Business
Stocks slide and pound dives as bond yields spike
Stocks in London fell sharply on Tuesday and the pound sank, unnerved by a renewed spike in bond yields.
“Warning lights are flashing about increasingly tricky economic conditions and geopolitical risk,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
“As concerns collide about the global outlook, inflationary pressures and worrisome public finances, the FTSE 100 remains on the back foot, with other European indices also largely in the red.”
The FTSE 100 index closed down 79.65 points, or 0.9%, at 9,116.69. The FTSE 250 ended 470.80 points lower, or 2.2%, at 21,162.89 and the AIM All-Share finished down 3.07 points, or 0.4%, at 765.57.
In Europe, the Cac 40 in Paris ended down 0.7%, while the Dax 40 in Frankfurt closed 2.3% lower.
“Investors are finding little reason to chase stocks higher when bond markets continue to promote the need for caution,” said Rostro analyst Joshua Mahony.
The yield on UK 30-year government bonds – also known as gilts – jumped to the highest level since 1998, at 5.71% on Tuesday, up seven points from Monday, while the yield on the 10-year bond stretched to 4.81%, up six points.
Gilt yields move counter to the value of the bonds, meaning their prices fall when yields rise.
Bond yields also soared across Europe. In Germany, the 10-year bond climbed four points to 2.79%, while in France, the 10-year bond yield widened to 3.59%, up five points. The yield on 30-year government bonds hit 4.50% in France, a 14-year high. In Italy, the 10-year bond yield increased seven points to 3.71%.
The latest gains came amid political instability in France and concerns over rising government debt across Europe.
Kathleen Brooks at XTB Research said a driver of weakness in the UK bond market could be a delayed reaction to the Government reshuffle on Monday.
“The Prime Minister beefed up his economic team in the lead-up to the budget. This has not gone down too well, with concerns that there is still a strategy void when it comes to the economy, as the Government struggles to deliver the growth that it promised,” she said.
The shake-up saw the chancellor’s deputy Darren Jones move into a new role as Chief Secretary to the Prime Minister.
Sir Keir Starmer also brought in Minouche Shafik, a former Bank of England deputy governor, as his chief economic adviser.
Treasury minister James Murray replaced Mr Jones as Treasury chief secretary, while Chipping Barnet MP Dan Tomlinson replaced Mr Murray as Treasury exchequer secretary.
Simon French, head of economics at Panmure Liberum, said Mr Jones and Ms Shafik were a “sensible” duo of appointments and “long overdue” given the lack of economic expertise in the Prime Minister’s team.
But he noted gilts were sold off partly because Mr Murray and Mr Tomlinson “are seen as more left wing than Darren.”
Ms Brooks said the UK was not an “outlier” as European bond yields were also moving higher.
“A rise in UK yields always garner more attention, because our yields are at a higher level to begin with. However, if UK yields continue to rise, and if they start to rise at a faster rate than elsewhere, then it could be a sign the market is pricing in a growing probability that Rachel Reeves will throw away her fiscal rules and borrow more at the budget to fund spending, rather than increase taxes and stymie growth.”
Deutsche Bank thinks the autumn budget will be a “defining moment” for the UK as the Chancellor looks to fill a fiscal hole worth around £20 billion to £25 billion.
“How the Chancellor decides to fill the fiscal hole will be important,” Deutsche said.
“While we expect fiscal headroom to be restored, we expect the Chancellor to adopt a slightly looser fiscal policy path in the near term, compared to March, with a good chunk of fiscal consolidation likely to be backloaded,” the bank said.
The pound dropped to 1.3389 dollars late on Tuesday afternoon in London, compared with 1.3548 at the equities close on Monday. The euro fell to 1.1659 dollars, against 1.1705 dollars. Against the yen, the dollar was trading higher at 148.20 compared with 147.27.
On the FTSE 100, insurer Legal & General fell 4.5%, while wealth management firms Phoenix Group and St James’s Place declined 4.2% and 3.6% respectively.
Rate sensitive housebuilders Persimmon and Taylor Wimpey fell 3.4% and 3.2%, with the latter not helped by a rating downgrade by Bank of America to “neutral” from “buy”.
Retailer Marks & Spencer tumbled 4.0% on fears consumer spending could stall amid slowing economic growth, and as house broker Shore Capital lowered earnings forecasts.
Electricity generator SSE fell 3.7%, which JPMorgan attributed to “rising UK bond yields and concerns around the company’s balance sheet”. However, JPM sees the weakness as a “buying opportunity”.
On the FTSE 250, Ithaca Energy tumbled 13% as its two leading shareholders sold a 3% stake.
Peel Hunt confirmed DKL Energy, a wholly owned subsidiary of Delek Group, and Eni UK, an indirect wholly owned subsidiary of Eni, offloaded 49.6 million shares. They were placed by Peel Hunt with institutional investors at a price of 213.75p per share for a value of £106.0 million.
Gold hit another record high, climbing to 3,511.91 dollars an ounce on Tuesday against 3,476.94 on Monday.
UBS said elevated political and geopolitical risks underline the appeal of gold, which tends to benefit from uncertainty.
“Gold’s status as a durable long-term portfolio diversifier is strengthening amid higher government debts, persistent inflation, geopolitical risks, and the desire of ex-G10 central banks to raise their longer-term holdings as a percentage of total reserves,” the Swiss bank said.
A barrel of Brent traded at 68.81 dollars late on Tuesday afternoon, up from 68.63 on Monday.
The biggest risers on the FTSE 100 were Fresnillo, up 94.0p at 1,919.0p, Endeavour Mining, up 40.0p at 2,664.0p, Unilever, up 64.0p at 4,728.0p, BP, up 3.1p at 434.2p and Haleon, up 2.5p at 363.2p.
The biggest fallers were Whitbread, down 142.0p at 2,983.0p, Legal & General, down 11.0p at 236.1p, Unite Group, down 30.5p at 674.5p, Phoenix Group, down 28.5p at 653.0p and Land Securities, down 23.0p at 529.0p.
Contributed by Alliance News
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CBIC extends GSTR-3B filing deadline to October 25, 2025 after BCAS requests relief due to Diwali. The move eases compliance for GST taxpayers and professionals across India.
Taxpayers under GST can’t claim ITC or file GSTR-1 properly if GSTR-3B isn’t filled.
GSTR-3B Filing Due Date Extended: The Central Board of Indirect Taxes and Customs (CBIC) has extended the form GSTR-3B filing deadline to October 25, 2025, for both monthly and quarterly filers, providing much-needed relief to taxpayers due to the Diwali festival.
Every registered taxpayer under GST requires to file GSTR-3B, which is a self-declaration return summarizing all outward and inward supplies (sales and purchases) and pay the GST liability for the month/quarter.
Usually, taxpayer have to file the form GSTR-3B on or before the 20th of each month. While small taxpayers who have turnover less than 5 crore have a leverage to opt for quarterly return filing (QRMP), hence filing GSTR-3B quarterly.
The much-needed relaxation comes after the Bombay Chartered Accountant Society (BCAS) asked the Ministry of Finance to extend the due date for filing GSTR-3B returns for September 30 due to the clash with the Diwali festival.
BCAS’s representation in the letter wrote to the Finance Ministry that “the standard statutory due date for furnishing the return is 20th October 2025. The same falls immediately after Sunday, 19th October 2025. Furthermore, the period encompassing 20th October 2025 to 23rd October 2025 coincides directly with the primary days of the Diwali festival, which is observed as a significant public holiday cluster across the country.”
The preparation and finalization of FORM GSTR-3B necessarily involves substantial preparatory work, including reconciliation, data entry, review of Input Tax Credit (ITC) eligibility (often dependent on GSTR-2B generation after the 14th of the month), and fund arrangement for tax payment. Given that the entire period from October 19, 2025, onwards is dedicated to Diwali, professionals, accountants, and company personnel are severely impacted, making the effective compliance window extremely restrictive, if not practically non-existent, BCAS added in the letter.
“Therefore, as a significant step towards ease of doing business, it is earnestly requested that the due date for filing GSTR-3B of September 2025 be extended. Granting this essential administrative relief will enable registered persons and tax practitioners to complete the necessary compliance procedures following the conclusion of the festival period, ensuring accurate and complete return filing and promoting adherence to the provisions of the CGST Act without penalizing taxpayers for unavoidable circumstances,” BCAS concluded.
Why Is It Important To File GSTR-3B?
Taxpayers under GST can’t claim ITC or file GSTR-1 properly if GSTR-3B isn’t filled.
If you file GSTR-3B after the due date, you have to pay a late fee (fixed per day).
As per GST rules:
- Rs 50 per day → if you have any tax liability (Rs 25 CGST + Rs 25 SGST).
- Rs 20 per day → if you have no tax liability (nil return) (Rs 10 CGST + Rs 10 SGST).
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 19, 2025, 09:00 IST
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Thousands of young people in Scotland will benefit from skilled “clean energy jobs”, the UK Government has said, as it launched its plans to “train the next generation of energy workers”.
Energy Secretary Ed Miliband said the new plan places Scotland “at the very heart of the clean energy revolution”.
The Government said Scotland will see up to 60,000 jobs in greener energy by 2030 – a 40,000 increase from 2023.
Across the UK, it expects employment to double to 860,000 by the end of the decade, including nuclear energy.
It said 31 “priority occupations” had been identified for the switch away from fossil fuels, including plumbers, electricians and welders.
As part of the transition, the Scottish Government said on Sunday it would jointly invest £18 million with the UK Government to enable thousands of North Sea workers to access tailored support to make the change to more sustainable energy.
UK ministers said their new plans include proposals to ensure people in these jobs have “world class pay, terms and conditions”.
They said this includes closing loopholes to extend employment protections enjoyed by offshore oil and gas workers working beyond UK territorial seas.
Initiatives were also announced to encourage more veterans, ex-offenders and unemployed people into the sector.
The UK Energy Secretary said: “Communities across Scotland have long been calling out for a new generation of good industrial jobs.
“The clean energy jobs boom can answer that call – and today we publish a landmark national plan to make it happen and places Scotland at the very heart of the clean energy revolution this Government is delivering.
“Our plans will help create an economy in which there is no need to leave your home town just to find a decent job.
“Thanks to this Government’s commitment to clean energy a generation of young people in Scotland can have well-paid secure jobs, from plumbers to electricians and welders.
“This is a pro-worker, pro-jobs, pro-union agenda that will deliver the national renewal our country needs.”
Scottish Energy Secretary Gillian Martin said: “Scotland’s innovation, expertise and vast renewable energy resources will not only benefit the planet – but deliver new economic opportunities and new jobs for households and communities across the country.
“This continued and expanded funding to the Oil and Gas Transition Training Fund will support more offshore workers to take on different roles across the sustainable energy sector over the next three years – helping to deliver a fair and managed transition to the sector.
“We will continue to explore how best to support Scotland’s energy skills transition, working closely with the UK Government on options like guaranteed interview schemes, redeployment pools and skills passporting.”
Scottish Secretary Douglas Alexander added: “From offshore wind to carbon capture, Scotland is uniquely positioned to lead our clean energy revolution with world-class resources and skilled workers.
“Harnessing the potential of clean energy is an unmistakable example of how the UK Government is delivering for Scotland.
“These 40,000 new opportunities will benefit a generation of young people across Scotland and represent a pivotal moment in our mission to boost economic growth across all parts of the UK.
“This UK Government is putting money directly into the pockets of hardworking Scots.
“This comes alongside Great British Energy’s launch in Aberdeen, which is already unlocking significant investment and helping to create skilled jobs as we make Britain a clean energy superpower.”
Mumbai: India’s private banks showed contrasting trends in asset quality in Q2 FY26, with larger lenders maintaining stability while smaller players, particularly those under new leadership, reported setbacks in earnings. IndusInd Bank and Federal Bank, both navigating transitions under new MDs, did not post year-on-year growth in net profits as the chiefs accelerated clean-ups and strengthened governance.HDFC Bank, the country’s largest private lender, reported a 10.8% rise in net profit to Rs 18,640 crore, driven by a 25% jump in non-interest income and steady improvement in asset quality. MD and CEO Sashidhar Jagdishan said economic activity was improving across customer and product segments, allowing the bank to accelerate loan growth. Asset quality remained a key strength, with the bank maintaining stable ratios for net interest margin, cost-to-income, and return on assets. HDFC Bank also continued its investments in technology and innovation, including GenAI and “lighthouse experiments”, aimed at improving efficiency and customer experience over the next 18-24 months.ICICI Bank’s net profit grew 5.2% to Rs 12,359 crore despite a steep drop in treasury income. Excluding treasury, core operating profit rose 6.5%, reflecting steady underlying performance. Provisions fell 25.9%, helping gross NPAs ease to 1.58% and net NPAs to 0.39%. The lender expanded retail and business banking loans, which now account for more than half its portfolio.IndusInd Bank, under new MD and CEO Rajiv Anand, recorded a net loss of Rs 437 crore as the bank accelerated write-offs and increased provisions in microfinance to strengthen its balance sheet. The lender also continued to contend with legacy issues stemming from prior accounting irregularities. Gross NPAs improved slightly to 3.60%, while net NPAs eased to 1.04% but deposits and advances contracted, and core income fell.YES Bank reported an 18.3% rise in net profit to Rs 654 crore, supported by higher non-interest income, cost efficiency, and retail growth. Net NPAs declined to 0.3% while gross NPAs remained stable at 1.6%. The quarter marked a strategic ownership change, with Sumitomo Mitsui Banking Corporation acquiring a 24.2% stake, and the bank continued to expand its branch network and digital footprint. MD and CEO Prashant Kumar emphasised the business model and strategy remained unchanged, with efforts ongoing to improve revenues, net interest margin, and cost-to-income ratio.Federal Bank posted a 9.5% decline in net profit to Rs 955 crore due to higher provisions, even as gross NPAs fell to 1.83% and net NPAs to 0.48%. Under new MD and CEO KVS Manian, the bank focused on strengthening risk management, increasing mid-yield assets, and expanding digital transactions, which now account for over 92% of all retail and corporate activity.PNB net profit jumps 14% to ₹4904 crorePunjab National Bank reported a 14% rise in Q2 net profit to Rs 4,904 crore, with operating profit up 5.5% to Rs 7,227 crore. Total income grew 5.1%, while net interest income slipped 0.5%. Gross and net NPAs fell to 3.45% and 0.36%, respectively. Advances and deposits rose 10.1% and 10.9%. Retail, agriculture, and MSME loans drove growth. CRAR strengthened to 17.19%, digital transactions surged 31%, and full-year credit growth is expected at 11%-12%.
Real UK GDP grows 0.3% QoQ in quarter to Aug 2025: ONS
CBIC Extends GSTR-3B Filing Deadline To October 25 Amid Diwali Festivities
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