Rishi Sunak has brought much-needed calm to UK markets. His calls for stability indicate he is likely to outlast even the freshest vegetable and, as a teetotaller, he is unlikely to be spotted drinking at any lockdown events. He did confess to being a coke addict though, before realising that could be taken another way.

The lowdown

• ❌ Gilt yields fall, returning to levels seen before the introduction of the UK's mini-budget.

• 📢 Google parent Alphabet misses analysts’ revenue estimates, evidencing a general decline in ad spending.

• 🐣 Twitter shares finally approach $54.20 offer price as deal appears likely to close on Friday.

Featured stories

Another EY member firm votes down split

EY Israel has voted against splitting its audit and consulting businesses ($). It is the second major market to vote against the plan, after EY China partners said they would not split their firm in September. EY Israel Managing Partner Doron Sharabany told the FT that from the point of view of the EY Israel partners, “the split would not create benefits”.

Audit partners appear to have the most to gain. Upon a split ($), they would benefit through cash, and consulting partners would receive shares in the newly-listed consulting business. Down the line, new consulting partners (or partner equivalents in the listed company) will receive a smaller slice of total profits, as non-partner shareholders will now also have a claim on profits.

In any market where it does not split, the EY firm may face competition from the newly listed consulting firm, as the split arrangement does not prevent this. Audit partners, on the other hand, will remain at a fully partner-owned firm in either scenario and will not face additional competition for audit work, in the case of a non-split outcome. Bad luck to all the EY consulting juniors out there.

The content we're consuming today

• The Australian Financial Review: Has Rupert really left the building? ($).

Off-balance sheet items

• Bloomberg: The Crypto Story by Matt Levine. At 40,000 words, this is the most comprehensive guide to crypto I have seen.

The bottom line