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.

美国银行不再预计英国央行将在2025年降息。另一家投资银行与我们早些时候得到的其他银行一样，修改了英国央行的降息预期。该行预计下一次降息将在2026年2月和4月进行。

Bank of America no longer expects BoE rate cuts in 2025.Another investment bank revising its BoE rate cuts expectations alongside the other ones we got earlier. The bank expects the next rate cuts in February and April 2026.

英国10年期国债收益率攀升至4.7%，创两周新高，此前公共财政数据显示赤字大幅扩大。8月份公共部门净借款达到180亿英镑，远高于128亿英镑的预测，为五年来的最高水平。本财年前五个月的借款总额为838亿英镑，比OBR预测高出114亿英镑，前几个月上调了59亿英镑。这些数字突显了11月预算案之前的财政压力，预计财政大臣里夫斯将宣布增税。借贷成本上升之际，全球债券市场仍对债务水平感到不安。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%，将QT放缓至700亿英镑，并重申了谨慎的宽松立场。在美国，美联储降息25个基点，并暗示未来还会降息，尽管鲍威尔将此举描述为风险管理。

UK 10-year gilt yields climbed to 4.7%, a two-week high, after public finances data showed a sharply wider deficit. Public sector net borrowing hit £18 billion in August, well above forecasts of £12.8 billion and the highest for the month in five years. Borrowing for the first five months of the fiscal year totaled £83.8 billion, £11.4 billion above OBR projections, with earlier months revised up by £5.9 billion. The figures highlight fiscal strains ahead of November’s budget, when Chancellor Reeves is expected to announce tax rises. Rising borrowing costs come as bond markets remain jittery globally over debt levels. Meanwhile, the BoE held rates at 4% in a 7–2 vote, slowed QT to £70 billion, and reaffirmed a cautious easing stance. In the US, the Fed cut rates 25 bps and signaled more to come, though Powell framed the move as risk management.

英镑跌至1.35美元，为两周来的最低水平，此前英国借贷数据大幅低于预期。8月份，公共部门净借款达到180亿英镑，为五年来的最高水平，远高于127亿英镑的预测。本财政年度前五个月的借款达到838亿英镑，比OBR 3月份的预测高出114亿英镑，前几个月的预测上调了59亿英镑。这些数据在秋季预算之前增加了压力，同时全球对主权债务的担忧，最近将30年期国债收益率推至历史新高。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%，将QT放缓至700亿英镑，并重申其谨慎立场。交易员适度延长了长期宽松政策的押注。在美国，美联储今年降息25个基点，并表示今年将再降息50个基点，尽管鲍威尔强调这不是全面宽松周期的开始。

The British pound fell to $1.35, the lowest in two weeks, after UK borrowing data sharply missed expectations. Public sector net borrowing hit £18 billion in August, the highest for the month in five years and well above forecasts of £12.7 billion. Borrowing in the first five months of the fiscal year reached £83.8 billion, £11.4 billion above the OBR’s March forecast, with prior months revised higher by £5.9 billion. The figures add pressure ahead of the autumn budget and come amid global concerns over sovereign debt, which recently pushed 30-year gilt yields to record highs. Meanwhile, the BoE held rates at 4% in a 7–2 vote, slowed QT to £70 billion, and reiterated its cautious stance. Traders modestly extended long-term easing bets. In the US, the Fed cut rates by 25 bps and signaled 50 bps more this year, though Powell stressed it was not the start of a full easing cycle.