英国10年期国债收益率升至4.7%，反映出对财政政策和政治不确定性的担忧加剧。工党领袖凯尔·斯塔默的盟友袭击了大曼彻斯特市长安迪·伯纳姆，此前他承诺将增加400亿英镑的借款。伯纳姆表示，工党不应“受制于债券市场”，并暗示将与科尔宾合作，这引起了激烈的批评。英国借贷成本的攀升速度快于德国或美国，使财政大臣雷切尔·里夫斯几乎没有财政空间。最近的金边债券拍卖突显了这种压力：由于投资者怀疑里夫斯平衡支出计划和财政规则的能力，对5年期、9年期和30年期债券的需求跌至多年低点。在数据方面，9月份的标准普尔全球采购经理人指数显示，私营部门活动明显放缓，服务业增长放缓，制造业进一步萎缩。英格兰银行保持利率不变，保持谨慎立场，市场预计下一次降息将在2026年进行。

The UK 10-year gilt yield rose to 4.7%, reflecting heightened concerns over fiscal policy and political uncertainty. Labour leader Keir Starmer’s allies attacked Greater Manchester mayor Andy Burnham after he pledged to boost borrowing by £40 billion. Burnham said Labour shouldn’t be “in hock to the bond market” and hinted at working with Corbyn, drawing fierce criticism. UK borrowing costs have climbed faster than in Germany or the US, leaving Chancellor Rachel Reeves with little fiscal headroom. Recent gilt auctions underscore the strain: demand for 5-, 9-, and 30-year bonds slumped to multi-year lows, as investors doubted Reeves’ ability to balance spending plans with fiscal rules. On the data front, September’s S&P Global PMI showed a marked slowdown in private-sector activity, with services growth easing and manufacturing contracting further. The Bank of England left interest rates unchanged, maintaining a cautious stance, with markets pricing in the next rate cut only in 2026.