FTSE 100 Live 09 October: Hong Kong pauses morning trade, blue-chips seen lower

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Big City funds are eating up 20% of the returns earned by small investors and face extinction unless they reform, analysis for the Evening Standard suggests. Dubbed “investment dinosaurs” some of the oldest and grandest names in the City risk losing customers to cheaper funds which track the stock market or to the new breed of retail investor confident to pick their own shares. London house prices fall 4.8% year-on-year, UK prices down 4.7%, as “higher-for-longer” interest rate fears hit the property market, UK’s top mortgage lender Halifax says Troubled banknote maker De La Rue expects profits to be “marginally ahead” of expectations as it begins to recover from recent struggles – shares had already doubled in value since June but still down 95% from peak JD Wetherspoon tops pre-pandemic sales for the first time as it swings back to profit Sam Bankman-Fried’s college roommate and ex-colleague, Gary Wang, testified on Thursday at the FTX cryptocurrency exchange founder’s fraud trial that Bankman-Fried told him to give a hedge fund they co-owned special trading privileges on FTX And…why the UK is set for biggest tax rise in at least 50 years with a £40bn raid.

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