英国10年期国债收益率略高于4.7%，为9月4日以来的最高水平，投资者正在等待标普全球PMI预览调查以及英格兰银行和美联储官员的讲话。市场情绪仍因对英国财政前景日益增长的担忧而蒙上阴影。上周公布的数据显示，8月份公共部门净借款跃升至近180亿英镑，远高于125亿英镑的预期。在11月秋季预算之前，这种急剧的超调增加了压力，并且是在全球债务担忧加剧的背景下，最近将30年期国债收益率推至历史新高，这可能会限制政府宣布新支出措施的能力。与此同时，英国央行以7票赞成、2票反对的结果将利率稳定在4%，将量化紧缩放缓至700亿英镑，并重申其谨慎立场。市场继续对2026年的首次降息进行定价。

The yield on the UK’s 10-year gilt held just above 4.7%, its highest level since September 4, as investors awaited the S&P Global flash PMI survey and speeches from Bank of England and Federal Reserve officials. Market sentiment remained clouded by growing concerns over the UK’s fiscal outlook. Figures released last week showed public sector net borrowing jumped to nearly £18 billion in August, well above expectations of £12.5 billion. The sharp overshoot has heightened pressure ahead of November’s Autumn Budget and comes against a backdrop of rising global debt worries, which recently pushed 30-year gilt yields to record highs, which might constrain the government’s capacity to announce new spending measures. At the same time, the BoE held interest rates steady at 4% in a 7–2 vote, slowed quantitative tightening to £70 billion, and reiterated its cautious stance. Markets continue to price in the first rate cut only in 2026.

英镑兑美元汇率在1.35美元左右，保持在周五两周低点1.346美元附近，投资者正在等待标普全球PMI预览调查以及英格兰银行和美联储官员的讲话，同时仍对英国的财政前景感到担忧。上周的数据显示，8月份公共部门净借款激增至近180亿英镑，远高于市场预期的125亿英镑。这一超调增加了11月秋季预算之前的压力，并且是在全球债务担忧加剧的背景下出现的，这最近将30年期国债收益率推至历史新高。此举可能会限制政府采取额外支出措施的空间。与此同时，英国央行以7票赞成、2票反对的结果将利率维持在4%不变，将量化紧缩的步伐放缓至700亿英镑，并保持谨慎的政策立场。市场目前预计下一次降息要到2026年。

The British pound traded around $1.35, holding near Friday’s two-week low of $1.346, as investors awaited the S&P Global flash PMI survey and remarks from Bank of England and Federal Reserve officials, while remaining concerned over the UK’s fiscal outlook. Data last week showed public sector net borrowing surged to nearly £18 billion in August, far above market expectations of £12.5 billion. The overshoot adds pressure ahead of November’s Autumn Budget and comes against a backdrop of rising global debt concerns, which recently drove 30-year gilt yields to record highs. The move threatens to limit the government’s room for additional spending measures. Meanwhile, the BoE left interest rates unchanged at 4% in a 7–2 vote, slowed the pace of quantitative tightening to £70 billion, and maintained a cautious policy stance. Markets currently expect the next rate cut only in 2026.

伦敦富时100指数周一下跌0.2%，至9200点，投资者等待标普全球PMI预览调查以及英格兰银行和美联储官员的一系列讲话，这些讲话可能会提供新的政策信号。周末，伦敦、柏林和布鲁塞尔机场的登机手续办理台软件遭受网络攻击，导致运营中断，旅游相关股票领跌。英国航空公司的母公司国际航空集团和易捷航空均下跌1.5%。尽管英国政府批准了盖特威克机场的第二条跑道，但这一弱点依然存在。

London’s FTSE 100 fell 0.2% to 9,200 on Monday as investors awaited the S&P Global flash PMI survey and a series of speeches from Bank of England and Federal Reserve officials that could offer fresh policy signals. Travel-related stocks led the declines after a cyberattack on check-in desk software disrupted operations at airports in London, Berlin, and Brussels over the weekend. International Airlines Group, the parent of British Airways, and easyJet each dropped 1.5%. The weakness came despite the UK government’s approval of a second runway at Gatwick Airport.

周五，富时100指数下跌，落后于欧洲市场，因为投资者消化了英格兰银行维持利率的决定和8月份高于预期的180亿英镑预算赤字，引发了对政府借贷的担忧。市场压力打击了金融类股，伦敦证交所下跌超过5%，此前美国同行FactSet发布了2026年疲软的预测，国民西敏银行下跌2.5%，劳埃德银行下跌约1.7%。相反，Spire Healthcare因潜在的销售消息而上涨，PureTech Health因激进投资而上涨。8月份零售额有所增长，但GfK的情绪追踪显示，在食品和基本成本上涨的情况下，家庭储蓄减少，反映了持续的生活成本压力。

The FTSE 100 fell on Friday, lagging behind European markets, as investors digested the Bank of England’s decision to hold interest rates and a larger-than-expected £18bn budget deficit in August, raising concerns over government borrowing. Market pressures hit financial stocks, with LSE dropping over 5% after US peer FactSet issued a weak 2026 forecast, NatWest down 2.5%, and Lloyds around 1.7%. Conversely, Spire Healthcare jumped on potential sale news, and PureTech Health gained following activist investment. Retail sales grew in August, but GfK’s sentiment tracker showed households are saving less amid rising food and essential costs, reflecting ongoing cost-of-living pressures.