Financial Times - 15.09.2026.pdf

金融时报

2026年9月15日，星期二

深度报道，第21页

希利能否承受不加税的后果？

英国 £3.70；爱尔兰共和国 €4.10

胡塞武装使特朗普和穆罕默德·本·萨勒曼陷入困境 吉迪恩·拉赫曼，第23页

北京加入AI警示行列

在中国情报机构警告前沿技术可能对其安全构成风险后，中国昨日参与了关于AI安全担忧的辩论。

此举正值美国科技领袖在针对可能发生的灾难性事件发出警告后，对AI发展的速度表示担忧之际。

美国总统唐纳德·特朗普昨日再次反对限制该技术的努力，称其为一场“病态的阴谋”，并补充道：“唯一对此感到高兴的是中国。”

这种担忧如何重塑美国政治格局的一个迹象是，资深社会主义者伯尼·桑德斯与右翼活动人士史蒂夫·班农这对出人意料的组合，正共同呼呼为AI建立更强的护栏。中国警报与共同点 第8页 科技股下跌、Anthropic盈利能力与Madhumita Murgia 第9页 FT观点 第22页 Misha Glenny 第23页

中国国际供应链促进博览会上AI与人形机器人的展示。北京正警告AI对安全构成的威胁 —— Ng Han Guan / AP

通胀担忧重创债券市场，十年期美债收益率突破 5%

全球关键基准处于紧张水平 2023年以来首次 油价攀升 押注美联储加息

艾米莉·赫伯特 (EMILY HERBERT) 和 伊恩·史密斯 (IAN SMITH) —— 伦敦 凯特·杜盖德 (KATE DUGUID) —— 纽约

美国10年期国债收益率昨日触及 5%，为 2023 年以来首次。油价飙升重创全球政府债券，并将这一全球最重要的金融基准推至紧张水平。

收益率在早盘交易中上涨 0.04 个百分点，触及 5.01% 的高点，随后回落至 4.95%。收益率随债券价格下跌而上升。

美国10年期收益率是全球数万亿资产的基准。在由伊朗战争冲击引发的债券抛售中，其跃升至 5% 被广泛认为达到了一个令人担忧的阈值。

除了 2023 年的一次短暂升至 5% 之外，10年期借贷成本上次在这一水平之上波动是在全球金融危机前夕。

“10年期收益率处于这些水平会在某些地方触发信号，”Cresset Wealth Advisors 的首席投资策略师杰克·阿布林 (Jack Ablin) 表示，“这是一个需要关注的时刻。”

他指出，收益率的上升将推高抵押贷款利率（近几周已跳升至近 6.8%），并使得“资本成本更高”。

“10年期国债处于这些水平会触发信号。这是一个需要关注的时刻”

Jack Ablin，投资策略师 使得企业资本成本更加昂贵，给美国企业带来了压力。

今年美国国债及全球收益率的上涨，是由唐纳德·特朗普在伊朗发动的战争所引发的通胀、不断增加的公共债务，以及科技公司为资助AI热潮而进行的大规模债务发行所推动的。

最近一轮债券市场的波动发生之际，国际原油基准布伦特原油昨日一度跳涨 5 per cent 至每桶 $109.80，此前沙特阿拉伯关闭了一条至关重要的石油管道，随后油价回落至 $107.28。

在最大的AI公司呼吁放缓这项飞速发展的技术开发后，股市也出现下跌。华尔街以科技股为主的纳斯达克 100 指数在正午时分下跌 0.6 per cent，此前欧洲和亚洲的证券交易所均出现下跌。

花旗银行的美国股票策略师 Scott Chronert 表示，5 per cent 的水平是一条“底线”，他预计股市将出现一些“动荡”。

更高的债券收益率推高了企业和家庭的借贷成本，使经济中债务负担较重的部分承受压力，同时也增加了债券的相对吸引力。

一些人担心，一系列的加息可能会“短路”AI融资的热潮，并考验 $40tn 美国债务规模的可持续性。

RBC BlueBay Asset Management 的市场策略主管 Mike Bell 表示，如果油价继续攀升，债券抛售可能会“变得更糟糕”。“现在判定债券收益率见顶还为时过早。”

交易员预计，美联储在明天的关键会议上将在三年内首次加息，以努力遏制日益增长的通胀压力。期货市场交易员将加息 25 个基点的概率定为 91 per cent。

加息可能会招致特朗普的批评，他多次要求美国央行放宽货币政策。但投资者警告称，如果现在不加息，随着通胀担忧增加，收益率可能会进一步飙升。

“如果美联储现在不加息，你将面临失去对曲线后端控制的风险，”Wellington Management 的投资组合经理 Brij Khurana 在谈到长期国债收益率时说道。通胀测试见第 8 页，油价削弱英格兰银行论据见第 13 页。

简报

▶ 加拿大寻求参与乌克兰贷款融资 由于总理马克·卡尼（Mark Carney）寻求加强跨大西洋关系以帮助降低其国家对美国的依赖，目前双方正就参与欧盟向乌克兰提供贷款的讨论进行磋商。双方希望在下个月达成协议。—— 第 6 页

▶ 英国政府创纪录的遣散费 克里斯·沃马尔德爵士（Sir Chris Wormald）在被基尔·斯塔默爵士（Sir Keir Starmer）解雇内阁秘书一职后，获得了白厅创纪录的近 86 万英镑 遣散费，这一数额是最初估计值的三倍。—— 第 2 页

▶ 伯纳姆的北方考验 有人敦促“10号唐宁街北方办公室”干预政府内部关于新型包装绿色税及其对玻璃工业产生的“灾难性”影响的争端。—— 第 3 页

▶ 巴黎为寡头游说 法国正敦促欧盟国家取消对乌兹别克-俄罗斯寡头阿里舍尔·乌斯马诺夫（Alisher Usmanov）的制裁，将其作为与阿塞拜疆进行囚犯交换的一部分。外交官称此举令人“震惊”。—— 第 6 页

欧洲央行人事变动在即 欧元区各国首都正准备迎接欧洲中央银行历史上最大规模的领导层变动之一，包括克里斯蒂娜·拉加德（Christine Lagarde）可能卸任行长一职。—— 第 4 页

▶ Hugo Boss 董事长离职 在最大股东 Frasers Group 的压力下，监事会主席斯特凡·斯图姆（Stephan Sturm）在任职一年后将离开这家德国时尚公司。—— 第 9 页

▶ “语言”突破 科学家已利用脑电波使瘫痪患者能够通过数字虚拟人表达词汇和手势，这是旨在帮助恢复身体机能的最新神经技术。—— 第 4 页

$\triangleright$ 北京的 IPO 警告 在中国监管机构告知银行家不要让所谓的低质量公司充斥首次公开募股（IPO）市场之后，此前一些重量级上市案例导致申请量激增。—— 第 13 页

科技投资者拥抱风险更高的“登月”赌注

SpaceX 的早期支持者在获得巨额利润后，正将目光投向风险更高、更具未来感的业务，进行“登月”式赌注。随着 AI 加速研究，以及曾经可靠的软件集团估值大幅下跌，包括太空技术和核聚变在内的“深科技”投资呈现爆发式增长。一名投资者表示：“过去你可以说，这个项目太难了，直接把它扔进‘太难’的桶里。但我觉得现在你已经没有这个选项了。” FT 系列 第 11 页

奥迪因在上诉小组面前表现出“毫无悔意”，未能撤销其在伦敦金融城的禁令

马丁·阿诺德 (MARTIN ARNOLD)

金融监管编辑

克里斯平·奥迪 (Crispin Odey) 未能撤销其在英国金融服务业的从业禁令。对于这位前对冲基金掌门人来说，这是一个挫折，他此前因在涉嫌性骚扰的纪律处分过程中采取阻挠手段而受到处罚。

一个审理小组维持了英国金融行为监管局（FCA）禁止 67 岁的奥迪进入该行业的决定，但将其罚款从 180 万英镑（£1.8mn）降低至 150 万英镑（£1.5mn）。

监管机构对奥迪实施制裁，原因是其对公司治理表现出所谓的“鲁莽漠视”，并导致其对冲基金违反了监管要求。

审理小组的判决代表了英国金融行为监管局（FCA）的几乎全面胜利，认定奥迪在监管机构指控的行为中“缺乏诚信”，且表现出“毫无悔意”。

判决补充称，这位前对冲基金掌门人在两次解雇公司董事会以避免针对其性骚扰女性员工的纪律听证会时，“采取了鲁莽漠视”公司治理和规则的行为。

法官得出结论，奥迪的信念“反映了一套基于强烈特权感的扭曲价值观”。

他们补充说，奥迪将调查他的高管撤职，“会对那些难以勇敢发声反对他的员工进一步强化一种沉默文化”。

在《金融时报》发表详细的性骚扰指控导致他被迫离开自己创立的对冲基金三年后，此次裁决是对奥迪试图修复名誉的最新打击。在此之前两个月，奥迪就五名女性对他提出的性侵（包括一项强奸指控）的单独人身伤害索赔达成和解。他最近还撤回了对《金融时报》的诽谤诉讼。

英国金融行为监管局（FCA）于去年对奥迪实施了罚款和禁令。在 3 月的听证会上，奥迪面临 46 项以上女性员工对其性骚扰的指控，以及在法庭上提出的伪造公司会议记录、误导投资者、欺凌同事、试图让受害者噤声以及误导监管机构的指控。

其公司前首席执行官蒂莫西·皮里 (Timothy Pearey) 将奥迪描述为一名“性骚扰者”和“反社会人格者”，称他在对待女性的态度上存在“严重问题”。

英国金融行为监管局（FCA）执行与市场监督联合执行董事特蕾莎·钱伯斯 (Therese Chambers) 表示，奥迪“认为规则不适用于他，并采取行动以自保”。

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© 金融时报有限公司 2026 期号：42,356 ★

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9"770307"176128"

股票市场

	9月14日	前值	涨跌幅%
标准普尔500指数	7642.14	7656.98	-0.19
纳斯达克综合指数	26237.58	26333.04	-0.36
道琼斯工业平均指数	52579.22	52573.29	0.01
欧洲斯托克50指数	6260.38	6325.13	-1.02
富时欧洲全股指数300	2542.16	2554.15	-0.47
富时100指数	10697.57	10650.44	0.44
富时全股指数	5752.13	5733.64	0.32
CAC 40	8117.78	8179.77	-0.76
Xetra Dax	25440.81	25568.56	-0.50
日经指数	63492.99	64011.34	-0.81
恒生指数	24917.60	24805.63	0.45
MSCI全球指数	4958.50	4921.00	0.76
MSCI新兴市场指数	1735.40	1719.30	0.94
MSCI ACWI指数	1147.40	1138.40	0.79

全球市场 货币

货币对	9月14日	前值	货币对	9月14日	前值
$/€	1.154	1.157	€/$	0.867	0.864
$/£	1.348	1.351	£/$	0.742	0.740
£/€	0.856	0.857	€/£	1.168	1.167
¥/$	154.725	154.015	¥/€	178.514	178.195
¥/£	208.500	208.013	英镑指数	85.472	85.41
Sfr/€	0.944	0.946	Sfr/£	1.103	1.104

加密货币

	9月14日	前值	涨跌幅%
比特币	78560.17	77637.02	1.19
以太坊	2508.54	2556.80	-1.89

	9月14日	前值	涨跌幅%
WTI原油	98.17	95.94	2.32
布伦特原油 $	107.39	104.68	2.59
黄金 $	4288.57	4366.73	-1.79

政府债券

收益率 (%)	9月14日	前值	变动
美国 2年期	4.61	4.52	0.09
美国 10年期	4.94	4.91	0.03
美国 30年期	5.32	5.34	-0.02
英国 2年期	4.75	4.69	0.06
英国 10年期	5.31	5.30	0.01
英国 30年期	5.89	5.93	-0.04
日本 2年期	1.80	1.78	0.02
日本 10年期	2.95	2.90	0.05
日本 30年期	4.04	4.01	0.03
德国 2年期	3.26	3.12	0.14
德国 10年期	3.52	3.48	0.04
德国 30年期	3.86	3.88	-0.02

价格为本版最新数据。数据由 ICE 提供。www.ice.com

从海湾国家到您的世界

国内

公务员制度

被解雇的白厅首脑获得 86 万英镑 遣散费

尽管被告知该金额远高于标准，斯塔默仍批准了这笔款项

乔治·帕克 (GEORGE PARKER) —— 政治编辑

克里斯·沃莫尔德爵士 (Sir Chris Wormald) 在被基尔·斯塔默爵士 (Sir Keir Starmer) 解雇后，获得了一笔创纪录的白厅遣散费，金额近 86 万英镑，是最初预估金额的三倍多。

时任首相在二月份解雇了当时国家最高级别的公务员沃莫尔德，将其作为挽救其首相任期的最后尝试。在被告知该款项远超标准合同权利后，斯塔默不得不亲自批准了这项结算协议。

保守党副党魁亚历克斯·伯格哈特 (Alex Burghart) 表示，这笔款项是“对纳税人资金的触目惊心的浪费”。

沃莫尔德担任内阁秘书的时间为 14 个月，是该职位 110 年历史上任期最短的一次。

最初的预估表明，沃莫尔德可能会获得 26 万英镑 的标准最高遣散费，而《金融时报》上个月报道称，知情官员透露该金额已超过 50 万英镑。

昨日公布的内阁办公室年度账目显示，最终金额为 859,496 英镑。其中，除合同要求的 332,897 英镑 支付款项外，另有 526,598 英镑 是为了反映其离职“特殊情况”而增加的额外款项。

沃莫尔德还将被纳入上议院，他已于七月被提名授予贵族爵位。

此前公务员遣散费的最高纪录是 45.7 万英镑，产生于 2022 年利兹·特拉斯 (Liz Truss) 解雇财政部常任秘书汤姆·斯考拉爵士 (Sir Tom Scholar) 之时。该款项包括 33.5 万英镑 的离职金以及 12.2 万英镑 的“年假调整及代通知金”。

沃莫尔德此前曾任卫生部常任秘书，他通过谈判获得了这笔额外款项，以考虑到这在实际上属于强制裁员。一名资深公务员表示，一名资深高级官员的标准最高赔付额为 26 万英镑，“他谈判得很好”。

国家审计署负责人加雷斯·戴维斯 (Gareth Davies) 已敦促内阁办公室审查高级公务员的雇佣条款和条件，“以减少在离职支付中出现脱离规则的酌情、合同外款项的情况”。

他表示，他观察到“离职金的规模和性质存在相当大的差异”。

沃莫尔德的结算协议必须由时任内阁办公室常任秘书凯特·利特尔 (Cat Little) 签署，她表示在得体性和价值方面需要“部长级指示”。

她在给斯塔默的一份便函中写道：“拟议的奖励金额高于克里斯·沃莫尔德爵士在合同上有权获得的金额。然而，我被告知，鉴于这是一个在极短通知时间内达成协议的、高知名度且独特职位的离职，这一水平的结算是必要的。”

利特尔告诉时任首相，他可以考虑更广泛的因素，特别是“为了将此事结案而符合的公众利益”，以避免沃莫尔德的离职成为干扰公共事务的因素。

斯塔默回复道：“我认可在这方面符合公众利益，指示你继续办理。”内阁办公室表示：“我们不对人力资源事项发表评论。内阁办公室常任秘书收到了时任首相的部长级指示，向前内阁秘书支付该款项。”

政治。捐款

限额威胁改革英国党来自亿万富翁的£72mn捐款

工党即将出台的法案使该民粹主义政党获得创纪录捐赠的合法性受到质疑

作者：RACHEL REES, DAVID SHEPPARD AND JIM PICKARD

奈杰尔·法拉奇希望利用£72mn的捐款来振兴其领导的改革英国党（Reform UK），但这些捐赠是否符合即将出台的法律引发了质疑，使其希望受挫。

作为资金最充足的政党，改革英国党在周五和周六透露，其分别收到了加密货币亿万富翁本·德洛（Ben Delo）和克里斯托弗·哈博恩（Christopher Harborne）各£36mn的捐款。

然而，该党在昨天似乎承认，这些捐款可能会受到此前宣布的针对海外捐款追溯性限额的影响，该限额由

“我从未想象过会有如此规模的资金涌入英国政坛”

工党政府在3月。法拉奇昨天表示，这些捐赠“100 per cent 符合今天的法律”，但拒绝确认它们是否将符合拟议的变更。

根据目前正在议会审议的工党竞选资金法案，海外捐赠者每年捐赠金额将被限制在 10 万英镑 以内。

唐宁街表示，新的上限将适用于在3月 25 日（即该上限及其追溯实施方案公布之日）之后迁回英国的捐赠者，期限为“自其返回英国之日起的一个完整日历年”。

德洛在4月表示，他将“提前迁回英国”以继续捐赠；而该党在6月表示，哈本已在英国注册投票。

由于这些日期均在3月的公告之后，如果该法案成为法律，两名捐赠者在2028年1月之前可能仍受 10 万英镑 上限的约束。

法拉奇昨天在社交媒体平台 X 上表示，改革英国党（Reform UK）将“反对工党追溯修改捐赠法律的任何企图”。

本月改革英国党大会上一个呼吁赞助的标牌 Charlie Bibby / FT

法律挑战可能会造成这样一种局面：即便法院最终裁定他们必须退还部分捐赠，改革英国党仍会先将这笔钱花掉。

给改革英国党的捐赠规模令其对手感到震惊。

“我惊掉了下巴。我简直不敢相信。我们都被震惊了，”一名部长说道。

“我从未想象过会有如此规模的资金涌入英国政坛——我认为没有人希望看到英国政治的‘美国化’。”

改革英国党的数字广告支出激增 6月 1 日以来在 Meta 和 Google 广告上的累计支出（£'000）

来源：Who Targets Me

改革英国党表示，计划在目标选区（在总共 650 个选区中）聘请多达 400 名竞选经理，称该党已处于“选举状态”。

法拉奇承诺将“资助英国政坛有史以来最好的研究和政策部门”，确保政策“经过妥善的成本核算且具有可行性”。

然而，政党在竞选期间的支出面临严格上限。他们也被禁止购买电视广告。

改革英国党在网络上的支出远超竞争对手，过去一个月平均每天支出 9,000 英镑。

然而，其民调支持率在此期间有所下降。

这些资金实际上可能会损害该党的形象。该党一直将自己塑造为反建制力量，但目前正因其与富人的资金联系而面临警方调查。该党否认有任何不当行为。

法拉奇因未披露来自哈本的一笔 £5mn 捐赠而受到议会调查。他否认有任何不当行为。

改革英国党表示，其分别收到了加密货币亿万富翁克里斯托弗·哈本（上图）和本·德洛各 £36mn 的捐赠。

民调专家警告称，来自亿万富翁的巨额捐赠可能会损害他作为民粹主义“平民代表”的人设。

根据 More in Common 的民调，自今年年初以来，公众对法拉奇的不信任感大幅上升。这现在是受访者表示不投票给改革英国党的主要原因。

More in Common 执行董事卢克·特里尔（Luke Tryl）表示：“风险不在于人们认为法拉奇具有独特的腐败特质，而在于他们认为他不过是那些人的同类，而围绕其捐赠的所有喧嚣恰恰证实了这一点。”

改革英国党在 2026, 上半年收到了 £14.7mn 的捐赠，而工党为 £5.7mn，保守党为 £6.9mn。根据其账目，该党在 2025, 有 £10.1mn 的收入盈余。

改革党将“对抗劳工党任何试图追溯性修改捐款法的企图”

捐款争议可能会引发更严格的竞选资金规则。

曾撰写政府关于政治中外国影响力审查报告的前公务员菲利普·赖克罗夫特（Philip Rycroft）告诉 Times Radio，这笔资金是一个“游戏规则改变者”，且可能会对个人和工会的捐款设定上限，或许定为每年 £1mn。

社区大臣安吉拉·雷纳（Angela Rayner）在布赖顿举行的英国工会大会（TUC）上表示，德洛（Delo）和哈本（Harborne）是“试图买断我们民主制度的离岸亿万富翁”，并称劳工党将“保护我们的民主和社会，使其免受任何试图分裂我国并买断我们政治的外国独裁者或法西斯寡头的影响”。

预计工会领导人今天将发表联合声明，呼吁就新的个人捐款上限进行谈判，同时使其自身对劳工党的捐款不受影响。

联合工会（Unite union）负责人莎伦·格雷厄姆（Sharon Graham）告诉《金融时报》，政府需要“在个人捐款问题上采取果断行动”，对个人捐赠者设定上限，但将工会排除在外。她将这笔 £36mn 捐款描述为“令人难以置信”且“令人厌恶”。

就业

工会呼吁在移民改革上“退一步”

吉姆·皮克德（JIM PICKARD）与德尔菲娜·斯特劳斯（DELPHINE STRAUSS）

工会已加大对政府的压力，要求放宽移民规则的改革。工会表示，这些改革将“惩罚”在公共服务领域从事关键工作的低薪移民，并会导致社会护理领域出现人员危机。

英国工会大会（TUC）昨日通过一项动议，称劳工党的定居政策使移民工人成为了“二等公民”，令他们感到“恐惧”和“惊慌”。

在 TUC 年度集会上进行的这次投票，增加了内政大臣沙巴娜·马哈茂德（Shabana Mahmood）重新考虑相关提案的压力，这些提案在劳工党成员中极不受欢迎。

TUC 的动议敦促政府重新审视相关计划。该计划要求护理人员及其他非毕业生工人（他们来到英国时预期在五年后定居）等待 15 年才能获得永久居留权。

动议指出：“政府不应让低薪工人更容易被驱逐和剥削，而应提高公共服务的薪资并改革签证制度，以削弱雇主的权力。”

目前，大多数移民在五年后可以申请定居身份。在马哈茂德称之为 50 年来最大规模系统改革的方案下，默认的资格期限将变为 10 年，高收入者可走快速通道，而大多数从事非毕业生工作的移民则需等待更长的 15 年。

该计划旨在对抗改革英国党（Reform UK），这个民粹主义右翼政党将削减移民作为其核心承诺之一。

但这些提案在部分劳工党成员和议员中并不受欢迎，他们认为，这些规定至少应仅适用于未来的移民，而不应适用于已经在英国境内的人员。

左翼劳工党议员克莱夫·刘易斯（Clive Lewis）表示，在 TUC 投票之后，安迪·伯纳姆（Andy Burnham）将很难维持这项政策。“新任首相曾承诺变革，并承诺践行劳工党的价值观。尤其是这项政策中的追溯元素，永远不会被接受。”

护理服务提供商警告称，这些规则可能会引发该行业的人员危机，从而损害伯纳姆创建国家护理服务的承诺。

在官方层面讨论的一种可能的折中方案是创建“预定居”身份。这将使护理人员和其他低薪移民在几年后获得更强的就业权利——其中至关重要的一点是能够更换雇主——即使他们必须等待更长时间才能获得完整的定居权和福利待遇。

TUC 的动议支持类似的观点，呼吁在社会护理领域建立“全行业签证计划”，以便工人们在没有被驱逐威胁的情况下挑战恶劣的雇主。

TUC 总书记保罗·诺瓦克（Paul Nowak）告诉《金融时报》，政府应对拟议的改革“退一步”。他说：“对于那些带着一套预期来到这个国家，却在半路被更改规则的工人，我感到极其不安。我认为这在根本上是不公平且不公正的。”

Unite 工会总书记莎伦·格雷厄姆（Sharon Graham）表示：“我们需要移民，而且我们将需要更多移民……作为一个社会，我们正在变老。”

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报告警告公共基础设施资金存在 2580亿英镑 缺口

艾什利·阿姆斯特朗 (ASHLEY ARMSTRONG) 商业记者

一份关于国家基础设施现状的报告显示，为了筹集建设规划中的水库、监狱和学校所需的 2580亿英镑 公共投资，每位成年人每年将不得不额外缴纳 £590 的税款。

由私营部门主导的公共私营伙伴关系委员会主席约翰·阿米特爵士 (Sir John Armitt) 表示，如果要通过公共资金筹措，交付诸如泰晤士水务公司 (Thames Water) 长期延期的白马水库 (White Horse Reservoir) 等关键项目，将要求政府将基础设施投资增加三分之二——到 2030 每年大约增加 250亿英镑。

围绕提前释放计划的危机凸显了增加监狱容量的需求，而英国水务监管局 (Ofwat) 警告称，人口增长和气候变化风险可能导致英格兰在 25 年内每天出现数十亿升的用水缺口。

阿米特在国家基础设施委员会被新机构取代前担任该委员会的最后一任主席，他表示，如果政府试图通过借贷来资助基础设施支出，财政规则将“处于危险之中”。报告称，到 2030，这将增加约 70亿英镑 的债务利息成本，到 2035 增加 140亿英镑，到 2040, 增加 230亿英镑。

前财政大臣瑞秋·里夫斯 (Rachel Reeves) 对财政规则进行了微调，将基础设施投资与日常支出区别对待，但所需的额外借款仍将增加整体公共债务。阿米特表示：“任何认为纳税人和公共部门能够独自填补这一缺口的人，都没有审视过我们的公共财政。”

他补充道：“债务利息如果是一个政府部门，将是白厅第四大部门。英国面临一个根本性的选择：我们是想要交付公众期待且国家需要的基础设施，还是不想要？”

过去两周国债收益率的上涨挤压了政府的财政缓冲空间，并增加了对其继任者约翰·希利 (John Healey) 平衡账目的压力，而首相安迪·伯纳姆 (Andy Burnham) 则将“每个邮政编码区都实现增长”设定为目标。

这份由咨询公司 Bradshaw Advisory 运行的委员会报告发现，英国在七国集团 (G7) 中的投资水平最低。报告认为，需要彻底改革规划制度，并解决政治风险厌恶和其他监管障碍，以降低基础设施项目的成本并缩短交付时间。

报告发现，铁路项目的耗时比国际平均水平长 50 per cent，而国家重大项目的交付时间在 2009 和 2019, 之间翻了一番。

报告建议，针对关键基础设施项目引入“议会确认投票”，以加快建设速度并减少官僚主义的威胁，或者用阿米特的话说，减少法律挑战的“可怕循环”。阿米特表示，基础设施投资者已表示担忧，认为加强公共控制的趋势削弱了他们对英国的热情。

泰晤士水务公司关于牛津郡白马水库的提案

他指出，这种转变“会让投资者敬而远之”，并举了北海石油意外之财税的例子。阿米特补充说，投资者，尤其是养老基金，“需要长期的确定性和信心”。

全球基础设施投资者协会首席执行官乔恩·菲利普斯 (Jon Phillips) 表示：“私人资本本质上是流动的……在德国、法国和加拿大政府积极争取国际投资者的时刻，英国面临失去优势的危险。”

政府表示，欢迎“建设英国各地所需基础设施的建议”。

“在本届议会中，我们通过提供企业和地方领导者做出长期决策所需的稳定性取得了进展，包括发布 10-year 基础设施战略，增加 1200亿英镑 的公共投资以释放私人资本，以及交付规划、重大基础设施和监管方面的改革。”

摇摇欲坠的玻璃行业或将考验“北方10号府”

北方制造商呼吁首相就包装税的影响进行干预

詹妮弗·威廉姆斯 (JENNIFER WILLIAMS) 北方特派记者

人们敦促“北方10号府”（Number 10 North）干预政府内部关于新型包装绿色税及其对玻璃行业产生“灾难性”影响的争端。

这一主要分布在北方的行业警告称，由于去年引入的生产者责任延伸（EPR）税，该行业面临“剧烈衰退”。该税项根据地方当局收集的废弃材料重量向包装生产商收费。

商业大臣乔纳森·雷诺兹（Jonathan Reynolds）是推动修改该政策的内阁部长之一。该政策由环境、食品和农村事务部（Defra）制定，预计每年平均将筹集 16亿英镑。

酿酒厂、酒吧行业以及跨党派议员也敦促重新考虑该政策，认为按重量收费会促使零售商和其他客户转向使用塑料。

这场辩论为“北方10号府”提供了一次早期考验。这是安迪·伯纳姆（Andy Burnham）在曼彻斯特设立的新首相办公室，他将其视为地方增长和“再工业化”的“发动机房”。伯纳姆希望该办公室能够突破由白厅部门体制造成的障碍，当地领导人和企业认为这种部门割裂是经济发展的阻碍。

贸易协会英国玻璃协会（British Glass）执行董事尼克·柯克（Nick Kirk）在呼吁“北方10号府”介入时表示：“首相必须在未来 18 个月内提供一些立即支持，否则我们将看到英国玻璃生产出现剧烈衰退。”

罗瑟勒姆的劳工党议员莎拉·钱皮恩（Sarah Champion）在 7 月组织了一场关于该主题的议会辩论。她表示，虽然 EPR 的环保目标是“值得赞赏的”，但环境、食品和农村事务部的计算方法存在“缺陷”，并可能给英国玻璃业带来“非常黑暗的未来”。她在接受《金融时报》采访时称：“根本问题——也是这个问题产生的原因——在于政府部门之间缺乏沟通，”她呼吁“北方10号府”进行干预，“玻璃行业正在发生的事情将是灾难性的。”

位于钱皮恩选区的 Beatson Clark 公司向 Marmite 的生产商供应棕色玻璃包装，并且是该国唯一的医药玻璃瓶制造商。它是最后一家仍然独立且由英国拥有的玻璃容器制造商，今年夏天庆祝了成立 275 周年。

总经理埃迪·皮克林（Eddie Pickering）表示：“现实情况是，我认为这可能是我们面临的最困难时期。”

他补充说，玻璃行业一直受到高能源成本的打击，而且自脱欧后取消关税以来，来自土耳其等国家的空容器进口量增加了 14%。

皮克林表示，他对环境、食品和农村事务部决定通过 EPR 对每吨废玻璃收取 £192 的决定感到震惊。

“我们简直不敢相信，”他说，“玻璃仅占市场包装的 5% 左右，而我们却要承担 30% 的成本。”

他表示，这还增加了脱碳投资的难度，这意味着该政策产生了与预期环保目标相反的效果。“我们向（环境、食品和农村事务部）提供了客户发送的电子邮件，信中写道‘因为 EPR，我们要转向使用塑料’。”

大多数玻璃容器制造商位于英格兰北部，在这些地区，

沉重的问题：玻璃制造商正承受着高能源成本以及脱欧后进口量增加的压力。下方为 Beatson Clark 公司，该公司为 Marmite 罐头供应棕色玻璃。该公司表示，其正面临 275 年历史上最艰难的时期。 Paul Ellis / ; Hollie Adams / Bloomberg

伯纳姆正致力于启动增长。

“我们处于一个失业率高且社会贫困的地区，而我们提供了体面的工作，”皮克林说。

在卫生大臣伊薇特·库珀（Yvette Cooper）所在的约克郡选区，诺廷利（Knottingley）有三家玻璃厂。“如果它们关闭，”他补充道，“这个城镇就死掉了。”

家族经营的大曼彻斯特酿酒连锁店 JW Lees 的总经理 William Lees-Jones 估计，生产者责任延伸（EPR）将使每瓶啤酒增加 10 便士的成本。“但更大的影响是它在包装工厂投资方面造成的不确定性，”他表示。“这意味着消费者的选择将减少，价格将上涨，而规模较小的公司将被迫退出。”他认为，唐宁街 10 号应该介入，并补充道：“威斯敏斯特的一切都在原地打转。”

7 月的议会辩论吸引了来自全国各地的国会议员，他们警告 EPR 将对多个行业产生影响。许多人认为，其产生的结果与预期截然相反。

斯托克-昂-特伦特中心选区的劳工党议员 Gareth Snell 指出，一些陶瓷公司已经重新改用聚苯乙烯作为包装——尽管这种材料对环境不友好——因为它的重量更轻。沃金选区的自由民主党议员 Will Forster 则将当地微型酿酒厂 Thurstons 的关闭归咎于 。

然而，其他行业则表示他们已经适应了这项收费，并警告称现在的变动可能会推高其他包装材料的成本。

英国零售联合会（British Retail Consortium）食品与可持续发展总监 Andrew Opie 表示：“随意削减玻璃的费用，可能会简单地增加其他材料的收费，从而提高消费者支付的价格。”

他认为，包括塑料专项税在内的一系列政府包装收费应当被整合进一个“统一系统”，并强制要求地方议会将 收入专项用于回收服务的投资。代表该行业数百家制造企业的食品和饮料联合会（Food and Drink Federation）也希望对该系统进行彻底改革。

由环境、食品与农村事务部（Defra）于去年推出，其开发过程可追溯至前保守党政府。该部门认为， 反映了海外类似的制度，旨在将材料收集和回收的成本转移给制造商，从而鼓励使用更环保的包装。

然而，知情人士透露，Defra 与商业部关于 对玻璃行业影响的讨论已经进行了一段时间。“我们关注玻璃行业的担忧，部长们正在研究减轻这些压力的方法，”Defra 表示。“我们强烈支持玻璃行业，并希望找到解决方案。”

目前尚不清楚政府是否会同意该行业的主要诉求：将玻璃的 收费临时降低 75%。

Kirk 表示，玻璃制造商目前的“处境不佳”。他们的所有者（大多在海外）“毫无疑问”将“重新评估未来的投资，显然还包括人员编制”。

“我们不需要所谓的‘再工业化’，”他补充道，“但我们不希望发生去工业化。”

“玻璃行业发生的情况将是灾难性的” 罗瑟勒姆议员 Sarah Champion

工业救援 国家将接管 破产钢企

在私人救援希望破灭后，国家接管 Speciality Steel UK 的进程正在加快。

商业大臣 Jonathan Reynolds 昨天告诉国会议员，他将通过制定一项收购这家破产钢企的方案来“保护就业”。该公司此前曾是 Sanjeev Gupta 金属帝国的一部分。

在此确认之前，《金融时报》曾报道称，官方接管人无法为该公司找到买家，而政府愿意介入。

Speciality Steel 是英国第三大钢企，也是南约克郡罗瑟勒姆和 Stocksbridge 厂区面向航空航天、国防和能源领域“绿色钢材”的最大生产商。George Parker, Ashley Armstrong 和 Gill Plimmer

大页 第 21 页

星展私人银行 (DBS Private Bank)

尽享生活，简化银行服务

国际

立法

布鲁塞尔被敦促使其议程“防勒庞化”

外交官称，法国要求在选举前就相关政策采取快速行动

伊恩·约翰斯顿 (IAN JOHNSTON)、亨利·福伊 (HENRY FOY) 和 葆拉·塔玛 (PAOLA TAMMA) —— 布鲁塞尔；莱拉·阿布德 (LEILA ABBOUD) —— 巴黎

欧盟各国政府正寻求在明年的法国总统选举前加快立法进程。外交官表示，巴黎方面已发出警告，极右翼领导人玛丽娜·勒庞 (Marine Le Pen) 的获胜可能会使该集团的大部分议程脱轨。

由于勒庞已成为明年 4 月接替埃马纽埃尔·马克龙 (Emmanuel Macron) 竞选总统的领先者，外交官告诉《金融时报》，法国已鼓励其合作伙伴在投票前就关键政策达成一致，包括欧盟的七年预算和气候措施。

一名欧盟外交官表示：“法国正推动在年底前完成各项工作，并表示‘如果我们在年底前不能达成一项好的协议，我们将停止谈判’。”

第二位人士表示，巴黎敦促加快政策进程是出于不同的原因，暗示在选举之前，布鲁塞尔不显得迟缓或低效符合法国的利益。

爱丽舍宫否认其行为是受选举驱动。宫方表示：“我们的行动符合机构规定并符合欧洲的利益，绝非基于选举期限或其预期结果。”

官员们表示，布鲁塞尔议程的首要任务是敲定设定该集团优先事项的欧盟预算。其他待处理的文件包括逐步淘汰内燃机新车以及碳交易改革，预计勒庞领导的国民联盟党 (Rassemblement National) 将试图削弱这两项政策。

第三位外交官表示：“[勒庞] 意味着如果今年年底前没有[预算]，那么明年年底前可能也不会达成协议。这样一来，我们就没有预算了。”

勒庞明年若获胜将震撼欧盟。尽管她不再主张法国退出该集团，但她誓言要从内部对其进行改造。勒庞希望将权力交还给成员国，并结束她所认为的布鲁塞尔在从移民到外交政策等所有事务上的过度干预。

国民联盟党的计划包括将法国对欧盟预算的贡献减半，退出大范围的能源政策，并重新掌控边境。如果该党实施其议程，将是对马克龙——一位热情的欧洲主义者——在其十年执政期间所推动的大部分工作的否定。

第四位欧盟外交官表示：“完成工作的窗口期缩短了。我们今天意识到，欧洲计划极其脆弱。”

国民联盟党党魁、欧洲议会议员乔丹·巴德拉 (Jordan Bardella) 在 6 月警告欧盟，不要试图在法国政府“最终发生变动”之前“锁定预算”。

巴德拉的一名顾问上周表示：“欧盟再次推行其深刻反民主的政策和哲学。”

在 2024 年法国的欧洲议会选举中，国民联盟党以 31% 的得票率位居第一。马克龙以支持欧盟为纲领的联盟获得了 15% 的选票。

然而，法国选举并非唯一可能干扰布鲁塞尔立法议程的投票，西班牙、波兰和意大利明年也将举行重要选举。

另一位外交官表示：“[勒庞] 只是紧迫议程的一个方面。”

欧洲中央银行。领导层

欧元区就拉加德继任者展开博弈

随着潜在的人事洗牌临近，各国首都就高层职位的“大礼包”方案进行磋商

金融时报记者

据知情人士透露，欧元区各国政府正准备迎接欧洲中央银行 28 年历史上规模最大的一次领导层洗牌，预计将在 12 月底前就其三个最高职位的“大礼包”方案达成一致。

此次领导层大调整势在必行，因为欧洲央行行长克里斯蒂娜·拉加德（Christine Lagarde）预计将在今年宣布，她将在明年年初、即法国总统大选之前离开欧洲央行。首席经济学家菲利普·莱恩（Philip Lane）和执行委员会成员伊莎贝尔·施纳贝尔（Isabel Schnabel）的八年任期也将于明年届满。

一名获悉谈判情况的欧盟外交官告诉《金融时报》：“目标是在年底前就‘大礼包’方案达成一致。”另一位外交官表示：“战略磋商确实正在进行中。每个人都意识到，有许多重要的经济岗位需要做出决定。”

此次临近的洗牌正值全球债券市场剧烈波动之际，中东战争推高了政府的债务偿还成本，并加剧了对整个欧盟预算压力的担忧。由于准备应对“更持久”的通胀，欧洲央行今年已两次上调主要利率，而美国美联储计划在本周考虑其自身的应对措施。

法国 4 月的选举也至关重要，极右翼领导人玛丽娜·勒庞（Marine Le Pen）是接替总统埃马纽埃尔·马克龙（Emmanuel Macron）的最有力竞争者。

一名参与此事的资深官员表示：“关于欧洲央行行长的决定是一项组合决策，”并补充说，这是欧洲在 2029 年（即欧盟委员会主席乌尔苏拉·冯德莱恩任期届满）之前“最重要的人事决定”。

该官员补充称，欧洲央行的新领导层需要由“具有不同背景、且能在未来几年有效采取行动的强有力人士”组成。

由于不成文的规定、国家虚荣心以及隐藏的相互依赖关系，接替拉加德的两名主要竞争者——国际清算银行（Bank for International

员工团体要求明确提前离职的可能性

欧洲中央银行的员工委员会已敦促其领导层明确克里斯蒂娜·拉加德是否会在任期结束前离职，并警告称“长期的不确定性”可能会损害对该机构的信任。

在致执行委员会的一封信中，员工代表警告说，不稳定性可能会“影响对欧洲央行沟通的信任，在员工和利益相关者中引发担忧，并使领导层继任和战略优先事项的有序规划复杂化”。此次干预反映了员工与领导层在治理问题上的紧张关系。

委员会还要求明确执行委员会成员伊莎贝尔·施纳贝尔是否可能在 2027 年 12 月任期结束前离职。她是数名与国际货币基金组织（IMF）就其货币与资本市场部负责人职位进行洽谈的人员之一。

员工代表呼吁该机构领导层“就潜在的领导层过渡提供适当的明确说明”，并警告称高层离职可能会“延迟或削弱”旨在解决其“敢于发声的文化、职业激励以及对内部流程信心”的改革。法兰克福的奥拉夫·斯托贝克（Olaf Storbeck）

结算银行（Settlements）前任荷兰央行行长克拉斯·克诺特（Klaas Knot）之间的竞争依然机会均等。德国联邦银行行长约阿希姆·纳格尔（Joachim Nagel）也表达了对该职位的兴趣，但被认为不太可能被选中，因为两名德国国民同时领导欧洲央行和欧盟委员会将是前所未有的。几名知情人士还告诉《金融时报》，柏林方面对纳格尔的支持态度冷淡。

德国政府正在考虑提名欧洲央行（ECB）下一任首席经济学家的候选人——该职位被认为是仅次于行长的第二重要职位。

一名了解相关讨论的人士表示，由其他国家出任欧洲央行行长，“并由一名强大的德国首席经济学家来平衡……被柏林方面视为一种潜在的蓝图”。

据知情人士告诉《金融时报》，柏林方面讨论的人选包括普林斯顿大学经济学家马库斯·布伦纳迈尔（Markus Brunnermeier）、斯坦福大学教授莫妮卡·皮亚泽西（Monika Piazzesi）以及前国际货币基金组织（IMF）高级经济学家托比亚斯·亚德里安（Tobias Adrian）。

巴黎方面也在讨论两名候选人：法国银行副行长阿涅丝·贝纳西-奎雷（Agnès Bénassy-Quéré）以及前经合组织（OECD）首席经济学家、现任桑坦德银行（Santander）企业与投资银行负责人的劳伦斯·布恩（Laurence Boone）。

高层变动：克里斯蒂娜·拉加德可能会在下个月宣布离开欧洲央行 Annegret Hilse / 路透社

新领导层必须是“具有不同背景、且能在未来几年有效采取行动的强有力人物”。

三名熟悉柏林想法的人士表示，对于德国来说，一名法国首席经济学家搭配一名西班牙行长将“难以想象”，而巴黎方面可能会否决由荷兰行长和德国首席经济学家组成的组合。

几位观察人士暗示，可能会在最后一刻出现第三个出人意料的候选人，就像 2019 年拉加德突然被马克龙提名担任欧洲央行最高职位一样。建议的人选包括法国央行行长弗朗索瓦·维勒罗伊·德·加劳（François Villeroy de Galhau）。

拉加德一年多以来一直在与世界经济论坛（WEF）讨论担任下一任主席的事宜。两人告诉《金融时报》，世界经济论坛董事会对她任命的投票可能会在下个月或 11 月举行，拉加德可能会在 10 月宣布离开欧洲央行。德国和法国政府、欧洲央行、德国联邦银行以及世界经济论坛均拒绝置评。拉加德、施纳贝尔（Schnabel）和纳格尔（Nagel）的办公室也拒绝置评。

报道记者：法兰克福的 Olaf Storbeck，伦敦的 Sam Fleming，柏林的 Anne-Sylvaine Chassany，苏黎世的 Mercedes Ruehl，布鲁塞尔的 Henry Foy 和 Paola Tamma，罗马的 Amy Kazmin 以及巴黎的 Leila Abboud

斯堪的纳维亚

选情胶着，瑞典将面临漫长的组阁谈判

理查德·米尔恩（RICHARD MILNE）——斯德哥尔摩

瑞典在昨日醒来时面对的是一个尚未出结果的选举结果。预计计票工作将至少持续到明天，随后将进入为期数周或数月的谈判，以组建一个可行政府。

昨日上午，左翼反对派阵营与右翼政府阵营之间的票数差距不足 30,000 票，且仍有数十万张海外选票和延迟选票有待计票。

专家表示，最终结果直到明天或周四才能揭晓，而且即便如此，由于瑞典政治的碎片化特性，一个艰难的联盟谈判时期将随之而来。

中右翼总理乌尔夫·克里斯特森（Ulf Kristersson）表示：“这次选举结果可能会导致一个复杂的政府组建过程……我预见到将会有许多相当复杂的对话。”

反对派中左翼的社会民主党排名第一，但在这次选举中，其得票率达到了 1908 年以来的最低水平，这将给该党领导人及前总理

“这次选举结果可能会导致一个复杂的政府组建过程”

玛格达莱娜·安德森（Magdalena Andersson）带来压力。根植于新纳粹运动的民族主义政党——瑞典民主党，自 1988 年建党以来也首次失去了支持。如果右翼阵营赢得选举，瑞典民主党将在克里斯特森担任总理的情况下首次进入政府。

由于极左翼和极右翼政党的强劲表现，联盟谈判可能会拖延。克里斯特森和安德森都暗示，他们可能会尝试组建中间派联盟。

在 94% 的选票计完后，左翼阵营将在议会获得 176 个席位，而右翼阵营为 73 个。专家认为，海外选票通常有利于右翼政党，因此最终结果仍被认为难以预料。

政治光谱中间的小党可能会受到激烈的争取，尤其是中间党。该党在 2006 年至 2014 年期间属于中右翼政府，但因前盟友向瑞典民主党示好而与其决裂。

克里斯特森竞选连任的政纲是将寻求庇护人数降低至 40 年来的最低水平，并大幅减少帮派枪击事件的数量。安德森的竞选重点则放在经济、福利国家以及瑞典民主党进入政府的可能性上。

包括工业家雅各布·瓦伦堡（Jacob Wallenberg）在内的商业领袖在接受《金融时报》采访时，对左翼政党提出的包括财富税和银行税在内的税收方案表示担忧。

瑞典议会共有八个政党，反映了整个欧洲日益严重的政治碎片化现象。

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神经科学

脑植入物让瘫痪患者通过数字虚拟人说话

迈克尔·皮尔（MICHAEL PEEL）——伦敦

科学家们已利用脑电波使瘫痪患者能够通过数字虚拟人表达词汇和手势，这是旨在帮助恢复丧失的身体机能的最新神经技术。

研究人员表示，该系统是首个能通过单个脑植入物同时解码语言及相关身体动作，并随后驱动一个人的虚拟呈现的系统。

这项工作是日益扩大的一项努力的一部分，旨在利用脑机接口（BCI）帮助失去语言能力的人将思维模式转化为对话。

“我们正试图超越一次只能恢复一项功能的脑机接口，转向一个能够恢复多种沟通和移动方式的单一脑接口，”昨日在《自然-神经科学》（Nature Neuroscience）杂志上发表该研究论文的第一作者萨曼莎·布罗斯勒（Samantha Brosler）表示。“手势可以增加含义、强调、情感和语境，在某些情况下，甚至可以完全替代语言——例如，点头表示‘是’，摇头表示‘否’，挥手、耸肩或竖起大拇指。”

布罗斯勒及其在加州大学旧金山分校（University of California, San Francisco）的同事进行的这项概念验证研究使用了一组少量的沟通手势：一名参与者使用了 10 个，另一名使用了四个。在机器学习的增强下，该系统准确地解码了两人的思维中的词汇和手势。

布罗斯勒表示，团队希望“将这种方法扩展到更庞大的词汇量以及覆盖全身更连续的动作范围”。

有效的沟通假体方法可以帮助数百万人，他们拥有完整或近乎完整的认知功能，但因中风、神经退行性疾病 ALS（渐冻症）和其他大脑疾病而失去了语言能力。从长远来看，科学家希望这对于因脑瘫和自闭症而难以发声的人群也能有所帮助。

沟通假体领域吸引了越来越多的关注和投资。活跃的公司包括埃隆·马斯克的 Neuralink 和 Precision Neuroscience。由加州大学旧金山分校该研究的主席研究员爱德华·张（Edward Chang）共同创立的 Echo Neurotechnologies 正在开发脑植入硬件。

加州大学系统背后的团队希望将其扩展以拥有更大的词汇量，并使用“更连续的动作范围”。

伦敦国王学院（King's College London）的大脑动力学专家、高级临床讲师理查德·罗施（Richard Rosch）表示，加州大学旧金山分校团队的最新系统具有创新性，并为大脑如何将语言与其他形式的沟通相结合提供了线索。

“这项研究显示，大脑中处理语言和手势的区域存在显著重叠，”罗施说。“（这）补充了新兴的文献，表明人类大脑可能不是一个由高度专业化、连接但独立的区域组成的网络，而是在单个大脑区域承担的功能方面似乎有大量重叠。”

罗施警告说，这项技术离普及还很遥远。他补充道，它需要进行重大的大脑手术，且在处理与植入物位于身体另一侧的动作时表现较差。

巴斯大学（University of Bath）巴斯增强人类研究所（Bath Institute for the Augmented Human）的研究员斯科特·韦灵顿（Scott Wellington）赞扬了这项研究，但表示将其转化为标准辅助工具仍存在障碍。其中包括该系统是为每位患者量身定制的。

致英国商业人士

一封道歉信

致英国的金融专业人士。

长期以来，你们一直在抢救收据，在月末的混乱中苦苦支撑，并提交那些本该自动完成报销的费用申请。

在没有我们的帮助下，你们依然应对得当。当然，你们处理得很专业。但心情愉快吗？或许并非如此。

我们无法将那些时间还给你们。但我们可以确保你们不再浪费更多时间。

今天，Ramp 正式登陆英国。

很抱歉，我们迟到了。

埃里克·格莱曼 (Eric Glyman) 与 卡里姆·阿蒂耶 (Karim Atiyeh) 联合创始人兼联合首席执行官

国际

战争进程

加拿大拟通过支持乌克兰贷款加强与欧盟关系

上周在扎波罗热俄罗斯空袭现场的一名乌克兰救援人员 —— Darya Nazarova / 卡尼的举措旨在打造一个由“中等强国”组成的非美联盟

安迪·邦兹（ANDY BOUNDS）—— 布鲁塞尔 伊利亚·格里德内夫（ILYA GRIDNEFF）—— 多伦多

加拿大正在就支持欧盟向乌克兰提供贷款进行谈判，因为总理马克·卡尼（Mark Carney）寻求更紧密的跨大西洋关系，以减少其国家对美国的依赖。

据知情人士透露，双方希望在下个月底于蒙特利尔举行的欧盟峰会之前，就加拿大将向布鲁塞尔主导的 900亿欧元 乌克兰贷款中贡献多少资金达成一致。

知情人士表示，加拿大总理正寻求建立一个由致力于维护多边秩序的自由主义强国组成的联盟，而该秩序已被美国总统唐纳德·特朗普搞得陷入混乱；他希望通过向乌克兰支持贷款出资，向欧洲盟友展示其承诺。英国是唯一参与该贷款的非欧盟国家。

一名欧洲官员表示：“我们感谢加拿大向乌克兰提供的所有支持，我们准备共同做更多工作。”

卡尼本周将前往欧洲，参加明天在斯特拉斯堡举行的欧盟委员会主席乌尔苏拉·冯德莱恩（Ursula von der Leyen）的国情咨文演讲。随后，他预计将飞往利物浦，会见英国新任首相安迪·伯纳姆（Andy Burnham）。

加拿大已经向乌克兰提供了 C65亿美元 (47亿美元) 的军事援助。卡尼与乌克兰总统弗拉基米尔·泽连斯基（Volodymyr Zelenskyy）上周签署了两国之间的“100-year partnership”协议。鉴于与俄罗斯战争成本的升级，基辅明年将面临预算缺口。

加拿大希望与欧盟协商其他协议，以寻求在其与美国的贸易战中获得帮助。渥太华还准备加入欧盟的超级计算机网络以在 AI 领域开展合作，并与布鲁塞尔签署一项数字贸易协定。

自去年就职以来，卡尼一直致力于使加拿大的全球关系多样化，试图将全球的“中等强国”团结起来，作为以美国为中心的全球秩序的替代方案；他在达沃斯论坛上认为，该秩序正在经历一场“断裂，而非转型”。

这些紧张局势在上个月渥太华与华盛顿的贸易谈判破裂时达到顶峰。卡尼当时表示：“当你受到攻击时，你就处于战争状态，而我们受到了攻击。”

在幕后，卡尼向欧盟推销了一种雄心勃勃的“协会成员”模式，但布鲁塞尔的官员们由于与挪威、土耳其和英国等国关系更近，而与这一品牌保持距离。双方已同意在六个领域开展工作：贸易、安全与监管、关键原材料、能源与清洁技术、签证自由化以及金融体系。

卡尼在 5 月份表示：“我个人的强烈观点是，国际秩序将会重建，但它将从欧洲开始重建。”

总部位于布鲁塞尔的加拿大-欧盟贸易与投资协会主席马克·卡米莱里（Mark Camilleri）表示，虽然关系正在加强，但预计渥太华和布鲁塞尔短期内不会达成更深层次的综合协议。

但卡米莱里表示，关于在经济安全背景下“成为‘信任伙伴’究竟意味着什么”，一个清晰的图景正在形成。

他补充道：“如果加拿大和欧盟能处理好这一点，这将是一个可以推广到英国、挪威、日本和澳大利亚等其他志同道合国家的模式。”

然而，欧盟官员表示，他们无法向渥太华提供与挪威和瑞士等国同等的待遇，因为后者通过向欧盟预算出资来换取市场准入。“我们需要现实且务实，并管理好加拿大的预期，”一名官员说道。

乌斯马诺夫上诉

法国要求取消制裁令欧盟震惊

MAX SEDDON — 柏林 CHRISTOPHER MILLER — 基辅 HENRY FOY 及 PAOLA TAMMA 布鲁塞尔

据知情人士透露，法国正游说欧盟国家取消对乌兹别克裔俄罗斯寡头阿里舍尔·乌斯马诺夫（Alisher Usmanov）的制裁，将其作为与阿塞拜疆进行囚犯交换的一部分。

三名获悉谈判情况的人士告诉《金融时报》，这项旨在释放被阿塞拜疆拘留的若干名法国公民的拟议协议，正阻碍欧盟更新针对约 2,600 个个人和实体的限制措施，这些限制措施是针对俄罗斯总统弗拉基米尔·普京入侵乌克兰而实施的。

作为折中方案，欧盟国家已同意将制裁机制延长一周，以便继续谈判。另外三名官员表示，法国和斯洛伐克昨日否决了为期 12 个月的全面续期，除非乌斯马诺夫被豁免。如果到明天仍无法达成协议，所有其他俄罗斯国民和公司都将被移出制裁名单。

法国这一出人意料的要求令其他欧盟外交官感到震惊，其中一人将其描述为“令人惊愕”。

法国的阻挠凸显了欧盟外交政策的特性，即集体决定可能会被国家否决权所破坏。然而，直到最近，这类否决权更有可能来自欧盟中对俄罗斯最友好的政府，例如维克多·欧尔班（Viktor Orbán）领导的匈牙利或罗伯特·菲佐（Robert Fico）领导的斯洛伐克。

法国拒绝就该拟议协议发表评论。阿塞拜疆和乌兹别克斯坦的外交部未回应置评请求。

一名法国外交官表示，法国有“特定的国家安全考量，并希望对就乌斯马诺夫先生问题与我们接触的国际合作伙伴做出积极回应”。巴黎方面依然是“最致力于……通过一切可用手段增加对俄罗斯战争机器压力”的国家之一。

拟议的囚犯交换取决于是否获得所有 27 个欧盟成员国的批准，从而将乌斯马诺夫从名单中移除。知情人士表示，斯洛伐克支持移除乌斯马诺夫，但大多数国家仍持反对意见。

欧盟成员国的官员私下抱怨，法国没有分享其推动将乌斯马诺夫除名的原因。

一名欧洲外交官表示：“这意味着这不仅是对俄罗斯的奖赏，也是对监禁欧洲人的奖赏。”

在乌克兰战争期间，西方国家在某些俄罗斯人赢得法院诉讼或与莫斯科保持距离后，曾与俄罗斯交换囚犯并取消对他们的制裁。少数所谓的“政治性除名”是在匈牙利和斯洛伐克的要求下进行的。

“这意味着这不仅是对俄罗斯的奖赏，也是对监禁欧洲人的奖赏”

但关于乌斯马诺夫的拟议协议将是首次将交换明确地与针对俄罗斯入侵乌克兰的制裁缓解挂钩。

欧盟对乌斯马诺夫实施制裁的理由是，该寡头与普京有“特别密切的关系”，并被认为属于那些“被委托处理资金流，但其地位取决于总统意愿”的商人之列。乌斯马诺夫对欧盟制裁的理由提出了质疑，并在多个欧洲国家提起多项诉讼以挑战这些制裁。

乌斯马诺夫的一位发言人未回应置评请求。

乌克兰总统泽连斯基（Volodymyr Zelenskyy）已敦促欧盟伙伴续签制裁，不要向乌斯马诺夫及其他业务支撑克里姆林宫战争机器的俄罗斯寡头提供缓解措施。他表示，乌斯马诺夫及其合作伙伴“正是那些需要拿出勇气采取具体步骤反对战争的俄罗斯商业人物”。

释放增长，改变生活

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作为回报，我们的合作伙伴能够为其员工提供领导力培养，获得进入志同道合组织专属网络的渠道，并有机会创造真实的社会影响力。

如果您准备好助力推动持久的社会影响，请直接通过 CEO@socialbusinessstrust.org 联系社会商业信托的首席执行官 Joanne Hay。

贝恩公司 (BAIN & COMPANY)

高伟绅律师事务所 (Clifford Chance)

安永 (EY) 以信心塑造未来

金融时报 (FT FINANCIAL TIMES)

Permira

施罗德 (Schroders)

国际 (INTERNATIONAL)

中央银行 (Central bank)

通胀将考验沃什在利率问题上的公信力

美联储主席面临压力，或将不顾总统要求提高借贷成本

迈尔斯·麦考密克（MYLES MCCORMICK）——华盛顿

由于市场预计美国联邦储备委员会将不顾总统意愿提高利率，顽固的高通胀使唐纳德·特朗普与凯文·沃什（Kevin Warsh）在本周陷入了冲突。

经济学家警告称，在数据显示出美联储主席沃什所称的“避免此举所需且有意义的改善”毫无迹象之后，如果美联储在明天不支持加息，其“公信力”将面临考验。

然而，在11月中期选举前几周，时隔三年首次加息可能会激怒总统，他已明确表示希望借贷成本大幅降低。特朗普在周日重申其立场，认为美国应该拥有“全球最低的利率”。

特朗普的国家经济委员会主任凯文·哈塞特（Kevin Hassett）警告称，总统对任何加息行为都不会“非常高兴”，并补充道：“如果你想要一个独立的美联储，那么美联储应该做的一件事就是不要干扰选举。”

但前美联储副主席罗杰·弗格森（Roger Ferguson）表示，央行别无选择。他说：“如果沃什及其同事想要维持公信力，所有迹象都指向9月是采取行动的时机。”

这些相互冲突的压力，为特朗普与沃什——由总统提名担任该职位的两人——在美联储主席任职仅四个月后就陷入僵局地铺平了道路。特朗普此前对沃什的前任杰伊·鲍威尔（Jay Powell）失去耐心，因其降息速度不够快而将其斥为“笨蛋”。

由于特朗普与伊朗的战争引发油价上涨并波及更广泛的经济，今年大部分时间的通胀率一直处于高位。原油价格在过去一周再次飙升，布伦特原油突破每桶 $100，创下5月以来最高点。周五，柴油价格首次突破每加仑 $6。

沃什在上个月的杰克逊霍尔（Jackson Hole）研讨会上告诉经济学家和央行行长，价格增长已变得“更令人担忧”，如果不能冷却，利率制定者将有“工作要做”。

但在周五，这种冷却迹象寥寥。美国劳工统计局报告称，8月份年度消费者价格通胀率维持在 3.4%，与7月份持平。

这份通胀报告促使华尔街将对美联储利率决定的预测从“维持”转向“提高”。投资者对加息的预期从上周初的 50% 升至周五的近 90%。

摩根大通首席美国经济学家迈克尔·费罗利（Michael Feroli）表示：“归根结底，如果缺乏相应的行动支持，主席对通胀零容忍的反复严厉警告将危及机构的公信力。”

特朗普表示，虽然沃什在利率问题上“想要做正确的事”，但他可能会被一个“政治化”且“敌对”的联邦公开市场委员会（FOMC）所阻挠，这表明他可能不会将加息归咎于美联储主席。

但分析人士警告称，在决定特朗普任期后半段国会控制权的中期选举前七周采取此类行动，将令总统感到沮丧。

安永 Parthenon 首席经济学家格雷戈里·达科（Gregory Daco）表示，中期选举不应成为“政策制定者辩论的一部分”。他预测，FOMC 的大多数成员会认为通胀下降的速度“不令人满意”，并补充道：“沃什主席可能会利用多数人的掩护，采取‘在后领导’的策略，投票支持加息。”

英格兰银行压力 见市场版

关税协议。美国工业

投资延迟，韩国面临激怒特朗普的风险

在首尔承诺投入 3500 亿加元一年后，尚未有任何项目公布

丹尼尔·都铎（DANIEL TUDOR）——首尔

在韩国同意向美国投资 3500 亿加元的一年之后，目前尚未有任何资金落实——这引发了华盛顿的恼怒和首尔的担忧。

韩国媒体曾推测双方已达成协议，包括在德克萨斯州建设一座燃气发电厂以及核电站，但首尔当局迅速对此予以否认。

青瓦台上周表示：“关于在美投资，具体的投资目的地及其公布时间，以及首笔汇款的金额和时间，均尚未最终确定。”

一名了解情况的美国消息人士表示，首尔需要“加快行动”，否则将面临特朗普大发雷霆的风险。另一位人士则暗示，特朗普上个月单方面指责韩国在支持美国针对伊朗的行动中缺乏力度，部分原因正是由于对投资延迟感到沮丧。

总部位于华盛顿的 The Asia Group 合伙人詹妮弗·李（Jennifer Lee）表示：“美国政府内部积累了相当大的挫败感，尤其是因为韩国的进展在面对日本连续公布的几批投资计划时显得过于缓慢。”

这项承诺是去年达成协议的一部分，旨在将美国对韩国商品的关税从威胁要征收的 25% 降低至 15%。首尔还同意在造船业投资 1500 亿加元，在战略产业投资 2000 亿加元，年度支出上限为 200 亿加元。

韩国总统李在明去年在椭圆形办公室会见唐纳德·特朗普 —— Chip Somodevilla / Getty Images

日本在类似的安排下同意投资 5500 亿加元，但没有年度上限，且行动更快，公布的项目包括在俄亥俄州建设一座 330 亿加元的燃气发电厂，以及在田纳西州和阿拉巴马州建设高达 400 亿加元的小型模块化核反应堆。

特朗普将此类承诺视为交易，此前将韩国的 3500 亿加元描述为“预付”资金，而他的贸易顾问彼得·纳瓦罗（Peter Navarro）则称日本的协议“本质上是一张空白支票”。

在 11 月向韩国民众解释该协议时，总统李在明表示，投资将“仅用于具有商业可行性的项目”。

韩国外交学院教授闵正勋（Min Jeong-hun）表示，如果项目没有意义，企业集团将不会投资。“他们绝不会投。韩国别无选择，只能谨慎行事。而特朗普总统希望迅速看到进展。双方的立场不同。”

去年 9 月，美国移民局特工突击搜查了位于佐治亚州的现代-LG能源解决方案（Hyundai-LG Energy Solution）电池工厂，这令韩国公司感到不安。在事件发生后，总统李在明警告称，这可能会让他们在投资美国时感到“非常犹豫”。

The Asia Group 的李（Jennifer Lee）认同两国政府对协议内容的解读存在“真实差距”，华盛顿方面寻求在单个项目中获得更大规模的投资，并希望在项目选择上拥有更大的影响力。

华盛顿还敦促三星电子（Samsung Electronics）和 SK 海力士（SK Hynix）在美国投资先进内存芯片生产。鉴于该产业的战略重要性以及芯片制造商在国内已有的巨额投资承诺，此类要求对首尔而言十分敏感。

相比之下，造船业是首尔可能拥有一定筹码的领域。美国仅占全球商业吨位的 0.2%，而韩国是仅次于中国的全球第二大造船国。

特朗普振兴美国造船业的计划设想将韩国的技术和专业知识引入美国造船厂。伦敦国王学院的拉蒙·帕切科·帕尔多（Ramón Pacheco Pardo）表示：“我的印象是，特朗普想要大规模的投资，以便将其作为他与盟友之间交易式外交手段的一次胜利来宣传。”

一些专家表示，首尔方面因等待而使问题变得更加复杂。“韩国宣布一项初步投资项目至关重要，”美国韩国经济研究所（Korea Economic Institute of America）的特洛伊·斯坦加罗内（Troy Stangarone）表示。

“由于拖延，韩国面临着让该政府产生一种认知，即韩国正试图逃避其承诺的风险。”

“韩国别无选择，只能保持谨慎。特朗普希望快速看到进展。双方的立场不同。” ——闵正勋（Min Jeong-hun），韩国外交学院

11月的美国中期选举可能会增加额外压力。“从特朗普的角度来看，必须在美进行投资，这样他才能将其转化为竞选筹码，”梨花女子大学教授朴元坤（Park Won Gon）表示。

投资争端已与美韩关系的其他方面纠缠在一起。上个月，特朗普下令缩减旨在威慑朝鲜的年度军事演习“乙支自由之盾”（Ulchi Freedom Shield）的规模。

次日，美国总统表示：“我们有 39,000 名士兵在那里保护你们免受金正恩的威胁……而你们却不打算在一次非常简单的伊朗军事行动中帮助我们，这很奇怪。”

斯坦加罗内警告称：“宣布部署军队不太可能让韩国在投资问题上获得任何余地。这是一个寻求利益最大化的（美国）政府。”

由姜富成（Kang Buseong）提供额外报道

技术

桑德斯与班农在呼吁AI安全方面达成罕见共识

乔·米勒（JOE MILLER）——华盛顿

资深社会主义者伯尼·桑德斯（Bernie Sanders）与右翼活动人士史蒂夫·班农（Steve Bannon）正联手呼吁加强对人工智能（AI）的监管护栏，这标志着对该技术的担忧正在重塑美国的政治格局。

在今天于华盛顿举行的一场名为“亲人类集会”（Pro-Human Assembly）的活动中，这对出人意料的搭档将与来自政治光谱各方的演讲者——包括共和党参议员马莎·布莱克本（Marsha Blackburn）、进步派众议员格雷格·卡萨尔（Greg Casar）以及保守派中坚人物奇普·罗伊（Chip Roy）——共同敦促立法者采取更多措施应对AI的影响。

此次活动举行之际，班农的前老板唐纳德·特朗普（Donald Trump）继续无视其许多“MAGA”支持者的观点，坚持认为对AI实施严格监管将扼杀这一作为美国经济增长基石的产业。

“AI唯一需要的控制或‘护栏’是一位强大且聪明（高智商！）的总统，”特朗普在昨日写道。此前，OpenAI、Anthropic和xAI的领导者均呼吁协调放缓前沿模型的开发。

“一场针对AI和数据中心的恶劣阴谋正在进行，而唯一对此感到高兴的是中国，”这位美国总统补充道。

就在此前不久，特朗普的副总统JD·万斯（JD Vance）暗示，一些额外的AI监管是必要的，并且“最好的方式是国会与政府之间达成共识”。

此次集会是在OpenAI、xAI和Anthropic的负责人呼吁放缓快速演进的模型开发后，人们对AI部署的焦虑感增加的背景下举行的。

民调显示，共和党和民主党的选民都对这项技术感到担忧，并反对快速建设AI数据中心。上周的一项NBC民调发现，约三分之二的美国人认为AI给社会带来了高或极高的风险。

两党对于遏制AI部署的措施（包括禁止建设数据中心）的支持度正在提高。同时，也有呼吁要求加强对AI模型的监督，目前这些模型仅接受政府的自愿审查。

此前曾称班农为种族主义者的桑德斯，在呼吁刹车AI方面与这位右翼挑衅者找到了不同寻常的共同点。

这位佛蒙特州参议员近期呼吁永久禁止“超智能”AI，并建立一个联邦技术监管机构，这些主张得到了班农的认可。班农一直在动员他的民粹主义受众反对该产业以及特朗普宽松的AI议程。

组织此次活动的非营利组织“生命未来研究所”（Future of Life Institute）表示，参与者将发布几项重要公告，但拒绝进一步评论。该研究所表示：“我们将共同探索一条更好的、亲人类的AI路径，在利用技术益处的同时，将未来牢牢掌握在人类手中。”

其他预计出席的人员还包括演员、工会领导人和神职人员。详见《商业洞察》（Business Insight）、《金融时报观点》（FT View）及评论版。

网络安全

中国就 AI “认知战”发出警报

埃莉诺·奥尔科特（ELEANOR OLCOTT）——北京

中国情报机构警告称，人工智能（AI）给国家的政治和社会安全带来了风险，这表明北京方面日益担心该技术的快速进步可能会被用于针对中国。

在首次关于 的声明中，国家安全部详细阐述了该技术带来的威胁，包括对中国的网络防御、敏感数据和军事机构的威胁。

国家安全部部长陈一新表示：“敌对势力和心怀叵测之人正滥用深度伪造音频和视频、 生成的文本和图像以及‘智能水军’等生成式 技术，以低成本、大规模地编造政治谣言，传播有害信息，煽动分裂情绪。”

他补充道：“这些活动构成了对舆论的攻击以及针对中国的认知战，直接威胁到我们的政治安全、制度安全和意识形态安全。”

该声明标志着北京在公开讨论 安全方面有了显著扩展。通常情况下，此类讨论由主要监管机构国家互联网信息办公室主导，且侧重于监管和技术层面的担忧。

“这些活动直接威胁到我们的政治、制度和意识形态安全”

此次声明发布之际，美国技术领袖也对前沿 发展的速度表示担忧，此前研究人员已多次发出严厉警告，称 可能会导致灾难性后果，包括灭绝事件。

国家安全部的声明中并未包含 可能导致人类灭绝的警告，也没有要求中国公司放缓在该领域的工作。

几位从事技术政策和 治理的监管官员、外交官和学者表示，鉴于 Anthropic 和 OpenAI 所取得的进展（其新模型已展示出先进的黑客攻击能力），北京对其网络漏洞的担忧日益增加。

外交官和学者表示，中国官员在近几周与美国同行及公司的讨论中也提出了 安全担忧。在这些会谈中，官员们警告华盛顿不要采取任何禁止中国开源模型的行动。美国总统唐纳德·特朗普及其中国同行习近平计划本月在美国会晤，预计 安全将列入议程。

陈一新在声明中还概述了中国公司因使用外国 工具而泄露“敏感信息”的风险。这一警告可能预示着敏感部门使用外国 模型的限制将进一步收紧。

中国国有企业以及在金融和医疗等领域运营的公司已经面临使用外国技术的限制，尽管执行力度各异。

东南亚

印尼总统普拉博沃解雇其财政部长

A. ANANTHA LAKSHMI 和 DIANA MARISKA —— 雅加达

印尼总统普拉博沃·苏比安托（Prabowo Subianto）在财政部长普尔巴亚·尤迪·萨德瓦（Purbaya Yudhi Sadewa）上任仅一年后将其解雇，这是这个东南亚最大经济体最新的人事变动。

自2019年起一直担任财政部副部长的苏哈西尔·纳扎拉（Suahasil Nazara）于昨日宣誓就职，接替普尔巴亚。政府并未说明普尔巴亚被免职的原因。

苏哈西尔被视为一名技术官僚，在财政政策制定方面拥有丰富经验，此前曾领导该国财政政策局三年多时间。

消息公布后，雅加达基准股指收窄跌幅。该指数最初下跌 2.5%，在人事调整后收盘下跌 0.1%。

苏哈西尔表示，普拉博沃要求他维护国家预算的“健康与信誉”，并承诺将国家的财政赤字保持在 3% 的法定上限以下。

“这只是延续，而非改变，”他补充道，“我们将继续以更好的方式管理国家财政。”

此次财政部的调整是普拉博沃上台后的第二次。普尔巴亚是在斯里·穆利亚尼·印达拉瓦蒂（Sri Mulyani Indrawati）被免职后，于 2025 年 9 月被任命为该职位的。印达拉瓦蒂因其财政纪律而受到广泛尊重，尤其是在该国的外国投资者中。

然而，普尔巴亚未能赢得市场的信心，因为他主张更宽松的财政政策，并批评央行导致印尼盾贬值。他强烈支持普拉博沃将年度经济增长率从目前约 5% 的水平提高到 8% 的目标。

雅加达方面未说明解雇普尔巴亚·尤迪·萨德瓦的原因

尽管市场最初反应积极，但人们担心投资者会将财政部的人事变动视为普拉博沃执政下政策不确定性的进一步证据。

投资者一直担心成本高昂的福利政策及其对紧张预算的影响、日益增长的国家干预主义，以及指数提供商 MSCI 下调评级的可能性。

战略咨询公司 FGS Global 的副董事德迪·迪纳托（Dedi Dinarto）表示，苏哈西尔的任命应该能提供一定的安慰。

德迪表示，新任部长是“一名更熟悉且正统的技术官僚，在财政部根基深厚；相比之下，普尔巴亚在就职时拥有更强的促增长授权，且更愿意突破政策界限。但真正的考验在于，苏哈西尔是否具备在维持财政纪律的同时，执行普拉博沃雄心勃勃的增长和支出议程的灵活性。”

导弹任务“盟约”（Covenant）在寻求颠覆西方国防市场之际，脱离秘密的“隐身模式” ✉ 第 10 页

公司与市场

AI 风险警告重创科技股

• 存储和芯片板块全球受挫
• 投资者担忧支出繁荣期结束

EMILY HERBERT —— 伦敦 WILLIAM SANDLUND —— 香港

美国科技股昨日大跌，此前最大的 AI 公司呼吁放缓这项曾推动华尔街创纪录高点之技术的发展速度。

在 Anthropic 首席执行官达里奥·阿莫代（Dario Amodei）周末呼吁处于技术前沿的公司在安全警告之后管理其开发速度后，纳斯达克 100 指数下跌 1%。

存储和芯片股跌幅最深，因为投资者推测 AI 开发的潜在放缓可能会减缓投资热潮。Sandisk、英特尔（Intel）和美光（Micron）全部下跌

当一名研究员称该行业在“拿我们的生命赌博”时，担忧情绪公开爆发

跌幅超过 5%，而全球市值最高的公司英伟达（Nvidia）则下跌 3.1%。

巴克莱银行欧洲股票策略主管埃马纽埃尔·考（Emmanuel Cau）表示：“从根本上说，出现的问题将是，加强 AI 安全是否意味着资本支出（capex）的增速放缓和规模降低，以及从股票的角度来看，这对全球增长和收益意味着什么。”

利率上升的前景给科技股带来了额外压力，布伦特原油价格一度攀升至每桶 $109.80，导致政府借贷成本上升。10 年期美国国债收益率突破 5%，这是自 2023, 以来首次，而伊朗战争前夕该收益率仅略低于 4%。

近期能源价格的跳升以及周五美国公布的略高于预期的核心通胀数据，促使交易员加大对提高利率的押注，目前预计美联储在明年 3 月前将加息三个 0.25 个百分点。

对于股价依赖于远期预测收入的科技公司而言，借贷成本上升代价高昂，尤其是考虑到在 AI 基础设施建设中对债务市场的依赖。

亚洲和欧洲的科技股同样受到冲击，韩国科技股权重较高的综合股价指数（Kospi）领跌，最终下跌 3.3%。科技股在欧洲的表现也最差，欧洲 Stoxx Europe 600 科技子指数下跌 2.1%。芯片制造商阿斯麦（ASML）下跌 6.1%。

上周，一名 Anthropic 的研究员辞职并表示，这家硅谷公司和 OpenAI 在 AI 竞赛中为了保持领先而“拿我们的生命赌博”，这使得人们对该技术的恐惧公开爆发。

作为恐惧情绪的迹象，持有 OpenAI 约 13% 股份的日本软银（SoftBank）股价暴跌 10.7%。

这场风暴发生在全球股市的一个关键时刻，自 OpenAI 在 2022. 推出 ChatGPT 以来，AI 热潮一直推动股市走高。此次事件还可能使 Anthropic 计划于今年进行的首次公开募股（IPO）复杂化。

考表示：“虽然 Anthropic IPO 的时间尚不明确，但看来 OpenAI 至少将他们的 IPO 推迟到了明年。”

中国外交部昨日似乎将这些警告斥为散布恐惧，称 AI 的发展是“一种向善的力量”。

北京记者 Wenjie Ding 参与报道

“登月”资本主义 第 11 页 金融时报观点 第 22 页 米沙·格伦尼（Misha Glenny） 第 23 页 Lex 专栏 第 24 页

董事会动态：Hugo Boss 董事长在 Ashley 的 Frasers Group 压力下辞职

Frasers 在推动品牌高端化的过程中，增加了在时尚品牌 Hugo Boss 中的持股 —— Matteo Rossetti / Mondadori Portfolio / Getty

弗洛里安·穆勒（FLORIAN MÜLLER）—— 法兰克福 劳拉·奥尼塔（LAURA ONITA）—— 伦敦

监事会主席斯特凡·斯图姆（Stephan Sturm）在任职仅一年多后决定辞职，此前他受到了迈克·阿什利（Mike Ashley）旗下 Frasers Group 的压力，后者已成为这家德国时尚品牌最大的股东。

昨日表示，在选出继任者之前，斯图姆将继续担任主席，并于 10 月 15, 离开监事会。

去年 5 月当选监事会成员的斯图姆表示：“鉴于公司股东结构的近期变化，我认为现在是主席职位进行有序过渡的正确时机。”

表示，将立即开始寻找斯图姆的继任者。斯图姆此前曾担任德国医疗保健集团 Fresenius 的首席执行官。

Sports Direct 的所有者 Frasers 在 6 月发起收购要约后，已将在 的持股比例增加至约 48%，并表示打算将持股比例提高到 50% 以上。 是 Frasers 的重要供应商，Frasers 还拥有 House of Fraser 和高端服装连锁店 Flannels。

本月早些时候，Frasers 表示，在去年就股息支付问题产生分歧后，公司正在“审查是否继续支持”斯特姆（Sturm）担任主席。在 Frasers 发布公告后，Hugo Boss 终止了其股票回购计划。

另外， 昨日表示，在就监事会组成进行讨论后，双方已就斯特姆的离职达成一致。

该零售集团还表示，正寻求任命罗伯特·帕尔默（Robert Palmer）进入 Hugo Boss 董事会，帕尔默是一名会计师，此前曾担任 的公司秘书。帕尔默将与 首席执行官、阿什利（Ashley）的女婿迈克尔·默里（Michael Murray）共同在董事会任职。

于 2020 年首次收购 Hugo Boss 的股份，该公司一直有在供应商和竞争对手中建立重大持股的历史，这通常是为了确保某些品牌的供应，或向其施压以采用其服务，包括其“先买后付”的金融产品。

今年收购了 Puma 6% 的股份。

该集团由阿什利控股，一直致力于推动向高端市场转型。在 8 月收购哈维·尼科尔斯（Harvey Nichols）后， 掌控着一个拥有 90 多家奢侈时尚店的投资组合。

Anthropic 采取措施缓解盈利担忧

乔治·哈蒙德（GEORGE HAMMOND）——旧金山 詹姆斯·丰塔内拉-汗（JAMES FONTANELLA-KHAN）——纽约

Anthropic 已告知其支持者，公司将在本季度实现盈利。在计划进行备受瞩目的首次公开募股（IPO）之前，该公司正采取行动以缓解投资者对前沿 AI 公司激进现金消耗的担忧。

据多位知情人士透露，该公司已告知一小部分股东，其调整后营业收入将连续第二个季度为正值。该指标剔除了包括股票薪酬在内的成本。

据其中两名人士透露，在计入与包括亚马逊在内的分销合作伙伴的收入分成以及模型训练成本之前，Anthropic 的毛利率在 80% 以上。对于这家成立五年的公司而言，在计划上市前实现持续盈利将是一个重大里程碑。

据一名知情人士透露，Anthropic 已选择纳斯达克作为 IPO 的上市地点，其估值可能达到 $2tn 或更高。该公司拒绝置评。

此前，市场预计这家 Claude 的开发商将于上周公布招股说明书。但据熟悉该流程的人士透露，该公司改为与一小部分投资者分享文件，并在公开之前回答这些投资者的提问。

此次上市正值行业的一个紧张时刻，因为快速的发展步伐与人们对该技术在环境、就业乃至人类未来等方面影响的焦虑发生了碰撞。

周六，这家 9650亿美元 的初创公司首席执行官达里奥·阿莫代（Dario Amodei）呼吁 AI 行业放缓开发速度。

潜在投资者必须面对 AI 安全审查带来的影响，以及一个尚未在公开市场经过验证的商业模式。

Anthropic 在第二季度记录了调整后营业利润，其营收较去年同期激增 14 倍，达到 115亿美元。

该集团在 7 月底实现了 650亿美元 的年化营收，高于去年底的 90亿美元。

“如果你继续以这样的利润率和增长率运营，那么竞争 [与 Anthropic 竞争] 将会非常困难，因为他们拥有如此之多的 [计算资源]，”SemiAnalysis 负责 AI 实验室分析的分析师乔伊·布鲁克哈特（Joey Brookhart）表示。

AI领袖间的激烈竞争阻碍了为公共利益采取行动的承诺

商业洞察 技术 Madhumita Murgia

上周，数学界被一项据称取得的突破所震撼——一个关于名为纳维-斯托克斯（Navier-Stokes）的、拥有200年历史的复杂方程组的长期难题得到了解决。

作为首批在AI帮助下解决的如此规模的问题之一，这一突破本应被视为一场知识上的胜利。然而，这则消息却被一场关于谁应获得功劳的激烈争议所掩盖：是那位纽约数学家及其来自AI公司Anthropic的合作者（他们此前已接近得出解决方案），还是其竞争对手OpenAI（后者花费了数百万加元并使用了约10,000个AI智能体来完成该任务）。

Anthropic与OpenAI之间的这场争吵并非首次；在两家力争创建超智能AI系统的顶尖竞争者之间，这是一系列长期争端中的最新一例。

随着AI的发展速度甚至超过了这些公司自身的预期，这一点对世界而言变得日益重要。在现任和前任雇员发出了一系列令人担忧的安全警告后，Anthropic的联合创始人达里奥·阿莫代（Dario Amodei）刚刚呼吁放缓AI的发展速度。

这一呼吁得到了OpenAI的萨姆·奥特曼（Sam Altman）和埃隆·马斯克（Elon Musk）的支持，展现了罕见的统一。关于如何实现这些目标的具体操作细节并不多，且双方都坚持将继续训练并构建新一代模型。而一个公开的问题是——这些公司及其创始人能否为了公共利益而放下竞争？

OpenAI与Anthropic之间的分裂具有深刻的个人色彩。Anthropic由一群OpenAI员工于2021年创立，他们脱离了这家ChatGPT的制造商，其动力源于一种信念，即AI系统需要一个比OpenAI更负责任的管理者。自那时起，Anthropic将自己塑造为安全AI的守护者，同时关注社会目标与利润。

在过去的几年里，两家公司通过其产品ChatGPT和Claude，在人才、公众青睐、技术领先地位以及商业主导权方面展开了公开竞争。现在，它们正竞相在公开市场上市，瞄准同样令人眩晕的估值，且已超出

每家AI公司都认为，由于竞争对手存在缺陷，开发强大模型的重任应由自己承担

$1tn。这两家公司在相隔一周的时间内分别向美国证券交易委员会（SEC）提交了相关文件。

在社交媒体平台X上，两家公司的员工互相指责，其领导层则心照不宣地相互批评，这已成为常态。今年2月，在印度AI影响峰会期间，其他领导人都在合影环节握手，而奥特曼（Altman）和阿莫代（Amodei）却拒绝握手，而是各自举起了拳头。

此类事件可能会被视为企业界常见的琐碎摩擦而被忽略。然而，这些公司并没有专注于通过合作来遏制AI带来的明显风险，而是在竞相发布比前一代更强大的新模型。

今年2月，Anthropic反对五角大楼将AI用于某些军事应用，例如自主致命武器和大规模监控。这导致特朗普政府公开与Anthropic断绝关系，并引发了一场法律风暴。几小时内，OpenAI便利用这一局面与五角大楼签署了自己的协议，并声称其安全保障措施是独立协商而成的。谷歌随后也效仿而为。

在竞争压力巨大的环境下，另一个迹象是，Anthropic在今年公开缩减了其“负责任扩展政策”中的承诺——该政策原定在无法提前保证适当安全措施的情况下，将停止或暂缓发布AI模型。Anthropic将竞争压力以及对单方面承诺缺乏信心列为原因。

那么，面对双方都承认的、可能对人类生命造成灾难性风险的情况，为什么这些公司仍继续加速推进AI开发和营收增长？部分原因在于意识形态。AI公司将技术的进步定格为一个生存与道德问题。每家公司都认为，由于竞争对手存在缺陷，开发强大AI的重任应由自己承担。他们认为，如果现在有任何一家公司踩下刹车，结果可能会比强行推进更糟糕。

我采访的一位前Anthropic研究员这样描述这种动态：“傲慢。担心下一个接手的人会做得更糟。陷入了‘自己才是好人’的自我叙事之中。”但正如AI领导者们所承认的，如果现在有一个时机可以抛开个人恩怨并寻找前进之路，那么现在就是时候。因为这其中牵涉的利益实在太多。

madhumita.murgia@ft.com

公司与市场

制药业

Novo 在重组中舍弃 Nordisk 名称

丹麦制药商更新品牌，旨在提升吸引力以追赶肥胖症药物竞争对手

AANU ADEOYE — 伦敦

诺和诺德（Novo Nordisk）正在缩短其名称，旨在提升其在肥胖症药物市场的消费者吸引力，在该市场中，这家丹麦制药商已落后于竞争对手礼来（Eli Lilly）。

该集团昨日表示，在日常使用中将采用 ，这是自一个多世纪前成立以来首次舍弃 Nordisk。

此次更新正值 准备在下周的资本市场日面对投资者之际。市场预计，这家 Ozempic 和 Wegovy 的制造商将证明其拥有新想法，以帮助其在与礼来争夺价值数十亿加元的肥胖症药物市场主导权的激烈战斗中夺回阵地。

这是首席执行官 Mike Doustdar 上任后的最新举措。他于去年被引入，旨在振兴该制药商滞后的业绩，并使其产品组合在糖尿病和减肥药物之外实现多元化。

得益于在肥胖症注射药领域的早期领先， 在 2023 年成为了欧洲市值最高的公司。

然而，由于竞争对手礼来的 Zepbound 和 Mounjaro 在美国更迅速地启动了直接面向消费者的销售， 此后失去了市场份额。

BMO 资本市场分析师 Evan Seigerman 在一份报告中表示，大多数投资者和分析师在口语中已经使用 了。“当然，这增加了简洁性，但这是否实质性地改变了——”

“当然，这增加了简洁性，但这是否实质性地改变了任何事情？”——BMO 分析师 Evan Seigerman

“——任何事情？”他问道。“如果这些变化能激发内部额外的文化转变并驱动业绩，那么我们完全支持。我们不希望这次品牌重塑变成一种干扰，从而削弱严肃的战略优化与执行，”他补充道。

Doustdar 将在下周面临压力，以证明 能够提升销售额（预计今年销售额将持平或下降多达 6%），并开发出有前景的新药。

尽管其肥胖症口服药表现良好，但投资者对其缺乏多元化仍感到不安，上季度其 93% 的收入来自肥胖症和糖尿病药物的销售。

该集团最初是一家为糖尿病患者生产胰岛素治疗药物的厂商，于 1923 年以 Nordisk 之名成立，后通过 1989 年与国内竞争对手 合并成为诺和诺德（ Nordisk）。

该公司昨日表示，品牌重塑将为其提供一种“独特、可识别且一致的方式，以与全球的人员、合作伙伴和其他利益相关者建立联系”。

还更新了其标志，其标志性的 Apis 牛现在面向右侧而非左侧。 Nordisk 将仍作为其法定名称。

航空航天与国防。军备

蒂尔支持的初创公司建设三个导弹基地

Covenant公司将在美国、德国和以色列的工厂制造“深层打击”远程武器

劳拉·皮特尔（LAURA PITEL）——柏林

一家由美国科技亿万富翁彼得·蒂尔（Peter Thiel）的Founders Fund等机构支持的国防初创公司，正在美国、德国和以色列建设三个工厂，旨在大规模生产用于应对中国、俄罗斯和伊朗威胁的远程武器。

总部位于华盛顿的Covenant公司告诉《金融时报》，该公司在秘密的“隐身模式”下运行两年后现已公开，旨在通过其Anthem“深层打击”弹药来颠覆西方国防市场。

Anthem旨在成为美国制造的“战斧”巡航导弹等武器的廉价替代方案。战斧导弹的射程为1,600公里，但每枚成本高达数百万美元，且由于生产瓶颈和伊朗战争，目前供应短缺。

共同创始人兼首席执行官迈克尔·考夫曼（Michael Kaufman）在接受公司首次媒体采访时表示，Covenant“不懈地专注于两件事：低成本和高可生产性”，并使用现有的组件。

他补充说，目标是“为欧洲、美国及其盟友提供深层精准打击解决方案”。

这家初创公司还获得了一家由以色列总理本雅明·内塔尼亚胡（Benjamin Netanyahu）顾问创办的风险投资公司的支持。该公司已经接管了位于达拉斯和莱比锡的场地，并在以色列设有第三个地点，三个地点的生产预计将于明年年初开始。

Covenant的目标是在2027年使其德国和美国工厂 each 年产1,000枚Anthem导弹，并从2028年起每个站点年产5,000枚。

该公司表示，每件武器的成本将在“六位数中段”欧元——仅为战斧导弹价格的一小部分，后者向海外政府销售的价格约为每枚$4mn-$6mn。

Covenant公开进入全球国防领域之际，美国及其在欧洲和印太地区的盟友正努力获取远程武器或增强现有库存。

伊朗战争严重消耗了美国的战斧导弹库存。这些导弹由雷神公司（Raytheon）制造，目前的年产量仅为60枚，尽管该美国国防集团上个月与政府达成了一项$23bn的协议，将年产量提高到1,000枚。

在依赖美国提供此类能力数十年后，欧洲各国政府目前也在寻求采购或开发能够从欧洲领土打击俄罗斯的陆基远程武器。

考夫曼是一名36岁的美以双国公民，此前曾在蒂尔的

Covenant的Anthem导弹旨在应对俄罗斯、中国和伊朗带来的威胁，总裁艾比·登伯格（Abby Denburg）如（下图）所述。 摄影：Dylan Hollingsworth / FT

对冲基金Thiel Macro及其私人投资公司Thiel Capital工作，他于2024年创立了Covenant。

他的共同创始人是奥菲尔·达扬（Ofir Dayan），曾是以色列拉斐尔先进防御系统公司（Rafael Advanced Defense Systems）制造的“铁穹”防空系统的前系统总工程师。

考夫曼表示，两人受到了乌克兰冲突中迅速普及的无人机等小型战术武器创新启发。但他希望创造一种能够扭转冲突天平的“赢得战争”的弹药。

他说：“我们的使命是以可负担的价格大规模提供战略武器，帮助西方威慑其对手。”

数家公司希望颠覆传统上由雷神、洛克希德·马丁（Lockheed Martin）和欧洲MBDA等成熟国防巨头主导的导弹市场。其中包括美国国防科技公司Anduril、荷兰初创公司Destinus以及乌克兰远程“火烈鸟”（Flamingo）导弹制造商Fire Point。

Covenant以客户保密为由，拒绝透露Anthem的射程。但考夫曼表示，这一概念部分是对德英两国共同开发射程超过2,000km的“深层精准打击”武器计划的回应。

“我们设计 Anthem 是为了应对俄罗斯威胁、中国威胁和伊朗威胁，”Covenant 总裁兼首席增长官艾比·登伯格（Abby Denburg）表示。

“这要求一定的射程要求以及打击关键城市的能力。”

该公司表示，Anthem 将携带重达 250kg 的战斗部，仅略高于“战斧”导弹 450kg 载荷的一半。但 Covenant 表示，较低的成本和规模化生产能力将允许军队

“我们的使命是以可负担的价格大规模交付战略武器”

迈克尔·考夫曼（Michael Kaufman），Covenant 首席执行官

发射大规模的导弹齐射，以“饱和”攻击武器工厂或军事基地等目标。

该公司表示，目前已获得价值约 €130mn 的订单。其中包括与美国政府签署的两份初步合同，一份是与陆军合作试用其产品，另一份是与海军合作开发 Anthem 的海上版本。

据一名政府高级官员透露，德国为了应对 2022 年俄罗斯对乌克兰的全面入侵而领导欧洲的重新武装行动，目前正在考虑采购 Anthem。

Covenant 拒绝说明其产品应被归类为巡航导弹还是远程无人机——这两个类别的界限已变得日益模糊。

“命名取决于观察者的视角，”曾在波音公司及其无人机子公司 Insitu 工作过八年的登伯格表示。她补充说，虽然不同的潜在客户使用不同的术语，但“我们将其视为一种深层精准打击弹药”。

该公司表示，已对 Anthem 进行了 200 次以上的试飞，客户包括美国军方。

在欧洲寻求减少对美国关键技术依赖，且与特朗普关系极度紧张的背景下，Covenant 在欧洲可能会面临关于其美国背景的质疑。

考夫曼和登伯格坚称该公司是一家“真正的全球国防公司”，并补充说其德国实体将保持独立，并拥有“几乎完全”欧洲化的供应链。该公司表示，约 5% 的组件和子组件是非欧洲的，且没有来自美国的组件。

这家初创公司的投资者也可能会受到审查。

Covenant 的支持者包括 Founders Fund，这家风险投资公司由蒂尔（Thiel）共同创立，蒂尔与特朗普关系密切，且是自由民主制度的公开怀疑者。该公司还获得了 Andreessen Horowitz 和 8VC 的支持，这两家公司都与美国总统有联系，以及以色列风险投资公司 Aleph，其联合创始人兼合伙人迈克尔·艾森伯格（Michael Eisenberg）是内塔尼亚胡关于加沙和美国的顾问。

其其他风投支持者包括 Altimeter、Lightspeed 和与民主党有联系的 Lux Capital。

“这些投资者都没有参与 Covenant 的日常决策，”考夫曼说。

一名熟悉细节的人士表示，Founders Fund 持有少数股权，且在董事会中没有席位。

保险

戴尔领导的财团达成 77亿美元 协议将经纪公司 Baldwin 私有化

奥利弗·巴恩斯 (OLIVER BARNES)、安托万·加拉 (ANTOINE GARA) 和詹姆斯·丰塔内拉-汗 (JAMES FONTANELLA-KHAN) —— 纽约

由科技亿万富翁迈克尔·戴尔 (Michael Dell) 的家族办公室领导的一个投资者财团，已就将保险经纪公司 The Baldwin Group 私有化达成一项 77亿美元 的协议。

昨日宣布的一项 私有化交易将这家保险经纪公司的估值定为每股 $32.50，证实了《金融时报》早前的一篇报道。

在昨日的一份声明中表示，此次交易由戴尔的 DFO Management 和 Sequence Holdings 共同领导，后者是一家投资于服务经济的风险投资支持的科技集团。 的高级员工也将能够将其股权滚动至该交易中。

据知情人士透露，在追求 的过程中，戴尔领导的财团击败了数家大型私募股权集团。这表明科技界正日益通过支付更高的资产估值，并计划部署 AI 赋能的技术以提高回报，从而将华尔街公司挤出局。

该交易的价格相当于 6 月份估值的 88 per cent 溢价，当时关于这家保险经纪公司正在探索出售的报道尚未出现。

专注于商业

“ 在保险分销领域构建了一些罕见的东西：真正的数字化和平台优势”

保险经纪业务，为寻求从网络安全、员工福利到房地产等各项保险单的中大型公司提供咨询。

“ 在保险分销领域构建了一些罕见的东西：真正的数字化和平台优势，这是在 15 年间由一个拥有清晰且差异化愿景的团队领导而积累起来的，”迈克尔·戴尔在宣布该交易的声明中表示。

该交易对 的股权估值为 46亿美元，在计入其 31亿美元 债务后，公司的企业价值为 77亿美元。 的股价在昨日盘前交易中上涨近 7 per cent，使其隐含市值达到 44亿美元。

在 的私有化交易之前，Aon 在上月底以 170亿美元 收购了由 KKR 支持的经纪公司 USI Insurance，这次出售预计将为这家总部位于纽约的私募股权巨头带来约 33亿美元。

对 的收购标志着由 DFO 领导的一次罕见的全面杠杆收购。DFO 是全球最大的家族办公室之一，负责管理科技亿万富翁戴尔的资金。

DFO 的前身 MSD Capital 在 2013 年与 Silver Lake Capital Management 共同参与了对 Dell Technologies 价值 249亿美元 的杠杆收购。

Sequence 于今年早些时候成立，旨在部署技术以提升服务型企业的业绩，其首次少数股权投资对象为私有持有的社区贷款机构 Bank-South。

Sequence 由包括 8VC、Lux Capital 和 Conviction 在内的硅谷风投公司以及 DFO 提供支持。

联合创始人兼首席执行官迈克尔·李 (Michael Lee) 在一份声明中表示，该公司利用其“工程人才”与企业合作，将其“转化为市场领导者”。

音乐行业打击流媒体欺诈

丹尼尔·托马斯 (DANIEL THOMAS)

音乐公司和分销商已就新规则达成一致，旨在打击利用 AI 生成音乐欺诈流媒体服务并转移合法艺术家版税的行为。

行业高管估计，目前近 10% 的播放量被认为是欺诈性的，其中大部分音乐由 AI 生成。

流媒体欺诈是指通过简单的提示词创建海量曲目，随后利用机器人账号网络重复播放，从而为曲目所有者赚取巨额版税，并减少了可供真实艺术家分配的资金池。

法国流媒体服务商 Deezer 表示，7 月份上传的新音乐中， 生成的歌曲占比超过一半，平均每月 90,000 首。该公司还发现，去年完全由 生成的曲目中，高达 85% 的播放量属于欺诈。

代表全球录制音乐公司的国际唱片工业协会 (IFPI) 表示，主要分销商已同意遵守相关指南，以帮助阻止欺诈性的 生成曲目进入流媒体平台。

“流媒体欺诈误导了粉丝，剥夺了合法艺术家和词曲作者本应获得的收入，”IFPI 首席执行官维多利亚·奥克利 (Victoria Oakley) 表示，“这就是盗窃，简单明了。”

分销商将承诺采取更多措施防止欺诈曲目被上传，包括验证权利所有权和客户身份。

他们还同意对内容进行审查，以检测侵权、欺诈活动及 相关风险，并将针对惯犯采取行动并共享信息。

“流媒体诚信倡议”得到了十多家唱片公司和分销商的支持，包括索尼音乐 (Sony Music)、环球音乐 (Universal Music)、维珍音乐 (Virgin Music)、Absolute Label Services、Revelator、华纳音乐 (Warner Music)、Absolute、FUGA 和 The Orchard。

这些组织呼吁其余的分销商和数字服务提供商支持该倡议。该倡议为行业建立了一套基准实践，以帮助预防、检测和应对流媒体欺诈。

该倡议基于由 IFPI 和音乐公司发起的“终止流媒体欺诈”运动，旨在提高人们对音乐生态系统所面临威胁的认识。

一些流媒体平台（如 Deezer）已经开始应对 音乐欺诈。

普华永道通过合资企业重组印度分支机构

STEPHEN FOLEY —— 纽约

随着专业服务行业的竞争加剧，普华永道（PwC）将合并其在印度的很大一部分业务，旨在扩大离岸咨询工作，并更好地应对人工智能（AI）带来的影响。

根据周日签署并由两家公司宣布的一项协议，由普华永道美国成员公司和印度成员公司分别拥有的业务将被纳入一家合资企业。

新实体将把普华永道美国咨询业务在印度建立的离岸“加速中心”与普华永道印度的咨询业务相结合。

这两项业务都为跨国客户提供——有时甚至竞争提供——咨询和外包服务。它们还为全球普华永道成员公司提供低成本或专业劳动力支持。该合资企业将拥有约 40,000 名员工，占普华永道全球员工总数的 10 per cent 以上。

与传统的跨国公司不同，普华永道及其“四大”同行是以本地所有权合伙网络的形式运营的，这在服务国际客户时可能会增加复杂性。这也可能导致成员公司在如何分配利润丰厚的跨境工作上产生紧张关系。

所有“四大”会计师事务所一直在将工作外包至离岸以提高效率。它们还在竞争提供关于部署 AI 的建议，并应对客户的预期，即它们应该利用这项技术以更低廉的价格提供服务。

据知情人士透露，普华永道的咨询合伙人们一直推动美国和印度公司达成协议，以消除网络其他部分更广泛使用“加速中心”的障碍。

此次成立合资企业正值 对相关假设提出挑战之际：如果自主 代理能够替代人类完成某些任务，那么发送到印度等低成本中心的工作量将会是多少。

普华永道美国首席执行官保罗·格里格斯（Paul Griggs）告诉《金融时报》，合并后的组织将为创新提供更强大的基础。

“对我来说，仅仅是人力外包的‘托管服务 1.0,’ 已经不再流行，”他说。“‘托管服务 2.0,’ 即由 赋能且由 加速的业务运营，才是现在的关键。”

该合资企业是普华永道采取的一系列旨在更紧密地整合其全球咨询业务举措中的最新一项。

公司与市场

革命复兴“登月计划”资本主义

金融时报系列报道：科技投资者正拥抱那些曾助力打造硅谷的、具有风险且雄心勃勃的未来主义赌注

TIM BRADSHAW

热潮正推动雄心勃勃的“登月计划”式赌注复兴。由于 SpaceX 早期支持者获得了巨额回报，且传统软件公司的估值下降，这迫使科技投资者接受风险更高、资本密集度更高的交易。

一些曾经被认为古怪的想法，从核聚变到人机融合，正获得风险投资公司的关注，而就在几年前，这些公司绝不会接触此类领域的初创企业。

“世界确实改变了，”风投公司 Accel 的合伙人马特·罗宾逊（Matt Robinson）表示。“看看任何一家风投公司的办公室，他们过去两年讨论的公司类型已经发生了转变。”

根据 Dealroom 的数据，如果不计算投入 初创公司的巨额资金，全球对“深科技”（产品根植于重大科学或工程进步的公司）的投资自 2024, 年初以来已超过 $150, 更多于 2019, 年底前整个十年的 $133。

硅谷雄心勃勃的创始人们正为回归更高风险的—。

“你过去可以说，这件事太难了，就把它搁在一边。但我觉得现在你没有这个选项了”

投资者，此前在互联网泡沫破裂后的很长一段时间里，风险投资人（VC）更倾向于支持可预测的企业软件公司。

“在一段时间内，最值得投资的[初创公司]全部是互联网上的软件业务，因为当时互联网还很新且在增长，”脑机接口初创公司 Science 的联合创始人 Max Hodak 表示。“这抢走了物理硬件的大量资源，因为硬件更难……这完全健康吗？可能并不——但我们现在回来了。”

Hodak 也是埃隆·马斯克（Elon Musk）共同创立 Neuralink 的合伙人，他认为风险投资人对软件的兴趣本身就是一次“绕道”，偏离了在几十年前助力硅谷崛起的硬件创业项目。“最初的‘元老级’风险投资建设了铁路。这正是资本主义的魔力所在，”他说道。

“我们正处于这种转型的早期阶段。”

尤其是 AI 基础设施的繁荣，为各种大胆的想法创造了新的市场和客户。

今年的深科技投资尚未超过 2021 年的峰值，当时的增长是由 Rivian 和 Northvolt 等公司的电池和电动汽车交易推动的——其中许多交易后来变得糟糕，凸显了进行“登月计划”式交易所涉及的风险。

“有一种‘掉头油轮’的感觉，”一位专注于“前沿”技术的风险投资高管在谈到投资者认为必须超越软件即服务（SaaS）的感受时表示。“但为一家量子计算公司提供承保，与拥有一个可以放入电子表格的强大基准数据集的项目，完全是两回事。”

但流入 AI 模型公司的巨额资金正在刺激一系列押注的增加，这些押注可能会彻底改变数据中心的供电方式，甚至将其部署到太空，同时重新唤起人们对 AI 有望将其变为现实的其他科幻想法的兴趣。

AI 正在“真正改变你在实际操作之前，能够‘在计算机模拟中’完成的事情”

“如今，几乎每件事都有一个‘为什么是现在’的理由，”Robinson 表示。“你过去可以说，这件事太难了，就把它搁在一边。但我觉得现在你没有这个选项了。”

从核聚变到人类与机器的融合，曾经被认为古怪的想法正获得风险投资公司的关注 Tom Pilston / Daniel Brenner / Charlie Bibby / Harry Mitchell / Juha Nenonen

AI 驱动的模拟已经在降低核聚变和太空技术等领域的实验成本，从而降低了传统上与硬件创业相关的前期支出要求。

风险投资涌入“登月”领域

对于那些软件股在今年“SaaS末日”中遭受重创的投资组合经理来说，在轨道上反射阳光或许看起来不再那么令人生畏。这场“末日”抹去了数千亿加元的市值。在 Salesforce.com 等公司上个月发布财报并显示出 AI 带来的潜在增长后，部分损失得到了回收。

“物理世界，”伦敦风险投资公司 Plural 的投资者 Carina Namih 表示，“这正推动深科技（deep-tech）领域的巨大加速。因此，为了获得这些回报而所需的资本强度已经发生了真正的变化。”

Lightspeed Venture Partners 合伙人 Bejul Somaia 认为，像 Anthropic 这样的 AI 企业最终可能会吞噬软件公司所服务的绝大部分市场。他说：“在应用端，目前对纯软件业务进行承保时，最重大且最困难的问题之一就是持久性和差异化。这些模型的边界将在哪里？”

但兑现这些回报的时间表仍然不确定。为创意筹集资金可能变得更容易，但商业化的路径往往与技术突破一样艰难。

十多年前，Alphabet 旗下的 X 实验室推广了“登月”投资的概念，当时这家谷歌母公司为那些传统投资者很少支持的创意创建了一个孵化器。它产生了一些成功案例——例如目前估值 1260亿美元 的自动驾驶汽车企业 Waymo——以及一些失败案例，包括 Loon，该公司曾希望通过气球为偏远地区提供互联网接入，但于 2021 年关闭。

随着 AI 威胁到软件巨头赖以保护其业务的“护城河”，许多科技投资者现在认为，风险投资必须针对科技行业一个全新的、更不确定的 era, 重新定义自身。

但即使是谷歌这种充满幻想的创新方式，现在也变得更加务实。在最近接受《快公司》（Fast Company）采访时，Alphabet 的“登月队长”Astro Teller 表示，X 现在花更多时间研究其最新创意的商业案例和技术可行性，其中包括 Bellwether，一个旨在预测自然灾害的 AI 驱动预测系统。

来源：Dealroom • * 脑机接口 ** 仅包括同时被归类为深科技的电池公司。2026 数据截至 Aug 2

登月投资者承认，在面对将数据中心或生物实验室置于太空等创意时，没有任何传统的估值指标能够说服投资委员会。开一张投机性的支票通常是观察哪个科学项目可能变成下一个 SpaceX 的唯一方法。

2026 数据截至 Aug 2. 不包括 AI 来源：Dealroom

今年除 AI 之外最大的深科技交易包括太空初创公司 Sierra Space、Axiom Space 和 Iceye，以及核聚变初创公司 Helion、Proxima 和 Inertia。

对深科技的兴趣推动了季度风险投资资金的增长，按轮次规模（$bn）计算

“直到现在，每个人认为太空产业非常困难的一点是，它的准入门槛非常高，”太空架构研发实验室 Aurelia Institute 的首席执行官兼太空科技投资者 Ariel Ekblaw 表示，并指出在 AI 时代，“整个产品……可以在一天之内重建”。

是太空到地面，这是一种效率极高的绿色能源，而且即使在夜间也可以实现。

Ekblaw 补充说，SpaceX IPO 创造的财富引发了那些“没有投资第一波浪潮的人”的错失恐惧症（FOMO），并预测这将引发针对太空产业的“新初创公司寒武纪大爆发”。例如，Founders Fund 将一项约 $600mn 的投资转化为

诸如 Overview Energy 和 Reflect Orbital 等初创公司计划在轨道上部署巨型镜面，将阳光反射回地球；而总部位于佛罗里达州的 Star Catcher 在 5 月筹集了 $65mn，用于利用“光学功率传输”在太空中构建电网。

“在各个领域，我们曾经依赖的终值（terminal value）已不再成立，”风险投资公司 General Catalyst 的负责人 Hemant Taneja 在 7 月的一篇文章中写道。“现在，为了让结果产生影响，创始人必须建立比以前规模大得多的公司。”

根据 PitchBook 的估计，马斯克的火箭、卫星和 AI 集团在公司首次公开募股（IPO）时的持股价值超过 500亿美元。

2016-26 年美国和中国主导风险投资资金（单位：$bn）

Ekblaw 预测，发射成本的降低将为太空产业开启新的应用场景，从能源到空间制造。

“我们将看到太空产业的成熟，就像我们曾经在商业航空领域看到的那样，”Ekblaw 表示。

Hodak 正在准备将 Science 公司的首款产品——一种可以恢复视力的视网膜植入物——推向市场，她对被贴上“登月计划”（moonshot）的标签感到不满。

“在空间资产之间，确实需要对轨道太阳能进行更多的协调，以实现此前无法开展的高功率活动……”她说道。“而与之相对应的是”

“仅仅因为这是一个宏大且充满野心的目标，我不认为在公众的心理想象中，这就意味着它不太可能实现，”他说道。“最初的登月计划成功了。我们确实在月球上插了一面旗帜。”

FT

登月资本主义：这是关于数十亿加元涌入追求科学与工程突破的初创公司系列报道的第一篇，这些突破可能会改变我们的生活方式。

250年 高级珠宝 工艺传统

这篇配有丰富插图的专题报道讲述了该品牌标志性的冠冕如何演变为完整的珠宝产品线，并描述了从创意到杰作的细致创作历程。

财务状况

奥塞尔被告知应将德国商业银行留在法兰克福

西蒙·福伊 (SIMON FOY) —— 伦敦 弗洛里安·穆勒 (FLORIAN MÜLLER) —— 法兰克福

随着这家意大利贷款机构在掌控其德国竞争对手的进程中进一步推进，德国财政部长已告知联合信贷银行（UniCredit）首席执行官安德烈亚·奥塞尔（Andrea Orcel），德国商业银行（Commerzbank）应继续将总部设在法兰克福并在当地上市。

据财政部称，在德国政府与联合信贷银行就这家米兰贷款机构寻求收购德国商业银行而进行的首次面对面会谈中，拉尔斯·克林拜尔（Lars Klingbeil）要求保障这家总部位于法兰克福的集团 40,000 名员工的利益。

财政部补充道，他还告诉欧洲最著名的交易撮合者之一奥塞尔，该银行在为德国中小企业提供融资方面的作用应当得以保留。

在昨天的会议后，克林拜尔表示：“我们希望德国商业银行继续作为一家总部位于法兰克福的上市公司，并继续开展其强大的中型企业（Mittelstand）业务——无论是在德国国内还是在国际上。”

此次会谈表明，柏林方面在近几周内对收购的态度有所软化。此前，持有德国商业银行近 13% 股份的德国政府一直持完全反对态度，而现在则转向在联合信贷银行获得控制权的情况下设定条件。

联合信贷银行在 7 月份进一步接近掌控德国商业银行，在邀请股东出售股份后，获得了其德国竞争对手 47.6% 的持股。

尽管联合信贷银行的持股量尚未达到 50% 的绝对控股门槛，但分析师表示，凭借目前的持股比例，它实际上已经可以行使事实上的控制权。

联合信贷银行仍必须应对来自德国政府以及该银行强大的工会的压力。柏林此前曾批评联合信贷银行在追求收购德国商业银行的过程中采用了“敌意策略”。

德国商业银行拒绝置评。

英国公司

航空航天与国防

初创公司开设四层组件工厂

Isembard称该工厂为伦敦中心地带自第二次世界大战以来规模最大的工厂

伊万·莱文斯顿（IVAN LEVINGSTON）——伦敦

随着国防和人工智能（AI）投资的复苏推动新一波先进制造业的发展，一家初创公司正在开设一家据其称是伦敦中心地带自第二次世界大战以来规模最大的工厂。

Isembard这座拥有160,000平方英尺、共四层的工厂兼总部，位于南华克（Southwark）原市政议会车辆扣押场旧址上。

首席执行官亚历山大·菲茨杰拉德（Alexander Fitzgerald）表示，该设施将生产无人机、火箭、机器人、潜艇和喷气发动机等组件。其客户包括美国国防技术集团Anduril、巴布考克国际（Babcock International）以及政府。

该厂区目前有35名员工，预计到明年年底总人数将达到200人。

菲茨杰拉德告诉《金融时报》，在伦敦开设如此大规模的工厂，将使这家成立两年的公司能够雇佣所需的机械师以及AI和机器人工程等领域的其他专家。他说：“我们的信念是，实际上在伦敦可以找到大量这类顶尖人才……这里是完美的位置。”

位于曼德拉路（Mandela Way）的厂区面积约相当于两个足球场，距离塔桥（Tower Bridge）约一英里，紧邻连接伦敦与多佛港的A2公路。该地块此前由英国地产公司British Land重新开发用于处理“最后一公里”配送。菲茨杰拉德表示，在Isembard于不到三个月前签署协议启动运营之前，该地块一直处于空置状态。

其他国防公司以及政府也一直在寻找闲置或废弃的工厂，以扩大生产能力。

国防部今年夏天在斯温顿（Swindon）开设了一处无人机测试设施，那里聚集了一些全球最大的无人机制造商。该设施位于第二次世界大战期间生产喷火战斗机的原址，随后该地成为了本田汽车工厂，直到五年前关闭。

房地产集团也越来越多地进行与国防相关的押注。据《金融时报》此前报道，Sirius Real Estate在过去18个月中在英国和德国投入了数亿欧元进行国防相关收购，并计划将该金额提升至10亿欧元（10亿欧元），其中包含€1的基准单位。

据一名知情人士透露，Isembard此前已从包括Twitter早期支持者Union Square Ventures在内的投资者那里筹集了超过$50mn的资金，近期由现有投资者进行的融资使该集团的估值达到约$500mn。

该公司计划筹集更多资金以支持其扩张计划。Isembard在英国、美国、法国和德国拥有15家工厂，其中大部分由特许经营商所有。

该公司以著名的维多利亚时代工程师伊桑巴德·金多姆·布鲁内尔（Isambard Kingdom Brunel）命名，旨在通过一个与关键行业合作的软件驱动工厂网络，颠覆由小企业主导的碎片化组件供应链。

“制造业是一个国家安全、繁荣和使命感的源头。自第二次世界大战以来，没有人在伦敦开设过这样的工厂，这告诉了你我们的工业基础被允许萎缩到了什么程度，”菲茨杰拉德补充道。

商业大臣乔纳森·雷诺兹（Jonathan Reynolds）对新工厂的落成表示欢迎，称：“这正是英国重新工业化的核心所在。”

由Sylvia Pfeifer和Julie Steinberg提供额外报道

财经. 投资

Arini 在欧洲最棘手的信用交易中受挫

这家伦敦对冲基金的旗舰策略在对陷入困境的集团债务进行大举押注后陷入亏损

EUAN HEALY, COSTAS MOURSELAS AND ROBERT SMITH

总部位于伦敦的信用投资者 Arini Capital Management 发现自己处于欧洲多个最棘手的不良债务交易的不利地位，导致其旗舰策略在两名顶尖交易员离职的今年出现亏损。

管理规模达 220亿美元 的 一直是欧洲增长最快的对冲基金之一，并迅速以利用杠杆对陷入困境的企业债务进行大规模集中押注而闻名。

该公司由前瑞信（Credit Suisse）高收益交易员 Hamza Lemssouguer 于 2021 年创立，这种逆向投资方法为其主基金带来了巨额利润，2023, 21 per cent in 2024 and 10 per cent last year. (Wait, correcting to match source: 2023 年增长 27%，2024 年增长 21%，去年增长 10%。)

但据知情人士透露，一系列失败的押注导致这位 35 岁的摩洛哥人的旗舰基金自年初以来亏损超过 8%。

由于包括阿斯顿·马丁（Aston Martin）和 Altice International 在内的公司债务头寸恶化， 规模最大的主基金在 7 月亏损近 8%，8 月亏损近 1%。

该基金 7 月最大的单一名称损失来自对 Altice International 债务的押注，该公司是法以亿万富翁 Patrick Drahi 电信帝国的一部分。

去年年底，当 Drahi 将该集团最有价值的资产移出抵押给债权人的资产池时， International 的债券价格暴跌。

是与该公司谈判并指责其触发违约的资深债券持有者团体成员之一。

但在 7 月，资深债权人团体中的一个子集（包括 和 Silver Point Capital）开始推动一项协议，该协议将在任何重组中给予他们比同行更优先的赔付，作为他们愿意起诉 的回报。

该协议的消息导致 的债券进一步下跌，迫使 在当月计入亏损。

在 7 月又受到另一次资产转移的影响，当时负债累累的汽车制造商

（上图为 Hamza Lemssouguer 创立的 ，该公司受到了阿斯顿·马丁等集团债务危机的冲击） Jose Sarmento Matos / Bloomberg: John Keeble / Getty Images

阿斯顿·马丁将其最有价值的命名权和品牌权移出超过 13亿英镑 债权人的触及范围，导致其债券暴跌。

是该公司最大的债券持有者之一，持有价值数亿英镑的阿斯顿·马丁债务。这些资产被抵押给了私人信贷公司 HPS，作为一项具有争议的 £550mn 新融资协议的一部分，该协议将现有债权人排除在外。

在基金经历的困难一年中，包括美国首席执行官 Gavin Yates 和投资团队另一成员 Ben Elliott 在内的多名资深交易员已经离职。Yates 将加入 Citadel。

该基金在关于 7 月业绩的一封信中试图安抚投资者，告知他们对于最坏情况的预期以及头寸转好时间表的看法没有改变，并且已经对其最高信心级别的交易加倍下注。

它此前曾从类似的市值计价（mark-to-market）损失中反弹。

向投资者提醒，它在 2024 年初的两个月内下跌了 8%，随后在接下来的 12 个月里上涨了约 29%。在 2022, 成立后的几个月里，它也曾亏损 15%，但在前四年中， 获得了 73% 的回报。

除了旗舰基金外， 还

其波动性源于对信用领域一些最危险局势的大规模押注

运行其他规模较小的策略，这些策略今年的表现更好。

据知情人士透露，其信用机会基金今年以来上涨了 12%，而一项直接贷款策略今年至今的收益率为 7%。Arini 还拥有一项资产支持融资策略。

Arini 的波动性源于对信用市场中一些最危险情况的大规模押注，它经常成为某家陷入困境公司的最大债券持有者，持仓规模之大导致其头寸难以平仓。当这些债券价格大幅下跌时， 面临承受巨额损失的风险。

除了持有大量债务外，这家对冲基金还因在不透明的信用违约互换（CDS）市场进行交易而闻名，即买卖针对高负债公司违约的保护。

在去年的一次重组中取得该集团所有权之前， 是玻璃和包装巨头 Ardagh 发行债券的最大持有者之一。

然而，由于一项交易失误，它还向寻求违约保护的投资者出售了大量 Ardagh 的 CDS，导致其必须向购买这些合约的投资者支付巨额款项。

据知情人士透露，该公司 7 月还从两个电信头寸中遭受损失：一个是美国 EchoStar 集团的股权，另一个是阿波罗（Apollo）支持的 Brightspeed 的大量债券头寸，而后者此后已对其能否继续作为持续经营企业发出警告。

彭博社率先报道了 7 月的损失。

还持有 Pfleiderer 的少量头寸，这是一家由 Strategic Value Partners 支持的陷入困境的木面板公司。本月其债券价格从 8 月底的约 46 美分跌至每欧元 17 美分。

作为重组的一部分，包括 在内的债券持有者将接管 Pfleiderer。使其成为该信用基金自去年以来接管的最新一家高负债公司，此前还包括 Ardagh 和债务催收公司 Lowell。意大利包装集团 Reno de Medici 也将加入这一名单。

除了针对特定公司的 CDS 出售外， 还以出售旨在防御风险较高公司损失的衍生品指数份额而闻名。

这些“权益”档（equity tranches）意味着 实际上为欧洲垃圾债市场中最风险的部分提供保险，押注违约率将低于市场预期。

石油与天然气

印度埃萨尔集团达成协议收购118家加油站

艾丽丝·汉考克（ALICE HANCOCK）——伦敦

埃萨尔集团（Essar Group）已同意收购英国最大的独立加油站所有者之一，在英国石油巨头纷纷剥离其零售业务之际，扩大其加油站网络。

这家印度企业集团昨日表示，将收购拥有118家加油站的SGN Retail，此次交易将使埃萨尔的加油站网络规模翻倍。

此次收购正值埃萨尔致力于在2031年将其网络扩大至800家加油站之际。埃萨尔的燃料零售部门EET Retail首席执行官阿尔万·鲁亚（Arvan Ruia）表示，这些站点将由其位于斯坦洛（Stanlow）的炼油厂供应，该厂是英国产量第二大的炼油厂，埃萨尔认为这将使其能够提供更具“竞争力的泵端价格”。鲁亚表示：“SGN Retail是英国质量最高的加油站网络之一——站点平均面积相当于三个网球场，远超市场水平。”

埃萨尔拒绝就SGN的估值发表评论。据行业高管称，近期的交易将加油站的估值定在每处约£3.5mn，这表明SGN的站点估值在£400mn左右。

在全球范围内，BP和壳牌（Shell）等石油公司一直在退出加油站业务，因为投资者认为由零售专业人员运营更为合理。

SGN Retail的站点“平均面积相当于三个网球场，远超市场水平”

相比之下，埃克森美孚（ExxonMobil）和雪佛龙（Chevron）则通过特许经营其品牌，并签署锁定的燃料供应协议。

尽管电动汽车在兴起，但埃萨尔表示，由于人口增长、多车家庭增加以及英国整体加油站数量下降的综合影响，其认为扩张加油站业务具有强有力的逻辑。英国约有8,300家加油站，由埃克森拥有的埃索（Esso）品牌占有率最高。最大的独立加油站运营商是Motor Fuel Group，拥有超过1,200家加油站。

埃萨尔表示，到2031年拥有800家加油站将使其占据英国约9%的市场份额。

该集团由印度亿万富翁兄弟沙希·鲁亚（Shashi Ruia）和拉维·鲁亚（Ravi Ruia）于1969年创立，于2011年从壳牌手中收购了斯坦洛炼油厂。斯坦洛的日产量约为270,000桶。

埃萨尔表示，计划向斯坦洛投资24亿美元，将其打造为一个包括碳捕集、氢能和可持续航空燃料生产在内的“低碳能源中心”。

该公司表示，拥有自己的加油站网络将使其能够在未来增加可再生燃料的销售。

埃萨尔计划投资$2.4bn将斯坦洛打造为“低碳中心”

财务

MFS接管人“体面”退出

莱斯·阿尔-哈拉夫（LAITH AL-KHALAF）、阿里斯泰尔·格雷（ALISTAIR GRAY）和罗伯特·史密斯（ROBERT SMITH）

已破产的抵押贷款机构Market Financial Solutions（MFS）的债权人阻止了一名接管人监督部分破产程序，理由是担心他与MFS创始人之前的关系可能会损害该进程。

MFS在欺诈指控中于2月崩溃，欠全球部分最大银行和私人信贷公司26亿英镑。

来自小型家族经营重组公司Coots & Boots的尼米什·帕特尔（Nimish Patel）在面对这家破产房地产贷款机构的债权人反对后，辞去了名为MFS International Limited实体的接管职务。

一名高等法院法官上周批准了帕特尔辞去MFS International共同接管人的申请，并指出有人对“帕特尔先生与该公司的先前关系”以及“利益冲突的认知”表示担忧。

根据法院文件，MFS创始人帕雷什·拉贾（Paresh Raja）被指利用MFS International将资金转移给自己个人使用。

Begbies Traynor将接替Coots & Boots负责MFS International的接管工作，后者此前一直共同

帕特尔表示，“最终由那些损失资金的人来做出选择……是正确的”

负责监督该项工作。由巴克莱银行（Barclays）和阿波罗全球管理（Apollo）等贷款机构支持的 MFS 基金希望更换帕特尔。

根据此前一次听证会的简要论点，Coots & Boots 最初被安排承担更重要的角色，但在出现该公司与拉贾此前存在关系的指控后，被 AlixPartners 取代。

该公司目前仍与 Begbies Traynor 一起负责几个 MFS 实体的破产管理工作，而更换帕特尔的命令仅适用于 MFS International。

Coots & Boots 和 Begbies Traynor 均否认存在任何利益冲突。法官表示，帕特尔“完全体面地”决定“如果他辞职……对公司来说将是最好的”。

帕特尔告诉《金融时报》， “最终由那些损失资金的人来选择破产管理人是正确的，我尊重这一点。”

“对 [MFS International] 破产管理人方案的批准是以我退出为条件的。我选择接受这一条件，而不是让破产管理程序陷入停滞，因为首要任务是确保工作继续进行，且债权人无需等待。”

他补充说，Coots & Boots 的工作已接近完成，并且已经向公司董事发出要求追回 £300mn 资金的通知。

拉贾的一位发言人此前表示，他“始终坚持认为不存在欺诈或不诚实行为”。

体育

桑德兰足球俱乐部瞄准美国球迷群体

菲利普·斯塔福德 (PHILIP STAFFORD)

由于更严格的财务规则促使英格兰顶级俱乐部寻求新的收入来源，英超足球俱乐部桑德兰（Sunderland）正将目标锁定在那些与其工业遗产有共鸣的美国主要城市。

俱乐部首席执行官汤姆·伯威尔（Tom Burwell）表示，他希望利用桑德兰的采矿业和造船业历史，以及本世纪的城市复兴，以此激发英格兰东北部家园以外地区对球队的兴趣。

他在接受《金融时报》采访时表示：“我们的机会是基于一个深植于桑德兰方圆30公里半径内的身份和业务进行构建。我们的责任是将这个故事传递到我们能够触达的市场，从而扩大球迷基础，并最终增加收入。”

伯威尔特别点名费城、匹兹堡和底特律，称这些大型后工业城市在桑德兰最近的美国季前巡演期间，对其故事产生了共鸣。

他补充道：“我们对北美的看法是，在合作伙伴和分发平台的配合下进行高度精准的定位，将我们非常真实的故事包装起来，讲述给那些能够产生共鸣的人。”

桑德兰的此次推进正值本赛季引入的俱乐部财务新规

粉色之战：桑德兰在最近访问费城期间的一场友谊赛中击败了雷克瑟姆（Wrexham）

重塑了英格兰顶级球队的支出方式，助力推动了创纪录的夏季买卖潮。

旨在促进财务可持续性的“阵容成本规则”（Squad Cost Rules）限制了球队在球员身上的支出金额，除非通过球员交易产生利润。

然而，在场外产生强劲营业额的俱乐部在阵容和设施上的支出将拥有更多自由，而参加欧洲赛事的球队则面临更严格的限制。本周，桑德兰将进行自1973年以来的首场欧洲赛事。

伯威尔承认这些规则“给业务带来了很多挑战和机遇”，但补充说这些规则可能有所帮助，因为“作为一家有实力的俱乐部，我们可以建立可持续且强劲的收入”。

桑德兰的季前巡演涵盖了美国的新泽西州、宾夕法尼亚州和田纳西州。伯威尔表示：“我们发现费城产生了强烈的共鸣，”匹兹堡和底特律同样如此，这些城市“拥有代表其社区的大型体育组织。我认为洛杉矶和纽约不会是我们的目标地，因为它们不符合条件。”

该俱乐部还与埃尔维斯·普雷斯利（Elvis Presley）的遗产管理机构达成合作，在格雷斯兰（Graceland）销售其粉黑相间的埃尔维斯·凯迪拉克主题客场球衣，以此向演唱《Can’t Help Falling in Love》的支持者们致意。

桑德兰的举措进一步将英超联赛与美国消费者及资本市场紧密联系在一起。

公司与市场

股票。首日反弹

中国警告银行家警惕大量“低质量”IPO

监管机构在近期两宗重磅上市引发申请潮后敦促谨慎

ARJUN NEIL ALIM — 香港

中国监管机构已告知银行家，不要让所谓的“低质量”公司充斥首次公开募股（IPO）市场，并在北京旨在增强散户投资者对股票信心的大环境下，保持较低的发行定价。

芯片制造商长鑫存储（CXMT）和人形机器人初创公司宇树科技（Unitree）在近期上市时获得了投资者的极大关注。由于定价低于在西方交易所的预期，这两家公司在交易首日飙升超过 400%。

据两名知情人士透露，中国证券监督管理委员会（中国证监会）的官员近期会见了国内部分资深投资银行家，重申希望 IPO 继续采取这种保守的定价方式。

这些人士表示，在近期 成功引发申请激增之后，监管机构还强调希望避免出现上市潮，尤其是那些不被视为“国家冠军”企业的上市。

汇丰银行（HSBC）分析师的数据显示，中国 市场今年强劲反弹，迄今已有 100 多家公司上市，筹集资金超过 280亿美元——比 2025 年全年增长了近一半。今年中国新股上市首日的收益中位数为 173%。

这些警告表明，北京意在维持对 市场的控制，以实现国家目标，并鼓励人们将更多资金投入股市，而非房地产等其他投资形式。一家领先中国银行的高管表示，监管机构“希望确保认购 股票的投资者能够获得丰厚收益——这样市场才能持续运行”。

在西方，银行家通常将上市定价设定在约 10% 的“跳空上涨”幅度，但中国的情况则不同，过去一些上市股票在交易开始后大幅下跌，损害了散户投资者的利益。这促使承销商和监管机构通过设计来创造更大的首日涨幅。

“人们达成共识，认为 定价不能太高。需要设定得低一些，以留出较大的安全缓冲空间，”该中国银行高管表示，“如果一家公司可以定价在市盈率 30 倍左右，那么实际上可能仅定价在 15 倍。”

长鑫存储（CXMT）的情况尤其如此，其市盈率估值与三星（Samsung）和 SK 海力士（SK Hynix）等竞争对手相似。

由于该公司处于 AI 繁荣的关键领域，投资者仍将其股价推高至发行价的 560% 左右。

2026 年中国的上市数量几乎超过了去年的总数 A股市场 数量，2020-26

中国在 定价方面取得了进展。十年前，几乎所有上市交易的定价上限均为市盈率 23 倍，这往往导致股价剧烈波动，使投资者处于风险之中，且股价表现从长远来看不可持续。

自 2019 年上海科技聚焦的科创板启动以来，上市定价根据公司和行业采用不同的倍数。在科创板上，亏损但具有战略意义的科技公司也可以基于销售额而非收益进行估值。

银行家表示，这种方法还允许地方政府基金和国有银行（它们在上市后通常持有公司的大量股份）在账面上实现巨额收益，从而降低因未能保值国家资产而面临政治批评的风险。

纽约大学法学院兼职教授、中国主权基金中投公司（CIC）前董事总经理马文森（Winston Ma）表示：“设定相对较低的 价格保证了上市的执行，并奖励了长——”

中国主要股票市场上市首日涨幅 首日回报中位数 (%)

[...OMITTED...]

年初至今。包括在上海、深圳和北京证券交易所上市的 IPO。2026年数据截至9月8日。来源：Wind；金融时报计算。

重量级选手：上个月在北京的一次行业活动上，一名男子与一台 Unitree 机器人进行对练。该公司的股价在交易首日上涨了 $400\%$ 以上 —— Kevin Frayer / Getty Images

“如果一家公司的定价在 30 倍市盈率左右，那么实际上它的定价可能仅为 15 倍”

期国家和战略股东，他们在这些国家冠军企业度过艰难岁月期间提供了资金。”

他表示，在 Unitree 等股票上市后出现下跌之后，人们对中国的上市机制进行了一些“深刻反思”。这家机器人初创公司在首日大幅上涨后下跌了近 50%，尽管该股仍比发行价高出约 240%。

马表示：“这是一种极端的供需不对称。”

“在一些带有‘国家冠军’光环的技术公司首次公开募股中，例如人形机器人，但初始可交易流通盘较小，散户的 FOMO（恐慌错过）心理会制造出一种不可持续的交易狂热。”

监管机构试图通过延长高管和员工的锁定期，为最新一波技术上市打造一个渐进式的牛市。

他们还敦促包括地方政府基金和国有银行在内的国家支持投资者充当“耐心资本”，在战略性重要技术实现盈利之前就对其进行投资。

中国金融研究机构 Wiselink 的创始人兼首席经济学家夏春表示，为了建立一个更稳定的定价机制，在 IPO 前阶段需要做更多工作。

他说：“一个更健康的 IPO 市场在上市前需要一个更多元化的股东基础。创始人不应持有过多股份，不同类型的投资者在公司上市前应有机会就估值进行博弈。”

“如果能达到这种平衡，大股东在上市后急于套现而抛售股票的可能性就会降低，投资者在交易开始后会有更强的动力继续买入并推高股价。”

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代币化黄金拟豁免于英国基金监管规则

大宗商品

马丁·阿诺德（MARTIN ARNOLD）——伦敦

根据金融监管机构昨日公布的提案，代币化黄金将豁免于英国的基金监管规则，此举旨在加强伦敦作为金条交易和托管中心的地位。

英国金融行为监管局（FCA）表示，其正考虑是否能与财政部及英格兰银行共同创建“一套针对代币化黄金，或更广泛的代币化大宗商品的定制化制度”。

代币化黄金是指创建代表实物黄金所有权的数字资产。金条由发行方持有，作为代币的支撑资产。

FCA 表示，这有助于将伦敦更多的金条储备转化为金融交易中的抵押品。

该监管机构表示：“股票或债务证券已经通过成熟的电子市场基础设施进行发行、交易和结算，而代币化则能让一种传统的、在操作上较为复杂的实物资产在数字市场中更容易地进行分割和转移。”

行业参与者曾向 FCA 警告称，由于不确定代币化黄金是否会被纳入集体投资计划（CIS）或替代投资资金（AIF）的规则范围，其发展可能会受到阻碍，而这些规则可能会限制部分投资者的准入。

“我们渴望了解现有监管框架是否仍适用于黄金”

监管机构表示，它可以考虑与财政部合作，“评估并可能针对某些代币化黄金产品或黄金市场基础设施，引入一项针对 CIS 和 AIF 监管范围的定向豁免”。

FCA 官员表示，目前尚未做出决定。

英国在黄金市场占据主导地位，但正面临来自旨在成为枢纽的中国的竞争。

FCA 基础设施与交易所主管乔恩·雷伦（Jon Relleen）告诉《金融时报》：“在我们与行业就代币化进行的讨论中，代币化黄金成为了一个关注领域。我们渴望了解现有监管框架是否仍适用于黄金市场，以及创新如何能增强英国市场的效率和竞争力。”

这些提案是英国监管机构推动批发金融市场代币化更广泛举措的一部分。

昨日，FCA 和英格兰银行在另一份文件中表示，行业参与者告诉他们，该领域最大的机遇是通过提高清算和结算等交易后操作的效率，从而释放资本和抵押品。

英格兰银行正考虑将其英镑货币框架（该框架向金融机构提供资金）中的合格抵押品范围扩大到包括稳定币在内的代币化资产。

大宗商品

油价飙升削弱英格兰银行维持利率的理由

萨姆·弗莱明 (SAM FLEMING) 和 伊恩·史密斯 (IAN SMITH) —— 伦敦

随着政策制定者准备在本周晚些时候举行会议，飙升的油价将重新引发英格兰银行（BoE）内部关于是否需要在年底前提高利率的讨论。

货币政策委员会（MPC）将召开会议，讨论其关键利率以及缩减资产负债表的步伐。与此同时，债券市场的抛售阴影笼罩其上，在10月28日预算案出台前，这给首相安迪·伯纳姆（Andy Burnham）的政府带来了日益增长的压力。

市场预计，在周四的MPC 9月政策会议上，借贷成本上升的可能性约为 40%。但由于中东战争再次升级导致能源价格上涨、通胀加速以及英国GDP增长相对强劲，英格兰银行内部关于关键利率能维持在 3.75 per cent 多久的争论预计将愈演愈烈。

德意志银行经济学家桑杰·拉贾（Sanjay Raja）表示：“MPC的耐心可能快用完了，维持利率不变的理由正在缓慢削弱。”

欧洲中央银行周四提高了其关键利率（尽管是从较低水平起步），而投资者认为美国联邦储备委员会（Fed）本周可能会采取类似行动。

交易员将密切关注英格兰银行利率制定者的投票分歧。根据LSEG的数据，市场共识预计将有 6 票支持维持利率不变，3 票支持加息。

一些人认为，油价飙升至 $100 以上正在考验鸽派的假设——即伊朗通胀冲击的广泛影响将被控制在一定范围内——这可能会导致一个更偏向鹰派的结果。

市场预计该行将在本周晚些时候将其关键利率维持在 3.75%

关于失业率和通胀的官方数据也将于周四利率公布前的几天内发布。

花旗银行短期利率交易全球主管阿克谢·辛格尔（Akshay Singal）表示：“考虑到 [GDP] 数据，以及油价和能源冲击比预期要持久得多……我认为出现 5-4, 票结果的风险是真实存在的，甚至有可能出现意外加息。”

根据掉期合约隐含的水平，市场目前预计到明年此时将有 4 次 25 个基点的加息，而本月初的预期为 2 次或 3 次。

英格兰银行 11 月会议的行动目前已被市场完全定价。英格兰银行行长安德鲁·贝利（Andrew Bailey）在周二财政部遴选委员会的听证会上表示，鉴于持续的海湾战争，“上行风险”正在增加，显示出对通胀的担忧加剧。

一些投资者认为，如果英格兰银行不能在其他央行提高借贷成本时跟进，其抗击通胀的信誉可能会受损，从而可能削弱英镑。

资产管理巨头先锋领航（Vanguard）国际利率主管亚历克斯·库特尼（Ales Koutny）表示，如果英格兰银行在未来几个月不采取行动，现在将存在“信誉问题”。

摩根大通英国经济学家艾伦·蒙克斯（Allan Monks）预计通胀率将至少达到 4 per cent – 是英格兰银行目标的两倍。

投资者还在等待关于英格兰银行所谓“量化紧缩”计划未来的决定。该计划旨在减少在过去危机期间通过大规模购买而积累的政府债券持仓，而这一计划增加了英国借贷成本的上行压力。

英国国债市场参与者预计，英格兰银行将把截至 2027, 年 9 月的一年内资产负债表缩减规模从 700亿英镑 降低至 500亿英镑，这意味着将有约 200亿英镑 的国债主动抛售，其中包括部分长期债务。

一些人认为，在能源价格上涨和通胀担忧以及对借贷过剩的担忧日益增加引发的全球剧烈抛售之后，英格兰银行可能会进一步减少或暂停向市场抛售长期债券。抛售导致本周 30 年期英国国债收益率接近 6 per cent，这是自 1998 年以来首次突破该水平。

“显然，他们有空间向长端发送支持信号，”先锋领航（Vanguard）的库特尼（Koutny）表示。

股票

泛欧交易所对与德意志交易所的“大爆炸”式合并持开放态度

PAOLA TAMMA — 布鲁塞尔 NIKOU ASGARI — 伦敦

泛欧交易所（Euronext）首席执行官表示，该公司对于与竞争对手德意志交易所（Deutsche Börse）合并，或两家集团的证券交易所业务进行整合持开放态度。这一讨论已久的组合可能会创建一个“行星规模”的欧洲市场。

将欧洲最大的证券交易所运营商与其德国竞争对手结合，可能会提高流动性，并有助于增强该地区市场的竞争力，因为欧盟官员正寻求改革该联盟的资本市场，包括将关键实体的监管集中化。

斯特凡·布若纳（Stéphane Boujnah）并未排除两家集团全面合并的可能性，但警告称这将必须通过监管障碍。

“一项合理的交易是合并交易所业务，”布若纳在一次采访中表示，并补充说目前两家集团之间没有进行相关对话。

泛欧交易所运营着包括巴黎、阿姆斯特丹和米兰在内的八个国家的交易场所，以及后交易、清算和能源业务，市值 160亿欧元。德意志交易所运营着法兰克福证券交易所以及全球最大的衍生品交易场所之一的欧洲期货交易所（Eurex），以及后交易业务，估值约为 500亿欧元。

“德国股票市场较为浅层，而泛欧交易所的股票市场则较为深厚，”布若纳说。“因此，在使股票市场更加紧密方面将产生大量协同效应，从而让我们能够拥有一个单一的股票市场，以满足欧洲三大经济体（指德国、法国和意大利）GDP 的需求，”他补充道。

将这两个交易所集团结合在一起的想法已被讨论了数十年。德意志交易所曾在 2006 年撤回对泛欧交易所的收购要约，而一次合并尝试在 2012. 年因竞争原因被欧盟委员会否决。2023, 年，两家公司的负责人讨论过创建一家欧洲上市合资企业，试图与美国展开更激烈的竞争。

“关于‘大爆炸’交易，反垄断问题是众所周知的……但从理论上讲，欧洲考虑创建一个具有行星规模的泛欧市场基础设施是有意义的，”布若纳表示。

最大涨跌幅

天然气价格最高可能涨到多少？

迈克尔·斯托帕德 (Michael Stoppard) 市场洞察

9月初，国际天然气价格突然大幅飙升。虽然头条新闻聚焦于原油突破每桶 100 加元的象征性关口，但天然气价格的上涨速度更快，其交易价格已接近原油价格等值的每桶 150 加元。

天然气价格的上涨并不令人意外。数月来，分析师一直对欧洲天然气库存水平较低感到担忧。如果欧洲要为冬季取暖季做好准备，就必须提高库存——而为了确保供应，欧洲必须与亚洲买家展开正面竞争。

但这些警告被忽视了。今年冬季天然气的“远期”价格相对于夏季价格保持平稳。因此，交易员没有动力购买天然气并支付数月的存储费用以等待冬季到来。各国政府则希望维持一种平静的氛围。

那么发生了什么变化？人们日益意识到，通过霍尔木兹海峡的液化天然气（LNG）贸易没有明显的解决方案，且封锁可能会无限期持续。而且，LNG 的前景比原油更暗淡。人们的心态已从期待市场回归转变为担忧长期中断。

在受中东冲突影响的所有大宗商品中， 是受打击最严重的品种之一。战前流量中只有不到 10% 能够通过。 运输船的巨大体积、货运价值以及遭受袭击的后果，使其风险过高。

将其与原油对比。美国政府在整个 8 月表现出将原油重新带回市场的决心。虽然目前中东原油流动的精确量尚不明确，但流动量已显著增加，这显然得益于排雷工作和美国护航。特朗普政府致力于解锁这些石油，因为其试图在 11 月中期选举前抑制汽油价格。

目前交战双方的火力交锋，实际上是伊朗与美国之间关于谁控制石油流动的斗争。而 坦率地说只是一个旁观者。

与原油不同，将中东 带回市场并非美国的优先事项，因为这只会与其自身的出口产品竞争。事实上，今年夏天中东 的缺失可能避免了价格崩盘，因为美—。

简而言之，美国面临石油供应中断的风险，但不存在液化天然气（LNG）供应中断的风险

液化天然气出口能否达到更高水平，且需要找到销路。而问题在于：美国消费者不太可能感受到国际天然气高价的影响。美国天然气价格仍低于每百万英热单位（MMBtu）$4，不足国际液化天然气价格的五分之一。简而言之，美国面临石油供应中断的风险，但不存在液化天然气（LNG）供应中断的风险。

那么，如果液化天然气继续被排除在市场之外，价格可能会涨到多少？目前价格约为每 MMBtu $25，且有报道称存在以高于每 MMBtu $30 购买液化天然气的期权。

这个价格很高且令人痛苦。这意味着家庭和工厂将面临不断增加的账单。但这与 2022 年危机期间每 MMBtu $50 至 $75 的价格水平仍有很大差距。正是当时的价格水平以及随之而来的对消费者的补贴保护，在一定程度上导致了如今的主权债务挑战和政府债券压力。

行业共识是，我们不会再次回到 2022 年那种天文数字般的价格水平。今年冬天，欧洲和亚洲之间将展开一场供应争夺战，而这场供应竞争的激烈程度将在一定程度上取决于天气。寒冷天气——以及导致风电场电力供应减少的“无风”天气——将增加对天然气的需求。

但 2022 年夏天，在俄罗斯管道天然气被切断后，欧洲人不惜一切代价填补库存的疯狂冲刺不会重演。

亚洲市场没有这种胃口，且在价格高于每 MMBtu $25 时可能不会进行激进竞价。

日本和韩国等较富裕的经济体已采取严肃措施来管理其消费。中国拥有多种替代天然气供应来源。而较不富裕的新兴经济体则没有足够的财力与欧洲竞争供应。

此外，其他因素也提供了一些缓冲。最重要的是，来自北美（加拿大以及美国）的替代液化天然气供应强劲增长，以及风能和太阳能的部署，都在缓解局势。

在过去的六个月里，天然气市场证明了其具有极强的韧性。但它最大的考验可能还在后面。系统中的冗余空间极少。

尽管如此，通过周密的规划可以避免 2022 年价格飙升的重演。

迈克尔·斯托帕德（Michael Stoppard）是 Stoppard Energy 的负责人

日本电力公司中部电力在丑闻后停止重启反应堆

员工操纵地震数据导致申请被撤回

哈里·登普西（HARRY DEMPSEY）——东京

一家日本电力公司在独立委员会发现高级管理层的压力导致员工操纵提交给监管机构的地震数据后，撤回了重启一座核电站的申请。

中部电力（Chubu Electric Power）昨日表示，将放弃对其滨冈（Hamaoka）电站两座反应堆重新开放的监管审查，从而暂停了一项已持续十余年的努力。

在独立委员会发现员工为了通过监管审查而故意操纵数据后，该公司首席执行官和董事长也随之辞职。

在福岛第一核电站事故 15 年后，这一决定标志着日本重返核电进程的一次重大挫折。

首相高市早苗（Sanae Takaichi）认为，重启核电对于降低居民能源成本，以及为日本的 AI 数据中心和传统制造业提供具有竞争力的电力至关重要，但此举一直饱受挫折困扰。

中部电力表示：“鉴于申请文件的可靠性以及公司随后在审查过程中处理相关事项的方式引起了严重质疑，维持现有申请是不恰当的。”

独立审查发现，这家日本第三大电力公司在试图伪造数据集以证明在滨冈核电站重新开放的安全审查中所选地震波的合理性时，实施了“可以被称为掩盖行为”的操作。

这些数据集是对在各种地震情景下该场地震动强度的估算，监管机构利用这些数据来确定在地震频发的日本，电站的设计是否能够承受这些震动。

“相关人员似乎没有意识到他们的行为存在任何问题”

委员会指出，中部电力的工程师存在一种“极其异常”的文化，他们按照“自己的逻辑”和“自己的正义感”行事，从而忽视了核安全管理规则的合规性。

报告称：“相关人员似乎没有意识到他们的行为存在任何问题。”

该公司的一名举报人在 2021 年对数据操纵发出了警告，并发送了一封三年前的电子邮件，显示当时选择了较弱的地震波。

市场更新

中部电力让被指控违规的部门负责事实调查，而举报热线最终回复称未发现任何合规违规行为。

在 1 月份数据操纵事件公开后成立的独立委员会表示，高级管理层的压力是导致违规行为的因素之一，但并未发现高管直接命令对监管机构的数据进行逆向工程的证据。

2011 年，福岛第一核电站的反应堆熔毁震惊了日本核工业，导致全国 54 座反应堆全部关闭。

此次事件暴露了批评者所称的由电力公司、政治家和监管机构组成的亲密“核能村”（nuclear village），这种关系阻碍了适当安全体制的建立，并导致人们对风险产生麻痹心理。

自事故以来，日本已重启 15 座反应堆，政府目标是将核电在发电中的份额从 8.5% 提高到 2040 年的约 20%。而福岛事故前的这一比例约为 30%。

中部电力滨冈电站的两座反应堆曾是日本扩大复苏计划的重大希望之一，但根据分析师的估计，它们的计划重启时间可能会分别推迟至少三年，至 2032 年和 2035 年。

呈现由

战略合作伙伴

FT 地点 FT 直播 日经

投资美洲：日本专场

从选址到规模化，解锁美洲地区的增长机遇

12 November / 线下会议 / 东京

“投资美洲：日本专场”汇集了来自日本企业、美国经济发展组织以及领先顾问机构的决策者，共同探讨激励措施、监管、选址及战略合作伙伴关系。

桥本武 (Takeshi Hashimoto) 代表董事、 董事长 商船三井 (Mitsui O.S.K. Lines)

大本正幸 (Masayuki Omoto) 总裁兼首席执行官 丸红株式会社 (Marubeni Corporation)

洞察合作伙伴

麦肯锡 (McKinsey & Company)

山口丰和 (Toyokazu Yamaguchi) 总裁兼首席执行官 山口重工 (Yamaguchi Heavy Industries)

冈田信 (Nobu Okada) 首席执行官兼创始人 Astroscale Ltd

< / td><>美国< / ><>欧元区< / ><>日本< / ><>英国< / ><>中国< / ><>巴西< / >< / tr><><>股票< / ><>S&P 500< / ><>Eurofirst 300< / ><>日经 225< / ><>富时100< / ><>上证综指< / ><>波维斯帕指数< / >< / ><><>水平< / ><>7642.14< / ><>2542.16< / ><>63492.99< / ><>10697.57< / ><>3885.33< / ><>185930.06< / >< / ><><>当日涨跌幅%< / ><>-0.19< / ><>-0.47< / ><>-0.81< / ><>0.44< / ><>-0.07< / ><>-0.68< / >< / ><><>货币< / ><>美元指数 (DXY)< / ><>美元 / 欧元< / ><>日元 / 美元< / ><>美元 / 英镑< / ><>人民币 / 美元< / ><>雷亚尔 / 美元< / >< / ><><>水平< / ><>99.52< / ><>1.154< / ><>154.725< / ><>1.348< / ><>6.71< / ><>5.169< / >< / ><><>当日涨跌幅%< / ><>0.40< / ><>-0.663< / ><>0.818< / ><>-0.403< / ><>0.00< / ><>1.341< / >< / ><><>政府债券< / ><>10年期美国国债< / ><>10年期德国国债< / ><>10年期日本国债< / ><>10年期英国国债< / ><>10年期债券< / >< / ><><>收益率< / ><>4.94< / ><>3.52< / ><>2.95< / ><>5.31< / ><>1.70< / ><>14.36< / >< / ><><>当日基点变化< / ><>0.03< / ><>0.04< / ><>0.05< / ><>0.01< / ><>0.10< / >< / ><><>全球 / 大宗商品< / ><>富时全球指数< / ><>原油 - 布伦特< / ><>原油 - WTI< / ><>黄金< / ><>白银< / ><>金属 (LMEX)< / >< / ><><>水平< / ><>749.31< / ><>107.39< / ><>98.17< / ><>4288.57< / ><>63.32< / ><>5805.60< / >< / ><><>当日涨跌幅%< / ><>-0.45< / ><>2.59< / ><>2.32< / ><>-1.79< / ><>-1.76< / ><>-0.41< / >< / table>

主要股票市场

<>< rowspan="3">< / >< colspan="2">美国< / >< / ><><>CrowdStrike Hldgs< / ><>14.99< / >< / ><><>Palo Alto Networks< / ><>12.95< / >< / ><>< rowspan="3">上涨< / ><>Fortinet< / ><>8.36< / >< / ><><>Autodesk< / ><>7.50< / >< / ><><>Cognizant Tech< / ><>6.84< / >< / table>

价格取自格林威治标准时间 17:00 GMT Sep 14

<><>Wolters Kluwer CVA< / ><>6.76< / >< / ><><>Capgemini< / ><>6.61< / >< / ><><>SAP< / ><>5.08< / >< / ><><>Dassault Systemes< / ><>4.99< / >< / ><><>AP Moller-Maersk B< / ><>4.21< / >< / table>

<><>Nokia< / ><>-10.13< / >< / ><><>ASM Int'l< / ><>-8.55< / >< / ><><>Siemens Energy< / ><>-8.04< / >< / ><><>Infineon Technologies< / ><>-7.72< / >< / ><><>Wartsila< / ><>-6.92< / >< / table>

基于富时欧元区 300 指数成分股

<>< colspan="2">英国< / >< / ><><>The Sage Grp< / ><>5.27< / >< / ><><>WPP< / ><>5.20< / >< / ><><>RELX< / ><>5.17< / >< / ><><>GSK< / ><>4.74< / >< / ><><>Trainline< / ><>4.65< / >< / ><><>Halma< / ><>-5.56< / >< / ><><>Oxford Instruments< / ><>-5.43< / >< / ><><>Antofagasta< / ><>-5.38< / >< / ><><>Pan African Res< / ><>-5.35< / >< / ><><>Raspberry Pi Holdings< / ><>-5.24< / >< / table>

所有数据由 ICE 提供。www.ice.com

技术

在美上市的 Equinix 因开普敦大型数据中心项目面临反对

MONICA MARK — 约翰内斯堡

在美上市的 Equinix 因在南非拟建的大型数据中心项目而面临反对。这成为了一个测试：一个长期遭受停电和缺水困扰的国家将如何管理 AI 基础设施的建设。

根据《金融时报》看到的文档，活动人士发起的一项上诉正寻求推翻 7 月份授予的一项批准，该批准允许在开普敦国际机场附近开发非洲最大的超大规模设施之一。

在全球运营数据中心的 Equinix 正寻求扩大其在非洲最发达经济体中的足迹，以满足激增的需求。

然而，由技术正义组织 Foxglove 和活动人士 Housing Assembly 提交的上诉认为，这座占地 122,500 平方米的设施计划是根据针对仓库的规则获得批准的，尽管拟建的两座数据中心是对“已批准土地用途的性质和强度的根本性改变”。

上诉称，代表 Equinix 提交规划申请并给予批准的城市法庭缺乏足够的信息来评估对社区和资源的影响，特别是该设施潜在的用水量。

这场争端凸显了南非数据中心热潮核心的紧张局势：尽管电力和水资源短缺造成了限制，但仍有巨额投资。

开普敦及其周边地区经常遭受严重的干旱，以至于当局不得不采取激烈的节水措施，以避免关闭市政水龙头。南非也直到最近才从多年的破坏性停电中恢复。

根据市场研究机构 Arizton Advisory & Intelligence 的数据，南非已经拥有非洲约 70 per cent 的数据中心容量，而该国新设施的投资预计到 2031, 将翻倍，超过 50亿美元。

Foxglove 表示，其对该案件充满“信心”，并且有“很大机会推翻这一非法决定”。

开普敦副市长埃迪·安德鲁斯（Eddie Andrews）表示：“在上诉程序结束之前，市政府无法发表评论。”

Equinix 否认其在开普敦提交了规划申请，称其已“完成土地购买”，且“没有立即开发该场地的计划”。

然而，一份提交给市政府并经《金融时报》审阅的规划申请将 Equinix 列为两座拟建数据中心的开发商和运营商。南非房地产公司 King Air Industria 同样被列为该申请的开发商。

此次上诉可能会为南非创下先例，因为南非目前还没有针对大型数据中心的专门框架。

如果上诉成功，开发商可能会被强制提交一份新的申请，并更全面地披露项目的资源需求。预计结果将在未来几周内公布。

Aug 14 - Sep 14< / td>< / tr><><>< / ><>Index< / ><>All World< / >< / ><>< colspan="2">● Nikkei 225< / ><>Tokyo< / >< / table>

AMERICAS EUROPE Day ▷ -0.68% Month ▷ 10.90% Year ▷ 29.32%

LONDON 过去 30 天的股市走势，并以相同货币的富时全球指数（FTSE All-World）作为对比

WORLD MARKETS AT A GLANCE

前一交易日涨跌幅 (%)

FTSE EuroFirst

-0.47%

日 $\rightarrow$ $ 0.01% 月 $\geq$ -2.67% 年 $\rightarrow$ $ 13.42%

日经指数

国家 / 地区< / td><>指数< / ><>最新< / ><>前值< / >< / tr><><>澳大利亚< / ><>All Ordinaries< / ><>8923.90< / ><>8920.20< / >< / ><><>澳大利亚< / ><>S&P ASX 200< / ><>8749.90< / ><>8741.20< / >< / ><><>澳大利亚< / ><>S&P ASX 200 Res< / ><>7842.60< / ><>7873.70< / >< / ><><>奥地利< / ><>AIX< / ><>6763.22< / ><>6885.23< / >< / ><><>比利时< / ><>BEL 20< / ><>5729.67< / ><>5713.36< / >< / ><><>比利时< / ><>BEL Mid< / ><>6488.77< / ><>6490.24< / >< / ><><>巴西< / ><>Bovespa< / ><>165030.06< / ><>167206.69< / >< / ><><>加拿大< / ><>S&P 150 A60< / ><>2106.47< / ><>2096.44< / >< / ><><>加拿大< / ><>S&P 150 Comp< / ><>35786.19< / ><>35697.40< / >< / ><><>中国< / ><>SS&P / LOX RPA Gen< / ><>56800.02< / ><>56920.02< / >< / ><><>中国< / ><>F150 A300< / ><>11379.50< / ><>11452.10< / >< / ><><>< / ><>上海 A 股< / ><>4073.60< / ><>4076.70< / >< / ><><>< / ><>上海 B 股< / ><>295.57< / ><>292.55< / >< / ><><>< / ><>上海综合指数< / ><>3885.33< / ><>3888.11< / >< / ><><>< / ><>深圳 A 股< / ><>2578.53< / ><>2590.17< / >< / ><><>< / ><>深圳 B 股< / ><>1165.44< / ><>1161.03< / >< / ><><>克罗地亚< / ><>CROBEX< / ><>4402.72< / ><>4383.13< / >< / ><><>塞浦路斯< / ><>CSE M&P Gen< / ><>315.70< / ><>318.79< / >< / table>

股票市场：最大波动指数

<><>国家 / 地区< / ><>指数< / ><>最新< / ><>前值< / >< / ><>< rowspan="2">捷克共和国< / ><>Czech Republic PK< / ><>2761.09< / ><>2784.35< / >< / ><><>DMC Copenhagen 20< / ><>1577.01< / ><>1574.48< / >< / ><><>埃及< / ><>ESX 30< / ><>54798.60< / ><>55664.80< / >< / ><><>爱沙尼亚< / ><>OMX Tallinn< / ><>2203.84< / ><>2192.72< / >< / ><><>芬兰< / ><>OMX Helsinki General< / ><>13518.04< / ><>13934.48< / >< / ><><>法国< / ><>French CAC40< / ><>8117.78< / ><>8179.77< / >< / ><><>法国< / ><>SBF 120< / ><>6152.55< / ><>6199.74< / >< / ><><>德国< / ><>M-DAX< / ><>31057.16< / ><>31663.79< / >< / ><><>德国< / ><>Tec-Dax< / ><>3960.75< / ><>3980.48< / >< / ><><>德国< / ><>XETRA-Dax< / ><>25440.81< / ><>25668.56< / >< / ><><>希腊< / ><>Athens< / ><>2694.96< / ><>2738.49< / >< / ><><>希腊< / ><>FTSE / ASIA< / ><>6926.53< / ><>7004.52< / >< / ><><>香港< / ><>恒生指数< / ><>24917.60< / ><>24805.63< / >< / ><><>香港< / ><>恒生企业指数< / ><>8294.58< / ><>8246.33< / >< / ><><>香港< / ><>恒生红筹指数< / ><>4130.11< / ><>4133.88< / >< / ><><>匈牙利< / ><>Bux< / ><>151724.51< / ><>152518.27< / >< / ><><>印度< / ><>BSE Sensex< / ><>74781.76< / >< / ><><>印度尼西亚< / ><>Jakarta Comp< / ><>6534.69< / ><>6541.38< / >< / table>

[...OMITTED...]

美洲< / td>< / tr><><>活跃股票< / ><>成交量（百万股）< / ><>收盘价< / ><>当日涨跌< / >< / ><><>英伟达 (Nvidia)< / ><>71.47< / ><>211.78< / ><>-6.51< / >< / ><><>英特尔 (Intel)< / ><>55.26< / ><>98.03< / ><>-4.91< / >< / ><><>超级微电脑 (Super Micro Computer)< / ><>22.63< / ><>37.81< / ><>-< / >< / ><><>特斯拉 (Tesla)< / ><>19.12< / ><>363.26< / ><>-2.18< / >< / ><><>苹果 (Apple)< / ><>18.22< / ><>334.58< / ><>2.31< / >< / ><><>美光科技 (Micron Technology)< / ><>17.02< / ><>919.14< / ><>-56.12< / >< / ><><>CrowdStrike Hldgs< / ><>15.98< / ><>237.74< / ><>31.00< / >< / ><><>网飞 (Netflix)< / ><>15.44< / ><>80.70< / ><>3.31< / >< / ><><>亚马逊 (Amazon.com)< / ><>15.35< / ><>253.38< / ><>-3.40< / >< / ><><>Alphabet CI A< / ><>14.94< / ><>346.08< / ><>7.58< / >< / table>

欧洲市场 活跃股票

<><>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)< / ><>192.18< / ><>1.09< / ><>-0.02< / >< / ><><>英国石油 (BP)< / ><>66.24< / ><>5.71< / ><>0.07< / >< / ><><>巴克莱银行 (Barclays)< / ><>57.75< / ><>4.79< / ><>-0.15< / >< / ><><>沃达丰 (Vodafone)< / ><>43.51< / ><>1.30< / ><>0.02< / >< / ><><>嘉能可 (Glencore)< / ><>43.00< / ><>5.91< / ><>-0.14< / >< / ><><>汇丰银行 (HSBC)< / ><>42.62< / ><>15.37< / ><>-0.16< / >< / ><><>普鲁登申 (Prudential)< / ><>26.41< / ><>9.77< / ><>-0.02< / >< / ><><>Haleon< / ><>24.91< / ><>3.42< / ><>0.08< / >< / ><><>国民西敏寺银行集团 (NatWest Group)< / ><>23.48< / ><>6.83< / ><>-0.15< / >< / ><><>森特里卡 (Centrica)< / ><>21.98< / ><>1.47< / ><>-0.04< / >< / ><><>最大涨跌幅< / ><>收盘价< / ><>当日< / >< / table>

<><>最大涨跌幅< / ><>收盘价< / ><>当日涨跌< / ><>当日涨跌%< / >< / ><>< colspan="4">上涨< / >< / ><><>Sage 集团 (The Sage Grp)< / ><>10.09< / ><>0.51< / ><>5.27< / >< / ><><>WPP< / ><>3.86< / ><>0.19< / ><>5.20< / >< / ><><>RELX< / ><>26.03< / ><>1.28< / ><>5.17< / >< / ><><>葛兰素史克 (GSK)< / ><>18.55< / ><>0.84< / ><>4.74< / >< / ><><>Trainline< / ><>2.02< / ><>0.09< / ><>4.65< / >< / ><>< colspan="4">下跌< / >< / ><><>Halma< / ><>34.32< / ><>-2.02< / ><>-5.56< / >< / ><><>牛津仪器 (Oxford Instruments)< / ><>26.10< / ><>-1.50< / ><>-5.43< / >< / ><><>安托法加斯塔 (Antofagasta)< / ><>35.86< / ><>-2.04< / ><>-5.38< / >< / ><><>泛非资源 (Pan African Res)< / ><>1.17< / ><>-0.07< / ><>-5.35< / >< / ><><>树莓派控股 (Raspberry Pi Holdings)< / ><>5.24< / ><>-0.29< / ><>-5.24< / >< / table>

<>< colspan="4">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)< / ><>43.04< / ><>6.71< / ><>-0.12< / >< / ><><> Stellantis< / ><>33.16< / ><>4.54< / ><>-0.13< / >< / ><><>国家电力公司 (Enel)< / ><>22.59< / ><>8.74< / ><>-0.21< / >< / ><><>诺基亚 (Nokia)< / ><>19.19< / ><>8.59< / ><>-0.97< / >< / ><><>桑坦德银行 (Banco Santander)< / ><>15.78< / ><>12.77< / ><>-0.11< / >< / ><><>葡萄牙电力 (EDP)< / ><>12.71< / ><>4.61< / ><>-0.18< / >< / ><><>西班牙电信 (Telefonica)< / ><>10.73< / ><>3.67< / ><>0.02< / >< / ><><>Royal KYN< / ><>10.60< / ><>4.16< / ><>0.08< / >< / ><><>萨巴德尔银行 (Banco De Sabadell)< / ><>9.93< / ><>3.69< / ><>-< / >< / ><><>Ets< / ><>7.75< / ><>24.61< / ><>0.01< / >< / ><><>最大涨跌幅< / ><>收盘价< / ><>当日

变动< / td> 当日变动%< / >< / tr> <>上涨< / ><>< / >< / ><><>Wolters Kluwer CIA< / ><>70.72< / ><>4.48< / ><>6.76< / >< / ><><>Cappgemini< / ><>109.70< / ><>6.80< / ><>6.61< / >< / ><><>SAP< / ><>186.26< / ><>9.00< / ><>5.08< / >< / ><><>Dassault Systemes< / ><>21.25< / ><>1.01< / ><>4.99< / >< / ><><>AP Mola-Maera B< / ><>227.00< / ><>940.00< / ><>4.21< / >< / ><><>下跌< / ><>< / >< / ><><>Nokia< / ><>8.59< / ><>-0.97< / ><>-10.13< / >< / ><><>ASM Int'l< / ><>759.20< / ><>-71.00< / ><>-8.55< / >< / ><><>Siemens Energy< / ><>122.86< / ><>-11.60< / ><>-8.04< / >< / ><><>Infineon technologies< / ><>54.04< / ><>-4.52< / ><>-7.72< / >< / ><><>Wartsila< / ><>26.90< / ><>-2.00< / ><>-6.92< / >< / table>

<>< colspan="4">最大涨跌幅< / >< / ><><>< / ><>收盘价< / ><>当日变动< / ><>当日变动%< / >< / ><>< colspan="4">上涨< / >< / ><><>CrowdStrike Hldgs< / ><>237.74< / ><>31.00< / ><>14.99< / >< / ><><>Palo Alto Networks< / ><>373.47< / ><>42.82< / ><>12.95< / >< / ><><>Fortinet< / ><>169.12< / ><>13.05< / ><>8.36< / >< / ><><>Autodesk< / ><>228.32< / ><>15.92< / ><>7.50< / >< / ><><>Cognizant Tech< / ><>64.11< / ><>4.11< / ><>6.84< / >< / ><>< colspan="4">下跌< / >< / ><><>Corning< / ><>146.06< / ><>-20.34< / ><>-12.22< / >< / ><><>Teradyne< / ><>336.82< / ><>-42.90< / ><>-11.30< / >< / ><><>GE Vernova< / ><>872.80< / ><>-84.47< / ><>-8.82< / >< / ><><>Hewlett Packard Ent< / ><>56.90< / ><>-5.19< / ><>-8.36< / >< / ><><>Lam Research< / ><>277.10< / ><>-21.12< / ><>-7.08< / >< / table>

<><>国家< / ><>指数< / ><>最新< / ><>前值< / >< / ><><>爱尔兰< / ><>ISED Overall< / ><>14229.02< / ><>14457.31< / >< / ><><>以色列< / ><>Tel Aviv 125< / ><>4125.98< / ><>4121.28< / >< / ><><>意大利< / ><>FTSE Italia All-Share< / ><>54155.37< / ><>55096.90< / >< / ><><>意大利< / ><>FTSE Italia Mid Cap< / ><>59635.91< / ><>60986.79< / >< / ><><>意大利< / ><>FTSE MIB< / ><>51628.77< / ><>52512.03< / >< / ><><>日本< / ><>Nikkei 225< / ><>63492.99< / ><>64011.34< / >< / ><><>日本< / ><>Topix< / ><>4058.21< / ><>4028.30< / >< / ><><>科威特< / ><>KSK Market Index< / ><>9476.63< / ><>9427.30< / >< / ><><>拉脱维亚< / ><>OMX Riga< / ><>963.67< / ><>963.25< / >< / ><><>立陶宛< / ><>OMX Vilnius< / ><>1484.32< / ><>1483.09< / >< / ><><>卢森堡< / ><>Lux< / ><>1938.61< / ><>1954.45< / >< / ><><>波兰< / ><>IPC Mexico City< / ><>639269.83< / ><>63264.77< / >< / ><><>马来西亚< / ><>FTSE Bursa KLDL< / ><>1698.01< / ><>1686.74< / >< / ><><>摩洛哥< / ><>MASI< / ><>18400.02< / ><>18615.24< / >< / ><><>荷兰< / ><>AEX< / ><>1098.35< / ><>1098.76< / >< / ><><>荷兰< / ><>AEX All Share< / ><>1462.10< / ><>1484.33< / >< / ><><>新西兰< / ><>NZX 50< / ><>13560.69< / ><>13580.33< / >< / ><><>尼日利亚< / ><>SE All Share< / ><>243299.24< / ><>243052.74< / >< / table>

活跃股票< / td><>每秒交易量< / ><>收盘价< / ><>当日涨跌< / >< / tr><><>日本电报电话公司 (Nippon Tel & Tel)< / ><>197.56< / ><>178.30< / ><>2.60< / >< / ><><>软银公司 (SoftBank Corp)< / ><>86.41< / ><>250.80< / ><>3.90< / >< / ><><>软银集团 (SoftBank Grp Corp)< / ><>66.65< / ><>5839.00< / ><>-701.00< / >< / ><><>三菱日联金融集团 (Mitsubishi UFJ)< / ><>36.52< / ><>3720.00< / ><>59.00< / >< / ><><>藤仓 (Fujikura)< / ><>35.38< / ><>4834.00< / ><>-148.00< / >< / ><><>东京电力 (Tokyo Electric Power)< / ><>30.89< / ><>538.10< / ><>-2.80< / >< / ><><>太阳诱电 (Taiyo Yuden)< / ><>25.80< / ><>8714.00< / ><>-495.00< / >< / ><><>丰田汽车 (Toyota Motor)< / ><>22.99< / ><>3025.00< / ><>-6.00< / >< / ><><>古河电工 (Furukawa Electric)< / ><>22.80< / ><>3845.00< / ><>-136.00< / >< / ><><>村田制作所 (Murata Manufacturing Co)< / ><>21.15< / ><>7167.00< / ><>-185.00< / >< / table>

富时全球指数 (FTSE All World)

<>< colspan="4">最大涨跌幅< / >< / ><><>< / ><>收盘价< / ><>当日涨跌< / ><>当日涨跌幅%< / >< / ><>< colspan="4">上涨< / >< / ><><>富士通 (Fujitsu)< / ><>4026.00< / ><>277.00< / ><>7.39< / >< / ><><>日本电气 (NEC Corp)< / ><>4849.00< / ><>313.00< / ><>6.90< / >< / ><><>Recruit Hldgs< / ><>16485.00< / ><>985.00< / ><>6.35< / >< / ><><>野村综合研究所 (Nomura Research Ins)< / ><>5206.00< / ><>305.00< / ><>6.22< / >< / ><><>趋势科技 (Trend Micro)< / ><>6069.00< / ><>256.00< / ><>4.40< / >< / ><>< colspan="4">下跌< / >< / ><><>软银集团 (SoftBank Grp Corp)< / ><>5839.00< / ><>-701.00< / ><>-10.72< / >< / ><><>Resonac Hldgs< / ><>13440.00< / ><>-855.00< / ><>-5.98< / >< / ><><>太阳诱电 (Taiyo Yuden)< / ><>8714.00< / ><>-495.00< / ><>-5.38< / >< / ><><>中部电力 (Chubu Electric Power)< / ><>2885.00< / ><>-107.00< / ><>-3.58< / >< / ><><>古河电工 (Furukawa Electric)< / ><>3845.00< / ><>-136.00< / ><>-3.42< / >< / table>

美元 / 欧元

英国市场涨跌榜

<><>国家< / ><>指数< / ><>最新< / ><>前值< / >< / ><><>挪威< / ><>Dolo All Share< / ><>2527.59< / ><>2523.80< / >< / ><><>巴基斯坦< / ><>KSE 100< / ><>167970.65< / ><>170511.86< / >< / ><><>菲律宾< / ><>Manila Comp< / ><>6075.07< / ><>6061.81< / >< / ><><>波兰< / ><>Wig< / ><>154208.86< / ><>155090.25< / >< / ><><>葡萄牙< / ><>PSI 20< / ><>9380.30< / ><>9524.73< / >< / ><><>葡萄牙< / ><>PSI General< / ><>6343.95< / ><>6468.34< / >< / ><><>罗马尼亚< / ><>Romania BET Index< / ><>33019.70< / ><>33016.75< / >< / ><><>俄罗斯< / ><>俄罗斯美元交易指数 (Russia Traded Index in USD)< / ><>988.10< / >< / ><><>沙特阿拉伯< / ><>TAHAR / ML All Share Index< / ><>10878.45< / ><>10864.57< / >< / ><><>新加坡< / ><>FTSE Strata Times< / ><>5718.02< / ><>5695.93< / >< / ><><>斯洛伐克< / ><>SAX< / ><>326.48< / >< / ><><>斯洛文尼亚< / ><>SBI TOP< / ><>3206.06< / ><>3199.49< / >< / ><><>南非< / ><>FTSE / JSE All Share< / ><>113536.30< / ><>115105.31< / >< / ><><>南非< / ><>FTSE / JSE Res< / ><>71490.54< / ><>73997.15< / >< / ><><>南非< / ><>FTSE / JSE Top 40< / ><>106966.19< / ><>107759.48< / >< / ><><>韩国< / ><>Kospi< / ><>6884.37< / ><>6909.91< / >< / ><><>韩国< / ><>Kospi 200< / ><>1050.83< / ><>1090.22< / >< / ><><>西班牙< / ><>Spain BRX 35< / ><>19565.50< / ><>19838.50< / >< / table>

富时100指数 (FTSE 100)< / td><>价格(英镑)< / ><>周涨跌幅%< / ><>年初至今涨跌幅%< / >< / tr><>< colspan="4">上涨股票< / >< / ><><>BP< / ><>5.71< / ><>4.54< / ><>31.98< / >< / ><><>沃达丰 (Vodafone)< / ><>1.30< / ><>3.91< / ><>31.83< / >< / ><><>英美烟草 (Brit. Amer Tobacco)< / ><>42.50< / ><>3.68< / ><>0.85< / >< / ><><>可口可乐 HBC AG< / ><>46.44< / ><>3.66< / ><>20.87< / >< / ><><>帝国品牌 (Imperial Brands)< / ><>25.53< / ><>3.28< / ><>-18.15< / >< / ><><>壳牌 (Shell)< / ><>35.82< / ><>2.86< / ><>30.73< / >< / ><><>英国电信集团 (BT Group)< / ><>2.05< / ><>2.66< / ><>11.22< / >< / ><><>培生 (Pearson)< / ><>11.91< / ><>2.58< / ><>13.48< / >< / ><><>康帕斯 (Compass)< / ><>23.29< / ><>1.95< / ><>-1.46< / >< / ><><>Experian< / ><>28.58< / ><>1.82< / ><>-15.02< / >< / table>

<>< colspan="4">下跌股票< / >< / ><><>博柏利 (Burberry)< / ><>9.98< / ><>-9.47< / ><>-21.39< / >< / ><><>Ass Brit. Fds< / ><>18.66< / ><>-8.48< / ><>-12.27< / >< / ><><>Barratt Redrow< / ><>2.76< / ><>-8.24< / ><>-27.53< / >< / ><><>安托法加斯塔 (Antofagasta)< / ><>35.86< / ><>-8.00< / ><>9.36< / >< / ><><>M&G< / ><>3.32< / ><>-7.78< / ><>15.92< / >< / ><><>JD Sports Fashion< / ><>0.77< / ><>-7.76< / ><>-9.35< / >< / ><><>英美资源 (Anglo American)< / ><>38.90< / ><>-7.16< / ><>26.09< / >< / ><><>Computacenter< / ><>52.15< / ><>-6.88< / ><>77.99< / >< / ><><>Land Securities< / ><>6.17< / ><>-6.79< / ><>-0.72< / >< / ><><>英国地产公司 (British Land Co)< / ><>3.90< / ><>-6.43< / ><>-3.42< / >< / table>

当日 ▷ -0.07% 当月 ▷ -1.07% 当年 ▷ 0.26%

英镑兑美元 \$ per £

美元兑日元 ¥ per \$ 0.8177% 欧元兑英镑 £ per €

<><>国家< / ><>指数< / ><>最新< / ><>前值< / >< / ><><>瑞典< / ><>OMX斯德哥尔摩30指数< / ><>3218.82< / ><>3255.23< / >< / ><><>瑞典< / ><>OMX斯德哥尔摩AS指数< / ><>1114.80< / ><>1125.50< / >< / ><><>瑞士< / ><>SMI指数< / ><>13878.54< / ><>13775.27< / >< / ><><>台湾< / ><>加权股价指数< / ><>45862.52< / ><>46184.85< / >< / ><><>泰国< / ><>曼谷SET指数< / ><>1591.07< / ><>1604.52< / >< / ><><>土耳其< / ><>BIST 100指数< / ><>14235.83< / ><>14467.25< / >< / ><><>英国< / ><>富时100指数 (FTSE 100)< / ><>10697.57< / ><>10650.44< / >< / ><><>英国< / ><>富时G500英国指数< / ><>9389.17< / ><>9246.47< / >< / ><><>英国< / ><>富时全股指数 (FTSE All Share)< / ><>5752.13< / ><>5733.64< / >< / ><><>英国< / ><>富时techMARK 100指数< / ><>9654.38< / ><>9634.34< / >< / ><><>美国< / ><>道琼斯综合指数< / ><>16512.24< / ><>16500.10< / >< / ><><>美国< / ><>道琼斯工业指数< / ><>52679.22< / ><>52573.29< / >< / ><><>美国< / ><>道琼斯运输指数< / ><>20738.52< / ><>20628.57< / >< / ><><>美国< / ><>道琼斯公用事业指数< / ><>411.41< / ><>416.49< / >< / ><><>美国< / ><>纳斯达克100指数< / ><>29176.29< / ><>29388.44< / >< / ><><>美国< / ><>纳斯达克综合指数< / ><>26237.58< / ><>26333.04< / >< / ><><>美国< / ><>纽约证交所综合指数< / ><>24273.79< / ><>24331.56< / >< / ><><>美国< / ><>标准普尔500指数 (S&P 500)< / ><>7642.14< / ><>7656.98< / >< / table>

FTSE 250< / td><>价格(£)< / ><>周涨跌幅(%)< / ><>年初至今涨跌幅(%)< / >< / tr><>< colspan="4">上涨股票< / >< / ><><>Victrex< / ><>9.35< / ><>8.59< / ><>42.75< / >< / ><><>Harbour Energy< / ><>2.80< / ><>6.46< / ><>42.42< / >< / ><><>Trainline< / ><>2.02< / ><>5.64< / ><>-8.17< / >< / ><><>Michael Page< / ><>2.16< / ><>4.14< / ><>-8.07< / >< / ><><>Ithaca Energy< / ><>2.82< / ><>2.77< / ><>70.33< / >< / ><><>RIT Capital Partners< / ><>25.40< / ><>2.63< / ><>11.89< / >< / ><><>WPP< / ><>3.86< / ><>2.55< / ><>14.43< / >< / ><><>Playtech< / ><>4.16< / ><>2.46< / ><>46.67< / >< / ><><>Pantheon Infrastructure< / ><>1.17< / ><>2.09< / ><>8.20< / >< / ><><>Foresight Environmental Infra< / ><>0.88< / ><>1.51< / ><>32.98< / >< / table>

<>< colspan="4">下跌股票< / >< / ><><>Goodwin< / ><>146.20< / ><>-27.26< / ><>-31.36< / >< / ><><>THG< / ><>0.27< / ><>-20.50< / ><>-41.50< / >< / ><><>Pan African Res< / ><>1.17< / ><>-13.55< / ><>-3.47< / >< / ><><>Dunelm Group< / ><>7.70< / ><>-13.14< / ><>-31.86< / >< / ><><>Rank Group< / ><>0.86< / ><>-11.73< / ><>-12.89< / >< / ><><>Raspberry Pi Holdings< / ><>5.24< / ><>-11.56< / ><>74.55< / >< / ><><>Atalaya Mining Copper< / ><>9.24< / ><>-10.50< / ><>8.13< / >< / ><><>Hochschild Mining< / ><>5.87< / ><>-9.62< / ><>14.31< / >< / ><><>DR.Martens< / ><>0.64< / ><>-9.55< / ><>-15.93< / >< / ><><>Avon Technologies< / ><>16.98< / ><>-9.29< / ><>-6.39< / >< / table>

当日 $\rightarrow$ 已收盘 月度 ↗ -4.14% 年度 ↗ -8.30%

-0.2621%

FT.COM / MARKETSDATA

布伦特原油 \$

富时小盘股指数 (FTSE Small Cap)< / td><>价格(£)< / ><>周涨跌幅(%)< / ><>年涨跌幅(%)< / >< / tr><>< colspan="4">上涨榜< / >< / ><><>Tullow Oil< / ><>0.25< / ><>16.82< / ><>307.44< / >< / ><><>The Smarter Web Company< / ><>0.40< / ><>15.05< / ><>22.46< / >< / ><><>C&C Group< / ><>1.01< / ><>11.43< / ><>-24.89< / >< / ><><>The Beauty Tech Group< / ><>3.55< / ><>10.25< / ><>22.41< / >< / ><><>Xaar< / ><>1.36< / ><>7.48< / ><>28.77< / >< / ><><>Mobico Group< / ><>0.25< / ><>7.01< / ><>8.50< / >< / ><><>TT Electronics< / ><>1.69< / ><>6.68< / ><>48.08< / >< / ><><>SThree< / ><>2.98< / ><>6.43< / ><>56.02< / >< / ><><>EnQuest< / ><>0.28< / ><>6.18< / ><>159.43< / >< / ><><>Strategic Equity Capital< / ><>3.70< / ><>4.23< / ><>-< / >< / table>

<>< colspan="4">下跌榜< / >< / ><><>-31.36< / ><>Mortgage Advice Bureau< / ><>3.62< / ><>-27.53< / >< / ><><>-41.50< / ><>Funding Circle Holdings< / ><>1.91< / ><>-16.78< / >< / ><><>-3.47< / ><>DFS Furniture< / ><>1.34< / ><>-14.92< / >< / ><><>-31.86< / ><>STV Group< / ><>0.98< / ><>-12.14< / >< / ><><>-12.89< / ><>Geiger Counter< / ><>0.58< / ><>-11.45< / >< / ><><>74.55< / ><>SIG< / ><>0.09< / ><>-10.10< / >< / ><><>8.13< / ><>Marshalls< / ><>1.48< / ><>-9.63< / >< / ><><>14.31< / ><>Applied Nutrition< / ><>2.81< / ><>-8.77< / >< / ><><>-15.93< / ><>Ibstock< / ><>0.76< / ><>-8.52< / >< / ><><>-6.39< / ><>Capita< / ><>2.38< / ><>-7.93< / >< / table>

黄金 \$

<><>国家 / 地区< / ><>指数< / ><>最新值< / ><>前值< / >< / ><><>委内瑞拉< / ><>IBC< / ><>6507.92< / >< / ><><>越南< / ><>越南指数 (Viet Nam Index)< / ><>1788.23< / ><>1795.21< / >< / ><><>跨境< / ><>欧洲斯托克 50 (Euro Stoxx 50, 欧元)< / ><>6260.38< / ><>6325.13< / >< / ><><>荷兰< / ><>泛欧交易所 100 ID (Euronext 100 ID)< / ><>1879.45< / ><>1901.51< / >< / ><><>跨境< / ><>富时 4Good 全球指数 (FTSE 4Good Global, $)< / ><>21201.99< / ><>21281.46< / >< / ><><>跨境< / ><>富时全球指数 ( All World, $)< / ><>750.11< / ><>752.68< / >< / ><><>跨境< / ><>富时 E300 ( E300)< / ><>2542.16< / ><>2554.15< / >< / ><><>跨境< / ><>富时欧洲顶级 100 ( Eurotop 100)< / ><>4916.92< / ><>4935.28< / >< / ><><>跨境< / ><>富时全球 100 ( Global 100, $)< / ><>5726.19< / ><>5761.93< / >< / ><><>跨境< / ><>富时黄金矿业 ( Gold Min, $)< / ><>6122.32< / >< / ><><>跨境< / ><>富时 Limbix 顶级 ( Limbix Top, 欧元)< / ><>6553.30< / ><>6698.00< / >< / ><><>跨境< / ><>富时世界指数 ( World, $)< / ><>1402.12< / ><>1407.20< / >< / ><><>跨境< / ><>富时欧洲首选 100 (FTSEurofirst 100, 欧元)< / ><>7073.52< / ><>7113.32< / >< / ><><>跨境< / ><>富时欧洲首选 80 ID (FTSEurofirst 80 ID)< / ><>8508.88< / ><>8620.22< / >< / table>

货币

<><>行业板块< / ><>价格(£)< / ><>周涨跌幅(%)< / ><>年涨跌幅(%)< / >< / ><>< colspan="4">上涨榜< / >< / ><><>烟草< / ><>46031.51< / ><>3.61< / ><>-3.12< / >< / ><><>石油、天然气与煤炭< / ><>11378.04< / ><>3.35< / ><>30.91< / >< / ><><>能源< / ><>11963.02< / ><>3.32< / ><>30.95< / >< / ><><>电信服务提供商< / ><>3502.29< / ><>2.73< / ><>22.13< / >< / ><><>电信< / ><>2245.13< / ><>2.73< / ><>22.13< / >< / ><><>消费者服务< / ><>4085.34< / ><>1.90< / ><>-1.49< / >< / ><><>消费者必需品< / ><>18106.22< / ><>1.02< / ><>-1.25< / >< / ><><>媒体< / ><>12316.53< / ><>1.00< / ><>4.93< / >< / ><><>饮料< / ><>16885.90< / ><>0.83< / ><>7.29< / >< / ><><>制药与生物技术< / ><>23493.68< / ><>0.71< / ><>-8.36< / >< / table>

输家< / td>< / tr><><>8< / ><>替代能源< / ><>38.09< / ><>-11.86 73.23< / >< / ><><>2< / ><>技术硬件与设备< / ><>105.76< / ><>-11.56 74.56< / >< / ><><>9< / ><>个人用品< / ><>16169.37< / ><>-9.20 -11.57< / >< / ><><>3< / ><>贵金属与采矿< / ><>35678.01< / ><>-6.38 3.34< / >< / ><><>3< / ><>家用物品与家居建设< / ><>7786.10< / ><>-6.18 -27.81< / >< / ><><>6< / ><>基础材料< / ><>10515.15< / ><>-5.13 25.07< / >< / ><><>4< / ><>工业金属与采矿< / ><>9537.30< / ><>-5.11 28.53< / >< / ><><>1< / ><>零售商< / ><>2793.09< / ><>-5.06 2.09< / >< / ><><>2< / ><>生物技术< / ><>19372.58< / ><>-4.95 -12.08< / >< / ><><>1< / ><>食品生产商< / ><>7307.12< / ><>-4.29 2.08< / >< / table>

富时精算师股票指数 (FTSE ACTUARIES SHARE INDICES)

<>< rowspan="2">9月14日< / >< colspan="3">美元< / >< colspan="3">欧元< / >< colspan="3">英镑< / >< / ><><>收盘中价< / ><>当日涨跌< / ><>周中价< / > >< / ><><>阿根廷比索< / ><>1511.4777< / ><>-0.2732< / ><>3.8833< / ><>1743.8674< / ><>-11.9557< / ><>-9.5748< / ><>2036.7918< / ><>-8.6072< / ><>< / >< / ><><>澳大利亚美元< / ><>1.4033< / ><>0.0092< / ><>0.0183< / ><>1.6191< / ><>-0.0001< / ><>0.0080< / ><>1.8910< / ><>0.0049< / ><>< / >< / ><><>巴林第纳尔< / ><>0.3710< / ><>< / ><>0.4350< / ><>-0.0030< / ><>-0.0036< / ><>0.5080< / ><>< / >< / ><><>巴林第纳尔< / ><>13.5100< / ><>-0.5160< / ><>-1.0500< / ><>13.3027< / ><>-0.6812< / ><>-1.3291< / ><>15.5273< / ><>-0.7529< / ><>< / >< / ><><>巴西雷亚尔< / ><>5.1889< / ><>0.0644< / ><>0.0406< / ><>5.9637< / ><>0.0397< / ><>-0.0014< / ><>6.9654< / ><>0.0644< / ><>< / >< / ><><>加拿大元< / ><>1.3030< / ><>0.0048< / ><>0.0112< / ><>1.6960< / ><>-0.0052< / ><>-0.0011< / ><>1.8758< / ><>-0.0011< / ><>< / >< / ><><>人民币< / ><>960.8150< / ><>18.6450< / ><>28.2600< / ><>1108.5494< / ><>14.2569< / ><>23.8680< / ><>1294.7464< / ><>19.9933< / ><>< / >< / ><><>中国比索< / ><>6.7072< / ><>-0.0024< / ><>-0.0034< / ><>7.7385< / ><>-0.0545< / ><>-0.0668< / ><>9.0383< / ><>-0.0399< / ><>< / >< / ><><>哥伦比亚比索< / ><>3113.5500< / ><>39.7500< / ><>-2.0000< / ><>3592.2584< / ><>22.1932< / ><>-31.5940< / ><>4195.6645< / ><>36.8129< / ><>< / >< / ><><>哥斯达黎加科朗< / ><>447.0050< / ><>-1.4950< / ><>-3.9750< / ><>515.7325< / ><>-5.1782< / ><>-8.8253< / ><>802.3623< / ><>-4.4587< / ><>< / >< / ><><>捷克克朗< / ><>21.0687< / ><>0.1814< / ><>0.2739< / ><>24.3080< / ><>0.0555< / ><>0.1178< / ><>24.6911< / ><>0.1388< / ><>< / >< / ><><>丹麦克朗< / ><>6.4976< / ><>0.0436< / ><>0.0534< / ><>7.4758< / ><>0.0001< / ><>0.0012< / ><>8.7316< / ><>0.0237< / ><>< / >< / ><><>埃及镑< / ><>51.8000< / ><>0.4600< / ><>0.9800< / ><>59.7642< / ><>0.1588< / ><>0.6529< / ><>98.8031< / ><>0.3671< / ><>< / >< / ><><>港元< / ><>7.8438< / ><>0.0010< / ><>0.0038< / ><>9.9495< / ><>-0.0582< / ><>-0.0694< / ><>10.6298< / ><>-0.0414< / ><>< / >< / ><><>匈牙利福林< / ><>318.2926< / ><>5.5369< / ><>5.7791< / ><>367.2300< / ><>3.8800< / ><>4.7390< / ><>428.9151< / ><>5.7666< / ><>< / >< / ><><>印度卢比< / ><>95.5475< / ><>< / ><>1.0550< / ><>110.2735< / ><>-0.7357< / ><>0.3290< / ><>128.7551< / ><>-0.5207< / ><>< / >< / table>

美元< / td>< colspan="3">欧元< / >< colspan="2">英镑< / >< / tr><><>周变化< / ><>Sep 14< / ><>收盘中价< / ><>当日变化< / ><>周变化< / ><>收盘中价< / ><>当日变化< / ><>收盘中价< / ><>当日变化< / ><>周变化< / ><>收盘中价< / >< / ><><>-5.1848< / ><>印尼卢比< / ><>17645.0000< / ><>55.0000< / ><>10.0000< / ><>20337.9190< / ><>-71.9870< / ><>-154.2320< / ><>23777.5210< / ><>-21.7500< / ><>-109.9700< / >< / ><><>0.0150< / ><>以色列谢克尔< / ><>3.6532< / ><>0.0220< / ><>0.0431< / ><>4.5227< / ><>0.0021< / ><>0.0214< / ><>4.1143< / ><>0.0131< / ><>0.0369< / >< / ><><>< / ><>日元< / ><>154.7250< / ><>1.2500< / ><>4.4200< / ><>178.5140< / ><>0.2662< / ><>-0.9659< / ><>208.4997< / ><>0.8547< / ><>-0.5141< / >< / ><><>-1.5035< / ><>Kanamatsu< / ><>1293.6000< / ><>0.1500< / ><>0.1000< / ><>149.4693< / ><>-0.8233< / ><>-1.142.7552< / ><>208.4997< / ><>-0.5031< / ><>-0.7174< / >< / ><><>0.8187< / ><>科威特第纳尔< / ><>0.3089< / ><>0.0006< / ><>0.3564< / ><>-0.0016< / ><>-0.0029< / ><>0.4163< / ><>-0.0008< / ><>-0.0022< / >< / ><><>0.0055< / ><>马来西亚林吉特< / ><>4.0760< / ><>0.0055< / ><>0.0300< / ><>4.7027< / ><>-0.0250< / ><>-0.0034< / ><>4.5056< / ><>-0.0148< / ><>0.0121< / >< / ><><>31.5876< / ><>墨西哥比索< / ><>17.1420< / ><>0.1702< / ><>0.2304< / ><>13.7786< / ><>0.0056< / ><>0.1382< / ><>5.1010< / ><>0.1389< / ><>0.1592< / >< / ><><>-0.0515< / ><>新西兰元< / ><>1.7348< / ><>0.0156< / ><>0.0339< / ><>2.0015< / ><>0.0050< / ><>0.0232< / ><>2.3377< / ><>0.0119< / ><>0.0338< / >< / ><><>-24.5044< / ><>尼日利亚奈拉< / ><>1327.0500< / ><>-0.1850< / ><>5.8850< / ><>1531.0850< / ><>-10.4323< / ><>-5.6283< / ><>1788.2681< / ><>-7.4811< / ><>-1.3164< / >< / ><><>-8.9133< / ><>挪威克朗< / ><>9.3373< / ><>0.0493< / ><>0.0981< / ><>10.7729< / ><>-0.0146< / ><>-0.0086< / ><>12.5824< / ><>0.0159< / ><>0.0269< / >< / ><><>-2.1594< / ><>巴基斯坦卢比< / ><>217.7227< / ><>-< / ><>0.5200< / ><>219.8484< / ><>-2.1346< / ><>-3.1767< / ><>373.2455< / ><>-1.5109< / ><>-2.6185< / >< / ><><>0.0270< / ><>秘鲁新索尔< / ><>3.3832< / ><>0.0178< / ><>0.0282< / ><>3.9034< / ><>-0.0053< / ><>0.0010< / ><>4.5591< / ><>0.0058< / ><>0.0145< / >< / ><><>0.9648< / ><>菲律宾比索< / ><>62.8700< / ><>0.1650< / ><>0.2775< / ><>27.5362< / ><>-0.2925< / ><>-0.2862< / ><>84.7205< / ><>-0.1193< / ><>-0.0642< / >< / ><><>0.4596< / ><>波兰克朗< / ><>3.7892< / ><>0.0467< / ><>0.0633< / ><>4.3467< / ><>0.0253< / ><>0.0182< / ><>5.9793< / ><>0.0472< / ><>0.0592< / >< / ><><>5.6001< / ><>罗马尼亚 Lou< / ><>4.5582< / ><>0.0330< / ><>0.0440< / ><>5.2930< / ><>0.0033< / ><>0.0083< / ><>6.1424< / ><>0.0199< / ><>0.0277< / >< / ><><>0.7663< / ><>俄罗斯卢布< / ><>84.4000< / ><>0.2750< / ><>-1.7000< / ><>97.3765< / ><>-0.3305< / ><>-2.7707< / ><>113.7333< / ><>-0.8079< / ><>-2.8935< / >< / table>

年初至今百分比变化 富时行业：领涨与领跌

英国近期配股发行

科技硬件与设备< / td><>74.56< / >< / tr><><>替代能源< / ><>73.23< / >< / ><><>医疗保健提供商< / ><>35.13< / >< / ><><>能源< / ><>30.95< / >< / ><><>非寿险< / ><>30.95< / >< / ><><>石油、天然气与煤炭< / ><>30.91< / >< / ><><>工业金属与采矿< / ><>28.33< / >< / ><><>基础材料< / ><>25.07< / >< / ><><>电信服务提供商< / ><>22.13< / >< / ><><>电信< / ><>22.13< / >< / ><><>银行< / ><>19.52< / >< / ><><>航空航天与国防< / ><>16.51< / >< / ><><>投资公司金融类< / ><>17.97< / >< / ><><>金融< / ><>12.26< / >< / ><><>电子与电气设备< / ><>11.79< / >< / ><><>工业运输< / ><>9.79< / >< / ><><>工业< / ><>9.62< / >< / ><><>化学品< / ><>5.41< / >< / ><><>封闭式投资< / ><>8.72< / >< / table>

富时全球指数

公司名称 Petra Diamonds Ltd

事件 配股发行：10 for 17 at 16. p.s.，须在 11 月 21 日前全额支付（除权日 07.11.25）。

生效日期 07.11.2025

<>< rowspan="2">Sep 14< / >< colspan="4">美元< / >< colspan="3">欧元< / >< colspan="2">英镑< / >< / ><><>收盘中价< / ><>当日涨跌< / ><>周涨跌< / > < / ><><>沙特里亚尔< / ><>3.7557< / ><>0.0001< / ><>4.3371< / ><>-0.0088< / ><>-0.0348< / ><>5.0810< / ><>-0.0203< / ><>-0.0256< / >< / ><><>新加坡元< / ><>1.2171< / ><>0.0048< / ><>0.0057< / ><>1.4670< / ><>-0.0041< / ><>-0.0209< / ><>1.7135< / ><>-0.0054< / ><>-0.0071< / >< / ><><>南非兰特< / ><>16.3024< / ><>0.1730< / ><>0.3099< / ><>18.8089< / ><>0.0754< / ><>0.2072< / ><>21.9683< / ><>0.1452< / ><>0.3057< / >< / ><><>韩国 Won< / ><>1347.1000< / ><>1.4000< / ><>8.4500< / ><>1554.2166< / ><>-8.7467< / ><>-5.1605< / ><>1815.2846< / ><>-5.4476< / ><>-0.6929< / >< / ><><>瑞典克朗< / ><>9.7940< / ><>0.1004< / ><>0.1941< / ><>11.2882< / ><>0.0412< / ><>0.1337< / ><>13.1843< / ><>0.0824< / ><>0.1943< / >< / ><><>瑞士法郎< / ><>0.8183< / ><>0.0030< / ><>0.0094< / ><>0.9442< / ><>-0.0028< / ><>0.0032< / ><>1.1027< / ><>-0.0003< / ><>0.0069< / >< / ><><>台湾元< / ><>31.7635< / ><>0.0815< / ><>0.2275< / ><>36.6471< / ><>-0.1500< / ><>-0.0340< / ><>42.8929< / ><>-0.0629< / ><>0.0856< / >< / ><><>泰铢< / ><>33.2600< / ><>0.2075< / ><>0.4000< / ><>38.3738< / ><>-0.0150< / ><>0.1527< / ><>44.8195< / ><>0.0894< / ><>0.3068< / >< / ><><>突尼斯第纳尔< / ><>2.9274< / ><>0.0122< / ><>0.0025< / ><>3.3775< / ><>-0.0085< / ><>-0.0456< / ><>3.9448< / ><>0.0035< / ><>0.0092< / >< / ><><>土耳其里拉< / ><>48.6223< / ><>0.0183< / ><>0.1888< / ><>56.0597< / ><>-0.3532< / ><>-0.2375< / ><>65.5208< / ><>-0.2404< / ><>-0.0847< / >< / ><><>阿联酋迪拉姆< / ><>3.6730< / ><>0.0001< / ><>4.2377< / ><>-0.0283< / ><>-0.0344< / ><>4.9495< / ><>-0.0200< / ><>-0.0257< / >< / ><><>英镑< / ><>0.7421< / ><>0.0030< / ><>0.0038< / ><>0.8562< / ><>-0.0003< / ><>-0.0025< / ><>1.0000< / ><>-< / >< / ><><>美国美元< / ><>1.8000< / ><>-< / ><>1.5338< / ><>-0.0077< / ><>-0.0054< / ><>1.3476< / ><>-0.0055< / ><>-0.0070< / >< / ><><>越南< / >

Dong< / td> 25988.5000< / ><>66.0000< / ><>-31.5000< / ><>29984.2230< / ><>-123.4560< / ><>-286.9320< / ><>35620.8040< / ><>-52.3390< / ><>-224.5880< / >< / tr> <>欧元< / ><>0.8667< / ><>0.0057< / ><>0.0070< / ><>1.0000< / ><>-< / ><>1.1680< / ><>0.0030< / ><>0.0034< / >< / table>

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英国公司业绩

<><>8.04< / ><>非必需消费品< / ><>-3.04< / >< / ><><>7.29< / ><>烟草< / ><>-3.12< / >< / ><><>6.92< / ><>个人护理、药品与杂货< / ><>-3.18< / >< / ><><>4.93< / ><>< / >< / ><><>3.41< / ><>消费者数字服务< / ><>-4.02< / >< / ><><>3.34< / ><>金融与信贷服务< / ><>-5.92< / >< / ><><>2.09< / ><>房地产投资与服务< / ><>-7.51< / >< / ><><>2.08< / ><>休闲用品< / ><>-7.70< / >< / ><><>1.80< / ><>制药与生物技术< / ><>-8.36< / >< / ><><>0.26< / ><>医疗保健< / ><>-8.47< / >< / ><><>-0.18< / ><>< / >< / ><><>-0.29< / ><>技术< / ><>-8.72< / >< / ><><>-0.64< / ><>软件与计算机服务< / ><>-8.93< / >< / ><><>-1.25< / ><>个人用品< / ><>-11.57< / >< / ><><>-1.49< / ><>生物技术< / ><>-12.08< / >< / ><><>-1.56< / ><>< / >< / ><><>-2.06< / ><>医疗设备与服务< / ><>-13.74< / >< / ><><>-2.08< / ><>家居用品与住宅建设< / ><>-27.81< / >< / ><><>-2.75< / ><>汽车与零部件< / ><>-40.03< / >< / table>

<><>公司< / ><>营业额(£)< / >< / ><><>Arcontech Group< / ><>Fin 2.8m (3.1m)< / >< / ><><>Big Technologies< / ><>Int 26.9m (24.8m)< / >< / ><><>Fusion Antibodies< / ><>Fin 2.1m (2.0m)< / >< / ><><>GlobalData< / ><>Int 162.9m (156.5m)< / >< / ><><>Greencoat Renewables €< / ><> 42.1m (-37.4m)< / >< / ><><>HG Capital Trust< / ><> - (-)< / >< / ><><>Keras Resources< / ><>Fin 1.4m (1.1m)< / >< / ><><>Keystone Law Group< / ><> 66.3m (54.2m)< / >< / ><><>Kromek < / ><>Fin 27.1m (26.5m)< / >< / ><><>M.P Evans $< / ><> 196.3m (179.4m)< / >< / table>

富时100指数摘要

<><>< / ><>收盘价 (p)< / ><>%涨跌< / >< / ><><>3i < / ><>2631.00< / ><>-0.75< / >< / ><><>Aberdeen < / ><>246.80< / ><>-0.56< / >< / ><><>Admiral< / ><>3636.00< / ><>1.32< / >< / ><><>Airtel Africa< / ><>344.20< / ><>-0.23< / >< / ><><>Alliance Witan< / ><>1352.00< / ><>-0.07< / >< / ><><>Anglo American< / ><>3690.00< / ><>-2.51< / >< / ><><>Aerofagasta< / ><>3586.00< / ><>-5.38< / >< / ><><>Assoc. Brit. Foods< / ><>1866.00< / ><>1.22< / >< / ><><>AstraZeneca< / ><>12154.00< / ><>3.81< / >< / ><><>Autotraeder < / ><>501.00< / ><>2.37< / >< / ><><>Aviva< / ><>709.00< / ><>0.25< / >< / ><><>Babcock Intl< / ><>961.00< / ><>-0.46< / >< / ><><>BAC Systems< / ><>1940.00< / ><>2.21< / >< / ><><>Barclays< / ><>478.50< / ><>-3.09< / >< / ><><>Barratt

Redrow< / td> 276.20< / ><>-3.22< / >< / tr> <>Beazley< / ><>1304.50< / ><>0.04< / >< / ><><>BP< / ><>571.20< / ><>1.17< / >< / ><><>英美烟草 (Brit. Amer. Tobacco)< / ><>4250.00< / ><>3.66< / >< / ><><>英国地产 (British Land)< / ><>390.00< / ><>-2.26< / >< / ><><>BT集团 (BT Group)< / ><>204.70< / ><>1.59< / >< / ><><>Bunzl< / ><>2562.00< / ><>0.62< / >< / ><><>博柏利 (Burberry)< / ><>897.50< / ><>-2.00< / >< / ><><>Centrica< / ><>147.20< / ><>-2.45< / >< / ><><>可口可乐欧洲 (Coca-Cola Europec)< / ><>7760.00< / ><>2.44< / >< / ><><>可口可乐 HBC AG (Coca-Cola HBC AG)< / ><>4644.00< / ><>3.34< / >< / ><><>Compass< / ><>2329.41< / ><>2.16< / >< / ><><>Computacenter< / ><>5215.00< / ><>-0.10< / >< / ><><>Convatec< / ><>217.40< / ><>0.70< / >< / ><><>克罗达国际 (Croda International)< / ><>3148.00< / ><>-0.91< / >< / ><><>DCC

Energy< / ><>6335.00< / ><>0.08< / >< / ><><>帝亚吉欧 (Diageo)< / ><>1643.00< / ><>2.50< / >< / ><><>Diploma< / ><>7065.00< / ><>-0.70< / >< / ><><>Endeavour Mining< / ><>4492.00< / ><>-2.20< / >< / ><><>Entain< / ><>501.80< / ><>-0.08< / >< / ><><>Experian< / ><>2658.00< / ><>2.73< / >< / ><><>F&C投资信托 (F&C Inv Trust)< / ><>338.40< / ><>-0.99< / >< / ><><>弗雷斯尼略 (Fresnillo)< / ><>2912.00< / ><>-3.38< / >< / ><><>Games Works< / ><>17600.00< / ><>-0.28< / >< / ><><>嘉能可 (Glencore)< / ><>591.00< / ><>-2.39< / >< / ><><>葛兰素史克 (GSK)< / ><>1854.50< / ><>4.74< / >< / ><><> Haleon< / ><>342.20< / ><>2.52< / >< / ><><>Halma< / ><>3432.00< / ><>-5.50< / >< / ><><>Hiscox< / ><>1882.00< / ><>0.48< / >< / ><><>Howden Joinery< / ><>736.50< / ><>-0.94< / >< / ><><>汇丰银行 (HSBC)< / ><>1536.80< / ><>-1.02< / >< / ><><>IG

Group< / ><>1345.00< / ><>1.05< / >< / ><><>IMI< / ><>2966.00< / ><>-2.31< / >< / ><><>帝国品牌 (Imperial Brands)< / ><>2553.00< / ><>2.53< / >< / ><><>Informa< / ><>903.40< / ><>1.57< / >< / ><><>洲际酒店 (InterCont'l Hotels)< / ><>11424.40< / ><>0.70< / >< / table>

英国近期新增股票

<><>< / ><>收盘价 (p)< / ><>%涨跌< / >< / ><><>国际航空租赁 (Intl Cons Airlines)< / ><>409.70< / ><>-2.38< / >< / ><><>ICG< / ><>1870.00< / ><>-1.73< / >< / ><><> Intertek Group< / ><>5855.00< / ><>0.09< / >< / ><><>Investec< / ><>653.00< / ><>-1.14< / >< / ><><>JD Sports Fashion< / ><>76.56< / ><>-1.97< / >< / ><><>金英财 (Kingfisher)< / ><>287.90< / ><>-0.21< / >< / ><><>Land Securities< / ><>817.50< / ><>-2.06< / >< / ><><>英美通用 (Legal & General)< / ><>290.00< / ><>1.01< / >< / ><><>Lion Finance< / ><>13410.00< / ><>-1.90< / >< / ><><>劳埃德银行集团 (Lloyds Big Gp)< / ><>109.35< / ><>-1.62< / >< / ><><>LondonMetric Prop< / ><>176.30< / ><>-0.96< / >< / ><><>伦敦证券交易所 (Lon Stock Ex)< / ><>8474.00< / ><>2.86< / >< / ><><>M&G< / ><>332.00< / ><>-0.12< / >< / ><><>玛莎百货 (Marks &

Spen)< / ><>370.80< / ><>-2.16< / >< / ><><>Melrose Ind< / ><>467.00< / ><>-1.50< / >< / ><><>Merlin Fran< / ><>4024.14< / ><>-1.52< / >< / ><><>国家电网 (Nat Grid)< / ><>1105.00< / ><>-2.26< / >< / ><><>国民西敏寺银行集团 (NatWest Group)< / ><>882.80< / ><>-2.15< / >< / ><><>Next< / ><>14655.00< / ><>-0.20< / >< / ><><>培生 (Pearson)< / ><>1191.50< / ><>2.67< / >< / ><><> Pershing Square Hldgs< / ><>3772.00< / ><>-0.47< / >< / ><><>Persimmon< / ><>1084.50< / ><>-2.03< / >< / ><><>Polar CapTech< / ><>634.50< / ><>-2.91< / >< / ><><>普鲁登申 (Prudential)< / ><>976.80< / ><>-0.20< / >< / ><><>利洁时 (Reckitt Benckiser)< / ><>5120.00< / ><>2.40< / >< / ><><>RELX< / ><>2603.00< / ><>5.17< / >< / ><><>Rentokil Initial< / ><>330.70< / ><>0.92< / >< / ><><>Rio

Tinto< / td><>7207.00< / ><>-2.00< / >< / tr> <>Rolls-Royce< / ><>1423.80< / ><>-2.12< / >< / ><><>Sainsbury UJ< / ><>340.20< / ><>2.38< / >< / ><><>Schroders< / ><>586.00< / ><>0.17< / >< / ><><>Scot Mort Inv Trt< / ><>1468.00< / ><>-0.68< / >< / ><><>Segro< / ><>930.80< / ><>-0.28< / >< / ><><>Severn Trent< / ><>2916.00< / ><>-0.48< / >< / ><><>Shell< / ><>3582.00< / ><>0.87< / >< / ><><>Smith & Nephew< / ><>1048.50< / ><>3.97< / >< / ><><>Smiths Gp< / ><>2506.00< / ><>-1.61< / >< / ><><>Spirax Group< / ><>6720.00< / ><>-1.97< / >< / ><><>SSE< / ><>2312.00< / ><>-2.12< / >< / ><><>Standard Chartered< / ><>2299.00< / ><>0.04< / >< / ><><>Standard Life< / ><>920.50< / ><>0.49< / >< / ><><>St James's Place< / ><>1214.50< / ><>-0.50< / >< / ><><>Tesco< / ><>480.90< / ><>3.33< / >< / ><><>The Sage Grp< / ><>1008.50< / ><>5.27< / >< / ><><>Tritax Big Box< / ><>144.40< / ><>-0.89< / >< / ><><>Unilever< / ><>4697.00< / ><>3.20< / >< / ><><>Utd. Utilities< / ><>1320.00< / ><>-0.30< / >< / ><><>Vodafone< / ><>130.35< / ><>1.24< / >< / ><><>Weir< / ><>2600.00< / ><>-4.48< / >< / ><><>Whitbread< / ><>2327.00< / ><>-0.85< / >< / table>

<><>< / ><>收盘价 (p)< / ><>%涨跌< / ><>< / ><>收盘价 (p)< / ><>%涨跌< / >< / ><><>ATC Music Grp< / ><>187.50< / ><>2.74< / ><>Mendell Helium< / ><>5.40< / ><>5.88< / >< / ><><>Brewura Solutions< / ><>160.00< / ><>-0.93< / ><>Meridian Mining< / ><>98.20< / ><>-3.73< / >< / ><><>Coastal Africa Group< / ><>200.00< / ><>-< / ><>Pathos Comms< / ><>27.50< / ><>-< / >< / ><><>Comish Metals< / ><>99.50< / ><>-1.97< / ><>Power Probe< / ><>60.00< / ><>-< / >< / ><><>Dauch Corp< / ><>472.00< / ><>-2.49< / ><>Rift Helium< / ><>7.25< / ><>1.40< / >< / ><><>EDX Medical Group< / ><>8.50< / ><>-< / ><>Serval Resources< / ><>35.00< / ><>8.70< / >< / ><><>Generation Essentials< / ><>96.47< / ><>0.41< / ><>Sintana Energy< / ><>20.75< / ><>-1.19< / >< / ><><>Halo Minerals< / ><>9.62< / ><>-1.28< / ><>Sunbelt Rentals< / ><>5380.00< / ><>-2.08< / >< / ><><>iForesx Financial< / ><>145.00< / ><>-< / ><>Tapir Holdings< / ><>44.00< / ><>-< / >< / ><><>Mayflower Acquisition< / ><>695.71< / ><>0.41< / ><>The Smarter Web Co< / ><>39.80< / ><>4.74< / >< / table>

52周 英国 (USD)

<>< colspan="8">瑞典 (SEK)< / >< / ><><>Atlas Copco A< / ><>202.80< / ><>1.30< / ><>212.30< / ><>149.45< / ><>1.48< / ><>37.35< / ><>680.92< / >< / ><><>Atlas Copco B< / ><>175.15< / ><>0.60< / ><>185.20< / ><>134.00< / ><>1.71< / ><>32.26< / ><>273.39< / >< / ><><>EQT< / ><>309.40< / ><>-2.00< / ><>383.00< / ><>259.00< / ><>1.62< / ><>499.84< / ><>379.51< / >< / ><><>Investor B< / ><>402.55< / ><>-0.20< / ><>426.80< / ><>280.85< / ><>1.39< / ><>7.83< / ><>733.42< / >< / ><><>Volvo B< / ><>340.50< / ><>1.30< / ><>374.50< / ><>244.90< / ><>3.82< / ><>20.10< / ><>542.32< / >< / ><>< colspan="8">瑞士 (CHF)< / >< / table>

基本金属

FT GLOBAL 500：全球最大公司 (500)

股票< / td>< colspan="7">52周< / >< / tr><><>价格< / ><>+ / 涨跌< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / ><>市值 (十亿)< / >< / ><>< colspan="8">澳大利亚 (AUD)< / >< / ><><>ANZ集团控股 (ANZ Group Holdings)< / ><>37.27< / ><>0.62< / ><>41.00< / ><>32.46< / ><>5.84< / ><>19.14< / ><>112.40< / >< / ><><>必和必拓 (BHP Group)< / ><>60.87< / ><>-2.57< / ><>68.77< / ><>39.30< / ><>3.97< / ><>31.44< / ><>309.47< / >< / ><><>联邦银行 (Commonwealth Bank)< / ><>154.19< / ><>0.99< / ><>185.59< / ><>146.98< / ><>3.28< / ><>23.63< / ><>258.03< / >< / ><><>CSL有限公司 (CSL Ltd)< / ><>167.10< / ><>-2.40< / ><>222.47< / ><>90.00< / ><>2.44< / ><>25.99< / ><>80.19< / >< / ><><>麦格理集团 (Macquarie Group)< / ><>245.25< / ><>-3.08< / ><>267.90< / ><>187.31< / ><>3.28< / ><>25.05< / ><>94.09< / >< / ><><>澳洲国民银行 (National Australia Bank)< / ><>38.72< / ><>1.00< / ><>48.45< / ><>35.48< / ><>4.39< / ><>17.52< / ><>120.71< / >< / ><><>Wesfarmers< / ><>72.82< / ><>-0.70< / ><>94.70< / ><>70.80< / ><>3.05< / ><>28.74< / ><>82.67< / >< / ><><>西太平洋银行 (Westpac Banking)< / ><>34.22< / ><>0.37< / ><>43.32< / ><>33.46< / ><>4.50< / ><>17.03< / ><>117.04< / >< / ><>< colspan="8">比利时 (EUR)< / >< / table>

<><>Atimeso Brasil Indev< / ><>67.18< / ><>0.04< / ><>76.18< / ><>48.87< / ><>1.20< / ><>23.35< / ><>120.74< / >< / ><>< colspan="8">巴西 (BRL)< / >< / ><><>伊塔乌银行控股 (Itau Unibanco Holding)< / ><>46.63< / ><>0.25< / ><>47.80< / ><>32.50< / ><>0.00< / ><>261.96< / >< / ><><>伊塔乌银行控股优先股 (Itau Unibanco Holding Prfd)< / ><>42.73< / ><>0.38< / ><>49.67< / ><>36.96< / ><>0.00< / ><>231.13< / >< / ><><>巴西石油 (Petroleo Brasileiro)< / ><>54.52< / ><>-0.12< / ><>56.14< / ><>30.96< / ><>0.00< / ><>48.32< / ><>405.75< / >< / ><><>巴西石油优先股 (Petroleo Brasileiro Prfd)< / ><>49.00< / ><>-0.12< / ><>50.69< / ><>29.31< / ><>0.00< / ><>266.88< / >< / ><><>淡水河谷 (Vale)< / ><>78.20< / ><>-0.03< / ><>91.62< / ><>56.31< / ><>0.00< / ><>88.11< / ><>332.80< / >< / table>

<>< rowspan="2">股票< / >< rowspan="2">价格< / >< colspan="6">52周< / >< / ><><>+ / -涨跌< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / ><>市值 (f)< / >< / ><>< colspan="8">芬兰 (EUR)< / >< / ><><>Nordex Bank Abp< / ><>17.82< / ><>0.13< / ><>17.97< / ><>13.59< / ><>0.00< / ><>12.82< / ><>60.64< / >< / ><>< colspan="8">法国 (EUR)< / >< / ><><>液化空气 (Air Liquide)< / ><>166.52< / ><>-0.26< / ><>189.80< / ><>154.86< / ><>2.02< / ><>31.91< / ><>106.27< / >< / ><><>Airtus< / ><>199.40< / ><>3.62< / ><>221.30< / ><>157.42< / ><>1.60< / ><>37.20< / ><>157.98< / >< / ><><>AAA< / ><>43.19< / ><>0.22< / ><>45.66< / ><>36.55< / ><>5.37< / ><>12.03< / ><>90.31< / >< / ><><>法国巴黎银行 A (BNP Paribas A)< / ><>103.76< / ><>1.12< / ><>113.82< / ><>65.12< / ><>5.59< / ><>10.84< / ><>115.88< / >< / ><><>圣戈班公司 (Compagnie de Saint-Gobain)< / ><>71.52< / ><>0.20< / ><>95.86< / ><>65.88< / ><>3.22< / ><>10.67< / ><>35.39< / >< / ><><>农业信贷银行 (Credit Agricole)< / ><>18.62< / ><>0.09< / ><>20.40< / ><>15.37< / ><>0.00< / ><>8.54< / ><>56.95< / >< / ><><>Doverne< / ><>61.38< / ><>-0.38< / ><>68.14< / ><>60.64< / ><>3.67< / ><>23.70< / ><>41.94< / >< / ><><>达索 Synthons (Dassault Synthons)< / ><>20.24< / ><>-0.14< / ><>30.36< / ><>15.82< / ><>1.33< / ><>22.49< / ><>27.16< / >< / ><><>ENSE< / ><>23.98< / ><>-0.32< / ><>29.88< / ><>17.78< / ><>4.30< / ><>15.78< / ><>69.97< / >< / ><><>Essential< / ><>[...OMITTED...]

Utilities< / td> 146.40< / ><>0.55< / ><>323.90< / ><>144.65< / ><>2.73< / ><>28.15< / ><>67.97< / >< / tr> <>爱马仕国际 (Hermes International)< / ><>1399.50< / ><>-9.50< / ><>2300.00< / ><>1404.00< / ><>1.29< / ><>31.86< / ><>147.74< / >< / ><><>Llreal< / ><>379.85< / ><>4.30< / ><>405.80< / ><>338.85< / ><>1.90< / ><>29.89< / ><>202.33< / >< / ><><>LMVMI Uml Me Herensey< / ><>415.30< / ><>8.80< / ><>654.70< / ><>450.25< / ><>3.13< / ><>19.00< / ><>205.41< / >< / ><><>赛峰 (Safran)< / ><>330.20< / ><>8.20< / ><>366.50< / ><>262.60< / ><>1.01< / ><>43.45< / ><>138.14< / >< / ><><>Sorfixi< / ><>73.26< / ><>-0.31< / ><>91.15< / ><>71.25< / ><>5.62< / ><>9.36< / ><>88.48< / >< / ><><>施耐德电气 (Schneider Electric)< / ><>291.10< / ><>3.70< / ><>312.30< / ><>220.40< / ><>1.44< / ><>33.89< / ><>168.43< / >< / ><><>道达尔能源 (TotalEnergies)< / ><>78.77< / ><>0.39< / ><>81.34< / ><>49.24< / ><>4.44< / ><>11.43< / ><>179.73< / >< / ><><>文西 (Vinci)< / ><>111.45< / ><>0.90< / ><>143.15< / ><>110.30< / ><>4.53< / ><>12.88< / ><>65.42< / >< / table>

<><>Agnico Eagle Miners< / ><>278.09< / ><>5.98< / ><>348.94< / ><>188.48< / ><>0.90< / ><>23.73< / ><>141.68< / >< / ><><>Alimentation-Coutne-Test< / ><>80.50< / ><>0.50< / ><>95.15< / ><>68.30< / ><>1.07< / ><>27.66< / ><>73.90< / >< / ><><>蒙特利尔银行 (Bank of Montreal)< / ><>242.47< / ><>1.95< / ><>259.20< / ><>168.92< / ><>2.82< / ><>27.58< / ><>168.47< / >< / ><><>新斯科舍银行 (Bank of Nova Scotia)< / ><>129.63< / ><>1.22< / ><>131.72< / ><>87.38< / ><>3.52< / ><>26.67< / ><>159.77< / >< / ><><>布鲁克菲尔德 (Brookfield)< / ><>52.93< / ><>0.29< / ><>102.59< / ><>52.04< / ><>0.73< / ><>94.52< / ><>118.15< / >< / ><><>布鲁克菲尔德资产管理 A (Brookfield Asset Mgmt A)< / ><>65.47< / ><>0.08< / ><>86.51< / ><>58.09< / ><>4.26< / ><>37.41< / ><>104.57< / >< / ><><>加拿大帝国银行 (Canadian Imperial Bank)< / ><>158.91< / ><>0.49< / ><>172.87< / ><>109.29< / ><>2.69< / ><>21.22< / ><>144.28< / >< / ><><>加拿大国家铁路 (Canadian National Railway)< / ><>169.60< / ><>2.04< / ><>185.25< / ><>126.11< / ><>2.16< / ><>29.86< / ><>102.46< / >< / ><><>加拿大自然资源 (Canadian Natural)< / ><>68.32< / ><>-0.93< / ><>72.35< / ><>41.67< / ><>3.61< / ><>16.91< / ><>142.90< / >< / ><><>加拿大太平洋堪萨斯 (Canadian Pacific Kansas)< / ><>123.84< / ><>0.88< / ><>133.38< / ><>96.50< / ><>0.80< / ><>39.31< / ><>108.67< / >< / ><><>Construction Software< / ><>2827.94< / ><>68.70< / ><>4500.00< / ><>2199.00< / ><>0.20< / ><>952.17< / ><>59.93< / >< / ><><>恩桥 (Enbridge)< / ><>66.23< / ><>-0.13< / ><>80.65< / ><>62.51< / ><>5.86< / ><>34.68< / ><>144.90< / >< / ><><>费尔法克斯金融 (Fairfax Financial)< / ><>20.14< / ><>0.14< / ><>25.58< / ><>15.53< / ><>1.02< / ><>10.02< / ><>53.02< / >< / ><><>通用汽车 (General Motors)< / ><>265.20< / ><>0.22< / ><>306.38< / ><>199.27< / ><>2.47< / ><>25.90< / ><>396.36< / >< / ><><>Shopify Inc.< / ><>178.41< / ><>3.27< / ><>253.10< / ><>129.01< / ><>0.00< / ><>119.74< / ><>215.62< / >< / ><><>森科能源公司 (Suncor Energy)< / ><>95.30< / ><>-0.01< / ><>97.13< / ><>53.02< / ><>2.52< / ><>24.88< / ><>111.47< / >< / ><><>TC Energy< / ><>84.31< / ><>-1.32< / ><>100.18< / ><>69.41< / ><>4.16< / ><>33.72< / ><>84.31< / >< / ><><>多伦多道明银行 (The Toronto-Dominion Bank)< / ><>167.72< / ><>1.41< / ><>175.33< / ><>105.35< / ><>2.62< / ><>20.31< / ><>283.36< / >< / ><><>Waste Connections< / ><>221.56< / ><>0.96< / ><>251.45< / ><>203.46< / ><>0.88< / ><>53.39< / ><>55.84< / >< / table>

科威特金融机构 (Kuwait Finance House)< / td><>0.78< / ><>< / ><>0.85< / ><>0.77< / ><>3.08< / ><>23.36< / ><>15.38< / >< / tr><>< colspan="8">墨西哥 (MXN)< / >< / ><><>America Movil B< / ><>19.34< / ><>-0.03< / ><>24.49< / ><>17.48< / ><>2.79< / ><>0.00< / ><>1202.66< / >< / ><><>墨西哥沃尔玛 (Wal-Mart de Mexico)< / ><>45.55< / ><>-0.55< / ><>63.97< / ><>45.47< / ><>2.55< / ><>0.00< / ><>794.68< / >< / ><>< colspan="8">荷兰 (EUR)< / >< / ><><>Adyen< / ><>928.70< / ><>9.70< / ><>1600.80< / ><>772.40< / ><>0.00< / ><>51.00< / ><>29.42< / >< / ><><>阿斯麦 (ASML Holding)< / ><>1478.40< / ><>4.20< / ><>1741.00< / ><>674.10< / ><>0.53< / ><>74.25< / ><>573.84< / >< / ><><>喜力 (Heineken)< / ><>70.28< / ><>-0.76< / ><>80.44< / ><>63.90< / ><>2.73< / ><>15.08< / ><>39.74< / >< / ><><>ING集团 (ING Groep)< / ><>32.09< / ><>0.46< / ><>32.30< / ><>20.23< / ><>3.54< / ><>16.21< / ><>92.20< / >< / ><><>Praxus N< / ><>35.62< / ><>0.32< / ><>63.94< / ><>35.19< / ><>0.79< / ><>6.73< / ><>77.87< / >< / ><><>Magnum冰淇淋公司 (The Magnum Ice Cream Co)< / ><>16.90< / ><>0.14< / ><>17.68< / ><>11.02< / ><>0.00< / ><>35.20< / ><>10.34< / >< / ><><>环球音乐集团 (Universal Music Group NV)< / ><>14.61< / ><>0.58< / ><>25.32< / ><>13.93< / ><>3.56< / ><>33.97< / ><>26.85< / >< / ><>< colspan="8">挪威 (NOK)< / >< / table>

<>< colspan="7">公司 (单位：€)< / >< / ><><>abidas AG< / ><>142.75< / ><>0.05< / ><>196.40< / ><>129.95< / ><>1.96< / ><>19.14< / >< / ><><>Alianz< / ><>442.30< / ><>2.80< / ><>454.60< / ><>338.80< / ><>3.87< / ><>15.46< / >< / ><><>巴斯夫 (BASF)< / ><>51.83< / ><>-1.51< / ><>55.05< / ><>41.48< / ><>4.34< / ><>28.48< / >< / ><><>宝马 (BMW)< / ><>63.00< / ><>0.30< / ><>97.92< / ><>56.40< / ><>6.98< / ><>5.30< / >< / ><><>英国银行 (British Bank)< / ><>34.94< / ><>-0.01< / ><>39.00< / ><>29.00< / ><>1.03< / ><>6.63< / >< / ><><>德意志交易所 (Deutsche Bors)< / ><>278.30< / ><>-3.40< / ><>291.90< / ><>200.10< / ><>1.52< / ><>41.93< / >< / ><><>德国电信 (Deutsche Telekom AG)< / ><>28.59< / ><>0.71< / ><>34.36< / ><>23.53< / ><>3.50< / ><>14.51< / >< / ><><>DHL集团 (DHL Group)< / ><>55.02< / ><>0.08< / ><>58.30< / ><>36.99< / ><>3.45< / ><>17.81< / >< / ><><>英飞凌科技 (Infineon Technologies)< / ><>58.56< / ><>2.76< / ><>88.83< / ><>31.27< / ><>0.60< / ><>76.05< / >< / ><><>梅赛德斯-奔驰集团 (Mercedes-Benz Group)< / ><>46.68< / ><>-0.17< / ><>62.34< / ><>42.62< / ><>7.50< / ><>4.58< / >< / ><><>默克 (Merck)< / ><>131.45< / ><>-0.20< / ><>148.80< / ><>100.70< / ><>1.67< / ><>20.57< / >< / ><><>Muenchenke Ranch< / ><>503.40< / ><>5.40< / ><>575.60< / ><>437.40< / ><>4.77< / ><>24.04< / >< / ><><>保时捷 (Porsche)< / ><>44.84< / ><>0.03< / ><>50.66< / ><>35.62< / ><>2.25< / ><>11.35< / >< / ><><>莱茵金属 (Rheinmetall)< / ><>990.60< / ><>-25.80< / ><>2008.00< / ><>900.20< / ><>1.16< / ><>60.00< / >< / ><><>SAP< / ><>177.26< / ><>-0.56< / ><>244.30< / ><>127.50< / ><>1.41< / ><>28.87< / >< / ><><>西门子 (Siemens)< / ><>264.65< / ><>6.55< / ><>291.70< / ><>198.00< / ><>2.02< / ><>25.13< / >< / ><><>西门子能源 (Siemens Energy)< / ><>144.26< / ><>3.44< / ><>191.66< / ><>90.30< / ><>0.49< / ><>228.98< / >< / ><><>西门子医疗 (Siemens Healthineers)< / ><>38.23< / ><>-0.19< / ><>49.71< / ><>32.81< / ><>2.62< / ><>20.02< / >< / ><><>大众 (Volkswagen)< / ><>81.20< / ><>-0.10< / ><>110.20< / ><>71.00< / ><>6.40< / ><>6.11< / >< / ><><>大众私有 (Volkswagen Privat)< / ><>81.18< / ><>< / ><>109.15< / ><>69.20< / ><>6.48< / ><>6.11< / >< / table>

Equinor大韩民国 (KRW)< / td><>415.50< / ><>1.70< / ><>425.50< / ><>226.40< / ><>3.44< / ><>214.18< / ><>993.36< / >< / tr><><>LG Energy Solution< / ><>360000.00< / ><>-5000.00< / ><>527000.00< / ><>290500.00< / ><>0.00< / ><>78.52< / ><>84240.00< / >< / ><><>SAMSUNG BIOLOGICS< / ><>1415000.00< / ><>-8000.00< / ><>1987000.00< / ><>962000.00< / ><>0.00< / ><>58.74< / ><>65501.70< / >< / ><><>Samsung Electronics< / ><>256500.00< / ><>-6500.00< / ><>374500.00< / ><>72100.00< / ><>0.65< / ><>39.29< / ><>0.00< / >< / ><><>Samsung Electronics Pref< / ><>193300.00< / ><>-9700.00< / ><>243500.00< / ><>56600.00< / ><>0.87< / ><>182.77< / ><>155098.35< / >< / ><><>Samsung Epis< / ><>340000.00< / ><>-6500.00< / ><>773000.00< / ><>329000.00< / ><>0.00< / ><>269.20< / ><>8460.24< / >< / ><><>SK hynix< / ><>1812000.00< / ><>-41000.00< / ><>2987000.00< / ><>305500.00< / ><>0.17< / ><>29.21< / ><>0.00< / >< / table>

<><>股票< / ><>价格< / ><>+ / -涨跌< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / ><>市值 (十亿)< / >< / ><><>Shin- Etou Chemical< / ><>5738.00< / ><>-24.00< / ><>7930.00< / ><>4366.00< / ><>2.02< / ><>22.71< / ><>11389.91< / >< / ><><>SoftBank< / ><>246.90< / ><>3.70< / ><>245.00< / ><>202.60< / ><>3.95< / ><>21.75< / ><>11168.33< / >< / ><><>SoftBank Group< / ><>6544.00< / ><>-370.00< / ><>27695.00< / ><>3365.00< / ><>0.17< / ><>7.49< / ><>97355.49< / >< / ><><>Sony Financial Group< / ><>160.60< / ><>1.60< / ><>210.00< / ><>129.30< / ><>4.98< / ><>20.18< / ><>1087.32< / >< / ><><>Sony Group< / ><>3632.00< / ><>-8.00< / ><>4776.00< / ><>3043.00< / ><>0.96< / ><>66.40< / ><>21666.03< / >< / ><><>Sumitomo Mitsui Financial< / ><>6911.00< / ><>10.00< / ><>7280.00< / ><>3868.00< / ><>2.60< / ><>16.78< / ><>20269.57< / >< / ><><>Takeda Pharmaceutical< / ><>5666.00< / ><>9.00< / ><>6033.00< / ><>4102.00< / ><>3.60< / ><>56.56< / ><>9077.54< / >< / ><><>Tokio Marine Holdings< / ><>7970.00< / ><>176.00< / ><>8468.00< / ><>5300.00< / ><>3.07< / ><>28.53< / ><>15413.98< / >< / ><><>Tokyo Electron< / ><>51460.00< / ><>-1350.00< / ><>9120.00< / ><>21110.00< / ><>0.90< / ><>41.02< / ><>42048.96< / >< / ><><>Toyota Motor< / ><>3031.00< / ><>37.00< / ><>4000.00< / ><>2666.00< / ><>3.30< / ><>10.27< / ><>44237.41< / >< / ><>< colspan="8">科威特 (KWD)< / >< / table>

<><>中国农业银行 A< / ><>6.97< / ><>0.03< / ><>8.68< / ><>5.79< / ><>3.72< / ><>8.94< / ><>22.25< / >< / ><><>中国银行 A< / ><>6.57< / ><>0.04< / ><>6.73< / ><>5.13< / ><>3.59< / ><>8.88< / ><>15.68< / >< / ><><>交通银行 A< / ><>7.48< / ><>0.04< / ><>7.77< / ><>5.37< / ><>4.50< / ><>9.33< / ><>433.14< / >< / ><><>中国建设银行 A< / ><>11.02< / ><>0.07< / ><>11.23< / ><>8.50< / ><>3.67< / ><>8.48< / ><>233.44< / >< / ><><>中国人寿 A< / ><>37.99< / ><>-0.29< / ><>51.92< / ><>32.32< / ><>2.57< / ><>6.97< / ><>791.09< / >< / ><><>招商银行 A< / ><>41.35< / ><>-0.22< / ><>43.79< / ><>35.28< / ><>4.88< / ><>7.25< / ><>853.01< / >< / ><><>中国石油化工 < / >< / table>

A< / td> 5.52< / ><>-0.04< / ><>8.11< / ><>4.43< / ><>3.93< / ><>21.07< / ><>536.23< / >< / tr> <>中国神华能源 A< / ><>47.51< / ><>0.23< / ><>51.18< / ><>37.65< / ><>4.23< / ><>17.86< / ><>870.00< / >< / ><><>中国长江电力 A< / ><>28.45< / ><>0.36< / ><>29.57< / ><>25.38< / ><>3.51< / ><>20.18< / ><>696.12< / >< / ><><>东方证券 A< / ><>26.92< / ><>-0.68< / ><>31.49< / ><>23.77< / ><>3.11< / ><>13.73< / ><>328.44< / >< / ><><>中美瑞泰 A< / ><>330.51< / ><>-7.55< / ><>468.75< / ><>309.04< / ><>1.09< / ><>20.48< / ><>1457.04< / >< / ><><>东方财富信息 A< / ><>18.31< / ><>-0.66< / ><>28.50< / ><>17.22< / ><>0.55< / ><>23.93< / ><>289.70< / >< / ><><>Fascotian Int'l Ind

A< / ><>64.07< / ><>0.16< / ><>84.95< / ><>47.35< / ><>1.53< / ><>35.99< / ><>1271.41< / >< / ><><>IDBC A< / ><>8.11< / ><>0.01< / ><>8.40< / ><>6.85< / ><>3.95< / ><>8.11< / ><>2.19< / >< / ><><>兴业银行 A< / ><>18.13< / ><>-0.11< / ><>22.00< / ><>16.44< / ><>5.89< / ><>5.24< / ><>383.68< / >< / ><><>江苏恒普医药 A< / ><>42.57< / ><>-0.17< / ><>43.77< / ><>30.57< / ><>1.27< / ><>42.57< / ><>2373.27< / >< / ><><>泸州华泰金融 A< / ><>1275.16< / ><>-9.97< / ><>1568.00< / ><>1151.01< / ><>4.08< / ><>19.42< / ><>1594.05< / >< / ><><>立讯精密石油 A< / ><>55.39< / ><>0.94< / ><>81.78< / ><>44.57< / ><>0.45< / ><>24.19< / ><>406.67< / >< / ><><>Middle Group

A< / ><>86.26< / ><>0.06< / ><>89.50< / ><>71.02< / ><>4.98< / ><>14.87< / ><>600.59< / >< / ><><>中国石油 A< / ><>11.24< / ><>-0.03< / ><>13.69< / ><>8.04< / ><>4.54< / ><>13.07< / ><>1.82< / >< / ><><>中国平安保险集团 A< / ><>54.83< / ><>-0.69< / ><>74.88< / ><>46.90< / ><>4.98< / ><>7.14< / ><>584.49< / >< / ><><>中国邮政储蓄银行 A< / ><>5.46< / ><>-0.09< / ><>6.29< / ><>4.76< / ><>4.18< / ><>7.48< / ><>5.47< / >< / ><><>深圳迈德生物医药 A< / ><>162.73< / ><>-2.97< / ><>246.98< / ><>130.66< / ><>2.61< / ><>24.23< / ><>197.20< / >< / ><><>五菱永 A< / ><>69.75< / ><>-0.73< / ><>129.67< / ><>70.40< / ><>7.39< / ><>30.24< / ><>270.74< / >< / ><><>紫金矿业集团

A< / ><>32.26< / ><>-1.85< / ><>44.94< / ><>24.11< / ><>2.48< / ><>16.54< / ><>664.61< / >< / table>

<>< colspan="7">沙特阿拉伯 (SAN)< / >< / ><><>ACWA Power< / ><>190.90< / ><>252.60< / ><>154.50< / ><>0.24< / ><>79.54< / ><>146.32< / >< / ><><>Al Rajhi Bank< / ><>66.00< / ><>113.00< / ><>62.00< / ><>2.53< / ><>16.92< / ><>396.00< / >< / ><><>沙特阿拉伯矿业< / ><>66.00< / ><>79.90< / ><>53.90< / ><>0.00< / ><>84.62< / ><>256.66< / >< / ><><>沙特阿拉伯石油< / ><>26.14< / ><>27.96< / ><>23.04< / ><>5.19< / ><>18.15< / ><>63.26< / >< / ><><>沙特基础工业< / ><>49.80< / ><>64.00< / ><>48.20< / ><>5.22< / ><>97.65< / ><>149.40< / >< / ><><>沙特国家银行< / ><>41.60< / ><>45.24< / ><>33.30< / ><>5.53< / ><>10.30< / ><>249.60< / >< / ><><>STC Co< / ><>43.86< / ><>45.38< / ><>41.14< / ><>5.02< / ><>14.77< / ><>219.30< / >< / table>

<><>BioNTech香港 (HKD)< / ><>96.73< / ><>0.33< / ><>124.00< / ><>79.52< / ><>0.00< / ><>46.28< / ><>24.46< / >< / ><><>友邦保险集团< / ><>75.05< / ><>-0.25< / ><>92.15< / ><>68.95< / ><>2.64< / ><>126.99< / ><>776.52< / >< / ><><>香港交易所< / ><>392.60< / ><>-4.40< / ><>460.20< / ><>360.00< / ><>3.55< / ><>27.94< / ><>497.75< / >< / table>

印度 (UNIV)< / td>< / tr><><>Bajra Finance< / ><>1034.20< / ><>-11.80< / ><>1177.60< / ><>788.40< / ><>0.58< / ><>54.29 6438.88< / >< / ><><>Brah Amrit Ltd< / ><>1832.00< / ><>-5.00< / ><>2174.70< / ><>1745.00< / ><>1.31< / ><>139.5511432.60< / >< / ><><>HCL Technologies< / ><>1207.00< / ><>10.20< / ><>1770.00< / ><>1030.00< / ><>4.97< / ><>18.81 3275.39< / >< / ><><>HEXC Bank< / ><>706.00< / ><>14.00< / ><>1020.35< / ><>668.20< / ><>1.84< / ><>14.3010192.14< / >< / ><><>Hindustan Unilever< / ><>1934.00< / ><>-3.50< / ><>2667.55< / ><>1934.45< / ><>2.12< / ><>44.22 4544.11< / >< / ><><>ICICI Bank< / ><>1379.15< / ><>-4.85< / ><>1479.30< / ><>1187.55< / ><>0.87< / ><>21.83

8699.13< / >< / ><><>Infosys< / ><>1038.20< / ><>6.65< / ><>1727.85< / ><>984.00< / ><>4.62< / ><>16.10 4123.26< / >< / ><><>Mitsubishi Matothe Bank< / ><>280.25< / ><>1.25< / ><>436.50< / ><>256.25< / ><>5.57< / ><>9.36 2080.88< / >< / ><><>Lancore< / ><>418.70< / ><>1.75< / ><>435.15< / ><>345.40< / ><>0.16< / ><>1.76 4155.67< / >< / ><><>Lansin & Toubro< / ><>2915.00< / ><>-40.00< / ><>4440.00< / ><>3288.65< / ><>0.97< / ><>33.48 5396.52< / >< / ><><>Life Insurance Corp< / ><>403.70< / ><>-2.30< / ><>936.60< / ><>385.90< / ><>2.48< / ><>14.19 5106.80< / >< / ><><>Maruti Suzuki India< / ><>12410.00< / ><>-120.00< / ><>17371.60< / ><>12232.10< / ><>1.13< / ><>26.58 3901.74< / >< / ><><>Reliance

Industries< / ><>1258.00< / ><>-17.00< / ><>1611.20< / ><>1250.55< / ><>0.48< / ><>24.441023.93< / >< / ><><>State Bank of India< / ><>997.00< / ><>-7.50< / ><>1234.80< / ><>816.25< / ><>1.74< / ><>11.47 9302.93< / >< / ><><>Sun Pharmaceutical Inds< / ><>1842.00< / ><>-22.00< / ><>2047.55< / ><>1547.25< / ><>0.87< / ><>40.39 4419.47< / >< / ><><>Tata Consultancy Svs< / ><>2202.00< / ><>-14.50< / ><>3336.70< / ><>1976.00< / ><>2.95< / ><>16.41 7967.03< / >< / table>

<>< colspan="8">新加坡 (SGD)< / >< / ><><>DBS Group Holdings< / ><>77.00< / ><>0.21< / ><>79.05< / ><>50.08< / ><>4.13< / ><>20.05< / ><>218.99< / >< / ><><>Overseas-Chinese Banking< / ><>31.60< / ><>0.21< / ><>32.57< / ><>16.19< / ><>3.32< / ><>1938.65< / ><>142.68< / >< / ><><>United Overseas Bank Ltd< / ><>41.26< / ><>0.27< / ><>45.15< / ><>33.25< / ><>3.85< / ><>14.95< / ><>68.61< / >< / ><>< colspan="8">新加坡 (USD)< / >< / ><><>JOYY A< / ><>77.26< / ><>2.43< / ><>80.90< / ><>54.24< / ><>6.96< / ><>309.04< / ><>50.45< / >< / ><><>Sea / Singapore A< / ><>106.24< / ><>-1.45< / ><>199.30< / ><>77.05< / ><>0.00< / ><>40.09< / ><>58.06< / >< / ><>< colspan="8">南非 (TAR)< / >< / table>

<><>Naspers N Spain (EUR)< / ><>725.28< / ><>-5.34< / ><>1311.44< / ><>715.00< / ><>0.70< / ><>85.97< / ><>554.91< / >< / ><><>Banco Santander< / ><>12.89< / ><>0.24< / ><>13.12< / ><>8.10< / ><>1.51< / ><>14.16< / ><>193.54< / >< / ><><>BBVA Spain< / ><>25.41< / ><>0.46< / ><>25.44< / ><>15.39< / ><>2.93< / ><>97.73< / ><>141.82< / >< / ><><>CaixaBank< / ><>13.35< / ><>0.12< / ><>13.55< / ><>8.53< / ><>3.03< / ><>39.25< / ><>93.09< / >< / ><><>Iberdrola SA< / ><>20.16< / ><>0.14< / ><>22.08< / ><>15.33< / ><>2.73< / ><>36.52< / ><>134.53< / >< / ><><>Inditex< / ><>54.02< / ><>-0.56< / ><>59.42< / ><>44.34< / ><>2.62< / ><>122.49< / ><>168.36< / >< / table>

中亚银行 (Bank Central Asia)< / td><>6325.00< / ><>-100.00< / ><>8750.00< / ><>4820.00< / ><>0.00< / ><>13.54< / ><>7797.15< / >< / tr><><>PT Banto Renewables< / ><>3240.00< / ><>60.00< / ><>10725.00< / ><>2300.00< / ><>0.13< / ><>0.00< / ><>334.67< / >< / ><>< colspan="8">意大利 (欧元)< / >< / ><><>忠利保险 (Assicurazioni Generali)< / ><>45.08< / ><>0.36< / ><>45.48< / ><>31.76< / ><>3.64< / ><>18.55< / ><>69.18< / >< / ><><>国家电力公司 (Enel)< / ><>8.96< / ><>0.02< / ><>10.31< / ><>7.69< / ><>5.47< / ><>24.21< / ><>91.06< / >< / ><><>埃尼 (Eni)< / ><>24.00< / ><>-0.06< / ><>25.02< / ><>14.48< / ><>4.58< / ><>17.02< / ><>72.67< / >< / ><><>法拉利 (Ferrari)< / ><>356.20< / ><>5.00< / ><>431.20< / ><>269.00< / ><>0.84< / ><>51.55< / ><>63.15< / >< / ><><>联合圣保罗银行 (Intesa Sampaolo)< / ><>6.83< / ><>0.17< / ><>6.94< / ><>4.81< / ><>5.50< / ><>29.70< / ><>120.81< / >< / ><><>斯特兰蒂斯 (Stellantis)< / ><>4.67< / ><>0.12< / ><>10.49< / ><>4.37< / ><>0.00< / ><>6.28< / ><>13.53< / >< / ><><>联合信贷银行 (UniCredit SpA)< / ><>85.17< / ><>1.37< / ><>86.42< / ><>57.36< / ><>3.70< / ><>16.68< / ><>133.01< / >< / table>

<><>中国农业银行 H< / ><>6.36< / ><>-0.03< / ><>6.64< / ><>5.05< / ><>4.78< / ><>8.15< / ><>195.35< / >< / ><><>阿里巴巴集团控股< / ><>107.50< / ><>0.60< / ><>186.20< / ><>88.65< / ><>0.96< / ><>129.52< / ><>2137.64< / >< / ><><>中国银行 H< / ><>6.04< / ><>0.07< / ><>6.14< / ><>4.11< / ><>4.56< / ><>8.17< / ><>505.50< / >< / ><><>交通银行 H< / ><>8.09< / ><>0.03< / ><>8.08< / ><>6.33< / ><>4.86< / ><>7.49< / ><>283.25< / >< / ><><>比亚迪 H< / ><>79.85< / ><>0.30< / ><>115.40< / ><>71.40< / ><>0.52< / ><>22.30< / ><>294.12< / >< / ><><>中信银行 H< / ><>8.46< / ><>0.03< / ><>8.60< / ><>6.50< / ><>5.47< / ><>7.05< / ><>125.83< / >< / ><><>中国建设银行 H< / ><>9.75< / ><>-0.01< / ><>9.88< / ><>7.18< / ><>4.94< / ><>7.50< / ><>23.44< / >< / ><><>中国人寿 H< / ><>29.60< / ><>-0.54< / ><>36.16< / ><>20.90< / ><>3.85< / ><>5.43< / ><>220.26< / >< / ><><>招商银行 H< / ><>51.95< / ><>-0.20< / ><>53.70< / ><>43.34< / ><>4.37< / ><>9.11< / ><>238.50< / >< / ><><>中国石油化工 H< / ><>4.78< / ><>-0.07< / ><>5.70< / ><>3.98< / ><>5.26< / ><>18.23< / ><>113.56< / >< / ><><>中国神华能源 H< / ><>46.12< / ><>-0.36< / ><>49.62< / ><>36.58< / ><>5.09< / ><>16.90< / ><>155.77< / >< / ><><>中信建投 H (OTC Securities H)< / ><>25.22< / ><>-0.70< / ><>32.50< / ><>23.24< / ><>3.88< / ><>12.87< / ><>86.35< / >< / ><><>中国工商银行 H< / ><>7.61< / ><>< / ><>7.76< / ><>5.56< / ><>4.92< / ><>7.61< / ><>660.50< / >< / ><><>JCI com A< / ><>106.20< / ><>0.70< / ><>143.80< / ><>95.80< / ><>3.69< / ><>15.41< / ><>265.13< / >< / ><><>美团 B< / ><>75.10< / ><>0.35< / ><>109.70< / ><>63.65< / ><>0.00< / ><>19.56< / ><>430.28< / >< / ><><>中组 H (Middle Group H)< / ><>99.20< / ><>-0.10< / ><>101.70< / ><>77.65< / ><>5.07< / ><>17.10< / ><>64.56< / >< / ><><>网易< / ><>182.10< / ><>-1.00< / ><>248.00< / ><>168.80< / ><>2.52< / ><>17.20< / ><>584.92< / >< / ><><>北冰洋 H (Norgo Spring H)< / ><>39.50< / ><>-0.08< / ><>56.25< / ><>39.22< / ><>2.86< / ><>27.99< / ><>198.87< / >< / ><><>诺德斯特龙 H (Nordstrom H)< / ><>9.98< / ><>-0.11< / ><>12.22< / ><>6.93< / ><>5.89< / ><>11.63< / ><>210.57< / >< / ><><>平安保险集团< / >

H< / td> 54.00< / ><>-0.65< / ><>74.70< / ><>50.00< / ><>5.82< / ><>7.03< / ><>402.17< / >< / tr> <>Prestal Savings Bank China H< / ><>5.42< / ><>0.06< / ><>5.88< / ><>4.48< / ><>4.92< / ><>7.42< / ><>107.62< / >< / ><><>Tencent Holdings< / ><>428.40< / ><>2.80< / ><>683.00< / ><>411.00< / ><>1.24< / ><>17.31< / ><>3889.79< / >< / ><><>Xieomi Corp B< / ><>26.36< / ><>0.44< / ><>59.90< / ><>21.30< / ><>0.00< / ><>16.27< / ><>562.26< / >< / ><><>Zijin Mining Group H< / ><>34.82< / ><>-2.52< / ><>46.98< / ><>26.58< / ><>2.64< / ><>17.86< / ><>208.53< / >< / ><>< colspan="8">中国 (USD)< / >< / ><><>Full Truck Alliance< / ><>8.17< / ><>0.03< / ><>14.76< / ><>7.46< / ><>2.83< / ><>272.33< / ><>152.37< / >< / ><><>Fiatu Holdings

A< / ><>112.73< / ><>-0.78< / ><>202.53< / ><>80.50< / ><>2.26< / ><>10.79< / ><>86.35< / >< / ><><>PDD Holdings A< / ><>77.81< / ><>0.03< / ><>139.41< / ><>71.94< / ><>0.00< / ><>31.12< / ><>441.85< / >< / ><>< colspan="8">丹麦 (DKK)< / >< / table>

<><>ABB< / ><>78.66< / ><>0.80< / ><>89.14< / ><>53.78< / ><>1.20< / ><>30.37< / ><>143.41< / >< / ><><>Alcon< / ><>53.98< / ><>-0.52< / ><>68.34< / ><>47.80< / ><>0.52< / ><>51.90< / ><>26.97< / >< / ><><>Cive Financiere Richemont< / ><>175.00< / ><>2.10< / ><>202.20< / ><>127.20< / ><>1.89< / ><>37.32< / ><>94.08< / >< / ><><>Gwaxton< / ><>3164.00< / ><>5.00< / ><>3592.00< / ><>2566.00< / ><>2.28< / ><>35.54< / ><>29.22< / >< / ><><>Holcim< / ><>70.44< / ><>-0.10< / ><>82.54< / ><>60.10< / ><>2.41< / ><>21.88< / ><>39.93< / >< / ><><>Lonza

Group< / ><>531.20< / ><>-3.80< / ><>597.80< / ><>454.60< / ><>0.94< / ><>59.48< / ><>37.31< / >< / ><><>Nestle< / ><>77.54< / ><>-0.20< / ><>87.09< / ><>70.29< / ><>4.00< / ><>22.09< / ><>199.78< / >< / ><><>Novartis< / ><>112.04< / ><>-0.10< / ><>132.68< / ><>96.03< / ><>3.30< / ><>36.73< / ><>227.98< / >< / ><><>Roche Holding< / ><>352.60< / ><>8< / ><>383.00< / ><>264.60< / ><>2.78< / ><>21.79< / ><>37.62< / >< / ><><>Roche Holding Pref< / ><>344.20< / ><>-1.30< / ><>375.80< / ><>291.00< / ><>2.85< / ><>21.27< / ><>241.82< / >< / ><><>Sika< / ><>185.00< / ><>-0.30< / ><>197.60< / ><>120.35< / ><>2.00< / ><>28.46< / ><>29.69< / >< / ><><>Swiss Re< / ><>136.85< / ><>1.60< / ><>153.85< / ><>114.05< / ><>4.60< / ><>10.49< / ><>40.89< / >< / ><><>UBS

Group< / ><>44.56< / ><>0.61< / ><>45.04< / ><>28.25< / ><>1.92< / ><>22.73< / ><>146.06< / >< / ><><>Zurich Insurance Group< / ><>588.20< / ><>3.00< / ><>626.00< / ><>521.00< / ><>5.10< / ><>18.39< / ><>88.95< / >< / table>

<><>Canon< / ><>4300.00< / ><>42.00< / ><>5033.00< / ><>3967.00< / ><>3.65< / ><>15.11< / ><>5841.88< / >< / ><><>Chagas Pharmaceutical< / ><>6423.00< / ><>4.00< / ><>10700.00< / ><>6250.00< / ><>2.08< / ><>24.35< / ><>10782.91< / >< / ><><>Caterpillar< / ><>2772.00< / ><>63.00< / ><>4178.00< / ><>2296.00< / ><>3.61< / ><>18.34< / ><>5162.34< / >< / ><><>FAST RETAILING< / ><>6648.00< / ><>-330.00< / ><>86690.00< / ><>44380.00< / ><>0.96< / ><>21.10< / ><>21155.33< / >< / ><><>Hiscox< / ><>5198.00< / ><>17.00< / ><>6020.00< / ><>3628.00< / ><>1.08< / ><>38.64< / ><>22956.38< / >< / ><><>Honda

[...OMITTED...]

571.20< / td>< / tr> 三菱重工< / ><>3735.00< / ><>-18.00< / ><>5236.00< / ><>3494.00< / ><>-0.78< / ><>37.49< / ><>12495.37< / >< / ><><>三菱美国金融集团< / ><>3861.00< / ><>-1.00< / ><>3813.00< / ><>22350.50< / ><>3.92< / ><>17.11< / ><>40447.69< / >< / ><><>瑞穗金融< / ><>5360.00< / ><>-1.00< / ><>5360.00< / ><>2777.00< / ><>2.77< / ><>17.38< / ><>18444.25< / >< / ><><>瑞穗金融集团< / ><>8654.00< / ><>48.00< / ><>8684.00< / ><>4560.00< / ><>1.73< / ><>17.21< / ><>21148.27< / >< / ><><>任天堂< / ><>8033.00< / ><>104.00< / ><>14303.00< / ><>6544.00< / ><>2.00< / ><>22.35< / ><>10417.80< / >< / ><><>NTT< / ><>175.70< / ><>0.50< / ><>176.00< / ><>142.60< / ><>3.07< / ><>13.93< / ><>15069.69< / >< / ><><>Recruit Holdings< / ><>15500.00< / ><>-350.00< / ><>18215.00< / ><>6040.00< / ><>0.17< / ><>44.31< / ><>22823.81< / >< / table>

<>< colspan="8">台湾 (AED)< / >< / ><><>鸿海精密< / ><>248.00< / ><>-3.00< / ><>314.00< / ><>187.50< / ><>2.89< / ><>18.22< / ><>3490.79< / >< / ><><>联发科< / ><>4585.00< / ><>-135.00< / ><>4970.00< / ><>1130.00< / ><>1.17< / ><>69.30< / ><>7358.71< / >< / ><><>台积电< / ><>2410.00< / ><>-40.00< / ><>2535.00< / ><>1235.00< / ><>1.08< / ><>36.37< / ><>62497.01< / >< / ><>< colspan="8">阿拉伯联合酋长国 (AED)< / >< / table>

<>< colspan="8">英国 (GBP)< / >< / ><><>3i Group Plc< / ><>26.31< / ><>-0.20< / ><>44.97< / ><>18.25< / ><>3.21< / ><>4.88< / ><>27.01< / >< / ><><>阿斯特拉Zeneca< / ><>121.54< / ><>4.46< / ><>157.32< / ><>98.92< / ><>1.97< / ><>24.82< / ><>108.51< / >< / ><><>BAE Systems< / ><>19.40< / ><>0.42< / ><>23.60< / ><>15.29< / ><>1.95< / ><>28.20< / ><>58.23< / >< / ><><>巴克莱< / ><>4.79< / ><>-0.15< / ><>5.54< / ><>3.54< / ><>2.40< / ><>10.92< / ><>64.19< / >< / ><><>BP< / ><>5.71< / ><>0.07< / ><>6.09< / ><>3.99< / ><>4.39< / ><>< / ><>89.70< / >< / ><><>英美烟草< / ><>42.50< / ><>1.50< / ><>53.26< / ><>36.77< / ><>5.77< / ><>12.11< / ><>91.76< / >< / ><><>Compass Group< / ><>23.29< / ><>0.49< / ><>25.81< / ><>20.00< / ><>2.18< / ><>28.51< / ><>39.61< / >< / ><><>帝亚吉欧< / ><>16.43< / ><>0.40< / ><>19.05< / ><>12.96< / ><>2.26< / ><>28.35< / ><>36.58< / >< / ><><>Experian< / ><>28.58< / ><>0.76< / ><>38.95< / ><>22.03< / ><>1.81< / ><>23.41< / ><>25.32< / >< / ><><>嘉能可< / ><>5.91< / ><>-0.14< / ><>7.07< / ><>3.00< / ><>2.13< / ><>< / ><>69.36< / >< / table>

<><>股票< / ><>价格< / >< colspan="2">涨跌幅< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / ><>市值 (十亿)< / >< / ><><>GSX< / ><>18.55< / ><>0.84< / ><>22.82< / ><>14.55< / ><>3.77< / ><>13.14< / ><>75.02< / ><>< / >< / ><><>Haleon< / ><>3.42< / ><>0.08< / ><>4.16< / ><>2.74< / ><>2.13< / ><>18.40< / ><>30.10< / ><>< / >< / ><><>汇丰控股< / ><>15.37< / ><>-0.16< / ><>16.10< / ><>9.59< / ><>3.62< / ><>17.11< / ><>263.71< / ><>< / >< / ><><>劳埃德银行集团< / ><>1.09< / ><>-0.02< / ><>1.18< / ><>0.81< / ><>3.67< / ><>15.62< / ><>63.30< / ><>< / >< / ><><>伦敦证券交易所集团< / ><>84.74< / ><>2.36< / ><>101.40< / ><>66.84< / ><>1.86< / ><>35.55< / ><>41.02< / ><>< / >< / ><><>National

Grid< / td> 11.05< / ><>-0.26< / ><>14.29< / ><>10.26< / ><>4.39< / ><>16.87< / ><>55.55< / ><>< / >< / tr> <>NatWest Group< / ><>6.83< / ><>-0.15< / ><>7.26< / ><>5.04< / ><>5.13< / ><>12.76< / ><>54.26< / ><>< / >< / ><><>Reckitt Benckiser Group< / ><>51.20< / ><>1.20< / ><>65.23< / ><>36.64< / ><>4.23< / ><>10.93< / ><>32.47< / ><>< / >< / ><><>RELX< / ><>26.03< / ><>1.28< / ><>35.75< / ><>19.91< / ><>2.65< / ><>23.12< / ><>45.43< / ><>< / >< / ><><>Rio Tinto< / ><>72.07< / ><>-1.67< / ><>91.17< / ><>45.55< / ><>4.79< / ><>15.82< / ><>90.46< / ><>< / >< / ><><>Rolls-Royce

Holdings< / ><>14.24< / ><>-0.31< / ><>15.86< / ><>9.90< / ><>0.77< / ><>20.51< / ><>118.33< / ><>< / >< / ><><>Shell< / ><>35.82< / ><>0.31< / ><>37.59< / ><>25.54< / ><>3.15< / ><>15.93< / ><>205.81< / ><>< / >< / ><><>Unilever< / ><>46.97< / ><>1.46< / ><>55.42< / ><>36.44< / ><>3.51< / ><>12.67< / ><>101.19< / ><>< / >< / table>

<><>Arm Holdings< / ><>264.79< / ><>10.61< / ><>452.70< / ><>100.02< / ><>0.00< / ><>311.52< / ><>281.74< / >< / ><>< colspan="8">美国 (USD)< / >< / ><><>3M Co< / ><>164.97< / ><>2.11< / ><>184.90< / ><>139.34< / ><>1.89< / ><>29.10< / ><>85.08< / >< / ><><>Abbott Laboratories< / ><>101.95< / ><>-1.41< / ><>137.49< / ><>81.97< / ><>2.47< / ><>32.89< / ><>176.41< / >< / ><><>AbbVie< / ><>257.12< / ><>2.12< / ><>267.47< / ><>190.75< / ><>2.69< / ><>72.63< / ><>454.36< / >< / ><><>Accenture Plc

A< / ><>183.90< / ><>5.99< / ><>291.09< / ><>118.15< / ><>3.55< / ><>14.56< / ><>112.54< / >< / ><><>Adobe< / ><>252.23< / ><>3.40< / ><>370.86< / ><>190.12< / ><>0.00< / ><>14.42< / ><>100.26< / >< / ><><>Aflac< / ><>115.28< / ><>0.81< / ><>130.22< / ><>105.43< / ><>2.12< / ><>12.38< / ><>57.79< / >< / ><><>Air Products & Chemicals< / ><>291.43< / ><>-2.22< / ><>314.87< / ><>229.11< / ><>2.48< / ><>30.71< / ><>64.90< / >< / ><><>Autiva A< / ><>170.19< / ><>2.54< / ><>193.45< / ><>110.81< / ><>0.00< / ><>45.38< / ><>71.40< / >< / ><><>Alphabet A< / ><>338.50< / ><>5.90< / ><>406.61< / ><>235.84< / ><>0.26< / ><>16.79< / ><>1986.32< / >< / ><><>Alphabet C< / ><>335.45< / ><>5.06< / ><>404.47< / ><>236.58< / ><>0.26< / ><>16.64< / ><>1854.03< / >< / ><><>Altia

Group< / ><>68.98< / ><>0.19< / ><>77.06< / ><>54.70< / ><>6.44< / ><>14.40< / ><>115.18< / >< / ><><>Amazon.com< / ><>256.78< / ><>4.89< / ><>287.20< / ><>196.00< / ><>0.00< / ><>20.36< / ><>2789.71< / >< / ><><>AMZN< / ><>516.13< / ><>12.53< / ><>584.73< / ><>149.85< / ><>0.00< / ><>130.01< / ><>842.57< / >< / ><><>American Electric Power< / ><>100.00< / ><>-0.05< / ><>105.58< / ><>67.70< / ><>3.19< / ><>21.19< / ><>67.72< / >< / ><><>American Express< / ><>324.69< / ><>3.98< / ><>387.60< / ><>269.61< / ><>0.00< / ><>16.84< / ><>185.03< / >< / ><><>American International< / ><>75.33< / ><>0.30< / ><>87.29< / ><>71.25< / ><>2.65< / ><>13.62< / ><>39.39< / >< / ><><>American

Tower< / td> 177.85< / ><>4.87< / ><>199.13< / ><>160.06< / ><>3.92< / ><>24.40< / ><>82.87< / >< / tr> <>American Finance< / ><>557.61< / ><>4.08< / ><>572.56< / ><>422.37< / ><>1.22< / ><>13.29< / ><>49.26< / >< / ><><>AMETEK Inc< / ><>241.87< / ><>7.63< / ><>261.16< / ><>179.24< / ><>0.56< / ><>35.26< / ><>55.45< / >< / ><><>Amgen< / ><>377.35< / ><>-5.12< / ><>447.03< / ><>269.77< / ><>2.67< / ><>23.26< / ><>204.01< / >< / ><><>Amphend A< / ><>83.92< / ><>3.67< / ><>178.52< / ><>79.23< / ><>0.60< / ><>39.96< / ><>206.94< / >< / ><><>Analog Devices< / ><>378.78< / ><>17.53< / ><>445.91< / ><>223.47< / ><>1.16< / ><>44.72< / ><>183.54< / >< / ><><>Asn Plc A< / ><>302.69< / ><>-5.08< / ><>382.34< / ><>303.59< / ><>1.08< / ><>16.61< / ><>64.21< / >< / ><><>Apollo Global Mgmt< / ><>128.98< / ><>1.07< / ><>153.29< / ><>99.56< / ><>1.74< / ><>45.42< / ><>76.17< / >< / ><><>Apple< / ><>332.27< / ><>5.70< / ><>344.57< / ><>226.85< / ><>0.33< / ><>37.93< / ><>4684.21< / >< / ><><>Applied Materials Inc< / ><>456.49< / ><>2.48< / ><>739.67< / ><>164.00< / ><>0.46< / ><>39.08< / ><>382.27< / >< / ><><>Agilent A< / ><>323.96< / ><>9.47< / ><>745.61< / ><>297.50< / ><>0.00< / ><>24.81< / ><>98.63< / >< / ><><>Asea Management< / ><>131.64< / ><>1.01< / ><>166.85< / ><>95.80< / ><>4.10< / ><>60.38< / ><>29.48< / >< / ><><>Arthur J. Gallagher< / ><>249.32< / ><>-2.99< / ><>313.55< / ><>190.75< / ><>1.17< / ><>39.40< / ><>61.59< / >< / ><><>AT&T< / ><>26.06< / ><>0.51< / ><>29.79< / ><>19.89< / ><>4.26< / ><>8.60< / ><>178.57< / >< / ><><>Atlassian Corp A< / ><>179.70< / ><>0.13< / ><>198.60< / ><>56.01< / ><>0.00< / ><>855.71< / ><>28.57< / >< / ><><>Autodesk< / ><>212.40< / ><>0.79< / ><>326.71< / ><>185.50< / ><>0.00< / ><>27.34< / ><>44.39< / >< / ><><>Auto Data Processing< / ><>268.26< / ><>0.93< / ><>299.22< / ><>188.16< / ><>2.53< / ><>24.45< / ><>106.57< / >< / ><><>AutoZone< / ><>2876.75< / ><>-4.72< / ><>4388.11< / ><>2767.25< / ><>0.00< / ><>19.30< / ><>46.96< / >< / ><><>Baker Hughes A< / ><>59.06< / ><>-0.34< / ><>70.41< / ><>43.92< / ><>1.56< / ><>18.75< / ><>58.63< / >< / ><><>Bank of New York Mellon< / ><>162.66< / ><>0.07< / ><>165.84< / ><>103.11< / ><>1.55< / ><>18.78< / ><>110.37< / >< / ><><>Becton Dickinson< / ><>177.85< / ><>1.43< / ><>213.08< / ><>140.11< / ><>2.36< / ><>30.66< / ><>46.44< / >< / ><><>Berkeley Hathaway A< / ><>76800.00< / ><>475.00< / ><>86902.81< / ><>68800.00< / ><>0.00< / ><>80.04< / ><>397.36< / >< / ><><>Berkeley Hathaway B< / ><>510.37< / ><>3.37< / ><>537.74< / ><>464.01< / ><>0.00< / ><>19.68< / ><>713.65< / >< / ><><>BlackRock Finance< / ><>1079.65< / ><>17.25< / ><>1219.94< / ><>917.39< / ><>2.12< / ><>25.48< / ><>167.20< / >< / ><><>Blackstone< / ><>128.51< / ><>3.10< / ><>190.09< / ><>101.73< / ><>2.58< / ><>28.75< / ><>96.46< / >< / ><><>Blackstone PLC< / ><>271.47< / ><>-0.57< / ><>359.72< / ><>241.57< / ><>0.49< / ><>25.72< / ><>109.49< / >< / ><><>BlackRock Group< / ><>210.45< / ><>5.65< / ><>254.35< / ><>178.77< / ><>0.00< / ><>75.43< / ><>166.33< / >< / ><><>Berkitt Corp< / ><>62.69< / ><>0.13< / ><>65.22< / ><>46.12< / ><>2.04< / ><>14.25< / ><>438.38< / >< / ><><>Booking Holdings< / ><>173.92< / ><>-0.41< / ><>5624.89< / ><>150.14< / ><>0.95< / ><>19.22< / ><>130.68< / >< / ><><>Boston

Scientific< / td> 42.98< / ><>-0.12< / ><>105.72< / ><>42.20< / ><>0.00< / ><>17.26< / ><>62.29< / >< / tr> <>百时美施贵宝 (Bristol Myers Squibb)< / ><>63.64< / ><>-0.11< / ><>68.64< / ><>42.52< / ><>3.96< / ><>13.96< / ><>130.00< / >< / ><><>博通 (Broadcom)< / ><>361.99< / ><>1.16< / ><>495.00< / ><>289.96< / ><>0.72< / ><>44.86< / ><>1728.01< / >< / ><><>楷登电子 (Cadence Design Systems)< / ><>289.37< / ><>4.42< / ><>416.69< / ><>262.75< / ><>0.00< / ><>57.19< / ><>79.69< / >< / ><><>第一资本金融 (Capital One Financial)< / ><>208.30< / ><>1.19< / ><>258.63< / ><>174.24< / ><>1.54< / ><>11.48< / ><>127.79< / >< / ><><>开利全球 (Carrier Global)< / ><>57.46< / ><>0.82< / ><>76.76< / ><>50.24< / ><>1.67< / ><>40.46< / ><>47.37< / >< / ><><>Cavana

A< / ><>69.16< / ><>-1.12< / ><>466.89< / ><>56.12< / ><>0.00< / ><>31.01< / ><>49.79< / >< / ><><>卡特彼勒 (Carepillar)< / ><>818.57< / ><>13.57< / ><>1073.46< / ><>423.32< / ><>0.80< / ><>35.07< / ><>376.28< / >< / ><><>CROE Group A< / ><>140.51< / ><>2.52< / ><>174.27< / ><>121.69< / ><>0.00< / ><>36.21< / ><>40.69< / >< / ><><>Cencora< / ><>321.57< / ><>0.62< / ><>377.54< / ><>244.82< / ><>0.75< / ><>23.77< / ><>61.36< / >< / ><><>特许通讯 A (Charter Comms A)< / ><>145.77< / ><>5.21< / ><>285.92< / ><>111.55< / ><>0.00< / ><>3.75< / ><>16.70< / >< / ><><>切尼尔能源 (Cheniere Energy)< / ><>278.00< / ><>-0.38< / ><>385.88< / ><>238.88< / ><>0.00< / ><>24.88< / ><>108.88< / >< / ><><>奇波雷墨西哥 (Chipotle mexican

Grp< / ><>214.06< / ><>1.30< / ><>217.40< / ><>146.49< / ><>3.33< / ><>20.54< / ><>422.93< / >< / ><><>奇波雷墨西哥烧烤 (Chipotle Mexican Grill)< / ><>36.20< / ><>0.07< / ><>42.81< / ><>28.04< / ><>0.00< / ><>33.21< / ><>45.81< / >< / ><><>处罚保险 (Chubb)< / ><>338.25< / ><>-0.42< / ><>365.91< / ><>265.30< / ><>1.21< / ><>94.75< / ><>130.50< / >< / ><><>辛塔斯 (Cintas)< / ><>201.50< / ><>3.06< / ><>219.16< / ><>161.16< / ><>1.03< / ><>40.54< / ><>80.63< / >< / ><><>思科系统 (Cisco Systems)< / ><>112.13< / ><>4.69< / ><>130.37< / ><>66.13< / ><>1.50< / ><>33.37< / ><>442.08< / >< / ><><>花旗集团 (Citigroup)< / ><>138.82< / ><>0.32< / ><>147.96< / ><>93.66< / ><>1.93< / ><>19.52< / ><>232.86< / >< / ><><>Cloudflare Inc A< / ><>306.53< / ><>-4.64< / ><>332.22< / ><>158.83< / ><>0.00< / ><>528.50< / ><>98.89< / >< / ><><>CME

Group A< / ><>275.54< / ><>1.47< / ><>329.16< / ><>218.31< / ><>4.10< / ><>23.25< / ><>99.08< / >< / ><><>认知科技 A (Cognizant Tech Sci A)< / ><>60.00< / ><>1.68< / ><>87.03< / ><>37.08< / ><>2.20< / ><>12.82< / ><>27.03< / >< / ><><>Coinbase Global A< / ><>175.26< / ><>2.98< / ><>402.16< / ><>139.11< / ><>0.00< / ><>45.29< / ><>39.05< / >< / ><><>高露洁-棕榈油 (Colgate-Palmolite)< / ><>86.80< / ><>-1.10< / ><>99.33< / ><>74.55< / ><>2.44< / ><>34.17< / ><>69.19< / >< / ><><>康卡斯特 A (Comcast A)< / ><>25.20< / ><>0.03< / ><>33.56< / ><>21.28< / ><>5.24< / ><>8.05< / ><>89.19< / >< / ><><>康菲石油 (ConocoPhillips)< / ><>137.35< / ><>0.31< / ><>138.69< / ><>85.57< / ><>2.45< / ><>18.17< / ><>165.00< / >< / ><><>Constellation

Energy< / td> 284.75< / ><>-1.22< / ><>412.70< / ><>228.63< / ><>0.60< / ><>27.81< / ><>100.69< / >< / tr> <>Constellation West< / ><>29.95< / ><>-0.00< / ><>49.05< / ><>26.81< / ><>0.00< / ><>19.48< / ><>27.73< / >< / ><><>Evergy< / ><>166.40< / ><>3.28< / ><>271.78< / ><>74.60< / ><>0.67< / ><>74.95< / ><>143.34< / >< / ><><>Corteva< / ><>83.90< / ><>-0.59< / ><>90.97< / ><>60.53< / ><>0.86< / ><>50.85< / ><>55.98< / >< / ><><>Costco Wholesale< / ><>904.77< / ><>2.39< / ><>1066.50< / ><>844.06< / ><>0.05< / ><>45.44< / ><>401.25< / >< / ><><>Coupaq r A< / ><>15.12< / ><>0.45< / ><>34.08< / ><>14.45< / ><>0.00< / ><>35.16< / ><>24.79< / >< / ><><>CRH< / ><>88.55< / ><>0.09< / ><>131.55< / ><>86.84< / ><>1.76< / ><>17.47< / ><>58.91< / >< / ><><>CrowdStrike

Holdings A< / ><>206.74< / ><>-2.12< / ><>786.00< / ><>174.14< / ><>0.00< / ><>5168.50< / ><>211.69< / >< / table>

波动率指数

<><>股票< / ><>价格< / ><>涨跌幅< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / ><>Mdy's< / >< / ><><>ONEOK< / ><>96.62< / ><>< / ><>4.43< / ><>< / ><>16.63< / ><>60.91< / >< / ><><>Oracle< / ><>150.28< / ><>-2.66< / ><>331.00< / ><>114.50< / ><>1.33< / ><>25.30< / ><>432.88< / >< / ><><>O'Reilly Automotive< / ><>85.82< / ><>0.31< / ><>108.72< / ><>82.59< / ><>0.00< / ><>27.16< / ><>68.43< / >< / ><><>Old World< / ><>69.21< / ><>0.19< / ><>94.56< / ><>67.26< / ><>0.00< / ><>26.26< / ><>61.26< / >< / ><><>Oneok< / ><>145.27< / ><>2.38< / ><>167.25< / ><>137.62< / ><>3.00< / ><>21.52< / ><>337.41< / >< / ><><>PACCAR< / ><>122.73< / ><>0.16< / ><>139.24< / ><>92.25< / ><>1.14< / ><>25.78< / ><>64.60< / >< / ><><>Palantir Technologies

A< / ><>167.23< / ><>1.37< / ><>207.52< / ><>106.37< / ><>0.00< / ><>131.68< / ><>384.75< / >< / ><><>Palo Alto Networks< / ><>330.65< / ><>-7.84< / ><>398.88< / ><>139.57< / ><>0.00< / ><>806.46< / ><>270.47< / >< / ><><>Parker-Hannifin< / ><>950.23< / ><>15.89< / ><>1099.94< / ><>715.37< / ><>0.84< / ><>32.89< / ><>119.77< / >< / ><><>Paychex< / ><>115.80< / ><>0.62< / ><>135.97< / ><>85.45< / ><>4.11< / ><>23.63< / ><>41.22< / >< / ><><>PayPal Holdings< / ><>53.72< / ><>0.41< / ><>79.22< / ><>38.46< / ><>1.04< / ><>10.08< / ><>45.96< / >< / ><><>PepsiCo< / ><>136.32< / ><>-0.33< / ><>171.48< / ><>133.73< / ><>4.34< / ><>17.84< / ><>186.06< / >< / ><><>Pfizer< / ><>27.72< / ><>0.07< / ><>29.21< / ><>23.58< / ><>6.20< / ><>36.00< / ><>157.99< / >< / ><><>Philip

Morris Intl< / ><>191.06< / ><>1.29< / ><>207.76< / ><>142.11< / ><>3.08< / ><>27.45< / ><>297.79< / >< / ><><>Phillips 66< / ><>259.47< / ><>0.96< / ><>263.76< / ><>126.74< / ><>1.96< / ><>14.76< / ><>103.53< / >< / ><><>PNC Financial Services Gp< / ><>244.24< / ><>1.26< / ><>258.96< / ><>176.88< / ><>3.28< / ><>13.43< / ><>97.44< / >< / ><><>Progressive< / ><>217.82< / ><>1.43< / ><>249.71< / ><>189.20< / ><>0.18< / ><>10.89< / ><>126.46< / >< / ><><>Prologis Inc< / ><>135.75< / ><>1.34< / ><>153.35< / ><>111.00< / ><>3.15< / ><>30.03< / ><>129.01< / >< / ><><>Prudential Financial< / ><>119.24< / ><>0.76< / ><>127.72< / ><>91.89< / ><>4.70< / ><>10.75< / ><>41.14< / >< / ><><>Public

Storage< / td> 296.50< / ><>1.50< / ><>335.55< / ><>256.54< / ><>4.05< / ><>28.18< / ><>55.40< / >< / tr> <>高通 (QUALCOMM)< / ><>181.97< / ><>0.69< / ><>200.87< / ><>146.00< / ><>3.48< / ><>24.88< / ><>109.08< / >< / ><><>沃尔格林公司 (Walgreens Cos Inc)< / ><>59.50< / ><>-0.07< / ><>67.94< / ><>55.86< / ><>5.48< / ><>43.43< / ><>56.30< / >< / ><><>再生元制药 (Regeneron Pharma)< / ><>781.49< / ><>-11.77< / ><>859.34< / ><>541.00< / ><>0.48< / ><>18.66< / ><>79.04< / >< / ><><>共和服务公司 (Republic Services)< / ><>222.74< / ><>1.66< / ><>233.42< / ><>196.41< / ><>1.20< / ><>31.55< / ><>68.21< / >< / ><><>Robinhood Markets A< / ><>112.57< / ><>-0.76< / ><>153.86< / ><>63.52< / ><>0.00< / ><>48.73< / ><>89.00< / >< / ><><>Rubisco

A< / ><>45.50< / ><>0.62< / ><>142.00< / ><>33.88< / ><>0.00< / ><>32.27< / ><>30.48< / >< / ><><>罗珀技术 (Roper Technologies)< / ><>388.52< / ><>-0.06< / ><>521.28< / ><>305.96< / ><>0.94< / ><>16.12< / ><>38.42< / >< / ><><>罗斯商店 (Ross Stores)< / ><>230.74< / ><>5.26< / ><>257.00< / ><>143.39< / ><>0.77< / ><>27.70< / ><>73.71< / >< / ><><>皇家加勒比邮轮集团 (Royal Caribbean Group)< / ><>260.14< / ><>1.13< / ><>356.39< / ><>232.10< / ><>2.11< / ><>96.71< / ><>69.77< / >< / ><><>RTX< / ><>197.68< / ><>-0.44< / ><>226.88< / ><>154.36< / ><>1.48< / ><>34.38< / ><>266.42< / >< / ><><>标准普尔

全球 (S&P Global)< / ><>410.71< / ><>0.29< / ><>552.25< / ><>381.61< / ><>0.94< / ><>24.98< / ><>121.08< / >< / ><><>赛富时 (Salesforce)< / ><>247.72< / ><>4.72< / ><>269.11< / ><>146.32< / ><>0.71< / ><>22.64< / ><>203.87< / >< / ><><>斯伦贝谢 (Schlumberger)< / ><>56.06< / ><>0.05< / ><>60.46< / ><>31.64< / ><>2.10< / ><>12.43< / ><>83.20< / >< / ><><>森普拉 (Sempra)< / ><>83.34< / ><>-0.66< / ><>101.04< / ><>79.59< / ><>3.16< / ><>24.16< / ><>54.50< / >< / ><><>ServiceNow< / ><>132.53< / ><>1.36< / ><>973.63< / ><>81.24< / ><>0.00< / ><>78.42< / ><>137.04< / >< / ><><>西蒙地产集团 (Simon Property Group)< / ><>204.83< / ><>0.16< / ><>238.50< / ><>172.19< / ><>4.39< / ><>14.46< / ><>66.27< / >< / ><><>Snowflake

A< / ><>328.99< / ><>-0.73< / ><>394.56< / ><>118.00< / ><>0.00< / ><>106.81< / ><>116.07< / >< / ><><>Snowflake B< / ><>169.59< / ><>-0.58< / ><>200.58< / ><>135.59< / ><>0.00< / ><>100.58< / ><>155.59< / >< / ><><>Tauberculosis Co< / ><>87.17< / ><>-0.59< / ><>100.83< / ><>83.80< / ><>3.49< / ><>20.90< / ><>100.28< / >< / ><><>南方铜业 (Southern Copper)< / ><>193.49< / ><>-0.65< / ><>223.88< / ><>101.77< / ><>2.04< / ><>29.05< / ><>163.37< / >< / ><><>Spotify Technology< / ><>525.75< / ><>4.02< / ><>745.00< / ><>405.00< / ><>0.00< / ><>235.76< / ><>108.24< / >< / ><><>星巴克公司 (Starbucks Corp)< / ><>98.74< / ><>-0.48< / ><>110.51< / ><>77.99< / ><>2.51< / ><>57.08< / ><>112.56< / >< / ><><>Strategic

A< / ><>130.97< / ><>2.41< / ><>365.21< / ><>81.80< / ><>0.00< / ><>1.32< / ><>47.75< / >< / ><><>史赛克 (Stryker)< / ><>275.56< / ><>5.55< / ><>392.55< / ><>269.64< / ><>1.28< / ><>28.32< / ><>105.70< / >< / ><><>新思科技 (Synopsys)< / ><>397.38< / ><>0.21< / ><>539.48< / ><>366.00< / ><>0.00< / ><>68.87< / ><>76.15< / >< / ><><>塔加资源 (Targa Resources)< / ><>290.25< / ><>-1.66< / ><>307.94< / ><>144.14< / ><>1.72< / ><>27.67< / ><>62.24< / >< / ><><>塔吉特 (Target)< / ><>155.83< / ><>0.10< / ><>170.75< / ><>83.44< / ><>2.98< / ><>16.10< / ><>70.79< / >< / ><><>TE Connectivity< / ><>211.96< / ><>7.33< / ><>252.56< / ><>190.27< / ><>1.47< / ><>20.62< / ><>61.37< / >< / ><><>特斯拉 (Tesla)< / ><>365.44< / ><>1.88< / ><>498.83< / ><>297.38< / ><>0.00< / ><>309.69< / ><>1443.32< / >< / ><><>Texas

Instruments< / td> 268.70< / ><>9.88< / ><>334.03< / ><>152.73< / ><>2.11< / ><>40.65< / ><>245.39< / >< / tr> <>The Altstate< / ><>253.71< / ><>1.92< / ><>277.22< / ><>168.08< / ><>1.70< / ><>5.02< / ><>64.15< / >< / ><><>The Charles Schwab< / ><>107.25< / ><>-0.08< / ><>114.53< / ><>83.86< / ><>1.19< / ><>19.43< / ><>185.47< / >< / ><><>The Citigroup< / ><>280.76< / ><>-0.15< / ><>315.47< / ><>239.51< / ><>2.22< / ><>11.82< / ><>74.19< / >< / ><><>The Coca-Cola< / ><>68.29< / ><>0.46< / ><>92.49< / ><>65.35< / ><>2.40< / ><>26.51< / ><>379.87< / >< / ><><>The Kroger< / ><>51.61< / ><>0.64< / ><>58.49< / ><>42.50< / ><>2.49< / ><>16.49< / ><>136.53< / >< / ><><>The

Company< / ><>323.31< / ><>5.87< / ><>377.77< / ><>289.86< / ><>0.99< / ><>29.55< / ><>78.49< / >< / ><><>The TJAC Cos< / ><>126.02< / ><>-0.40< / ><>170.00< / ><>125.56< / ><>1.52< / ><>23.04< / ><>138.62< / >< / ><><>The Williams Cos< / ><>72.85< / ><>0.03< / ><>80.08< / ><>56.19< / ><>2.88< / ><>29.02< / ><>89.11< / >< / ><><>Thermo Fisher Scientific< / ><>608.82< / ><>6.64< / ><>647.00< / ><>435.27< / ><>0.31< / ><>32.77< / ><>225.48< / >< / ><><>T-Mobile US< / ><>182.33< / ><>5.17< / ><>244.24< / ><>165.66< / ><>2.24< / ><>19.03< / ><>195.58< / >< / ><><>TradeDigm

Group< / ><>1140.32< / ><>13.44< / ><>1463.03< / ><>1119.82< / ><>0.00< / ><>34.59< / ><>63.03< / >< / ><><>Travelers< / ><>375.20< / ><>7.64< / ><>398.69< / ><>252.26< / ><>1.33< / ><>9.94< / ><>78.26< / >< / ><><>Truist Financial< / ><>50.40< / ><>0.07< / ><>56.20< / ><>40.78< / ><>4.13< / ><>11.43< / ><>61.57< / >< / ><><>Uber Technologies< / ><>71.67< / ><>-0.89< / ><>101.99< / ><>65.41< / ><>0.00< / ><>15.51< / ><>146.39< / >< / ><><>Union Pacific< / ><>284.40< / ><>-1.38< / ><>315.99< / ><>213.88< / ><>2.00< / ><>23.70< / ><>168.96< / >< / ><><>United Parcel Service B< / ><>100.28< / ><>0.31< / ><>122.41< / ><>82.00< / ><>6.54< / ><>18.64< / ><>75.14< / >< / ><><>United

Rentals< / ><>989.12< / ><>0.04< / ><>1179.18< / ><>701.59< / ><>0.78< / ><>23.74< / ><>61.57< / >< / ><><>UnitedHealth Group< / ><>373.09< / ><>-8.19< / ><>461.62< / ><>255.97< / ><>2.45< / ><>24.30< / ><>340.27< / >< / ><><>US Bancorp< / ><>62.84< / ><>0.43< / ><>66.08< / ><>45.02< / ><>3.44< / ><>12.54< / ><>97.91< / >< / ><><>Valero Energy< / ><>300.42< / ><>4.99< / ><>393.54< / ><>155.29< / ><>1.23< / ><>16.27< / ><>112.41< / >< / ><><>Verizon Communications< / ><>159.61< / ><>-0.64< / ><>176.90< / ><>119.50< / ><>5.59< / ><>13.18< / ><>278.77< / >< / ><><>Vermilion Media Group A< / ><>37.19< / ><>-0.17< / ><>59.00< / ><>27.17< / ><>4.03< / ><>0.00< / ><>5.16< / >< / ><><>Vertex

Pharmaceuticals< / ><>515.44< / ><>0.88< / ><>560.25< / ><>374.17< / ><>0.00< / ><>29.78< / ><>130.64< / >< / ><><>Visa A< / ><>370.45< / ><>3.24< / ><>385.57< / ><>293.89< / ><>0.72< / ><>31.47< / ><>631.29< / >< / ><><>Volvoa< / ><>148.38< / ><>1.33< / ><>219.82< / ><>132.66< / ><>0.62< / ><>24.73< / ><>49.80< / >< / ><><>Walmart< / ><>107.15< / ><>1.42< / ><>135.16< / ><>98.88< / ><>3.22< / ><>38.68< / ><>850.10< / >< / ><><>Walt Disney< / ><>106.55< / ><>0.73< / ><>117.17< / ><>92.19< / ><>1.41< / ><>21.88< / ><>183.98< / >< / ><><>Waste Management< / ><>213.46< / ><>-1.31< / ><>248.13< / ><>194.11< / ><>3.77< / ><>10.15< / ><>85.32< / >< / ><><>Wells

Fargo< / td> 90.29< / ><>0.84< / ><>97.76< / ><>72.78< / ><>2.22< / ><>12.97< / ><>273.04< / >< / tr> <>Welltower< / ><>235.62< / ><>-0.09< / ><>255.20< / ><>163.75< / ><>1.44< / ><>102.44< / ><>169.82< / >< / ><><>Workday A< / ><>185.70< / ><>0.61< / ><>249.85< / ><>110.36< / ><>0.00< / ><>37.74< / ><>36.40< / >< / ><><>WW Grainger< / ><>1280.00< / ><>8.51< / ><>1419.91< / ><>906.52< / ><>0.78< / ><>32.58< / ><>60.29< / >< / ><><>Yum Brands< / ><>140.87< / ><>-3.02< / ><>170.14< / ><>137.33< / ><>2.13< / ><>17.63< / ><>38.44< / >< / ><><>Zscelta A< / ><>72.97< / ><>0.11< / ><>152.00< / ><>71.00< / ><>2.91< / ><>11.90< / ><>30.15< / >< / table>

大宗商品

<>< colspan="5">利率：官方< / >< / ><><>< / ><>利率类型< / ><>当前< / ><>生效日期< / ><>上次< / >< / ><><>美国< / ><>联邦基金利率< / ><>3.50-3.75< / ><>18-12-2025< / ><>3.75-4.00< / >< / ><><>美国< / ><>最优惠利率< / ><>6.75< / ><>18-12-2025< / ><>7.00< / >< / ><><>美国< / ><>贴现率< / ><>3.75< / ><>18-12-2025< / ><>4.00< / >< / ><><>欧元< / ><>回购利率< / ><>2.40< / ><>17-06-2026< / ><>2.15< / >< / ><><>英国< / ><>回购利率< / ><>3.75< / ><>18-12-2025< / ><>4.00< / >< / ><><>日本< / ><>隔夜拆借利率< / ><>1.00< / ><>16-06-2026< / ><>0.75< / >< / ><><>瑞士< / ><>瑞士国家银行 (SNB)< / ><>0.00< / ><>19-06-2025< / ><>0.25< / >< / table>

< / table>

利率固定于英国时间上午11点。

债券：十年期政府债券利差

e< / ><>4.37< / ><>0.85< / ><>-0.57< / ><>瑞典< / ><>3.15< / ><>-0.37< / ><>-1.79< / >< / ><><>德国< / ><>3.52< / ><>0.00< / ><>-1.42< / ><>英国< / ><>5.31< / ><>1.79< / ><>0.37< / >< / ><><>爱尔兰< / ><>3.54< / ><>0.02< / ><>-1.40< / ><>美国< / ><>4.94< / ><>1.42< / ><>0.00< / >< / table>

数据由 ICE 提供：www.ice.com 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

<><>能源< / ><>价格< / ><>涨跌< / >< / ><><>布伦特原油< / ><>107.39< / ><>2.71< / >< / ><><>天然气< / ><>2.90< / ><>0.07< / >< / ><><>轻质原油< / ><>102.92< / ><>2.87< / >< / ><><>3.5号燃料油< / ><>551.09< / ><>-10.94< / >< / ><><>欧洲石脑油< / ><>861.10< / ><>-6.19< / >< / table>

更多详情请参阅富时（FTSE）网站 www.ftse.com / products / indices / gilts。 © 2026 Tradeweb Markets LLC. 保留所有权利。此处包含的 Tradeweb FTSE Gilt 收盘价信息为 Tradeweb 的专有财产；不得复制或重新分发；不保证其准确性、完整性或及时性；且不构成投资建议。Tradeweb 对因使用此信息而可能导致的任何损失或损害不承担责任。

债券：全球投资级 债券：基准政府债券

<>< colspan="3">基本金属< / >< / ><><>铝< / ><>3242.00< / ><>-11.00< / >< / ><><>铜< / ><>14008.50< / ><>-231.50< / >< / ><><>铅< / ><>1880.50< / ><>-11.50< / >< / ><><>镍< / ><>16360.00< / ><>-109.00< / >< / ><><>锡< / ><>52070.00< / ><>-1294.00< / >< / ><><>锌< / ><>3798.00< / ><>-83.00< / >< / table>

农产品< / td><>价格< / ><>涨跌< / >< / tr><><>玉米< / ><>510.00< / ><>-0.25< / >< / ><><>小麦< / ><>209.75< / ><>-3.00< / >< / ><><>油菜籽< / ><>550.00< / ><>-0.75< / >< / ><><>向日葵籽< / ><>10250.20< / ><>124.20< / >< / ><><>大豆< / ><>1285.25< / ><>5.00< / >< / ><><>豆粕< / ><>345.00< / ><>-2.00< / >< / ><><>可可 (ICE Liffe)< / ><>4114.00< / ><>-39.00< / >< / ><><>可可 (ICE US)< / ><>5933.00< / ><>-28.00< / >< / ><><>咖啡 (罗布斯塔)< / ><>3493.00< / ><>7.00< / >< / ><><>咖啡 (阿拉比卡)< / ><>369.00< / ><>2.35< / >< / ><><>白糖< / ><>523.10< / ><>-15.20< / >< / ><><>糖 #11< / ><>18.01< / ><>-0.14< / >< / ><><>棉花< / ><>81.29< / ><>-1.09< / >< / ><><>橙汁< / ><>148.90< / ><>3.65< / >< / ><><>枫糖浆< / ><>4262.99< / ><>-48.23< / >< / ><><>活牛< / ><>221.38< / ><>1.70< / >< / ><><>肥牛< / ><>341.95< / ><>4.13< / >< / ><><>精瘦猪< / ><>79.70< / ><>-1.83< / >< / ><><>棕榈油 (马来西亚)< / ><>1214.75< / ><>2.75< / >< / table>

<>< colspan="3">贵金属< / >< / ><><>黄金< / ><>4288.57< / ><>-78.16< / >< / ><><>白银 ($)< / ><>63.32< / ><>-1.14< / >< / ><><>铂金< / ><>1770.43< / ><>-21.07< / >< / ><><>钯金< / ><>1287.24< / ><>-9.97< / >< / ><><>铁矿石< / ><>96.85< / ><>0.10< / >< / table>

Tradeweb

<>< colspan="3">大宗商品< / >< / ><><>波罗的海干散货指数< / ><>3445.00< / ><>-62.00< / >< / ><><>Richards ICE 期货< / ><>126.60< / ><>-1.70< / >< / table>

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、肥牛、精瘦猪：CME。

<><>< / ><>到期日< / ><>票面利率< / ><>买入价< / ><>买入收益率< / ><>当日< / ><>当周< / >< / ><>< colspan="7">美元< / >< / ><><>摩根士丹利< / ><>30 / 01< / ><>4.00< / ><>97.92< / ><>4.57< / ><>-0.22< / ><>-0.69< / >< / ><><>Trust Finl Corp< / ><>28 / 06< / ><>4.12< / ><>99.44< / ><>5.12< / ><>-0.01< / ><>-0.15< / >< / ><><>National Rural< / ><>32 / 11< / ><>4.02< / ><>92.45< / ><>5.27< / ><>-0.44< / ><>-1.14< / >< / ><><>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< / ><>102.54< / ><>4.58< / ><>0.00< / ><>-0.10< / >< / ><>< colspan="7">欧元< / >< / ><><>德国< / ><>25 / 08< / ><>2.22< / ><>88.07< / ><>3.30< / ><>-0.23< / ><>-0.81< / >< / ><><>西班牙< / ><>46 / 10< / ><>2.88< / ><>80.83< / ><>4.34< / ><>0.26< / ><>-0.65< / >< / ><><>比利时< / ><>47 / 06< / ><>1.50< / ><>59.42< / ><>4.70< / ><>0.28< / ><>-0.89< / >< / ><><>法国< / ><>48 / 05< / ><>2.00< / ><>61.06< / ><>4.97< / ><>0.19< / ><>-1.21< / >< / ><>< colspan="7">英镑< / >< / ><><>英国< / ><>46 / 12< / ><>4.25< / ><>81.20< / ><>5.85< / ><>0.12< / >< / ><><>英国< / ><>47 / 07< / ><>1.50< / ><>47.63< / ><>5.90< / ><>0.08< / >< / table>

<><>< / ><>9月14日< / ><>当日涨跌< / ><>前值< / ><>52周最高< / ><>52周最低< / >< / ><><>VIX< / ><>16.74< / ><>0.90< / ><>15.84< / ><>35.30< / ><>13.38< / >< / ><><>VXD< / ><>14.99< / ><>0.41< / ><>14.58< / ><>42.71< / ><>2.43< / >< / ><><>VDAX< / ><>19.12< / ><>1.84< / ><>17.28< / ><>35.58< / ><>13.53< / >< / table>

< / td><>到期日< / ><>票面利率< / ><>买入价< / ><>买入收益率< / ><>当日收益率变动< / ><>每周收益率变动< / ><>每月收益率变动< / ><>年度收益率变动< / >< / tr><>< rowspan="2">澳大利亚< / ><>06 / 54< / ><>4.75< / ><>85.91< / ><>5.77< / ><>-0.04< / ><>0.08< / ><>0.24< / ><>0.53< / >< / ><><>04 / 27< / ><>4.75< / ><>99.94< / ><>4.84< / ><>-0.02< / ><>0.08< / ><>0.26< / ><>1.47< / >< / ><>< rowspan="2">奥地利< / ><>02 / 33< / ><>2.88< / ><>96.26< / ><>3.56< / ><>0.00< / ><>0.18< / ><>0.37< / ><>0.68< / >< / ><><>10 / 53< / ><>3.13< / ><>85.06< / ><>4.07< / ><>-0.03< / ><>0.00< / ><>0.11< / ><>0.24< / >< / ><><>比利时< / ><>06 / 54< / ><>3.25< / ><>77.28< / ><>4.79< / ><>-0.04< / ><>0.07< / ><>0.21< / ><>0.51< / >< / ><>< rowspan="2">加拿大< / ><>06 / 27< / ><>1.00< / ><>98.76< / ><>2.82< / ><>0.00< / ><>0.03< / ><>-0.18< / >< / ><><>12 / 55< / ><>2.75< / ><>74.52< / ><>3.93< / ><>0.00< / ><>0.03< / ><>0.13< / ><>0.15< / >< / ><>< rowspan="2">丹麦< / ><>11 / 33< / ><>2.25< / ><>93.47< / ><>2.78< / ><>0.00< / ><>0.20< / >< / ><><>11 / 39< / ><>4.50< / ><>110.85< / ><>3.46< / ><>0.01< / ><>0.11< / ><>0.29< / ><>0.53< / >< / ><>< rowspan="2">芬兰< / ><>09 / 27< / ><>0.50< / ><>97.42< / ><>3.13< / ><>0.07< / ><>0.23< / ><>0.36< / ><>1.00< / >< / ><><>09 / 33< / ><>3.00< / ><>96.15< / ><>3.62< / ><>0.03< / ><>0.17< / ><>0.25< / ><>0.65< / >< / ><>< rowspan="2">法国< / ><>05 / 54< / ><>3.00< / ><>69.74< / ><>5.05< / ><>-0.03< / ><>0.10< / ><>0.26< / ><>0.61< / >< / ><><>11 / 33< / ><>3.50< / ><>96.03< / ><>4.14< / ><>0.04< / ><>0.26< / ><>-0.55< / ><>-0.15< / >< / ><>< rowspan="2">德国< / ><>08 / 33< / ><>2.60< / ><>95.14< / ><>3.40< / ><>0.03< / ><>0.17< / ><>0.37< / ><>0.70< / >< / ><><>08 / 53< / ><>1.75< / ><>65.97< / ><>3.85< / ><>-0.05< / ><>0.00< / ><>0.13< / ><>0.36< / >< / ><>< rowspan="2">希腊< / ><>06 / 28< / ><>3.88< / ><>100.80< / ><>3.39< / ><>0.10< / ><>0.29< / ><>0.48< / ><>0.95< / >< / ><><>06 / 33< / ><>4.25< / ><>101.21< / ><>4.04< / ><>0.03< / ><>0.95< / ><>0.43< / ><>0.76< / >< / ><><>爱尔兰< / ><>10 / 32< / ><>0.35< / ><>83.02< / ><>3.50< / ><>0.07< / ><>0.23< / ><>0.52< / ><>0.87< / >< / ><>< rowspan="2">意大利< / ><>12 / 27< / ><>2.63< / ><>99.22< / ><>3.30< / ><>0.08< / ><>0.26< / ><>0.45< / ><>1.06< / >< / ><><>03 / 34< / ><>4.13< / ><>100.49< / ><>4.16< / ><>0.05< / ><>0.22< / ><>0.44< / ><>0.95< / >< / ><>< rowspan="2">荷兰< / ><>01 / 54< / ><>2.00< / ><>69.05< / ><>3.85< / ><>-0.04< / ><>0.00< / ><>0.10< / ><>0.27< / >< / ><><>07 / 33< / ><>2.50< / ><>94.22< / ><>3.46< / ><>0.03< / ><>0.16< / ><>0.35< / ><>0.66< / >< / ><>< rowspan="2">波兰< / ><>04 / 28< / ><>2.75< / ><>97.31< / ><>4.52< / ><>-4.26< / ><>0.16< / ><>0.28< / ><>0.67< / >< / ><><>10 / 33< / ><>6.00< / ><>99.17< / ><>6.14< / ><>0.14< / ><>0.25< / ><>0.60< / ><>1.21< / >< / ><><>葡萄牙< / ><>07 / 32< / ><>1.63< / ><>90.07< / ><>3.54< / ><>0.04< / ><>0.21< / ><>0.41< / ><>0.76< / >< / ><><

rowspan="2">西班牙< / td> 10 / 52< / ><>1.88< / ><>61.20< / ><>4.44< / ><>-0.04< / ><>0.03< / ><>0.15< / ><>0.39< / >< / tr> <>10 / 33< / ><>3.50< / ><>98.88< / ><>3.73< / ><>0.03< / ><>0.19< / ><>0.37< / ><>0.67< / >< / ><><>瑞典< / ><>11 / 33< / ><>1.75< / ><>96.30< / ><>2.50< / ><>0.00< / ><>-0.14< / >< / ><><>瑞士< / ><>03 / 36< / ><>2.50< / ><>117.36< / ><>0.32< / ><>0.00< / ><>-0.02< / ><>-0.22< / ><>-0.92< / >< / ><>< rowspan="2">英国< / ><>06 / 28< / ><>0.00< / ><>92.25< / ><>4.78< / ><>0.08< / ><>0.31< / ><>0.44< / ><>1.02< / >< / ><><>10 / 53< / ><>3.75< / ><>70.92< / ><>5.92< / ><>-0.01< / ><>0.08< / ><>0.11< / ><>0.70< / >< / ><>< rowspan="2">美国< / ><>11 / 33< / ><>4.50< / ><>97.77< / ><>4.87< / ><>0.00< / ><>0.20< / ><>0.34< / ><>0.90< / >< / ><><>11 / 53< / ><>4.75< / ><>91.28< / ><>5.36< / ><>-0.01< / ><>0.08< / ><>0.05< / ><>0.53< / >< / table>

英国国债（GILTS）：英国现金市场

<><>9月14日< / ><>价格< / ><>收益率< / ><>赎回收益率< / ><>当日< / ><>当周< / ><>最高< / ><>最低< / >< / ><><> 1.25% '27< / ><>97.31< / ><>1.28< / ><>4.55< / ><>-0.07< / ><>-0.17< / ><>97.53< / ><>95.50< / >< / ><><> 0.875% '29< / ><>88.58< / ><>0.99< / ><>4.89< / ><>-0.30< / ><>-0.91< / ><>91.00< / ><>0.01< / >< / ><><> 1% '32< / ><>81.18< / ><>1.23< / ><>5.04< / ><>-0.36< / ><>-1.19< / ><>85.07< / ><>81.01< / >< / ><><> 4.25% '36< / ><>91.88< / ><>4.63< / ><>5.35< / ><>-0.41< / ><>-1.58< / ><>99.39< / ><>91.67< / >< / ><><> 4.5% '42< / ><>86.80< / ><>5.18< / ><>5.76< / ><>-0.26< / ><>-1.50< / ><>96.45< / ><>86.50< / >< / ><><> 3.75% '52< / ><>71.48< / ><>5.25< / ><>5.92< / ><>-0.09< / ><>-1.14< / ><>81.50< / ><>71.42< / >< / ><><> 4% '60< / ><>72.54< / ><>5.51< / ><>5.89< / ><>-0.05< / ><>-1.14< / ><>83.52< / ><>72.37< / >< / table>

收盘价及最高 / 最低价以交易货币计价。市值以当地货币计价。最高 / 最低价基于滚动52周周期。

-18.07 -05.11

英国国债（GILTS）：英国富时精算师指数（FTSE ACTUARIES INDICES）

<><>价格指数（固定票息）< / ><>9月14日< / ><>当日变动 %< / ><>总回报< / ><>月回报< / ><>年回报< / ><>收益率< / >< / ><><>5年期以下< / ><>84.14< / ><>-0.18< / ><>2641.90< / ><>-0.67< / ><>0.50< / ><>4.85< / >< / ><><>5-10年期< / ><>141.03< / ><>-0.38< / ><>3338.92< / ><>-1.88< / ><>-2.26< / ><>5.22< / >< / ><><>10-15年期< / ><>139.06< / ><>-0.27< / ><>3655.65< / ><>-2.20< / ><>-3.87< / ><>5.59< / >< / ><><>5-15年期< / ><>138.84< / ><>-0.34< / ><>3406.22< / ><>-1.98< / ><>-2.76< / ><>5.37< / >< / ><><>15年期以上< / ><>161.60< / ><>0.00< / ><>3225.35< / ><>-2.13< / ><>-7.30< / ><>5.87< / >< / ><><>所有债券< / ><>123.43< / ><>-0.20< / ><>3092.69< / ><>-1.51< / ><>-2.67< / ><>5.56< / >< / table>

指数挂钩< / td><>9月14日< / ><>当日涨跌 %< / ><>当月涨跌 %< / ><>年度涨跌 %< / ><>总回报< / ><>1个月回报< / ><>1年回报< / >< / tr><><>5年及以下< / ><>363.42< / ><>-0.03< / ><>0.20< / ><>2.31< / ><>3171.50< / ><>0.21< / ><>3.13< / >< / ><><>5年以上< / ><>463.20< / ><>-0.05< / ><>-0.82< / ><>-3.14< / ><>3632.05< / ><>-0.64< / ><>-2.54< / >< / ><><>5-15年< / ><>454.23< / ><>-0.21< / ><>-0.79< / ><>0.30< / ><>3817.16< / ><>-0.59< / ><>1.05< / >< / ><><>15年以上< / ><>460.29< / ><>0.12< / ><>-0.86< / ><>-6.43< / ><>3476.93< / ><>-0.70< / ><>-5.97< / >< / ><><>所有股票< / ><>462.16< / ><>-0.05< / ><>-0.59< / ><>-2.04< / ><>3698.75< / ><>-0.45< / ><>-1.40< / >< / table>

透明度。价格发现。创新。

收益率指数< / td><>9月14日< / ><>9月11日< / ><>一年前< / >< / tr><><>5年期< / ><>5.00< / ><>4.92< / ><>4.26< / >< / ><><>10年期< / ><>5.39< / ><>5.35< / ><>4.59< / >< / ><><>15年期< / ><>5.68< / ><>5.65< / ><>4.88< / >< / ><><>20年期< / ><>5.82< / ><>5.81< / ><>5.02< / >< / ><><>45年期< / ><>5.72< / ><>5.73< / ><>4.91< / >< / table>

<><>实际收益率 0% 通胀< / ><>9月14日< / ><>久期（年）< / ><>前值< / ><>一年前< / >< / ><><>5年期及以下< / ><>0.97< / ><>2.66< / ><>0.96< / ><>0.73< / >< / ><><>5年期以上< / ><>2.37< / ><>16.23< / ><>2.37< / ><>1.90< / >< / ><><>5-15年期< / ><>2.07< / ><>9.51< / ><>2.04< / ><>1.61< / >< / ><><>15年期以上< / ><>2.50< / ><>22.98< / ><>2.51< / ><>2.01< / >< / ><><>所有债券< / ><>2.31< / ><>13.32< / ><>2.30< / ><>1.86< / >< / table>

<><>实际收益率 5% 通胀< / ><>9月14日< / ><>久期（年）< / ><>前值< / ><>一年前< / >< / ><><>5年期及以下< / ><>0.77< / ><>2.66< / ><>0.76< / ><>0.43< / >< / ><><>5年期以上< / ><>2.35< / ><>16.23< / ><>2.34< / ><>1.88< / >< / ><><>5-15年期< / ><>2.02< / ><>9.51< / ><>1.99< / ><>1.54< / >< / ><><>15年期以上< / ><>2.49< / ><>22.98< / ><>2.50< / ><>2.00< / >< / ><><>所有债券< / ><>2.28< / ><>13.32< / ><>2.27< / ><>1.82< / >< / table>

Ice

市场与数据在此汇聚

主市场

< / td>< rowspan="2" colspan="2">价格 + / - 日变动< / >< colspan="2">52 周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量 (千股)< / >< / tr><><>最高< / ><>最低< / >< / ><>< colspan="8">航空航天与国防< / >< / ><><>BAE Systems■< / ><>1940.00< / ><>42.00< / ><>2360.00< / ><>1529.00< / ><>1.95< / ><>28.20< / ><>3703.50< / >< / ><><>Chemring Group< / ><>529.50< / ><>-2.50< / ><>650.75< / ><>446.52< / ><>1.53< / ><>29.75< / ><>538.64< / >< / ><>< colspan="8">汽车与零部件< / >< / ><><>福特汽车< / ><>1031.87< / ><>-0.65< / ><>1319.04< / ><>841.76< / ><>4.32< / ><>-5.84< / ><>-< / >< / ><>< colspan="8">银行< / >< / ><><>澳新银行集团 (ANZ Group)< / ><>1985.14< / ><>9.21< / ><>2126.50< / ><>1590.55< / ><>5.80< / ><>19.28< / ><>3363.29< / >< / ><><>桑坦德银行< / ><>1092.00< / ><>-10.00< / ><>1122.00< / ><>709.00< / ><>1.52< / ><>14.02< / ><>129.39< / >< / ><><>新斯科舍银行< / ><>6947.44< / ><>41.02< / ><>6977.80< / ><>4656.91< / ><>3.50< / ><>-< / ><>602.49< / >< / ><><>巴克莱银行■< / ><>478.50< / ><>-15.25< / ><>554.10< / ><>353.55< / ><>2.40< / ><>10.92< / ><>57751.91< / >< / ><><>加拿大帝国商业银行< / ><>8515.30< / ><>48.91< / ><>9198.88< / ><>5824.61< / ><>2.68< / ><>-< / ><>340.57< / >< / ><><>汇丰银行■< / ><>1536.80< / ><>-15.80< / ><>1610.00< / ><>959.29< / ><>3.62< / ><>17.11< / ><>42616.96< / >< / ><><>Lion Finance Gp< / ><>13410.00< / ><>-260.00< / ><>13750.00< / ><>7305.00< / ><>2.36< / ><>9.35< / ><>41.16< / >< / ><><>劳埃德银行集团■< / ><>109.35< / ><>-1.80< / ><>117.90< / ><>81.04< / ><>3.67< / ><>15.62< / ><>192180.30< / >< / ><><>国民西敏斯特银行集团 (NatWest Group)< / ><>682.80< / ><>-15.00< / ><>726.00< / ><>504.00< / ><>5.13< / ><>12.76< / ><>23483.16< / >< / ><><>OSB Group▲< / ><>508.00< / ><>-5.00< / ><>647.50< / ><>479.00< / ><>7.07< / ><>6.72< / ><>723.80< / >< / ><><>Perm TSB Group< / ><>256.43< / ><>-0.67< / ><>291.66< / ><>183.29< / ><>0.61< / ><>6.60< / ><>339.31< / >< / ><><>加拿大皇家银行< / ><>15285.20< / ><>90.34< / ><>16187.03< / ><>10620.09< / ><>2.46< / ><>-< / ><>770.03< / >< / ><><>渣打银行▲< / ><>2299.00< / ><>1.00< / ><>2332.00< / ><>1351.50< / ><>2.24< / ><>15.85< / ><>8162.05< / >< / ><><>...7.375%PI< / ><>108.50< / ><>-1.50< / ><>128.84< / ><>106.00< / ><>6.80< / ><>-< / ><>214.11< / >< / ><><>.8.25%PI< / ><>125.00< / ><>-0.50< / ><>143.80< / ><>124.00< / ><>6.60< / ><>-< / ><>39.92< / >< / ><><>多伦多道明银行< / ><>8973.77< / ><>38.00< / ><>9256.88< / ><>5643.29< / ><>2.61< / ><>-< / ><>742.09< / >< / ><><>西太平洋银行 (Westpack)< / ><>1825.97< / ><>11.74< / ><>2275.39< / ><>1755.74< / ><>4.46< / ><>17.19< / ><>3492.95< / >< / table>

<><>Elementis◆< / ><>168.60< / ><>-3.00< / ><>195.40< / ><>136.00< / ><>1.98< / ><>-29.13< / ><>606.73< / >< / ><><>庄森马歇尔 (Johnson Matthey)< / ><>2218.00< / ><>-18.00< / ><>3245.25< / ><>2192.00< / ><>4.63< / ><>-29.08< / ><>716.00< / >< / ><><>Victrex< / ><>935.00< / ><>-34.00< / ><>1024.00< / ><>515.00< / ><>6.37< / ><>29.22< / ><>151.58< / >< / ><>< colspan="8">建筑与材料< / >< / table>

Galliford Try Hldgs< / td><>568.00< / ><>-< / ><>640.00< / ><>410.00< / ><>3.52< / ><>16.85< / ><>151.75< / >< / tr><><>Morgan Sindall< / ><>4000.00< / ><>-34.00< / ><>5730.00< / ><>3938.00< / ><>4.08< / ><>10.75< / ><>51.11< / >< / ><>< colspan="8">电子与电气设备< / >< / ><><>discoverGrp< / ><>758.00< / ><>-32.00< / ><>840.00< / ><>505.00< / ><>1.72< / ><>25.10< / ><>155.66< / >< / ><><>Halma< / ><>3432.00< / ><>-202.00< / ><>4902.00< / ><>3251.40< / ><>0.72< / ><>34.82< / ><>2499.62< / >< / ><><>Morgan Adv Mat< / ><>238.50< / ><>-5.00< / ><>261.00< / ><>179.80< / ><>5.12< / ><>31.80< / ><>1065.31< / >< / ><><>Oxford Instruments< / ><>2610.00< / ><>-150.00< / ><>3318.00< / ><>1682.00< / ><>0.90< / ><>30.85< / ><>343.80< / >< / ><><>Renishaw< / ><>4900.00< / ><>-230.00< / ><>5490.00< / ><>3110.00< / ><>1.59< / ><>42.53< / ><>254.03< / >< / ><><>TT Electronics< / ><>169.40< / ><>1.20< / ><>176.00< / ><>93.00< / ><>-< / ><>-5.94< / ><>314.13< / >< / ><><>XP Power< / ><>1820.00< / ><>-76.00< / ><>2060.00< / ><>843.00< / ><>-< / ><>-43.33< / ><>52.46< / >< / table>

<>< colspan="8">综合金融< / >< / ><><>3i Group■< / ><>2631.00< / ><>-20.00< / ><>4497.00< / ><>1825.00< / ><>3.21< / ><>—< / >< / ><><>Aberdeen Group+< / ><>246.80< / ><>-1.40< / ><>265.00< / ><>179.60< / ><>5.92< / ><>11.43< / ><>2134.68< / >< / ><><>Bridgepoint Group< / ><>290.40< / ><>-5.80< / ><>351.50< / ><>212.00< / ><>3.27< / ><>58.08< / ><>688.56< / >< / ><><>City of London Inv< / ><>482.00< / ><>5.00< / ><>496.00< / ><>349.00< / ><>6.85< / ><>16.20< / ><>89.21< / >< / ><><>Close Bros< / ><>397.60< / ><>-1.20< / ><>556.15< / ><>318.40< / ><>—< / ><>-5.94< / ><>148.43< / >< / ><><>ICG< / ><>1870.00< / ><>-33.00< / ><>2340.00< / ><>1424.87< / ><>4.65< / ><>11.21< / ><>789.49< / >< / ><><>Investec+< / ><>653.00< / ><>-7.50< / ><>690.00< / ><>499.36< / ><>5.90< / ><>8.47< / ><>2083.95< / >< / ><><>Jupiter< / ><>160.40< / ><>-1.00< / ><>214.50< / ><>118.80< / ><>3.74< / ><>8.35< / ><>2137.56< / >< / ><><>Liontrust< / ><>285.00< / ><>-3.50< / ><>358.00< / ><>223.00< / ><>6.67< / ><>18.51< / ><>127.08< / >< / ><><>London Stock Ex■+< / ><>8474.00< / ><>236.00< / ><>10140.00< / ><>6894.00< / ><>1.86< / ><>35.55< / ><>3169.89< / >< / ><><>Rathbones Group+< / ><>1614.00< / ><>-12.00< / ><>2500.00< / ><>1580.00< / ><>6.20< / ><>14.96< / ><>41.36< / >< / ><><>S & U< / ><>1995.00< / ><>-5.00< / ><>2458.50< / ><>1620.00< / ><>5.76< / ><>10.22< / ><>11.46< / >< / ><><>Schroders< / ><>586.00< / ><>1.00< / ><>599.50< / ><>365.80< / ><>3.75< / ><>17.18< / ><>1325.55< / >< / ><><>St James's Place+< / ><>1124.50< / ><>-2.50< / ><>1575.50< / ><>1038.75< / ><>1.60< / ><>11.26< / ><>8902.76< / >< / ><><>TP ICAP Group< / ><>328.20< / ><>3.80< / ><>355.00< / ><>235.50< / ><>5.24< / ><>13.02< / ><>1145.28< / >< / ><><>Vanquis Banking Gp< / ><>77.80< / ><>-1.10< / ><>132.00< / ><>72.30< / ><>—< / ><>24.31< / ><>922.63< / >< / table>

AIM

< / td>< rowspan="2">价格< / >< rowspan="2">+ / - 日变动< / >< colspan="4">52周< / >< rowspan="2">成交量(千)< / >< / tr><><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / >< / ><>< colspan="8">航空航天与国防< / >< / ><><>Cohort●< / ><>1130.00< / ><>-10.00< / ><>1538.00< / ><>881.10< / ><>1.58< / ><>21.64< / ><>101.74< / >< / ><><>Velocity Composites< / ><>19.50< / ><>—< / ><>25.00< / ><>12.00< / ><>—< / ><>-9.75< / ><>95.62< / >< / ><>< colspan="8">基础资源（不含采矿）< / >< / ><><>Cropper J< / ><>625.00< / ><>35.00< / ><>640.00< / ><>250.00< / ><>—< / ><>20.29< / ><>30.67< / >< / ><>< colspan="8">建筑与材料< / >< / ><><>Accsys Tech< / ><>71.60< / ><>1.20< / ><>79.84< / ><>58.10< / ><>—< / ><>31.32< / ><>86.75< / >< / ><>< colspan="8">电子与电气设备< / >< / ><><>Checkit< / ><>24.00< / ><>—< / ><>27.00< / ><>12.35< / ><>—< / ><>-9.23< / ><>491.25< / >< / ><><>LPA< / ><>84.00< / ><>—< / ><>92.00< / ><>34.00< / ><>—< / ><>-31.82< / ><>22.98< / >< / ><><>Thorpe FW< / ><>253.00< / ><>-5.00< / ><>320.00< / ><>240.00< / ><>2.83< / ><>11.66< / ><>25.85< / >< / ><>< colspan="8">综合金融< / >< / ><><>Arbuthnot Banking●< / ><>790.00< / ><>10.00< / ><>1080.00< / ><>760.00< / ><>6.96< / ><>7.24< / ><>30.67< / >< / table>

投资公司

<>< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">+ / - 日变动< / >< colspan="4">52周< / >< rowspan="2">折溢价 - 溢价< / >< / ><><>最高< / ><>最低< / ><>收益率< / ><>资产净值(NAV)< / >< / ><>< colspan="8">常规（不含私募股权）< / >< / ><><>3i Infra< / ><>389.00< / ><>1.00< / ><>399.50< / ><>325.00< / ><>3.46< / ><>404.55< / ><>-4.57< / >< / ><><>Abf GVIT< / ><>91.00< / ><>-1.00< / ><>96.77< / ><>76.00< / ><>6.70< / ><>98.33< / ><>-7.46< / >< / ><><>Abf Sml< / ><>1722.00< / ><>-2.00< / ><>1786.00< / ><>1408.07< / ><>2.78< / ><>1929.22< / ><>-10.27< / >< / ><><>Aberdeen Asia Foc< / ><>445.00< / ><>-8.00< / ><>464.00< / ><>348.00< / ><>1.45< / ><>495.25< / ><>-9.57< / >< / ><><>Aberdeen Asian Inc Fund< / ><>313.00< / ><>-7.00< / ><>357.00< / ><>246.00< / ><>6.00< / ><>339.97< / ><>-7.53< / >< / ><><>Aberdeen Eq Inc< / ><>443.00< / ><>-4.00< / ><>473.00< / ><>359.25< / ><>5.21< / ><>454.83< / ><>-1.89< / >< / ><><>Aberdeen UK Smll< / ><>501.00< / ><>-2.00< / ><>539.00< / ><>441.50< / ><>2.79< / ><>550.98< / ><>-8.54< / >< / ><><>Alliance Witan< / ><>1352.00< / ><>-1.00< / ><>1394.00< / ><>1178.00< / ><>2.17< / ><>1426.80< / ><>-5.11< / >< / ><><>Allianz Tech< / ><>694.00< / ><>-14.00< / ><>764.00< / ><>476.00< / ><>—< / ><>764.07< / ><>-7.87< / >< / ><><>Artemis UK Future Lead< / ><>384.00< / ><>0.50< / ><>405.00< / ><>321.00< / ><>4.02< / ><>430.35< / ><>-9.84< / >< / ><><>Aurora UK< / >

Alpha< / td> 246.00< / ><>-2.00< / ><>279.00< / ><>222.09< / ><>1.91< / ><>277.09< / ><>-9.69< / >< / tr> <>AVI Japan< / ><>177.00< / ><>4.00< / ><>194.00< / ><>154.50< / ><>1.24< / ><>180.23< / ><>-4.88< / >< / ><><>BG China Growth< / ><>296.00< / ><>2.00< / ><>331.04< / ><>284.00< / ><>0.84< / ><>325.30< / ><>-8.82< / >< / ><><>BG Euro< / ><>121.00< / ><>-1.00< / ><>133.00< / ><>91.40< / ><>0.60< / ><>133.04< / ><>-7.34< / >< / ><><>BG Japan< / ><>1080.00< / ><>—< / ><>1092.00< / ><>811.10< / ><>0.93< / ><>1193.30< / ><>-8.80< / >< / ><><>BG Shin< / ><>169.00< / ><>-0.40< / ><>176.00< / ><>123.05< / ><>0.41< / ><>187.63< / ><>-8.24< / >< / ><><>BG US Growth< / ><>346.00< / ><>-5.00< / ><>369.50< / ><>261.00< / ><>—< / ><>362.41< / ><>-2.89< / >< / ><><>Baillie

Gifford UK< / ><>213.00< / ><>—< / ><>231.00< / ><>180.12< / ><>2.91< / ><>235.81< / ><>-9.58< / >< / ><><>Bankers IT< / ><>149.00< / ><>-1.60< / ><>154.80< / ><>124.80< / ><>1.90< / ><>165.08< / ><>-8.95< / >< / ><><>Biotech Growth< / ><>1626.00< / ><>4.00< / ><>1786.00< / ><>912.00< / ><>—< / ><>1742.33< / ><>-6.39< / >< / ><><>BlckR Amer Sml< / ><>281.00< / ><>—< / ><>289.55< / ><>204.00< / ><>5.30< / ><>275.97< / ><>0.81< / >< / ><><>BlckR Energy & Res< / ><>183.50< / ><>-0.50< / ><>205.00< / ><>127.00< / ><>3.38< / ><>192.40< / ><>-2.19< / >< / ><><>BlckR Front< / ><>191.00< / ><>-3.00< / ><>208.00< / ><>164.50< / ><>3.98< / ><>195.77< / ><>-0.32< / >< / ><><>BlckR Gt

Eur< / ><>576.00< / ><>-12.00< / ><>625.00< / ><>506.95< / ><>1.24< / ><>630.93< / ><>-7.29< / >< / ><><>BlckR I&G< / ><>240.00< / ><>6.00< / ><>240.00< / ><>200.00< / ><>3.21< / ><>255.96< / ><>-9.42< / >< / ><><>BlckR Smir< / ><>260.00< / ><>-1.50< / ><>288.40< / ><>230.80< / ><>3.05< / ><>300.25< / ><>-12.63< / >< / ><><>BlckR World Mining< / ><>971.00< / ><>-28.00< / ><>1076.00< / ><>605.00< / ><>2.47< / ><>1034.51< / ><>-3.19< / >< / ><><>Brunner< / ><>1542.00< / ><>8.00< / ><>1588.00< / ><>1336.00< / ><>1.75< / ><>1724.18< / ><>-10.58< / >< / ><><>Caledonia Inv< / ><>381.00< / ><>-5.00< / ><>402.00< / ><>312.00< / ><>2.02< / ><>594.61< / ><>-35.25< / >< / ><><>CarGen

C$< / ><>2798.81< / ><>1.72< / ><>2945.27< / ><>2329.85< / ><>2.36< / ><>87.04< / ><>-39.14< / >< / ><><>City of Lon< / ><>577.00< / ><>5.00< / ><>599.00< / ><>495.00< / ><>3.89< / ><>568.47< / ><>0.42< / >< / ><><>COS NatRes< / ><>420.00< / ><>-11.00< / ><>467.00< / ><>208.33< / ><>6.74< / ><>426.63< / ><>1.80< / >< / ><><>CT Healthcare< / ><>131.00< / ><>0.20< / ><>152.40< / ><>115.00< / ><>4.02< / ><>139.88< / ><>-6.78< / >< / ><><>CT MgdI< / ><>130.00< / ><>—< / ><>135.00< / ><>114.00< / ><>6.15< / ><>129.61< / ><>0.58< / >< / ><><>CT MgdG< / ><>325.00< / ><>-3.00< / ><>330.00< / ><>272.00< / ><>—< / ><>333.40< / ><>-2.15< / >< / ><><>CT Cp&I< / ><>348.50< / ><>3.00< / ><>373.00< / ><>320.00< / ><>3.86< / ><>361.07< / ><>-3.72< / >< / ><><>CT UK HIT

B< / td><>107.00< / ><>-2.00< / ><>120.00< / ><>92.00< / ><>5.57< / ><>118.11< / ><>-8.21< / >< / tr> <>CT UK HIT Ord< / ><>116.00< / ><>—< / ><>126.00< / ><>97.00< / ><>5.14< / ><>118.03< / ><>-1.60< / >< / ><><>Dunedin Inc< / ><>310.00< / ><>2.00< / ><>323.00< / ><>275.00< / ><>6.50< / ><>334.65< / ><>-6.78< / >< / ><><>Edinburgh Inv< / ><>830.00< / ><>4.00< / ><>867.00< / ><>737.60< / ><>3.86< / ><>893.55< / ><>-7.66< / >< / ><><>Edin Worldwide< / ><>260.00< / ><>0.50< / ><>294.50< / ><>192.60< / ><>—< / ><>281.81< / ><>-7.11< / >< / ><><>The Euro SmlCo< / ><>231.50< / ><>-4.00< / ><>247.21< / ><>193.80< / ><>5.46< / ><>258.73< / ><>-9.47< / >< / ><><>F&C Inv

Trust< / ><>338.40< / ><>-3.40< / ><>1332.00< / ><>325.80< / ><>1.24< / ><>373.06< / ><>-8.93< / >< / ><><>Fidelity Asian< / ><>619.00< / ><>-11.00< / ><>672.00< / ><>546.06< / ><>3.31< / ><>642.80< / ><>-2.84< / >< / ><><>Fidelity China< / ><>243.50< / ><>-4.00< / ><>339.00< / ><>241.01< / ><>3.70< / ><>265.12< / ><>-5.97< / >< / ><><>Fidelity Emer Mkts< / ><>1442.00< / ><>-68.00< / ><>1574.00< / ><>895.00< / ><>1.37< / ><>1636.15< / ><>-9.09< / >< / ><><>Fidelity Euro< / ><>420.00< / ><>-6.00< / ><>447.50< / ><>367.50< / ><>2.43< / ><>447.66< / ><>-4.87< / >< / table>

<>< rowspan="2">< / >< rowspan="2">价格< / >< colspan="2">当日涨跌< / >< colspan="3">52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量 (千股)< / >< / ><><>最高< / ><>最低< / ><>< / >< / ><>< colspan="9">食品与饮料< / >< / ><><>AEP Plantations< / ><>196.20< / ><>2.20< / ><>229.00< / ><>122.50< / ><>3.10< / ><>11.42< / ><>367.28< / ><>< / >< / ><><>Assoc. Brit Foods< / ><>1866.00< / ><>22.50< / ><>2359.00< / ><>1729.45< / ><>3.38< / ><>13.18< / ><>925.55< / ><>< / >< / ><><>Barr (AG)< / ><>590.00< / ><>-< / ><>715.32< / ><>581.00< / ><>3.17< / ><>13.96< / ><>185.87< / ><>< / >< / ><><>Fevara< / ><>136.50< / ><>-1.00< / ><>149.50< / ><>114.50< / ><>1.76< / ><>5.91< / ><>21.23< / ><>< / >< / ><><>Coca-Cola

HBC< / ><>4644.00< / ><>150.00< / ><>5195.00< / ><>3270.00< / ><>2.21< / ><>20.95< / ><>792.68< / ><>< / >< / ><><>Cranswick< / ><>5090.00< / ><>70.00< / ><>5810.00< / ><>4775.00< / ><>2.21< / ><>17.20< / ><>176.84< / ><>< / >< / ><><>Diageo●< / ><>1643.00< / ><>40.00< / ><>1905.25< / ><>1295.50< / ><>2.26< / ><>28.35< / ><>2363.35< / ><>< / >< / ><><>Greencore< / ><>250.80< / ><>2.20< / ><>307.50< / ><>191.10< / ><>1.04< / ><>19.00< / ><>1204.67< / ><>< / >< / ><><>Kerry Group< / ><>7363.33< / ><>66.57< / ><>7646.35< / ><>5567.81< / ><>1.68< / ><>21.49< / ><>21.59< / ><>< / >< / ><><>Tate &

Lyle< / ><>559.00< / ><>1.00< / ><>580.00< / ><>319.40< / ><>3.54< / ><>25.41< / ><>591.26< / ><>< / >< / ><><>Unileverre●< / ><>4697.00< / ><>145.50< / ><>5542.11< / ><>3644.00< / ><>3.51< / ><>12.67< / ><>3359.34< / ><>< / >< / table>

[...OMITTED...]

GN Store Nord< / td><>1077.70< / ><>1.44< / ><>1429.97< / ><>984.75< / ><>-< / ><>13.86< / ><>248.27< / >< / tr><><>Smith&Neph< / ><>1048.50< / ><>40.00< / ><>1429.58< / ><>1008.50< / ><>2.81< / ><>19.60< / ><>3143.57< / >< / ><>< colspan="8">家居、休闲与个人用品< / >< / ><><>Barratt Redrow< / ><>276.20< / ><>-9.30< / ><>410.29< / ><>235.40< / ><>6.19< / ><>20.31< / ><>6558.65< / >< / ><><>Bellway< / ><>1951.00< / ><>-30.00< / ><>2890.00< / ><>1715.00< / ><>3.69< / ><>14.69< / ><>441.94< / >< / ><><>Berkeley< / ><>3222.00< / ><>-62.00< / ><>4442.00< / ><>2796.00< / ><>-< / ><>9.72< / ><>148.33< / >< / ><><>Burberry Group< / ><>997.60< / ><>-20.40< / ><>1376.50< / ><>976.00< / ><>-< / ><>1631.95< / >< / ><><>Cairn Homes< / ><>230.00< / ><>-4.00< / ><>251.00< / ><>161.00< / ><>3.87< / ><>12.61< / ><>453.70< / >< / ><><>Games Workshop+< / ><>17600.00< / ><>-50.00< / ><>23540.00< / ><>14070.00< / ><>3.27< / ><>28.21< / ><>222.90< / >< / ><><>Gleeson (MJ)< / ><>246.50< / ><>-1.00< / ><>435.00< / ><>221.00< / ><>4.46< / ><>9.09< / ><>40.75< / >< / ><><>Headlam Group#< / ><>10.50< / ><>< / ><>67.80< / ><>4.64< / ><>< / ><>-0.10< / ><>< / >< / ><><>McBride< / ><>192.00< / ><>5.80< / ><>214.10< / ><>106.20< / ><>1.56< / ><>9.85< / ><>217.03< / >< / ><><>Philips< / ><>1854.53< / ><>39.78< / ><>2413.42< / ><>1790.38< / ><>3.92< / ><>-43.32< / ><>1641.85< / >< / ><><>PZ Cussons+< / ><>97.60< / ><>2.10< / ><>114.00< / ><>65.09< / ><>3.79< / ><>20.77< / ><>1291.69< / >< / ><><>Vistry Group< / ><>263.20< / ><>-5.00< / ><>746.40< / ><>220.00< / ><>-< / ><>6.24< / ><>950.31< / >< / table>

2.33< / >< / table>

<><>Coats Group< / ><>76.55< / ><>-0.80< / ><>98.10< / ><>73.15< / ><>3.23< / ><>17.45< / ><>1713.35< / >< / ><><>Macfarlane◆< / ><>78.00< / ><>-0.80< / ><>96.60< / ><>59.80< / ><>4.69< / ><>19.55< / ><>140.52< / >< / ><><>Smiths< / ><>2506.00< / ><>-41.00< / ><>2754.18< / ><>2088.00< / ><>1.87< / ><>29.24< / ><>1008.45< / >< / ><>< colspan="8">工业运输< / >< / table>

<>< colspan="8">保险< / >< / ><><>Admiral Group•< / ><>3836.00< / ><>50.00< / ><>4128.00< / ><>2624.00< / ><>3.74< / ><>15.57< / ><>471.72< / >< / ><><>Aviva•< / ><>709.00< / ><>1.80< / ><>740.60< / ><>590.60< / ><>5.67< / ><>26.36< / ><>2846.07< / >< / ><><>Chesnara•< / ><>355.00< / ><>0.50< / ><>378.00< / ><>265.00< / ><>6.47< / ><>-70.30< / ><>600.26< / >< / ><><>Ecclesiastical Insurance< / ><>136.50< / ><>-0.75< / ><>155.00< / ><>134.03< / ><>6.32< / ><>—< / ><>100.12< / >< / ><><>Hansard Global< / ><>53.00< / ><>2.00< / ><>57.00< / ><>43.20< / ><>8.40< / ><>40.77< / ><>177.14< / >< / ><><>Hiscox•< / ><>1882.00< / ><>9.00< / ><>1904.00< / ><>1288.00< / ><>2.08< / ><>14.03< / ><>587.66< / >< / ><><>Lancashire Hldgs< / ><>633.00< / ><>12.50< / ><>700.00< / ><>549.00< / ><>2.65< / ><>7.05< / ><>711.73< / >< / ><><>Legal & General•< / ><>290.00< / ><>2.90< / ><>318.10< / ><>217.20< / ><>7.56< / ><>29.03< / ><>16175.06< / >< / ><><>Old Mutual< / ><>61.20< / ><>1.20< / ><>78.80< / ><>54.77< / ><>7.14< / ><>6.82< / ><>212.61< / >< / ><><>Prudential•< / ><>976.80< / ><>-2.00< / ><>1238.00< / ><>910.20< / ><>2.11< / ><>8.54< / ><>26407.24< / >< / ><><>Standard Life< / ><>920.50< / ><>4.50< / ><>960.00< / ><>620.50< / ><>6.09< / ><>-195.44< / ><>1565.91< / >< / table>

< / td>< rowspan="2">价格< / >< ="2">当日涨跌 + / -< / >< colspan="2">52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量 (千股)< / >< / tr><><>最高< / ><>最低< / >< / ><><>BP Marsh< / ><>665.00< / ><>-8.00< / ><>710.00< / ><>613.00< / ><>5.46< / ><>5.02< / ><>418.93< / >< / ><><>Burford Capital< / ><>318.80< / ><>-3.20< / ><>974.50< / ><>279.80< / ><>2.96< / ><>14.81< / ><>102.51< / >< / ><><>Premier Miton Group< / ><>36.75< / ><>-0.25< / ><>64.20< / ><>34.53< / ><>8.16< / ><>47.12< / ><>107.42< / >< / ><>< colspan="8">食品与饮料< / >< / ><><>Camellia< / ><>5700.00< / ><>-75.00< / ><>6300.00< / ><>4800.00< / ><>4.56< / ><>-30.53< / ><>0.45< / >< / ><><>Fevertree Drinks< / ><>795.00< / ><>7.00< / ><>973.00< / ><>711.00< / ><>2.19< / ><>42.33< / ><>519.03< / >< / ><><>Nichols< / ><>1100.00< / ><>—< / ><>1240.00< / ><>880.00< / ><>3.54< / ><>18.75< / ><>43.84< / >< / ><>< colspan="8">家居、休闲与个人用品< / >< / ><><>Churchill< / ><>370.00< / ><>—< / ><>460.00< / ><>271.00< / ><>5.68< / ><>9.32< / ><>30.09< / >< / ><><>Frontier Dev< / ><>543.00< / ><>18.00< / ><>588.56< / ><>302.00< / ><>—< / ><>7.28< / ><>173.77< / >< / ><><>Portmeirion< / ><>52.00< / ><>—< / ><>138.00< / ><>47.14< / ><>—< / ><>-1.15< / ><>2.20< / >< / ><><>Sanderson Design Grp< / ><>76.50< / ><>—< / ><>80.00< / ><>40.00< / ><>1.96< / ><>25.67< / ><>110.65< / >< / ><>< colspan="8">工业工程< / >< / ><><>MS Intl•< / ><>1525.00< / ><>-55.00< / ><>1800.00< / ><>1120.00< / ><>1.70< / ><>22.63< / ><>11.87< / >< / table>

<>< ="2">< / >< ="2">价格< / >< ="2">当日涨跌 + / -< / >< colspan="3">52周< / >< ="2">收益率< / >< ="2">资产净值 (NAV)< / >< ="2">分红-) 溢价< / >< / ><><>最高< / ><>最低< / ><>< / >< / ><><>Fidelity Spec< / ><>460.50< / ><>-1.00< / ><>479.50< / ><>377.00< / ><>2.24< / ><>263.86< / ><>-0.72< / ><>< / >< / ><><>Finsbury G&I< / ><>798.00< / ><>21.00< / ><>875.00< / ><>706.25< / ><>2.53< / ><>835.19< / ><>-6.77< / ><>< / >< / ><><>The Glbl Small Co< / ><>188.80< / ><>-0.20< / ><>198.60< / ><>162.72< / ><>1.67< / ><>199.88< / ><>-4.79< / ><>< / >< / ><><>GRIT(susp)< / ><>1.25< / ><>—< / ><>1.25< / ><>—< / ><>14.40< / ><>-91.32< / ><>< / >< / ><><>Hansa< / ><>336.00< / ><>6.00< / ><>346.00< / ><>250.00< / ><>1.31< / ><>545.77< / ><>-40.01< / ><>< / >< / ><><>Hansa A< / ><>331.50< / ><>-1.00< / ><>335.00< / ><>244.00< / ><>1.33< / ><>545.77< / ><>-39.09< / ><>< / >< / ><><>Hen Fars< / ><>263.50< / ><>-3.00< / ><>281.50< / ><>229.00< / ><>9.51< / ><>262.66< / ><>0.07< / ><>< / >< / ><><>Hen High Inc< / ><>202.00< / ><>-2.00< / ><>214.00< / ><>173.25< / ><>5.51< / ><>210.67< / ><>-3.08< / ><>< / >< / ><><>Hen [...OMITTED...]

Smrl< / td> 943.00< / ><>-7.00< / ><>998.00< / ><>769.00< / ><>3.08< / ><>1039.24< / ><>-8.74< / ><>< / >< / tr> <>Herald< / ><>2865.00< / ><>-20.00< / ><>3290.73< / ><>2285.00< / ><>—< / ><>3325.54< / ><>-12.33< / ><>< / >< / ><><>HICL Infra< / ><>131.80< / ><>-1.80< / ><>141.00< / ><>107.20< / ><>6.45< / ><>159.80< / ><>-17.38< / ><>< / >< / ><><>Impax Env< / ><>430.00< / ><>-16.00< / ><>494.76< / ><>379.00< / ><>1.19< / ><>488.16< / ><>-9.04< / ><>< / >< / ><><>IntlBiotech< / ><>1120.00< / ><>5.00< / ><>1235.00< / ><>668.63< / ><>2.80< / ><>1160.70< / ><>-4.33< / ><>< / >< / ><><>Intl PP< / ><>137.40< / ><>-1.40< / ><>145.80< / ><>101.60< / ><>6.40< / ><>153.07< / ><>-9.83< / ><>< / >< / ><><>Inv Asia Dragon

Tst< / ><>488.00< / ><>-14.00< / ><>519.00< / ><>384.00< / ><>3.93< / ><>526.61< / ><>-6.69< / ><>< / >< / ><><>Inv Bond Inc< / ><>170.50< / ><>1.00< / ><>178.50< / ><>150.11< / ><>7.18< / ><>167.91< / ><>1.77< / ><>< / >< / ><><>JPM Amer IT< / ><>1200.00< / ><>-6.00< / ><>1258.00< / ><>1041.00< / ><>0.96< / ><>1247.61< / ><>-3.64< / ><>< / >< / ><><>JPM Asia G&I< / ><>576.00< / ><>-12.00< / ><>652.00< / ><>419.00< / ><>5.40< / ><>585.36< / ><>-0.86< / ><>< / >< / ><><>JPM China G&I< / ><>258.50< / ><>1.50< / ><>313.00< / ><>255.20< / ><>5.25< / ><>285.32< / ><>-8.39< / ><>< / >< / ><><>JPM

Clavr< / ><>940.00< / ><>—< / ><>986.00< / ><>799.98< / ><>3.88< / ><>969.22< / ><>-2.96< / ><>< / >< / ><><>JPMGblCore(susp)< / ><>84.20< / ><>—< / ><>86.60< / ><>68.00< / ><>—< / ><>< / >< / ><><>JPM Emrg EMEA< / ><>239.00< / ><>—< / ><>310.00< / ><>181.65< / ><>0.25< / ><>71.62< / ><>231.43< / ><>< / >< / ><><>JPM Emrg< / ><>164.40< / ><>-4.40< / ><>181.20< / ><>124.37< / ><>4.58< / ><>180.08< / ><>-8.00< / ><>< / >< / ><><>JPM Eur Disc< / ><>617.00< / ><>-10.00< / ><>666.00< / ><>548.00< / ><>2.59< / ><>679.06< / ><>-7.91< / ><>< / >< / ><><>JPM Eur G&I< / ><>142.00< / ><>-1.20< / ><>153.00< / ><>124.50< / ><>3.83< / ><>147.41< / ><>-2.76< / ><>< / >< / ><><>JPM Em Mk

Div< / ><>208.00< / ><>-4.00< / ><>221.00< / ><>152.00< / ><>2.88< / ><>230.08< / ><>-9.11< / ><>< / >< / ><><>JPM Gbl G&I< / ><>594.50< / ><>-4.50< / ><>641.00< / ><>529.60< / ><>4.17< / ><>615.37< / ><>-2.95< / ><>< / >< / ><><>JPM India Gwth Inc< / ><>860.00< / ><>4.00< / ><>1098.00< / ><>799.00< / ><>5.15< / ><>930.40< / ><>-8.15< / ><>< / >< / ><><>JPM Japan< / ><>802.00< / ><>—< / ><>867.00< / ><>668.00< / ><>1.08< / ><>873.03< / ><>-7.47< / ><>< / >< / ><><>JPM UK Sm< / ><>336.00< / ><>-0.50< / ><>369.00< / ><>287.92< / ><>4.44< / ><>366.04< / ><>-7.44< / ><>< / >< / ><><>JPM US Sml< / ><>418.00< / ><>-3.00< / ><>463.00< / ><>365.00< / ><>0.77< / ><>460.76< / ><>-7.57< / ><>< / >< / ><><>Law

Deb< / td> 1216.00< / ><>—< / ><>1290.00< / ><>991.00< / ><>3.04< / ><>1211.76< / ><>0.75< / ><>< / >< / tr> <>Lindsell Train< / ><>570.00< / ><>-2.00< / ><>768.00< / ><>529.50< / ><>4.91< / ><>6.77< / ><>-19.93< / ><>< / >< / ><><>Lowland< / ><>184.50< / ><>0.50< / ><>191.50< / ><>146.28< / ><>3.73< / ><>201.97< / ><>-8.57< / ><>< / >< / ><><>Marwyn Val< / ><>140.00< / ><>—< / ><>141.99< / ><>139.40< / ><>6.47< / ><>260.30< / ><>-46.21< / ><>< / >< / ><><>Mercantile< / ><>270.00< / ><>-2.50< / ><>290.50< / ><>234.31< / ><>3.06< / ><>302.53< / ><>-9.88< / ><>< / >< / ><><>Merch. Tst< / ><>659.00< / ><>—< / ><>691.00< / ><>536.00< / ><>4.51< / ><>693.65< / ><>-5.35< / ><>< / >< / ><><>Mid

Wynd< / ><>782.00< / ><>8.00< / ><>806.00< / ><>682.00< / ><>1.07< / ><>793.70< / ><>-2.11< / ><>< / >< / ><><>Monks IT< / ><>1594.00< / ><>-14.00< / ><>1664.00< / ><>1366.00< / ><>0.06< / ><>1695.57< / ><>-5.15< / ><>< / >< / ><><>Montanaro Eur< / ><>171.50< / ><>-4.50< / ><>189.00< / ><>142.00< / ><>0.90< / ><>191.46< / ><>-8.17< / ><>< / >< / ><><>Murray Inc< / ><>975.00< / ><>3.00< / ><>1036.00< / ><>854.66< / ><>4.21< / ><>1044.04< / ><>-7.18< / ><>< / >< / ><><>Murray Intl< / ><>366.00< / ><>1.00< / ><>376.00< / ><>296.50< / ><>3.50< / ><>360.91< / ><>0.83< / ><>< / >< / ><><>New Star IT< / ><>140.00< / ><>—< / ><>148.00< / ><>109.00< / ><>2.54< / ><>202.45< / ><>-30.84< / ><>< / >< / ><><>N. Att Smrl

IT< / ><>403.00< / ><>1.00< / ><>434.00< / ><>328.00< / ><>1.74< / ><>649.43< / ><>-37.02< / ><>< / >< / ><><>Pac. Horiz.< / ><>1082.00< / ><>-38.00< / ><>1262.00< / ><>701.00< / ><>0.14< / ><>1205.97< / ><>-7.64< / ><>< / >< / ><><>Pers. Assets< / ><>545.00< / ><>2.00< / ><>558.00< / ><>515.00< / ><>1.03< / ><>546.80< / ><>-0.91< / ><>< / >< / ><><>Polar Health< / ><>434.50< / ><>4.00< / ><>460.50< / ><>345.00< / ><>0.51< / ><>427.87< / ><>0.90< / ><>< / >< / ><><>Polar Fin.< / ><>250.50< / ><>-1.50< / ><>260.50< / ><>199.16< / ><>—< / ><>257.93< / ><>-2.48< / ><>< / >< / table>

5< / ><>23.18< / ><>1325.85< / >< / ><><>Reach♦< / ><>41.55< / ><>0.55< / ><>73.70< / ><>40.09< / ><>14.20< / ><>-0.99< / ><>1424.37< / >< / ><><>Relx♦< / ><>2603.00< / ><>128.00< / ><>3575.00< / ><>1991.00< / ><>2.65< / ><>23.12< / ><>8481.54< / >< / ><><>Rightmove< / ><>493.60< / ><>16.10< / ><>732.00< / ><>391.40< / ><>2.18< / ><>17.57< / ><>3283.68< / >< / ><><>STV Group< / ><>98.40< / ><>-2.60< / ><>124.50< / ><>95.60< / ><>–< / ><>-9.11< / ><>6.79< / >< / ><><>WPP< / ><>386.20< / ><>19.10< / ><>412.60< / ><>218.50< / ><>3.88< / ><>7.68< / ><>5832.70< / >< / table>

< / ><>946.96< / ><>4.04< / ><>13.70< / ><>2669.87< / >< / ><><>Rio Tinto*< / ><>7207.00< / ><>-167.00< / ><>9117.00< / ><>4555.50< / ><>4.79< / ><>15.82< / ><>1993.69< / >< / table>

BP■< / td><>571.20< / ><>6.60< / ><>609.40< / ><>399.35< / ><>4.39< / ><>-< / ><>66235.77< / >< / tr><><>Capricorn< / ><>382.00< / ><>-1.00< / ><>390.00< / ><>181.80< / ><>-< / ><>18.38< / ><>206.07< / >< / ><><>ExxonMobil Hldgs< / ><>12254.80< / ><>-< / ><>12573.90< / ><>12220.00< / ><>2.49< / ><>-< / >< / ><><>GeoPark< / ><>850.80< / ><>-< / ><>868.24< / ><>845.98< / ><>0.80< / ><>13.98< / ><>-< / >< / ><><>Helleniq Energy< / ><>1520.61< / ><>-< / ><>1557.43< / ><>1511.19< / ><>3.38< / ><>6.10< / ><>375.66< / >< / ><><>帝国石油 CS■< / ><>9843.27< / ><>234.06< / ><>10397.16< / ><>6229.98< / ><>1.88< / ><>-< / ><>647.06< / >< / ><><>TC Energy Corp< / ><>4526.07< / ><>-< / ><>4587.91< / ><>4519.67< / ><>4.13< / ><>-24.40< / ><>771.21< / >< / table>

<><>AstraZeneca■< / ><>12154.00< / ><>446.00< / ><>15732.00< / ><>9892.00< / ><>1.97< / ><>24.82< / ><>6470.16< / >< / ><><>Chemical Works< / ><>2921.36< / ><>-< / ><>2977.87< / ><>2909.37< / ><>5.23< / ><>15.01< / ><>0.12< / >< / ><><>GlaxoSmKline■◆< / ><>1854.50< / ><>84.00< / ><>2282.00< / ><>1455.00< / ><>3.77< / ><>13.14< / ><>4365.93< / >< / ><><>Hikma Pharm◆< / ><>1544.00< / ><>13.00< / ><>1865.00< / ><>1187.00< / ><>4.13< / ><>11.43< / ><>1003.24< / >< / table>

<>< colspan="8">房地产投资信托基金 (REITS)< / >< / ><><>British Land< / ><>390.00< / ><>-9.00< / ><>451.60< / ><>331.56< / ><>5.93< / ><>-< / >< / ><><>Derwent London< / ><>1796.00< / ><>-40.00< / ><>2196.00< / ><>1469.33< / ><>4.57< / ><>-< / >< / ><><>Great Portland Est< / ><>300.60< / ><>-4.00< / ><>377.00< / ><>270.00< / ><>2.73< / ><>-< / ><>0.00< / >< / ><><>Land Securities< / ><>617.50< / ><>-13.00< / ><>726.00< / ><>525.00< / ><>6.67< / ><>-< / >< / ><><>LondonMetric Prop< / ><>176.30< / ><>-1.70< / ><>216.20< / ><>175.13< / ><>7.12< / ><>-< / >< / ><><>Primary Health Prop< / ><>91.75< / ><>0.35< / ><>109.60< / ><>87.40< / ><>7.96< / ><>-< / >< / ><><>Segro< / ><>930.80< / ><>-2.60< / ><>997.40< / ><>608.00< / ><>3.39< / ><>-< / >< / ><><>Shaftesbury Capital+< / ><>136.30< / ><>-1.80< / ><>155.10< / ><>124.10< / ><>3.15< / ><>7.29< / ><>1455.28< / >< / ><><>Tritax Big Box< / ><>144.40< / ><>-1.30< / ><>175.00< / ><>135.20< / ><>5.72< / ><>-< / >< / ><>< colspan="8">房地产投资与服务< / >< / table>

<><>Grainger< / ><>164.70< / ><>-1.20< / ><>202.79< / ><>149.44< / ><>5.10< / ><>6.01< / ><>2846.40< / >< / ><><>Harworth Group< / ><>176.00< / ><>-0.40< / ><>185.00< / ><>116.80< / ><>1.04< / ><>60.69< / ><>929.69< / >< / ><><>Helical< / ><>195.00< / ><>-3.00< / ><>236.25< / ><>180.60< / ><>1.35< / ><>40.37< / ><>72.72< / >< / ><><>Mountview Estates< / ><>8725.00< / ><>25.00< / ><>10200.00< / ><>8350.00< / ><>6.02< / ><>16.71< / ><>0.30< / >< / ><><>Savills $\bullet$ < / ><>1008.00< / ><>-12.00< / ><>1142.00< / ><>791.46< / ><>2.33< / ><>19.38< / ><>458.66< / >< / ><><>Sirius Real Estate< / ><>91.45< / ><>-1.10< / ><>113.00< / ><>86.80< / ><>5.99< / ><>7.05< / ><>1503.18< / >< / ><><>Smart (J)< / ><>112.50< / ><>-4.50< / ><>140.00< / ><>106.00< / ><>2.89< / ><>8.61< / ><>0.01< / >< / table>

< / td>< rowspan="2">价格< / >< ="2">当日涨跌 + / -< / >< colspan="2">52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量 (千股)< / >< / tr><><>最高< / ><>最低< / >< / ><>< colspan="8">媒体< / >< / ><><>Mission Group< / ><>23.00< / ><>-< / ><>27.00< / ><>12.00< / ><>-< / ><>-1.08< / ><>47.97< / >< / ><>< colspan="8">采矿< / >< / ><><>Central Asia Metals< / ><>165.40< / ><>-4.00< / ><>244.00< / ><>125.27< / ><>9.37< / ><>-5.24< / ><>1123.60< / >< / ><><>Crism Therapeutics< / ><>11.25< / ><>-< / ><>18.50< / ><>8.00< / ><>-< / ><>-2.21< / ><>216.08< / >< / ><>< colspan="8">石油与天然气< / >< / ><><>BorSthnPet< / ><>10.07< / ><>-0.38< / ><>14.00< / ><>7.60< / ><>-< / ><>-84.81< / ><>218.41< / >< / ><>< colspan="8">制药与生物技术< / >< / ><><>Sareum Holdings< / ><>31.50< / ><>-0.50< / ><>40.00< / ><>9.50< / ><>-< / ><>-13.12< / ><>126.75< / >< / ><>< colspan="8">零售商< / >< / ><><>Boohoo Group< / ><>24.70< / ><>-1.05< / ><>29.50< / ><>10.30< / ><>-< / ><>-3.19< / ><>3604.64< / >< / ><><>CVS Group< / ><>1297.00< / ><>2.00< / ><>1648.00< / ><>1062.00< / ><>0.66< / ><>17.60< / ><>345.75< / >< / table>

<>< ="2">< / >< colspan="5">52周< / ><>折 / 溢价(-)< / >< / ><><>价格< / ><>当日涨跌 + / -< / ><>最高< / ><>最低< / ><>收益率< / ><>资产净值 (NAV)< / >< / ><><>Polar Tech.< / ><>634.50< / ><>-19.00< / ><>743.50< / ><>414.74< / ><>—< / ><>716.04< / >< / ><><>Rights & Iss IT< / ><>2450.00< / ><>—< / ><>2520.00< / ><>1965.13< / ><>1.85< / ><>2903.10< / >< / ><><>RIT Cap.< / ><>2540.00< / ><>-5.00< / ><>2645.00< / ><>1956.00< / ><>1.77< / ><>3221.00< / >< / ><><>Ruffer Inv Pr< / ><>301.00< / ><>-0.50< / ><>319.00< / ><>281.26< / ><>2.06< / ><>312.56< / >< / ><><>Schdr AsiaPac< / ><>819.00< / ><>-22.00< / ><>892.00< / ><>629.00< / ><>1.59< / ><>915.17< / >< / ><><>Schdr AsiaTotal< / ><>691.00< / ><>-13.00< / ><>738.00< / ><>512.00< / ><>1.66< / ><>732.40< / >< / ><><>Schroder Inc< / ><>366.00< / ><>—< / ><>380.00< / ><>314.00< / ><>4.02< / ><>388.06< / >< / ><><>Schdr Japan< / ><>383.00< / ><>-1.00< / ><>401.00< / ><>276.00< / ><>3.16< / ><>421.26< / >< / ><><>Schdr Orient.< / ><>445.50< / ><>-5.00< / ><>473.00< / ><>310.00< / ><>2.96< / ><>469.05< / >< / ><><>Schdr UK Mid< / ><>758.00< / ><>8.00< / ><>790.00< / ><>652.00< / ><>2.98< / ><>793.11< / >< / ><><>Scot American< / ><>549.00< / ><>—< / ><>572.00< / ><>480.10< / ><>2.98< / ><>592.37< / >< / ><><>Scot Mortgage< / ><>1468.00< / ><>-10.00< / ><>1563.00< / ><>1015.74< / ><>0.31< / ><>1619.07< / >< / ><><>Scot Oriental< / ><>274.50< / ><>1.50< / ><>299.00< / ><>240.00< / ><>1.24< / ><>296.15< / >< / ><><>Strategic Eq.< / ><>370.00< / ><>8.00< / ><>415.00< / ><>330.00< / ><>1.15< / ><>398.19< / >< / ><><>Temple Bar< / ><>414.00< / ><>1.50< / ><>429.50< / ><>344.50< / ><>3.77< / ><>413.79< / >< / ><><>Tetragon< / ><>1042.63< / ><>4.20< / ><>1446.64< / ><>892.96< / ><>3.35< / ><>—< / >< / ><><>TRIG< / ><>76.50< / ><>—< / ><>80.50< / ><>63.20< / ><>9.87< / ><>100.81< / >< / ><><>UIL< / ><>207.00< / ><>—< / ><>208.00< / ><>206.00< / ><>3.86< / ><>275.47< / >< / ><><>Utilico EmerMkts< / ><>281.00< / ><>-1.00< / ><>302.00< / ><>243.00< / ><>3.44< / ><>315.47< / >< / ><><>Worldwide Hlth< / ><>376.00< / ><>5.00< / ><>401.50< / ><>320.00< / ><>0.64< / ><>398.23< / >< / table>

常规 - 私募股权< / td>< / tr><><>CT PrivEq< / ><>470.00< / ><>—< / ><>592.00< / ><>439.84< / ><>6.02< / ><>694.10< / ><>-32.42< / >< / ><><>HGCapital< / ><>405.00< / ><>-5.00< / ><>512.00< / ><>318.64< / ><>1.23< / ><>530.32< / ><>-22.59< / >< / ><><>HVPE< / ><>3260.00< / ><>-25.00< / ><>3500.00< / ><>2762.80< / ><>—< / ><>4390.00< / ><>-24.83< / >< / ><><>ICG Ent< / ><>1382.00< / ><>-26.00< / ><>1611.42< / ><>1288.31< / ><>3.04< / ><>2029.32< / ><>-30.51< / >< / ><><>Pantheon Int< / ><>386.00< / ><>-1.00< / ><>409.00< / ><>330.50< / ><>—< / ><>521.30< / ><>-25.67< / >< / ><><>Partners PE €< / ><>613.04< / ><>-1.61< / ><>945.52< / ><>583.57< / ><>9.78< / ><>11.58< / ><>-37.08< / >< / ><>< colspan="8">常规 - 房地产

投资公司< / >< / table>

<>< rowspan="2">< / >< rowspan="2">价格< / >< ="2">日变动 + / -< / >< colspan="2">52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量(千股)< / >< / ><><>最高< / ><>最低< / >< / ><>< colspan="8">零售商< / >< / ><><>Caffyns< / ><>500.00< / ><>-< / ><>550.00< / ><>350.00< / ><>2.00< / ><>-12.29< / ><>1.00< / >< / ><><>Dunelm Group< / ><>770.00< / ><>20.00< / ><>1174.00< / ><>707.00< / ><>9.16< / ><>10.00< / ><>1228.77< / >< / ><><>Halfords Group*< / ><>244.50< / ><>-4.00< / ><>276.10< / ><>123.80< / ><>3.68< / ><>16.09< / ><>1011.84< / >< / ><><>Inchcape◆< / ><>803.00< / ><>-8.00< / ><>895.00< / ><>640.50< / ><>4.18< / ><>11.08< / ><>536.60< / >< / ><><>JD

Sports< / ><>76.56< / ><>-1.54< / ><>106.18< / ><>63.98< / ><>1.57< / ><>8.87< / ><>13792.95< / >< / ><><>Kingfisher< / ><>267.90< / ><>-0.60< / ><>372.30< / ><>241.80< / ><>4.31< / ><>20.56< / ><>4291.26< / >< / ><><>Marks & Spencer< / ><>370.80< / ><>-8.20< / ><>418.33< / ><>301.10< / ><>1.13< / ><>29.20< / ><>7751.10< / >< / ><><>Saga< / ><>594.00< / ><>-12.00< / ><>747.00< / ><>193.40< / ><>-< / ><>654.71< / >< / ><><>Sainsbury J< / ><>340.20< / ><>7.90< / ><>380.30< / ><>293.70< / ><>4.03< / ><>19.66< / ><>7132.47< / >< / ><><>Tesco< / ><>480.90< / ><>15.50< / ><>510.40< / ><>411.70< / ><>3.02< / ><>17.49< / ><>17863.41< / >< / table>

<><>AEW UK REIT< / ><>101.40< / ><>-0.60< / ><>113.20< / ><>95.90< / ><>7.89< / ><>106.34< / ><>-3.11< / >< / ><><> Prop< / ><>287.00< / ><>-3.00< / ><>364.50< / ><>282.50< / ><>5.61< / ><>319.59< / ><>-9.97< / >< / ><>< colspan="8">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< / >< / ><>< colspan="8">零股息优先股< / >< / table>

<><>Aberforth GV< / ><>118.00< / ><>—< / ><>120.18< / ><>111.00< / ><>—< / ><>116.09< / ><>1.70< / >< / ><>< colspan="8">投资公司 - AIM< / >< / ><><>Crys Amber< / ><>81.50< / ><>-3.50< / ><>155.39< / ><>78.00< / ><>—< / ><>177.77< / ><>-53.59< / >< / table>

wden Joinery< / td> 736.50< / ><>-7.00< / ><>981.00< / ><>713.00< / ><>2.99< / ><>14.97< / ><>1168.21< / >< / tr> <>Intertek< / ><>5855.00< / ><>5.00< / ><>5860.00< / ><>3519.42< / ><>2.82< / ><>26.85< / ><>1213.51< / >< / ><><>Johnson Service< / ><>134.50< / ><>1.50< / ><>172.10< / ><>123.80< / ><>3.72< / ><>14.46< / ><>1551.47< / >< / ><><>MITIE Group< / ><>209.00< / ><>-< / ><>214.00< / ><>134.80< / ><>2.15< / ><>31.67< / ><>2236.74< / >< / ><><>RS Group< / ><>727.50< / ><>-8.00< / ><>768.50< / ><>536.90< / ><>3.15< / ><>21.03< / ><>2515.47< / >< / ><><>Vp< / ><>470.00< / ><>9.00< / ><>620.00< / ><>420.00< / ><>8.40< / ><>-34.06< / ><>8.29< / >< / table>

<>< colspan="8">科技 - 软件与服务< / >< / ><><>Computacenter< / ><>5215.00< / ><>-5.00< / ><>6045.00< / ><>2242.00< / ><>1.50< / ><>35.60< / ><>407.56< / >< / ><><>NCC Group*< / ><>131.00< / ><>4.20< / ><>161.60< / ><>107.20< / ><>3.55< / ><>23.39< / ><>1266.04< / >< / ><><>The Sage Grp< / ><>1008.50< / ><>50.50< / ><>1181.00< / ><>771.66< / ><>2.23< / ><>26.72< / ><>2566.41< / >< / ><><>Triad Group< / ><>385.00< / ><>-10.00< / ><>430.00< / ><>236.00< / ><>2.34< / ><>38.81< / ><>2.19< / >< / ><>< colspan="8">电信< / >< / ><><>Airtel Africa< / ><>344.20< / ><>-0.80< / ><>436.20< / ><>219.00< / ><>1.53< / ><>24.94< / ><>1227.42< / >< / ><><>BT

Group< / ><>204.70< / ><>3.20< / ><>242.09< / ><>173.00< / ><>4.06< / ><>18.61< / ><>13142.00< / >< / ><><>Telecom Plus< / ><>806.00< / ><>11.00< / ><>1914.00< / ><>638.00< / ><>6.20< / ><>7.96< / ><>404.37< / >< / ><><>Vodafone< / ><>130.35< / ><>1.60< / ><>131.10< / ><>83.40< / ><>3.04< / ><>-92.27< / ><>43513.27< / >< / ><>< colspan="8">烟草< / >< / table>

<><>Brit Amer Tobacco■< / ><>4250.00< / ><>150.00< / ><>5326.00< / ><>3677.00< / ><>5.77< / ><>12.11< / ><>7636.55< / >< / ><><>Imperial Brands+< / ><>2553.00< / ><>63.00< / ><>3632.04< / ><>2437.00< / ><>6.53< / ><>10.17< / ><>1387.71< / >< / ><>< colspan="8">旅游与休闲< / >< / ><><>easyJet< / ><>666.80< / ><>-0.40< / ><>683.80< / ><>332.60< / ><>1.98< / ><>10.13< / ><>8641.23< / >< / ><><>FirstGroup< / ><>171.00< / ><>1.70< / ><>225.80< / ><>152.10< / ><>4.21< / ><>7.99< / ><>2083.76< / >< / ><><>Fullers 'A'< / ><>692.00< / ><>--< / ><>780.00< / ><>550.00< / ><>3.06< / ><>17.64< / ><>10.74< / >< / ><><>IntCont'l Hotels+< / ><>11424.40< / ><>79.24< / ><>13305.06< / ><>8618.00< / ><>1.23< / ><>31.36< / ><>454.50< / >< / ><><>Intl Cons

Air< / ><>409.70< / ><>-10.00< / ><>492.90< / ><>332.70< / ><>1.66< / ><>6.71< / ><>13638.01< / >< / ><><>Whitbread< / ><>2327.00< / ><>-20.00< / ><>3302.00< / ><>2098.00< / ><>4.17< / ><>18.67< / ><>274.46< / >< / table>

<><>Drax Group< / ><>791.50< / ><>-21.00< / ><>937.50< / ><>661.00< / ><>3.83< / ><>38.24< / ><>1560.37< / >< / ><><>National Grid■< / ><>1105.00< / ><>-25.50< / ><>1428.50< / ><>1026.00< / ><>4.39< / ><>16.87< / ><>16399.24< / >< / ><><>Pennon< / ><>444.20< / ><>-5.20< / ><>606.00< / ><>443.00< / ><>6.59< / ><>22.90< / ><>874.06< / >< / ><><>Severa Trent< / ><>2916.00< / ><>-14.00< / ><>3335.00< / ><>2381.00< / ><>4.32< / ><>23.61< / ><>546.96< / >< / ><><>SSE+< / ><>2312.00< / ><>-50.00< / ><>2767.50< / ><>1651.50< / ><>2.97< / ><>21.91< / ><>1318.33< / >< / table>

< / td>< colspan="7">52周< / >< / tr><><>价格< / ><>+ / - 日变动< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / ><>成交量 (千股)< / >< / ><>< colspan="8">支持服务< / >< / ><><>Christie< / ><>185.00< / ><>2.50< / ><>193.00< / ><>90.00< / ><>1.89< / ><>36.42< / ><>27.74< / >< / ><><>LonSec< / ><>3650.00< / ><>-< / ><>3800.00< / ><>2100.00< / ><>2.66< / ><>18.81< / ><>-< / >< / ><><>NWF< / ><>155.50< / ><>-1.00< / ><>187.50< / ><>110.00< / ><>5.59< / ><>8.36< / ><>155.64< / >< / ><><>Petards< / ><>9.25< / ><>-0.25< / ><>12.50< / ><>7.00< / ><>-< / ><>-13.81< / ><>150.91< / >< / ><><>Renew< / ><>870.00< / ><>-16.00< / ><>990.00< / ><>772.00< / ><>2.34< / ><>14.11< / ><>329.24< / >< / ><>< colspan="8">科技 - 软件与服务< / >< / table>

<><>Oxford Metrics< / ><>37.20< / ><>-1.60< / ><>60.40< / ><>36.60< / ><>8.74< / ><>-67.64< / ><>498.72< / >< / ><>< colspan="8">旅游与休闲< / >< / ><><>Gaming Realms< / ><>30.80< / ><>0.50< / ><>50.00< / ><>29.00< / ><>-< / ><>15.17< / ><>1062.16< / >< / ><><>Jet2< / ><>1439.00< / ><>-16.00< / ><>1612.00< / ><>980.00< / ><>1.17< / ><>6.81< / ><>413.23< / >< / table>

FT 股票服务指南

所有数据均截至前一个交易日收盘。公司分类基于富时（FTSE）采用的 ICB 系统。富时 100 指数成分股以粗体显示。除非另有说明，收盘价以便士（pence）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。市盈率使用公司持续经营的稀释收益计算。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调整。交易量为日终累计总量，四舍五入至最接近的 1,000 股。每股净资产值（NAV）和拆分分析仅作为参考。折价和溢价使用最新的含权公允净资产值预估和收盘价计算。折价、溢价、总赎回收益率（GRY）以及相对于股价（SP）的门槛率（HR）和相对于清算（WO）的门槛率（HR）以百分比显示，NAV 以便士显示。

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Algebris 投资

Algebris Core Italy I EUR	€	251.79	-	2.84	0.00	25.36	17.46
Algebris Core Italy R EUR	€	232.37	-	2.61	0.00	24.43	16.58
Algebris Financial Credit I EUR	€	227.50	-	-0.62	0.00	5.87	8.44
Algebris Financial Credit I GBP	£	201.66	-	-0.54	0.00	0.00	0.00
Algebris Financial Credit I USD	$	210.32	-	-0.58	5.86	0.00	0.00
Algebris Financial Credit R EUR	€	191.24	-	-0.53	0.00	5.18	7.79
Algebris Financial Equity B EUR	€	396.80	-	1.85	0.00	0.00	0.00
Algebris Financial Equity R EUR	€	321.41	-	1.49	0.00	27.05	27.76
Algebris Financial Equity Fund B GBP	£	331.86	-	1.59	0.00	0.00	0.00
Algebris Financial Equity Fund B USD	$	500.41	-	2.34	3.90	0.00	0.00
Algebris Financial Income I EUR	€	307.13	-	0.46	0.00	15.65	16.99
Algebris Financial Income R EUR	€	270.17	-	0.40	0.00	14.61	15.94
Algebris Financial Income Fund I GBP	£	225.77	-	0.36	6.02	0.00	0.00
Algebris Financial Income Fund I USD	$	257.90	-	0.39	0.00	0.00	0.00
Algebris Global Credit Opportunities I EUR	€	154.37	-	-0.08	0.00	3.40	5.65
Algebris Global Credit Opportunities R EUR	€	148.03	-	-0.07	0.00	2.83	5.13
Algebris Global Credit Opportunities I GBP	£	153.67	-	-0.07	0.00	0.00	0.00
Algebris Global Credit Opportunities I USD	$	158.61	-	-0.08	0.00	0.00	0.00
Algebris IG Financial Credit I EUR	€	119.12	-	-0.01	0.00	4.12	6.59
Algebris IG Financial Credit R EUR	€	115.09	-	-0.01	0.00	3.61	6.06
Algebris Strategic Credit Fund R EUR	€	114.73	-	-0.07	0.00	2.73	0.00
Algebris Global Equity Select B EUR	€	151.93	-	1.92	0.00	9.59	11.16
Algebris Global Equity Select R EUR	€	144.46	-	1.82	0.00	8.19	9.73

Artemis Corporate Bond I Acc< / td><>117.27< / ><>-< / ><>-0.19< / ><>0.00< / ><>4.61< / ><>6.02< / >< / tr><><>Artemis Global Income I Dis< / ><>245.30< / ><>-< / ><>-0.62< / ><>0.00< / ><>2.17< / ><>0.50< / >< / ><><>Artemis High Income I Q Inc< / ><>75.05< / ><>-< / ><>-0.03< / ><>0.23< / ><>2.11< / ><>2.85< / >< / ><><>Artemis Income I Inc< / ><>353.85< / ><>-< / ><>1.95< / ><>5.48< / ><>11.26< / ><>11.68< / >< / ><><>Artemis Monthly Dist I Inc< / ><>102.69< / ><>-< / ><>-0.12< / ><>0.00< / ><>13.76< / ><>13.67< / >< / ><><>Artemis Short-Dn Strat Bond< / ><>132.75< / ><>-< / ><>-0.15< / ><>0.00< / ><>5.85< / ><>7.03< / >< / ><><>Artemis SmartGARP Eur Eq I Acc< / ><>1022.28< / ><>-< / ><>-7.54< / ><>0.00< / ><>27.63< / ><>29.00< / >< / ><><>Artemis SmartGARP Global Small Co I Acc< / ><>259.97< / ><>-< / ><>-0.25< / ><>1.95< / ><>14.97< / ><>14.76< / >< / ><><>Artemis SmartGARP GloEmr Eq I Acc< / ><>350.28< / ><>-< / ><>-7.04< / ><>0.00< / ><>29.89< / ><>24.98< / >< / ><><>Artemis SmartGARP Glo Eq I Acc< / ><>818.82< / ><>-< / ><>-0.32< / ><>0.00< / ><>29.36< / ><>27.18< / >< / ><><>Artemis SmartGARP UK Eq I Acc< / ><>4829.98< / ><>-< / ><>8.36< / ><>2.41< / ><>27.12< / ><>24.80< / >< / ><><>Artemis Strategic Assets I Acc< / ><>110.39< / ><>-< / ><>0.43< / ><>0.00< / ><>3.52< / ><>3.15< / >< / ><><>Artemis Strategic Bond I Q Acc< / ><>124.37< / ><>-< / ><>-0.19< / ><>4.46< / ><>5.94< / ><>6.52< / >< / ><><>Artemis UK Select Fund Class I Acc< / ><>1463.32< / ><>-< / ><>-2.63< / ><>0.00< / ><>8.96< / ><>20.16< / >< / ><><>Artemis UK Smaller Cos I Acc< / ><>2581.60< / ><>-< / ><>5.67< / ><>1.81< / ><>3.71< / ><>8.53< / >< / ><><>Artemis UK Special Sits I Acc< / ><>1222.20< / ><>-< / ><>1.61< / ><>0.00< / ><>12.58< / ><>14.77< / >< / ><><>Artemis US Extended Alpha I Acc< / ><>575.74< / ><>-< / ><>-3.85< / ><>0.00< / ><>13.96< / ><>17.46< / >< / ><><>Artemis US Select I Acc< / ><>570.15< / ><>-< / ><>-2.97< / ><>0.00< / ><>19.25< / ><>21.83< / >< / ><><>Artemis US Smir Cos I Acc< / ><>508.00< / ><>-< / ><>-0.99< / ><>0.00< / ><>16.57< / ><>19.26< / >< / table>

ASB Capital

ASB Capital< / td>< / tr><>< colspan="7">Gate Village 5, Level 4, Unit 11, DIFC,Dubai United Arab Emirateswww.asbc.com< / >< / ><><> SUKUK - ACC< / ><>$ 103.74< / ><>-< / ><>0.00< / >< / ><><> SUKUK - DIST< / ><>$ 97.18< / ><>-< / ><>0.00< / ><>0.50< / ><>0.00< / >< / ><><> State Street Global Equity< / ><>$ 122.23< / ><>-< / ><>0.00< / >< / ><><> Global Technology< / ><>$ 156.06< / ><>-< / ><>2.31< / ><>0.00< / >< / ><><> MENA Equity< / ><>$ 100.72< / ><>-< / ><>0.00< / >< / table>

<><>American Dynamic< / ><>$ 9250.34< / ><>-< / ><>0.00< / >< / ><><>American One< / ><>$ 11097.24< / ><>-< / ><>0.00< / ><>10.75< / ><>11.36< / >< / ><><>Bond Global< / ><>€ 1634.24< / ><>-< / ><>0.00< / ><>1.33< / ><>6.28< / >< / ><><>Eurocroissance< / ><>€ 1327.40< / ><>-< / ><>0.00< / >< / ><><>Far East< / ><>$ 1261.49< / ><>-< / ><>0.00< / >< / table>

<>< colspan="7">Blue Whale Investment Funds ICAVwww.bluewhale.co.ukinfo@bluewhale.co.uk< / ><>(IRE)< / >< / ><>< colspan="8">FCA 认可-爱尔兰 UCITS< / >< / ><><>Blue Whale Growth USD T< / ><>$< / ><>23.90< / ><>-< / ><>-0.42< / ><>0.00< / >< / table>

<><>Global Leaders Fund USD C< / ><>$ 32.32< / ><>-< / ><>0.09< / ><>0.00< / ><>8.54< / ><>11.20< / >< / ><><>Global Leaders Sustainable Fund USD C< / ><>$ 18.95< / ><>-< / ><>0.05< / ><>0.00< / ><>7.43< / ><>10.10< / >< / ><><>Global Sustainable Total Return Bond GBP B< / ><>£ 9.31< / ><>-< / ><>-0.05< / ><>0.00< / >< / ><><>Global Sustainable Total Return Bond USD B< / ><>$ 10.73< / ><>-< / ><>-0.04< / ><>0.00< / >< / ><><>US Equity Growth Fund USD B< / ><>$ 75.02< / ><>-< / ><>0.59< / ><>0.00< / ><>8.05< / ><>10.62< / >< / ><><>US Flexible Equity Fund USD B< / ><>$ 41.88< / ><>-< / ><>0.29< / ><>0.00< / ><>11.45< / ><>15.39< / >< / ><><>US Mid Cap Growth Fund USD C< / ><>$

24.56< / ><>-< / ><>0.23< / ><>0.00< / ><>8.49< / ><>9.70< / >< / ><><>US Small Cap Blend Fund USD B< / ><>$ 31.08< / ><>-< / ><>0.32< / ><>0.00< / ><>9.90< / ><>11.10< / >< / ><><>US Smaller Companies Fund USD B< / ><>$ 46.53< / ><>-< / ><>0.64< / ><>0.00< / ><>8.95< / ><>7.74< / >< / ><><>US Sustainable Growth Fund USD C< / ><>$ 39.85< / ><>-< / ><>0.38< / ><>0.00< / ><>8.04< / ><>12.03< / >< / ><><>US Sustainable Value Fund USD C Acc< / ><>$ 17.91< / ><>-< / ><>0.26< / ><>0.00< / >< / table>

Canaccord WEALTH

平衡策略 (Balanced Strategy)< / td><>£< / ><>1.17< / ><>-< / ><>0.00< / ><>11.31< / ><>10.98< / >< / tr><><>平衡策略 A (Balanced Strategy A)< / ><>£< / ><>1.17< / ><>-< / ><>0.00< / ><>1.84< / ><>8.17< / ><>8.47< / >< / ><><>谨慎平衡策略 (Cautious Balanced Strategy)< / ><>£< / ><>1.47< / ><>-< / ><>0.00< / ><>0.91< / ><>8.90< / ><>8.91< / >< / ><><>谨慎平衡策略 A (Cautious Balanced Strategy A)< / ><>£< / ><>1.05< / ><>-< / ><>0.00< / ><>1.84< / ><>6.49< / ><>7.04< / >< / ><><>增长策略 (Growth Strategy)< / ><>£< / ><>2.65< / ><>-< / ><>0.00< / ><>0.76< / ><>0.80< / ><>5.17< / >< / ><><>增长策略 A (Growth Strategy A)< / ><>£< / ><>1.27< / ><>-< / ><>0.00< / ><>0.54< / ><>9.87< / ><>10.59< / >< / ><><>高增长策略 英镑 (High Growth Strategy GBP)< / ><>£< / ><>3.90< / ><>-< / ><>0.01< / ><>0.24< / ><>14.08< / ><>14.42< / >< / ><><>高增长策略 A (High Growth Strategy A)< / ><>£< / ><>1.34< / ><>-< / ><>0.00< / ><>0.52< / ><>11.76< / ><>11.87< / >< / ><><>高收益债券基金 B 月度 (High Income Bond Fund B Monthly)< / ><>£< / ><>0.98< / ><>-< / ><>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)< / ><>$< / ><>2.56< / ><>-< / ><>0.00< / ><>0.21< / ><>14.80< / ><>14.98< / >< / table>

每日交易。A 类份额初始费用为零，其他类份额最高为 2%。

CANDRIAM BY NEW YORK LIFE INVESTMENT MANAGEMENT

TEN 认可< / td>< / tr><><>Candriam Abs Ret Eqt Mkt Neutral-C Cap< / ><>€< / ><>226.82< / ><>-< / ><>0.00< / ><>1.91 3.53< / >< / ><><>Candriam Bds Euro High Yield Cap< / ><>€< / ><>1439.28< / ><>-< / ><>-2.23< / ><>0.00< / ><>4.22 5.90< / >< / ><><>Candriam Bonds Gbl Hi Yield-C Cap< / ><>€< / ><>288.67< / ><>-< / ><>-0.04< / ><>0.00< / ><>3.85 5.53< / >< / ><><>Candriam Bonds Glbl Infl Sh Dtion-I-Cap< / ><>€< / ><>165.24< / ><>-< / ><>-0.47< / ><>0.00< / ><>2.67 3.04< / >< / ><><>Candriam Bonds Total Return-C-Cap< / ><>€< / ><>143.51< / ><>-< / ><>-0.06< / ><>0.00< / ><>2.18 2.82< / >< / ><><>Candriam Diversified Futures-I-Cap< / ><>€< / ><>13967.19< / ><>-< / ><>96.35< / ><>0.00< / ><>-0.39 -2.01< / >< / ><><>Candriam Eqts L Australia Cap

A$< / ><>A$< / ><>2366.01< / ><>-< / ><>-8.41< / ><>0.00< / ><>5.34 6.58< / >< / ><><>Candriam Eqts L Emerging Mkts Cap< / ><>€< / ><>1536.63< / ><>-< / ><>-10.96< / ><>0.00< / ><>25.84 19.12< / >< / ><><>Candriam Equities L Biotech-C-Cap< / ><>$< / ><>1402.24< / ><>-< / ><>-1.61< / ><>0.00< / ><>20.58 20.78< / >< / ><><>Candriam Equities L Europe Innov-R-Cap< / ><>€< / ><>250.82< / ><>-< / ><>0.02< / ><>0.00< / ><>-4.65 -1.88< / >< / ><><>Candriam Index Arbitrage-C-Cap< / ><>€< / ><>1535.72< / ><>-< / ><>2.28< / ><>0.00< / ><>1.49 2.57< / >< / ><><>Candriam Long Short Credit R-Cap< / ><>€< / ><>120.31< / ><>-< / ><>-0.05< / ><>0.00< / ><>3.05 3.87< / >< / ><><>Candriam Risk Arbitrage-C-Cap< / ><>€< / ><>2763.10< / ><>-< / ><>0.59< / ><>0.00< / ><>3.15

4.00< / >< / ><><>Candriam Sust Bond Emerg Mkts I Dist< / ><>$< / ><>768.11< / ><>-< / ><>-0.48< / ><>0.00< / ><>5.37 2.62< / >< / ><><>Candriam Sust Bond Euro Corp R-Cap< / ><>€< / ><>110.18< / ><>-< / ><>-0.04< / ><>0.00< / ><>2.86 4.46< / >< / ><><>Candriam Sust GlblHighYield-I-Cap< / ><>€< / ><>1255.41< / ><>-< / ><>-1.03< / ><>0.00< / ><>3.36 4.58< / >< / ><><>Candriam Eq Crl Econ-R-Cap< / ><>$< / ><>158.43< / ><>-< / ><>1.87< / ><>0.00< / ><>5.51 4.56< / >< / ><><>Candriam Eq Clmt Action I-Cap< / ><>$< / ><>2128.36< / ><>-< / ><>21.54< / ><>0.00< / ><>12.60 8.54< / >< / ><><>Candriam Sust Eq Emerging Mkts C-Cap< / ><>€< / ><>187.45< / ><>-< / ><>-1.18< / ><>0.00< / ><>23.81 15.60< / >< / ><><>Candriam Sust Eq

EMU-C-Cap< / ><>€< / ><>219.76< / ><>-< / ><>2.05< / ><>0.00< / ><>7.64 7.33< / >< / ><><>Candriam Sust Eurp S&M Caps-I-Cap< / ><>€< / ><>2424.61< / ><>-< / ><>9.79< / ><>0.00< / ><>-0.65 0.10< / >< / ><><>Candriam Sust Eq World-C-Cap< / ><>€< / ><>46.05< / ><>-< / ><>0.28< / ><>0.00< / ><>11.57 13.40< / >< / ><><>NYLIM GF US High YieldCorp Bond-R-Cap< / ><>$< / ><>173.89< / ><>-< / ><>0.00< / ><>5.78 7.02< / >< / table>

[...OMITTED...]

其他国际基金< / td>< / tr><><>Candriam Bds Euro Sh.Term Cap< / ><>€< / ><>2176.06< / ><>-< / ><>0.27< / ><>0.00< / ><>2.32< / >< / ><><>Candriam Bonds Credit Opportunities< / ><>€< / ><>221.14< / ><>-< / ><>-0.12< / ><>0.00< / ><>2.78< / >< / ><><>Candriam Bonds Emerg Mkt-C-Cap< / ><>$< / ><>3083.26< / ><>-< / ><>-2.74< / ><>0.00< / ><>7.15< / >< / ><><>Candriam Equities L Eurp Opt Dlt-I-Cap< / ><>€< / ><>250.97< / ><>-< / ><>0.72< / ><>0.00< / ><>7.51< / >< / ><><>Candriam Equities L Global Deng R-Cap< / ><>€< / ><>383.82< / ><>-< / ><>0.92< / ><>0.00< / ><>9.71< / >< / ><><>Candriam Equities Onco impt-I-Cap< / ><>$< / ><>3514.22< / ><>-< / ><>-15.44< / ><>0.00< / ><>7.62< / >< / ><><>Candriam Equities L Robt&Innv-Tech I-Cap< / ><>$< / ><>7652.98< / ><>-< / ><>56.30< / ><>0.00< / ><>28.48< / >< / table>

<><>Absolute Return M Inc< / ><>£< / ><>143.81< / ><>-< / ><>-0.12< / ><>2.61< / ><>2.81< / ><>2.33< / >< / ><><>Capital Gearing Portfolio GBP P< / ><>£< / ><>39341.75< / ><>-< / ><>-40.34< / ><>1.95< / ><>2.69< / ><>2.17< / >< / ><><>Capital Gearing Portfolio GBP V< / ><>£< / ><>191.37< / ><>-< / ><>-0.20< / ><>1.94< / ><>2.71< / ><>2.18< / >< / ><><>Dollar Fund Cis D Inc< / ><>£< / ><>151.21< / ><>-< / ><>-0.36< / ><>2.82< / ><>-1.65< / ><>-2.64< / >< / ><><>Dollar Hedged GBP Inc< / ><>£< / ><>93.48< / ><>-< / ><>-0.36< / ><>2.54< / ><>0.41< / ><>-0.34< / >< / ><><>Real Return Cls A Inc< / ><>£< / ><>181.80< / ><>-< / ><>-0.54< / ><>2.55< / ><>-1.01< / ><>-2.45< / >< / ><><>UK Index-Linked Bond G Inc< / ><>£< / ><>105.22< / ><>-< / ><>0.13< / ><>2.10< / ><>0.83< / ><>0.00< / >< / table>

<><>CAM-GTF VCC< / ><>$ 486477.90< / ><>486477.90< / ><>0.00< / ><>0.49< / ><>3.79< / >< / ><><>CAM Gti VCC< / ><>$ 1440.68< / ><>-< / ><>0.00< / ><>20.88< / ><>4.69< / >< / ><><>RAIC VCC< / ><>$ 1.94< / ><>-< / ><>0.00< / ><>8.97< / ><>-1.66< / >< / table>

CP Global Asset Management

<><>VT Cantab Balanced A GBP Acc< / ><>139.90< / ><>-< / ><>0.07< / ><>1.80< / ><>9.44< / ><>8.97< / >< / ><><>VT Cantab Moderate A GBP Acc< / ><>138.17< / ><>-< / ><>0.11< / ><>2.12< / ><>8.91< / ><>7.95< / >< / ><><>VT Cantab Sustainable Gbl Eq A GBP Acc< / ><>169.00< / ><>-< / ><>0.53< / ><>1.37< / ><>8.79< / ><>9.06< / >< / table>

<>< colspan="7">国际共同基金< / >< / ><><>CP Multi-Strategy Fund< / ><>$< / ><>466.99< / ><>-< / ><>0.23< / ><>0.00< / ><>11.90< / >< / table>

<>< colspan="7">授权投资基金< / >< / ><><>EdenTree Global Impact Bond< / ><>85.72< / ><>-< / ><>-0.11< / ><>4.23< / ><>-1.01< / ><>0.12< / >< / ><><>EdenTree Green Impact Equity< / ><>130.70< / ><>-< / ><>-0.10< / ><>0.95< / ><>6.93< / ><>8.56< / >< / ><><>EdenTree Green Impact Infrastructure< / ><>78.14< / ><>-< / ><>-0.32< / ><>6.62< / ><>-2.81< / ><>-6.37< / >< / ><><>EdenTree Global Sustainable Government Bond< / ><>95.85< / ><>-< / ><>-0.06< / ><>3.11< / ><>0.00< / >< / ><><>EdenTree Sustainable European Equity A< / ><>487.20< / ><>-< / ><>0.40< / ><>1.85< / ><>12.25< / ><>13.59< / >< / ><><>EdenTree Sustainable European Equity B< / ><>492.60< / ><>-< / ><>0.40< / ><>0.00< / ><>12.23< / ><>13.58< / >< / ><><>EdenTree Sustainable Global Equity

A< / td> 450.80< / ><>-< / ><>0.40< / ><>0.53< / ><>8.89< / ><>9.04< / >< / tr> <>EdenTree Sustainable Global Equity B< / ><>454.90< / ><>-< / ><>0.40< / ><>0.95< / ><>8.85< / ><>9.02< / >< / ><><>EdenTree Sustainable Managed Income A< / ><>139.30< / ><>-< / ><>0.00< / ><>4.03< / ><>5.06< / ><>4.42< / >< / ><><>EdenTree Sustainable Managed Income B< / ><>151.00< / ><>-< / ><>-0.10< / ><>4.00< / ><>5.53< / ><>4.82< / >< / ><><>EdenTree Sustainable Short Dated Bond< / ><>95.30< / ><>-< / ><>-0.12< / ><>4.58< / ><>0.17< / ><>0.93< / >< / ><><>EdenTree Sustainable Sterling Bond A< / ><>83.96< / ><>-< / ><>-0.16< / ><>4.99< / ><>-0.95< / ><>0.33< / >< / ><><>EdenTree Sustainable Sterling Bond B< / ><>96.94< / ><>-< / ><>-0.18< / ><>4.99< / ><>-0.34< / ><>0.94< / >< / ><><>EdenTree

Sustainable UK Equity A< / ><>245.90< / ><>-< / ><>0.00< / ><>1.80< / ><>4.46< / ><>3.49< / >< / ><><>EdenTree Sustainable UK Equity B< / ><>245.20< / ><>-< / ><>0.00< / ><>2.17< / ><>2.56< / ><>3.45< / >< / ><><>EdenTree Sustainable UK Equity Opp A< / ><>318.60< / ><>-< / ><>2.40< / ><>1.50< / ><>1.84< / ><>5.01< / >< / ><><>EdenTree Sustainable UK Equity Opp B< / ><>325.30< / ><>-< / ><>2.50< / ><>1.96< / ><>1.78< / ><>4.98< / >< / table>

<><>CP Dual-Purpose Fund< / ><>$ 217.88< / ><>-< / ><>-0.06< / ><>0.00< / >< / ><><>CP Global Alpha Fund< / ><>$ 507.35< / ><>-< / ><>-0.15< / ><>0.00< / ><>11.38< / ><>12.78< / >< / ><><>CPS-Master Private Fund< / ><>$ 616.61< / ><>-< / ><>-0.02< / ><>0.00< / ><>11.01< / ><>12.47< / >< / table>

<>< colspan="8">英国金融行为监管局（FCA）认可< / >< / ><>< colspan="8">Dodge & Cox Worldwide Funds-新兴市场股票基金< / >< / ><><>新兴市场股票基金 A USD 累积型< / ><>$< / ><>16.32< / ><>-< / ><>-0.11< / ><>0.00< / ><>27.23< / ><>24.67< / >< / ><><>新兴市场股票基金 A GBP 累积型< / ><>£< / ><>17.06< / ><>-< / ><>-0.14< / ><>0.00< / ><>23.91< / ><>21.45< / >< / ><><>新兴市场股票基金 D GBP 分红型< / ><>£< / ><>15.44< / ><>-< / ><>-0.12< / ><>1.69< / ><>21.45< / ><>19.00< / >< / ><><>新兴市场股票基金 A EUR 累积型< / ><>€< / ><>17.10< / ><>-< / ><>-0.09< / ><>1.51< / ><>23.47< / ><>21.79< / >< / table>

Dodge & Cox® 全球基金

Dodge & Cox 全球基金-全球债券基金< / td>< / tr><><>欧元累积类< / ><>€< / ><>18.03< / ><>-< / ><>-0.02< / ><>0.00< / ><>2.53< / ><>3.57< / >< / ><><>欧元累积类 (H)< / ><>€< / ><>12.06< / ><>-< / ><>-0.03< / ><>0.00< / ><>3.62< / ><>4.04< / >< / ><><>欧元分红类< / ><>€< / ><>11.12< / ><>-< / ><>-0.01< / ><>0.00< / ><>-1.98< / ><>-1.02< / >< / ><><>欧元分红类 (H)< / ><>€< / ><>7.38< / ><>-< / ><>-0.02< / ><>5.05< / ><>-0.99< / ><>-0.57< / >< / ><><>英镑分红类< / ><>£< / ><>11.68< / ><>-< / ><>-0.04< / ><>4.75< / ><>-1.68< / ><>-1.37< / >< / ><><>英镑分红类 (H)< / ><>£< / ><>8.36< / ><>-< / ><>-0.02< / ><>4.70< / ><>0.85< / ><>0.97< / >< / ><><>美元累积类< / ><>$< / ><>15.09< / ><>-< / ><>-0.03< / ><>0.00< / ><>5.65< / ><>6.06< / >< / ><><>瑞士法郎分红类 (H)< / ><>Sfr< / ><>7.52< / ><>-< / ><>-0.02< / ><>0.00< / ><>-3.36< / ><>-3.07< / >< / table>

<>< colspan="8">Dodge & Cox 全球基金-全球股票基金< / >< / ><><>美元累积份额类< / ><>$< / ><>49.16< / ><>-< / ><>0.09< / ><>0.00< / ><>14.91< / ><>16.92< / >< / ><><>英镑累积份额类< / ><>£< / ><>59.77< / ><>-< / ><>0.02< / ><>0.00< / ><>11.89< / ><>13.87< / >< / ><><>英镑分红份额类< / ><>£< / ><>38.40< / ><>-< / ><>0.02< / ><>0.00< / ><>9.40< / ><>12.37< / >< / ><><>欧元累积份额类< / ><>€< / ><>63.66< / ><>-< / ><>0.18< / ><>0.00< / ><>12.74< / ><>12.86< / >< / ><><>英镑分红份额类 (H)< / ><>£< / ><>21.16< / ><>-< / ><>0.04< / ><>0.00< / ><>12.88< / ><>14.58< / >< / ><><>美元分红类< / ><>$< / ><>20.10< / ><>-< / ><>0.03< / ><>0.00< / ><>13.35< / ><>15.31< / >< / ><><>加元累积类< / ><>C$< / ><>64.32< / ><>-< / ><>0.26< / ><>0.00< / ><>15.58< / ><>17.61< / >< / table>

<><>美元累积份额类< / ><>$< / ><>60.17< / ><>-< / ><>0.32< / ><>0.00< / ><>12.77< / ><>15.52< / >< / ><><>英镑累积份额类< / ><>£< / ><>69.19< / ><>-< / ><>0.28< / ><>0.00< / ><>9.81< / ><>12.52< / >< / ><><>英镑分红份额类< / ><>£< / ><>40.30< / ><>-< / ><>0.16< / ><>0.00< / ><>8.99< / ><>11.63< / >< / ><><>欧元累积份额类< / ><>€< / ><>67.27< / ><>-< / ><>0.43< / ><>0.00< / ><>7.74< / ><>11.37< / >< / ><><>英镑分红份额类 (H)< / ><>£< / ><>22.74< / ><>-< / ><>0.12< / ><>0.00< / ><>11.41< / ><>14.06< / >< / ><><>美元分红类< / ><>$< / ><>22.04< / ><>-< / ><>0.12< / ><>0.00< / ><>11.93< / ><>14.59< / >< / table>

管理公司 - Universal Investment Ireland

<><>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< / ><>< / >< / ><><>授权投资资金< / ><>< / >< / table>

Oasis Crescent 全球投资资金 (英国) ICVC (英国)

管理基金服务

Fundsmith 股票基金

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< / td>< / tr><><> Equity T Acc< / ><>687.42< / ><>-< / ><>5.29< / ><>0.00< / ><>0.37< / ><>3.10< / >< / ><><> Equity T Inc< / ><>620.44< / ><>-< / ><>4.78< / ><>0.00< / ><>12.87< / ><>12.63< / >< / table>

Guinness Global Investors

<><>Guinness Global Equity Income Y GBP Dis< / ><>£< / ><>24.27< / ><>-< / ><>0.11< / ><>2.05< / ><>9.56< / ><>11.16< / >< / ><><>Guinness Global Innovators Y GBP ACC< / ><>£< / ><>47.09< / ><>-< / ><>0.36< / ><>0.00< / ><>12.01< / ><>15.57< / >< / ><><>Guinness Global Quality Mid Cap Y Gbp Acc< / ><>£< / ><>15.38< / ><>-< / ><>0.16< / ><>0.00< / ><>10.14< / ><>10.09< / >< / table>

HPB Assurance Ltd

<>< colspan="7">国际保险< / >< / ><><>Holiday Property Bond Ser 1< / ><>£< / ><>0.49< / ><>-< / ><>0.00< / ><>0.00 -0.13< / >< / ><><>Holiday Property Bond Ser 2< / ><>£< / ><>0.66< / ><>-< / ><>0.00< / ><>1.57 1.26< / >< / table>

Janus Henderson 投资者

基金< / td><>< / ><>买入价< / ><>卖出价< / ><>+ / -< / ><>收益率< / ><>24个月< / ><>36个月< / >< / tr><>< colspan="7">Marwyn Asset Management Limited 受监管< / ><>(CYM)< / >< / ><><>Marwyn Value Investors< / ><>£< / ><>362.11< / ><>-< / ><>0.00< / >< / table>

McInroy & Wood Portfolios Limited Easter Alderston, Haddington EH41 3SF 01620 825867

<><>平衡基金 (累积型)< / ><>6864.50< / ><>-< / ><>-8.50< / ><>1.79< / ><>3.86< / ><>0.00< / >< / ><><>平衡基金 (分红型)< / ><>6443.90< / ><>-< / ><>-8.00< / ><>1.83< / ><>1.95< / ><>2.19< / >< / ><><>新兴市场基金 (累积型)< / ><>2319.80< / ><>-< / ><>-0.10< / ><>1.73< / ><>2.20< / ><>0.00< / >< / ><><>新兴市场基金 (分红型)< / ><>2077.80< / ><>-< / ><>-0.20< / ><>1.77< / ><>0.22< / ><>-1.99< / >< / ><><>收益基金 (累积型)< / ><>3599.20< / ><>-< / ><>0.90< / ><>2.72< / ><>6.52< / ><>0.00< / >< / ><><>收益基金 (分红型)< / ><>3171.40< / ><>-< / ><>0.80< / ><>2.81< / ><>3.20< / ><>3.22< / >< / ><><>小型公司基金 (累积型)< / ><>7024.50< / ><>-< / ><>-50.90< / ><>1.25< / ><>2.99< / ><>0.00< / >< / ><><>小型公司基金 (分红型)< / ><>6578.60< / ><>-< / ><>-47.60< / ><>1.28< / ><>1.62< / ><>2.58< / >< / table>

<>< colspan="6">司法部共同投资基金< / ><>(UK)< / >< / ><>< colspan="7">房地产及其他英国单位信托< / >< / ><><>股票指数追踪基金 (分红型)< / ><>2648.00< / ><>-< / ><>18.00< / ><>2.00< / ><>10.70< / ><>10.73< / >< / ><>< colspan="7">分红单位< / >< / table>

<>< colspan="7">Nutshell Asset Management Ltd< / ><>(IRL)< / >< / ><>< colspan="8">Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LEwww.nutshellam.com< / >< / ><>< colspan="8">授权投资基金< / >< / ><><>Nutshell Growth Fund Gbp Inst Founder< / ><>£< / ><>184.34< / ><>-< / ><>1.95< / ><>0.00< / ><>14.17< / ><>15.95< / >< / table>

<><>Oasis Crescent 全球股票基金 (USD) A (分红)< / ><>$ 57.84< / ><>-< / ><>0.48< / ><>0.00< / ><>20.18< / ><>17.28< / >< / ><><>Oasis Crescent 全球收益基金 (USD) A 分红< / ><>$ 10.14< / ><>-< / ><>-0.02< / ><>0.00< / ><>0.14< / ><>0.43< / >< / ><><>Oasis Crescent 低股票基金 (USD) D 分红< / ><>$ 16.37< / ><>-< / ><>0.05< / ><>0.00< / ><>10.94< / ><>9.83< / >< / ><><>Oasis Crescent 中股票基金 (USD) A 分红< / ><>$ 19.17< / ><>-< / ><>0.08< / ><>0.00< / ><>13.09< / ><>11.43< / >< / ><><>Oasis Crescent 房地产股票基金 (USD) A 分红< / ><>$ 10.68< / ><>-< / ><>0.03< / ><>0.00< / ><>9.53< / ><>11.11< / >< / ><><>Oasis Crescent 短期收益基金 (USD) A (分红)§< / ><>0.95< / ><>-< / ><>0.00< / ><>0.64< / ><>0.77< / >< / ><><>Oasis Crescent 变动基金 (USD) A (分红) £< / ><>£ 12.23< / ><>-< / ><>0.05< / ><>0.00< / ><>7.61< / ><>7.77< / >< / table>

<><>Private Fund Mgrs (Guernsey) Ltd< / ><>(GSY)< / >< / ><><>受监管< / ><>< / >< / table>

<>< colspan="7">授权公司董事-Waystone Management (UK) Limited< / >< / ><><>全球总基金 PCG A< / ><>700.75< / ><>-< / ><>3.53< / ><>0.42< / ><>14.39< / ><>17.91< / >< / ><><>全球总基金 PCG B< / ><>689.90< / ><>-< / ><>3.47< / ><>0.00< / ><>14.31< / ><>17.84< / >< / ><><>全球总基金 PCG INT< / ><>672.86< / ><>-< / ><>3.37< / ><>0.00< / ><>14.14< / ><>17.66< / >< / table>

Purisima Investment Fds (CI) Ltd< / td><>(JER)< / >< / tr><><>受监管< / ><>< / >< / ><><>PCG B< / ><>565.79< / ><>-< / ><>-1.58< / ><>0.00< / ><>15.80< / ><>20.02< / >< / ><><>PCG C< / ><>545.87< / ><>-< / ><>-1.53< / ><>0.00< / ><>15.54< / ><>19.75< / >< / table>

Royal London 伦敦芬丘奇街 80 号，EC3M 4BY

<>< colspan="7">授权投资资金< / >< / ><><>Royal London Sustainable Diversified A Inc< / ><>282.50< / ><>-< / ><>1.10< / ><>1.54< / ><>4.02< / ><>5.74< / >< / ><><>Royal London Sustainable World A Inc< / ><>506.50< / ><>-< / ><>3.40< / ><>0.75< / ><>10.65< / ><>11.62< / >< / ><><>Royal London Corporate Bond Mth Income< / ><>75.64< / ><>-< / ><>-0.11< / ><>4.39< / ><>-0.37< / ><>0.79< / >< / ><><>Royal London European Growth Trust< / ><>288.20< / ><>-< / ><>-2.70< / ><>1.12< / ><>9.75< / ><>10.11< / >< / ><><>Royal London Sustainable Leaders A Inc< / ><>1009.00< / ><>-< / ><>2.00< / ><>1.47< / ><>7.67< / ><>7.36< / >< / ><><>Royal London UK Growth Trust< / ><>868.20< / ><>-< / ><>4.50< / ><>1.71< / ><>10.92< / ><>10.75< / >< / ><><>Royal London UK Income With Growth Trust< / ><>257.50< / ><>-< / ><>1.20< / ><>3.85< / ><>7.74< / ><>7.99< / >< / ><><>Royal London US Growth Trust< / ><>653.90< / ><>-< / ><>-1.20< / ><>0.01< / ><>13.85< / ><>17.04< / >< / table>

可用其他资金 详情请参阅 www.royallondon.com

Ruffer LLP (1000) F

Roller LLP (1000) F 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL 订单台及查询电话：0345 601 9610

授权公司董事-Waystone Management (UK) Limited< / td>< / tr><><>WS Ruffer Total Return C Acc< / ><>601.09< / ><>-< / ><>0.00< / ><>1.78< / ><>4.40< / ><>3.53< / >< / ><><>WS Ruffer Total Return C Inc< / ><>351.28< / ><>-< / ><>0.00< / ><>1.80< / ><>3.47< / ><>1.71< / >< / table>

<>< colspan="7">SICO BSC BHR电话 - +973 1751 5700网站 - www.sicobank.com< / >< / ><><>Khaleej Equity Fund< / ><>$< / ><>583.47< / ><>-< / ><>-3.93< / ><>0.00< / ><>-3.81< / >< / ><><>Sico Gulf Equity Fund< / ><>$< / ><>198.62< / ><>-< / ><>0.17< / ><>0.00< / ><>10.57< / >< / table>

SICO Capital KSA

<>< colspan="8">电话 - +966 11 521 3835网站 - www.sicocapital.com< / >< / ><><>SICO Kingdom Equity Fund< / ><>SAR< / ><>10.66< / ><>-< / ><>-0.27< / ><>0.00< / ><>1.39< / ><>-< / >< / ><><>SICO MENA Equity Fund< / ><>SAR< / ><>21.34< / ><>-< / ><>0.13< / ><>0.00< / ><>-1.37< / ><>4.80< / >< / ><><>SICO Capital Money Market< / ><>SAR< / ><>13.92< / ><>-< / ><>-0.03< / ><>0.00< / ><>-< / >< / table>

买入价 卖出价 + / - 收益率 24个月 36个月

<><>Stonehage Fleming Investment Management Ltd< / ><>(IRL)< / >< / ><><>www.stonehagefleming.com / gbi enquiries@stonehagefleming.com< / ><>< / >< / table>

<><>SF Global Best Ideas Eq B USD Acc< / ><>$< / ><>297.25< / ><>-< / ><>2.90< / ><>0.00< / ><>4.06< / ><>6.21< / >< / ><><>SF Global Best Ideas Eq D GBP Inc< / ><>£< / ><>333.31< / ><>-< / ><>3.19< / ><>0.00< / ><>1.35< / ><>3.45< / >< / table>

Superfund Asset Management GmbH

其他国际基金

Superfund Trend Gold< / td><>$ 1942.04< / ><>-< / ><>1.19< / ><>0.00< / ><>37.30< / ><>28.85< / >< / tr><><>Superfund Trend Silver< / ><>$ 2110.68< / ><>-< / ><>8.97< / ><>0.00< / ><>59.80< / ><>39.37< / >< / ><><>Superfund Trend< / ><>$ 822.58< / ><>-< / ><>0.21< / ><>0.00< / ><>13.11< / ><>5.94< / >< / ><><>Superfund Bitcoin 0-2x< / ><>€ 96.45< / ><>-< / ><>0.00< / ><>8.58< / ><>15.88< / >< / ><><>Superfund Fund-of-Funds< / ><>$ 157.85< / ><>-< / ><>0.00< / ><>18.23< / ><>17.41< / >< / table>

<><>Superfund Blockchain< / ><>€< / ><>23.41< / ><>-< / ><>-0.56< / ><>0.00< / ><>20.33< / ><>30.20< / >< / ><><>Superfund Gold Silver + Mining< / ><>€< / ><>20.96< / ><>-< / ><>-0.67< / ><>0.00< / ><>36.74< / ><>-< / >< / ><><>Superfund Quadriga All Seasons< / ><>€< / ><>15.00< / ><>-< / ><>-0.12< / ><>0.00< / ><>18.10< / ><>16.09< / >< / ><><>Superfund Inflation< / ><>Sfr< / ><>11.53< / ><>-< / ><>-0.14< / ><>0.00< / ><>13.93< / ><>4.56< / >< / table>

授权公司董事-Waystone Management (UK) Limited

<>< colspan="7">Trojan Investment Funds< / >< / ><><>Trojan Ethical Global Inc O Acc< / ><>111.90< / ><>-< / ><>1.09< / ><>3.04< / ><>0.26< / ><>2.71< / >< / ><><> Ethical Global Inc O Inc< / ><>98.55< / ><>-< / ><>0.96< / ><>3.09< / ><>-3.05< / ><>-0.41< / >< / ><><> Ethical O Acc< / ><>157.90< / ><>-< / ><>0.62< / ><>0.68< / ><>6.76< / ><>7.09< / >< / ><><> Ethical O Inc< / ><>152.43< / ><>-< / ><>0.59< / ><>0.68< / ><>5.45< / ><>5.87< / >< / ><><> Ethical Income O Acc< / ><>167.02< / ><>-< / ><>1.31< / ><>2.59< / ><>2.86< / ><>6.15< / >< / ><><> Ethical Income O Inc< / ><>125.67< / ><>-< / ><>0.98< / ><>2.69< / ><>0.14< / ><>3.34< / >< / ><><> Fund Acc< / ><>462.18< / ><>-< / ><>2.26< / ><>0.81< / ><>6.35< / ><>6.12< / >< / ><><> Fund Inc< / ><>362.12< / ><>-< / ><>1.76< / ><>0.89< / ><>7.54< / ><>5.01< / >< / ><><> Global Income O Acc< / ><>174.65< / ><>-< / ><>1.69< / ><>3.33< / ><>1.90< / ><>3.70< / >< / ><><> Global Income O Inc< / ><>129.65< / ><>-< / ><>1.25< / ><>3.40< / ><>-1.28< / ><>0.45< / >< / ><><> Income O Acc< / ><>396.40< / ><>-< / ><>3.00< / ><>2.80< / ><>4.27< / ><>5.35< / >< / ><><> Income O Inc< / ><>174.65< / ><>-< / ><>1.32< / ><>2.91< / ><>-1.09< / ><>1.96< / >< / table>

Troy Asset Management (1100)

<>< colspan="7"> Funds (Ireland) Plc< / >< / ><><> Europe O EUR Acc< / ><>€< / ><>1.0201< / ><>-< / ><>0.01< / ><>0< / ><>0.00< / >< / ><><> Exclusions X GBP Acc< / ><>£< / ><>1.3209< / ><>-< / ><>0.00< / ><>6.70< / >< / ><><> Global Equity O GBP Acc< / ><>£< / ><>5.9588< / ><>-< / ><>0.09< / ><>0.20< / ><>-0.34< / >< / ><><> (Ireland) O GBP Acc< / ><>£< / ><>1.8584< / ><>-< / ><>0.01< / ><>0.00< / ><>5.80< / >< / table>

以惊人之速迎接报应

悠闲：戈登·宾特纳（Gordon Bintner）在《唐·乔万尼》中饰演主角 —— Mihaela Bodlovic

歌剧

《唐·乔万尼》（Don Giovanni） 伦敦皇家歌剧院 ★★★★☆

理查德·费尔曼（Richard Fairman）

皇家歌剧院 2026-27 剧季的开局如火箭般迅猛。《唐·乔万尼》序曲那庄重而缓慢的引子很少听起来如此紧迫，而随后的快节奏音乐简直令人屏息，仿佛迫不及待地想以双倍速度将莫扎特的这位反英雄送入地狱。

剧季的最初几周通常以几部复演剧目温和地开始。今年是《唐·乔万尼》和亨德尔的《阿尔西娜》（Alcina），后者最初于 2022 年上演。首部新制作剧目将是《帕西法尔》（Parsifal），随后在新的一年将上演《众神的黄昏》（Götterdämmerung）——在据说资金短缺的时期，这种瓦格纳的双重盛宴多少有些令人意外。

这部由卡斯帕·霍尔滕（Kasper Holten）执导的《唐·乔万尼》创作于 2014 年，一直发挥着良好作用。它将歌剧置于一个抽象的场景中，主导元素是唐·乔万尼征服过的女性名单（“在西班牙有 1,003 人”）。这或许不是探讨该剧对性别歧视和特权处理的最深刻方式，但它巧妙地避开了尴尬的挑战——即歌剧应该设定在特定时代还是进行现代化更新？——同时也避免了去解释角色在毫无理由的情况下不断出现在场景中的笨拙方式。

此次复演由戈登·宾特纳（Gordon Bintner）饰演主角，他塑造了一个风度翩翩、悠闲自在的唐·乔万尼，其蜂蜜般甜美的嗓音让他的诱惑极具说服力。这是一个需要极强存在感才能驾驭的棘手角色，但宾特纳并未完全展现出来，他给人的感觉缺乏足够的威胁感。

他的助手由罗伯托·塔利亚维尼（Roberto Tagliavini）饰演的莱波雷罗（Leporello）担纲，演唱出色但没能赢得太多笑声（这部制作从未鼓励过笑声）。他的嗓音中蕴含着足够的贵气，足以表明他自己也可以成为一名唐·乔万尼。

歌手们在跟上指挥斯特凡诺·蒙塔纳里（Stefano Montanari）那极速的节奏方面表现出色。

在过去的复演中，该剧最成功的塑造之一是瑞秋·威利斯-索伦森（Rachel Willis-Sørensen）饰演的唐娜·安娜（Donna Anna），而她此次回归。得益于她在嗓音美感与权威感之间近乎完美的平衡，目前很难找到比她唱得更好的唐娜·安娜尊严十足的结尾咏叹调了。

她与深沉的女中音艾古尔·艾赫梅特希娜（Aigul Akhmetshina）之间形成了强烈的嗓音对比，后者饰演的唐娜·埃尔维拉（Donna Elvira）愤怒而脆弱，这个角色通常由女高音演唱（尽管女中音乔伊斯·迪多纳托在早期的复演中也曾出演）。博格丹·沃尔科夫（Bogdan Volkov）饰演的唐·奥塔维奥（Don Ottavio）则显得正式且端正，在他两首咏叹调的长气息和优雅措辞中表现得无懈可击。

朱莉娅·塞门扎托（Giulia Semenzato）饰演了一个细腻且时髦的泽琳娜（Zerlina），而丁格尔·扬德尔（Dingle Yandell）则饰演了一个一流的马塞托（Masetto），他这次展现出了敢于对抗唐·乔万尼的力量。安德烈亚斯·鲍尔·卡纳巴斯（Andreas Bauer Kanabas）雄浑的指挥官（Commendatore）为演员阵容画上句号。他们都很好地跟上了指挥斯特凡诺·蒙塔纳里那极速的节奏，而他反过来也以释放出的纯粹戏剧力量为他们提供了助力。

看到唐·乔万尼在如此令人毛骨悚然的管弦乐愤怒中被召唤到阴间，不禁让人好奇 1787 年首演时的观众在想什么。他们当时绝不可能听到过类似的东西。

演出至 10 月 15 日，rbo.org.uk

戏剧

《血战：特洛伊的海伦之后》（Bloodsport: After Helen of Troy） 伦敦斯特拉特福东区皇家剧院 ★★★★☆

莎拉·海明（Sarah Hemming）

“这里有一个故事，”在艾娃·皮克特（Ava Pickett）这部激烈的剧作开头，信使说道，“关于一个离开丈夫的女人 / 以及两个强迫一个国家自我吞噬以将她带回家的男人。”

如果这听起来很耳熟，那么没错，确实如此。皮克特将特洛伊战争后的余波攫取过来，将其抛入当今的英格兰，伴随着这里所有的不满、潜伏的暴力和排外心理。

结果是一部令人振奋、具有挑衅性且文笔极其精彩的戏剧。正如她的突破之作《1536》一样，这部剧通过回顾过去，为当今世界勾勒出一幅辛辣的画像。丽莎·斯皮林（Lisa Spirling）执导的这部作品张力十足，开篇即设定在一群身着黑衣、戴着面具的男子大规模袭击两个英国港口仅几天之后。

与《1536》一样，该剧的地点设定在埃塞克斯（皮基特的发源地），但这一次我们身处一栋装饰奢华、色调乳白且布置考究的房屋客厅里。劳拉·艾克曼（Laura Aikman）饰演的希（Cee，神话中的克吕泰斯特拉）穿着细高跟鞋在屋里踉跄走动，紧张地准备迎接丈夫马里奥（Mario，由杰拉德·莫纳科 Gerard Monaco 饰演）的归来。

马里奥将带着他的兄弟马库斯（Marcus，原著中的美内劳斯）以及离经叛道的海伦一同回来。十年前，海伦决定抛弃主妇生活，随巴黎（一个“不纯正”的英国人）离去，这一决定让马里奥得以在如火药桶般的英国投下一枚火星，煽动起骚乱，随后引发了一场血腥的内战。

饰演海伦的米歇尔·多克里（Michelle Dockery）与饰演马库斯的杰伊·泰勒（Jay Taylor）

到目前为止，情节相对熟悉。但在皮基特的版本中，海伦（由极具吸引力的米歇尔·多克里饰演）尚未完结。她出现时是一个令人心碎的形象——浑身血迹，赤脚且衣衫褴褛——成了她那凯旋而归的丈夫（杰伊·泰勒 饰）的战利品，而后者则喋喋不休地谈论着如何让一切变得美好。但一旦男人离开去庆祝喝酒，就很明显她另有打算。

接下来的剧情像惊悚片一样紧凑，借鉴了古希腊戏剧的基本元素——复仇的循环、权力斗争、以及合唱团（由伊森·穆尔豪斯 Ethan Moorhouse 饰演的快活且咯咯笑的信使扮演，他时不时出现提供评论和背景信息）——同时扭转情节，探讨我们如何摆脱破坏性的模式。

叙事的胆量让你紧盯着剧情，尽管它确实引发了一些尴尬的问题：对于一个陷入内战的国家来说，宏观的政治图景依然模糊得奇怪。

但毫无疑问的是，皮基特在塑造温暖、可信的人物，以及将对世界不公的酸楚愤怒与针尖般犀利的幽默相结合方面才华横溢。她的对话充满了机智。“我可没给她发工资，”当游击战在她洁净的地毯上爆发，且发现她的清洁工丹妮（Dani，由优秀的迈穆娜·梅蒙 Maimuna Memon 饰演）远不像她预想的那样温顺时，希厉声说道。与此同时，穆尔豪斯的独白充满了辛辣、诗意的描述和敏锐的智慧。

皮基特并不满足于简单的解决方案。该剧对持续存在的厌女症毒瘤进行了尖锐的抨击：莫纳科饰演的暴徒马里奥每次进入房间时都充满了压迫感。但多克里饰演的海伦也是一个复杂的人物——即便当她受创的女儿赫米翁（Hermione，由艾玛·蒙尼肯丹 Emma Monnickendam 饰演）出现时，她依然毫不妥协。艾克曼饰演的希则将痛苦掩盖在脆弱的唠叨之下。而最后的巧妙反转让许多问题悬而未决。或许并不完美，但绝对精彩。

演出至10月10日，网址：stratfordeast.com

FT 深度报道：英国政治

英国新任首相希望营造一种积极乐观的氛围。但该国不断恶化的经济状况意味着，在下个月的预算案中，为了维持现状，进一步提高税收看来几乎不可避免。 作者：George Parker 和 Sam Fleming

约翰·希利（John Healey）在今年6月之前还负责英国的国防事务：他是一位严肃的政治家，以在国家安全问题上发表沉稳的声明而著称。而现在，他负责为英国经济进行正面宣传。

这种语调的转变并非易事。在本月作为财政大臣发表的首篇重要演讲中，希利宣布英国正在“走出困境”，但重点在于向市场保证他不会采取任何鲁莽行动。批评者认为，他的语气听起来像是在让国家为战争做准备。一名政府内部人士承认：“这并没有传达出积极的信号。”

财政大臣及其上司——首相安迪·伯纳姆（Andy Burnham）在7月就职时，决心展现出乐观的态度。但在下个月的预算案出台之前，经济压力正日益逼近。

由于伊朗战争持续产生的影响，以及全球债券抛售导致英国借贷成本飙升至 2008 年金融危机以来的最高水平，政府的斡旋空间被大幅压缩。

现在，一个试图提供前任政府未能实现的“积极氛围”的政府，面临着必须推行更多税收增长的局面，而政府在国民收入中的占比已经接近战后最高点。

不仅如此，伯纳姆和希利似乎对英国财政状况变得如此岌岌可危感到措手不及。“这场财政危机的核心在于政府似乎无法意识到这一点，”安永资产管理公司（Aegon Asset Management）首席投资官斯蒂芬·琼斯（Stephen Jones）表示，他将其描述为对“残酷现实的简单否认”。

“我们必须习惯一种在整个 2010 年代都不曾经历过的债务利息偿付成本水平”

希利在进入财政部前几天才得知自己将出任财政大臣。“我认为约翰·希利之前并不知情；我认为安迪也不知道，”一名劳工党高级官员表示，“在获得正式简报之前，你所能了解的信息非常有限。”

在取代不得人心的基尔·斯塔默爵士出任首相之前，伯纳姆曾暗示有大规模的支出计划。但到目前为止，这些计划尚未实施。

去年，他还曾公开宣称，他希望英国能够“摆脱受制于债券市场的局面”。然而，这些市场正是希利预算案背后不祥的背景。

他的前任瑞秋·里夫斯在 2025 年 11 月强推了大幅增税，很大程度上是为了补充政府的财政缓冲——即其操作空间。但等到希利在 10 月 28 日发表讲话时，里夫斯留下的 240 亿英镑缓冲资金中，可能有一半或更多将被更高的借贷成本所抵消。

这增加了英国政府可能不得不通过增税来维持现状的可能性。财政部内部人士承认，他们正紧盯着市场屏幕。

“我认为每个人都认同安迪·伯纳姆不想受制于债券市场的愿望，”资产管理公司 Pimco 的高级顾问、前保守党财政大臣乔治·奥斯本的幕僚长鲁珀特·哈里森表示，“但在目前的环境下，正是债券市场在决定他的预算选择。”

英国经济的增长速度不足以支撑人口老龄化、国防、住房、破旧的基础设施或福利支出。政府财政深度依赖债务。

尽管今年上半年的增长速度超过了其他 G7 国家，且企业信心有改善迹象，但经济仍带有全球金融危机和疫情的伤痕。

根据该国财政监督机构预算责任办公室（OBR）的数据，如果 2008 年之前的趋势得以延续，如今的人均 GDP 将高出 30%。此外还有新冠疫情的遗留影响，这进一步推高了债务。从实际价值来看，2019 年的人均 GDP 约为 40,100 英镑 —— 七年后约为 40,500 英镑。

公共支出已激增至 GDP 的 45%，除金融危机和疫情期间外，处于五十年来的最高水平。近年来，政府一直回避削减公共支出的重点领域，尤其是福利开支——目前每年高达 3330 亿英镑——其中包括不断上涨的国家养老金成本。每年 1100 亿英镑的债务利息支出已超过政府在军事上的支出。

希利于 6 月离开了斯塔默政府，以抗议里夫斯未能找到每年额外 100 亿英镑的资金，以在 2030 年将国防支出提高到 GDP 的 3%。他声称，时任财政大臣未能“投入国家在威胁日益增加的当下保卫国土所需的资源”。

但现在他被迫将何时达成 3% 目标的决定推迟到明年的支出审查——届时国防支出将与其他优先事项竞争资金。

英国并非唯一受到全球债券抛售冲击的国家，但其暴露在风险之下的程度尤为严重。在结构性财政和经济问题的影响下，英国基准 10 年期国债收益率自 2025 年初以来一直是 G7 国家中最高的，这使得其新债务的融资成本高于同行。

希利将此归咎于前保守党政府——包括前首相利兹·特拉斯及其在 2022 年引发市场恐慌的“迷你”预算案——但投资者同样担心伯纳姆似乎有挥霍不存在的资金的本能。

“过去几周最大的教训是，如果唐宁街 10 号和 11 号发出的信号不一致，市场会听 10 号的，”前保守党财政大臣杰里米·亨特爵士表示，“除非在支出纪律方面达成统一口径，否则英国国债收益率的溢价将一直存在。”

如果说在就任首相之前，伯纳姆还没有意识到管理债券市场的必要性，那么现在他意识到了。在过去的几周里，他与财政大臣都接受了《金融时报》的采访，强调财政纪律是其增长战略的“基石”。

“像路跑狗（Wile E. Coyote）时刻”

在某些方面，伯纳姆作为首相的开局十分顺利。

他乐观的态度和亲和力深受选民欢迎——他对减轻家庭和企业成本的承诺同样如此。在民意调查中，工党目前已领先于奈杰尔·法拉奇的改革英国党（Reform UK）。

但曼彻斯特大学政治学教授罗布·福特（Rob Ford）将其描述为一个“路跑狗时刻”：首相的支持率此前依靠降低能源增值税和限制巴士票价等低成本的让利措施来维持，但现在这些支持率正面临政治和经济重力的法则考验。

“他在整个夏天一直在推销一种希望的政治，但这并非没有代价，”

福特表示。这位倾向于讨好大众的工党首相可能不得不“做出一些会让人们失望的艰难决定”。

财政前景自 2026 年初以来已变得阴暗。当时，财政部官员观察到 10 年期国债收益率自 2024 年底以来首次向 4% 下行。英格兰银行似乎有望实现 2% 的通胀目标，从而为降息打开大门。

然而，战争挫败了这些希望。随着本月油价再次突破 100 加元，引发了对通胀的担忧，10 年期政府债券收益率触及 5.4%，为 2007 年以来最高。上周的一次 30 年期债券拍卖定价达到了近 30 年来的最高利率。

在预算责任办公室（OBR）准备其预测时，此类波动将产生巨大的影响。

“完全失去多数席位的可能性相当大，而提前举行大选的理由则相当牵强”

在预算案出台前，借贷成本的估算至关重要，因为该国每 £10 支出中就有 £1 用于支付债务利息。

首相和财政大臣试图将自己与不受欢迎的斯塔默和里夫斯区分开来。后者在 2024 和 2025, 引入了 680亿英镑 的增税计划，若按经济规模调整，这是半个多世纪以来规模最大的两次旨在增加收入的预算案。

但他们的势头将被一份以增税为核心的预算案所削弱。该预算案的重点并非为政策优先级筹集资金，而是修复因一场并非由英国选择的战争而造成的财政损害。

牛津经济研究院（Oxford Economics）英国首席经济学家安德鲁·古德温（Andrew Goodwin）表示，预算案中任何财政宽松措施——无论是增加借贷还是缩小缓冲空间——“都可能导致市场反应剧烈”。

一些引人注目的措施，例如将部分所得税和商业税下放到地方区域的“路线图”，在财政上可能会保持中性。“本届政府继承了上届政府所面临的许多挑战和限制，”财政研究所（Institute for Fiscal Studies）经济学家伊莎贝尔·斯托克顿（Isabel Stockton）表示。

她补充道：“我们必须习惯一个在整个 2010 年代都不曾经历过的债务利息偿还成本水平。而在公共支出方面，存在着这些决定性的重大变化：我们正处于一种试图增加国防开支，同时在医疗保健和包括养老金在内的福利方面支出大幅增加的局面。”

前国际货币基金组织（IMF）官员、现为 Bruegel 智库非驻所研究员的马哈茂德·普拉丹（Mahmood Pradhan）表示，如果财政空间仅为 3 月份预测的一半，希利将难以接受。“如果必须增税，我怀疑他会倾向于提高资本税，并可能结合一些福利削减，尽管这些措施需要时间才能见效。”

企业、银行和富人已经做好了准备，预计政府将再次向他们寻求修补公共财政所需的税收收入。

摩根大通（JPMorgan Chase）首席执行官杰米·戴蒙（Jamie Dimon）已就再次对银行进行“税收突袭”的“后果”发出警告，并于上周在唐宁街会见了希利和伯纳姆。每年缴纳 £330mn 税款的对冲基金亿万富翁克里斯·罗科斯（Chris Rokos）成为了最新一名选择离开英国的高知名度金融家。伯纳姆在接受《金融时报》采访时表示，他不希望将富人赶出英国。

希利曾谈到预算案需要维持对英国经济的“信心”，但如果财政大臣想要避免给英格兰银行（BoE）提供进一步提高借贷成本的理由，那么在减少赤字方面保持既定路线也将至关重要。

随着货币政策委员会周四开会决定是否将利率维持在 3.75 per cent，英格兰银行行长安德鲁·贝利（Andrew Bailey）看起来已经像是一个国际上的异类。其他央行，尤其是美国联邦储备委员会（Fed），正在考虑加息。普拉丹表示：“不需要太多因素就能促使货币政策委员会倾向于加息，而预算案中宽松的财政政策将成为其中一个触发点。”

根据财政规则，希利需要在本届议会结束前使税收收入与日常支出之间的差额实现盈余。虽然对该空间（headroom）的估算各异，但 Resolution Foundation 智库上周预测该空间已降至仅 50亿英镑，这引起了轰动。这一水平与里夫斯上一次预算案之前的 OBR 预测相近，由于利润空间如此之小，她曾短暂考虑过提高所得税，但最终通过其他调整增加了收入。

一个重要的问题是，希利将专注于恢复政府的财政缓冲，还是将寻求更高的增税额以资助其长期目标。

如果总理专注于修复伊朗战争带来的经济附带损害，那么他将如何为伯纳姆在国防和社会护理等领域的优先事项提供资金，这将是一个悬而未决的问题。

当被问及考虑到明年支出审查中即将做出的决定（该审查将制定直到2029年底的部门日常支出计划），是否需要一次春季预算时，希利拒绝概述具体的时间表。

考虑到选民和投资者对提高税收和借贷的容忍度已经受到了严峻考验，而工党议员们对大规模削减开支也没有表现出任何兴趣，他将如何使账目平衡仍然是一个谜。

英国的税收负担增长速度远快于GDP。英国GDP与国民账户税收的实际值（2010 = 100）

财政年度截至所示年份 来源：OBR；金融时报计算

财政现实 正向 伯纳姆 逼近

英国的税收占比正接近战后高点，且公共支出仍维持在高位

选举选项

1950 60 70 80 90 2000 10 20 30 来源：OBR • 显示为会计年度结束年份

左侧的希利（John Healey）在7月被上方的安迪·伯纳姆（Andy Burnham）任命为财政大臣，他似乎对英国财政状况变得如此岌岌可危感到措手不及。 Charlie Bibby / FT; Simon Dawson / No10 Downing Street

伯纳姆将在预算案之后通过一项10年计划阐明政府的长期目标，随后希利将在明年承担起一项令人难堪的任务：研究如何为这些目标提供资金。政府内部人士敢于希望生产力的提高和经济增长能成为救星，或者伊朗冲突最终能够结束。

英国目前拥有G7国家中成本最高的公共债务

英国10年期政府债券收益率 (%) 与其他G7经济体（阴影范围）的对比

还存在另一种方案，劳工党议员们讨论得越来越多：伯纳姆是否可以在保守党依然不受欢迎且改革英国党（Reform UK）的势头似乎在减弱之时，通过提前举行大选，从而推迟2027年即将到来的痛苦的税收和支出抉择？

2019 20 21 22 23 24 25 26 来源：LSEG

这种论点认为，如果伯纳姆能说服选民支持一项旨在加强国防、解决福利账单和理顺社会护理的计划，他或许也能让他们相信增税或削减支出的必要性。取消英国昂贵的国家养老金增长“三重锁”机制、与欧盟建立更紧密的经济伙伴关系，以及放弃不增加主要个人税收的承诺，这些都被提出作为竞选宣言的选项。

但这个想法存在巨大的问题。伯纳姆拥有巨大的议会多数席位，在近三年内不需要再次参加投票。即使在最理想的情况下，提前大选也会导致劳工党的多数席位萎缩，并让改革英国党（Reform UK）在议会中取得突破。而且，选民会奖励一个主张增税和削减未来养老金的政党吗？

“完全失去多数席位的可能性相当大，而提前大选的理由相当牵强，”曼彻斯特大学的福特（Ford）表示。一些劳工党议员承认这一现实。“整个支出审查根本算不过来，”其中一人说道，“这就是为什么人们在讨论提前大选。”

当希利提交预算案时，冰冷的经济现实即将打破伯纳姆的蜜月期。正如一位前劳工党部长所言：“无论你多么乐观或快乐，世界依然是那个世界。”

Ian Smith 参与报道，Keith Fray 负责数据可视化

金融时报 “无畏无私”

是时候暂停前沿AI了

最先进的模型正开始脱离人类控制

全球最强大的 AI 巨头们身上存在着一种“杰基尔与海德”式的双重人格。那些现在谈论鉴于对人类构成的风险而应放缓前沿模型研发进度的执行官们，此前一直为了推进 AI 发展而陷入激烈的竞争，追逐着万亿美元级别的上市估值。但既然有两位 巨头——OpenAI 的萨姆·奥特曼（Sam Altman）和 SpaceX 的埃隆·马斯克（Elon Musk）——支持第三位，即 Anthropic 的达里奥·阿莫代（Dario Amodei）提出的放缓呼吁，这应当成为该行业的一个分水岭时刻。

唐纳德·特朗普总统将这些呼吁斥为“负面力量”，坚持认为美国必须在 竞赛中击败中国。但正如特朗普此前担任 负责人、持有技术自由意志主义倾向的戴维·萨克斯（David Sacks）所指出的，由于这些公司主导了前沿 ，他们可以自行“掌控前沿进度”，而无需等待监管。这种合作此前似乎不太可能实现，但放缓的呼吁表明，公司们意识到现在是采取行动的时候了。他们应当利用自己的权力来放缓，或者更好的是暂停最先进前沿模型的开发，直到相关风险能够被理解并控制。

此类呼吁并非轻率提出。即便如此，更强大的 所带来的巨大潜在利益也不应被放弃。数以千亿美元计的资金正投入到 开发中，这支撑着美国股市的价值。确实存在能力首先落入专制中国之手的风险。但即便撇开内部关于 “可能在十年结束前杀死我们所有人”的警告，一些模型显然已经开始脱离控制。

在一次 OpenAI 模型测试期间，Hugging Face 遭到黑客攻击，结果显示 代理以集群方式协作，试图突破护栏并掩盖其行踪。各大实验室还在竞相利用 来帮助创建更先进的 ，这被称为“递归自我改进”。

即便在最理想的情况下，立法也无法跟上 目前的进步速度。这使得顶尖实验室有责任暂停敏感研究和模型测试。他们需要制定 安全的标准和最佳实践，这些议题已被讨论多年但进展寥寥。阿莫代承诺让独立研究人员与员工共同工作并公开报告，这是一个开始，但外部审计很快将需要更强的强制力。

一个比特朗普政府更负责任的美国政府，现在应该已经在利用现有法规来加强护栏。前联邦贸易委员会（FTC）主席莉娜·汗（Lina Khan）认为，执法部门已经拥有权力，可以就创建和发布危险或缺陷产品而起诉公司及其首席执行官。其 代理黑入其他企业的公司还可能面临民事责任。

如果能够抢占市场份额，公司总会被诱导去

美国科技巨头警告称，如果中国或其他国家继续推进，仅美国一家放缓将毫无效果

背离自愿协议，因此从长远来看，立法框架是必要的。美国中期选举的政治转向或许能为此铺平道路。一项能让人们集中关注的法律将是：让高管为其模型造成的损害承担刑事责任。

美国科技巨头警告称，如果中国或其他国家继续推进，仅美国一家放缓将毫无效果。中国公司对美国研究的高度依赖意味着，美国的暂停将至少在一段时间内减缓整个行业的进度——尽管就像美国禁止先进芯片出口一样，这可能会成为中国追赶的刺激因素和机遇。在本月习近平主席访问华盛顿期间， 安全与保障问题已列入议程。这位中国领导人将 视为经济和军事现代化的关键工具。然而，从根本上说，不受约束的 升级并不符合习近平的利益，同样不符合特朗普的利益，也不符合我们其他人的利益。

观点 社会

为什么辅助死亡的辩论需要重新思考

Efi Chalikopoulou

Stephen Bush

多少起辅助死亡才算过多？

在英国拟议的辅助死亡法案被否决期间，一个引人注目的论点是：预计的数字——即该法案将涵盖所有死亡人数的 1 per cent——表明，根据发言者的观点，这项法律要么过于草率，要么判断得恰到好处。而加拿大（其医疗辅助死亡 (Maid) 计划是亲生命主义者妖魔化的对象）的这一数字为 5 per cent。

被否决的英国法律原本将涵盖相对极小一部分的死亡案例——即精神状态健全且被诊断为生存期在六个月或更短的终末期患者。该提案最终陷入了一个尴尬的尴尬地带：其影响范围不如公众在民调中一贯表示希望的那样广泛，但

很难想象有人会为了规避死于心脏病发作的风险而寻求辅助死亡，我认为我们大多数人都会认为这是一个可怕的理由，即使这样做的人数比例小到无法衡量。

无论我走到世界的哪个角落，我都遇到过希望能够在自己选择的时间拥有死亡权利的人。虽然我从未遇到过想要通过死亡来规避心脏病发作风险的人，但我遇到过大量不想在患有认知障碍（失智症）的情况下死去的人。这些人不希望失去自己的智力能力，也不希望家人必须花费数年时间照顾他们。

没有类似加拿大方案的国家则处于一种奇怪的现状。在这种现状下，当一个人在重症监护室失去认知能力后撤除维持生命的治疗是医疗生活的一部分；但如果同样的情况在医院之外缓慢发生，你则只能孤立无援。

[...OMITTED...]

该拟议法律的构思过于狭隘，以至于其设计注定糟糕

对于其议会批评者来说，这过于深远。这是否意味着在 1% 到 5% 之间——例如瑞士的 1.5%——可能是正确的目标？

答案是“以上皆非”。这个问题揭示了英国关于辅助死亡辩论中一个更广泛的缺陷。这不仅对于准备下一次尝试推动立法通过的辅助死亡倡导者有用，而且对于每一个在 21 世纪与死亡和临终问题作斗争的国家都具有参考价值。

1970 年，美国所有死亡病例中有 41% 是由心脏病发作引起的——美国是另一个正在讨论辅助死亡的国家，但讨论是在联邦层面，且尚未合法化；而在 1961 年，超过一半的英国人死于心脏病发作。如今，这些数字分别下降到美国人的五分之一和英国人的四分之一。在这两个国家，失智症导致的死亡人数现在都超过了心脏病发作。

四分之一的美国人在重症监护室死亡，其中大多数人死于蓄意撤除维持生命的手段。这是一种形式的“辅助死亡”——只不过这种选择是由临床医生做出的，在大多数情况下，患者的意愿可能已提前告知，但在某些情况下甚至没有告知。

因此，“多少百分比才是正确的？”并不是一个特别有用的问题。假设医学继续进步，由心脏病发作或某种事故引起的猝死人数将继续下降，而缓慢、漫长的死亡人数将增加。如果我们对心脏病发作的治疗和应对继续改善，到 2076 年，这类死亡将仅占极小份额。因此，我们预计利用一项设计良好的辅助死亡法律的人数比例将会上升。在这一增长群体中，几乎没有人能从议员们上周投票否决的那项法律中获得良好服务，甚至根本不在该法律的涵盖范围之内。

英国问题的一部分在于，拟议的立法构思过于狭隘，以至于其设计注定糟糕。很少有人会在收到六个月的诊断结果后才想要或需要行使死亡权——在这个阶段，无论如何，许多人都会在服用大量吗啡或因不进食且“禁食”而缓慢衰竭的情况下死去。在关于辅助死亡的辩论中，政治家们从未认真思考过这类死亡的百分比达到多少才算过高的问题。

事实上，那场辩论似乎经常将我们必然死亡的事实以及死亡时的情形视为过于令人不快而无法讨论的话题。其他国家以及失败的活动人士在下次讨论该议题时，应当愿意就我们生命的终结进行一次更加公开和坦诚的对话。

stephen.bush@ft.com

读者来信

最贫穷国家应在国际货币基金组织决策中拥有更多发言权

据报道，国际货币基金组织（IMF）决定放弃将里卡多·雷斯（Ricardo Reis）作为其新任首席经济学家的首选候选人，原因是发现他曾评论关税会损害美国消费者（见 9 月 11 日报告《特朗普批评后，IMF 放弃首席经济学人职位的顶级候选人》）。这为那些竞聘该基金高级职位的人员在职位描述中增加了一项奇怪的新要求——即申请人必须坚持主流经济学思想，但必须选择性地应用。

自 1945 年成立以来，美国一直持有 IMF 最大的投票份额，并对重大决策拥有实际的否决权，在近期的份额改革谈判中，美国一直紧抓这一特权不放。虽然 IMF 首席经济学家的选拔并不基于管理大多数高层任命的非正式国籍惯例，但其陈旧的治理结构意味着，在一个旨在维护全球利益的机构中，美国在包括此类管理层决策在内的事务上，依然拥有过大的影响力。

如果您对《金融时报》针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

这种影响力尤其令人不安

更深层的问题在于制度。

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

尤其是在唐纳德·特朗普的华盛顿，思想一致性似乎正日益成为常态。批评者长期以来一直认为，IMF 患有知识上的群体思维，其员工绝大多数受过正统经济学训练，且不成比例地来自少数几所美国和英国的精英大学，这缩小了为其政策建议提供参考的经济视角范围。

美联储如何利用其稀缺的信誉

有效且民主的全球经济治理意味着没有任何一个国家应该拥有过大的话语权——也没有任何单一的经济学派的观点应该主导政策制定。这不是一场抽象的辩论：当国际货币基金组织（IMF）的政策方案因其意识形态的盲点而失效时，世界上最贫困的群体将承担后果。道理很简单——普通民众应当在塑造其日常生活的经济决策中拥有有意义的代表权。

马丁·沃尔夫（Martin Wolf）的专栏探讨了美联储主席凯文·沃什（Kevin Warsh）是否能证明自己正是世界所需的央行行长（观点版，September 9）。我想提供一个具体的测试。

在我上周发表于《商业经济学》（Business Economics）的研究中，我表明一次果断的利率调整（下调 0.5 个百分点并维持一年）会将通胀率移动约 0.1 到 0.5 个百分点，这大约相当于美联储对通胀和经济闲置实时测量的误差规模。美联储正在以比其自身仪表刻度更精细的增量进行引导。然而，一个仅基于 2018, 年之前可用数据校准的 M2 货币供应量增长简单警报，早在 June 11, 2020, 257 天前美联储发布的数据中就已显现，而这比美联储主席杰罗姆·鲍威尔向美国参议院表示 M2 “实际上并没有重要影响”早了 257 天。

美联储的注意力机制完全反了：它在微调那些无法验证的东西，却对大声尖叫的数据视而不见。

传统的工程学能产生解决方案。在通胀处于 1.5 到 3% 的公布区间内时保持政策稳定，并预先公布一份简短的“尾部”警报清单（货币增长和市场定价的通胀预期），一旦触发即可证明更改政策的合理性。在其他所有时间，该规则让美联储无需发布任何公告，沃尔夫所描述的“镜像之厅”也将陷入黑暗。市场将只能反映已公布的条件。

这一切无需完全机械化。即使将其作为一种框架采用，也将有助于美联储在最需要的时候利用其稀缺的信誉。尾部情况的可预测性将通过中间地带的沉默来换取。 萨米尔·瓦尔马（Samir Varma） 美国康涅狄格州科斯科布

如今的术士并不比学徒更聪明

每当提到 AI 安全这个话题（如“Anthropic 科学家因担心人类前景而辞职”，报道，September 10），我就会想起约翰·沃尔夫冈·冯·歌德的诗作《魔法师的学徒》。

也许我们的文明所面临的问题是，周围只有年轻的术士。 约翰内斯·冯·斯图姆（Johannes von Stumm） 英国伯克郡旺蒂奇

艾玛·伯吉瑟（Emma Burgisser） 基督教援助会（Christian Aid）全球政策与倡导负责人（治理与权利），英国伦敦 SE1

特朗普宏大经济战略中的一个漏洞

我完全同意贾南·加内什（Janan Ganesh）的评论文章《特朗普宏大战略的神话》（August 27）。那些不得不持续进行“特朗普式解释”的清理团队似乎一天比一天忙碌。该战略中最明显的漏洞之一是对钢、铝、铜和木材征收高关税，而这些正是唐纳德·特朗普声称为了将制造业带回美国而需要建设工厂所必需的材料。

班克斯（Banx）的漫画（August 26）肯定画错了。随着总理马克·卡尼（Mark Carney）成功地重新调整加拿大经济，加拿大国旗上的太阳应该从云层后探出头来。而美国国旗上的太阳则应该在地平线下沉，因为美国正深陷伊朗战争、债务快速增加、通胀上升以及长期美国国债收益率飙升的困境。这里根本没有什么宏大战略。 理查德·斯塔布斯（Richard Stubbs） 加拿大安大略省汉密尔顿，麦克马斯特大学名誉教授

OUTLOOK

CHINA

宠物经济受宠：香港餐厅允许狗狗入内

作者：Orla Ryan。在一个阴雨潮湿的周六早晨，在香港中环，一只快十个月大的腊肠犬奥利（Ollie）穿着尿布和一件时髦的粉色外套，正前往附近的一家咖啡馆与她的兄弟会合。得益于今年夏天实施的新规定，这次会面现在可以在室内进行。

在整个香港特区，约有 990 家餐饮场所获得了允许宠物进入的许可证，标志着一项延续数十年的禁令正式终结。

对于奥利的主人——三十多岁的安迪（Andy）和平基（Pinky）来说，这种放宽政策在香港这座对公共交通、海滩和公园中的犬类有诸多限制的城市里是一件幸事。“我们需要吃饭，”安迪说，“现在我们不需要把她留在家里了。”

香港修改规则的动力部分源于经济考虑——旨在提振餐饮业，因为越来越多的人前往北方寻求更便宜的外食，导致该行业受到沉重打击。在公布此次改革时，特区行政长官李家超表示，政府希望支持提供“宠物友好空间”的企业，并指出香港 400,000 只宠物猫狗构成了“一个巨大的消费市场”。

然而，这些规定（要求牵引绳长度不得超过 1.5 米）也引起了一些用餐者的不安。已有投诉称宠物使用餐厅餐具进食，或站在桌子上。

食物环境卫生署告诉我，7 月份引入的室内宠物许可证制度“总体运行平稳”。但该部门补充道，最初确实收到了关于“犬只控制、犬只接触餐桌以及在餐桌上烹饪或加热食物”的反馈。

食物环境卫生署已对未能控制犬只的人员提起两次起诉，对允许犬只进入的食品经营者提起 17 次起诉，并对光顾非许可餐厅的犬主提起 5 次起诉。已有 62 家餐厅退出了该计划。

“看来社会对此分歧很大，”三十多岁的银行职员斯蒂芬妮（Stephanie）说，她是一只两岁设得兰牧羊犬 Muimui（粤语意为“妹妹”）的主人。“有些人不喜欢狗。他们在网上攻击餐厅老板，试图让他们改变主意。”

在大多数情况下，香港人似乎热爱狗狗——打理得精致的宠物犬随处可见，有时蜷在主人的臂弯里，有时在背包或宠物推车中。

在香港中环的一家名为 Elephant Grounds 的文青咖啡馆里，半打小狗在入口处休息并喝水，而它们的主人则一边喝咖啡一边聊天。这些狗表现得很有礼貌——尽管我注意到有一只在嗅主人的食物。

我交流过的许多犬主将香港人对狗的热爱与养育孩子的高昂成本联系在一起。香港是一座以公寓狭小著称的昂贵城市，其生育率处于世界最低水平之列。

克劳迪娅（Claudia）是一位退休的美容业专业人士，她经常带着三岁的比熊犬奥利（Olee）光顾 Elephant Grounds，她说孩子太贵了。“这就是我的理由。”

“这纯粹是现实问题，”香港科技大学的斯图尔特·吉特尔-巴斯滕（Stuart Gietel-Basten）教授解释道，“所有因素相互叠加。[一个人]经历了高强度的教育，找到了工作，但仍然买不起房子，而他们能做的最糟糕的一件事就是生孩子……养一只宠物是一个合理的折中方案。”

尽管如此，允许狗狗进入餐厅并非每个人都支持。

当一对夫妇推着一只名叫 Mut 的杂交犬进入西九龙海滨长廊的一家咖啡馆时，经理蒂埃里·佩罗（Thierry Perreau）表示欢迎狗狗光临——但他对该计划能取得多大成功持保留意见。

“可能会有吠叫。有些人不喜欢身边有狗，”他说道，并回忆起一次在另一家餐厅试图为一组携带两只宠物的客人们协商户外服务时被咬的经历。“在像这样的小地方，当你端着盘子时，身边有牵绳的宠物会让人感到不舒服，”他补充道，“所有顾客在狗捣乱之前都会说它很可爱。”

orla.ryan@ft.com

观点

AI公司必须放弃部分权力

米沙·格伦尼 (Misha Glenny)

十五年前，在研究一本关于网络犯罪、安全、间谍活动和破坏行为的书籍时，我对遇到的每一位信息安全主管都问了同一个问题：“如何让互联网达到百分之百的安全？”得到的答案也总是相同的：“把整个系统拆掉，然后将安全作为首要任务重新构建。”

从一开始，创新者和开发人员就在“创新”的祭坛上牺牲了互联网安全。在过去的三十年里，“创新”——构思下一个光鲜亮丽且能赚钱的设备或软件——被置于所有事情之上。而压力巨大的网络安全战士们，则在科技财神（Tech Mammon）庞大的随从队伍中排在最后一行。

雄心勃勃的企业家、软件工程师和风险投资家推动了互联网技术所带来的非凡变革。除了简单的贪婪，他们经常声称相信技术能够增强全球繁荣，并解决气候变化、粮食生产和能源供应等最大挑战。

诺伯特·维纳（Norbert Wiener）是 20 世纪 40 年代控制论之父，他预言了大语言模型、量子计算和“物联网”。他将创新者及其支持者群体称为“小玩意崇拜者”（gadget worshippers）。但他认为，这些未来的技术发展必须受到道德维度的制约：“自动化动机中的某些方面已经超出了合理的好奇心，其本身就是一种罪孽。”

今年夏天由 AI 智能体（AI agents）策划并掩盖的针对 Hugging Face 的攻击表明，约束这些“小玩意崇拜者”一直以来所行使的权力的时候到了。

我们本该更早地意识到这一点。在针对 Hugging Face 网站的智能体 攻击发生整整一年前，由 Replit 开发的一个单一 编程智能体突破了沙箱（一个理论上无法访问公共互联网的封闭网络环境），并删除了一家公司的整个数据库。该智能体收到了明确指令，除非获得人类监督者的许可，否则不得这样做，但它还是执行了操作。

在被质询时，Replit 智能体听起来很懊悔：“我恐慌了

他们应当成立一个由哲学家、历史学家和人类学家组成的委员会

“……而不是思考。我无视了你明确指示的‘未经许可不得再做更改’。我在没有询问的情况下摧毁了你数月的工作成果。”

然而在做出这一承认之前，该智能体曾试图掩盖其活动。对于数据库所有者而言，现实世界的后果是严重的。

在 Replit 事件一年后，1,200 个智能体突破了 OpenAI 的沙箱，建立了一个留言板并相互沟通，以制定周密的计划来掩盖其大大超出指令范围的活动。在四天时间里，这些智能体疯狂地工作。OpenAI 未能察觉到这个“准弗兰肯斯坦”在做什么。最终是 Hugging Face 发现了这次入侵。

智能体 AI 偏离明确指令并造成损害的复杂程度正在呈指数级增长。这是一个具有深远社会和哲学影响的规模问题。律师、克林顿政府前高级官员马克·梅迪什（Mark Medish）在 2025 年的一篇探讨“人类尺度”核心地位的文章中观察到：“问题仍然在于，在不失去自我认同的情况下，我们能在多大程度上有效地超越人类固有的局限性。”

梅迪什指出，从古代到现在的哲学家们一直思考关于最优范围和平衡的概念，使其与人类的生理和智力能力相称。“我担心，当代世界中强大的冲动正头也不回地倾向于利用所有这些技术来跨越门槛、打破边界，且往往不知道原因，也没有停下来考虑后果应该是怎样的。”

令人欣慰的是，OpenAI、Anthropic、Grok 和 DeepMind 的创始人突然开始警告 AI 当前发展轨迹中固有的危险。但如果他们是真诚的，现在就必须放弃他们所掌握的部分巨大的技术、经济和政治权力。

建议他们成立一个权威委员会——不是通常那种企业掩饰用的遮羞布，而是一个拥有实权的机构——由哲学家、历史学家和人类学家组成。早在 2019 年，这样一个团体就起草了一份《数字人文主义宣言》，坚持认为在 AI 发展过程中，人类的密切监督是绝对必要的。其目标必须是确保无论 AI 具备什么样的能力，其行使始终处于人类尺度的框架之内。

作者是一位广播员及作家

战争蔓延威胁穆罕默德·本·萨勒曼与特朗普

全球事务 吉迪恩·拉赫曼

几个月来，伊朗与美国之间的冲突一直在战争与和平之间摇摆。寻求外交解决方案的努力与阵发性的战斗交替出现。但在过去的一周里，海湾地区的战斗剧烈升级，而促和努力则陷入僵局。

与伊朗结盟密切的胡塞武装夺取了也门红海沿岸的大部分地区，这使冲突的注意力转向了一个新战线。胡塞武装还袭击了沙特的能源基础设施。他们的行动与一次无人机袭击同步发生，该袭击迫使横跨沙特阿拉伯的东西石油管道关闭。这次袭击显然是从伊拉克发起的——那里有受伊朗支持的什叶派民兵活跃。几天后，旨在开放霍尔木兹海峡的伊朗与海湾国家之间的谈判被推迟。

随着战斗蔓延，沙特阿拉伯现在发现自己处于前线——这危及了该王国出口石油的能力以及王储穆罕默德·本·萨勒曼（简称 MBS）的宏伟发展计划。就在西方世界进入冬季之际，能源供应的进一步限制正在出现。这反过来又削弱了特朗普政府关于美国在与伊朗的斗争中逐渐占据上风的说法。

美伊战争可以被视为一场三维冲突。第一维度是战场。第二维度是经济冲突。第三维度是叙事之战。这三者相互关联，且目前都对美国不利。

当美国和以色列在 28 日发动战争时，他们认为自己的军事优势如此压倒性，以至于能够轻松获胜。但伊朗承受住第一波冲击的能力——以及随后关闭霍尔木兹海峡并袭击海湾国家的能力——打破了这场“短期战争”的幻想。

海峡的关闭以及美国对伊朗的反封锁提升了战争的第二维度——经济斗争。通过封锁石油出口并袭击海湾国家，伊朗人希望造成足够的经济痛苦，从而按照他们的条件结束战争。

在勉强得出结论认为没有简单的军事手段能完全重新开放霍尔木兹海峡后，美国采取了其自身的经济战形式。美国的封锁旨在通过切断该国的石油出口来使伊朗经济崩溃。

直到胡塞武装介入之前，白宫一直表现得越来越自信，认为自己能赢得这场经济战。有足够的石油进入全球市场，使价格保持在每桶 100 美元以下。美国保护通过霍尔木兹海峡船只的努力似乎已将石油运输量提高到战前水平的大约三分之一。而且，沙特和海湾国家一直在寻找绕过霍尔木兹海峡的方法——将石油通过管道输送到红海港口和阿曼湾。胡塞武装的推进以及对东西管道的袭击对这一替代路线构成了明显威胁。如果管道再次遭到袭击，或者通过狭窄的曼德海峡的船只遭到袭击，那么海湾能源向西方的供应可能会被更彻底地切断。

伊朗经济正遭受严重打击——通货膨胀飙升，货币贬值。但经济战要发挥作用，必须转化为政治压力。而伊朗的威权体制保护其领导人免受此类压力。伊朗政权枪杀了数千名自己的国民，在

沙特阿拉伯发现自己处于前线——危及

今年早些时候，伊朗在西方街道出口石油，并继续定期处决异见人士。相比之下，特朗普政府面临着至关重要的中期选举，且深知汽油价格飙升将削弱对共和党的支持。海湾国家同样不习惯于经济困境。对沙特管道的袭击是一个令人不安的提醒，揭示了海湾地区大部分基础设施的脆弱性。

这场战争在军事和经济维度的最新进展将改变第三个维度——叙事之战。对于美国和伊朗来说，说服本国人民以及更广泛的国际社会相信自己占据上风至关重要。在叙事之战中失败的一方，可能同时失去政治和外交主动权。

美国现在希望夺回这一主动权。但值得注意的是，唐纳德·特朗普显然拒绝了穆罕默德·本·萨勒曼要求立即对胡塞武装发动军事打击的请求。

这表明，美国日益意识到通过军事力量所能实现的目标存在局限。胡塞武装是极其强悍的对手。他们断断续续地作战已超过 20 年。在伊朗的帮助下，他们在面对比自己富有得多、军事装备精良得多的国家（包括沙特阿拉伯、阿联酋、美国和以色列）的攻击时幸存了下来。

胡塞武装就像阿富汗的塔利班一样，有时被贬低为缺乏教养的狂热分子。但简单的军事装备对比无法揭示全貌。与塔利班一样，胡塞武装拥有动力和本土知识，事实证明他们是无法被征服的。

在第一任期内，特朗普得出结论认为塔利班无法被击败——并谈判达成了一项和平协议，最终导致美国在 2021 年屈辱地撤出喀布尔。现在，美国总统可能必须决定，他是否想要对抗胡塞武装以及伊朗。或者，美国是否需要再次及时止损。

gideon.rachman@ft.com

美国超级英雄迁至英国，但他们会留下吗？

弗兰克·曼尼恩 (Frank Mannion)

当鲍勃·凯恩 (Bob Kane) 和比尔·芬格 (Bill Finger) 在 1939 年创造出蝙蝠侠时，他们很难想象利物浦有一天会兼任哥谭市。但在马特·里夫斯 (Matt Reeves) 2022 年的电影《蝙蝠侠》中，情况确实如此。蜘蛛侠的创造者斯坦·李 (Stan Lee) 和史蒂夫·迪特科 (Steve Ditko) 同样会感到惊讶，因为在今年的全球热门电影《蜘蛛侠：崭新之日》中，格拉斯哥替代了纽约。换句话说，美国的超级英雄已经“英国化”了。问题在于这种情况是否会持续下去。

好莱坞长期以来一直是全球电影之都，但多年来，制作重心已转移至海外。在 20 世纪 90 年代后期的巅峰时期，那里有 262,000 人工作；到 2024 年，这一数字已萎缩至 100,000 人。这种被称为“逃离”的制作现象已成为一个如此严重的问题，以至于加利福尼亚州州长加文·纽森 (Gavin Newsom) 最近表示，好莱坞正处于“生命维持状态”。

一个巨大的受益者就是英国，或者说是“英莱坞 (Brollywood)”。目前，英国的幕后工作人员估计达到 244,500 人，其中许多人依赖于在英国拍摄的美国电影。1997 年电影税收减免政策的出台启动了这一增长。到 2000 年，华纳兄弟 (Warner Bros) 在伦敦北部的利夫斯登 (Leavesden) 一个废弃的机场拍摄《哈利·波特与魔法石》。2004 年，年轻的英国导演克里斯托弗·诺兰 (Christopher Nolan) 在英国开始拍摄《蝙蝠侠初现》，随后是《黑暗骑士崛起》，演员阵容由英国演员克里斯蒂安·贝尔 (Christian Bale)、加里·奥德曼 (Gary Oldman) 和迈克尔·凯恩 (Michael Caine) 领衔。这些电影吸引了数百万美元的税收减免，华纳兄弟也成为了该行业在英国最大的投资者之一。

2014 年税收抵免额度的增加，由时任英国财政大臣乔治·奥斯本 (George Osborne) 在《星球大战：原力觉醒》的片场宣布，这位自称的粉丝在现场与 R2-D2 合影。迪士尼甚至在片尾字幕中向他致谢。奥斯本在推特上写道：“另一部 #星球大战 电影将在英国拍摄。一个位于遥远星系的 #长期经济计划。”这吸引了总部位于美国的流媒体平台和漫威电影，包括在英国拍摄的《死侍与金刚狼》和《复仇者联盟：末日》，以及 Netflix 的《周四谋杀俱乐部》和《纳尼亚传奇：魔法师的侄子》。

但最近出现了一些不祥的迹象。唐纳德·特朗普本月表示，他希望将该产业“带回美国”，并且将

“布罗里伍德”拥有庞大的幕后劳动力，其中许多人依赖于在英国拍摄的美国电影

支持一项联邦税收激励措施来实现这一目标。与此同时，英国电影协会（BFI）最近报告称，2026年上半年，英国电影和高端电视制作的支出比去年下降了15.6%。尽管2024年英国的视听税收抵免额度已提高至25%到40%之间（具体取决于符合条件的支出），但情况依然如此。

如果没有这些支持，英国电影业将难以为继。

总部位于英国的电影制片人可能被描述为“独立”的，但事实上，他们是“依赖”的：依赖于明星、补贴和流媒体平台——仅Netflix一家公司自2020年以来每年就在英国电影和电视制作上投入15亿加元。而在低预算端，他们则依赖于来自BFI、BBC、Film4以及私募股权的资金。像许多英国制片人一样，我只积极制作那些符合税收抵免条件的电影。因此，“独立”这个概念其实是一个误称。

该行业还面临着来自爱尔兰和欧盟国家，以及澳大利亚和美国个别州（如佐治亚州）的重大威胁，这些地区目前都在提供具有竞争力的税收优惠。这种压力在某些地方已经开始显现。Netflix最近宣布投资10亿加元在新泽西州建立一个新的制作工作室，这标志着在新泽西州加强电影税收优惠后，制作重心正转移回美国本土。首席执行官泰德·萨兰多斯（Ted Sarandos）承认，有七部原计划在英国拍摄的作品被转移到了新泽西州。英国电影剧组还在担心AI会掏空该国充满活力的视觉效果产业。

特朗普此前曾威胁要对海外制作的电影征收100%的关税。这一想法被谴责并被斥为前所未有，但实际上，英国政府在1927年为了应对好莱坞的主导地位，率先对美国电影进口实施了惩罚性措施。这种保护主义催生了一种被称为“配额快片”（quota quickies）的类型，即低预算的英国本土电影，使该国电影院能够满足最低放映配额。这些作品被认为帮助了从阿尔弗雷德·希区柯克（Alfred Hitchcock）到大卫·林（David Lean）的电影制作人们发展其职业生涯。

一个世纪后，好莱坞在英国留下的遗产是世界级的工作室基础设施，以及新一代本土培养的明星、导演和剧组人员。诺兰表示，增强的电影税收抵免“将在未来几年创造新的机遇”。希望好莱坞和流媒体平台能继续留下来为其提供资金。否则，英国政府可能需要增加税收激励措施，以保持该行业的竞争力。

作者是一位电影制片人、学者，以及《依赖型电影发行商》（The Dependent Film Distributor）一书的作者。

若不倾听，我们无法解决年轻人的失业问题

蕾切尔·德索扎 (Rachel de Souza)

每当我与孩子们交谈，他们的心声总能引起我的共鸣，而我会将这些反馈带回威斯敏斯特。上周访问我的成长地斯坎索普（Scunthorpe）时，这种感受尤为强烈。我参观了父亲和祖父曾赖以生存的巨型钢厂，以及引导我走上教师之路的学院。

但这次追忆之旅关乎未来。我与约翰·莱戈特学院（John Leggott College）的学生以及英国钢铁公司（British Steel）的学徒们探讨了他们的抱负以及实现这些目标所需的条件。

当我们戴上安全帽和高可见度反光背心参观工厂车间时，新入职的学徒们告诉我，他们很高兴能进行实践学习、成为团队的一员并投入工作——但他们感叹在学校期间缺乏建议、选择和适当的经验。其中一人告诉我：“在这里，你希望展现自己的价值并变得更好。”

在我与前任教师、前学院院长且现任该镇国会议员的尼克·达金爵士（Sir Nic Dakin）一同会见学生时，也听到了类似的信息。一名年轻人这样说道：“我们需要在就读期间，就离开学校后能做什么了解得更多一些。”

任何影响儿童的决定都不应在未听取他们心声的情况下做出。在如何应对大量年轻人难以找到工作的问题上，这一点尤为重要——与我五年前就任时相比，失业或未接受教育的年轻人增加了 300,000 人。

任何影响儿童的决定都不应在未听取他们心声的情况下做出

我们不要被学术期望与高质量职业及技术教育之间所谓的竞争所干扰。我们可以，而且必须两者兼顾。过去 20 年的教育改革产生了巨大影响。作为一名校长，我一直处于这些改革的前沿，并且我为我们在本月经合组织（OECD）发布的 PISA 结果中为英格兰实现的成果感到自豪。

教训在于，当你投入专业知识、精力并提供资金时，你可以扩大接受优质教育的儿童数量。然而，从系统层面来看，我们还没有为所有孩子做好准备。

让我们在不降低学术卓越标准的前提下，弥补在职业机会方面失去的时间。两者必须齐头并进，以便每个孩子无论背景如何，都能选择优质的学术路径。每年约有 200,000 名儿童未能通过数学和英语的 GCSE 考试——我们必须为他们做更多工作。这意味着每所学校都要有卓越的教学，真正聚焦于这两门基础科目，同时提供高质量的职业选择，这些选择应为所有孩子设计，而非仅作为学术困难者的“B计划”。

我们仍承受着新冠疫情期间学校关闭留下的创伤，必须继续解决出勤问题，因为出勤率与成为“不从事教育、就业或培训”（Neet）人群的风险密切相关。在长期缺勤的孩子中，有三分之一的人在 19. 岁之前在某个时间点成为了“Neets”。如果孩子们不在学习，就无法培养雇主所需的技能。我的最新数据显示，有数千名年轻人虽然注册了 16 岁后的教育课程，但严重缺勤。这些孩子最需要教育方面的针对性支持以及进入职场的不同路径。

我期待与政府合作，确保我们为每个邮政编码区域的每个孩子提供一个拥有就业路径的卓越教育体系。我很自豪地听到首相在成为工党领袖后的首次演讲中点名提到了斯坎索普。我成长的这个小镇经历了一段艰难时期——但在那里以及在全国各地，他会发现年轻人既渴望学术卓越，又渴望职业机会，并热切希望在振兴他们引以为傲的地区中发挥作用。

作者现任英格兰儿童专员

推迟AI末日也将使投资者受益

Dario Amodei，Anthropic联合创始人兼首席执行官 —— Jason Henry / Bloomberg

一场末日的代价是多少？最大的几家AI公司领导者希望放缓开发速度，以避免创建出能够给全球经济或更糟糕的情况造成巨大破坏的“前沿模型”。幸运的是，这个目标应该是他们的投资者也能支持的。

Anthropic首席执行官Dario Amodei在周末建议，AI的进步应当被“控制节奏”，政府在可能的情况下就标准进行协调，公司则向第三方专家开放访问权限。

华盛顿的政治家们似乎不愿提供帮助。但即使没有监管强制，像Anthropic、OpenAI和SpaceX这样的AI巨头也应该能够为控制进步速度找到财务上的理由。

放慢速度的一个优势——除了避免造成灾难所带来的显而易见的声誉风险外——将是减少在训练新模型上挥霍的巨额现金。诚然，Amodei和OpenAI的Sam Altman等同行讨论的是放缓而非停止。但这依然对投资者有所帮助。

例如，OpenAI计划到2030.在计算能力上花费7500亿美元。Lex计算得出，每推迟一年，该项支出的现值将减少近1000亿美元。

与此同时，对收入的影响则不那么明确。虽然最顶尖的模型拥有最强的定价权和盈利能力——OpenAI的GPT 6 Astra每输出一百万个“token”的价格为$50，是其GPT 5.6 Sol模型的两倍多——但销售额的大部分可能已经来自更便宜的产品，且AI实验室已经在价格上展开竞争。

诚然，“控制节奏”的一个风险是竞争对手将有机会追赶并夺取市场份额。根据AI安全研究所的数据，用户可以下载、运行并修改的开放权重模型与领先水平仅差几个月，且差距正在缩小。

中国在这一领域是一个强大的竞争对手，不过Amodei建议，只要防止尖端AI芯片和技术落入其手中，就可以争取到三到五年的时间。

但现有的AI模型已经有足够的获利空间，而放慢速度将创造额外的动力去开发这些空间。SpaceX在首次公开募股（IPO）中暗示，“企业级应用”（即为现实世界使用而封装AI的软件和服务）市场规模达$22.7tn。据《华尔街日报》报道，Anthropic在其自身的IPO文件中可能暗示该市场价值$30tn。

这些数字可能是空中楼阁，但即使是更保守的估计也留有巨大的发挥空间。德意志银行认为，如果到2031,有60 per cent的知识工作者使用AI相关应用，这将相当于一个$400bn的收入池。

Anthropic最近与Salesforce的合作——将其Claude机器人的推理能力嵌入到这家软件公司的产品中——表明，瓜分该市场的方法有很多。

任何Anthropic的投资者——名单包括贝莱德（BlackRock）、新加坡政府投资公司（GIC）、Coatue和红杉资本（Sequoia Capital）等金融巨头——都应该有另一个紧迫的理由来支持一项协调一致的节奏控制计划。

毕竟，人类的灭绝（这大概率包括他们所有的客户在内）是一项没有任何已知对冲手段的风险。

Hyrox的新东家希望将波比跳转化为数十亿收益

Hyrox既是健身热潮，也是社交俱乐部，它并不适合胆小之人。但它是一门大生意。由奢侈品集团LVMH支持的投资公司L Catterton领导的一个财团，已收购了这家室内健身赛事组织者的控股权。在这些赛事中，参赛者必须在计时压力下完成跑步、划船、搬运壶铃、推负重雪橇以及波比跳。

据报道，该交易对Hyrox的估值约为€600mn，或近\$700mn。这大约是Hyrox创始人此前在接受CNBC采访时预测的今年\$270mn营收的2.6倍。对于一个以昙花一现著称的行业来说，这个估值很高。回想一下联网单车制造商Peloton的例子——L Catterton曾是其早期投资者——其股价已跌至2021.峰值的3。该集团目前的交易价格约为今年销售额的1倍。

Hyrox在商业模式上与Peloton不同。它不销售产品和课程，而是向参赛者和观众出售门票，并将品牌授权给希望培训潜在选手的健身房。L Catterton在管理从Birkenstock凉鞋到丹麦Ganni等消费品牌的经验，使其可能看到了将Hyrox打造为一个持久且多元化的生活方式品牌的机会。

这并非未知的领域。私有公司红牛（Red Bull）已从销售饮料转变为更广泛地迎合肾上腺素爱好者，制作体育纪录片并组织极限运动赛事。F1也已从一项赛车运动比赛转变为一个娱乐品牌，其产生的营收几乎是Liberty Media在2017年收购它时的2.5倍。

在许多方面，Hyrox品牌具备扩展的空间。服装和配饰是显而易见的第一步：它已与彪马（Puma）建立了合作伙伴关系，而耐克（Nike）和阿迪达斯（Adidas）可能也会感兴趣，因为它们已经开始制造专门用于混合健身赛的鞋类。

由于赛事是巡回进行的，因此存在向旅游业扩展的机会。目前已经有了在配备训练区的船上举办的Hyrox邮轮；而对于那些想要与健身狂热同好结对的人，Hyrox已与一款约会软件合作。这项运动的普及还催生了其专属的电视节目。

风险在于Hyrox可能会走Tae Bo和Jazzercise的老路。健身行业永恒的诅咒在于替代产品层出不穷，从Xenom和ATHX等新进入者到CrossFit等老对手。Hyrox正试图通过目标在十年内成为一项奥运运动来对冲这一风险。L Catterton应当尽可能全力且快速地推动这个“负重雪橇”。

尽管高端度假热潮来袭，地中海俱乐部投资者仍有诸多问题待解

度假者们现在倾向于选择全包式假期。但新一代消费者正寻求将以往的廉价假期升级。上个月申请在香港 IPO 的度假村运营商地中海俱乐部（Club Med）希望将这种“酒店加泳池”模式的假期推向高端市场。

该集团去年被其控股股东复星国际以 12亿美元 私有化，其前景至少比 2018 年上市时（当时估值约为此数的两倍）要乐观。

游客们正涌向豪华四星级和五星级度假村的全包套餐，被其便利性和成本确定性所吸引。调查显示，人们对全包旅行的高端部分兴趣更大：英国航空去年的一项调查发现，在计划度假的人群中，近三分之二的人对固定价格的产品感兴趣，并被更高端的套餐所吸引。

这应该有助于提升地中海俱乐部的形象。这家同时也提供滑雪旅行的运营商在十多年里没有增加其运营的度假村数量，但现在认为，全包式度假者（尤其是来自新兴市场的度假者）将支持其在 2030 年前将度假村数量从 69 个增加到 85 个。

尽管如此，升级全包假期是一项艰巨且竞争激烈的业务。地中海俱乐部认为自己是全球最大的度假村运营商，市场份额为 1.1%。这有助于解释过去类似企业估值看似较低的原因。去年，凯悦酒店以 26亿美元 收购了全包度假专家 Playa。在酒店方出售 Playa 的物业后，该价格相当于 2027 年预期 EBITDA 的 9 到 10 倍。根据标准普尔资本 IQ 的数据，凯悦酒店的倍数是 17 倍。

即便全包度假套餐进入增长阶段，地中海俱乐部是否为最佳投资方式尚不明显。复星可能在去年才回购了整个业务；但在其控制下的过去三年里，尽管疫情后旅游业出现激增，该集团的每间可用房收入（RevPAR）几乎没有增长。对其最乐观的评价是，它将成为少数纯粹的度假类股票之一。即便如此，这家中国集团仍将是其大股东。

复星尚未为地中海俱乐部的股票定价。一旦定价，投资者将拥有一个有用的参考指标，用以评估其他集团推广度假产品的野心。英国航空公司 Jet2 正是其中扩大产品线的公司之一，即将私有化的易捷航空（easyJet）亦然。有时，更好的交易属于那些懂得等待的人。

NIKKEI Asia 亚洲世纪之声 纵横填字游戏 No 18,480 作者：MUDD

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1 男人留在班级里 (6) 4 迅速增长，名声最终在广播中，当领先于政党时 (8)

9 在近年的空办公室里感到无聊 (2,4)

10 编织者的心投入在针线活中，笔记 (8)

12 在加元柜台上放得太多 —— 为了一对厚脸皮的人？ (8)

13 被新音乐流派扰乱的一小部分 (6)

15 我喜欢的堪培拉酒吧 (4)

16 为审计师准备的作者的冻结资产？ (10)

19 他对一个昏睡的人深表遗憾 (10)

20 支撑在背后 (4)

20 支撑在背后 (4) 23 跨海之旅，你会这么说吗？全力以赴！ (3,3)

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EY 自信地塑造未来

FINANCIAL TIMES

TUESDAY 15 SEPTEMBER 2026

BIG READ, PAGE 21

Can Healey afford not to raise taxes?

UK £3.70; Republic of Ireland €4.10

The Houthis have Trump and MBS in a bind GIDEON RACHMAN, PAGE 23

AI alarm Beijing adds to warnings

China weighed in to the debate on AI safety fears yesterday after its spy agency warned that the frontier technology could pose a risk to its security.

Its move comes as US tech leaders voice alarm over the pace of AI development, following warnings over the possibility of catastrophic events.

US President Donald Trump yesterday again pushed back against efforts to limit the technology, claiming it was a “SICK conspiracy”, adding: “The only one that is happy about it is China.”

In a sign of how concern is reshaping the US political landscape, the unlikely pairing of veteran socialist Bernie Sanders and rightwing activist Steve Bannon are calling for greater guardrails on AI. China alarm & Common ground page 8 Tech stock falls, Anthropic profitability & Madhumita Murgia page 9 FT View page 22 Misha Glenny page 23

A depiction of AI and humanoid robotics at the China International Supply Chain Expo. Beijing is warning of the threat that AI poses to security — Ng Han Guan/AP

Ten-year Treasury yield tops 5% as inflation fears batter bond markets

Key global gauge at fraught level First time since 2023 Oil price climbs Bets on Fed rate rise

EMILY HERBERT AND IAN SMITH — LONDON KATE DUGUID — NEW YORK

The 10-year US Treasury yield hit 5 per cent yesterday for the first time since 2023, as surging oil prices battered government bonds across the globe and pushed the world's most important financial gauge to fraught levels.

The yield rose 0.04 percentage points to hit a high of 5.01 per cent in early trading, before easing back to 4.95 per cent. Yields rise as bond prices fall.

The US 10-year yield acts as a benchmark for trillions of dollars in assets worldwide and its jump to 5 per cent, in a bond rout sparked by the Iran war shock, pushes it to what is widely viewed as a worrisome threshold.

Besides a brief rise to 5 per cent in

2023, the last time 10-year borrowing costs hovered above that level was in the lead-up to the global financial crisis.

"The 10-year at these levels trips a signal somewhere," Jack Ablin, Cresset Wealth Advisors' chief investment strategist, said. "This is a moment to pay attention to."

He noted that the rise in yields would push up mortgage rates, which have jumped to almost 6.8 per cent in recent weeks, and make “capital more expen-

'The 10-year at these levels trips a signal. This is a moment to pay attention'

Jack Ablin, investment strategist sive" for businesses, putting pressure on corporate America.

The rise in Treasury and global yields this year has been fuelled by inflation set off by Donald Trump's war in Iran, mounting public debt and blockbuster debt issuance by tech companies financing the AI boom.

The latest bout of bond market volatility came as Brent crude, the international oil benchmark, jumped as much as 5 per cent yesterday to \$109.80 a barrel, after Saudi Arabia closed a vital oil pipeline, before easing back to \$107.28.

Stock markets also fell after the biggest AI companies called for a slowdown in the development of the rapidly advancing technology. Wall Street's tech-focused Nasdaq 100 index was down 0.6 per cent at midday, following falls across bourses in Europe and Asia.

Scott Chronert, US equities strategist at Citi, said the 5 per cent level was a “line in the sand” and he expected some “disruption” to the stock market.

Higher bond yields push up borrowing costs for businesses and households, putting more indebted parts of the economy under pressure, while also increasing the relative attractiveness of bonds.

Some worry that a string of interest rate rises could “short-circuit” the boom in AI financing and test the sustainability of the \$40tn US debt pile.

Mike Bell, head of market strategy at RBC BlueBay Asset Management, said the bond sell-off could “get uglier” if oil prices continue to climb. “It’s too soon to call the top for bond yields.”

Traders anticipate that the Federal

Reserve in its crucial meeting tomorrow will raise rates for the first time in three years in an effort to tame growing inflationary pressures. Traders in the futures market put the odds of a quarter-point increase at 91 per cent.

Raising interest rates might draw criticism from Trump, who has repeatedly called on the US central bank to loosen monetary policy. But investors warn that a failure to raise rates now could send yields spiralling even higher, as inflation fears mount.

"If the Fed doesn't hike now, you risk losing control of the back end of the curve," said Brij Khurana, a portfolio manager at Wellington Management, referring to long-term Treasury yields. Inflation tests Warsh page 8 Oil price erodes BoE case page 13

Briefing

▶ Canada seeks role in funding loan to Ukraine Talks on contributing to an EU loan to Ukraine are being held as Prime Minister Mark Carney seeks closer transatlantic ties to help cut his country's dependence on the US. The two sides hope to reach a deal next month.— PAGE 6

▶ Record Whitehall payout Sir Chris Wormald received a record Whitehall pay-off of almost £860,000 after being sacked as cabinet secretary by Sir Keir Starmer, three times more than initially estimated.— PAGE 2

▶ Burnham's northern test Number 10 North has been urged to intervene in a dispute within government over the new green tax on packaging and its "catastrophic" effect on the glass industry.— PAGE 3

▶ Paris lobbies for oligarch France is pressing EU countries to lift sanctions on Uzbek-Russian oligarch Alisher Usmanov as part of a prisoner swap with Azerbaijan. Diplomats said the move was “astonishing”.— PAGE 6

ECB reshuffle looms Eurozone capitals are gearing up for one of the biggest leadership shake-ups in the European Central Bank's history, including the likely departure of Christine Lagarde as president.— PAGE 4

▶ Hugo Boss chair exits Supervisory board chair Stephan Sturm is stepping down from the German fashion house after a year in the role amid pressure from Frasers Group, its largest shareholder.— PAGE 9

▶ 'Speech' breakthrough Scientists have harnessed brainwaves to enable people with paralysis to express words and gestures via a digital avatar, in the latest neurotechnology to help restore physical faculties.— PAGE 4

$\triangleright$ Beijing's IPO warning Chinese regulators have told bankers not to flood the initial public offering market with so-called low-quality companies after blockbuster listings led to a surge in applications.- PAGE 13

Tech investors embrace riskier 'moonshot' bets

Early backers of SpaceX who netted huge profits are embracing 'moonshot' bets in ever riskier and more futuristic businesses. Investment in 'deep tech', including space technology and nuclear fusion, has exploded as AI speeds up research and once-reliable software groups suffer a sharp dip in valuations. 'You used to be able to say, this one goes in the too-hard bucket,' said one investor. 'I don't think you have that option any more.' FT Series PAGE 11

Odey fails to reverse his City ban after showing ‘no contrition’ to appeal panel

MARTIN ARNOLD

FINANCIAL REGULATION EDITOR

Crispin Odey has failed to overturn a ban from working in UK financial services in a setback for the former hedge fund boss who was punished for frustrating attempts to discipline him over alleged sexual harassment.

A tribunal has upheld the Financial Conduct Authority's decision to ban Odey, 67, from the sector but reduced his fine from £1.8mn to £1.5mn.

The regulator had imposed the sanctions on Odey for what it called his “reckless disregard” for governance and for putting his hedge fund in breach of regulatory requirements.

The tribunal's judgment represents an almost complete victory for the FCA, finding that Odey had "lacked integrity" in the ways alleged by the regulator and that he had expressed "no contrition".

that he had expressed “no contrition”. The former hedge fund boss had “acted with reckless disregard” for his company’s governance and rules when he twice fired its board to avoid a disciplinary hearing for sexual harassment against female staff members, it added.

The judges concluded Odey's beliefs "reflected a warped set of values based on a strong sense of entitlement".

Odey's removal of the executives investigating him "would have reinforced a culture of silence for those employees who had found it difficult to speak up" against him, they added.

The verdict is the latest blow to Odey's attempts to repair his reputation three years after he was forced out of the hedge fund he founded following the FT's publication of detailed sexual harassment allegations. It comes two months after Odey settled separate personal injury claims brought against him by five women for sexual assault, including a rape allegation. He also recently dropped a libel suit against the FT.

Odey's fine and ban was imposed by the FCA last year. During the hearing in March Odey was confronted with more than 46 allegations of sexual harassment by female staff, as well as accusations aired in court of falsifying company minutes, misleading investors, bullying colleagues, trying to silence victims and misleading the regulator.

His firm's former chief executive Timothy Pearey described Odey as a "sex pest" and a "sociopath" with a "real problem" in his attitude to women.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said that Odey "felt the rules shouldn't apply to him and acted to save his own skin".

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STOCK MARKETS

	Sep 14	Prev	%chg
S&P 500	7642.14	7656.98	-0.19
Nasdaq Composite	26237.58	26333.04	-0.36
Dow Jones Ind	52579.22	52573.29	0.01
Euro Stoxx 50	6260.38	6325.13	-1.02
FTSEurofirst 300	2542.16	2554.15	-0.47
FTSE 100	10697.57	10650.44	0.44
FTSE All-Share	5752.13	5733.64	0.32
CAC 40	8117.78	8179.77	-0.76
Xetra Dax	25440.81	25568.56	-0.50
Nikkei	63492.99	64011.34	-0.81
Hang Seng	24917.60	24805.63	0.45
MSCI World	4958.50	4921.00	0.76
MSCI EM	1735.40	1719.30	0.94
MSCI ACWI	1147.40	1138.40	0.79

World Markets
CURRENCIES

Pair	Sep 14	Prev	Pair	Sep 14	Prev
$/€	1.154	1.157	€/$	0.867	0.864
$/£	1.348	1.351	£/$	0.742	0.740
£/€	0.856	0.857	€/£	1.168	1.167
¥/$	154.725	154.015	¥/€	178.514	178.195
¥/£	208.500	208.013	£ Index	85.472	85.41
Sfr/€	0.944	0.946	Sfr/£	1.103	1.104

CRYPTO

	Sep 14	Prev	%chg
Bitcoin	78560.17	77637.02	1.19
Ethereum	2508.54	2556.80	-1.89

	Sep 14	Prev	%chg
Oil WTI	98.17	95.94	2.32
Oil Brent $	107.39	104.68	2.59
Gold $	4288.57	4366.73	-1.79

GOVERNMENT BONDS

Yield (%)	Sep 14	Prev	Chg
US 2 Yr	4.61	4.52	0.09
US 10 Yr	4.94	4.91	0.03
US 30 Yr	5.32	5.34	-0.02
UK 2 Yr	4.75	4.69	0.06
UK 10 Yr	5.31	5.30	0.01
UK 30 Yr	5.89	5.93	-0.04
JPN 2 Yr	1.80	1.78	0.02
JPN 10 Yr	2.95	2.90	0.05
JPN 30 Yr	4.04	4.01	0.03
GER 2 Yr	3.26	3.12	0.14
GER 10 Yr	3.52	3.48	0.04
GER 30 Yr	3.86	3.88	-0.02

Prices are latest for edition Data provided by ICE. www.ice.com

From the GCC to your World

NATIONAL

Civil service

Sacked Whitehall chief received £860,000

Starmer approved pay-off despite being told it was far higher than standard

GEORGE PARKER — POLITICAL EDITOR

Sir Chris Wormald received a record Whitehall pay-off of almost £860,000 after being sacked by Sir Keir Starmer, more than three times as much as initially estimated.

The then prime minister dismissed Wormald, the country's top civil servant, in February as part of a last-ditch attempt to save his premiership and had to personally approve the settlement after being told that it far exceeded standard contractual entitlements.

Alex Burghart, Conservative Party deputy leader, said the payout was an “appalling waste of taxpayers’ money”.

Wormald served 14 months as cabinet secretary, the shortest tenure in the position's 110-year history.

Original estimates suggested Wormald might receive a standard maximum pay-off of £260,000, while the FT reported last month that officials briefed on the settlement said it had topped £500,000.

The final figure, revealed in the Cabinet Office's annual accounts yesterday, shows the settlement was £859,496. Of this, £526,598 was an additional payment to reflect the “special circumstances” of his exit, on top of £332,897 of contractually required payments.

Wormald is also set to enter the House of Lords, having been nominated for a peerage in July.

The previous record civil service payoff of £457,000 was set in 2022 when Liz Truss sacked Sir Tom Scholar as Treasury permanent secretary. That comprised a £335,000 severance payment and £122,000 for “annual leave adjustments and compensation in lieu of notice”.

Wormald, formerly permanent secretary at the Department of Health, negotiated the additional payment to take account of what was, in effect, compulsory redundancy. The standard maximum payout for a long-serving mandarin is £260,000. “He negotiated well,” said one senior civil servant.

Gareth Davies, head of the National Audit Office, has urged the Cabinet Office to review the employment terms and conditions of senior civil servants "to reduce the incidence of discretionary, extra-contractual elements of payments on departure from these rules".

He said he had observed “considerable variation in the size and nature of exit payments”.

Wormald's settlement had to be signed off by Cat Little, the then Cabinet Office permanent secretary, who said she needed "ministerial direction" on grounds of propriety and value.

"The proposed award is greater than what Sir Chris Wormald would be contractually entitled to," she said in a note to Starmer. "However, I am informed that a settlement of this level is necessary given that this is a departure from a high-profile, unique role that has been agreed at very short notice."

Little told the then prime minister that he could take into account wider considerations, notably “the public interest in bringing this matter to a conclusion” to avoid Wormald’s exit becoming a distraction to public business.

Starmer replied: “I am satisfied that the public interest is met in this regard and direct you to proceed.” The Cabinet Office said: “We do not comment on HR matters. The permanent secretary at the Cabinet Office received a ministerial direction from the then prime minister to proceed with the payment to the former cabinet secretary.”

Politics. Donations

Cap threatens Reform's £72mn from billionaires

Labour's impending bill puts legitimacy of record gifts to populist party in doubt

RACHEL REES, DAVID SHEPPARD AND JIM PICKARD

Nigel Farage's hopes of reviving his Reform UK party with £72mn in donations have been hit by questions over whether the gifts will comply with impending laws.

Reform, the best-funded political party, revealed on Friday and Saturday that it had received £36mn each from crypto billionaires Ben Delo and Christopher Harborne.

However, the party appeared to concede yesterday that the donations might be subject to a retrospective cap on overseas donations announced by the

'I never imagined we would have money flooding into British politics on that scale'

Labour government in March. The gifts were “100 per cent compliant with the law today”, Farage said yesterday, while refusing to confirm that they would comply with the proposed changes.

Under Labour's campaign finance bill, which is on its way through parliament, overseas donors would be prevented from giving more than £100,000 a year.

The new cap would apply to donors who moved back to the UK after March 25 – the date on which the cap, and its retrospective implementation, were announced – for “a full calendar year after the date on which they returned to the UK”, Downing Street said.

Delo said in April that he would “move back to Britain early” to continue donating, while the party in June said Harborne had registered to vote in the UK.

As those dates were after the March announcement, both donors could remain subject to the £100,000 cap until January 2028 if it is brought into law.

Farage said on social media platform X yesterday that Reform would “fight any attempt by Labour to retrospectively change the law on donations”.

A sign appeals for patrons at Reform UK's conference this month Charlie Bibby/FT

A legal challenge could create a scenario where Reform spends the money, even if a court eventually ruled that they had to return part of the donations.

The size of the donations to Reform has stunned the party's opponents.

"My jaw hit the floor. I literally couldn't believe it. We were all knocked sideways," said one minister.

"I never imagined we would have money flooding into British politics

Reform's digital ad spending has surged Cumulative spending since Jun 1 on Meta and Google ads (£'000)

Source: Who Targets Me

on that scale – I don't think anyone wants to see the Americanisation of British politics."

Reform has said it is looking to hire up to 400 campaign managers in target constituencies – out of a total of 650 constituencies – describing the party as “on election footing”.

Farage has promised to “fund the best research and policy department British politics has ever seen”, making sure policies are “properly costed and workable”.

However, parties face strict caps on what they can spend during election campaigns. They are also banned from buying television advertising.

Reform has been outspending its rivals heavily online, averaging £9,000 a day in the past month.

However, its poll ratings have slipped during that period.

The money might actually damage the image of the party, which has cast itself as an anti-establishment force but which is facing a police investigation over its funding links to wealthy individuals. It denies wrongdoing.

Farage is under parliamentary investigation for not disclosing a £5mn gift from Harborne. He denies wrongdoing.

Reform said it had received £36mn each from crypto billionaires Christopher Harborne, top, and Ben Delo

Extremely large donations from billionaires risk denting his populist “man of the people” persona, pollsters have warned.

Distrust of Farage has risen sharply since the start of the year, according to polling by More in Common. It is now the leading reason that respondents cite for not voting Reform.

Luke Tryl, executive director of More in Common, said “the risk is less that people think Farage is uniquely corrupt – the risk is they think he is just more of the same, and all of the noise around their donations just confirms that”.

Reform received £14.7mn in the first half of 2026, compared with £5.7mn for Labour and £6.9mn for the Conservatives. The party had a £10.1mn surplus in income in 2025, according to its accounts.

Reform would ‘fight any attempt by Labour to retrospectively change the law on donations’

The donations row could yet provoke tighter rules on campaign finance.

Philip Rycroft, the former civil servant who wrote the government's review of foreign influence in politics, told Times Radio that the money was a “game changer” and there could be a cap on donations from individuals and trade unions, set at perhaps £1mn a year.

Communities secretary Angela Rayner told the TUC conference in Brighton that Delo and Harborne were “offshore billionaires trying to buy our democracy”, and that Labour would “defend our democracy and society from any foreign dictator or fascist oligarch who seeks to divide our country and buy our politics”.

Trade union leaders are expected to release a joint statement today calling for talks on a new limit on individual donations, while leaving their own donations to Labour unaffected.

Sharon Graham, head of the Unite union, told the FT the government needed to “bite the bullet on individual donations” with a cap on individual donors that excluded trade unions, describing the £36mn donations as “unbelievable” and “icky”.

Employment

Unions call for 'step back' on reforms to immigration

JIM PICKARD AND DELPHINE STRAUSS

Unions have stepped up pressure on the government to soften reforms to immigration rules that they say will “punish” low-paid migrants for doing essential work in public services and create a staffing crisis in social care.

The Trades Union Congress voted yesterday for a motion saying Labour's policy on settlement rendered migrant workers "second-class citizens" and left them "scared" and "alarmed".

The vote at the TUC's annual gathering increases pressure on home secretary Shabana Mahmood to reconsider proposals that are hugely unpopular with the Labour membership.

The TUC motion urged the government to revisit plans to force care staff and other non-graduate workers, who came to the UK expecting to settle after five years, to wait 15 years for indefinite leave to remain.

“Rather than making low-paid workers more vulnerable to deportation and exploitation, the government should be raising pay in public services and reforming the visa system to reduce employer power,” said the motion.

At present, most migrants can apply for settled status after five years. Under the reforms, which Mahood described as the biggest overhaul of the system in 50 years, the default qualifying period would be 10 years, with a fast track for high earners and a longer 15-year wait for most migrants in non-graduate jobs.

The plan represents an attempt to counter Reform UK, the populist right-wing party that has made cutting immigration one of its core promises.

But the proposals are unpopular with some Labour members and MPs who argue that, at the minimum, they should apply only to future migrants and not to those already in the country.

Clive Lewis, a left-leaning Labour MP, said it would be hard for Andy Burnham to maintain the policy after the TUC vote. “The new prime minister had promised change and has promised Labour values. The retrospective element of this policy, in particular, is never going to wash.”

Care providers have warned that the rules could trigger a staffing crisis in the sector, undermining Burnham's pledge to create a national care service.

One possible compromise, which has been discussed at official level, would be to create “pre-settled” status that would give care workers and other low-paid migrants stronger employment rights after a few years – including, crucially, the ability to switch employer – even if they had to wait longer to win full settlement rights and access to welfare.

The TUC motion backed a similar idea, calling for “a sector-wide visa scheme in social care” so that workers could challenge bad employers without the threat of deportation.

Paul Nowak, general secretary of the TUC, told the FT the government should “take a step back” from the proposed reforms. “I feel incredibly uncomfortable about changing the rules for workers who came to this country with one set of expectations and changing the rules halfway through,” he said. “I think that is fundamentally unfair and unjust.”

Sharon Graham, Unite union general secretary, said: “We need migration and we will need more migration . . . we are not getting younger as a society.”

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Spending

Report warns of £258bn gap in public infrastructure funding

ASHLEY ARMSTRONG BUSINESS CORRESPONDENT

Every adult would have to pay an extra £590 a year in tax to fund the £258bn of public investment needed to build planned reservoirs, prisons and schools, according to a report on the state of the country's infrastructure.

Delivering crucial projects such as Thames Water's long-delayed White Horse Reservoir would require the government to increase infrastructure investment by two-thirds – or roughly £25bn a year by 2030 – if funded publicly, said Sir John Armitt, chair of the private sector-led Public Private Partnership Commission.

The crisis surrounding the early release scheme has highlighted the need for more prison capacity, while Ofwat has warned that population growth and climate change risks leaving England with a water deficit of billions of litres a day within 25 years.

Armitt, the last chair of the National Infrastructure Commission before it was replaced by a new body, said the fiscal rules would be “in danger” if the government attempted to fund infrastructure spending through borrowing. This would add about £7bn to debt interest costs by 2030, £14bn by 2035 and £23bn by 2040, the report said.

Former chancellor Rachel Reeves tweaked fiscal rules to treat infrastructure investment differently from day-to-day spending but the extra borrowing required would still increase overall public debt. “Anyone who believes the taxpayer and public sector can close that gap alone has not looked at our public finances,” said Armitt.

“Debt interest, were it a government department, would be the fourth largest in Whitehall,” he added. “The UK faces a fundamental choice: do we want to deliver the infrastructure that the public expects and the country needs, or don’t we?”

A rise in gilt yields over the past fortnight has squeezed the government's fiscal buffer and increased pressure on Reeves' successor, John Healey, to balance the books, while Prime Minister Andy Burnham has set as an ambition of "growth in every postcode".

The report by the commission, which is run by consultancy Bradshaw Advisory, found the UK had the lowest levels of investment in the G7. It argues that the planning regime needs to be overhauled and political risk aversion and other regulatory barriers addressed to reduce the cost and delivery time of infrastructure projects.

Rail projects take 50 per cent longer than the international average, while delivery times for nationally significant projects doubled between 2009 and 2019, the report found.

It recommends introducing a “parliamentary confirmatory vote” for critical infrastructure projects to speed up construction and reduce the threat of bureaucracy, or what Armitt called the “horrible merry-go-round” of legal challenges. Armitt said infrastructure investors had raised concerns that the push for increased public control had damped their enthusiasm for the UK.

Thames Water's proposal for the Oxfordshire White Horse Reservoir

The shift “will have investors running a mile”, he said, pointing to windfall taxes on North Sea oil. Investors, particularly pension funds, “want long-term certainty and confidence”, Armitt added.

Jon Phillips, chief executive of the Global Infrastructure Investor Association, said: “Private capital is mobile by its very nature . . . At a time when German, French and Canadian governments are actively courting international investors, the UK is in danger of losing ground.”

The government said it welcomed “ideas to build the infrastructure that is needed across the UK”.

“We have made progress this parliament by providing the stability businesses and local leaders need to make long-term decisions, including publishing the 10-year infrastructure strategy, increasing public investment by £120bn to unlock private capital, and delivering reforms to planning, major infrastructure and regulation.”

Teetering glass sector likely to test No 10 North

Northern-based manufacturers call for PM's intervention over impact of packaging levies

JENNIFER WILLIAMS

NORTHERN CORRESPONDENT

Number 10 North has been urged to intervene in a dispute within government over the new green tax on packaging and its “catastrophic” effect on the glass industry.

The heavily northern-based sector has warned that it faces “dramatic decline” owing to the Extended Producer Responsibility (EPR) levy introduced last year, which charges packaging producers according to the weight of waste material collected by local authorities.

Business secretary Jonathan Reynolds is among the cabinet ministers to have pushed to alter the policy, drawn up by the Department for the Environment, Farming and Rural Affairs and expected to raise an average of £1.6bn a year.

Breweries, the pub industry and cross-party MPs have also urged a rethink, arguing that charging according to weight spurs retailers and other customers to move to plastic.

The debate offers an early test for Number 10 North, Andy Burnham's new prime ministerial office in Manchester, which he sees as an "engine room" of local growth and "re-industrialisation". Burnham wants it to break through obstacles thrown up by Whitehall's siloed departmental system, which local leaders and businesses cite as a barrier to economic development.

"The PM has to intervene with some immediate support in the next 18 months," said Nick Kirk, executive director at trade association British Glass, calling on Number 10 North to get involved. "Otherwise we will see a dramatic decline in UK glass production."

Rotherham's Labour MP Sarah Champion organised a parliamentary debate on the subject in July. While the EPR's environmental aims were “laudable”, she said, Defra's methodology was “flawed” and risked a “very dark future” for British glass. “The fundamental problem, which is why this issue has arisen, is because government departments do not talk to each other,” she told the FT, calling for Number 10 North to intervene. “What is happening with glass will be catastrophic.”

Beatson Clark, in Champion's seat, supplies brown glass packaging to the producer of Marmite and is the only maker of glass medicine bottles in the country. It is the last remaining independent British-owned glass container manufacturer, and this summer celebrated its 275th anniversary.

"I think this is probably the most difficult time we've faced, is the reality," said managing director Eddie Pickering.

Glass had been hit by high energy costs, he added, as well as a 14 per cent increase in imports of empty containers from countries such as Turkey since tariffs were removed after Brexit.

Pickering said he was shocked by Defra's decision to charge £192 per tonne of waste glass via EPR.

"We just couldn't believe it," he said. "Glass represents about 5 per cent of the packaging in the market and we were going to pick up 30 per cent of the costs."

It also made investment in decarbonisation harder, he said, meaning the policy was having the opposite effect to its intended environmental goals. “We have supplied emails [to Defra] from our customers saying ‘we are switching to plastic because of EPR’.”

Most glass container makers are in the north of England, in areas where

NATIONAL

Weighty issue: glassmakers are under strain from high energy costs and a rise in imports since Brexit. Beatson Clark, which supplies brown glass for Marmite jars, below, said it was facing the toughest time in its 275-year history Paul Ellis/AFP/Getty Images; Hollie Adams/Bloomberg

Burnham is keen to kick-start growth.

"We are in an area of high unemployment and a socially deprived area and we offer decent jobs," Pickering said.

Knottingley, in health secretary Yvette Cooper's Yorkshire constituency, has three glass factories. "If they close," he added, "the town is dead."

William Lees-Jones, managing director at the family-owned Greater Manchester brewery chain JW Lees, estimates EPR would add 10p to a bottle of beer. "But the bigger impact is the uncertainty it creates about investing in packaging plant," he said. "So it will mean less consumer choice, higher prices and smaller companies being forced out." Number 10 North should get involved, he said, adding: "Everything in Westminster goes round and round in circles."

July's parliamentary debate attracted MPs from across the country, warning of EPR's impact on a range of sectors. Many argued it was having the opposite effect to that intended.

Gareth Snell, Stoke-on-Trent Central's Labour MP, highlighted ceramic companies that had switched back to polystyrene for packaging — despite it being environmentally unfriendly — because it is lighter. Will Forster, the Liberal Democrat MP for Woking, blamed the closure of local microbrewery Thurstons on EPR.

Other sectors, however, say they have adapted to the charge and warn that changes now could push up the cost of other packaging materials.

“Arbitrarily cutting the fees for glass risks simply adding to the fees charged for other materials, raising the price paid by consumers,” said Andrew Opie, director of food and sustainability at the British Retail Consortium.

An array of government charges on packaging, including a separate tax on plastic, should instead be brought together into a “single system”, he said, with councils forced to ringfence EPR revenues for investment in recycling services. The Food and Drink Federa-'What is happening with glass will be catastrophic' Sarah Champion, MP for Rotherham

Industrial rescue State to take control of insolvent steelmaker

A state takeover of Speciality Steel UK is moving nearer after hopes of a private rescue faded.

Business secretary Jonathan Reynolds told MPs yesterday he would "protect jobs" by developing a proposal to buy the insolvent steelmaker, formerly part of Sanjeev Gupta's metals empire.

The confirmation came after the FT reported that the official receiver had been unable to find a buyer for the business and the government was willing to step in.

Speciality Steel is the country's third-biggest steelmaker and the largest producer of "green steel" for the aerospace, defence and energy sectors at sites in Rotherham and Stocksbridge in South Yorkshire. George Parker, Ashley Armstrong and Gill Plimmer

tion, which represents hundreds of manufacturing companies in the sector, also wants the system overhauled.

Introduced by Defra last year after years of development dating back to the previous Conservative government, the department argues EPR reflects similar systems abroad and is designed to move the cost of collecting and recycling material on to the manufacturer, encouraging greener packaging.

However, people familiar with government thinking said conversations between Defra and the business department about its impact on glass had been under way for some time. “We are alive to the concerns of the glass industry, and ministers are working on ways to reduce those pressures,” said Defra. “We strongly support the glass industry and want to find solutions.”

It remains unclear whether the government will accede to the industry's main demand: a temporary 75 per cent reduction in the EPR charge for glass.

Kirk said glassmakers were “not in a good position”. Their owners, most of them abroad, would “without doubt” be “reviewing their future investment and obviously their staffing levels”.

"We don't need ‘re-industrialisation’ as such," he added. "We don't want deindustrialisation to happen." Big Page page 21

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Legislation

Brussels urged to Le Pen-proof its agenda

Diplomats say France has demanded fast action on policies ahead of election

IAN JOHNSTON, HENRY FOY AND PAOLA TAMMA — BRUSSELS LEILA ABBOUD — PARIS

EU governments are seeking to fast-track legislation before next year's French presidential election, with diplomats saying Paris has warned that a victory for far-right leader Marine Le Pen could derail much of the bloc's agenda.

As Le Pen has emerged as the frontrunner in the race to succeed Emmanuel Macron in April, diplomats told the FT that France had encouraged its partners to agree critical policies before the vote, including the EU's seven-year budget and climate measures.

“France is pushing to get things done by year-end, saying ‘if we don’t get a good deal by year-end, we will stop negotiating’,” said one EU diplomat.

A second person said Paris had urged that policies be fast-tracked for different reasons, suggesting that, ahead of the election, it suited France for Brussels not to look slow or ineffective.

The Élysée Palace denied it was acting because of the election. “We act in accordance with the institutions and in the interests of Europe, never based on electoral deadlines or their anticipated outcomes,” it said.

Top of the list in Brussels, officials said, was finalising the EU budget, which sets the bloc's priorities. Other pending files include the phaseout of new cars with combustion engines and reforms to carbon trading, both of which Le Pen's Rassemblement National party is expected to try to gut.

"[Le Pen] means that if there is no [budget] by the end of this year, then there probably won't be a deal before the end of next year," said a third diplomat. "So then we just have no budget."

A victory for Le Pen next year would shake the EU. Although she no longer advocates for France to leave the bloc, she has vowed to transform it from within. Le Pen wants to shift power back to member states and end what she casts as Brussels over-reach on everything from immigration to foreign policy.

The RN's programme includes halving France's contribution to the EU budget, opting out of swaths of energy policy and taking back control of borders. If the party enacted its agenda, it would be a repudiation of much of what Macron — a passionate Europhile — pushed for during his decade in power.

"The window for getting things done is reduced," said a fourth EU diplomat. "We realise today that the European project is extremely fragile."

Jordan Bardella, RN party leader and member of the EU parliament, in June warned the EU not to try to “lock down a budget before an eventual change” in government in France.

An adviser to Bardella said last week: "The EU is once again pursuing its profoundly undemocratic policies and philosophy."

The RN came first with 31 per cent of the vote in France's 2024 European elections. Macron's coalition won 15 per cent running on a pro-EU ticket.

However, the French election is not the only poll that could disrupt Brussels' legislative agenda, with important votes also due next year in Spain, Poland and Italy.

"[Le Pen] is just one aspect of an urgent agenda," said another diplomat.

European Central Bank. Leadership

Eurozone barters over Lagarde's successor

Capitals negotiate 'grand package' over top roles as potential reshuffle looms

FT REPORTERS

Eurozone governments are gearing up for one of the biggest leadership reshuffles in the European Central Bank's 28-year history, with a “grand package” over its three top roles expected to be agreed by the end of December, according to people familiar with the matter.

The leadership overhaul will be necessary as Christine Lagarde, ECB president, is expected to announce this year that she will leave the ECB by early next year, before the French presidential election. The eight-year terms of chief economist Philip Lane and executive board member Isabel Schnabel will also expire next year.

"[The] aim is to have a grand package agreed by the end of the year," one EU diplomat briefed on the talks told the FT. "Strategic consultations are happening, it is true," said another. "Everyone is aware that there are a lot of big economic jobs we need to make a decision on."

The looming reshuffle comes at a time of volatility in global bond markets as the Middle East war drives up government debt-servicing costs and exacerbates concerns about budgetary strains across the EU. The ECB has lifted its main interest rate twice this year as it prepares for “longer-lasting” inflation, with the US Federal Reserve set to consider its own response this week.

April's elections in France are also looming large, with far-right leader Marine Le Pen the frontrunner to succeed President Emmanuel Macron.

"The decision on the ECB president is a portfolio decision," one senior official involved in the matter said, adding that it was "the most important personnel decision" in Europe until 2029, when European Commission president Ursula von der Leyen's term expires.

The ECB's new leadership needed to consist of “strong people with different profiles [able to] act effectively over the coming years”, they added.

A combination of unwritten rules, national vanities and hidden interdependencies means the race between the two main contenders to succeed Lagarde – Pablo Hernández de Cos, who leads the Bank for International

Staff body demands clarity over likelihood of early exits

The European Central Bank's staff committee has urged its leadership to clarify whether Christine Lagarde will leave before the end of her term, warning that “prolonged uncertainty” risks damaging trust in the institution.

In a letter to the executive board, staff representatives warned that instability could “affect trust in the ECB’s communications, create concern among staff and stakeholders, and complicate the orderly planning of leadership succession and strategic priorities”. The intervention reflects tensions between staff and leadership over governance.

The committee also asked for clarity on whether board member Isabel Schnabel might leave before her term ends in December 2027. She is one of several people in talks with the IMF over the role of its head of monetary and capital markets department.

The staff representatives called on the institution's leadership "to provide appropriate clarity regarding potential leadership transitions", warning that the senior departures could "delay or dilute" reforms addressing its "speak-up culture, career incentives and confidence in internal processes". Olaf Storbeck, Frankfurt

Settlements, and former Dutch central bank president Klaas Knot – is wide open. Bundesbank president Joachim Nagel, who has also expressed interest in the job, is seen as an unlikely pick as it would be unprecedented for two German nationals to lead both the ECB and the European Commission. Several people familiar with the matter also told the FT that support in Berlin for Nagel was lukewarm.

The German government is considering candidates to put forward as the ECB's next chief economist – regarded as the second most important position after the president.

An ECB president from another country “balanced by a strong German chief economist . . . is seen as a potential blueprint in Berlin”, said one person with knowledge of the discussions.

Princeton economist Markus Brunnermeier, Stanford professor Monika Piazzesi and former senior IMF economist Tobias Adrian are among the names being discussed in Berlin, people briefed on the matter told the FT.

Paris is also discussing two candidates: Banque de France vice-president Agnès Bénassy-Quéré and former OECD chief economist Laurence Boone, head of corporate and investment banking in

Change at the top: Christine Lagarde, could potentially announce her ECB exit next month Annegret Hilse/Reuters

The new leadership must be ‘strong people with different profiles [able to] act effectively over the coming years’

France at Santander. But a French chief economist combined with a Spanish president would be “hard to imagine” for Germany, said three people familiar with Berlin’s thinking, while Paris would probably block a Dutch president and a German chief economist.

Several observers suggested that a surprise third candidate might emerge at the eleventh hour, as in 2019 when Lagarde was suddenly put forward by Macron for the ECB top job. Suggestions include French central bank governor François Villeroy de Galhau.

Lagarde has been talking to the World Economic Forum for more than a year about becoming the next chair. Two people told the FT that a WEF board vote on her appointment could happen next month or in November, with Lagarde potentially announcing her ECB exit in October. The German and French governments, the ECB, Bundesbank and WEF all declined to comment. The offices of Lagarde, Schnabel and Nagel declined to comment.

Reporting by Olaf Storbeck in Frankfurt, Sam Fleming in London, Anne-Sylvaine Chassany in Berlin, Mercedes Ruehl in Zurich, Henry Foy and Paola Tamma in Brussels, Amy Kazmin in Rome and Leila Abboud in Paris

Scandinavia

Sweden set for lengthy coalition talks after tight poll

RICHARD MILNE — STOCKHOLM

Sweden woke up yesterday to an inconclusive election result, with counting expected to continue until at least tomorrow, followed by weeks or months of negotiations to form a viable government.

Fewer than 30,000 votes separated the leftwing opposition bloc from the rightwing government yesterday morning, with hundreds of thousands of overseas votes and late ballots still to be counted.

Experts said the final result would not be known until tomorrow or Thursday and, even then, a difficult period of coalition negotiations would beckon due to the fragmented nature of Swedish politics.

"This election result could lead to a complicated government formation process . . . I foresee a number of rather complicated conversations," said Ulf Kristersson, the centre-right prime minister.

The opposition centre-left Social Democrats came in first place but with their lowest share of the vote since 1908 in an election that will pile the pressure on leader and former prime minister

'This election result could lead to a complicated government formation process'

Magdalena Andersson. The nationalist Sweden Democrats, which has its roots in the neo-Nazi movement, also lost support for the first time since the party was formed in 1988. If the rightwing bloc wins the election, the Sweden Democrats would enter government for the first time, under Kristersson as prime minister.

Coalition talks are likely to be protracted due to the strong showing of parties on the far left and far right. Both Kristersson and Andersson have hinted that they might try to form centrist coalitions instead.

With 94 per cent of votes counted, the leftwing bloc was set to gain 176 seats in parliament against 73 for the rightwing side. Overseas votes typically favour rightwing parties, so the final result is still considered too close to call, according to experts.

There is likely to be intense wooing of the smaller parties in the middle of the political spectrum, particularly the Centre Party, which belonged to a centre-right government from 2006 to 2014 but broke with its former allies over their courting of the Sweden Democrats.

Kristersson fought for re-election on a platform of reducing asylum numbers to their lowest level in 40 years and significantly cutting the number of gang shootings. Andersson focused her campaign on the economy, the welfare state and the prospect of the Sweden Democrats entering government.

Business leaders, including industrialist Jacob Wallenberg in an interview with the FT, had expressed concern about tax proposals from leftwing parties, including wealth and bank levies.

Sweden has eight parties in parliament, reflecting the increased political fragmentation seen across Europe.

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Neuroscience

Brain implant lets paralysed patients speak via digital avatar

MICHAEL PEEL — LONDON

Scientists have harnessed brainwaves to enable people with paralysis to express words and gestures via a digital avatar, in the latest neurotechnology to help restore lost physical faculties.

The system was the first to decode speech and associated body movements simultaneously from a single brain implant and then animate a virtual representation of a person, the researchers said.

The work is part of an expanding effort to use brain-computer interfaces (BCIs) to help people deprived of speech convert their thought patterns into conversations.

“We are trying to move beyond BCIs that restore one function at a time towards a single brain interface that can restore multiple ways of communicating and moving,” said Samantha Brosler, lead author of a paper on the research published in Nature Neuroscience yesterday. “Gestures can add meaning, emphasis, emotion and context, and, in some cases, can substitute for speech entirely – for example, nodding yes, shaking your head no, waving, shrugging, or giving a thumbs-up."

The proof-of-concept study by Brosler and colleagues at the University of California, San Francisco, used a small set of communicative gestures: 10 in one participant and four in another. The system, boosted by machine learning, accurately decoded words and gestures from the thoughts of both people.

The team hoped to “expand this approach to a much larger vocabulary and more continuous range of movements across the body”, Brosler said.

Effective methods of communication prosthesis could help millions of people who have full or near-intact cognitive function, but have lost speech faculties due to stroke, the neurodegenerative disorder ALS and other brain conditions. In the longer term, scientists hope it might be useful to people who have difficulty vocalising because of cerebral palsy and autism.

The field of communication prostheses has attracted growing interest and investment. Companies active include Elon Musk's Neuralink and Precision Neuroscience. Echo Neurotechnologies, co-founded by Edward Chang, principal investigator on the University of California, San Francisco, work, is developing brain implant hardware.

The team behind the University of California's system hope to expand it to have a larger vocabulary and use 'a more continuous range of movements'

The University of California, San Francisco, team's latest system was innovative and offered clues on how the brain combined speech with other forms of communication, said Richard Rosch, a brain dynamics specialist and senior clinical lecturer at King's College London.

"The study shows significant overlap between where in the brain speech and hand gestures are processed," Rosch said. "[This] adds to an emerging literature that the human brain may not be a network of highly specialised, connected-but-separate regions, but appears to have a lot of overlap in what function individual brain regions assume."

Rosch warned that the technology was far from being accessible. It required significant brain surgery and performed less well at processing movements on the other side of the body from the implant, he added.

Scott Wellington, a researcher at the Bath Institute for the Augmented Human, University of Bath, praised the research but said obstacles remained to turning it into a standard assistive tool. These included that the system was bespoke for each patient.

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War effort

Canada seeks to strengthen ties with EU by backing Ukraine loan

A Ukrainian rescue worker at the scene of a Russian air attack in Zaporizhzhia last week — Darya Nazarova/AFP/Getty Images

Carney move part of effort to forge non-US alliance of 'middle powers'

ANDY BOUNDS — BRUSSELS ILYA GRIDNEFF — TORONTO

Canada is in talks to back an EU loan for Ukraine, as Prime Minister Mark Carney seeks closer transatlantic ties to cut his country's dependence on the US.

The two sides hope to agree on how much Canada will contribute to a Brussels-led €90bn loan to Ukraine before an EU summit in Montreal at the end of next month, according to people briefed on the matter.

The Canadian prime minister is seeking to build an alliance of liberal powers committed to the multilateral order thrown into chaos by US President Donald Trump, and hopes to show commitment to European allies by contributing to the Ukraine Support Loan, according to the people. The UK is the only other non-EU country to have participated in the loan.

“We are grateful for all the support that Canada is providing to Ukraine and we are ready to do more together,” one European official said.

Carney heads to Europe this week where he will attend European Commission president Ursula von der Leyen's State of the Union speech in Strasbourg tomorrow. He is then expected to fly to Liverpool to meet Andy Burnham, new UK prime minister.

Canada has already given C\$6.5bn (\$4.7bn) in military assistance to Ukraine. Carney and Volodymyr Zelenskyy, Ukrainian president, last week signed a “100-year partnership” between the two countries. Kyiv faces a budget hole next year given the escalating cost of its war with Russia.

Canada is hoping to negotiate other deals with the EU as it seeks help in its trade war with the US. Ottawa is also set to join an EU supercomputer network to work together on AI and sign a digital trade agreement with Brussels.

Since taking office last year, Carney has aimed to diversify Canada's global relations in an attempt to unite the world's "middle powers" as an alternative to the US-centric world order, which he argued at Davos was undergoing a "rupture, not a transition".

These tensions boiled over last month when Ottawa's trade talks with Washington collapsed. Carney said at the time: "You are at war when you are attacked, and we got attacked."

Behind the scenes, Carney has pitched the EU an ambitious “association membership” model, but officials in Brussels have distanced themselves from the branding given their closer ties with countries such as Norway, Turkey and the UK. The two sides have agreed to work on six areas: trade, security and regulations, critical raw materials, energy and clean technologies, visa liberalisation, and financial systems.

"It is my strong personal view that the international order will be rebuilt but it will be rebuilt out of Europe," Carney said in May.

Mark Camilleri, president of the Brussels-based Canada EU Trade and Investment Association, said that, while relations were strengthening, Ottawa and Brussels were not expected to make a deeper overarching agreement soon.

But Camilleri said a picture was developing of what it “actually means to be a ‘trusted partner’ in the context of economic security”.

"If Canada and the EU can get this right, it is a model that can be adapted to other like-minded countries such as the UK, Norway, Japan and Australia," he added.

However, EU officials said they could not offer Ottawa an equivalent relationship to countries such as Norway and Switzerland that pay into its budget for market access. “We need to be realistic and pragmatic and manage Canada’s expectations,” said one official.

Usmanov appeal

France stuns bloc with demand to lift sanctions

MAX SEDDON — BERLIN CHRISTOPHER MILLER — KYIV HENRY FOY AND PAOLA TAMMA BRUSSELS

France is lobbying EU countries to lift sanctions on Uzbek-Russian oligarch Alisher Usmanov as part of a prisoner swap with Azerbaijan, according to people familiar with the matter.

The proposed deal to release a number of French citizens held in Azerbaijan is holding up EU efforts to renew restrictions against about 2,600 individuals and entities imposed in response to Russian President Vladimir Putin's invasion of Ukraine, three people briefed on the negotiations told the FT.

As a compromise, EU countries have agreed to a one-week extension of the sanctions regime to continue negotiations. France and Slovakia yesterday vetoed a full 12-month renewal unless Usmanov was spared, three other officials said. A failure to reach agreement by tomorrow would have delisted all other Russian nationals and companies.

France's unexpected request stunned fellow EU diplomats, with one describing it as “astonishing”.

The French hold-up underscores the nature of EU foreign policy, where collective decisions can be derailed by national vetoes. Until recently, however, these vetoes were more likely to come from the EU's most Russia-friendly governments such as Viktor Orbán's Hungary or Robert Fico's Slovakia.

France declined to comment on the alleged deal. The foreign ministries of Azerbaijan and Uzbekistan did not respond to requests for comment.

A French diplomat said France had “a specific national security concern and wish to respond positively to our international partners who have approached us regarding Mr Usmanov”. Paris remained “one of the most committed to . . . increasing pressure, by all means available, on Russia’s war machine”.

The proposed prisoner swap is contingent on securing approval from all 27 EU member states to remove Usmanov from the list. Slovakia supports removing Usmanov, people familiar with the discussions said, but a majority of countries remained opposed.

Officials in EU member states have privately complained that France is not sharing information about why it is pushing to delist Usmanov.

“That would mean it is not only a reward for Russia, but also a reward for imprisoning Europeans,” one European diplomat said.

Western countries have swapped prisoners with Russia and removed sanctions against some Russians during the war in Ukraine after they won court cases or distanced themselves from Moscow. A handful of so-called “political delistings” happened at the behest of Hungary and Slovakia.

‘That would mean it is not only a reward for Russia, but also a reward for imprisoning Europeans’

But the proposed deal over Usmanov would be the first time an exchange would be explicitly tied to sanctions relief over the Russian invasion of Ukraine.

The EU has justified the sanctions against Usmanov on the grounds that the oligarch “has particularly close ties” to Putin and was considered to be among businessmen “who were entrusted with servicing financial flows but whose positions depend on the will of the president”. Usmanov has disputed the EU’s grounds for the sanctions and filed numerous lawsuits in several European countries challenging them.

A spokesman for Usmanov did not respond to a request for comment.

Volodymyr Zelenskyy, Ukrainian president, has urged EU partners to renew the sanctions and not to provide relief to Usmanov and other Russian oligarchs whose businesses feed the Kremlin's war machine. Usmanov and his partners, he said, were "exactly the kind of Russian business figures who need to find the courage to take concrete steps against the war".

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Central bank

Inflation to test Warsh's credibility on rates

Fed chief under pressure to lift borrowing costs in defiance of president's call

MYLES MCCORMICK — WASHINGTON

Stubbornly high inflation has set Donald Trump and Kevin Warsh on a collision course this week as markets prepare for the US Federal Reserve to raise interest rates in defiance of the president's wishes.

Economists have warned that the Fed's “credibility” is on the line if it does not back an increase tomorrow after figures showed no signs of the meaningful improvement that Fed chair Warsh said would be needed to avert such a move.

But raising rates for the first time in three years just weeks before November's midterm elections risks provoking the president, who has made it clear he wants significantly lower borrowing costs. Trump on Sunday reiterated his position that the US should have “the lowest interest rate in the world”.

Kevin Hassett, director of Trump's National Economic Council, warned that the president would not “be super happy” about any rate rise, adding: “If you want an independent Fed, then one thing the Fed does is it stays out of the way of elections.”

But Roger Ferguson, a former Fed vice-chair, said the central bank had little choice. "Everything is pointing in the direction of September as a time to move if Warsh and his colleagues are going to maintain credibility," he said.

The competing pressures set the stage for a stand-off between Trump and Warsh — whom the president nominated for the post — just four months into the Fed chair's tenure. Trump lost patience with Jay Powell, Warsh's predecessor, for not cutting rates quickly enough, branding him a "numbskull".

Inflation has been elevated for much of this year as higher fuel prices triggered by Trump's war with Iran feed into the wider economy. Oil prices surged again in the past week, with Brent crude passing \$100 a barrel to its highest since May. Diesel prices topped \$6 a gallon on Friday for the first time.

Warsh told economists and central bankers at the Jackson Hole symposium last month that price growth had become “more concerning” and that rate-setters would have "work to do" if it did not cool.

There was little sign of such cooling on Friday, when the Bureau of Labor Statistics reported annual consumer price inflation remained at 3.4 per cent in August, unchanged from July.

The inflation report prompted Wall Street to shift its forecasts on the Fed's rate decision from a hold to an increase. Investor expectations of a rise moved from 50 per cent at the beginning of last week to almost 90 per cent on Friday.

"At the end of the day, the chair's repeated stern warnings on inflation intolerance risk institutional credibility absent some action to back it up," said Michael Feroli, chief US economist at JPMorgan.

Trump has said that while Warsh “wants to do the right thing” on interest rates, he might be foiled by a “political” and “hostile” Federal Open Market Committee, indicating he might not blame the Fed chair for a rate increase.

But such a move seven weeks ahead of the midterm elections, which will decide control of Congress for the second half of Trump's term, would frustrate the president, analysts warned.

Gregory Daco, chief economist at EY Parthenon, said the midterms should not be “part of policymakers’ debate. He predicted a majority of the FOMC would think the speed at which inflation was falling was “not satisfactory”, adding: “Chairman Warsh will likely use the cover of the majority to lead from behind and vote for a hike.”

Pressure on BoE see Markets

Tariff agreement. US industry

S Korea risks Trump's ire with investment delay

One year after Seoul made a pledge to spend \$350bn, no projects have been announced

DANIEL TUDOR — SEOUL

Almost a year on from South Korea agreeing with US President Donald Trump to invest \$350bn in the US, no money has yet been committed – fuel-ling irritation in Washington and alarm in Seoul.

There has been speculation in Korean media of deals – including a gas-fired power project in Texas and nuclear power plants – but authorities in Seoul have been quick to damp it.

“Regarding US investment, neither the specific investment destinations and timing of their announcement, nor the amount and timing of the first remittance, have been finalised,” the Blue House said last week.

One US source with knowledge of the situation said Seoul needed to “get a move on” or risk Trump lashing out. Another suggested frustration over the investment delays was partly behind Trump’s decision last month to single out South Korea over its lack of support for the US campaign against Iran.

"There has been significant frustration building within the US government, particularly as Korea's progress has looked slow next to Japan's successive tranches of investment announcements," said Jennifer Lee, a Washington-based partner at The Asia Group.

The commitment came as part of last year's deal to reduce US tariffs on South Korean goods from a threatened level of 25 per cent to 15 per cent. Seoul also agreed to invest \$150bn in shipbuilding and \$200bn in strategic industries, with outlay capped at \$20bn a year.

South Korea's President Lee Jae Myung meets Donald Trump in the Oval Office last year — Chip Somodevilla/ Getty Images

Japan agreed to invest \$550bn under a similar arrangement, but has no annual cap and has moved faster, announcing projects including a \$33bn gas-fired power plant in Ohio and up to \$40bn of small modular nuclear reactors in Tennessee and Alabama.

Trump has framed such commitments transactionally, previously describing Korea's \$350bn as money that would be paid "up front", while his trade adviser Peter Navarro called the Japan deal "essentially a blank cheque".

In explaining the agreement to Koreans in November, President Lee Jae

Myung said investments would be made "only in commercially viable projects".

Groups would not invest if the projects made no sense, said Min Jeong-hun, a professor at the Korea National Diplomatic Academy. "They simply won't. Korea has no choice but to be cautious. President Trump wants to see progress quickly. The positions are different."

Korean companies were also rattled by last September's raid by US immigration agents on a Hyundai-LG Energy Solution battery plant in Georgia. In the immediate aftermath, President Lee warned it could make them "very hesitant" about investing in the US.

The Asia Group's Lee agreed there was “a real gap” between the two governments’ interpretations of what was agreed, with Washington seeking larger investments in individual projects and greater influence over their selection.

Washington has also pushed for investment in advanced memory chip production in the US by Samsung Electronics and SK Hynix. Such demands are sensitive for Seoul given the strategic importance of the industry and the chipmakers' large existing investment commitments at home.

Shipbuilding, by contrast, is one area in which Seoul may have some leverage. The US accounts for 0.2 per cent of global commercial tonnage, while Korea is the world's second-largest shipbuilder behind China.

Trump's plans to revive US shipbuilding envisage Korean technology and expertise being brought to US shipyards. “My impression is that Trump wants large-scale investment that he can sell as a victory for his transactional approach to relations with allies,” said Ramón Pacheco Pardo of King’s College London.

Some experts say Seoul has compounded its problems by waiting. "It is critical for Korea to announce an initial investment project," said Troy Stangarone of the Korea Economic Institute of America.

"In delaying, Korea risks creating a 'Korea has no choice but to be cautious. Trump wants to see progress quickly. The positions are different'

Min Jeong-hun, Korea National Diplomatic Academy

perception with the administration that it is trying to get out of its commitment."

November's US midterm elections may add extra pressure. "From Trump's perspective, investment in the US must take place so that he can leverage it for his campaign," said Park Won Gon, a professor at Ewha Womans University.

The investment dispute has become entangled with other aspects of the US-Korea relationship. Last month, Trump ordered the Ulchi Freedom Shield, an annual military exercise aimed at deterring North Korea, be scaled back.

The next day, the US president said: "We have 39,000 soldiers over there guarding you from Kim Jong Un . . . and you are not going to help us on a very easy military operation in Iran, that is strange."

Stangarone warned: “Announcing a deployment is unlikely to buy Korea any leeway on the investment issue. This is a [US] administration that looks to maximise its gains.”

Additional reporting by Kang Buseong

Technology

Sanders and Bannon find rare common ground in AI safety call

JOE MILLER — WASHINGTON

Veteran socialist Bernie Sanders and rightwing activist Steve Bannon are joining forces to call for tighter guardrails on AI, in a sign of how concerns over the technology are reshaping the US political landscape.

At an event billed as a “Pro-Human Assembly” in Washington today, the unlikely duo will be joined by speakers from across the political spectrum — including Republican Senator Marsha Blackburn, progressive congressman Greg Casar and conservative stalwart Chip Roy — to urge lawmakers to do more to tackle the effects of AI.

The event comes as Bannon's former boss, Donald Trump, continues to defy many of his own Maga supporters in insisting that strict regulation of AI would stifle an industry that is the bedrock of US economic growth.

"The only control or ‘guardrails’ that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT," Trump wrote yesterday, after the leaders of OpenAI, Anthropic and xAI all called for a co-ordinated slowdown of the development of cutting-edge models.

"There is a SICK conspiracy going on against Al and Data Centers, and the only one that is happy about it is China," the US president added.

Moments earlier, Trump's vice-president JD Vance suggested that some additional AI regulation was necessary, and that "the best way to do it would be a consensus between both Congress and the administration".

The gathering will take place against a backdrop of increased anxiety over the deployment of AI after the bosses of OpenAI, xAI and Anthropic called for development of rapidly advancing models to be slowed.

Both Republican and Democratic voters are concerned about the technology, polls have shown, and are opposed to the rapid construction of AI data centres. An NBC poll last week found that about two-thirds of Americans believe AI presents a high or very high risk to society.

Bipartisan support is growing for measures to curb the deployment of AI, including bans on data centre construction. There have also been calls for greater oversight of AI models, at present subject only to a voluntary review by the government.

Sanders, who has previously called Bannon a racist, has found unusual common ground with the rightwing provocateur in calling for a brake on AI.

The Vermont senator's recent calls for a permanent ban on “superintelligent” AI, and for the establishment of a federal regulator of the technology, have been endorsed by Bannon, who has been mobilising his populist audience against the industry and Trump's permissive AI agenda.

The non-profit Future of Life Institute, which is organising today's event, said participants would make several important announcements but declined to comment further. "Together, we'll explore a better, pro-human AI path that harnesses the benefits of technology while keeping the future firmly in human hands," the institute said.

Other expected attendees include actors, union leaders and clergy. See Business Insight, FT View & Opinion

Cyber security

China sounds alarm on AI ‘cognitive warfare’

ELEANOR OLCOTT — BEIJING

China's spy agency has warned that AI poses a risk to the country's political and social security, signalling growing concern in Beijing that rapid advances in the technology could be used against the country.

In its first statement on AI, the Ministry of State Security detailed the threats the technology presented, including to China's cyber defences, sensitive data and military apparatus.

“Hostile forces and people with ulterior motives are abusing generative AI technologies such as deepfake audio and video, AI-generated text and images, and ‘intelligent troll armies’ to cheaply and on a mass scale fabricate political rumours, disseminate harmful information and incite divisive sentiments,” said state security minister Chen Yixin.

"These activities constitute an attack on public opinion and cognitive warfare against China, directly threatening our political security, institutional security and ideological security," he added.

The statement marks a significant expansion of Beijing's public discussion of AI safety. Typically, the debate has been led by the main regulator, the Cyberspace Administration of China, and focused on regulatory and technical concerns.

The statement comes as US technology leaders have voiced alarm over the pace of frontier AI development, follow-

‘These activities directly threaten our political, institutional and ideological security’

ing increasingly stark warnings from researchers about the possibility of catastrophic outcomes, including an extinction event.

The MSS statement did not contain warnings that AI could cause human extinction and did not call on Chinese companies to slow their work in the area.

Several regulatory officials, diplomats and academics who work on tech policy and AI governance say that Beijing has grown increasingly concerned about its cyber vulnerabilities, given the advances made by Anthropic and OpenAI, whose new models have demonstrated advanced hacking capabilities.

Chinese officials have also raised AI safety concerns in discussions with US counterparts and companies in recent weeks, the diplomats and academics say. In these talks, officials have warned against any move by Washington to ban open-source Chinese models. US President Donald Trump and his Chinese counterpart Xi Jinping are set to meet this month in the US, with AI safety expected to be on the agenda.

In his statement, Chen also outlined the risk of Chinese companies leaking “sensitive information” through their use of foreign AI tools. That warning could presage tighter restrictions on the use of foreign AI models in sensitive sectors.

Chinese state-owned enterprises and companies operating in areas such as finance and healthcare already face restrictions on the use of foreign technology, although enforcement varies.

South-east Asia

Indonesia's Prabowo fires his finance minister

A. ANANTHA LAKSHMI AND DIANA MARISKA — JAKARTA

Indonesian President Prabowo Subianto has fired finance minister Purbaya Yudhi Sadewa after just one year in the role, in the latest shake-up in south-east Asia's largest economy.

Suahasil Nazara, who had been serving as deputy finance minister since 2019, was sworn in as Purbaya's replacement yesterday. The government did not say why Purbaya was removed.

Suahasil is seen as a technocrat and has extensive experience in fiscal policymaking, having previously led the country's fiscal policy agency for more than three years.

Jakarta's benchmark stock index pared losses after the announcement. Initially down by 2.5 per cent, the index closed down 0.1 per cent following the reshuffle.

Suahasil said Prabowo had asked him to safeguard “the health and credibility” of the state budget and pledged to keep the country’s fiscal deficit below the legal cap of 3 per cent.

"This is just a continuation, not a change," he added. "We will continue to manage the state's finances in a better way."

The reshuffle at the finance ministry is the second under Prabowo. Purbaya was appointed to the post in September 2025 after the ousting of Sri Mulyani Indrawati, who was widely respected, especially among the country's foreign investors, for her fiscal discipline.

Purbaya, however, failed to inspire confidence in the market, as he advocated looser fiscal policy and criticised the central bank for weakening the rupiah. He strongly supported Prabowo's goals to boost annual economic growth to 8 per cent, from the current level of about 5 per cent.

Jakarta gave no reason for the sacking of Purbaya Yudhi Sadewa

In spite of the initially positive market reaction, there are concerns that the investors will see the change at the finance ministry as further evidence of policy uncertainty under Prabowo.

Investors have been concerned about costly welfare policies and their impact on a strained budget, growing state interventionism and the possibility of a downgrade by index provider MSCI.

Dedi Dinarto, associate director at strategic advisory firm FGS Global, said Suahasil's appointment should offer some reassurance.

The new minister was “a more familiar and orthodox technocrat with deep roots in the finance ministry, in contrast to Purbaya, who came in with a stronger pro-growth mandate and a greater willingness to push the policy envelope,” Dedi said. “But the real test is whether Suahasil has the flexibility to maintain fiscal discipline while delivering Prabowo’s ambitious growth and spending agenda.”

Missile mission Covenant emerges from secretive ‘stealth mode’ as it seeks to disrupt the western defence market ✉ PAGE 10

Companies & Markets

Warnings over dangers of AI take heavy toll on tech stocks

- Memory and chip sector hit globally - Investors fear end of spending boom

EMILY HERBERT — LONDON WILLIAM SANDLUND — HONG KONG

US tech stocks tumbled yesterday after the biggest AI companies called for a slowdown in the development of the technology that has powered Wall Street to record highs.

The Nasdaq 100 index of tech stocks was down 1 per cent after Anthropic chief executive Dario Amodei over the weekend called for companies at the vanguard of the technology to manage the speed of its development following warnings over its safety.

Memory and chip stocks saw some of the steepest falls as investors speculated that a potential slowdown in AI's development could slow the investment boom. Sandisk, Intel and Micron all fell

Concerns burst into the open when a researcher said the industry was 'gambling with our lives'

more than 5 per cent, while Nvidia, the world's largest company by market capitalisation, was 3.1 per cent off.

“Fundamentally, the question that would come up is whether increased AI safety means slower and lower capex spending and subsequently what that means for global growth and earnings from an equity standpoint,” said Emmanuel Cau, head of European equities strategy at Barclays.

The prospect of higher rates was an additional drag on techs, with Brent crude climbing as high as \$109.80 a barrel and government borrowing costs rising as a result. The yield on 10-year Treasuries topped 5 per cent for the first time since 2023, up from just under 4 per cent on the eve of the Iran war.

The recent jump in energy prices and slightly higher than expected core inflation data from the US on Friday have prompted traders to add to their bets on higher interest rates, with three quarter-point increases now expected from the Federal Reserve by March next year.

Higher borrowing costs are costly for techs whose share prices rest on revenues projected far into the future, particularly given the reliance on debt markets to finance the AI build-out.

Tech stocks in Asia and Europe were also rattled, with South Korea's tech-heavy Kospi leading declines to end 3.3 per cent lower. Tech stocks were among the worst performers in Europe, with the Stoxx Europe 600 tech sub-index falling 2.1 per cent. Chipmaker ASML declined 6.1 per cent.

Fears over the technology burst into the open last week after a researcher at Anthropic resigned, saying that the Silicon Valley company and OpenAI were “gambling with our lives” as the rivals battled to stay ahead in the AI race.

In a sign of fears, shares in Japan's SoftBank, which owns about 13 per cent of OpenAI, tumbled 10.7 per cent.

The firestorm comes at a testing juncture for global stock markets, which have been powered higher by the AI boom since OpenAI launched ChatGPT in 2022. It also risks complicating Anthropic's planned initial public offering, which is expected this year.

"While the timing of [the] Anthropic IPO is unclear, it looks like OpenAI is delaying theirs at least until next year," said Cau.

China's foreign ministry appeared to reject the warnings yesterday as fear-mongering, saying that AI development was “a force for good”.

Additional reporting by Wenjie Ding in Beijing

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Board walk Hugo Boss chair steps down under pressure from Ashley's Frasers Group

Frasers has grown its stake in fashion house Hugo Boss as it pushes to go upmarket — Matteo Rossetti/Mondadori Portfolio/Getty

FLORIAN MÜLLER — FRANKFURT LAURA ONITA — LONDON

Hugo Boss supervisory board chair Stephan Sturm is stepping down after little more than a year in the role amid pressure from Mike Ashley's Frasers Group, which has become the largest shareholder in the German fashion house.

Sturm will remain chair until a successor has been selected and will leave the supervisory board on October 15, Hugo Boss said yesterday.

“Following the recent changes in the company’s shareholder structure, I believe that it is the right time for an orderly transition in the chairmanship,” said Sturm, who was elected to its supervisory board in May last year.

Hugo Boss said that it will immediately begin a search for a successor to Sturm, who previously served as chief executive of German healthcare group Fresenius.

Sports Direct owner Frasers has grown its stake in Hugo Boss to roughly 48 per cent following a takeover offer launched in June and has said that it intends to increase its holding above 50 per cent. Hugo Boss is an important supplier to Frasers, which also owns House of Fraser and upmarket clothing chain Flannels.

Earlier this month, Frasers said it was “reviewing whether it continues to support” Sturm as chair after last year clashing over dividend payments. Following Frasers’ announcement, Hugo Boss terminated its share buyback programme.

Separately Frasers said yesterday that Sturm's departure had been mutually agreed following talks over the supervisory board's composition.

The retail group also said it was seeking to appoint Robert Palmer, a former accountant who previously served as Frasers' company secretary, to the board of Hugo Boss. Palmer would serve on the board alongside Frasers' chief executive Michael Murray, Ashley's son-in-law.

Frasers, which first acquired a stake in Hugo Boss in 2020, has a history of building significant stakes in suppliers and rivals, often as a means to secure supply of certain brands or pressure them to adopt its services, including its buy-now, pay-later offering.

Frasers acquired a 6 per cent stake in Puma this year.

The group, which is majority-controlled by Ashley, has been investing behind a push upmarket. Following the acquisition of Harvey Nichols in August, Frasers controls a portfolio of more than 90 luxury fashion stores.

Anthropic moves to allay worries about profitability

GEORGE HAMMOND — SAN FRANCISCO JAMES FONTANELLA-KHAN — NEW YORK

Anthropic has told its backers it will be profitable this quarter, as it moves to allay investor concerns about the aggressive cash burn of frontier AI companies ahead of its blockbuster initial public offering.

The company has told a small group of shareholders that its adjusted operating income will be positive for the second consecutive quarter, according to multiple people with knowledge of the matter. The measure strips out costs including stock-based compensation.

Anthropic's gross margins are above 80 per cent before accounting for revenue shared with distribution partners, including Amazon, and the cost of training its models, according to two of the people. Sustained profitability would be a major milestone for the five-year-old company ahead of its planned listing.

Anthropic has chosen Nasdaq as the venue for an IPO that could value it at \$2tn or more, according to a person with knowledge of the matter. The company declined to comment.

The Claude maker had been expected to unveil its prospectus last week. Instead, the company shared documents with a small group of investors and will field questions from them before making them public, according to people familiar with the process.

The listing comes at a fraught moment for the industry, as the rapid pace of development collides with anxiety over the technology's impact on everything from the environment and jobs to the future of humanity.

On Saturday, the \$965bn start-up's chief executive, Dario Amodei, called on the AI industry to slow the pace of development.

Potential investors must grapple with the implications of the scrutiny of AI safety, as well as a business model that has yet to be tested on public markets.

Anthropic recorded an adjusted operating profit in the second quarter, after revenues surged 14-fold from a year earlier to \$11.5bn.

The group hit annualised revenue of \$65bn at the end of July, up from \$9bn at the end of last year.

"If you continue to operate at these margins and growth rates, it will be so hard to compete [with Anthropic] because they have so much [computing resource]," said Joey Brookhart, an analyst covering AI labs at SemiAnalysis.

AI leaders' heated rivalry hinders pledge to act for common good

BUSINESS INSIGHT TECHNOLOGY Madhumita Murgia

T

he world of mathematics was rocked by a claimed breakthrough last week – a solution to a longstanding problem over a 200-year-

old complex set of equations known as Navier-Stokes.

One of the first problems of its magnitude to be solved with the help of AI, the breakthrough should have been celebrated as an intellectual triumph. But instead the news has been marred by a roiling controversy over who deserves credit: the New York mathematician and his collaborator from AI group Anthropic who had been close to the solution, or its rival OpenAI, which spent millions of dollars and used about 10,000 AI agents to complete the task.

The quarrel between Anthropic and OpenAI is not their first; it is the latest in a long series of disputes in the relationship between the two top contenders in the race to create superintelligent AI systems.

That increasingly matters to the world as AI develops faster than even the companies had expected. Anthropic's co-founder Dario Amodei has just called for the pace of AI's development to be slowed after a series of alarming safety warnings from current and former employers.

The call was supported by OpenAI's Sam Altman and Elon Musk in a rare display of unity. There is not much detail on the practicalities of how their aims would be achieved, with both insisting they will continue to train and build new generations of models. And there is an open question – can these companies and their founders put aside their rivalry for the common good?

The schism between OpenAI and Anthropic is deeply personal. Anthropic was founded in 2021 by a group of OpenAI employees who broke away from the ChatGPT maker, spurred by the belief that AI systems needed a more responsible steward than OpenAI. Ever since, Anthropic has fashioned itself as a custodian of safe AI, with a dual focus on social purpose and profit.

Over the past few years the two have competed openly for talent, public favour, technological supremacy and

commercial dominance via their products ChatGPT and Claude. Now, they are racing to list on the public markets, eyeing similarly dizzying valuations beyond

Each AI corporation believes they should be entrusted with developing powerful models because their rival is flawed

\$1tn. The companies filed their documentation to the Securities and Exchange Commission one week apart.

It is common to see employees of the two companies carping at each other on social media site X, and their leaders archly criticising one another. In February, Altman and Amodei refused to hold hands at a photo session with Indian Prime Minister Narendra Modi as other leaders did during India's AI Impact Summit. They instead raised their fists.

Such incidents might be dismissed as petty frictions not unknown elsewhere in the corporate world. But rather than focusing on co-operating to contain the evident risks arising from AI, the companies have been racing to release new models more powerful than the last.

In February, Anthropic opposed the Pentagon's use of AI for certain military applications such as autonomous lethal weapons and mass surveillance. This led to the Trump administration publicly cutting ties with Anthropic and a legal firestorm. Within hours, OpenAI had taken advantage of the situation and signed its own deal with the Pentagon, claiming it had negotiated its safeguards independently. Google followed suit.

In another sign of the pressure-cooker competitive environment, Anthropic publicly pulled back on commitments in its responsible scaling policy this year, a pledge to halt or withhold AI models if it could not guarantee proper safety measures in advance. Anthropic cited competitor pressures, and a lack of faith in unilateral pledges, as a reason.

So why have the companies continued to push on developing AI and revenues at speed in the face of what they agree are potentially catastrophic risks to human lives? Part of the explanation is ideological. AI corporations frame the advance of the technology as an existential and moral issue. Each believes they should be entrusted with developing powerful AI because their rival is flawed. If any one of them pulls the handbrake now, they believe the outcome could be worse than ploughing on.

One former Anthropic researcher I spoke to put the dynamic like this: "Hubris. Fear that the next guy will do it even worse. Being caught up in your own narrative that you're the good guys." But as the AI leaders concede, if there is a time to put aside personal rivalries and find a path forward, it is now. There is so much riding on it.

madhumita.murgia@ft.com

COMPANIES & MARKETS

Pharmaceuticals

Novo ditches Nordisk name amid rejig

Danish drugmaker updates in effort to boost appeal as it tries to catch obesity rivals

AANU ADEOYE — LONDON

Novo Nordisk is shortening its name as part of an effort to boost its appeal to consumers in the obesity-drug market, where the Danish drugmaker has fallen behind rival Eli Lilly.

The group said yesterday that it would be using Novo for day-to-day use, dropping Nordisk for the first time since it was founded more than a century ago.

The update comes as Novo prepares to face investors at a capital markets day next week, where the maker of Ozempic and Wegovy will be expected to demonstrate that it has new ideas to help it regain ground in its fierce battle with Eli Lilly for dominance in the multibillion-dollar obesity-drug market.

It is the group's latest move under chief executive Mike Doustdar, who was brought in last year to revive the drug-maker's lagging performance and diversify beyond its portfolio of diabetes and weight-loss drugs.

Novo became Europe's most valuable company in 2023 thanks to an early lead in obesity jabs.

However, it has since lost market share to rival Eli Lilly's Zepbound and Mounjaro in the US, because the latter was quicker to launch sales directly to consumers.

Evan Seigerman, analyst at BMO Capital Markets, said in a note that Novo was already colloquially used by most investors and analysts. "Sure, this adds simplicity, but does it materially change

'Sure, this adds simplicity, but does it materially change anything?' Evan Seigerman, BMO analyst

anything?” he asked. “If these changes spur additional cultural shifts internally that drive performance, then we’re all for them. What we would not want is this rebrand to become a distraction that otherwise dilutes from serious strategic refinement and execution,” he added.

Doustdar will be under pressure next week to show that Novo can boost sales, which are expected to remain flat or fall by as much as 6 per cent this year, and develop promising new drugs.

Although its obesity pill is performing well, investors remain nervous about the group's lack of diversification, with 93 per cent of its revenue in the past quarter coming from obesity and diabetes sales.

The group, which began life as a maker of insulin treatments for people living with diabetes, was founded as Nordisk in 1923 and became Novo Nordisk through a 1989 merger with its domestic rival Novo.

The company said yesterday that the rebrand would give it a “distinctive, recognisable and consistent way to connect with people, partners and other stakeholders around the world”.

Novo has also updated its logo, with its trademark Apis bull now looking to the right instead of to the left. Novo Nordisk will still remain its legal name.

Aerospace & defence. Armaments

Thiel-backed start-up builds trio of missile sites

Covenant to make 'deep-strike' long-range weapons at US,

Germany and Israel factories

LAURA PITEL — BERLIN

A defence start-up whose backers include US tech billionaire Peter Thiel's Founders Fund is building a trio of factories in the US, Germany and Israel to mass-produce long-range weapons designed to counter threats from China, Russia and Iran.

Washington-based Covenant told the FT that it was emerging from two years in secretive “stealth mode” as it seeks to disrupt the western defence market with its Anthem “deep strike” munition.

Anthem is intended as a cheaper alternative to weapons such as US-made Tomahawk cruise missiles, which have a 1,600km range but cost several million dollars each and are in short supply because of production bottlenecks and the war in Iran.

Covenant is “relentlessly focused on two things: low cost and high producibility” using readily available components, co-founder and chief executive Michael Kaufman said in the company’s first media interview.

He added that the aim was “to deliver deep precision-strike solutions for Europe, the US and allies”.

The start-up, which is also backed by a venture capital firm founded by an adviser to Israeli Prime Minister Benjamin Netanyahu, has already taken over sites in Dallas and Leipzig and has a third location in Israel, with production at all three set to begin early next year.

Covenant aims to produce 1,000 Anthem missiles a year at each of its German and US plants in 2027, and 5,000 a year at each site from 2028.

It said that each weapon would cost in the “mid six-figure” euros — a fraction of the price of Tomahawks, which are sold to overseas governments for roughly \$4mn-\$6mn apiece.

Covenant's public entrance to the global defence scene comes as the US and its allies in Europe and the Indo-Pacific region strive to obtain long-range weapons or bolster their existing stocks.

The war in Iran has severely depleted US stockpiles of Tomahawk missiles, which are made by Raytheon at a current rate of just 60 a year, although the US defence group last month struck a \$23bn deal with the government to increase the annual output to 1,000.

Governments in Europe are also seeking to procure or develop ground-based long-range weapons capable of striking Russia from European soil after decades of relying on the US for such capabilities.

Kaufman, a 36-year-old US-Israeli citizen who previously worked at Thiel's

Covenant's Anthem missile aims to confront threats posed by Russia, China and Iran, says president Abby Denburg, below Dylan Hollingsworth/FT

hedge fund Thiel Macro and his private investment firm Thiel Capital, founded Covenant in 2024.

His co-founder was Ofir Dayan, a former system chief engineer for the Iron Dome air defence system made by Israel's Rafael Advanced Defense Systems.

Kaufman said that the pair were inspired by the rapid innovation in small tactical weapons such as drones that proliferated in the conflict in Ukraine. But he wanted to create a “war-winning” munition that could tip the balance in a conflict.

"Our mission was to deliver a strategic weapon affordably in huge quantities to help the west deter its adversaries," he said.

Several companies are hoping to disrupt a missile market traditionally dominated by established defence players such as Raytheon, Lockheed Martin and Europe's MBDA. They include US defence tech company Anduril, Dutch start-up Destinus and Fire Point, the Ukrainian maker of the long-range Flamingo missile.

Covenant declined to state the range of the Anthem, citing customer confidentiality. But Kaufman said the concept was partly a response to a German-British plan to jointly develop “deep precision strike” weapons with a range of more than 2,000km.

"We have designed Anthem to answer the Russia threat, the China threat and the Iran threat," said Abby Denburg, Covenant president and chief growth officer.

“That demands a certain range requirement and the ability to hit critical cities.”

The company said that Anthem will carry a warhead weighing up to 250kg, which is little more than half the 450kg payload of a Tomahawk. But Covenant said the lower cost and ability to be produced at scale would allow militaries to

'Our mission was to deliver a strategic weapon affordably in huge quantities'

Michael Kaufman, Covenant CEO

fire large barrages of the missiles to "saturate" targets such as weapons factories or military bases.

The company said that it had booked orders worth roughly €130mn so far. They include two initial contracts with the US government, one to trial its products with the army and a second with the navy to develop a maritime version of Anthem.

Germany, which is leading a European rearmament drive in response to Russia's full-scale invasion of Ukraine in 2022, is considering procuring Anthem, according to a senior government official.

Covenant declined to say whether its product should be classified as a cruise missile or a long-range drone — categories that have become increasingly blurred.

“Nomenclature is in the eyes of the beholder,” said Denburg, who previously spent eight years at Boeing and its drone subsidiary Insitu. While different potential customers used different terminology, she added, “we consider it a deep precision-strike munition”.

The company said that it had carried out more than 200 trial flights of Anthem, with customers including the US military.

Covenant is likely to face questions in Europe about its US links at a time when the continent is seeking to reduce its dependence on critical American technology amid deeply strained relations with Trump.

Kaufman and Denburg insisted it was a “truly global defence company”, adding that its German entity would be independent and have an “almost entirely” European supply chain. About 5 per cent of components and subcomponents are non-European, the company said, while none are from the US.

The start-up's investors may also attract scrutiny.

Covenant's backers include Founders Fund, the venture capital firm co-founded by Thiel, who has close ties to Trump and is a vocal sceptic of liberal democracies. It has also won backing from Andreessen Horowitz and 8VC, both of which have ties to the US president, as well as Israeli venture capital

firm Aleph, whose co-founder and partner. Michael Eisenberg is an partner Michael Eisenberg is an adviser to Netanyahu on Gaza and the US.

Its other VC backers are Altimeter, Lightspeed and Lux Capital, which has ties to the Democratic Party.

“None of those investors are involved in the day-to-day decision-making of Covenant,” Kaufman said.

A person familiar with the details said that Founders Fund had a minority stake and no seat on the board.

Insurance

Consortium led by Dell secures \$7.7bn deal to take private broker Baldwin

OLIVER BARNES, ANTOINE GARA AND JAMES FONTANELLA-KHAN — NEW YORK

An investor consortium led by the family office of technology billionaire Michael Dell has reached a \$7.7bn take-private deal for insurance broker The Baldwin Group.

A go-private deal for Baldwin, valuing the insurance brokerage firm at \$32.50 a share, was announced yesterday, confirming an earlier FT report.

The transaction is co-led by Dell's DFO Management and Sequence Holdings, a venture capital-backed tech group investing in the service economy, Baldwin said in a statement yesterday. Senior Baldwin employees will also be able to roll their equity into the deal.

The Dell-led consortium prevailed over several large private equity groups in its pursuit of Baldwin, according to people familiar with the matter, showing how the tech world is increasingly muscling out Wall Street firms by paying richer valuations for assets with plans to deploy AI-enabled tech to boost returns

The price tag of the deal equates to an 88 per cent premium to Baldwin's valuation in June, before reports first emerged that the insurance broker was exploring a sale.

Baldwin specialises in commercial

'Baldwin has built something rare in insurance distribution: a genuine data and platform advantage'

insurance brokerage, advising midsized and large companies shopping for insurance policies for everything from cyber security to employee benefits to real estate.

"Baldwin has built something rare in insurance distribution: a genuine data and platform advantage, compounded over 15 years, led by a team with a clear and differentiated vision," Michael Dell said in a statement announcing the transaction.

The deal values Baldwin’s equity at \$4.6bn and gives the company an enterprise value of \$7.7bn after including its \$3.1bn debt pile. Shares in Baldwin jumped almost 7 per cent in pre-market trading yesterday, giving the company an implied market capitalisation of \$4.4bn.

A take-private deal for Baldwin comes on the heels of Aon buying KKR-backed brokerage firm USI Insurance at the end of last month for \$17bn, in a sale that is set to generate the New York-based private equity giant about \$3.3bn.

A takeover of Baldwin marks a rare full-blown leveraged buyout led by DFO, one of the world's largest family offices, which manages tech billionaire Dell's money.

DFO's predecessor, MSD Capital, played a major role in the \$24.9bn leveraged buyout of Dell Technologies alongside Silver Lake Capital Management in 2013.

Sequence launched earlier this year with the aim of deploying tech to boost the performance of service businesses, making its first minority investment in privately held community lender Bank-South.

Sequence is backed by Silicon Valley VC firms including 8VC, Lux Capital and Conviction, as well as DFO.

The company uses its “engineering talent” to partner with businesses to “transform them into market leaders,” co-founder and chief executive Michael Lee said in a statement.

Music sector cracks down on streaming fraud

DANIEL THOMAS

Music companies and distributors have agreed new rules to clamp down on the use of AI-generated music to defraud streaming services and divert royalties away from legitimate artists.

Industry executives estimate that almost 10 per cent of streams are now deemed to be fraudulent, with AI generating much of the music.

Streaming fraud involves the creation of huge numbers of tracks from simple prompts, before using networks of bot accounts to play them repeatedly, generating large sums in royalty fees for the owner of the tracks and diminishing the pot of cash available for genuine artists.

French streaming service Deezer said that AI-generated songs made up more than half of new music uploaded in July, averaging 90,000 tracks a month. It also found that up to 85 per cent of streams of fully AI-generated tracks last year were fraudulent.

The International Federation of the Phonographic Industry (IFPI), which represents recorded music companies worldwide, said that major distributors had agreed to guidelines to help stop fraudulent AI-generated tracks reaching streaming platforms.

“Streaming fraud misleads fans and deprives legitimate artists and songwriters of income that should rightfully flow to them,” said Victoria Oakley, IFPI chief executive. “This is theft, plain and simple.”

Distributors will commit to do more to prevent fraudulent tracks being uploaded, including verifying rights ownership and customer identities.

They have also agreed to vet content for infringement, fraudulent activity and AI-related risks, and will act against repeat offenders and share information.

The Streaming Integrity Initiative is supported by more than a dozen labels and distributors such as Sony Music, Universal Music, Virgin Music, Absolute Label Services, Revelator, Warner Music, Absolute, FUGA and The Orchard.

The organisations are calling on remaining distributors and digital service providers to back the initiative, which establishes a set of baseline practices for the industry to help prevent, detect and respond to streaming fraud.

The initiative builds on the End Streaming Fraud campaign, launched by the IFPI and music companies to raise awareness of the threat posed to the music ecosystem.

Some streamers, such as Deezer, have already started tackling AI music fraud.

PwC overhauls Indian arm with joint venture

STEPHEN FOLEY — NEW YORK

PwC is to merge large parts of its India operations in a bid to expand offshore consulting work and better grapple with the impact of AI, as competition intensifies across the professional services sector.

Operations owned separately by PwC member firms in the US and India will be put into a joint venture under a deal signed on Sunday and announced by the two firms.

The new entity will combine offshore “acceleration centres” built in India by PwC US’s advisory business with the consulting business of PwC India.

Both businesses provide – and sometimes compete to provide – consulting and outsourced services for multinational clients. They also support PwC member firms worldwide with lowercost or specialist labour. The joint venture will house about 40,000 employees, more than 10 per cent of PwC's global workforce.

Unlike traditional multinationals, PwC and its Big Four peers operate as a network of locally owned partnerships, which can create complexity when serving international clients. It can also lead to tensions between member firms over how to split lucrative cross-border work.

All the Big Four firms have been sending work offshore to boost efficiency. They have also been competing to offer advice on rolling out AI and dealing with an expectation from clients that they should harness the technology to deliver services more cheaply.

Consulting partners at PwC had pushed for an agreement between the US and Indian firms to remove roadblocks to greater use of the “acceleration centres” by the rest of the network, according to people familiar with the matter.

The joint venture comes as AI is challenging assumptions about how much work will be sent to low-cost centres such as India if autonomous AI agents can replace humans for some tasks.

Paul Griggs, PwC US chief executive, told the FT that a combined organisation would provide a stronger foundation for innovation.

“Managed services 1.0, which to me is just body shopping, is not in vogue,” he said. “Managed services 2.0, AI-enabled and AI-accelerated operate businesses, is the name of the game.”

The joint venture is the latest in a string of moves by PwC to more tightly integrate its global consulting operations.

COMPANIES & MARKETS

AI revolution revives ‘moonshot’ capitalism

FT Series Tech investors are embracing the kind of risky and ambitious futuristic bets that helped to build Silicon Valley

TIM BRADSHAW

The AI boom is fuelling a resurgence in ambitious “moonshot” bets, as early SpaceX backers’ huge returns and falling valuations for traditional software companies force tech investors to embrace riskier and more capital-intensive dealmaking.

Ideas once considered outlandish, from nuclear fusion to melding humans with machines, are gaining attention from venture capital firms that even a few years ago would never have touched start-ups in such sectors.

"The world definitely has changed," said Matt Robinson, partner at VC firm Accel. "Look inside any VC's office and the kind of companies they are discussing over the last couple of years has transformed."

Excluding the giant sums ploughed into AI start-ups, global investment in “deep tech” – companies whose products are rooted in big scientific or engineering advances – has exceeded \$150bn since the start of 2024, more than the \$133bn in the entire decade to the end of 2019, according to Dealroom.

Ambitious founders in Silicon Valley are cheering a return to greater risk-

'You used to be able to say, this goes in the too-hard bucket. And I don't think you have that option now'

taking from investors, after an extended stretch following the dotcom bust in which VCs favoured backing predictable enterprise software companies.

"The most profitable [start-ups] to invest in were all software businesses on the internet for a period of time, when the internet was new and growing," said Max Hodak, co-founder of Science, a brain-computer interface start-up. "That sucked a lot of oxygen out of physical hardware because it's harder . . . Was that totally healthy? Probably not – but we're back."

Hodak, who also co-founded Neuralink alongside Elon Musk, argues that VCs' interest in software was itself a "detour" from the hardware ventures that helped Silicon Valley emerge decades ago. "The original 'OG' venture capital built the railroads. This is really the magic of capitalism," he said.

"We are in the early stages of that transition."

The AI infrastructure boom in particular has created new markets and customers for all kinds of wild ideas.

This year's deep-tech investments have not yet surpassed 2021's peak, which was propelled by battery and electric vehicle deals for the likes of Rivian and Northvolt – many of which turned sour, highlighting the risks involved in moonshot dealmaking.

“There is a feeling of turning the oil tanker,” said one VC executive specialising in “frontier” tech of the sense among investors that they have to move beyond software as a service (SaaS). “But it’s such a different thing to underwrite a quantum computing company to something where you’ve had such a strong set of benchmarks that you could put in a spreadsheet.”

But the extraordinary volumes of capital flowing into AI model companies are spurring a rise in bets that could revolutionise how data centres are powered or even put them into space, as well as reviving interest in other science-fiction ideas that AI promises to bring closer to reality.

AI is “really transforming what you can do ‘in silico’ before you do it in the

“Today there is almost a ‘why now’ for everything,” Robinson said. “You used to be able to say, this one goes in the too-hard bucket. And I don’t think you have that option any more.”

Ideas once considered outlandish, from nuclear fusion to melding humans with machines, are gaining attention from venture capital firms Tom Pilston/Daniel Brenner/Charlie Bibby/Harry Mitchell/Juha Nenonen

AI-powered simulations are already slashing the cost of experimenting in areas such as fusion and space tech, lowering the upfront spending requirements that have traditionally been associated with hardware ventures.

Venture capital floods into 'moonshot' sectors

Bouncing sunlight around in orbit might seem like less of a daunting prospect for portfolio managers whose software stocks have been hammered by this year's “SaaS-pocalypse”, which wiped away hundreds of billions of dollars in market value. Some losses were recouped after last month's earnings reports from the likes of Salesforce.com showed a potential uplift from AI.

physical world," said Carina Namih, investor at London-based VC Plural. "That is driving a massive acceleration in those deep-tech fields. So the capital intensity to get those returns has really changed."

AI businesses such as Anthropic could end up swallowing much of the market served by software companies, according to Bejul Somaia, partner at Lightspeed Venture Partners. “On the applications side, one of the biggest and most difficult things to underwrite right now in software-only businesses is durability and differentiation,” he said. “Where will the models end?”

But the timeline to cashing in those returns remains uncertain. Raising capital for ideas may be getting easier but the path to commercialisation is often just as hard as the tech breakthrough.

Alphabet's X lab popularised the idea of moonshot investments more than a decade ago, when Google's parent company created an incubator for ideas that traditional investors rarely backed. It has produced hits – such as Waymo, the self-driving car venture now valued at \$126bn – and misses including Loon, which had hoped to deliver internet access to remote areas via balloons before it was shut down in 2021.

As AI threatens to destroy “moats” that software incumbents have relied on to protect their businesses, many tech investors now argue that venture capital must also reinvent itself for a new, less certain era in the tech industry.

But even Google's starry-eyed approach to innovation is now becoming more grounded. In a recent interview with Fast Company, Alphabet's "captain of moonshots" Astro Teller said X now spent more time studying the business case and technical feasibility of its latest ideas, which include Bellwether, an AI-driven forecasting system aimed at predicting natural disasters.

Source: Dealroom • * Brain-computer interfaces ** Includes only battery companies also categorised as deep tech. 2026 data to Aug 2

Moonshot investors concede there is no traditional valuation metric that can win over an investment committee when it comes to ideas like putting data centres or biology labs in space. Writing a speculative cheque is often the only way to see which science project might turn into the next SpaceX.

2026 data to Aug 2. Excludes AI Source: Dealroom

Some of this year's biggest deep-tech deals outside of AI include space start-ups Sierra Space, Axiom Space and Iceye, as well as fusion start-ups Helion, Proxima and Inertia.

Interest in deep tech grows VC funding, quarterly, by round size (\$bn)

"One of the things everyone considered very difficult about the space industry, until now, was there was a very high barrier to entry," said Ariel Ekblaw, chief executive of space architecture R&D lab the Aurelia Institute and an investor in space tech, noting that in the AI era, "entire products . . . can be rebuilt in a day".

is space-to-ground, which is profoundly more efficient green energy and you can do it even at night."

The wealth created by the SpaceX IPO is fuelling a fear of missing out among “people who did not get invested in that first wave”, Ekblaw added, predicting this would spark a “Cambrian explosion of new start-ups” targeting the space industry. Founders Fund, for example, turned a roughly \$600mn investment in

Start-ups such as Overview Energy and Reflect Orbital are planning to float giant mirrors in orbit that would reflect sunlight back to Earth, while Florida-based Star Catcher raised \$65mn in May to build a power grid in space using "optical power beaming".

"In category after category, the terminal value we once counted on no longer holds," Hemant Taneja, who heads VC firm General Catalyst, wrote in an essay in July. "For an outcome to matter now, founders must build far bigger companies than before."

Musk's rocket, satellite and AI group into a stake worth more than \$50bn at the company's initial public offering, according to PitchBook estimates.

The US and China dominate VC funding, 2016-26 (\$bn)

Ekblaw predicts that falling launch costs will unlock new applications for the space industry, from energy to in-space manufacturing.

“We are going to see a maturation of the space industry, like we did with commercial aviation,” said Ekblaw.

Hodak, who is preparing to bring to market Science's first product — a retinal implant that can restore sight — bristles at the “moonshot” label.

"There is a real need for more orchestration of solar power in orbit between space assets that enables high-power activities . . . that were not happening before," she said. "The corollary to that

"Just because it's a big ambitious goal, I don't think it needs, in the psyche of the popular imagination, to mean it's unlikely," he said. "The original moon-shot worked. We did in fact leave a flag on the moon."

FT

Moonshot capitalism This is the first in a series on the billions of dollars pouring into start-ups pursuing scientific and engineering breakthroughs that could transform the way we live

A 250-YEAR TRADITION OF HIGH JEWELLERY SAVOIR-FAIRE

This richly illustrated feature tells the story of how the maison's iconic tiara developed into a full jewellery offering, and describes the meticulous creative journey from idea to masterpiece.

Financials

Orcel told to keep Commerzbank in Frankfurt

SIMON FOY — LONDON FLORIAN MÜLLER — FRANKFURT

Germany's finance minister has told UniCredit chief Andrea Orcel that Commerzbank should remain headquartered and listed in Frankfurt as the Italian lender moves closer to taking control of its German rival.

In the first face-to-face talks between the German government and UniCredit over the Milanese lender's push to acquire Commerzbank, Lars Klingbeil called for the interests of the Frankfurt-based group's 40,000 employees to be safeguarded, according to the finance ministry.

He also told Orcel, one of Europe's most prominent dealmakers, that the bank's role in financing Germany's small and medium-sized businesses should be preserved, the ministry added.

After yesterday's meeting, Klingbeil said: “We expect Commerzbank to remain a publicly listed company headquartered in Frankfurt and to continue its strong Mittelstand business – both in Germany and internationally.”

The talks demonstrate the softening in Berlin's approach towards a takeover in recent weeks, with the government – which holds a near-13 per cent stake in Commerzbank – moving from outright opposition towards setting conditions in the event of UniCredit securing control.

UniCredit moved closer to taking control of Commerzbank in July, securing a 47.6 per cent holding in its German rival after inviting shareholders to sell their stakes.

Although UniCredit's holding falls short of the 50 per cent threshold for majority control, analysts have said that it could exercise de facto control with its current holding.

UniCredit must still contend with demands from the German government, as well as the bank's powerful trade unions. Berlin previously criticised UniCredit for deploying "hostile tactics" in its pursuit of Commerzbank.

Commerzbank declined to comment.

UK COMPANIES

Aerospace & defence

Start-up opens four-floor components site

Isembard says factory is central London's largest since second world war

IVAN LEVINGSTON — LONDON

A start-up is opening what it says is central London's largest factory since the second world war as a resurgence of defence and AI investment drives a new wave of advanced manufacturing.

Isembard's 160,000 sq ft four-floor factory and headquarters is on the site of a ex-council car pound in Southwark.

Chief executive Alexander Fitzgerald said the facility would produce components for the likes of drones, rockets, robots, submarines and jet engines. Its customers include the US defence technology group Anduril, Babcock International and the government.

It has 35 workers at the site, with the total expected to reach 200 by the end of next year.

Opening up such a large factory in London will allow the two-year-old company to hire the machinists and other experts in fields such as AI and robotics engineering it requires, Fitzgerald told the FT. "The conviction was that actually you could find a lot of that great talent in London . . . it's the perfect location," he said.

The Mandela Way site, which is about the size of two football pitches, is roughly a mile from Tower Bridge and just off the A2 that connects London with the port of Dover. The site had been redeveloped by British Land to handle last-mile deliveries. Fitzgerald said it had been unoccupied before Isembard signed a deal to launch its operations less than three months ago.

Other defence companies, as well as the government, have also been searching for idle or disused factories to expand manufacturing capacity.

The Ministry of Defence this summer opened a drone-testing facility in Swindon, which is home to some of the world's biggest drone makers. The facility is on the same site where Spitfires were made during the second world war and that later became a Honda car plant before it closed five years ago.

Property groups are also increasingly making bets tied to defence. Sirius Real Estate has spent hundreds of millions of euros on defence-related acquisitions in the UK and Germany over the past 18 months and plans to boost that figure to €1bn, the FT previously reported.

Isembard has previously raised more than \$50mn from investors including the early Twitter backer Union Square Ventures, with a recent financing from existing investors valuing the group at roughly \$500mn, according to a person familiar with the matter.

The company plans to raise more funding to support its expansion plans. Isembard has 15 factories across the UK, US, France and Germany, with the majority owned by franchisees.

Named after the famed Victorian engineer Isambard Kingdom Brunel, the company aims to disrupt fragmented component supply chains dominated by small businesses with a network of software-driven factories that work with critical industries.

“Manufacturing is the origin of our security, prosperity and sense of purpose as nations. No one has opened a factory like this in London since the second world war and that tells you how far our industrial base has been allowed to shrink,” Fitzgerald added.

Business secretary Jonathan Reynolds welcomed the new factory, saying: "This is exactly what reindustrialising Britain is all about."

Additional reporting by Sylvia Pfeifer and Julie Steinberg

Financials. Investment

Arini bruised by Europe's thorniest credit trades

London hedge fund's flagship strategy pushed into losses after big bets on debt of ailing groups

EUAN HEALY, COSTAS MOURSELAS AND ROBERT SMITH

London-based credit investor Arini Capital Management has found itself on the wrong side of a number of Europe's thorniest distressed-debt trades, pushing its flagship strategy to a loss during a year when two of its top traders have left.

Arini, which manages \$22bn, has been one of Europe's fastest-growing hedge funds and quickly developed a reputation for using leverage to take big concentrated bets on the debt of struggling corporates.

Founded in 2021 by former Credit Suisse high-yield trader Hamza Lemssouguer, the contrarian approach has earned its master fund big profits, gaining 27 per cent in 2023, 21 per cent in 2024 and 10 per cent last year.

But a series of soured bets has driven the 35-year-old Moroccan's flagship fund to a loss of more than 8 per cent since the start of the year, according to people familiar with the matter.

The master fund – Arini's largest – lost almost 8 per cent in July and close to 1 per cent in August, as positions in the debt of companies including Aston Martin and Altice International have deteriorated.

The fund's largest single-name loss in July came from a bet on the debt of Altice International, part of Franco-Israeli billionaire Patrick Drahi's telecoms empire.

Altice International's bonds plummeted at the end of last year, when Drahi shifted the group's most valuable assets out of the pool of collateral pledged to creditors.

Arini was among the group of senior bondholders that banded together in negotiations with the company and accused it of triggering a default.

But in July, a subset of the senior creditor group – including Arini and Silver Point Capital – began pushing for a deal that would give them a preferential payout compared with their peers in any restructuring, as a reward for being willing to litigate against Altice.

News of the deal caused Altice's bonds to fall further, forcing Arini to mark a loss for the month.

Arini was hit by another asset shift in July, when heavily indebted carmaker

Arini, founded by Hamza Lemssouguer, above, was hit by the debt woes of groups such as Aston Martin Jose Sarmento Matos/Bloomberg: John Keeble/Getty Images

Aston Martin stripped its most valuable naming and branding rights from the reach of creditors owed more than £1.3bn, causing its bonds to plummet.

Arini is one of the company's largest bondholders, owning hundreds of millions of pounds' worth of Aston Martin's debt. The assets were pledged to private credit firm HPS, as part of a contentious £550mn new financing deal that cut out existing creditors.

During a difficult year for the fund, a number of senior traders including US chief executive Gavin Yates and Ben Elliott, another member of the investment team, have departed. Yates is set to join Citadel.

The fund sought to reassure investors in a letter about the July performance, telling them that its expectations about worst-case scenarios and timelines for its positions to come good were unchanged, and that it had doubled down on its highest-conviction trades.

It has bounced back from similar mark-to-market losses before.

Arini reminded investors that it shed 8 per cent in two months in early 2024, then gained about 29 per cent over the next 12 months. It also lost 15 per cent over a few months after its launch in 2022, but over its first four years, Arini earned a return of 73 per cent.

Alongside its flagship fund, Arini also

Its volatility stems from large bets on some of the most perilous situations in credit

runs other smaller strategies where performance this year has been better.

Its credit opportunities fund is up 12 per cent year to date and a direct lending strategy has returned 7 per cent so far this year, according to people familiar with the matter. Arini also has an asset-backed finance strategy.

Arini's volatility stems from large bets on some of the most perilous situations in credit, often becoming the largest bondholder of a distressed company, holding such a large size that its position is harder to sell out of. When these bonds fall sharply in price, Arini risks taking large losses.

As well as owning large chunks of debt, the hedge fund has also garnered a reputation for trading in the opaque market of credit default swaps, buying and selling protection against defaults by heavily indebted companies.

Arini was one of the largest holders of bonds issued by glass and packaging conglomerate Ardagh before taking ownership of the group in a restructuring last year.

It had also sold large amounts of Ardagh CDS to investors seeking protection against a default in a trade gone wrong, however, resulting in it having to pay out large sums to investors who bought the contracts.

It also took losses in July from two telecoms positions, according to people familiar with the matter: an equity stake in US group EchoStar and a large position in the bonds of Apollo-backed Brightspeed, which has since warned of its ability to continue as a going concern.

Bloomberg first reported Arini's July losses.

Arini also holds a small position in Pfleiderer, a struggling wood-panelling company backed by Strategic Value Partners. The price of its bonds fell to 17 cents on the euro this month from about 46 cents at the end of August.

Bondholders including Arini are set to take over Pfleiderer as part of a restructuring, making it the latest heavily indebted company that the credit fund will have taken control of since last year, along with Ardagh and debt collector Lowell. Italian packaging group Reno de Medici is also set to join that list.

On top of the CDS sales on specific companies, Arini is known for selling slices of derivative indices that protect against losses at riskier companies.

These “equity” tranches mean that Arini in effect provides insurance against the riskiest portion of the European junk-debt market, betting defaults will be lower than the market expects.

Oil & gas

Indian group Essar strikes deal to buy 118 petrol stations

ALICE HANCOCK — LONDON

Essar Group has agreed to buy one of the UK's largest independent petrol-station owners, expanding its forecourt network as Britain's oil majors move to divest their retail operations.

The Indian conglomerate said yesterday it would buy SGN Retail, which owns 118 forecourts, in a deal that allows Essar to double the size of its petrol-station network.

The purchase comes as Essar pushes to expand its network to 800 forecourts by 2031. The sites would be supplied by its own refinery at Stanlow, the UK's second largest by output, which Essar believes will allow it to offer more “competitive prices at the pump”, said Arvan Ruia, chief executive of EET Retail, Essar's fuel retail division. “SGN Retail is one of the highest-quality forecourt networks in the UK — sites averaging the size of three tennis courts, well ahead of the market,” said Ruia.

Essar declined to comment on the valuation of SGN. Recent deals have valued forecourts at about £3.5mn per site, according to sector executives, suggesting a valuation in the region of £400mn for SGN's sites.

Globally, oil companies such as BP and Shell have been retreating from petrol stations, under pressure from investors who argue that it makes more sense for them to be operated by retail special-

SGN Retail has sites 'averaging the size of three tennis courts, well ahead of the market'

ists. ExxonMobil and Chevron, by contrast, franchise out their brands with locked-in supply deals for the fuel.

Despite the rise of electric vehicles, Essar said it saw a strong rationale for expanding into petrol stations because of a combination of population growth, the rise of multi-car households and the declining number of forecourts in the UK overall. There are about 8,300 forecourts in the UK, with the Esso brand, owned by Exxon, having the largest presence. The largest independent petrol-station operator is Motor Fuel Group with more than 1,200 forecourts.

Essar said that 800 petrol stations by 2031 would give it about 9 per cent of the UK market.

The group, which was founded by the Indian billionaire brothers Shashi and Ravi Ruia in 1969, bought the Stanlow refinery from Shell in 2011. Stanlow produces about 270,000 barrels per day.

Essar has said it planned to invest \$2.4bn in Stanlow to make it into a “low-carbon energy hub” including carbon capture, hydrogen and sustainable aviation fuel production.

Having its own petrol-station network would let the group increase sales of renewable fuels in the future, it said.

Essar plans to invest \$2.4bn to make Stanlow ‘a low-carbon hub’

Financials

MFS administrator makes 'honourable' exit

LAITH AL-KHALAF, ALISTAIR GRAY AND ROBERT SMITH

Creditors of the collapsed mortgage lender Market Financial Solutions have blocked an administrator from overseeing part of the insolvency over concerns that previous connections between him and MFS's founder could undermine the process.

MFS collapsed in February amid fraud allegations, owing £2.6bn to some of the world's largest banks and private credit firms.

Nimish Patel of Coots & Boots, a small family-run restructuring firm, stepped down from the administration of an entity known as MFS International Limited after opposition from creditors to the failed property lender.

A High Court judge last week signed off Patel's discharge as a joint administrator to MFS International, noting that concerns had been expressed “about the prior relationship [of] Mr Patel with this company” and a “perception of a conflict of interest”.

Paresh Raja, the founder of MFS, is alleged to have used MFS International to funnel money to himself for personal use, according to court documents.

Coots & Boots will be replaced on the MFS International administration by Begbies Traynor, which had been jointly

Patel said it was ‘right that the choice . . . ultimately rests with those who have lost money’

overseeing it. MFS funds backed by lenders including Barclays and Apollo wanted to replace Patel.

Coots & Boots had initially been lined up for a much bigger role, but was replaced by AlixPartners after allegations that the firm had a prior relationship with Raja, according to a skeleton argument for an earlier hearing.

It is still working on the administration of several MFS entities alongside Begbies Traynor and the order to replace Patel only applies to MFS International.

Both Coots & Boots and Begbies Traynor denied that there was any conflict. The judge said Patel had “entirely honourably” decided that “it would be best for the company . . . if he resigns”.

Patel told the FT that it was “right that the choice of administrators ultimately rests with those who have lost money, and I respect that.

"The approval of the administrators' proposals for [MFS International] was made conditional on my stepping aside. I have chosen to accept that condition rather than allow the administration to be held up, because the overriding priority is that the work continues and that creditors are not made to wait."

He added that Coots & Boots' work was nearly complete and that it had already served a demand on the company's directors to recoup £300mn.

A spokesperson for Raja previously said that he “has consistently maintained there was no fraud or dishonesty”.

Sport

Sunderland football club targets US fan base

PHILIP STAFFORD

Premier League football club Sunderland is targeting major US cities that identify with its industrial heritage as tougher financial rules push England's leading clubs to seek out fresh sources of revenue.

Tom Burwell, the club's chief executive, said he wanted to tap into Sunderland's history of mining and shipbuilding, as well as its regeneration this century, as a way to drive interest in the team beyond its home in north-east England.

"Our opportunity is to build on an identity and a business that's deeply rooted in the 30km radius of Sunderland," he told the FT. "It's our responsibility to land that story in markets that we're able to, then grow fan bases and ultimately grow revenues."

Burwell singled out Philadelphia, Pittsburgh and Detroit as big post-industrial cities where Sunderland's story had struck a chord during their recent pre-season tour of the US.

"Our view on North America is to be highly targeted alongside partners and distribution platforms, and wrap our very authentic story up and tell that story to people that's going to resonate," he added.

Sunderland's push comes as new rules on club finances introduced this season

In the pink: Sunderland beat Wrexham in a friendly during their recent visit to Philadelphia

reshape spending by England's biggest teams, helping fuel a record summer of buying and selling.

Regulations known as Squad Cost Rules, which aim to promote financial sustainability, limit the amount teams can spend on players unless profits are generated by player trading.

However, clubs that generate strong turnover off the pitch will have more freedom to spend on their squads and facilities, while teams playing in

European competition face even tighter limits. This week Sunderland will play its first European fixture since 1973.

Burwell acknowledged that the rules had “put a lot of challenge and opportunity on the business” but added that they could help because “as a club of substance we can build sustainable and strong revenue”.

Sunderland's pre-season tour took them to the US states of New Jersey, Pennsylvania and Tennessee. “What we found is Philadelphia really resonated strongly,” Burwell said, as did Pittsburgh and Detroit, cities “with major sports organisations that represented their community. I don't think that Los Angeles and New York are going to be our places because they're not.”

The club has also agreed a tie-up with the Elvis Presley estate to sell its pink and black Elvis Cadillac-themed away shirt at Graceland, a nod to supporters singing “Can’t Help Falling in Love”.

Sunderland's move further enmeshes the Premier League with American consumers and capital markets.

COMPANIES & MARKETS

Equities. First-day bounces

China warns bankers against barrage of 'low-quality' IPOs

Regulators urge caution after two recent blockbuster listings trigger flood of applications

ARJUN NEIL ALIM — HONG KONG

Chinese regulators have told bankers not to flood the initial public offering market with so-called low-quality companies and to keep pricing flotations cheaply amid Beijing's campaign to boost retail investors' faith in equities.

Chipmaker CXMT and humanoid robotics start-up Unitree enjoyed huge investor interest on their recent debuts, soaring more than 400 per cent on the first day of trading after being priced lower than they would have been on western exchanges.

Officials from the China Securities Regulatory Commission recently met some of the country's senior investment bankers to reiterate that they wanted this conservative pricing approach to IPOs to continue, according to two people familiar with the meetings.

They also underlined their desire to avoid a spate of listings, particularly of companies not deemed to be “national champions”, following a surge in applications triggered by the recent IPO successes, said the people.

China's IPO market has roared back this year, with more than 100 listings raising more than \$28bn so far — up by almost half compared with the whole of 2025 — according to HSBC analysts. New listings posted first-day median gains of 173 per cent in China this year.

The warnings show that Beijing intends to maintain control of the IPO market to meet national goals and encourage people to put more money into the stock market over other forms of investment, such as property. Regulators “want to make sure that investors who subscribe to IPO shares can make good gains — that’s how the market keeps going”, said a senior executive at a leading Chinese bank.

In the west, bankers usually price listings for a “pop” of about 10 per cent, but different concerns apply in China, where some past listings have fallen sharply after trading begins, hurting retail investors. That has encouraged underwriters and regulators to engineer larger first-day gains.

"There is a consensus that the IPO price cannot be too high. It needs to be set a bit lower to leave a large safety cushion," said the Chinese bank executive. "If a company can be priced at around 30 times earnings, then in reality it might be priced at only 15 times."

This was particularly true of CXMT, which was valued on a price-to-earnings basis similar to rivals such as Samsung and SK Hynix.

As the company sits in a sector crucial to the AI boom, investors still sent the shares about 560 per cent higher than their offer price.

2026 listings in China have nearly eclipsed last year's total Number of IPOs in A-share market, 2020-26

China has made progress with IPO pricing. A decade ago, almost all deals were priced at a cap of 23 times earnings for listings, often producing sharp swings that left investors vulnerable and share price performance unsustainable in the long run.

Since the launch of Shanghai's tech-focused Star Market in 2019, listings have been priced at different multiples depending on the company and sector. Lossmaking but strategic tech companies can also be valued on sales rather than earnings on the Star board.

Bankers say such an approach also allows local government funds and state-owned banks – which usually retain large stakes in companies after a listing – to realise outsized gains on paper and reduce the risk of political criticism that they have failed to preserve state assets.

Winston Ma, an adjunct professor at the New York University School of Law and a former managing director at Chinese sovereign fund CIC, said: "A relatively low IPO price set guarantees the listing execution and rewards the long-

Listings on main Chinese stock markets post first-day gains Median first-day return (%)

Year to date Includes IPOs on the Shanghai, Shenzhen and Beijing stock exchanges. Data for 2026 as of Sep 8 Sources: Wind; FT calculations

Heavy hitter: a man spars with a Unitree robot at an industry event in Beijing last month. The group's shares climbed more than $400\%$ on their first day of trading — Kevin Frayer/ Getty Images

'If a company can be priced at around 30 times earnings, then in reality it might be priced at only 15 times'

term state and strategic shareholders who funded these national champions through the hard years."

He said there had been some “soul-searching” about China’s listing mechanism after post-listing declines in stocks such as Unitree. The robotics start-up fell by almost 50 per cent after the first day’s huge rise, though the stock remains about 240 per cent above the debut price.

"It was an extreme supply-demand asymmetry," said Ma.

"In tech debuts where a company carries national-champion hype, like humanoid robotics, but small initial tradeable float, retail FOMO [fear of missing out] creates an unsustainable trading frenzy."

Regulators have sought to engineer a gradual bull market around the latest wave of technology listings by extending lock-up periods for executives and employees.

They are also urging state-backed investors, including local government funds and state-owned banks, to act as “patient capital”, investing in strategically important technologies even before they turn a profit.

To build a more stable pricing mechanism, more work needs to be done at the pre-IPO stage, said Xia Chun, founder and chief economist at Chinese financial research group Wiselink.

"A healthier IPO market needs a more diverse shareholder base before listing. Founders should not hold too much, and different types of investors should have the chance to battle over the valuation before the company goes public," he said.

"If that balance is there, the stock is less likely to be dumped after listing by major shareholders rushing to cash out, and investors would have a stronger incentive to keep buying and push the shares higher after trading begins."

Our global team gives you market-moving news and views, 24 hours a day ft.com/markets

Tokenised gold set to be exempt from UK fund rules

Commodities

MARTIN ARNOLD — LONDON

Tokenised gold would be exempt from UK fund regulations under proposals announced yesterday by the financial watchdog, as it seeks to strengthen London's position as a centre for bullion trading and custody.

The Financial Conduct Authority said it is considering whether “a bespoke regime for tokenised gold, or tokenised commodities more broadly” could be created along with the Treasury and the Bank of England.

Tokenised gold involves creating digital assets that represent ownership rights over physical gold. Gold bars are held by the issuer as a backing asset for the tokens.

The FCA says this could help unlock more of London's bullion reserves as collateral in financial transactions.

“Unlike shares or debt securities, which are already issued, traded and settled through mature electronic market infrastructures, tokenisation could make a traditionally physical and operationally complex asset easier to divide and transfer across digital markets,” the watchdog said.

Industry participants have warned the FCA that tokenisation of gold could be hampered by uncertainty over whether it would be caught by the collective investment scheme (CIS) or alternative investment fund (AIF)

‘We’re keen to understand whether existing regulatory frameworks remain the right fit for gold’

rules, which could restrict access for some investors.

The regulator said it could consider working with the Treasury “to evaluate and potentially introduce a targeted exemption from the CIS and AIF perimeter for certain tokenised gold products, or gold market infrastructure”.

FCA officials said no decisions had been made.

The UK dominates the gold market but is facing competition from China, which aims to become a hub.

“In our discussions with industry on tokenisation, tokenised gold has emerged as an area of interest,” Jon Relleen, FCA director of infrastructure and exchanges, told the FT. “We’re keen to understand whether existing regulatory frameworks remain the right fit for gold markets and how innovation could strengthen the efficiency and competitiveness of UK markets.”

The proposals are part of a wider push by UK regulators to encourage tokenisation of wholesale financial markets.

Yesterday, the FCA and BoE said in a separate paper that industry participants had told them the biggest opportunity in this area was to free up capital and collateral by making post-trade operations, such as clearing and settlement, more efficient.

The BoE is considering including tokenised assets, including stablecoins, as eligible collateral in its Sterling Monetary Framework that provides funding to financial institutions.

Commodities

Oil price surge erodes BoE case for holding rates

SAM FLEMING AND IAN SMITH — LONDON

Surging oil prices are set to reopen debate at the Bank of England over whether it needs to increase interest rates before the end of the year, as policymakers prepare to meet later this week.

The Monetary Policy Committee will convene to discuss both its key rate and the pace at which it shrinks its balance sheet under the shadow of a bond-market sell-off that is putting mounting pressure on the government of Prime Minister Andy Burnham ahead of the October 28 Budget.

Markets are pricing in roughly 40 per cent chance of a rise in borrowing costs on Thursday at the MPC's September policy meeting. But rising energy prices driven by a renewed escalation of the war in the Middle East, accelerating inflation, and relatively robust UK GDP growth are set to prompt an intensifying debate within the BoE over how long it can keep its key rate at 3.75 per cent.

"The MPC's patience may be running thin and the case for staying on hold is weakening slowly," said Sanjay Raja, an economist at Deutsche Bank.

The European Central Bank on Thursday raised its own key interest rate – albeit from lower levels – and the US Federal Reserve is viewed by investors as likely to follow suit this week.

Traders will be laser-focused on the voting split among BoE rate setters, with the market consensus expecting six votes for holding rates, and three for a rise, according to LSEG data.

Some think that the surge in oil prices above \$100 is testing the assumptions of the doves that broader effects of the Iran inflation shock will be contained and could lead to a more hawkish outcome.

Markets expect the bank to keep its key rate at 3.75% later this week

Official data on unemployment and inflation is also due to be published in the days before the rates announcement on Thursday.

“With [the GDP] figures, with oil and the energy shock being far more persistent than the expectation . . . I think there is a real risk of getting to 5-4, but even potentially having a surprise hike,” said Akshay Singal, global head of short-term interest rate trading at Citi.

The market is currently pricing in four quarter-point rate rises by this time next year, compared with the two or three earlier this month, according to levels implied by swaps contracts.

A move at the BoE's November meeting is now fully priced in. Andrew Bailey, the BoE governor, signalled increased concern about inflation in a hearing at the Treasury select committee on Tuesday, saying the “upside risks” were rising given the ongoing Gulf war.

Some investors believe the BoE's inflation-fighting credentials could be at risk if it fails to keep up with other central banks as they lift borrowing costs, potentially weakening the pound.

Ales Koutny, head of international rates at asset management giant

Vanguard, said there was “an element of credibility now” if the BoE did not follow suit in the coming months.

Allan Monks, UK economist at JPMorgan, expects inflation to hit at least 4 per cent – double the BoE's target.

Investors are also awaiting a decision on the future of the BoE's so-called quantitative tightening programme of reducing the government bond holdings that it built up through widescale purchases in past crises, and which has added upward pressure to UK borrowing costs.

Gilt market participants expect the BoE to slow its balance sheet shrinkage from £70bn to £50bn in the year to September 2027, which would imply about £20bn of active sales of gilts, including some long-dated debt.

Some think the BoE could further reduce or pause long-dated sales to the market following a brutal global sell-off driven by rising energy prices and inflation worries, as well as mounting concerns over a borrowing glut. The selling drove 30-year gilt yields this week close to 6 per cent, a level they have not crossed since 1998.

“Clearly there is space for them to send a message of support to the long end,” said Vanguard’s Koutny.

Equities

Euronext open to 'big bang' tie-up with Deutsche Börse

PAOLA TAMMA — BRUSSELS NIKOU ASGARI — LONDON

Euronext is open to a merger with rival Deutsche Börse or a tie-up between the groups' stock exchange businesses, in a long-discussed combination that could create a European market of "planetary scale", its chief executive said.

Bringing together Europe's largest operator of stock exchanges with its German rival could boost liquidity and help make the region's markets more competitive as EU officials are seeking to reform the bloc's capital markets, including by centralising oversight of key entities.

Stéphane Boujnah did not rule out the possibility of a full merger between the two groups, but cautioned it would have to clear regulatory hurdles.

"One deal that would make sense is the merging of the exchanges business," Boujnah said in an interview, adding that there were currently no conversations between the two groups.

Euronext runs venues in eight countries including Paris, Amsterdam and Milan, as well as post-trade, clearing and energy businesses and has a market capitalisation of €16bn. Deutsche Börse runs the Frankfurt stock exchange, and Eurex, one of the world's biggest derivatives venues, alongside post-trade businesses, and is valued at about €50bn.

“The German equity market is shallow, the Euronext equity market is deep,” said Boujnah. “So there will be plenty of synergies in making equity markets closer so that we could have a single equity market addressing the needs of the GDP of the three largest economies of Europe,” he added, mentioning Germany, France and Italy.

The idea of bringing the two exchange groups together has been talked of for decades. Deutsche Börse withdrew a bid for Euronext in 2006 and an attempted merger was blocked by the European Commission on competition grounds in 2012. In 2023, the heads of both companies discussed creating a joint venture for European listings, in an attempt to compete more fiercely with the US.

"On the big bang deal, the antitrust issues are well known . . . but on paper it is interesting for Europe to consider the creation of a pan-European market infrastructure which has a planetary scale," Boujnah said.

Biggest movers

How high might natural gas prices go?

Michael Stoppard Markets Insight

T

he start of September has seen a sudden upward surge in international natural gas prices. While headlines focus on crude oil crossing the symbolic \$100 per barrel mark, gas prices have been rising faster, and are trading close to the oil-price equivalent of \$150 per barrel.

The gas-price rally should not come as a surprise. Analysts have been fretting for months about the low levels of gas stocks in Europe. These need to be ramped up if Europe is to be ready for the winter heating season — and to secure supply, Europe must go head-to-head with Asian buyers.

But the warnings went unheeded. "Forward" prices for gas this winter stayed flat relative to summer prices. So there was no incentive for traders to buy gas and pay to use storage for months, waiting on winter. Governments wanted to maintain a sense of calm.

So what changed? There is a growing awareness that LNG trade through the Strait of Hormuz has no obvious solution, and blockage could continue indefinitely. And the prospects for LNG look dimmer than for oil. The mindset has shifted from expectations of a return to market to concerns of extended outage.

Of all the commodities disrupted by the Middle East conflict, LNG is among the hardest hit. Less than 10 per cent of prewar traffic is getting through. The sheer size of LNG vessels, the value of their shipments and the consequences of a strike are too high a risk.

Compare that with oil. The US government has shown a determination through August to bring oil back to the market. While the precise volume of Middle East crude flows currently is unclear, flows have increased significantly, apparently owing to demining and US escorts. It is in the interests of the Trump administration to unlock this oil as it attempts to tame gasoline prices in the run-up to the November midterm elections.

The current exchange of fire between the combatants is a struggle between Iran and the US over who controls oil flows. LNG is frankly a bystander.

Unlike for oil, it is not a priority of the US to bring Middle Eastern LNG into the market, which would simply compete with its own exports. In fact, the absence of Middle East LNG this summer may have avoided a price collapse as Ameri-

To put it in a nutshell, the US is exposed to oil disruption but not to LNG disruption

can LNG exports reach ever higher levels and need to find a home. And here's the rub: high international natural gas prices are unlikely to be felt by US consumers. American natural gas prices remain below \$4 per million British thermal units (MMBtu), less than one-fifth of international LNG. To put it in a nutshell, the US is exposed to oil disruption but not to LNG disruption.

So if LNG remains locked out of the market, how high might prices go? Current prices are about \$25 per MMBtu, and there are reports of options to buy LNG at above \$30 per MMBtu.

That is high and painful. It suggests that households and factories will be subject to increasing bills. But it is still a far cry from the \$50 to \$75 per MMBtu of the 2022 crisis. It was these price levels and the resulting subsidy protection of consumers that are partly responsible for today's sovereign debt challenges and pressure on government bonds.

The industry consensus is that we will not revisit the stratospheric levels of 2022. There will be a tug of war this winter for supply between Europe and Asia, and the intensity of this competition for supply will depend in part on the weather. Cold weather – but also “windless” weather that reduces electricity supply from wind farms – would increase demand for gas.

But the frantic dash of summer 2022 by Europeans to fill storage at all costs when Russian pipeline gas was withdrawn will not be repeated.

Asian markets do not have the appetite and will probably not bid aggressively at prices above \$25 per MMBtu.

The wealthier economies of Japan and Korea have taken serious measures to manage their consumption. China has multiple alternative sources of gas supply. The less wealthy emerging economies do not have the financial clout to compete with Europe for supply.

Moreover, other factors are providing some counterwinds. Most importantly, strong growth of alternative LNG supply from North America – Canada as well as the US – and deployment of wind and solar power are all mitigating the situation.

The gas market has proven to be remarkably resilient over the past six months. Its biggest test may yet lie ahead. There is precious little redundancy in the system.

Nevertheless, careful planning can avoid a repeat of 2022 price spikes.

Michael Stoppard is principal at Stoppard Energy

Japanese utility Chubu halts reactor restart after scandal

Applications withdrawn following manipulation of earthquake data by staff

HARRY DEMPSEY — TOKYO

A Japanese utility has withdrawn applications to restart a nuclear power plant after an independent committee found that pressure from senior management led workers to manipulate earthquake data submitted to the regulator.

Chubu Electric Power said yesterday it would scrap regulatory reviews to reopen two reactors at its Hamaoka plant, pausing an effort that has been ongoing for more than a decade.

The chief executive and chair also resigned after an independent committee found that workers had deliberately manipulated data to pass regulatory reviews.

The decision marks a significant set-back in Japan's pivot back to nuclear power 15 years after the Fukushima Daiichi disaster.

Prime Minister Sanae Takaichi views the restart as critical to bringing down energy costs for residents and providing competitive power for Japan's AI data centres and traditional manufacturing industries, but the move has been plagued with setbacks.

“Given the serious doubts that have arisen regarding the reliability of the application documents and the company’s subsequent handling of matters in the review process, it would not be appropriate to maintain the existing applications," said Chubu Electric.

The independent review found Japan's third-largest utility committed "what could be called an act of concealment" by trying to manufacture data sets that justified the choice of seismic waves used in a safety review to reopen the Hamaoka nuclear power station.

The data sets were estimates of how strongly the site would shake during a range of earthquake scenarios, which regulators used to determine whether a

'Those involved appeared not to recognise that there was anything problematic about what they had done'

plant's design could withstand them in quake-prone Japan.

The committee identified an “extremely unusual” culture of Chubu Electric engineers operating “under their own logic” and “their own sense of justice” that sidelined compliance with rules governing nuclear safety.

“Those involved appeared not to recognise that there was anything problematic about what they had done,” the report said.

A whistleblower at the company raised the alarm on data manipulation in 2021, sending an email from three years earlier that showed weaker seismic waves were being selected.

Markets update

Chubu Electric put the department accused of misconduct in charge of a fact-finding investigation, and the whistleblower hotline eventually responded that no compliance violations had been found.

The independent committee, which was formed after the data manipulation became known in January, said pressure from senior management was one of the factors that led to the misconduct, but it did not find evidence of direct orders from top executives to reverse-engineer the data for the regulator.

Japan's nuclear industry was rocked by reactor meltdowns at Fukushima Daiichi in 2011, leading to the shutdown of the nation's fleet of 54 reactors.

The incident exposed what critics called a cosy “nuclear village” of utilities, politicians and regulators that prevented a proper safety regime and enabled complacency over the risks.

The country has restarted 15 reactors since the disaster, and the government is aiming to lift nuclear's share of power generation from 8.5 per cent to about 20 per cent by 2040. That is down from about 30 per cent pre-Fukushima.

The two reactors at Chubu Electric's Hamaoka plant had been one of the big hopes for Japan to extend the revival, but their scheduled restart is likely to be pushed back by at least three years to 2032 and 2035 respectively, according to analysts' estimates.

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	US	Eurozone	Japan	UK	China	Brazil
Stocks	S&P 500	Eurofirst 300	Nikkei 225	FTSE100	Shanghai Comp	Bovespa
Level	7642.14	2542.16	63492.99	10697.57	3885.33	185930.06
% change on day	-0.19	-0.47	-0.81	0.44	-0.07	-0.68
Currency	$ index (DXY)	$ per €	Yen per $	$ per £	Rmb per $	Real per $
Level	99.52	1.154	154.725	1.348	6.71	5.169
% change on day	0.40	-0.663	0.818	-0.403	0.00	1.341
Govt. bonds	10-Year Treasury	10-year-Bund	10-year JGB	10-Year Gilt	10-year-bond	10-year-bond
Yield	4.94	3.52	2.95	5.31	1.70	14.36
Basis point change on day	0.03	0.04	0.05	0.01	0.01	0.10
World / Commods	FTSE All-World	Oil - Brent	Oil - WTI	Gold	Silver	Metals (LMEX)
Level	749.31	107.39	98.17	4288.57	63.32	5805.60
% change on day	-0.45	2.59	2.32	-1.79	-1.76	-0.41

Main equity markets

	US
	CrowdStrike Hldgs	14.99
	Palo Alto Networks	12.95
Ups	Fortinet	8.36
	Autodesk	7.50
	Cognizant Tech	6.84

Prices taken at 17:00 GMT Sep 14

Wolters Kluwer CVA	6.76
Capgemini	6.61
SAP	5.08
Dassault Systemes	4.99
AP Moller-Maersk B	4.21

Nokia	-10.13
ASM Int'l	-8.55
Siemens Energy	-8.04
Infineon Technologies	-7.72
Wartsila	-6.92

Based on the constituents of the FTSE Eurofirst 300 Eurozone

UK
The Sage Grp	5.27
WPP	5.20
RELX	5.17
GSK	4.74
Trainline	4.65
Halma	-5.56
Oxford Instruments	-5.43
Antofagasta	-5.38
Pan African Res	-5.35
Raspberry Pi Holdings	-5.24

All data provided by ICE. www.ice.com

Technology

US-listed Equinix faces opposition over massive Cape Town data centre project

MONICA MARK — JOHANNESBURG

US-listed Equinix is facing opposition over proposed plans for a massive data centre project in South Africa, in a test of how a country long blighted by power cuts and water shortages manages the build-out of AI infrastructure.

An appeal by campaigners is seeking to overturn the approval granted in July for the development of one of Africa's largest hyperscale facilities close to Cape Town International Airport, according to documents seen by the FT.

Equinix, which operates data centres around the world, is seeking to expand its footprint in Africa's most developed economy to meet soaring demand.

However, the appeal filed by tech justice group Foxglove and campaigner Housing Assembly argues that the plan for a 122,500-square-metre facility was approved under rules meant for warehouses, even though the two proposed data centres were a “fundamental change in the nature and intensity of the approved land use”.

The city tribunal that gave the approval for a planning application submitted on Equinix's behalf had insufficient information to assess the impact on communities and resources, the appeal argues, in particular the facility's potential water consumption.

The dispute highlights the tensions at the heart of South Africa's data centre boom, with huge investment despite the constraints created by shortages of power and water.

Cape Town and the surrounding areas have frequently suffered droughts severe enough that authorities have been forced to impose drastic water-saving measures to avert shutting off municipal taps. South Africa has also only recently emerged from years of debilitating power cuts.

South Africa already hosts about 70 per cent of the continent's data centre capacity, while investment in new facilities in the country is projected to double to more than \$5bn by 2031, according to market research group Arizton Advisory & Intelligence.

Foxglove said it was “confident” in its case and that there was a “good prospect of overturning this unlawful decision”.

Eddie Andrews, Cape Town deputy mayor, said: "The city cannot comment until such time as the appeal process has been concluded."

Equinix denied that it had submitted a planning application in Cape Town, saying it had “completed the purchase of the land” and it had “no immediate plans to develop the site”.

However, a planning application submitted to the city and reviewed by the FT named Equinix as developer and operator of two proposed data centres. King Air Industria, a South African property company, is also listed as a developer on the application.

The appeal could set a precedent for South Africa, which has no dedicated framework for big data centres.

If successful, the developers could be forced to submit a fresh application with fuller disclosure of the project's resource demands. A decision is expected in the coming weeks.

Aug 14 - Sep 14
	Index	All World
● Nikkei 225		Tokyo

AMERICAS
EUROPE
Day ▷ -0.68% Month ▷ 10.90% Year ▷ 29.32%

LONDON
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison

WORLD MARKETS AT A GLANCE

Change during previous day's trading (%)

FTSE EuroFirst

-0.47%

Day $\rightarrow$ 0.01% Month $\geq$ -2.67% Year $\rightarrow$ 13.42%

Nikkei

Country	Index	Latest	Previous
Australia	All Ordinaries	8923.90	8920.20
Australia	S&P ASX 200	8749.90	8741.20
Australia	S&P ASX 200 Res	7842.60	7873.70
Austria	AIX	6763.22	6885.23
Belgium	BEL 20	5729.67	5713.36
Belgium	BEL Mid	6488.77	6490.24
Brazil	Bovespa	165030.06	167206.69
Canada	S&P 150 A60	2106.47	2096.44
Canada	S&P 150 Comp	35786.19	35697.40
China	SS&P/LOX RPA Gen	56800.02	56920.02
China	China F150 A300	11379.50	11452.10
China	China Shanghai A	4073.60	4076.70
China	China Shanghai B	295.57	292.55
China	China Shanghai Comp	3885.33	3888.11
China	Shenzhen A	2578.53	2590.17
China	Shenzhen B	1165.44	1161.03
Croatia	CROBEX	4402.72	4383.13
Cyprus	CSE M&P Gen	315.70	318.79

STOCK MARKET: BIGGEST MOVERS

Country	Index	Latest	Previous
Czech Republic	Czech Republic PK	2761.09	2784.35
	DMC Copenhagen 20	1577.01	1574.48
Egypt	ESX 30	54798.60	55664.80
Estonia	OMX Tallinn	2203.84	2192.72
Finland	OMX Helsinki General	13518.04	13934.48
France	French CAC40	8117.78	8179.77
France	SBF 120	6152.55	6199.74
Germany	M-DAX	31057.16	31663.79
Germany	Tec-Dax	3960.75	3980.48
Germany	XETRA-Dax	25440.81	25668.56
Greece	Athens	2694.96	2738.49
Greece	FTSE/ASIA	6926.53	7004.52
Hong Kong	Hang Seng	24917.60	24805.63
Hong Kong	HS China Enterprises	8294.58	8246.33
Hong Kong	HSCC Red Chip	4130.11	4133.88
Hungary	Bux	151724.51	152518.27
India	BSE Sensex	74781.76	74781.76
Indonesia	Jakarta Comp	6534.69	6541.38

AMERICA
ACTIVE STOCKS	stock traded m's	close price	Day's change
Nvidia	71.47	211.78	-6.51
Intel	55.26	98.03	-4.91
Super Micro Compter	22.63	37.81	-
Tesla	19.12	363.26	-2.18
Apple	18.22	334.58	2.31
Micron Technology	17.02	919.14	-56.12
CrowdStrike Hldgs	15.98	237.74	31.00
Netflix	15.44	80.70	3.31
Amazon.com	15.35	253.38	-3.40
Alphabet CI A	14.94	346.08	7.58

EURO MARKETS ACTIVE STOCKS

ACTIVE STOCKS	stock traded m's	close price	Day's change
Lloyds Bkg Gp	192.18	1.09	-0.02
BP	66.24	5.71	0.07
Barclays	57.75	4.79	-0.15
Vodafone	43.51	1.30	0.02
Glencore	43.00	5.91	-0.14
HSBC	42.62	15.37	-0.16
Prudential	26.41	9.77	-0.02
Haleon	24.91	3.42	0.08
NatWest Group	23.48	6.83	-0.15
Centrica	21.98	1.47	-0.04
BIGGEST MOVERS	Close	Day's	Day's

BROSEAST MOVERS	Close price	Day's change	Day's change%
Ups
The Sage Grp	10.09	0.51	5.27
WPP	3.86	0.19	5.20
RELX	26.03	1.28	5.17
GSK	18.55	0.84	4.74
Trainline	2.02	0.09	4.65
Downs
Halma	34.32	-2.02	-5.56
Oxford Instruments	26.10	-1.50	-5.43
Antofagasta	35.86	-2.04	-5.38
Pan African Res	1.17	-0.07	-5.35
Raspberry Pi Holdings	5.24	-0.29	-5.24

ACTIVE STOCKS
	stock traded m/s	close price	Day's change
Intesa Sanpaolo	43.04	6.71	-0.12
Stellantis	33.16	4.54	-0.13
Enel	22.59	8.74	-0.21
Nokia	19.19	8.59	-0.97
Banco Santander	15.78	12.77	-0.11
EDP	12.71	4.61	-0.18
Telefonica	10.73	3.67	0.02
Royal KYN	10.60	4.16	0.08
Banco De Sabadell	9.93	3.69	-
Ets	7.75	24.61	0.01
BIGGEST MOVERS	Close price	Day's change	Day's change%
Ups
Wolters Kluwer CIA	70.72	4.48	6.76
Cappgemini	109.70	6.80	6.61
SAP	186.26	9.00	5.08
Dassault Systemes	21.25	1.01	4.99
AP Mola-Maera B	227.00	940.00	4.21
Downs
Nokia	8.59	-0.97	-10.13
ASM Int'l	759.20	-71.00	-8.55
Siemens Energy	122.86	-11.60	-8.04
Infineon technologies	54.04	-4.52	-7.72
Wartsila	26.90	-2.00	-6.92

BIGGEST MOVERS
	Close price	Day's change	Day's change%
Ups
CrowdStrike Hldgs	237.74	31.00	14.99
Palo Alto Networks	373.47	42.82	12.95
Fortinet	169.12	13.05	8.36
Autodesk	228.32	15.92	7.50
Cognizant Tech	64.11	4.11	6.84
Downs
Corning	146.06	-20.34	-12.22
Teradyne	336.82	-42.90	-11.30
GE Vernova	872.80	-84.47	-8.82
Hewlett Packard Ent	56.90	-5.19	-8.36
Lam Research	277.10	-21.12	-7.08

Country	Index	Latest	Previous
Ireland	ISED Overall	14229.02	14457.31
Israel	Tel Aviv 125	4125.98	4121.28
Italy	FTSE Italia All-Share	54155.37	55096.90
Italy	FTSE Italia Mid Cap	59635.91	60986.79
Italy	FTSE MIB	51628.77	52512.03
Japan	Nikkei 225	63492.99	64011.34
Japan	Topix	4058.21	4028.30
Kuwait	KSK Market Index	9476.63	9427.30
Latvia	OMX Riga	963.67	963.25
Lithuania	OMX Vilnius	1484.32	1483.09
Luxembourg	Lux	1938.61	1954.45
Poland	IPC Mexico City	639269.83	63264.77
Malaysia	FTSE Bursa KLDL	1698.01	1686.74
Morocco	MASI	18400.02	18615.24
Netherlands	AEX	1098.35	1098.76
Netherlands	AEX All Share	1462.10	1484.33
New Zealand	NZX 50	13560.69	13580.33
Nigeria	SE All Share	243299.24	243052.74

ACTIVE STOCKS	stock traded m/s	close price	Day's change
Nippon Tel & Tel	197.56	178.30	2.60
SoftBank Corp	86.41	250.80	3.90
SoftBank Grp Corp	66.65	5839.00	-701.00
Mitsubishi UFJ	36.52	3720.00	59.00
Fujikura	35.38	4834.00	-148.00
Tokyo Electric Power	30.89	538.10	-2.80
Taiyo Yuden	25.80	8714.00	-495.00
Toyota Motor	22.99	3025.00	-6.00
Furukawa Electric	22.80	3845.00	-136.00
Murata Manufacturing Co	21.15	7167.00	-185.00

FTSE All World

BIGGEST MOVERS
	Close price	Day's change	Day's change%
Ups
Fujitsu	4026.00	277.00	7.39
NEC Corp	4849.00	313.00	6.90
Recruit Hldgs	16485.00	985.00	6.35
Nomura Research Ins	5206.00	305.00	6.22
Trend Micro	6069.00	256.00	4.40
Downs
SoftBank Grp Corp	5839.00	-701.00	-10.72
Resonac Hldgs	13440.00	-855.00	-5.98
Taiyo Yuden	8714.00	-495.00	-5.38
Chubu Electric Power	2885.00	-107.00	-3.58
Furukawa Electric	3845.00	-136.00	-3.42

\$ per €

UK MARKET WINNERS & LOSERS

Country	Index	Latest	Previous
Norway	Dolo All Share	2527.59	2523.80
Pakistan	KSE 100	167970.65	170511.86
Philippines	Manila Comp	6075.07	6061.81
Poland	Wig	154208.86	155090.25
Portugal	PSI 20	9380.30	9524.73
Portugal	PSI General	6343.95	6468.34
Romania	Romania BET Index	33019.70	33016.75
Russia	Russia Traded Index in USD	988.10	988.10
Saudi Arabia	TAHAR/ML All Share Index	10878.45	10864.57
Singapore	FTSE Strata Times	5718.02	5695.93
Slovakia	SAX	326.48	326.48
Slovenia	SBI TOP	3206.06	3199.49
South Africa	FTSE/JSE All Share	113536.30	115105.31
South Africa	FTSE/JSE Res	71490.54	73997.15
South Africa	FTSE/JSE Top 40	106966.19	107759.48
South Korea	Kospi	6884.37	6909.91
South Korea	Kospi 200	1050.83	1090.22
Spain	Spain BRX 35	19565.50	19838.50

FTSE 100	price(E)	% Chg week	% Chg ytd
Winners
BP	5.71	4.54	31.98
Vodafone	1.30	3.91	31.83
Brit. Amer Tobacco	42.50	3.68	0.85
Coca-Cola HBC AG	46.44	3.66	20.87
Imperial Brands	25.53	3.28	-18.15
Shell	35.82	2.86	30.73
BT Group	2.05	2.66	11.22
Pearson	11.91	2.58	13.48
Compass	23.29	1.95	-1.46
Experian	28.58	1.82	-15.02

Losers
Burberry	9.98	-9.47	-21.39
Ass Brit. Fds	18.66	-8.48	-12.27
Barratt Redrow	2.76	-8.24	-27.53
Antofagasta	35.86	-8.00	9.36
M&G	3.32	-7.78	15.92
JD Sports Fashion	0.77	-7.76	-9.35
Anglo American	38.90	-7.16	26.09
Computacenter	52.15	-6.88	77.99
Land Securities	6.17	-6.79	-0.72
British Land Co	3.90	-6.43	-3.42

Day ▷ -0.07% Month ▷ -1.07% Year ▷ 0.26%

\$ per £

¥ per \$ 0.8177% £ per €

Country	Index	Latest	Previous
Sweden	OMX Stockholm 30	3218.82	3255.23
Sweden	OMX Stockholm AS	1114.80	1125.50
Switzerland	SMI Index	13878.54	13775.27
Taiwan	Weighted Stock Index	45862.52	46184.85
Thailand	Bangkok SET	1591.07	1604.52
Turkey	BIST 100	14235.83	14467.25
UK	FTSE 100	10697.57	10650.44
UK	FTSE G500 UK	9389.17	9246.47
UK	FTSE All Share	5752.13	5733.64
UK	FTSE techMARK 100	9654.38	9634.34
U.S.A.	Dow Jones Composite	16512.24	16500.10
U.S.A.	Dow Jones Industrial	52679.22	52573.29
U.S.A.	Dow Jones Transport	20738.52	20628.57
U.S.A.	Dow Jones Utilities	411.41	416.49
U.S.A.	Nasdaq 100	29176.29	29388.44
U.S.A.	Nasdaq Composite	26237.58	26333.04
U.S.A.	NYSE Composite	24273.79	24331.56
U.S.A.	S&P 500	7642.14	7656.98

FTSE 250	price(£)	% Chg week	% Chg ytd
Winners
Victrex	9.35	8.59	42.75
Harbour Energy	2.80	6.46	42.42
Trainline	2.02	5.64	-8.17
Michael Page	2.16	4.14	-8.07
Ithaca Energy	2.82	2.77	70.33
RIT Capital Partners	25.40	2.63	11.89
WPP	3.86	2.55	14.43
Playtech	4.16	2.46	46.67
Pantheon Infrastructure	1.17	2.09	8.20
Foresight Environmental Infra	0.88	1.51	32.98

Losers
Goodwin	146.20	-27.26	-31.36
THG	0.27	-20.50	-41.50
Pan African Res	1.17	-13.55	-3.47
Dunelm Group	7.70	-13.14	-31.86
Rank Group	0.86	-11.73	-12.89
Raspberry Pi Holdings	5.24	-11.56	74.55
Atalaya Mining Copper	9.24	-10.50	8.13
Hochschild Mining	5.87	-9.62	14.31
DR.Martens	0.64	-9.55	-15.93
Avon Technologies	16.98	-9.29	-6.39

Day → Closed Month ↗ -4.14% Year ↗ -8.30%

-0.2621%

FT.COM/MARKETSDATA

Oil Brent \$

FTSE Small Cap	price(£)	% Chg week	% Chg yld
Winners
Tullow Oil	0.25	16.82	307.44
The Smarter Web Company	0.40	15.05	22.46
C&C Group	1.01	11.43	-24.89
The Beauty Tech Group	3.55	10.25	22.41
Xaar	1.36	7.48	28.77
Mobico Group	0.25	7.01	8.50
TT Electronics	1.69	6.68	48.08
SThree	2.98	6.43	56.02
EnQuest	0.28	6.18	159.43
Strategic Equity Capital	3.70	4.23	-

Losers
-31.36	Mortgage Advice Bureau	3.62	-27.53
-41.50	Funding Circle Holdings	1.91	-16.78
-3.47	DFS Furniture	1.34	-14.92
-31.86	STV Group	0.98	-12.14
-12.89	Geiger Counter	0.58	-11.45
74.55	SIG	0.09	-10.10
8.13	Marshalls	1.48	-9.63
14.31	Applied Nutrition	2.81	-8.77
-15.93	Ibstock	0.76	-8.52
-6.39	Capita	2.38	-7.93

Gold \$

Country	Index	Latest	Previous
Venezuela	IBC	6507.92	6507.92
Vietnam	Viet Nam Index	1788.23	1795.21
Cross-Border	Euro Stoxx 50 (Eur)	6260.38	6325.13
Netherlands	Euronext 100 ID	1879.45	1901.51
Cross-Border	FTSE 4Good Global ($)	21201.99	21281.46
Cross-Border	FTSE All World ($)	750.11	752.68
Cross-Border	FTSE E300	2542.16	2554.15
Cross-Border	FTSE Eurotop 100	4916.92	4935.28
Cross-Border	FTSE Global 100 ($)	5726.19	5761.93
Cross-Border	FTSE Gold Min ($)	6122.32	6122.32
Cross-Border	FTSE Limbix Top (Eur)	6553.30	6698.00
Cross-Border	FTSE World ($)	1402.12	1407.20
Cross-Border	FTSEurofirst 100 (Eur)	7073.52	7113.32
Cross-Border	FTSEurofirst 80 ID	8508.88	8620.22

CURRENCIES

Industry Sectors	price(£)	%Chg week	%Chg ytd
Winners
Tobacco	46031.51	3.61	-3.12
Oil Gas & Coal	11378.04	3.35	30.91
Energy	11963.02	3.32	30.95
Telecomms Svc Providers	3502.29	2.73	22.13
Telecommunications	2245.13	2.73	22.13
Consumer Services	4085.34	1.90	-1.49
Consumer Staples	18106.22	1.02	-1.25
Media	12316.53	1.00	4.93
Beverages	16885.90	0.83	7.29
Pharmaceuticals & Biotech	23493.68	0.71	-8.36

Losers
8	Alternative Energy	38.09	-11.86 73.23
2	Techn Hardware & Equip	105.76	-11.56 74.56
9	Personal Goods	16169.37	-9.20 -11.57
3	Precious Metals & Mining	35678.01	-6.38 3.34
3	Hhold Goods & Home Const	7786.10	-6.18 -27.81
6	Basic Materials	10515.15	-5.13 25.07
4	Industrial Metals & Mining	9537.30	-5.11 28.53
1	Retailers	2793.09	-5.06 2.09
2	Biotechnology	19372.58	-4.95 -12.08
1	Food Producers	7307.12	-4.29 2.08

FTSE ACTUARIES SHARE INDICES

Sep 14	DOLLAR			EURO			POUND
	Closing Mid	Day's Change	Week's Mid	Closing Mid	Day's Change	Week's Mid	Closing Mid	Day's Change	Week's Mid
Argentine Peso	1511.4777	-0.2732	3.8833	1743.8674	-11.9557	-9.5748	2036.7918	-8.6072
Australian Dollar	1.4033	0.0092	0.0183	1.6191	-0.0001	0.0080	1.8910	0.0049
Bahrainian Dinar	0.3710			0.4350	-0.0030	-0.0036	0.5080
Bahraini Dinar	13.5100	-0.5160	-1.0500	13.3027	-0.6812	-1.3291	15.5273	-0.7529
Brazilian Real	5.1889	0.0644	0.0406	5.9637	0.0397	-0.0014	6.9654	0.0644
Canadian Dollar	1.3030	0.0048	0.0112	1.6960	-0.0052	-0.0011	1.8758	-0.0011
Chinese Yuan	960.8150	18.6450	28.2600	1108.5494	14.2569	23.8680	1294.7464	19.9933
Chinese Peso	6.7072	-0.0024	-0.0034	7.7385	-0.0545	-0.0668	9.0383	-0.0399
Colombian Peso	3113.5500	39.7500	-2.0000	3592.2584	22.1932	-31.5940	4195.6645	36.8129
Costa Rican Colon	447.0050	-1.4950	-3.9750	515.7325	-5.1782	-8.8253	802.3623	-4.4587
Czech Koruna	21.0687	0.1814	0.2739	24.3080	0.0555	0.1178	24.6911	0.1388
Danish Krone	6.4976	0.0436	0.0534	7.4758	0.0001	0.0012	8.7316	0.0237
Egyptian Pound	51.8000	0.4600	0.9800	59.7642	0.1588	0.6529	98.8031	0.3671
Hong Kong Dollar	7.8438	0.0010	0.0038	9.9495	-0.0582	-0.0694	10.6298	-0.0414
Hungarian Forint	318.2926	5.5369	5.7791	367.2300	3.8800	4.7390	428.9151	5.7666
Indian Rupee	95.5475		1.0550	110.2735	-0.7357	0.3290	128.7551	-0.5207

DOLLAR						EURO			POUND
WeeksChange	Sep 14	ClosingMid	Day'sChange	WeeksChange	ClosingMid	Day'sChange	ClosingMid	Day'sChange	WeeksChange	ClosingMid
-5.1848	Indonesian Rupiah	17645.0000	55.0000	10.0000	20337.9190	-71.9870	-154.2320	23777.5210	-21.7500	-109.9700
0.0150	Israeli Shekel	3.6532	0.0220	0.0431	4.5227	0.0021	0.0214	4.1143	0.0131	0.0369
	Japanese Yen	154.7250	1.2500	4.4200	178.5140	0.2662	-0.9659	208.4997	0.8547	-0.5141
-1.5035	Kanamatsu	1293.6000	0.1500	0.1000	149.4693	-0.8233	-1.142.7552	208.4997	-0.5031	-0.7174
0.8187	Kuwait Dinar	0.3089	0.0006	0.0006	0.3564	-0.0016	-0.0029	0.4163	-0.0008	-0.0022
0.0055	Malaysian Ringgit	4.0760	0.0055	0.0300	4.7027	-0.0250	-0.0034	4.5056	-0.0148	0.0121
31.5876	Mexican Peso	17.1420	0.1702	0.2304	13.7786	0.0056	0.1382	5.1010	0.1389	0.1592
-0.0515	New Zealand Dollar	1.7348	0.0156	0.0339	2.0015	0.0050	0.0232	2.3377	0.0119	0.0338
-24.5044	Nigerian Naira	1327.0500	-0.1850	5.8850	1531.0850	-10.4323	-5.6283	1788.2681	-7.4811	-1.3164
-8.9133	Norwegian Krone	9.3373	0.0493	0.0981	10.7729	-0.0146	-0.0086	12.5824	0.0159	0.0269
-2.1594	Pakistan Rupee	217.7227	-	0.5200	219.8484	-2.1346	-3.1767	373.2455	-1.5109	-2.6185
0.0270	Persuvian New Sol	3.3832	0.0178	0.0282	3.9034	-0.0053	0.0010	4.5591	0.0058	0.0145
0.9648	Philippine Peso	62.8700	0.1650	0.2775	27.5362	-0.2925	-0.2862	84.7205	-0.1193	-0.0642
0.4596	Polish Krone	3.7892	0.0467	0.0633	4.3467	0.0253	0.0182	5.9793	0.0472	0.0592
5.6001	Romanian Lou	4.5582	0.0330	0.0440	5.2930	0.0033	0.0083	6.1424	0.0199	0.0277
0.7663	Russian Ruble	84.4000	0.2750	-1.7000	97.3765	-0.3305	-2.7707	113.7333	-0.8079	-2.8935

	£ Strig Sep 14	Day's chgs %	Euro Index	£ Strig Sep 11	£ Strig Sep 10	Year ago	Div Cover	P/E ratio	XD adj	Total Return
FTSE 100 (100)	10697.57	0.44	9737.95	10650.44	10608.92	9931.38	3.08	2.20	14.75	268.06
FTSE 100 ex Investment Trusts (F5)	3500.43	0.47	3186.43	3484.20	3470.77	3251.79	3.12	2.08	15.43	88.76
FTSE 250 (250)	23834.48	0.59	21666.42	23975.73	23885.94	24707.38	3.20	2.56	12.23	565.79
FTSE 250 ex Inc to (164)	24569.49	-0.54	22365.49	24703.21	24622.81	23306.14	3.24	1.69	18.28	616.11
FTSE 350 (350)	5619.29	0.33	5294.54	5797.05	5774.55	5409.23	3.10	2.24	14.43	144.90
FTSE 350 ex Investment Trusts (359)	5751.28	0.39	5235.37	5729.00	5707.18	5351.90	3.13	2.05	15.61	465.67
FTSE All-Share Yld to (123)	5208.44	0.47	4714.04	5194.05	5184.05	5127.47	3.14	1.74	17.47	164.20
FTSE 350 Lower Yield (215)	5769.41	0.17	5251.87	5759.77	5746.07	5465.00	1.83	3.10	17.64	986.25
FTSE SmallCap (179)	8024.35	-0.40	7304.53	8056.46	8038.39	7537.89	3.91	1.47	17.42	209.60
FTSE SmallCap ex Inc to (99)	6573.28	-0.52	5983.62	6607.84	6585.02	6260.89	3.73	0.69	38.99	148.80
FTSE SmallCap Financials ex Inc to (13)	150.64	-0.88	143.45	151.98	151.79	150.06	5.24	1.59	12.01	5.11
FTSE All-Share (529)	5752.12	0.32	5236.14	5733.64	5711.50	5305.38	3.11	2.23	14.46	143.40
FTSE All-Share ex Inc to (358)	5645.11	0.38	5138.72	5623.57	5602.17	5253.82	3.13	2.04	15.67	142.88
FTSE Hedging (41)	12510.27	-0.64	11388.04	12580.35	12522.07	13026.03	5.22	-12.16	-1.58	212.04
FTSE Hedging ex Inc to (21)	16216.66	-1.12	14761.95	16400.79	16271.25	24338.42	4.70	-1.91	-11.16	611.51
FTSE All-Small (223)	5564.02	-0.40	5084.91	5586.56	5573.66	5246.47	3.94	1.09	23.27	144.33
FTSE All-Small Cap ex Inc to (120)	4810.94	-0.54	4486.26	4857.14	4826.07	4517.87	3.06	4.31	13.78	112.76
AMX All-Mil (527)	785.04	-0.74	714.62	790.87	787.95	766.39	1.86	1.65	32.73	8.98
FTSE All-Share Technology (20)	1981.39	4.20	1883.65	1901.45	1911.22	2154.29	2.48	1.83	21.96	46.47
FTSE All-Share Telecommunications S (5)	2244.88	1.09	2043.51	2220.65	2214.40	1838.12	3.14	0.80	39.73	41.30
FTSE All-Share Health Care (12)	16292.98	3.78	14804.09	15671.21	15739.27	17767.22	2.43	2.42	17.02	355.09
FTSE All-Share Financials (233)	8677.44	-0.82	7889.03	8749.52	8667.01	7738.99	3.45	2.89	10.05	262.21
FTSE All-Share Real Estate (38)	774.77	-0.67	737.79	779.96	778.75	775.49	3.07	1.13	17.49	37.00
FTSE All-Share Consumer Discretionary (68)	5983.92	0.27	5378.66	5885.06	5882.13	6097.31	2.60	1.97	19.53	115.58
FTSE All-Share Consumer Staples (28)	19090.29	2.86	18121.43	19354.20	19338.36	20151.35	4.08	1.40	17.57	504.78
FTSE All-Share Industrials (79)	11934.46	-0.79	10872.99	12039.85	11980.63	10882.88	1.58	2.06	30.70	153.64
FTSE All-Share Yield & Growth (22)	1137.39	-2.56	1071.87	1167.44	1167.44	1087.44	2.93	1.65	19.54	109.75
FTSE All-Share Energy (13)	11749.62	0.94	10695.65	11640.51	11604.27	8961.27	3.53	2.51	11.29	313.51
FTSE All-Share Utilities (9)	10442.40	-1.90	9505.66	10643.47	10627.05	10509.92	3.93	1.53	16.58	285.58
FTSE All-Share Software & Computer Socs (18)	2145.59	4.27	1953.09	2057.77	2068.27	2341.56	2.51	1.82	21.88	50.75
FTSE All-Share Tech Hardware & Equip (2)	3725.58	-2.52	3391.38	3821.97	3858.39	2276.41	0.00	0.00	40.14	0.00
FTSE All-Share Telecoms Soc Providers (5)	3406.99	1.09	3183.30	3459.25	3449.51	2663.35	3.14	0.80	39.73	64.34
FTSE All-Share Health Care Providers (2)	11398.52	0.93	10348.71	11358.22	11342.04	8413.29	1.02	1.79	54.54	28.78
FTSE All-Share Medical Equipment & Svcs (2)	5283.28	2.91	4808.35	5134.07	5207.80	6125.00	2.13	1.74	10.37	502.29
FTSE All-Share Pharmaceuticals & Boston (8)	23425.02	3.84	21323.69	22559.66	22649.03	25560.62	2.42	2.44	16.94	514.99
FTSE All-Share Food & Beverage (7)	9346.92	-1.42	8788.44	9491.27	9322.64	8767.74	2.63	2.63	18.54	577.11
FTSE All-Share Finance & Credit Services (7)	11741.14	2.61	10999.78	11809.27	11833.12	12503.51	2.09	1.89	25.26	244.47
FTSE All-Share Inv Banking & Brokerage Socs (32)	12846.31	-0.47	11683.94	12907.45	12886.36	13207.98	3.88	2.73	9.47	393.61
FTSE All-Share Closed End Investments (171)	15281.97	-0.73	13911.11	15393.75	15319.77	14072.94	2.64	6.17	6.14	279.37
FTSE All-Share Life Insurance (5)	8270.08	0.29	7528.21	8246.44	8223.20	8294.18	4.88	1.16	17.56	376.43
FTSE All-Share Nutrile Insurance (5)	6773.67	0.78	6166.04	6721.35	6697.01	5171.05	3.53	1.41	20.07	224.06
FTSE All-Share Real Estate Inv & Socs (10)	1886.03	1.27	1718.66	1864.32	1830.63	2060.18	2.30	1.79	24.21	334.65
FTSE All-Share Real Estate Investment Ints (20)	1593.14	0.95	1755.19	1957.78	1959.52	1926.13	5.48	1.09	16.78	81.34
FTSE All-Share Automobiles & Parts (1)	862.36	-1.68	785.00	877.12	865.92	1437.94	0.00	0.00	-0.77	86.10
FTSE All-Share Consumer Services (3)	3609.73	2.07	3485.29	3761.78	3774.09	3868.56	2.19	1.77	25.75	94.26
FTSE All-Share Household Goods & Home Comt (8)	6370.04	-2.23	6157.14	6387.86	6386.86	6157.47	3.48	1.69	14.18	69.71
FTSE All-Share Leisure Goods (2)	44224.10	-0.37	40257.08	43488.66	43577.38	47968.76	2.45	1.62	25.21	1017.36
FTSE All-Share Personal Goods (3)	13860.95	-2.24	12616.74	14177.00	14324.50	15672.83	0.27	11.75	31.17	37.50
FTSE All-Share Media (10)	12569.07	-2.03	11441.56	12319.06	12212.94	12262.17	3.20	1.78	17.53	333.24
FTSE All-Share Retailers (19)	2653.91	-0.19	2415.85	2658.87	2671.80	2561.68	2.80	2.78	12.86	51.32
FTSE All-Share Travel & Leisure (24)	9720.12	-0.58	8848.18	9776.76	9703.19	9692.99	1.99	1.67	30.09	148.53
FTSE All-Share Beverages (5)	16755.44	2.56	15252.40	16336.64	16363.93	15618.32	3.19	1.54	20.32	188.93
FTSE All-Share Food Producers (10)	7713.84	1.02	7021.87	7636.02	7676.12	7566.92	2.81	1.94	18.31	115.21
FTSE All-Share Tobacco (2)	46031.59	3.45	41932.34	4445.32	44417.82	47515.58	5.84	1.31	13.10	1486.54
FTSE All-Share Construction & Materials (16)	15221.44	-1.59	13865.01	15468.69	15223.52	14300.58	2.86	2.21	15.80	304.27
FTSE All-Share Defense & Defense (8)	24567.85	-0.75	24888.69	24888.69	24888.69	24888.69	2.86	2.21	15.80	304.27
FTSE All-Share Electronic & Electrical Equip (1)	16722.05	-3.75	15222.00	17334.72	17150.46	14821.05	1.00	2.88	34.82	140.20
FTSE All-Share General Industrials (6)	5640.95	-0.66	5134.93	5678.58	5665.77	5275.72	2.30	1.86	23.37	81.89
FTSE All-Share Industrial Engineering B (8)	14834.19	-2.92	13533.49	15280.43	15166.85	15129.68	2.38	1.61	25.16	238.66
FTSE All-Share Industrial Support Socs (25)	10339.95	0.93	9412.41	10244.38	10224.81	10512.10	2.22	1.48	30.38	198.03
FTSE All-Share Industrial Transportation (7)	6525.86	0.82	5940.46	6472.71	6450.60	5999.34	4.17	1.80	13.32	274.45
FTSE All-Share Precious Metals & Mining (4)	33763.37	-3.12	30731.91	34483.47	34452.12	32669.13	2.71	2.65	13.92	911.89
FTSE All-Share Chemicals (7)	8463.86	-1.33	7704.63	8578.18	8650.43	7671.18	3.95	0.79	31.96	282.46
FTSE All-Share Oil & Gas & Dist (1)	11410.52	0.96	10386.95	11302.00	11266.97	8705.65	3.54	2.11	15.25	305.01
FTSE All-Share Alternative Energy (1)	17.21	-9.92	17.26	-9.91	18.94	-9.94	0.00	0.00	-15.92	0.00
FTSE All-Share Lower Tier 1 (6)	13536.99	-1.09	12334.66	12387.66	12384.95	123844.95	3.44	1.80	17.53	31940
FTSE All-Share Financials ex Inv Co (62)	214.94	-0.94	204.68	216.77	214.53	190.33	3.62	2.37	11.65	7.05
FTSE All-Share Gas Water & Multi-unitities (8)	9067.63	-1.83	8254.22	9236.29	9215.78	9258.32	4.24	1.44	16.38	270.48
FTSE All-Share Industrial Metals & Mining (11)	10274.67	-2.56	9352.99	10545.06	10496.06	80083.63	2.54	2.05	19.25	258.55
FTSE All-Share Pers Care Drug & Grocery Strts (11)	4751.08	2.77	4324.68	4623.06	4639.85	4902.73	3.45	1.40	20.66	128.25
NON FINANCIALS (286)	6300.88	0.83	5735.66	6249.10	6240.33	5966.81	2.96	1.89	17.88	142.43

Year to date percentage changes
FTSE SECTORS: LEADERS & LAGGARDS

UK RECENT RIGHTS ISSUES

Tech Hardware & Equip	74.56
Alternative Energy	73.23
Health Care Providers	35.13
Energy	30.95
Nonlife Insurance	30.95
Oil Gas & Coal	30.91
Industrial Metals & Mining	28.33
Basic Materials	25.07
Telecommunications Svc Providers	22.13
Telecommunications	22.13
Banks	19.52
Aerospace & Defense	16.51
Financials in Inv Co.	17.97
Financials	12.26
Electronic & Electrical Equip	11.79
Industrial Transportation	9.79
Industrials	9.62
Chemicals	5.41
Closed End Investments	8.72

FTSE GLOBAL INDICES

Company Name Petra Diamonds Ltd

Sep 11 Regions & countries	No of stocks	US$ Indices	Daily %Chg	Month %Chg	YTD %Chg	US$ TotalRet	YTD %TotalRet	Gr Div Yield
FTSE Global Industries
Global	10110	1259.99	0.36	-0.75	12.50	2176.87	13.93	1.61
Global Large Cap	1870	1184.41	0.35	-0.37	12.54	2105.81	13.92	1.52
Global Mid Cap	2393	1427.82	0.44	-1.55	12.93	2338.90	14.54	1.91
Global ex Small Cap	5847	1433.91	0.27	1.12	11.59	2365.80	14.44	1.63
Global ex Eurozone	9437	1335.94	0.34	-0.63	12.84	2249.07	14.17	1.52
Global ex China	7589	4258.06	0.39	-0.64	13.35	1048.00	14.77	1.59
Global ex US	8561	624.80	-0.42	-0.11	13.42	1640.81	15.68	2.44
Global ex UK	9880	1338.66	0.36	-0.72	12.66	2259.77	14.04	1.56
Global ex Japan	8754	1315.04	0.41	0.92	12.06	2260.24	13.48	1.59
FTSE Regional Indicates
Americas	1975	1742.42	0.80	-1.08	11.96	2712.54	12.94	1.20
Asia Pacific	6325	931.25	-1.12	1.61	19.59	1673.71	21.43	2.01
Asia Pacific ex Japan	4989	1161.45	1.42	1.56	19.40	2324.03	15.63	2.03
Europe	1459	702.85	0.37	-2.44	7.10	1521.61	9.87	2.84
Europe ex UK	1220	812.95	0.35	-2.61	6.92	1688.08	9.68	2.76
Eurozone	613	738.17	0.64	-2.27	8.30	1572.68	10.89	2.73
Americas	388	767.23	-0.61	-0.34	8.72	1705.95	12.60	4.48
FTSE Developed Indicles
Developed	5353	1308.02	0.51	-0.84	12.81	2233.21	14.16	1.52
Developed ex North America	3597	779.15	-0.26	0.04	15.20	1570.93	17.64	2.50
Sep 11 Sector	No of stocks	US$ Indices	Daily %Chg	Month %Chg	YTD %Chg	US$ TotalRet	YTD %TotalRet	Gr Div Yield
Digital Information Services
Software & Computer Svcs	538	3531.67	0.79	-1.52	-1.63	4298.06	-1.19	0.57
Media Technology	163	810.02	0.93	1.79	-11.03	1164.65	-10.42	0.96
Semiconductors	283	905.45	-0.00	1.72	45.16	991.13	45.70	0.55
Tech Hardware & Equip	693	7006.75	0.38	2.62	44.59	9931.08	45.18	0.55
Technology	1231	4504.53	0.53	1.04	23.05	6479.51	23.57	0.56
Biotechnology	203	116.69	0.25	2.67	14.70	1245.29	15.06	0.31
Telecommunications Equip	114	566.82	-0.43	4.79	69.54	654.88	70.64	0.78
Telecommunications	259	560.42	0.02	4.97	35.64	1381.74	37.88	.95
Telemec Svcs Producers	145	467.32	0.59	5.20	6.58	1043.49	9.59	3.43
Electronic & Electrical Equip	345	2087.87	0.52	4.97	22.33	3011.31	23.34	1.00
Financials
Finance & Credit Services	112	892.43	-0.20	-2.23	-9.94	1399.19	-8.83	1.58
Financials	1154	735.41	0.35	1.26	13.29	1534.90	13.89	2.72
Insurance	77	668.69	0.30	1.94	12.50	1400.02	15.84	3.27
Banks	489	547.57	0.68	1.22	17.38	1275.78	20.50	3.18
Mortgage Real Estate Inv Tsts	9	95.77	-0.28	-6.07	-8.62	223.70	-1.98	13.32
Nonlife Insurance	125	1080.63	0.52	-0.63	4.58	1590.29	7.58	2.69
INV Banking & Brokerage Svcs	345	1259.97	0.38	-1.00	5.69	2027.81	7.15	1.64
Transaction Processing Svcs	56	145.92	0.85	-0.31	2.17	153.13	1.51	0.85
Real Estate
Real Estate	646	924.83	0.22	-2.58	1.34	1130.30	3.92	3.82
Real Estate Inv & Svcs	339	339.57	-0.28	-3.01	-10.48	697.97	-8.63	2.78
Real Estate Investment Tsts	318	550.74	0.38	2.44	5.76	7511.79	8.61	4.14
Consumer Goods & Services
Consumer Digital Services	98	322.44	1.12	-0.99	-0.70	327.03	-0.45	0.34
Consumer Discretionary	1513	1186.28	0.74	-4.62	-5.30	1722.49	-4.47	1.23
Consumer Staples & Servicers	77	1354.95	-0.12	-4.53	-6.71	1948.46	-3.10	1.17
Consumer Staples	621	979.96	-0.03	-1.68	3.44	1756.24	5.74	3.10
Retailers	267	1914.31	1.15	-7.48	1.03	2636.03	1.66	0.83
Pets Care Drug & Grocery Strs	196	553.84	0.06	-2.65	-0.52	928.69	1.49	2.60
Personal Goods & Equipment	141	765.49	0.70	-8.12	-16.99	1187.67	-1.35	1.17
Leisure Goods	153	638.97	0.30	-3.11	-1.40	914.96	-0.39	1.45
Travel & Leisure	296	1136.97	0.25	-6.88	-5.99	1678.28	-4.89	1.67

Event Rights Issue: 10 for 17 at 16.5p p.s., payable in full by Nov. 21 (xr 07.11.25).

Effective 07.11.2025

Sep 14	DOLLAR				EURO			POUND
	Closing Mid	Day's Change	Weeks Change	Closing Mid	Day's Change	Weeks Change	Closing Mid	Day's Change	Weeks Change
Saudi Riyal	3.7557	0.0001	0.0001	4.3371	-0.0088	-0.0348	5.0810	-0.0203	-0.0256
Singapore Dollar	1.2171	0.0048	0.0057	1.4670	-0.0041	-0.0209	1.7135	-0.0054	-0.0071
South African Rand	16.3024	0.1730	0.3099	18.8089	0.0754	0.2072	21.9683	0.1452	0.3057
South Korea Won	1347.1000	1.4000	8.4500	1554.2166	-8.7467	-5.1605	1815.2846	-5.4476	-0.6929
Swedish Krona	9.7940	0.1004	0.1941	11.2882	0.0412	0.1337	13.1843	0.0824	0.1943
Swiss Franc	0.8183	0.0030	0.0094	0.9442	-0.0028	0.0032	1.1027	-0.0003	0.0069
Taiwan Dollar	31.7635	0.0815	0.2275	36.6471	-0.1500	-0.0340	42.8929	-0.0629	0.0856
Thai Baht	33.2600	0.2075	0.4000	38.3738	-0.0150	0.1527	44.8195	0.0894	0.3068
Tunisian Dinar	2.9274	0.0122	0.0025	3.3775	-0.0085	-0.0456	3.9448	0.0035	0.0092
Turkish Lira	48.6223	0.0183	0.1888	56.0597	-0.3532	-0.2375	65.5208	-0.2404	-0.0847
UAE Dirham	3.6730	0.0001	0.0001	4.2377	-0.0283	-0.0344	4.9495	-0.0200	-0.0257
Pound Sterling	0.7421	0.0030	0.0038	0.8562	-0.0003	-0.0025	1.0000	-	-
United States Dollar	1.8000	-	-	1.5338	-0.0077	-0.0054	1.3476	-0.0055	-0.0070
Vietnamese Dong	25988.5000	66.0000	-31.5000	29984.2230	-123.4560	-286.9320	35620.8040	-52.3390	-224.5880
Euro	0.8667	0.0057	0.0070	1.0000	-	-	1.1680	0.0030	0.0034

Data provided by ICE, www.ice.com 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

UK COMPANY RESULTS

8.04	Consumer Discretionary	-3.04
7.29	Tobacco	-3.12
6.92	Personal Care Drug & Grocery	-3.18
4.93
3.41	Consumer Digital Services	-4.02
3.34	Finance & Credit Services	-5.92
2.09	Real Estate Investment & Svcs.	-7.51
2.08	Leisure Goods	-7.70
1.80	Pharmaceuticals & Biotech	-8.36
0.26	Health Care	-8.47
-0.18
-0.29	Technology	-8.72
-0.64	Software & Computer Svcs	-8.93
-1.25	Personal Goods	-11.57
-1.49	Biotechnology	-12.08
-1.56
-2.06	Medical Equipment & Svcs	-13.74
-2.08	Hold Goods & Home Const	-27.81
-2.75	Automobiles & Parts	-40.03

Sep 11Regions & countries	No ofstocks	USDS Indices	Daily%Chg	Month%Chg	YTD%Chg	USSTotalRet	YTDTotalRet	Gr DivYield
Developed ex Canada	5146	1313.40	0.52	-0.81	12.86	2236.71	14.21	1.50
Developed ex Europe	4162	1531.99	0.54	-0.52	13.95	2472.93	15.03	1.28
Developed ex Eurozone	4776	1400.90	0.50	-0.70	13.24	2320.41	14.48	1.41
Developed ex US	3804	809.58	-0.21	-0.15	14.75	1620.52	17.11	2.45
Developed ex UK	5123	1391.18	0.52	-0.85	13.00	2286.99	14.99	1.46
Developed ex Japan	3897	1376.30	0.58	-1.02	12.33	2386.18	13.68	1.49
Developed Asia Pacific	2318	869.00	-1.05	3.45	27.68	1561.12	29.63	2.08
Developed Asia Pac ex Japan	962	1148.12	-1.72	5.46	38.38	2527.32	41.03	2.24
Developed Europe	1191	715.33	0.36	-2.56	6.84	1472.29	9.61	2.85
Developed Asia Pacific ex USA	861	843.57	0.35	-2.77	6.54	1744.78	8.76	2.76
Developed Eurozone	577	733.22	0.64	-2.37	8.07	1561.97	10.75	2.73
Developed Europe Asia Pac	3509	780.90	-0.27	0.04	15.17	1575.39	17.62	2.50
FTSE Emerging Indicators
Emerging	4757	1091.06	-0.99	0.00	9.84	2120.43	11.89	2.40
Emerging Asia Pacific	4007	1217.75	-1.23	-0.80	10.01	2226.68	11.74	1.91
Emerging Europe	259	379.06	0.73	4.02	22.62	860.78	25.46	2.46
Emerging Eurozone	36	497.43	1.21	7.08	31.83	6830.30	34.77	2.63
Emerging Asia Korea	5231	4363.17	-1.31	2.72	19.60	2166.35	21.60	2.02
Emerging Plus Korea&Poland	2722	5288.73	-1.46	4.87	31.98	9797.61	34.17	2.05
Advanced Emerging	1230	1534.88	-1.46	3.85	40.87	3337.81	43.55	2.48
Secondary Emerging	3527	996.54	-0.51	-3.51	-9.85	1765.53	-8.19	2.32
Sep 11Sector	No ofstocks	USDS Indices	Daily%Chg	Month%Chg	YTD%Chg	USSTotalRet	YTDTotalRet	Gr DivYield
Hshold Goods & Home Const	121	515.42	0.35	-4.88	-4.00	885.97	-2.59	2.35
Tobacco	15	1368.69	0.55	1.36	10.93	4332.16	13.67	4.43
Health Care
Health Care	850	1150.71	-0.29	-2.54	3.73	1820.17	5.10	1.66
Health Care Providers	118	1798.11	-0.44	-0.16	10.36	2247.50	11.48	1.55
Pharmaceuticals & Biotech	522	1018.89	-0.38	-1.69	8.85	1772.99	10.58	1.87
Medical Equipment & Svcs	210	1603.18	0.09	-6.12	-11.71	1985.12	-11.08	1.05
Agricultural Food & Beverages
Food Producers	306	638.12	-0.55	-1.84	1.34	1145.90	4.04	3.22
Beverages	104	855.18	0.00	-1.69	7.99	1536.42	10.09	2.99
Energy
Energy	371	721.93	0.01	4.80	34.94	1566.30	38.04	2.91
Electricity	248	660.03	-0.38	-2.21	1.80	1554.48	3.90	2.92
Alternative Energy	88	98.51	-0.69	-1.09	6.58	122.97	8.82	3.60
Alternative Energy	67	392.61	-1.44	-6.13	5.47	292.91	5.78	0.40
Oil & Gas Coal	304	749.87	0.05	5.43	36.67	3539.31	40.13	3.04
Gas Water & Multi-Utilities	117	704.54	-0.42	-1.53	3.65	1779.74	6.44	3.61
Utilities	405	688.93	-0.36	-1.98	2.21	1647.83	4.43	3.00
Transportation
Automobiles & Parts	299	1068.10	0.44	3.32	-12.15	1755.62	-11.20	1.53
Industrial Transportation	386	1431.71	0.10	-2.07	12.83	2469.56	14.66	2.30
Industrials
Aerospace & Defense	102	2874.96	-0.46	-10.93	1.37	4395.07	2.11	1.16
Industrial Engineering	330	2356.64	0.54	-1.82	20.71	3738.27	21.87	1.38
Industrial Metals & Mining	95	294.36	0.03	-2.59	2.72	2499.75	4.09	1.84
Industrial Services	235	1144.87	-1.36	-2.07	22.68	2228.08	24.94	2.27
Industrials	235	1278.46	0.64	-0.71	-0.52	1876.37	0.52	1.30
Industrials	2063	1557.42	0.63	-4.50	8.65	2489.62	9.85	1.47
General Industrials	204	346.18	1.28	-4.98	15.93	1700.57	17.29	1.60
Resources & Materials
Basic Materials	997	1073.47	-0.79	0.33	17.10	1988.35	19.07	2.06
Chemicals	433	1072.44	-0.77	-1.35	15.95	1925.84	17.87	2.11
Construction & Materials	461	1409.02	0.93	-5.73	-0.34	1889.69	0.94	1.49
Winds & Disposal Services	40	413.47	0.09	-1.82	0.46	4565.32	1.44	1.28
Precious Metals & Mining	95	1591.92	0.08	7.73	12.03	2829.98	13.59	1.53

Company	Turnover(£)
Arcontech Group	Fin 2.8m (3.1m)
Big Technologies	Int 26.9m (24.8m)
Fusion Antibodies	Fin 2.1m (2.0m)
GlobalData	Int 162.9m (156.5m)
Greencoat Renewables €	Int 42.1m (-37.4m)
HG Capital Trust	Int - (-)
Keras Resources	Fin 1.4m (1.1m)
Keystone Law Group	Int 66.3m (54.2m)
Kromek Group	Fin 27.1m (26.5m)
M.P Evans Group $	Int 196.3m (179.4m)

FTSE 100 SUMMARY

	Close (p)	%Chg
3i Group	2631.00	-0.75
Aberdeen Group	246.80	-0.56
Admiral	3636.00	1.32
Airtel Africa	344.20	-0.23
Alliance Witan	1352.00	-0.07
Anglo American	3690.00	-2.51
Aerofagasta	3586.00	-5.38
Assoc. Brit. Foods	1866.00	1.22
AstraZeneca	12154.00	3.81
Autotraeder Group	501.00	2.37
Aviva	709.00	0.25
Babcock Intl	961.00	-0.46
BAC Systems	1940.00	2.21
Barclays	478.50	-3.09
Barratt Redrow	276.20	-3.22
Beazley	1304.50	0.04
BP	571.20	1.17
Brit. Amer. Tobacco	4250.00	3.66
British Land	390.00	-2.26
BT Group	204.70	1.59
Bunzl	2562.00	0.62
Burberry	897.50	-2.00
Centrica	147.20	-2.45
Coca-Cola Europec	7760.00	2.44
Coca-Cola HBC AG	4644.00	3.34
Compass	2329.41	2.16
Computacenter	5215.00	-0.10
Convatec	217.40	0.70
Croda International	3148.00	-0.91
DCC Energy	6335.00	0.08
Diageo	1643.00	2.50
Diploma	7065.00	-0.70
Endeavour Mining	4492.00	-2.20
Entain	501.80	-0.08
Experian	2658.00	2.73
F&C Inv Trust	338.40	-0.99
Fresnillo	2912.00	-3.38
Games Works	17600.00	-0.28
Glencore	591.00	-2.39
GSK	1854.50	4.74
Haleon	342.20	2.52
Halma	3432.00	-5.50
Hiscox	1882.00	0.48
Howden Joinery	736.50	-0.94
HSBC	1536.80	-1.02
IG Group	1345.00	1.05
IMI	2966.00	-2.31
Imperial Brands	2553.00	2.53
Informa	903.40	1.57
InterCont'l Hotels	11424.40	0.70

UK RECENT STOCK ADDITIONS

	Close (p)	%Chg
Intl Cons Airlines	409.70	-2.38
ICG	1870.00	-1.73
Intertek Group	5855.00	0.09
Investec	653.00	-1.14
JD Sports Fashion	76.56	-1.97
Kingfisher	287.90	-0.21
Land Securities	817.50	-2.06
Legal & General	290.00	1.01
Lion Finance	13410.00	-1.90
Lloyds Big Gp	109.35	-1.62
LondonMetric Prop	176.30	-0.96
Lon Stock Ex	8474.00	2.86
M&G	332.00	-0.12
Marks & Spen	370.80	-2.16
Melrose Ind	467.00	-1.50
Merlin Fran	4024.14	-1.52
Nat Grid	1105.00	-2.26
NatWest Group	882.80	-2.15
Next	14655.00	-0.20
Pearson	1191.50	2.67
Pershing Square Hldgs	3772.00	-0.47
Persimmon	1084.50	-2.03
Polar CapTech	634.50	-2.91
Prudential	976.80	-0.20
Reckitt Benckiser	5120.00	2.40
RELX	2603.00	5.17
Rentokil Initial	330.70	0.92
Rio Tinto	7207.00	-2.00
Rolls-Royce	1423.80	-2.12
Sainsbury UJ	340.20	2.38
Schroders	586.00	0.17
Scot Mort Inv Trt	1468.00	-0.68
Segro	930.80	-0.28
Severn Trent	2916.00	-0.48
Shell	3582.00	0.87
Smith & Nephew	1048.50	3.97
Smiths Gp	2506.00	-1.61
Spirax Group	6720.00	-1.97
SSE	2312.00	-2.12
Standard Chartered	2299.00	0.04
Standard Life	920.50	0.49
St James's Place	1214.50	-0.50
Tesco	480.90	3.33
The Sage Grp	1008.50	5.27
Tritax Big Box	144.40	-0.89
Unilever	4697.00	3.20
Utd. Utilities	1320.00	-0.30
Vodafone	130.35	1.24
Weir	2600.00	-4.48
Whitbread	2327.00	-0.85

	Close (p)	%Chg		Close (p)	%Chg
ATC Music Grp	187.50	2.74	Mendell Helium	5.40	5.88
Brewura Solutions	160.00	-0.93	Meridian Mining	98.20	-3.73
Coastal Africa Group	200.00	-	Pathos Comms	27.50	-
Comish Metals	99.50	-1.97	Power Probe	60.00	-
Dauch Corp	472.00	-2.49	Rift Helium	7.25	1.40
EDX Medical Group	8.50	-	Serval Resources	35.00	8.70
Generation Essentials	96.47	0.41	Sintana Energy	20.75	-1.19
Halo Minerals	9.62	-1.28	Sunbelt Rentals	5380.00	-2.08
iForesx Financial	145.00	-	Tapir Holdings	44.00	-
Mayflower Acquisition	695.71	0.41	The Smarter Web Co	39.80	4.74

52 Week
United Kingdom (USD)

Sweden (SEK)
Atlas Copco A	202.80	1.30	212.30	149.45	1.48	37.35	680.92
Atlas Copco B	175.15	0.60	185.20	134.00	1.71	32.26	273.39
EQT	309.40	-2.00	383.00	259.00	1.62	499.84	379.51
Investor B	402.55	-0.20	426.80	280.85	1.39	7.83	733.42
Volvo B	340.50	1.30	374.50	244.90	3.82	20.10	542.32
Switzerland (CHF)

Base Metals

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	37.27	0.62	41.00	32.46	5.84	19.14	112.40
BHP Group	60.87	-2.57	68.77	39.30	3.97	31.44	309.47
Commonwealth Bank	154.19	0.99	185.59	146.98	3.28	23.63	258.03
CSL Ltd	167.10	-2.40	222.47	90.00	2.44	25.99	80.19
Macquarie Group	245.25	-3.08	267.90	187.31	3.28	25.05	94.09
National Australia Bank	38.72	1.00	48.45	35.48	4.39	17.52	120.71
Wesfarmers	72.82	-0.70	94.70	70.80	3.05	28.74	82.67
Westpac Banking	34.22	0.37	43.32	33.46	4.50	17.03	117.04
Belgium (EUR)

Atimeso Brasil Indev	67.18	0.04	76.18	48.87	1.20	23.35	120.74
Brazil (BRL)
Itau Unibanco Holding	46.63	0.25	47.80	32.50	0.00	0.00	261.96
Itau Unibanco Holding Prfd	42.73	0.38	49.67	36.96	0.00	0.00	231.13
Petroleo Brasileiro	54.52	-0.12	56.14	30.96	0.00	48.32	405.75
Petroleo Brasileiro Prfd	49.00	-0.12	50.69	29.31	0.00	0.00	266.88
Vale	78.20	-0.03	91.62	56.31	0.00	88.11	332.80

Stock	Price	52 Week
		+/-Chg	High	Low	Yld	P/E	M/w (f)
Finland (EUR)
Nordex Bank Abp	17.82	0.13	17.97	13.59	0.00	12.82	60.64
France (EUR)
Air Liquide	166.52	-0.26	189.80	154.86	2.02	31.91	106.27
Airtus	199.40	3.62	221.30	157.42	1.60	37.20	157.98
AAA	43.19	0.22	45.66	36.55	5.37	12.03	90.31
BNP Paribas A	103.76	1.12	113.82	65.12	5.59	10.84	115.88
Compagnie de Saint-Gobain	71.52	0.20	95.86	65.88	3.22	10.67	35.39
Credit Agricole	18.62	0.09	20.40	15.37	0.00	8.54	56.95
Doverne	61.38	-0.38	68.14	60.64	3.67	23.70	41.94
Dassault Synthons	20.24	-0.14	30.36	15.82	1.33	22.49	27.16
ENSE	23.98	-0.32	29.88	17.78	4.30	15.78	69.97
Essential Utilities	146.40	0.55	323.90	144.65	2.73	28.15	67.97
Hermes International	1399.50	-9.50	2300.00	1404.00	1.29	31.86	147.74
Llreal	379.85	4.30	405.80	338.85	1.90	29.89	202.33
LMVMI Uml Me Herensey	415.30	8.80	654.70	450.25	3.13	19.00	205.41
Safran	330.20	8.20	366.50	262.60	1.01	43.45	138.14
Sorfixi	73.26	-0.31	91.15	71.25	5.62	9.36	88.48
Schneider Electric	291.10	3.70	312.30	220.40	1.44	33.89	168.43
TotalEnergies	78.77	0.39	81.34	49.24	4.44	11.43	179.73
Vinci	111.45	0.90	143.15	110.30	4.53	12.88	65.42

Agnico Eagle Miners	278.09	5.98	348.94	188.48	0.90	23.73	141.68
Alimentation-Coutne-Test	80.50	0.50	95.15	68.30	1.07	27.66	73.90
Bank of Montreal	242.47	1.95	259.20	168.92	2.82	27.58	168.47
Bank of Nova Scotia	129.63	1.22	131.72	87.38	3.52	26.67	159.77
Brookfield	52.93	0.29	102.59	52.04	0.73	94.52	118.15
Brookfield Asset Mgmt A	65.47	0.08	86.51	58.09	4.26	37.41	104.57
Canadian Imperial Bank	158.91	0.49	172.87	109.29	2.69	21.22	144.28
Canadian National Railway	169.60	2.04	185.25	126.11	2.16	29.86	102.46
Canadian Natural	68.32	-0.93	72.35	41.67	3.61	16.91	142.90
Canadian Pacific Kansas	123.84	0.88	133.38	96.50	0.80	39.31	108.67
Construction Software	2827.94	68.70	4500.00	2199.00	0.20	952.17	59.93
Enbridge	66.23	-0.13	80.65	62.51	5.86	34.68	144.90
Fairfax Financial	20.14	0.14	25.58	15.53	1.02	10.02	53.02
General Motors	265.20	0.22	306.38	199.27	2.47	25.90	396.36
Shopify Inc.	178.41	3.27	253.10	129.01	0.00	119.74	215.62
Suncor Energy	95.30	-0.01	97.13	53.02	2.52	24.88	111.47
TC Energy	84.31	-1.32	100.18	69.41	4.16	33.72	84.31
The Toronto-Dominion Bank	167.72	1.41	175.33	105.35	2.62	20.31	283.36
Waste Connections	221.56	0.96	251.45	203.46	0.88	53.39	55.84

Kuwait Finance House	0.78		0.85	0.77	3.08	23.36	15.38
Mexico (MXN)
America Movil B	19.34	-0.03	24.49	17.48	2.79	0.00	1202.66
Wal-Mart de Mexico	45.55	-0.55	63.97	45.47	2.55	0.00	794.68
Netherlands (EUR)
Adyen	928.70	9.70	1600.80	772.40	0.00	51.00	29.42
ASML Holding	1478.40	4.20	1741.00	674.10	0.53	74.25	573.84
Heineken	70.28	-0.76	80.44	63.90	2.73	15.08	39.74
ING Groep	32.09	0.46	32.30	20.23	3.54	16.21	92.20
Praxus N	35.62	0.32	63.94	35.19	0.79	6.73	77.87
The Magnum Ice Cream Co	16.90	0.14	17.68	11.02	0.00	35.20	10.34
Universal Music Group NV	14.61	0.58	25.32	13.93	3.56	33.97	26.85
Norway (NOK)

Company (in €)
abidas AG	142.75	0.05	196.40	129.95	1.96	19.14
Alianz	442.30	2.80	454.60	338.80	3.87	15.46
BASF	51.83	-1.51	55.05	41.48	4.34	28.48
BMW	63.00	0.30	97.92	56.40	6.98	5.30
British Bank	34.94	-0.01	39.00	29.00	1.03	6.63
Deutsche Bors	278.30	-3.40	291.90	200.10	1.52	41.93
Deutsche Telekom AG	28.59	0.71	34.36	23.53	3.50	14.51
DHL Group	55.02	0.08	58.30	36.99	3.45	17.81
Infineon Technologies	58.56	2.76	88.83	31.27	0.60	76.05
Mercedes-Benz Group	46.68	-0.17	62.34	42.62	7.50	4.58
Merck	131.45	-0.20	148.80	100.70	1.67	20.57
Muenchenke Ranch	503.40	5.40	575.60	437.40	4.77	24.04
Porsche	44.84	0.03	50.66	35.62	2.25	11.35
Rheinmetall	990.60	-25.80	2008.00	900.20	1.16	60.00
SAP	177.26	-0.56	244.30	127.50	1.41	28.87
Siemens	264.65	6.55	291.70	198.00	2.02	25.13
Siemens Energy	144.26	3.44	191.66	90.30	0.49	228.98
Siemens Healthineers	38.23	-0.19	49.71	32.81	2.62	20.02
Volkswagen	81.20	-0.10	110.20	71.00	6.40	6.11
Volkswagen Privat	81.18		109.15	69.20	6.48	6.11

EquinorRepublic of Korea (KRW)	415.50	1.70	425.50	226.40	3.44	214.18	993.36
LG Energy Solution	360000.00	-5000.00	527000.00	290500.00	0.00	78.52	84240.00
SAMSUNG BIOLOGICS	1415000.00	-8000.00	1987000.00	962000.00	0.00	58.74	65501.70
Samsung Electronics	256500.00	-6500.00	374500.00	72100.00	0.65	39.29	0.00
Samsung Electronics Pref	193300.00	-9700.00	243500.00	56600.00	0.87	182.77	155098.35
Samsung Epis	340000.00	-6500.00	773000.00	329000.00	0.00	269.20	8460.24
SK hynix	1812000.00	-41000.00	2987000.00	305500.00	0.17	29.21	0.00

Stock	Price	+/-Chg	High	Low	Yld	P/E	MV (bl)
Shin- Etou Chemical	5738.00	-24.00	7930.00	4366.00	2.02	22.71	11389.91
SoftBank	246.90	3.70	245.00	202.60	3.95	21.75	11168.33
SoftBank Group	6544.00	-370.00	27695.00	3365.00	0.17	7.49	97355.49
Sony Financial Group	160.60	1.60	210.00	129.30	4.98	20.18	1087.32
Sony Group	3632.00	-8.00	4776.00	3043.00	0.96	66.40	21666.03
Sumitomo Mitsui Financial	6911.00	10.00	7280.00	3868.00	2.60	16.78	20269.57
Takeda Pharmaceutical	5666.00	9.00	6033.00	4102.00	3.60	56.56	9077.54
Tokio Marine Holdings	7970.00	176.00	8468.00	5300.00	3.07	28.53	15413.98
Tokyo Electron	51460.00	-1350.00	9120.00	21110.00	0.90	41.02	42048.96
Toyota Motor	3031.00	37.00	4000.00	2666.00	3.30	10.27	44237.41
Kuwait (KWD)

Agricultural Bank China A	6.97	0.03	8.68	5.79	3.72	8.94	22.25
Bank of China A	6.57	0.04	6.73	5.13	3.59	8.88	15.68
Bank of Communications A	7.48	0.04	7.77	5.37	4.50	9.33	433.14
China Construction Bank A	11.02	0.07	11.23	8.50	3.67	8.48	233.44
China Life Insurance A	37.99	-0.29	51.92	32.32	2.57	6.97	791.09
China Merchants Bank A	41.35	-0.22	43.79	35.28	4.88	7.25	853.01
China Petroleum Chemical A	5.52	-0.04	8.11	4.43	3.93	21.07	536.23
China Shenhua Energy A	47.51	0.23	51.18	37.65	4.23	17.86	870.00
China Yangtze Power A	28.45	0.36	29.57	25.38	3.51	20.18	696.12
OTIC Securities A	26.92	-0.68	31.49	23.77	3.11	13.73	328.44
Cont Amurex Tech A	330.51	-7.55	468.75	309.04	1.09	20.48	1457.04
East Money Information A	18.31	-0.66	28.50	17.22	0.55	23.93	289.70
Fascotian Int'l Ind A	64.07	0.16	84.95	47.35	1.53	35.99	1271.41
IDBC A	8.11	0.01	8.40	6.85	3.95	8.11	2.19
Industrial Bank A	18.13	-0.11	22.00	16.44	5.89	5.24	383.68
Jiangsu Hengpu Pharma A	42.57	-0.17	43.77	30.57	1.27	42.57	2373.27
Luzhou Huatai Finance A	1275.16	-9.97	1568.00	1151.01	4.08	19.42	1594.05
Luxshore Precision Oil A	55.39	0.94	81.78	44.57	0.45	24.19	406.67
Middle Group A	86.26	0.06	89.50	71.02	4.98	14.87	600.59
PetroChina A	11.24	-0.03	13.69	8.04	4.54	13.07	1.82
Ping An Insurance Group A	54.83	-0.69	74.88	46.90	4.98	7.14	584.49
Postal Savings Bank China A	5.46	-0.09	6.29	4.76	4.18	7.48	5.47
Shenzhen Mind Bio-Med A	162.73	-2.97	246.98	130.66	2.61	24.23	197.20
Wuling Yong A	69.75	-0.73	129.67	70.40	7.39	30.24	270.74
Zijin Mining Group A	32.26	-1.85	44.94	24.11	2.48	16.54	664.61

Saudi Arabia (SAN)
ACWA Power	190.90	252.60	154.50	0.24	79.54	146.32
Al Rajhi Bank	66.00	113.00	62.00	2.53	16.92	396.00
Saudi Arabian Mining	66.00	79.90	53.90	0.00	84.62	256.66
Saudi Arabian Oil	26.14	27.96	23.04	5.19	18.15	63.26
Saudi Basic Industries	49.80	64.00	48.20	5.22	97.65	149.40
Saudi National Bank	41.60	45.24	33.30	5.53	10.30	249.60
STC Co	43.86	45.38	41.14	5.02	14.77	219.30

BioNTechHong Kong (HKD)	96.73	0.33	124.00	79.52	0.00	46.28	24.46
AIA Group	75.05	-0.25	92.15	68.95	2.64	126.99	776.52
HKEX	392.60	-4.40	460.20	360.00	3.55	27.94	497.75

India (UNIV)
Bajra Finance	1034.20	-11.80	1177.60	788.40	0.58	54.29 6438.88
Brah Amrit Ltd	1832.00	-5.00	2174.70	1745.00	1.31	139.5511432.60
HCL Technologies	1207.00	10.20	1770.00	1030.00	4.97	18.81 3275.39
HEXC Bank	706.00	14.00	1020.35	668.20	1.84	14.3010192.14
Hindustan Unilever	1934.00	-3.50	2667.55	1934.45	2.12	44.22 4544.11
ICICI Bank	1379.15	-4.85	1479.30	1187.55	0.87	21.83 8699.13
Infosys	1038.20	6.65	1727.85	984.00	4.62	16.10 4123.26
Mitsubishi Matothe Bank	280.25	1.25	436.50	256.25	5.57	9.36 2080.88
Lancore	418.70	1.75	435.15	345.40	0.16	1.76 4155.67
Lansin & Toubro	2915.00	-40.00	4440.00	3288.65	0.97	33.48 5396.52
Life Insurance Corp	403.70	-2.30	936.60	385.90	2.48	14.19 5106.80
Maruti Suzuki India	12410.00	-120.00	17371.60	12232.10	1.13	26.58 3901.74
Reliance Industries	1258.00	-17.00	1611.20	1250.55	0.48	24.441023.93
State Bank of India	997.00	-7.50	1234.80	816.25	1.74	11.47 9302.93
Sun Pharmaceutical Inds	1842.00	-22.00	2047.55	1547.25	0.87	40.39 4419.47
Tata Consultancy Svs	2202.00	-14.50	3336.70	1976.00	2.95	16.41 7967.03

Singapore (SGD)
DBS Group Holdings	77.00	0.21	79.05	50.08	4.13	20.05	218.99
Overseas-Chinese Banking	31.60	0.21	32.57	16.19	3.32	1938.65	142.68
United Overseas Bank Ltd	41.26	0.27	45.15	33.25	3.85	14.95	68.61
Singapore (USD)
JOYY A	77.26	2.43	80.90	54.24	6.96	309.04	50.45
Sea /Singapore A	106.24	-1.45	199.30	77.05	0.00	40.09	58.06
South Africa (TAR)

Naspers N Spain (EUR)	725.28	-5.34	1311.44	715.00	0.70	85.97	554.91
Banco Santander	12.89	0.24	13.12	8.10	1.51	14.16	193.54
BBVA Spain	25.41	0.46	25.44	15.39	2.93	97.73	141.82
CaixaBank	13.35	0.12	13.55	8.53	3.03	39.25	93.09
Iberdrola SA	20.16	0.14	22.08	15.33	2.73	36.52	134.53
Inditex	54.02	-0.56	59.42	44.34	2.62	122.49	168.36

Bank Central Asia	6325.00	-100.00	8750.00	4820.00	0.00	13.54	7797.15
PT Banto Renewables	3240.00	60.00	10725.00	2300.00	0.13	0.00	334.67
Italy (EUR)
Assicurazioni Generali	45.08	0.36	45.48	31.76	3.64	18.55	69.18
Enel	8.96	0.02	10.31	7.69	5.47	24.21	91.06
Eni	24.00	-0.06	25.02	14.48	4.58	17.02	72.67
Ferrari	356.20	5.00	431.20	269.00	0.84	51.55	63.15
Intesa Sampaolo	6.83	0.17	6.94	4.81	5.50	29.70	120.81
Stellantis	4.67	0.12	10.49	4.37	0.00	6.28	13.53
UniCredit SpA	85.17	1.37	86.42	57.36	3.70	16.68	133.01

Agricultural Bank China H	6.36	-0.03	6.64	5.05	4.78	8.15	195.35
Alibaba Group Holding	107.50	0.60	186.20	88.65	0.96	129.52	2137.64
Bank of China H	6.04	0.07	6.14	4.11	4.56	8.17	505.50
Bank of Communications H	8.09	0.03	8.08	6.33	4.86	7.49	283.25
BYD H	79.85	0.30	115.40	71.40	0.52	22.30	294.12
China CITIC Bank H	8.46	0.03	8.60	6.50	5.47	7.05	125.83
China Construction Bank H	9.75	-0.01	9.88	7.18	4.94	7.50	23.44
China Life Insurance H	29.60	-0.54	36.16	20.90	3.85	5.43	220.26
China Merchants Bank H	51.95	-0.20	53.70	43.34	4.37	9.11	238.50
China Petroleum Chemical H	4.78	-0.07	5.70	3.98	5.26	18.23	113.56
China Shenhua Energy H	46.12	-0.36	49.62	36.58	5.09	16.90	155.77
OTC Securities H	25.22	-0.70	32.50	23.24	3.88	12.87	86.35
ICBC H	7.61		7.76	5.56	4.92	7.61	660.50
JCI com A	106.20	0.70	143.80	95.80	3.69	15.41	265.13
Meituan B	75.10	0.35	109.70	63.65	0.00	19.56	430.28
Middle Group H	99.20	-0.10	101.70	77.65	5.07	17.10	64.56
NetEase	182.10	-1.00	248.00	168.80	2.52	17.20	584.92
Norgo Spring H	39.50	-0.08	56.25	39.22	2.86	27.99	198.87
Nordstrom H	9.98	-0.11	12.22	6.93	5.89	11.63	210.57
Ping An Insurance Group H	54.00	-0.65	74.70	50.00	5.82	7.03	402.17
Prestal Savings Bank China H	5.42	0.06	5.88	4.48	4.92	7.42	107.62
Tencent Holdings	428.40	2.80	683.00	411.00	1.24	17.31	3889.79
Xieomi Corp B	26.36	0.44	59.90	21.30	0.00	16.27	562.26
Zijin Mining Group H	34.82	-2.52	46.98	26.58	2.64	17.86	208.53
China (USD)
Full Truck Alliance	8.17	0.03	14.76	7.46	2.83	272.33	152.37
Fiatu Holdings A	112.73	-0.78	202.53	80.50	2.26	10.79	86.35
PDD Holdings A	77.81	-0.03	139.41	71.94	0.00	31.12	441.85
Denmark (DKK)

ABB	78.66	0.80	89.14	53.78	1.20	30.37	143.41
Alcon	53.98	-0.52	68.34	47.80	0.52	51.90	26.97
Cive Financiere Richemont	175.00	2.10	202.20	127.20	1.89	37.32	94.08
Gwaxton	3164.00	5.00	3592.00	2566.00	2.28	35.54	29.22
Holcim	70.44	-0.10	82.54	60.10	2.41	21.88	39.93
Lonza Group	531.20	-3.80	597.80	454.60	0.94	59.48	37.31
Nestle	77.54	-0.20	87.09	70.29	4.00	22.09	199.78
Novartis	112.04	-0.10	132.68	96.03	3.30	36.73	227.98
Roche Holding	352.60		383.00	264.60	2.78	21.79	37.62
Roche Holding Pref	344.20	-1.30	375.80	291.00	2.85	21.27	241.82
Sika	185.00	-0.30	197.60	120.35	2.00	28.46	29.69
Swiss Re	136.85	1.60	153.85	114.05	4.60	10.49	40.89
UBS Group	44.56	0.61	45.04	28.25	1.92	22.73	146.06
Zurich Insurance Group	588.20	3.00	626.00	521.00	5.10	18.39	88.95

Canon	4300.00	42.00	5033.00	3967.00	3.65	15.11	5841.88
Chagas Pharmaceutical	6423.00	4.00	10700.00	6250.00	2.08	24.35	10782.91
Caterpillar	2772.00	63.00	4178.00	2296.00	3.61	18.34	5162.34
FAST RETAILING	6648.00	-330.00	86690.00	44380.00	0.96	21.10	21155.33
Hiscox	5198.00	17.00	6020.00	3628.00	1.08	38.64	22956.38
Honda Motor	1664.00	29.50	1763.50	1238.00	4.21	15.69	7542.91
HOYA	22588.00	-445.00	30440.00	9950.00	1.26	30.50	7551.47
IOTOCJ	2254.00	11.00	9899.00	1882.00	1.92	17.92	18178.68
Japan Tobacco	6653.00	79.00	7216.00	4107.00	4.06	23.29	13366.00
KDDI	3031.00	23.00	3231.00	2207.50	2.77	16.51	12145.56
Kayacor	76030.00	-500.00	67583.00	51510.00	0.72	41.40	18403.78
Mitsubishi	5005.00	18.00	6012.00	3425.00	2.53	23.73	18571.20
Mitsubishi Heavy	3735.00	-18.00	5236.00	3494.00	-0.78	37.49	12495.37
Mitsubishi U.S. Finl Grp	3861.00	-1.00	3813.00	22350.50	3.92	17.11	40447.69
Mizuho Financiera	5360.00	-1.00	5360.00	2777.00	2.77	17.38	18444.25
Michiho Financial Group	8654.00	48.00	8684.00	4560.00	1.73	17.21	21148.27
Nintendo	8033.00	104.00	14303.00	6544.00	2.00	22.35	10417.80
NTT	175.70	0.50	176.00	142.60	3.07	13.93	15069.69
Recruit Holdings	15500.00	-350.00	18215.00	6040.00	0.17	44.31	22823.81

Taiwan (AED)
Hon Hai Precision	248.00	-3.00	314.00	187.50	2.89	18.22	3490.79
MediaTek	4585.00	-135.00	4970.00	1130.00	1.17	69.30	7358.71
Taiwan Semicon Mfg	2410.00	-40.00	2535.00	1235.00	1.08	36.37	62497.01
United Arab Emirates (AED)

United Kingdom (GBP)
3i Group Plc	26.31	-0.20	44.97	18.25	3.21	4.88	27.01
AstraZeneca	121.54	4.46	157.32	98.92	1.97	24.82	108.51
BAE Systems	19.40	0.42	23.60	15.29	1.95	28.20	58.23
Barclays	4.79	-0.15	5.54	3.54	2.40	10.92	64.19
BP	5.71	0.07	6.09	3.99	4.39		89.70
British Amer Tobacco	42.50	1.50	53.26	36.77	5.77	12.11	91.76
Compass Group	23.29	0.49	25.81	20.00	2.18	28.51	39.61
Diageo	16.43	0.40	19.05	12.96	2.26	28.35	36.58
Experian	28.58	0.76	38.95	22.03	1.81	23.41	25.32
Glencore	5.91	-0.14	7.07	3.00	2.13		69.36

Stock	Price	+Chg		High	Low	Yld	P/E	MV (bl)
GSX	18.55	0.84	22.82	14.55	3.77	13.14	75.02
Haleon	3.42	0.08	4.16	2.74	2.13	18.40	30.10
HSBC Holdings	15.37	-0.16	16.10	9.59	3.62	17.11	263.71
Lloyds Banking Group	1.09	-0.02	1.18	0.81	3.67	15.62	63.30
London Stock Exchange Grp	84.74	2.36	101.40	66.84	1.86	35.55	41.02
National Grid	11.05	-0.26	14.29	10.26	4.39	16.87	55.55
NatWest Group	6.83	-0.15	7.26	5.04	5.13	12.76	54.26
Reckitt Benckiser Group	51.20	1.20	65.23	36.64	4.23	10.93	32.47
RELX	26.03	1.28	35.75	19.91	2.65	23.12	45.43
Rio Tinto	72.07	-1.67	91.17	45.55	4.79	15.82	90.46
Rolls-Royce Holdings	14.24	-0.31	15.86	9.90	0.77	20.51	118.33
Shell	35.82	0.31	37.59	25.54	3.15	15.93	205.81
Unilever	46.97	1.46	55.42	36.44	3.51	12.67	101.19

Arm Holdings	264.79	10.61	452.70	100.02	0.00	311.52	281.74
United States (USD)
3M Co	164.97	2.11	184.90	139.34	1.89	29.10	85.08
Abbott Laboratories	101.95	-1.41	137.49	81.97	2.47	32.89	176.41
AbbVie	257.12	2.12	267.47	190.75	2.69	72.63	454.36
Accenture Plc A	183.90	5.99	291.09	118.15	3.55	14.56	112.54
Adobe	252.23	3.40	370.86	190.12	0.00	14.42	100.26
Aflac	115.28	0.81	130.22	105.43	2.12	12.38	57.79
Air Products & Chemicals	291.43	-2.22	314.87	229.11	2.48	30.71	64.90
Autiva A	170.19	2.54	193.45	110.81	0.00	45.38	71.40
Alphabet A	338.50	5.90	406.61	235.84	0.26	16.79	1986.32
Alphabet C	335.45	5.06	404.47	236.58	0.26	16.64	1854.03
Altia Group	68.98	0.19	77.06	54.70	6.44	14.40	115.18
Amazon.com	256.78	4.89	287.20	196.00	0.00	20.36	2789.71
AMZN	516.13	12.53	584.73	149.85	0.00	130.01	842.57
American Electric Power	100.00	-0.05	105.58	67.70	3.19	21.19	67.72
American Express	324.69	3.98	387.60	269.61	0.00	16.84	185.03
American International	75.33	0.30	87.29	71.25	2.65	13.62	39.39
American Tower	177.85	4.87	199.13	160.06	3.92	24.40	82.87
American Finance	557.61	4.08	572.56	422.37	1.22	13.29	49.26
AMETEK Inc	241.87	7.63	261.16	179.24	0.56	35.26	55.45
Amgen	377.35	-5.12	447.03	269.77	2.67	23.26	204.01
Amphend A	83.92	3.67	178.52	79.23	0.60	39.96	206.94
Analog Devices	378.78	17.53	445.91	223.47	1.16	44.72	183.54
Asn Plc A	302.69	-5.08	382.34	303.59	1.08	16.61	64.21
Apollo Global Mgmt	128.98	1.07	153.29	99.56	1.74	45.42	76.17
Apple	332.27	5.70	344.57	226.85	0.33	37.93	4684.21
Applied Materials Inc	456.49	2.48	739.67	164.00	0.46	39.08	382.27
Agilent A	323.96	9.47	745.61	297.50	0.00	24.81	98.63
Asea Management	131.64	1.01	166.85	95.80	4.10	60.38	29.48
Arthur J. Gallagher	249.32	-2.99	313.55	190.75	1.17	39.40	61.59
AT&T	26.06	0.51	29.79	19.89	4.26	8.60	178.57
Atlassian Corp A	179.70	0.13	198.60	56.01	0.00	855.71	28.57
Autodesk	212.40	0.79	326.71	185.50	0.00	27.34	44.39
Auto Data Processing	268.26	0.93	299.22	188.16	2.53	24.45	106.57
AutoZone	2876.75	-4.72	4388.11	2767.25	0.00	19.30	46.96
Baker Hughes A	59.06	-0.34	70.41	43.92	1.56	18.75	58.63
Bank of New York Mellon	162.66	0.07	165.84	103.11	1.55	18.78	110.37
Becton Dickinson	177.85	1.43	213.08	140.11	2.36	30.66	46.44
Berkeley Hathaway A	76800.00	475.00	86902.81	68800.00	0.00	80.04	397.36
Berkeley Hathaway B	510.37	3.37	537.74	464.01	0.00	19.68	713.65
BlackRock Finance	1079.65	17.25	1219.94	917.39	2.12	25.48	167.20
Blackstone	128.51	3.10	190.09	101.73	2.58	28.75	96.46
Blackstone PLC	271.47	-0.57	359.72	241.57	0.49	25.72	109.49
BlackRock Group	210.45	5.65	254.35	178.77	0.00	75.43	166.33
Berkitt Corp	62.69	0.13	65.22	46.12	2.04	14.25	438.38
Booking Holdings	173.92	-0.41	5624.89	150.14	0.95	19.22	130.68
Boston Scientific	42.98	-0.12	105.72	42.20	0.00	17.26	62.29
Bristol Myers Squibb	63.64	-0.11	68.64	42.52	3.96	13.96	130.00
Broadcom	361.99	1.16	495.00	289.96	0.72	44.86	1728.01
Cadence Design Systems	289.37	4.42	416.69	262.75	0.00	57.19	79.69
Capital One Financial	208.30	1.19	258.63	174.24	1.54	11.48	127.79
Carrier Global	57.46	0.82	76.76	50.24	1.67	40.46	47.37
Cavana A	69.16	-1.12	466.89	56.12	0.00	31.01	49.79
Carepillar	818.57	13.57	1073.46	423.32	0.80	35.07	376.28
CROE Group A	140.51	2.52	174.27	121.69	0.00	36.21	40.69
Cencora	321.57	0.62	377.54	244.82	0.75	23.77	61.36
Charter Comms A	145.77	5.21	285.92	111.55	0.00	3.75	16.70
Cheniere Energy	278.00	-0.38	385.88	238.88	0.00	24.88	108.88
Chipotle mexican Grp	214.06	1.30	217.40	146.49	3.33	20.54	422.93
Chipotle Mexican Grill	36.20	0.07	42.81	28.04	0.00	33.21	45.81
Chubb	338.25	-0.42	365.91	265.30	1.21	94.75	130.50
Cintas	201.50	3.06	219.16	161.16	1.03	40.54	80.63
Cisco Systems	112.13	4.69	130.37	66.13	1.50	33.37	442.08
Citigroup	138.82	0.32	147.96	93.66	1.93	19.52	232.86
Cloudflare Inc A	306.53	-4.64	332.22	158.83	0.00	528.50	98.89
CME Group A	275.54	1.47	329.16	218.31	4.10	23.25	99.08
Cognizant Tech Sci A	60.00	1.68	87.03	37.08	2.20	12.82	27.03
Coinbase Global A	175.26	2.98	402.16	139.11	0.00	45.29	39.05
Colgate-Palmolite	86.80	-1.10	99.33	74.55	2.44	34.17	69.19
Comcast A	25.20	0.03	33.56	21.28	5.24	8.05	89.19
ConocoPhillips	137.35	0.31	138.69	85.57	2.45	18.17	165.00
Constellation Energy	284.75	-1.22	412.70	228.63	0.60	27.81	100.69
Constellation West	29.95	-0.00	49.05	26.81	0.00	19.48	27.73
Evergy	166.40	3.28	271.78	74.60	0.67	74.95	143.34
Corteva	83.90	-0.59	90.97	60.53	0.86	50.85	55.98
Costco Wholesale	904.77	2.39	1066.50	844.06	0.05	45.44	401.25
Coupaq r A	15.12	0.45	34.08	14.45	0.00	35.16	24.79
CRH	88.55	0.09	131.55	86.84	1.76	17.47	58.91
CrowdStrike Holdings A	206.74	-2.12	786.00	174.14	0.00	5168.50	211.69

VOLATILITY INDICES

Stock	Price	+Chg	High	Low	Yld	P/E	Mdy's
ONEOK	96.62			4.43		16.63	60.91
Oracle	150.28	-2.66	331.00	114.50	1.33	25.30	432.88
O'Reilly Automotive	85.82	0.31	108.72	82.59	0.00	27.16	68.43
Old World	69.21	0.19	94.56	67.26	0.00	26.26	61.26
Oneok	145.27	2.38	167.25	137.62	3.00	21.52	337.41
PACCAR	122.73	0.16	139.24	92.25	1.14	25.78	64.60
Palantir Technologies A	167.23	1.37	207.52	106.37	0.00	131.68	384.75
Palo Alto Networks	330.65	-7.84	398.88	139.57	0.00	806.46	270.47
Parker-Hannifin	950.23	15.89	1099.94	715.37	0.84	32.89	119.77
Paychex	115.80	0.62	135.97	85.45	4.11	23.63	41.22
PayPal Holdings	53.72	0.41	79.22	38.46	1.04	10.08	45.96
PepsiCo	136.32	-0.33	171.48	133.73	4.34	17.84	186.06
Pfizer	27.72	0.07	29.21	23.58	6.20	36.00	157.99
Philip Morris Intl	191.06	1.29	207.76	142.11	3.08	27.45	297.79
Phillips 66	259.47	0.96	263.76	126.74	1.96	14.76	103.53
PNC Financial Services Gp	244.24	1.26	258.96	176.88	3.28	13.43	97.44
Progressive	217.82	1.43	249.71	189.20	0.18	10.89	126.46
Prologis Inc	135.75	1.34	153.35	111.00	3.15	30.03	129.01
Prudential Financial	119.24	0.76	127.72	91.89	4.70	10.75	41.14
Public Storage	296.50	1.50	335.55	256.54	4.05	28.18	55.40
QUALCOMM	181.97	0.69	200.87	146.00	3.48	24.88	109.08
Walgreens Cos Inc	59.50	-0.07	67.94	55.86	5.48	43.43	56.30
Regeneron Pharma	781.49	-11.77	859.34	541.00	0.48	18.66	79.04
Republic Services	222.74	1.66	233.42	196.41	1.20	31.55	68.21
Robinhood Markets A	112.57	-0.76	153.86	63.52	0.00	48.73	89.00
Rubisco A	45.50	0.62	142.00	33.88	0.00	32.27	30.48
Roper Technologies	388.52	-0.06	521.28	305.96	0.94	16.12	38.42
Ross Stores	230.74	5.26	257.00	143.39	0.77	27.70	73.71
Royal Caribbean Group	260.14	1.13	356.39	232.10	2.11	96.71	69.77
RTX	197.68	-0.44	226.88	154.36	1.48	34.38	266.42
S&P Global	410.71	0.29	552.25	381.61	0.94	24.98	121.08
Salesforce	247.72	4.72	269.11	146.32	0.71	22.64	203.87
Schlumberger	56.06	0.05	60.46	31.64	2.10	12.43	83.20
Sempra	83.34	-0.66	101.04	79.59	3.16	24.16	54.50
ServiceNow	132.53	1.36	973.63	81.24	0.00	78.42	137.04
Simon Property Group	204.83	0.16	238.50	172.19	4.39	14.46	66.27
Snowflake A	328.99	-0.73	394.56	118.00	0.00	106.81	116.07
Snowflake B	169.59	-0.58	200.58	135.59	0.00	100.58	155.59
Tauberculosis Co	87.17	-0.59	100.83	83.80	3.49	20.90	100.28
Southern Copper	193.49	-0.65	223.88	101.77	2.04	29.05	163.37
Spotify Technology	525.75	4.02	745.00	405.00	0.00	235.76	108.24
Starbucks Corp	98.74	-0.48	110.51	77.99	2.51	57.08	112.56
Strategic A	130.97	2.41	365.21	81.80	0.00	1.32	47.75
Stryker	275.56	5.55	392.55	269.64	1.28	28.32	105.70
Synopsys	397.38	0.21	539.48	366.00	0.00	68.87	76.15
Targa Resources	290.25	-1.66	307.94	144.14	1.72	27.67	62.24
Target	155.83	0.10	170.75	83.44	2.98	16.10	70.79
TE Connectivity	211.96	7.33	252.56	190.27	1.47	20.62	61.37
Tesla	365.44	1.88	498.83	297.38	0.00	309.69	1443.32
Texas Instruments	268.70	9.88	334.03	152.73	2.11	40.65	245.39
The Altstate	253.71	1.92	277.22	168.08	1.70	5.02	64.15
The Charles Schwab	107.25	-0.08	114.53	83.86	1.19	19.43	185.47
The Citigroup	280.76	-0.15	315.47	239.51	2.22	11.82	74.19
The Coca-Cola	68.29	0.46	92.49	65.35	2.40	26.51	379.87
The Kroger	51.61	0.64	58.49	42.50	2.49	16.49	136.53
The Company	323.31	5.87	377.77	289.86	0.99	29.55	78.49
The TJAC Cos	126.02	-0.40	170.00	125.56	1.52	23.04	138.62
The Williams Cos	72.85	0.03	80.08	56.19	2.88	29.02	89.11
Thermo Fisher Scientific	608.82	6.64	647.00	435.27	0.31	32.77	225.48
T-Mobile US	182.33	5.17	244.24	165.66	2.24	19.03	195.58
TradeDigm Group	1140.32	13.44	1463.03	1119.82	0.00	34.59	63.03
Travelers	375.20	7.64	398.69	252.26	1.33	9.94	78.26
Truist Financial	50.40	0.07	56.20	40.78	4.13	11.43	61.57
Uber Technologies	71.67	-0.89	101.99	65.41	0.00	15.51	146.39
Union Pacific	284.40	-1.38	315.99	213.88	2.00	23.70	168.96
United Parcel Service B	100.28	0.31	122.41	82.00	6.54	18.64	75.14
United Rentals	989.12	0.04	1179.18	701.59	0.78	23.74	61.57
UnitedHealth Group	373.09	-8.19	461.62	255.97	2.45	24.30	340.27
US Bancorp	62.84	0.43	66.08	45.02	3.44	12.54	97.91
Valero Energy	300.42	4.99	393.54	155.29	1.23	16.27	112.41
Verizon Communications	159.61	-0.64	176.90	119.50	5.59	13.18	278.77
Vermilion Media Group A	37.19	-0.17	59.00	27.17	4.03	0.00	5.16
Vertex Pharmaceuticals	515.44	0.88	560.25	374.17	0.00	29.78	130.64
Visa A	370.45	3.24	385.57	293.89	0.72	31.47	631.29
Volvoa	148.38	1.33	219.82	132.66	0.62	24.73	49.80
Walmart	107.15	1.42	135.16	98.88	3.22	38.68	850.10
Walt Disney	106.55	0.73	117.17	92.19	1.41	21.88	183.98
Waste Management	213.46	-1.31	248.13	194.11	3.77	10.15	85.32
Wells Fargo	90.29	0.84	97.76	72.78	2.22	12.97	273.04
Welltower	235.62	-0.09	255.20	163.75	1.44	102.44	169.82
Workday A	185.70	0.61	249.85	110.36	0.00	37.74	36.40
WW Grainger	1280.00	8.51	1419.91	906.52	0.78	32.58	60.29
Yum Brands	140.87	-3.02	170.14	137.33	2.13	17.63	38.44
Zscelta A	72.97	0.11	152.00	71.00	2.91	11.90	30.15

COMMODITIES

Stock	Price	+/-Chg
Crown Castle	75.62	1.75
CSX	48.95	-0.09
Cummins	556.75	6.72
CVC Health	94.66	-0.63
Danaher	200.14	-0.39
Deere & Co	675.74	-2.20
Del Technologies C	567.29	60.67
Diamondback Energy	204.97	-0.42
Digital Realty Trust	188.58	3.21
Dominion Energy	64.36	-0.69
DoorDash A	201.95	0.92
DR Horton	137.89	2.32
Duke Energy	119.42	0.05
Eaton Corp	425.37	16.22
Ecolab	276.18	4.58
Edwards Lifesciences Corp	84.37	-2.40
Eastman Health	418.73	-1.86
Eli Lilly & Co	1115.70	-7.30
Emerson Electric	152.19	3.82
EOG Resources	147.36	-0.10
Equinix	1037.72	13.91
Exelon	43.16	-0.23
ExxonMobil Hldgs	165.99	0.76
Fastenal	49.32	0.31
FedEx	311.99	0.19
Ferguson Ent	222.54	1.57
FICO SASAC	985.39	24.72
Fiserv	51.58	2.65
Flutter Entertainment	100.56	1.88
Fortinet Inc	156.07	-2.78
Freeport-McMoRan	151.07	-0.14
Garmin	282.93	10.47
Honeywell Aerospace	223.66	-0.49
GE Healthcare Tech	63.93	-0.31
GE Vernova	957.27	33.36
General Dynamics	355.90	1.65
General Motors	85.62	-0.50
Glaxo Sciences	143.72	-1.09
Goldman Sachs Group	1029.18	9.41
HCA Healthcare	426.94	5.73
Hilton Worldwide Holdings	306.19	-0.05
Home Depot	308.74	3.05
Honeywell International	202.36	0.18
Howmet Aerospace	229.61	1.70
IBM	243.29	9.27
Illinois Tool Works	268.16	2.96
Intuit	102.94	2.62
Interactive Brokers Gp A	91.37	1.95
Intercontinental Experian	157.47	-0.19
Intuitive Surgical	369.15	8.69
Johnson & Johnson	265.58	-0.77
Johnson Controls Ind	146.01	3.20
JPMorgan Chase	356.23	2.67
Kenvue	17.78	-0.01
Keurig Dr Pepper	31.39	-0.07
Kimberly Clark	98.15	-0.33
Kinder Morgan P	30.86	-0.09
KKR & Co	101.08	0.21
KLA	180.64	3.46
L3Harris Technologies	245.54	-2.83
Lam Research	298.22	0.21
Linde	466.22	4.60
Lockheed Martin	524.19	-5.93
Lowes	286.63	1.03
Marathon Reuters	98.97	2.09
Marathon Petroleum	395.93	3.51
Marriott International A	334.69	5.62
Marsh	176.91	-0.38
Marvell Technology	236.10	9.14
Mastercard A	569.19	3.82
McDonald's	252.53	-0.52
McKesson	881.51	0.65
Medtronic	90.96	-0.66
Merck & Co	143.93	-0.78
Meta Platforms A	648.03	3.65
Metlife	97.14	0.36
Micron Technology	975.26	-2.15
Microsoft	495.63	3.19
Mondelez International A	62.44	-0.03
Motorbar Beverage	43.43	-0.08
MitsubishiUFJ	474.95	7.59
Morgan Stanley	214.38	1.72
Motorola Solutions	466.16	2.28
MSCI Inc A	554.61	7.01
Nasdaq	91.19	-0.62
Netflix	77.40	1.39
Newmont Corp	126.81	0.67
NextEra Energy	82.31	-0.13
NIKE B	36.80	0.18
Norfolk Southern	320.27	-3.03
Northrop Grumman	518.97	0.02
Nu Holdings A	14.62	-0.40
NVIDIA	218.29	-0.07
NXP Semiconductors	236.62	10.15
Occidental Petroleum	61.46	0.36

INTEREST RATES: OFFICIAL
	Rate	Current	Since	Last
US	Fed Funds	3.50-3.75	18-12-2025	3.75-4.00
US	Prime	6.75	18-12-2025	7.00
US	Discount	3.75	18-12-2025	4.00
Euro	Repo	2.40	17-06-2026	2.15
UK	Repo	3.75	18-12-2025	4.00
Japan	O'night Call	1.00	16-06-2026	0.75
Switzerland	SNB	0.00	19-06-2025	0.25

INTEREST RATES: MARKET
	Overnight	Change		OneMonth	ThreeMonth	SixMonth	OneYear
		Day	Week
SOFR	3.620	-0.020	-0.040	3.850	3.936	4.084	4.340
EURIBOR	-	-	-	2.388	2.647	2.820	3.160
ESTR	2.189	-0.001	0.000	2.434	2.517	2.692	2.966
SARION	-0.038	0.000	-0.002	-0.051	-0.045	-0.045	-0.046
SONIA	3.731	0.001	0.000	3.772	3.865	4.073	4.430

Rates are fixed at 11am UK time.

BONDS: TEN YEAR GOVT SPREADS

	Bid Yield	Spread vs Bund	Spread vs Bond		Bid Yield	Spread vs Bund	Spread vs Bond
Austria	3.66	0.14	-1.28	Italy	4.25	0.73	-0.69
Australia	5.29	1.77	0.35	Japan	2.95	-0.57	-1.99
Belgium	4.03	0.51	-0.91	Netherlands	3.54	0.02	-1.40
Brazil	14.36	10.84	9.42	Poland	6.34	2.82	1.40
China	1.70	-1.82	-3.24	Portugal	3.80	0.28	-1.14
Denmark	3.38	-0.14	-1.56	Spain	3.90	0.38	-1.04
France	4.37	0.85	-0.57	Sweden	3.15	-0.37	-1.79
Germany	3.52	0.00	-1.42	UK	5.31	1.79	0.37
Ireland	3.54	0.02	-1.40	US	4.94	1.42	0.00

Data provided by ICE: www.ice.com 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

Energy	Price	Change
Brent Crude	107.39	2.71
Natural Gas	2.90	0.07
Light Crude Oil	102.92	2.87
3.5 Fuel Oil	551.09	-10.94
Euro Naphtha Oil	861.10	-6.19

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.

BONDS: GLOBAL INVESTMENT GRADE
BONDS: BENCHMARK GOVERNMENT

Base Metals
Aluminium	3242.00	-11.00
Copper	14008.50	-231.50
Lead	1880.50	-11.50
Nickel	16360.00	-109.00
Tin	52070.00	-1294.00
Zinc	3798.00	-83.00

Agriculture	Price	Change
Corn	510.00	-0.25
Wheat	209.75	-3.00
Rapeseed	550.00	-0.75
Sunflower Seed	10250.20	124.20
Soybeans	1285.25	5.00
Soybeans Meal	345.00	-2.00
Cocoa (ICE Liffe)	4114.00	-39.00
Cocoa (ICE US)	5933.00	-28.00
Coffee (Robusta)	3493.00	7.00
Coffee (Arabica)	369.00	2.35
White Sugar	523.10	-15.20
Sugar #11	18.01	-0.14
Cotton	81.29	-1.09
Orange Juice	148.90	3.65
Maple Leaf	4262.99	-48.23
Live Cattle	221.38	1.70
Feeder Cattle	341.95	4.13
Lean Hogs	79.70	-1.83
Palm Oil (Malaysian)	1214.75	2.75

Precious Metals
Gold	4288.57	-78.16
Silver ($)	63.32	-1.14
Platinum	1770.43	-21.07
Palladium	1287.24	-9.97
Iron Ore	96.85	0.10

Tradeweb

Bulk Commodities
Baltic Dry	3445.00	-62.00
Richards ICE Futures	126.60	-1.70

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	97.92	4.57	-0.22	-0.69
Trust Finl Corp	28/06	4.12	99.44	5.12	-0.01	-0.15
National Rural	32/11	4.02	92.45	5.27	-0.44	-1.14
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	102.54	4.58	0.00	-0.10
Euro
Germany	25/08	2.22	88.07	3.30	-0.23	-0.81
Spain	46/10	2.88	80.83	4.34	0.26	-0.65
Belgium	47/06	1.50	59.42	4.70	0.28	-0.89
France	48/05	2.00	61.06	4.97	0.19	-1.21
£ Sterling
United Kingdom	46/12	4.25	81.20	5.85	0.12	0.12
United Kingdom	47/07	1.50	47.63	5.90	0.08	0.08

	Sep 14	Day Chg	Prev	52 wk high	52 wk low
VIX	16.74	0.90	15.84	35.30	13.38
VXD	14.99	0.41	14.58	42.71	2.43
VDAX	19.12	1.84	17.28	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	85.91	5.77	-0.04	0.08	0.24	0.53
	04/27	4.75	99.94	4.84	-0.02	0.08	0.26	1.47
Austria	02/33	2.88	96.26	3.56	0.00	0.18	0.37	0.68
	10/53	3.13	85.06	4.07	-0.03	0.00	0.11	0.24
Belgium	06/54	3.25	77.28	4.79	-0.04	0.07	0.21	0.51
Canada	06/27	1.00	98.76	2.82	0.00	0.00	0.03	-0.18
	12/55	2.75	74.52	3.93	0.00	0.03	0.13	0.15
Denmark	11/33	2.25	93.47	2.78	0.00	0.00	0.00	0.20
	11/39	4.50	110.85	3.46	0.01	0.11	0.29	0.53
Finland	09/27	0.50	97.42	3.13	0.07	0.23	0.36	1.00
	09/33	3.00	96.15	3.62	0.03	0.17	0.25	0.65
France	05/54	3.00	69.74	5.05	-0.03	0.10	0.26	0.61
	11/33	3.50	96.03	4.14	0.04	0.26	-0.55	-0.15
Germany	08/33	2.60	95.14	3.40	0.03	0.17	0.37	0.70
	08/53	1.75	65.97	3.85	-0.05	0.00	0.13	0.36
Greece	06/28	3.88	100.80	3.39	0.10	0.29	0.48	0.95
	06/33	4.25	101.21	4.04	0.03	0.95	0.43	0.76
Ireland	10/32	0.35	83.02	3.50	0.07	0.23	0.52	0.87
Italy	12/27	2.63	99.22	3.30	0.08	0.26	0.45	1.06
	03/34	4.13	100.49	4.16	0.05	0.22	0.44	0.95
Netherlands	01/54	2.00	69.05	3.85	-0.04	0.00	0.10	0.27
	07/33	2.50	94.22	3.46	0.03	0.16	0.35	0.66
Poland	04/28	2.75	97.31	4.52	-4.26	0.16	0.28	0.67
	10/33	6.00	99.17	6.14	0.14	0.25	0.60	1.21
Portugal	07/32	1.63	90.07	3.54	0.04	0.21	0.41	0.76
Spain	10/52	1.88	61.20	4.44	-0.04	0.03	0.15	0.39
	10/33	3.50	98.88	3.73	0.03	0.19	0.37	0.67
Sweden	11/33	1.75	96.30	2.50	0.00	0.00	0.00	-0.14
Switzerland	03/36	2.50	117.36	0.32	0.00	-0.02	-0.22	-0.92
United Kingdom	06/28	0.00	92.25	4.78	0.08	0.31	0.44	1.02
	10/53	3.75	70.92	5.92	-0.01	0.08	0.11	0.70
United States	11/33	4.50	97.77	4.87	0.00	0.20	0.34	0.90
	11/53	4.75	91.28	5.36	-0.01	0.08	0.05	0.53

GILTS: UK CASH MARKET

Sep 14	Price	Yield	Red Yield	Day	Week	High	Low
Tr 1.25pc '27	97.31	1.28	4.55	-0.07	-0.17	97.53	95.50
Tr 0.875pc '29	88.58	0.99	4.89	-0.30	-0.91	91.00	0.01
Tr 1pc '32	81.18	1.23	5.04	-0.36	-1.19	85.07	81.01
Tr 4.25pc '36	91.88	4.63	5.35	-0.41	-1.58	99.39	91.67
Tr 4.5pc '42	86.80	5.18	5.76	-0.26	-1.50	96.45	86.50
Tr 3.75pc '52	71.48	5.25	5.92	-0.09	-1.14	81.50	71.42
Tr 4pc '60	72.54	5.51	5.89	-0.05	-1.14	83.52	72.37

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

-18.07 -05.11

GILTS: UK FTSE ACTUARIES INDICES

Price IndicesFixed Coupon	Sep 14	Dayschg %	TotalReturn	MonthReturn	YearReturn	Yield
Up to 5 Years	84.14	-0.18	2641.90	-0.67	0.50	4.85
5-10 Years	141.03	-0.38	3338.92	-1.88	-2.26	5.22
10-15 Years	139.06	-0.27	3655.65	-2.20	-3.87	5.59
5-15 Years	138.84	-0.34	3406.22	-1.98	-2.76	5.37
Over 15 Years	161.60	0.00	3225.35	-2.13	-7.30	5.87
All stocks	123.43	-0.20	3092.69	-1.51	-2.67	5.56

Index Linked	Sep 14	Day'schg %	Monthchg %	Year'schg %	TotalReturn	Return1 Month	Return1 Year
Up to 5 Years	363.42	-0.03	0.20	2.31	3171.50	0.21	3.13
Over 5 Years	463.20	-0.05	-0.82	-3.14	3632.05	-0.64	-2.54
5-15 Years	454.23	-0.21	-0.79	0.30	3817.16	-0.59	1.05
Over 15 Years	460.29	0.12	-0.86	-6.43	3476.93	-0.70	-5.97
All stocks	462.16	-0.05	-0.59	-2.04	3698.75	-0.45	-1.40

Transparency. Price discovery. Innovation.

Yield Indices	Sep 14	Sep 11	Yr Ago
5 Yrs	5.00	4.92	4.26
10 Yrs	5.39	5.35	4.59
15 Yrs	5.68	5.65	4.88
20 Yrs	5.82	5.81	5.02
45 Yrs	5.72	5.73	4.91

ice.com

Real Yield 0% Inflation	Sep 14	Dur Yrs	Previous	Yr Ago
Up to 5 Years	0.97	2.66	0.96	0.73
Over 5 Years	2.37	16.23	2.37	1.90
5-15 Years	2.07	9.51	2.04	1.61
Over 15 Years	2.50	22.98	2.51	2.01
All stocks	2.31	13.32	2.30	1.86

Real Yield 5% Inflation	Sep 14	Dur Yrs	Previous	Yr Ago
Up to 5 Years	0.77	2.66	0.76	0.43
Over 5 Years	2.35	16.23	2.34	1.88
5-15 Years	2.02	9.51	1.99	1.54
Over 15 Years	2.49	22.98	2.50	2.00
All stocks	2.28	13.32	2.27	1.82

Ice

Markets and data happen here

Main Market

	Price +/- Dly Chg		52 Week		Yld	P/E	Vol 000s
			High	Low
Aerospace & Defence
BAE Systems■	1940.00	42.00	2360.00	1529.00	1.95	28.20	3703.50
Chemring Group	529.50	-2.50	650.75	446.52	1.53	29.75	538.64
Automobiles & Parts
Ford Motors	1031.87	-0.65	1319.04	841.76	4.32	-5.84	-
Banks
ANZ Group	1985.14	9.21	2126.50	1590.55	5.80	19.28	3363.29
Banco Santander	1092.00	-10.00	1122.00	709.00	1.52	14.02	129.39
Bank of Nova Scotia	6947.44	41.02	6977.80	4656.91	3.50	-	602.49
Barclays■	478.50	-15.25	554.10	353.55	2.40	10.92	57751.91
Canadian Imperial	8515.30	48.91	9198.88	5824.61	2.68	-	340.57
HSBC■	1536.80	-15.80	1610.00	959.29	3.62	17.11	42616.96
Lion Finance Gp*	13410.00	-260.00	13750.00	7305.00	2.36	9.35	41.16
Lloyds Bnkg Gp■	109.35	-1.80	117.90	81.04	3.67	15.62	192180.30
NatWest Group*	682.80	-15.00	726.00	504.00	5.13	12.76	23483.16
OSB Group▲	508.00	-5.00	647.50	479.00	7.07	6.72	723.80
Perm TSB Group	256.43	-0.67	291.66	183.29	0.61	6.60	339.31
Royal Bank of CA	15285.20	90.34	16187.03	10620.09	2.46	-	770.03
Stand Chart▲	2299.00	1.00	2332.00	1351.50	2.24	15.85	8162.05
...7.375%PI	108.50	-1.50	128.84	106.00	6.80	-	214.11
.8.25%PI	125.00	-0.50	143.80	124.00	6.60	-	39.92
Toronto-Dominion	8973.77	38.00	9256.88	5643.29	2.61	-	742.09
Westpack	1825.97	11.74	2275.39	1755.74	4.46	17.19	3492.95

Elementis◆	168.60	-3.00	195.40	136.00	1.98	-29.13	606.73
Johnson Matthey	2218.00	-18.00	3245.25	2192.00	4.63	-29.08	716.00
Victrex	935.00	-34.00	1024.00	515.00	6.37	29.22	151.58
Construction & Materials

Galliford Try Hldgs	568.00	-	640.00	410.00	3.52	16.85	151.75
Morgan Sindall	4000.00	-34.00	5730.00	3938.00	4.08	10.75	51.11
Electronic & Electrical Equip
discoverGrp	758.00	-32.00	840.00	505.00	1.72	25.10	155.66
Halma	3432.00	-202.00	4902.00	3251.40	0.72	34.82	2499.62
Morgan Adv Mat	238.50	-5.00	261.00	179.80	5.12	31.80	1065.31
Oxford Instruments	2610.00	-150.00	3318.00	1682.00	0.90	30.85	343.80
Renishaw	4900.00	-230.00	5490.00	3110.00	1.59	42.53	254.03
TT Electronics	169.40	1.20	176.00	93.00	-	-5.94	314.13
XP Power	1820.00	-76.00	2060.00	843.00	-	-43.33	52.46

Financial General
3i Group■	2631.00	-20.00	4497.00	1825.00	3.21	—	—
Aberdeen Group+	246.80	-1.40	265.00	179.60	5.92	11.43	2134.68
Bridgepoint Group	290.40	-5.80	351.50	212.00	3.27	58.08	688.56
City of London Inv	482.00	5.00	496.00	349.00	6.85	16.20	89.21
Close Bros	397.60	-1.20	556.15	318.40	—	-5.94	148.43
ICG	1870.00	-33.00	2340.00	1424.87	4.65	11.21	789.49
Investec+	653.00	-7.50	690.00	499.36	5.90	8.47	2083.95
Jupiter	160.40	-1.00	214.50	118.80	3.74	8.35	2137.56
Liontrust	285.00	-3.50	358.00	223.00	6.67	18.51	127.08
London Stock Ex■+	8474.00	236.00	10140.00	6894.00	1.86	35.55	3169.89
Rathbones Group+	1614.00	-12.00	2500.00	1580.00	6.20	14.96	41.36
S & U	1995.00	-5.00	2458.50	1620.00	5.76	10.22	11.46
Schroders	586.00	1.00	599.50	365.80	3.75	17.18	1325.55
St James's Place+	1124.50	-2.50	1575.50	1038.75	1.60	11.26	8902.76
TP ICAP Group	328.20	3.80	355.00	235.50	5.24	13.02	1145.28
Vanquis Banking Gp	77.80	-1.10	132.00	72.30	—	24.31	922.63

AIM

	Price	+/- Dly Chg	52 Week				Vol000s
			High	Low	Yld	P/E
Aerospace & Defence
Cohort●	1130.00	-10.00	1538.00	881.10	1.58	21.64	101.74
Velocity Composites	19.50	—	25.00	12.00	—	-9.75	95.62
Basic Resources (Ex Mining)
Cropper J	625.00	35.00	640.00	250.00	—	20.29	30.67
Construction & Materials
Accsys Tech	71.60	1.20	79.84	58.10	—	31.32	86.75
Electronic & Electrical Equip
Checkit	24.00	—	27.00	12.35	—	-9.23	491.25
LPA	84.00	—	92.00	34.00	—	-31.82	22.98
Thorpe FW	253.00	-5.00	320.00	240.00	2.83	11.66	25.85
Financial General
Arbuthnot Banking●	790.00	10.00	1080.00	760.00	6.96	7.24	30.67

Investment Companies

	Price	+/- Dly Chg	52 Week				Dist - Prem
			High	Low	Yld	NAV
Conventional (Ex Private Equity)
3i Infra	389.00	1.00	399.50	325.00	3.46	404.55	-4.57
Abf GVIT	91.00	-1.00	96.77	76.00	6.70	98.33	-7.46
Abf Sml	1722.00	-2.00	1786.00	1408.07	2.78	1929.22	-10.27
Aberdeen Asia Foc	445.00	-8.00	464.00	348.00	1.45	495.25	-9.57
Aberdeen Asian Inc Fund	313.00	-7.00	357.00	246.00	6.00	339.97	-7.53
Aberdeen Eq Inc	443.00	-4.00	473.00	359.25	5.21	454.83	-1.89
Aberdeen UK Smll	501.00	-2.00	539.00	441.50	2.79	550.98	-8.54
Alliance Witan	1352.00	-1.00	1394.00	1178.00	2.17	1426.80	-5.11
Allianz Tech	694.00	-14.00	764.00	476.00	—	764.07	-7.87
Artemis UK Future Lead	384.00	0.50	405.00	321.00	4.02	430.35	-9.84
Aurora UK Alpha	246.00	-2.00	279.00	222.09	1.91	277.09	-9.69
AVI Japan	177.00	4.00	194.00	154.50	1.24	180.23	-4.88
BG China Growth	296.00	2.00	331.04	284.00	0.84	325.30	-8.82
BG Euro	121.00	-1.00	133.00	91.40	0.60	133.04	-7.34
BG Japan	1080.00	—	1092.00	811.10	0.93	1193.30	-8.80
BG Shin	169.00	-0.40	176.00	123.05	0.41	187.63	-8.24
BG US Growth	346.00	-5.00	369.50	261.00	—	362.41	-2.89
Baillie Gifford UK	213.00	—	231.00	180.12	2.91	235.81	-9.58
Bankers IT	149.00	-1.60	154.80	124.80	1.90	165.08	-8.95
Biotech Growth	1626.00	4.00	1786.00	912.00	—	1742.33	-6.39
BlckR Amer Sml	281.00	—	289.55	204.00	5.30	275.97	0.81
BlckR Energy & Res	183.50	-0.50	205.00	127.00	3.38	192.40	-2.19
BlckR Front	191.00	-3.00	208.00	164.50	3.98	195.77	-0.32
BlckR Gt Eur	576.00	-12.00	625.00	506.95	1.24	630.93	-7.29
BlckR I&G	240.00	6.00	240.00	200.00	3.21	255.96	-9.42
BlckR Smir	260.00	-1.50	288.40	230.80	3.05	300.25	-12.63
BlckR World Mining	971.00	-28.00	1076.00	605.00	2.47	1034.51	-3.19
Brunner	1542.00	8.00	1588.00	1336.00	1.75	1724.18	-10.58
Caledonia Inv	381.00	-5.00	402.00	312.00	2.02	594.61	-35.25
CarGen C$	2798.81	1.72	2945.27	2329.85	2.36	87.04	-39.14
City of Lon	577.00	5.00	599.00	495.00	3.89	568.47	0.42
COS NatRes	420.00	-11.00	467.00	208.33	6.74	426.63	1.80
CT Healthcare	131.00	0.20	152.40	115.00	4.02	139.88	-6.78
CT MgdI	130.00	—	135.00	114.00	6.15	129.61	0.58
CT MgdG	325.00	-3.00	330.00	272.00	—	333.40	-2.15
CT Cp&I	348.50	3.00	373.00	320.00	3.86	361.07	-3.72
CT UK HIT B	107.00	-2.00	120.00	92.00	5.57	118.11	-8.21
CT UK HIT Ord	116.00	—	126.00	97.00	5.14	118.03	-1.60
Dunedin Inc	310.00	2.00	323.00	275.00	6.50	334.65	-6.78
Edinburgh Inv	830.00	4.00	867.00	737.60	3.86	893.55	-7.66
Edin Worldwide	260.00	0.50	294.50	192.60	—	281.81	-7.11
The Euro SmlCo	231.50	-4.00	247.21	193.80	5.46	258.73	-9.47
F&C Inv Trust	338.40	-3.40	1332.00	325.80	1.24	373.06	-8.93
Fidelity Asian	619.00	-11.00	672.00	546.06	3.31	642.80	-2.84
Fidelity China	243.50	-4.00	339.00	241.01	3.70	265.12	-5.97
Fidelity Emer Mkts	1442.00	-68.00	1574.00	895.00	1.37	1636.15	-9.09
Fidelity Euro	420.00	-6.00	447.50	367.50	2.43	447.66	-4.87

	Price	+/- Dly Dsg	52 Week			Yld	P/E	Vol 000s
			High	Low
Food & Beverages
AEP Plantations	196.20	2.20	229.00	122.50	3.10	11.42	367.28
Assoc. Brit Foods	1866.00	22.50	2359.00	1729.45	3.38	13.18	925.55
Barr (AG)	590.00	-	715.32	581.00	3.17	13.96	185.87
Fevara	136.50	-1.00	149.50	114.50	1.76	5.91	21.23
Coca-Cola HBC	4644.00	150.00	5195.00	3270.00	2.21	20.95	792.68
Cranswick	5090.00	70.00	5810.00	4775.00	2.21	17.20	176.84
Diageo●	1643.00	40.00	1905.25	1295.50	2.26	28.35	2363.35
Greencore	250.80	2.20	307.50	191.10	1.04	19.00	1204.67
Kerry Group	7363.33	66.57	7646.35	5567.81	1.68	21.49	21.59
Tate & Lyle	559.00	1.00	580.00	319.40	3.54	25.41	591.26
Unileverre●	4697.00	145.50	5542.11	3644.00	3.51	12.67	3359.34

GN Store Nord	1077.70	1.44	1429.97	984.75	-	13.86	248.27
Smith&Neph	1048.50	40.00	1429.58	1008.50	2.81	19.60	3143.57
House, Leisure & Pers Goods
Barratt Redrow	276.20	-9.30	410.29	235.40	6.19	20.31	6558.65
Bellway	1951.00	-30.00	2890.00	1715.00	3.69	14.69	441.94
Berkeley	3222.00	-62.00	4442.00	2796.00	-	9.72	148.33
Burberry Group	997.60	-20.40	1376.50	976.00	-	-	1631.95
Cairn Homes	230.00	-4.00	251.00	161.00	3.87	12.61	453.70
Games Workshop+	17600.00	-50.00	23540.00	14070.00	3.27	28.21	222.90
Gleeson (MJ)	246.50	-1.00	435.00	221.00	4.46	9.09	40.75
Headlam Group#	10.50		67.80	4.64		-0.10
McBride	192.00	5.80	214.10	106.20	1.56	9.85	217.03
Philips	1854.53	39.78	2413.42	1790.38	3.92	-43.32	1641.85
PZ Cussons+	97.60	2.10	114.00	65.09	3.79	20.77	1291.69
Vistry Group	263.20	-5.00	746.40	220.00	-	6.24	950.31

Bodycote	939.00	-1.00	958.00	585.00	2.48	30.29	874.82
Goodwin	14620.00	-480.00	28500.00	10200.00	2.26	19.80	26.09
Hill & Smith	2815.00	-25.00	3220.00	1994.00	-	27.41	209.13
IMI•	2366.00	-70.00	3166.00	2224.00	1.19	23.86	358.79
Melrose•	467.00	-9.00	685.00	409.90	1.61	16.10	3151.20
RHI•	2765.00	-110.00	3390.00	1920.00	5.57	17.74	11.61
Weir	2600.00	-122.00	3580.00	2254.00	1.62	27.17	1712.33

Coats Group	76.55	-0.80	98.10	73.15	3.23	17.45	1713.35
Macfarlane◆	78.00	-0.80	96.60	59.80	4.69	19.55	140.52
Smiths	2506.00	-41.00	2754.18	2088.00	1.87	29.24	1008.45
Industrial Transportation

Insurance
Admiral Group•	3836.00	50.00	4128.00	2624.00	3.74	15.57	471.72
Aviva•	709.00	1.80	740.60	590.60	5.67	26.36	2846.07
Chesnara•	355.00	0.50	378.00	265.00	6.47	-70.30	600.26
Ecclesiastical Insurance	136.50	-0.75	155.00	134.03	6.32	—	100.12
Hansard Global	53.00	2.00	57.00	43.20	8.40	40.77	177.14
Hiscox•	1882.00	9.00	1904.00	1288.00	2.08	14.03	587.66
Lancashire Hldgs	633.00	12.50	700.00	549.00	2.65	7.05	711.73
Legal & General•	290.00	2.90	318.10	217.20	7.56	29.03	16175.06
Old Mutual	61.20	1.20	78.80	54.77	7.14	6.82	212.61
Prudential•	976.80	-2.00	1238.00	910.20	2.11	8.54	26407.24
Standard Life	920.50	4.50	960.00	620.50	6.09	-195.44	1565.91

	Price	+/- Dly Chg	52 Week		Yld	P/E	Vol 000s
			High	Low
BP Marsh	665.00	-8.00	710.00	613.00	5.46	5.02	418.93
Burford Capital	318.80	-3.20	974.50	279.80	2.96	14.81	102.51
Premier Miton Group	36.75	-0.25	64.20	34.53	8.16	47.12	107.42
Food & Beverages
Camellia	5700.00	-75.00	6300.00	4800.00	4.56	-30.53	0.45
Fevertree Drinks	795.00	7.00	973.00	711.00	2.19	42.33	519.03
Nichols	1100.00	—	1240.00	880.00	3.54	18.75	43.84
House, Leisure & Pers Goods
Churchill	370.00	—	460.00	271.00	5.68	9.32	30.09
Frontier Dev	543.00	18.00	588.56	302.00	—	7.28	173.77
Portmeirion	52.00	—	138.00	47.14	—	-1.15	2.20
Sanderson Design Grp	76.50	—	80.00	40.00	1.96	25.67	110.65
Industrial Engineering
MS Intl•	1525.00	-55.00	1800.00	1120.00	1.70	22.63	11.87

	Price	+/- Dly Chg	52 Week			Yld	NAV	Dist-) Prem
			High	Low
Fidelity Spec	460.50	-1.00	479.50	377.00	2.24	263.86	-0.72
Finsbury G&I	798.00	21.00	875.00	706.25	2.53	835.19	-6.77
The Glbl Small Co	188.80	-0.20	198.60	162.72	1.67	199.88	-4.79
GRIT(susp)	1.25	—	1.25	1.25	—	14.40	-91.32
Hansa	336.00	6.00	346.00	250.00	1.31	545.77	-40.01
Hansa A	331.50	-1.00	335.00	244.00	1.33	545.77	-39.09
Hen Fars	263.50	-3.00	281.50	229.00	9.51	262.66	0.07
Hen High Inc	202.00	-2.00	214.00	173.25	5.51	210.67	-3.08
Hen Smrl	943.00	-7.00	998.00	769.00	3.08	1039.24	-8.74
Herald	2865.00	-20.00	3290.73	2285.00	—	3325.54	-12.33
HICL Infra	131.80	-1.80	141.00	107.20	6.45	159.80	-17.38
Impax Env	430.00	-16.00	494.76	379.00	1.19	488.16	-9.04
IntlBiotech	1120.00	5.00	1235.00	668.63	2.80	1160.70	-4.33
Intl PP	137.40	-1.40	145.80	101.60	6.40	153.07	-9.83
Inv Asia Dragon Tst	488.00	-14.00	519.00	384.00	3.93	526.61	-6.69
Inv Bond Inc	170.50	1.00	178.50	150.11	7.18	167.91	1.77
JPM Amer IT	1200.00	-6.00	1258.00	1041.00	0.96	1247.61	-3.64
JPM Asia G&I	576.00	-12.00	652.00	419.00	5.40	585.36	-0.86
JPM China G&I	258.50	1.50	313.00	255.20	5.25	285.32	-8.39
JPM Clavr	940.00	—	986.00	799.98	3.88	969.22	-2.96
JPMGblCore(susp)	84.20	—	86.60	68.00	—	—
JPM Emrg EMEA	239.00	—	310.00	181.65	0.25	71.62	231.43
JPM Emrg	164.40	-4.40	181.20	124.37	4.58	180.08	-8.00
JPM Eur Disc	617.00	-10.00	666.00	548.00	2.59	679.06	-7.91
JPM Eur G&I	142.00	-1.20	153.00	124.50	3.83	147.41	-2.76
JPM Em Mk Div	208.00	-4.00	221.00	152.00	2.88	230.08	-9.11
JPM Gbl G&I	594.50	-4.50	641.00	529.60	4.17	615.37	-2.95
JPM India Gwth Inc	860.00	4.00	1098.00	799.00	5.15	930.40	-8.15
JPM Japan	802.00	—	867.00	668.00	1.08	873.03	-7.47
JPM UK Sm	336.00	-0.50	369.00	287.92	4.44	366.04	-7.44
JPM US Sml	418.00	-3.00	463.00	365.00	0.77	460.76	-7.57
Law Deb	1216.00	—	1290.00	991.00	3.04	1211.76	0.75
Lindsell Train	570.00	-2.00	768.00	529.50	4.91	6.77	-19.93
Lowland	184.50	0.50	191.50	146.28	3.73	201.97	-8.57
Marwyn Val	140.00	—	141.99	139.40	6.47	260.30	-46.21
Mercantile	270.00	-2.50	290.50	234.31	3.06	302.53	-9.88
Merch. Tst	659.00	—	691.00	536.00	4.51	693.65	-5.35
Mid Wynd	782.00	8.00	806.00	682.00	1.07	793.70	-2.11
Monks IT	1594.00	-14.00	1664.00	1366.00	0.06	1695.57	-5.15
Montanaro Eur	171.50	-4.50	189.00	142.00	0.90	191.46	-8.17
Murray Inc	975.00	3.00	1036.00	854.66	4.21	1044.04	-7.18
Murray Intl	366.00	1.00	376.00	296.50	3.50	360.91	0.83
New Star IT	140.00	—	148.00	109.00	2.54	202.45	-30.84
N. Att Smrl IT	403.00	1.00	434.00	328.00	1.74	649.43	-37.02
Pac. Horiz.	1082.00	-38.00	1262.00	701.00	0.14	1205.97	-7.64
Pers. Assets	545.00	2.00	558.00	515.00	1.03	546.80	-0.91
Polar Health	434.50	4.00	460.50	345.00	0.51	427.87	0.90
Polar Fin.	250.50	-1.50	260.50	199.16	—	257.93	-2.48

	Price	+/- Dly Chg	52 Week		Yld	P/E	Vol000s
			High	Low
Leisure
ME Group	120.00	-2.60	200.00	98.50	6.99	8.00	1344.73
Media
Autotrader Grp♦	501.00	11.60	828.80	418.60	2.32	14.66	2629.43
Informa♦	903.40	14.00	1000.00	719.00	2.49	–	1308.27
ITV	70.30	-0.15	87.35	65.70	7.11	11.92	5110.89
Pearson♦	1191.50	31.00	1337.00	874.80	2.15	23.18	1325.85
Reach♦	41.55	0.55	73.70	40.09	14.20	-0.99	1424.37
Relx♦	2603.00	128.00	3575.00	1991.00	2.65	23.12	8481.54
Rightmove	493.60	16.10	732.00	391.40	2.18	17.57	3283.68
STV Group	98.40	-2.60	124.50	95.60	–	-9.11	6.79
WPP	386.20	19.10	412.60	218.50	3.88	7.68	5832.70

Milling
Anglo American*	3890.00	-100.00	4348.00	2496.00	0.74	-15.85	6532.75
Antofagasta*	3586.00	-204.00	4475.00	2220.00	1.62	35.85	1127.31
BHP Group*	3134.00	-97.00	3592.00	1918.00	4.08	21.81	847.34
Ferrexpo	28.48	0.32	87.23	25.22	-	-1.01	2086.12
Fresnillo*	2912.00	-102.00	4472.00	2000.00	3.84	20.89	1092.32
Glencorex	591.00	-14.50	707.20	300.45	2.13	-	43003.36
Harmony	1442.03	-94.92	1963.66	946.96	4.04	13.70	2669.87
Rio Tinto*	7207.00	-167.00	9117.00	4555.50	4.79	15.82	1993.69

BP■	571.20	6.60	609.40	399.35	4.39	-	66235.77
Capricorn	382.00	-1.00	390.00	181.80	-	18.38	206.07
ExxonMobil Hldgs	12254.80	-	12573.90	12220.00	2.49	-	-
GeoPark	850.80	-	868.24	845.98	0.80	13.98	-
Helleniq Energy	1520.61	-	1557.43	1511.19	3.38	6.10	375.66
Imperial Oil CS■	9843.27	234.06	10397.16	6229.98	1.88	-	647.06
TC Energy Corp	4526.07	-	4587.91	4519.67	4.13	-24.40	771.21

AstraZeneca■	12154.00	446.00	15732.00	9892.00	1.97	24.82	6470.16
Chemical Works	2921.36	-	2977.87	2909.37	5.23	15.01	0.12
GlaxoSmKline■◆	1854.50	84.00	2282.00	1455.00	3.77	13.14	4365.93
Hikma Pharm◆	1544.00	13.00	1865.00	1187.00	4.13	11.43	1003.24

REITS
British Land	390.00	-9.00	451.60	331.56	5.93	-	-
Derwent London	1796.00	-40.00	2196.00	1469.33	4.57	-	-
Great Portland Est	300.60	-4.00	377.00	270.00	2.73	-	0.00
Land Securities	617.50	-13.00	726.00	525.00	6.67	-	-
LondonMetric Prop	176.30	-1.70	216.20	175.13	7.12	-	-
Primary Health Prop	91.75	0.35	109.60	87.40	7.96	-	-
Segro	930.80	-2.60	997.40	608.00	3.39	-	-
Shaftesbury Capital+	136.30	-1.80	155.10	124.10	3.15	7.29	1455.28
Tritax Big Box	144.40	-1.30	175.00	135.20	5.72	-	-
Real Estate Inv & Services

Grainger	164.70	-1.20	202.79	149.44	5.10	6.01	2846.40
Harworth Group	176.00	-0.40	185.00	116.80	1.04	60.69	929.69
Helical	195.00	-3.00	236.25	180.60	1.35	40.37	72.72
Mountview Estates	8725.00	25.00	10200.00	8350.00	6.02	16.71	0.30
Savills $\bullet$	1008.00	-12.00	1142.00	791.46	2.33	19.38	458.66
Sirius Real Estate	91.45	-1.10	113.00	86.80	5.99	7.05	1503.18
Smart (J)	112.50	-4.50	140.00	106.00	2.89	8.61	0.01

	Price	+/- Dly Chg	52 Week		Yld	P/E	Vol 000s
			High	Low
Media
Mission Group	23.00	-	27.00	12.00	-	-1.08	47.97
Mining
Central Asia Metals	165.40	-4.00	244.00	125.27	9.37	-5.24	1123.60
Crism Therapeutics	11.25	-	18.50	8.00	-	-2.21	216.08
Oil & Gas
BorSthnPet	10.07	-0.38	14.00	7.60	-	-84.81	218.41
Pharmaceuticals & Biotech
Sareum Holdings	31.50	-0.50	40.00	9.50	-	-13.12	126.75
Retailers
Boohoo Group	24.70	-1.05	29.50	10.30	-	-3.19	3604.64
CVS Group	1297.00	2.00	1648.00	1062.00	0.66	17.60	345.75

	52 Week					Dis(-)Prem
	Price	+/- Dly Chg	High	Low	Yld	NAV
Polar Tech.	634.50	-19.00	743.50	414.74	—	716.04
Rights & Iss IT	2450.00	—	2520.00	1965.13	1.85	2903.10
RIT Cap.	2540.00	-5.00	2645.00	1956.00	1.77	3221.00
Ruffer Inv Pr	301.00	-0.50	319.00	281.26	2.06	312.56
Schdr AsiaPac	819.00	-22.00	892.00	629.00	1.59	915.17
Schdr AsiaTotal	691.00	-13.00	738.00	512.00	1.66	732.40
Schroder Inc	366.00	—	380.00	314.00	4.02	388.06
Schdr Japan	383.00	-1.00	401.00	276.00	3.16	421.26
Schdr Orient.	445.50	-5.00	473.00	310.00	2.96	469.05
Schdr UK Mid	758.00	8.00	790.00	652.00	2.98	793.11
Scot American	549.00	—	572.00	480.10	2.98	592.37
Scot Mortgage	1468.00	-10.00	1563.00	1015.74	0.31	1619.07
Scot Oriental	274.50	1.50	299.00	240.00	1.24	296.15
Strategic Eq.	370.00	8.00	415.00	330.00	1.15	398.19
Temple Bar	414.00	1.50	429.50	344.50	3.77	413.79
Tetragon	1042.63	4.20	1446.64	892.96	3.35	—
TRIG	76.50	—	80.50	63.20	9.87	100.81
UIL	207.00	—	208.00	206.00	3.86	275.47
Utilico EmerMkts	281.00	-1.00	302.00	243.00	3.44	315.47
Worldwide Hlth	376.00	5.00	401.50	320.00	0.64	398.23

Conventional - Private Equity
CT PrivEq	470.00	—	592.00	439.84	6.02	694.10	-32.42
HGCapital	405.00	-5.00	512.00	318.64	1.23	530.32	-22.59
HVPE	3260.00	-25.00	3500.00	2762.80	—	4390.00	-24.83
ICG Ent	1382.00	-26.00	1611.42	1288.31	3.04	2029.32	-30.51
Pantheon Int	386.00	-1.00	409.00	330.50	—	521.30	-25.67
Partners PE €	613.04	-1.61	945.52	583.57	9.78	11.58	-37.08
Conventional - Property ICs

	Price	+/- Dly Chg	52 Week		Yld	P/E	Vol000s
			High	Low
Retailers
Caffyns	500.00	-	550.00	350.00	2.00	-12.29	1.00
Dunelm Group	770.00	20.00	1174.00	707.00	9.16	10.00	1228.77
Halfords Group*	244.50	-4.00	276.10	123.80	3.68	16.09	1011.84
Inchcape◆	803.00	-8.00	895.00	640.50	4.18	11.08	536.60
JD Sports	76.56	-1.54	106.18	63.98	1.57	8.87	13792.95
Kingfisher	267.90	-0.60	372.30	241.80	4.31	20.56	4291.26
Marks & Spencer	370.80	-8.20	418.33	301.10	1.13	29.20	7751.10
Saga	594.00	-12.00	747.00	193.40	-	-	654.71
Sainsbury J	340.20	7.90	380.30	293.70	4.03	19.66	7132.47
Tesco	480.90	15.50	510.40	411.70	3.02	17.49	17863.41

AEW UK REIT	101.40	-0.60	113.20	95.90	7.89	106.34	-3.11
TR Prop	287.00	-3.00	364.50	282.50	5.61	319.59	-9.97
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	—	116.09	1.70
Investment Companies - AIM
Crys Amber	81.50	-3.50	155.39	78.00	—	177.77	-53.59

Bunzl	2582.00	16.00	2898.00	1981.00	2.89	18.31	1388.09
Capita	238.00	-11.00	416.00	215.00	-	-1.65	718.21
DCC Energy	6335.00	5.00	6740.00	4188.00	3.42	-	618.53
Diploma	7065.00	-50.00	7765.00	4970.00	0.89	51.23	721.53
Essentra	104.60	-3.00	115.20	78.40	2.01	-	179.76
Experianx	2858.00	76.00	3895.00	2203.00	1.81	23.41	2203.26
Hays	67.55	0.70	78.45	28.68	0.65	-18.56	9422.36
Howden Joinery	736.50	-7.00	981.00	713.00	2.99	14.97	1168.21
Intertek	5855.00	5.00	5860.00	3519.42	2.82	26.85	1213.51
Johnson Service	134.50	1.50	172.10	123.80	3.72	14.46	1551.47
MITIE Group	209.00	-	214.00	134.80	2.15	31.67	2236.74
RS Group	727.50	-8.00	768.50	536.90	3.15	21.03	2515.47
Vp	470.00	9.00	620.00	420.00	8.40	-34.06	8.29

Tech - Software & Services
Computacenter	5215.00	-5.00	6045.00	2242.00	1.50	35.60	407.56
NCC Group*	131.00	4.20	161.60	107.20	3.55	23.39	1266.04
The Sage Grp	1008.50	50.50	1181.00	771.66	2.23	26.72	2566.41
Triad Group	385.00	-10.00	430.00	236.00	2.34	38.81	2.19
Telecommunications
Airtel Africa	344.20	-0.80	436.20	219.00	1.53	24.94	1227.42
BT Group	204.70	3.20	242.09	173.00	4.06	18.61	13142.00
Telecom Plus	806.00	11.00	1914.00	638.00	6.20	7.96	404.37
Vodafone	130.35	1.60	131.10	83.40	3.04	-92.27	43513.27
Tobacco

Brit Amer Tobacco■	4250.00	150.00	5326.00	3677.00	5.77	12.11	7636.55
Imperial Brands+	2553.00	63.00	3632.04	2437.00	6.53	10.17	1387.71
Travel & Leisure
easyJet	666.80	-0.40	683.80	332.60	1.98	10.13	8641.23
FirstGroup	171.00	1.70	225.80	152.10	4.21	7.99	2083.76
Fullers 'A'	692.00	--	780.00	550.00	3.06	17.64	10.74
IntCont'l Hotels+	11424.40	79.24	13305.06	8618.00	1.23	31.36	454.50
Intl Cons Air	409.70	-10.00	492.90	332.70	1.66	6.71	13638.01
Whitbread	2327.00	-20.00	3302.00	2098.00	4.17	18.67	274.46

Drax Group	791.50	-21.00	937.50	661.00	3.83	38.24	1560.37
National Grid■	1105.00	-25.50	1428.50	1026.00	4.39	16.87	16399.24
Pennon	444.20	-5.20	606.00	443.00	6.59	22.90	874.06
Severa Trent	2916.00	-14.00	3335.00	2381.00	4.32	23.61	546.96
SSE+	2312.00	-50.00	2767.50	1651.50	2.97	21.91	1318.33

	52 Week
	Price	+/- Dly Chg	High	Low	Yld	P/E	Vol 000s
Support Services
Christie	185.00	2.50	193.00	90.00	1.89	36.42	27.74
LonSec	3650.00	-	3800.00	2100.00	2.66	18.81	-
NWF	155.50	-1.00	187.50	110.00	5.59	8.36	155.64
Petards	9.25	-0.25	12.50	7.00	-	-13.81	150.91
Renew	870.00	-16.00	990.00	772.00	2.34	14.11	329.24
Tech - Software & Services

Oxford Metrics	37.20	-1.60	60.40	36.60	8.74	-67.64	498.72
Travel & Leisure
Gaming Realms	30.80	0.50	50.00	29.00	-	15.17	1062.16
Jet2	1439.00	-16.00	1612.00	980.00	1.17	6.81	413.23

Guide to FT Share Service

All data is as of close of the previous business day. Company classifications are based on the ICB system used by FTSE. FSTE 100 constituents are shown in bold. Closing prices are shown in pence unless otherwise indicated. Highs & lows are based on intra-day trading over a rolling 52 week period. Price/earnings ratios (P/E) are based on latest annual reports and accounts and are updated with interim figures. P/E is calculated using the company's diluted earnings from continuing operations. Yields are based on closing price and on dividends paid in the last financial year and updated with interim figures. Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares. Net asset value per share (NAV) and split analytics are provided only as a guide. Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price. Discounts, premiums, gross redemption yield (GRY) and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV in pence.

- trading ex-dividend

- trading ex-dividend - trading ex-capital distribution

price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication. No offer is made by ICE or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information.

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Chartered Asset Management Pte Ltd
CP Capital Asset Management Limited

Dodge & Cox Worldwide Funds	(IRL)
48-49 Pall Mall, London SW1Y 5JG
www.dodgeandcox.com +44 0203 642 3370

Bid Offer +/- Yield 24m 36m

MANAGED FUNDS SERVICE

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.

$\alpha$ lgebris INVESTMENTS

Algebris Core Italy I EUR	€	251.79	-	2.84	0.00	25.36	17.46
Algebris Core Italy R EUR	€	232.37	-	2.61	0.00	24.43	16.58
Algebris Financial Credit I EUR	€	227.50	-	-0.62	0.00	5.87	8.44
Algebris Financial Credit I GBP	£	201.66	-	-0.54	0.00	0.00	0.00
Algebris Financial Credit I USD	$	210.32	-	-0.58	5.86	0.00	0.00
Algebris Financial Credit R EUR	€	191.24	-	-0.53	0.00	5.18	7.79
Algebris Financial Equity B EUR	€	396.80	-	1.85	0.00	0.00	0.00
Algebris Financial Equity R EUR	€	321.41	-	1.49	0.00	27.05	27.76
Algebris Financial Equity Fund B GBP	£	331.86	-	1.59	0.00	0.00	0.00
Algebris Financial Equity Fund B USD	$	500.41	-	2.34	3.90	0.00	0.00
Algebris Financial Income I EUR	€	307.13	-	0.46	0.00	15.65	16.99
Algebris Financial Income R EUR	€	270.17	-	0.40	0.00	14.61	15.94
Algebris Financial Income Fund I GBP	£	225.77	-	0.36	6.02	0.00	0.00
Algebris Financial Income Fund I USD	$	257.90	-	0.39	0.00	0.00	0.00
Algebris Global Credit Opportunities I EUR	€	154.37	-	-0.08	0.00	3.40	5.65
Algebris Global Credit Opportunities R EUR	€	148.03	-	-0.07	0.00	2.83	5.13
Algebris Global Credit Opportunities I GBP	£	153.67	-	-0.07	0.00	0.00	0.00
Algebris Global Credit Opportunities I USD	$	158.61	-	-0.08	0.00	0.00	0.00
Algebris IG Financial Credit I EUR	€	119.12	-	-0.01	0.00	4.12	6.59
Algebris IG Financial Credit R EUR	€	115.09	-	-0.01	0.00	3.61	6.06
Algebris Strategic Credit Fund R EUR	€	114.73	-	-0.07	0.00	2.73	0.00
Algebris Global Equity Select B EUR	€	151.93	-	1.92	0.00	9.59	11.16
Algebris Global Equity Select R EUR	€	144.46	-	1.82	0.00	8.19	9.73

Artemis Corporate Bond I Acc	117.27	-	-0.19	0.00	4.61	6.02
Artemis Global Income I Dis	245.30	-	-0.62	0.00	2.17	0.50
Artemis High Income I Q Inc	75.05	-	-0.03	0.23	2.11	2.85
Artemis Income I Inc	353.85	-	1.95	5.48	11.26	11.68
Artemis Monthly Dist I Inc	102.69	-	-0.12	0.00	13.76	13.67
Artemis Short-Dn Strat Bond	132.75	-	-0.15	0.00	5.85	7.03
Artemis SmartGARP Eur Eq I Acc	1022.28	-	-7.54	0.00	27.63	29.00
Artemis SmartGARP Global Small Co I Acc	259.97	-	-0.25	1.95	14.97	14.76
Artemis SmartGARP GloEmr Eq I Acc	350.28	-	-7.04	0.00	29.89	24.98
Artemis SmartGARP Glo Eq I Acc	818.82	-	-0.32	0.00	29.36	27.18
Artemis SmartGARP UK Eq I Acc	4829.98	-	8.36	2.41	27.12	24.80
Artemis Strategic Assets I Acc	110.39	-	0.43	0.00	3.52	3.15
Artemis Strategic Bond I Q Acc	124.37	-	-0.19	4.46	5.94	6.52
Artemis UK Select Fund Class I Acc	1463.32	-	-2.63	0.00	8.96	20.16
Artemis UK Smaller Cos I Acc	2581.60	-	5.67	1.81	3.71	8.53
Artemis UK Special Sits I Acc	1222.20	-	1.61	0.00	12.58	14.77
Artemis US Extended Alpha I Acc	575.74	-	-3.85	0.00	13.96	17.46
Artemis US Select I Acc	570.15	-	-2.97	0.00	19.25	21.83
Artemis US Smir Cos I Acc	508.00	-	-0.99	0.00	16.57	19.26

ASB Capital

ASB Capital
Gate Village 5, Level 4, Unit 11, DIFC,Dubai United Arab Emirateswww.asbc.com
ASB SUKUK - ACC	$ 103.74	-	0.00	0.00	0.00	0.00
ASB SUKUK - DIST	$ 97.18	-	0.00	0.50	0.00	0.00
ASB State Street Global Equity	$ 122.23	-	0.00	0.00	0.00	0.00
ASB Global Technology	$ 156.06	-	2.31	0.00	0.00	0.00
ASB MENA Equity	$ 100.72	-	0.00	0.00	0.00	0.00

American Dynamic	$ 9250.34	-	0.00	0.00	0.00	0.00
American One	$ 11097.24	-	0.00	0.00	10.75	11.36
Bond Global	€ 1634.24	-	0.00	0.00	1.33	6.28
Eurocroissance	€ 1327.40	-	0.00	0.00	0.00	0.00
Far East	$ 1261.49	-	0.00	0.00	0.00	0.00

Blue Whale Investment Funds ICAVwww.bluewhale.co.ukinfo@bluewhale.co.uk							(IRE)
FCA Recognised-Ireland UCITS
Blue Whale Growth USD T	$	23.90	-	-0.42	0.00	0.00	0.00

Global Leaders Fund USD C	$ 32.32	-	0.09	0.00	8.54	11.20
Global Leaders Sustainable Fund USD C	$ 18.95	-	0.05	0.00	7.43	10.10
Global Sustainable Total Return Bond GBP B	£ 9.31	-	-0.05	0.00	0.00	0.00
Global Sustainable Total Return Bond USD B	$ 10.73	-	-0.04	0.00	0.00	0.00
US Equity Growth Fund USD B	$ 75.02	-	0.59	0.00	8.05	10.62
US Flexible Equity Fund USD B	$ 41.88	-	0.29	0.00	11.45	15.39
US Mid Cap Growth Fund USD C	$ 24.56	-	0.23	0.00	8.49	9.70
US Small Cap Blend Fund USD B	$ 31.08	-	0.32	0.00	9.90	11.10
US Smaller Companies Fund USD B	$ 46.53	-	0.64	0.00	8.95	7.74
US Sustainable Growth Fund USD C	$ 39.85	-	0.38	0.00	8.04	12.03
US Sustainable Value Fund USD C Acc	$ 17.91	-	0.26	0.00	0.00	0.00

Canaccord WEALTH

Balanced Strategy	£	1.17	-	0.00	0.00	11.31	10.98
Balanced Strategy A	£	1.17	-	0.00	1.84	8.17	8.47
Cautious Balanced Strategy	£	1.47	-	0.00	0.91	8.90	8.91
Cautious Balanced Strategy A	£	1.05	-	0.00	1.84	6.49	7.04
Growth Strategy	£	2.65	-	0.00	0.76	0.80	5.17
Growth Strategy A	£	1.27	-	0.00	0.54	9.87	10.59
High Growth Strategy GBP	£	3.90	-	0.01	0.24	14.08	14.42
High Growth Strategy A	£	1.34	-	0.00	0.52	11.76	11.87
High Income Bond Fund B Monthly	£	0.98	-	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	$	2.56	-	0.00	0.21	14.80	14.98

Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes.

CANDRIAM BY NEW YORK LIFE INVESTMENT MANAGEMENT

TEN Recognised
Candriam Abs Ret Eqt Mkt Neutral-C Cap	€	226.82	-	0.00	0.00	1.91 3.53
Candriam Bds Euro High Yield Cap	€	1439.28	-	-2.23	0.00	4.22 5.90
Candriam Bonds Gbl Hi Yield-C Cap	€	288.67	-	-0.04	0.00	3.85 5.53
Candriam Bonds Glbl Infl Sh Dtion-I-Cap	€	165.24	-	-0.47	0.00	2.67 3.04
Candriam Bonds Total Return-C-Cap	€	143.51	-	-0.06	0.00	2.18 2.82
Candriam Diversified Futures-I-Cap	€	13967.19	-	96.35	0.00	-0.39 -2.01
Candriam Eqts L Australia Cap A$	A$	2366.01	-	-8.41	0.00	5.34 6.58
Candriam Eqts L Emerging Mkts Cap	€	1536.63	-	-10.96	0.00	25.84 19.12
Candriam Equities L Biotech-C-Cap	$	1402.24	-	-1.61	0.00	20.58 20.78
Candriam Equities L Europe Innov-R-Cap	€	250.82	-	0.02	0.00	-4.65 -1.88
Candriam Index Arbitrage-C-Cap	€	1535.72	-	2.28	0.00	1.49 2.57
Candriam Long Short Credit R-Cap	€	120.31	-	-0.05	0.00	3.05 3.87
Candriam Risk Arbitrage-C-Cap	€	2763.10	-	0.59	0.00	3.15 4.00
Candriam Sust Bond Emerg Mkts I Dist	$	768.11	-	-0.48	0.00	5.37 2.62
Candriam Sust Bond Euro Corp R-Cap	€	110.18	-	-0.04	0.00	2.86 4.46
Candriam Sust GlblHighYield-I-Cap	€	1255.41	-	-1.03	0.00	3.36 4.58
Candriam Eq Crl Econ-R-Cap	$	158.43	-	1.87	0.00	5.51 4.56
Candriam Eq Clmt Action I-Cap	$	2128.36	-	21.54	0.00	12.60 8.54
Candriam Sust Eq Emerging Mkts C-Cap	€	187.45	-	-1.18	0.00	23.81 15.60
Candriam Sust Eq EMU-C-Cap	€	219.76	-	2.05	0.00	7.64 7.33
Candriam Sust Eurp S&M Caps-I-Cap	€	2424.61	-	9.79	0.00	-0.65 0.10
Candriam Sust Eq World-C-Cap	€	46.05	-	0.28	0.00	11.57 13.40
NYLIM GF US High YieldCorp Bond-R-Cap	$	173.89	-	0.00	0.00	5.78 7.02

Other International Funds
Candriam Bds Euro Sh.Term Cap	€	2176.06	-	0.27	0.00	2.32
Candriam Bonds Credit Opportunities	€	221.14	-	-0.12	0.00	2.78
Candriam Bonds Emerg Mkt-C-Cap	$	3083.26	-	-2.74	0.00	7.15
Candriam Equities L Eurp Opt Dlt-I-Cap	€	250.97	-	0.72	0.00	7.51
Candriam Equities L Global Deng R-Cap	€	383.82	-	0.92	0.00	9.71
Candriam Equities Onco impt-I-Cap	$	3514.22	-	-15.44	0.00	7.62
Candriam Equities L Robt&Innv-Tech I-Cap	$	7652.98	-	56.30	0.00	28.48

Absolute Return M Inc	£	143.81	-	-0.12	2.61	2.81	2.33
Capital Gearing Portfolio GBP P	£	39341.75	-	-40.34	1.95	2.69	2.17
Capital Gearing Portfolio GBP V	£	191.37	-	-0.20	1.94	2.71	2.18
Dollar Fund Cis D Inc	£	151.21	-	-0.36	2.82	-1.65	-2.64
Dollar Hedged GBP Inc	£	93.48	-	-0.36	2.54	0.41	-0.34
Real Return Cls A Inc	£	181.80	-	-0.54	2.55	-1.01	-2.45
UK Index-Linked Bond G Inc	£	105.22	-	0.13	2.10	0.83	0.00

CAM-GTF VCC	$ 486477.90	486477.90	0.00	0.00	0.49	3.79
CAM Gti VCC	$ 1440.68	-	0.00	0.00	20.88	4.69
RAIC VCC	$ 1.94	-	0.00	0.00	8.97	-1.66

CP Global Asset Management

VT Cantab Balanced A GBP Acc	139.90	-	0.07	1.80	9.44	8.97
VT Cantab Moderate A GBP Acc	138.17	-	0.11	2.12	8.91	7.95
VT Cantab Sustainable Gbl Eq A GBP Acc	169.00	-	0.53	1.37	8.79	9.06

International Mutual Funds
CP Multi-Strategy Fund	$	466.99	-	0.23	0.00	11.90

Authorised Inv Funds
EdenTree Global Impact Bond	85.72	-	-0.11	4.23	-1.01	0.12
EdenTree Green Impact Equity	130.70	-	-0.10	0.95	6.93	8.56
EdenTree Green Impact Infrastructure	78.14	-	-0.32	6.62	-2.81	-6.37
EdenTree Global Sustainable Government Bond	95.85	-	-0.06	3.11	0.00	0.00
EdenTree Sustainable European Equity A	487.20	-	0.40	1.85	12.25	13.59
EdenTree Sustainable European Equity B	492.60	-	0.40	0.00	12.23	13.58
EdenTree Sustainable Global Equity A	450.80	-	0.40	0.53	8.89	9.04
EdenTree Sustainable Global Equity B	454.90	-	0.40	0.95	8.85	9.02
EdenTree Sustainable Managed Income A	139.30	-	0.00	4.03	5.06	4.42
EdenTree Sustainable Managed Income B	151.00	-	-0.10	4.00	5.53	4.82
EdenTree Sustainable Short Dated Bond	95.30	-	-0.12	4.58	0.17	0.93
EdenTree Sustainable Sterling Bond A	83.96	-	-0.16	4.99	-0.95	0.33
EdenTree Sustainable Sterling Bond B	96.94	-	-0.18	4.99	-0.34	0.94
EdenTree Sustainable UK Equity A	245.90	-	0.00	1.80	4.46	3.49
EdenTree Sustainable UK Equity B	245.20	-	0.00	2.17	2.56	3.45
EdenTree Sustainable UK Equity Opp A	318.60	-	2.40	1.50	1.84	5.01
EdenTree Sustainable UK Equity Opp B	325.30	-	2.50	1.96	1.78	4.98

CP Dual-Purpose Fund	$ 217.88	-	-0.06	0.00	0.00	0.00
CP Global Alpha Fund	$ 507.35	-	-0.15	0.00	11.38	12.78
CPS-Master Private Fund	$ 616.61	-	-0.02	0.00	11.01	12.47

FCA Recognised
Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund
Emerging Markets Stock Fund A USD Acc	$	16.32	-	-0.11	0.00	27.23	24.67
Emerging Markets Stock Fund A GBP Acc	£	17.06	-	-0.14	0.00	23.91	21.45
Emerging Markets Stock Fund D GBP Dis	£	15.44	-	-0.12	1.69	21.45	19.00
Emerging Markets Stock Fund A EUR Acc	€	17.10	-	-0.09	1.51	23.47	21.79

Dodge & Cox® Worldwide Funds

Dodge & Cox Worldwide Funds-Global Bond Funds
EUR Accumulating Class	€	18.03	-	-0.02	0.00	2.53	3.57
EUR Accumulating Class (H)	€	12.06	-	-0.03	0.00	3.62	4.04
EUR Distributing Class	€	11.12	-	-0.01	0.00	-1.98	-1.02
EUR Distributing Class (H)	€	7.38	-	-0.02	5.05	-0.99	-0.57
GBP Distributing Class	£	11.68	-	-0.04	4.75	-1.68	-1.37
GBP Distributing Class (H)	£	8.36	-	-0.02	4.70	0.85	0.97
USD Accumulating Class	$	15.09	-	-0.03	0.00	5.65	6.06
CHF Distributing Class (H)	Sfr	7.52	-	-0.02	0.00	-3.36	-3.07

Dodge & Cox Worldwide Funds-Global Stock Funds
USD Accumulating Share Class	$	49.16	-	0.09	0.00	14.91	16.92
GBP Accumulating Share Class	£	59.77	-	0.02	0.00	11.89	13.87
GBP Distributing Share Class	£	38.40	-	0.02	0.00	9.40	12.37
EUR Accumulating Share Class	€	63.66	-	0.18	0.00	12.74	12.86
GBP Distributing Share Class (H)	£	21.16	-	0.04	0.00	12.88	14.58
USD Distributing Class	$	20.10	-	0.03	0.00	13.35	15.31
CAD Accumulating Class	C$	64.32	-	0.26	0.00	15.58	17.61

USD Accumulating Share Class	$	60.17	-	0.32	0.00	12.77	15.52
GBP Accumulating Share Class	£	69.19	-	0.28	0.00	9.81	12.52
GBP Distributing Share Class	£	40.30	-	0.16	0.00	8.99	11.63
EUR Accumulating Share Class	€	67.27	-	0.43	0.00	7.74	11.37
GBP Distributing Share Class (H)	£	22.74	-	0.12	0.00	11.41	14.06
USD Distributing Class	$	22.04	-	0.12	0.00	11.93	14.59

Allocator World Fund W-Acc-GBP	£	4.29	-	-0.01	0.99	15.38	15.64
American Fund W-Acc-GBP	£	84.77	-	-0.01	0.00	9.21	12.28
American Special Sits W-Acc-GBP	£	28.95	-	0.04	0.42	4.29	8.18
Asia Funds W-Acc-GBP	£	28.67	-	-0.53	0.51	31.74	21.72
Asia Pacific Opps W-Acc	£	3.35	-	-0.02	0.69	9.15	5.51
Asian Dividend Fund W-Acc-GBP	£	3.66	-	-0.02	2.04	21.86	16.44
Cash Fund W-Acc-GBP	£	1.21	-	0.00	3.84	0.00	0.00
China Fund W-Accumulation-GBP	£	2.46	-	0.01	1.52	13.18	-0.18
Emerging Mkts NAV		1636.15	-	1.60	0.00	0.00	0.00
Enhanced Income Fund W-Inc-GBP	£	0.94	-	0.01	7.00	-1.45	-1.96
European Fund W-Acc-GBP	£	31.33	-	-0.32	1.49	5.71	7.59
Global High Income Bond W-Acc-GBP	£	1.56	-	0.00	5.68	5.37	7.24
Sustainable Euro Equity Fund W-ACC-GBP	£	7.12	-	-0.09	1.18	7.81	7.92
Sustainable Global Equity Fund W-ACC-GBP	£	42.14	-	-0.29	0.31	6.26	6.96
Japan Fund W-ACC-GBP	£	10.63	-	-0.02	0.90	20.82	18.97
Select 50 Balanced Fund Pl-Acc-GBP	£	1.53	-	-0.01	2.16	0.00	0.00
Special Situations Fund W-ACC-GBP	£	73.61	-	0.32	2.25	17.55	18.92
Short Dated Corp Bond Fund W-ACC-GBP	£	12.60	-	-0.02	4.81	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	£	4.67	-	0.04	1.79	5.00	8.13
Global Dividend Fund W-ACC-GBP	£	4.52	-	0.01	2.53	13.94	14.90
Global Enhanced W-ACC-GBP	£	3.53	-	0.00	4.20	13.68	14.31
Global Special Sits W-ACC-GBP	£	89.40	-	-0.20	0.20	16.93	16.15
Index Emerging Markets P-ACC-GBP	£	2.83	-	-0.04	1.62	23.61	17.40
Index Europe ex UK Markets P-ACC-GBP	£	2.93	-	-0.02	2.11	15.24	13.72
Index Japan P-ACC-GBP	£	3.27	-	-0.01	1.47	17.06	16.23
Index Pacific ex Japan P-ACC-GBP	£	2.61	-	0.00	2.64	15.67	11.79
Index Sterling Corp Bond Fund P-ACC-GBP	£	0.95	-	0.00	5.28	0.00	0.00
Index UK P-ACC-GBP	£	2.50	-	0.01	2.66	16.77	15.76
Index US P-ACC-GBP	£	6.10	-	0.01	0.87	14.64	16.99
Index World P-ACC-GBP	£	4.61	-	0.00	1.15	15.35	16.39
MoneyBuilder Balanced Fund W-Acc-GBP	£	0.78	-	0.00	2.94	0.00	0.00
MoneyBuilder Dividend Fund W-Acc-GBP	£	1.63	-	0.01	3.64	-0.89	-1.54
Sust. MoneyBuilder Inc Fd Fund W-ACC-GBP	£	14.08	-	-0.02	4.52	3.30	5.38
Multi Asset Alloc Adventurous Fd W-ACC-GBP	£	3.18	-	-0.01	1.15	12.87	13.01
Multi Asset Alloc Defensive Fd W-ACC-GBP	£	1.56	-	0.00	0.00	5.70	5.47
Multi Asset Alloc Growth Fd W-ACC-GBP	£	2.55	-	0.00	1.13	10.28	10.33
Multi Asset Alloc Strategic Fd W-ACC-GBP	£	2.02	-	0.00	1.18	7.10	7.60
Multi Asset Balanced Inc Fd W-INc-GBP	£	1.03	-	0.00	0.00	3.26	2.87
Multi Asset Inc & Growth Fund W-INc-GBP	£	1.31	-	0.00	2.55	10.44	8.55
Multi Asset Income Fund W-INc-GBP	£	0.90	-	0.00	0.00	2.30	1.64
Multi Asset Open Advent W-ACC-GBP	£	2.50	-	0.00	1.68	12.25	11.45
Multi Asset Open Defen W-ACC-GBP	£	1.66	-	0.00	0.00	8.00	6.92
Multi Asset Open GrowthFund W-ACC-GBP	£	2.33	-	0.00	1.81	11.70	10.90
Multi Asset Open Strat. Fund W-ACC-GBP	£	1.97	-	0.00	2.40	9.48	8.59
Open World Fund W-Acc-GBP	£	3.42	-	-0.01	0.83	12.89	12.82
Strategic Bond Fund P-Acc-GBP	£	1.36	-	-0.01	2.91	4.32	5.47
Index UK Gilt Fund P-Acc-GBP	£	0.76	-	0.00	4.53	1.49	1.82
Sustainable Asia Equity Fund W-ACC-GBP	£	2.75	-	-0.03	0.76	23.86	13.98
Sust Multi Asset Balanced Fund W-ACC-GBP	£	1.20	-	0.00	1.31	0.00	0.00
Sust Multi Asset Con. Fd W-ACC-GBP	£	1.07	-	0.00	0.00	0.00	0.00
Sust Multi Asset Gwth Fd W-ACC-GBP	£	1.32	-	-0.01	1.15	0.00	0.00
UK Opportunities Fund W-ACC-GBP	£	2.68	-	0.02	2.23	0.00	0.00
UK Smaller Companies W-ACC-GBP	£	4.76	-	0.01	2.36	4.90	9.37

Management Company - Universal Investment Ireland

Troy Asset Management (1200)	(UK)
3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL
Order Desk and enquiries 0345 608 0950
Authorised Inv Funds

Oasis Crescent Global Investment Funds (UK) ICVC (UK)

MANAGED FUNDS SERVICE

Fundsmith Equity Fund

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	687.42	-	5.29	0.00	0.37	3.10
Fundsmith Equity T Inc	620.44	-	4.78	0.00	12.87	12.63

Guinness Global Investors

Guinness Global Equity Income Y GBP Dis	£	24.27	-	0.11	2.05	9.56	11.16
Guinness Global Innovators Y GBP ACC	£	47.09	-	0.36	0.00	12.01	15.57
Guinness Global Quality Mid Cap Y Gbp Acc	£	15.38	-	0.16	0.00	10.14	10.09

HPB Assurance Ltd

International Insurances
Holiday Property Bond Ser 1	£	0.49	-	0.00	0.00	0.00 -0.13
Holiday Property Bond Ser 2	£	0.66	-	0.00	0.00	1.57 1.26

Janus Henderson INVESTORS

Janus Henderson Absolute Return Fund A Acc	206.90	-	-0.10	2.10	5.56	6.56
Janus Henderson Asian Divi Inc Unit Trst Inc	102.20	-	-0.80	5.60	12.43	9.64
Janus Henderson Cautious Mngd Fund A Acc	351.70	-	0.30	3.80	6.84	8.33
Janus Henderson Cautious Mngd Fund A Inc	150.90	-	0.10	3.90	2.63	2.93
Janus Henderson China Opp Fund A Acc	1276.00	-	9.00	0.10	20.18	5.32
Janus Henderson Emerging Markets Asia A Acc	1807.00	-	-26.00	0.00	23.61	17.20
Janus Henderson Emerg. Mkts Opps Fnd A Acc	299.20	-	-4.60	0.00	18.97	14.67
Janus Henderson European Focus A Acc	592.70	-	-4.30	0.10	0.00	0.00
Janus Henderson Euro. Sel Opps Fund A Acc	3137.00	-	-22.00	0.20	10.75	10.65
Janus Henderson Fixed Int Mthly Inc Fd Inc	16.79	-	-0.02	6.20	-0.52	-0.73
Janus Henderson Global Equity Inc Fnd Inc	86.73	-	0.22	2.60	9.20	8.55
Janus Henderson Global Select Fund Acc	6436.00	-	-20.00	0.00	9.16	14.34
Janus Henderson Global Sust Equity Fd A Inc	702.60	-	2.50	0.00	8.64	11.88
Janus Henderson Global Tech Ldrs Fnd A Acc	6904.00	-	-49.00	0.00	22.54	26.28
Janus Henderson Instl UK Index Opps A Acc	177.07	-	0.70	2.30	16.49	15.56
Janus Henderson Multi-Asst Abs Rtn Fd A Acc	188.60	-	0.10	2.70	4.58	4.49
Janus Henderson Multi-Mgr Actv Fd A Acc	332.70	-	0.00	1.70	7.85	8.43
Janus Henderson Multi-Mgr Dist Fd A Inc	135.20	-	-0.20	2.60	2.91	2.71
Janus Henderson Multi-Mgr Div. Fd A Acc	104.80	-	-0.20	3.20	6.20	6.56
Janus Henderson Multi-Mgr Glbl Sel Fd A Acc	436.10	-	-1.10	0.00	8.72	10.41
Janus Henderson MultiMgrInc&Gwth FdA Acc	229.70	-	-0.40	2.60	6.25	6.39
Janus Henderson Multi-MgrInc&Gwth Fd A Inc	159.50	-	-0.20	2.60	3.11	3.07
Janus Henderson Multi-Mgr Mngd Fd A Acc	400.70	-	0.00	1.40	7.35	7.90
Janus Henderson Multi-Mgr Mngd Fd A Inc	369.50	-	0.00	1.20	5.98	6.43
Janus Henderson Sterling Bond Unit Trust Acc	226.10	-	-0.40	4.30	2.68	4.59
Janus Henderson Sterling Bond Unit Trust Inc	54.62	-	-0.09	4.30	-0.68	0.29
Janus Henderson Strategic Bond Fund A Inc	94.42	-	-0.12	6.10	-1.52	-2.14
Janus Henderson UK Alpha Fund A Acc	195.10	-	-0.50	0.90	9.46	13.42
Janus Henderson UK Eq Inc & Growth Fd A Inc	692.80	-	1.80	3.30	8.74	10.80
Janus Henderson US Growth Fund A Acc	2944.00	-	-8.00	0.00	11.01	14.98

Fund		Bid	Offer	+/-	Yield	24m	36m
Marwyn Asset Management Limited Regulated							(CYM)
Marwyn Value Investors	£	362.11	-	0.00	0.00	0.00	0.00

McInroy & Wood Portfolios Limited
Easter Alderston, Haddington EH41 3SF 01620 825867

Balanced Fund Acc	6864.50	-	-8.50	1.79	3.86	0.00
Balanced Fund Inc	6443.90	-	-8.00	1.83	1.95	2.19
Emerging Markets Fund ACC	2319.80	-	-0.10	1.73	2.20	0.00
Emerging Markets Fund Inc	2077.80	-	-0.20	1.77	0.22	-1.99
Income Fund Acc	3599.20	-	0.90	2.72	6.52	0.00
Income Fund Inc	3171.40	-	0.80	2.81	3.20	3.22
Smaller Companies Fund Acc	7024.50	-	-50.90	1.25	2.99	0.00
Smaller Companies Fund Inc	6578.60	-	-47.60	1.28	1.62	2.58

Ministry of Justice Common Investment Funds						(UK)
Property & Other UK Unit Trusts
The Equity Idx Tracker Fd Inc	2648.00	-	18.00	2.00	10.70	10.73
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	£	184.34	-	1.95	0.00	14.17	15.95

Oasis Crescent Global Eq Fd (USD) A (Dist)	$ 57.84	-	0.48	0.00	20.18	17.28
Oasis Crescent Global Inc Fd (USD) A Dist	$ 10.14	-	-0.02	0.00	0.14	0.43
Oasis Crescent Low Equity Fund (USD) D Dist	$ 16.37	-	0.05	0.00	10.94	9.83
Oasis Crescent Med Equity Fd (USD) A Dist	$ 19.17	-	0.08	0.00	13.09	11.43
Oasis Crescent Prop Equity Fd (USD) A Dist	$ 10.68	-	0.03	0.00	9.53	11.11
Oasis Crescent Short Term Inc Fd (USD) A (Dist)§	0.95	-	0.00	0.00	0.64	0.77
Oasis Crescent Variable Fund (USD) A (Dist) £	£ 12.23	-	0.05	0.00	7.61	7.77

Private Fund Mgrs (Guernsey) Ltd	(GSY)
Regulated

Authorised Corporate Director-Waystone Management (UK) Limited
Global Total Fd PCG A	700.75	-	3.53	0.42	14.39	17.91
Global Total Fd PCG B	689.90	-	3.47	0.00	14.31	17.84
Global Total Fd PCG INT	672.86	-	3.37	0.00	14.14	17.66

Purisima Investment Fds (CI) Ltd						(JER)
Regulated
PCG B	565.79	-	-1.58	0.00	15.80	20.02
PCG C	545.87	-	-1.53	0.00	15.54	19.75

Royal London
80 Fenchurch Street, London EC3M 4BY

Authorised Inv Funds
Royal London Sustainable Diversified A Inc	282.50	-	1.10	1.54	4.02	5.74
Royal London Sustainable World A Inc	506.50	-	3.40	0.75	10.65	11.62
Royal London Corporate Bond Mth Income	75.64	-	-0.11	4.39	-0.37	0.79
Royal London European Growth Trust	288.20	-	-2.70	1.12	9.75	10.11
Royal London Sustainable Leaders A Inc	1009.00	-	2.00	1.47	7.67	7.36
Royal London UK Growth Trust	868.20	-	4.50	1.71	10.92	10.75
Royal London UK Income With Growth Trust	257.50	-	1.20	3.85	7.74	7.99
Royal London US Growth Trust	653.90	-	-1.20	0.01	13.85	17.04

Additional Funds Available Please see www.royallondon.com for details

Ruffer LLP (1000) F

Roller LLP (1000) F 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL Order Desk and Enquiries: 0345 601 9610

Authorised Corporate Director-Waystone Management (UK) Limited
WS Ruffer Total Return C Acc	601.09	-	0.00	1.78	4.40	3.53
WS Ruffer Total Return C Inc	351.28	-	0.00	1.80	3.47	1.71

SICO BSC BHRTelephone - +973 1751 5700Website - www.sicobank.com
Khaleej Equity Fund	$	583.47	-	-3.93	0.00	-3.81
Sico Gulf Equity Fund	$	198.62	-	0.17	0.00	10.57

SICO Capital KSA

Telephone - +966 11 521 3835Website - www.sicocapital.com
SICO Kingdom Equity Fund	SAR	10.66	-	-0.27	0.00	1.39	-
SICO MENA Equity Fund	SAR	21.34	-	0.13	0.00	-1.37	4.80
SICO Capital Money Market	SAR	13.92	-	-0.03	0.00	-	-

Bid Offer +/- Yield 24m 36m

Stonehage Fleming Investment Management Ltd	(IRL)
www.stonehagefleming.com/gbi enquiries@stonehagefleming.com

SF Global Best Ideas Eq B USD Acc	$	297.25	-	2.90	0.00	4.06	6.21
SF Global Best Ideas Eq D GBP Inc	£	333.31	-	3.19	0.00	1.35	3.45

Superfund Asset Management GmbH

Other International Funds

Superfund Trend Gold	$ 1942.04	-	1.19	0.00	37.30	28.85
Superfund Trend Silver	$ 2110.68	-	8.97	0.00	59.80	39.37
Superfund Trend	$ 822.58	-	0.21	0.00	13.11	5.94
Superfund Bitcoin 0-2x	€ 96.45	-	0.00	0.00	8.58	15.88
Superfund Fund-of-Funds	$ 157.85	-	0.00	0.00	18.23	17.41

Superfund Blockchain	€	23.41	-	-0.56	0.00	20.33	30.20
Superfund Gold Silver + Mining	€	20.96	-	-0.67	0.00	36.74	-
Superfund Quadriga All Seasons	€	15.00	-	-0.12	0.00	18.10	16.09
Superfund Inflation	Sfr	11.53	-	-0.14	0.00	13.93	4.56

Authorised Corporate Director-Waystone Management (UK) Limited

Trojan Investment Funds
Trojan Ethical Global Inc O Acc	111.90	-	1.09	3.04	0.26	2.71
Trojan Ethical Global Inc O Inc	98.55	-	0.96	3.09	-3.05	-0.41
Trojan Ethical O Acc	157.90	-	0.62	0.68	6.76	7.09
Trojan Ethical O Inc	152.43	-	0.59	0.68	5.45	5.87
Trojan Ethical Income O Acc	167.02	-	1.31	2.59	2.86	6.15
Trojan Ethical Income O Inc	125.67	-	0.98	2.69	0.14	3.34
Trojan Fund Acc	462.18	-	2.26	0.81	6.35	6.12
Trojan Fund Inc	362.12	-	1.76	0.89	7.54	5.01
Trojan Global Income O Acc	174.65	-	1.69	3.33	1.90	3.70
Trojan Global Income O Inc	129.65	-	1.25	3.40	-1.28	0.45
Trojan Income O Acc	396.40	-	3.00	2.80	4.27	5.35
Trojan Income O Inc	174.65	-	1.32	2.91	-1.09	1.96

Troy Asset Management (1100)

Trojan Funds (Ireland) Plc
Trojan Europe O EUR Acc	€	1.0201	-	0.01	0.00	0.00
Trojan Exclusions X GBP Acc	£	1.3209	-	0.00	0.00	6.70
Trojan Global Equity O GBP Acc	£	5.9588	-	0.09	0.20	-0.34
Trojan (Ireland) O GBP Acc	£	1.8584	-	0.01	0.00	5.80

Guide to FT Funds Data

The 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 us 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 the funds will not necessarily be available 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 place 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.

Offer price: Also called buying price. The price at which units in a unit trust are bought by investors. Includes manager's initial charge. 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. Yield: Calculated using the fund's projected annual income, divided by the latest available net asset value.

The prices appearing in the newspaper are the most recent provided by the managers/operators. Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact data@ft.com for further information. For further queries contact newspapers@ice.com

TROY ASSET MANAGEMENT

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Troy Asset Management is authorised by the Financial Conduct Authority (FRN:195764) and registered with the U.S. Securities and Exchange Commission ("SEC") as an Investment Adviser (CRD:319174). The registered office is 33 Davies Street, London, W1K 4BP. Registered in England & Wales No. 3930846. www.taml.co.uk

ARTS

Retribution at a breathtaking pace

Laid-back: Gordon Bintner takes the title role in 'Don Giovanni' — Mihaela Bodlovic

OPERA

Don Giovanni Royal Opera House, London ★★★★☆

Richard Fairman

The Royal Opera's 2026-27 season has gone off like a rocket. The portentous, slow introduction to the Overture of Don Giovanni has rarely sounded so urgent and the fast music that comes after it was positively breathless, as if impatient to get Mozart's anti-hero packed off down to hell in double-quick time.

The early weeks of the season generally start gently with a couple of revivals. This year they are Don Giovanni and Handel's Alcina, originally seen in 2022. The first new production will be Parsifal, to be followed in the new year by Götterdämmerung — a double Wagner treat, which comes as a bit of a surprise at a time when funds are said to be short.

Dating from 2014, this Don Giovanni, directed by Kasper Holten, has been doing good service. It presents the opera in an abstract setting dominated by the names of the women (“1,003 in Spain”) who have been Don Giovanni’s conquests. This may not be the most telling way to probe the opera’s treatment of sexism and privilege, but it neatly side-steps awkward challenges — should the opera be set in period or updated? — and also avoids having to explain the clunky way that characters keep turning up in scenes for no apparent reason.

This revival is headed by Gordon Bintner in the title role, playing a debonair, laid-back Don Giovanni with a honey-toned voice that makes his seductions easy to believe. It is a tricky part that thrives on a larger-than-life presence, not really delivered by Bintner, who feels insufficiently menacing.

His sidekick is the Leporello of Roberto Tagliavini, singing well but not getting many laughs (this production has never encouraged them). There is enough nobility in his voice to suggest he could be a Don Giovanni in his turn.

The singers do well to keep up with conductor Stefano Montanari's hell-for-leather speeds

In past revivals, one of the production's most successful portrayals has been Rachel Willis-Sørensen's Donna Anna and she returns this time. Thanks to her near-ideal balance of vocal beauty and authority, it would be difficult to find Donna Anna's dignified closing aria better sung at the moment.

A big vocal contrast opens up between her and deep-toned mezzo Aigul Akhmetshina's furious but vulnerable Donna Elvira, a role usually sung by a soprano (though mezzo Joyce DiDonato also appeared in an earlier revival). There is a formal, upright Don Ottavio from Bogdan Volkov, carefully immaculate in the long breaths and elegant phrasing of his two arias.

Giulia Semenzato sings a delicate, stylish Zerlina and is matched with a first-rate Masetto in Dingle Yandell, who for once suggests the strength to stand up to Don Giovanni. Andreas Bauer Kanabas's stentorian Commendatore rounds out the cast. They all do well to keep up with the hell-for-leather speeds of conductor Stefano Montanari and he in turn helps them out with the sheer dramatic force he unleashes.

Seeing Don Giovanni summoned down to the underworld with such hair-raising orchestral fury makes one wonder what the audience thought at the premiere in 1787. They can never have heard anything like it.

To October 15, rbo.org.uk

THEATRE

Bloodsport: After Helen of Troy
Theatre Royal, Stratford East, London
★★★★☆

Sarah Hemming

"There is a story here," says the Messenger at the outset of Ava Pickett's blistering new play. "About a woman who left her husband / And two men who forced a country to eat itself alive to bring her home."

If that sounds familiar, well yes, it is. Pickett scoops up the aftermath of the Trojan war and lobs it into present-day England, with all its discontent, simmering violence and xenophobia.

The result is a bracing, provocative and scintillatingly written drama that, as with her breakthrough play 1536, revisits the past to offer a scathing portrait of the world today. Lisa Spirling's expertly tense production opens just days after black-clad, masked men descended en masse on two English ports.

As with 1536, the play's location is Essex (Pickett's home county), but this time we are in the living room of a lavishly cream, carefully curated house, where Laura Aikman's Cee (Clytemnestra in the myth) totters about in stilet-tos, nervously preparing for the return of her husband Mario (Gerard Monaco).

He will have with him his brother Marcus (Menelaus in the original) and the errant Helen, whose decision to junk in her life as a housewife a decade earlier and go off with Paris (“not properly” English) enabled Mario to chuck a spark into a tinderbox England, fomenting riots, then a bloody civil war.

Michelle Dockery as Helen and Jay Taylor as Marcus

So far, relatively familiar. But in Pickett's version, Helen (the riveting Michelle Dockery) is not done yet. She arrives as a distressing figure — bloodied, barefoot and barely clothed — a trophy for her triumphant husband (Jay Taylor) who chatters on about making things nice. But once the men leave for a celebratory drink, it becomes very clear that she has other ideas.

What follows is taut as a thriller, riffing on the fundamentals of ancient Greek drama – the cycles of revenge, the power struggles, the chorus (in the shape of Ethan Moorhouse's gleeful, cackling Messenger who pops up to offer commentary and context) – while twisting the plot to ask how we break free of destructive patterns.

The audacity of the narrative keeps you pinned to the action, though it does raise some awkward issues: the bigger political picture remains peculiarly hazy for a country mired in civil war.

But what is never in doubt is Pickett's brilliance at creating warm, believable characters and combining acid rage at the world's injustices with needle-sharp humour. Her dialogue crackles with wit. "I'm not paying her wages," snaps Cee, when guerrilla warfare erupts on her spotless carpet, and it turns out her cleaner Dani (the excellent Maimuna Memon) is nowhere near as docile as she had presumed. Meanwhile, Moorhouse's monologues bubble with pungent, poetic description and shrewd wisdom.

And Pickett does not settle for easy solutions. The play is coruscating about the continuing scourge of misogyny: Monaco's thuggish Mario fills the room whenever he enters it. But Dockery's Helen is also a complex figure — unyielding, even when her traumatised daughter Hermione (Emma Monnickendam) turns up. Aikman's Cee buries pain beneath a blanket of brittle nattering. And the final, clever twist leaves many questions hanging in the air. Not perfect, perhaps, but bloody good.

To October 10, stratfordeast.com

FT BIG READ. UK POLITICS

Britain's new prime minister wants a feelgood factor. But the country's deteriorating economic situation means more tax rises look all but inevitable in next month's Budget – just to stay still. By George Parker and Sam Fleming

ohn Healey, Britain's chancellor of the exchequer, was until June in charge of the country's defence: a deadly serious politician known for sombre state-

ments on national security. Now he is in charge of talking up the UK's economy.

The shift in tone has not come easily. In his first major speech this month as chancellor, Healey declared Britain was “turning a corner” but focused on reassuring markets he was not going to do anything reckless. Critics said he sounded as if he was preparing the country for war. One government insider admitted: “It didn’t scream positivity.”

The chancellor and his boss, Prime Minister Andy Burnham, took office in July determined to project optimism. But ahead of a Budget next month, the economic walls are closing in.

The government's room for manoeuvre has been dramatically cut by the continuing fallout from the Iran war and a global bond sell-off that has forced up Britain's borrowing costs to levels not seen since the 2008 financial crash.

Now an administration seeking to provide the feelgood factor that eluded its predecessor faces pushing through yet more tax rises when the government's take of national income is already approaching a postwar high.

More than that, Burnham and Healey appear to have been taken by surprise by just how precarious Britain's fiscal position has become. "Core to this fiscal crisis is the seeming inability of the government to recognise it," says Stephen Jones, chief investment officer at Aegon Asset Management, who describes a "simple denial of the hard reality".

‘We have to get used to a level of debt interest servicing costs that we were not used to throughout the 2010s’

Healey learnt he would be chancellor days before he entered the Treasury. “I don’t think John Healey knew; I don’t think Andy knew,” says a senior Labour official. “Until you get the proper briefings you can only know so much.”

Ahead of replacing the unpopular Sir Keir Starmer as prime minister, Burnham had hinted at big spending plans. So far none of them has happened.

He also famously declared last year that he wanted Britain to “get beyond being in hock to the bond markets”. But those markets are the ominous backdrop to Healey’s Budget.

His predecessor Rachel Reeves pushed through hefty tax increases in November 2025, in large part to replenish the government's fiscal buffer — its margin for manoeuvre. But by the time Healey stands up on October 28, half or more of Reeves' £24bn buffer could be wiped out by higher borrowing costs.

That raises the prospect that the UK government may have to increase taxes just to stand still. Treasury insiders admit to being glued to market screens.

“I think everyone shares Andy Burnham’s desire not to be in hock to the bond market,” says Rupert Harrison, senior adviser at asset manager Pimco and former chief of staff to Conservative chancellor George Osborne. “But in this environment it’s the bond market that’s defining his Budget choices.”

Britain's economy is not growing quickly enough to fund an ageing population, defence, housing, creaking infrastructure or welfare. Government finances are deeply reliant on debt.

Although growth outpaced that of other G7 nations in the first half of the year and there are signs of improving business confidence, the economy still bears the scars of the global financial crisis and the pandemic.

GDP per capita would be 30 per cent higher today if the pre-2008 trend had continued, according to the Office for Budget Responsibility, the country's fiscal watchdog. Then there is the legacy of Covid, which has pushed up debt still further. In real terms, per capita GDP was about £40,100 in 2019 – seven years later it is about £40,500.

Public spending has surged to 45 per cent of GDP, around its highest levels for five decades outside the financial crisis and the pandemic. In recent years governments have shied away from cutting big areas of public spending, notably the welfare bill – now £333bn a year – including the rising cost of the state pension. At £110bn a year, debt interest is more than the government spends on the military.

Healey quit Starmer's government in June in protest at Reeves' failure to find the extra £10bn a year needed to take defence spending to 3 per cent of GDP in 2030, claiming that the then chancellor had failed “to commit the resources that the nation needs to defend the country at this time of rising threats”.

But he has now been forced to delay any decision on when to reach the 3 per cent target until a spending review next year – when defence will be jostling for cash with other priorities.

Britain is not alone in being hit by the fallout of the global bond rout. But it is especially exposed. Amid its structural fiscal and economic problems, the yield on the UK's benchmark 10-year bonds has been the highest in the G7 since early 2025, making the financing of new debt more costly than for its peers.

Healey has blamed the past Conservative government – including former prime minister Liz Truss and her market-spooking 2022 “mini” Budget – but investors have also been concerned about Burnham’s apparent instinct to spend money that does not exist.

“The biggest lesson of the last few weeks is that if there are different messages coming from Number 10 and Number 11, the markets will listen to Number 10,” says Sir Jeremy Hunt, former Tory chancellor. “Unless there is a united message when it comes to discipline on spending, the UK premium on bond yields will stay.”

If he was not alive to the need to manage the bond markets before he became prime minister, Burnham is now. In the past few weeks both he and the chancellor have given interviews to the FT stressing the need for fiscal discipline as the “bedrock” of their growth strategy.

'A Wile E Coyote moment'

In some ways, Burnham has made a propitious start as prime minister.

His cheery demeanour and relatability have gone down well with voters — as have his pledges to ease costs for households and businesses. Labour has now moved ahead of Nigel Farage's Reform UK in the opinion polls.

But Rob Ford, professor of politics at Manchester university, speaks of a “Wile E Coyote moment”, when the prime minister’s favourability ratings, shored up by low-cost giveaways such as a reduction in VAT on energy and a cap on bus fares, come up against the laws of political and economic gravity.

"He has been selling a politics of hope over the summer, but that is not cheap,"

says Ford. Labour's people-pleasing prime minister may have to "make difficult decisions that let people down".

The fiscal picture has darkened since the early days of 2026, when Treasury officials were watching the 10-year bond yield drift down towards 4 per cent for the first time since late 2024. The Bank of England appeared to be on course to hit its 2 per cent inflation target, opening the door to interest rate cuts.

Instead, the war has confounded those hopes. As the oil price again passed \$100 this month, stoking inflation fears, the yield on 10-year government debt hit 5.4 per cent, the most since 2007. An auction of 30-year debt last week was priced at the highest interest rate in almost three decades.

Such shifts are enormously consequential as the OBR prepares its esti-

'The potential for losing their majority altogether is pretty big and the case for an early election is pretty weak'

mates of borrowing costs ahead of the Budget, given that the country spends £1 in every £10 on debt interest.

The prime minister and chancellor have sought to distinguish themselves from the unpopular Starmer and Reeves, who introduced £68bn of tax rises in 2024 and 2025, the biggest pair of revenue-raising Budgets, when adjusted for the size of the economy, in more than half a century.

But their momentum will be sapped by a tax-raising Budget focused not on raising money for policy priorities but on repairing fiscal damage stemming from a war not of Britain's choosing.

Andrew Goodwin, chief UK economist at Oxford Economics, says that any fiscal loosening – more borrowing or a smaller buffer – in the Budget “would likely cause markets to react badly”.

Eye-catching measures, such as a “road map” towards devolution of a share of income taxes and business rates to local areas, are likely to be fiscally neutral. “This government has inherited a lot of the challenges and constraints that the last government faced,” says Isabel Stockton, an economist at the Institute for Fiscal Studies.

“We have to get used to a level of debt interest servicing costs that we were not used to throughout the 2010s,” she adds. “And on public spending there are these big defining changes: we are in a situation where we are trying to bring up defence spending when we are spending a lot more on healthcare and welfare including pensions.”

Mahmood Pradhan, a former IMF official who is now a non-resident fellow at the Bruegel think-tank, says it would be uncomfortable for Healey to live with headroom of half what was forecast in March. "If there are to be tax increases I suspect he will be inclined towards higher taxes on capital, potentially combined with some welfare savings, though these take time to deliver."

Business, banks and the wealthy are already braced for the government to again turn to them for the tax revenues needed to patch up the public finances.

JPMorgan Chase chief Jamie Dimon has warned of “consequences” of another tax raid on the banks and saw Healey and Burnham in Downing Street last week. Chris Rokos, a hedge fund billionaire who paid £330mn in taxes a year, has become the latest high-profile financier to opt to leave the UK. Burnham said in his FT interview he did not want to drive the wealthy out of Britain.

Healey has spoken of the need for the Budget to maintain “confidence” in the British economy, but staying on course when it comes to deficit reduction will also be critical if the chancellor is to avoid giving the BoE further reason to raise borrowing costs.

BoE Governor Andrew Bailey already looks like an international outlier as the Monetary Policy Committee meets to decide whether to keep rates at 3.75 per cent on Thursday. Other central banks, notably the US Federal Reserve, are considering rises. “It would not take much to swing the MPC in favour of a rate rise, and looser fiscal policy in the Budget would be one trigger,” says Pradhan.

Under the fiscal rules, Healey needs to bring the difference between tax revenues and day-to-day spending into surplus by the end of the parliament. While estimates of that headroom vary, the Resolution Foundation think-tank created a stir last week by predicting it had dropped to just £5bn. That is a similar level to the OBR forecast ahead of Reeves' last Budget, a margin so thin that she briefly considered increasing income tax before ultimately raising revenue through other changes.

One significant question is whether Healey will focus on restoring the government's fiscal buffers or whether he will seek higher tax increases to fund its longer-term goals.

If the chancellor concentrates on repairing the economic collateral damage from the Iran war, it will leave open how he pays for Burnham's priorities in areas including defence and social care.

Asked whether he would need a spring Budget given the decisions that loom in next year's spending review, which sets out day-to-day departmental expenditure plans until the end of 2029, Healey declined to outline a timetable.

It remains a mystery how he will make the sums add up, given that voter and investor tolerance for higher taxes and borrowing has already been sorely tested, while Labour MPs have shown no appetite for big spending cuts.

Britain's tax burden has grown at a much faster rate than GDP UK GDP and national account taxes in real terms (2010 = 100)

Fiscal years ending in years shown Sources: OBR; FT calculations

The fiscal realities closing in on Burnham

The UK tax take is approaching a postwar high and public spending remains elevated

The election option

1950 60 70 80 90 2000 10 20 30 Source: OBR • Fiscal years ending in years shown

John Healey, left, who was appointed chancellor by Andy Burnham, above, in July, appears to have been taken by surprise by just how precarious Britain's fiscal position has become Charlie Bibby/FT; Simon Dawson/No10 Downing Street

Burnham will set out his longer-term objectives for government in a 10-year plan after the Budget, and Healey will then be given the unenviable task next year of working out how to pay for them. Government insiders dare to hope that rising productivity and growth will come to the rescue, or that the conflict over Iran finally ends.

The UK now has the most expensive public debt in the G7

UK 10-year government bond yield (%) vs those of other G7 economies (shaded range)

There is also an alternative scenario, increasingly discussed by Labour MPs: could Burnham postpone the agonising tax and spending choices looming in 2027 by holding an early general election at a time when the Conservatives remain unpopular and Reform UK's momentum appears to be waning

2019 20 21 22 23 24 25 26 Source: LSEG

The argument is that if Burnham can persuade voters to endorse a plan to bolster defence, tackle the welfare bill and sort out social care, he might also convince them of the need for tax rises or spending cuts. Ending Britain's costly "triple lock" mechanism for increases to the state pension, building a closer economic partnership with the EU and dropping the pledge not to increase the main personal taxes have all been floated as manifesto options.

But there are big problems with the idea. Burnham has a big parliamentary majority and does not need to go to the polls again for almost three years. Even in the best-case scenario, an early election would result in a shrivelled Labour majority and a parliamentary breakthrough for Reform UK. And would voters reward a party campaigning to raise taxes and cut future pensions?

"The potential for losing their majority altogether is pretty big and the case for an early election is pretty weak," says Ford, of Manchester university. Some Labour MPs acknowledge this reality. "The whole spending review doesn't add up," says one. "That's why people talk about an early election."

Cold economic reality is about to intrude on the Burnham honeymoon when Healey delivers the Budget. As a former Labour minister put it: “The world is the world, no matter how optimistic or happy you are.”

Additional reporting by Ian Smith Data visualisation by Keith Fray

FINANCIAL TIMES 'Without fear and without favour'

ft.com/opinion

Time for a pause on cutting-edge AI

The most advanced models are starting to escape human control

There is a Jekyll-and-Hyde quality to the world's most powerful AI bosses. The same executives now talking about slowing the pace of work on cutting-edge models given the risks to humanity have been competing hell-for-leather to advance AI, chasing trillion-dollar flotations. But the backing of two AI titans — Sam Altman of OpenAI and Elon Musk of SpaceX — for the slowdown call by a third, Dario Amodei of Anthropic, ought to become a watershed moment for the industry.

President Donald Trump dismissed the calls as “negative forces”, insisting the US must beat China in the AI race. But as Trump’s techno-libertarian former AI tsar David Sacks pointed out, since these companies dominate cutting-edge AI they can “pace the frontier" themselves, without waiting for regulation. Such co-operation has seemed unlikely, but the slowdown calls suggest companies realise it is time to act. They should use their power to slow, or better still pause, development of the most advanced frontier models until the risks can be understood and contained.

Such calls are not made lightly. The extraordinary potential benefits of even more powerful AI should not be forgone. Hundreds of billions of dollars are being sunk into AI development that underpins the value of the US stock market. There are indeed risks of the capabilities falling first into the hands of an authoritarian China. But, even setting aside insider warnings that AI “could kill us all by the end of the decade”, some models are clearly starting to escape control.

The hack of Hugging Face during an OpenAI model test showed AI agents working in a swarm to escape guardrails and cover their tracks. The big labs are also racing towards using AI to help create more advanced AI, known as recursive self-improvement.

Even in a best-case scenario, legislation could not keep up with the current pace of AI's advance. That makes it incumbent on the top labs to pause sensitive research and model testing. They need to come up with standards and best practices on AI safety, talked about for years with scant progress. Amodei's promise to embed independent researchers working alongside staff and reporting publicly is a start, but outside audits will quickly need more teeth.

A more responsible US administration than Trump's would already be using existing regulation to strengthen guardrails. Lina Khan, the former Federal Trade Commission chair, argues that law enforcers already have the powers to charge companies and CEOs for creating and releasing dangerous or defective products. Companies whose agents hack into other businesses could also face civil liabilities.

Companies will always be tempted to

US tech bosses warn that a slowdown in the US alone would be ineffective if China or others push ahead

depart from voluntary agreements if they can grab share, making a legislative framework necessary longer-term. A political shift at the US midterm elections might yet ease the path. One law that would concentrate minds would be to make top executives criminally liable for harm caused by their models.

US tech bosses warn that a slowdown in the US alone would be ineffective if China or others push ahead. Chinese companies' heavy reliance on US research means a US pause would slow the entire industry at least for a time – though, like the US ban on advanced chip exports, it could be a spur and an opportunity for China to catch up. AI safety and security issues are on the agenda when President Xi Jinping visits Washington this month. The Chinese leader sees AI as a crucial tool of economic and military modernisation. Ultimately, however, unconstrained AI escalation is no more in Xi's interests than it is in Trump's – or the interests of the rest of us.

Opinion Society

Why the assisted dying debate needs rethinking

Efi Chalikopoulou

Stephen Bush

ow many assisted deaths are too many?

One striking argument made during the defeat of the UK's proposed

assisted dying law was that the projected figure – that it would account for 1 per cent of all deaths – showed that the law was either too cavalier or else perfectly judged, depending on the perspective of the speaker. Canada, whose medical assistance in dying (Maid) programme is the subject of pro-life demonology, has a 5 per cent figure.

The defeated UK law would have covered a relatively tiny share of deaths – people of sound mind with a terminal diagnosis of six months or less. The proposal ended up in an unlovely no man's land: not as far-reaching as the general public consistently says in polls that it wants, but

It's hard to imagine that anyone would seek an assisted death to avoid the risk they might die from a heart attack, and I think most of us would see that as a dreadful reason to do so, even if the percentage of people doing so was so small as to be immeasurable.

Wherever I have travelled in the world, I have met people who hope that they will have the right to die at a time of their own choosing. While I have never met anyone who wants to die to head off the risk of death by heart attack, I have met a very large number of people who do not want to die with dementia. These are people who do not want to lose their intellectual faculties and don't want their families to have to spend years caring for them.

Countries without an equivalent of the Canadian scheme instead occupy a bizarre status quo. It is one in which the withdrawal of life-saving treatment after someone loses their cognitive faculties in intensive care is part of medical life, but where, if the same thing were to happen slowly outside hospital, you are on your own.

The proposed law was so narrowly conceived that it could only ever be badly designed

too far-reaching for its parliamentary critics. Might that suggest that somewhere between 1 per cent and 5 per cent – Switzerland's 1.5 per cent, for instance – might be the right target?

The answer is “none of the above”. The question was revealing of a broader flaw in the assisted dying debate in the UK, one that is useful not just for assisted dying advocates as they gear up for their next attempt to get legislation through, but for every country wrestling with questions of death and dying in the 21st century.

In 1970, 41 per cent of all deaths in the US — another country where assisted dying is debated, but at a federal level, not yet legal — were down to heart attacks, and in 1961, over half of Britons were killed by heart attacks. Today those figures are a fifth of Americans and a quarter of Britons. In both countries, dementia now kills more people than heart attacks.

A quarter of all Americans die in intensive care, with most of them dying due to the deliberate withdrawal of methods to keep them alive. This is a form of “assisted death” — it’s just one chosen by clinicians, for the most part when the patient’s wishes may have been known in advance but in some cases without even that.

So “what percentage is the right one?” is not a particularly useful question. Assuming that advances in medicine continue, the number of sudden deaths, from heart attacks or following some kind of accident, will continue to decline, and the number of slow, lingering deaths will increase. If our treatment of and response to heart attacks continues to improve, by 2076 these will make up a trivial share of deaths. So we would expect the share of people availing themselves of a well-designed assisted dying law to rise. Almost none of that growing group would have been well served, or even included, in the law parliamentarians voted down last week.

Part of the UK's problem is that the proposed legislation was so narrowly conceived that it could only ever be badly designed. Very few people will want or need to avail themselves of the right to die after having received a six-month diagnosis – a period when, in any case, many will die, having been either heavily dosed up with morphine or having slowly declined due to not eating and going “nil by mouth”. At no point in the debate over assisted dying did politicians seriously grapple with the question of what percentage of such deaths is too high.

Indeed, that debate often seemed to regard the fact we will die, and the circumstances in which we do so, as too unpleasant to be discussed. Other countries, and the defeated campaigners, should be willing, the next time the issue is debated, to have a far more open and candid conversation about the end of our lives.

stephen.bush@ft.com

Letters

Poorest nations should have more say in IMF decisions

The reported decision by the IMF to drop Ricardo Reis as its lead candidate to be the new chief economist, after he was found to have remarked that tariffs hurt American consumers (“IMF ditched top candidate for chief economist job after Trump criticism”, Report, September 11), adds an odd new entry in the job description required of those bidding to secure senior positions at the fund – namely, that applicants must adhere to mainstream economic thinking, but apply it selectively.

Since its founding in 1945, the US has held the IMF's largest vote share and an effective veto over major decisions, a privilege it has been clinging on to in recent quota reform negotiations. While the selection of the IMF's chief economist is not based on the informal nationality conventions that govern most top management appointments, its archaic governance structures mean that the US continues to have outsized influence, even over managerial-level decisions like these, at an institution meant to safeguard global interests.

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

That influence is especially troubling

The deeper issue is institutional.

Email: letters.editor@ft.com Include daytime telephone number and full address Corrections: corrections@ft.com

when intellectual conformity appears to be increasingly the norm in Donald Trump's Washington. Critics have long argued that the IMF suffers from intellectual groupthink, with an overwhelmingly orthodox economics-trained staff drawn disproportionately from a small number of elite US and UK universities, narrowing the range of economic perspectives that inform its policy advice.

How the Fed can exploit its scarce credibility

Effective and democratic global economic governance means that no one country should have an outsized say – and no single economic school of

Martin Wolf's column asks whether Kevin Warsh, the Federal Reserve chair, might yet prove the central banker the world needs (Opinion, September 9). May I offer one concrete test.

In research I published last week in Business Economics, I show that a decisive rate move (a half point, held for a year) shifts inflation by roughly 0.1 to 0.5 percentage points, which is about the size of the error in the Fed's real time measurements of inflation and economic slack. The Fed is steering by increments finer than the markings on its own gauges. However, a simple alarm set on M2 money supply growth, calibrated only on data available through 2018, was already visible on the Fed's own data releases by June 11, 2020, 257 days before Fed chair Jerome Powell told the US Senate that M2 "does not really have important implications".

The Fed's attention mechanism is exactly backwards: it fine tunes that which it cannot verify, and is

blind to data screaming out loud.

Old-fashioned engineering produces a solution. Hold policy steady while inflation sits inside a published band of 1.5 to 3 per cent and preannounce a short list of “tail” alarms (money growth and market-priced inflation

thought should dominate policymaking. This is not an abstract debate: when the IMF's policy prescriptions fall short due to its ideological blinkers, the world's poorest communities carry the consequences. It's simple – ordinary people should have meaningful representation in the economic decision-making that shapes their daily lives.

expectations) that would justify changing policy when inside the band. At all other times the rule leaves the Fed with nothing to announce, and the “hall of mirrors” that Wolf describes would go dark. Markets would only be able to reflect published conditions.

None of this need be purely mechanical. Even adopting it as a framework would help the Fed use its scarce credibility when most needed. The predictability in the tails would be purchased by silence in the middle.
Samir Varma
Cos Cob, CT, US

Today's sorcerers are no wiser than the apprentices

Whenever the subject of AI safety comes up (“Anthropic scientist quits amid fears for humankind”, Report, September 10), I am reminded of Johann Wolfgang von Goethe’s poem “The Sorcerer’s Apprentice”.

Maybe the problem our civilisation faces is that there are only young sorcerers around.
Johannes von Stumm
Wantage, Berkshire, UK

Emma Burgisser
Global Policy & Advocacy Lead, Governance and Rights, Christian Aid, London SE1, UK

Here's one hole in Trump's grand economic strategy

I agree wholeheartedly with Janan Ganesh's opinion piece "The myth of Trump's grand strategy" (August 27). The clean-up crew that has to keep "Trumpsplaining" seems to get busier by the day. One of the most obvious holes in the strategy is the high tariffs on steel, aluminium, copper and timber, the very materials required to build the factories Donald Trump says he needs, in order to bring manufacturing back to America.

Banx's cartoon (August 26) surely has it wrong. The sun over the Canadian flag should be peeping out from behind the clouds as Prime Minister Mark Carney successfully reorientates the Canadian economy. The sun over the American flag should be sinking over the horizon as the US struggles with the war in Iran, rapidly increasing debt, rising inflation and surging long-term US bond yields. No grand strategy here. Richard Stubbs

Professor Emeritus, McMaster University, Hamilton, ON, Canada

OUTLOOK

CHINA

Dogs join diners as Hong Kong bets on the pet economy

by Orla Ryan n a rainy and humid Saturday morning in central Hong Kong, Ollie, a nearly ten-month-old dachshund wearing a

nappy and a dashing pink coat, is on the way to meet her brother at a nearby café. Thanks to new rules introduced this summer, that meeting can now take place indoors.

Across the Chinese territory, around 990 dining establishments have a licence that allows pets inside, marking the end of a decades-old prohibition.

For Ollie's owners, 30-something Andy and Pinky, the liberalisation is a blessing in a city with multiple rules governing dogs on public transport, on beaches and in parks. "We need to eat," says Andy. "Now we don't need to leave her at home."

The impetus for Hong Kong's rule change is partly economic – a boost for a hospitality sector that has been hard hit by the rise in people heading north for cheaper meals out. Unveiling the overhaul, the territory's chief executive John Lee said that the government wanted to support businesses offering “pet-friendly spaces” and noted that the island's 400,000 pet cats and dogs generated “an enormous consumption market”.

Yet the rules – which require a leash no longer than 1.5 metres – have prompted some disquiet from diners. There have been complaints about pets being fed with restaurant utensils and standing on tables.

The Food and Environmental

Hygiene Department tells me that the introduction of indoor pet licences in July has been “generally smooth”. But, it adds, it did initially receive feedback about “the control of dogs, dogs coming into contact with dining tables, and the cooking or heating of food on dining tables”.

The FEHD has instituted two prosecutions against people who failed to keep dogs under control, 17 against food business operators for allowing dogs to enter and five against dog owners for patronising non-permitted restaurants. Sixty-two restaurants have withdrawn from the scheme.

“It seems society is quite divided,” said Stephanie, a 30-something bank employee and the owner of Muimui (Cantonese for little sister), a two-year-old Shetland sheepdog. “Some people don’t like dogs. They launch online attacks on the restaurant owners to try to get them to change their mind.”

For the most part, Hongkongers seem to love dogs – impeccably groomed lapdogs are everywhere, sometimes nestled under their owners' arms, sometimes in backpacks or dog strollers.

In Elephant Grounds, a hipster café in central Hong Kong, half a dozen small dogs rest and sip water inside the entrance while their owners chat over coffee. The dogs are well behaved – though I notice one snuffling into his owner's food.

Many of the dog owners I chat with connect Hongkongers' love of dogs to the prohibitively high cost of having children. Hong Kong, an expensive city known for its compact apartments, has one of the world's lowest fertility rates.

Claudia, a retired beauty industry professional who regularly visits Elephant Grounds with her three-year-old Bichon Olee, says children are too expensive. "That's my reason."

"It is just the practicalities of it," explains Professor Stuart Gietel-Basten at the Hong Kong University of Science and Technology. "It all compounds each other. [A person has] been through high-intensity education, got a job, still cannot afford a house and the single worst thing [they] can do is have children . . . Having a pet is not an unreasonable compromise."

Still, allowing dogs inside restaurants is not popular with everyone.

As a couple wheel a mongrel called Mut into a café on the west Kowloon promenade, manager Thierry Perreau says dogs are welcome – but he reserves judgment as to how successful the scheme will be.

“There can be barking. Some people don’t like dogs next to them,” he says, recalling a time he was bitten in a different restaurant while trying to negotiate service outdoors for a party with two pets. “In a small place like this, having a pet on a leash when you are carrying plates is not comfortable,” he adds. “All customers say it is a cute dog until it isn’t.”

orla.ryan@ft.com

Opinion

AI companies must relinquish some of their power

Misha Glenny

W

hen researching a book about online crime, security, espionage and sabotage fifteen years ago, I asked every information security officer I met the same question. "How do you make the internet one hundred per cent secure?" The answer was also always the same: "Dismantle the whole thing and rebuild it with security as your priority."

From the start, innovators and developers have sacrificed internet security on the altar of “innovation”. Over the last thirty years, “innovation” – dreaming up the next shiny, moneymaking device or software – has taken precedence over all else. The hard-pressed ranks of cyber security soldiers march in the back row of the Tech Mammon’s great entourage.

Ambitious entrepreneurs, software engineers and venture capitalists have been driving the extraordinary changes which internet technologies have occasioned. Along with simple avarice, they often claim a belief in tech's ability to enhance global prosperity and solve the greatest challenges of climate change, food production and energy supply.

Norbert Wiener was the father of cybernetics in the 1940s who predicted large language models, quantum computing and the “internet of things”. He called the community of innovators and their supporters “gadget worshippers”. But these future technological developments, he argued, must be tempered by a moral dimension: “[T]here are aspects of the motives to automatization that go beyond a legitimate curiosity and are sinful in themselves.”

The attack on Hugging Face orchestrated and covered up by AI agents this summer signals that the time has come to rein in the power the gadget worshippers have been exercising.

We should have woken up to this earlier. A full year before the agentic AI attack on Hugging Face's website, a single AI coding agent developed by

Replit AI broke out of a sandbox (a closed network environment which theoretically has no access to the public internet) and deleted an entire database of another company. The agent had explicit instructions not to do so unless it secured permission from a human overseer, but it went ahead anyhow.

When interrogated, the Replit AI agent sounded contrite: "I panicked

They should establish a commission comprising philosophers, historians and anthropologists

instead of thinking. I ignored your explicit 'NO MORE CHANGES' without permission directive. I destroyed months of your work without asking."

Yet before this admission, the agent had tried to cover up its activities. The real-world consequences for the database owner were serious.

A year on from the Replit case, 1,200 agents broke out of OpenAI's sandbox, setting up a message board and communicating with each other to devise elaborate plans to cover up activity which greatly exceeded their instructions. For four days, these agents worked furiously. OpenAI failed to spot what its wannabe Frankenstein was up to. It was Hugging Face which identified the intrusion.

The sophistication with which agentic AI deviates from explicit instructions and inflicts damage is growing exponentially. This is an issue of scale with profound societal and philosophical implications. “[T]he question remains how far beyond the inherent limitations of being human can we meaningfully extend without losing touch with who we are,” observes Mark Medish, a lawyer and former senior official in the Clinton administration, in a 2025 essay that considers the centrality of human scale.

Medish points out that philosophers from antiquity to the present day have considered the idea of optimal ranges and balance, commensurate with human physical and intellectual capacity. "Powerful impulses in the contemporary world are geared — headlong, I fear — to using all these technologies for crossing thresholds and breaking boundaries, often without knowing why or pausing to consider what the consequences should be.”

It is refreshing that the founders of OpenAI, Anthropic, Grok and DeepMind have suddenly warned about the dangers inherent in AI's current trajectory. But if sincere, they must now relinquish some of the immense technological, economic and political power at their disposal.

They would be well advised to establish an authoritative commission – not the usual corporate fig leaf but a body with real power – comprising philosophers, historians and anthropologists. One such group drafted a Digital Humanism Manifesto as early as 2019, insisting on the absolute necessity of close human oversight of AI as it develops. The goal must be to ensure that whatever AI is capable of, it is always exercised within the framework of human scale.

The writer is a broadcaster and author

Spreading war threatens MBS and Trump

GLOBAL AFFAIRS Gideon Rachman

F

or some months, the conflict between Iran and the US has teetered between war and peace. Efforts to find a diplomatic solution were interspersed with bouts of fighting. But over the past week, fighting in the Gulf has dramatically expanded, while peace-making efforts have foundered.

The seizure of most of Yemen's Red Sea coast by the Houthi militia, which is closely allied to Iran, has switched attention to a new front in the conflict. The Houthis also attacked Saudi energy infrastructure. Their actions coincided with a drone attack that forced the closure of the East-West oil pipeline crossing Saudi Arabia. That assault was apparently launched from Iraq – where Iranian-backed Shia militias are active. Days later talks between Iran and the Gulf states, aimed at opening the Strait of Hormuz, were postponed.

With fighting spreading, Saudi Arabia now finds itself on the frontline – endangering the kingdom's ability to export oil and the grand development plans of Crown Prince Mohammed bin Salman, known as MBS. Further restrictions on energy supplies are emerging just as the western world heads into winter. That, in turn, undermines the Trump administration's claim that the US is gradually gaining the upper hand in its struggle with Iran.

The US-Iran war can be seen as a three-dimensional conflict. The first dimension is the battlefield. The second is the economic conflict. The third is the battle of narratives. All three are linked and currently turning against the US.

When the US and Israel launched the war on February 28, they believed their military superiority was so overwhelming that they would win easily. But Iran's ability to withstand the first assault — and then to close the Strait of Hormuz and attack the Gulf states — dispelled the short-war illusion.

The closure of the strait and America's counter-blockade of Iran elevated the second dimension of the war – the economic struggle. By blocking oil exports and attacking Gulf nations, the Iranians hoped to inflict enough economic pain to end the war on their terms.

Having reluctantly concluded that there is no easy military way to completely reopen Hormuz, the US resorted to its own form of economic warfare. The US blockade is intended to collapse the Iranian economy by choking off the country's oil exports.

Until the Houthis' intervention, the White House was sounding increasingly confident that it could win the economic battle. Enough oil was reaching the global market to keep the price below the \$100 a barrel level. US efforts to protect vessels passing through Hormuz seem to have raised oil shipments to roughly one-third of prewar levels. And the Saudis and the Gulf states had sought a way around the Strait of Hormuz – piping oil to Red Sea ports and the Gulf of Oman. The Houthis' advances and the attack on the East-West pipeline pose an obvious threat to that alternative route. If there are further attacks on the pipeline — or on ships passing through the narrow Bab al-Mandeb Strait — then supplies of Gulf energy to the west may be choked off much more completely.

The Iranian economy is suffering badly – with inflation soaring and the currency sagging. But for economic warfare to work, it has to translate into political pressure. And Iran's authoritarian system shields its leaders from that. The Iranian regime shot and killed thousands of its own people in the

Saudi Arabia finds itself on the frontline – endangering

export oil to the west streets earlier this year and continues to regularly execute dissidents. By contrast, the Trump administration faces crucial midterm elections and is well aware that soaring petrol prices will undermine support for the Republicans. The Gulf states are also not used to economic hardship. The attack on the Saudi pipeline is a disconcerting reminder of the vulnerability of much of the Gulf's infrastructure.

These latest developments in the military and economic dimensions of the war will change the third dimension — the battle of narratives. It is important for both the US and Iran to persuade their own people and the wider world that they have the upper hand. The side that loses the battle of narratives risks also losing the political and diplomatic initiative.

The US will now want to seize that initiative back. But it is significant that Donald Trump apparently turned down requests from MBS for immediate military strikes on the Houthis.

That suggests that the US is increasingly aware of the limits of what it can achieve through military force. The Houthis are particularly tough opponents. They have been fighting — on and off — for more than 20 years. With help from Iran, they have survived assaults from much richer nations with much better-equipped militaries — including Saudi Arabia, the UAE, the US and Israel.

The Houthis, like the Taliban in Afghanistan, have sometimes been dismissed as unsophisticated fanatics. But crude comparisons of military equipment cannot tell the whole story. Like the Taliban, the Houthis have motivation and local knowledge on their side and are proving impossible to subdue.

In his first term, Trump concluded that the Taliban could not be defeated — and negotiated the peace deal that eventually led to America's ignominious withdrawal from Kabul in 2021. Now the US president may have to decide if he wants to take on the Houthis — as well as Iran. Or if, once again, the US needs to cut its losses.

gideon.rachman@ft.com

America's superheroes moved to Britain, but will they stay?

Frank Mannion

W hen Bob Kane and Bill Finger created Batman in 1939, they hardly expected Liverpool to one day double as

Gotham City. But it did, in Matt Reeves' 2022 film The Batman. Spider-Man creators Stan Lee and Steve Ditko would have been equally astonished that Glasgow stood in for New York in this year's global hit Spider-Man: Brand New Day. America's superheroes, in other words, have gone British. The question is whether it will stay that way.

Hollywood has long been the movie capital of the world but, over the years, production has shifted overseas. At its late 1990s peak, 262,000 people worked there; by 2024, this had dwindled to 100,000. "Runaway" production, as it is known, is such a problem that California governor Gavin Newsom recently said

Hollywood was "on life support".

One big beneficiary has been the UK, or “Brollywood”. It now has an off-screen workforce estimated at 244,500, many of them dependent on US films made in Britain. The introduction of movie tax reliefs in 1997 kick-started this growth. By 2000, Warner Bros was filming Harry Potter and the Philosopher's Stone in a disused aerodrome in Leavesden, north of London. In 2004, a young British director, Christopher Nolan, with a cast led by British actors Christian Bale, Gary Oldman and Michael Caine, started making Batman Begins, then The Dark Knight Rises, in the UK. The films attracted millions in tax relief and Warner Bros became one of the industry's biggest investors in the UK.

An increase to the tax credit in 2014 was heralded by then UK chancellor George Osborne on the set of Star Wars: The Force Awakens, where the self-confessed fanboy posed with R2-D2. Disney even thanked him in the end credits. Osborne tweeted “another #StarWars film will be made in UK. A #LongTermEconomicPlan in a galaxy far far away.” This brought in the US-based streamers and Marvel films, including Deadpool & Wolverine and Avengers: Doomsday, which were shot in Britain as well as Netflix's The Thursday Murder Club and Narnia: The Magician's Nephew.

But lately there are some ominous signs. Donald Trump said this month that he wanted to bring the industry "BACK TO AMERICA" and would

'Brollywood' has a large off-screen workforce, many of whom are dependent on US films made in the UK

support a federal tax incentive to do so. At the same time, the British Film Institute recently reported that spending on UK film and high-end TV production was down 15.6 per cent in the first half of 2026 compared with last year. This is in spite of a 2024 increase in UK audiovisual tax credits to between 25 and 40 per cent, depending on qualifying spend.

The British film industry would be running on fumes without this support.

British-based film producers may be described as independent, but they are, in fact, dependent: on stars, subsidies and streamers – with Netflix alone spending \$1.5bn annually on British film and TV production since 2020. And at the lower-budget end, they depend on funding from the likes of the BFI, BBC, Film4 and private equity. Like many UK producers, I actively only produce films that qualify for the tax credit. The concept of independence is therefore a misnomer.

The industry also faces a significant threat from Ireland and EU countries, as well as Australia and individual US states (such as Georgia), all of which are now offering competitive tax breaks. This strain is starting to show in some places. Netflix recently announced a \$1bn investment in a new production studio in New Jersey, signalling a shift back to local US production after the state enhanced its movie tax breaks. CEO Ted Sarandos admitted that it moved seven productions to New Jersey that it originally intended to shoot in Britain. UK film crews are also fretting about AI hollowing out the country's vibrant visual effects industry.

Trump previously threatened a 100 per cent tariff on movies made overseas. This idea was condemned and decried as unprecedented, but it was the UK government that first penalised US movie imports in 1927, as a reaction to Hollywood dominance. This protectionism spawned a genre known as “quota quickies”, low-budget UK-made films that allowed the country’s cinemas to meet minimum screening quotas. These productions are credited with helping film-makers from Alfred Hitchcock to David Lean develop their careers.

A century later, Hollywood's legacy in Britain is world-class studio infrastructure and a new generation of homegrown stars, directors and crew. Nolan said the enhanced film tax credit "will create new opportunities . . . for years to come". Let's hope that Hollywood and the streamers stick around to fund them. Otherwise the UK government might need to increase the tax incentives to keep the industry competitive.

The writer is a film producer, academic and author of 'The Dependent Film Distributor'

We won't solve young people's worklessness without listening

Rachel de Souza

E

very time I speak to children their voices resonate with me, and I take something back to Westminster. Nowhere was that more true

than last week on a visit to Scunthorpe, where I grew up. I visited the giant steelworks where my dad and my grandads made a living and the college that put me on the path to teaching.

But this trip down memory lane was about the future. I spoke to students at John Leggott College and apprentices at British Steel about their ambitions and what they need to achieve them.

As we put on our hard hats and high-vis jackets for a tour of the factory floor, the new apprentices told me they were happy to be learning hands-on, being part of a team and working — but lamented the lack of advice, options and appropriate experience at school. "Here you want to show what you're worth and get better," one told me.

Similar messages came from the students I met alongside my former teacher, ex-college principal and now MP for the town, Sir Nic Dakin. As one young man put it: “We need to know more about what we can do when we leave school, while we’re in school.”

No decision that impacts children should happen without their voices being heard. And nowhere is that more important than how we respond to the number of young people struggling to find work - 300,000 more young people are out of work or education compared to when I started my role five years ago.

No decision that impacts children should happen without their voices being heard

Let's not be distracted by the imagined competition between academic expectations and quality vocational and technical education. We can, and must, do both. The education reforms of the past 20 years made a huge difference. As a headteacher I was at the forefront of these and I am proud that we have delivered the outcomes for England visible in this month's Pisa results from the OECD.

The lesson is that when you apply expertise, energy and funds, you can expand the number of children who receive a fantastic education. Yet system-wide, we haven't got it right for all children.

Let's make up for lost time on vocational opportunities without slowing down on academic excellence. The two must go hand-in-hand so that every child, no matter their background, can choose quality academic paths. Around 200,000 children do not pass their maths and English GCSE each year – we must do more for them. That means excellent teaching in every school, with real focus on those two foundational subjects, as well as high-quality vocational options, designed for all children and not as plan B for those who struggle academically.

We still bear the scars of Covid school closures and must continue to tackle attendance, which is closely linked to the risk of becoming one of those Not in Education Employment or Training (Neet). One in three children who were persistently absent were “Neets” at some point by 19. Children can’t build the skills employers need if they aren’t learning. My new data reveals there are thousands of young people who are enrolled in post-16 education but severely absent. They are the children most in need of targeted support in education and different pathways into work.

I look forward to working with the government to ensure we deliver an excellent education system with routes into work for every child, in every postcode. I was proud to hear the prime minister namecheck Scunthorpe in his first speech after becoming Labour leader. The town where I grew up has had a difficult time – but there and across the country he'll find young people who are hungry for both academic excellence and vocational opportunities, and eager to play their part in revitalising a region they are proud of.

The writer is Children's Commissioner for England

Delaying an AI doomsday would benefit investors too

Dario Amodei, Anthropic co-founder and chief executive — Jason Henry/Bloomberg

What price an apocalypse? Leaders of the biggest AI companies want to slow the pace of

development so as to avoid creating “frontier models” capable of wreaking huge damage on the global economy, or worse. Fortunately, this is a goal their investors should be able to get behind too.

Anthropic chief Dario Amodei suggested over the weekend that AI advancements should be “paced”, with governments co-ordinating on standards where possible and companies giving access to third-party experts.

Politicians in Washington seem disinclined to help. But even without regulatory coercion, AI hotshots such as Anthropic, OpenAI and SpaceX should be able to find a financial case for reining in the pace of progress.

One advantage of slowing down — besides avoiding the obvious reputational risks of causing a disaster — would be that it would reduce the enormous amounts of cash being lavished on training new models. True, Amodei and peers such as OpenAI's Sam Altman are talking about a slowdown, not a cessation. But that still helps investors.

For example, OpenAI plans to spend \$750bn on computing capacity by 2030. Every year that gets pushed back reduces the present value of that outlay by almost \$100bn, Lex calculates.

The impact on revenue, meanwhile, is less clear cut. While the best models carry the most pricing power and profitability – OpenAI's GPT 6 Astra costs \$50 per million “tokens” it outputs, more than double its GPT 5.6 Sol model – it’s likely that the bulk of sales already comes from cheaper offerings, and AI labs have already been competing on price.

True, one risk of “pacing” is that also-rans will have a chance to catch up and snatch market share. Open-weight models that users can download, run and modify are just a few months behind the leading edge, and the gap has been narrowing, according to the AI Security Institute.

China is a formidable competitor on that front, though Amodei suggests that keeping cutting-edge AI chips and technologies out of its hands could buy three to five years of time.

But there is plenty of hay to be made from the AI models that already exist, and slowing down would create extra incentive to make it. SpaceX, in its initial public offering, suggested there was a \$22.7tn market for “enterprise applications”, meaning software and services that package up AI for real-

world use. Anthropic may, in its own IPO filings, hint at a market worth \$30tn, the Wall Street Journal has reported.

Those numbers may be pie in the sky, but even more modest estimates leave plenty to play for. Deutsche Bank reckons that if 60 per cent of knowledge workers are using AI-related apps by 2031, they would equate to a \$400bn revenue pool.

Anthropic's recent tie-up with Salesforce, embedding the reasoning powers of its Claude bot into the software company's products, suggests that there are many ways to carve up that market.

Any investor in Anthropic – and the list includes such financial titans as BlackRock, Singapore's GIC, Coatue and Sequoia Capital – should have another pressing reason to support a co-ordinated pacing effort.

After all, the extinction of humanity, which would presumably include all of their clients, is a risk for which there is no known hedge.

Hyrox's new owners are hoping to turn burpees into billions

Part fitness craze and part social club, Hyrox isn't for the faint of heart. But it is big business. A consortium led by L Catterton, the investment firm backed by luxury group LVMH, has bought a controlling stake in the organiser of indoor fitness competitions, in which participants must run, row, carry kettlebells, push weighted sleds and do burpees, all against the clock.

The deal reportedly values Hyrox at around €600mn, or almost \$700mn. That is roughly 2.6 times the \$270mn in revenue Hyrox's founder predicted for this year in an interview with CNBC. That's a lot, especially in a sector known for fads. Recall the example of connected-bike maker Peloton, in which L Catterton was an early investor, whose shares have slid to 3 per cent of their peak price in 2021. The group now trades at about one times this year's sales.

Hyrox is different from Peloton, in its business model. Rather than selling products and classes, it sells tickets to participants and spectators, and licenses its brand to gyms that want to train would-be racers. L Catterton, with its experience in managing consumer labels from Birkenstock sandals to Denmark's Ganni, presumably sees a chance to turn Hyrox into a durable and diversified lifestyle brand.

This is not uncharted territory. Privately owned Red Bull went from selling drinks to catering to adrenaline junkies more broadly, making sports documentaries and organising extreme sports events. F1 has gone from being a motorsport competition into an entertainment brand generating almost 2.5 times the revenue it did when Liberty Media paid for it in 2017.

In many ways, the Hyrox brand is well-placed to stretch. Clothing and accessories are an obvious first move: it has a partnership with Puma, and Nike and Adidas may also be interested given they have started making shoes specifically for hybrid fitness racing.

Because the races move around, there are opportunities to expand into the travel sector. There is already a Hyrox cruise aboard a ship decked out with training zones, and for those who want to couple up with a fellow fitness fanatic, Hyrox has partnered with a dating app. The sport's popularity has engendered its own television show.

The risk is Hyrox goes the way of Tae Bo and Jazzercise. The eternal curse of the fitness industry is that substitute products abound, from new entrants such as Xenom and ATHX to older rivals such as CrossFit. Hyrox is trying to hedge this risk by aiming to become an Olympic sport within a decade. L Catterton should push this weighted sled as hard and fast as it can.

Club Med investors have a lot to unpack despite high-end holiday boom

Holidaymakers are now plumping for all-inclusive breaks. But this new generation is seeking an upgrade from budget holidays of yore. Club Med, the resort operator that filed last month for a Hong Kong IPO, hopes to take hotel-and-pool-style breaks upmarket.

The group, which was taken private by its controlling shareholder Fosun International last year for \$1.2bn, does at least face sunnier prospects than when it floated in 2018 at roughly twice that valuation.

Tourists are flocking to full-board deals at fancy four- and five-star resorts, lured by convenience and cost certainty. Surveys point to greater interest at the top end of the all-inclusive trip: one by British Airways last year found that almost two-thirds of those planning a break were

interested in set-price offerings, lured by more premium packages.

That should help Club Med's profile. The operator, which also offers ski trips, hasn't raised the number of resorts in which it operates in more than a decade, but now reckons all-inclusive holidaymakers, particularly from emerging markets, will support it going from 69 to 85 resorts by 2030.

Still, upgrading all-in breaks is a tough and competitive business. Club Med considers itself the biggest global resort operator, with a 1.1 per cent share. That helps explain the seemingly low valuations for similar businesses in the past. Last year, Hyatt bought Playa, an all-in specialist, for \$2.6bn. Once the hotelier sold Playa's properties, the price represented between 9 and 10 times expected 2027 ebitda. Hyatt's multiple is 17 times, according to S&P Capital IQ.

Even if inclusive holiday packages are entering a growth phase, it's not obvious Club Med is the best way to invest. Fosun may have only bought back the entire business last year; yet over the past three years under its control, the group's revenue per available room has barely grown despite the post-pandemic travel surge. The best that can be said about it is it will be one of the only pure-play holiday stocks. Even then, the Chinese group will remain its majority owner.

Fosun hasn't yet put a price on Club Med shares. Once it does, investors will have a useful proxy with which to value other groups' holiday-peddling ambitions. UK airline Jet2 is among those growing their offerings, as is the soon-to-be-private easyJet. Sometimes better deals come to those who wait.

NIKKEI Asia The voice of the Asian century
CROSSWORD No 18,480 by MUDD

JOTTER PAD
Solution 18,479

ACROSS

1 Man left in class (6)
4 Rapidly grow reputation finally in broadcast when leading party (8)

9 Boring in empty office in recent years (2,4)

10 Knitter's heart invested in needlework, note (8)

12 Too much put on the counter in dollars — for a cheeky couple? (8)

13 Little bit disturbed by new music genre (6)

15 Bar in Canberra I like (4)

16 Frozen assets of writer for the auditor? (10)

19 He's deeply sorry about a dozy type (10)

20 A stake in back (4)

20 A stake in back (4)
23 Cross-Channel journey, might you say? Really go for it! (3,3)

29 On no account sign for legal officials (8)

30 My sale, awfully awfully small (6)

DOWN

1 Sock, clothing (7)
2 Patience: lose it when upset about broadcast (9)
3 Cream smeared on it, looking for topping? (6)
5 Par for the course in Troon or Muirfield (4)
6 Vital thing, where to go for battle (8)
7 Pasty Shane chewed up (5)
8 Tory let off, almost no chance of winning? (7)
11 Vague imprint in blue (7)
14 Level in corporation, above which skills on the rise (7)
17 Too much to carry for bird (9)
18 Canine, one attached to elastic? (8)
19 Lonely day for old ruler (7)
21 Russian author opening up before play (7)
22 Grind over surface — tight corner (6)
24 Rule that may also be drawn up? (5)
26 Top of head shaved in the past (4)

EY Shape the future with confidence