Sign of dissent at yesterday’s AGM of Mid Wynd International (MWY), the £264m Lazards-managed global equity trust: 22.5% of shares voted against a standard resolution disapplying pre-emption rights on share issues. The board will consult with shareholders.

Strategic Equity Capital (SEC) and JPMorgan UK Small Cap Growth & Income (JUGI) both reported flat annual returns yesterday after volatile 12-months’ trading but expressed confidence in the ‘compelling’ value in UK small-caps.

German chancellor Friedrich Merz has called for the establishment of a single European stock exchange, signalling Berlin’s support for proposals to unify the bloc’s capital markets @FT reports.

UK financial regulators halve time top financiers will have to wait to get full bonuses from eight to four years. Sam Woods, head of Prudential Regulation Authority, says new rules ‘cut red tape without encouraging the reckless pay’ that led to 2008 crisis https://t.co/nymF5lQML1

Rachel Reeves says higher taxes on the UK’s wealthy will ‘be part of the story’ of next month’s budget as ⁦@TheIFS⁩ estimates chancellor has £22bn hole in public finances to fix.

A 3.4% decline in net asset value last month left Finsbury Growth & Income #FGT trailing FTSE All-Share by 19.6% this year, putting Nick Train’s £1.1bn UK equity income trust on track for fifth consecutive year of underperformance ⁦@QuotedData⁩

BlueCrest Capital Management has agreed to pay out more than $100m to investors after the City regulator censured the former hedge fund for allegedly short-changing clients by moving them onto an underperforming computer-driven trading system. https://t.co/Ba3Gzelhss

Silver has soared by 35% since 26 Aug over concerns about West’s public finances, fears of AI stock market bubble & President Trump’s threat to hike tariffs on China. A shortage of the metal in London saw its price spike to record above $53 on Tuesday.

Investors becoming ‘complacent’ about risks of a financial crisis arising from ballooning government debt and asset price bubbles in the stock market, International Monetary Fund warns. https://t.co/Onm6zFqCbD

US investment bank Jefferies forced to reassure investors about its financial resilience following collapse of car parts maker First Brands. In a letter its chief executive & president railed against “inaccurate or conflated allegations or assertions”.

Gold scaled fresh high of $4,103 an oz, +57% this year, & stock markets steadied as Donald Trump used softer tone to China after threatening massive tariffs increase. This eased fears over a new front in trade war between the two ⁦@MailOnline⁩.

Blackstone is also considering adding to its £75bn UK portfolio with bid for Big Yellow, Britain’s biggest self-storage business. #BYG shares jumped 15%. Rival Safestore #SAFE rallied over 9%. https://t.co/OKbiQgamGL

Blackstone’s sale of £1bn warehouse portfolio to Tritax Big Box unlikely to quash rumours that US private assets giant will look to float Indurent, its massive UK logistics business says @thetimes. Blackstone takes 8.7% to be 2nd-largest #BBOX shareholder https://t.co/LRpa65Ifhu

Perhaps #MNL needs a white knight to take off minority shareholders & leave Sheppard with a £200m private fund? Surely the route to narrowing its discount, normalising the register & enabling buybacks lies in becoming more conventional. More like Polar Capital Technology (PCT)?

Tentative? You bet, because pitching #MNL as a white knight doesn’t stack up. Despite its amazing 10yr returns of 394%, would any trust board put its shareholders into a trust with such a dominant manager, imbalanced portfolio (65% in Nvidia & Microsoft) standing on 24% discount?

QuotedData flags a recent post from @MLCapMan saying fund manager Mark Sheppard, who owns 62% of £331m AI fund, is open to ‘friendly merger’ with listed funds under attack. Citywire’s Investment Trust Insider cites ‘sources’ saying some Saba targets are in ‘tentative discussions’

Intriguing situation at Manchester and London (MNL). Both @Citywire & @quoteddata report its interest in M&A as part of ‘structural options’ the board was looking at last month to resolve the lack of free float threatening its investment trust status. 1/4

AstraZeneca (AZN) will sell prescription drugs in US at discount in agreement announced by President Trump on Friday. British drugmaker will also offer medicines at discount through TrumpRx website planned for next year, chief executive Pascal Soriot said https://t.co/2BvtKtRJ5I

Investors have withdrawn $152bn from US “growth” funds this year as S&P 500 hits record highs, according to LSEG data. Sebastien Page of T Rowe Price tells Reuters Global Markets Forum: “From a valuation perspective, we like non-US value stocks.” ⁦⁩

US stocks tumble after Trump threatens China with ‘massive increase’ of 100% in current 30% tariffs in response to Beijing’s restrictions on critical mineral exports. S&P 500 -2.7%, Nasdaq -3.5% & smaller company Russell 200 -3%. Also $ fell & cryptocurrencies slid 10%+.