Accessibility helpSign InSubscribeFinancial TimesSubscribeSign InHomeWorldWorld HomeMiddle East warGlobal EconomyUKUSChinaAfricaAsia PacificEmerging MarketsEuropeWar in UkraineAmericasMiddle East & North AfricaTrump’s Venezuela strategy has failed in IranKharg Island: Iran’s oil lifeline that Trump has left untouchedWhich economies will pay the biggest price for the Iran war?Farage misses out on Trump meeting as their relationship coolsG7 discuss joint release of emergency oil reservesUSUS HomeUS EconomyUS CompaniesUS Politics & PolicyTrump’s Venezuela strategy has failed in IranKharg Island: Iran’s oil lifeline that Trump has left untouchedWhich economies will pay the biggest price for the Iran war?Farage misses out on Trump meeting as their relationship coolsIran war will leave a complex geoeconomic legacyCompaniesCompanies HomeEnergyFinancialsHealthIndustrialsMediaProfessional ServicesRetail & ConsumerTech SectorTelecomsTransportKharg Island: Iran’s oil lifeline that Trump has left untouchedWhich economies will pay the biggest price for the Iran war?G7 discuss joint release of emergency oil reservesEx-EY executive launches private equity-backed tax firm to challenge Big FourSheryl Sandberg and Nick Clegg join Nvidia-backed AI start-up NscaleTechTech HomeArtificial intelligenceSemiconductorsCyber SecuritySocial MediaSheryl Sandberg and Nick Clegg join Nvidia-backed AI start-up NscaleAnthropic sues Pentagon claiming supply chain risk label could cost billions in revenueKKR eyes multibillion-dollar sale of data centre cooling companyMicrosoft adds Anthropic AI models to its Copilot workplace toolsDarktrace names third chief in 18 months amid US expansion driveMarketsMarkets HomeAlphavilleMarkets DataCryptoCapital MarketsCommoditiesCurrenciesEquitiesMonetary Policy RadarWealth ManagementMoral MoneyETF HubFund ManagementTradingKharg Island: Iran’s oil lifeline that Trump has left untouchedWhich economies will pay the biggest price for the Iran war?G7 discuss joint release of emergency oil reservesIran war will leave a complex geoeconomic legacyPimco sticks with bet on gilts despite market slumpClimateOpinionOpinion HomeColumnistsThe FT ViewThe Big ReadLexObituariesLettersTrump’s Venezuela strategy has failed in IranIran war will leave a complex geoeconomic legacyStagflationary forces are buildingAmerica chose this war — and must now choose how to end itWhy it’s time to end the grim march of the touchscreenLexWork & CareersWork & Careers HomeBusiness School RankingsBusiness EducationEurope's Start-Up HubsEntrepreneurshipRecruitmentBusiness BooksBusiness TravelWorking ItWhy it’s time to end the grim march of the touchscreenYou can turn this to your advantage if every news story has ‘tax exile’ in itWhite males will have ‘fewer board seats’ in future, says UK diversity chairBusiness school professors’ picksLife & ArtsLife & Arts HomeArtsBooksFood & DrinkFT MagazineHouse & HomeStylePuzzlesTravelFT GlobetrotterHow to wear a tie: HTSI’s definitive guideThe new food fad sweeping KoreaWine storage is emerging from the cellarFlip it and reverse it: the enduring fun of Jaeger-LeCoultre’s Reverso ‘Match of the century’ referee Lothar Schmid’s chess library up for auctionHow To Spend ItHomeWorldUSCompaniesTechMarketsClimateOpinionLexWork & CareersLife & ArtsHow To Spend ItFinancial TimesSubscribeSign InAsia-Pacific equitiesSouth Korea’s astounding market rideIt will take time for a durable equity base to be formed after momentum has been brokenRajat AgarwalMarketsUnhedged. Global stock discounts vs US stock discountsPlus the fall in Treasury yieldsRobert ArmstrongIPOsUS should not be the default IPO choiceThere is a strong case for European companies to be listed in Europe where analysts and investors are closest to the storyBjørn SibbernTechnology sectorLex. Britain lacks a Magnificent Seven, but at least it has a meme stockRaspberry Pi has more substance than some former retail-investor darlingsUK equitiesWhy UK small-caps might benefit from global shift by investorsAn undervalued and overlooked sector is starting to draw more supportIan KingLondon Stock Exchange GroupLex. Elliott’s best bet at LSEG: shout the obvious through a megaphoneThe activist’s job is not always to come up with a spanking new planUS equitiesWhy small caps belong in your portfolioThe record suggests such stocks outperform over the long termWes CrillUS equitiesWall Street’s anything-but-tech trade shakes up US stock marketEnergy groups, small caps and materials companies have displaced AI-linked shares as best performersMarketsUnhedged. Market concentration is nothing to worry aboutIt’s just what markets doRobert ArmstrongGiltsThe comeback of European and UK growth stocksThe tide is turning against value shares as government bond yields declineJoachim KlementEquitiesFT Alphaville. A better CAPE ratioStatistically speakingUS equitiesFT Alphaville. Garbage stocks are on fire againAnd a lot of hedge funds are probably hating itMarketsUnhedged. Greenland: Taco or Fafo?Plus mid caps play catch-upRobert ArmstrongInvestmentsWhy has more Maga mayhem equalled ever-higher stocks?There are three possible explanations and investors must choose oneStuart KirkTechnology sectorHow do you value a company like Nvidia?It’s the poster child for AI, but surely its shares are too expensive nowSimon EdelstenMarketsUnhedged. Where are the hated stocks?Contrarians have their work cut outRobert ArmstrongFTSE 100FTSE 100 tops 10,000 for first time in new year rallyLondon’s blue-chip stock index benefits from surge in banking and mining shares in 2025EquitiesFT Alphaville. Want a long-term equity market return forecast? Just think of a number between six and sevenReviewing a dozen years of stock forecastsUS equitiesGlobal stocks post third straight year of double-digit gainsWall Street’s S&P 500 is up 16.5% in 2025, beating analysts’ forecasts, after markets shrugged off trade turmoilMarket bubblesHow the AI ‘bubble’ compares to historyUS stock valuations are higher than before 1929 Wall Street crash but the dominance of a single sector has precedentsEquitiesUS stocks eclipsed by rest of world in 2025 as investors diversifyChinese artificial intelligence advances and effects of Trump’s trade war have boosted markets outside the USMarketsUnhedged. The year in review (part one)The defining market themes of 2025Robert ArmstrongUS equitiesAustralia’s biggest pension fund to cut global stocks allocation on AI concernsAustralianSuper warns of ‘maturing’ US tech cycle and high valuationsUS equitiesBullish investors pile into stocks as cash levels sink to record lowFund managers most optimistic since 2021 despite worries over tech valuations, Bank of America survey showsProperty sectorLex. 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