Professional Documents
Culture Documents
3 More than 1m cases recorded this week i Muddy Waters attack hits Joyy’s shares
Shares in Chinese technology group Joyy fell as
Kiran Stacey and Kadhim Shubber explained by increased testing, but much as 26 per cent after short seller Muddy
Washington
Peter Wells — New York
other metrics indicate the epidemic is Waters, founded by Carson Block, called its
spiralling out of control. Hospitalisa- livestreaming site a fraud.— PAGE 7; LEX, PAGE 18
The top public health body in the US has tions yesterday stood at a record 79,410,
warned Americans not to travel for according to the Covid Tracking Project. i Australian troops face murder inquiry
Thanksgiving amid fears that the The death rate of 1,162 a day over the Australian special forces were allegedly involved in
upcoming public holiday is set to past week is at its highest since late May. the murder of 39 civilians in Afghanistan and took
become a superspreader event that will Nearly all states have rising cases, part in “blooding”, where junior soldiers were made
fuel the rampant spread of coronavirus. hospitalisations and deaths, week on to execute prisoners to achieve a first kill.— PAGE 3
Officials at the US Centers for Disease week, prompting officials in a number
Control and Prevention released new of cities and states to reintroduce curbs i China debt issue draws bumper demand
guidance yesterday recommending on businesses and shut schools. China has sold its first negative-yielding sovereign
against all travel next week for Thanks- Bill de Blasio, New York City mayor, bond, a euro-denominated deal that drew bumper
giving, a holiday when millions of peo- yesterday said indoor dining at restau- European demand — €18bn for €4bn of bonds —
ple normally congregate with family rants and bars would be halted within a from investors facing record low returns.— PAGE 9
and friends. “We have been alarmed by “week or two” after ordering the closure
the exponential increases in cases, hos- of the city’s schools this week. i UK takes reins in telecoms oversight
pitalisations and deaths,” Henry Walke, The travel advice from the CDC comes Britain’s antitrust body has taken full control over
the CDC’s Covid-19 incident manager, at a time of turmoil in the US, which has the review of a £31bn Virgin Media-O2 merger and is
said. The agency described the advice as been thrown into political chaos after to fast-track its probe after the groups sought to
a “strong recommendation” that Donald Trump refused to accept the speed the review when it moved to London.— PAGE 6
stopped short of a requirement. result of the presidential election.
“We ask Americans to consider their The president has made just one pub-
risk, to consider who is in their house- lic appearance since the election was Datawatch
hold, their own risk of acquiring infec- called for his Democratic rival Joe
tion and the . . . risk in the community Biden, and has not met his own corona-
they are travelling to.” The CDC is advis- virus task force in weeks. Confidence gap
ing those who travel for the holiday to Barry Bloom, professor of public Europeans' faith in Boris Johnson's Confidence that
stay outdoors where they can, ventilate health at Harvard University, said: foreign policy (%) UK prime minister
Filip Singer/EPA-EFE/Shutterstock
houses, and wear masks even while “Given the chaos of the US’s Covid-19 No confidence Confidence Boris Johnson will
around members of their own family if response, no one agency has the author- Markus Braun, former chief public appearance since his running an elaborate fraud 60 40 20 0 20 40 60 do the right thing
they have not been living together. ity to change people’s behaviour — the executive of disgraced German arrest in June. scheme that embezzled billions Sweden in terms of world
Netherlands affairs is severely
Dr Walke said the CDC, which has not message has to be consistent from mul- company Wirecard, testifies at After delivering a statement, of euros from investors. He has Denmark lacking in some
held a public briefing for several tiple credible sources.” a parliamentary committee in Mr Braun infuriated MPs by denied all allegations. UK big European
months, had felt compelled to issue the He added: “Are people going to travel Berlin yesterday. refusing to answer any ques- In his statement he said that Belgium countries. In Italy
guidance after the US recorded more over Thanksgiving? The answer is ‘yes’. tions — even basic inquiries German regulators were not to France
Germany and Spain just
than 1m new cases over the past week — We’re a week beforehand and plans Suspected of leading a criminal such as what his PhD thesis was blame for the company’s fall, Spain one in five people
a tally that exceeds what most countries have already been made.” racket that defrauded creditors or if he had a daughter. adding he hoped prosecutors Italy believes he will
have recorded during the entire pan- Reports and Global Insight page 4 of €3.2bn at the collapsed pay- Mr Braun faces up to 15 years would trace the missing money. Source: Pew Research act appropriately.
demic. Some of the rise might be Paul Hudson page 17 ments group, it was his first in jail if he is found guilty of Report page 2
INTERNATIONAL
Finland premier fears populist gain from Covid But Hans Michelbach, an MP for
Chancellor Angela Merkel’s CDU-CSU
bloc, said Munich prosecutors later
informed the parliamentary commis-
sion they were unaware of Mr Braun’s
Finland is the only EU country not to be “I think that the situation might get The centre-left party is again the larg- occurred in those already in quarantine. willingness to co-operate. Munich pros-
Call for common EU approach hit by a strong second wave of Covid-19 even worse and people might get even est in opinion polls but is only slightly Finland’s economy has been one of ecutors and Mr Braun’s lawyer could not
amid fear governments will be this autumn. It has an average of about more tired. The situation has got worse ahead of the populist, anti-immigration the least affected by Covid-19 this year, be reached for comment.
40 daily cases per million people, a level in the autumn. People often want to find Finns party. Ms Marin said the situation and Ms Marin said she saw no distinc- MPs were infuriated by Mr Braun’s
blamed for economic impact that has remained stable for the past someone to blame and often the easiest could deteriorate in Finland, where she tion between protecting health and pro- refusal to answer questions. Cansel Kiz-
month. Austria has 20 times the ones to blame are the governments and praised citizens for acting responsibly. tecting the economy. “We need to get iltepe, a lawmaker for the Social Demo-
number of daily cases, the Czech Repub- politicians,” she added. “It could get worse very fast if we aren’t the virus under control. This is the main crats, suggested he had “destroyed peo-
Richard Milne
Nordic and Baltic Correspondent lic 15 times, and Sweden 10 times. Ms Marin became the world’s young- aware of the seriousness of the situation thing we need to decide: to stop the virus ple’s faith” in German institutions. “Are
Ms Marin said Finland’s success was est serving prime minister last Decem- and we don’t constantly take care of our spreading. It’s the only way to open our you aware that your silence is dragging
Populist parties will gain in popularity down to a robust test-and-trace regime, ber when she took charge of Finland at actions.” economies . . . health and economy are people into the abyss?” she said.
and economies will remain closed half the population using its Covid-19 the age of 34. Her time in office has been Finland benefited from a strong focus very heavily linked.” Mr Michelbach suggested Mr Braun
unless Europe manages to get Covid-19 tracking app, and targeted restrictions, dominated by coronavirus and her clear on preparedness, including having laws She argued that EU countries should should be fined for refusing to engage.
infections under control, according to which include quarantine for almost all communication style has won plaudits, already in place for dealing with pan- make a joint “conscious decision that we Munich prosecutors accuse Mr Braun
the prime minister of the country with travellers from Europe. as well as increasing the polling num- demics and emergency stockpiles of want to get the virus under control. I of being the leader of a “gang” of white-
the lowest number of cases in the EU. But she said Finland would suffer if bers for her Social Democratic party. protective equipment. It is also helped haven’t seen the decision made together collar criminals who for years ran an
Sanna Marin, Finland’s prime minis- other European countries did not get by Finns’ tendency to keep a distance that we want to suppress the virus as elaborate fraud, hoodwinked banks and
ter, told the Financial Times that the the pandemic under control, and urged from each other, as the prime minister much as possible.” investors and embezzled billions of
public across Europe could blame gov- them to back a common strategy includ- acknowledged, as well as low population Finland has some of the strictest crite- euros, crimes that are punishable by up
ernments for closing economies and ing more testing, contact tracing, and density and strong trust in authorities. ria in Europe for when travellers must to 15 years in jail. Mr Braun has dis-
hurting their wages and employment. joint rules to allow travel to restart. But Pekka Nuorti, professor of epide- go into quarantine, although the isola- missed all the allegations against him.
“This will cause protests more and “This is not a competition. We all need miology at Tampere University, said its tion itself is mostly self-policed. Ms MPs set up their inquiry last summer
more, and it’s a breeding ground for to be successful to be safe . . . In Fin- success had more to do with its basic Marin said the EU needed to develop a as the Wirecard affair escalated from a
populist movements across Europe. land, the situation is more stable, but epidemiological principles of test, iso- “secure system for travel” so that people corporate affair into a political scandal.
When you’re closing an economy and still we are also more at risk if the virus late, trace and quarantine. could be tested both on departure and They want to know why the authori-
people’s workplaces, it will cause politi- spreads in other countries,” she added. ‘It could get worse very “In contrast to some other countries, arrival, as well as common certificates ties were so slow to recognise the gravity
cal instability. Populists come with easy Many populist parties across Europe our contact tracing has been very effec- for vaccinations and tests to ease cross- of the situation at Wirecard, and why
answers to difficult problems, but their have lost support during the pandemic fast if we aren’t aware tive throughout the summer and fall,” border journeys in the future. BaFin, Germany’s financial regulator,
solutions are rarely the right ones,” she as voters have flocked to parties in of the seriousness of he said, adding that authorities had “Testing is key. We need to test people seemed more eager to pursue journal-
added. power. But Ms Marin said she was wor- been able to identify the source of infec- more. This is the key to maintaining the ists and short-sellers who had exposed
Ms Marin called for Europe to agree a ried, as the general public were already the situation’ tion in 80 per cent of cases in many situation under control,” she added. irregularities at the group than to go
common strategy, a significant move as tired of the situation. regions, while many “secondary cases” See Opinion after the company itself.
Competition concerns
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Brussels lacks firepower to rein in Big Tech, says auditor
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Javier Espinoza — Brussels They added that the EU usually ill equipped to deal with a sector where ops its Digital Services Act, a draft of
Trump vs the Valley A Five Star plan? Dear Don...
looked at competition issues through companies grew so quickly and that Big which is expected before the end of the
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Brussels has failed to tame Big Tech
HMRC warns Lloyd’s of Brussels Insurance market the lens of market share, prices of goods Tech competed “for a market instead of year. The new regulation is the first
because it has moved too slowly and
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
or services and profit margins. in a market, leading to ‘winner-takes- overhaul of the EU’s approach to inter-
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
being swamped
lacks the legal muscle to restrain the
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4
But these criteria were not “sufficient all’ outcomes”. net companies for two decades and is
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017
ing the likes of Google and Facebook. In that the commission needs to find better onerous rules.
Setting up a digital customs system CDS, indicating it would be delivered on
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
increase in declarations expected at been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
British ports when the UK leaves the EU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
FINANCIAL TIMES
About 53 per cent of British imports apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch
enforcement only occurs after Big Tech Amazon are both the marketplace and Last week, she announced new charges might be forced to share data with
whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Paris bombings — have
host of regulatory regimes — in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
efforts by the country’s banking sector Switzerland and not declared to French
ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp- Publishing Director, Roula Khalaf;
of generally low
western Europe
tax authorities.
fatalities from
The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
said it was “astonished at the way this
down on evaders, which resulted in operation has been organised with the
billions of dollars in fines. deliberate exclusion of Switzerland”. It
Subscriptions & Customer service tional dispute after the Swiss attorney- Dutch authorities.
banker loses job over WhatsApp boast How high earners can evade
tion, the European Court of Auditors platforms might use their huge number willing to work with the company to find unfairly promoting their own services
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON
wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything
Advertising
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
UAE: Masar Printing & Publishing, P.O. Box 485100,
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”
Dubai. Editor in Chief: Roula Khalaf. attempts to rein in US tech groups. report added. Tensions between the EU and Big directly involved in the discussions.
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
This year marked a decade since The analysis warned that the EU was Tech have been rising as the bloc devel- Last month, an internal Google docu-
www.ft.com/subscribenow new living wage and the increase is The decision to add the clause giving British officials admitted that the EU’s after Brexit with a trade deal.
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708 expected to cost councils’ care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
Mar 30 prev %chg Mar 30 prev Mar 30 prev price yield chg
£360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
For the latest news go to
Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01)
S&P 500 2365.93 2361.13 0.20 $ per € 1.074 1.075 € per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00
Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11
World Markets
Henry Mance page 12
S&P 500
Nasdaq Composite
Mar 31
2367.10
5918.69
prev %chg
CURRENCIES
0.932 US Gov 10 yr
0.801 UK Gov 10 yr
price
98.63
100.35
yield
2.41
1.22
chg
-0.01
0.02
Executive appointments
© THE FINANCIAL TIMES LTD 2017
No: 39,436 ★
Printed in London, Liverpool, Glasgow, Dublin,
1148-2753.
Dow Jones Ind
FTSEurofirst 300
Euro Stoxx 50
FTSE 100
20689.64 20728.49 -0.19 £ per €
1503.03 1500.72 0.15 ¥ per $
3495.59
7322.92
3481.58 0.40 ¥ per £
7369.52 -0.63 € index
0.855 0.859 € per £
111.430 111.295 ¥ per €
139.338 139.035 £ index
88.767 89.046 $ index
1.169 1.164 Ger Gov 10 yr
119.180 119.476 Jpn Gov 10 yr
77.226 76.705 US Gov 30 yr
104.536 104.636 Ger Gov 2 yr
99.27
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99.27
102.57
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investigation against Google, over its Big Tech groups was preparing an aggressive campaign
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INTERNATIONAL
22
election . . . when they manage to win
the election, then they are going to have
positive results for elderly
“If I pay [bonds], the moment I pay, to take the hard decisions.”
the other creditors are going to put Nov 2020 Nov Additional reporting by Tommy Stubbing-
dynamite under my legs and blow off 2019 ton in London Donato Paolo Mancini — London tion. The Oxford researchers studied
Source: Refinitiv
my legs. I’m gone. I can’t walk any See FT Big Read 560 healthy adults, including 240 over
The coronavirus vaccine under devel-
the age of 70, and found the vaccine
opment by Oxford university and
induced responses in both parts of the
AstraZeneca has elicited a strong
immune system: it provoked a T-cell
immune response and been shown to
War crimes inquiry response within 14 days of the first dose,
be safe in older adults, a group at dis-
and an antibody response within 28
proportionate risk of developing
Australian troops accused of murdering Afghan civilians severe Covid-19.
In phase 2 trial results published in The
days.
Oxford’s Sarah Gilbert, a co-author of
the study, said it answered some ques-
Lancet, researchers said the vaccine had tions on the protection of older adults,
Jamie Smyth — Sydney able decisions made under pressure in “gross distortion” to lay the blame pri- would be placed with the body, and a fewer adverse effects in older people whose immune systems are usually
the heat of battle,” said Major General marily at this level. There was no evi- ‘cover story’ was created for the pur- than in younger adults, and that it pro- weaker than those of younger people.
Australian special forces were allegedly
Paul Brereton, author of the report, dence that Joint Operations Command poses of operational reporting and to duced a similar immune response in “But questions remain about effec-
involved in the murder of 39 civilians in
which interviewed 423 witnesses. or Australia’s defence headquarters deflect scrutiny,” the report said. “This both groups. tiveness and length of protection, and
Afghanistan and engaged in “blood-
Canberra has apologised to the knew of the commission of war crimes. was reinforced with a code of silence.” The Financial Times first reported on we need to confirm our results in older
ing”, where commanders made junior
Afghanistan government for the alleged “While . . . commanders at troop, The inquiry was instigated by defence the promising data last month. adults with underlying conditions to
soldiers execute prisoners to achieve a
war crimes and pledged that accounta- squadron and Special Operations Task authorities after Samantha Testing of the Oxford-AstraZeneca ensure that our vaccine protects those
first kill, an inquiry by defence chiefs
bility would be the cornerstone of the Group level must bear some responsi- Crompvoets, a military sociologist, vaccine is at an earlier stage than work most at risk of severe Covid-19,” she said.
has found.
defence department’s response to the bility for the events that happened ‘on interviewed soldiers for a separate on vaccines from Moderna and Pfizer- Because the study enrolled partici-
The four-year war crimes investigation inquiry. their watch’, the criminal behaviour of a report about the culture of special BioNTech, which trials suggest could pants during lockdown earlier this year,
by the Inspector-General of the Austral- More than 39,000 Australian soldiers few was commenced, committed, con- forces. During the course of her protect about 95 per cent of people from when vulnerable individuals were
ian Defence Force recommended that have served in Afghanistan alongside tinued and concealed at the patrol com- research, she heard disturbing allega- infection. required to self-isolate, it did not
36 incidents involving 19 current or US and other Nato troops in what is the mander level, that is, at corporal or ser- tions about conduct in Afghanistan, No data have been published on include those who had other illnesses.
former soldiers be referred to the fed- Pacific nation’s longest-running war. geant level,” the report’s authors wrote. which she took to the defence chiefs. whether the Oxford-AstraZeneca vac- Almost all participants were white and
eral police for investigation and poten- A ruling by the International Criminal The report said there was credible Ms Crompvoets told the Financial cine prevents people from developing non-smokers.
tial prosecution. Court in The Hague in March gave ICC information that junior troops were Times she received reports about a Covid-19. But phase 3 trials measuring Mene Pangalos, executive vice-presi-
A heavily redacted version of the prosecutors the right to open investiga- required by their patrol commanders to “blood lust” mentality within the spe- its so-called efficacy are under way with dent for biopharmaceutical research
report, published yesterday, detailed tions into alleged war crimes perpe- shoot a prisoner to achieve the soldier’s cial forces, where soldiers allegedly results expected before the end of the and development at AstraZeneca, said it
how some Special Air Service regiment trated by US and other military forces in first kill. killed for sport and there was competi- year. Efficacy is a key metric for regula- was “essential” that any vaccine be
commanders fostered a “warrior cul- Afghanistan. “Typically, the patrol commander tion for the most kills on patrols. tors weighing approval. effective across a broad age range.
ture” and one of dishonesty, including Australia’s IGADF report found that would take a person under control and “Things that were very much in black Some vaccines against other diseases Pfizer-BioNTech and Moderna
allegedly planting weapons on unarmed while “poor command and leadership” the junior member . . . would then be and white illegal,” she said. “This is a big have been shown to generate an spurred widespread optimism after
civilians to justify the deaths. played a role in the alleged war crimes, directed to kill the person under con- wake-up call, not just for Australia immune system response but one that announcing better than expected phase
“None of these are incidents of disput- the authors concluded that it would be a trol. ‘Throwdowns’ [foreign weapons] forces but for all militaries.” was not strong enough to fight off infec- 3 efficacy figures for their jabs.
4 ★ FINANCIAL TIMES Friday 20 November 2020
INTERNATIONAL
global insight
Employment
washington
W
coronavirus cases. weeks ahead,” said Thomas Simons, is set to be even more pronounced as the next few crisis peak of 14.9 per cent in April, the hat better way to herald regime change in
Weekly jobless claims increased by economist at Jefferies. PUA scheme, which expands eligibility, pace of job creation has slowed and the America than for it to re-embrace global
31,000, alongside a rise of 23,863 in The US is experiencing a surge in and the pandemic emergency unem- weeks’ total number of jobs is more than 10m democracy? That is Joe Biden’s plan. He
claims for federal pandemic unemploy- coronavirus infections — 163,075 new ployment compensation (PEUC), which below pre-pandemic levels. wants to host a global “summit for democ-
ment assistance (PUA), the labour cases were reported on Wednesday, tak- provides an extra 13 weeks’ insurance to “Nothing is more important than pro- racy”, possibly within 100 days of his inau-
department said yesterday. Economists ing the total number of infections past those who have exhausted their bene- viding a bridge to better times for those guration. It would be hard to think of a step that could bet-
had expected claims of 707,000 in the 11.3m. fits, will expire at the end of the year. displaced from work by Covid-19,” said ter drive home that Donald Trump is no longer running
week ending November 14, according to A number of cities and states have Yesterday’s report showed the Andrew Stettner, senior fellow at The the world’s superpower. If Mr Trump personifies the age of
a Thomson Reuters survey. introduced new restrictions on indoor number receiving PEUC rose more than Century Foundation, a progressive global strongmen, all Mr Biden need do is host a party that
The report showed increases in gatherings and economic activity in 233,000 to almost 4.38m at the end of think-tank. “Failing to do so will pointedly excludes them.
unemployment claims in Louisiana, response. New York City has closed pub- last month. That figure stood at about unleash untold hardship and ultimately But his strategy entails serious risk at home and abroad.
Texas and Massachusetts, while Illinois, lic schools in an effort to curb the spread 1.4m at the end of summer. slow the economic recovery.” Reincorporating the democracy creed into US foreign pol-
icy would distance him not only from Mr Trump, but also
from Barack Obama, his former boss. The last US presi-
dent to talk about spreading democracy was George W
Middle East Bush, whose 2003 Iraq war discredited the idea on both
left and right. Mr Obama won his party’s nomination
Pompeo West Bank visit stirs diplomatic dispute partly because he had opposed the Iraq invasion, in con-
trast to Hillary Clinton who voted for it. Mr Biden also
voted to authorise the Iraq war.
One of Mr Trump’s merits to the 2016 Republican base
was his contempt for the “forever wars” in Iraq and else-
Mehul Srivastava — Tel Aviv where that he blamed on a Bush-riddled establishment.
Whatever else can be said about Mr Trump’s foreign pol-
Mike Pompeo visited a Jewish-owned
icy, he did not start new wars (there are still 60 days to go).
vineyard in the Israeli-occupied West
When historians look back on America’s early 21st century
Bank yesterday, becoming the first US
politics, my hunch is they will say Mr Bush did more harm
secretary of state to visit the sprawling
to global democracy than Mr Trump.
settlements regarded as illegal by the
Either way, Mr Biden is making two bets. The first is that
international community.
the world will still see US democracy as a credible example
The visit to the Psagot winery — which to follow. Twenty years
in February named a vintage after Mr ago few would have
Pompeo in recognition of his reversal of doubted it. Twice since,
One bet is that the
Washington’s historical objection to however, the US has elec- world will still see
Israeli settlements — was condemned ted a president who won a
by the Palestinians. Protesters gathered lower share of the popu-
US democracy
outside with balloons ahead of his visit. lar vote (in 2000 and as a credible
Mr Pompeo’s two-and-a-half-years at 2016). It is striking that
the helm of US diplomacy has seen a none of the countries that
example to follow
departure from decades of policy have adopted democracy
designed to discourage the expansion of since the end of the cold war has chosen the US constitu-
Jewish settlement in land on which Pal- tional model. Pupils the world over are now familiar with
estinians hope to build a future state. the weakness of the US electoral college and Senate malap-
Donald Trump, the US president, and portionment. Mr Biden’s victory shows that America’s sys-
Mr Pompeo, who is thought to be con- tem still works. But it will take more than that to restore
sidering a 2024 run for the presidency, the world’s faith in it.
have sought to bolster their Christian Mr Biden’s second bet is that a club of democracies could
evangelical base by indulging rightwing work together effectively. One suggestion is that Mr Biden
Israeli positions. convene a “D-10” (10 democracies) of the G7 economies
Mr Trump’s close relationship with plus India, South Korea and Australia. Any club to which
Benjamin Netanyahu, Israeli prime India belongs usually fails to agree on the rules. Further,
minister, has underscored the most pro- Narendra Modi, its Hindu nationalist premier, is steadily
Israeli US administration in decades. turning India into the world’s largest illiberal democracy.
Christian Zionists who vote Republican And no Biden adviser would include Hungary’s Viktor Or-
subscribe to a prophecy that Jewish con- ban, the man who embraced the term illiberal democracy.
trol of Judea and Samaria — the biblical The real purpose of Mr Biden’s club would be to counter
names for the occupied West Bank — Mike Pompeo, tional, the move is largely symbolic. Heights and cut all aid to Palestinian ref- Psagot winery, meeting Palestinian China’s increasingly overt ideological rivalry with the west.
will hasten the Second Coming of Christ. right, with The choice of Psagot for Mr Pompeo’s ugees. Israel normalised relations with leaders at a youth centre in the Arab As China’s largest neighbour, India’s support will be critical
For Palestinians, yesterday’s visit was Israeli foreign visit is strategic. Partially built on land the United Arab Emirates and Bahrain community of al-Bireh. to America’s ability to succeed in the so-called new cold
a “final twist of Trump’s knife”, said a minister Gabi expropriated from Palestinian land- under a US-brokered deal that made no “We want to tell our fellow Ameri- war. To keep India on board, Mr Biden would have to
person close to Mohammad Shtayyeh, Ashkenazi owners, Psagot lost a 2019 case at the mention of Palestinian sovereignty. cans, that when you drink [Psagot’s] refrain from criticising Mr Modi’s efforts to downgrade its
the prime minister, who has welcomed yesterday. European Court of Justice, which upheld In preparation for Mr Biden’s presi- wine, you are drinking the blood of the Muslim minority to second-class status. From the start,
the election of Joe Biden as a return to Below, Pompeo an EU policy of labelling products from dency and desperate for a shift in US Palestinian people,” said Abdel Jawad Mr Biden would thus be accused of double standards.
the studied neutrality the US has hith- wine from Israeli settlements differently from policy, Palestinians last week renewed a Saleh, an American citizen who has So what would be the point of his club? The idea works in
erto sought to project in one of the most Psagot those made in Israel. US-backed security agreement with served as mayor of al-Bireh. theory. As the world’s biggest autocracy, China’s closest
intractable conflicts. Patrick SemanskyAP
Four US senators, including Kelly Israel that was abandoned as relations On the day of the US elections, Israel ties are with other brutal regimes, notably Myanmar, Paki-
“We had hoped that the foot was Loeffler of Georgia, have appealed to Mr deteriorated. destroyed an EU-supported Palestinian- stan, Venezuela, North Korea, Iran and Russia. Authoritar-
finally off our neck,” the senior Palestin- Trump to overturn a Clinton-era policy, “The Palestinians were trying to look Bedouin village in the West Bank. Last ians have had a good 21st century so far, prompting talk of
ian official said. “Trump and his friends currently not being enforced, that could for a ladder down from this very high week, it announced published tenders a worldwide “democratic recession”. In practice, it would
want to kick us a final time before they allow settlement products sold in the US tree that they climbed up to,” said Neri to build a new neighbourhood east of be hard to make it work. Mr Biden could set up a symbolic
leave, maybe just for fun, maybe to get to be labelled as “Made in Israel”. Zilber, author of State With No Army, the 1949 armistice line that ended the club that meets once a year. Or he could be more hawkish
more votes.” White evangelicals make up a third of Army With No State, a book on the secu- 1948 war. This would further separate by offering benefits: market access, freedom from sanc-
Mr Pompeo said yesterday that the US the electorate in Georgia, which is re- rity agreement. East Jerusalem from other Arab neigh- tions etc, that he would deny to non-democracies.
would designate as anti-Semitic running a Senate race in January that “What they were waiting for really, as bourhoods. The aim, as Ben Judah and Erik Brattberg write on web-
a global boycott movement will decide the balance of power in the were many people all over the world, “Like many issues of building in the site Foreign Policy, would be to update the British quip
that seeks to stigmatise Israel US legislature. was the US election and they were hop- areas within Jerusalem but outside of about the original purpose of Nato “to keep the Soviet
for settlement building. Over the past four years, the ing beyond hope that Joe Biden would be the 1949 armistice line, there are a lot of Union out, the Americans in and Germany down”. The goal
“It’s just wonderful,” said Trump administration has pushed elected.” sensitivities,” said Lior Schillat, direc- of Mr Biden’s club would be “to keep China in check, India
Mr Netanyahu. “The people through a series of policies that have The fate of the Palestinian project has tor-general of the Jerusalem Institute close and the US steady in the turbulent years to come”.
of the book have never had a infuriated the Palestinians. Mr often been prey to the vicissitudes of US for Policy Research. The framing is sharp. In practice, however, Mr Biden’s
better friend.” Trump moved the US embassy to domestic politics. Barack Obama, dur- The deadline for the bids is two days priority should be to revive democracy in America.
Given that US courts have Jerusalem, recognised Israel’s ing a 2013 visit to the Holy Land, visited before Mr Biden’s inauguration as presi-
upheld boycotts as constitu- annexation of the Syrian Golan the other side of the fence from the dent in January. edward.luce@ft.com
Legal Notices
US election
Antonio Weiss March ructions put the spotlight back on role of non-bank institutions in trading y MARKETS INSIGHT
3 Retailer resorts to external help Liberty Global and Spanish group Tele-
fónica, the respective owners of Virgin
Media and O2, struck a landmark deal
Dave Lee — San Francisco team within our larger Prime Air organ- to combine their British operations in
isation to allow us to best align with the May, a tie-up that would possibly have
Amazon is laying off dozens of R&D and needs of our customers and the busi- been overseen by the European Com-
manufacturing staff working on its ness,” said the company. “For affected mission. The O2-Virgin agreement is
delivery drone project and has turned to employees, we are working to find roles expected to reshape UK telecoms by
outside help to get its much-delayed in the areas where we are hiring that uniting the country’s second-largest
ambitions off the ground. best match their experience and needs.” broadband network with the largest
In recent weeks the company has Amazon would not disclose how mobile operator.
reached tentative deals with two com- many staff it now had working on the “These are incredibly important UK
panies to build parts for what has been drone project. At the time of writing, the markets, that continue to evolve, and
billed as a future delivery method for company’s public-facing recruitment the deal needs to be carefully reviewed
smaller packages. site lists 57 open roles on Prime Air, to make sure that consumers are pro-
Terms of the agreements with FACC mostly related to software and systems. tected,” Andrea Coscelli, chief executive
Aerospace of Austria and Aernnova FACC and Aernnova specialise in of the Competition and Markets
Aerospace of Spain were being finalised, making composite components for Air- Authority, said yesterday.
said a person familiar with the plans. bus, Boeing, Bombardier and other avi- The watchdog said it would fast-track
Additional deals with third parties ation clients. Neither responded to the process unless it received any objec-
requests for comment on the deals. tions to that decision. It is accepting
Amazon’s Prime Air will operate a views on how the deal could affect com-
Prime Air plans to operate hexagonal electric drone that can fly up petition until November 26.
a drone that can fly up to to 15 miles and carry packages weighing News that the CMA would oversee the
under five pounds, according to details The group said it expected a further loss of €1bn this financial year as restructuring costs spiral — Wolfgang Rattay/Reuters process and that Virgin and O2 had
15 miles and carry parcels released in mid-2019. requested that it go straight to an in-
weighing up to five pounds In March, Amazon said it was bring- Joe Miller — Frankfurt executives in 15 months, Thyssen- Shares in Thyssenkrupp, which had depth probe, for a decision by the mid-
ing in David Carbon, a former Boeing krupp is under the leadership of an already lost roughly 80 per cent of dle of next year, was first reported by the
Thyssenkrupp fell to a full-year loss
could be reached soon, the person said, executive, to replace Gur Kimchi, who outsider, former Bosch executive their value over the past three years, Financial Times.
of €5.5bn and said it would cut 5,000
following Amazon’s “request for pro- had led Prime Air for seven years. Martina Merz, who gave up the chair- fell 3.4 per cent yesterday. Liberty Global and Telefónica con-
more jobs as pressure mounts to
posal”, sent to a number of companies in David Benowitz, head of research at manship of the company’s supervi- Last month the group revealed it firmed in a joint statement the request
speed up the sale of underperform-
the drone sector over the past year. DroneAnalyst, said Amazon is trailing sory board to take the executive reins had received an approach for its steel to fast-track the process. “We have been
ing businesses.
Deliveries at scale by drone, envi- what is now a highly competitive field, in October 2019. unit, which employs 27,000 and made in close contact with the CMA and
sioned by Jeff Bezos, founder of Ama- with rival Walmart set to begin trialling The Essen-based company, which In May, Ms Merz outlined a restruc- a loss of €946m in the last financial Ofcom throughout this process and are
zon, in 2013, are still a “years away” deliveries with Zipline, a drone com- employs 100,000 people, warned that turing plan that would result in sev- year, from UK mogul Sanjeev Gupta’s confident the transition will be seam-
prospect, said the person, with develop- pany in San Francisco. “It’s not meeting it expected a further loss of at least eral smaller businesses — with com- Liberty Steel. Neither group disclosed less. Our view remains that this trans-
ment set to progress in the new year. the lofty goals and the original vision €1bn this financial year as restructur- bined sales of more than €6bn a year details of the approach. action is pro-competitive and we con-
Last year, Jeff Wilke, Amazon’s head quite yet,” he said. ing costs spiral. and 20,000 workers — leaving the The division, which has been strug- tinue to expect closing around the mid-
of worldwide consumer business, told Amazon’s intended approach is to Unable to escape a steady decline group, and the remaining units being gling to compete against cheaper dle of next year,” they added.
an audience in Las Vegas that drone land its drone near the customer’s over the past decade, Thyssenkrupp run under a loose holding structure. imports, has been hit by its reliance However, Brussels’ decision to refer
deliveries were imminent. “We expect home, presenting obvious concerns sold its lifts business to a private The extra job cuts announced yes- on business from the car industry. the deal to the CMA still comes as a blow
to scale Prime Air both quickly and effi- around safety. equity consortium for €17bn in Feb- terday bring the total number of roles The sector, which is forecast to con- to the telecoms groups, who had been
ciently, delivering packages via drone to The US Federal Aviation Administra- ruary, to help pay down debt and fund at risk to 11,000, almost 7,000 of them tract by almost a quarter in 2020, hoping for a swift decision from the
customers within months,” he said in a tion is making prospective delivery pension liabilities. in Germany. Thyssenkrupp refused accounts for roughly 40 per cent of commission.
blog post accompanying his address. drone operators meet strict criteria in The group has continued to bleed to rule out forced redundancies. “The Thyssenkrupp’s steel sales. Both companies are banking on the
Amazon characterised the lay-offs as order to begin even limited testing. In cash in its remaining businesses. Free next steps could be more painful than The group is in exploratory discus- CMA treating the merger of the cable
part of a transitional phase for the unit, August, Amazon received its Part 135 cash flow, excluding any income from the previous ones,” Ms Merz said, “but sions with other steelmakers, includ- broadband and mobile companies as
which this year received US regulatory certification allowing some highly con- mergers, collapsed to negative €5.5bn we will have to take them.” Her “pri- ing Sweden’s SSAB, and is talking similar to BT’s £12.5bn takeover of
approval to begin limited testing. trolled testing to begin, though the com- in its most recent financial year, mary objective” was to win back the to Berlin on potential financing, say mobile group EE in 2016, which was
“As part of our regular business oper- pany has not yet shared details of where which ran to the end of September. confidence of capital markets and people familiar with the matter. cleared by the watchdog without requir-
ations, we are reorganising one small it intends to run its flights. Having cycled through three chief “stop the bleeding”. Lex page 18 ing any remedies.
A
decade ago, when the big- party. At the time, smartphones were in As AT&T found after striking the first
gest consumer tech compa- their infancy, and the tech companies partnership with Apple for the iPhone,
nies first showed an inter- were open about their goal of disrupting though, there is still a lot to gain from
est in financial services, the any industry they entered. The tapping a big new market. For Citibank,
banking world dug in for an upheaval they had already caused in the this could become a way to access to
all-out war. Now that Big Tech is finally media world marked them out as unre- retail deposits at scale — as well as to
stepping deeper into finance, hostilities liable partners. draw in millions of new customers.
between the two camps have eased. But Distrust of Big Tech is still strong. But Keeping the ability to cross-sell other
given the scale of the tech companies’ the reach of their mobile technology financial products to Plex account hold-
ambition, that is unlikely to be the end and the changing ers will be key. The bigger question is
of the story. expectations of Distrust of Big Tech how far Google will want to go in serving
Google’s attempt to promote a new users have made all of its users’ financial needs.
style of mobile bank account is the latest them impossible to remains strong but the For now, it may own the customer
sign that a new rapprochement is in full ignore, and finan- reach of their mobile experience, but it won’t own the cus-
swing. Like a number of the internet cial services of all tomer. The transaction data remains
giant’s services over the years, Google kinds are being technology has made with the bank, and Google’s ability to
Pay has been through long fallow peri- reimagined for a them impossible to ignore use it is severely limited. Only in one
ods without much in the way of innova- younger genera- narrow way — and then, only if a user
tion. It is used on only around 4 per cent tion brought up on smartphones. opts in — will it get to make use of trans-
of the 2.5bn Android devices around the The outlines of the Google arrange- action data, to serve up personalised
world, according to Statista. ment highlight the common ground offers from other merchants inside the
The app is now going through a two- that tech and financial services compa- Pay app. A full understanding of its
stage revamp. The first, this week, adds nies have found. The banks will main- users’ financial lives would be hugely
new bells and whistles to make it more tain the accounts, while Google Pay will valuable to Google in its broader adver-
engaging as Google tries to make up for act as the “front end” for accessing and tising business.
lost time. It will now be a place to keep managing them. That means the user For now, tech companies such as
tabs on your bank and credit card experience will essentially be owned — Google see much more to gain from
accounts, as well as a conduit for Google and branded — by Google. working with the banks than trying to
to serve up personalised offers from The account will keep the branding of take them on. Their willingness to turn
merchants. the bank, but opportunities for differen- these into lasting relationships of
The second step is the more ground- tiation seem minimal. The accounts — mutual interest will be an important
breaking. Next year, users will be able to all carrying the name Plex, as in Citi Plex test of how trustworthy they will seem
open and manage a mobile bank — will need to meet a set of specifica- to other industries in future.
account directly from the app, starting tions set by Google, for instance, no fees
with Citibank and 10 other banks and and no minimum balance. richard.waters@ft.com
Friday 20 November 2020 ★ † FINANCIAL TIMES 7
Technology Financials
Property Technology
Unibail replaces chief as activists make mark Nvidia boosted by demand for gaming chips
Leila Abboud — Paris argued that Unibail should sell its US changing of the guard, sending shares Richard Waters — San Francisco Jensen Huang, chief executive, said in made Nvidia the world’s most valuable
mall portfolio when market conditions up 12 per cent on Monday when Mr an interview with the Financial Times chipmaker.
Unibail-Rodamco Westfield has named A new generation of gaming chips,
allowed, instead of doing the heavily dil- Bressler was named as board chairman that Nvidia would have beaten expecta- On Wednesday, though, the company
a new chief executive as the activists along with heavy demand for digital
utive share sale. and media reports said that Mr Cuvel- tions in the quarter even without this revealed that demand for its Ampere
who recently fought their way on to the services during the coronavirus pan-
Mr Niel and Mr Bressler’s victory sur- lier was likely to be replaced. large order. He also said the company chips in gaming personal computers
board of directors begin to put their demic, lifted Nvidia’s revenue and
prised many in the Paris business elite, But the shares are still down nearly 60 was under supply constraints for its new and consoles accounted for its latest
mark on Europe’s largest shopping earnings above expectations in the lat-
given that such activist campaigns are per cent this year, as the Covid-19 pan- chips for gamers, though he claimed this quarter of outperformance. A 37 per
centre owner. est quarter.
rarely successful in France. The star demic forces malls to close and casts was because demand had been “so over- cent jump in gaming revenue from the
Christophe Cuvillier, who has been chief power of Mr Niel, who is a well-known doubt over the retail real estate market. But shares in the US chipmaker slipped whelming”. preceding quarter, a bigger bounce than
executive since 2013, will be replaced by technology investor and founder of tele- Unibail’s woes highlight the broader about 3 per cent during an earnings call The pandemic has hurt some parts of the 25 per cent the company predicted,
Jean-Marie Tritant, who currently coms provider Iliad, paired with Mr challenges for owners of commercial late on Wednesday as investors sorted Nvidia’s business, denting sales of chips lifted sales of these products to $2.27bn.
serves as its chief operating officer, on Bressler’s expertise in real estate seems property, and particularly landlords of through a complex outlook that to carmakers and for some office appli- That topped the $1.9bn of data centre
January 1. to have prevailed. malls, whose rental income has plum- revealed the company was fighting cations. But the setback has been more sales, representing 8 per cent sequential
The announcement comes just over a Mr Bressler, who led Unibail for 14 meted as a result of coronavirus. against a number of headwinds even as than outweighed by a jump in video growth. However, the data centre mar-
week after telecoms billionaire Xavier years until 2006, was named as the new The pandemic has also accelerated it was lifted by strong secular forces gaming this year, as well as greater use of ket still underpinned Nvidia’s robust
Niel and former Unibail boss Léon chairman after the vote. Mr Niel joined the shift to ecommerce, which some such as the rise of artificial intelligence. cloud services in general. year-on-year performance, with sales in
Bressler, who together own a roughly 5 the remuneration committee, and their investors believe will weaken commer- Factors affecting Nvidia’s outlook Nvidia’s recent growth spurt has been this segment jumping by 162 per cent,
per cent stake in the group, successfully ally Susana Gallardo, a Catalan busi- cial property companies over time. included a large order of networking fed by huge demand from data centre close to the growth rate seen in the pre-
convinced other shareholders to back nesswoman, was appointed to the gov- “With a change in chair and CEO, we gear from a Chinese customer — customers that use its graphical ceding quarter.
their campaign. ernance and nomination committee. expect a revised approach to the portfo- believed to be Huawei — that was pulled processing units to boost the perform- Overall, Nvidia’s revenue growth rate
Their demands were three board Four other members of the previously lio, especially in the US business,” Jeffer- forward into the latest quarter. While ance of their machine learning systems. accelerated to 57 per cent, 2 percentage
seats, and also to scuttle a proposed nine-member board resigned when the ies analyst Andrew Gill wrote in a note, that boosted the figures, it also meant Data centre sales surpassed gaming — points higher than the previous quarter
€3.5bn capital increase, which Mr Cuvil- activists joined, taking the new total to adding that Mr Tritant’s time in the US that sales from that part of the business Nvidia’s traditional business — for the and its strongest growth in two and a
lier had cast as critical for the group to eight members. could prove useful as Unibail seeks to were likely to fall on a sequential basis in first time earlier this year and topped off half years. Revenue of $4.73bn beat ana-
pay down its heavy debts. They also Investors reacted positively to the sell assets there. the current quarter, the company said. a stock market rally that has lysts’ expectations of $4.41bn.
8 ★ FINANCIAL TIMES Friday 20 November 2020
Legal Notices
Technology Media
Lack of clarity
Vaccine hopes raise prospect on Brexit
equivalence
of sustained slide for gold stirs alarm
Philip Stafford — London
Jim Brunsden — Brussels
Norway’s oil fund to use more external China draws bumper demand for first
managers in first sign of ‘tuned’ approach negative-yielding sovereign bond issue
Richard Milne — Oslo fund. Norway’s oil fund has been concerns over potential conflicts of Hudson Lockett and Thomas Hale €2bn bond and a 15-year €1.25bn bond, nitely is a scarcity value perceived in
Hong Kong
through a tumultuous year after its interest. carrying yields of 0.318 per cent and these bonds”.
Norway’s $1.2tn oil fund will signifi-
appointment of former hedge fund The new oil fund boss has told the FT China has sold its first negative-yield- 0.665 per cent, respectively. About 72 per cent of investors were
cantly increase its use of external asset
manager Nicolai Tangen as its new chief he wants to “fine-tune” its management ing sovereign bond, a euro-denomi- By comparison, the yield on five-year from Europe, the Middle East and
managers next year as the world’s big-
executive led to extraordinary political to deliver excess returns. In his first nated deal that drew bumper demand German Bunds, which are typically seen Africa.
gest sovereign wealth fund seeks to
wrangling and media scrutiny of his interview in October, Mr Tangen said it from European debt investors facing as a safe haven, hovered around minus Bankers said the five and 10-year
boost its returns.
investments which almost derailed his should “use risk in a more clever way” record low returns across the region. 0.74 per cent yesterday. offerings were largely snapped up by
Jon Nicolaisen, deputy governor of Nor- taking over. by, for instance, excluding more compa- “This was a combination of the rarity central banks and sovereign investment
way’s central bank with responsibility Mr Tangen finally took over in Sep- nies from its portfolio on environmen- The offering, which drew about €18bn of issuance alongside a positive outlook funds, while the 15-year tranche skewed
for the oil fund, said yesterday that from tember after agreeing to transfer his tal, social and governance issues. worth of orders for €4bn of bonds, is the for China’s economy,” said Alan Roch, towards European asset managers,
next year, the fund would be able to entire shareholding in $19bn London- Mr Nicolaisen presented the increase latest sign that investors are rushing to insurers and pension funds.
invest 5 per cent of all its assets with based hedge fund AKO Capital to a in use of external managers alongside gain exposure to China as it recovers China’s finance ministry had
external managers, up from the current charitable foundation set up to resolve risk-based divestments as examples of from the pandemic more quickly than
‘When you [as China] issue expressed concerns over issuing a
limit of 5 per cent of its equity portfolio. how the fund could boost its returns. Europe or the US. €4bn . . . you’re far from negative-yielding bond last year when it
That would mean an increase of about The fund gave 74 fund managers 83 The bond sale by China’s finance min- issued its first euro-denominated
43 per cent, or $18bn, in the money the different mandates last year with 66 in istry gave large institutional investors
having filled people’s shoes bonds, according to bankers on the deal,
fund could place with external manag- emerging markets equities and 17 in the opportunity to grab higher yields in terms of demand’ but it has since become more comforta-
ers, according to calculations by the small-cap stocks in developed coun- than those available in Europe, where ble with the concept.
Financial Times. tries. The external managers include central bank easing to cushion the eco- head of bond syndicate in Asia at Stand- “We did some education in the mean-
Norway’s oil fund had about $43bn some hedge funds, such as Algebris, as nomic blow of the pandemic has pushed ard Chartered, one of the banks on the time,” said one banker who worked on
placed with external managers such as well as emerging market specialists interest rates to record lows. deal. both deals. “Issuing at a negative yield
Templeton, Old Mutual and Schroders such as Ashmore. The yield on the five-year, €750m He added that “From a relative stand- doesn’t mean you actually have to have
at the end of 2019 — 3.9 per cent of the “These investments spread the fund’s bond was priced 0.3 percentage points point, when you [as China] issue a back-office team that chases investors
fund’s capital — with a focus on emerg- risk across more markets. External above the benchmark mid-swap rate of €4bn . . . you’re far from having filled [for payments], it just means they’re
ing markets or small-cap stocks. asset managers also help the fund to minus 0.45 per cent, offering investors people’s shoes in terms of demand.” going to pay you up front for the nega-
External managers have delivered steer clear of problematic business an effective interest rate of minus 0.15 Sam Fischer, head of China onshore tive portion.”
excess returns of NKr48bn ($5.3bn) to models and companies and sectors with per cent, according to a term sheet seen debt capital markets at Deutsche Bank, The latest sovereign issuance from
the fund during the past two decades, weak ownership structures. It would by the Financial Times. another bank on the deal, said the China comes weeks after Beijing sold
with three-quarters of that coming in Jon Nicolaisen: deputy head of the have been difficult to achieve without The rest of the euro-denominated strong demand “shows investors are still $6bn in dollar debt directly to US buyers
the past eight years, according to the central bank responsible for oil fund local knowledge,” said Mr Nicolaisen. debt offering was composed of a 10-year underexposed to China and there defi- for the first time.
10 ★ FINANCIAL TIMES Friday 20 November 2020
Antonio Weiss
3 Turkish lira leaps against the dollar 7.4
after biggest rate rise in two-plus years
Markets Insight
Fears about rising coronavirus cases and 7.6
new restrictions hit global stock markets
yesterday, with European bourses taking
the brunt of the selling. 7.8
The continent-wide Stoxx Europe 600
O
nce again hedge funds are ing by international central banks prob- groundwork laid in 2016 when the FSOC and the FTSE 100 in London both
facing increased scrutiny ably put downward pressure on Treas- reviewed the use of leverage by hedge declined 0.8 per cent, with the relatively 8.0
for their role in a crisis ury prices. Hedge fund trade associa- funds. Its initial analysis concluded that high weighting of economically sensitive
moment in financial mar- tions have pointed to these additional a relatively small number of hedge groups such as energy producers and
kets. This time, regulators factors to downplay their members’ funds were engaged in very large trades 8.2
banks dragging down the benchmarks.
need to take more action. role. However, the contribution of in highly liquid markets using enor- On Wall Street, the blue-chip S&P 500,
The Financial Stability Board, which hedge funds cannot be ignored. mous amounts of leverage. In a preview which has gained almost 9 per cent this 8.4
gathers the world’s leading financial reg- Contemporaneous reporting, as well of the March volatility, the report noted month on the back of optimism over
ulators and finance ministries, this as subsequent analysis by the Federal that forced selling by hedge funds could vaccine breakthroughs, slipped 0.2 per
week released a comprehensive review Reserve and now the FSB, all show that significantly disrupt trading or funding cent at lunchtime in New York. 8.6
of the turmoil that gripped financial the unwinding of highly leveraged strat- in key markets. US tech groups that have fared well
markets in March. egies by hedge funds exacerbated mar- Addressing such risks will require an Oct 2020 Nov
during the crisis outperformed, sending
The report highlights the role played ket stress. Price volatility triggered mar- active FSOC and market regulators who the tech-heavy Nasdaq Composite up
Source: Refinitiv
by non-bank market participants in fan- gin calls — demands from lenders that view financial stability as within their 0.5 per cent.
ning a fire that the US Federal Reserve the funds pledge additional cash to back core mandate. Additional data will also US coronavirus deaths rose by the
ultimately put out with unprecedented their trades — and led to forced selling be critical. Current hedge fund report- most in more than six months this week. over further restrictions to come [have] biggest interest rate rise in more than
liquidity. Yet the American counterpart ing is inadequate, limiting regulators’ New York City has closed public schools masked what was nothing short of more two years.
to the FSB, the Financial Stability Over- ability to assess market risks in an era of and Colorado is urging residents against tremendous vaccine news.” In the first rate-setting meeting chaired
sight Council, has been notably silent. The unwinding of highly high-speed algorithmic trading in mas- travelling around next week’s Gold fell 0.7 per cent to $1,858 an by new central bank governor Naci Agbal,
Congress created the FSOC in 2010 to leveraged strategies by sive volume. Thanksgiving holiday. ounce while the dollar strengthened, with the bank lifted its benchmark one-week
monitor and address threats to financial Regulators should also consider ways The developments overshadowed the index measuring the greenback repo rate by 4.75 percentage points to
stability. In 2016, the FSOC examined hedge funds exacerbated to limit hedge fund borrowing, whether positive news about potential vaccines. against peers up 0.2 per cent. 15 per cent. The currency was still up
many of the vulnerabilities identified in market stress in March from banks or in the derivatives mar- Medical journal The Lancet reported Analysts expect the dollar, which is more than 2 per cent in the evening,
the FSB report, but unfortunately, the kets. Policy considerations will be com- yesterday that Oxford university and typically in high demand during times of hovering around TL7.54.
current administration failed to act and plex. However, areas to revisit AstraZeneca’s vaccine candidate had economic uncertainty, to weaken US Treasury bonds, which often find
buried this work. Remedying this that contributed to a self-reinforcing could include “haircut” practices that shown a strong immune response, based significantly when a vaccine becomes buyers when investors retreat from
should be a priority of Joe Biden’s new spiral. limit how much can be borrowed on phase 2 trial data. widely available. equities, rose in price, pushing the yield
administration. Given these disruptions, the FSB pro- against specific assets, margin require- Markets are “all about vaccines and the The lira leapt almost 3 per cent against on the 10-year Treasury down 0.03
In March, we saw a preview of what poses a series of steps to analyse and, if ments in derivatives trading, the degree virus at the moment”, said Jim Reid, the dollar to TL7.4950 yesterday after percentage points to 0.85 per cent.
the consequences might be. While necessary, address the risks posed by of central clearing in Treasury markets, strategist at Deutsche Bank. “Worries Turkey’s central bank announced its Naomi Rovnick
the US Treasury market ordinarily non-banks. Their objective is not just to and how large hedge funds exposures
serves as a safe haven for investors in increase resilience but also to reduce the are incorporated into existing bank and
turbulent times, this proposition risk of “any unintended consequences, clearing firm stress tests. Markets update
was put to the test. Traditional meas- including moral hazard, due to expecta- After the events of March, one should
ures of liquidity dramatically deterio- tions of central bank interventions”. expect hedge funds will take on even
rated and volatility reached a post- The FSB is a valuable international greater leverage as they test the Fed’s
financial crisis peak. co-ordinating body, but solutions will willingness to step in again. An engaged US Eurozone Japan UK China Brazil
Stress rippled through financial mar- require action by national authorities. and empowered FSOC must not let his- Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
kets and was propagated by a variety of In the US, only the FSOC, which is tory repeat itself. Next time could be far Level 3562.94 1497.07 25634.34 6334.35 3363.09 106050.66
non-bank entities. Money market chaired by the Treasury secretary and worse. % change on day -0.14 -0.72 -0.36 -0.80 0.47 -0.06
funds, which played such a central role includes the heads of all major banking Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
in the 2008-09 crisis, once again faced and markets regulators, is capable The writer is a former counsellor to the US Level 92.589 1.184 103.895 1.322 6.585 5.312
redemptions. Mutual funds and of prioritising this work and facilitating Treasury secretary. Jonah Crane, a former % change on day 0.296 -0.337 0.217 -0.602 0.643 0.363
exchange traded funds contributed to the necessary co-ordination. deputy assistant secretary for the FSOC at Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
selling in corporate bond markets. Sell- It should do so by drawing on the the US Treasury, contributed to this article Yield 0.854 -0.572 0.009 0.322 3.326 7.515
Basis point change on day -1.560 -1.800 -0.720 -1.400 1.600 17.600
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 401.00 43.97 41.65 1876.10 24.32 3229.20
% change on day -0.28 -0.52 -0.45 -0.69 -1.28 0.54
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
6400
3520 1440
6080
3360 1360 5760
| | | | | | | | |
3200 || | | | | | | | | | | | | | | | || | 1280 | |
| | | | | | | | | | | | | | | || | 5440 | | | | | | | | | | |
Biggest movers
% US Eurozone UK
L Brands 15.03 Edf 2.45 Croda Int 3.62
Coty 12.36 Reed Elsevier 2.21 Scottish Mortgage Investment Trust 3.37
Ups
Franklin Resources -3.61 Commerzbank -4.68 B&m Eur Value Retail S.a. -4.21
Centene -3.58 Lufthansa -4.17 Rolls-royce Holdings -3.94
Flowserve -3.49 Mapfre -3.89 Hargreaves Lansdown -3.77
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
MARKET DATA
-0.14% -0.39% -0.80% -0.72% -0.36% -0.71% -0.28% -0.337% -0.602% -0.19% -0.69%
0.49% 0.217% 0.224%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Oct 20 - - Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,547.42
3,562.94 16,850.12 6,334.35 13,086.16 25,634.34
3,435.56 16,230.23 12,557.64 2,370.86
5,776.50 23,567.04
Day -0.14% Month 3.96% Year 14.18% Day -0.24% Month 3.52% Year -0.97% Day -0.80% Month 7.63% Year -13.52% Day -0.88% Month 0.25% Year NaN% Day -0.36% Month 9.50% Year 9.47% Day 0.07% Month 8.79% Year 17.90%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,497.07 7,930.20 26,356.97 2,777.00
41,770.10
11,858.85
11,484.69 1,395.38 24,754.42 2,525.61
37,685.74 6,811.50
Day 0.49% Month 3.30% Year 38.35% Day -1.14% Month 10.92% Year -4.21% Day -0.72% Month 5.65% Year -5.66% Day -0.64% Month 15.60% Year -14.35% Day -0.71% Month 8.26% Year -1.04% Day -0.42% Month 9.65% Year -14.77%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
106,050.66 21,536.24
29,322.70 5,474.66 43,599.96
28,210.82 100,539.83 19,085.95 3,325.02 3,363.09
4,853.95 40,707.31
Day -0.39% Month 3.96% Year 4.93% Day -0.06% Month 7.38% Year 0.07% Day -0.67% Month 11.06% Year -7.35% Day -0.40% Month 11.15% Year -7.69% Day 0.47% Month 0.80% Year 15.60% Day -1.31% Month 9.05% Year 8.23%
Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 51475.81 51295.53 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 23408.17 23495.79 Philippines Manila Comp 6997.62 7051.78 Taiwan Weighted Pr 13722.43 13773.29 Cross-Border DJ Global Titans ($) 411.90 412.24
Australia All Ordinaries 6742.70 6726.50 Czech Republic
PX 938.51 945.27 FTSE Italia Mid Cap 36198.22 36385.76 Poland Wig 51651.40 52232.17 Thailand Bangkok SET 1369.42 1364.59 Euro Stoxx 50 (Eur) 3451.97 3482.17
S&P/ASX 200 6547.20 6531.10 OMXC Copenahgen 20
Denmark 1388.14 1383.41 FTSE MIB 21536.24 21622.66 Portugal PSI 20 4367.51 4417.72 Turkey BIST 100 1313.02 1294.72 Euronext 100 ID 1077.55 1085.12
S&P/ASX 200 Res 4608.50 4623.80 Egypt
EGX 30 10898.67 10989.72 Japan 2nd Section 6388.48 6367.45 PSI General 3311.27 3325.84 UAE Abu Dhabi General Index 4913.71 4952.36 FTSE 4Good Global ($) 8769.05 8791.81
Austria ATX 2502.97 2511.29 Estonia
OMX Tallinn 1211.80 1206.64 Nikkei 225 25634.34 25728.14 Romania BET Index 8986.26 8936.25 UK FT 30 2476.40 2461.30 FTSE All World ($) 401.00 402.11
Belgium BEL 20 3572.69 3614.96 Finland
OMX Helsinki General 10485.52 10562.15 S&P Topix 150 1452.56 1447.47 Russia Micex Index 3046.49 3080.68 FTSE 100 6334.35 6385.24 FTSE E300 1497.07 1507.91
BEL Mid 8012.25 8010.94 France
CAC 40 5474.66 5511.45 Topix 1726.41 1720.65 RTX 1258.91 1276.75 FTSE 4Good UK 5954.51 5997.62 FTSE Eurotop 100 2817.21 2842.20
Brazil IBovespa 106050.66 106119.09 SBF 120 4330.67 4360.35 Jordan Amman SE 1555.49 1558.25 Saudi-Arabia TADAWUL All Share Index 8578.42 8621.19 FTSE All Share 3578.38 3607.61 FTSE Global 100 ($) 2320.90 2323.57
Canada S&P/TSX 60 1007.26 Germany
1009.38 M-DAX 28745.50 28799.05 Kenya NSE 20 1788.54 1787.45 Singapore FTSE Straits Times 2777.00 2788.59 FTSE techMARK 100 5966.75 5988.65 FTSE Gold Min ($) 2399.08 2467.81
S&P/TSX Comp 16850.12 16889.82 TecDAX 3033.31 3016.94 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 338.72 354.11 USA DJ Composite 9807.79 9873.75 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 580.52 573.43 XETRA Dax 13086.16 13201.89 Latvia OMX Riga 1117.83 1110.06 Slovenia SBI TOP - - DJ Industrial 29322.70 29438.42 FTSE Multinationals ($) 2532.79 2548.12
Chile S&P/CLX IGPA Gen 20262.52 Greece
20494.35 Athens Gen 699.20 708.16 Lithuania OMX Vilnius 773.24 775.50 South Africa FTSE/JSE All Share 56753.49 57323.67 DJ Transport 12241.67 12348.31 FTSE World ($) 711.36 713.21
China FTSE A200 13043.91 12946.07 FTSE/ASE 20 1656.60 1678.89 Luxembourg LuxX 1227.67 1244.07 FTSE/JSE Res 20 51450.56 51858.33 DJ Utilities 869.05 881.37 FTSEurofirst 100 (Eur) 3823.70 3859.44
FTSE B35 9000.71 Hong Kong
8988.96 Hang Seng 26356.97 26544.29 Malaysia FTSE Bursa KLCI 1583.68 1604.75 FTSE/JSE Top 40 51977.91 52518.35 Nasdaq 100 11945.05 11894.71 FTSEurofirst 80 (Eur) 4724.60 4761.83
Shanghai A 3524.79 3508.24 HS China Enterprise 10555.36 10640.05 Mexico IPC 41770.10 42252.61 South Korea Kospi 2547.42 2545.64 Nasdaq Cmp 11858.85 11801.60 MSCI ACWI Fr ($) 610.11 612.86
Shanghai B 252.08 251.30 HSCC Red Chip 3890.16 3897.22 Morocco MASI 10722.04 10708.54 Kospi 200 340.16 339.96 NYSE Comp 13778.35 13949.10 MSCI All World ($) 2543.36 2558.43
Shanghai Comp 3363.09 3347.30
Hungary Bux 38163.61 38361.82 Netherlands AEX 596.01 600.88 Spain IBEX 35 7930.20 7981.50 S&P 500 3562.94 3567.79 MSCI Europe (Eur) 1582.26 1577.43
Shenzhen A 2381.88 2366.91
India BSE Sensex 43599.96 44180.05 AEX All Share 861.79 869.23 Sri Lanka CSE All Share 6060.89 6108.22 Wilshire 5000 37029.68 37004.92 MSCI Pacific ($) 2938.43 2938.48
Shenzhen B 974.80 982.01 Nifty 500 10477.50 10588.35 New Zealand NZX 50 12557.13 12605.96 Sweden OMX Stockholm 30 1915.40 1922.53 Venezuela IBC 628845.38 622095.06 S&P Euro (Eur) 1597.39 1609.23
Colombia COLCAP 1234.56 1230.73
Indonesia Jakarta Comp 5594.06 5557.52 Nigeria SE All Share 34818.01 34242.83 OMX Stockholm AS 754.09 756.47 Vietnam VNI 983.26 973.53 S&P Europe 350 (Eur) 1542.81 1555.14
Croatia CROBEX 2013.05 Ireland
2011.29 ISEQ Overall 7087.95 7187.51 Norway Oslo All Share 973.39 983.54 Switzerland SMI Index 10490.77 10563.89 S&P Global 1200 ($) 2808.49 2816.56
Israel Tel Aviv 125 1486.12 1473.15 Pakistan KSE 100 40540.70 40514.67 Stoxx 50 (Eur) 3053.68 3079.53
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 80.2806 0.1198 95.0527 -0.1467 106.1547 -0.4831 Indonesia Indonesian Rupiah 14162.5000 92.5000 16768.5074 58.8691 18727.0477 9.7094 Poland Polish Zloty 3.7771 0.0168 4.4721 0.0064 4.9944 -0.0079 ..Three Month 0.7564 0.0045 0.8953 0.0027 - -
Australia Australian Dollar 1.3754 0.0103 1.6285 0.0073 1.8187 0.0027 Israel Israeli Shekel 3.3493 0.0009 3.9655 -0.0110 4.4287 -0.0257 Romania Romanian Leu 4.1157 0.0118 4.8730 -0.0008 5.4422 -0.0172 ..One Year 0.7565 0.0045 0.8948 0.0027 - -
Bahrain Bahrainin Dinar 0.3771 -0.0001 0.4464 -0.0014 0.4986 -0.0031 Japan Japanese Yen 103.8950 0.2250 123.0123 -0.1068 137.3800 -0.5322 Russia Russian Ruble 76.3369 0.4119 90.3834 0.2144 100.9400 -0.0630 United States United States Dollar - - 1.1840 -0.0036 1.3223 -0.0080
Bolivia Bolivian Boliviano 6.9100 - 8.1815 -0.0249 9.1371 -0.0553 ..One Month 103.8950 0.2249 123.0124 -0.1067 137.3800 -0.5323 Saudi Arabia Saudi Riyal 3.7504 - 4.4405 -0.0135 4.9591 -0.0300 ..One Month - - 1.1839 -0.1463 1.3223 -0.0080
Brazil Brazilian Real 5.3122 0.0192 6.2896 0.0037 7.0242 -0.0170 ..Three Month 103.8949 0.2247 123.0125 -0.1066 137.3799 -0.5324 Singapore Singapore Dollar 1.3455 0.0050 1.5931 0.0011 1.7792 -0.0041 ..Three Month - - 1.1837 -0.1463 1.3224 -0.0080
Canada Canadian Dollar 1.3087 0.0021 1.5495 -0.0022 1.7305 -0.0077 ..One Year 103.8945 0.2239 123.0128 -0.1060 137.3800 -0.5327 South Africa South African Rand 15.5019 0.0819 18.3543 0.0414 20.4981 -0.0152 ..One Year - - 1.1830 -0.1463 1.3226 -0.0080
Chile Chilean Peso 758.7850 1.3100 898.4064 -1.1756 1003.3388 -4.3305 Kenya Kenyan Shilling 109.4000 - 129.5303 -0.3938 144.6592 -0.8756 South Korea South Korean Won 1115.6500 11.7000 1320.9370 9.8790 1475.2202 6.6351 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5851 0.0421 7.7968 0.0263 8.7075 0.0033 Kuwait Kuwaiti Dinar 0.3058 - 0.3621 -0.0011 0.4044 -0.0024 Sweden Swedish Krona 8.6369 0.0534 10.2261 0.0323 11.4205 0.0018 Vietnam Vietnamese Dong 23177.5000 7.0000 27442.3710 -75.0613 30647.5834 -176.1817
Colombia Colombian Peso 3645.8500 -3.1000 4316.7101 -16.8059 4820.8965 -33.3028 Malaysia Malaysian Ringgit 4.0985 0.0115 4.8527 -0.0011 5.4194 -0.0175 Switzerland Swiss Franc 0.9121 0.0027 1.0799 -0.0001 1.2061 -0.0037 European Union Euro 0.8446 0.0026 - - 1.1168 -0.0034
Costa Rica Costa Rican Colon 606.5900 -0.7750 718.2065 -3.1039 802.0919 -5.8859 Mexico Mexican Peso 20.1875 -0.0260 23.9021 -0.1035 26.6939 -0.1962 Taiwan New Taiwan Dollar 28.5055 0.0050 33.7507 -0.0967 37.6927 -0.2215 ..One Month 0.8445 0.0026 - - 1.1168 -0.0034
Czech Republic Czech Koruna 22.2551 0.0616 26.3502 -0.0070 29.4278 -0.0962 New Zealand New Zealand Dollar 1.4495 0.0069 1.7162 0.0030 1.9167 -0.0024 Thailand Thai Baht 30.4025 0.0925 35.9968 0.0004 40.2011 -0.1203 ..Three Month 0.8443 0.0026 - - 1.1167 -0.0034
Denmark Danish Krone 6.2941 0.0200 7.4523 0.0012 8.3227 -0.0237 Nigeria Nigerian Naira 383.5000 -2.0000 454.0665 -3.7557 507.1008 -5.7300 Tunisia Tunisian Dinar 2.7484 0.0083 3.2541 0.0000 3.6341 -0.0110 ..One Year 0.8436 0.0026 - - 1.1162 -0.0034
Egypt Egyptian Pound 15.6359 0.0450 18.5131 -0.0028 20.6753 -0.0652 Norway Norwegian Krone 9.0374 0.0343 10.7003 0.0083 11.9501 -0.0266 Turkey Turkish Lira 7.5493 -0.1357 8.9384 -0.1884 9.9823 -0.2410
Hong Kong Hong Kong Dollar 7.7540 0.0014 9.1807 -0.0262 10.2530 -0.0602 Pakistan Pakistani Rupee 160.4500 0.8000 189.9738 0.3725 212.1625 -0.2199 United Arab Emirates UAE Dirham 3.6732 - 4.3490 -0.0132 4.8570 -0.0294
Hungary Hungarian Forint 303.5051 -0.2167 359.3520 -1.3499 401.3238 -2.7174 Peru Peruvian Nuevo Sol 3.5683 -0.0083 4.2248 -0.0226 4.7183 -0.0395 United Kingdom Pound Sterling 0.7563 0.0045 0.8954 0.0027 - -
India Indian Rupee 74.2700 0.0850 87.9362 -0.1664 98.2070 -0.4814 Philippines Philippine Peso 48.3050 0.0700 57.1934 -0.0908 63.8735 -0.2935 ..One Month 0.7563 0.0045 0.8954 0.0027 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Nov 18 Nov 17 Nov 16 Nov 13 Nov 12 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2476.40 2461.30 2476.00 2407.50 2401.90 0.00 3314.70 1337.80 Leisure Goods 49.93 FTSE SmallCap Index -4.15 Real Est Invest & Se -15.61 FTSE 100 Price Change FTSE 100 Price Change
Nov 19 chge% Index Nov 18 Nov 17 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 16.58 Forestry & Paper -4.17 FTSE 100 Index -16.26 3I Group PLC 1106 1.50 Kingfisher PLC 291.30 -8.00
FTSE 100 (101) 6385.24 0.31 5574.45 6365.33 6421.29 7307.70 3.86 1.56 16.66 190.91 6086.28 P/E Ratio net - - - - - 0.00 19.44 14.26 Electronic & Elec Eq 11.91 Industrials -4.34 Tobacco -16.34 Admiral Group PLC 2939 46.00 Land Securities Group PLC 683.50 -22.40
FTSE 250 (251) 19699.87 0.94 17198.43 19516.17 19608.05 20440.50 2.81 1.15 30.93 299.99 15600.10 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Equity Invest Instr 6.83 Gas Water & Multi -4.53 Life Insurance -16.71 Anglo American PLC 2120 -51.50 Legal & General Group PLC 258.00 -0.70
FTSE 250 ex Inv Co (181) 20239.64 0.92 17669.66 20055.99 20069.01 21638.03 2.95 1.34 25.32 265.19 16349.41 FT 30 hourly changes Industrial Eng 3.25 Utilities -4.58 Food Producers -16.97 Antofagasta PLC 1097 -23.50 Lloyds Banking Group PLC 35.66 -0.01
FTSE 350 (352) 3636.91 0.43 3175.10 3621.46 3650.63 4091.26 3.67 1.50 18.18 99.04 6909.00 8 9 10 11 12 13 14 15 16 High Low Personal Goods 3.20 Electricity -4.73 Mobile Telecomms -17.80 Ashtead Group PLC 3133 -1.00 London Stock Exchange Group PLC 8092 -2.00
FTSE 350 ex Investment Trusts (281) 3548.95 0.40 3098.31 3534.85 3561.62 4041.22 3.75 1.43 18.58 98.25 3479.15 2461.3 2450.4 2450.9 2164.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Support Services 2.50 Construct & Material -5.32 Financials -18.08 Associated British Foods PLC 1999.5 -33.50 M&G PLC 193.00 -0.55
FTSE 350 Higher Yield (147) 2820.32 0.89 2462.20 2795.35 2807.34 3541.16 5.41 1.37 13.46 108.83 5880.59 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Chemicals 1.22 Consumer Goods -7.33 Real Est Invest & Tr -19.26 Astrazeneca PLC 8125 -55.00 Melrose Industries PLC 158.15 -7.75
FTSE 350 Lower Yield (205) 4260.37 -0.04 3719.39 4261.98 4312.26 4314.31 1.91 1.86 28.08 72.16 5037.76 Pharmace & Biotech -0.10 Beverages -10.07 Health Care Eq & Srv -21.64 Auto Trader Group PLC 557.80 1.60 Mondi PLC 1685 -27.50
FTSE SmallCap (260) 5836.72 1.01 5095.58 5778.50 5776.29 5541.23 3.60 -1.27 -21.88 117.43 9256.67 Food & Drug Retailer -0.29 Financial Services -11.65 Telecommunications -22.91
FTSE SmallCap ex Inv Co (142) 4615.06 0.57 4029.05 4588.71 4508.33 4476.55 3.91 -0.82 -31.19 64.59 7651.97 FX: EFFECTIVE INDICES Nonlife Insurance -0.67 FTSE 250 Index -11.94 Travel & Leisure -26.56
Avast PLC 459.40 2.20 Morrison (Wm) Supermarkets PLC 186.20 5.25
Aveva Group PLC 4194 -60.00 National Grid PLC 933.00 -9.00
FTSE All-Share (612) 3607.61 0.45 3149.53 3591.59 3619.49 4035.47 3.66 1.41 19.39 97.30 6923.15 Industrial Metals & -0.95 Technology -12.04 Aerospace & Defense -32.23
Nov 18 Nov 17 Mnth Ago Nov 19 Nov 18 Mnth Ago Aviva PLC 315.00 -4.30 Natwest Group PLC 156.40 -1.40
FTSE All-Share ex Inv Co (423) 3486.26 0.40 3043.58 3472.30 3496.95 3958.16 3.76 1.39 19.16 95.56 3471.17 Household Goods & Ho -1.02 NON FINANCIALS Index -14.08 Fixed Line Telecomms -34.03 B&M European Value Retail S.A. 487.40 -21.40 Next PLC 6674 -46.00
FTSE All-Share ex Multinationals (542) 1155.06 1.07 1016.97 1142.82 1146.82 1207.10 3.10 1.18 27.35 20.74 2305.69 Australia - - - Sweden - - - Basic Materials -1.58 Software & Comp Serv -14.11 Banks -36.99 Bae Systems PLC 507.80 8.70 Ocado Group PLC 2330 38.00
FTSE Fledgling (92) 9507.03 0.54 8299.84 9456.38 9423.73 9481.18 2.91 0.02 2111.64 193.52 19515.54 Canada - - - Switzerland - - - Mining -1.79 Consumer Services -14.87 Automobiles & Parts -37.89 Barclays PLC 138.94 -2.66 Pearson PLC 639.00 15.00
FTSE Fledgling ex Inv Co (43) 11234.71 0.74 9808.15 11152.48 11051.41 11132.52 3.32 4.07 7.41 162.99 22544.47 Denmark - - - UK 78.34 78.02 77.31 General Retailers -2.24 FTSE All{HY-}Share Index -15.16 Oil Equipment & Serv -42.03 Barratt Developments PLC 652.40 -13.80 Pennon Group PLC 1022.5 -6.50
FTSE All-Small (352) 4040.58 0.98 3527.51 4001.26 3999.08 3846.50 3.56 -1.22 -23.10 81.40 8221.15 Japan - - - USA - - - Health Care -2.54 Industrial Transport -15.21 Oil & Gas -49.16 Berkeley Group Holdings (The) PLC 4769 -89.00 Persimmon PLC 2895 -18.00
FTSE All-Small ex Inv Co (185) 3443.20 0.58 3005.99 3423.33 3364.44 3340.54 3.88 -0.67 -38.65 48.22 7231.79 New Zealand - - - Euro - - - Media -15.52 Oil & Gas Producers -49.27 Bhp Group PLC 1621.4 -32.00 Phoenix Group Holdings PLC 776.20 6.20
FTSE AIM All-Share (715) 1018.21 0.59 888.92 1012.28 1007.11 894.10 1.00 0.54 185.28 6.28 1167.91 Norway - - -
BP PLC 243.75 -8.20 Polymetal International PLC 1678.5 -9.50
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2780 -95.00 Prudential PLC 1278.5 -21.00
Non Financials (303) 4325.11 0.19 3775.92 4316.89 4349.06 4824.72 3.82 1.38 18.97 129.78 7295.32 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 480.10 -18.50 Reckitt Benckiser Group PLC 6728 22.00
Technology (19) 990.86 1.20 984.53 979.13 981.57 1008.10 1.28 0.38 203.97 9.64 1045.24 Bt Group PLC 128.00 -2.30 Relx PLC 1776.5 43.50
Software and Computer Services (17) 986.29 1.26 980.00 974.04 976.34 1004.28 1.28 0.35 220.86 9.80 1041.62 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2380 16.00 Rentokil Initial PLC 515.60 -1.40
Technology Hardware and Equipment (2) 1095.05 -1.51 1088.06 1111.85 1121.56 1072.17 0.96 2.32 44.70 0.00 1132.37 Burberry Group PLC 1603 -30.50 Rightmove PLC 641.40 3.20
Nov 19 No of US $ Day Mth YTD Total
YTD Gr Div Nov 19 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2227 -48.00 Rio Tinto PLC 4716 -81.50
Telecommunications (8) 631.51 0.90 627.48 625.91 644.31 794.45 7.20 0.60 22.95 15.06 728.68
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1350 4.00 Rolls-Royce Holdings PLC 98.56 -4.04
Telecommunications Equipment (2) 2554.26 -1.04 2537.96 2581.11 2594.81 2006.19 1.42 3.38 20.75 36.43 2717.06
Telecommunications Service Providers (6) 614.39 0.97 610.47 608.48 626.95 784.31 7.43 0.58 23.05 14.88 709.94 FTSE Global All Cap 9023 684.51 -0.4 4.9 7.5
9.6 1053.23
2.0 Oil Equipment & Services 24 179.17 -1.8 -1.8 -33.1 302.11 -29.6 6.1 Crh PLC 2975 -55.00 Royal Dutch Shell PLC 1182.2 -21.80
Health Care (15) 1260.79 -1.40 1252.75 1278.68 1313.80 1305.31 3.51 1.12 25.42 43.99 1400.30 FTSE Global All Cap 9023 684.51 -0.4 4.9 7.5
9.6 1053.23
2.0 Basic Materials 356 553.67 0.1 0.1 7.7 938.52 10.8 2.8 Croda International PLC 6248 218.00 Royal Dutch Shell PLC 1226 -32.00
Health Care Providers (4) 406.52 -0.09 403.93 406.88 412.46 759.02 2.11 0.36 130.87 3.93 420.30 FTSE Global Large Cap 1743 615.72 -0.4 4.4 8.5
10.7 975.81
2.0 Chemicals 163 814.92 0.6 0.6 8.6 1367.50 11.4 2.5 Dcc PLC 5514 -68.00 Rsa Insurance Group PLC 676.20 -0.60
Medical Equipment and Services (2) 1093.64 -0.81 1086.66 1102.57 1118.79 1204.85 2.05 1.09 44.56 22.38 1162.26 FTSE Global Mid Cap 2235 860.98 -0.5 6.2 3.8
5.6 1245.94
2.0 Forestry & Paper 21 287.00 0.2 0.2 3.2 545.28 6.4 2.6 Diageo PLC 2979.5 2.50 Sage Group PLC 679.80 -1.40
Pharmaceuticals and Biotechnology (9) 1320.93 -1.47 1312.50 1340.68 1379.30 1339.89 3.66 1.13 24.16 48.36 1476.62 FTSE Global Small Cap 5045 916.24 -0.5 6.9 5.9
7.6 1275.09
1.7 Industrial Metals & Mining 93 388.95 0.0 0.0 2.9 665.43 6.2 3.5 Evraz PLC 377.90 -4.70 Sainsbury (J) PLC 222.00 3.50
FTSE All-World 3978 402.11 -0.4 4.7 7.7
9.9 654.79
2.0 Mining 79 793.68 -0.7 -0.7 8.9 1375.61 12.6 3.2 Experian PLC 2933 21.00 Schroders PLC 2975 -43.00
Financials (253) 798.19 1.32 793.10 787.80 795.55 899.49 3.21 1.89 16.48 14.51 879.95
FTSE World 2568 713.21 -0.5 4.7 7.4
9.5 1558.74
2.0 Industrials 746 498.45 -0.4 -0.4 11.0 766.90 12.9 1.6 Ferguson PLC 8068 60.00 Scottish Mortgage Investment Trust PLC 1044 34.00
Banks (11) 536.91 1.85 533.49 527.15 535.63 785.94 3.86 2.22 11.65 0.22 586.30
FTSE Global All Cap ex UNITED KINGDOM In 8733 723.37 -0.5 4.7 8.7
10.8 1093.03
1.9 Construction & Materials 147 606.56 -0.1 -0.1 9.4 980.06 11.5 1.8 Flutter Entertainment PLC 12735 -135.00 Segro PLC 908.60 4.00
Finance and Credit Services (8) 1081.53 3.31 1074.63 1046.84 1036.68 1113.10 3.27 5.06 6.04 11.02 1154.40
FTSE Global All Cap ex USA 7274 531.21 0.3 7.7 2.4
4.9 892.02
2.5 Aerospace & Defense 36 720.15 -0.4 -0.4 -19.5 1091.04 -18.4 2.0 Fresnillo PLC 1114.5 -3.50 Severn Trent PLC 2452 -38.00
Investment Banking and Brokerage Services (31) 1026.15 0.84 1019.61 1017.63 1025.03 1061.72 3.37 0.94 31.71 31.06 1135.83
FTSE Global All Cap ex JAPAN 7626 706.14 -0.4 4.7 7.7
9.8 1096.64
2.0 General Industrials 70 238.77 -0.6 -0.6 4.8 402.61 7.2 2.4 Glaxosmithkline PLC 1395 20.20 Smith & Nephew PLC 1449.5 -23.50
Closed End Investments (189) 1188.86 1.05 1181.27 1176.50 1196.49 1055.83 2.38 1.82 23.15 24.88 1281.96
FTSE Global All Cap ex Eurozone 8382 720.46 -0.5 4.6 8.2
10.3 1085.66
1.9 Electronic & Electrical Equipment 140 609.77 -0.4 -0.4 19.8 851.65 21.7 1.4 Glencore PLC 190.44 -3.42 Smith (Ds) PLC 327.00 -4.40
Life Insurance (7) 791.65 0.91 786.60 784.49 779.51 843.73 3.36 2.15 13.85 25.55 901.30
FTSE Developed 2139 653.22 -0.6 4.4 7.9
9.9 1013.36
2.0 Industrial Engineering 148 981.41 0.1 0.1 18.3 1502.11 20.5 1.5 Gvc Holdings PLC 970.20 9.80 Smiths Group PLC 1530.5 -0.50
Nonlife Insurance (7) 1012.70 2.10 1006.24 991.82 982.93 924.68 2.91 1.86 18.45 28.74 1122.29
FTSE Developed All Cap 5627 682.48 -0.6 4.7 7.7
9.7 1043.83
1.9 Industrial Transportation 122 902.85 -0.3 -0.3 19.2 1397.41 21.2 1.7 Halma PLC 2423 73.00 Smurfit Kappa Group PLC 3222 -60.00
Real Estate (56) 864.30 0.01 858.79 864.20 863.75 985.23 3.39 -1.43 -20.60 17.67 954.68
FTSE Developed Large Cap 835 612.40 -0.5 4.1 8.6
10.8 966.92
2.0 Support Services 83 597.58 -0.9 -0.9 18.4 867.54 19.9 1.2 Hargreaves Lansdown PLC 1468.5 -57.50 Spirax-Sarco Engineering PLC 11500 35.00
Real Estate Investment and Services (17) 879.28 0.60 873.67 874.01 873.09 918.88 1.77 2.28 24.83 9.59 932.43
FTSE Developed Europe Large Cap 226 374.44 0.4 7.5 -2.5
0.1 699.10
2.7 Consumer Goods 532 570.84 0.2 0.2 11.9 919.72 14.2 2.2 Hikma Pharmaceuticals PLC 2596 50.00 Sse PLC 1363 -44.00
Real Estate Investment Trusts (39) 861.18 -0.08 855.68 861.84 861.46 997.24 3.63 -1.70 -16.15 19.10 958.04
FTSE Developed Europe Mid Cap 344 654.47 0.5 9.0 3.5
5.4 1068.85
2.3 Automobiles & Parts 128 525.90 2.5 2.5 38.1 826.35 40.7 1.7 Homeserve PLC 1176 -28.00 St. James's Place PLC 1085 -15.50
Consumer Discretionary (92) 869.46 0.66 863.92 863.76 868.62 983.66 2.95 1.32 25.67 9.50 943.61
FTSE Dev Europe Small Cap 693 885.90 0.9 9.6 -1.4
0.4 1393.47
2.0 Beverages 67 707.23 -0.9 -0.9 -0.1 1147.73 1.8 2.4 HSBC Holdings PLC 383.85 -0.95 Standard Chartered PLC 438.60 -5.50
Automobiles and Parts (3) 394.94 3.37 392.42 382.05 362.43 498.59 1.44 4.76 14.57 0.00 416.02
FTSE North America Large Cap 225 785.20 -1.0 1.8 12.6
14.6 1144.41
1.6 Food Producers 132 700.00 -0.3 -0.3 2.6 1151.41 5.0 2.4 Imperial Brands PLC 1505 -42.00 Standard Life Aberdeen PLC 270.10 -3.10
Consumer Services (4) 879.57 -3.33 873.95 909.82 921.15 1257.76 2.80 1.35 26.39 16.22 933.72
FTSE North America Mid Cap 412 996.02 -1.1 4.9 5.3
6.8 1338.11
1.8 Household Goods & Home Construction 62 572.90 -0.5 -0.5 13.1 918.34 15.6 2.2 Informa PLC 582.60 -2.40 Taylor Wimpey PLC 167.50 1.50
Household Goods and Home Construction (12) 966.17 2.63 960.01 941.43 923.29 958.08 4.73 1.32 15.96 9.21 1105.70
FTSE North America Small Cap 1293 1033.77 -1.1 6.9 8.3
9.7 1340.43
1.5 Leisure Goods 43 289.67 -0.6 -0.6 19.6 399.37 21.1 1.2 Intercontinental Hotels Group PLC 4482 -131.00 Tesco PLC 236.10 2.90
Leisure Goods (2) 1122.69 0.28 1115.53 1119.51 1112.16 832.90 2.20 0.99 45.89 12.50 1241.24
FTSE North America 637 511.18 -1.0 2.4 11.4
13.3 761.21
1.7 Personal Goods 87 1005.87 0.0 0.0 11.6 1497.85 13.2 1.4 Intermediate Capital Group PLC 1720 -9.00 Unilever PLC 4463 -59.00
Personal Goods (4) 795.18 0.71 790.11 789.59 787.86 973.05 2.97 1.74 19.34 0.00 833.16
FTSE Developed ex North America 1502 276.33 0.3 8.6 1.6
4.0 499.82
2.5 Tobacco 13 887.58 -0.5 -0.5 -10.9 2215.63 -6.0 7.0 International Consolidated Airlines Group S.A. 155.30 -3.50 United Utilities Group PLC 917.00 -9.20
Media (11) 865.12 0.87 859.60 857.65 868.58 997.08 2.32 2.42 17.81 15.65 942.82
FTSE Japan Large Cap 180 427.20 -0.3 9.4 7.7
10.2 599.29
2.2 Health Care 307 656.60 -1.2 -1.2 7.5 1010.25 9.4 1.8 Intertek Group PLC 6032 40.00 Vodafone Group PLC 121.66 -1.34
Retailers (22) 1012.09 1.25 1005.64 999.58 1003.81 926.03 2.87 1.09 31.94 3.02 1088.74
FTSE Japan Mid Cap 335 624.86 -0.2 6.6 -0.6
1.4 830.77
2.1 Health Care Equipment & Services 111 1332.38 -1.6 -1.6 13.6 1603.69 14.4 0.7 Jd Sports Fashion PLC 801.60 -5.80 Whitbread PLC 3057 -63.00
Travel and Leisure (34) 743.66 0.68 738.91 738.60 748.50 917.83 2.66 0.53 71.16 5.90 797.72
FTSE Global wi JAPAN Small Cap 882 681.50 -0.3 3.8 -2.1
0.0 938.60
2.2 Pharmaceuticals & Biotechnology 196 425.28 -0.9 -0.9 3.6 695.53 6.0 2.4 Johnson Matthey PLC 2408 -142.00 Wpp PLC 740.80 -7.80
Consumer Staples (27) 863.49 0.32 857.98 860.73 863.88 861.55 4.15 1.61 14.99 29.73 965.04
FTSE Japan 515 177.22 -0.3 8.9 6.0
8.4 278.26
2.2 Consumer Services 440 659.19 -0.5 -0.5 18.2 922.80 19.3 1.1 Just Eat Takeaway.Com N.V. 8052 22.00
Beverages (6) 1074.10 -0.57 1067.25 1080.31 1093.47 1132.82 2.43 1.63 25.20 24.25 1152.27
FTSE Asia Pacific Large Cap ex Japan 936 822.74 0.5 7.5 13.2
15.8 1422.12
2.2 Food & Drug Retailers 68 290.19 -0.1 -0.1 -1.6 439.99 0.9 2.5
Food Producers (10) 808.58 -0.28 803.42 810.89 817.51 905.09 2.58 1.87 20.77 9.02 858.40
FTSE Asia Pacific Mid Cap ex Japan 900 947.81 0.7 7.9 9.4
11.8 1571.52
2.7 General Retailers 145 1233.17 -0.6 -0.6 36.2 1659.21 37.1 0.6
Tobacco (2) 555.30 1.21 551.76 548.65 540.66 569.40 8.12 1.25 9.89 32.40 675.08
Industrials (93) 1029.51 -0.19 1022.94 1031.44 1033.31 1008.01 1.99 0.70 72.03 13.63 1098.44
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1885 598.57
1836 641.47
0.5
0.5
5.0
7.5
10.2
12.6
12.9
15.5
970.58
2.5 Media
1177.81
2.3 Travel & Leisure
87 420.09
140 475.34
-0.3
-0.2
-0.3
-0.2
9.3 592.05
-8.2 680.16
10.4
-7.1
1.1
1.7
UK STOCK MARKET TRADING DATA
Construction and Materials (16) 978.98 0.13 972.74 977.67 985.44 959.17 2.23 0.14 323.87 18.13 1061.60 Nov 19 Nov 18 Nov 17 Nov 16 Nov 13 Yr Ago
FTSE Emerging All Cap 3396 840.13 0.5 6.6 6.3
8.9 1380.52
2.4 Telecommunication 98 150.74 -0.4 -0.4 -6.0 327.54 -2.1 4.6
Aerospace and Defense (9) 743.79 0.62 739.05 739.20 730.18 1027.02 3.16 -1.87 -16.96 19.60 801.91 - - - - - -
FTSE Emerging Large Cap 908 815.16 0.5 6.6 7.6
10.2 1348.03
2.2 Fixed Line Telecommuniations 43 116.51 -0.5 -0.5 -14.0 284.40 -9.7 5.7
Electronic and Electrical Equipment (11) 1168.44 -0.60 1160.99 1175.54 1183.98 1074.99 1.62 1.78 34.80 12.68 1234.88 Order Book Turnover (m) 47.05 183.17 107.82 148.01 148.01 148.01
FTSE Emerging Mid Cap 931 961.62 1.0 8.2 -1.2
1.5 1579.25
3.1 Mobile Telecommunications 55 175.53 -0.3 -0.3 5.2 333.40 8.6 3.3
General Industrials (8) 1104.10 -0.44 1097.05 1108.99 1109.20 980.64 2.56 0.64 61.15 13.61 1185.51 Order Book Bargains 1054371.00 1225393.00 1381763.00 952448.00 952448.00 952448.00
FTSE Emerging Small Cap 1557 782.62 0.5 4.5 3.5
6.2 1233.59
2.7 Utilities 191 316.73 -0.9 -0.9 -0.3 692.99 2.8 3.3
Industrial Engineering (4) 1339.81 -1.99 1331.26 1367.00 1370.03 1058.36 1.49 1.80 37.22 8.86 1404.93 Order Book Shares Traded (m) 1778.00 2165.00 2394.00 1714.00 1714.00 1714.00
FTSE Emerging Europe 76 333.43 1.9 15.7 -24.2
-20.3 629.97
5.8 Electricity 131 355.99 -1.0 -1.0 0.0 767.91 3.1 3.3
Industrial Support Services (34) 1081.04 -0.07 1074.14 1081.81 1087.63 1024.30 1.42 1.94 36.44 10.70 1144.76 Total Equity Turnover (£m) 4293.29 4862.83 6388.74 4761.57 4761.57 4761.57
FTSE Latin America All Cap 240 734.67 0.6 15.2 -25.4
-23.7 1253.91
2.7 Gas Water & Multiutilities 60 317.72 -0.8 -0.8 -1.1 717.39 1.9 3.3
Industrial Transportation (11) 1090.17 -0.43 1083.21 1094.93 1088.51 955.51 2.35 2.22 19.16 11.02 1174.36 Total Mkt Bargains 1275635.00 1460867.00 1683466.00 1156065.00 1156065.00 1156065.00
FTSE Middle East and Africa All Cap 321 624.94 0.4 5.6 -9.4
-6.8 3.3 Financials
1078.96 867 240.20 -0.1 -0.1 -9.2 435.33 -6.7 2.9
Basic Materials (26) 1161.95 0.75 1154.54 1153.33 1163.72 1060.16 3.95 2.74 9.26 48.02 1344.64 FTSE Global wi UNITED KINGDOM All Cap In 290 304.30 0.7 11.8 -14.9
-12.5 3.8 Banks
579.90 272 172.85 0.5 0.5 -19.1 343.99 -16.4 3.8 Total Shares Traded (m) 7086.00 8883.00 11338.00 12027.00 12027.00 12027.00
Industrial Materials (3) 874.96 0.29 869.38 872.47 876.85 871.58 2.82 2.64 13.42 19.91 963.76 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Global wi USA All Cap 1749 882.28 -1.0 2.9 11.8
13.5 1.6 Nonlife Insurance
1241.04 74 293.19 -0.4 -0.4 -5.0 459.98 -2.8 2.1
Industrial Metals and Mining (12) 1228.22 0.93 1220.38 1216.89 1228.67 1127.22 4.32 2.80 8.26 57.75 1452.75 (c) Market closed.
FTSE Europe All Cap 1414 445.63 0.5 8.1 -2.0
0.4 2.7 Life Insurance
799.87 54 222.94 0.5 0.5 -7.6 398.98 -4.3 3.3
Precious Metals and Mining (5) 1254.78 0.64 1246.77 1246.75 1249.68 876.01 3.27 1.09 28.02 41.30 1378.45
FTSE Eurozone All Cap 641 436.94 0.5 8.4 0.5
2.7 2.2 Financial Services
781.52 209 391.04 -0.4 -0.4 5.6 574.59 7.5 1.8
Chemicals (6) 960.59 -0.52 954.46 965.60 974.84 934.82 1.70 3.39 17.39 12.94 1020.16
FTSE EDHEC-Risk Efficient All-World 3978 445.76 -0.4 5.6 3.0
5.0 2.2 Technology
670.27 313 481.76 -0.6 -0.6 34.0 617.58 35.3 0.9
Energy (13) 463.06 0.32 460.11 461.60 458.26 882.36 6.79 1.19 12.34 30.30 545.31 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE EDHEC-Risk Efficient Developed Europe 570 350.13 0.5 7.5 3.6
5.6 2.3 Software & Computer Services
583.28 165 799.49 -0.7 -0.7 31.5 957.06 32.2 0.5
Oil. Gas and Coal (13) 463.71 0.32 460.75 462.25 458.91 883.59 6.79 1.19 12.34 30.34 546.07 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas 128 239.67 -0.8 14.6 -34.1
-30.8 447.32
5.5 Technology Hardware & Equipment 148 382.16 -0.5 -0.5 37.4 522.54 39.5 1.4
Utilities (10) 999.78 1.39 993.40 986.10 992.81 981.15 5.68 1.01 17.51 36.97 1176.32 Oil & Gas Producers 93 225.69 -0.7 16.7 -36.1
-32.8 430.69
5.6 Alternative Energy 11 211.91 0.9 0.9 67.4 301.19 69.9 0.8 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 161 352.86 0.2 0.2 -4.4 649.95 -1.4 2.7 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 452.45 -1.3 -1.3 -8.7 990.88 -6.0 3.7 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6330.03 6321.03 6328.64 6318.31 6334.05 6344.28 6340.20 6336.75 6323.69 6348.29 6314.43 FTSE Global Large Cap 1743 615.72 -0.4 -0.4 8.5 975.81 10.7 2.0
FTSE 250
FTSE SmallCap
19599.27 19557.35 19609.81 19604.90 19600.60 19598.72 19558.86 19530.75 19486.08 19626.68 19484.38
5843.03 5833.48 5836.32 5831.17 5839.94 5837.88 5834.27 5832.89 5829.54 5847.21 5823.20
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE All-Share 3579.85 3574.29 3579.43 3574.56 3581.63 3586.09 3582.91 3580.44 3573.09 3588.59 3570.50 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Time of FTSE 100 Day's high:08:10:15 Day's Low09:05:30 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:08:11:00 Day's Low15:28:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the Group companies and is used by FTSE International Limited under licence.
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
12 ★ FINANCIAL TIMES Friday 20 November 2020
MARKET DATA
FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Tesla Mtrs 499.75 486.64 13.11 2.69 87.99 21.4 15.96 Ch OSLnd&Inv 19.00 19.38 -0.38 -1.96 -2.85 -13.0 -2.96 Nov 19 date Coupon S* M* F* price yield yield yield US Nov 19 date Coupon S* M* F* price yield yield yield US
Carnival 17.84 17.59 0.25 1.45 2.91 19.5 26.08 ChUncHK 4.83 4.84 -0.01 -0.21 -0.72 -13.0 -9.19 High Yield US$ US$
L Brands 38.66 33.61 5.05 15.03 5.60 16.9 16.66 ChinaMob 47.10 47.05 0.05 0.11 -6.85 -12.7 -5.30 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
Boeing 204.44 203.30 1.14 0.56 27.72 15.7 22.57 Ch Rail Cons 5.39 5.55 -0.16 -2.88 -0.63 -10.5 6.51 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Devon Energy 12.98 12.76 0.22 1.68 1.76 15.6 46.22 Ch Coms Cons 4.20 4.29 -0.09 -2.10 -0.44 -9.5 3.44 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
BBVA 3.57 3.51 0.06 1.74 0.48 15.6 51.61 Walgreen 37.21 38.23 -1.03 -2.68 -3.57 -8.7 0.30 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
SimonProp 79.65 76.61 3.04 3.97 10.51 15.2 24.59 AEP 82.71 84.13 -1.42 -1.69 -6.93 -7.7 -9.67 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Schlmbrg 19.86 19.97 -0.12 -0.58 2.56 14.8 32.25 HaitongSecs 6.46 6.82 -0.36 -5.28 -0.52 -7.4 -4.85 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Occid Pet 12.96 12.87 0.09 0.70 1.65 14.6 31.53 CardinalHlth 51.93 53.32 -1.39 -2.61 -4.07 -7.3 8.33 Colombia 01/26 4.50 - Baa2 BBB- 112.25 1.89 -0.05 -0.11 1.54
Brazil 04/26 6.00 - Ba2 BB- 118.50 2.32 -0.03 -0.15 1.97 Euro
Renault 31.15 31.37 -0.23 -0.72 3.70 13.5 30.83 CSR 3.21 3.28 -0.07 -2.13 -0.25 -7.2 0.63 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
ConocPhil 38.59 39.18 -0.59 -1.51 4.58 13.5 17.81 Cigna 204.82 210.93 -6.12 -2.90 -15.34 -7.0 19.27 Poland 04/26 3.25 - A2 A- 112.78 0.82 0.00 -0.03 0.47
Mexico 05/26 11.50 - Baa1 BBB- 147.50 2.25 0.00 -0.03 1.90 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Nissan Mt 477.00 481.70 -4.70 -0.98 55.80 13.2 28.50 Regen Pharm 519.47 519.04 0.43 0.08 -37.31 -6.7 -11.06 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
SK Hynix 98200.00 98000.00 200.00 0.20 11200.00 12.9 15.12 ThrmoFshr 454.84 454.18 0.66 0.14 -31.73 -6.5 -1.49 Turkey 10/26 4.88 - B2 BB- 97.28 5.42 -0.13 -1.11 5.07
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
ViacomCBS 32.91 32.70 0.21 0.64 3.66 12.5 21.34 Unilever 49.55 50.32 -0.77 -1.53 -3.41 -6.4 -5.00
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
LibertyGbl 23.21 22.81 0.40 1.75 2.45 11.8 9.12 Citic Ltd 6.16 6.25 -0.09 -1.44 -0.42 -6.4 5.82
Russia 06/28 12.75 - Baa3 BBB 171.00 2.45 0.00 0.01 - Mexico 06/26 1.09 - Baa1 BBB- 96.45 1.76 0.00 -0.08 1.41
Imperial Brands 1505.00 1547.00 -42.00 -2.71 157.00 11.6 -98.82 AstraZen 8125.00 8180.00 -55.00 -0.67 -535.00 -6.2 -88.33
Brookfield 52.74 53.45 -0.71 -1.33 5.42 11.5 18.77 In&CmBkCh 4.60 4.71 -0.11 -2.34 -0.29 -5.9 4.30 Brazil 02/47 5.63 - Ba2 BB- 116.85 4.52 -0.03 -0.19 - £ Sterling
Marathon Ptl 38.64 38.54 0.10 0.26 3.94 11.4 36.46 CVS 65.33 66.35 -1.02 -1.54 -4.06 -5.9 11.05 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Suncor En 19.96 20.11 -0.15 -0.75 2.00 11.1 28.21 ShenwanHong 0.05 0.05 0.00 -2.00 0.00 -5.8 11.36 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Phillips66 60.88 60.75 0.13 0.21 6.03 11.0 24.09 Lowes 149.16 146.74 2.42 1.65 -8.82 -5.6 -14.80 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.03 0.25 0.00 -0.18 0.09 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Nov 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Nov 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 23.14 -0.70 23.84 85.42 11.42 Nov 19 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 22.89 -0.58 23.47 71.05 2.47 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 223.65 0.22 2.08 7.75 2.55 9.53 VXN 27.61 0.14 27.47 84.67 13.58 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 398.09 0.04 1.03 5.78 0.50 6.42 VDAX 23.31 0.42 22.89 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 336.75 0.30 1.58 8.08 1.58 8.08 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 243.30 0.01 0.82 2.37 0.71 2.31 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 100.27 -0.05 -16.67 25.00 66.67 -107.35 101.22 100.27 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 263.06 -0.03 0.08 4.83 -0.06 3.83 Tr 4pc '22 105.23 -0.03 0.00 0.00 -50.00 -105.77 108.06 105.23 38.77
Gilts( £) 370.50 -0.15 -1.22 6.33 -2.38 5.59 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 121.57 -0.02 0.00 -166.67 -81.82 -103.85 124.55 121.42 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 302.35 0.33 0.56 8.15 -0.28 9.57 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 107.44 0.13 8.33 -31.58 333.33 -77.19 109.23 103.96 36.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 385.66 0.01 0.58 5.27 0.06 5.66 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 142.69 0.45 0.00 -15.09 55.17 -48.86 148.26 137.84 38.71
Nov 19 (Libor: Nov 18) night Day Week Month month month month year Overall ($) 283.17 0.23 0.70 8.07 0.70 8.07 Australia 11/22 2.25 104.30 0.10 0.00 -0.01 -0.04 -0.65 Tr 4.25pc '36 152.15 0.66 1.54 -12.00 37.50 -37.74 160.46 145.12 30.41
US$ Libor 0.08225 0.000 -0.003 -0.003 0.14650 0.22375 0.25688 0.33875 Overall( £) 370.78 -0.10 -0.73 5.78 -1.71 5.39 05/32 1.25 102.71 1.00 -0.07 -0.11 0.18 - Tr 4.5pc '42 173.01 0.86 1.18 -9.47 30.30 -29.51 186.37 162.55 27.21
Euro Libor -0.59029 -0.004 -0.001 0.000 -0.57614 -0.54543 -0.51986 -0.46757 Overall(€) 253.42 -0.01 0.18 3.85 0.07 3.09 Austria - - - - - - - Tr 3.75pc '52 178.45 0.90 1.12 -9.09 30.43 -26.83 198.36 164.59 24.10
£ Libor 0.04625 -0.001 0.001 -0.002 0.04400 0.04788 0.06050 0.13188 Treasuries ($) 262.44 0.22 0.12 8.36 0.12 8.36 02/47 1.50 138.15 0.04 0.01 -0.08 0.02 -0.44 Tr 4pc '60 203.88 0.87 2.35 -9.38 31.82 -26.27 231.12 186.33 24.12
Swiss Fr Libor 0.002 -0.80260 -0.76820 -0.72560 -0.61180 FTSE Belgium 09/22 1.00 102.93 -0.62 -0.01 -0.01 0.03 -0.08 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.004 -0.09083 -0.10050 -0.05967 0.05433 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.48 0.24 0.01 -0.02 0.02 -1.42
Euro Euribor
Sterling CDs
0.006
-
-0.54600
-
-0.52700
-
-0.51300
-
-0.48300 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 104.79 0.73 0.01 -0.06 0.18 -0.78 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 646.47 4.54 - - 4.33 29.47 Denmark 11/22 0.25 101.73 -0.61 0.00 -0.01 0.04 0.06
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/29 0.50 108.55 -0.43 0.01 -0.05 0.07 -0.13 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Nov 19 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 105.39 -0.72 0.01 -0.02 0.03 -0.16
04/31 0.75 111.96 -0.38 0.01 -0.07 0.03 -0.39 1 Up to 5 Years 89.52 -0.01 2486.44 -0.22 1.30 -0.01
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 186.53 -0.05 3800.81 -0.93 3.17 0.20
Nov 19 term notice month month month year Markit iTraxx France 05/23 1.75 106.23 -0.70 0.00 -0.02 0.03 -0.13
3 10 - 15 Years 225.14 -0.08 4867.24 -1.60 4.99 0.48
Euro -0.74 -0.44 -0.71 -0.41 -0.69 -0.39 -0.67 -0.37 -0.66 -0.36 -0.66 -0.36 Crossover 5Y 282.70 2.42 -16.72 -48.19 377.90 279.11 11/26 0.25 105.09 -0.58 0.00 -0.04 0.02 -0.31
4 5 - 15 Years 195.15 -0.06 4060.53 -1.20 3.78 0.32
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 51.05 1.12 -1.40 -3.71 66.97 49.12 Germany - - - - - - -
5 Over 15 Years 389.03 -0.26 6371.52 -4.32 8.21 0.86
Swiss Franc - - - - - - - - - - - - Japan 5Y 59.88 0.90 1.50 -5.49 70.43 57.83 05/23 1.50 105.69 -0.76 0.00 -0.02 0.05 -0.11
7 All stocks 191.17 -0.14 4081.71 -2.38 5.21 0.72
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 64.18 1.31 -3.34 -8.23 86.20 62.33 02/26 0.50 106.67 -0.74 0.00 -0.03 0.07 -0.21
US Dollar 0.07 0.37 -0.02 0.28 0.01 0.31 0.09 0.39 0.13 0.43 0.19 0.49 08/50 0.00 104.60 -0.15 0.01 -0.08 0.06 -0.33 Day's Month Year's Total Return Return
Markit CDX Greece 02/26 3.65 119.05 0.58 0.00 -0.15 -0.21 -0.97
Japanese Yen -0.15 0.05 -0.20 0.00 -0.20 0.10 -0.30 0.00 -0.25 0.05 -0.20 0.10 Index Linked Nov 19 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 171.92 -1.77 0.13 -30.25 245.71 169.23
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 101.20 -0.62 0.00 -0.03 0.00 -0.18 1 Up to 5 Years 304.03 0.06 -0.37 -0.92 2511.64 -0.07 0.65
Nth Amer High Yld 5Y 334.18 5.51 1.48 -41.52 421.26 327.30
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 125.88 -0.29 0.01 -0.06 0.02 -0.42 2 Over 5 years 809.40 -0.17 -4.98 6.97 6120.01 -4.90 7.35
Nth Amer Inv Grade 5Y 54.34 1.62 1.37 -2.77 65.62 52.16
05/30 2.40 125.88 -0.29 0.01 -0.06 0.02 -0.42 3 5-15 years 511.86 -0.01 -2.37 2.14 4077.22 -2.24 2.84
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 102.28 -0.44 0.00 -0.05 -0.09 -0.60 4 Over 15 years 1059.42 -0.23 -5.96 8.55 7799.63 -5.90 8.82
02/25 0.35 101.92 -0.11 0.01 -0.08 -0.08 -0.78 5 All stocks 721.23 -0.15 -4.58 5.95 5553.83 -4.48 6.47
05/30 0.40 104.01 -0.02 0.03 -0.04 -0.12 -0.60
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 145.18 1.44 0.01 -0.10 -0.01 -0.78 Yield Indices Nov 19 Nov 18 Yr ago Nov 19 Nov 18 Yr ago
Japan 04/23 0.05 99.99 0.05 -0.01 -0.01 0.00 - 5 Yrs 0.00 0.00 0.42 20 Yrs 0.89 0.87 1.24
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 100.06 0.04 -0.01 -0.02 -0.01 - 10 Yrs 0.39 0.38 0.75 45 Yrs 0.84 0.83 1.18
Crude Oil† Dec 41.79 -0.08 Corn♦ Dec 421.25 -3.50 Nov 18 Nov 18 Prev return stock Market stocks
12/29 0.10 101.10 -0.02 -0.01 -0.02 -0.01 - 15 Yrs 0.72 0.70 1.08
Brent Crude Oil‡ 43.97 -0.23 Wheat♦ Dec 599.50 1.25 Can 4.25%' 21 105.20 -0.764 -0.484 0.49 8.41 96681.61 8
12/49 0.40 94.33 0.61 -0.02 -0.02 0.01 -
RBOB Gasoline† Nov 1.16 0.00 Soybeans♦ Jan 1165.75 -8.00 Fr 0.10%' 21 104.58 -0.945 -0.947 0.16 11.35 246234.42 15
Netherlands 07/22 2.25 104.94 -0.71 0.00 -0.02 0.01 -0.07 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Dec 390.80 -4.20 Swe 0.25%' 22 109.59 -0.505 -0.532 -0.16 26.51 200046.97 7
07/26 0.50 106.70 -0.66 0.00 -0.04 0.04 -0.27 Real yield Nov 19 Dur yrs Previous Yr ago Nov 19 Dur yrs Previous Yr ago
Natural Gas† Nov 2.57 -0.14 Cocoa (ICE Liffe)X Dec 1765.00 25.00 UK 1.875%' 22 110.27 -3.057 -3.032 0.17 15.74 776211.40 28
Ethanol♦ - - Cocoa (ICE US)♥ Dec 2638.00 0.00 New Zealand 04/25 2.75 110.71 0.30 -0.04 0.01 0.26 -0.85 Up to 5 yrs -2.73 2.92 -2.71 -2.17 -3.19 2.92 -3.03 -2.73
UK 2.5%' 24 359.07 -2.879 -2.858 0.01 6.82 776211.40 28
Uranium† Jul 33.80 - Coffee(Robusta)X Jan 1389.00 -20.00 05/31 1.50 106.32 0.87 -0.05 0.01 0.32 -0.67 Over 5 yrs -2.15 23.91 -2.16 -1.83 -2.18 23.98 -2.17 -1.86
UK 2%' 35 297.40 -2.541 -2.547 -2.48 9.08 776211.40 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Dec 120.05 0.40 05/31 1.50 106.32 0.87 -0.05 0.01 0.32 -0.67 5-15 yrs -2.68 9.56 -2.68 -2.32 -2.79 9.56 -2.75 -2.40
US 0.625%' 21 - - - - - - -
White SugarX 415.10 -1.20 Norway 08/30 1.38 105.37 0.80 0.01 -0.05 0.17 - Over 15 yrs -2.09 29.08 -2.10 -1.78 -2.11 29.10 -2.10 -1.80
Diesel† - - US 3.625%' 28 135.31 -0.964 -0.978 0.04 16.78 1614013.10 43
Sugar 11♥ 15.33 -0.07 08/30 1.38 105.37 0.80 0.01 -0.05 0.17 - All stocks -2.16 22.06 -2.17 -1.84 -2.19 22.15 -2.18 -1.88
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1987.00 -3.00 Cotton♥ Dec 69.70 0.08 Portugal 10/22 2.20 105.49 -0.65 0.00 -0.07 -0.06 -0.33 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1665.00 -10.00 Orange Juice♥ Jan 128.35 -0.10 02/26 3.30 119.41 -0.35 0.00 -0.06 -0.07 -0.46 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 7087.00 18.00 Palm Oil♣ - - Spain 10/22 0.45 102.04 -0.59 -0.01 -0.03 -0.04 -0.30 Gilt Closing Prices information contained herein is proprietary to
Lead 1975.00 19.00 Live Cattle♣ Dec 110.45 -0.90 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 118.91 -0.80 0.02 -0.08 -0.13 -0.24 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 15825.00 70.00 Feeder Cattle♣ Jan 134.88 - Sweden 06/22 0.25 109.59 -0.50 0.03 0.03 0.06 1.54 accurate, complete or timely; and does not constitute investment advice.
Tin 18700.00 -160.00 Lean Hogs♣ Dec 66.00 0.50 Spread Spread Spread Spread 06/26 0.13 116.25 -1.29 -0.01 -0.06 0.03 0.66 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2756.50 16.50 Bid vs vs Bid vs vs 06/30 0.13 116.51 -1.45 -0.02 -0.08 0.04 -
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 104.22 -0.76 0.02 0.03 0.08 0.01 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1876.10 -12.95 Nov 18 Month Year 05/30 0.50 109.49 -0.47 0.00 -0.03 0.06 0.00 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.00 - 0.18 Netherlands -0.66 - -
Silver (US cents) 2431.50 -31.50 S&P GSCI Spt 369.52 2.02 -9.81 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 0.87 - 0.05
Platinum 937.00 2.00 DJ UBS Spot 73.49 -0.09 -5.59 Canada 0.73 - -0.09 Norway 0.80 - -0.02 07/22 0.50 100.87 -0.02 0.00 -0.03 0.04 -0.54 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2337.00 -1.00 TR/CC CRB TR 164.49 2.23 -12.11 Denmark -0.43 - -1.25 Portugal -0.35 - - 07/26 1.50 108.22 0.05 0.01 -0.05 0.11 -0.47 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.38 - -1.20 Spain -0.80 - -1.62 07/47 1.50 113.55 0.93 0.01 -0.09 0.21 -0.34
Iron Ore 128.30 1.05 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.45 - -2.27 United States 03/22 0.38 100.29 0.16 0.01 -0.02 0.01 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 70.00 0.00 LEBA EUA Carbon 26.74 7.61 13.40 Ireland -0.29 - -1.11 Switzerland -0.47 - -1.29 03/25 0.50 100.66 0.35 0.02 -0.04 0.07 -
Baltic Dry Index 1134.00 19.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.02 - -0.84 United Kingdom - - - 02/30 1.50 106.04 0.82 0.01 -0.07 0.13 -
LEBA UK Power 1530.00 -16.62 -14.24 Japan -0.02 - -0.84 United States 0.82 - 0.00 02/50 0.25 114.81 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
Friday 20 November 2020 ★ FINANCIAL TIMES 13
GBP Accumulating Share Class £ 28.78 - -0.26 0.00 Franklin Emg Mkts Debt Opp USD $ 15.73 - 0.00 6.75 Rubrics Global Fixed Income UCITS Fund $ 181.67 - -0.03 0.00 Data Provided by
GBP Distributing Share class £ 19.87 - -0.17 1.44
EUR Accumulating Share Class € 29.41 - -0.20 0.00
GBP Distributing Class (H) £ 11.31 - -0.08 1.18
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 28.98 - -0.35 0.00
arts
East London’s Arcola theatre square and nine metres high at its high-
est point, using the shipping containers
is constructing a new outdoor as ballast and with a roof that floats
space for Covid and beyond. without use of a central post. Planters
around the space will provide scent and
Sarah Hemming reports colour — and garnishes for cocktails sold
at the bar — and the light and acoustics
will be softened by hanging drapes simi-
I
f launching a new show in these lar to those in an outdoor souk.
uncertain times is risky, launching a “It was important to make something
new theatre seems optimistic at the that was a surprise off Ashwin Street,”
least. But that is what the Arcola says Bausor. “It’s quite hectic around
theatre in east London is doing. there. I was trying to imagine a secret
“I would say it’s the opposite of crazy,” space that you could discover, so you
protests Arcola executive director Ben could step off the street into a kind of
Todd, affably, when I put this to him. haven: a calm space that feels com-
“It’s probably the most sensible thing pletely separated from the outside
we’ve ever done.” world.” The colours, he says will be
Step a little closer and you see what he warm — rusts, ochres, browns — partly
means. Arcola Outside will be a new “so it will give you the feeling of warmth
venue constructed on a derelict site even if you’re not warm!”
opposite the existing theatre building. A The venue will not be heated: there is
large, covered open-air structure, it will no way to do so without wasting vast
hold around 80 people (socially dis- amounts of energy. So will people come?
tanced), be fully equipped with stage,
bar and backstage and be ready to face
anything the English winter has to
throw at it. The current plan is to run
trial performances next month with a
view to opening fully in January (though
Theatre’s fresh-air future vision ‘It’s the safest space
you can get and you just
need to put a few more
everything is contingent on lockdowns).
If successful, it could provide a model
clothes on. I’d go!’
for other organisations — not just thea- Above: design Mehmet Ergen and executive producer the new theatre opened with Rebecca temporary structure we put up would
tres — to follow. for the new Leyla Nazli in a former garment factory Lenkiewicz’s The Painter: a drama about likely blow away or get very, very wet,” “It’s a different experience, a differ-
The idea, explains Todd, was born not Arcola Outdoors down a side street in Hackney, the artist JMW Turner (played by Toby says Jon Bausor, who has designed the ent aesthetic and maybe that’s the point
of wild optimism, but of necessity. space. Below: Arcola has staged new plays, classics, Jones), one of the paint factory’s most new space. “So we’re creating something — actually embracing that,” says Todd,
“We’ve had a much more pessimistic entrance to the European drama, fielded impressive famous customers. that has more solidity — and hopefully adding that shows will be short, there
approach to Covid-19 than most people existing theatre casts and launched young writers. Actor The Arcola has also been at the fore- more of a grace and a beauty. We hope it will be hot mulled wine and blankets to
for quite a long time. It was fairly obvi- in Hackney Greg Hicks played Richard III at the front of seeking environmental sustain- is a venue that can live on: so it can work buy. “It’s the safest space you can get
ous, even nine months ago, that we were Bausor Studio; Lidia Crisafulli
Arcola; Barney Norris’s immensely ability in theatres, largely because of as a space during Covid but then evolve and you just need to put a few more
going to be operating in a way that was moving Visitors had its first outing there. the presence of Todd, who runs its to become something else.” clothes on. I’d go!”
Covid-secure for quite a while to come — Nine years ago, the company moved sister company Arcola Energy and Bausor, an international stage The team hopes that Arcola Outside
and indoors wasn’t the way to do it.” to larger premises — a former paint describes himself as “an academic mar- designer, has designed dozens of shows will outlive its initial purpose. But its
There was an imperative, he adds, to factory in Ashwin Street. And just as ried into Arcola”. for the indoor Arcola, and has also built wider legacy could be in helping to
use government financial support Frank McGuinness’s Factory Girls was “I’m an engineer — I did a PhD on many striking outdoor sets, including a address a much deeper shift in priorities
wisely, to create employment for artists an early show at the original venue in clean power stations,” he says. “I was vast suspended mirror that hovered across society, prompted by the pan-
and entertainment for audiences. But honour of the building’s former role, going to have a sabbatical in the theatre over The Seagull at Regent’s Park’s Open demic and the threat of climate change.
whereas for some theatres that might for a year. That was nearly 20 years ago Air Theatre. He designed the Paralym- “Even once Covid has receded, I think
mean moving online or opening safely — I never managed to escape!” pics opening ceremony in London 2012. we might see a positive change in atti-
indoors, those options didn’t work for But the intimacy of the theatre makes For Arcola Outside, he says, “I’ve tried tude,” says Todd. “A willingness to be
the Arcola. it a poor fit for a pandemic that thrives to work out what [the venue] is, what it outside, to dress to suit the weather —
“What is the way to address this new in packed indoor spaces. So the team stands for. I was looking at a lot of Mon- because environmentally we need it
reality with integrity?” he asks. “There looked at the stretch of land opposite, golian yurts — these moveable palaces anyway. And the pandemic threat is
are other organisations that are able to which housed a few old shipping con- from the Middle Ages for a nomadic life- going to have to live on everybody’s risk
migrate really well into digital format. tainers and portable buildings. In keep- style — and thinking about what that register now for a while. There is a
But that’s not us. We do straightforward, ing with the sustainability ethos of the could be in a modern context. So it takes strong argument to say we mustn’t treat
good plays in a tiny room sitting on top theatre, those containers now find its principles from that: it has outer col- this as a temporary blip and then go
of each other. So outside was a sensible themselves pressed into service for the umns and a structure which requires no back to business as usual. This is going
thing to do.” new venture. And what began life as central pillars.” to happen again. Let’s be ready and try
The thinking is typical of a theatre possibly “a few pub tables and umbrel- Collaborating with engineer Philip to manage it a bit better next time. Let’s
that has, since its launch 20 years las” has progressed into something Cooper, who worked with him on the try to learn something.”
ago, punched well above its weight. more substantial — and weatherproof. suspended mirror for The Seagull, he has
Started by irrepressible artistic director “It was clear from the outset that any come up with a structure 17 metres arcolatheatre.com
W
hen the composer
Eugene Birman moved
from the UK to Hong
Kong two years ago, he
was shocked to discover
a city suffering from persistent pollu-
tion and smog, rather than the clean
modern urban environment he had
imagined.
That inspired Aria, which — despite
artistic constraints, local political
upheavals and the global disruption of
coronavirus — opened last week in Hong to pollution as well as live singing from This is not the first time the composer
Kong as one of the world’s first pandem- the Hong Kong Children’s Choir and has addressed sensitive themes in unu-
ic-proof operas. It combines music, holograms of Denmark’s Theatre of sual settings in his work: there has been
installation art and big data to reflect on Voices ensemble. climate change, inequality and finance
environmental concerns. Aria is a reference to both music and in State of the Union and the financial cri-
“I wanted to do a project about the air. The artists worked with computer sis in Nostra Cosa; No. 289, written for “50
environment that didn’t itself contrib- scientists to analyse comments made on voices and one megaphone”, was about
ute negatively to the environment,” says social media about air pollution in Hong and performed on the disputed border
Birman. “A lot of others that do are hor- Kong and the Chinese mainland to between Estonia and Russia.
rendously wasteful.” inform the libretto and to project during But he argues that any underlying
Birman teamed up with Kingsley Ng, the performance. They developed an political message should be subtle. “We
a Hong Kong-Canadian artist who had algorithm that distorts the soundtrack didn’t want negativity — it’s better to
worked on bold projects including After to reflect the local air pollution data. highlight, dramatise, let people make
the Deluge, an installation in the city’s They also worked with the Hong Kong their own decisions,” he says. “That’s
giant underground storm water storage Children’s Choir, asking the children to more effective than blame: go home and
tank, and Twenty Five Minutes Older, a think about it.”
conceptual artwork inside a tram which While the Hong Kong government
was taken to Art Basel.
‘We didn’t want negativity covered the estimated £220,000 costs
The new work, Aria, is an 80-minute — it’s better to highlight, and made tickets available free of
combined opera and installation whose charge, Aria has something in common
audience — limited to 20 people for each dramatise, let people make with much opera in its exclusivity. The
performance — do not sit in an audito- their own decisions’ limited places were snapped up within
rium but walk through different settings minutes of release, as residents sought
in the city’s Forsgate Conservatory. new cultural experiences after months
Working around the constraints of the contribute their own views of pollution. of demonstrations and controls on pub-
Conservatory meant using no tradi- “In opera, children are being used lic events driven by the virus.
tional stage or scenery. That it itself was increasingly because a child on the stage But Birman argues that a compensat-
also a decision linked the theme of sus- means showing someone with inno- ing advantage of the final version is that
tainability. cence and a future, but they have little much of the performance is now “pre-
“We wanted to experiment with input into how the future is being cre- packed”, with the holograms pre-
interactive formats,” says Birman. “You ated,” says Birman. “We didn’t want to recorded and touring versions likely to
normally sit, and are a spectator: you force them to speak others’ words.” cost less than £100,000. The logisti-
see a set on a stage and are forbidden Coronavirus delayed the launch by cal challenges and carbon emissions of
from entering it. It’s almost a taboo in several months and restricted the audi- flying in the Theatre of Voices and props
opera or music to let the audience in on ence size. The singers have to use masks, have been eliminated.
the creation.” reinforcing the theme of breathlessness. Organisers need simply to
Instead, the creators divided the Travel restrictions meant that instead of recruit local children’s choirs and feed
roofed Forsgate Conservatory into seg- flying in the Theatre of Voices from Den- in the new location’s air pollution data to
ments through which audiences prome- mark, they were recorded and the modify the projections and music.
nade, allowing them to linger, listen and image projected with hologram technol- Several festivals around the world
observe. Ng likens it to a sushi conveyor ogy on to a jet of water. including Manchester International
belt. From the start the two artists, work- Festival are already in discussions to
The audience members are ushered ing with Prof Johnny Poon at Hong Kong present their own versions of Aria, and a
by dancers with lanterns through a pri- Baptist University and colleagues from virtual reality version will be released
meval forest ecosystem to a post- the computer science department in a later this year. The result will be a recy-
climate-collapse desert and then to a wider project called Space to Breathe, clable opera for the new era.
contemporary podium, accompanied drew on the two key ideas: interactivity
by projections of social media reactions and sustainability. newvision.gov.hk/2020/en/aria
Friday 20 November 2020 ★ FINANCIAL TIMES 15
The G20 summit and a Biden administration could lead to new initiatives to help poorer countries
struggling to cope with the long-term economic impact of coronavirus.
By Jonathan Wheatley
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
IMF must help Africa to woo private investors Small-cap fund managers
require encouragement
Following the letter from Harry
There are many positives for poorer Highly-indebted countries struggling the needs of the various countries that Nimmo on the role of active fund
African nations if your article “G20 to attract investment need they’re seeking to partner with. managers in raising capital (November
nears accord over IMF relief funds” international institutions to be more Where capital is set aside for Africa 17) I would like to highlight what I
(Report, November 19) is correct. All creative when meeting their it is too often not utilised because believe is the importance of private
of the sub-Saharan nations I operate in investment objectives. criteria are not met. As a result, both investors in this process.
have been materially impacted by the Africa requires a bespoke approach African consumers and Western Increasingly, small-cap fund
pandemic and — as importantly — by which recognises its challenges. China investors lose out. managers are wary of investing in very
FRIDAY 20 NOVEMBER 2020 the squeeze on international is wise to this. It is evident everywhere Even if there is no breakthrough on small companies typically with market
investment and business activity that in Africa that the Chinese are able to special drawing rights (SDRs) at this capitalisation of less than £200m
ordinarily contribute to our economic free up finance, deploy capital and G20 meeting, I hope the IMF and following the well publicised demise of
and social development. mobilise far faster than their Western World Bank will work towards certain funds in recent years.
Cash injections from the IMF will counterparts and do so in a manner adapting their investment criteria to The lack of liquidity is the main
Opinion
The case for a Biden-Putin thaw Beating Covid
will take far
global affairs
celebrating constitutional changes that
would allow him to serve as president
it is hard to quantify the strategic gains.
Mr Trump’s defeat robs Mr Putin of
went nowhere. And in the aftermath of
Mr Putin’s invasion of Crimea and east-
Whether such co-operation could be
the prelude to a general thaw is the more more than a
Philip
Stephens
for life. It has been downhill ever since.
The Russian economy, weakened by
low oil prices, has been battered by the
his most important admirer and of a
relationship that added legitimacy to his
authoritarian rule. More than that, Mr
ern Ukraine, the vice-president took
much of the responsibility for policy
towards Moscow and eastern Europe.
difficult question. I have my doubts. Mr
Putin has spent 20 years casting himself
as the leader Russia needs to stand up to
new vaccine
Covid-19 pandemic. The rouble has Biden promises to refurbish the Atlantic This was before the Kremlin’s interfer- the west. The sense of grievance at the
fallen sharply and living standards are alliance. President-elect Biden is of a ence in the 2016 US election to tilt the loss of the Soviet empire runs deep.
moving in the same direction. The presi- generation that greatly prizes Nato. odds against Hillary Clinton. On the other side of the fence, many,
dent spends a lot of time locked away in Put the various woes together and More recently, Mr Biden is on record perhaps most, Europeans would back a Paul
R
e-engage or rebuff? Joe his Dacha outside Moscow. it cannot be beyond possibility that as saying that the west should impose reset. Some, notably French president
Biden’s presidential election Pro-democracy protesters have taken real costs on Mr Putin’s regime for viola- Emmanuel Macron, have been eager Hudson
victory is a reprieve for to the streets in neighbouring Belarus. A tions of international norms and that to normalise relations with Mr Putin.
Atlanticism. Europeans and
Americans are talking again
botched attempt to poison Russian
opposition leader Alexander Navalny
A reset has a chance of the US will back civil society groups
opposing Kremlin authoritarianism.
German chancellor Angela Merkel,
under pressure to cancel construction
success only if Moscow
W
about what they can do together. High with novichok has reminded the world And yet. Mr Biden is also a pragma- of the Nord Stream 2 pipeline to carry e are entering a new
on the agenda is handling Vladimir
Putin’s Russia.
of the Kremlin’s sponsorship of political
assassination and prompted a new
commits to altering tist. He has signalled that, as Mr Putin
suggested, the New Start strategic arms
Russian gas directly into Germany,
would also be receptive.
phase of Covid-19 as
interim data, first from
Donald Trump’s departure from the round of western sanctions. Russia’s its behaviour treaty — the last bilateral agreement Therein lies the danger. Much as it Pfizer and BioNTech,
White House will be an obvious continued presence in eastern Ukraine limiting nuclear weapons — should be makes sense for Mr Biden to explore the and then Moderna,
moment to turn the screws on the comes at the expense of costly sanctions Mr Putin is now considering whether his extended beyond its February expiry. possibility of warmer ties, too many show promise of a safe and effective vac-
Kremlin to raise the cost of Mr Putin’s imposed by the US and EU. regime’s best interests lie in another The logic is straightforward: whatever Europeans have been ready to bow to cine. More candidates are expected to
myriad breaches of the rules-based A war between Armenia and Azerbai- four years in open conflict with the west. the state of relations between Washing- Mr Putin’s terms. In truth, a reset would follow — Sanofi has two vaccines in tri-
international order. Another response jan has destabilised the south Caucasus If there was ever going to be a time to ton and Moscow there will be occasions have a useful chance of success only if als. One, a collaboration with GSK, is
would be to test if there is an opportu- and seen Turkey challenge Moscow for consider some sort of accommodation when the two sides would do best Moscow committed to an enduring based on our flu vaccine and data from
nity to recast the relationship. The two regional influence. Political unrest in this must surely be it. to co-operate. Climate change might change in its behaviour. The way to phase 1 and 2 studies will come shortly.
approaches are not as far from each Kyrgyzstan has put a question mark Reset, of course, is not Mr Biden’s be another area; so, too, the global persuade Mr Putin is to be implacably The second is a messenger RNA vaccine
other as they might seem. over Russian influence in central Asia. favourite word. As vice-president, he distribution of Covid-19 vaccines. tough from the outset. similar in approach to Pfizer and Mod-
These are not the best of times for As for Russia’s interventions in Syria was around when Barack Obama The west, after all, did business with erna. But, having a vaccine is only one
Mr Putin. A few months ago, he was and Libya, as bold as they may seem, launched just such a policy in 2009. It Moscow at the height of the cold war. philip.stephens@ft.com facet in the complicated war to contain
the virus.
Distribution is perhaps the biggest
hurdle. Vaccines are not interchangea-
ble and ensuring that individuals get
AI is reshaping
two doses, if required, of the same vac-
cine is critical. There may also be issues
with safeguarding potency. Moderna’s
and Pfizer’s vaccines need to be stored at
minus 20C and about minus 70C respec-
tively, and used within five or 30 days of
L
ast week Barclays’ credit card resent “a fundamental discontinuity”
business struck a deal with from the past, a new MIT paper warns. Boeing 747s will be needed
Amazon to offer seamless cus- Jack Ma, founder of Ant’s parent com-
tomised shopping and pay- pany, Alibaba, was arguably one of the of AI programs to embed bias, including connectedness between financial Second, regulators and risk managers to respiratory viruses, and use estab-
ment services in Germany. first to spot the potential. It uses data on racism, into decision making. Another markets and institutions.” Yikes. must bridge information silos. Very few lished distribution channels, such as
The announcement drew little atten- consumer and corporate digital activity revolves around privacy risks. So what should be done? One obvious people understand both AI and finance; those used to deliver influenza vaccines
tion amid the US election, pandemic to predict credit risk and provide cus- A third is antitrust: since having a and tempting idea might be for politi- instead, the people with these skills around the world.
pain — and the cancellation of Ant tomised services. That is a key reason huge data base offers a compelling cians to press the “pause” button. typically sit in different institutions and Computer modelling is paramount to
Financial’s putative $37bn initial public why the Chinese finance group has advantage in AI, there is a tendency for Indeed, that is what Beijing seems to be departments. This is alarming. determine how many needles, syringes
offering. But investors and regulators expanded at such a dizzy pace. But west- dominant companies to become ever trying to do with Ant (although it is Third, we cannot hand all the creation and vials will be required worldwide. In
should pay attention. That is not ern companies are racing to catch up more dominant. A fourth, related issue unclear how far the decision to halt the and control of AI-enabled finance to the US, 850m needles and syringes will
because of what the deal shows about both in retail — with Barclays’ German is herding: since AI programs are often IPO reflects grand policy concerns, as geeks with tunnel vision; instead, the be needed to deliver Covid-19 and flu
German shopping habits, Amazon’s deal — and wholesale finance. constructed on similar lines, their use opposed to politics.) people crafting strategy must have a vaccines. In May, the Strategic National
voracious expansion or Barclays strat- In theory, this could be beneficial as a could reduce institutional diversity and However, it will not be easy to stuff the holistic view of their societal impact. Stockpile held just 15m syringes. The US
egy, per se. way to “democratise finance”, as Mark undermine the resilience of finance. AI genie back into the bottle. Nor is it But for this to happen, there needs to government is working to increase sup-
Instead, the German tie-up’s real Carney, former Bank of England gover- However, the biggest problem of all is necessarily a good idea, given the poten- be a fourth development: politicians ply, and international groups such as the
significance is as a tiny, but unusually nor, has observed. More specifically, opacity. “The lack of interpretability or tial benefits. What would be far better is and the wider public must pay attention UN are also preparing stockpiles. But we
visible, sign of a feverish race under way these innovations should enable finan- ‘auditability’ of AI and machine learn- for policymakers and financiers to to what is under way, instead of out- need to analyse projections and adopt a
at banks and tech companies to find cial companies to offer consumers ing methods could become a macro- embrace four ideas. sourcing it to technical experts. system-wide approach to ensure we
ways to use big data and artificial intelli- “more choice, better-targeted services level risk,” a new paper from the Finan- First, companies engaged in AI-ena- This will not be easy, given that AI is have enough. As with mask production
gence in finance. Essentially, Barclays and keener pricing”. cial Stability Board notes. “Applications bled financial activities must be regu- hard to understand. But the 2000s ramp-ups and other recent manufac-
and Amazon are linking data with AI They should also cut corporate bor- of AI and machine learning could result lated within a finance framework. That showed what can happen when geeks turing feats, this issue can be solved with
analysis to approve credit (or not) and rowing costs. Ant has used its vast data in new and unexpected forms of inter- does not mean transposing all the old with tunnel vision go mad in finance and concerted global collaboration.
predict what customised services cli- troves and AI to analyse credit risks in a banking rules on to fintech; as Mr Ma politicians ignore them. We cannot Transportation of the Covid-19 vac-
ents will want next. “I personally think way that its says enables the company to has argued, these are not all appropri- allow this again. If you thought the 2008 cine will be a massive undertaking for
that the partnership with Amazon has
been one of the most important things
offer cheaper loans. Marshalled cor-
rectly, AI could also help regulators and
What happens in this ate. But central bankers and regulators
must retain oversight of fintech and
financial crisis was bad, just imagine
one that moves faster and goes farther
airline and shipping companies. To dis-
tribute a single dose to the planet’s 7.8bn
to have happened to Barclays in the past risk controllers spot fraud more easily, race could help maintain a level playing field, even if because it is enabled by AI. That should people, the equivalent of 8,000 Boeing
five years,” Jes Staley, Barclays chief
executive, told me.
and improve bank stress tests.
But there are enormous potential
to determine the next that requires them to expand their over-
sight into new areas, such as the data
scare us into a policy debate right now. 747 cargo aircraft will be needed.
Ground shipping companies will have to
What happens next in this AI race costs too. One of these is the propensity big set of regulatory risks being plugged into AI platforms. gillian.tett@ft.com develop new routes to take vaccines
from warehouses to distribution cen-
tres. Since the start of the pandemic,
pharma and transportation companies
have worked together to find new routes
Europe needs to build the digital future, not just bash Big Tech so that medicines continued to reach
patients in a timely manner — even as
borders closed. We need to build on this
collaboration.
Lastly, we must redouble efforts to
outpace the US and China in many The main outlines of the EU’s legislative activism, though, will be how industry’s “narrative of inevitability”, reassure the public that Covid-19 vac-
TECH NOLOGY fields, or limp along in the digital slow legislative push are already emerging. far the EU goes in attempting to shape which favours existing giants, and cines will be thoroughly assessed for
lane. The EU will recognise the central impor- markets to stimulate innovation. empowering local enterprise. “We need safety. A recent poll in the US found that
John Investors have already delivered their tance of the big tech platforms by defin- Europe’s entrepreneurs mainly want to bring back the idea that companies only 51 per cent of people say they plan
Thornhill preliminary, and pessimistic, verdict:
the US tech sector is today worth more
ing them as digital gatekeepers and
holding them to higher standards of
EU leaders to deliver on existing prom-
ises to remove national regulatory barri-
exist at the pleasure of, and in service to,
the public,” she says.
to take a Covid-19 vaccine, and some
countries in Europe are also experienc-
than all the stock markets of 27 EU openness and responsibility than ers, complete the digital single market, The real game-changer would be if ing vaccine scepticism. As vaccine man-
member countries combined. smaller competitors. It is opting for this harmonise tax and stock options regimes Europe could pioneer the creation of a ufacturers, we need to be as transparent
As politically deft as she is tough, Ms differential approach, even though and boost local capital markets. radically different and more decentral- as possible about the clinical trial proc-
A
year ago, Margrethe Vestager is well prepared for the chal- some lawyers argue it is antithetical to But the bloc is promising to go further. ised data economy, as envisaged by, ess and measures to ensure safety. As
Vestager was handed a sim- lenge, even though she suffered a big key principles of competition law. Already, it has earmarked 20 per cent of among others, Solid technology master- we’ve witnessed first-hand with Sanofi’s
ple mission that is fiend- defeat this year when trying to force its post-pandemic recovery funds for minded by Tim Berners-Lee, the inven- vaccines for polio and the flu, communi-
ishly tricky to fulfil: make Apple to pay more taxes. In a telephone digital initiatives. And it is exploring tor of the world wide web. ty-driven models focused on education
Europe fit for the digital
age. The EU’s executive vice-president
interview last week, she said that while
she was excited by the uses of technol-
The game-changer would how to change the rules of the data econ-
omy to help level the field for competi-
Flanders has just begun deploying
this technology to provide local services
and transparency help with vaccine
acceptance, especially with healthcare
is now nearing delivery time. Over the ogy, as demonstrated by its indispensa- be if the EU could create a tion and preserve privacy. Not only does to its 6.5m citizens. “By putting the user workers’ support.
next few months, the European Com-
mission will unveil landmark legislation
bility during the pandemic, she was also
focused on its potential threats to com-
radically different, more data have huge economic value, it also
has extreme personal significance. In a
in control we will have a totally different
perspective on how to use data,” says
Vaccines aren’t magic bullets, but
rather steps towards increasing the
to help protect consumers and smaller petitive markets and free societies. decentralised data economy world of identity politics, as Ms Vestager Raf Buyle, an information architect for body’s ability to fight off deadly patho-
companies from the overmighty US tech It must be the responsibility of demo- puts it, “data defines us”. the Belgian region’s government. gens. With a vaccine on the horizon, it is
giants, combat disinformation and cratic politicians to decide how technol- But the EU is more likely to try The EU is considering whether to force The EU commission should be mak- tempting to believe that the end of the
cyber crime, improve connectivity and ogy should best be deployed rather than to cajole these tech giants into modify- the big tech companies to share ano- ing as much effort to nurture new ways pandemic is in sight. But there is a long
unleash entrepreneurial innovation. allow corporate bosses to dictate all the ing their practices rather than attempt- nymised data. It is not yet clear exactly of building the future as to regulating road ahead. If we anticipate the chal-
It would be overstating things to say terms of interaction, she said. The same ing to break them up. The commission how this would work, nor whether it is what already exists. Bash Big Tech by all lenges and move in a co-ordinated fash-
this is a make-or-break moment for the technology that could be used to pro- will certainly be a lot warier in nodding even feasible in a secure way. means. But to make Europe truly fit for ion, we will benefit from the freedoms
EU; for centuries Europe has proven mote innovation and inclusion also ena- through any acquisitions in future — as But Michelle Meagher, a lawyer and the digital age, Ms Vestager needs to be restored by these innovative vaccines
itself to be as reinventive as it is robust. bled discrimination and exclusion. it did with Facebook’s purchase of author of Competition is Killing Us, says as inventive as she is defiant. more quickly.
But this legislation may help determine “Technology changes society at a very WhatsApp. that such data sharing could be a very
whether Europe can catch up and even fundamental level,” she said. Perhaps the most intriguing area for powerful way of challenging the tech john.thornhill@ft.com The writer is chief executive of Sanofi
18 ★ FINANCIAL TIMES Friday 20 November 2020
CROSSWORD
No 16,639 Set by BRADMAN
ACROSS
9 In widespread disease there’s little right
regarding protective layer (9)
10 One dealing with a letter? (5)
11 How pork may be cooked, might you
say? I have the knowledge (7)
12 Commander leading American
organisation that seems to be
everywhere (7)
13 Dick, the first person to be heard (3)
14 Shops now deal with this less often --
minor reform (5,6)
17, 18, 19 Hesitater Ken’s transformed and
seizes control (5,3,5)
21 Sozzled priest left in heap – “batty” type
(11)
23 Tents maybe ending out in river (3)
25 Inferior worker meeting a king’s
daughter (7)
27 Sultan demands healthy food at home
(7)
28 Period of work that’s quiet on one
newspaper (5)
29 Festival with loveless emperor who
dwells in oriental region? (9)
DOWN
1 Tiger maybe needing iron on course (6)
2 Talk incorrectly as Bakewell’s beauty
queen? (8)
3 More than one surveyor goes wrong –
stop to intervene (10)
4 Measure allowing soldiers to imprison
this writer (4)
5 One may signal the end of class struggle
for youngsters (6,4)
6 Stairway ultimately needing a form of
cover (4)
JOTTER PAD 7 Call doctor and suggest dropping drug
(4,2)
8 Administrators providing support
without and within (8)
15 Acts in sequence – talents are wasted
(10)
16 Nasty little creatures making comment
about Pegasus (10)
17 Spit disgustingly on special site, being
Solution 16,638 more drunk than everyone else? (8)
20 Innocent number released, having
6 . , / / 6 ( 7 / , 9 ( / <
1 ( 4 + $ $ 2
secured identity in disturbance? (8)
& ( ) $ / 8 ( 1 9 , 6 $ * ( 22 Bird short of breath? Not good (6)
/ 9 ( / , $ 24 Something mucky and something hairy
) / 8 ( $ 7 0 2 6 3 + ( 5 ( outside ancient city (6)
6 . $ + 2 , 26 Mention something used alongside 14?
$ / + $ 0 % 5 $ 7 $ 7 ,
8 / < 1 2 ( +
(4)
( % 5 2 ' $ 9 < / $ 0 3 27 Band of specially trained group in front
5 1 % / ( . of hotel (4)
& , 1 ( 0 $ * 2 ( 5 ( & + 7
& 6 8 $ ( $
& $ / $ 0 $ 5 , : , 3 ( 5 6
1 ' / 6 ( ( (
$ 7 ( 2 8 7 ( / ' 2 5 $ ' 2