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
· 10h
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
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
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
December 29, 2025 at 1:02 PM
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
One of the most interesting things in markets this year, and it’s not about a certain US president
as.ft.com/r/0aa1ef2a-0...
as.ft.com/r/0aa1ef2a-0...
Italy and Spain shake off ‘periphery’ tag as borrowing premiums hit 16-year low
[FREE TO READ] Rome and Madrid rewarded by investors for cutting deficits, while France and Germany look to borrow more
as.ft.com
December 27, 2025 at 9:50 PM
One of the most interesting things in markets this year, and it’s not about a certain US president
as.ft.com/r/0aa1ef2a-0...
as.ft.com/r/0aa1ef2a-0...
Reposted by Ian Smith
Cat Clinging To Side Of Christmas Tree Admits That Was Extent Of Plan https://theonion.com/cat-clinging-to-side-of-christmas-tree-admits-that-was-1849899567/
December 26, 2025 at 3:00 PM
Cat Clinging To Side Of Christmas Tree Admits That Was Extent Of Plan https://theonion.com/cat-clinging-to-side-of-christmas-tree-admits-that-was-1849899567/
In case you enjoy terrible Christmas movies… 🍿 🎄
Bad but good:
Champagne Problems (Netflix)
A Cheerful Christmas (Prime)
Bad but bad:
A Merry Little Ex-Mas (Netflix)
Bad but good:
Champagne Problems (Netflix)
A Cheerful Christmas (Prime)
Bad but bad:
A Merry Little Ex-Mas (Netflix)
December 24, 2025 at 11:16 PM
In case you enjoy terrible Christmas movies… 🍿 🎄
Bad but good:
Champagne Problems (Netflix)
A Cheerful Christmas (Prime)
Bad but bad:
A Merry Little Ex-Mas (Netflix)
Bad but good:
Champagne Problems (Netflix)
A Cheerful Christmas (Prime)
Bad but bad:
A Merry Little Ex-Mas (Netflix)
Nice to see reality still beats social media reality, but some courage in this guy
www.theguardian.com/sport/2025/d...
www.theguardian.com/sport/2025/d...
December 20, 2025 at 8:58 AM
Nice to see reality still beats social media reality, but some courage in this guy
www.theguardian.com/sport/2025/d...
www.theguardian.com/sport/2025/d...
Reposted by Ian Smith
Consumer confidence data is basically useless for markets/econ forecasting at this point. There is just no universe where periods when inflation was 5x as high, real income growth was deeply negative, or unemployment was more than 2x current were better than the current backdrop.
December 19, 2025 at 3:03 PM
Consumer confidence data is basically useless for markets/econ forecasting at this point. There is just no universe where periods when inflation was 5x as high, real income growth was deeply negative, or unemployment was more than 2x current were better than the current backdrop.
The 10-year gilt yield is ... down this year
And expected to creep lower in 2026 (www.ft.com/content/c9a5...).
thank you for playing gilts
And expected to creep lower in 2026 (www.ft.com/content/c9a5...).
thank you for playing gilts
Investment banks expect UK borrowing costs to fall further in 2026
Gilts will outshine global peers, helped by BoE rate cuts, Wall Street lenders predict
www.ft.com
December 19, 2025 at 4:24 PM
The 10-year gilt yield is ... down this year
And expected to creep lower in 2026 (www.ft.com/content/c9a5...).
thank you for playing gilts
And expected to creep lower in 2026 (www.ft.com/content/c9a5...).
thank you for playing gilts
ECB hold, BoE cut, US inflation falls as the rates market tries to get all its work off its desk before Christmas
more at ft dot com
more at ft dot com
December 18, 2025 at 1:48 PM
ECB hold, BoE cut, US inflation falls as the rates market tries to get all its work off its desk before Christmas
more at ft dot com
more at ft dot com
A slightly hawkish Christmas cut...
www.ft.com/content/717c...
www.ft.com/content/717c...
Bank of England cuts rates by quarter point to 3.75%
Andrew Bailey signals caution on further cuts even as central bank responds to signs of slowing economy
www.ft.com
December 18, 2025 at 1:12 PM
A slightly hawkish Christmas cut...
www.ft.com/content/717c...
www.ft.com/content/717c...
There is definitely a boring version of 2026 where nothing happens on rates
RIKSBANK RATE IS EXPECTED TO REMAIN AT THIS LEVEL FOR SOME TIME
December 18, 2025 at 8:55 AM
There is definitely a boring version of 2026 where nothing happens on rates
Reposted by Ian Smith
According to GS, 30% of total USD credit net supply in 2025 has been AI-related.
December 17, 2025 at 11:55 AM
According to GS, 30% of total USD credit net supply in 2025 has been AI-related.
Getting dragged by @emilydherbert.bsky.social for not bringing a Christmas jumper to our team Christmas lunch. "nice suit"
a close up of a man 's face with the words bah humbug below him
ALT: a close up of a man 's face with the words bah humbug below him
media.tenor.com
December 17, 2025 at 11:50 AM
Getting dragged by @emilydherbert.bsky.social for not bringing a Christmas jumper to our team Christmas lunch. "nice suit"
Wall St banks are broadly expecting UK borrowing costs to edge down next year, partly on dovish Bank of England.
“We expect gilts to deliver the best return among major bond markets next year," said one asset manager. Bears point to political risks
www.ft.com/content/c9a5...
“We expect gilts to deliver the best return among major bond markets next year," said one asset manager. Bears point to political risks
www.ft.com/content/c9a5...
Investment banks expect UK borrowing costs to fall further in 2026
Gilts will outshine global peers, helped by BoE rate cuts, Wall Street lenders predict
www.ft.com
December 17, 2025 at 11:45 AM
Wall St banks are broadly expecting UK borrowing costs to edge down next year, partly on dovish Bank of England.
“We expect gilts to deliver the best return among major bond markets next year," said one asset manager. Bears point to political risks
www.ft.com/content/c9a5...
“We expect gilts to deliver the best return among major bond markets next year," said one asset manager. Bears point to political risks
www.ft.com/content/c9a5...
Today's lower-than-expected UK inflation data is a "clear signal that the [interest rate] cutting cycle is far from done", investors say
www.ft.com/content/8df2...
www.ft.com/content/8df2...
UK inflation falls more than expected to 3.2% in November
Pound weakens as figure strengthens case for BoE rate cut this week
www.ft.com
December 17, 2025 at 9:11 AM
Today's lower-than-expected UK inflation data is a "clear signal that the [interest rate] cutting cycle is far from done", investors say
www.ft.com/content/8df2...
www.ft.com/content/8df2...
Reposted by Ian Smith
In a short video, Ben Bernanke and Janet Yellen explain why maintaining the independence of the Fed is so important to U.S. prosperity. Via @brookings.edu
www.youtube.com/watch?v=xeIA...
www.youtube.com/watch?v=xeIA...
The Independence of the Federal Reserve: Why It Matters
YouTube video by Brookings Institution
www.youtube.com
December 16, 2025 at 8:10 PM
In a short video, Ben Bernanke and Janet Yellen explain why maintaining the independence of the Fed is so important to U.S. prosperity. Via @brookings.edu
www.youtube.com/watch?v=xeIA...
www.youtube.com/watch?v=xeIA...
Pulling out all the stops... asset managers' cash holdings fall to a record low, report @rachel-rees.bsky.social + @emilydherbert.bsky.social
www.ft.com/content/3502...
www.ft.com/content/3502...
Bullish investors pile into stocks as cash levels sink to record low
Fund managers most optimistic since 2021 despite worries over tech valuations, Bank of America survey shows
www.ft.com
December 16, 2025 at 4:44 PM
Pulling out all the stops... asset managers' cash holdings fall to a record low, report @rachel-rees.bsky.social + @emilydherbert.bsky.social
www.ft.com/content/3502...
www.ft.com/content/3502...
The FCA finds no evidence of insider trading around the OBR Budget leak
www.ft.com/content/bdd6...
www.ft.com/content/bdd6...
UK financial watchdog finds no signs of insider trading around pre-Budget leaks
FCA boss criticises OBR’s decision to take down premature analysis of Rachel Reeves’ financial statement
www.ft.com
December 16, 2025 at 4:41 PM
The FCA finds no evidence of insider trading around the OBR Budget leak
www.ft.com/content/bdd6...
www.ft.com/content/bdd6...
The UK jobs market is grim. Cements expectations of rate cut this Thursday
www.ft.com/content/96d2...
www.ft.com/content/96d2...
UK unemployment rate rises to 5.1%
Figures also show wage growth cooled in three months to October
www.ft.com
December 16, 2025 at 9:58 AM
The UK jobs market is grim. Cements expectations of rate cut this Thursday
www.ft.com/content/96d2...
www.ft.com/content/96d2...
Reposted by Ian Smith
“He said, ‘I’m going to die – please see my family [and tell them] that I went down to save people’s lives.'"
--Jozay Alkanj, who was having coffee with Ahmed when the shooting erupted.
www.smh.com.au/national/nsw...
--Jozay Alkanj, who was having coffee with Ahmed when the shooting erupted.
www.smh.com.au/national/nsw...
Hero who wrestled gun from terrorist says he’d do it again despite being ‘riddled with bullets’
Despite Ahmed al Ahmed being in a lot of pain, according to his migration lawyer, he felt as if disarming the gunman at Bondi was an act for the community.
www.smh.com.au
December 15, 2025 at 4:37 PM
“He said, ‘I’m going to die – please see my family [and tell them] that I went down to save people’s lives.'"
--Jozay Alkanj, who was having coffee with Ahmed when the shooting erupted.
www.smh.com.au/national/nsw...
--Jozay Alkanj, who was having coffee with Ahmed when the shooting erupted.
www.smh.com.au/national/nsw...
Normally wouldn't encourage this sort of thing, but some OK efforts here
December 15, 2025 at 11:18 AM
Normally wouldn't encourage this sort of thing, but some OK efforts here
BofA on QE-or-not-QE
December 15, 2025 at 11:08 AM
BofA on QE-or-not-QE
Rob says relax
👂🏼 POD TIME 👂🏼
me, @robarmstrong.bsky.social and @iankmsmith.ft.com on predictions for markets in 2026, featuring:
-Rob telling everyone to chill out about the Fed 🤔
-AI 🫧🫧🫧🫧?
-who let the bulls out? 🐂
open.spotify.com/episode/7HE4...
me, @robarmstrong.bsky.social and @iankmsmith.ft.com on predictions for markets in 2026, featuring:
-Rob telling everyone to chill out about the Fed 🤔
-AI 🫧🫧🫧🫧?
-who let the bulls out? 🐂
open.spotify.com/episode/7HE4...
Can 2026 match 2025?
open.spotify.com
December 12, 2025 at 7:39 PM
Rob says relax