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Gaining currency Forgotten heroes Musk’s mandate

Cross-border payments cry out Nursing’s Covid exodus poses risk Tesla boss’s office decree a risk only
for ‘crypto’ tech — GILLIAN TETT, PAGE 17 to global healthcare — BIG READ, PAGE 15 he could take — RICHARD WATERS, PAGE 5

Crowning glory Crowds fill London streets to celebrate Queen’s platinum jubilee Briefing
Britain’s Queen Elizabeth II smiles on the bal- i Traders rush to secure
cony of Buckingham Palace in London as LNG tankers before winter
members of the royal family enjoy a fly-past on The world’s largest gas traders are
the first of a four-day public holiday to cele- rushing to charter LNG tankers
brate her 70 years on the throne. before the peak winter demand
Thousands of well-wishers lined the streets season after sanctions on Russia
around the palace as festivities began with the triggered a reshaping of global
trooping of the colour — the annual event in energy flows.— PAGE 5
which 1,500 soldiers in red uniform and bear-
skin hats march to mark the Queen’s official i Chinese IPOs halted
birthday. The fly-past featured vintage and Xiaomi-linked Chinese groups
modern aircraft, including the Red Arrows. have faced extra regulatory
The Queen has been on the British throne for scrutiny, with some pausing
longer than any of her predecessors, and is the planned IPOs after being
third-longest reigning monarch ever of a sover- questioned about close ties with
eign state. World figures, including US Presi- the smartphone giant.— PAGE 5
dent Joe Biden, France’s Emmanuel Macron
and Pope Francis were among those to send the i Ukraine lifts rates to 25%
96-year-old sovereign messages of goodwill. Ukraine’s central bank has raised
“Thank you to everyone . . . involved in con- its lending rate from 10 per cent to
vening communities, families, neighbours and 25 per cent — a “resolute step” to
friends to mark my platinum jubilee,” the fight inflation, which hit 17 per
Queen said in a statement. “I continue to be cent in May.— REPORTS & ANALYSIS,
inspired by the goodwill shown to me.” PAGE 2 & 3; STEFAN AUER, PAGE 17
Her involvement in this year’s celebrations
will be limited as she has cut back public i Fed official warns on rises
appearances. Senior royals, including Prince Lael Brainard, vice-chair of the US
Charles, and his eldest son Prince William, are Federal Reserve, has warned that
carrying out some ceremonial duties on the the central bank may need to
Queen’s behalf. Some family members were extend its run of half-point rate
absent yesterday, including Prince Andrew, rises into September if inflation
with the palace saying that the Queen’s second does not slow sufficiently.— PAGE 4
son had tested positive for Covid-19.
Hannah McKay/Reuters
i Ford in $3.7bn EV push
Ford will invest $3.7bn to add

Opec lifts output to cool oil price rally

more than 6,200 jobs throughout
the US Midwest as the carmaker
pushes to expand its electric-
vehicle capacity.— PAGE 6

3 Cartel bows to US pressure 3 Riyadh-Washington tensions ease 3 Russian shortfall covered
DEREK BROWER — NEW YORK
DAVID SHEPPARD — LONDON
Opec and its allies have agreed to accel-
erate oil production in July and August,
as Saudi Arabia, the cartel’s linchpin,
bowed to US pressure to cool a crude
price rally that threatens to slow global
economic growth.
Opec said yesterday that it would
raise output by almost 650,000 barrels
a day in both months, up from planned
increases of about 400,000 b/d.
Saudi Arabia and the United Arab
Emirates, Opec’s two powerhouse pro-
ducers, are likely to account for most of
the supply increases, with Riyadh sig-
nalling earlier in the day that it was pre-
pared to increase output to overcome
Russian shortages in the fallout from
Moscow’s invasion of Ukraine.
The move came days after the EU
agreed to impose a partial ban on Rus-
sian oil imports, heightening the risk of
energy shortages. The announcement
brings forward a rise in output that was
planned for September — in effect end-
ing a two-year-long quota system
that has helped oil prices rise almost
500 per cent since the depths of a
pandemic-related crash two years ago.
It is the first time the Saudi-led
Opec+ cartel has deviated from a policy
agreed in the early months of the pan-
demic, and comes after months of high-
level US diplomacy to repair relations
between Riyadh and Washington.
The White House welcomed the
“important decision” and credited
Saudi Arabia for “achieving this con-
sensus among the group members”. It
also recognised the “positive contribu-
tions of the UAE, Kuwait, and Iraq”.
Oil prices fell sharply in early trading
yesterday after the Financial Times
reported Riyadh’s readiness to cover
any Russian shortfall.
Brent crude, the international bench-
mark, dropped to a low near $112 a bar-
rel, from $116 on Wednesday.
Prices rose marginally after the
meeting as analysts said that the rela-
tively modest supply additions might
not be sufficient to calm oil markets,
which have soared to the highest level
Datawatch
Joy ride
% who use a bicycle to travel
in a decade since Russia invaded production capacity available and are 1km-2km
0 10 20 30 40 50
Ukraine, stoking inflationary pressures hesitant to raise output too quickly, Netherlands
around the world. fearing the market’s tightness could China
“Saudi Arabia is still working within become an outright shortage. Japan
the contours of the Opec+ framework Weeks of shuttle diplomacy by the India
to add some extra barrels under politi- White House’s top Middle East and Sweden
cal pressure,” said Amrita Sen at con- energy envoys, Brett McGurk and Italy
sultancy Energy Aspects. Amos Hochstein, have paved the way France
Opec+ alluded to continued strong for an improvement in Riyadh- US
global oil demand in its statement after Washington relations. UK
the meeting, saying that it “noted the Joe Biden is set to visit the Middle Source: Ipsos Mori (May 2022)
most recent reopening from lockdowns East within weeks, with the US presi- Cycling for errands or to commute is most
. . . and that global refinery intake is dent possibly stopping in Riyadh, common in countries where it is seen as a
expected to increase”. The cartel’s deci- despite his hitherto rocky relationship safe mode of transport, such as in China,
Japan and the Netherlands. In the US and
sion “highlighted the importance of with Saudi Arabia’s day-to-day ruler,
in the UK it is the least common means of
stable and balanced markets”, it added. crown prince Mohammed bin Salman. transport for short local trips.
Saudi Arabia and other Opec mem- Ukraine war page 2
bers remain concerned by the spare oil Day in the markets page 11

French diplomats worldwide walk out

Danish vote on EU defence
resets Nordic security map
Denmark’s vote to scrap its opt-out
from the EU’s defence policy, with an
overwhelming majority supported by
Prime Minister Mette Frederiksen,
above, changes the entire security
landscape for the Nordic nations.
Combined with the historic decisions
by Finland and Sweden to seek Nato
membership, the Danish result aligns
the Nordics more closely with their
Baltic neighbours and gives the whole
region the potential for more heft.
Moscow threat i PAGE 2
over Macron’s plan to cut special status
VICTOR MALLET — PARIS
French diplomats went on strike yes-
terday for the first time in 20 years to
protest against reforms by President
Emmanuel Macron that will abolish
their special status and merge them
into the rest of the senior civil service.
From Beijing to Paris, strikers posted
photographs and messages under the
Twitter hashtag #diplo2metier (diplo-
mat by profession) protesting that
theirs was a specialised job requiring
language skills and experience that
could not be simply swapped for
another government post.
“My baker is not my butcher,” said
Jérôme Douaud, a diplomat.
“I don’t know anyone who is against
the strike,” one former senior diplomat
said. “They are all in favour, the senior
diplomats and others, and even employ-
ees on contract who complain about the
lack of financial resources.”
Dominique de Villepin, former prime
minister and foreign minister, said sup-
pression of the diplomatic corps would
diminish French influence.
“Without this diplomatic corps, there
would have been no opposition to the US
intervention in Iraq in 2003, and no
Paris climate accords in 2015,” he said.
“For France, this means a loss of inde-
pendence, a loss of skills and a loss of
historical memory that will all weigh
heavily in the years ahead.”
French presidents have traditionally
taken control of big foreign policy initia-
tives, leaving domestic issues to the pre-
mier and allowing the foreign ministry
to handle minor crises.
Macron has been particularly active
in international diplomacy. Before
Vladimir Putin’s invasion of Ukraine, he
complained about “the deep state” in
the form of foreign ministry resistance
to his attempts to bring the Russian
president back into the European fold.
Macron’s portrayal of the reforms as a
move against elitism has been rejected
by the diplomatic corps.
“It’s presented as breaking up silos,”
said the former diplomat. “But it’s part
of a bigger movement of presidentialisa-
tion. Macron doesn’t want to be con-
strained . . . So we are moving towards
less neutrality of the state and more
politicisation.”
Macron’s appointment of Catherine
Colonna, a career diplomat, as foreign
minister is seen as a wise choice that
may calm diplomats.
“We need each and every one of you,”
shetolddiplomats.“Youcancountonme
never to forget who I am or where I come
from—and Icome from thisplace.”

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2 ★ FINANCIAL TIMES Friday 3 June 2022

INTERNATIONAL

Inflation battle Financial pressure

Ukraine lifts rates to 25% in ‘resolute step’ US unveils

First rise since invasion is
deemed vital to protect
incomes and currency
MAX SEDDON AND ROMAN OLEARCHYK
KYIV
Ukraine’s central bank has raised its
benchmark lending rate from 10 per
cent to 25 per cent, its first increase
since Russia launched its full-scale inva-
sion of the country in late February.
The National Bank of Ukraine called
yesterday’s move a “resolute step” to
tackle inflation, which hit 17 per cent in
May and is on course to hit more than
double last year’s average of 10 per cent.
It said the rise would protect house-
hold income and savings in the hryvnia,
Ukraine’s currency, and stop the coun-
try burning through its foreign reserves
needed to protect its exchange rate.
A smaller rise, the NBU said, “would
have had no significant influence on the
financial and economic system” during
wartime because of the likely limited
effect on asset prices.
The central bank said it “expects that
the government and banks will respond
adequately to the hike in the key policy
rate by raising interest rates on domes-
tic government debt securities and
deposits”. That, it added, “will make
hryvnia assets, including domestic gov-
ernment debt securities, more attrac-
tive, preventing household income and
savings from being eroded by inflation”.
Lower rates would have created
expectations of future rate rises that
would have curbed demand for the local
currency and not given hryvnia assets
North Europe. Regional security
above inflation yields needed to revive
investor interest, the central bank said.
The bank added it would probably move
to cut rates once inflation worries and
pressures on the hryvnia subsided.
A sharp rise in government spending
has pushed the budget deficit up 27 per
cent month on month to $7.7bn in May,
Kyiv-based investment bank Dragon
Capital said yesterday.
Air strikes and artillery bombard-
ment of cities had caused more than
$100bn in infrastructure damage, the
The NBU said a smaller rise
‘would have had no great
influence on the financial
and economic system’
Kyiv School of Economics suggested.
The World Bank expects the economy to
contract by about 45 per cent this year.
Ukraine’s increasing reliance on im-
ports has forced the NBU to spend more
of its foreign reserves to maintain the
hryvnia’s exchange rate with the dollar,
rising from a $2bn monthly average in
March and April to $3.4bn in April.
Kyrylo Tymoshenko, NBU governor,
said support from Ukraine’s foreign
backers was sufficient to sustain its
reserves but called on the IMF to strike a
new deal with Kyiv. “As always, macr-
oeconomic stability and the robustness
of state finances should be at the centre
of the programme,” local media
reported her as saying.
Timothy Ash, senior emerging mar-
ket debt strategist at BlueBay Asset
Management, said the rate rise was
sanctions on
“the rational and right thing to do”. middlemen
“With enough western financial sup-
port, Ukraine can outlast Russia,” he
added. But he warned that if western
and yachts
backers did not change policy by contin-
uing to finance Kyiv mostly through
debt, it would reach “unsustainable lev-
linked to Putin
els” and trigger restructuring which
would “set Ukraine’s postwar develop- JAMES POLITI — WASHINGTON
ment back years”.
The US has imposed a new set of sanc-
The NBU resisted raising rates in the
tions on assets and individuals tied to
war’s first three months and focused on
Vladimir Putin, including blocking
ensuring the banking and payments
yachts linked to the Russian president
systems continued to function. The con-
and targeting cellist and businessman
flict created “strong psychological pres-
sure” that meant a rise would not stabi-
Sergei Roldugin for being the “custo-
dian” of his offshore wealth.
lise inflation expectations or discourage
Ukrainians from buying foreign cur- The move comes as Washington is try-
rency. By this month, however, it said ing to ramp up the financial pressure on
“risks to macrofinancial stability have Moscow, as the war in Ukraine drags
risen in the medium term”. into its fourth month, by trying to
heighten the damage to financial mid-
dlemen close to Putin who have oper-
ated around the world.
In addition, the US is also imposing
sanctions on a new group of Russian
government officials and business lead-

Nordics and Baltics regroup against Moscow threat
Finland and Sweden’s Nato bids
and Denmark’s vote to end EU
opt-out redraw power map
RICHARD MILNE
NORDIC AND BALTIC CORRESPONDENT
Denmark’s vote to scrap its opt-out from
the EU’s defence policy with an over-
whelming majority is more than a deci-
sive change of heart in a country often
hostile to European integration.
Combined with the historic decisions
of Finland and Sweden to seek Nato
membership, the Danish result in a ref-
erendum on Wednesday changes the
security situation in the Nordics com-
pletely, aligning them more closely with
their Baltic neighbours and giving the
whole region the potential for more
clout in Europe.
“For the first time all the Nordics and
Baltics will be able to participate in the
same military missions; we will all be
members of the same institutions,” said
Lykke Friis, a former Danish minister.
“All this institutional bickering and
questions of who is a member of what
will end. It’s a true Nordic Zeitenwende
[turning point].”
Alex Stubb, the former Finnish prime
minister, added: “Things have changed
completely. I have never felt more Nor-
dic. And we have a bigger voice now.”
The dramatic shift is down to Russian
president Vladimir Putin’s invasion of
Ukraine in February, and a realisation
among its neighbours and near-neigh-
bours in the Nordics and Baltics that
they could be next if he is not deterred.
“It’s all thanks to Putin. Nothing
brings people together like a common
enemy. It’s remarkable the dynamic
now in the region. You can talk of a ‘bas-
tion of the North’,” said Minna Ålander,
researcher at the German Institute for
International and Security Affairs.
The pace and the scale of the change
have been remarkable. Denmark had
previously rejected scrapping its two
other opt-outs from EU structures — the
euro in 2000, and justice and home
affairs in 2015. But Wednesday’s vote
was the most pro-EU in the Eurosceptic
country’s history, with 67 per cent
plumping for Yes.
Similarly, in Finland and Sweden sup-
port for Nato membership had for dec-
High flyer: ades been stable at a low level, before
a Swedish Russia’s invasion led to a huge jump. In
military jet 2017, 19 per cent of Finns were for join-
passes over
Gotland island
ing Nato and 53 per cent against: by
early May, 76 per cent were for joining
last month Nato with just 12 per cent against.
Henrik Montgomery/TT News
Agency/AFP/Getty Images
Norway, although not a member of
the EU, already takes part in several
areas of co-operation on defence and
security policy.
The question is what this more uni-
fied Nordic region, along with the three
Baltic states, can accomplish, assuming
Turkey’s opposition to Finland and Swe-
den’s Nato bids is overcome. The most
obvious change will be that defence
planning for how to respond to a poten-
tial Russian attack will be able to include
all eight countries, rather than each
having national plans.
“For the first time in history, we will
have all the Nordic and Baltic countries
in the same collective defence agree-
ment. It’s a very big change that creates
more cohesion in the region,” said Kristi
Raik, director of the Estonian Foreign
Policy Institute. “We’ve all had the same
threat assessment and the same tricky
neighbour, but different arrangements
on how to manage it. The co-operation
now is much clearer, and much closer.”
Defence of Estonia, Latvia and Lith-
uania would be easier with both Sweden
and Finland in Nato, especially as the
strategic Swedish island of Gotland,
dubbed an unsinkable aircraft carrier in
the middle of the Baltic Sea that Russia
could use to control regional airspace,
would be within the military alliance.
But it also allows Nato to look at the
region from the Arctic Circle to the Bal-
tic Sea as one area. “We will probably see
a more Nordic Nato,” said Stubb.
A bigger question is whether the Nor-
dics and Baltics will be able to have more
influence over security matters in gen-
eral. There has been dissatisfaction,
particularly in the Baltics, at the stance
of France and Germany, the two domi-
nant EU countries, to Russia in recent
weeks after months of unity. Ålander
said France and Germany were keen
‘We’ve all “not to burn all their bridges with Rus-
sia”, as they are farther from Moscow,
had the whereas the Nordics and Baltics, as
same threat neighbours of Russia, “want to make
sure it can’t attack any others again”.
assessment Raik said smaller countries in Europe
and the had long been wary of forming clear
blocs, which risk reducing their flexibil-
same tricky ity. “When it comes to Ukraine, and the
neighbour, future of European security, they have a
shared interest, and that can translate
but now to more influence too,” she added.
co-operation In France and Germany, there is a
growing discussion of how central and
is much eastern Europe, led by the Baltics and
clearer and Poland, are pressing for a more hawkish
stance on Ukraine alongside the UK and
much closer’ US. Ålander noted that London had dis-
placed Berlin and Paris in being seen as
the most “relevant and reliable” non-
Nordic security partner in Europe.
Whether this gives the Nordic-Baltic
bloc more sway is still open to debate.
Raik noted “the differences in how to
approach Russia remain profound”.
See Opinion
ers, including Maria Zakharova, the
spokesperson for the Russian foreign
ministry, and Alexei Mordashov, one of
Russia’s wealthiest billionaires.
“The world has seen the extraordi-
nary bravery of the people of Ukraine in
the face of Russia’s brutality,” said
Antony Blinken, the US secretary of
state. “The United States will continue
to work with our partners and allies to
impose severe costs on the government
of the Russian Federation for its aggres-
sion against Ukraine and utter disregard
for human rights and fundamental
freedoms.”
Brian Nelson, the US Treasury depart-
ment’s under-secretary for terrorism
and financial intelligence, said that
members of the Russian elite, including
Putin, “rely on complex support net-
works to hide, move, and maintain their
wealth and luxury assets” — and yester-
day’s move was intended to “go after
those responsible for shielding and
maintaining these ill-gotten interests”.
The US Treasury said that it had iden-
tified the Russian-flagged yacht Grace-
ful and the Cayman Islands-flagged
Olympia as “blocked property in which
President Vladimir Putin has an inter-
est” — noting that Putin himself had
travelled on these yachts, including on a
2021 trip on the Black Sea with Alexan-
der Lukashenko, the president of
Belarus.
The Treasury also targeted Imperial
Yachts, a yacht brokerage based in
Monaco that has an office in Moscow,
saying it provided “yacht-related serv-
ices to Russia’s elites, including those in
President Putin’s inner circle”.
In placing sanctions on Roldugin, the
US Treasury described him as a “close
friend and part of a system that man-
ages President Putin’s offshore wealth”.
It added: “The two have known each
other for over four decades, and Rol-
dugin is the godfather to one of Putin’s
daughters. Roldugin is a cellist, conduc-
tor, and the artistic director of the St
Petersburg Music House, a state-owned
cultural institution in Russia.”
Sergei Roldugin: ‘manages President
Vladimir Putin’s offshore wealth’

Single currency

Eurozone factory gate prices rise at record pace

MAKE A WISE
INVESTMENT MARTIN ARNOLD — FRANKFURT costs triggered by the fallout from Rus- prices, and that could lead to higher res- In the year to May, eurozone con-
sia’s invasion of Ukraine in February. taurant prices, which pushes up serv- sumer prices increased by a record
Subscribe today at Eurozone producer prices have surged
“If you look at inflation rates it has ices inflation,” he added. 8.1 per cent, while core inflation also
ft.com/subscribetoday at the fastest pace since the launch of
been broadening beyond energy for Factory gate prices for non-durable accelerated to 3.8 per cent, both meas-
the single currency more than two dec-
quite a while,” pointed out Oliver consumer goods, such as food and ures rising faster than most economists
ades ago, prompting central bankers to
Rakau, chief German economist at drink, rose 11.2 per cent, their first dou- had expected.
warn that inflationary pressures are
Oxford Economics. ble-digit percentage increase. Higher factory gate inflation is likely
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Friday 3 June 2022
Sanctions trigger Russian technological crisis
Export controls, imposed on chip supplies and hardware because of the Ukraine invasion, add to economic pressures
ANNA GROSS — LONDON
MAX SEDDON — RIGA
Russian companies have been plunged
into a technological crisis by western
sanctions that have created bottlenecks
in the supply of semiconductors, electri-
cal equipment and hardware needed to
power the nation’s data centres.
Most of the world’s largest chip manu-
facturers, including Intel, Samsung,
TSMC and Qualcomm, have halted busi-
ness to Russia entirely after the US, UK
and Europe imposed export controls on
products using chips made or designed
in the US or Europe.
This has created a shortfall in the type
of larger, low-end chips that go into the
production of cars, household appli-
ances and military equipment. Supplies
of more advanced semiconductors,
used in cutting-edge consumer elec-
tronics and IT hardware, have also been
severely curtailed.
As such, Russia’s ability to import for-
eign tech and equipment containing
these chips, including smartphones,
networking equipment and data serv-
ers, has been drastically stymied.
“Entire supply routes for servers to
computers, to iPhones, everything, is
gone,” said one western chip executive.
The sweep of western sanctions in the
wake of President Vladimir Putin’s war
in Ukraine is forcing Russia into what
the central bank said would be a painful
“structural transformation” of its econ-
omy. With the country unable to export
much of its raw materials, import criti-
cal goods or access global financial mar-
kets, economists expect Russia’s gross
domestic product to contract by as
much as 15 per cent this year.
Export controls on “dual use” tech-
nology that can have both civilian and
military applications, such as micro-
chips, semiconductors and servers, are
likely to have some of the most severe
and lasting effects on Russia’s economy.
The country’s biggest telecoms groups
will be unable to access 5G equipment,
while cloud computing products from
tech leader Yandex and Sberbank, Rus-
sia’s largest bank, will struggle to
expand their data centre services.
★ FINANCIAL TIMES
INTERNATIONAL
Russian chips: even though domestic manufacturers Russia lacks an advanced tech sector
exist, lots of finished semiconductors are imported and consumes less than 1 per cent of the
FT montage
world’s semiconductors. This has meant
that tech-specific sanctions have had a
Russia imports most of its chips from Asia much less immediate impact on the
Total value of semiconductor imports ($mn), 2020 country than similar export controls
0 100 200 300 400 500
had on China, the behemoth of global
tech manufacturing, when they were
China introduced in 2019.
Malaysia
Rest of Asia
While Russia does have several
domestic chip companies, namely JSC
South Korea
Belarus Mikron, MCST and Baikal Electronics,
US Russian groups have relied on import-
Philippines ing lots of finished semiconductors from
Thailand foreign manufacturers such as SMIC in
Japan
France
China, Intel in the US and Infineon in
Germany. MCST and Baikal have relied
Germany
mainly on Taiwan and Europe for the
Singapore
Italy production of the chips they design.
MCST said on Monday it was explor-
Source: Comtrade
ing switching its production to Russian
factories owned by JSC Mikron, where it
said it could create “worthy processors
with sovereign Russian technology”,
according to business news site RBC.
But Sberbank said last year Elbrus
chips, developed by MCST, had “cata-
strophically” failed tests, showing their
memory, processing and bandwidth
capacity to be far below those of Intel.
In response, the Kremlin has had to
get creative. Russia this month intro-
duced an import scheme whereby com-
panies are allowed to “parallel import”
hardware, including servers, cars,
phones and semiconductors from a long
list of companies without the consent of
the trademark or copyright holder.
Russia has historically been able to
rely on unauthorised “grey market”
supply chains for the provision of some
technological and military equipment,
purchasing western products from
resellers in Asia and Africa via brokers.
But a global dearth of chips and crucial
IT hardware has meant that even these
channels have dried up.
“Some companies have organised
supplies from Kazakhstan,” said Karen
Kazaryan, head of the Internet Research
Institute in Moscow. “Some second-tier
Chinese companies are ready to supply.
There is a reserve of components in Rus-
sian warehouses . . . but it’s not the vol-
ume they need, it’s not stable, and the
prices have gone up at least twice.”
Russian officials have also explored
moving production to foundries in
China, but there is little evidence that
Beijing is coming to the rescue.
‘In most One leading chip executive said that
“in terms of consumer electronics and
cases phones and PCs and data centres, what
[makers] you see in most cases is that manufac-
turers from outside Russia are not pro-
from viding products to Russia even if it con-
outside tains a legacy chip from China”.
They added that despite President Xi
Russia Jinping’s reluctance to condemn the war
are not in Ukraine, several Chinese companies
had decided to stop selling smartphones
providing to Russia, even though these electronics
products to were carved out of sanctions in an effort
not to directly punish Russian consum-
Russia’ ers, because they were concerned about
3
the impact on their domestic brands.
A dearth of high-end chips has palpa-
bly rocked Russia’s nascent cloud com-
puting market, which has grown in
recent years thanks to laws mandating
companies store data on Russian soil.
Since sanctions came into force, Rus-
sia’s main cloud service groups, Yandex,
VK Cloud Solutions and SberCloud,
have experienced a surge in demand for
their services, as most Russian compa-
nies are no longer willing to host their
applications in data centres abroad,
according to analysts at marketing intel-
ligence group IDC.
VK Cloud Solutions wrote to the
Kremlin last month requesting urgent
help to find “tens of thousands of serv-
ers”, according to local media reports.
Domestic companies are no longer able
to source these from western compa-
nies, and a shortage of the advanced
chips that go into servers is preventing
Russian IT manufacturers from step-
ping up production of their own.
In 2021, there were 158,000 of the
most ubiquitous servers, known as X86,
delivered to Russia, 27 per cent of which
were produced by Russian manufactur-
ers, 39 per cent by US and European
vendors, and the rest made in Asia,
according to IDC data.
The sanctions have also forced mobile
operators to drastically scale back their
plans. With no ready domestic replace-
ment for 5G hardware, advanced mobile
internet technology manufactured by
Nokia, Ericsson, and Huawei, operators
will probably attempt to buy up out-
dated 4G equipment on the secondary
market from countries that have
already moved on to the next genera-
tion of technology, said Grigory Baku-
nov, a former senior Yandex executive.
He added the government was likely
to advise companies not to build com-
petitors to western tech leaders, such as
Yandex’s fledgling taxi app. “This is how
you solve the issue of what to do for the
next five years with no infrastructure,”
Bakunov said. “You cut down on how
much equipment you use by steadily
giving up on competition.”
See Companies and Markets
4 ★ FINANCIAL TIMES Friday 3 June 2022

INTERNATIONAL
GLOBAL INSIGHT
Monetary policy

Fed official warns of more rate rises

WASHINGTON

Vice-chair says further
half-point increases could
be needed to cool inflation
COLBY SMITH — WASHINGTON
The vice-chair of the Federal Reserve
has warned that the US central bank
may need to extend its run of half-point
rate rises into September if inflation
However, she added: “If we are seeing
a deceleration in the monthly prints, it
might make sense to be proceeding at a
slightly slower pace.”
Brainard’s comments come just
weeks after the Fed implemented its
first half-point rate rise in 22 years in a
bid to tame rampant inflation. Current
market pricing suggests the US central
bank will implement two more half-
point rate rises at its upcoming meet-
Edward
Luce
“Right now it’s very hard to see the ‘We’ve still this month the Fed began shrinking its
case for a pause,” she said. “We’ve still $9tn balance sheet, which may amount
got a lot of
got a lot of work to do to get inflation
down to our 2 per cent target.”
Brainard added that she would be
work to
over time to the equivalent of two or
three rate rises, Brainard said yesterday.
The overarching concern among
West begins to feel
watching for a “string” of data indicat-
ing that price pressures were abating,
do to get
inflation
economists is that the Fed’s efforts to
contain inflation will cause painful job
Ukraine fatigue as
consumer demand ebbing and the over-
heated labour market was cooling off.
Her comments come as the Biden
down to our
losses and possibly a recession — some-
thing top officials continue to push back fear of Putin abates
administration has stepped up its rheto-
2% target’ on given the strength of the labour mar-
ket.

does not slow sufficiently in the coming
months.
In an interview with CNBC yesterday,
Lael Brainard said: “If we don’t see the
kind of deceleration in monthly infla-
tion prints [and] if we don’t see some of
that really hot demand starting to cool a
little bit, then it might well be appropri-
ate to have another [Fed] meeting
where we proceed at the same pace.”
ings in June and July. ric on inflation and its commitment to
With no meeting in August, the next counteracting it. The president met Fed
opportunity to implement a fourth rise chair Jay Powell earlier this week, and
would come in September. expressed his confidence that tighter
Asked whether the Fed had any plans monetary policy would “address the cri-
to pause its rate-rising cycle altogether, sis for the American people”. His com-
Brainard pushed back, suggesting the ments were seen as a tacit endorsement
US central bank intends to take action at of the central bank’s plans to dramati-
each of its subsequent meetings for the cally raise rates.
foreseeable future. In addition to monetary tightening,
Asia. Kuomintang
Lael Brainard “We’ve got twice as many job open-
ings as unemployed. In those circum-
stances historically, businesses have
brought down hiring and reduced open-
ings rather than necessarily laid off
workers,” said Brainard. “I think there’s
a path there where we could see demand
cooling, inflation coming down, the
labour market being in better balance,
while still being strong.”
W
e knew this was coming. After the heady
early weeks of Russia’s military humilia-
tion, Ukraine’s heroic resistance buoyed
by a remarkable popular western out-
pouring, tedium is beginning to creep in.
Traditional wars usually go this way. The early mood
swings from euphoria to despair are supplanted by ennui.
Skilled leaders channel despair into fear, which can result
in action. Boredom is a far more stubborn adversary.
Joe Biden’s recent utterances show awareness of the
problem. In the fortnight after Russia’s invasion, the US
president’s approval rating jumped to 47 per cent. Ameri-
cans were rallying round at a moment of acute western
vulnerability. Along with Russia’s partial retreat, Biden’s
numbers in the same Marist poll then slumped back to the

Taiwan opposition party woos wary US
Pro-China movement battles
to regain American confidence
as tensions rise with Beijing
KATHRIN HILLE — TAIPEI
Taiwan’s struggling opposition party
will make an all-out effort this week to
convince Washington that the
Kuomintang, once a US wartime ally
when its erstwhile leader Chiang Kai-
shek ruled China, remains a viable and
trustworthy political force.
On a 12-day tour starting yesterday,
KMT chair Eric Chu will seek to rebuild
relations with Taiwan’s most crucial
security partner, which his party has
neglected for years as it battles to regain
its standing following a series of crush-
ing election defeats.
“The KMT has a Washington prob-
lem,” said Kharis Templeman, an expert
in Taiwanese politics at the Hoover
Institution. “Chu is going to have to
work hard to make the case that the
party is still relevant and would be a reli-
able partner for the US if it takes power
again.”
It is customary for Taiwanese presi-
dential candidates to introduce them-
selves to policymakers in the US, the
guarantor of Taiwan’s security in the
face of China’s threats to invade the
island that Beijing claims as part of its
territory.
Most Taiwanese believe that no politi-
cian who lacks American approval
could win the highest office.
Tsai Ing-wen failed in her first
attempt to win the presidency in 2012
after a senior Washington official
expressed doubts about whether she
would maintain stability in cross-Strait
relations during her 2011 US tour.
But with almost two years to go until
Taiwan’s next presidential election,
Chu’s visit is out of the ordinary.
He will hold closed-door meetings
with officials in President Joe Biden’s
administration, members of Congress
and think-tanks. On June 6, Chu will
deliver a speech at the Brookings Insti-
tution before inaugurating a new KMT
office and travelling to New York and
California.
The party closed its Washington office
after it won the presidency in 2008 and
the KMT representative became the
government’s quasi-ambassador to
the US.
The KMT’s decline began with the
2014 Sunflower Movement of pro-
tests against a services trade deal
that then president Ma Ying-jeou
agreed with China. The student
movement reflected fears about
Facing threats: economic overdependence on China
President Tsai and unequal distribution of benefits
Ing-wen holds from cross-Strait trade. Most young vot-
an anti-tank ers who came of age in that time have
rocket launcher become alienated from the KMT as they
at a Taiwan see it as too friendly to China.
military base. Since then, the party has been drifting
Below, KMT between experiments with populism
chair Eric Chu and attempts to endear itself with the
Taiwan Presidential Office/
AFP/Getty Images
Chinese Communist party. It has
run through eight party leaders in the
process.
In 2016, it lost the presidency to Tsai
from the Democratic Progressive party,
and in 2020 Tsai was re-elected with an
even bigger margin.
A January poll from National
Chengchi University’s Election Study
Center showed only 17 per cent of vot-
ers identified with the KMT, near his-
torical lows and 12 percentage
points behind the DPP.
Much like Taiwan’s voters, US
observers question the KMT’s
allegiance. Founded in China,
the party continues to view Tai-
wan as part of the country,
although KMT politicians insist it does
not equate to the People’s Republic of
China.
As attitudes in the US have hardened
against China and Beijing engages in a
campaign of pressure and intimidation
against Taiwan, the KMT’s position has
grown even less popular at home and in
the US.
Moreover, American officials appreci-
ate the prudent but firm leadership with
which Tsai has held her ground against
Beijing’s threats.
Many in Washington believed that the
KMT had been “completely marginal-
ised, or worse, that they are actively
working against US interests and not
to be trusted”, Templeman said, and
added that such perceptions could
change if the party won local elections
this year.
Alexander Huang, head of the KMT’s
international department and desig-
nated representative to the US, wants to
market the party as a safe pair of hands
sorely needed amid rising tensions in
the Taiwan Strait.
“For both the US and Taiwan, our big-
gest interest is not to allow war to hap-
pen in the next few years,” he said. He
added that the US should “allow Taiwan
to have a ruling party who can say hi to
Beijing”.
“That would be to pacify them, to
slow down their killing intention, for
hostility control. It’s good for both of us.
This is the narrative I want to talk about
when we go to America,” Huang said.
Templeman said he did not know
“how far this argument will get them in
Washington these days, but it’s undenia-
ble that a KMT administration would
get a better reception from [Chinese
president] Xi [Jinping]”.
“That would probably help stabilise
the cross-Strait security environment,
which would be welcomed by at least
some people in the Biden administra-
tion,” he said.
However, observers believe the
party’s US ties will not be easily
repaired, especially as anti-American
rhetoric is popular among many KMT
politicians.
39 per cent level he was suffering before February 24 (they
have since crept slightly upwards to 41). In retrospect it
looks almost like a dead cat bounce. In spite of having
shown a degree of resolve and principle, Biden is reaping
no credit for his handling of Ukraine.
America’s public is focused on rising inflation, school
massacres and celebrity scandals. The president this week
made his most coherent pitch so far for America to stick to
its course in Ukraine. It was in the vital national interest to
stop Russia from winning and ensure its barbarity failed.
“We understand that freedom is not free,” Biden wrote in
the New York Times. “If [Putin] expects that we will waver
or fracture in the months to come, he is . . . mistaken.”
Then again, Putin’s bet could prove right. The war is
being fought on two levels — on the ground in Ukraine and
in the information battle
for control of the global
narrative. Both have
America’s public is
entered a period of attri- focused on rising
tion. In terms of the real
war, Russia’s plan A was
inflation, school
pulverised in the first few massacres and
weeks and led to its
humiliating reversal on
celebrity scandals
the road to Kyiv. It is now
trying to execute a more modest plan B, which is to seize
the Donbas and secure a land bridge to Crimea. Given Rus-
sia’s methods, the term “attrition” might be misleading.
One European official likened it to “a war of oblivion”.
The information war will shape what happens on the
ground. Here the west, and Ukraine, may be victims of
their own success. Much of the western media have chosen
to ignore everything the Russians say and draw heavily on
Ukrainian data and stories. Given the darkness of Russian
propaganda, this is understandable. But such selectivity
has two side effects. The first is complacency. The wide-
spread sense of Russian haplessness has fuelled the expec-
tation of its defeat. It is just a matter of time.
It is also possible, however, that the adage, often attrib-
uted to Joseph Stalin, that “quantity has a quality all of its
own” could become more relevant. Russia’s army may fare
better with the east’s shorter supply lines and easier ter-
rain. Many of the Russian military’s defects — low morale,
shoddy equipment, lack of initiative and brutality within
its ranks — were also true of Stalin’s Red Army, which even-
tually defeated the German Wehrmacht. If Putin’s plan B
works, he will probably return to plan A with adjustments.
The second side effect is democracies’ reversion to the
mean. As fear of Putin has abated, the west’s spirit has
begun to flag. The late and controversial former US
defence secretary, Donald Rumsfeld, differentiated
between the response of “old Europe” and “new Europe” to
the Iraq war. That division remains apparent with the pub-
lic mood in Italy, France and Germany diverging from
more gung-ho countries such as Poland. The UK, mean-
while, is causing irritation in Washington over its habit of
boasting about things it has not delivered.
What can Biden do to keep the west shored up? Jamie
Dimon, head of JPMorgan Chase, this week warned that a
“hurricane” was going to hit the global economy, saying a
Ukraine war could push oil up to $175 a barrel. There is lit-
tle Biden could do to stop that. Though the Ukraine war is
only part of the problem, the prospect of recession will test
public spiritedness on both sides of the Atlantic.
This is where leadership comes in. Biden’s Democrats
will probably lose this year’s midterm elections, but
the outcome in Ukraine remains uncertain. Knowing the
difference between what can be changed and what cannot
is the test of any leader. So far, Biden seems to get that
distinction.
edward.luce@ft.com

Pandemic curbs Brazil election

Beijing claims Covid victory in Shanghai
EDWARD WHITE — SEOUL
SUN YU — BEIJING
CHENG LENG — HONG KONG
Beijing declared victory in defending
Shanghai from the coronavirus pan-
demic, despite officials on Wednesday
clamping down on office and residen-
tial complexes and whisking people to
state quarantine facilities in the inter-
national finance hub.
The People’s Daily, the official newspa-
per of the ruling Chinese Communist
party, and other state media heralded
the “great achievements . . . made in
the defence of Shanghai”, underscoring
Beijing’s commitment to its zero-Covid
strategy despite the economy teetering
on the edge of recession.
Shanghai’s 26mn residents emerged
this week after two months of lock-
downs in response to a wave of the
highly infectious Omicron variant.
Daily case numbers fell to a three-
month low of 61 on Wednesday, from a
peak of about 30,000 in April.
But dozens of people from an upmar-
ket residential complex in the central
Jing’an district were taken into quaran-
tine after another resident tested posi-
tive for Covid-19, even though they had
tested negative themselves. A tempo-
rary lockdown in the city’s International
Finance Center also sparked fears that
shoppers could be trapped inside build-
ings if new cases were identified.
Despite Beijing’s claims of victory,
economists warned the costs of the zero-
Covid policy would mount, with the
widespread construction of testing and
quarantine facilities further denting
hopes of a swift return to normality.
Goldman Sachs analysis showed 24 of
China’s most important cities economi-
cally had announced regular testing.
China is close to entering a recession
this quarter for the first time since the
start of the pandemic in 2020 and for
just the second time in three decades.
Alicia García-Herrero, chief econo-
mist for Asia-Pacific at Natixis, warned
against expecting a “V-shaped recov-
ery” from the world’s second-biggest
economy and biggest consumer market
if President Xi Jinping’s anti-Covid
scheme remained in place.
“[The zero-Covid policy] is a crazy
idea for a country like China
. . . Frankly, as an economist, I thought
people by now have learned how costly
lockdowns are,” she said.
In March, sweeping restrictions were
placed on about 345mn people and
nearly 50 cities were put under full or
partial lockdowns, according to
Nomura data. As the caseload eased, the
number of people still under lockdown
has declined to about 133mn in 16 cities.
Additional reporting by Maiqi Ding, Beijing
Weak outlook clouds Bolsonaro’s prospects
BRYAN HARRIS — SÃO PAULO
The Brazilian economy expanded
sharply in the first quarter of the year
as retail sales and services picked up
following the end of coronavirus
pandemic restrictions.
Official data released yesterday showed
gross domestic product expanded
1 per cent in the first quarter from the
previous quarter, when it grew 0.7 per
cent. Compared with the same quarter
last year, the economy expanded 1.7 per
cent.
Economists warned, however, that
the rally was unlikely to continue as a
combination of soaring inflation and ris-
ing interest rates choke off consumption
in Latin America’s largest economy.
Brokerage XP has forecast a technical
recession by the end of the year follow-
ing two consecutive contractions in the
third and fourth quarters.
T h e o u t l o o k w i l l b e a b l ow t o
President Jair Bolsonaro, who is facing a
tough re-election battle in October, with
the economy ranked as the primary
concern for voters. The far-right leader
is at present trailing former president
Luiz Inácio Lula da Silva by almost 15
percentage points in polls.
Rafaela Vitoria, chief economist at
Banco Inter, said: “The strong perform-
ance of the economy in the first quarter
was a surprise considering the slow pace
of growth observed since the second half
of 2021. But what we observed was a sig-
nificant growth of the service sector, fol-
lowing the end of restrictions, combined
with strong pent-up demand.
“But we keep a cautious view espe-
cially for the second half of the year,
considering the still-high inflation and
the lagging effect of the significant inter-
est rate increase in Brazil, and also the
expectation of a slowdown in the global
economy following tighter financial
conditions abroad,” she added.
The finance ministry forecasts that
annual growth will this year reach
1.5 per cent, higher than economists’
estimates of 0.7 per cent.
Since Bolsonaro’s inauguration in Jan-
uary 2019, the Brazilian economy has
grown less than 2 per cent.
In the past year, inflation has also
surged to more than 12 per cent, with
rising food and fuel prices frustrating
voters ahead of the polls in October.
Brazil has the fourth-highest level of
inflation among G20 nations, after Tur-
key, Argentina and Russia.
This has forced the central bank into a
series of rapid interest rate increases.
Economists expect the benchmark Selic
rate to reach 13.25 per cent by the end of
the year, up from 2 per cent as recently
as March 2021.
Additional reporting by Carolina Ingizza
Friday 3 June 2022 ★ FINANCIAL TIMES 5

DWS clean-up Sewing protégé drafted in early to help asset manager deal with greenwashing claims after police raids y PAGE 8

Traders rush Final chapter Amazon’s China ebook store to

close in latest retreat by western tech sector
Groups linked
to Xiaomi halt
to secure LNG floats after
being quizzed
tankers ahead by watchdog

of winter peak
PRIMROSE RIORDAN AND GLORIA LI
HONG KONG

Xiaomi-linked companies have faced

increased scrutiny from China’s regula-
tors, with some pausing planned initial
public offerings after being questioned
about their close relationship with the
3 Charter rates close to decade high smartphone giant.

3 Boom follows EU’s Russia gas vow
HARRY DEMPSEY — LONDON
The largest gas traders are scrambling to
secure liquefied natural gas tankers
ahead of winter after sanctions on Rus-
sia triggered a reshaping of energy
flows.
LNG shipowners and brokers say an
unusually early annual rush is under
way for the likes of the UK’s Shell,
France’s TotalEnergies and China’s Uni-
pec to secure enough shipping capacity
to transport the superchilled fuel during
the peak winter demand season.
Rates to charter an LNG tanker for a
year are trading near their highest level
in a decade at $120,000 a day, up more
than 50 per cent on a year ago, according
to Clarksons Platou Securities.
‘It’s very hard to find
any ships with length in
the market. It’s going
through the roof ’
The market boom comes after the EU
vowed to reduce its dependence on Rus-
sian gas by two-thirds by the end of the
year and import an extra 50bn cubic
metres of LNG.
Shipowners say Total has been partic-
ularly active in shopping for LNG carri-
ers to rent for between three and five
years, a longer period than usual.
Total said it did not comment on mar-
ket rumours.
Oystein Kalleklev, head of the Flex
LNG and Avance Gas LNG shipping
groups, said: “The market has exploded.
It’s very hard to find any ships with
length [of availability] in the market.
It’s going through the roof.”
As the capacity crunch worsens, the
success of LNG traders this winter will
hinge on securing enough ships to max-
imise profits from high prices.
“We have cargoes we can’t find ships
for,” one shipbroker said.
In recent years, shipping bottlenecks
have hindered the delivery of LNG to
consuming markets in Asia and Europe.
The rush for ships usually takes place
in late summer in the northern hemi-
sphere, but this year it has already
kicked off and traders are seeking
to lower rates by agreeing to longer
rental periods, according to industry
executives.
The scramble to secure LNG vessels
comes ahead of new shipping emission
regulations next year, potentially
decreasing supply further, and as East
Asian shipyards struggle to launch new
LNG carriers quickly enough.
Brokers said that the higher-value
cargo resulting from the rise in gas
prices had pushed up demand for mod-
ern vessels as older ships fell out of
favour because they used turbine
engines powered by the boil-off vapour
from the LNG — essentially using their
cargo as fuel.
“It’s getting quite complex to get the
right ships for the cargoes,” said another
shipbroker, referring to trading compa-
nies’ demands for the larger modern
vessels.
Karl Fredrik Staubo, chief executive
of Golar LNG, an LNG shipping com-
pany, said traders were realising there
was “less availability than we previously
thought” after a flurry of activity by big
trading houses.
Golar LNG this week leased a floating
storage and regasification unit — a spe-
cial subset of LNG vessels used as import
terminals — to Snam, the Italian gas grid
operator, for $350mn.
Staubo said that limited availability of
the floating units meant conversions of
LNG carriers would be needed to meet
the surge in European demand for
regasification, adding to pressure on the
LNG shipping market.
Bookends: share has been lost to domestic rivals including Xiaomi, iFlytek and Huawei — Zhang Peng/LightRocket/Getty Images
ELEANOR OLCOTT — TAIPEI
Amazon will close its Chinese ebook
store next year, marking the latest
retreat by western tech companies
that are scaling back operations in
the largest consumer market.
Kindle users in China would no longer
be able to buy new books after the clo-
sure of its online bookstore in June
2023, Amazon announced yesterday.
The company said it had stopped
supplying dealers with the Kindle
eBooks, and offered a refund for cus-
tomers who purchased one of the
devices in 2022. Amazon did not give
a reason for the retreat from the Chi-
nese ebook market, once an impor-
tant source of sales.
In 2016, three years after Amazon
started selling its devices in China, the
country became the largest market
for Kindle devices. The company has
since lost market share to domestic
rivals including Xiaomi, iFlytek and
Huawei, which launched their own
ereader devices.
Amazon is the latest of a string of
Silicon Valley companies to scale back
in, or pull out from, the Chinese mar-
ket. Airbnb said in May that it would
shut down its China business, citing
500 mn $6bn
Chinese who Sales generated
listened to or read by China’s
books on a digital digital reading
device last year market in 2021
“pandemic challenges”. Microsoft’s
LinkedIn announced last October the
closure of its social networking site,
replacing it with a stripped-back web-
site listing job postings.
Amazon will leave behind a growing
customer base of digital book lovers.
More than 500mn Chinese listened
to or read books on a digital device in
2021, according to research by the
China Audio-video and Digital Pub-
lishing Association. China’s digital
reading market generated more than
Rmb40bn ($6bn) of sales last year, an
increase of more than 18 per cent
from 2020.
Jeff Bezos, who founded Amazon,
once attempted to crack China’s
ecommerce market through the
acquisition of a local operator. The
venture came to an end in 2019 when
the ecommerce juggernaut shut down
the local marketplace business after
Alibaba’s Taobao and JD.com ate away
at its small market share.
Amazon will retain a presence in
China through its logistics operations
and cross-border ecommerce busi-
ness that connects Chinese merchants
to shoppers overseas.
Additional reporting by Arjun Neil Alim
and Nian Liu in Beijing
Smart mattress maker 8H, intelligent
lighting company Yeelight and commer-
cial operating system maker Shanghai
Sunmi Technology have shelved IPO
plans in recent months, according to
documents and Chinese media reports.
The moves have come after they were
questioned by China regulators on being
part of Xiaomi’s “ecosystem compa-
nies”, an array of groups in which the
smartphone seller has either directly
invested or made commercial arrange-
ments. The strategy has been an integral
part of Xiaomi’s business model. As of
March, the company said, it had
invested in more than 400 companies
worth Rmb59bn ($8.8bn).
The probes came as China’s regulators
clamped down on tech giants building
vast investment portfolios as part of its
broader anti-monopoly push.
The China Securities Regulatory
Commission said in March there was no
restriction on companies in which
Xiaomi had invested from conducting
IPOs. But the scrutiny of linked compa-
nies has raised concern the group has
not escaped the anti-monopoly drive
that brought down Alibaba’s Jack Ma.
Chengdu-based 8H proposed an IPO
on the Shenzhen Stock Exchange in June
last year but since then it has faced two
rounds of questions from the CSRC,
according to company documents.
Yeelight withdrew its application to
list on Shanghai’s Star board last July
after two rounds of inquiries from the
Shanghai bourse that focused on how
separate the company was from Xiaomi.
Shanghai Sunmi Technology with-
drew its application to list in February
after receiving two rounds of questions
from the Shanghai Stock Exchange.
8H did not respond to a request for
comment. Sunmi said the IPO with-
drawal was a “prudent decision based
on the company’s latest development
strategy”.
Xiaomi said each of the groups was
independent. “It is not possible for us to
understand if [or] why they are able [to
or] unable to IPO,” the company said.

Musk goes out on a limb by ordering staff back to the office
through the business world, tech com-
INSIDE BUSINESS panies are being forced to abandon their
familiar management playbook. And
TECHNOLOGY this time, with inflation raging, central
banks are not primed to come to the res-
Richard cue. An industry that has thrived on
plentiful supplies of cash is finally facing
Waters a reckoning.
As always with Musk, the attention-
grabbing declaration may not be all it
seems. Many of his employees are likely
Legal Notices
have struggled to compete for talent
against much richer rivals, going fully
remote has become a source of advan-
tage. Companies such as Airbnb are also
giving workers complete freedom to
decide whether they want to return to
the office or stay away permanently,
gathering in person only for periodic
bouts of organised collaboration.
Yet this means gambling on an
untested hybrid approach to work. It

E
lon Musk often seems like the
unrestrained id that other
chief executives keep hidden
from view, a personality
unchecked by social conven-
tion and the usual norms of business
behaviour. Others only think it: he is
more than happy to say it out loud, and
damn the consequences.
A case in point was Musk’s demand
this week that all Tesla and SpaceX
workers give up the comforts of working
from home and return to the office (fac-
tory workers at the companies never
had any choice). Anyone not wanting to
put in a 40-hour week should look for
employment elsewhere.
Countless business leaders, frustrated
at trying to coax their workers back to
the office, will once again find them-
selves secretly envying Musk. There are,
however, clear risks.
Musk’s command amounts to a test of
whether employers or employees hold
the whip hand at a time when business
conditions are changing rapidly. Com-
panies in every industry have struggled
to find and keep their most valuable
employees. But that has been particu-
larly true in the technology sector,
where rapid growth and shortages of
people with key skills have combined to
boost worker power.
Yet for the first time since the 2008
financial crisis sent a brief spasm of fear
to work much more than 40 hours a
week, meaning they might get by with
four days in the office — not so different
from the three days that many tech
companies now require.
But Musk’s outburst may equally
amount to a command for a full-time
presence in the office. After all, he
joined in a Twitter discussion to say that
anyone who thinks coming to the office
is an antiquated
concept should Workers not involved in
“pretend to work
somewhere else”. frontline technologies are
For the aero- likely to feel less tied to
space engineers,
battery experts or the mission and more
car designers who likely to look elsewhere
have had the
chance to work on breakthrough prod-
ucts at Musk’s companies, there will be
strong motivations to stay. For software
engineers and the many workers not
involved in frontline products and tech-
nologies, it’s different. They are likely to
feel less tied to the mission and more
likely to look elsewhere, often at compa-
nies willing to go along with more flexi-
ble ways of working.
Research suggests that a company
trying to force workers back full-time
will have to raise pay levels by 10 per
cent to prevent widespread defections,
according to Nick Bloom, an economics
professor at Stanford University.
For some smaller tech companies that
also means walking away from a culture
that has served Silicon Valley well. It is a
culture founded on turning up at work
in person, and includes both the famous
perks like free food that were designed
to keep people in the office longer, and
the camaraderie that comes from work-
ing long hours in proximity under
intense pressure.
Meanwhile, managers like Musk who
are trying to cajole or browbeat workers
into returning are counting on a new
sense of insecurity in the workforce. It
may be true, as many tech entrepre-
neurs like to say, that a downturn is the
best time to hire talent. But when cash is
scarce, any hiring at all can become a
luxury.
This isn’t just true of the most badly
wounded tech companies that need to
conserve cash to survive. While the
stock market valued growth above all, it
made sense to pour money into mar-
ginal projects or marketing efforts with
increasingly long payback periods —
anything, in short, that fuelled the top
line. More work brought a need for more
workers.
That is no longer the case. Musk’s ulti-
matum is a gamble that tech workers
will see the writing on the wall and be
willing to give up some of their
freedoms. For now, few tech CEOs are
likely to follow him.
richard.waters@ft.com
6 ★ FINANCIAL TIMES Friday 3 June 2022

COMPANIES & MARKETS

Automobiles Financials

Ford to invest $3.7bn in Midwest plants Bankers reach

Electric vehicles push
backed by incentives
will create 6,200 jobs
STEFF CHÁVEZ — CHICAGO
Ford will invest $3.7bn to add more than
6,200 United Auto Workers union man-
ufacturing jobs throughout the US Mid-
west as the company pushes to expand
its electric vehicle production capacity.
The US automaker will invest $2bn
across three assembly plants in its home
state of Michigan, $1.5bn in three Ohio
factories, and $95mn in a Missouri site.
Ford will receive $200mn in economic
incentives from Ohio and $150mn from
Michigan, according to Kumar Gal-
hotra, president of Ford’s internal com-
bustion engine division.
The move comes as US states and
municipalities have granted $5.1bn
since 2002 in subsidies to Tesla, Ford,
and General Motors geared towards the
construction and transformation of EV
and battery plants. Consumer demand
for the vehicles is soaring amid rising
concerns over the environmental
impact of traditional engines.
Ford announced late last year that it
would spend $11bn on assembly and
battery plants in Tennessee and Ken-
tucky, while GM said this year it would
spend $7bn to establish a battery plant
and convert a factory to EV production.
Financials. Underwriting
Last week, Stellantis, the group formed
by the merger of Fiat Chrysler and PSA
Peugeot, announced it would build a
$2.5bn battery plant in Indiana with
Samsung. Chipmaker Intel has its own
The investment will go in
part towards increasing
production of the F-150
Lightning pick-up truck
plans for a $20bn manufacturing
“mega-site” in Ohio.
Ford will also convert the status of
3,000 temporary employees to perma-
nent full-time and invest a further $1bn
over the next five years to make
improvements to plant workplace envi-
ronments including increasing access to
healthy food and adding better lighting
to car parks.
“We’re investing in American jobs and
our employees to build a new genera-
tion of incredible Ford vehicles and con-
tinue our . . . transformation,” said Jim
Farley, chief executive.
The Michigan investment will go in
part towards increasing production of
the F-150 Lightning, the electric version
of the F-150 pick-up truck, while the
Ohio funds will support the assembly of
a new commercial EV in the middle of
the decade. The Missouri investment
will add a third shift to a plant that will
produce an electric van. Despite the
move to increase EV production with
these new employees, some of the
money will bolster production of com-
bustion engine vehicles, including a new
Ranger pick-up and Mustang coupe.
Galhotra declined to say how many
additional F-150 vehicles would be pro-
duced as a result of the investment,
though the company had a target of
150,000 F-150s a year at its Rouge Elec-
tric Vehicle Plant in Michigan.
Ford has a production goal of 600,000
electric vehicles a year by the end of
2023, and 2mn a year by the end of
2026. It decided earlier this year to split
its EV division from its traditional auto
segment.
for weather
analogies over
economic
instability
JOSHUA FRANKLIN AND
GARY SILVERMAN — NEW YORK
All of a sudden, everyone on Wall Street
is talking about the weather.
With the war in Ukraine and policy
tightening by the US Federal Reserve
making financial forecasting harder
than unusual, Jamie Dimon, JPMorgan
Chase chief executive, has focused
attention on the heavens by employing
meteorological metaphors to make
sense of today’s economic turbulence.
The head of the largest US bank by
assets said last week at his company’s
investor day that he saw “big storm
clouds” on the economic horizon that

Insurance ban to tighten squeeze on Moscow’s oil
Move by UK and Brussels on
seaborne crude risks wider
supply chain disruption
IAN SMITH AND HARRY DEMPSEY
LONDON
Brokers and underwriters gathered this
week in Lloyd’s underwriting room to
celebrate the Queen’s platinum jubilee,
twice ringing the Lutine bell, tradition-
ally struck once to mark a lost vessel and
twice for its safe return.
A different kind of peril faces the
market after the UK and Brussels agreed
to ban insurance on ships carrying
Russian oil as they ratchet up sanctions
on Moscow.
The move threatens to shut one of the
biggest crude producers out of large
parts of the maritime export market.
Ships carrying Russian oil would rush to
find alternative insurance, without
which they would face being turned
away from ports.
Russia’s oil exports have largely held
up despite sanctions. Industry execu-
tives say a co-ordinated insurance ban
could change that and address the prob-
lem with the EU’s seaborne oil embargo:
Russia can redirect its crude.
“The impact of a UK and EU maritime
insurance ban on ships carrying Russian
oil cannot be overstated,” said Leigh
Hansson, partner at Reed Smith. “We’ve
seen the impact the insurance ban had
on Iranian oil a decade ago, and this
could well send Russian oil trade down
the same path.”
It is a decade since western govern-
ments first prohibited insurers from
providing cover for Iran oil shipments,
as well as putting secondary sanctions
on third parties that help Tehran cir-
cumvent sanctions, capping a package
of measures and sparking an almost
immediate decline in exports.
Targeting Russia, the third-largest oil
producer, could have a far deeper
impact on energy markets.
Insurers worry about unintended
consequences for the shipping industry
and commodity markets. As they try to
make sure they are not falling foul of the
underwriting ban, they could overcom-
pensate and pull cover from a wider
range of vessels.
A top figure at Lloyd’s said: “Because
these cargoes are moving quite quickly
and the insurance is contracted quite
A tanker with immediately, it’s quite hard to do a lot of
Russian crude homework on the provenance.”
arrives at a If unclear, insurers would “tend to
terminal on the default to a slightly harder line”.
Mersey in the UK. That could mean disruption to wider
One concern supply chains, including Kazakh oil
is that the shipped through Russian ports, as insur-
measures will ers took a cautious view.
have unintended Industry insiders said they expected
consequences for details on the measures in the coming
the shipping days.
sector and The London market has been engaged
commodity in a furious lobbying effort since the war
markets began to persuade western policymak-
Ian Fairbrother/Alamy
ers to align the timing and substance of
insurance sanctions.
With a ban on insuring or reinsuring
Russian aviation and space groups
announced earlier this year, policies
were announced by western govern-
ments on varying timelines with differ-
ing messages on their scope, sparking an
effort by the market to establish a com-
mon approach.
Lloyd’s on Wednesday reiterated that
it was “working closely with UK and
international regulators and govern-
ments” to implement sanctions against
Russia. Its “position as both a market
supervisor and insurer allows us to sup-
port various foreign policy goals”.
Shipping industry figures believe an
insurance ban would have a serious
impact on Russia’s oil industry.
“It’s very substantial,” said Dag Kilen,
Fearnleys research chief. “I would
expect an immediate drop of Russian oil
exports because the sanctions affect
long-term contracts. It does not look
good for Russia’s exports and [its oil]
industry six to eight months from now.”
One area of marine insurance is liabil-
ity cover, which covers shipowners for
accidents such as oil or bunker fuel
spills that can incur multibillion-dollar
claims. Without it, many ports decline
entry.
The maritime sector has its own
insurance arrangements through the
International Group of P&I Clubs, 13
protection and indemnity insurers,
most of which run from Europe. They
provide mutual insurance coverage for
90 per cent of oceangoing tonnage, pool-
ing risk, and rely on Lloyd’s for reinsur-
ance cover.
Some P&I executives said the Iran
experience would make complying with
a Russian ban easier, but others saw a
Russian ban as adding to an already
crushing compliance workload because
of other strictures coming from the con-
flict.
The EU has proposed a six-month
phase-in period for the ban, which could
give Russia and interested parties time
to sort out alternative cover through less
developed insurance markets such as
India and China, and in Russia itself.
Moscow has moved to beef up the capac-
ity of its state-owned reinsurer.
In Iran’s case, Tokyo began to offer
sovereign guarantees for Japanese ves-
sels carrying Iranian oil. India granted
permission for ships to enter its ports
covered by certain Iran underwriters.
Iran has its own P&I insurer, Kish, cre-
ated as western insurers pulled back.
Analysts believe the state-owned Rus-
sian, Indian and Chinese fleets are not
large enough to handle all of the coun-
try’s oil exports on their own.
Some experts said shipping compa-
nies looking to move Russian oil could
find that insurance capacity outside the
UK and EU was insufficient, while ports
might not accept ships covered by
arrangements outside the International
Group of P&I Clubs.
Matthew Wright, analyst at Kpler,
said Russia would struggle to maintain
the same level of oil exports when the
ban came in, but “there are still plenty of
tanker owners who can act under the
radar. There’s always loopholes and
they will be exploited”.
had yet to reach hurricane strength.
“They may dissipate. If it was a hurri-
cane, I would tell you that,” Dimon said.
“They may not dissipate, so we’re not
wishful thinkers . . . We can handle all
of that.”
By Wednesday, Dimon’s forecast
appeared to have grown gloomier.
“I said they’re storm clouds. They’re
big storm clouds here. It’s a hurricane,”
he said at a conference organised by
Autonomous Research. “That hurri-
cane is right out there down the
road coming our way. We just
don’t know if it’s a minor one or Super-
storm Sandy . . . And you better brace
yourself.”
‘That hurricane is right
out there down the road
coming our way . . . You
better brace yourself ’
Brian Moynihan, Bank of America
chief executive, picked up the theme
hours later on Wednesday when he was
asked at the same conference whether
he was on “hurricane watch in terms of
the economy”.
“We’re in North Carolina,” said the
leader of the Charlotte-based bank.
“You’ve got hurricanes that come every
year. So we’re always prepared . . . we
‘It does not don’t have a choice.”
Yesterday, John Waldron, Goldman
look good at Sachs president, took on the hurricane
all for question without prodding when asked
for his view of the macroeconomic back-
Russian drop. “I’m going to try not to use any
exports’ weather analogies,” he said to laughter
from the crowd, before adding: “This is
Dag Kilen, among, if not the most complex
Fearnleys dynamic environment I’ve ever seen in
my career . . . The confluence of the
number of shocks to the system, to me,
is unprecedented.”
Bill Demchak, a former JPMorgan
banker who is now chief executive of
PNC, a US bank with around $540bn in
assets, told the conference he had “no
weather forecasts” but was also bearish
about the economy.
“I don’t see any possible outcome
other than a recession,” he said. “I don’t
think it’s going to be the hurricane. I
think we’re going to have a slowdown.”
Mike Mayo, Wells Fargo banking ana-
lyst, said Dimon’s comments were sur-
prising for their “extra negativity” in the
space of just over a week.
JPMorgan said in a statement:
“Jamie’s views are consistent with his
investor day comments that there is a
wide range of potential economic sce-
narios.”
Friday 3 June 2022 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Friday 3 June 2022

COMPANIES & MARKETS

Deutsche banker takes on clean-up at DWS

Sewing protégé drafted in early to help German asset manager deal with greenwashing allegations after police raids
JOE MILLER — FRANKFURT
OWEN WALKER AND ADRIENNE KLASA
LONDON
Stefan Hoops had known for some time
that he was in the running to take over at
DWS, Deutsche Bank’s majority-owned
asset manager beset by allegations of
greenwashing.
But a public police raid on both com-
panies’ Frankfurt offices on Tuesday
catapulted the 42-year-old Deutsche
executive into the centre of Germany’s
latest corporate catastrophe earlier
than expected.
Hoops, a protégé of Christian Sewing,
Deutsche chief executive, will take over
from Asoka Wöhrmann next week,
inheriting a business being investigated
by US and German authorities after a
whistleblower accused DWS of misrep-
resenting how it used environmental,
social and governance metrics to ana-
lyse companies across its investment
platform.
The fallout from those probes has cost
DWS, which went public in 2018, a fifth
of its market value over the past year,
even as it posted record net profits of
€782mn for 2021. While both the asset
manager and Deutsche continue to
deny any wrongdoing, Hoops will be left
‘The problem is that
Hoops has no
asset management
experience at all’
with some “cleaning up” to do when it
comes to DWS’s reputation, in the words
of a leading investor.
He will also have to deal with regula-
tors on both sides of the Atlantic vowing
to tighten rules on the ESG sector — an
industry that has boomed to just under
$2.8tn in assets since 2019 but has had to
contend with suggestions that compa-
nies are inflating their sustainability
credentials in order to attract capital or
customers.
Wednesday’s early morning
announcement of Hoops’ promotion
was not met with euphoria. DWS shares
closed down 6.2 per cent, while Deut-
sche fell 0.8 per cent.
“The problem is that Hoops [who
spent most of his career in sales] has no
asset management experience at all,”
the investor said, adding that the change
at the top of DWS may just be the “first
step” in a wider shake-up of the com-
pany.
“The instability in the top leadership
at DWS is an issue, particularly for insti-
tutional clients and the consultants who
advise them,” said a former senior DWS
executive.
Haley Tam, analyst at Credit Suisse,
said she saw the change of leadership
“heralding a period of uncertainty for
DWS’s strategy”. Tam added that the But Hoops must still convince cus-
move “could even raise questions over tomers and shareholders that DWS is
its future as an independent asset man- about to enter calmer waters, even as he
agement company”. becomes the sixth person to lead the
A person close to both companies said business in a decade, during which time
the nomination of Hoops, who joined a succession of managers left after fail-
Deutsche as a graduate in 2003, would ing to stem an exodus of clients.
not mean DWS was being “pulled back Nicolas Moreau, Wöhrmann’s prede-
into the mother ship”. Its aim to become cessor, was dismissed in 2018 months
one of the world’s top-10 asset managers after guiding DWS through its listing.
remained intact. Moreau had promised the group would
attract €30bn a year of additional assets
Quarterly global sustainable fund assets under management, but clients contin-
ued to withdraw their savings from its
$tn
funds and the share price tumbled fol-
Rest of the world 3.0 lowing the initial public offering.
US Under Wöhrmann, DWS had begun to
Europe 2.5 attract clients back, with €47.7bn of net
inflows last year. But the greenwashing
2.0 investigation — along with questions
1.5 raised over a €160,000 payment made
by a client to Wöhrmann and his use of a
1.0 personal email address for business
purposes during his time at Deutsche —
0.5 ultimately cost him his job.
Some of DWS’s recent woes will
0 depart with Wöhrmann. In an internal
2019 20 21 22 memo sent on Wednesday, and seen by
Source: Morningstar
the Financial Times, the outgoing exec-
utive made reference to allegations
against him that “have left their mark”,
and people close to the company said
Deutsche had been looking to replace
Wöhrmann since his personal conduct
was called into question.
But others embroiled in the green-
washing debacle remain at the heart of
DWS, not least Karl von Rohr, the super-
visory board chief whom Desiree Fixler,
the whistleblower, said she emailed
directly in March last year. US authori-
ties claim that Deutsche, on whose exec-
utive board von Rohr also sits, violated
an agreement by failing to flag her com-
plaints in a timely manner. “Karl von
Rohr — how is he still in his seat?” Fixler
said. “Christian Sewing and Stefan
Hoops need to clean house. That means
others from senior management and the
executive board need to go.
“This is as much about greenwashing
as it is about a thoroughly rotten corpo-
rate culture within the upper echelons
of DWS and Deutsche Bank.”
It could therefore be a “matter of time
before he has to go too”, the leading
investor said of von Rohr, who was in
post when PwC, the professional serv-
ices firm, was asked to conduct a probe
into the allegations, and who as recently
as April said he was “very satisfied” with
Wöhrmann and his team.
Deutsche declined to comment, but a
person close to the bank said von Rohr
had followed “standard practice” for
investigating internal complaints. DWS
declined to comment.
Hoops will also face questions as to
why, if DWS’s ESG criteria are up to
‘This is as much about
greenwashing as it is about
a thoroughly rotten
corporate culture’
scratch, the group overhauled them to
the extent it reported only €115bn in
“ESG assets” in 2021 — 75 per cent less
than a year earlier when it stated that
€459bn in assets were “ESG integrated”.
“At first it looked like a case of a
former employee scorned and that was
driving the investigation . . . but I was
always surprised DWS made such bold
Stefan Hoops claims on ESG,” an industry consultant
has a job on his said. “When doing work for peers, we
hands clearing prepared league tables for best in class
up the ESG on ESG and they never came up.”
debacle after The rest of the asset management sec-
allegations tor will also be shaken by Wöhrmann’s
from Desiree resignation, said Magdalena Senn of
Fixler, below Bürgerbewegung Finanzwende, a non-
profit that lobbies for tighter regulation
of financial services.
“Providers of financial products
advertised as sustainable will now
closely examine whether their own
investment criteria deliver what they
promise,” she said.
Hoops spent Wednesday morning
speaking to his predecessor and DWS’s
management team and compiling a list
of key customers to call and reassure.
No one at DWS or Deutsche has been
charged with wrongdoing over green-
washing, people close to Hoops were
keen to stress, though it could take years
for the probes to come to a conclusion.
But as Hoops told his LinkedIn follow-
ers last year, ESG “data requirements
and reporting standards” are keeping
executives “up at night”.
Additional reporting by Chris Flood in
London

Legal Notices Pharmaceuticals

UK start-up draws interest with cancer test

HANNAH KUCHLER — LONDON
Leading pharmaceutical companies
are lining up to use a pioneering cancer
test developed by UK start-up Angle
after it received a first-of-its-kind US
regulatory clearance.
Angle’s liquid biopsy test captures live
cancer cells in the blood that clinicians
can use to personalise treatment by
understanding the mutations and gene
expression in each patient’s cancer.
Shares in the London-listed company
jumped almost 60 per cent on the day
the Food and Drug Administration gave
the test clearance for use in metastatic
breast cancer.
The Surrey-based start-up already
works with US drugmaker Abbott to use
its test to identify patients who will
respond to its Herceptin treatment. It is
working on a trial in ovarian cancer and
this week signed a deal with Philadel-
phia-based MidLantic Urology to study
its test in prostate cancer.
Andrew Newland, chief executive,
said other companies had approached
Angle since the clearance because the
test enabled them to follow their
progress as the drug tackled tumours.
Ultimately, it hopes they will develop
diagnostics as companions to each drug.
“Our vision is that we’re going to
transform the way that cancer is diag-
nosed and treated for every cancer type
worldwide,” he said. “So we either have
to be a very, very large company, or as
we’re currently planning, we have to
have many deals with very large compa-
nies to achieve that.”
Investment has been pouring into the
nascent liquid biopsy market, funding
scientists who hope that a simple blood
test can replace more invasive ways of
detecting and monitoring cancer.
Rivals are focusing on developing
tests that could be used to diagnose
patients with early-stage cancers, before
they begin to experience symptoms.
In contrast, Angle is focusing on
tracking diagnosed cancers to enable
more personalised treatment and is sell-
ing a testing product to labs rather than
offering a service. As demand soars,
Angle plans to expand its workforce by
50 per cent this year and to double the
size of its headquarters.

Telecoms

CityFibre secures £4.9bn debt for UK rollout

ANNA GROSS — LONDON
CityFibre, the Goldman Sachs-backed
telecoms company laying broadband
lines in the UK, has secured £4.9bn in
debt finance from a consortium of
banks and investors, in one of the larg-
est ever financings by a fibre company.
The company said the debt package
would finance its rollout of fibre infra-
structure to 8mn homes and enable it to
participate in the government’s Project
Gigabit scheme to reach rural homes.
The debt raise has been underwritten
by NatWest, Société Générale, Crédit
Agricole, BBVA, Intesa Sanpaolo, ING
and SEB, with ABN Amro, Lloyds Bank
and asset manager M&G joining as core
lenders.
CityFibre is one of dozens of alterna-
tive network providers, or altnets, that
have been laying fibre lines, taking
advantage of the slow pace at which one-
time monopoly BT was upgrading its
network from copper.
Over the past two years, as BT and
Virgin Media O2 have significantly
accelerated their fibre rollout, the battle
between these challenger companies
and the incumbents has intensified.
BT has now committed to spend
£15bn to reach 25mn homes by 2025,
while Virgin Media O2 is upgrading its
network to reach about 15.5mn by the
end of 2028 and is seeking investors for
a new venture to connect a further 7mn.
The question is whether the altnets
build out their networks fast enough
and gain enough market share in target
locations to turn a profit after years of
capital expenditure backed by billions
from private investors and funds. “It’s
been 11 years of work with CityFibre
pulling the whole industry along,” said
Greg Mesch, chief executive. “There’s
been all this talk about altnets strug-
gling to get money at a time of war and
inflation, but we managed to pull it off.”
The state-owned UK Infrastructure
Bank, set up to support growth in
regional and local sectors, has also com-
mitted capital as part of the raise.
The financing follows £1.13bn in
equity investments CityFibre closed in
the past 10 months from Abu Dhabi’s
Mubadala and Switzerland-based Inter-
ogo Holding, as well as from existing
investors Antin Infrastructure Partners
and Goldman Sachs Asset Manage-
ment’s infrastructure business.
Friday 3 June 2022 ★ FINANCIAL TIMES 9
10 ★ FINANCIAL TIMES Friday 3 June 2022
Friday 3 June 2022
Luna crash sends chill through
trade in decentralised finance
TerraUSD’s failure last month highlighted the risks of investing in DeFi projects and potentially catastrophic flaws in their design — FT montage/Bloomberg
Confidence in ecosystem hits
historic low with Ether losing
a third of its value in a month
JOSHUA OLIVER, SCOTT CHIPOLINA
AND EVA SZALAY
Traders are shifting away from
investments linked to decentralised
finance in the latest sign of how the
$40bn collapse of cryptocurrency Luna
has sent shockwaves through a key
portion of the digital asset market.
Ether, the world’s second-biggest
crypto token and a proxy for sentiment
on the $100bn DeFi market, has shed
more than a third of its value over the
past month.
Its fall is significantly more severe
than the 23 per cent decline for bitcoin,
the oldest and most valuable digital
token by market value.
Many crypto advocates consider
DeFi to be one the most promising
innovations in the digital asset industry
with projects aiming to operate without
centralised intermediaries such as
banks through the use of automated
systems that dole out control to the
biggest stakeholders.
However, the failure last month of
Luna and its linked stablecoin,
TerraUSD, highlighted the risks of
investing in DeFi projects and the
potential for catastrophic flaws in the
design of programmes that underpins
their operations.
“Confidence in the crypto ecosystem
and decentralised finance remains at
historically low levels” after the
breakdown of Terra and Luna, said
Sipho Arntzen, an analyst at Swiss
private bank Julius Baer, adding that,
“we expect no swift recovery for now”.
Stablecoins act as lubricants of
transactions in DeFi markets and the
wipeout of Terra was seen as a
particularly strong blow to confidence
in the sector.
Terra was designed to match the
The day in the markets
What you need to know
3 Wall Street stocks advance following
lacklustre start to June
3 US Treasuries trade more steadily
after Wednesday’s fresh bout of selling
3 Brent crude climbs despite Opec
agreement to accelerate oil production
US stocks rose yesterday after markets
had kicked off the new month on a
downcast note when fresh economic data
intensified questions about interest rate
rises and the global growth outlook.
The S&P 500 was up 0.6 per cent by
the late morning in New York, having
opened the day lower. The technology-
heavy Nasdaq Composite rose 1.3 per
cent. Both indices had closed the
previous session 0.7 per cent lower.
Across the Atlantic, the pan-regional
Stoxx Europe 600 added 0.6 per cent
even as data showed that eurozone
producer prices rose at a record annual
pace of 37.2 per cent in April, up from 36.9
per cent a month earlier, in the latest sign
of persistent inflationary pressures.
Crypto. Flight to safety
Ether lags behind its larger rival
Price return since May 2 (%)
2 May 2022
Sources: FactSet; Coinshares; FT calculations
value of the dollar through a financial
relationship with sister token Luna,
unlikeothermajorstablecoinsthatclaim
to be backed by portfolios of reserves.
Ether’s fall is a sign of how the crash in
Terra and Luna has sent a chill through
the wider DeFi sector, analysts said.
The token price is tied to investors’
expectations for the future of DeFi since
many of the computerised financial
apps in the decentralised market are
built on the Ethereum blockchain
where Ether resides.
Investors drained $56mn from
Ethereum investment products in May,
taking this year’s total net outflows to
$250mn, according to data from digital
asset manager Coinshares. Bitcoin
products, in contrast, have drawn
$369mn of net inflows in 2022.
“As [Ethereum] primarily aims to
provide the infrastructure for the
emerging world of decentralised apps,
we believe that these drawdowns are
symptomatic of a loss in confidence in
the broader DeFi ecosystem,” Arntzen
said.
Some investors argue that the hit to
Ether also reflects a reassessment of the
future demand for multiple facets of the
crypto industry such as digital collecti-
bles known as non-fungible tokens and
borrowing and lending protocols, which
also often use the Ethereum network.
German government bonds under renewed pressure
10-year yield (%)
May
Bond yields rise as their prices fall
Source: Refinitiv
Jamie Dimon, JPMorgan Chase’s chief
executive, said on Wednesday that
investors should brace themselves for an
economic “hurricane”, warning that the
war in Ukraine would continue to
pressure commodity markets.
UK markets were closed for a public
holiday.
★ FINANCIAL TIMES
COMPANIES & MARKETS
Investment flows to bitcoin and ether diverge
Cumulative daily net flows into crypto investment vehicles ($mn)
10
0 400
-10
Bitcoin
-20
-30
Ether
-40
30 Jan
“Ethereum, like Netflix or any stock,
reflects expectation of future demand,”
said Ilan Solot, partner at Tagus Capital.
He said investors were doubting the
level of future demand on the Ethereum
network as the economic outlook
darkens.
“If the Federal Reserve is tightening
[monetary policy], the world is in
recession and people need to pay $4.5
per gallon of gas, they’ll have less to
invest in DeFi or spend on blockchain
games,” he added.
Investors have also soured on risky
‘If the Fed is tightening
and the world is in
recession, people will
have less to invest in DeFi’
assets more broadly, said Daniel Ives,
analyst at Wedbush. He said DeFi was
“caught in a general risk-off tornado”.
Derivatives markets suggest that
investors remain nervous about the
near-term prospects of Ether, despite
optimism about bitcoin’s path.
While options markets signal a
positive tone for bitcoin over the next
month, investors see difficult trading
conditions for ether on the same time
horizon, said Adam Farthing, chief risk
1.3
1.2
1.1
1.0
0.9
0.8
2022 Jun
US government bonds were steadier
yesterday after being hit by a fresh bout
of selling a day earlier.
That pressure had followed stronger
than expected results from a closely
watched survey of America’s
manufacturing sector, indicating that the
Federal Reserve may have more room to
600
Bitcoin
200
0 The original Basel I rules governing
-200
Ether
-400
2022 May
officer for Japan at market maker B2C2.
“The market has become much more
cautious of ether due to its recent
performance and in a way it hasn’t for
bitcoin,” he said. Bitcoin still enjoys a
reputation among some investors as a
hedge against inflation, despite losing
more than half its value from its
November high.
Another challenge facing Ethereum is
the network’s long-awaited shift to a
different kind of blockchain system
called proof of stake.
This shift is expected to relieve
frustrations surrounding Ethereum’s
longstanding transaction fees and
clunky processing speeds.
Ingo Fiedler, founder of Blockchain
Research Lab, said Ethereum’s
blockchain shift “could go wrong as any
code change is risky for any software”.
He added that there may be unknown
risks that will come to light only once
Ethereum’s new system is tested in the
real world.
“We saw this flight to safety from
Terra to [rival stablecoin USD Coin] and
into assets people perceive to be
more established and so I think that
anything that’s new, or overly technical,
will probably have people a little
standoffish”, said Teana Baker-Taylor,
vice-president of policy and regulatory
strategy at crypto firm Circle.
raise borrowing costs without triggering
a recession.
Jobs data due out today will offer
further clues about how far the US
central bank may tighten policy to curb
price rises with a hotter labour market
potentially indicating the need for more
aggressive action.
The yield on the benchmark 10-year US
Treasury note was flat at 2.92 per cent.
Eurozone debt came under renewed
pressure with Germany’s 10-year Bund
yield adding 5 basis points to 1.24 per
cent while the more policy-sensitive
two-year German yield rose 7bp to
0.62 per cent.
Meanwhile, Brent crude rose 1.2 per
cent to $117.67 a barrel despite Opec and
its allies agreeing to accelerate oil
production in July and August.
The US Dollar index — which measures
it against a basket of six other currencies
— slipped 0.6 per cent with the euro
rising 0.8 per cent to just over $1.07.
Harriet Clarfelt
A regulatory shake-up of
bank capital would risk
worrying repercussions
MARKETS INSIGHT
Simon
Samuels
T
he life of an analyst of bank
stocks is not for everyone.
Much of the day is spent
wading through regulatory
minutiae, maintaining
bloated spreadsheets and hacking
through a thicket of acronyms such
as CCBs, CCyBs, G-SIB, ATI, Pillar 2 and
so on.
A recent speech by a senior UK
regulator has proposed making things
simpler, perhaps too simple though.
Sam Woods, deputy governor for
prudential regulation at the Bank of
England and chief executive of the
Prudential Regulation Authority, laid
out a vision of a new system of
regulation for bank capital.
On the face of it, this sounds like an
excellent idea but it could actually
have worrisome repercussions, further
extending the arguably outsized power
of central banks in markets.
This power and influence has already
been extended by central bank
interventions over the past decade to
rescue economies through unprece-
dented asset buying. The changes
suggested by Woods would mark a
further encroachment.
The amount of capital a bank needs
drives almost all its key decisions: how
much it can lend to customers, how
much it can spend on acquisitions and
how much it can give to shareholders via
dividends and share buybacks.
The rule book governing the
amount of capital banks need is highly
prescriptive and detailed and has
become more so over the years.
bank capital — formulated in the 1980s
— ran to 8,000 words; the most recent
iteration, Basel III, is more than 200,000
words.
There is, of course, a role for
regulators to add in their own
requirements but the building block is
this detailed external rule book.
In Woods’s reimagining, the regulator
would simply set a bespoke, single
capital number for each bank.
While there would be an average level
of capital that the average bank would
need, for each individual bank the
regulator would tell the bank to have
more or less than that average. And that
required number would be fully
disclosed. Thousands of pages of com-
plicated rules and impenetrable acro-
nyms would be consigned to the
dustbin.
This is not without appeal. One of the
biggest challenges for banks is
understanding the rule book. And for
investors, it is nearly insurmountable.
Not having to understand all the
Crypto
Winklevoss twins to lay off
Gemini staff as ‘winter’ sets in
ADAM SAMSON
Gemini, the digital asset exchange
owned by the billionaire Winklevoss
twins, plans to lay off about a tenth of
its staff in the latest sign of how the
powerful drop in crypto markets has
disrupted the industry’s rapid growth.
The announcement yesterday comes as
the value of the digital asset market has
tumbled by about $2tn from the peak in
November 2021 to $1.3tn, according to
data collated by the Financial Times.
“This is where we are now, in the
contraction phase that is settling into a
period of stasis — what our industry
refers to as ‘crypto winter’,” said
Cameron and Tyler Winklevoss in a
note to employees, which was first
reported by Bloomberg.
Bitcoin has fallen by more than 50 per
cent from its November high, while
other smaller coins have faced much
more severe losses.
At the same time, the crash last
month of the once-popular Luna and
Terra tokens has shaken traders’ faith in
crypto lending programmes such as
“staking”, which had provided lucrative
returns.
Crypto traders tend to bet more
actively on the market when it is rising,
analysts and exchange executives have
said. Given the breadth and severity of
the bear market, crypto trading
volumes have pulled back sharply.
Spot trading volumes across leading
11
current rules and exotic-sounding
acronyms would not only save a lot of
time and trees but might even make
banks more accessible for investors and
hence more investable.
Wood’s suggestion also builds on a
tradition at the BoE of being wary of
overcomplicated regulation.
Indeed, in a speech a decade ago,
Robert Jenkins, then a member of the
FPC, suggested a deal with banks
whereby the regulatory rule book would
be rolled back in return for banks
having capital equivalent to 20 per cent
of assets.
But there are many risks to having
regulators simply set individual capital
requirements for each bank without a
rigid framework.
Most obviously, it relies on regulators
getting it right. Without a detailed,
prescriptive rule book, it would now be
down to regulators to exercise their
judgment on, for example, the risk
profile or the strategy or the business
prospects or the governance structure
or even the culture of each bank,
assessing how each factor affects the
profitability and risks and, therefore,
how much capital the bank needs.
And that is before worrying about
litigation from getting things wrong.
There is another angle to this that
could have worrying consequences.
It could actually further
extend the arguably
outsized power of central
banks in markets
Many investors are scared of investing
in banks because they are massively
leveraged and highly complex.
A regulator stating, for example, that
Barclays needs a higher capital ratio
than Lloyds Bank as a result of its own
judgment — formed in part with
non-public information — is effectively
publicly commenting on each bank’s
prospects and risks.
Arguably, it is close to a sellside
analyst giving a buy or sell recommen-
dation but with inside information.
In effect, investors may end up
outsourcing their investment decision
to the regulator.
The current rule book is way too
complicated and attempts to simplify it
should be welcomed. And of all the
possible participants, the regulator is
perhaps best placed to fully understand
a bank in a way that, for example,
external investors cannot.
But giving the regulator such
judgment in deciding how much capital
a bank needs without the tramlines of
a detailed rule book gives regulators
extraordinary powers that it is far from
clear they have the bandwidth to fully
discharge.
Simon Samuels is a founding partner of
Veritum Partners
exchanges have averaged about $750bn
a month this year compared with $1.2tn
in 2021, according to data from The
Block Crypto. Lower volumes cut
down on the fees exchanges earn from
facilitating transactions.
The Winklevoss brothers, who
founded New York-based Gemini in
2014, said in their note to employees
that the troubles for the crypto
market had “been further compounded
by the current macroeconomic and
geopolitical turmoil”.
The crypto industry boomed when
central banks and governments poured
liquidity into the global economy and
people around the world were stuck at
home during rolling lockdowns.
However, investors have been racing
away from speculative assets this
year with shares in unprofitable tech
companies and other risky bets also
coming under heavy pressure as global
central banks act to fight inflation.
Some investors are betting that the
crypto downturn will be temporary and
that innovations such as blockchain
digital ledger technology will reshape
finance.
Echoing that sentiment, the
Winklevoss brothers told employees,
whom they referred to as “astronauts”,
that the “crypto revolution is well under
way” and that “its impact will continue
to be profound”. But they also noted that
the gloom that has descended on crypto
was unlikely to lift any time soon.
12 ★ FINANCIAL TIMES Friday 3 June 2022

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.75% -0.72% -0.54% -0.98% -0.95% -0.16% -1.00% -1.14% -0.36%

No change No change No change No change
0.34%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 03 - - Index All World May 03 - Jun 01 Index All World May 03 - Jun 01 Index All World May 03 - Jun 02 Index All World May 03 - Jun 02 Index All World May 03 - Jun 02 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
27,457.89 2,685.90
7,561.33 7,532.95 14,340.47 2,680.46
4,175.48 4,101.23 20,692.22 20,713.72 14,039.47 26,386.63

Day -0.75% Month -0.74% Year -2.40% Day -0.08% Month -0.23% Year 3.69% Day -0.98% Month -0.20% Year 6.34% Day 0.79% Month 2.53% Year -7.14% Day -0.16% Month 2.15% Year -4.82% Day -1.00% Month -1.34% Year -17.47%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,747.37 8,747.20 3,356.90
51,066.56 51,506.15 1,720.21 21,101.89 21,294.94
12,536.02 8,590.20 3,226.72
11,994.46

Day -0.72% Month -2.76% Year -12.68% Day -0.48% Month 0.17% Year 1.55% Day -0.95% Month -2.44% Year -0.65% Day -1.18% Month 1.90% Year -4.39% Day -1.00% Month -0.16% Year -28.55% Day -0.53% Month -3.84% Year 1.27%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
111,359.94 3,182.16 56,975.99
6,476.18 6,418.89 24,242.25 24,283.56
33,061.50 32,813.23 106,528.09 2,975.48 55,381.17

Day -0.54% Month -0.50% Year -5.10% Day 0.01% Month 3.23% Year -13.18% Day -0.77% Month -1.76% Year -0.44% Day -0.90% Month -0.02% Year -3.67% Day 0.42% Month 4.87% Year -11.84% Day -0.33% Month -2.82% Year 6.77%

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 91369.58 92288.03 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26535.33 26768.82 Philippines Manila Comp 6686.83 6712.21 Taiwan Weighted Pr 16552.57 16675.09 Cross-Border DJ Global Titans ($) 454.33 456.79
Australia All Ordinaries 7400.80 7462.90 Czech Republic
PX 1320.78 1309.88 FTSE Italia Mid Cap 42587.32 42929.23 Poland Wig 57100.05 57025.53 Thailand Bangkok SET 1647.67 1660.01 Euro Stoxx 50 (Eur) 3759.54 3789.21
S&P/ASX 200 7175.90 7234.00 Denmark OMXC Copenahgen 20 1682.11 1692.09 FTSE MIB 24283.56 24505.08 Portugal PSI 20 6231.15 6257.50 Turkey BIST 100 2568.76 2568.76 Euronext 100 ID 1229.02 1242.42
S&P/ASX 200 Res 5894.50 5873.10 Egypt EGX 30 10083.98 10150.05 Japan 2nd Section 7228.27 7239.06 PSI General 4560.75 4600.40 UAE Abu Dhabi General Index 8333.19 8358.50 FTSE 4Good Global ($) 10039.42 10134.67
Austria ATX 3313.16 3326.46 Estonia OMX Tallinn 1843.76 1848.45 Nikkei 225 27413.88 27457.89 Romania BET Index 12357.34 12509.77 UK FT 30 2542.60 2569.60 FTSE All World ($) 425.87 430.76
Belgium BEL 20 3854.14 3894.33 Finland OMX Helsinki General 10961.60 11041.58 S&P Topix 150 1674.05 1653.12 Russia Micex Index 2436.57 2445.30 FTSE 100 7532.95 7607.66 FTSE E300 1720.21 1736.65
BEL Mid 9948.65 9920.97 France CAC 40 6418.89 6468.80 Topix 1926.39 1938.64 RTX 1245.71 1212.57 FTSE 4Good UK 6864.56 6944.84 FTSE Eurotop 100 3345.93 3375.91
Brazil IBovespa 111359.94 111350.51 SBF 120 4986.19 5025.96 Jordan Amman SE 2455.49 2472.51 Saudi-Arabia TADAWUL All Share Index 12766.47 12921.74 FTSE All Share 4164.00 4201.96 FTSE Global 100 ($) 2632.78 2657.14
Canada S&P/TSX 60 1253.84 1254.79 Germany M-DAX 29750.33 29913.50 Kenya NSE 20 1681.80 1687.81 Singapore FTSE Straits Times 3226.72 3244.00 FTSE techMARK 100 6071.24 6117.40 FTSE Gold Min ($) 2002.76 2016.95
S&P/TSX Comp 20713.72 20729.34 TecDAX 3143.38 3174.86 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 358.91 363.64 USA DJ Composite 11156.36 11216.97 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1581.63 1671.51 XETRA Dax 14453.65 14340.47 Latvia OMX Riga 1057.38 1056.59 Slovenia SBI TOP - - DJ Industrial 32813.23 32990.12 FTSE Multinationals ($) 2789.33 2810.22
Chile S&P/CLX IGPA Gen 27776.98 28212.01 Greece Athens Gen 899.97 890.70 Lithuania OMX Vilnius 924.48 922.24 South Africa FTSE/JSE All Share 70849.38 72094.87 DJ Transport 14195.09 14301.49 FTSE World ($) 770.64 779.65
China FTSE A200 10823.81 10833.32 FTSE/ASE 20 2184.14 2156.90 Luxembourg LuxX 1674.37 1691.51 FTSE/JSE Res 20 75420.94 76947.98 DJ Utilities 1021.08 1023.05 FTSEurofirst 100 (Eur) 4546.98 4587.96
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 21082.13 21294.94 Malaysia FTSE Bursa KLCI 1549.90 1553.41 FTSE/JSE Top 40 64237.10 65431.16 Nasdaq 100 12548.36 12642.10 FTSEurofirst 80 (Eur) 5203.21 5245.41
Shanghai A 3348.30 3334.46 HS China Enterprise 7267.57 7345.64 Mexico IPC 51506.15 51752.53 South Korea Kospi 2658.99 2685.90 Nasdaq Cmp 11994.46 12081.39 MSCI ACWI Fr ($) 647.87 652.81
Shanghai B 298.93 303.88 HSCC Red Chip 3926.17 3971.21 Morocco MASI 12339.60 12321.15 Kospi 200 350.51 354.54 NYSE Comp 15709.61 15827.05 MSCI All World ($) 2770.43 2791.01
Shanghai Comp 3195.46 3182.16 Hungary Bux 40512.77 39397.41 Netherlands AEX 701.19 712.88 Spain IBEX 35 8747.20 8851.50 S&P 500 4101.23 4132.15 MSCI Europe (Eur) 1763.22 1778.94
Shenzhen A 2120.13 2105.65 India BSE Sensex 55381.17 55566.41 AEX All Share 960.31 974.45 Sri Lanka CSE All Share 8064.69 8108.09 Wilshire 5000 40780.25 41084.90 MSCI Pacific ($) 2775.96 2765.68
Shenzhen B 1114.93 1099.55 Nifty 500 14082.90 14119.60 New Zealand NZX 50 11349.54 11373.24 Sweden OMX Stockholm 30 2041.26 2042.64 Venezuela IBC 6097.49 6149.60 S&P Euro (Eur) 1739.36 1754.52
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 7148.72 7148.97 Nigeria SE All Share 52990.28 53772.14 OMX Stockholm AS 826.50 832.82 Vietnam VNI 1299.52 1292.68 S&P Europe 350 (Eur) 1769.38 1787.37
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7131.33 7310.06 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11494.12 11611.38 S&P Global 1200 ($) 3072.87 3097.81
Israel Tel Aviv 125 1965.18 1973.24 Pakistan KSE 100 42756.04 43078.14 Stoxx 50 (Eur) 3638.03 3672.16
(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.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jun 01 %Chg %Chg Jun 01 %Chg %Chg Jun 01 %Chg %Chg Jun 01 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Tesla 189.7 740.37 -17.89 Shell 285.0 2361.00 -15.50 Nestle N 418.5 111.95 -1.87 Kawasaki Kisen Kaisha, 985.8 10850.00 20.00 Ocado 908.60 18.1 - Dr. Martens 258.80 32.6 - Funding Circle Holdings 70.00 20.7 - Automobiles & Parts 2219.09 13.3 -
Amazon.com 154.6 2433.68 29.49 Unilever 198.0 3705.00 -120.00 Iberdrola 396.3 10.85 -0.19 Nippon Yusen Kabushiki Kaisha 603.9 10770.00 -110.00 Scottish Mortgage Investment Trust 795.60 12.5 - Countryside Partnerships 282.80 23.0 - Cineworld 26.30 16.4 -17.8 Personal Goods 28995.81 10.1 -19.3
Apple 110.1 148.71 -0.13 Astrazeneca 165.8 10442.00 -12.00 Totalenergies 378.7 54.12 -1.47 Softbank . 580.8 5302.00 2.00 Melrose Industries 133.40 11.2 -15.0 Serco 178.90 17.1 31.4 Superdry 173.20 15.6 - Health Care Equip.& Services 9211.18 5.3 11.7
Advanced Micro Devices 100.5 101.22 -0.64 Diageo 133.1 3622.00 -53.00 Roche Gs 305.5 313.94 -3.60 Sony 465.6 11975.00 -395.00 Jd Sports Fashion 122.10 9.0 - Aston Martin Lagonda Global Holdings 708.00 15.3 - Foxtons 41.10 14.6 1.1 Food & Drug Retailers 4006.82 3.7 -8.6
Nvidia 99.7 183.20 -3.52 Bp 129.2 431.30 -2.95 Asml Holding 298.7 530.40 -5.60 Fast Retailing Co., 460.8 63150.00 1540.00 Burberry 1701.50 8.4 -6.0 Firstgroup 137.00 14.7 33.7 Baillie Gifford China Growth Trust 289.00 14.2 - Electronic & Electrical Equip. 9149.34 3.1 -
Microsoft 68.8 272.42 0.55 Vodafone 108.1 126.70 -3.88 Novartis N 279.1 83.84 -0.66 Tokyo Electron 439.0 58560.00 210.00 Rs 960.00 7.1 - Fidelity China Special Situations 255.50 13.6 -17.4 Dfs Furniture 188.20 13.2 - Equity Investment Instruments 11687.89 3.1 -
Meta Platforms 68.7 188.64 -5.00 Rio Tinto 107.6 5758.00 8.00 Lvmh 228.3 597.80 0.60 Toyota Motor 343.4 2193.00 -4.50 Rolls-royce Holdings 88.73 6.2 -28.1 Aj Bell 287.40 12.6 - Esken 9.50 12.8 - Industrial Engineering 13655.66 2.9 -
Salesforce 65.1 176.07 15.83 Glencore 106.4 523.70 1.60 Stellantis 220.3 14.18 0.24 Takeda Pharmaceutical 324.0 3609.00 -105.00 Unilever 3705.00 6.1 -6.8 Ti Fluid Systems 181.40 11.4 - Jpmorgan China Growth & ome 368.00 12.7 - Household Goods 13209.88 2.6 -
Alphabet 41.6 2277.84 2.60 Anglo American 95.8 3850.00 -37.00 Novo Nordisk B A/s 208.1 103.43 0.23 Nintendo Co., 305.7 57470.00 -950.00 Entain 1460.00 5.9 - Baillie Gifford Us Growth Trust 165.60 11.3 - Made.com 58.30 11.9 -58.6 Aerospace & Defense 4774.54 2.1 14.1
Alphabet 32.6 2282.74 1.96 Hsbc Holdings 93.6 529.60 -3.40 Sap Se O.n. 202.9 93.30 0.51 Tokyo Electric Power ,orporated 284.9 494.00 4.00 Intermediate Capital 1540.50 5.6 - Carnival 969.00 9.6 - Hostelworld 104.40 10.7 51.2 Real Estate & Investment Servic 2633.80 2.0 -
Next 6462.00 5.5 -20.5 Frasers 698.50 9.3 - Sthree 386.00 10.6 - Industrial Metals 7910.31 1.9 24.4
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Anglo American 3850.00 3.9 27.6 Smithson Investment Trust 1324.00 9.0 - Luceco 126.80 10.5 - Industrial Transportation 3118.30 1.9 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Salesforce 176.07 15.83 9.88 Dr. Martens 258.80 42.40 19.59 Volvo, Ab Ser. A 17.58 0.52 3.02 Taiyo Yuden Co., 5620.00 320.00 6.04 Harbour Energy 378.70 -11.6 8.0 Integrafin Holdings 309.80 -11.3 - River And Mercantile 60.00 -77.4 - Gas Water & Multiutilities index 6121.41 -8.1 2.6
Baker Hughes 37.41 1.43 3.97 Ferrexpo 186.90 12.20 6.98 Volkswagen Ag St O.n. 215.20 5.80 2.77 Mitsubishi Motors 404.00 13.00 3.32 B&m Eur Value Retail S.a. 383.70 -9.8 - Johnson Matthey 2100.00 -10.7 2.7 Hostmore 41.00 -17.5 - Electricity 10904.23 -5.3 8.2
Hp 40.34 1.50 3.86 Rhi Magnesita N.v. 2566.00 156.00 6.47 A.p. Møller - Mærsk B A/s 2793.34 75.28 2.77 Ricoh , 1149.00 31.00 2.77 National Grid 1121.00 -8.6 3.8 Wood (john) 223.40 -10.5 18.4 Enquest 29.05 -17.4 55.5 Mining 10422.77 -2.4 -
Hess 127.45 4.38 3.56 Helios Towers 118.00 4.20 3.69 Volvo, Ab Ser. B 16.76 0.44 2.69 Tdk 4645.00 115.00 2.54 Severn Trent 2833.00 -7.7 -4.2 Petrofac 141.90 -8.2 25.6 Slf Realisation Fund 6.90 -15.9 - General Financial 11611.56 -2.3 0.4
Conocophillips 115.75 3.39 3.02 Babcock Int 350.00 12.40 3.67 A.p. Møller - Mærsk A A/s 2755.70 64.52 2.40 Fast Retailing Co., 63150.00 1540.00 2.50 United Utilities 1040.00 -6.5 -4.7 Hilton Food 1062.00 -8.1 -7.3 Icg-longbow Senior Secured Uk Property Debt Investments 60.00 -13.7 -26.2 Pharmaceuticals & Biotech. 21055.04 -2.3 12.0
Sse 1760.50 -5.7 6.7 Wizz Air Holdings 2854.00 -7.0 - Procook 90.00 -11.8 - Mobile Telecommunications 3190.62 -2.1 10.8
Downs Downs Downs Downs
Fresnillo 769.00 -4.3 - Trustpilot 92.45 -6.3 - Mcbride 31.00 -11.7 - Media 8729.83 -1.7 -
Albemarle 240.12 -20.30 -7.80 Baltic Classifieds 144.20 -10.20 -6.61 Telefonica 4.77 -0.29 -5.73 Fujitsu 18705.00 -870.00 -4.44
Royal Mail 300.30 -4.3 - Hg Capital Trust 375.00 -5.9 - De La Rue 91.50 -8.3 - Chemicals 12441.68 -1.6 -
Moody's 282.38 -19.19 -6.36 Synthomer 307.00 -21.20 -6.46 Philips Kon 23.01 -0.98 -4.11 Astellas Pharma . 2017.00 -86.00 -4.09
Gsk 1707.80 -3.8 5.4 Centrica 80.54 -5.6 11.3 Goodwin 3000.00 -7.6 -5.1 Tobacco 36827.41 -1.4 25.9
Mosaic (the) 58.69 -3.81 -6.10 Wood (john) 223.40 -15.20 -6.37 Sartorius Sted Bio 310.20 -10.90 -3.39 M3,. 3656.00 -126.00 -3.33
Relx 2207.00 -3.2 -8.2 Icg Enterprise Trust 1068.00 -5.3 - Foresight Holdings 357.00 -7.3 - Oil & Gas Producers 8006.07 -0.4 39.8
Idexx Laboratories 369.63 -21.99 -5.62 Nb Private Equity Partners 1440.00 -75.00 -4.95 Deutsche Post Ag Na O.n. 37.28 -1.23 -3.18 Sony 11975.00 -395.00 -3.19
Coca-cola Hbc Ag 1703.00 -2.9 - Fdm (holdings) 913.00 -5.3 -28.7 Slf Realisation Fund 8.86 -6.7 - Beverages 27527.91 -0.4 -
Delta Air Lines 39.54 -2.15 -5.16 Flutter Entertainment 9282.00 -478.00 -4.90 Dsv A/s 148.20 -4.70 -3.08 Cyberagent,. 1371.00 -42.00 -2.97
Imperial Brands 1791.50 -2.7 10.6 Nb Private Equity Partners 1440.00 -5.3 - Pod Point Holdings 195.00 -6.7 - Real Estate Investment Trusts 3012.57 0.0 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

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
Jun 2 Currency Mid Change Mid Change Mid Change Jun 2 Currency Mid Change Mid Change Mid Change Jun 2 Currency Mid Change Mid Change Mid Change Jun 2 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 120.3320 - 128.3637 - 150.3736 - Indonesia Indonesian Rupiah 14581.0000 - 15554.2283 - 18221.2423 - Poland Polish Zloty 4.3051 - 4.5925 - 5.3800 - ..Three Month 0.8003 0.0000 0.8532 0.0000 - -
Australia Australian Dollar 1.3913 - 1.4842 - 1.7386 - Israel Israeli Shekel 3.3426 - 3.5657 - 4.1771 - Romania Romanian Leu 4.6321 - 4.9413 - 5.7885 - ..One Year 0.8009 0.0000 0.8521 0.0000 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4022 - 0.4711 - Japan Japanese Yen 129.9400 - 138.6130 - 162.3803 - Russia Russian Ruble 64.0000 - 68.2718 - 79.9780 - United States United States Dollar - - 1.0667 - 1.2497 -
Bolivia Bolivian Boliviano 6.9100 - 7.3712 - 8.6351 - ..One Month 129.9398 -0.0003 138.6131 0.0001 162.3802 -0.0003 Saudi Arabia Saudi Riyal 3.7506 - 4.0009 - 4.6870 - ..One Month - - 1.0666 -0.1829 1.2497 0.0000
Brazil Brazilian Real 4.7944 - 5.1144 - 5.9914 - ..Three Month 129.9394 -0.0012 138.6131 0.0002 162.3797 -0.0013 Singapore Singapore Dollar 1.3735 - 1.4651 - 1.7163 - ..Three Month - - 1.0662 -0.1829 1.2497 0.0000
Canada Canadian Dollar 1.2647 - 1.3491 - 1.5804 - ..One Year 129.9362 -0.0075 138.6121 -0.0018 162.3802 -0.0041 South Africa South African Rand 15.5513 - 16.5893 - 19.4338 - ..One Year - - 1.0643 -0.1829 1.2503 0.0000
Chile Chilean Peso 825.4650 - 880.5617 - 1031.5476 - Kenya Kenyan Shilling 116.8000 - 124.5960 - 145.9599 - South Korea South Korean Won 1237.2000 - 1319.7787 - 1546.0749 - Vietnam Vietnamese Dong 23201.0000 - 24749.5960 - 28993.3228 -
China Chinese Yuan 6.6946 - 7.1414 - 8.3659 - Kuwait Kuwaiti Dinar 0.3064 - 0.3268 - 0.3828 - Sweden Swedish Krona 9.8240 - 10.4797 - 12.2766 - European Union Euro 0.9374 - - - 1.1715 -
Colombia Colombian Peso 3794.8200 - 4048.1110 - 4742.2223 - Malaysia Malaysian Ringgit 4.3830 - 4.6755 - 5.4772 - Switzerland Swiss Franc 0.9636 - 1.0279 - 1.2042 - ..One Month 0.9373 0.0000 - - 1.1713 0.0000
Costa Rica Costa Rican Colon 688.9000 - 734.8816 - 860.8883 - Mexico Mexican Peso 19.7430 - 21.0608 - 24.6720 - Taiwan New Taiwan Dollar 29.2695 - 31.2231 - 36.5768 - ..Three Month 0.9369 0.0000 - - 1.1711 0.0000
Czech Republic Czech Koruna 23.1934 - 24.7414 - 28.9837 - New Zealand New Zealand Dollar 1.5405 - 1.6433 - 1.9251 - Thailand Thai Baht 34.3375 - 36.6294 - 42.9101 - ..One Year 0.9349 0.0000 - - 1.1699 0.0000
Denmark Danish Krone 6.9737 - 7.4391 - 8.7147 - Nigeria Nigerian Naira 415.0000 - 442.6997 - 518.6074 - Tunisia Tunisian Dinar 3.0742 - 3.2793 - 3.8416 -
Egypt Egyptian Pound 18.6485 0.0437 19.8932 0.0466 23.3042 0.0546 Norway Norwegian Krone 9.4396 - 10.0697 - 11.7963 - Turkey Turkish Lira 16.3900 - 17.4840 - 20.4819 -
Hong Kong Hong Kong Dollar 7.8471 - 8.3709 - 9.8062 - Pakistan Pakistani Rupee 197.7500 - 210.9491 - 247.1195 - United Arab Emirates UAE Dirham 3.6731 - 3.9182 - 4.5901 -
Hungary Hungarian Forint 371.3382 - 396.1237 - 464.0452 - Peru Peruvian Nuevo Sol 3.7220 - 3.9704 - 4.6512 - United Kingdom Pound Sterling 0.8002 - 0.8536 - - -
India Indian Rupee 77.5338 - 82.7088 - 96.8905 - Philippines Philippine Peso 52.4850 - 55.9882 - 65.5882 - ..One Month 0.8002 0.0000 0.8535 0.0000 - -
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 Jun 01 May 31 May 30 May 27 May 26 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 2542.60 2569.60 2589.50 2569.70 2555.30 0.00 2880.10 2300.60 Oil & Gas Producers 39.89 Health Care Eq & Srv 1.99 Household Goods & Ho -14.41 FTSE 100 Price Change FTSE 100 Price Change
Jun 02 chge% Index May 31 May 30 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 39.74 NON FINANCIALS Index 0.55 Equity Invest Instr -15.74 3I Group PLC 1238.5 -31.00 Itv PLC 70.60 0.32
FTSE 100 (100) 7532.95 -0.98 6882.72 7607.66 7600.06 7080.46 3.45 1.94 14.95 138.28 7600.62 P/E Ratio net - - - - - 0.00 19.44 14.26 Oil Equipment & Serv 25.96 Beverages 31.66 Construct & Material -17.04 Abrdn PLC 192.75 -2.25 Jd Sports Fashion PLC 122.10 -0.55
FTSE 250 (251) 20272.90 -0.71 18522.99 20417.95 20546.89 22874.99 2.54 2.61 15.04 241.35 16604.46 FT 30 hourly changes Tobacco 25.74 FTSE All{HY-}Share Index -1.05 Industrials -17.20 Admiral Group PLC 2201 -22.00 Kingfisher PLC 259.90 -3.70
FTSE 250 ex Inv Co (179) 20997.64 -0.65 19185.16 21134.19 21296.45 23935.38 2.56 1.25 31.28 258.91 17540.28 8 9 10 11 12 13 14 15 16 High Low Mining 23.31 Consumer Goods -3.68 Real Est Invest & Se -17.97 Airtel Africa PLC 153.90 -0.70 Land Securities Group PLC 766.40 -0.40
FTSE 350 (351) 4197.38 -0.94 3835.07 4237.22 4237.75 4066.34 3.31 2.02 14.97 72.85 8406.47 2569.6 2573.3 2571.9 2574.3 2563 2572.2 2571.8 2570.5 2555.9 2583.1 2542.3 Basic Materials 14.97 Food Producers -7.13 Food & Drug Retailer -20.89 Anglo American PLC 3850 -37.00 Legal & General Group PLC 255.60 -4.10
FTSE 350 ex Investment Trusts (277) 4132.52 -0.94 3775.81 4171.81 4171.32 3969.55 3.36 1.89 15.69 73.27 4276.47 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Aerospace & Defense 13.65 Financials -7.37 Tech Hardware & Eq -22.41 Antofagasta PLC 1495 17.50 Lloyds Banking Group PLC 45.13 0.24
FTSE 350 Higher Yield (114) 3663.47 -0.77 3347.24 3691.92 3667.94 3279.96 4.21 1.72 13.82 80.37 8222.66 Pharmace & Biotech 12.16 Personal Goods -7.55 Technology -23.28 Ashtead Group PLC 4011 -142.00 London Stock Exchange Group PLC 7144 -258.00
FTSE 350 Lower Yield (237) 4298.02 -1.16 3927.02 4348.51 4386.50 4580.52 2.13 2.79 16.78 49.11 5238.86 FT WILSHIRE 5000 INDEX SERIES Health Care 11.47 Travel & Leisure -8.17 Software & Comp Serv -23.35 Associated British Foods PLC 1705 -25.00 M&G PLC 216.40 0.30
FTSE SmallCap (249) 6707.43 0.33 6128.46 6685.29 6712.47 7308.36 3.10 2.68 12.03 95.09 11086.24 Mobile Telecomms 11.19 FTSE SmallCap Index -10.08 Industrial Eng -23.93 Astrazeneca PLC 10442 -12.00 Meggitt PLC 775.00 -
FTSE SmallCap ex Inv Co (132) 5645.64 0.29 5158.32 5629.32 5663.25 6218.25 2.83 1.83 19.27 70.90 9705.49 Jun 01 Jun 01 Telecommunications 10.86 Beverages -11.44 Support Services -24.14 Auto Trader Group PLC 586.80 -2.80 Melrose Industries PLC 133.40 -2.00
FTSE All-Share (600) 4164.00 -0.90 3804.57 4201.96 4202.96 4049.03 3.30 2.04 14.86 71.87 8421.37 Fixed Line Telecomms 10.35 Media -11.74 Chemicals -24.88
FT Wilshire 5000 41595.70 FT Wilshire Mid Cap 5543.52 Avast PLC 479.30 -6.40 Mondi PLC 1532 -6.50
FTSE All-Share ex Inv Co (409) 4064.08 -0.92 3713.27 4101.92 4101.83 3913.08 3.36 1.89 15.74 71.73 4270.06 Banks 8.43 Real Est Invest & Tr -11.77 General Retailers -25.07
FT Wilshire 2500 5326.38 FT Wilshire Small Cap 5073.99 Aveva Group PLC 2215 -63.00 National Grid PLC 1121 -50.00
FTSE All-Share ex Multinationals (533) 1163.27 -0.93 881.20 1174.13 1183.32 1326.16 3.30 2.53 12.01 19.23 2431.14 Electricity 8.09 Life Insurance -11.95 Leisure Goods -25.80
FT Wilshire Mega Cap 5321.58 FT Wilshire Micro Cap 4992.34 Aviva PLC 428.70 -1.30 Natwest Group PLC 226.70 -1.50
FTSE Fledgling (77) 12828.43 0.06 11721.10 12821.36 12795.17 13003.36 2.83 4.76 7.42 162.05 27340.49 Utilities 4.13 Nonlife Insurance -12.72 Electronic & Elec Eq -26.38
FT Wilshire Large Cap 5358.74 B&M European Value Retail S.A. 383.70 -6.00 Next PLC 6462 -16.00
FTSE Fledgling ex Inv Co (30) 17970.71 0.21 16419.52 17933.38 17907.99 17757.97 2.28 -2.45 -17.86 215.85 37218.07 Gas Water & Multi 2.80 Financial Services -12.81 Industrial Transport -28.30
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Bae Systems PLC 778.20 22.20 Ocado Group PLC 908.60 -22.20
FTSE All-Small (326) 4683.97 0.32 4279.66 4669.20 4686.65 5083.90 3.09 2.78 11.64 66.02 9930.16 FTSE 100 Index 2.01 FTSE 250 Index -13.66 Automobiles & Parts -38.83
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Barclays PLC 167.80 -1.26 Pearson PLC 748.80 -5.60
FTSE All-Small ex Inv Co (162) 4255.78 0.29 3888.43 4243.60 4268.04 4668.50 2.81 1.71 20.81 53.38 9266.11 Consumer Services -14.31 Industrial Metals & -75.97
mark. Copyright ©2022 Wilshire. All rights reserved. Barratt Developments PLC 500.00 -4.80 Pershing Square Holdings LTD 2540 -10.00
FTSE AIM All-Share (765) 972.60 -0.32 888.65 975.74 974.21 1258.78 1.25 1.46 54.67 5.41 1132.92
Berkeley Group Holdings (The) PLC 4238 38.00 Persimmon PLC 2185 8.00
FTSE All-Share Technology (22) 1811.73 -1.25 1558.51 1834.70 1864.09 2220.13 1.99 0.67 75.48 22.76 2600.69
BP PLC 431.30 -2.95 Phoenix Group Holdings PLC 633.40 -4.20
FTSE All-Share Telecommunications (6) 2043.40 -1.86 1757.79 2082.17 2058.80 2027.19 4.44 1.25 17.98 41.21 3015.24 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC 3536.5 34.50 Prudential PLC 1018 -19.50
FTSE All-Share Health Care (13) 14705.99 -0.66 12650.52 14802.98 14816.07 11967.94 2.71 0.76 48.77 233.48 13486.09
Jun 2 No of US $ Day Mth YTD Total
YTD Gr Div Jun 2 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 521.20 -4.40 Reckitt Benckiser Group PLC 6180 42.00
FTSE All-Share Financials (257) 4606.73 -0.91 3962.84 4649.12 4673.16 4892.62 3.45 3.17 9.16 92.73 5045.81
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 187.60 0.35 Relx PLC 2207 -69.00
FTSE All-Share Real Estate (52) 1084.07 -1.22 975.55 1097.49 1104.18 1089.04 2.92 5.28 6.48 13.71 1119.16
FTSE Global All Cap 9444 727.59 -0.7 -0.9 -14.1
-13.2 1153.77
2.1 Oil Equipment & Services 23 305.89 1.1 1.1 30.7 554.95 33.0 3.8 Bunzl PLC 2811 44.00 Rentokil Initial PLC 494.00 -12.20
FTSE All-Share Consumer Discretionary (91) 4670.16 -1.28 4017.41 4730.71 4796.97 5584.74 1.95 0.87 58.83 48.98 4888.24
FTSE Global All Cap 9444 727.59 -0.7 -0.9 -14.1
-13.2 1153.77
2.1 Basic Materials 372 657.20 -0.7 -0.7 -2.3 1183.49 -0.4 4.3 Burberry Group PLC 1701.5 -11.50 Rightmove PLC 586.60 -14.20
FTSE All-Share Consumer Staples (25)19332.15 -0.97 16630.08 19520.99 19012.06 19086.70 3.93 1.64 15.54 303.11 17377.49
FTSE Global Large Cap 1878 650.32 -0.8 -0.9 -14.3
-13.5 1062.97
2.2 Chemicals 181 879.37 -1.0 -1.0 -9.2 1533.21 -8.0 2.5 Coca-Cola Hbc AG 1703 -44.50 Rio Tinto PLC 5758 8.00
FTSE All-Share Industrials (88) 6142.29 -0.68 5283.78 6184.11 6267.97 6726.42 2.12 1.53 30.70 72.25 7035.58
FTSE Global Mid Cap 2249 942.27 -0.8 -0.6 -12.2
-11.3 1405.37
2.2 Forestry & Paper 20 300.21 -1.0 -1.0 -1.6 600.94 0.7 3.3 Compass Group PLC 1769 -8.50 Rolls-Royce Holdings PLC 88.73 2.04
FTSE All-Share Basic Materials (22) 9444.00 -0.16 8124.00 9458.89 9478.73 8709.97 5.70 2.23 7.87 289.40 12485.89
FTSE Global Small Cap 5317 969.54 -0.6 -0.9 -15.3
-14.6 1383.37
1.9 Industrial Metals & Mining 94 531.52 -0.2 -0.2 -3.9 989.52 -1.7 6.9 Crh PLC 3235 -38.50 Royal Mail PLC 300.30 -10.30
FTSE All-Share Energy (14) 8288.34 -0.70 7129.88 8347.01 8338.27 5207.77 3.11 2.15 14.92 140.29 9885.70
FTSE All-World 4127 427.52 -0.8 -0.9 -14.0
-13.1 717.91
2.2 Mining 77 1037.85 -0.4 -0.4 11.5 1956.00 14.4 5.6 Croda International PLC 6758 -152.00 Rs Group PLC 960.00 -8.50
FTSE All-Share Utilities (10) 9049.90 -2.38 7784.99 9270.75 9226.51 7782.97 4.06 0.74 33.46 184.23 13506.05
FTSE World 2673 773.79 -0.8 -0.7 -13.8
-12.9 2.2 Industrials
1744.31 779 496.74 -0.6 -0.6 -17.3 785.20 -16.4 1.9 Dcc PLC 5604 -6.00 Sage Group PLC 653.60 -3.00
FTSE All-Share Software and Computer Services (20) 1948.51 -1.27 1676.16 1973.66 2005.39 2389.79 2.00 0.65 77.13 24.90 2959.57
FTSE Global All Cap ex UNITED KINGDOM In 9149 767.98 -0.7 -0.9 -14.4
-13.5 1194.71
2.1 Construction & Materials 146 585.29 -0.8 -0.8 -20.8 976.17 -19.9 2.3 Dechra Pharmaceuticals PLC 3568 -68.00 Sainsbury (J) PLC 227.20 -1.20
FTSE All-Share Technology Hardware and Equipment (2) 5033.95 -0.60 4330.35 5064.24 5136.80 5763.14 1.88 1.14 46.53 32.00 6440.70
FTSE Global All Cap ex USA 7602 524.17 -0.7 -0.7 -12.6
-11.2 918.82
3.0 Aerospace & Defense 34 818.53 -0.1 -0.1 1.9 1270.10 2.8 1.6 Diageo PLC 3622 -53.00 Schroders PLC 2894 -68.00
FTSE All-Share Telecommunications Equipment (1) 523.08 0.86 449.97 518.61 519.95 595.70 2.16 2.15 21.47 6.68 741.94
FTSE Global All Cap ex JAPAN 8050 759.44 -0.8 -1.1 -14.1
-13.3 1215.08
2.1 General Industrials 72 239.66 -0.5 -0.5 -13.6 419.45 -12.4 2.5 Endeavour Mining PLC 1804 12.00 Scottish Mortgage Investment Trust PLC 795.60 -11.00
FTSE All-Share Telecommunications Service Providers (5) 3185.79 -1.94 2740.51 3248.67 3211.00 3145.20 4.50 1.24 17.90 64.81 4278.96
FTSE Global All Cap ex Eurozone 8779 771.45 -0.7 -0.9 -13.8
-13.0 1196.29
2.1 Electronic & Electrical Equipment 159 623.21 -0.9 -0.9 -22.5 887.63 -22.0 1.5 Entain PLC 1460 -2.00 Segro PLC 1084 -24.00
FTSE All-Share Health Care Providers (3) 9434.58 1.99 8115.90 9250.45 9109.27 8042.54 0.11 20.09 45.33 0.00 8709.97
FTSE Developed 2223 708.06 -0.7 -0.8 -14.2
-13.3 1131.82
2.1 Industrial Engineering 151 958.53 -0.1 -0.1 -17.1 1511.47 -16.2 2.0 Experian PLC 2568 -88.00 Severn Trent PLC 2833 -82.00
FTSE All-Share Medical Equipment and Services (2) 6032.76 -1.70 5189.55 6137.34 6262.28 7144.27 2.19 1.32 34.54 84.76 5761.02
FTSE Developed All Cap 5875 738.15 -0.7 -0.8 -14.3
-13.5 1162.54
2.0 Industrial Transportation 128 974.56 0.0 0.0 -12.3 1561.21 -10.9 2.7 Flutter Entertainment PLC 9282 -478.00 Shell PLC 2361 -15.50
FTSE All-Share Pharmaceuticals and Biotechnology (8)20980.53 -0.62 18048.07 21111.11 21109.24 16595.65 2.76 0.73 49.97 338.30 17325.35
FTSE Developed Large Cap 863 662.38 -0.7 -0.9 -14.6
-13.7 1077.86
2.0 Support Services 89 533.89 -1.5 -1.5 -24.8 788.74 -24.4 1.4 Fresnillo PLC 769.00 -5.20 Smith & Nephew PLC 1269 -24.00
FTSE All-Share Banks (12) 3263.49 -0.40 2807.35 3276.65 3271.15 3026.41 3.58 3.42 8.15 80.59 2846.35
FTSE Developed Europe Large Cap 228 386.05 -1.4 -1.3 -14.1
-12.0 3.1 Consumer Goods
759.54 562 584.05 -0.8 -0.8 -15.3 972.73 -14.3 2.4 Glaxosmithkline PLC 1707.8 -24.80 Smith (Ds) PLC 303.20 -3.20
FTSE All-Share Finance and Credit Services (7) 9993.67 -3.14 8596.85 10317.71 10557.85 10407.92 1.91 1.91 27.44 142.41 13349.60
FTSE Developed Europe Mid Cap 358 617.96 -1.4 -2.1 -19.9
-18.5 1051.13
2.8 Automobiles & Parts 131 595.83 -0.2 -0.2 -22.9 958.94 -22.1 2.2 Glencore PLC 523.70 1.60 Smiths Group PLC 1561 6.00
FTSE All-Share Investment Banking and Brokerage Services (34) 8813.03 -1.65 7581.22 8961.08 9063.21 10712.11 4.67 2.56 8.35 175.39 12064.77
FTSE Dev Europe Small Cap 740 890.00 -1.3 -1.7 -19.4
-18.0 1455.67
2.6 Beverages 71 752.79 -1.0 -1.0 -6.6 1262.86 -6.0 2.2 Halma PLC 2181 -48.00 Smurfit Kappa Group PLC 3179 -36.00
FTSE All-Share Closed End Investments (191)12022.04 -0.62 10341.71 12096.48 12146.82 13464.61 2.51 4.94 8.07 135.81 7428.04
FTSE North America Large Cap 245 882.54 -0.7 -1.1 -15.4
-14.8 1315.01
1.6 Food Producers 133 729.57 -1.5 -1.5 -7.1 1248.40 -5.7 2.4 Harbour Energy PLC 378.70 -5.50 Spirax-Sarco Engineering PLC 10480 -85.00
FTSE All-Share Life Insurance (6) 6849.75 -1.40 5892.35 6947.06 7051.27 8284.27 4.37 1.50 15.30 188.82 8253.52
FTSE North America Mid Cap 428 1165.19 -0.8 -0.5 -10.9
-10.3 1603.76
1.8 Household Goods & Home Construction 63 542.75 -1.1 -1.1 -17.0 903.14 -16.0 2.6 Hargreaves Lansdown PLC 838.40 -18.60 Sse PLC 1760.5 -11.50
FTSE All-Share Nonlife Insurance (7) 3455.08 -0.96 2972.16 3488.57 3502.18 3598.92 4.66 1.47 14.60 84.60 7261.34
FTSE North America Small Cap 1350 1129.21 -0.6 -0.6 -14.4
-13.9 1492.04
1.5 Leisure Goods 53 274.40 -0.2 -0.2 -13.8 385.88 -13.2 1.3 Hikma Pharmaceuticals PLC 1673 -25.50 St. James's Place PLC 1247.5 -46.50
FTSE All-Share Real Estate Investment and Services (12) 2577.73 -0.80 2217.44 2598.46 2596.69 2659.25 2.06 3.85 12.59 26.12 7634.31
FTSE North America 673 579.04 -0.7 -1.0 -14.5
-14.0 881.89
1.6 Personal Goods 97 887.99 -1.0 -1.0 -23.1 1355.84 -22.4 1.9 Howden Joinery Group PLC 674.80 -7.40 Standard Chartered PLC 632.80 3.00
FTSE All-Share Real Estate Investment Trusts (40) 2723.37 -1.31 2342.72 2759.54 2780.25 2721.20 3.10 5.48 5.89 35.91 4043.46
FTSE Developed ex North America 1550 273.12 -0.7 -0.5 -13.4
-11.8 517.29
3.0 Tobacco 14 1061.69 -0.2 -0.2 10.4 2918.59 12.2 5.5 HSBC Holdings PLC 529.60 -3.40 Taylor Wimpey PLC 129.75 -0.35
FTSE All-Share Automobiles and Parts (2) 2230.46 -0.99 1918.71 2252.81 2244.52 5120.91 0.87 -10.43 -11.02 8.35 2313.37
FTSE Japan Large Cap 165 391.72 0.2 1.6 -14.1
-13.1 568.47
2.6 Health Care 348 710.91 -1.4 -1.4 -10.0 1125.21 -9.1 1.8 Imperial Brands PLC 1791.5 1.00 Tesco PLC 258.90 -0.10
FTSE All-Share Consumer Services (3) 2920.50 -0.46 2512.30 2934.10 2970.38 2706.07 0.79 3.24 38.84 23.08 3685.34
FTSE Japan Mid Cap 342 539.65 0.7 2.4 -12.1
-10.9 744.65
2.6 Health Care Equipment & Services 135 1377.96 -1.9 -1.9 -17.2 1681.87 -16.9 1.0 Informa PLC 537.40 -7.60 Unilever PLC 3705 -120.00
FTSE All-Share Household Goods and Home Construction (14)11058.29 0.03 9512.67 11054.87 11285.40 16016.37 6.02 1.86 8.96 322.29 9512.15
FTSE Global wi JAPAN Small Cap 887 588.85 0.5 1.2 -15.4
-14.1 843.07
2.7 Pharmaceuticals & Biotechnology 213 475.46 -1.0 -1.0 -4.3 808.09 -3.0 2.3 Intercontinental Hotels Group PLC 4841 -91.00 United Utilities Group PLC 1040 -18.00
FTSE All-Share Leisure Goods (2) 18840.53 -1.46 16207.18 19120.05 19076.23 30770.30 2.80 1.89 18.91 381.27 20544.46
FTSE Japan 507 160.52 0.3 1.8 -13.7
-12.6 260.89
2.6 Consumer Services 434 543.85 -1.0 -1.0 -22.8 772.29 -22.4 1.2 Intermediate Capital Group PLC 1540.5 -34.50 Vodafone Group PLC 126.70 -3.88
FTSE All-Share Personal Goods (5) 25148.48 1.85 21633.46 24692.75 24908.61 31486.05 2.07 2.40 20.10 16.03 19354.87
FTSE Asia Pacific Large Cap ex Japan 1083 739.93 -0.5 -0.8 -11.2
-10.5 1322.40
2.7 Food & Drug Retailers 66 321.95 -0.9 -0.9 -6.5 506.12 -5.5 2.3 International Consolidated Airlines Group S.A. 125.92 -1.72 Whitbread PLC 2629 -94.00
FTSE All-Share Media (11) 8976.75 -2.01 7722.07 9160.69 9230.94 8858.90 2.15 1.68 27.55 114.85 6243.43
FTSE Asia Pacific Mid Cap ex Japan 854 1025.50 -0.3 -0.7 -9.5
-8.6 1767.53
3.2 General Retailers 149 961.55 -0.8 -0.8 -24.8 1308.71 -24.5 0.9 Intertek Group PLC 4558 -77.00 Wpp PLC 922.80 2.20
FTSE All-Share Retailers (22) 2066.60 -0.69 1777.75 2081.01 2139.46 2709.27 2.06 3.99 12.16 18.30 2644.70
FTSE All-Share Travel and Leisure (32) 6496.80 -2.24 5588.74 6645.95 6728.98 8651.83 0.39 -23.04 -11.12 21.01 6697.81 FTSE Asia Pacific Small Cap ex Japan 2045 605.22 -0.4 -2.4 -16.9
-16.2 1013.33
2.6 Media 78 323.70 -1.6 -1.6 -31.0 462.21 -30.7 1.2
FTSE All-Share Beverages (5) 27644.09 -1.50 23780.26 28066.08 28045.01 26752.86 2.10 1.53 31.17 216.33 21878.56 FTSE Asia Pacific Ex Japan 1937 587.81 -0.5 -0.8 -11.1
-10.3 1116.52
2.8 Travel & Leisure 141 433.98 -1.3 -1.3 -15.4 629.90 -15.0 1.1
FTSE All-Share Food Producers (10) 6420.29 -0.24 5522.92 6435.87 6502.63 7726.84 2.46 2.57 15.81 10.18 6109.73 FTSE Emerging All Cap 3569 772.71 -0.9 -1.3 -12.2
-11.3 1318.07
3.1 Telecommunication 87 150.59 -0.5 -0.5 1.6 348.16 3.5 3.7 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 36827.48 0.82 31680.08 36526.78 36055.94 29060.62 6.40 1.58 9.89 716.90 33467.03 FTSE Emerging Large Cap 1015 718.08 -1.1 -1.4 -12.7
-11.8 1231.79
3.1 Fixed Line Telecommuniations 32 119.58 -0.5 -0.5 6.1 315.88 8.4 4.5 Jun 01 May 31 May 30 May 27 May 26 Yr Ago
FTSE All-Share Construction and Materials (15) 7461.54 -1.01 6418.64 7537.48 7627.15 8811.18 2.88 0.60 57.60 158.20 9011.65 FTSE Emerging Mid Cap 889 1070.69 -0.3 -0.9 -6.9
-5.6 1839.99
3.7 Mobile Telecommunications 55 176.48 -0.6 -0.6 -0.7 352.52 1.0 3.3 Order Book Turnover (m) 379.98 210.21 268.40 1082.90 1082.90 1082.90
FTSE All-Share Aerospace and Defense (9) 5020.33 2.11 4318.64 4916.82 4962.57 4037.74 1.95 1.94 26.42 55.63 6063.61 FTSE Emerging Small Cap 1665 827.97 -0.2 -1.1 -14.5
-13.8 1350.12
2.8 Utilities 194 339.81 -0.8 -0.8 -1.0 783.74 0.5 3.2 Order Book Bargains 836762.00 875011.00 689726.00 851689.00 851689.00 851689.00
FTSE All-Share Electronic and Electrical Equipment (10)10773.11 -1.01 9267.35 10882.53 11049.13 12882.68 1.57 2.40 26.49 79.94 10569.50 FTSE Emerging Europe 49 100.07 1.1 -3.6 -75.9
-75.3 205.69
3.7 Electricity 138 383.62 -0.6 -0.6 -0.5 871.18 0.9 3.1 Order Book Shares Traded (m) 1736.00 2945.00 1597.00 1462.00 1462.00 1462.00
FTSE All-Share General Industrials (9) 4962.79 -0.27 4269.14 4976.23 5070.37 5572.62 2.74 1.03 35.43 82.56 6471.39 FTSE Latin America All Cap 264 807.04 -1.0 5.1 13.8
18.2 1527.04
8.9 Gas Water & Multiutilities 56 337.47 -1.1 -1.1 -2.1 805.88 -0.4 3.3 Total Equity Turnover (£m) 13567.83 7776.47 7763.05 7548.66 7548.66 7548.66
FTSE All-Share Industrial Engineering (5)15026.93 0.09 12926.61 15013.61 15265.80 18483.52 1.66 1.96 30.75 164.12 20052.07 FTSE Middle East and Africa All Cap 332 829.75 -1.1 -5.7 4.2
5.8 2.9 Financials
1499.93 859 272.91 -1.0 -1.0 -9.0 517.09 -7.7 3.0 Total Mkt Bargains 1036681.00 1091633.00 869119.00 1052961.00 1052961.00 1052961.00
FTSE All-Share Industrial Support Services (31) 9620.93 -1.72 8276.21 9789.20 9884.41 10511.67 1.86 1.70 31.68 101.85 10968.17 FTSE Global wi UNITED KINGDOM All Cap In 295 332.23 -1.8 -0.7 -7.7
-6.0 3.3 Banks
668.35 270 211.57 -0.8 -0.8 -6.5 444.67 -4.8 3.9 Total Shares Traded (m) 5318.00 7118.00 4788.00 4391.00 4391.00 4391.00
FTSE All-Share Industrial Transportation (9) 4752.61 -2.89 4088.34 4894.27 5008.39 6417.29 1.88 2.69 19.81 13.05 4896.96 FTSE Global wi USA All Cap 1842 989.72 -0.8 -1.0 -15.1
-14.6 1.5 Nonlife Insurance
1421.86 71 342.93 -1.1 -1.1 -2.1 568.29 -0.1 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)15652.92 2.96 511.54 15202.84 15202.84 24004.48 2.08 1.40 34.37 220.04 19623.35 FTSE Europe All Cap 1449 444.00 -1.4 -1.5 -17.1
-15.2 3.0 Life Insurance
837.81 51 226.22 -1.0 -1.0 -6.4 428.21 -4.5 3.8 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 8518.67 -0.06 7328.01 8523.64 8530.69 7269.30 6.07 2.23 7.38 278.25 12647.73 FTSE Eurozone All Cap 665 426.76 -1.2 -0.3 -17.7
-15.7 3.0 Financial Services
800.65 212 439.13 -1.3 -1.3 -12.0 661.45 -11.3 1.7
FTSE All-Share Precious Metals and Mining (5)10022.20 0.50 8621.39 9972.71 10164.91 23917.30 3.40 1.94 15.16 201.37 6946.64 FTSE EDHEC-Risk Efficient All-World 4127 488.68 -0.8 -0.4 -10.5
-9.5 2.5 Technology
760.37 365 517.52 -0.5 -0.5 -23.7 671.81 -23.4 1.0
FTSE All-Share Chemicals (7) 13843.71 -1.45 11908.77 14047.55 14181.76 17500.16 2.68 2.17 17.21 181.97 13727.78 FTSE EDHEC-Risk Efficient Developed Europe 586 335.90 -1.3 -1.9 -18.7
-17.0 3.1 Software & Computer Services
585.53 193 787.95 -0.2 -0.2 -26.3 950.75 -26.1 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (13) 8044.33 -0.70 6919.97 8101.22 8092.70 5054.08 3.11 2.15 14.91 136.18 9950.46 Oil & Gas 127 422.51 0.6 11.4 28.9
31.6 3.9 Technology Hardware & Equipment
844.83 172 454.67 -0.8 -0.8 -20.7 633.16 -20.3 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 84 417.55 0.6 12.1 31.4
34.5 856.11
4.1 Alternative Energy 20 176.60 -1.2 -1.2 -15.3 252.59 -15.2 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 152 283.55 -0.6 -0.6 -13.8 544.19 -12.7 3.4
Non Financials (343) 5099.43 -0.90 4659.25 5145.80 5139.89 4832.18 3.26 1.70 18.01 83.95 9071.09 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 103 509.81 -0.9 -0.9 -14.5 1170.42 -13.6 3.3
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1878 650.32 -0.8 -0.8 -14.3 1062.97 -13.5 2.2
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day 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/
FTSE 100 7625.99 7599.49 7591.61 7600.96 7577.17 7595.02 7600.62 7596.21 7563.48 7629.96 7530.27 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 20504.89 20434.63 20415.66 20467.92 20397.54 20459.05 20479.39 20490.42 20354.49 20539.35 20262.72 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
FTSE SmallCap 6692.27 6700.55 6699.66 6701.95 6698.86 6703.11 6704.09 6714.89 6703.55 6717.18 6689.81 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 4213.08 4199.04 4194.87 4200.76 4187.74 4197.81 4201.00 4199.53 4180.29 4213.72 4162.34 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
Time of FTSE 100 Day's high:07:04:15 Day's Low15:27:00 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6959.48(07/03/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:07:04:00 Day's Low15:27:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3862.39(07/03/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
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.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Active Energy Group Pre 0.195 0.000 4.145L 8.292L 0.003L 0.018L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 05/24 50.00 AIM ENSI EnSilica PLC 50.50 -0.50 57.00 50.00 3799.2
There are currently no rights offers by any companies listed on the LSE. 05/06 3.50 KEN Kendrick Resources PLC 2.25 -0.02 3.50 2.20 493.9

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.
Friday 3 June 2022 ★ FINANCIAL TIMES 13

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Denso 8113 8.00 9575 6584 1.80 21.87 49196.53 Novartis 86.18 -0.68 88.42 73.01 3.42 9.12 217723.53 Boeing 130.65 -0.75 258.40 117.08 - -19.80 77297.22 Lilly (E) 311.08 -2.36 324.08 196.68 1.01 55.09 295575.64
ANZ Bank 24.97 -0.34 29.64 24.65 5.64 11.21 50146.46 Nokia 4.66 -0.02 5.71 4.12 - 16.34 28328.48 EastJpRwy 6756 1.00 8569 6373 1.54 -6.67 19649.93 Richemont 106.25 -0.10 146.10 90.28 1.80 24.68 57557.59 Booking Holdings 2238.57 -4.99 2715.66 1796.45 - 86.13 90938 Linde 319.61 -5.07 346.50 267.51 1.22 47.32 160675.84
BHP Group 45.61 -0.04 54.55 35.56 8.41 11.47 165954.55 SampoA 41.57 -0.51 48.74 35.85 4.05 8.99 24573.66 Fanuc 21335 30.00 28165 18740 2.21 24.97 33151.74 Roche 322.70 -3.70 404.20 308.75 2.66 21.06 235281.22 Bristol-Myers 74.96 -0.49 78.62 53.22 2.47 26.04 159594.66 Lockheed♦ 439.30 -0.81 479.99 324.23 2.33 20.44 116900.79
CmwBkAu 105.44 -1.27 110.19 92.37 3.10 21.24 129319.3 France (€) FastRetail 63150 1540 87920 54310 0.87 29.17 51551.11 Swiss Re 78.12 -0.80 102.20 72.44 7.39 18.38 25739.82 Broadcom 573.62 -6.51 677.76 455.71 2.42 35.11 234198.24 Lowes 191.72 -3.58 263.31 179.22 1.46 17.10 122533.78
CSL 268.62 -4.88 319.78 240.10 1.05 41.19 93003.62 Airbus Grpe 108.26 -0.52 121.00 90.24 - 20.17 91018.67 Fuji Hvy Ind 2359 14.50 2413 1664.5 2.47 26.66 13964.03 Swisscom 568.20 1.40 587.40 491.10 3.78 16.46 30545.73 Cadence Design 153.22 -0.51 192.70 122.04 - 66.43 42251.79 Lyondell 114.31 0.06 118.02 84.17 3.58 7.39 37450.45
NatAusBk 31.30 -0.25 33.75 25.08 2.68 17.86 72212.55 AirLiquide 159.72 -3.12 166.60 136.46 1.69 29.96 80998.44 Hitachi 6797 1.00 7460 4750 1.76 9.80 50647.17 UBS 18.10 0.06 19.90 13.10 1.87 9.08 69545.31 CapOne 124.96 -2.90 177.95 110.29 1.48 5.03 49115.61 Marathon Ptl 103.91 2.12 104.61 50.19 2.06 55.75 56214.78
Telstra 3.96 -0.04 4.20 3.50 2.36 34.50 33024.99 AXA 23.50 -0.01 29.09 20.78 5.99 8.04 58566.46 HondaMtr 3332 8.00 3724 3043 4.03 6.94 46449.73 Zurich Fin 436.20 -1.80 461.70 352.80 4.48 14.16 68109.93 CardinalHlth 55.43 -0.89 64.53 45.85 3.26 31.13 15100.65 Marsh&M 156.41 -3.54 183.14 133.86 1.58 26.08 78504.33
Wesfarmers 47.28 -0.30 67.20 45.89 3.51 26.03 38530.85 BNP Parib 52.84 -0.27 68.07 43.07 4.98 7.74 69575.42 JapanTob 2383 15.50 2417 2000 5.97 11.94 36678.46 Taiwan (NT$) Carnival 13.47 -0.41 31.52 11.56 - -1.74 13331.27 MasterCard 357.06 -0.81 399.92 305.61 0.58 44.18 344534.63
Westpac Bank 23.93 -0.17 27.12 20.00 3.46 18.64 60218.49 ChristianDior 581.50 1.50 733.50 513.00 1.18 21.58 111971.16 KDDI 4513 -23.00 4636 3237 2.77 14.88 80027.4 Chunghwa Telecom 125.00 -0.50 132.50 109.00 3.34 27.90 33129.42 Caterpillar 217.57 1.72 246.69 179.67 1.81 19.93 116041.66 McDonald's 249.28 -2.93 269.72 217.68 1.94 26.91 184354.26
Woolworths 34.63 -0.54 42.66 33.45 2.91 42.30 30214.49 Cred Agr 10.13 -0.18 14.27 8.97 7.76 5.63 32711.25 Keyence 51010 -620.00 76210 48450 0.41 41.94 95475.02 Formosa PetChem 95.80 0.50 117.50 88.30 0.60 18.93 31178.75 Centene Corp 81.21 -0.23 89.92 59.67 - 38.61 47498.67 McKesson 322.21 -6.48 339.94 184.43 0.51 39.55 46838.16
Belgium (€) Danone 54.68 -0.05 65.30 46.48 3.49 18.91 39418.48 MitsbCp 4488 15.00 4749 2903 3.20 9.85 51315.43 HonHaiPrc 114.00 -0.50 120.00 99.70 3.42 11.79 53994.13 CharlesSch 69.57 -0.53 96.24 61.53 0.95 26.64 126412.68 Medtronic 97.78 -2.37 135.89 96.38 2.35 28.92 131175.7
AnBshInBv 51.50 -0.67 65.86 46.66 1.02 26.12 95436.64 EDF♦ 8.14 -0.12 12.67 6.64 5.89 6.36 32433.04 MitsubEst 1943 7.50 1988 1546 1.55 18.61 20806.86 MediaTek 898.00 -1.00 1200 797.00 4.02 13.10 49060.29 Charter Comms 495.38 -11.55 825.62 410.33 - 21.94 83153.64 Merck 91.14 -0.89 94.92 70.89 2.67 20.33 230475.29
KBC Grp 58.34 0.24 86.50 49.75 5.80 9.64 25944.33 Engie SA 12.48 -0.02 14.61 9.79 4.18 8.94 32420.92 MitsubishiEle 1448 2.00 1817 1225.5 2.88 12.73 23927.56 TaiwanSem 540.00 -4.00 650.00 505.00 1.93 22.04 478395.82 Chevron Corp 176.32 1.66 180.96 92.86 2.78 23.48 346435.91 Meta 188.64 -5.00 384.33 169.00 - 14.85 432649.38
EssilorLuxottica♦ 148.30 -1.75 195.00 133.60 0.72 45.97 70011.65 MitsuiFud 2838 -4.50 2911.5 2211 1.61 17.01 20827.26 Chipotle Mexic. 1374.72 -27.83 1958.55 1230.91 - 65.07 38440.54 Metlife 66.66 -0.73 73.18 55.21 2.63 9.88 54208.31
Brazil (R$) Thailand (THB)
Hermes Intl 1099 -11.00 1678 995.80 0.41 47.96 123764.74 MitUFJFin 740.90 -4.70 828.30 564.40 3.65 7.39 75732.08 Chubb 208.64 -2.65 218.99 155.78 1.41 11.74 88403.14 Microsoft♦ 272.42 0.55 349.67 243.00 0.78 31.442037438.21
Ambev 14.12 -0.07 19.86 13.06 3.83 22.25 46385.96 PTT Explor 38.00 -0.25 42.00 34.00 5.04 10.57 31609.53
LOreal 321.95 -6.60 433.65 300.90 1.22 39.87 184179.67 Mizuho Fin 1528 -18.00 1716 1397 5.32 7.19 29859.73 Cigna 264.58 -3.71 273.58 191.74 1.39 18.23 83944.21 Mnstr Bvrg 88.05 -1.07 99.89 71.78 - 37.13 46637.57
Bradesco 16.60 -0.28 22.34 14.43 4.79 8.02 16863.75 United Arab Emirates (Dhs)
LVMH 597.80 0.60 741.60 537.50 1.15 25.44 321884.23 Murata Mfg 8444 81.00 10535 7008 1.48 16.68 43915.48 Cintas Corp♦ 390.80 -7.53 461.44 345.34 0.86 37.13 39988.58 MondelezInt 62.91 -0.65 69.47 57.63 1.95 22.43 87062.64
Cielo 3.98 0.03 4.45 2.01 3.50 14.05 2255.34 Emirtestele 29.60 -0.74 38.98 11.60 2.49 29.98 70084.52
Orange 11.63 -0.02 11.94 8.93 5.073924.01 33001.35 Nippon T&T 3940 -40.00 4055 2799.5 2.77 12.20 109825.54 Cisco 45.23 0.18 64.29 41.02 3.05 17.40 187295.8 Monsanto 9.82 0.02 9.95 9.61 - 48.79 245.50
ItauHldFin 22.09 -0.31 30.15 18.91 3.36 9.12 22845.12
PernodRic 180.05 -2.45 214.50 172.20 1.70 27.63 50298.02 NipponTT 3940 -40.00 4055 2799.5 2.77 12.20 109825.54 United Kingdom (p) Citigroup 52.39 -1.02 80.29 45.40 3.59 5.60 103779.07 MorganStly 85.00 -1.14 109.73 76.75 2.28 11.47 148689.15
Petrobras 33.23 -0.03 39.28 24.50 13.83 4.94 51583.65
Renault 26.19 0.64 38.07 20.47 - -19.88 8260.34 Nissan Mt 539.00 -0.50 654.30 436.50 - 16.84 17507.82 Anglo American 3850 -37.00 4996.8 2350 4.63 7.62 67578.52 CME Grp 199.37 0.54 256.94 185.79 1.67 29.64 71657.19 Netflix 192.91 -4.53 700.99 162.71 - 18.60 85704.87
Vale 88.24 2.03 118.00 61.85 14.10 4.11 92006.38
Safran 96.63 0.38 127.74 91.48 0.44 982.45 44040.02 Nomura 514.40 0.80 609.60 460.30 4.65 -34.03 12800.87 AscBrFd 1705 -25.00 2389 1462.5 0.36 28.18 16867.92 Coca-Cola 63.07 -0.31 67.20 52.28 2.46 30.38 273410.26 NextEraE 76.17 0.48 92.91 67.22 1.97 108.45 149635.94
Canada (C$) Nppn Stl 2223.5 -2.00 2381 1690.5 3.75 3.38 16261.65 AstraZen 10442 -12.00 11000 7870 1.981768.03 165257.79 Cognizant 74.18 -0.52 93.47 66.19 1.19 19.85 38660.68 Nike 118.68 -0.17 179.10 103.46 0.91 33.62 150576.46
Sanofi 99.45 0.07 106.08 80.51 3.16 20.44 134226.13
Bausch Hlth 12.11 -0.18 39.11 10.12 - -3.93 3456.62 Panasonic 1187.5 -5.50 1541 1018.5 2.19 11.55 22425.47 Aviva 428.70 -1.30 606.58 341.92 4.98 56.41 21500.05 ColgtPlm 78.20 -0.61 85.18 72.20 2.11 33.24 65527.05 NorfolkS 241.94 2.28 296.87 222.54 1.59 21.65 57662.17
Sant Gbn 54.69 -0.41 64.93 45.76 2.45 13.30 30571.38
BCE 68.60 -0.31 74.09 60.05 4.71 24.84 49462.63 Seven & I 5401 -82.00 6083 4552 1.98 19.77 36845.26 Barclays 167.80 -1.26 217.63 140.06 1.79 4.07 35781.35 Comcast 43.93 -0.35 61.80 39.47 2.10 15.66 196392.16 Northrop 464.25 -3.72 490.82 344.89 1.22 11.56 72165.16
Schneider 127.56 -1.48 173.78 121.60 2.00 22.87 77469.43
BkMontrl 137.56 -0.03 154.47 121.76 3.04 11.44 73058.81 ShnEtsuCh 18510 -70.00 21480 15860 1.63 17.05 59353.76 BP 431.30 -2.95 441.39 275.85 3.65 15.65 107421.65 ConocPhil 115.75 3.39 117.99 51.41 1.55 20.67 149716.79 NXP 184.57 -5.19 239.91 164.75 1.12 29.46 48461.58
SocGen 25.06 0.05 37.68 18.34 2.17 4.30 22374.1
BkNvaS 85.48 -0.30 95.00 75.84 4.01 11.56 80958.15 Softbank 5302 2.00 8321 4210 0.86 4.38 70302.46 BrAmTob 3536.5 34.50 3601 2507.5 6.10 11.96 82397.71 Constellation 244.18 -1.29 261.53 207.35 1.16-1191.67 39743.44 Occid Pet 70.42 1.11 74.04 21.62 0.05 37.05 65996.99
Total 54.12 -1.47 55.98 34.27 4.91 10.57 150668.24
Brookfield 63.27 -0.69 79.04 57.40 0.96 22.69 82115.19 Sony 11975 -395.00 14745 10220 0.52 14.71 116218.67 BT 187.60 0.35 206.70 134.85 - 18.21 23260.51 Corning 35.44 -0.38 44.12 32.24 2.50 30.01 29933.07 Oracle 71.60 -0.32 106.34 66.72 1.67 29.34 191040.04
UnibailR 64.56 -0.93 85.65 52.04 - -9.35 9556.26
CanadPcR 92.47 2.22 105.46 82.12 0.76 23.95 67988.77 SumitomoF 3988 -13.00 4461 3641 5.22 7.46 42180.67 Compass 1769 -8.50 1841.98 1395.5 0.79 43.04 36355.99 Corteva 62.33 -0.29 64.03 40.60 0.79 28.50 45108.22 Pepsico 166.49 -1.26 177.62 144.61 2.35 32.87 230202.99
Vinci 89.31 -0.37 103.74 80.74 2.96 20.13 56484.43
CanImp 69.92 0.34 167.50 67.70 7.93 5.24 49938.43 Takeda Ph 3609 -105.00 3842 2993 5.19 12.46 43946.05 Diageo 3622 -53.00 4364.1 3282.5 2.00 27.86 113946 Corteva 62.33 -0.29 64.03 40.60 0.79 28.50 45108.22 Perrigo 40.02 0.16 50.90 31.32 2.21 -44.26 5384.38
Vivendi 11.02 -0.08 12.16 5.45 5.36 -20.01 13031.74
CanNatRs 85.43 1.72 88.18 37.82 2.16 14.32 78041.54 TokioMarine 7648 19.00 7751 4907 2.99 11.96 40023.39 GlaxoSmh 1707.8 -24.80 1817 1215.83 4.68 19.72 104955.06 Costco 456.99 -9.23 612.27 375.50 0.64 39.54 202549.07 Pfizer 52.37 -0.67 61.71 38.48 2.75 14.44 293842.61
CanNatRy 144.34 0.52 171.48 128.50 1.57 22.68 79013.82 Germany (€)
Toyota 2193 -4.50 2375.5 1772.8 2.42 9.52 275348.37 Glencore 523.70 1.60 540.20 289.65 1.69 19.17 94402 CrownCstl 188.09 -1.56 208.69 157.16 2.68 76.35 81448.93 Phillips66 103.18 2.37 104.01 63.19 3.24 37.65 49639.9
Enbridge 58.16 -0.27 59.56 46.42 5.30 21.94 93187.64 Allianz 193.90 -1.12 232.50 178.30 4.87 12.45 84486.29
Mexico (Mex$) HSBC 529.60 -3.40 567.20 329.55 3.05 11.57 132695.39 CSX 32.00 0.21 38.63 29.49 1.13 19.16 69576.32 PhilMorris 105.76 -0.49 112.48 85.64 4.27 19.66 163939.67
GtWesLif 33.62 -1.09 41.50 31.72 5.31 10.22 24769.63 BASF 51.73 0.44 69.52 46.47 6.27 8.71 50684.22
AmerMvl 20.91 0.10 22.49 14.61 1.66 15.86 46204.23 Imperial Brands 1791.5 1.00 1888 1434.23 7.71 5.99 21351.87 CVS 96.54 -0.21 111.25 79.34 1.91 17.59 126593.78 PNCFin 172.44 -2.97 217.60 152.35 2.57 14.72 71317.87
ImpOil 70.57 1.29 72.96 30.64 1.35 21.95 37338.08 Bayer 66.74 0.16 67.99 43.91 2.95 66.52 69943.34
FEMSA UBD 146.26 -1.17 180.66 137.05 1.48 112.17 16010.44 Jardine Mathes. 62.50 - 60.50 52.26 2.54 11.27 18089.69 Danaher 261.00 -2.82 333.96 233.71 0.32 32.28 189767.04 PPG Inds♦ 125.37 -1.12 182.97 111.32 1.75 29.82 29611.69
Manulife 23.34 -0.09 28.09 21.75 4.63 7.14 35516.16 BMW 82.33 1.70 97.60 67.58 2.27 4.46 52870.36
WalMrtMex 73.38 0.61 82.93 62.50 0.73 34.30 64899.84 LlydsBkg 45.13 0.24 54.50 38.10 5.70 6.27 40641.11 Deere 352.15 -5.63 446.76 307.64 1.03 20.96 107629.6 ProctGmbl 145.64 -2.24 165.35 131.94 2.27 26.83 349433.59
Nutrien 119.59 -4.02 147.93 71.40 1.80 18.57 52145.05 Continental 71.94 0.66 132.68 56.78 - 11.27 15348.81
LSE Group 7144 -258.00 8546 6230 1.07 73.05 30889.31 Delta 39.54 -2.15 48.54 29.75 - 51.43 25348.16 Prudntl 105.32 -0.93 124.22 94.51 4.03 5.85 39495
RylBkC 132.45 0.28 149.60 124.08 3.10 12.72 146989.25 Deut Bank 10.29 -0.09 14.64 8.16 - 10.29 22682.19 Netherlands (€)
Natl Grid 1121 -50.00 1271.45 880.60 4.39 26.13 47020.99 Devon Energy 76.48 1.58 79.19 24.05 2.38 19.78 50476.8 PublStor 330.62 -0.02 421.76 281.64 2.23 36.31 58033.38
SHOP 457.33 -17.52 2228.73 402.00 - 17.12 41293.82 Deut Tlkm 19.12 -0.01 19.31 14.47 3.09 22.34 101694.14 ASML Hld 530.40 -5.60 777.50 486.30 0.63 41.63 229984.17
Natwest Group 226.70 -1.50 258.10 182.85 4.63 8.93 33899.29 Digital Realty 137.44 -2.15 176.53 124.35 3.11 25.08 39125.37 Qualcomm♦ 140.02 -3.20 192.68 122.17 1.77 17.38 157533.92
Suncor En 51.79 0.90 53.17 21.90 1.87 20.24 57939.21 DeutsPost 37.28 -1.23 61.38 35.97 3.65 9.59 49275.29 Heineken 91.62 -2.20 103.80 77.50 1.05 16.14 56295.79
Prudential 1018 -19.50 1566 881.00 1.16 16.53 32914.13 DiscFinServ 111.20 -2.29 135.69 98.38 1.56 6.76 31243.32 Raytheon 94.81 -0.31 106.02 79.00 1.95 39.83 141002.86
ThmReut 124.26 -0.93 156.62 116.82 1.52 9.26 47858.29 E.ON 9.51 0.03 12.54 9.42 4.86 5.37 26795.55 ING 10.40 -0.12 14.00 7.90 5.67 8.60 43360.69
ReckittB♦ 6180 42.00 6709 4905.16 2.83 -26.74 54384.87 Disney 109.19 -1.25 187.58 99.47 - 68.81 198794.96 Regen Pharm 658.92 -5.82 747.42 497.93 - 9.92 71181.84
TntoDom 95.99 -0.67 109.08 80.68 3.15 13.00 137130.62 Fresenius Med 55.18 -1.46 71.14 50.98 2.39 16.95 17247.13 Unilever 43.42 -1.39 51.05 39.36 3.30 22.29 138465.16
RELX♦ 2207 -69.00 2634.82 1834 2.16 29.12 53091.94 Dollar General 218.82 -1.52 262.21 183.25 0.72 23.10 49671.49 S&P Global♦ 332.01 -17.47 484.21 311.87 0.86 28.77 112850.2
TrnCan 73.52 0.31 74.39 57.71 4.37 42.79 57168.79 Fresenius SE 31.56 -0.32 47.51 26.64 2.81 10.14 15258.11 Norway (Kr) RioTinto 5758 8.00 6876.26 4354 8.72 6.02 96507.57 DominRes 83.71 -0.51 88.78 70.37 2.78 28.44 67911.44 Salesforce 176.07 15.83 311.75 154.55 - 127.72 174373.56
HenkelKgaA 61.55 -1.20 82.80 56.55 2.92 16.64 17057.74 DNB 189.90 -0.25 220.50 168.40 9.05 12.29 31369.89
China (HK$) RollsRoyce 88.73 2.04 161.91 77.87 - 60.36 2062.23 DukeEner 111.67 -0.85 116.33 95.48 3.22 24.55 85974.79 Schlmbrg♦ 46.68 0.72 48.69 25.90 0.99 38.33 65980.35
Linde 298.70 -2.70 308.15 236.75 1.23 47.18 160186.75 Equinor 350.00 -10.60 365.05 167.18 1.39 15.28 120787.4
AgricBkCh 2.97 -0.01 3.18 2.54 7.39 3.78 11634.03 Shell PLC 2361 -15.50 2422 1282.78 2.56 12.44 135635.69 DuPont♦ 67.42 -0.43 86.28 62.10 1.64 22.62 34284.86 Sempra Energy 163.52 -0.34 173.28 119.56 2.48 44.20 51395.11
Mercedes-Benz 67.30 1.10 91.63 48.05 1.97 6.84 107.42 Telenor 129.35 -0.20 159.95 121.65 6.87 22.12 19176.55
Bk China 3.11 -0.01 3.20 2.67 7.36 3.73 33141.18 StandCh 632.80 3.00 640.20 406.20 1.40 14.19 26070.39 Eaton 137.72 -0.88 175.72 130.44 2.04 27.95 54950.28 Shrwin-Will♦ 265.26 -2.78 354.15 233.32 0.77 41.19 69002.43
MuenchRkv 222.00 -5.70 282.25 205.15 4.34 10.78 33177.9
BkofComm 5.29 -0.03 5.74 4.35 6.80 4.23 23602.55 Qatar (QR) Tesco♦ 258.90 -0.10 304.10 221.70 3.53 13.18 26490.21 eBay 46.97 -1.70 81.19 43.28 1.41 133.97 26295.79 SimonProp 111.17 -3.48 171.12 103.46 5.93 17.62 36534.75
SAP 93.30 0.51 129.74 86.81 1.95 21.27 122269.87
BOE Tech 0.77 -0.03 1.21 0.57 - 12.02 19.52 QatarNtBk 21.35 -0.20 27.00 17.50 2.44 16.66 54149.21 Unilever 3705 -120.00 4388 3267.5 3.91 19.02 57030.53 Ecolab 162.87 -1.04 238.93 154.31 1.10 45.15 46524.66 SouthCpr 61.99 0.21 79.32 53.36 4.76 15.30 47923.85
Siemens 122.58 0.14 156.98 105.92 2.81 18.74 111147.5
Ch Coms Cons 4.39 -0.01 5.17 3.57 4.77 3.53 2471.87 Saudi Arabia (SR) Vodafone 126.70 -3.88 141.60 106.30 6.11-283.45 42232.9 Edwards Lifesc. 97.34 -3.51 131.73 91.52 - 44.33 60521.31 Starbucks 76.28 -2.22 126.32 68.39 2.23 22.34 87485.53
Volkswgn 215.20 5.80 314.00 180.10 2.19 7.39 67741.94
Ch Evrbrght♦ 2.57 -0.02 3.30 2.51 9.59 3.37 4152.41 AlRajhiBnk 96.60 -2.30 117.40 64.50 2.29 17.76 103023.52 WPP 922.80 2.20 1231.5 868.80 2.87 17.58 14600.58 Eli Lilly 311.08 -2.36 324.08 196.68 1.01 55.09 295575.64 StateSt 69.95 -2.54 103.76 65.41 2.88 10.54 25679.71
Ch Rail Cons 5.13 -0.01 5.99 4.39 5.26 2.64 1357.36 Hong Kong (HK$) Emerson 88.57 -0.09 105.99 81.01 2.11 20.96 52610.58 Stryker 228.00 -6.50 281.16 224.02 1.05 47.43 86219.13
Natnlcombnk 71.80 -0.60 82.00 53.30 1.86 26.14 85725.04 United States of America ($)
Ch Rail Gp 5.43 0.04 5.88 3.53 3.90 4.23 2911.43 AIA♦ 80.00 -0.80 100.50 70.15 1.55 19.77 122796.53 EOG Res 139.93 2.97 141.99 62.81 1.06 18.98 81958.89 Sychrony Fin 35.87 -1.17 52.49 31.37 2.33 5.12 17988.4
SaudiBasic 113.60 -1.00 141.40 106.80 2.64 16.03 90865.47 21stC Fox A 34.86 -0.65 44.95 31.35 1.24 15.30 10865.3
ChConstBk 5.74 -0.07 6.35 5.03 6.66 4.04 175860.46 BOC Hold 30.20 -0.15 32.75 22.20 3.82 14.97 40689.98 Equinix 679.00 -8.09 885.26 621.34 1.56 133.08 61798.39 T-MobileUS 134.56 1.27 150.20 101.51 - 60.52 168104.46
SaudiTelec 103.20 0.40 139.80 102.20 3.57 19.78 55031.2 3M 146.42 -2.87 206.81 139.74 3.73 15.68 83321.6
China Vanke 17.16 -0.58 26.80 13.06 8.54 7.49 4157.52 Ch OSLnd&Inv 23.05 -0.55 27.35 15.42 4.84 5.53 32149.39 EquityResTP 76.94 0.11 94.32 71.86 2.89 24.34 28927.44 Target♦ 156.52 -5.36 268.98 145.51 1.88 11.92 72577.76
Singapore (S$) AbbottLb 115.08 -2.38 142.60 104.63 1.44 31.66 201498.44
ChinaCitic 3.78 -0.02 4.22 3.28 7.64 3.40 7168.89 ChngKng♦ 52.65 0.80 56.05 41.35 3.12 11.64 24446.59 Exelon 49.19 0.04 50.71 29.10 2.87 30.64 48212.94 TE Connect 128.16 -1.23 166.44 119.58 1.43 18.87 41289.8
DBS 31.05 -0.16 37.49 29.18 3.72 12.79 58177.68 Abbvie 146.02 -1.35 175.91 105.56 3.29 24.54 258033.41
ChinaLife 11.96 -0.08 16.22 10.86 5.88 5.06 11341.32 Citic Ltd 8.77 -0.08 10.24 6.96 5.70 3.92 32511.57 ExxonMb 97.84 1.84 99.78 52.10 3.29 19.67 412155.23 Tesla Mtrs 740.37 -17.89 1243.49 571.22 - 163.77 767030.67
JardnMt US$ 57.03 -1.88 65.51 49.98 2.78 10.28 16506.48 Accenture 298.65 0.19 417.37 268.17 1.14 32.87 197836.01
ChinaMBank 48.75 -0.75 71.30 40.60 3.02 8.70 28520.93 Citic Secs 16.70 -0.12 21.52 15.42 2.66 8.31 5575.97 Fedex 218.67 -5.91 318.54 192.82 1.21 12.75 56674.5 TexasInstr 174.42 -2.34 202.26 160.50 2.23 22.89 160838.59
OCBC 11.82 -0.09 13.54 10.98 3.33 11.84 38655.7 Activision Bli. 77.41 -0.47 99.46 56.40 0.56 24.39 60525.44
ChinaMob♦ 50.60 0.15 58.65 45.90 6.55 7.56 131931.37 CK Hutchison♦ 55.55 -0.45 62.50 48.80 3.81 6.80 27144.51 Fidelity NIS 103.22 -1.28 152.20 85.00 1.39 166.98 63043.81 TheTrvelers 176.29 -2.75 187.98 144.44 1.90 11.78 42302.73
SingTel 2.59 -0.01 2.88 2.21 2.72 43.92 31133.48 Adobe 418.16 1.68 699.54 370.27 - 44.59 197580.6
ChinaPcIns 18.20 -0.06 27.40 16.14 7.43 5.74 6436.84 CNOOC 12.04 -0.16 12.54 7.55 3.49 10.15 68503.48 Fiserv 99.16 -1.02 119.86 89.91 - 54.01 64655.13 ThrmoFshr 556.22 -11.35 668.94 438.72 0.17 30.98 217738.99
UOB 28.90 -0.14 33.33 25.28 3.22 12.92 35236.45 Advanced Micro 101.22 -0.64 164.46 78.96 - 42.69 164027.81
ChMinsheng 3.01 -0.05 4.20 2.56 8.41 3.77 3191.5 HangSeng 139.20 0.40 169.50 131.00 4.07 21.63 33914.26 FordMtr 13.55 -0.13 25.87 12.07 0.68 3.30 53507.77 TJX Cos 62.50 -1.07 76.94 53.69 1.55 24.85 73227.25
AEP 102.04 0.01 104.81 80.22 2.71 22.30 52402.05
ChMrchSecs 13.05 0.10 20.62 12.06 3.35 11.63 14467.94 HK Exc&Clr 342.00 -2.00 544.00 314.00 2.48 37.24 55256.11 South Africa (R) Franklin 26.56 -0.52 38.27 23.63 3.93 7.62 13277.99 Truist Financial Corp 48.92 -0.82 66.10 44.85 3.51 11.86 65132.77
Aflac 59.81 -0.76 67.20 51.28 2.04 10.14 38527.48
Chna Utd Coms 3.47 - 4.57 3.39 3.23 17.38 16048.75 MTR♦ 42.20 -0.30 47.45 39.35 2.71 29.51 33307.08 Firstrand 70.71 -1.70 79.34 51.04 3.34 14.03 25505.72 GenDyn 226.22 1.31 254.99 182.66 1.90 21.23 62822.45 Twitter 39.30 -0.30 73.34 31.30 - -152.12 30008.6
AirProd 243.51 -2.65 316.39 216.24 2.27 27.72 54004.02
ChShenEgy 26.25 -0.25 26.80 14.30 8.04 7.71 11298.29 SandsCh 14.72 -0.22 35.60 13.52 - -15.70 15181.61 MTN Grp 162.00 -6.80 211.49 99.37 - 24.22 19628.7 GenElectric 77.52 -0.77 116.17 71.14 0.38 -25.85 85323.55 UnionPac 221.32 1.54 278.94 195.68 1.93 22.17 138994.53
Allstate 134.70 -1.99 144.46 106.11 2.22 8.60 37040.21
ChShpbldng 3.69 -0.02 5.08 3.36 - -273.96 12172.37 SHK Props 96.10 -1.15 124.30 87.15 4.78 10.60 35487.84 Naspers N 1680.33 -34.10 3123.22 1262.66 0.32 9.91 47057.31 GenMills 69.12 -0.73 73.99 56.67 2.75 19.79 41624.9 UPS 180.23 -2.02 233.72 165.34 2.09 13.31 132367.67
Alphabet 2277.84 2.60 3030.93 2037.69 - 22.00 685091.41
ChStConEng 5.45 -0.07 6.40 4.38 3.95 4.22 33243.66 Tencent♦ 359.00 -1.40 629.50 297.00 0.42 13.64 439742.5 South Korea (KRW) GenMotors 38.27 -0.41 67.21 34.31 - 6.19 55806.88 USBancorp 51.75 -1.32 63.01 47.68 3.14 11.00 76887.05
Altria 54.08 -0.01 57.05 42.53 6.01 43.74 97914.94
ChUncHK♦ 3.68 -0.03 4.73 3.60 4.40 7.85 14349.3 India (Rs) HyundMobis 215500-3000.00 297500 193500 1.78 8.75 16473.09 Amazon 2433.68 29.49 3773.08 2025.2 - 40.701238062.86 GileadSci 64.77 -0.08 74.12 57.19 4.05 14.24 81241.88 UtdHlthcre 492.55 -4.23 553.29 383.12 1.05 29.53 462096.42
CNNC Intl 7.05 -0.10 8.92 4.62 1.77 18.40 19378.09 Bhartiartl 694.65 -5.55 781.80 509.44 - 154.31 52719.46 KoreaElePwr 22950 -400.00 27450 20050 5.13 -13.96 11908.4 AmerAir 17.29 -0.58 26.04 12.44 - -5.00 11230.11 GoldmSchs♦ 321.85 -5.00 426.16 293.90 1.86 5.87 110538.35 ValeroEngy 132.55 2.95 135.75 58.85 2.73 63.29 54093.18
CSR 3.12 - 4.04 2.78 6.83 8.30 1737.94 HDFC Bk 1394.85 5.90 1725 1278.3 - 24.61 99868.61 SK Hynix 107000-1000.00 134000 90500 1.38 7.97 62961.73 AmerExpr 165.76 -3.06 199.55 149.71 1.04 17.45 124827.27 Halliburton 41.40 0.90 42.60 17.82 0.58 25.21 37341.8 Verizon 51.40 0.11 57.61 45.55 4.55 10.47 215861.69
Daqin 6.67 -0.02 7.25 5.80 7.21 10.09 14812.36 Hind Unilevr 2308.45 -44.80 2859.3 1927 1.33 64.35 69955.53 SmsungEl 66700 -700.00 83300 64500 2.08 12.02 321843.28 AmerIntGrp 57.84 -0.84 65.73 44.54 2.04 5.79 45820.38 HCA Hold 206.95 -3.45 279.02 198.69 0.86 10.60 61150.5 VertexPharm 269.41 0.76 292.75 176.36 - 32.41 68903.21
GuosenSec 9.21 0.05 13.29 8.92 2.50 10.57 12143.82 HsngDevFin 2329.9 23.15 3021.1 2098.2 0.95 20.64 54508.93 Spain (€) AmerTower 252.56 -3.57 303.72 220.00 1.90 48.36 115238.73 Hew-Pack 40.34 1.50 41.47 26.11 1.92 7.89 42492.78 VF Cp 49.83 -0.63 84.96 44.17 3.65 17.71 19350.13
HaitongSecs 5.56 -0.06 7.81 5.15 5.33 5.85 2415.82 ICICI Bk 752.65 -0.20 867.00 616.25 0.26 24.85 67492.73 BBVA 5.01 -0.07 6.29 4.38 7.29 6.93 35621.65 Amgen♦ 253.42 -3.32 258.45 198.64 2.56 26.72 135376.95 Hilton Worldwi. 138.42 -2.44 167.99 114.70 - 102.76 38526.67 Visa Inc 209.93 -2.24 252.67 186.67 0.59 37.67 345485.86
Hngzh HikVDT 32.99 -0.46 70.44 31.12 2.43 18.11 45217.43 Infosys♦ 1478.55 -25.05 1923.3 1365 1.97 30.40 80234.95 BcoSantdr 2.99 -0.03 3.51 2.49 2.52 6.08 54389.08 Amphenol Corp 69.28 -1.58 88.45 65.84 1.04 29.92 41369.76 HiltonWwde 138.42 -2.44 167.99 114.70 - 102.76 38526.67 Walgreen 43.26 -0.57 55.82 39.72 4.09 6.79 37366.84
Hunng Pwr 3.92 -0.02 5.74 2.53 5.19 -4.26 2348.08 ITC 271.85 1.20 282.35 200.90 3.81 23.50 43208.05 CaixaBnk 3.39 0.03 3.44 2.22 0.78 22.69 29183.9 Analog Devices 164.77 -3.63 191.95 143.81 1.56 59.97 85648.44 HomeDep 297.19 -3.66 420.61 279.59 2.07 20.55 305438.49 WalMartSto 125.45 -3.18 160.77 117.27 1.63 27.66 345336.49
IM Baotou Stl 2.07 0.07 4.14 1.51 - 35.20 9794.59 L&T 1648 -6.50 2035 1447.25 1.05 28.44 29864.61 Iberdrola 10.85 -0.19 11.49 8.47 3.83 18.91 74475.27 Anthem 499.19 -10.42 533.68 355.43 0.89 20.70 120347.11 Honywell 191.91 -1.71 236.86 174.42 1.81 26.30 130639.46 Walt Disney 109.19 -1.25 187.58 99.47 - 68.81 198794.96
In&CmBkCh 4.65 -0.04 5.09 4.08 6.73 4.13 51432.42 OilNatGas 149.75 -1.50 189.80 108.50 5.85 4.41 24297.8 Inditex 22.23 -0.16 32.85 18.55 0.98 23.84 73907.57 Aon Cp 270.59 -5.08 341.98 223.19 0.68 52.84 57468.96 HumanaInc 447.59 -6.64 472.68 363.73 0.58 21.40 56617.18 Waste Manage. 158.53 0.02 170.18 136.97 1.34 40.05 65822.77
IndstrlBk 19.35 -0.21 23.22 17.08 4.02 5.30 60045.51 RelianceIn 2633.5 0.85 2856.15 2016.25 0.26 31.35 229812.74 Repsol 14.86 -0.14 15.31 8.69 3.97 9.21 24203.91 Apple 148.71 -0.13 182.13 123.13 0.54 26.732406898.27 IBM 139.43 0.59 152.84 114.56 4.33 29.01 125408.27 WellsFargo 45.16 -0.61 60.30 40.74 1.58 9.89 171172.31
Kweichow 1786 -2.25 2288 1525.5 1.08 40.17 335131.24 SBI NewA 468.30 0.20 549.00 400.50 0.82 13.59 53904.21 Telefonica 4.77 -0.29 5.06 3.59 7.13 3.54 28697.31 Applied Materi.♦ 114.46 -2.83 167.06 101.33 0.76 17.12 99574.17 IDEXX Laborato. 369.63 -21.99 706.95 330.66 - 46.58 31051.59 Williams Cos 37.43 0.37 37.79 23.53 4.04 32.72 45590.17
Midea 0.46 - 0.72 0.44 - -4.84 17.65 SunPhrmInds 839.25 -21.35 967.05 652.70 0.86 32.54 25971.18 Sweden (SKr) Aptiv 107.52 1.28 180.81 88.15 - 60.07 29130.49 IllinoisTool 205.98 -2.09 248.11 195.25 2.11 26.23 64151.02 Workday 156.56 0.26 307.81 149.06 - 1400.74 2974.64
New Ch Life Ins 20.45 -0.10 28.90 18.38 7.71 3.76 2694.94 Tata Cons 3355.2 -9.15 3989.9 3115 1.04 33.34 158342.01 AtlasCpcoB■ 93.51 -0.83 534.40 88.30 7.82 6.29 3714.31 ArcherDan 86.67 -4.15 98.88 56.91 1.58 19.61 48769.88 Illumina 235.20 -4.28 526.00 208.35 - 50.58 36949.92 Yum!Brnds 119.42 -2.05 139.85 108.55 1.55 24.84 34054.26
PetroChina 4.15 -0.03 4.49 2.94 5.92 8.10 11158.36 Israel (ILS) Ericsson 79.81 0.62 117.32 72.56 2.82 11.85 24960.08 AT&T 21.22 -0.07 22.37 16.62 9.04 8.33 151913.98 Intcntl Exch 101.99 -0.40 139.79 93.45 1.19 15.40 56937.58 Zoetis 167.02 -3.91 249.27 156.67 0.55 42.39 78604.4
PingAnIns 47.00 -1.05 83.50 45.80 5.49 7.23 44607.04 TevaPha 29.65 -0.34 36.15 24.02 - 25.18 9886.62 H&M 135.18 0.56 215.50 110.10 4.66 18.77 20099.11 Autodesk 207.38 -0.37 344.39 173.90 - 99.40 45163.08 Intel 44.11 -0.31 58.42 40.31 2.91 9.84 180365.79 Zoom 107.65 0.20 406.48 79.03 - 25.68 27095.83
PngAnBnk 13.95 -0.13 25.06 13.22 1.25 8.32 40436.64 Investor 181.00 -2.02 228.75 167.84 1.93 7.84 33567.85 AutomData 219.32 -3.62 248.96 192.18 1.61 36.80 91620.31 Intuit 408.37 -6.09 716.86 339.36 0.58 55.43 115191.79 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 7.72 0.05 9.96 3.77 1.15 16.03 12851.39 Nordea Bk 98.89 -0.33 114.64 85.25 14.79 11.62 38858.57 AutoZone 2035.11 -24.54 2267.4 1367.96 - 19.93 40394.63 John&John♦ 177.71 -1.82 186.69 155.72 2.18 24.66 467626.41 Bco de Vnzla 1.10 -0.24 594.00 0.32 94.75 - 793.07
Enel 5.92 -0.12 8.23 5.29 6.08 28.02 64247.42
SaicMtr 17.75 0.09 23.45 14.63 3.35 8.87 30977.41 SEB 108.30 0.50 141.85 91.64 9.33 9.12 23922.34 Avago Tech 573.62 -6.51 677.76 455.71 2.42 35.11 234198.24 JohnsonCn 54.00 -0.51 81.69 49.42 1.96 26.73 37566.12 Bco Provncl 1.78 -0.07 798000 1.70 - 0.00 131.96
ENI 14.10 -0.10 14.85 9.33 4.70 6.03 54224.5
ShenwanHong 0.08 - 0.11 0.05 - 2.41 93.72 SvnskaHn 96.42 0.34 108.15 82.92 5.19 9.53 19087.48 BakerHu 37.41 1.43 39.78 19.23 1.83 93.85 36832.99 JPMrgnCh 129.91 -2.32 172.96 115.02 2.70 9.17 381552.23
Generali 16.91 -0.04 21.55 15.30 8.55 9.66 28520.4
ShgPdgBk 7.89 -0.02 10.38 7.52 5.84 5.04 34593.3 Swedbank 148.10 0.55 196.70 130.80 9.84 7.97 17065.36 Bank of NY 45.65 -0.96 64.63 41.77 2.63 11.95 36875.99 Kimb-Clark 131.40 -1.62 144.53 117.32 3.31 26.73 44272.01 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 2.00 -0.03 2.92 1.68 1.80 63.02 41454.7
Sinopec Corp♦ 3.73 -0.03 4.33 3.25 3.85 4.35 12127.3 Telia Co 40.48 0.46 41.70 33.61 4.95 14.39 16851.41 BankAm 36.67 -0.53 50.11 32.96 1.96 11.13 295445.84 KinderM 20.02 0.33 20.19 15.01 5.12 46.87 45394.8 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 10.71 -0.19 15.93 7.75 1.10 16.17 25569.93
Sinopec Oil 1.96 - 2.90 1.70 - 650.78 3972.71 Volvo 175.66 4.60 230.00 148.24 3.70 11.53 28402.85 Baxter 74.47 -1.58 89.70 69.72 1.34 31.90 37497.78 KLA Corp 356.99 -7.86 442.44 287.44 1.01 19.91 53275.42 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 37.25 -0.58 44.87 32.79 3.96 49.24 45592.21
Denmark (kr) Switzerland (SFr) BectonDick 251.40 -4.40 277.29 229.24 1.23 47.14 71665.25 ♦ ex-dividend
AstellasPh 2017 -86.00 2113.5 1736 2.37 29.88 28497.1 Kroger 51.35 -1.62 62.78 36.77 1.41 25.41 37020.17
DanskeBk 112.40 -1.00 133.25 93.56 1.75 7.83 13896.53 BerkshHat 469620-4430.00544389.26407773.23 - 8.56 288209.08 ■ ex-capital redistribution
Bridgestne 5188 19.00 5467 4042 3.33 11.61 28495.2 ABB 29.57 0.19 35.30 27.39 2.75 13.82 63004.98 LasVegasSd 35.16 -0.30 59.59 28.88 - -25.24 26866.08
MollerMrsk 20780 560.00 24070 16020 1.61 3.44 26543.36 Biogen 200.00 - 468.55 187.16 - 20.84 29290.4 # price at time of suspension
Canon 3296 -12.00 3347 2418.5 3.08 15.69 33831.64 CredSuisse 6.66 -0.07 10.18 6.10 1.46 -10.19 18326.37 LibertyGbl 24.04 -0.28 30.58 21.41 - 1.11 4210.15
NovoB 769.40 1.70 834.50 479.60 1.20 37.71 192256.39 BlackRock 660.51 -8.57 973.16 582.58 2.31 18.73 100069.41
CntJpRwy 16175 -65.00 18455 14660 0.84 -29.84 25642.99 Nestle 115.08 -1.92 128.90 109.34 2.33 19.46 336187.43

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
Volkswgn 215.20 209.40 5.80 2.77 29.90 16.1 17.31 Sinopec Corp 3.73 3.76 -0.03 -0.80 -0.36 -8.8 -4.37 Jun 01 date Coupon S* M* F* price yield yield yield US Jun 01 date Coupon S* M* F* price yield yield yield US
Aptiv 107.52 106.24 1.28 1.20 14.02 15.0 1.05 Natl Grid 1121.00 1171.00 -50.00 -4.27 -106.00 -8.6 -6.16 High Yield US$ US$
Amazon 2433.68 2404.19 29.49 1.23 298.18 14.0 -2.09 SunPhrmInds 839.25 860.60 -21.35 -2.48 -71.95 -7.9 -9.63 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 -
Fuji Hvy Ind 2359.00 2344.50 14.50 0.62 280.50 13.5 20.47 Medtronic 97.78 100.15 -2.37 -2.37 -7.76 -7.4 -6.31 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Hew-Pack 40.34 38.84 1.50 3.86 4.77 13.4 10.13 Cred Agr 10.13 10.31 -0.18 -1.75 -0.73 -6.7 -2.33 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 -
Tesla Mtrs 740.37 758.26 -17.89 -2.36 81.57 12.4 -14.97 Kraft Heinz 37.25 37.83 -0.58 -1.53 -2.63 -6.6 -12.62 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Richemont 106.25 106.35 -0.10 -0.09 11.45 12.1 -8.01 Petrobras 33.23 33.26 -0.03 -0.09 -1.87 -5.3 -0.63 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Dollar General 218.82 220.34 -1.52 -0.69 23.48 12.0 -7.88 AmerMvl 20.91 20.81 0.10 0.48 -1.15 -5.2 5.29 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 -
Autodesk 207.38 207.75 -0.37 -0.18 20.85 11.2 9.56 Nutrien 119.59 123.61 -4.02 -3.25 -6.35 -5.0 -5.27 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
H&M 135.18 134.62 0.56 0.42 13.26 10.9 7.99 Iberdrola 10.85 11.04 -0.19 -1.72 -0.57 -5.0 -1.50 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Carnival 13.47 13.88 -0.41 -2.95 1.29 10.6 -22.14 Workday 156.56 156.30 0.26 0.17 -7.95 -4.8 -24.26 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Nissan Mt 539.00 539.50 -0.50 -0.09 50.40 10.3 4.27 Centene Corp 81.21 81.44 -0.23 -0.28 -4.10 -4.8 0.82 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Salesforce 176.07 160.24 15.83 9.88 16.42 10.3 0.07 Takeda Ph 3609.00 3714.00 -105.00 -2.83 -178.00 -4.7 -4.32 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Naspers N 1680.33 1714.43 -34.10 -1.99 153.45 10.0 4.51 Regen Pharm 658.92 664.74 -5.82 -0.88 -31.96 -4.6 -0.03
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Nike 118.68 118.85 -0.17 -0.14 10.48 9.7 -4.83 S&P Global 332.01 349.48 -17.47 -5.00 -15.65 -4.5 -11.82
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
Cielo 3.98 3.95 0.03 0.76 0.35 9.6 17.06 E.ON 9.51 9.48 0.03 0.27 -0.42 -4.2 -2.76
LasVegasSd 35.16 35.46 -0.30 -0.85 3.09 9.6 -0.76 Sanofi 99.45 99.38 0.07 0.07 -4.27 -4.1 -1.17 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Denso 8113.00 8105.00 8.00 0.10 699.00 9.4 1.78 SvnskaHn 96.42 96.08 0.34 0.35 -4.13 -4.1 -3.56 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Advanced Micro 101.22 101.86 -0.64 -0.63 8.57 9.2 18.36 EDF 8.14 8.26 -0.12 -1.48 -0.34 -4.0 -6.31 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
ChristianDior 581.50 580.00 1.50 0.26 47.50 8.9 -1.44 CardinalHlth 55.43 56.32 -0.89 -1.58 -2.31 -4.0 -4.51 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- 106.48 -0.26 - - -0.36 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
Jun 01 Rate Current Since Last Day's Month's Year Return Return Jun 01 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.33 17-03-2022 0.08 Index change change change 1 month 1 year VIX 25.69 -0.50 26.19 38.93 14.10 Jun 01 Price £ Yield Day Week Month Year High Low £m
US Prime 3.50 17-03-2022 3.25 Markit IBoxx VXD 21.31 2.01 19.30 45.37 2.67 Tr 1.75pc '22 100.17 1.07 0.94 3.88 13.83 10600.00 103.00 100.17 29.68
US Discount 0.50 17-03-2022 0.25 ABF Pan-Asia unhedged 205.02 -0.24 -0.24 -6.72 -0.10 -8.13 VXN 32.60 -0.41 33.01 44.05 18.01 Tr 0.75pc '23 99.09 1.57 3.29 14.60 10.56 2142.86 101.08 98.95 34.04
Euro Repo 0.00 16-03-2016 0.00 Corporates( £) 352.76 -0.12 -0.12 -10.88 -1.45 -10.47 VDAX 23.56 0.09 23.47 93.30 - Tr 0.125pc '24 97.47 1.69 3.68 14.97 7.64 894.12 100.00 97.17 34.43
UK Repo 1.00 05-05-2022 0.75 Corporates(€) 219.02 -0.16 -0.16 -9.32 -1.44 -9.50 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 100.91 1.71 3.64 14.77 8.23 714.29 117.97 99.56 38.68
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 226.67 -0.35 -0.35 -10.91 -2.30 -10.93 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 94.56 1.67 3.73 12.08 4.38 363.89 99.56 94.12 34.20
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 312.38 -0.08 -0.08 -13.10 -3.36 -11.49 Tr 1.25pc '27 97.62 1.74 2.96 10.83 5.45 241.18 105.60 97.45 39.69
Overall( £) 317.49 -0.09 -0.09 -12.29 -2.85 -11.02 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 92.92 1.91 1.60 11.05 6.11 151.32 103.32 92.92 42.24
INTEREST RATES: MARKET Overall(€) 221.11 -0.30 -0.30 -10.36 -1.90 -10.53 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 119.02 2.13 0.95 10.94 9.23 121.88 138.01 119.02 39.06
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 122.31 2.34 0.00 8.84 9.86 103.48 147.98 122.31 30.68
Jun 01 (Libor: May 31) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 100.38 1.42 0.04 0.14 0.26 1.39 Tr 4.5pc '42 133.18 2.43 -0.41 8.97 11.98 85.50 169.96 133.18 27.46
US$ Libor 0.81914 -0.003 -0.005 0.000 1.11971 1.62600 2.10929 2.77543 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 81.76 3.43 0.07 0.18 0.30 - Tr 3.75pc '52 129.26 2.38 -0.42 9.17 13.33 77.61 180.27 129.17 24.32
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 620.71 -5.63 - - -15.79 -4.08 02/50 1.00 96.32 1.46 0.07 0.20 0.48 1.10 Tr 4pc '60 142.81 2.29 -0.43 9.05 15.08 78.91 213.01 142.77 24.34
£ Libor 0.18063 -0.005 0.000 0.002 1.12480 1.41840 1.87420 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 94.20 1.41 0.04 0.22 0.30 1.56 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 90.95 1.97 0.06 0.21 0.39 1.35
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.005
-0.05553
-0.54100
-0.01902
-0.33500
0.03261
-0.03400
0.04867
0.41700
Index change change change high low
Belgium 06/27 0.80 98.44 1.12 0.05 0.22 0.22 1.44 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 86.11 2.34 0.07 0.24 0.38 1.46
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 95.94 2.80 0.14 0.24 0.12 2.12
US$ CDs 0.090 1.27000 1.64000 2.16000 Crossover 5Y 443.85 0.00 5.59 24.20 491.70 330.24 Fixed Coupon Jun 01 chg % Return 1 month 1 year Yield
06/30 1.25 87.72 2.99 0.10 0.25 0.18 1.54
Euro CDs 0.000 -0.54000 -0.42000 -0.17000 Europe 5Y 89.37 0.00 0.60 1.01 101.24 70.55 1 Up to 5 Years 84.22 -0.11 2406.35 0.09 -2.75 1.69
12/48 2.75 97.19 2.90 0.01 0.10 0.14 0.89
Japan 5Y 67.61 0.51 -2.87 -0.32 78.35 57.71 2 5 - 10 Years 163.36 -0.16 3436.02 -0.50 -6.90 1.92
Short 7 Days One Three Six One Denmark 11/29 0.50 93.61 1.41 0.05 0.22 0.24 1.44
Senior Financials 5Y 98.62 0.00 -0.17 -0.43 111.57 79.74 3 10 - 15 Years 183.12 -0.10 4148.28 -2.04 -10.38 2.27
Jun 01 term notice month month month year 11/52 0.25 64.62 1.76 0.07 0.26 0.41 1.17
Markit CDX Finland 09/24 0.00 98.47 0.68 0.04 0.17 0.20 1.27 4 5 - 15 Years 167.04 -0.14 3605.18 -1.01 -8.02 2.07
Euro -0.74 -0.44 -0.72 -0.42 -0.69 -0.39 -0.57 -0.27 -0.32 -0.02 0.24 0.54 5 Over 15 Years 282.88 0.07 4799.30 -5.97 -18.19 2.36
Emerging Markets 5Y 272.75 0.76 -2.70 2.85 304.78 219.01 09/29 0.50 93.62 1.43 0.05 0.23 0.29 1.55
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 156.97 -0.05 3466.59 -2.70 -10.92 2.26
Nth Amer High Yld 5Y 464.95 3.89 -14.21 34.23 523.24 362.83 France 05/28 0.75 97.20 1.24 0.05 0.22 0.23 1.43
US Dollar 0.79 0.99 0.81 1.01 1.17 1.37 1.54 1.74 2.06 2.26 2.74 2.94
Nth Amer Inv Grade 5Y 80.74 1.15 -2.02 2.28 90.68 63.80 05/48 2.00 96.08 2.20 0.08 0.25 0.35 1.34
Japanese Yen -0.20 0.00 -0.20 0.00 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 93.00 1.01 0.04 0.23 0.21 1.32
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Jun 01 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 67.01 1.43 0.07 0.27 0.37 1.05
1 Up to 5 Years 323.80 -0.01 0.45 6.16 2722.09 0.69 7.35
Greece 01/23 3.50 102.18 0.20 -0.01 -0.02 -0.10 0.50 2 Over 5 years 707.47 1.88 -6.77 -12.86 5378.34 -6.68 -12.54
01/28 3.75 107.18 2.38 0.03 -0.08 0.03 1.99 3 5-15 years 502.61 0.30 -2.27 -0.51 4048.53 -2.14 0.23
Ireland 10/22 0.00 100.10 -0.26 0.00 0.05 0.22 0.32 4 Over 15 years 874.09 2.68 -8.86 -18.20 6456.22 -8.79 -18.03
05/26 1.00 100.26 0.93 0.05 0.19 0.15 1.30 5 All stocks 644.88 1.63 -5.90 -10.81 4999.09 -5.80 -10.42
02/45 2.00 97.25 2.15 0.06 0.22 0.31 1.40
Italy 02/25 0.35 96.66 1.64 0.05 0.22 0.32 1.71 Yield Indices Jun 01 May 31 Yr ago Jun 01 May 31 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 98.32 0.62 0.01 0.12 0.90 1.10 5 Yrs 1.74 1.69 0.39 20 Yrs 2.46 2.46 1.34
03/48 3.45 99.71 3.47 0.07 0.15 0.35 1.66 10 Yrs 2.15 2.13 0.92 45 Yrs 2.24 2.24 1.22
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.05 0.03 -0.01 0.00 -0.01 -0.03 15 Yrs 2.39 2.39 1.21
Crude Oil† Jul 114.78 -0.42 Corn♦ Jul 729.75 -23.25 Jun 01 Jun 01 Prev return stock Market stocks
12/29 0.10 99.61 0.15 -0.01 0.04 0.00 0.14
Brent Crude Oil‡ 117.25 -0.64 Wheat♦ Jul 1041.25 -46.75 Can 4.25%' 26 117.27 0.370 0.220 -0.61 5.25 72717.15 8
12/49 0.40 85.77 0.99 0.01 0.07 0.06 0.33 inflation 0% inflation 5%
RBOB Gasoline† Jul 4.07 0.13 Soybeans♦ Jul 1689.50 2.50 Fr 2.10%' 23 107.45 -4.110 -4.174 -0.07 18.05 273311.46 17
Netherlands 07/27 0.75 98.50 1.05 0.04 0.23 0.22 1.46 Real yield Jun 01 Dur yrs Previous Yr ago Jun 01 Dur yrs Previous Yr ago
Natural Gas† Jul 8.77 0.52 Soybeans Meal♦ Jul 412.70 -3.20 Swe 1.00%' 25 123.18 -1.445 -1.445 0.02 35.15 215412.65 6
01/47 2.75 121.83 1.66 0.08 0.28 0.43 1.30 Up to 5 yrs -2.52 1.90 -2.50 -2.80 -3.01 1.91 -3.03 -3.15
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Jul 1776.00 32.00 UK 0.125%' 24 109.05 -4.626 -4.933 -0.47 15.24 703261.55 31
Aluminium 2728.50 -60.50 Cocoa (ICE US)♥ Jul 2530.00 31.00 New Zealand 05/31 1.50 84.13 3.59 0.01 0.06 -0.05 1.84 Over 5 yrs -1.15 21.66 -1.07 -2.12 -1.17 21.71 -1.09 -2.14
UK 2.50%' 24 375.82 -2.691 -2.723 -0.07 6.82 703261.55 31
Aluminium Alloy 2580.00 -170.00 Coffee(Robusta)X Jul 2136.00 31.00 09/40 2.50 123.94 1.89 0.01 0.04 0.34 0.93 5-15 yrs -1.63 9.11 -1.60 -2.47 -1.72 9.11 -1.69 -2.57
UK 2.00%' 35 280.10 -1.430 -1.403 0.32 9.08 703261.55 31
Copper 9511.50 72.50 Coffee (Arabica)♥ Jul 239.75 7.85 Norway 08/30 1.38 90.29 2.71 -0.01 0.03 -0.05 1.24 Over 15 yrs -1.08 27.46 -0.98 -2.08 -1.09 27.47 -0.99 -2.09
US 0.625%' 24 103.54 -1.524 -1.589 -0.09 40.98 1681795.82 46
Lead 2163.00 -17.00 White SugarX 577.30 5.80 Poland 01/23 2.50 97.86 5.95 -0.02 0.11 -0.10 5.62 All stocks -1.17 19.22 -1.08 -2.13 -1.20 19.29 -1.12 -2.16
US 3.625%' 28 120.17 0.170 0.032 -0.72 16.78 1681795.82 46
Nickel 28160.00 -135.00 Sugar 11♥ 19.42 0.03 07/27 2.50 81.42 6.91 0.02 0.09 0.11 5.47 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 34950.00 200.00 Cotton♥ Jul 136.17 -2.87 04/47 4.00 67.50 6.72 0.00 0.42 0.42 4.25 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 3868.00 -45.00 Orange Juice♥ Jul 180.25 3.60 Portugal 04/27 4.13 112.30 1.48 0.05 0.23 0.27 1.65 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Jun 132.85 2.25 Spain 10/22 0.45 100.25 -0.16 0.08 0.12 0.13 0.39 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1844.90 6.20 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 91.30 1.87 0.05 0.24 0.28 1.60 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2161.00 -16.00 Lean Hogs♣ Jun 110.10 1.65 10/46 2.90 101.58 2.81 0.07 0.24 0.41 1.49 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 990.00 27.00 Spread Spread Spread Spread Sweden 06/30 0.13 119.27 -1.23 0.00 -0.11 0.11 0.25
Palladium 2014.00 -18.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 125.84 1.72 0.09 -0.03 -0.09 0.89 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities May 31 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 119.80 0.55 0.02 0.18 0.01 0.93 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 136.95 0.88 S&P GSCI Spt 793.48 5.04 50.53 06/29 0.00 95.54 0.65 0.04 0.21 0.01 0.92 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.43 2.41 0.50 Netherlands 1.05 0.04 -1.88
Baltic Dry Index 2633.00 67.00 DJ UBS Spot 132.80 2.56 41.07 Austria 1.41 0.40 -1.52 New Zealand 3.59 2.58 0.66 United Kingdom 07/23 0.75 99.08 1.57 0.03 0.18 0.09 1.49 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 324.25 -17.25 TR/CC CRB TR 340.97 3.91 53.92 Canada 2.99 1.98 0.06 Norway 2.71 1.70 -0.22 07/27 1.25 97.64 1.73 0.04 0.17 0.07 1.22 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 1.41 0.40 -1.52 Portugal 1.48 0.47 -1.45 07/47 1.50 82.59 2.43 -0.01 0.24 0.35 1.08
LEBA UK Power 1048.00 -37.43 -39.60 Finland 1.43 0.41 -1.50 Spain 1.87 0.86 -1.06 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 1.01 0.00 -1.92 Sweden -1.23 -2.24 -4.16 03/25 0.50 93.64 2.86 0.14 0.22 -0.01 2.34
unless otherwise stated. Italy 0.62 -0.40 -2.31 Switzerland 0.65 -0.36 -2.28 02/30 1.50 90.19 2.93 0.10 0.20 0.03 1.42
Japan 0.15 -0.86 -2.78 United States 2.93 1.92 0.00 02/50 0.25 86.73 0.78 0.02 0.03 0.34 -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
14
Man’s-eye view of violent misogyny
FILM
Danny
Leigh
L
ex Garland’s Men is a terrible
date movie. The stuff of the
story — violent misogyny in a
stylised package — will be a
poor fit for an evening of
romance. While you might both agree
that Jessie Buckley is excellent as hero-
ine Harper, slippery handling of volatile
themes is a recipe for rows over dinner.
In fact, to watch Men at all is to mimic
a Tinder catastrophe. At first you
will brim with intrigue. Then will come
a sinking feeling. An escape through
the bathroom window may seem
extremely tempting.
Garland starts promisingly. He is a
gifted writer-director, and you can tell
he does a great pitch. His early career
script for Danny Boyle’s 28 Days Later
(2002) wowed with a first-act vision of
London emptied by viral pandemic. The
city features here too, though only in
flashbacks to trauma. Instead we are in
an English Arcadia, a West Country
manor house Harper rents as sanctuary.
So far, so Garland. His sleek sci-fi Ex
Machina took place in another scenic
pile, where man sought to master
machine. Here the tech issue is dicey
WiFi, tucked into the pocket of the plot.
Still landlord-manager Geoffrey is
sweetness and light, well-bred in waxed
Barbour. He is played by Rory Kinnear.
“A very specific type,” Harper says later.
She isn’t wrong. With pinpoint observa-
tion and a shimmer of menace, for now
the film makes a fine Pied Piper.
So to a walk in the woods. Better yet
than the opening, Garland conjures a
rhapsodic sequence in a green fantasia.
Brilliantly, the film deploys Buckley’s
talent as a singer, the scene fusing
fairytale, a trace of Andrei Tarkovsky’s
Stalker and a one-woman choral
round. Honestly, just cut the other
★ FINANCIAL TIMES
ARTS
Final cut: Jessie Buckley stars as a woman under siege in a country house in ‘Men’. Above right: Disney’s gay romcom ‘Fire Island’
95 minutes and release it as a short.
Because your bad night out starts
here. The mood is soon disturbed by a
Men naked figure, odd even for the English
Alex Garland countryside. A spoiler warning is due
AAEEE here. Look close and the nude is again
Kinnear. But this is not the hapless Geof-
Bergman Island frey. Instead, both characters are just
Mia Hansen-Løve the first in a gallery of awful men played
AAAAE by the same actor. Smug copper, nasty
schoolboy, pervert vicar and others
Fire Island follow, belittling and tormenting
Andrew Ahn Harper. What gravity the film aims
AAAEE for is foiled by how tickled it is by the
casting, treated as a wheeze with joke-
The Camera is Ours shop teeth.
Various directors
AAAAE
From here, we plummet into bloody,
psychotronic guff. Screen and story fill
with forbidden apples and folk horror
trappings familiar from modish backers
A24. Are these actual jumbo clichés, or
ironic spins on jumbo clichés? Who
knows? Not me — and, you suspect, not
Garland, who flings around ideas while
offering a female perspective of abuse
from somewhere other than first hand.
After Edgar Wright’s Last Night in
Soho, Men is the second recent British
film in which a successful male director
has shared less than coherent thoughts
on the mistreatment of women. The
confusing thing is that Garland already
made a knockout film about toxic man-
hood in the spare, unsparing Ex
Machina. Now he returns to diminished
effect in a film packed with magpied
borrowings from Jordan Peele’s Get Out
and Danish provocateur Lars von Trier.
Congratulations to those men, as
American actress Issa Rae remarked,
announcing an all-male director short-
list for the 2020 Oscars. The top team
here is just as single-sex, from Garland
through three credited producers to
Daniel Katz, chair of A24. For all the
implied mea culpa, would a woman
have made a film about misogyny that
strayed this far into silly wig-out? Or
been funded to direct one so gratingly
literal-minded? Questions, questions.
Spare yourself the trouble and tell the
film-makers you’re busy. The text
writes itself. It’s not you, it’s Men.
In UK and US cinemas now
Aren’t film lovers the worst? In the play-
ful Bergman Island, writer-director Mia
Hansen-Løve gently ribs the stiff con-
ventions of arthouse cinema. The island
of the title is Fårö, the Baltic Sea idyll off
the Swedish coast where Ingmar Berg-
man lived and filmed. The master’s
ghost duly wafts though the gossamer
tale of two married directors here on a
working holiday. The more established
is Tony (Tim Roth); Chris (Vicky
Krieps) is less assured. Together they
set up separate desks, reuniting at night
in the bedroom where Bergman shot
Scenes from a Marriage. “The film that
made millions of people get divorced,”
another character happily points out.
Meanwhile, gathered for the annual
“Bergman Safari”, visiting cinephiles
joust over nuggets of biography. Little
wonder locals claim to speak no English
or even recognise the name Bergman.
Here on Fårö, pristine light falls over
pale sands and silent roads made for
cycle trips. For Chris, the beauty is not
helping. While Tony fills immaculate
stationery with the seeds of a script, her
pages remain blank as her fountain pen
dries out.
Twenty minutes in, all signs point in
one direction: a couple set to come
undone in the shadow of genius. Not
quite. There are literal creative differ-
ences, and the creaks that accompany
most marriages, but Hansen-Løve has
an aversion to the obvious. Even the
teasing of the Bergman nerds is not
really so unkind.
Still, she does register the reverence
that surrounds a certain kind of auteur:
Bergman’s chair in his personal screen-
ing room can never be sat in again, we
learn. And the charm of the film is qui-
etly proving that art can inspire more
than imitation — human truths cap-
tured without Bergman’s scouring gaze.
Slight as the movie is (and it is), it is
also bold. Without giving up on Chris
and Tony, Hansen-Løve switches track.
With a whisper of Bergman’s Persona, a
film-inside-a-film blooms too, the story
of another couple on Fårö, now played
by Mia Wasikowska and Anders Dan-
ielsen Lie. This is the movie Chris is
dreaming up, taking shape before us as
she imagines it — as if without a working
pen, her notepad had become a living
cinematic pop-up book.
In UK cinemas now
In chipper new comedy Fire Island, the
New York resort of the same name is
called the “gay Disney World”. Last
summer, when the movie was shot, the
line would have merely seemed impish,
given that the financing came from Dis-
ney itself. Now it can’t help but sound
loaded in a gay romance released in
tricky times for the company’s relation-
ship with the LGBT+ community.
First came a lack of response from the
company in March to Florida’s new
“Don’t Say Gay” school legislation,
prompting angry staff walkouts at Dis-
ney. Then came a change of course into
‘Men’ is another film in
which a male director
shares less than coherent
thoughts on the
mistreatment of women
public opposition of the bill that
angered Republicans, leading to Disney
World being stripped of its ability to
“self-govern” in the state. All things con-
sidered, Fire Island could be taken as a
sincere landmark movie for the studio,
Disney merely exploiting a market — or
both. Either way, it finds itself still more
caught up in the American culture war
than it would have been in 2021.
Kudos to the film, then, that it feels as
breezy as it does, a wry, intelligent riff on
Pride and Prejudice. Jane Austen is a
favourite of the resolutely single Noah
(Joel Kim Booster, who also wrote the
script) for all he disputes her universal
truth that every single man “must be in
want of a wife”. Here, in place of the Ben-
net sisters, Noah and his affable misfit
group of friends arrive on the island for
their annual fix of hedonism, despite
Friday 3 June 2022
being poor relations amid doctors and
lawyers with zero body fat.
Booster deals deftly not just with sex-
uality but with class and race (he and co-
star Bowen Yang are Asian American), a
smart grasp of pop culture adding
another flavour to the familiar tale of
lovestruck crossed wires. Ketamine and
fellatio are new ground both for Austen
adaptations and Disney, but the movie’s
most radical step might be how subtly
conventional it really is. Progress means
sugar-coated romcoms for all.
On Hulu in the US and Disney+ in the UK
and elsewhere now
Late Scottish director John Grierson is
often described as the father of British
documentary. Less feted are two other
film-makers who could rightly claim a
place in the family tree: Grierson’s
sisters, Marion and Ruby. Each created
major work now featured in The
Camera is Ours, an engrossing collec-
tion of non-fiction by a neglected group
of 20th-century British women.
Early career ends are a common
thread. For Marion, marriage and moth-
erhood led to retirement; Ruby was
killed in 1940 filming wartime evacu-
ees. For others, such as the great Kay
Mander, the movie business simply
proved too grindingly sexist. Yet the
mood of the project is celebratory, led
off by Marion Grierson’s Beside the Sea-
side (1935), a travelogue of inspired
ambition, her camera fixed to fair-
ground carousels and planes hugging
the coast before a slo-mo panorama of
Brighton prom, social melting pot. Tril-
bied figures dot the Palace Pier, three
years before Graham Greene wrote
Brighton Rock.
The films fascinate and multitask. An
archive of female film-making and
social history, the roles overlap in the
focus on the lives of real women. At
the start of the second world war, Ruby
Grierson’s docudrama They Also Serve
salutes housewives. Amid the rebuild-
ing in 1945, Mander’s Homes for the Peo-
ple lets working women themselves
describe how the weight of poor housing
fell doubly hard on those for whom a
three-room “muck-up” was both home
and workplace.
But by 1967, the consumer boom
promised “dream kitchens for dream
women” in Sarah Erulkar’s Something
Nice to Eat, a wonderfully groovy show-
case of culinary adventure. A new Brit-
ish future seemed to have arrived —
dished up with garlic and artichokes.
In UK cinemas now
Left: Mia Wasikowska
in Mia Hansen-Løve’s
charming drama
‘Bergman Island’.
Below: Jean Shrimpton
in Sarah Erulkar’s
‘Something Nice to Eat’
(1967), one of the films
included in ‘The Camera
is Ours’
Friday 3 June 2022
Nurses were lauded as ‘heroes’ by governments when the pandemic hit, but dismal working conditions
have led many to quit the profession as they faced chaos, fear and death under successive Covid waves.
D
anielle Henderson, a
mother of five in north-west
Arkansas, quit her job as a
registered nurse as Covid-19
began spreading around the
world in 2020. There weren’t enough
masks and other equipment to protect
her from infection, she says. “I was
pregnant and I just didn’t feel protected.
And, mentally, I just think I was burnt
out already, even before Covid.”
Henderson is one of hundreds of
thousands of nurses to have left the
profession. In 2020, the World Health
Organization estimated there was a glo-
bal shortage of 5.9mn nurses — almost
one-quarter of the global workforce of
about 28mn. The biggest shortfalls were
in low and middle-income nations in
Africa, Latin America, south-east Asia
and eastern Mediterranean regions.
The pandemic has made things worse.
As many as 180,000 healthcare workers
died from Covid between January 2020
and May 2021, according to the WHO.
Many others suffered burnout and
mental health challenges as they strug-
gled to deal with the chaos, fear and
death caused by successive waves of
a highly contagious virus that filled up
intensive care units all over the world.
Health authorities in many rich coun-
tries now warn that the departure of
skilled nurses is putting huge strains on
overstretched services and reversing
any progress made in recent years to
boost nursing workforces.
Howard Catton, chief executive of the
International Council of Nurses, a feder-
ation of more than 130 national nursing
organisations, says nurses were rightly
lauded as “heroes” by governments
when the pandemic hit. Even so, author-
ities are not doing enough, he says, to
tackle structural problems such as low
pay, poor conditions and inadequate
training. “The scale of the worldwide
nursing shortage is one of the greatest
threats to health globally,” says Catton.
He estimates that as many as 3mn more
nurses could leave the profession earlier
than they had otherwise planned due to
the pandemic.
No quick fix
At the height of the Covid crisis, several
US states called on the National Guard
to help in hospitals and care homes.
Many other rich nations implemented
“rapid and emergency policy
responses” to recruit overseas nurses,
which some experts warn could trans-
form an acute shortage in the develop-
ing world into a longer-term crisis.
The Canadian province of Quebec
is spending C$65mn ($51mn) on a two-
year campaign to recruit and train for-
eign nurses, with Algeria, Cameroon,
Mauritius, Morocco and Tunisia among
the francophone countries targeted.
Authorities in Western Australia
launched an overseas recruitment drive
last year that offered free flights, reloca-
tion allowances and free mandatory
hotel quarantines.
In times of need, recruiting from over-
seas is often seen as a “quick fix,” says
Catton. But such hiring is often made
from countries with the lowest ratio of
nurses to population, which “can least
afford to lose” them, he adds. “The
★ FINANCIAL TIMES
FT BIG READ. PUBLIC HEALTH
By Jamie Smyth and Sarah Neville
The global crisis in nursing
As many as impact of that can really be dramatic.”
180,000 The full picture of the impact of the
healthcare pandemic on the nursing workforce is
workers died from yet to be properly understood as a result
Covid-19 between
January 2020
of inadequate data collection. But sur-
veys and some national statistics high-
and May 2021. light the challenges health employers
Below: Danielle are facing to hold on to their staff.
Henderson says Last month, the UK’s Nursing and
nurses are Midwifery Council disclosed that just
overwhelmed with over 27,000 nurses and midwives left
tasks, including the official register in the year leading
hospitality, up the end of March 2022 — a rise of 13
cleaning and per cent from the year before. One-third
lifting patients of respondents to its survey said the
Carlos Osorio/Reuters pandemic influenced their decision to
leave, as did a poor workplace culture.
In the US, about 15 per cent of nurses
quit their jobs during the first year of
the pandemic, according to a survey by
McKinsey & Co published last August,
up from about 11 per cent the previous
year. One in five nurses reported they
might quit in the next year.
Dissatisfaction among nurses is
widely spread across countries, accord-
ing to a follow-up report by McKinsey.
It found that in five of the six nations
surveyed (the US, UK, Singapore, Japan
and France) about one-third of nurses
said they were likely to leave their
current role within the next year.
The reasons cited by prospective
leavers were strikingly consistent, says
Gretchen Berlin, who led the research.
Pay came quite low on the list. Instead,
concerns revolved around a lack of
recognition and appreciation, workload
and the need for “a sense of belonging”.
The “good news”, she says, “is that we
have solutions to those challenges.”
In Arkansas, Henderson has now set
up a cookie design business. She says
28mn the physical and mental demands of
Globalworkforce nursing had become too great. “You
ofnurses have so much on your plate: basic hosp-
itality, cleaning, a lot of physical lifting
and then nursing people where you
5.9mn have to be compassionate. I don’t think
Globalshortageof nurses are compensated for that.”
nursesasestimated As she can attest, burnout and mental
byWHO health problems were an issue even
before the pandemic. A 2021 study by
185,000 Jama, a US research network, found
female nurses were twice as likely as
Nursingstudents
graduatingevery women in the general population to
yearintheUS commit suicide. And since Covid hit
the US in March 2020, a survey by the
American Nursing Association found
1,800 that one-third of nurses were not “emo-
Numberofnurses tionally healthy”.
thatleftZimbabwe Matthew Crecelius, who recently
in2021,mainlyfor finished a short-term nursing contract
theUK in Missouri, is one of those considering
leaving the profession. “My mental
health hasn’t been great working night
shift and extended hours. It’s a really
tough job,” says the 31-year-old. He says
the stress of working during the pan-
demic in New York, where bodies piled
up in refrigerated trucks, had taken its
toll. He was also worried by a recent case
involving a nurse who faced criminal
charges after making a medical error. “I
did reach out to mental health profes-
sionals to get a little counselling, which
is new for me,” he says.
In September, the association called
on the US government to declare a
“national crisis” due to the nursing
shortage, which it estimated could be as
high as 1mn. Yet experts say the US is in
a much better position than many other
high-income nations, with 16 nurses
per 1,000 population — one of the high-
est ratios in the developed world. The
World Bank cites the figure in the UK as
10, with the global average at just four.
“The US doesn’t have a nursing short-
age. We’ve been increasing the supply
for two decades, introducing policies
that make nursing more attractive, and
185,000 nurses are graduating every
year,” says Linda Aiken, a professor at
University of Pennsylvania School of
Nursing. The problem, she says, is that
private employers are not investing
enough in hiring available graduates,
causing a shortage of nursing staff in
hospitals and nursing homes.
The UK has a different predicament,
Aiken says. Its shortage is the result of a
longstanding reliance on foreign nurses,
which has filled the gaps in domestic
recruitment and training. In the year to
the end of March, the UK’s nursing and
midwives register rose to its highest
level of about 760,000, but almost half
of the new additions trained overseas.
Andrea Sutcliffe, who heads the UK
Nursing and Midwifery Council, says
two-thirds of the foreign hires came
from India and the Philippines. Relying
to this extent on international recruits
carries significant risks, she adds. “In
the first three months of the pandemic
our international registration dropped
to nearly zero because people obviously
weren’t coming into the country. Our
reliance upon overseas nurses means
that we are vulnerable.”
Increased recruitment from within
the UK and better retention is needed,
she adds. She also raises questions over
the ethical nature of some of the over-
seas recruitment. “Are we making sure
that we’re not denuding other countries
of [a] valuable precious resource?”
Shopping for nurses
The UK department of health and social
care has “an ethical code of practice,”
which means recruitment should not be
conducted in countries that have their
own shortages. But, Sutcliffe says, “We
can see that . . . nurses are joining from
some of those countries that were red
listed by the WHO”. It is not the NMC’s
job to police compliance with that code,
but Sutcliffe warns that along with the
health department, it is relying on
employers to “be mindful of where it is
that they’re doing their recruitment”.
Nigeria and Ghana are both on that
WHO red list. Yet almost 4,000 nurses
from the two countries joined the UK ‘The scale
register in the year to the end of March
this year. There are also 3,655 nurses on
of the
the register from Zimbabwe, which has worldwide
significant gaps in its own nursing care.
In a report to the World Health
nursing
Assembly, which concluded last week- shortage is
end, Tedros Adhanom Ghebreyesus, the one of the
WHO director-general, warned many
countries “are once again turning to greatest
international recruitment to rapidly threats to
increase domestic capacity”, a develop-
ment “likely to accelerate global migra- health
tion and mobility of health personnel”. globally’
Yet not all international recruitment
is a bad thing, say experts. Some coun-
tries, such as the Philippines, India and
Jamaica, have established themselves as
training grounds for nurses and their
economies have benefited from the
remittances they generate overseas.
In Africa, where the ratio of nurses to
population can fall as low as 0.1 to 1,000
people, the ethics are more complex.
Kenya offers an example of the compli-
cated dynamics involved in transferring
nursing labour and expertise from a
developing country to a richer one.
The UK government has signed an
agreement with Kenya to accept nurses
who were unemployed in their own
country. Bernard Mwega, an official
with the National Nurses Association of
Kenya, says the deal does not in itself
risk denuding the country’s health sys-
tem since many more were graduating
from nursing schools than could be
found employment. Yet the reason
many nurses in Kenya cannot find work
at home is because of funding shortfalls
in the public health system. Mwega says
there have been unconfirmed reports
that the government is considering
putting restrictions on the number of ‘We have too
nurses who are allowed to go overseas.
Jim Campbell, the WHO’s director for many nurses
health workforce, says the most com- leaving the
mon destinations are the UK, Canada,
New Zealand, Australia, the US, the Gulf profession,
countries and France. When the UK left a third of
the EU, Campbell adds, it shut off a prin-
cipal source of nurses and is now coping
leavers are
with “a huge number of vacancies” below the
while attempting to fulfil a political
commitment by Boris Johnson’s gov-
age of 35.
ernment to deliver 50,000 additional Pay is not
nurses by 2024. the main
“So where do you turn?” he asks. “You
turn to the historic Commonwealth problem but
linkages that the NHS has always had.” bad working
The pandemic and its aftermath may
conditions’
have made working in the UK more
Richer countries lure nurses to fight shortages
% change in the number of foreign-trained nurses practicing
in the country (2020 compared to 2019)
0 5 10 15 20
Chile
New Zealand
Israel
Estonia
UK
Belgium
Italy
Lithuania
Norway
Source: OECD
15
attractive as a proposition, he adds. “If
you’re working in sub-Saharan Africa
and with inflation, your salary is sud-
denly worth 20 per cent less [and] med-
ical supplies and Covid tools are not
available . . . you suddenly look at your
work circumstances [and think you
could go to] London or Scotland and get
10 times your current wages and access
to education so you can put your chil-
dren through school”.
In a sign of tensions between low and
middle-income countries and their rich
neighbours,Campbellsaysthatthevice-
president of Zimbabwe, Constantino
Chiwenga, who is also the country’s
health minister, was asking the UN to
assist in the recovery of compensation
for the health workers that had left his
country to go to the UK. Official figures
showed that, last year alone, Zimbabwe
lost almost 1,800 nurses, or more than
10 per cent of all the nurses working in
public hospitals, mainly to the UK.
“If you apply the vice-president’s logic
and numbers, the estimated investment
in human capital . . . rapidly surpasses
$100mn that is now a resource within
the NHS,” Campbell adds.
‘Unprecedented damage’
Covid has already caused “unprece-
dented damage” to the global nursing
workforce, concluded the International
Centre for Nursing Migration in a report
published in January. The NGO urged
health authorities to implement an
urgent action plan. It recommended
monitoring of international flows of for-
eign nurses, the recruitment agencies
that act as middle men, and country to
country agreements between rich
nations and the developing world.
James Buchan, senior fellow at the UK
charity the Health Foundation, and a co-
author of the report, says it remains a
“blurry” issue whether some rich coun-
tries are violating the WHO code of con-
duct because it is hard to ascertain how
foreign nurses enter national systems.
Stricter monitoring would help.
What we need, he says, is co-ordi-
nated national and international action.
National authorities should address the
dangerously low staffing levels that lead
to burnout and leaving the profession.
In a November referendum, the Swiss
voted to improve working conditions
for nurses — a move spurred by staff
shortages during the pandemic. “We
have too many nurses leaving the pro-
fession, a third of leavers are below the
age of 35,” says Yvonne Ribi, managing
director of the Swiss Professional Asso-
ciation of Nursing Women and Nursing
Specialists. “Pay is not the main prob-
lem, but bad working conditions.”
The referendum committed the gov-
ernment to work on reforms. Ribi says
other countries should take inspiration
from its message. “People need nurses,
everywhere in the world. Otherwise
there will be suffering, death and higher
costs for healthcare,” she says.
That sentiment is echoed by Buchan:
“Authorities need to recognise that
nursing is going to be front and centre of
economic recovery,” he says. “One of the
critical messages here is that we’re not
looking at nursing as a cost to the coun-
try but as an investment.”
16 ★ FINANCIAL TIMES Friday 3 June 2022

The FT View
Australia’s AGL Energy case shows the power of green capital
Governments that drag
their feet on climate policy
risk a disorderly transition
Last month, a clean energy investor
named Simon Holmes à Court, son of
Australia’s first billionaire, helped to
oust the country’s coal-friendly con-
servative government. A few days ago, a
42-year-old Sydney tech billionaire,
Mike Cannon-Brookes, upended AGL
Energy, a 185-year-old mainstay of Aus-
tralia’s business establishment and its
biggest carbon emitter.
The two men belong to a new gener-
ation of wealthy businesspeople ready
to use their resources to hasten a shift
away from fossil fuels. Both exemplify
the growing power of green capital, in
Australia and beyond, but Cannon-
Brookes offers a wider lesson in the
risks of deficient climate policy driving
a disorderly energy transition.
ft.com/opinion Feeble climate action was squarely
targeted by the so-called Teal independ-
ent candidates who won a string of
conservative-held seats in the May 21
election, after backing from Holmes à
Court. It is still unclear what Cannon-
Brookes, co-founder of the Atlassian
software group, will ultimately achieve
at AGL, but the victory he has scored
so far marks a striking development in
climate investor activism.
On Monday, AGL announced the exit
of its chief executive, chair and two
board members as it ditched a plan to
split itself in two by spinning off a power
generation business that includes coal-
fired power stations, one of which is not
due to shut until 2045. Cannon-
Brookes, who has an 11 per cent stake in
AGL, had opposed the break-up and
wanted the coal plants to close much
earlier. He claimed the company, which
rebuffed a takeover bid he made with
Canada’s Brookfield Asset Management
firm earlier this year, was wedded to
a “glacial” transition away from fossil
fuels that was bad for the climate and
for its business. With other sharehold-
ers voicing concern about the spin-off
plans, AGL has abruptly abandoned its
strategy and headed into an unsettling
period of headless limbo. Its remaining
directors will begin a strategic review.
Cannon-Brookes, who is seeking to
have two nominees on the board, says
he has “a lot of ideas” for what its future
direction should look like. Other inves-
tors, and trade unions representing
workers at AGL coal power stations, are
eager to know his plans too. Even those
who support his critique of AGL’s slow
pace of decarbonisation are unsure
what a tech entrepreneur, albeit a highly
successful one, can offer a complex,
integrated energy business.
The AGL affair comes almost exactly
a year after the small Engine No. 1 hedge
fund unexpectedly won a campaign to
replace three seats on the board of Exx-
onMobil. The US oil giant had also been
accused of failing to plan adequately for
a shift away from fossil fuels. AGL has in
some ways been the author of its own
The utility woes. It has been evident for some time
company that, despite unimpressive federal gov-
ernment climate policy efforts, Aus-
has been a
tralia has become a rooftop solar power-
victim, too, of house where more than one in four
Canberra’s households generates electricity on
failure to deliver their roofs. That has eroded the profits
robust carbon of the coal-fired power stations that
pricing have accounted for a large chunk of
AGL’s profits.
The company has been a victim, too,
of Canberra’s failure to deliver robust
carbon pricing or other policies to guide
a steady transition to a cleaner power
system. Five years ago, as a previous
AGL boss embraced renewables and
pursued a future without coal, then
prime minister Malcolm Turnbull pub-
licly fought its planned closure of an
ageing coal power plant because of fears
it would hurt energy security.
The AGL case shows that if govern-
ments are slow to put credible green
transition policies in place, climate
investor activists are increasingly ready
to try and do it for them.

Opinion Data Points

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Britain’s ailing Constant focus on chief executive pay can be counterproductive

healthcare system Chief executive pay is once again
making headlines in the wake of the
Business School and Dirk Jenter of the
London School of Economics shows
business. If UK plcs are unable to pay
competitively compared with other
based on performance, but there will
come a point where the constant focus
Deloitte report showing it has that over three quarters of UK countries, and when compared with on CEO pay levels becomes
rebounded following the pandemic investors think CEO pay is too high, or privately owned companies or financial counterproductive. Given the
John Burn-Murdoch (“Chief executive pay nears pre-Covid
high”, Report, May 30).
far too high, and that boards should
make more effort to cut it.
and professional services firms, then
this will have a significant impact on
difference in views between UK
investors and directors on pay, it looks
Although this year’s increase looks But amid the sound and fury we need the quality of CEOs they will be able to set to remain a controversial topic.
large, it needs to be set in the context of to remember that CEOs really matter. recruit. When even the average partner at
The UK spends a similar amount on healthcare to its peers, a 30 per cent fall through the There’s good evidence that the In our research, nearly one in six UK Deloitte can earn around £1mn,
pandemic, meaning this year’s average difference between a good and a bad directors reported that constraints on £3.6mn for a FTSE 100 CEO doesn’t
but allocates more to hospitals and less to preventive care CEO is still earning 10 per cent less CEO affects the value of a company by pay levels had either resulted in a CEO look so crazy.
Healthcare spending ...of which on hospital ...of which on preventive, than in 2017, when pay topped £4mn. between 5 and 10 per cent, which leaving or boards being unable to Tom Gosling
(% of GDP) care (%) residential & outpatient Despite this, my research with translates into about £500mn to £1bn recruit the CEO they wanted. Executive Fellow, London Business School
US
care (%) Professors Alex Edmans of London of value for the typical FTSE 100 CEO pay has to be set rigorously and London NW1, UK
14 50 50
UK
12
UK
40 40 Let’s hope UAE-Israel pact Antidotes to pessimism Why Britons are blinded
10
30
Peer countries*
30
UK
has regional domino effect in the UK’s audit reforms by the monarchy’s appeal
8
In “UAE-Israel trade pact heralds ‘new In a perfect world for users of company William Wallis’s article on the platinum
6 20 20 paradigm’” (Report, June 1) you rightly accounts, reform of the UK’s audit and jubilee celebrations (“Queen remains
4 characterise this week’s signing of a corporate governance regime would above fray of family and political
10 10 first ever free trade agreement between include a UK version of the Sarbanes- dramas in longest reign”, Report, June
2
Israel and an Arab state (UAE) as a Oxley Act. 2) highlights the deceptive powers of
0 0 0 watershed moment in the history of This US law requires chief executives our royal family, and the willingness of
2000 2010 2000 2010 2000 2010
the Middle East. Yet it has been and finance directors to sign up to the the British public to be blinded by this
*Austria, Canada, Denmark, Germany, Finland, France, Netherlands, Norway, Sweden, Switzerland, US marked with minimal fanfare. truthfulness of material facts, and deception.
Source: FT analysis of OECD
While the Trump administration was external audit of the effectiveness of Britain’s majority support for the

I
n April this year, 24,000 people
were left waiting over 12 hours in
England’s emergency depart-
ments, the highest this figure has
ever been. That same month,
roughly 30,000 people who suffered a
stroke or sudden chest-pain were kept
waiting two hours or more for an
ambulance (the target is 40 minutes).
These figures might suggest that
England’s hospitals are suffering an
acute crisis in their own health, one
which requires an urgent infusion of
money and staff. But that would be a
misdiagnosis.
While the pandemic has undoubt-
edly created a shock in the UK’s pub-
licly funded health system, the NHS’s
underlying issues are chronic. Waiting
lists for elective treatment have been
lengthening for 10 years, and the tar-
get of keeping 95 per cent of A&E waits
under 4 hours missed for just as long.
(These figures from NHS England are
broadly replicated in Scotland, Wales
and Northern Ireland: health service
management is devolved.)
It would be easy to blame under-
funding, but in 2019 the UK spent just
over 10 per cent of GDP on healthcare,
placing it among other wealthy west-
ern European countries. The trend
over the past two decades has also
aligned with comparable nations,
according to the OECD.
The next obvious explanation is
staffing shortages. After two years
which have shone a light on the heroic
work done by hospital staff, it seems
logical that problems in hospitals
should be solved by increasing the
number of doctors on wards. But here,
again, the picture is nuanced.
While the number of fully qualified
permanent GPs in England has fallen
by 8 per cent since 2009, that of hospi-
tal doctors has grown by a third, out-
pacing the growth of the elderly popu-
lation that accounts for an outsized
portion of hospital demand. Nurse
numbers continue to grow despite
more departures this year.
The result is that the UK allocates
more of its healthcare spending to hos-
pital services than any of its peers, and
less to preventive medicine, residen-
tial and outpatient care, according to
OECD data. In other words, ever grow-
ing resources are being used to treat
ever more sick people, but ever fewer
are being used to prevent them from
getting sick in the first place.
This is highlighted by the UK rank-
ing among the highest for rates of
hospital admission in the OECD for
asthma and chronic obstructive pul-
monary disease — both of which are
considered largely treatable within
primary care — and by public satisfac-
tion with GPs plummeting from 68 to
38 per cent in 2021.
In the longer term, the focus should
be on capital and capacity — beds,
diagnostic equipment and IT. This is
the biggest yet often least-discussed
bottleneck hampering a patient’s flow
through the system. If the size of the
UK’s healthcare workforce leaves
room for improvement, then its
record on capital investment is truly
worst-in-class.
For a full decade, the UK has
invested far less in capital infrastruc-
ture in healthcare than any other
major developed nation, according to
analysis by the Health Foundation,
resulting in fewer beds and diagnostic
scanners than comparable countries.
This picture fits with a report by Moni-
tor, the now-defunct health service
Much like any chronic
illness, the afflictions of
the NHS will not be cured
with a sticking plaster
regulator. It recorded that while A&E
waiting times were not affected by
increased staffing levels in the emer-
gency department, they were highly
sensitive to bed shortages in the rest of
the hospital. These shortages in turn
related to the delayed discharges of
elderly patients, and the steady
increase in bed demand.
None of these headwinds will sub-
side naturally. The huge pandemic-in-
duced backlog means hospitals are
now being asked to get through sub-
stantially more elective operations
than in 2019. The number of people
aged 85 and over in England will grow
another 25 per cent by the end of this
decade. Both factors will increase
pressure on beds.
Much like any chronic illness, the
NHS’s afflictions will not be cured with
a sticking plaster. The road to recovery
is paved with long-term investment
to upgrade the physical capacity of
the system, and to gradually shift the
balance from treatment in hospitals to
primary and preventive medicine.
john.burn-murdoch@ft.com
not universally hailed for pushing
through the so-called Abraham
Accords, history might be more
generous. These accords, and the
engagement which they have paved the
way for, may well be vital to the Middle
East’s prospects in the years ahead.
We have already seen these
expanding to include India and the US
in the “economic quartet” with great
opportunities for synergies. India has
also signed a “comprehensive
economic partnership agreement” with
UAE and is working for one with Israel
and the US, which should provide for
greater collaboration in trilateral and
quadrilateral arrangements of mutual
benefit.
According to ministers who signed
the UAE-Israel deal, this agreement
could expand annual trade from
around $1bn to $10bn in five years.
As any diplomat will tell you, deeper
economic ties, and greater
interdependence are key to lasting
peace. Stakeholding in one another’s
mutually beneficial domain leads to
binding strategic interests.
Now this must be built upon by other
moderate states in the region to foster
further stability. Other Abraham
Accords countries — including Bahrain
and Morocco — are obvious potential
partners. Though in the short-term
further expansion of Israeli trade
relations with other key nations in the
Middle East may be slow, proponents
for peace will hope that the toppling of
this particular domino will have long-
term implications.
Anil Trigunayat
Former Indian Ambassador to Jordan
(2014-16) and Libya (2012-14)
Gurgaon, Haryana, India
America’s economy recalls
pre-Napoleonic France
I enjoy reading Rana Foroohar,
especially because she is generally not
one to mince her words. But in her
latest piece “Talk of doing good rings
hollow at Davos” (Opinion, May 30) I
do not believe she goes far enough. For
instance, she would argue that the state
of the world is not only not getting
better, but is deteriorating. Yet unless
one is referring to the wellbeing of the
global plutocracy, is it even possible to
imagine a serious counterargument?
She fears, moreover, that the divide
between the health and prospects of
the public and private sectors, as well
as between capital and labour, may
“get worse before it gets better”.
Forgive me, but in the present era of
“gloves off” neoliberalism, how exactly
are we to expect conditions for the
public sector and for labour to improve
— ever?
In a revealing juxtaposition, Michael
Strain’s commentary (Opinion, May
30), directly below Foroohar’s, speaks
to how reducing the US deficit will
mean pain for the middle classes.
Of course. One is reminded of pre-
Napoleonic France, when the bottom
80 per cent paid taxes to support the
aristocracy.
Mariano Torras
Professor of Economics
Adelphi University, Garden City, NY, US
Raise corporate tax rates
to cut the US fiscal deficit
Michael Strain (“Reducing the US
deficit will mean pain for the middle
classes”, Opinion, May 30) misses not
one but two elephants in the room
when talking about reducing the US
budget deficit.
First, tax evasion has to be reversed.
The gutting of the Internal Revenue
Service has allowed wealthy
individuals and corporations to avoid
legally owed taxes on an
unprecedented scale.
If taxes legally owed were actually
paid, federal tax revenue alone would
increase by between $500bn and
$700bn annually, according to
conservative estimates. That is the
equivalent of 8 to 12 per cent of the
2022 US federal budget.
Second, corporate tax rates at 21 per
cent are unsustainably low and if
increased to say 28 per cent would
cover another 3 per cent of the deficit.
A 28 per cent rate, by the way, would
still be a far cry from the 34 per cent
rate that prevailed during the massive
growth phase of big tech.
Post-Covid, these increases in tax
revenue alone would go a long way to
closing the federal and therefore
overall budget deficit in the US.
Wolfgang Mueller
New York, NY, US
internal controls.
As your report notes (“Audit
regulation shake-up to be diluted”,
Report, May 31), long-awaited
measures will instead be implemented
via the non-mandatory corporate
governance code. However, since a UK
“Sarbox” was never the government’s
preferred option, it is time to make the
best of second best.
Encouraging signs include the
provision that boards will have to make
a statement about the effectiveness of
internal controls, which are crucial to
trust in the numbers. It is an open goal
for them to use a Sarbox-style
benchmark for this assessment and
to seek external audit. The new audit
and assurance policy, which investors
can influence, is the obvious vehicle
for this.
Another antidote to pessimism is
that the Financial Reporting Council
has been sharpening its supervisory
teeth ahead of becoming the Audit,
Reporting and Governance Authority
(ARGA). While impatience persists
about the speed of enforcement, some
headline-grabbing fines have been
imposed on auditors this year.
ARGA will have new powers to
investigate and sanction directors,
although the acid test is the will to use
them.
Neither the Insolvency Service,
which can ban directors, nor the
Financial Conduct Authority has
shown much by way of teeth in
enforcing the Companies Act or listing
and disclosure rules.
The abiding concern is that
entrusting progress to boards means
that the good ones will embrace reform
and the bad ones will not. ARGA will be
in a stronger position to pursue the
latter.
It would have preferred to do so
under a Sarbox-style regime and that
should remain an option.
With Arga’s remit extending to audit
market competition and a multi-
stakeholder audience, the further risk
is that its purpose — to deliver high-
quality auditing, corporate reporting
and governance — will be diluted.
Jane Fuller
Fellow, CFA Society of the UK
London EC3, UK
Charles Henderson
Chair, UK Shareholders Association
Jeremy Stuber
Chair, Corporate Reporting Users’ Forum
UK
Cliff Weight
Director, ShareSoc
monarchy is both surprising and
unsurprising.
Surprising in the sense that more
Britons than not are in favour of such a
shockingly outdated construct. And
unsurprising in that this support
reflects a belief widely held by many;
that the royal family is an ingrained
part of British culture and tradition — a
symbol of this country’s past and
power and a unifying entity that people
can get behind.
The answer to this conundrum lies
within the fact that the Queen and the
rest of the royal family have become
two very distinct things.
The former is the nucleus of our state
and an individual who it has become
almost socially unacceptable to
criticise. The latter is the undesirable
jelly that comes hand-in-hand with our
supposedly rock-solid monarch.
As the royal family once again takes
centrestage, I urge people to ask
themselves a simple question: what are
we actually celebrating?
Do not be fooled by the various royal
charitable causes, good deeds and
personal visits that are hammered
home by today’s media.
These are necessary steps that the
royal family must take to survive and
are nothing more than ways to conceal
the bygone elitism that — as difficult as
it is to accept — the monarchy
represents.
And this is how the platinum jubilee
is just the monarchy’s latest example of
this approach to survival.
Give people a couple of days off work
and a street party, and they will forget
the entrenched classism that lies
behind the institution which should
have been left behind long ago.
Arthur Instone
London TW2, UK
Corrections
c Ted Baker shares traded above £22 in
2018, not £2.20 as wrongly stated in an
article on May 31.
c Ukraine exports about 10 per cent of
the world’s wheat and corn and 37 per
cent of its sunflower oil, according to UN
FAO figures. An article on May 31 cited
incorrect production figures.
c The section of a chart accompanying
Martin Wolf’s column on May 31 show-
ing combined Chinese and Russian
defence expenditure was incorrect. It
should have shown the sum of Chinese
and Russian expenditure, which were
correctly shown separately.
Friday 3 June 2022
Trouble ahead as the world food crisis starts to bite
AFRICA
David
Pilling
O
nce again, it is the world’s
poor who risk becoming
collateral damage. As war
thunders on in Ukraine,
the most deprived people
in the Middle East, central Asia and
much of Africa will get caught in the
crossfire as the price of food escalates
and its availability dwindles.
In 2021, almost 700mn people, or 9
per cent of the world’s population —
nearly two-thirds of them in sub-Saha-
ran Africa — lived on below $1.90 a day,
the World Bank’s definition of extreme
poverty. Any substantial rise in food
prices could send millions more tum-
bling back into this category.
A report by Standard & Poor’s pre-
dicts the food crisis will last through
2024 and possibly beyond. It warns that
CBDCs hold
wholesale appeal
for central banks
FINANCE
Gillian
Tett
E
lites rarely welcome upstarts.
So when financiers and poli-
cymakers recently gathered
in Davos for the World Eco-
nomic Forum meeting,
crypto schadenfreude was in the moun-
tain air.
Earlier this year, when crypto was
booming, numerous digital assets com-
panies booked space on the Davos
promenade to advertise their power and
brands. But just beforehand, the terra
and luna stablecoins collapsed, and the
price of tokens such as bitcoin tumbled.
Cue establishment chatter about a
“crypto winter” — and general sneering
about digital Ponzi schemes. But amid
the sniping, investors should have taken
note of another important — if less dis-
cussed — theme in the digital asset
debate: namely that the world’s big cen-
tral banks are becoming more inter-
ested in using distributed ledger tech-
nology, or blockchains, themselves.
This is not because they like the retail
central bank digital currencies that nor-
mally grab headlines. Yes, the People’s
Bank of China is testing this, along with
some smaller emerging market coun-
tries, including Jamaica. The European
Central Bank is pondering it too, as
Ukraine’s fight for freedom exposes ‘sovereign Europe’ as a delusion
Stefan
Auer
W
e all believe in sover-
eignty now — but in
ways which are often
incompatible. Ukraini-
ans fight for their
national independence, and by doing so
prove their ability to act as a truly sover-
eign people. By contrast, calls for a more
sovereign Europe, led by President
Emmanuel Macron of France, remain
elusive in nature, exposing the limits of
the EU’s power vis-à-vis Vladimir
Putin’s Russia.
The shared outrage over Russia’s
invasion of Ukraine initially strength-
ened European unity. But the challenges
that the war has generated appear to be
reinforcing European disunion. Central
and eastern European states, with the
notable exception of Hungary, strongly
support Ukraine’s fight for territorial
integrity, while Germany, France and
it could affect social stability, economic
growth and sovereign ratings. The Inter-
national Rescue Committee has alerted
the world to an impending “hunger fall-
out” in which 47mn more people —
mostly in the Horn of Africa, the Sahel,
Afghanistan and Yemen — could be
pushed into acute hunger.
Before Russia’s invasion of Ukraine,
the two countries were, either sepa-
rately or as a pair, among the top three
exporters of wheat, maize, rapeseed,
sunflower seeds and sunflower oil.
Together they accounted for 12 per cent
of all traded food calories. Russia is the
largest producer of fertiliser. Rising
energy costs are affecting everything.
In Ghana, inflation is nudging 25 per
cent, eating away at purchasing power.
In Nigeria, the central bank surprised
markets by raising rates a hefty 150
basis points. This week, Kenya
increased interest rates for the first time
in almost seven years, citing supply
chain disruption and rising commodity
prices.
It doesn’t take a particularly paranoid
leader to sense trouble ahead. Many
recall the origins of the Arab spring,
François Villeroy de Galhau, the French
central bank governor told Davos.
However, most western central bank-
ers are wary of creating retail CBDC — ie
letting citizens hold digital central bank
cash — because they fear the implica-
tions of being responsible for their data
and/or dislike the idea of disintermedi-
ating commercial banks. The crash of
terra has also reduced any sense of
urgency. So, too, the fact that mobile
payments are making it increasingly
easy, fast and efficient for citizens to use
fuddy-duddy fiat currency.
But what is sparking establishment
interest is using CBDC for wholesale
cross-border payments, to move funds
between financial institutions and cen-
tral banks. “We believe in wholesale
[CBDC] and we have run nine experi-
ments [with these],” de Galhau told the
WEF, noting that although “retail CBDC
is where the public interest is”, this
misses the point.
Or as Ravi Menon of the Monetary
Authority of Singapore, which has been
experimenting with CBDC for seven
years, recently told an important cen-
tral bank meeting in Zurich: “We are
barking up the wrong tree with retail
CBDCs. The tree we should be barking
up is wholesale cross-border CBDCs.”
This might not be what most politi-
cians or citizens want to hear, given the
arcane inner workings of wholesale
markets. But it matters, since the shift in
emphasis is driven by two key factors.
One is a recognition that current
cross-border payment systems are ach-
ingly slow; so much so that Roberto
Italy seek ways to accommodate Russia.
For the EU, the return of sovereignty
is unexpected. European integration
supposedly made nation states increas-
ingly obsolete. Dialogue, not threats of
violence, would uphold peace. Jürgen
Habermas, the German philosopher,
was the high priest of this faith.
Rather than enemies, Europeans
thought they had partners, competitors
or at worst rivals. The Russian invasion
of Ukraine has forced an abrupt re-
evaluation of this view. The most con-
fusing and confused response has come
from Europe’s most post-sovereign
nation — Germany. This is not surpris-
ing. The spectacular success of the post-
1945 reconstruction of democracy in
Germany is intimately linked with the
rejection of militarisation and a strong
commitment to Europeanisation.
German political elites struggle to
think strategically, because for decades
their only strategy consisted of a simple
dictum: whatever challenge Germany
faces, Europe is the answer. Yet to
invoke Europe like some religious
incantation is no longer enough. And
being in denial about national interests
★ FINANCIAL TIMES
Opinion
which started, at least symbolically, in
2010 with the self-immolation of a Tuni-
sian vegetable vendor. Rising food
prices in 2007 and 2008 sparked riots
worldwide. The Sudanese protests that
swept longtime dictator Omar al-Bashir
from power in 2019 were triggered by
unaffordable daily bread.
Leaders sense the urgency. This week,
Macky Sall, president of Senegal and
Too many governments
have sought to placate
restless urban populations
with imports
chair of the African Union, announced
he was travelling to Moscow. There, pre-
sumably, he will petition Vladimir Putin
on the consequences of Russia’s block-
ade of the Black Sea port of Odesa,
which is preventing 20mn tonnes of
wheat from leaving Ukraine.
Putin’s invasion, not the resulting
sanctions, is the main cause of this mis-
ery. Still, the west should take seriously
Campos Neto, the Brazilian central
bank governor, recently told an IMF
meeting — only partly in jest — that it
has been faster to move money from São
Paulo to London by boarding a plane
with bags of cash than using official
bank channels.
However, if central banks “scale up
[wholesale CBDC] and achieve atomic
settlement you can make cross pay-
ments at close to zero cost and the bene-
fits are huge”, as Menon said in Zurich.
Or as Kristalina Georgieva, head of the
IMF, told Davos: “CBDC are not yet
internationalised, but this is where the
opportunity is.” There is, in other words,
a genuine use case.
The second attraction is cultural: a
wholesale CBDC can be organised by a
club of central bank technocrats
The slow nature of
cross-border payments has
created an opportunity for
blockchain technology
doesn’t mean that a country has none,
as we have seen in Germany’s dogged
pursuit of its energy policies.
It was once a truism that France
needed the EU to conceal its weakness,
while Germany needed it to hide its
strength. In relation to Russia, one could
argue that Germany uses the EU’s rela-
tive weakness to justify its own inaction.
This is not to deny the significance of the
far-reaching economic sanctions that
Until the invasion,
Europeans thought they
had partners, competitors
or at worst rivals
the EU imposed on Russia, or the nov-
elty of financing weapons exports to
Ukraine. The EU also seems earnest in
its financial commitment to the recon-
struction of Ukraine.
But when it comes to assisting
Ukraine in the war itself, it is national
capitals that matter, not Brussels. What
Moscow wants and many of Putin’s
Sall’s complaint that sanctions on
Russian banks have made it difficult, if
not impossible, to buy grain and ferti-
liser from Russia. One EU official admit-
ted there was a “glitch” in the sanctions
regime. It must be fixed.
In the longer run, many countries —
particularly in Africa, where urban pop-
ulations are rising quickest — need to
think harder about food security. The
2003 Maputo Declaration committed
African heads of state to devote at least
10 per cent of budgetary allocations to
agriculture. Few have come close.
Instead of lending serious effort to
raising domestic yields, too many gov-
ernments have sought to placate rest-
less populations with food imports.
Africa is the fastest-growing consumer
of wheat even though, outside a few
countries including Kenya and South
Africa, little is grown on the continent.
Crops that are produced locally need
more attention. The widespread use of
teff, an ancient Ethiopian grain, in the
Horn of Africa is a good example. Other
crops that could be eaten more widely
include cassava, grown in west and cen-
tral Africa, which can be made into
without needing much debate with
politicians, or voters.
This does not make it easy to create
wholesale CBDCs on a large scale. Far
from it. The technology hurdles remain
daunting. Wholesale CBDCs may also
require central banks to cede a little sov-
ereignty since using distributed digital
ledgers means they no longer control
fiat currencies in the traditional man-
ner. That requires mutual trust.
However, the central banking tribe
that convenes around the Bank for
International Settlements in Basel does
generally trust each other — and more
than their own domestic politicians.
More than a dozen cross-border whole-
sale CBDC experiments have occurred,
not just with the French and Singapo-
rean central banks, but countries such
as Switzerland, South Africa, Thailand,
China and the United Arab Emirates.
It is not clear (yet) whether these can
scale up. One key block, as Georgieva
stressed, is that there is still no “interop-
erability” between these separate pilots.
But if this does emerge — ie scaleable
systems are created — there would
western supporters appear willing to
accept is the division of Europe into
spheres of influence. This is redolent of
the Grossraum thinking articulated by
the crown jurist of Nazi Germany, Carl
Schmitt: a theory of large economic
spaces controlled by major powers.
Even Habermas indirectly endorses
such a vision by suggesting that Russia,
as a nuclear power, cannot be defeated.
German chancellor Olaf Scholz echoes
such arguments when he declares that
“Russia must not win this war”, rather
than unambiguously advocating a
Ukrainian victory. This is as logical as it
is misguided. Where there are no ene-
mies, there can be no victors.
By contrast, leaders in central and
eastern Europe are not afraid to com-
bine the language of values with power
politics. The French and German
visions for peace imply Ukrainian terri-
torial concessions. Such ideas are fool-
hardy and will not ensure security for
Europe or Ukraine. A sovereign Europe
must not be pursued at the expense of
Ukrainian sovereignty.
The task of understanding Ukrainian
interests comes easier to politicians who
bread. Governments also need to com-
bat soil erosion and reconsider geneti-
cally modified crops.
As well as food, too many countries
are dependent on fertiliser imports. In
Africa, Morocco is one of the few big pro-
ducers. Countries with big gas reserves,
including Mozambique, Tanzania, Ivory
Coast, Senegal and Mauritania, should
be developing a domestic fertiliser
industry as a priority.
In Nigeria, businessman Aliko Dan-
gote has shown this is possible. This
year, he inaugurated a fertiliser plant
just outside Lagos with the capacity to
produce 3mn tonnes of urea annually,
making it among the biggest in the
world. He told CNN that his fertiliser is
being shipped to the US, Brazil, Mexico
and India, earning valuable foreign
exchange. But Dangote’s fertiliser
should also be the basis for a domestic
push for higher crop yields.
Governments are right to worry about
their hungry urban populations. The
solution is to pay more attention to their
farmers.
david.pilling@ft.com
be further interesting implications.
One is that future historians might
conclude that the most significant long-
term consequence of distributed ledger
technologies for finance was not bitcoin
and other cryptocurrencies. Instead, it
lay in deeply dull corners of banking,
like wholesale payments. They might
also decide that while distributed ledg-
ers were presented as a tool that could
rip power away from establishment
institutions, this innovation actually
reconsolidated them in some ways. The
Davos elite is usurping the dream.
Of course, bitcoin maximalists would
retort that this is precisely why CBDCs
are a bad (if not unworkable) idea; their
assumption is that central banks cannot
continue to hoard monetary power.
Maybe so. But the real moral of all these
discussions is that “blockchain” can
mean a multitude of different — and
sometimes contradictory — things.
gillian.tett@ft.com
Sign up for Gillian Tett’s Moral Money
newsletter, ft.com/newsletters
never abandoned the language of
national sovereignty. It was no accident
that the first foreign speaker to address
the Ukrainian parliament in person
since the invasion was the Polish presi-
dent Andrzej Duda. Welcoming him,
President Volodymyr Zelensky of
Ukraine stressed the brotherhood of the
two nations and their ability to “distin-
guish enemies and appreciate friends”.
Duda in turn praised “a free, inde-
pendent and sovereign Ukraine” and its
“friendship with a free, sovereign and
independent Poland”. He stated what
should be a self-evident objective, but
does not seem so in Paris and Berlin:
“Ukraine will win the war.”
In fact, for Europe to have a future in
freedom, Ukraine must win this defin-
ing battle of our times. The losers will
include not just Putin’s Russia. The
defeat of Russian imperialism should
finally put to rest Franco-German delu-
sions, whether they aim at a sovereign
or a post-national Europe.
The writer is associate professor at the Uni-
versity of Hong Kong and author of ‘Euro-
pean Disunion’
17
How the Tories
can win back
‘Waitrose
Woman’
POLITICS
Sebastian
Payne
M
eet Catherine. This imagi-
nary voter is 48, with two
children at secondary
school, living in the well-
heeled Surrey suburb of
Esher. Catherine and her partner work
in the City, commuting in on the train a
few days a week. Crucially, she shops at
the upmarket Waitrose store.
Catherine is blessed to be at the front
of Boris Johnson’s mind. She is a socially
liberal, “small c” conservative, prefer-
ring low taxes — her reliance on the state
is limited. She voted to remain in the EU
but accepted Brexit. She was a natural
Tory, but has floated off to the Liberal
Democrats.
She is “Waitrose Woman”, a class of
commuter belt voter that the prime
minister has told colleagues to win back
to stave off electoral annihilation. In last
month’s local elections, Lib Dem gains
confirmed that southern middle classes
are fed up: the partygate scandal adds to
deeper angst about the government.
In his efforts to win over pro-Brexit
voters in the north and midlands of Eng-
land since the last election, Johnson
adopted a strident tone that alienates
the Tories’ more traditional base.
But the Tories do have ways to woo
Waitrose Woman. First would be
putting meat on chancellor Rishi
Sunak’s meek insistence that the party
is still focused on low taxes. His pledge
of a 1p cut in income tax in 2024 is
remote and minimal. Sunak and John-
son are due to deliver a joint speech
in the coming weeks; they should set
In last month’s local
elections, Lib Dem gains
confirmed that southern
middle classes are fed up
out a plan to chop the total tax burden.
Next the party should mollify its nat-
ural voters on cultural matters. The
Tory base adore national institutions —
BBC Radio 4, the National Trust and
parliament among them. The rhetoric
of some ministers suggests they want
them all destroyed. Waitrose Woman is
not opposed to reform, but the Conserv-
atives need to emphasise conserving.
The public sector, meanwhile, needs
improvement not simply growth. The
easiest thing is to throw money at any
problem; ministers should be pulling at
the nuts and bolts of improving how the
state functions. Whether it is the police,
the NHS or the courts, Catherine wants
Britain to work better.
The Tories also need to do better in
selling the Johnson government’s raison
d’être: levelling up. The plan to tackle
regional inequality in the north gets the
attention, but some of the poorest parts
of the land are in the south. There is a
tale to be told about a moral mission to
equalise opportunity everywhere.
The last part of winning back Wait-
rose Woman is a reshuffle. The cabinet
is currently constituted to appeal to pro-
Brexit voters at the expense of moderate
MPs. It is no coincidence that most of
those agitating against Johnson were
spurned when he came to power. Allies
say he now appreciates this.
A parlour game of fantasy cabinet
shows how easy it would be to achieve
gender equality. The role of the inde-
pendent Teals in bringing down the Aus-
tralian centre right is a warning to John-
son to improve his standing with afflu-
ent female voters. Junior ministers such
as Gillian Keegan, Penny Mordaunt,
Lucy Frazer, Kemi Badenoch and Victo-
ria Atkins should be promoted to
achieve parity.
A refreshed government line-up
could also mark the return of the
Remainers — who tend to look and
sound like the southern middle classes
— without reducing the quota of Brexit-
ers. Jeremy Hunt, former foreign secre-
tary, may be agitating for the Tory lead-
ership but Johnson should be magnani-
mous and offer him a return to, say, the
Cabinet Office. Julian Smith could
return to the Northern Ireland brief.
If Johnson does faces a confidence
vote in his leadership this month, he
should not take victory as vindication.
The ideas and the talent are available
within Tory ranks to reboot a drifting
government. This moment of acute
political danger is the time to enact
some serious, much-needed change.
sebastian.payne@ft.com
18 ★ FINANCIAL TIMES Friday 3 June 2022

Tech: time value of money

Technology stocks have fallen sharply this year even with spending on IT services expected to hit a record.
Valuations, as measured by Robert Shiller’s cyclically adjusted price/earnings ratio, suggest that the sector
has further to fall. Start-ups benefited from record funds poured into such US entities last year

Twitter: @FTLex US stocks and valuation US venture capital funding

Convertible bonds:
option adoption
Peloton may be better at predicting
demand for convertible bonds than it is
for exercise bikes.
In 2021, Peloton took advantage of
two factors to shore up its balance
sheet. First, its stock price was soaring
amid the pandemic with the company’s
market cap once approaching $50bn.
Second, institutional investors were
desperate to hold paper that had even a
marginal chance of going up in value.
The company in February of last
year sold debt — a five-year bond that
did not pay coupon but could be
swapped into shares if Peloton’s stock
price jumped 65 per cent to $239.
Today, Peloton’s stock price is just
$13 a share with that embedded call
option attached to the bond essentially
worthless. The bond itself is trading at
just 70 cents on the dollar with the
company facing a liquidity challenge.
Convertibles are a type of bond that
can turn into equity. These hybrid
securities typically have a set interest
payment until the conversion date.
But like Peloton, several other high-
growth tech darlings such as Spotify,
Beyond Meat and Affirm issued
convertible bonds without coupons.
They now have stock prices that have
fallen far from their peaks. It may be of
some comfort then that these
companies were canny enough to at
least raise cash off the back of those
inflated valuations before Wall Street
fully appreciated how tenuous their
business models were.
A typical convertible bond pays a
modest coupon of 1 or 2 per cent. A
typical zero-coupon bond would be
issued at a deep discount — say 50
cents or 60 cents on the dollar — and
then “accrete” upwards to a 100 cent
payout at maturity. As it were, the
convertibles from Peloton and the
others were sold as “zero-coupons” at
or near par with no accretion feature.
The implication then was that buyers
were really just interested in the call
option on the underlying company’s
equity. That option had value as long as
the company’s stock price was both
elevated and volatile, the latter a key
variable in options pricing models.
Ironically, these convertible bonds
are now trading at steep discounts, well
below 80 cents on the dollar, implying
that the respective companies are, at
least on the surface, financially
distressed. That makes raising money
today much trickier, as Peloton just
found out when it recently took out a
$750mn loan with a near 10 per cent
interest rate.
Meta/Sheryl Sandberg:
lean out
Fourteen years after joining Facebook,
Sheryl Sandberg is leaning back and
stepping down. Her departure as chief
operating officer of Facebook’s parent
company Meta and right-hand woman
to founder Mark Zuckerberg comes at
a low point for the company.
Known for adding cosy anecdotes to
investor calls about the small
businesses that use Meta’s digital
advertising, Sandberg was
instrumental in helping the group spin
user attention into advertising revenue.
When she joined in 2008, Facebook
was a four-year-old start-up with
annual revenue of $272mn, a net loss of
$56mn and a few hundred employees.
Last year, revenue was close to $118bn
and net income $39bn. Headcount has
jumped to more than 77,800 people.
Yet both Sandberg and Meta
struggled to manage the complications
that came with scale. Sandberg’s
reputation for championing women
and ability to charm Washington were
no match for claims that Facebook
enabled election interference and
aided the spread of misinformation.
Investors are a hard-nosed bunch.
Reputational damage did not hamper
market cap while advertising revenue
continued to climb 20-30 per cent each
year. In 2022, however, it is forecast to
rise just 7 per cent. Privacy changes
have restricted Meta’s ability to
monitor the impact of advertising.
Sandberg is still on the board of
directors. She is also the fourth-largest
individual shareholder after
Zuckerberg, Eduardo Saverin and
Dustin Moskovitz. But Meta’s
advertising business needs more help.
Sandberg’s exit comes in the wake of
a corporate rebrand that continues to
confuse investors. Zuckerberg’s
ambitions for virtual reality are
expensive and do not yet offer a
convincing profit forecast. In the past
quarter, the net loss for Reality Labs,
home of the metaverse project, was
close to $3bn — equal to a fifth of the
Cyclically adjusted price/
earnings ratio
40
35
30
25
20
15
2019 2020
FT graphic Sources: PitchBook; Gartner
Investment in tech companies is
stalling as valuations fall. Tech stocks
are dragging markets lower, pushing
the Nasdaq index down 24 per cent
this year. Shares in Snap have
crashed by two-thirds and Amazon
by nearly a third. But start-ups still
have reason to be hopeful.
Forecasters believe demand for the
tech products and services they
provide will rise this year. Despite
rising inflation and geopolitical
disruption, Gartner is predicting a 4
per cent increase in global spending
on IT services and products to $4.4tn.
Analytics, cloud computing and
security groups should benefit most.
Shrewd start-ups re-evaluated
their spending during the pandemic.
In March 2020, venture capital firm
company’s cash and cash equivalents.
Without advertising growth, Meta’s
transformation will not succeed.
JD Sports/Peter Cowgill:
shooed
The great resignation is not limited to
the rank and file. A record number of
chief executives are expected to go this
year. But some departures come as a
surprise to investors. One such was the
sudden exit in May of Peter Cowgill,
who led the JD Sports retail group as
executive chair for 18 years. But the
warning signs were there.
Tension over management roles at
the group had been rising for some
time. Cowgill built an empire dubbed
Nasdaq Composite Deal value ($bn)
index
16,000
14,000
2012 2014
12,000
Worldwide IT spending forecast
$tn
10,000
Communications
services
8000 IT services
Devices
Software
6000 Data centre
2021 2022 systems
Sequoia warned founders to think
carefully about their cash flow,
headcount and capital spending. But
the biggest protection is fundraising.
In the first quarter of 2022, global
start-ups raised a record sum,
according to recent data from CB
Insights. Investment in blockchain
start-ups alone topped $9bn in the first
three months of the year. PitchBook
statistics record a year-on-year decline
in US venture capital investment in the
first quarter at $70bn. But investments
during 2021 were $330bn, double the
amount in 2020 and four times as
much as five years ago.
The financing glut will help tech
companies in a period where primary
markets are closed or open only on
disadvantageous terms. Groups that
the “King of Trainers” and had ruled
over the executive and oversight teams
since 2004. Already under pressure to
separate the roles, revelations of a
meeting with Footasylum boss Barry
Bown heightened governance concerns
last November. A sharp decline in the
price of its FTSE 100 stock signalled
that shareholders wanted change.
Cowgill joined the business as finance
director in 1996 and forged exclusive
deals with big trainer makers Nike and
Adidas to keep JD ahead of peers. JD’s
market value soared from £100mn
then to a peak of more than £11bn last
year. Since then, the shares have fallen
by half. Trading at 10 times next year’s
expected earnings, the valuation is also
half of its average over the past five
years. The delay of annual results in
February this year compounded
300
200
100
0
2016 2018 2021
5 advent of the internet. Having
4
3 have encapsulated that problem. Big
2
1 and looming global economic weakness.
0 last year when Adevinta completed the
2021 2022 2023
joined markets last year including
fintechs Coinbase, Robinhood, Toast
and Marqueta trade well below their
listing price. Prices could fall further.
Valuations remain elevated in spite
of the sell-off. The Shiller price-to-
earnings ratio, also known as the
cyclically adjusted p/e ratio (Cape),
has fallen this year. But, at 32, it is
still twice the historic average.
So far, start-ups are showing signs
that they do not need to attempt
forced market listings to raise funds.
In the space of three months, global
markets saw just 321 IPOs — down
more than a third from the same
period last year, according to EY.
By gathering funds from private
markets when they could, start-ups
have bought themselves time.
concerns about governance. Investors
have also long expressed discontent
about its pay practices.
Retailers face a growing threat from
Nike and Adidas, which make bigger
profits from direct distribution.
Worries about a slowdown in consumer
spending are another concern.
Cowgill, who managed to increase
earnings during the financial crisis,
might be missed in a slowdown. JD’s
19 per cent compound annual growth
rate in earnings per share is twice that
of Nike since 2009. Analysts are still
pricing in record earnings per share for
JD over the coming 12 months.
Achieving it will be tough in a
recession. A resistance to change may
have made Cowgill’s exit inevitable.
But his successor will still need size
12 feet to fill the void he leaves behind.
Adevinta:
classified information
Once the mainstay of local newspaper
revenues, classified ads businesses
have struggled for relevance since the
migrated online, they are caught in the
same economic downdrafts as big tech.
Shares in Norway-listed Adevinta
corporates have slashed advertising
budgets in reaction to the Ukraine war
The shares have halved since June
acquisition of the classified ads
business of eBay for $9.2bn.
Adevinta’s first-quarter results last
month exacerbated worries of a
sectoral downturn.
While its online classified revenues
were up 8 per cent, boosted by jobs and
consumer goods as well as property,
revenues from advertisers were down
6 per cent year on year.
Adevinta is quitting Australia, South
Africa and Mexico as it streamlines its
operations. Fans of the business claim
it has defensive properties: online
classified advertising lays a reasonable
claim to a practical utility that brand
advertising lacks. A focus on European
markets, especially France, is a
supposed strength, given the volatility
of the US economy. None of this will
seem very convincing to anyone who
has weathered a few downturns.
Most vulnerable businesses lay claim
to special defensive characteristics at
the start of such tumbles. One of their
gambits is to cite protective positioning
within their sector. But there is little
protective value in occupying a seat at
the rear of an aircraft that is crashing.
Arguments from skill — as in “our
capable employees know what to do” —
hardly wash either. Not every
workforce can be above average.
The fall in Adevinta’s shares has cut
its forward price/earnings ratio to the
levels of rivals such as Auto Trader, the
UK-based used car website, according
to S&P Global data. But with growth set
to weaken, there are safer places than
Adevinta to park money until Europe’s
economic recovery is in sight.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 17,111 Set by ARTEXLEN
       ACROSS
1 Family fortune split by the Spanish
 in private (13)
9 Measure to block rat betraying (7)
  10 View race once beside river (7)
11 Group of over 100 characters
regularly seen in street (5)
12 United changed ways, getting good
  for time (9)
13 Insects on indulgent sweets (8)
15 Playing piece from rubbish opera (6)
18 Discussed grids, notable ones (6)
    19 Bar got me juiced fruit (8)
22 Prevent everyone going on area of
 many plants (9)
24Sport on moon oddly lacking
   publicity (5)
25 Turned out broadcast is about
 racing event (7)
26 Cut, cut, cut root (7)
   27 Faulty program lines run making
statistical mistake (8,5)
DOWN
1 Rejected roughly by second posh
  person (4-3)
2 Suddenly lofty about working in a
church (3,2,4)
3 Coast of Germany with fissure (5)
 4 Decline a large settlement showing
wisdom (8)
5 Loom I repair to keep close to warp
(6)
6 Neglecting opponents on
revolutionary side (9)
JOTTER PAD 7 Drunk guy on green (5)
8 Brought to standstill and robbed
(4,2)
14 Medical preparation tisane mixed
with alcohol (9)
16 House pet’s noise leads to
neighbour Elsie ringing landlord,
Solution 17,110 maybe (9)
17 Grabbing learner in college, criminal
6 3 5 $ , 1 : $ 7 & + ' 2 * attacked (4,4)
2 7 2 $ + , 1
) / 8 5 5 , ( 6 5 2 % 2 7 6
18 Loud laugh from a wife after
< , 6 3 2 ( + nonsense (6)
$ 3 3 $ 5 , 7
(
, 2 1
6 *
5 ( ( .
1 0
20Explosive noise from south
3 / 8 7 $ 5 & + 6 3 $ ' ( 6 overwhelming old soldier (7)
$ 5 7 1 21 Rub over aluminium and wood (6)
$ 0 % 8 6 +
3 & 2
% 2 2 . ( 1 ' 6
2 '
23 Sneak taking contents of best prizes
7 2 ) 8 7 ( ' ' < % ( $ 5 6 (5)
2 / % . 6 ; $ 24Last of rolls put in good container
$ 1 1 ( ; (
( 1 '
, 1 6 7 , 1 & 7
1 ( / (
for bread (5)
3 5 2 7 ( 6 7 6 < , ( / ' 6
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