活动指南：英国央行货币政策声明（2025年9月）。英格兰银行（BOE）在本周繁忙的央行会议上做出了利率决定，许多人期待着一个稍微乐观一点的公告。

Event Guide: BOE Monetary Policy Statement (September 2025).The Bank of England (BOE) has its interest rate decision lined up during this busy central bank week, and many are counting on a slightly more optimistic announcement.

在伦敦，富时100指数周二下跌79点，跌幅0.85%。黑龙航空（-4.35%）、WPP（-3.82%）和易捷航空（-3.09%）领跌。涨幅最大的是Fresnillo（2.41%）、J Sainsbury（1.76%）和B&M European Value（1.72%）。

In London, the FTSE 100 Index decreased 79 points or 0.85 percent on Tuesday. Losses were driven by Haleon (-4.35%), WPP (-3.82%) and Easyjet Plc (-3.09%). Biggest rises came from Fresnillo (2.41%), J Sainsbury (1.76%) and B&M European Value (1.72%).

富时100指数周二下跌0.9%，至两周低点，标志着连续第三次下跌，因为投资者权衡了企业新闻和英国新的就业数据。易捷航空股价下跌超过3%，此前摩根大通警告称，运力增长和定价疲软正在给休闲和海滩旅游市场带来压力。Haleon在降级后下跌约4.4%，而劳斯莱斯下跌1.1%，尽管其动力系统部门从立陶宛的Ignitis获得了创纪录的电池订单。联合利华在任命Srinivas Phatak为永久首席财务官后下跌了近1%，而英美资源集团在同意智利Codelco共同开发邻近铜矿后上涨了0.8%。在经济方面，不包括奖金的工资增长率为4.8%，包括奖金的增长率为4.7%，均与预测相符。失业率保持在4.7%，就业人数下降了8000人，降幅小于预期。

The FTSE 100 fell 0.9% to a two-week low on Tuesday, marking a third straight decline as investors weighed corporate news and fresh UK jobs data. EasyJet slid over 3% after JPMorgan warned that capacity growth and weaker pricing are pressuring the leisure and beach travel market. Haleon dropped about 4.4% after a downgrade, while Rolls-Royce eased 1.1% despite its Power Systems unit securing a record battery order from Lithuania’s Ignitis. Unilever lost nearly 1% after naming Srinivas Phatak as permanent CFO, while Anglo American rose 0.8% after agreeing with Chile’s Codelco to jointly develop adjacent copper mines. On the economic front, wage growth excluding bonuses came in at 4.8% and 4.7% including bonuses, both in line with forecasts. Unemployment stayed at 4.7%, and payrolls fell by 8,000, a smaller drop than expected.

英镑兑美元汇率升至1.363美元以上，为7月初以来的最高点，市场正等待着央行一周的繁忙决策和英国数据。预计英格兰银行周四将把利率维持在4%，同时放缓其1000亿英镑的年度债券解除。周三公布的英国8月份通胀率预计为3.8%，与7月份的18个月高点持平，零售额将在稍后公布。最新就业数据显示，除奖金外，工资增长4.8%，包括奖金在内，工资增长4.7%，失业率稳定在4.7%，工资减少8000人，所有这些都符合预期。这些数据表明，劳动力市场逐渐放缓，英国央行的降息押注基本保持不变，到12月，市场只有三分之一的降息机会。与此同时，人们普遍预计美联储将在周三降息25个基点，交易员预计到2025年底至少还会再降息两次。

The British pound rose past $1.363, the highest since early July, as markets awaited a busy week of central bank decisions and UK data. The Bank of England is expected to hold rates at 4% on Thursday while slowing its £100 billion annual bond unwind. UK inflation for August, due Wednesday, is forecast at 3.8% y/y, matching July’s 18-month high, with retail sales to follow later. Latest jobs data showed wage growth excluding bonuses at 4.8% and 4.7% including bonuses, unemployment steady at 4.7%, and payrolls down 8,000, all in line with expectations. The figures indicate a gradually slowing labor market, leaving BoE rate-cut bets largely unchanged, with markets seeing only a one-in-three chance of a cut by December. Meanwhile, the US Federal Reserve is widely expected to deliver a 25 bp rate cut on Wednesday, with traders pricing in at least two more reductions by the end of 2025.