英国10年期国债收益率升至4.6%，投资者等待财政大臣雷切尔·里夫斯的重大支出审查，并对美中贸易谈判的进展作出反应。里夫斯预计将概述在这十年中如何分配约2万亿英镑的公共资金，其中已经标明了对交通、研发、监狱和核基础设施的投资。与此同时，美国和中国的贸易官员在伦敦达成了一项旨在恢复关税休战的框架协议。美国商务部长卢特尼克表示，该计划现在将提交特朗普总统批准。在宏观方面，就业数据显示工资增长放缓，失业率上升至近四年来的最高点。尽管如此，人们普遍预计英格兰银行下周将保持利率不变，市场认为有90%的可能性。高于预期的4月份通胀数据继续使任何潜在降息的时机复杂化。

UK 10-year gilt yields rose to 4.6% as investors awaited a major spending review by Chancellor Rachel Reeves and reacted to progress in US-China trade talks. Reeves is expected to outline how around £2 trillion in public funds will be allocated through the decade, with investments already flagged for transport, R&D, prisons, and nuclear infrastructure. Meanwhile, trade officials from the US and China reached a framework deal in London aimed at restoring their tariff truce. US Commerce Secretary Lutnick said the plan would now go to President Trump for approval. On the macro front, jobs data showed slowing wage growth and a rise in unemployment to a near four-year high. Still, the Bank of England is widely expected to keep interest rates unchanged next week, with markets assigning a 90% chance. A hotter-than-expected April inflation reading continues to complicate the timing of any potential rate cuts.

英镑在备受关注的英国支出审查前走低。周三，英镑兑美元走强，市场为英国财政部长雷切尔·里夫斯将于当天晚些时候公布的英国多年支出审查做准备，里夫斯将公布公共支出的分配方式。

Sterling ticks lower ahead of closely watched UK spending review.Sterling fell against a firmer dollar on Wednesday, as markets geared up for a multi-year UK spending review due later in the day from British finance minister Rachel Reeves, who is set to reveal how public spending will be divided up.

英镑/日元突破195.50，保持在五个月高点附近。英镑/日元突破195.50，保持在五个月高点附近

GBP/JPY treads water above 195.50, maintains position near five-month highs.GBP/JPY treads water above 195.50, maintains position near five-month highs

周三，富时100指数持平，小幅上涨，因为投资者期待着英国财政大臣雷切尔·里夫斯的支出审查，该审查将在下午12:30左右首相提问后公布。该审查将概述未来十年的长期政府支出计划，重点是基础设施、医疗保健、教育和住房。里夫斯预计将为自己的财政选择辩护，并将叙事转向投资驱动型增长。金融股领涨，反映出美中贸易谈判进展的乐观情绪。保诚、渣打银行和汇丰银行等与中国关系密切的公司股价上涨，而嘉能可和安托法加斯塔等矿商则受益于金属价格上涨。罗尔斯·罗伊斯和巴布科克等国防类股上涨，领先于预期的公共投资。英国电信股价上涨1.5%，此前摩根大通将其列入关注名单，称未来将出现强劲的催化剂。另外，据报道，英国电信正在考虑收购TalkTalk，因为其Openreach部门客户流失。

The FTSE 100 traded flat to slightly higher on Wednesday as investors looked ahead to Chancellor Rachel Reeves’ spending review, due after Prime Minister’s Questions around 12:30 pm. The review will outline long-term government spending plans through the decade, focusing on infrastructure, healthcare, education, and housing. Reeves is expected to defend her fiscal choices and shift the narrative toward investment-driven growth. Financial stocks led gains, reflecting optimism from progress in US-China trade talks. Companies with strong Chinese ties, such as Prudential, Standard Chartered, and HSBC, rose, while miners like Glencore and Antofagasta benefited from higher metal prices. Defence stocks including Rolls-Royce and Babcock gained ahead of expected public investment. BT shares rose 1.5% after JPMorgan added them to its focus list, citing strong catalysts ahead. Separately, BT is reportedly exploring a takeover of TalkTalk amid customer losses at its Openreach unit.