英国通胀率保持在3.8%不变，英镑大幅下跌。今天的通胀报告严肃地提醒人们，英国的通胀仍然根深蒂固。8月份CPI保持不变，同比增长3.8%，与普遍预期相符，为2024年1月以来的最高水平。

UK Inflation Unchanged at 3.8%, Pound Shrugs.Today's inflation report was a dour reminder that UK inflation remains entrenched. CPI for August was unchanged at 3.8% y/y, matching the consensus and its highest level since January 2024.

英国房价在截至7月的12个月内上涨2.8%。英国国家统计局周三表示，英国7月份的平均房价比去年同期上涨2.8%，低于截至6月份的3.6%的涨幅。

UK house prices rise 2.8% in 12 months to July.Average house prices in the United Kingdom in July were 2.8% higher than a year earlier, down from a 3.6% rise in the year to June, the Office for National Statistics said on Wednesday.

富时100指数周三小幅上涨，在周二下跌0.9%后，结束了三天的连跌。森特理克领涨，上涨超过3%，此前摩根士丹利两年来首次将该股上调至增持，理由是其资本部署到Sizewell C和Grain液化天然气终端等项目。该行将森特理克列为英国公用事业公司的首选，并指出在近期金边债券市场波动的情况下，对收益率的敏感性较低。抵消这一影响的是，阿斯利康的哮喘药物法森拉在第二次晚期慢性阻塞性肺病试验中失败后下跌了0.7%，引发了人们对其呼吸系统的担忧。在数据方面，8月份英国通胀率保持在3.8%，与7月份的18个月高点和预测相符。这些数据，再加上本周的就业报告，使英国央行的政策预期保持稳定，市场预计到年底仅降息8个基点。当天晚些时候，人们普遍预计美联储将宣布降息25个基点。

The FTSE 100 edged slightly higher on Wednesday, pausing its three-day losing streak after Tuesday’s 0.9% drop. Centrica led gains, rising over 3% after Morgan Stanley upgraded the stock to overweight for the first time in two years, citing its capital deployment into projects like Sizewell C and the Grain LNG terminal. The bank named Centrica its top UK utility pick, noting low sensitivity to yields amid recent gilt market volatility. Offsetting this, AstraZeneca slipped 0.7% after its asthma drug Fasenra failed a second late-stage COPD trial, raising concerns over its respiratory pipeline. On the data front, UK inflation held at 3.8% y/y in August, matching July’s 18-month high and forecasts. The figures, alongside this week’s jobs report, left BoE policy expectations steady, with markets pricing just 8 bps of cuts by year-end. Later in the day, the US Federal Reserve is widely expected to announce a 25 bp rate cut.

英国10年期国债收益率降至4.63%，因投资者在央行会议前保持谨慎。预计英格兰银行周四将把利率维持在4%，同时放缓其1000亿英镑年度债券的解除速度。8月份CPI保持在3.8%的同比水平，几乎是英国央行目标的两倍，与7月份的18个月高点持平。劳工数据也与预测一致，除奖金外，工资增长4.8%（含4.7%），失业率稳定在4.7%，就业人数减少8000人。这些数据使人们对英国央行降息的预期基本保持不变。市场在年底前放松的可能性仍然有限。在大西洋彼岸，人们普遍预计美联储周三将降息25个基点，交易员预计到2025年底至少还会降息两次。

The UK’s 10-year gilt yield eased to 4.63% as investors stayed cautious ahead of central bank meetings. The Bank of England is expected to hold rates at 4% on Thursday while slowing the pace of its £100 billion annual bond unwind. August CPI remained at 3.8% y/y, nearly double the BoE’s target and matching July’s 18-month high. Labor data also aligned with forecasts, with wage growth at 4.8% ex-bonuses (4.7% including), unemployment steady at 4.7%, and payrolls down by 8,000. The figures left expectations for BoE cuts largely unchanged. Markets still see only limited chances of easing before year-end. Across the Atlantic, the US Federal Reserve is widely expected to cut rates by 25 bps on Wednesday, with traders anticipating at least two more reductions by late 2025.