Ian Smith
@iankmsmith.ft.com
Senior Markets Correspondent at the Financial Times. Previously insurance, finance, stocks, pensions, you get the idea. This is my real account: I never promote crypto or any other investment
Stories: https://www.ft.com/ian-smith
Contact: ian.smith@ft.com
Stories: https://www.ft.com/ian-smith
Contact: ian.smith@ft.com
Pinned
Ian Smith
@iankmsmith.ft.com
· Dec 29
US stocks soar more than 20% for second year in a row
Investor excitement over AI helps Big Tech once again drive gains in blue-chip S&P 500
www.ft.com
2025 IN MARKETS* 📈📉📈🧵
1. People came into the year pretty bullish on US stocks and $ (because Trump)
US stocks soar more than 20% for second year in a row
www.ft.com/content/b413...
Dollar surges against euro and sterling
www.ft.com/content/e572...
*focusing on big markets in US and Europe
1. People came into the year pretty bullish on US stocks and $ (because Trump)
US stocks soar more than 20% for second year in a row
www.ft.com/content/b413...
Dollar surges against euro and sterling
www.ft.com/content/e572...
*focusing on big markets in US and Europe
Reposted by Ian Smith
US TREASURY SECRETARY BESSENT: THE BOND MARKET IS SO TAME BECAUSE WE'RE SORTING THE FISCAL HOUSE.
February 13, 2026 at 12:19 PM
US TREASURY SECRETARY BESSENT: THE BOND MARKET IS SO TAME BECAUSE WE'RE SORTING THE FISCAL HOUSE.
Reposted by Ian Smith
The biggest story in stock markets in the past 15 or 20 yrs has been “software eating the world...It strikes me as possible that the biggest market story in the next 15 or 20 yrs will be “software eating itself” - @robarmstrong.bsky.social here on the big market sell off www.ft.com/content/d5fb...
February 13, 2026 at 7:07 AM
The biggest story in stock markets in the past 15 or 20 yrs has been “software eating the world...It strikes me as possible that the biggest market story in the next 15 or 20 yrs will be “software eating itself” - @robarmstrong.bsky.social here on the big market sell off www.ft.com/content/d5fb...
how about.. you help Mary out
Some people
Some people
Our maid Susan is very ill, and so the whole trouble of the house lies upon our maid Mary, who do it very contentedly and mighty well, but I am sorry she is forced to it.
February 13, 2026 at 11:50 AM
how about.. you help Mary out
Some people
Some people
Reposted by Ian Smith
Allegations against Aaron Simpson range from sexual assault and sex trafficking to money laundering and tax evasion, court filings show. ft.trib.al/3TmZbkb
February 13, 2026 at 9:05 AM
Allegations against Aaron Simpson range from sexual assault and sex trafficking to money laundering and tax evasion, court filings show. ft.trib.al/3TmZbkb
Reposted by Ian Smith
DP World boss leaves company after Epstein emails published ft.trib.al/DX5DfWV
DP World boss leaves company after Epstein emails published
Sultan Ahmed bin Sulayem had transformed Dubai-based group into one of the world’s largest logistics operators
ft.trib.al
February 13, 2026 at 11:23 AM
DP World boss leaves company after Epstein emails published ft.trib.al/DX5DfWV
Reposted by Ian Smith
Breaking news: The UK government’s contentious ban on Palestine Action under anti-terror laws has been ruled unlawful in a landmark legal victory for civil liberties campaigners. ft.trib.al/V0bk3dr
February 13, 2026 at 10:28 AM
Breaking news: The UK government’s contentious ban on Palestine Action under anti-terror laws has been ruled unlawful in a landmark legal victory for civil liberties campaigners. ft.trib.al/V0bk3dr
icymi yesterday we had a little exploration of dizzy credit markets
“Credit markets have increasingly exhibited bubble‑like behaviour"
A sweeping, undiscriminating rally in corporate bonds has pushed the compensation for taking extra credit risk to historic low...
Story with Michelle Chan, Euan Healy. Charts from @raydouglas.bsky.social
www.ft.com/content/e87f...
A sweeping, undiscriminating rally in corporate bonds has pushed the compensation for taking extra credit risk to historic low...
Story with Michelle Chan, Euan Healy. Charts from @raydouglas.bsky.social
www.ft.com/content/e87f...
February 13, 2026 at 10:02 AM
icymi yesterday we had a little exploration of dizzy credit markets
It must be a trip for management teams. You put out in-line earnings, look at the share price and you're down 15% because a CA-based start-up called AI-loco just told the internet your entire business model can be recreated in 5 minutes with no people
February 12, 2026 at 10:09 PM
It must be a trip for management teams. You put out in-line earnings, look at the share price and you're down 15% because a CA-based start-up called AI-loco just told the internet your entire business model can be recreated in 5 minutes with no people
“Credit markets have increasingly exhibited bubble‑like behaviour"
A sweeping, undiscriminating rally in corporate bonds has pushed the compensation for taking extra credit risk to historic low...
Story with Michelle Chan, Euan Healy. Charts from @raydouglas.bsky.social
www.ft.com/content/e87f...
A sweeping, undiscriminating rally in corporate bonds has pushed the compensation for taking extra credit risk to historic low...
Story with Michelle Chan, Euan Healy. Charts from @raydouglas.bsky.social
www.ft.com/content/e87f...
February 12, 2026 at 4:53 PM
“Credit markets have increasingly exhibited bubble‑like behaviour"
A sweeping, undiscriminating rally in corporate bonds has pushed the compensation for taking extra credit risk to historic low...
Story with Michelle Chan, Euan Healy. Charts from @raydouglas.bsky.social
www.ft.com/content/e87f...
A sweeping, undiscriminating rally in corporate bonds has pushed the compensation for taking extra credit risk to historic low...
Story with Michelle Chan, Euan Healy. Charts from @raydouglas.bsky.social
www.ft.com/content/e87f...
this is well measured, but the City being a spoke could be painful in a proper downturn
www.ft.com/content/86b8...
www.ft.com/content/86b8...
The decision to sell Schroders is wrenching but inevitable
History might be repeating itself after the sale of investment banks to bigger US rivals
www.ft.com
February 12, 2026 at 4:08 PM
this is well measured, but the City being a spoke could be painful in a proper downturn
www.ft.com/content/86b8...
www.ft.com/content/86b8...
BofA's Capleton happy to see the UK's T-bills consultation
February 12, 2026 at 10:33 AM
BofA's Capleton happy to see the UK's T-bills consultation
I know how much love there is out there for #digitalgilts, so you'll be delighted to know the UK is progressing www.ft.com/content/1bb8...
UK takes key step to digital gilt issuance this year
Treasury appoints HSBC and law firm Ashurst to lead project first announced by Rachel Reeves in 2024
www.ft.com
February 12, 2026 at 9:16 AM
I know how much love there is out there for #digitalgilts, so you'll be delighted to know the UK is progressing www.ft.com/content/1bb8...
Reposted by Ian Smith
A big moment for the City of London - Schroders agrees £9.9bn takeover by US investment manager Nuveen www.ft.com/content/17b8...
Schroders agrees £9.9bn takeover by US investment manager Nuveen
Deal would end the independence of one of the City of London’s most historic names
www.ft.com
February 12, 2026 at 7:22 AM
A big moment for the City of London - Schroders agrees £9.9bn takeover by US investment manager Nuveen www.ft.com/content/17b8...
70% of Britons believe it should be illegal for people to film strangers without their consent and share it on social media, amid concerns "manfluencers" are using smart glasses to record such videos featuring women without their knowledge
Legal: 15%
Illegal: 70%
yougov.co.uk/topics/techn...
Legal: 15%
Illegal: 70%
yougov.co.uk/topics/techn...
February 11, 2026 at 4:50 PM
Solomon: “We have midterm elections, and a president here in the US who is going to take populist actions as we head to those midterm elections. And those populist actions have a tendency to be stimulative" www.ft.com/content/f443...
a theme we covered here:
a theme we covered here:
In case you are reasonably wondering why broader markets aren't as glum as the $
Investors bet on US running economy, which is already pretty warm, "hot" before the midterms
Read this from @emilydherbert.bsky.social, me, @kateduguid.bsky.social @senojerialc.bsky.social
www.ft.com/content/8cbb...
Investors bet on US running economy, which is already pretty warm, "hot" before the midterms
Read this from @emilydherbert.bsky.social, me, @kateduguid.bsky.social @senojerialc.bsky.social
www.ft.com/content/8cbb...
February 11, 2026 at 1:17 PM
Solomon: “We have midterm elections, and a president here in the US who is going to take populist actions as we head to those midterm elections. And those populist actions have a tendency to be stimulative" www.ft.com/content/f443...
a theme we covered here:
a theme we covered here:
Reposted by Ian Smith
Emerging markets in Europe, Middle East and Africa are quite popular with investors again, after a long drought of interest in EM in general and markets outside Asia and LatAM in particular. And maybe more to the point, after a big rally. BoFA chart on debt and equity fund flows:
February 11, 2026 at 11:02 AM
Emerging markets in Europe, Middle East and Africa are quite popular with investors again, after a long drought of interest in EM in general and markets outside Asia and LatAM in particular. And maybe more to the point, after a big rally. BoFA chart on debt and equity fund flows:
Great read from parly colleagues on yesterday’s events in Westminster
as.ft.com/r/c0dbdbc4-f...
Gilts back trading in line with peers
as.ft.com/r/c0dbdbc4-f...
Gilts back trading in line with peers
February 10, 2026 at 8:30 AM
Great read from parly colleagues on yesterday’s events in Westminster
as.ft.com/r/c0dbdbc4-f...
Gilts back trading in line with peers
as.ft.com/r/c0dbdbc4-f...
Gilts back trading in line with peers
Reposted by Ian Smith
US lawmakers call on Howard Lutnick to step down over ties to Epstein ft.trib.al/e28HG1C
US lawmakers call on Howard Lutnick to step down over ties to Epstein
Democrats and Republicans say commerce secretary has not been honest about his ties with the late sex offender
ft.trib.al
February 9, 2026 at 10:13 PM
US lawmakers call on Howard Lutnick to step down over ties to Epstein ft.trib.al/e28HG1C
Reposted by Ian Smith
unicredit vs nvidia since '22
February 9, 2026 at 5:07 PM
unicredit vs nvidia since '22
Modest weakness in £/gilts today
It would “be a bit of a shambles, markets-wise, to do it, and that might help dissuade the party from doing it now,” said one FX/rates-watcher
www.ft.com/content/3261...
It would “be a bit of a shambles, markets-wise, to do it, and that might help dissuade the party from doing it now,” said one FX/rates-watcher
www.ft.com/content/3261...
Pound and gilts under pressure as leadership crisis threatens Keir Starmer
Investors fearful of political turmoil following a period of relative calm in UK markets
www.ft.com
February 9, 2026 at 10:34 AM
Modest weakness in £/gilts today
It would “be a bit of a shambles, markets-wise, to do it, and that might help dissuade the party from doing it now,” said one FX/rates-watcher
www.ft.com/content/3261...
It would “be a bit of a shambles, markets-wise, to do it, and that might help dissuade the party from doing it now,” said one FX/rates-watcher
www.ft.com/content/3261...
Nice hit from @rachel-rees.bsky.social on retail investors pouring into silver despite those massive price falls
www.ft.com/content/3183...
www.ft.com/content/3183...
Retail traders double down on silver even as price plunges
Precious metal’s wild swings in price have only boosted its ‘sex appeal’ for individual investors
www.ft.com
February 9, 2026 at 9:34 AM
Nice hit from @rachel-rees.bsky.social on retail investors pouring into silver despite those massive price falls
www.ft.com/content/3183...
www.ft.com/content/3183...
yes
Is Bob Dylan’s ‘Blonde on Blonde’ (1966) one of the greatest albums of all time? Vote for it—and up to ten albums total—in our readers’ poll here: album.ink/GOATAlbumsPoll
February 7, 2026 at 12:15 PM
yes
Reposted by Ian Smith
Very bumpy in short term given City assumption is new leader would borrow borrow borrow, so they reallllllllly need to get tax message out quick
Hhhmmm.
Can’t see any of the likely successors making *major* changes to borrowing. You might get more taxes & more spending.
And don’t rule out a more pro-growth attitude to immigration.
www.ft.com/content/c855... Starmer camp warns leadership challenge risks economic chaos
Can’t see any of the likely successors making *major* changes to borrowing. You might get more taxes & more spending.
And don’t rule out a more pro-growth attitude to immigration.
www.ft.com/content/c855... Starmer camp warns leadership challenge risks economic chaos
Starmer camp warns leadership challenge risks economic chaos
Investors also signal concern at prospect of a more leftwing government
www.ft.com
February 7, 2026 at 10:19 AM
Very bumpy in short term given City assumption is new leader would borrow borrow borrow, so they reallllllllly need to get tax message out quick
“I think it’s a classic case of the devil you know”
Investors warn unseating Starmer could derail post-Budget rally in gilts and sterling.
Starmer’s allies say attempt to topple the prime minister would wreak havoc on the economy…
as.ft.com/r/682f40b3-1...
Investors warn unseating Starmer could derail post-Budget rally in gilts and sterling.
Starmer’s allies say attempt to topple the prime minister would wreak havoc on the economy…
as.ft.com/r/682f40b3-1...
Starmer camp warns leadership challenge risks economic chaos
[FREE TO READ] Investors also signal concern at prospect of a more leftwing government
as.ft.com
February 6, 2026 at 8:44 PM
“I think it’s a classic case of the devil you know”
Investors warn unseating Starmer could derail post-Budget rally in gilts and sterling.
Starmer’s allies say attempt to topple the prime minister would wreak havoc on the economy…
as.ft.com/r/682f40b3-1...
Investors warn unseating Starmer could derail post-Budget rally in gilts and sterling.
Starmer’s allies say attempt to topple the prime minister would wreak havoc on the economy…
as.ft.com/r/682f40b3-1...