标准普尔全球英国建筑业采购经理人指数从上个月的46.2降至2025年10月的44.1，低于市场预期的46.7，反映了英国建筑活动连续第十次收缩。收缩率是自2020年5月以来最大的。建筑公司继续报告市场状况不佳，投标机会减少。因此，除了分包商的使用减少外，该行业的就业人数以五年多来的最快速度下降。需求疲软导致原材料成本下降。土木工程较上月（35.4）大幅下降，调查人员报告称，缺乏新的工作来取代以前完成的项目。住宅建筑（43.6）和商业建筑活动（46.3）也出现下降。

The S&P Global UK Construction PMI fell to 44.1 in October of 2025 from 46.2 in the previous month, below market expectations of 46.7 to reflect a tenth consecutive contraction in British construction activity. The rate of contraction was the sharpest since May of 2020. Construction firms continued to report poor market conditions and fewer tender opportunities. Consequently, employment in the sector dropped at the sharpest pace in over five years, in addition to lesser subcontractor usage. The poor demand drove costs of input materials to drop. Civil engineering works plummeted from the previous month (35.4), with surveyees reporting a lack of new work to replace previously completed projects. Declines were also observed for residential construction (43.6) and commercial building activity (46.3).

由于企业盈利喜忧参半，投资者等待英格兰银行的政策决定，预计利率将保持稳定，结束连续的季度降息，富时100指数周四小幅下跌。IMI领涨指数，在重申全年指引后上涨约6%，而Auto Trader在公布强劲的上半年收入和利润后上涨约4%。阿斯利康在公布创纪录的季度收入并重申其全年指导方针后上涨0.4%。不利的一面是，由于供应链问题，Hikma Pharmaceuticals在削减中期指导后下跌了12%以上。施乐辉公司在收入小幅下滑后下跌了9.5%以上。帝亚吉欧在中国和美国疲软的情况下下调了前景后下跌了2.7%，尽管由于其股价今年已经下跌了近30%，因此反应平淡。花旗指出，该公司的季度销售额好于预期，但疲软的预测和对近期增长的担忧主导了市场情绪。

The FTSE 100 traded slightly lower on Thursday due to mixed corporate earnings and as investors awaited the Bank of England’s policy decision, where rates are expected to be held steady, ending a streak of quarterly cuts. IMI led the index, jumping by around 6% after reaffirming full-year guidance, while Auto Trader rose about 4% after posting strong first-half revenue and profit. AstraZeneca added 0.4% after posting record quarterly revenue and reaffirming its full-year guidance. On the downside, Hikma Pharmaceuticals dropped over 12% after cutting medium-term guidance due to supply chain issues. Smith & Nephew sank more than 9.5% following a small revenue miss. Diageo fell 2.7% after lowering its outlook amid weakness in China and the US, though the reaction was muted given its shares were already down nearly 30% this year. Citi noted the company’s quarterly sales were better than expected, but the softer forecast and concerns over near-term growth dominated sentiment.

由于政策制定者在缓解通胀与经济降温迹象之间取得平衡，预计英格兰银行将在11月会议期间将其关键利率保持在4%不变。9月份消费者价格增长放缓至3.8%，仍然是2%目标的近两倍，但仍呈下降趋势，而工资和就业数据表明劳动力市场正在疲软。这些发展增强了人们对未来几个月降息的预期。投资者也在权衡即将到来的财政紧缩的影响，财政大臣雷切尔·里夫斯预计将在11月26日的预算中宣布增税和支出限制，以解决高借贷成本问题。她最近的预算前演讲强调了财政纪律和稳定公共财政的必要性。由于秋季预算之前存在不确定性，政策制定者寻求更明确的证据表明价格压力正在持续缓解，英国央行在考虑货币宽松之前可能会采取谨慎的“观望”立场。

The Bank of England is expected to keep its key rate unchanged at 4% during its November meeting, as policymakers balance easing inflation with signs of a cooling economy. Consumer price growth slowed to 3.8% in September, still nearly double the 2% target but continuing to trend lower, while wage and employment data suggest the labor market is softening. These developments have strengthened expectations for rate cuts in the coming months. Investors are also weighing the impact of upcoming fiscal tightening, with Chancellor Rachel Reeves expected to announce tax increases and spending restraint in her November 26 budget to address high borrowing costs. Her recent pre-budget speech emphasized fiscal discipline and the need to stabilize public finances. With uncertainty ahead of the Autumn Budget and policymakers seeking clearer evidence that price pressures are easing sustainably, the BoE is likely to adopt a cautious “wait-and-see” stance before considering monetary easing.

在英国央行利率决定之前，英镑/日元的跌幅低于200.00。在英国央行利率决定之前，英镑/日元的跌幅低于200.00

GBP/JPY holds losses below 200.00 ahead of BoE interest rate decision.GBP/JPY holds losses below 200.00 ahead of BoE interest rate decision