1.70 | 8.52 | 8.89 | Janus Henderson Multi-Mgr Dist Fd A Inc | 136.50 | - | 0.10 | 2.60 | 3.25 | 2.95 | Janus Henderson Multi-Mgr Div. Fd A Acc | 105.10 | - | 0.00 | 3.20 | 6.39 | 7.28 | Janus Henderson Multi-Mgr Glbl Sel Fd A Acc | 452.30 | - | 1.60 | 0.00 | 10.17 | 11.41 | Janus Henderson MultiMglnlc&Gwth FdA Acc | 231.90 | - | 0.20 | 2.60 | 6.51 | 6.57 | Janus Henderson Multi-Mglnlc&Gwth Fd A Inc | 160.90 | - | 0.10 | 2.60 | 3.41 | 3.28 | Janus Henderson Multi-Mgr Mngd Fd A Acc | 407.20 | - | 0.00 | 1.40 | 7.87 | 8.25 | Janus Henderson Multi-Mgr Mngd Fd A Inc | 375.60 | - | 0.00 | 1.20 | 6.54 | 6.81 | Janus Henderson Sterling Bond Unit Trust Acc | 225.40 | - | -1.10 | 4.30 | 2.51 | 4.71 | Janus Henderson Sterling Bond Unit Trust Inc | 54.44 | - | -0.26 | 4.30 | -0.80 | 0.18 | Janus Henderson Strategic Bond Fund A Inc | 92.23 | - | 0.13 | 6.10 | -2.45 | -2.78 | Janus Henderson UK Alpha Fund A Acc | 194.70 | - | -1.60 | 0.90 | 11.05 | 15.10 | Janus Henderson UK Eq Inc & Growth Fd A Inc | 679.40 | - | -4.70 | 3.30 | 7.60 | 9.94 | Janus Henderson US Growth Fund A Acc | 3170.00 | - | 29.00 | 0.00 | 12.83 | 16.77 | Authorised Inv Funds | Balanced Fund Acc | 6947.00 | - | -13.20 | 1.85 | 4.29 | 0.00 | Balanced Fund Inc | 6521.40 | - | -12.40 | 1.90 | 2.41 | 2.51 | Emerging Markets Fund ACC | 2348.50 | - | -13.40 | 1.73 | 2.67 | 0.00 | Emerging Markets Fund Inc | 2103.60 | - | -12.00 | 1.77 | 0.74 | -1.59 | Income Fund Acc | 3608.60 | - | -6.70 | 2.72 | 6.46 | 0.00 | Income Fund Inc | 3179.70 | - | -5.80 | 2.82 | 3.23 | 3.24 | Smaller Companies Fund Acc | 7290.30 | - | -46.50 | 1.26 | 4.54 | 0.00 | Smaller Companies Fund Inc | 6827.50 | - | -43.60 | 1.29 | 3.19 | 3.67 | Ministry of Justice Common Investment Funds | (UK) | Property & Other UK Unit Trusts | The Equity Idx Tracker Fd Inc | 2650.00 | - | 3.00 | 2.00 | 10.43 | 10.54 | Distribution Units |

| 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 | £ | 193.82 | - | 0.66 | 0.00 | 16.18 | 17.34 | Purisima Investment Fds (CI) Ltd

Royal London

80 Fenchurch Street, London EC3M 4BY | Authorised Corporate Director-Waystone Management (UK) Limited | Global Total Fd PCG A | 713.11 | - | 0.00 | 0.41 | 14.85 | 18.18 | Global Total Fd PCG B | 701.96 | - | 0.00 | 0.00 | 14.77 | 18.10 | Global Total Fd PCG INT | 684.52 | - | 0.00 | 0.00 | 14.59 | 17.92 | Regulated | PCG B | 572.14 | - | 3.12 | 0.00 | 15.89 | PCG C | 551.92 | - | 3.01 | 0.00 | 15.63 | Royal London Sustainable Diversified A Inc | 287.80 | - | -0.60 | 1.54 | 4.74 | 6.21 | Royal London Sustainable World A Inc | 527.30 | - | 1.00 | 0.75 | 12.26 | 12.73 | Royal London Corporate Bond Mth Income | 75.05 | - | -0.35 | 4.39 | -0.69 | 0.54 | Royal London European Growth Trust | 283.20 | - | -4.90 | 1.12 | 8.66 | 9.33 | Royal London Sustainable Leaders A Inc | 990.50 | - | -12.50 | 1.47 | 6.61 | 6.62 | Royal London UK Growth Trust | 848.70 | - | -6.90 | 1.71 | 9.55 | 9.80 | Royal London UK Income With Growth Trust | 250.00 | - | -1.10 | 3.85 | 6.18 | 6.89 | Royal London US Growth Trust | 684.50 | - | 2.30 | 0.01 | 15.68 | 18.29 |

Additional Funds Available

Please see www.royallondon.com for details | Private Fund Mgrs (Guernsey) Ltd | (GSY) | Regulated | Monument Growth 06/10/2026 | £ | 612.77 | 618.47 | 0.00 | 1.05 | 3.09 | 2.98 | Regulated | Oasis Crescent Global Eq Fd (USD) A (Dist) | $ 56.52 | - | 0.22 | 0.00 | 18.37 | 16.10 | Oasis Crescent Global Inc Fd (USD) A Dist | $ 9.96 | - | 0.03 | 0.00 | -0.60 | -0.09 | Oasis Crescent Low Equity Fund (USD) D Dist | $ 16.02 | - | 0.06 | 0.00 | 9.58 | 8.91 | Oasis Crescent Med Equity Fd (USD) A Dist | $ 18.78 | - | 0.07 | 0.00 | 11.69 | 10.50 | Oasis Crescent Prop Equity Fd (USD) A Dist | $ 10.27 | - | 0.12 | 0.00 | 7.43 | 9.58 | Oasis Crescent Short Term Inc Fd (USD) A (Dist) | $ 0.95 | - | 0.00 | 0.00 | 0.41 | 0.60 | Oasis Crescent Variable Fund (USD) A (Dist) | £ 12.17 | - | -0.01 | 0.00 | 7.16 | 7.45 |

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 | 587.10 | - | -2.39 | 2.16 | 4.90 | 4.23 | WS Ruffer Total Return C Inc | 338.68 | - | -1.38 | 2.19 | 1.76 | 0.57 |

| SICO BSC BHR | (BHR) | Telephone - +973 1751 5700Website - www.sicobank.com | Khaleej Equity Fund | $ | 583.47 | - | -33.51 | 0.00 | -3.81 | Sico Gulf Equity Fund | $ | 202.34 | - | 3.72 | 0.00 | 10.57 | SICO Capital KSA | (KSA) | Telephone - +966 11 521 3835Website - www.sicocapital.com | SICO Kingdom Equity Fund | SAR | 10.28 | - | -0.39 | 0.00 | 1.39 | - | SICO MENA Equity Fund | SAR | 21.34 | - | -0.39 | 0.00 | -1.37 | 4.80 | SICO Capital Money Market | SAR | 13.92 | - | -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 | $ | 300.95 | - | 1.65 | 0.00 | 4.49 | 6.47 | SF Global Best Ideas Eq D GBP Inc | £ | 343.88 | - | 0.44 | 0.00 | 2.66 | 4.35 |

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00 | Superfund Trend Gold | $ 1835.48 | - | 12.54 | 0.00 | 31.06 | 31.64 | Superfund Trend Silver | $ 1983.46 | - | 8.58 | 0.00 | 47.24 | 43.10 | Superfund Trend | $ 818.16 | - | -0.31 | 0.00 | 13.44 | 8.07 | 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 | € | 24.60 | - | -0.04 | 0.00 | 18.77 | 34.82 | Superfund Gold Silver + Mining | € | 19.25 | - | 0.02 | 0.00 | 26.04 | 27.57 | Superfund Quadriga All Seasons | € | 14.93 | - | 0.07 | 0.00 | 15.23 | 17.35 | Superfund Inflation | Sfr | 11.23 | - | 0.09 | 0.00 | 8.83 | 8.45 |

| Trojan Investment Funds | Trojan Ethical Global Inc O Acc | 110.09 | - | 0.00 | 3.09 | -1.89 | 2.89 | Trojan Ethical Global Inc O Inc | 96.95 | - | 0.00 | 3.14 | -3.43 | -0.31 | Trojan Ethical O Acc | 157.37 | - | 0.00 | 0.68 | 7.54 | 7.69 | Trojan Ethical O Inc | 151.92 | - | 0.00 | 0.68 | 5.13 | 6.30 | Trojan Ethical Income O Acc | 165.51 | - | 0.00 | 2.62 | 3.62 | 6.55 | Trojan Ethical Income O Inc | 124.54 | - | 0.00 | 2.71 | 0.89 | 3.72 | Trojan Fund Acc | 460.44 | - | 0.00 | 0.81 | 7.02 | 6.77 | Trojan Fund Inc | 360.58 | - | 0.00 | 0.89 | 7.54 | 5.01 | Trojan Global Income O Acc | 169.57 | - | 0.00 | 3.42 | 1.00 | 3.50 | Trojan Global Income O Inc | 125.88 | - | 0.00 | 3.50 | -2.14 | 0.26 | Trojan Income O Acc | 390.79 | - | 0.00 | 2.85 | 3.86 | 6.15 | Trojan Income O Inc | 172.18 | - | 0.00 | 2.95 | -0.55 | 2.26 | 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 | € | 1.0205 | - | 0.00 | 0.00 | 0.00 | Trojan Exclusions X GBP Acc | £ | 1.3179 | - | 0.00 | 0.00 | 6.13 | Trojan Global Equity O GBP Acc | £ | 5.9490 | - | 0.01 | 0.20 | -1.16 | Trojan (Ireland) O GBP Acc | £ | 1.8530 | - | 0.00 | 0.00 | 5.34 | ---

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 grouped together by fund management 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.

Bid price: Also called selling price. The price at which units in a unit trust are sold by investors.

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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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When the disturbing meets the playful

Arthur Jafa's talent for bringing a light touch to difficult subjects is showcased in a bracing New York show. By Ariella Budick

rthur Jafa is drawn to the difficult and disquieting. "If something disturbs me, first and foremost, I'm fascinated by why I'm dis-

turbed by it," he once said. Which means that visitors to I Am Tony, the New Museum's multitudinous Jafa retrospective, should be willing to linger on their own unease. The effort brings rewards.

Jafa has spent decades obsessively cutting out photos from discarded magazines and reassembling them into darkly poetic notebooks that he shares with friends. In this twisty, discursive exhibition, he transposes those private musings into wall-size photos and videos that seduce through the combination of adorable and horrific imagery.

The half-hour montage “SloPEX” (2022) flicks through shots of celebrities sweating, smoking and singing, intermingled with frames from animated movies, balloons on parade and glimpses of bodies that have been tied up, mutilated and burned. Almost every second, “ooh” gives way to “oof”.

The exhibition begins with a sense of muffled shock. “Pledge of Allegiance” (2017), a grainy photo blown up to mural scale, shows a crowd of Black schoolchildren giving a straight-armed salute to the Stars and Stripes, held by a tiny flag-bearer. Maybe it’s just my AI-induced scepticism kicking in, but I thought at first that Jafa had doctored the image to conjure a nightmarish nation of Black baby Nazis. But no.

The original dates from 1899, when saluting the flag with one arm extended, palm facing down, was still an untainted custom. Only when the US entered the second world war did the resemblance to a fascist gesture become so obvious that the flag code had to be formally changed. Yet the scene has lately acquired a strange new power, as we learn more about the Nazis' admiration for Jim Crow racial laws and cope with white supremacists who trace their lineage to both movements.

Jafa distributes his unsettling creations around an inky warren of black-painted galleries and long, blind corridors. Often, the work comes in the form of paired archival photos: a young James Baldwin, crisply illuminated and formally dressed, alongside a spectral Miles Davis – just his eyes glowing against a murky background. Jafa's juxtaposition is a study in opposite modes of Black expression: Baldwin's verbal pyrotechnics confront Davis's cultivated reticence; urgent clarity versus muted mood.

The artist, now in his mid-sixties, meandered into his career. Born in Tupelo, Mississippi, he went to Howard University where he began studying architecture before shifting to film. He served as cinematographer on his then wife Julie Dash's 1991 Daughters of the Dust and Spike Lee's Crooklyn, and also worked on Stanley Kubrick's Eyes Wide Shut. Commercial movies felt creatively constrained, though, and he eventually discovered that galleries and museums were the natural habitat for his short films. Several appeared in the 2000 Whitney Biennial and in international group shows, but Jafa soon pulled away from the art world, frustrated by its undiluted whiteness.

He sprang back into prominence in 2016, thanks to “Love Is the Message, The Message Is Death”, a sensational eight-minute montage of found and personal footage that powers the whole New Museum show. In the video, we see Black people, famous and not, living and past, experiencing spasms of ecstasy, terror, tenderness and rage, while Kanye West delivers “Ultralight Beam” in that erotic, reverential croon.

Jafa cuts at high speed between scenes of dancing, celebrating, orating, brawl-

ARTS

Above: Arthur Jafa's ‘Pledge of Allegiance’ (2017); below: the artist's ‘Monster’ (1988) is a life-scale self-portrait photograph

Arthur Jafa

ing, sobbing, dunking baskets and getting shot by police. You will recognise James Brown, Nina Simone, Serena Williams, Biggie Smalls, Barack Obama, Angela Davis and Mahalia Jackson as they flash by, but many others just happen to be living their anonymous private dramas on camera. There's no explicit political lesson here: "Message" is an open-ended mash-up of intensely emotional moments.

After that electric intensity, other pieces can feel subdued. In the follow-up "The White Album" (2018), Jafa applies his signature collage method to the topic of whiteness, but the result is limp rather than bracing. We see white people as perpetrators (Dylann Roof entering Emanuel African Methodist Episcopal Church to commit mass murder), victims (the truck driver Reginald Denny being beaten by rioters during the 1992 Los Angeles riots) and self-appointed experts on race.

Here, syncopations don't click and provocations don't provoke. Instead of the panoply of “Message”, we get a thesis that never gets past generalities of alienation, grievance, violence and self-absorption. Maybe that’s an intentional demonstration of the weakness of white supremacy, both as a cause and an aesthetic project. In any case, the 2019 Venice Biennale jury loved it, awarding Jafa the Golden Lion.

The exhibition is broad and bold enough that individual pieces are bound to be uneven, and even some of the misfires are instructive. Jafa's technique of pairing disparate images yields both duds and revelations. He forms a sunset-red diptych by joining one of Andy Warhol's gruesome car-crash silkscreens with a dusky late Rothko abstraction, for instance, and though the mixture of sublime melancholy and mechanical destruction should have produced something volatile and potent, it winds up feeling inert.

"Mickey Mouse Was a Scorpio" (2017), on the other hand, sets off a genuine depth charge. On the left is a classic black-and-white drawing of a smiling Mickey, hips cocked and paws akimbo. On the right is a photo of a masquerader at the Notting Hill Carnival, a Black man in skull-like whiteface with checkerboard lips set in a grim expression.

The resonance is immediate and uncanny – even the big dark circles around the mummer's eyes echo Mickey's circular ears. Suddenly, the animated character looks like a masked celebrant of some sinister ritual, and the serious man in the white shirt and cardigan has an oddly cartoonish air. Each makes the other stranger. The resemblance isn't just an artistic conceit: scholars have traced Mickey Mouse and other early comic strip characters back to the conventions of blackface minstrelsy, so what seems at first like a light-hearted visual pun packs on a load of racial history. That's Jafa's virtuosic sleight of hand: smuggling a heavy thought into an image that registers in a flash.

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The world's population will soon be declining for the first time since the Black Death. Social contagion about having children can help explain the drop in birth rates – but may also offer a way out.

By Camilla Cavendish

What's behind the global fall in fertility?

W hen Susannah McIn- tyre, 37, hauls her three young sons through her Cambridgeshire village, pedestrians mutter, she

says. Cafés seem relieved to see them depart. When she was growing up, it was families with five children that seemed big. But at the local primary school, only two other families have three kids. Now she says she feels like an “outlier”, one who is looked down on with suspicion by people “who regard parenting as a self-indulgent lifestyle choice”.

Across the world, parenthood is on the wane. In Europe, the only child is becoming the norm, with half of families with dependent children having only one. In the UK, the figure is 45 per cent, with just 14 per cent of families having three or more. This is repeated in unexpected places. The United Arab Emirates and Tamil Nadu in India now have lower birth rates than Germany. Mexico's rate has fallen behind the US, where one-child families now outnumber families with two.

Birth rates in more than two-thirds of the world's countries have fallen below the “replacement rate” of 2.1 children per woman needed to maintain a stable population. The world population will soon start to decline, for the first time since the Black Death of the 14th century, with one estimate putting “peak human” as soon as 2064.

There are many well-documented factors behind the baby bust. Young people are less likely to be in a relationship than previous generations were at the same age. It is harder for young couples to get on the housing ladder and to feel economically stable enough to contemplate adding a baby to the mix. And some worry whether it would be right to bring a child into a febrile world.

But after five years of research, I have come to believe that there is something else at play too: a form of social contagion. In a world that appears to treat parents with hostility, where the advantages of raising children are obscured, remaining childless is easier if the same decision is made by everyone around you. As a phenomenon, it can become self-perpetuating.

This extra factor – network effects – can explain the remarkable similarities between falling birth rates across very different places and cultures. It also offers humans a way to reverse the decline by making having children attractive again.

Falling birth rates are often presented as a simple matter of choice. But in research of 10 low-fertility countries by Ester Lazzari and Eva Beaujouan, up to half of men and women end their reproductive years wishing they had more children. While passing peak human will ease the burden on natural resources, the drop in global population is projected to be rapid, ushering in legions of elderly who will strain welfare states and economies. In China, where a one-child policy introduced in 1980 distorted family planning for 35 years, there is now the “4-2-1 problem”, with an only child supporting two parents and four grandparents.

There are other, subtle effects. As children become less visible, our tolerance for their noisy capriciousness dwindles. In Japan, crowdsourced Dorozoku maps show people how to avoid streets where “children play with balls”. In a smart Paris suburb, judges last year ordered a junior school to close its playground after neighbours complained about noise. At a clinic in Boston, Massachusetts, in 2022, I met Wanda Baker, who had been asked to stand outside because her sick baby and his two siblings were upsetting other patients. “I feel second class,” she said.

“Families are society’s most basic unit and humanity’s most indispensable institution,” says Nicholas Eberstadt, demographer and Henry Wendt chair at the American Enterprise Institute. “But as families and their branches thin out, they will become ever less able to bear weight.” Policymakers, he adds, are “not ready for the age of depopulation which will recast societies, economies and power politics”.

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A low fertility trap

Humans copy each other, a primal drive that goes all the way back to our early need to protect ourselves in tribes. Social norms developed as a way to outsource some of our decision-making. Co-operation with the group became instinctive.

Even in the modern world, the need to conform is powerful. In an early experiment demonstrating the power of social contagion from the 1950s, the psychologist Solomon Asch asked participants to do a simple task, matching lines on a card, where the correct answer was obvious. Unaware that other participants were actors instructed by Asch, more than a third of participants went along with the group's choice, despite this being obviously wrong.

The impact of network effects on birth rates was well documented by a study in Brazil. The gradual introduction of broadcast signal into different regions in the 1980s was accompanied by a cliff-like fall in birth rates. People with signal had become gripped by telenovelas - soap operas - showing urban female protagonists with few or no kids. In 1960, the average Brazilian woman had just over six children. Forty years later it was just over two: a drop almost as rapid as China's. The impact was strongest on the female viewers who were closest in age to the female characters, with whom they identified most strongly.

More recent studies have corrobo-

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'[Policymakers] are not ready for the age of depopulation which will recast societies, economies and politics'

rated such findings. Research from Sweden in 2010 showed that women working in offices were more likely to have a baby if a colleague of similar seniority did so, with no effect from co-workers at other levels. A separate study of 6,500 German companies similarly found that female employees' transition rates to first pregnancy roughly doubled after a colleague had a baby, with the effect lasting about two years.

The German social scientists Daniel Lois and Oliver Arránz Becker have found that couples' interest in having a child strengthens if friends become parents. They suggest three possible factors: couples with children demystify parenthood for the network, create a social pressure on others to join them, and create a feeling that not joining might disrupt social ties.

“Peer group behaviour signals what people like me are expected to do, and at what point in the life course,” says Anna Rotkirch, research professor at Finland’s Population Research Institute. “We have evolved to be very conscious of reproductive cues in our environment," she says, adding that she feels these have become increasingly negative.

The acceleration of the birth rate fall since the advent of the smartphone may have less to do with time spent on screens distracting from romance and more to do with negative images of childbirth and positive ones about being single. "Fear of pregnancy and the discourse about motherhood as sacrifice have become more common in the past 15 years," says Rotkirch, with "many childless women mentioning fear of what happens to your body in childbirth as a reason for not having had a child".

Several studies have found that seeing and holding real babies makes women keener to have their own baby – although they may be self-selecting.

Social media increases the extent to which young adults interact with peers or role models they do not know and are not related to. “I have talked to young mothers who are surprised that posting on Instagram about having a baby is creating fewer ‘likes’ than posting about a fancy holiday trip,” says Rotkirch. “Young adults are increasingly taking their reproductive cues from people or platforms with no real interest or stakes in their family formation goals.”

The situation today in England and Wales is that women born in 1979 are having smaller families than their baby boomer parents and greatest generation grandparents, while their Gen Z daughters are projected to have even smaller families still.

A big reason that people end up with fewer children than they wanted is that we are leaving it later to start a family. European first-time mothers are 31, and fathers 34, compared with 1975 when the average ages were 26 for mothers and 30 for fathers. This in itself makes it harder to have multiple children.

But the overarching pattern fulfils the “low fertility trap” hypothesis proposed by the economists Vegard Skirbekk, Wolfgang Lutz and Maria Rita Testa in 2006. They contended that once fertility declines below replacement level, the subsequent shrinking of each generation may entrench childlessness as a norm which becomes harder to reverse. The downward spiral lessens social pressure to have a family.

It is true that no country that has fallen well below two children per woman has yet rebounded to anything like that level. South Korea has ticked up a little, from 0.75 in 2024 to 0.8 in 2025, but it's not yet clear whether that is a temporary phenomenon, a result of women having one child a little younger.

As time goes on, a rebound could become less and less possible. In China, the writer Helen Gao has suggested that “none of China’s only children can imagine what raising multiple children could look like”. If you grew up without siblings, and your friends did too, why would you want something different? Add in the absurd demands of modern intensive parenting, and all the other things you can do with your time in the modern world, and it’s no surprise that so many couples now declare themselves “one and done”.

Eberstadt, of the American Enterprise Institute, thinks that mimetic theory, the cultural influences on human behaviour, is playing an overlooked role in the baby bust. “The increasing rarity of large families could make it harder for humans to choose to return to having them — owing to what scholars call loss of social learning — and prolong low levels of fertility,” he says.

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Baby bonus

Hopes of filling the demographic gap are often pinned on immigration. But newcomers to a country are also influenced by social norms. In a Norwegian survey, majorities of first-generation immigrants from Vietnam, Pakistan, Sri Lanka and Turkey said that it was very important to have children in order to have a happy marriage. By the second generation, fewer than half expressed this view. Somali-heritage women have an average of seven children in Somalia, but two in Norway.

One study has even found that Polish women moving to England and Wales ended up having more children than

If immigration provides no solution, perhaps network effects themselves can be used. Making children seem desirable, possible and visible is a feature of two companies that are bucking the trend in low-fertility countries.

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'Fear of pregnancy and the discourse about motherhood as sacrifice have become common in the past 15 years'

In Taiwan, chipmaker TSMC's employees make up around 0.3 per cent of the population but were parents to 1.8 per cent of Taiwanese babies in 2023. Hsinchu County, where the company is based, has more children per 100 working-age adults than any other region. It has created an environment in which children are highly visible, with wraparound childcare on site and a preschool on each of its campuses.

Similarly LOTTE, the South Korean retail empire, has an internal birth rate which is more than double the national one, at 2.05 babies born per woman compared to 0.8. The company, which employs around 60,000 people, has strong parental leave policies. For example, it is compulsory for fathers to take at least one month of paternity leave on full pay. In recognition of its efforts, the company has been commended by South Korea's Population Strategy Committee.

The pattern can be transposed. In Nagi, a Japanese mountain town, population decline became an existential issue in 2002, when the dwindling number of residents created pressure to merge with other prefectures. The mayor instead worked hard to offer financial incentives including baby bonuses, generous daycare and free healthcare for children. Residents take a whole-community approach, with pensioners stepping in to help out, and children are seen as a positive. The result is that while half of Japanese families have only one child, in Nagi, 47 per cent of households have three or more.

their peers back home, mirroring the household average of their new country, even though it often costs more to raise a child in London than in Warsaw.

Camilla Cavendish is the author of 'Generation Maybe: Why We're Having Fewer Children, and What It Means For Us All' published by Penguin

'Peak human': global population is expected to be declining by the 2080s

Birth rates in more than two-thirds of the world's countries have fallen below the 'replacement rate' needed to maintain a stable population

Alex Wong/Getty Images

Groups that retain stronger ties to their countries of origin, and which have strong religious faith, are less immediately influenced. But the data suggests they still eventually produce smaller families. The fertility rate among Pakistani women in the UK dropped by 38 per cent between 2001 and 2021, according to the Migration Observatory.

2020 2030 2040 2050 2060 2070 2080 2090 2100

Sources: UN; Wittgenstein Centre for Demography and Human Capital (WIC); Institute for Health Metrics and Evaluation (IHME)

Past and projected average number of children per woman (completed family size), by year of birth of woman

Both women and men report a gap between ideal and actual family size

Source: ONS • England and Wales. The cohort born in 1979 is the latest to complete childbearing, projections follow

Source: 'Infertility and Unrealized Ideal Family Size', Ester Lazzari and Eva Beaujouan (Population and Development Review, Jan 2026)

Women's average retrospective ideal and actual family size at age 42-50, by sex and country (children per woman) Ideal family size Unfulfilled fertility

FINANCIAL TIMES

'Without fear and without favour'

ft.com/opinion

Badenoch's UK Conservatives are a work in progress

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Burnham's leftward shift opens space in the centre. The Tories should occupy it

Kemi Badenoch has come quite a distance in 12 months. A beleaguered figure at last year's Conservative Party conference, she is today master of her party; her personal ratings have improved markedly. Her party has come less far. It is still hollowed out, languishing in third place in the polls and under huge pressure from Nigel Farage's populist Reform UK on the right. It remains far from being a credible party of government. It is, though, beginning to shape up as a credible party of opposition.

That is significant in itself. New Prime Minister Andy Burnham is shifting his government alarmingly towards the big-state, high-spending Labour of old, seeming to repudiate not just Thatcherism but the Blairite blend of social democracy and free markets. After the Starmer government heaped taxes on business, his successor seems less committed to freeing animal spirits than to expanding public control.

This not only opens up a space in the political centre that Badenoch's Conservatives ought to be seeking to occupy. It also makes it all the more important for a centre-right opposition party to be holding Burnham's Labour firmly to account.

The Tories are showing some progress on both. Most welcome is the re-embrace of business, in rhetoric and policy. Despite business scepticism given the Conservatives' economic record in the 14 years to 2024, the party is earning a hearing for its emerging offer: lower taxes on work, wealth and business, with fewer regulatory constraints and stronger incentives to work and invest.

Halving employer national insurance contributions for 21- to 24-year-olds, cutting business rates for 250,000 high street businesses and simplifying Britain's bloated tax system are encouragingly pro-business or pro-work policies. Badenoch's pledge to scrap inheritance tax on family homes, with an additional £1mn tax-free allowance, is a stark contrast to Labour's post-2024 extension of taxation on wealth.

Less favourable is the Conservative leader's insistence, for now, that she would keep the unsustainable triple lock on pensions, which Burnham said he would loosen in 2030 to help fund a national care service. It betrays a tendency to play politics rather than to make savings wherever they can sensibly be found.

Among the party's big weaknesses are its neuralgia over the EU. Burnham's pitch to improve the UK's post-Brexit relationship with the bloc is one area in which many in business may favour Labour. The Conservative proposal to rip up any UK-EU deal made by Labour to liberalise trade in agrifood has raised concerns that the food industry could face ever-shifting regulatory regimes.

The party has spent too long trying to ape Reform's hardline stance on immigration, hoping to win back voters lost in 2024

The Conservatives have also spent too long trying to ape Reform's hardline stance on immigration, hoping to win back voters lost in 2024 – but risking alienating centrist waverers. Here, however, there were signs yesterday of a shift. Badenoch repudiated any idea of "uniting the right", insisting Reform "are not like us, we are not like them". In a sometimes emotional speech that decried "people" debating whether Badenoch's mixed-race children were English, she appealed to Reform-leaning Tories to come home to her party.

A final issue is the shrunken parliamentary party's shortage of talent beyond Badenoch herself; new shadow chancellor Andrew Griffith's speech failed to enthuse despite sounding some of the right notes. The leader herself is beginning to show a little more political subtlety and depth. Her rebuilding of the broader party remains a work in progress, though it is showing moves in the right direction.

Opinion Asia

Japan was never normal, and will not be now

María Hergueta

Leo Lewis

T

o lose one century-old, Sendai-area producer of leaf-shaped sasakamaboko fishcakes may be considered a misfortune. To lose

two looks like carelessness. Lose three in quick succession, as Japan has done in the past 12 months, and people start talking about a “new normal”.

But should they? If ever there were a moment for Japan, for those that engage with it and those that invest in it, to embrace the certainty of a new abnormal, that time is surely now.

Clearly, times are cruel in the northeastern Japanese fishcake game. Surging costs, from pollock paste and plastic packaging to logistics and labour, are straining business models to breaking point. Changing diets have less space for fishy fare; tourists prefer local beef tongue. Behind all of these pressures, one can see the vast

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The Liberal Democratic Party needs a new policy and the country needs a new mindset

hydraulics of geoeconomics, climate change and demographics.

These fishcake makers have previously survived military dictatorship, world war defeat, oil crises, tsunamis, generational handover and deflation. So as well as being saddened by the abrupt, back-to-back shutterings of Takeda no Sasakamaboko (est. 1935), Bajo Kamabokoten (est. 1912) and Kaneko Hashinuma Shoten (est. 1927), there is huge temptation to conclude this is part of an unusually forceful shift away from life as Japan knows it. Key political figures actively reinforce that view. On Tuesday, Ryosei Akazawa, Japan's minister for economy, trade and industry, used a press conference to upend decades of his own party's thinking on the role of small and medium-sized enterprises.

Akazawa is someone who knows a bit about epochal disruption of norms. His role puts him prominently on the front line of America's redefinition of friendship and of China's redefinition of hostility. When Japan needed someone to negotiate its way through Donald Trump's arbitrarily calculated "reciprocal" tariffs, and to pledge \$550bn of infrastructure investment to an economy nearly 10 times its size, Akazawa was the one trusted to put on a Maga hat and give a double thumbs-up to the new world order.

And for almost a year, he has also had to field the concerns of the business lobby as diplomacy between Beijing and Tokyo has entered a deep freeze and Japanese companies have pulled out of China – Japan's biggest trading partner – at a record rate.

In his presentation earlier this week, Akazawa did not mention the three fishcake makers, but his thesis was that Japan should expect and embrace a spate of company closures. Crucially, he argued, it has resisted this for far too long.

For decades, the government has seen its enormous SME sector as the bastion against mass unemployment. Those businesses, no matter how economically illogical at the individual level, were collectively legitimised by a broader national goal. They were given what Akazawa called a “warm and comfortable atmosphere” of subsidy and incentives in hard times. But however flabby and irrelevant they became, it remained core LDP policy that, wherever possible, no SME should go bankrupt.

With the working population now in permanent decline, that policy is clearly brimming with moral hazard. "Most SMEs have no ambition to grow," he said, adding that "this is not exactly a capitalist mindset." His argument? The LDP needs a new policy and Japan needs a new mindset.

Thinking in terms of “new normals” is the wrong way to form such a policy – however alluring that sounds. Japan, however desperately it would like to imagine itself as having evolved through a series of established normals, is perhaps more usefully defined by its rolling embrace of abnormality. An economy in which tens of thousands of companies are over 100 years old gives the impression of permanence; in fact it represents abnormality stacked on abnormality.

The Bank of Japan, in its long build-up to sustained monetary tightening, has talked a lot about the necessity of “normalisation”. Akazawa’s comments suggest that the country’s entire approach to capitalism needs a similar overhaul. Others lament Japan’s focus on its pacifism or immigration rules. Too often, these debates underplay just how resistant it is to having normality defined for it — either domestically or by the outside world.

At the most recent census, 11 per cent of Japanese were under 15 and 17 per cent were over 75. Others may well follow Japan down this road, but no modern country has yet arrived at these extremes – and no country will experience the transformations of environment, geopolitics and technology from a similar starting point. There is no lingering “normal” to be had for Japan, new or otherwise.

leo.lewis@ft.com

Letters

Sanctions policy sometimes must be compromised to save lives

Martin Sandbu, in his column on EU members using their veto powers to lift sanctions on targeted oligarchs, is sharp in his criticism of France for the actions it took to free a French citizen from jail in Azerbaijan (“EU countries shoot themselves in the foot when they veto sanctions”, Opinion, October 5).

However there is not the slightest recognition in his article of the vital humanitarian concerns that we all should have for innocent hostages jailed by authoritarian regimes, such as

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Recalling the British input to the EU's single market

Your Big Read “Is Britain welcome to return?” (October 3) leaves out an important piece of history: for more than two decades, the UK was one of the European single market’s leading architects and defenders.

In the European parliament, the internal market and consumer protection committee was chaired by British MEPs, both Labour and Conservative, for most of the years after it was created in 2004. Michel Barnier, the EU's chief Brexit negotiator, knows this well. As internal market commissioner, he worked closely with those British chairs to deepen the very market he now says cannot be taken “à la carte”.

As a former MEP, I saw this commitment at first hand. British members were often the strongest voices for open markets, consumer protection and fair competition.

Barnier is right that the single market's integrity matters. But Britain is not asking to join a club it never understood. It helped write the rules. After a decade of failing to find a relationship that works, both sides

those in Russia, Azerbaijan and Iran.

We need to be concerned about every individual who is taken as a pawn in international strategies, often tortured, often facing death, as, for example, Emad Shargi recounts about his more than five years in Evin prison, Tehran. This Iranian-American businessman was on a business trip when he was arrested, subsequently interrogated, tortured and confined to solitary by the Islamic Revolutionary Guard Corps, and held for ransom,

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

BANX

should be open to closer economic ties, whether through the European Economic Area and European Free Trade Association route or a tailored arrangement built on that shared history.

Catherine Stihler

Catherine Stihler

Former MEP for Scotland (Scottish Labour), Carmel-by-the-Sea, CA, US which the Biden administration negotiated to secure his freedom along with four others.

Then, in a complicated exchange that involved a Russian murderer in a German jail, American journalist Evan Gershkovich was freed from a Russian prison – he describes his terrible ordeal in his new book This Cursed Beautiful Land.

The stories these victims tell of the nightmare situations in which they found themselves ought to convince

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Merz's reforms could help blunt the appeal of the AfD

Janan Ganesh “Leadership is not the problem in the west”, Opinion, September 24) suggests that resistance to Friedrich Merz’s reforms reflects voters’ unwillingness to surrender comforts acquired over generations of the welfare state. Yet, as Harvey Clark Greisman recently noted (Letters, September 23), some East Germans remember reunification as their loss of economic security. Apprehension about further change cannot simply be dismissed as excessive expectations.

In a course on geoeconomics I taught at the Riga Graduate School of Law, I used Sheri Berman and Hans Kundnani's 2021 essay "The Cost of Convergence" to examine the risks of Germany's over-reliance on exports to drive economic growth. The essay argued that this reliance left Germany vulnerable to external shocks, and proposed higher wages, stronger household consumption and investment in the digital and green transitions.

Merz's infrastructure and climate programme addresses part of that agenda. Whether his wider reforms

Email: letters.editor@ft.com

Include daytime telephone number and full address Corrections: corrections@ft.com

Sandbu, and others who share his view, that there are times when broad sanctions policies need to be compromised in order to save lives.

The actions taken by western governments to rescue hostages is vital to provide us all with a sense of safety, and give hope for all those who today are political prisoners. Frank Voel

Adjunct Professor, Georgetown University; Co-founder, Transparency International, Washington, DC, US

bring tangible benefits to communities at risk of being left behind matters for Germany's resilience and could reduce one source of insecurity on which the far-right Alternative for Germany (AfD) draws. The question is not whether reform hurts, but whether it leaves Germany and its people more secure.

Tjaco van den Hout

Riga, Latvia

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The benefits of HS2: a sceptical northerner's take

Jennifer Williams' Inside Politics piece "Burnham's Blind Spot" (FT.com, September 11) alludes to the benefits of HS2, Britain's high-speed rail project. Really? Cui bono as we say "oop" north.

What is the point of a train its promoters say will get you from Birmingham to London in under 50 minutes, when most families with two kids will not be able to afford the fares, unless they can plan in advance or take trains at times nobody wants to travel at? Up north, the taxes of Mancunians like me will pay for HS2 but we will not get to use it.

Peter Hardwick

Manchester, UK

OUTLOOK

PIEDMONT

Italy's wine harvest is creeping ever earlier

by Susannah Savage

B

efore setting out for my first day of grape-picking I smothered myself in sun cream and offered the bottle to my Italian partner,

Francesco. He glanced pointedly into the inky darkness outside and raised a hand, fingertips gathered in disbelief. A gulp of thick coffee, a bite of ciambellone, and we were off to the vines before the sun could rise.

Francesco's parents' vineyard sits on a hillside in Agliano Terme, among the folds of the Piedmont countryside in north-west Italy, a region that is known for its red wines.

It was August 30. Francesco's mother reckoned they were harvesting around a month earlier than most years. I had come on holiday and found myself helping with a harvest I might once have missed altogether.

Blue-black bunches hung beneath the tangle of leaves. Here and there, whole bunches had shrivelled in the parching heat. Others had obligingly grown large and juicy at an easy-to-reach height. Smaller clusters nearer the dusty ground required more contortions. Before long, I had grape juice on my face and an ache in my back.

I glanced down the row to check everyone else's progress. As a farmer's daughter, I felt I ought to be making a better showing. Francesco, unaware he was in a race, was also losing. His mother, equally unaware, was comfortably winning, her deeply tanned arms darting among the

leaves. His nine-year-old niece had switched to the more congenial task of team photographer.

Stefano Pesci, director-general of wine co-operative Terre del Barolo in nearby Castiglione Falletto, remembers harvests beginning in mid-September when he started his career some 20 years ago. Now they are largely finished by late September, he says. “The change was and is very, very fast.”

Although harvests have been creeping earlier for some time, this year's has been “exceptional”, says Paolo Castelletti of Unione Italiana Vini. “Irrigation was once considered sacrilege when it came to wine quality,” he says. “Today, drought actually reduces quality.”

Extreme heat meant sugars rose and acidity fell, meaning growers had to pick earlier to prevent the fruit becoming too sweet and the resulting wines too alcoholic.

Accounts collected by trade publication Il Corriere Vinicolo put our region's picking 15 to 25 days ahead of dates familiar in past decades.

Like Francesco's family, grape pickers across Italy have also been slowed down by dehydrated grapes, which have forced them to pick more slowly and selectively.

The heat is also following the grapes into the cellar. Managing the temperature of the fruit and its fermentation requires cooling equipment and electricity. Pesci says they had to put this year's Pinot Noir and Chardonnay grapes in the

fridge before they were pressed.

There is no such cooling equipment at Francesco's parents' little vineyard. They leave the cellar work to their neighbour, who crushes and ferments the grapes and turns their small annual harvest into wine.

Our part was rather less technical. As our buckets filled with grapes, we lugged them down the row to the edge of the neighbour's vineyard. While I caught my breath, I enviously watched his little tractor chug between the vines, doing the carrying for him and his workers. Grapes themselves, however, still have to be picked by hand.

This presents another problem. In Italy, August is holiday time. “The early start caught people somewhat by surprise,” Castelletti says. An industry already short of labour also faces heat that restricts working hours. Some growers harvest at night where the terrain permits. “Working at 30-35 degrees is extremely difficult.”

I can attest to this. Our early start was not early enough. Leaves that concealed whole bunches of fruit offered little shelter to the people gathering them and the sun caught us long before we finished. Soaked with sweat, some of us retreated for water and coffee. Francesco's parents, both in their seventies, kept going.

Their efforts paid off. By the end of the day, the last grapes were off the vines. The next time we encounter them will be in a glass.

susannah.savage@ft.com

Opinion

We need a US debt conversation – will the Republicans have one?

Brendan Boyle

W

hen the US national debt crossed \$40tn in August, I knew exactly what Republicans would say: America spends too much money.

Spending does matter and, as the top Democrat on the House Budget Committee, I am very conscious of how taxpayer dollars are spent and where this can be done better. However, my Republican colleagues who say that we got to \$40tn because of spending alone are ignoring half the story.

Over the past 25 years, major tax cuts, primarily benefiting the wealthy and large corporations, have reduced federal revenues by trillions of dollars.

One analysis using data from the Congressional Budget Office (CBO) and Joint Committee on Taxation found that President George W Bush's tax cuts, their extensions and Donald Trump's 2017 tax law added roughly \$10tn to the debt through 2023. Any honest account should acknowledge that Democrats also voted to make the Bush tax cuts permanent.

But over the past 10 years, President Trump and Republicans have gone even further. The Tax Cuts and Jobs Act, passed in 2017, added nearly \$2tn to the debt, according to the CBO. At the time Republicans promised that faster economic growth would make up for the lost revenue. It did not come close.

Then last year, Trump and Republicans passed the One Big Beautiful Bill Act. That legislation, according to the CBO, will add a staggering \$4.7tn to the deficit over the next decade, making it one of the most expensive pieces of legislation in US history.

Tax cuts are not the sole reason for the debt. The government borrowed heavily to pay for wars in Iraq and Afghanistan. During the Great Recession and the Covid-19 pandemic, we spent a tremendous amount to keep the economy afloat and prevent economic devastation.

Those situations also show why America's fiscal health matters. In times of emergency, the nation needs the capacity to borrow. Piling up structural debt during normal times, such as by borrowing heavily to finance tax cuts for the wealthy, leaves us less prepared for emergencies when they come.

Another factor that has added to the

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Piling up structural deficits during normal times leaves us less prepared for emergencies

debt, but is often left out of the story, is taxes that are owed but never collected.

The Internal Revenue Service estimates that nearly \$700bn in federal taxes owed for 2022 were not paid on time, and roughly \$600bn of this will never be collected. Not all of that is fraud, but the scale of not complying with the tax code is enormous.

Nevertheless, Republicans repeatedly cut IRS enforcement funding. That has had a serious impact. A report from the Treasury Inspector General for Tax Administration published in August showed that IRS audits brought in 35 per cent less in revenue in fiscal year 2025 than in the previous year. That sharp decrease has come after Trump, supported by Republicans, cut the number of IRS staff dedicated to audits by roughly 30 per cent.

The negative impact of our deteriorating fiscal health can no longer be ignored, as it has been by many on both sides of the aisle. The national debt is now so large that annual net interest costs are projected to be higher than \$2tn. Every dollar that goes towards servicing the debt is money we cannot use on healthcare, infrastructure or education.

So, what do we do about it without asking working families to make sacrifices?

First, large tax giveaways, especially to the wealthy, should not be permanent. They should face periodic non-partisan reviews on their impact and whether economic growth has covered the cost of the tax break. In addition, Congress should be forced to vote to renew them on an annual or biennial basis. Congress, rightfully so, carefully examines spending line by line. The same should be done for tax cuts.

Second, my Republican colleagues must get serious about tax enforcement. If they are truly serious about “waste, fraud and abuse” and tackling the deficit, they should join Democrats to give the IRS the resources to audit wealthy tax cheats and large corporations.

The debt is \$40tn and rising – quickly. Republicans have proved to be hypocrites on the issue. But that does not make the debt problem any less real.

If they want a serious debate about how we got here and how we fix it, I am ready to have one. We need an honest discussion, followed by a credible plan, before it's too late.

The writer represents Pennsylvania's second congressional district and is the ranking member of the House Budget Committee

Badenoch's European nightmare

POLITICS

Janan

Ganesh

while ago, this column advised readers to bet on the Conservatives winning the most seats at Britain's next general election. The

odds at the time were 13/2. Now? 3/1, and shortening. Don't mention it.

Their leader Kemi Badenoch might soon be overpriced – more on which in a minute – but underpricing her was the real offence. It should have been obvious that people would tire of big government under Labour. Voters want tax cuts even at the expense of public services, and have done for a year. This is politics at its most thermostatic: the ruling idea sets off a counter-reaction. (Notice that “austerity” has not been cited as the national ill for a while.) The Tories’ poll rating is still in the sewer but it might just lag their better, underlying numbers on economic trust.

So, what's all this about overcorrection? Well, one issue has undone talented Conservatives before: Europe. There is reason to think it shall again.

Scarcely one voter in three believes it was right to leave the EU. That figure has not moved for four years. A plurality favours much closer co-operation with the bloc, even if that entails accepting its rules. Total re-entry would be provocative. But imagine that Andy Burnham offers a fudge, such as single market membership. A fragmented left would at once consolidate behind Labour. The right would have to defend an unpopular status quo, citing — what? — Britain's freedom to set lighter AI rules than Brussels, just as voters come to fear AI. If indeed Burnham did clinch a half-in deal with the EU, the Tories seem set to promise to reverse it in office. Could anything be sillier?

Foreign affairs never decided an election, Tories will argue. But the UK-EU relationship is different. It is inseparable from economic management, which is the paramount issue for voters. Some of the business leaders now despairing of Labour would endorse the single market.

Also, in two anglophone democracies of late, Canada and Australia, conservatives have lost winnable elections due to their association with the American right. That is, a foreign entity. A man of Burnham's demagogic gifts can frame Badenoch's anti-EU line as American servility. She is not Maga, no, but she is not not Maga. She made her name in US-flavoured culture debates. She got into a mess over the Iran war, reflexively backing America until that became untenable, at which point she backed off with a clumsiness that was hard to watch. If she defends pure Brexit, for the sake of US trade and perhaps AI frontier-model access, Labour should rejoice.

Britain has settled into a routine that should trouble Badenoch. Labour proposes some accommodation with the EU, the right alleges betrayal and . . . almost no one cares. Last week, Burnham outdid all the post-2016 prime ministers in calling Brexit a mistake that should at least be softened. His poll lead held. The Tories are right that voters don't think much about the issue, but that means Burnham can do a lot without risk. Forget the next parliament. The time to torture the Tories is now. He could trade single-market access for rule-acceptance, sector by sector, Swiss-style, and dare them to oppose it. Their political prize for doing so would be, what exactly? A better third or fourth position in long-lost Red Wall seats?

And this is just the politics. The larger problem with the status quo is that it is

The question is whether she confronts it now, at a time of personal strength,

or under duress later bad in practice. Badenoch's most appealing trait is a sort of engineer's innocence. She seems to care about getting to (what she sees as) the right answer on a given subject. Most politicians let electoral calculation, tribal feeling or ideological priors muddle the cold act of problem-solving.

In private moments, the engineer in her must ask what the hardest of all possible Brexits has achieved. Essentially no European democracy chooses to be as cut off from the EU as Britain. Even Turkey is in the customs union. Switzerland, where independence is the national ethos, is three decades into a rolling negotiation with Brussels, in which it mostly gives ground. Norway, with mineral wealth galore, is in the Schengen visa-free zone. Most of the western Balkan states have candidate status.

You have to think of the EU in terms of general relativity: as a mass that bends space-time around it, forcing smaller entities into its orbit. Britain won't resist the gravitation indefinitely, because it can't. This is why the subject of Europe never goes away here. A place in the middle-to-outer orbit is destined to materialise. The question is whether Badenoch confronts it now, at a time of personal strength, or under duress later, when the untenability of hard Brexit becomes plain.

As the election approaches, she will have a voter in mind: an upper-middle earner who feels fleeced under a Labour government but recoils from Nigel Farage. That person might vote for a Conservative platform that offers no particular thaw with the EU. But not one that proposes to reverse an ongoing thaw. It would reek too much of dogma, of wilful disruptiveness.

If Badenoch is shrewd, she will let Burnham do the hard work of easing Brexit, then accept it as a fait accompli at the election, and win on the tax burden instead. If not? If she defends the status quo, or what would then be the status quo ante? Sell the bet at 2/1.

janan.ganesh@ft.com

Real men don't do climate change

ENVIRONMENT

Pilita Clark

f you are a man who cares about climate change, are you a bit of a dweeb? Put another way, if a man says global warming is rubbish, does he seem more manly?

In my 15 years of writing about climate change, these are not questions I have considered before. But I have begun to do so since coming across research that suggests a lot of men brush off the climate problem for fear of seeming too feminine.

The analysis by Michael Haselhuhn, an associate professor of management at University of California, Riverside, helps to answer one of the more baffling climate questions: why do studies and polls across the world consistently show that men care less about global warming than women?

Some studies suggest that men feel they have more to lose from policies to fight climate change. Others conclude it is because women are socialised to care more about things like the environment. But researchers who focus on socialisation tend to look at it from the perspective of the women being socialised.

Haselhuhn thought the same patterns of conditioning might be having a separate but overlooked effect on men. So he did a series of linked studies that suggest this is indeed what is happening.

Using data from the US, and a long-running survey of more than 40,000 people across Europe, he showed that men who say they want to save the planet are perceived to be more warm and caring. In keeping with this finding, he also showed that men who are strongly concerned about maintaining their sense of manhood express less concern about the climate problem and say they feel less responsibility for managing it.

This does not, of course, mean that all male climate sceptics are worried about their manhood. Other views also matter. A study of more than 9,000 scientists in 115 countries published this week shows that those who believe technology will largely solve the climate problem are 23 per cent less likely to go on a climate march, sign a petition or take similar civic actions, compared with scientists who lack such faith. The techno-optimists are also 18 per cent less likely to make big lifestyle changes to cut carbon. In other words, many

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Those concerned about their sense of manhood express less concern about global warming

personal views matter, even for experts.

But Haselhuhn's work does raise a question about the best way to sell the need for climate action, especially to men. He is now trying to determine which messages might land best, with mixed results. At first he thought it might be effective to suggest that real men take care of their family and are good parents, but that “just didn’t move the needle at all”, he told me.

More success came when highlighting the financial benefits of climate action. For example, when men are choosing between a regular showerhead and an energy-efficient one, about 80 per cent of them will choose the greener one if it is described as a way to save money. But if told that the same showerhead uses less water and is more environmentally friendly, that support falls by 10 percentage points. Taking out the word “environment” seems to help, says Haselhuhn.

All of this gels with the ideas of climate scientists such as Katharine Hayhoe, a Texas Tech University professor who has worked extensively on effective ways to talk about climate change. This includes advice on dealing with the inevitable uncle who tells you at every family gathering that the climate has always been changing and today's record temperatures are just part of a natural cycle.

It doesn't help to spout scientific facts to show why he is wrong, Hayhoe told a recent FT conference. That's because the real issue here is not science denial but solution aversion, or concern that climate policies will clash with a person's identity, ideology or ideas about a better world.

Because it's unpleasant to say openly that you don't want to fix a serious problem, people use so-called motivated reasoning to find grounds for why climate change cannot be real or serious. In other words, they process information in ways that align with what they already believe or want, rather than with objective evidence.

Happily, Hayhoe says, the same uncle's views can reverse completely if he buys solar panels that save him money or does something else that improves his own circumstances as well as the climate.

There is a message here for those of us who rightly worry about warming temperatures. Scientific facts really matter, as does the health of the environment. But there will be times when the best thing you can do for the planet is not talk about it at all.

pilita.clark@ft.com

Important judgments for Healey in the coming Budget

ECONOMICS Chris Giles

t a time of geopolitical tension and bond market volatility, the UK's economic and public finance outlook is shrouded in uncertainty.

No system of fancy equations will enable the Office for Budget Responsibility to produce perfect forecasts for the Budget. And no agentic John Maynard Keynes will reliably tell John Healey what he should do. Everything instead rests on sound judgments from both the fiscal watchdog and the chancellor.

By far the most consequential decision the OBR needs to make is to set the potential level of GDP at the end of its five-year forecasting horizon. This is an informed judgment, complicated this year by movements in its underlying drivers. The Office for National Statistics has revised productivity growth up and hours worked down. It has also revised the path of net migration down and is advising everyone to focus on tax records rather than surveys to discern employment trends. These are weaker.

The OBR would be well advised therefore to judge that the potential growth of the UK economy is just a bit worse than in March, with hours and productivity growth cancelling each other out, while the scope for more employment growth is more than offset by lower migration. Together, these broad assumptions would generate a little less tax revenue than previously expected.

On top of that, the inflation profile will be higher due to the prolonged energy shock the UK has suffered in

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Any forecast he will receive from the OBR is likely to be unwelcome but not disastrous

2026. This will raise the costs of pension and welfare payments in future and is unlikely to generate commensurate additional tax revenue. The final piece of bad news is that higher interest rates will raise forecasts of government debt-servicing costs by roughly 0.3 per cent of GDP by the end of the decade.

You might notice that I have been able to talk about the economy and the public finances without any mention of fiscal headroom in billions of pounds. The final OBR judgment should be to ditch this unhelpful invention, follow the letter of the law and start reporting on the sustainability of the public finances as economists rather than officials seeking to get themselves noticed.

Putting this together, the news Healey will receive from the OBR is likely to be unwelcome but not disastrous. The forecast path of deficit reduction will be slower and debt-servicing costs higher, but the UK will still be set to balance its budget and stabilise its debt-to-GDP ratio by the end of the decade.

The chancellor's core judgment will be to decide how to respond; the prime minister and his cabinet are fizzing with ideas but have few plans ready for implementation. It would therefore be reasonable for Healey to deliver a steady-as-she-goes Budget so long as he meets the following conditions.

Any fiscal loosening in the early years of the forecast to meet Andy Burnham's pledge to give people a bit of breathing space needs either to be credibly temporary or to be matched with spending cuts or tax rises in later years. That means there must not be a sustained discretionary fiscal loosening. It is OK for deficit reduction to be slower because the world has become more difficult, so long as the UK government does not aggravate the trends.

The deficit must also stay on a downward path. This will mean that any cost-of-living breathing space is followed by some tougher fiscal years towards the end of the parliament. Healey would be wise to put his political capital behind that necessity.

Finally, the chancellor should outline his longer-term strategy for tax and public spending. The aim will be to provide some reassurance to financial markets so that speculation can be held in check. Details are not necessary. These are difficult times in public finance. There is nothing more important than demonstrating the UK is facing them with sound judgments on both the forecasts and policy.

chris.giles@ft.com

Banks stand to lose out as AI helps savers deploy funds

A little help: Jolly, the mascot for Meta's Muse AI assistant — Minh Connors/Bloomberg

t is a fact of banking that the less you care, the more your bank earns. Lenders make a handsome profit by taking money

customers leave idle in their bank accounts and investing it at higher rates.

Agentic AI, the buzz-phrase of the moment, will upset this cosy arrangement. While it will take more than that to knock banks off their perch, they have quite a lot to lose.

The theory is that AI assistants like Meta's Muse could help customers put trillions of dollars of “lazy money” to better use.

That could just mean flagging when a saver could get a better deal on their surplus balance. Or more ambitiously, automatically sweeping the excess into a money market fund offering more than the nearly nil paid on instant-access deposits today.

This would be a big change. Banks make about two-thirds of their income on the spread between what they pay and what they lend. JPMorgan Chase, Bank of America and Wells Fargo hold \$1.6tn of non-interest bearing deposits – 16 per cent of their liabilities. Paying a 3 per cent rate on those would cost them \$47bn a year, almost half of their collective annual earnings.

Will bank profit really evaporate to that extent? Not likely. Shrell talk of “agentic bank runs” reckons without the manifold frictions that stop customer funds from flying hither and thither.

The simplest barrier is trust – will households hand control over their finances to companies known for moving fast and breaking things?

Who takes the rap if the agent sends funds to the wrong place?

But AI will no doubt make customers less inert and there's a way to estimate what that will cost their banks. Whenever a lender buys another in the US, it must quantify the financial benefit from acquiring sticky, cheap deposits, as opposed to raising funds in the market. This is called a “core deposit intangible”, and is typically

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It could mean flagging a better deal or even sweeping the savings into a money market fund

equivalent to 2 or 3 per cent of the relevant account balances, according to analysis by Mercer Capital.

Run that back-of-the-envelope ratio across all US banks with their \$20tn of deposits of which roughly 80 per cent are “core” and it comes out at about \$500bn. That, in other words, is the chunk of equity value banks would lose if all of those deposits received market-like returns. It’s about one-tenth of the total value of listed US banks, based on S&P Capital IQ data.

True, banks will gain from AI as well as lose. Cutting costs, pricing lending more effectively and avoiding costly human error – no more Citigroup-style bungled \$900mn wire transfers – should all generate gains.

Bank of America chief Brian Moynihan said last month that his institution spent \$400mn on AI improvements and saw \$800mn of benefits. As agents gain traction, the fruits of efficiency drives will increasingly flow to depositors as well as shareholders.

For now, there are bigger things to fret about. More than half of bank investors think US Federal Reserve rate hikes are the biggest risk to valuations, lender Truist found in an investor survey at the end of September.

Very few cited the threat from bots. And as JPMorgan chief Jamie Dimon regularly warns, the banking system hasn't weathered a proper credit downturn for well over a decade and one is long overdue. The real agents of chaos are already with us.

Japan's small-cap cull is an opportunity for AI-enabled funds

Stock market reforms don't come much more brutal. Japan's Topix, followed by about \$1tn of funds, has ditched almost 700 companies because they're too small. The cull is designed to make the survivors a simpler and more attractive investment proposition. It is an opportunity, too, for AI-enabled funds to prove their worth among the ejected minnows.

As elsewhere, Japan's stock market wealth is concentrated in its biggest companies. But its indices are sprawling things. The Topix, preferred by money managers to the better-known Nikkei 225, currently contains more than 1,600 companies ranging from mighty \$272bn Mitsubishi UFJ Financial to \$22mn Prored Partners, a management consultancy.

The Topix's myriad small fry are fiddly and expensive to trade — and have virtually no effect on index performance anyway. The scale of the issue is writ large in exchange operator JPX's overhaul: the 683 groups it has named for potential eviction account only for 3 per cent of the index's total market capitalisation, and that's after an earlier cull of roughly 500 even smaller companies in 2025.

Sifting through small caps is a lot of work: BlackRock counts more than 6,000 of them, while MSCI's All-World small-cap index has more than 5,600 from 47 countries and its smallest constituent is valued at just \$6.2mn.

But help is at hand: finding needles amid haystacks is a task for AI and its ability to crunch thousands of company reports and utterances.

The number of potential opportunities may be on the rise. The AI frenzy isn't just boosting suppliers of chips and electricity. Bottlenecks are appearing in unexpected locations and Japanese manufacturers' deep involvement in so many supply chains may result in unexpected windfalls.

Meanwhile, AI tools may over time reduce the inefficiencies of being a minnow compared with a whale.

Early adopters of this idea are looking smart. In February, Rotterdam-based Robeco launched a global small-cap exchange traded fund combining AI with quantitative models to pick stocks. So far, its offering is up 13 per cent, against 9 per cent and 3 per cent respectively for MSCI's All-World and global small-cap gauges.

Source: LSEG

BlackRock, too, has been touting its use of large language models and other tech to identify “non-obvious” themes between small-caps across the world.

Index huggers will doubtless still prefer the newly streamlined Topix. But for a new generation of tech-enabled investors, there should be plenty of interesting material among the offcuts.

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Europe's push for tech sovereignty turns telcos on to data centre craze

European telecos have scant access to exciting investment trends. They work in mature, competitive markets, grow top lines by a couple of percentage points a year and struggle to lift returns above their cost of capital.

But, in one aspect of their business at least, they now resemble much racier US neoclouds such as CoreWeave: Europe's push for tech sovereignty is turning them into data centre builders.

In the UK, BT is partnering with US chipmaker Nvidia and Nscale to build up to 14 megawatts of AI data centre infrastructure across three BT sites. France's Orange, together with private equity firm Morrison, is developing data centres with a €3bn investment that will increase its capacity 10-fold, while Iliad too has earmarked €3bn.

The sector doesn't have a great record when it comes to jumping on to tech bandwagons. Just think of the giant debt accumulated in the 2000s by companies overpaying for 3G licences and vainglorious mergers. But with data centres, they may finally be on to happier hunting grounds.

For one thing, they don't have much competition. Europe is keen to reduce its reliance on US hyperscalers: domestic builders don't run the risk of having to hand data to the US, as could be the case with Google and Amazon operating on European soil. Deutsche Telekom has leaned into these fears, touting its "made for Germany, made in Germany" services. And the telecoms groups already run critical infrastructure and are tightly regulated.

Returns, too, come without taking on too much risk. In this cycle of telco investment, the big operators are teaming up with providers of tech and finance rather than just overextending their balance sheets.

Europe's sovereign cloud market will be worth \$70bn next year, forecasts Polaris Market Research. That is small by hyperscaler standards – Anthropic alone will spend that much on AI infrastructure in a year and a bit, according to Reuters – but helpful for the sector's pedestrian growth.

Chances are that these numbers will grow. Canada's decision last month to build its own sovereign broadband backbone to connect the country from coast to coast, rather than continue to route data through the US, highlights erstwhile allies' anxiety.

A fracturing world could pay dividends for tech-adjacent domestic companies.

NIKKEI Asia The voice of the Asian century

CROSSWORD No 18,500 by JASON

JOTTER PAD

Solution 18,499

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 Sad dark sorrow? One right to leave a necessary nuisance (9)

6 Exhausted from endless ringing (3,2)

9 Lighter but for half of gear (5)

10 E-type perhaps shown by blemish after use in public (6,3)

11 One gets you up to walk then run (10)

12 Headgear mostly cared for by one (4)

14 Exams could be smooth since outside (1,6)

15 Better gent heard to be successful (7)

17 Loyal devotee of mass involving Trinity (7)

19 Drop parrot's nibbles (7)

20 A stroke of satire that doesn't quite finish sadly (4)

22 18 and the like in a healthy way cooks joints (10)

25 Security given by a type of hedge? (9)

26 French will abandon desperate stunt (5)

27 One'll leave expert group (5)

28 Legion to matter not so much (9)

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DOWN

1 Puzzle concerning coach (5)

2 Harmony blokes found in a welcome (9)

3 Wide blighter that's backing bill — one's full of rubbish (7.3)

4 Stays on channels (7)

5 Such as point to groups of deplorables? (7)

6 Drink that seen in the course of Christmas time (4)

7 This could be filthy and it could also be cruel (5)

8 Jonquil who only contemplates himself? (9)

13 Idiots grip part of transmission (10)

14 Echoing round sound of bells is attractive (9)

16 A poet, I pen vibrantly for someone who's posted (9)

18 Huge drop of colour on refurbished Titian (7)

19 Foreign estate prattle over Perrier, perhaps (7)

21 Priest relinquishing power would be a burning issue (5)

23 Plunders old white wines (5)

24 God of aerospace? (4)

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