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The FTSE 100 is often treated as a shorthand for the British economy, yet its earnings, sector mix and currency exposure tell a more international story. For UK investors, the index remains a useful vehicle — but a poor domestic thermometer.
London’s IPO pipeline has not so much stalled as been redirected. For UK equity income investors, the real risk is not a quiet year for new issues but the slow loss of access to the companies that might one day fund their dividends.
Overseas buyers and private capital continue to circle London-listed mid-caps, removing familiar dividend payers from the public market. For UK income investors, the issue is less the headline bid premium than what remains in the portfolio — and how concentrated it has become.