Markets

<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Markets</title><meta name="description" content="Breaking news and in-depth coverage from the global business and financial markets. The latest corporate earnings reports from the stock market and insights into the future of digital currency."/><link rel="canonical" href="https://www.ft.com/markets"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"https://www.ft.com/"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="twitter:card" content="summary_large_image"/><meta property="og:title" content="Markets"/><meta property="og:description" content="Breaking news and in-depth coverage from the global business and financial markets. The latest corporate earnings reports from the stock market and insights into the future of digital currency."/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fopen-graph%2Fft-v1.jpg?source=next-opengraph&fit=scale-down&width=900"/><meta property="og:url" content="https://www.ft.com/markets"/><meta property="og:type" content="website"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/markets"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=32&height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=194&height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=180&height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/markets?format=rss"/><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.82d89e7739ff.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/937.d40c075d0c45.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.9edceb59fa35.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json"></script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-layout-styles.63c04a8373b0.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/styles.1d1d3640e3c7.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.82d89e7739ff.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js","https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js","https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js","https://www.ft.com/__assets/hashed/page-kit/937.d40c075d0c45.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.9edceb59fa35.bundle.js","https://consent-notice.ft.com/cmp.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } const scriptHost = new URL(script).hostname if (/enhanced/.test(doc.className)) { if (scriptHost === 'www.ft.com') { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } else { console.warn('Third-party script, not reverting to core experience') // eslint-disable-line no-console } } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.ft.com/page-resources/'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><div id="n-exponea-bottom-slot"></div><div class="o-ads o-ads--center o-ads--background o-ads--transition o-ads--reserve-90 above-header-advert" data-o-ads-init="true" data-o-ads-name="leaderboard" data-o-ads-targeting="pos=top" data-o-ads-formats="MediumRectangle" data-o-ads-formats-medium="Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-large="SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-extra="Billboard,SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne"></div></div><header id="site-navigation" class="o-header o-header--simple" data-o-component="o-header" data-o-header--no-js="true" tabindex="-1"><div class="o-header__row o-header__anon" data-trackable="header-anon"><ul class="o-header__anon-list"><li class="o-header__anon-item"><a class="o-header__anon-link" href="/login?location=/markets" data-trackable="Sign In">Sign In</a></li><li class="o-header__anon-item"><a class="o-header__anon-link" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a></li></ul></div><div class="o-header__row o-header__top" data-trackable="header-top"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#o-header-drawer" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" title="Open side navigation menu" data-trackable="drawer-toggle"><span class="o-header__top-link-label">Open side navigation menu</span></a><a href="#o-header-search-primary" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-primary" title="Open search bar" data-trackable="search-toggle"><span class="o-header__top-link-label">Open search bar</span></a></div><div class="o-header__top-column o-header__top-column--center"><a class="o-header__top-logo" style="background-image:none" data-trackable="logo" href="/" title="Go to Financial Times homepage"><svg viewBox="0 0 1054 86"><title>Financial Times</title><path d="M26.177 72.609c0 5.938 1.697 7.295 12.554 7.295v3.732H.9v-3.732c7.464 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.546-7.126-10.01-7.126V1.357h63.448l.34 22.563h-3.054C59.937 6.956 55.696 5.43 39.919 5.43H26.008v33.59h11.196c10.688 0 11.367-1.697 12.215-10.179h3.054v24.599h-3.054c-.848-8.482-1.527-10.01-12.215-10.01H26.008v29.18h.17zm46.314 11.027v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732H72.49zm115.36 1.357l-56.323-69.725V72.44c0 6.617 4.58 7.634 12.385 7.634v3.733h-29.858v-3.733c7.803 0 12.045-1.017 12.045-7.634V8.991c-3.563-3.732-6.108-3.902-12.045-3.902V1.357h26.465l43.09 55.475V12.554c0-6.616-4.58-7.634-12.384-7.634V1.357h30.027V5.09c-7.803 0-12.045 1.018-12.045 7.635v72.27h-1.357zm40.207-1.357h-29.689v-3.732c7.804 0 11.367-1.018 13.911-7.804L239.085.509h7.464l28.84 72.1c2.545 6.447 3.732 7.125 9.67 7.125v3.732h-34.438v-3.732c10.518 0 11.536-.848 8.99-7.125l-8.481-21.884h-25.787L217.71 71.93c-2.375 6.447 1.357 7.804 10.518 7.804v3.902h-.17zm-1.188-37.153h22.393l-11.705-29.518-10.688 29.518zm135.548 38.51l-56.153-69.725V72.44c0 6.617 4.58 7.634 12.384 7.634v3.733h-29.18v-3.733c7.126 0 11.367-1.017 11.367-7.634V9.161c-4.071-3.732-7.125-4.072-13.91-4.072V1.357h28.16l43.09 55.475V12.554c0-6.616-4.58-7.634-12.383-7.634V1.357h29.858V5.09c-7.804 0-12.045 1.018-12.045 7.635v72.27h-1.188zm83.297-83.805h2.036l1.187 24.598-3.053.17c-2.036-14.08-9.5-21.545-23.242-21.545-15.268 0-26.804 13.063-26.804 33.081 0 25.617 16.116 40.206 33.08 40.206 7.296 0 13.912-2.035 20.358-8.99l2.376 2.374c-5.26 7.465-15.608 13.742-29.52 13.742-20.696 0-41.732-15.608-41.732-41.734C380.4 17.813 399.57 0 422.813 0c11.027 0 16.795 4.75 19.848 4.75 1.357 0 2.375-1.187 3.054-3.562zm12.723 82.448v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.464 0-10.01.679-10.01 7.126v60.564c0 6.446 2.546 7.125 10.01 7.125v3.732h-35.287zm68.538 0h-27.653v-3.732c6.108 0 9.331-1.018 11.876-7.804L538.003.509h7.464l28.84 72.1c2.545 6.447 3.733 7.125 9.67 7.125v3.732H549.54v-3.732c10.518 0 11.536-.848 8.991-7.125l-8.482-21.884h-25.786l-7.635 21.205c-2.375 6.447 1.358 7.804 10.519 7.804v3.902h-.17zm-1.188-37.153h22.394l-11.536-29.518-10.858 29.518zm63.957 37.153v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.117V5.09c-7.464 0-9.84.679-9.84 7.126v61.073c0 5.428 2.715 6.107 7.126 6.107h4.241c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.545 24.26h-62.6v.17zM760.75 1.357l.339 23.92h-3.054C756.34 7.634 752.098 5.43 736.32 5.43h-5.089v67.18c0 6.447 2.375 7.295 12.554 7.295v3.732h-40.376v-3.732c10.179 0 12.723-1.018 12.723-7.295V5.429h-5.089c-15.777 0-20.018 2.205-21.715 19.848h-3.053l.339-23.92h74.136zm7.973 82.28v-3.733c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732h-35.287zM910.21 1.356V5.09c-7.465 0-10.688.34-10.01 6.956l6.447 61.073c.679 6.277 3.054 6.955 10.518 6.955v3.733h-35.117v-3.733c7.295 0 9.84-.678 9.331-6.955L884.762 8.99l-25.956 76.172h-1.018L832.34 8.822l-6.108 64.126c-.678 6.447 3.733 7.125 11.197 7.125v3.733h-27.483v-3.733c7.465 0 10.01-1.187 10.518-7.125l6.447-61.073c.679-6.446-2.545-6.955-10.01-6.955V1.357h28.84l17.305 56.153 18.661-56.153h28.5zm65.653 52.082h-3.053c-.849-8.482-1.527-10.01-12.215-10.01H948.04v29.859c0 5.428 2.715 6.107 7.125 6.107h6.786c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.884 24.26h-64.805v-3.733c7.464 0 10.009-.678 10.009-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h62.261l.34 20.527h-3.054c-1.866-14.59-5.598-16.286-21.885-16.286H948.21v33.42h12.554c10.687 0 11.366-1.696 12.214-10.178h3.054v24.599h-.17zm65.484 13.232c0-7.464-4.75-11.196-12.893-15.777l-13.063-6.786c-9.84-5.259-15.607-11.027-15.607-21.375C999.783 9.84 1010.81 0 1025.23 0c9.84 0 14.929 4.75 17.813 4.75 1.866 0 2.714-1.187 3.562-3.562h2.375l1.188 23.072-3.054.17c-1.696-11.198-9.67-19.85-20.866-19.85-8.483 0-14.081 5.09-14.081 12.215 0 7.804 5.937 11.027 12.554 14.59l11.196 5.937c10.519 5.768 17.983 11.536 17.983 22.563 0 14.59-12.554 24.939-28.161 24.939-11.028 0-16.456-5.26-19.34-5.26-1.866 0-2.884 1.697-3.732 4.242h-2.376l-1.696-24.43 3.054-.339c2.375 15.268 12.893 21.545 23.411 21.545 8.822-.17 16.286-4.071 16.286-13.91z" fill="#231F20" fill-rule="evenodd"></path></svg></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/markets" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East & North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/eecc0a2a-6544-4658-900c-e7996e049d36" data-trackable="link">Why did Donald Trump buckle?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4dff2bf4-fa89-4dc9-bfb5-3eb99be03435" data-trackable="link">Wall Street sell-off resumes as Trump’s China tariffs spook investors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e607a07b-1fc0-4664-9982-b93605baba0b" data-trackable="link">US-China trade snarls as world’s biggest economies brace for divorce</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/258326fb-39c1-4ae5-a79c-270cdbef4a23" data-trackable="link">If Trump is trying to suppress China, he’s going about it all wrong</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="link">Global stocks soar as Trump backs down from trade war</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics & Policy</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/eecc0a2a-6544-4658-900c-e7996e049d36" data-trackable="link">Why did Donald Trump buckle?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4dff2bf4-fa89-4dc9-bfb5-3eb99be03435" data-trackable="link">Wall Street sell-off resumes as Trump’s China tariffs spook investors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e607a07b-1fc0-4664-9982-b93605baba0b" data-trackable="link">US-China trade snarls as world’s biggest economies brace for divorce</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/258326fb-39c1-4ae5-a79c-270cdbef4a23" data-trackable="link">If Trump is trying to suppress China, he’s going about it all wrong</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="link">Global stocks soar as Trump backs down from trade war</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" data-trackable="Companies">Companies</a><div class="o-header__mega" id="o-header-mega-3" role="group" aria-labelledby="o-header-link-3" data-o-header-mega="true" data-trackable="meganav | Companies"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/companies" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail & Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/258326fb-39c1-4ae5-a79c-270cdbef4a23" data-trackable="link">If Trump is trying to suppress China, he’s going about it all wrong</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3b5a502c-eace-4802-8db6-b6356b370793" data-trackable="link">Kylian Mbappé sues Paris Saint-Germain over €55mn in ‘unpaid wages’ </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d5986c38-6c60-4869-b28a-f1dfb0868c3e" data-trackable="link">What is behind the Treasury sell-off? </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/51f31a69-cbdb-4efe-96c2-409fcbe0b24a" data-trackable="link">‘All kinds of scavengers’: Russia speeds up asset grab </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2c7d3c96-f6a8-4afa-bd88-5ea2fa39f5c1" data-trackable="link">Ukraine is winning the drone start-up war</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" id="o-header-link-4" data-trackable="Tech">Tech</a><div class="o-header__mega" id="o-header-mega-4" role="group" aria-labelledby="o-header-link-4" data-o-header-mega="true" data-trackable="meganav | Tech"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology" data-trackable="link">Tech Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/artificial-intelligence" data-trackable="link">Artificial intelligence</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/semiconductors" data-trackable="link">Semiconductors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/cyber-security" data-trackable="link">Cyber Security</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/social-media" data-trackable="link">Social Media</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/258326fb-39c1-4ae5-a79c-270cdbef4a23" data-trackable="link">If Trump is trying to suppress China, he’s going about it all wrong</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2c7d3c96-f6a8-4afa-bd88-5ea2fa39f5c1" data-trackable="link">Ukraine is winning the drone start-up war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ede5b41d-4b97-494f-b8ce-4f13b11f9ad1" data-trackable="link">Musk’s Doge fired self-drive car safety experts at agency that regulates Tesla</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5c4b2bc9-f0ac-46f3-a93b-cfa6273428f9" data-trackable="link">Apple turns to India to help ease Trump’s China tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/1d764f8c-87d1-4dc6-bac2-20e676256ca7" data-trackable="link">Silicon Valley stands to lose from a trade war</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" aria-label="Markets, current page" aria-current="page" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" aria-label="Markets Home, current page" aria-current="page" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://professional-monetary-policy-radar.ft.com/" data-trackable="link">Monetary Policy Radar</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/etf-hub" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4dff2bf4-fa89-4dc9-bfb5-3eb99be03435" data-trackable="link">Wall Street sell-off resumes as Trump’s China tariffs spook investors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="link">Global stocks soar as Trump backs down from trade war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0ceca1e0-8cf1-4c2d-8199-f32c87c38c88" data-trackable="link">Donald Trump bends to the power of the markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d5986c38-6c60-4869-b28a-f1dfb0868c3e" data-trackable="link">What is behind the Treasury sell-off? </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/cd7c043a-1983-4106-b4f9-13d66f951faf" data-trackable="link">US shale sector in peril as oil price plunge rattles drillers </a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" id="o-header-link-6" data-trackable="Climate">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" id="o-header-link-7" data-trackable="Opinion">Opinion</a><div class="o-header__mega" id="o-header-mega-7" role="group" aria-labelledby="o-header-link-7" data-o-header-mega="true" data-trackable="meganav | Opinion"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/opinion" data-trackable="link">Opinion Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/columnists" data-trackable="link">Columnists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-view" data-trackable="link">The FT View</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/the-big-read" data-trackable="link">The Big Read</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/lex" data-trackable="link">Lex</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/obituaries" data-trackable="link">Obituaries</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/letters" data-trackable="link">Letters</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/258326fb-39c1-4ae5-a79c-270cdbef4a23" data-trackable="link">If Trump is trying to suppress China, he’s going about it all wrong</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/dc2393fd-ad6d-4674-9f24-3a23be200c87" data-trackable="link">So much for the Trump Brexit dividend</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0ceca1e0-8cf1-4c2d-8199-f32c87c38c88" data-trackable="link">Donald Trump bends to the power of the markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d5986c38-6c60-4869-b28a-f1dfb0868c3e" data-trackable="link">What is behind the Treasury sell-off? </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ff0af5e7-60eb-4cc9-aebd-da6fbc94f8c8" data-trackable="link">A new who’s who of the global elites</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work & Careers">Work & Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work & Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work & Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe's Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9a8d60dc-88f0-42c2-8d80-ab224883eab2" data-trackable="link">The dangers of performance-based lay-offs </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/bda17cbf-5b62-4e28-9c93-866978e72c6a" data-trackable="link">Business school teaching case study: Private equity’s employee ownership push</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c9c5234e-ea03-48f8-a990-4dd8279c7a40" data-trackable="link">Philippines looks beyond call centres to higher-value outsourcing</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ced8a615-df99-426d-9ef7-afe5c216d2c8" data-trackable="link">What the ancients can teach us about success at work</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/32b74614-fcdd-44f7-a686-51be7638a1e1" data-trackable="link">Collaboration not disruption is key to start-up success in Asia, say academics</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life & Arts">Life & Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life & Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life & Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food & Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House & Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/puzzles-games" data-trackable="link">Puzzles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ff0af5e7-60eb-4cc9-aebd-da6fbc94f8c8" data-trackable="link">A new who’s who of the global elites</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d3d0bc32-515e-4045-acfb-d86edc43fc37" data-trackable="link">The Return — Juliette Binoche and Ralph Fiennes crackle with emotion in grand Odyssey tale</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4d3b5ed6-6919-47b4-a816-eaf64b453812" data-trackable="link">Do these trousers make me look fascist?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d9dcbfa6-ed7f-4baa-b6cc-b05396eb2a95" data-trackable="link">The Lives of the Caesars — Tom Holland translates Suetonius’s gossip-filled biographies </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/1c2239cf-ae43-4259-aadf-fbb2c399386f" data-trackable="link">Holy Cow film review — French cheesemaking drama is the good stuff</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" id="o-header-link-11" data-trackable="HTSI">HTSI</a></li></ul></div></nav><div class="o-header__subnav" role="navigation" aria-label="Sub navigation" data-o-header-subnav="true" data-trackable="header-subnav"><div class="o-header__container"><div class="o-header__subnav-wrap-outside"><div class="o-header__subnav-wrap-inside" data-o-header-subnav-wrapper="true"><div class="o-header__subnav-content"><ol class="o-header__subnav-list o-header__subnav-list--breadcrumb" aria-label="Breadcrumb" data-trackable="breadcrumb"><li class="o-header__subnav-item"><a class="o-header__subnav-link o-header__subnav-link--highlight" href="/markets" aria-label="Markets, current page" aria-current="page" data-trackable="Markets">Markets</a></li></ol><ul class="o-header__subnav-list o-header__subnav-list--children" aria-label="Subsections" data-trackable="subsections"><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="https://professional-monetary-policy-radar.ft.com/" data-trackable="Monetary Policy Radar">Monetary Policy Radar</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></div></div><button class="o-header__subnav-button o-header__subnav-button--left" title="scroll left" aria-label="scroll left" aria-hidden="true" disabled=""></button><button class="o-header__subnav-button o-header__subnav-button--right" title="scroll right" aria-label="scroll right" aria-hidden="true" disabled=""></button></div></div></div></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work & Careers" tabindex="-1">Work & Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life & Arts" tabindex="-1">Life & Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/markets" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-sticky" class="o-header__row o-header__search o-header__search--sticky" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-sticky" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-sticky" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-sticky"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-sticky" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div></header></div><div class="n-layout__row n-layout__row--content"><div><div class="o-ads advert--mini-billboard" data-o-ads-name="miniBillboard" data-o-ads-targeting="pos=top" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="FullBleedResponsive,OneByOne" data-o-ads-formats-medium="OneByOne" data-o-ads-formats-large=false data-o-ads-formats-extra=false aria-hidden="true"> </div> <script type="application/json" id="stream-page-meta"> {"pageAttributes":{"hasRecommendedStories":true,"hasMostRead":true,"isDeduped":true,"isPage":1,"hasTopSection":{"config":"default","hasOpinionAndAnalysis":true},"useCssGridSection":true,"hasSidebarContent":true}} </script> <div id="n-exponea-top-slot"></div> <div role="navigation" aria-label="category navigation" class="sub-header" data-trackable="sub-header" > <div class="o-grid-container"> <div class="o-grid-row"> <div class="sub-header__section sub-header__section--title " data-o-grid-colspan="12 M8 XL9" > <h1 class="sub-header__page-title"> Markets </h1> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="c91b1fad-1097-468b-be82-9a8ff717d54c" action="/myft/add/c91b1fad-1097-468b-be82-9a8ff717d54c" data-js-action="/__myft/api/core/followed/concept/c91b1fad-1097-468b-be82-9a8ff717d54c?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Markets." data-unpressed-text="No longer following Markets." ></div> <button aria-pressed="false" aria-label="Add to myFT: Markets" title="Add Markets to myFT" data-alternate-label="Added Markets to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="c91b1fad-1097-468b-be82-9a8ff717d54c" data-trackable="follow" type="submit">Add to myFT</button> </form> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="c91b1fad-1097-468b-be82-9a8ff717d54c"> <div class="o-grid-container"> <div class="o-grid-row"> <div data-o-grid-colspan="12"> <div class="css-grid__container">  <div class="css-grid__item-top"> <div class="o-grid-row"> <div class="o-teaser-collection o-teaser-collection--no-border js-track-scroll-event" data-o-grid-colspan="12" data-trackable="lead-story" > <h2 class="o-normalise-visually-hidden">Lead story in Markets</h2> <div class="o-teaser o-teaser--article o-teaser--top-story o-teaser--landscape o-teaser--has-image js-teaser" data-id="b7c14ea6-9df6-47ce-9068-ad15542a813f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/capital-markets" aria-label="Category: Capital markets">Capital markets</a></div><div class="o-teaser__heading"><a href="/content/b7c14ea6-9df6-47ce-9068-ad15542a813f" data-trackable="heading-link" class="js-teaser-heading-link">US risky debt funds hit by historic outflows as Trump’s tariffs shake markets</a></div><p class="o-teaser__standfirst"><a href="/content/b7c14ea6-9df6-47ce-9068-ad15542a813f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investors rush away from junk bonds and leveraged loans on rising recession fears</a></p></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/b7c14ea6-9df6-47ce-9068-ad15542a813f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fbfbcdd9c-43e7-4797-a36e-f52df5a034c0.jpg?source=next&fit=scale-down&dpr=2&width=640" alt="The corner of Wall and Broad streets in Manhattan"/></div></a></div></div> </div> <div class=" js-track-scroll-event" data-o-grid-colspan="12 L6"> <div class="o-teaser-collection" data-trackable="top-stories-column-one"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width" aria-label="Latest News in Markets"> News </h2> <div class="o-teaser o-teaser--article o-teaser--large o-teaser--has-image js-teaser" data-id="4dff2bf4-fa89-4dc9-bfb5-3eb99be03435"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/trump-tariffs" aria-label="Category: Trump tariffs">Trump tariffs</a></div><div class="o-teaser__heading"><a href="/content/4dff2bf4-fa89-4dc9-bfb5-3eb99be03435" data-trackable="heading-link" class="js-teaser-heading-link">Wall Street sell-off resumes as Trump’s China tariffs spook investors</a></div><p class="o-teaser__standfirst"><a href="/content/4dff2bf4-fa89-4dc9-bfb5-3eb99be03435" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Equities, dollar and oil slide as scale of US levies on Chinese imports deepens recession fears</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-11T01:52:24+0000">1 hour ago</time></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/4dff2bf4-fa89-4dc9-bfb5-3eb99be03435" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb4536af7-3048-40e3-9246-5d825d332930.jpg?source=next&fit=scale-down&dpr=2&width=340" alt="Donald Trump with Marco Rubio and Pete Hegseth"/></div></a></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="cd7c043a-1983-4106-b4f9-13d66f951faf"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/shale-oil-gas" aria-label="Category: Shale Oil & Gas">Shale Oil & Gas</a></div><div class="o-teaser__heading"><a href="/content/cd7c043a-1983-4106-b4f9-13d66f951faf" data-trackable="heading-link" class="js-teaser-heading-link">US shale sector in peril as oil price plunge rattles drillers </a></div><p class="o-teaser__standfirst"><a href="/content/cd7c043a-1983-4106-b4f9-13d66f951faf" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Trump trade war and Opec output surge create toughest challenge since the pandemic, executives say </a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="eeae389b-c27c-4fa8-8c39-bed60161fcd7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/renminbi" aria-label="Category: Renminbi">Renminbi</a></div><div class="o-teaser__heading"><a href="/content/eeae389b-c27c-4fa8-8c39-bed60161fcd7" data-trackable="heading-link" class="js-teaser-heading-link">Chinese renminbi hits 18-year low as it becomes trade war flashpoint</a></div><p class="o-teaser__standfirst"><a href="/content/eeae389b-c27c-4fa8-8c39-bed60161fcd7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">PBoC has allowed weakening in ‘fixing’ rate for the onshore currency for six consecutive sessions</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="2eb7b05b-a2e2-410f-b2e6-451e2d25e808"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/gilts" aria-label="Category: Gilts">Gilts</a></div><div class="o-teaser__heading"><a href="/content/2eb7b05b-a2e2-410f-b2e6-451e2d25e808" data-trackable="heading-link" class="js-teaser-heading-link">Bank of England drops sale of long-dated bonds amid market turmoil</a></div><p class="o-teaser__standfirst"><a href="/content/2eb7b05b-a2e2-410f-b2e6-451e2d25e808" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Sell-off in 10- and 30-year gilts prompts central bank’s decision to sell only shorter maturity bonds in April 14 auction</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="f38d77c0-f31f-444b-9b2a-1211c4c9584b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/e88518c9-f878-4022-999b-0e62cb570187" aria-label="Category: Adani Group">Adani Group</a></div><div class="o-teaser__heading"><a href="/content/f38d77c0-f31f-444b-9b2a-1211c4c9584b" data-trackable="heading-link" class="js-teaser-heading-link">BlackRock backs $750mn Adani private bond issue</a></div><p class="o-teaser__standfirst"><a href="/content/f38d77c0-f31f-444b-9b2a-1211c4c9584b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Global financial groups continue to deal with Indian conglomerate despite US legal troubles</a></p></div></div> </div> <div class="o-ads advert--top-small-medium" data-o-ads-name="top-small" data-o-ads-targeting="pos=top" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="false" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> <div class="o-ads advert--mid-small-medium" data-o-ads-name="mid-small-medium" data-o-ads-targeting="pos=mid" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" data-o-grid-colspan="12" aria-hidden="true"> </div> </div> <div class=" js-track-scroll-event" data-o-grid-colspan="12 L6"> <div class="o-teaser-collection" data-trackable="opinion-and-analysis"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width centred" aria-label="Latest Opinion & Analysis in Markets"> Opinion & Analysis </h2> <div class="o-teaser o-teaser--article o-teaser--large o-teaser--has-image o-teaser--opinion js-teaser" data-id="0ceca1e0-8cf1-4c2d-8199-f32c87c38c88"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">The FT View</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/0ceca1e0-8cf1-4c2d-8199-f32c87c38c88" data-trackable="heading-link" class="js-teaser-heading-link">Donald Trump bends to the power of the markets</a></div><p class="o-teaser__standfirst"><a href="/content/0ceca1e0-8cf1-4c2d-8199-f32c87c38c88" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">But trade war with China and tariffs on most US imports still risk great harm </a></p></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/0ceca1e0-8cf1-4c2d-8199-f32c87c38c88" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F242ccf1a-1603-4eb7-ac99-7e56e9301f23.jpg?source=next&fit=scale-down&dpr=2&width=340" alt="US President Donald Trump"/></div></a></div></div> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="5bd0e402-d77e-4e89-9e95-e2a295463d22"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/trump-tariffs" aria-label="Category: Trump tariffs">Trump tariffs</a></div><div class="o-teaser__heading"><a href="/content/5bd0e402-d77e-4e89-9e95-e2a295463d22" data-trackable="heading-link" class="js-teaser-heading-link">China’s markets become a key gauge of tariff damage </a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/5bd0e402-d77e-4e89-9e95-e2a295463d22" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Countries queueing to negotiate with the White House have 90 days to strike a trade deal</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="a3b62a4b-37d0-4c9c-b0d3-36cdd149e117"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Markets Insight</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/76dfb1e8-58d8-437c-bd8b-347f3bda45cf" aria-label="Category: Howard Marks">Howard Marks</a></div><div class="o-teaser__heading"><a href="/content/a3b62a4b-37d0-4c9c-b0d3-36cdd149e117" data-trackable="heading-link" class="js-teaser-heading-link">With markets and tariffs, the only certainty is uncertainty</a></div><p class="o-teaser__standfirst"><a href="/content/a3b62a4b-37d0-4c9c-b0d3-36cdd149e117" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The consequences of a move like Trump’s are fiendishly hard to predict</a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="d5986c38-6c60-4869-b28a-f1dfb0868c3e"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Instant Insight</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/gillian-tett" aria-label="Category: Gillian Tett">Gillian Tett</a></div><div class="o-teaser__heading"><a href="/content/d5986c38-6c60-4869-b28a-f1dfb0868c3e" data-trackable="heading-link" class="js-teaser-heading-link">What is behind the Treasury sell-off? </a></div><p class="o-teaser__standfirst"><a href="/content/d5986c38-6c60-4869-b28a-f1dfb0868c3e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The double whammy of falling bond and equity prices could partly be hedge funds unwinding so-called ‘basis trades’ </a></p></div></div> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="905ca7f1-837c-49c7-ac2b-daef1e1309b4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-treasury-bonds" aria-label="Category: US Treasury bonds">US Treasury bonds</a></div><div class="o-teaser__heading"><a href="/content/905ca7f1-837c-49c7-ac2b-daef1e1309b4" data-trackable="heading-link" class="js-teaser-heading-link">An apology to the bond vigilantes</a></div><p class="o-teaser__standfirst"><a href="/content/905ca7f1-837c-49c7-ac2b-daef1e1309b4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">And a thank you from FT Alphaville</a></p></div></div> </div> </div> <div class="o-teaser-collection" data-o-grid-colspan="12" data-trackable="section-promoted-content" > <h2 class="o-teaser-collection__heading o-teaser-collection__heading--half-width"> Promoted Content </h2> <div class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L9 Loffset3"> <div class="o-teaser o-teaser--native-ad " data-o-ads-name="promoted-content" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </div> </div> </div>  <div class="css-grid__sidebar"> <div class="css-grid__sidebar-item"> <div class="recommended-stories--stream o-teaser-collection js-track-scroll-event" data-trackable="recommended-stories"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width o-teaser-collection__heading--centre"> Recommended </h2> <div class="o-grid-row"> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--placeholder o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="ffb95ca4-1b31-489c-adbf-d04bb41b57e3"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="https://ep.ft.com/newsletters/584573e552860d000491cdb8/subscribe" data-trackable="heading-link" class="js-teaser-heading-link">Sign up to Robert Armstrong’s Unhedged newsletter, for markets, finance and strong opinions</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="https://ep.ft.com/newsletters/584573e552860d000491cdb8/subscribe" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2dc44f7c-5dfa-4585-8574-d6eefaeeee4a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--placeholder o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="4fade9c3-033a-438d-962c-8261ba9df3d0"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="https://ep.ft.com/newsletters/subscribe?newsletterIds=56657d10e4b04e04251004fd" data-trackable="heading-link" class="js-teaser-heading-link">Sign up to the Lex newsletter, for exclusive insight and analysis</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="https://ep.ft.com/newsletters/subscribe?newsletterIds=56657d10e4b04e04251004fd" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6ed5100d-f891-44ea-821c-1e0791693ae5.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </div> </div> <div class="o-ads advert--sidebar advert--sidebar-mid " data-o-ads-name="mid-non-responsive-large" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,HalfPage,OneByOne,Responsive" data-o-ads-formats-extra="MediumRectangle,HalfPage,OneByOne,Responsive" aria-hidden="true"> </div> <div class="css-grid__sidebar-item"> <div class="js-track-scroll-event"> <div class="o-teaser-collection o-teaser-collection--numbered" data-trackable="most-popular"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width"> Most Read </h2> <ol class="o-teaser-collection__items"> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="82e5a5c0-3e7b-419d-92f9-7b84475af2c9"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="heading-link" class="js-teaser-heading-link">Global stocks soar as Trump backs down from trade war</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="4dff2bf4-fa89-4dc9-bfb5-3eb99be03435"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/4dff2bf4-fa89-4dc9-bfb5-3eb99be03435" data-trackable="heading-link" class="js-teaser-heading-link">Wall Street sell-off resumes as Trump’s China tariffs spook investors</a></div><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-11T01:52:24+0000">1 hour ago</time></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="d5986c38-6c60-4869-b28a-f1dfb0868c3e"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/d5986c38-6c60-4869-b28a-f1dfb0868c3e" data-trackable="heading-link" class="js-teaser-heading-link">What is behind the Treasury sell-off? </a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="cd7c043a-1983-4106-b4f9-13d66f951faf"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/cd7c043a-1983-4106-b4f9-13d66f951faf" data-trackable="heading-link" class="js-teaser-heading-link">US shale sector in peril as oil price plunge rattles drillers </a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="81cbdcdf-aafa-411e-8458-4af2b2b186d0"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/81cbdcdf-aafa-411e-8458-4af2b2b186d0" data-trackable="heading-link" class="js-teaser-heading-link">Donald Trump’s sweeping tariffs take effect</a></div></div></div> </li> </ol> </div> </div> <div class="o-ads advert--mid-small-medium" data-o-ads-name="mid-small" data-o-ads-targeting="pos=mid" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="false" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> <aside data-o-grid-colspan="12" class="aside--community" data-trackable="aside-section"> <div class="o-teaser-community__header"> <div> <h2 class="o-teaser-community__heading"> <a data-trackable="aside-section-title" href="https://events.ft.com/events-list">Join us at an FT Live event</a> </h2> </div> <div class="aside--community__subsection-header"> <p class="aside--community__subsection-strapline">Discover unmissable flagship events and members only communities to expand your thinking and elevate your career</p> </div> </div> <div class="o-teaser-community__content"> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="f8a98fee-3e0f-4df9-b4e8-374fabe34e17" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://trump-markets.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://trump-markets.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="FT Live Unhedged: the Trump effect on markets">FT Live Unhedged: the Trump effect on markets</a></div><span class="event-teaser__standfirst">Exclusively for FT Subscribers</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-04-23T12:00:00.000Z">Wednesday, 23 April</time></span><span class="event-teaser__location">Online</span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="7e660cdc-3f4f-42ab-afad-9d9cf18dfdae" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://bankingtransformations.thebanker.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://bankingtransformations.thebanker.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Executing banking transformations at pace">Executing banking transformations at pace</a></div><span class="event-teaser__standfirst">A three-part journey into disrupting the traditional banking world</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-04-30T13:00:00.000Z">Wednesday, 30 April</time></span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="d68cfd0c-de04-4ea7-9f93-4c35bd6c3128" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://digitalassets.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://digitalassets.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Digital Assets Summit">Digital Assets Summit</a></div><span class="event-teaser__standfirst">The next wave of institutional adoption </span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-05-06T08:00:00.000Z">Tuesday, 6 May</time></span><span class="event-teaser__location">London, UK</span></div></div></div> </div> <div class="o-teaser-community__button-wrapper"> <a class="aside--community__community-button" data-trackable="aside-section--button" href="https://events.ft.com/events-list"> Explore all events </a> </div> </aside> <div class="css-grid__sidebar-item"> <div class="o-ads advert--sidebar advert--sidebar-mid1 advert--extra-padding" data-o-ads-name="mid1-non-responsive-large" data-o-ads-targeting="pos=mid1" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,OneByOne,HalfPage,Responsive" data-o-ads-formats-extra="MediumRectangle,OneByOne,HalfPage,Responsive" aria-hidden="true"> </div> </div> </div>  <div class="css-grid__item-bottom"> <div class="js-track-scroll-event" id="stream" data-has-stream-list-title > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--half-width" aria-label="More Markets (all genres)"> More Markets </h2> <ul class="o-teaser-collection__list js-stream-list" data-stream-list aria-busy="false"> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-11T00:47:57.404Z">Friday, 11 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="61508e6a-bf1b-4d0c-8b92-37e7b20702e8" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="61508e6a-bf1b-4d0c-8b92-37e7b20702e8"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/rare-earths" aria-label="Category: Rare earths">Rare earths</a></div><div class="o-teaser__heading"><a href="/content/61508e6a-bf1b-4d0c-8b92-37e7b20702e8" data-trackable="heading-link" class="js-teaser-heading-link">Australian miners benefit from new Chinese restrictions on rare earth exports</a></div><p class="o-teaser__standfirst"><a href="/content/61508e6a-bf1b-4d0c-8b92-37e7b20702e8" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Sector ‘ideally positioned’ to take advantage of disruption to global supply chain</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-11T00:47:57+0000">2 hours ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="61508e6a-bf1b-4d0c-8b92-37e7b20702e8" data-myft-ui="saved" action="/myft/save/61508e6a-bf1b-4d0c-8b92-37e7b20702e8" data-js-action="/__myft/api/core/saved/content/61508e6a-bf1b-4d0c-8b92-37e7b20702e8?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Australian miners benefit from new Chinese restrictions on rare earth exports to myFT for later" aria-label="Save Australian miners benefit from new Chinese restrictions on rare earth exports to myFT for later" data-alternate-label="Australian miners benefit from new Chinese restrictions on rare earth exports is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="61508e6a-bf1b-4d0c-8b92-37e7b20702e8" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/61508e6a-bf1b-4d0c-8b92-37e7b20702e8" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc1a04022-d424-4fef-9d9a-04a72dd67c63.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A montage of Chinese and Australian flags in front of an Australian mine"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-11T00:16:42.340Z">Friday, 11 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="0ab1e680-5099-4e2e-b2bb-84a3a4a02674" data-stream-item> <div class="o-teaser o-teaser--live-blog-package o-teaser--small o-teaser--has-image o-teaser--live js-teaser" data-id="0ab1e680-5099-4e2e-b2bb-84a3a4a02674"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-live-news" aria-label="Category: FT live news">FT live news</a></div><div class="o-teaser__heading"><a href="/content/0ab1e680-5099-4e2e-b2bb-84a3a4a02674" data-trackable="heading-link" class="js-teaser-heading-link">Gold and Swiss franc surge as investors seek haven assets</a></div><div class="o-teaser__timestamp o-teaser__timestamp--live"><span class="o-teaser__timestamp-prefix"> Live </span></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0ab1e680-5099-4e2e-b2bb-84a3a4a02674" data-myft-ui="saved" action="/myft/save/0ab1e680-5099-4e2e-b2bb-84a3a4a02674" data-js-action="/__myft/api/core/saved/content/0ab1e680-5099-4e2e-b2bb-84a3a4a02674?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Gold and Swiss franc surge as investors seek haven assets to myFT for later" aria-label="Save Gold and Swiss franc surge as investors seek haven assets to myFT for later" data-alternate-label="Gold and Swiss franc surge as investors seek haven assets is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="0ab1e680-5099-4e2e-b2bb-84a3a4a02674" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/0ab1e680-5099-4e2e-b2bb-84a3a4a02674" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F240ca997-02f2-4553-92f1-1f22c23af30e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-11T00:00:39.666Z">Friday, 11 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d0863255-5e89-448d-b334-0b0300afd604" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="d0863255-5e89-448d-b334-0b0300afd604"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/emerging-markets" aria-label="Category: Emerging markets">Emerging markets</a></div><div class="o-teaser__heading"><a href="/content/d0863255-5e89-448d-b334-0b0300afd604" data-trackable="heading-link" class="js-teaser-heading-link">Asia’s emerging nations squeezed by Trump tariffs and China’s retaliation</a></div><p class="o-teaser__standfirst"><a href="/content/d0863255-5e89-448d-b334-0b0300afd604" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Stock markets of Taiwan, Thailand and Vietnam deep in the red this year, despite rallying after reprieve on tariffs</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-11T00:00:39+0000">2 hours ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d0863255-5e89-448d-b334-0b0300afd604" data-myft-ui="saved" action="/myft/save/d0863255-5e89-448d-b334-0b0300afd604" data-js-action="/__myft/api/core/saved/content/d0863255-5e89-448d-b334-0b0300afd604?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Asia’s emerging nations squeezed by Trump tariffs and China’s retaliation to myFT for later" aria-label="Save Asia’s emerging nations squeezed by Trump tariffs and China’s retaliation to myFT for later" data-alternate-label="Asia’s emerging nations squeezed by Trump tariffs and China’s retaliation is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="d0863255-5e89-448d-b334-0b0300afd604" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/d0863255-5e89-448d-b334-0b0300afd604" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2592%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb51f125b-6c18-4387-8891-01bb74c089b4.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T22:08:13.148Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4badcccd-e916-4436-9638-53fac63c5b9b" data-stream-item> <div class="o-teaser o-teaser--live-blog-package o-teaser--small o-teaser--has-image js-teaser" data-id="4badcccd-e916-4436-9638-53fac63c5b9b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-live-news" aria-label="Category: FT live news">FT live news</a></div><div class="o-teaser__heading"><a href="/content/4badcccd-e916-4436-9638-53fac63c5b9b" data-trackable="heading-link" class="js-teaser-heading-link">Trump tariffs day 7 as it happened: US stocks and dollar tumble as Trump fails to soothe economic fears</a></div><p class="o-teaser__standfirst"><a href="/content/4badcccd-e916-4436-9638-53fac63c5b9b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investors warn 145% duties on US imports from China to hit growth even as president rolls back other levies</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4badcccd-e916-4436-9638-53fac63c5b9b" data-myft-ui="saved" action="/myft/save/4badcccd-e916-4436-9638-53fac63c5b9b" data-js-action="/__myft/api/core/saved/content/4badcccd-e916-4436-9638-53fac63c5b9b?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump tariffs day 7 as it happened: US stocks and dollar tumble as Trump fails to soothe economic fears to myFT for later" aria-label="Save Trump tariffs day 7 as it happened: US stocks and dollar tumble as Trump fails to soothe economic fears to myFT for later" data-alternate-label="Trump tariffs day 7 as it happened: US stocks and dollar tumble as Trump fails to soothe economic fears is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="4badcccd-e916-4436-9638-53fac63c5b9b" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/4badcccd-e916-4436-9638-53fac63c5b9b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F845b5850-6e4a-40cb-9475-8996f5171e76.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T17:18:33.333Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="818f6c94-2b24-429e-8971-82bc0114f994" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="818f6c94-2b24-429e-8971-82bc0114f994"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-equities" aria-label="Category: US equities">US equities</a></div><div class="o-teaser__heading"><a href="/content/818f6c94-2b24-429e-8971-82bc0114f994" data-trackable="heading-link" class="js-teaser-heading-link">Investors in Trump’s America can no longer see around corners</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/818f6c94-2b24-429e-8971-82bc0114f994" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Regular guidance from executives on the near-term path of profit just got more elusive</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="818f6c94-2b24-429e-8971-82bc0114f994" data-myft-ui="saved" action="/myft/save/818f6c94-2b24-429e-8971-82bc0114f994" data-js-action="/__myft/api/core/saved/content/818f6c94-2b24-429e-8971-82bc0114f994?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Investors in Trump’s America can no longer see around corners to myFT for later" aria-label="Save Investors in Trump’s America can no longer see around corners to myFT for later" data-alternate-label="Investors in Trump’s America can no longer see around corners is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="818f6c94-2b24-429e-8971-82bc0114f994" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/818f6c94-2b24-429e-8971-82bc0114f994" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb78a4ddc-1f13-4dfd-bf1e-f56ba904db2e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A customer and member of staff in an aisle of a Walmart store in Texas, US"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T13:37:12.507Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5b77964f-8192-440f-ac14-c3a7654060f7" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="5b77964f-8192-440f-ac14-c3a7654060f7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ubs-group" aria-label="Category: UBS Group AG">UBS Group AG</a></div><div class="o-teaser__heading"><a href="/content/5b77964f-8192-440f-ac14-c3a7654060f7" data-trackable="heading-link" class="js-teaser-heading-link">UBS’s Kelleher slams ‘extreme’ plan for 50% more capital</a></div><p class="o-teaser__standfirst"><a href="/content/5b77964f-8192-440f-ac14-c3a7654060f7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Swiss government and watchdog propose higher requirements for lender that rescued Credit Suisse</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5b77964f-8192-440f-ac14-c3a7654060f7" data-myft-ui="saved" action="/myft/save/5b77964f-8192-440f-ac14-c3a7654060f7" data-js-action="/__myft/api/core/saved/content/5b77964f-8192-440f-ac14-c3a7654060f7?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save UBS’s Kelleher slams ‘extreme’ plan for 50% more capital to myFT for later" aria-label="Save UBS’s Kelleher slams ‘extreme’ plan for 50% more capital to myFT for later" data-alternate-label="UBS’s Kelleher slams ‘extreme’ plan for 50% more capital is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="5b77964f-8192-440f-ac14-c3a7654060f7" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5b77964f-8192-440f-ac14-c3a7654060f7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2626%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F03bb69de-46ea-4d20-ba4a-c7f0f1b4f0aa.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Colm Kelleher speaking at UBS’s annual general meeting"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T13:15:05.415Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="af032e00-982c-4507-8ae7-5acbedbc1b30" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="af032e00-982c-4507-8ae7-5acbedbc1b30"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-treasury-bonds" aria-label="Category: US Treasury bonds">US Treasury bonds</a></div><div class="o-teaser__heading"><a href="/content/af032e00-982c-4507-8ae7-5acbedbc1b30" data-trackable="heading-link" class="js-teaser-heading-link">A Treasury market meltdown postmortem</a></div><p class="o-teaser__standfirst"><a href="/content/af032e00-982c-4507-8ae7-5acbedbc1b30" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Swapsmageddon or a Basisclysm?</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="af032e00-982c-4507-8ae7-5acbedbc1b30" data-myft-ui="saved" action="/myft/save/af032e00-982c-4507-8ae7-5acbedbc1b30" data-js-action="/__myft/api/core/saved/content/af032e00-982c-4507-8ae7-5acbedbc1b30?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save A Treasury market meltdown postmortem to myFT for later" aria-label="Save A Treasury market meltdown postmortem to myFT for later" data-alternate-label="A Treasury market meltdown postmortem is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="af032e00-982c-4507-8ae7-5acbedbc1b30" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/af032e00-982c-4507-8ae7-5acbedbc1b30" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:51.2821%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F64445ad8-715f-45ef-a5a8-355d8698a0ad.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T12:16:21.322Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c9b95502-8756-40e7-bbbc-b4822e8b50a2" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="c9b95502-8756-40e7-bbbc-b4822e8b50a2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/9e69a8e6-c42b-4374-8e32-12f1052ae5ef" aria-label="Category: Financial Conduct Authority UK">Financial Conduct Authority UK</a></div><div class="o-teaser__heading"><a href="/content/c9b95502-8756-40e7-bbbc-b4822e8b50a2" data-trackable="heading-link" class="js-teaser-heading-link">Treasury reappoints Nikhil Rathi as head of UK financial watchdog</a></div><p class="o-teaser__standfirst"><a href="/content/c9b95502-8756-40e7-bbbc-b4822e8b50a2" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">City of London broadly welcomes second five-year term for former LSE chief </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c9b95502-8756-40e7-bbbc-b4822e8b50a2" data-myft-ui="saved" action="/myft/save/c9b95502-8756-40e7-bbbc-b4822e8b50a2" data-js-action="/__myft/api/core/saved/content/c9b95502-8756-40e7-bbbc-b4822e8b50a2?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Treasury reappoints Nikhil Rathi as head of UK financial watchdog to myFT for later" aria-label="Save Treasury reappoints Nikhil Rathi as head of UK financial watchdog to myFT for later" data-alternate-label="Treasury reappoints Nikhil Rathi as head of UK financial watchdog is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="c9b95502-8756-40e7-bbbc-b4822e8b50a2" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c9b95502-8756-40e7-bbbc-b4822e8b50a2" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2662%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff0b66e02-f7ea-4dda-b73a-5a8e5fbd925d.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Nikhil Rathi"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T12:01:18.607Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="b4ffcddc-123c-4123-8815-0323992f1ad8" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="b4ffcddc-123c-4123-8815-0323992f1ad8"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/oil-gas" aria-label="Category: Oil & Gas industry">Oil & Gas industry</a></div><div class="o-teaser__heading"><a href="/content/b4ffcddc-123c-4123-8815-0323992f1ad8" data-trackable="heading-link" class="js-teaser-heading-link">Abu Dhabi steps up US gas investment over hopes of industry boom </a></div><p class="o-teaser__standfirst"><a href="/content/b4ffcddc-123c-4123-8815-0323992f1ad8" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Gulf state buys significant stake in US shale operations amid Trump administration’s pledge to unleash energy exports</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="b4ffcddc-123c-4123-8815-0323992f1ad8" data-myft-ui="saved" action="/myft/save/b4ffcddc-123c-4123-8815-0323992f1ad8" data-js-action="/__myft/api/core/saved/content/b4ffcddc-123c-4123-8815-0323992f1ad8?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Abu Dhabi steps up US gas investment over hopes of industry boom to myFT for later" aria-label="Save Abu Dhabi steps up US gas investment over hopes of industry boom to myFT for later" data-alternate-label="Abu Dhabi steps up US gas investment over hopes of industry boom is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="b4ffcddc-123c-4123-8815-0323992f1ad8" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/b4ffcddc-123c-4123-8815-0323992f1ad8" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2582%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F40e93fca-fddd-4ec4-9494-ce46875dc2cf.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="An oil pump at sunset in the Eagle Ford basin in Texas"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T11:00:22.512Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d3db0206-4ae8-489b-b7a8-532c7612a7f2" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="d3db0206-4ae8-489b-b7a8-532c7612a7f2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/energy-source" aria-label="Category: Energy Source">Energy Source</a></div><div class="o-teaser__heading"><a href="/content/d3db0206-4ae8-489b-b7a8-532c7612a7f2" data-trackable="heading-link" class="js-teaser-heading-link">Is the US power grid ready to meet the demands of data centres?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/d3db0206-4ae8-489b-b7a8-532c7612a7f2" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The capacity crunch linked to artificial intelligence could complicate Washington’s race to lead in the technology</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d3db0206-4ae8-489b-b7a8-532c7612a7f2" data-myft-ui="saved" action="/myft/save/d3db0206-4ae8-489b-b7a8-532c7612a7f2" data-js-action="/__myft/api/core/saved/content/d3db0206-4ae8-489b-b7a8-532c7612a7f2?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Is the US power grid ready to meet the demands of data centres? to myFT for later" aria-label="Save Is the US power grid ready to meet the demands of data centres? to myFT for later" data-alternate-label="Is the US power grid ready to meet the demands of data centres? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="d3db0206-4ae8-489b-b7a8-532c7612a7f2" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/d3db0206-4ae8-489b-b7a8-532c7612a7f2" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fe86a8001-16f7-423b-9f36-f78a72df4dc5.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A man standing in a server room at a data centre"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T09:59:24.829Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="6a8a75d8-df4d-4d79-9f6b-492baf9c83c4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="6a8a75d8-df4d-4d79-9f6b-492baf9c83c4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/36f6c8f1-e75e-484a-9ff1-8299732ee55d" aria-label="Category: Barry Callebaut AG">Barry Callebaut AG</a></div><div class="o-teaser__heading"><a href="/content/6a8a75d8-df4d-4d79-9f6b-492baf9c83c4" data-trackable="heading-link" class="js-teaser-heading-link">Shares in chocolate maker Barry Callebaut plunge to 12-year low</a></div><p class="o-teaser__standfirst"><a href="/content/6a8a75d8-df4d-4d79-9f6b-492baf9c83c4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">World’s largest cocoa processor revises down sales forecast and warns on price volatility</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="6a8a75d8-df4d-4d79-9f6b-492baf9c83c4" data-myft-ui="saved" action="/myft/save/6a8a75d8-df4d-4d79-9f6b-492baf9c83c4" data-js-action="/__myft/api/core/saved/content/6a8a75d8-df4d-4d79-9f6b-492baf9c83c4?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Shares in chocolate maker Barry Callebaut plunge to 12-year low to myFT for later" aria-label="Save Shares in chocolate maker Barry Callebaut plunge to 12-year low to myFT for later" data-alternate-label="Shares in chocolate maker Barry Callebaut plunge to 12-year low is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="6a8a75d8-df4d-4d79-9f6b-492baf9c83c4" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/6a8a75d8-df4d-4d79-9f6b-492baf9c83c4" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2434%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F526f661c-985a-429f-9ab2-1a0859da76dd.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Two employees of Barry Callebaut, dressed in white chef coats, prepare chocolates at a workstation"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T08:10:53.193Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="1e823617-7910-4f4e-91ad-1e27c418786a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="1e823617-7910-4f4e-91ad-1e27c418786a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/cb8d305c-910c-49ae-a0b3-7a1173443011" aria-label="Category: British Steel Ltd">British Steel Ltd</a></div><div class="o-teaser__heading"><a href="/content/1e823617-7910-4f4e-91ad-1e27c418786a" data-trackable="heading-link" class="js-teaser-heading-link">Government offers to buy coal for British Steel as negotiations continue</a></div><p class="o-teaser__standfirst"><a href="/content/1e823617-7910-4f4e-91ad-1e27c418786a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Offer comes as Chinese-owned steelmaker prepares to idle one of its two blast furnaces at Scunthorpe</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="1e823617-7910-4f4e-91ad-1e27c418786a" data-myft-ui="saved" action="/myft/save/1e823617-7910-4f4e-91ad-1e27c418786a" data-js-action="/__myft/api/core/saved/content/1e823617-7910-4f4e-91ad-1e27c418786a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Government offers to buy coal for British Steel as negotiations continue to myFT for later" aria-label="Save Government offers to buy coal for British Steel as negotiations continue to myFT for later" data-alternate-label="Government offers to buy coal for British Steel as negotiations continue is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="1e823617-7910-4f4e-91ad-1e27c418786a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/1e823617-7910-4f4e-91ad-1e27c418786a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdda0300d-9726-4aee-96ae-41da8a3f49e3.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A steelworker in protective gear stands in front of a furnace with molten metal and sparks flying in a steel plant"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T07:18:10.139Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="82e5a5c0-3e7b-419d-92f9-7b84475af2c9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/trump-tariffs" aria-label="Category: Trump tariffs">Trump tariffs</a></div><div class="o-teaser__heading"><a href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="heading-link" class="js-teaser-heading-link">Global stocks soar as Trump backs down from trade war</a></div><p class="o-teaser__standfirst"><a href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Washington pauses most tariffs against countries that have not retaliated but increases levies on China</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-myft-ui="saved" action="/myft/save/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-js-action="/__myft/api/core/saved/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Global stocks soar as Trump backs down from trade war to myFT for later" aria-label="Save Global stocks soar as Trump backs down from trade war to myFT for later" data-alternate-label="Global stocks soar as Trump backs down from trade war is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="82e5a5c0-3e7b-419d-92f9-7b84475af2c9" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7d9bcd6a-ada9-4f1f-b4b8-a09d19726dfb.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="New York Stock Exchange"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T05:30:57.885Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c521be94-81b4-4807-94ba-9f0fa422eb6d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="c521be94-81b4-4807-94ba-9f0fa422eb6d"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Unhedged</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/robert-armstrong" aria-label="Category: Robert Armstrong">Robert Armstrong</a></div><div class="o-teaser__heading"><a href="/content/c521be94-81b4-4807-94ba-9f0fa422eb6d" data-trackable="heading-link" class="js-teaser-heading-link">Markets 1, Trump 0</a></div><p class="o-teaser__standfirst"><a href="/content/c521be94-81b4-4807-94ba-9f0fa422eb6d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Plenty of game left to play, though </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c521be94-81b4-4807-94ba-9f0fa422eb6d" data-myft-ui="saved" action="/myft/save/c521be94-81b4-4807-94ba-9f0fa422eb6d" data-js-action="/__myft/api/core/saved/content/c521be94-81b4-4807-94ba-9f0fa422eb6d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Markets 1, Trump 0 to myFT for later" aria-label="Save Markets 1, Trump 0 to myFT for later" data-alternate-label="Markets 1, Trump 0 is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="c521be94-81b4-4807-94ba-9f0fa422eb6d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c521be94-81b4-4807-94ba-9f0fa422eb6d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5227cc5f-cc2c-47a1-81c7-621291364737.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A montage of Donald Trump in front of colorful graphs"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T04:00:58.277Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4ba2bdb2-1588-418e-a9a1-b358ec46850a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="4ba2bdb2-1588-418e-a9a1-b358ec46850a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/eu-energy" aria-label="Category: EU energy">EU energy</a></div><div class="o-teaser__heading"><a href="/content/4ba2bdb2-1588-418e-a9a1-b358ec46850a" data-trackable="heading-link" class="js-teaser-heading-link">EU weighs up buying more US gas due to Trump tariff pressure</a></div><p class="o-teaser__standfirst"><a href="/content/4ba2bdb2-1588-418e-a9a1-b358ec46850a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Bloc may push to buy more LNG from the US if it fits with green goals, says European energy commissioner Dan Jørgensen </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4ba2bdb2-1588-418e-a9a1-b358ec46850a" data-myft-ui="saved" action="/myft/save/4ba2bdb2-1588-418e-a9a1-b358ec46850a" data-js-action="/__myft/api/core/saved/content/4ba2bdb2-1588-418e-a9a1-b358ec46850a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save EU weighs up buying more US gas due to Trump tariff pressure to myFT for later" aria-label="Save EU weighs up buying more US gas due to Trump tariff pressure to myFT for later" data-alternate-label="EU weighs up buying more US gas due to Trump tariff pressure is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="4ba2bdb2-1588-418e-a9a1-b358ec46850a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/4ba2bdb2-1588-418e-a9a1-b358ec46850a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F666d5eac-1788-49ef-9ec1-099fc526daa8.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The LNG tanker FSRU Toscana arrives at the French Mediterranean port of Marseille"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T04:00:58.175Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="35b0c461-cf6d-49f0-a541-b798415c0c5b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="35b0c461-cf6d-49f0-a541-b798415c0c5b"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/private-equity" aria-label="Category: Private equity">Private equity</a></div><div class="o-teaser__heading"><a href="/content/35b0c461-cf6d-49f0-a541-b798415c0c5b" data-trackable="heading-link" class="js-teaser-heading-link">Private equity is more stuck than ever — and secondaries will benefit </a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/35b0c461-cf6d-49f0-a541-b798415c0c5b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investors with cash during a crisis can benefit, but PE-owned companies tend to have a lot of debt</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="35b0c461-cf6d-49f0-a541-b798415c0c5b" data-myft-ui="saved" action="/myft/save/35b0c461-cf6d-49f0-a541-b798415c0c5b" data-js-action="/__myft/api/core/saved/content/35b0c461-cf6d-49f0-a541-b798415c0c5b?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Private equity is more stuck than ever — and secondaries will benefit to myFT for later" aria-label="Save Private equity is more stuck than ever — and secondaries will benefit to myFT for later" data-alternate-label="Private equity is more stuck than ever — and secondaries will benefit is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="35b0c461-cf6d-49f0-a541-b798415c0c5b" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/35b0c461-cf6d-49f0-a541-b798415c0c5b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F67136a45-8ac6-4ba7-affe-31dc52b9afa3.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Dollar bills"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T03:30:57.704Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="bda17cbf-5b62-4e28-9c93-866978e72c6a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="bda17cbf-5b62-4e28-9c93-866978e72c6a"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Special Report</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/dbad500f-f250-4c1e-a083-e5c122fd7f79" aria-label="Category: Business School Debates">Business School Debates</a></div><div class="o-teaser__heading"><a href="/content/bda17cbf-5b62-4e28-9c93-866978e72c6a" data-trackable="heading-link" class="js-teaser-heading-link">Business school teaching case study: Private equity’s employee ownership push</a></div><p class="o-teaser__standfirst"><a href="/content/bda17cbf-5b62-4e28-9c93-866978e72c6a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Does PE firm KKR’s model add up to real reform or a one-off windfall? Read the article and consider the questions raised</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="bda17cbf-5b62-4e28-9c93-866978e72c6a" data-myft-ui="saved" action="/myft/save/bda17cbf-5b62-4e28-9c93-866978e72c6a" data-js-action="/__myft/api/core/saved/content/bda17cbf-5b62-4e28-9c93-866978e72c6a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Business school teaching case study: Private equity’s employee ownership push to myFT for later" aria-label="Save Business school teaching case study: Private equity’s employee ownership push to myFT for later" data-alternate-label="Business school teaching case study: Private equity’s employee ownership push is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="bda17cbf-5b62-4e28-9c93-866978e72c6a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/bda17cbf-5b62-4e28-9c93-866978e72c6a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2391%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F3354fa18-5be4-43b6-9fc2-7f59ecb7787e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-10T01:00:57.493Z">Thursday, 10 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="35a27906-703c-44f1-962d-aa2bf3b1c973" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="35a27906-703c-44f1-962d-aa2bf3b1c973"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/chinese-equities" aria-label="Category: Chinese equities">Chinese equities</a></div><div class="o-teaser__heading"><a href="/content/35a27906-703c-44f1-962d-aa2bf3b1c973" data-trackable="heading-link" class="js-teaser-heading-link">China musters ‘national team’ to fight on front line in trade war</a></div><p class="o-teaser__standfirst"><a href="/content/35a27906-703c-44f1-962d-aa2bf3b1c973" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">State-owned funds and companies are bolstering stock markets with massive co-ordinated share buying</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="35a27906-703c-44f1-962d-aa2bf3b1c973" data-myft-ui="saved" action="/myft/save/35a27906-703c-44f1-962d-aa2bf3b1c973" data-js-action="/__myft/api/core/saved/content/35a27906-703c-44f1-962d-aa2bf3b1c973?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save China musters ‘national team’ to fight on front line in trade war to myFT for later" aria-label="Save China musters ‘national team’ to fight on front line in trade war to myFT for later" data-alternate-label="China musters ‘national team’ to fight on front line in trade war is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="35a27906-703c-44f1-962d-aa2bf3b1c973" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/35a27906-703c-44f1-962d-aa2bf3b1c973" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F626e6581-6b8c-484f-a28d-67f6a2f83d40.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="An electronic board in Shanghai displays stock indices. A person wearing a blue helmet is visible in the foreground."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T23:08:17.686Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="9c6a9cf5-1d54-4e93-88bb-6fec41fa0282" data-stream-item> <div class="o-teaser o-teaser--package o-teaser--small o-teaser--has-image js-teaser" data-id="9c6a9cf5-1d54-4e93-88bb-6fec41fa0282"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/reports" aria-label="Category: Special Report">Special Report</a></div><div class="o-teaser__heading"><a href="/reports/ft-asia-pacific-companies" data-trackable="heading-link" class="js-teaser-heading-link">FT High-Growth Companies Asia-Pacific</a></div><p class="o-teaser__standfirst"><a href="/reports/ft-asia-pacific-companies" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The 2025 ranking of fast growing companies in the Asia-Pacific region. Including: the Philippines looks beyond call centres, India’s Meesho taps WhatsApp, extending EV battery life, and cameras to keep drivers’ eyes on the road</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="9c6a9cf5-1d54-4e93-88bb-6fec41fa0282" data-myft-ui="saved" action="/myft/save/9c6a9cf5-1d54-4e93-88bb-6fec41fa0282" data-js-action="/__myft/api/core/saved/content/9c6a9cf5-1d54-4e93-88bb-6fec41fa0282?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save FT High-Growth Companies Asia-Pacific to myFT for later" aria-label="Save FT High-Growth Companies Asia-Pacific to myFT for later" data-alternate-label="FT High-Growth Companies Asia-Pacific is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="9c6a9cf5-1d54-4e93-88bb-6fec41fa0282" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/reports/ft-asia-pacific-companies" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2865%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa2e3954a-39db-45d1-bca2-678b8fb61580.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Illustration of paper boats on digital waves with icons of trade, technology, and global themes, set against a backdrop of Earth and circuit patterns"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T22:24:25.320Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-stream-item> <div class="o-teaser o-teaser--live-blog-package o-teaser--small o-teaser--has-image js-teaser" data-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-live-news" aria-label="Category: FT live news">FT live news</a></div><div class="o-teaser__heading"><a href="/content/f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-trackable="heading-link" class="js-teaser-heading-link">Trump tariffs day 6 as it happened: US stocks soar as Washington pauses most tariffs; China hits US with retaliatory tariff of 50%</a></div><p class="o-teaser__standfirst"><a href="/content/f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Goldman Sachs rapidly reverses call for recession after president’s U-turn</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-myft-ui="saved" action="/myft/save/f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-js-action="/__myft/api/core/saved/content/f3e0ee58-47a0-41c4-b021-ed19d27da6e7?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump tariffs day 6 as it happened: US stocks soar as Washington pauses most tariffs; China hits US with retaliatory tariff of 50% to myFT for later" aria-label="Save Trump tariffs day 6 as it happened: US stocks soar as Washington pauses most tariffs; China hits US with retaliatory tariff of 50% to myFT for later" data-alternate-label="Trump tariffs day 6 as it happened: US stocks soar as Washington pauses most tariffs; China hits US with retaliatory tariff of 50% is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="f3e0ee58-47a0-41c4-b021-ed19d27da6e7" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/f3e0ee58-47a0-41c4-b021-ed19d27da6e7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F812b2046-883f-4ee1-9f72-69995b3d3f43.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Montage of US President Donald Trump and map shaded according to US tariffs level"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T16:57:44.504Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="0d6e714b-30a9-4958-8fcb-588fde4e16ed" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="0d6e714b-30a9-4958-8fcb-588fde4e16ed"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/bitcoin" aria-label="Category: Bitcoin">Bitcoin</a></div><div class="o-teaser__heading"><a href="/content/0d6e714b-30a9-4958-8fcb-588fde4e16ed" data-trackable="heading-link" class="js-teaser-heading-link">Bitcoin stabilises as hopes rise Trump tariffs will renew interest in crypto</a></div><p class="o-teaser__standfirst"><a href="/content/0d6e714b-30a9-4958-8fcb-588fde4e16ed" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Cryptocurrency recovers off lows even as US and China ratchet up trade tensions</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0d6e714b-30a9-4958-8fcb-588fde4e16ed" data-myft-ui="saved" action="/myft/save/0d6e714b-30a9-4958-8fcb-588fde4e16ed" data-js-action="/__myft/api/core/saved/content/0d6e714b-30a9-4958-8fcb-588fde4e16ed?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Bitcoin stabilises as hopes rise Trump tariffs will renew interest in crypto to myFT for later" aria-label="Save Bitcoin stabilises as hopes rise Trump tariffs will renew interest in crypto to myFT for later" data-alternate-label="Bitcoin stabilises as hopes rise Trump tariffs will renew interest in crypto is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="0d6e714b-30a9-4958-8fcb-588fde4e16ed" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/0d6e714b-30a9-4958-8fcb-588fde4e16ed" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F078d2ec2-f2cf-4f92-98d8-747cc0cae833.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A sign for a Bitcoin automated teller machine at a gas station in Washington, DC"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T16:42:24.862Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c10544d9-866e-4d28-9e60-842c019cb9ff" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="c10544d9-866e-4d28-9e60-842c019cb9ff"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/oil" aria-label="Category: Oil">Oil</a></div><div class="o-teaser__heading"><a href="/content/c10544d9-866e-4d28-9e60-842c019cb9ff" data-trackable="heading-link" class="js-teaser-heading-link">Brent crude dips below $60 per barrel for first time in 4 years </a></div><p class="o-teaser__standfirst"><a href="/content/c10544d9-866e-4d28-9e60-842c019cb9ff" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Oil price hit by recession fears as trade war between US and China escalates</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c10544d9-866e-4d28-9e60-842c019cb9ff" data-myft-ui="saved" action="/myft/save/c10544d9-866e-4d28-9e60-842c019cb9ff" data-js-action="/__myft/api/core/saved/content/c10544d9-866e-4d28-9e60-842c019cb9ff?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Brent crude dips below $60 per barrel for first time in 4 years to myFT for later" aria-label="Save Brent crude dips below $60 per barrel for first time in 4 years to myFT for later" data-alternate-label="Brent crude dips below $60 per barrel for first time in 4 years is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="c10544d9-866e-4d28-9e60-842c019cb9ff" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c10544d9-866e-4d28-9e60-842c019cb9ff" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2594%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F85a0339e-e38e-4a39-b71f-d2fa338dfca1.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="An oil pump jack in a field in Nolan, Texas"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T16:17:48.642Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="1d79c97f-e35f-4f32-baad-65efe95842e6" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="1d79c97f-e35f-4f32-baad-65efe95842e6"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/gilts" aria-label="Category: Gilts">Gilts</a></div><div class="o-teaser__heading"><a href="/content/1d79c97f-e35f-4f32-baad-65efe95842e6" data-trackable="heading-link" class="js-teaser-heading-link">UK borrowing costs soar to highest level since 1998</a></div><p class="o-teaser__standfirst"><a href="/content/1d79c97f-e35f-4f32-baad-65efe95842e6" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Jump in yields on 30-year gilts comes as investors also dump US Treasuries</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="1d79c97f-e35f-4f32-baad-65efe95842e6" data-myft-ui="saved" action="/myft/save/1d79c97f-e35f-4f32-baad-65efe95842e6" data-js-action="/__myft/api/core/saved/content/1d79c97f-e35f-4f32-baad-65efe95842e6?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save UK borrowing costs soar to highest level since 1998 to myFT for later" aria-label="Save UK borrowing costs soar to highest level since 1998 to myFT for later" data-alternate-label="UK borrowing costs soar to highest level since 1998 is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="1d79c97f-e35f-4f32-baad-65efe95842e6" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/1d79c97f-e35f-4f32-baad-65efe95842e6" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2254%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F72ce6e41-3a05-4938-b89d-8ca3929542c9.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Bank of England"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T16:06:43.891Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="0005e091-930d-46ff-9e81-8591704a9282" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="0005e091-930d-46ff-9e81-8591704a9282"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-treasury-bonds" aria-label="Category: US Treasury bonds">US Treasury bonds</a></div><div class="o-teaser__heading"><a href="/content/0005e091-930d-46ff-9e81-8591704a9282" data-trackable="heading-link" class="js-teaser-heading-link">US Treasuries sell-off deepens as ‘safe haven’ status challenged</a></div><p class="o-teaser__standfirst"><a href="/content/0005e091-930d-46ff-9e81-8591704a9282" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investors say misfiring ‘basis trades’ are piling pressure on US government bond market</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0005e091-930d-46ff-9e81-8591704a9282" data-myft-ui="saved" action="/myft/save/0005e091-930d-46ff-9e81-8591704a9282" data-js-action="/__myft/api/core/saved/content/0005e091-930d-46ff-9e81-8591704a9282?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save US Treasuries sell-off deepens as ‘safe haven’ status challenged to myFT for later" aria-label="Save US Treasuries sell-off deepens as ‘safe haven’ status challenged to myFT for later" data-alternate-label="US Treasuries sell-off deepens as ‘safe haven’ status challenged is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="0005e091-930d-46ff-9e81-8591704a9282" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/0005e091-930d-46ff-9e81-8591704a9282" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F06493b4c-f047-4347-9a19-655038d3acf7.png?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T15:56:01.735Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="10e100e9-1b87-4c69-b956-e277ce8a4999" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="10e100e9-1b87-4c69-b956-e277ce8a4999"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/corporate-bonds" aria-label="Category: Corporate bonds">Corporate bonds</a></div><div class="o-teaser__heading"><a href="/content/10e100e9-1b87-4c69-b956-e277ce8a4999" data-trackable="heading-link" class="js-teaser-heading-link">Cost of insuring Europe’s riskiest companies against debt defaults surges</a></div><p class="o-teaser__standfirst"><a href="/content/10e100e9-1b87-4c69-b956-e277ce8a4999" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Costs jump to 18-month highs as fears grow about health of region’s highly indebted groups</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="10e100e9-1b87-4c69-b956-e277ce8a4999" data-myft-ui="saved" action="/myft/save/10e100e9-1b87-4c69-b956-e277ce8a4999" data-js-action="/__myft/api/core/saved/content/10e100e9-1b87-4c69-b956-e277ce8a4999?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Cost of insuring Europe’s riskiest companies against debt defaults surges to myFT for later" aria-label="Save Cost of insuring Europe’s riskiest companies against debt defaults surges to myFT for later" data-alternate-label="Cost of insuring Europe’s riskiest companies against debt defaults surges is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="10e100e9-1b87-4c69-b956-e277ce8a4999" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/10e100e9-1b87-4c69-b956-e277ce8a4999" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2635%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5ad002c6-9aed-47e2-b5fa-4ca12be93a87.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A guest speaks on a mobile phone as she arrives for the French telecoms operator Iliad’s media conference"/></div></a></div></div> </div> </div> </li> </ul> </div> <div data-stream-additions aria-live="polite" aria-relevant="additions" class="stream__a11y o-normalise-visually-hidden"> </div> <div data-pagination role="navigation" aria-label="Pagination" class="stream__pagination o-buttons-pagination"> <a data-pagination-previous data-trackable="previous-page" disabled class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-left o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Previous page</span> </a> <span class="stream__pagination-label"> You are on page <strong data-pagination-page>1</strong> </span> <a data-pagination-next data-trackable="next-page" href="?page=2" class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-right o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Next page</span> </a> </div> </div> </div> </div> </div> </div> </div> </div></div></div><div class="n-layout__row n-layout__row--footer"><footer id="site-footer" class="o-footer o-footer--theme-dark" data-o-component="o-footer"><div class="o-footer__container"><div class="o-footer__row"><h2 class="o-normalise-visually-hidden">Useful links</h2><nav class="o-footer__matrix" role="navigation" aria-label="Useful links"><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-0">Support</h3><div class="o-footer__matrix-content" id="o-footer-section-0"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/tour" data-trackable="View Site Tips"><span class="o-footer__matrix-link__copy">View Site Tips</span></a><a class="o-footer__matrix-link" href="https://help.ft.com" data-trackable="Help Centre"><span class="o-footer__matrix-link__copy">Help Centre</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/contact-us" data-trackable="Contact Us"><span class="o-footer__matrix-link__copy">Contact Us</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/aboutus" data-trackable="About Us"><span class="o-footer__matrix-link__copy">About Us</span></a><a class="o-footer__matrix-link" href="/accessibility" data-trackable="Accessibility"><span class="o-footer__matrix-link__copy">Accessibility</span></a><a class="o-footer__matrix-link" href="/tour/myft" data-trackable="myFT Tour"><span class="o-footer__matrix-link__copy">myFT Tour</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/en-gb/careers/" data-trackable="Careers"><span class="o-footer__matrix-link__copy">Careers</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/suppliers" data-trackable="Suppliers"><span class="o-footer__matrix-link__copy">Suppliers</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-1">Legal & Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms & Conditions"><span class="o-footer__matrix-link__copy">Terms & Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement & Policies"><span class="o-footer__matrix-link__copy">Slavery Statement & Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community & Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.live.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://leadersacademy.ft.com/" data-trackable="FT Leaders Academy"><span class="o-footer__matrix-link__copy">FT Leaders Academy</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2025. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/" data-trackable="Home">Home</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/world" data-trackable="World">World</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-1" data-trackable="sub-level-toggle | World">Show more World</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-1" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-war" data-trackable="Middle East war">Middle East war</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/global-economy" data-trackable="Global Economy">Global Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/world-uk" data-trackable="UK">UK</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us" data-trackable="US">US</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/china" data-trackable="China">China</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/africa" data-trackable="Africa">Africa</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/asia-pacific" data-trackable="Asia Pacific">Asia Pacific</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/emerging-markets" data-trackable="Emerging Markets">Emerging Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/europe" data-trackable="Europe">Europe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/war-in-ukraine" data-trackable="War in Ukraine">War in Ukraine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/americas" data-trackable="Americas">Americas</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--selected o-header__drawer-menu-link--parent" href="/markets" aria-label="Markets, current page" aria-current="page" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--selected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://professional-monetary-policy-radar.ft.com/" data-trackable="Monetary Policy Radar">Monetary Policy Radar</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.live.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://leadersacademy.ft.com/" data-trackable="FT Leaders Academy">FT Leaders Academy</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/markets" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"stream-page","product":"next","edition":"international","appVersion":"de5ce6c1dd944a266c31c02e07cf3b3ce9646f7c","abTestState":"messageSlotBottom:cookieConsentC,articlecommunitypromoevent:variant2,appleSignUpForBuyFlowTest:variant,adsmvt2:variant-2","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.0.5","conceptId":"c91b1fad-1097-468b-be82-9a8ff717d54c","conceptType":"http://www.ft.com/ontology/Topic"}</script><script type="application/json" id="page-kit-flags-embed">{"articleRelatedContent":true,"ads":true,"javascript":true,"oTracking":true,"articleComments":true,"myFtApi":true,"articleShareButtons":true,"myFtApiWrite":true,"adTargetingUserApi":true,"videoPlayerAdvertising":true,"streamMostRead":true,"openGraph":true,"nativeAds":true,"syndication":true,"myFTEmailDisableABAlloc":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"AdsCompaniesTypeaheadDemo":true,"reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"enableCorporateBarrier":true,"onboardingCsatSurveyEnabled":true,"adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsEnableMiniBillboardWeb":true,"professional-newsletter-autoenrol-ab":true,"bertha.strictmode":true,"adsArticlePcStyling":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"ads-first-party-gtm":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true,"adsEnableGpp":true,"adsValidateTraffic":true,"enableZephr":true,"enableOneMustReadNewsletterSignup":true,"enableSubscriptionTask":true,"articleDiscussionQuestion":true,"cpClientMetrics":true,"adsmvt2":"variant-2"}</script></body></html>

CINXE.COM

Markets