The Federal Reserve, Bank of England and Bank of Japan are wrestling this week with how to set interest rates when inflation is being pushed around by factors outside their control. Markets overwhelmingly expect the Fed to raise rates by 25bp, but a 5.9% jump in wireless telephone services prices in August has revived the kind of policy debate seen in 2017. The Bank of England is expected to slow the pace of quantitative tightening, while Brent crude has moved back above $100 amid intensifying conflict around Hormuz that has included a drone hit on Saudi Arabia’s EastWest pipeline and continuing threats to commercial shipping.

HSBC Chief Financial Officer Pam Kaur said she will retire in 2027 and will not seek re-election, as the bank begins a search that includes internal and external candidates. HSBC shares fell about 1.4% after the announcement, cutting roughly £3.7bn from the bank’s market value. Kaur was promoted to CFO in 2024 after 13 years at the company. HSBC remains the UK’s largest listed company by market capitalization, at around £265bn.

NatWest has received approval from the US Federal Reserve to step up its US presence. The bank plans to open a new representative office to market its products and services, handle customer-service activity and carry out back-office functions. It follows UK ringfencing reforms implemented in January 2025 that made it easier to establish a physical presence outside the European Economic Area. NatWest first entered the US market as RBS in 1988 but later scaled back after the financial crisis.

Clarksons PLC said its first-half pretax profit rose 39% year on year and earnings per share increased 50%, benefiting from heightened geopolitical risk linked to the Iran war that tightened vessel supply and lifted demand for shipping services. The company said dozens of ships were stranded and capacity was constrained, supporting stronger commission income. Its board raised the dividend to 35p from 33p, extending a 24-year run of annual payout increases.

Rentokil shares fell by almost 20% at the market open, slipping from 443.30p to 398.60p. The decline came despite the company reporting a 6.7% rise in first-half group revenue and an almost 10% increase in profit before tax. Investors focused on a sharp slowdown in North America, which contributes 59% of total revenue, raising concerns about earnings quality and regional concentration risk.

Greggs said first-half pretax profit rose 20% year on year to £76m, beating market expectations, as sales increased 7.2% to £1.1bn in 2024’s first half. The UK bakery chain raised its domestic store ambition from 3,000 to at least 3,500 sites. It is also rolling out new menu items such as a chicken sausage roll, a tandoori chicken pizza and iced matcha to support sales. Greggs is listed on the London Stock Exchange under the ticker ONUS.

Man Group reported first-half results showing assets under management reached a record $253.6bn. Core net revenue came in at $853m, with performance fee revenue up 21% year on year to $207m. Core profit before tax was $297m, beating analyst forecasts by 7%, while net inflows totalled $7.1bn, 3.4% ahead of the wider industry. The company said it has completed $29m of its share buyback programme, and the shares rose 6% to 318p.

Federal Reserve Chair Kevin Warsh is urging the central bank to scrap forward guidance, arguing that markets should set prices without relying on central-bank promises. If adopted, the shift would raise uncertainty around the interest-rate path, make US Treasury yields more sensitive to incoming data and lift volatility. It could also bolster the dollar’s relative appeal as a safe-haven cash instrument. The article does not announce an immediate policy change, but it signals a clear change in direction.

Valterra Platinum CEO Craig Miller称，全球央行在去美元化趋势下正将铂金视为继黄金、白银之后的潜在储备资产。该观点基于近年央行大幅增持黄金（年均1000吨）、减持美债的实践，以及非西方国家应对制裁强化实物资产配置的战略转向。铂金价格已在2025年翻倍，叠加工业与珠宝需求增长，其储备属性提升构成新催化。