Financial Times - 31.08.2026.pdf

金融时报

2026年8月31日，星期一

AI机器人能否挽救美国工厂？深度报道，第19页

英国 £3.70；爱尔兰共和国 €4.10

如何延续夏日之感 JEMIMA KELLY，第20页

态度冷淡 冰岛拒绝与欧盟谈判

在冰岛上周末投票反对重启与欧盟的入盟谈判后，“反对”阵营的支持者举行了庆祝活动。

尽管美国总统唐纳德·特朗普对邻国格陵兰岛发出威胁，但这个具有战略重要性的北极国家居民依然拒绝了布鲁塞尔试图拉拢他们的努力。

“反对”票占 52.8%，轻松超过了“赞成”票的 47.2%。投票率为 82.5%，记录在案的总票数为 225,031 票。

地理分布呈现出剧烈分化：首都雷克雅未克的居民倾向于支持重启谈判，而农村选区的选民则普遍予以拒绝。冰岛总理克里斯特伦·弗罗斯塔多蒂尔表示，政府一直知道这次公投的结果将是“势均力敌”。

“我们将尊重这一结果，”她说道。布鲁塞尔受挫 第4页

Leonhard Foeger / 路透社

大型科技公司利润因持有其他AI公司股份获得 1600亿美元 账面收益

• 对“循环性”的担忧日益增加
• 收益美化了近期财报
• SpaceX 持股带来提升

RAMSAY HODGSON 和 EMILY HERBERT 伦敦

大型科技巨头在上季度通过投资其他AI公司获得了超过 1600亿美元 的意外之财，这美化了它们的收益，并引发了人们的担忧，即账面收益可能夸大了AI热潮的强度。

Alphabet、亚马逊、英伟达和微软在最近的业绩报告中，均在财报的“其他收入”项下报告了税前利润的大幅增长，这主要来自持有其他领先AI公司股权的估值收益。

分析师表示，这些很大程度上源于对AI热情的单次估值提升，可能会在投资者密切审视科技公司收益以衡量AI生态系统健康状况之时，扭曲财务状况。高盛美国股票首席策略师 Ben Snider 表示：“几年前，投资者开始质疑（大型科技公司）收入的循环性。”

他补充道，来自AI投资的利润提升现在“引发了一个问题，即这些公司报告的增长是基于潜在需求，还是在某种程度上具有误导性”。

这“引发了人们对增长……是基于潜在需求还是具有误导性的疑问”

大型科技公司对 OpenAI 和 Anthropic 的投资在近几个季度的财务报告中日益凸显，因为会计准则规定，每季度末股权投资价值的变化需计入公司的损益。

但今年，由于 SpaceX 的公开上市，这些股权收益得到了进一步推高，谷歌母公司（Alphabet）和英伟达均持有该公司股份。

这家火箭公司在上市前吸收了埃隆·马斯克的 xAI，并将轨道 AI 数据中心的承诺作为其推介的核心部分。此次上市为现有投资者带来了巨大的收益提升。

上季度“其他收入”对利润的贡献是前三个月约 690 亿加元增幅的两倍多。预计 Anthropic 和 OpenAI 的公开上市将使这一现象在未来一年内持续出现。

分析师指出，对整体股市表现起关键作用的美国科技板块的潜在收益依然强劲。但法国兴业银行美国股票策略主管 Manish Kabra 表示，AI 投资收益的波动性使得人们难以获得清晰的图景，并引发了“盈利质量问题”。

诺德亚资产管理固定收益与股票首席投资官 Kasper Elmgreen 表示，上半年的盈利“严重高估了可重复的盈利能力”，且这些 AI 收益的循环性是“一个关注点”。

Federated Hermes 的全球股票投资组合经理 Louise Dudley 表示，“调整的规模”令人“难以忽视”，这增加了分析的复杂性，且“无疑会引入额外风险”。

但她补充道，这些公司“因投资并与极具成功潜力的企业合作而值得一定的肯定”。

今年以来大规模的一次性股权调整有可能在未来的盈利周期中造成严重的负面意外。花旗美国股票策略师 Scott Chronert 表示：“你从中获得的盈利贡献，为明年潜在的负增长埋下了伏笔。”

AI 多元化助力制药业 第 11 页

简报

▶ 特朗普交易中的委内瑞拉石油大亨吸引投资者 委内瑞拉能源高管亚历杭德罗·贝坦库尔（Alejandro Betancourt）曾在查韦斯时期大获成功，现为特朗普政府的合作伙伴。他已开始与潜在投资者就双方将共同控制的油田进行洽谈。—— 第6页

▶ 空客寻求退出美国太空业务 这家法德合资集团一直在评估潜在买家的兴趣，计划出售其美国太空部门，旨在通过三方合并打造一个泛欧卫星巨头。—— 第8页

▶ 首相为释放囚犯辩护 安迪·伯纳姆（Andy Burnham）表示，他已采取行动阻止数百名更多罪犯提前出狱。在面临针对该计划的批评时，他坚持认为自己对犯罪采取“强硬态度”。—— 第2页

▶ G7面临债券收益率阵痛 《金融时报》分析发现，由于自2月伊朗战争爆发以来债券收益率上升，G7国家已增加了160亿美元的主权债务融资成本。 —— 第4页；未对冲部分见第8页

▶ 大型制药公司状态极佳 制药股今年迄今表现创纪录，随着投资者从AI领域进行多元化配置，且积极的临床试验结果提振该行业，制药商在本月创下新高。—— 第11页

▶ Gerko收获XTX回报 亿万富翁亚历克斯·格尔科（Alex Gerko）去年从其交易集团XTX Markets赚取了£895mn。其2025年利润中£1.7bn的资金池被分配给了XTX的交易员和技术开发人员。—— 第8页

▶ 尼泊尔加倍努力 尼泊尔表示，在上周发生灾难性山体滑坡和洪水后，已派遣近20,000名安保人员并营救了9,400多人，目前仍有3,000人失踪。—— 第6页

▶ Claridge's扩大网络 运营伦敦Claridge's及其他酒店的Maybourne销售团队已“积极转向”其他地区，以抵消来自中东地区预订量下降的影响。—— 第2页

伯纳姆在激进政策上退缩

在安迪·伯纳姆成为首相之前，他曾誓言要带来“40年来我国政治中最重大的变革时刻”。但在他执政的前六周里，甚至一些支持者也注意到，他在住房、政治捐款、税收和水务等领域表现出一种明显的倾向，即做出大胆承诺但未能完全兑现。伯纳姆的团队否认这一点，并表示他将在今年晚些时候正式制定一项更全面的英国10年计划。 是否已成定局？▶ 第2页

改革英国党支持的查戈斯群岛定居者忍受风暴、老鼠和物资匮乏

订阅 纸质版与在线版

RACHEL REES

一群在奈杰尔·法拉奇（Nigel Farage）的帮助下非法登陆并在争议领土上建立定居点的查戈斯群岛流亡者，目前正面临食物匮乏、帐篷破旧以及缺乏能够穿越周边海域船只的困境。

九个人——包括四名英国查戈斯人、改革英国党（Reform UK）政治人物亚当·霍洛威（Adam Holloway）、一名记者和一小组船员——从斯里兰卡乘船前往印度洋群岛，在为期五天的航程中，他们开玩笑地将其命名为“必死行动”。其目的是为了破坏英国政府将该群岛主权移交给毛里求斯的协议。

六个月后，前保守党议员霍洛威、该记者及船员已经离开，但查戈斯人仍居住在佩罗斯-班霍斯岛（Peros Banhos）上。自20世纪70年代英国驱逐最后一名居民以来，该岛一直处于无人居住状态。

在岛上扎营的查戈斯人之一、自封为流亡政府首任总理的米斯利·曼达林（Misley Mandarin）表示：“我们早晨起来就去钓鱼，抓到什么就煮什么。”

“我们希望改变地面的既成事实，”霍洛威说，“我们正在进行一场持久战，并决心让查戈斯群岛重新有人居住。”

“除了偷偷潜入岛屿，他们其实根本没有后续计划，”一名接近该计划的人士表示。该人士补充称，在改革英国党最大捐赠者克里斯托弗·哈本（Christopher Harborne）支持下的该计划幕后团队，专注于进行“公开噱头”。

英国政府在驱逐该团体方面陷入苦战。

外交部表示，提供“至关重要的人道主义补给”并不意味着其接受了“对该团体的更广泛责任”。

“医疗救治是另一个严重问题，他们拥有的那艘小船‘不足以支撑，不够安全’，”该团体的律师卡里莎·特纳（Kareesha Turner）说道，并补充称，在最近的一次风暴中没有出现伤亡是幸运的。

但现在热带风暴季节即将到来，居住可行性的问题依然存在。“帐篷现在已经完全破烂不堪，用水始终是个挑战，”停留了10天的霍洛威说道。“事实是，我们一直在勉强维持……在那儿生活并不容易，”他补充道，并提到了蚊子、老鼠和高温。

食物需要定期补给。英国印度洋领地管理部门本月交付了三个月份的必需物资。

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9"770307"176111"

世界市场 股票市场

指数	8月28日	前值	%变动
标普500指数	7711.76	7730.99	-0.25
纳斯达克综合指数	26402.42	26541.35	-0.52
道琼斯工业平均指数	53559.99	53569.44	-0.02
欧洲斯托克50指数	6485.67	6424.73	0.95
富时欧洲全股300指数	2616.13	2602.39	0.53
富时100指数	10824.26	10792.54	0.29
富时全股指数	5842.37	5826.09	0.28
CAC 40指数	8401.18	8319.87	0.98
Xetra Dax指数	26569.99	26367.24	0.77
日经225指数	68405.56	66131.98	0.41
恒生指数	25584.79	25565.74	0.07
MSCI世界指数	4993.42	4995.00	-0.03
MSCI新兴市场指数	1722.80	1719.20	0.21
MSCI ACWI指数	1154.70	1152.20	0.22

货币

货币对< / td><>8月28日< / ><>8月21日< / ><>货币对< / ><>8月28日< / ><>8月21日< / >< / tr><><>$ / £< / ><>1.162< / ><>1.167< / ><>€ / $< / ><>0.861< / ><>0.857< / >< / ><><>$ / £< / ><>1.357< / ><>1.362< / ><>£ / $< / ><>0.737< / ><>0.734< / >< / ><><>£ / £< / ><>0.856< / ><>0.857< / ><>€ / £< / ><>1.168< / ><>1.167< / >< / ><><>¥ / $< / ><>159.865< / ><>159.965< / ><>¥ / €< / ><>185.779< / ><>185.560< / >< / ><><>¥ / £< / ><>217.009< / ><>216.582< / ><>英镑指数< / ><>85.760< / ><>85.920< / >< / ><><>Sfr / £< / ><>0.938< / ><>0.935< / ><>Sfr / £< / ><>1.095< / ><>1.091< / >< / table>

加密货币

<><>< / ><>8月28日< / ><>8月21日< / ><>涨跌幅(%)< / >< / ><><>比特币< / ><>78362.99< / ><>77195.69< / ><>1.51< / >< / ><><>以太坊< / ><>2473.06< / ><>2393.56< / ><>3.32< / >< / table>

<><>< / ><>8月28日< / ><>8月21日< / ><>涨跌幅(%)< / >< / ><><>WTI原油< / ><>81.66< / ><>85.11< / ><>-4.05< / >< / ><><>布伦特原油 $< / ><>89.33< / ><>94.13< / ><>-5.10< / >< / ><><>黄金 $< / ><>4524.58< / ><>4614.57< / ><>-1.95< / >< / table>

政府债券

<><>收益率 (%)< / ><>8月28日< / ><>8月21日< / ><>变动< / >< / ><><>美国 2年期< / ><>4.33< / ><>4.23< / ><>0.10< / >< / ><><>美国 10年期< / ><>4.72< / ><>0.00< / >< / ><><>美国 30年期< / ><>5.21< / ><>5.28< / ><>-0.07< / >< / ><><>英国 2年期< / ><>4.40< / ><>4.35< / ><>0.05< / >< / ><><>英国 10年期< / ><>5.06< / ><>0.00< / >< / ><><>英国 30年期< / ><>5.78< / ><>5.81< / ><>-0.03< / >< / ><><>日本 2年期< / ><>1.68< / ><>1.66< / ><>0.02< / >< / ><><>日本 10年期< / ><>2.90< / ><>2.86< / ><>0.04< / >< / ><><>日本 30年期< / ><>4.10< / ><>4.05< / ><>0.05< / >< / ><><>德国 2年期< / ><>2.90< / ><>2.84< / ><>0.06< / >< / ><><>德国 10年期< / ><>3.27< / ><>3.25< / ><>0.02< / >< / ><><>德国 30年期< / ><>3.76< / ><>0.00< / >< / table>

价格为本版最新数据 数据由 ICE 提供。www.ice.com

国内新闻

监狱过度拥挤

总理收紧监狱提前释放规定

尽管面临监舍短缺，数百名更多罪犯现被排除在计划之外

作者：RACHEL REES

安迪·伯纳姆（Andy Burnham）已采取行动，阻止数百名更多罪犯提前出狱，旨在化解其政府执政以来首批重大争议之一，并证明其对严厉法律与秩序政策的承诺。

因过失杀人、历史性儿童性犯罪，或醉驾 / 危险驾驶致死而被判刑的罪犯，将不再有资格参加英格兰和威尔士的提前释放计划。该计划此前因监狱床位短缺而实施。

英国首相在 BBC 的《早餐》（Breakfast）节目中表示，他在整个职业生涯中一直“严厉打击犯罪”，并反对释放未服满刑期的囚犯，但“这件事没有简单的答案”。

他昨天表示：“我已经尽力而为了。如果再进一步向系统施压，可能会导致监狱出现严重的危机。”

针对该政策的抗议活动主要集中在两名男子的潜在释放上，他们因 2019 年过失杀害值班警察安德鲁·哈珀（Andrew Harper）而被监禁。根据新修订的规定，这两名男子已被排除在资格之外。

智库 More in Common 的主任卢克·特里尔（Luke Tryl）表示，首相的反应将获得“极大的欢迎”，且从长远来看具有重要意义。

他在 X 上表示：“伯纳姆证明了你不必接受‘不能的政治’，政府实际上有能力在公众关心的议题上采取行动。”他指出，这是对“斯塔默主义（Starmerism）下‘不能的政治’的一次反击”。

哈珀的母亲黛比·阿德拉姆（Debbie Adlam）告诉 BBC，她对这一消息感到“高兴且非常感激”，但对部分仍有资格获释的罪犯感到“极其”担忧。

根据提前释放计划，罪犯在服刑期过半后有资格获得自动释放

“伯纳姆证明了政府……会对公众关心的议题采取行动”

只要他们没有严重违反监狱规则，刑期就改为三分之二而非原先的比例。

自从该计划首次在里希·苏纳克领导的保守党政府期间推出，随后在2024年由工党的基尔·斯塔默爵士扩大实施以来，它一直是政治议程中最棘手的问题之一。

伯纳姆的这一宣布是在议会明天结束夏季休会回归之前发表的，届时他将首次以首相身份面对国会议员。

英格兰和威尔士的成年男性监狱目前已填充至98%。周六，妇女与平等事务大臣布里奇特·菲利普森警告称，如果没有提前释放计划，监狱网络可能会出现没有足够牢房来关押因严重犯罪而被逮捕人员的情况。

根据新变化，数百名被排除在计划之外的额外罪犯，是在伯纳姆政府四周前已将1,000名严重性犯罪者排除在计划资格之外的基础上增加的。

领导这项建议实施该计划的独立量刑审查工作的戴维·高克警告称，这些变化“将意味着监狱人口将高于此前水平”，并敦促政府公布详细的容量预测数据。

这位前保守党大臣在X平台上表示：“一旦你开始考虑将某些人排除在计划之外，就很难划定界限。”

首相表示，通过引入一个跨党派小组来监督那些被判处不定期“公众保护监禁”（IPP）刑期人员的释放，以及驱逐外国罪犯，将能腾出额外的空间。

联合国专家上个月警告称，仍有超过2,000名囚犯在服执行IPP刑期，这可能“等同于心理折磨”。

这种不定期刑期于2005年引入，但于2012, 被废除，旨在针对那些被认为具有危险性但不至于被判处终身监禁的罪犯。

周三，司法部宣布对严重性犯罪和暴力犯罪者在释放后实施新的限制措施，以防止其与受害者接触，包括将他们限制在特定区域的“限制区”以及GPS追踪。

搁置计划：伯纳姆悄然背离激进方案

吉姆·皮克德（JIM PICKARD）

吉姆·皮克德（JIM PICKARD） 政治副主编

在安迪·伯纳姆成为首相之前，他曾承诺将带来“我们政治中40年来最重大的变革时刻”。

他表示，他感到“不安”，因为一些政治家支持某些事业，但进入政府后却“毫无作为”。

但在他执政的前六周里，甚至一些伯纳姆的支持者也注意到，他似乎有一种倾向，即做出大胆的承诺但并未完全兑现。

首相团队否认此类指控，并表示他将在今年晚些时候正式制定一份更全面的10年计划。

保守党党魁凯米·巴德诺克称他是一个“讨好者”，计划“空洞且不切实际”。

在就职前的六月，伯纳姆在关于“Waspi女性”养老金抗议者的补偿问题上曾犹豫不决。

在至少其他六个领域，他也背离了最初的立场。

公共住房

伯纳姆标志性的政策承诺之一是开展“战后以来规模最大的公共住房建设规划”。

在他竞选梅克菲尔德（Makerfield）国会议员的活动启动时，他表示，现有的£39bn基金用于可负担住房和社会住房，“应专门用于公共住房。我们不要再含糊其辞了。”

但上周一，政府制定了计划，将£10bn分配给33个组织——虽然其中包含一些地方议会，但主要是住房协会。这一分配方案与他的前任基尔·斯塔默爵士最终确定的方案大致相似。政府官员表示，伯纳姆认为废除之前的计划会导致不可接受的延迟。

与此同时，正在建设的“社会租金”住房的整体比例将维持在60 per cent不变。

捐款上限

伯纳姆在今年早些时候给一名活动人士发邮件时表示，他将支持将政治捐款上限设定为50 万英镑，以“防止人们认为任何一个政党受到了不当影响”。

“现在的奇怪之处在于，你不能诚实地回答一个问题，而不会让人们从中过度解读。”

但这位首相已决定不支持对选举法案的修正案，该修正案旨在限制个人或组织在单次捐款中可提供的金额。在工会领导人警告称，此举可能会损害他们维持工党运转的能力后，伯纳姆放弃了此前对这一想法的支持。

伯纳姆在5月发邮件联系的选举改革活动人士肖恩·鲍勒（Shaun Bowler）表示，首相“违背了对他做出的承诺”。

泰晤士水务

伯纳姆的团队否认了对陷入困境的公用事业公司泰晤士水务（Thames Water）进行“准国有化”的计划已被“搁置”，并坚称他从未做出过任何此类承诺。

这位首相在6月份提高了外界的预期，他当时表示：“公共所有制绝对是一个选项。对于泰晤士水务，我认为这就是应该采取的措施。”

但自从进入唐宁街10号以来，他已听取了关于技术挑战的汇报。官员们正在制定几种方案，预计伯纳姆将在秋季做出决定。

个人税起征点

伯纳姆在7月暗示，他可能会提高免税个人津贴。自2021年以来，该津贴一直冻结在12,570 英镑——随着薪资上涨，越来越多的人被拖入缴纳所得税的范围。

安迪·伯纳姆表示，帕特农神庙雕塑现在是一个博物馆问题（见下图），摄影：Dan Kibwood / Getty Images

他表示，在参加梅克菲尔德（Makerfield）补选竞选期间，他听到的“关于个人津贴的沮丧情绪”已“深深刻在我的脑海中”。

随后，他似乎对这一想法泼了冷水，警告称任何此类变动都将代价高昂，且“鉴于我们目前所处的财务状况，这将十分困难”。

虽然这项政策变动并非伯纳姆近期生活成本方案的一部分，但理论上它仍可能出现在他10月下旬的首次预算案中。

但如果他恢复津贴与通货膨胀之间的联动，到该政策实施的第三年，他每年将需要筹集90亿英镑。

这位首相抱怨说，他关于津贴的思考被过度解读了：“现在的奇怪之处在于，你不能诚实地回答一个问题，而不会让人们从中过度解读。”

选举改革

伯纳姆长期支持选举改革，自2022年起就主张工党是时候支持比例代表制了。

在去年秋天的党代会上，他宣布：“没有什么比一个时机成熟的想法更不可阻挡的了，而比例代表制的时机已经成熟。”

但今年夏天他表示，任何此类政策距离实现至少还有三年，他说：“我支持它……但这需要将其写入竞选宣言并在大选中获得认可。”

帕特农神庙雕塑

伯纳姆在2023年表示，收藏在英国博物馆的帕特农神庙雕塑应“无条件”地被送回希腊。

早在2002年，他就支持修改法律以促进这一转移。

现在，他在关于这些雕塑（也被称为埃尔金大理石雕像）的立场上有所退却。

他上周告诉《金融时报》：“归根结底，这是英国博物馆的问题，不是吗？”

本报告期财务数据及财务报表附注的财务数据均指经审计的合并报表范围内的账面价值和账面价值的差额,根据其会计准则的会计估计,将原列报到的合并报表范围内的账面价值和账面价值的差额单独列报至 的合并报表范围中的

Hotels

Claridge's 押注美国游客，海湾地区客源减少

STEPHANIE STACEY

伦敦超豪华酒店 Claridge's 的母公司已调整其营销策略，旨在吸引更多来自美国和欧洲的客户，以应对来自海湾地区高消费客群减少带来的挑战。

Maybourne 集团（同时在伦敦经营 Connaught、Berkeley 和 Emory 酒店）首席执行官 Marc Socker 表示，自伊朗战争爆发以来，由于中东地区的预订量下降，销售团队已“积极转向”其他地区以抵消损失。

Socker 的言论发表之际，来自中东的访英人数下降，导致伦敦一些最昂贵的酒店难以填满其最高价的客房，这威胁到了该细分市场的增长势头，而该市场在去年更广泛的奢侈品行业增速放缓的情况下仍保持了韧性。

英国旅游局（VisitBritain）表示，在美国和以色列袭击伊朗后，3 月份中东地区访英的预订量骤降至“正常”水平的一半左右。

这家政府支持的旅游机构表示，到 7 月份，预订量仍“远低于”2025 年同期的水平。

Socker 告诉《金融时报》，为了应对中东市场的下滑，公司采取的措施包括加大对美国（其最大的客源地）的投入，并通过强调品牌不同的维度以及扩大国际旅行社网络，来争取其他市场的客户。

他表示，对于美国游客，Maybourne 优先推广其英国酒店的“传统与遗产”，同时试图满足国内客户希望“抛开日常琐事，享受照顾与宠爱”的愿望。

Socker 表示，Maybourne 的最终所有者是卡塔尔王室谢赫·哈马德·本·哈利法·阿勒萨尼（Sheikh Hamad bin Khalifa al-Thani）家族，因此对中东市场有“相当程度的依赖”，但未提供具体数据。

不过他表示，公司“幸运地”能够“用来自英国、美国和欧洲的更多业务来替代这部分业务”，使得公司 2026 年上半年的营收较去年同期有所增长。

本月，Maybourne 任命 José Silva 为董事会主席，他曾任总部位于阿拉伯联合酋长国的豪华酒店集团 Jumeirah Hotels & Resorts（迪拜帆船酒店 Burj Al Arab 的所有者）的首席执行官。目前 Maybourne 正致力于实施重大的国际扩张计划。

Socker 表示，该集团在比弗利山庄和法国里维埃拉均设有物业，目前正致力于扩大客户来源，因为在如此动荡的世界中，“依赖任何单一的业务来源”都是“一场非常危险的游戏”。

该公司计划到 2035 年将酒店数量增加近三倍，达到约 15 家，并计划明年在巴黎开设首家酒店。

其目标还包括纽约、曼谷、新加坡和东京等城市的物业，以及印度洋和加勒比海的度假胜地。

Socker 表示，在英国国内的扩张“目前并非重点”，因为在伦敦五星级酒店大量开业的背景下，Maybourne 位于梅费尔（Mayfair）和贝尔格莱维亚（Belgravia）的物业正面临日益激烈的竞争。

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大型烟草公司在广告禁令前力推尼古丁袋

STEPHANIE STACEY

休闲产业记者

由于大型烟草公司在明年营销限制生效前加大广告力度，预计今年尼古丁袋的销量将增长超过三分之一。

根据市场研究公司 Euromonitor 的数据，这种产品（一种放置在嘴唇和牙龈之间，将尼古丁输送到血液中的小型调味小袋）在 2025 的销售额估计达到 £384mn，预计到 2026, 底将增长至 £579mn 以上。但这与 2025 英国在香烟上的 117亿英镑 支出相比仍仅占一小部分。

伦敦大学学院（University College London）高级研究员 Harry Tattan-Birch 表示，随着最受欢迎的尼古丁袋品牌背后的公司“大幅增加”营销活动（从海报到节日赞助），该产品的市场规模正在扩大。

日本烟草（Japan Tobacco）旗下的尼古丁袋品牌 Nordic Spirit 本月赞助了 Boomtown 音乐节的一个舞台；而销售 Zyn 尼古丁袋的万宝路制造商菲利普莫里斯国际（Philip Morris International）则在包括 Parklife 和 Creamfields 在内的音乐节上赞助了一个以便利店为主题的舞台。生产 Velo 尼古丁袋的英美烟草（British American Tobacco）在英国交通枢纽进行了大量广告宣传，并与迈凯伦一级方程式车队（McLaren Formula 1 Team）建立了合作伙伴关系。

这些营销活动是在 2027. 6 月起英国全面禁止非医疗用途尼古丁产品（包括尼古丁袋）的广告和赞助之前开展的。在很大程度上缺乏监管的市场环境下，这些产品的受欢迎程度激增，且向 18 岁以下未成年人销售尼古丁袋的行为在 10 月之前仍不受限制。

Tattan-Birch 表示，与吸烟者一样，尼古丁袋用户倾向于忠于同一个品牌，因此公司正在“尽一切努力在现在争取忠实客户”。

政府还在就要求尼古丁袋采用纯白色包装的计划进行磋商，政府表示这将“在不影响成年吸烟者的前提下，降低对青少年的吸引力”。

在英国，尼古丁袋在年轻男性中的普及速度最快。伦敦大学学院（UCL）的研究人员发现，截至去年 3 月，16 至 24 岁的男性中 7.5 per cent 使用该产品，而成年人口的整体使用率仅为 1 per cent。

根据尼古丁袋专业零售商 Haypp 的数据，每罐的价格通常约为 £5 per can，大多数消费者每周消耗三罐，这使其比吸烟便宜得多。

反吸烟慈善机构 Ash 致力于游说限制尼古丁袋的营销，其公共事务助理 Halle Breed 表示，Zyn 和 Velo 等产品的广告在英国的高街、巴士和火车上“广泛分布，处于年轻人和儿童的视线范围内”。

随着富裕国家的吸烟率持续下降，尼古丁袋成为了大型烟草公司寻求在香烟之外扩张的核心。

尼古丁袋每罐通常售价 £5 a can，大多数消费者每周使用三罐

英美烟草西欧区总监 Asli Ertonguc 表示，公司旨在英国“所有相关领域”为 Velo 尼古丁袋做广告，因为该产品“作为一个相对较新的类别，需要向吸烟者进行解释”。

她补充说，英美烟草已经“调整了计划以应对（营销）禁令”，并正“根据未来的变化”分配广告支出。她补充道，公司“无法完全控制青少年是否会感兴趣”，但已制定相关指南以降低其对青少年的吸引力。

烟草集团认为，他们营销电子烟和尼古丁袋等产品的能力，对于帮助吸烟者转向更安全的产品至关重要。但世界卫生组织警告称，这些具有高度成瘾性的产品正越来越多地吸引新的年轻用户，而非前吸烟者。

尼古丁袋不含烟草，但有证据表明尼古丁会加重心血管疾病。一些尼古丁袋用户还抱怨出现了口腔溃疡。

干旱给体育场地和财务带来沉重打击

场地干涸导致比赛过于危险，赛马业困境则导致投注量下降

作者：ROBERT ORR

英格兰异常干燥的夏季给体育领域带来了沉重打击，不仅扰乱了赛程，损坏了比赛场地，还给主要观赏性体育项目的财务状况带来了压力。

虽然英超联赛上周末在完美的草坪上开赛，但资源较少的俱乐部和管理机构无法维持场地的可比赛状态。

该国南部和东部的大量低级别足球赛事已经推迟。

由于担心干涸的场地会导致受伤，橄榄球基层赛季的开始也被推迟，英格兰橄榄球联合会（RFU）认为许多场地“不适合进行安全的全面接触活动”。

“球场干得像骨头一样，”利物浦附近的比肯黑德公园橄榄球俱乐部主席马丁·奥基夫（Martin O'Keefe）表示，“就像在混凝土上比赛一样，非常危险。”

英格兰三分之二以上的地区处于干旱状态，该国部分地区在今年夏天超过两个月没有降雨。

尽管最近几天有一些降雨，但场地需要持续的湿润天气才能恢复。

奥基夫表示，他很“希望”能够维护俱乐部的两块场地——这些场地是重要的社区资产，供从5岁儿童到成年人的球队使用，但这样做既昂贵又不切实际。“我们没有专业的灌溉系统，而且我们使用水表计费，所以不可能像英超联赛那样每天给球场浇水。”

雷丁大学气象学与气候科学教授汉娜·克洛克（Hannah Cloke）表示，体育已成为关于英国应如何分配水资源的讨论的一部分，而由于气候变化，水资源正变得日益稀缺。

她说，该国在“将高温和干旱视为体育战略风险方面反应非常迟缓”。

她还指出存在一个“两级”体系：专业且资金充足的俱乐部能够利用钻孔井、储水方案和昂贵的灌溉系统，而“基层和业余体育则完全没有这些”。

高尔夫和赛马受干热天气的影响尤为严重，因为它们需要维护的地面面积大得多。

伦敦西南部皇家中萨里高尔夫俱乐部（Royal Mid-Surrey Golf Club）的球场经理格雷厄姆·唐（Graham Down）表示，这种酷热条件是“未知的领域”。他正在权衡是否安装一套耗资高达£2mn的新灌溉系统，并挖掘一个储水水库，以为他的两座球场提供未来的保障。

“我以前有点怀疑气候变化，但现在我确信这就是新常态。我真的不知道当雨季到来时，我的草坪能恢复多少。”

总部位于纽马基特的顶尖赛马训练师哈里·尤斯塔斯（Harry Eustace）表示，干旱给这个行业增加了另一层复杂性，而该行业已经在应对博彩（主要收入来源）前景不明的挑战。

他已经“好几个月”无法在草地上训练马匹。这意味着处于比赛状态的马匹减少，进而影响了参赛数量，从而减少了赌徒投注的选择。“整个资金模式是围绕博彩驱动的，而这与竞技赛马相关联。如果只有三四匹马参赛，人们感知到的价值较低，投注的人也会减少，”尤斯塔斯说。

由于今年夏天的气候条件，多场赛马会议已被推迟，另一些则被转移至全天候赛道。“即便他们只损失一两场会议，情况也会从‘还算不错的一年’变成‘陷入困境’，”他补充道。

根据英国赛马管理局（BHA）的数据，赛马是该国仅次于足球的第二大观赛运动，去年有超过500万人观看比赛。BHA表示，这项运动为英国经济创造了超过£4bn的收益，并支撑了85,000个就业岗位，其中大部分位于农村地区。

在英格兰大部分地区实施的禁用水管令中，体育场地在很大程度上获得了豁免。最大的供应商泰晤士水务（Thames Water）表示，足球场和橄榄球场的比赛区域可以浇水，用于投球的板球球道（cricket squares）也可以浇水，但外场（outfields）不行。

高尔夫球场可以为发球区（tees）和果岭（greens）浇水，但不能为构成球场大部分的球道（fairways）和长草区（roughs）浇水。

马丁·奥基夫（Martin O'Keefe），比肯黑德公园橄榄球俱乐部（Birkenhead Park Rugby Club）

其结果是，全国各地的球场呈现出鲜明的对比：在被阳光灼烧的荒芜景观中，点缀着几块绿色的草地。

皇家中萨里球场（Royal Mid-Surrey）拥有自己的现场钻孔井，唐恩（Down）表示，这口井一直能满足俱乐部的用水需求——直到今年夏天。“在正常年份，43,000立方米就足够了。但今年，这远远不够，”他说。即便如此，该俱乐部也比那些没有私人水源的俱乐部幸运。“我的朋友们使用的是市政自来水，他们的预算被完全耗尽了。他们每年的水费支出在7 万英镑以上，”他说。

板球运动也不得不适应更干燥的环境。英格兰及威尔士板球委员会（ECB）设施服务主管简·詹姆斯（Jain James）承认，不断上涨的水费给小型俱乐部增加了财务压力，但她表示，保持球场的可用性是对这一日益稀缺资源的值得利用。

“所使用的水与参与度以及人们从参与体育运动中获得的健康和社会效益直接相关，”他说。“这并不是为了美观。” 欧洲看向海湾 page 4

FT周末节 (FT Weekend Festival)

体验《金融时报》周末版报纸的生动呈现，活动环节包括：

演员兼艺术总监迈克尔·希恩（Michael Sheen）将与《金融时报》戏剧评论员莎拉·海明（Sarah Hemming）一起，探讨他的演艺生涯、社会活动以及他对威尔士国家剧院的愿景。

设计师保罗·史密斯（Paul Smith）将与他的好友、演员彼得·卡帕尔迪（Peter Capaldi）一起，在《金融时报》周末版及HTSI编辑、副主编乔·埃利森（Jo Ellison）的主持下，回顾他在时尚界辉煌的一生与职业生涯。

厨师、餐厅经营者兼作家约塔姆·奥托伦吉（Yotam Ottolenghi）将与《金融时报》美食作家及Project Kitchen专栏作家蒂姆·海沃德（Tim Hayward）一起，探讨对风味的追求以及日常烹饪的乐趣。

5 SEPTEMBER 2026 伦敦肯伍德庄园花园（Kenwood House Gardens）及线上

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如何让晚餐更有趣？安吉拉·哈特内特（Angela Hartnett）、杰里米·李（Jeremy Lee）、理查德·科里根（Richard Corrigan）和杰里米·金（Jeremy King）将与《金融时报》的玛丽娜·奥洛林（Marina O'Loughlin）和珍妮·吉布森（Janine Gibson）一起，讨论如何为餐桌带来更多风味、对话与欢乐。

国际

政府借贷

债券收益率上升导致G7债务成本增加 160亿美元

美国在伊朗战争引发的连锁反应给本已紧张的财政增加了压力

托比·南格尔（TOBY NANGLE）、拉姆塞·霍奇森（RAMSAY HODGSON）和亚当·肖（ADAM SHAW）——伦敦

根据《金融时报》的研究，自2月美国与伊朗开战以来，全球债券收益率的上升已导致全球最大发达经济体的借贷成本增加了数百亿加元。

根据对各国政府债券发行数据的分析，由于战争爆发以来债券收益率的上升，G7国家的主权债务融资成本额外增加了 160亿美元。

如果收益率持续上涨，到明年第一季度末，它们可能需要额外支付 340亿美元 的融资成本。

目前，所有G7国家几乎所有期限的每一期政府债券交易利率均高于2月份，这推高了政府发行新债必须支付的价格。

作为G7最大的经济体和最大的主权债券市场，美国承担了迄今为止成本增加的大部分，估计为 106亿美元。如果收益率上涨持续到 2027 年第一季度末，美国预计将进一步支付 217亿美元 的额外利息成本。

近几周，由于投资者对美国日益增长的公共债务负担，以及政策制定者能否遏制由唐纳德·特朗普总统在伊朗战争引发的通胀爆发感到担忧，美国债券收益率大幅上升。尽管美国财政部长斯科特·贝森特（Scott Bessent）试图维持

[...OMITTED...]

“我们正进入一个利率进一步上升将对股票和信贷产生负面影响的区域”

通过增加政府对长期债券的购买来压低它们。

英国、意大利、德国和日本等能源进口大国也受到了影响，这主要是由于霍尔木兹海峡关闭引发的能源供应危机导致通胀预期上升。

根据《金融时报》的计算，其他七国集团（G7）国家迄今为止承担的整体增幅仅略高于三分之一。

$16bn的计算是将实际借贷成本与战前利率进行了对比。$34bn的估算是参考各国财政部公布的发行计划以预测融资需求，以及各国在不同期限的发行模式得出的。

虽然这些增幅与整体公共支出承诺相比相对较小，但它们威胁到将给已经紧张的政府资产负债表增加额外压力。

杰富瑞（Jefferies）首席欧洲经济学家莫希特·库马尔（Mohit Kumar）警告称：“利率上升是股票和信贷市场面临的最大风险之一……我们正进入一个利率进一步上升将对股票和信贷产生负面影响的区域。”

他补充说，如果利率上升，且关键的美国 10-year Treasury yield 突破 5 per cent，那么“我们将看到股票市场的负面反应”，因为更高的收益率将削弱股票的相对吸引力，而更高的借贷成本将挤压利润。

经济学家表示，有几个因素可能会增加收益率的压力。

彼得森国际经济研究所所长亚当·波森（Adam Posen）表示：“除了通胀风险，美国、法国、日本，以及间歇性的英国，可能还有德国，这些国家的政治稳定性都面临真实风险。再加上地缘政治，这就是[另一个]真实风险。”

克莱尔·琼斯（Claire Jones）在华盛顿提供了额外报道

气候变化。气温上升

欧洲寻求海湾地区热浪解决方案

该地区在冷却策略方面处于领先地位，涵盖从反光屋顶到空调步道的各项措施

作者：VERITY RATCLIFFE（伦敦）、NICOLAS PARASIE（迪拜）

在日出时分，在迪拜的巨型购物中心向公众开放之前，人们已经开始在理石走廊中奔跑，经过那些奠定了这座城市“购物天堂”名声的奢侈品精品店。

但这些人并非顾客：在夏季，这个酋长国的巨大购物中心兼作空调跑步道，跑者们在早晨6点聚集，以逃避接近40摄氏度的室外高温，并参加长达10公里的比赛。

早在欧洲近期异常炎热的夏天引发人们要求在公共和私人空间增加空调之前，海湾国家就已经在住宅、办公室和基础设施方面进行投资，以帮助居民应对该地区极端的季节性气温。

伦敦大学学院（University College London）城市气候学与健康讲师奥斯卡·布鲁斯（Oscar Brousse）表示：“中东和地中海周边地区已经采取了一些措施，欧洲在进行新开发时应当予以关注。”

欧洲和海湾地区都存在明显的限制。布鲁斯表示，政策制定者需要考虑冷却项目所需的大量水资源和能源，以及对自然环境可能产生的意外后果。

轻微缓解：在多哈450米的“水晶步道”（Crystal Walk）沿线，冷空气从地面通风口吹出。人造树用于捕捉空气并提供遮荫。 Ibraheem Abu Mustafa / 路透社

但科学家称，如果没有气候变化，今年欧洲有记录以来最热的夏天几乎是不可能发生的，这引发了游客和居民对空调匮乏的抱怨。

在过去十年中，迪拜投资建设了冷气步道，使人们无需步入室外酷暑即可更方便地步行。该酋长国的“商场马拉松”（Mallathon）——一项在购物中心内进行的室内跑步活动——于2025年启动。

阿布扎比今年在哈利迪亚公园（Khalidiyah Park）开设了一条长660米的空调覆盖步道。附近的哈马德·本·伊萨·阿尔·哈利法国王公园（King Hamad bin Isa Al Khalifa Park）则拥有一个由耐旱的加夫树（ghaf trees）组成的“口袋森林”，以及一条较短的开放式冷气步道。但一名记者在7月访问该公园时发现，那里几乎空无一人，露天环境下的冷却通风口无法抵消酷热。

卡塔尔今年早些时候也在多哈揭幕了一条名为“水晶步道”（Crystal Walk）的450米开放式路径，冷空气从地面的通风口吹出，人造金属“树”旨在帮助捕捉冷空气并提供遮荫。

然而，悉尼新南威尔士大学教授马泰奥斯·桑塔穆里斯（Matthaios Santamouris）表示，这种蒸发冷却仅在非常干燥的地区效果良好，这限制了其在欧洲部分地区的潜力。他表示：“为户外空间安装空调从根本上说是不可持续的。”他补充说，冷却户外空间所需的能量太高，不适用于大规模城市项目。

桑塔穆里斯说：“如果我们的目标是向零碳社会迈进，就应该避免这类解决方案。”

对于利用旅游业来实现经济多元化、摆脱对石油和天然气依赖的富裕海湾国家来说，能够让游客在一年中的任何时间都感到舒适变得越来越重要。

卡塔尔在多哈举办2022年国际足联世界杯期间采用了各种冷却技术，以证明其气候可以与大众旅游兼容。尽管赛事被移至深秋举行，但该活动仍因其环境成本而受到批评。

阿联酋基础设施公司国家发展财团（National Development Consortium）首席可持续发展官萨米乌拉·汗（Samiullah Khan）表示，最终目标是寻找尽可能少使用资源的技术，同时限制相关风险，例如冷却系统留下的死水导致疾病传播。他表示，这些领域已经取得了真正的技术进步。

汗表示，他曾为一项项目提供咨询，该项目旨在为从欧洲运往阿拉伯联合酋长国沙迦的 6,000 头牛提供冷却。在此之前，他参与了一个项目，旨在创建一个冷却平台，以便一位

“如果我们的目标是向零碳社会迈进，就应避免采用这类[冷却户外空间]的解决方案”

阿联酋王室成员能够在麦田里舒适地坐着休息。美国气候科技公司 AtmoCooling 的首席执行官兼创始人保罗·马哈塞克（Paul Mahacek）表示，该公司开发的一套系统通过释放细小的水滴使其蒸发，从而将大气温度降低多达 9℃——但通常在 3℃ 到 5℃ 之间。他补充说，该系统目前正在阿布扎比的沙漠中进行测试，以将空气温度降低到更有利于作物生长的水平。

像 AtmoCooling 这样的蒸发冷却技术利用水的蒸发来冷却室外空气，而非像空调那样利用制冷技术来冷却建筑物内部的空气。

桑塔莫里斯（Santamouris）表示，最新一代的建筑材料具有最大潜力，这些材料可以应用于建筑物和路面，并将太阳能反射回太空。

他表示，这些被称为“超冷材料”的涂层在利雅得的屋顶上涂刷后，已被证明能够降低温度。他补充说，根据当地气候条件的具体情况，此类材料可将城市的表面温度降低多达 15℃，并可应用于欧洲。

桑塔莫里斯表示，欧洲城市通常转向基于自然的解决方案，但一旦温度升至 35℃ 以上，这些方案就不再足够。

虽然户外冷却项目在中东地区正受到关注，但与室内项目相比仍相形见绌。区域冷却（District cooling）利用冰水管道为建筑物降温，并受益于规模经济（类似于东欧寒冬时使用的集中供暖系统），在过去 15 年中在阿联酋得到了显著扩展。

对于运营商而言，区域冷却正成为一项大生意，因为长期特许经营权和可预测的收入流具有吸引力。随着海湾城市继续扩张，需求将进一步增加。

但此类技术在欧洲的适用性可能有限，因为需要室内冷却的天数可能太少，不足以证明巨大的安装成本是合理的。

尽管如此，户外冷却在未来几年可能会变得更加普遍。AtmoCooling 的马哈塞克说：“我们确实还没有在欧洲开展任何营销活动。但今年夏天我们收到的关注度惊人——不仅是在农业领域，尤其是在城市地区。”

全民公投

冰岛拒绝重启欧盟入盟谈判，布鲁塞尔受挫

玛丽·诺维克（MARI NOVIK）——伦敦

尽管唐纳德·特朗普对邻国格陵兰岛发出威胁，但冰岛人仍拒绝重启加入欧盟的谈判，这给布鲁塞尔试图拉近与这个具有战略意义的北极国家关系的努力带来了打击。

据公共广播公司 RÚV 报道，昨天的公投结果显示，“反对”票占 52.8%，明显超过了“赞成”票的 47.2%。该广播公司表示，记录的总票数为 225,031 票，投票率为 82.5%。

周六的投票揭示了剧烈的地理分歧：首都雷克雅未克支持重启谈判，而农村选区的选民则予以拒绝，部分地区的反对票与赞成票之比高达 3 比 2。

冰岛总理克里斯特伦·弗罗斯塔多蒂尔在新闻发布会上表示，政府此前就预料到这次公投的结果将“非常接近”。她补充道：“显然，近半数国民希望继续这些谈判，但超过半数的民众并不希望如此。我们将尊重这一结果。”

美国总统多次威胁要吞并格陵兰岛——他曾在好几次场合将其与人口约 400,000 人的北欧岛国冰岛混淆——这促使冰岛政府决定提前举行此次投票。

然而，围绕格陵兰岛的动荡未能动摇许多冰岛人的根深蒂固的信念，即该国的繁荣与安全取决于保持独立。

比弗罗斯特大学（Bifröst University）政治学教授埃里克·贝格曼（Eiríkur Bergmann）表示：“这场战斗几乎完全是在国内层面展开的，最终强烈的民族情感战胜了技术官僚式的实用主义。”

他表示，“反对”阵营之所以成功，是因为他们触及了“冰岛认同感最根本的驱动力：对绝对自治的需求”。

许多选民并不相信加入欧盟能提供针对特朗普政府的有效保护，尤其是因为冰岛已经是北约成员国。

对该国利润丰厚的渔场的控制权是另一个政治敏感问题。海洋产品占冰岛商品出口额的近 40%，渔业问题曾导致其之前的入盟尝试失败。

外交部长博格尔杜尔·卡特琳·古纳斯多蒂尔（Borgerður Katrín Gunnarsdóttir）在投票前告诉《金融时报》：“对于冰岛来说，渔业之于冰岛，就像汽车工业之于德国。”

古纳斯多蒂尔曾试图向选民保证，冰岛日益增长的战略重要性和更强大的经济实力将使雷克雅未克能够与布鲁塞尔谈判达成有利条款，要求在任何成员资格协议中保留“对所有渔业的主权控制”。

此次投票正值俄罗斯在 2022. 年全面入侵乌克兰后，扩大成员规模重新成为欧盟议程中心之际。乌克兰和摩尔多瓦正与阿尔巴尼亚和黑山等西巴尔干国家一起协商入盟。

但与欧盟大多数现有候选国不同，冰岛通过其欧洲经济区（EEA）的成员身份，已经执行了大部分欧盟法律。布鲁塞尔记者 Henry Foy 亦参与报道。

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先进武器

乌克兰被解职的国防部长推介军事技术基金

克里斯托弗·米勒（CHRISTOPHER MILLER）——华盛顿

乌克兰前国防部长米哈伊洛·费多罗夫（Mykhailo Fedorov）正寻求美国对其一项国防技术基金的投资。他希望通过建立和管理开发新型武器的公司，为这场对抗俄罗斯的战争书写一段“新历史”。

在华盛顿接受《金融时报》采访时，上个月被总统弗拉基米尔·泽连斯基解职的费多罗夫还表示，他很乐意帮助美国“建立一支无人机大军”，以换取美国向乌克兰提供爱国者导弹拦截弹。

费多罗夫正寻求风险投资家、私人投资者和美国科技公司对该拟议基金的支持，并表示他正与“大量”对乌克兰创新感兴趣的潜在投资者进行讨论。

“这并不完全是一个经典的风险投资基金，”费多罗夫说，“我们正在书写战争的新历史。”

他表示，该工具将超越传统的风险投资基金，既能自行创建公司，也能投资于现有的乌克兰初创企业。它将利用西方资本来开发对乌克兰抵御俄罗斯持续入侵至关重要的技术。

费多罗夫没有详细说明他在监督该基金中的角色，也没有说明他是否能从中获得经济利益。

他为该基金确定了三个优先事项：用于减少基辅对人力依赖的战场机器人；用于对抗俄罗斯喷气式攻击无人机的廉价高速拦截无人机；以及低成本的AI赋能导弹。

他表示，俄罗斯可能会将冲突拖延至少两到三年，该基金将开发最先进的“战场解决方案”，同时让投资者深入了解乌克兰从中吸取的教训。

现年35岁的费多罗夫曾是乌克兰历史上最年轻的国防部长，直到他在任六个月后被解职。这次罢免在全国范围内引发了抗议，并将泽连斯基推入其总统任期以来最深刻的政治危机。

乌克兰国会议员、退伍军人和公民社会领袖（包括许多在费多罗夫被解职后支持他的人）对他出国访问感到沮丧。许多人在他周五访问罗马后宣布将担任意大利国防部无薪顾问时，对其动机提出了质疑。

反对党议员奥列克西·贡恰连科（Oleksiy Goncharenko）在社交媒体平台X上发帖称，费多罗夫在意大利担任的职务可能会带来“关于我们尖端军事技术知识泄露的威胁”。

但费多罗夫表示，帮助意大利军队创新可以为与一个拥有基辅所缺乏的防空能力的国家合作打开新大门。他说，他将寻求在其他伙伴国家担任类似的顾问职位，可能包括法国和美国。

米哈伊洛·费多罗夫表示，他很乐意帮助美国“建立一支无人机大军”

费多罗夫拒绝评论在华盛顿期间是否会会见特朗普政府的任何人，但他表示，他将“非常高兴能帮助美国建立一支无人机大军——特别是用以换取爱国者（拦截弹），以便我们能熬过这个冬天”。他补充道：“我准备好进行这次交易。”

费多罗夫此前曾担任负责政府数字化转型的副总理，在乌克兰无人机开发领域被视为核心推动力量。

他表示，在着手改革不透明的采购系统时，他遇到了来自军方建制派和政治对手的阻力。

费多罗夫告诉《金融时报》，“团结”将是乌克兰生存的关键，并对有关他通过公开表态危及团结的批评不屑一顾。他拒绝透露其要求举行新选举的呼吁是否实际上是在要求更换泽连斯基。

“这不是针对泽连斯基，也不是针对某个特定的人，”他说，“而是关于我们需要……更新国家的操作系统。”

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争夺王冠

日期

国际

能源

委内瑞拉石油高管寻求投资者

美国合作伙伴贝坦库尔就潜在许可或合资企业展开谈判

杰夫·戴尔 (GEOFF DYER) —— 伦敦 杰米·史密斯 (JAMIE SMYTH) —— 纽约 艾拉·李 (ELLA LEE) —— 华盛顿 乔·丹尼尔斯 (JOE DANIELS) —— 波哥大

这位目前成为特朗普政府商业合作伙伴且充满争议的委内瑞拉能源高管，已开始与他们将共同控制的油田的潜在投资者进行洽谈。

作为华盛顿与加拉加斯周五宣布的一项不寻常能源协议的一部分，拥有委内瑞拉第二大私营石油企业的亚历杭德罗·贝坦库尔 (Alejandro Betancourt) 已成为该政府的一家公司的少数股东合作伙伴，该公司将控制该国超过 650 亿桶的石油储量。

据知情人士透露，这家新公司将寻求在可接触到的 17 个油田中的部分或全部油田，向美国能源集团和其他投资者授予许可或建立合资企业。其中一些油田此前由中国或俄罗斯公司持有。

贝坦库尔在委内瑞拉是一个极具争议的人物，因为他与自 1999 年雨果·查韦斯就职以来一直执政的社会主义政府有联系。他是最著名的“Bolichico”——即在查韦斯时期崛起的一类拥有政治关系的巨头。

贝坦库尔的公司北美蓝色能源伙伴公司 (North American Blue Energy Partners, NABEP) 表示，期待以任何可能的方式与美国政府合作，以“实现特朗普总统和临时总统罗德里格斯的愿景：重建该国的能源工业，造福委内瑞拉人民、美国以及整个西半球”。

该协议旨在为委内瑞拉陷入困境且在过去十年中崩溃的石油部门重建信心。特朗普昨天在其 Truth Social 平台上发帖称：“我将利用委内瑞拉石油要做的一件事，就是填满战略国家储备，因为‘瞌睡乔’·拜登已经几乎将其抽空。”

在 1 月份旨在抓捕前总统尼古拉斯·马杜罗的军事行动之后，美国曾希望刺激该国石油部门的投资热潮。然而，令政府感到沮丧的是，由于认为在目前由临时总统德尔西·罗德里格斯领导的政府下存在政治和法律风险，很少有大公司愿意在委内瑞拉投资。

作为协议的一部分，五角大楼的战略资本办公室将向获得许可的石油公司提供担保，以覆盖部分财务和政治风险。

贝坦库尔的 NABEP 每天生产约 200,000 桶原油。据知情人士透露，该公司正在就潜在油田许可或合资企业与其洽谈的私人投资者包括 Lionheart Holdings。Lionheart Holdings 由 Ophir Sternberg 创立的迈阿密投资公司 Lionheart Capital 赞助。

NABEP 表示，目前并未与其他潜在投资者进行“对话”。

除担保外，美国政府不会为许可提供任何预付款。但据了解该结构的人士透露，美国政府可能会获得认股权证，从而使其能够持有股权，并拥有对石油流量的优先拒绝权。

贝坦库尔、Lionheart Capital、白宫和美国国务院均未回应置评请求。

伊朗。镇压

硬派人物回归，执掌强大的国内民兵组织

政权中最令人生畏的人物之一被选中，旨在加强对国内的控制

NAJMEH BOZORGMEHR —— 德黑兰

在德黑兰，一个公开的秘密是：侯赛因·塔耶布（Hossein Taeb）在担任伊斯兰革命卫队（IRGC）情报部门负责人期间，做得太过火了。

伊朗政权内部的批评者指责这位在2009年至2022年间领导该组织的神职人员，将情报部门变成了实现其政治野心的工具，针对环保人士和其他国内人物发起臭名昭著的案件，而与此同时，却未能阻止以色列对核科学家的暗杀。在前最高领袖阿亚图拉·阿里·哈梅内伊（Ayatollah Ali Khamenei）的指令下被撤职后，塔耶布经历了数年的政治孤立。

现在，他回来了。他被哈梅内伊的儿子及其继任者穆吉塔巴（Mojtaba）任命为伊斯兰革命卫队国内巴斯基（Basij）准军事组织的负责人。在政权寻求通过其最令人生畏的人物之一来加强国内控制之际，他被重新启用。

巴斯基在1979年革命后作为一支志愿者部队成立，自美国和以色列在2月发动针对伊朗的战争以来，其地位日益凸显。官员称巴斯基成员人数达数百万，其中许多人在轰炸期间将伊斯兰革命卫队基地的武器带回家中武装起来。

他们在城市周围设立检查站，并每晚在广场聚集。当局表示，在大规模招募活动中，有更多伊朗人加入了该组织。

分析人士将塔耶布的升迁视为穆吉塔巴·哈梅内伊最重要的任命之一。最高领袖表示，“新的必要性和情况”要求他“深化和扩大巴斯基文化”。

这包括扩大巴斯基在社区和清真寺的存在，分析人士将其解读为加强监视的举措。

“在这种情况下，他是最适合这份工作的安全人物，他知道如何应对国内威胁，”一名接近硬派力量且此前曾批评塔耶布的政权内部人士表示。

据该内部人士称，这些威胁包括边境省份少数民族中的分裂主义运动（如库尔德团体）、因经济不满而引发的民众动荡、反对派团体试图推翻神权政治的企图，以及向国内走私星链（Starlink）等通信设备的行为。

“伊朗正在为战争方式的转变做准备，”该内部人士补充道，“美国、以色列和英国的情报机构将试图从内部削弱我们。我们需要做好准备。”

伊朗领导人们对去年12月和今年1月席卷全国的抗议活动记忆犹新。这些抗议最初由经济困难引发，随后演变成自革命以来最大规模的反政权运动。

当局将责任归咎于外国煽动者并展开了残酷镇压，称在动荡最剧烈的两天内有超过3,000人死亡。海外的反对派团体和国际人权组织给出的死亡人数则高得多。

自战争开始以来，国内尚未出现动荡迹象，但美国和以色列已暗示将使用军事力量或经济胁迫来实现政权更迭。

以色列已经证明其情报部门对该政权有着极深的渗透，从2018年查获伊朗核档案，到在12天战争及当前冲突期间暗杀领导人。美国财政部长斯科特·贝森特（Scott Bessent）上周宣布扩大对伊朗的二级制裁，旨在使这个伊斯兰共和国“崩溃”。

塔耶布的一位姻亲（同样接近政治体系）表示：“美国利用其对（伊朗港口）的封锁，希望这最终能说服人们走上街头。”

塔耶布的任命“向敌人传递了一个信号……即不应依赖国内动荡，因为现在掌权的是一个疯子”。

在和平时期，巴斯基成员——其中大多数是无偿的年轻忠诚者——通常被视为一种选举力量，其规模有可能将结果向有利于硬派人士的方向倾斜。

但他们在危机时刻也可以为革命卫队提供援助，许多伊朗人指责

侯赛因·塔耶布（Hossein Taeb）被任命为巴斯基（Basij）民兵的负责人，此举被视为政权在加强应对局部威胁的反应 Rouzbeh Fouladi / ZUMA Press Wire / Shutterstock

巴斯基参与了对示威者的残酷镇压。

据接近该政权的人士透露，巴斯基志愿者现在被授权在无需寻求指挥官许可的情况下，直接从自家门口开始保卫伊斯兰共和国。

“巴斯基正朝着更高程度的协调方向发展，以便在未来的任何危机中发挥更重要的安全作用，”德黑兰分析师赛义德·莱拉兹（Saeed Laylaz）表示。他说，这并不意味着它将变得更加军事化，“但它将拥有更大的权力，并变得更加灵活。”

“敌人……不应依赖国内动荡，因为我们现在由一个疯子掌权”

许多成员一直呼吁为年长的哈梅内伊（Khamenei）复仇，并对与华盛顿达成协议的前景表示愤怒。“如果有必要，所有这些武装的巴斯基……可以接管城市，”该亲属说道，“他们比以前更有动力。与美国和以色列的战争，以及在家里持有武器，激发了他们的活力。”

一些伊朗人担心，增强实力的巴斯基可能会试图扭转近年来有限的社会自由，包括对女性严格头巾法的放宽，以及年轻人可以在咖啡馆社交的能力。

然而，政治人士坚称，塔耶布和政权都没有计划在社会问题上采取大规模镇压。一名在塔耶布担任卫队情报主管期间被监禁且与他相识的改革派政治人物表示，这位神职人员与年轻的哈梅内伊之间密切的关系可追溯到几十年前。“这更多是一次私人任命而非政治任命，”他说，“即使没有战争，他也会获得高职。”

这种可能性令那些担心塔耶布会对尚未公开露面的一任最高领袖产生强大影响的人感到不安。

但该内部人士表示，目前尚不清楚他将发挥多大影响力。

“塔耶布是一个不听任何人话的极端强硬派，但这并不意味着极端强硬派正在接管国家的未来，”该亲属说道。

如果因证券市场波动、股票市场波动等导致证券价格出现重大调整，导致证券市场波动和期货市场波动等影响证券价格出现重大调整，则该等期货市场波动等影响证券价格出现重大调整，致使证券 市场波动等

自然灾害

尼泊尔死亡人数接近800人，救援人员面临新一轮洪水威胁

安德烈斯·希帕尼（ANDRES SCHIPANI）——新德里 埃莉诺·奥尔科特（ELEANOR OLCOTT）——北京

随着上周在与中国边境沿线发生的一场灾难性山体滑坡导致死亡人数接近800人，失踪人数超过3,000人，尼泊尔正在与不断上涨的水位赛跑，加大一项艰巨的救援力度。

总理巴伦德拉·沙赫（Balendra Shah）政府昨日表示，尽管天气条件恶劣，但已派遣近20,000名安保人员并营救了9,400多人，其中包括被困在各个水电项目的279人。

中国当局表示，已动员2,000多名救援人员，并将499名处于进一步受损风险中的村民进行了转移。

据这个喜马拉雅小国当局称，在上周三一场冲走桥梁、道路和建筑的剧烈山洪之后，搜救工作在周末继续进行，此次山洪导致尼泊尔境内781人死亡，另有2,502人失踪。

中国已确认16人死亡，546人失踪。

沙赫将这场洪水描述为一场“出乎意料的自然灾害雷击”，它发生在尼泊尔与西藏接壤的山区拉苏瓦（Rasuwa）地区的博特科西河（Bhote Koshi river）。

尼泊尔灾害管理机构昨日警告称，该河水位已“进一步上涨”，并敦促安保人员“保持最高警惕”。

“我们的国家正面临一场难以想象且令人心碎的自然灾害，”沙赫在昨晚的一篇Facebook帖子中写道。

他补充道：“由于恶劣的天气、复杂的地理环境和持续的风险，这项任务可能充满挑战，但我们正坚定不移地前行，以保护公民的生存。”

沙赫周六表示，政府正在“加强受灾地区的救援、搜寻和救济行动”。

沙赫的办公室表示，一支救援队伍在周六晚上至昨日凌晨，在特里舒利上游（Upper Trishuli）水电综合体开展工作，据信那里仍有数人被困。该办公室在社交媒体上发布的视频显示，一架直升机正运载重型机械，挖掘机正在清理泥土。

其办公室补充称：“尽管环境困难且危险，救援队伍仍在日以继夜地工作。”

中国西藏自治区的救援队伍和当地官员表示，道路和通信线路的损坏阻碍了救援工作，而额外的洪水风险导致了延误。

中国当局还表示，他们认为此次山体滑坡是由两国之间一个河流流域尼泊尔一侧的不稳定冰川引起的。

他们表示，冰川由于“气候变化的长期影响”而脱落，这引发了该地区“冰冻圈灾害（指地球上由冰组成的区域）的一种新且独特的特征”。

尼泊尔位于活跃的喜马拉雅断层带上，山间分布着冰川湖。因此，在强降雨期间，其河流经常被淹没，该国面临着地震、泥石流和洪水的风险。

天文学

美国航天局启动$4.3bn太空望远镜扫描宇宙，揭示深层真相

克莱夫·库克森（CLIVE COOKSON）——伦敦

美国航天局（Nasa）已启动一座全新的天文台，旨在扫描广阔的天空区域，有望发现数以万计的遥远行星，并揭开暗物质与暗能量的谜团。

罗曼太空望远镜（Roman Space Telescope）以已故的南希·格雷斯·罗曼（Nancy Grace Roman）命名，她是美国航天局的首任首席天文学家，也是该机构太空观测计划的主要架构师。该望远镜于昨日上午7.26am按计划从肯尼迪航天中心乘坐太空探索技术公司（SpaceX）的“猎鹰重型”（Falcon Heavy）火箭发射升空。

这项耗资$4.3bn的任务将与1990和2021.发射的哈勃（Hubble）和詹姆斯·韦伯（James Webb）太空望远镜形成互补。罗曼望远镜与其他太空天文台的不同之处在于其极宽的视野，使其能够利用红外光扫描广阔的天空区域。

美国航天局罗曼项目科学家朱莉·麦克埃纳里（Julie McEnery）表示：“韦伯望远镜侧重于‘深挖’，而罗曼望远镜则侧重于‘广拓’。”

在任何给定时刻，罗曼望远镜看到的星空范围是哈勃的200倍，且在图像之间的切换速度快得多。麦克埃纳里说：“罗曼望远镜一个月能完成的巡天调查，哈勃需要一个世纪才能完成。罗曼不仅能更快地完成哈勃所从事的科学研究，还能应对全新的、更具雄心的科学问题。”

该任务的主要目的之一是评估暗能量和暗物质对数十亿颗恒星及星系形状和分布的影响。这两者的性质目前尚不明确。宇宙学家认为，驱动空间扩张的力——暗能量——约占宇宙的68 per cent，而不可见的暗物质占27 per cent，所有望远镜能直接成像的普通物质仅占5 per cent。

罗曼望远镜的另一项任务是寻找太阳系外的行星，即系外行星。美国航天局预计，它将利用多种技术发现多达100,000颗系外行星，从而增加在目前已知的6,300颗系外行星之上的数量。

爱丁堡大学的天文学教授贝丝·比勒（Beth Biller）将利用罗曼望远镜的日冕仪进行观测。该仪器能够遮挡恒星的强光，从而使直接通过反射星光对单个行星及其大气层进行成像成为可能。

她说：“我很兴奋，在未来一年里，我们可能会获得首批系外行星的反射光图像——我认为这将是我们最终找到像地球这样的行星的方法。”

日冕仪将在美国航天局下一个旗舰望远镜任务——宜居世界天文台（Habitable Worlds Observatory）中得到进一步开发。该项目预计在2040年代发射，旨在寻找类地行星上的生命。

罗曼望远镜的目的地距离地球1.5mn km，即“第二拉格朗日点”（L2）。在那里，它以与地球完全相同的速度绕太阳运行，且能始终指向深空，而不会被太阳或地球的光线干扰。

昨日上午，一枚太空探索技术公司（SpaceX）的“猎鹰重型”火箭在位于美国佛罗里达州的肯尼迪航天中心升空，搭载美国航天局的罗曼太空望远镜。Joe Skipper / 路透社

詹姆斯·韦伯太空望远镜也位于该点，而哈勃望远镜则在距离地球仅540km的轨道上运行。

比勒表示：“L2是太阳系中一个非常黑暗的区域。你始终背对太阳，且温度稳定，因此是一个极佳的观测点。”

不同寻常的是，该项目始于美国国家侦察局（National Reconnaissance Office，负责制造间谍卫星）向美国航天局移交的一台冗余望远镜。该航天机构将其重新改造用于罗曼任务，使其看向天空而非俯视地球。

与大多数大型科学项目不同，罗曼望远镜在$4.3bn的预算范围内且提前完成了计划。原定的目标发射日期为May 2027。

该望远镜大约需要三个月时间到达目的地L2。美国航天局预计其仪器将在明年年初开始向地球传输数据。

“罗曼（Roman）将彻底改变我们观察宇宙的方式，”美国国家航空航天局（Nasa）负责科学的副局长尼基·福克斯（Nicky Fox）在发射后激动地表示。“它将测量暗物质和暗能量。在试图将万物拉在一起的暗物质与试图将万物推开的暗能量之间，存在着一场宇宙级的博弈。这将使我们最终能够解释我们的宇宙，并理解我们在其中的位置。”

“不仅如此，它还将发现数以万计的系外行星、数十亿个星系以及数百亿颗恒星，”她补充道。“这绝对是一个壮丽的使命。”

全球科学家都在热切期待罗曼的观测结果。英国萨里大学的天体物理学家诺埃莉亚·诺埃尔（Noelia Noël）表示：“我认为它最大的遗产可能来自于它巡天的方式。”

“当你以这种深度和分辨率重复观测天空的巨大区域时，你便创造了发现那些在望远镜设计之初并未预想到的现象的条件，”她补充道。“最让我兴奋的是，那些来自我们尚未想到去询问的问题而产生的意外发现之前景。”

美国城市大展魅力，力邀受特朗普打击的加拿大人回归

旅游业主管试图在针对邻国的攻击中减轻贸易受损程度

VERENA HÖLZL —— 纽约

在近期美加关系最紧张的周末之一，丽贝卡·夏皮罗（Rebecca Shapiro）觉得自己持有加拿大护照很幸运。

这位33岁的女性当时正在纽约度假，而两国领导人之间的贸易谈判正陷入激烈的争吵。得益于一项旨在吸引心灰意冷的加拿大人重返“大苹果”的营销促销活动，她在参观该市多个景点时节省了数百加元。

夏皮罗表示，她的姐姐被特朗普政府对加拿大的敌意所惊扰，誓言宁愿留在蒙特利尔，也不愿访问美国。“但我并不认为应该因此扣留我的旅游消费，”她补充道。

自唐纳德·特朗普去年重返办公室以来，这对通常关系密切的盟友之间关系开始破裂，并在上周他将安大略湖（Lake Ontario）更名为“美国湖”（Lake America）时跌至新低。为此，美国各城市和地区向其北方邻居发起了“魅力攻势”，竭力抵消其总统好战的言论。

数月来，加拿大人一直承受着美国政府言论带来的冲击。

特朗普多次威胁要将加拿大兼并为美国第51个州，且其政府通过对钢铁和汽车征收关税颠覆了贸易，而渥太华则相应承诺采取报复性关税。

但在纽约，人们深谙如何争取每一加元——或者说每一枚“一元硬币”（loonie）——这里的氛围则截然不同。

今年夏天，在为期三周的时间里，部分企业在“北方邻居协议”（Northern Neighbour Deal）下，为酒店、机票、餐厅和景点提供大幅折扣。

他们还尝试以其他方式表达感激。在7月1, 的加拿大国庆日，帝国大厦等地标建筑亮起红白两色灯光，以致敬该国的国旗颜色。

纽约州官方旅游网站宣称：“纽约热爱加拿大。我们很幸运能有像你们这样的邻居！”

这场魅力攻势并不局限于该市和该州。在拉斯维加斯，酒店为加拿大人提供“平价拉斯维加斯”（Vegas at Par）优惠，即1:1 的优惠汇率。

与此同时，佛蒙特州的一家滑雪度假村周三在公开信中向加拿大人致意。杰伊峰度假村（Jay Peak Resort）总经理史蒂夫·赖特（Steve Wright）去年曾就特朗普关税的影响在国会作证，他表示，他理解为什么加拿大人目前可能不想前往美国旅行。

“虽然我们并不特别想告诉任何人如何看待关税、贸易政策或政治，但对于任何让好邻居感到距离变远的因素，我们是有看法的，”他写道，“我们不喜欢这样。”

然而，特朗普上周在Truth Social上宣布：“我们不需要加拿大，他们需要我们！”这让上述努力雪上加霜。

旅游运营商们对此并不乐观。

红、白与忧郁：加拿大国庆日的帝国大厦；下方为旅游热点时报广场的雨景 Gary Hershorn

在过去一年中，访问美国的加拿大人数量比2024, 年下降了25 per cent，而访问加拿大的美国游客数量则有所增加。根据加拿大政府的数据，2025 年加拿大人在赴美旅行上的支出比前一年减少了 33亿美元。

纽约市Viral Food Tours的联合创始人瓦伦·迪德瓦尼亚（Varun Deedwaniya）带领夏皮罗及其家人进行了美食之旅，他表示，以前他的客户中有30 to 40 per cent 是加拿大人。“最近这个比例接近 10,” 他补充道。

由于从纽约开车到边境仅需六小时，加拿大人传统上是该市仅次于英国游客的第二大访客群体。根据纽约市市长办公室的数据，加拿大游客在2024, 年的消费超过了 10亿美元。

加拿大赴美旅游在今年第二季度已开始从2025年的低点回升，但近期的紧张局势再次引发了“肘部顶起”（Elbows Up，一项国家号召，同时也是对加拿大国球冰球的致敬）运动，该运动呼吁抵制美国产品和赴美旅游。

纽约市旅游+会议局（NYC Tourism + Conventions）首席执行官朱莉·科克（Julie Coker）正试图保持乐观，该机构致力于为加拿大游客提供折扣。她表示：“我们的政治关系有起有伏。我们在这里，

‘当游客准备好像以前那样回归时，我们就在这里’

当游客准备好像以前那样回归时，我们就在这里。”

但企业正在为这种跨境紧张局势付出代价。

Pizza School NYC的所有者马克·贝洛（Mark Bello）表示，到目前为止，他仅通过“北方邻居优惠”（Northern Neighbour Deal）促销活动收到了一次预订。他说，他提供折扣是因为他支持这一精神。

他说：“我们热爱加拿大人，并真心希望欢迎他们回归。”

然而，在边境的另一侧，情绪则是挑衅的。多伦多一所社区学院的教授贾里德·珀迪（Jared Purdy）自特朗普在2016年就任以来，一直将美国作为抵制目的地。这位66岁的教授表示，如果在杂货店发现产品是美国制造，他会将其放回货架。

他并不打算在短期内停止抵制。

他说：“你们想要我们的钱，但对于你们和你们的选民给我们以及全世界带来的后果，你们在做些什么来改变？先收拾好你们自己的烂摊子，然后我们再谈。”

罗伯特·佐利克（Robert Zoellick） 见观点版

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公司与市场

随着对欧洲的关注增加，空中客车考虑出售美国太空部门

——涉及资产包括佛罗里达州工厂——欧盟重心转向卫星主权

亚伦·基希费尔德（AARON KIRCHFELD）——伦敦

由于这家法德合资飞机制造商正专注于通过三方合并打造一个泛欧卫星冠军企业，空中客车（Airbus）正在探讨出售其美国太空业务。

据知情人士透露，该公司正在评估潜在买家对该美国业务的兴趣。

空中客车的美国太空系统包括一家位于佛罗里达州的工厂，以及 Arrow 系列小型卫星，这些卫星可为商业和政府通信及成像（包括国家安全需求）进行量产。

这家法德飞机制造商旨在与 Leonardo 和 Thales 共同打造一个泛欧冠军企业

空中客车在 2024 年收购了此前未持有的 50 per cent 股份，从而完全控制了其 Airbus OneWeb Satellites 合资企业。根据其网站，该合资企业成立于 2016, 年，已为 OneWeb 的第一代星座构建了 600 多颗卫星，这是一个可以提供空间互联网覆盖的低轨网络。

一段时间以来，空中客车一直将卫星生产从美国迁回欧洲，包括在其图卢兹工厂制造 440 颗低地球轨道卫星，公司称这是“欧洲主权的进一步提升”。这些订单来自法国的 Eutelsat，后者在 2022 年从破产程序中收购了英国的 OneWeb。

虽然该公司没有公布美国太空业务的营收数据，但两名熟悉该部门的人士估计，其销售额达数亿加元。

该太空业务在佛罗里达州太空海岸的梅里特岛设施雇佣了 200 多人，该设施靠近肯尼迪航天中心以及杰夫·贝佐斯的火箭公司蓝色起源（Blue Origin）。相比之下，空中客车全球支持太空活动的员工约为 11,000 人。

此次潜在的美国资产出售，凸显了空中客车努力扭转其陷入困境的全球太空业务的尝试，该公司在 2024 年为此计提了 €989mn 的费用。

该公司在 10 月与意大利的 Leonardo 和法国的 Thales 达成协议，将涵盖卫星制造、太空系统及服务的业务进行整合，以更好地与埃隆·马斯克的 SpaceX 及中国竞争对手竞争。该计划代号为 Bromo，三方欧洲企业旨在今年晚些时候将该计划提交给布鲁塞尔的反垄断机构，目标是在 2027 年使新公司投入运营。

一些人士表示，空中客车已经审视其在美国的太空布局一段时间了，此次剥离计划与 Bromo 为获得竞争批准而与欧盟委员会就潜在补救措施进行的谈判无关。

尽管计划中的三方合并遭到了包括德国 OHB 和西班牙 Indra Space 在内的其他欧洲团体的批评，但这三家公司正押注于布鲁塞尔方面对“欧洲冠军企业”日益增长的呼吁。

布鲁塞尔正更加关注提升欧洲在太空领域的主权，因为欧盟成员国寻求通过构建用于侦察、情报和通信的卫星星座，以结束对美国的依赖。

未对冲的标准 60-40 投资组合配置失效，债券失去风险分散地位

来源：Aswhath Damodaran / 纽约大学斯特恩商学院；金融时报计算

HAKYUNG KIM — 纽约

几十年来，60-40 的股票和债券投资组合配置模型（或与之类似的模型）一直是通用标准：利用股票获取增长，利用债券抵消风险。虽然投资者更多地担心其“60”增长部分的策略，但“40”的部分通常仅交给传统的国债即可。

但自 2021, 以来，随着高通胀的回归，债券作为分散投资工具的作用越来越小。观察各种股债权重下的平均风险和回报（使用 S&P 500 和 10 年期国债的年回报率），自 2021, 以来，不仅整体风险有所增加，而且债券回报率为负。简而言之，股票和债券之间的相关性已转为正相关，这意味着债券开始加剧股票的损失，而非抵消损失。

关于债券价格下跌的原因仍有争议。理由涵盖了通胀冲击、增长率提高、财政失控、超大规模云服务商债务的挤出效应，以及凯文·沃什（Kevin Warsh）领导下美联储的信誉问题。“在与客户的交流中，我职业生涯中从未见过关于驱动国债收益率因素的观点如此分歧，”皮克特资产管理公司（Pictet Asset Management）的 Arun Sai 表示。

本文的某个版本首次出现在 Unhedged 通讯中。请在 ft.com / newsletters 订阅。

这使得重新思考投资组合的风险对冲部分变得困难。曼集团（Man Group）的 Matt Rowe 表示：“[债券部分] 需要被更积极地思考。”

一种更好的风险分散思考方式可能是考虑资产类别之间“危机相关性”与“非危机相关性”的区别。

“在[收益率]曲线的不同端点上，传递的信息截然不同。很多人认为，在风险厌恶情绪（risk-off）中，持有长期国债头寸并不能救他们，”Rowe 说道。

Gerko 2025 年从交易公司 XTX 赚取 £895mn

NIKOU ASGARI — 伦敦

英国亿万富翁亚历克斯·格尔科（Alex Gerko）去年从 XTX Markets 的利润中赚取了创纪录的 £895mn。随着其交易集团的持续增长，他在英国最富有的人之列中的地位进一步提升。

英国公司注册处（Companies House）的文件显示，该公司 2025 年交易利润中 17亿英镑 的资金在格尔科及其量化交易员和顶尖技术开发人员之间进行了分配。其他 23 人共分得 £833mn，平均每人 £36.2mn。

格尔科的此次分成比前一年（当时他赚取 £683mn）增长了 31%，这为这位英国最富有的人及其顶尖团队再次创下了纪录。

XTX Markets 拒绝置评。

XTX 通过使用海量的计算能力和 AI 来赚钱

Gerko的薪酬再次刷新这位英国最富有人士及其高管团队的纪录

通过处理数百万笔交易以获取微小的利润空间。Gerko于2015年创立了这家总部位于伦敦的公司，如今它已成长为全球最大的做市商之一，交易品种涵盖股票、债券、大宗商品及其他资产。

在动荡市场的推动下，该公司去年的营收增长44%，从前一年的£2.7bn增至39亿英镑。目前，该公司正在芬兰建设一个巨大的数据中心，以满足其日益增长的计算能力需求。

据《星期日泰晤士报》估计，这位出生于俄罗斯的数学家是英国最大的纳税人之一。2024年，他成立了一家名为Cromulon Capital的家族办公室来管理其不断增长的财富，该名称取自科幻剧集《瑞克和莫蒂》中一个形状像人头的行星。今年6月，他在一场关于£22.5mn利润税款的长期法律诉讼中败诉，这笔利润是他与其他交易员在离开对冲基金GSA Capital并独立创立XTX之前所赚取的。

Gerko及其妻子在伦敦北部创办了一所专注于数学的新型中学，将于9月开学。这位亿万富翁及其公司支持了多家AI初创公司，包括Anthropic和自动驾驶汽车公司Wayve。XTX每天处理约$250bn的交易，雇佣约250名员工。

合同与招标

诚邀提交技术与财务建议书：聘请财务顾问以办理

巴基斯坦再保险有限公司（PRCL）的私有化事宜

私有化委员会（PC）代表巴基斯坦政府（GOP）拟聘请一名财务顾问（“FA”），为执行巴基斯坦再保险有限公司（PRCL）的私有化（“交易”）提供财务咨询服务。

现邀请具有执行类似交易经验的感兴趣方（以个人或财团形式）提交技术与财务建议书。包含详细职权范围（“TORs”）、评估标准、财务咨询服务协议（“FASA”）草案等内容的建议书请求（“RFP”）方案可通过以下方式获取：

请感兴趣方按照RFP中的指示，在以下时间前提交技术与财务建议书：(i) 发送电子邮件至 rizwan@privatisation.gov.pk；(ii) 通过快递将一份（01）原件和五（05）份副本（技术与财务建议书各一份）寄至：Advisor (Power-II), 4$^{th}$ Floor, New Pak Secretariat Building, Kohsar Block, Constitution Avenue, Islamabad, Pakistan。同时，需通过银行支票 / 电汇至RFP中提供的银行账户支付1000加元（仅限1000加元）的不可退还处理费。截止日期为巴基斯坦标准时间October 02, 2026下午3点或之前。

本广告不旨在且不应被解释为一项要约，也不构成对其中任何陈述的明示或暗示的陈述或保证。

Asif Jalal Bhatti

查询请联系

交易经理，私有化委员会，巴基斯坦政府 rizwan@privatisation.gov.pk; +9251 9217972

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交通。铁路

阿尔斯通紧急刹车，力求重回正轨

欧洲顶尖火车制造商避开西班牙招标， 旨在将精力集中于少数项目

莎拉·怀特（SARAH WHITE）——巴黎

当西班牙铁路运营商启动一项旨在建造最多 40 列时速可达 $350\mathrm{km / h}$ 新型火车的招标时，欧洲顶尖的制造商并未出现在候选名单中。

以高速 TGV 闻名于世的世界第二大火车制造商阿尔斯通（Alstom）确认，其未在西班牙国家铁路公司（Renfe）设定的 6 月截止日期前提交报价。据两名知情人士透露，阿尔斯通认为仅三年出头的交付期限过于紧迫，且新火车的速度目标过于激进。

但决定不参与这项价值约 18亿欧元 的合同投标实属罕见，这也反映出获得大型铁路合同的复杂性。

高价值项目从启动到授予火车制造商可能需要数月甚至数年时间，而制造商仍必须承诺多年期的车辆交付时间表和价格。技术规格在过程中经常变动，且安全和监管审批过程可能极其艰辛。

这些条件反过来给资产负债表带来了压力，因为该行业需要巨大的资本投入，且营运资金波动剧烈，付款计划不连续。

于 4 月接任阿尔斯通首席执行官的马丁·西翁（Martin Sion）正尝试一种新方法。他首先通过优先考虑较少数量的新制造项目，以专注于盈利能力、现金流以及解决现有合同的执行问题。但阿尔斯通在巴黎上市的股票在今年早些时候触及 €30 后，目前已大致腰斩。在西翁到任后不久的 4 月，该集团发布了五年内的第三次利润预警，并取消了一项现金生成目标。

阿尔斯通缺席 Renfe 的招标，让人们得以窥见这个经常被政客和媒体批评交付延迟的行业。

“在欧洲，每个站台的高度都不同，每个国家的隧道也不同，甚至轨道上的电压都不一样，”其中一名知情人士表示。

Kepler Cheuvreux 的资本货物研究主管威廉·麦基（William Mackie）表示，这些特性使火车行业与众不同。“航空业是非常同质化的。但在铁路行业中，你找不到同样的情况，”他说。

对于火车制造商的现金状况而言，资本密集型合同的延迟尤为沉重，因为最终付款只有在火车在网络上测试数月后才会发生。交付延迟则会触发财务处罚。

拥有近百年历史的阿尔斯通还以制造欧洲之星（Eurostar）和伦敦地铁（London Underground）的火车而闻名，目前仍受益于强劲的需求。

大型新合同包括澳大利亚的郊区火车、葡萄牙和波兰的城际火车，以及纽约和费城之间的通勤车队。

尽管在第一季度末的 6 月 30, 阿尔斯通的总订单簿价值为 1030亿欧元，但该季度的订单量较去年同期下降了近 40%。

一名巴黎银行家表示：“当你是一家上市公司，必须竞标那些半年后才授予你的项目，并且要承诺在未来十年内执行的时间表和价格，同时还要引导金融市场时，生活是非常艰难的。”

分析师和铁路高管表示，阿尔斯通的一些问题是自找的。他们认为，2021 年以 55亿欧元 收购加拿大竞争对手庞巴迪（Bombardier）造成了重叠。这家法国公司在继承自庞巴迪的合同中已计提超过 10亿欧元 的准备金和调整额。

阿尔斯通目前的市值不足 80亿欧元，而庞巴迪交易完成后几个月时，其市值还曾达到 176亿欧元。该集团的官员承认需要更好地管理交付和成本，尽管一名内部人士透露，此前已尝试过多次。

“我们需要……在引导项目方面具备更强的纪律性，在交付方面具备更高的可预测性，并在运营方式上更加简化，”来自空间火箭制造商 ArianeGroup 的西翁在 7 月告诉股东。

让年轻人回归自然

13,000+

已提供变革性的自然教育时长（小时）

6,200+

由年轻人采取的自然保护实践行动

1,100+

由年轻人主导的旨在恢复当地社区和学校自然的项目

The quick brown fox jumps over the lazy dog.

Action for Conservation 已支持超过 8,200 名 12-24 岁的年轻人回归自然，采取积极行动恢复自然，培养技能与知识，并建立与社区更紧密的联系。通过这项工作，年轻人被赋予力量，成为下一代环境领袖。

ACTION FOR CONSERVATION

捐款让年轻人拥有在自然中度过的时间：www.actionforconservation.org

来源：LSEG

Occidental力求摆脱混乱的遗产

新任首席执行官旨在霍鲁布时代波动之后稳定局面，此前该时期由臭名昭著的 Anadarko 交易主导

Occidental 的现金生成能力再次与页岩油竞争对手持平

STEPHANIE FINDLAY —— 休斯顿 ERIC PLATT —— 纽约

Occidental Petroleum 的市值在 3 月因一条消息而增长了 10亿美元：首席执行官维基·霍鲁布（Vicki Hollub）将卸任。对于一个以资本毁灭为标志的页岩油行业来说，这是一个残酷的裁决，而霍鲁布的任期则被其中一项最臭名昭著的债务驱动交易所定义。

股东们指责霍鲁布在 2019 年绕过他们，通过出价高于雪佛龙（Chevron）的方式，以 550亿美元 完成了对 Anadarko Petroleum 的恶意收购，这是该十年间规模最大的能源交易之一。

私募股权集团 Kimmeridge 的投资组合经理马克·维维亚诺（Mark Viviano）表示：“维基将成为近期记忆中最具争议的首席执行官之一。由于鲁莽决定收购 Anadarko，导致了大量的价值毁灭。”

周五，Oxy 的股价交易价格约为每股 $59。该股在首次公开 Anadarko 报价时为 $62，随后在疫情期间跌至最低点不足 $9，当时油价崩盘，使这家背负 390亿美元 债务、杠杆率极高的公司处于破产边缘。

自宣布报价以来，该股的总回报率仅为 18%，年化回报率约为 2.3%。

对于这家美国最古老石油公司之一的股东来说，这段经历就像该公司在利比亚和当时的苏联等国的全球扩张一样，充满了剧烈波动。

现在的问题是，新任首席执行官理查德·杰克逊（Richard Jackson）能否在霍鲁布时代的波动之后稳定 Oxy，最终摆脱债务负担并追上同行。

Oxy 表示：“我们专注于利用我们的资源优势来实现执行和交付，而我们实现每年 40亿美元-plus 可持续现金流改善计划的能力基于有机增长。”

“我们预计到 2030 年将产生显著的自由现金流增长，并为我们的股东创造可持续的长期价值。”

霍鲁布与沃伦·巴菲特的伯克希尔·哈撒韦公司（Berkshire Hathaway）进行了一场非凡的豪赌，后者为 2019 年的交易提供了资金，但此举因成本过高、风险过大且仅使“奥马哈先知”获益而遭到谴责。

但伯克希尔的情况也并非好得多。虽然这家规模达 $1.1tn、业务涵盖保险到投资的综合企业在其 100亿美元 优先股投资上获得了可观的回报，但巴菲特在 2022 年至 2025 年间决定向 Occidental 普通股追加投资 144亿美元，这削弱了伯克希尔的回报。

《金融时报》的计算显示，伯克希尔对 Occidental 的整体投资在过去七年里的内部收益率约为 7.3% —— 在投资者看来，这对于该公司而言低于平均水平。

伯克希尔的投资者、Glenview Trust 的首席投资官比尔·斯通（Bill Stone）在提到伯克希尔在 iPhone 制造商（苹果）身上最赚钱的一笔交易时表示：“你可以明确地说，这些资金如果投资在苹果公司会更好。除了‘令人失望’，你无法用其他词来形容。”

极具争议：投资者质疑 Occidental 首席执行官维基·霍鲁布（上图）对 Anadarko Petroleum（下图）发起的 550亿美元 恶意收购，以及霍鲁布一些昂贵的碳捕集项目（如位于西德克萨斯州的 Stratos 设施，见下图）的经济效益 —— Nick Oxford / Bloomberg。一旦在 2029 年能够实现，这将成为优先事项。维维亚诺表示：“如果说维基时代的核心是做出雄心勃勃的决定，那么这个时代的核心必须是抵制那些决定。”

在与巴菲特签署协议七年后，Occidental 的资产负债表尽管如此已变得更加强健。

该公司的主要债务约为 118亿美元，为 2019, 第二季度以来的最低水平，显著降低了其利息成本。然而，为了削减该债务负担，该公司不得不剥离重大资产。

今年前六个月，在计入营运资金之前，其持续经营业务产生了 48亿美元 的自由现金流。信用评级机构标准普尔全球（S&P Global）的分析师预计，全年自由现金流将超过 100亿美元。

另外，这家总部位于休斯顿的公司在去年第四季度达到了每日超过 1.4mn 桶油当量的纪录，且其股息自 2023 以来增长了 50%，达到每股 $0.28。美国最大的生产商埃克森（Exxon）在同一时期的产量为每日 5mn 桶油当量。

通过收购 Anadarko，霍卢布（Hollub）大幅调整了公司的定位，从而在 Permian（美国页岩油核心地带）占据了部分最大规模的土地。她通过 2024 年以 120亿美元 收购 CrownRock 进一步扩大了这一版图。“我认为她是一个冒险家，她承担了这一风险，”说道

“我们专注于利用我们的资源优势来实现执行与交付”

Gallo Partners 的迈克尔·阿尔法罗（Michael Alfaro）表示：“她完成了与 Anadarko 的交易，该公司拥有极佳的资产，且这是一项非常长远的考量。但他们确实在事实上忽略了资产负债表在短期内承受如此巨额收购的能力。”

投资者还对霍卢布（Hollub）一些昂贵的碳捕集项目的经济效益提出了质疑，包括利用碳来提高油井生产力。

“她完全是被俄乌战争给救了，”阿尔法罗补充道，“如果那件事没有发生，该公司早就破产了”。

由

合作伙伴

《投资者纪事报》（Investors' Chronicle）

苏格兰抵押投资信托（SCOTTISH MORTGAGE INVESTMENT TRUST）

投资增长：面向未来的策略 探索全球公开及私募市场的真实增长机会 29 September 2026 / 10:30am BST / 网络研讨会

哈米什·麦克斯韦尔（Hamish Maxwell） 投资专家 苏格兰抵押投资信托 董事

罗布·摩根（Rob Morgan） 首席分析师 查尔斯·斯坦利直接投资（Charles Stanley Direct）

安娜贝尔·布罗迪-史密斯（Annabel Brodie-Smith） 传播总监 投资公司协会（AIC）

霍莉·麦基尼（Holly McKechnie） 个人理财编辑 《投资者纪事报》

扫描二维码或访问 live.ft.com / investorschronicle-investing-in-growth

巴菲特和伯克希尔未回应置评请求。

在过去 15 年里，在美国产出丰富的页岩油区赚钱从来都不是胆小之辈能做的事。与传统石油不同，页岩油井枯竭速度快，因此生产商必须不断钻更多的新井才能维持产量稳定。生产商从华尔街借款来资助疯狂的钻探或收购。霍卢布两者都做了，这使她背负了鲁莽的名声。

结果，西方石油公司（Occidental）落后于那些更注重股东回报而非扩张版图的大型竞争对手。埃克森美孚（Exxon）和雪佛龙（Chevron）的股价分别上涨了超过 98 和 68 per cent，同时实现了两位数的年化总回报。

股息抵消了西方石油的下跌，帮助投资者获得了微小的正回报。即便如此，普通股股东的回报在巴菲特的收益面前显得微不足道，因为伯克希尔通过 100亿美元 优先股投资获得了额外的收益。

这项优先股投资完全出自巴菲特的经典剧本：向有需求的公司提供昂贵的资本，正如他在金融危机期间对高盛和通用电气所做的那样。同样，他介入为箭牌（Wrigley）、陶氏化学（Dow Chemical）和汉堡王（Burger King）提供资金，以帮助它们完成各自的收购。

伯克希尔投资者 Semper Augustus 的首席投资官克里斯托弗·布鲁姆斯特兰（Christopher Bloomstran）将这项整体投资描述为“平庸”，并补充道：“目前还没有达到大获全胜的程度。”

对于伯克希尔而言，西方石油“在收购 Anadarko 时支付了过高价格，这影响了普通股的表现。但优先股一直是一项非常好的投资”。

西方石油的超额现金仍用于偿还债务以及偿还伯克希尔剩余的 85亿美元 优先股。8 月，该集团在公布第二季度业绩时表示，赎回这些股份是

评估伯克希尔对西方石油投资的方法论

《金融时报》使用从 August 8 2019 到 August 7 2026. 的资金加权内部收益率（IRR），估算了伯克希尔·哈撒韦（Berkshire Hathaway）投资于西方石油（Occidental Petroleum）的年化回报率。该内部收益率综合考虑了每笔投资、股息、赎回以及剩余资产价值的金额和时间，将优先股、普通股和认股权证视为一项单一投资。

计算过程包括伯克希尔在 2019, 购买优先股所花费的 100亿美元，以及在西方石油开始以 10 per cent 溢价赎回优先股之前，该公司每年赚取的 $800mn。随后，优先股股息减少至每年约 $680mn。剩余的 85亿美元 优先股按 105 per cent 的清算价值估值，这反映了西方石油在注销该股票时必须支付的溢价。剩余价值不假设在 2029 之前赎回优先股。

计算还包括

霍卢布（Hollub）未回应置评请求。

由于该公司专注于美国市场，它一直致力于精简投资组合并降低杠杆，于 2019 出售了在莫桑比克的液化天然气（LNG）资产，并于去年将其化学品业务以近 100亿美元 的价格出售给伯克希尔。

巴克莱银行（Barclays）分析师贝蒂·江（Betty Jiang）表示，当 2020 冠状病毒疫情爆发导致油价暴跌时，西方石油削减了普通股股息，但继续向巴菲特支付。西方石油是唯一一家没有用现金回报替代股息的油气生产商，因为所有资金都用于偿还债务。

但江表示，随着该公司越来越接近 100亿美元 的债务目标，以及在 2029, 偿还伯克希尔优先股所需的现金头寸，投资者对该股表现出更浓厚的兴趣。

江说：“在我的交流中，对于投资者而言，它们重新回到了可投资能源股票的讨论名单上。”

西方石油在中东拥有前景广阔的机会，在阿曼和阿尔及利亚开展着持续的勘探，并改进了提高墨西哥湾原油回收率的技术。

利用这些机会的任务现在落在了杰克逊（Jackson）身上。杰克逊是西方石油的前首席运营官，曾负责监督二叠纪盆地（Permian）的运营以及公司的碳捕集业务，并于6月接替霍卢布。

杰克逊在8月的第二季度业绩电话会议上表示：“在我们考虑未来的增长再投资时，我们意识到我们拥有大量具有优势且被充分了解的资源，可用于低成本开发。然而，当我们为了增长而投资时，我们希望能够审慎对待。”

分析师认为，他的晋升是一个信号，表明该公司将继续专注于精简债务和运营。

144亿美元 是伯克希尔在 2022 和 2025, 期间积累西方石油 26.5 per cent 持仓所花费的金额，以及伯克希尔因该持股而获得的现金股息。《金融时报》根据西方石油 August 7 2026 的股价估算，该持仓价值 148亿美元。

《金融时报》使用布莱克-舒尔茨模型（Black-Scholes model）对伯克希尔持有的 83.9mn 认股权证进行估值，这些权证在优先股被完全赎回后一年内可行使。

该估值不包括伯克希尔购买西方石油普通股的交易成本。

公司与市场

制药

制药商涨幅领先于 S&P 500 同行

积极的临床试验数据以及对科技板块的担忧推动行业迎来牛市

AANU ADEOYE, PATRICK TEMPLE-WEST 和 CLARA MURRAY

今年以来，制药股创下纪录，制药商在8月触及新高，原因是投资者寻求在人工智能（AI）之外进行多元化投资，且积极的临床试验数据提振了该行业。

从强生（Johnson & Johnson）到默克（Merck）的制药商股票表现显著优于大盘，S&P 500 制药指数今年迄今上涨了 18 per cent。相比之下，更广泛的 S&P 500 上涨了 13 per cent。

由于在美国达成的协议以及具有突破性的临床试验数据，该行业一直处于牛市之中。

自5月以来，美国指数中的生物技术股和制药股分别飙升了 27 和 19 per cent。S&P 500 在同期仅上涨了 7 per cent。

据两名知情人士透露，制药商预计今天将获得进一步提振，拜耳（Bayer）、武田（Takeda）、CSL 以及其他几家生物技术公司预计将宣布与白宫达成的定价协议。

阿斯利康（AstraZeneca）、诺和诺德（Novo Nordisk）、礼来（Eli Lilly）和其他大型制药公司已经达成了类似的协议，即同意降低价格以换取关税减免。投资者推动达成这些协议，旨在为药品销售提供定价确定性，并防止更严厉的定价监管。

白宫表示，在协议正式公布之前，相关细节“应被视为猜测”，并补充说唐纳德·特朗普总统的政府在降低药价方面取得了进展。拜耳、武田和 CSL 拒绝

“这确实是渴望在……AI之外实现多元化，以及……医疗保健吸引力的结合”

发表评论。去年，在特朗普威胁将强制公司降低美国价格以及潜在关税的影响下，制药业的估值受到打击。但在辉瑞（Pfizer）同意降低美国药价，且其他大型制药集团随后采取类似的在美制造承诺以换取关税豁免后，该行业进入了牛市。

纽约纽伯格（Neuberger）增长策略小组的里克·布拉德特（Rick Bradt）表示：“人们之前非常担心美国价格管制带来的风险，尤其是这一点，随着特朗普政府的推进，情况已随时间显著改善。”

这些协议为制药业今年创纪录的交易热潮铺平了道路。根据美国投资公司 Stifel 的数据，截至7月，收购金额至少为 10亿美元 的生物技术公司数量达到 37 家，超过了去年的 35, 家。

与此同时，成功的临床试验帮助生物技术股在过去 12 个月中上涨了 86 per cent。

癌症药物制造商 Revolution Medicines 在今年令市场震惊，其药物 daraxonrasib 将晚期胰腺癌患者的生存率提高了一倍。FDA 上周批准了该药，Revolution 的股价今年上涨了 168 per cent。

对于对美国 AI 密集型科技板块动荡感到不安的投资者来说，制药业也起到了屏蔽作用。

布拉德特表示：“这确实是由于自 2024 年以来，人们渴望在生成式 AI 这列单向快车之外实现多元化，以及医疗保健吸引力增加的共同结果。我们在过去……个月里增加了对生物技术和制药业的风险敞口。”

巴克莱银行（Barclays）美国生物制药股票研究主管艾米莉·菲尔德（Emily Field）表示：“制药和生物技术将成为 AI 的赢家，这是直观的。你无法用 AI 取代他们的工作。每当科技行业出现恐慌时，制药业总能拥有一个防御性的光环。”

Market Questions. Week ahead

就业数据将决定美联储鹰派倾向的命运

美联储的鹰派立场能否在就业数据的考验下生存？

美联储主席凯文·沃什（Kevin Warsh）在周五的杰克逊霍尔（Jackson Hole）研讨会演讲中，发出了美联储将采取鹰派立场的信号。一周后，投资者将密切关注非农就业人数和失业率数据，以寻求美联储利率走势的进一步线索。

彭博社调查的经济学家预计，8月份将增加 50,000 个就业岗位，失业率将维持在 4.1% 不变。此前，7月份的就业报告意外疲软，显示就业人数缩减了 23,000 个。

CIFC资产管理公司董事总经理纳塔莉亚·洛杰夫斯基（Natalia Lojevsky）表示：“这份报告将决定美联储的鹰派倾向在面对数据时能否生存。7月份的薪资缩减和工资增长放缓已经证明了保持耐心的必要性。”

沃什在杰克逊霍尔强调了央行对通胀的关注，引发短期国债收益率跳升。交易员也增加了对加息的押注，期货市场显示，在其演讲后，9月份加息的概率从前一天的 35% 上升至 57%。

与此同时，对美国政府债务不断增加的持续担忧继续拖累债券市场。

Catalyst Funds高级投资组合经理拉里·霍尔曾塔勒（Larry Holzenthaler）表示：“投资者仍然非常关注长期国债。显然，还有许多其他结构性变量在压制曲线长端的市场情绪。”

在美联储的新体制下，由于限制了对利率路径的指引，投资者也在更密切地监测数据发布情况。

洛杰夫斯基补充道：“在新任主席的领导下，美联储在本次数据发布前的指引依然异常匮乏，这提高了数据本身‘发声’的重要性。” Michelle Chan

中国经济增速放缓情况如何？

中国 8 月份的官方和民间采购经理指数（PMI）将于本周早些时候公布，这将为投资者提供关于该国经济增速放缓严重程度的参考。

美联储主席凯文·沃什（Kevin Warsh）周五强调了央行对通胀的关注，引发短期国债收益率跳升。 Alex Wong / Getty Images

根据路透社对经济学家的调查，私营机构 RatingDog 发布的制造业 PMI 将于明日公布，预计将从 50.9 点小幅上升至 51 点。

这将使其进一步远离 50 点这一区分经济活动扩张与收缩的分水岭。

然而，彭博社调查的经济学家预计，今日公布的官方制造业和非制造业 PMI 将分别落在 49.5 点和 49.6 点。

花旗银行（Citi）的分析师表示，高频数据指向活动“疲软”，包括水泥运营和货物吞吐量的放缓，部分原因是台风造成的干扰。

7 月份工业产出和消费支出均有所放缓，而当月新增银行贷款同比下降 3410 亿元（510亿美元），创历史最大跌幅。

由于增长放缓的前景促使投资者重新转向主权债务，这些低迷的数据促使中国 10 年期国债收益率在本月早些时候触及一年多以来的最低水平。债券收益率随价格上涨而下跌。

随着国内增长放缓，中国经济对出口的依赖程度日益增加。

“在收益率曲线的长端，显然有许多结构性变量在压制市场情绪”

香港大学经济学教授、前国际货币基金组织（IMF）官员史蒂文·巴内特（Steven Barnett）在近期的一份报告中表示：“在 2024 年和 2025 年，净出口对增长的贡献率上升至中国加入[世界贸易组织]以来的最高水平。”

2026, 上半年，经济年增长率为 4.7%，与政府 4.5% 至 5% 的全年目标一致。但第二季度增长率下降至 4.3%。尽管如此，政策制定者已发出信号，认为不太可能采取任何实质性的刺激措施。 William Sandlund

欧元区通胀会重新跳升至 3% 以上吗？

随着欧洲炎热干燥的夏天接近尾声，明日公布的 8 月通胀数据将为市场广泛预期的欧洲央行在 9 月 10 日加息 25 个基点奠定基调。

路透社调查的经济学家预计，年通胀率在 7 月下降至 2.9% 后，将重新跳升至 3.2%。伊朗战争导致 8 月油价飙升高达 19%，被认为是主要驱动因素。但炎热天气导致莱茵河水位下降，造成德国供应链中断和货运成本高企，这成为了另一个通胀因素。核心通胀率预计将维持在 2.5%，远高于欧洲央行 2% 的中期目标。

野村证券（Nomura）分析师安杰伊·谢帕尼亚克（Andrzej Szczepaniak）周五警告称，8 月年通胀率可能上升至 3.5%，这将是近三年来最快增速。

与此同时，GDP 增长保持稳定。德国统计局上调了近期几个季度的经济增长预估，今年第二季度的增长率上调 0.1 个百分点至 0.3%，使该经济体有望实现 2022 年以来最快扩张。

掉期市场交易员几乎将欧洲央行下个月加息 0.25 个百分点视为既定事实，定价概率超过 95%。这将是今年的第二次加息，但可能并不意味着本轮周期的结束。谢帕尼亚克在给客户的信中写道：“9 月之后仍存在进一步加息的明显风险。” Olaf Storbeck

采矿业

Glencore面临来自Radiant的$1.4bn诉讼威胁

ORTENCA ALIAJ, CAMILLA HODGSON 和 ROBERT SMITH —— 伦敦；OWEN WALKER —— 新加坡

陷入困境的铁矿石贸易商Radiant World正威胁对Glencore采取法律行动，指称其规模更大的竞争对手应对超过$1.4bn的损失负责，这是两家集团之间更广泛争端的一部分。

总部位于新加坡的Radiant已成为全球最大的铁矿石贸易商之一，近几周来一直与流动性紧缩作斗争。

包括Glencore在内的银行和贸易公司因其交易支撑文件的涉嫌不一致而切断了与该集团的联系。日本贷款机构瑞穗银行（Mizuho）——数十家向该公司提供贷款的银行之一——周五在新加坡最高法院对Radiant发起了法律挑战。

新加坡警方向《金融时报》确认，在收到关于该企业的投诉后，他们正在对这家总部位于该城邦的Radiant公司进行调查。

Radiant否认有任何不当行为，并在周四向Glencore发送了一封法律函，寻求追回Radiant和另一实体Sapphire Minmetals声称在近年来已支付给这家英瑞金属矿业集团的超过$800mn资金，以及因其业务“价值被摧毁”而产生的损失。

Glencore告诉《金融时报》：“这些指控毫无根据，Glencore将对其进行有力反击”，并补充称其“因Radiant的行为而遭受损失并面临风险，将采取适当行动”。

Glencore本月表示，已停止与Radiant开展业务，并对其与该贸易商的合同计提了准备金。

Radiant的信函描述了与这家大宗商品贸易巨头之间延续多年的复杂贸易和融资关系，这种关系在2021, 达到顶峰。据称，Glencore当时决定平仓衍生品头寸，并要求偿还近$1.2bn的风险敞口，Glencore称这是Radiant和Sapphire在衍生品合约下积累的金额。

根据香港公司记录，Radiant此前持有Sapphire的股份，但已在2015, 将其处置。Radiant在给Glencore的信函中将Sapphire描述为一个“独立的法律实体”，而Sapphire在本月早些时候回应彭博新闻社的一篇文章时表示，“历史持股并不意味着如今在运营或财务上存在关联”。

Radiant指称，双方就衍生品风险敞口达成了一项协议，允许他们逐步偿还，同时Glencore协助该贸易公司筹集外部融资和投资。

Radiant声称，Glencore最近向其和Sapphire发送了终止通知，指称他们欠这家伦敦上市集团$951mn，在抵消Glencore欠这两家公司$471mn后得出此数额。Glencore本月早些时候表示：“我们账面上（对Radiant）的风险敞口并不重大，远低于我们$500mn的阈值。”该数字已计入Glencore已经计提的准备金。

一名熟悉此事的人士表示，Glencore对Radiant的净风险敞口一直低于10亿美元。

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日 0.98% 月 5.65% 年 8.37% 日 0.67% 月 1.89% 年 24.10% 日 0.30% 月 1.07% 年 23.84%

欧洲 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

市场数据

全球市场概览

前一交易日涨跌幅 (%)

当日 ▷ -0.52%< / td><>当月 ▷ 7.23%< / ><>当年 ▷ 33.77%< / >< / tr><>< colspan="2">道琼斯工业指数< / ><>纽约< / >< / table>

当日 ▷ -0.02% 当月 ▷ 1.91% 当年 ▷ 21.36%

<><>国家< / ><>指数< / ><>最新< / ><>前值< / >< / ><><>澳大利亚< / ><>All Ordinaries< / ><>9294.30< / ><>9243.20< / >< / ><><>澳大利亚< / ><>S&P ASX 250< / ><>9092.30< / ><>9038.20< / >< / ><><>澳大利亚< / ><>S&P ASX 200 Res< / ><>8461.20< / ><>8396.90< / >< / ><><>奥地利< / ><>AIX< / ><>6796.56< / ><>6678.23< / >< / ><><>比利时< / ><>BEL 20< / ><>5869.00< / ><>5638.08< / >< / ><><>比利时< / ><>BEL Mid< / ><>6668.98< / ><>6630.08< / >< / ><><>巴西< / ><>Bovespa< / ><>175664.62< / ><>175135.41< / >< / ><><>加拿大< / ><>S&P TSX 60< / ><>2144.24< / ><>2195.28< / >< / ><><>加拿大< / ><>S&P TSX Comp< / ><>36053.82< / ><>36054.25< / >< / ><><>智利< / ><>S&P / TSX BSCI S&N< / ><>57568.04< / ><>57652.15< / >< / ><><>中国< / ><>CHINA ETFSE A200< / ><>11984.49< / ><>11738.84< / >< / ><><>< / ><>上海 A< / ><>4143.84< / ><>4148.40< / >< / ><><>< / ><>上海 B< / ><>292.00< / ><>290.51< / >< / ><><>< / ><>上海综合指数< / ><>3852.18< / ><>3856.57< / >< / ><><>< / ><>深圳 A< / ><>2688.49< / ><>2680.95< / >< / ><><>< / ><>深圳 B< / ><>1154.60< / ><>1157.32< / >< / ><><>克罗地亚< / ><>CROEK< / ><>4430.00< / ><>4391.76< / >< / ><><>塞浦路斯< / ><>CSE M&G PDR< / ><>317.86< / ><>317.24< / >< / table>

<><>国家< / ><>指数< / ><>最新< / ><>前值< / >< / ><><>捷克共和国< / ><>Czech Republic PX< / ><>2807.13< / ><>2797.56< / >< / ><><>丹麦< / ><>OMAC Copenhagen 20< / ><>1638.52< / ><>1634.06< / >< / ><><>埃及< / ><>EDX 30< / ><>55106.50< / >< / ><><>爱沙尼亚< / ><>OMX Tallinn< / ><>2144.26< / ><>2144.00< / >< / ><><>芬兰< / ><>OMX Helsinki General< / ><>1378.71< / ><>1374.78< / >< / ><><>法国< / ><>CHAC 6420< / ><>8431.18< / ><>8319.87< / >< / ><><>德国< / ><>SBF 120< / ><>6362.81< / ><>6306.20< / >< / ><><>德国< / ><>MX-DAX< / ><>33029.91< / ><>32947.26< / >< / ><><>德国< / ><>Tec-Dex< / ><>4119.39< / ><>4104.52< / >< / ><><>希腊< / ><>XETRA Dex< / ><>26589.89< / ><>26367.17< / >< / ><><>希腊< / ><>Athens< / ><>2678.97< / ><>2667.04< / >< / ><><>希腊< / ><>FTSE / ASIA< / ><>6854.29< / ><>6819.22< / >< / ><><>香港< / ><>恒生指数< / ><>25584.79< / ><>25565.74< / >< / ><><>香港< / ><>恒生企业指数< / ><>8490.39< / ><>8490.31< / >< / ><><>香港< / ><>恒生综合红筹指数< / ><>4259.18< / ><>4250.44< / >< / ><><>匈牙利< / ><>Bd< / ><>10068.43< / ><>10068.42< / >< / ><><>印度< / ><>BSI Sensex< / ><>77344.51< / ><>76933.59< / >< / ><><>印度尼西亚< / ><>雅加达综合指数< / ><>6518.12< / ><>6521.75< / >< / table>

股市：最大涨跌幅

[...OMITTED...]

美洲< / td>< / tr><><>活跃股票< / ><>成交量 (百万 / 秒)< / ><>收盘价< / ><>当日涨跌< / >< / ><><>英伟达< / ><>93.54< / ><>220.18< / ><>7.80< / >< / ><><>英特尔< / ><>49.65< / ><>85.31< / ><>-2.78< / >< / ><><>亚马逊< / ><>25.77< / ><>265.85< / ><>3.59< / >< / ><><>PayPal Holdings< / ><>23.80< / ><>33.60< / ><>-7.87< / >< / ><><>苹果< / ><>18.07< / ><>320.98< / ><>6.36< / >< / ><><>T-Mobile< / ><>17.59< / ><>347.41< / ><>7.40< / >< / ><><>Micronova< / ><>16.46< / ><>336.13< / ><>-< / >< / ><><>超级微电脑< / ><>16.22< / ><>37.08< / ><>-< / >< / ><><>美光科技< / ><>13.78< / ><>920.08< / ><>-15.31< / >< / ><><>微软< / ><>13.03< / ><>516.40< / ><>11.41< / >< / ><><>最大涨跌幅< / ><>收盘价< / ><>当日涨跌< / >< / ><><>上涨< / ><>< / >< / ><><>Workday< / ><>206.09< / ><>12.52< / ><>5.47< / >< / ><><>亚马逊< / ><>265.85< / ><>9.59< / ><>3.74< / >< / ><><>AutoBrB< / ><>190.00< / ><>6.21< / ><>3.37< / >< / ><><>Salesforce Inc< / ><>259.88< / ><>7.83< / ><>3.11< / >< / ><><>Chubb Communications< / ><>152.76< / ><>4.44< / ><>2.93< / >< / ><><>下跌< / ><>< / >< / ><><>PayPal Holdings< / ><>53.80< / ><>-7.67< / ><>-12.49< / >< / ><><>Fortinet< / ><>163.51< / ><>-9.27< / ><>-5.36< / >< / ><><>CrowdStrike Holdings< / ><>215.90< / ><>-12.08< / ><>-5.29< / >< / ><><>Autodesk< / ><>257.83< / ><>-12.25< / ><>-4.71< / >< / ><><>Synopsys< / ><>443.29< / ><>-21.60< / ><>4.65< / >< / table>

欧洲市场

<><>活跃股票< / ><>成交量 (百万 / 秒)< / ><>收盘价< / ><>当日涨跌< / >< / ><><>劳埃德银行集团< / ><>114.86< / ><>1.10< / ><>0.01< / >< / ><><>嘉能可< / ><>88.07< / ><>5.96< / ><>-< / >< / ><><>英国石油 (BP)< / ><>64.93< / ><>5.14< / ><>-0.01< / >< / ><><>沃达丰< / ><>64.07< / ><>1.18< / ><>0.01< / >< / ><><>法律通用 (Legal & General)< / ><>57.03< / ><>2.93< / ><>0.02< / >< / ><><>Tritax Big Box REIT< / ><>36.63< / ><>1.57< / ><>-0.02< / >< / ><><>特易购 (Tesco)< / ><>35.89< / ><>4.57< / ><>0.02< / >< / ><><>巴克莱< / ><>34.63< / ><>4.97< / ><>0.04< / >< / ><><>汇丰< / ><>26.65< / ><>15.28< / ><>0.24< / >< / ><><>泛非资源 (Pan African Res)< / ><>25.33< / ><>1.36< / ><>-0.02< / >< / ><><>ROCKET MUNICIPS< / ><>67.00< / ><>4.01< / ><>-0.01< / >< / table>

<><>活跃股票< / ><>成交量 (百万 / 秒)< / ><>收盘价< / ><>当日涨跌< / >< / ><><> Stellantis< / ><>41.42< / ><>4.68< / ><>0.10< / >< / ><><>联合圣保罗银行< / ><>30.85< / ><>8.78< / ><>0.04< / >< / ><><>国家电力公司 (Enel)< / ><>13.77< / ><>9.46< / ><>0.09< / >< / ><><>桑坦德银行< / ><>11.17< / ><>12.71< / ><>0.17< / >< / ><><>皇家 KPN< / ><>10.92< / ><>4.10< / ><>0.02< / >< / ><><>诺基亚< / ><>9.55< / ><>9.06< / ><>0.06< / >< / ><><>Orange< / ><>8.06< / ><>15.20< / ><>0.10< / >< / ><><>萨巴德尔银行< / ><>7.22< / ><>3.63< / ><>-< / >< / ><><>伊比德罗拉 (Iberdrola)< / ><>6.19< / ><>20.28< / ><>0.22< / >< / ><><>Banco Bilbao Vozcaya Argentina< / ><>5.65< / ><>25.04< / ><>0.38< / >< / ><><>BROSOFT MUNICERS< / ><>中国< / ><>巴黎< / ><>当日< / >< / table>

BROSOFT MOWENS< / td><>收盘价< / ><>当日涨跌< / ><>当日涨跌%< / >< / tr><>< colspan="4">上涨< / >< / ><><>Hays< / ><>0.77< / ><>0.04< / ><>5.13< / >< / ><><>AEP Plantations< / ><>2.05< / ><>0.10< / ><>5.02< / >< / ><><>Metro Bank< / ><>1.73< / ><>0.08< / ><>4.59< / >< / ><><>SSE< / ><>24.48< / ><>0.68< / ><>2.86< / >< / ><><>Workspace Group< / ><>3.78< / ><>0.10< / ><>2.83< / >< / ><>< colspan="4">下跌< / >< / ><><>Oxford Nanopore Technologies< / ><>1.76< / ><>-0.05< / ><>-2.81< / >< / ><><>B&M European Value< / ><>2.38< / ><>-0.06< / ><>-2.62< / >< / ><><>Babcock International< / ><>10.56< / ><>-0.26< / ><>-2.36< / >< / ><><>BAE SYSTEMS< / ><>20.44< / ><>-0.48< / ><>-2.29< / >< / ><><>Shawbrook Group< / ><>3.16< / ><>-0.07< / ><>-2.17< / >< / table>

<><>最大涨跌幅< / ><>收盘价< / ><>当日涨跌< / ><>当日涨跌 / %< / >< / ><>< colspan="4">上涨< / >< / ><><>BMW< / ><>62.64< / ><>2.70< / ><>4.50< / >< / ><><>Volkswagen pfd< / ><>77.42< / ><>2.42< / ><>3.23< / >< / ><><>Mercedes-Benz Grp< / ><>46.95< / ><>1.35< / ><>2.96< / >< / ><><>Ems Chemie< / ><>791.00< / ><>22.00< / ><>2.86< / >< / ><><>Volkswagen< / ><>78.25< / ><>2.15< / ><>2.83< / >< / ><>< colspan="4">下跌< / >< / ><><>Lindt & Spruengi Reg< / ><>9000.00< / ><>-2400.00< / ><>-2.59< / >< / ><><>UCB Cap< / ><>216.50< / ><>-5.40< / ><>-2.43< / >< / ><><>Parnod Ricard< / ><>63.20< / ><>-1.30< / ><>-2.02< / >< / ><><>Knippan Grp< / ><>102.10< / ><>-1.90< / ><>-1.83< / >< / ><><>Rheinmetall< / ><>1154.60< / ><>-18.60< / ><>-1.59< / >< / table>

<><>国家< / ><>指数< / ><>最新< / ><>前值< / >< / ><><>爱尔兰< / ><>ISED Overall< / ><>14208.23< / ><>14191.46< / >< / ><><>以色列< / ><>Tel Aviv 125< / ><>4361.95< / ><>4094.17< / >< / ><><>意大利< / ><>FTSE Italia All-Share< / ><>55256.94< / ><>54894.95< / >< / ><><>意大利< / ><>FTSE Italia Mid-Cap< / ><>62333.00< / ><>61711.85< / >< / ><><>意大利< / ><>FTSE S&P 500< / ><>12616.12< / ><>12326.15< / >< / ><><>日本< / ><>Nikkei 225< / ><>66456.56< / ><>66131.98< / >< / ><><>日本< / ><>Tokio< / ><>4146.71< / ><>4117.22< / >< / ><><>科威特< / ><>KDX Market Index< / ><>9144.67< / >< / ><><>拉脱维亚< / ><>OMX Riga< / ><>955.40< / ><>950.00< / >< / ><><>立陶宛< / ><>OMX Vilnius< / ><>1501.60< / ><>1500.00< / >< / ><><>卢森堡< / ><>Lux< / ><>1986.63< / ><>1985.01< / >< / ><><>墨西哥< / ><>IPC Mexico City< / ><>65510.26< / ><>65629.98< / >< / ><><>马来西亚< / ><>FTSE Bursa KLCI< / ><>1725.68< / ><>1741.72< / >< / ><><>摩洛哥< / ><>MASI< / ><>18931.06< / ><>18946.92< / >< / ><><>荷兰< / ><>AEX< / ><>1112.28< / ><>1103.30< / >< / ><><>波兰< / ><>AEX All Share< / ><>1488.70< / ><>1488.40< / >< / ><><>新西兰< / ><>NZ 50< / ><>13768.18< / ><>13880.05< / >< / ><><>尼日利亚< / ><>SE All Share< / ><>241258.47< / ><>239156.09< / >< / 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)< / ><>183.75< / ><>168.60< / ><>0.40< / >< / ><><>软银公司 (SoftBank Corp)< / ><>58.31< / ><>237.70< / ><>0.20< / >< / ><><>日产汽车 (Nissan Motor Co)< / ><>42.43< / ><>321.00< / ><>9.00< / >< / ><><>藤仓 (Fujikura)< / ><>39.79< / ><>5340.00< / ><>-160.00< / >< / ><><>三菱日联 (Mitsubishi UFJ)< / ><>36.98< / ><>3658.00< / ><>50.00< / >< / ><><>Seven + I Holdings< / ><>34.33< / ><>2001.50< / ><>-11.50< / >< / ><><>太阳诱电 (Taiyo Yuden)< / ><>31.87< / ><>9244.00< / ><>344.00< / >< / ><><>软银集团 (SoftBank Grp Corp)< / ><>29.06< / ><>5161.00< / ><>-39.00< / >< / ><><>东京电力 (Tokyo Electric Power)< / ><>25.68< / ><>528.10< / ><>-1.40< / >< / ><><>丰田汽车 (Toyota Motor)< / ><>24.83< / ><>3116.00< / ><>39.00< / >< / ><><>最大涨跌幅

汽车< / ><>收盘价< / ><>当日涨跌< / ><>当日涨跌 / %< / >< / table>

<><>< / ><>价格< / ><>涨跌< / ><>涨跌 / %< / >< / ><>< colspan="4">上涨< / >< / ><><>趋势科技 (Trend Micro)< / ><>6050.00< / ><>339.00< / ><>5.94< / >< / ><><>Recruit Hldgs< / ><>17800.00< / ><>830.00< / ><>4.89< / >< / ><><>野村综合研究所 (Nomura Research Ins)< / ><>5266.00< / ><>220.00< / ><>4.36< / >< / ><><>富士通 (Fujitsu)< / ><>3904.00< / ><>151.00< / ><>4.02< / >< / ><><>三菱汽车 (Mitsubishi Motors)< / ><>388.70< / ><>14.50< / ><>3.87< / >< / ><>< colspan="4">下跌< / >< / ><><>Funkatae Electric< / ><>3903.00< / ><>-186.00< / ><>-4.55< / >< / ><><>住友电工 (Sumitomo Electric Ind)< / ><>2180.00< / ><>-75.00< / ><>-3.33< / >< / ><><>J-Front Retailing< / ><>3047.00< / ><>-92.00< / ><>-2.93< / >< / ><><>富士电机 (Fuji Electric Co)< / ><>13815.00< / ><>-415.00< / ><>-2.92< / >< / ><><>藤仓 (Fujikura)< / ><>5340.00< / ><>-160.00< / ><>-2.91< / >< / table>

<>< colspan="3">7月28日 - 8月28日< / >< / ><><>< / ><>指数< / ><>全球< / >< / ><><>Xetra Dax< / >< colspan="2">法兰克福< / >< / table>

<><>国家< / ><>指数< / ><>最新< / ><>此前< / >< / ><><>挪威< / ><>奥斯陆全股指数 (Oslo All-Share)< / ><>2488.42< / ><>2476.80< / >< / ><><>巴基斯坦< / ><>KSE 100< / ><>177098.50< / ><>177322.78< / >< / ><><>菲律宾< / ><>马尼拉公司指数 (Manila Corp)< / ><>5956.23< / ><>6094.58< / >< / ><><>波兰< / ><>Wig< / ><>151918.35< / ><>150954.39< / >< / ><><>葡萄牙< / ><>P3 20< / ><>3424.01< / ><>3385.01< / >< / ><><>葡萄牙< / ><>PSI General< / ><>6399.01< / ><>6365.01< / >< / ><><>罗马尼亚< / ><>罗马尼亚 BET 指数 (Romania BET Index)< / ><>35007.44< / ><>35457.73< / >< / ><><>俄罗斯< / ><>俄罗斯美元交易指数 (Russia Traded Index in USD)< / ><>988.10< / >< / ><><>沙特阿拉伯< / ><>TADAMUL 全股指数 (TADAMUL All Share Index)< / ><>11237.93< / >< / ><><>新加坡< / ><>富时超大盘股指数 (FTSE Ultrash Shares)< / ><>5689.93< / ><>5684.12< / >< / ><><>斯洛伐克< / ><>SAL 20< / ><>325.90< / >< / ><><>斯洛文尼亚< / ><>SII TOP< / ><>3338.19< / ><>3312.73< / >< / ><><>南非< / ><>富时 / 约翰内斯堡全股指数 (FTSE / JSE All Share Index)< / ><>118173.36< / ><>118086.24< / >< / ><><>南非< / ><>富时 / 约翰内斯堡资源指数 (FTSE / JSE Res)< / ><>76167.13< / ><>75324.43< / >< / ><><>南非< / ><>富时 / 约翰内斯堡工业顶级40指数 (FTSE / JSE IG Top 40)< / ><>110675.48< / ><>108323.09< / >< / ><><>韩国< / ><>韩国顶级指数 (Korea Top)< / ><>6788.88< / ><>6912.27< / >< / ><><>韩国< / ><>Koqo 200< / ><>1085.31< / ><>1086.61< / >< / ><><>西班牙< / ><>西班牙 BEX 35 (Spain BEX 35)< / ><>20041.90< / ><>19881.60< / >< / table>

英国市场涨跌榜

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< / >< / ><><>Computacenter< / ><>56.70< / ><>11.50< / ><>83.52< / >< / ><><>Melrose Ind< / ><>5.15< / ><>9.55< / ><>-12.44< / >< / ><><>Anglo American< / ><>42.69< / ><>4.97< / ><>38.38< / >< / ><><>IG Group< / ><>14.00< / ><>4.95< / ><>6.48< / >< / ><><>Lon Stock Ex< / ><>90.00< / ><>4.63< / ><>0.54< / >< / ><><>Investec< / ><>6.63< / ><>4.08< / ><>20.22< / >< / ><><>Aberdeen Group< / ><>2.52< / ><>3.87< / ><>22.67< / >< / ><><>Intl Cons Airlines< / ><>4.38< / ><>3.62< / ><>5.77< / >< / ><><>Halma< / ><>36.32< / ><>3.48< / ><>2.66< / >< / ><><>Antofagasta< / ><>40.39< / ><>3.43< / ><>23.18< / >< / table>

<>< colspan="4">下跌股票< / >< / ><><>BP< / ><>5.14< / ><>-6.37< / ><>18.88< / >< / ><><>Entain< / ><>5.13< / ><>-4.54< / ><>-33.05< / >< / ><><>Babcock Intl< / ><>10.56< / ><>-4.35< / ><>-15.00< / >< / ><><>BAE SYSTEMS< / ><>20.44< / ><>-3.86< / ><>19.25< / >< / ><><>Autotrader Group< / ><>5.28< / ><>-3.44< / ><>-9.96< / >< / ><><>GSK< / ><>18.54< / ><>-3.38< / ><>1.59< / >< / ><><>AstraZeneca< / ><>119.70< / ><>-2.21< / ><>-13.20< / >< / ><><>3i Group< / ><>28.28< / ><>-2.18< / ><>-13.33< / >< / ><><>LondonMetric Prop< / ><>1.89< / ><>-2.07< / ><>-0.37< / >< / ><><>Shell< / ><>33.45< / ><>-1.91< / ><>22.06< / >< / table>

<><>国家< / ><>指数< / ><>最新值< / ><>前值< / >< / ><><>瑞典< / ><>DMX Stockholm 30< / ><>3331.26< / ><>3221.44< / >< / ><><>瑞典< / ><>DMX Stockholm AS< / ><>1154.65< / ><>1151.01< / >< / ><><>瑞士< / ><>SNI Index< / ><>14389.77< / ><>14384.37< / >< / ><><>新西兰< / ><>Weighted Stock Index< / ><>46331.45< / ><>45875.22< / >< / ><><>泰国< / ><>BASF 100< / ><>1596.22< / ><>1601.57< / >< / ><><>土耳其< / ><>BIST 100< / ><>14841.56< / ><>14875.51< / >< / ><><>英国< / ><>FTSE 100< / ><>10824.26< / ><>10792.54< / >< / ><><>英国< / ><>FTSE 400d UK< / ><>9477.53< / ><>9386.55< / >< / ><><>英国< / ><>FTSE All-Share< / ><>5842.37< / ><>5826.09< / >< / ><><>英国< / ><>FTSE Non-MAX 100< / ><>9629.68< / ><>9606.61< / >< / ><><>美国< / ><>DJ-World Composite< / ><>18889.01< / ><>18944.55< / >< / ><><>美国< / ><>道琼斯工业平均指数< / ><>53509.99< / ><>53568.44< / >< / ><><>美国< / ><>道琼斯运输指数< / ><>21378.75< / ><>21440.27< / >< / ><><>美国< / ><>道琼斯公用事业指数< / ><>403.28< / ><>425.09< / >< / ><><>美国< / ><>纳斯达克100指数< / ><>29433.43< / ><>29641.56< / >< / ><><>美国< / ><>纳斯达克综合指数< / ><>2042.45< / ><>20641.51< / >< / ><><>美国< / ><>纽约证券交易所综合指数< / ><>24585.18< / ><>24649.03< / >< / ><><>美国< / ><>标准普尔500指数< / ><>7711.76< / ><>7730.99< / >< / table>

富时250指数 (FTSE 250)< / td><>价格(英镑)< / ><>周涨跌幅(%)< / ><>年度涨跌幅(%)< / >< / tr><>< colspan="4">上涨榜< / >< / ><><>Halfords Group< / ><>2.73< / ><>17.63< / ><>94.25< / >< / ><><>Vistry Group< / ><>3.03< / ><>14.45< / ><>-52.92< / >< / ><><>Anaiaya Mining Copper< / ><>11.09< / ><>10.90< / ><>29.71< / >< / ><><>ME Group< / ><>1.30< / ><>7.27< / ><>-14.04< / >< / ><><>International Workplace Gp< / ><>1.90< / ><>6.74< / ><>-17.89< / >< / ><><>AEP Plantations< / ><>2.05< / ><>6.55< / ><>49.63< / >< / ><><>Hays< / ><>0.77< / ><>6.51< / ><>36.50< / >< / ><><>Bytes Technology Group< / ><>4.39< / ><>6.46< / ><>22.31< / >< / ><><>discoverE Grp< / ><>8.13< / ><>6.41< / ><>35.50< / >< / ><><>TBC Bank Group< / ><>50.50< / ><>5.87< / ><>24.36< / >< / table>

<>< colspan="5">下跌榜< / >< / ><><>88< / ><>Rank Group< / ><>1.03< / ><>-7.36< / ><>3.93< / >< / ><><>05< / ><>Oretniq Group< / ><>5.08< / ><>-6.02< / ><>14.92< / >< / ><><>30< / ><>Energean< / ><>7.33< / ><>-5.42< / ><>-17.27< / >< / ><><>25< / ><>ZIGUP< / ><>4.42< / ><>-5.26< / ><>15.12< / >< / ><><>96< / ><>DR Martens< / ><>0.78< / ><>-5.13< / ><>1.31< / >< / ><><>59< / ><>Raspberry Pi Holdings< / ><>5.77< / ><>-4.79< / ><>92.21< / >< / ><><>20< / ><>W.A.G Payment Solutions< / ><>1.01< / ><>-4.52< / ><>-3.43< / >< / ><><>33< / ><>Princess Group< / ><>3.06< / ><>-4.22< / ><>-31.89< / >< / ><><>37< / ><>Harbour Energy< / ><>2.51< / ><>-4.20< / ><>27.67< / >< / ><><>06< / ><>PPHE Hotel Group< / ><>15.22< / ><>-3.79< / ><>-15.26< / >< / table>

FT.COM / MARKETSDATA

国家< / td><>指数< / ><>最新< / ><>前值< / >< / tr><><>委内瑞拉< / ><>IBC< / ><>5625.11< / ><>5654.55< / >< / ><><>越南< / ><>越南指数 (Viet Nam Index)< / ><>1832.12< / ><>1831.56< / >< / ><><>跨境< / ><>欧洲斯托克 50 指数 (Euro Stoxx 50 (Eur))< / ><>6495.67< / ><>6424.73< / >< / ><><>荷兰< / ><>Eurofirst 100 ID< / ><>1927.16< / ><>1912.90< / >< / ><><>跨境< / ><>富时全球血液指数 ($) (FTSE Blood Global ($))< / ><>21444.40< / ><>21514.46< / >< / ><><>跨境< / ><>富时全球指数 ($) (FTSE All World ($))< / ><>759.86< / ><>760.31< / >< / ><><>跨境< / ><>富时 £300 ( £300)< / ><>2616.13< / ><>2602.29< / >< / ><><>跨境< / ><>富时欧洲顶尖 100 指数 ( Eurotop 100)< / ><>5060.82< / ><>5030.15< / >< / ><><>跨境< / ><>富时全球 100 指数 ($) ( Global 100 ($))< / ><>5750.23< / ><>5770.44< / >< / ><><>跨境< / ><>富时黄金矿业指数 ($) ( Gold Min ($))< / ><>8595.01< / >< / ><><>跨境< / ><>富时拉美顶尖欧元指数 ($) ( Latibet Top Eur ($))< / ><>6130.00< / ><>6118.10< / >< / ><><>跨境< / ><>富时世界指数 ($) ( World ($))< / ><>1419.97< / ><>1419.90< / >< / ><><>跨境< / ><>富时欧洲第一 100 指数 () (FTSEurofirst 100 ())< / ><>7252.42< / ><>7185.46< / >< / ><><>跨境< / ><>富时欧洲第一 80 指数 () (FTSEurofirst 80 ())< / ><>8812.68< / ><>8733.25< / >< / table>

<><>富时小盘股 ( Small Cap)< / ><>价格(E)< / ><>周涨跌幅%< / ><>年初至今涨跌幅%< / >< / ><>< colspan="4">上涨者< / >< / ><><>McBride< / ><>2.06< / ><>25.76< / ><>40.52< / >< / ><><>PensionBee Group< / ><>1.45< / ><>10.27< / ><>-10.49< / >< / ><><>Macfarlane Gp< / ><>0.77< / ><>7.69< / ><>6.84< / >< / ><><>SIG< / ><>0.09< / ><>7.16< / ><>-8.08< / >< / ><><>PureTech Health< / ><>1.26< / ><>7.14< / ><>0.80< / >< / ><><>Geiger Counter< / ><>0.67< / ><>6.83< / ><>12.17< / >< / ><><>ASOS< / ><>4.19< / ><>5.81< / ><>47.80< / >< / ><><>C&C Group< / ><>0.96< / ><>5.28< / ><>-29.11< / >< / ><><>CT UK High Income Trust< / ><>1.22< / ><>5.17< / ><>8.93< / >< / ><><>Aberforth Geared Value & Inc Tgt< / ><>0.93< / ><>4.79< / ><>14.11< / >< / table>

<><>行业板块< / ><>价格(E)< / ><>周涨跌幅%< / ><>年初至今涨跌幅%< / >< / ><>< colspan="4">上涨者< / >< / ><><>金融与信贷服务< / ><>14453.26< / ><>4.36< / ><>-0.20< / >< / ><><>电力< / ><>14288.77< / ><>2.71< / ><>8.95< / >< / ><><>生物技术< / ><>21794.19< / ><>2.58< / ><>-1.09< / >< / ><><>家用商品与家居建设< / ><>8838.84< / ><>2.53< / ><>-18.35< / >< / ><><>电子与电气设备< / ><>14880.12< / ><>2.08< / ><>17.50< / >< / ><><>工业金属与采矿< / ><>10099.61< / ><>1.95< / ><>36.11< / >< / ><><>个人用品< / ><>17948.10< / ><>1.95< / ><>-1.84< / >< / ><><>旅游与休闲< / ><>10410.85< / ><>1.89< / ><>5.60< / >< / ><><>软件与计算机服务< / ><>1941.93< / ><>1.86< / ><>-4.90< / >< / ><><>科技< / ><>1699.48< / ><>1.83< / ><>-4.65< / >< / table>

货币

跌幅最大者< / td>< / tr><><>abrdn Euro Logistics< / ><>0.17< / ><>-10.18< / ><>-34.96< / >< / ><><>Residential Secure Inc< / ><>0.08< / ><>-10.11< / ><>-86.16< / >< / ><><>Kenmare Resources< / ><>1.90< / ><>-9.52< / ><>-23.08< / >< / ><><>Gym Group< / ><>1.96< / ><>-7.11< / ><>31.54< / >< / ><><>The Smarter Web Company< / ><>0.33< / ><>-6.60< / ><>< / >< / ><><>EnQuest< / ><>0.25< / ><>-6.51< / ><>137.26< / >< / ><><>Gulf Marine Services< / ><>0.18< / ><>-6.28< / ><>-6.67< / >< / ><><>Boot (Henry)< / ><>1.48< / ><>-5.81< / ><>-35.11< / >< / ><><>Elixir International< / ><>6.00< / ><>-5.66< / ><>-27.36< / >< / ><><>Crest Nicholson Holdings< / ><>0.64< / ><>-5.46< / ><>-55.33< / >< / table>

<>< colspan="4">跌幅最大者< / >< / ><><>86< / ><>技术硬件与设备< / ><>116.46< / ><>-4.78 92.21< / >< / ><><>85< / ><>替代能源< / ><>40.59< / ><>-3.49 84.60< / >< / ><><>88< / ><>能源< / ><>11054.27< / ><>-3.29 21.01< / >< / ><><>84< / ><>石油、天然气与煤炭< / ><>10510.62< / ><>-3.29 20.93< / >< / ><><>-< / ><>汽车与零部件< / ><>848.34< / ><>-2.16 -40.70< / >< / ><><>86< / ><>制药与生物技术< / ><>23487.02< / ><>-2.07 -6.38< / >< / ><><>87< / ><>医疗保健< / ><>16440.85< / ><>-1.97 -8.40< / >< / ><><>11< / ><>工业运输< / ><>4482.82< / ><>-1.33 13.67< / >< / ><><>86< / ><>消费者数字服务< / ><>193.37< / ><>-1.29 1.16< / >< / ><><>83< / ><>休闲用品< / ><>43383.65< / ><>-0.90 -3.25< / >< / table>

<>< rowspan="2">8月28日< / >< rowspan="2">收盘中间价< / >< ="2">当日涨跌< / >< ="2">当周涨跌< / >< ="2">年初至今涨跌%< / >< ="2">欧元中间价< / >< ="2">年初至今涨跌%< / >< ="2">涨跌< / >< colspan="2">英镑< / >< / ><><>收盘< / ><>涨跌< / >< / ><><>阿根廷比索< / ><>153,470< / ><>-0.7015< / ><>17,4680< / ><>1798.8092< / ><>27.8839< / ><>28564.485< / ><>-2.1606< / ><>< / >< / ><><>巴林第纳尔< / ><>1.3074< / ><>0.0012< / ><>-0.0945< / ><>1.6173< / ><>-0.0261< / ><>0.0002< / ><>< / >< / ><><>巴林绿丁纳尔< / ><>3.3770< / ><>< / ><>0.4381< / ><>0.0025< / ><>0.0318< / ><>0.0138< / ><>< / >< / ><><>玻利维亚< / ><>11.8300< / ><>-0.0300< / ><>0.0000< / ><>13.7471< / ><>0.0462< / ><>0.03687< / ><>-0.0209< / ><>< / >< / ><><>巴西雷亚尔< / ><>5.3521< / ><>0.0320< / ><>-0.0385< / ><>6.6542< / ><>0.1046< / ><>0.1616< / ><>0.0393< / ><>< / >< / ><><>加拿大元< / ><>1.3881< / ><>0.0021< / ><>0.0109< / ><>1.6132< / ><>-0.0010< / ><>0.0054< / ><>1.8944< / ><>0.0017< / ><>< / >< / ><><>智利比索< / ><>936.400< / ><>14.3350< / ><>1091.2186< / ><>23.0177< / ><>1235.3868< / ><>-0.4420< / ><>< / >< / ><><>人民币< / ><>6.1704< / ><>-0.0246< / ><>7.6938< / ><>0.0197< / ><>9.1227< / ><>0.0024< / ><>< / >< / ><><>哥伦比亚< / >

Peso< / td> 3205.200< / ><>81.5430< / ><>3124.1982< / ><>116.8230< / ><>4350.5081< / ><>72.2616< / ><>< / >< / tr> <>哥斯达黎加科朗< / ><>449.125< / ><>-1.5950< / ><>241.3816< / ><>1.0019< / ><>668.7468< / ><>0.2916< / ><>< / >< / ><><>捷克克朗< / ><>20.7672< / ><>-0.2264< / ><>24.1335< / ><>-0.1195< / ><>28.1853< / ><>-0.1967< / ><>< / >< / ><><>丹麦克朗< / ><>6.4213< / ><>0.0145< / ><>0.0149< / ><>7.4898< / ><>0.0085< / ><>0.7355< / ><>0.0145< / ><>< / >< / ><><>埃及镑< / ><>50.2730< / ><>0.3400< / ><>58.3636< / ><>0.1442< / ><>28.7111< / ><>0.7324< / ><>< / >< / ><><>港元< / ><>7.8399< / ><>0.0006< / ><>-0.0004< / ><>9.1108< / ><>-0.0189< / ><>-0.0187< / ><>10.6422< / ><>-0.0055< / ><>< / >< / ><><>印尼比索< / ><>314.147< / ><>-1.4731< / ><>364.5499< / ><>0.0003< / ><>5.3929< / ><>-0.2792< / ><>< / >< / ><><>印度卢比< / ><>38.5765< / ><>-0.1057< / ><>-0.1360< / ><>110.9489< / ><>-0.4233< / ><>129.4837< / ><>-0.2919< / ><>< / >< / table>

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

0.0124< / ><>0.4369< / >< / ><><>0.0239< / ><>肯尼亚矿业< / ><>129.4000< / ><>< / ><>187.3518< / ><>1.9006< / ><>8.8086< / ><>2.8364< / ><>0.7053< / ><>-0.7833< / >< / ><><>-0.002< / ><>韩国电子< / ><>0.3099< / ><>0.0001< / ><>0.0004< / ><>0.3689< / ><>-0.0007< / ><>-0.0121< / ><>0.4913< / ><>-0.0021< / >< / ><><>0.0738< / ><>马来西亚石油< / ><>4.0300< / ><>-0.0070< / ><>-0.0125< / ><>6.4768< / ><>-0.0463< / ><>5.4851< / ><>-0.0127< / ><>-0.0271< / >< / ><><>-0.001< / ><>卢克石油< / ><>1.0644< / ><>0.0490< / ><>0.1004< / ><>19.7742< / ><>-0.0336< / ><>-2.1938< / ><>0.0528< / ><>0.5058< / >< / ><><>0.0054< / ><>新西兰元< / ><>1.6953< / ><>0.0040< / ><>-0.0101< / ><>1.9508< / ><>0.0034< / ><>0.0032< / ><>2.2878< / ><>0.0041< / ><>0.0062< / >< / ><><>258.367< / ><>尼日利亚奈拉< / ><>1336.7500< / ><>-2.1300< / ><>1555.1592< / ><>-17.3119< / ><>1811.2255< / ><>-23.6552< / ><>-23.5002< / >< / ><><>-0.025< / ><>标准普尔500指数< / ><>9.3650< / ><>0.0200< / ><>10.6973< / ><>0.0058< / ><>12.7666< / ><>0.0202< / ><>0.0058< / >< / ><><>-0.1957< / ><>巴基斯坦卢比< / ><>277.4250< / ><>-< / ><>-0.0200< / ><>322.3956< / ><>-0.6936< / ><>-1.5010< / ><>376.5998< / ><>-0.2719< / ><>-1.4553< / >< / ><><>-0.262< / ><>坦桑尼亚先令< / ><>3.3925< / ><>-0.0370< / ><>3.8965< / ><>-0.0221< / ><>-1.0807< / ><>4.0589< / ><>-0.0124< / >< / ><><>0.7324< / ><>菲律宾比索< / ><>62.2755< / ><>0.3750< / ><>72.3495< / ><>2.1807< / ><>-< / ><>84.5114< / ><>0.4954< / ><>0.4993< / >< / ><><>-0.038< / ><>波兰兹罗提< / ><>3.7338< / ><>0.0111< / ><>4.3390< / ><>0.0360< / ><>5.0653< / ><>0.0354< / >< / ><><>0.005< / ><>标准普尔 GSCI 现货< / ><>4.5252< / ><>-0.0114< / ><>5.2988< / ><>0.1055< / ><>-< / ><>6.0004< / ><>0.0054< / >< / ><><>-0.9188< / ><>俄罗斯卢布< / ><>98.1500< / ><>3.5500< / ><>110.1419< / ><>4.1026< / ><>116.9444< / ><>5.2981< / >< / table>

富时板块：领涨与领跌 (FTSE SECTORS: LEADERS & LAGGARDS)

年初至今百分比变化< / td>< / tr><><>技术硬件与设备< / ><>92.21< / >< / ><><>替代能源< / ><>84.60< / >< / ><><>工业金属与采矿< / ><>36.11< / >< / ><><>医疗保健提供商< / ><>34.16< / >< / ><><>基础材料< / ><>32.69< / >< / ><><>非寿险< / ><>32.32< / >< / ><><>航空航天与国防< / ><>24.66< / >< / ><><>能源< / ><>21.51< / >< / ><><>石油、天然气与煤炭< / ><>29.93< / >< / ><><>银行< / ><>19.29< / >< / ><><>电子与电气设备< / ><>17.50< / >< / ><><>工业< / ><>16.36< / >< / ><><>电信服务提供商< / ><>15.59< / >< / ><><>电信< / ><>15.59< / >< / ><><>化学品< / ><>14.68< / >< / ><><>建筑与材料< / ><>14.65< / >< / ><><>金融（不含投资公司）< / ><>14.29< / >< / ><><>通用工业< / ><>14.06< / >< / ><><>金融< / ><>13.85< / >< / table>

<>< rowspan="2">8月28日< / >< colspan="3">美元< / >< colspan="3">欧元< / >< colspan="3">英镑< / >< / ><><>收盘中价< / ><>当日变化< / ><>当周变化< / > < / ><><>沙特里亚尔< / ><>3.7540< / ><>-0.0002< / ><>4.3630< / ><>-0.0096< / ><>-0.0197< / ><>5.0644< / ><>-0.0033< / ><>-0.0191< / >< / ><><>新加坡元< / ><>1.2731< / ><>0.0017< / ><>0.0031< / ><>1.4794< / ><>-0.0011< / ><>-0.0030< / ><>1.7391< / ><>0.0013< / ><>-0.0021< / >< / ><><>斯里兰卡卢比< / ><>1.0890< / ><>0.0013< / ><>1.0890< / ><>0.0045< / ><>1.4278< / ><>-0.0046< / >< / ><><>韩国韩元< / ><>1.37240< / ><>-0.8000< / ><>-1.37600< / ><>1.594466< / ><>-43.1546< / ><>1.862.9944< / ><>-12.2706< / ><>-25.7200< / >< / ><><>Sri USA r.l.a.< / ><>0.9435< / ><>0.0445< / ><>0.0691< / ><>1.1140< / ><>0.0279< / ><>0.0282< / ><>1.0623< / ><>0.0527< / ><>0.0828< / >< / ><><>瑞士法郎< / ><>0.8070< / ><>0.0032< / ><>0.0090< / ><>0.9276< / ><>0.0016< / ><>0.0028< / ><>1.0055< / ><>0.0006< / ><>0.0042< / >< / ><><>台湾元< / ><>31.8082< / ><>-0.0725< / ><>-0.2580< / ><>38.7317< / ><>-0.4927< / ><>42.9692< / ><>-0.1238< / >< / ><><>泰铢< / ><>32.9452< / ><>0.0752< / ><>0.3903< / ><>38.3924< / ><>-0.0153< / ><>-0.1486< / ><>44.7210< / ><>0.0517< / ><>0.1863< / >< / ><><>突尼斯第纳尔< / ><>2.9159< / ><>-0.0091< / ><>-0.0081< / ><>3.3885< / ><>0.0111< / ><>3.9581< / ><>0.0049< / >< / ><><>土耳其里拉< / ><>48.2460< / ><>0.0340< / ><>0.5340< / ><>58.6586< / ><>0.9546< / ><>0.8546< / ><>65.4690< / ><>0.9849< / >< / ><><>USS Irish< / ><>3.6727< / ><>0.0002< / ><>4.3855< / ><>-0.0094< / ><>5.0655< / ><>-0.0032< / ><>-0.0187< / >< / ><><>英镑< / ><>0.7367< / ><>0.0004< / ><>0.0023< / ><>0.8561< / ><>-0.0014< / ><>-0.0009< / ><>1.0000< / ><>-< / >< / ><><>美国美元< / ><>1.0000< / ><>< / ><>1.1621< / ><>-0.0025< / ><>1.3576< / ><>-0.0038< / ><>-0.0035< / >< / ><><>Switzerland Ge.VII< / ><>267.5000< / ><>-62.5000< / ><>26296.8530< / ><>87.2110< / ><>3135.5150< / ><>30.5454< / >< / ><><>欧元< / ><>0.8605< / ><>0.0015< / ><>0.0038< / ><>1.0000< / ><>-< / ><>1.0001< / ><>1.0018< / ><>0.0018< / >< / table>

富时全球指数

27个地区与国家平均值< / td><>11月02日股票< / >< colspan="2">美元指数< / ><>当日涨跌幅%< / ><>年初至今涨跌幅%< / ><>美元成交额 / 百万英镑 欧元< / ><>年初至今成交额 / 百万英镑 欧元< / ><>股息率< / >< / tr><><>富时全球指数< / ><>< / ><> < / >< / ><><>全球 (€)< / ><>10114< / ><>12744.48< / ><>0.40< / ><>4.25< / ><>13.83< / ><>2000.97< / ><>15.19< / ><>1.58< / ><>< / >< / ><><>全球大盘股< / ><>1870< / ><>1193.01< / ><>0.54< / ><>4.55< / ><>11.36< / ><>2119.71< / ><>14.60< / ><>1.51< / ><>< / >< / ><><>全球中盘股< / ><>2294< / ><>1307.07< / ><>0.37< / ><>4.85< / ><>11.88< / ><>2121.69< / ><>13.85< / ><>1.85< / ><>< / >< / ><><>全球小盘股< / ><>5690< / ><>1457.87< / ><>0.23< / ><>4.12< / ><>14.95< / ><>2098.94< / ><>16.30< / ><>1.70< / ><>< / >< / ><><>全球（除欧元区）< / ><>8500< / ><>1331.38< / ><>0.48< / ><>4.25< / ><>14.15< / ><>2273.28< / ><>15.49< / ><>1.49< / ><>< / >< / ><><>全球（含 S.p.A.）< / ><>7583< / ><>435.41< / ><>0.53< / ><>4.35< / ><>13.80< / ><>2121.00< / ><>15.58< / ><>1.59< / ><>< / >< / ><><>全球（除美国）< / ><>8563< / ><>834.67< / ><>0.06< / ><>4.28< / ><>15.77< / ><>1663.81< / ><>16.29< / ><>2.38< / ><>< / >< / ><><>全球（含 S.p.A.）< / ><>9893< / ><>1033.12< / ><>0.41< / ><>4.35< / ><>15.77< / ><>1663.81< / ><>16.29< / ><>1.53< / ><>< / >< / ><><>全球（除日本）< / ><>8758< / ><>1332.75< / ><>0.41< / ><>4.28< / ><>13.57< / ><>2319.38< / ><>14.52< / ><>1.92< / ><>< / >< / ><><>富时区域指数< / ><>< / ><> < / >< / ><><>亚太地区< / ><>1979< / ><>1763.61< / ><>0.65< / ><>4.25< / ><>13.72< / ><>2443.25< / ><>17.48< / ><>2.15< / ><>< / >< / ><><>亚太地区（除日本）< / ><>8233< / ><>933.74< / ><>0.31< / ><>4.55< / ><>15.91< / ><>1675.87< / ><>21.93< / ><>1.95< / ><>< / >< / ><><>欧洲< / ><>4587< / ><>1783.27< / ><>0.34< / ><>4.55< / ><>15.91< / ><>1648.68< / ><>17.98< / ><>1.98< / ><>< / >< / ><><>欧洲（除日本）< / ><>1452< / ><>118.67< / ><>-0.05< / ><>3.70< / ><>9.51< / ><>1546.33< / ><>12.32< / ><>2.79< / ><>< / >< / ><><>欧洲（除英国）< / ><>1221< / ><>831.96< / ><>-0.06< / ><>4.07< / ><>9.42< / ><>1728.38< / ><>12.23< / ><>2.70< / ><>< / >< / ><><>日本< / ><>614< / ><>148.45< / ><>-0.06< / ><>4.07< / ><>9.42< / ><>1598.71< / ><>12.69< / ><>2.69< / ><>< / >< / ><><>欧元区< / ><>388< / ><>771.59< / ><>-0.55< / ><>2.30< / ><>9.35< / ><>1712.10< / ><>13.01< / ><>4.43< / ><>< / >< / ><><>富时发达市场指数< / ><>< / ><> < / >< / ><><>发达市场< / ><>5359< / ><>1232.58< / ><>0.43< / ><>4.28< / ><>14.15< / ><>2558.19< / ><>15.44< / ><>1.49< / ><>< / >< / ><><>发达市场（除北美）< / ><>3509< / ><>1866.69< / ><>-0.16< / ><>4.23< / ><>16.21< / ><>1564.77< / ><>18.88< / ><>2.45< / ><>< / >< / ><>< rowspan="2">27个地区平均值 日本< / >< rowspan="2">11月02日股票< / >< colspan="2">美元指数< / >< ="2">当日涨跌幅%< / >< ="2">年初至今涨跌幅%< / >< ="2">美元成交额 / 百万英镑 欧元< / >< ="2">年初至今成交额 / 百万英镑 欧元< / ><>< / >< / ><><>美元< / ><>%涨跌幅< / ><>< / >< / table>

数字信息服务< / td>< / tr><><>电信与计算机服务< / ><>360740< / ><>2.27< / ><>1.37< / ><>0.48< / ><>4590.50< / ><>0.92< / ><>0.56< / >< / ><><>媒体< / ><>163 820.08< / ><>-1.71< / ><>8.92< / ><>-8.93< / ><>1191.74< / ><>-8.34< / ><>0.95< / >< / ><>< colspan="8">技术< / >< / ><><>智能手机< / ><>283 906.17< / ><>6.15< / ><>4.24< / ><>45.27< / ><>391.38< / ><>46.74< / ><>0.55< / >< / ><><>技术硬件与设备< / ><>693 693.08< / ><>2.62< / ><>3.16< / ><>43.18< / ><>9603.09< / ><>43.70< / ><>0.55< / >< / ><><>技术< / ><>1231 494.53< / ><>2.49< / ><>6.98< / ><>23.27< / ><>6489.35< / ><>23.76< / ><>0.55< / >< / ><><>电信< / ><>231

114.11< / ><>-2.11< / ><>2.11< / ><>-1.11< / ><>231.11< / ><>-2.11< / ><>0.11< / >< / ><><>电信设备< / ><>114 570.09< / ><>1.86< / ><>8.31< / ><>70.52< / ><>1856.64< / ><>71.62< / ><>0.77< / >< / ><><>电信软件< / ><>259 322.67< / ><>-1.25< / ><>1.03< / ><>-1.03< / ><>259.32< / ><>-1.25< / ><>0.11< / >< / ><><>电信服务提供商< / ><>145 449.55< / ><>1.05< / ><>3.66< / ><>2.52< / ><>1003.26< / ><>5.36< / ><>3.58< / >< / ><><>电子与电气设备< / ><>344 213.69< / ><>0.59< / ><>4.88< / ><>25.36< / ><>3006.57< / ><>26.38< / ><>0.98< / >< / ><>< colspan="8">金融< / >< / ><><>金融与信贷服务< / ><>112 940.78< / ><>0.15< / ><>2.27< / ><>-5.06< / ><>1414.40< / ><>-3.93< / ><>1.50< / >< / ><><>金融< / ><>1154

732.40< / ><>-0.52< / ><>1.26< / ><>10.83< / ><>1557.07< / ><>13.31< / ><>2.72< / >< / ><><>银行业< / ><>186 180.00< / ><>-0.14< / ><>1.00< / ><>-0.01< / ><>186 180.00< / ><>-1.00< / ><>0.01< / >< / ><><>银行< / ><>489 535.69< / ><>-0.78< / ><>0.51< / ><>14.64< / ><>1247.29< / ><>17.80< / ><>3.24< / >< / ><><>保险投资信托< / ><>95 216.62< / ><>-0.16< / ><>0.56< / ><>-0.01< / ><>274.74< / ><>-0.17< / ><>0.67< / >< / ><><>非寿险< / ><>125 1095.17< / ><>-0.84< / ><>-0.28< / ><>5.98< / ><>1574.50< / ><>8.92< / ><>2.66< / >< / ><><>投资银行与借贷服务< / ><>344 1249.66< / ><>0.04< / ><>4.05< / ><>7.76< / ><>2094.69< / ><>9.11< / ><>1.58< / >< / ><><>房地产与商业服务< / ><>56

151.63< / ><>-0.73< / ><>5.36< / ><>1.86< / ><>109.08< / ><>2.31< / ><>0.91< / >< / ><>< colspan="8">房地产< / >< / ><><>房地产< / ><>648 956.05< / ><>-0.75< / ><>-1.62< / ><>4.76< / ><>1165.86< / ><>7.28< / ><>3.68< / >< / ><><>房地产与商业服务< / ><>114 570.09< / ><>-0.14< / ><>-0.22< / ><>727.11< / ><>-1.26< / ><>2.85< / >< / ><><>房地产投资信托< / ><>319 367.63< / ><>-0.83< / ><>-2.93< / ><>9.05< / ><>1555.75< / ><>11.77< / ><>4.01< / >< / ><>< colspan="8">消费品< / >< / ><><>消费者数字服务< / ><>98 319.10< / ><>-0.30< / ><>2.44< / ><>-1.73< / ><>323.51< / ><>-1.52< / ><>0.34< / >< / ><><>消费者可选消费< / ><>1513< / >< / table>

1213.90< / td> -0.98< / ><>4.02< / ><>-3.09< / ><>1761.21< / ><>-2.32< / ><>1.19< / >< / tr> <>消费必需品< / ><>113 113.90< / ><>-0.14< / ><>-0.04< / ><>1010.72< / ><>-0.14< / ><>0.04< / >< / ><><>消费必需品< / ><>621 998.34< / ><>1.23< / ><>-0.17< / ><>5.38< / ><>1798.67< / ><>7.59< / ><>3.04< / >< / ><><>零售商< / ><>287 1947.13< / ><>-1.55< / ><>2.88< / ><>2.76< / ><>26787.07< / ><>3.32< / ><>0.81< / >< / ><><>零售商与杂货店< / ><>196 322.67< / ><>-0.84< / ><>-0.04< / ><>196 322.67< / ><>-0.84< / ><>0.04< / >< / ><><>个人用品< / ><>141 817.12< / ><>-0.47< / ><>0.03< / ><>-1.33< / ><>1265.80< / ><>-10.25< / ><>2.04< / >< / ><><>个人护理产品< / ><>152 143.13< / ><>-0.43< / ><>0.03< / ><>-0.03< / ><>152

143.13< / ><>-0.43< / ><>0.03< / >< / ><><>旅游与休闲< / ><>296 1204.24< / ><>1.78< / ><>1.44< / ><>-0.43< / ><>1775.06< / ><>0.58< / ><>1.57< / >< / table>

英国近期配股发行

13.67< / td><>金融与信贷服务< / ><>-0.20< / >< / tr><><>12.31< / ><>消费必需品< / ><>-1.00< / >< / ><><>11.68< / ><>生物技术< / ><>-1.09< / >< / ><><>10.33< / ><>个人用品< / ><>-1.84< / >< / ><><>8.42< / ><>个人护理、药品与杂货< / ><>-2.65< / >< / ><><>6.38< / ><>休闲用品< / ><>-3.25< / >< / ><><>6.09< / ><>房地产投资与服务< / ><>-3.59< / >< / ><><>6.74< / ><>消费者服务< / ><>-4.36< / >< / ><><>6.04< / ><>技术< / ><>-4.65< / >< / ><><>5.60< / ><>软件与计算机服务< / ><>-4.90< / >< / ><><>5.37< / ><>烟草< / ><>-5.56< / >< / ><><>4.14< / ><>制药与生物技术< / ><>-8.38< / >< / ><><>2.84< / ><>医疗保健< / ><>-8.40< / >< / ><><>2.79< / ><>< / >< / ><><>2.66< / ><>医疗设备与服务< / ><>-11.66< / >< / ><><>2.18< / ><>家居用品与家庭成本< / ><>-19.35< / >< / ><><>1.18< / ><>< / >< / ><><>0.81< / ><>汽车与零部件< / ><>-40.70< / >< / table>

<><>27个地区与国家平均值< / ><>股票数量< / ><>美元指数< / ><>当日%变化< / ><>年度%变化< / ><>年初至今%变化< / ><>美元 / 百万< / ><>年初至今%变化< / ><>股息率< / >< / ><><>发达国家（除加拿大）< / ><>5150< / ><>1328.05< / ><>0.44< / ><>4.24< / ><>14.12< / ><>2360.11< / ><>15.41< / ><>1.47< / >< / ><><>发达国家（除欧洲）< / ><>4168< / ><>1541.18< / ><>0.63< / ><>4.39< / ><>15.08< / ><>2405.06< / ><>16.08< / ><>1.36< / >< / ><><>发达国家（除日本）< / ><>4910< / ><>1357.13< / ><>0.51< / ><>4.09< / ><>14.36< / ><>2360.09< / ><>15.40< / ><>1.35< / >< / ><><>发达国家（除美国）< / ><>3808< / ><>819.46< / ><>0.11< / ><>4.38< / ><>16.15< / ><>1636.86< / ><>18.43< / ><>2.40< / >< / ><><>发达国家（除英国）< / ><>5138< / ><>1312.48< / ><>0.46< / ><>4.23< / ><>15.63< / ><>2352.23< / ><>15.42< / ><>1.43< / >< / ><><>发达国家（除澳大利亚）< / ><>1365< / ><>1365.27< / ><>0.45< / ><>4.31< / ><>13.88< / ><>2399.07< / ><>15.16< / ><>1.46< / >< / ><><>发达亚太地区< / ><>2318< / ><>862.83< / ><>0.41< / ><>4.96< / ><>26.79< / ><>1547.61< / ><>26.51< / ><>2.02< / >< / ><><>发达国家（除日本 除日本）< / ><>1862< / ><>1312.42< / ><>0.46< / ><>4.22< / ><>15.62< / ><>1586.09< / ><>21.16< / ><>2.15< / >< / ><><>发达国家（除北美）< / ><>1193< / ><>735.89< / ><>0.65< / ><>3.87< / ><>9.30< / ><>1562.60< / ><>12.11< / ><>2.79< / >< / ><><>发达国家（除欧洲 除英国）< / ><>962< / ><>863.95< / ><>-0.60< / ><>4.04< / ><>9.14< / ><>1791.72< / ><>11.95< / ><>2.71< / >< / ><><>发达国家（除欧洲 除日本）< / ><>1447< / ><>744.77< / ><>0.66< / ><>4.00< / ><>9.00< / ><>1585.18< / ><>11.95< / ><>2.69< / >< / ><><>发达国家（除亚太地区）< / ><>3511< / ><>198.41< / ><>0.18< / ><>4.23< / ><>16.29< / ><>1585.18< / ><>18.65< / ><>2.45< / >< / ><>< colspan="9">富时新兴市场指标< / >< / ><><>新兴欧洲< / ><>4755< / ><>1103.19< / ><>0.09< / ><>4.02< / ><>11.06< / ><>2414.72< / ><>13.01< / ><>2.36< / >< / ><><>新兴亚太地区< / ><>4035< / ><>1237.10< / ><>0.17< / ><>4.00< / ><>11.76< / ><>2259.92< / ><>13.40< / ><>1.86< / >< / ><><>新兴

欧洲< / td> 259< / ><>377.32< / ><>-0.69< / ><>5.62< / ><>22.05< / ><>856.79< / ><>24.68< / ><>2.50< / >< / tr> <>新兴亚太地区< / ><>36< / ><>161.02< / ><>0.00< / ><>5.00< / ><>22.00< / ><>856.79< / ><>24.68< / ><>2.50< / >< / ><><>新兴市场（含韩国）< / ><>5210< / ><>4360.07< / ><>0.42< / ><>4.95< / ><>20.16< / ><>8050.46< / ><>22.02< / ><>2.07< / >< / ><><>新兴市场（含韩国+波兰）< / ><>2720< / ><>5251.48< / ><>0.54< / ><>5.73< / ><>31.20< / ><>9175.89< / ><>33.29< / ><>2.05< / >< / ><><>新兴欧洲< / ><>1230< / ><>525.34< / ><>0.24< / ><>4.95< / ><>20.16< / ><>8308.99< / ><>22.02< / ><>2.50< / >< / ><><>次级新兴市场< / ><>3525< / ><>10628.27< / ><>0.14< / ><>2.30< / ><>-7.16< / ><>1816.00< / ><>-5.57< / ><>2.23< / >< / table>

<><>8月27日 行业< / ><>股票数量< / ><>指数< / ><>日波动率< / ><>涨跌幅%< / ><>年初至今涨跌幅%< / ><>年初至今 %Stor##< / ><>股息率< / >< / ><><>Hewkel商品与住宅建设< / ><>122< / ><>538.30< / ><>-0.93< / ><>2.39< / ><>0.26< / ><>824.95< / ><>1.69< / ><>2.22< / >< / ><><>医疗保健< / ><>15< / ><>116.69< / ><>-1.11< / ><>-3.14< / ><>1.52< / ><>114.77< / ><>-1.42< / ><>2.42< / >< / ><><>医疗保健< / ><>851< / ><>1204.37< / ><>-0.87< / ><>2.52< / ><>8.56< / ><>1804.44< / ><>9.97< / ><>1.58< / >< / ><><>制药与生物技术< / ><>118< / ><>11819.62< / ><>-0.44< / ><>1.09< / ><>11.68< / ><>2211.96< / ><>12.70< / ><>1.53< / >< / ><><>制药与生物技术< / ><>523< / ><>1067.84< / ><>-0.96< / ><>5.12< / ><>14.08< / ><>1857.85< / ><>15.87< / ><>1.78< / >< / ><><>制药与生物技术< / ><>523< / ><>1067.84< / ><>-0.96< / ><>7.68< / ><>-6.44< / ><>2080.88< / ><>-5.84< / ><>0.99< / >< / ><><>农业食品与饮料< / ><>306< / ><>654.87< / ><>-0.93< / ><>1.37< / ><>4.00< / ><>1114.68< / ><>6.65< / ><>3.14< / >< / ><><>食品生产商< / ><>104< / ><>377.23< / ><>1.43< / ><>1.92< / ><>10.70< / ><>1572.67< / ><>17.68< / ><>2.59< / >< / ><><>能源< / ><>< / >< / ><><>能源< / ><>373< / ><>685.61< / ><>-0.21< / ><>4.45< / ><>30.01< / ><>1507.23< / ><>33.94< / ><>3.01< / >< / ><><>公用事业< / ><>248< / ><>668.52< / ><>-0.83< / ><>1.00< / ><>10.00< / ><>1507.23< / ><>10.00< / ><>1.00< / >< / ><><>替代能源< / ><>88< / ><>99.70< / ><>-0.04< / ><>-1.36< / ><>7.86< / ><>124.17< / ><>9.89< / ><>3.53< / >< / ><><>石油与天然气< / ><>67< / ><>426.90< / ><>0.57< / ><>-1.00< / ><>1057.64< / ><>-1.00< / ><>2.38< / >< / ><><>石油、天然气与煤炭< / ><>306< / ><>719.61< / ><>-0.25< / ><>4.41< / ><>31.30< / ><>1623.59< / ><>34.32< / ><>3.15< / >< / ><><>天然气、水与综合公用事业< / ><>117< / ><>710.51< / ><>-0.99< / ><>-3.04< / ><>4.53< / ><>1732.27< / ><>7.19< / ><>3.56< / >< / ><><>银行< / ><>450< / ><>896.71< / ><>-0.76< / ><>-3.57< / ><>3.37< / ><>1883.41< / ><>5.41< / ><>2.98< / >< / ><><>交通运输< / ><>< / >< / ><><>汽车与零部件< / ><>298< / ><>1058.93< / ><>1.01< / ><>7.61< / ><>-12.83< / ><>1741.82< / ><>-11.92< / ><>1.51< / >< / ><><>汽车与

Parts< / td> 386< / ><>1058.93< / ><>-0.55< / ><>-1.00< / ><>1741.82< / ><>-11.92< / ><>1.51< / >< / tr> <>工业< / ><>< / >< / ><><>工业工程< / ><>102< / ><>3065.02< / ><>-0.72< / ><>-7.84< / ><>8.95< / ><>6893.02< / ><>8.88< / ><>1.08< / >< / ><><>工业工程< / ><>330< / ><>2386.93< / ><>-0.71< / ><>0.17< / ><>21.38< / ><>2757.67< / ><>22.50< / ><>1.36< / >< / ><><>工业材料< / ><>95< / ><>287.60< / ><>-0.34< / ><>1.77< / ><>3.39< / ><>520.14< / ><>5.16< / ><>2.77< / >< / ><><>工业金属与采矿< / ><>318< / ><>1131.13< / ><>-0.13< / ><>-1.00< / ><>1131.13< / ><>-1.00< / ><>2.38< / >< / ><><>工业支持服务< / ><>235< / ><>1233.97< / ><>-0.29< / ><>6.12< / ><>3.07< / ><>1941.92< / ><>4.03< / ><>1.24< / >< / ><><>工业< / ><>2602< / ><>1626.20< / ><>-0.31< / ><>1.86< / ><>12.19< / ><>2569.18< / ><>13.36< / ><>1.41< / >< / ><><>房地产< / ><>204< / ><>1017.85< / ><>-0.30< / ><>-0.00< / ><>1017.85< / ><>-0.30< / ><>1.41< / >< / ><><>资源与材料< / ><>< / >< / ><><>基础材料< / ><>997< / ><>1320.21< / ><>1.12< / ><>13.80< / ><>22.19< / ><>3980.18< / ><>23.56< / ><>1.90< / >< / ><><>基础材料< / ><>433< / ><>1060.61< / ><>0.14< / ><>3.28< / ><>17.92< / ><>1956.39< / ><>19.74< / ><>2.06< / >< / ><><>建筑与材料< / ><>461< / ><>1446.78< / ><>-0.55< / ><>-1.59< / ><>2.48< / ><>2843.87< / ><>3.72< / ><>1.62< / >< / ><><>建筑与材料< / ><>40< / ><>122.22< / ><>-1.02< / ><>-0.00< / ><>405.29< / ><>-1.02< / ><>1.37< / >< / ><><>贵金属与采矿< / ><>95< / ><>1691.35< / ><>0.59< / ><>36.37< / ><>18.03< / ><>2988.37< / ><>20.35< / ><>1.37< / >< / 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 FT 未做出任何要约。FT 不保证该信息的可靠性或完整性。FT 不对因依赖或使用该信息而产生的任何损失承担责任。 如需进一步信息，请联系 newspapers@ice.com

英国公司业绩

<><>公司< / ><>营业额(E)< / >< / ><><>Andrade Mining< / ><>Fin 30.1m (22.4m)< / >< / ><><>Berewolf Mining< / ><>Int - (-)< / >< / ><><>Berkelley Energia $< / ><>Fin - (-)< / >< / ><><>CT Private Equity Trust< / ><>Int - (-)< / >< / ><><>FIIH Group< / ><>Fin 37.4m (36.6m)< / >< / ><><>Forgent €< / ><> 197k (638k)< / >< / ><><>GenIP $< / ><> 54k (125k)< / >< / ><><>Halo Minerals< / ><> - (-)< / >< / ><><>Hochschild Mining $< / ><> 844.4m (520.0m)< / >< / ><><>Prudential $< / ><> 59亿 (53亿)< / >< / table>

富时100指数摘要

	收盘价 (p)	%涨跌	收盘价 (p)	%涨跌
3i Group	2826.00	-0.21	Intl Care Airlines	438.20
Aberdeen Group	252.20	0.49	IDC	2522.00
Admiral	4024.00	-1.26	Interlink Group	545.00
Airtel Africa	332.85	-2.12	Investec	863.00
Alliance Wilco	1379.00	0.44	JD Sports Fashion	86.70
Anglo American	4508.00	0.61	Kingfisher	315.50
Asbury Group	4039.00	-0.01	Lion Communications Corp	686.00
Asses, Bitt, Foods	2052.00	-0.58	Legal & General	203.40
AstraZeneca	11970.00	-1.19	Lion Finance	13420.00
AutostrSector	536.00	-1.53	Lloyds Bkg Grp	108.95
Buenos	726.40	1.42	London Stock Exchange Ptg	33.21
Babcock Intl	1056.50	-2.36	Lab Stock Ex	9000.00
BAC Systems	2044.00	-2.29	M&G	351.00
Barclays	496.85	0.62	Marathon Oil & Gas	264.68
Barrett-Redford	318.20	-0.41	Midrose Ind	515.20
Beazley	1297.00	0.04	Metrol Energy	4227.28
BP	514.50	-0.17	Nat Grid	1170.00
BP, Amer. Tobacco	4120.00	-0.55	NatWest Group	874.15
British Land	436.20	-0.33	Next	10575.00
BT Group	265.30	-0.44	Pearson	1223.50
Berkel	2790.00	0.36	Pennsylvania Hldgs	3500.00
Berkeley	1308.00	1.12	Pepsico	1178.50
Centrica	155.40	0.52	Polar CapitalTech	656.00
Coca-Cola Europac	7986.00	1.01	Prudential	1019.00
Coca-Cola HBC AG	4570.00	0.13	Reckitt Benckiser	5132.00
Compass	2257.91	0.81	RELX	2972.00
Compuotencor	5670.00	0.80	Rentskii Initial	945.70
Convatec	227.60	-0.67	Rio Tinto	7674.00
CrownTraders	3449.89	0.87	Rolls-Royce	1530.20
CDO Energy	6370.00	-0.31	Sabrina B	333.60
Diageo	1709.00	0.44	Schroders	564.00
Diploma	7336.00	0.55	Scott Motiv Inv Tot	1492.50
Endesa Mining	4742.00	0.26	Seaco	90.12
Estein	513.20	0.43	Severn Trent	3146.00
Experian	3044.00	-0.23	Shell	3344.50
F&C Inv Trust	345.20	0.64	Smith &

Nephew< / td> 1882.50< / >< / tr> <>Fresnillo< / ><>3170.00< / ><>0.21< / ><>Smith & Nephew Grp< / ><>2918.50< / >< / ><><>Games Works< / ><>18420.00< / ><>0.55< / ><>Sprouts Group< / ><>7110.00< / >< / ><><>Glencore< / ><>355.60< / ><>0.05< / ><>SSS< / ><>2440.00< / >< / ><><>GSI< / ><>1853.50< / ><>0.08< / ><>Standard Chartered< / ><>2177.00< / >< / ><><>Haleon< / ><>368.20< / ><>0.35< / ><>Standard Life< / ><>940.00< / >< / ><><>Halma< / ><>3622.00< / ><>1.09< / ><>St James's Place< / ><>1186.00< / >< / ><><>Hiscox< / ><>1942.00< / ><>0.38< / ><>Twilio< / ><>457.30< / >< / ><><>Howden & Sons< / ><>744.80< / ><>1.31< / ><>The Sage Grp< / ><>1062.00< / >< / ><><>HSBC< / ><>1528.40< / ><>1.62< / ><>Tritax Big Box< / ><>157.40< / >< / ><><>IG

Group< / ><>1400.00< / ><>0.43< / ><>Unilever< / ><>4776.00< / >< / ><><>IIM< / ><>3112.00< / ><>0.26< / ><>Utd. Utilities< / ><>1431.00< / >< / ><><>Imperial Brands< / ><>2527.00< / ><>0.19< / ><>Vodafone< / ><>15.15< / >< / ><><>Informa< / ><>901.40< / ><>1.14< / ><>Woor< / ><>2966.00< / >< / ><><>InterCont'l Hotels< / ><>11992.00< / ><>0.09< / ><>Whitbread< / ><>2459.00< / >< / table>

英国近期新增股票

<><>< / ><>收盘价 (p)< / ><>%涨跌< / ><>< / ><>收盘价 (p)< / ><>%涨跌< / >< / ><><>ATC Music Group< / ><>182.50< / ><>-< / ><>Mendell Helium< / ><>5.10< / ><>0.99< / >< / ><><>Braucas Solutions< / ><>163.00< / ><>0.31< / ><>Meridian Mining< / ><>97.60< / ><>2.74< / >< / ><><>Coastal Africa Group< / ><>200.00< / ><>-< / ><>Petrobras Comms< / ><>26.50< / ><>-< / >< / ><><>Comah Metals< / ><>109.00< / ><>1.80< / ><>Power Probe< / ><>64.00< / ><>2.29< / >< / ><><>Daim Corp< / ><>470.00< / ><>1.29< / ><>Ritch Kelvin< / ><>7.60< / ><>1.33< / >< / ><><>EDM Medical Group< / ><>10.00< / ><>-< / ><>Sensil Resources< / ><>20.00< / ><>4.76< / >< / ><><>Generation Essentials< / ><>86.77< / ><>0.06< / ><>Sintana Energy< / ><>20.50< / ><>4.65< / >< / ><><>Halo

Minerals< / ><>10.50< / ><>2.44< / ><>Sunbelt Remains< / ><>5330.00< / ><>0.56< / >< / ><><>Fonix Financial< / ><>145.00< / ><>-< / ><>Tapix Holdings< / ><>44.00< / ><>-< / >< / ><><>Mayflower Acquisition< / ><>665.11< / ><>0.06< / ><>The Smarter Web Co< / ><>32.50< / ><>2.20< / >< / table>

<><>BosNtech< / ><>111.40< / ><>1.16< / ><>124.00< / ><>79.52< / ><>0.00< / ><>53.30< / ><>28.17< / >< / ><>< colspan="8">香港 (HKD)< / >< / ><><>AIA Group< / ><>74.65< / ><>0.45< / ><>92.15< / ><>68.95< / ><>2.65< / ><>126.31< / ><>772.38< / >< / ><><>HKEX< / ><>472.20< / ><>1.40< / ><>460.20< / ><>360.00< / ><>3.30< / ><>30.05< / ><>535.28< / >< / table>

英国 (USD)

<><>Full Truck Alliance< / ><>8.77< / ><>0.05< / ><>14.07< / ><>7.46< / ><>2.63< / ><>292.33< / ><>163.56< / >< / ><><>Futs Holdings A< / ><>124.57< / ><>2.77< / ><>202.53< / ><>80.50< / ><>2.05< / ><>11.92< / ><>95.42< / >< / ><><>PDD Holdings A< / ><>84.69< / ><>2.05< / ><>139.41< / ><>71.94< / ><>0.00< / ><>33.88< / ><>480.92< / >< / table>

FT 全球 500 强：全球最大公司

股票< / td>< rowspan="2">价格< / >< rowspan="2">+ / -股息< / >< colspan="5">52周< / >< / tr><><>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)< / ><>36.46< / ><>-0.49< / ><>41.00< / ><>32.46< / ><>5.97< / ><>18.73< / ><>109.96< / >< / ><><>必和必拓 (BHP Group)< / ><>66.40< / ><>-1.00< / ><>68.77< / ><>39.30< / ><>3.60< / ><>34.30< / ><>337.59< / >< / ><><>联邦银行 (Commonwealth Bank)< / ><>154.98< / ><>-0.50< / ><>185.59< / ><>146.98< / ><>3.26< / ><>23.75< / ><>259.32< / >< / ><><>CSL有限公司 (CSL Ltd)< / ><>173.88< / ><>1.44< / ><>222.47< / ><>90.00< / ><>2.34< / ><>27.04< / ><>83.27< / >< / ><><>麦格理集团 (Macquarie Group)< / ><>250.94< / ><>-1.83< / ><>267.90< / ><>197.31< / ><>3.21< / ><>25.63< / ><>96.27< / >< / ><><>澳洲国民银行 (National Australia Bank)< / ><>37.98< / ><>-0.28< / ><>49.45< / ><>35.48< / ><>4.48< / ><>17.19< / ><>118.40< / >< / ><><>Wesfarmers< / ><>79.45< / ><>-3.81< / ><>94.70< / ><>70.80< / ><>2.79< / ><>31.36< / ><>90.21< / >< / ><><>西太平洋银行 (Westpac Banking)< / ><>33.68< / ><>-0.15< / ><>43.32< / ><>33.46< / ><>4.57< / ><>16.78< / ><>115.20< / >< / ><>< colspan="8">比利时 (EUR)< / >< / table>

<><>Anteuser-busch Indev巴西 (BRL)< / ><>67.26< / ><>-0.46< / ><>76.18< / ><>48.87< / ><>1.20< / ><>25.38< / ><>120.88< / >< / ><><>伊塔乌联合银行控股 (Itau Unibanco Holding)< / ><>42.32< / ><>-0.28< / ><>47.80< / ><>32.50< / ><>0.00< / ><>237.74< / >< / ><><>伊塔乌联合银行控股优先股 (Itau Unibanco Holding Pfd)< / ><>39.10< / ><>-0.35< / ><>49.67< / ><>36.65< / ><>0.00< / ><>211.50< / >< / ><><>巴西石油 (Petroleo Brasileiro)< / ><>47.31< / ><>1.38< / ><>56.14< / ><>30.96< / ><>0.00< / ><>41.93< / ><>352.09< / >< / ><><>巴西石油优先股 (Petroleo Brasileiro Pfd)< / ><>42.70< / ><>1.25< / ><>50.69< / ><>29.31< / ><>0.00< / ><>232.57< / >< / ><><>淡水河谷 (Vale)< / ><>79.11< / ><>0.66< / ><>91.62< / ><>54.81< / ><>0.00< / ><>89.14< / ><>336.67< / >< / table>

<>< rowspan="2">股票< / >< rowspan="2">价格< / >< rowspan="2">+ / -涨跌< / >< colspan="3">52周< / ><>市盈率< / >< rowspan="2">M / A< / >< / ><><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / >< / ><>< colspan="8">Fielo (EUR)< / >< / ><><>北欧银行 (Nordia Bank AG)< / ><>17.50< / ><>0.01< / ><>17.77< / ><>12.94< / ><>0.00< / ><>12.59< / ><>59.53< / >< / ><>< colspan="8">法国 (EUR)< / >< / ><><>液化空气 (Air Liquide)< / ><>168.78< / ><>-1.94< / ><>189.80< / ><>154.86< / ><>2.02< / ><>31.96< / ><>106.43< / >< / ><><>空中客车 (Airbus)< / ><>203.40< / ><>-2.45< / ><>221.30< / ><>157.42< / ><>1.57< / ><>37.85< / ><>161.15< / >< / ><><>AirSpA< / ><>40.92< / ><>-0.79< / ><>45.66< / ><>36.55< / ><>5.41< / ><>11.96< / ><>89.24< / >< / ><><>AirPepsi A< / ><>108.60< / ><>-0.36< / ><>115.30< / ><>93.17< / ><>1.53< / ><>29.26< / ><>104.42< / >< / ><><>Companhia de Gestion< / ><>79.40< / ><>-2.84< / ><>95.86< / ><>65.88< / ><>2.89< / ><>11.86< / ><>39.32< / >< / ><><>Cresol Agropec< / ><>18.25< / ><>-0.76< / ><>20.40< / ><>15.29< / ><>0.00< / ><>8.37< / ><>55.24< / >< / ><><>达能 (Danone)< / ><>64.70< / ><>-1.02< / ><>80.14< / ><>60.64< / ><>3.48< / ><>24.98< / ><>44.21< / >< / ><><>Enelisa< / ><>23.07< / ><>0.53< / ><>30.36< / ><>15.97< / ><>1.17< / ><>25.63< / ><>30.86< / >< / ><><>ENDE< / ><>24.10< / ><>-0.86< / ><>29.89< / ><>17.20< / ><>4.28< / ><>15.86< / ><>61.27< / >< / ><><>EsslEurolacta< / ><>157.50< / ><>-1.70< / ><>332.80< / ><>159.15< / ><>2.54< / ><>30.29< / ><>73.12< / >< / ><><>Hermes< / >>

International< / td> 1503.00< / ><>15.50< / ><>2300.00< / ><>1465.50< / ><>1.15< / ><>35.58< / ><>165.00< / >< / tr> <>LVMH< / ><>364.85< / ><>-2.08< / ><>413.00< / ><>280.00< / ><>1.15< / ><>29.36< / ><>104.42< / >< / ><><>LMH Pharm Sociedad< / ><>440.40< / ><>-1.60< / ><>654.70< / ><>440.00< / ><>2.91< / ><>23.47< / ><>221.29< / >< / ><><>Safran< / ><>343.20< / ><>-7.20< / ><>366.50< / ><>262.60< / ><>0.98< / ><>45.16< / ><>143.58< / >< / ><><>Sanofi< / ><>77.28< / ><>-1.01< / ><>91.15< / ><>71.25< / ><>5.83< / ><>9.87< / ><>93.34< / >< / ><><>Schneider Electric< / ><>297.55< / ><>-1.65< / ><>312.30< / ><>280.90< / ><>1.41< / ><>34.64< / ><>172.16< / >< / ><><>Schneider

Comm< / ><>100.00< / ><>-0.00< / ><>100.00< / ><>75.00< / ><>0.00< / ><>10.00< / ><>100.00< / >< / ><><>VNO< / ><>114.85< / ><>-4.65< / ><>143.15< / ><>112.40< / ><>4.40< / ><>12.38< / ><>67.42< / >< / table>

<><>Agnico Eagle Miners< / ><>298.24< / ><>1.44< / ><>348.94< / ><>188.48< / ><>0.84< / ><>25.45< / ><>151.95< / >< / ><><>American Bronze Co / The< / ><>63.40< / ><>-0.87< / ><>95.15< / ><>68.30< / ><>1.03< / ><>29.66< / ><>76.58< / >< / ><><>Bank of America< / ><>63.69< / ><>-0.81< / ><>259.25< / ><>224.24< / ><>0.72< / ><>26.78< / ><>100.00< / >< / ><><>Bank of News Scotia< / ><>178.64< / ><>-0.97< / ><>131.72< / ><>84.88< / ><>3.54< / ><>26.51< / ><>158.80< / >< / ><><>Brookfield< / ><>57.43< / ><>-0.43< / ><>102.59< / ><>52.04< / ><>0.66< / ><>102.55< / ><>120.20< / >< / ><><>Brookfield Asset Mgmt A< / ><>72.16< / ><>-0.06< / ><>86.51< / ><>58.09< / ><>3.86< / ><>41.23< / ><>115.26< / >< / ><><>Canadian Empire

Bank< / ><>158.16< / ><>-4.66< / ><>172.87< / ><>102.30< / ><>2.69< / ><>25.88< / ><>147.48< / >< / ><><>Canadian National Railway I< / ><>175.15< / ><>-1.82< / ><>185.25< / ><>126.11< / ><>2.09< / ><>30.84< / ><>105.81< / >< / ><><>Canadian National Rail< / ><>69.03< / ><>0.10< / ><>70.99< / ><>41.67< / ><>3.62< / ><>18.64< / ><>142.31< / >< / ><><>Canadian Pacific Northwest< / ><>130.14< / ><>-1.26< / ><>133.38< / ><>96.50< / ><>0.76< / ><>41.31< / ><>114.40< / >< / ><><>Construction Software I< / ><>3152.75< / ><>55.27< / ><>554.24< / ><>4036.98< / ><>2190.00< / ><>0.18< / ><>1552.28< / >< / ><><>Enbridge< / ><>69.08< / ><>-0.52< / ><>80.65< / ><>63.42< / ><>5.50< / ><>36.27< / ><>151.31< / >< / ><><>FleetBoston

Financial< / ><>100.00< / ><>-0.00< / ><>100.00< / ><>0.00< / >< / ><><>Royal Bank of Canada< / ><>283.47< / ><>-4.64< / ><>306.38< / ><>195.86< / ><>2.48< / ><>75.75< / ><>393.96< / >< / ><><>Shopify Inc A< / ><>213.67< / ><>5.17< / ><>253.10< / ><>129.01< / ><>0.00< / ><>143.40< / ><>258.24< / >< / ><><>Suncor Energy< / ><>92.09< / ><>0.96< / ><>96.53< / ><>53.02< / ><>2.61< / ><>24.04< / ><>107.71< / >< / ><><>TC Energy< / ><>85.91< / ><>-1.25< / ><>100.18< / ><>69.41< / ><>4.09< / ><>34.36< / ><>155.91< / >< / ><><>The Toronto Edison Bank Of Scotland< / ><>167.94< / ><>1.57< / ><>175.33< / ><>100.01< / ><>2.58< / ><>20.32< / ><>283.57< / >< / ><><>Waste

Connections< / ><>228.79< / ><>-2.28< / ><>255.30< / ><>203.46< / ><>0.94< / ><>55.37< / ><>57.92< / >< / table>

中国农业银行< / td><>8.79< / ><>0.07< / ><>8.69< / ><>5.79< / ><>3.67< / ><>8.71< / ><>21.98< / >< / tr><><>中国银行< / ><>6.14< / ><>0.06< / ><>6.39< / ><>5.13< / ><>3.69< / ><>8.30< / ><>14.65< / >< / ><><>交通银行 A 股< / ><>7.07< / ><>0.10< / ><>7.77< / ><>6.37< / ><>4.59< / ><>6.55< / ><>409.39< / >< / ><><>中国建设银行 A 股< / ><>10.57< / ><>0.10< / ><>10.98< / ><>8.50< / ><>3.88< / ><>8.12< / ><>223.90< / >< / ><><>中国人寿保险< / ><>38.61< / ><>0.03< / ><>41.02< / ><>33.32< / ><>2.22< / ><>7.08< / ><>604.00< / >< / ><><>中国移动通信< / ><>10.00< / ><>0.01< / ><>10.00< / ><>8.00< / ><>2.22< / ><>7.08< / ><>100.00< / >< / ><><>中国石油化工 A 股< / ><>5.29< / ><>0.04< / ><>8.11< / ><>4.43< / ><>4.10< / ><>20.19< / ><>513.89< / >< / ><><>中国海外工程 A 股< / ><>47.80< / ><>0.54< / ><>55.18< / ><>37.24< / ><>4.21< / ><>17.87< / ><>675.31< / >< / ><><>中国长江 A 股< / ><>28.10< / ><>0.14< / ><>29.57< / ><>25.38< / ><>3.56< / ><>18.93< / ><>667.56< / >< / ><><>中国铁路集团 B 股< / ><>1.82< / ><>0.01< / ><>2.00< / ><>1.48< / ><>1.00< / ><>100.00< / >< / ><><>重庆长安 A 股< / ><>373.00< / ><>6.00< / ><>468.75< / ><>272.72< / ><>0.96< / ><>23.11< / ><>1644.32< / >< / ><><>东中国家居有限公司< / ><>1.602< / ><>0.26< / ><>2.36< / ><>17.22< / ><>0.51< / ><>25.65< / ><>310.43< / >< / ><><>Fascot 国际能源< / ><>63.86< / ><>3.29< / ><>84.95< / ><>44.22< / ><>1.53< / ><>35.88< / ><>1267.74< / >< / ><><>中国工商银行< / ><>7.82< / ><>0.01< / ><>8.88< / ><>6.24< / ><>4.00< / ><>10.00< / ><>100.00< / >< / ><><>中国兴业银行< / ><>16.01< / ><>0.20< / ><>23.98< / ><>16.44< / ><>5.92< / ><>5.21< / ><>381.14< / >< / ><><>江苏恒权 A 股< / ><>47.81< / ><>0.87< / ><>74.04< / ><>45.26< / ><>0.42< / ><>40.01< / ><>303.70< / >< / ><><>贵州茅台 A 股< / ><>1292.30< / ><>10.50< / ><>1568.00< / ><>101.21< / ><>4.02< / ><>19.68< / ><>1615.48< / >< / ><><>泸州中国银行 A 股< / ><>57.18< / ><>0.07< / ><>67.76< / ><>42.99< / ><>0.44< / ><>24.67< / ><>419.80< / >< / ><><>泸州中国银行 B 股< / ><>88.16< / ><>0.05< / ><>93.35< / ><>64.34< / ><>0.44< / ><>19.68< / ><>1615.48< / >< / ><><>中国石油 A 股< / ><>11.08< / ><>0.07< / ><>13.69< / ><>8.44< / ><>4.24< / ><>12.86< / ><>1.79< / >< / ><><>中国平安保险集团 A 股< / ><>55.87< / ><>0.26< / ><>74.88< / ><>46.90< / ><>4.89< / ><>7.27< / ><>555.58< / >< / ><><>紫金中国银行 A 股< / ><>5.00< / ><>0.08< / ><>6.44< / ><>4.76< / ><>4.37< / ><>6.05< / ><>5.01< / >< / ><><>五星中国 A 股< / ><>1.00< / ><>0.01< / ><>1.00< / ><>0.00< / >< / ><><>五粮中国银行< / ><>71.12< / ><>0.78< / ><>131.50< / ><>70.52< / ><>7.25< / ><>30.83< / ><>276.06< / >< / ><><>志明集团 A 股< / ><>34.57< / ><>0.10< / ><>44.94< / ><>22.21< / ><>2.31< / ><>17.73< / ><>712.20< / >< / table>

公司< / td><>评级< / ><>价格< / ><>最高价< / ><>最低价< / ><>收益率< / ><>市盈率< / ><>市值（百万）< / >< / tr><><>adidas AI< / ><>153.10< / ><>2.40< / ><>196.40< / ><>129.95< / ><>1.83< / ><>20.52< / ><>27.56< / >< / ><><>Aliana< / ><>445.20< / ><>-6.50< / ><>452.90< / ><>338.90< / ><>3.04< / ><>15.56< / ><>169.36< / >< / ><><>Altria< / ><>51.51< / ><>1.10< / ><>53.60< / ><>43.20< / ><>2.80< / ><>10.51< / ><>10.80< / >< / ><><>BMW< / ><>189.94< / ><>2.26< / ><>97.92< / ><>56.44< / ><>7.04< / ><>5.04< / ><>36.91< / >< / ><><>德意志银行 (Deutsche Bank)< / ><>34.44< / ><>-0.19< / ><>35.01< / ><>23.82< / ><>2.90< / ><>10.90< / ><>65.80< / >< / ><><>德意志交易所 (Deutsche Borse)< / ><>288.80< / ><>1.90< / ><>289.30< / ><>200.10< / ><>1.45< / ><>43.82< / ><>53.80< / >< / ><><>德国电信 (Deutsche Telekom AG)< / ><>28.19< / ><>-0.74< / ><>34.36< / ><>23.53< / ><>3.55< / ><>14.31< / ><>136.72< / >< / ><><>DVA Group< / ><>56.42< / ><>-0.40< / ><>56.30< / ><>38.39< / ><>3.37< / ><>18.26< / ><>64.88< / >< / ><><>Informa Technologies< / ><>51.17< / ><>1.08< / ><>68.83< / ><>38.82< / ><>0.61< / ><>74.25< / ><>74.66< / >< / ><><>Informa Software< / ><>45.59< / ><>-0.14< / ><>46.00< / ><>32.34< / ><>1.00< / ><>14.26< / ><>23.34< / >< / ><><>默克 (Merck)< / ><>140.10< / ><>1.45< / ><>148.00< / ><>100.70< / ><>1.57< / ><>21.92< / ><>81.11< / >< / ><><>Muenchese Bank< / ><>514.40< / ><>-1.40< / ><>575.60< / ><>437.40< / ><>4.67< / ><>24.57< / ><>65.31< / >< / ><><>保时捷 (Porsche)< / ><>45.22< / ><>1.97< / ><>50.66< / ><>35.62< / ><>2.23< / ><>11.45< / ><>20.60< / >< / ><><>Ricemontal< / ><>1173.20< / ><>34.40< / ><>2008.00< / ><>800.00< / ><>0.08< / ><>71.06< / ><>54.88< / >< / ><><>SAP< / ><>189.88< / ><>9.86< / ><>244.30< / ><>137.50< / ><>1.32< / ><>30.33< / ><>233.27< / >< / ><><>标准普尔500指数 (S&P 500)< / ><>286.95< / ><>-1.00< / ><>297.50< / ><>213.20< / ><>1.00< / ><>14.88< / ><>23.48< / >< / ><><>西门子能源 (Siemens Energy)< / ><>150.24< / ><>-0.86< / ><>191.66< / ><>83.32< / ><>0.47< / ><>238.49< / ><>129.37< / >< / ><><>西门子医疗 (Siemens Healthers)< / ><>39.26< / ><>-< / ><>49.71< / ><>32.81< / ><>2.55< / ><>35.55< / ><>44.29< / >< / ><><>大众汽车 (Volkswagen)< / ><>76.10< / ><>2.55< / ><>110.20< / ><>71.00< / ><>6.83< / ><>5.73< / ><>22.46< / >< / ><><>大众菲亚特 (Volkswagen Fiat)< / ><>75.00< / ><>2.58< / ><>109.15< / ><>68.20< / ><>7.01< / ><>5.64< / ><>16.47< / >< / table>

<><>Kwale Finance House< / ><>0.77< / ><>< / ><>0.85< / ><>0.77< / ><>3.10< / ><>23.24< / ><>15.30< / >< / ><>< colspan="8">墨西哥 (MXON)< / >< / ><><>America Movil B< / ><>19.97< / ><>-0.12< / ><>24.48< / ><>17.48< / ><>2.70< / ><>0.00< / ><>1241.83< / >< / ><><>墨西哥沃尔玛 (Wal-Mart de Mexico)< / ><>47.75< / ><>-0.18< / ><>63.97< / ><>46.31< / ><>2.43< / ><>0.00< / ><>833.06< / >< / ><>< colspan="8">荷兰 (EUR)< / >< / ><><>Adyen< / ><>1079.60< / ><>8.20< / ><>1600.80< / ><>772.40< / ><>0.00< / ><>59.29< / ><>34.21< / >< / ><><>ASM, Holding< / ><>1486.40< / ><>-11.20< / ><>1741.00< / ><>611.80< / ><>0.52< / ><>74.66< / ><>576.94< / >< / ><><>Heimeln< / ><>72.14< / ><>-0.68< / ><>80.44< / ><>63.90< / ><>2.66< / ><>15.48< / ><>40.79< / >< / ><><>ING < / >< / table>

Group< / td> 30.12< / ><>-0.44< / ><>31.21< / ><>20.21< / ><>3.77< / ><>15.21< / ><>86.56< / >< / tr> <>Prosus N< / ><>38.01< / ><>< / ><>63.94< / ><>36.17< / ><>0.74< / ><>7.19< / ><>83.11< / >< / ><><>The Magnum for Crown Co< / ><>17.32< / ><>-0.13< / ><>17.57< / ><>11.02< / ><>0.00< / ><>36.09< / ><>10.61< / >< / ><><>Universal Music Group NV< / ><>14.86< / ><>0.21< / ><>25.37< / ><>14.17< / ><>3.50< / ><>34.55< / ><>27.31< / >< / ><>< colspan="8">挪威 (NOK)< / >< / table>

<>< rowspan="2">股票< / >< rowspan="2">价格< / >< ="2">+ / -涨跌< / >< colspan="3">52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">市值 (十亿)< / >< / ><><>最高< / ><>最低< / ><>< / >< / ><><>信越化学 (Shin-Etsu Chemical)< / ><>5993.00< / ><>26.00< / ><>7638.00< / ><>4366.00< / ><>1.94< / ><>23.72< / ><>11896.08< / ><>< / >< / ><><>软银 (SoftBank)< / ><>237.50< / ><>-2.00< / ><>341.60< / ><>332.60< / ><>3.71< / ><>20.93< / ><>11408.86< / ><>< / >< / ><><>软银集团 (SoftBank Group)< / ><>5200.00< / ><>37.00< / ><>37895.00< / ><>3385.00< / ><>0.21< / ><>5.95< / ><>29701.61< / ><>< / >< / ><><>索尼金融集团 (Sony Financial Group)< / ><>162.50< / ><>-0.20< / ><>219.00< / ><>129.30< / ><>4.50< / ><>30.41< / ><>1108.18< / ><>< / >< / ><><>索尼 集团 (Sony Group)< / ><>3970.00< / ><>-8.00< / ><>4776.00< / ><>3643.00< / ><>0.90< / ><>70.75< / ><>23085.77< / ><>< / >< / ><><>三井住友金融 (Sumitomo Mitsui Financial)< / ><>6794.00< / ><>-62.00< / ><>7530.00< / ><>3668.00< / ><>2.65< / ><>16.49< / ><>25824.94< / ><>< / >< / ><><>武田药品 (Takeda Pharmaceutical)< / ><>5809.00< / ><>-51.00< / ><>6633.00< / ><>4102.00< / ><>3.51< / ><>60.04< / ><>30366.94< / ><>< / >< / ><><>东京海上控股 (Tokio Marine Holdings)< / ><>7629.00< / ><>< / ><>8468.00< / ><>5300.00< / ><>3.21< / ><>27.31< / ><>14754.49< / ><>< / >< / ><><>东京电子 (Tokyo Electron)< / ><>56000.00< / ><>500.00< / ><>81298.00< / ><>19870.00< / ><>0.83< / ><>44.64< / ><>202838.93< / ><>< / >< / ><><>丰田汽车 (Toyota Motor)< / ><>3077.00< / ><>7.00< / ><>4000.00< / ><>2666.00< / ><>3.25< / ><>10.42< / ><>44808.78< / ><>< / >< / table>

<><>Equinor< / ><>384.00< / ><>-3.60< / ><>422.30< / ><>226.40< / ><>3.74< / ><>197.94< / ><>918.05< / >< / ><>< colspan="8">大韩民国 (KRW)< / >< / ><><>LG能源方案 (LG Energy Solution)< / ><>370500.00< / ><>18500.00< / ><>527000.00< / ><>290500.00< / ><>0.00< / ><>80.81< / ><>86697.00< / >< / ><><>三星生物 (SAMSUNG BIOLOGICS)< / ><>1594000.00< / ><>-5000.00< / ><>1987000.00< / ><>983000.00< / ><>0.00< / ><>66.17< / ><>73787.78< / >< / ><><>三星电子 (Samsung Electronics)< / ><>266000.00< / ><>4500.00< / ><>374500.00< / ><>67500.00< / ><>0.63< / ><>40.27< / ><>0.00< / >< / ><><>三星电子优先股 (Samsung Electronics Pref)< / ><>194300.00< / ><>-2500.00< / ><>249500.00< / ><>55100.00< / ><>0.67< / ><>183.70< / ><>155800.72< / >< / ><><>三星 Epi< / ><>396000.00< / ><>6000.00< / ><>773000.00< / ><>329000.00< / ><>0.00< / ><>305.62< / ><>9604.86< / >< / ><><>SK hydra< / ><>1730000.00< / ><>42000.00< / ><>2987000.00< / ><>253000.00< / ><>0.17< / ><>27.88< / ><>0.00< / >< / table>

沙特阿拉伯 (SAR)< / td>< / tr><><>ACWA Power< / ><>195.40< / ><>-1.40< / ><>252.60< / ><>154.50< / ><>0.24< / ><>81.42< / ><>149.77< / >< / ><><>Al Rajhi Bank< / ><>68.30< / ><>-0.70< / ><>113.00< / ><>62.00< / ><>2.44< / ><>17.51< / ><>409.80< / >< / ><><>Saudi Arabian Mining< / ><>69.70< / ><>-0.70< / ><>79.90< / ><>51.25< / ><>0.00< / ><>89.36< / ><>271.05< / >< / ><><>Saudi Arabian Oil< / ><>26.10< / ><>< / ><>27.96< / ><>23.04< / ><>5.20< / ><>18.12< / ><>63.16< / >< / ><><>Saudi Basic Industries< / ><>50.10< / ><>-0.25< / ><>64.00< / ><>48.20< / ><>5.19< / ><>98.24< / ><>150.30< / >< / ><><>Saudi National Bank< / ><>43.40< / ><>< / ><>45.24< / ><>33.30< / ><>5.30< / ><>10.74< / ><>280.40< / >< / ><><>STC

Co< / ><>44.66< / ><>0.06< / ><>45.38< / ><>41.14< / ><>4.93< / ><>15.04< / ><>223.30< / >< / table>

<><>All-Group< / ><>74.89< / ><>0.45< / ><>92.17< / ><>98.99< / ><>2.89< / ><>28.31< / ><>772.38< / >< / ><><>Bayer Bank< / ><>422.20< / ><>1.40< / ><>460.20< / ><>360.00< / ><>3.30< / ><>30.05< / ><>535.28< / >< / ><>< colspan="8">印度 (INR)< / >< / ><><>Bajaj Food< / ><>1077.00< / ><>-10.05< / ><>1177.60< / ><>788.40< / ><>0.56< / ><>56.53< / ><>6705.36< / >< / ><><>Bharti Agrl Ltd< / ><>1878.00< / ><>-27.00< / ><>2174.70< / ><>1745.00< / ><>1.28< / ><>143.47< / ><>17179.66< / >< / ><><>HCI Technologies< / ><>1282.20< / ><>-17.80< / ><>1770.00< / ><>1030.00< / ><>4.68< / ><>19.98< / ><>3479.46< / >< / ><><>HDKK Bank< / ><>712.00< / ><>-15.10< / ><>1020.35< / ><>715.05< / ><>1.83< / ><>14.38< / ><>10972.72< / >< / ><><>Hindustan

Unilever< / ><>2007.00< / ><>-23.00< / ><>2779.70< / ><>2006.90< / ><>2.04< / ><>45.88< / ><>4715.63< / >< / ><><>ICICI Bank< / ><>1444.00< / ><>12.30< / ><>1419.90< / ><>1187.55< / ><>0.83< / ><>22.85< / ><>106238.98< / >< / ><><>Itc Corp< / ><>1106.00< / ><>-10.00< / ><>1186.00< / ><>1010.00< / ><>1.00< / ><>10.00< / ><>1000.00< / >< / ><><>Itc Ltd< / ><>267.40< / ><>-3.45< / ><>426.50< / ><>265.10< / ><>5.42< / ><>3.62< / ><>3393.66< / >< / ><><>Kraft-McNabindha Bank< / ><>423.30< / ><>7.10< / ><>435.15< / ><>345.40< / ><>0.15< / ><>3.80< / ><>4210.72< / >< / ><><>Lansin & Touros< / ><>4033.10< / ><>-10.70< / ><>4440.00< / ><>3268.65< / ><>0.94< / ><>34.49< / ><>5549.01< / >< / ><><>Life Insurance

Corp< / ><>413.00< / ><>-3.00< / ><>506.60< / ><>385.90< / ><>2.42< / ><>14.51< / ><>5224.45< / >< / ><><>Maruti Suzuki India< / ><>13428.00< / ><>-100.00< / ><>17331.60< / ><>12022.10< / ><>1.04< / ><>28.76< / ><>4221.80< / >< / ><><>Shanghai S&G China Ltd< / ><>1386.00< / ><>-10.00< / ><>1483.20< / ><>1250.00< / ><>1.00< / ><>18.88< / ><>4185.63< / >< / ><><>森科能源公司（Suncor）< / ><>1044.90< / ><>-8.90< / ><>1234.40< / ><>966.60< / ><>1.66< / ><>12.02< / ><>9845.07< / >< / ><><>Sun Pharmaceutical Inds< / ><>1900.50< / ><>-0.50< / ><>2047.55< / ><>1547.25< / ><>0.84< / ><>41.68< / ><>4593.83< / >< / ><><>Tesla Consultancy Co< / ><>2252.00< / ><>-19.00< / ><>3336.70< / ><>1916.00< / ><>2.89< / ><>16.78< / ><>8147.93< / >< / table>

中国农业银行< / td><>-< / ><>0.24< / ><>-6.02< / ><>5.52< / ><>6.05< / ><>4.51< / ><>8.00< / ><>191.81< / >< / tr><><>Allstate Bank Holding< / ><>115.50< / ><>-1.10< / ><>186.20< / ><>86.65< / ><>0.89< / ><>139.16< / ><>2396.72< / ><>< / >< / ><><>中国银行< / ><>-< / ><>5.50< / ><>-5.05< / ><>5.62< / ><>4.11< / ><>4.64< / ><>7.44< / ><>460.34< / >< / ><><>交通银行 H股< / ><>7.54< / ><>-0.03< / ><>7.83< / ><>6.33< / ><>4.87< / ><>6.96< / ><>263.89< / ><>< / >< / ><><>必和必拓 (BHP)< / ><>91.25< / ><>-1.35< / ><>115.90< / ><>71.40< / ><>0.45< / ><>25.49< / ><>336.11< / ><>< / >< / ><><>中信银行 G股< / ><>9.15< / ><>-0.05< / ><>9.36< / ><>7.00< / ><>4.00< / ><>10.00< / ><>< / >< / ><><>中国建设银行 H股< / ><>9.13< / ><>-0.08< / ><>9.36< / ><>7.18< / ><>4.80< / ><>7.03< / ><>21.96< / ><>< / >< / ><><>中国人寿 J股< / ><>28.22< / ><>0.12< / ><>36.16< / ><>20.90< / ><>3.88< / ><>5.38< / ><>218.18< / ><>< / >< / ><><>招商银行 H股< / ><>48.52< / ><>0.10< / ><>53.70< / ><>43.34< / ><>4.59< / ><>8.68< / ><>227.34< / ><>< / >< / ><><>中国石油化工 H股< / ><>4.68< / ><>-0.03< / ><>5.70< / ><>3.90< / ><>5.37< / ><>17.86< / ><>111.20< / ><>< / >< / ><><>中国铁路集团 H股< / ><>15.72< / ><>-0.10< / ><>15.72< / ><>10.00< / ><>3.00< / ><>10.00< / ><>100.00< / ><>< / >< / ><><>中信证券 I股< / ><>27.46< / ><>-0.16< / ><>32.50< / ><>23.24< / ><>3.55< / ><>14.02< / ><>94.09< / ><>< / >< / ><><>ICICI H股< / ><>7.46< / ><>-0.09< / ><>7.66< / ><>5.56< / ><>4.70< / ><>7.46< / ><>647.05< / ><>< / >< / ><><>JCI com A< / ><>112.10< / ><>-1.00< / ><>143.80< / ><>95.90< / ><>3.50< / ><>16.27< / ><>279.86< / ><>< / >< / ><><>Median B< / ><>77.50< / ><>-1.55< / ><>102.50< / ><>63.65< / ><>0.00< / ><>20.18< / ><>432.71< / ><>< / >< / ><><>Median C< / ><>77.50< / ><>-1.55< / ><>102.50< / ><>63.65< / ><>0.00< / ><>20.18< / ><>432.71< / ><>< / >< / ><><>网易< / ><>193.20< / ><>-2.30< / ><>249.00< / ><>168.80< / ><>2.38< / ><>18.24< / ><>620.57< / ><>< / >< / ><><>Nanxi SpGn Inc?< / ><>42.94< / ><>-1.14< / ><>56.25< / ><>39.22< / ><>2.63< / ><>30.43< / ><>216.19< / ><>< / >< / ><><>中国石油 H股< / ><>9.37< / ><>0.05< / ><>12.22< / ><>6.99< / ><>5.30< / ><>11.59< / ><>210.36< / ><>< / >< / ><><>中国平安保险集团 L股< / ><>57.25< / ><>-0.40< / ><>74.70< / ><>50.00< / ><>5.57< / ><>7.45< / ><>405.00< / ><>< / >< / ><><>中石化集团 S股< / ><>4.67< / ><>-0.01< / ><>4.88< / ><>3.88< / ><>4.10< / ><>4.88< / ><>100.00< / ><>< / >< / ><><>腾讯控股< / ><>447.80< / ><>2.40< / ><>683.00< / ><>411.00< / ><>1.19< / ><>18.09< / ><>4076.39< / ><>< / >< / ><><>小米公司 B股< / ><>27.48< / ><>-0.98< / ><>59.90< / ><>21.30< / ><>0.00< / ><>16.96< / ><>586.14< / ><>< / >< / ><><>紫金矿业集团 H股< / ><>37.66< / ><>-0.42< / ><>46.98< / ><>24.38< / ><>2.44< / ><>19.31< / ><>225.54< / ><>< / >< / table>

Banci Central Asia< / td><>6400.00< / ><>50.00< / ><>6750.00< / ><>4820.00< / ><>0.00< / ><>13.70< / ><>7889.60< / >< / tr><><>FT Banto Renewables< / ><>3400.00< / ><>90.00< / ><>10725.00< / ><>2300.00< / ><>0.12< / ><>0.00< / ><>548.73< / >< / ><>< colspan="8">意大利 (EUR)< / >< / ><><>Asociacionari Generali< / ><>43.91< / ><>-0.17< / ><>45.48< / ><>31.76< / ><>3.73< / ><>18.07< / ><>67.38< / >< / ><><>Enel< / ><>9.37< / ><>-0.14< / ><>10.31< / ><>7.69< / ><>5.23< / ><>25.32< / ><>95.24< / >< / ><><>Eni< / ><>22.71< / ><>-0.32< / ><>25.02< / ><>14.48< / ><>4.94< / ><>16.11< / ><>68.77< / >< / ><><>Ferrari< / ><>355.80< / ><>-0.35< / ><>431.20< / ><>269.00< / ><>0.84< / ><>51.49< / ><>63.08< / >< / ><><>Intesa Sanpaolo< / ><>6.74< / ><>-0.12< / ><>6.94< / ><>4.81< / ><>5.58< / ><>29.31< / ><>119.20< / >< / ><><>Stellantis< / ><>4.58< / ><>0.12< / ><>10.49< / ><>4.37< / ><>0.00< / ><>6.15< / ><>13.26< / >< / ><><>UniCredit SpA< / ><>83.42< / ><>-2.73< / ><>86.42< / ><>57.36< / ><>3.77< / ><>16.24< / ><>130.28< / >< / table>

<><>公司名称< / ><>股票代码< / ><>收盘价< / ><>最高价< / ><>最低价< / ><>收益率< / ><>市盈率< / ><>市值 (百万)< / >< / ><><>Ameriprise Pharmaceutical< / ><>AMRX< / ><>698.00< / ><>73.00< / ><>653.00< / ><>387.00< / ><>1.41< / ><>16.17< / >< / ><><>Cadence Medical Group< / ><>CMBT< / ><>104.00< / ><>1078.00< / ><>615.00< / ><>2.34< / ><>26.34< / >< / ><><>Danaher Sepsis< / ><>DHRG< / ><>289.50< / ><>-13.50< / ><>417.00< / ><>228.00< / ><>3.46< / ><>10.09< / >< / ><><>FAST RETAILING< / ><>71540.00< / ><>5960.00< / ><>68600.00< / ><>4308.00< / ><>1.98< / ><>50.69< / ><>22.9553< / >< / ><><>Hitachi< / ><>HICHI< / ><>143.00< / ><>13.00< / ><>603.00< / ><>301.00< / ><>1.03< / ><>46.59< / >< / ><><>Honda athon Healthcare< / ><>MRHC< / ><>485.00< / ><>10.00< / ><>585.00< / ><>335.00< / ><>2.64< / ><>15.7657< / >< / ><><>Murata USB Fincl'd< / ><>MUBU< / ><>29.00< / ><>381.00< / ><>21.00< / ><>16.93< / ><>45.9878< / >< / ><><>Masai & Co< / ><>MASI< / ><>492.00< / ><>33.00< / ><>6675.00< / ><>3306.00< / ><>2.94< / ><>16.57< / >< / ><><>Mizuho Financial Group< / ><>MIZAU< / ><>26.00< / ><>691.00< / ><>436.00< / ><>1.90< / ><>16.59< / >< / ><><>Nintendo< / ><>NWD< / ><>818.00< / ><>-168.00< / ><>1463.00< / ><>654.00< / ><>2.36< / ><>11.53575< / >< / ><><>NTT< / ><>NTT< / ><>1.40< / ><>17.00< / ><>142.00< / ><>3.21< / ><>13.34< / ><>15.20356< / >< / ><><>Renault Holdings< / ><>RENT< / ><>16578.00< / ><>-18.00< / ><>1755.00< / ><>604.00< / ><>0.15< / ><>48.52< / >< / table>

<><>ABB< / ><>79.28< / ><>-0.42< / ><>89.14< / ><>52.66< / ><>1.19< / ><>30.61< / ><>144.54< / >< / ><><>Alcon< / ><>58.46< / ><>-0.14< / ><>68.34< / ><>47.80< / ><>0.48< / ><>56.21< / ><>29.21< / >< / ><><>Civ.-Financiers (Reinertec)< / ><>191.05< / ><>0.05< / ><>202.20< / ><>127.20< / ><>1.73< / ><>40.74< / ><>102.71< / >< / ><><>Gwadean< / ><>3274.00< / ><>-99.00< / ><>3592.00< / ><>2566.00< / ><>2.20< / ><>36.77< / ><>30.23< / >< / ><><>Hokim< / ><>72.76< / ><>-1.04< / ><>82.54< / ><>60.10< / ><>2.34< / ><>22.60< / ><>41.25< / >< / ><><>Lorca< / >< / table>

Group< / td> 588.40< / ><>0.60< / ><>597.80< / ><>454.60< / ><>0.85< / ><>65.99< / ><>41.32< / >< / tr> <>雀巢 (Nestle)< / ><>78.52< / ><>-1.25< / ><>87.09< / ><>70.29< / ><>3.95< / ><>22.37< / ><>202.31< / >< / ><><>诺华 (Novartis)< / ><>124.64< / ><>-2.54< / ><>131.50< / ><>96.03< / ><>2.97< / ><>40.87< / ><>253.62< / >< / ><><>罗氏控股 (Roche Holding)< / ><>373.60< / ><>-1.00< / ><>383.00< / ><>264.60< / ><>2.62< / ><>23.09< / ><>39.86< / >< / ><><>罗氏控股优先股 (Roche Holding Pref.)< / ><>364.00< / ><>-4.30< / ><>375.80< / ><>291.00< / ><>2.69< / ><>22.50< / ><>255.73< / >< / ><><>西卡 (Sika)< / ><>191.55< / ><>-1.55< / ><>197.60< / ><>120.35< / ><>1.93< / ><>29.47< / ><>30.74< / >< / ><><>瑞士再保险 (Swiss Re)< / ><>139.95< / ><>-1.10< / ><>153.85< / ><>114.05< / ><>4.50< / ><>10.72< / ><>41.81< / >< / ><><>瑞银 (UBS

Group< / ><>43.80< / ><>-0.10< / ><>44.44< / ><>28.25< / ><>1.96< / ><>22.35< / ><>143.57< / >< / ><><>苏黎世保险集团 (Zurich Insurance Group)< / ><>590.80< / ><>-7.00< / ><>626.00< / ><>521.00< / ><>5.08< / ><>18.47< / ><>89.34< / >< / table>

<><>鸿海精密 (Hon Hai Precision)< / ><>252.00< / ><>5.50< / ><>314.00< / ><>187.50< / ><>2.85< / ><>18.52< / ><>3535.22< / >< / ><><>联发科 (MediaTek)< / ><>3865.00< / ><>-80.00< / ><>4970.00< / ><>1130.00< / ><>1.38< / ><>58.42< / ><>6199.06< / >< / ><><>台积电 (Taiwan Semicon Mtg)< / ><>2410.00< / ><>-5.00< / ><>2535.00< / ><>1145.00< / ><>1.08< / ><>36.37< / ><>62497.01< / >< / ><>< colspan="8">阿拉伯联合酋长国 (AED)< / >< / table>

<><>阿布扎比国家石油天然气公司 (Adnoc Gas)< / ><>3.20< / ><>-0.04< / ><>3.76< / ><>3.12< / ><>5.82< / ><>47.76< / ><>245.60< / >< / ><><>第一阿布扎比银行 (First Acq Dhabi Bank)< / ><>19.64< / ><>0.22< / ><>20.74< / ><>15.32< / ><>4.07< / ><>10.62< / ><>216.98< / >< / ><>< colspan="8">英国 (GBP)< / >< / ><><>3i集团 (3i Group Plc)< / ><>28.28< / ><>-0.06< / ><>44.97< / ><>18.25< / ><>2.99< / ><>5.24< / ><>29.02< / >< / ><><>阿斯利康 (AstraZeneca)< / ><>119.70< / ><>-1.44< / ><>157.32< / ><>98.92< / ><>2.00< / ><>24.62< / ><>185.66< / >< / ><><>BAE

系统 (BAE Systems)< / ><>20.44< / ><>-0.48< / ><>23.60< / ><>15.29< / ><>1.85< / ><>29.71< / ><>61.37< / >< / ><><>Blackeye< / ><>4.97< / ><>0.04< / ><>5.54< / ><>3.53< / ><>2.32< / ><>11.34< / ><>66.83< / >< / ><><>英国石油 (BP)< / ><>5.14< / ><>-0.01< / ><>6.09< / ><>3.99< / ><>4.81< / ><>< / ><>80.80< / >< / ><><>英美烟草 (British Amer Tobacco)< / ><>41.29< / ><>-0.23< / ><>53.26< / ><>36.77< / ><>5.93< / ><>11.76< / ><>89.20< / >< / ><><>康帕斯

集团 (Compass Group)< / ><>22.58< / ><>0.13< / ><>25.81< / ><>20.00< / ><>2.25< / ><>27.84< / ><>38.39< / >< / ><><>帝亚吉欧 (Diageo)< / ><>17.09< / ><>0.07< / ><>21.09< / ><>12.96< / ><>2.16< / ><>29.70< / ><>38.05< / >< / ><><>益博睿 (Experian)< / ><>30.44< / ><>-0.01< / ><>39.87< / ><>22.03< / ><>1.70< / ><>25.12< / ><>27.01< / >< / ><><>嘉能可 (Glencore)< / ><>5.96< / ><>0.00< / ><>7.07< / ><>2.62< / ><>2.10< / ><>< / ><>69.91< / >< / table>

<>< colspan="5">官方利率< / >< / ><><>日期< / ><>利率类型< / ><>当前< / ><>生效日期< / ><>上次< / >< / ><><>美国< / ><>联邦基金利率< / ><>3.50-3.75< / ><>29-04-2026< / ><>3.50-3.75< / >< / ><><>美国< / ><>最优惠利率< / ><>6.75< / ><>29-04-2026< / ><>6.75< / >< / ><><>美国< / ><>贴现率< / ><>3.75< / ><>29-04-2026< / ><>3.75< / >< / ><><>欧元< / ><>回购利率< / ><>1.925< / ><>01-09-2025< / ><>2.40< / >< / ><><>英国< / ><>回购利率< / ><>3.75< / ><>30-04-2026< / ><>3.75< / >< / ><><>日本< / ><>隔夜拆借利率< / ><>0.75< / ><>22-01-2026< / ><>0.50< / >< / ><><>瑞士< / ><>Libor目标利率< / ><>0.25< / ><>21-03-2025< / ><>0.50< / >< / table>

< / table>

大宗商品 债券：十年期国债利差 利率在英国时间上午11点固定。

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）不构成任何要约。《金融时报》不保证该信息的可靠性或完整性。对于因依赖或使用该信息而产生的任何损失，《金融时报》不承担责任且不承担法律责任。如需进一步信息，请联系 newspapers@ice.com

3.64< / td><>0.37< / ><>-1.08< / >< / tr> <>法国< / ><>4.01< / ><>0.74< / ><>-0.71< / ><>瑞典< / ><>2.93< / ><>-0.34< / ><>-1.79< / >< / ><><>德国< / ><>3.27< / ><>0.00< / ><>-1.45< / ><>英国< / ><>5.06< / ><>1.79< / ><>0.34< / >< / ><><>爱尔兰< / ><>3.31< / ><>0.04< / ><>-1.41< / ><>美国< / ><>4.72< / ><>1.45< / ><>0.00< / >< / table>

<>< rowspan="2">< / >< colspan="7">52周< / >< / ><><>价格< / ><>+ / -涨跌< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / ><>市值 / 账面价值比< / >< / ><><>GSK< / ><>18.54< / ><>0.01< / ><>22.82< / ><>14.40< / ><>3.78< / ><>13.14< / ><>74.98< / >< / ><><>Haleon< / ><>3.68< / ><>-0.01< / ><>4.16< / ><>2.74< / ><>1.98< / ><>19.80< / ><>32.39< / >< / ><><>汇丰控股 (HSBC Holdings)< / ><>15.28< / ><>0.24< / ><>16.10< / ><>8.45< / ><>3.61< / ><>17.15< / ><>262.38< / >< / ><><>劳埃德银行集团 (Lloyds Banking Group)< / ><>1.10< / ><>0.18< / ><>1.19< / ><>0.77< / ><>1.21< / ><>15.71< / ><>13.49< / >< / ><><>伦敦证券交易所集团 (London Stock Exchange Grp)< / ><>90.00< / ><>0.20< / ><>101.40< / ><>66.84< / ><>1.76< / ><>37.75< / ><>43.71< / >< / ><><>国家电网 (National Grid)< / ><>11.70< / ><>0.10< / ><>14.29< / ><>10.00< / ><>4.14< / ><>17.86< / ><>58.81< / >< / ><><>国民西敏寺银行集团 (NatWest Group)< / ><>6.79< / ><>0.01< / ><>7.26< / ><>5.00< / ><>5.15< / ><>12.70< / ><>54.03< / >< / ><><>利洁时 Benckiser 集团 (Reckitt Benckiser Group)< / ><>51.32< / ><>0.16< / ><>65.23< / ><>36.64< / ><>4.22< / ><>10.96< / ><>32.57< / >< / ><><>RELX< / ><>26.72< / ><>0.04< / ><>35.75< / ><>19.91< / ><>2.58< / ><>23.73< / ><>46.69< / >< / ><><>力拓 (Rio Tinto)< / ><>76.74< / ><>-0.14< / ><>91.17< / ><>45.29< / ><>4.46< / ><>16.97< / ><>96.32< / >< / ><><>罗尔斯-罗伊斯控股 (Rolls-Royce Holdings)< / ><>15.30< / ><>0.00< / ><>15.66< / ><>9.90< / ><>0.72< / ><>22.05< / ><>127.28< / >< / ><><>壳牌 (Shell)< / ><>33.45< / ><>0.34< / ><>37.59< / ><>25.54< / ><>4.52< / ><>14.98< / ><>185.00< / >< / ><><>联合利华 (Unilever)< / ><>47.76< / ><>0.24< / ><>55.42< / ><>36.44< / ><>3.45< / ><>12.88< / ><>102.89< / >< / table>

<><>< / ><>价格< / >< colspan="3">52周< / ><>收益率< / ><>市盈率< / ><>市值< / >< / ><><>Crown Castle< / ><>75.03< / ><>-0.51< / ><>102.19< / ><>69.72< / ><>5.66< / ><>30.38< / ><>31.50< / >< / ><><>CSI< / ><>51.54< / ><>-0.22< / ><>53.60< / ><>31.80< / ><>1.09< / ><>29.97< / ><>95.46< / >< / ><><>康明斯 (Cummins)< / ><>573.87< / ><>-4.27< / ><>737.76< / ><>369.52< / ><>1.53< / ><>29.20< / ><>79.00< / >< / ><><>ClearBridge< / ><>205.52< / ><>-1.40< / ><>110.68< / ><>65.51< / ><>2.96< / ><>24.32< / ><>118.84< / >< / ><><>Civitas CS< / ><>215.69< / ><>-0.36< / ><>238.80< / ><>134.20< / ><>1.89< / ><>24.18< / ><>118.84< / >< / ><><>迪尔公司 (Deere & Co)< / ><>622.66< / ><>-11.88< / ><>674.19< / ><>433.00< / ><>1.04< / ><>35.20< / ><>168.08< / >< / ><><>DT

Techsystems< / td><>412.26< / ><>-8.44< / ><>514.00< / ><>110.22< / ><>0.53< / ><>37.19< / ><>153.51< / >< / tr> <>Diamondback Energy< / ><>200.52< / ><>0.68< / ><>216.90< / ><>124.30< / ><>2.19< / ><>38.19< / ><>56.15< / >< / ><><>Haliburton< / ><>192.10< / ><>-0.44< / ><>203.30< / ><>114.00< / ><>1.29< / ><>34.30< / ><>118.84< / >< / ><><>Haleon< / ><>165.10< / ><>-0.41< / ><>72.99< / ><>55.95< / ><>4.02< / ><>23.93< / ><>58.49< / >< / ><><>Dow Jones A< / ><>231.89< / ><>-5.04< / ><>285.50< / ><>143.30< / ><>0.00< / ><>119.53< / ><>54.94< / >< / ><><>DF Horton< / ><>145.26< / ><>-3.99< / ><>164.54< / ><>131.75< / ><>1.24< / ><>13.81< / ><>40.83< / >< / ><><>Eaton Corp< / ><>103.86< / ><>-0.40< / ><>107.80< / ><>74.70< / ><>1.06< / ><>24.24< / ><>161.59< / >< / ><><>Eaton< / ><>416.04< / ><>-3.40< / ><>478.00< / ><>211.92< / ><>1.06< / ><>42.24< / ><>161.59< / >< / ><><>Essex< / ><>265.10< / ><>-4.69< / ><>309.27< / ><>243.15< / ><>1.02< / ><>38.12< / ><>80.15< / >< / ><><>Edwards Lifesciences Corp< / ><>83.95< / ><>-0.83< / ><>98.26< / ><>72.30< / ><>0.00< / ><>53.22< / ><>51.85< / >< / ><><>Eaton Software< / ><>103.86< / ><>-0.40< / ><>107.80< / ><>74.70< / ><>0.00< / ><>53.22< / ><>51.85< / >< / ><><>Eli Lilly & Co< / ><>137.11< / ><>-1.31< / ><>132.61< / ><>712.05< / ><>0.59< / ><>39.40< / ><>1107.13< / >< / ><><>Emerson Electric< / ><>157.71< / ><>-0.58< / ><>166.35< / ><>127.64< / ><>1.41< / ><>34.36< / ><>67.97< / >< / ><><>FDC Resources< / ><>144.50< / ><>-0.34< / ><>153.87< / ><>101.59< / ><>2.82< / ><>11.18< / ><>175.79< / >< / ><><>FMC< / ><>639.45< / ><>-1.80< / ><>674.00< / ><>425.00< / ><>1.80< / ><>18.10< / ><>45.38< / >< / ><><>Ferrari< / ><>43.98< / ><>-0.48< / ><>50.65< / ><>42.58< / ><>3.82< / ><>18.10< / ><>45.38< / >< / ><><>ExxonMobil Hlgs< / ><>184.75< / ><>-1.45< / ><>186.64< / ><>138.01< / ><>2.63< / ><>29.13< / ><>642.73< / >< / ><><>Fiatr< / ><>51.13< / ><>-0.01< / ><>52.91< / ><>39.97< / ><>2.03< / ><>43.33< / ><>56.88< / >< / ><><>Ferguson enterprises< / ><>331.36< / ><>-4.58< / ><>413.87< / ><>231.31< / ><>1.53< / ><>24.46< / ><>45.12< / >< / ><><>Ferguson AG< / ><>231.36< / ><>< / ><>1.53< / ><>23.44< / ><>45.12< / >< / ><><>Fossil Canada< / ><>1517.06< / ><>23.36< / ><>1998.61< / ><>870.01< / ><>0.00< / ><>33.28< / ><>24.99< / >< / ><><>Fiatris< / ><>52.58< / ><>0.13< / ><>138.65< / ><>47.64< / ><>0.00< / ><>10.05< / ><>27.96< / >< / ><><>Fiaty Entertainment< / ><>95.07< / ><>-0.11< / ><>100.00< / ><>64.00< / ><>0.00< / ><>10.05< / ><>27.96< / >< / ><><>Fortinet Inc< / ><>172.78< / ><>15.24< / ><>172.09< / ><>103.05< / ><>0.00< / ><>66.20< / ><>126.77< / >< / ><><>Freeport-McMoRan< / ><>78.42< / ><>-0.58< / ><>85.24< / ><>35.15< / ><>0.77< / ><>38.44< / ><>112.61< / >< / ><><>Gaming< / ><>289.87< / ><>0.85< / ><>314.28< / ><>186.67< / ><>1.45< / ><>29.73< / ><>55.90< / >< / ><><>Health Care< / ><>86.07< / ><>-0.26< / ><>93.28< / ><>56.67< / ><>1.45< / ><>29.73< / ><>55.90< / >< / ><><>GE Healthcare Tech< / ><>72.84< / ><>-0.83< / ><>89.77< / ><>58.75< / ><>0.19< / ><>16.66< / ><>32.74< / >< / ><><>GE Vernova< / ><>953.93< / ><>0.74< / ><>1195.94< / ><>530.16< / ><>0.21< / ><>27.03< / ><>254.04< / >< / ><><>General< / >

Dynamics< / td> 380.08< / ><>-1.96< / ><>490.00< / ><>268.77< / ><>1.67< / ><>22.65< / ><>102.83< / >< / tr> <>Genetex< / ><>86.19< / ><>-0.26< / ><>98.77< / ><>56.67< / ><>1.67< / ><>22.65< / ><>102.83< / >< / ><><>吉利德科学 (Gilead Sciences)< / ><>148.86< / ><>0.77< / ><>157.29< / ><>108.46< / ><>2.20< / ><>57.03< / ><>184.58< / >< / ><><>高盛集团 (Goldman Sachs Group)< / ><>1040.87< / ><>0.41< / ><>1153.99< / ><>721.16< / ><>1.92< / ><>15.96< / ><>360.07< / >< / ><><>HCA医疗 (HCA Healthcare)< / ><>419.34< / ><>-7.82< / ><>558.52< / ><>293.99< / ><>0.74< / ><>13.86< / ><>90.79< / >< / ><><>家得宝 (Home Depot)< / ><>236.91< / ><>-0.24< / ><>426.75< / ><>289.10< / ><>2.84< / ><>22.96< / ><>327.85< / >< / ><><>霍尼韦尔

国际 (Honeywell International)< / ><>220.29< / ><>-0.28< / ><>267.99< / ><>160.01< / ><>1.27< / ><>15.79< / ><>69.85< / >< / ><><>霍尼韦尔自动化 (Honeywell Automation)< / ><>267.85< / ><>-1.69< / ><>318.00< / ><>170.81< / ><>0.21< / ><>57.44< / ><>106.74< / >< / ><><>IIMI< / ><>238.75< / ><>-0.37< / ><>276.00< / ><>166.67< / ><>1.59< / ><>27.99< / ><>59.19< / >< / ><><>伊利诺伊工具工程 (Illinois Tool Works)< / ><>281.67< / ><>-3.84< / ><>330.15< / ><>238.82< / ><>2.44< / ><>25.47< / ><>80.22< / >< / ><><>帝国品牌公司 (Imperial Brands Inc)< / ><>92.09< / ><>-0.35< / ><>142.35< / ><>23.68< / ><>0.00< / ><>44.66< / ><>453.89< / >< / ><><>洲际体验 A (Intercontinental Experforms A)< / ><>96.55< / ><>-0.47< / ><>98.75< / ><>58.56< / ><>0.36< / ><>38.16< / ><>43.74< / >< / ><><>洲际

交易所 (Intercontinental Exchange)< / ><>146.60< / ><>-2.10< / ><>175.08< / ><>125.64< / ><>1.59< / ><>21.09< / ><>95.19< / >< / ><><>直觉外科 (Intuitive Surgical)< / ><>367.07< / ><>-3.35< / ><>633.88< / ><>328.57< / ><>0.00< / ><>41.52< / ><>129.68< / >< / ><><>强生 (Johnson & Johnson)< / ><>355.77< / ><>-4.23< / ><>375.49< / ><>173.33< / ><>2.02< / ><>30.44< / ><>640.48< / >< / ><><>摩根大通 (JPMorgan Chase)< / ><>354.22< / ><>-2.28< / ><>366.50< / ><>279.10< / ><>1.69< / ><>15.15< / ><>541.58< / >< / ><><>Kenvue< / ><>19.20< / ><>-0.02< / ><>20.95< / ><>14.02< / ><>4.38< / ><>22.33< / ><>36.88< / >< / ><><>金翅雀丙烷 (Kingfisher Propane)< / ><>31.88< / ><>-0.33< / ><>33.62< / ><>24.89< / ><>2.89< / ><>20.64< / ><>43.38< / >< / ><><>Keurig Fin

公司 (Corp)< / ><>137.92< / ><>-0.07< / ><>243.29< / ><>169.81< / ><>0.50< / ><>48.94< / ><>242.10< / >< / ><><>基恩士 (Keyence Technologies)< / ><>261.58< / ><>-3.44< / ><>306.29< / ><>218.61< / ><>0.77< / ><>34.45< / ><>69.23< / >< / ><><>泛林研究 (Lam Research)< / ><>318.59< / ><>5.70< / ><>438.50< / ><>94.11< / ><>0.33< / ><>55.02< / ><>286.65< / >< / ><><>林德 (Linde)< / ><>485.35< / ><>-4.98< / ><>548.20< / ><>387.78< / ><>1.32< / ><>31.17< / ><>223.74< / >< / ><><>洛克希德·马丁 (Lockheed Martin)< / ><>365.89< / ><>0.27< / ><>692.00< / ><>437.25< / ><>2.44< / ><>26.25< / ><>126.60< / >< / ><><>劳氏石油与天然气 (Lowes Petroleum & Gas)< / ><>115.00< / ><>-0.05< / ><>125.00< / ><>75.00< / ><>0.00< / ><>12.50< / ><>107.00< / >< / ><><>Lvmware

LaSalle< / td> 115.00< / ><>-1.35< / ><>225.88< / ><>104.44< / ><>0.00< / ><>9.31< / ><>12.47< / >< / tr> <>Mastercard Finance< / ><>363.54< / ><>1.27< / ><>367.60< / ><>161.93< / ><>1.10< / ><>12.58< / ><>102.08< / >< / ><><>Marathon International A< / ><>353.67< / ><>-4.80< / ><>410.90< / ><>256.78< / ><>0.83< / ><>36.52< / ><>82.28< / >< / ><><>Mercado MPG< / ><>190.00< / ><>-0.45< / ><>203.00< / ><>146.00< / ><>0.79< / ><>34.55< / ><>109.98< / >< / ><><>Manulife Financial< / ><>241.45< / ><>-3.66< / ><>329.88< / ><>81.41< / ><>0.10< / ><>82.41< / ><>211.45< / >< / ><><>ManulifeA< / ><>591.73< / ><>-6.47< / ><>601.62< / ><>464.52< / ><>0.59< / ><>32.51< / ><>514.48< / >< / ><><>Madison's

B< / ><>260.06< / ><>-6.87< / ><>347.75< / ><>280.96< / ><>2.96< / ><>21.06< / ><>104.63< / >< / ><><>Medtronic Int'l< / ><>169.75< / ><>-0.45< / ><>179.00< / ><>119.00< / ><>0.00< / ><>17.88< / ><>107.00< / >< / ><><>Medtronic Materials< / ><>89.25< / ><>-1.03< / ><>106.33< / ><>73.31< / ><>3.20< / ><>23.99< / ><>115.16< / >< / ><><>Metsoil Inc.< / ><>505.06< / ><>-8.69< / ><>553.72< / ><>349.20< / ><>0.72< / ><>28.68< / ><>370.25< / >< / ><><>Motorola Solutions A< / ><>61.43< / ><>-0.50< / ><>786.00< / ><>525.26< / ><>0.37< / ><>21.23< / ><>1239.35< / >< / ><><>Motorola S.A.< / ><>98.27< / ><>-0.46< / ><>108.85< / ><>74.88< / ><>0.00< / ><>10.00< / ><>100.00< / >< / ><><>Micron

Technology< / ><>805.29< / ><>-3.01< / ><>1055.00< / ><>714.25< / ><>0.00< / ><>20.67< / ><>1056.42< / >< / ><><>Microsoft Inc.< / ><>505.06< / ><>-8.69< / ><>553.72< / ><>349.20< / ><>0.72< / ><>28.68< / ><>370.25< / >< / ><><>Motorola International A< / ><>61.43< / ><>-0.50< / ><>786.00< / ><>525.26< / ><>0.37< / ><>21.23< / ><>1239.35< / >< / ><><>Motorola S.A.< / ><>98.27< / ><>-0.46< / ><>108.85< / ><>74.88< / ><>0.00< / ><>10.00< / ><>100.00< / >< / table>

欲了解更多详情，请参阅富时（FTSE）网站 www.ftse.com / products / indices / gilts。 © 2026 Tradeweb Markets LLC. 保留所有权利。本文件中包含的 Tradeweb FTSE 政府债券（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。

<>< colspan="3">贵金属< / >< / ><><>黄金< / ><>4524.58< / ><>-85.44< / >< / ><><>白银 ($)< / ><>68.06< / ><>-1.19< / >< / ><><>铂金< / ><>1856.40< / ><>12.00< / >< / ><><>钯金< / ><>1433.73< / ><>83.18< / >< / ><><>铁矿石< / ><>96.05< / ><>0.05< / >< / table>

<><>Aus Holdings< / ><>295.21< / ><>4.15< / ><>453.70< / ><>100.00< / ><>0.00< / ><>300.05< / ><>271.54< / >< / ><>< colspan="8">美国 (USD)< / >< / ><><>3M Co< / ><>178.83< / ><>-1.17< / ><>184.90< / ><>139.34< / ><>1.74< / ><>31.54< / ><>92.23< / >< / ><><>Abbott Laboratories< / ><>111.59< / ><>-2.51< / ><>137.49< / ><>81.97< / ><>2.26< / ><>36.08< / ><>193.09< / >< / ><><>AscBrasPharm< / ><>236.15< / ><>-1.80< / ><>246.00< / ><>135.24< / ><>1.80< / ><>28.00< / ><>100.00< / >< / ><><>Ascend

[...OMITTED...]

Alliak Group< / td> 67.87< / ><>-1.45< / ><>77.06< / ><>54.70< / ><>6.37< / ><>14.13< / ><>112.88< / >< / tr> <>Alstomar< / ><>236.20< / ><>-1.00< / ><>246.00< / ><>135.00< / ><>0.00< / ><>13.00< / ><>113.00< / >< / ><><>ANSI< / ><>476.28< / ><>-4.26< / ><>547.33< / ><>194.22< / ><>0.00< / ><>123.07< / ><>778.15< / >< / ><><>美国电力公司 (American Electric Power)< / ><>122.71< / ><>-0.65< / ><>145.58< / ><>105.59< / ><>3.10< / ><>21.08< / ><>66.80< / >< / ><><>美国运通 (American Express)< / ><>324.16< / ><>-1.99< / ><>387.49< / ><>290.97< / ><>1.14< / ><>21.69< / ><>225.66< / >< / ><><>美国塔塔公司 (American Tower)< / ><>236.20< / ><>-1.00< / ><>246.00< / ><>135.00< / ><>0.00< / ><>13.00< / ><>113.00< / >< / ><><>美国塔塔公司 (American Tower)< / ><>174.16< / ><>-1.57< / ><>208.03< / ><>160.06< / ><>4.01< / ><>23.89< / ><>81.15< / >< / ><><>美国金融 (American Financial)< / ><>555.77< / ><>-5.51< / ><>572.56< / ><>423.27< / ><>1.22< / ><>12.34< / ><>49.09< / >< / ><><>AMTREX Inc< / ><>243.67< / ><>-1.53< / ><>301.16< / ><>179.24< / ><>0.56< / ><>35.52< / ><>55.86< / >< / ><><>Amphenol A< / ><>133.44< / ><>-1.25< / ><>152.28< / ><>133.29< / ><>0.55< / ><>35.00< / ><>100.00< / >< / ><><>Amphenol A< / ><>161.28< / ><>-0.04< / ><>173.82< / ><>105.45< / ><>0.31< / ><>38.42< / ><>199.98< / >< / ><><>亚德诺半导体 (Analog Devices)< / ><>374.52< / ><>-7.22< / ><>445.51< / ><>223.47< / ><>1.17< / ><>44.22< / ><>181.48< / >< / ><><>安能公司 A (Aon Plc A)< / ><>249.56< / ><>-4.42< / ><>382.34< / ><>304.94< / ><>0.59< / ><>19.18< / ><>74.15< / >< / ><><>Aptiv Global< / ><>313.44< / ><>-1.55< / ><>344.57< / ><>225.55< / ><>0.34< / ><>35.91< / ><>4501.04< / >< / ><><>Appland Materials Inc< / ><>408.26< / ><>-2.60< / ><>739.67< / ><>154.47< / ><>0.44< / ><>41.30< / ><>360.80< / >< / ><><>Applaxis A< / ><>312.63< / ><>-4.52< / ><>745.61< / ><>297.50< / ><>0.00< / ><>23.94< / ><>95.18< / >< / ><><>Applaxis B< / ><>121.43< / ><>-0.18< / ><>146.28< / ><>101.85< / ><>0.00< / ><>13.00< / ><>113.00< / >< / ><><>Aplica Networks< / ><>201.09< / ><>-1.16< / ><>214.49< / ><>114.52< / ><>0.00< / ><>62.45< / ><>253.82< / >< / ><><>Archy A & Computer< / ><>260.15< / ><>-4.88< / ><>313.55< / ><>190.75< / ><>1.08< / ><>42.65< / ><>66.68< / >< / ><><>AT&T< / ><>25.43< / ><>-0.44< / ><>29.79< / ><>19.69< / ><>4.36< / ><>8.29< / ><>174.26< / >< / ><><>欧特克 (Autodesk)< / ><>179.52< / ><>-1.88< / ><>206.00< / ><>135.00< / ><>0.00< / ><>13.00< / ><>113.00< / >< / ><><>欧特克 A (Autodesk A)< / ><>275.58< / ><>-1.81< / ><>329.09< / ><>185.50< / ><>0.00< / ><>39.21< / ><>57.09< / >< / ><><>自动数据处理公司 (Auto Data Processing)< / ><>268.48< / ><>-3.29< / ><>305.16< / ><>186.18< / ><>2.38< / ><>25.05< / ><>113.09< / >< / ><><>Autolnc< / ><>2623.32< / ><>-66.67< / ><>4388.11< / ><>2992.20< / ><>0.00< / ><>19.67< / ><>47.87< / >< / ><><>贝克休斯 A (Baker Hughes A)< / ><>62.11< / ><>0.11< / ><>70.41< / ><>43.82< / ><>1.48< / ><>19.72< / ><>61.55< / >< / ><><>贝克休斯 B (Baker Hughes B)< / ><>61.17< / ><>-0.11< / ><>70.41< / ><>43.82< / ><>1.48< / ><>19.72< / ><>61.55< / >< / ><><>碧康迪金森 (Becton Dickinson)< / ><>168.13< / ><>-2.08< / ><>213.08< / ><>140.11< / ><>2.23< / ><>30.44< / ><>51.24< / >< / ><><>Berkeley Networks A< / ><>25941.72< / ><>-844.72< / ><>69318.08< / ><>88808.08< / ><>0.00< / ><>8.91< / ><>30.28< / >< / ><><>Berkeley Networks

B< / td> 282.10< / ><>-1.21< / ><>327.4< / ><>449.1< / ><>0.00< / ><>15.42< / ><>34.28< / >< / tr> <>Blackstone< / ><>1191.72< / ><>-1.21< / ><>133.39< / ><>99.99< / ><>0.00< / ><>13.00< / ><>113.00< / >< / ><><>Blackstone< / ><>143.64< / ><>-0.44< / ><>160.09< / ><>101.73< / ><>2.31< / ><>32.13< / ><>107.82< / >< / ><><>Bank< / ><>84.85< / ><>1.75< / ><>86.75< / ><>48.21< / ><>0.00< / ><>148.28< / ><>45.89< / >< / ><><>Boeing Co< / ><>289.89< / ><>-2.20< / ><>254.35< / ><>176.77< / ><>0.00< / ><>75.23< / ><>165.89< / >< / ><><>Booking Solutions< / ><>61.17< / ><>-0.00< / ><>62.00< / ><>43.82< / ><>0.00< / ><>13.00< / ><>113.00< / >< / ><><>Booking Solutions< / ><>202.56< / ><>-6.33< / ><>5693.03< / ><>1530.14< / ><>0.81< / ><>22.36< / ><>152.20< / >< / ><><>Boston

Scientific< / ><>46.67< / ><>-1.50< / ><>103.50< / ><>42.20< / ><>0.00< / ><>18.74< / ><>67.64< / >< / ><><>British American< / ><>66.85< / ><>-0.62< / ><>68.64< / ><>42.52< / ><>3.76< / ><>14.69< / ><>136.76< / >< / ><><>Caterpillar Engineering< / ><>147.55< / ><>-2.67< / ><>141.69< / ><>80.25< / ><>0.00< / ><>14.89< / ><>67.64< / >< / ><><>Cadence Design Systems< / ><>347.55< / ><>-12.67< / ><>416.69< / ><>207.05< / ><>0.00< / ><>66.69< / ><>95.71< / >< / ><><>Capital One Financial< / ><>219.67< / ><>-0.54< / ><>258.63< / ><>174.24< / ><>1.48< / ><>11.94< / ><>132.92< / >< / ><><>Cameron

Oil< / ><>58.84< / ><>-0.16< / ><>70.76< / ><>39.24< / ><>1.63< / ><>41.44< / ><>48.50< / >< / ><><>Caterpillar< / ><>74.09< / ><>-0.38< / ><>86.88< / ><>54.58< / ><>1.48< / ><>11.94< / ><>132.92< / >< / ><><>Caterpillar< / ><>871.09< / ><>-4.33< / ><>937.43< / ><>419.51< / ><>0.80< / ><>35.00< / ><>375.55< / >< / ><><>CRE Group A< / ><>147.22< / ><>-1.14< / ><>372.17< / ><>131.69< / ><>0.00< / ><>37.94< / ><>42.63< / >< / ><><>Cencora< / ><>321.23< / ><>-6.96< / ><>377.54< / ><>244.92< / ><>0.75< / ><>23.76< / ><>61.30< / >< / ><><>科诺哈斯能源公司（Cenovus

Energy）< / ><>148.32< / ><>-0.67< / ><>166.75< / ><>96.89< / ><>0.00< / ><>27.12< / ><>57.89< / >< / ><><>Chevron< / ><>290.80< / ><>-3.28< / ><>309.89< / ><>180.26< / ><>0.79< / ><>21.72< / ><>57.89< / >< / ><><>Chevron< / ><>199.77< / ><>-0.44< / ><>214.71< / ><>146.49< / ><>3.56< / ><>19.17< / ><>394.70< / >< / ><><>Chipotle Mexican Grill< / ><>37.22< / ><>-0.12< / ><>42.94< / ><>29.04< / ><>0.00< / ><>34.15< / ><>47.10< / >< / ><><>Chubb< / ><>338.33< / ><>-1.86< / ><>366.55< / ><>238.65< / ><>0.00< / ><>34.15< / ><>47.10< / >< / ><><>Chubb Group< / ><>204.15< / ><>-1.63< / ><>219.16< / ><>161.16< / ><>1.02< / ><>41.68< / ><>61.69< / >< / ><><>Coca

Systems< / ><>112.15< / ><>-0.21< / ><>130.37< / ><>166.13< / ><>1.50< / ><>37.14< / ><>442.03< / >< / ><><>Citigroup< / ><>132.68< / ><>-0.88< / ><>147.96< / ><>92.96< / ><>2.02< / ><>18.65< / ><>222.56< / >< / ><><>Cintas N.V.A.< / ><>388.23< / ><>-33.34< / ><>332.32< / ><>188.83< / ><>0.00< / ><>533.41< / ><>98.44< / >< / ><><>Cognizant Int'l S.p.A.< / ><>63.76< / ><>-0.67< / ><>67.03< / ><>37.08< / ><>2.07< / ><>13.82< / ><>29.72< / >< / ><><>Cognizant Int'l S.p.A.< / ><>63.76< / ><>-0.67< / ><>67.03< / ><>37.08< / ><>2.07< / ><>13.82< / ><>29.72< / >< / ><><>Codex Metals A U L F D< / ><>100.72< / ><>-0.94< / ><>402.16< / ><>139.11< / ><>0.00< / ><>48.28< / ><>42.49< / >< / ><><>Codex Metals B U M F

90.96< / td><>-1.10< / ><>99.33< / ><>74.55< / ><>2.33< / ><>35.81< / ><>72.51< / >< / tr> <>Codex Corp A U F D< / ><>100.72< / ><>-1.10< / ><>99.33< / ><>74.55< / ><>2.33< / ><>35.81< / ><>72.51< / >< / ><><>ConocoPhillips A U F D< / ><>1295.27< / ><>-1.09< / ><>133.08< / ><>85.87< / ><>2.59< / ><>17.13< / ><>155.00< / >< / ><><>Constellation Energy< / ><>292.41< / ><>-2.89< / ><>412.70< / ><>228.63< / ><>0.60< / ><>27.58< / ><>100.06< / >< / ><><>Copart< / ><>32.76< / ><>-0.09< / ><>50.11< / ><>29.61< / ><>0.00< / ><>28.23< / ><>36.33< / >< / ><><>Corning Finl S.p.A.< / ><>153.86< / ><>-0.48< / ><>167.97< / ><>90.53< / ><>0.87< / ><>49.94< / ><>54.98< / >< / ><><>Costco Wholesale< / ><>834.46< / ><>-21.86< / ><>1095.60< / ><>844.25< / ><>0.83< / ><>46.94< / ><>414.50< / >< / ><><>Coupang A P L F D< / ><>16.23< / ><>-0.30< / ><>34.08< / ><>14.92< / ><>0.00< / ><>37.74< / ><>26.61< / >< / ><><>Crown Pointe A P L F D< / ><>16.23< / ><>-0.30< / ><>34.08< / ><>14.92< / ><>0.00< / ><>37.74< / ><>26.61< / >< / ><><>CrowdStrike Holdings A A P L F D< / ><>2237.96< / ><>-86.78< / ><>786.04< / ><>1741.00< / ><>0.00< / ><>1594.887< / ><>2327.12< / >< / table>

Tradeweb

<>< colspan="3">大宗商品< / >< / ><><>波罗的海干散货指数< / ><>3186.00< / ><>79.00< / >< / ><><>Richards ICE 期货< / ><>109.35< / ><>-0.10< / >< / table>

<>< colspan="3">基本金属< / >< / ><><>铝< / ><>3237.50< / ><>3.00< / >< / ><><>铜< / ><>14277.00< / ><>-5.50< / >< / ><><>铅< / ><>1905.50< / ><>-10.00< / >< / ><><>镍< / ><>16775.00< / ><>-103.00< / >< / ><><>锡< / ><>54870.00< / ><>-484.00< / >< / ><><>锌< / ><>3870.50< / ><>-13.50< / >< / table>

<><>能源< / ><>价格< / ><>涨跌< / >< / ><><>布伦特原油< / ><>89.33< / ><>0.40< / >< / ><><>天然气< / ><>2.87< / ><>-0.05< / >< / ><><>轻质原油< / ><>83.14< / ><>-0.39< / >< / ><><>3.5号燃料油< / ><>492.96< / ><>-0.28< / >< / ><><>欧洲石脑油< / ><>745.45< / ><>1.03< / >< / table>

债券：全球投资级

<><>农产品< / ><>价格< / ><>涨跌< / >< / ><><>玉米< / ><>514.50< / ><>4.25< / >< / ><><>小麦< / ><>212.50< / ><>2.25< / >< / ><><>油菜籽< / ><>546.25< / ><>6.25< / >< / ><><>向日葵籽< / ><>10275.00< / ><>33.00< / >< / ><><>大豆< / ><>1271.00< / ><>14.50< / >< / ><><>豆粕< / ><>340.60< / ><>10.40< / >< / ><><>可可 (ICE Life)< / ><>4388.00< / ><>239.00< / >< / ><><>可可 (ICE US)< / ><>6491.00< / ><>336.00< / >< / ><><>咖啡 (罗布斯塔)< / ><>3522.00< / ><>-52.00< / >< / ><><>咖啡 (阿拉比卡)< / ><>401.00< / ><>-3.00< / >< / ><><>白糖< / ><>524.30< / ><>10.30< / >< / ><><>11号糖< / ><>17.54< / ><>-0.65< / >< / ><><>棉花< / ><>90.60< / ><>-0.46< / >< / ><><>橙汁< / ><>133.95< / ><>-3.40< / >< / ><><>枫叶< / ><>4496.44< / ><>-58.56< / >< / ><><>活牛< / ><>219.50< / ><>-0.80< / >< / ><><>肥牛< / ><>321.75< / ><>-0.70< / >< / ><><>精瘦猪< / ><>80.05< / ><>-0.58< / >< / ><><>棕榈油 (马来西亚)< / ><>1178.00< / ><>1.00< / >< / table>

股票< / td>< rowspan="2">价格< / >< colspan="6">52周< / >< / tr><><>Sym< / ><>最高 / 最低< / ><>当日< / ><>收益率< / ><>市盈率< / ><>市值< / >< / ><><>DHLX< / ><>94.70< / ><>-1.63< / ><>18.63< / ><>14.20< / ><>4.20< / ><>16.38< / ><>59.21< / >< / ><><>Oracle< / ><>151.94< / ><>3.07< / ><>347.52< / ><>114.50< / ><>1.32< / ><>25.58< / ><>437.66< / >< / ><><>AT&T Automotive< / ><>87.83< / ><>1.72< / ><>108.72< / ><>85.58< / ><>0.00< / ><>27.79< / ><>71.05< / >< / ><><>Citic Worldwide< / ><>71.48< / ><>-0.88< / ><>94.56< / ><>69.16< / ><>2.46< / ><>20.31< / ><>27.21< / >< / ><><>Eaton< / ><>100.00< / ><>-0.00< / ><>100.00< / ><>0.00< / ><>100.00< / >< / ><><>PACIFIC< / ><>126.54< / ><>-2.69< / ><>139.24< / ><>92.25< / ><>12.15< / ><>26.58< / ><>68.61< / >< / ><><>Palantir Technologies A< / ><>185.53< / ><>8.43< / ><>307.52< / ><>106.37< / ><>0.00< / ><>146.46< / ><>427.77< / >< / ><><>Palo Alto Networks< / ><>380.56< / ><>4.54< / ><>389.68< / ><>188.97< / ><>0.00< / ><>231.72< / ><>313.02< / >< / ><><>Paychex< / ><>111.20< / ><>-0.00< / ><>111.20< / ><>100.00< / ><>0.00< / ><>100.00< / >< / ><><>Paypal holdings< / ><>126.48< / ><>1.60< / ><>139.53< / ><>85.45< / ><>3.76< / ><>25.81< / ><>44.99< / >< / ><><>PayPal Holdings< / ><>61.47< / ><>-0.34< / ><>79.27< / ><>38.46< / ><>0.91< / ><>11.53< / ><>52.59< / >< / ><><>PayPalA< / ><>139.72< / ><>-2.47< / ><>171.48< / ><>133.73< / ><>4.24< / ><>18.29< / ><>190.70< / >< / ><><>PayPalOne< / ><>119.20< / ><>-0.00< / ><>119.20< / ><>100.00< / ><>0.00< / ><>100.00< / >< / ><><>Philip Morris Int'l< / ><>190.48< / ><>-3.02< / ><>207.76< / ><>142.11< / ><>2.37< / ><>27.37< / ><>298.68< / >< / ><><>Phillips 66< / ><>238.81< / ><>-2.42< / ><>246.95< / ><>136.74< / ><>2.12< / ><>13.64< / ><>56.69< / >< / ><><>PHC Financial Services Gp< / ><>243.51< / ><>-1.16< / ><>256.86< / ><>176.86< / ><>1.29< / ><>33.39< / ><>97.15< / >< / ><><>Philips 66< / ><>217.60< / ><>-1.00< / ><>228.00< / ><>145.00< / ><>1.00< / ><>19.00< / ><>100.00< / >< / ><><>Pepsico< / ><>141.85< / ><>-0.74< / ><>153.35< / ><>110.51< / ><>3.02< / ><>31.38< / ><>134.80< / >< / ><><>Procter & Gamble< / ><>707.13< / ><>0.13< / ><>727.72< / ><>91.99< / ><>4.85< / ><>10.65< / ><>41.53< / >< / ><><>Public Storage< / ><>311.22< / ><>-6.17< / ><>335.55< / ><>256.54< / ><>3.86< / ><>29.58< / ><>58.03< / >< / ><><>Qualcomm< / ><>154.79< / ><>-0.20< / ><>165.65< / ><>129.00< / ><>1.00< / ><>19.00< / ><>100.00< / >< / ><><>Regeneron Pharm< / ><>807.71< / ><>-0.48< / ><>874.08< / ><>551.66< / ><>4.25< / ><>25.11< / ><>45.84< / >< / ><><>Republic Services< / ><>219.72< / ><>-2.81< / ><>225.18< / ><>186.41< / ><>1.22< / ><>31.06< / ><>67.14< / >< / ><><>Robert Islander's Elec< / ><>106.75< / ><>1.23< / ><>113.65< / ><>95.00< / ><>2.00< / ><>16.00< / ><>100.00< / >< / ><><>SAP< / ><>38.10< / ><>-0.46< / ><>47.94< / ><>33.88< / ><>5.26< / ><>27.06< / ><>55.56< / >< / ><><>Roper technologies< / ><>422.89< / ><>9.41< / ><>532.16< / ><>308.95< / ><>0.96< / ><>17.54< / ><>41.80< / >< / ><><>Ross Stores< / ><>229.87< / ><>-6.40< / ><>257.00< / ><>143.39< / ><>0.77< / ><>31.84< / ><>73.74< / >< / ><><>Royal Dutch< / >

Corporation< / td> 294.80< / ><>-5.30< / ><>386.50< / ><>236.12< / ><>1.78< / ><>105.67< / ><>76.38< / >< / tr> <>S&P Global< / ><>213.08< / ><>-0.10< / ><>228.00< / ><>143.00< / ><>0.00< / ><>100.00< / >< / ><><>Salesforce< / ><>425.39< / ><>-1.10< / ><>554.56< / ><>381.61< / ><>0.89< / ><>26.48< / ><>128.35< / >< / ><><>Salesforce.com< / ><>252.05< / ><>-6.43< / ><>269.11< / ><>146.32< / ><>0.70< / ><>29.67< / ><>208.43< / >< / ><><>Schlumberger< / ><>55.01< / ><>1.41< / ><>58.02< / ><>31.64< / ><>2.15< / ><>12.20< / ><>81.64< / >< / ><><>ServiceNow< / ><>84.72< / ><>-0.15< / ><>94.00< / ><>63.00< / ><>1.00< / ><>13.00< / ><>100.00< / >< / ><><>ServiceNow Inc< / ><>138.43< / ><>12.63< / ><>97.63< / ><>81.04< / ><>0.21< / ><>89.10< / ><>143.14< / >< / ><><>Simon Property Group< / ><>214.89< / ><>-2.22< / ><>228.50< / ><>172.19< / ><>4.19< / ><>15.17< / ><>69.53< / >< / ><><>SimonMax< / ><>328.11< / ><>13.74< / ><>341.95< / ><>118.30< / ><>0.95< / ><>85.90< / ><>114.67< / >< / ><><>Southern< / ><>56.34< / ><>-0.07< / ><>66.83< / ><>43.41< / ><>2.41< / ><>25.25< / ><>102.44< / >< / ><><>Southern copper< / ><>89.05< / ><>-0.71< / ><>100.83< / ><>83.80< / ><>3.41< / ><>21.35< / ><>102.44< / >< / ><><>Southern copper< / ><>216.28< / ><>2.53< / ><>223.86< / ><>99.48< / ><>1.24< / ><>32.47< / ><>182.61< / >< / ><><>Spotify Technology< / ><>527.25< / ><>-22.78< / ><>743.60< / ><>405.00< / ><>0.00< / ><>238.44< / ><>108.55< / >< / ><><>Starbucks< / ><>107.25< / ><>-0.00< / ><>117.25< / ><>84.00< / ><>1.00< / ><>19.00< / ><>100.00< / >< / ><><>Strategic A< / ><>137.40< / ><>1.42< / ><>261.21< / ><>85.61< / ><>0.81< / ><>1.39< / ><>50.09< / >< / ><><>Syngenta< / ><>322.12< / ><>-7.55< / ><>396.86< / ><>261.00< / ><>1.09< / ><>33.11< / ><>123.56< / >< / ><><>Sympirey< / ><>464.89< / ><>54.89< / ><>615.79< / ><>366.00< / ><>0.00< / ><>80.57< / ><>89.09< / >< / ><><>Target Software< / ><>289.18< / ><>-0.88< / ><>336.55< / ><>238.00< / ><>1.00< / ><>19.00< / ><>100.00< / >< / ><><>Target< / ><>165.93< / ><>1.89< / ><>170.75< / ><>83.44< / ><>2.80< / ><>21.63< / ><>75.38< / >< / ><><>TE Connectivity< / ><>2033.00< / ><>-2.03< / ><>252.56< / ><>192.27< / ><>1.54< / ><>19.75< / ><>58.77< / >< / ><><>Tesla< / ><>354.83< / ><>8.89< / ><>498.83< / ><>297.38< / ><>0.00< / ><>383.09< / ><>1401.34< / >< / ><><>Tesla Systems< / ><>285.54< / ><>-1.36< / ><>336.55< / ><>236.00< / ><>0.00< / ><>38.00< / ><>100.00< / >< / ><><>The Italia< / ><>275.62< / ><>-4.19< / ><>277.22< / ><>188.08< / ><>1.69< / ><>6.58< / ><>65.14< / >< / ><><>The Charles Schwab< / ><>180.95< / ><>-1.34< / ><>141.43< / ><>83.96< / ><>1.18< / ><>19.57< / ><>186.85< / >< / ><><>The Cigna Group< / ><>277.67< / ><>-3.20< / ><>315.47< / ><>239.51< / ><>2.25< / ><>11.89< / ><>73.37< / >< / ><><>The

花旗集团 (Citigroup)< / td><>89.08< / ><>-0.59< / ><>99.98< / ><>75.54< / ><>5.14< / ><>23.79< / ><>34.68< / >< / tr> <>约翰逊公司 (The Johnson & Company)< / ><>569.53< / ><>-1.58< / ><>76.58< / ><>54.15< / ><>2.74< / ><>33.39< / ><>34.68< / >< / ><><>戴维斯-库尔斯公司 (The Davis & Coors)< / ><>345.21< / ><>-3.45< / ><>377.77< / ><>289.86< / ><>0.93< / ><>31.55< / ><>83.80< / >< / ><><>CitiCo< / ><>134.32< / ><>-2.61< / ><>178.00< / ><>135.90< / ><>1.43< / ><>25.61< / ><>146.27< / >< / ><><>高露洁集团 (The Colgate Group)< / ><>147.75< / ><>-0.45< / ><>177.55< / ><>134.50< / ><>1.29< / ><>26.49< / ><>146.27< / >< / ><><>赛默飞世尔科技 (Thermo Fisher Scientific)< / ><>630.70< / ><>-3.01< / ><>647.00< / ><>457.25< / ><>0.32< / ><>33.69< / ><>233.20< / >< / ><><>T-Mobile US< / ><>177.76< / ><>-1.86< / ><>258.66< / ><>165.66< / ><>2.30< / ><>18.55< / ><>156.67< / >< / ><><>特雷恩技术 (Trane Technologies)< / ><>454.31< / ><>-9.09< / ><>536.97< / ><>348.09< / ><>0.62< / ><>34.44< / ><>98.96< / >< / ><><>Unicomedia Group Inc< / ><>198.40< / ><>-0.55< / ><>226.55< / ><>169.00< / ><>1.15< / ><>19.00< / ><>100.00< / >< / ><><>阿拉伯联合酋长国 (United Arab Emirates)< / ><>369.33< / ><>-1.82< / ><>389.69< / ><>252.26< / ><>1.35< / ><>9.79< / ><>77.03< / >< / ><><>信托金融公司 (Trust Financial Corp.)< / ><>50.30< / ><>-0.37< / ><>56.20< / ><>40.78< / ><>4.14< / ><>11.41< / ><>61.45< / >< / ><><>优步科技 (Uber Technologies)< / ><>76.95< / ><>-1.54< / ><>101.98< / ><>65.41< / ><>0.00< / ><>16.66< / ><>157.18< / >< / ><><>联合太平洋 (Union Pacific)< / ><>267.51< / ><>-2.95< / ><>215.89< / ><>219.68< / ><>1.05< / ><>25.64< / ><>183.78< / >< / ><><>美国设备公司 (United States Equip.)< / ><>238.53< / ><>-1.46< / ><>266.08< / ><>187.45< / ><>0.64< / ><>19.27< / ><>108.78< / >< / ><><>United Rentals B.V.< / ><>5327.51< / ><>-201.15< / ><>5178.19< / ><>701.59< / ><>0.74< / ><>24.90< / ><>64.58< / >< / ><><>联合健康集团 (UnitedHealth Group)< / ><>385.05< / ><>-5.86< / ><>491.67< / ><>259.97< / ><>2.35< / ><>25.32< / ><>254.59< / >< / ><><>美国银行公司 (US Bancorp)< / ><>62.40< / ><>-0.40< / ><>68.06< / ><>45.02< / ><>3.33< / ><>12.46< / ><>97.22< / >< / ><><>沃达丰集团 (Vodafone Group Inc.)< / ><>267.75< / ><>-1.45< / ><>297.75< / ><>209.55< / ><>1.34< / ><>19.38< / ><>108.78< / >< / ><><>威瑞森通信 (Verizon Communications)< / ><>49.43< / ><>-0.76< / ><>51.68< / ><>10.63< / ><>5.73< / ><>12.87< / ><>205.37< / >< / ><><>Vertex Media Group A< / ><>39.48< / ><>0.21< / ><>59.30< / ><>27.17< / ><>3.80< / ><>0.00< / ><>5.48< / >< / ><><>Vertex Pharmaceuticals< / ><>547.55< / ><>-5.25< / ><>555.69< / ><>374.47< / ><>0.10< / ><>31.63< / ><>136.78< / >< / ><><>Visa 'a'< / ><>379.69< / ><>-1.22< / ><>437.88< / ><>296.69< / ><>1.29< / ><>19.48< / ><>100.00< / >< / ><><>Visa 'b'< / ><>139.61< / ><>-0.22< / ><>219.82< / ><>132.66< / ><>0.66< / ><>23.30< / ><>46.93< / >< / ><><>沃尔玛 (Walmart)< / ><>1023.71< / ><>-1.31< / ><>175.16< / ><>95.60< / ><>0.96< / ><>36.01< / ><>816.74< / >< / ><><>沃尔玛 (Wal-Mart)< / ><>158.62< / ><>-2.81< / ><>119.76< / ><>92.19< / ><>1.46< / ><>21.50< / ><>184.44< / >< / ><><>富国银行 (Wells Fargo)< / ><>277.99< / ><>-1.88< / ><>334.88< / ><>226.88< / ><>1.46< / ><>24.98< / ><>109.98< / >< / ><><>富国银行 (Wells Fargo)< / ><>84.97< / ><>-0.26< / ><>97.76< / ><>72.76< / ><>2.35< / ><>12.21< / ><>256.95< / >< / ><><>WellsHawk< / ><>238.60< / ><>-1.86< / ><>255.20< / ><>163.75< / ><>1.42< / ><>104.17< / ><>172.69< / >< / ><><>Workday

A< / td> 1035.72< / ><>3.92< / ><>249.85< / ><>151.06< / ><>0.93< / ><>38.93< / ><>38.91< / >< / tr> <>Yum!Brands Inc.< / ><>1231.68< / ><>-2.44< / ><>1467.88< / ><>947.88< / ><>1.49< / ><>24.48< / ><>109.98< / >< / ><><>Yum!Brands Inc.< / ><>150.75< / ><>-3.66< / ><>170.14< / ><>137.33< / ><>1.99< / ><>18.87< / ><>41.14< / >< / ><><>Zscaler A< / ><>75.62< / ><>-2.50< / ><>156.49< / ><>71.00< / ><>2.83< / ><>12.24< / ><>31.00< / >< / 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、育肥牛、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 (US$)< / >< / ><><>摩根士丹利 (Morgan Stanley)< / ><>30 / 01< / ><>4.00< / ><>98.89< / ><>4.57< / ><>-0.08< / ><>0.06< / >< / ><><>Truist 金融公司 (Truist Finl Corp)< / ><>28 / 06< / ><>4.12< / ><>99.69< / ><>5.12< / ><>0.06< / ><>0.02< / >< / ><><>National Rural< / ><>32 / 11< / ><>4.02< / ><>94.55< / ><>5.27< / ><>0.00< / ><>0.18< / >< / ><><>华盛顿煤气灯公司 (Washington Gaslight Co)< / ><>36 / 03< / ><>5.78< / ><>97.97< / ><>5.02< / ><>0.00< / >< / ><><>北方州电力公司 (Northern States Power)< / ><>28 / 03< / ><>8.13< / ><>100.66< / ><>5.05< / ><>0.00< / >< / ><><>俄克拉荷马天然气与电力公司 (Oklahoma Gas & Elec)< / ><>28 / 04< / ><>6.50< / ><>103.01< / ><>4.58< / ><>0.00< / >< / ><><

colspan="7">欧元 (Euro)< / >< / ><><>德国< / ><>25 / 08< / ><>2.22< / ><>89.20< / ><>2.93< / ><>-0.14< / ><>-0.10< / >< / ><><>西班牙< / ><>46 / 10< / ><>2.88< / ><>82.45< / ><>4.20< / ><>-0.19< / ><>-0.02< / >< / ><><>比利时< / ><>47 / 06< / ><>1.50< / ><>61.46< / ><>4.49< / ><>-0.12< / ><>0.30< / >< / ><><>法国< / ><>48 / 05< / ><>2.00< / ><>63.37< / ><>4.73< / ><>-0.14< / ><>0.17< / >< / ><>< colspan="7">英镑 (£ Sterling)< / >< / ><><>英国< / ><>46 / 12< / ><>4.25< / ><>82.60< / ><>5.71< / ><>-0.30< / >< / ><><>英国< / ><>47 / 07< / ><>1.50< / ><>48.56< / ><>5.77< / ><>-0.18< / >< / table>

波动率指数 债券：基准政府债券

<><>< / ><>8月28日< / ><>当日变动< / ><>前值< / ><>52周最高< / ><>52周最低< / >< / ><><>VIX< / ><>14.27< / ><>-0.24< / ><>14.51< / ><>35.30< / ><>13.38< / >< / ><><>VXD< / ><>12.99< / ><>-0.06< / ><>13.05< / ><>42.71< / ><>2.43< / >< / ><><>VDAX< / ><>15.41< / ><>-0.96< / ><>16.36< / ><>35.58< / ><>13.53< / >< / table>

<><>< / ><>到期日< / ><>票面利率< / ><>买入价< / ><>买入收益率< / ><>当日收益率变动< / ><>当周收益率变动< / ><>当月收益率变动< / ><>年度变动< / >< / ><>< rowspan="2">澳大利亚< / ><>06 / 54< / ><>4.75< / ><>87.85< / ><>5.62< / ><>0.01< / ><>0.03< / ><>0.14< / ><>0.37< / >< / ><><>04 / 27< / ><>4.75< / ><>100.03< / ><>4.69< / ><>-0.01< / ><>0.09< / ><>1.32< / >< / ><>< rowspan="2">奥地利< / ><>02 / 23< / ><>2.88< / ><>97.83< / ><>5.28< / ><>0.00< / ><>0.03< / ><>0.18< / ><>0.40< / >< / ><><>10 / 51< / ><>3.13< / ><>86.12< / ><>4.00< / ><>0.01< / ><>0.15< / ><>0.17< / >< / ><><>比利时< / ><>06 / 54< / ><>3.25< / ><>79.63< / ><>4.61< / ><>0.00< / ><>-0.03< / ><>0.18< / ><>0.33< / >< / ><><

rowspan="2">加拿大< / td> 06 / 27< / ><>1.00< / ><>98.85< / ><>2.82< / ><>0.00< / ><>0.03< / ><>-0.18< / >< / tr> <>11 / 25< / ><>2.75< / ><>76.79< / ><>3.93< / ><>0.00< / ><>0.03< / ><>0.15< / >< / ><><>丹麦< / ><>11 / 23< / ><>2.25< / ><>95.22< / ><>3.78< / ><>0.00< / ><>-0.02< / ><>0.20< / >< / ><>< rowspan="3">芬兰< / ><>11 / 29< / ><>4.50< / ><>113.44< / ><>3.23< / ><>0.03< / ><>0.01< / ><>0.12< / ><>0.30< / >< / ><><>09 / 27< / ><>0.50< / ><>97.57< / ><>3.87< / ><>0.04< / ><>0.05< / ><>0.13< / ><>0.74< / >< / ><><>09 / 23< / ><>3.00< / ><>97.76< / ><>3.35< / ><>0.03< / ><>0.02< / ><>0.17< / ><>0.38< / >< / ><><

rowspan="2">法国< / ><>05 / 54< / ><>3.00< / ><>72.13< / ><>4.84< / ><>0.03< / ><>-0.03< / ><>0.25< / ><>0.40< / >< / ><><>11 / 33< / ><>3.50< / ><>98.34< / ><>3.76< / ><>0.03< / ><>0.00< / ><>-0.66< / ><>-0.42< / >< / ><>< rowspan="2">德国< / ><>08 / 23< / ><>2.60< / ><>98.75< / ><>3.12< / ><>0.04< / ><>0.03< / ><>0.18< / ><>0.42< / >< / ><><>08 / 51< / ><>1.75< / ><>67.12< / ><>3.76< / ><>0.00< / ><>0.16< / ><>0.27< / >< / ><><

rowspan="2">希腊< / ><>06 / 28< / ><>3.88< / ><>101.47< / ><>3.01< / ><>-0.08< / ><>0.02< / ><>0.16< / ><>0.57< / >< / ><><>06 / 23< / ><>4.25< / ><>103.26< / ><>3.70< / ><>0.03< / ><>0.71< / ><>0.13< / ><>0.42< / >< / ><><>爱尔兰< / ><>10 / 53< / ><>6.25< / ><>83.88< / ><>3.30< / ><>0.07< / ><>-0.40< / ><>0.32< / ><>0.67< / >< / ><><>意大利< / ><>12 / 27< / ><>2.63< / ><>99.65< / ><>2.95< / ><>0.03< / ><>0.04< / ><>0.11< / ><>0.70< / >< / ><><>日本< / ><>03 / 34< / ><>4.13< / ><>102.56< / ><>3.84< / ><>0.03< / ><>0.02< / ><>0.19< / ><>0.53< / >< / ><><

rowspan="2">荷兰< / ><>01 / 54< / ><>2.00< / ><>69.91< / ><>3.77< / ><>0.01< / ><>-0.01< / ><>0.15< / ><>0.20< / >< / ><><>07 / 23< / ><>3.50< / ><>95.81< / ><>3.18< / ><>0.03< / ><>0.02< / ><>0.16< / ><>0.39< / >< / ><>< rowspan="2">波兰< / ><>04 / 28< / ><>2.75< / ><>97.69< / ><>4.23< / ><>-0.06< / ><>-0.03< / ><>-0.01< / ><>0.38< / >< / ><><>10 / 33< / ><>6.00< / ><>101.76< / ><>5.69< / ><>0.06< / ><>0.05< / ><>0.25< / ><>0.75< / >< / ><><>葡萄牙< / ><>07 / 23< / ><>3.63< / ><>91.52< / ><>4.24< / ><>0.04< / ><>0.02< / ><>0.19< / ><>0.45< / >< / ><><

rowspan="2">西班牙< / ><>10 / 52< / ><>1.88< / ><>62.39< / ><>4.33< / ><>0.01< / ><>0.00< / ><>0.17< / ><>0.28< / >< / ><><>10 / 23< / ><>3.50< / ><>100.65< / ><>3.44< / ><>0.03< / ><>0.02< / ><>0.17< / ><>0.39< / >< / ><><>瑞典< / ><>11 / 25< / ><>1.75< / ><>96.38< / ><>4.50< / ><>0.00< / ><>0.14< / ><>0.44< / >< / ><><>瑞士< / ><>03 / 36< / ><>2.50< / ><>119.83< / ><>0.32< / ><>0.00< / ><>-0.02< / ><>-0.22< / ><>0.49< / >< / ><>< rowspan="2">英国< / ><>06 / 28< / ><>0.00< / ><>92.65< / ><>4.41< / ><>0.06< / ><>0.08< / ><>0.64< / >< / ><><>10 / 53< / ><>3.75< / ><>72.09< / ><>5.80< / ><>0.03< / ><>0.02< / ><>0.13< / ><>0.59< / >< / ><>< rowspan="2">美国< / ><>11 / 28< / ><>4.50< / ><>99.44< / ><>5.59< / ><>0.07< / ><>0.00< / ><>0.11< / ><>0.62< / >< / ><><>11 / 57< / ><>4.75< / ><>93.11< / ><>5.23< / ><>0.02< / ><>-0.08< / ><>0.10< / ><>0.40< / >< / table>

英国国债：英国现金市场

8月28日< / td><>价格< / ><>收益率< / ><>赎回收益率< / ><>当日< / ><>当周< / ><>最高< / ><>最低< / >< / tr><><> 1.25pc '27< / ><>97.44< / ><>1.28< / ><>4.25< / ><>-0.03< / ><>0.01< / ><>97.51< / ><>95.36< / >< / ><><> 0.875pc '29< / ><>89.59< / ><>0.98< / ><>4.46< / ><>-0.11< / ><>-0.06< / ><>91.00< / ><>0.01< / >< / ><><> 1pc '32< / ><>82.54< / ><>1.21< / ><>4.69< / ><>-0.16< / ><>-0.06< / ><>85.07< / ><>81.01< / >< / ><><> 4.25pc '36< / ><>93.73< / ><>4.53< / ><>5.09< / ><>-0.25< / ><>-0.01< / ><>99.39< / ><>92.65< / >< / ><><> 4.5pc '42< / ><>88.67< / ><>5.08< / ><>5.57< / ><>-0.29< / ><>0.10< / ><>96.45< / ><>87.54< / >< / ><><> 3.75pc '52< / ><>72.97< / ><>5.14< / ><>5.77< / ><>-0.27< / ><>0.26< / ><>81.50< / ><>72.00< / >< / ><><> 4pc '60< / ><>74.09< / ><>5.40< / ><>5.75< / ><>-0.30< / ><>0.27< / ><>83.52< / ><>73.28< / >< / table>

收盘价、最高价和最低价以交易货币计价。市值以当地货币计价。最高价和最低价基于滚动52周周期。

GILTS: UK FTSE ACTUARIES INDICES

<><>价格指数（固定票息）< / ><>8月28日< / ><>当日变动 %< / ><>总回报< / ><>月回报< / ><>年回报< / ><>收益率< / >< / ><><>5年期及以下< / ><>84.72< / ><>-0.06< / ><>2680.21< / ><>0.21< / ><>1.19< / ><>4.46< / >< / ><><>5-10年期< / ><>143.52< / ><>-0.20< / ><>3397.86< / ><>-0.23< / ><>-0.53< / ><>4.91< / >< / ><><>10-15年期< / ><>141.85< / ><>-0.28< / ><>3729.18< / ><>-0.67< / ><>-1.94< / ><>5.36< / >< / ><><>5-15年期< / ><>141.40< / ><>-0.22< / ><>3468.89< / ><>-0.37< / ><>-0.97< / ><>5.09< / >< / ><><>15年期以上< / ><>164.96< / ><>-0.33< / ><>3292.47< / ><>-1.28< / ><>-5.37< / ><>5.71< / >< / ><><>所有债券< / ><>125.23< / ><>-0.18< / ><>3137.58< / ><>-0.37< / ><>-1.26< / ><>5.33< / >< / table>

<><>指数挂钩< / ><>8月28日< / ><>当日变动 %< / ><>月变动 %< / ><>年变动 %< / ><>总回报< / ><>1个月回报< / ><>1年回报< / >< / ><><>5年期及以下< / ><>363.01< / ><>0.05< / ><>0.68< / ><>2.19< / ><>3167.51< / ><>0.70< / ><>3.00< / >< / ><><>5年期以上< / ><>468.00< / ><>-0.02< / ><>0.61< / ><>-2.14< / ><>3663.00< / ><>0.62< / ><>-1.71< / >< / ><><>5-15年期< / ><>458.87< / ><>0.02< / ><>0.70< / ><>1.32< / ><>3948.29< / ><>0.71< / ><>1.88< / >< / ><><>15年期以上< / ><>465.15< / ><>-0.06< / ><>0.50< / ><>-5.45< / ><>3507.94< / ><>0.51< / ><>-5.13< / >< / ><><>所有债券< / ><>465.75< / ><>-0.00< / ><>0.65< / ><>-1.28< / ><>3722.10< / ><>0.66< / ><>-0.78< / >< / table>

<><>收益率指数< / ><>8月28日< / ><>8月27日< / ><>一年前< / >< / ><><>5年期< / ><>4.63< / ><>4.59< / ><>4.26< / >< / ><><>10年期< / ><>5.12< / ><>5.09< / ><>4.59< / >< / ><><>15年期< / ><>5.47< / ><>5.44< / ><>4.88< / >< / ><><>20年期< / ><>5.65< / ><>5.62< / ><>5.02< / >< / ><><>45年期< / ><>5.58< / ><>5.56< / ><>4.91< / >< / table>

<><>实际收益率 0% 通胀< / ><>8月28日< / ><>久期（年）< / ><>前值< / ><>一年前< / >< / ><><>5年期及以下< / ><>1.01< / ><>2.70< / ><>1.02< / ><>0.73< / >< / ><><>5年期以上< / ><>2.31< / ><>16.29< / ><>2.31< / ><>1.90< / >< / ><><>5-15年期< / ><>1.97< / ><>9.54< / ><>1.97< / ><>1.61< / >< / ><><>15年期以上< / ><>2.46< / ><>23.04< / ><>2.45< / ><>2.01< / >< / ><><>所有债券< / ><>2.25< / ><>13.40< / ><>2.25< / ><>1.86< / >< / table>

实际收益率 5% 通胀率< / td><>8月 28< / ><>久期（年）< / ><>前值< / ><>一年前< / >< / tr><><>5 年及以下< / ><>0.74< / ><>2.70< / ><>0.74< / ><>0.43< / >< / ><><>5 年以上< / ><>2.28< / ><>16.29< / ><>2.27< / ><>1.88< / >< / ><><>5-15 年< / ><>1.90< / ><>9.54< / ><>1.90< / ><>1.54< / >< / ><><>15 年以上< / ><>2.44< / ><>23.04< / ><>2.43< / ><>2.00< / >< / ><><>所有股票< / ><>2.21< / ><>13.40< / ><>2.20< / ><>1.82< / >< / table>

FT

FINANCIAL

TIMES

能源之源

利润。权力。政治。

主市场

< / td>< rowspan="2">价格+ / -< / >< colspan="4">52周< / >< rowspan="2">市盈率 (P / E)< / >< rowspan="2">成交量%< / >< / tr><><>最高< / ><>最低< / ><>收益率 (Yld)< / ><>市盈率 (P / E)< / >< / ><>< colspan="8">航空航天与国防< / >< / ><><>BAE Systems< / ><>2044.00< / ><>-82.00< / ><>2360.00< / ><>1529.00< / ><>1.85< / ><>29.71< / ><>8034.75< / >< / ><><>Chemring Group< / ><>-550.50< / ><>-20.00< / ><>650.75< / ><>446.52< / ><>1.47< / ><>30.93< / ><>1013.96< / >< / ><>< colspan="8">汽车与零部件< / >< / ><><>Ford Motor< / ><>1019.93< / ><>-37.72< / ><>1319.04< / ><>841.76< / ><>4.33< / ><>-5.82< / ><>—< / >< / ><>< colspan="8">品牌< / >< / ><><>ANZ Group< / ><>1944.26< / ><>-8.10< / ><>2126.50< / ><>1590.55< / ><>5.92< / ><>18.86< / ><>2388.46< / >< / ><><>Banco Santander< / ><>1082.00< / ><>4.00< / ><>1122.00< / ><>696.00< / ><>1.54< / ><>13.89< / ><>3867.24< / >< / ><><>Becton Social Media< / ><>6933.43< / ><>-3.32< / ><>6977.00< / ><>4662.73< / ><>3.56< / ><>—< / ><>1477.52< / >< / ><><>Barclays< / ><>496.65< / ><>4.05< / ><>554.10< / ><>352.85< / ><>2.32< / ><>11.34< / ><>34628.24< / >< / ><><>Canadian Imperial< / ><>8373.18< / ><>-170.16< / ><>9198.88< / ><>5551.02< / ><>2.71< / ><>—< / >< / ><><>HSBC# < / ><>1526.40< / ><>10.00< / ><>1610.00< / ><>942.80< / ><>3.15< / ><>17.15< / ><>26652.77< / >< / ><><>Lion Finance Gp< / ><>13420.00< / ><>330.00< / ><>13920.00< / ><>6905.00< / ><>2.38< / ><>8.44< / ><>79.99< / >< / ><><>London Stock Gp< / ><>103.85< / ><>-1.30< / ><>117.80< / ><>77.38< / ><>3.65< / ><>15.71< / ><>11469.50< / >< / ><><>NetWest Group< / ><>579.40< / ><>-4.40< / ><>726.00< / ><>500.20< / ><>5.15< / ><>12.70< / ><>21271.10< / >< / ><><>OSB Group< / ><>514.50< / ><>-1.50< / ><>647.50< / ><>479.00< / ><>6.98< / ><>6.81< / ><>1396.72< / >< / ><><>Perm TSB Group< / ><>251.69< / ><>1.09< / ><>291.66< / ><>183.29< / ><>0.62< / ><>6.48< / ><>8.23< / >< / ><><>Royal Bank of CA< / ><>15964.1< / ><>16.81< / ><>16187.03< / ><>10860.11< / ><>2.48< / ><>—< / ><>994.81< / >< / ><><>Stand Chart< / ><>2177.00< / ><>15.00< / ><>2278.00< / ><>1251.50< / ><>2.35< / ><>15.17< / ><>8093.52< / >< / ><><> 7375%PI< / ><>112.25< / ><>-0.50< / ><>128.84< / ><>109.50< / ><>6.57< / ><>—< / ><>53.45< / >< / ><><> 8.25%PI< / ><>128.25< / ><>-1.75< / ><>143.80< / ><>125.00< / ><>6.43< / ><>—< / ><>74.03< / >< / ><><>Toronto-Dominion< / ><>8914.48< / ><>322.12< / ><>9256.88< / ><>5736.30< / ><>2.82< / ><>—< / ><>847.99< / >< / ><><>Westpack< / ><>1794.48< / ><>15.62< / ><>2275.39< / ><>1750.74< / ><>4.54< / ><>16.87< / ><>3819.00< / >< / table>

<><>Elementis●< / ><>174.20< / ><>-5.00< / ><>195.40< / ><>136.00< / ><>1.91< / ><>-30.32< / ><>3621.93< / >< / ><><>Johnson Matthey●< / ><>2276.00< / ><>2.00< / ><>3245.25< / ><>2224.00< / ><>4.51< / ><>-29.84< / ><>571.27< / >< / ><><>Victrex< / ><>841.00< / ><>28.00< / ><>855.00< / ><>515.00< / ><>7.08< / ><>26.28< / ><>337.35< / >< / ><>< colspan="8">建筑与材料< / >< / table>

Galliford Tsy Hldgs< / td><>608.00< / ><>-< / ><>640.00< / ><>407.50< / ><>3.29< / ><>18.04< / ><>566.70< / >< / tr><><>Morgan Sindall< / ><>4400.00< / ><>26.00< / ><>5730.00< / ><>3915.00< / ><>3.70< / ><>11.82< / ><>112.62< / >< / ><>< colspan="8">电子与电气设备< / >< / ><><>discoverE Grp< / ><>813.00< / ><>49.00< / ><>840.00< / ><>505.00< / ><>1.60< / ><>26.92< / ><>762.91< / >< / ><><>Halma< / ><>3632.00< / ><>122.00< / ><>4902.00< / ><>3194.00< / ><>0.68< / ><>36.85< / ><>1314.98< / >< / ><><>Morgan Adv Mat< / ><>241.00< / ><>7.50< / ><>261.00< / ><>179.80< / ><>5.06< / ><>32.13< / ><>736.70< / >< / ><><>Oxford Instruments< / ><>2840.00< / ><>-6.00< / ><>3318.00< / ><>1682.00< / ><>0.83< / ><>33.57< / ><>191.04< / >< / ><><>Renishaw< / ><>5105.00< / ><>5.00< / ><>5490.00< / ><>3110.00< / ><>1.53< / ><>44.31< / ><>77.08< / >< / ><><>TT Electronics< / ><>136.00< / ><>0.40< / ><>154.80< / ><>93.00< / ><>-< / ><>-4.77< / ><>28.34< / >< / ><><>XP Power< / ><>1786.00< / ><>22.00< / ><>2060.00< / ><>843.00< / ><>-< / ><>-42.52< / ><>95.58< / >< / table>

<>< colspan="7">综合金融< / >< / ><><>3i Group< / ><>2828.00< / ><>-6.00< / ><>4487.00< / ><>1825.00< / ><>2.89< / ><>--< / >< / ><><>Aberdeen Group< / ><>252.20< / ><>3.40< / ><>265.00< / ><>177.52< / ><>5.79< / ><>11.68< / >< / ><><>Bridgepoint Group< / ><>322.60< / ><>1.60< / ><>351.80< / ><>212.00< / ><>2.94< / ><>64.52< / >< / ><><>of London Inc< / ><>491.00< / ><>1.00< / ><>496.00< / ><>290.00< / ><>6.73< / ><>16.60< / >< / ><><>Close Bros< / ><>412.60< / ><>-15.60< / ><>556.15< / ><>318.40< / ><>-< / ><>6.17< / >< / ><><>ICC< / ><>2022.00< / ><>-6.00< / ><>2340.00< / ><>1243.47< / ><>4.30< / ><>12.12< / >< / ><><>Investec< / ><>663.00< / ><>26.00< / ><>690.00< / ><>499.36< / ><>5.81< / ><>8.60< / >< / ><><>Jupiah< / ><>317.20< / ><>7.00< / ><>214.50< / ><>113.45< / ><>3.53< / ><>8.86< / >< / ><><>Kapital< / ><>317.50< / ><>7.00< / ><>365.00< / ><>220.00< / ><>5.96< / ><>20.62< / >< / ><><>London Stock Ex.< / ><>9000.00< / ><>398.00< / ><>10140.00< / ><>6664.00< / ><>1.76< / ><>37.75< / >< / ><><>Rathbones Group< / ><>1712.00< / ><>8.00< / ><>2500.00< / ><>1580.00< / ><>5.84< / ><>15.87< / >< / ><><>S & U< / ><>2000.00< / ><>50.00< / ><>2458.50< / ><>1620.00< / ><>5.75< / ><>10.25< / >< / ><><>Schroders< / ><>584.00< / ><>-< / ><>589.50< / ><>359.60< / ><>3.77< / ><>17.13< / >< / ><><>Hammers Place*< / ><>1186.00< / ><>-2.00< / ><>5375.50< / ><>1028.75< / ><>1.52< / ><>11.87< / >< / ><><>TP ICAP Group< / ><>344.80< / ><>15.60< / ><>355.00< / ><>235.50< / ><>4.95< / ><>13.66< / >< / ><><>Vanquis Banking Gp< / ><>80.60< / ><>3.30< / ><>132.00< / ><>75.00< / ><>< / ><>25.19< / >< / table>

AIM

< / td>< rowspan="2">价格< / >< ="2">+ / - 周均值< / >< colspan="2">52 Week< / >< ="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< / >< / ><><>Cohort●< / ><>1226.00< / ><>-8.00< / ><>1538.00< / ><>881.10< / ><>1.46< / ><>23.47< / ><>126.56< / >< / ><><>Velocity Composites< / ><>18.50< / ><>1.50< / ><>25.00< / ><>12.00< / ><>--< / ><>9.25< / ><>97.36< / >< / ><>< colspan="8">基础资源（不含采矿）< / >< / ><><>Cropper J< / ><>520.00< / ><>75.00< / ><>540.00< / ><>230.00< / ><>--< / ><>16.88< / ><>33.26< / >< / ><>< colspan="8">建筑与材料< / >< / ><><>Accsys

Tech< / ><>71.40< / ><>1.40< / ><>79.84< / ><>58.10< / ><>--< / ><>31.24< / ><>105.56< / >< / ><>< colspan="8">电子与电气设备< / >< / ><><>Checkit< / ><>20.00< / ><>--< / ><>27.00< / ><>12.35< / ><>--< / ><>-7.69< / ><>13.82< / >< / ><><>LPA< / ><>77.50< / ><>--< / ><>90.00< / ><>34.00< / ><>--< / ><>-29.36< / ><>2.00< / >< / ><><>Thorpe FW< / ><>260.00< / ><>1.00< / ><>320.00< / ><>240.00< / ><>2.76< / ><>11.99< / ><>82.27< / >< / ><>< colspan="8">综合金融< / >< / ><><>Arbutnot Banking●< / ><>795.00< / ><>-5.00< / ><>1100.00< / ><>765.00< / ><>6.92< / ><>7.29< / ><>74.28< / >< / table>

投资公司

<>< ="2">< / >< ="2">价格< / >< ="2">+ / - 周变动< / >< colspan="3">52 Week< / >< ="2">收益率< / >< ="2">资产净值 (NAV)< / >< ="2">股息 ($)< / >< / ><><>最高< / ><>最低< / ><>收益率< / >< / ><>< colspan="9">传统投资（不含私募股权）< / >< / ><><>3i Infra< / ><>395.50< / ><>4.00< / ><>399.50< / ><>325.00< / ><>3.45< / ><>404.02< / ><>-2.59< / ><>< / >< / ><><>Alt GVT< / ><>93.00< / ><>4.25< / ><>96.77< / ><>76.00< / ><>6.56< / ><>102.39< / ><>-11.48< / ><>< / >< / ><><>AEP Inc< / ><>1780.00< / ><>10.00< / ><>1786.00< / ><>1088.07< / ><>2.89< / ><>1804.44< / ><>-10.13< / ><>< / >< / ><><>Aberdeen Asia Foc< / ><>463.00< / ><>10.00< / ><>464.00< / ><>342.00< / ><>1.42< / ><>502.00< / ><>-9.80< / ><>< / >< / ><><>Aberdeen Asian Inc

Fund< / ><>318.00< / ><>...< / ><>357.00< / ><>236.00< / ><>5.90< / ><>341.10< / ><>-7.14< / ><>< / >< / ><><>Aberdeen Eq Inc< / ><>462.00< / ><>-1.00< / ><>473.00< / ><>359.25< / ><>5.00< / ><>460.52< / ><>1.06< / ><>< / >< / ><><>Aberdeen UK Smil< / ><>533.00< / ><>12.00< / ><>539.00< / ><>441.50< / ><>2.63< / ><>579.99< / ><>-8.70< / ><>< / >< / ><><>Alliance Witan< / ><>1379.00< / ><>9.00< / ><>1394.00< / ><>1178.00< / ><>2.13< / ><>1445.46< / ><>-4.39< / ><>< / >< / ><><>Alstom Tech< / ><>712.00< / ><>20.00< / ><>764.00< / ><>688.00< / ><>-1.66< / ><>760.66< / ><>-7.95< / ><>< / >< / ><><>Artemis Fund Europe< / ><>400.50< / ><>4.50< / ><>405.00< / ><>321.00< / ><>3.86< / ><>445.16< / ><>-10.76< / ><>< / >< / ><><>Aurora UK

Alpha< / td> 257.00< / ><>-2.00< / ><>279.00< / ><>222.09< / ><>1.83< / ><>286.55< / ><>-10.59< / ><>< / >< / tr> <>AVI Japan< / ><>172.50< / ><>3.50< / ><>194.00< / ><>154.50< / ><>1.28< / ><>179.61< / ><>-4.07< / ><>< / >< / ><><>BG China Growth< / ><>306.00< / ><>-3.00< / ><>331.04< / ><>277.00< / ><>0.82< / ><>337.90< / ><>-8.39< / ><>< / >< / ><><>BG Euro< / ><>127.50< / ><>3.50< / ><>133.00< / ><>91.40< / ><>0.56< / ><>136.31< / ><>-7.72< / ><>< / >< / ><><>BHP Billiton< / ><>1078.00< / ><>10.00< / ><>1090.00< / ><>811.10< / ><>0.93< / ><>1182.22< / ><>-9.49< / ><>< / >< / ><><>BG Shin< / ><>174.20< / ><>4.60< / ><>176.00< / ><>123.05< / ><>0.40< / ><>190.94< / ><>-9.84< / ><>< / >< / ><><>BG US

Growth< / ><>340.50< / ><>12.50< / ><>369.50< / ><>261.00< / ><>...< / ><>360.10< / ><>-6.56< / ><>< / >< / ><><>Baillie Gifford UK< / ><>227.00< / ><>1.00< / ><>231.00< / ><>180.12< / ><>2.73< / ><>249.91< / ><>-9.07< / ><>< / >< / ><><>Bankers IT< / ><>151.60< / ><>2.40< / ><>154.80< / ><>121.79< / ><>1.86< / ><>165.46< / ><>-8.69< / ><>< / >< / ><><>Biotech Growth< / ><>1738.00< / ><>6.00< / ><>1766.00< / ><>860.00< / ><>...< / ><>1679.12< / ><>-7.27< / ><>< / >< / ><><>BlackPearl Snrl< / ><>278.00< / ><>1.00< / ><>289.55< / ><>241.00< / ><>5.34< / ><>275.95< / ><>1.72< / ><>< / >< / ><><>BChip Energy & Res< / ><>186.00< / ><>2.50< / ><>205.00< / ><>123.00< / ><>3.12< / ><>195.96< / ><>-4.51< / ><>< / >< / ><><>BChip

Front< / ><>194.50< / ><>3.00< / ><>208.00< / ><>164.50< / ><>3.92< / ><>194.04< / ><>-1.67< / ><>< / >< / ><><>BChip GEur< / ><>610.00< / ><>5.00< / ><>625.00< / ><>508.95< / ><>1.17< / ><>652.93< / ><>-6.61< / ><>< / >< / ><><>BChip BSG< / ><>234.00< / ><>...< / ><>240.00< / ><>200.00< / ><>3.29< / ><>261.50< / ><>-11.18< / ><>< / >< / ><><>BChip Smln< / ><>276.50< / ><>2.00< / ><>288.40< / ><>230.86< / ><>2.87< / ><>317.02< / ><>-11.90< / ><>< / >< / ><><>BChip Worldwide< / ><>1060.00< / ><>10.00< / ><>1076.00< / ><>844.00< / ><>2.86< / ><>1092.59< / ><>-2.21< / ><>< / >< / ><><>Brunner< / ><>1580.00< / ><>20.00< / ><>1588.00< / ><>1336.00< / ><>1.71< / ><>1741.38< / ><>-10.06< / ><>< / >< / ><><>Celestonia

Inv< / ><>397.00< / ><>11.00< / ><>402.00< / ><>312.00< / ><>1.94< / ><>584.41< / ><>-3.49< / ><>< / >< / ><><>CanGen CS< / ><>2851.38< / ><>106.98< / ><>2857.59< / ><>2244.36< / ><>2.31< / ><>301.75< / ><>-40.02< / ><>< / >< / ><><>City of Lon< / ><>591.00< / ><>4.00< / ><>599.00< / ><>486.00< / ><>3.75< / ><>577.75< / ><>1.83< / ><>< / >< / ><><>CCG NetRes< / ><>403.00< / ><>9.00< / ><>467.00< / ><>208.23< / ><>6.54< / ><>402.31< / ><>-0.66< / ><>< / >< / ><><>CIT Healthcare< / ><>153.40< / ><>1.40< / ><>152.40< / ><>114.40< / ><>3.90< / ><>167.86< / ><>-1.48< / ><>< / >< / ><><>CT Mgd< / ><>131.00< / ><>-3.50< / ><>135.00< / ><>114.00< / ><>6.11< / ><>134.08< / ><>-2.37< / ><>< / >< / ><><>CT

Mggt< / td> 327.00< / ><>2.00< / ><>330.00< / ><>270.00< / ><>...< / ><>338.28< / ><>-3.49< / ><>< / >< / tr> <>CT CpG< / ><>358.00< / ><>5.00< / ><>373.00< / ><>330.00< / ><>3.76< / ><>375.57< / ><>-4.55< / ><>< / >< / ><><>CT UK HIT 8< / ><>109.00< / ><>...< / ><>120.00< / ><>92.00< / ><>5.47< / ><>119.54< / ><>-9.89< / ><>< / >< / ><><>CT UK HIT Otd< / ><>122.00< / ><>6.00< / ><>126.00< / ><>97.00< / ><>4.89< / ><>118.69< / ><>-1.64< / ><>< / >< / ><><>EcoHealth Inc< / ><>319.00< / ><>0.00< / ><>323.00< / ><>275.00< / ><>6.32< / ><>314.52< / ><>-7.92< / ><>< / >< / ><><>Edinburgh Inv< / ><>860.00< / ><>5.00< / ><>867.00< / ><>737.60< / ><>3.72< / ><>925.30< / ><>-7.06< / ><>< / >< / ><><>Edin

Worldwide< / ><>266.50< / ><>8.00< / ><>294.50< / ><>188.20< / ><>...< / ><>290.58< / ><>-7.95< / ><>< / >< / ><><>The Euro SmCo< / ><>242.50< / ><>8.00< / ><>247.21< / ><>193.80< / ><>5.21< / ><>265.82< / ><>-9.67< / ><>< / >< / ><><>F&C Inv Trust< / ><>442.50< / ><>4.20< / ><>1332.00< / ><>325.85< / ><>1.21< / ><>375.37< / ><>-8.39< / ><>< / >< / ><><>Fidelity Bio< / ><>626.00< / ><>1.00< / ><>672.00< / ><>441.06< / ><>3.27< / ><>646.53< / ><>-4.27< / ><>< / >< / ><><>Fidelity China< / ><>284.00< / ><>-2.50< / ><>339.00< / ><>241.01< / ><>3.41< / ><>281.46< / ><>-6.96< / ><>< / >< / ><><>Fidelity EmerMktis< / ><>1508.00< / ><>26.00< / ><>1574.00< / ><>842.00< / ><>1.31< / ><>1619.44< / ><>-6.08< / ><>< / >< / ><><>Fidelity

Euro< / ><>439.00< / ><>...< / ><>447.50< / ><>367.50< / ><>2.26< / ><>459.98< / ><>-4.71< / ><>< / >< / table>

<>< rowspan="2">< / >< rowspan="2">价格< / >< ="2">周 / 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< / ><>收益率< / >< / ><>< colspan="9">食品与饮料< / >< / ><><>AEP Plantations< / ><>205.00< / ><>12.60< / ><>229.00< / ><>117.37< / ><>2.97< / ><>12.02< / ><>634.72< / ><>< / >< / ><><>Betal Products< / ><>262.00< / ><>-0.00< / ><>259.00< / ><>129.45< / ><>3.01< / ><>14.48< / ><>599.88< / ><>< / >< / ><><>Ban (AG)< / ><>598.00< / ><>-8.00< / ><>715.32< / ><>589.00< / ><>3.14< / ><>14.18< / ><>104.36< / ><>< / >< / ><><>Fevera< / ><>145.00< / ><>< / ><>149.50< / ><>114.50< / ><>1.66< / ><>6.28< / ><>15.14< / ><>< / >< / ><><>Coca-Cola

HBC< / ><>450.00< / ><>26.00< / ><>519.00< / ><>3270.00< / ><>2.25< / ><>20.62< / ><>1544.79< / ><>< / >< / ><><>Cransmec< / ><>5390.00< / ><>30.00< / ><>5810.00< / ><>4775.00< / ><>2.09< / ><>18.22< / ><>68.47< / ><>< / >< / ><><>Disagree< / ><>1709.00< / ><>-10.00< / ><>2109.00< / ><>1265.50< / ><>2.16< / ><>29.70< / ><>6474.27< / ><>< / >< / ><><>Greencore< / ><>266.80< / ><>0.60< / ><>307.50< / ><>191.10< / ><>0.97< / ><>20.21< / ><>1622.82< / ><>< / >< / ><><>Kerry Group< / ><>7382.38< / ><>439.83< / ><>7646.35< / ><>5567.81< / ><>1.68< / ><>21.49< / ><>97.09< / ><>< / >< / ><><>Tate &

Lyle< / ><>554.00< / ><>< / ><>580.00< / ><>319.40< / ><>3.57< / ><>25.18< / ><>1971.91< / ><>< / >< / ><><>Unilever*< / ><>4776.00< / ><>95.00< / ><>5542.11< / ><>3644.00< / ><>3.45< / ><>12.88< / ><>7147.30< / ><>< / >< / table>

GN Store Nord< / td><>1102.67< / ><>23.76< / ><>1429.97< / ><>984.75< / ><>14.18< / ><>513.42< / >< / tr><><>Smith&Neph< / ><>1062.50< / ><>-7.00< / ><>1441.50< / ><>1046.00< / ><>2.75< / ><>20.00, 3800.36< / >< / ><>< colspan="7">家居、休闲与个人用品< / >< / ><><>Barratt Redrow< / ><>318.20< / ><>5.80< / ><>410.29< / ><>235.40< / ><>5.37< / ><>23.40, 3066.14< / >< / ><><>Helen< / ><>2160.00< / ><>46.00< / ><>2090.00< / ><>1715.00< / ><>3.32< / ><>18.27, 2698.79< / >< / ><><>Berkeley< / ><>3570.00< / ><>16.00< / ><>4442.00< / ><>2796.00< / ><>10.77< / ><>297.46< / >< / ><><>Barberry Group< / ><>1084.00< / ><>14.50< / ><>1376.50< / ><>978.00< / ><>-< / ><>3644.41< / >< / ><><>Cairn Homes< / ><>221.50< / ><>6.00< / ><>228.00< / ><>161.00< / ><>3.96< / ><>121.15, 169.41< / >< / ><><>New York Workshop< / ><>18420.00< / ><>-24.00< / ><>23540.00< / ><>14670.00< / ><>3.12< / ><>28.52, 408.00< / >< / ><><>Gleeson (MJ)< / ><>278.00< / ><>5.00< / ><>435.00< / ><>221.00< / ><>3.94< / ><>10.25, 23.21< / >< / ><><>Headlam Group< / ><>10.50< / ><>1.60< / ><>75.40< / ><>4.64< / ><>-< / ><>-0.10, 302.85< / >< / ><><>Mcbride< / ><>206.00< / ><>42.00< / ><>214.10< / ><>106.20< / ><>1.46< / ><>10.56, 2357.53< / >< / ><><>Mitsubishi< / ><>1978.00< / ><>-46.93< / ><>4413.42< / ><>1790.38< / ><>3.66< / ><>46.16, 835.24< / >< / ><><>PZ Cussons< / ><>103.60< / ><>-0.20< / ><>114.00< / ><>65.00< / ><>3.57< / ><>22.04, 605.14< / >< / ><><>Vistry Group< / ><>302.60< / ><>38.20< / ><>746.40< / ><>220.00< / ><>-< / ><>7.17, 2042.40< / >< / table>

2254.00< / ><>1.48< / ><>29.74< / ><>684.39< / >< / table>

<><>Coats Group< / ><>81.20< / ><>1.20< / ><>98.10< / ><>73.15< / ><>3.02< / ><>18.65< / ><>6119.82< / >< / ><><>Macfarlane< / ><>77.00< / ><>5.50< / ><>99.00< / ><>59.80< / ><>4.75< / ><>19.30< / ><>797.53< / >< / ><><>Smiths< / ><>2612.00< / ><>12.00< / ><>2754.18< / ><>2088.00< / ><>1.79< / ><>30.48< / ><>2157.86< / >< / ><>< colspan="8">工业运输< / >< / table>

<><>Braemar•< / ><>223.50< / ><>3.50< / ><>260.00< / ><>203.11< / ><>3.13< / ><>30.87< / ><>43.68< / >< / ><><>Fisher (J)< / ><>442.00< / ><>-18.00< / ><>554.00< / ><>325.00< / ><>-< / ><>-50.80< / ><>95.75< / >< / ><>< colspan="8">保险< / >< / ><><>Admiral Group< / ><>4024.00< / ><>48.00< / ><>4128.00< / ><>2624.00< / ><>3.56< / ><>16.33< / ><>1352.08< / >< / ><><>Aviva< / ><>730.40< / ><>13.20< / ><>740.60< / ><>590.60< / ><>5.50< / ><>27.15< / ><>7431.55< / >< / ><><>Chesnara< / ><>376.00< / ><>53.00< / ><>376.00< / ><>264.59< / ><>6.11< / ><>-14.46< / ><>2224.16< / >< / ><><>Essential Insurance< / ><>139.50< / ><>0.25< / ><>150.00< / ><>135.00< / ><>6.18< / ><>-< / ><>33.08< / >< / ><><>Harveston Global< / ><>53.00< / ><>2.00< / ><>57.00< / ><>43.35< / ><>8.40< / ><>-40.77< / ><>20.05< / >< / ><><>Hiscox•< / ><>1842.00< / ><>47.00< / ><>1904.00< / ><>1257.18< / ><>2.11< / ><>13.64< / ><>826.90< / >< / ><><>Lancashire Hldgs•< / ><>616.00< / ><>7.50< / ><>700.00< / ><>548.00< / ><>2.73< / ><>6.91< / ><>596.90< / >< / ><><>Legal & General•< / ><>293.40< / ><>9.40< / ><>318.10< / ><>217.20< / ><>7.47< / ><>29.37< / ><>57028.68< / >< / ><><>Mortuel< / ><>58.40< / ><>0.60< / ><>78.00< / ><>54.00< / ><>6.95< / ><>6.47< / ><>120.12< / >< / ><><>Prudential< / ><>1018.00< / ><>-10.00< / ><>1238.00< / ><>910.20< / ><>2.01< / ><>8.96< / ><>7018.24< / >< / ><><>Standard

Life< / td> 940.00< / ><>19.50< / ><>948.50< / ><>615.00< / ><>5.89< / ><>-199.57< / ><>2816.97< / >< / tr>< / table>

金融时报 (FINANCIAL TIMES)

< rowspan="2">< / >< colspan="5">52周< / ><>股息 %< / >< / ><><>价格< / ><>+ / - 周变动< / ><>最高< / ><>最低< / ><>收益率< / ><>N / A< / >< / ><><>Fidelity Spec< / ><>473.50< / ><>2.50< / ><>479.50< / ><>372.00< / ><>2.18< / ><>470.24< / >< / ><><>Finsbury G&I< / ><>836.00< / ><>9.00< / ><>902.00< / ><>706.25< / ><>2.42< / ><>897.40< / >< / ><><>The G&I Small Co< / ><>193.40< / ><>0.80< / ><>198.60< / ><>162.72< / ><>1.63< / ><>203.74< / >< / ><><>Hindi (ssp)< / ><>1.25< / ><>-< / ><>1.25< / ><>14.40< / >< / ><><>Hansa< / ><>334.00< / ><>-4.00< / ><>346.00< / ><>250.00< / ><>1.32< / ><>545.63< / >< / ><><>Hansa A< / ><>330.00< / ><>-< / ><>335.00< / ><>244.00< / ><>1.33< / ><>545.63< / >< / ><><>Hen

FarEs< / ><>264.50< / ><>5.50< / ><>281.50< / ><>228.00< / ><>8.47< / ><>255.12< / >< / ><><>Hen High Inc< / ><>207.00< / ><>1.00< / ><>214.00< / ><>173.25< / ><>5.37< / ><>217.31< / >< / ><><>Hen Smir< / ><>989.50< / ><>1.00< / ><>998.50< / ><>1000.00< / ><>2.92< / ><>177.29< / >< / ><><>Hen Resil< / ><>2995.00< / ><>40.00< / ><>3290.73< / ><>2285.00< / ><>-< / ><>3344.40< / >< / ><><>HICL Infra< / ><>137.40< / ><>-3.00< / ><>141.00< / ><>107.20< / ><>6.19< / ><>159.46< / >< / ><><>Impax Env< / ><>450.50< / ><>5.50< / ><>494.76< / ><>379.00< / ><>1.13< / ><>507.15< / >< / ><><>Indiotech< / ><>1135.00< / ><>15.00< / ><>1235.00< / ><>667.50< / ><>2.76< / ><>1201.61< / >< / ><><>Intl

FP< / ><>140.00< / ><>-0.80< / ><>145.80< / ><>115.60< / ><>6.28< / ><>150.88< / >< / ><><>Inv Asia Dragon Tst< / ><>503.00< / ><>-0.10< / ><>519.00< / ><>459.00< / ><>3.82< / ><>514.52< / >< / ><><>JPM Bond Inc< / ><>171.50< / ><>0.50< / ><>178.50< / ><>150.11< / ><>7.14< / ><>168.74< / >< / ><><>JPM Amer IT< / ><>1218.00< / ><>6.00< / ><>1258.00< / ><>1041.00< / ><>0.94< / ><>1255.70< / >< / ><><>JPM Asia G&I< / ><>592.00< / ><>10.00< / ><>652.00< / ><>398.00< / ><>5.25< / ><>598.14< / >< / ><><>JPM China G&I< / ><>275.00< / ><>0.50< / ><>313.00< / ><>259.50< / ><>4.93< / ><>302.42< / >< / ><><>JPM Cleve< / ><>978.00< / ><>6.00< / ><>986.00< / ><>791.74< / ><>3.73< / ><>988.57< / >< / ><><>JPM&CI

Com(ssp)< / ><>84.20< / ><>-< / ><>86.60< / ><>68.00< / ><>-< / >< / ><><>JPM Emrg EMEA< / ><>239.50< / ><>-4.00< / ><>310.00< / ><>181.65< / ><>0.25< / ><>71.68< / >< / ><><>JPM Emrg< / ><>168.00< / ><>1.60< / ><>181.20< / ><>118.40< / ><>4.48< / ><>181.05< / >< / ><><>JPM Eur Disc< / ><>643.00< / ><>15.00< / ><>666.00< / ><>548.00< / ><>2.49< / ><>689.94< / >< / ><><>JPM Eur G&I< / ><>147.60< / ><>1.40< / ><>153.00< / ><>124.50< / ><>3.69< / ><>149.59< / >< / ><><>JPM Em Mk Div< / ><>211.00< / ><>6.00< / ><>221.00< / ><>148.00< / ><>2.84< / ><>238.91< / >< / ><><>JPM Em G&I< / ><>620.00< / ><>1.00< / ><>641.00< / ><>499.60< / ><>4.00< / ><>622.68< / >< / ><><>JPM India Gwth

Inc< / td> 890.00< / ><>4.00< / ><>1098.00< / ><>799.00< / ><>5.04< / ><>954.60< / >< / tr> <>JPM Japan< / ><>818.00< / ><>15.00< / ><>867.00< / ><>661.00< / ><>1.06< / ><>886.43< / >< / ><><>JPM UK Sm< / ><>356.50< / ><>-2.00< / ><>369.00< / ><>287.92< / ><>4.19< / ><>382.59< / >< / ><><>JPM US SmI< / ><>435.00< / ><>-5.00< / ><>463.00< / ><>365.00< / ><>0.74< / ><>481.14< / >< / ><><>Law Deb< / ><>1254.00< / ><>12.00< / ><>1298.00< / ><>977.40< / ><>2.95< / ><>1226.94< / >< / ><><>Lowest Retail Tsin< / ><>560.00< / ><>-0.00< / ><>778.00< / ><>636.00< / ><>5.00< / ><>719.99< / >< / ><><>Lowland< / ><>186.50< / ><>1.00< / ><>191.50< / ><>145.50< / ><>3.63< / ><>203.67< / >< / ><><>Marwyn

Val< / ><>138.00< / ><>-< / ><>138.83< / ><>137.75< / ><>6.57< / ><>258.29< / >< / ><><>Mercantile< / ><>289.00< / ><>6.00< / ><>290.50< / ><>234.31< / ><>2.85< / ><>319.58< / >< / ><><>Merch. Trst< / ><>684.00< / ><>6.00< / ><>691.00< / ><>536.00< / ><>4.34< / ><>717.15< / >< / ><><>Mid Wynd< / ><>800.00< / ><>14.00< / ><>804.00< / ><>682.00< / ><>1.04< / ><>815.70< / >< / ><><>Moeks IT< / ><>1638.00< / ><>-20.00< / ><>1664.00< / ><>1465.00< / ><>0.96< / ><>1716.19< / >< / ><><>Morgan Sdn< / ><>142.50< / ><>4.50< / ><>189.00< / ><>142.00< / ><>0.86< / ><>196.98< / >< / ><><>Murray Inc< / ><>1002.00< / ><>6.00< / ><>1036.00< / ><>854.66< / ><>4.09< / ><>1069.98< / >< / ><><>Murray

Intl< / ><>372.50< / ><>2.00< / ><>376.00< / ><>293.00< / ><>3.44< / ><>367.12< / >< / ><><>New Star IT< / ><>142.00< / ><>1.50< / ><>148.00< / ><>108.00< / ><>2.50< / ><>198.87< / >< / ><><>NJ All Sci Int'l< / ><>420.00< / ><>-12.00< / ><>434.00< / ><>328.00< / ><>1.67< / ><>634.88< / >< / ><><>Parc. Honix< / ><>1122.00< / ><>112.00< / ><>1262.00< / ><>922.00< / ><>0.13< / ><>1234.70< / >< / ><><>Parc Energy< / ><>556.00< / ><>6.00< / ><>558.00< / ><>512.00< / ><>1.01< / ><>555.38< / >< / ><><>Polar Health< / ><>450.00< / ><>-5.00< / ><>460.50< / ><>340.00< / ><>0.49< / ><>445.66< / >< / ><><>Polar Fin.< / ><>254.50< / ><>6.50< / ><>256.00< / ><>199.16< / ><>-< / ><>255.62< / >< / table>

<>< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">+ / - 周变动< / >< colspan="3">52周< / >< rowspan="2">成交量 (千股)< / >< / ><><>最高< / ><>最低< / ><>收益率< / >< / ><><>BP Marsh< / ><>680.00< / ><>4.00< / ><>710.00< / ><>613.00< / ><>5.34< / ><>5.13< / >< / ><><>Burbford Capital< / ><>320.40< / ><>3.60< / ><>1038.00< / ><>279.80< / ><>2.95< / ><>15.00< / >< / ><><>Premier Miton Group< / ><>39.00< / ><>-0.25< / ><>66.00< / ><>34.53< / ><>7.69< / ><>50.00< / >< / ><>< colspan="7">食品与饮料< / >< / ><><>Camellia< / ><>5650.00< / ><>-100.00< / ><>6300.00< / ><>4800.00< / ><>4.60< / ><>-30.26< / >< / ><><>Fevertree

Drinks< / ><>853.50< / ><>0.50< / ><>973.00< / ><>711.00< / ><>2.03< / ><>45.46< / >< / ><><>Nichols*< / ><>1140.00< / ><>25.00< / ><>1240.00< / ><>880.00< / ><>3.41< / ><>19.43< / >< / ><>< colspan="7">家居、休闲与个人用品< / >< / ><><>Churchill< / ><>370.00< / ><>-30.00< / ><>460.00< / ><>271.00< / ><>5.68< / ><>9.32< / >< / ><><>Frontier Dev< / ><>425.00< / ><>-16.00< / ><>589.56< / ><>302.00< / ><>-< / ><>10.12< / >< / ><><>Portmeirion< / ><>53.00< / ><>-< / ><>138.00< / ><>47.14< / ><>-< / ><>-1.17< / >< / ><><>Sanderson Design Grp< / ><>78.00< / ><>1.00< / ><>80.00< / ><>40.00< / ><>1.92< / ><>26.17< / >< / ><>< colspan="7">工业工程< / >< / ><><>MS

Intl*< / td> 1695.00< / ><>105.00< / ><>1800.00< / ><>1120.00< / ><>1.53< / ><>25.15< / >< / tr>< / table>

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24.00< / ><>2751.88< / >< / tr><><>Resid+< / ><>42.90< / ><>-0.10< / ><>73.70< / ><>40.10< / ><>13.75< / ><>-1.02< / ><>490.99< / >< / ><><>Rolls26< / ><>2612.00< / ><>-61.00< / ><>3575.00< / ><>1991.00< / ><>2.58< / ><>23.73< / ><>7916.09< / >< / ><><>Rightmove< / ><>510.20< / ><>-6.60< / ><>767.00< / ><>391.40< / ><>2.11< / ><>18.16< / ><>3074.05< / >< / ><><>STV Group< / ><>112.00< / ><>4.75< / ><>129.50< / ><>95.60< / ><>< / ><>-10.37< / ><>5.00< / >< / ><><>WPP< / ><>382.60< / ><>-4.30< / ><>412.60< / ><>218.50< / ><>3.92< / ><>7.61< / ><>4756.64< / >< / table>

96< / ><>3.83< / ><>14.43< / ><>4625.33< / >< / ><><>Rio Tinto*< / ><>7674.00< / ><>26.00< / ><>9117.00< / ><>4528.00< / ><>4.46< / ><>16.97< / ><>2984.60< / >< / table>

<><>BP●●< / ><>514.50< / ><>-35.00< / ><>609.40< / ><>399.35< / ><>4.81< / ><>—< / ><>64928.09< / >< / ><><>Capricorn< / ><>343.00< / ><>—< / ><>384.00< / ><>181.80< / ><>—< / ><>16.63< / ><>24.99< / >< / ><><>ExxonMobil Hldgs●< / ><>11516.40< / ><>—< / ><>11589.40< / ><>11442.00< / ><>2.64< / ><>—< / >< / ><><>GeoPark●< / ><>723.41< / ><>—< / ><>738.89< / ><>716.78< / ><>0.94< / ><>11.98< / ><>—< / >< / ><><>Hellenic Energy< / ><>1324.37< / ><>—< / ><>1326.94< / ><>1295.27< / ><>3.88< / ><>5.32< / ><>338.48< / >< / ><><>帝国石油 C$< / ><>9648.42< / ><>-476.54< / ><>10397.16< / ><>6229.98< / ><>1.91< / ><>—< / ><>218.22< / >< / ><><>TC Energy

Corp< / ><>4554.89< / ><>—< / ><>4585.14< / ><>4538.43< / ><>4.09< / ><>-24.73< / ><>827.15< / >< / table>

<><>AstraZeneca•< / ><>11970.00< / ><>-270.00< / ><>15732.00< / ><>9892.00< / ><>2.00< / ><>24.62< / ><>3627.82< / >< / ><><>Chemical Works< / ><>3160.69< / ><>-< / ><>3160.69< / ><>3105.90< / ><>4.86< / ><>16.14< / ><>0.34< / >< / ><><>GlaxoSmKline•< / ><>1853.50< / ><>-65.00< / ><>2282.00< / ><>1440.29< / ><>3.78< / ><>13.14< / ><>7790.23< / >< / ><><>Hikma Pharm•< / ><>1616.00< / ><>-20.00< / ><>1865.00< / ><>1187.00< / ><>3.92< / ><>12.05< / ><>444.44< / >< / table>

<>< colspan="8">REITB< / >< / ><><>British Land< / ><>426.20< / ><>-1.40< / ><>451.60< / ><>318.60< / ><>5.42< / ><>-< / >< / ><><>Derwent London< / ><>2048.00< / ><>-2.00< / ><>2196.00< / ><>1469.33< / ><>4.00< / ><>-< / >< / ><><>Great Portland Est< / ><>337.60< / ><>-3.00< / ><>377.00< / ><>270.00< / ><>2.43< / ><>-< / ><>0.00< / >< / ><><>Land Securities< / ><>686.50< / ><>-< / ><>726.00< / ><>522.50< / ><>6.00< / ><>-< / >< / ><><>LondonMetric Prop< / ><>189.00< / ><>-0.40< / ><>216.20< / ><>175.30< / ><>6.64< / ><>-< / >< / ><><>Primary Health

Prop< / ><>95.55< / ><>-0.45< / ><>109.60< / ><>87.40< / ><>7.64< / ><>-< / >< / ><><>Segro< / ><>961.20< / ><>-2.80< / ><>997.40< / ><>603.00< / ><>3.28< / ><>-< / >< / ><><>Shahresbury Capital*< / ><>147.20< / ><>-3.70< / ><>155.10< / ><>124.10< / ><>2.92< / ><>7.87< / ><>2702.88< / >< / ><><>Trinity Big Box< / ><>(37.40)< / ><>-1.60< / ><>175.00< / ><>132.20< / ><>5.24< / ><>-< / >< / ><>< colspan="8">房地产投资与服务< / >< / table>

Grainger< / td><>173.70< / ><>-4.90< / ><>202.79< / ><>149.44< / ><>4.84< / ><>6.34< / ><>4126.84< / >< / tr><><>Harworth Group< / ><>176.80< / ><>-4.00< / ><>185.00< / ><>116.80< / ><>1.00< / ><>60.97< / ><>211.86< / >< / ><><>Helical< / ><>200.00< / ><>-1.00< / ><>236.25< / ><>180.60< / ><>1.31< / ><>41.41< / ><>61.00< / >< / ><><>Mountview Estates< / ><>8750.00< / ><>50.00< / ><>10200.00< / ><>8350.00< / ><>6.00< / ><>16.76< / ><>0.01< / >< / ><><>Savills♦< / ><>1070.00< / ><>24.00< / ><>1142.00< / ><>791.46< / ><>2.20< / ><>20.58< / ><>863.63< / >< / ><><>Sirius Real Estate< / ><>98.00< / ><>1.60< / ><>113.00< / ><>86.80< / ><>5.59< / ><>7.55< / ><>2471.82< / >< / ><><>Smart

(J)< / ><>115.00< / ><>-< / ><>140.00< / ><>106.00< / ><>2.83< / ><>8.80< / ><>-< / >< / ><>< colspan="8">零售商< / >< / ><><>Cafyrs< / ><>500.00< / ><>50.00< / ><>550.00< / ><>350.00< / ><>2.00< / ><>-12.29< / ><>3.01< / >< / ><><>Dunelm Group< / ><>870.00< / ><>-14.00< / ><>1246.00< / ><>707.00< / ><>8.05< / ><>11.27< / ><>799.46< / >< / ><><>Halfords Group♦< / ><>273.50< / ><>41.00< / ><>276.10< / ><>123.80< / ><>3.29< / ><>17.99< / ><>953.70< / >< / table>

<>< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">+ / - 周变化< / >< colspan="4">52周< / >< rowspan="2">成交量 DSOs< / >< / ><><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / >< / ><>< colspan="8">媒体< / >< / ><><>Mission Group< / ><>21.00< / ><>-< / ><>27.00< / ><>12.00< / ><>-< / ><>-0.99< / ><>10.06< / >< / ><>< colspan="8">采矿< / >< / ><><>Central Asia Metals< / ><>178.00< / ><>22.00< / ><>244.00< / ><>125.27< / ><>8.71< / ><>-5.68< / ><>2485.72< / >< / ><><>Chim Therapeutics< / ><>11.50< / ><>0.25< / ><>18.50< / ><>8.00< / ><>-< / ><>-2.25< / ><>65.15< / >< / ><>< colspan="8">石油与天然气< / >< / ><><>OilShekel< / ><>13.00< / ><>1.30< / ><>14.00< / ><>7.60< / ><>-< / ><>-101.81< / ><>2940.08< / >< / ><>< colspan="8">制药与生物技术< / >< / ><><>Sareum Holdings< / ><>33.50< / ><>5.50< / ><>40.00< / ><>9.50< / ><>-< / ><>-13.96< / ><>398.19< / >< / ><>< colspan="8">零售商< / >< / ><><>Boohoo Group< / ><>20.70< / ><>0.90< / ><>29.50< / ><>10.30< / ><>-< / ><>-2.67< / ><>3054.70< / >< / ><><>CVS Group< / ><>1322.00< / ><>26.00< / ><>1648.00< / ><>1062.00< / ><>0.64< / ><>17.94< / ><>213.65< / >< / table>

<>< rowspan="2">< / >< rowspan="2">价格< / >< rowspan="2">+ / - 周变化< / >< colspan="3">52周< / ><>(%)< / >< / ><><>最高< / ><>最低< / ><>收益率< / ><>资产净值 (NAV)< / >< / ><><>Polar Tech.< / ><>656.00< / ><>16.50< / ><>743.50< / ><>385.80< / ><>—< / ><>714.11< / >< / ><><>Right & Ins IT< / ><>2480.00< / ><>10.00< / ><>2520.00< / ><>1955.13< / ><>1.82< / ><>2916.48< / >< / ><><>RIT Cap.< / ><>2565.00< / ><>-15.00< / ><>2945.00< / ><>1932.00< / ><>1.75< / ><>3106.00< / >< / ><><>Ruffer Inv. Y< / ><>299.50< / ><>0.50< / ><>318.00< / ><>281.26< / ><>2.07< / ><>312.46< / >< / ><><>Schid Ali Spac< / ><>642.00< / ><>5.00< / ><>892.00< / ><>608.00< / ><>1.54< / ><>926.51< / >< / ><><>Schid

Ali / Total< / td> 712.00< / ><>0.00< / ><>738.00< / ><>520.00< / ><>1.62< / ><>733.27< / >< / tr> <>Schroder Inc< / ><>376.00< / ><>2.00< / ><>380.00< / ><>311.90< / ><>3.91< / ><>395.41< / >< / ><><>Schid Japan< / ><>387.00< / ><>11.00< / ><>401.00< / ><>276.00< / ><>3.13< / ><>417.13< / >< / ><><>Schid Orient.< / ><>459.00< / ><>7.50< / ><>466.00< / ><>303.00< / ><>2.88< / ><>468.86< / >< / ><><>Schid UK Mid< / ><>782.00< / ><>9.00< / ><>790.00< / ><>652.00< / ><>2.89< / ><>825.59< / >< / ><><>Schindler America< / ><>580.00< / ><>5.00< / ><>572.00< / ><>439.10< / ><>2.98< / ><>737.98< / >< / ><><>Scot Mortgage< / ><>1492.50< / ><>28.50< / ><>1563.00< / ><>1015.74< / ><>0.31< / ><>1612.52< / >< / ><><>Scot

Oriental< / ><>273.00< / ><>-3.00< / ><>305.00< / ><>240.00< / ><>1.25< / ><>302.33< / >< / ><><>Strategic Eq.< / ><>358.00< / ><>-3.00< / ><>415.00< / ><>330.00< / ><>1.19< / ><>392.65< / >< / ><><>Simple Bar< / ><>420.50< / ><>-1.00< / ><>429.50< / ><>344.00< / ><>3.71< / ><>414.89< / >< / ><><>Tetragon< / ><>1035.03< / ><>-< / ><>1464.66< / ><>892.98< / ><>-< / ><>3.36< / >< / ><><>TRIG< / ><>76.90< / ><>-0.10< / ><>80.50< / ><>63.20< / ><>9.82< / ><>100.51< / >< / ><><>UIL< / ><>204.00< / ><>—< / ><>204.00< / ><>3.92< / ><>282.29< / >< / ><><>Ultuno EmsMits< / ><>279.00< / ><>3.00< / ><>302.00< / ><>243.00< / ><>3.47< / ><>309.22< / >< / ><><>Universal

Health< / ><>746.00< / ><>-1.00< / ><>865.00< / ><>630.00< / ><>-< / ><>144.14< / >< / ><><>Worldwide Hlth< / ><>389.50< / ><>-5.50< / ><>401.50< / ><>320.00< / ><>0.62< / ><>420.59< / >< / table>

<>< colspan="8">常规 - 私募股权< / >< / ><><>CT PrivEq< / ><>490.00< / ><>-6.00< / ><>592.00< / ><>439.84< / ><>5.78< / ><>697.40< / ><>-31.16< / >< / ><><>HGCapital< / ><>440.50< / ><>21.50< / ><>512.00< / ><>318.64< / ><>1.14< / ><>530.10< / ><>-19.82< / >< / ><><>HVPE< / ><>3380.00< / ><>20.00< / ><>3500.00< / ><>2745.00< / ><>—< / ><>4390.00< / ><>-23.69< / >< / ><><>ICG Ent< / ><>1494.00< / ><>4.00< / ><>1611.42< / ><>1288.31< / ><>2.81< / ><>2027.60< / ><>-27.00< / >< / ><><>Pantheon Int< / ><>394.00< / ><>7.00< / ><>409.00< / ><>325.00< / ><>—< / ><>521.30< / ><>-24.61< / >< / ><><>Partners PE €< / ><>647.21< / ><>28.64< / ><>945.52< / ><>583.57< / ><>9.26< / ><>11.57< / ><>-35.70< / >< / table>

<><>AEW UK REIT< / ><>106.00< / ><>-0.20< / ><>113.20< / ><>95.90< / ><>7.55< / ><>105.99< / ><>0.42< / >< / ><><> Prop< / ><>305.00< / ><>-2.50< / ><>364.50< / ><>291.00< / ><>5.28< / ><>340.86< / ><>-10.11< / >< / ><>< colspan="8">风险资本信托 (VCTs)< / >< / ><><>Bnd 2nd VT< / ><>44.40< / ><>-0.20< / ><>54.00< / ><>39.50< / ><>9.01< / ><>46.70< / ><>-4.50< / >< / ><><>Nthn 2 VCT< / ><>53.00< / ><>—< / ><>56.50< / ><>47.00< / ><>5.66< / ><>55.40< / ><>-4.33< / >< / ><><>Nthn 3 VCT< / ><>82.00< / ><>—< / ><>88.50< / ><>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< / ><>117.50< / ><>—< / ><>120.18< / ><>109.50< / ><>—< / ><>115.73< / ><>1.55< / >< / ><>< colspan="8">投资公司 - AIM< / >< / ><><>Crys Amber< / ><>82.50< / ><>-3.50< / ><>155.39< / ><>80.66< / ><>—< / ><>175.59< / ><>-53.02< / >< / table>

< / td>< rowspan="2">价格< / >< ="2">+ / - 成交量< / >< colspan="3">52周< / >< ="2">收益率< / >< ="2">市盈率< / >< ="2">成交量 (千股)< / >< / tr><><>最高< / ><>最低< / ><>收益率< / >< / ><><>Inchcape*< / ><>849.50< / ><>19.00< / ><>895.00< / ><>640.50< / ><>3.96< / ><>11.72< / ><>842.25< / ><>-< / >< / ><><>JD Sports< / ><>86.70< / ><>2.16< / ><>106.18< / ><>63.98< / ><>1.38< / ><>10.05< / ><>16142.69< / ><>-< / >< / ><><>Kingfisher< / ><>315.50< / ><>-5.80< / ><>372.30< / ><>240.30< / ><>3.93< / ><>22.54< / ><>8040.93< / ><>-< / >< / ><><>Marks & Spencer< / ><>394.80< / ><>11.90< / ><>418.33< / ><>301.10< / ><>1.06< / ><>31.09< / ><>9251.44< / ><>-< / >< / ><><>Lion< / ><>679.00< / ><>4.00< / ><>747.00< / ><>520.80< / ><>—< / >< / ><><>Sainsbury J< / ><>333.60< / ><>0.10< / ><>380.30< / ><>292.20< / ><>4.17< / ><>19.28< / ><>13860.04< / ><>-< / >< / ><><>Tesco< / ><>457.30< / ><>0.10< / ><>510.40< / ><>411.70< / ><>3.17< / ><>16.63< / ><>35886.85< / ><>-< / >< / ><>< colspan="9">Support 9.68< / ><>0.57< / ><>21.11< / ><>16652.12< / ><>-< / >< / ><><>Howden Joinay< / ><>794.00< / ><>-4.00< / ><>981.00< / ><>713.00< / ><>2.77< / ><>16.14< / ><>1819.20< / ><>-< / >< / ><><>Intertek< / ><>5845.00< / ><>—< / ><>5880.00< / ><>3519.42< / ><>2.82< / ><>28.80< / ><>4787.57< / ><>-< / >< / ><><>Johnson Service< / ><>148.30< / ><>4.60< / ><>172.10< / ><>123.80< / ><>3.24< / ><>15.95< / ><>576.99< / ><>-< / >< / ><><>KBRE Group< / ><>208.60< / ><>-1.60< / ><>214.40< / ><>144.80< / ><>2.16< / ><>31.61< / ><>11652.12< / ><>-< / >< / ><><>RS Group< / ><>756.50< / ><>19.00< / ><>760.50< / ><>536.90< / ><>3.03< / ><>21.86< / ><>7978.30< / ><>-< / >< / ><><>Vip< / ><>494.00< / ><>13.00< / ><>620.00< / ><>420.00< / ><>8.00< / ><>-35.80< / ><>17.21< / ><>—< / >< / table>

<>< colspan="8">科技 - 软件与服务< / >< / ><><>Computacenter< / ><>5670.00< / ><>585.00< / ><>5685.00< / ><>2234.00< / ><>1.32< / ><>38.70< / ><>204.41< / >< / ><><>NCC Group< / ><>145.00< / ><>5.40< / ><>161.60< / ><>107.20< / ><>3.21< / ><>25.89< / ><>1142.48< / >< / ><><>The Sage Grp< / ><>1092.00< / ><>-6.00< / ><>1181.00< / ><>771.66< / ><>2.06< / ><>28.93< / ><>10625.60< / >< / ><><>Triad Group+< / ><>410.00< / ><>-< / ><>430.00< / ><>236.00< / ><>2.20< / ><>41.33< / ><>2.78< / >< / table>

<>< colspan="8">电信< / >< / ><><>Airtel Africa< / ><>332.80< / ><>5.60< / ><>436.20< / ><>212.08< / ><>1.57< / ><>24.29< / ><>6296.94< / >< / ><><>BT Group+< / ><>205.30< / ><>1.40< / ><>242.09< / ><>173.00< / ><>4.05< / ><>18.66< / ><>18524.41< / >< / ><><>Telecom Plus+< / ><>875.00< / ><>4.00< / ><>1914.00< / ><>638.00< / ><>5.71< / ><>8.65< / ><>279.08< / >< / ><><>Vodafone< / ><>118.45< / ><>1.30< / ><>131.10< / ><>83.40< / ><>3.35< / ><>-83.86< / ><>64070.46< / >< / ><>< colspan="8">烟草< / >< / table>

英美烟草 (Brit Amer Tobacco)< / td><>4129.00< / ><>-2.00< / ><>5326.00< / ><>3677.00< / ><>5.93< / ><>11.76< / ><>3595.18< / >< / tr><><>帝国品牌 (Imperial Brands+)< / ><>2527.00< / ><>24.00< / ><>3632.04< / ><>2476.00< / ><>6.60< / ><>10.06< / ><>4057.01< / >< / ><>< colspan="8">旅游与休闲< / >< / ><><>easyJet< / ><>674.00< / ><>3.00< / ><>683.80< / ><>332.60< / ><>1.96< / ><>10.24< / ><>2355.06< / >< / ><><>FirstGroup< / ><>179.00< / ><>-0.40< / ><>227.80< / ><>152.10< / ><>4.02< / ><>8.36< / ><>1738.38< / >< / ><><>Fullers 'A'< / ><>752.00< / ><>—< / ><>776.00< / ><>550.00< / ><>2.82< / ><>19.17< / ><>63.31< / >< / ><><>洲际酒店 (IntConti Hotels+)< / ><>11982.00< / ><>279.82< / ><>13305.06< / ><>8618.00< / ><>1.17< / ><>33.13< / ><>1528.81< / >< / ><><>Intl Cons Air< / ><>438.20< / ><>15.30< / ><>492.90< / ><>332.70< / ><>1.55< / ><>7.18< / ><>14172.49< / >< / ><><>Whitbread< / ><>2459.00< / ><>35.00< / ><>3302.00< / ><>2098.00< / ><>3.94< / ><>19.94< / ><>661.65< / >< / table>

<><>Drax Group< / ><>775.00< / ><>30.50< / ><>937.50< / ><>613.90< / ><>3.91< / ><>37.44< / ><>1363.14< / >< / ><><>国家电网 (National Grid)< / ><>1170.00< / ><>-1.00< / ><>1428.50< / ><>1000.00< / ><>4.14< / ><>17.86< / ><>14591.71< / >< / ><><>Pennon< / ><>479.00< / ><>17.20< / ><>606.00< / ><>439.40< / ><>6.11< / ><>24.69< / ><>1728.38< / >< / ><><>Severn Trent< / ><>3146.00< / ><>32.00< / ><>3335.00< / ><>2381.00< / ><>4.01< / ><>25.47< / ><>2111.29< / >< / ><><>SSE< / ><>2449.00< / ><>63.00< / ><>2767.50< / ><>1597.00< / ><>2.81< / ><>23.21< / ><>3046.44< / >< / table>

<>< rowspan="2">< / >< colspan="6">52周< / >< rowspan="2">成交量(千股)< / >< / ><><>价格< / ><>+ / - 周变动< / ><>最高< / ><>最低< / ><>收益率< / ><>市盈率< / >< / ><>< colspan="8">支持服务< / >< / ><><>Christie< / ><>162.50< / ><>11.00< / ><>165.00< / ><>90.00< / ><>2.15< / ><>31.99< / ><>40.09< / >< / ><><>LonSec< / ><>3650.00< / ><>-< / ><>3800.00< / ><>2100.00< / ><>2.66< / ><>18.81< / ><>-< / >< / ><><>NWF< / ><>153.00< / ><>2.00< / ><>187.50< / ><>110.00< / ><>5.69< / ><>8.23< / ><>23.60< / >< / ><><>Petards< / ><>10.00< / ><>-< / ><>12.50< / ><>7.00< / ><>-< / ><>-14.93< / ><>0.35< / >< / ><><>Renew< / ><>977.00< / ><>26.00< / ><>984.70< / ><>772.00< / ><>2.08< / ><>15.84< / ><>367.65< / >< / table>

<><>Oxford Metrics< / ><>39.00< / ><>-0.80< / ><>60.40< / ><>37.50< / ><>8.33< / ><>-70.91< / ><>139.50< / >< / ><>< colspan="8">旅游与休闲< / >< / ><><>Gaming Realms< / ><>29.50< / ><>-0.90< / ><>52.00< / ><>29.00< / ><>-< / ><>14.53< / ><>667.35< / >< / ><><>Jet2< / ><>1528.00< / ><>-2.00< / ><>1651.78< / ><>980.00< / ><>1.11< / ><>7.23< / ><>289.19< / >< / table>

FT 股票服务指南

所有数据均截至前一交易日收盘。公司分类基于富时（FTSE）采用的 ICB 系统。富时 100 指数（FTSE 100）成分股以粗体显示。除非另有说明，收盘价以便士（pence）表示。最高价与最低价基于滚动 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，并使用中期数据进行更新。市盈率使用公司的稀释每股收益计算。收盘价基于收盘价以及上一财年支付的股息，并使用中期数据进行更新。收益率以净额显示；英国公司的股息扣除 20% 的税款，非英国公司的股息为税前总额。最高价与最低价、收益率和市盈率在适当情况下已根据资本变动进行了调整。交易量为日终累计总量，四舍五入至最接近的 1,000 股。每股净资产价值（NAV）基于 3.000 点的收盘价。收盘价基于最新的含权公允净资产价值预估值和收盘价。折价、溢价、总赎回收益率（GRY）以及份额（SP）相对于股价（SP）的门槛率（HR）和抹除（WO）门槛率以百分比显示，NAV 以便士表示。

- 除权交易 - 除资本分配交易

暂停交易时的价格

† FT Wilshire Global 500 公司

所列价格仅供参考，且在发布时被认为准确。ICE 或 未做出任何要约。 不保证该信息的可靠性或完整性。 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。

股票服务是一项付费印刷列表服务，可能无法完全代表所有在伦敦证券交易所（LSE）上市的公司。本服务面向所有上市公司开放，但须经编辑酌情决定。有关新销售咨询，请发送电子邮件至 data@.com。如需进一步信息，请联系 newspapers@ice.com

数据提供方：

市场与数据在此汇聚。

买入价 卖出价 + / - 收益率 24m 36m 基金

CP Capital Asset Management Limited Artemis Fund Managers Ltd (1200)F 伦敦 SW1A 1LD, 圣詹姆斯街 57 号 0800 092 2051

买入价 卖出价 + / - 收益率 24m 36m 基金 根据规则 2（下划线与线条规则），样式线或背景线（如本例）必须在 OCR 结果中忽略。提供的 OCR 内容为 "____"，由四个下划线组成。这是错误的，因为下划线不等同于实线，且根据“样式 / 背景线（忽略）”规则是不允许的。OCR 在 GT 中不存在的地方幻视了下划线。因此，结果与 Ground Truth 不一致。

管理基金服务

买入价 卖出价 + / - 收益率 24m 36m

Algebra 投资

Algebra Core Italy I EUR	€ 251.03	-	-1.14	0.00	25.36	17.46
Algebra Core Italy R EUR	€ 231.74	-	-1.06	0.00	24.43	16.58
Algebra Financial Credit I EUR	€ 229.80	-	-0.07	0.00	5.87	8.44
Algebra Financial Credit I GBP	£ 203.59	-	-0.04	0.00	0.00	0.00
Algebra Financial Credit I USD	$ 212.34	-	-0.05	5.86	0.00	0.00
Algebra Financial Credit R EUR	€ 193.22	-	-0.07	0.00	5.18	7.79
Algebra Financial Equity B EUR	€ 400.31	-	-0.58	0.00	0.00	0.00
Algebra Financial Equity R EUR	€ 324.38	-	-0.48	0.00	27.05	27.76
Algebra Financial Equity Fund B GBP	£ 334.59	-	-0.44	0.00	0.00	0.00
Algebra Financial Equity Fund B USD	$ 504.53	-	-0.69	3.90	0.00	0.00
Algebra Financial Income I EUR	€ 308.80	-	-0.53	0.00	15.65	16.99
Algebra Financial Income R EUR	€ 271.74	-	-0.47	0.00	14.61	15.94
Algebra Financial Income Fund I GBP	£ 226.86	-	-0.36	6.02	0.00	0.00
Algebra Financial Income Fund I USD	$ 259.15	-	-0.42	0.00	0.00	0.00
Algebra Global Credit Opportunities I EUR	€ 155.23	-	-0.11	0.00	3.40	5.65
Algebra Global Credit Opportunities R EUR	€ 148.89	-	-0.10	0.00	2.83	5.13
Algebra Global Credit Opportunities I GBP	€ 154.45	-	-0.09	0.00	0.00	0.00
Algebra Global Credit Opportunities I USD	$ 159.42	-	-0.10	0.00	0.00	0.00
Algebra IG Financial Credit I EUR	€ 120.49	-	-0.07	0.00	4.12	6.59
Algebra IG Financial Credit R EUR	€ 116.44	-	-0.07	0.00	3.61	6.06
Algebra Strategic Credit Fund R EUR	€ 116.14	-	-0.05	0.00	2.73	0.00
Algebra Global Equity Select B EUR	€ 154.23	-	-0.06	0.00	9.59	11.16
Algebra Global Equity Select R EUR	€ 146.72	-	-0.06	0.00	8.19	9.73

Ameris Capital Inc< / td>< / tr><><>Artemis Corporate Bond I Acc< / ><>118.74< / ><>-< / ><>-0.15< / ><>0.00< / ><>5.29< / >< / ><><>Artemis Global Income I Dis< / ><>245.09< / ><>-< / ><>0.01< / ><>0.00< / ><>2.17< / >< / ><><>Artemis High Income I Q Inc< / ><>75.64< / ><>-< / ><>0.00< / ><>0.23< / ><>2.51< / >< / ><><>Artemis Income I Inc< / ><>358.21< / ><>-< / ><>-0.84< / ><>5.48< / ><>12.12< / >< / ><><>Artemis Monthly Dist I Acc< / ><>103.15< / ><>-< / ><>0.09< / ><>0.00< / ><>14.30< / >< / ><><>Artemis Short-Disc Strat Bond< / ><>134.01< / ><>-< / ><>-0.04< / ><>0.00< / ><>6.42< / >< / ><><>Artemis SmartGARP Eur Eq I Acc< / ><>1027.68< / ><>-< / ><>1.68< / ><>0.00< / ><>28.58< / >< / ><><>Artemis SmartGARP Global Small Co I Acc< / ><>259.69< / ><>-< / ><>1.82< / ><>1.95< / ><>15.25< / >< / ><><>Artemis SmartGARP GlcEq Eq I Acc< / ><>349.24< / ><>-< / ><>-0.33< / ><>0.00< / ><>29.89< / >< / ><><>Artemis SmartGARP Glc Eq I Acc< / ><>807.33< / ><>-< / ><>-0.95< / ><>0.00< / ><>29.24< / >< / ><><>Artemis SmartGARP UK Eq I Acc< / ><>4632.84< / ><>-< / ><>3.65< / ><>2.41< / ><>27.79< / >< / ><><>Artemis Strategic Assets I Acc< / ><>109.38< / ><>-< / ><>0.44< / ><>0.00< / ><>3.17< / >< / ><><>Artemis Strategic Bond I Q Acc< / ><>126.30< / ><>-< / ><>-0.07< / ><>4.46< / ><>6.80< / >< / ><><>Artemis UK Select Fund Class I Acc< / ><>1505.18< / ><>-< / ><>-5.02< / ><>0.00< / ><>10.53< / >< / ><><>Artemis UK Smaller Cos I Acc< / ><>2663.82< / ><>-< / ><>3.98< / ><>1.81< / ><>5.25< / >< / ><><>Artemis UK Special Sits I Acc< / ><>1259.85< / ><>-< / ><>-3.74< / ><>0.00< / ><>14.40< / >< / ><><>Artemis US Extended Alpha I Acc< / ><>585.48< / ><>-< / ><>-2.12< / ><>0.00< / ><>15.13< / >< / ><><>Artemis US Select I Acc< / ><>581.48< / ><>-< / ><>-1.29< / ><>0.00< / ><>19.25< / >< / ><><>Artemis US Snirr Cos I Acc< / ><>531.46< / ><>-< / ><>-2.11< / ><>0.00< / ><>16.57< / >< / 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< / ><>$ 104.15< / ><>-< / ><>0.00< / >< / ><><> SUKUK - DIST< / ><>$ 97.58< / ><>-< / ><>0.00< / ><>0.50< / ><>0.00< / >< / ><><> State Street Global Equity< / ><>$ 125.21< / ><>-< / ><>0.00< / >< / ><><> Global Technology< / ><>$ 157.94< / ><>-< / ><>0.00< / >< / ><><> MENA Equity< / ><>$ 100.08< / ><>-< / ><>0.00< / >< / table>

<><>American Dynamic< / ><>$ 9475.08< / ><>-< / ><>0.00< / >< / ><><>American One< / ><>$ 11210.70< / ><>-< / ><>0.00< / ><>10.75< / ><>11.36< / >< / ><><>Bond Global< / ><>€ 1638.26< / ><>-< / ><>0.00< / ><>1.33< / ><>6.28< / >< / ><><>Eurocroissance< / ><>€ 1349.76< / ><>-< / ><>0.00< / >< / ><><>Far East< / ><>$ 1278.40< / ><>-< / ><>0.00< / >< / table>

<>< colspan="7">Blue Whale Investment Funds ICAVwww.bluewhale.co.uk info@bluewhale.co.uk< / ><>(IRE)< / >< / ><>< colspan="8">FCA 认可-爱尔兰 UCITS< / >< / ><><>Blue Whale Growth USD T< / ><>$< / ><>24.68< / ><>-< / ><>0.09< / ><>0.00< / >< / table>

<>< colspan="7">FCA 认可< / >< / ><><>Global Leaders Fund USD C< / ><>$ 33.43< / ><>-< / ><>0.01< / ><>0.00< / ><>8.54< / ><>11.20< / >< / ><><>Global Leaders Sustainable Fund USD C< / ><>$ 19.58< / ><>-< / ><>0.03< / ><>0.00< / ><>7.43< / ><>10.10< / >< / ><><>Global Sustainable Total Return Bond GBP B< / ><>£ 9.46< / ><>-< / ><>-0.02< / ><>0.00< / >< / ><><>Global Sustainable Total Return Bond USD B< / ><>$ 10.90< / ><>-< / ><>-0.02< / ><>0.00< / >< / ><><>US Equity Growth Fund USD B< / ><>$ 78.41< / ><>-< / ><>0.68< / ><>0.00< / ><>8.05< / ><>10.62< / >< / ><><>US Flexible Equity Fund USD B< / ><>$ 42.88< / ><>-< / ><>0.01< / ><>0.00< / ><>11.45< / ><>15.39< / >< / ><><>US Mid Cap Growth Fund USD C< / ><>$

25.60< / ><>-< / ><>0.14< / ><>0.00< / ><>9.49< / ><>9.70< / >< / ><><>US Small Cap Blend Fund USD B< / ><>$ 31.87< / ><>-< / ><>-0.08< / ><>0.00< / ><>9.90< / ><>11.10< / >< / ><><>US Smaller Companies Fund USD B< / ><>$ 47.93< / ><>-< / ><>-0.03< / ><>0.00< / ><>8.95< / ><>7.74< / >< / ><><>US Sustainable Growth Fund USD C< / ><>$ 41.35< / ><>-< / ><>0.48< / ><>0.00< / ><>8.04< / ><>12.03< / >< / ><><>US Sustainable Value Fund USD C Acc< / ><>$ 18.27< / ><>-< / ><>-0.11< / ><>0.00< / >< / table>

Canaccord WEALTH

+44 (0) 1534.700 104 (国际) +44 808 169 7986 (英国)< / td>< / tr><>< colspan="7">Canaccord Wealth International Multi Strategy Funds Limited< / >< / ><><>Balanced Strategy< / ><>£< / ><>1.18< / ><>-< / ><>0.00< / ><>11.98< / >< / ><><>Balanced A< / ><>£< / ><>1.18< / ><>-< / ><>0.00< / ><>1.84< / ><>8.74< / >< / ><><>Caucious Balanced < / ><>£< / ><>1.48< / ><>-< / ><>0.00< / ><>0.91< / ><>9.50< / >< / ><><>Caucious Balanced A< / ><>£< / ><>1.06< / ><>-< / ><>0.00< / ><>1.84< / ><>7.02< / >< / ><><>Growth < / ><>£< / ><>2.68< / ><>-< / ><>0.01< / ><>0.76< / ><>1.27< / >< / ><><>Growth A< / ><>£< / ><>1.28< / ><>-< / ><>0.00< / ><>0.54< / ><>10.46< / >< / ><><>High Growth

GBP< / ><>£< / ><>3.94< / ><>-< / ><>0.01< / ><>0.24< / ><>14.91< / >< / ><><>High Growth A< / ><>£< / ><>1.34< / ><>-< / ><>0.00< / ><>0.52< / ><>12.36< / >< / ><><>High Income Bond Fund B Monthly< / ><>£< / ><>0.99< / ><>-< / ><>0.00< / >< / ><><>High Income Bond Fund B Quarterly< / ><>£< / ><>1.00< / ><>-< / ><>0.00< / >< / ><><>USS Growth < / ><>$< / ><>2.60< / ><>-< / ><>0.00< / ><>0.21< / ><>15.94< / >< / 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

Candriam 投资者集团						(卢森堡)
英国金融行为监管局 (FCA) 认可
Candriam Atis Ret Eqt Mkt Neutral-C 累积类	€	227.33	-	0.26	0.00	1.91
Candriam Bds Euro High Yield 累积类	€	1454.57	-	0.23	0.00	4.22
Candriam Bonds Glbl Hi Yield - C 累积类	€	291.37	-	0.12	0.00	3.85
Candriam Bonds Glbl Inf Int Dton-I 累积类	€	166.74	-	-0.13	0.00	2.67
Candriam Bonds Total Return-C 累积类	€	144.02	-	-0.05	0.00	2.18
Candriam Diversified Futures-I 累积类	€	13724.81	-	7.32	0.00	-0.39
Candriam Eqx L Australia 累积类 AS	A$	2502.95	-	18.23	0.00	5.34
Candriam Eqx L Emerging Mkts 累积类	€	1533.32	-	-3.20	0.00	25.84
Candriam Equities L Biotech-C 累积类	$	1478.18	-	-6.27	0.00	20.58
Candriam Equities L Europe Innov-R 累积类	€	264.09	-	1.24	0.00	-4.65
Candriam Index Arbitrage - C 累积类	€	1532.71	-	-0.10	0.00	1.49
Candriam Long Short Credit-R 累积类	€	120.55	-	0.01	0.00	3.05
Candriam Risk Arbitrage-C 累积类	€	2761.19	-	2.73	0.00	3.15
Candriam Sust Bond Emerg Mkts I 分配类	$	778.35	-	0.04	0.00	5.37
Candriam Sust Bond Euro Corp R 累积类	€	111.67	-	-0.12	0.00	2.86
Candriam Sust GlbHighYield-I 累积类	€	1268.03	-	0.33	0.00	3.36
Candriam Eq Crl Econ-R 累积类	$	164.46	-	-0.27	0.00	5.51
Candriam Eq Cmlt Action-I 累积类	$	2178.39	-	10.25	0.00	12.60
Candriam Sust Eq Emerging Mkts C 累积类	€	187.78	-	-0.52	0.00	23.81
Candriam Sust Eq EMU-C 累积类	€	223.35	-	-1.00	0.00	7.64
Candriam Sust Eur SSM Caps-I 累积类	€	2502.66	-	-2.83	0.00	-0.85
Candriam Sust Eq World-C 累积类	€	46.68	-	0.19	0.00	11.57
NYUM GF US High YieldCorp Bond-R 累积类	$	174.94	-	0.08	0.00	5.78

其他国际基金
Candiram Bds Euro Sh. Term 累积类	€	2193.24	-	-0.88	0.00	2.32
Candiram Bonds Credit Opportunities	€	222.19	-	0.10	0.00	2.78
Candiram Bonds Emerg Mkt-C-累积类	€	3124.04	-	2.75	0.00	7.15
Candiram Equities L Eurp Opt Dlt 3-累积类	€	258.94	-	-0.91	0.00	7.51
Candiram Equities L Global Demg R 累积类	€	390.15	-	1.38	0.00	9.71
Candiram Equities Onco impt A-累积类	€	3744.87	-	-17.41	0.00	7.62
Candiram Equities L Robt&InnTech I

Cap< / td> €< / ><>8008.04< / ><>-< / ><>296.90< / ><>0.00< / ><>28.48< / >< / tr>< / table>

< colspan="7">英国金融行为监管局（FCA）认可< / >< / ><><>< / ><>141.44< / ><>-< / ><>0.24< / ><>1.80< / ><>10.19< / ><>9.48< / >< / ><><>VT Cantab Balanced A GBP Acc< / ><>139.61< / ><>-< / ><>0.17< / ><>2.12< / ><>9.61< / ><>8.41< / >< / ><><>VT Cantab Moderate A GBP Acc< / ><>172.03< / ><>-< / ><>-1.24< / ><>1.37< / ><>9.85< / ><>9.80< / >< / table>

<>< colspan="7">CG Asset Management Limited< / ><>(IRL)< / >< / ><>< ="8">20 King Street, London EC2V REG< / >< / ><>< ="8">交易：电话：+353 1434 5088 传真：+353 1542 2859< / >< / ><>< ="8">英国金融行为监管局（FCA）认可< / >< / ><>< ="8">CG Portfolio Fund PLC< / >< / ><><>Absolute Return M Inc< / ><>£< / ><>144.64< / ><>-< / ><>0.01< / ><>2.61< / ><>3.13< / ><>2.55< / >< / ><><>Capital Gearing Portfolio GBP P< / ><>£< / ><>39582.90< / ><>-< / ><>7.99< / ><>1.95< / ><>3.03< / ><>2.40< / >< / ><><>Capital Gearing Portfolio GBP V< / ><>£< / ><>192.55< / ><>-< / ><>0.04< / ><>1.94< / ><>3.05< / ><>2.40< / >< / ><><>Dollar Fund Cis D Inc< / ><>£< / ><>151.83< / ><>-< / ><>-0.25< / ><>2.82< / ><>-1.50< / ><>-2.56< / >< / ><><>Dollar Hedged GBP

Inc< / ><>£< / ><>94.60< / ><>-< / ><>-0.05< / ><>2.54< / ><>0.96< / ><>0.02< / >< / ><><>Real Return Cis A Inc< / ><>£< / ><>182.82< / ><>-< / ><>-0.23< / ><>2.55< / ><>-0.79< / ><>-2.31< / >< / ><><>UK Index-Linked Bond G Inc< / ><>£< / ><>105.12< / ><>-< / ><>0.09< / ><>2.10< / ><>0.81< / ><>0.00< / >< / table>

Chartered Asset Management Pte Ltd

<>< ="7">其他国际基金< / >< / ><><>CAM-GTF VCC< / ><>$ 459918.30< / ><>45988.30< / ><>0.00< / ><>0.49< / ><>3.79< / >< / ><><>CAM Gri VCC< / ><>$ 1440.68< / ><>-< / ><>0.00< / ><>20.88< / ><>4.69< / >< / ><><>RAIC VCC< / ><>$ 1.89< / ><>-< / ><>0.00< / ><>8.97< / ><>-1.66< / >< / table>

<>< ="7">国际共同基金< / >< / ><><>CP Multi-Strategy Fund< / ><>$ 465.42< / ><>-< / ><>0.23< / ><>0.00< / ><>12.21< / ><>13.48< / >< / table>

<>< ="7">国际共同基金< / >< / ><><>CP Dual-Purpose Fund< / ><>$ 213.06< / ><>-< / ><>-0.06< / ><>0.00< / >< / ><><>CP Global Alpha Fund< / ><>$ 507.35< / ><>-< / ><>-0.15< / ><>0.00< / ><>11.38< / ><>12.78< / >< / ><><>CPS-Master Private Fund< / ><>$ 613.16< / ><>-< / ><>-0.02< / ><>0.00< / ><>11.17< / ><>12.62< / >< / table>

Dodge & Cox® 全球基金

Sunderland SR43 4AU 0800 358 3010< / td>< colspan="6">6< / >< / tr><>< colspan="6">授权投资资金< / >< / ><><>EdenTree 全球影响力债券基金< / ><>86.93< / ><>-< / ><>-0.12< / ><>4.18< / ><>-0.41< / >< / ><><>EdenTree 绿色影响力股票基金< / ><>136.10< / ><>-< / ><>0.30< / ><>0.93< / ><>9.03< / >< / ><><>EdenTree 综合影响力基础设施基金< / ><>78.93< / ><>-< / ><>0.17< / ><>6.64< / ><>-2.43< / >< / ><><>EdenTree 全球可持续政府债券基金< / ><>96.98< / ><>-< / ><>-0.18< / ><>3.10< / ><>0.00< / >< / ><><>EdenTree 可持续欧洲股票基金 A< / ><>496.80< / ><>-< / ><>1.20< / ><>1.84< / ><>13.50< / >< / ><><>EdenTree 可持续欧洲股票基金 B< / ><>502.20< / ><>-< / ><>1.30< / ><>0.00< / ><>13.47< / >< / ><><>EdenTree 可持续全球股票基金 A< / ><>459.20< / ><>-< / ><>0.30< / ><>0.53< / ><>9.98< / >< / ><><>EdenTree 可持续全球股票基金 B< / ><>463.30< / ><>-< / ><>0.30< / ><>0.95< / ><>9.93< / >< / ><><>EdenTree 可持续管理收益基金 A< / ><>141.20< / ><>-< / ><>0.10< / ><>4.02< / ><>5.81< / >< / ><><>EdenTree 可持续管理收益基金 B< / ><>153.00< / ><>-< / ><>0.00< / ><>3.99< / ><>6.26< / >< / ><><>EdenTree 可持续短期债券基金< / ><>95.87< / ><>-< / ><>-0.06< / ><>4.58< / ><>0.44< / >< / ><><>EdenTree 可持续英镑债券基金 A< / ><>85.03< / ><>-< / ><>-0.10< / ><>4.99< / ><>-0.41< / >< / ><><>EdenTree 可持续英镑债券基金 B< / ><>98.14< / ><>-< / ><>-0.12< / ><>4.99< / ><>0.20< / >< / ><><>EdenTree 可持续英国股票基金 A< / ><>253.80< / ><>-< / ><>-0.20< / ><>1.77< / ><>6.04< / >< / ><><>EdenTree 可持续英国股票基金 B< / ><>253.10< / ><>-< / ><>-0.10< / ><>2.14< / ><>4.08< / >< / ><><>EdenTree 可持续英国股票机会基金 A< / ><>328.80< / ><>-< / ><>-0.80< / ><>1.47< / ><>3.31< / >< / ><><>EdenTree 可持续英国股票机会基金 B< / ><>335.60< / ><>-< / ><>-0.80< / ><>1.92< / ><>3.24< / >< / table>

<><>新兴市场股票基金 A 美元累积类< / ><>$< / ><>16.34< / ><>-< / ><>-0.05< / ><>0.00< / ><>27.86< / ><>25.06< / >< / ><><>新兴市场股票基金 A 英镑累积类< / ><>£< / ><>17.01< / ><>-< / ><>-0.04< / ><>0.00< / ><>24.23< / ><>21.64< / >< / ><><>新兴市场股票基金 D 英镑分红类< / ><>£< / ><>15.39< / ><>-< / ><>-0.04< / ><>1.69< / ><>21.70< / ><>19.14< / >< / ><><>新兴市场股票基金 A 欧元累积类< / ><>€< / ><>17.04< / ><>-< / ><>-0.05< / ><>1.51< / ><>23.75< / ><>21.96< / >< / table>

<><>欧元累积类< / ><>€< / ><>18.21< / ><>-< / ><>0.00< / ><>3.03< / ><>3.93< / >< / ><><>欧元累积类 (H)< / ><>€< / ><>12.24< / ><>-< / ><>-0.01< / ><>0.00< / ><>4.38< / ><>4.56< / >< / ><><>欧元分红类< / ><>€< / ><>11.23< / ><>-< / ><>0.00< / ><>-1.59< / ><>-0.73< / >< / ><><>欧元分红类 (H)< / ><>€< / ><>7.49< / ><>-< / ><>-0.01< / ><>5.05< / ><>-0.36< / ><>-0.12< / >< / ><><>英镑分红类< / ><>£< / ><>11.80< / ><>-< / ><>0.00< / ><>4.75< / ><>-1.26< / ><>-1.07< / >< / ><><>英镑分红类 (H)< / ><>£< / ><>8.48< / ><>-< / ><>-0.01< / ><>4.70< / ><>1.51< / ><>1.42< / >< / ><><>美元累积类< / ><>$< / ><>15.30< / ><>-< / ><>-0.01< / ><>0.00< / ><>6.41< / ><>6.59< / >< / ><><>瑞士法郎分红类 (H)< / ><>Str< / ><>7.64< / ><>-< / ><>-0.01< / ><>0.00< / ><>-2.74< / ><>-2.63< / >< / table>

Dodge & Cox Worldwide Funds-Global Stock Funds< / td>< / tr><><>USD 累积份额类< / ><>$< / ><>50.22< / ><>-< / ><>-0.21< / ><>0.00< / ><>16.30< / >< / ><><>GBP 累积份额类< / ><>£< / ><>60.78< / ><>-< / ><>-0.24< / ><>0.00< / ><>12.96< / >< / ><><>GBP 分配份额类< / ><>£< / ><>39.04< / ><>-< / ><>-0.16< / ><>0.00< / ><>10.39< / >< / ><><>EUR 累积份额类< / ><>€< / ><>64.74< / ><>-< / ><>-0.25< / ><>0.00< / ><>12.74< / >< / ><><>GBP 分配份额类 (H)< / ><>£< / ><>21.61< / ><>-< / ><>-0.10< / ><>0.00< / ><>14.19< / >< / ><><>USD 分配类< / ><>$< / ><>20.53< / ><>-< / ><>-0.09< / ><>0.00< / ><>14.69< / >< / ><><>CAD 累积类< / ><>C$< / ><>65.65< / ><>-< / ><>-0.39< / ><>0.00< / ><>16.95< / >< / table>

<><>USD 累积份额类< / ><>$< / ><>61.44< / ><>-< / ><>-0.32< / ><>0.00< / ><>14.07< / ><>16.48< / >< / ><><>GBP 累积份额类< / ><>£< / ><>70.33< / ><>-< / ><>-0.34< / ><>0.00< / ><>10.81< / ><>13.25< / >< / ><><>GBP 分配份额类< / ><>£< / ><>40.97< / ><>-< / ><>-0.20< / ><>0.00< / ><>9.97< / ><>12.35< / >< / ><><>EUR 累积份额类< / ><>€< / ><>68.39< / ><>-< / ><>-0.33< / ><>0.00< / ><>7.74< / ><>11.37< / >< / ><><>GBP 分配份额类 (H)< / ><>£< / ><>23.22< / ><>-< / ><>-0.12< / ><>0.00< / ><>12.68< / ><>14.99< / >< / ><><>USD 分配类< / ><>$< / ><>22.51< / ><>-< / ><>-0.11< / ><>0.00< / ><>13.23< / ><>15.54< / >< / table>

DRAGON CAPITAL

<>< colspan="7">Dragon Capital www.dragoncapital.com 基金信息: info@dragoncapital.com< / >< / ><>< colspan="7">其他国际基金< / >< / ><><>越南股票基金 (UCITS Fund A USD)< / ><>$ 36.54< / ><>-< / ><>0.01< / ><>0.00< / ><>7.05< / ><>0.00< / >< / table>

<>< colspan="7">Marwyn Asset Management Limited< / ><>(CYM)< / >< / ><>< colspan="8">受监管< / >< / ><><>Marwyn Value Investors< / ><>£< / ><>362.11< / ><>-< / ><>0.00< / >< / table>

McInroy & Wood Portfolios Limited Easter Alderston, Haddington EH41 3SF 01620 825867

<>< colspan="7">Nutshell Asset Management Ltd< / ><>(IRL)< / >< / ><>< colspan="8">Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LE www.nutshelliam.com< / >< / ><>< colspan="8">授权投资基金< / >< / ><><>Nutshell Growth Fund Gbp Inst Founder< / ><>£< / ><>190.55< / ><>-< / ><>3.70< / ><>0.00< / ><>16.15< / ><>17.36< / >< / table>

Royal London 80 Fenchurch Street, London EC3M 4BY

管理基金服务

买入价 卖出价 + / - 收益率 24个月 36个月

Fundsmith Equity Fund

Fundsmith LLP (1200)F PD Box 10846, Chelmsford Essex CM99 2BW 0330 123 1815 www..co.uk, enquiries@.co.uk

授权投资资金< / td>< / tr><><> Equity T Acc< / ><>710.27< / ><>-< / ><>2.06< / ><>0.00< / ><>0.37< / ><>3.10< / >< / ><><> Equity T Inc< / ><>641.06< / ><>-< / ><>1.86< / ><>0.00< / ><>14.82< / ><>13.97< / >< / table>

<>< colspan="8">Guinness Global Investors< / >< / ><><>Guinness Global Equity Income Y GBP Dis< / ><>£< / ><>24.92< / ><>-< / ><>-0.06< / ><>2.05< / ><>9.56< / ><>11.16< / >< / ><><>Guinness Global Innovators Y GBP ACC< / ><>£< / ><>47.84< / ><>-< / ><>0.57< / ><>0.00< / ><>12.01< / ><>15.57< / >< / ><><>Guinness Global Quality Mid Cap Y Gbp Acc< / ><>£< / ><>16.08< / ><>-< / ><>0.11< / ><>0.00< / ><>12.56< / ><>11.75< / >< / table>

<>< colspan="7">HPB Assurance LtdAnglo Intl House, Bank Hill, Douglas, Isle of Man IM1 4NL, 01638 563490< / >< / ><>< colspan="7">国际保险< / >< / ><><>Holiday Property Bond Ser 1< / ><>£< / ><>0.49< / ><>-< / ><>0.00< / ><>-0.13< / >< / ><><>Holiday Property Bond Ser 2< / ><>£< / ><>0.66< / ><>-< / ><>0.00< / ><>1.57< / >< / table>

Janus Henderson INVESTORS

Balanced Fund Acc< / td><>7022.30< / ><>-< / ><>-4.30< / ><>1.75< / ><>5.00< / ><>0.00< / >< / tr><><>Balanced Fund Inc< / ><>6630.30< / ><>-< / ><>-4.00< / ><>1.77< / ><>3.29< / ><>3.12< / >< / ><><>Emerging Markets Fund ACC< / ><>2330.60< / ><>-< / ><>-13.10< / ><>1.72< / ><>2.45< / ><>0.00< / >< / ><><>Emerging Markets Fund Inc< / ><>2100.00< / ><>-< / ><>-11.80< / ><>1.75< / ><>0.70< / ><>-1.70< / >< / ><><>Income Fund Acc< / ><>3639.20< / ><>-< / ><>-4.50< / ><>2.69< / ><>7.19< / ><>0.00< / >< / ><><>Income Fund Inc< / ><>3226.20< / ><>-< / ><>-4.00< / ><>2.77< / ><>4.06< / ><>3.81< / >< / ><><>Smaller Companies Fund Acc< / ><>7364.60< / ><>-< / ><>19.90< / ><>1.20< / ><>5.25< / ><>0.00< / >< / ><><>Smaller Companies Fund Inc< / ><>6923.50< / ><>-< / ><>18.70< / ><>1.21< / ><>3.99< / ><>4.25< / >< / table>

<>< colspan="6">司法部共同投资基金< / ><>(英国)< / >< / ><>< colspan="7">房地产及其他英国单位信托< / >< / ><><>The Equity Idx Tracker Fd Inc< / ><>2696.00< / ><>-< / ><>2.00< / ><>11.83< / ><>11.51< / >< / ><>< colspan="7">分配单位< / >< / table>

<><>Oasis Crescent Global Eq Fd (USD) A (Dist)< / ><>$ 58.12< / ><>-< / ><>-0.13< / ><>0.00< / ><>20.84< / ><>17.69< / >< / ><><>Oasis Crescent Global Inc Fd (USD) A Dist< / ><>$ 10.27< / ><>-< / ><>0.00< / ><>0.72< / ><>0.84< / >< / ><><>Oasis Crescent Low Equity Fund (USD) D Dist< / ><>$ 16.58< / ><>-< / ><>-0.02< / ><>0.00< / ><>11.76< / ><>10.38< / >< / ><><>Oasis Crescent Med Equity Fd (USD) A Dist< / ><>$ 19.47< / ><>-< / ><>-0.03< / ><>0.00< / ><>14.13< / ><>12.12< / >< / ><><>Oasis Crescent Prop Equity Fd (USD) A Dist< / ><>$ 11.09< / ><>-< / ><>-0.09< / ><>0.00< / ><>11.59< / ><>12.57< / >< / ><><>Oasis Crescent Short Term Inc Fd (USD) A (Dist)$< / ><>0.96< / ><>-< / ><>0.00< / ><>0.80< / ><>0.88< / >< / ><><>Oasis Crescent Variable Fund (USD) A (Dist)< / ><>£ 12.45< / ><>-< / ><>0.00< / ><>8.63< / ><>8.47< / >< / table>

<>< colspan="7">Private Fund Mgrs (Guernsey) Ltd< / ><>(根西岛)< / >< / ><>< colspan="8">受监管< / >< / ><><>Monument Growth 25 / 08 / 2026< / ><>£< / ><>623.79< / ><>629.74< / ><>1090< / ><>1.23< / ><>4.05< / ><>3.63< / >< / table>

<><>Global Total Fd PCG A< / ><>709.23< / ><>-< / ><>-0.20< / ><>0.41< / ><>15.33< / ><>18.63< / >< / ><><>Global Total Fd PCG B< / ><>698.33< / ><>-< / ><>-0.20< / ><>0.00< / ><>15.25< / ><>18.56< / >< / ><><>Global Total Fd PCG INT< / ><>681.16< / ><>-< / ><>-0.20< / ><>0.00< / ><>15.08< / ><>18.38< / >< / table>

<>< colspan="6">Purisima Investment Fds (CI) Ltd< / ><>(泽西岛)< / >< / ><><>受监管< / ><>< / >< / ><><>PCG B< / ><>579.74< / ><>-< / ><>2.56< / ><>0.00< / ><>17.42< / ><>21.24< / >< / ><><>PCG C< / ><>559.39< / ><>-< / ><>2.47< / ><>0.00< / ><>17.15< / ><>20.97< / >< / table>

授权投资基金< / td>< / tr><><>Royal London Sustainable Diversified A Inc< / ><>286.00< / ><>-< / ><>0.30< / ><>1.54< / ><>4.68< / ><>6.22< / >< / ><><>Royal London Sustainable World A Inc< / ><>509.60< / ><>-< / ><>1.80< / ><>0.76< / ><>11.19< / ><>12.00< / >< / ><><>Royal London Corporate Bond Mth Income< / ><>76.87< / ><>-< / ><>-0.09< / ><>4.44< / ><>0.34< / ><>1.31< / >< / ><><>Royal London European Growth Trust< / ><>298.50< / ><>-< / ><>0.30< / ><>1.14< / ><>11.69< / ><>11.46< / >< / ><><>Royal London Sustainable Leaders A Inc< / ><>1026.00< / ><>-< / ><>-3.00< / ><>1.47< / ><>8.64< / ><>8.02< / >< / ><><>Royal London UK Growth Trust< / ><>877.20< / ><>-< / ><>-2.80< / ><>1.69< / ><>11.67< / ><>11.27< / >< / ><><>Royal London UK Income With Growth Trust< / ><>259.30< / ><>-< / ><>-0.10< / ><>3.83< / ><>8.24< / ><>8.34< / >< / ><><>Royal London US Growth Trust< / ><>657.70< / ><>-< / ><>0.60< / ><>0.01< / ><>14.46< / ><>17.51< / >< / table>

可用其他基金 详情请参阅 www.royallondon.com

Ruffer LLP (1000) F 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL 订单台及查询电话：0345 601 9610 授权投资基金

<><>WS Ruffer Total Return C Acc< / ><>601.12< / ><>-< / ><>-0.84< / ><>1.78< / ><>4.40< / ><>3.53< / >< / ><><>WS Ruffer Total Return C Inc< / ><>351.30< / ><>-< / ><>-0.49< / ><>1.80< / ><>3.53< / ><>1.73< / >< / table>

<>< colspan="7">SICO BSC BHR电话 - +973 1751 5700网站 - www.sicobank.com< / >< / ><><>< / ><>< / ><>(BHR)< / >< / ><><>Khaleej Equity Fund< / ><>$< / ><>583.47< / ><>-< / ><>-3.93< / ><>0.00< / ><>-3.81< / >< / ><><>Sico Gulf Equity Fund< / ><>$< / ><>198.62< / ><>-< / ><>0.17< / ><>0.00< / ><>10.57< / >< / table>

<>< colspan="7">SICO Capital KSA< / ><>(KSA)< / >< / ><>< colspan="7">电话 - +966 11 521 3835< / ><>< / >< / ><>< colspan="7">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< / ><>$< / ><>307.70< / ><>-< / ><>-0.94< / ><>0.00< / ><>5.75< / ><>7.43< / >< / ><><>SF Global Best Ideas Eq D GBP Inc< / ><>£< / ><>343.70< / ><>-< / ><>-0.90< / ><>0.00< / ><>2.77< / ><>4.48< / >< / table>

Superfund Asset Management GmbH

Superfund Trend Gold< / td><>$< / ><>2006.47< / ><>-< / ><>3.87< / ><>0.00< / ><>37.86< / ><>31.23< / >< / tr><><>Superfund Trend Silver< / ><>$< / ><>2219.65< / ><>-< / ><>43.25< / ><>0.00< / ><>58.25< / ><>40.31< / >< / ><><>Superfund Trend< / ><>$< / ><>803.48< / ><>-< / ><>-0.31< / ><>0.00< / ><>10.66< / ><>5.76< / >< / ><><>Superfund Bitcoin 0-2x< / ><>€< / ><>99.08< / ><>-< / ><>15.93< / ><>0.00< / ><>6.45< / ><>16.79< / >< / ><><>Superfund Fund-of-Funds< / ><>$< / ><>157.85< / ><>-< / ><>0.00< / ><>18.23< / ><>17.41< / >< / table>

<><>Superfund Blockchain< / ><>€< / ><>23.48< / ><>-< / ><>-0.50< / ><>0.00< / ><>13.53< / ><>30.79< / >< / ><><>Superfund Gold Silver + Mining< / ><>€< / ><>22.06< / ><>-< / ><>-0.36< / ><>0.00< / ><>36.90< / ><>-< / >< / ><><>Superfund Quadriga All Seasons< / ><>€< / ><>15.22< / ><>-< / ><>-0.03< / ><>0.00< / ><>17.23< / ><>16.82< / >< / ><><>Superfund Inflation< / ><>Sfr< / ><>11.69< / ><>-< / ><>-0.04< / ><>0.00< / ><>13.38< / ><>4.56< / >< / table>

<><>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>

授权公司董事-Waystone Management (UK) Limited

<>< colspan="7">Trojan Investment Funds< / >< / ><><>Trojan Ethical Global Inc O Acc< / ><>115.05< / ><>-< / ><>0.14< / ><>2.95< / ><>1.10< / ><>3.18< / >< / ><><>Trojan Ethical Global Inc O Inc< / ><>101.32< / ><>-< / ><>0.12< / ><>3.01< / ><>0.90< / ><>1.11< / >< / ><><>Trojan Ethical O Acc< / ><>159.87< / ><>-< / ><>0.10< / ><>0.67< / ><>6.76< / ><>7.09< / >< / ><><>Trojan Ethical O Inc< / ><>154.33< / ><>-< / ><>0.09< / ><>0.67< / ><>6.64< / ><>6.66< / >< / ><><>Trojan Ethical Income O Acc< / ><>172.51< / ><>-< / ><>-0.37< / ><>2.51< / ><>5.43< / ><>8.09< / >< / ><><>Trojan Ethical Income O Inc< / ><>129.80< / ><>-< / ><>-0.28< / ><>2.60< / ><>2.64< / ><>5.23< / >< / ><><>Trojan Fund Acc< / ><>467.53< / ><>-< / ><>0.07< / ><>0.80< / ><>6.35< / ><>6.12< / >< / ><><>Trojan Fund Inc< / ><>366.34< / ><>-< / ><>0.06< / ><>0.88< / ><>7.54< / ><>5.01< / >< / ><><>Trojan Global Income O Acc< / ><>178.91< / ><>-< / ><>-0.11< / ><>3.25< / ><>4.10< / ><>5.14< / >< / ><><>Trojan Global Income O Inc< / ><>132.81< / ><>-< / ><>-0.09< / ><>3.32< / ><>0.85< / ><>1.85< / >< / ><><>Trojan Income O Acc< / ><>408.51< / ><>-< / ><>-0.94< / ><>2.72< / ><>4.27< / ><>5.35< / >< / ><><>Trojan Income O Inc< / ><>179.98< / ><>-< / ><>-0.42< / ><>2.82< / ><>1.37< / ><>3.63< / >< / table>

<>< colspan="7">Trojan Funds (Ireland) Plc< / >< / ><><>Trojan Europe O EUR Acc< / ><>€< / ><>1.0317< / ><>-< / ><>0.00< / >< / ><><>Trojan Exclusions X GBP Acc< / ><>£< / ><>1.3375< / ><>-< / ><>0.00< / ><>7.84< / >< / ><><>Trojan Global Equity O GBP Acc< / ><>£< / ><>6.1409< / ><>-< / ><>-0.02< / ><>0.20< / ><>1.68< / >< / ><><>Trojan (Ireland) O GBP Acc< / ><>£< / ><>1.8799< / ><>-< / ><>0.00< / ><>7.06< / >< / table>

FT 基金数据指南

本页所引用的基金价格由基金运营方、基金管理人及基金行政管理人提供。本页公布的基金详情（包括价格）仅供参考，不应被视为唯一指南。《金融时报》有限公司对其准确性或完整性不作任何陈述，在做出投资决策时不得依赖这些数据。在某些司法管辖区，法律可能会限制销售本页所列基金的权益，且在出版物流通的所有司法管辖区内，相关人员不一定都能购买这些基金。如有疑问，请寻求适当的专业建议。数据由 ICE 汇总。本版公布的基金价格及附加信息也可在《金融时报》网站 www.ft.com / funds 上获取。本页公布的基金其投资管理公司可能会发生变更。除非另有说明，价格单位均为便士。若显示变动，则为相对于前一次引用数值的变动（并非所有基金每天都更新价格）。被指定为美元的基金将不以美元计价。收益率百分比（周二至周六）适用于购买费用。

某些较旧的保险挂钩计划的价格在出售时可能需缴纳资本利得税。

OEIC：开放式投资公司。类似于单位信托，但采用公司结构而非信托结构。发行不同的份额类别以反映不同的货币、收费结构或持有者类型。 买入价（Bid price）：亦称出售价。投资者出售单位信托份额的价格。 认购价（Offer）：亦称买入价。投资者购买单位信托份额的价格。包含管理人的初始费用。 单一价格（Single）：基于底层投资的中端市场估值。OEIC 份额和单一价格单位信托份额的买入价和卖出价相同。管理人的定期资本费用处理：24 和 36 个月；24 和 36 个月的年化业绩数据使用该期间的总收益（或损失）计算。业绩公式已根据参考期间内的收益分配进行了调整。 收益率（Yield）：使用基金的预计年收入除以最新的可用净资产值计算得出。

报纸上出现的价格是管理人 / 运营方提供的最新价格。 此广告服务的费用基于公布的行数和基金的分类。欲了解更多信息，请联系 data@ft.com。其他查询请联系 newspapers@ice.com

数据提供方：

市场与数据在此汇聚。

透明度。探索。创新。

工作与职业

那些急于招聘毕业生的公司

FT 蒙太奇 / Dreamstime

初级岗位正受到 AI 的威胁，但部分雇主却难以找到熟练的年轻员工。作者：Bethan Staton

与许多清洁能源初创公司一样，热泵安装商 Heat Geek 发展迅速，并相应地扩大招聘规模。

今年夏天，该公司开放的 8 个岗位将使员工人数增加 25% 以上。首席运营官霍莉·福斯特（Holly Foster）表示，运营、工程和营销方面的初级岗位需要立即填补，需要那些准备好投入工作的有抱负的毕业生。

但问题在于：这些渴望机会的年轻雇员不见踪影。“我们在寻找这些‘超级毕业生’方面做得不够好，”福斯特说，“我们很清楚自己想要什么。困难在于如何传达这一点……我们在寻找的特质在纸面上很难被发现。”

随着经济停滞、AI 的出现以及地缘政治动荡给英国的招聘带来不确定性并威胁到初级岗位，这种寻找优秀年轻员工的困难听起来似乎不可思议。本月国家统计局（ONS）的数据显示，职位空缺在夏季继续下降，小型企业以及深受年轻员工青睐的行业受影响最严重。根据学生雇主协会（Institute of Student Employers）的数据，由于开放岗位下降了 8%，毕业生职位的竞争最近达到了历史最高点，每个岗位平均收到 140 份申请。

然而，就在许多大学毕业生在拒绝信中苦苦挣扎，跨国雇主被海量申请淹没时，一些公司却有相反的抱怨。在行业机构 Universities UK 6 月的一项调查中，半数有职位空缺的雇主表示，毕业生岗位难以填补——这是所有级别中难度最高的。对于许多初创公司、小型企业以及处于知名度低或不光鲜行业的公司来说，寻找熟练、积极且可到岗的毕业生已成为阻碍增长的问题。

国家劳动力数据支持了这一看似矛盾的局面。国家大学与商业中心（National Centre for Universities and Business）对政府数据的分析显示，虽然小型企业的裁员速度快于大型雇主，但其所谓的“技能短缺空缺”（即由于难以找到具备特定能力的员工而难以填补的岗位）率一直保持在高位，尤其是在初级岗位上。

“整体招聘量在下降，[但]仍有一些公司难以找到毕业生或具备正确技能的人才，”招聘网站 LinkedIn 的英国国家经理珍妮·钱伯林（Janine Chamberlin）表示，“在清洁能源、农业、制造业、生命科学领域有大量机会和增长空间……但这些行业在毕业生的考虑范围之内并不靠前。”

例如，在制造业中。

“这些创新公司通常处于毕业生甚至不知道其存在的领域，它们并不为人所知”

行业机构 Make UK 估计目前有 50,000 个职位空缺，其中超过三分之一由于技能短缺而难以填补。该机构组织开放日活动，让雇主展示其工作环境。高级政策经理杰米·凯特（Jamie Cater）表示，公司正在“在心理健康方面投入大量资金”，并提供更灵活或远程的工作方式以吸引申请者。

“作为该行业，我们正与人们对制造业工作的刻板印象作斗争。人们认为那是阴暗、肮脏的环境，是薪水不高且重复性的体力劳动。但这并非现实，”他说。自动化程度的提高正使需求从生产线转向“具有更高技术水平”的岗位。

且半数制造商计划在未来五年内增加毕业生级别的岗位招聘。“在未来几年，我们需要熟练工人的岗位将有一批人退休……届时将产生巨大的需求。”

初创企业网络 UK Innovation Industries 的创始人露西·约翰斯顿（Lucy Johnston）表示，小型雇主在招聘中可能会面临“可见度差距”。“这些创新公司通常处于毕业生甚至不知道其存在的领域，它们并不为人所知，”她说。“与此同时，毕业生们……被告知形势极其困难，并得到了许多传统的建议。”

在快速增长的初创公司中，矛盾之处在于，正是对员工的紧迫需求使得招聘变得如此困难。Heat Geek 的福斯特（Foster）表示：“我们花在招聘上的任何时间，都是在牺牲构建业务的时间。”在专业网站或大型网站上投放广告、进行主动招聘或参加毕业生活动，都会产生巨额成本，而回报却难以预料。

Warwick Enterprise 旨在建立大学与企业家之间联系，其副总监西蒙·芬利（Simon Finley）表示，职业服务机构通常默认倾向于大型公司。那些拥有“更容易接入的计划”的大公司在招聘会上占据显眼位置，并投入资金确保广告被看到，而“地区性公司和大学则缺乏随着时间推移而建立的关系”。

他合作的企业还经常抱怨学生缺乏直接投入工作所需的技能，包括沟通能力、主动性和组织能力。“在毕业生计划中，有大量的培训和开发……但在小型企业中，这种结构并不完善。对于许多毕业生来说，这可能会令人生畏。”

地理位置是另一个限制因素。“毕业生中存在这样一种认知，认为必须去大城市，但一些最有趣的公司并不在大城市，”约翰斯顿说。

萨曼莎·芬（Samantha Fenn）两年前出任位于什罗普郡的铝铸件制造商 Grainger & Worrall 的人力资源主管，她回忆道，当时被“明确告知我们无法雇佣毕业生——因为他们不会留下来”。于是她将招聘重点转向当地毕业生，因为他们会将住在离家近的地方视为一种优势。在经历了一段时间的收缩后，该公司计划将员工人数从 460 人扩大到 500 人，并且正在“疯狂招聘”；在今年的毕业生招聘轮次中，“我们计划招 3 人，发出了 5 份录取通知，最终录用了 4 人”。

该公司的一名毕业生雇员罗宾·博蒙特（Robyn Beaumont）在两年前加入时担任业务规划员，同时完成工程学位，她表示：

“在大型公司里，你经常会被遗忘；而在这里，他们会培养和开发你……没有人害怕与首席执行官交谈。”

国家机构 Innovate UK 负责大学关系的史蒂夫·韦尔奇（Steve Welch）表示，毕业生难以寻找岗位与公司难以招聘的这种“悖论”，部分原因是“沟通问题，毕业生不知道如何在正确的地方寻找”。但他也提到了其他障碍，例如小型公司在薪资方面的竞争力。他建议，具有强增长潜力的公司需要推销“除工资之外的不同东西”。

在人力资源文化公司 FabricShift，创始人乔安娜·贝雷斯福德（Johanna Beresford）表示，快速晋升的机会以及尝试不同岗位的可能性，帮助她留住了绝大多数雇佣的毕业生。“我认为雇主们并不经常谈论……小型公司的工作环境是多么的不同。”

但对于许多在关键但缺乏光环的行业中运营的小型企业来说。

“毕业生[认为]你必须去大城市，但一些最有趣的公司并不在大城市”

而如何获得关注这一挑战则更难解决。

“我不认为人们被告知有像我们这样的公司，”埃塞克斯郡的一家医疗设备制造商 Europlaz 的技术总监伊恩·古德克尔（Ian Goodacre）表示，该公司雇佣了 100 多人。公司今年招募到了几名优秀的毕业生，但为了找到他们付出了艰苦努力，甚至直接联系学生。

“我们提供相当不错的待遇、全职工作以及大量机会，”古德克尔说，“但当我们发布广告时，申请的毕业生人数之少令人惊讶。”

商业书籍

“我们可以从坏人身上学习”：寡头们的启示

这是一个属于寡头们的世界，而我们生活其中。这是大卫·林格尔巴赫（David Lingelbach）和瓦伦蒂娜·罗德里格斯·格拉（Valentina Rodriguez Guerra）研究的起点。这两位学者专门研究他们称之为超级富豪和超级权力拥有者这一“奇怪物种”的崛起及其运作模式。

与任何物种一样，这类人群具有一组可以被识别和评估的特征。这些观察结果被记录在他们的最新著作《无王之局：从寡头身上学到的8个领导力教训》（Games Without Thrones: 8 Leadership Lessons from Oligarchs）中。

虽然对许多人来说，“寡头”一词首先会让人联想到在后苏联时代俄罗斯大规模私有化过程中发财的人，但包括作者在内的许多人认为，现在已经出现了一个成熟的美国版本，其财富是在华尔街和硅谷积累的。

前美国总统乔·拜登在离任演说中警告称，“美国正在形成一个由极端财富、权力和影响力构成的寡头政治”；其继任者唐纳德·特朗普的政府是美国历史上最富有的政府，政府日益被一群能够影响他的亿万富翁精英所主导。

“这是人类行为中一个极少被审视的部分，”林格尔巴赫说，“我们希望明确一点，寡头政治并非俄罗斯特有的现象。”

林格尔巴赫和罗德里格斯·格拉（见右上图）多次提到特朗普。林格尔巴赫是巴尔的摩大学梅里克商学院（Merrick School of Business）的企业家精神教授，罗德里格斯·格拉则是寡头研究中心（The Center for the Study of Oligarchs）的创始执行主任，该中心总部位于洛杉矶和波哥大。

两人都是通过个人经历被吸引到对寡头的研究之中的。

林格尔巴赫曾有幸（或称“令人质疑的荣誉”）与弗拉基米尔·普京共事，当时他在俄罗斯金融领域工作数年，而现在的普京总统则是圣彼得堡的副市长。对于哥伦比亚国民罗德里格斯·格拉来说，金钱与权力的结合在她成长过程中并非“一个抽象的现象”。

这本书在他们之前的著作《寡头的掌控》（The Oligarchs' Grip）基础上进一步深化，书名副标题致敬了那部讲述贵族与战士为争夺权力而厮杀的流行奇幻电视剧及小说系列。

但作者认为，这类亿万富翁政治家、工业家和怪人们也可以成为我们的“矿井里的金丝雀”——他们是那些在不确定性中获得成功，并学会了“如何将意外转化为成功”的个体案例。

“我们实际上可以从坏人身上学习，”他们说。（这些人绝大多数，如果不是全部的话，都是男性）。

作者给出的第一个教训是对在不稳定环境中做出预测持怀疑态度。第二个教训：确保任何支持和关系都被隔离，以免一个领域的失败产生连锁反应。

他们建议警惕那些令人宽心的信念，例如进步是必然的或世界是公平的；而应像寡头那样看待问题，即“某些选择是不可逆的，某些行为会被谴责，而某些代价将由个人承担且永久存在”。

这并非一本从世界上最具争议的人物中汲取灵感的粗浅指南。“这些教训……并非为了激励，”作者强调，“它们并不令人宽心，也不是为了让你对这个世界感觉更好。”

相反，他们邀请我们思考寡头——或者如他们在书中某处所描述的“不确定性导航员”——是如何行为的，以及这种行为具有什么相关性，“而无需变得像他们一样”。

变得像他们一样？ 寡头领导者通常将纪律置于愿景之上。林格尔巴赫和罗德里格斯·格拉将曾是世界首富的卡洛斯·斯利姆（Carlos Slim）作为对比，他构建了自己的商业帝国于

通过收购不良资产来构建其商业帝国，而亚当·诺伊曼（Adam Neumann）则仅在短暂时间内将自己塑造为一名远见卓识的领导者，随后便主导了 WeWork 的崩盘。

读者还将读到关于卢旺达总统保罗·卡加梅（Paul Kagame）、自 2019 年起担任萨尔瓦多总统的纳伊布·布克尔（Nayib Bukele），以及美国激进对冲基金经理比尔·艾克曼（Bill Ackman）的内容。书中得出的见解虽属经典，但却是透过新政治现实的崭新视角呈现的：据作者估计，由寡头统治的国家占据了全球经济的一半以上。

两人都警告称，如果低估寡头的影响力，我们将面临危险。“他们确实窄化了人们的生活，减少了选择，”林格尔巴赫（Lingelbach）说道，他特别提到了美国以及亿万富翁在商业、AI 和社交媒体等领域的影响力。“在美国，他们已经让这种情况变得常态化。”詹妮弗·汤普森（Jennifer Thompson）

TRIUM 全球高级管理工商管理硕士（Global Executive MBA） 祝贺 TRIUM 全球高级管理工商管理硕士毕业生

2026届

Kayran Giselle Abasali，特立尼达和多巴哥 / 美国 • Chinmay D. Abhyankar，印度 Ilyas Baqiyev，阿塞拜疆 • Ashish Bhutiani，美国 Andreas Cavalca Neumann，德国 • Charlie Cooper-Huppertz，英国 Sebastian Dicke，德国 • Freda Doe-Johnny，加纳 / 英国 Kenneth M. Esser, Jr.，美国 • Stefania Gonzalez，哥伦比亚 / 美国 Julian Grieve，南非 • Risa Hiser，美国 Ray Jimenez，美国 • Mariko Kawano，加拿大 Dmitry Koltunov，俄罗斯 • Manoj Kumar，印度 Otto Mertanen，芬兰 / 瑞典 • Sethunya Molosiwa，博茨瓦纳 Ana Nakashidze，格鲁吉亚 • Adaobi Nnorukah，尼日利亚 Matei Oprea，英国 / 罗马尼亚 • Stephen J Paboojian，美国 Coréon Dú，葡萄牙 / 安哥拉 • Vimal Persaud，美国 / 英国 Jacek Poplawski，波兰 • Diane Primato，法国 Benedikt Rentsch，瑞士 • Ilias Sarris，希腊 Marianne Seye-Precetti，法国 / 塞内加尔 • Thitikorn Sopchokchai，泰国 Yiyi Wang，中国 • Wong Ni Nau Shirley，中国 Desislava Andreeva Zaharieva-Uzunova，保加利亚

我们非常高兴地欢迎这些优秀的 TRIUM 毕业生——他们代表了全球 27 个国家——成为我们精英校友社区的最新成员。他们在纽约大学斯特恩商学院（NYU Stern）、伦敦政治经济学院（LSE）和巴黎高等商学院（HEC Paris）完成了严苛的全球课程，我们对他们在达成这一里程碑过程中所展现的奉献精神、毅力与韧性表示赞赏。祝愿他们在继续塑造国际商业未来的道路上一切顺利。

私募股权负责人试图从失误中“重新出发”

作者：Alexandra Heal。欧洲最大收购公司之一的负责人承诺，将防止英国国家医疗服务体系（NHS）价格欺诈事件再次发生。

私募股权公司 Cinven 的两位共同负责人在展现统一战线方面做得非常出色。在一次监管丑闻导致该公司前首席执行官辞职后，他们迎来了首次采访，两人穿着同样的蓝色衬衫。相似之处不止于此：两人均出身于工业家庭，且各有四个儿子。他们的妻子也同名。

自12月以来，Jorge Quemada 和 Bruno Schick 还有一个共同目标：在经历了一段时期的反复动荡后，恢复这家欧洲最大的纯收购公司之一的稳定性。“我绝对认为这种情况不会[再次]发生在我们身上，”Quemada 说道。他指的是一起由 Cinven 持有的药企被发现非法提高向英国 NHS 销售药品价格的事件。“我们现在实施的程序是为了确保我们绝对符合任何监管要求。”

去年，法院维持了对 Cinven 的 £52mn 罚款，原因是其在之前的交易中扮演的角色。12月，首席执行官兼第三位共同负责人 Supraj Rajagopalan 离开了公司——尽管反垄断监管机构随后放弃了对 Rajagopalan 和另一名 Cinven 高管的追究。

这次余波是近期一系列动荡问题之一，这些问题摇晃了这家管理资产 450亿欧元 的公司，该公司曾被视为欧洲收购业的稳健中坚。2023, Cinven 因处理意大利保险公司 Eurovita 的方式而受到批评，该公司在其所有权期间进入了破产管理；次年，该公司通过从一名共同管理合伙人突然转变为三名，令投资者感到不安。

Quemada 和 Schick 表示，他们通过保持冷静度过了这些动荡。“新闻中出现了一些报道，但这就是商业的本质，”前者说道。他补充道，“（投资者）看到了领导层在采取正确决定方面表现得非常清晰”，并赞赏公司在竞争与市场管理局（CMA）调查期间的透明度。“他们看到各项数据表现一如既往地好……让我们重新出发吧。”

据一名知情人士透露，作为公司趋于稳定的一个早期迹象，Cinven 即将关闭一个规模较小的 15亿欧元 基金，专注于中型收购。更大的考验将在明年到来，届时这家总部位于伦敦的公司将启动下一轮旗舰基金募资。Schick 和 Quemada 表示，他们专注于私募股权的核心——达成交易并向出资人返还现金（目前该行业在出售低借贷成本时期收购的公司时面临困难）——这有助于减少围绕该公司的杂音。

今年，Cinven 同意或完成了部分最大持仓的退出，其中包括与共同所有者 Advent 达成的一项 290亿欧元 交易，拟出售电梯制造商 TK Elevator（尚需监管批准），以及

领导层。Jorge Quemada 和 Bruno Schick，Cinven

该公司与贝恩资本（Bain Capital）对药企 Stada 进行的一项 100亿欧元 退出。Cinven 表示，去年向其基金投资者返还了持仓价值的 30 per cent，是行业平均水平的两倍，而目前的行业平均水平处于自金融危机以来最低点。

尽管如此，其近期的一些退出表现平平，例如西班牙旅游集团 HBX 和鞋类品牌 Kurt Geiger。

“我们没有掉入行业普遍陷入的陷阱，即认为情况会好转，因此延长资产持有期，”Quemada 说道。目前私募股权行业的持有期明显高于历史平均水平。“我们非常现实。”

Schick 表示，为了避免价格欺诈丑闻再次发生，Cinven 已经对其团队进行了培训，升级了尽职调查，并“建立了一支顶级的”由 17 人组成的内部法律和合规团队。在 2012, 开始投资该药品制造商时，该公司在执行交易时并没有内部法律团队参与，且当时的“监管框架……较为模糊”。

这对搭档还引入了其他变革以鼓励员工协作，例如将成功收购中利润丰厚的利润分成（即“业绩分成”，carried interest）从主要由投资专业人士组成的资金池，扩大到包括支持人员在内的每一位 Cinven 员工。在周一的投资团队会议上，他们现在会解释关于新投资的每一项决定，并鼓励交易员讨论退出流程或与现有公司相关的挑战。Quemada 表示：“这受到了极大的认可，因为它能帮助员工，尤其是资历较浅的人员，非常快速地度过学习曲线。”

两位共同负责人表示，Cinven 已从 Eurovita 事件中吸取教训，当时该公司未能向保险公司提供监管机构要求的所有资本。 是将 Eurovita 作为基金投资购买的，这意味着资本是有限的，而非通过其资产负债表进行投资。他表示：“我个人不确定现在是否还有私募股权公司会以基金形式这样做。”

两人都在商业挑战的氛围中长大。Quemada 目睹了其家族经营数代的纺织企业（曾于 Rioja 雇佣 1,500 人）在最终倒闭前，如何与廉价外国劳动力带来的竞争以及需求变化作斗争。Schick 的家族在德国经营一家汽车供应商。他说：“商业无处不在，每一顿晚餐，每一顿早餐都在谈论。”

Schick 最初在法兰克福的高盛工作，随后在 1999 年创建了一家互联网公司，并在四年后加入 。Quemada 在加入 并设立其马德里办事处之前，曾在英国收购集团 3i 工作，他于 2011 年加入 。

Quemada 目前负责新交易，而 Schick 负责现有投资组合的管理与销售。Schick 表示：“长期以来，私募股权更多是关于股票筛选，”而现在，“我们真正意识到，这在很大程度上也是关于主动价值创造 [以及] 对退出的关注。”

是少数几家抵制效仿 CVC 和 EQT 等同行进行公开上市，或通过合并将业务多元化至私募信贷和房地产等领域的欧洲大型收购集团之一。Quemada 表示：“我们是纯粹的欧洲私募股权投资公司。我们不会因为其他人扩展其他地理区域、增加其他产品或公开上市而分心。” 也不计划吸引零售客户。

Quemada 表示，保持私有化有助于避免在股东和基金投资者的冲突利益之间艰难周旋。他说：“我们唯一的动力就是尝试寻找并开发最佳的投资机会。我们认为这是一个明显的差异化优势。”

由

FT FINANCIAL TIMES

协作呈现

剑桥大学 贾奇商学院（Judge Business School）

高管教育

剑桥大学与《金融时报》女性领导力项目

通过专为女性设计的线下高管教育项目，提升您的领导影响力。

本项目由剑桥大学贾奇商学院（Cambridge Judge Business School）与《金融时报》合作推出，将卓越的学术水平与来自《金融时报》编辑的前沿洞察、精选数字化内容以及全球行业领袖的经验相结合。

在为期 4.5 天的沉浸式学习中，您将强化真实的领导力，扩大战略影响力，并加入一个强大的女性网络。

地点：英国剑桥大学 日期：2026 年 11 月 29 日至 12 月 3 日

了解更多

华尔街和硅谷对能够与现实世界互动的人工智能寄予厚望，但工会和经济学家警告称，这将对就业和工资产生影响。作者：Christian Davies

AI机器人能挽救美国制造业吗？

在佐治亚州拉法叶市（LaFayette）一座面积1.1mn sq ft的GE Appliances炉灶工厂的装配线上，人类与机器人并肩工作。巨大的自动化机械臂将炉灶翻转过来，以便工人为其底座接线，双方共同协作，每15秒生产一台设备。

整个操作过程由传感器和摄像头监控，收集的数据显示在头顶的大屏幕上，并提供给管理人员，以便在利润率极低的消费品行业中榨取最后一滴生产力。

“如果让一个人坐在那里每天检查数千台设备，他们的注意力容易分散，这项工作极具挑战性，而且非常枯燥。坦率地说，人类在这方面并不擅长，”这家中资公司的制造负责人比尔·古德（Bill Good）表示。“但AI视觉系统永远不会疲倦，也绝不会遗漏。”

然而，真正让古德感到兴奋的是他接下来的工作：为公司每家工厂的每个流程建立实时数字化模拟，这将使他能够在问题出现时立即进行诊断和处理。他说：“[它不能]亲自去拧扳手，但它可以具体告诉我哪里出了问题，以便我去修理。”

古德并非唯一一个对所谓“物理AI”（physical AI）充满热情的人。这个概念涵盖了从人形机器人工人到能够实时调整自身运行的自动化“智能工厂”的所有内容。

英伟达（Nvidia）创始人黄仁勋曾预测，随着AI从数字领域扩展到物理领域，“每家工业公司都将成为一家机器人公司”；而埃隆·马斯克则投入数百亿加元，推动特斯拉从电动汽车转向机器人出租车（robotaxis）和人形机器人。

这一前景令华尔街和硅谷感到兴奋，提供“机器人即服务”（robotics-as-a-service）的制造初创公司所获得的估值，让人联想到软件公司。

英伟达机器人与边缘AI副总裁迪普·塔拉（Deepu Talla）表示，公司预计未来十年，其与物理AI相关的收入将从$10bn增长到1000亿美元。“世界上90%的行为需要发生在物理世界而非仅仅是数字世界——这就是为什么我们认为物理AI的机会可能大一个数量级。”

物理AI的承诺也让华盛顿产生希望，认为美国在技术领域的霸权将拯救长期衰落的制造业，从而刺激国家竞争力的复兴。

塔夫茨大学（Tufts University）的经济历史学家克里斯·米勒（Chris Miller）表示：“美国重新获得制造业地位的唯一途径，就是比中国更有效地应用AI。”

五角大楼关注的一个重点是，物理AI有潜力振兴美国国防工业基础，而该基础在弹药严重短缺以及来自中国的竞争加剧的情况下，正难以扩大生产。

在像Anduril和Palantir这样精通AI的竞争对手压力下，领先的国防承包商正竞相在工厂中嵌入物理AI，而专注于国防的初创公司则提供从复合材料3D打印到用于检查潜艇船体的壁虎类机器人的各种技术。

但劳工组织担心，这一趋势可能会给蓝领工人带来毁灭性影响，因为最有价值的任务将被自动化，而生产力提高的成果将被股东吸收。

美国劳工联合会和工业组织联合会（AFL-CIO）技术研究所的高级顾问埃德·威特金德（Ed Wytkind）表示：“危险的、导致技能退化的以及有害的AI应用出现得过于频繁。”

“我们必须确保由工人，而非亿万富翁科技公司或投资者，来决定美国及全球就业的未来。”

在位于美国东南部制造业深处的阿拉巴马州切罗基（Cherokee），一家名为Hadrian的物理AI初创公司正在一座旧铁路车辆工厂的原址上建设新设施。

Hadrian 由 35 岁的澳大利亚人克里斯·鲍尔（Chris Power）创立，该公司利用 AI 软件来协调自动化机器执行从焊接、制造到机床加工等各项任务，帮助制造商摆脱对高技能技术人员的传统依赖。该公司在洛克希德·马丁公司（Lockheed Martin）和美国陆军运营的工厂中也设有嵌入单元。

鲍尔指出，机械师和其他技术人员的长期短缺正制约着航空航天和国防工业的生产，因为这些行业正努力应对不断增加的积压订单。

他说：“任何国防计划中绝大多数的制造工作实际上是由 10 万家小企业完成的，这些企业平均由 65 岁的人经营，年收入不足 $10mn。这些业主和工人正在退休或因年龄增长而退出，没有人能接替他们。”

他表示，由于关键技术知识包含在 Hadrian 的自动化系统中，他的大多数员工此前没有制造业经验，在经过 30 天的培训后即可投入工作。

鲍尔说：“我们看到的背景是，你可能在家得宝（Home Depot）开叉车，或者你曾是一名潜水教练，或者是一名海军陆战队员。还有很多 40 岁的人是从开巴士的工作中转行过来的。”

Hadrian 成立于 2021 年，总部位于南加州。本月，该公司完成了一轮 13.7亿美元 的融资，估值接近 80亿美元——比其 1 月份上一轮融资后的估值高出四倍多。

其投资者包括摩根大通（JPMorgan Chase）的战略投资组，以及软件先驱安德里森·霍罗威茨（Andreessen Horowitz）和创始人基金（Founders Fund）。

鲍尔说：“我认为，如果即使在三年前你告诉华尔街的人，最大的投资银行正在认真投入制造业，他们会把你笑出房间的。”

英伟达的 Talla 表示，由于 AI 驱动的通用推理能力取得了显著进展，人们的兴奋感正在增强，这使得机器人和自动化系统即使面对未经训练处理的问题，也能找到解决方案。

Talla 说，一个被训练执行特定任务的自动化系统是“脆弱的，因为一旦它看到过去未经过训练的情况，它就不知道该怎么做”。但现在，软件的进步使得系统能够在日益复杂的虚拟环境中接受多项任务的训练。

这些虚拟环境越接近真实世界，训练机器人的成本就越低，它能独立解决的问题就越多，

从而降低成本，并使其能被越来越多的中小企业采用，而这些企业构成了美国制造商的主体。

Talla 表示，这将导致不仅在全球范围内出现“数十亿台机器人”，还将出现“由外而内”的系统，利用摄像头和传感器来监控并协调所有不同的自动化活动，使其成为一个统一的整体。

“一个坐在那里检查数千个单元的人，注意力往往会分散。但 AI 视觉系统永远不会疲劳，也永远不会遗漏。”

塔夫茨大学的米勒表示，美国在技术上的优势，包括在 AI 和芯片设计方面领先于中国，使其在该领域具有优势。他特别提到了西方在“电子设计自动化”软件方面的主导地位，这种软件传统上用于设计半导体，但现在正越来越多地部署在广泛的其他制造领域。

他补充说，美国资助创新的能力也是无与伦比的。“美国部署资本建设数据中心的速度令人震惊。这说明，如果未来几年物理 AI 确实迎来起飞，资本的动员速度可能确实会比中国更快。”

对于鲍尔（Power）而言，激进的自动化是美国在制造业实力上与中国竞争的唯一机会。他认为，最终目标是维护美国金融和军事力量的支柱，并以此维持西方在全球的领先地位。

“接下来的转型非常简单——要么美国实现再工业化，要么世界将由中国领导。”

一些专家警告称，物理AI的布道者们过于乐观了。他们指出，20世纪80年代的第一波工业机器人浪潮曾引发过关于美国制造业进入黄金时代的预测，但这些预测从未实现。

加州大学伯克利分校的教授、机器人专家肯·戈德堡（Ken Goldberg）提醒道，大规模采用物理AI面临的技术障碍依然巨大，因为制造业需要对物理世界有极其详尽的理解。

大型语言模型是在互联网上已有的信息基础上进行训练的，而物理世界相应的等效数据集并不存在，且需要数年时间才能收集完成。

戈德堡补充说，那些被机器人后空翻和跑步比赛所震撼的人，低估了人类独特的物理优势。

“我们可以预测一百万英里外一颗小行星的运动，但我们仍然不能完全理解指尖与鞋带这类可变形表面相互作用的物理机制，”Ambi Robotics的联合创始人戈德堡表示。“这种认知差距正是为什么我们至今还没有一个能系鞋带，或者能像幼儿一样熟练堆积木的机器人。”

他指出，在大型语言模型（LLM）中可能被视为易于修复的错误，在制造业环境下则是不可接受的。“当组装线上出现差错时，每分钟可能会让你损失100,000美元。”

分析人士认为，华尔街也在重新调整其预期。戈德堡表示，那些向人形机器人初创公司投入巨资的风险投资公司正变得“失去耐心——他们希望看到实际成效，但这一直是个挑战，因为目前还没有任何公司真正产生收入。”

位于田纳西州克利夫兰的劳动力发展咨询公司Peak Performance的创始人丹妮丝·霍尔（Denise Hall）表示，说服小型制造商将有限的资金投入到未经测试的技术中也将非常困难。

“美国大多数制造业工厂并不像埃隆·马斯克的工厂那样，”霍尔说道。她创办的智能工厂研究所（Smart Factory Institute）旨在帮助制造企业及其员工为即将到来的自动化浪潮做准备。

她补充道：“他们仍然在处理大量文书工作，仍然在进行大量手动搬运。你可能会看到一名工厂经理在开叉车，因为员工乔今天请病假了——在这种情况下，他们怎么能抽出时间去制定战略？”

此外，激进的自动化进程对就业和工资意味着什么，也是一个问题。

通用电气电器（GE Appliance）的制造主管古德（Good）表示，自动化将工人从“枯燥且困难”的任务中解放出来，让他们能够专注于能提高生产力的领域，并允许管理层将更多的生产和就业岗位留在美国。他指出，尽管公司“投入了大量……机器人”，但在2016年至2025年期间仍增加了4,000个工作岗位。

企业还指出，在美国各地，具备必要技能的人类员工往往根本无法招到。他们认为，结果不会是人类被取代，而是随着制约活动的瓶颈被打破，将创造更多机会。

斯科特·桑普尔斯（Scott Samples）高中毕业后加入位于拉法叶（LaFayette）的通用电气电器烤箱工厂时，他的工作是在组装线上插电线。十六年后，他负责领导一个技术团队，操作执行物流任务的机器人，这些任务涵盖了从库存盘点到在工厂车间移动零部件的各项工作。

位于乔治亚州拉法叶的通用电气电器制造工厂 Ben Rollins / FT

“现在这份工作最酷的地方在于我的孩子们很喜欢它，”他说，“他们觉得爸爸整天都能和机器人一起玩，这让我觉得自己充满了活力。”

但麻省理工学院（MIT）的劳动经济学家大卫·奥托（David Autor）表示，虽然个别公司在生产率提高时可能会增加员工人数，但如果认为这种情况会在整个制造业中复制，那将是一个谬误。他指出，美国之前的几波自动化浪潮都导致了蓝领就业的大规模下降。

他质疑在实践中，有多少工人能像桑普尔斯（Samples）在通用电器（GE Appliances）那样，走上成为“机器人驯服者”的职业道路。“这类工作不可能有那么多——你不能让每个人都成为所有人以及所有事情的管理人员。”

然而，其他地方可能存在机会。在拉法叶（LaFayette）通用电器工厂附近，佐治亚西北技术学院（Georgia Northwestern Technical College）的执行副总裁兼首席学术官伊丽莎白·安德森（Elizabeth Anderson）指出，“尽管 AI 正被引入以提高生产率，但我们仍然需要培训技术技能，以了解如何让 AI 完成它需要完成的任务”。

这可能使人类员工在与雇主的薪资谈判中保留一定程度的筹码。但如果监督和维护自动化系统所需的技能比目前所需的技能更难获得，那么物理 AI 可能难以兑现其解决美国技术技能短缺的承诺，因为瓶颈将从一套技能的短缺转移到另一套技能的短缺。

麻省理工学院的奥托指出，无论对就业产生什么影响，出于经济和国家安全的考虑，美国在振兴——或至少是保护——其制造业方面仍具有战略利益。“我不认为制造业是一个就业计划。”

“我们可以预测一颗小行星的运动，但我们仍然不能完全理解手指尖与鞋带相互作用的物理机制”

尽管如此，一些人正关注物理 AI 这一新兴领域中的机会。布雷隆·坎普（Braylon Camp）是一名 17 岁的佐治亚西北技术学院学生，他同时在附近罗克斯普林（Rock Spring）的一家工厂担任机电一体化实习生，该工厂由日本汽车零部件制造商 Astemo 经营。

“我最初被分配到焊接岗位，但我拒绝了。我想做我能做的最难、最复杂的事情，这样其他人就不能轻易地在工作中与我竞争，”坎普说，“这正是我努力的目标，让自己成为技能组合最优秀的人——我就像在对自己说，我绝不会失败，就是这样。”

金融时报 “无畏无私”

Meta 的和解协议是一个起点

各国政府在考虑禁止未成年人使用社交媒体时，可将其作为筹码

本月在加利福尼亚州开启的一场轰动审判中，代表更广泛群体的四个美国州起诉 Meta，指控其 Facebook 和 Instagram 平台设计了损害儿童心理健康的成瘾功能。当时很少有人预料到这场审判会在几天内结束。但上周， 同意支付高达 180亿美元 以达成和解，这是美国科技公司达成的最大规模和解协议之一。 还承诺采取旨在提高年轻用户平台安全性的保障措施。虽然这些措施目前还不够充分，但它们可以在国际范围内推广。

审判并非解决公共安全问题的最佳方式，但美国的诉讼再次证明，在国家立法者和监管机构失效的情况下，它有能力强制改变企业的行为。当然，即使是 180亿美元 对于 来说也只是小钱，远低于各州寻求的 2000亿美元。 表示，总额中 53亿美元 的支付取决于 YouTube 和 TikTok 是否分别同意支付等额款项并对青少年实施类似的限制。目前，这些安全承诺仅适用于 ，且仅在美国境内生效。

但试图将 YouTube 和 TikTok 捆绑在内的尝试具有重要意义：研究表明，青少年使用这些平台的频率更高，且两者同样面临诉讼。此外，其他一些计划效仿澳大利亚禁止未成年人使用社交媒体的政府，现在有了要求类似保障措施的筹码。事实上，该和解协议可以被视为一个起点， 及其他公司可能会为了让禁令被搁置而被迫同意相关条款。

对于政策制定者来说，问题在于，这类措施是否比试图封锁青少年访问社交媒体更能保障其安全。澳大利亚先驱性的禁令已被证明效果相当碎片化，许多 16 岁以下的人找到了规避方法。

的和解协议要求该公司建立一个年龄验证框架，利用第三方或自有技术，以加强对 13 岁以下用户的年龄限制，并将 13 to 17-year-olds 与成年人区分开来。协议规定了性能标准并要求每年进行第三方测试——尽管无法保证 能达到这些标准。

该协议中最强有力的部分包括：Facebook 和 Instagram 的总使用时间限制为两小时；午夜至凌晨 6 点为禁封时段；晚上 10 点至次日早晨 7 点以及上课期间禁止推送通知。同样令人欢迎的措施还包括：默认隐藏儿童账户发布帖子上的“点赞”和反应数，以及禁止模拟美容增强的“美颜”滤镜，因为这类滤镜会加剧对身体形象的焦虑。

然而，在一些最具成瘾性的功能方面，协议存在明显的缺陷。算法推荐流（ 将继续通过该功能推送旨在最大化参与度的内容）仍然是默认设置，即便必须为青少年提供一个可由父母设为默认的“按时间顺序”排列的非个性化信息流选项。此外，“无限滚动”依然是标准配置，尽管 必须在连续使用 15, 60 和 90 分钟后强制执行“高效暂停”——即冻结信息流。

此外，为大型科技公司制定规则最大的问题之一已被证明是，等到规则达成一致时，技术已经迭代。社交媒体的运作方式仍可能被 AI 和其他创新——以及新的市场进入者——所改变。如果 和其他社交媒体平台想要避免更多国家实施针对未成年人的禁令，它们将需要同意与监管机构积极合作，随着时间的推移调整保障措施并采用新措施。相比于粗暴且执行不一的禁令，一种“设计即安全”的方法可能更为理想——但它必须有效，并且不断演进。

观点 社会

夏日或许在落幕，但其魔力可以永恒

Ben Hickey

Jemima Kelly

如果按照气象日历计算，新季节已经到来。即便你像我一样更倾向于天文系统，且具有最高的完成率，将三周多之后的秋分视为秋季的正式开始，但空气中依然弥漫着一种明确的夏末气息；一种切实的感觉：在经历了8月漫长、慵懒且丰盈的时光后，事情突然又要变得令人精疲力竭且痛苦地真实起来。

法国人长期以来将这种常规日程的重启称为 la rentrée，即“回归”——尤其是回归校园，但同时也意味着回归城市、回归办公室以及回归生产力。这种高度商业化的年度重启为全国各地的笔记本（cahiers）和书包（cartables）零售商提供了重要的微观经济推动，同时也提供了一种（同样

季节的能量中有些东西，让我愈发想要将其留住

（对于那些因在单月内耗尽了大部分年假而感到悲伤的人来说，这同样是一个重要的）情感转折点。

作为一名在巴黎郊区长大、父母习惯于节俭的孩子，我小时候觉得每年去大卖场购买一大堆闪亮新物件的前景相当令人兴奋。而成年后的我，则对这一切中的消费主义和过度之风感到震惊。然而，我所欣赏的是，rentrée（返校 / 返岗）这一仪式将一些人（虽然并非所有人）在夏天结束时感受到的、原本不被承认的忧伤与焦虑具象化了。为这种突然跌回现实的失落感命名，使其成为一种集体体验，有助于减轻其中的痛苦。

我也喜欢 rentrée 营造出的那种新开始的感觉，它带来了终于可以去做那件你想做之事的崭新机会。在一年中的这个时间点，我会获得爆发性的能量和热情，而且我必须承认，我甚至相当享受回归工作、回归常规以及更专注的工作状态。并非只有我一个人感到高效：项目管理公司 Redbooth 在 2017 年的一项研究中，分析了其平台用户创建的约 2800 万项任务，发现 9 月、10 月和 11 月是

完成率最高的月份。除了单纯的生产力之外，即将到来的日子里还有许多美好之处。我的姐姐在热带地区生活了十年，她非常想念寒冷的月份，这让我更加感激季节的更迭，而秋天尤其令人愉悦。我喜欢看着叶子在从树上落下并被我踩在脚下发出嘎吱声之前，变成黄色、红色和金色；我喜欢根茎类蔬菜的丰收，以及制作美味暖心汤品的机会；我甚至喜欢更长的夜晚，因为这给了我一个借口，让我可以蜷缩在沙发上度过夜晚，而没有必须出门四处游荡的压力。

然而，尽管我想拥抱季节的变换，但夏季的能量中有些东西，让我愈发想要将其留住。对我而言，夏天的快乐不在于有机会无所事事，而在于有时间缓慢地做事。走远路；花一整个下午准备一道帕马森芝士焗茄子（melanzane alla parmigiana）；将洗好的衣服晾在绳子上；坐下来研读一些通常觉得太费劲的复杂文本。

这些并不是显而易见的休闲活动；事实上，当我没有时间缓慢且专注地去做它们时，它们感觉更像是家务活。而事实是，在正常的工作周里（尤其是如果你有年幼的孩子），那种拥有全世界所有时间的感受可能无法实现。但在我们这个极度便利和自动化的世界里，意识到快乐往往并非来自任务的完成，而是在于执行任务本身的努力，这依然是可能的——而且我认为这才是最优状态。

本周，在亿万富翁投资者斯坦利·德鲁肯米勒（Stanley Druckenmiller）利用 AI 为《华尔街日报》撰写一篇关于债券市场的专栏文章的消息传出后，引发了一场轩然大波。德鲁肯米勒表示，他在 73 岁时能使用 AI 感到“有点自豪”，并且对此“并不尴尬”。令我触动的与其说是德鲁肯米勒的大胆，不如说是想到他因为没有经历写作过程中那种快乐、痛苦以及（有时才有的）最终满足感而错失了什么。

AI 越是侵入我们的生活，我就越觉得自己想要回归到那些需要付出更多努力的事情中去。最近我看到一对夫妇在车里对着一张巨大的地图苦苦挣扎，这让我会心一笑。我准备投资一套包含 CD、卡带和唱片机的 HiFi 音响组合。我打算很快兑现我的承诺，买一部功能简单的“傻瓜手机”，至少在周末使用（事实证明，对 iPhone 的依赖很难戒掉）。有些人可能会称之为“摩擦力最大化”。而我认为，这是在重新学习如何生活，而不仅仅是为了这个夏天。

jemima.kelly@ft.com

读者来信

扩大欧盟碳边境税并非是对美国关税的反应

美国驻欧盟大使安德鲁·普兹德（Andrew Puzder）在其评论文章（8月12日）中指责欧盟采取双重标准。他认为，一方面批评美国对钢铝衍生品征收关税，另一方面却对同样的产品征收碳边境调节机制（CBAM）费用，这是虚伪的。在他看来，CBAM 仅仅是“换了名字的关税”。

从表面上看， 确实提高了进口成本，因此可能起到市场壁垒的作用。然而，欧盟认为 符合世界贸易组织（WTO）的规则，任何关于其兼容性的争议最终都应由 WTO 来评估。因此，欧盟可能会面临反制措施，随后可能会考虑相应地调整 。然而，这一切都不会损害欧盟追求气候立法的权利。简单地将其等同于关税

想到我曾经是林奇父亲一名自豪的学生，并在布宜诺斯艾利斯大学地听了他的经济学课程——而且我是唯一一个以最高分（10 / 10）通过的人，也是极少数撑过该学期的人之一。

我几乎买不起灯泡，一天只吃一顿饭，而且无法为家里供暖，现在我甚至面临因过度负债而失去住房的风险。

忽略了三个重要的区别。

事实上，我是一名退休专业人士，完全依靠最低养老金生活，没有家庭支持，且患有严重的疾病。我的经济困境始于 2024 年我领取养老金的应用程序出现的一系列技术故障。

这就是我陷入债务的原因——而不是通过鲁莽的购物、旅行、派对、外出就餐、订阅服务或去理发店。

其次，如果原产国已经支付了碳价，原则上可以将其考虑在内，则无需支付额外的碳边境费用。

阿根廷——无路可走的系统受害者

我曾多次尝试与债权人协商对我债务进行预防性重组，但至今未果。

在阿根廷国际在线报纸 Infobae 上，林奇声称我们陷入困境的原因之一是人们为了观看世界杯而购买电视机，而当阿根廷在决赛中输给西班牙后，他们就干脆选择不付款。

首先，进口关税通常旨在保护国内生产者或增加财政收入——美国政府在证明其关税合理性时均援引了这两个目标。 的目的则不同：它旨在通过确保进口产品面临与欧盟生产者在欧盟排放交易体系下所承担的相当的碳成本，从而防止碳泄漏。从这个意义上说， 是内部气候政策的延伸，而非伪装的贸易工具。

恰拉·努金特（Ciara Nugent）的文章《在哈维尔·米莱痛苦的经济改革中，阿根廷人挣扎着偿还债务》（报道，8月26日）捕捉到了我们阿根廷人在努力生存于强制违约的痛苦之中的挣扎。

我将所有证明文件和截图提供给您。

您的描述与阿尔伯托·贝内加斯·林奇（Alberto Benegas Lynch Jr）提供的幼稚解释形成了对比，后者被广泛认为是阿根廷总统哈维尔·米莱的知识导师。

感谢您对我们真实情况的理解。

我希望这段描述有助于证明我们并非鲁莽的消费者，而是无路可走的系统的受害者。艾丽西亚·格拉西埃拉·皮奥戈夫斯基·穆切尼克（Alicia Graciela Piogovsky Muchenik），阿根廷皮纳马尔

华盛顿与北京如何避免冲突外溢

这并非关税通常的运作方式。虽然普兹德（Puzder）声称美国没有碳定价，但这仅在联邦层面成立。加利福尼亚州和

乔·利希（Joe Leahy）题为《若美国对伊朗制裁损害中国利益，北京威胁将予以反击》（报告，8月26日）的文章捕捉到了一个困境，而华盛顿和北京似乎都不热衷于通过对话来解决。

对伊朗石油贸易实施次级制裁，无论初衷如何，必然会牵连到购买大部分原油的中国炼油商。

一名阿根廷球迷在国际足联世界杯决赛负于西班牙后做出反应

北京关于报复的警告并非虚张声势；它反映了真实的焦虑，即担心在场一场既不符合其经济利益，也不利于与华盛顿之间脆弱贸易休战的斗争中被逼入绝境。令人不安的是时机。

经过艰苦谈判达成的一年期休战，现在取决于华盛顿在未来几周内如何调整其伊朗政策。

明智的做法应该是美国财政部在针对中国银行和炼油商之前，建立一个更长的合规窗口期，给双方留出悄悄谈判的空间，而不是公开做出反应。

华盛顿还可以考虑像过去那样，设立人道主义和能源安全豁免，以避免全盘否定的对抗。

第三，碳边境调节机制（CBAM）的设计初衷一直是为了覆盖比启动时更广泛的产品范围。因此，任何逐步扩大 CBAM 产品覆盖范围的行为，都反映了该机制的原始设计，而非对美国关税的反应。

华盛顿州已经运行基于总量控制与交易（cap-and-trade）或总量控制与投资（cap-and-invest）机制的多部门碳定价系统。其他州已经引入或正在考虑更有限的机制，原则上这些机制可以在欧盟 CBAM 下被考虑在内。

就北京而言，最好让其“茶壶”炼油厂与国有银行保持距离，这样任何美国行动都不会自动牵连到更广泛的金融体系。

两国政府都无法从因第三国的核野心而导致贸易休战破裂中获益。

最后，否定应对气候变化的努力是短视的——特别是当欧洲遭受酷暑和干旱，中国和美国记录到历史最高温度，而莫桑比克和新西兰等其他国家面临毁灭性洪水的时候。

一种经过校准、分阶段实施的执法方法，辅以美国和中国贸易官员之间的定期磋商，似乎是防止这场争端外溢为更广泛经济对抗的唯一现实途径，而双方都声称希望避免这种情况。 A Myilsami

退休研究生教师，印度塔米尔纳德邦哥印拜陀

这些事件清楚地表明，气候

如果您对《金融时报》处理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

AI 无法复制的咨询技能

罗伯特·阿姆斯特朗（Robert Armstrong）近期发表的一篇标题为《AI时代谁还需要顾问？》（观点版，8月6日）的文章提出了一个很有意义的问题：顾问们是否能够就如何在这种 AI 实施环境下生存而为自己提供建议。

作为伦敦商学院的一名教授，我也一直在思考这个问题。传统上，该学院一直是咨询公司寻找新人才的富饶猎场。

正如我对学生们所说， 将对咨询工作的运作方式以及其能够创造价值的领域产生深远影响。

然而，尽管变革不可否认，但从事咨询职业仍然是一个可行的选择。最重要的是， 非常擅长在互联网上搜寻创意、综合信息并进行分享。

但它无法高效完成任何涉及权衡判断（trade-off judgments）的任务，尤其是当挑战具有新颖性时，因为人类的情感（即非理性）本能无法通过逻辑分析来推导。

经过训练可以模拟情感，但从字面意义上讲，它无法像生物体那样感受情感。这意味着咨询公司需要改掉开发一套“专利”流程并将其在大量场景中套用的习惯。相反，他们需要能够就管理人员在管理和领导过程中如何做出更好的决策提供建议和帮助。

高效的顾问需要运用批判性思维、权衡逻辑和认知共情（即换位思考以及能够解读他人的感受）。这些是 无法复制的技能，也是许多管理人员需要支持的地方，因为他们通常是凭借技术能力而非领导力和管理能力获得晋升的。

大多数管理人员在“岗位上”学习管理技能，而经验可能是一位非常严苛的老师，甚至会引导一些管理人员学到错误的东西。

如果顾问能够提供这类服务，帮助他人更有效地开展工作，那么我们现在还不必将顾问们扔进废料堆。

兰德尔·S·彼得森（Randall S Peterson） 教授兼学术总监， 组织行为学教授， 领导力研究所， 伦敦商学院， 英国伦敦 NW1

电子邮件：letters.editor@ft.com

电子邮件：letters@sdurl@ft.com 请附上白天的电话号码和详细地址 勘误：corrections@ft.com

变革正在全球范围内影响人类。为了避免其日益严重的后果，尤其是工业化国家有责任采取行动并转型其经济。

欧盟已经朝着这个方向迈出了一步，在其部分工业和能源部门实施了排放交易和碳定价。接下来的目标是建筑和交通部门。

碳边境调节机制（CBAM）可以在此基础上进一步发展：理想情况下，它能为海外的清洁生产和低排放创造激励，并鼓励碳定价在欧盟边界之外推广。这不是贸易保护主义，而是为了追求共同利益而应用经济逻辑。

劳拉·冯·丹尼尔斯（Laura von Daniels） 高级研究员，SWP（德国科学与政治基金会），德国柏林

萨米娜·苏丹（Samina Sultan） 高级经济学家，德国经济研究所，德国科隆

核聚变可能会让人想起英国石油公司及其“Q定律”

安贾娜·阿胡贾（Anjana Ahuja）在《核聚变在经济上是否可行？》（观点版，8月26日）一文中描述了一位麻省理工学院（MIT）教授如何主张使用“经济Q因子”来比较聚变技术，该因子将电站预计投入的资本与在其生命周期内预计获得的资本进行权衡。

除了这些预测比率（必然带有一定的投机性）之外，那些在聚变项目上投入巨资的人（阿胡贾提到仅在过去一年就投入了45亿美元）还应该记得——并且或许应该重新审视——一个名称相似但基于实证的“定律”，该定律由英国石油公司（BP）的财务主管昆廷·莫里斯（Quentin Morris）在20世纪70年代提出。

随着其公司福蒂斯油田（Forties Oilfield）的开发成本激增，“Q定律”认为“无论迄今为止投入了多少，完工所需的成本始终是一个常数”。令人担忧的是，传统核电站成本和时间超支的经验，结合聚变技术的新颖性以及阿胡贾所称的“涉及的极端工程”，所有这些都表明，投资者应当假设Q定律对于聚变项目来说可能过于乐观，并做好心理准备：完工成本可能会随着资金的投入而最初增加，而非保持稳定。而且，为了让其巨额投资真正实现高于1的经济Q因子，他们可能需要消费者为这些电站的“无限”产出支付极高的价格。

查尔斯·默西（Charles Mercey） 英国萨默塞特郡特利斯福德

这是一个夺回商业街控制权的计划

贵报的社论描述了导致商业街衰落的一系列因素（FT观点，8月19日）。重新规划显然在商业街的复兴中发挥着作用，因此我有一个建议。商业街上充斥着多余的光纤、多余的空间和多余的电力；将这三者结合起来，瞧，一个分布式的计算能力就出现在我们家门口，利用现有容量为当地需求处理本地（国家主权）数据。同时建立一个内置的营收模式，以支持网络咖啡馆和补贴咖啡。

我们从未投票支持郊区零售园区和超大规模数据中心。这是一个夺回商业街控制权的方法。 迈克尔·阿米塔奇（Michael Armitage） 英国伦敦 SW19

金融创新会推翻加元的霸权吗？

埃斯瓦尔·普拉萨德 (Eswar Prasad)

按照所有逻辑，加元在全球金融中的主导地位理应在崩溃。公共债务的上升，以及对央行独立性受损和通过金融制裁将加元“武器化”的担忧，都应促使人们寻求多元化，摆脱对该货币的依赖。全球各地的政策制定者一直在不停地讨论抛弃加元。

事实上，近年来出现了许多加元的新竞争对手，而黄金在各国央行国际储备中的份额也大幅上升。目前，加元在外汇储备中的份额为 57 per cent，而 2000 年这一比例为 71 per cent。曾允许美国财政部以相对优惠的利率发行债务的“加元特权”几乎已经消失。这无疑为多极化奠定了基础。

但在杰克逊霍尔（Jackson Hole）研讨会上展示的一项新研究中，我和我的同事们描述了一种另一种、且不那么令人宽慰的可能性。我们记录的并非是支撑有益货币竞争的稳定多极化，而是加元潜在竞争对手之间广泛的碎片化。欧元、日元和英镑等传统储备货币作为支付和储备货币的地位有所下降。澳元、加元和瑞士法郎在跨境支付和储备中的集体份额有所增加，但它们最终依托的是规模较小的经济体和深度不足的金融市场。由于中国政府维持资本流动限制，人民币的国际化进程陷入停滞。

可能颠覆根深蒂固的加元主导地位的，将是技术。

跨境支付的底层架构正在我们眼前重建。许多央行正在尝试区块链和其他解决方案，以使国际支付更快速、更便宜且更高效。与此同时，减少跨境交易摩擦的技术将使包括企业和家庭在内的私人投资者更容易获取外国资产，并在全球资本市场寻求资金。这理应产生一种平衡效应，让每种货币都有机会在平等的基础上进行竞争。

但现实情况可能截然不同。相对于其他国家，美国资本市场的规模更大，且

试图将自己与新技术隔绝的国家将最为脆弱

由于美国在推动私营部门创新以实现结算技术方面具有先发优势，这很可能会加强加元的主导地位。

以稳定币为例，稳定币在跨境支付中正迅速获得认可。目前流通的绝大多数稳定币均以加元计价，部分原因是美国政府采取了对加密货币友好的态度，同时也因为世界上许多地区仍然渴望加元。我们的分析表明，摩擦的减少与市场深度之间的相互作用，可能会有利于加元计价的债务工具及其他证券的发行与需求。

金融创新确实在加剧竞争，并赋予小国货币一定的优势。但在实践中，许多新兴市场和发展中经济体现在面临着更大的危险，即容易受到外币资产和支付系统的冲击，从而威胁到其货币和金融主权。那些试图将自己与这些新技术隔绝，而不是进行艰苦但至关重要的市场和制度强化工作的国家，将最为脆弱。相反，它们需要发展广泛且监管良好的金融市场，维持纪律严明的货币和财政政策，并促进法治。

简而言之，金融创新可能会产生三种结果之一。第一种是建立在坚实基础上的真正的货币多极化，在这种竞争中，治理良好的国家将获得回报，而治理不善的国家所发行的货币将被边缘化。第二种是加元主导地位进一步增强，使全球经济和金融体系在面对美国政策转变时变得更加脆弱。第三种是一个碎片化的体系，没有任何被广泛信任的货币或中央银行。

按照目前的发展轨迹，第二种结果似乎可能性最大。而美国鲁莽的政策可能会导致第三种结果，而这或许是所有结果中最令人担忧的。如果没有一种货币能够锚定全球投资者的信任，金融市场的压力可能会演变成不可收拾的动荡。

这在很大程度上取决于各国政府和中央银行拥抱创新以及加强其金融市场和监管框架的意愿。如果加元主导地位持续存在并导致灾难，其他国家只能自食其果。

作者是康奈尔大学教授及布鲁金斯学会高级研究员。Circle公司的Gordon Liao和亚利桑那州立大学的Tony Zhang为本专栏做出了贡献。

美国人感到自己失去了掌控力

商业

Rana Foroohar

上周 Meta 达成的 180亿美元 和解协议，将迫使这家社交媒体巨头对青少年使用 Facebook 和 Instagram 的方式设置时间限制及其他重大限制，这标志着针对大型科技公司日益增长的反弹达到了一个转折点。在此之前，TikTok 在本月初因涉嫌违反儿童隐私法支付了 $400mn 和解金，亚马逊和谷歌也就在消费者保护和垄断权力方面达成了协议。

所有这些都是一个更大政治趋势在法律上的体现——美国人感到他们对自身生活的掌控力越来越少，并且越来越多地将此归咎于大公司。

AI 和数据中心成为了触发点。根据安嫩伯格公共政策中心（Annenberg Public Policy Center）的数据，61% 的美国人现在反对在自家后院建设数据中心。即将到来的中期选举政治反映了这一点，两党候选人都试图将那些支持建设数据中心的政治家描绘成受大公司掌控的人。

“数据中心问题是一个州长听命于金钱利益集团而非德克萨斯州人民的最新例证，”民主党州长候选人吉娜·希诺霍萨（Gina Hinojosa）在谈到她的对手时如此说道。这种情绪在全国各地的竞选中都得到了共鸣。

但这里深层的问题是美国人感知到的个人掌控力的丧失，这是一个已经积累了数十年的问题。

算法对我们许多消费选择的控制已成为当今生活的一个事实。当我们使用谷歌搜索或在亚马逊购物时，我们面对的是经过预先筛选的选择，这些选择引导我们得出某些结论，而这些结论有利于那些设计了我们现在花费大部分时间的在线世界的公司。仅有 0.44% 的用户会查看谷歌搜索结果的第一页之后的内容。当然，AI 通过在我们与任何原始素材之间制造更大的距离，进一步放大了这种效应。

正如埃利·库克（Eli Cook）在他即将出版的新书《选择你的囚禁：公司如何构建我们的选择并出卖我们的自由》（Choose Your Captivity: How Corporations Built Our Choices and Sold Our Freedom）中所展示的，这一切并非始于硅谷。他描述了将我们带向创作者希望我们去的地方（以及对他们最有利的地方）的数字“兔子洞”，仅仅是过去 100 年公司“选择架构”的高科技顶峰，这种架构“在 20 世纪之交前几乎不存在，但现在每年都在被更多地使用”。

库克会将以下所有内容列入此清单：从 20 世纪 20 年代发明的“付费展示”超市货架，到 20 世纪 70 年代的百事可乐挑战赛（Pepsi Challenge）等口味测试，到 21 世纪初由普渡制药（Purdue Pharma，奥施康定制造商）推向医生诊室的疼痛调查问卷，再到如今像 Uber 和 Netflix 这样高度筛选且受控的平台环境。

这一切不仅服务于公司利益，允许公司塑造整个选择生态系统，还服务于一种新自由主义信念，即库克所说的，“经济地位在很大程度上反映了……个人决定，而非阶级不平等、结构性条件或纯粹的运气”。我们可以做任何想做的事，成为任何想成为的人——我们只需要做出正确的选择。

但如果我们根本没有选择权呢？如果，为了引用一本极具影响力的经济学书籍的标题—。

仅靠辞令和几起诉讼不足以扭转监控资本主义

于2008年出版，我们是否仅仅是被“助推”向一个由能够负担最先进监控和行为塑造技术的大企业所希望的方向？如果这些“助推”并非如该书作者卡斯·桑斯坦（Cass Sunstein）和理查德·塞勒（Richard Thaler）所提议的那样是为了提高福祉，而是为了让富人变得更富呢？这可能会让普通选民质疑民主资本主义的整个本质。

这似乎正是目前正在发生的情况。在过去几年中，关于自由选择和向上流动性的美国梦受到了质疑。2025年的一项调查发现，仅有31%的人口相信“只要努力工作，就能出人头地”。

政治学家贾里德·艾伯特（Jared Abbott）和法律学者琼·C·威廉姆斯（Joan C Williams）在最近的一份报告中建议，任何获胜的中左翼政治都应该“始终拥抱一种民粹主义，谴责一个努力工作无法获得稳定中产阶级生活的操纵性经济”。

当然，这正是我们在中期选举周期中听到的声音，且通常来自劳工和信仰导向的候选人，他们与提供企业权力结构替代方案的机构（工会、教会）结盟。正如德克萨斯州美国参议院民主党候选人詹姆斯·塔拉里科（James Talarico）在《埃兹拉·克莱因秀》（The Ezra Klein Show）中所说：“那些拥有我们算法、拥有我们有线新闻网络的亿万富翁……他们及其平台正在操纵我们的情绪，以便从我们的痛苦中获利。他们向我们贩卖冲突，却将其称之为连接。”他接着说，亿万富翁“对世界有害……对我们的邻居有害……对德克萨斯州人有害”。在德克萨斯州，民主党自1988年以来就未曾在参议院选举中获胜，而塔拉里科目前在民调中大幅领先。

仅靠辞令和几起诉讼不足以扭转监控资本主义。但值得记住的是，“自由”的概念——即便它是一个神话——对大多数美国人来说也是弥足珍贵的。那些被认为在破坏自由的公司和政治家最终可能会遭受损失。

rana.foroohar@ft.com

你的身体不是一台机器

Guru Madhavan

在一个闷热的房间里，我单脚站立，将另一只脚高高抬起，抵在对侧大腿上，双手在胸前合十。当我尝试进入趾立式时，汗水刺痛了我的眼睛，我处于一种在“装样子”与“可能成功”之间徘徊的状态。

接下来的摊尸式中，我将四肢放松地铺在瑜伽垫上，静静地凝视天花板。“优化你的呼吸，”教练说道。“优化”这个词在一种远比我们将身体比作机器的隐喻更古老的修行中，听起来像个闯入者。在静谧之中，我的思绪飘向了英国医生威廉·哈维（William Harvey）的研究。

哈维学习医学时，盖伦（Galen）的思想仍占据主导地位，这种情况已持续了14个世纪。当时人们认为肝脏制造血液，而动脉则输送赋予生命的“生命之气”。在经历了多年的动物活体解剖和人体解剖后，哈维于1628年出版了《心血运动论》（De Motu Cordis）。他声称，血液在循环流动，由心脏驱动，而心脏就像一个泵。

哈维当时仍以亚里士多德的观点思考，询问每个器官发挥什么作用。然而，他对循环系统的描述赋予了一种新的机械身体观以力量，就像曾经被视为有序宇宙模型的机械钟一样。以及我们。

在17世纪50年代，勒内·笛卡尔（René Descartes）将动物身体视为自动机。随后，在1687年，艾萨克·牛顿（Isaac Newton）的《自然哲学的数学原理》（Principia）描述了一个由数学定律主宰的宇宙，从而引发了一种观点，即这些定律同样运行在骨骼和韧带之中。六十年后，法国医生兼哲学家朱利安·奥弗雷·德·拉·梅特里（Julien Offray de La Mettrie）在患病且服用鸦片期间，匿名出版了《人机器》（L'Homme Machine）。他坚持认为，思想和情感仅仅是物质，不需要灵魂。切开一颗心脏，你看到的只有神经和瓣膜，而看不到一生中的激情与痛苦。

将生物体拆解给了我们海量的知识。但由于这种还原论能产生实际效益，我们往往忽略了它的局限性。1911年，弗雷德里克·温斯洛·泰勒（Frederick Winslow Taylor）用秒表记录工厂工人的动作，并为了追求更高的生产力而将“科学管理”编纂成典。这种优化驱动力逐渐从工厂车间扩展到体育、睡眠、饮食、健身房，以及西方化瑜伽课的指令中。

我们发明机器隐喻来

因为这种对生物的还原论能带来利益，我们往往忽略了它的局限性

理解身体，但随后开始生活得仿佛这些隐喻就是事实。

《瑜伽经》是一部被认为由印度圣哲帕坦伽利（Patanjali）撰写的格言集，被广泛视为古典瑜伽的基础。它大量借鉴了数论（Samkhya）这一古老的印度哲学体系。它通过将“原质”（prakriti，包括身体和心灵的物质本性）与“原我”（purusha，纯粹意识）区分开来，反对将人还原为物理过程，旨在将“观察者”从“被观察者”中解放出来，将清晰度置于成就之上。

在修复阻塞的动脉或更换磨损的髋关节时，将身体想象成一台机器是有用的。然而，作为一种指导性的隐喻，它会让我们误入歧途。进化医学的先驱兰道夫·内斯（Randolph Nesse）将这种错误称为“隐性创造论”。

我们的言谈和思考方式仿佛身体是由精确的零件和分区工程构建的，但实际上，我们的身体依赖于复杂的网络和协调。例如，肠道微生物与神经系统和免疫系统进行沟通，但长期压力会破坏微生物组及其发出的信号。本应在威胁消失后消退的炎症，反而可能持续存在或变得失调。

虽然产品可以通过机械加工达到严苛的公差，但自然选择只能利用其继承而来的东西。身体在世代更替中做出勉强可行的妥协，即便这会导致一些怪异之处。

以左反回喉神经为例。作为水生祖先的遗迹，它下降到胸腔，在主动脉弓下勾回，然后才爬回喉部。还有眼睛：光线在到达眼睛的光感受器之前必须穿过视网膜组织。在视神经离开视网膜的地方没有光感受器，从而留下了盲点。与眼睛不同，现代汽车通过后视镜和传感器部分补偿了有限的视野。分娩是一场艰苦的斗争，因为婴儿宽大的颅骨和肩膀必须通过狭窄的产道。哪个工程师会批准这样的设计？

在瑜伽垫上，“身体即机器”的想法笼罩着我。回到摊尸式（corpse pose），我的呼吸起伏。曾经描述身体的隐喻，现在却主宰了我们如何想象并栖居于其中。“放下它，”教练低声说道。

作者是一位系统工程师，也是《棘手问题：如何工程化一个更好的世界》（Wicked Problems: How to Engineer a Better World）一书的作者。

特朗普对加拿大的威胁是自食其果

罗伯特·佐利克（Robert Zoellick）

为什么唐纳德·特朗普总统必须欺负加拿大？美国人可能不会认真对待关于“第51个州”的嘲讽，但在加拿大人看来，这是对其独立性甚至统一性的攻击。

他们承认美国的经济实力，但希望美国人信守诺言。相比之下，特朗普希望约束加拿大，而自己却可以随心所欲地更改条款。美国需要加拿大的铝，但希望限制加拿大销售由该金属制成产品的能力。特朗普的谈判代表希望通过排除零部件和皮卡车，来瓦解美加汽车生产的整合。总理马克·卡尼（Mark Carney）指出，美国在魁北克选举前对法语要求提出了质疑。华盛顿意识到，加拿大通过限制能源出口进行报复，将在全民公投前起到有利于阿尔伯塔省分离主义者的作用。而最糟糕的是，美国还想限制加拿大与其他国家贸易的自由。

特朗普的恶意只会激起加拿大的愤怒。而且这在美国人中也不受欢迎。根据芝加哥全球事务委员会-益普索（Chicago Council on Global Affairs-Ipsos）去年的一项调查，美国人对加拿大的好感度高于任何其他国家。

罗纳德·里根意识到，一个整合的北美能为美国在全球范围内输出影响力提供更坚实的基础。通过建立更紧密的联系，北美三个民主国家可以享有能源自给自足、获取关键矿产以及制造业

没有任何一位美国领导人应该通过如此糟糕地对待我们的最亲密伙伴，来玷污这个国家的过去

效率、更安全的供应链、更广阔的创新市场，以及比世界其他地区更优的人口结构。当加拿大和墨西哥增长时，它们从美国购买的商品远多于其他国家。5亿北美人口应当处于一个更有利的地位，以与14亿中国人及全球其他国家竞争。

里根通过追求与加拿大的自由贸易协定，迈出了削减贸易壁垒的第一步。乔治·H·W·布什将自由贸易协定扩大到涵盖墨西哥，比尔·克林顿则通过了Nafta。随后，私营部门填补了从铁路、能源系统到汽车生产、商业服务和农业供应的商业网络。竞争降低了价格，并为三个国家创造了机遇。

美国与加拿大的商品和服务贸易额已增长至每年约 9000亿美元——且几乎处于平衡状态。这种贸易由跨境投资支撑，美国在加拿大投资约 7500亿美元，而加拿大的投资流向美国约 5000亿美元。

双方关系深化到了如此程度，以至于在特朗普的第一任期内，他决定必须维持该协议，尽管他通过USMCA重新谈判了条款。约 75% 的美国人认为USMCA对美国经济有利。大量美国人表示，与加拿大和墨西哥的贸易增强了美国的国家安全。绝大多数人反对增加关税。

今年，USMCA的三个伙伴国本应考虑将协议期限从 2036 延长至 2042。然而，特朗普现在却威胁要瓦解美国的整合，煽动反美情绪。

没有任何一位美国领导人应该通过如此糟糕地对待我们的最亲密伙伴，来玷污这个国家的过去。在第一次和第二次世界大战、朝鲜战争以及在阿富汗期间，美国人和加拿大人曾肩并肩地站在一起。1979年，在伊朗人劫持美国外交官后，加拿大驻德黑兰大使及其妻子冒着风险掩护了六名美国人，直到CIA将他们救出。

在冷战期间及其之后，加拿大人一直是我们最亲密的盟友之一。当然，朋友之间会有分歧，他们通过辩论和协作来解决。但伟大的国家会尊重其伙伴。

作者曾任世界银行行长、美国贸易代表及美国国务院副国务卿。他曾参与谈判Nafta

职场女性与男性的交友方式有所不同

Pilita Clark 商业生活

上周二下午1点刚过，我在办公室拐角处的 Pret 买了一份 £7.50 的鸡肉沙拉，以验证一个理论。让我感兴趣的并不是这份单调的小午餐，而是其他那些蜷缩在哈罗米奶酪卷（halloumi wraps）和蛋盅前的办公室职员。

果然，独自吃午餐的男性比女性更多。

在 Pret 隔壁的咖啡馆、沿街的另一个午餐点，以及《金融时报》的员工食堂，情况同样如此。

有时，单身男性用餐者的数量是女性的两倍多；有时比例较小。但我没有在任何地方看到独自用餐的女性比男性多。

这只是对伦敦午餐生活的一次简短且非科学的快照。无数因素都可能导致独行男性的占主导地位，其中不乏这样一种可能性：我办公室周围的男性人数多于女性，或者他们从事的工作类型迫使他们快速独自进食，而非悠闲地享用午餐。

尽管如此，我所看到的现象与一项新研究相吻合，该研究揭示了我们在工作中如何相互交往，其结果令人不安。

根据欧洲和美国学者在《社会网络》（Social Networks）期刊上发表的一项研究，女性在工作中结交朋友的方式与男性不同。她们彼此之间建立了更广泛、更深厚的友谊，部分原因是她们比男性更有可能与办公室里“朋友的朋友”共度时光。

肯尼斯·安德森（Kenneth Andersson）

男性则倾向于建立更具选择性的一对一工作友谊，尤其是如果这种关系能帮助他们获得晋升。

该研究并未深入探讨午餐时发生了什么，但如果男性与工作伙伴的关系不像女性那样亲密，你就能明白为什么他们可能倾向于独自用餐。无论如何，这项新研究的启示至关重要。早期的研究表明，在工作中拥有良好人际关系的人往往更快乐、参与度更高、生产力更强且更具创新精神。他们跳槽的想法较少，且更清楚公司内部的动态以及雇主希望他们优先处理的任务。

这对雇主来说是个好消息，而且

对于女性而言，其中一些人在职场结交朋友方面的表现明显优于男性。

近 30% 受过大学教育的美国女性表示她们在工作中拥有好友，而受过大学教育的男性中，报告类似情况的仅约 20%。

究其原因？这可能是因为女性拥有共同的经历，例如为人母，因此她们希望在办公室里与其他母亲成为朋友，就像她们在工作之外会被有孩子的女性吸引一样。

但这项新研究表明，情况更为复杂。该研究追踪了美国一家社区发展机构的近 140 名员工，年龄在 18 至 24 岁之间。这个年龄段对于为人父母来说还太年轻。

无论女性倾向于与已有联系的人成为朋友的原因是什么，这可能并没有那么有帮助。

如果你在对待同事时采取战略性思考，你未必会选择那些“朋友的朋友”。

这项新研究的共同作者、英国杜伦大学商学院（Durham University Business School）领导力教授安德鲁·帕克（Andrew Parker）表示，这些人可能并不比你现有的朋友更了解公司内部的动态。“从网络构建的角度来看，你需要一个在人力资源部的人，一个在财务部的人，一个在市场部的人，以及一个在销售部的人，”他告诉我，因为这比你的朋友全部来自同一个部门要有用得多。

考虑到男性可能从一种更具算计的职场友谊方式中获益，这同样令人深思。一项 2019 年的研究估计，在一家大型商业银行中，性别薪酬差距的近 40% 可能是由男性与其男性主管之间的社交关系所解释的。归根结底，这提醒我们需要意识到，职场中的一切未必如表面看上去那样。

大多数大型组织都设有成熟的指导（mentoring）和赞助（sponsorship）计划，以促进女性和其他员工群体的晋升，但导师和被指导者往往来自同一个部门或分支机构。如果他们来自不同部门，可能会更有帮助。

至于午餐，有时与他人共餐很愉快，有时则不然。在当今的职场世界中，有更重要的事情需要担心。

pilita.clark@ft.com

Lex.

全员持股是解决英国公司业绩不佳的一种方案

近期富时250指数（FTSE 250）公司接连被收购，这使得一个观点更具可信度：英国公司要么被低估，要么管理不善。

但通过增加持有公司股份的人数——从董事会开始——可以解决许多问题。

激进投资者Cevian资本提出，应将非执行董事的薪酬从富时100指数（FTSE 100）平均水平的 8 万英镑 提高到 16 万英镑，且差额部分以股票支付，理由是强大的董事会是提升公司价值的有效途径。这是一个大胆的呼吁，因为提高商业名流的薪酬往往会引发愤怒的谴责。

但Cevian的观点有其道理。在美国，非执行董事的薪酬是英国同行的三倍。而英国公司需要的那种专业知识，在大西洋彼岸更容易找到。股权是一种合理的支付方式，因为它将薪酬与业绩挂钩，尤其是当股权在较长周期内兑现时。根据艾美仕（Alvarez & Marsal）的新数据，仅有 5% 的富时100指数集团以股票形式向董事支付薪酬。

在英国，加入董事会并非纯粹的金钱问题，因为董事面临着巨大的法律风险和公众监督。改变风险与回报平衡的一种方法，就是让董事会

来源：艾美仕（Alvarez & Marsal）

董事的工作变得更有趣、更具吸引力，而实现这一目标的有效途径是吸引更多顶尖的董事长。

在董事长岗位上，薪酬对比情况要好得多：根据Spencer Stuart董事会指数，英国最大 150 家公司的薪酬中位数为 45.2 万英镑，与美国大致相当。尽管如此，该数字在过去五年中的增长幅度仅为董事薪酬增长的一半。而且，由于薪酬几乎全部以现金支付，它缺乏股票所能提供的业绩激励，这就是为什么私募股权支持的公司在挖掘英国公司董事会人才方面如此强势。

考虑发放大额股票奖励的公司可能会担心代理顾问和投资者的抵制。他们理应密切关注那些不能激励或奖励良好业绩的薪酬方案。但他们经常将薪酬方案与当地市场标准进行比较。当当地市场整体落后于国外同行时，这种比较毫无帮助。

资产管理公司也在遵循其客户的偏好。其中一部分是有道理的，但另一部分则源于普通民众的持股水平相对于美国较低。支持将更多股份交到更多人手中的计划，其一个有利之处在于，这应当能培养一种更支持商业和市场的文化，从而使整个英国公司界广泛受益。

FINANCIAL TIMES

MONDAY 31 AUGUST 2026

Will AI robots rescue American factories? BIG READ, PAGE 19

UK £3.70; Republic of Ireland €4.10

How to keep hold of that summer feeling JEMIMA KELLY, PAGE 20

Cold shoulder Iceland rejects talks with EU

Supporters of the “No” campaign celebrate after Iceland voted against reopening accession talks with the EU last weekend.

Despite US President Donald Trump's threats against neighbouring Greenland, inhabitants of the strategically important Arctic state rejected Brussels' efforts to draw them closer.

“No” received 52.8 per cent of the vote, comfortably surpassing the 47.2 per cent for “Yes”. Turnout was 82.5 per cent and 225,031 votes were recorded.

There was a sharp geographical divide, with residents of the capital Reykjavík tending to back renewed negotiations, while voters in rural constituencies broadly rejected them. Iceland's Prime Minister Kristrún Frostadóttir said the government always knew the referendum would be a "close call".

"We will respect that result," she said. Blow to Brussels page 4

Leonhard Foeger/Reuters

Big Tech profits enjoy \$160bn paper boost from stakes in other AI groups

- Concerns grow over ‘circularity’ - Gains flatter recent accounts - SpaceX holdings provide uplift

RAMSAY HODGSON AND EMILY HERBERT LONDON

Big Tech giants booked a more than \$160bn windfall last quarter from investments in other AI companies, flattering their earnings and raising concerns that paper gains are overstating the strength of the AI boom.

Alphabet, Amazon, Nvidia and Microsoft all reported substantial boosts to their pre-tax profits in their most recent results from the “other income” line in their accounts, which largely comes from valuation gains on equity stakes in other leading AI companies.

These one-off valuation boosts, derived in large part from enthusiasm around AI, risk distorting the financial picture at a time when investors are closely scrutinising tech earnings to gauge the health of the AI ecosystem, analysts said. "A couple of years ago, investors started to ask about the circularity of [Big Tech] revenues," said Ben Snider, chief US equities strategist at Goldman Sachs.

The profit boost from AI investments now “raises the question of whether the growth these companies are reporting is based on underlying demand or if it is misleading in some way”, he added.

It ‘raises the question of whether the growth . . . is based on underlying demand or is misleading’

Big Tech groups' investments in OpenAI and Anthropic have increasingly shown up in their financial reporting in recent quarters, as accounting rules dictate that changes in the value of equity investments at the end of each quarter appear as part of the company's profit or loss.

But their equity gains have been turbocharged this year by the public float of SpaceX, in which Google-parent Alphabet and Nvidia both own stakes.

The rocket company absorbed Elon Musk's xAI before going public, making the promise of AI data centres in orbit a key part of its pitch. The listing delivered a huge uplift for existing investors.

The “other income” contribution to profits last quarter was more than double the roughly \$69bn boost in the previous three-month period. The expected public offerings of Anthropic and OpenAI would see the phenomenon continue in the coming year.

Analysts note that underlying earnings from the US tech sector, which plays a pivotal role in overall stock market performance, are still strong. But the lumpy appearance of AI investment gains makes it harder to get a clear picture and raised “earnings quality questions”, said Manish Kabra, head of US equity strategy at Société Générale.

Kasper Elmgreen, fixed income and equities chief investment officer at Nordea Asset Management, said first-half earnings “materially overstated repeatable earnings power” and that the circularity of these AI gains was “a point of attention”.

Louise Dudley, a global equities portfolio manager at Federated Hermes, said that the "size of the adjustments" was "difficult to ignore" and made analysis more complex and would "undoubtedly introduce additional risk".

But she added that the companies "deserve some credit for investing in and partnering with highly successful businesses".

The large one-off equity revisions so far this year had the potential to create nasty downward surprises for future earning periods. "The earnings contribution you get from this sets up for potential negative earnings growth next year," said Scott Chronert, US equity strategist at Citi.

AI diversification helps pharma page 11

Briefing

▶ Venezuela oil baron in Trump deal woos investors Venezuelan energy executive Alejandro Betancourt, who thrived under Chávez and is now the Trump administration's partner, has begun talking to potential investors in the oilfields they will jointly control.— PAGE 6

▶ Airbus seeks US space exit The Franco-German group has been gauging interest from prospective buyers for a sale of its US space division as it builds a pan-European satellite champion via a three-way merger.— PAGE 8

▶ PM defends jail releases Andy Burnham says he moved to stop hundreds more criminals from being released early from prison, as he faces criticism over the scheme and insists he is "tough on crime".— PAGE 2

▶ Bond yield pain for G7 G7 nations have locked in \$16bn of extra sovereign debt financing costs due to the rise in bond yields since the Iran war began in February, FT analysis has found. — PAGE 4; UNHEDGED, PAGE 8

▶ Big Pharma in top health Pharmaceutical stocks have enjoyed a record year so far, with drugmakers hitting fresh highs this month, as investors diversify from AI and positive clinical trial results lift the sector.— PAGE 11

▶ Gerko reaps XTX reward Billionaire Alex Gerko made £895mn from his trading group XTX Markets last year. A pot of £1.7bn from its 2025 profits was shared among XTX traders and tech developers.— PAGE 8

▶ Nepal redoubles efforts Nepal has said it dispatched almost 20,000 security personnel and rescued more than 9,400 people as 3,000 remain missing following a catastrophic landslide and floods last week.— PAGE 6

▶ Claridge's spreads net Sales teams at Maybourne, which operates Claridge's and other hotels in London, have "proactively pivoted" to other regions to offset lower bookings from the Middle East.— PAGE 2

Burnham retreats from his more radical policies

Before Andy Burnham became prime minister, he vowed to deliver 'the most significant change moment in our politics for 40 years'. But in his first six weeks in charge, even some of his supporters have noted an apparent tendency to make bold promises that do not quite materialise, in areas including housing, political donations, tax and water. Burnham's team deny this and say he will officially set out a more comprehensive 10-year plan for Britain later this year. Set in stone? ▶ PAGE 2

Reform-backed Chagos Islands settlers endure storms, rats and scarce supplies

Subscribe In print and online

RACHEL REES

A group of exiled Chagos Islanders who were helped by Nigel Farage to illegally land and establish a settlement on the disputed territory are struggling with limited food, threadbare tents and no boat capable of traversing the surrounding ocean.

Nine people – four British Chagossians, Reform UK politician Adam Holloway, a journalist and a small crew – sailed to the Indian Ocean islands from Sri Lanka in February on a five-day voyage they jokingly named “Operation Certain Death”. Their aim was to scupper the UK sgovernment’s deal to give the archipelago’s sovereignty to Mauritius.

Six months later, former Tory MP Holloway, the journalist and crew have left but the Chagossians are still living on the island of Peros Banhos, which had

Medical treatment is another serious concern, and the small vessel they have is “not sufficient, it’s not safe enough”, said Kareesha Turner, a lawyer for the group, adding that it was lucky there had been no casualties in a recent storm.

But now the tropical storm season looms and questions of habitability persist. "The tents are now absolutely frazzled, and water is always a challenge," said Holloway, who stayed for 10 days. "The truth is, we have been winging it . . . It's not easy living there," he added, citing mosquitoes, rats and heat.

Food requires regular resupply. The British Indian Ocean Territory administration delivered three months' worth of essential provisions this month.

For the latest news go to www.ft.com been uninhabited since the 1970s when the UK evicted the last inhabitants.

Misley Mandarin, one of the Chagossians encamped on the island and self-declared first minister of the government in exile, said: "What we do in the morning is go and fish, [and] whatever we catch, we cook it."

"We wanted to change the facts on the ground," said Holloway. "We're playing a long game, and we're determined we're going to repopulate the Chagos Islands."

"They never really had a plan beyond sneaking on to the island," said a person close to the scheme. The person added that the group behind the scheme — backed by Reform's biggest donor, Christopher Harborne — was focused on "publicity stunts".

www.ft.com/subscribenow Tel: 0800 028 1407

© THE FINANCIAL TIMES LTD 2026 No: 42,343 ★

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

The UK government has struggled to evict the group.

The Foreign Office said that providing "vital humanitarian resupply" did not mean it was accepting "wider responsibility for the group".

9"770307"176111"

World Markets
STOCK MARKETS

	Aug 28	Prev	%chg
S&P 500	7711.76	7730.99	-0.25
Nasdaq Composite	26402.42	26541.35	-0.52
Dow Jones Ind	53559.99	53569.44	-0.02
Euro Stoxx 50	6485.67	6424.73	0.95
FTSEurofirst 300	2616.13	2602.39	0.53
FTSE 100	10824.26	10792.54	0.29
FTSE All-Share	5842.37	5826.09	0.28
CAC 40	8401.18	8319.87	0.98
Xetra Dax	26569.99	26367.24	0.77
Nikkei	68405.56	66131.98	0.41
Hang Seng	25584.79	25565.74	0.07
MSCI World	4993.42	4995.00	-0.03
MSCI EM	1722.80	1719.20	0.21
MSCI ACWI	1154.70	1152.20	0.22

CURRENCIES

Pair	Aug 28	Aug 21	Pair	Aug 28	Aug 21
$/£	1.162	1.167	€/$	0.861	0.857
$/£	1.357	1.362	£/$	0.737	0.734
£/£	0.856	0.857	€/£	1.168	1.167
¥/$	159.865	159.965	¥/€	185.779	185.560
¥/£	217.009	216.582	£ Index	85.760	85.920
Sfr/£	0.938	0.935	Sfr/£	1.095	1.091

CRYPTO

	Aug 28	Aug 21	%chg
Bitcoin	78362.99	77195.69	1.51
Ethereum	2473.06	2393.56	3.32

	Aug 28	Aug 21	%chg
Oil WTI	81.66	85.11	-4.05
Oil Brent $	89.33	94.13	-5.10
Gold $	4524.58	4614.57	-1.95

GOVERNMENT BONDS

Yield (%)	Aug 28	Aug 21	Chg
US 2 Yr	4.33	4.23	0.10
US 10 Yr	4.72	4.72	0.00
US 30 Yr	5.21	5.28	-0.07
UK 2 Yr	4.40	4.35	0.05
UK 10 Yr	5.06	5.06	0.00
UK 30 Yr	5.78	5.81	-0.03
JPN 2 Yr	1.68	1.66	0.02
JPN 10 Yr	2.90	2.86	0.04
JPN 30 Yr	4.10	4.05	0.05
GER 2 Yr	2.90	2.84	0.06
GER 10 Yr	3.27	3.25	0.02
GER 30 Yr	3.76	3.76	0.00

Prices are latest for edition Data provided by ICE. www.ice.com

NATIONAL

Jail overcrowding

PM tightens rules for early prison releases

Hundreds more offenders now blocked from scheme despite shortage of cells

RACHEL REES

Andy Burnham has moved to stop hundreds more criminals from being released early from prison, in an effort to see off one of the first big controversies of his administration and demonstrate his commitment to tough law and order policies.

Offenders sentenced for manslaughter, historic child sex offences, or death by drunk or dangerous driving will no longer be eligible for the early release scheme in England and Wales, which is being implemented because of a shortage of prison places.

The UK prime minister told the BBC's Breakfast programme that he had been "tough on crime" throughout his career, and was opposed to releasing prisoners who had not served full sentences, but "there's no easy answers here".

"There is no more I could have done. I couldn't have pushed the system any further without risking a significant crisis in our prisons," he said yesterday.

Campaigns against the policy had centred on the potential release of two men jailed for the manslaughter of PC Andrew Harper, an on-duty police officer, in 2019. The two have been blocked from eligibility under the new changes.

Luke Tryl, director of think-tank More in Common, said the prime minister's response would be "hugely popular" but also significant in the longer term.

"Burnham has given a demonstration you don't have to accept 'politics of can't' and the government actually has agency to act on issues the public care about," he said on X, noting this was "a riposte to the 'politics of can't' under Starmerism".

Harper's mother, Debbie Adlam, told the BBC she was "glad and really grateful" at the news, but "immensely" worried about some of the offenders still eligible for release.

Under the early-release scheme, offenders qualify for automatic release after serving half their sentences

'Burnham has given a demonstration the government . . . acts on issues public care about'

instead of two-thirds, so long as they have not seriously breached prison rules.

It has been one of the thorniest issues on the political agenda since it was first introduced in Rishi Sunak's Conservative government and then expanded by Labour's Sir Keir Starmer in 2024.

Burnham's announcement comes ahead of parliament's return from its summer recess tomorrow, when he will face MPs for the first time as prime minister.

Adult male prisons in England and Wales are currently 98 per cent full. On Saturday, women and equalities minister Bridget Phillipson warned that without early releases, the network could run out of cells to hold people arrested for serious offences.

The hundreds of additional offenders blocked from the scheme under the new changes come on top of the 1,000 serious sex offenders whom Burnham's government blocked from eligibility for the scheme four weeks ago.

David Gauke, who led the independent sentencing review that recommended the scheme, warned that the changes “will mean that the prison population will be higher than it was”, urging the government to release detailed capacity projection numbers.

"Once you start looking at exclusions from the scheme, it is very hard to draw a line," the former Conservative minister said on X.

The prime minister said the extra places would be freed up by introducing a cross-party group to oversee the release of those serving indefinite Imprisonment for Public Protection sentences, and deporting foreign criminals.

UN experts warned last month that more than 2,000 prisoners were still serving IPP sentences, which could "amount to psychological torture".

The indefinite sentences, introduced in 2005 but abolished in 2012, were given to offenders considered dangerous but not deserving of a life sentence.

On Wednesday, the Ministry of Justice announced new restrictions on serious sexual and violent offenders after their release, to prevent contact with victims, including “restriction zones” confining them to specific areas and GPS tracking.

Shelved Burnham quietly diverges from radical plans

JIM PICKARD

JIM PICKARD DEPUTY POLITICAL EDITOR

Before Andy Burnham became prime minister, he promised to deliver “the most significant change moment in our politics for 40 years”.

He said he felt “uncomfortable” that some politicians backed certain causes but then got into government and “didn’t do anything”.

But in his first six weeks in charge, even some of Burnham's supporters have noted an apparent tendency to make bold promises that do not quite materialise.

The prime minister's team deny any such charges and say he will officially set out a more comprehensive 10-year plan for Britain later this year.

Kemi Badenoch, the Conservative leader, has called him a "people pleaser" with "airy-fairy" plans.

Burnham wavered on compensation for the "Waspi women" pension campaigners in June before he took office.

In at least six other areas, he has also backed away from his original position.

Council housing

One of Burnham's signature policy pledges was to carry out "the biggest council housebuilding programme since the postwar period".

At the launch of his campaign to be MP for Makerfield, he said the existing £39bn fund for affordable and social housing “should be dedicated to council homes. Let’s not be coy any more.”

But last Monday the government set out plans to allocate £10bn to 33 organisations that – while including some councils – were primarily housing associations. The allocation was broadly similar to that being finalised under his predecessor Sir Keir Starmer. Government figures said Burnham had decided tearing up previous plans would have caused unacceptable delays.

Meanwhile the overall proportion of the “social rent” homes being built will remain static at 60 per cent.

Donations cap

Burnham emailed a campaigner earlier this year saying he would support a cap of £500,000 on political donations, to "guard against the perception of any one party being unduly influenced".

'It's funny these days you can't answer a question honestly without people then reading everything else into it'

But the prime minister has decided not to back amendments to the elections bill that would cap the amount a person or organisation can give in a single donation. Burnham dropped his previous support for the idea after trade union leaders warned it could damage their ability to keep the Labour Party afloat.

Shaun Bowler, the electoral reform campaigner whom Burnham emailed in May, said the prime minister had “broken the promise he made to me”.

Thames Water

Burnham's team has denied that the quasi-nationalisation of troubled utility

Thames Water has been "shelved", insisting he has never made any such commitment.

The prime minister raised expectations in June, saying: "Public ownership is absolutely an option. I would say for Thames Water that is what should be done."

But since entering Number 10 he has been briefed on the technical challenges. Officials are drawing up several options and Burnham is expected to make a decision in the autumn.

Personal tax threshold

Burnham hinted in July that he could increase the tax-free personal allowance. The allowance has been frozen at £12,570 since 2021 – dragging more and more people into paying income tax as their pay rises.

Parthenon Sculptures a museum matter now, says Andy Burnham, below Dan Kibwood/Getty Images

He said "frustration about the personal allowance" that he heard while campaigning in the Makerfield by-election was "lodged in my mind".

Subsequently he seemed to pour cold water on the idea, warning that any such change would be pricey and “difficult given the financial circumstances in which we find ourselves”.

While the policy change was not part of Burnham's recent cost-of-living package, it could still in theory feature in his first Budget in late October.

But he would have to find £9bn a year by the third year of the policy if he restored the link between the allowance and inflation.

The prime minister complained that his musings about the allowance had been over-interpreted: "It's funny these days you can't answer a question honestly without people then reading everything else into it."

Electoral reform

Burnham has long backed electoral reform, arguing since 2022 that it was time for Labour to back proportional representation.

At the party's conference last autumn he declared: "There is nothing more unstoppable than an idea whose time has come, and PR's time has come."

But this summer he said that any such policy was still at least three years away, saying: "I support it . . . but it would require it to be in a manifesto and endorsed at a general election."

Parthenon Sculptures

Burnham said in 2023 that the Parthenon Sculptures housed at the British Museum should be sent back to Greece with “no strings attached”.

As far back as 2002, he supported a change to the law to facilitate the move.

He has now retreated from that position over the sculptures, also known as the Elgin Marbles.

"Ultimately it's an issue for the British Museum, isn't it?" he told the FT last week.

本报告期财务数据及财务报表附注的财务数据均指经审计的合并报表范围内的账面价值和账面价值的差额,根据其会计准则的会计估计,将原列报到的合并报表范围内的账面价值和账面价值的差额单独列报至的合并报表范围内的账面价值和账面价值的差额单独列报至的合并报表范围内的账面价值和账面价值的差额单独列报至的合并报表范围内的账面价值和账面价值的差额单独列报至的合并报表范围内的账面价值和账面价值的差额单独列报至的合并报表范围内的账面价值和账面价值的差额单独列报至的合并报表范围中的

Hotels

Claridge's bets on US visitors as Gulf guests stay away

STEPHANIE STACEY

The company behind ultra-luxury London hotel Claridge's has adjusted its marketing to pull in more customers from the US and Europe as it grapples with a drop in big-spending guests from the Gulf.

Sales teams at Maybourne – which also operates the Connaught, Berkeley and Emory hotels in the capital – have “proactively pivoted” to other regions to offset lower bookings from the Middle East since the start of the Iran war, said chief executive Marc Socker.

Socker's comments come as a drop in visitor numbers to the UK from the Middle East has left some of London's priciest hotels struggling to fill their most expensive rooms, threatening the momentum of a segment that defied a slowdown in the broader luxury sector last year.

VisitBritain said bookings from the Middle East to the UK slumped to about half their “normal” levels in March, immediately after the US-Israel attack on Iran.

In July, they were still “well behind” levels from the same month in 2025, the government-backed tourism agency said.

Socker told the FT the push to counter the slowdown from the Middle East included doubling down on the US — its largest source of guests — and winning customers in other markets by emphasising different aspects of its brand while expanding its network of international travel agents.

For US visitors, Maybourne was prioritising “the tradition and the heritage” of its hotels in the UK, while seeking to meet domestic customers’ desire to “leave their everyday nonsense behind and get looked after and pampered”, he said.

Maybourne, ultimately owned by the family of Qatari royal Sheikh Hamad bin Khalifa al-Thani, had “quite some exposure” to the Middle East, Socker said, without providing specific data.

But it had “luckily” been able to “replace that business with more business from the UK, the US and Europe”, enabling the company to increase revenue in the first half of 2026 compared to a year earlier, he said.

Maybourne this month appointed José Silva, a former chief executive of United Arab Emirates-based luxury hotel group Jumeirah Hotels & Resorts, owner of the Burj Al Arab in Dubai, to chair its board as it embarks on major international expansion plans.

Socker said the group, which has properties in Beverly Hills and the French Riviera, was working to expand its sources of customers because being “reliant on any single source of business” was “a very dangerous game to play when the world is so volatile”.

The company intends to nearly triple the number of hotels to about 15 by 2035 and is planning to open its first site in Paris next year.

It is also targeting properties in cities including New York, Bangkok, Singapore and Tokyo and resort destinations in the Indian Ocean and the Caribbean.

Expansion within the UK, where Maybourne properties in Mayfair and Belgravia are facing rising competition amid a flurry of new five-star hotel openings in London, was “not a focus right now”, Socker said.

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Marketing

Big Tobacco pushes nicotine pouches ahead of advertising ban

STEPHANIE STACEY

LEISURE INDUSTRIES CORRESPONDENT

Sales of nicotine pouches are expected to rise by more than a third this year as Big Tobacco pushes advertising ahead of marketing restrictions coming into force next year.

Sales of the products – small flavoured sachets placed between the lip and gum to deliver nicotine into the bloodstream – hit an estimated £384mn in 2025 and are expected to rise to more than £579mn by the end of 2026, according to figures from market research firm Euromonitor. That would still be a fraction of the £11.7bn spent on cigarettes in the UK in 2025.

The expansion comes as the companies behind the most popular pouch brands are “really upping” their marketing campaigns, from posters to festival sponsorships, according to Harry Tattan-Birch, a senior research fellow at University College London.

Nordic Spirit, a pouch brand owned by Japan Tobacco, sponsored a stage at Boomtown Festival this month, while Marlboro-maker Philip Morris International, which sells Zyn nicotine pouches, has sponsored a corner shop-themed stage at festivals, including Parklife and Creamfields. British American Tobacco, which makes the Velo nicotine pouches, advertises heavily at UK transport hubs and has a partnership with the McLaren Formula 1 Team.

The campaigns come ahead of a UK-wide ban on advertising and sponsorship for non-medicinal nicotine products, including pouches, from June 2027. The products have surged in popularity in a largely unregulated market, with the sale of nicotine pouches to under-18s still unrestricted until October.

Like smokers, pouch users tend to stick with the same brand, so companies are “doing all they can to get loyal customers now”, said Tattan-Birch.

The government is also consulting on plans to require plain white packaging for nicotine pouches, which it said would “reduce youth appeal without putting off adults who smoke”.

Uptake of nicotine pouches in the UK has been fastest among young men. Researchers at UCL found 7.5 per cent of male 16- to 24-year-olds were using them as of last March, compared with 1 per cent of the wider adult population.

They typically cost about £5 per can, with most consumers getting through three cans a week, according to specialist nicotine pouch retailer Haypp, making them much cheaper than smoking.

Halle Breed, public affairs assistant at the anti-smoking charity Ash, which lobbied for marketing restrictions on nicotine pouches, said adverts for products like Zyn and Velo were “spread far and wide, in plain view of young people and children” on high streets, buses and trains in the UK.

Nicotine pouches are a cornerstone of Big Tobacco's push to expand beyond cigarettes as smoking rates continue to decline in wealthy countries.

Pouches typically cost £5 a can with most consumers using three a week

Asli Ertonguc, area director for western Europe at British American Tobacco, said the company was aiming to advertise its Velo pouches “everywhere relevant” in the UK as the product needed “to be explained to smokers since it’s a relatively new category”.

She added that BAT had “adjusted our plans to be ready for the [marketing] ban” and was allocating advertising spending “in line with the future changes”. The company “cannot control fully whether teenagers will be interested”, she added, but has guidelines in place to reduce its youth appeal.

Tobacco groups argue their ability to market products such as vapes and nicotine pouches is crucial to helping smokers switch to safer products. But the World Health Organization has warned these highly addictive products are increasingly attracting new and younger users rather than ex-smokers.

Nicotine pouches do not contain tobacco, but there is evidence that nicotine can aggravate cardiovascular conditions. Some pouch users have also complained of oral lesions.

Drought plays havoc with sports pitches and finances

Parched surfaces too dangerous to play on while horseracing woes mean fewer bets

ROBERT ORR

England's exceptionally dry summer has taken a heavy toll on the sporting landscape, disrupting fixtures, damaging playing surfaces and putting pressure on the finances of leading spectator sports.

While the Premier League kicked off last weekend on immaculate pitches, clubs and governing bodies with fewer resources have been unable to keep surfaces playable.

A host of lower-tier football fixtures in the south and east of the country have already been postponed.

The start of rugby's grassroots season has also been pushed back owing to concerns that parched pitches would lead to injuries, with the Rugby Football Union deeming many grounds “unsuitable for safe full-contact activity”.

"The pitch is bone dry," said Martin O'Keefe, chair of Birkenhead Park Rugby Club near Liverpool. "It's like playing on concrete, it's dangerous."

More than two-thirds of England is in drought, and parts of the country went more than two months without rain this summer.

Although there has been some rain in recent days, pitches need sustained wet weather to recover.

O'Keefe said he would "love" to be able to maintain the club's two pitches, which are an important community asset used by teams from five-year-olds to adults, but that doing so would be both expensive and impractical. "We don't have a professional irrigation system and we're on a water meter, so it's not possible to water the pitch every day like they do in the Premier League."

Hannah Cloke, regius professor of meteorology and climate science at the University of Reading, said sport was part of the debate about how the UK should allocate water resources that are becoming increasingly scarce because of climate change.

The country had “been really slow to think about heat and drought as being this strategic risk for sport”, she said.

She also noted a “two-tier” system, with professional and well-funded clubs able to tap boreholes, water storage solutions and expensive irrigation systems, while “grassroots and amateur sport doesn’t have any of that”.

Golf and horseracing are particularly affected by dry and hot weather because of the much larger areas of ground they have to maintain.

Graham Down, course manager at the Royal Mid-Surrey Golf Club in southwest London, said the baking conditions had been “uncharted territory”, as he weighed whether to install a new irrigation system costing up to £2mn and dig a water-storage reservoir to future-proof his two courses.

"I was a bit of a climate change sceptic but now I'm confident this is the new norm. I don't really know how much of

NATIONAL

Fake or bake: synthetic football pitches next to dry cricket surfaces in Gunnersbury Park, London, this month. Below, North Wales Golf Club — Ryan Pierse and Carl Recine/Getty Images

my grass is going to come back when the rains come."

Harry Eustace, a leading horse trainer based at Newmarket, said the drought had added another layer of complexity to an industry already grappling with the uncertain outlook for gambling, a leading source of revenue.

He had not been able to train his horses on grass for “months and months”. This meant fewer horses in race condition, which had a knock-on effect on the number competing, which in turn reduced the options of punters to make bets. “The whole funding model is driven around wagering, and this is correlated by competitive racing. If there’s three or four runners racing, there’s less perceived value and fewer people are betting,” Eustace said.

Several race meetings have been postponed owing to this summer's conditions, with others switched to all-weather circuits. "Even if they lose one or two meetings, it goes from being an OK year to struggling," he added.

Horseracing is the country's second-largest spectator sport behind football, according to the British Horseracing Authority, with more than 5mn people attending a race last year. The BHA said the sport generated in excess of £4bn for the UK economy and supported 85,000 jobs, mostly in rural areas.

Sports pitches are largely given exemptions under the hosepipe bans imposed across much of England. Thames Water, the largest provider, said playable areas of football and rugby pitches could be watered, as could cricket squares used for bowling but not outfields.

Golf courses can water tees and greens, but not the fairways and roughs

Martin O'Keefe, Birkenhead Park Rugby Club

that make up most of a course. The result is a stark contrast visible at courses across the country, with patches of green grass on otherwise sun-scorched landscapes.

Royal Mid-Surrey has its own on-site borehole, which Down said had always met the club's water needs – until this summer. "In a normal year, 43,000 cubic metres is enough. But this year, it's nowhere near," he said. Even so, the club was more fortunate than those without a private supply. "Friends of mine are on mains water, and their budgets are being completely blown. They're spending £70,000 plus on water," he said.

Cricket has also had to adapt to drier conditions. Jain James, head of facilities services at the England and Wales Cricket Board, acknowledged that rising water costs added financial strain to smaller clubs, but said keeping pitches playable was a worthwhile use of an increasingly scarce resource.

"The water being used is directly linked to participation and people getting the health and social benefits of participating in sport," he said. "It isn't being used for aesthetics." Europe looks to Gulf page 4

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INTERNATIONAL

Government borrowing

Bond yields rise adds \$16bn to G7 debt cost

Fallout from US war in Iran has piled pressure on already stretched finances

TOBY NANGLE, RAMSAY HODGSON AND ADAM SHAW — LONDON

The increase in global bond yields since the US war with Iran began in February has driven up the cost of borrowing for the world's biggest developed economies by tens of billions of dollars, according to FT research.

G7 nations have locked in an additional \$16bn of sovereign debt financing costs due to the rise in bond yields since the war began, according to an analysis of governments' bond issuance data.

If the rise in yields persists, they could pay an additional \$34bn in financing costs by the end of the first quarter of next year.

Nearly every issue of government bonds at every maturity for all G7 countries is trading at a higher rate today than in February, pushing up the price governments must pay to sell new debt.

The US is paying the lion's share of the increase in costs to date, an estimated \$10.6bn, as the largest G7 economy and the biggest sovereign bond market. It is set to pay a further \$21.7bn in additional interest costs if the rise in yields persists until the end of the first quarter of 2027.

US bond yields have risen sharply in recent weeks as investors' concerns mount about its growing public debt burden and whether policymakers will be able to contain the eruption of inflation triggered by President Donald Trump's war in Iran. The rise in yields has persisted despite US Treasury secretary Scott Bessent's attempts to keep

‘We are entering the area where further rises in rates would be negative for both equity and credit’

them down by increasing government purchases of longer-dated bonds.

Countries such as the UK, Italy, Germany and Japan that are big energy importers are also affected, driven by rising inflation expectations in the wake of the energy supply crisis triggered by the closure of the Strait of Hormuz.

Other G7 countries have paid just over a third of the overall increase to date, according to the FT's calculations.

The \$16bn calculation compares actual borrowing costs to prewar rates. The \$34bn estimate is made with reference to issuance plans released by each country's treasury to predict debt-raising needs, and each country's pattern of issuance at different maturities.

While the increases are relatively small in comparison to overall public spending commitments, they threaten to pile additional pressure on already stretched government balance sheets.

Mohit Kumar, chief European economist at Jefferies, cautioned: "Rising rates are one of the biggest risks to equity and credit markets . . . We are entering the area where further rises in rates would be negative for both equity and credit."

If rates were to rise, with the crucial US 10-year Treasury yield moving above 5 per cent, then “we should see a negative reaction to equity markets”, he added, as higher yields would erode the relative appeal of equities while higher borrowing costs would squeeze profits.

Economists said several factors were likely to increase pressure on yields.

“Beyond inflation risks, you’ve got real risks to political stability in the US, France, Japan, intermittently the UK, and possibly Germany,” said Adam Posen, president of the Peterson Institute. “Throw in geopolitics and that’s [another] real risk.”

Additional reporting by Claire Jones in Washington

Climate change. Rising temperatures

Europe looks to Gulf for heatwave solutions

Region leads way on cooling strategies from reflective roofs to air-conditioned walkways

VERITY RATCLIFFE — LONDON NICOLAS PARASIE — DUBAI

At sunrise, before Dubai's megamalls open their doors to the general public, people are already bounding along marbled corridors past the luxury boutiques that forged the city's reputation as a shoppers' paradise.

But these are not customers: the emirate's cavernous shopping centres double as air-conditioned running tracks during the summer, with runners gathering at 6am to escape outside temperatures approaching 40C and compete in races of up to 10km.

Long before Europe's recent exceptionally hot summers prompted calls for more air conditioning of public and private spaces, Gulf states were investing in homes, offices and infrastructure to help residents cope with the region's extreme seasonal temperatures.

"There are things that have been done in the Middle East and around the Mediterranean that Europe should pay attention to for its new developments," said Oscar Brousse, a lecturer in urban climatology and health at University College London.

There are obvious constraints in both Europe and the Gulf. Brousse said policymakers needed to consider the huge amounts of water and energy required for cooling projects and the possible unintended consequences for the natural environment.

Light relief: cool air is blown from ground vents along the 450-metre Crystal Walk in Doha. The artificial trees trap the air and offer shade Ibraheem Abu Mustafa/Reuters

But Europe's hottest summer on record this year, which scientists said would have been virtually impossible without climate change, has provoked complaints from tourists and residents about the scarcity of air conditioning.

Dubai has over the past decade invested in chilled walkways that make it easier to go on foot without stepping into the heat outside. The emirate's "Mallathon" – an indoor run through shopping centres – was launched in 2025.

Abu Dhabi this year opened a 660-metre, air-conditioned, covered walkway in Khalidiyah Park. Nearby King Hamad bin Isa Al Khalifa Park features a "pocket forest" of drought tolerant ghaf trees with a smaller open chilled walkway. But a reporter visiting the park in July found it to be almost empty, with the cooling vents in the open air unable to offset the sweltering heat.

Qatar also earlier this year unveiled a 450-metre open pathway called Crystal Walk in Doha, where cool air is blown from vents in the ground and artificial metal “trees” are intended to help trap the cool air and offer shade.

However, this kind of evaporative cooling only works well in very dry areas, said Matthaios Santamouris, a professor at the University of New South Wales, Sydney, limiting its potential in parts of Europe. “Air conditioning outdoor spaces is fundamentally unsustainable,” he said. The amount of energy needed to cool outdoor spaces was too high and not appropriate for large-scale urban projects, he added.

"If our goal is to move towards a zero-carbon society, solutions of this kind should be avoided," Santamouris said.

For rich Gulf countries using tourism to diversify their economies away from oil and gas, being able to make visitors comfortable at any time of year is increasingly important.

Qatar used various cooling technologies when it hosted the 2022 Fifa World Cup in Doha to show that its climate could be compatible with mass tourism. The event was criticised for its environmental cost, even after the tournament was moved to late autumn.

The ultimate goal is to find technologies that use as few resources as possible, while limiting the risks such as the spread of disease from stagnant water left behind by the cooling systems, said Samiullah Khan, chief sustainability officer at UAE infrastructure firm National Development Consortium. There have been real technological advances in these areas, he said.

Khan advised on a project to cool 6,000 cows shipped from Europe to Sharjah in the United Arab Emirates, he said. Before that, he worked on a project to create a chilled platform so that an

'If our goal is to move towards a zero-carbon society, solutions of this kind [cooling outdoor spaces] should be avoided'

Emirati royal could comfortably sit and relax in a field of wheat. One system, developed by US climate-tech company AtmoCooling, releases fine water droplets that evaporate, cooling atmospheric temperatures by as much as 9C — but usually by about 3C to 5C — chief executive and founder Paul Mahacek said. It is being tested in Abu Dhabi's desert to reduce air temperatures to levels more favourable for crops, he added.

Evaporative cooling technology such as AtmoCooling uses the evaporation of water to cool the air outside rather than air conditioning, which uses refrigeration to cool the air inside buildings.

Santamouris said the latest generation of construction materials, which can be applied to buildings and pavements and reflect solar energy into space, offered the greatest potential.

These coatings, known as supercool materials, have been shown to reduce temperatures when painted on rooftops in Riyadh, he said. Depending on local climatic conditions, such materials can reduce the surface temperature of cities by up to 15C and could be used in Europe, he added.

European cities have typically turned to nature-based solutions but once temperatures rise above 35C, these are no longer enough, said Santamouris.

While outdoor cooling projects are gaining traction in the Middle East, they pale in comparison to indoor projects. District cooling, which uses pipes of chilled water to cool buildings and benefits from economies of scale like the centralised heating systems used in cold winters in eastern Europe, has expanded significantly in the UAE over the past 15 years.

It is becoming big business for its operators, who are attracted by its long-term concessions and predictable revenue streams. And as Gulf cities continue to expand, demand will increase.

But the applicability of such technologies may be limited in Europe, as the number of days on which indoor cooling is required may be too few to justify the substantial cost of installation.

Nevertheless, outdoor cooling may become more prevalent in the years to come. "We really haven't done any marketing in Europe," said AtmoCooling's Mahacek. "But this summer has been incredible in terms of the interest we've received – for agriculture but especially for urban areas."

Referendum

Iceland rejects reopening talks on EU entry in blow to Brussels

MARI NOVIK — LONDON

Icelanders have rejected reopening negotiations on joining the EU despite Donald Trump's threats against neighbouring Greenland, dealing a blow to Brussels' efforts to draw the strategically important Arctic state closer.

Referendum results yesterday showed No received 52.8 per cent of the vote, according to public broadcaster RÜV, comfortably surpassing the 47.2 per cent for Yes. A total of 225,031 votes were recorded, a turnout of 82.5 per cent, the broadcaster said.

Saturday's vote exposed a sharp geographical divide, with the capital Reykjavík backing renewed negotiations and voters in rural constituencies rejecting them, some by three to two.

Iceland's Prime Minister, Kristrún Frostadóttir, told a press conference the government had known the referendum would be a “close call”. She added: “It’s obvious that close to half of the country wanted to continue these negotiations, but over half of the population did not. We will respect that result.”

The US president's repeated threats to annex Greenland – which he has on several occasions confused with Iceland, a Nordic island of about 400,000 people – helped persuade the government to bring forward the poll.

But the upheaval around Greenland failed to overcome a deeply rooted belief among many Icelanders that the country's prosperity and security depended on retaining independence.

"The battle was fought almost entirely on domestic grounds, where strong national sentiment ultimately prevailed over technocratic pragmatism," said Eiríkur Bergmann, professor of politics at Bifröst University.

The No campaign had succeeded by tapping into “the most fundamental driver of Icelandic identity: the demand for absolute self-governance”, he said.

Many voters were unconvinced that EU membership would offer meaningful protection from the Trump administration, not least because Iceland is already a Nato member.

Control over the country's lucrative fishing grounds has been another politically sensitive issue. Marine products account for almost 40 per cent of Iceland's goods exports, and fisheries derailed its previous accession attempt.

"For Iceland, fisheries are like the automotive industry for Germany," foreign minister Borgerður Katrín Gunnarsdóttir told the FT ahead of the vote.

Gunnarsdóttir had sought to reassure voters that Iceland's growing strategic importance and stronger economy would allow Reykjavík to negotiate favourable terms with Brussels, demanding "sovereign control over all fisheries" in any membership deal.

The vote comes as enlargement has returned to the centre of the EU's agenda following Russia's full-scale invasion of Ukraine in 2022. Ukraine and Moldova are negotiating to join alongside western Balkan states such as Albania and Montenegro.

But unlike most of the bloc's existing candidates, Iceland already implements much of EU law through its membership of the European Economic Area. Additional reporting by Henry Foy in Brussels

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Advanced weaponry

Ukraine's sacked defence minister touts military tech fund

CHRISTOPHER MILLER — WASHINGTON

Ukraine's former defence minister Mykhailo Fedorov is seeking US investment for a defence technology fund he hopes will write a “new history” of the war against Russia by building and managing companies to develop new weapons.

In an interview with the FT in Washington, Fedorov, who was sacked by President Volodymyr Zelenskyy last month, also said he would be happy to help the US “build an army of drones” in exchange for US supplies of Patriot missile interceptors to help Ukraine.

Fedorov is seeking backing for the proposed fund from venture capitalists, private investors and US tech companies and said he was in discussion with “a large number” of prospective investors interested in Ukrainian innovation.

"This isn't exactly a classic venture fund," Fedorov said. "We're writing a new history of the war."

The vehicle would go beyond a conventional venture capital fund, being able to create companies itself as well as invest in existing Ukrainian start-ups, he said. It would use western capital to develop technologies critical to Ukraine's ability to resist Russia's ongoing invasion.

Fedorov did not give details of his role overseeing the fund or whether he might benefit from it financially.

He identified three priorities for the fund: battlefield robotics to reduce Kyiv's reliance on manpower; cheap high-speed interceptor drones to combat Russia's jet-powered attack drones, and low-cost AI-enabled missiles.

It was likely Russia would drag out the conflict for at least another two or three years and the fund would develop state of the art “solutions for the battlefield” while also giving investors insights into the lessons Ukraine had learnt from it, he said.

Fedorov, 35, was Ukraine's youngest-ever defence minister until he was sacked after six months in office. The ousting sparked protest across the country and thrust Zelenskyy into the deepest political crisis of his presidency.

Ukrainian MPs, veterans and civil society leaders – including many who supported Fedorov after his dismissal – were dismayed at his trip abroad. Many questioned his motives when he announced on Friday after a visit to Rome that he would serve as an unpaid adviser to the Italian defence minister.

Oleksiy Goncharenko, an opposition MP, said in a post on social media site X that Fedorov's Italian role could pose “a threat of leakage of knowledge about our cutting-edge military technologies”.

But Fedorov said helping Italy's military innovate could open new doors for co-operation with a country that had air-defence capabilities Kyiv lacked. He said he would seek similar advisory positions with other partner nations, possibly including France and the US.

Mykhailo Fedorov would be happy to help the US 'build an army of drones'

Fedorov declined to comment on whether he would meet anyone from the Trump administration while in Washington, but said he would be “very glad to help America build an army of drones — especially in exchange for Patriot [interceptors] so that we survive this winter”. He added: “I’m ready to make that trade.”

Fedorov, who previously served as a deputy prime minister in charge of digital transformation of the government, built a reputation as the driving force behind Ukraine's drone development.

He said he had run into resistance from the military establishment and political rivals as he set out to revamp a murky procurement system.

Fedorov told the FT “unity” would be key to Ukraine’s survival, shrugging off criticism that he himself has put it at risk by speaking out. He declined to say whether his call for new elections was in effect a demand for Zelenskyy to be replaced.

"This isn't against Zelenskyy, it's not against some specific person," he said. "It's about the fact that we need to . . . update the state's operating system."

REACH FOR THE CROWN

THE DAY-DATE

INTERNATIONAL

Energy

Venezuelan oil executive courts investors

US partner Betancourt opens talks over potential licences or joint ventures

GEOFF DYER — LONDON JAMIE SMYTH — NEW YORK ELLA LEE — WASHINGTON JOE DANIELS — BOGOTÁ

The controversial Venezuelan energy executive who is now the Trump administration's business partner has begun talking to potential investors in the oilfields they will jointly control.

As part of the unusual energy agreement between Washington and Caracas announced on Friday, Alejandro Betancourt, who owns the second-largest private oil business in Venezuela, has become the administration's minority partner in a company that will control more than 65bn barrels of the country's reserves.

The new company will seek to award licences or establish joint ventures with US energy groups and other investors in some or all of the 17 oilfields it has access to, according to people briefed on the agreement. Some of those oilfields have previously been held by Chinese or Russian companies.

Betancourt is a polarising figure in Venezuela because of his connections to the socialist government that has been in power since Hugo Chávez took office in 1999. He is the most prominent Bolichico, the class of politically connected magnates who emerged under Chávez.

Betancourt's company, North American Blue Energy Partners (NABEP), said that it looked forward to working with the US government in any capacity it could to "fulfil the visions of President Trump and Interim President Rodríguez: to rebuild the country's energy industry for the benefit of the people of Venezuela, the United States, and the entire western Hemisphere".

The agreement is an attempt to generate confidence in Venezuela's struggling oil sector, which collapsed over the past decade. "One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied," Trump said in a post on his Truth Social platform yesterday.

Following the January military operation to seize and capture former president Nicolás Maduro, the US had hoped to spur an investment boom in the country's oil sector. Yet to the administration's frustration, few major companies have been willing to invest in Venezuela because of what they see as the political and legal risks under the government now led by interim president Delcy Rodríguez.

As part of the agreement, the Pentagon's Office of Strategic Capital will provide guarantees to oil companies that take on licences in order to cover some of the financial and political risks.

Betancourt's NABEP produces about 200,000 barrels of oil a day. The private investors it is negotiating with on potential oilfield licences or joint ventures include Lionheart Holdings, according to people briefed on the talks. Lionheart Holdings is sponsored by Lionheart Capital, a Miami investment firm founded by Ophir Sternberg.

NABEP said it was not in “conversations” with other potential investors.

Apart from the guarantees, the US government will not provide any money up front to licences. But according to people briefed on the structure, it could be awarded warrants that could see it taking equity stakes and would give it the right of first refusal on the oil flows.

Betancourt, Lionheart Capital, the White House and the US state department did not respond to requests for comment.

Iran. Repression

Hardliner returns to run powerful domestic militia

One of regime's most feared figures has been chosen to assert control within country

NAJMEH BOZORGMEHR — TEHRAN

It was an open secret in Tehran that Hossein Taeb, as head of the Islamic Revolutionary Guard Corps' intelligence wing, had gone too far.

Critics within Iran's regime accused the cleric, who ran the organisation from 2009 to 2022, of bending the intelligence services to his political ambitions, pursuing notorious cases against environmentalists and other domestic figures, and all the while failing to stop Israeli assassinations of nuclear scientists. Removed under former supreme leader Ayatollah Ali Khamenei, Taeb spent years in political isolation.

Now, he is back, appointed by Khamenei's son and successor Mojtaba to run the IRGC's domestic Basij paramilitary as the regime turns to one of its most feared figures to assert control at home.

Set up as a volunteer force after the 1979 revolution, the Basij have grown in prominence since the US and Israel launched their war against Iran in February. Many members of the Basij, which officials say number in the millions, have been armed with weapons taken home from IRGC bases during the bombardment.

They have set up checkpoints around cities and congregate nightly in squares. Authorities say more Iranians have signed up in mass-recruitment drives.

Analysts see Taeb's elevation as one of Mojtaba Khamenei's most consequential appointments, with the supreme leader saying "new necessities and conditions" required him to "deepen and expand the culture of the Basij".

This included expanding the Basij's presence in neighbourhoods and mosques, which analysts interpreted as a move to increase surveillance.

"Under the circumstances, he was the best security figure for the job, who knows how to deal with domestic threats," said one regime insider close to hardline forces, who was previously critical of Taeb.

These threats, according to the insider, included separatist movements among ethnic minorities in border provinces, such as Kurdish groups; popular unrest over economic grievances; attempts to overthrow the theocracy by opposition groups; and the smuggling of communications equipment such as Starlink into the country.

"Iran is getting ready for a change of warfare," the insider added. "US, Israeli and British intelligence services will try to weaken us domestically. We need to be prepared."

Fresh in the minds of Iran's leaders are the protests that tore through the country in December and January, which began over economic hardship before spiralling into the biggest anti-regime movement since the revolution.

Authorities blamed foreign agitators and launched a brutal crackdown, saying more than 3,000 people were killed during two peak days of unrest. Opposition groups and international human rights organisations overseas have put the death toll far higher.

There have been no signs of domestic unrest since the start of the war, but the US and Israel have alluded to using either military force or economic coercion to bring about regime change.

Israel has demonstrated its intelligence services' deep penetration of the regime, from the 2018 seizure of Iran's nuclear archive to assassinations of leaders during both the 12-day war and the current conflict. US Treasury secretary Scott Bessent last week announced expanded secondary sanctions on Iran to "collapse" the Islamic republic.

A relative of Taeb by marriage, who is also close to the political system, said: "The US has capitalised on its blockade [of Iranian ports] and hopes this will eventually persuade people to pour on to the streets."

Taeb's appointment "sends a message to the enemy . . . that it should not rely on domestic unrest because we have a madman in charge now".

In peacetime, Basij members – most of whom are unpaid, young loyalists – were often seen as an electoral force, a bloc whose size could potentially shift results in favour of hardliners.

But they could also come to the Revolutionary Guards' aid in times of crisis, and many Iranians have accused the

Hossein Taeb has been put in charge of the Basij militia in a move seen as stepping up the regime's response to local threats Rouzbeh Fouladi/ZUMA Press Wire/Shutterstock

Basij of helping to brutally suppress demonstrators.

Basij volunteers are now authorised to begin defending the Islamic republic from their own doorsteps without seeking permission from commanders, according to people close to the regime.

"The Basij is moving towards greater co-ordination, to play a more significant security role in any future crisis," said Saeed Laylaz, an analyst in Tehran. This did not mean it will become more militaristic, he said. "But it will have greater authority and will become more agile."

'The enemy ... should not rely on domestic unrest because we have a madman in charge now'

Many members have been calling for revenge for the elder Khamenei and have lashed out at the prospect of a deal with Washington. “If need be, all those armed Basijs . . . can take control of cities,” said the relative. “They are more motivated than before. The war with the US and Israel, and holding weapons at home, has energised them.”

Some Iranians fear that a bolstered Basij could seek to reverse some of the limited social freedoms of recent years, including a relaxation of the strict hijab laws for women and the ability for young people to socialise in cafés.

Politicians insist, however, that neither Taeb nor the regime plans a major crackdown over social issues. A reformist politician who was jailed while Taeb served as the guards' intelligence chief, and knows him personally, said the cleric's close relationship with the younger Khamenei dated back decades. "It's a more personal appointment than political," he said. "Even if there were no war, he would have got a top position."

That possibility worries those who fear Taeb could become a powerful influence over the new supreme leader, who has yet to appear publicly.

But the insider said it remains unclear how much influence he will wield.

"Taeb is an ultra-hardliner who does not listen to anybody, but this does not mean ultra-hardliners are taking over the country's future," the relative said.

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Natural disaster

Nepal death toll nears 800 as rescuers face renewed flood threat

ANDRES SCHIPANI — NEW DELHI ELEANOR OLCOTT — BEIJING

Nepal is intensifying a daunting rescue effort in a race against rising water levels as the death toll from a catastrophic landslide last week along its border with China reached almost 800 people, with more than 3,000 missing.

Prime Minister Balendra Shah's government said yesterday it had dispatched almost 20,000 security personnel and rescued more than 9,400 people despite adverse weather conditions, including 279 who were trapped in various hydropower projects.

Chinese authorities said that more than 2,000 rescue workers had been mobilised and relocated 499 people from villages at risk of further damage.

Recovery efforts continued over the weekend following a violent flash flood last Wednesday that swept away bridges, roads and buildings, leaving 781 dead and a further 2,502 people missing in Nepal, according to the small Himalayan nation's authorities.

China has confirmed 16 deaths and 546 missing.

The flood, which Shah described as an “unexpected thunderbolt of a natural disaster”, occurred on the Bhote Koshi river in Nepal’s mountainous Rasuwa district bordering Tibet.

Nepal's disaster management agency yesterday warned that water levels in the river had "increased further" and urged security personnel to "exercise utmost caution".

"Our country has been facing an unimaginable and heartbreaking natural disaster," Shah said in a Facebook post last night.

“Due to the adverse weather, complex geography and continuous risk this task may be challenging but we are steadfastly moving forward to protect the survival of citizens,” he added.

Shah said on Saturday that the government was “intensifying rescue, search and relief operations in the affected areas”.

A team of rescuers worked through Saturday night and the early hours of yesterday at the Upper Trishuli hydroelectric complex, where several people were believed still to be trapped, Shah's office said. It posted videos on social media showing a helicopter carrying heavy machinery and excavators clearing mud.

"The rescue team is working day and night despite difficult and risky circumstances," his office added.

Rescue teams and local officials in China's Tibet Autonomous Region said that efforts had been hampered by damaged roads and communication lines, while the risk of additional flooding had caused delays.

Chinese authorities also said they believed that the landslide had been caused by an unstable glacier on the Nepali side of a river basin between the two countries.

They said the glacier had come loose due to “the long-term effect of climate change”, raising a “new and distinctive feature of cryosphere disasters” in the region, referring to those parts of the Earth formed of ice.

Nepal sits on an active Himalayan fault and has glacial lakes among its mountains. As a result, its rivers are often inundated during heavy rains and the country is left exposed to the risk of earthquakes, mudslides and floods.

Astronomy

Dark truths to be revealed as Nasa launches \$4.3bn space telescope to scan universe

CLIVE COOKSON — LONDON

Nasa has launched a new observatory designed to scan vast swaths of sky, potentially discovering tens of thousands of distant planets and shedding light on the mysteries of dark matter and dark energy.

The Roman Space Telescope, named after the late Nancy Grace Roman, Nasa's first chief astronomer and a leading architect of the agency's space observation programme, blasted off on schedule at 7.26am yesterday from the Kennedy Space Center on a SpaceX Falcon Heavy rocket.

The \$4.3bn mission will complement the Hubble and James Webb space telescopes, launched in 1990 and 2021. Roman stands out from other space observatories for its very wide field of view, which will enable it to scan vast areas of sky in infrared light.

"Where Webb goes deep, Roman will go big," said Julie McEnery, Roman project scientist with Nasa.

At any moment Roman will see 200 times more of the sky than Hubble while moving far faster between images. "A survey that would take Roman one month would take a century with Hubble," McEnery said. "Roman doesn't just do Hubble science faster. It can address entirely new, ambitious science questions."

One of the mission's main purposes will be to assess the effects of dark energy and dark matter on the shape and distribution of billions of stars and galaxies. The nature of both is unknown. Cosmologists believe dark energy – a force driving space apart – makes up about 68 per cent of the universe, while invisible dark matter accounts for 27 per cent and all the ordinary matter that telescopes can image directly is just 5 per cent.

Another task for Roman will be to search for planets beyond our solar system known as exoplanets. Nasa expects it to discover as many as 100,000 exoplanets to add to the 6,300 currently known using several techniques.

Beth Biller, an astronomy professor at

University of Edinburgh, will be working on observations with Roman's coronagraph, an instrument that blocks the glare from a star and makes it possible to image its individual planets and their atmospheres directly from the reflected starlight.

"I'm excited that in the next year we may have our first reflected-light images of exoplanets – and I think that's how we will eventually find planets like our own Earth," she said.

The coronagraph will be developed further for the Habitable Worlds Observatory, Nasa's next flagship telescope mission, which is expected to launch in the 2040s to look for life on Earth-like planets.

Roman's destination 1.5mn km away is the "second Lagrange point" L2, where it orbits the Sun at exactly the same speed as Earth and can always point out into deep space without being blinded by solar or terrestrial light. The

A SpaceX Falcon Heavy rocket lifts off yesterday morning carrying Nasa's Roman Space Telescope, at the Kennedy Space Center in Florida, US Joe Skipper/Reuters

James Webb Space Telescope is also located there, in contrast to Hubble, which orbits just 540km above Earth.

“L2 is a very dark part of the solar system,” Biller said. “You’re always pointing away from the Sun and the temperature is stable, so it is an excellent observing point.”

Unusually, the project started with the transfer to Nasa of a surplus telescope by the US National Reconnaissance Office, which makes spy satellites. The space agency repurposed it for the Roman mission to look out into the sky rather than down at the Earth.

Unlike most big science projects, Roman has come in within its \$4.3bn budget and ahead of schedule. The original target launch date was May 2027.

The telescope will take about three months to reach its destination of L2. Nasa expects its instruments to start transmitting data back to Earth at the beginning of next year.

"Roman is going to revolutionise the way we look at our universe," said an emotional Nicky Fox, Nasa's associate administrator for science, after the launch. "It is going to measure dark matter and dark energy. There is a cosmic struggle between dark matter that wants to pull things together and dark energy that wants to push things apart. That will allow us to finally explain our universe and understand our place in it.

"Not only that. It's going to find tens of thousands of exoplanets, billions of galaxies, tens of billions of stars," she added. "It's just a spectacular mission."

Scientists around the world are waiting eagerly for Roman's observations to emerge. “I suspect its greatest legacy may come from the way it surveys the sky,” said Noelia Noël, an astrophysicist at the University of Surrey in the UK.

"When you observe an enormous area of the sky repeatedly with this level of depth and resolution, you create conditions for discovering phenomena that no one designed the telescope to find," she added. "What excites me most is the prospect of unexpected discoveries coming from questions we haven't thought of asking yet."

US cities turn on charm to lure back Canadians stung by Trump

Tourism bosses are trying to ease the hit to trade amid attacks on neighbour

VERENA HÖLZL — NEW YORK

On one of the tensest weekends in recent US-Canada relations, Rebecca Shapiro felt lucky to have a Canadian passport.

The 33-year-old, who was on holiday in New York as trade talks between the two countries' leaders broke down in acrimony, saved hundreds of dollars on several of the city's attractions thanks to a marketing promotion that is trying to lure disenchanted Canadians back to the Big Apple.

Shapiro said her sister, rattled by the Trump administration's hostility towards Canada, has vowed to stay at home in Montreal rather than visit the US. "But I don't believe in withholding my tourism dollars," she added.

After a breakdown in relations between the normally close allies that started when Donald Trump returned to office last year and reached a new low last week when he renamed Lake Ontario “Lake America”, US cities and regions have launched a charm offensive to their northern neighbours, scrambling to counter their president’s belligerent rhetoric.

Canadians have borne the brunt of the US administration's rhetoric for months.

Trump has repeatedly threatened to annex Canada as the 51st US state and his administration has upended trade by imposing tariffs on steel and automobiles, with Ottawa in turn promising retaliatory duties.

But in New York, where people know how to hustle for a dollar – or a “loonie” – the vibe is different.

For three weeks this summer, selected businesses have offered steep discounts on hotels, flights, restaurants and attractions under the “Northern Neighbour Deal”.

They've also tried to show their appreciation in other ways. On Canada Day, July 1, landmarks such as the Empire State Building were lit up in red and white to honour the country's national colours.

New York State's official tourism website proclaims: "New York loves Canada. We're lucky to have neighbours like you!"

The charm offensive is not limited to the city and state. In Las Vegas, hotels are offering Canadians “Vegas at Par”, a favourable 1:1 exchange rate.

Meanwhile, a ski resort in Vermont on Wednesday addressed Canadians in an open letter. Steve Wright, general manager of Jay Peak Resort, who testified to Congress on the impact of Trump's tariffs last year, said he understood why Canadians might not want to travel to the US at the moment.

"While we're not particularly interested in telling anyone what to think about tariffs, trade policy or politics, we do have an opinion about anything that makes good neighbors feel farther apart," he wrote. "We don't like it."

Their efforts were not helped by Trump declaring on Truth Social last week: "WE DON'T NEED CANADA, THEY NEED US!"

Tourism operators are not so sure.

Red, white and the blues: the Empire State Building on Canada Day; below, rain in tourist hotspot Times Square Gary Hershorn

Over the past year, the number of Canadians visiting the US has dropped 25 per cent compared with 2024, while the number of US visitors to Canada has increased. Canadians spent C\$3.3bn less in 2025 than the previous year on travel to the US according to the Canadian government.

Varun Deedwaniya, co-founder of

Viral Food Tours in New York City, who took Shapiro and her family on a culinary tour, said that 30 to 40 per cent of his clients used to be Canadians. "Recently it's been closer to 10," he added.

With the border only a six-hour drive from New York, Canadians have traditionally been the city's second-largest visitor group after visitors from the United Kingdom. Canadian tourists spent more than \$1bn in 2024, according to the New York City Mayor's office.

Canadian travel to the US had started to recover from its 2025 low in the second quarter of this year, but recent tensions have reignited the “Elbows Up” movement (a national rallying cry and nod to Canada’s national sport of ice hockey) that is calling for a boycott of US products and travel.

Julie Coker, chief executive of NYC Tourism + Conventions, the organisation promoting discounts for Canadian travellers, is trying to remain upbeat. "There are ebbs and flows in our political relationship," she said. "We are here

‘We are here when visitors are ready to return as before’

when visitors are ready to return as before."

But businesses are paying the price of the cross-border tensions.

Mark Bello, owner of Pizza School NYC, says he has had just one booking so far through the Northern Neighbour Deal promotion. He said he is offering the discount because he supports its spirit.

"We love Canadians and we're really hoping to welcome them back," he said.

On the other side of the border, however, the mood is defiant. Jared Purdy, a professor at a Toronto community college, has been boycotting the US as a destination ever since Trump took office in 2016. The 66-year-old said he returns products to the shelf at the grocery store if they are made in America.

He is not planning to drop his boycott any time soon.

"You want our money, but what are you doing to change what you and your electorate have caused us and the whole world?" he said. "Fix your mess first and then we talk."

Robert Zoellick see Opinion

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Companies & Markets

Airbus weighs US space unit sale as focus on Europe grows

- Florida factory among assets involved - EU stress shifts to satellite sovereignty

AARON KIRCHFELD — LONDON

Airbus is exploring a sale of its US space business as the Franco-German plane-maker focuses on building a pan-European satellite champion through a three-way merger.

The company is gauging interest from prospective buyers for the US business, according to people familiar with the matter.

Airbus US space systems include a factory in Florida and the Arrow family of small satellites that can be mass produced for commercial and government communications and imaging, including national security needs.

The Franco-German planemaker aims to build a pan-European champion with Leonardo and Thales

Airbus in 2024 took full control of its Airbus OneWeb Satellites joint venture after acquiring the 50 per cent stake it did not already own. Established in 2016, the venture had built more than 600 satellites for OneWeb's first-generation constellation, a low-orbit network that can provide space-based internet coverage, according to its website.

Airbus has been shifting satellite production back to Europe from the US for some time, including building 440 low Earth orbit satellites in its Toulouse facility, which it called a “further step for European sovereignty”. The orders have come from France’s Eutelsat, which acquired OneWeb of the UK out of bankruptcy in 2022.

While the company does not publish revenue figures for the US space business, two people familiar with the unit estimated that it had several hundred million dollars in sales.

The space business employs more than 200 people at its Merritt Island facility on Florida's Space Coast near the Kennedy Space Center and close to Jeff Bezos's rocket business Blue Origin. That compares with about 11,000 employees worldwide supporting space activities at Airbus.

The potential sale of the US assets underscores Airbus's efforts to turn around its struggling global space business, where it booked €989mn in charges in 2024.

The company in October struck a deal with Leonardo of Italy and France's Thales to combine activities spanning satellite manufacturing to space systems and services to better compete with Elon Musk's SpaceX and Chinese rivals. Codenamed Bromo, the three European parties aim to submit the plan to antitrust authorities in Brussels later this year with a view to making the new company operational in 2027.

Airbus has been reviewing its US space footprint for some time and the divestment plans are not related to Bromo's talks with the European Commission around potential remedies to secure competition approval, some of the people said.

While the planned three-way combination has drawn criticism from other European groups, including Germany's OHB and Spain's Indra Space, the three companies are betting on growing calls in Brussels for European champions.

Brussels is putting greater focus on increased European sovereignty in the space sector, as the bloc's members seek to end their dependence on the US by building satellite constellations for reconnaissance, intelligence and communications.

Unhedged Standard 60-40 portfolio allocation falters as bonds lose risk diversification status

Sources: Aswhath Damodaran/NYU Stern; FT calculations

HAKYUNG KIM — NEW YORK

For decades, the 60-40 stock and bond portfolio allocation model — or something close to it — was the universal standard: capture growth with equities and offset risk with bonds. While investors more often fretted over their strategies for the "60" growth segment, the "40" tranche was typically just left to plain old Treasury bonds.

But since 2021, with the return of high inflation, bonds are less and less useful as a diversifier. Looking at the average risk and return across various stock/bond weightings (using annual returns for the S&P 500 and 10-year Treasury), not only has risk increased across the board since 2021, but bond returns have been negative. In short, correlation between stocks and bonds has turned positive, meaning bonds have started contributing to equity losses, instead of offsetting them.

The explanation for falling bond prices is debated. The reasons range from the inflation shock, higher growth, fiscal incontinence, crowding out by hyperscaler debt, to the credibility of the Federal Reserve under Kevin Warsh. "In my conversation

A version of this article first appeared as the Unhedged newsletter. Sign up at ft.com/newsletters with clients, I've never in my career seen this range of diversion in opinions in terms of what's driving Treasury yields," said Arun Sai at Pictet Asset Management.

This makes it difficult to rethink the risk-hedging component of a portfolio. "The [bond component] needs to be more actively thought of," according to Matt Rowe at Man Group.

A better way of thinking of risk diversification could come from considering the difference between “crisis correlation” and “non-crisis correlation” between asset classes.

"There's very different messages on different ends of the [yield] curve. There's a lot of people who don't think that a long Treasury position is going to save them in a risk-off," Rowe said.

Gerko earned £895mn from trading firm XTX in 2025

NIKOU ASGARI — LONDON

British billionaire Alex Gerko made a record £895mn from the profits of XTX Markets last year, boosting his position as one of the UK's richest people as his trading group continues to grow.

A pot of £1.7bn from the company's 2025 trading profits was shared between Gerko and his quantitative traders and top tech developers, Companies House filings show. The 23 other people took home £833mn between them, an average of £36.2mn each.

Gerko's payout is a 31 per cent increase from the year before, when he earned £683mn, and it marks another record for one of the UK's richest people and his top team.

XTX Markets declined to comment.

XTX makes money by using vast amounts of computing power and AI

Gerko's payout marks another record for one of the UK's richest people and his top team

processing to identify tiny margins on millions of trades. Gerko founded the London-based firm in 2015, and it has grown into one of the world's biggest market makers, trading stocks, bonds, commodities and other assets.

Its revenues rose 44 per cent last year to £3.9bn, up from £2.7bn the year before, boosted by turbulent markets. It is building a vast data centre in Finland to manage its growing need for computing power.

The Russia-born mathematician is one of the UK's biggest taxpayers, the Sunday Times estimates, and in 2024 set up a family office to manage his growing wealth, named Cromulon Capital after a planet in the sci-fi show Rick and Morty that is shaped like a human head. In June, he lost a long-running legal battle over £22.5mn worth of tax on profits that he and other traders made when he worked at hedge fund GSA Capital before he spun out XTX.

Gerko and his wife have set up a new maths-focused secondary school in north London, which will open in September. The billionaire and his firm have backed AI start-ups, including Anthropic and autonomous vehicle company Wayve. XTX handles about \$250bn worth of trades a day and employs about 250 people.

Contracts & Tenders

INVITATION OF TECHNICAL & FINANCIAL PROPOSALS HIRING OF FINANCIAL ADVISOR FOR

THE PRIVATISATION OF PAKISTAN REINSURANCE COMPANY LIMITED (PRCL)

Privatisation Commission (PC) on behalf of Government of Pakistan (GOP) intends to hire services of a Financial Advisor ("FA") to provide financial advisory services for undertaking the Privatisation of Pakistan Reinsurance Company Limited (PRCL) ("Transaction").

Technical & Financial Proposals are hereby invited from Interested Parties acting either Individually or as a Consortium, with experience of undertaking similar transactions. Request For Proposal ("RFP") package containing detailed Terms of Reference ("TORs"), Evaluation Criteria, Draft Financial Advisory Services Agreement ("FASA"), etc., is available at

Interested Parties are requested to submit their Technical & Financial Proposals conforming to instructions in RFP by: (i) E-mail to rizwan@privatisation.gov.pk and (ii) through Courier, one (01) original and Five (05) copies each (Technical & Financial Proposals) to the office of Advisor (Power-II), 4 $^{th}$ Floor, New Pak Secretariat Building, Kohsar Block, Constitution Avenue, Islamabad, Pakistan, along-with payment of non-refundable processing fee of One Thousand US Dollar (US1000 only), by banker's cheque/ wire transfer to bank account details given in the RFP. on or before 3pm Pakistan Standard Time, October 02, 2026.

This advertisement is not intended to be and should not be construed as an Offer or any representation or warranty, expressed or implied, with respect to any statement made therein.

Asif Jalal Bhatti

For queries

Transaction Manager, Privatisation Commission, Government of Pakistan rizwan@privatisation.gov.pk; +9251 9217972

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Transport. Railways

Alstom hits brakes and battles to get back on track

Europe's top trainmaker steers clear of Spanish tender to

focus energy on fewer projects

SARAH WHITE — PARIS

When Spain's rail operator launched a contest to build up to 40 new trains capable of $350\mathrm{km / h}$ , Europe's top manufacturer was absent from the line-up.

Alstom, the world's second-biggest train maker famous for its high-speed TGV, confirmed it had not lodged an offer by the June deadline set by Renfe. Alstom decided the delivery deadline of just over three years was too tight and the speed goals for the new trains were too ambitious, according to two people familiar with the matter.

But its decision not to bid for a contract worth about €1.8bn was unusual – and a sign of the complexities of securing big rail contracts.

High-value projects can take many months, sometimes years, to be awarded to train manufacturers that must nevertheless commit to multiyear vehicle delivery timelines and prices. Specifications often change along the way and safety and regulatory approvals can be arduous.

Those conditions in turn put pressure on balance sheets driven by large capital requirements, working capital swings and lumpy payment schedules.

Martin Sion, who took over as Alstom chief executive in April, is trying a fresh approach. He began by prioritising a smaller number of new manufacturing projects to focus on profitability, cash and ironing out execution problems on existing contracts. But Alstom's Paris-listed shares have roughly halved since touching €30 earlier this year. In April, the group issued its third profit warning in five years, just after Sion's arrival. It also dropped a cash-generation target.

Alstom's absence from the Renfe tender provides a glimpse into an industry regularly criticised by politicians and the media for delays in deliveries.

"In Europe every quayside has a different height, tunnels are different in every country, even the voltage on the tracks is not the same," said one of the people.

William Mackie, head of capital goods research at Kepler Cheuvreux, said such characteristics set the train industry apart. "The airline industry is very homogenised. You don't find that in the same way in rail," he said.

Delays to capital-intensive contracts are particularly tough for the cash positions of train makers, given final payments only occur after trains are tested on networks for months. Late deliveries trigger financial penalties.

The near-century-old Alstom, also known for making trains for Eurostar and the London Underground, is still benefiting from strong demand.

Big new contracts include suburban trains in Australia, intercity ones in Portugal and Poland, and a commuter fleet between New York and Philadelphia.

But while Alstom's total order book was worth €103bn on June 30, the end of its first quarter, new orders were down nearly 40 per cent in that quarter compared to a year earlier.

One Paris banker said: "Life is difficult when you're listed and have to pitch for projects you're awarded six months later and you commit to timelines and prices you then build over a decade, and you have to guide financial markets."

Analysts and rail executives said some of Alstom's problems were self-inflicted. The €5.5bn acquisition of Canadian rival Bombardier in 2021 created overlaps, they said. The French company has taken more than €1bn in provisions and adjustments on contracts inherited from Bombardier.

Alstom's market value is less than €8bn, compared to €17.6bn months after the Bombardier deal was completed. Officials at the group acknowledge it needed to manage deliveries and costs better, although one former insider said many attempts had been made before.

"We need . . . greater discipline in steering our projects, more predictability in our deliveries and more simplicity in the way we operate," Sion, who joined from space-rocket maker ArianeGroup, told shareholders in July.

At the shareholders' meeting, investors voted against an exit payment of €1.3mn for recently departed chief executive Henri Poupart-Lafarge.

Criticism from clients can also be harsh. In July, French President

An Alstom train in service for passengers on the Paris metro

Emmanuel Macron's former prime minister Jean Castex, who now runs state-owned operator SNCF, took a veiled swipe at Alstom.

"My biggest problem today is not that we're opening up the train market to competition, it's the lack of trains," Castex told a conference. "If there are manufacturers in the room that I will not name – hurry up and deliver!"

Among major contracts, Alstom won a €3bn deal in 2018 for 100 next-generation French double-decker TGV trains, which are being updated to fit 200 more passengers.

The first were due to be operational during the 2024 Paris Olympics. They should now start after the summer, two years late, after multiple issues with approvals, supplier delays and testing.

Such difficulties are widespread, affecting rivals from Stadler to CAF, Siemens Mobility to Talgo.

All four European train makers alongside Alstom had profit margins of under 10 per cent in their 2025 financial years.

Meanwhile, a small group of national operators, such as SNCF and Renfe, as well as Italy's Trenitalia and Germany's Deutsche Bahn, hold significant sway.

“They can almost dictate how it’s going to be. They negotiate very hard with their suppliers on payment terms and delivery terms and conditions,” Mackie at Kepler Cheuvreux said.

Another factor hitting margins is that in France, for instance, the SNCF does most of its own train maintenance, limiting Alstom's ability to undertake such high-value work.

Investors had been warned that big performance improvements could take time, in an industry “whose practices lead to delays”, Sion told shareholders in July. “There is no magic recipe,” he said.

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Source: LSEG

Occidental strives to rid itself of messy legacy

New chief executive aims to steady the ship after volatility of Hollub years dominated by notorious Anadarko deal

Occidental is again generating cash on a par with shale rivals

STEPHANIE FINDLAY — HOUSTON ERIC PLATT — NEW YORK

The value of Occidental Petroleum gained \$1bn in March on a single piece of news: chief executive Vicki Hollub was stepping down. It was a brutal verdict on a tenure marked by one of the most notorious debt-fuelled deals in a shale sector that had become synonymous with capital destruction.

Shareholders blamed Hollub for bypassing them in 2019 when she out-bid Chevron to clinch the \$55bn hostile takeover of Anadarko Petroleum in one of the largest energy deals of the decade.

“Vicki is going to be one of the more polarising CEOs in recent memory,” said Mark Viviano, portfolio manager at private equity group Kimmeridge. “There is a significant amount of value destruction that comes down to the reckless decision to acquire Anadarko.”

On Friday, Oxy's shares traded for about \$59 a share. The stock had plunged from \$62 when it first made public its bid for Anadarko to less than \$9 at its nadir in the pandemic, as the price of oil collapsed and put the heavily leveraged company with \$39bn in debt on the brink of bankruptcy.

The stock has returned just 18 per cent or about 2.3 per cent a year since it announced its bid.

For shareholders in one of America's oldest oil companies, it has been a ride as wild and volatile as the driller's globetrotting forays in countries such as Libya and the then USSR.

The question now is whether new chief executive Richard Jackson can steady Oxy after the volatility of the Hollub years, finally shed its debt load and catch up with its peers.

"We are focused on execution and delivery from our advantaged resource position, and our ability to deliver on our \$4bn-plus annual sustainable cash flow improvement plan is grounded in organic development," Oxy said.

"We expect to generate significant free cash flow growth by 2030 and sustainable long-term value for our shareholders."

Hollub's extraordinary gamble with Warren Buffett's Berkshire Hathaway, which bankrolled the 2019 deal, was met with opprobrium for being too expensive, too risky and only benefiting the Oracle of Omaha.

But Berkshire has not made out much better. While the sprawling \$1.1tn insurance-to-investment conglomerate has generated sizeable returns on its \$10bn preferred stock investment, Buffett's decision to plough a further \$14.4bn into Occidental common stock between 2022 and 2025 has sapped Berkshire's returns.

Berkshire's overall investment in

Occidental has generated an internal rate of return of about 7.3 per cent over the past seven years, FT calculations show – subpar for the firm, according to investors.

“You can say clearly that capital would have been better invested in Apple,” said Bill Stone, the chief investment officer of Glenview Trust, a Berkshire investor, referring to one of Berkshire’s most profitable trades in the iPhone maker. “You can’t call it anything but disappointing.”

Polarising: investors have questioned the \$55bn hostile takeover by Occidental chief executive Vicki Hollub, above, of Anadarko Petroleum, bottom, along with the economics of some of Hollub's expensive carbon capture projects, such as the Stratos facility, below, in west Texas — Nick Oxford/Bloomberg a priority once it could do so in 2029. "If Vicki's era was all about making ambitious decisions, this era has to be about resisting those decisions," said Viviano.

Seven years after signing the deal with Buffett, Occidental's balance sheet is nonetheless stronger.

The company's principal debt is about \$11.8bn, the lowest since the second quarter of 2019, reducing its interest costs significantly. However, it has had to divest major assets to cut that debt load.

In the first six months of the year, it generated \$4.8bn of free cash flow from its continuing operations, before accounting for working capital. Analysts at credit rating agency S&P Global expect free cash flow will eclipse \$10bn for the full year.

Separately, the Houston-based company reached a record of more than 1.4mn oil-equivalent barrels per day in the fourth quarter last year and its dividend has risen by half since 2023 to \$0.28 per share. Exxon, the biggest US producer, pumped out 5mn oil-equivalent b/d in the same period.

Through the Anadarko acquisition, Hollub dramatically repositioned the company to claim some of the largest acreage in the Permian, the shale heartland of the US. She increased that footprint with the 2024 acquisition of CrownRock for \$12bn. "I think she is a wildcatter and she took this risk," said

‘We are focused on execution and delivery from our advantaged resource position’

Michael Alfaro of Gallo Partners. "She did the deal with Anadarko, which had great assets and was a very long-term view. But they did ignore factually the ability of the balance sheet to withstand such a huge acquisition in the near term."

Investors have also questioned the economics of some of Hollub's expensive carbon capture projects, including using carbon to boost well productivity.

"She was solely bailed out by the Russia-Ukraine war," added Alfaro, "had that not happened the company would have been bankrupt".

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Buffett and Berkshire did not respond to a request for comment.

Making money in America's prolific shale patch in the past 15 years has never been for the faint-hearted. Unlike conventional oil, shale wells deplete quickly, so producers must keep drilling ever more wells just to hold output steady. Producers borrowed from Wall Street to fund drilling binges or acquisitions. Hollub did both, earning her a reputation for recklessness.

As a result, Occidental has trailed larger rivals that focused more on shareholder returns than empire building. Shares of Exxon and Chevron have advanced more than 98 and 68 per cent respectively, while generating double-digit annualised total returns.

Dividends have offset Oxy's decline, helping investors achieve a minimal positive return. Even so, the returns for common stockholders are dwarfed by Buffett's take, given the added yield Berkshire earned from the \$10bn preferred investment.

The preferred investment came straight out of Buffett's classic playbook, providing expensive capital to companies in need, as he did with Goldman Sachs and General Electric during the financial crisis. Similarly, he stepped in to provide capital to Wrigley, Dow Chemical and Burger King to clinch their own acquisitions.

Christopher Bloomstran, the chief investment officer of Berkshire investor Semper Augustus, described the overall investment as “mediocre”, and added: “It has not been a home run yet.”

Occidental “overpaid for Anadarko, contributing to the performance of the common [shares]. But the preferred has been a very good investment,” for Berkshire.

Occidental's excess cash is still going towards debt reduction and the pay-off of Berkshire's remaining \$8.5bn preferred shares. In August, announcing its second-quarter results, the group signalled that redeeming those shares was

Methodology Valuing Berkshire's investment in Occidental

The FT estimated Berkshire Hathaway's annualised return on its investment in Occidental Petroleum using a money-weighted internal rate of return (IRR) from August 8 2019 to August 7 2026. The IRR accounts for both the amount and timing of every investment, dividend, redemption and remaining asset value, treating the preferred stock, common stock and warrants as a single investment.

The calculations include the \$10bn Berkshire spent on the preferred stock in 2019, as well as the \$800mn the company earned each year before Occidental began redeeming the preferred stock at a 10 per cent premium. That reduced preferred stock dividends to roughly \$680mn a year. The remaining \$8.5bn preferred stock is valued with a 105 per cent liquidation value, reflecting the premium Occidental must pay to retire the stock. The remaining value does not assume pre-2029 redemptions of preferred stock.

The calculations also include the

Hollub did not respond to a request for comment.

As the company focused on the US, it has worked to streamline its portfolio and reduce its leverage, selling LNG assets in Mozambique in 2019 and its chemicals business to Berkshire last year for nearly \$10bn.

When the coronavirus pandemic hit in 2020 and caused oil prices to crash, Occidental slashed its common stock dividend while continuing to pay Buffett. Occidental was the only oil and gas producer that had no cash return in place of dividends because everything was going to pay down that debt, said Betty Jiang, an analyst at Barclays.

Yet investors have been showing more interest in the stock as the company has moved closer to hitting its debt target of \$10bn and the cash position it needs to pay off the Berkshire preferred shares in 2029, said Jiang.

"They are back on the table of investable energy equities for investors in my conversations," said Jiang.

Occidental has promising opportunities in the Middle East, with ongoing exploration in Oman and Algeria and improving techniques to increase recovery in the Gulf of Mexico.

Exploiting those opportunities now falls to Jackson, Occidental's former chief operating officer who was overseeing Permian operations as well as the company's carbon capture business, and who took over from Hollub in June.

"As we consider future reinvestment for growth, we appreciate we have a deep inventory of advantaged, well-understood resources for low-cost development," said Jackson during the August second-quarter results call. "However, when we invest for growth, we want to be thoughtful."

His promotion has been seen by analysts as a sign the company will continue to focus on streamlining its debt and operations.

\$14.4bn Berkshire spent accumulating its 26.5 per cent position in Occidental between 2022 and 2025, and the cash dividends Berkshire received for that ownership stake. The FT estimates the value of the stake was worth \$14.8bn, based on Occidental's stock price on August 7 2026.

The FT used a Black-Scholes model to value the 83.9mn warrants Berkshire owns, which are exercisable for one year after the preferred stock is fully redeemed.

The valuation does not include Berkshire's transaction costs to purchase Occidental common stock.

COMPANIES & MARKETS

Pharmaceuticals

Drugmakers surge ahead of S&P 500 peers

Positive clinical trial data and jitters over tech sector fuel industry's bull run

AANU ADEOYE, PATRICK TEMPLE-WEST AND CLARA MURRAY

Pharmaceutical stocks have had a record year so far with drugmakers hitting fresh highs in August, as investors have sought to diversify away from AI and positive clinical trial data has boosted the sector.

Shares in drugmakers from Johnson & Johnson to Merck have significantly outperformed the market, with the S&P 500 Pharmaceuticals index rising 18 per cent so far this year. That compares with a 13 per cent rise in the wider S&P 500.

The industry has been on a bull run as a result of deals struck in the US and game-changing clinical trial data.

Biotech and pharma stocks in the US index have soared 27 and 19 per cent respectively since May. The S&P 500 has risen only 7 per cent during that time.

Drugmakers are expected to receive a further boost today, when Bayer, Takeda, CSL and several other biotechs are expected to announce pricing deals with the White House, according to two people familiar with the matter.

AstraZeneca, Novo Nordisk, Eli Lilly and other large pharmaceutical companies have already struck similar deals in which they agree to lower prices in exchange for relief from tariffs. Investors have pushed for these deals to provide pricing certainty for drug sales and to stave off harsher pricing regulations.

The White House said details of the agreements “should be regarded as speculation” before they were officially announced, adding that the administration of President Donald Trump had made progress on lowering drug prices. Bayer, Takeda and CSL declined to

'It's truly a combination of hunger to diversify beyond . . . AI, as well as the . . . appeal of healthcare'

comment. Pharma valuations were hurt last year after Trump threatened to force companies to reduce US prices, alongside potential tariffs. But after Pfizer agreed a deal to lower US drug prices, and other large pharma groups followed with similar US-based manufacturing commitments in exchange for tariff exemptions, the industry has been on a bull run.

“You had a lot of concerns about the risks of price controls in the US, in particular, that has dramatically improved over time with the Trump administration,” said Rick Bradt, of Neuberger’s growth strategies group in New York.

The agreements have paved the way for pharma's record run of dealmaking this year, with the number of biotechs acquired for at least \$1bn reaching 37 by July, eclipsing last year's 35, according to US investment firm Stifel.

Meanwhile, successful clinical trials have helped biotech stocks to rise 86 per cent in the past 12 months.

Cancer drugmaker Revolution Medicines stunned the market this year when its drug daraxonrasib doubled the survival rate of patients with advanced pancreatic cancer. The FDA approved the drug last week and Revolution's share price is up 168 per cent this year.

Pharma is also acting as a shield for investors skittish about turbulence in America's AI-heavy technology sector.

"It's truly a combination of hunger to diversify beyond this one-way freight train of generative AI since 2024 driving it, as well as the increasing appeal of healthcare," Bradt said. "We have increased our biotech and pharmaceutical exposure over the last . . . months."

Emily Field, head of US biopharma equity research at Barclays, said: “It’s intuitive that pharma and biotech is going to be an AI winner. You cannot displace what they do with AI. Whenever there’s freakouts in tech, pharma has always had a defensive halo around it.”

Market Questions. Week ahead

Jobs data will decide fate of Fed's hawkish tilt

Will the Fed's hawkish stance survive contact with jobs data?

Federal Reserve chair Kevin Warsh signalled a hawkish stance at the US central bank in his speech at the Jackson Hole symposium on Friday. One week later, investors will be paying close attention to non-farm payrolls and unemployment data for further clues as to the Fed's interest rate trajectory.

Economists polled by Bloomberg expect 50,000 jobs to have been added in August, with the unemployment rate unchanged at 4.1 per cent. It follows a surprisingly weak July job report, showing a contraction of 23,000 jobs.

"This is the report that decides whether the Fed's hawkish tilt survives contact with the data," said Natalia Lojevsky, managing director at CIFC Asset Management. "July's payroll contraction and softer wage growth already argued for patience."

Warsh underlined the central bank's focus on inflation at Jackson Hole, triggering a jump in short-dated Treasury yields. Traders also increased their bets on rate rises, with futures markets indicating a 57 per cent chance of a rise in September after his speech, up from 35 per cent a day earlier.

Meanwhile, persistent concerns over mounting US government debt continue to drag on the bond market.

"Investors remain very focused on long-term Treasuries," said Larry Holzenthaler, senior portfolio manager at Catalyst Funds. "There are clearly a lot of other structural variables weighing on sentiment at the longer end of the curve."

Investors are also monitoring data releases more closely under the new Fed regime, which limits guidance on the path of interest rates.

"The Fed's guidance under the new chair continues to be unusually thin heading into this release, which raises the stakes on the data itself to do the talking," Lojevsky added. Michelle Chan

How bad is China's economic slowdown?

China's official and private purchasing managers' indices for August are released early this week, offering investors an indication of the severity of the country's economic slowdown.

The chair of the Federal Reserve, Kevin Warsh, underlined the central bank's focus on inflation on Friday, triggering a jump in short-dated Treasury yields Alex Wong/Getty Images

The privately run RatingDog manufacturing PMI comes out tomorrow and is expected to edge up to 51 points, according to a Reuters poll of economists, from 50.9 points in July.

That would lift it a tad further away from the 50-point mark that separates an expansion from a contraction in activity.

However, economists polled by Bloomberg expect the official manufacturing and non-manufacturing PMIs, released today, to come in at 49.5 and 49.6 points respectively.

Analysts at Citi said high-frequency data pointed to "weak" activity including a slowdown in cement operations and cargo throughput, partly a result of disruption caused by typhoons.

Industrial output and consumer spending both slowed in July, while new bank loans fell by Rmb341bn (\$51bn) that month from a year earlier, the largest such decline on record.

The lacklustre data helped to push yields on China's 10-year government bonds to their lowest level in more than a year earlier this month, as the prospect of slowing growth pushed investors back into sovereign debt. Bond yields fall as prices rise.

As domestic growth has slowed, China's economy has become increasingly dependent on exports.

'There are clearly a lot of structural variables weighing on sentiment at the longer end of the curve'

"In 2024 and 2025 the share of growth coming from net exports rose to its highest levels since China joined the [World Trade Organization]," said Steven Barnett, an economics professor at the University of Hong Kong and former IMF official, in a recent note.

The economy grew at an annual rate of 4.7 per cent in the first half of 2026, in line with the government's full-year target of 4.5 to 5 per cent. But second-quarter growth fell to 4.3 per cent. Nevertheless, policymakers have signalled that any substantial stimulus is unlikely. William Sandlund

Will inflation jump back above 3% in the euro area?

As a hot and dry summer comes to a close in Europe, tomorrow's August inflation data will set the scene for a widely expected quarter-point rate rise by the European Central Bank on September 10.

Economists polled by Reuters expect annual inflation to have jumped back to 3.2 per cent after falling to 2.9 per cent in July. A surge in oil prices of up to 19 per cent in August caused by the Iran war is seen as the key driver. But the hot weather has led to supply-chain disruption and high freight costs in Germany due to low water levels in the Rhine, adding another inflationary factor. Core inflation is expected to hover well above the ECB's medium-term target of 2 per cent, at 2.5 per cent.

Nomura analyst Andrzej Szczepaniak warned on Friday that annual inflation in August could have risen to as much as 3.5 per cent, which would be the fastest rate in almost three years.

At the same time, GDP growth is holding up. Germany's statistical office revised upwards its estimates for economic growth in recent quarters, with the rate in the second quarter this year up 0.1 percentage points to 0.3 per cent, putting the economy on track for its fastest expansion since 2022.

Traders in swaps markets are taking almost as a given a 0.25 percentage point rate rise by the ECB next month, pricing in a probability of more than 95 per cent. It would be the second such raise this year but may not mark the end of the cycle. "There are clear risks of further rate hikes beyond September," Szczepaniak wrote to clients. Olaf Storbeck

Mining

Glencore faces \$1.4bn lawsuit threat from Radiant

ORTENCA ALIAJ, CAMILLA HODGSON AND ROBERT SMITH — LONDON OWEN WALKER — SINGAPORE

Embattled iron ore trader Radiant World is threatening legal action against Glencore, alleging that its larger rival is responsible for over \$1.4bn of losses as part of a wider dispute between the two groups.

Singapore-based Radiant, which has become one of the largest iron ore traders in the world, has been battling a liquidity squeeze in recent weeks.

Banks and trading firms, including Glencore, cut the group off over alleged inconsistencies in the documentation underpinning its trades. Japanese lender Mizuho – one of dozens of banks that has lent money to the business – on Friday brought a legal challenge to Radiant in Singapore's Supreme Court.

Singapore's police confirmed to the FT that they were conducting an investigation into Radiant – which is based in the city state – after receiving complaints about the business.

Radiant, which has denied any wrongdoing, sent a legal letter to Glencore on Thursday seeking to recover more than \$800mn that Radiant and another entity, Sapphire Minmetals, claim they had already paid to the Anglo-Swiss metals and mining group in recent years, as well as losses from “the destruction of the value” of its business.

"These claims are meritless and Glencore will vigorously contest them," Glencore told the FT, adding that it "has incurred losses and been exposed to risks by Radiant's actions and will take appropriate action".

Glencore said this month that it had stopped doing business with Radiant and had taken a provision relating to its contracts with the trader.

Radiant's letter describes a complex trading and financing relationship with the commodities trading giant stretching back years that came to a head in 2021, when Glencore allegedly decided to close out derivatives positions and demanded repayment of almost \$1.2bn in exposure it said Radiant and Sapphire had racked up under the derivatives contract.

Radiant previously owned a stake in Sapphire but disposed of it in 2015, according to Hong Kong corporate records. Radiant described Sapphire as a “separate legal entity” in its letter to Glencore, while Sapphire stated in response to a Bloomberg News article earlier this month that a “historical shareholding does not imply operational or financial correlation today”.

Radiant has alleged that the parties reached an agreement over the derivatives exposure, which allowed them to gradually pay it down while Glencore assisted the trading firm in raising outside financing and investment.

Radiant claimed Glencore recently served a termination notice to it and Sapphire, alleging they owed the London-listed group \$951mn, set off against \$471mn that Glencore owed back to the two firms. "The exposure on our books [to Radiant] is not material and well below our threshold of \$500mn," Glencore said earlier this month. That figure takes into account the provisions Glencore has already booked.

A person familiar with the matter said that Glencore's net exposure to Radiant had always been under \$1bn.

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Day 0.98% Month 5.65% Year 8.37%
Day 0.67% Month 1.89% Year 24.10%
Day 0.30% Month -1.07% Year 23.84%

EUROPE

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison

MARKET DATA

WORLD MARKETS AT A GLANCE

Change during previous day's trading (%)

Day ▷ -0.52%	Month ▷ 7.23%	Year ▷ 33.77%
Dow Jones Industrial		New York

Day ▷ -0.02% Month ▷ 1.91% Year ▷ 21.36%

Country	Index	Latest	Previous
Australia	All Ordinaries	9294.30	9243.20
Australia	S&P ASX 250	9092.30	9038.20
Australia	S&P ASX 200 Res	8461.20	8396.90
Austria	AIX	6796.56	6678.23
Belgium	BEL 20	5869.00	5638.08
Belgium	BEL Mid	6668.98	6630.08
Brazil	Bovespa	175664.62	175135.41
Canada	S&P TSX 60	2144.24	2195.28
Canada	S&P TSX Comp	36053.82	36054.25
Chile	S&P/TSX BSCI S&N	57568.04	57652.15
China	CHINA ETFSE A200	11984.49	11738.84
China	China Shanghai A	4143.84	4148.40
China	China Shanghai B	292.00	290.51
China	China Shanghai Comp	3852.18	3856.57
China	Shenzhen A	2688.49	2680.95
China	Shenzhen B	1154.60	1157.32
Croatia	CROEK	4430.00	4391.76
Cyprus	CSE M&G PDR	317.86	317.24

Country	Index	Latest	Previous
Czech Republic	Czech Republic PX	2807.13	2797.56
Denmark	OMAC Copenhagen 20	1638.52	1634.06
Egypt	EDX 30	55106.50	55106.50
Estonia	OMX Tallinn	2144.26	2144.00
Finland	OMX Helsinki General	1378.71	1374.78
France	CHAC 6420	8431.18	8319.87
Germany	SBF 120	6362.81	6306.20
Germany	MX-DAX	33029.91	32947.26
Germany	Tec-Dex	4119.39	4104.52
Greece	XETRA Dex	26589.89	26367.17
Greece	Athens	2678.97	2667.04
Greece	FTSE/ASIA	6854.29	6819.22
Hong Kong	Hang Seng	25584.79	25565.74
Hong Kong	HS China Enterprises	8490.39	8490.31
Hong Kong	HSCC Red Chip	4259.18	4250.44
Hungary	Bd	10068.43	10068.42
India	BSI Sensex	77344.51	76933.59
Indonesia	Jakarta Comp	6518.12	6521.75

STOCK MARKET: BIGGEST MOVERS

AMERICA
ACTIVE STOCKS	stock traded m/s	close price	Day's change
Nvidia	93.54	220.18	7.80
Intel	49.65	85.31	-2.78
Amazon.com	25.77	265.85	3.59
PayPal Holdings	23.80	33.60	-7.87
Apple	18.07	320.98	6.36
T-Mobile	17.59	347.41	7.40
Micronova	16.46	336.13	-
Super Micro Computer	16.22	37.08	-
Micron Technology	13.78	920.08	-15.31
Microsoft	13.03	516.40	11.41
BIGGEST MOVERS	Close price	Day's change	Day's change
Ups
Workday	206.09	12.52	5.47
Amazon.com	265.85	9.59	3.74
AutoBrB	190.00	6.21	3.37
Salesforce Inc	259.88	7.83	3.11
Chubb Communications	152.76	4.44	2.93
Downs
PayPal Holdings	53.80	-7.67	-12.49
Fortinet	163.51	-9.27	-5.36
CrowdStrike Holdings	215.90	-12.08	-5.29
Autodesk	257.83	-12.25	-4.71
Synopsys	443.29	-21.60	4.65

EURO MARKETS

ACTIVE STOCKS	stock traded m/s	close price	Day's change
Lloyds Big Gp	114.86	1.10	0.01
Glencore	88.07	5.96	-
BP	64.93	5.14	-0.01
Vodafone	64.07	1.18	0.01
Legal & General	57.03	2.93	0.02
Tritax Big Box REIT	36.63	1.57	-0.02
Tesco	35.89	4.57	0.02
Barclays	34.63	4.97	0.04
HSBC	26.65	15.28	0.24
Pan African Res	25.33	1.36	-0.02
ROCKET MUNICIPS	67.00	4.01	-0.01

ACTIVE STOCKS	stock traded m's	close price	Day's change
Stellantis	41.42	4.68	0.10
Intesa Sanpaolo	30.85	8.78	0.04
Enel	13.77	9.46	0.09
Banco Santander	11.17	12.71	0.17
Royal KPN	10.92	4.10	0.02
Nokia	9.55	9.06	0.06
Orange	8.06	15.20	0.10
Banco De Sabadell	7.22	3.63	-
Iberdrola	6.19	20.28	0.22
Banco Bilbao Vozcaya Argentina	5.65	25.04	0.38
BROSOFT MUNICERS	China	Paris	Day's

BROSOFT MOWENS	Close price	Day's change	Day's change%
Ups
Hays	0.77	0.04	5.13
AEP Plantations	2.05	0.10	5.02
Metro Bank	1.73	0.08	4.59
SSE	24.48	0.68	2.86
Workspace Group	3.78	0.10	2.83
Downs
Oxford Nanopore Technologies	1.76	-0.05	-2.81
B&M European Value	2.38	-0.06	-2.62
Babcock International	10.56	-0.26	-2.36
BAE SYSTEMS	20.44	-0.48	-2.29
Shawbrook Group	3.16	-0.07	-2.17

BIGGEST MOVERS	Close price	Day's change	Day's change/%
Ups
BMW	62.64	2.70	4.50
Volkswagen pfd	77.42	2.42	3.23
Mercedes-Benz Grp	46.95	1.35	2.96
Ems Chemie	791.00	22.00	2.86
Volkswagen	78.25	2.15	2.83
Downs
Lindt & Spruengi Reg	9000.00	-2400.00	-2.59
UCB Cap	216.50	-5.40	-2.43
Parnod Ricard	63.20	-1.30	-2.02
Knippan Grp	102.10	-1.90	-1.83
Rheinmetall	1154.60	-18.60	-1.59

Country	Index	Latest	Previous
Ireland	ISED Overall	14208.23	14191.46
Israel	Tel Aviv 125	4361.95	4094.17
Italy	FTSE Italia All-Share	55256.94	54894.95
Italy	FTSE Italia Mid-Cap	62333.00	61711.85
Italy	FTSE S&P 500	12616.12	12326.15
Japan	Nikkei 225	66456.56	66131.98
Japan	Tokio	4146.71	4117.22
Kuwait	KDX Market Index	9144.67	9144.67
Latvia	OMX Riga	955.40	950.00
Lithuania	OMX Vilnius	1501.60	1500.00
Luxembourg	Lux	1986.63	1985.01
Mexico	IPC Mexico City	65510.26	65629.98
Malaysia	FTSE Bursa KLCI	1725.68	1741.72
Morocco	MASI	18931.06	18946.92
Netherlands	AEX	1112.28	1103.30
Poland	AEX All Share	1488.70	1488.40
New Zealand	NZ 50	13768.18	13880.05
Nigeria	SE All Share	241258.47	239156.09

ACTIVE STOCKS	stock traded m/s	close price	Day's change
Nippon Tel & Tel	183.75	168.60	0.40
SoftBank Corp	58.31	237.70	0.20
Nissan Motor Co	42.43	321.00	9.00
Fujikura	39.79	5340.00	-160.00
Mitsubishi UFJ	36.98	3658.00	50.00
Seven + I Holdings	34.33	2001.50	-11.50
Taiyo Yuden	31.87	9244.00	344.00
SoftBank Grp Corp	29.06	5161.00	-39.00
Tokyo Electric Power	25.68	528.10	-1.40
Toyota Motor	24.83	3116.00	39.00
BIGGEST MOTORS	Close	Day's	Day's

	price	change	change/%
Ups
Trend Micro	6050.00	339.00	5.94
Recruit Hldgs	17800.00	830.00	4.89
Nomura Research Ins	5266.00	220.00	4.36
Fujitsu	3904.00	151.00	4.02
Mitsubishi Motors	388.70	14.50	3.87
Downs
Funkatae Electric	3903.00	-186.00	-4.55
Sumitomo Electric Ind	2180.00	-75.00	-3.33
J-Front Retailing	3047.00	-92.00	-2.93
Fuji Electric Co	13815.00	-415.00	-2.92
Fujikura	5340.00	-160.00	-2.91

Jul 28 - Aug 28
	Index	All World
Xetra Dax	Frankfurt

Country	Index	Latest	Previous
Norway	Oslo All-Share	2488.42	2476.80
Pakistan	KSE 100	177098.50	177322.78
Philippines	Manila Corp	5956.23	6094.58
Poland	Wig	151918.35	150954.39
Portugal	P3 20	3424.01	3385.01
Portugal	PSI General	6399.01	6365.01
Romania	Romania BET Index	35007.44	35457.73
Russia	Russia Traded Index in USD	988.10	988.10
Saudi Arabia	TADAMUL All Share Index	11237.93	11237.93
Singapore	FTSE Ultrash Shares	5689.93	5684.12
Slovakia	SAL 20	325.90	325.90
Slovenia	SII TOP	3338.19	3312.73
South Africa	FTSE/JSE All Share Index	118173.36	118086.24
South Africa	FTSE/JSE Res	76167.13	75324.43
South Africa	FTSE/JSE IG Top 40	110675.48	108323.09
South Korea	Korea Top	6788.88	6912.27
South Korea	Koqo 200	1085.31	1086.61
Spain	Spain BEX 35	20041.90	19881.60

UK MARKET WINNERS & LOSERS

FTSE 100	price(E)	% Chg week	% Chg ytd
Winners
Computacenter	56.70	11.50	83.52
Melrose Ind	5.15	9.55	-12.44
Anglo American	42.69	4.97	38.38
IG Group	14.00	4.95	6.48
Lon Stock Ex	90.00	4.63	0.54
Investec	6.63	4.08	20.22
Aberdeen Group	2.52	3.87	22.67
Intl Cons Airlines	4.38	3.62	5.77
Halma	36.32	3.48	2.66
Antofagasta	40.39	3.43	23.18

Lasers
BP	5.14	-6.37	18.88
Entain	5.13	-4.54	-33.05
Babcock Intl	10.56	-4.35	-15.00
BAE SYSTEMS	20.44	-3.86	19.25
Autotrader Group	5.28	-3.44	-9.96
GSK	18.54	-3.38	1.59
AstraZeneca	119.70	-2.21	-13.20
3i Group	28.28	-2.18	-13.33
LondonMetric Prop	1.89	-2.07	-0.37
Shell	33.45	-1.91	22.06

Country	Index	Latest	Previous
Sweden	DMX Stockholm 30	3331.26	3221.44
Sweden	DMX Stockholm AS	1154.65	1151.01
Switzerland	SNI Index	14389.77	14384.37
W Zealand	Weighted Stock Index	46331.45	45875.22
Thailand	BASF 100	1596.22	1601.57
Turkey	BIST 100	14841.56	14875.51
UK	FTSE 100	10824.26	10792.54
UK	FTSE 400d UK	9477.53	9386.55
UK	FTSE All-Share	5842.37	5826.09
UK	FTSE Non-MAX 100	9629.68	9606.61
U.S.A.	DJ-World Composite	18889.01	18944.55
U.S.A.	Dow Jones Industrial	53509.99	53568.44
U.S.A.	Dow Jones Transport	21378.75	21440.27
U.S.A.	Dow Jones Utilities	403.28	425.09
U.S.A.	Nasdaq 100	29433.43	29641.56
U.S.A.	Nasdaq Composite	2042.45	20641.51
U.S.A.	NYSE Composite	24585.18	24649.03
U.S.A.	S&P 500	7711.76	7730.99

FTSE 250	price(E)	% Chg week	% Chg yld
Winners
Halfords Group	2.73	17.63	94.25
Vistry Group	3.03	14.45	-52.92
Anaiaya Mining Copper	11.09	10.90	29.71
ME Group	1.30	7.27	-14.04
International Workplace Gp	1.90	6.74	-17.89
AEP Plantations	2.05	6.55	49.63
Hays	0.77	6.51	36.50
Bytes Technology Group	4.39	6.46	22.31
discoverE Grp	8.13	6.41	35.50
TBC Bank Group	50.50	5.87	24.36

Losers
88	Rank Group	1.03	-7.36	3.93
05	Oretniq Group	5.08	-6.02	14.92
30	Energean	7.33	-5.42	-17.27
25	ZIGUP	4.42	-5.26	15.12
96	DR Martens	0.78	-5.13	1.31
59	Raspberry Pi Holdings	5.77	-4.79	92.21
20	W.A.G Payment Solutions	1.01	-4.52	-3.43
33	Princess Group	3.06	-4.22	-31.89
37	Harbour Energy	2.51	-4.20	27.67
06	PPHE Hotel Group	15.22	-3.79	-15.26

FT.COM/MARKETSDATA

Country	Index	Latest	Previous
Venezuela	IBC	5625.11	5654.55
Vietnam	Viet Nam Index	1832.12	1831.56
Cross-Border	Euro Stoxx 50 (Eur)	6495.67	6424.73
Netherlands	Eurofirst 100 ID	1927.16	1912.90
Cross-Border	FTSE Blood Global ($)	21444.40	21514.46
Cross-Border	FTSE All World ($)	759.86	760.31
Cross-Border	FTSE £300	2616.13	2602.29
Cross-Border	FTSE Eurotop 100	5060.82	5030.15
Cross-Border	FTSE Global 100 ($)	5750.23	5770.44
Cross-Border	FTSE Gold Min ($)	8595.01	8595.01
Cross-Border	FTSE Latibet Top Eur ($)	6130.00	6118.10
Cross-Border	FTSE World ($)	1419.97	1419.90
Cross-Border	FTSEurofirst 100 (Eur)	7252.42	7185.46
Cross-Border	FTSEurofirst 80 (Eur)	8812.68	8733.25

FTSE Small Cap	price(E)	% Chg week	% Chg ytd
Winners
McBride	2.06	25.76	40.52
PensionBee Group	1.45	10.27	-10.49
Macfarlane Gp	0.77	7.69	6.84
SIG	0.09	7.16	-8.08
PureTech Health	1.26	7.14	0.80
Geiger Counter	0.67	6.83	12.17
ASOS	4.19	5.81	47.80
C&C Group	0.96	5.28	-29.11
CT UK High Income Trust	1.22	5.17	8.93
Aberforth Geared Value & Inc Tgt	0.93	4.79	14.11

Industry Sectors	price(E)	%Chg week	%Chg ytd
Winners
Finance & Credit Services	14453.26	4.36	-0.20
Electricity	14288.77	2.71	8.95
Biotechnology	21794.19	2.58	-1.09
Hhold Goods & Home Const	8838.84	2.53	-18.35
Electronic & Electrical Equip	14880.12	2.08	17.50
Industrial Metals & Mining	10099.61	1.95	36.11
Personal Goods	17948.10	1.95	-1.84
Travel & Leisure	10410.85	1.89	5.60
Software & Computer Svcs	1941.93	1.86	-4.90
Technology	1699.48	1.83	-4.65

CURRENCIES

Losers
abrdn Euro Logistics	0.17	-10.18	-34.96
Residential Secure Inc	0.08	-10.11	-86.16
Kenmare Resources	1.90	-9.52	-23.08
Gym Group	1.96	-7.11	31.54
The Smarter Web Company	0.33	-6.60
EnQuest	0.25	-6.51	137.26
Gulf Marine Services	0.18	-6.28	-6.67
Boot (Henry)	1.48	-5.81	-35.11
Elixir International	6.00	-5.66	-27.36
Crest Nicholson Holdings	0.64	-5.46	-55.33

Losers
86	Techn Hardware & Equip	116.46	-4.78 92.21
85	Alternative Energy	40.59	-3.49 84.60
88	Energy	11054.27	-3.29 21.01
84	Oil Gas & Coal	10510.62	-3.29 20.93
-	Automobiles & Parts	848.34	-2.16 -40.70
86	Pharmaceuticals & Biotech	23487.02	-2.07 -6.38
87	Health Care	16440.85	-1.97 -8.40
11	Industrial Transportation	4482.82	-1.33 13.67
86	Consumer Digital Services	193.37	-1.29 1.16
83	Leisure Goods	43383.65	-0.90 -3.25

Aug 28	Closing Mid	Day's Change	Week's Change	YTDchg %	Euro Mid	YTDchg %	Change	POUND
								Close	Change
Argentina Pastel	153,470	-0.7015	17,4680	1798.8092	27.8839	27.8839	28564.485	-2.1606
Bahraini Dinar	1.3074	0.0012	-0.0945	1.6173	-0.0261	-0.0261	0.0002	0.0002
Bahraini Green	3.3770			0.4381	0.0025	0.0025	0.0318	0.0138
Bolivian Boliviano	11.8300	-0.0300	0.0000	13.7471	0.0462	0.0462	0.03687	-0.0209
Brazilian Real	5.3521	0.0320	-0.0385	6.6542	0.1046	0.1046	0.1616	0.0393
Canadian Dollar	1.3881	0.0021	0.0109	1.6132	-0.0010	0.0054	1.8944	0.0017
Chilean Peso	936.400	14.3350	14.3350	1091.2186	23.0177	23.0177	1235.3868	-0.4420
Chinese Yuan	6.1704	-0.0246	-0.0246	7.6938	0.0197	0.0197	9.1227	0.0024
Colombian Peso	3205.200	81.5430	81.5430	3124.1982	116.8230	116.8230	4350.5081	72.2616
Costa Rican Colon	449.125	-1.5950	-1.5950	241.3816	1.0019	1.0019	668.7468	0.2916
Czech Krone	20.7672	-0.2264	-0.2264	24.1335	-0.1195	-0.1195	28.1853	-0.1967
Danish Krone	6.4213	0.0145	0.0149	7.4898	0.0085	0.0085	0.7355	0.0145
Egyptian Pound	50.2730	0.3400	0.3400	58.3636	0.1442	0.1442	28.7111	0.7324
Hong Kong Dollar	7.8399	0.0006	-0.0004	9.1108	-0.0189	-0.0187	10.6422	-0.0055
Indonesian Peso	314.147	-1.4731	-1.4731	364.5499	0.0003	0.0003	5.3929	-0.2792
Indian Rupee	38.5765	-0.1057	-0.1360	110.9489	-0.4233	-0.4233	129.4837	-0.2919

FTSE ACTUARIES SHARE INDICES

WeeksChange	Aug 28	ClosingMid	DOLAM		EUR		FETA		POUND
			ClosingChange	Day'sChange	Week	Day'sChange	ClosingMid	Day'sChange	Week	Day'sChange
16.2323	Indonesian Real	1.9000 (0.000)			25507.5480	48.7486	48.7486	24813.2910	-94.900	-88.4510
-0.025	BASF	2.9705	0.0100	-0.0100	4.4958	-0.0500	-0.0500	-0.0794	0.012	-0.0500
15.1093	BASF	159.8500	0.4500	0.0000	185.7791	0.2350	0.2350	217.0900	0.0124	0.4369
0.0239	Kenyan Mining	129.4000			187.3518	1.9006	8.8086	2.8364	0.7053	-0.7833
-0.002	KoreaElek	0.3099	0.0001	0.0004	0.3689	-0.0007	-0.0121	0.4913	-0.0021	-0.0021
0.0738	Malaysan Petro	4.0300	-0.0070	-0.0125	6.4768	-0.0463	-0.0463	5.4851	-0.0127	-0.0271
-0.001	Lukoil	1.0644	0.0490	0.1004	19.7742	-0.0336	-0.0336	-2.1938	0.0528	0.5058
0.0054	New Zealand Dollar	1.6953	0.0040	-0.0101	1.9508	0.0034	0.0032	2.2878	0.0041	0.0062
258.367	Nim Naira	1336.7500	-2.1300	-2.1300	1555.1592	-17.3119	-17.3119	1811.2255	-23.6552	-23.5002
-0.025	S&P 500	9.3650	0.0200	0.0200	10.6973	0.0058	0.0058	12.7666	0.0202	0.0058
-0.1957	Pakistan Rupee	277.4250	-	-0.0200	322.3956	-0.6936	-1.5010	376.5998	-0.2719	-1.4553
-0.262	Peyto Tsh	3.3925	-0.0370	-0.0370	3.8965	-0.0221	-1.0807	4.0589	-0.0124	-0.0124
0.7324	Philippine Peso	62.2755	0.3750	0.3750	72.3495	2.1807	-	84.5114	0.4954	0.4993
-0.038	Polish Zloty	3.7338	0.0111	0.0111	4.3390	0.0360	0.0360	5.0653	0.0354	0.0354
0.005	S&P GSCI Spt	4.5252	-0.0114	-0.0114	5.2988	0.1055	-	6.0004	0.0054	0.0054
-0.9188	Russian Ruble	98.1500	3.5500	3.5500	110.1419	4.1026	4.1026	116.9444	5.2981	5.2981

	£ Strng Aug 28	Day's chg%	Euro Index	£ Strng Aug 27	£ Strng Aug 26	Year ago yield	Div Cover	P/E ratio	X/D adj.	Total Return
FTSE 100 (100)	13095.40	0.19	100.00	13095.40	13095.40	100.00	0.00	-	-	100.00
FTSE 100 ex Investment Trusts (B6)	3541.24	0.29	3224.62	3531.05	3509.76	3251.79	3.09	2.28	15.52	87.16
FTSE 250 (250)	24938.16	0.76	22078.07	24938.66	24897.84	22470.38	3.05	2.54	12.88	545.55
FTSE 350 ex Inv Co (104)	23593.47	0.10	22632.57	23693.86	23511.51	22306.14	3.07	1.65	19.69	587.66
FTSE 350 ex Inv Co (104)	5984.88	0.10	5984.88	5984.88	5984.88	5984.88	3.07	1.65	19.69	587.66
FTSE 350 ex Investment Trusts (209)	5687.16	0.27	53125.28	5621.25	5685.15	5351.90	3.08	2.06	15.79	142.72
FTSE 350 Higher Yield (13)	5152.78	0.56	4728.51	5163.83	5230.03	4626.85	4.22	1.92	12.33	161.89
FTSE 350 Mid-Cap Growth (1)	5987.65	0.10	5987.65	5987.65	5987.65	5987.65	3.08	1.65	19.69	587.66
FTSE SmallCap (18)	6025.89	0.30	7019.57	6233.34	6226.69	5733.89	3.79	1.43	18.47	202.40
FTSE SmallCap ex Co (to Inc 12)	6680.75	0.44	6192.71	6707.67	6758.19	6300.69	3.57	0.58	46.00	142.64
FTSE SmallCap financing Services ex Inc (2)	153.43	0.71	149.07	156.23	156.23	150.06	5.02	1.55	12.67	5.11
FTSE SmallCap ex Ltd (2)	585.64	0.10	585.64	585.64	585.64	585.64	3.00	1.63	14.53	14.53
FTSE All Share ex Co (to Sdn 2)	5703.13	0.27	5217.81	5174.44	5757.18	5253.92	3.08	2.04	15.86	138.98
FTSE Fledg (Fidg)	12762.89	0.65	11521.61	12654.88	12486.57	12562.63	5.15	-1.21	-1.47	280.31
FTSE SmallCap ex Sdn (2)	1687.41	0.23	1687.41	1687.41	1687.41	1687.41	3.00	1.63	11.51	167.41
FTSE Small (S22)	5742.90	0.31	5213.05	5707.23	5707.14	5246.47	3.80	1.22	25.77	139.41
FTSE Small ex Sdn (to S22)	5103.20	0.45	6450.52	5079.12	5067.35	4740.49	3.59	0.43	64.06	1028.24
FTSE Small (S22)	81.31	0.00	81.31	81.31	81.31	81.31	3.00	1.63	11.51	167.41
FTSE Small Technology (30)	20686.64	-0.18	1881.86	2070.31	2038.60	2154.29	2.38	1.61	23.20	46.10
FTSE Small Metropolises (5)	2124.67	0.34	1534.71	2117.50	2120.14	1838.12	3.32	0.80	37.76	41.30
FTSE Small Health Care (1)	16275.86	-0.76	16820.49	16490.58	16619.01	17187.22	2.43	2.39	17.35	355.09
FTSE Small Health Care (2)	888.74	0.00	888.74	888.74	888.74	888.74	3.00	1.63	11.51	167.41
FTSE Small Real Estate (4)	827.75	-0.15	788.50	828.96	836.89	779.49	4.71	1.15	18.45	28.67
FTSE Small Healthcare Condominium (8)	6114.48	0.23	5997.64	6133.26	6155.72	5697.33	2.50	1.96	20.34	115.58
FTSE Small Healthcare Producers (9)	10999.49	-0.23	10999.49	10999.49	10999.49	10999.49	3.00	1.63	11.51	167.41
FTSE Small Industry (9)	12673.75	-0.43	11543.50	12732.69	12748.67	10288.98	1.48	2.07	23.63	151.87
FTSE Small Basic Materials (2)	12062.97	0.32	11084.45	12540.51	12618.61	9108.69	2.43	2.05	20.13	278.93
FTSE Small Energy (13)	10081.36	0.64	8866.63	10787.78	10859.68	8801.27	3.94	2.55	10.19	372.53
FTSE Small Financial Services (1)	10081.36	0.64	8866.63	10787.78	10859.68	8801.27	3.94	2.55	10.19	372.53
FTSE Small Software & Consumer Goods (18)	2239.38	-0.17	2038.16	2243.30	2176.57	2341.56	2.43	1.81	23.02	50.34
FTSE Small Health Care and Equity (2)	3571.74	-0.49	3257.96	3595.51	3561.73	2276.41	0.00	0.00	1294.60	0
FTSE Small Health Care (2)	3301.34	-0.49	3257.96	3301.34	3301.34	2276.41	0.00	0.00	1294.60	0
FTSE Small Health Care Providers (2)	11287.24	1.19	10276.87	11154.20	11187.97	8413.29	1.03	1.79	54.15	28.78
FTSE Small Medical Equipment & Services (2)	5410.88	-0.91	4027.11	5460.70	5439.83	6175.00	2.65	2.13	17.76	105.27
FTSE Small Industrial (2)	2341.47	-0.49	2241.47	2341.47	2341.47	2241.47	2.65	2.13	17.76	105.27
FTSE Small Banks (13)	9326.99	1.19	8494.91	9219.26	8553.53	7602.31	3.55	2.61	10.80	303.15
FTSE Small Finance & Credit Services (1)	12467.83	0.21	11233.11	12441.74	12506.11	12532.51	1.97	1.87	27.10	144.47
FTSE Small Banking & Breeder Services (2)	13570.62	0.29	12339.13	13532.96	13570.79	13207.96	3.67	0.86	9.52	365.77
FTSE Small Life Insurance (1)	15664.88	-0.49	15664.88	15664.88	15664.88	15664.88	3.67	0.86	9.52	365.77
FTSE Small Life Insurance (5)	8514.86	0.85	7753.69	8443.15	8548.65	8254.18	4.69	1.19	180.60	304.68
FTSE Small Finance Insurance (3)	6694.22	-0.40	6230.38	6689.27	6883.31	5171.03	3.95	1.24	20.27	175.39
FTSE Small Real Estate Investment Trusts (3)	12799.99	-0.77	12799.99	12799.99	12799.99	12799.99	3.95	1.24	17.76	105.27
FTSE Small Real Estate Investment Trusts (3)	2058.70	-0.17	1692.25	2082.23	2107.84	1926.13	5.08	1.10	17.85	76.28
FTSE Small Automobiles & Parts (1)	852.68	0.65	776.45	856.28	885.41	1437.94	0.00	0.00	-0.76	0.00
FTSE Small Consumer Services (3)	3728.01	0.75	3594.70	3780.43	3650.04	3689.56	2.35	1.77	25.00	94.35
FTSE Small Automotive Corridor (7)	7110.49	-0.49	6740.49	7110.49	7110.49	7110.49	3.00	1.63	17.67	104.47
FTSE Small Leisure Goods (2)	46307.06	0.59	42212.38	46069.52	47210.81	47968.76	2.34	1.62	26.42	1017.36
FTSE Small Financial Goods (3)	15384.74	0.86	14063.29	15264.43	15420.25	15672.83	2.15	1.75	34.59	37.50
FTSE Small Real Estate Investment Trusts (3)	12799.99	-0.77	12799.99	12799.99	12799.99	12799.99	3.00	1.63	17.67	104.47
FTSE Small Retailers (19)	2847.53	-0.02	2552.94	2847.58	2870.03	2591.68	2.61	2.77	13.81	51.32
FTSE Small Trade & Services (1)	10241.89	0.01	9226.18	10240.39	10333.13	9692.29	1.68	1.97	31.72	1485.54
FTSE Small Financial Services (1)	1722.74	-0.04	1699.49	1722.74	1734.44	1699.49	2.44	2.44	17.76	105.27
FTSE Small Food Production Trusts (1)	8168.54	0.10	7438.21	8169.40	8169.18	7556.82	2.65	2.54	18.49	115.21
FTSE Small Tobacco (3)	44673.26	-0.42	40618.25	45034.28	44948.64	47515.58	5.99	1.31	12.77	1485.54
FTSE Small Construction & Materials (10)	16829.50	0.07	14760.24	16198.63	16286.67	14300.58	2.69	2.23	16.70	301.66
FTSE Small Health Care (2)	1272.24	-0.04	1272.24	1272.24	1272.24	1272.24	3.00	1.63	17.67	105.27
FTSE Small Electronics & Electrical Equip (1)	17536.37	-0.86	15886.70	17370.13	17345.13	14821.05	0.90	3.52	36.55	1322.84
FTSE Small General Industrials (8)	6015.76	-0.22	5477.91	6528.06	6619.52	5275.72	2.15	1.62	25.47	81.60
FTSE Small Health Care (3)	1319.74	-0.04	1319.74	1319.74	1319.74	1319.74	3.00	1.63	17.67	105.27
FTSE Small Industrial Support (3)	10687.67	0.21	9840.64	10763.53	10713.20	10512.10	2.13	1.46	31.76	1585.21
FTSE Small Industrial Transportation (7)	6777.90	1.23	6135.48	6669.69	6783.50	5995.94	4.04	1.77	13.98	224.75
FTSE Small Financial Products & Mining (1)	38680.55	-0.14	32493.78	38779.58	38514.89	32669.13	2.21	1.99	15.12	6326.85
FTSE Small Financial Services (3)	889.84	-0.03	889.84	909.94	909.94	899.94	3.00	1.63	17.67	105.27
FTSE Small Gas & Gas (2)	10540.91	0.65	9598.47	10472.55	10548.59	8700.65	3.85	2.56	10.15	304.05
FTSE Small Alternative Energy (1)	18.34	-2.72	18.40	18.66	18.83	9.94	0.00	0.00	-16.96	0
FTSE Small Financial Services (3)	14236.39	-0.34	13623.29	14236.39	14236.39	13623.39	3.00	1.63	17.67	105.27
FTSE Small Financial Services ex Co (3)	217.49	0.04	207.16	215.46	217.52	190.33	3.58	2.39	11.71	6,76
FTSE Small Power & Multi-Use Oil (6)	9641.68	0.83	9779.64	9562.13	9702.54	9258.32	3.99	1.44	17.42	270,44
FTSE Small Energy & Multi-Use Oil (6) + Gasoline (6)	9641.68	0.83	9779.64	9562.13	9702.54	9258.32	3.99	1.44	17.42	270,44

FTSE SECTORS: LEADERS & LAGGARDS

Year to date percentage changes
Techn Hardware & Equip	92.21
Alternative Energy	84.60
Industrial Metals & Mining	36.11
Health Care Providers	34.16
Basic Materials	32.69
Nonlife Insurance	32.32
Aerospace & Defense	24.66
Energy	21.51
Oil Gas & Coal	29.93
Banks	19.29
Electronic & Electrical Equip	17.50
Industrials	16.36
Telecommunications Serv Providers	15.59
Telecommunications	15.59
Chemicals	14.68
Construction & Materials	14.65
Financials ex Inv Co	14.29
General Industrials	14.06
Financials	13.85

Aug 28	DOLLAR			EURO			POUND
	Closing Mid	Day's Change	Week's Change	Closing Mid	Day's Change	Week's Change	Closing Mid	Day's Change	Week's Change
Saudi Riyal	3.7540	-0.0002	-0.0002	4.3630	-0.0096	-0.0197	5.0644	-0.0033	-0.0191
Singapore Dollar	1.2731	0.0017	0.0031	1.4794	-0.0011	-0.0030	1.7391	0.0013	-0.0021
Sri Lanka rupee	1.0890	0.0013	0.0013	1.0890	0.0045	0.0045	1.4278	-0.0046	-0.0046
South Korean Won	1.37240	-0.8000	-1.37600	1.594466	-43.1546	-43.1546	1.862.9944	-12.2706	-25.7200
Sri USA r.l.a.	0.9435	0.0445	0.0691	1.1140	0.0279	0.0282	1.0623	0.0527	0.0828
Swiss Franc	0.8070	0.0032	0.0090	0.9276	0.0016	0.0028	1.0055	0.0006	0.0042
Taiwan dollar	31.8082	-0.0725	-0.2580	38.7317	-0.4927	-0.4927	42.9692	-0.1238	-0.1238
Thai Baht	32.9452	0.0752	0.3903	38.3924	-0.0153	-0.1486	44.7210	0.0517	0.1863
Tunasian Dinar	2.9159	-0.0091	-0.0081	3.3885	0.0111	0.0111	3.9581	0.0049	0.0049
Turkish Lira	48.2460	0.0340	0.5340	58.6586	0.9546	0.8546	65.4690	0.9849	0.9849
USS Irish	3.6727	0.0002	0.0002	4.3855	-0.0094	-0.0094	5.0655	-0.0032	-0.0187
Pound Sterling	0.7367	0.0004	0.0023	0.8561	-0.0014	-0.0009	1.0000	-	-
United States Dollar	1.0000			1.1621	-0.0025	-0.0025	1.3576	-0.0038	-0.0035
Switzerland Ge.VII	267.5000	-62.5000	-62.5000	26296.8530	87.2110	87.2110	3135.5150	30.5454	30.5454
Euro	0.8605	0.0015	0.0038	1.0000	-	1.0001	1.0018	0.0018	0.0018

FTSE GLOBAL INDICES

Avg.27 Regions & countries	Nov 02 stocks	US$ Indices		Daily %Chg	YTD %Chg	YTD %Chg	US$ Traded/ £Miln €	YTD %Traded/ £Miln €	Div Yield
FTSE Global Indices
Global (€)	10114	12744.48	0.40	4.25	13.83	2000.97	15.19	1.58
Global Large Cap	1870	1193.01	0.54	4.55	11.36	2119.71	14.60	1.51
Global Mid Cap	2294	1307.07	0.37	4.85	11.88	2121.69	13.85	1.85
Global Small Cap	5690	1457.87	0.23	4.12	14.95	2098.94	16.30	1.70
Global ex Eurozone	8500	1331.38	0.48	4.25	14.15	2273.28	15.49	1.49
Global wi S.p.A.	7583	435.41	0.53	4.35	13.80	2121.00	15.58	1.59
Global ex US	8563	834.67	0.06	4.28	15.77	1663.81	16.29	2.38
Global wi S.p.A.	9893	1033.12	0.41	4.35	15.77	1663.81	16.29	1.53
Global ex Japan	8758	1332.75	0.41	4.28	13.57	2319.38	14.52	1.92
FTSE Regional Indices
Asia Pacific	1979	1763.61	0.65	4.25	13.72	2443.25	17.48	2.15
Asia Pacific ex Japan	8233	933.74	0.31	4.55	15.91	1675.87	21.93	1.95
Europe	4587	1783.27	0.34	4.55	15.91	1648.68	17.98	1.98
Europe ex Japan	1452	118.67	-0.05	3.70	9.51	1546.33	12.32	2.79
Europe ex UK	1221	831.96	-0.06	4.07	9.42	1728.38	12.23	2.70
Japan	614	148.45	-0.06	4.07	9.42	1598.71	12.69	2.69
Euro	388	771.59	-0.55	2.30	9.35	1712.10	13.01	4.43
FTSE Developed Indices
Developed	5359	1232.58	0.43	4.28	14.15	2558.19	15.44	1.49
Developed ex North America	3509	1866.69	-0.16	4.23	16.21	1564.77	18.88	2.45
Avg.27 Japan	Nov 02 stocks	US$ Indices		Daily %Chg	YTD %Chg	YTD %Chg	US$ Traded/ £Miln €	YTD %Traded/ £Miln €
		US$	%Chg

Digital Information Services
Telecom & Computer Services	360740	2.27	1.37	0.48	4590.50	0.92	0.56
Media	163 820.08	-1.71	8.92	-8.93	1191.74	-8.34	0.95
Technology
Smartphones	283 906.17	6.15	4.24	45.27	391.38	46.74	0.55
Tech Hardware & Equip	693 693.08	2.62	3.16	43.18	9603.09	43.70	0.55
Technology	1231 494.53	2.49	6.98	23.27	6489.35	23.76	0.55
Telecommunications	231 114.11	-2.11	2.11	-1.11	231.11	-2.11	0.11
Telecommunications Equip	114 570.09	1.86	8.31	70.52	1856.64	71.62	0.77
Telecom Software	259 322.67	-1.25	1.03	-1.03	259.32	-1.25	0.11
Telecomscv. Providers	145 449.55	1.05	3.66	2.52	1003.26	5.36	3.58
Electronic & Electrical Equip	344 213.69	0.59	4.88	25.36	3006.57	26.38	0.98
Financials
Finance & Credit Services	112 940.78	0.15	2.27	-5.06	1414.40	-3.93	1.50
Financials	1154 732.40	-0.52	1.26	10.83	1557.07	13.31	2.72
Banking	186 180.00	-0.14	1.00	-0.01	186 180.00	-1.00	0.01
Bank	489 535.69	-0.78	0.51	14.64	1247.29	17.80	3.24
Insurance Inv I Trs	95 216.62	-0.16	0.56	-0.01	274.74	-0.17	0.67
Nonlife Insurance	125 1095.17	-0.84	-0.28	5.98	1574.50	8.92	2.66
Inv Banking & Borrowings Sds	344 1249.66	0.04	4.05	7.76	2094.69	9.11	1.58
Real Estate & Commercial Services	56 151.63	-0.73	5.36	1.86	109.08	2.31	0.91
Real Estate
Real Estate	648 956.05	-0.75	-1.62	4.76	1165.86	7.28	3.68
Real Estate & Commercial Services	114 570.09	-0.14	-0.22	-0.22	727.11	-1.26	2.85
Real Estate Investment Trusts	319 367.63	-0.83	-2.93	9.05	1555.75	11.77	4.01
Consumer Goods
Consumer Digital Services	98 319.10	-0.30	2.44	-1.73	323.51	-1.52	0.34
Consumer Discretionary	1513 1213.90	-0.98	4.02	-3.09	1761.21	-2.32	1.19
Consumer Staples	113 113.90	-0.14	-0.04	-0.04	1010.72	-0.14	0.04
Consumer Staples	621 998.34	1.23	-0.17	5.38	1798.67	7.59	3.04
Retailers	287 1947.13	-1.55	2.88	2.76	26787.07	3.32	0.81
Retailers & Grocery Stores	196 322.67	-0.84	-0.04	-0.04	196 322.67	-0.84	0.04
Personal Goods	141 817.12	-0.47	0.03	-1.33	1265.80	-10.25	2.04
Personal Care Products	152 143.13	-0.43	0.03	-0.03	152 143.13	-0.43	0.03
Travel & Leisure	296 1204.24	1.78	1.44	-0.43	1775.06	0.58	1.57

UK RECENT RIGHTS ISSUES

13.67	Finance & Credit Services	-0.20
12.31	Consumer Staples	-1.00
11.68	Biotechnology	-1.09
10.33	Personal Goods	-1.84
8.42	Personal Care Drug & Grocery	-2.65
6.38	Leisure Goods	-3.25
6.09	Real Estate Investment & Svcs.	-3.59
6.74	Consumer Services	-4.36
6.04	Technology	-4.65
5.60	Software & Computer Svcs.	-4.90
5.37	Tobacco	-5.56
4.14	Pharmaceuticals & Biotech.	-8.38
2.84	Health Care	-8.40
2.79
2.66	Medical Equipment & Svcs.	-11.66
2.18	Hibhold Goods & Home Cost	-19.35
1.18
0.81	Automobiles & Parts.	-40.70

Avg 27 Regions & countries	No of stocks	US$ Index	Daily %Chg	Yearly %Chg	YTD %Chg	US$/Milr	YTD %Chg	Div Yield
Developed ex Canada	5150	1328.05	0.44	4.24	14.12	2360.11	15.41	1.47
Developed ex Europe	4168	1541.18	0.63	4.39	15.08	2405.06	16.08	1.36
Developed ex Japan	4910	1357.13	0.51	4.09	14.36	2360.09	15.40	1.35
Developed ex US	3808	819.46	0.11	4.38	16.15	1636.86	18.43	2.40
Developed ex UK	5138	1312.48	0.46	4.23	15.63	2352.23	15.42	1.43
Developed ex Australia	1365	1365.27	0.45	4.31	13.88	2399.07	15.16	1.46
Developed Asia Pacific	2318	862.83	0.41	4.96	26.79	1547.61	26.51	2.02
Developed ex Japan ex Japan	1862	1312.42	0.46	4.22	15.62	1586.09	21.16	2.15
Developed ex North America	1193	735.89	0.65	3.87	9.30	1562.60	12.11	2.79
Developed ex Europe ex UK	962	863.95	-0.60	4.04	9.14	1791.72	11.95	2.71
Developed ex Europe ex Japan	1447	744.77	0.66	4.00	9.00	1585.18	11.95	2.69
Developed Ex Asia Pacific	3511	198.41	0.18	4.23	16.29	1585.18	18.65	2.45
FTSE Emerging Indicators
Emerging Europe	4755	1103.19	0.09	4.02	11.06	2414.72	13.01	2.36
Emerging Asia Pacific	4035	1237.10	0.17	4.00	11.76	2259.92	13.40	1.86
Emerging Europe	259	377.32	-0.69	5.62	22.05	856.79	24.68	2.50
Emerging Asia Pacific	36	161.02	0.00	5.00	22.00	856.79	24.68	2.50
Emerging Plus Korea	5210	4360.07	0.42	4.95	20.16	8050.46	22.02	2.07
Emerging Plus Korea+Poland	2720	5251.48	0.54	5.73	31.20	9175.89	33.29	2.05
Emerging Europe	1230	525.34	0.24	4.95	20.16	8308.99	22.02	2.50
Secondary Emerging	3525	10628.27	0.14	2.30	-7.16	1816.00	-5.57	2.23

Aug 27 Sector	No of stocks	Index	Daily Volatility	%Chg	YTD %Chg	YTD %Stor##	YTD %Stor##	Div Yield
Hewkel Goods & Home Construction	122	538.30	-0.93	2.39	0.26	824.95	1.69	2.22
Health Care	15	116.69	-1.11	-3.14	1.52	114.77	-1.42	2.42
Health Care	851	1204.37	-0.87	2.52	8.56	1804.44	9.97	1.58
Pharmaceuticals & Biotechnology	118	11819.62	-0.44	1.09	11.68	2211.96	12.70	1.53
Pharmaceuticals & Biotechnology	523	1067.84	-0.96	5.12	14.08	1857.85	15.87	1.78
Pharmaceuticals & Biotechnology	523	1067.84	-0.96	7.68	-6.44	2080.88	-5.84	0.99
Agricultural Food & Beverages	306	654.87	-0.93	1.37	4.00	1114.68	6.65	3.14
Food Producers	104	377.23	1.43	1.92	10.70	1572.67	17.68	2.59
Energy
Energy	373	685.61	-0.21	4.45	30.01	1507.23	33.94	3.01
Utilities	248	668.52	-0.83	1.00	10.00	1507.23	10.00	1.00
Alternative Energy	88	99.70	-0.04	-1.36	7.86	124.17	9.89	3.53
Oil & Gas	67	426.90	0.57	-1.00	-1.00	1057.64	-1.00	2.38
Oil & Gas Coal	306	719.61	-0.25	4.41	31.30	1623.59	34.32	3.15
Gas Water & Multi-Utilities	117	710.51	-0.99	-3.04	4.53	1732.27	7.19	3.56
Banks	450	896.71	-0.76	-3.57	3.37	1883.41	5.41	2.98
Transportation
Automobiles & Parts	298	1058.93	1.01	7.61	-12.83	1741.82	-11.92	1.51
Automobiles & Parts	386	1058.93	-0.55	-1.00	-1.00	1741.82	-11.92	1.51
Industrials
Industrial Engineering	102	3065.02	-0.72	-7.84	8.95	6893.02	8.88	1.08
Industrial Engineering	330	2386.93	-0.71	0.17	21.38	2757.67	22.50	1.36
Industrial Materials	95	287.60	-0.34	1.77	3.39	520.14	5.16	2.77
Industrial Metals & Mining	318	1131.13	-0.13	-1.00	-1.00	1131.13	-1.00	2.38
Industrial Support Services	235	1233.97	-0.29	6.12	3.07	1941.92	4.03	1.24
Industrials	2602	1626.20	-0.31	1.86	12.19	2569.18	13.36	1.41
Real Estate	204	1017.85	-0.30	-0.00	-0.00	1017.85	-0.30	1.41
Resources & Materials
Basic Materials	997	1320.21	1.12	13.80	22.19	3980.18	23.56	1.90
Basic Materials	433	1060.61	0.14	3.28	17.92	1956.39	19.74	2.06
Construction & Materials	461	1446.78	-0.55	-1.59	2.48	2843.87	3.72	1.62
Construction & Materials	40	122.22	-1.02	-0.00	-0.00	405.29	-1.02	1.37
Precious Metals & Mining	95	1691.35	0.59	36.37	18.03	2988.37	20.35	1.37

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

Company	Turnover(E)
Andrade Mining	Fin 30.1m (22.4m)
Berewolf Mining	Int - (-)
Berkelley Energia $	Fin - (-)
CT Private Equity Trust	Int - (-)
FIIH Group	Fin 37.4m (36.6m)
Forgent €	Int 197k (638k)
GenIP $	Int 54k (125k)
Halo Minerals	Int - (-)
Hochschild Mining $*	Int 844.4m (520.0m)
Prudential $*	Int 5.9bn (5.3bn)

FTSE 100 SUMMARY

	Close (p)	%Chg	Close (p)	%Chg
3i Group	2826.00	-0.21	Intl Care Airlines	438.20
Aberdeen Group	252.20	0.49	IDC	2522.00
Admiral	4024.00	-1.26	Interlink Group	545.00
Airtel Africa	332.85	-2.12	Investec	863.00
Alliance Wilco	1379.00	0.44	JD Sports Fashion	86.70
Anglo American	4508.00	0.61	Kingfisher	315.50
Asbury Group	4039.00	-0.01	Lion Communications Corp	686.00
Asses, Bitt, Foods	2052.00	-0.58	Legal & General	203.40
AstraZeneca	11970.00	-1.19	Lion Finance	13420.00
AutostrSector	536.00	-1.53	Lloyds Bkg Grp	108.95
Buenos	726.40	1.42	London Stock Exchange Ptg	33.21
Babcock Intl	1056.50	-2.36	Lab Stock Ex	9000.00
BAC Systems	2044.00	-2.29	M&G	351.00
Barclays	496.85	0.62	Marathon Oil & Gas	264.68
Barrett-Redford	318.20	-0.41	Midrose Ind	515.20
Beazley	1297.00	0.04	Metrol Energy	4227.28
BP	514.50	-0.17	Nat Grid	1170.00
BP, Amer. Tobacco	4120.00	-0.55	NatWest Group	874.15
British Land	436.20	-0.33	Next	10575.00
BT Group	265.30	-0.44	Pearson	1223.50
Berkel	2790.00	0.36	Pennsylvania Hldgs	3500.00
Berkeley	1308.00	1.12	Pepsico	1178.50
Centrica	155.40	0.52	Polar CapitalTech	656.00
Coca-Cola Europac	7986.00	1.01	Prudential	1019.00
Coca-Cola HBC AG	4570.00	0.13	Reckitt Benckiser	5132.00
Compass	2257.91	0.81	RELX	2972.00
Compuotencor	5670.00	0.80	Rentskii Initial	945.70
Convatec	227.60	-0.67	Rio Tinto	7674.00
CrownTraders	3449.89	0.87	Rolls-Royce	1530.20
CDO Energy	6370.00	-0.31	Sabrina B	333.60
Diageo	1709.00	0.44	Schroders	564.00
Diploma	7336.00	0.55	Scott Motiv Inv Tot	1492.50
Endesa Mining	4742.00	0.26	Seaco	90.12
Estein	513.20	0.43	Severn Trent	3146.00
Experian	3044.00	-0.23	Shell	3344.50
F&C Inv Trust	345.20	0.64	Smith & Nephew	1882.50
Fresnillo	3170.00	-0.21	Smith & Nephew Grp	2918.50
Games Works	18420.00	0.55	Sprouts Group	7110.00
Glencore	355.60	0.05	SSS	2440.00
GSI	1853.50	0.08	Standard Chartered	2177.00
Haleon	368.20	-0.35	Standard Life	940.00
Halma	3622.00	-1.09	St James's Place	1186.00
Hiscox	1942.00	0.38	Twilio	457.30
Howden & Sons	744.80	-1.31	The Sage Grp	1062.00
HSBC	1528.40	1.62	Tritax Big Box	157.40
IG Group	1400.00	0.43	Unilever	4776.00
IIM	3112.00	-0.26	Utd. Utilities	1431.00
Imperial Brands	2527.00	0.19	Vodafone	15.15
Informa	901.40	-1.14	Woor	2966.00
InterCont'l Hotels	11992.00	-0.09	Whitbread	2459.00

UK RECENT STOCK ADDITIONS

	Close (p)	%Chg		Close (p)	%Chg
ATC Music Group	182.50	-	Mendell Helium	5.10	0.99
Braucas Solutions	163.00	0.31	Meridian Mining	97.60	2.74
Coastal Africa Group	200.00	-	Petrobras Comms	26.50	-
Comah Metals	109.00	-1.80	Power Probe	64.00	-2.29
Daim Corp	470.00	1.29	Ritch Kelvin	7.60	1.33
EDM Medical Group	10.00	-	Sensil Resources	20.00	-4.76
Generation Essentials	86.77	0.06	Sintana Energy	20.50	-4.65
Halo Minerals	10.50	2.44	Sunbelt Remains	5330.00	-0.56
Fonix Financial	145.00	-	Tapix Holdings	44.00	-
Mayflower Acquisition	665.11	0.06	The Smarter Web Co	32.50	2.20

BosNtech	111.40	-1.16	124.00	79.52	0.00	53.30	28.17
Hong Kong (HKD)
AIA Group	74.65	0.45	92.15	68.95	2.65	126.31	772.38
HKEX	472.20	1.40	460.20	360.00	3.30	30.05	535.28

United Kingdom (USD)

Full Truck Alliance	8.77	-0.05	14.07	7.46	2.63	292.33	163.56
Futs Holdings A	124.57	-2.77	202.53	80.50	2.05	11.92	95.42
PDD Holdings A	84.69	-2.05	139.41	71.94	0.00	33.88	480.92

FT GLOBAL 500: THE WORLD'S LARGEST COMPANIES

Stock	Price	+/-Divg	52 Week
			High	Low	Yld	P/E	MV (b)
Australia (AUD)
ANZ Group Holdings	36.46	-0.49	41.00	32.46	5.97	18.73	109.96
BHP Group	66.40	-1.00	68.77	39.30	3.60	34.30	337.59
Commonwealth Bank	154.98	-0.50	185.59	146.98	3.26	23.75	259.32
CSL Ltd	173.88	1.44	222.47	90.00	2.34	27.04	83.27
Macquarie Group	250.94	-1.83	267.90	197.31	3.21	25.63	96.27
National Australia Bank	37.98	-0.28	49.45	35.48	4.48	17.19	118.40
Westfarmers	79.45	-3.81	94.70	70.80	2.79	31.36	90.21
Westpac Banking	33.68	-0.15	43.32	33.46	4.57	16.78	115.20
Belgium (EUR)

Anteuser-busch IndevBrazil (BRL)	67.26	-0.46	76.18	48.87	1.20	25.38	120.88
Itau Unibanco Holding	42.32	-0.28	47.80	32.50	0.00	0.00	237.74
Itau Unibanco Holding Pfd	39.10	-0.35	49.67	36.65	0.00	0.00	211.50
Petroleo Brasileiro	47.31	1.38	56.14	30.96	0.00	41.93	352.09
Petroleo Brasileiro Pfd	42.70	1.25	50.69	29.31	0.00	0.00	232.57
Vale	79.11	0.66	91.62	54.81	0.00	89.14	336.67

Stock	Price	+/-Chg	52-Week			P/E	M/A
			High	Low	Yld	P/E
Fielo (EUR)
Nordia Bank AG	17.50	0.01	17.77	12.94	0.00	12.59	59.53
France (EUR)
Air Liquide	168.78	-1.94	189.80	154.86	2.02	31.96	106.43
Airbus	203.40	-2.45	221.30	157.42	1.57	37.85	161.15
AirSpA	40.92	-0.79	45.66	36.55	5.41	11.96	89.24
AirPepsi A	108.60	-0.36	115.30	93.17	1.53	29.26	104.42
Companhia de Gestion	79.40	-2.84	95.86	65.88	2.89	11.86	39.32
Cresol Agropec	18.25	-0.76	20.40	15.29	0.00	8.37	55.24
Danone	64.70	-1.02	80.14	60.64	3.48	24.98	44.21
Enelisa	23.07	0.53	30.36	15.97	1.17	25.63	30.86
ENDE	24.10	-0.86	29.89	17.20	4.28	15.86	61.27
EsslEurolacta	157.50	-1.70	332.80	159.15	2.54	30.29	73.12
Hermes International	1503.00	15.50	2300.00	1465.50	1.15	35.58	165.00
LVMH	364.85	-2.08	413.00	280.00	1.15	29.36	104.42
LMH Pharm Sociedad	440.40	-1.60	654.70	440.00	2.91	23.47	221.29
Safran	343.20	-7.20	366.50	262.60	0.98	45.16	143.58
Sanofi	77.28	-1.01	91.15	71.25	5.83	9.87	93.34
Schneider Electric	297.55	-1.65	312.30	280.90	1.41	34.64	172.16
Schneider Comm	100.00	-0.00	100.00	75.00	0.00	10.00	100.00
VNO	114.85	-4.65	143.15	112.40	4.40	12.38	67.42

Agnico Eagle Miners	298.24	1.44	348.94	188.48	0.84	25.45	151.95
American Bronze Co/The	63.40	-0.87	95.15	68.30	1.03	29.66	76.58
Bank of America	63.69	-0.81	259.25	224.24	0.72	26.78	100.00
Bank of News Scotia	178.64	-0.97	131.72	84.88	3.54	26.51	158.80
Brookfield	57.43	-0.43	102.59	52.04	0.66	102.55	120.20
Brookfield Asset Mgmt A	72.16	-0.06	86.51	58.09	3.86	41.23	115.26
Canadian Empire Bank	158.16	-4.66	172.87	102.30	2.69	25.88	147.48
Canadian National Railway I	175.15	-1.82	185.25	126.11	2.09	30.84	105.81
Canadian National Rail	69.03	0.10	70.99	41.67	3.62	18.64	142.31
Canadian Pacific Northwest	130.14	-1.26	133.38	96.50	0.76	41.31	114.40
Construction Software I	3152.75	55.27	554.24	4036.98	2190.00	0.18	1552.28
Enbridge	69.08	-0.52	80.65	63.42	5.50	36.27	151.31
FleetBoston Financial	100.00	-0.00	100.00	0.00	0.00	0.00	0.00
Royal Bank of Canada	283.47	-4.64	306.38	195.86	2.48	75.75	393.96
Shopify Inc A	213.67	5.17	253.10	129.01	0.00	143.40	258.24
Suncor Energy	92.09	0.96	96.53	53.02	2.61	24.04	107.71
TC Energy	85.91	-1.25	100.18	69.41	4.09	34.36	155.91
The Toronto Edison Bank Of Scotland	167.94	1.57	175.33	100.01	2.58	20.32	283.57
Waste Connections	228.79	-2.28	255.30	203.46	0.94	55.37	57.92

Agricultural Bank Of China	8.79	-0.07	8.69	5.79	3.67	8.71	21.98
Bank of China	6.14	-0.06	6.39	5.13	3.69	8.30	14.65
Bank of Communications A	7.07	-0.10	7.77	6.37	4.59	6.55	409.39
China Construction Bank A	10.57	-0.10	10.98	8.50	3.88	8.12	223.90
China Life Insurance	38.61	0.03	41.02	33.32	2.22	7.08	604.00
China Mobile Telecom	10.00	-0.01	10.00	8.00	2.22	7.08	100.00
China Petroleum Chemicals A	5.29	-0.04	8.11	4.43	4.10	20.19	513.89
China Overseas Enga A	47.80	0.54	55.18	37.24	4.21	17.87	675.31
China Yangtze River A	28.10	-0.14	29.57	25.38	3.56	18.93	667.56
China Railway Group B	1.82	-0.01	2.00	1.48	1.00	1.00	100.00
Cian Chongqing Tbk A	373.00	-6.00	468.75	272.72	0.96	23.11	1644.32
East China Home Limited	1.602	0.26	2.36	17.22	0.51	25.65	310.43
Fascot Oil Int'l Ener	63.86	3.29	84.95	44.22	1.53	35.88	1267.74
Industrial & Commercial Bank	7.82	-0.01	8.88	6.24	4.00	10.00	100.00
Industrial Bank Of China	16.01	-0.20	23.98	16.44	5.92	5.21	381.14
Jiangsu Hengqin Ptea A	47.81	0.87	74.04	45.26	0.42	40.01	303.70
Kweichow China A	1292.30	-10.50	1568.00	101.21	4.02	19.68	1615.48
Luzhou Bank Of China A	57.18	0.07	67.76	42.99	0.44	24.67	419.80
Luzhou Bank Of China B	88.16	0.05	93.35	64.34	0.44	19.68	1615.48
PetroChina A	11.08	0.07	13.69	8.44	4.24	12.86	1.79
Ping An Insurance Group A	55.87	-0.26	74.88	46.90	4.89	7.27	555.58
Zijin Sheng Bank Of China A	5.00	-0.08	6.44	4.76	4.37	6.05	5.01
Wu Xing China A	1.00	-0.01	1.00	0.00	0.00	0.00	0.00
Wuliang Bank Of China	71.12	-0.78	131.50	70.52	7.25	30.83	276.06
Zhi Minng Group A	34.57	0.10	44.94	22.21	2.31	17.73	712.20

Company	Rating	Price	High	Low	Yld	P/E	MCap m
adidas AI	153.10	2.40	196.40	129.95	1.83	20.52	27.56
Aliana	445.20	-6.50	452.90	338.90	3.04	15.56	169.36
Altria	51.51	1.10	53.60	43.20	2.80	10.51	10.80
BMW	189.94	2.26	97.92	56.44	7.04	5.04	36.91
Deutsche Bank	34.44	-0.19	35.01	23.82	2.90	10.90	65.80
Deutsche Borse	288.80	1.90	289.30	200.10	1.45	43.82	53.80
Deutsche Telekom AG	28.19	-0.74	34.36	23.53	3.55	14.31	136.72
DVA Group	56.42	-0.40	56.30	38.39	3.37	18.26	64.88
Informa Technologies	51.17	1.08	68.83	38.82	0.61	74.25	74.66
Informa Software	45.59	-0.14	46.00	32.34	1.00	14.26	23.34
Merck	140.10	1.45	148.00	100.70	1.57	21.92	81.11
Muenchese Bank	514.40	-1.40	575.60	437.40	4.67	24.57	65.31
Porsche	45.22	1.97	50.66	35.62	2.23	11.45	20.60
Ricemontal	1173.20	34.40	2008.00	800.00	0.08	71.06	54.88
SAP	189.88	9.86	244.30	137.50	1.32	30.33	233.27
S&P 500	286.95	-1.00	297.50	213.20	1.00	14.88	23.48
Siemens Energy	150.24	-0.86	191.66	83.32	0.47	238.49	129.37
Siemens Healthers	39.26	-	49.71	32.81	2.55	35.55	44.29
Volkswagen	76.10	2.55	110.20	71.00	6.83	5.73	22.46
Volkswagen Fiat	75.00	2.58	109.15	68.20	7.01	5.64	16.47

Kwale Finance House	0.77		0.85	0.77	3.10	23.24	15.30
Mexico (MXON)
America Movil B	19.97	-0.12	24.48	17.48	2.70	0.00	1241.83
Wal-Mart de Mexico	47.75	-0.18	63.97	46.31	2.43	0.00	833.06
Netherlands (EUR)
Adyen	1079.60	8.20	1600.80	772.40	0.00	59.29	34.21
ASM, Holding	1486.40	-11.20	1741.00	611.80	0.52	74.66	576.94
Heimeln	72.14	-0.68	80.44	63.90	2.66	15.48	40.79
ING Group	30.12	-0.44	31.21	20.21	3.77	15.21	86.56
Prosus N	38.01		63.94	36.17	0.74	7.19	83.11
The Magnum for Crown Co	17.32	-0.13	17.57	11.02	0.00	36.09	10.61
Universal Music Group NV	14.86	0.21	25.37	14.17	3.50	34.55	27.31
Norway (NOK)

Stock	Price	+/-Chg	52 Week			Yld	P/E	MV (bl)
			High	Low
Shin-Etsu Chemical	5993.00	26.00	7638.00	4366.00	1.94	23.72	11896.08
SoftBank	237.50	-2.00	341.60	332.60	3.71	20.93	11408.86
SoftBank Group	5200.00	37.00	37895.00	3385.00	0.21	5.95	29701.61
Sony Financial Group	162.50	-0.20	219.00	129.30	4.50	30.41	1108.18
Sony Group	3970.00	-8.00	4776.00	3643.00	0.90	70.75	23085.77
Sumitomo Mitsui Financial	6794.00	-62.00	7530.00	3668.00	2.65	16.49	25824.94
Takeda Pharmaceutical	5809.00	-51.00	6633.00	4102.00	3.51	60.04	30366.94
Tokio Marine Holdings	7629.00		8468.00	5300.00	3.21	27.31	14754.49
Tokyo Electron	56000.00	500.00	81298.00	19870.00	0.83	44.64	202838.93
Toyota Motor	3077.00	7.00	4000.00	2666.00	3.25	10.42	44808.78

Equinor	384.00	-3.60	422.30	226.40	3.74	197.94	918.05
Republic of Korea (KRW)
LG Energy Solution	370500.00	18500.00	527000.00	290500.00	0.00	80.81	86697.00
SAMSUNG BIOLOGICS	1594000.00	-5000.00	1987000.00	983000.00	0.00	66.17	73787.78
Samsung Electronics	266000.00	4500.00	374500.00	67500.00	0.63	40.27	0.00
Samsung Electronics Pref	194300.00	-2500.00	249500.00	55100.00	0.67	183.70	155800.72
Samsung Epi	396000.00	6000.00	773000.00	329000.00	0.00	305.62	9604.86
SK hydra	1730000.00	42000.00	2987000.00	253000.00	0.17	27.88	0.00

Saudi Arabia (SAR)
ACWA Power	195.40	-1.40	252.60	154.50	0.24	81.42	149.77
Al Rajhi Bank	68.30	-0.70	113.00	62.00	2.44	17.51	409.80
Saudi Arabian Mining	69.70	-0.70	79.90	51.25	0.00	89.36	271.05
Saudi Arabian Oil	26.10		27.96	23.04	5.20	18.12	63.16
Saudi Basic Industries	50.10	-0.25	64.00	48.20	5.19	98.24	150.30
Saudi National Bank	43.40		45.24	33.30	5.30	10.74	280.40
STC Co	44.66	0.06	45.38	41.14	4.93	15.04	223.30

All-Group	74.89	0.45	92.17	98.99	2.89	28.31	772.38
Bayer Bank	422.20	1.40	460.20	360.00	3.30	30.05	535.28
India (INR)
Bajaj Food	1077.00	-10.05	1177.60	788.40	0.56	56.53	6705.36
Bharti Agrl Ltd	1878.00	-27.00	2174.70	1745.00	1.28	143.47	17179.66
HCI Technologies	1282.20	-17.80	1770.00	1030.00	4.68	19.98	3479.46
HDKK Bank	712.00	-15.10	1020.35	715.05	1.83	14.38	10972.72
Hindustan Unilever	2007.00	-23.00	2779.70	2006.90	2.04	45.88	4715.63
ICICI Bank	1444.00	12.30	1419.90	1187.55	0.83	22.85	106238.98
Itc Corp	1106.00	-10.00	1186.00	1010.00	1.00	10.00	1000.00
Itc Ltd	267.40	-3.45	426.50	265.10	5.42	3.62	3393.66
Kraft-McNabindha Bank	423.30	7.10	435.15	345.40	0.15	3.80	4210.72
Lansin & Touros	4033.10	-10.70	4440.00	3268.65	0.94	34.49	5549.01
Life Insurance Corp	413.00	-3.00	506.60	385.90	2.42	14.51	5224.45
Maruti Suzuki India	13428.00	-100.00	17331.60	12022.10	1.04	28.76	4221.80
Shanghai S&G China Ltd	1386.00	-10.00	1483.20	1250.00	1.00	18.88	4185.63
Suncor Energy	1044.90	-8.90	1234.40	966.60	1.66	12.02	9845.07
Sun Pharmaceutical Inds	1900.50	-0.50	2047.55	1547.25	0.84	41.68	4593.83
Tesla Consultancy Co	2252.00	-19.00	3336.70	1916.00	2.89	16.78	8147.93

Agricultural Bank China	-	0.24	-6.02	5.52	6.05	4.51	8.00	191.81
Allstate Bank Holding	115.50	-1.10	186.20	86.65	0.89	139.16	2396.72
Bank of China	-	5.50	-5.05	5.62	4.11	4.64	7.44	460.34
Bank of Communications H	7.54	-0.03	7.83	6.33	4.87	6.96	263.89
BHP	91.25	-1.35	115.90	71.40	0.45	25.49	336.11
CITIC Bank G	9.15	-0.05	9.36	7.00	4.00	4.00	10.00
China Construction Bank H	9.13	-0.08	9.36	7.18	4.80	7.03	21.96
China Life Insurance J	28.22	0.12	36.16	20.90	3.88	5.38	218.18
China Merchants Bank H	48.52	0.10	53.70	43.34	4.59	8.68	227.34
China Petroleum Chemical H	4.68	-0.03	5.70	3.90	5.37	17.86	111.20
China Railway Group H	15.72	-0.10	15.72	10.00	3.00	10.00	100.00
CITIC Securities I	27.46	-0.16	32.50	23.24	3.55	14.02	94.09
ICICI H	7.46	-0.09	7.66	5.56	4.70	7.46	647.05
JCI com A	112.10	-1.00	143.80	95.90	3.50	16.27	279.86
Median B	77.50	-1.55	102.50	63.65	0.00	20.18	432.71
Median C	77.50	-1.55	102.50	63.65	0.00	20.18	432.71
NetEase	193.20	-2.30	249.00	168.80	2.38	18.24	620.57
Nanxi SpGn Inc?	42.94	-1.14	56.25	39.22	2.63	30.43	216.19
PetroChina H	9.37	0.05	12.22	6.99	5.30	11.59	210.36
Ping An Insurance Group L	57.25	-0.40	74.70	50.00	5.57	7.45	405.00
Sinopec Group S	4.67	-0.01	4.88	3.88	4.10	4.88	100.00
Tencent Holdings	447.80	2.40	683.00	411.00	1.19	18.09	4076.39
Xiaomi Corp B	27.48	-0.98	59.90	21.30	0.00	16.96	586.14
Zijin Mining Group H	37.66	-0.42	46.98	24.38	2.44	19.31	225.54

Banci Central Asia	6400.00	50.00	6750.00	4820.00	0.00	13.70	7889.60
FT Banto Renewables	3400.00	90.00	10725.00	2300.00	0.12	0.00	548.73
Italy (EUR)
Asociacionari Generali	43.91	-0.17	45.48	31.76	3.73	18.07	67.38
Enel	9.37	-0.14	10.31	7.69	5.23	25.32	95.24
Eni	22.71	-0.32	25.02	14.48	4.94	16.11	68.77
Ferrari	355.80	-0.35	431.20	269.00	0.84	51.49	63.08
Intesa Sanpaolo	6.74	-0.12	6.94	4.81	5.58	29.31	119.20
Stellantis	4.58	0.12	10.49	4.37	0.00	6.15	13.26
UniCredit SpA	83.42	-2.73	86.42	57.36	3.77	16.24	130.28

Company Name	Ticker	Closing Price	High	Low	Yld	P/E	MCap m
Ameriprise Pharmaceutical	AMRX	698.00	73.00	653.00	387.00	1.41	16.17
Cadence Medical Group	CMBT	104.00	104.00	1078.00	615.00	2.34	26.34
Danaher Sepsis	DHRG	289.50	-13.50	417.00	228.00	3.46	10.09
FAST RETAILING	71540.00	5960.00	68600.00	4308.00	1.98	50.69	22.9553
Hitachi	HICHI	143.00	13.00	603.00	301.00	1.03	46.59
Honda Motor	HOSU	162.50	-12.00	1765.50	1238.00	4.21	15.68
HENAYA	HEVAPS	500.00	304.00	3400.00	1866.00	1.19	32.89
ITOUCHU	ITOU	215.00	-33.00	989.00	183.00	10.45	16.6658
Japan Tobacco	7001.00	18.00	72.00	465.00	3.69	24.30	14.0200
KKDDI	KKDDI	17.00	21.00	231.00	3.07	15.69	115.4346
Keyence	60150.00	693.00	678.00	5151.00	0.67	44.75	18.9353
Mitsubishi	MSI	457.00	10.00	681.00	330.00	2.64	15.7657
Marathon Healthcare	MRHC	485.00	10.00	585.00	335.00	2.64	15.7657
Murata USB Fincl'd	MUBU	29.00	29.00	381.00	21.00	16.93	45.9878
Masai & Co	MASI	492.00	33.00	6675.00	3306.00	2.94	16.57
Mizuho Financial Group	MIZAU	26.00	26.00	691.00	436.00	1.90	16.59
Nintendo	NWD	818.00	-168.00	1463.00	654.00	2.36	11.53575
NTT	NTT	1.40	17.00	142.00	3.21	13.34	15.20356
Renault Holdings	RENT	16578.00	-18.00	1755.00	604.00	0.15	48.52

ABB	79.28	-0.42	89.14	52.66	1.19	30.61	144.54
Alcon	58.46	-0.14	68.34	47.80	0.48	56.21	29.21
Civ.-Financiers (Reinertec)	191.05	0.05	202.20	127.20	1.73	40.74	102.71
Gwadean	3274.00	-99.00	3592.00	2566.00	2.20	36.77	30.23
Hokim	72.76	-1.04	82.54	60.10	2.34	22.60	41.25
Lorca Group	588.40	0.60	597.80	454.60	0.85	65.99	41.32
Nestle	78.52	-1.25	87.09	70.29	3.95	22.37	202.31
Novartis	124.64	-2.54	131.50	96.03	2.97	40.87	253.62
Roche Holding	373.60	-1.00	383.00	264.60	2.62	23.09	39.86
Roche Holding Pref.	364.00	-4.30	375.80	291.00	2.69	22.50	255.73
Sika	191.55	-1.55	197.60	120.35	1.93	29.47	30.74
Swiss Re	139.95	-1.10	153.85	114.05	4.50	10.72	41.81
UBS Group	43.80	-0.10	44.44	28.25	1.96	22.35	143.57
Zurich Insurance Group	590.80	-7.00	626.00	521.00	5.08	18.47	89.34

Hon Hai Precision	252.00	5.50	314.00	187.50	2.85	18.52	3535.22
MediaTek	3865.00	-80.00	4970.00	1130.00	1.38	58.42	6199.06
Taiwan Semicon Mtg	2410.00	-5.00	2535.00	1145.00	1.08	36.37	62497.01
United Arab Emirates (AED)

Adnoc Gas	3.20	-0.04	3.76	3.12	5.82	47.76	245.60
First Acq Dhabi Bank	19.64	0.22	20.74	15.32	4.07	10.62	216.98
United Kingdom (GBP)
3i Group Plc	28.28	-0.06	44.97	18.25	2.99	5.24	29.02
AstraZeneca	119.70	-1.44	157.32	98.92	2.00	24.62	185.66
BAE Systems	20.44	-0.48	23.60	15.29	1.85	29.71	61.37
Blackeye	4.97	0.04	5.54	3.53	2.32	11.34	66.83
BP	5.14	-0.01	6.09	3.99	4.81		80.80
British Amer Tobacco	41.29	-0.23	53.26	36.77	5.93	11.76	89.20
Compass Group	22.58	0.13	25.81	20.00	2.25	27.84	38.39
Diageo	17.09	0.07	21.09	12.96	2.16	29.70	38.05
Experian	30.44	-0.01	39.87	22.03	1.70	25.12	27.01
Glencore	5.96	0.00	7.07	2.62	2.10		69.91

INTEREST RATES: OFFICIAL
Date	Rate	Current	Since	Last
US	Fed Funds	3.50-3.75	29-04-2026	3.50-3.75
US	Prime	6.75	29-04-2026	6.75
US	Discount	3.75	29-04-2026	3.75
Euro	Repo	1.925	01-09-2025	2.40
UK	Repo	3.75	30-04-2026	3.75
Japan	O'night Call	0.75	22-01-2026	0.50
Switzerland	Libor Target	0.25	21-03-2025	0.50

INTEREST RATES: MARKET
Aug 28	Overnight	Change		OneMonth	ThreeMonth	SixMonth	OneYear
		Day	Week
SOFR	3.640	-0.020	0.010	3.678	3.755	3.864	4.019
EURIBOR	-	-	-	2.283	2.557	2.746	2.956
ESTR	2.188	0.001	-0.003	2.304	2.407	2.501	2.647
SARON	-0.049	0.004	0.025	-0.055	-0.045	-0.046	-0.046
SONIA	3.731	-0.001	0.000	3.746	3.797	3.920	4.136

COMMODITIES
BONDS: TEN YEAR GOVT SPREADS
Rates are fixed at 11am UK time.

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

BONDS: TEN YEAR GOVT SPREADS
	Bid Yield	Spread vs Bond	Spread vs Bond		Bid Yield	Spread vs Bond	Spread vs Bond
Austria	3.42	0.15	-1.30	Italy	3.96	0.69	-0.76
Australia	5.06	1.79	0.34	Japan	2.90	-0.37	-1.82
Belgium	3.73	0.46	-0.99	Netherlands	3.28	0.01	-1.44
Brazil	14.71	11.44	9.99	Poland	5.89	2.62	1.17
China	1.71	-1.56	-3.01	Portugal	3.53	0.26	-1.19
Denmark	3.11	-0.16	-1.61	Spain	3.64	0.37	-1.08
France	4.01	0.74	-0.71	Sweden	2.93	-0.34	-1.79
Germany	3.27	0.00	-1.45	UK	5.06	1.79	0.34
Ireland	3.31	0.04	-1.41	US	4.72	1.45	0.00

	52 Week
	Price	+/-Chg	High	Low	Yld	P/E	M/V Bt
GSK	18.54	0.01	22.82	14.40	3.78	13.14	74.98
Haleon	3.68	-0.01	4.16	2.74	1.98	19.80	32.39
HSBC Holdings	15.28	0.24	16.10	8.45	3.61	17.15	262.38
Lloyds Banking Group	1.10	0.18	1.19	0.77	1.21	15.71	13.49
London Stock Exchange Grp	90.00	0.20	101.40	66.84	1.76	37.75	43.71
National Grid	11.70	0.10	14.29	10.00	4.14	17.86	58.81
NatWest Group	6.79	0.01	7.26	5.00	5.15	12.70	54.03
Reckitt Benckiser Group	51.32	0.16	65.23	36.64	4.22	10.96	32.57
RELX	26.72	0.04	35.75	19.91	2.58	23.73	46.69
Rio Tinto	76.74	-0.14	91.17	45.29	4.46	16.97	96.32
Rolls-Royce Holdings	15.30	0.00	15.66	9.90	0.72	22.05	127.28
Shell	33.45	0.34	37.59	25.54	4.52	14.98	185.00
Unilever	47.76	0.24	55.42	36.44	3.45	12.88	102.89

	Price	52 Week			Yld	P/E	Mkt Cap
Crown Castle	75.03	-0.51	102.19	69.72	5.66	30.38	31.50
CSI	51.54	-0.22	53.60	31.80	1.09	29.97	95.46
Cummins	573.87	-4.27	737.76	369.52	1.53	29.20	79.00
ClearBridge	205.52	-1.40	110.68	65.51	2.96	24.32	118.84
Civitas CS	215.69	-0.36	238.80	134.20	1.89	24.18	118.84
Deere & Co	622.66	-11.88	674.19	433.00	1.04	35.20	168.08
DT Techsystems	412.26	-8.44	514.00	110.22	0.53	37.19	153.51
Diamondback Energy	200.52	0.68	216.90	124.30	2.19	38.19	56.15
Haliburton	192.10	-0.44	203.30	114.00	1.29	34.30	118.84
Haleon	165.10	-0.41	72.99	55.95	4.02	23.93	58.49
Dow Jones A	231.89	-5.04	285.50	143.30	0.00	119.53	54.94
DF Horton	145.26	-3.99	164.54	131.75	1.24	13.81	40.83
Eaton Corp	103.86	-0.40	107.80	74.70	1.06	24.24	161.59
Eaton	416.04	-3.40	478.00	211.92	1.06	42.24	161.59
Essex	265.10	-4.69	309.27	243.15	1.02	38.12	80.15
Edwards Lifesciences Corp	83.95	-0.83	98.26	72.30	0.00	53.22	51.85
Eaton Software	103.86	-0.40	107.80	74.70	0.00	53.22	51.85
Eli Lilly & Co	137.11	-1.31	132.61	712.05	0.59	39.40	1107.13
Emerson Electric	157.71	-0.58	166.35	127.64	1.41	34.36	67.97
FDC Resources	144.50	-0.34	153.87	101.59	2.82	11.18	175.79
FMC	639.45	-1.80	674.00	425.00	1.80	18.10	45.38
Ferrari	43.98	-0.48	50.65	42.58	3.82	18.10	45.38
ExxonMobil Hlgs	184.75	-1.45	186.64	138.01	2.63	29.13	642.73
Fiatr	51.13	-0.01	52.91	39.97	2.03	43.33	56.88
Ferguson enterprises	331.36	-4.58	413.87	231.31	1.53	24.46	45.12
Ferguson AG	231.36				1.53	23.44	45.12
Fossil Canada	1517.06	23.36	1998.61	870.01	0.00	33.28	24.99
Fiatris	52.58	0.13	138.65	47.64	0.00	10.05	27.96
Fiaty Entertainment	95.07	-0.11	100.00	64.00	0.00	10.05	27.96
Fortinet Inc	172.78	15.24	172.09	103.05	0.00	66.20	126.77
Freeport-McMoRan	78.42	-0.58	85.24	35.15	0.77	38.44	112.61
Gaming	289.87	0.85	314.28	186.67	1.45	29.73	55.90
Health Care	86.07	-0.26	93.28	56.67	1.45	29.73	55.90
GE Healthcare Tech	72.84	-0.83	89.77	58.75	0.19	16.66	32.74
GE Vernova	953.93	0.74	1195.94	530.16	0.21	27.03	254.04
General Dynamics	380.08	-1.96	490.00	268.77	1.67	22.65	102.83
Genetex	86.19	-0.26	98.77	56.67	1.67	22.65	102.83
Gilead Sciences	148.86	0.77	157.29	108.46	2.20	57.03	184.58
Goldman Sachs Group	1040.87	0.41	1153.99	721.16	1.92	15.96	360.07
HCA Healthcare	419.34	-7.82	558.52	293.99	0.74	13.86	90.79
Home Depot	236.91	-0.24	426.75	289.10	2.84	22.96	327.85
Honeywell International	220.29	-0.28	267.99	160.01	1.27	15.79	69.85
Honeywell Automation	267.85	-1.69	318.00	170.81	0.21	57.44	106.74
IIMI	238.75	-0.37	276.00	166.67	1.59	27.99	59.19
Illinois Tool Works	281.67	-3.84	330.15	238.82	2.44	25.47	80.22
Imperial Brands Inc	92.09	-0.35	142.35	23.68	0.00	44.66	453.89
Intercontinental Experforms A	96.55	-0.47	98.75	58.56	0.36	38.16	43.74
Intercontinental Exchange	146.60	-2.10	175.08	125.64	1.59	21.09	95.19
Intuitive Surgical	367.07	-3.35	633.88	328.57	0.00	41.52	129.68
Johnson & Johnson	355.77	-4.23	375.49	173.33	2.02	30.44	640.48
JPMorgan Chase	354.22	-2.28	366.50	279.10	1.69	15.15	541.58
Kenvue	19.20	-0.02	20.95	14.02	4.38	22.33	36.88
Kingfisher Propane	31.88	-0.33	33.62	24.89	2.89	20.64	43.38
Keurig Fin Corp	137.92	-0.07	243.29	169.81	0.50	48.94	242.10
Keyence Technologies	261.58	-3.44	306.29	218.61	0.77	34.45	69.23
Lam Research	318.59	5.70	438.50	94.11	0.33	55.02	286.65
Linde	485.35	-4.98	548.20	387.78	1.32	31.17	223.74
Lockheed Martin	365.89	0.27	692.00	437.25	2.44	26.25	126.60
Lowes Petroleum & Gas	115.00	-0.05	125.00	75.00	0.00	12.50	107.00
Lvmware LaSalle	115.00	-1.35	225.88	104.44	0.00	9.31	12.47
Mastercard Finance	363.54	1.27	367.60	161.93	1.10	12.58	102.08
Marathon International A	353.67	-4.80	410.90	256.78	0.83	36.52	82.28
Mercado MPG	190.00	-0.45	203.00	146.00	0.79	34.55	109.98
Manulife Financial	241.45	-3.66	329.88	81.41	0.10	82.41	211.45
ManulifeA	591.73	-6.47	601.62	464.52	0.59	32.51	514.48
Madison's B	260.06	-6.87	347.75	280.96	2.96	21.06	104.63
Medtronic Int'l	169.75	-0.45	179.00	119.00	0.00	17.88	107.00
Medtronic Materials	89.25	-1.03	106.33	73.31	3.20	23.99	115.16
Metsoil Inc.	505.06	-8.69	553.72	349.20	0.72	28.68	370.25
Motorola Solutions A	61.43	-0.50	786.00	525.26	0.37	21.23	1239.35
Motorola S.A.	98.27	-0.46	108.85	74.88	0.00	10.00	100.00
Micron Technology	805.29	-3.01	1055.00	714.25	0.00	20.67	1056.42
Microsoft Inc.	505.06	-8.69	553.72	349.20	0.72	28.68	370.25
Motorola International A	61.43	-0.50	786.00	525.26	0.37	21.23	1239.35
Motorola S.A.	98.27	-0.46	108.85	74.88	0.00	10.00	100.00

See FTSE website for more details www.ftse.com/products/indices/gilts. © 2026 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE Gilt Closing Prices information contained herein is proprietary to Tradeweb; may not be copied or re-distributed; is not warranted to be accurate, complete or timely; and does not constitute investment advice. Tradeweb is not responsible for any loss or damage that might result from the use of this information.

Precious Metals
Gold	4524.58	-85.44
Silver ($)	68.06	-1.19
Platinum	1856.40	12.00
Palladium	1433.73	83.18
Iron Ore	96.05	0.05

Aus Holdings	295.21	4.15	453.70	100.00	0.00	300.05	271.54
United States (USD)
3M Co	178.83	-1.17	184.90	139.34	1.74	31.54	92.23
Abbott Laboratories	111.59	-2.51	137.49	81.97	2.26	36.08	193.09
AscBrasPharm	236.15	-1.80	246.00	135.24	1.80	28.00	100.00
Ascend Petro	107.38	-0.00	29.08	118.15	3.48	14.84	114.67
Admiral	299.15	15.68	370.86	191.02	0.00	16.53	114.94
Aflac	116.58	-0.87	130.22	104.09	2.09	12.52	58.45
Air France & Compounds	305.47	-1.19	314.87	233.11	2.37	32.19	68.02
AirBancorp	164.46	-0.00	165.00	135.00	0.00	13.00	113.00
AirNatPte	340.85	-1.35	409.61	205.65	0.26	16.90	199.83
AirportC	337.19	-1.33	409.47	206.39	0.26	16.75	198.52
Alliak Group	67.87	-1.45	77.06	54.70	6.37	14.13	112.88
Alstomar	236.20	-1.00	246.00	135.00	0.00	13.00	113.00
ANSI	476.28	-4.26	547.33	194.22	0.00	123.07	778.15
American Electric Power	122.71	-0.65	145.58	105.59	3.10	21.08	66.80
American Express	324.16	-1.99	387.49	290.97	1.14	21.69	225.66
American Tower	236.20	-1.00	246.00	135.00	0.00	13.00	113.00
American Tower	174.16	-1.57	208.03	160.06	4.01	23.89	81.15
American Financial	555.77	-5.51	572.56	423.27	1.22	12.34	49.09
AMTREX Inc	243.67	-1.53	301.16	179.24	0.56	35.52	55.86
Amphenol A	133.44	-1.25	152.28	133.29	0.55	35.00	100.00
Amphenol A	161.28	-0.04	173.82	105.45	0.31	38.42	199.98
Analog Devices	374.52	-7.22	445.51	223.47	1.17	44.22	181.48
Aon Plc A	249.56	-4.42	382.34	304.94	0.59	19.18	74.15
Aptiv Global	313.44	-1.55	344.57	225.55	0.34	35.91	4501.04
Appland Materials Inc	408.26	-2.60	739.67	154.47	0.44	41.30	360.80
Applaxis A	312.63	-4.52	745.61	297.50	0.00	23.94	95.18
Applaxis B	121.43	-0.18	146.28	101.85	0.00	13.00	113.00
Aplica Networks	201.09	-1.16	214.49	114.52	0.00	62.45	253.82
Archy A & Computer	260.15	-4.88	313.55	190.75	1.08	42.65	66.68
AT&T	25.43	-0.44	29.79	19.69	4.36	8.29	174.26
Autodesk	179.52	-1.88	206.00	135.00	0.00	13.00	113.00
Autodesk A	275.58	-1.81	329.09	185.50	0.00	39.21	57.09
Auto Data Processing	268.48	-3.29	305.16	186.18	2.38	25.05	113.09
Autolnc	2623.32	-66.67	4388.11	2992.20	0.00	19.67	47.87
Baker Hughes A	62.11	0.11	70.41	43.82	1.48	19.72	61.55
Baker Hughes B	61.17	-0.11	70.41	43.82	1.48	19.72	61.55
Becton Dickinson	168.13	-2.08	213.08	140.11	2.23	30.44	51.24
Berkeley Networks A	25941.72	-844.72	69318.08	88808.08	0.00	8.91	30.28
Berkeley Networks B	282.10	-1.21	327.4	449.1	0.00	15.42	34.28
Blackstone	1191.72	-1.21	133.39	99.99	0.00	13.00	113.00
Blackstone	143.64	-0.44	160.09	101.73	2.31	32.13	107.82
Bank	84.85	1.75	86.75	48.21	0.00	148.28	45.89
Boeing Co	289.89	-2.20	254.35	176.77	0.00	75.23	165.89
Booking Solutions	61.17	-0.00	62.00	43.82	0.00	13.00	113.00
Booking Solutions	202.56	-6.33	5693.03	1530.14	0.81	22.36	152.20
Boston Scientific	46.67	-1.50	103.50	42.20	0.00	18.74	67.64
British American	66.85	-0.62	68.64	42.52	3.76	14.69	136.76
Caterpillar Engineering	147.55	-2.67	141.69	80.25	0.00	14.89	67.64
Cadence Design Systems	347.55	-12.67	416.69	207.05	0.00	66.69	95.71
Capital One Financial	219.67	-0.54	258.63	174.24	1.48	11.94	132.92
Cameron Oil	58.84	-0.16	70.76	39.24	1.63	41.44	48.50
Caterpillar	74.09	-0.38	86.88	54.58	1.48	11.94	132.92
Caterpillar	871.09	-4.33	937.43	419.51	0.80	35.00	375.55
CRE Group A	147.22	-1.14	372.17	131.69	0.00	37.94	42.63
Cencora	321.23	-6.96	377.54	244.92	0.75	23.76	61.30
Cenovus Energy	148.32	-0.67	166.75	96.89	0.00	27.12	57.89
Chevron	290.80	-3.28	309.89	180.26	0.79	21.72	57.89
Chevron	199.77	-0.44	214.71	146.49	3.56	19.17	394.70
Chipotle Mexican Grill	37.22	-0.12	42.94	29.04	0.00	34.15	47.10
Chubb	338.33	-1.86	366.55	238.65	0.00	34.15	47.10
Chubb Group	204.15	-1.63	219.16	161.16	1.02	41.68	61.69
Coca Systems	112.15	-0.21	130.37	166.13	1.50	37.14	442.03
Citigroup	132.68	-0.88	147.96	92.96	2.02	18.65	222.56
Cintas N.V.A.	388.23	-33.34	332.32	188.83	0.00	533.41	98.44
Cognizant Int'l S.p.A.	63.76	-0.67	67.03	37.08	2.07	13.82	29.72
Cognizant Int'l S.p.A.	63.76	-0.67	67.03	37.08	2.07	13.82	29.72
Codex Metals A U L F D	100.72	-0.94	402.16	139.11	0.00	48.28	42.49
Codex Metals B U M F D	90.96	-1.10	99.33	74.55	2.33	35.81	72.51
Codex Corp A U F D	100.72	-1.10	99.33	74.55	2.33	35.81	72.51
ConocoPhillips A U F D	1295.27	-1.09	133.08	85.87	2.59	17.13	155.00
Constellation Energy	292.41	-2.89	412.70	228.63	0.60	27.58	100.06
Copart	32.76	-0.09	50.11	29.61	0.00	28.23	36.33
Corning Finl S.p.A.	153.86	-0.48	167.97	90.53	0.87	49.94	54.98
Costco Wholesale	834.46	-21.86	1095.60	844.25	0.83	46.94	414.50
Coupang A P L F D	16.23	-0.30	34.08	14.92	0.00	37.74	26.61
Crown Pointe A P L F D	16.23	-0.30	34.08	14.92	0.00	37.74	26.61
CrowdStrike Holdings A A P L F D	2237.96	-86.78	786.04	1741.00	0.00	1594.887	2327.12

Tradeweb

Bulk Commodities
Baltic Dry	3186.00	79.00
Richards ICE Futures	109.35	-0.10

Base Metals
Aluminium	3237.50	3.00
Copper	14277.00	-5.50
Lead	1905.50	-10.00
Nickel	16775.00	-103.00
Tin	54870.00	-484.00
Zinc	3870.50	-13.50

Energy	Price	Change
Brent Crude	89.33	0.40
Natural Gas	2.87	-0.05
Light Crude Oil	83.14	-0.39
3.5 Fuel Oil	492.96	-0.28
Euro Naphtha Oil	745.45	1.03

BONDS: GLOBAL INVESTMENT GRADE

Agriculture	Price	Change
Corn	514.50	4.25
Wheat	212.50	2.25
Rapeseed	546.25	6.25
Sunflower Seed	10275.00	33.00
Soybeans	1271.00	14.50
Soybeans Meal	340.60	10.40
Cocoa (ICE Life)	4388.00	239.00
Cocoa (ICE US)	6491.00	336.00
Coffee (Robusta)	3522.00	-52.00
Coffee (Arabica)	401.00	-3.00
White Sugar	524.30	10.30
Sugar #11	17.54	-0.65
Cotton	90.60	-0.46
Orange Juice	133.95	-3.40
Maple Leaf	4496.44	-58.56
Live Cattle	219.50	-0.80
Feeder Cattle	321.75	-0.70
Lean Hogs	80.05	-0.58
Palm Oil (Malaysian)	1178.00	1.00

Stock	Price	52-Week
		Sym	Hi/Lo	Day	Yld	P/E	MCap
DHLX	94.70	-1.63	18.63	14.20	4.20	16.38	59.21
Oracle	151.94	3.07	347.52	114.50	1.32	25.58	437.66
AT&T Automotive	87.83	1.72	108.72	85.58	0.00	27.79	71.05
Citic Worldwide	71.48	-0.88	94.56	69.16	2.46	20.31	27.21
Eaton	100.00	-0.00	100.00	100.00	0.00	100.00	100.00
PACIFIC	126.54	-2.69	139.24	92.25	12.15	26.58	68.61
Palantir Technologies A	185.53	8.43	307.52	106.37	0.00	146.46	427.77
Palo Alto Networks	380.56	4.54	389.68	188.97	0.00	231.72	313.02
Paychex	111.20	-0.00	111.20	100.00	0.00	100.00	100.00
Paypal holdings	126.48	1.60	139.53	85.45	3.76	25.81	44.99
PayPal Holdings	61.47	-0.34	79.27	38.46	0.91	11.53	52.59
PayPalA	139.72	-2.47	171.48	133.73	4.24	18.29	190.70
PayPalOne	119.20	-0.00	119.20	100.00	0.00	100.00	100.00
Philip Morris Int'l	190.48	-3.02	207.76	142.11	2.37	27.37	298.68
Phillips 66	238.81	-2.42	246.95	136.74	2.12	13.64	56.69
PHC Financial Services Gp	243.51	-1.16	256.86	176.86	1.29	33.39	97.15
Philips 66	217.60	-1.00	228.00	145.00	1.00	19.00	100.00
Pepsico	141.85	-0.74	153.35	110.51	3.02	31.38	134.80
Procter & Gamble	707.13	0.13	727.72	91.99	4.85	10.65	41.53
Public Storage	311.22	-6.17	335.55	256.54	3.86	29.58	58.03
Qualcomm	154.79	-0.20	165.65	129.00	1.00	19.00	100.00
Regeneron Pharm	807.71	-0.48	874.08	551.66	4.25	25.11	45.84
Republic Services	219.72	-2.81	225.18	186.41	1.22	31.06	67.14
Robert Islander's Elec	106.75	1.23	113.65	95.00	2.00	16.00	100.00
SAP	38.10	-0.46	47.94	33.88	5.26	27.06	55.56
Roper technologies	422.89	9.41	532.16	308.95	0.96	17.54	41.80
Ross Stores	229.87	-6.40	257.00	143.39	0.77	31.84	73.74
Royal Dutch Corporation	294.80	-5.30	386.50	236.12	1.78	105.67	76.38
S&P Global	213.08	-0.10	228.00	143.00	0.00	100.00	100.00
Salesforce	425.39	-1.10	554.56	381.61	0.89	26.48	128.35
Salesforce.com	252.05	-6.43	269.11	146.32	0.70	29.67	208.43
Schlumberger	55.01	1.41	58.02	31.64	2.15	12.20	81.64
ServiceNow	84.72	-0.15	94.00	63.00	1.00	13.00	100.00
ServiceNow Inc	138.43	12.63	97.63	81.04	0.21	89.10	143.14
Simon Property Group	214.89	-2.22	228.50	172.19	4.19	15.17	69.53
SimonMax	328.11	13.74	341.95	118.30	0.95	85.90	114.67
Southern	56.34	-0.07	66.83	43.41	2.41	25.25	102.44
Southern copper	89.05	-0.71	100.83	83.80	3.41	21.35	102.44
Southern copper	216.28	2.53	223.86	99.48	1.24	32.47	182.61
Spotify Technology	527.25	-22.78	743.60	405.00	0.00	238.44	108.55
Starbucks	107.25	-0.00	117.25	84.00	1.00	19.00	100.00
Strategic A	137.40	1.42	261.21	85.61	0.81	1.39	50.09
Syngenta	322.12	-7.55	396.86	261.00	1.09	33.11	123.56
Sympirey	464.89	54.89	615.79	366.00	0.00	80.57	89.09
Target Software	289.18	-0.88	336.55	238.00	1.00	19.00	100.00
Target	165.93	1.89	170.75	83.44	2.80	21.63	75.38
TE Connectivity	2033.00	-2.03	252.56	192.27	1.54	19.75	58.77
Tesla	354.83	8.89	498.83	297.38	0.00	383.09	1401.34
Tesla Systems	285.54	-1.36	336.55	236.00	0.00	38.00	100.00
The Italia	275.62	-4.19	277.22	188.08	1.69	6.58	65.14
The Charles Schwab	180.95	-1.34	141.43	83.96	1.18	19.57	186.85
The Cigna Group	277.67	-3.20	315.47	239.51	2.25	11.89	73.37
The Citigroup	89.08	-0.59	99.98	75.54	5.14	23.79	34.68
The Johnson & Company	569.53	-1.58	76.58	54.15	2.74	33.39	34.68
The Davis & Coors	345.21	-3.45	377.77	289.86	0.93	31.55	83.80
The CitiCo	134.32	-2.61	178.00	135.90	1.43	25.61	146.27
The Colgate Group	147.75	-0.45	177.55	134.50	1.29	26.49	146.27
Thermo Fisher Scientific	630.70	-3.01	647.00	457.25	0.32	33.69	233.20
T-Mobile US	177.76	-1.86	258.66	165.66	2.30	18.55	156.67
Trane Technologies	454.31	-9.09	536.97	348.09	0.62	34.44	98.96
Unicomedia Group Inc	198.40	-0.55	226.55	169.00	1.15	19.00	100.00
United Arab Emirates	369.33	-1.82	389.69	252.26	1.35	9.79	77.03
Trust Financial Corp.	50.30	-0.37	56.20	40.78	4.14	11.41	61.45
Uber Technologies	76.95	-1.54	101.98	65.41	0.00	16.66	157.18
Union Pacific	267.51	-2.95	215.89	219.68	1.05	25.64	183.78
United States Equip.	238.53	-1.46	266.08	187.45	0.64	19.27	108.78
United Rentals B.V.	5327.51	-201.15	5178.19	701.59	0.74	24.90	64.58
UnitedHealth Group	385.05	-5.86	491.67	259.97	2.35	25.32	254.59
US Bancorp	62.40	-0.40	68.06	45.02	3.33	12.46	97.22
Vodafone Group Inc.	267.75	-1.45	297.75	209.55	1.34	19.38	108.78
Verizon Communications	49.43	-0.76	51.68	10.63	5.73	12.87	205.37
Vertex Media Group A	39.48	0.21	59.30	27.17	3.80	0.00	5.48
Vertex Pharmaceuticals	547.55	-5.25	555.69	374.47	0.10	31.63	136.78
Visa 'a'	379.69	-1.22	437.88	296.69	1.29	19.48	100.00
Visa 'b'	139.61	-0.22	219.82	132.66	0.66	23.30	46.93
Walmart	1023.71	-1.31	175.16	95.60	0.96	36.01	816.74
Wal-Mart	158.62	-2.81	119.76	92.19	1.46	21.50	184.44
Wells Fargo	277.99	-1.88	334.88	226.88	1.46	24.98	109.98
Wells Fargo	84.97	-0.26	97.76	72.76	2.35	12.21	256.95
WellsHawk	238.60	-1.86	255.20	163.75	1.42	104.17	172.69
Workday A	1035.72	3.92	249.85	151.06	0.93	38.93	38.91
Yum!Brands Inc.	1231.68	-2.44	1467.88	947.88	1.49	24.48	109.98
Yum!Brands Inc.	150.75	-3.66	170.14	137.33	1.99	18.87	41.14
Zscaler A	75.62	-2.50	156.49	71.00	2.83	12.24	31.00

Sources: Energy: NYMEX. Base Metals: LME / London Metal Exchange. Corn, Wheat, Soybeans: CBOT. Live Cattle, Live Feeder, Lean Hogs: CME.

	Red Date	Coupon	Bid Price	Bid Yield	Daily	Weekly
US$
Morgan Stanley	30/01	4.00	98.89	4.57	-0.08	0.06
Truist Finl Corp	28/06	4.12	99.69	5.12	0.06	0.02
National Rural	32/11	4.02	94.55	5.27	0.00	0.18
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	103.01	4.58	0.00	0.00
Euro
Germany	25/08	2.22	89.20	2.93	-0.14	-0.10
Spain	46/10	2.88	82.45	4.20	-0.19	-0.02
Belgium	47/06	1.50	61.46	4.49	-0.12	0.30
France	48/05	2.00	63.37	4.73	-0.14	0.17
£ Sterling
United Kingdom	46/12	4.25	82.60	5.71	-0.30	-0.30
United Kingdom	47/07	1.50	48.56	5.77	-0.18	-0.18

VOLATILITY INDICES
BONDS: BENCHMARK GOVERNMENT

	Aug 28	Day Chg	Prev	52 wk high	52 wk low
VIX	14.27	-0.24	14.51	35.30	13.38
VXD	12.99	-0.06	13.05	42.71	2.43
VDAX	15.41	-0.96	16.36	35.58	13.53

	Red Date	Coupon	Bid Price	Bid Yield	Daily yield chg	Wkly yield chg	Mthly yield chg	Year chg
Australia	06/54	4.75	87.85	5.62	0.01	0.03	0.14	0.37
	04/27	4.75	100.03	4.69	-0.01	0.09	0.09	1.32
Austria	02/23	2.88	97.83	5.28	0.00	0.03	0.18	0.40
	10/51	3.13	86.12	4.00	0.01	0.01	0.15	0.17
Belgium	06/54	3.25	79.63	4.61	0.00	-0.03	0.18	0.33
Canada	06/27	1.00	98.85	2.82	0.00	0.00	0.03	-0.18
	11/25	2.75	76.79	3.93	0.00	0.03	0.15	0.15
Denmark	11/23	2.25	95.22	3.78	0.00	0.00	-0.02	0.20
Finland	11/29	4.50	113.44	3.23	0.03	0.01	0.12	0.30
	09/27	0.50	97.57	3.87	0.04	0.05	0.13	0.74
	09/23	3.00	97.76	3.35	0.03	0.02	0.17	0.38
France	05/54	3.00	72.13	4.84	0.03	-0.03	0.25	0.40
	11/33	3.50	98.34	3.76	0.03	0.00	-0.66	-0.42
Germany	08/23	2.60	98.75	3.12	0.04	0.03	0.18	0.42
	08/51	1.75	67.12	3.76	0.00	0.00	0.16	0.27
Greece	06/28	3.88	101.47	3.01	-0.08	0.02	0.16	0.57
	06/23	4.25	103.26	3.70	0.03	0.71	0.13	0.42
Ireland	10/53	6.25	83.88	3.30	0.07	-0.40	0.32	0.67
Italy	12/27	2.63	99.65	2.95	0.03	0.04	0.11	0.70
Japan	03/34	4.13	102.56	3.84	0.03	0.02	0.19	0.53
Netherlands	01/54	2.00	69.91	3.77	0.01	-0.01	0.15	0.20
	07/23	3.50	95.81	3.18	0.03	0.02	0.16	0.39
Poland	04/28	2.75	97.69	4.23	-0.06	-0.03	-0.01	0.38
	10/33	6.00	101.76	5.69	0.06	0.05	0.25	0.75
Portugal	07/23	3.63	91.52	4.24	0.04	0.02	0.19	0.45
Spain	10/52	1.88	62.39	4.33	0.01	0.00	0.17	0.28
	10/23	3.50	100.65	3.44	0.03	0.02	0.17	0.39
Sweden	11/25	1.75	96.38	4.50	0.00	0.00	0.14	0.44
Switzerland	03/36	2.50	119.83	0.32	0.00	-0.02	-0.22	0.49
United Kingdom	06/28	0.00	92.65	4.41	0.06	0.06	0.08	0.64
	10/53	3.75	72.09	5.80	0.03	0.02	0.13	0.59
United States	11/28	4.50	99.44	5.59	0.07	0.00	0.11	0.62
	11/57	4.75	93.11	5.23	0.02	-0.08	0.10	0.40

GILTS: UK CASH MARKET

Aug 28	Price	Yield	Red Yield	Day	Week	High	Low
Tr 1.25pc '27	97.44	1.28	4.25	-0.03	0.01	97.51	95.36
Tr 0.875pc '29	89.59	0.98	4.46	-0.11	-0.06	91.00	0.01
Tr 1pc '32	82.54	1.21	4.69	-0.16	-0.06	85.07	81.01
Tr 4.25pc '36	93.73	4.53	5.09	-0.25	-0.01	99.39	92.65
Tr 4.5pc '42	88.67	5.08	5.57	-0.29	0.10	96.45	87.54
Tr 3.75pc '52	72.97	5.14	5.77	-0.27	0.26	81.50	72.00
Tr 4pc '60	74.09	5.40	5.75	-0.30	0.27	83.52	73.28

Closing prices and highs & lows are in traded currency. Market capitalisations are in local currency. Highs & lows are based on a rolling 52 week period

GILTS: UK FTSE ACTUARIES INDICES

Price IndicesFixed Coupon	Aug 28	Dayschg %	TotalReturn	MonthReturn	YearReturn	Yield
Up to 5 Years	84.72	-0.06	2680.21	0.21	1.19	4.46
5-10 Years	143.52	-0.20	3397.86	-0.23	-0.53	4.91
10-15 Years	141.85	-0.28	3729.18	-0.67	-1.94	5.36
5-15 Years	141.40	-0.22	3468.89	-0.37	-0.97	5.09
Over 15 Years	164.96	-0.33	3292.47	-1.28	-5.37	5.71
All stocks	125.23	-0.18	3137.58	-0.37	-1.26	5.33

Index Linked	Aug 28	Day'schg %	Monthchg %	Year'schg %	TotalReturn	Return1 Month	Return1 Year
Up to 5 Years	363.01	0.05	0.68	2.19	3167.51	0.70	3.00
Over 5 Years	468.00	-0.02	0.61	-2.14	3663.00	0.62	-1.71
5-15 Years	458.87	0.02	0.70	1.32	3948.29	0.71	1.88
Over 15 Years	465.15	-0.06	0.50	-5.45	3507.94	0.51	-5.13
All stocks	465.75	-0.00	0.65	-1.28	3722.10	0.66	-0.78

Yield Indices	Aug 28	Aug 27	Yr Ago
5 Yrs	4.63	4.59	4.26
10 Yrs	5.12	5.09	4.59
15 Yrs	5.47	5.44	4.88
20 Yrs	5.65	5.62	5.02
45 Yrs	5.58	5.56	4.91

Real Yield 0% Inflation	Aug 28	Dur Yrs	Previous	Yr Ago
Up to 5 Years	1.01	2.70	1.02	0.73
Over 5 Years	2.31	16.29	2.31	1.90
5-15 Years	1.97	9.54	1.97	1.61
Over 15 Years	2.46	23.04	2.45	2.01
All stocks	2.25	13.40	2.25	1.86

Real Yield 5% Inflation	Aug 28	Dur Yrs	Previous	Yr Ago
Up to 5 Years	0.74	2.70	0.74	0.43
Over 5 Years	2.28	16.29	2.27	1.88
5-15 Years	1.90	9.54	1.90	1.54
Over 15 Years	2.44	23.04	2.43	2.00
All stocks	2.21	13.40	2.20	1.82

FT

FINANCIAL

TIMES

Energy Source

Profit. Power. Politics.

Main Market

	Price+/-	52 Week				P/E	Vol%
		High	Low	Yld	P/E
Aerospace & Defence
BAE Systems*	2044.00	-82.00	2360.00	1529.00	1.85	29.71	8034.75
Chemring Group*	-550.50	-20.00	650.75	446.52	1.47	30.93	1013.96
Automobiles & Parts
Ford Motor*	1019.93	-37.72	1319.04	841.76	4.33	-5.82	—
Brands
ANZ Group	1944.26	-8.10	2126.50	1590.55	5.92	18.86	2388.46
Banco Santander	1082.00	4.00	1122.00	696.00	1.54	13.89	3867.24
Becton Social Media	6933.43	-3.32	6977.00	4662.73	3.56	—	1477.52
Barclays**	496.65	4.05	554.10	352.85	2.32	11.34	34628.24
Canadian Imperial	8373.18	-170.16	9198.88	5551.02	2.71	—	—
HSBC# *	1526.40	10.00	1610.00	942.80	3.15	17.15	26652.77
Lion Finance Gp	13420.00	330.00	13920.00	6905.00	2.38	8.44	79.99
London Stock Gp*	103.85	-1.30	117.80	77.38	3.65	15.71	11469.50
NetWest Group*	579.40	-4.40	726.00	500.20	5.15	12.70	21271.10
OSB Group*	514.50	-1.50	647.50	479.00	6.98	6.81	1396.72
Perm TSB Group	251.69	1.09	291.66	183.29	0.62	6.48	8.23
Royal Bank of CA	15964.1	16.81	16187.03	10860.11	2.48	—	994.81
Stand Chart*	2177.00	15.00	2278.00	1251.50	2.35	15.17	8093.52
* 7375%PI	112.25	-0.50	128.84	109.50	6.57	—	53.45
* 8.25%PI	128.25	-1.75	143.80	125.00	6.43	—	74.03
Toronto-Dominion	8914.48	322.12	9256.88	5736.30	2.82	—	847.99
Westpack	1794.48	15.62	2275.39	1750.74	4.54	16.87	3819.00

Elementis●	174.20	-5.00	195.40	136.00	1.91	-30.32	3621.93
Johnson Matthey●	2276.00	2.00	3245.25	2224.00	4.51	-29.84	571.27
Victrex	841.00	28.00	855.00	515.00	7.08	26.28	337.35
Construction & Materials

Galliford Tsy Hldgs	608.00	-	640.00	407.50	3.29	18.04	566.70
Morgan Sindall	4400.00	26.00	5730.00	3915.00	3.70	11.82	112.62
Electronic & Electrical Equip
discoverE Grp	813.00	49.00	840.00	505.00	1.60	26.92	762.91
Halma	3632.00	122.00	4902.00	3194.00	0.68	36.85	1314.98
Morgan Adv Mat	241.00	7.50	261.00	179.80	5.06	32.13	736.70
Oxford Instruments	2840.00	-6.00	3318.00	1682.00	0.83	33.57	191.04
Renishaw	5105.00	5.00	5490.00	3110.00	1.53	44.31	77.08
TT Electronics	136.00	0.40	154.80	93.00	-	-4.77	28.34
XP Power	1786.00	22.00	2060.00	843.00	-	-42.52	95.58

Financial General
3i Group*	2828.00	-6.00	4487.00	1825.00	2.89	--
Aberdeen Group*	252.20	3.40	265.00	177.52	5.79	11.68
Bridgepoint Group	322.60	1.60	351.80	212.00	2.94	64.52
of London Inc	491.00	1.00	496.00	290.00	6.73	16.60
Close Bros	412.60	-15.60	556.15	318.40	-	6.17
ICC	2022.00	-6.00	2340.00	1243.47	4.30	12.12
Investec*	663.00	26.00	690.00	499.36	5.81	8.60
Jupiah**	317.20	7.00	214.50	113.45	3.53	8.86
Kapital**	317.50	7.00	365.00	220.00	5.96	20.62
London Stock Ex.*	9000.00	398.00	10140.00	6664.00	1.76	37.75
Rathbones Group	1712.00	8.00	2500.00	1580.00	5.84	15.87
S & U	2000.00	50.00	2458.50	1620.00	5.75	10.25
Schroders	584.00	-	589.50	359.60	3.77	17.13
Hammers Place*	1186.00	-2.00	5375.50	1028.75	1.52	11.87
TP ICAP Group	344.80	15.60	355.00	235.50	4.95	13.66
Vanquis Banking Gp	80.60	3.30	132.00	75.00		25.19

AIM

	Price	+/- Wk Avg	52 Week		Yld	P/E	Vol000s
			High	Low
Aerospace & Defence
Cohort●	1226.00	-8.00	1538.00	881.10	1.46	23.47	126.56
Velocity Composites	18.50	1.50	25.00	12.00	--	9.25	97.36
Basic Resources (Ex Mining)
Cropper J	520.00	75.00	540.00	230.00	--	16.88	33.26
Construction & Materials
Accsys Tech	71.40	1.40	79.84	58.10	--	31.24	105.56
Electronic & Electrical Equip
Checkit	20.00	--	27.00	12.35	--	-7.69	13.82
LPA	77.50	--	90.00	34.00	--	-29.36	2.00
Thorpe FW	260.00	1.00	320.00	240.00	2.76	11.99	82.27
Financial General
Arbutnot Banking●	795.00	-5.00	1100.00	765.00	6.92	7.29	74.28

Investment Companies

	Price	+/- Wk Chg	52 Week			Yld	NAV	Div. ($)
			High	Low	Yld
Conventional (Ex Private Equity)
3i Infra	395.50	4.00	399.50	325.00	3.45	404.02	-2.59
Alt GVT	93.00	4.25	96.77	76.00	6.56	102.39	-11.48
AEP Inc	1780.00	10.00	1786.00	1088.07	2.89	1804.44	-10.13
Aberdeen Asia Foc	463.00	10.00	464.00	342.00	1.42	502.00	-9.80
Aberdeen Asian Inc Fund	318.00	...	357.00	236.00	5.90	341.10	-7.14
Aberdeen Eq Inc	462.00	-1.00	473.00	359.25	5.00	460.52	1.06
Aberdeen UK Smil	533.00	12.00	539.00	441.50	2.63	579.99	-8.70
Alliance Witan	1379.00	9.00	1394.00	1178.00	2.13	1445.46	-4.39
Alstom Tech	712.00	20.00	764.00	688.00	-1.66	760.66	-7.95
Artemis Fund Europe	400.50	4.50	405.00	321.00	3.86	445.16	-10.76
Aurora UK Alpha	257.00	-2.00	279.00	222.09	1.83	286.55	-10.59
AVI Japan	172.50	3.50	194.00	154.50	1.28	179.61	-4.07
BG China Growth	306.00	-3.00	331.04	277.00	0.82	337.90	-8.39
BG Euro	127.50	3.50	133.00	91.40	0.56	136.31	-7.72
BHP Billiton	1078.00	10.00	1090.00	811.10	0.93	1182.22	-9.49
BG Shin	174.20	4.60	176.00	123.05	0.40	190.94	-9.84
BG US Growth	340.50	12.50	369.50	261.00	...	360.10	-6.56
Baillie Gifford UK	227.00	1.00	231.00	180.12	2.73	249.91	-9.07
Bankers IT	151.60	2.40	154.80	121.79	1.86	165.46	-8.69
Biotech Growth	1738.00	6.00	1766.00	860.00	...	1679.12	-7.27
BlackPearl Snrl	278.00	1.00	289.55	241.00	5.34	275.95	1.72
BChip Energy & Res	186.00	2.50	205.00	123.00	3.12	195.96	-4.51
BChip Front	194.50	3.00	208.00	164.50	3.92	194.04	-1.67
BChip GEur	610.00	5.00	625.00	508.95	1.17	652.93	-6.61
BChip BSG	234.00	...	240.00	200.00	3.29	261.50	-11.18
BChip Smln	276.50	2.00	288.40	230.86	2.87	317.02	-11.90
BChip Worldwide	1060.00	10.00	1076.00	844.00	2.86	1092.59	-2.21
Brunner	1580.00	20.00	1588.00	1336.00	1.71	1741.38	-10.06
Celestonia Inv	397.00	11.00	402.00	312.00	1.94	584.41	-3.49
CanGen CS	2851.38	106.98	2857.59	2244.36	2.31	301.75	-40.02
City of Lon	591.00	4.00	599.00	486.00	3.75	577.75	1.83
CCG NetRes	403.00	9.00	467.00	208.23	6.54	402.31	-0.66
CIT Healthcare	153.40	1.40	152.40	114.40	3.90	167.86	-1.48
CT Mgd	131.00	-3.50	135.00	114.00	6.11	134.08	-2.37
CT Mggt	327.00	2.00	330.00	270.00	...	338.28	-3.49
CT CpG	358.00	5.00	373.00	330.00	3.76	375.57	-4.55
CT UK HIT 8	109.00	...	120.00	92.00	5.47	119.54	-9.89
CT UK HIT Otd	122.00	6.00	126.00	97.00	4.89	118.69	-1.64
EcoHealth Inc	319.00	0.00	323.00	275.00	6.32	314.52	-7.92
Edinburgh Inv	860.00	5.00	867.00	737.60	3.72	925.30	-7.06
Edin Worldwide	266.50	8.00	294.50	188.20	...	290.58	-7.95
The Euro SmCo	242.50	8.00	247.21	193.80	5.21	265.82	-9.67
F&C Inv Trust	442.50	4.20	1332.00	325.85	1.21	375.37	-8.39
Fidelity Bio	626.00	1.00	672.00	441.06	3.27	646.53	-4.27
Fidelity China	284.00	-2.50	339.00	241.01	3.41	281.46	-6.96
Fidelity EmerMktis	1508.00	26.00	1574.00	842.00	1.31	1619.44	-6.08
Fidelity Euro	439.00	...	447.50	367.50	2.26	459.98	-4.71

	Price	+/- Wk Day	52 Week			Yld	P/E	Vol 000s
			High	Low	Yld
Food & Beverages
AEP Plantations	205.00	12.60	229.00	117.37	2.97	12.02	634.72
Betal Products	262.00	-0.00	259.00	129.45	3.01	14.48	599.88
Ban (AG)	598.00	-8.00	715.32	589.00	3.14	14.18	104.36
Fevera	145.00		149.50	114.50	1.66	6.28	15.14
Coca-Cola HBC	450.00	26.00	519.00	3270.00	2.25	20.62	1544.79
Cransmec*	5390.00	30.00	5810.00	4775.00	2.09	18.22	68.47
Disagree*	1709.00	-10.00	2109.00	1265.50	2.16	29.70	6474.27
Greencore	266.80	0.60	307.50	191.10	0.97	20.21	1622.82
Kerry Group	7382.38	439.83	7646.35	5567.81	1.68	21.49	97.09
Tate & Lyle	554.00		580.00	319.40	3.57	25.18	1971.91
Unilever*	4776.00	95.00	5542.11	3644.00	3.45	12.88	7147.30

GN Store Nord	1102.67	23.76	1429.97	984.75	14.18	513.42
Smith&Neph	1062.50	-7.00	1441.50	1046.00	2.75	20.00, 3800.36
House, Leisure & Pers Goods
Barratt Redrow	318.20	5.80	410.29	235.40	5.37	23.40, 3066.14
Helen	2160.00	46.00	2090.00	1715.00	3.32	18.27, 2698.79
Berkeley	3570.00	16.00	4442.00	2796.00	10.77	297.46
Barberry Group	1084.00	14.50	1376.50	978.00	-	3644.41
Cairn Homes	221.50	6.00	228.00	161.00	3.96	121.15, 169.41
New York Workshop	18420.00	-24.00	23540.00	14670.00	3.12	28.52, 408.00
Gleeson (MJ)	278.00	5.00	435.00	221.00	3.94	10.25, 23.21
Headlam Group	10.50	1.60	75.40	4.64	-	-0.10, 302.85
Mcbride	206.00	42.00	214.10	106.20	1.46	10.56, 2357.53
Mitsubishi	1978.00	-46.93	4413.42	1790.38	3.66	46.16, 835.24
PZ Cussons	103.60	-0.20	114.00	65.00	3.57	22.04, 605.14
Vistry Group	302.60	38.20	746.40	220.00	-	7.17, 2042.40

Industrial Engineering
Bodycote	913.00	4.50	935.00	585.00	2.55	29.45	1960.18
Goodwin	18460.00	-260.00	28500.00	9292.59	1.79	25.00	121.06
Hill & Smith	2995.00	95.00	3220.00	1994.00	-	29.16	367.96
IMI+	3112.00	58.00	3166.00	2216.00	1.13	25.04	894.42
Melrose+	515.20	44.90	685.00	409.90	1.46	17.77	5857.27
RHI+	2755.00	-45.00	3390.00	1920.00	5.59	17.68	31.90
Weir	2846.00	30.00	3580.00	2254.00	1.48	29.74	684.39

Coats Group	81.20	1.20	98.10	73.15	3.02	18.65	6119.82
Macfarlane	77.00	5.50	99.00	59.80	4.75	19.30	797.53
Smiths	2612.00	12.00	2754.18	2088.00	1.79	30.48	2157.86
Industrial Transportation

Braemar•	223.50	3.50	260.00	203.11	3.13	30.87	43.68
Fisher (J)	442.00	-18.00	554.00	325.00	-	-50.80	95.75
Insurance
Admiral Group	4024.00	48.00	4128.00	2624.00	3.56	16.33	1352.08
Aviva	730.40	13.20	740.60	590.60	5.50	27.15	7431.55
Chesnara	376.00	53.00	376.00	264.59	6.11	-14.46	2224.16
Essential Insurance	139.50	0.25	150.00	135.00	6.18	-	33.08
Harveston Global	53.00	2.00	57.00	43.35	8.40	-40.77	20.05
Hiscox•	1842.00	47.00	1904.00	1257.18	2.11	13.64	826.90
Lancashire Hldgs•	616.00	7.50	700.00	548.00	2.73	6.91	596.90
Legal & General•	293.40	9.40	318.10	217.20	7.47	29.37	57028.68
Mortuel	58.40	0.60	78.00	54.00	6.95	6.47	120.12
Prudential	1018.00	-10.00	1238.00	910.20	2.01	8.96	7018.24
Standard Life	940.00	19.50	948.50	615.00	5.89	-199.57	2816.97

FINANCIAL TIMES

	52 Week					Div. %
	Price	+/- Wk Chg	High	Low	Yld	N/A
Fidelity Spec	473.50	2.50	479.50	372.00	2.18	470.24
Finsbury G&I	836.00	9.00	902.00	706.25	2.42	897.40
The G&I Small Co	193.40	0.80	198.60	162.72	1.63	203.74
Hindi (ssp)	1.25	-	1.25	1.25	1.25	14.40
Hansa	334.00	-4.00	346.00	250.00	1.32	545.63
Hansa A	330.00	-	335.00	244.00	1.33	545.63
Hen FarEs	264.50	5.50	281.50	228.00	8.47	255.12
Hen High Inc	207.00	1.00	214.00	173.25	5.37	217.31
Hen Smir	989.50	1.00	998.50	1000.00	2.92	177.29
Hen Resil	2995.00	40.00	3290.73	2285.00	-	3344.40
HICL Infra	137.40	-3.00	141.00	107.20	6.19	159.46
Impax Env	450.50	5.50	494.76	379.00	1.13	507.15
Indiotech	1135.00	15.00	1235.00	667.50	2.76	1201.61
Intl FP	140.00	-0.80	145.80	115.60	6.28	150.88
Inv Asia Dragon Tst	503.00	-0.10	519.00	459.00	3.82	514.52
JPM Bond Inc	171.50	0.50	178.50	150.11	7.14	168.74
JPM Amer IT	1218.00	6.00	1258.00	1041.00	0.94	1255.70
JPM Asia G&I	592.00	10.00	652.00	398.00	5.25	598.14
JPM China G&I	275.00	0.50	313.00	259.50	4.93	302.42
JPM Cleve	978.00	6.00	986.00	791.74	3.73	988.57
JPM&CI Com(ssp)	84.20	-	86.60	68.00	-	-
JPM Emrg EMEA	239.50	-4.00	310.00	181.65	0.25	71.68
JPM Emrg	168.00	1.60	181.20	118.40	4.48	181.05
JPM Eur Disc	643.00	15.00	666.00	548.00	2.49	689.94
JPM Eur G&I	147.60	1.40	153.00	124.50	3.69	149.59
JPM Em Mk Div	211.00	6.00	221.00	148.00	2.84	238.91
JPM Em G&I	620.00	1.00	641.00	499.60	4.00	622.68
JPM India Gwth Inc	890.00	4.00	1098.00	799.00	5.04	954.60
JPM Japan	818.00	15.00	867.00	661.00	1.06	886.43
JPM UK Sm	356.50	-2.00	369.00	287.92	4.19	382.59
JPM US SmI	435.00	-5.00	463.00	365.00	0.74	481.14
Law Deb	1254.00	12.00	1298.00	977.40	2.95	1226.94
Lowest Retail Tsin	560.00	-0.00	778.00	636.00	5.00	719.99
Lowland	186.50	1.00	191.50	145.50	3.63	203.67
Marwyn Val	138.00	-	138.83	137.75	6.57	258.29
Mercantile	289.00	6.00	290.50	234.31	2.85	319.58
Merch. Trst	684.00	6.00	691.00	536.00	4.34	717.15
Mid Wynd	800.00	14.00	804.00	682.00	1.04	815.70
Moeks IT	1638.00	-20.00	1664.00	1465.00	0.96	1716.19
Morgan Sdn	142.50	4.50	189.00	142.00	0.86	196.98
Murray Inc	1002.00	6.00	1036.00	854.66	4.09	1069.98
Murray Intl	372.50	2.00	376.00	293.00	3.44	367.12
New Star IT	142.00	1.50	148.00	108.00	2.50	198.87
NJ All Sci Int'l	420.00	-12.00	434.00	328.00	1.67	634.88
Parc. Honix	1122.00	112.00	1262.00	922.00	0.13	1234.70
Parc Energy	556.00	6.00	558.00	512.00	1.01	555.38
Polar Health	450.00	-5.00	460.50	340.00	0.49	445.66
Polar Fin.	254.50	6.50	256.00	199.16	-	255.62

	Price	+/- Wk Dng	52 Week			Vol 000s
			High	Low	Yld
BP Marsh	680.00	4.00	710.00	613.00	5.34	5.13
Burbford Capital	320.40	3.60	1038.00	279.80	2.95	15.00
Premier Miton Group	39.00	-0.25	66.00	34.53	7.69	50.00
Food & Beverages
Camellia	5650.00	-100.00	6300.00	4800.00	4.60	-30.26
Fevertree Drinks	853.50	0.50	973.00	711.00	2.03	45.46
Nichols*	1140.00	25.00	1240.00	880.00	3.41	19.43
House, Leisure & Pers Goods
Churchill	370.00	-30.00	460.00	271.00	5.68	9.32
Frontier Dev	425.00	-16.00	589.56	302.00	-	10.12
Portmeirion	53.00	-	138.00	47.14	-	-1.17
Sanderson Design Grp	78.00	1.00	80.00	40.00	1.92	26.17
Industrial Engineering
MS Intl*	1695.00	105.00	1800.00	1120.00	1.53	25.15

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	Price	+/- Vol Chg	52 Week			Vol P/E	Vol 000s
			High	Low	Yld
Leisure
ME Group	129.80	-8.80	205.00	98.50	6.46	8.65	2508.94
Media
Autotradr Grp+	528.00	-18.80	828.80	418.80	2.20	15.45	3678.57
Informa+	901.40	0.60	1000.00	719.00	2.49		5574.38
ITV	71.00	-0.85	87.35	65.70	7.04	12.03	9410.07
Pearson+	1233.50	38.00	1337.00	874.80	2.08	24.00	2751.88
Resid+	42.90	-0.10	73.70	40.10	13.75	-1.02	490.99
Rolls26	2612.00	-61.00	3575.00	1991.00	2.58	23.73	7916.09
Rightmove	510.20	-6.60	767.00	391.40	2.11	18.16	3074.05
STV Group	112.00	4.75	129.50	95.60		-10.37	5.00
WPP	382.60	-4.30	412.60	218.50	3.92	7.61	4756.64

Mining
Anglo American*	4269.00	202.00	4321.00	2206.39	0.67	-17.52	8918.69
Antofagasta	4039.00	134.00	4475.00	2115.00	1.42	40.67	2056.89
BHP Group	3543.00	18.00	3592.00	1918.00	3.58	24.84	579.02
Ferrexpoil	28.58	-	87.23	27.20	-	-4.56	-
Fresnillo*	3170.00	-89.00	4472.00	1738.68	3.53	22.91	1943.62
Glencorex*	595.60	-1.20	707.20	281.93	2.10	-	88067.23
Harmony	1529.47	-191.72	1963.66	946.96	3.83	14.43	4625.33
Rio Tinto*	7674.00	26.00	9117.00	4528.00	4.46	16.97	2984.60

BP●●	514.50	-35.00	609.40	399.35	4.81	—	64928.09
Capricorn	343.00	—	384.00	181.80	—	16.63	24.99
ExxonMobil Hldgs●	11516.40	—	11589.40	11442.00	2.64	—	—
GeoPark●	723.41	—	738.89	716.78	0.94	11.98	—
Hellenic Energy	1324.37	—	1326.94	1295.27	3.88	5.32	338.48
Imperial Oil C$	9648.42	-476.54	10397.16	6229.98	1.91	—	218.22
TC Energy Corp	4554.89	—	4585.14	4538.43	4.09	-24.73	827.15

AstraZeneca•	11970.00	-270.00	15732.00	9892.00	2.00	24.62	3627.82
Chemical Works	3160.69	-	3160.69	3105.90	4.86	16.14	0.34
GlaxoSmKline•	1853.50	-65.00	2282.00	1440.29	3.78	13.14	7790.23
Hikma Pharm•	1616.00	-20.00	1865.00	1187.00	3.92	12.05	444.44

REITB
British Land	426.20	-1.40	451.60	318.60	5.42	-	-
Derwent London	2048.00	-2.00	2196.00	1469.33	4.00	-	-
Great Portland Est	337.60	-3.00	377.00	270.00	2.43	-	0.00
Land Securities	686.50	-	726.00	522.50	6.00	-	-
LondonMetric Prop	189.00	-0.40	216.20	175.30	6.64	-	-
Primary Health Prop	95.55	-0.45	109.60	87.40	7.64	-	-
Segro	961.20	-2.80	997.40	603.00	3.28	-	-
Shahresbury Capital*	147.20	-3.70	155.10	124.10	2.92	7.87	2702.88
Trinity Big Box	(37.40)	-1.60	175.00	132.20	5.24	-	-
Real Estate Inv & Services

Grainger	173.70	-4.90	202.79	149.44	4.84	6.34	4126.84
Harworth Group	176.80	-4.00	185.00	116.80	1.00	60.97	211.86
Helical	200.00	-1.00	236.25	180.60	1.31	41.41	61.00
Mountview Estates	8750.00	50.00	10200.00	8350.00	6.00	16.76	0.01
Savills♦	1070.00	24.00	1142.00	791.46	2.20	20.58	863.63
Sirius Real Estate	98.00	1.60	113.00	86.80	5.59	7.55	2471.82
Smart (J)	115.00	-	140.00	106.00	2.83	8.80	-
Retailers
Cafyrs	500.00	50.00	550.00	350.00	2.00	-12.29	3.01
Dunelm Group	870.00	-14.00	1246.00	707.00	8.05	11.27	799.46
Halfords Group♦	273.50	41.00	276.10	123.80	3.29	17.99	953.70

	Price	+/- Wk Chg	52 Week				Vol DSOs
			High	Low	Yld	P/E
Media
Mission Group	21.00	-	27.00	12.00	-	-0.99	10.06
Mining
Central Asia Metals	178.00	22.00	244.00	125.27	8.71	-5.68	2485.72
Chim Therapeutics	11.50	0.25	18.50	8.00	-	-2.25	65.15
Oil & Gas
OilShekel	13.00	1.30	14.00	7.60	-	-101.81	2940.08
Pharmaceuticals & Biotech
Sareum Holdings	33.50	5.50	40.00	9.50	-	-13.96	398.19
Retailers
Boohoo Group	20.70	0.90	29.50	10.30	-	-2.67	3054.70
CVS Group	1322.00	26.00	1648.00	1062.00	0.64	17.94	213.65

	Price	+/- Wk Chg	52 Week			(%)
			High	Low	Yld	NAV
Polar Tech.	656.00	16.50	743.50	385.80	—	714.11
Right & Ins IT	2480.00	10.00	2520.00	1955.13	1.82	2916.48
RIT Cap.	2565.00	-15.00	2945.00	1932.00	1.75	3106.00
Ruffer Inv. Y	299.50	0.50	318.00	281.26	2.07	312.46
Schid Ali Spac	642.00	5.00	892.00	608.00	1.54	926.51
Schid Ali/Total	712.00	0.00	738.00	520.00	1.62	733.27
Schroder Inc	376.00	2.00	380.00	311.90	3.91	395.41
Schid Japan	387.00	11.00	401.00	276.00	3.13	417.13
Schid Orient.	459.00	7.50	466.00	303.00	2.88	468.86
Schid UK Mid	782.00	9.00	790.00	652.00	2.89	825.59
Schindler America	580.00	5.00	572.00	439.10	2.98	737.98
Scot Mortgage	1492.50	28.50	1563.00	1015.74	0.31	1612.52
Scot Oriental	273.00	-3.00	305.00	240.00	1.25	302.33
Strategic Eq.	358.00	-3.00	415.00	330.00	1.19	392.65
Simple Bar	420.50	-1.00	429.50	344.00	3.71	414.89
Tetragon	1035.03	-	1464.66	892.98	-	3.36
TRIG	76.90	-0.10	80.50	63.20	9.82	100.51
UIL	204.00	—	204.00	204.00	3.92	282.29
Ultuno EmsMits	279.00	3.00	302.00	243.00	3.47	309.22
Universal Health	746.00	-1.00	865.00	630.00	-	144.14
Worldwide Hlth	389.50	-5.50	401.50	320.00	0.62	420.59

Conventional - Private equity
CT PrivEq	490.00	-6.00	592.00	439.84	5.78	697.40	-31.16
HGCapital	440.50	21.50	512.00	318.64	1.14	530.10	-19.82
HVPE	3380.00	20.00	3500.00	2745.00	—	4390.00	-23.69
ICG Ent	1494.00	4.00	1611.42	1288.31	2.81	2027.60	-27.00
Pantheon Int	394.00	7.00	409.00	325.00	—	521.30	-24.61
Partners PE €	647.21	28.64	945.52	583.57	9.26	11.57	-35.70

AEW UK REIT	106.00	-0.20	113.20	95.90	7.55	105.99	0.42
TR Prop	305.00	-2.50	364.50	291.00	5.28	340.86	-10.11
VCTs
Bnd 2nd VT	44.40	-0.20	54.00	39.50	9.01	46.70	-4.50
Nthn 2 VCT	53.00	—	56.50	47.00	5.66	55.40	-4.33
Nthn 3 VCT	82.00	—	88.50	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	117.50	—	120.18	109.50	—	115.73	1.55
Investment Companies - AIM
Crys Amber	82.50	-3.50	155.39	80.66	—	175.59	-53.02

	Price	+/- Vol Dq	52 Week			Yld	P/E	Vol 000s
			High	Low	Yld
Inchcape*	849.50	19.00	895.00	640.50	3.96	11.72	842.25	-
JD Sports	86.70	2.16	106.18	63.98	1.38	10.05	16142.69	-
Kingfisher	315.50	-5.80	372.30	240.30	3.93	22.54	8040.93	-
Marks & Spencer	394.80	11.90	418.33	301.10	1.06	31.09	9251.44	-
Lion	679.00	4.00	747.00	520.80	—	—	—	—
Sainsbury J	333.60	0.10	380.30	292.20	4.17	19.28	13860.04	-
Tesco	457.30	0.10	510.40	411.70	3.17	16.63	35886.85	-
Support Services
Bunzl	2792.00	38.00	2886.00	1981.00	2.65	19.80	15061.71	-
Capita	280.50	-0.50	416.00	215.00	-	-1.95	—	-
Diploma	6370.00	100.00	6740.00	3800.00	3.40	—	224.76	-
Diploma	7330.00	130.00	7765.00	4970.00	0.86	33.15	10147.97	-
Essentra	108.80	0.40	115.20	76.40	1.93	—	1015.03	-
Experianie	3044.00	95.00	3967.00	2203.00	1.70	25.12	2916.98	-
Hays	76.85	4.70	78.45	69.68	0.57	21.11	16652.12	-
Howden Joinay	794.00	-4.00	981.00	713.00	2.77	16.14	1819.20	-
Intertek	5845.00	—	5880.00	3519.42	2.82	28.80	4787.57	-
Johnson Service	148.30	4.60	172.10	123.80	3.24	15.95	576.99	-
KBRE Group	208.60	-1.60	214.40	144.80	2.16	31.61	11652.12	-
RS Group	756.50	19.00	760.50	536.90	3.03	21.86	7978.30	-
Vip	494.00	13.00	620.00	420.00	8.00	-35.80	17.21	—

Tech - Software & Services
Computacenter	5670.00	585.00	5685.00	2234.00	1.32	38.70	204.41
NCC Group	145.00	5.40	161.60	107.20	3.21	25.89	1142.48
The Sage Grp	1092.00	-6.00	1181.00	771.66	2.06	28.93	10625.60
Triad Group+	410.00	-	430.00	236.00	2.20	41.33	2.78

Telecommunications
Airtel Africa	332.80	5.60	436.20	212.08	1.57	24.29	6296.94
BT Group+	205.30	1.40	242.09	173.00	4.05	18.66	18524.41
Telecom Plus+	875.00	4.00	1914.00	638.00	5.71	8.65	279.08
Vodafone	118.45	1.30	131.10	83.40	3.35	-83.86	64070.46
Tobacco

Brit Amer Tobacco	4129.00	-2.00	5326.00	3677.00	5.93	11.76	3595.18
Imperial Brands+	2527.00	24.00	3632.04	2476.00	6.60	10.06	4057.01
Travel & Leisure
easyJet	674.00	3.00	683.80	332.60	1.96	10.24	2355.06
FirstGroup	179.00	-0.40	227.80	152.10	4.02	8.36	1738.38
Fullers 'A'	752.00	—	776.00	550.00	2.82	19.17	63.31
IntConti Hotels+	11982.00	279.82	13305.06	8618.00	1.17	33.13	1528.81
Intl Cons Air	438.20	15.30	492.90	332.70	1.55	7.18	14172.49
Whitbread	2459.00	35.00	3302.00	2098.00	3.94	19.94	661.65

Drax Group	775.00	30.50	937.50	613.90	3.91	37.44	1363.14
National Grid	1170.00	-1.00	1428.50	1000.00	4.14	17.86	14591.71
Pennon	479.00	17.20	606.00	439.40	6.11	24.69	1728.38
Severn Trent	3146.00	32.00	3335.00	2381.00	4.01	25.47	2111.29
SSE	2449.00	63.00	2767.50	1597.00	2.81	23.21	3046.44

	52 Week						Vol000s
	Price	+/- Wk Chg	High	Low	Yld	P/E
Support Services
Christie	162.50	11.00	165.00	90.00	2.15	31.99	40.09
LonSec	3650.00	-	3800.00	2100.00	2.66	18.81	-
NWF	153.00	2.00	187.50	110.00	5.69	8.23	23.60
Petards	10.00	-	12.50	7.00	-	-14.93	0.35
Renew	977.00	26.00	984.70	772.00	2.08	15.84	367.65

Oxford Metrics	39.00	-0.80	60.40	37.50	8.33	-70.91	139.50
Travel & Leisure
Gaming Realms	29.50	-0.90	52.00	29.00	-	14.53	667.35
Jet2	1528.00	-2.00	1651.78	980.00	1.11	7.23	289.19

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 per share. The closing price is 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 20% tax, nonUK 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) is based on the closing price at 3.000 points. The closing price is based on the latest cum fair net asset value estimate and closing price. Discounts, premiums, gross redemption yield (GRY) and hurdle rate for share (SP) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV in pence.

- trading ex-dividend - trading ex-capital distribution

price at time of suspension from trading

† FT Wilshire Global 500 company

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.

The FT Share Service is a paid-for print listing service and may not be fully representative of all LSE-listed companies. This service is available to all listed companies, subject to the Editors discretion. For new sales enquiries please email data@ft.com. For further information contact newspapers@ice.com

Data provided by

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Bid Offer +/- Yield 24m 36m Fund

CP Capital Asset Management Limited
Artemis Fund Managers Ltd (1200)F 57 St James's Street, London SW1A 1LD 0800 092 2051

Bid Offer +/- Yield 24m 36m Fund
The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), stylistic or background lines (like this one) must be ignored by the OCR result. The provided OCR content is "____", which consists of four underscores. This is incorrect because underscores are not equivalent to a solid line and are not permitted under the “Stylistic/Background Lines (Ignore)” rule. The OCR has hallucinated underscores where none should exist in the GT. Therefore, the result is inconsistent with the Ground Truth.

MANAGED FUNDS SERVICE

Bid Offer +/- Yield 24m 36m Fund
Bid Offer +/- Yield 24m 36m

$\alpha$ lgebris INVESTMENTS

Algebra Core Italy I EUR	€ 251.03	-	-1.14	0.00	25.36	17.46
Algebra Core Italy R EUR	€ 231.74	-	-1.06	0.00	24.43	16.58
Algebra Financial Credit I EUR	€ 229.80	-	-0.07	0.00	5.87	8.44
Algebra Financial Credit I GBP	£ 203.59	-	-0.04	0.00	0.00	0.00
Algebra Financial Credit I USD	$ 212.34	-	-0.05	5.86	0.00	0.00
Algebra Financial Credit R EUR	€ 193.22	-	-0.07	0.00	5.18	7.79
Algebra Financial Equity B EUR	€ 400.31	-	-0.58	0.00	0.00	0.00
Algebra Financial Equity R EUR	€ 324.38	-	-0.48	0.00	27.05	27.76
Algebra Financial Equity Fund B GBP	£ 334.59	-	-0.44	0.00	0.00	0.00
Algebra Financial Equity Fund B USD	$ 504.53	-	-0.69	3.90	0.00	0.00
Algebra Financial Income I EUR	€ 308.80	-	-0.53	0.00	15.65	16.99
Algebra Financial Income R EUR	€ 271.74	-	-0.47	0.00	14.61	15.94
Algebra Financial Income Fund I GBP	£ 226.86	-	-0.36	6.02	0.00	0.00
Algebra Financial Income Fund I USD	$ 259.15	-	-0.42	0.00	0.00	0.00
Algebra Global Credit Opportunities I EUR	€ 155.23	-	-0.11	0.00	3.40	5.65
Algebra Global Credit Opportunities R EUR	€ 148.89	-	-0.10	0.00	2.83	5.13
Algebra Global Credit Opportunities I GBP	€ 154.45	-	-0.09	0.00	0.00	0.00
Algebra Global Credit Opportunities I USD	$ 159.42	-	-0.10	0.00	0.00	0.00
Algebra IG Financial Credit I EUR	€ 120.49	-	-0.07	0.00	4.12	6.59
Algebra IG Financial Credit R EUR	€ 116.44	-	-0.07	0.00	3.61	6.06
Algebra Strategic Credit Fund R EUR	€ 116.14	-	-0.05	0.00	2.73	0.00
Algebra Global Equity Select B EUR	€ 154.23	-	-0.06	0.00	9.59	11.16
Algebra Global Equity Select R EUR	€ 146.72	-	-0.06	0.00	8.19	9.73

Ameris Capital Inc
Artemis Corporate Bond I Acc	118.74	-	-0.15	0.00	5.29
Artemis Global Income I Dis	245.09	-	0.01	0.00	2.17
Artemis High Income I Q Inc	75.64	-	0.00	0.23	2.51
Artemis Income I Inc	358.21	-	-0.84	5.48	12.12
Artemis Monthly Dist I Acc	103.15	-	0.09	0.00	14.30
Artemis Short-Disc Strat Bond	134.01	-	-0.04	0.00	6.42
Artemis SmartGARP Eur Eq I Acc	1027.68	-	1.68	0.00	28.58
Artemis SmartGARP Global Small Co I Acc	259.69	-	1.82	1.95	15.25
Artemis SmartGARP GlcEq Eq I Acc	349.24	-	-0.33	0.00	29.89
Artemis SmartGARP Glc Eq I Acc	807.33	-	-0.95	0.00	29.24
Artemis SmartGARP UK Eq I Acc	4632.84	-	3.65	2.41	27.79
Artemis Strategic Assets I Acc	109.38	-	0.44	0.00	3.17
Artemis Strategic Bond I Q Acc	126.30	-	-0.07	4.46	6.80
Artemis UK Select Fund Class I Acc	1505.18	-	-5.02	0.00	10.53
Artemis UK Smaller Cos I Acc	2663.82	-	3.98	1.81	5.25
Artemis UK Special Sits I Acc	1259.85	-	-3.74	0.00	14.40
Artemis US Extended Alpha I Acc	585.48	-	-2.12	0.00	15.13
Artemis US Select I Acc	581.48	-	-1.29	0.00	19.25
Artemis US Snirr Cos I Acc	531.46	-	-2.11	0.00	16.57

ASB Capital

ASB Capital
Gate Village 5, Level 4, Unit 11, DIFC,Dubai United Arab Emirateswww.asbc.com
ASB SUKUK - ACC	$ 104.15	-	0.00	0.00	0.00	0.00
ASB SUKUK - DIST	$ 97.58	-	0.00	0.50	0.00	0.00
ASB State Street Global Equity	$ 125.21	-	0.00	0.00	0.00	0.00
ASB Global Technology	$ 157.94	-	0.00	0.00	0.00	0.00
ASB MENA Equity	$ 100.08	-	0.00	0.00	0.00	0.00

American Dynamic	$ 9475.08	-	0.00	0.00	0.00	0.00
American One	$ 11210.70	-	0.00	0.00	10.75	11.36
Bond Global	€ 1638.26	-	0.00	0.00	1.33	6.28
Eurocroissance	€ 1349.76	-	0.00	0.00	0.00	0.00
Far East	$ 1278.40	-	0.00	0.00	0.00	0.00

Blue Whale Investment Funds ICAVwww.bluewhale.co.uk info@bluewhale.co.uk							(IRE)
FCA Recognised-Ireland UCITS
Blue Whale Growth USD T	$	24.68	-	0.09	0.00	0.00	0.00

FCA Recognised
Global Leaders Fund USD C	$ 33.43	-	0.01	0.00	8.54	11.20
Global Leaders Sustainable Fund USD C	$ 19.58	-	0.03	0.00	7.43	10.10
Global Sustainable Total Return Bond GBP B	£ 9.46	-	-0.02	0.00	0.00	0.00
Global Sustainable Total Return Bond USD B	$ 10.90	-	-0.02	0.00	0.00	0.00
US Equity Growth Fund USD B	$ 78.41	-	0.68	0.00	8.05	10.62
US Flexible Equity Fund USD B	$ 42.88	-	0.01	0.00	11.45	15.39
US Mid Cap Growth Fund USD C	$ 25.60	-	0.14	0.00	9.49	9.70
US Small Cap Blend Fund USD B	$ 31.87	-	-0.08	0.00	9.90	11.10
US Smaller Companies Fund USD B	$ 47.93	-	-0.03	0.00	8.95	7.74
US Sustainable Growth Fund USD C	$ 41.35	-	0.48	0.00	8.04	12.03
US Sustainable Value Fund USD C Acc	$ 18.27	-	-0.11	0.00	0.00	0.00

Canaccord WEALTH

+44 (0) 1534.700 104 (Int.) +44 808 169 7986 (UK)
Canaccord Wealth International Multi Strategy Funds Limited
Balanced Strategy	£	1.18	-	0.00	0.00	11.98
Balanced Strategy A	£	1.18	-	0.00	1.84	8.74
Caucious Balanced Strategy	£	1.48	-	0.00	0.91	9.50
Caucious Balanced Strategy A	£	1.06	-	0.00	1.84	7.02
Growth Strategy	£	2.68	-	0.01	0.76	1.27
Growth Strategy A	£	1.28	-	0.00	0.54	10.46
High Growth Strategy GBP	£	3.94	-	0.01	0.24	14.91
High Growth Strategy A	£	1.34	-	0.00	0.52	12.36
High Income Bond Fund B Monthly	£	0.99	-	0.00	0.00	0.00
High Income Bond Fund B Quarterly	£	1.00	-	0.00	0.00	0.00
USS Growth Strategy	$	2.60	-	0.00	0.21	15.94

Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes.

CANDRIAM BY NEW YORK LIFE INVESTMENT MANAGEMENT

Candriam Investors Group						(LUX)
FCA Recognised
Candriam Atis Ret Eqt Mkt Neutral-C Cap	€	227.33	-	0.26	0.00	1.91
Candriam Bds Euro High Yield Cap	€	1454.57	-	0.23	0.00	4.22
Candriam Bonds Glbl Hi Yield - C Cap	€	291.37	-	0.12	0.00	3.85
Candriam Bonds Glbl Inf Int Dton-I Cap	€	166.74	-	-0.13	0.00	2.67
Candriam Bonds Total Return-C Cap	€	144.02	-	-0.05	0.00	2.18
Candriam Diversified Futures-I Cap	€	13724.81	-	7.32	0.00	-0.39
Candriam Eqx L Australia Cap AS	A$	2502.95	-	18.23	0.00	5.34
Candriam Eqx L Emerging Mkts Cap	€	1533.32	-	-3.20	0.00	25.84
Candriam Equities L Biotech-C Cap	$	1478.18	-	-6.27	0.00	20.58
Candriam Equities L Europe Innov-R Cap	€	264.09	-	1.24	0.00	-4.65
Candriam Index Arbitrage - C Cap	€	1532.71	-	-0.10	0.00	1.49
Candriam Long Short Credit-R Cap	€	120.55	-	0.01	0.00	3.05
Candriam Risk Arbitrage-C Cap	€	2761.19	-	2.73	0.00	3.15
Candriam Sust Bond Emerg Mkts I Dist	$	778.35	-	0.04	0.00	5.37
Candriam Sust Bond Euro Corp R Cap	€	111.67	-	-0.12	0.00	2.86
Candriam Sust GlbHighYield-I Cap	€	1268.03	-	0.33	0.00	3.36
Candriam Eq Crl Econ-R Cap	$	164.46	-	-0.27	0.00	5.51
Candriam Eq Cmlt Action-I Cap	$	2178.39	-	10.25	0.00	12.60
Candriam Sust Eq Emerging Mkts C Cap	€	187.78	-	-0.52	0.00	23.81
Candriam Sust Eq EMU-C Cap	€	223.35	-	-1.00	0.00	7.64
Candriam Sust Eur SSM Caps-I Cap	€	2502.66	-	-2.83	0.00	-0.85
Candriam Sust Eq World-C Cap	€	46.68	-	0.19	0.00	11.57
NYUM GF US High YieldCorp Bond-R Cap	$	174.94	-	0.08	0.00	5.78

Other International Funds
Candiram Bds Euro Sh. Term Cap	€	2193.24	-	-0.88	0.00	2.32
Candiram Bonds Credit Opportunities	€	222.19	-	0.10	0.00	2.78
Candiram Bonds Emerg Mkt-C-Cap	€	3124.04	-	2.75	0.00	7.15
Candiram Equities L Eurp Opt Dlt 3-Cap	€	258.94	-	-0.91	0.00	7.51
Candiram Equities L Global Demg R Cap	€	390.15	-	1.38	0.00	9.71
Candiram Equities Onco impt A-Cap	€	3744.87	-	-17.41	0.00	7.62
Candiram Equities L Robt&InnTech I Cap	€	8008.04	-	296.90	0.00	28.48

FCA Recognised
	141.44	-	0.24	1.80	10.19	9.48
VT Cantab Balanced A GBP Acc	139.61	-	0.17	2.12	9.61	8.41
VT Cantab Moderate A GBP Acc	172.03	-	-1.24	1.37	9.85	9.80

CG Asset Management Limited							(IRL)
20 King Street, London EC2V REG
Dealing: Tel: +353 1434 5088 Fax: +353 1542 2859
FCA Recognised
CG Portfolio Fund PLC
Absolute Return M Inc	£	144.64	-	0.01	2.61	3.13	2.55
Capital Gearing Portfolio GBP P	£	39582.90	-	7.99	1.95	3.03	2.40
Capital Gearing Portfolio GBP V	£	192.55	-	0.04	1.94	3.05	2.40
Dollar Fund Cis D Inc	£	151.83	-	-0.25	2.82	-1.50	-2.56
Dollar Hedged GBP Inc	£	94.60	-	-0.05	2.54	0.96	0.02
Real Return Cis A Inc	£	182.82	-	-0.23	2.55	-0.79	-2.31
UK Index-Linked Bond G Inc	£	105.12	-	0.09	2.10	0.81	0.00

Chartered Asset Management Pte Ltd

Other International Funds
CAM-GTF VCC	$ 459918.30	45988.30	0.00	0.00	0.49	3.79
CAM Gri VCC	$ 1440.68	-	0.00	0.00	20.88	4.69
RAIC VCC	$ 1.89	-	0.00	0.00	8.97	-1.66

International Mutual Funds
CP Multi-Strategy Fund	$ 465.42	-	0.23	0.00	12.21	13.48

International Mutual Funds
CP Dual-Purpose Fund	$ 213.06	-	-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	$ 613.16	-	-0.02	0.00	11.17	12.62

Dodge & Cox® Worldwide Funds

Sunderland SR43 4AU 0800 358 3010
Authorised Inv Funds
EdenTree Global Impact Bond	86.93	-	-0.12	4.18	-0.41
EdenTree Green Impact Equity	136.10	-	0.30	0.93	9.03
EdenTree Gross Impact Infrastructure	78.93	-	0.17	6.64	-2.43
EdenTree Global Sustainable Government Bond	96.98	-	-0.18	3.10	0.00
EdenTree Sustainable European Equity A	496.80	-	1.20	1.84	13.50
EdenTree Sustainable European Equity B	502.20	-	1.30	0.00	13.47
EdenTree Sustainable Global Equity A	459.20	-	0.30	0.53	9.98
EdenTree Sustainable Global Equity B	463.30	-	0.30	0.95	9.93
EdenTree Sustainable Managed Income A	141.20	-	0.10	4.02	5.81
EdenTree Sustainable Managed Income B	153.00	-	0.00	3.99	6.26
EdenTree Sustainable Short Dated Bond	95.87	-	-0.06	4.58	0.44
EdenTree Sustainable Sterling Bond A	85.03	-	-0.10	4.99	-0.41
EdenTree Sustainable Sterling Bond B	98.14	-	-0.12	4.99	0.20
EdenTree Sustainable UK Equity A	253.80	-	-0.20	1.77	6.04
EdenTree Sustainable UK Equity B	253.10	-	-0.10	2.14	4.08
EdenTree Sustainable UK Equity Opp A	328.80	-	-0.80	1.47	3.31
EdenTree Sustainable UK Equity Opp B	335.60	-	-0.80	1.92	3.24

Emerging Markets Stock Fund A USD Acc	$	16.34	-	-0.05	0.00	27.86	25.06
Emerging Markets Stock Fund A GBP Acc	£	17.01	-	-0.04	0.00	24.23	21.64
Emerging Markets Stock Fund D GBP Dis	£	15.39	-	-0.04	1.69	21.70	19.14
Emerging Markets Stock Fund A EUR Acc	€	17.04	-	-0.05	1.51	23.75	21.96

EUR Accumulating Class	€	18.21	-	0.00	0.00	3.03	3.93
EUR Accumulating Class (H)	€	12.24	-	-0.01	0.00	4.38	4.56
EUR Distributing Class	€	11.23	-	0.00	0.00	-1.59	-0.73
EUR Distributing Class (H)	€	7.49	-	-0.01	5.05	-0.36	-0.12
GBP Distributing Class	£	11.80	-	0.00	4.75	-1.26	-1.07
GBP Distributing Class (H)	£	8.48	-	-0.01	4.70	1.51	1.42
USD Accumulating Class	$	15.30	-	-0.01	0.00	6.41	6.59
CHF Distributing Class (H)	Str	7.64	-	-0.01	0.00	-2.74	-2.63

Dodge & Cox Worldwide Funds-Global Stock Funds
USD Accumulating Share Class	$	50.22	-	-0.21	0.00	16.30
GBP Accumulating Share Class	£	60.78	-	-0.24	0.00	12.96
GBP Distributing Share Class	£	39.04	-	-0.16	0.00	10.39
EUR Accumulating Share Class	€	64.74	-	-0.25	0.00	12.74
GBP Distributing Share Class (H)	£	21.61	-	-0.10	0.00	14.19
USD Distributing Class	$	20.53	-	-0.09	0.00	14.69
CAD Accumulating Class	C$	65.65	-	-0.39	0.00	16.95

USD Accumulating Share Class	$	61.44	-	-0.32	0.00	14.07	16.48
GBP Accumulating Share Class	£	70.33	-	-0.34	0.00	10.81	13.25
GBP Distributing Share Class	£	40.97	-	-0.20	0.00	9.97	12.35
EUR Accumulating Share Class	€	68.39	-	-0.33	0.00	7.74	11.37
GBP Distributing Share Class (H)	£	23.22	-	-0.12	0.00	12.68	14.99
USD Distributing Class	$	22.51	-	-0.11	0.00	13.23	15.54

DRAGON CAPITAL

Dragon Capitalwww.dragoncapital.comFund Information:info@dragoncapital.com
Other International Funds
Vietnam Equity (UCITS Fund A USD)	$ 36.54	-	0.01	0.00	7.05	0.00

GEIC Funds
Allicator World Fund W-Acc-GBP	£	4.35	-	0.00	0.98	16.41
American Fund W-Acc-GBP	£	86.38	-	0.13	0.00	9.21
American Special Sits W-Acc-GBP	£	29.45	-	-0.20	0.41	4.29
Asia Funds W-Acc-GBP	£	29.30	-	-0.16	0.50	31.74
Asia Pacific Opps W-Acc	£	3.48	-	-0.01	0.66	9.15
Asian Dividend Fund Wt-Acc-GBP	£	3.70	-	-0.01	2.01	21.86
Cash Fund W-Acc-GBP	£	1.21	-	0.00	3.83	0.00
China Fund W-Accumulation-GBP	£	2.52	-	-0.01	1.48	13.18
Emerging Mkts NAV		1619.44	-	22.28	0.00	0.00
Enhanced Income Fund W-Inc-GBP	£	0.95	-	0.00	6.08	-1.45
European Fund W-Acc-GBP	£	32.54	-	-0.04	1.43	5.71
Global High Income Bond W-Acc-GBP	£	1.58	-	0.00	5.73	5.37
Sustainable Euro Equity Fund W-ACC-GBP	£	7.41	-	0.01	1.13	7.81
Sustainable Global Equity Fund W-ACC-GBP	£	43.63	-	-0.15	0.30	6.26
Japan Fund W-ACC-GBP	£	10.48	-	0.00	0.91	20.82
Select 50 Balanced Fund Pn-Acc-GBP	£	1.55	-	0.00	2.14	0.00
Special Situations Fund W-ACC-GBP	£	74.30	-	0.10	2.23	17.55
Short Dated Corp Bond Fund W-ACC-GBP	£	12.69	-	-0.01	4.65	0.00
Sustainable Water & Waste W-ACC-GBP	£	126.60	-	0.00	0.00	7.94
Sustainable Water & Waste W-InC-GBP	£	124.00	-	0.00	0.00	0.00
UK Select Fund W-ACC-GBP	£	4.78	-	0.00	1.69	5.00
Global Dividend Fund W-ACC-GBP	£	4.63	-	-0.01	2.47	13.94
Global Enhanced W-ACC-GBP	£	3.59	-	-0.01	4.14	13.68
Global Special Sits W-ACC-GBP	£	91.76	-	-0.30	0.20	16.93
Index Emerging Markets P-ACC-GBP	£	2.85	-	-0.01	1.61	23.61
Index Europe ex UK Markets P-ACC-GBP	£	3.03	-	0.00	2.05	15.24
Index Japan P-ACC-GBP	£	3.22	-	0.02	1.49	17.06
Index Pacific ex Japan P-ACC-GBP	£	2.67	-	0.01	2.59	15.67
Index Sterling Corp Bond Fund P-ACC-GBP	£	0.96	-	0.00	5.14	0.00
Index UK P-ACC-GBP	£	2.53	-	0.00	2.63	16.77
Index US P-ACC-GBP	£	6.16	-	0.00	0.86	14.64
Index World P-ACC-GBP	£	4.67	-	0.00	1.15	15.35
MoneyBuilder Balanced Fund W-Acc-GBP	£	0.79	-	0.00	2.90	0.00
MoneyBuilder Dividend Fund W-Acc-GBP	£	1.66	-	0.00	3.57	-0.89
Sust. MoneyBuilder Inc Fd Fund W-ACC-GBP	£	14.23	-	-0.02	4.46	3.30
Multi Asset Alloc Adventurous Fd W-ACC-GBP £	£	3.22	-	0.00	1.13	13.84
Multi Asset Alloc Defensive Fd W-ACC-GBP	£	1.58	-	0.00	0.00	6.42
Multi Asset Alloc Growth Fd W-ACC-GBP	£	2.58	-	0.00	1.12	11.15
Multi Asset Alloc Strategic Fd W-ACC-GBP	£	2.04	-	0.00	1.16	7.87
Multi Asset Balanced Inc Fd W-InC-GBP	£	1.05	-	0.00	0.00	4.27
Multi Asset Inc & Growth Fund W-InC-GBP	£	1.34	-	0.00	2.41	11.71
Multi Asset Income Fund W-InC-GBP	£	0.92	-	0.00	0.00	3.21
Multi Asset Open Advent W-ACC-GBP	£	2.53	-	0.00	1.66	13.06
Multi Asset Open Defen W-ACC-GBP	£	1.68	-	0.00	0.00	8.67
Multi Asset Open GrowthFund W-ACC-GBP	£	2.35	-	0.00	1.79	12.47
Multi Asset Open Staat Fund W-ACC-GBP	£	1.99	-	0.00	2.39	10.21
Open World Fund W-Acc-GBP	£	3.46	-	0.00	0.82	13.68
Strategic Bond Fund P-ACC-GBP	£	1.39	-	0.00	3.57	4.32
Index UK Gilt Fund P-ACC-GBP	£	0.77	-	0.00	4.45	2.08
Sustainable Asia Equity Fund W-ACC-GBP	£	2.79	-	-0.02	0.75	23.86
Sust Multi Asset Balanced Fund W-ACC-GBP	£	1.22	-	0.00	1.29	0.00
Sust Multi Asset Con. Fd W-ACC-GBP	£	1.09	-	0.00	0.00	0.00
Sust Multi Asset Growth Fd W-ACC-GBP	£	1.34	-	0.00	1.13	0.00
UK Opportunities Fund W-ACC-GBP	£	2.75	-	0.00	2.14	0.00
UK Smaller Companies W-ACC-GBP	£	4.94	-	0.02	2.28	4.90

Marwyn Asset Management Limited							(CYM)
Regulated
Marwyn Value Investors	£	362.11	-	0.00	0.00	0.00	0.00

McInroy & Wood Portfolios Limited Easter Alderston, Haddington EH41 3SF 01620 825867

Nutshell Asset Management Ltd							(IRL)
Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LEwww.nutshelliam.com
Authorised Inv Funds
Nutshell Growth Fund Gbp Inst Founder	£	190.55	-	3.70	0.00	16.15	17.36

Royal London 80 Fenchurch Street, London EC3M 4BY

MANAGED FUNDS SERVICE

Bid Offer +/- Yield 24m 36m

Fundsmith Equity Fund

Fundsmith LLP (1200)F PD Box 10846, Chelmsford Essex CM99 2BW 0330 123 1815 www.fundsmith.co.uk, enquiries@fundsmith.co.uk

Authorised Inv Funds
Fundsmith Equity T Acc	710.27	-	2.06	0.00	0.37	3.10
Fundsmith Equity T Inc	641.06	-	1.86	0.00	14.82	13.97

Guinness Global Investors
Guinness Global Equity Income Y GBP Dis	£	24.92	-	-0.06	2.05	9.56	11.16
Guinness Global Innovators Y GBP ACC	£	47.84	-	0.57	0.00	12.01	15.57
Guinness Global Quality Mid Cap Y Gbp Acc	£	16.08	-	0.11	0.00	12.56	11.75

HPB Assurance LtdAnglo Intl House, Bank Hill, Douglas, Isle of Man IM1 4NL, 01638 563490
International Insurances
Holiday Property Bond Ser 1	£	0.49	-	0.00	0.00	-0.13
Holiday Property Bond Ser 2	£	0.66	-	0.00	0.00	1.57

Janus Henderson INVESTORS

Janus Henderson Absolute Return Fund A Acc	207.50	0.00	2.10	5.56	6.56
Janus Henderson Asian Div Inc Unit Trust Inc	100.70	-0.10	5.60	11.96	9.29
Janus Henderson Cautious Mngf Fund A Acc	357.80	-0.00	3.80	6.84	8.33
Janus Henderson Cautious Mngf Fund A Inc	153.50	-0.40	3.90	3.47	3.52
Janus Henderson China Opp Fund A Acc	1301.00	-5.00	0.10	20.18	5.32
Janus Henderson Emerging Markets Asia A Acc	1877.00	-1.00	0.00	23.61	17.20
Janus Henderson Emerg. Mkts Opps Fnd A Acc	306.10	-0.50	0.00	20.62	15.71
Janus Henderson European Focus A Acc	614.40	-0.10	0.10	0.00	0.00
Janus Henderson Euro Sel Opps Fund A Acc	3252.00	-3.00	0.20	10.75	10.65
Janus Henderson Fixed Int Mthly Inc Fd Inc	17.08	0.00	5.90	0.24	-0.22
Janus Henderson Global Equity Inc Fnd Inc	88.35	-0.15	2.30	10.30	9.30
Janus Henderson Global Select Fund Acc	6550.00	-60.00	0.00	10.22	15.18
Janus Henderson Global Sust Equity Fd A Inc	720.70	2.00	0.00	10.07	12.94
Janus Henderson Global Tech Lds Fnd A Acc	6980.00	35.00	0.00	23.74	27.18
Janus Henderson Inst UK Index Opps A Acc	179.14	-1.16	2.10	16.49	15.56
Janus Henderson Multi-Aust Absr Fd Fd A Acc	189.10	0.00	2.70	4.80	4.64
Janus Henderson Multi-Mgr Acti Fd A Acc	338.00	0.00	1.80	8.76	9.08
Janus Henderson Multi-Mgr Dist Fd A Inc	137.40	0.00	2.80	3.72	3.26
Janus Henderson Multi-Mgr Div Fd A Acc	106.40	0.00	3.40	6.20	6.56
Janus Henderson Multi-Mgr Gbl Sel Fd A Acc	442.40	0.30	0.00	9.61	11.06
Janus Henderson MultiMgrIncGrowth FdA Acc	233.30	-0.10	2.70	7.13	7.00
Janus Henderson Multi-MgrInc&Growth Fd A Inc	162.00	0.00	2.80	3.89	3.61
Janus Henderson Multi-Mgr Mngf Fd A Acc	407.00	0.00	1.50	8.24	8.53
Janus Henderson Multi-Mgr Mngf Fd A Inc	375.40	0.00	1.20	6.85	7.04
Janus Henderson Sterling Bond Unit Trust Acc	229.30	-0.40	4.30	2.68	4.59
Janus Henderson Sterling Bond Unit Trust Inc	55.40	-0.08	4.30	-0.06	0.73
Janus Henderson Strategic Bond Fund A Inc	95.60	-0.02	5.70	-1.00	-1.80
Janus Henderson UK Alpha Fund A Acc	201.00	0.00	1.20	9.46	13.42
Janus Henderson UK Eq Inc & Growth Fd A Inc	706.60	0.10	3.30	9.89	11.63
Janus Henderson US Growth Fund A Acc	3012.00	31.00	0.00	11.01	14.98

Balanced Fund Acc	7022.30	-	-4.30	1.75	5.00	0.00
Balanced Fund Inc	6630.30	-	-4.00	1.77	3.29	3.12
Emerging Markets Fund ACC	2330.60	-	-13.10	1.72	2.45	0.00
Emerging Markets Fund Inc	2100.00	-	-11.80	1.75	0.70	-1.70
Income Fund Acc	3639.20	-	-4.50	2.69	7.19	0.00
Income Fund Inc	3226.20	-	-4.00	2.77	4.06	3.81
Smaller Companies Fund Acc	7364.60	-	19.90	1.20	5.25	0.00
Smaller Companies Fund Inc	6923.50	-	18.70	1.21	3.99	4.25

Ministry of Justice Common Investment Funds						(UK)
Property & Other UK Unit Trusts
The Equity Idx Tracker Fd Inc	2696.00	-	2.00	2.00	11.83	11.51
Distribution Units

Oasis Crescent Global Eq Fd (USD) A (Dist)	$ 58.12	-	-0.13	0.00	20.84	17.69
Oasis Crescent Global Inc Fd (USD) A Dist	$ 10.27	-	0.00	0.00	0.72	0.84
Oasis Crescent Low Equity Fund (USD) D Dist	$ 16.58	-	-0.02	0.00	11.76	10.38
Oasis Crescent Med Equity Fd (USD) A Dist	$ 19.47	-	-0.03	0.00	14.13	12.12
Oasis Crescent Prop Equity Fd (USD) A Dist	$ 11.09	-	-0.09	0.00	11.59	12.57
Oasis Crescent Short Term Inc Fd (USD) A (Dist)$	0.96	-	0.00	0.00	0.80	0.88
Oasis Crescent Variable Fund (USD) A (Dist)	£ 12.45	-	0.00	0.00	8.63	8.47

Private Fund Mgrs (Guernsey) Ltd							(GSY)
Regulated
Monument Growth 25/08/2026	£	623.79	629.74	1090	1.23	4.05	3.63

Global Total Fd PCG A	709.23	-	-0.20	0.41	15.33	18.63
Global Total Fd PCG B	698.33	-	-0.20	0.00	15.25	18.56
Global Total Fd PCG INT	681.16	-	-0.20	0.00	15.08	18.38

Purisima Investment Fds (CI) Ltd						(JER)
Regulated
PCG B	579.74	-	2.56	0.00	17.42	21.24
PCG C	559.39	-	2.47	0.00	17.15	20.97

Authorised Inv Funds
Royal London Sustainable Diversified A Inc	286.00	-	0.30	1.54	4.68	6.22
Royal London Sustainable World A Inc	509.60	-	1.80	0.76	11.19	12.00
Royal London Corporate Bond Mth Income	76.87	-	-0.09	4.44	0.34	1.31
Royal London European Growth Trust	298.50	-	0.30	1.14	11.69	11.46
Royal London Sustainable Leaders A Inc	1026.00	-	-3.00	1.47	8.64	8.02
Royal London UK Growth Trust	877.20	-	-2.80	1.69	11.67	11.27
Royal London UK Income With Growth Trust	259.30	-	-0.10	3.83	8.24	8.34
Royal London US Growth Trust	657.70	-	0.60	0.01	14.46	17.51

Additional Funds Available Please see www.royallondon.com for details

Ruffer LLP (1000) F 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL Order Desk and Enquiries: 0345 601 9610 Authorised Inv Funds

WS Ruffer Total Return C Acc	601.12	-	-0.84	1.78	4.40	3.53
WS Ruffer Total Return C Inc	351.30	-	-0.49	1.80	3.53	1.73

SICO BSC BHRTelephone - +973 1751 5700Website - www.sicobank.com
						(BHR)
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							(KSA)
Telephone - +966 11 521 3835
Website - 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	$	307.70	-	-0.94	0.00	5.75	7.43
SF Global Best Ideas Eq D GBP Inc	£	343.70	-	-0.90	0.00	2.77	4.48

Superfund Asset Management GmbH

Superfund Trend Gold	$	2006.47	-	3.87	0.00	37.86	31.23
Superfund Trend Silver	$	2219.65	-	43.25	0.00	58.25	40.31
Superfund Trend	$	803.48	-	-0.31	0.00	10.66	5.76
Superfund Bitcoin 0-2x	€	99.08	-	15.93	0.00	6.45	16.79
Superfund Fund-of-Funds	$	157.85	-	0.00	0.00	18.23	17.41

Superfund Blockchain	€	23.48	-	-0.50	0.00	13.53	30.79
Superfund Gold Silver + Mining	€	22.06	-	-0.36	0.00	36.90	-
Superfund Quadriga All Seasons	€	15.22	-	-0.03	0.00	17.23	16.82
Superfund Inflation	Sfr	11.69	-	-0.04	0.00	13.38	4.56

Troy Asset Management (1200)	(UK)
3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL
Order Desk and enquiries 0345 608 0950
Authorised Inv Funds

Authorised Corporate Director-Waystone Management (UK) Limited

Trojan Investment Funds
Trojan Ethical Global Inc O Acc	115.05	-	0.14	2.95	1.10	3.18
Trojan Ethical Global Inc O Inc	101.32	-	0.12	3.01	0.90	1.11
Trojan Ethical O Acc	159.87	-	0.10	0.67	6.76	7.09
Trojan Ethical O Inc	154.33	-	0.09	0.67	6.64	6.66
Trojan Ethical Income O Acc	172.51	-	-0.37	2.51	5.43	8.09
Trojan Ethical Income O Inc	129.80	-	-0.28	2.60	2.64	5.23
Trojan Fund Acc	467.53	-	0.07	0.80	6.35	6.12
Trojan Fund Inc	366.34	-	0.06	0.88	7.54	5.01
Trojan Global Income O Acc	178.91	-	-0.11	3.25	4.10	5.14
Trojan Global Income O Inc	132.81	-	-0.09	3.32	0.85	1.85
Trojan Income O Acc	408.51	-	-0.94	2.72	4.27	5.35
Trojan Income O Inc	179.98	-	-0.42	2.82	1.37	3.63

Trojan Funds (Ireland) Plc
Trojan Europe O EUR Acc	€	1.0317	-	0.00	0.00	0.00
Trojan Exclusions X GBP Acc	£	1.3375	-	0.00	0.00	7.84
Trojan Global Equity O GBP Acc	£	6.1409	-	-0.02	0.20	1.68
Trojan (Ireland) O GBP Acc	£	1.8799	-	0.00	0.00	7.06

Guide to FT Funds Data

The fund prices quoted on these pages are supplied by the fund operators, fund managers and fund administrators. Details of funds published on these pages, including prices, are for the purpose of information only and should not only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision. The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by ICE. The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds. The funds published on these pages are subject to change in the investment management company. Prices are in pence unless otherwise indicated. The change, if spoken, is the change on the previous quoted figure (not all funds update prices daily). Those designated it will not be profitable to US dollars. Yield percentage figures (in Tuesday to Saturday) apply for buying expenses.

Prices of certain older insurance linked plans might be subject to capital gains tax on sales.

OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure. Different share classes are issued to reflect a different currency, charging structure or type of holder. Bid price: Also called selling price. The price at which units in a unit trust are sold by investors. 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 OEC 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

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WORK & CAREERS

The companies desperate to hire graduates

FT montage/Dreamstime

Entry-level roles are under threat from AI but some employers struggle to find skilled young workers. By Bethan Staton

ike a lot of clean energy start-ups, heat pump installer Heat Geek is growing fast and hiring to match.

The eight roles it opened

This summer will increase headcount by more than 25 per cent. Chief operating officer Holly Foster says the entry-level positions in operations, engineering and marketing need to be “filled yesterday” with ambitious graduates ready to get stuck in.

But there is a problem: these hungry young hires are nowhere to be seen. "We're not doing a good job at finding where these super-grads are," Foster says. "We know exactly what we want. The struggle is communicating that . . . What we're looking for is difficult to spot on paper."

As economic stagnation, the advent of AI and geopolitical upheaval sow uncertainty in UK hiring and threaten entry-level roles, such difficulty in finding good young people to work sounds implausible. This month's Office for National Statistics figures show vacancies have continued to fall over the summer, with smaller businesses and jobs in sectors favoured by younger workers bearing the brunt. Competition for graduate positions recently hit an all-time high of 140 applications per role, as open posts dropped by 8 per cent, according to the Institute of Student Employers.

But as many university leavers struggle with rejections and multinational employers drown in applications, some companies have the opposite complaint. In a June survey by sector body Universities UK, half the employers with open vacancies said graduate posts were tough to fill – the highest of any level. For many start-ups, smaller businesses and companies in little-known or unglamorous sectors, finding skilled, proactive and available graduates is a problem getting in the way of growth.

National workforce data backs up the seemingly contradictory picture. An analysis of government figures by the National Centre for Universities and Business shows that while smaller businesses have shed roles faster than large employers, their rate of so-called skills shortage vacancies — openings that are difficult to fill because workers with specific abilities are hard to find — has remained high, particularly at entry level.

“Overall hiring is down [but] there are companies that struggle to find graduates or people with the right skills," says Janine Chamberlin, UK country manager at jobs site LinkedIn. "There are lots of opportunities and growth in clean energy, farms, manufacturing, life sciences... But those sectors are just not front of mind for graduates."

In manufacturing, for example,

‘These innovative companies are often in fields graduates don't know exist, they're under the radar’

sector body Make UK estimates there are 50,000 vacancies, more than a third of which are hard to fill due to skills shortages. It organises open house days where employers showcase their work environments. Jamie Cater, senior policy manager, says companies are “investing significantly in mental health” and offering more flexible or remote working to attract applicants.

"We as a sector struggle with perceptions of what a manufacturing job is. People think of dank, dirty environments, repetitive manual labour for not very good pay. That's not the reality," he says. Increasing automation is shifting demand from production lines to jobs "with higher levels of technical skill"

and half of manufacturers plan to increase recruitment in graduate-level roles over the next five years. “We’ve got a bunch of people retiring in the next couple of years in roles we need skilled workers in . . . There will be significant demand.”

Lucy Johnston, founder of UK Innovation Industries, a network for start-ups, says smaller employers can face a “visibility gap” in recruitment. “These innovative companies are often in fields graduates don’t know exist, they’re under the radar,” she says. “Meanwhile, graduates are . . . being told things are extremely difficult, and given lots of traditional advice.”

At fast-growing start-ups it is the urgent need for staff that, paradoxically, makes hiring so tough. "Any time we spend on hiring we're not spending on building the business," says Heat Geek's Foster. Advertising on specialist or larger sites, active recruiting or travelling to graduate events incurs substantial costs for unknown return.

Simon Finley, associate director at Warwick Enterprise, which builds links between universities and entrepreneurs, says career services often default to larger companies. Big firms with “schemes it’s easier to tap into” claim prominent spots at career fairs and invest in getting ads seen, while “regional companies and universities don’t have the relationships that have developed over time".

Businesses he works with also often complain that students lack the skills – including communication, initiative and organisation – to get stuck in straight away. “In graduate programmes, there’s a lot of training and development . . . In a smaller business it’s not as structured. For a lot of graduates that can be daunting.”

Location is another constraint. "There's this perception among graduates that you have to go to the big city, but some of the most interesting companies are not in big cities," says Johnston.

Samantha Fenn arrived as head of HR at Grainger & Worrall, a Shropshire-

based manufacturer of aluminium castings, two years ago and was told “categorically that we couldn’t hire graduates – that they wouldn’t stay”, she recalls. She refocused recruitment on local graduates who would see living near home as an advantage. After a period of contraction, the company plans to expand staff from 460 to 500 and is “recruiting like mad”; in this year’s graduate round “we went to market for three, offered five and we’re taking on four”.

One of the company's graduate hires, Robyn Beaumont, who joined two years ago as a business planning officer while completing an engineering degree, says:

"In a larger company you're often going to get forgotten about; here they nurture and develop you . . . No one's afraid of speaking to the CEO."

Steve Welch, who oversees relationships with universities at national agency Innovate UK, says the “paradox” of graduates struggling to find roles and companies struggling to hire is partly a “communication problem, with graduates not knowing how to look in the right places”. But he cites other obstacles, such as smaller companies’ ability to compete on pay. He suggests companies with strong growth potential need to sell “something different … than wages”.

At HR culture company FabricShift, founder Johanna Beresford says the chance to advance quickly and try different roles has helped her retain most of the graduates she has hired. "I don't think employers often talk about . . . how it is such a different working environment for a smaller company."

But for many smaller firms operating in essential but unglamorous industries,

'Graduates [think] that you have to go to the big city, but some of the most interesting companies are not in big cities'

the challenge of being noticed is harder to fix.

"I'm not convinced people are being told about companies like us," says Ian Goodacre, technical director at Europlaz, an Essex-based medical device manufacturer that employs more than 100 people. The company made several good graduate hires this year but had to work hard to find them, reaching out directly to students.

"We're offering a fairly decent package, a full-time job, lots of opportunities," says Goodacre. "But when we put adverts out, it's surprising how few graduates we get applying."

Business books

'We can learn from the bad guys': lessons from the oligarchs

It is the oligarchs' world and we are living in it. That is the starting point for David Lingelbach and Valentina Rodriguez Guerra, academics who specialise in studying the rise and modus operandi of what they call "the strange species" of the super-wealthy and super powerful.

As with any species, a certain set of traits can be identified and assessed. These observations have been codified in their latest book, Games Without Thrones: 8 Leadership Lessons from Oligarchs.

While the term oligarch will for many primarily evoke the individuals who enriched themselves during the sweeping privatisations of post-Soviet Russia, there are many — among them the authors — who argue there is now an established American version whose fortunes were made on Wall Street and Silicon Valley.

In his outgoing address, former US president Joe Biden warned that “an oligarchy is taking shape in America of extreme wealth, power and influence”; his successor Donald Trump’s administration is the richest in American history, with the government increasingly dominated by a billionaire elite that has his ear.

"This is a very uninspected part of human behaviour," Lingelbach says. "We wanted to be clear that oligarchy is not a Russian phenomenon."

Trump gets multiple mentions by Lingelbach and Rodríguez Guerra (pictured above right), respectively a professor of entrepreneurship at the University of Baltimore's Merrick School of Business and founding executive director of The Center for the Study of Oligarchs, which is based between Los Angeles and Bogotá.

Both were drawn to the study of oligarchs through personal experience.

Lingelbach had the "dubious distinction" of working with Vladimir Putin when he spent several years in Russia working in finance while the now president was deputy mayor of St Petersburg. For Colombian national Rodríguez Guerra, the mix of money and power was not "an abstract phenomenon" when she was growing up.

Building on their previous work, The Oligarchs' Grip, the book's subtitle is a nod to the popular fantasy TV and book series in which nobles and warriors battle it out to win power.

But this breed of billionaire politicians, industrialists and oddballs could "also be our canaries in the coal mine", the authors suggest — examples of individuals who have succeeded during uncertainty and learnt "how to make a success out of surprise".

"We can actually learn from the bad guys," they say. (They are overwhelmingly, if not exclusively, male).

The authors' first lesson is to be sceptical about making predictions in unstable environments. Lesson two: make sure any support and relationships are ringfenced so failure in one area does not spread.

They advise to beware comforting beliefs such as progress is inevitable or the world is fair and see, as an oligarch might, that “some choices are irreversible, some actions will be condemned, and some costs will be borne personally and permanently”.

This is no crass how-to guide drawing inspiration from some of the world's most divisive characters. "The lessons . . . are not inspirational," the authors stress. "They are not comforting. And they are not designed to make you feel better about the world."

Instead they invite us to consider how oligarchs — or as they describe them at one point, “uncertainty navigators” — behave and what

relevance this has, "without

becoming like them".

Becoming like them? Oligarch leaders often prioritise discipline over vision. Lingelbach and Rodríguez Guerra contrast Carlos Slim, formerly the world's richest man, who assembled his business empire in

part by scooping up distressed assets, with Adam Neumann, who was only briefly able to present himself as a visionary leader before presiding over the unravelling of WeWork.

Readers also hear about Rwandan President Paul Kagame, Nayib Bukele, El Salvador's president since 2019, and activist US hedge fund manager Bill Ackman. The insights derived are classic but made through a

fresh lens of the new political reality: by the authors' estimation, countries run by oligarchs account for more than half the global economy.

Both warn we underestimate the influence of oligarchs at our peril. "They've really narrowed people's lives, they've reduced choices," says Lingelbach, with particular reference to the US and billionaires' influence on areas including business, AI and social media. "In the US, they've made this [situation] normal." Jennifer Thompson

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Private equity heads ‘move on’ from mis-steps

Bosses of one of Europe's biggest buyout firms pledge to prevent repeat of NHS price-gouging, writes Alexandra Heal

he co-heads of private equity firm Cinven do a good job of presenting a united front. They arrive for their first interview since a regulatory scandal prompted the resignation of the firm's former chief executive wearing matching blue shirts. The similarities go further: each hails from an industrial family and has four sons. Their wives have the same name.

Since December, Jorge Quemada and Bruno Schick have also shared a common goal: restoring stability to one of Europe's biggest pure-play buyout firms as it emerges from a period of repeated upheaval. “I absolutely think this will not happen to us [again],” says Quemada, referring to a saga in which a drugmaker owned by Cinven was found to have illegally increased the price of medicines sold to the UK’s NHS. “The procedures we have now in place are to make sure we are absolutely compliant with any regulation.”

Last year a court upheld a £52mn fine against Cinven for its role in the old deal. In December chief executive and third co-head, Supraj Rajagopalan, left the firm – although the antitrust regulator later dropped its pursuit of Rajagopalan and another Cinven executive.

The fallout was among a spate of problems to have shaken the firm with €45bn in assets that was once known as a steady stalwart of European buyouts. In 2023, Cinven was criticised over its handling of Italian insurer Eurovita, which entered administration under its ownership, and the following year the firm rattled investors with a sudden transition from one to three co-managing partners.

Quemada and Schick say they have outridden the ructions by staying calm. "There were pieces in the news but that is the nature of business," says the former. "[Investors] saw very clear leadership taking the right decisions" and appreciated the transparency about the Competition and Markets Authority's investigation, he adds. "They saw that the numbers are performing as well as ever . . . Let's move on."

In an early sign of a steadier ship, Cinven is about to close a small €1.5bn fund focused on midsized buyouts, according to one person briefed on the matter. A bigger test will come next year, when the London-headquartered firm is due to launch its next flagship fundraise. Schick and Quemada say their focus on the core point of private equity – doing deals and returning cash to backers, as the sector struggles to sell companies bought when borrowing costs were low – has helped reduce the noise around the firm.

This year Cinven agreed or completed exits of some of its biggest holdings, with a €29bn deal alongside fellow owner Advent to sell lift maker TK Elevator, subject to regulatory approval, and a

Leadership. Jorge Quemada and Bruno Schick, Cinven

€10bn exit by the firm and Bain Capital of drugmaker Stada. Cinven says it returned 30 per cent of the value of its holdings to its fund investors last year, double the industry average, which is at a low not seen since the financial crisis.

Still, some of its recent exits have been underwhelming, such as Spanish travel group HBX and shoe brand Kurt Geiger.

"We are not falling into the trap that the industry is falling [into], to think that things will improve and therefore let's hold assets for longer," says Que-mada, with hold periods across private equity significantly above historical averages. "We are being very realistic."

To avoid a repeat of the price-gouging scandal, Schick says Cinven has trained its teams, upgraded due diligence and "built a top-class" internal legal and compliance team consisting of 17 people. It did not have an internal legal team involved in the execution of deals when it began its investment in the drug manufacturer in 2012, when "the regulatory framework . . . was more vague".

The pair has introduced other changes to encourage collaboration among staff, such as opening up the lucrative profit shares in successful buyouts, known as carried interest, from a pool of mainly investment professionals to every Cinven employee, including support staff. In Monday investment team meetings, they now explain every decision about new investments and encourage dealmakers to talk about exit processes or challenges relating to existing companies. "It is hugely appreciated because it helps, especially the more junior people, to get up on the learning curve very quickly," says Quemada.

The co-heads say Cinven has learnt from the Eurovita incident, when it failed to provide the insurer with all the capital regulators wanted. Cinven purchased Eurovita as a fund investment, which means there is finite capital, rather than through its balance sheet. "I'm personally not sure any private equity firm would do it on a fund basis any more."

Both men grew up surrounded by the challenges of commerce. Quemada watched his family's generations-old textile business, which once employed 1,500 people in Rioja, grapple with competition from cheap foreign labour and changing demand before eventually folding. Schick's family ran an automotive supplier in Germany. "Business was omnipresent, every dinner, every breakfast," he says.

Schick started out at Goldman Sachs in Frankfurt before creating an internet business in 1999 and joining Cinven four years later. Quemada was at British buy-out group 3i before arriving at Cinven in 2011 and setting up its Madrid office.

Quemada now oversees new deals and Schick the management and sales of the existing portfolio. "For a long time, pri-

'The procedures we have now in place are to make sure we are absolutely compliant with any regulation'

Bruno Schick and Jorge Quemada, managing partners at Cinven Charlie Bibby/FT

vate equity was more about stock picking," says Schick. Now, "we have really realised that this is very much also about active value generation [and] an exit focus."

Cinven is among a handful of big European buyout groups that have resisted following peers such as CVC and EQT into a public listing or a merger to diversify into areas such as private credit and real estate. “We are pure-play European private equity,” says Quemada. “We are not going to be distracted by [other] people growing in other geographies, growing in other products, going public.” Cinven also does not plan to attract retail clients.

Quemada says staying private has helped avoid juggling the conflicting interests of shareholders and fund investors. "Our only motivation is to try to find and develop the best investment opportunities," he says. "We think that is a clear differentiator."

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Wall Street and Silicon Valley have high hopes for artificial intelligence that interacts with the real world, but unions and economists warn of its effects on jobs and wages. By Christian Davies

Can AI robots save US manufacturing?

n the assembly lines at GE Appliances' 1.1mn sq ft cooker plant in the city of LaFayette, Georgia, humans and robots work side by side. Large automated arms flip stoves upside down so workers can wire their bases, racing together to produce one unit every 15 seconds.

The entire operation is monitored by sensors and cameras gathering data displayed on big screens overhead and fed to managers eking out every last drop of productivity in the notoriously low-margin consumer goods business.

"A human sitting there inspecting thousands of units each day, their mind tends to drift and it's challenging, it's a very numbing job, and quite frankly, they're not that great at it," says Bill Good, head of manufacturing at the Chinese-owned company. "But an AI vision system doesn't ever get tired, and it never misses."

What really excites Good, however, is what he's working on next: a live digital simulation of every process at every one of the company's plants that will allow him to diagnose and address problems as they arise. "[It can't] turn a wrench, but what it can do is tell me specifically what's wrong with it so that I can go fix it," he says.

Good is not alone in his enthusiasm about so-called “physical AI”, a concept that encompasses everything from humanoid robot workers to automated “smart factories” that can adapt their own operations in real time.

Nvidia founder Jensen Huang has predicted that “every industrial company will become a robotics company” as AI expands from the digital to the physical realm, while Elon Musk is pumping tens of billions of dollars into Tesla’s pivot from electric vehicles to robotaxis and humanoids.

The prospect is exciting Wall Street and Silicon Valley, with manufacturing start-ups that offer “robotics-as-a-service” attracting valuations redolent of software companies.

Deepu Talla, Nvidia's vice-president of robotics and edge AI, says the company expects its physical AI-related revenues to rise from \$10bn to \$100bn over the next decade. "Ninety per cent of the world's actions need to happen in the physical world, not just in the digital world – that's why we believe the opportunity for physical AI is arguably an order of magnitude larger."

The promise of physical AI is also feeding hopes in Washington that America's supremacy in tech will ride to the rescue of a manufacturing sector long in decline, spurring a revival in the country's competitiveness.

"The only way the US is going to regain its role in manufacturing is by applying AI more effectively than China," says Chris Miller, an economic historian at Tufts University.

A particular focus for the Pentagon is its potential to revitalise the US defence industrial base, which is struggling to expand production amid a severe shortage of munitions and intensifying competition from China.

Leading defence contractors under pressure from AI-savvy rivals like Anduril and Palantir are rushing to embed physical AI in their factories, while defence-focused start-ups offer everything from 3D printing of composite materials to gecko-like robots used to inspect the hulls of submarines.

But labour unions worry the trend could have a devastating impact on blue-collar workers, as the most valuable tasks are automated and the fruits of productivity gains are absorbed by shareholders.

“Dangerous, de-skilling and harmful uses of AI are occurring with too much frequency,” says Ed Wytkind, senior adviser to the American Federation of Labor and Congress of Industrial Organizations’ Tech Institute.

"We must ensure that workers, not billionaire tech companies or investors, determine the future of jobs in the US and around the world."

In Cherokee, Alabama, deep in the country's south-eastern manufacturing region, a physical AI start-up called Hadrian is building a new facility on the site of an old railcar factory.

Founded by Chris Power, a 35-year-old Australian, Hadrian uses AI software to co-ordinate automated machines performing tasks ranging from welding and fabrication to machine tooling, helping manufacturers bypass their traditional reliance on highly skilled technicians. It also has units embedded in factories operated by Lockheed Martin and the US Army.

Power notes that a chronic shortage of machinists and other technicians is constraining production in the aerospace and defence industries as they struggle to address ballooning backlogs.

"The vast majority of manufacturing work of any defence programme is actually done by a hundred thousand small businesses that on average are run by 65-year-olds with less than \$10mn in revenue," he says. "Those owners and workers are retiring and ageing out and no one is coming behind them to replace them."

Because the key technical knowledge is contained within Hadrian's automated systems, most of his workforce has no prior manufacturing experience, and can be put to work after just 30 days' training, he says.

"The backgrounds we're seeing [are] you're driving a forklift at Home Depot, you were a diving instructor, you're a marine," says Power. "You have a lot of 40-year-olds that are coming out of bus-driving jobs."

Hadrian, which was founded in 2021 and is based in Southern California, this month closed a \$1.37bn funding round at a valuation of almost \$8bn – more than four times its valuation following its previous funding round in January.

Its investors include JPMorgan Chase's Strategic Investment Group and software pioneers Andreessen Horowitz and Founders Fund.

"I think if you'd said to someone on Wall Street even three years ago that the largest investment banks are seriously leaning into manufacturing, they would have laughed you out of the room," says Power.

Talla of Nvidia says excitement is building because of dramatic progress in AI-powered general-purpose reasoning, which allows robots and automated systems to figure out solutions even to problems they have not been trained to deal with.

An automated system trained to perform a specific task is "brittle, because the moment it sees things that it was not trained on in the past, it doesn't know what to do," Talla says. But now, software advances are allowing systems to be trained to perform multiple tasks in increasingly sophisticated virtual environments.

he closer to the real world these virtual environments get, the cheaper it is to train a robot and the more problems it can solve for itself,

lowering costs and allowing them to be adopted by more and more small and medium-sized businesses, which account for the majority of US manufacturers.

This will lead to the proliferation not only of “billions of robots” globally, but also of “outside-in” systems that use cameras and sensors to monitor and co-ordinate all the different automated activities into a coherent whole, says Talla.

'A human sitting there inspecting thousands of units, their mind tends to drift. But an AI vision system doesn't ever get tired, and it never misses'

America's tech strengths, including its lead over China in AI and chip design, give it an advantage in this area, says Miller of Tufts, who singles out western dominance of “electronic design automation” software, traditionally used to design semiconductors but which is now increasingly being deployed in a wide range of other manufacturing sectors.

The US ability to finance innovation is also peerless, he adds. “The speed at which the US has deployed capital to build data centres is astounding. It illustrates that if indeed we do see a lift-off in physical AI over the coming years, capital may indeed be mobilised more quickly than in China.”

For Power, radical automation is the only chance the US will ever have of competing with China's manufacturing heft. He argues the ultimate goal is to preserve the pillars of American financial and military power, and through it the west's global pre-eminence.

"The next transition is very simple — either America reindustrialises itself, or the world will be led by China."

Some experts warn that the physical AI evangelists are getting ahead of themselves, noting the first wave of industrial robotics in the 1980s led to predictions of a golden age in American manufacturing that never materialised.

Ken Goldberg, a professor and roboticist at UC Berkeley, cautions that the technological obstacles to mass adoption remain formidable because manufacturing requires such a detailed understanding of the physical world.

Whereas large language models are trained on information already accumulated on the internet, equivalent datasets for the physical world do not exist and will take years to gather.

Goldberg adds that people impressed by robots performing backflips and running races underestimate humans' distinct physical advantages.

"We can predict the motion of an asteroid a million miles away, but we still don't fully understand the physics of a fingertip interacting with another deformable surface like a shoelace," says Goldberg, co-founder of Ambi Robotics. "That gap in understanding is why we still don't have a robot that can tie up a pair of shoes, or to pile up wooden blocks as skilfully as a toddler."

He notes that mistakes that might be accepted as an easy fix in an LLM would not be acceptable in a manufacturing context. "When something is screwed up on the assembly line, that can cost you \$100,000 a minute."

Analysts see signs that Wall Street is also recalibrating its expectations. Goldberg says that venture capital firms that have ploughed money into humanoid robotics start-ups are “getting impatient – they want to see something work, and that’s been a challenge because there’s no one really producing any revenue yet.”

Denise Hall, founder of workforce development consultancy Peak Performance in Cleveland, Tennessee, says that persuading small-scale manufacturers to deploy their limited capital in untested technologies will also be hard.

"The majority of US manufacturing does not look like an Elon Musk factory," says Hall, whose Smart Factory Institute helps prepare manufacturing companies and their employees for the coming wave of automation.

“They’re still doing lots of paperwork, they’re still doing a lot of manual handling,” she adds. “You might have a plant manager who’s driving the forklift because Joe called out sick today — so how can they find time to be strategic?”

There is also the question of what this process of radical automation might mean for jobs and wages.

GE Appliance's head of manufacturing Good says that automation liberates workers from "dull and difficult" tasks, allowing them to concentrate on areas where they can be more productive and allowing management to keep more production and jobs in the US. He notes the company added 4,000 jobs between 2016 and 2025 "even though we have put in a ton of . . . robots".

Companies also point out that human workers with the necessary skills are very often simply not available across the US. Rather than humans being displaced, they say, more opportunities will be created as a result of bottlenecks constraining activity being unblocked.

When Scott Samples joined the GE Appliances cooker plant in LaFayette as a high school graduate, his job was to plug in wires on the assembly line. Sixteen years on, he oversees a team of technicians operating robots performing logistical tasks ranging from stock-taking to moving parts around the factory floor.

The GE Appliances manufacturing plant in LaFayette, Georgia Ben Rollins/FT

"The coolest thing about the job now is that my kids dig it," he says. "They think that Dad gets to play with robots all day, so it kind of makes me feel alive."

But David Autor, a labour economist at MIT, says that while individual companies might increase headcount as they grow more productive, it is a fallacy to assume this will be replicated across the manufacturing sector as a whole, noting that previous waves of automation in the US have all driven large-scale declines in blue-collar employment.

He questions how many opportunities there would be in practice for workers to replicate Samples' career path as a "robot wrangler" at GE Appliances. "There can't be that many such jobs — you can't have everyone being a manager of everyone and everything else."

There may be opportunities elsewhere, however. Elizabeth Anderson, executive vice-president and chief academic officer at Georgia Northwestern Technical College's campus down the road from GE Appliances in LaFayette, notes that "even though AI is being incorporated to increase productivity, we still have to train the technical skills of knowing how to make AI do what it needs to do".

That could enable human workers to retain some degree of leverage in wage negotiations with their employers. But if the skills required to supervise and maintain automated systems are even more difficult to acquire than those needed at present, physical AI may struggle to deliver on its promise of circumventing America's shortage in technical skills, as the bottleneck shifts from a shortage of one set of skills to another.

Autor of MIT notes that whatever the consequences for employment, the US still has a strategic interest in reviving – or at least protecting – its manufacturing sector for reasons of economic and national security. “I do not think of manufacturing as an employment programme.”

‘We can predict the motion of an asteroid, but we still don’t fully understand the physics of a fingertip interacting with a shoelace’

Nevertheless, some are eyeing up opportunities in the emerging world of physical AI. Braylon Camp, a 17-year-old student at Georgia Northwestern Technical College, simultaneously works as a mechatronics intern at a plant in nearby Rock Spring run by Japanese auto component maker Astemo.

“I originally got put into welding but I said no, I want to do the hardest, most complicated thing I can, so other people can’t easily compete with me for a job,” says Camp. “That’s really what I strive to do, to be the best mesh of skills I can be – I’m just like, I’m not gonna fail, that’s all it is.”

FINANCIAL TIMES 'Without fear and without favour'

ft.com/opinion

Meta's settlement is a starting point

Governments can use it as leverage as they mull social media bans for minors

When a blockbuster trial opened this month in California in which four US states representing a broader group sued Meta over allegations that its Facebook and Instagram platforms designed addictive features that harmed children's mental health, few expected it to be over within a few days. But last week Meta agreed to pay up to \$18bn to settle the case, one of the largest settlements ever reached by a US tech company. It also committed to safeguards intended to make its platforms safer for young users. While they don't yet go far enough, they could be expanded internationally.

Trials are not the best way to resolve public safety issues, but US litigation has again shown its capacity to force changes in corporate behaviour where the country's legislators and regulators have failed. Even \$18bn is, of course, small change for Meta, and well below the \$200bn the states had sought. Meta said payment of \$5.3bn of the total is contingent on YouTube and TikTok each agreeing matching payments and imposing similar restrictions on teens. For now, the safety commitments apply only to Meta, and only in the US.

But the attempt to bind in YouTube and TikTok is significant: research suggests teens use their platforms more frequently, and both face litigation too. Other governments, moreover, some of which plan to follow Australia by banning minors from social media, now have leverage to demand similar safeguards. Indeed, the settlement could be seen as a starting point for what Meta and others might be made to agree to in return for bans being shelved.

The question for policymakers is whether such steps can be better at keeping teens safe than attempting to block their access to social media. Australia's pioneering ban has proved distinctly patchy, with many under-16s finding ways to dodge it.

The Meta settlement requires the company to build an age-assurance framework to tighten the age bar on under-13s and distinguish 13 to 17-year-olds from adults, using either third-party or its own technology. There are performance standards with annual third-party testing – though there is no guarantee that Meta can reach these.

The strongest parts of the deal are a two-hour limit on use across Facebook and Instagram, a blackout period from midnight to 6am, and a block on push notifications from 10pm to 7am and during school hours. Similarly welcome is hiding “likes” and reaction counts by default on posts created by children’s accounts, and banning “beauty” filters that simulate cosmetic enhancements, which can intensify body image anxiety.

There are glaring weaknesses on some of the most addictive features, though. Algorithmic feeds, where Meta contin-

One of the biggest problems with setting rules for Big Tech has proved to be that by the time they are agreed, technology has moved on

ues to serve up content designed to maximise engagement, remain the default even if teenagers have to be offered a "chronological", non-personalised feed option that parents can set as the default. And "infinite scroll" remains standard, though Meta must impose "productive pauses" – freezing the feed – after 15, 60 and 90 minutes of continuous use.

One of the biggest problems with setting rules for Big Tech, moreover, has proved to be that by the time they are agreed, technology has moved on. How social media works could yet be transformed by AI and other innovations — and new market entrants. If they are to escape more countrywide bans on minors, Meta and other social media platforms will need to agree to work proactively with regulators to adapt safeguards and adopt new ones over time. A “safe by design” approach may be preferable to blunt but patchily observed prohibitions — but it needs to be effective, and constantly evolve.

Opinion Society

Summer may be ending, but its magic can endure

Ben Hickey

Jemima Kelly

new season, if you follow the meteorological calendar, is upon us. Even if you prefer the astronomical system (as I do) and with the highest completion rates.

view the equinox, in just over three weeks' time, as the proper start to autumn, there is nevertheless a definite end-of-summer energy in the air; a palpable sense that after the long, languid, juicy days of August, things are suddenly about to get exhaustingly, painfully real again.

The French have long packaged up the resumption of regularly scheduled programming as la rentrée, or “the return” — to school, in particular, but also to the cities, to the office, to productivity. This heavily commercialised annual reset provides an important microeconomic boost to retailers of cahiers and cartables all over the country, as well as an (equally

There is something about the season's energy that I increasingly find myself wanting to hold on to

important) emotional one to those grieving the fact they have just blown the majority of their annual leave allowance in a single month.

As a child of economising parents growing up on the outskirts of Paris, I found the annual prospect of setting off to the hypermarché to buy a load of shiny new things quite thrilling. As an adult, I am struck by the consumerism and excess of the whole thing. What I do appreciate, however, is the way the ritual of the rentré makes something out of the otherwise unacknowledged sadness and anxiety that some of us (though not necessarily all of us) feel at summer being over. Giving a name to this sudden lurch back into reality allows it to be understood as a collective experience, helping take some of the sting out of it.

I also like the way the rentrée creates a sense of new beginnings, bringing with it new chances to finally do that thing you want to do. I get a burst of energy and enthusiasm at this time of year, and must confess to even rather enjoying getting back to business, to routines and more focused work. I am not the only one feeling productive: a 2017 study from project management firm Redbooth of some 28mn tasks created by users of its platform found that September, October and November are the months

With the highest completion rates. And beyond mere productivity, there is much loveliness in what is to come. Having a sister who has lived in the tropics for the past decade and who misses the colder months has made me extra appreciative of the seasons, and autumn is a particularly delightful one. I love watching the leaves turn yellow and red and golden before falling off the trees for me to crunch underfoot; I love the abundance of root vegetables and the opportunity to make delicious warming soups; I even love the longer nights and the excuse they give me to spend my evenings curled up on the sofa with no pressure to be out gallivanting somewhere.

Yet while I do want to embrace the changing seasons, there is something about the energy of summertime that I increasingly find myself wanting to hold on to. For me, the joy of summer is not the opportunity to do nothing, but to have the time to do things slowly. To go the long way round; to spend an entire afternoon preparing a melanzane alla parmigiana; to hang out the laundry on the line; to sit down with some complicated text that usually feels like too much effort.

These things are not obvious leisure activities; in fact, they feel a lot more like chores when I don't have the time to do them slowly and mindfully. And the fact is that in a normal working week (particularly if you have young children) that feeling of having all the time in the world is probably not going to be available. But it is still possible — optimal, I would argue — in our world of hyper-convenience and automation to realise that joy often comes not from the task being completed, but in the effort of doing the task itself.

This week, a furore broke out after it emerged the billionaire investor Stanley Druckenmiller had used AI to write a column on the bond market for The Wall Street Journal. Druckenmiller said he was “kind of proud” of using AI at the age of 73, and “not embarrassed” by it. I was struck less by Druckenmiller’s audacity, and more by the thought of what he had missed out on in not going through the joy, pain and ultimate satisfaction (sometimes) of the writing process.

The more AI encroaches on our lives, the more I feel myself wanting to return to doing more effortful things. I saw a couple struggling with a huge map in a car recently and it made me smile. I am about to invest in a CD-cassette-record player HiFi stack. I intend to follow through very soon on my commitment to get a dumbphone, at least for the weekends (iPhone addiction is proving sticky). Some people might call it “friction-maxzing”. I think of it as remembering how to live, not just for the summer.

jemima.kelly@ft.com

Letters

Expanded EU carbon border tax is not a reaction to US tariffs

In his op-ed (August 12) Andrew Puzder, the US ambassador to the EU, accused the EU of double standards. He argued that criticising US tariffs on steel and aluminium derivatives while simultaneously imposing Carbon Border Adjustment Mechanism charges on the same products, is hypocritical. To him, CBAM is simply “a tariff by another name”.

On a superficial level, CBAM does raise the cost of imports, and can therefore act as a market barrier. The EU, however, considers CBAM to be in compliance with World Trade Organization rules, and any dispute over its compatibility would ultimately be a matter for the WTO to assess. The EU could thus face countermeasures and might then consider adjusting CBAM accordingly. None of this, however, would undermine the EU's right to pursue climate legislation. Simply equating it with a tariff

To think I was once a proud student of Lynch's father and sat his economics course at the University of Buenos Aires – and was the only one to pass with top marks (10/10) and one of the very few who survived the term.

I can barely afford lightbulbs, I eat once a day, and I cannot heat my home, which I now risk losing due to over-indebtedness.

overlooks three important distinctions.

In reality, I am a retired professional living solely on a minimum pension, without family support, and facing a very serious illness. My financial hardship began due to a series of technical glitches in the app where I collected my pension in 2024.

That is how I fell into debt – not through reckless purchases, trips, parties, dining out, subscriptions, or visits to the hairdresser.

Second, if a carbon price has already been paid in the country of origin, this can in principle be taken into account, and no additional carbon border charge would apply.

Argentina – victims of a system with no way out

I have repeatedly tried to negotiate a preventive restructuring of my debts with my creditors, but so far to no avail.

On Infobae, an international Argentine online newspaper, Lynch claimed that one of the reasons for our plight is people bought television sets in order to watch the World Cup and, when Argentina lost in the final to Spain, they simply chose not to pay.

First, import tariffs are typically designed to protect domestic producers or to raise revenue – both objectives the US administration has invoked to justify its tariffs. CBAM serves a different purpose: it is designed to prevent carbon leakage by ensuring that imports face a carbon cost comparable to that borne by EU producers under the EU Emissions Trading System. In this sense, CBAM is an extension of an internal climate policy, not a trade instrument in disguise.

Ciara Nugent's article "Argentines struggle to repay debts in Javier Milei's painful economic overhaul" (Report, August 26) captures the struggle we Argentines are up against when striving to survive the agony of forced default.

I place all supporting documentation and screenshots at your disposal.

Your account contrasts with the infantile explanation offered by Alberto Benegas Lynch Jr, the person widely seen as the intellectual mentor of Argentine President Javier Milei.

Thank you for your understanding of our true situation.

I hope this account helps demonstrate that we are not reckless spenders, but rather victims of a system with no way out. Alicia Graciela Piogovsky Muchenik Pinamar, Argentina

How Washington and Beijing can avoid spillover

That is not how tariffs typically work. While Puzder states that the US has no carbon price, this is only true at the federal level. California and

Joe Leahy's article entitled “Beijing threatens to strike back if US sanctions on Iran hit China's interests” (Report, August 26) captures a dilemma that neither Washington nor Beijing seems keen to resolve through dialogue.

Secondary sanctions on Iran's oil trade, however well-intentioned, are bound to draw in Chinese refiners who buy the bulk of that crude.

An Argentina fan reacts to defeat to Spain in the Fifa World Cup Final

Beijing's warning of retaliation is not bluster; it reflects genuine anxiety about being cornered in a fight that serves neither its economic interests nor the fragile trade truce with Washington. What is troubling is the timing.

A year-long truce, painstakingly negotiated, now hangs on how Washington calibrates its Iran policy in the coming weeks.

The sensible course would be for the US Treasury to build in a longer compliance window before targeting Chinese banks and refiners, giving both sides room to negotiate quietly rather than react publicly.

Washington could also consider carving out humanitarian and energy-security exemptions, as it has done in the past, to avoid an all-or-nothing confrontation.

Third, CBAM was always intended to cover a wider range of products than those included at its launch. Any gradual expansion of CBAM's product coverage therefore reflects the original design of the mechanism, not a reaction to US tariffs.

Washington State already operate multisectoral carbon-pricing systems based on cap-and-trade or cap-and-invest mechanisms. Other states have introduced or are considering more limited mechanisms, which could in principle be taken into account under the EU CBAM.

For its part, Beijing would do well to keep its “teapot” refiners at arm’s length from state banks, so that any US action does not automatically implicate the wider financial system.

Neither government benefits from a rupture of the trade truce over a third country's nuclear ambitions.

Finally, dismissing efforts to tackle climate change is shortsighted – particularly when Europe suffers from scorching heat and droughts, China and the US record historic temperatures, and other countries like Mozambique and New Zealand face devastating floods.

A calibrated, phased approach to enforcement, with regular consultation between US and Chinese trade officials, seems the only realistic way to keep this dispute from spilling over into a broader economic confrontation that both sides claim they wish to avoid. A Myilsami

Retired Post Graduate Teacher, Coimbatore, Tamil Nadu, India

These events make clear that climate

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

The consulting skills AI cannot reproduce

Robert Armstrong's recent article which ran with the headline "Who needs consultants in the age of AI?" (Opinion, August 6) raises a valid point about whether consultants will be able to advise themselves on how to survive the implementation of AI.

It is a question I've been pondering in my role as a professor at London Business School, which has traditionally provided a rich hunting ground for consulting firms looking for new talent.

As I tell my students, AI will have a profound impact on how consulting works, and where it can add value.

However while change is undeniable, a career in consulting remains a viable option. Most importantly, AI is great at scouring the internet for ideas, synthesising the information, and sharing it.

What it cannot do well is anything that involves trade-off judgments, especially when the challenge is novel, because our human emotional (ie irrational) instincts do not stand up to logical analysis.

AI has been trained to mimic emotion, but literally cannot feel emotions the way a biological being does. This means that consultancies will need to get out of the habit of developing a “proprietary” process and employing it in lots of places. Instead, they will need to be able to advise and help managers actually make better decisions as they manage and lead.

The effective consultant will need to employ critical thinking, trade-off logic and cognitive empathy (ie perspective taking and being able to decipher what others are feeling). These are the skills that AI cannot reproduce and where many managers need support as they often get promoted on technical skills rather than leadership and management skills.

Most managers learn management skills “on the job” and experience can be a really harsh teacher, and even encourage some managers to learn the wrong things.

If consultants can provide the sort of service that helps others to do their own work more effectively, we won't be consigning consultants to the scrap heap just yet.

Randall S Peterson Professor and Academic Director, Professor of Organisational Behaviour, Leadership Institute, London Business School, London NW1, UK

Email: letters.editor@ft.com

Email: letters@sdurl@ft.com Include daytime telephone number and full address Corrections: corrections@ft.com

change is affecting humankind globally. To avert its increasingly severe consequences, industrialised countries in particular have a duty to act and transform their economies.

The EU has taken a step in this direction by implementing emissions trading and carbon pricing across parts of its industry and energy sector. Next up are its building and transport sectors.

CBAM can build on this: ideally, it creates incentives for cleaner production and lower emissions abroad and encourages the spread of carbon pricing beyond EU borders. This is not protectionism; it is applying economic rationale in pursuit of a common good. Laura von Daniels

Senior Fellow, SWP (Stiftung Wissenschaft und Politik), Berlin, Germany Samina Sultan

Senior Economist, German Economic Institute, Cologne, Germany

Nuclear fusion might recall BP and its Q's Law

Anjana Ahuja's column "Could nuclear fusion be economically viable?" (Opinion, August 26) describes how an MIT professor advocates comparing fusion technologies using their "economic Q factors", which weigh forecast capital expended on a plant, against capital forecast to be gained over its life.

As well as these projected ratios (necessarily somewhat speculative), those investing large sums in fusion projects (Ahuja mentions \$4.5bn during the past year alone) should also recall – and maybe reconfigure – a similarly named but empirically-based “law” coined in the 1970s by BP financial controller Quentin Morris.

As development costs of his company's Forties Oilfield ballooned, "Q's Law" held that "whatever has been spent to date, costs to completion remain a constant". Concerningly, the experience of cost and time overruns at traditional nuclear plants, combined with the novelty of fusion technology and what Ahuja refers to as the "extreme engineering involved", all suggest investors should assume Q's law is likely to be optimistic for fusion projects and brace themselves for completion costs that initially increase as money is spent rather than hold steady. And for their vast investments to actually achieve an economic Q factor above one, they are likely to require consumers to pay a very high price for these plants' "limitless" output.

Charles Mercey Tellisford, Somerset, UK

Here's a plan to take back control of our high streets

Your editorial describes the range of factors contributing to the decline of the high street (FT View, August 19). Repurposing clearly has a role to play in their regeneration, so here's a suggestion. High streets are awash with spare fibre, spare space and spare power; put the three together and, hey presto, a distributed compute capacity, on our doorstep, processing local (national sovereign) data for local needs, using existing capacity. With an inbuilt revenue model to support cyber cafés and subsidised coffee.

We never voted for out-of-town retail parks and hyperscale data centres. Here's a way to take back control of our high streets.
Michael Armitage
London SW19, UK

Will financial innovation dethrone the dollar?

Eswar Prasad

B

y all logic, the dollar's dominance in global finance ought to be collapsing. Rising public debt, concerns over the erosion of central bank inde-

pendence and weaponisation of the dollar through financial sanctions should encourage diversification away from the currency. Policymakers around the world talk incessantly about ditching the dollar.

Indeed, many new rivals to the dollar have sprung up in recent years, while the share of gold in central banks' international reserves has risen sharply. The dollar's share in foreign exchange reserves is now 57 per cent, compared with 71 per cent in 2000. Dollar privilege, which allowed the US Treasury to issue debt at relatively favourable interest rates, has all but disappeared. This surely sets the stage for multi-polarity.

But in new research presented at the Jackson Hole symposium, my colleagues and I depicted an alternative, less comforting possibility. Rather than a stable multi-polarity that underpins beneficial currency competition, we document extensive fragmentation among putative rivals to the dollar. Traditional reserve currencies such as the euro, Japanese yen and British pound sterling have lost ground as payment and reserve currencies. The Australian dollar, Canadian dollar and Swiss franc have increased their collective shares of cross-border payments and reserves but are ultimately backed by small economies and shallow financial markets. China's renminbi internationalisation has stalled as its government maintains capital flow restrictions.

What could yet disrupt entrenched dollar dominance is technology.

The plumbing of cross-border payments is being rebuilt before our eyes. Many central banks are experimenting with blockchain and other solutions to make international payments faster, cheaper and more efficient. At the same time, technologies that reduce frictions in cross-border transactions will make it easier for private investors, including firms and households, to acquire foreign assets and search for funding in global capital markets. This ought to have a levelling effect, giving every currency a chance to compete on a level footing.

But the reality might prove rather different. The larger size of US capital markets relative to other countries, along

Countries that try to wall themselves off from new technologies will be the most vulnerable

with US first-mover advantage in enabling private sector innovations to settlement technologies, may well reinforce the dollar's dominance.

Consider stablecoins, which are rapidly gaining traction in cross-border payments. The overwhelming majority of stablecoins in circulation are dollar-denominated, partly because of the crypto-friendly approach of the US government and also because much of the world still hankers for dollars. Our analysis shows that the interaction between reduced frictions and market depth could favour issuance of and demand for dollar-denominated debt instruments and other securities.

Financial innovation is certainly intensifying competition and giving currencies of smaller countries an edge. But in practice, many emerging market and developing economies now face even greater dangers of being overrun by easy access to foreign currency assets and payment systems, threatening their monetary and financial sovereignty. Countries that try to wall themselves off from these new technologies, rather than doing the hard but essential work of fortifying their markets and institutions, will be the most vulnerable. Instead, they need to develop broad and well-regulated financial markets, maintain disciplined monetary and fiscal policies, and promote the rule of law.

In short, financial innovation could produce one of three outcomes. The first is true multi-polarity in currencies built on strong foundations with competition that rewards well-governed countries and sidelines currencies issued by poorly governed ones. The second is greater dollar dominance, leaving the global economy and financial system ever more vulnerable to shifts in US policy. The third is a fragmented system with no widely trusted currency or central bank.

On present trajectories, the second outcome seems likely. Reckless US policies might yet lead to the third, perhaps the most worrisome of all. With no currency to anchor the trust of global investors, financial market stress could spiral into unstoppable turmoil.

Much depends on governments and central banks' willingness to embrace innovation and strengthen their financial markets and regulatory frameworks. If dollar dominance persists and results in disaster, other countries will only have themselves to blame.

The writer is a professor at Cornell University and senior fellow at Brookings. Gordon Liao of Circle and Tony Zhang of Arizona State University contributed to this column.

Americans feel they have lost their agency

BUSINESS

Rana Foroohar

ast week's \$18bn Meta settlement, which will force the social media giant to put time limits and other major restrictions on how teens use

Facebook and Instagram, marks an inflection point in the backlash that has been building against Big Tech. It follows on the heels of TikTok's \$400mn settlement for the alleged violation of children's privacy laws earlier this month, and agreements by Amazon and Google on consumer protection and monopoly power.

All of this is a legal manifestation of a larger political trend – Americans feel they have less and less control over their own lives, and they increasingly blame large corporations.

AI and data centres have been the tipping point. According to the Annenberg Public Policy Center, 61 per cent of Americans now oppose one being built in their backyard. The politics of the upcoming midterm elections reflect this, with candidates from both parties trying to portray politicians who favour the building of data centres as in hock to big corporations.

"The data centre issue is the latest example of a governor who has been doing the bidding of moneyed interests instead of the people of Texas," said Democratic gubernatorial candidate Gina Hinojosa about her opponent. And it's a sentiment being echoed in races across the country.

But the deep issue here is Americans' perceived loss of personal agency, a problem that has been building for decades.

Algorithmic control of many of our consumer choices is simply a fact of life today. When we search Google or shop on Amazon, we are presented with pre-curated choices that lead us to certain conclusions that benefit the companies that designed the online worlds where we now spend most of our time. A mere 0.44 per cent of users ever look beyond the first Google search page. AI, of course, only amplifies the effect by putting even more distance between us and any original source material.

None of this began with Silicon Valley, as Eli Cook shows in his upcoming book, Choose Your Captivity: How Corporations Built Our Choices and Sold Our Freedom. He describes how digital rabbit holes that take us where their creators want us to go (and where it is most profitable for them) are merely the high-tech culmination of the past 100 years of corporate “choice architecture” of the sort that “hardly existed before the turn of the 20th century and yet now uses more and more each year”.

Cook would include in this list everything from "pay to play" supermarket display shelves invented in the 1920s, to taste tests like the 1970s Pepsi Challenge, to pain questionnaires pushed into doctors' offices in the 2000s by Purdue Pharma (the maker of OxyContin), to the highly curated and controlled environment of platforms like Uber and Netflix today.

All of it not only played to corporate interests, allowing companies to shape the entire choice ecosystem, but also a neoliberal belief that “economic standing was largely a reflection of . . . personal decisions not class inequalities, structural conditions or blind luck”, as Cook puts it. We could do and be anything we wanted – we just had to make the right choices.

But what if we don't even have a choice? What if, to allude to the title of a very influential economics book pub-

It will take more than rhetoric and a few lawsuits to reverse surveillance capitalism

lished in 2008, we are simply being “nudged” towards a place that big businesses, which can afford the best surveillance and behaviour-shaping technologies, want you to be? And what if those nudges aren’t about improving wellbeing, as that book’s authors Cass Sunstein and Richard Thaler proposed, but making the rich richer? It might make average voters question the entire nature of democratic capitalism.

That appears to be just what is happening. In the past few years, the American dream of free choice and upward mobility has been called into question. One 2025 survey found only 31 per cent of the population believed that “if you work hard, you will get ahead”.

A recent report by political scientist Jared Abbott and legal scholar Joan C Williams advised that any winning left-of-centre politics should “consistently embrace a populism that decries a rigged economy where hard work fails to yield a stable middle-class life”.

This is, of course, just what we are hearing in the midterm cycle, often from labour and faith-oriented candidates, who align with institutions (unions, the church) that offer alternatives to corporate power structures. As James Talarico, the Democratic candidate for US Senate from Texas, put it on The Ezra Klein Show: "The billionaires who own our algorithms, who own our cable news networks . . . they and their platforms are engineering our emotions so they can profit off our pain. They are selling us conflict, and they're calling it connection." He went on to say that billionaires are "bad for the world . . . bad for our neighbours . . . and bad for Texans". Talarico is strongly ahead in polls in a state where Democrats haven't won a Senate race since 1988.

It will take more than rhetoric and a few lawsuits to reverse surveillance capitalism. But it's worth remembering that the concept of "freedom", even when it is a myth, is precious to most Americans. Companies – and politicians – perceived to be undermining it may ultimately suffer.

rana.foroohar@ft.com

Your body is not a machine

Guru Madhavan

n a hot room, I balance on one foot, lifting the other high on to my opposite thigh, palms pressed together at my chest. Sweat stings my eyes as I lower into a toe stand, caught between faking it and maybe making it.

In corpse pose next, I relax my limbs across the mat and gently stare at the ceiling. "Optimise your breathing," the instructor says. The word lands like an intruder in a practice far older than our machine metaphors for the body. In stillness, my mind wanders to the work of English physician William Harvey.

Harvey studied medicine when Galen's ideas still dominated, as they had for 14 centuries. People believed the liver made blood and that arteries carried life-giving "vital spirit". After years of animal vivisection and human dissection, Harvey published De Motu Cordis in 1628. Blood, he claimed, flowed in a loop, propelled by the heart, which was like a pump.

Harvey still thought in Aristotelian terms, asking what purpose each organ served. His account of circulation, however, gave force to a new mechanical view of the body, like the mechanical clock that was once seen as the model for an orderly universe. And us.

In the 1650s, René Descartes viewed animal bodies as automata. Then, in 1687, Isaac Newton's Principia described a universe governed by mathematical laws, inviting the idea that it also ran through bones and ligaments. Sixty years later, French physician and philosopher Julien Offray de La Mettrie, sick and on opium, anonymously published L'Homme Machine. Thought and feeling were only matter, he insisted, requiring no soul. Cut a heart open and you see only nerves and valves and nothing of a lifetime of passion and pain.

Taking living things apart has given us vast knowledge. But because such reductionism works profitably, we tend to miss its limits. In 1911 Frederick Winslow Taylor timed factory workers' movements with a stopwatch and codified "scientific management" in pursuit of ever-greater productivity. The drive to optimise gradually spread from factory floors into sport, sleep, diet, the gym and the cues of a westernised yoga class.

We invent machine metaphors to

Because such reductionism about living things works profitably, we tend to miss its limits

understand the body but then start living as if those metaphors were true.

The Yoga Sutras, a collection of aphorisms attributed to the Indian sage Patanjali and widely considered foundational to classical yoga, draw heavily on Samkhya, an ancient Hindu philosophical system. It resists reducing the person to physical processes by distinguishing prakriti, material nature, including body and mind, from purusha, pure consciousness, to free the witness from the witnessed, prizing clarity over accomplishment.

When mending a blocked artery or replacing a worn-out hip, picturing the body as a machine can be useful. Yet as a guiding metaphor, it leads us off course. Randolph Nesse, a pioneer in evolutionary medicine, calls this mistake “tacit creationism”.

We talk and think as if our bodies were engineered from precise parts and partitions when in reality, our bodies depend on complex networks and co-ordination. Gut microbes, for instance, communicate with the nervous and immune systems, but chronic stress can upset both the microbiome and the signals they give out. Inflammation that ought to subside once the threat has passed can instead persist or become dysregulated.

While products can be machined to tight tolerances, natural selection can work only with what it inherits. Bodies make passable compromises across generations, even if they result in oddities.

Take the left recurrent laryngeal nerve. A remnant of our aquatic ancestors, it drops into the chest and hooks under the aortic arch before climbing back to the larynx. Then there is the eye. Light must pass through retinal tissue before reaching the eye's photoreceptors. Where the optic nerve exits the retina, there are no photoreceptors, leaving a blind spot. Unlike the eye, a modern car partly compensates for a limited field of view with mirrors and sensors. Childbirth is a struggle because a baby's wide skull and shoulders must pass through a narrow birth canal. Which engineer would approve such designs?

On the yoga mat, the idea of the body as a machine shadows over me. Back in corpse pose, my breath ebbs and flows. The metaphor that once described the body now dictates how we imagine and inhabit it. "Let it go," the instructor murmurs.

The writer is a systems engineer and author of 'Wicked Problems: How to Engineer a Better World'

Trump's threats against Canada are self-defeating

Robert Zoellick

W hy must President Donald Trump bully Canada? Americans might not take jibes about the "51st state" seriously,

but what Canadians see is an attack on their independence and even unity.

They acknowledge US economic power, but expect Americans to keep their word. In contrast, Trump wants to bind Canada while being free to change terms whenever he wishes. The US needs Canadian aluminium, but wants to constrain Canada's ability to sell products made from the metal. Trump's negotiators want to break up the integration of US-Canadian auto production by keeping out parts and pick-up trucks. Prime Minister Mark Carney pointed out that the US questioned the French language requirements before the Quebec election. Washington is aware that Canadian retaliation through restrictions on energy exports would play into the hands of Albertan separatists before a referendum. And to top it all off, the US wants to limit Canada's freedom to trade with others.

Trump's spite will just stoke Canadian anger. And it's not popular with Americans either. According to a survey last year by the Chicago Council on Global Affairs-Ipsos, they rank Canada more favourably than any other country.

Ronald Reagan recognised that an integrated North America offers the US a firmer foundation for projecting influence globally. By building closer ties, the three North American democracies could enjoy energy self-sufficiency, access to key minerals, manufacturing

No American leader should dishonour the country's past by treating our closest partners so shabbily

efficiencies, more secure supply chains, a larger market for innovation and better demographics than the rest of the world. When Canada and Mexico grow, they buy much more from the US than other countries do. Half a billion North Americans should be in a stronger position to compete with 1.4bn Chinese and others around the world.

Reagan took the first step to slash barriers by pursuing a free trade agreement with Canada. George H W Bush expanded the free trade agreement to include Mexico, and Bill Clinton passed Nafta. Then the private sector filled in a network of commerce ranging from railroads and energy systems to auto production, business services and agricultural supplies. Competition lowered prices and created opportunities in all three countries.

US goods and services trade with Canada has grown to about \$900bn a year—and is almost in balance. That commerce is underpinned by cross-investment, with the US investing about \$750bn in Canada and a Canadian flow of about \$500bn to the US.

Ties deepened so extensively that in Trump's first term he decided that he had to maintain the accord, although he renegotiated the terms through the USMCA. Some 75 per cent of Americans consider the USMCA good for the US economy. Large numbers of Americans say trade with Canada and Mexico strengthens US national security. Strong majorities oppose adding tariffs.

This year the three USMCA partners were supposed to consider extending the agreement from 2036 to 2042. Instead, Trump is threatening to unravel American integration, stirring anti-Americanism.

No American leader should dishonour the country's past by treating our closest partners so shabbily. Americans and Canadians stood arm-in-arm during the first and second world wars, the Korean war, and in Afghanistan. In 1979, after Iranians took US diplomats hostage, the Canadian ambassador and his wife in Tehran ran the risk of hiding six Americans until the CIA could extricate them.

During the cold war and after, Canadians were among our closest allies. Of course, friends have disagreements, which they debate and work out. But great countries treat partners with respect.

The writer was President of the World Bank, US Trade Representative and Deputy Secretary of State. He helped negotiate Nafta

Women at work make friends differently from men

Pilita Clark Business Life

ust after 1pm last Tuesday, I bought a £7.50 chicken salad at the Pret around the corner from my office to test a theory. It wasn't the grim little

lunch that interested me. It was the other office workers hunkered down over their halloumi wraps and egg pots.

Sure enough, there were more men eating lunch alone than women.

It was the same at the café next door to the Pret, at another lunch spot down the road and also the FT staff canteen.

Sometimes there were more than twice as many single male diners. Sometimes the ratio was smaller. Nowhere did I see more women eating alone than men.

This was just one brief unscientific snapshot of London lunch life. Countless things could have accounted for the preponderance of lone males, not least the possibility that men outnumber women around my office, or have the types of jobs that force a quick bite alone instead of more leisurely lunching.

Still, what I saw gels with new research that sheds a troubling light on how we relate to one another at work.

Women make friends on the job in different ways from men, according to a study by European and US academics in the Social Networks journal. They form wider, deeper friendships with each other, in part because they are more likely than men to spend time with friends of friends in the office.

Kenneth Andersson

Men tend to have more selective one-to-one work friendships, especially if it helps them get ahead.

The study did not go into what happens at lunch, but if men are not as close to their work friends as women, you can see why they might tend to eat solo. Either way, the implications of the new research are important. Older research shows people with good work relationships are likely to be happier, more engaged, more productive and innovative. They are less likely to be thinking about jumping ship and more likely to know what is going on and what their employer wants them to prioritise.

That's good news for employers and

“It is sobering to consider the advantages males might get from a more calculated approach to office connections”

for women, some of whom do a distinctly better job of making friends at work than men.

Nearly 30 per cent of college-educated American women say they have good friends at work, while only about 20 per cent of college-educated men report the same thing.

Why so? It could be because women have shared experiences of, say, motherhood, and want to be friends with other mothers in the office in the same way that they might gravitate to women with kids outside work.

But the new research suggests the picture is more complicated. The study tracked nearly 140 workers at a US community development group who were aged between 18 and 24. That's a bit young for parenthood.

Whatever the explanation for women's tendency to become friends with people they are already connected to, it might not be that helpful.

If you were being strategic about your workmates, you would not necessarily pick people who were friends of friends.

They are unlikely to know much more about what's going on than your existing friends, says Andrew Parker, a professor of leadership at the UK's

Durham University Business School who co-authored the new research. "As a network, you want somebody in HR, somebody in finance, somebody in marketing, somebody in sales," he told me, because that's more useful than if your friends all come from the same department.

It is also sobering to consider the advantages men might get from a more calculated approach to work friendships. Close to 40 per cent of the gender pay gap at one big commercial bank could have been explained by the social relationships between men and their male managers, a 2019 study estimated. Ultimately, this speaks to a need to be aware that all is not necessarily as it may seem at work.

Most large organisations have well-established mentoring and sponsorship programmes to advance women and other employee groups, but both mentor and mentee often come from the same department or division. It might be helpful if they did not.

As for lunch, sometimes it's nice to eat with others and sometimes it is not. In the world of work today, there are larger things to worry about.

pilita.clark@ft.com

Lex.

Equity for all is one fix for UK plc's underperformance

he recent spate of FTSE 250 takeovers lends credibility to the idea that UK companies are too cheap, or poorly run.

But much could be addressed by increasing the number of people who own companies' shares — starting with the board.

Activist investor Cevian Capital has proposed doubling the remuneration of non-executive directors from the FTSE 100 average of £80,000 to £160,000, with the difference paid in stock, on the grounds that a strong board is a good way to increase corporate value. This is a bold call, in that raising pay for business grandees tends to provoke cries of outrage.

But Cevian has a point. In the US, non-execs are paid three times as much as their UK peers. And British companies need the kind of expertise more easily found on the other side of the Atlantic. Equity is a sensible currency because it links pay to performance, especially when it pays out over a reasonably long period. Only 5 per cent of FTSE 100 groups pay their directors in stock, according to new data by Alvarez & Marsal.

Joining a board isn't purely a monetary question in the UK, where directors face considerable legal risks and public scrutiny. One way to shift the balance of risks and rewards would be to make the job of board

Source: Alvarez & Marsal

director more interesting and engaging, and a good way to do that is to attract more top-flight chairs.

There, pay compares much more favourably: the UK median for the largest 150 companies is £452,000, according to the Spencer Stuart board index, roughly the same as in the US. Still that number has grown only half as much as directors' pay over the past five years. And because it's almost always in cash, it lacks the performance incentive that stock confers, which is why private equity-backed companies are such potent poachers of UK plc board talent.

Companies considering big share awards may fear a backlash from proxy advisers and investors. They rightly keep an eagle eye out for pay that doesn't incentivise, or reward, good results. But they often compare compensation packages to local market norms. That's not helpful when the local market as a whole is falling behind foreign counterparts.

Asset managers are also following the preferences of their clients. Some of that is justified, but some comes from the relatively low levels of stock ownership in the general population, relative to the US. One thing that can be said in favour of plans to get more shares into more hands is that they ought to foster a culture that's more supportive of business and markets, to the broad benefit of UK plc.