周三，富时100指数下跌，英国市场因围绕财政大臣雷切尔·里夫斯的政治不确定性而感到不安。在总理基尔·斯塔默在首相问答环节未能坚定支持她之后，关于她的未来的猜测愈演愈烈，引发了金边债券收益率的急剧上升——这是自4月以来的最大幅度——以及英镑的急剧下跌。尽管斯塔默后来表示支持，但损害已经造成。由此引发的抛售对利率敏感行业造成了沉重打击，房屋建筑商、房地产公司和银行领跌。伯克利下跌超过8%，柿子下跌超过6%，而Marks&Spencer、Barratt Redrow和土地证券下跌超过5%。劳埃德银行损失超过3%，巴克莱银行损失超过1%。债券收益率上升和对英格兰银行降息的押注减少，进一步给这些行业带来了压力。从好的方面来看，力拓、嘉能可和英美资源集团上涨2.5%至5.2%，为更广泛的指数提供了一些支撑，矿商表现优于大盘。

The FTSE 100 fell on Wednesday as UK markets were rattled by political uncertainty surrounding Chancellor Rachel Reeves. Speculation about her future intensified after Prime Minister Keir Starmer failed to firmly back her during Prime Minister’s Questions, triggering a sharp rise in gilt yields—the largest since April—and a steep drop in the pound. Though Starmer later expressed support, the damage was done. The resulting sell-off hit rate-sensitive sectors hard, with homebuilders, real estate firms, and banks leading the declines. Berkeley fell over 8%, Persimmon over 6%, while Marks & Spencer, Barratt Redrow, and Land Securities dropped more than 5%. Lloyds Banking lost over 3%, and Barclays more than 1%. Rising bond yields and reduced bets on Bank of England rate cuts further pressured these sectors. On the upside, miners outperformed as Rio Tinto, Glencore, and Anglo American rose between 2.5% and 5.2%, offering some support to the broader index.

周三，10年期英国国债收益率飙升超过20个基点，超过4.66%的大关，此前该收益率在前一交易日触及六个月低点，因为英国现任工党内部的冲突突显了人们对英国债务的信心。由于对政府旗舰福利改革的怀疑，总理基尔·斯塔默没有确认财政大臣雷切尔·里夫斯将在下一次大选前就任。对里夫斯是否会继续掌管英国财政部的怀疑引发了长期国债在财政不确定性下的暴跌，并促使交易员减少了本季度降息的赌注。此前不久，英国央行行长指出，利率的方向是“向下”的，随着时间的推移，限制性政策将朝着“更中性”的立场放松，尽管最终利率仍存在不确定性。

The yield on the 10-year Gilt surged over 20bps to surpass the 4.66% mark on Wednesday after having tested six-month lows on the prior session, as internal conflicts within the UK's incumbent Labour Party stressed the confidence on British debt. Prime Minister Keir Starmer refrained from confirming that Chancellor Rachel Reeves would be at her post by the next general election following doubts on the government's flagship welfare reforms. Doubts on whether the Reeves would remain in charge of the UK's Exchequer triggered a plunge in long-dated Gilts amid the fiscal uncertainty and drove traders to pare bets of rate cuts this quarter. This was shortly after BoE Governor noted the direction for interest rates is "downwards" and that restrictiveness will ease toward a "more neutral" stance over time, though uncertainty remains about the terminal rate.

由于政治动荡和英国财政领导层的不确定性日益增加，英镑下跌超过1%，至1.36美元以下。英国财政大臣雷切尔·里夫斯在首相质询会上表现出明显的情绪化，总理基尔·斯塔默在政府对一项有争议的福利法案态度转变后没有明确支持她，此后猜测激增。尽管唐宁街否认任何辞职，财政部将里夫斯的反应归因于个人事务，但市场越来越不安。这种情况加剧了人们对财政可信度的担忧，特别是考虑到最近的预算缩减和有限的财政空间。投资者担心，里夫斯立场的不稳定可能会破坏英国的经济计划，引发整个市场的抛售。与此同时，英国央行政策制定者艾伦·泰勒呼吁加快降息，并警告硬着陆的风险正在上升。

The British pound dropped over 1% to below $1.36 amid political turmoil and growing uncertainty over UK fiscal leadership. Speculation surged after Chancellor Rachel Reeves appeared visibly emotional during Prime Minister’s Questions, and PM Keir Starmer did not explicitly back her following the government's U-turn on a controversial welfare bill. Though Downing Street denied any resignation, and the Treasury attributed Reeves' reaction to a personal matter, markets grew increasingly uneasy. The situation adds to concerns about fiscal credibility, especially given the recent budget retreat and limited fiscal headroom. Investors fear instability around Reeves’ position could derail the UK's economic plans, triggering a selloff across markets. Meanwhile, BoE policymaker Alan Taylor called for accelerated rate cuts, warning of a rising risk of a hard landing.

英国预算预测者表示，他们过于乐观，给里夫斯带来了风险。英国官方预算监督机构周二表示，它对该国的经济增长前景过于乐观，这增加了其预测下调的可能性，这将对财政部长雷切尔·里夫斯造成打击。

UK budget forecasters say they have been too upbeat, posing a risk for Reeves.Britain's official budget watchdog said on Tuesday that it had been too optimistic about the country's economic growth outlook, raising the prospect of a downgrade of its forecasts which would be a blow to finance minister Rachel Reeves.