Financial Times Asia - 30 July 2020

2020·20.78 MB·English

WORLD BUSINESS NEWSPAPER
THURSDAY 30 JULY 2020 ASIA
3 The ETF canary in the corporate bond
Lessons from Moral hazard
coalmine
— GILLIAN TETT, PAGE 15
March mayhem 3 How a popular arbitrage trade capsized State equity support poses new EU
the Treasury market headache
— BIG READ, PAGE 13 — INSIDE BUSINESS, PAGE 5
Tech titans
Briefing
Bosses grilled
i US Fed pledges more help for recovery
on Capitol Hill The Federal Reserve has extended measures to deal
with a global dollar shortage. It held interest rates
close to zero and pledged to do more to support the
recovery if necessary. It announced it would extend
The bosses of four of America’s biggest emergency swap lines with other central banks
tech groups were told their companies until the next year’s first quarter.
— WWW.FT.COM
wielded “too much power” yesterday as
they faced interrogation by a panel of i Santander posts €11bn quarterly loss
politicians on Capitol Hill. Santander slumped to an €11.1bn second-quarter
Democratic congressman David Cicil- loss after the pandemic forced the eurozone’s largest
line, leader of the House judiciary com- bank to take writedowns on the value of several of its
mittee’s antitrust subcommittee, told, units, led by its UK arm.
— PAGE 5; LEX, PAGE 16
from left, Jeff Bezos of Amazon, Tim
Cook of Apple, Sundar Pichai of Micro- i Boeing set for further production cuts
soft and Facebook’s Mark Zuckerberg The Chicago-based plane-
that many practices of the groups “dis- maker plans deeper cuts to
courage entrepreneurship, destroy jobs, output rates and employment
hike costs and degrade quality”. levels, as its chief said it would
The subcommittee, along with other take three years for the sector to
agencies, is considering whether the big recover from Covid-19.
— PAGE 6
tech groups should face curbs on their
market power. i Fresh US stimulus plan hits impasse
Big Tech accused page 2 The Trump administration clashed with Democratic
leaders in Congress over stimulus measures to prop
AP
up the struggling US economy.
— PAGE 4
US decision to pull 12,000 troops i Pilots at FedEx urge pause on HK flights
FedEx pilots have called on the cargo group to halt
operations to Hong Kong after saying that they were
subjected to “unacceptable risks” under the city’s
tightened coronavirus curbs on air crew.
— PAGE 4
from Germany feeds Nato friction
i TikTok accuses Facebook of smearing
In his first public comments since taking TikTok’s
helm, Kevin Mayer has accused Facebook of trying
to destroy the Chinese app’s US business by smearing
it with “maligning attacks”.
— PAGE 5
3 Trump calls Berlin ‘delinquent’3 Funding fears spur move 3 Critics warn of ‘gift to Russia’
i Wizz Air pledges to expand fleet
Hungarian budget airline Wizz Air has pledged to
expand its fleet by 50 per cent over the next three
Katrina Manson — Washington Nato, enhance the deterrence of Russia, quences for US interests. It would be a it fell short on its spending commit- years as rivals retrench.— PAGE 6
and meet the other principles”, includ- “slap in the face” for a friend and ally. ments to Nato.
The Trump administration is to with- ing reassuring allies. But critics have But a senior defence official said relo- Germany spent 1.3 per cent of GDP on
draw nearly 12,000 troops from Ger- warned that it would undermine a cating troops would allow the US to defence last year and is among Nato
Datawatch
many, in a move set to raise tensions strong symbol of Washington’s commit- react to “very aggressive Russian activ- members that vowed to meet a 2 per
within Nato where US forces have been a ment to its European allies and ity . . . and also increasingly aggressive cent threshold by 2024.
Mental health shift
keystone of the western alliance. embolden Russia, which has been keen Chinese posture in the Mediterranean, The US defence A senior US defence official said it Almost two-thirds
% of respondents in England
President Donald Trump last month to exploit splits between Nato members. in south-eastern Europe”. secretary said would cost potentially “billions of dol- of people in
Since lockdown
vowed to cap US soldiers stationed in “Instead of strengthening Nato it is Nato said that the US had consulted that the pullout lars” to build housing in America for England have
Regularly before lockdown
Germany at 25,000 unless Berlin spent going to weaken the alliance,” said Nor- closely with allies before making the of 11,900 troops the returning troops. 0 20 40 60 suffered from
more on defence. bert Röttgen, head of the foreign affairs decision. Jens Stoltenberg, Nato secre- would begin in ‘a Pentagon officials justified the deci- anxiety and poor
Anxiety
sleep during
Defence secretary Mark Esper said committee of Germany’s parliament, in tary-general, said the US announce- matter of weeks’ sion by saying Germany was no longer
Poor sleep the lockdown,
yesterday that the US would start the a tweet. He argued that the withdrawal ment underlined “the continued com- “a frontline country” for US operations
Persistent compared with
withdrawal of about 11,900 troops “in a would decrease US military clout in mitment” towards Nato and European in Europe. General John Hyten, vice-
sadness less than half
matter of weeks”, with about 5,400 relo- relation to Russia, the near East and security, and that European peace and chairman of the joint chiefs of staff, said
Binge eating beforehand.
cating elsewhere in Europe and about Middle East. security was also important for North yesterday the reallocation would “bol- Suicidal Respondents also
6,400 set to return to the US. About US senator Mitt Romney, one of the American security and prosperity. ster” US commitment to its allies as it thoughts reported a rise in
24,000 will remain in Germany. few senior Republicans to break with Mr Mr Trump yesterday described Ger- would “better distribute forces across binge eating and
Survey of 837 adults (Jun 19 - Jul 6 2020)
He said that the reduction would see Trump, said the decision was a “gift to many as “delinquent”, asking why the Europe and increase the use of rota- Source: Potter, C. et al (University of Oxford) suicidal thoughts.
some troops move east to “strengthen Russia”, with lasting and harmful conse- US would keep all its troops there when tional forces”.
Kodak becomes the picture of health as
shares rocket on coronavirus drug deal
Eric Platt — New York produce drug ingredients under the lar stock-trading app Robinhood were
Kadhim Shubber — Washington Defense Production Act. Some 1.65m among the big purchasers.
The dizzying revival of Kodak, the shares changed hands then, more than Jim Continenza, executive chairman
former photography titan that faded in 14 times the daily average over the pre- of Kodak, told the Financial Times on
the digital age, hit new heights yester- ceding 10 trading days, according to Tuesday the company would use the
Russia’s far eastern rallies day as its shares surged by as much as data compiled by Bloomberg. government loan to produce ingredients
put Putin populism to test 2,757 per cent for the week after the The Securities and Exchange Com- for generic medicines, including some
Trump administration offered it a mission declined to say if it was investi- that could be used to treat Covid-19.
Analysis i PAGE 3 financial lifeline to manufacture coro- gating the surge in trading activity Mr Continenza joined the company’s
navirus drug ingredients. ahead of the US government’s announ­- board in 2013 after Kodak’s failed
cement. Kodak did not respond to attempts to remake its analogue film
The stock was halted more than a dozen requests to comment on the matter. business landed it in bankruptcy. The
Australia A$7.00(inc GST)
times within the first two hours of trad- Trading volumes continued to rise presiding judge called the failure “a
China RMB30
Hong Kong HK$33 ing, a day after its stock more than tri- over the following two days, with more tragedy of American economic life”.
India Rup220 pled in value. The pace of trading in the than $6.6bn worth of the stock — Kodak has tried to pivot its business
Indonesia Rp45,000 stock far surpassed anything seen since roughly 450m shares — traded by mid- model before. In 2018, it latched on to
Japan ¥650(inc JCT) the company returned to the New York day New York time yesterday. The com- the popularity of blockchain and
Korea W4,500 Stock Exchange after its emergence pany’s valuation has jumped from just cryptocurrencies, lending its name to
Malaysia RM11.50 from bankruptcy in 2013. over $100m to $1.5bn this week. KodakCoin, a tool to help photo­-
Pakistan Rupee 350 Trading in Kodak first rocketed on The stock, which briefly touched $60 graphers secure payment for digital
Philippines Peso 140
Monday, the day before news that the a share, quickly found its way into retail image rights. The move also sent its
Singapore S$5.80(inc GST)
company had secured a $765m loan to trading accounts. Investors on the popu- shares skywards — briefly.
Taiwan NT$140
Thailand Bht140
Vietnam US$4.50
World Markets
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JULY 30 2020 Section:FrontBack Time: 29/7/2020 - 19:15 User: nick.miller Page Name: 1FRONT USA, Part,Page,Edition: ASI, 1, 1
2 ★ FINANCIAL TIMES Thursday 30 July 2020
INTERNATIONAL
Washington hearing Sentiment index
Big Tech accused of having too much power Fall in French
consumer
confidence
Four chiefs defend their trust subcommittee, the event was the companies have harmful economic ‘We need tive App Store, are said to be onerous
companies against claims first time all four chief executives had effects,” he said. “They discourage American gatekeepers of their platforms, charging dims hopes
been involved in the same hearing. For entrepreneurship, destroy jobs, hike fees while favouring their own products
of squashing competition Mr Bezos, it was the first time he had costs and degrade quality. Simply put, workers in their respective marketplaces, utilis-
for recovery
personally addressed Congress, some 26 they have too much power.” ing insights from data not available to
to get
years after founding his company. While concern over the power of Big outsiders.
Dave Lee — San Francisco
“To fulfil our promises to customers Mark Tech is considered a bipartisan issue, products to Facebook and Alphabet are said to be
The chief executives of four US tech in this country, we need American Zuckerberg the two US political parties are at odds using their dominant positions in social
American
groups yesterday were facing accusa- workers to get products to American argues that on the nature of the threat. Republicans media and search to buy up smaller Federica Cocco — London
tions of wielding their companies’ size to customers,” he was to tell lawmakers, limiting the at the hearing were expected to use the customers’ rivals in order to cement their position,
French consumer confidence declined
unfairly squash competition, as they according to prepared testimony. actions of US opportunity to rail against what they as well as using the enormous reach of
in July, denting hopes that the econ-
prepared for a grilling from lawmakers The subcommittee, led by Democrat tech groups will claim to be an anticonservative bias on Jeff Bezos those networks to push consumers
omy would bounce back rapidly from
on Capitol Hill. congressman David Cicilline, has for the open the door the platforms. towards their own products, such as
the coronavirus crisis.
Amazon’s Jeff Bezos, Facebook’s Mark past year been investigating an assort- to Chinese On Twitter, President Donald Trump shopping services.
Zuckerberg, Apple’s Tim Cook and Sun- ment of complaints about Big Tech, competitors threatened to use executive orders to Mr Zuckerberg was to argue that lim- After an initial rebound in June, the
dar Pichai of Google’s parent company alongside similar probes from other “bring fairness to Big Tech”. iting the actions of US tech groups would French statistics agency’s consumer
Alphabet, however, were set to tout agencies, including the US Department “In Washington, it has been ALL open the door to Chinese competitors. sentiment index fell two points to 94 in
their companies — which have a com- of Justice and the Federal Trade Com- TALK and NO ACTION for years, and “Many other tech companies share July, below the average of 99 forecast by
bined market value of $5tn — as mission, as well as the European Com- the people of our Country are sick and these values, but there’s no guarantee economists in a poll by Reuters.
“uniquely American” success stories, mission. tired of it!” he wrote. our values will win out,” Mr Zuckerberg A score below 100 indicates that con-
directly creating more than 1m jobs in In his opening remarks, Mr Cicilline Free speech arguments aside, the was to say. “For example, China is build- sumer confidence is lower than its long-
the country and enabling the prosperity said the companies were too powerful accusations across all of the investiga- ing its own version of the internet term average, whereas a score above
of small and medium-sized businesses. and were squelching competition, crea- tions are broadly the same. Amazon, as focused on very different ideas, and that mark suggests that sentiment is
With the executives on video links to tivity and innovation. the dominant ecommerce retailer, and they are exporting their vision to other above average.
the House judiciary committee’s anti- “Many of the practices used by these Apple, as custodian of its highly lucra- countries.” French households felt their financial
situation was deteriorating and did not
believe now was a suitable time to make
big purchases, the national statistics
agency Insee said. The share of French
Pilgrimage
households who thought it was better to
save than to spend increased for the
Virus limits third consecutive month.
Fears about unemployment have
decreased slightly but remain well
hajj numbers
above the long-term average. Fewer
French households believe the standard
of living in the country has improved
during the past year.
Socially-distanced pilgrims, moving Jessica Hinds, an economist at Capital
several feet apart, circle the cube- Economics, said: “Households’ unem-
shaped Kaaba in the first rituals of ployment expectations remained very
the hajj in the Muslim holy city of high, suggesting that the extension of
Mecca, Saudi Arabia. the temporary unemployment scheme
The annual event, which began has done little to reassure employees
yesterday, has been severely about their job prospects, even as
curtailed as the authorities seek to
limit the spread of coronavirus in the ‘The main component
kingdom.
holding back household
A main pillar of Islam, the
pilgrimage is a once-in-a-lifetime confidence . . . is fear of
duty for every able-bodied Muslim
unemployment’
who is able to afford it.
The hajj, which is intended to bring
about greater humility and unity economic activity has improved.”
among Muslims, normally attracts Julien Manceaux, senior economist at
more than 2.5m people from across ING, said that “removing all doubts
the world. However, this year the from consumers will take time”.
Saudi government has barred “The main component holding back
pilgrims from overseas and limited household confidence to return to the
numbers to around 10,000. high levels of the beginning of the year is
their fear of unemployment,” he said.
Saudi media ministry/AP The autumn could see a further dip in
confidence, he added. “Once the holi-
days are over and with it the euphoria of
Medical quest renewed freedom of movement, [con-
sumers could] return to more cautious
British expert lowers expectations for ‘silver bullet’ vaccine
saving and consumption behaviours
after the summer.”
Daniela Ordóñez, chief French econo-
mist at Oxford Economics, said the
French government could do more to
Anna Gross — London let. That’s probably not going to launch their phase three trials in the big swing”, Ms Bingham said, noting and cancer, said that if several vaccines help rebuild consumer confidence.
happen.” Even a two-dose vaccine autumn. But studies showing that anti- that at present there was no vaccine for were found to be effective at reducing “The recovery package presented by
The chair of the UK government’s vac-
might not last very long, cautioned Ms body levels diminish over time have any coronavirus strain. the severity of Covid-19 symptoms, it the French government is very much
cine task force has damped hopes of
Bingham, who is also managing partner knocked hopes that a single treatment Data from studies of Sars-Cov-1 — may be that people are given a mix of supply-oriented, and contrasts strongly
finding a “silver bullet” that provides
at SV Health Investors, a healthcare could provide total immunity. another virus — showed that antibodies different options to enhance their with the German package which is
lifetime immunity against Covid-19
fund manager. “You may need to boost Experts are still hoping for a “sterilis- started dropping off after just four immune response. All of the trials so far clearly supporting demand,” she said,
despite a week of positive trial results
[it] every year,” she said. “At minimum, ing vaccine”, which would provide long- weeks and recent papers have suggested are for two doses — an initial shot fol- referring to Germany’s temporary cut in
for potential inoculations.
we want to reduce symptoms, we want lasting immunity after one or two doses, that they diminish at a faster rate for lowed by a booster — apart from the value added tax.
Kate Bingham told the Financial Times to stop people from dying. We have to “but going from nought to that is quite a Sars-Cov-2, the virus that causes Oxford university/AstraZeneca vaccine, “While helping the most affected
it was more likely scientists would accept that’s maybe where we’ll end up.” Covid-19. which has not yet confirmed whether it industries is certainly positive, some
develop either a vaccine that provides a Positive results from several trials last The goal of late-stage vaccine trials is will be a single or double-dose vaccine. demand-oriented measures might be
Kate
year’s immunity or one that only miti- week sparked hopes that a lifetime vac- to prevent participants from developing Last week, the UK government needed to ensure the recovery of French
Bingham:
gates the symptoms of the virus. cine might soon be found. Moderna and Covid-19. But researchers are also announced it had invested £100m in a consumer confidence and domestic
has a record
“The assumption at the moment is Pfizer, with its partner BioNTech, both watching to see if they can stop patients manufacturing facility in Essex, close to demand,” Ms Ordóñez said.
in launching
that we’ll be shooting to get to a launched large late-stage trials in the US developing severe symptoms, in an London, which will have capacity to Meanwhile in Spain, the tourism
drugs for
year’s immunity,” said Ms Bingham, on Monday, hoping to deliver results admission that the early vaccines might produce millions of vaccine doses per industry’s woes contributed to a slug-
autoimmune
who is coordinating efforts to develop, later this year. AstraZeneca and its part- reduce only hospital admissions rather month and is scheduled to open in gish recovery. The retail sector experi-
diseases
produce and disseminate a vaccine in ner, the University of Oxford, have than infections. December 2021. enced a 17.8 per cent month-on-month
the UK. already launched a late-stage trial in the Ms Bingham, whose work has led to Additional reporting by Hannah Kuchler in increase in sales turnover in June, but
“What I’ve been anxious about is that UK, South Africa and Brazil. Johnson & the launch of six drugs for the treatment New York sales remained 4.7 per cent below their
people . . . think we’ll have a silver bul- Johnson and Novavax both plan to of patients with autoimmune diseases Vaccine’s $60 price tag see Companies level in the same month last year.

Pharmaceuticals
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France drives EU effort to reshore drug making
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Tpeoclihtictiatlarnisskn—eeGdILLtIoANmTiEnTimT,iPsAeGE13 Itthaelyp’sopoorp—uBlIiGstRsEAaDr,ePAtrGyEi1n1gtowoo Mletatye’rs—firRsOtBsEtRaTbSHaRtItMhSeLEbYr,ePaAGkE-u12p Michael Peel — Brussels tured in France or even in Europe,” Mr report. Experts blame multiple causes, emblem for the reshoring push because
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JULY 30 2020 Section:World Time: 29/7/2020 - 18:35 User: john.conlon Page Name: WORLD1 USA, Part,Page,Edition: ASI, 2, 1
Thursday 30 July 2020 ★ FINANCIAL TIMES 3
INTERNATIONAL
Regional anger tests Putin’s populist touch
Outrage at governor sacking casts Long march: a man carries
an anti-Putin poster during
cloud over president’s vote victory a protest in support of
Sergei Furgal in Khabarovsk
last week. Below, a woman
holds up a portrait of the
Henry Foy — Moscow Stanovaya, founder of R. Politik, a polit- ousted governor
ical analysis firm. Igor Volkov/AP; Evgenii Pereverzev/Reuters
If Vladimir Putin was hoping for a politi- Under Mr Putin, the government has
cal honeymoon after rewriting Russia’s sought to maintain a strong grip on
constitution to potentially give him regional administrations. Of Russia’s 85 from all over the country” rather than
two more terms as president, he was local governors, 59 are from United Rus- “righteous anger” from local residents.
mistaken. sia and a handful of the rest are inde- “Everything is ethical, I am in har-
Just 10 days after winning a popular pendents elected with genuine local mony with my conscience,” Mr Degt-
vote designed to depict a country united support. yarev said. “I took the president’s pro-
behind its leader, protests erupted that Russia’s president has the power to posal with great enthusiasm and did not
instead demonstrated simmering popu- appoint and dismiss regional governors, think for a single second.”
lar discontent. They also underscored who must then be directly elected. Mr Putin’s spokesman said this week
the gulf between the president’s Krem- “[Governors’] main qualities are they the protests “seem to be calming down”.
lin and many ordinary citizens after his must be loyal to the Kremlin and not too But analysts said the local nature of the
more than two decades in power. popular, but at the same time popular demands meant the movement was
Last weekend, more than 20,000 peo- enough to be quite efficient,” said more galvanised and determined than
ple took to the streets of Khabarovsk, a Andrei Kolesnikov, senior fellow at the previous demonstrations on issues such
city in Russia’s far east on the border Carnegie Moscow Center. as government corruption, and bore
with China, in support of the former Mr Furgal is a member of the ultrana- similarities to protests in Moscow last
regional governor who was dismissed by tionalist Liberal Democratic party. He summer against the arrest of a journal-
Mr Putin this month and charged with defeated the Kremlin-approved candi- ist, who was later released.
attempting and organising murders. date in the region’s September 2018 “Society is beginning to impose itself
The protests, the largest in the city’s gubernatorial election in a shock out- on the Kremlin,” said Ms Stanovaya,
history, have continued daily since July come driven by an anti-establishment “rather than it being the other way
11, two days after Sergei Furgal, who is vote in which United Russia won two of around all the time.”
not from Mr Putin’s ruling United Russia the 36 seats in the region’s parliament.
party, was arrested, flown to Moscow So far, the protests have been con-
and detained. fined to Khabarovsk and a handful of
Since then, the protesters’ demands other towns in eastern Russia. State-run
have morphed from local to national: media have ignored them or sought to
from demanding a fair trial for Mr Fur- portray them as dangerous gatherings
gal to calling for Mr Putin to step down. that will lead to a spike in Covid-19.
They have intensified since Mikhail Last weekend, as tens of thousands
Degtyarev, a lawmaker from Moscow marched through the city centre, Rus-
with no experience of Khabarovsk, was sian state TV news instead ran features
sent to replace Mr Furgal, enraging citi- on protests in Portland in the US.
zens who view the sacking as evidence But the public anger comes at a diffi-
that the Kremlin ignores local wishes. cult time for Mr Putin, whose 78.6 per
“This is our region,” protesters chanted cent support in the constitutional refer-
on Monday evening. endum was marred by allegations of
The protests, spanning an unprece- voter fraud and irregularities.
dented 18 consecutive days unhindered The president’s approval rating sank
by local police, have left Mr Putin look- to a record low in April after years of
ing detached and listless in contrast to falling real household incomes and a
his usual decisive and hands-on image. stagnant economy. The coronavirus
His response has divided political pandemic has shut much of the econ-
observers, between those who believe it omy since March and is set to lead to a
illustrates an aloofness and lack of inter- 6 per cent fall in gross domestic product
est in what he views as a minor problem this year, according to the World Bank.
6,000km east of Moscow, and others With parliamentary elections sched-
who suggest he misread the scale of pub- uled for next September, the current
lic anger, is powerless to act and hopes administration, in which United Russia
the protests will simply peter out. has a supermajority, has a net approval
“The Kremlin has forgotten how to rating of minus 12 per cent.
politically respond to issues like this. “In general, governors are now
They are losing their ability to respond becoming more popular — from the
to societal discontent,” said Tatiana point of view of approval ratings — than
Putin,” said Mr Kolesnikov.
Mr Furgal’s election was a “unique sit-
uation when people did not vote for [the
ruling party] and got good results”, he
said. “That’s why they defend their
choice. But we cannot extend this qual-
ity to any Russian region,” he said, add-
ing that many provinces still voted for
United Russia, with little sign of a desire
for change.
Mr Furgal is in Moscow awaiting trial
for his alleged role in the murders of
businessmen in 2004 and 2005. His
supporters claim the charges, which Mr
Furgal denies, are politically motivated.
Mr Degtyarev, a fellow LDPR member,
has called for a fair and open trial.
The newly appointed governor on
Tuesday called for the protests to stop
and blamed them on “professional pro-
vocateurs who flocked to these events
Suspected mercenaries
Belarus arrests Russian
‘fighters’ ahead of election
Max Seddon — Moscow Zakhar Prilepin, a Russian novelist
who previously led a mercenary battal-
Belarus has arrested 33 men it claimed
ion fighting for the Kremlin-run breaka-
were Russian mercenaries sent to
way regions in eastern Ukraine, told
“destabilise the situation” ahead of
website Ura.ru that “two or three” of the
next week’s presidential election.
arrested men had previously served in
The move, reported by state news his unit, but were using Minsk as a base
agency Belta yesterday, came as Presi- for travel to conflict zones due to Bela-
dent Alexander Lukashenko faces his rus’s porous border regime with Russia
toughest re-election contest in his 26 and lack of coronavirus-related flight
years running the small former Soviet restrictions.
state, which has raised tension with “Dozens, if not hundreds, of people
Belarus’s longtime patrons in Moscow. work as mercenaries and take part in
Belta cited law enforcement officials military conflicts,” Mr Prilepin said.
as saying they had learnt “more than Mr Lukashenko’s refusal to impose a
200 fighters” had checked into a hotel in lockdown to stop the spread of corona-
Minsk last week with only small hand virus has resulted in more than 67,000
luggage, then moved to a sanatorium confirmed Covid-19 cases in the country
outside the capital. of 10m. Despite admitting on Tuesday
The men gave themselves away to that he had contracted the disease, Mr
sanatorium staff with their three heavy Lukashenko called worries over corona-
suitcases for the group, which required virus a “psychosis” after previously sug-
several of them to transport, as well as gesting that it could be cured by drink-
their military fatigues and “atypical ing vodka, driving a tractor or visiting a
behaviour for Russian tourists”, accord- sauna.
ing to Belta. “They did not drink alcohol Frustration with Mr Lukashenko’s
or visit entertainment facilities and kept attitude to the pandemic has led to a
to themselves in an attempt to keep a groundswell of support for housewife
low profile,” the agency said. Svetlana Tikhanovskaya, who has
The Kremlin denies any link to Wag- started campaigning after her husband
ner, which conducts mercenary activi- and another top candidate were jailed
ties in war zones such as Libya, Syria, and barred from running in the poll on
and eastern Ukraine in apparent align- August 9.
ment with Russia’s foreign policy goals. Her rallies have attracted thousands
Russia’s embassy said it had been given of supporters, an unexpected display of
no information about the arrested men. support in the tightly controlled nation.
JULY 30 2020 Section:World Time: 29/7/2020 - 17:35 User: john.conlon Page Name: WORLD2 USA, Part,Page,Edition: ASI, 3, 1
4 ★ FINANCIAL TIMES Thursday 30 July 2020
INTERNATIONAL
Covid-19 curbs Congress
FedEx pilots seek to halt Hong Kong flights Trump and
Democrats
‘far apart’
Cargo company air crew Covid-19 but showed no symptoms, said loopholes allowing these groups to been quarantined in the city were for food and health, told a radio
claim city’s quarantine were forced to stay in government- enter the city without quarantine had subject to conditions that involved up to programme on Tuesday that evidence on stimulus
mandated hospitals for 10 days. sparked the latest outbreak. five patients per room with one shared suggested the current outbreak may be
rules put them at risk Alpa, the world’s biggest airline pilot From yesterday, air crew will need to bathroom, while government camps linked to imported cases, reversing
negotiations
union, also said that several pilots who provide proof of a negative coronavirus provided “very sparse provisions”. earlier government statements.
had tested negative for Covid-19 but test taken up to 48 hours prior to board- FedEx did not immediately respond to a Elsewhere in the region, Singapore
Alice Woodhouse — Hong Kong
who had been in close contact with request for comment. requires air crew on layovers in the city-
FedEx pilots have called on the cargo infected people, “were put into govern- ‘[Several pilots] were “Not only do these situations pose state to remain at their designated
company to suspend operations to ment camps under extremely difficult unacceptable risks to our pilots’ safety accommodation at all times. A FedEx James Politi — Washington
put into government
Hong Kong after claiming they were conditions”. The union did not specify and wellbeing, but they also create pilot was given a four-week prison sen-
Donald Trump and his top officials
subjected to “unacceptable risks” under when these incidents occurred. camps under extremely added stress and distraction for tence in Singapore in May for leaving his
clashed with Democratic leaders in
the city’s tightened coronavirus restric- The pilot group’s comments come as flight operations,” said Dave Chase, hotel to buy medical supplies.
difficult conditions’ Congress over new stimulus measures
tions on air crew. the Chinese territory introduced its chairman of the FedEx Alpa Master The International Air Transport
to prop up the struggling US economy,
The dispute highlights the challenge strictest measures yet in a bid to halt a Executive Council. Association said on Tuesday it did not
as both sides warned that an agree-
for governments, especially in entrepots severe wave of new infections. ing a flight to Hong Kong, or be tested on “In Hong Kong, recent government support “general testing for crew as a
ment remained distant.
such as Hong Kong, of imposing tighter Hong Kong reported 106 new corona- arrival. Sea crew will be permitted to mandates regarding Covid-19 testing pre-requisite for [flying]”.
quarantine measures on critical trade- virus cases on Tuesday, marking the travel only between their ships and the have created unacceptable conditions The industry group said it did not “As of now we’re very far apart,” Steven
related industries. seventh consecutive day of more than airport. Crew from ships that are not for pilots, including our Hong believe Hong Kong’s testing require- Mnuchin, US Treasury secretary,
The Air Line Pilots Association said 100 new infections. delivering cargo to Hong Kong will not Kong-based pilots and their families,” ments were necessary as air crew said yesterday, suggesting that lawmak-
on Tuesday night that three FedEx The city this week tightened restric- be permitted to enter. he added. “tend to be isolated from the general ers should consider a short-term exten-
Express pilots, who tested positive for tions on air and sea crew after experts Alpa said that FedEx pilots who had Sophia Chan, Hong Kong’s secretary population”. sion of expiring jobless benefits for mil-
lions of Americans to allow time for
negotiations.
While the White House and Congress
Latin America. Narcotics agreed rapidly on an initial $3tn burst of
stimulus at the beginning of the corona-
virus crisis in March and April, they
Mexico drug cartel warlord derides crackdown
have struggled to coalesce around a plan
for further fiscal support, even after a
new surge of infections has rattled some
states in recent weeks. House Demo-
crats have passed a bill outlining
another $3tn in spending, a plan that
Show of strength by gang chief
Republicans rejected as expensive and
El Mencho viewed as challenge poorly targeted.
After weeks of internal tensions, Sen-
to president’s fight with crime ate Republicans this week proposed to
inject $1tn more in government aid into
the economy with the backing of the
Jude Webber — Mexico City
White House. Their plan was dismissed
If there were any lingering doubts about by Democrats as woefully insufficient.
the military might of the Jalisco New Negotiations between senior White
Generation Cartel after its brazen attack House officials and congressional lead-
on Mexico City’s police chief and assassi- ers intensified this week, as millions of
nation of a judge, videos on social media Americans face the expiry of $600 per
this month have dispelled them.
“Mr Mencho’s people!” chanted doz- ‘Republicans have
ens of heavily-armed, fatigues-clad men
unveiled a proposal that
in one video, referring to the cartel’s
leader, Nemesio Oseguera, known as “El would only prolong the
Mencho”, as the camera panned down a
suffering for millions’
line of armoured vehicles.
In another video, a leader wearing a
balaclava was flanked by uniformed week in emergency unemployment
men with weapons hoisted, standing in benefits at the end of this week.
front of machine guns draped with bul- “The attitude from Republicans has
lets and military-style vehicles. been one of condescension and disre-
CJNG, the abbreviation for the cartel, spect for America’s working families,”
in Mexico’s national colours, was embla- Nancy Pelosi, the Democratic House
zoned on their flak jackets. Shields Speaker, told her fellow lawmakers in a
painted on the vehicles’ doors declared letter on Tuesday night.
them to be the elite special forces group The biggest sticking point in the talks
of Mexico’s most aggressive criminal is the fate of the emergency unemploy-
organisation, led by the fugitive Mr ment benefits, which Democrats want
Oseguera, whose birthday his soldiers to extend until January. Republicans
celebrated in the first video. have offered to cut from $600 per week
As President Andrés Manuel López currently to $200 per week until Sep-
Obrador struggles to contain record tember and then calibrate them to
nationwide homicide levels and fight replace 70 per cent of lost wages in order
organised crime — including putting the Wanted: photos It had expanded aggressively into 31 prised by the cartel’s demonstration of ‘They ing marketing tool by a cartel flush with to encourage people to return to work.
military in charge of ports and customs of Nemesio of Mexico’s 32 states, Mr Guerrero said. strength” in the videos, according to cash: sowing fear in order to extract Another big source of tension is a
resemble
this month in an effort to halt shipments ‘El Mencho’ Operating via a network of cells within a Raúl Benítez-Manaut, a security expert extortion payments. The timing, just Democrats’ call for more than $900bn
of chemicals used to make synthetic Oseguera are hierarchy headed by Mr Oseguera, it at Mexico’s Unam university. [Afghan] after the president visited Guanajuato in aid to state and local governments.
drugs to CJNG and other cartels — the displayed, along funnels a significant chunk of the drugs He noted that the cartel had suffered a and Colima, where the CJNG is believed The Republican proposal calls for none.
warlords —
videos struck a nerve. with confiscated consumed in the US over the border, setback when its attack last month on to control the port of Manzanillo, was “The Republicans have unveiled a
Confirmed as authentic by the gov- methamphet- particularly fentanyl and methamphet- Omar García Harfuch, the police chief, they control also seen as significant. proposal that would only prolong the
ernment, experts said they could be amines, at a amines, according to experts and the US failed despite the use of Barret .50 cali- “López Obrador’s visit to Guanajuato suffering for millions of workers and
territory
read as a warning; confront the CJNG at news conference Drug Enforcement Administration. bre rifles that left his vehicle riddled just made them signal their defiance to families across America,” Ms Pelosi said
your peril. Either that, or it is a bid to held by the The US has placed a $10m bounty on with bullet holes. and the government,” said one former sen- in her letter. She even compared recon-
rebuild the cartel’s mystique after the US Drug Mr Oseguera, reportedly a 54 year-old The botched attempt came on the ior military intelligence officer. “They ciling the two stimulus plans to the
authorities.
failed Mexico City attack. Enforcement former policeman who served nearly heels of the DEA-led Project Python, resemble [Afghan] warlords — they impossible task of mating “a giraffe and
Either way, the evident financial and Administration three years in a US prison in the 1990s which in March led to 600 arrests, 350 This is very control territory and authorities. This is a flamingo” in one of the negotiating ses-
military firepower underscored the car- in March for distributing heroin, and who indictments and drugs and money sei- very dangerous.” sions with Trump administration offi-
dangerous’
tel’s menace. While not unprecedented, KC Alfred/San Diego Union- founded the CJNG about a decade ago. zures in the US. An allied operation, There are also fears that Mr López cials, according to Politico.
intelligence and anti-narcotics agents Tribune/TNS But he is rumoured to be suffering nicknamed Agave Azul, by Mexico’s Obrador’s move to put the ports under The fate of the stimulus talks is being
were shocked by their slickness and from kidney problems and reportedly financial intelligence unit in June, froze military control could backfire if rich watched by many economists, includ-
swagger. “I’m seeing that the CJNG like built his own hospital. According to Mr 1,939 bank accounts linked to the cartel. cartels bribe low-paid soldiers to look ing at the Federal Reserve, since it could
none other before has decided to take on Guerrero, he could face a nascent chal- Mr Benítez-Manaut said the message the other way. “The president has the be pivotal to the trajectory of the US
the state in toto,” said Eduardo Guer- lenge to his leadership from two key in one video was that the CJNG’s only misguided belief that the military is recovery as it suffers from a slowdown
rero, a security consultant. “They are a lieutenants: Juan Carlos González, enemy was the Santa Rosa de Lima car- immune to corruption,” said Mr Guer- due to new surges of infections across
formidable challenge to the state.” known as “03”, who the government tel in the state of Guanajuato, which rero. “It’s a fantasy . . . this is a very the country.
Under Mr Oseguera’s command, the says founded the elite group last year, focuses on fuel smuggling, possibly sig- risky bet.” One area where both Republicans and
CJNG has gone from upstart to cartel and Ricardo Ruiz Velazco, or “Double nalling a move by the CJNG to diversify The government’s “hugs not bullets” Democrats have agreed is on the need to
powerhouse. Originally enforcers for R”, its leader in the state of Michoacán. in order to stay under the DEA’s radar. policy and weakened civilian intelli- send a new round of cheques worth up
the Sinaloa Cartel of jailed drug lord In recent years, the cartel has proved “If you control fuel theft, the US gov- gence was also hurting the fight against to $1,200 to US individuals, and possi-
Joaquín “El Chapo” Guzmán, the group to be ruthless and strategic, ambushing ernment doesn’t pursue you. For organised crime, he said. bly extend a federal moratorium on
was initially known as the “Zeta Killers” security forces, including shooting the CJNG, it’s very important to have a “You have to have a strong mandate evictions for people who cannot pay
after its pursuit of the brutal, now down a military helicopter in 2015. lucrative business that is not drugs.” from the top to challenge the bad guys. their rent.
largely extinct Zetas cartel. Even so, the government was “sur- Mr Guerrero saw the videos as a chill- It’s kind of suicidal what’s happening.” Janan Ganesh see Opinion

India study Chinese professor
Half of Mumbai slum dwellers have had Covid Xi critic sues police after university sacking
Benjamin Parkin — New Delhi caseload, which is already the world’s the true number of deaths. Fatalities Christian Shepherd — Beijing dissident Liu Xiaobo and are among been made. Mr Xu could not be reached
third highest. There have been 1.5m have been “higher than we think, with- China’s best-known rights lawyers. for comment.
More than half of residents in several of A prominent Chinese scholar who was
recorded infections and 33,000 deaths. out question”, said Ramanan Laxmi- Since taking office in 2012, Mr Xi has In response to Mr Xu’s essays, which
Mumbai’s slums may have been fired after criticising President Xi Jin-
Mumbai and the surrounding metro- narayan, founder of the Center for Dis- overseen a campaign to stamp out dis- used dense literary language and drew
infected with coronavirus, a study has ping plans to sue the police in a rare act
politan region, home to about 20m ease Dynamics, Economics & Policy. sent. Liberal academics have faced on everything from ancient Chinese phi-
found, suggesting that the spread of of public defiance against the Commu-
people, has been hardest hit with more The implied fatality rate from the intense pressure not to criticise his rule. losophy to Polish poetry, Tsinghua
Covid-19 in India could be far greater nist party’s efforts to smother dissent.
than 100,000 recorded cases and 6,000 study “will extrapolate into an enor- In 2018, shortly after Mr Xi abolished banned him from teaching but did not
than previously thought.
deaths. The study indicates that social mously large number” for infections Xu Zhangrun, a former constitutional term limits, effectively allowing him to fire him until the prostitution allega-
The study — commissioned by authori- distancing and sanitation measures across the country, said Shahid Jameel, a law professor at Beijing’s elite Tsinghua rule for life, Mr Xu began writing cri- tions emerged.
ties in India’s financial capital, where 40 have failed to control the virus in Mum- virologist and chief executive officer of University, was detained by police in tiques of the president’s leadership Hundreds of former students sent
per cent of the population lives in slums bai’s cramped settlements. Wellcome Trust/DBT Alliance India. early July and held for a week on charges style. “Prof Xu believes there is no evi- money to Mr Xu after hearing he had
— surveyed 6,936 people for antibodies India’s government has maintained Scientists have also cautioned that of “soliciting prostitution” before being dence whatsoever supporting their been fired. He rejected the funds, saying
indicating past exposure to the virus. that community transmission of the dis- such studies need more scrutiny. A sep- released. While Mr Xu was in detention, claim that he solicited prostitutes and in a letter he would work to earn a living.
It found that 57 per cent of those in ease is not happening, a claim widely arate survey carried out in the capital Tsinghua dismissed him for allegedly believes he is being framed and “Without a change in the current evil
slums had antibodies, compared with 16 disputed by public health experts. New Delhi and released last week found violating its ethics guidelines. entrapped,” said the person with knowl- system of government, all nations will
per cent of those residing in other parts India’s official death rate has, how- that 23.5 per cent of more than 20,000 Mr Xu, 60, has hired lawyers to sue edge of the matter. be on guard, [and China] will quickly be
of the city. The tests, which were ever, remained lower than in many people tested had Covid-19 antibodies. the Qingyang district public security Mr Xu’s intention was to force the cut off from the rest of the world,” he
conducted in the first half of July, also countries, including the UK. The Munic- While the presence of antibodies bureau in Chengdu, which brought the Chengdu police to rescind the charges wrote. “But totalitarianism must be
found higher prevalence of antibodies ipal Corporation of Greater Mumbai among the people in Mumbai’s slums prostitution charges, according to a per- against him and also to overturn Tsing- defeated.”
among women than men. said its study implied a fatality rate of approached the 60 per cent thought to son with knowledge of the matter. hua’s dismissal, the person said. This Tsinghua did not respond to a request
The findings add to evidence that the between 0.05 per cent and 0.1 per cent. be needed for herd immunity, it is His legal representatives, Mo Shaop- was because the university had for comment. The Chengdu Qingyang
number of Covid-19 infections in India But public health experts fear that unclear how long antibodies last and if ing and Shang Baojun, previously informed Mr Xu of its decision before district public security bureau could not
could be far greater than the official Indian authorities are underestimating people are protected from reinfection. defended Nobel Peace Prize-winning any formal ruling about his guilt had be reached for comment.
JULY 30 2020 Section:World Time: 29/7/2020 - 17:35 User: john.conlon Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
Thursday 30 July 2020 ★ FINANCIAL TIMES 5
y
Diana Choyleva Evidence is mounting of something new in this latest China equities rally
MARKETS INSIGHT, PAGE 9
Santander
TikTok chief
Hats off Shopify outpaces eBay for first time
accuses
as consumers pick up food, beer and apparel
writedowns
Facebook of
smear attacks
lead to record
Hannah Murphy — San Francisco
Kevin Mayer, the chief executive of
€11bn loss TikTok, has accused Facebook of try-
ing to destroy the Chinese app’s US
business by smearing it with “malign-
ing attacks”.
In his first public comments since join-
ing TikTok from Disney, Mr Mayer
issued an 800-word defence of the viral
3 Results mark first for Spanish bank
video app, which is under pressure from
US regulators and may even be banned
3 Pledge to resume dividend payouts
by the White House.
Without TikTok, he said, American
advertisers “would again be left with
Nicholas Megaw — London year-on-year decline in pre-tax profits few choices”. Mr Mayer described Insta-
for the first half of the year. gram Reels, a new video service from
Santander slumped to an €11.1bn loss in In total, the group wrote off more than Facebook that will launch in the US in
the second quarter after the coronavirus €10bn in goodwill across its historical early August, as a “copycat product”
pandemic forced the eurozone’s largest acquisitions, plus €2bn in deferred tax and noted that a similar service from
retail bank to take large writedowns on assets it no longer expects to recover. Facebook called Lasso had “failed
the value of several of its businesses, led Santander stressed that the non-cash quickly”.
by its UK arm. adjustments did not affect its capital “At TikTok we welcome competition,”
The results marked the first loss in levels or the stability of its underlying he said. “But let’s focus our energies on
the Spanish lender’s 163-year history business. However, the changes do fair and open competition in service of
and came after it wrote off €6.1bn of reflect what it described as a “deteriora- our consumers, rather than maligning
goodwill left over from the purchases tion in the economic outlook” despite attacks by our competitor — namely
that created Santander UK in the 2000s. government efforts to minimise the Facebook — disguised as patriotism and
Together with a €1.5bn writedown in impact of the pandemic. Rising unem- designed to put an end to our very pres-
September last year, the value of the UK ployment and insolvencies are expected ence in the US.”
business on Santander’s balance sheet to lead to a rise in customer defaults. The rapid growth of TikTok, which
has fallen almost 90 per cent over the Pablo Manzano, an analyst at DBRS now has hundreds of millions of users in
past year. However, the bank insisted Morningstar, said: “This is another the US, has threatened Facebook’s plat-
that the impairments “do not change piece of data that tells us the pandemic forms, including Instagram.
is not just going to have an impact for Mr Mayer made his statement just
‘We remain quite one or two quarters on banks’ financials hours before Facebook’s Mark Zucker-
but for years.” Western apparel brand Stetson was among those joining Shopify during the second quarter berg was due to face questions from
confident about the UK: — Valerie Macon/AFP
Mr Cantera said the bank “entered Congress over whether his company has
it’s a very important this crisis in a much stronger position Tim Bradshaw — London having to transplant their business New stores created on Shopify grew built up a monopoly by squashing or
than we’ve ever been, and we feel very online because of continuing restric- 71 per cent in the second quarter scooping up rivals.
business for us’ Shoppers’ rush to online stores pro-
comfortable about continuing to sup- tions on the high street. against the first three months of 2020. According to prepared remarks ahead
pelled shares in Shopify to new highs
port the economy . . . We are showing “GMV growth overall was really “The world is changing fast,” said of the antitrust hearing, Mr Zuckerberg
yesterday, after it said purchases
the strategic importance of any of the our model still works.” driven by the sudden shift of con- Tobi Lütke, Shopify chief executive was set to describe Facebook as a
through its network of ecommerce
group’s markets or businesses”. Santander reported revenue of sumer spend from offline to online,” and co-founder. “With the rapid shift “proudly American company”, arguing
sites more than doubled in the sec-
José García Cantera, Santander chief €10.7bn for the quarter, down 13 per said Amy Shapero, Shopify’s chief to online commerce, massive disrup- that the rapid ascent of Chinese tech
ond quarter, surpassing spending on
financial officer, said: “We remain quite cent from a year ago, primarily due to financial officer. tion to conventional employment and threatens western “values” of free
eBay for the first time.
confident about the UK: it’s a very the impact of foreign exchange move- Shopify saw a particular increase in growing conviction that opportunity speech and democracy.
important business for us . . . The ments. Excluding currency fluctua- Shopify’s revenues rose 97 per cent to food, beverages and tobacco, as well needs to be more evenly distributed, The strongly worded statement will
underlying attractiveness of UK bank- tions, revenue dropped 3 per cent. $714.3m compared with the same as a recovery in its traditional main- entrepreneurship has never been set the tone for the leadership of Mr
ing remains intact.” As a result, the bank’s preferred period a year ago, busting through stays of apparel and cosmetics. more important.” Mayer, an all-American media execu-
Santander’s acquisitive former chair- underlying profit measure, which Wall Street’s consensus forecasts of Among those joining Shopify in the Shopify did not provide guidance tive who arrived in June to boost Tik-
man, Emilio Botín, spent more than excludes the goodwill and DTA impair- about $500m. quarter was Western apparel brand for the rest of the year, as the shift to Tok’s reputation among US lawmakers
£11bn forming Santander UK through ments, fell a more modest 15 per cent, to Gross merchandise volume, a Stetson and brewer Molson Coors. ecommerce was balanced by the on Capitol Hill sceptical of its Chinese
the purchase of a string of former build- €1.5bn. It put aside an additional €3.1bn measure of consumers’ total spending “Strong transactional revenue, far “greater likelihood of an extended ownership.
ing societies, including Abbey National. to deal with loan losses, compared with through Shopify’s network of stores ahead of even the highest expecta- global recession” and fluctuating Just weeks into his tenure, however,
It grew rapidly under the leadership of €3.9bn in the first quarter. before fees and revenue splits with tions, point to Covid-19 tailwinds that lockdowns. Growth in GMV acceler- tensions are rising between TikTok and
Mr Botín’s daughter, Ana, who became Yesterday UK lender Barclays added shop owners, rose 119 per cent year on are stronger at [Shopify] than most ated in April and May but slowed in Facebook, after the latter ran a series of
group executive chairman in 2014. a further £1.6bn to its reserves for bad year in the second quarter to $30.1bn. anticipated,” analysts at Citigroup June and so far in July, Shopify said. advertisements by US president Donald
However, the division’s profits had loans in the second quarter, while credit That figure outstrips the $27.1bn in said in a research note yesterday. Shopify’s shares trebled in value Trump’s campaign suggesting that Tik-
begun to tumble before the coronavirus impairment charges more than tripled GMV reported by ecommerce pioneer Ottawa-based Shopify also swung over the past 12 months as it grew to Tok was “spying” on its tens of millions
crisis because it was exposed to a price from the same period last year. eBay on Tuesday, demonstrating to a profit in the quarter, reporting net become the largest ecommerce plat- of US users — claims that TikTok denies.
war in the mortgage market. Yesterday Additional reporting by Stephen Morris Shopify’s strong momentum among income of $36m, against losses of form after Amazon in the US. Facebook did not immediately
Santander UK reported a 74 per cent See Lex retailers both large and small that are $28.7m in the second quarter of 2019. See Lex respond to a request for comment.
State-funded equity injections will be fraught with moral hazard
Legal Notices
Lufthansa is nine times larger than panies have less need of it, given their
Inside business
Spain’s for IAG, although that might financial profile and the structure of the
reflect the relative financial strengths of economy. It may be that the economic
Europe
the companies. shock is not as big.”
Yet Spain and Italy are expected to All in all, the loan guarantee schemes
Ben suffer economic contractions of 11 per have spurred new lending to non-finan-
cent this year, the worst in the EU. Ger- cial corporations, do not appear to
Hall man GDP on the other hand will shrink depend on whether governments are
by a less eye-popping 6 per cent. The highly indebted or not and have not dis-
case for EU solidarity could not be torted the EU internal market. But if
stronger. It is why Berlin swung behind liquidity support has been a great suc-
the need for a big EU recovery fund, cess, equity support could be altogether
O ne of the arguments much of it paid out in grants. more contentious.
deployed by advocates of However, research by the Bruegel Germany has assembled a €100bn
the EU’s landmark €750bn think-tank and the Peterson Institute war chest for equity injections via its
recovery package agreed for International Economics suggests Economic Stabilisation Fund. So far,
last week was that some that “contrary to widespread concerns, across the EU, there have been only a
governments, particularly in Europe’s firms in richer or less indebted coun- handful of state-funded recapitalisa-
highly indebted south, had less fiscal tries do not appear to disproportion- tions notified to Brussels. The biggest is
leeway to support their businesses and ately benefit from these schemes”. Berlin’s €6bn bailout of Lufthansa, and
workers than others. This could create The researchers — Julia Anderson, it is being challenged by rival Ryanair.
severe competitive distortions in the Francesco Papadia There are likely to be a lot more later
single market and accentuate economic and Nicolas Véron Of schemes notified to in the year as other forms of govern-
divergence in the eurozone, imperilling — tallied the ment support such as job subsidies are
Brussels so far, the biggest
the stability of the single currency. amounts each of tapered or withdrawn and companies
“We need to make sure that we pro- Europe’s big econo- is Berlin’s €6bn bailout of have difficulties repaying their debts.
tect the functioning of the internal mar- mies had actually The European Commission has set rules
Lufthansa, and it is being
ket,” Spanish finance minister Nadia committed by the on recapitalisations to try to limit the
Calviño told the Financial Times in end of June. In Ger- challenged by Ryanair impact on competition. But drawing up
April. “It cannot be that some countries many, it was only a framework for taking stakes in strate- Businesses For Sale
are able to support their economies in a €36bn. In Italy it was €51bn; Spain gically or economically important com-
more generous manner than others.” €85bn and France €108bn. panies is going to be hard to do and will
Early responses to the pandemic sup- The discrepancy is hard to explain, run into big moral hazard issues.
ported the contention. Liquidity sup- say the authors. “It is notoriously diffi- A proposal for a €31bn EU “solvency
port to businesses and in some cases cult to disentangle the respective roles support instrument” to take equity
direct government purchases of corpo- of supply of, and demand for, bank stakes in European companies was
rate bonds account for the majority of credit in driving lending volumes, espe- ditched in last week’s fraught recovery
public aid in all of Europe’s big econo- cially in times of turmoil like at fund negotiations. Scrapping the idea
mies. By late March Germany had ear- present.” One possibility is that much of made for easy cost-saving. But it would
marked €756bn in credit guarantees for the support in Germany has come from have been fiendishly hard for 27 govern-
its companies, nearly eight times as its Kurzarbeit short-time work scheme, ments to agree on how to use such a
much as Spain or Italy, although they the gold standard of job subsidies. But fund. So now it will fall solely to individ-
have since doubled their commitments. France’s has been more generous and ual governments to take stakes in their Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
In May, the European Commission more extensive. companies and some will be a lot hap-
Runs Daily
said Germany alone accounted for just “It may be that the conditions of loans pier taking on the risks than others. .........................................................................................................................................................................................................................................................................
over half of overall state aid in the EU. [in Germany] are less attractive,” said Classified Business Advertising
German government support for Mr Véron. “It may be that German com- [email protected] UK: [phone] | Email: [email protected]
JULY 30 2020 Section:Companies Time: 29/7/2020 - 18:50 User: cathy.pryor Page Name: COMP&MKTS1, Part,Page,Edition: USA, 5, 1
6 ★ FINANCIAL TIMES Thursday 30 July 2020
COMPANIES & MARKETS
Aerospace & defence Automobiles
Boeing plans wider cuts to jobs and output Peugeot aims
to slash costs
across offices,
US group says its airline far it has moved to cut 12,000 jobs ramp-up for the Max, which has been requires time in simulators — before At present, the jet is built at plants in
customers are unlikely to through a mix of lay-offs and buyouts. grounded for 17 months following two adding it back into their schedules. Everett, Washington, which is union- dealerships
“The reality is the pandemic’s impact fatal crashes. Now it will be even slower. Southwest Airlines said last week it ised, and South Carolina, which is not.
recover for three years on the aviation sector continues to be Instead of workers building 31 planes a hoped to start flying the Max in Decem- Boeing posted a net loss of $2.4bn in
and suppliers
severe,” he said in a memo to employ- month by the end of 2021, the company ber, but that could slip to next year. the second quarter, compared with a
ees. “Though some flyers are returning said it would reach that rate in 2022. The manufacturer also cut rates again $2.9bn net loss a year earlier. Revenue
Claire Bushey — Chicago
slowly to the air, their numbers remain The timeline to resume deliveries of for wide-body jets. Their loss of popu- declined 25 per cent to $11.8bn, with the
Boeing plans deeper cuts to production far lower than 2019, with airline reve- the troubled Max also has slipped again. larity has accelerated since traffic on the steepest drop, 65 per cent, logged in the
rates and employment levels, as chief nues likewise reduced.” Boeing said it expected to start relaying international routes they service is commercial jet division. It delivered 20 Peter Campbell — London
executive David Calhoun said the avia- Pressure on Boeing’s customers the jet to customers during the fourth expected to recover particularly slowly. commercial jets in the period, com- David Keohane — Paris
tion market would not recover from meant they were delaying jet purchases, quarter, instead of the third. At the start Boeing, which had aimed to make pared with 90 a year earlier. Carmakers must take radical steps to
Covid-19 for three years. slowing deliveries, deferring elective of the year, Mr Calhoun said the ground- seven 787 Dreamliners a month by The services business also took a hit, lower the price of electric vehicles by
The Chicago-based company will maintenance, retiring older aircraft and ing would probably lift by midsummer. 2022, said it would not reach that goal. It with revenue declining 23 per cent to cutting costs across offices, dealerships
“further assess” the size of its work- reducing spending — “all of which Once the Federal Aviation Adminis- would make six per month in 2021, $3.5bn. The reduction in deliveries and and suppliers, according to the chief
force, Mr Calhoun said. It announced affects our business and, ultimately, our tration lifts the grounding, airlines will down from 10 a month at present. Mr services led to free cash outflow of executive of Peugeot owner PSA.
plans three months ago to reduce its bottom line”, Mr Calhoun concluded. take another two to three months for Calhoun also floated the idea of consoli- $5.6bn, compared with $1bn in the sec-
headcount of 160,000 by 10 per cent. So Boeing had anticipated a slow testing and pilot training — which now dating its production in a single factory. ond quarter of 2019. Carlos Tavares said bridging the gap
between the cost of developing
electric vehicles and selling them at a
profit, which is currently only possible
Pharmaceuticals. Covid-19 vaccines through subsidies, must be the priority
for carmakers.
“Affordability will be the challenge
Moderna shoots for $60 price tag on virus jabs
for the next five years in terms of costs,”
he said. “Those breakthroughs need to
come from real estate, distribution
costs; sourcing all the components of
cost structure will have to be combined
Course pitched at higher cost to bring this affordability.”
Carmakers and consumers in the EU
than Pfizer and AstraZeneca benefited from about €12,000 in subsi-
dies for each electric car through incen-
have agreed with countries
tives and other measures, he said.
“This is the gap that we need to close if
we want to offer this to the biggest possi-
Donato Paolo Mancini — Rome
Clive Cookson — London ble number of citizens, which means all
Hannah Kuchler — New York sorts of cost reduction needs to be
Moderna is pitching its coronavirus vac- addressed to face this challenge.”
cine at about $50 to $60 per course, PSA, which moved its headquarters
according to people familiar with from the Champs-Elysées to the out-
talks between the company and poten- skirts of Paris to save money several
tial buyers — higher than other years ago, intends to make even more
vaccine makers have agreed to charge radical moves by scaling back an office
governments. network as staff work from home.
The price would apply to the US and “We are going to shrink our real estate
other high-income countries, which the footprint,” Mr Tavares said. “This will
company intended to prioritise, said
other people familiar with its plans. ‘We are going to shrink
The Boston-based biotech’s shares
our real estate footprint.
have soared almost 325 per cent this
year as its vaccine showed early signs of This will represent a
effectiveness and it became the first in
benefit for employees’
the US to enter clinical trials. This week
it expanded its funding deal with the US
government, which has now put close to represent a benefit for employees. They
$1bn into the vaccine’s development. will spend less money on transportation
The price Moderna is seeking is to go back and forth, and will have a bet-
not likely to be final. In a range of about ter work-life balance.”
$50 to $60 for a course — that is, $25-$30 PSA would maintain office space for
per dose — it appears to be higher than teams to meet when necessary, he said.
that agreed by Pfizer and its German The change would enable the com-
partner BioNTech last week in a pre-or- pany to maintain its profitability while
der deal with the US government at ramping up sales of battery and hybrid
$19.50 per dose. vehicles to meet emissions rules.
AstraZeneca, meanwhile, signed a Mr Tavares’ comments came the day
deal for its potential vaccine with the after PSA bucked the industry-wide
Netherlands, Germany, France and malaise to post a profit for the first six
Italy, which worked out at $3 to $4 per A volunteer takes part in a coronavirus vaccine trial with Moderna. The US biotech’s shares have risen almost 325% on hopes of success months.
— Hans Pennink/AP
dose, according to calculations by Geof- It booked a net profit of €595m for the
frey Porges, a pharma and biotech ana- half, across a sector where most partici-
lyst at SVB Leerink. Moderna, Pfizer, and Merck all said they erna, which is lossmaking, had raised pants expect to make losses.
Moderna had initially asked certain Clinical trials and Development Authority (Barda), intended to make a profit on the vac- $5bn from strategic collaborators and Like all carmakers in Europe or
buyers, including the EU, for a price of at UK agrees deal for 60m which pioneered the model of cine. Stephen Hoge, Moderna’s presi- investors in addition to funds it received China, PSA is boosting its electric vehi-
least high double-digit dollars per bankrolling the manufacturing of dent, said: “We will not sell it at cost.” from the government. cle capabilities in expectation of a
doses with Sanofi and GSK
course, said some of the people familiar doses before efficacy has been proven. AstraZeneca and Johnson & Johnson A peer-reviewed study in the New demand boom later in the decade.
with the talks. Paul Hudson, Sanofi chief executive, have said they would not seek to make a England Journal of Medicine earlier this The company on Tuesday unveiled a
The price Moderna was seeking The UK has agreed to buy up to 60m touched off a firestorm in its home profit from sales of their vaccines if they month said Moderna’s vaccine candi- platform that will be the base for all its
“causes considerable concern and doses of a vaccine being developed by market of France when he suggested are shown to work — at least in the first date produced antibodies in all 45 par- models from 2025 onwards. This will
difficulties in negotiations, in view Sanofi and GlaxoSmithKline if the that the US would be first in line phases of the pandemic. ticipants in a Phase 1 trial run by the US underpin vehicles that can travel up to
of the fact that other companies have companies are able to prove its because of Barda’s swift action. A proposal by the World Health National Institutes of Health. A Phase 3 650km on a single charge.
pledged much lower prices”, said one of efficacy against Covid-19 in clinical Britain’s deal with Sanofi and GSK is Organization to pool intellectual prop- trial that will enlist 30,000 participants PSA’s pending merger with Fiat
the people. trials to start in September. the fourth such advance purchase it erty for effective Covid-19 interven- across the US began on Monday. Chrysler to create the third-largest car-
Many factors contribute to how Financial details of the accord were has signed since May. It earlier agreed tions, including vaccines, has thus far This month, AstraZeneca said the maker by revenues may result in the
companies price drugs and vaccines, not disclosed in a joint statement from to buy 100m doses of the Oxford garnered limited governmental support vaccine it was developing with the Uni- Italian-American brand shifting its
including the timing and strength the companies yesterday. university vaccine being developed and no backing from pharmaceutical versity of Oxford elicited “robust vehicles on to PSA’s systems. This would
of regulatory submissions, medical Countries have pledged to pour with AstraZeneca, as well as 30m companies. Politicians, activists and immune responses”, and that it was be similar to the move by Opel-Vauxhall
need, efficacy and competition. Some billions into helping pharmaceutical doses from Germany’s BioNTech and government officials have expressed safe. Competitors BioNTech and Pfizer after PSA’s 2017 takeover.
variations in the prices Mod- companies bring a vaccine to market US group Pfizer. A further 60m doses concern that poorer countries will be disclosed similar news. “As we are two companies coming
erna pitched were due to the size of in an effort to compress a process that will come from France’s Valneva. left out amid jostling for access to vac- Moderna said it was having discus- together, the assets of the two families
orders and timing of delivery, said one usually takes a decade into 12 to 18 Sanofi has two potential vaccines in cines and drugs among higher-income sions with “a number of governments will be available,” Mr Tavares said, add-
person familiar with the plans. months. The moves have raised fears development to treat Covid-19. The governments. and governmental entities” about ing that electrification of FCA’s largely
It is also difficult to compare prices that so-called vaccine nationalism will one with GSK is a traditional protein- The race to find an effective vaccine — potential supply of its vaccine. “These North American vehicle line-up would
for potential coronavirus vaccines lead rich countries to hoard based vaccine and, if the clinical data supported by lavish amounts of govern- discussions are private and as such we depend on the speed of regulations in
because they are all still in devel- treatments while poorer ones wait. are positive, approvals may come by ment funding — has compressed devel- cannot comment, given the confidential the US.
opment and none has received approval The US has been particularly active the first half of 2021. Leila Abboud opment timelines that usually span nature of the discussions and contracts.” The FCA merger was agreed in
from regulators. via its Biomedical Advanced Research See Lex years into months. Additional reporting by James Politi in December but faces close scrutiny from
In a congressional hearing last week, Mr Hoge stressed last week that Mod- Washington and Michael Peel in Brussels European competition authorities.
Banks Airlines
Deutsche trading gains offset rise in provisions Bullish Wizz Air plans extensive fleet expansion
Olaf Storbeck — Frankfurt 18,000 jobs and reduce the size of its bal- revenue, analysts noted that it was lag- Peggy Hollinger — London Wizz Air’s pre-tax loss compared with travellers from other European coun-
ance sheet by a fifth. ging behind the performance of US a profit of €75.5m last time. tries while officials in France and Ger-
Deutsche Bank has increased its fore- Low-cost carrier Wizz Air is shrugging
“Deutsche’s restructuring measures rivals, which more than doubled their Despite the volatile situation, Wizz many have also signalled possible new
cast for revenue this year after it posted off early signs of a new clampdown on
have made it more resilient to weather revenue in the second quarter. Andrew Air expected to continue flying 65 per containment measures. The moves
the strongest surge in fixed-income international air travel, promising to
the disruptive effects of the coronavirus Coombs, an analyst at Citi, warned that cent to 70 per cent of its flights over the have prompted an outcry from the
trading revenue in almost eight years, expand its fleet by 50 per cent over the
pandemic,” said Michael Rohr, an ana- the surge in trading activities was rest of the year, with an average load travel industry, already facing devastat-
more than offsetting €761m of corona- next three years as rivals retrench.
lyst at Moody’s rating agency. “unlikely to be sustainable”. capacity — a measure of how full the air- ing losses as a result of a near global
virus-related loan loss provisions.
James von Moltke, chief financial Deutsche said it was expecting a slow- Announcing a pre-tax loss of €107.4m in craft are — of roughly the same level. shutdown in April and May.
Germany’s largest lender said yesterday officer, said the bank was planning to down in trading activities during the the first three months during the avia- The group had flown on average 11.5 But Wizz Air remains the most bullish
it was expecting that revenue this year resume dividend payments for the com- rest of the year. “In the fixed-income tion industry’s worst-ever downturn, per cent of its capacity in the first quar- of the low-cost European airlines, deter-
would be “essentially flat”, compared ing fiscal year. business, we do see a return to more of a Jozsef Varadi, chief executive of the ter, but this had risen to 70 per cent by mined to exploit the crisis to expand
with the previous guidance of a slight The German lender suspended pay- normal world [in the second half],” Hungarian carrier, said he expected a the end of June, well above the industry aggressively in markets abandoned by
decrease. The loan loss provisions were outs to shareholders last year when it Ram Nayak, head of fixed income sales “rollercoaster” of measures across average of 40 per cent, he said. competitors looking to conserve cash
almost five times higher than a year ago announced its restructuring plan, which and trading, told the Financial Times. Europe as governments struggled to The group also delivered a better than until passenger traffic recovers.
but better than the €818m expected by will cost €7.4bn by 2022. Deutsche recorded a return on equity contain new coronavirus outbreaks expected cash burn of about €80m a While rivals are cancelling and defer-
analysts. Shares in Deutsche were down 2.5 per for the quarter of minus 0.6 per cent, a after lockdowns were eased. month in the first quarter, helping the ring aircraft orders, Wizz Air could soon
Despite the better than expected cent to €7.80 in afternoon trading yes- long way off its 2022 target of at least 8 Mr Varadi, who in June sharply criti- London-listed group’s shares rise 3.8 per be “contemplating new aircraft orders”,
results, executives cautioned the surge terday. It has been one of Europe’s best per cent. cised the UK’s initial quarantine on trav- cent to £35.25 yesterday. Mr Varadi said. There were no current
in trading revenue would probably sub- performing bank stocks in 2020. The lender also said the risk of its ellers from coronavirus hotspots, said Mr Varadi’s comments follow the UK’s discussions, he added, but Wizz Air
side in the second half of the year, and Investment banking revenue shot up common equity tier one ratio — a key the situation was “very fluid . . . Meas- decision at the weekend to reimpose a could already envisage adding to the air-
Deutsche’s net loss attributable to 46 per cent year on year to €2.7bn in the measure of balance sheet strength — ures are getting tightened up depending 14-day quarantine on travellers return- craft already on order.
shareholders for the quarter nearly dou- quarter, led by fixed-income trading. temporarily falling below its internal on the situation. But this is not only in ing from Spain after a surge in coronavi- Even with its growth ambitions, Wizz
bled to €77m. Christian Sewing, chief Group revenue rose 1 per cent to €6.3bn, target of 12.5 per cent in 2020 was “now one direction. It will be more like a rus cases there. Air will remain substantially smaller
executive, is in the second year of a radi- €200m above expectations. significantly lower than was anticipated rollercoaster and you will see countries Prime minister Boris Johnson has sug- than Europe’s biggest low-cost carrier
cal restructuring plan that will cut about Despite Deutsche’s surge in trading earlier in the second quarter 2020”. and markets going up and down again.” gested restrictions could be imposed on Ryanair.
JULY 30 2020 Section:Companies Time: 29/7/2020 - 18:25 User: cathy.pryor Page Name: CONEWS1, Part,Page,Edition: USA, 6, 1
Thursday 30 July 2020 ★ FINANCIAL TIMES 7
COMPANIES & MARKETS
Covid crisis drives hard bargain for retail leases
Commercial property landlords under pressure to link tenants’ rents to how much turnover their businesses generate
George Hammond — london forming local high streets. A survey of
Leila Abboud — Paris UK landlords by property consultancy
Alistair Gray — new york
Colliers in May found that 40 per cent
Capital & Counties has long enjoyed would now be more likely to factor turn-
an enviably strong hand in rent over, footfall or online sales into lease
negotiations. agreements.
As the owner of London’s Covent Gar- Brian Bickell, chief executive of Shaft-
den market, a magnet for millions of esbury, a UK-listed property company
foreign and domestic tourists who can whose portfolio includes London’s Chi-
shop and dine along streets dating back natown, acknowledges that the industry
to the 17th century, the property com- may be at an era-defining juncture.
pany is not accustomed to offering con- “I think landlords now are going to
cessions to tenants ranging from multi- have to accept more risk sharing in
nationals like Apple to independent terms of taking on turnover rents,” said
businesses. Mr Bickell, who has offered turnover-
But the virus crisis has ripped up that linked leases to restaurants and cafés.
script. With foreign tourists staying at “At the end of the day it's got to be
home and the UK economy in recession, affordable for the tenant as well.”
the London-listed company is for the However, a concerted effort to make
remainder of the year offering some ten- turnover-linked leases more main-
ants variable leases, where the level of stream would bring its own tensions as
rent is tied to how much turnover a busi- well as potentially radical ramifications
ness generates. for property companies.
There are few starker illustrations of For restaurants, cafés and bars, such
how the pandemic is forcing property leases would be relatively straightfor-
companies dependent on the retail and ward because sales take place on site.
hospitality industries to think what But a challenge for retail landlords is
might have once seemed unthinkable. establishing how much of a tenant’s rev-
The pandemic has unleashed a high- enue is attributable to a physical store.
stakes debate over whether rents should “I don’t think anyone’s cracked how
be fixed or linked to some measure of you capture online sales [when setting
how a tenant’s business is performing. variable leases],” said Mr Bickell. “The
As rising infections in the US threaten brand value of having a bricks-and-
more crippling lockdowns, fashion mortar store in [London’s] Soho is huge,
chain Urban Outfitters is among a grow- but how do you ever know which shop is
ing number of retailers calling for varia- driving turnover?”
ble leases to help them weather the pan- Hammerson, a UK and European
demic. In France, the government tried shopping centre owner hit hard by the
and failed to mediate a bitter argument pandemic, argues that any move to
between retailers and landlords, many link store rents to the level of turnover
of whom are resisting attempts to Arrears stack up for UK landlords Rent strike hammers US mall owners Collections continue to fall in Britain must include online sales, too. But that
rewrite previously sacrosanct lease would require tenants providing a level
Fees unpaid (%) April collection rates* (%) Amount of rent collected Percentage
agreements. of detailed information to landlords
points difference
Chip Bergh, chief executive of US 60 Net lease Strip (selected) in Q3 (%) on previous that they have historically been reluc-
NYC street retail Mall quarter
fashion chain Levi Strauss, is clear: “A tant to do.
0 20 40 60 80100
0 20 40 60 80 100
fixed lease, especially at pre-Covid “If we had a property market where
levels, could become economically pun- 55 WP Carey SIunpceormmea Rrkeeitt 0 we hadn’t had 50 years of mistrust
Realty Income
ishing.” Vereit Ediston 4 between tenants and landlords it might
50
He said: “There could be an extended Retail Opportunity Investments Derwent -3 be OK,” said Dominic Curran, property
Spirit Realty Capital Town Centre
period of time where you have to limit -3 policy adviser at the British Retail Con-
Store Capital Securities
the number of people coming into your 45 Brixmor Property British Land -8 sortium. “But tenants think landlords
Weingarten Realty Investors
doors.” He noted that as well as lower Vornado Realty Trust Great Portland -5 will use it as a stick to beat them with, to
sales, retailers also face higher costs due 40 National Retail Properties LandSec -11 drive up rents.”
to cleaning and other safety measures. 0 1 2 3 4 5 6 7 Macerich If turnover-linked leases were ulti-
Brookfield Property Partners New River Reit -6
“That puts a financial burden on us and Weeks behind Tanger Factory Outlet Centers Capital & Regional -16 mately brought in from the industry’s
we’re just looking for landlords to share Data based on survey from six of the UK’s largest property periphery, investors say it would also
management groups, responsible for more than 78,000 separate * Brookfield refers only to its mall portfolio and Simon Hammerson -21
in that pain.” leases on 18,350 commercial and residential properties across the UK Property Group declined to provide data change the perception of a sector where
Rémy Baume, chief executive of Sources: Remit Consulting; Green Street Advisors; Goodbody company valuations have typically been
Zadig & Voltaire, the French clothes underpinned by stable income streams
retailer, agrees. ‘A fixed leases, given the near-impossibility of retailers and trade associations wrote an meant “we were losing money on the As rising and the allure of dividends.
“During the recovery period, we need finding alternative tenants. open letter in Les Echos newspaper urg- store. We tried to go to a variable rent infections in the “Investing in commercial property,
lease,
variable rents and not fixed ones,” said “It’s definitely happening a lot more,” ing landlords to tie rents to revenue for but the landlord was having none of it,” US threaten you’re investing for income,” said Tim
Mr Baume. “This would align both sides’ especially Vince Tibone, retail sector head at the rest of the year. With major French said Mr Rocher. more crippling Munn, chief investment officer at May-
interests as we come out of the crisis.” Green Street, the commercial property landlords such as Unibail and Klépierre Whether in the US, the UK or France, lockdowns, fair Capital, the UK arm of asset man-
at pre-
For some property companies, the research firm, said of variable leases in refusing such demands, the French gov- retailers have so far only pushed for var- fashion chain ager Swiss Life. “Accepting that rental
scale of the calamity that has engulfed Covid the US. For many landlords, he said, “it’s ernment attempted to mediate, but that iable leases, which can also include a Urban Outfitters income can go down as well as up brings
their tenants means rewriting the least bad option”. process failed last month after retail fixed one-off payment, until the end of is among a more risk for risk-averse investors.”
levels,
lease agreements and sharing the pain Even if some UK retailers have trade associations rejected a proposed the year. But with the pandemic turbo- growing number Mr Munn and other dividend-hungry
is necessary. could reported encouraging sales since the compromise. charging the migration of consumers of retailers investors have no need for panic. Varia-
US cinema chain AMC Entertain- lockdown began to be eased in May, no Bris Rocher, whose family-backed from physical stores to the internet, calling for ble-linked leases still account for a small
become
ment, Canada’s Cineplex and global one disputes that the sector remains in company owns French beauty products some sense both the chance and need variable leases share of retail landlords’ income. Simon
fashion retailer AllSaints are among punishing’ the grip of a crisis. Intu, the country’s company Yves Rocher and kids’ cloth- for a more permanent change in leases. George Etheredge/ Property Group, the largest US shopping
companies that have made progress largest shopping centre owner, col- ing brand Petit Bateau, has been a vocal “In the UK, there has been a huge Bloomberg mall owner, generated $4.9bn from
towards agreements that link rents to lapsed into administration last month. advocate for renegotiating leases. acceptance among owners and occupi- fixed leases last year, more than five
the level of turnover. Although the gravity of the situation “Decent” trading at the company’s ers that our way of occupying commer- times that it made from variable ones.
Scores of US businesses, including has prompted some landlords to con- 800 or so stores since they reopened in cial space is broken and there needs to But if a significant number of consum-
Tommy Hilfiger-owner PVH and The clude that having less rent is preferable mid-May had softened the blow, he said, be radical change,” said Mark Robinson, ers fail to return to shops and restau-
Cheesecake Factory, have sought relief to a bankrupt tenant, the fight over but the company decided to close a shop chair of the High Streets Task Force, a rants in the coming months, the pres-
on rents. In many cases, landlords have leases has sometimes turned ugly. on Boulevard Haussmann in Paris. government-appointed body of experts sure to permanently rewire lease agree-
conceded irrespective of the wording of In April, a group of about 30 French Fewer tourists, particularly from China, which advises on supporting and trans- ments will only grow.
Automobiles Retail & consumer Mergers & acquisitions
Aston Martin says accounting Strenuous cost-control effort BC Partners buys stake in
error led to understated losses softens the blow at Kering Italian machinery maker
Peter Campbell — London over the period, compared with a loss of Leila Abboud tourism. Chinese buyers, who drive Kaye Wiggins — London European listed companies this year,
£80m during the same time in 2019. growth and often shop while travelling after buyout groups KKR, Cinven and
The new owners of Aston Martin have Kering, the group behind Gucci and BC Partners has agreed to buy a stake
“This has been a very intense and to Europe, are stuck at home, hurting Providence Equity Partners agreed a
identified accounting errors at its US Yves Saint Laurent, said it was impossi- in Italian machinery maker IMA, in a
challenging six months,” said Lawrence sales from London to Milan. Analysts do takeover of the Spanish telecoms group
arm that led the carmaker to under- ble to predict demand for the rest of the deal that values it at about €3bn and
Stroll, executive chairman, yesterday. not expect revenue to return to 2019 MasMovil which valued it at €3bn.
state the scale of last year’s losses. year, even though most of its stores marks one of private equity’s largest
Mr Stroll, who came in through a levels for two to three years. It is BC Partners’ first major transac-
have reopened after lockdowns and it moves on a European listed company
The discrepancies saw payments to US £540m rescue deal earlier this year, Kering said that, while sales should tion in Europe since the start of the coro-
has seen sharp rise in online sales. since the coronavirus crisis began.
dealers booked later than they should plans to revive the brand by cutting improve in the second half, it would not navirus crisis. The buyout group has
have been, which inflated profits and sales to dealerships and overhauling the The forecast was given as the group, be enough to offset the 30 per cent The London-based buyout group will spent the past few months shoring up
affected the company’s balance sheet. management team. He has already controlled by François Pinault, reported slump in the first. acquire a 20 per cent stake in Sofima, a some of the companies it already owns
The errors date to 2018, the year Aston replaced the chief executive, finance that first-half operating profit declined As the pandemic eased in Asia and holding company through which the that have been hit hard by the pan-
held its initial public offering, the com- chief and chairman. The group’s new 58 per cent to €952m. Europe last month, there were signs of wealthy northern-Italian Vacchi family demic, such as the Côte and Cigierre res-
pany said yesterday. chief executive, former AMG boss That was about 10 per cent ahead of improvement, especially in China. owns a majority stake in IMA, it said in a taurant chains.
As a result, pre-tax losses in 2019 were Tobias Moers, joins later this week. consensus, according to Bernstein Kering said its brands were doing well statement yesterday. So far this year BC Partners has struck
understated by £15.3m. The revision During the past six months, Aston cut Research, as cost cuts mitigated the hit. In a second stage of the transaction it eight deals — excluding IMA — accord-
means Aston made a loss last year of the inventory at its dealers by 869 cars, Kering’s first-half operating margin will launch a €68 per share takeover ing to PitchBook data, a sharp fall from
£70.9m compared with the £55.6m ini- but the process of clearing out fore- stood at 17.7 per cent compared with 58 68 offer for the machinery group’s out- 2019 when it agreed 38 deals. That sets it
% %
tially reported. courts of unsold vehicles will last “well 29.5 per cent a year ago. standing shares, which would see it apart from a small group of mostly US-
Fall in first-half Decline for rival
“There are a number of potential into 2021”, the company said yesterday. Its success in curbing spending on delisted from the Milan Stock based private equity firms that have
operating profit LVMH, whose
ways the incentives are accounted for, As a result of the destocking, the everything from leases to inventory for the YSL and margin shrivelled Exchange. This would enable BC Part- aggressively snapped up stakes in com-
so there are different ways it can be group’s flagship Gaydon plant, which stood in contrast to sector leader LVMH, Gucci parent from 21% to 9% ners to hold up to 45 per cent of the busi- panies throughout the crisis.
done,” chief financial officer Kenneth makes its sports cars, will remain closed which on Monday posted a 68 per cent ness, with the family retaining a major- IMA’s chairman Alberto Vacchi said in
Gregor, who joined in June, said, adding until late August. fall in first-half operating profit. there and were benefiting from ity stake. a statement the agreement would “allow
he believed the decisions were a “simple “We don’t need to produce vehicles The conglomerate run by billionaire “revenge buying”. Average sales growth The deal values the equity of IMA, IMA to remain independent, with conti-
error or misunderstanding”. that would just add to the [inventory] Bernard Arnault, which produces most in China ranged from 40 to 70 per cent which makes machines that are used to nuity for management and employees.”
Aston has been racing to repair its problem,” said Mr Gregor. “It’s painful, of its clothing and leather goods in- since May, depending on the brand. package pharmaceuticals, food and cos- Once net debt of €667m is taken into
profitability since last year, when the but it’s the right thing to do.” house and often directly runs its own Kering’s second-quarter sales stood at metics, at €2.9bn. Its shares rose 13 per account, the deal gives the company a
company revealed it had too many cars The luxury carmaker has given no boutiques, cannot cut costs as rapidly as €2.18bn, down 44 per cent on a compa- cent to €67.90 after the announcement. valuation of about 13 times last year’s
unsold in dealerships. The pandemic, formal profit guidance for the year, as it competitors that outsource more. rable basis. This was largely in line with Stefano Ferraresi, a partner at BC €273m earnings before interest, taxes,
which forced it to close dealerships is “too early to tell” the full impact of LVMH’s first-half margin shrivelled to analysts’ expectations but worse than Partners, said IMA is an attractive target depreciation and amortisation.
worldwide and shut its factories, exac- coronavirus, he added. 9 per cent from 21 per cent last year. LVMH’s 38 per cent contraction in com- because it is “exposed to resilient end Amid the disruption caused by the
erbated the problems. Deliveries of the DBX, Aston’s first That leaders in luxury are having to parable sales. markets” such as food, coffee and medi- pandemic, IMA’s ebitda before non-re-
In the first half of this year, revenues sport utility vehicle and a crucial prod- think about retrenchment is a change. A bright spot has been the ecommerce cation, has a strong management team curring charges, fell from €92.3m in the
fell 64 per cent to £146m, with total cars uct for success, began several weeks ago, The virus has stopped a decade-long boom. Online sales have risen about 50 and scope to grow through acquisitions. first half of 2019 to €78.1m in the first
sold dropping 40 per cent to 1,770 vehi- though the business did not give an up to expansion in its tracks, not only because per cent this year so far to account for 13 The acquisition is one of just a handful half of 2020, according to preliminary
cles. It reported a pre-tax loss of £227m date number for customer orders. of store closures but by interrupting per cent of Kering’s revenue. of large private equity investments in figures from the group.
JULY 30 2020 Section:Companies Time: 29/7/2020 - 17:18 User: jon.wright Page Name: CONEWS2, Part,Page,Edition: USA, 7, 1
8 ★ FINANCIAL TIMES Thursday 30 July 2020
COMPANIES & MARKETS
Commodities. Demand test Cross asset
UK watchdog
Virus hit to chocolate sales
warns over
shakes up cocoa trading brokers’ use
of collateral
Philip Stafford — London
The UK market regulator is cracking
down on brokers, saying it has seen evi-
dence that some are making “inappro-
priate” use of clients’ assets through
legal loopholes.
In a so-called “Dear CEO” letter — a
rare form of correspondence that sig-
nals concerns over industry-wide prac-
tices — the Financial Conduct Authority
gave 357 wholesale brokerages just
three weeks to attest they were abiding
by the rules.
The warning is the latest example of
scrutiny of the conduct of wholesale
brokers, which act as middlemen and
negotiate trades in equities, energy,
commodities and interest rate deriva-
tives markets, for customers such as
asset managers and wealthy individu-
als. They also carry out trades for their
own accounts.
In its letter, sent last week, the FCA
said some brokers had been inappropri-
ately using a standard legal agreement,
in which customers agree to transfer
legal ownership of collateral to their
broker for use in meeting margin calls
on trades.
The collateral is designed to be a
safety net for customers, and is
ringfenced in case the broker itself gets
into financial difficulty.
But some brokers have been holding
Prices slump amid the biggest Cocoa price melts Cocoa producers reflecting the pair’s ambition to use ‘We are concerned about
in Ghana are their market share to influence prices in
year-on-year decrease in New York cocoa price ($ per tonne) holding out for the same way as producers of crude oil. cases where firms lacked
processing beans since 2014 2,100 better prices Michiel Hendriksz, a former cocoa arrangements to promptly
ahead of the executive who runs FarmStrong Foun-
return collateral to clients’
2,000 harvest starting dation, which works on sustainable
Emiko Terazono — London 1,900 in October agriculture programmes in Ivory Coast,
Neil Munshi — Brussels Axel Fassio said the premium was a mistake. an “inappropriate” amount of money or
The Covid-19 crisis has taken a big bite 1,800 It has already been discounted in the assets compared to a client’s risk. Some
out of the chocolate market, causing a price buyers are willing to pay and is brokers did not have permission from
1,700
slump in demand that has sent cocoa depressing demand that has already the customer to hold these accounts,
prices sharply lower and created 1,600 been hit hard by the pandemic, he said. while others were not supposed to hold
“disastrous” conditions for farmers. Despite the challenges facing the client money, the watchdog added.
1,500
The New York benchmark for cocoa market, betting against the crop is risky, “We are especially concerned about
Jan 2020 Jul
beans has fallen by almost a quarter said traders. such cases where firms lacked arrange-
since its February high, hitting Source: Refinitiv “Cocoa isn’t a crop where investors ments to promptly return collateral to
a 15-month low of $2,150 a tonne earlier like to be short for too long,” said an their clients, or to segregate it as
this month. of new flare-ups in Covid infections 3,200 farmers in Abengourou, in executive at a leading trading house, required by [client asset standards],”
Though prices have recovered a little that prompt further restrictions on eastern Ivory Coast. speaking on condition of anonymity. the regulator warned.
in recent days, hedge funds have contin- movement and travel. The country’s borders have been shut “It's a fickle crop; in the biggest produc- Simon Bird, co-founder of Objectivus
ued to ramp up their bets against the Mr Rawlings said cocoa demand was for four months because of the ers it’s a bit of a disorganised crop,” he Financial Consulting, a risk and govern-
commodity, moving into their biggest unlikely to start growing again until pandemic, keeping foreign farm added. “The supply risks are [normally] ance specialist, said that a number of
net short position this year. the 2021-22 crop year, assuming workers out — and leaving much of the much larger than demand risks.” brokers had “transferred all the clients’
“Clearly, funds don’t believe this is the a “complete relaxation” of social- pruning and weeding work undone. Traders are increasingly focused on money to cover trades, so there’s been a
bottom,” said Andrew Rawlings, analyst distancing measures. “We can’t do farm work the way it the ballot box. The Ivory Coast has an certain amount of free capital available”
at Rabobank. This uncertainty was making bargain- should be done so, production will be election in October and Ghana in for the firm.
Shifts in supply patterns are normally hunters wary, said commodity traders. [affected],” said Mr Yao. December. Brokers were also “misidentifying”
the cause of fluctuations in cocoa prices. Processors have stocked up in the crisis, The impact on farmers is “disastrous”, Cocoa prices are sensitive to any some trades, the FCA’s letter said, label-
But the virus has shifted attention to raising worries that unusually big inven- he added, affecting their ability to buy political volatility in the region and any ling them as clients’ trades rather than
demand as Covid lockdowns disrupted tories will continue to weigh on prices. food, house their families and pay sign of a disruption to supply could trig- their own, and therefore incurring
sales of chocolate at airports, hotels, “The consensus among traders is that school fees for their children. ger a rush among investors looking to lighter capital charges. Clients of these
restaurants and speciality boutiques. the industry holds about 10 months’ The fall in bean prices has also fed cover their short positions, traders said. brokers include investment banks and
As a result, global “grindings” — the worth of forward cover,” said Eric Sivry worries about whether a price premium But the end of the year, which smaller independent brokers.
amount of cocoa processed by the at commodities broker Marex Spectron. levied on international buyers by Ivory ‘A classy, includes the holiday season, will also be Last year the FCA sent brokers
industry — fell 8.2 per cent in the Producers, meanwhile, are playing a Coast and Ghana will actually reach the a crucial test for demand. another “Dear CEO” letter warning that
fancy
second quarter, according to data from waiting game. The Ivory Coast and farmers the money is supposed to Marcia Mogelonsky, analyst at con- they had “not kept pace” with the
industry associations. That was the Ghana, the two biggest producer coun- support. tray of sumer data research firm Mintel, said tougher markets regulations of the pre-
largest year-on-year decline since 2014. tries, normally sell their upcoming crop In order to reduce poverty and child the “focus on emotional wellness” in FastFT vious five years. Moreover, there was a
truffles
The world’s biggest chocolate compa- ahead of the harvest starting in October labour, the two governments — which lockdown was good news for sales of Our global “complacent attitude and resultant fail-
nies reported falls in their second quar- but are holding out for better prices, account for more than 60 per cent of the you comfort food. team gives you ure to meet expectations across all the
ter sales with Lindt, the Swiss chocola- according to people in the market. world’s cocoa — agreed last year to But with gatherings and travel still market-moving areas of regulation,” the letter said.
hand-select
tier, predicting comparable sales will be The pandemic has already created demand a $400-per-tonne premium, to disrupted, the upmarket segment will news and views, The regulator blamed the industry’s
down 5 to 7 per cent for the full year. a crisis for farmers, said Nestor Yao, be added on cocoa harvested from the — that’s not continue to struggle. “A classy, fancy 24 hours a day pay and incentive schemes, which typi-
The economic downturn is a threat to president of the Capressa farmer crop year starting this October. tray of truffles you hand-select — that’s ft.com/fastft cally hand brokers cash payments for
happening’
the outlook, analysts said, as is the risk co-operative, which represents about Politicians called the cartel “Copec”, not happening,” she said. generating revenue.
Technology Fixed income
US blacklisting fails to derail ambitions of Corporate debt issuance halves after
China AI start-ups Megvii and SenseTime surge leaves borrowers flush with cash
Mercedes Ruehl — Singapore recognition company iFlytek and AI contracts with Chinese companies and Joe Rennison the US this year has already surpassed for example, raising $1.25bn in part
unicorn Yitu, accusing the companies of cities and are some of Beijing’s brightest the total for the whole of 2019. to refinance debt coming due in
Megvii and SenseTime, China’s leading Global corporate bond issuance is on
aiding the “repression, mass arbitrary prospects in the sector. With many companies now stuffed September.
artificial intelligence start-ups, are course for its slowest month of the
detention and high-technology surveil- But after initially struggling with the with cash — reducing the imminent risk AT&T also sold debt on Monday,
raising money and winning overseas year, slumping by half from June as
lance” in the western Chinese region of US blacklisting, which bars them from of bankruptcy — bankers and analysts boosting the month’s total by raising
contracts despite landing on a US companies flush with cash from a
Xinjiang. buying components from American say there is less desperate need to issue $11bn across five maturities to buy back
blacklist last year, underscoring how recent borrowing binge take stock of
The move by the Trump administra- suppliers, they have stabilised. more bonds. debt coming due in roughly the next five
Beijing’s brightest young companies the fast-evolving coronavirus crisis.
tion, whose acrimony with Beijing has Megvii’s planned Hong Kong listing “We have never seen anything years.
are weathering the setback.
involved the technology sector, struck was thrown off course and revenue was Corporate borrowers have raised like that, it was a liquidity crisis and The new debt ranges from a $2.25bn
Megvii, one of eight companies put on at the heart of China’s burgeoning AI hit as the company halted many opera- $259bn by selling bonds since the start companies scrambled,” said Hans bond maturing in seven-and-a-half
the US commerce department’s entity industry, a key part of President Xi Jin- tions to assess the impact. of July, less than half the $529bn sold last years to a $1.5bn bond maturing in more
list nine months ago, is in talks with new ping’s “Made in China 2025” blueprint. The start-up, whose offshore backers month and the lowest total since the ‘It’s definitely going to be than 40 years.
investors to raise funds after postponing Megvii and SenseTime have multiple include Macquarie and the Abu Dhabi end-of-year slowdown in December, The average yield across bonds rated
slower but companies will
an initial public offering in Hong Kong Investment Authority, said it made no according to data from Refinitiv. investment grade fell below 2 per cent
this year, according to two people with revenue from projects in Xinjiang in the The drop has been particularly come to market that need for the first time ever this month,
knowledge of the situation. first half of 2019. pronounced for companies rated invest- according to an index run by Ice Data
to extend their maturities’
There are internal discussions about Megvii’s revenue has recovered to ment grade in the US, which have sold Services — and analysts are forecasting
whether the $4bn Chinese facial pre-entity list levels, according to a per- $76bn of bonds this month compared corporate borrowing costs could decline
recognition start-up needs the capital son with knowledge of the situation. A with four consecutive months above Mikkelsen, a credit strategist at Bank of further.
before or after a potential listing next revived IPO, this time potentially on the $200bn from March to June. America. “What has changed is that “It’s definitely going to be slower for
year, the people added. mainland’s tech-focused Shanghai Star The US Federal Reserve paved the now they have liquidity.” the remainder of the year but compa-
Alibaba-backed facial recognition board, is expected in 2021. way for a record-breaking surge in cor- Activity more recently has focused on nies will come to market that need to
software company SenseTime turned to Shenzhen-based iFlytek said in April porate borrowing at the end of March lower rated issuers that have struggled extend their maturities,” said Monica
private investors to raise up to $1bn in the entity list ban had cost it $12.7m but when it announced sweeping measures to lure investor support owing to Erickson, head of the investment grade
capital this year with an IPO still some net profit still rose to Rmb819m to support the US economy and finan- concerns over their solvency and corporate team at DoubleLine Capital in
ways off, according to two other people ($117m) in 2019 from the year before. cial markets. some bigger borrowers moving Los Angeles.
familiar with the matter. SenseTime has not publicly com- Companies in dire need of money to opportunistically to take advantage of John Stephens, chief financial officer
Both companies declined to com- mented on the business impact but it replace earnings lost as a result of the record-low borrowing costs to lock in at AT&T, said on the company’s
ment. The US blacklisted Megvii and Chinese facial recognition start-up operates primarily in China and has pandemic rushed to issue debt. Invest- savings and push out debt maturities. earnings call last week that its cost of
SenseTime in October, along with voice Megvii is in talks with new investors little exposure to the US market. ment grade corporate bond issuance in Kinder Morgan sold debt on Monday, debt is as low as he has ever seen.
JULY 30 2020 Section:Markets Time: 29/7/2020 - 18:38 User: stephen.smith Page Name: MARKETS1, Part,Page,Edition: USA, 8, 1
Thursday 30 July 2020 ★ FINANCIAL TIMES 9
COMPANIES & MARKETS
China’s rally can
The day in the markets
avoid the boom
What you need to know
and bust of 2015
3 Stocks edge higher ahead of Fed rate Dollar dips to two-year low against peers
decision
US Dollar index
3 Dollar falls to lowest level against
peers since June 2018 104 Diana Choyleva
3 Oil climbs after drop in US crude
inventories
102
Markets Insight
The gold rally paused and the dollar
100
weakened ahead of a Federal Reserve
announcement yesterday in which US
98
policymakers were widely expected to
keep interest rates on hold. T he history of China’s stock Jinping’s determination to halt property competition — and the improved
The US Dollar index, which tracks the 96 markets is one of successive inflation. For more than three years, the governance and risk assessment this
greenback against a basket of its peers, booms that ended in tears, Communist party chief has been will gradually bring with it.
fell 0.3 per cent to its lowest level since 94 most recently in 2015, when intoning the mantra that homes are for If foreign asset managers profession-
June 2018. the benchmark fell 47 per living in, not for betting on. alise China’s stock market and help its
“A key driver of a weaker dollar in 92 cent in a matter of months. But evidence Mr Xi views sky-high house prices as investor base mature, this can only
coming months is likely to be negative is mounting that there is something new widening the divide between rich and strengthen the case for a diversification
macro data surprises from the US,” wrote 90 about this latest rally, which means it poor. He is committed to addressing the strategy away from housing into stocks.
George Saravelos, global head of FX could have much further to run. massive increase in inequality over the China’s stock market has long been
research at Deutsche Bank. It is worth considering whether this past 20 years that has made China one of disparaged as a casino but the image
88
The US reported 1,121 coronavirus time really could be different. To be the most unbalanced countries in the needs to be reconsidered. True, retail
deaths on Tuesday, taking the seven-day 2017 18 19 20 sure, the upswing has echoes of the world, according to IMF data. investors still dominate the market and
average death toll above 1,000. Several surge and subsequent collapse in share That is hardly a record to boast about underlying fundamentals such as prof-
Source: Refinitiv
states have now reversed plans to reopen prices five years ago, which spooked not in the same breath as proclaiming your its have a marginal influence at best on
their economies after this uptick in cases. only the ruling Communist party but pursuit of “socialism with Chinese prices. Regulators retain a tight grip on
The flare-ups came as Republicans and more dovish Fed policy,” said Elsewhere, the continent-wide Stoxx also global markets. characteristics for a new era”. the initial public offering process.
clashed with Democrats over an Anthony Rayner, multi-asset fund Europe 600 benchmark slipped 0.1 per Much like in 2015, cheerleading by The Chinese people are finally getting But change is afoot. The advance in
extension of fiscal support that would cut manager at Premier Miton Investors. “All cent while China’s CSI 300 index of state media has encouraged investors to equities so far this year owes little to
enhanced unemployment benefits from of these factors are arguably behind the Shanghai- and Shenzhen-listed stocks pile into equities, sending a clear signal Margin financing is at one visible support from China’s “national
$600 a week to $200. recent rise in gold as investors worry leapt 2.4 per cent. to a market already primed for gains on team” of state-backed investment insti-
of its lowest levels as a
“Markets had assumed that the risk to about slowing economic activity in the Oil prices rose after US crude stockpiles the back of a surprisingly robust per- tutions. Regulators have learnt the les-
the deal was mostly to the upside,” said US, due to resurgent cases of Covid-19.” fell further than forecast last week. formance during the Covid-19 lockdown. share of overall trading in son from five years ago that interfering
analysts at Brown Brothers Harriman, Analysts at Credit Suisse expect gold Refineries pumped more fuel, imports Yet the differences are also signifi- with the market can backfire.
the A share market
“but discussions seem to be heating up to hit $2,000 in three months and $2,050 plunged and petrol demand surged, said cant. First, although margin financing Unlike in 2015, the authorities
and bogging down and so the range of in 12 months. the Energy Information Administration. has risen fast this year, it remains well resisted the temptation in the first quar-
possible outcomes looks wider now.” On Wall Street, the S&P 500 was up 1 Brent crude, the international below 2015 levels and as a share of ter to suspend the market, despite the
Gold stayed around $1,957 an ounce, per cent at lunchtime at New York with L benchmark, rose 1.4 per cent to $43.82 a overall trading in the A share market it the message that Mr Xi means business gravity of the coronavirus crisis. Clearly,
having hit an all-time peak this week. Brands the top performer after the owner barrel while WTI, the US marker, is at one of its lowest levels. — neither the trade war with the US nor China is at pains not to deter badly
“Gold has been driven higher by falls in of Victoria’s Secret reported quarterly climbed 0.6 per cent to $41.28 a barrel. By the middle of 2015, regulators had the economic havoc wrought by Cov- needed flows of foreign capital.
US Treasury real yields, a weak US dollar sales that were better than expected. Ray Douglas grown so concerned by the explosion in id-19 has produced the dramatic easing Importantly, too, China is now
trading with borrowed money that they of housing policy that has typically been included in MSCI’s widely followed
curbed the practice, pulling the rug part of China’s stimulus efforts. emerging markets index. Whatever
Markets update from under the stock market. The significance for the stock market your views on the country, it is a market
The authorities, for whom reducing is that Chinese households might start that can no longer be ignored.
risk in the financial system remains a to think twice about automatically Could the rally since the end of March
top priority, need to be careful. pouring their savings into property on — in which stocks have risen by more
US Eurozone Japan UK China Brazil Nothing attracts money like a rising the assumption that house prices will than one quarter — be the start of a long-
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa stock market. But as long as the influx keep rising. term bull market in China? This is not
Level 3244.75 1431.22 22397.11 6131.46 3294.55 105007.68 reflects increased risk appetite and not a It is premature to conclude that China currently our medium-term forecast.
% change on day 0.82 -0.01 -1.15 0.04 2.06 0.86 surge in borrowing, Beijing has little is on the brink of a Great Rotation from Even so, investors need to recognise and
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ reason to cut it short, especially at a time property into equities. But it would be act on the fundamental changes that
Level 93.666 1.178 105.105 1.296 7.000 5.152 when debt-for-equity swaps have unwise to rule out the possibility. have taken place over the past few years.
emerged as the preferred method to The third big difference between
% change on day -0.032 0.426 0.124 0.155 -0.114 -0.394
clean up bad loans. 2015 and 2020 is the opening up of Diana Choyleva is chief economist at Enodo
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
The second big change is President Xi China’s financial markets to foreign Economics in London
Yield 0.578 -0.501 0.016 0.118 2.939 6.393
Basis point change on day -1.560 0.900 -0.500 1.000 1.600 -0.700
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 365.24 43.76 41.35 1940.90 23.55 2882.90
% change on day 0.53 1.16 0.73 0.22 -3.41 0.72
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
6560
3360 1480
6400
3200 1440
6240
3040 1400
6080
2880 | | | | | | | | | | | | | | | | | | | | 1360 | | | | | | | | | | | | | | | | | | | | 5920 | | | | | | | | | | | | | | | | | | | |
May 2020 Jul
May 2020 Jul May 2020 Jul
Biggest movers
% US Eurozone UK
L Brands 33.50 Cap Gemini 6.53 Next 7.68
Advanced Micro Devices 13.33 Kering 3.97 Smurfit Kappa 4.75
ps C.h. Robinson Worldwide 10.55 Gecina 3.02 Burberry 3.69
U
Trane 8.39 Schneider Electric 2.93 Jd Sports Fashion 2.81
Gap (the) 8.27 Pernod Ricard 2.66 Hsbc Holdings 2.56
%
Seagate Technology -10.13 Saipem -9.86 Taylor Wimpey -8.09
Automatic Data Processing -6.48 Solvay -5.03 Barclays -6.11
s
n
w General Electric -5.30 Basf -4.90 Rolls-royce Holdings -3.62
o
D Boeing -3.90 Tenaris -4.87 Melrose Industries -3.43
Netapp -3.42 Santander -4.71 Evraz -3.38
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
Wall Street Eurozone London
L Brands led the S&P 500 gainers after Kering rallied after results from the HSBC gained on the back of an upgrade
the retailer announced plans to operate luxury goods maker helped ease worries to “buy” from Investec Securities.
its Victoria’s Secret chain as a standalone that Gucci, its key brand, had lost “In the context of current geopolitical
company in preparation for a break-up. momentum. turmoil, as well as our own longstanding
The company also said that second- Second-quarter group organic sales scepticism over HSBC’s ability to
quarter sales had fallen less than were down 43.7 per cent, which was (ever) deliver against management
expected thanks to improving trends at slightly ahead of the sector average, targets, we find it hard to generate too
its speciality Bath & Body Works stores. while margins remaining unexpectedly much enthusiasm for this call,” Investec
JPMorgan turned positive in response. firm. Kering’s continued outperformance told clients. But with HSBC’s discount-to-
The broker said that with sales and profit should give investors confidence to book value having fallen to a 22-year low,
both inflecting, and with health, beauty narrow a discount of more than 30 per the stock was worth owning for resilient
and home trends all underpinning long- cent to rivals, said Société Générale. profitability and a best-in-class dividend
term growth prospects, the promise of Sector peer Ferragamo, the Italian yield through to 2022, the broker said.
making L Brands more focused on Bath & leather goods maker, climbed after saying Barclays dropped after interim results
Body Works was too hard to ignore. revenue had improved across all its showed that its consumer lending
Tupperware was heading for its geographies in July. operations were holding back group
biggest ever daily gain, up as much as Finnish drugmaker Orion was the Stoxx earnings, which had been expected to be
70 per cent after a restructuring during Europe 600’s biggest faller on news that buoyed by the performance of its
the second quarter delivered quicker a late-stage clinical trial of its investment banking division.
than expected results. experimental motor neurone disease Taylor Wimpey led UK housebuilders
Chipmaker AMD climbed after raising treatment had shown no statistically lower after reporting much weaker than
its full-year revenue guidance to reflect significant difference versus a placebo. expected first-half margins, because of
strong demand for PC, gaming and While investors had already viewed the Covid-19-related costs, and cautioning
datacentre products. It also flagged drug as high risk after it failed a mid- that completion rates would remain weak
helpful trends for the second half on the stage study, the setback was likely to for the rest of 2020.
back of new games console launches. push Orion into seeking acquisitions in Smurfit Kappa rose after the paper
Seagate Technology was under order to reach a 2025 sales target, said packaging maker reinstated its full-year
pressure after the data storage maker’s Jefferies analysts. dividend with forecast-beating results.
annual results — and guidance for the Neste fell after SocGen downgraded Cineworld retreated on news that AMC,
quarter ended September — both the Finnish fuel refinery to “hold”. its main rival in the US, had agreed a deal
disappointed. Economic uncertainty and With waste supply chains still at risk of with Universal Pictures to reduce the time
disruptions related to Covid-19 had hit disruption around the world from Covid- before films could be put on premium
end-markets including video, Seagate 19, Neste’s biofuels division faced possible streaming services to just three
said. Bryce Elder rising input prices, it said. Bryce Elder weekends. Bryce Elder
JULY 30 2020 Section:Markets Time: 29/7/2020 - 18:44 User: stephen.smith Page Name: MARKETS2, Part,Page,Edition: USA, 9, 1
10 ★ FINANCIAL TIMES Thursday 30 July 2020
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 $
-0.01% -1.15%
0.82% 1.07% 0.28% 0.04% 0.45% 0.53% 0.426% 0.155% 0.124% 0.221% 1.05% 0.22%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jun 30 - - Index All World Jun 30 - Jul 29 Index All World Jun 30 - Jul 29 Index All World Jun 30 - Jul 29 Index All World Jun 30 - Jul 29 Index All World Jun 30 - Jul 29 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,263.16
3,244.75 16,231.67
12,822.26
6,169.74 6,131.46 22,512.08 22,397.11
3,100.29 15,389.72 12,310.93 2,108.33
Day 0.82% Month 6.28% Year 7.42% Day 0.68% Month 5.49% Year -1.56% Day 0.04% Month -1.43% Year -20.17% Day -0.10% Month -2.15% Year NaN% Day -1.15% Month -0.51% Year 3.41% Day 0.27% Month 6.02% Year 9.53%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
10,513.61
9,874.15 37,716.43 37,586.79 1,405.64 1,431.22 7,231.40 7,206.20 24,427.19 24,883.14 2,604.51 2,573.45
Day 1.07% Month 6.50% Year 26.80% Day -0.49% Month -0.52% Year -8.98% Day -0.01% Month 1.91% Year -6.92% Day -0.55% Month -3.86% Year -21.80% Day 0.45% Month 1.39% Year -12.35% Day -0.37% Month -0.97% Year -23.32%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
105,007.68
26,452.67 3,294.55 38,071.13
19,880.57
25,595.80 95,055.82 4,935.99 4,958.74 19,375.52 2,984.67 34,915.80
Day 0.28% Month 3.33% Year -2.84% Day 0.86% Month 9.70% Year 1.49% Day 0.60% Month 0.27% Year -11.47% Day -0.11% Month 2.18% Year -8.47% Day 2.06% Month 10.57% Year 11.89% Day -1.10% Month 8.24% Year 0.50%
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 48585.10 48934.44 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 21659.25 21658.56 Philippines Manila Comp 5966.27 5927.11 Taiwan Weighted Pr 12540.97 12586.73 Cross-Border DJ Global Titans ($) 384.24 382.80
Australia All Ordinaries 6128.00 6146.80 Czech Republic PX 904.10 909.42 FTSE Italia Mid Cap 33229.10 33048.40 Poland Wig 52057.05 52159.95 Thailand Bangkok SET 1338.35 1340.92 Euro Stoxx 50 (Eur) 3304.71 3303.56
S&P/ASX 200 6006.40 6020.50 Denmark OMXC Copenahgen 20 1303.53 1312.08 FTSE MIB 19880.57 19902.63 Portugal PSI 20 4395.60 4407.40 Turkey BIST 100 1135.55 1152.70 Euronext 100 ID 987.09 984.90
S&P/ASX 200 Res 4684.60 4762.30 Egypt EGX 30 10568.84 10575.47 Japan 2nd Section 6419.85 6506.04 PSI General 3215.64 3233.52 UAE Abu Dhabi General Index 4324.32 4330.74 FTSE 4Good Global ($) 8107.88 8056.71
Austria ATX 2208.05 2230.41 Estonia OMX Tallinn 1219.20 1225.37 Nikkei 225 22397.11 22657.38 Romania BET Index 8576.36 8613.48 UK FT 30 2196.80 2180.40 FTSE All World ($) 365.24 363.31
Belgium BEL 20 3405.62 3436.70 Finland OMX Helsinki General 9571.14 9594.44 S&P Topix 150 1293.31 1310.10 Russia Micex Index 2914.48 2895.45 FTSE 100 6131.46 6129.26 FTSE E300 1431.22 1431.31
BEL Mid 7524.54 7525.55 France CAC 40 4958.74 4928.94 Topix 1549.04 1569.12 RTX 1265.32 1257.69 FTSE 4Good UK 5690.76 5683.93 FTSE Eurotop 100 2724.60 2726.20
Brazil IBovespa 105007.68 104109.07 SBF 120 3911.19 3889.35 Jordan Amman SE 1571.44 1566.39 Saudi-Arabia TADAWUL All Share Index 7459.21 7455.74 FTSE All Share 3397.36 3397.90 FTSE Global 100 ($) 2144.55 2132.66
Canada S&P/TSX 60 973.58 965.65 Germany M-DAX 26829.19 26748.04 Kenya NSE 20 1874.33 1886.84 Singapore FTSE Straits Times 2573.45 2582.97 FTSE techMARK 100 5472.30 5492.75 FTSE Gold Min ($) 2887.65 2909.54
S&P/TSX Comp 16231.67 16121.32 TecDAX 3074.89 3052.65 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 331.38 331.38 USA DJ Composite 8666.84 8618.93 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 427.48 436.32 XETRA Dax 12822.26 12835.28 Latvia OMX Riga 1054.31 1049.54 Slovenia SBI TOP 873.85 - DJ Industrial 26452.67 26379.28 FTSE Multinationals ($) 2300.07 2315.47
Chile S&P/CLX IGPA Gen 20167.51 20480.30 Greece Athens Gen 632.37 633.62 Lithuania OMX Vilnius 779.88 781.65 South Africa FTSE/JSE All Share 56707.74 56488.11 DJ Transport 9861.14 9696.55 FTSE World ($) 648.37 644.91
China FTSE A200 12163.57 11907.50 FTSE/ASE 20 1525.63 1528.00 Luxembourg LuxX 997.02 979.59 FTSE/JSE Res 20 56492.21 56969.57 DJ Utilities 824.78 825.47 FTSEurofirst 100 (Eur) 3684.17 3685.85
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 24883.14 24772.76 Malaysia FTSE Bursa KLCI 1611.42 1609.94 FTSE/JSE Top 40 52245.75 52043.05 Nasdaq 100 10638.56 10532.50 FTSEurofirst 80 (Eur) 4489.06 4490.16
Shanghai A 3453.21 3383.37 HS China Enterprise 10184.41 10151.89 Mexico IPC 37586.79 37771.21 South Korea Kospi 2263.16 2256.99 Nasdaq Cmp 10513.61 10402.09 MSCI ACWI Fr ($) 551.03 552.91
Shanghai B 237.59 234.22 HSCC Red Chip 4021.99 3995.07 Morocco MASI 10206.64 10222.40 Kospi 200 301.25 300.13 NYSE Comp 12603.30 12491.22 MSCI All World ($) 2299.91 2311.62
Shanghai Comp 3294.55 3227.96 Hungary Bux 34917.01 34754.08 Netherlands AEX 564.11 566.33 Spain IBEX 35 7206.20 7246.40 S&P 500 3244.75 3218.44 MSCI Europe (Eur) 1495.60 1493.86
Shenzhen A 2341.32 2275.20 India BSE Sensex 38071.13 38492.95 AEX All Share 810.34 812.91 Sri Lanka CSE All Share 5094.00 5099.42 Wilshire 5000 33165.80 32849.73 MSCI Pacific ($) 2638.87 2643.22
Shenzhen B 919.46 908.63 Nifty 500 9096.10 9141.75 New Zealand NZX 50 11599.44 11578.27 Sweden OMX Stockholm 30 1760.58 1754.25 Venezuela IBC 351751.44 350557.12 S&P Euro (Eur) 1500.25 1500.22
Colombia COLCAP 1170.99 1180.73 Indonesia Jakarta Comp 5111.11 5112.99 Nigeria SE All Share 24783.61 24427.73 OMX Stockholm AS 690.11 686.23 Vietnam VNI 790.84 813.36 S&P Europe 350 (Eur) 1464.71 1465.25
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6220.64 6225.70 Norway Oslo All Share 919.48 917.16 Switzerland SMI Index 10272.81 10277.20 S&P Global 1200 ($) 2567.03 2553.55
Israel Tel Aviv 125 1375.58 1372.70 Pakistan KSE 100 38836.27 38627.27 Stoxx 50 (Eur) 3013.75 3016.99
(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 Jul 29 %Chg %Chg Jul 29 %Chg %Chg Jul 29 %Chg %Chg Jul 29 %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
Advanced Micro Devices 67.9 76.62 9.01 Glaxosmithkline 131.2 1553.80 -50.80 Asml Holding 457.0 308.80 -14.20 Softbank . 1314.5 6739.00 94.00 Polymetal Int 1920.00 12.5 61.1 Petropavlovsk 39.80 27.2 213.4 Indivior 135.50 55.7 243.0 Personal Goods 38571.26 8.4 1.3
Boeing 48.9 164.18 -6.66 Astrazeneca 116.0 8615.00 -85.00 Basf Se Na O.n. 290.3 49.53 -2.55 Canon . 593.1 1797.50 -279.50 Next 5666.00 11.6 -18.6 Kainos 1058.00 25.7 34.6 Dignity 330.00 35.2 -45.0 Beverages 22508.72 3.3 -
Amazon.com 39.0 3011.00 10.67 Hsbc Holdings 112.5 362.30 9.05 Sap Se O.n. 220.0 139.56 1.80 Tokyo Electron 528.2 28905.00 -55.00 Unilever 4758.00 9.9 9.5 Centrica 50.42 20.4 -44.1 Petropavlovsk 39.80 27.2 213.4 Gas Water & Multiutilities 5089.08 3.1 -5.5
Apple 35.9 378.24 5.23 Barclays 88.7 105.02 -6.84 Unilever 194.3 51.74 0.64 Toyota Motor 415.9 6433.00 -203.00 Fresnillo 1261.00 7.6 95.8 Hastings Holdings 200.60 17.2 11.4 Countrywide 162.40 26.9 -53.5 Software & Computer Services 2029.32 2.6 -8.1
Microsoft 17.7 203.63 1.61 Reckitt Benckiser 86.8 7960.00 160.00 Enel 181.9 7.97 0.08 Fanuc 323.5 18700.00 -1560.00 Sage 744.60 5.3 -0.4 Helios Towers 160.00 11.0 7.2 Kainos 1058.00 25.7 34.6 Chemicals 11914.02 2.2 -
Nvidia 14.7 418.55 9.93 Rio Tinto 80.8 4798.00 33.00 Volkswagen Ag Vzo O.n. 176.3 137.64 -4.16 Chugai Pharmaceutical Co., 284.0 4997.00 -41.00 United Utilities 911.20 4.4 -4.5 Coats 56.00 10.2 -25.1 Funding Circle Holdings 92.00 17.9 -4.8 General Retailers 2162.17 1.2 -
Intel 13.7 48.07 -1.17 Unilever 76.0 4758.00 69.00 Lvmh 172.7 387.15 2.10 Sony 283.7 8168.00 -90.00 Diageo 2876.00 3.5 -9.6 G4s 150.55 10.2 -30.1 Devro 160.20 16.6 -7.8 Index - Technology Hardware & Equipment 2046.73 1.2 3.4
Netflix 12.8 489.79 1.28 British American Tobacco 75.4 2703.50 -26.50 Intesa Sanpaolo 172.7 1.79 0.00 Fast Retailing Co., 243.6 58330.00 80.00 Berkeley Holdings (the) 4622.00 3.4 -6.6 Future 1390.00 9.6 -4.9 Carr's 131.75 11.7 -15.0 Mining 18918.63 0.9 -0.7
Facebook 12.6 231.81 1.69 Vodafone 67.7 123.10 2.44 Santander 163.1 2.00 -0.10 Nissan Motor Co., 208.8 368.10 -42.70 Croda Int 5804.00 3.3 13.8 Imi 1081.00 9.4 -9.5 Costain 60.80 9.0 -60.8 Tobacco 28209.66 0.7 -
Paypal Holdings 8.0 182.42 6.15 Bp 66.5 293.80 0.05 Total 162.9 32.45 0.04 Shiseido , 197.7 6250.00 -360.00 Tesco 221.60 3.3 -13.4 Greencore 125.40 8.9 -52.9 Vp 758.00 8.6 -19.4 Food Producers 6376.72 0.7 -
Smurfit Kappa 2600.00 2.9 -11.6 Games Workshop 9160.00 8.5 51.0 Aa 25.00 7.8 -56.9 Automobiles & Parts 2879.61 0.7 -
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
Severn Trent 2505.00 2.7 -0.4 Sabre Insurance 280.50 8.3 -7.7 Rps 47.50 7.7 -72.7 Food & Drug Retailers 4033.30 0.6 -3.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
L Brands 25.53 6.41 33.50 Hastings Holdings 200.60 30.60 18.00 Capgemini 111.70 6.85 6.53 Omron 7600.00 170.00 2.29 Int Consolidated Airlines S.a. 184.60 -14.1 -71.0 Cineworld 41.03 -24.6 -81.4 Riverstone Energy 216.50 -26.0 -49.8 Oil Equipment & Services 3952.91 -11.1 -
Advanced Micro Devices 76.62 9.01 13.33 Aston Martin Lagonda Global Holdings 56.00 6.42 12.95 Kering 502.40 19.20 3.97 Nisshin Seifun . 1606.00 32.00 2.03 Taylor Wimpey 122.20 -11.2 -38.0 Countryside Properties 291.60 -18.8 -37.7 Fuller, Smith & Turner 510.00 -19.3 -46.9 Electricity 7759.07 -5.7 -7.3
C.h. Robinson Worldwide 96.35 9.20 10.55 Rathbone Brothers 1682.00 166.00 10.95 Gecina 112.50 3.30 3.02 Softbank . 6739.00 94.00 1.41 Barclays 105.02 -10.6 -43.3 Network Int Holdings 403.20 -17.9 -36.5 Hyve 68.70 -19.1 -97.6 Mobile Telecommunications 2797.68 -5.0 -
Trane 112.41 8.70 8.39 Next 5666.00 404.00 7.68 Schneider Electric 102.50 2.92 2.93 Advantest 6750.00 60.00 0.90 Rolls-royce Holdings 253.10 -10.1 -62.8 Hammerson 64.46 -14.2 -79.2 Petra Diamonds 1.36 -17.4 -84.6 Travel & Leisure 5996.32 -4.7 -
Gap (the) 14.14 1.08 8.27 Perpetual ome And Growth Investment Trust 231.00 13.00 5.96 Pernod Ricard 148.80 3.85 2.66 Aeon Co., 2573.50 21.00 0.82 Informa 387.70 -9.6 -55.3 Greggs 1326.00 -12.6 -44.2 Elementis 62.60 -16.5 -66.1 Construction & Materials 6326.51 -4.6 -
Melrose Industries 94.04 -9.0 -61.2 Easyjet 540.80 -12.5 -62.2 Stobart Ld 25.45 -13.4 -76.0 Banks 2154.32 -4.4 -
Downs Downs Downs Downs
Natwest 111.50 -8.1 - Ascential 276.80 -12.3 -28.6 Georgia Healthcare 67.50 -12.8 -46.2 Media 6729.25 -4.2 -
Seagate Technology 43.65 -4.92 -10.13 Network Int Holdings 403.20 -47.00 -10.44 Saipem 1.96 -0.21 -9.86 Canon . 1797.50 -279.50 -13.46
Gvc Holdings 714.00 -7.0 -22.3 Wood (john) 198.45 -12.0 -48.7 Batm Advanced Communications Ld 127.00 -12.7 228.2 Life Insurance 6206.80 -3.4 -
Automatic Data Processing 137.15 -9.50 -6.48 Taylor Wimpey 122.20 -10.75 -8.09 Solvay 67.60 -3.58 -5.03 Konica Minolta Holdings, . 322.00 -39.00 -10.80
Sse 1330.00 -6.8 -8.7 Ssp 215.60 -11.9 -67.4 Tullow Oil 26.49 -12.5 -55.6 Aerospace & Defense 3208.50 -3.2 -
General Electric 6.53 -0.37 -5.30 Go-ahead 652.00 -52.00 -7.39 Basf Se Na O.n. 49.53 -2.55 -4.90 Nissan Motor Co., 368.10 -42.70 -10.39
Lloyds Banking 28.37 -6.4 -55.5 Airtel Africa 55.30 -11.1 -29.8 Premier Oil 36.30 -12.2 -63.6 Oil & Gas Producers 4566.56 -2.9 -
Boeing 164.18 -6.66 -3.90 Countryside Properties 291.60 -20.80 -6.66 Tenaris 5.15 -0.26 -4.87 Ricoh , 724.00 -68.00 -8.59
M&g 163.10 -6.1 -33.1 Tui Ag 323.60 -10.6 -67.4 Restaurant 45.24 -11.6 -72.8 Forestry & Paper 16306.49 -2.7 -
Netapp 41.48 -1.47 -3.42 Barclays 105.02 -6.84 -6.11 Santander 2.00 -0.10 -4.71 Fanuc 18700.00 -1560.00 -7.70
Compass 1076.50 -6.1 -43.4 Onesavings Bank 249.40 -10.5 -43.8 The Gym 134.60 -9.7 -54.5 Real Estate & Investment Servic 2334.13 -2.5 -
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
Jul 29 Currency Mid Change Mid Change Mid Change Jul 29 Currency Mid Change Mid Change Mid Change Jul 29 Currency Mid Change Mid Change Mid Change Jul 29 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 72.1951 0.0617 85.0064 0.4044 93.5897 0.2168 Indonesia Indonesian Rupiah 14535.0000 - 17114.3202 66.841318842.3984 27.5814 Poland Polish Zloty 3.7541 -0.0057 4.4203 0.0106 4.8666 -0.0003 ..Three Month 0.7715 -0.0011 0.9082 0.0022 - -
Australia Australian Dollar 1.3958 -0.0008 1.6435 0.0055 1.8094 0.0016 Israel Israeli Shekel 3.4031 -0.0097 4.0069 0.0043 4.4115 -0.0060 Romania Romanian Leu 4.1056 -0.0144 4.8341 0.0020 5.3222 -0.0108 ..One Year 0.7716 -0.0011 0.9077 0.0022 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4439 0.0017 0.4887 0.0007 Japan Japanese Yen 105.1050 0.1300 123.7563 0.6358 136.2523 0.3676 Russia Russian Ruble 72.5900 0.0150 85.4714 0.3514 94.1016 0.1571 United States United States Dollar - - 1.1775 0.0046 1.2963 0.0019
Bolivia Bolivian Boliviano 6.9100 - 8.1362 0.0318 8.9577 0.0131 ..One Month 105.1050 0.1299 123.7564 0.6359 136.2522 0.3675 Saudi Arabia Saudi Riyal 3.7511 0.0001 4.4167 0.0173 4.8627 0.0072 ..One Month - - 1.1774 -0.1170 1.2964 0.0019
Brazil Brazilian Real 5.1524 -0.0204 6.0668 -0.0002 6.6793 -0.0166 ..Three Month 105.1049 0.1298 123.7564 0.6360 136.2522 0.3674 Singapore Singapore Dollar 1.3755 -0.0026 1.6196 0.0033 1.7831 -0.0008 ..Three Month - - 1.1772 -0.1170 1.2964 0.0019
Canada Canadian Dollar 1.3355 -0.0042 1.5724 0.0012 1.7312 -0.0030 ..One Year 105.1044 0.1288 123.7566 0.6363 136.2522 0.3670 South Africa South African Rand 16.5288 -0.0219 19.4618 0.0503 21.4270 0.0030 ..One Year - - 1.1765 -0.1170 1.2966 0.0019
Chile Chilean Peso 758.7650 -6.7850 893.4110 -4.4685 983.6207 -7.3440 Kenya Kenyan Shilling 107.7000 -0.1000 126.8118 0.3780 139.6163 0.0748 South Korea South Korean Won 1193.1500 -3.8000 1404.8795 1.0301 1546.7332 -2.6565 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.9999 -0.0080 8.2421 0.0228 9.0743 0.0029 Kuwait Kuwaiti Dinar 0.3058 -0.0001 0.3601 0.0013 0.3964 0.0005 Sweden Swedish Krona 8.7560 -0.0062 10.3098 0.0330 11.3508 0.0086 Vietnam Vietnamese Dong 23177.5000 -2.5000 27290.4909 103.649330046.0907 40.7498
Colombia Colombian Peso 3718.6800 0.9500 4378.5751 18.2139 4820.6920 8.2821 Malaysia Malaysian Ringgit 4.2440 -0.0090 4.9971 0.0090 5.5017 -0.0036 Switzerland Swiss Franc 0.9145 -0.0028 1.0768 0.0009 1.1855 -0.0019 European Union Euro 0.8493 -0.0033 - - 1.1010 -0.0027
Costa Rica Costa Rican Colon 583.6950 0.7150 687.2741 3.5228 756.6697 2.0323 Mexico Mexican Peso 21.9918 0.0472 25.8943 0.1566 28.5089 0.1029 Taiwan New Taiwan Dollar 29.2970 0.0145 34.4959 0.1517 37.9790 0.0743 ..One Month 0.8492 -0.0033 - - 1.1009 -0.0027
Czech Republic Czech Koruna 22.2986 -0.0981 26.2556 -0.0126 28.9067 -0.0848 New Zealand New Zealand Dollar 1.5026 0.0011 1.7693 0.0082 1.9479 0.0043 Thailand Thai Baht 31.4500 -0.2500 37.0309 -0.1486 40.7700 -0.2640 ..Three Month 0.8491 -0.0033 - - 1.1008 -0.0027
Denmark Danish Krone 6.3216 -0.0240 7.4434 0.0009 8.1950 -0.0191 Nigeria Nigerian Naira 386.3300 -2.4200 454.8859 -1.0617 500.8167 -2.4000 Tunisia Tunisian Dinar 2.7553 0.0067 3.2442 0.0205 3.5718 0.0138 ..One Year 0.8484 -0.0033 - - 1.1004 -0.0027
Egypt Egyptian Pound 15.9697 0.0160 18.8036 0.0922 20.7022 0.0510 Norway Norwegian Krone 9.0675 -0.0384 10.6766 -0.0033 11.7546 -0.0325 Turkey Turkish Lira 6.9663 0.0137 8.2024 0.0482 9.0307 0.0310
Hong Kong Hong Kong Dollar 7.7500 -0.0003 9.1253 0.0353 10.0467 0.0143 Pakistan Pakistani Rupee 167.0000 0.5500 196.6348 1.4130 216.4895 1.0286 United Arab Emirates UAE Dirham 3.6732 - 4.3250 0.0169 4.7617 0.0070
Hungary Hungarian Forint 293.5582 -2.4303 345.6513 -1.5004 380.5524 -2.5893 Peru Peruvian Nuevo Sol 3.5169 0.0014 4.1410 0.0178 4.5591 0.0085 United Kingdom Pound Sterling 0.7714 -0.0011 0.9083 0.0022 - -
India Indian Rupee 74.8000 -0.0475 88.0736 0.2883 96.9666 0.0803 Philippines Philippine Peso 49.2000 0.0025 57.9307 0.2292 63.7801 0.0965 ..One Month 0.7714 -0.0011 0.9082 0.0022 - -
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
FTSE ACTUARIES SHARE INDICES UK SERIES FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
www.ft.com/equities
Produced in conjunction with the Institute and Faculty of Actuaries Jul 28 Jul 27 Jul 24 Jul 23 Jul 22 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 2196.80 2180.40 2210.70 2246.20 2244.70 0.00 3314.70 1337.80 Leisure Goods 27.15 Chemicals -9.35 FTSE 250 Index -21.11 FTSE 100 PriceChange FTSE 100 PriceChange
Jul 29 chge% Index Jul 28 Jul 27 agoyield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 22.25 Construct & Material -9.46 Food Producers -21.23 3I Group PLC 884.20 14.40 Kingfisher PLC 249.90 0.60
FTSE 100 (100) 6131.46 0.04 5267.31 6129.26 6104.88 7646.77 4.84 1.42 14.54 122.07 5779.03 P/E Ratio net - - - - - 0.00 19.44 14.26 Pharmace & Biotech 2.55 Consumer Goods -9.98 Telecommunications -23.99 Admiral Group PLC 2403 34.00 Land Securities Group PLC 561.00 11.20
FTSE 250 (251) 17247.66 -0.18 14816.83 17278.23 17157.94 19774.82 3.87 1.57 16.47 168.14 13557.16 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Electronic & Elec Eq 0.15 Software & Comp Serv -10.26 Life Insurance -24.29 Anglo American PLC 1973.8 -11.20 Legal & General Group PLC 224.90 0.80
FTSE 250 ex Inv Co (184) 17445.91 -0.30 14987.14 17498.35 17346.69 20715.26 4.29 1.39 16.79 138.44 13993.67 FT 30 hourly changes Health Care 0.11 Beverages -13.49 Financials -24.75 Antofagasta PLC 1045.5 -4.00 Lloyds Banking Group PLC 28.37 -0.86
FTSE 350 (351) 3436.43 0.00 2952.11 3436.42 3421.03 4226.32 4.67 1.44 14.83 62.52 6459.45 8 9 10 11 12 13 14 15 16 High Low Personal Goods -0.91 Industrials -13.50 Real Est Invest & Se -24.96 Ashtead Group PLC 2527 -24.00 London Stock Exchange Group PLC 8492 120.00
FTSE 350 ex Investment Trusts (283) 3360.13 -0.01 2886.56 3360.60 3345.16 4177.37 4.80 1.41 14.81 61.99 3258.79 2180.4 2192.9 2194.9 2348.3 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Mining -1.42 Financial Services -15.29 Media -25.88 Associated British Foods PLC 1873.5 41.50 M&G PLC 163.10 0.30
FTSE 350 Higher Yield (153) 2646.64 -0.20 2273.63 2652.03 2640.94 3720.36 7.27 1.29 10.70 70.66 5438.69 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Household Goods & Ho -1.46 Nonlife Insurance -15.47 Real Est Invest & Tr -26.25 Astrazeneca PLC 8615 -85.00 Melrose Industries PLC 94.04 -3.34
FTSE 350 Lower Yield (198) 4052.23 0.20 3481.12 4043.96 4024.65 4378.99 2.08 1.99 24.17 44.39 4759.37 Basic Materials -3.18 FTSE SmallCap Index -15.95 Consumer Services -26.77 Auto Trader Group PLC 534.40 4.40 Mondi PLC 1448.5 21.50
FTSE SmallCap (259) 4984.98 -0.50 4282.42 5010.02 4990.77 5567.79 4.77 0.94 22.22 70.60 7834.00 FX: EFFECTIVE INDICES Equity Invest Instr -3.20 Industrial Metals & -16.62 Industrial Transport -30.65 Avast PLC 580.50 5.00 Morrison (Wm) Supermarkets PLC 187.55 1.25
FTSE SmallCap ex Inv Co (140) 3764.16 -0.72 3233.65 3791.34 3777.83 4423.14 6.26 1.16 13.78 36.93 6196.72 Food & Drug Retailer -3.44 Mobile Telecomms -16.83 Aerospace & Defense -34.38 Aveva Group PLC 4263 103.00 National Grid PLC 919.20 3.40
FFTTSSEE AAllll--SShhaarree (e6x1 I0n)v Co (423) 33329971..3966 --00..0023 22981288..5050 33329972..9801 33328727..7755 44106847..6995 44..6882 11..4430 1144..9799 6610..3232 63425412..3843 Jul 28 Jul 27Mnth Ago Jul 29 Jul 28Mnth Ago SEluepcptroircti tSyervices --77..1827 NToObNac FcIoNANCIALS Index --1178..0318 FTirxaevde lL &in eL eTiesluerceomms --3490..7400 ABaveiv aS yPsLtCems PLC 247786..0900 --17..5500 NNaetxwt PeLsCt Group PLC 11516.5606 40-24..8000
FTSE All-Share ex Multinationals (536)1022.51 -0.06 728.03 1023.13 1016.22 1164.19 4.12 1.18 20.61 13.60 2027.23 Australia - - - Sweden - - - Utilities -7.92 General Retailers -18.52 Banks -41.68 Barclays PLC 105.02 -6.84 Ocado Group PLC 2059 -13.00
FTSE Fledgling (94) 8380.27 0.16 7199.18 8367.13 8341.16 9557.95 4.85 0.66 31.31 135.25 17088.03 Canada - - - Switzerland - - - Gas Water & Multi -7.93 Forestry & Paper -18.65 Oil & Gas Producers -42.55 Barratt Developments PLC 526.20 -14.80 Pearson PLC 539.60 -3.60
FTSE Fledgling ex Inv Co (44) 9599.05 0.42 8246.19 9558.76 9487.72 11334.44 7.09 0.79 17.87 105.50 19154.49 Denmark - - - UK 77.51 77.01 76.01 Technology -8.05 FTSE 100 Index -18.81 Oil & Gas -42.65 Berkeley Group Holdings (The) PLC 4622 -72.00 Pennon Group PLC 1085.5 -2.00
FTSE All-Small (353) 3456.70 -0.46 2969.53 3472.82 3459.62 3866.03 4.78 0.93 22.57 49.38 6970.15 Japan - - - USA - - - Industrial Eng -8.91 Health Care Eq & Srv -18.92 Oil Equipment & Serv -49.26 Bhp Group PLC 1714.8 -4.80 Persimmon PLC 2479 -57.00
FTSE All-Small ex Inv Co (184) 2813.22 -0.67 2416.73 2832.27 2821.75 3303.69 6.30 1.14 13.90 27.70 5866.95 New Zealand - - - Euro - - - FTSE All{HY-}Share Index -19.10 Automobiles & Parts -49.77 BP PLC 293.80 0.05 Phoenix Group Holdings PLC 670.00 -3.00
FTSE AIM All-Share (727) 896.02 0.52 769.74 891.34 889.25 932.36 1.48 1.24 54.72 3.74 1025.02 Norway - - - British American Tobacco PLC 2703.5 -26.50 Polymetal International PLC 1920 19.50
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 362.40 7.10 Prudential PLC 1168 8.00
Oil & Gas (11) 4725.11 -0.19 4059.17 4733.88 4740.40 9755.90 10.15 1.41 6.98 206.26 5193.36 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 111.90 1.95 Reckitt Benckiser Group PLC 7960 160.00
OOiill E&q uGipams ePnrto Sdeurcveicres s( 8&) Distribution (3)44509616..4069 --04..1136 33944943..3053 44529472..5449 44620737..4855 191144208..4235 1103..1601 10..4724 69..9959 2026..9820 53253011..0221 FTSE GLOBAL EQUITY INDEX SERIES BBuunrbzel rPrLyC Group PLC 1320266.75 2426..0500 RReelnxt oPkLiCl Initial PLC 1564881.4.50 -83..5800
Basic Materials (22) 6199.65 0.03 5325.89 6197.65 6269.52 6728.82 5.56 2.09 8.59 143.43 7320.78 Coca-Cola Hbc AG 2063 5.00 Rightmove PLC 566.60 -4.00
Chemicals (7) 12886.10 -0.55 11069.98 12958.01 13045.87 14076.83 2.32 2.85 15.14 139.21 12312.43 Jul 29 No of US $ Day Mth YTD Total YTD Gr Div Jul 29 No of US $ Day Mth YTD Total YTD Gr Div Compass Group PLC 1076.5 -3.00 Rio Tinto PLC 4798 33.00
Forestry & Paper (1) 17793.37 1.51 15285.63 17529.27 17670.53 22363.02 1.74 5.96 9.65 0.00 21053.44 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Crh PLC 2901 -43.00 Rolls-Royce Holdings PLC 253.10 -9.50
Industrial Metals & Mining (2) 3338.23 -2.89 2867.75 3437.56 3432.85 6712.44 16.55 1.05 5.77 302.71 4314.26 FTSE Global All Cap 8861 615.84 -0.3 6.8 -3.3 942.24 -1.9 2.4 Oil Equipment & Services 32 180.23 -0.5 -0.5 -32.7 297.31 -30.7 5.8 Croda International PLC 5804 4.00 Royal Dutch Shell PLC 1181.4 -2.40
Mining (12) 18101.58 0.07 15550.40 18089.16 18314.32 19251.98 5.90 2.06 8.25 444.07 11285.76 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3 624.68 0.2 2.5 Basic Materials 349 511.22 -0.8 -0.8 -0.5 859.02 1.5 3.2 Dcc PLC 7010 -62.00 Royal Dutch Shell PLC 1226.8 -1.60
Industrials (100) 5165.36 -0.21 4437.37 5176.12 5190.11 5612.94 2.67 1.41 26.51 24.61 5685.88 FTSE Global Large Cap 1769 558.16 -0.3 6.7 -1.6 879.47 -0.2 2.4 Chemicals 159 727.60 -1.1 -1.1 -3.0 1214.07 -1.1 2.9 Diageo PLC 2876 34.50 Rsa Insurance Group PLC 438.40 3.90
Construction & Materials (15) 6522.16 -1.41 5602.95 6615.36 6700.13 6232.92 3.02 0.51 64.53 95.82 7492.94 FTSE Global Mid Cap 2176 766.35 -0.5 7.1 -7.6 1102.94 -6.5 2.2 Forestry & Paper 20 235.10 -1.0 -1.0 -15.5 442.20 -13.7 3.4 Evraz PLC 299.80 -10.50 Sage Group PLC 744.60 9.00
Aerospace & Defense (9) 3377.81 -1.60 2901.75 3432.78 3395.98 5311.42 3.67 1.03 26.43 2.61 3832.23 FTSE Global Small Cap 4916 794.38 -0.6 7.1 -8.2 1100.48 -7.2 2.0 Industrial Metals & Mining 92 326.92 -0.4 -0.4 -13.5 551.36 -12.0 3.6 Experian PLC 2806 36.00 Sainsbury (J) PLC 190.20 3.45
General Industrials (7) 4139.43 0.75 3556.03 4108.80 4105.66 4905.61 3.56 1.09 25.82 0.00 5098.37 FTSE All-World 3945 363.31 -0.3 6.8 -2.7 588.22 -1.3 2.4 Mining 78 826.18 -0.5 -0.5 13.3 1416.09 15.9 3.6 Ferguson PLC 7022 42.00 Schroders PLC 2968 4.00
Electronic & Electrical Equipment (10)10331.52 1.09 8875.43 10220.52 10317.76 9360.53 1.33 2.18 34.42 0.00 9835.24 FTSE World 2592 644.91 -0.4 6.7 -2.9 1401.13 -1.6 2.4 Industrials 747 424.74 -0.6 -0.6 -5.4 650.17 -4.3 2.1 Flutter Entertainment PLC 11585 -45.00 Scottish Mortgage Investment Trust PLC 888.00 8.00
Industrial Engineering (13) 13376.48 0.27 11491.25 13341.04 13529.61 14098.28 2.56 1.59 24.54 40.79 17318.39 FTSE Global All Cap ex UNITED KINGDOM In 8559 650.13 -0.4 6.9 -2.3 977.05 -1.0 2.3 Construction & Materials 147 519.28 -0.6 -0.6 -6.3 834.51 -5.0 2.3 Fresnillo PLC 1261 3.50 Segro PLC 952.40 16.60
Industrial Transportation (6) 2683.62 -0.50 2305.40 2697.02 2672.67 3800.80 9.05 0.68 16.36 0.00 2714.83 FTSE Global All Cap ex USA 7083 483.37 0.1 6.3 -6.8 806.64 -5.1 3.1 Aerospace & Defense 37 622.94 1.0 1.0 -30.4 938.19 -29.8 2.7 Glaxosmithkline PLC 1553.8 -50.80 Severn Trent PLC 2505 9.00
Support Services (40) 8487.54 -0.02 7291.34 8489.27 8503.81 8511.69 2.01 2.15 23.14 44.99 9374.27 FTSE Global All Cap ex JAPAN 7512 635.28 -0.3 7.2 -3.1 981.32 -1.8 2.4 General Industrials 67 198.82 -0.6 -0.6 -12.8 332.77 -11.4 2.8 Glencore PLC 182.16 -0.94 Smith & Nephew PLC 1619.5 -10.50
Consumer Goods (42) 18421.86 0.31 15825.54 18364.54 18086.72 20313.21 4.37 1.71 13.42 346.05 15354.25 FTSE Global All Cap ex Eurozone 8213 646.88 -0.3 6.7 -2.8 969.10 -1.5 2.3 Electronic & Electrical Equipment 142 512.04 -0.9 -0.9 0.6 712.28 1.8 1.7 Gvc Holdings PLC 714.00 -0.80 Smith (Ds) PLC 280.80 4.30
Automobiles & Parts (2) 2894.37 5.83 2486.45 2734.88 2672.34 4747.12 0.85 -4.11 -28.69 0.00 2961.57 FTSE Developed 2168 590.14 -0.4 6.5 -2.6 910.13 -1.3 2.4 Industrial Engineering 142 838.56 -0.8 -0.8 1.1 1278.77 2.6 2.2 Halma PLC 2240 33.00 Smiths Group PLC 1426 -10.00
Beverages (6) 22555.32 1.17 19376.45 22294.67 21872.32 27392.52 2.53 2.14 18.52 230.59 17073.33 FTSE Developed All Cap 5631 613.53 -0.5 6.6 -3.2 933.03 -1.9 2.3 Industrial Transportation 125 732.72 -1.1 -1.1 -3.3 1126.88 -2.3 2.3 Hargreaves Lansdown PLC 1745 12.00 Smurfit Kappa Group PLC 2600 118.00
Food Producers (10) 6465.27 1.59 5554.08 6363.81 6279.14 7522.30 2.79 2.06 17.37 67.99 5983.21 FTSE Developed Large Cap 880 555.35 -0.4 6.5 -1.5 871.62 -0.1 2.4 Support Services 87 531.77 -0.7 -0.7 5.4 768.86 6.2 1.4 Hikma Pharmaceuticals PLC 2128 -22.00 Spirax-Sarco Engineering PLC 10550 50.00
Household Goods & Home Construction (14)15099.51 -0.22 12971.43 15133.19 14838.99 13936.63 3.31 2.07 14.59 141.01 12016.81 FTSE Developed Europe Large Cap 232 352.41 0.0 6.9 -8.2 654.91 -6.2 3.7 Consumer Goods 535 504.58 -0.1 -0.1 -1.1 808.34 0.4 2.5 Homeserve PLC 1358 27.00 Sse PLC 1330 -4.00
Leisure Goods (2) 23064.81 -2.28 19814.13 23602.06 21392.10 13254.68 2.20 1.06 42.81 109.33 23915.03 FTSE Developed Europe Mid Cap 356 579.49 0.1 8.8 -8.4 941.32 -7.2 3.0 Automobiles & Parts 126 388.02 -1.1 -1.1 1.9 606.96 3.4 2.7 HSBC Holdings PLC 362.30 9.05 St. James's Place PLC 974.40 20.60
Personal Goods (6) 33316.54 1.65 28621.02 32775.45 32887.07 37617.33 3.06 2.90 11.27 447.31 24596.03 FTSE Dev Europe Small Cap 693 775.09 -0.2 7.6 -13.7 1214.21 -12.6 3.2 Beverages 67 647.23 0.5 0.5 -8.6 1043.87 -7.4 2.6 Imperial Brands PLC 1385.5 -25.50 Standard Chartered PLC 420.30 -1.40
Tobacco (2) 28209.71 -1.12 24233.93 28528.60 28023.31 33109.75 8.78 1.10 10.34 1238.36 22258.31 FTSE North America Large Cap 253 707.76 -0.6 7.1 1.5 1025.73 2.7 1.9 Food Producers 131 697.03 0.3 0.3 2.2 1141.63 4.1 2.3 Informa PLC 387.70 -10.30 Standard Life Aberdeen PLC 260.60 1.10
Health Care (15) 12796.17 -1.69 10992.72 13015.78 12896.80 12326.37 3.34 0.96 31.04 247.69 10989.73 FTSE North America Mid Cap 411 889.10 -0.9 7.6 -6.0 1188.26 -5.1 1.8 Household Goods & Home Construction 58 524.43 0.5 0.5 3.5 835.40 5.1 2.4 Intercontinental Hotels Group PLC 3634 -34.00 Taylor Wimpey PLC 122.20 -10.75
Health Care Equipment & Services (6)6911.44 -0.30 5937.36 6932.53 6827.70 8394.41 1.99 1.40 35.82 77.97 6327.16 FTSE North America Small Cap 1301 880.72 -0.9 7.7 -7.7 1137.40 -6.9 1.6 Leisure Goods 42 273.25 0.1 0.1 12.8 375.02 13.7 1.1 Intermediate Capital Group PLC 1396 -8.00 Tesco PLC 221.60 3.60
Pharmaceuticals & Biotechnology (9)17990.71 -1.83 15455.16 18325.65 18169.27 16864.28 3.48 0.94 30.62 363.15 13873.12 FTSE North America 664 459.69 -0.7 7.2 0.2 680.74 1.3 1.9 Personal Goods 98 867.77 -0.6 -0.6 -3.7 1285.80 -2.9 1.8 International Consolidated Airlines Group S.A. 184.60 -5.30 Unilever PLC 4758 69.00
CFGMToroeaeonnvddeesi ra&lua &m (lD1 R 7eLreu)ertg iaSs Riuelererertvs a(i 3ic(l25ee5)rss) ((852)) 44265110884824709324.....2868531405 --00100.....2865244432 33155557805937469886.....7344621301 44165119883597804197.....1705621574 44165119880862589581.....3729814442 53299390141493681253.....4390202349 33234.....7179428282 11111.....4196272558 1211188857.....2082740741 478788609.....6417441334 45246225501628265625.....3611789086 FFFFFFTTTTTTSSSSSSEEEEEE A DGJJJselaaaioavpppb ePaaaalannnolc p wiLMfeiaicd ir J dLgeAa exCrP gaNCAepa oNCpra tShpm Aexam lJle aCrpiacapan 1513859072402497365 235617586252124898......884909749168 ----000001......134430 -520117......335882 -1----730940......452683 1457822534645225072......961015312030 -----529832......820450 322222......353347 THHPCFohooeeoabnaadralslmtt cuh&hcam Co CcDeaearrrur ueeSt giEec qRarvulesiitcp a&emis leBenriost t&ec Shenrovliocgeys 214785196930367 1864522643872644953......089261497637 --000000......624571 --000000......624571 -1-354656......163075 21978414802126762388......496969927130 --964765......798840 710212......199436 IIJJJntdouvt hs eSPtnrL ptsEeCooakrntt G sTM raFoakauetsptahh wiPeoLynaC yPP.LCLCCom N.V. 66252802634..5802124030 512-41738.....0300000000 UVWWonhpditipate bfPdorL enUCaetd iGl iPtriLoeCusp G PrLoCup PLC 91512921332...21720030 13280....64080400
Telecommunications (6) 1734.07 1.80 1489.67 1703.37 1700.76 2304.73 7.80 -0.44 -29.30 43.50 2344.95 FTSE Asia Pacific Mid Cap ex Japan 835 817.16 0.6 6.3 -5.6 1347.60 -4.1 3.0 General Retailers 147 1122.83 -0.8 -0.8 24.0 1508.16 24.6 0.8
Fixed Line Telecommunications (3) 1414.50 1.44 1215.14 1394.37 1373.24 2342.16 12.63 1.27 6.25 3.51 1549.99 FTSE Asia Pacific Small Cap ex Japan 1786 543.41 0.1 5.9 0.1 875.74 1.6 2.9 Media 85 368.97 -0.5 -0.5 -4.0 518.55 -3.3 1.5 UK STOCK MARKET TRADING DATA
Mobile Telecommunications (3) 2793.45 1.92 2399.75 2740.89 2748.70 3418.26 6.26 -1.54 -10.39 90.67 3405.92 FTSE Asia Pacific Ex Japan 1760 567.00 0.9 7.1 -0.2 1035.19 1.5 2.7 Travel & Leisure 151 392.62 -1.0 -1.0 -24.2 560.09 -23.5 2.4
Utilities (8) 7245.03 0.16 6223.94 7233.68 7091.30 6509.40 5.82 0.90 19.13 272.12 10000.17 FTSE Emerging All Cap 3230 760.62 0.6 8.2 -3.7 1243.60 -1.9 2.7 Telecommunication 96 147.09 0.5 0.5 -8.3 315.96 -5.6 4.6 Jul 29 Jul 28 Jul 27 Jul 24 Jul 23 Yr Ago
Electricity (3) 7741.45 -0.12 6650.39 7750.98 7641.04 6542.05 5.99 0.80 20.99 445.76 14165.25 FTSE Emerging Large Cap 889 737.61 0.7 8.6 -2.6 1214.07 -0.8 2.6 Fixed Line Telecommuniations 43 114.64 0.8 0.8 -15.3 276.32 -12.3 5.8 - - - - - -
Gas Water & Multiutilities (5) 6725.74 0.24 5777.84 6709.66 6566.69 6150.55 5.77 0.93 18.64 212.92 9155.93 FTSE Emerging Mid Cap 888 867.42 0.1 8.0 -10.9 1415.76 -9.0 3.3 Mobile Telecommunications 53 169.69 0.1 0.1 1.7 318.98 3.9 3.4 Order Book Turnover (m) 61.84 86.65 72.39 72.39 72.39 27.82
Financials (308) 3864.54 0.34 3319.89 3851.31 3834.09 4970.51 4.43 1.56 14.49 49.68 3994.03 FTSE Emerging Small Cap 1453 716.78 -0.1 4.7 -5.2 1122.32 -3.4 3.1 Utilities 189 301.40 0.9 0.9 -5.2 653.28 -3.1 3.6 Order Book Bargains 841205.00 835303.00 860146.00 860146.00 860146.00 817217.00
Banks (11) 2126.02 -0.08 1826.39 2127.71 2119.36 3787.28 6.28 1.87 8.53 0.02 1751.02 FTSE Emerging Europe 75 328.00 -1.4 -1.6 -25.5 609.33 -23.0 7.4 Electricity 132 338.73 0.7 0.7 -4.9 723.43 -2.8 3.5 Order Book Shares Traded (m) 1598.00 1673.00 1661.00 1661.00 1661.00 1470.00
Nonlife Insurance (8) 3118.99 -0.44 2679.41 3132.66 3101.78 3811.62 4.53 1.45 15.26 31.79 6048.61 FTSE Latin America All Cap 244 703.45 -0.5 13.6 -28.6 1190.50 -27.6 3.1 Gas Water & Multiutilities 57 302.41 1.4 1.4 -5.8 677.28 -3.8 3.8 Total Equity Turnover (£m) 3915.43 6154.44 4557.88 4557.88 4557.88 3418.32
Life Insurance/Assurance (7) 6319.32 0.50 5428.70 6287.66 6252.58 7946.58 5.84 1.77 9.66 154.93 7077.57 FTSE Middle East and Africa All Cap 327 572.42 0.1 5.2 -17.0 984.38 -14.9 4.1 Financials 862 214.65 0.0 0.0 -18.9 386.10 -17.3 3.8 Total Mkt Bargains 1023512.00 1020132.00 1053427.00 1053427.00 1053427.00 1020236.00
Real Estate Investment & Services (17)2223.58 -0.31 1910.19 2230.47 2189.93 2410.74 2.57 2.05 18.94 19.90 6357.88 FTSE Global wi UNITED KINGDOM All Cap In 302 280.44 0.8 4.7 -21.6 528.70 -20.2 4.8 Banks 280 152.03 -0.1 -0.1 -28.8 299.62 -27.2 5.8 Total Shares Traded (m) 8111.00 8578.00 7242.00 7242.00 7242.00 6794.00
Real Estate Investment Trusts (39) 2266.70 1.57 1947.24 2231.59 2190.79 2578.46 4.39 -0.26 -88.16 40.16 3191.49 FTSE Global wi USA All Cap 1778 786.82 -0.7 7.2 -0.3 1101.03 0.7 1.8 Nonlife Insurance 74 262.53 0.1 0.1 -15.0 410.34 -13.3 2.4 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 9272.47 0.78 7965.64 9200.87 9229.86 9992.73 3.36 1.13 26.35 186.53 11835.32 FTSE Europe All Cap 1430 412.88 -0.1 7.1 -9.2 737.39 -7.4 3.6 Life Insurance 56 190.71 0.0 0.0 -21.0 337.54 -19.0 4.2 (c) Market closed.
Equity Investment Instruments (187)10893.56 0.13 9358.26 10879.41 10849.37 10864.85 2.60 2.07 18.58 159.07 6452.99 FTSE Eurozone All Cap 648 401.53 -0.4 7.9 -7.7 715.84 -5.9 3.3 Financial Services 210 351.39 -0.5 -0.5 -5.1 513.39 -4.0 2.1
Non Financials (302) 4141.96 -0.14 3558.20 4147.58 4129.11 4993.01 4.76 1.39 15.16 81.95 6906.37 FTSE EDHEC-Risk Efficient All-World 3945 401.47 -0.3 6.9 -7.2 599.96 -6.0 2.7 Technology 292 425.18 -0.6 -0.6 18.2 543.23 19.0 1.0
Technology (16) 2103.58 0.71 1807.11 2088.75 2079.09 2200.50 3.23 0.04 704.83 25.23 2924.36 FTSE EDHEC-Risk Efficient Developed Europe 588 315.79 0.1 9.2 -6.6 523.55 -5.2 3.4 Software & Computer Services 154 736.16 -0.5 -0.5 21.1 879.38 21.5 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2251.64 1.00 1934.30 2229.37 2215.30 2457.61 3.42 -0.06-528.65 27.75 3312.08 Oil & Gas 146 241.85 -1.0 2.9 -33.5 442.81 -31.5 6.1 Technology Hardware & Equipment 138 319.51 -0.8 -0.8 14.9 434.76 16.1 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2)5281.60 -2.19 4537.23 5400.07 5466.95 2986.22 1.30 2.76 27.93 43.15 6525.79 Oil & Gas Producers 104 230.83 -1.1 2.0 -34.6 432.03 -32.6 6.3 Alternative Energy 10 153.90 -0.8 -0.8 21.6 218.53 23.3 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 161 310.05 0.1 0.1 -16.0 566.76 -14.1 3.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 81 432.35 1.8 1.8 -12.8 938.49 -11.0 4.0 For all queries e-mail [email protected]
FTSE 100 6139.06 6145.69 6148.02 6147.23 6143.30 6137.11 6143.23 6132.33 6138.37 6155.01 6117.13 Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2
FTSE 250 17271.22 17250.22 17221.22 17234.36 17218.19 17226.69 17227.62 17251.96 17265.09 17287.63 17196.09 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/ Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5006.98 5000.64 4991.23 4991.36 4989.13 4991.19 4987.00 4986.63 4986.63 5006.98 4984.27 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE All-Share 3401.98 3404.13 3404.04 3404.11 3401.79 3399.35 3402.02 3397.92 3401.04 3407.94 3391.00 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Time of FTSE 100 Day's high:10:39:45 Day's Low07:28:15 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:07:54:00 Day's Low07:28:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
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 Aberforth Smaller Companies Trust Int 496.900L 95.023 554.990L 105.06010.4000010.00000 Aug 28 32.280 30.750 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Aston Martin Lagonda Global Holdings Int 146.000 406.000 227.400L 80.000L 16.700L 7.300L 0.00000 0.00000 - 0.000 0.000 07/09 217.00 AIM ELIX Elixirr International PLC 197.50 -5.50 227.00 185.00 8926.6
There are currently no rights offers by any companies listed on the LSE. Barclays Int 11621.000 10790.000 1272.000 3014.000 4.000 12.100 0.00000 3.00000 - 0.000 6.000
Drax Group Int 2205.300 2226.600 60.700L 3.500 14.000L 1.000 0.00000 6.40000 - 9.448 14.900
FDM Group (Holdings) Int 140.493 134.396 21.159 24.900 14.800 17.60018.5000016.00000 Sep 4 18.500 31.500
Jupiter Fund Management Int 182.000 210.300 40.800 81.400 6.500 15.100 7.90000 7.90000 Aug 26 17.050 17.100
Primary Health Properties Int 39.600 106.100L 3.200 10.700L 1.47500 1.40000 May 22 2.867 2.750
Rathbone Brothers Int 179.049 172.731 27.281 19.976 36.100 25.800 0.0000025.00000 - 44.755 67.000
Rio Tinto Int 19362.000 20722.000 5279.000 5186.000 2.050 2.525 0.00000156.2810 - 76.000 220.600
0
Smith & Nephew A 2035.000 2485.000 34.000L 383.000 0.115 0.353 0.0000014.57400 -
Smithson Investment Trust Int 231.073 232.111 193.470 247.000 0.00000 0.00000 - 0.000 0.000
Taylor Wimpey Int 754.600 1732.700 39.800L 299.800 1.000L 7.400 0.00000 3.84000 - 0.000 7.640
UNITE Group Int 122.600 73.500 73.900L 125.500 20.400L 53.300 0.0000010.25000 - 0.000 29.750
Weir Group Int 1094.800 1329.400 62.500 105.700 17.600 20.300 0.0000016.50000 - 0.000 46.950
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.
JULY 30 2020 Section:Stats Time: 29/7/2020 - 18:28 User: gerry.white Page Name: MARKET DATA 1, Part,Page,Edition: USA, 10, 1