Ian Smith
@iankmsmith.ft.com
Senior Markets Correspondent at the Financial Times. Previously insurance, markets, finance, stocks, pensions, you get the idea
Stories: https://www.ft.com/ian-smith
Contact: ian.smith@ft.com
Stories: https://www.ft.com/ian-smith
Contact: ian.smith@ft.com
The pound is quietly souring against the euro – though due more to mounting expectations of interest rate cuts than events in Westminster. Hit lowest in more than two years today
www.ft.com/content/9eb6...
www.ft.com/content/9eb6...
November 12, 2025 at 1:19 PM
The pound is quietly souring against the euro – though due more to mounting expectations of interest rate cuts than events in Westminster. Hit lowest in more than two years today
www.ft.com/content/9eb6...
www.ft.com/content/9eb6...
November 7, 2025 at 2:47 PM
Government bonds have performed better, pushing down yields, but they have also closed a gap with interest rate swaps of the same maturity.
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
October 31, 2025 at 2:29 PM
Government bonds have performed better, pushing down yields, but they have also closed a gap with interest rate swaps of the same maturity.
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
given the lack of fundamentals, it is admittedly hard to provide a clear valuation level for "silly" beyond "this line went near-vertical"
October 28, 2025 at 3:05 PM
given the lack of fundamentals, it is admittedly hard to provide a clear valuation level for "silly" beyond "this line went near-vertical"
Gold now off 10% since the peak
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
October 28, 2025 at 11:31 AM
Gold now off 10% since the peak
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
It was all a very clear plan...
www.ft.com/content/96ac...
www.ft.com/content/96ac...
October 26, 2025 at 10:41 PM
It was all a very clear plan...
www.ft.com/content/96ac...
www.ft.com/content/96ac...
Gilts on track for their best week since April and yields now below where they started 2025.
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...
October 17, 2025 at 8:33 AM
Gilts on track for their best week since April and yields now below where they started 2025.
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...
Big investors dial back credit risk in face of ultra-tight spreads: moving into higher-rated corporate bonds, or shorting credit entirely
www.ft.com/content/2667...
www.ft.com/content/2667...
October 16, 2025 at 8:16 AM
Big investors dial back credit risk in face of ultra-tight spreads: moving into higher-rated corporate bonds, or shorting credit entirely
www.ft.com/content/2667...
www.ft.com/content/2667...
“I thought it was important to have something that physically exists, something you can actually hold in your hands"
We dig into one of the markets stories of the year: gold mania
www.ft.com/content/3401...
Story by me, Leslie Hook, Harry Dempsey, data visualisation by @raydouglas.bsky.social
We dig into one of the markets stories of the year: gold mania
www.ft.com/content/3401...
Story by me, Leslie Hook, Harry Dempsey, data visualisation by @raydouglas.bsky.social
October 14, 2025 at 8:50 AM
“I thought it was important to have something that physically exists, something you can actually hold in your hands"
We dig into one of the markets stories of the year: gold mania
www.ft.com/content/3401...
Story by me, Leslie Hook, Harry Dempsey, data visualisation by @raydouglas.bsky.social
We dig into one of the markets stories of the year: gold mania
www.ft.com/content/3401...
Story by me, Leslie Hook, Harry Dempsey, data visualisation by @raydouglas.bsky.social
Comes after stellar run this year (cf chart by @raydouglas.bsky.social) and as people start to worry that inflating-away-our-massive-debts is the gameplan.
ETF flows have jumped and bankers say they are receiving a surge in calls from people wanting to take an allocation
www.ft.com/content/54dc...
ETF flows have jumped and bankers say they are receiving a surge in calls from people wanting to take an allocation
www.ft.com/content/54dc...
October 6, 2025 at 9:02 AM
Comes after stellar run this year (cf chart by @raydouglas.bsky.social) and as people start to worry that inflating-away-our-massive-debts is the gameplan.
ETF flows have jumped and bankers say they are receiving a surge in calls from people wanting to take an allocation
www.ft.com/content/54dc...
ETF flows have jumped and bankers say they are receiving a surge in calls from people wanting to take an allocation
www.ft.com/content/54dc...
It's been quite the year for the euro. Wall St banks think it has higher to go, partly on hedging activity
www.ft.com/content/5b17...
Story from the weekend with @emilydherbert.bsky.social
www.ft.com/content/5b17...
Story from the weekend with @emilydherbert.bsky.social
September 29, 2025 at 9:45 AM
It's been quite the year for the euro. Wall St banks think it has higher to go, partly on hedging activity
www.ft.com/content/5b17...
Story from the weekend with @emilydherbert.bsky.social
www.ft.com/content/5b17...
Story from the weekend with @emilydherbert.bsky.social
September 26, 2025 at 6:37 PM
49. textbook stuff here, nice work everyone
@leeharris.ft.com on the weird and wonderful world of cyber insurance. as usual, even if you have it, you may not have it
www.ft.com/content/84da...
@leeharris.ft.com on the weird and wonderful world of cyber insurance. as usual, even if you have it, you may not have it
www.ft.com/content/84da...
September 26, 2025 at 3:18 PM
49. textbook stuff here, nice work everyone
@leeharris.ft.com on the weird and wonderful world of cyber insurance. as usual, even if you have it, you may not have it
www.ft.com/content/84da...
@leeharris.ft.com on the weird and wonderful world of cyber insurance. as usual, even if you have it, you may not have it
www.ft.com/content/84da...
Pill speaks on that £100bn QT call
September 23, 2025 at 11:23 AM
Pill speaks on that £100bn QT call
As the political stalemate continues, some investors have been calling France the "new periphery" as its borrowing costs converge with Italy's, having passed above Greece's
www.ft.com/content/23cf...
www.ft.com/content/23cf...
September 15, 2025 at 8:33 AM
As the political stalemate continues, some investors have been calling France the "new periphery" as its borrowing costs converge with Italy's, having passed above Greece's
www.ft.com/content/23cf...
www.ft.com/content/23cf...
icymi yesterday: France's upside-down bond market, where a series of big companies have seen their borrowing costs fall below their government's
Another sign of worry over France's public finances, and a glut of sovereign debt globally...
www.ft.com/content/be40...
Another sign of worry over France's public finances, and a glut of sovereign debt globally...
www.ft.com/content/be40...
September 15, 2025 at 8:31 AM
icymi yesterday: France's upside-down bond market, where a series of big companies have seen their borrowing costs fall below their government's
Another sign of worry over France's public finances, and a glut of sovereign debt globally...
www.ft.com/content/be40...
Another sign of worry over France's public finances, and a glut of sovereign debt globally...
www.ft.com/content/be40...
September 8, 2025 at 1:49 PM
Trouble at the long end continues 🧵. UK gilts and £ make the UK frontpage as pressure rises on Reeves
September 3, 2025 at 8:02 AM
Trouble at the long end continues 🧵. UK gilts and £ make the UK frontpage as pressure rises on Reeves
The UK's very long-term borrowing costs are uncomfortably high.
But yield curves are steepening everywhere, and gilts-specific concerns are not quite as sharp as in January.
A mix of supply-demand dynamics and political risks explain why long yields are elevated 📈
www.ft.com/content/372c...
But yield curves are steepening everywhere, and gilts-specific concerns are not quite as sharp as in January.
A mix of supply-demand dynamics and political risks explain why long yields are elevated 📈
www.ft.com/content/372c...
August 30, 2025 at 9:57 PM
The UK's very long-term borrowing costs are uncomfortably high.
But yield curves are steepening everywhere, and gilts-specific concerns are not quite as sharp as in January.
A mix of supply-demand dynamics and political risks explain why long yields are elevated 📈
www.ft.com/content/372c...
But yield curves are steepening everywhere, and gilts-specific concerns are not quite as sharp as in January.
A mix of supply-demand dynamics and political risks explain why long yields are elevated 📈
www.ft.com/content/372c...
Yellen in FT op-ed goes hard on the risks of fiscal dominance
www.ft.com/content/d2ea...
www.ft.com/content/d2ea...
August 27, 2025 at 2:29 PM
Yellen in FT op-ed goes hard on the risks of fiscal dominance
www.ft.com/content/d2ea...
www.ft.com/content/d2ea...
the robots could never
August 27, 2025 at 1:48 PM
the robots could never
Remarkable in the country of Randy Marsh
www.ft.com/content/9df4...
www.ft.com/content/9df4...
August 13, 2025 at 10:16 PM
Remarkable in the country of Randy Marsh
www.ft.com/content/9df4...
www.ft.com/content/9df4...
if you're on the placebo, doesn't it become a little obvious
www.ft.com/content/4ca3...
www.ft.com/content/4ca3...
August 7, 2025 at 7:11 PM
if you're on the placebo, doesn't it become a little obvious
www.ft.com/content/4ca3...
www.ft.com/content/4ca3...