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  "documentTitle": "Parthenon Profit Warnings Q3",
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      "text": "The median share price fall on the day of warning rose slightly from 14.2% in Q2 to 14.3% in Q3, whilst the average fall dropped from 20.2% to 17.6%, but this is still well above the post-pandemic average of 15.1%.",
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      "text": "In contrast, bond markets are signalling caution. UK 30-year gilt yields hit a 27-year high in the third quarter, reflecting concerns over fiscal sustainability, sticky inflation, and the Bank of England's accelerated gilt sales. Record gold prices and falling oil prices further highlight investor unease.",
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      "text": "Fracturing resilience\nIn Q3 2025, capital markets continued to show resilience despite persistent geopolitical tensions, tariff escalations, and policy uncertainty. Investors continued to look through the noise, but signs of selective risk aversion are emerging.",
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      "text": "This is still a delicately balanced environment. Sustaining current valuations may require a 'Goldilocks' scenario with moderate growth, falling inflation, and rate cuts. But with inflation proving sticky and political uncertainty rising in major economies, including UK, US, and France, there could be greater market volatility – especially if the narrative around future interest rate cuts continues to fluctuate.",
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      "text": "Investor reaction to profit warnings reflects this still cautious mood. The median share price fall on the day of warning rose slightly from 14.2% in Q2 to 14.3% in Q3, whilst the average fall dropped from 20.2% to 17.6%, but this is still well above the post-pandemic average of 15.1%.",
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      "text": "Equity markets remained strong in Q3 2025. The FTSE 100 rose 6.7%, its best quarterly performance since 2022, whilst the S&P 500 gained 7.8%, driven by robust earnings in energy, pharma, and AI-led technology stocks. However, market concentration in the S&P 500 is at a 60-year high, with the top 10 stocks accounting for nearly 40% of its value. This raises concerns about the fragility of market confidence, especially since AI firms face mounting pressure to deliver. Bain & Co. estimates the industry will need $2 trillion in annual revenue by 2030 to fund computing power, but could fall $800 billion short, casting doubt on the sustainability of current valuations.",
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      "text": "Meanwhile, the US dollar has also weakened 7% on a trade-weighted basis – its worst start to a year since 1973 – amid rising debt concerns, reduced trade flows, and political instability, including the fourth quarter government shutdown.",
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      "text": "Our profit warning console contains more current and historic data: ey.com/warnings",
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