Financial Times Europe - 30 12 2020

2020·6.7 MB·English

WORLD BUSINESS NEWSPAPER
WEDNESDAY 30 DECEMBER 2020 EUROPE
All pain, no gain Off the chart The dark side
Unlike earlier crises, the pandemic A graphical look at 2020 — a year Experts warn of the traps awaiting
offers no lessons like no other investors in 2021
— JANAN GANESH, PAGE 15 — BIG READ, PAGE 13 — MARKETS, PAGE 8
Dash to raise cash drives record
Briefing
i Trump presses Senate for hefty cheques
$125bn fee haul for global banks A day after the Democratic-controlled House of
Representatives passed legislation raising direct
payments to $2,000, Donald Trump has urged the
Republican-run Senate to do the same.
— PAGE 2
i California hospitals face ‘viral tsunami’
The Golden State’s hospitals are struggling to cope
3 Businesses borrow $5tn to weather pandemic 3 Equity offerings surge 3 M&A revenues fall
with a rapid increase in the number of coronavirus
patients as California records the highest number of
new daily positive cases in the US.
— PAGE 3
Eric Platt — New York
i Portugal haunted by debt crisis spectre
Investment banks across the world gen- As Lisbon grapples with a new
erated a record $124.5bn in fees this wave of infections, rising
year as companies raced to raise cash in unemployment and poverty
order to survive the pandemic. have brought back painful
The windfall came as lenders earned memories of the crisis years
high fees underwriting debt and equity from 2009 to 2014.
— PAGE 2
offerings for clients such as aerospace
group Boeing, property rental site i Beijing wrestles with stagnant inflation
Airbnb and telecoms group SoftBank, China’s industrial production may be roaring,
according to data provider Refinitiv. HHooww WWaallll SSttrreeeett’’ss bbiigg fifivvee ffaarreedd JPMorgan consumption has recovered from the pandemic and
It was a “very robust year for under- IInnvveessttmmeenntt bbaannkkiinngg ffeeeess eeaarrnneedd,, bbyy yyeeaarr (($$bbnn)) exports are booming but the consumer price index
writing both debt and equity”, said Jason 8 Goldman Sachs has fallen into negative territory.— PAGE 4
Goldberg, an analyst at Barclays.
“You saw a bump this year as compa- Bank of America i Toshiba takes stock of activist revolt
7
nies looked to access capital markets to Board members of the Japanese technology group
Morgan Stanley
shore up their balance sheets in the have held emergency talks following demands from
face of pandemic-related uncertainty.” 6 shareholders for two extraordinary meetings to
Companies have raised more than Citigroup discuss the handling of Toshiba’s AGM.
— PAGE 5
$5tn in debt this year, setting another
record. 5 i Ecommerce rise boosts Amazon ads unit
While multinationals first moved to The jump in online shopping that has seen more
draw down credit lines in March, they 4 merchants cram on to Amazon’s marketplace has
quickly shifted to the bond market to led to a $21bn revenue increase for the group’s ad
lock in longer-term funding. business as brands compete to be noticed.
3 — PAGE 6
Lenders earned $42.9bn underwrit-
ing debt, up 25 per cent from a year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 i African states to miss free trade deadline
earlier, the previous high mark. Figures including fees earned from debt, equity and loan underwriting as well as acquisition advisory work Most of the countries that have pledged to join the
Source: Refinitiv Photo: AFP/Getty Images
Analysts and executives across Wall African Continental Free Trade Area will not have
Street doubt the feat will be repeated customs procedures and infrastructure ready
next year, given that corporations are The five big ings surged 90 per cent to $13bn, the The rise in debt and equity offerings cent of the fees earned this year, their before the zone comes into effect on Friday.
— PAGE 4
now stuffed with debt and seeking to US lenders highest figure since at least 2000, helped offset a decline in merger and biggest share since 2013.
repair weak balance sheets. generated Refinitiv data showed. acquisition advisory fees, which fell European rivals, by contrast,
The “real story” was in the equity 30 per cent of That buoyed overall equity under- 10 per cent to $29.6bn after dealmaking accounted for less than a quarter of
Datawatch
offerings banks completed, as highly the investment writing revenues to some $32bn, three- slowed dramatically in the first half of investment banking fees in 2020, their
valued public companies including banking fees quarters above 2019’s $18.3bn haul. A 2020. lowest proportion since at least 2000.
Natural disasters
cloud database start-up Snowflake and earned this year, number of large secondary offerings, But an increase in takeovers in recent The hefty fees have not translated to a Each year about
Individuals expected to be
US meal-delivery company DoorDash their greatest such as PNC Financial’s sale of its stake months is providing some optimism to share rally for most banks this year, 13.7m people can
displaced, per year (millions)
went public, said David Konrad, an ana- share since 2013 of asset manager BlackRock, bolstered investors, particularly as companies which have been depressed by the expect to be
Floods Wind Tsunami
lyst at DA Davidson. Wall Street commissions further. contemplating those deals often recession. Earthquakes Storms displaced by
Companies raised almost $300bn The series of technology listings must raise billions of dollars to fund The KBW index of US bank stocks has East Asia/Pacific natural disasters,
mostly flooding.
through flotations globally in 2020, the helped lift Goldman Sachs’ equity busi- transactions. slid 14 per cent in 2020 as lenders have South Asia
Those born in
highest in any year besides 2007. ness far past those of its rivals. The “That needs to be financed,” said set aside reserves for potential losses. Of Sub-Saharan Africa
areas with low
The listings, which also included UK bank, which led the DoorDash, Snow- Mr Goldberg. “And, traditionally, that is the big five US banks, only Morgan Latin America/Caribbean
carbon footprints
ecommerce provider The Hut Group, flake and Unity Software IPOs, reaped financed with debt and equity.” Stanley has outpaced the broader US Developed per capita are
allowed companies to raise cash during roughly 10 per cent of the equity under- Together, the largest US banks — market. Europe/Central Asia more likely to
a time when the pandemic hit hard, writing fees generated this year. JPMorgan Chase, Goldman Sachs, Bank Shares of the midtown Manhattan- Arab States migrate to areas
which limited the ability of many com- Large IPOs are expected to continue of America, Morgan Stanley and Citi- based investment bank have climbed 0 1 2 3 4 with higher
panies to generate revenue. into 2021, according to Michael Wong, group — generated just under $37bn of more than 30 per cent this year. Sources: UNDP; IDMC carbon intensities.
Fees underwriting initial public offer- an analyst with Morningstar. investment banking revenues, 30 per Inside Business page 5
GE under attack after lowered share
price goals hand $47m bonus to Culp
Patrick Temple-West and after 30 days trading above the mark, “[If] the company has to lower
Andrew Edgecliffe-Johnson Mr Culp locked in a bonus of at least [bonus] goals, then what is the point? A
New York
$46.5m to pay out not before 2024. lowering of goalposts is definitely highly
General Electric has come under fierce The new plan also boosts Mr Culp’s problematic,” Mr Varner said. “For an
fire over a $47m bonus secured by chances of hitting a maximum $230m S&P 500 company, this is quite severe.”
K-shaped recovery pits US Larry Culp after the company rewrote bonus, with a share price target of $16.68 GE declined to comment beyond a
giants against small rivals its chief executive’s pay package to reaping the full sum, rather than the $31 statement put out in August. “Larry’s
reduce the risk that he would miss out mark set in 2018. compensation remains overwhelmingly
Analysis i PAGE 7 on a windfall. “How can GE justify this type of enor- tied to producing results for sharehold-
mous bonus for its CEO while workers, ers, with nearly 90 per cent of his annual
Unions at the US group, which this year their families and communities are suf- pay at risk,” Tom Horton, GE’s lead
Austria €3.90 Malta €3.70 cut 20 per cent of the workforce in its fering?” said Carl Kennebrew, head of a director, said at the time.
Bahrain Din1.8 Morocco Dh45
Belgium €3.90 Netherlands €3.90 aviation unit to improve margins, union representing GE workers under Mr Culp made $24.6m in 2019, his
Bulgaria Lev7.50 Norway NKr40
Croatia Kn29 Oman OR1.60 described the $47m bonus as “abso- the AFL-CIO labour federation. first full year as GE’s chief executive.
Cyprus €3.70 Pakistan Rupee350 lutely outrageous”. Michael Varner, director of executive The revised bonus plan is also likely to
Czech Rep Kc105 Poland Zl 20
Denmark DKr38 Portugal €3.70 GE revisited Mr Culp’s pay in August, compensation research at CtW Invest- cause disquiet among GE investors.
Egypt E£45 Qatar QR15
Finland €4.70 Romania Ron17 allowing a bonus to be triggered by a $10 ment Group, which represents pension Shareholder advisory service ISS said in
France €3.90 Russia €5.00 share price rather than the original tar- funds with more than $250bn of assets October that it would consider recom-
Germany €3.90 Serbia NewD420
Gibraltar £2.90 Slovak Rep €3.70 get of $19 set in 2018. In November, as under management, said the incentive mending that investors vote against
Greece €3.70 Slovenia €3.70
Covid-19 vaccine hopes fuelled a stock package set for Mr Culp when he was company directors or pay packages
Hungary Ft1200 Spain €3.70
India Rup220 Sweden SKr39 market rally, GE’s shares went above hired to turn round GE had been poorly where bonus metrics had been changed
Italy €3.70 Switzerland SFr6.20
Lithuania €4.30 Tunisia Din7.50 $10 for the first time since March and, designed. in the middle of multiyear plans.
Luxembourg €3.90 Turkey TL19
North Macedonia Den220 UAE Dh20.00
World Markets
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DECEMBER 30 2020 Section:FrontBack Time: 29/12/2020 - 19:06 User: julian.summers Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1
2 ★ FINANCIAL TIMES Wednesday 30 December 2020
INTERNATIONAL
Republican tension Free movement
Trump turns up stimulus heat on Senate Gibraltar and
Spain hold
talks to avoid
President clashes with his wrote in tweet early yesterday. The US Mr Trump’s bid for $2,000 payments, to get relief to Americans now and I will veto on Monday, a vote in the Senate
own party leaders over president’s pressure came as Mitch squeezing Mr McConnell even further support that.” along the same lines could happen in the border checks
McConnell, the Republican Senate on the issue. Mr Perdue said in a tweet: Democrats have been strongly in coming days and would amount to a
size of payouts for public majority leader, prepared to bring the “@realdonaldtrump is right — I support favour of the bigger stimulus cheques striking rebuke of the Republican
for workers
upper chamber back into session after this push for $2,000 in direct relief for and urged Mr Trump to be more force- president.
the holiday. Mr McConnell has not said the American people.” ful with his party. Mr Trump objected to the defence bill
James Politi — Washington
whether he would schedule a vote on the “If he actually does his job now and in a bid to persuade Congress to repeal
Donald Trump challenged Senate larger direct payments. ‘If he convinces [his party] convinces Republicans to vote for larger legislation granting technology compa-
Republicans to approve an increase in The $600 payments were included in direct payments, then bigger cheques nies immunity from liability for online Ian Mount — Madrid
to vote for larger payments,
stimulus cheques to $2,000 per person, a $900bn stimulus bill signed into law could start going out next week,” Jack content, and because of provisions
Spain’s government approved a decree
defying his own party leaders in Con- by Mr Trump on Sunday. Higher direct bigger cheques could start Reed, a Democratic senator from Rhode restricting his ability to reduce US troop
yesterday regulating parts of its rela-
gress in one of the last political clashes of payments would increase the cost of the Island, said on Monday, adding: “It’s not levels in Europe and Asia.
going out next week’ tionship with citizens of the British
his presidency. stimulus bill by $464bn, according to enough for President Trump to just sit He also criticised a measure requiring
overseas territory of Gibraltar after the
A day after the Democratic-control- the Joint Committee on Taxation, and in his Mar-a-Lago estate and send a few the Pentagon to rename military bases
Brexit transition ends on January 1.
led House of Representatives passed could support income and consumption When asked if she supported the tweets.” named after confederate generals.
legislation raising the direct payments as the US grapples with more coronavi- $2,000 payments, Ms Loeffler told Fox As he turned up the heat on Mr McCo- “Weak and tired Republican “leader- Measures approved by the cabinet of
from $600, Mr Trump urged the Repub- rus cases. News: “The president has fought for our nnell over the stimulus, Mr Trump also ship” will allow the bad Defense Bill to Spain’s socialist prime minister, Pedro
lican-controlled Senate to do the same, Yesterday morning, David Perdue country from day one. attacked Republican leaders in the pass,” Mr Trump said, adding: “Negoti- Sánchez, allow Gibraltarians to con-
despite the resistance of many lawmak- and Kelly Loeffler, two Georgia Republi- “He continues to fight for every single upper chamber of Congress for their ate a better Bill, or get better leaders, tinue to hold Spanish public sector jobs,
ers of his party to increased spending. can senators facing difficult run-off American. I’ve stood by the president intention to override his veto of a NOW! Senate should not approve NDAA work in professions that require EU resi-
“Give the people $2,000, not $600. races next week that could determine 100 per cent of the time. I’m proud to do $740bn defence spending bill. [National defence authorization act] dency and study in Spanish universities,
They have suffered enough!” Mr Trump control of the upper chamber, backed that. And I’ve said absolutely, we need After the House voted to override his until fixed!!!” among other issues.
However, the news came as Madrid
warned it would toughen border checks
with Gibraltar if it could not reach a deal
Covid. Impact with the UK on free movement between
Spain and the territory before the end of
the transition period.
Virus rekindles Portugal’s debt crisis nightmare
“If there is no deal, Gibraltar will
become the external border of the EU.
That means more checks, waiting time,
and costs,” Arancha González, Spain’s
foreign minister, warned. “Although on
a smaller scale, one of the consequences
Unemployment and poverty
could be queues similar to the ones we
on the rise as Lisbon grapples have seen in Dover.”
Gibraltar was not covered by the
with second wave of infections EU-UK Brexit deal struck last week. As
such, in the absence of a separate agree-
ment, border crossings could require
Peter Wise — Lisbon passport stamps, while Gibraltar resi-
Boarded-up shops and cafés, food banks dents could lose Spanish social security
under pressure, unemployment rising and other benefits. Gibraltar is seeking
sharply: the economic impact of the closer ties with the EU than it had pre-
coronavirus pandemic in Portugal has Brexit, with al­most unfettered move-
brought back painful memories of the ment between it and Spain, while Ms
European debt crisis just as they were González said the Spanish “vision” is to
beginning to fade. “remove the border fence”.
Three months before the virus struck This would in effect make Gibraltar
in March, Portugal recorded its 25th part of the Schengen free movement
quarter of uninterrupted growth. As the area and convert Gibraltar’s airport and
scars left by a punishing EU-IMF bailout port into the EU’s frontier. But talks
programme gradually healed, unem- have stalled over how those entrances to
ployment was at its lowest since 2004. the EU will be policed, and who will do
The budget was in surplus for the first it. Spain has signalled it would be willing
time in 45 years. to have EU border agency Frontex offic-
Less than a decade later, Covid-19 ers control passage through the airport
has reopened the wounds of that dis- and port, as a temporary confidence-
tressing crisis, plunging the econ- building measure, but insists they
omy back into a deep recession. should report to Spanish authorities and
“Unemployment is already skyrock- that Spain, as an EU member, would be
eting and poverty is on the rise,” said in charge of the external EU border.
Ricardo Baptista Leite, health spokes- The Gibraltarian government has
man for the centre-right Social Demo- been clear it will not accept Spanish
crats, the main opposition party. “The oversight of its borders. The issue is
idea that we are constantly in crisis is at especially sensitive, as the sovereignty
the back of everyone’s mind.” dispute has continued since Gibraltar
Portugal won international praise for Bumpy ride: the 360,000 jobs created in Portu- the debt crisis but, according to the ‘We need to “Public debt was already very high was ceded to Britain under the 1713
its rapid response to the first wave of the passengers gal over the past four years could be OECD, has increased roughly in line and will now be higher,” said Pedro Treaty of Utrecht.
crush the
pandemic. But it has been one of the wear protective wiped out in 2020 and 2021. with economic growth in recent years. Simas, a senior scientist at Lisbon’s Ms González insisted Spain would
European countries hardest hit by the masks on a As Portugal advances with its Cov- “One of the outstanding outcomes of curve more Institute of Molecular Medicine. continue to negotiate until the “last
second wave and among the slowest to tram in Lisbon id-19 vaccination programme, people 2020 was that our NHS showed it was The European Commission expects minute” of 2020, but warned there was
quickly. A
lower the growth rate of new infections. last month hope this recession will be relatively capable of meeting the challenge of public debt to reach 135 per cent of gross “no plan B” except for a hard border if
In a country of 10.2m, coronavirus Horacio Villalobo/Corbis/ shortlived in comparison with the previ- coronavirus,” said Augusto Santos Silva, third wave domestic product this year, up from 117 no agreement was reached.
had claimed more than 6,600 lives by Getty ous downturn. But the central bank has the foreign minister. per cent in 2019. The budget is projected Gibraltar chief minister Fabian Picar­-
would have
December 27 after the number of cases cut its forecast for a rebound in 2021 to But the virus has placed Portugal’s to return to a deficit of 4.3 per cent of do said: “We are remarkably close to a
and fatalities began rising significantly growth of 3.9 per cent, warning the intensive care bed capacity, one of the devastating GDP in 2020. Emergency bond-buying deal. I am optimistic. I won’t be drawn
faster in mid-November. “We need to economy will not regain its pre-pan- lowest in Europe, under pressure. Since by the European Central Bank has kept on what happens if we don’t have a deal.
economic
crush the curve more quickly,” said Mr demic level until 2023. late November, coronavirus patients down the cost of government borrow- I will keep working to ensure we have
Baptista Leite, who is also a medical Portugal’s dependence on tourism, have occupied close to 500 out of a total and social ing, as it did during the debt crisis. one that is safe and beneficial for all.”
doctor and head of public health at Lis- the sector that helped to drive the coun- of about 1,125 intensive care beds. Non- In contrast to the bailout years, many The threat of a hard border is a partic-
effects’
bon’s Catholic University. “A third wave try’s recent recovery, has made it espe- Covid patients would normally occupy voters now see the EU as a source of suc- ular concern for workers in the region.
would have devastating economic and cially vulnerable to the economic 60 to 70 per cent, meaning that many cour rather than austerity. Portu- About 15,000 cross the border to work
social consequences.” impact of coronavirus. Accounting for surgeries have had to be postponed. gal is set to receive €13bn in grants by every day, most of them passing from
The immediate shock to the economy about 15 per cent of national output and In a country where the number of 2026 from the EU’s recovery fund, Spain to Gibraltar. Any damage to the
has been far greater than in any of the 9 per cent of employment, the industry nurses per 100,000 inhabitants equivalent to 6 per cent of GDP, but it regional economy caused by a change in
crisis years between 2009 and 2014. The expects to lose about 60,000 jobs this is also below the EU average, a record plans to minimise borrowing from it so the way the border is policed could be
Bank of Portugal forecasts that the econ- year. About 45 per cent of the country’s number, more than 4,000, applied to as not to add to public debt. devastating to them, as job prospects in
omy will have contracted 8.1 per cent hotels have temporarily closed. TAP Air their professional body for emigration “There’s a feeling that we’re all in this the Spanish frontier area of the Campo
this year. Unemployment is set to Portugal, the national airline, is to be papers last year. together now,” said Eugénia Monteiro, a de Gibraltar, where unemployment is
reach almost 9 per cent in 2021. Some bailed out at the cost of 3,500 jobs. Many Portuguese worry about how retired civil servant. “In the last crisis, close to 40 per cent, are scarce.
economists fear more than two-thirds of Public health spending was cut during the pandemic will affect public finances. we felt Europe was leaving us behind.” See Lex
Obituary Pierre Cardin, fashion’s Great Democrat and full, gathered skirt became one of go to shows at his own theatres, and
MAKE A SMART INVESTMENT who died aged 98 in Paris yesterday, the predominant cocktail dress silhou- sleep in his own hotels. It also made him
Pioneer who believed everyone deserved a bit of style ettes of the decade. “[Coco Chanel] was one of the wealthiest men in France.
Subscribe to the FT today at FT.com/subscription no matter where they lived, and no mat- jealous of me,” Cardin told L’Officiel ear- Although Cardin was honoured with
ter if it was only on a sardine tin. lier this year. “I was extremely hand- the Légion d’Honneur in 1997, as well as
was celebrated
During his 70-year career, Cardin some, young, and talented. And she being named a member of the Académie
became one of the most celebrated yet was, well, of a certain age.” Française, the designer always felt he
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Tpeoclihtictiatlarnisskn—eeGdILLtIoANmTiEnTimT,iPsAeGE13 Itthaelyp’sopoorp—uBlIiGstRsEAaDr,ePAtrGyEi1n1gtowoo Mletatye’rs—firRsOtBsEtRaTbSHaRtItMhSeLEbYr,ePaAGkE-u12p was justly applauded for his creative menswear, and in 1959 was thrown out much as he was abroad.
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Sweden: Responsible Publisher - Christer Norlander
Published by: The Financial Times Limited, The youngest of 11, Pierre Cardin was rich people?” he asked at the time. “I ture brand in the late 1980s. By the time
BTeral:c +k4e4n H20o u7s8e7,3 1 3F0ri0d0a;y F Satxr:e +e4t,4 L 2o0n d7o4n0 7E C5470M0 9.BT. ©Re Cporopdyuricgthiotn T ohfe t Fhien aconncitaeln Ttsim oef st h2i0s 2n0e.wspaper in any born outside Venice in 1922 and studied want to work for people in the street.” he died, no buyer had been found.
Editor: Roula Khalaf. manner is not permitted without the publisher’s prior architecture in Saint-Etienne, France. He also became the first designer to go From July 2019 to January of this year,
consent. ‘Financial Times’ and ‘FT’ are registered trade
Germany: Demirören Media, Hurriyet AS-Branch marks of The Financial Times Limited. He came to Paris in 1945 to work in the to Japan in 1959, China in 1978 and Rus- Cardin was the subject of a retrospective
Germany, An der Brucke 20-22, 64546 Morfelden- haute couture ateliers of Paquin, Elsa sia in 1987. And he was the first to agree at the Brooklyn Museum in New York,
Walldorf, [phone]. Responsible Editor, Roula The Financial Times and its journalism are subject to a
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Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti, Practice: www.ft.com/editorialcode he helped sew the dresses that became designing everything from china to ball- scient was China. He was invited by the
153, Monza, 20900, Milan. Tel. [phone]
Owner, The Financial Times Limited; Rappresentante e Reprints are available of any FT article with your the basis of the New Look. point pens and caviar. government to stage a production for
DViiare Gtt.o Prue eRcehsepr,o 2n s2a0b0il3e7 i nP aItdaeliran: oI. MD.uDg.Snraln-Mo a(MrcoI) ,P Itraolvya. si - c(mominpimanuym l oogrdoe orr 1 c0o0n tcaocpti edse)t.ails inserted if required Four years after opening his epony- By 2008, he had 900 licences. This the 2008 Olympics.
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Spain: Bermont Impresion, Avenida de Alemania 12, CTC, [email protected] ble dress”, a design whose fitted bodice own china, see art at his own galleries, Vanessa Friedman
DECEMBER 30 2020 Section:World Time: 29/12/2020 - 18:20 User: john.conlon Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
Wednesday 30 December 2020 ★ FINANCIAL TIMES 3
INTERNATIONAL
‘Viral tsunami’
pushes hospitals
in California
to their limits
Golden State surge leaves too few nursing staff
trying to cope and paucity of emergency beds
Dave Lee — San Francisco the LA Department of Public Health. “It
is so much larger than we have experi-
In April, with California’s coronavirus enced prior to this.”
rates among the lowest in the country, The difference, he suggested, had
many of the state’s nurses flew to other been the combined effects of compla-
parts of the US to help with the pan- cency, economic desperation, and the
demic. This Christmas, it is the Golden flurry of family-orientated holidays at
State’s hospitals that are desperate. the end of the year: Halloween, Thanks-
“You just never really know if you’re giving, Hannukah and Christmas.
going to get enough staff,” said Valerie While the number of daily new cases
Ewald, who has been a nurse in the in the state is more than 20 times higher
intensive care unit at UCLA’s Santa than when lockdown was first enforced
Monica Medical Center for almost 20 in April, Californians’ fear of the virus is
years. considerably lower than it was then,
“It’s a lot of calling and cajoling and according to University of Southern Hold-up: ment said, pleading for adherence, more recently in Salinas. The hospital ‘Hospitals drawing on relationships created by his
begging,” she said. “It’s hit us and every Cali­fornia’s Center for Social and Eco- ambulance “more than 3,000,000 residents are not where she works, Natividad Medical other 2020 crisis, wildfires.
are full, the
hospital in California. But the LA area nomic Research which runs a bi-weekly crews wait to following the safety guidance that Center, has erected tents outside the Among his other moves are emer-
really is getting hit bad.” survey on attitudes to the outbreak. admit patients directs us to not gather with people out- main building to care for the sick. beds are gency training, in as little as two days, to
California has the highest number of “People [in California] have grown to Martin Luther side our immediate household”. “It’s just everything that we can do get nurses from other disciplines into
full, there’s
new daily positive cases in the US, an less sensitive to increasing case rates, King Jr hospital As California has sought to increase just to keep our head above water,” she the ICU. This has raised yet more con-
average of more than 40,000 each day less sensitive to the risk than at the start in Los Angeles treatment capacity, nursing unions said. “The hospitals are full, the beds are nowhere to cern among nursing groups, who argue
over the past week, with about 250 aver- of the pandemic,” said Kyla Thomas, a last week have resisted state efforts to loosen the full, there’s nowhere to move the the shortage of staff was a “manufac-
move the
age daily deaths over that time. On sociologist at the centre, noting that David Swanson/Reuters minimum requirements for the number patients once you get them in and start tured crisis”. Hospitals have been
December 23, it became the first US researchers had seen the same pattern of nurses per patient, a move medical taking care of them.” patients accused of laying off nurses and cutting
state to surpass 2m known positive across most of the country. practitioners said would significantly According to Aya Healthcare, a nat­- pay for contractors during the “quieter”
once you
cases, with the second million cases Data from December 22 suggested the worsen the quality of care and put ional contractor of “travel nurses”, as of months of the pandemic.
coming in the previous six weeks. The average perceived chance of catching nurses at even greater risk. The Califor- December 21 there were 4,390 open get them in Mr Newsom said recently the vaccina-
first million came in 10 months. coronavirus among Californians was 23 nia Nurses Association had held strikes positions in California, by far the largest tion efforts made him “enthusiastic that
and start
The crisis is particularly acute in per cent, whereas it had been 30 per opposing the move, and a number of number in the US. Nationally, the there is light at the end of the tunnel, but
southern California where there were cent in April. The average perceived hospitals reversed their changes. number of vacancies for “crisis” posi- taking care mindful that we’re still in the tunnel”.
no intensive care beds available at that chance of dying from it fell to 16 per cent More than 60,000 healthcare workers tions has increased by more than 90 per Just over 70,000 in California — mostly
of them’
time. In LA County, the most populous from 29 per cent earlier in the year. in the state have caught Covid-19, acc­- cent in the past month. Against this time health workers — had received a corona-
in the country, the death rate over the In LA County, the survey also sug- ord­ing to the California Department for last year, the number of vacant posi- virus vaccine as of December 21.
past seven days has averaged at more gested almost a third of respondents Public Health, with at least 240 deaths. tions is almost 200 per cent higher. Much of the state will be under stay-
than three an hour. had visited a friend, neighbour or rela- “Nurses stand together, always, and With statewide availability of ICU at-home orders into 2021. To deter trav-
“It’s a viral tsunami,” said Robert tive in the past week, or had people visit we’re never afraid,” said Mendy Baxter, beds at Christmas at just over 1 per cent, ellers, some popular getaway destina-
Kim-Farley, professor of epidemiology them. an emergency room nurse from Texas Gavin Newsom, the governor, has tions such as ski areas in northern Cali-
at the UCLA Fielding School of Public “If the survey is representative of LA who has been working in California looked further afield to Taiwan and fornia, have had to shut out tourists.
Health, and a former senior official at County residents,” the health depart- since February, first in San Antonio and Australia to find critical care nurses, Janan Ganesh see Opinion
DECEMBER 30 2020 Section:World Time: 29/12/2020 - 18:19 User: john.conlon Page Name: WORLD2 USA, Part,Page,Edition: EUR, 3, 1
4 ★ FINANCIAL TIMES Wednesday 30 December 2020
INTERNATIONAL
Executive order Single market
US widens China crackdown to subsidiaries Africa nations
struggle to hit
deadline for
Investment ban scope for more sweeping rules to constrain It also said the US defence or Treasury on today’s announcement,” Mr Pompeo years to sever the integration of capital
US investment in Chinese companies secretaries could determine if “an wrote on Twitter. markets between the two countries. US continental
extended after lobbying
with links to the People’s Liberation entity, including a subsidiary” was a Mr Trump’s executive order was one officials and lawmakers have been par-
by state department Army. “communist Chinese military company of his last significant China policy moves ticularly focused on curbing the inclu-
free trade area
In a question and answer addendum operating directly or indirectly in the before he is due to leave the White sion of Chinese companies suspected of
to the executive order published on US”, which would also make it subject to House next month. His administration threatening US national security inter-
James Politi — Washington
Monday on the Treasury’s website by the investment ban. has in recent weeks also added dozens of ests from indices at the heart of Ameri-
An executive order issued by Donald the Office of Foreign Assets Control, The details offered by the Treasury, Chinese companies, including Semicon- can investment portfolios.
Trump banning investments in Chinese which sets US sanctions, the Trump which also noted that exchange traded ductor Manufacturing International The Financial Times reported earlier David Pilling — Accra
companies with suspected military ties administration said the investment ban funds and index funds would be subject Corp, China’s largest chipmaker, and this month that the US Treasury depart-
Most African countries are not ready to
will apply to subsidiaries, the US Treas- would apply to “any subsidiary of a to the ban, were welcomed by Mike drone maker DJI to a commerce depart- ment had sought to exclude subsidiaries
implement the terms of the African
ury said, signalling a tougher interpreta- Communist Chinese military com- Pompeo, US secretary of state. ment blacklist that prevents American from the investment ban but the effort
Continental Free Trade Area when the
tion of the crackdown. pany”. The Treasury department added “President @realDonaldTrump is companies from selling to them without was resisted by the state department
new zone comes into effect on January
The clarification followed a heated it planned to publicly list subsidiaries protecting US investors and pension US government approval. and the Pentagon.
1, according to the head of the trade
debate within the Trump administra- subject to the ban that were “50 per cent funds. His Executive Order prohibits The move against Chinese companies Steven Mnuchin, US Treasury secre-
bloc’s secretariat.
tion about the application of the execu- or more owned” or “determined to be ETF and index fund investments in with suspected military links comes tary, and Mr Pompeo both denied on
tive order signed last month, with the controlled” by the companies suspected Communist Chinese military compa- after the Trump administration consid- Twitter that there had been any “clash”. Fifty four African nations have pledged
state department and Pentagon pushing of ties with the Chinese military. nies and subsidiaries. Great teamwork ered a range of actions in the past four See Editorial Comment to join the AfCFTA but of the 33 coun-
tries to have ratified the agreement so
far many lack the customs procedures
and infrastructure to facilitate tariff-
free trade, said Wamkele Mene, secre-
Rohingya
tary-general of the AfCFTA secretariat.
“It’s going to take us a very long time,”
Bangladesh said Mr Mene, a South African trade
expert elected by the African Union last
February. “If you don’t have the roads, if
sends refugees
you don’t have the right equipment for
customs authorities at the border to
to flood zone facilitate the fast and efficient transit of
goods . . . if you don’t have the infra-
structure, both hard and soft, it reduces
the meaningfulness of this agreement.”
Mr Mene insisted that the free trade
Bangladesh started moving a second area, which covers a population of 1.2bn
group of Rohingya Muslim refugees and countries with combined output of
to a low-lying island in the Bay of $2.6tn, could still be transformative.
Bengal yesterday, despite opposition “We want to move Africa away from
from rights groups worried about the this colonial economic model of perpet-
new site’s vulnerability to floods. ually being an exporter of primary com-
The UN urged the government to modities for processing elsewhere,” he
ensure no refugee is forced to move said. “We want to stop approaching tar-
to Bhasan Char island, which only iffs as a tool for revenue. We want tariffs
emerged from the sea 20 years ago. to be a tool for industrial development.”
The first group of more than 1,600 In 2019, 14.4 per cent of official Afri-
Rohingya, members of a minority can exports went to other African coun-
group who have fled Myanmar, were tries, a small proportion compared with
relocated from rickety camps near the 52 per cent in intra-Asian trade and
the Myanmar border to Bhasan Char 73 per cent between European nations
earlier in the month. Reuters New life: Rohingya Muslim refugees are relocated to low-lying Bhasan Char island yesterday by the Bangladesh navy despite UN concerns — in the same year, according to Afrex-
Rehman Asad /AFP
imbank, a Cairo-based multilateral
trade finance institution.
David Luke, who co-ordinates trade
policy at the UN Economic Commission
Economy. Recovery challenge for Africa, said that goods traded within
Africa were more processed than the
raw materials exported from the conti-
Beijing grapples with stagnant inflation
nent to China, India and Europe.
“Policymakers have understood that,
although trade on the continent is lim-
ited, this is value-added trade,” he said.
“This is where the jobs are coming from,
encing the world’s most resilient tion that limited new reported cases example, but remains depressed com- remained uneven. “A lot of people only as opposed to trade with the rest of the
Consumer price index falls
rebound from the coronavirus pan- to a trickle. pared with last year. focus on average disposable income world, which is mostly commodities.”
into negative territory for first demic. “[The government] orchestrated and And not all prices are weak. growth in China, but if you take a look at Trade experts said the single market
The persistent weakness of Chinese managed a rapid recovery of industrial China’s producer price index, which migrant workers’ [income] growth they also offered investors potential econo-
time in more than a decade prices indicates subdued household production, and as a result we had this measures factory gate prices, has been are still lagging behind,” she said. mies of scale, enabling them, in theory,
demand and poses a challenge for the overhang of supply not matched by in negative territory since February on The country’s millions of migrant to manufacture goods in one country
People’s Bank of China as it tries to man- demand, so not surprisingly, prices have an annual basis. But it rose month on workers, who are not fully reflected in and export them tariff-free to the whole
Thomas Hale — Hong Kong age the recovery in other areas of the to be low,” Mr Kowalczyk said. month in November, suggesting the official unemployment data, were hit continent. Jeffrey Peprah, chief execu-
As China’s economy delivered its best economy, analysts said. There are some caveats to the price contraction is easing thanks to export hard by travel restrictions and lock- tive of Volkswagen, Ghana, said he
performance since the coronavirus “With this sort of strength of eco- data. Interpretation is more difficult growth, which relies on consumption in down measures earlier this year. hoped to export cars assembled in Accra
pandemic emerged, one metric has nomic activity, there should be more than usual because of changes in house- the west where government support has Negative inflation exerts pressure on to other west African countries.
remained resolutely downbeat: infla- price pressure,” said Dariusz Kowalc- hold behaviour during the pandemic, been stronger. corporates and households by increas- Mr Mene warned it might take years
tion. zyk, an economist at Crédit Agricole, particularly regarding the basket of China’s stock market has boomed this ing real interest rates, as well as threat- to bring countries’ laws into line with
Industrial production has powered to who pointed out that industry is goods and services they consume. year and the prices of new homes have ening to undermine profitability. And new requirements.
its highest rate of growth in 2020, growing faster than it was before the Spending on services such as travel risen sharply. Concerns over leverage while many expect rate hikes to begin Ethiopia, for example, prohibited for-
surpassing most of 2019. Consumption pandemic. and tourism has risen recently, for have already surfaced in the property next year, some suggest stagnating eign investment in its financial sector, a
has recovered and exports are booming, Although retail sales have been grow- sector, where the government has taken prices could put pressure on the PBoC to potential breach of AfCTFA rules, he
rising by 21 per cent in November. But ing year on year since August, rising by 5 measures to constrain borrowing. These hold or even cut rates. said. As a result, the secretariat could
Chinese inflation points
the same month, the consumer price per cent last month, the subdued infla- are beginning to have an effect: in Haibin Zhu, chief China economist at see legal challenges from countries on
to sluggish consumer demand
index fell into negative territory for the tion data suggest households have a lim- November, new home prices rose 4 per JPMorgan, argued in a December report behalf of their corporations, he added.
Annual % change
first time in more than a decade. ited appetite to spend. cent year on year across major cities — that “macro and inflation dynamics are “I’m not saying countries must rush to
The headline rate of minus 0.5 per “We think low inflation is not only CPI the slowest rate in nearly four years. pointing in different directions” and dispute settlement. All I’m saying is
cent was mainly driven by pork, a cru- because of low food and oil prices, but Core inflation 8 China’s CPI measure does not directly that the PBoC is likely to cut rates in that, if they do, the jurisprudence will
cial component in the basket of goods because there is still some weakness on Producer prices include house purchases but does partly 2021. He says financial markets have bring clarity to the body of trade law
6
and services used to determine the price the demand side,” said Jingyang Chen, incorporate the cost of renting. focused “too much on the strong data”. that we’ve developed in the form of this
level. Pork prices rose sharply last year an economist at HSBC. She added that Another bright spot is China’s But the central bank would have to agreement.”
4
as African swine fever swept through China “is still in the middle of an uphill improving labour market, which could tread carefully in considering whether For the agreement to work, one west-
China’s herds, but have recently begun battle to achieve a full recovery in 2 help revive inflation in the coming to loosen monetary policy in the midst ern diplomat said, the free trade zone
to decline, dragging overall price growth domestic demand”. months. In November, the unemploy- of a strong recovery. “Cutting the rates must benefit producers in smaller,
0
into negative territory. Unlike many western economies, ment rate fell to the same level it had may send a misleading message of pol- poorer countries as well as those in
But even when food and energy are China has taken limited measures to -2 been in December 2019, before the pan- icy easing,” said Mr Zhu. “That’s some- more industrialised parts. Many coun-
stripped out, China’s core inflation has prop up household spending, and has demic struck. That could drive a recov- thing the PBoC doesn’t want to miscom- tries saw the free trade area as a way of
remained at 0.5 per cent for the past five instead focused on supply-side meas- -4 ery in consumer confidence and con- municate to the market.” boosting their exports but few had
months — its lowest level since 2010, ures to boost its economy combined 2017 18 19 20 sumption, supporting prices. Additional reporting by Wang Xueqiao in embraced the corollary that they would
and a puzzle given that China is experi- with a strict approach to virus preven- Source: Refinitiv But Ms Chen said income growth Shanghai need to import more, the diplomat said.
Infrastructure finance Get Schooled hack
Indonesia seeks extra investment for sovereign wealth fund US student data left unsecured
Stefania Palma — Rome impact of the coronavirus pandemic. tively in the new vehicle, said Mr Pand- particularly in the infrastructure sector, Nic Fildes — London Get Schooled disputed the size of the
It will also be the first significant jaitan. Indonesia would seed the fund and is in preliminary discussions with breach, saying it believed that about
Indonesia is ready to start a second Personal details of hundreds of thou-
gauge of international appetite for sov- with up to $6bn. the relevant ministries around a possi- 250,000 accounts were left exposed. It
round of fundraising for its new sover- sands of US students have been ex­pos­-
ereign wealth funds in the region after JBIC declined to comment on “confi- ble partnership with the Nusantara said that under a third of those
eign wealth fund after securing a first ed to hackers after a database was left
the multibillion-dollar 1Malaysia Devel- dential negotiations”. Investment Authority.” accounts, about 75,000, were linked to
tranche of about $15bn for the entity, unsecured by Get Schooled, an educa-
opment Berhad embezzlement scandal The DFC has not responded to Jakarta is also in talks with the Abu email addresses that remain active. It
according to a senior minister. tion charity set up by the Bill & Melinda
in neighbouring Malaysia. requests for comment. APG declined to Dhabi Investment Authority, which is estimated that about 20,000 phone
Gates Foundation and Viacom.
Luhut Pandjaitan, minister of maritime Mr Pandjaitan said headhunters were comment. assisting Indonesia in setting up the numbers and 12,000 mailing addresses
affairs and investment, told the Finan- aiming to hire managers for the fund, to CDPQ said: “CDPQ views Indonesia as new fund. ADIA declined to comment Get Schooled was set up a decade ago to could have been accessed, but no birth
cial Times that Indonesia had raised up be known as the Nusantara Investment an attractive market for investment, on the talks. help students from low-income, minor- dates or financial details were included.
to $15.5bn in the first round of funding Authority, by next month. Analysts said the hunt for returns ity and immigrant backgrounds with TurgenSec alerted Get Schooled to the
for the fund, which is intended to propel Mr Pandjaitan, who has co-ordinated amid low interest rates might be con- their college applications and financial issue on November 17 and the breach
infrastructure investment in south-east efforts to set up the new vehicle, said he tributing to investors’ interest in the aid, and to offer job advice. was resolved on December 21. The char-
Asia’s largest economy. had held discussions with the Caisse de new sovereign wealth fund. “People are But it left a database of 125m records, ity said it would launch a review in the
The new fund could be launched as Dépôt et Placement du Québec, Can- hungry for yield [so] this is what you including 930,000 email addresses of new year to prevent it occurring again.
early as mid-January after President ada’s second-largest public pension expect to see . . . people moving into children, teenagers and college stu- Since its launch, Get Schooled has
Joko Widodo signed a presidential fund, over potential investments worth riskier assets,” said Gareth Leather, Asia dents, “open and accessible” earlier this helped 1m teenagers and young adults
decree finalising its structure this up to $2bn while APG, the biggest pen- economist at Capital Economics. “Indo- year when it overhauled its website, said into further education and employment
month, Mr Pandjaitan said. sion fund in the Netherlands, had ear- nesian infrastructure projects certainly UK cyber security company TurgenSec. with advice on scholarships, financial
The fund represents the first serious marked $1.5bn for the vehicle. do meet that category.” TurgenSec said the database included aid and help with college applications.
test of a package of sweeping reforms The pension funds would join the US Mr Pandjaitan travelled to the US last individuals’ names, age, gender, school The size of the breach is smaller than
passed by Indonesia in October that are International Development Finance month to pitch the Nusantara fund to and graduation details. Addresses and on high-profile companies such as Brit-
designed to attract foreign investors to Corporation (DFC) and the Japan Bank private equity firms including Black- phone numbers were also accessible. ish Airways and Target but highlights
the world’s fourth most populous nation for International Cooperation, which Maritime minister Luhut Pandjaitan stone and Carlyle. The company said it had been told by a the struggles smaller companies and
as it seeks to counter the economic would invest $2bn and $4bn respec- has won backing from pension funds Additional reporting by Leo Lewis in Tokyo third party who had accessed the data. groups face in keeping data secure.
DECEMBER 30 2020 Section:World Time: 29/12/2020 - 18:19 User: john.conlon Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
Wednesday 30 December 2020 ★ FINANCIAL TIMES 5
y
Three-way fight Amazon’s rapidly growing advertising heft paves way for showdown with Google and Facebook
ANALYSIS
Toshiba holds
Ryanair and
Sitting pretty Covid demand earns Samsung’s
Wizz to erase
imperilled LCD television factories a reprieve
emergency
UK investors’
voting rights
meeting after
Gill Plimmer and Philip Georgiadis
LONDON
activists revolt Ryanair and Wizz Air are to take away
the voting rights of UK shareholders as
a result of Britain’s exit from the EU.
The airlines are acting to comply with
EU ownership rules once Britain leaves
the bloc on Friday.
3 Goldman called in to mount defence
Ryanair said yesterday that it had to
“take steps” to ensure it would remain
3 Group accused of using ‘dark arts’
majority EU-owned and controlled to
comply with European regulations.
The Irish airline said in a stock mar-
Leo Lewis and Kana Inagaki — Tokyo not a constituent, rising 2.8 per cent to ket announcement that it would issue
break through the 27,500-point thresh- restricted shares to non-EU investors,
Toshiba has held an emergency board old, its highest level since April 1990. specifying that holders were not entitled
meeting and called on Goldman Sachs The first EGM demand came on to speak or vote at any general meeting.
for help as it battles with an unprece- December 17 from Effissimo, a Singa- Wizz issued a similar stock market
dented shareholder revolt on two fronts. pore-based fund and Toshiba’s largest announcement. The Hungarian airline
The Japanese technology group, shareholder with a 9.9 per cent stake. expects to serve about 60 per cent of its
which has tried several strategies to Effissimo has called on the company investor base with restricted share
revive its business, faces two demands to appoint an independent committee notices. Without the action, the airline
for extraordinary meetings. to investigate whether the July AGM was would have been 80 per cent owned by
Toshiba was accused by investors of conducted fairly. That request followed non-EU nationals from January 1.
deploying “dark arts” to survive a knife- a report by the Financial Times that cer- Both airlines are enacting long-held
edge shareholder vote in July. One EGM tain investors felt pressed into with- plans to ensure they maintain their fly-
request calls on Toshiba to investigate holding their votes as Toshiba and its ing rights after Brexit.
the way its AGM was conducted. The advisers mounted an aggressive cam- EU regulations demand that airlines
other demands a clearer explanation of paign to keep Mr Kurumatani’s share- with EU operating licences, including
its merger and acquisition ambitions. holder approval rating over 50 per cent. BA owner IAG and easyJet, are majority
Demands for EGMs are viewed by Separately, Sumitomo Mitsui Trust, owned and controlled by nationals of
Japan’s largest shareholder services the bloc, Switzerland, Norway, Iceland
Demands take Toshiba company, discovered after the AGM or Liechtenstein. This enables airlines
that a slab of votes had gone uncounted. to fly between EU destinations.
into uncharted territory
The Effissimo request caused panic in From January 1, UK nationals will be
and pile pressure on Toshiba, say people close to the com- Samsung LCD screens on show in Malaysia: prolonging production reflects the rise in orders treated as non-EU and their shares will
— Goh Seng Chong/Bloomberg
pany, prompting management to ask no longer count towards that ownership
conglomerate’s chief
Goldman Sachs to reprise its role as Edward White — Seoul the first quarter of 2021. The com- ter chip and smartphone businesses requirement. While potentially prob-
adviser on defence against shareholder pany provided no further details. also helped the company post its big- lematic for UK shareholders, the
Samsung Electronics’ display manu-
investors as a last resort. They remain activism. Goldman has not decided However, the about-face does not gest third-quarter operating profit in arrangement will not present immedi-
facturing unit has paused a plan to
rare in Japan, despite increasing share- whether to formally take on the role, the change Samsung’s longer-term dis- two years. ate operational issues, analysts say.
end production of LCD screens this
holder activism that has helped boost people said. The bank declined to com- plays strategy. The company is invest- While Samsung executives have UK investors that may be affected
year as the pandemic drove con-
the Tokyo stock market. The appeals ment on the matter. ing $11bn in next-generation display already warned investors that lower include Baillie Gifford, second-biggest
sumer demand for new televisions to
take Toshiba into uncharted territory Farallon Capital, another top investor technology over the next five years in chip prices could put pressure on investor in Ryanair, and Wizz top-20
record highs.
and put exceptional pressure on and one of the world’s largest hedge an effort to chase down local rival LG earnings towards the end of the year, investors Jupiter, Legal & General
Nobuaki Kurumatani, chief executive. funds, added to Toshiba’s woes with a The world’s biggest producer of elec- and regain its advantage over Chinese the company’s share price hit a new Investment Management and Schrod-
Toshiba has said it is studying both demand on December 25 for an EGM. tronic display panels used in devices competitors. record on Monday. ers, according to Refinitiv’s latest filings.
EGM requests. People close to the com- Farallon has called on management to including smartphones, computers But the extension of the LCD time- Its Seoul-traded stock has surged The EU and the UK will look at
pany believe it is looking for ways to explain a plan announced in November and televisions had planned to stop line indicates that South Korea’s big- more than 80 per cent from a low in “options for reciprocal liberalisation”
combine both into a single meeting. to use its capital for “proactive invest- LCD manufacturing in 2020. gest company is betting the surprise March in the midst of the worst global of the rules within the next year. Daniel
At the hastily convened meeting on ments on resources”. But Farallon said Samsung has already sold its LCD boost in demand enjoyed by many fears over the pandemic. Roeska, an analyst at Bernstein, said air-
Monday ahead of the new year shut- this policy was at odds with its previous factories in China. That decision, electronics manufacturers this year Analysts from investment group lines with large UK ownership would
down, the board gave Mr Kurumatani plan of organic expansion and “pro- signalled in October 2019, was taken will continue into early 2021. CLSA noted in a report this month either need to wait for a favourable
and other senior executives powers to grammatic M&A”, which it interpreted amid rising competition from low- According to market research com- that while “a prolonged outbreak of agreement on airline ownership rights
set the official “date of record”. This as smaller, bolt-on acquisitions. cost Chinese rivals. It also reflected pany TrendForce, shipments of TVs Covid-19 can post further risks”, Sam- or design alternative ownership and
determines which shareholders are eli- Farallon also noted that Toshiba had pressure on Samsung Display to jumped to a record high in the third sung’s dominant position in memory holding structures to “safeguard EU
gible to vote based on when they bought recorded about ¥1.8tn ($17.4bn) in develop more advanced organic light- quarter, up 40 per cent from the prior chips, smartphones and displays nationality of individual airlines”.
stakes and marks the first step in the impairment losses over 20 years emitting diode technology, a fast- three months as demand soared from should underpin share price gains. UK-based easyJet said last week it
process of holding an EGM. “resulting from heedless growth invest- growing section of the market. consumers trapped at home during Across Samsung’s listed units, share would suspend voting rights of some
The shares rose as much as 2.1 per ments through large-scale M&A, which Samsung backtracked yesterday, lockdowns around the world. prices have also been buoyed by investors if necessary to raise its EU vot-
cent yesterday. That coincided with the have led to a reduction of shareholder saying that LCD production in South A broader electronics boom that expectations for greater dividends ing base above 50 per cent.
Nikkei 225 index, of which Toshiba is capital and a crisis of solvency”. Korea would continue until at least has included Samsung’s core compu- from the family-controlled group. See Lex
Fintechs drawn to rich pickings reaped by Latin American banks Businesses For Sale
Business for Sale, Business Opportunities,
demic has hit Latin America harder $10-$15 per month, are still worth a tidy Business Services,
Inside Business in health and economic terms than $6bn-$7bn a year for Brazil’s banks. Business Wanted, Franchises
Runs Daily
almost any other region of the world. Banks in Brazil also charge high lending
.............................................................................................................................
Finance
Inevitably, there will be an impact on rates to retail and business customers Classified Business Advertising
loan books. by European or US standards. UK: [phone] | Email:
Michael The region’s banks had benefited But a host of fintech challengers such [email protected]
from a round of consolidation forced by as Nubank, Brazil’s internet banking
Stott the economic crises of the 1980s and unicorn, are eyeing the region’s retail
1990s. This left the sector highly con- banking profits hungrily, encouraged by
centrated by the start of the century, a reformist central bank which wants to
forming what Jorg Friedemann, Latin encourage innovation and competition.
America banks analyst at Citi, delicately Latin America’s traditional banks
B razil’s Joseph Safra was the calls “a very important sphere of influ- have also left a large proportion of the
world’s wealthiest banker ence in terms of price”. population unbanked — creating a
when he died earlier this High real interest rates, another leg- market that fintechs are now targeting.
month. Born in Lebanon, Mr acy of inflation in the 1980s and 1990s, Around a quarter of the $4bn in
Safra built a $23bn empire persisted well into the 2000s in the venture capital in Latin America last
from his adopted city of São Paulo, the region, thanks to conservative central year was invested into fintechs,
commercial hub of a continent which banks. Such an environment made it according to The Banker.
offered rich pickings in financial serv- lucrative for LatAm banks to take in Celina Vansetti-Hutchins at Moody’s
ices. Chile’s billionaire president deposits and invest them in higher- believes that lower interest rates and
Sebastián Piñera was another of those paying govern- increased fintech competition will
who did well; he struck gold after found- ment bonds. For ‘Why are we profitable reduce the overall profitability of Latin
ing a credit card company in the 1970s. Brazilian banks, it American banks but adds: “You will
in South America?
Latin America is the world’s most was “the best arbi- never see levels as low as those in
profitable region for banks after Africa, trage ever”, says Mr We have our feet on the Europe or the US.”
according to a recent analysis of IMF Friedemann. Conor McEnroy, an Irish banker who
ground and we’re not
data by the left-leaning think-tank Now, interest bought control of Sudameris, a Para-
Celag. Banks’ return on assets in the rates across the living in La-La Land’ guayan lender in 2004 and has since
region from 2010-18 averaged just region have fol- profited handsomely, believes that is a
above 2.1 per cent, it said, three times lowed those in the rest of the world very good thing — and not just for the
the return in the US and more than down to historic lows. Brazil’s Selic ref- obvious reason that it makes him
twice that of Europe. erence rate stands at 2 per cent, while money. “The question is not why South
Guillermo Oglietti, Celag’s deputy those in Chile, Peru and Colombia are America is so profitable,” he said. “The
director, attributes this to what he calls lower still. Argentina remains the out- question is what’s wrong with the bank-
the “monopolistic” nature of capital in lier. Its runaway inflation has led to a ing system in Europe and the U S?”
Latin America. He points to Argentina, reference interest rate of 38 per cent — Central bank bond-buying pro-
consistently one of the region’s worst- but also makes the 40 per cent-plus grammes known as quantitative easing,
performing economies but home to returns on equity among its banks look he argues, have distorted markets in the
some of its most profitable banks. Their rather less impressive in real terms. developed world. At least, he argues,
return on assets amounted to a juicy Finally, limited banking competition Latin America’s central banks are not
5.4 per cent in 2019, according to allowed some easy pickings which may doing massive QE. “Why are we profita-
JPMorgan research. not be sustainable. Current accounts ble in South America?” he asks. “We
But there now indications that those were a source of rich profits in some have our feet on the ground and we’re
days may be over as fintech challengers Latin American markets. Domingos not living in La-La Land.”
multiply and the banking sector deals Falavina at JPMorgan reckons that fees
with the fallout of Covid-19. The pan- on these accounts, typically around [email protected]
DECEMBER 30 2020 Section:Companies Time: 29/12/2020 - 18:24 User: jon.wright Page Name: Comps&Mkts1, Part,Page,Edition: EUR, 5, 1
6 ★ FINANCIAL TIMES Wednesday 30 December 2020
COMPANIES & MARKETS
Technology
Graphcore raises $222m as Nvidia pressure rises
Latest funding round tal raised), up from $1.5bn two years and chief executive, said a stronger bal- Mr Toon said Nvidia’s planned $40bn International and Schroders, which are an IPO [initial public offering] of the
ago, making it one of the UK’s most valu- ance sheet would build confidence acquisition of UK-based chip designer all new investors to the Bristol-based business at some point, when things are
values four-year-old
able private tech companies. among customers and partners after Arm from SoftBank was “bad for com- company. Some existing investors, much more predictable.”
AI chipmaker at $2.5bn Graphcore’s chips, which are known revenue growth was hit by customer petition”, “bad for the market overall” including Draper Esprit and Baillie Gif- There would be no stock market list-
as “intelligence processing units”, are purchasing delays this year. and “bad for Britain”. ford, also participated. ing in 2021, he added, which would be
tailored to AI’s specialised data process- Researchers at Facebook and Google Chipmakers such as Graphcore would The new funding comes less than a focused on “growing the company”,
Tim Bradshaw — London
ing requirements. Its IPUs are sold, have published papers comparing be less willing to work with Arm know- year after Graphcore closed a $150m which launched its second-generation
Graphcore, the UK-based maker of often through partners such as Micro- the performance of IPUs favourably ing that it was owned by a competitor, extension to its last round and leaves the IPU processor on schedule this year.
AI chips, has raised $222m in new fund- soft, Dell and Atos, to researchers at with the graphics processing units he said, limiting access to its “world- four-year-old company with about Graphcore invested $41.8m in
ing as it braces itself for tougher compe- Imperial College London and the Uni- most commonly used in AI today. class” processor designs. $440m in cash. research and development in 2019. Its
tition from US rival Nvidia. versity of Oxford, as well as financial, Nvidia has become the leader in GPUs Graphcore’s latest financing is led by “We don’t need to raise any more annual report for 2019 shows a pre-tax
The latest round values Graphcore at healthcare and telecoms institutions. and overtook Intel to become the Ontario Teachers’ Pension Plan Board, money anytime soon,” Mr Toon said. loss of $95.9m, up from $60.3m in 2018,
$2.5bn (without including the new capi- Nigel Toon, Graphcore’s co-founder most valuable US chipmaker this year. along with funds managed by Fidelity “The next step for us probably would be with revenues of $10.1m.
Technology. Online shopping
Pandemic gives Amazon’s ads business its day in the sun
Overlooked unit booms on
Amazon vs other ad players
back of ability to focus on % of digital ad spending, Oct 2020
forecast
consumers’ buying habits
Amazon 10.2
Dave Lee — San Francisco
The surge in online shopping triggered Google Facebook Other
by the pandemic has put Amazon on 29.8 23.5 36.5
course for its first $100bn quarter and
has also boosted an overlooked part of
the company’s business: advertising.
As more and more merchants cram
Amazon ad revenues
on to Amazon’s marketplace, brands
that want to stand out are spending Digital ad %
heavily on ads. As a result, Amazon’s revenues ($bn) change
“other” business unit, made up almost 25 50
entirely of its ads business, is growing
20 40
faster than its retail, cloud computing
and Prime subscription divisions. 15 30
According to FactSet, a financial data
company, the “other” unit will make 10 20
$21bn in revenue in 2020, a 47 per cent
5 10
jump on last year. Its rapid growth is also
helping Amazon to chip away at Google, 0 0
online advertising’s dominant player. 2019 20 21 22
“I don’t think there’s enough recogni- Includes advertising that appears on desktop and
laptop computers as well as mobile phones, tablets
tion for just how big an advertising busi-
and other internet-connected devices, and includes
ness Amazon is on the way to creating,” all the various formats of advertising on those
platforms; net ad revenues after companies pay
said Andrew Lipsman, principal analyst traffic acquisition costs to partner sites
at eMarketer. “We still expect solid, if An employee at work inside an Amazon distribution centre in New York. Advertisers prize the group’s data on consumer purchases Source: eMarketer
— Brendan McDermid/Reuters
not strong growth, by traditional stand- Pulse, an ecommerce research firm. ucts on its website, such as carmakers
ards for Google in both 2020 and 2021 — Some critics argue that Amazon’s and insurance companies, which are
but increasingly Amazon is eating into sponsored results are in effect a listings keen to use Amazon’s purchasing data
that growth.” tax, an additional cost of doing business to target the right people. A buyer of
Amazon offers advertisers data that is on top of the commission the group baby clothes, for example, may also
irresistible: a closed loop that shows already takes — which itself was more want a new family car.
them how effective every dollar they than $20bn in the last quarter alone. The company told investors that next
spend is, and more than two decades of “Amazon is becoming more and more year it will step up sales of display ads
insight on the actual buying habits of a pay-to-play platform,” said Mitchell outside Amazon’s main website, on
consumers, rather than just their web- Bailey, from Kaspien, a company that Twitch, its games streaming platform,
browsing habits. provides advertising services for brands or through devices such as the Fire tab-
“I can understand better the value of on ecommerce. “Unless you’re willing to lets and TV stick, or Kindle ereader.
$1 spent on Amazon because I can liter- invest in their advertising platforms, it’s Expanding its footprint further, the
ally see the transaction,” said Eric Hel- much more difficult to compete.” group also offers slots on specialist web
ler, who runs the Amazon Center of Sponsored posts are a source of con- properties such as IMDb, the film site, or
Excellence at WPP, the world’s largest tinual friction between Amazon and Goodreads, the book review hub. Ama-
ad agency, which advises on how best to major brands because they allow com- zon Publisher Services, meanwhile, is a
use Amazon’s platform. petitors to pay to appear above rivals, small competitor to Google’s AdSense,
Mr Heller noted several studies show which places targeted ads within part-
that people are increasingly searching ‘I can understand better nered websites.
for things to buy directly on Amazon, It all amounts to the foundations to
the value of $1 spent on
rather than on Google. For marketers, it eventually turn the Facebook-Google
was the difference in reaching the per- Amazon because I can duopoly into a three-way fight. In just
son searching for “athlete’s foot cream” over two years, Amazon has gone from
see the transaction’
rather than “why does my foot hurt?” languishing behind Microsoft and Veri-
The vast majority of Amazon’s adver- zon in the digital marketing space to
tising revenue is driven by this behav- even if a customer has searched for a being a comfortable third.
iour, with advertisers bidding to gain specific brand name. A recent query for This year, Amazon is on course to
prominent spots as “sponsored” listings “Sennheiser headphones”, for example, command 10.2 per cent of US digital ad
at the top of product search results, cap- presented an unknown Chinese head- spending, versus Facebook’s 23.5 per
turing the attention of the more than phone brand, a drum kit and a rival Jap- cent and Google’s 29.8 per cent. By 2022,
200m unique visitors to Amazon sites anese brand — Audio-Technica — before Amazon’s share is predicted to be
every month. any Sennheiser products. almost 13 per cent — a slow but mean-
According to JungleScout, which pro- Despite this — or perhaps because of it ingful encroachment into a high-margin
vides management software to third- — more brands than ever are willing to industry.
party sellers, the most coveted searches, pay, especially during the pandemic. A “They were late to it,” said Joe
such as “noise-cancelling headphones”, survey of 1,000 big brands conducted by Zawadzki, chief executive of adtech
can be sold for in excess of $7 per click — Feedvisor suggested the number adver- group MediaMath. “This is their third
a fee paid regardless of whether the cus- tising on Amazon has risen to 73 per business. But they’re coming in from a
tomer goes on to buy the product. cent this year from 57 per cent in 2019. standing start, four or five or six years
Just over one in 10 clicks will on aver- Amazon is also attracting advertising ago, to being a must-have on most mar-
age result in a buy, says Marketplace from brands that do not sell their prod- keters media plans.”
Mining
BHP and Vale restart Samarco after clean-up
Neil Hume The collapse of the Fundão tailings pensation package in October, arguing
Natural Resources Editor dam in November 2015 sent a torrent of that it was far too low.
BHP and Vale have resumed produc- mining waste sludge cascading through Vale, the world’s biggest producer of
tion at Samarco, their iron ore joint villages in the south-eastern state of iron ore, suffered a second deadly dam
venture that was at the heart of Brazil’s Minas Gerais, killing at least 19 people. breach at its Córrego do Feijão mine,
biggest environmental disaster after a It is considered Brazil’s worst environ- also in Minas Gerais in January 2019.
dam collapse five years ago. mental disaster, contaminating a river That disaster claimed the lives of 270
for hundreds of miles to the ocean and people and has led to the creation of a
The two mining groups said Samarco destroying entire communities. new international standard for tailings
had met the licensing requirements to The accident left BHP and Vale, two of dams in an effort to prevent another
restart operations and the production of the world’s largest miners, facing legal catastrophic failure.
iron ore pellets at its processing plant. action. Following the disaster, the com- Tailings are waste material left over
“Independent tests have been carried panies halted production at Samarco to from mining activities. They are typi-
out on Samarco’s preparations for a safe focus on reparations, compensation and cally mixed with water and held in earth
restart of operations,” BHP said, adding the clean-up effort. dams, which can range in size from no
that it would initially produce about 8m They created a foundation called Ren- bigger than a swimming pool to cover-
tonnes a year of the pellets, an ingredi- ova to oversee reparations and remedia- ing more than 1,000 hectares.
ent in steel. tion work in Minas Gerais, where Vale has been dismantling the riskiest
The resumption of production at Samarco is located. It has so far paid out types of tailing dams and shifting
Samarco comes with the price of iron $2.1bn. towards new methods of storing waste
ore hitting a nine-year high this week, as However, Brazilian federal prosecu- that do not involve the use of water, such
it rose above $170 a tonne. tors filed a lawsuit contesting the com- as dry stacking.
DECEMBER 30 2020 Section:Companies Time: 29/12/2020 - 18:01 User: cathy.pryor Page Name: CONEWS1, Part,Page,Edition: EUR, 6, 1
Wednesday 30 December 2020 ★ FINANCIAL TIMES 7
COMPANIES & MARKETS
US Goliath tramples David in K-shaped 2020
Titans from Starbucks to Mondelez grow in clout while rivals lacking scale, top brands or robust finances nurse wounds
Andrew Edgecliffe-Johnson those which went into the pandemic
New York with fragile balance sheets, such as
“These are times when the strong can Hertz, and out-of-favour operators in
get stronger,” John Donahoe, Nike chief markets such as retail, restaurants and
executive, said in September as he cele- property which suffer overcapacity.
brated the digital investments and “The pandemic has exacerbated the
robust brand that helped the sports- strength of the good and similarly high-
wear group increase its earnings even as lighted the weaknesses of the worst
Covid-19 closed its stores. companies,” said Mohsin Meghji, chief
Nike was far from the only household executive of M-III Partners, the restruc-
name boasting resilient profits and a turing advisory group.
growing share of a market it already Poorly capitalised companies outside
leads. their industry’s top two or three com-
From Amazon to Starbucks, McDon- petitors could “muddle along” in a
ald’s to Mondelez, many of the biggest strong economy, he said, but now, “peo-
US businesses got bigger this year, even ple will direct their capital to the survi-
as the turmoil of Covid-19 plunged vors and remove it from the ones that
smaller rivals into crisis. shouldn’t survive”.
Just as Blackstone had been “a huge Mr Meghji expected “significant
winner coming out of the global finan- rationalisation” in overcrowded sectors,
cial crisis”, Steve Schwarzman, chief with some weak groups selling to their
executive, told analysts who follow the industries’ winners and others collaps-
private equity group recently, “I think ing. If that happened, “Covid could end
it’s going to turn out to be another one of up being a catalyst for making the
those acceleration moments.” American economy a lot more clear and
The unequal, K-shaped recovery that
economists fear is dividing the US econ- The trend threatens to
omy is also playing out across corporate
reduce competition, stifle
America as the pandemic deepens the
gulf between the largest, best-financed innovation and hold back
companies and those lacking scale, lead-
job-creating small groups
ing brands or robust balance sheets.
Bank and central bank policies cou-
pled with shifts in consumer behaviour Flying colours: big-box chain Home Depot achieved a sales increase of 23% and is among the few retailers to have created jobs during the year
— Josie Norris/Bloomberg
have accentuated trends that were competitive because it’s forced what
putting more wealth and growth in the should have taken place over five, seven
Boost for courier and warehousing jobs Retail winners
hands of a few large companies, accord- or 10 years to happen much faster.”
US employment (rebased to Jan 2020) Same-store sales (annual % change)
ing to academics, consultants and cor- According to MGI’s Mr Manyika,
porate advisers. Couriers and messengers Warehousing and storage Building material and garden supply stores 25 roughly half of the winners of one busi-
1.5 1.5
That, some of them warn, threatens to 1.0 1.0 Home Depot ness cycle fell out of the “superstar”
reduce competition, stifle innovation 0.50 0.50 Costco 20 ranks in the next cycle. That raised
and hold back smaller businesses that Jan 2020 Nov Jan 2020 Nov Jan 2020 Nov Walmart questions about how long the K-shaped
are supposed to be sources of job crea- Food and beverage stores General merchandise Electronics and appliance stores dynamic would last.
15
tion and economic dynamism. 1.5 1.5 Those that benefited from stimulus-
1.0 1.0
“The last year’s clearly been boosted consumer spending this year
0.5 0.5
K-shaped,” said James Manyika, chair- 0 0 10 could suffer if policy interventions fell
man of the McKinsey Global Institute, Jan 2020 Nov Jan 2020 Nov Jan 2020 Nov short in 2021, while those that
noting that an MGI analysis found Smpuosritci nstgo greosods, hobby, book and Clothing and clothing accessories stores Arts, entertainment and recreation 5 depended on a forgiving debt market
almost all of the “superstar” companies “can only rely on [their] balance sheet
1.5 1.5
at the top of its rankings had become 1.0 1.0 for so long before shareholders say we
stronger in 2020. 0.50 0.50 0 can’t keep supporting this”, Mr Manyika
That partly reflected the fact that the Jan 2020 Nov Jan 2020 Nov Jan 2020 Nov 2016 17 18 19 20 said. “Eventually, demand has to show
group featured many technology and Sources: BIS; Bloomberg back-up.”
pharmaceutical companies, and that
most of its members had the global
reach to ride out local Covid-19 waves. Safety-conscious consumers also fre- have risen more than 20 per cent this
But the year’s winners had also typi- quented fewer stores, favouring compa- year, even as Amazon’s growing ecom-
cally invested more in the digital tools nies that could supply a wide array of merce dominance lifted its stock more
that became critical as employees and goods. Walmart and Target both cited than two-thirds.
customers scattered. such “trip consolidation” as playing to Much of the divergence stems from
Even within sectors, “the variations their advantage. bigger companies’ easier access to capi-
between the most and least digitised Bureau of Labor Statistics data show tal, according to Olivier Darmouni, a
companies were huge”, Mr Manyika the human impact of a divergence that Columbia Business School economics
said. From retailers forced to step up happened partly along sectoral lines. professor. Large public companies with
their ecommerce offerings to banks Courier and warehousing companies investment-grade credit ratings led a
needing to move more transactions fuelling the ecommerce boom, tech record $2.5tn of corporate borrowing
online, “the digitally enabled ones were groups, and big banks and insurers were this year. That positioned existing
ready for this moment”. among the few to add jobs in 2020. In industry leaders such as Ford and Gen-
The trend towards corporate concen- the more fragmented arts and enter- eral Motors to be ready when demand
tration began long before the pandemic, for their products began to recover.
with large US public companies seizing a Central bank policies and By contrast, a study led by Mr Dar-
growing share of economic activity mouni showed that the more costly
consumer shifts have put
since the mid-1990s, Vijay Govindara- bank loans on which smaller companies
jan, a Dartmouth professor, and col- more wealth in the hands are more dependent became much
leagues found in a study last year. harder to access this year as banks tight-
of a few large businesses
Small companies have found it ened their lending standards. The
increasingly hard to “escape their class”, increase in bank credit in the first half of
they wrote, while the biggest businesses tainment world, and at hotel and airline 2020 “came almost entirely from draw-
have had the resources to invest in companies that were stricken by the downs by large firms on pre-committed
assets including their brands. pandemic, the lay-offs fell heavily. lines of credit”, his research concluded.
The companies that went into the The same data set also reveal the “There’s a very clear premium from
pandemic with the strongest brands divide between winners and losers in being large,” he said. “The contracts that
mostly extended their lead as customers certain sectors. The only retailers were signed in good times are . . . only
retreated to familiar suppliers. beyond those selling food and alcohol to reliable if you’re a big firm.”
“Consumers are really looking during have created jobs in the year to Novem- The year had shown not only how
this time for brands they trust,” Michele ber were big-box operators such as Wal- unequally credit flowed, but how policy
Buck, Hershey chief executive, said on mart and Costco, and those selling responses to the crisis risked amplifying
the chocolate maker’s last earnings building materials and garden supplies, the trend, Mr Darmouni said. “The Fed
call. Dirk Van de Put, chief executive of such as Home Depot. and the Treasury are used to helping big
Mondelez, which owns Cadbury, attrib- In their latest earnings statements, companies like big automakers and big
uted its market share gains to the same Walmart, Costco and Home Depot banks. They’re not used to dealing with
phenomenon: “Consumers . . . went to reported year-on-year sales increases of smaller companies. The big lesson there
brands that they felt comfortable with. 5.3 per cent, 16.9 per cent and 23 per is it doesn’t trickle down.”
It reminds them of their childhood.” cent respectively. The shares of each The biggest casualties of 2020 were
Food & beverage
Tetley turns new leaf with herbal bets
Benjamin Parkin — Mumbai as organic kombucha — a fermented tea Those bets have struggled, with Tet-
packed with probiotics — under its Good ley hit by the long-term shift by British
Tetley’s Indian owner Tata is branching
Earth brand. consumers towards other beverages.
into kombucha and herbal tea as the
“Black tea is in decline,” said Sunil Revenue at Tata’s UK beverages unit fell
world’s second-largest tea company
D’Souza, who joined this year as chief from £182m in 2010 to £135m this year,
looks to offset the chronic decline of its
executive of Tata Consumer Products. according to S&P Capital IQ.
black brews in western markets.
“But the thing is, there’s growth in speci- Tata owns the premium Teapigs
A long-term drop in sales of black tea in ality, herbals. If we tackle that, I think brand and Eight O’Clock Coffee in the
many developed markets, which fell at the whole tea business, Tetley and other US, and runs Starbucks in India through
least 10 per cent in the five years to 2019, brands included, could come back in a a venture with the Seattle-based chain.
has forced consumer giants to rethink very strong way.” But analysts say upgrading a mass-
their reliance on the beverage. It is part of a broader strategy by Tata market brand such as Tetley will prove
Unilever, the world’s largest tea to turn round its fragmented food and challenging.
company, said this year it would split beverage brands. It merged them last “Tetley needs to look at whether it can
its tea businesses including Lipton year into the newly formed consumer become a Twinings,” said Ankur Bisen,
ahead of a possible divestment, follow- products company with a view to reviv- senior vice-president of retail and con-
ing a strategic review. ing their international fortunes while sumer at advisory firm Technopak,
Tata Consumer Products, part of boosting growth in their fast-growing referring to the brand owned by Associ-
India’s 152-year-old Tata conglomerate, home market of India. ated British Foods. “It’ll be a tough call.”
says it is committed to its tea brands but Tata bought Tetley in 2000 in an Most promising for Tata is India,
wants to move from dwindling everyday international spree in which the con- where black tea drinking is on the rise
brews into higher-value options. glomerate snapped up targets ranging even as it falls in richer countries. Uni-
This year it launched Tetley herbal from Jaguar Land Rover to the UK’s larg- lever plans to keep its India tea business
teas and cold infusions in the UK as well est steelworks at Port Talbot. as it splits off much of the rest.
DECEMBER 30 2020 Section:Companies Time: 29/12/2020 - 17:35 User: cathy.pryor Page Name: CONEWS2, Part,Page,Edition: EUR, 7, 1
8 ★ FINANCIAL TIMES Wednesday 30 December 2020
COMPANIES & MARKETS
Fatuous to believe
Cross asset. Outlook pitfalls
passive investing
What can go wrong?
will blow up trading
Investors’ fears for 2021
Robin Wigglesworth
Markets Insight
T wo young fish swim active managers are actually seeing much of the stock market’s gains
through the ocean, passing their performance worsen as passive happen outside the normal trading day
an older fish, who says: investing grows. The more money index — many index funds do their buying in
“Hey boys, how’s the funds garner, the better their holdings the closing auction.
water?” The two younger do in exact proportion to their weight- Nonetheless, the argument that pas-
fish swim on, until one turns to the other ing, and the harder it is for traditional sive investing has become a nefarious
and asks: “What the hell is water?” discretionary investors to keep up. force wreaking the natural order of mar-
The late writer David Foster Wallace It also partly underpins rising kets is still far-fetched. It is plausibly a
used this parable to illustrate how “the valuations. The average fund manager factor in many phenomena but disen-
most obvious, ubiquitous, important typically holds about 4-5 per cent of tangling it from the multitude of far
realities are often the ones that are the assets in cash as a buffer against investor greater forces at work is impossible.
hardest to see and talk about”. outflows or to take advantage of Yes, stock market leadership is
For some analysts, it is also the perfect opportunities that may arise. But index narrower than in the past. But it is not as
way to describe the pervasive, under- funds are fully invested. though the current giants are mirages
appreciated effect that passive investing In other words, three decades ago conjured up by index funds.
is having on markets. every $1 that went into equity funds They are often wildly profitable, semi-
Quantitative-orientated investors oligopolistic companies growing at a
seeing models fizzle? Equity valuations In some respects it is hefty clip and operating on a global scale
at illogical highs? Imperious stockpick- in a world of zero interest rates. In such
almost like a ‘theory of
ers reduced to impotent dunces? Odd an environment, it is natural that
movements in the bowels of markets? (almost) everything’ markets become more concentrated.
Supposedly idiosyncratic assets moving Passive investing has probably helped
for financial markets
together as though they are dancing hot momentum stocks. But the con-
a tango? The weird phenomenon of stantly evolving market ecosystem has
most stock market gains happening always led to certain corners of the Despite the rosy consensus, Flagging up: There will
Inflation is expected
overnight rather than during the meant 95 cents would go into stocks. equity market outperforming or under- be increased pressure on
to rise gradually
trading day? Today, it is closer to the full buck. performing. dangers lurk in inflation, virus central banks such as the
in advanced economies
All this and more can be laid at the Given the trillions of dollars that have Most of all, the theory that passive US Federal Reserve
setback and over-optimism
feet of the swelling tide of passive gushed into cash-lean index funds, it investing would inevitably blow up and Consumer prices (annual % change, Andrew Harrer/Bloomberg
end of period)
investing, according to a band of leads to a secular increase in valuations, rip a hole in financial markets when the
sceptics informally spearheaded by Mr Green argues. tide recedes seems a little fatuous today. Katie Martin, Laurence Fletcher 6 Andrew Law, Caxton Associates chief
Michael Green, chief strategist at Logica Moreover, as indices weighted by size, In the past 12 years passive and Eric Platt Estimate executive
5
Capital Advisers. In some respects, it is the rise in passive investing mostly ben- investing has been tested by the 2008 The outlook for markets in 2021 among The stage may well be set for a great
almost like a “theory of (almost) every- efits stocks that are already on the rise. financial crisis and the 2020 pandemic investors and analysts is easy to reflation. Many of the expressions [of
4
thing” for financial markets and he has This makes the equity market increas- and emerged largely strengthened. describe — cautious optimism. this reflation] have been out of favour
turned it into a personal crusade this ingly top-heavy as the big become big- Even some sceptics now quietly admit Almost universally, fund managers 3 for the best part of a decade. Most mar-
year. The arguments are compelling ger. This short circuits many other pop- the structure may be more resilient believe the year will bring a rebound in ket participants, and consequently their
2
enough to warrant examination. ular investment “factors” exploited by than they had previously thought. economic activity, supporting assets portfolios, are heavily conditioned from
It is true that the indices that passive quantitative funds, such as the histori- Finance has a tendency to take all that have already soared in value since decades of disinflation or low inflation.
1
funds track have over time morphed cal tendency for cheap or smaller stocks trends too far and passive investing will the depths of the pandemic crisis in The change in the inflation regime,
from being supposedly neutral snap- to outperform in the long run. undoubtedly prove no different. But we March but also lifting sectors that had 0 and subsequently the investor mindset,
shots of markets into something that This also increases correlations with are not there quite yet and it is doubtful been left behind. Bond yields are 1990 2000 05 10 15 20 25 will probably have profound implica-
actually exerts power over them, thanks the S&P 500’s members marching up or we will be for years to come. expected to stay low, lending further tions for asset allocations.
Source: IMF World Economic Outlook, Oct 2020
to the growth of passive investing. falling down more in unison than in the support to stock valuations.
Mr Green says this helps explain why past. And it could help explain why so [email protected] The FT asked investors: what can go Scott Minerd, Global Guggenheim
wrong? Liz Ann Sonders, Charles Schwab chief Partners chief investment officer
investment strategist The pandemic has completely reworked
Vincent Mortier, Amundi deputy CIO What concerns me most is sentiment. our free market economic system based
The recent market rally is based on The success of the market itself recently on competition, risk management and
blind faith in the vaccine and on the has bred what I think is its greatest risk, fiscal prudence.
brave assumption that very soon, every- which is overly optimistic sentiment. It has been replaced by cycles of
thing will revert to as it was before, or In and of itself, stretched sentiment increasingly radical monetary interven-
even better. This is a risk: producing and doesn’t portend an imminent correction tion, the socialisation of credit risk and a
distributing these vaccines on such a but it does mean the market is likely national policy of moral hazard.
large scale won’t be a walk in the park. more vulnerable to the extent there is a This is troubling — as beyond the eye-
Fiscal and monetary support are negative catalyst, which could come in wall lies a poor credit environment
keeping economies afloat but only just. any number of forms. judging by credit defaults, rating migra-
These measures are getting harder to tion, and corporate fundamentals.
implement. Expect more monetisation Gregory Peters, PGIM Fixed Income In aggregate, the high-yield [debt]
of debt and increased pressure on managing director and senior portfolio market has 4.5 times more debt than
central banks — the risk of a policy mis- manager last 12 month earnings before taxes and
take is underestimated by the market. The biggest market risk continues to other items, a ratio that already exceeds
The third risk is the consensus itself. be inflation. I think it will only move the 2008—2009 default cycle peak, and
The hunt for yield with skyrocketing temporarily higher next year due to is likely to worsen from here.
negative-yielding debt will push the base effects and then come back down.
search to the extreme. There is almost But the risk is that it continues to Paul McNamara GAM emerging
$1.5tn of bonds outstanding in “zombie move higher and that changes every- markets debt portfolio manager
companies”. The temptation for inves- thing. We’re putting a lot of faith in the Although emerging market debt
tors to accept lower quality in their port- US Federal Reserve to stand its ground burdens are (mostly much) lower than
folios is high — as is the bet that rates will and not respond to accelerating infla- developed market ones, yields are not —
remain low forever. This is dangerous. tion. If the Fed loses its nerve and gets so debt servicing costs have not been
worried about inflation sooner than suppressed to the same degree.
Valentijn van Nieuwenhuijzen, NNIP what they’ve intimated, then that could EM central banks have cut rates as
CIO be a problem for markets, causing a aggressively as DM ones but bond buy-
I don’t think central banks will have to kind of “Taper Tantrum 2.0” scenario. ers have been more cautious. Unlike
look through inflation because I don’t DM, EM central bankers have not had
think there will be any. If I’m wrong and the benefit of the doubt.
it does accelerate, that’s a meaningful ‘I don’t think Turkey is especially instructive — a
game-changer for markets. government refusal to recognise
central banks
It would mean that a lot of losers in balance of payments constraints led to
markets that have been left behind will have to the need for a near unique aggressive
could really catch up — think of banks rate hike.
look through
and financials but also the broader This is the example of what we see as a
value factor that has suffered secular inflation as broader risk: if EM policymakers do not
underperformance over the past dec- continue to recognise that they face
I don’t think
ade. Growth stocks would suffer from much tighter constraints due to the bal-
rising interest rates. They might still there will ance of payments than their DM coun-
rise but less than value. And obviously terparts, they risk a debt spiral that
be any’
government bonds would suffer. seems a very remote possibility in DM.
The day in the markets
What you need to know
3 London shares bounce on first trading billions of dollars into the pandemic- heavy Nasdaq Composite edged 0.1 per
day after Brexit deal stricken US economy. cent lower.
3 European markets continue to rise as “The unwrapping of the Brexit deal and Marcus Widén, economist at SEB, said
optimism grows over 2021 outlook a stimulus package for the US economy the prospect of a larger stimulus
3 Brent crude climbs on renewed hopes have propelled shares higher in Europe, programme was a factor that had helped
of US economic recovery with another boost of optimism, now to boost “confidence in the US economy
foundations are being laid for a sustained and the risk appetite for 2021”.
UK stocks rallied yesterday as investors recovery,” said Susannah Streeter, Despite the late-year rally, UK markets
received their first chance to react to last markets analyst at Hargreaves have lagged significantly behind regional
week’s Brexit trade pact and the $900bn Lansdown. peers in 2020. The FTSE 100 has lost
US stimulus bill signed into law by That optimistic outlook continued about 12 per cent this year on a total
President Donald Trump at the weekend. yesterday after the US House of return basis that includes dividends,
London’s FTSE 100 gained 1.6 per cent Representatives passed a measure that FactSet data show.
on the first trading day of the week would increase direct payouts to The Dax has returned 4 per cent in
following Monday’s bank holiday. Americans from $600 a person to $2,000. local currency terms and the S&P 500 has
European and Wall Street stocks The region-wide Stoxx Europe 600 delivered returns of nearly 18 per cent.
continued their rise, having both begun rose 0.8 per cent and Paris’s CAC 40 Oil continued to push higher on hopes
the week on a high note with Frankfurt’s advanced 0.4 per cent. However, the Dax that increased stimulus spending would
Xetra Dax and New York’s S&P 500 slipped 0.2 per cent. boost the US economic recovery. Brent
hitting record highs as investors By midday in New York, the S&P 500 crude added 0.9 per cent to $51.32 a
cheered the injection of hundreds of had gained 0.2 per cent while the tech- barrel. Adam Samson and Joe Rennison
DECEMBER 30 2020 Section:Markets Time: 29/12/2020 - 18:23 User: stephen.smith Page Name: MARKETSXMAS, Part,Page,Edition: EUR, 8, 1
Wednesday 30 December 2020 ★ FINANCIAL TIMES 9
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 $
-0.17% -0.231% -0.220% -0.11%
0.13% 0.02% 1.55% 0.75% 2.66% 0.96% 0.46% 0.246% 0.297% 1.09%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Nov 30 - - Index All World Nov 30 - Dec 29 Index All World Nov 30 - Dec 29 Index All World Nov 30 - Dec 29 Index All World Nov 30 - Dec 29 Index All World Nov 30 - Dec 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
3,740.25 6,602.65 13,761.38 27,568.15 2,820.51
17,561.78
3,638.35 17,396.56 6,362.93 13,286.57
26,433.62 2,591.34
Day 0.13% Month 2.78% Year 15.42% Day -0.35% Month 0.94% Year 2.28% Day 1.55% Month 3.78% Year -13.56% Day -0.21% Month 3.19% Year 3.18% Day 2.66% Month 3.47% Year 15.65% Day 0.42% Month 7.10% Year 27.96%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
44,713.13
12,877.32
1,547.30 8,190.70 8,174.80
12,205.85 41,674.30 1,518.10 26,341.49 26,568.49 2,855.82 2,848.14
Day -0.17% Month 5.48% Year 42.95% Day 1.89% Month 7.28% Year 1.01% Day 0.75% Month 1.98% Year -5.55% Day 0.24% Month -0.19% Year -15.73% Day 0.96% Month -1.21% Year -5.87% Day 0.28% Month -0.16% Year -11.63%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
118,837.95 47,613.08
30,410.53 5,598.18 5,611.79 22,201.44 22,259.35
29,910.37 3,391.76 3,379.04
108,893.32 44,259.74
Day 0.02% Month 1.65% Year 6.14% Day -0.24% Month 7.52% Year 2.02% Day 0.42% Month 0.24% Year -7.05% Day -0.13% Month -0.33% Year -6.22% Day -0.54% Month -0.86% Year 12.45% Day 0.55% Month 7.84% Year 14.52%
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 51306.21 50483.84 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24238.06 24259.46 Philippines Manila Comp 7139.71 7204.38 Taiwan Weighted Pr 14472.05 14483.07 Cross-Border DJ Global Titans ($) 441.21 439.35
Australia All Ordinaries 6962.10 6917.50 Czech Republic PX 1030.62 1023.40 FTSE Italia Mid Cap 38249.73 38037.58 Poland Wig 57701.40 57172.46 Thailand Bangkok SET 1461.95 1452.67 Euro Stoxx 50 (Eur) 3581.37 3575.41
S&P/ASX 200 6700.30 6664.80 Denmark OMXC Copenahgen 20 1475.07 1472.55 FTSE MIB 22259.35 22288.52 Portugal PSI 20 4931.62 4929.30 Turkey BIST 100 1459.69 1439.29 Euronext 100 ID 1113.82 1107.86
S&P/ASX 200 Res 5150.00 5136.40 Egypt EGX 30 10736.88 10658.55 Japan 2nd Section 6588.17 6497.78 PSI General 3835.93 3834.05 UAE Abu Dhabi General Index 5099.04 5106.31 FTSE 4Good Global ($) 9299.14 9274.13
Austria ATX 2778.23 2761.71 Estonia OMX Tallinn 1333.17 1318.97 Nikkei 225 27568.15 26854.03 Romania BET Index 9738.51 9718.49 UK FT 30 2582.90 2554.10 FTSE All World ($) 424.25 422.32
Belgium BEL 20 3671.11 3663.06 Finland OMX Helsinki General 10949.62 10851.85 S&P Topix 150 1541.18 1512.73 Russia Micex Index 3274.67 3258.95 FTSE 100 6602.65 6502.11 FTSE E300 1547.30 1535.76
BEL Mid 8367.53 8353.91 France CAC 40 5611.79 5588.38 Topix 1819.18 1788.04 RTX 1398.48 1391.31 FTSE 4Good UK 6200.30 6105.40 FTSE Eurotop 100 2901.70 2879.44
Brazil IBovespa 118837.95 119123.70 SBF 120 4442.33 4422.87 Jordan Amman SE 1642.54 1641.88 Saudi-Arabia TADAWUL All Share Index 8746.76 8715.38 FTSE All Share 3750.91 3692.84 FTSE Global 100 ($) 2484.63 2473.85
Canada S&P/TSX 60 1044.94 1048.98 Germany M-DAX 30912.39 30655.69 Kenya NSE 20 1830.06 1823.07 Singapore FTSE Straits Times 2848.14 2840.14 FTSE techMARK 100 6453.02 6331.97 FTSE Gold Min ($) 2359.76 2367.76
S&P/TSX Comp 17561.78 17623.88 TecDAX 3217.97 3212.32 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 345.13 342.22 USA DJ Composite 10052.68 10047.26 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 665.30 678.92 XETRA Dax 13761.38 13790.29 Latvia OMX Riga 1139.52 1131.93 Slovenia SBI TOP - - DJ Industrial 30410.53 30403.97 FTSE Multinationals ($) 2697.02 2671.68
Chile S&P/CLX IGPA Gen 21053.91 20965.14 Greece Athens Gen 809.22 810.44 Lithuania OMX Vilnius 804.08 797.38 South Africa FTSE/JSE All Share 59246.40 59006.07 DJ Transport 12523.79 12524.02 FTSE World ($) 754.86 751.88
China FTSE A200 13355.67 13416.90 FTSE/ASE 20 1939.35 1943.14 Luxembourg LuxX 1352.70 1360.75 FTSE/JSE Res 20 57521.41 57684.48 DJ Utilities 852.04 849.55 FTSEurofirst 100 (Eur) 3947.49 3922.23
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 26568.49 26314.63 Malaysia FTSE Bursa KLCI 1634.99 1643.90 FTSE/JSE Top 40 54196.13 53956.26 Nasdaq 100 12866.30 12838.86 FTSEurofirst 80 (Eur) 4899.24 4891.67
Shanghai A 3541.84 3561.03 HS China Enterprise 10449.17 10311.48 Mexico IPC 44713.13 43883.41 South Korea Kospi 2820.51 2808.60 Nasdaq Cmp 12877.32 12899.42 MSCI ACWI Fr ($) 640.92 637.46
Shanghai B 239.50 238.08 HSCC Red Chip 3703.99 3729.35 Morocco MASI 11246.19 11247.33 Kospi 200 381.27 379.93 NYSE Comp 14439.75 14382.50 MSCI All World ($) 2676.80 2659.27
Shanghai Comp 3379.04 3397.29 Hungary Bux 41733.11 41528.44 Netherlands AEX 629.14 627.59 Spain IBEX 35 8174.80 8155.60 S&P 500 3740.25 3735.36 MSCI Europe (Eur) 1619.20 1604.85
Shenzhen A 2363.25 2378.54 India BSE Sensex 47613.08 47353.75 AEX All Share 908.08 904.22 Sri Lanka CSE All Share 6704.89 6685.64 Wilshire 5000 39309.22 39175.59 MSCI Pacific ($) 3060.08 3047.29
Shenzhen B 1062.67 1074.81 Nifty 500 11467.00 11434.70 New Zealand NZX 50 13246.77 13037.94 Sweden OMX Stockholm 30 1893.06 1886.38 Venezuela IBC 1238367.25 1229396.40 S&P Euro (Eur) 1664.39 1660.47
Colombia COLCAP 1368.49 1383.59 Indonesia Jakarta Comp 6036.17 6093.55 Nigeria SE All Share 38800.01 38803.74 OMX Stockholm AS 774.15 768.63 Vietnam VNI 1099.49 1091.33 S&P Europe 350 (Eur) 1596.52 1584.31
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7552.90 7455.76 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10682.04 10603.49 S&P Global 1200 ($) 2967.24 2951.62
Israel Tel Aviv 125 1555.95 1559.28 Pakistan KSE 100 43674.28 43416.77 Stoxx 50 (Eur) 3124.47 3097.56
(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 Dec 29 %Chg %Chg Dec 29 %Chg %Chg Dec 29 %Chg %Chg Dec 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
Apple 87.1 137.08 0.39 Astrazeneca 215.4 7462.00 239.00 Sap Se O.n. 264.8 106.80 1.54 Softbank . 1290.6 8055.00 349.00 Berkeley Holdings (the) 4839.00 9.2 -2.2 Cairn Energy 205.80 24.1 0.9 Capital & Regional 75.50 36.8 -70.8 Automobiles & Parts 4527.03 12.6 -
Amazon.com 75.7 3321.07 37.11 Lloyds Banking 118.0 36.76 -1.85 Asml Holding 159.1 396.30 -0.55 Fast Retailing Co., 754.1 90810.00 3910.00 Int Consolidated Airlines S.a. 165.40 8.6 -35.5 Network Int Holdings 321.40 19.0 -49.4 Jpmorgan Smaller Companies Investment Trust 371.00 16.3 17.0 Real Estate Investment Trusts 2800.29 5.1 -
Facebook 26.1 278.14 1.14 Rio Tinto 111.8 5632.00 58.00 Lvmh 154.7 512.80 8.80 Sony 436.2 10390.00 210.00 Next 7234.00 8.3 4.0 Aston Martin Lagonda Global Holdings 1969.00 17.7 -44.0 Aberforth Split Level ome Trust 68.60 15.9 -26.6 Electricity 9165.38 5.0 9.0
Boeing 17.9 218.18 2.09 Unilever 106.4 4461.00 151.00 Unilever 149.9 54.28 0.74 Toyota Motor 410.2 8014.00 116.00 Melrose Industries 181.60 7.8 -25.1 Hammerson 27.19 14.5 -78.7 Invesco Perpetual Uk Smaller Companies Investment Trust 526.00 14.3 -15.7 Food Producers 7185.55 4.8 -
Microsoft 16.7 225.40 0.44 Glaxosmithkline 96.3 1365.80 33.20 Basf Se Na O.n. 137.5 65.07 -0.15 M3,. 404.7 9874.00 450.00 Jd Sports Fashion 867.40 6.6 4.3 Mercantile Investment Trust (the) 256.50 14.3 -3.6 Montanaro Uk Smaller Companies Investment Trust 148.00 13.6 1.2 General Retailers 2584.98 4.7 3.0
Advanced Micro Devices 14.5 89.99 -1.61 Bp 91.5 262.35 -0.65 Allianz Se Na O.n. 134.4 201.95 -0.65 Tokyo Electron 366.4 38660.00 1280.00 Legal & General 265.80 6.6 -14.5 Henderson Smaller Companies Investment Trust 1116.00 14.0 1.6 Pendragon 12.84 12.7 0.2 Life Insurance 7325.43 4.7 -9.3
Nvidia 11.9 517.73 1.73 Bhp 81.1 1973.80 9.40 Lufthansa Ag Vna O.n. 123.3 10.96 0.59 Japan Tobacco . 313.5 2090.00 -96.00 Pershing Square Holdings Ltd 2535.00 6.3 71.1 Blackrock Smaller Co Trust 1774.00 13.1 2.8 Menzies(john) 261.50 12.5 -44.4 Oil Equipment & Services 5717.74 4.6 -
Netflix 11.5 535.48 16.36 Barclays 80.7 149.28 -5.32 Royal Dutch Shella 118.1 14.81 -0.03 Mitsubishi Ufj Fin,. 225.8 460.00 2.80 Informa 563.00 6.2 -35.1 Aberforth Smaller Companies Trust 1298.00 12.5 -15.5 Jpmorgan Mid Capital Investment Trust 1177.50 11.9 -13.7 Food & Drug Retailers 4361.07 4.5 3.6
Alphabet 9.3 1761.75 -14.34 Experian 80.3 2855.00 64.00 Volkswagen Ag Vzo O.n. 112.2 151.90 -0.86 Shin-etsu Chemical Co., 209.6 18345.00 475.00 Tesco 233.90 6.2 -8.6 St.modwen Properties 402.00 11.8 -19.9 Restaurant 66.95 11.6 -59.8 Travel & Leisure 8295.92 4.4 -19.7
Alphabet 7.6 1758.99 -14.97 Diageo 70.9 3045.00 131.00 Total 108.6 35.77 -0.08 Takeda Pharmaceutical 209.4 3799.00 103.00 Lloyds Banking 36.76 5.9 -42.3 Tui Ag 472.10 11.6 -52.4 Dignity 632.00 11.3 5.3 Media 8195.11 3.9 -
Sainsbury (j) 230.10 5.6 -0.9 Easyjet 863.00 11.4 -39.7 Galliford Try Holdings 124.44 10.1 -86.0 Household Goods 17929.37 3.8 -0.1
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
Persimmon 2854.00 5.2 4.5 Oxford Biomedica 1048.00 10.8 55.7 Halfords 280.50 10.0 64.7 Real Estate & Investment Servic 2654.92 3.6 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Abiomed 324.93 12.02 3.84 Aston Martin Lagonda Global Holdings 1969.00 136.20 7.43 Lufthansa Ag Vna O.n. 10.96 0.59 5.64 Sumitomo Dainippon Pharma Co Ltd 1506.00 213.00 16.47 Crh 3148.00 -0.3 1.6 Ibstock 202.00 -2.7 -37.3 Biotech Growth Trust (the) 1580.00 -4.6 68.8 Construction & Materials 7063.97 0.5 -0.2
Netflix 535.48 16.36 3.15 Puretech Health 397.00 24.00 6.43 Kerry 123.00 4.00 3.36 Ihi 2047.00 119.00 6.17 Rsa Insurance 677.80 -0.1 19.2 Talktalk Telecom 98.05 -2.0 -16.9 Honeycomb Investment Trust 945.00 -4.5 -2.8 Oil & Gas Producers 4629.21 1.4 -
Nielsen Holdings 21.15 0.56 2.70 Moneysupermarket.com 268.00 15.60 6.18 Atlantia 14.76 0.37 2.54 Yokogawa Electric 2120.00 103.00 5.11 Hsbc Holdings 383.55 -0.1 -35.5 Petropavlovsk 31.00 -0.8 144.1 Int Biotechnology Trust 830.00 -3.3 33.4 Fixed Line Telecommunication 1649.82 1.5 -27.6
Zimmer Biomet Holdings 152.79 3.90 2.62 C&c 229.00 13.00 6.02 Heineken 91.14 2.14 2.40 Mitsubishi Heavy Industries, 3194.00 148.00 4.86 Rolls-royce Holdings 112.85 0.2 -51.7 Worldwide Healthcare Trust 3770.00 -0.8 19.1 Porvair 524.00 -3.0 -24.9 Mining 22208.96 1.6 16.8
Booking Holdings 2190.93 53.01 2.48 Network Int Holdings 321.40 17.40 5.72 Heineken Holding 78.05 1.50 1.96 M3,. 9874.00 450.00 4.78 Just Eat Takeaway.com N.v. 8214.00 0.2 - Telecom Plus 1444.00 -0.7 -5.0 Fidelity Asian Values 411.50 -2.1 0.0 Mobile Telecommunications 2818.09 1.6 -
Ashtead 3460.00 0.4 44.2 Micro Focus Int 435.50 -0.6 -60.8 Goodwin 3035.00 -2.1 -1.8 Pharmaceuticals & Biotech. 16053.41 1.8 -9.9
Downs Downs Downs Downs
Hikma Pharmaceuticals 2559.00 0.6 28.9 Signature Aviation 395.00 -0.5 24.6 Dialight 252.00 -1.6 9.6 Banks 2528.10 1.9 -
Domino's Pizza 384.76 -15.42 -3.85 Lloyds Banking 36.76 -1.85 -4.79 Deutsche Bank Ag Na O.n. 8.94 -0.27 -2.97 Japan Tobacco . 2090.00 -96.00 -4.39
Bhp 1973.80 0.7 10.2 Vietnam Enterprise Investments 556.00 -0.4 16.8 Raven Property 27.00 -1.5 -45.5 Industrial Metals 4985.89 2.0 31.9
L Brands 37.46 -1.36 -3.50 Barclays 149.28 -5.32 -3.44 Oci 15.50 -0.38 -2.39 Hitachi Zosen 578.00 -13.00 -2.20
Sage 596.80 0.9 -20.2 Bb Healthcare Trust 181.00 -0.3 26.6 Twentyfour ome Fund 105.50 -1.4 -5.8 Industrial Transportation 2898.02 2.0 18.5
Paycom Software 449.20 -14.39 -3.10 Cairn Energy 205.80 -7.20 -3.38 Siemens Ag Na O.n. 117.40 -1.90 -1.59 Inpex 562.00 -11.00 -1.92
Rio Tinto 5632.00 0.9 24.4 Fidelity China Special Situations 370.50 -0.3 56.7 Headlam 373.00 -1.3 -30.9 Nonlife Insurance 3310.32 2.2 2.3
Western Digital 48.69 -1.38 -2.75 Natwest 163.35 -5.60 -3.31 B. Sabadell 0.36 -0.01 -1.51 Mitsui Eng & Shipbuilding Co., 363.00 -6.00 -1.63
Royal Dutch Shell 1280.60 1.1 -43.3 G4s 254.00 0.0 18.0 Residential Secure ome 88.40 -1.1 -10.3 Software & Computer Services 1958.77 2.3 -
Tapestry 30.07 -0.79 -2.56 Wetherspoon ( J.d.) 1123.00 -29.00 -2.52 Commerzbank Ag 5.28 -0.08 -1.49 Hino Motors, 896.00 -12.00 -1.32
Evraz 472.10 1.2 16.3 William Hill 269.60 0.0 38.0 Rdi Reit P.l.c. 89.00 -1.1 -32.1 Support Services 10148.57 2.4 7.4
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
Dec 29 Currency Mid Change Mid Change Mid Change Dec 29 Currency Mid Change Mid Change Mid Change Dec 29 Currency Mid Change Mid Change Mid Change Dec 29 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 84.0257 0.1207 102.8605 0.3748 113.3598 0.5494 Indonesia Indonesian Rupiah 14130.0000 -25.0000 17297.3272 7.715919062.9420 31.4906 Poland Polish Zloty 3.7105 0.0369 4.5422 0.0551 5.0059 0.0667 ..Three Month 0.7413 -0.0026 0.9072 -0.0011 - -
Australia Australian Dollar 1.3133 -0.0087 1.6077 -0.0070 1.7718 -0.0056 Israel Israeli Shekel 3.2195 -0.0024 3.9411 0.0058 4.3434 0.0116 Romania Romanian Leu 3.9824 -0.0086 4.8751 0.0003 5.3727 0.0069 ..One Year 0.7415 -0.0026 0.9068 -0.0011 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4616 0.0010 0.5087 0.0017 Japan Japanese Yen 103.6100 -0.2400 126.8347 -0.0127 139.7812 0.1547 Russia Russian Ruble 73.8625 0.0675 90.4192 0.2823 99.6486 0.4311 United States United States Dollar - - 1.2242 0.0027 1.3491 0.0046
Bolivia Bolivian Boliviano 6.9100 - 8.4589 0.0187 9.3223 0.0318 ..One Month 103.6100 -0.2401 126.8347 -0.0126 139.7812 0.1547 Saudi Arabia Saudi Riyal 3.7527 - 4.5939 0.0102 5.0628 0.0173 ..One Month - - 1.2240 -0.1203 1.3492 0.0046
Brazil Brazilian Real 5.1880 -0.1090 6.3509 -0.1191 6.9992 -0.1226 ..Three Month 103.6099 -0.2402 126.8349 -0.0124 139.7811 0.1546 Singapore Singapore Dollar 1.3275 -0.0032 1.6250 -0.0003 1.7909 0.0018 ..Three Month - - 1.2239 -0.1203 1.3492 0.0046
Canada Canadian Dollar 1.2801 -0.0067 1.5670 -0.0048 1.7269 -0.0032 ..One Year 103.6095 -0.2410 126.8351 -0.0119 139.7812 0.1543 South Africa South African Rand 14.6838 0.0425 17.9752 0.0917 19.8100 0.1248 ..One Year - - 1.2231 -0.1203 1.3494 0.0046
Chile Chilean Peso 712.8850 2.4850 872.6818 4.9647 961.7596 6.6256 Kenya Kenyan Shilling 109.0500 0.2500 133.4941 0.6005 147.1203 0.8385 South Korea South Korean Won 1092.2000 -4.5000 1337.0223 -2.5406 1473.4969 -1.0181 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5305 -0.0070 7.9943 0.0091 8.8104 0.0207 Kuwait Kuwaiti Dinar 0.3053 -0.0001 0.3737 0.0007 0.4119 0.0013 Sweden Swedish Krona 8.2037 -0.0779 10.0425 -0.0729 11.0676 -0.0669 Vietnam Vietnamese Dong 23123.5000 -1.5000 28306.8004 60.766231196.1866 104.5596
Colombia Colombian Peso 3477.6250 -18.9000 4257.1524 -13.6744 4691.6969 -9.3871 Malaysia Malaysian Ringgit 4.0495 -0.0007 4.9572 0.0100 5.4632 0.0176 Switzerland Swiss Franc 0.8850 -0.0044 1.0834 -0.0029 1.1940 -0.0018 European Union Euro 0.8169 -0.0018 - - 1.1021 0.0013
Costa Rica Costa Rican Colon 610.2250 - 747.0100 1.6515 823.2600 2.8115 Mexico Mexican Peso 19.9030 -0.1960 24.3644 -0.1855 26.8513 -0.1718 Taiwan New Taiwan Dollar 28.1000 -0.0095 34.3988 0.0644 37.9100 0.1167 ..One Month 0.8168 -0.0018 - - 1.1020 0.0013
Czech Republic Czech Koruna 21.4766 -0.0454 26.2906 0.0027 28.9742 0.0379 New Zealand New Zealand Dollar 1.3969 -0.0131 1.7101 -0.0122 1.8846 -0.0112 Thailand Thai Baht 30.0350 -0.1375 36.7675 -0.0867 40.5205 -0.0465 ..Three Month 0.8166 -0.0018 - - 1.1019 0.0013
Denmark Danish Krone 6.0768 -0.0114 7.4389 0.0025 8.1982 0.0126 Nigeria Nigerian Naira 394.7500 - 483.2352 1.0684 532.5608 1.8187 Tunisia Tunisian Dinar 2.6839 -0.0100 3.2855 -0.0050 3.6209 -0.0011 ..One Year 0.8159 -0.0018 - - 1.1015 0.0013
Egypt Egyptian Pound 15.7288 0.0384 19.2545 0.0895 21.2199 0.1241 Norway Norwegian Krone 8.6217 -0.0420 10.5543 -0.0280 11.6316 -0.0167 Turkey Turkish Lira 7.3800 -0.0340 9.0343 -0.0216 9.9564 -0.0117
Hong Kong Hong Kong Dollar 7.7541 0.0006 9.4922 0.0217 10.4611 0.0365 Pakistan Pakistani Rupee 160.3500 0.1500 196.2933 0.6172 216.3296 0.9404 United Arab Emirates UAE Dirham 3.6732 - 4.4965 0.0099 4.9555 0.0169
Hungary Hungarian Forint 297.8720 -0.1754 364.6415 0.5919 401.8618 1.1365 Peru Peruvian Nuevo Sol 3.6175 0.0028 4.4284 0.0132 4.8804 0.0204 United Kingdom Pound Sterling 0.7412 -0.0025 0.9074 -0.0011 - -
India Indian Rupee 73.4225 -0.0800 89.8805 0.1010 99.0549 0.2307 Philippines Philippine Peso 48.0235 -0.0240 58.7882 0.1007 64.7889 0.1890 ..One Month 0.7413 -0.0026 0.9073 -0.0011 - -
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 Dec 29 Dec 28 Dec 25 Dec 24 Dec 23 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 2582.90 2554.10 2535.00 2489.10 2456.50 0.00 3314.70 1337.80 Leisure Goods 70.45 General Retailers -1.10 Financials -12.95 FTSE 100 PriceChange FTSE 100 PriceChange
Dec 29 chge% Index Dec 24 Dec 23 agoyield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 32.28 Household Goods & Ho -1.58 Health Care -13.06 3I Group PLC 1181.5 24.50 Land Securities Group PLC 698.10 5.90
FTSE 100 (100) 6602.65 1.55 5677.38 6502.11 6502.11 7587.05 3.62 1.54 17.91 208.54 6310.62 P/E Ratio net - - - - - 0.00 19.44 14.26 Tech Hardware & Eq 17.31 Personal Goods -4.44 FTSE 100 Index -13.79 Admiral Group PLC 3022 99.00 Legal & General Group PLC 265.80 -0.60
FTSE 250 (250) 20897.59 1.71 17969.06 20546.68 20546.68 21936.26 2.27 1.33 33.03 346.84 16587.74 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Mining 15.76 Financial Services -4.91 Real Est Invest & Se -15.10 Anglo American PLC 2474.5 39.50 Lloyds Banking Group PLC 36.76 -1.85
FTSE 250 ex Inv Co (183) 21453.35 1.58 18446.94 21119.20 21119.20 23351.41 2.26 1.23 35.96 311.38 17369.33 FT 30 hourly changes Electronic & Elec Eq 14.68 FTSE 250 Index -6.11 Mobile Telecomms -15.77 Antofagasta PLC 1446.5 6.50 London Stock Exchange Group PLC 9102 224.00
FTSE 350 (350) 3777.70 1.58 3248.30 3719.11 3719.11 4272.09 3.38 1.52 19.52 108.84 7195.54 8 9 10 11 12 13 14 15 16 High Low Basic Materials 14.22 Utilities -8.09 Tobacco -15.90 Ashtead Group PLC 3460 27.00 M&G PLC 202.60 -1.80
FTSE 350 ex Investment Trusts (281) 3677.57 1.54 3162.21 3621.88 3621.88 4217.60 3.46 1.40 20.71 107.86 3614.87 2554.1 2595.4 2602.7 2493.1 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Equity Invest Instr 13.07 Consumer Goods -8.99 Real Est Invest & Tr -18.14 Associated British Foods PLC 2305 9.00 Melrose Industries PLC 181.60 2.65
FTSE 350 Higher Yield (145) 2955.65 0.79 2541.45 2932.62 2932.62 3677.87 4.92 1.43 14.25 122.33 6191.36 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Transport 10.46 Beverages -9.33 Telecommunications -19.17 Astrazeneca PLC 7462 239.00 Mondi PLC 1746 37.00
FTSE 350 Lower Yield (205) 4384.71 2.34 3770.25 4284.45 4284.45 4529.73 1.91 1.73 30.17 75.09 5188.37 Industrial Eng 10.01 Technology -9.77 Health Care Eq & Srv -20.25 Auto Trader Group PLC 605.00 21.40 Morrison (Wm) Supermarkets PLC 178.95 2.65
FTSE SmallCap (256) 6240.02 1.49 5365.56 6148.16 6148.16 5946.48 2.98 -0.71 -47.12 132.35 9920.99 FX: EFFECTIVE INDICES Electricity 6.58 Life Insurance -10.29 Travel & Leisure -20.59 Avast PLC 540.00 7.50 National Grid PLC 883.00 25.80
FTSE SmallCap ex Inv Co (140) 4910.49 1.23 4222.35 4850.85 4850.85 4887.34 2.93 -0.46 -74.71 76.94 8163.20 Chemicals 5.23 Consumer Services -10.79 Automobiles & Parts -21.31 Aveva Group PLC 3281 96.00 Natwest Group PLC 163.35 -5.60
FFTTSSEE AAllll--SShhaarree (e6x0 I6n)v Co (421) 33765104..9319 11..5573 33212057..2878 33659529..8845 33659529..8845 44211374..8622 33..3475 11..4357 2201..4291 110074..0919 73261078..2345 Dec 24 Dec 23Mnth Ago Dec 29 Dec 24Mnth Ago SFTuSpEp oSrmt SaellrCvaicpe Isndex 43..2342 FNoOoNd PFrINodAuNceCrIsALS Index --1101..8644 AFiexreods Lpiancee T &e lDeceofemnmses --2246..8580 AB&viMva EPuLrCopean Value Retail S.A. 352285..7000 100..7200 NOceaxdt oP LGCroup PLC 72233041 30561..0000
FTSE All-Share ex Multinationals (537)1212.35 1.12 864.00 1198.97 1198.97 1287.29 2.72 1.40 26.31 25.39 2429.70 Australia - - - Sweden - - - Food & Drug Retailer 2.76 Software & Comp Serv -11.75 Banks -31.87 Bae Systems PLC 503.20 -0.80 Pearson PLC 696.20 14.80
FTSE Fledgling (90) 10517.82 2.21 9043.88 10290.61 10290.61 9807.25 2.49 0.61 65.80 218.39 21644.19 Canada - - - Switzerland - - - Nonlife Insurance 0.69 FTSE All{HY-}Share Index -12.00 Oil Equipment & Serv -33.35 Barclays PLC 149.28 -5.32 Pennon Group PLC 968.60 21.40
FTSE Fledgling ex Inv Co (43) 12751.50 2.69 10964.54 12417.80 12417.80 11703.98 2.52 4.36 9.11 178.22 25620.61 Denmark - - - UK 78.85 78.55 78.83 Industrials 0.46 Media -12.01 Oil & Gas -42.31 Barratt Developments PLC 681.60 -6.40 Pershing Square Holdings LTD 2535 105.00
FTSE All-Small (346) 4327.73 1.53 3721.25 4262.41 4262.41 4119.48 2.95 -0.65 -51.95 91.74 8827.38 Japan - - - USA - - - Construct & Material -0.15 Pharmace & Biotech -12.14 Oil & Gas Producers -42.44 Berkeley Group Holdings (The) PLC 4839 123.00 Persimmon PLC 2854 -21.00
FTSE All-Small ex Inv Co (183) 3672.61 1.29 3157.94 3625.92 3625.92 3642.90 2.91 -0.29-118.96 57.27 7733.48 New Zealand - - - Euro - - - Gas Water & Multi -12.50 Oil & Gas Producers -40.36 Bhp Group PLC 1973.8 9.40 Phoenix Group Holdings PLC 717.60 -
FTSE AIM All-Share (723) 1149.92 1.95 988.77 1127.92 1127.92 958.01 0.81 0.31 395.37 7.53 1320.56 Norway - - - BP PLC 262.35 -0.65 Polymetal International PLC 1748.5 65.00
FTSE 100 (100) 6602.65 1.55 5677.38 6502.11 6502.11 7587.05 3.62 1.54 17.91 208.54 6310.62 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2800 70.00 Prudential PLC 1384 31.00
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 508.20 4.20 Reckitt Benckiser Group PLC 6666 172.00
OOiill && G Gaass P (r1o2d)ucers (9) 44860591..5049 --00..2107 43193959..5340 44861589..9191 44861589..9191 88411565..1991 66..4534 11..1199 1132..0930 330083..8862 55441205..5582 FTSE GLOBAL EQUITY INDEX SERIES BBtu nGzrlo PuLpC PLC 13254.9952 8-24..4000 RReelnxt oPkLiCl Initial PLC 1582463.2.50 5118..0000
Oil Equipment Services & Distribution (3)5690.55 -1.54 4893.09 5779.70 5779.70 8774.14 0.20 17.16 29.43 11.22 4905.60 Burberry Group PLC 1813.5 53.50 Rightmove PLC 664.20 21.20
Basic Materials (23) 7333.28 1.14 6305.61 7250.52 7250.52 6368.71 3.44 2.68 10.84 251.27 8809.59 Dec 29 No of US $ Day Mth YTD Total YTD Gr Div Dec 29 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2435 45.00 Rio Tinto PLC 5632 58.00
Chemicals (8) 15351.70 2.80 13200.35 14933.23 14933.23 14283.57 1.50 2.03 32.88 222.25 14758.46 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1415 27.50 Rolls-Royce Holdings PLC 112.85 -2.90
Industrial Metals & Mining (4) 5370.60 -0.25 4617.98 5383.91 5383.91 4029.52 5.39 2.19 8.46 453.68 7225.10 FTSE Global All Cap 8970 722.16 0.5 3.0 13.5 1112.62 15.8 1.9 Oil Equipment & Services 25 189.77 -0.5 -0.5 -29.2 321.01 -25.2 5.8 Crh PLC 3148 12.00 Royal Dutch Shell PLC 1280.6 -4.40
Mining (11) 21257.32 1.01 18278.38 21044.75 21044.75 18241.21 3.58 2.74 10.18 759.99 13484.69 FTSE Global All Cap 8971 716.92 0.5 4.3 12.6 1104.47 15.0 1.9 Basic Materials 353 605.74 0.2 0.2 17.9 1028.47 21.5 2.6 Croda International PLC 6594 186.00 Royal Dutch Shell PLC 1328.8 1.20
Industrials (97) 6129.41 1.79 5270.45 6021.63 6021.63 6016.68 1.69 0.83 70.90 82.77 6819.30 FTSE Global Large Cap 1732 645.57 0.7 2.6 13.8 1024.38 16.2 1.9 Chemicals 163 862.82 0.4 0.4 15.0 1450.21 18.1 2.4 Dcc PLC 5380 40.00 Rsa Insurance Group PLC 677.80 0.40
Construction & Materials (16) 7416.94 0.57 6377.55 7375.11 7375.11 7405.74 1.85 0.13 403.53 131.95 8568.83 FTSE Global Mid Cap 2230 911.12 0.0 3.1 9.9 1320.78 11.9 1.9 Forestry & Paper 20 312.90 0.7 0.7 12.5 595.43 16.2 2.5 Diageo PLC 3045 131.00 Sage Group PLC 596.80 12.60
Aerospace & Defense (9) 3911.36 -0.14 3363.23 3917.03 3917.03 5225.14 2.96 -2.01 -16.81 99.51 4564.37 FTSE Global Small Cap 5008 1003.61 -0.3 5.6 16.0 1398.37 18.0 1.6 Industrial Metals & Mining 92 463.95 0.1 0.1 22.7 795.50 26.9 2.9 Entain PLC 1158.5 13.00 Sainsbury (J) PLC 230.10 3.40
General Industrials (9) 5460.27 2.59 4695.08 5322.36 5322.36 5192.38 1.94 1.32 39.23 79.14 6839.85 FTSE All-World 3962 422.32 0.6 2.7 13.1 688.61 15.5 1.9 Mining 78 878.44 -0.2 -0.2 20.5 1524.55 24.8 3.0 Evraz PLC 472.10 -5.20 Schroders PLC 3468 28.00
Electronic & Electrical Equipment (8)12166.25 3.69 10461.31 11733.18 11733.18 10354.16 0.95 2.21 47.39 100.60 11688.46 FTSE World 2568 751.88 0.7 3.1 13.2 1645.52 15.6 1.9 Industrials 737 520.78 0.3 0.3 16.0 802.18 18.1 1.6 Experian PLC 2855 64.00 Scottish Mortgage Investment Trust PLC 1212 30.00
Industrial Engineering (9) 16676.68 2.81 14339.66 16220.47 16220.47 14816.08 1.16 2.58 33.43 178.00 21803.83 FTSE Global All Cap ex UNITED KINGDOM In 8679 763.85 0.5 3.0 14.8 1155.64 17.1 1.8 Construction & Materials 142 612.49 0.6 0.6 10.5 990.39 12.7 1.8 Ferguson PLC 9004 202.00 Segro PLC 957.80 8.00
Industrial Transportation (7) 4372.93 0.64 3760.12 4345.02 4345.02 3948.07 3.31 0.49 62.20 12.73 4442.09 FTSE Global All Cap ex USA 7215 556.42 0.4 2.6 7.3 935.38 10.0 2.4 Aerospace & Defense 36 734.63 0.3 0.3 -17.9 1114.58 -16.6 2.0 Flutter Entertainment PLC 15275 230.00 Severn Trent PLC 2356 80.00
Support Services (39) 9695.15 2.00 8336.50 9504.80 9504.80 9148.30 1.29 2.34 33.28 103.84 10777.26 FTSE Global All Cap ex JAPAN 7576 745.88 0.5 3.2 13.8 1159.99 16.1 1.9 General Industrials 71 250.59 0.2 0.2 9.9 423.33 12.7 2.2 Fresnillo PLC 1167.5 28.00 Smith & Nephew PLC 1590.5 65.00
Consumer Goods (42) 18852.27 2.87 16210.37 18325.62 18325.62 20220.83 3.85 1.48 17.50 694.04 16021.14 FTSE Global All Cap ex Eurozone 8330 759.48 0.4 2.9 14.1 1146.01 16.5 1.9 Electronic & Electrical Equipment 139 661.79 0.7 0.7 30.0 924.79 32.1 1.3 Glaxosmithkline PLC 1365.8 33.20 Smith (Ds) PLC 383.90 6.00
Automobiles & Parts (2) 4550.23 5.19 3912.57 4325.71 4325.71 5258.53 0.37 -7.08 -38.34 0.00 4655.87 FTSE Developed 2137 688.15 0.7 2.9 13.6 1068.98 16.0 1.9 Industrial Engineering 145 1015.73 0.5 0.5 22.5 1556.55 24.9 1.5 Glencore PLC 235.60 0.60 Smiths Group PLC 1570.5 48.00
Beverages (6) 24009.84 4.30 20645.17 23020.68 23020.68 25432.14 2.35 1.62 26.24 546.42 18448.34 FTSE Developed All Cap 5622 722.23 0.6 3.3 13.9 1106.09 16.2 1.8 Industrial Transportation 122 914.46 0.3 0.3 20.7 1417.55 22.9 1.7 Halma PLC 2514 116.00 Smurfit Kappa Group PLC 3538 130.00
Food Producers (10) 7268.12 0.95 6249.58 7199.40 7199.40 8099.28 2.51 1.79 22.16 102.21 6760.26 FTSE Developed Large Cap 832 644.68 0.9 3.0 14.3 1019.16 16.8 1.9 Support Services 82 641.21 -0.1 -0.1 27.1 931.73 28.8 1.1 Hargreaves Lansdown PLC 1556 4.00 Spirax-Sarco Engineering PLC 11595 440.00
Household Goods & Home Construction (14)15034.42 1.47 12927.54 14817.29 14817.29 15122.22 2.71 1.99 18.53 324.68 12115.41 FTSE Developed Europe Large Cap 225 391.92 1.0 3.2 2.1 732.68 4.9 2.6 Consumer Goods 533 603.33 0.6 0.6 18.2 974.08 21.0 2.1 Hikma Pharmaceuticals PLC 2559 8.00 Sse PLC 1555.5 33.50
Leisure Goods (2) 29005.79 2.32 24941.00 28347.47 28347.47 16703.39 1.55 1.20 53.83 449.56 30487.29 FTSE Developed Europe Mid Cap 344 695.52 0.5 5.0 10.0 1137.72 12.2 2.1 Automobiles & Parts 130 596.47 0.5 0.5 56.6 937.41 59.7 1.5 HSBC Holdings PLC 383.55 -2.45 St. James's Place PLC 1144.5 -5.50
Personal Goods (6) 32742.00 3.43 28153.63 31657.55 31657.55 33316.96 3.17 1.38 22.81 917.13 24525.00 FTSE Dev Europe Small Cap 691 956.52 0.5 6.2 6.5 1507.04 8.5 1.9 Beverages 67 732.21 0.9 0.9 3.4 1193.05 5.8 2.3 Imperial Brands PLC 1576 32.00 Standard Chartered PLC 469.00 -3.60
Tobacco (2) 29718.05 2.47 25553.44 29001.40 29001.40 34693.09 8.03 1.32 9.43 2389.17 24400.48 FTSE North America Large Cap 224 826.97 0.9 3.0 18.6 1207.03 20.8 1.6 Food Producers 132 712.08 0.9 0.9 4.4 1172.30 6.9 2.4 Informa PLC 563.00 15.80 Standard Life Aberdeen PLC 293.20 3.50
Health Care (15) 11519.47 2.93 9905.16 11191.09 11191.09 12975.24 3.66 1.12 24.41 419.30 10026.02 FTSE North America Mid Cap 413 1054.99 -0.3 2.7 11.5 1420.23 13.4 1.7 Household Goods & Home Construction 61 574.48 0.1 0.1 13.4 921.72 16.0 2.1 Intercontinental Hotels Group PLC 4771 144.00 Taylor Wimpey PLC 165.90 -1.10
Health Care Equipment & Services (6)6963.88 3.33 5987.98 6739.60 6739.60 8514.92 1.94 0.96 53.73 120.44 6416.85 FTSE North America Small Cap 1299 1147.48 -0.6 6.4 20.2 1489.78 21.9 1.3 Leisure Goods 44 324.21 0.8 0.8 33.9 447.26 35.6 1.0 Intermediate Capital Group PLC 1749 23.00 Tesco PLC 233.90 1.00
Pharmaceuticals & Biotechnology (9)15996.60 2.89 13754.88 15547.52 15547.52 17838.64 3.86 1.13 22.94 617.91 12509.58 FTSE North America 637 538.97 0.7 2.9 17.5 803.86 19.6 1.6 Personal Goods 85 1043.24 0.9 0.9 15.8 1555.57 17.5 1.4 International Consolidated Airlines Group S.A. 165.40 2.00 Unilever PLC 4461 151.00
CFGMToroeaeonnvddeesi ra&lua &m (lD1 R 3eLreu)ertg iaSs Riuelererertvs a(i 3ic(l25ee6)rss) ((759)) 54288154316337420839.....7263909582 11221.....8034458984 43277480103999095697.....2499813162 54288043106887381104.....7769024837 54288043106887381104.....7769024837 154290173430723565502.....7205451602 22112.....0956381552 11120.....2349233741 23242095301.....1785708438 116312893152.....5247997380 55358270638654625134.....3934202126 FFFFFFTTTTTTSSSSSSEEEEEE A DGJJJselaaaioavpppb ePaaaalannnolc p wiLMfeiaicd ir J dLgeAa exCrP gaNCAepa oNCpra tShpm Aexam lJle aCrpiacapan 1513859073812095048 246718943084065348......618217286696 ---000000......761552 -300001......079442 111621106......852128 1568924224686655898......119472569927 111953329......512275 222222......411211 THHPCFohooeeoabnaadralslmtt cuh&hcam Co CcDeaearrrur ueeSt giEec qRarvulesiitcp a&emis leBenriost t&ec Shenrovliocgeys 3114019416936049 1964623173897056164......478069417556 -000000......346283 -000000......346283 112-807620......663416 211794306155045540717......411115530220 112-228933......273143 610212......777405 IJJJKndouitn hseSgtnr pftsEieosoakrhntt eG sTMr raF oPakauLetsCptahh wiPeoLynaC yPP.LCLCCom N.V. 826752875952..3451820840 117186128800.....0800400000 UVWWonhpditipate bfPdorL enUCaetd iGl iPtriLoeCusp G PrLoCup PLC 91822136381...24440090 -360055....81040600
Telecommunications (6) 1831.76 -0.31 1575.06 1837.42 1837.42 2293.96 7.47 0.57 23.38 86.13 2533.67 FTSE Asia Pacific Mid Cap ex Japan 893 1013.52 0.2 4.1 17.0 1681.42 19.7 2.6 General Retailers 148 1252.17 0.9 0.9 38.3 1686.10 39.3 0.6
Fixed Line Telecommunications (3) 1710.35 -1.57 1470.66 1737.55 1737.55 2374.58 10.40 1.04 9.26 5.68 1876.74 FTSE Asia Pacific Small Cap ex Japan 1843 636.58 0.3 3.3 17.2 1032.98 19.9 2.3 Media 84 461.43 0.8 0.8 20.1 650.54 21.3 1.0 UK STOCK MARKET TRADING DATA
Mobile Telecommunications (3) 2813.83 0.19 2419.50 2808.60 2808.60 3371.90 6.33 0.28 56.83 180.11 3537.25 FTSE Asia Pacific Ex Japan 1821 664.01 -0.1 1.5 16.9 1220.06 19.6 2.2 Travel & Leisure 139 489.71 0.9 0.9 -5.5 701.56 -4.2 1.7
Utilities (8) 7298.44 2.84 6275.65 7096.70 7096.70 7804.67 4.95 1.15 17.58 361.49 10200.69 FTSE Emerging All Cap 3348 865.09 -0.3 1.2 9.5 1423.10 12.3 2.3 Telecommunication 95 153.43 0.3 0.3 -4.3 334.39 -0.1 4.6 Dec 29 Dec 24 Dec 23 Dec 22 Dec 21 Yr Ago
Electricity (3) 9144.57 2.29 7863.08 8939.57 8939.57 8482.72 5.08 1.04 18.93 464.92 16774.88 FTSE Emerging Large Cap 900 830.89 -0.4 0.3 9.7 1375.55 12.4 2.2 Fixed Line Telecommuniations 41 116.34 0.0 0.0 -14.1 284.61 -9.7 5.8 - - - - - -
Gas Water & Multiutilities (5) 6430.87 3.04 5529.67 6240.90 6240.90 7208.49 4.90 1.19 17.14 315.42 8893.69 FTSE Emerging Mid Cap 925 1037.62 0.4 5.7 6.6 1706.39 9.6 2.9 Mobile Telecommunications 54 182.66 0.5 0.5 9.5 348.28 13.4 3.3 Order Book Turnover (m) 50.22 16.30 16.30 16.30 14.73 200.80
Financials (307) 4508.65 0.66 3876.82 4479.09 4479.09 5165.22 3.05 1.74 18.81 89.02 4705.80 FTSE Emerging Small Cap 1523 839.23 0.4 3.7 11.0 1323.91 13.9 2.5 Utilities 190 317.13 1.0 1.0 -0.2 695.94 3.2 3.2 Order Book Bargains 1088857.00 362445.00 362445.00 362445.00 362429.00 723026.00
Banks (11) 2495.24 -1.96 2145.57 2545.08 2545.08 3763.29 3.76 2.22 12.00 1.57 2056.65 FTSE Emerging Europe 76 367.71 1.3 8.5 -16.4 697.42 -11.8 4.9 Electricity 130 356.30 0.8 0.8 0.1 770.87 3.5 3.3 Order Book Shares Traded (m) 1578.00 870.00 870.00 870.00 811.00 1446.00
Nonlife Insurance (7) 3789.31 1.51 3258.29 3732.99 3732.99 3719.47 2.90 1.86 18.48 107.44 7515.50 FTSE Latin America All Cap 244 808.54 -0.3 7.7 -17.9 1384.35 -15.8 2.7 Gas Water & Multiutilities 60 318.38 1.3 1.3 -0.9 721.05 2.5 3.2 Total Equity Turnover (£m) 3532.79 2650.55 2650.55 2650.55 2633.07 2950.86
Life Insurance/Assurance (6) 7450.52 1.12 6406.42 7368.23 7368.23 8237.74 3.61 1.98 14.01 257.34 8469.93 FTSE Middle East and Africa All Cap 321 651.50 -0.2 2.9 -5.6 1126.01 -2.7 3.2 Financials 866 249.71 0.6 0.6 -5.6 453.35 -2.8 2.8 Total Mkt Bargains 1350179.00 495230.00 495230.00 495230.00 494881.00 926968.00
Real Estate Investment & Services (18)2545.68 2.09 2188.93 2493.48 2493.48 2918.78 1.03 3.07 31.60 38.46 7334.86 FTSE Global wi UNITED KINGDOM All Cap In 291 313.97 -0.7 3.5 -12.2 599.94 -9.5 3.5 Banks 271 183.71 0.3 0.3 -14.0 365.96 -11.1 3.4 Total Shares Traded (m) 8904.00 4700.00 4700.00 4700.00 4632.00 8112.00
Real Estate Investment Trusts (40) 2504.08 1.44 2153.17 2468.46 2468.46 3008.91 3.06 -2.23 -14.64 65.40 3563.97 FTSE Global wi USA All Cap 1755 935.94 0.6 3.4 18.6 1318.45 20.6 1.5 Nonlife Insurance 74 296.33 0.6 0.6 -4.0 465.49 -1.7 2.2 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 10516.18 1.47 9042.47 10363.61 10363.61 10933.99 3.16 1.10 28.81 322.73 13616.80 FTSE Europe All Cap 1411 469.64 0.9 3.9 3.2 844.18 6.0 2.5 Life Insurance 53 229.99 1.2 1.2 -4.7 412.63 -1.0 3.3 (c) Market closed.
Equity Investment Instruments (185)12983.99 2.13 11164.45 12713.58 12713.58 11268.76 2.22 3.21 14.04 280.90 7773.09 FTSE Eurozone All Cap 640 465.01 1.2 4.0 6.9 832.39 9.4 2.1 Financial Services 209 411.33 0.9 0.9 11.1 605.56 13.3 1.7
Non Financials (299) 4486.34 1.89 3857.63 4402.91 4402.91 5010.60 3.47 1.36 21.15 142.14 7588.61 FTSE EDHEC-Risk Efficient All-World 3962 468.58 0.2 2.9 8.3 705.85 10.6 2.1 Technology 311 519.71 0.8 0.8 44.5 666.58 46.0 0.9
Technology (17) 2084.57 2.08 1792.44 2042.17 2042.17 2277.02 1.81 0.09 609.63 33.33 2909.01 FTSE EDHEC-Risk Efficient Developed Europe 569 372.12 0.7 4.6 10.1 620.89 12.4 2.2 Software & Computer Services 167 840.02 0.2 0.2 38.2 1005.70 39.0 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2232.43 2.09 1919.58 2186.79 2186.79 2499.34 1.89 -0.15-362.21 36.15 3296.10 Oil & Gas 128 257.87 0.0 0.6 -29.1 481.82 -25.5 5.1 Technology Hardware & Equipment 144 425.48 1.5 1.5 53.0 582.39 55.5 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3)5205.16 1.98 4475.72 5104.00 5104.00 4208.80 1.13 3.47 25.44 69.78 6461.36 Oil & Gas Producers 92 241.26 -0.1 0.1 -31.7 460.72 -28.1 5.2 Alternative Energy 11 268.85 4.5 4.5 112.4 382.11 115.6 0.6 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 354.50 -0.2 -0.2 -4.0 653.84 -0.8 2.8 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 451.00 0.7 0.7 -9.0 991.60 -6.0 3.7 For all queries e-mail [email protected]
FTSE 100 6596.46 6627.94 6667.24 6648.93 6643.91 6630.23 6640.38 6621.58 6624.07 6676.53 6595.55 FTSE Global Large Cap 1732 639.51 0.3 0.3 12.7 1014.68 15.1 1.9
FTSE 250 20741.52 20849.21 20963.24 21028.45 20981.40 20997.24 20971.98 20921.09 20882.38 21046.59 20707.86 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 6199.34 6221.77 6242.90 6288.77 6277.53 6274.12 6269.87 6264.29 6257.72 6291.37 6199.34 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 3742.43 3760.42 3782.10 3776.81 3772.86 3767.12 3770.82 3760.65 3760.43 3785.72 3742.43 (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:09:44:30 Day's Low08:26:30 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:09:52:00 Day's Low08:03:00 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 Ironveld Pre 0.000 0.000 1.019L 0.625L 0.160L 0.100L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Vector Capital A 2.130 1.593 1.258 0.954 0.000 0.000 0.00000 0.00000 - 12/24 3.00 PNPL Pineapple Power Corp PLC 4.13 1.05 4.45 3.35 236.6
There are currently no rights offers by any companies listed on the LSE. 12/23 10.00 OHG One Heritage Group PLC 11.75 0.95 12.00 11.43 352.5
12/22 1.00 RNEW Ecofin US Renewables Infrastructure Trust PLC 1.02 0.01 1.03 1.00 126.9
12/22 100.00 SBSI Schroder BSC Social Impact Trust PLC 102.50 1.50 104.00 100.00 7687.5
12/15 96.00 AIM ABDX Abingdon Health PLC 93.50 -2.05 109.93 91.00 8947.9
12/14 20.00 AIM IIG Intuitive Investments Group PLC 23.25 0.20 23.70 21.70 939.7
12/04 2.84 AIM HE1 Helium One Global Ltd 6.62 0.34 8.90 3.75 3289.4
12/01 100.00 SBO Schroder British Opportunities Trust PLC 101.30 1.42 103.00 97.50 7597.5
11/25 100.00 AIM KIST Kistos PLC 150.00 1.80 153.76 100.00 6037.5
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.
DECEMBER 30 2020 Section:Stats Time: 29/12/2020 - 18:24 User: gerry.white Page Name: MARKET DATA 1, Part,Page,Edition: EUR, 9, 1
10 ★ FINANCIAL TIMES Wednesday 30 December 2020
MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock PriceDay Chg High Low Yld P/E MCap m Stock PriceDay Chg High Low Yld P/E MCap m Stock PriceDay Chg High Low Yld P/E MCap m Stock PriceDay Chg High Low Yld P/E MCap m Stock PriceDay Chg High Low Yld P/E MCap m Stock PriceDay Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 28.74 0.19 39.55 26.08 7.55 18.24204801.24 Lowes 160.77 -1.27 180.67 60.00 1.46 21.70117799.93
ANZ 23.16 0.13 27.29 14.10 4.45 19.45 50181.78 Nokia 3.21 0.03 4.35 2.08 - 24.21 22189.47 AstellasPh 1606 46.50 1987 0.00 2.62 20.85 28858.5 AtlasCpcoB 375.90 2.50 393.30 223.20 1.69 32.08 17880.25 AutomData♦ 175.75 -0.86 182.32 103.11 2.16 29.24 75364.06 Lyondell 90.16 -0.44 95.47 33.71 4.86 24.34 30106.14
BHPBilltn 42.92 -0.03 43.66 24.05 4.71 19.06 96274.93 SampoA 34.79 0.14 42.46 21.34 4.31 16.04 23600.41 Bridgestne 3430 -3.00 4088 2861.5 3.88 30.03 23626.92 Ericsson 98.62 0.26 110.15 59.54 1.45 23.76 36934.74 Avago Tech 429.09 -2.79 437.27 155.67 2.97 78.12174516.53 Marathon Ptl 40.94 0.16 61.92 15.26 5.79 -2.56 26637.64
CmwBkAu 84.01 0.86 91.05 53.44 5.06 21.02113488.24 France (€) Canon 2022 -1.50 3099 0.00 6.08 33.43 26029.05 H & M 174.05 1.55 214.35 98.13 2.67101.46 30989.87 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 115.52 0.32 120.97 74.34 1.65 27.81 58590.65
CSL 288.30 -0.24 342.75 242.67 1.00 43.43 99879.01 Airbus Grpe 93.07 1.09 139.40 48.12 - -11.65 89339.78 CntJpRwy 14575 430.00 22570 0.00 0.98104.07 28978.38 Investor 601.40 6.60 604.60 370.10 2.07 6.11 33391.01 BankAm 30.11 -0.02 35.67 17.95 2.50 14.28260475.28 MasterCard 346.47 2.00 367.25 199.99 0.46 49.85342475.35
NatAusBk 23.11 0.11 27.49 13.20 4.80 21.32 58020.1 AirLiquide 135.85 -0.55 144.45 94.86 1.99 28.43 78761.86 Denso 6169 125.00 6198 0.00 2.33-43.51 46914.7 Nordea Bk 67.62 -0.13 86.73 48.00 - 12.03 33382.42 Baxter♦ 80.09 0.83 95.19 69.10 1.21 43.36 40911.45 McDonald's 213.11 -0.92 231.91 124.23 2.45 31.18158786.88
Telstra 3.02 0.01 3.94 2.66 3.27 19.99 27349.71 AXA 19.74 0.01 25.62 11.84 3.71 17.01 58417.87 EastJpRwy 6929 166.00 10040 0.00 1.96-10.04 25274.52 SEB 85.40 -0.34 104.90 59.80 - 11.81 22589.9 BectonDick 247.98 -0.17 286.72 197.75 1.33 87.69 72124.3 McKesson♦ 174.63 0.31 187.67 112.60 0.99 13.00 28039.37
Wesfarmers 51.33 0.23 51.91 29.75 2.94 36.29 44316.53 BNP Parib 43.65 0.02 54.22 24.51 - 7.85 66774.55 Fanuc 25715 495.00 26505 0.00 0.76 78.55 50115.11 SvnskaHn 83.22 -0.24 113.80 71.70 - 11.04 19728.34 BerkshHat 346360 3759 352500 239440 - 15.06224851.37 Medtronic 116.22 1.09 122.15 72.13 1.95 34.68156434.44
Westpc 19.66 0.11 25.96 13.47 4.00 31.42 54919.37 ChristianDior 450.00 8.00 479.80 252.40 1.07 44.48 99436.13 FastRetail 90810 3910 91180 0.00 0.52104.39 92969.3 Swedbank 145.08 -0.54 162.70 99.14 - 13.26 20019.31 Biogen 244.29 0.14 374.99 223.25 - 7.72 37591.75 Merck♦ 81.27 0.82 92.14 65.25 3.13 17.19 205615.9
Woolworths 39.72 -0.15 43.96 32.12 2.56 43.64 38270.75 Cred Agr 10.46 0.01 13.80 5.70 - 7.66 37329.36 Fuji Hvy Ind 2064 60.00 2945 1671.5 2.78 14.30 15322.64 Telia Co 34.18 0.05 42.41 30.29 5.82 47.64 17039.21 BkNYMeln 41.66 0.22 51.60 26.40 3.11 8.79 36911.99 Metlife 46.54 0.29 53.28 22.85 4.04 7.26 41883.6
Belgium (€) Danone 54.54 0.06 75.16 46.03 - 18.71 45843.11 Hitachi 4060 15.00 4693 0.00 2.52 25.43 37926.98 Volvo 196.70 1.00 207.90 95.00 - 24.93 38001.05 BlackRock 710.51 0.33 721.82 323.98 2.08 22.62108360.38 Microsoft 225.40 0.44 232.86 132.52 0.94 34.841704135.79
AnBshInBv 58.59 0.15 75.26 29.03 2.20-119.43121444.81 EDF 12.84 0.10 13.61 5.98 1.17 24.18 48725.06 HondaMtr 2929.5 8.00 3167 0.00 3.01 19.97 51216.87 Switzerland (SFr) Boeing 218.18 2.09 349.95 89.00 1.97-26.53123166.26 Mnstr Bvrg 91.30 0.49 91.43 50.06 - 39.41 48198.8
KBC Grp 58.16 -0.18 73.56 33.44 1.72 15.57 29645.99 Engie SA 12.76 -0.15 16.80 8.63 - -28.29 38024.78 JapanTob 2090 -96.00 2450.5 0.00 7.55 12.48 40343.6 ABB 24.79 -0.14 25.50 14.11 3.10116.70 60732.65 Booking Holdings 2190.93 53.01 2195 1107.29 - 63.24 89729.35 MondelezInt 58.81 0.54 59.96 41.19 2.08 26.58 84107.87
Brazil (R$) EssilorLuxottica 129.15 0.85 145.00 86.76 - -4297.33 69405.84 KDDI 3105 42.00 3451 2604 3.96 10.49 69052 CredSuisse 11.41 -0.06 13.80 6.18 1.22 7.42 31544.15 BrisMySq 61.61 0.49 68.34 45.76 3.05-196.81 139414.5 Monsanto - - - - - - -
Ambev 15.84 0.07 19.58 10.36 2.98 30.13 48042.46 Hermes Intl 882.60 13.40 886.00 516.00 0.52 83.43114061.33 Keyence 58880 1320 59090 28905 0.35 75.81138211.26 Nestle 104.60 1.02 112.62 83.37 2.63 21.96340511.41 CapOne 96.50 -1.05 107.59 38.00 1.41 44.89 44138.82 MorganStly 68.02 -0.04 68.97 27.20 2.15 11.01123052.62
Bradesco♦ 24.57 -0.49 32.45 14.05 0.98 8.26 21004.35 LOreal 312.20 3.10 321.40 196.00 1.24 53.92213968.57 MitsbCp 2561.5 15.00 2948 0.00 5.40 9.94 36730.83 Novartis 82.48 1.61 96.38 65.09 3.41 28.90 229924.5 CardinalHlth 53.48 -0.19 60.69 39.05 3.77 16.11 15690.66 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Cielo 3.83 0.02 8.67 3.23 0.75 24.29 2005.66 LVMH 512.80 8.80 515.20 278.70 0.94 58.24316859.75 MitsubEst 1677 55.00 2283 0.00 1.83 14.64 22519.62 Richemont 80.50 0.30 81.66 44.64 1.25188.66 47481.35 Carnival 21.76 0.05 51.94 7.80 4.63 -2.07 15679.57 Netflix 535.48 16.36 575.37 290.25 - 82.90236571.51
ItauHldFin♦ 28.19 -0.24 32.79 19.46 2.96 14.09 26941.81 Orange 9.83 0.01 13.55 8.63 5.10 10.01 31996.62 MitsubishiEle 1587 14.50 1658 0.00 2.32 18.58 32888.79 Roche 306.95 2.05 357.85 265.75 2.99 20.13243674.15 Caterpillar 177.45 -0.92 183.81 87.50 2.42 28.15 96401.18 NextEraE 75.48 -0.01 83.34 43.70 1.88 36.53 36969.49
Petrobras 28.46 -0.19 33.23 10.50 1.78 -8.21 40827.37 PernodRic 161.05 2.05 171.10 112.25 1.94127.59 51629.01 MitsuiFud 2184 42.50 3035 1538 2.06 16.42 20347.22 Swiss Re 83.26 -0.02 117.05 52.68 7.03-18.53 29869.86 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 141.55 -0.88 147.95 60.00 0.70 83.13177618.25
Vale 87.13 -0.18 88.58 32.45 4.84 32.19 88750.27 Renault 36.26 0.15 43.37 12.77 - -1.17 13124.67 MitUFJFin 460.00 2.80 595.50 380.00 5.68 18.77 60300.39 Swisscom 479.00 2.60 577.80 446.70 4.62 14.89 28037.44 CharlesSch 52.98 0.04 53.33 28.00 1.40 23.50 95216.3 NorfolkS 236.48 -0.23 247.98 112.62 1.66 29.20 64867.91
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Enbridge 41.06 -0.19 57.32 33.06 7.72 42.77 64962.69 Softbank 8055 349.00 8900 2609.5 0.56-57.09 162469.4 Thailand (THB) Comcast 51.70 0.59 52.49 31.71 1.82 22.22236055.93 PPG Inds 142.64 -0.53 149.88 69.77 1.51 30.11 33692.2
GtWesLif♦ 29.73 0.17 35.60 18.88 5.81 10.84 21547.07 Germany (€) Sony 10390 210.00 10560 0.00 0.49 13.55126458.85 PTT Explor 42.50 1.50 47.75 23.60 5.07 29.63 40417.21 ConocPhil 38.85 -0.45 67.13 20.84 4.51-33.54 41676.01 Praxair 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
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China (HK$) Fresenius Med 68.56 0.16 81.10 53.50 1.75 15.27 25550.8 Altice 5.33 0.00 6.86 2.26 - -4.13 6992.77 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72 Devon Energy♦ 15.19 -0.16 26.98 4.70 2.75 -2.22 5810.6 Sempra Energy♦ 126.78 0.29 161.87 88.00 3.38 18.72 36570.82
AgricBkCh 2.84 0.03 3.50 2.38 7.62 4.51 11258.4 Fresenius SE 38.33 -0.32 51.54 24.25 2.19 11.80 21212.96 ASML Hld 396.30 -0.55 401.45 177.52 0.61 49.87203511.92 BT 135.95 -2.40 200.58 94.68 3.40 8.94 18197.86 DiscFinServ 87.90 -0.39 90.08 23.25 2.09 25.84 26941.03 Shrwin-Will 731.30 1.96 758.00 325.43 0.73 34.07 66419.97
Bk China 2.64 0.01 3.39 2.33 8.62 4.04 28470.88 HenkelKgaA 79.25 0.40 87.75 54.65 2.31 19.44 25203.91 Heineken 91.14 2.14 105.00 68.82 1.85 56.51 64264.32 Compass 1415 27.50 1995.5 865.80 2.83 21.80 31395.04 Disney 177.68 -1.19 180.20 79.07 0.52-108.45321677.93 SimonProp 84.26 -1.22 149.89 42.25 6.81 18.35 27648.05
BkofComm 4.16 - 5.68 3.66 9.02 3.98 18783.51 Linde 213.20 -0.50 226.40 130.45 1.51 59.83136982.27 ING 7.77 -0.09 11.26 4.23 - 17.28 37116.27 Diageo 3045 131.00 3297 2050.6 2.29 50.83103417.59 DominRes 74.18 0.48 90.89 57.79 5.26 26.62 60517.46 SouthCpr 64.19 0.66 65.18 23.43 2.28 37.05 49623.57
BOE Tech 0.63 0.03 0.80 0.47 - -4.18 16.17 MuenchRkv 243.80 -0.30 284.20 141.10 4.02 27.97 41812.39 Unilever 49.25 0.68 55.39 38.42 - 24.08174696.45 GlaxoSmh♦ 1365.8 33.20 1857 1284 5.86 10.81 90617.05 DowDupont 30.52 -0.65 48.38 30.06 3.83 -7.69 68559.76 Starbucks 105.09 0.75 106.09 50.02 1.63127.47122850.21
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Gree Elec Apl 0.11 0.00 0.21 0.07 - -0.04 4.62 HDFC Bk 1427.2 14.35 1464.4 738.75 - 26.75107058.83 Singapore (S$) AbbottLb 108.58 0.79 115.14 61.61 1.35 55.34192435.93 HCA Hold 163.54 -0.46 166.87 58.38 0.53 15.86 55337.8 VF Cp 84.91 -0.54 100.25 45.07 2.36-339.03 33115.26
GuosenSec 13.20 -0.05 16.14 10.38 1.52 17.83 16574.5 Hind Unilevr 2384.3 -4.60 2614.3 1757.3 1.11 72.42 76298.78 DBS 25.20 0.07 26.47 16.65 4.59 13.50 48243.93 Abbvie 105.25 1.80 109.15 62.55 4.57 21.74185816.13 Hew-Pack♦ 24.23 -0.05 24.63 12.54 2.92 13.24 31241.44 ViacomCBS♦ 36.92 0.19 42.37 10.10 2.71 16.45 20856.22
HaitongSecs 6.67 0.07 9.58 5.79 - 6.10 2932.91 HsngDevFin 2518.95 42.50 2530 1473.45 0.87 26.26 61748.72 JardnMt US$ 55.70 0.35 58.95 37.37 3.37-98.10 40334.58 Accenture 258.82 -0.86 271.18 137.15 1.25 32.56171114.99 HiltonWwde 108.77 1.39 116.73 44.30 0.29-90.64 30177.84 Visa Inc 214.38 1.75 217.65 133.93 0.58 42.01363519.18
Hngzh HikVDT 46.61 -0.39 50.07 27.00 1.50 33.46 57779.08 ICICI Bk 528.80 8.70 552.20 268.30 - 24.24 49716.66 JardnStr US$ 25.41 0.61 33.50 17.81 1.53-29.46 28164.66 Adobe 502.51 3.56 536.88 255.13 - 62.81241061.19 HomeDep 266.96 -2.29 292.95 140.63 2.29 22.11287409.34 Walgreen 39.58 -0.08 59.78 33.36 4.68 75.55 34196.43
Hunng Pwr 2.80 0.03 4.15 2.24 5.89 21.28 1697.31 Infosys 1250.3 10.00 1258.85 509.25 1.46 28.13 72535.84 OCBC 10.07 - 11.23 7.80 4.42 14.18 33933.86 AEP 81.75 0.47 104.97 65.14 3.57 20.29 40579.67 Honywell 209.24 -0.71 216.70 101.08 1.80 28.77146817.22 WalMartSto♦ 144.68 -0.54 153.66 102.00 1.52 22.45409341.09
IM Baotou Stl 1.16 -0.01 1.39 1.04 - -111.58 5626.82 ITC 211.55 2.05 243.90 134.60 4.98 18.25 35454.13 SingTel♦ 2.32 -0.01 3.42 2.00 5.36 22.44 28538.63 Aetna - - - - - - - HumanaInc 408.98 -1.22 474.70 208.25 0.62 12.55 54124.34 WellsFargo 30.10 0.17 54.26 20.76 5.65 73.96124448.14
In&CmBkCh 4.90 0.14 6.11 3.96 6.38 5.22 54847.76 L&T 1284.85 -4.55 1383.7 661.00 1.45 60.09 24571.85 UOB 22.64 -0.04 27.00 17.28 5.05 10.17 28530.29 Aflac 44.19 0.27 53.46 23.07 2.62 6.65 31041.06 IBM 124.24 -0.58 158.75 90.56 5.46 13.48110704.94 Williams Cos 19.99 -0.15 24.17 8.41 8.25100.82 24259.58
IndstrlBk 20.63 0.14 22.07 14.93 3.70 7.11 61964.97 OilNatGas 93.15 -0.65 133.40 50.00 5.57 34.76 15960.35 South Africa (R) AirProd 270.32 1.72 327.89 167.43 2.00 30.30 59752.88 IllinoisTool 201.18 -1.20 224.69 115.94 2.26 29.25 63677.55 Yum!Brnds 109.80 0.02 110.56 54.95 1.74 30.68 33123.16
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FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Carnival 21.76 21.71 0.05 0.23 1.95 9.8 0.66 ChMrchSecs 20.87 21.00 -0.13 -0.62 -1.78 -7.9 -2.48 Dec 29 date Coupon S* M* F* price yield yield yield US Dec 29 date Coupon S* M* F* price yield yield yield US
Cielo 3.83 3.81 0.02 0.52 0.34 9.7 1.60 Tencent 530.50 519.00 11.50 2.22 -41.50 -7.3 -9.01 High Yield US$ US$
FastRetail 90810.00 86900.00 3910.00 4.50 6880.00 8.2 8.14 KoreaElePwr 26400.00 27050.00 -650.00 -2.40 -1650.00 -5.9 20.55 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
SBI NewA 277.90 275.20 2.70 0.98 20.45 7.9 13.78 Softbank 8055.00 7706.00 349.00 4.53 -434.00 -5.1 11.03 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
In&CmBkCh 4.90 4.76 0.14 2.94 0.36 7.9 -0.62 JapanTob 2090.00 2186.00 -96.00 -4.39 -100.00 -4.6 -4.09 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
SmsungEl 78300.00 78700.00 -400.00 -0.51 5300.00 7.3 14.81 Pwr Cons Corp 3.82 3.82 0.00 0.00 -0.17 -4.3 -6.14 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
21stC Fox A 29.22 29.14 0.08 0.26 1.95 7.1 0.15 Salesforce 222.08 224.64 -2.56 -1.14 -9.09 -3.9 -10.39 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Booking Holdings 2190.93 2137.92 53.01 2.48 138.11 6.7 6.82 SaicMtr 23.82 25.74 -1.92 -7.46 -0.95 -3.8 -12.04 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
STRKLAVICleheeiiyaIrsnpyCdbcceEssIuoo ontBBsmslck kuGeCgCrBphSe 15883285438393253806368........0930709867200100 15778255736393202808160........6970930100201830 14372--51001108........0000801700159900 --20024101........6402715663799907 1313125503002528........6504001008633000 66665555........72109887 --9191-88093512........3902043727301151 FNCNCFSCeuhhahaedj nn swiORe adpHaxS seCUviCLrlhy stnhC d dILNon &iCnfdeoIsn mIvnss 2229063126344206943........0403986470902200 2228067120344287943........7503927442007055 56-----00000010........0310002038515580 -----01200201........0725291118102954 -1--116-----01010008........6011130000050410 --------33333333........86432221 ---111----87820328........5479984840461130 CBPMTTPRouueoruaelrrrlsaokkuzxsnieemiilcadyyobia 0000100014450386////////2222222266666778 1146314642........5025801700508035 BBB+------- BBBBBaaAABaaaaa22212231 BBBBBBBBBBBBBABBBBB++----- 11111111114900739289130........0360725900502604 12024532........6170986391933265 00000000........0000000021209011 -------00000000........2101410096102725 1101430.......38476089193370- EETTFYMhhilueneeeer clnGGxaotioorncillcdddoimmteaann d SSeaa Fcchhrass nGGcrrooeuu (ppE,, DIInnFcc).. 0000042246/////3333201116 43301.....6007030059 BBABBABBA+++-- BAaAAAaa33311 BABAABAA+-- 11113221974117.....4470352085 -00001.....8692628370 --00000.....0000010001 ---00000.....1100101252 -01..8279---
HiltonWwde 108.77 107.38 1.39 1.29 5.82 5.7 4.22 Altria 41.22 41.48 -0.26 -0.63 -1.33 -3.1 2.20 Brazil 02/47 5.63 - Ba2 BB- 118.55 4.42 0.00 -0.03 - £ Sterling
ImpOil 24.88 24.45 0.43 1.74 1.32 5.6 2.64 NatAusBk 23.11 23.00 0.11 0.48 -0.74 -3.1 -0.90 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
HumanaInc 408.98 410.19 -1.22 -0.30 20.54 5.3 0.61 Halliburton 18.53 18.89 -0.36 -1.91 -0.59 -3.1 5.55 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
CntJpRwy 14575.00 14145.00 430.00 3.04 730.00 5.3 4.18 Williams Cos 19.99 20.14 -0.15 -0.74 -0.62 -3.0 -6.76 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency Mexico 04/23 2.75 - Baa1 BBB- 106.09 0.11 0.01 -0.11 -0.01 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Dec 29 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Dec 29 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 22.33 0.63 21.70 85.42 11.75 Dec 29 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 20.74 0.62 20.12 71.05 2.47 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 226.19 0.23 1.18 8.97 1.17 9.61 VXN 26.24 0.33 25.91 84.67 14.70 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) - - - - - - VDAX 24.82 0.89 23.93 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) - - - - - - † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 243.89 0.07 0.04 2.61 -0.02 2.36 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 100.21 -0.04 -20.00 -20.00 33.33 -105.97 101.22 100.21 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 263.24 0.20 0.04 4.91 -0.09 4.42 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 105.06 0.00 -100.00 -100.00 -100.00 -100.00 107.91 105.06 38.77
INTEREST RATES: MARKET Gilts( £) - - - - - - Tr 5pc '25 121.22 0.02 -300.00 -300.00 -128.57 -96.00 124.55 121.22 35.84
Global Inflation-Lkd 311.45 0.01 1.11 11.41 1.78 12.07 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 107.17 0.16 33.33 23.08 166.67 -70.37 109.23 103.96 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts - - - - - - Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 142.32 0.47 11.90 6.82 27.03 -43.37 148.26 137.84 38.71
Dec 29 (Libor: Dec 24) night Day Week Month month month month year Overall ($) - - - - - - Australia 11/22 2.25 104.09 0.09 0.00 -0.01 -0.01 -0.80 Tr 4.25pc '36 151.90 0.67 9.84 4.69 17.54 -33.66 160.46 145.12 30.41
US$ Libor 0.08100 -0.005 -0.003 -0.003 0.14513 0.24013 0.26663 0.34038 Overall( £) - - - - - - 05/32 1.25 101.40 1.12 0.00 0.04 0.10 - Tr 4.5pc '42 173.01 0.85 6.25 2.41 11.84 -26.72 186.37 162.55 27.21
Euro Libor -0.58529 0.000 -0.002 -0.001 -0.59671 -0.56357 -0.53029 -0.48457 Overall(€) 253.71 0.15 0.03 3.97 -0.06 3.57 Austria - - - - - - - Tr 3.75pc '52 178.71 0.89 7.23 2.30 12.66 -22.61 198.36 164.59 24.10
£ Libor 0.04125 0.000 -0.003 0.000 0.02050 0.02488 0.03000 0.09813 Treasuries ($) - - - - - - 02/47 1.50 137.66 0.05 0.00 0.03 0.02 -0.52 Tr 4pc '60 204.17 0.86 8.86 3.61 14.67 -21.82 231.12 186.33 24.12
Swiss Fr Libor -0.003 -0.86760 -0.78540 -0.73400 -0.61380 FTSE Belgium 09/22 1.00 102.73 -0.61 0.01 0.03 0.02 -0.05 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.003 -0.07750 -0.09450 -0.05850 0.05200 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.42 0.17 -0.03 -0.02 -0.04 -1.59
Euro Euribor 0.000 -0.56800 -0.54200 -0.52000 -0.49500 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 104.83 0.72 - - - - GILTS: UK FTSE ACTUARIES INDICES
Sterling CDs - - - - Euro Emerging Mkts (€) 646.34 -2.08 - - 1.21 26.28 Denmark 11/22 0.25 101.56 -0.57 0.01 0.05 0.05 0.04
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 115.80 -1.38 -0.03 -0.04 -0.01 0.07 Price Indices Day's Total Return Return
EDEuuerrcoo 2C9Ds -0.74Stehromr-t0.44 -1.078n oDtaic-ye0s.78 -0.79mOonnet-h0.49 --0.68mThornet-eh0-.38 -0.67m-Soinxt-h0.37 --0.66yOenae-r0.36 CMCrRoaEsrsDkoiItvT ei TIrN r5aDYxIxCES 23In9d.5e8x chD-a4an.yg2'e6s Wc-h2ea0en.kg8'e8s Mc-ho2an5nt.hg5'e7s 3S7eh7ri.ig9eh0s 2S3e3rlo.i2ew2s FFirnalnacned 00014451////23223136 1010....57720555 111101005155....18900843 ----0000....73750808 ---0000....00002232 0000....00003302 0000....00002010 ----0000....14137757 F1234i U515x 0 ep-- d-11t o 015C 5 5YYo YeeYuaeaepraraossrrnss D1218829e9766c ....2534092943 ch0000g.... 0243%6782 23444891R9340e1223tu....9891rn0673 1 mo0010n....2728th4416 1 y1475e....6988a0055r Y-0000ie....1132ld0190
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 48.00 -0.46 -4.38 -0.77 66.97 45.31 Germany - - - - - - - 5 Over 15 Years 401.70 1.01 6604.49 2.13 14.05 0.70
Swiss Franc - - - - - - - - - - - - Japan 5Y 51.17 -0.13 -1.00 -5.50 70.43 51.00 05/23 1.50 105.41 -0.75 0.00 0.04 0.02 -0.14 7 All stocks 194.21 0.56 4163.07 1.26 8.42 0.57
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 58.19 -0.05 -5.89 -1.73 86.20 54.75 02/26 0.50 106.47 -0.73 -0.01 0.03 0.03 -0.27
UJLTiauSbplo lDaernt orteal lPstareeres Yb coeonnm; SeD frRo,m U SI-C00 DE..10 i(57ssceoeu nw00t..w:30 I75wM.Fth; e-E00iOc..80Ne03.IcAo:m E-)C00 a..B33n;30d S awrei-s00 sf..i 06xL20eibdo ar:t- S001..N131aB20m; E UU-K00R ..Ot13iN00mIeA. ,O R00tO..h40eN00rI Ada &t-a00 S ..s12Oo35NurIcAe: 00sW:.. 40UM35SB $A,- .E00u..12r90o & C00D..41s:90 MENNWmttaehhebr rAAksgimmiittne eegCsrr :D M HImnXiavag rrhGkk erYitatl.sddc eo 55 mY5YY, ftse.com. All indices show12559n255 a...103re010 unhedge---d221.... 154C256urrencie-s1-- a733r...591e515 shown in-- b972r...a760c217kets af24te642r551 t...h672e162 index n12a459m950...e606s013. GIIrtearellayencde 001000820558//////522332062002 030220......060449050000 111111010220481662......521111986338 -----000000......166334564446 ---000000......000000001333 -000000......000000313003 ---000000......010000211332 ------000000......482445301888 I1234n UO5Od-pvve1ee x5trro yL51 5ei 5yn a Yeykresaeearadsrrss 1D38510411e2155c ....2787392122 cDh-0001ga.... y0811%'7783s Mch---o0000gn.... 3000%th5182 cY11h-e0235ga.... 9384r%'6491s 26485312R0601eT0571tou....t8091ran6653l 1 Rme---o0000tun....3000rtnh5182 R111e y0245tue....6766ran1519r
02/25 0.35 102.22 -0.19 -0.04 -0.02 -0.06 -0.85 5 All stocks 747.23 0.79 -0.04 10.76 5754.06 -0.04 11.31
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 0053//3408 03..4405 110467..2575 -01..2365 --00..0074 --00..1002 --00..1047 --01..8060 Yield Indices Dec 29 Dec 24 Yr ago Dec 29 Dec 24 Yr ago
Energy Price* ChangeAgricultural & Cattle Futures Price* Change Price Yield Month Value No of Japan 04/23 0.05 99.96 0.07 0.00 0.00 0.00 - 5 Yrs -0.09 -0.06 0.54 20 Yrs 0.73 0.78 1.34
Crude Oil† Jan 48.20 0.52Corn♦ Mar 455.75 -1.00 Dec 28 Dec 28 Prev return stock Market stocks 04/25 0.05 99.96 0.06 0.00 0.01 0.01 - 10 Yrs 0.26 0.31 0.89 45 Yrs 0.65 0.70 1.24
Brent Crude Oil‡ 51.27 0.35Wheat♦ Mar 615.75 1.00 Can 4.25%' 21 104.94 -1.070 -1.010 0.59 5.18 90486.77 8 12/29 0.10 101.04 -0.02 -0.01 0.01 0.00 - 15 Yrs 0.57 0.62 1.20
RHBeOatBin Gg aOsiol†line† Dec 1.38- 0.02-SSooyybbeeaannss♦ Meal♦ JJaann 1425101..9205 --12..7550 FSrw 0e.1 00.%25'% 21' 22 110059..2506 --10..151911 --10..190785 00..3022 1216..3551 224090976754..8963 157 Netherlands 1027//4292 02..4205 19044..0567 -00..6629 00..0011 00..0013 00..0003 -0.06- inflation 0% inflation 5%
Natural Gas† Jan 2.38 0.03Cocoa (ICE Liffe)X Mar 1673.00 -15.00 UK 1.875%' 22 109.61 -3.006 -2.979 -0.22 15.74 798613.03 28 07/26 0.50 106.54 -0.65 -0.01 0.03 0.01 -0.32 Real yield Dec 29 Dur yrs Previous Yr ago Dec 29 Dur yrs Previous Yr ago
Ethanol♦ - -Cocoa (ICE US)♥ Mar 2517.00 -36.00 UK 2.5%' 24 357.07 -2.853 -2.847 -0.24 6.82 798613.03 28 New Zealand 04/25 2.75 110.04 0.39 0.00 0.01 0.09 -0.97 Up to 5 yrs -2.79 2.81 -2.81 -2.05 -3.21 2.81 -3.24 -2.58
Uranium† - -Coffee(Robusta)X Jan 1369.00 -6.00 UK 2%' 35 302.51 -2.697 -2.696 0.31 9.08 798613.03 28 05/31 1.50 105.15 0.98 0.00 0.02 0.12 -0.81 Over 5 yrs -2.34 24.05 -2.30 -1.79 -2.36 24.11 -2.32 -1.82
Carbon Emissions‡ - -Coffee (Arabica)♥ Mar 124.10 0.55 US 0.625%' 21 - - - - - - - 05/31 1.50 105.15 0.98 0.00 0.02 0.12 -0.81 5-15 yrs -2.82 9.45 -2.80 -2.23 -2.92 9.45 -2.90 -2.30
Diesel† - -White SugarX 412.70 3.60 US 3.625%' 28 137.25 -1.239 -1.227 1.03 16.78 1658566.52 43 Norway 08/30 1.38 103.69 0.97 0.00 0.04 0.14 - Over 15 yrs -2.28 29.17 -2.24 -1.75 -2.29 29.19 -2.26 -1.77
Base Metals (♠ LME 3 Months) Sugar 11♥ 14.87 -0.13 Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market 08/30 1.38 103.69 0.97 0.00 0.04 0.14 - All stocks -2.34 22.25 -2.31 -1.80 -2.37 22.33 -2.33 -1.83
Aluminium 1989.00 -41.00Cotton♥ Mar 76.79 0.14 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par Portugal 10/22 2.20 105.29 -0.71 0.00 0.01 -0.05 -0.38 See FTSE website for more details www.ftse.com/products/indices/gilts
Aluminium Alloy 1860.00 0.00Orange Juice♥ Jan 119.75 -0.25 amount. 02/26 3.30 119.03 -0.35 -0.01 0.02 0.02 -0.49 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
CLeoapdper 71893735..0000 -125..0500PLiavlem C Oaitlt♣le♣ Feb 115.83- 0.85- BONDS: TEN YEAR GOVT SPREADS Spain 1101//2320 01..4050 110210..8081 --00..5972 -00..0003 -00..0005 -00..0025 --00..2247 GTrialtd Celwoseibn;g m Pariyc enso ti nbfeo rcmopaiteiodn o cro rnet-adiinsetrdib hueteredi;n i sis n porto wpraierrtaanryte tdo to be
Nickel 16890.00 -85.00Feeder Cattle♣ Jan 134.88 - Sweden 06/22 0.25 109.56 -0.60 0.40 0.02 -0.10 1.23 accurate, complete or timely; and does not constitute investment advice.
Tin 20260.00 215.00Lean Hogs♣ Feb 66.43 -0.53 Spread Spread Spread Spread 06/26 0.13 116.98 -1.44 0.11 0.02 -0.12 0.33 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2770.50 -65.50 Bid vs vs Bid vs vs 06/30 0.13 116.79 -1.50 0.03 0.02 -0.05 -
Precious Metals (PM London Fix) % Chg % Chg Yield BundT-Bonds Yield BundT-Bonds Switzerland 05/22 2.00 103.96 -0.79 0.01 0.02 -0.02 -0.05 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Gold 1875.00 -2.10 Dec 24 Month Year Australia 1.12 - 0.26 Netherlands -0.65 - - 05/30 0.50 109.90 -0.52 -0.01 0.02 0.00 -0.07 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Silver (US cents) 2578.00 46.50S&P GSCI Spt 404.99 4.34 -8.03 Austria - - - New Zealand 0.98 - 0.12 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Platinum 1009.00 -10.00DJ UBS Spot 77.08 3.03 -5.24 Canada 0.72 - -0.14 Norway 0.97 - 0.11 07/22 0.50 100.97 -0.12 0.00 -0.02 -0.10 -0.63 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2330.00 -25.00TR/CC CRB TR 175.85 2.81 -11.23 Denmark -1.38 - -2.24 Portugal -0.35 - - 07/26 1.50 108.45 -0.02 0.00 0.03 -0.05 -0.58 use of the listed information. For all queries e-mail [email protected]
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.38 - -1.24 Spain -0.92 - -1.78 07/47 1.50 116.18 0.82 0.00 0.07 -0.03 -0.44 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore 162.50 -1.75UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.50 - -2.36 United States 03/22 0.38 100.32 0.12 -0.01 0.00 -0.01 -
GlobalCOAL RB Index 98.00 2.00LEBA EUA Carbon 31.34 14.17 19.12 Ireland -0.34 - -1.20 Switzerland -0.52 - -1.38 03/25 0.50 100.86 0.30 0.00 -0.01 0.00 -
Baltic Dry Index 1366.00 4.00LEBA CER Carbon 0.29 0.00 52.63 Italy -0.26 - -1.12 United Kingdom - - - 02/30 1.50 105.58 0.86 -0.01 -0.01 0.08 -
LEBA UK Power 1067.00 -35.53 -42.79 Japan -0.02 - -0.88 United States 0.86 - 0.00 02/50 0.25 118.16 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
DECEMBER 30 2020 Section:Stats Time: 29/12/2020 - 18:24 User: gerry.white Page Name: MARKET DATA 2, Part,Page,Edition: EUR, 10, 1