Beruflich Dokumente
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EUROPE
Smart solution
Path to peace
Markets see
Clinton as
debate victor
Briefing
i StanChart faces fresh DoJ investigation
The UK-listed bank has returned to the crosshairs
of the US justice department, this time facing a
probe into allegations of bribery at an Indonesian
power station company that it controls. PAGE 11
US debate page 3
Editorial Comment page 8
Martin Wolf page 9
Markets pages 21 & 22
Brendan Smialowski/AFP/Getty Images
1m b/d
Co-ordinated
production cut
sought by
Saudi Arabia
4.2m b/d
Estimated level
for Iran to hit
post-sanction
market share goal
Austria
Bahrain
Belgium
Bulgaria
Croatia
Cyprus
Czech Rep
Denmark
Egypt
Finland
France
Germany
Gibraltar
Greece
Hungary
India
Italy
Kazakhstan
Kenya
Latvia
Lebanon
Lithuania
3.60
Din1.7
3.60
Lev7.50
Kn27.50
3.50
Kc100
DKr32
E20
4.10
3.60
3.60
2.70
3.50
Ft1090
Rup195
3.50
US$5.50
Kshs300
6.99
LBP7500
4.30
Luxembourg
Macedonia
Malta
Morocco
Netherlands
Norway
Oman
Pakistan
Poland
Portugal
Qatar
Romania
Russia
Serbia
Slovak Rep
Slovenia
Spain
Sweden
Switzerland
Tunisia
Turkey
UAE
3.60
Den220
3.50
Dh43
3.60
NKr35
OR1.50
Rupee 280
Zl 18
3.50
QR15
Ron17
5.00
NewD420
3.60
3.50
3.50
SKr37
SFr5.90
Din7.50
TL10
Dh15.00
The conglomerate led by Chinas richest man is in talks to buy the US studio
that stages the Golden Globe Awards
for a reported $1bn, the latest in a
flurry of moves by Chinese companies
to snap up Hollywood assets.
Eldridge Industries said it had agreed to
enter into exclusive talks with Wanda
Culture Industry a unit of Wang Jianlins Wanda Group with the goal of
finalising a mutually satisfactory transaction for Dick Clark Productions.
The production company is a mainstay of Hollywoods self-promotion,
staging the Golden Globe Awards and
American Music Awards. Both are popular among Chinese audiences.
The Chinese push into Hollywood has
been led by Mr Wang, founder of
Wanda, already the worlds largest
World Markets
STOCK MARKETS
CURRENCIES
Sep 27
S&P 500
Nasdaq Composite
2154.78
prev %chg
2146.10
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Sep 27
0.40 $ per
0.56 $ per
1.120
1.127 per $
0.893
1.299
1.297 per $
0.770
0.49 per
0.06 per $
0.862
0.869 per
1.160
5286.89
5257.49
18184.30
18094.83
FTSEurofirst 300
1339.11
1338.26
Euro Stoxx 50
2966.96
2975.88
FTSE 100
6807.67
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FTSE All-Share
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CAC 40
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Xetra Dax
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Nikkei
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Hang Seng
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Sep 27
INTEREST RATES
-0.30 per
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1.089
-0.20 SFr per
-0.21 COMMODITIES
0.36 Gold $
89.603 $ index
1.090 SFr per
prev
price
yield
chg
99.46
1.56
-0.03
107.84
0.68
-0.02
106.73
-0.21
0.00
101.84
-0.08
0.00
99.27
2.28
-0.04
103.12
-0.71
0.00
price
prev
chg
0.40
0.39
0.01
%chg US 3m Bills
-3.53 Euro Libor 3m
0.25
0.18
0.07
-0.32
-0.32
0.00
-3.42 UK 3m
-1.01 Prices are latest for edition
0.38
0.38
0.00
0.888 US Gov 10 yr
0.771 UK Gov 10 yr
Sep 27
prev
44.31
45.93
45.73
47.35
1327.00
1340.50
77.408 US Gov 30 yr
99.337 Ger Gov 2 yr
1.255
Datawatch
Tax revenue in OECD countries
As a % of GDP
34
32
30
28
26
24
1965
80
90 2000
14
FINANCIAL TIMES
INTERNATIONAL
Desert camps
City of death:
a cemetery
yesterday in a
rebel-held area
of Aleppo,
surrounded by
badly damaged
buildings Reuters
The harshest view of Russias behaviour is that it has used the ceasefire deal
to widen a rift between the US and the
Syrian rebels Washington backs. From
the rebels perspective John Kerry, US
secretary of state, strong-armed them
into accepting the agreement only for
the Assad regime to use the lull in fighting to press for an advantage.
The collapse of the ceasefire has
prompted speculation about closer collaboration between some Islamist rebel
groups and Jabhat Fatah al-Sham, which
the US considers a terrorist group.
The diplomatic process to broker the
ceasefire also served to underline Russias central role in Syria, especially at a
time when Washington appears to have
little leverage.
On one
hand you
agree a
ceasefire,
and on the
other hand
you violate
it in the
most
heinous
way
4km
SYRIA
A LE P PO
Areas of control
Kurdish YPG
Rebels
Syrian regime
Fiscal crisis
NOVEMBER 7 2015
FINANCIAL TIMES
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London SE1 9HL
Spain; Fabripress, C/ Zeus 12, Polgono Industrial MecoR2, 28880 Meco, Madrid. Legal Deposit Number
(Deposito Legal) M-32596-1995; Publishing Director,
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ISSN 1135-8262..
UAE; Al Nisr Publishing LLC, P.O.Box 6519. Dubai. Editor
in Chief: Roula Khalaf. Origin of publication, twofour54,
Media Zone, Abu Dhabi.
France; Publishing Director, Dominic Good, 40 Rue La
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1148-2753.
Turkey; Dunya Super Veb Ofset A.S. 100. Yil Mahallesi
34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24.
ROLLING IN THE DEEP
361_Cover.PRESS.indd 1
21/10/2015 10:51
Bonuses and allowances for public sector workers were cancelled and
amended in a series of royal decrees
issued late on Monday.
Applying austerity measures to the
large public sector is a politically sensitive move forced by the hole in public
finances and a deterioration across the
broader economy, as the worlds biggest
oil exporter grapples with low oil prices.
Saudis have become accustomed to
lavish salaries and generous perks in the
state sector, which employs about twothirds of working nationals.
The royal decree also ordered ministerial salaries to be reduced by 20 per
cent and pay for members of the
appointed consultative council be cut by
15 per cent.
The rules, which come into force next
month, apply to all public sector workers, both Saudis and expats, as well as
the military. Soldiers serving in Yemen,
Damascus
Rukban
SYRIA
I RAQ
Hadalat
Ruwaished
Amman
JORDAN
SAU DI
AR AB IA
Islamic republic
FINANCIAL TIMES
INTERNATIONAL
An Alternative
for Germany
rally this month
in Erfurt,
central
Germany.
Below,
Alice Weidel,
a senior figure
in the party
Martin Schutt/EPA
With
people
like this we
have a real
credibility
problem
because
they
counteract
all the work
done by
more
moderate
members
WHO calls
air pollution
public health
emergency
PILITA CLARK LONDON
Environment
divorce that weakens Europe and Britain, lets try this time to put in place a
system where everybody feels
. . . happy is maybe too much, but comfortable. Is that not the right way?
I want to avoid the mistake from the
past where we give the impression that
we push Britain in one or other direction. That has to be avoided, I think,
absolutely. Not to have this love-hate
relation as we got for nearly 40 years.
Behind the conciliatory tone, however, Mr Verhofstadt hinted at how difficult it might be for Britain to tailor an
exit deal to its political needs. Asked
whether he could imagine the City of
London remaining the euros financial
centre after Brexit he replied: If [Britain] is fully-fledged in the internal market and they accept the four freedoms,
then OK. But then I ask myself: what
was the reason to go out of the EU?
His reference is in particular to the
principle of free movement, which Britain is looking to restrict while preserving its trading rights. Politically everybody had already said 100 times, 1,000
times, in every member state here in the
parliament, in the commission, that we
cannot undo the four freedoms.
Mr Verhofstadts career has charted
the slow-motion separation of Britain
and the continent. Once nicknamed
baby Thatcher for his aggressive liberal views, Mr Verhofstadt hosted a joint
Belgium-UK cabinet meeting in Ghent
with Tony Blair, then prime minister.
But that relationship descended into
acrimony over the Iraq war, with Mr
Verhofstadt hosting the praline summit of countries opposed. Against British objections he pushed for greater EU
defence co-operation; a few years later
Mr Blair duly vetoed his bid to become
European Commission president.
Does he hold a grudge? Is he offended
by being likened to Satan? From time
to time you can use a joke to say what
you think. British humour is . . . he
said, trailing off. The proof will be in
how you say? in eating the pudding.
Peter Mandelson see Comment
FINANCIAL TIMES
US DEBATE
GLOBAL INSIGHT
WASHINGTON
Democrat turns the tables on a tycoon who has specialised in irritating his opponents
DEMETRI SEVASTOPULO WASHINGTON
Forex reaction
Currency trading rooms
award victory to Democrat
While political pundits pontificated, an
instant assessment of the US
presidential debate was to be found on
the floors of currency trading rooms:
foreign exchange activity pointed to
Hillary Clinton emerging victorious over
Donald Trump.
Tokyo traders, at their desks as the
candidates set out their stalls, bought
and sold every quip, interruption and
snarl of their first head-to-head, driving
notable swings in the Mexican peso,
Canadian dollar and Japanese yen.
Those moves were broadly
maintained in the European and US
sessions, consolidating the forex
TV clash
Rivals go toe
to toe over
racism, trade
deals, cyber
security and
email scandals
Poll tracker
Which White House candidate is
leading in the polls?
ft.com/uspolltracker
Trumped up
trickle-down
Trans-Pacific
Partnership
I had said
she should
not take
his bait.
Instead
what
happened
is he took
her bait
On the margins:
Donald Trump
and Hillary
Clinton take
part in the first
presidential
debate at
Hofstra
University,
New York
Mike Segar/Reuters
Criticism of the
Federal Reserve
Traders
drove
swings
in the
Mexican
peso,
Canadian
dollar and
Japanese
yen
ing to ensure he wins the white Republican women voters who are crucial to his
chances, he may have hurt those efforts
with his performance on Monday. When
the moderator asked him what he had
meant by a previous comment that his
opponent did not have a presidential
look, he tried to argue that he had been
talking about her stamina. But Mrs Clinton demolished his attack, and came
back with one of her strongest punches.
You know, he tried to switch from
looks to stamina. But this is a man who
has called women pigs, slobs and dogs,
and someone who has said pregnancy is
an inconvenience to employers, Mrs
Clinton said.
Mr Tyler said that Mrs Clinton had
locked down the female and minority
vote with her performance. But Mr
Klaffky argued that, overall, the debate
might have little impact on the course of
the election. I judge a debate based
upon whether a candidate earns any
new voters as a result. Im not certain
either did much on that measure, said
Mr Klaffly. So I think it was a missed
opportunity for both. He certainly did
not help himself with women but she
didnt do much to help herself with
white men.
See Editorial Comment
Martin Wolf see Comment
Republican nominee
sets himself a low bar
and fails to clear it
Accusations
of racism
Theories about
Trumps taxes
Edward
Luce
FINANCIAL TIMES
INTERNATIONAL
World economy
Cities
Commodities. Reform
Beijing moves
to calm
property
market frenzy
China adopts
triple strategy
to forge sleeker
steel industry
Programme of closures, asset
restructuring and mergers
aims to address overcapacity
CHRISTIAN SHEPHERD BEIJING
Kashmir tensions
10
Number of groups
Beijing wants to be
responsible for
60-70 per cent of
the countrys
production by 2025
Rmb192bn
Debt burden of
Bohai Steel Group, a
producer owned by
the Tianjin city
government
1MDB fallout
India threatens to hit Pakistans water supply Singapore warned over financial crime record
KIRAN STACEY NEW DELHI
FINANCIAL TIMES
ARTS
T H E AT R E
Imogen
Shakespeares Globe, London
aaaee
DANCE
Ian Shuttleworth
aaaaa
Laura Cappelle
Ironically, the greatest successes of
the Benjamin Millepied era at the
Paris Opera Ballet have come after
his resignation. The mixed bill that
opened the season, programmed by
Millepied but now shepherded by his
successor, Aurlie Dupont, was the companys best in some time, capped by a
sweepingly convincing creation from
Crystal Pite.
With 154 dancers, depth is one of the
POBs great strengths, and Pite has harnessed this asset as few others have. For
The Seasons Canon a third of the company morphed into an alien-like army
clad in baggy trousers, their throats and
torsos painted blue. Together they rippled, swayed and beat their chests like a
single organism; groups swept into line
briefly, then rushed forward to split into
new formations.
Pite was inspired by natural phenomena, and she has found a potent musical
vehicle for her preoccupations in Max
Richters Recomposed version of
Vivaldis Four Seasons. Strikingly, MarieAgns Gillot entered with a retinue of
women linked at the elbows, who prolonged her spiderlike lines and carried
her like insects following their queen.
Elsewhere, men launched into airborne
turns at full force, their feats combining
to create a hurricane of movement.
The sculptural tableaux and mass
effects are far from todays pas de deuxcentric work and practically a throwback to Maurice Bjart. Their musicality and grounded articulation demonstrate Pites craft. The POB responded to
the work with wholehearted commitment, and one hopes Pite will be back to
build on this first collaboration.
Two revivals from last season preceded The Seasons Canon: Justin Pecks
short study In Creases, which seems to
have lost energy, and William Forsythes
latest creation, Blake Works I. Forsythe
was among the first to deconstruct
the classical technique, and here he
proves he is still a master at it. The cast
Striking:
Marie-Agns
Gillot with Paris
Opera Ballet
dancers in The
Seasons Canon
Julien Benhamou
CLASSICAL MUSIC
Mariinsky Orchestra
Cadogan Hall, London
aaaae
Richard Fairman
When Valery Gergiev became chief conductor of the Mariinsky Opera, a new
force of nature was born in the musical
world. Their international tours, such as
those to the Edinburgh Festival in the
cadoganhall.com
aaaae
Martin Bernheimer
The mighty Met hasnt had much luck
with Tristan und Isolde in recent times. In
the so-called good old days, Wagners
Gesamtkunstwerk enjoyed the vocal
splendours of Lauritz Melchior, Kirsten
Flagstad, Helen Traubel and Astrid Varnay, not to mention such lesser lights
(term used advisedly) as Set Svanholm
and Ramn Vinay. Theatrical values,
however, were prosperously primitive.
So were the cuts.
The last Met Tristan, dating back to
1999, was staged by Dieter Dorn. Surviving till 2008, it fluctuated between neat
abstraction and silly obfuscation. Now,
as of Monday, we have yet another
problematic version of the beloved lovetragedy, this one directed by Mariusz
Treliski and designed by Boris
Kudlika. It is shared, not incidentally,
with Baden-Baden, the Polish National
Opera and Beijing.
Treliski has set the period piece in a
modern symbol-land dominated by a
seemingly irrelevant, eminently fussy
radar circle-scope that spins on the
quasi-industrial cyclorama ad nauseam.
The hyper-clever sets, which place the
Billie Marten
Writing of Blues
and Yellows
Chess Club/RCA
aaaae
Devendra Banhart
Ape in Pink Marble
Nonesuch
aaaee
FINANCIAL TIMES
Crucial referendum
Although world leaders from Pope
Francis to Ban Ki-moon, the UN secretary-general, enthusiastically support
the accord, the majority of Colombians
must first approve it in a referendum on
Sunday that has sparked a vitriolic campaign between the Yes and No camps.
On a recent afternoon in Santa Marta,
a sweltering Caribbean port, a No campaign lorry drew smatterings of
applause. It carried a giant billboard
that showed the bearded Mr Londoo,
better known by his nom de guerre of
Timochenko, brandishing an AK-47,
and the slogan: Vote Yes if you want
Timochenko for President.
1964
1982
1990
1991-92
1993
1998-2002
2003-06
2007
2016 Farc supporters celebrate at their peace convention earlier this month
2008-2011
2012
Generational change
2016 President Juan Manuel Santos, left, and Farc leader Rodrigo Londoo at the signing of the deal on Monday
2016
Every peace agreement is a compromise. The success or failure of Colombias will reflect the very personal feelings of millions of people who have lived
through the conflict. Peace is an opportunity, not an event, says Sergio Jaramillo, the high commissioner for peace.
That is particularly so for the young,
who have the most at stake. This is for
my generation, and generations to
come, says Mara Fernanda Guarn, a
23-year-old law student at a Bogot
peace rally, where her fellow marchers
chanted Obviously, Yes in favour of
the deal.
Her call is echoed 600 miles away in
the jungle by Roco Bohrquez, who
joined the Farc as a teenager after paramilitaries killed her parents. The most
important thing now is to have peace,
forgiveness and to leave the rifles
behind, says the 30-year old, who says
she wants to study dentistry. Nobody
likes war and this war has just been
terrible for everybody.
FINANCIAL TIMES
Letters
Look for leaders among the cultural marginals
Americas dystopian
presidential debate
The realities depicted by Trump and Clinton are far from the truth
Anyone watching the first presidential
debate would be forgiven for thinking
the US was on the brink of collapse. The
Republican candidate, Donald Trump,
insisted the US was a third-world country suffering an almost biblical flight of
jobs to China and beyond. Violence was
out of control and parts of the country
were now in open warfare.
Hillary Clintons language may have
been rather less melodramatic. But she
shared Mr Trumps premise about the
threat posed to the US by an open global economy. She declined the chance
to re-embrace the Trans-Pacific Partnership that she once labelled a gold
standard of trade deals. She also failed
to spell out what kind of America the
world should expect if she were to succeed Barack Obama. Their message to
Americans was: Be afraid. Be very
afraid. The rest of the world should
take note.
The big puzzle is the gap between the
relatively healthy reality of the American economy, particularly compared
with Europe and Japan, and the dystopia gripping its politics. Contrary to Mr
Trumps depiction of a jobless America, the US unemployment rate is just
4.9 per cent, which is less than half that
of parts of Europe.
Even in rust belt states such as Michigan and Ohio, joblessness has fallen far
and reasonably fast since the Great
Recession of 2008. Moreover, immigrants, illegal or otherwise, are not taking all the jobs or suppressing workers wages. The rate of illegal entries
into the US mostly from Mexico has
gone into reverse. After a drought lasting more than a decade, US median
incomes last year finally began to grow
again. It is one thing to scapegoat trade
and foreigners in the midst of a depression. It is quite another to do so when
recovery is finally bearing some fruit.
That said, there is method in Americas frustration, even if the blame for it
A Stalinist posture on
Syria is not inevitable
there are things we can do
Sir, With reference to Gideon
Rachmans column We are all
Stalinists on Syria (September 27):
there are a number of things that can
be done without taking a Stalinist
posture.
First, make sure that injured and
sick children are evacuated to receive
care. Maybe if the paediatric wards of
the rich United Nations Security
Council countries were full of injured
and sick resulting from their poor
foreign policy decisions, people would
wake up.
Second, demand that neighbouring
Gulf states open their borders to
refugees. The number of refugees from
Syria in Gulf countries as listed in the
UN High Commissioner for Refugees
database is laughably small. These are
countries building essential
infrastructure such as the largest
amusement parks in the world or
skiing resorts in the desert. Why is this
never mentioned? Are people afraid of
losing billions of dollars in arms sale
deals?
Finally, make sure humanitarian
laws are respected and strengthened,
and that the mainstream media hold
the powers that be responsible. They
could start by asking who bombed the
al-Quds hospital in Aleppo, the water
wells in Yemen and the UN convoy in
Syria. Why do the media fall silent
after a couple of days? Where are
news organisation investigations?
Or is a cop-out easier?
Dr Tom Adamkiewicz
Atlanta, GA, US
Computer code
neglect costs
companies dear
Notebook
by Lisa Pollack
Iheanacho is prolific
but he is not the best
Sir, I used to say to my boss: Give me
the raw data, tell me what you want the
data to say, and I will find a way to
make the numbers do that.
In The Baseline (September 26),
John Burn-Murdoch presents a case
that ranks Manchester Citys Kelechi
Iheanacho way above Ronaldo,
Uniteds Marcus Rashford, and even
Lionel Messi. However, the ranking is
based solely on the individuals goals
scored and assists. Undoubtedly a
players performance reflects not only
his own contribution, but it is patently
also very dependent on the
performance of those around you. So a
better measure of a players rank
should reflect his contribution in assist
and goals, but pro rata to his teams
aggregate achievement in goals scored.
Bearing in mind that City have
scored 89 Premiership goals since the
start of last season, whereas United
have scored only 61, then while
Iheanachos performance remains
prolific, it is not as Mr Burn-Murdoch
contends by far the best, in particular
standing out much less prominently
than Rashfords, and perhaps others.
Dick Sands
London W5, UK
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7979 7790
Include daytime telephone number and full address
Corrections: corrections@ft.com
FINANCIAL TIMES
Comment
A hard Brexit is far from inevitable
OPINION
Peter
Mandelson
If trust
crumbles, the
west is lost
ECONOMICS
Martin
Wolf
Tony
Barber
EMPLOYMENT
Sarah
OConnor
tony.barber@ft.com
sarah.oconnor@ft.com
martin.wolf@ft.com
Frances ancestors north African Muslims who fought with French forces at
the 1944 battle of Monte Cassino. He
was certainly deploying racial themes to
woo voters inclined to support Marine
Le Pen of the far-right National Front,
but his bigger argument was that immigrants should adopt French civic and
patriotic values.
Battling to recapture
the presidency, he has
made a blatant bid for
the anti-immigrant vote
These values used to be evoked in
our ancestors the Gauls, a slogan
which the Third Republic, the regime
that governed France from the 1870s to
1940 and developed the first mass education system, drilled into schoolchildren in the name of national unity.
But the celebration of Frances Gallic
origins has deeper roots and a wider
10
FINANCIAL TIMES
Share prices
1010
13
19
LO
16
1
17
21
22
20
19
22
21
24
23
1 0 3 0 22
HIG
26
31
24
6
25
26
27
48
25
25
25
27
Forecasts by
CROSSWORD
No. 15,357 Set by IO
JOTTER PAD
250
200
UK sales (% of total)
Mid to no-sugar drinks
(as % of portfolio)
0 20 40 60
80 100
AG Barr
150
Nichols
100
LO
1010
300
Close Brothers:
banking on the cycle
990
1000
Nichols
Britvic
AG Barr
China growth:
build or spend
1000
Exposure
Rebased
50
2011
12
13
14
15
Britvic
16
Dual-class shares:
no veto
A hostile takeover bid for Twitter is a
remote possibility. If the social
networking site is sold in the next few
weeks, it is likely to be a friendly deal.
However, at least a direct appeal to
shareholders from an acquirer is
theoretically possible. Twitter has a
single class of shares. At many other
tech companies from Alphabet to
Zynga multi-class share structures
entrench the founders. So far this year,
nine out of 76 US initial public offerings
Todays temperatures
Abu Dhabi
Amsterdam
Ankara
Athens
8
10
Bahrain
Barcelona
1020
Beijing
Belfast
Belgrade
Berlin
13
Brussels
Budapest
Cairo
Cardiff
Chicago
Cologne
22
Copenhagen
HIGH
Delhi
Dubai
19
Dublin
Edinburgh
Frankfurt
25
Geneva
31
Hamburg
40
Helsinki
24
29
Hong Kong
1020
Istanbul
Lisbon
London
Los Angeles
Wind speed Luxembourg
in KPH Madrid
ACROSS
5, 9, 10 That day you put
in down below a pointer
to eventual success
(3,5,2,3,3,2,3,6)
11 Its rumoured to be the way in
which sailors approach to land
(4)
12 Social groups distribution
of z-scores hospital medics
found boring (10)
14 Little things written about
Queen singer-songwriter (5)
16 Get over upset (5)
20 See 8
21 Literary giant has worried
women (4)
22 See 8
24 Ignore symptom reported by
Spooner, the reason for 19 (8)
26 Ill take leave of mon ami to
represent the weeks 19 (6,7)
DOWN
1 Concoct watered-down drink
we hear (5,2)
2 Extremely cruel (6)
3 Bosses in store took eons to
mark items for restoration (4)
4 Glazed cottons (compilers
first clue, written with much
enthusiasm) (8)
6 Playing a game, touch up ass
(3)
7 To begin cutting a set from
timesheets, miss out (6)
Sun
Fair
Sun
Sun
Sun
Sun
Sun
Rain
Sun
Fair
Fair
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36
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20
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33
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30
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26
Malta
Manila
Miami
Milan
Montreal
Moscow
Mumbai
Munich
Naples
New York
Nice
Nicosia
Oslo
Paris
Prague
Reykjavik
Riga
Rio
Rome
San Francisco
Singapore
Stockholm
Strasbourg
Sydney
Tokyo
Toronto
Vancouver
Vienna
Warsaw
Washington
Zagreb
Zurich
Thunder
Thunder
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Sun
Fair
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Fair
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Rain
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KAL/Hanjin:
abandon ships
StanChart
faces US probe
over Indonesia
bribery claims
11
Mitsui
Chemicals
Li & Fung
Pearson
Euro / dollar
Brent crude
Nikkei 225
US 10-year
Treasury
Xetra Dax
7.3%
501
4.1%
HK$4.04
3.31%
750p
0.3%
$1.1224
3.4%
$45.75
0.8%
16,683
3bp
1.56%
0.3%
10,361
Katie
Martin
The Czech koruna could be just weeks away from relinquishing its title as the worlds most boring currency.
This title is no accident. In late 2013, the countrys central bank took drastic action, setting an upper limit on the
currency as a way to deflect deflationary pressures. With
benchmark interest rates at the time a whisker above zero
per cent, and with no desire to take rates into negative territory, this was really the central banks only option.
Its line in the sand is 27. The central bank will not allow
the euro to trade below that point against the koruna
and it hasnt. The exchange rate has flatlined, edging very
slightly closer to the limit of late. The koruna has almost
always been a slow-and-steady currency, but this really
has taken the tedium to a new level.
The central bank has succeeded in this largely because
of its clear and credible message. Simply warning off the
speculators has worked wonders. It has put its money
where its mouth is too, though, with reserves doubling to
about 70bn since late 2013.
However, the trauma of the Swiss decision to scrap its
currency floor in 2015 has left traders wondering when the
Czechs will fold, although any broader impact would
clearly pale in comparison with the Swiss stink bomb.
That time may be approaching. The Czech central bank
has committed itself to keeping the floor at least until 2017,
but thats not too far away. It gave a presentation on the
matter this month, noting that it was likely to keep the
limit until the middle of next year, and outlining its plans
for an orderly removal of the policy. It will, we are warned,
be clean and one-off but transparent, and will leave
the central bank free to intervene here and there to
smooth out any shocks.
HSBC has already dubbed the policy shift Czexit (sigh)
and warned that, in theory, it could happen as soon as January particularly as inflation has been showing signs of
life. The forwards market does not exactly smell blood, but
it does suggest that traders are preparing for a break.
The central bank has a rates decision coming up tomorrow. You neednt set your alarm for that one. But it would
be unwise to take your eye off this arcane pocket of the currency markets indefinitely.
The playwright and the showgirl: Marilyn Monroe and Arthur Miller in 1956 Gamma-Keystone/Getty
Czech koruna
ANNA NICOLAOU NEW YORK
world war is still in its original 35mm format and has not
been made public before. The
AP plans to release these films
over time.
The archive includes more
than 6,000 stories covering the
rise of fascism and the second
world war at a time before
television had become a household fixture and when cinema
was a source for hard news. It
also includes coverage of the
Korean and Vietnam wars.
DHR International...................................12
DJI.....................................................................13
DeliveryHero..............................................12
Dentsu............................................................12
Deutsche Bank.............................20,21,22
Deutsche Brse.......................................20
Dick Clark Productions...........................1
Dongbei Special.........................................5
EMarketer.....................................................12
Eldridge Industries....................................1
Eli Lilly...........................................................21
Engie...............................................................12
Facebook.................................................12,13
Financial Times.........................................12
Flipkart..........................................................14
Fushun Special Steel...............................5
GlaxoSmithKline.......................................12
Glencore.................................................20,21
GoPro..............................................................13
Google............................................................12
Groupon........................................................10
HSBC...............................................................12
Hanjin Shipping.......................................10
Hewlett Packard Enterprise...............8
Independence Group...........................20
Intl Securities Exchange...................20
JD.com...........................................................14
JPMorgan.....................................................12
Johnston Press.........................................21
JustEat...........................................................12
Korean Air...................................................10
Legendary Pictures..................................1
Lily Ventures..............................................13
Lufthansa.....................................................22
Maxpower.....................................................11
Micro Focus..................................................8
Mitie.................................................................21
Monte dei Paschi....................................10
Nasdaq ........................................................20
New York Stock Exchange...............20
Nichols...........................................................10
NordLB..........................................................22
One Savings Bank..................................10
PDVSA...........................................................22
Short
View
WhatsApp.....................................................13
Whitbread.....................................................12
Williams & Glyn........................................14
Wisco.................................................................5
YPF...................................................................11
Yelp.................................................................10
Zynga.............................................................10
Sectors
Airlines...........................................................10
Banks.......................................10,11,12,14,22
Financial Services..........................5,12,20
Food & Beverage..............................10,12
Industrials................................................5,10
Media................................................1,10,11,12
Oil & Gas.......................................................21
Pharmaceuticals.......................................21
Property....................................................5,10
Retail & Consumer.................................14
Shipping........................................................10
Technology......................................10,12,13
Telecoms.......................................................13
People
Balaresque, Antoine...............................13
Bonnesen, Birgitte..................................12
Brittain, Alison...........................................12
Concannon, Chris...................................20
Dpfner, Mathias.....................................12
Dorsey, Jack...............................................10
Groen, Jitse.................................................12
Karpinski, Greg..........................................11
Kocher, Isabelle.........................................12
McEwan, Ross...........................................14
Mestrallet, Grard...................................12
Palaniappan, Jambu...............................12
Schmidt, Eric..............................................12
Tilly, Ed........................................................20
Walmsley, Emma......................................12
Wang, Frank................................................13
Wang, Jianlin.................................................1
Witty, Sir Andrew....................................12
Woodman, Nick.........................................13
Yang, Hua......................................................5
Week 39
2013
14
15
katie.martin@ft.com
16
12
FINANCIAL TIMES
COMPANIES
INSIDE BUSINESS
Banks
5,500
Financial services
companies that use
London as a
gateway to the EU
40%
Savings that can be
made by moving
London roles to
cities such as
Warsaw or Dublin
London. Back and middle office functions such as administration and settlement can still be carried out in London,
but Mr Rambosson said those back and
middle office jobs were also moving out
of the City as a result of the referendum.
For some, Brexit is that handy excuse
for getting on with the unpleasant task
of moving jobs outside London, he said.
Companies can make savings of up to
40 per cent . . . by moving these roles
outside of London to cities such as Warsaw, Lisbon or Dublin, and Brexit has
prompted plenty of organisations to
bring existing plans forward.
On a more positive note for the City,
DHR found that financial services
bosses had largely ignored get-out
clauses allowing them to rescind job
offers if the UK voted to quit the EU.
Mathias Dpfner
is leading Axel
Springer
towards a digital
future, but is
concerned at the
power of Silicon
Valley Goliaths
such as Google
Bloomberg/FT graphic
Forecast industry change in net ad revenues compared to prior year, by country, 2016 (%)
Online
Print
Germany
UK
France
Netherland
Ireland
Italy
US
Brazil
-10
-5
10
15
20
25
MEDIA
Kana
Inagaki
Advertising scandal
puts Dentsu agencys
credibility on the line
Corporate governance
Technology
sation to be headed by a woman. However, the rise comes as female representation on FTSE 100 boards has stalled at
26 per cent for more than a year, despite
a new target of having women occupy a
third of boards seats at the 350 largest
UK listed companies by 2020.
In the US, research published in June
by campaign group Catalyst found that
fewer than one-fifth of board seats at the
countrys largest public companies were
held by women in 2015, a percentage
unchanged from the year before.
S&P found that there were no female
chief executives in four sectors of the
S&P Euro 350, and none in two sectors of
the S&P 500.
13
FINANCIAL TIMES
COMPANIES
Technological
arms race fuels
dash for drone
supremacy
DJI stepping up pressure in effort to
keep rival GoPro out of the picture
TIM BRADSHAW SAN FRANCISCO
$34m
$1.4bn
Total value of
drone orders
placed with
Lily Ventures
High hopes
Software push
GoPro unveils its iTunes
in push to stand out
Drone market
Facebook will be banned from collecting and storing the data of 35m users of
its WhatsApp messaging service in Germany, after officials judged the company had breached data protection
laws by sharing customer information.
The data protection commissioner for
the city of Hamburg, Johannes Caspar,
also ordered Facebook to delete all data,
including phone numbers, already forwarded on by WhatsApp. Facebook said
it would appeal against both orders.
In a statement, the office of the commissioner noted that after Facebook
acquired WhatsApp for $19bn two years
ago, both parties had made public assurances that they would not share data.
35 mph
14,500 ft
35.5 oz
Up to 20 minutes
$799 ($999 with GoPro camera)
Folds into a backpack; includes
removable handheld video stabiliser
Specialist
14.0
140
120
0.2
Military
100
80
Toy
0.7
2.3 Consumer
Commercial
60
Video
1.4
40
20
0.4
0.02
0
0 0
Civil government
0.4
Top speed
Maximum flight altitude
Weight
Flight time
Cost
Features
Technology
GoPros Karma
2012
13
14
15
16
14
FINANCIAL TIMES
COMPANIES
Travel & leisure
the Caesars parent company over terminated bond guarantees from proceeding. Judgments in those cases could have
cost more than $10bn.
Caesars, Apollo and TPG had believed
that since nearly all creditors outside
the second lien group had agreed to a
consensual restructuring, the company
stood a good chance of another delay in
litigation, buying months to bring the
final dissident group on board.
However, the judge criticised the
terms of that deal. He questioned why
Animal friendly: sharks, whales and several protected species live in the region Jeff Rotman/Alamy
Banks
Walmart closes in on
stake in Indias Flipkart
EMMA DUNKLEY
Royal Bank of Scotlands chief executive has warned that it could fail to sell
its Williams & Glyn unit before the end
of this year, leaving the state-backed
lender in uncharted territory.
Ross McEwan, chief executive of the
bank, which is 73 per cent owned by the
government, said RBS was having to
think about the what ifs in the event
that RBS does not sell Williams & Glyn
by the end of 2016.
Mr McEwan said: We are in
uncharted territory if we dont actually
sell the assets this year.
RBS said at the end of 2015 that it
would begin the formal process of seeking a buyer for Williams & Glyn with a
view to striking a binding agreement to
sell the business by year-end 2016.
His comments, made at a conference
hosted by Bank of America Merrill
Lynch yesterday, come a week after the
Financial Times revealed Santander
had dropped out of talks to buy Williams & Glyn following a price disagreement. One banker familiar with the
talks said at the time that Santander
could still come back to the table if the
price was right.
RBS must offload Williams & Glyn as a
condition of European Commission
rules for receiving a 45bn bailout during the financial crisis.
RBS has argued that divesting Williams & Glyn has been a tough and
highly complicated process, as the new
bank has 2m retail and business customers, with a 300-strong branch network that must be extrapolated from its
own systems.
RBS is in Treasury talks about ways it
could meet the commissions criteria. A
person close to the plans said that
Clydesdale and Yorkshire Banking
Group, a challenger bank, was eyeing
the Williams & Glyn branches.
Mr McEwan yesterday confirmed the
We are in uncharted
territory if we dont sell
the assets this year
Ross McEwan
liams & Glyn as a standalone bank to list
on the stock exchange, which RBS
dropped in August.
Mr McEwan said the decision was
based on the lower-for-longer interest
rate environment after the Brexit vote,
which would render the cost of running
Williams & Glyn as a separate bank
untenable.
Offloading Williams & Glyn is a key
issue for shareholders, as RBS management has said in the past that the return
of excess capita is dependent on selling
off the challenger bank.
FINANCIAL TIMES
15
16
FINANCIAL TIMES
MARKET DATA
WORLD MARKETS AT A GLANCE
FT.COM/MARKETSDATA
Nasdaq Composite
0.40%
0.56%
FTSE 100
-0.15%
0.49%
Nikkei
0.06%
Hang Seng
0.84%
1.09%
$ per
$ per
-0.621%
0.36%
0.154%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE
Index
Aug 28 - Sep 27
S&P 500
All World
New York
2,169.04
Month -0.66%
Nasdaq Composite
Year NaN%
Day -0.19%
New York
IPC
5,286.89
5,218.92
Day 0.56%
Month 1.30%
Year 12.81%
18,184.30
Day 0.49%
Month -1.15%
Country
Index
Year 11.46%
Month -0.31%
Year 9.09%
Day 0.46%
Month 0.22%
Year 11.88%
Bovespa
57,914.71
Day -0.24%
Month 0.42%
Year 29.28%
Latest
Previous
Year 11.31%
Year -2.57%
CAC 40
4,398.68
Day -0.21%
Month -0.97%
Country
Index
Year -1.83%
Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France
close
price
88.26
112.77
89.95
811.54
128.41
15.22
44.99
97.24
57.60
78.87
Day's
change
0.41
-0.11
-0.01
12.38
1.10
0.13
0.11
2.68
0.70
-1.76
BIGGEST MOVERS
Close
price
Day's
change
Day's
chng%
48.37
64.31
14.39
112.75
38.05
1.90
2.42
0.51
3.66
1.18
4.09
3.91
3.67
3.36
3.20
Ups
Virgin Money Holdings (uk)
Carnival
Pearson
Softcat
Tui Ag
6.11
13.04
10.01
69.44
25.50
-0.51
-0.67
-0.51
-3.24
-1.15
-7.70
-4.89
-4.80
-4.46
-4.32
Downs
Aldermore
Aa
Hunting
Tullow Oil
Ip
Downs
Chesapeake Energy
Southwestern Energy
Freeport-mcmoran
Eqt
Murphy Oil
Based on the constituents of the S&P500 and the Nasdaq 100 index
-0.085%
-0.806%
Gold $
-1.80%
-1.01%
Month -0.31%
Year NaN%
Ibex 35
Day -0.27%
Month 0.33%
Year -8.73%
FTSE MIB
All World
Month 1.98%
Seoul
2,032.35
Year -6.69%
Hang Seng
All World
2,062.82
16,683.93
Day 0.84%
Index
Aug 28 - Sep 27
Kospi
Tokyo
16,555.95
Madrid
8,688.20
Index
Aug 28 - Sep 27
Nikkei 225
Day 0.77%
Hong Kong
Month 1.24%
Year 6.17%
23,571.90
Singapore
2,860.23
2,857.65
22,909.54
Day 1.09%
Milan
Month 2.89%
Year 11.26%
Shanghai Composite
Day 0.36%
Shanghai
Month 0.09%
Year 0.97%
BSE Sensex
Mumbai
3,070.03
16,655.22
Day -0.36%
Country
16,134.71
Year -24.39%
Month -4.21%
Index
Philippines
Poland
Portugal
Latest
Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index
Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland
Previous
7557.34
47159.72
4520.61
2437.99
6917.93
1978.46
973.49
5956.59
2860.23
319.26
742.21
50899.66
30764.74
44397.13
2062.82
259.57
8688.20
6483.29
1345.44
480.68
8175.42
Day 0.60%
Country
7632.46
47448.10
4566.88
2457.53
6955.06
1997.94
986.83
5913.00
2849.94
324.96
744.56
51479.80
31374.06
44963.91
2047.11
257.48
8711.40
6478.94
1359.14
485.01
8165.05
Taiwan
Thailand
Turkey
UAE
UK
USA
Venezuela
Vietnam
Month -2.35%
Year -3.05%
Index
Latest
Weighted Pr
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
S&P 500
Wilshire 5000
IBC
VNI
Day -0.25%
Previous
9194.52
1489.39
76725.73
4492.22
2968.00
6807.67
6056.17
3706.83
4359.62
6410.20
18184.30
7955.14
689.76
4851.26
5286.89
10643.13
2154.78
21224.32
12661.68
684.89
28,223.70
27,835.91
2,998.17
Country
9284.62
1490.14
79756.44
4497.21
2972.60
6818.04
6066.76
3714.32
4375.48
6388.53
18094.83
7914.69
692.43
4817.17
5257.49
10624.88
2146.10
21238.05
12503.98
677.04
Month 1.59%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)
Cross-Border
Year 9.13%
Latest
Previous
245.84
2966.96
872.68
5429.09
275.82
1339.11
2628.56
1352.58
1759.85
3142.40
1557.89
487.89
3752.42
4080.31
416.20
1714.85
1386.37
2409.30
1366.57
1375.57
1907.26
2826.23
244.83
2975.88
873.52
5408.43
274.84
1338.26
2625.74
1346.05
1769.18
3178.20
1571.35
486.16
3746.46
4088.47
420.02
1729.70
1406.82
2419.79
1369.09
1374.83
1902.57
2825.06
LONDON
ACTIVE STOCKS
stock
traded m's
Procter & Gamble (the)
24.2
Apple
12.3
Hospira
11.8
Amazon.com
11.2
Facebook
9.7
Bank Of America
5.6
Wells Fargo &
5.5
Netflix
5.0
Microsoft
4.8
Gilead Sciences
4.3
Ups
Carnival
Tripadvisor
Navient
Expedia
Southwest Airlines
10,361.48
Day -0.31%
Frankfurt
10,544.44
Paris
4,424.25
All World
8,616.40
1,339.11
Day 0.06%
Index
Aug 28 - Sep 27
Xetra Dax
Europe
17840.88
29793.53
16192.48
4408.51
16544.56
1092.68
1335.84
2136.75
3174.15
5410.23
734.97
541.86
1575.18
1669.50
47252.54
9985.84
447.87
683.74
7264.87
28166.42
665.18
40294.38
16356.44
5519.10
5431.40
3012.90
2381.42
3551.45
6074.46
58053.53
851.45
14619.46
670.38
20351.04
8102.10
9504.90
3119.87
348.09
2980.42
2056.92
1178.40
1351.60
1948.92
Index
Month -0.56%
Country
6,818.04
Day -0.15%
So Paulo
57,716.25
London
6,816.90
Mexico City
47,468.59
All World
Previous
Merval
All Ordinaries
S&P/ASX 200
S&P/ASX 200 Res
ATX
BEL 20
BEL Mid
Bovespa
S&P/TSX 60
S&P/TSX Comp
S&P/TSX Met & Min
IGPA Gen
FTSE A200
FTSE B35
Shanghai A
Shanghai B
Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX
Previous
14,592.18
per
ASIA
Index
Aug 28 - Sep 27
FTSE 100
Latest
Argentina
Australia
Latest
Toronto
47,599.12
New York
18,395.40
All World
14,639.88
2,154.78
Day 0.40%
Index
Aug 28 - Sep 27
S&P/TSX COMP
per $
stock
traded m's
Sabmiller
623.8
Hsbc Holdings
170.2
Royal Dutch Shell
147.7
Reckitt Benckiser
133.7
Barclays
124.2
Rolls-royce Holdings
121.9
British American Tobacco
114.7
Lloyds Banking
108.7
Astrazeneca
108.4
National Grid
108.2
close
price
4465.00
577.10
1800.50
7210.00
165.95
711.00
4898.00
54.64
5058.00
1093.50
Day's
change
1.52
5.13
-35.63
46.78
-2.36
-0.91
13.25
0.24
9.43
10.49
BIGGEST MOVERS
Close
price
Day's
change
Day's
chng%
314.70
3726.00
750.00
328.40
1086.00
16.12
167.11
22.03
7.80
24.38
5.40
4.70
3.03
2.43
2.28
166.90
285.00
414.00
216.30
166.70
-7.80
-11.78
-17.06
-7.42
-5.70
-4.46
-3.97
-3.96
-3.31
-3.31
EURO MARKETS
ACTIVE STOCKS
TOKYO
ACTIVE STOCKS
stock
traded m's
Nestle N
357.1
Deutsche Bank Ag Na O.n.
311.2
Volkswagen Ag Vzo O.n.
301.6
Novartis N
254.0
Total
250.2
Ab Inbev
247.2
Roche Gs
246.7
Allianz Se Na O.n.
246.2
Cs N
241.0
Intesa Sanpaolo
217.2
close
price
69.90
10.55
116.20
71.65
40.77
117.35
222.39
132.30
11.76
1.97
Day's
change
0.00
0.00
0.00
0.00
-0.96
1.20
0.00
0.00
0.00
0.00
stock
close
traded m's
price
Mitsubishi Ufj Fin,.
630.1
526.20
Toyota Motor
610.1 6014.00
Sumitomo Mitsui Fin,.
547.2 3553.00
Mizuho Fin,.
464.2
178.20
Softbank .
331.9 6666.00
Thb Dai-ichi Life Insurance ,
231.5 1408.00
Nippon Telegraph And Telephone
213.9 4800.00
Kddi
212.9 3219.00
Sony
208.7 3378.00
Fast Retailing Co.,
202.9 32400.00
Day's
change
-7.40
97.00
-25.00
-2.00
43.00
-14.50
57.00
65.00
-3.00
-310.00
BIGGEST MOVERS
Day's
change
Day's
chng%
BIGGEST MOVERS
Ups
Deutsche Wohnen Ag
Rwe Ag
Pandora A/s
Delhaize Sa
Sampo A
Close
price
28.23
8.83
130.53
94.30
38.49
1.12
0.24
3.02
1.88
0.74
4.15
2.81
2.37
2.03
1.96
Downs
Grifols Sa
Bayerische Motoren Werke Ag
Industrivarden Ab
Svenska Handelsbanken Ab
Vonovia Se
14.99
64.40
16.14
11.40
29.34
-14.40
-4.15
-0.82
-0.50
-0.93
-48.99
-6.05
-4.81
-4.18
-3.08
Ups
Mitsui Chemicals,.
Toshiba
Sumitomo Metal Mining Co.,
Dainippon Sumitomo Pharma Co.,
Tosoh
Close
price
Day's
change
Day's
chng%
501.00
328.80
1384.00
1960.00
643.00
34.00
18.10
73.50
92.00
26.00
7.28
5.83
5.61
4.93
4.21
Downs
Concordia Fin Ltd
Sumitomo Mitsui Trust Holdings,.
Resona Holdings, .
Thb Chiba Bank,
Fukuoka Fin,.
469.70
344.60
449.30
595.00
440.00
-14.90
-10.20
-12.70
-16.00
-9.00
-3.07
-2.87
-2.75
-2.62
-2.00
FTSE 100
Winners
Anglo American
Fresnillo
Glencore
Carnival
Bhp Billiton
Rio Tinto
Coca-cola Hbc Ag
Hammerson
Randgold Resources Ld
Sainsbury (j)
Bp
Tui Ag
Sep 27
price(p)
%Chg
week
%Chg
ytd
916.80
1776.00
208.25
3726.00
1077.50
2460.00
1739.00
589.00
7760.00
250.80
428.20
1086.00
9.2
6.6
5.8
5.1
4.6
4.2
3.3
3.1
2.8
2.4
1.8
1.8
Losers
Itv
Polymetal Int
Royal Bank Of Scotland
Whitbread
Pearson
Travis Perkins
Intercontinental Hotels
Hikma Pharmaceuticals
Associated British Foods
Easyjet
Bae Systems
Direct Line Insurance
183.70
961.00
174.60
3863.00
750.00
1500.00
3135.00
2064.00
2599.00
1009.00
520.00
368.60
-6.7
-6.4
-5.9
-5.4
-5.3
-4.9
-4.9
-4.3
-4.2
-4.1
-3.8
-3.6
Sep 27
price(p)
%Chg
week
%Chg
ytd
212.9
151.4
130.4
-3.7
42.1
24.2
20.1
-2.0
87.1
-3.3
21.9
-9.6
FTSE 250
Winners
Jrp
Hochschild Mining
Vedanta Resources
Evraz
Virgin Money Holdings (uk)
Big Yellow
Kier
Centamin
Investec
Kaz Minerals
Rpc
Barr (a.g.)
130.10
284.20
556.00
157.10
314.70
782.00
1326.00
147.90
469.40
208.00
939.00
518.00
10.1
9.3
9.2
6.0
5.3
4.8
4.4
3.6
3.2
3.2
2.9
2.6
-21.5
487.6
102.0
114.4
-17.3
-3.0
-4.7
130.1
-1.1
103.4
12.2
-2.4
FTSE SmallCap
Winners
Lamprell
Kenmare Resources
Lonmin
Hogg Robinson
Petra Diamonds
Macau Property Opportunities Fund
Mj Gleeson
Wanton
Jimmy Choo
Baillie Gifford Shin Nippon
Motorpoint
Stobart Ld
-33.6
65.8
-42.7
-12.5
1.6
-24.1
-2.2
-10.2
-22.2
-42.6
4.8
-9.7
Losers
Ip
Countrywide
Smurfit Kappa
Cmc Markets
Indivior
Aa
Mitie
Brewin Dolphin Holdings
Thomas Cook
Fidessa
Daejan Holdings
Ladbrokes
166.70
216.10
1729.00
208.80
309.10
285.00
180.40
263.00
69.80
2360.00
5540.00
140.40
-9.9 -18.7
-8.0 -47.6
-7.9 7229.4
-7.6
-7.0
65.1
-6.9
-9.2
-6.6 -42.0
-6.4 -15.1
-6.3 -42.4
-6.3
17.5
-6.0 -12.6
-5.8
17.3
Losers
Ecofin Global Utilities And Infrastructure Trust
Sepura
Hansard Global
The Gym
Nanoco
Dialight
Trinity Mirror
Lookers
Shanks
Soco Int
Braemar Shipping Services
Helical
Sep 27
price(p)
%Chg
week
%Chg
ytd
-31.4
241.9
144.2
4.7
39.7
-11.5
15.0
3.7
-9.6
23.5
51.2
Industry Sectors
Winners
Industrial Metals
Mining
Personal Goods
Beverages
Real Estate Investment Trusts
Tobacco
Gas Water & Multiutilities
Forestry & Paper
Construction & Materials
Oil Equipment & Services
Automobiles & Parts
Food & Drug Retailers
1547.23
12193.69
31555.17
17627.53
2926.13
56929.91
6653.84
17449.60
6206.72
14915.32
7439.73
2823.50
6.1
4.3
1.5
1.1
1.0
0.9
0.8
0.6
0.5
0.2
0.1
-0.4
114.7
65.6
22.2
14.3
-10.3
23.5
11.9
21.2
19.9
14.6
3.1
12.4
-91.0
1.8
-9.0
10.0
54.4
-44.0
-36.2
4.4
-10.7
-24.2
-38.4
Losers
Aerospace & Defense
Technology Hardware & Equip.
Industrial Engineering
Food Producers
General Retailers
Media
General Industrials
Industrial Transportation
Support Services
Travel & Leisure
Banks
Software & Computer Services
4422.17
2070.13
9540.23
7892.18
2524.43
7507.64
5158.60
3052.65
7103.91
8495.03
3548.98
2029.13
-3.4
-2.7
-2.5
-2.5
-2.4
-2.3
-2.1
-2.1
-2.0
-1.7
-1.7
-1.7
6.7
61.9
32.9
-10.9
-16.1
1.2
17.2
17.1
4.4
-6.3
-7.2
22.5
Sep 27
price(p)
%Chg
week
%Chg
ytd
68.25
313.50
202.00
74.50
123.25
135.50
607.50
205.00
127.75
579.00
205.25
161.75
18.7
11.1
9.9
9.6
8.2
6.9
6.4
6.2
6.0
5.9
5.0
4.9
116.50
17.25
114.50
192.50
63.25
695.00
93.00
119.00
100.75
131.50
338.00
293.50
-18.5
-12.8
-9.4
-8.3
-7.9
-7.0
-6.5
-6.3
-6.1
-6.0
-5.7
CURRENCIES
Sep 27
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India
Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee
DOLLAR
Closing
Mid
15.2675
1.3062
0.3771
6.9300
3.2446
1.3257
662.8850
6.6682
2940.5800
550.9700
24.1337
6.6548
8.8757
7.7548
274.6629
66.4700
Day's
Change
0.0450
-0.0030
0.0047
0.0089
0.9250
-0.0017
24.0400
-0.5300
0.1523
0.0405
-0.0016
-0.0006
2.6061
-0.1800
EURO
Closing
Mid
17.0950
1.4625
0.4222
7.7595
3.6330
1.4843
742.2293
7.4664
3292.5550
616.9186
27.0224
7.4513
9.9381
8.6830
307.5388
74.4262
POUND
Day's
Closing
Day's
Change
Mid
Change
-0.0570
19.8248
0.0766
-0.0126
1.6961
-0.0023
-0.0027
0.4896
0.0005
-0.0489
8.9986
0.0083
-0.0176
4.2131
0.0100
0.0006
1.7214
0.0131
-3.6327 860.7555
1.9928
-0.0489
8.6587
0.0058
6.3492 3818.3402
34.7036
-4.4828 715.4340
-0.0286
0.0014
31.3376
0.2264
-0.0014
8.6413
0.0604
-0.0644
11.5251
0.0085
-0.0554
10.0696
0.0084
0.9993 356.6495
3.7093
-0.6716
86.3112
-0.1540
Sep 27
Indonesia
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippines
Currency
Indonesian Rupiah
Israeli Shekel
Japanese Yen
Kenyan Shilling
Kuwaiti Dinar
Malaysian Ringgit
Mexican Peson
New Zealand Dollar
Nigerian Naira
Norwegian Krone
Pakistani Rupee
Peruvian Nuevo Sol
Philippine Peso
DOLLAR
Closing
Day's
Mid
Change
12955.0000
-75.0000
3.7517
0.0032
100.3300
-0.0850
100.3298
-0.0853
100.3296
-0.0858
100.3283
-0.0884
101.3000
0.0500
0.3014
0.0001
4.1245
-0.0045
19.5605
-0.2858
1.3714
-0.0047
314.7500
-0.5000
8.1551
0.0528
104.7250
-0.0600
3.3705
0.0122
48.1950
-0.0375
EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
14505.6616 -175.8667 16822.0746
-81.8099
4.2008
-0.0229
4.8716
0.0086
112.3390
-0.8033 130.2784
0.0097
112.3390
-0.8033 130.2783
0.0095
112.3391
-0.8033 130.2781
0.0092
112.3390
-0.8034 130.2783
0.0085
113.4251
-0.6581 131.5379
0.1860
0.3375
-0.0020
0.3914
0.0005
4.6182
-0.0342
5.3557
-0.0009
21.9018
-0.4599
25.3993
-0.3473
1.5355
-0.0150
1.7807
-0.0045
352.4241
-2.7831 408.7026
-0.2722
9.1312
0.0019
10.5893
0.0782
117.2601
-0.8062 135.9853
0.0474
3.7739
-0.0100
4.3765
0.0199
53.9637
-0.3821
62.5812
0.0090
Sep 27
Currency
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South African Rand
South Africa
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling
..One Month
DOLLAR
Closing
Day's
Mid
Change
3.8206
0.0096
3.9732
0.0229
64.0338
0.3963
3.7516
0.0012
1.3616
0.0020
13.5313
-0.1250
1096.6500
-11.3000
8.6288
0.1043
0.9723
0.0049
31.4370
34.5830
-0.0375
2.2046
0.0095
2.9813
0.0027
3.6730
0.0001
0.7701
-0.0007
0.7702
-0.0007
EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
4.2779
-0.0161
4.9610
0.0170
4.4487
-0.0023
5.1591
0.0344
71.6983
-0.0051
83.1478
0.5906
4.2006
-0.0251
4.8714
0.0060
1.5245
-0.0073
1.7680
0.0042
15.1509
-0.2363
17.5703
-0.1460
1227.9141 -20.4663 1423.9990
-13.3479
9.6617
0.0567
11.2046
0.1456
1.0886
-0.0013
1.2625
0.0075
35.1999
-0.2217
40.8209
0.0376
38.7224
-0.2861
44.9060
-0.0073
2.4685
-0.0048
2.8627
0.0150
3.3381
-0.0179
3.8711
0.0071
4.1126
-0.0258
4.7694
0.0045
0.8623
-0.0062
0.8622
-0.0062
-
Sep 27
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year
Currency
DOLLAR
Closing
Mid
0.7703
0.7712
9.9900
22310.0000
0.8931
0.8929
0.8927
0.8912
Day's
Change
-0.0007
-0.0007
0.0100
-1.5000
0.0056
0.0056
0.0056
0.0056
EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.8621
-0.0062
0.8615
-0.0062
1.1197
-0.0071
1.2985
0.0012
1.1195
-0.1776
1.2986
0.0012
1.1192
-0.1776
1.2987
0.0012
1.1178
-0.1776
1.2996
0.0012
11.1858
-0.0592
12.9720
0.0249
24980.4528 -159.0084 28969.5530
24.7363
1.1597
0.0083
1.1596
0.0083
1.1595
0.0083
1.1589
0.0083
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
www.ft.com/equities
Strlg Day's
Euro
Strlg
Strlg
Year
Div
P/E
Sep 27 chge%
Index
Sep 26
Sep 23
ago yield% Cover
ratio
FTSE 100 (100)
6807.67 -0.15 6155.65 6818.04 6909.43 5958.86 3.69 0.76 35.55
FTSE 250 (250)
17628.71 -0.53 15940.29 17722.80 17923.08 16614.16 2.74 1.88 19.35
FTSE 250 ex Inv Co (207)
18929.35 -0.58 17116.36 19039.75 19266.12 18114.83 2.81 2.00 17.84
FTSE 350 (350)
3761.55 -0.22 3401.28 3769.66 3818.87 3334.98 3.53 0.91 31.21
FTSE 350 ex Investment Trusts (307) 3733.74 -0.21 3376.13 3741.76 3791.09 3313.17 3.56 0.90 31.07
FTSE 350 Higher Yield (126)
3521.40 -0.34 3184.13 3533.45 3575.22 3016.76 4.87 0.50 41.13
FTSE 350 Lower Yield (224)
3633.88 -0.07 3285.84 3636.39 3689.07 3339.93 1.98 2.07 24.40
FTSE SmallCap (279)
4969.78
0.18 4493.79 4960.89 4988.57 4478.53 2.81 1.34 26.50
FTSE SmallCap ex Inv Co (145)
4398.85 -0.21 3977.54 4407.93 4422.13 4111.94 3.01 1.79 18.61
FTSE All-Share (629)
3706.83 -0.20 3351.80 3714.32 3761.85 3288.62 3.51 0.92 31.02
FTSE All-Share ex Inv Co (452)
3661.91 -0.21 3311.19 3669.78 3717.49 3252.98 3.55 0.92 30.69
FTSE All-Share ex Multinationals (567) 1125.94 -0.19
843.81 1128.03 1144.28 1153.24 3.16 1.41 22.49
FTSE Fledgling (101)
8393.07
0.02 7589.21 8391.20 8419.56 7721.32 2.72 -0.08 -479.25
FTSE Fledgling ex Inv Co (50)
11093.91
0.13 10031.37 11079.33 11145.28 10969.18 3.31 -1.18 -25.62
FTSE All-Small (380)
3447.57
0.17 3117.37 3441.69 3460.49 3110.15 2.80 1.27 28.04
FTSE All-Small ex Inv Co Index (195) 3282.63 -0.19 2968.23 3288.95 3299.91 3075.06 3.02 1.65 20.05
FTSE AIM All-Share Index (826)
815.25 -0.18
737.17
816.68
816.01
726.72 1.58 0.74 84.87
FTSE Sector Indices
Oil & Gas (16)
7285.13
Oil & Gas Producers (9)
6945.19
Oil Equipment Services & Distribution (7)15332.28
Basic Materials (28)
4271.19
12803.60
Chemicals (7)
Forestry & Paper (1)
19040.72
Industrial Metals & Mining (2)
1646.54
Mining (18)
11736.57
Industrials (115)
4791.18
Construction & Materials (15)
6325.29
Aerospace & Defense (9)
4583.00
General Industrials (5)
4201.21
Electronic & Electrical Equipment (10) 6195.95
Industrial Engineering (12)
10333.22
Industrial Transportation (8)
4669.86
Support Services (56)
6966.74
20758.08
Consumer Goods (39)
Automobiles & Parts (1)
7477.85
Beverages (6)
17652.12
Food Producers (8)
8001.36
Household Goods & Home Construction (15)13687.68
Leisure Goods (1)
5337.59
Personal Goods (6)
27472.66
Tobacco (2)
56930.00
10701.28
Health Care (19)
Health Care Equipment & Services (8) 7766.70
Pharmaceuticals & Biotechnology (11)14533.08
Consumer Services (93)
4712.71
Food & Drug Retailers (7)
2945.98
General Retailers (30)
2483.70
Media (21)
7597.94
Travel & Leisure (35)
8281.96
Telecommunications (6)
3653.11
Fixed Line Telecommunications (4) 4491.18
Mobile Telecommunications (2)
4940.32
Utilities (7)
9237.92
Electricity (2)
8967.48
Gas Water & Multiutilities (5)
8793.72
Financials (289)
4357.10
Banks (11)
3504.26
Nonlife Insurance (10)
3158.06
Life Insurance/Assurance (10)
7051.13
Index- Real Estate Investment & Services (20) 2449.82
Real Estate Investment Trusts (28) 2667.96
General Financial (33)
7838.99
Equity Investment Instruments (177) 8451.49
Non Financials (340)
4463.99
Technology (17)
2013.61
Software & Computer Services (12) 2239.08
Technology Hardware & Equipment (5) 2383.80
-1.75
-1.74
-2.12
-0.95
-0.01
0.12
-0.81
-1.12
-0.54
-0.57
-0.09
-1.18
-0.47
-1.06
-0.39
-0.54
0.34
-1.49
0.32
-0.54
0.50
-0.47
0.89
0.24
-0.08
0.01
-0.09
0.39
0.62
-0.65
0.51
0.72
0.01
-0.72
0.43
0.81
0.58
0.86
-0.05
0.48
-0.47
-0.95
-0.03
0.43
-0.95
0.10
-0.25
-0.63
-0.51
-1.67
6587.38
6280.00
13863.80
3862.11
11577.31
17217.06
1488.84
10612.48
4332.30
5719.47
4144.06
3798.83
5602.52
9343.54
4222.60
6299.49
18769.93
6761.64
15961.45
7235.01
12376.72
4826.38
24841.42
51477.42
9676.34
7022.83
13141.15
4261.34
2663.82
2245.82
6870.24
7488.74
3303.22
4061.03
4467.15
8353.14
8108.60
7951.49
3939.79
3168.63
2855.59
6375.79
2215.19
2412.43
7088.20
7642.03
4036.45
1820.75
2024.63
2155.49
7414.78
7067.88
15664.89
4311.94
12804.29
19017.21
1659.99
11869.96
4817.26
6361.61
4586.90
4251.34
6225.25
10444.15
4688.08
7004.88
20687.59
7590.65
17596.12
8044.69
13619.99
5362.61
27229.88
56791.86
10710.28
7765.90
14546.61
4694.22
2927.78
2500.06
7559.06
8222.82
3652.77
4523.94
4919.40
9164.03
8915.88
8718.65
4359.34
3487.48
3173.02
7118.98
2450.48
2656.51
7914.13
8443.13
4475.13
2026.42
2250.51
2424.29
7513.32
7162.78
15809.11
4355.16
12935.45
19381.57
1653.81
11984.03
4886.78
6470.47
4644.23
4302.06
6242.32
10583.56
4768.60
7115.02
20867.88
7595.35
17680.53
8115.43
13830.76
5462.69
27423.46
57305.80
10858.57
7896.93
14743.85
4787.16
2993.27
2553.24
7694.53
8386.80
3686.21
4613.02
4935.03
9181.34
8953.97
8730.13
4422.01
3543.80
3197.70
7291.11
2472.41
2674.50
8009.42
8510.21
4530.19
2043.10
2267.41
2458.94
5771.64
5452.73
15516.02
2920.35
10624.43
15984.80
742.21
7737.99
4184.51
4957.70
4313.21
3374.47
5089.56
7454.59
3973.36
6326.14
17192.68
6037.27
14177.50
8441.49
13322.35
5482.70
20791.93
43656.57
8800.95
6931.13
11859.10
4716.46
2704.76
2975.53
7106.79
8154.98
3665.74
4827.38
4759.35
8069.46
8249.30
7584.70
4384.85
3713.08
2652.72
7129.78
3137.73
3008.05
7597.73
7267.22
3797.27
1303.50
1625.21
1473.37
6.38
6.45
4.37
1.88
2.33
2.83
0.00
1.79
2.42
2.11
2.57
2.88
2.02
2.57
3.88
2.27
2.69
2.75
2.23
2.07
2.37
3.20
2.64
3.32
3.17
1.42
3.34
2.61
1.49
3.04
2.87
2.53
4.69
3.79
5.19
4.38
5.45
4.13
3.93
4.83
2.83
4.25
2.72
3.62
3.37
2.47
3.37
1.98
1.89
2.73
-0.62
-0.65
0.36
2.41
2.05
3.44
0.00
2.42
1.05
0.28
-0.50
1.11
1.80
1.31
1.02
1.71
1.78
1.29
1.54
1.81
2.52
1.50
3.24
1.17
0.40
2.04
0.34
2.00
2.47
2.22
1.82
1.96
-0.23
1.74
-1.04
1.73
1.49
1.80
1.37
0.82
2.16
1.37
3.67
3.96
1.90
0.97
0.75
1.06
1.41
-1.00
X/D
adj
203.08
367.02
403.72
106.59
106.76
133.82
63.40
103.43
98.24
104.06
104.26
27.71
147.71
203.03
71.17
72.76
8.11
Total
Return
5508.37
12538.21
13733.14
6123.59
3130.49
5944.53
3917.53
6968.35
6483.78
6102.84
3120.67
1967.25
15416.84
19829.80
6205.70
6129.52
887.13
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
6859.11 6828.67 6813.17 6803.02 6809.70 6794.96 6782.05 6798.70 6785.53 6860.37 6769.58
FTSE 250
17769.13 17593.74 17577.19 17565.99 17607.59 17584.86 17578.67 17606.87 17596.18 17772.68 17543.79
FTSE SmallCap
4962.70 4958.89 4958.54 4955.06 4958.50 4961.12 4960.03 4958.72 4954.78 4969.78 4953.73
FTSE All-Share
3733.94 3714.57 3707.21 3702.30 3706.72 3699.56 3693.65 3701.83 3695.64 3734.38 3687.48
Time of FTSE 100 Day's high:07:03:15 Day's Low13:30:45 FTSE 100 2010/11 High: 6941.19(15/08/2016) Low: 5536.97(11/02/2016)
Time of FTSE All-Share Day's high:07:04:00 Day's Low13:18:00 FTSE 100 2010/11 High: 3773.93(15/08/2016) Low: 3046.53(11/02/2016)
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
Issue
price
441p
343p
Amount
paid
up
Nil
Nil
Latest
renun.
date
25-10-16
26-10-16
FT 30 INDEX
Low
706.00
571.50
Stock
Informa PLC
Menzies (John) PLC
closing
Price p
711.50
585.00
+or0.00
0.50
2.83
2.41
1.89
0.34
-0.28
-0.93
-2.59
-3.23
-3.29
-5.21
-6.00
-7.81
-8.18
-9.00
-9.46
-13.19
-14.67
-19.84
No of
US $
stocks indices
7745 471.72
7079 462.39
1418 414.00
1667 638.02
4660 674.74
3085 274.84
2548 486.16
7420 488.07
5815 431.87
6458 480.74
7101 489.06
2103 440.92
5696 464.32
891 406.37
220 318.74
313 501.31
704 710.19
286 458.38
399 693.10
1464 709.70
685 307.61
1418 226.81
173 333.65
321 521.39
793 563.59
494 140.01
543 592.86
420 813.92
1448 527.73
963 470.24
2049 649.37
527 612.35
455 827.67
1067 679.19
112 309.92
232 777.81
242 698.68
325 313.15
1930 529.14
1424 371.22
644 349.30
3026 5670.86
992 9373.51
3085 334.24
533 275.83
Day
%
-0.9
0.3
-0.9
-0.8
-0.7
-0.9
-0.9
-0.9
-0.9
-0.9
-0.8
-0.9
-0.8
-0.9
-1.1
-1.0
-0.7
-0.9
-0.6
-0.7
-0.9
-0.9
-0.6
-0.5
-0.3
-0.5
-0.9
-0.9
-0.8
-0.9
-1.3
-1.3
-1.3
-1.0
-1.4
-1.4
-0.7
-1.2
-0.8
-1.1
-1.2
-1.0
-0.9
-0.8
-0.9
Mth
%
-0.5
7.3
-0.5
-0.7
0.0
-0.5
-0.6
-0.4
0.0
-0.9
-0.4
-0.6
-0.5
-0.6
-1.1
-1.6
-0.8
-1.0
-1.4
-0.4
-1.1
0.1
3.3
5.1
5.0
3.6
0.5
-0.6
0.3
0.4
0.1
0.1
-0.7
0.6
0.3
-3.0
-1.0
-2.2
-0.9
-1.1
-0.8
-0.7
-1.3
-0.4
-1.2
YTD
%
4.6
-0.3
3.9
6.0
7.6
4.2
4.0
5.3
3.5
4.7
5.4
3.3
3.8
2.9
-3.4
-2.2
-2.9
5.0
8.2
10.6
5.6
0.1
1.8
6.1
7.1
2.7
9.6
9.0
5.7
9.5
13.7
13.7
16.6
10.3
16.0
29.9
12.9
-4.8
5.6
-2.7
-2.6
4.5
6.0
5.9
-1.2
Total
retn
658.45
624.68
591.99
847.41
868.94
404.99
961.65
671.31
642.88
677.44
669.95
620.08
645.54
579.75
519.27
736.45
1012.13
613.66
866.86
862.99
421.76
362.47
422.53
636.61
711.56
199.15
911.13
1202.47
768.01
767.85
950.76
902.66
1202.63
957.28
470.29
1169.83
1065.47
510.32
688.60
585.01
556.31
7319.59
12068.43
457.29
412.29
UK COMPANY RESULTS
High
715.00
586.00
14.71
14.60
14.43
14.02
13.73
12.81
12.35
11.95
11.24
10.69
10.42
9.31
9.22
7.80
7.64
7.07
6.67
4.80
Company
365 Agile Group
Avingtrans
Baron Oil
Barr (A G)
Braime (T F & J H) (Holdings)
Card Factory
Cellcast
Circassia Pharmaceuticals
Close Brothers Group
Eden Research
Malvern International
Netcall
NetScientific
Next Fifteen Communications Group
FTSE 100
Closing Day's
Price Change FTSE 100
3I Group PLC
Admiral Group PLC
Anglo American PLC
Antofagasta PLC
Ashtead Group PLC
Associated British Foods PLC
Astrazeneca PLC
Aviva PLC
Babcock International Group PLC
Bae Systems PLC
Barclays PLC
Barratt Developments PLC
Bhp Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
Bt Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola Hbc AG
Compass Group PLC
Crh PLC
Dcc PLC
Diageo PLC
Direct Line Insurance Group PLC
Dixons Carphone PLC
Easyjet PLC
Experian PLC
Fresnillo PLC
Gkn PLC
Glaxosmithkline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
Hikma Pharmaceuticals PLC
HSBC Holdings PLC
Imperial Brands PLC
Informa PLC
Intercontinental Hotels Group PLC
International Consolidated Airlines Group S.A.
Intertek Group PLC
Intu Properties PLC
Itv PLC
Johnson Matthey PLC
Kingfisher PLC
Land Securities Group PLC
Legal & General Group PLC
Lloyds Banking Group PLC
637.00
2062
916.80
501.00
1219
2599
5058
435.00
1079
520.00
165.95
484.20
1077.5
428.20
4898
627.00
387.00
2283
1403
951.50
3726
223.60
1739
1478
2535
6850
2215
368.60
356.60
1009
1544
1776
318.20
1637.5
208.25
589.00
1258
2064
577.10
3980
711.50
3135
394.80
3481
292.10
183.70
3227
367.60
1053
216.20
54.64
-2.50
-21.00
-14.00
-6.00
18.00
-26.00
-41.00
-3.10
-3.00
0.50
-2.15
7.30
-16.00
-3.80
13.00
1.50
-2.75
-4.00
-6.00
-19.00
171.00
-1.80
-1.00
7.00
-19.00
25.00
4.00
-3.20
-4.10
-7.00
-6.00
-14.00
-4.80
4.00
-1.50
3.50
-4.00
-12.00
7.90
7.50
37.00
0.30
-6.00
3.30
0.30
1.00
-0.40
7.00
-2.40
0.39
Closing Day's
Price Change
2800
309.90
936.00
469.40
2128
1620
218.60
1093.5
4748
196.30
8675
750.00
1784
961.00
2879
1360.5
7760
7210
1443
2460
711.00
174.60
1882.5
1800.5
503.00
547.00
4465
728.50
250.80
2657
2486
5143
847.50
1240
1387
1539
951.00
610.10
337.60
150.50
177.75
1500
1086
3640.5
995.50
221.05
3863
4244
296.60
1787
-44.00
-3.70
5.50
6.30
-6.00
2.00
2.20
14.50
22.00
-1.30
-5.00
24.00
20.00
-7.00
-4.00
-15.50
-140.00
27.00
-7.00
-23.50
-1.00
-2.90
-42.50
-38.50
-3.50
5.50
26.00
-3.50
2.10
-20.00
23.00
23.00
13.00
2.00
-16.00
11.00
-2.00
-15.60
-4.70
1.30
1.30
-18.00
16.00
41.00
9.50
0.85
9.00
-56.00
2.90
10.00
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com
Turnover
0.947
2.012
22.557
21.177
1.015
130.3
125.6
13.487
13.619
161.4
169.2
5.791
5.664
0.6
11.1
647.6
669.1
0.16
0.109
2.348
2.067
17.151
16.627
0.055
0.359
61.759
80.471
Pre-tax
0.076
3.23L
1.323L
0.245
0.963L
0.183L
16.9
21.1
0.406
0.464
24
27
0.256
0.078
26L
107.6L
219.9
228.5
0.719L
0.86L
0.569L
0.46L
2.351
1.737
4.387L
6.133L
4.23
4.162
Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata
EPS(p)
17.33L
112.3
0.01L
14.33
22.52
6.3
0.1
36L
125.7
0.44L
0.72L
1.37
10.8L
3.7
5.47
6.4
0.07L
11.57
19.61
5.61
0.4
11L
125.4
0.4L
0.86L
1.94
12.9L
4.3
Div(p)
2.1
3.53
2.9
2.8
38
2.05
1.5
2
3.36
2.9
2.5
35.5
1
1.2
Pay day
Sep 12
Oct 21
Oct 21
Nov 25
Nov 22
Jan 11
Nov 25
Total
3.2
13.446
9.066
8.767
57
3
4.484
3
12.37
9.1
9.3
53.5
1
2.107
Issue
date
09/21
08/24
Issue
price(p)
160.00
100.00
Sector
Stock
code
AIM
LOOP
Stock
Hollywood Bowl Group PLC
LoopUp Group PLC
Close
price(p)
169.50
122.50
+/1.50
-3.65
High
178.83
127.00
Low
167.00
104.00
Mkt
Cap (m)
25425.0
4996.1
17
FINANCIAL TIMES
MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ
BHPBilltn
CmwBkAu
CSL
NatAusBk
Telstra
Wesfarmers
Westpc
Woolworths
Belgium ()
AnBshInBv
KBC Grp
Brazil (R$)
Ambev
Bradesco
Cielo
ItauHldFin
Petrobras
Vale
Canada (C$)
BCE
BkMontrl
BkNvaS
Brookfield
CanadPcR
CanImp
CanNatRs
CanNatRy
Enbridge
GtWesLif
ImpOil
Manulife
Potash
RylBkC
Suncor En
ThmReut
TntoDom
TrnCan
ValeantPh
China (HK$)
AgricBkCh
Bk China
BkofComm
BOE Tech
Ch Coms Cons
Ch Evrbrght
Ch Rail Cons
Ch Rail Gp
ChConstBk
China Vanke
ChinaCitic
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChMinsheng
ChMrchSecs RMB
Chna Utd Coms RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK
CNNC Intl RMB
CSR
Daqin RMB
Gree Elec Apl
GuosenSec RMB
HaitongSecs
Hngzh HikVDT RMB
Hunng Pwr
IM Baotou Stl RMB
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
Midea
New Ch Life Ins
PetroChina
PingAnIns
PngAnBnk RMB
Pwr Cons Corp RMB
SaicMtr RMB
ShenwanHong
ShgPdgBk RMB
Sinopec Corp
Sinopec Oil RMB
Denmark (kr)
DanskeBk
MollerMrsk
NovoB
52 Week
High
Low
Yld
P/E MCap m
27.45
21.50
72.70
108.10
27.98
5.11
43.97
29.96
22.52
-0.15
-0.05
-0.70
2.00
-0.06
-0.08
0.24
-0.39
-0.33
29.17
25.77
85.85
121.25
32.76
5.86
44.59
33.74
28.03
21.86
14.06
69.22
87.68
23.82
4.92
36.65
27.57
20.30
8.55 13.60
6.56 -14.12
7.80 14.53
1.80 31.67
9.18 13.13
8.19 17.56
5.44 23.99
8.07 13.59
7.38-316.44
117.35
51.48
1.20
-0.98
124.20
58.97
92.73
39.35
19.64
28.67
31.99
31.23
14.30
17.27
0.02
0.13
-0.01
0.17
-0.40
-0.17
20.46
32.00
37.78
32.39
16.45
22.19
15.99
16.27
23.36
21.49
5.67
8.60
2.15
3.64
1.45
2.32
1.77
60.78
85.96
70.23
46.46
196.13
101.00
38.49
84.69
57.03
32.36
39.57
18.24
21.15
81.03
34.25
54.41
58.08
62.40
34.25
0.09
0.47
-0.20
0.45
2.55
0.45
-0.59
0.46
-0.09
0.01
-0.31
0.01
0.10
0.14
-0.43
0.30
0.26
0.06
-
63.41
87.92
71.26
46.53
204.40
104.97
42.35
85.61
59.19
37.10
46.27
22.65
29.29
83.00
40.35
57.66
59.10
63.41
275.72
52.38
68.65
51.17
37.11
140.02
82.19
21.27
66.62
40.03
30.83
37.25
15.32
19.93
64.52
27.32
47.56
48.52
40.58
24.32
3.41
3.60
6.11
1.83
8.27
3.73
8.76
5.68
5.86
20.10
5.25
20.80
19.80
95.10
29.45
8.91
16.94
4.13
15.22
6.19
6.15
9.44
6.63
7.14
6.23
0.19
16.21
13.46
24.10
4.91
2.77
4.97
16.01
291.17
1.74
34.40
5.00
41.35
9.06
6.05
21.39
0.21
16.48
5.48
3.86
0.08
0.07
0.10
-0.07
0.05
-0.03
0.02
0.07
0.38
0.01
0.30
0.30
-0.10
0.20
0.02
0.12
0.02
0.08
0.05
0.02
0.06
0.02
-0.02
0.03
0.00
0.16
0.08
0.10
0.03
0.02
0.12
0.10
2.44
0.60
0.02
0.35
0.02
0.18
0.01
0.10
0.01
3.48
3.88
6.33
2.65
11.06
4.00
12.64
7.81
6.14
24.10
5.42
31.15
21.95
99.30
34.25
8.96
24.95
7.27
15.66
12.21
7.44
11.36
11.68
10.72
10.01
0.30
23.41
15.50
32.06
9.89
4.55
5.19
17.63
326.80
2.07
37.50
6.60
46.70
11.15
9.99
24.36
0.23
18.29
5.88
11.58
188.00 -1.80
9540 -115.00
289.00 -7.20
209.50
11490
402.90
161.80
7355
288.30
Stock
95140.77
24536.42
22321.94
29328.43
32801.28
17124.1
4.35 19.40
3.62 13.78
4.02 12.50
1.39 27.97
0.78 20.21
4.59 9.86
2.37 -99.54
1.61 18.86
3.46 41.08
4.12 12.06
1.43 114.03
3.86 14.60
8.46 20.28
3.93 11.86
3.36 -17.71
3.19 25.61
3.36 14.10
3.45 -31.16
-9.05
39874.99
41814.93
63829.17
34600.1
21845.43
30087.7
31982.74
49351.5
40191.14
24236.45
25300.42
27146.75
13396.04
90787.49
43004.68
30588.92
81295.36
37650.06
8862.66
FT 500: TOP 20
Day
change change %
0.01
3.00
1.79
1.66
0.92
0.52
52.00
1.11
-0.05
-0.23
65.00
2.06
55.00
1.14
57.00
1.20
2.00
1.89
0.18
0.38
0.08
0.53
-1.50
-0.72
0.27
1.76
1650.00
4.18
0.00
0.00
14.00
0.65
1.90
4.09
0.38
1.93
0.11
0.12
0.00
0.00
Week
change change %
0.02
12.6
8.43
8.4
13.61
8.4
329.00
7.4
1.36
6.8
203.00
6.7
299.00
6.5
293.00
6.5
6.08
6.0
2.60
5.8
0.84
5.8
11.25
5.7
0.75
5.1
1950.00
5.0
750.00
4.9
99.00
4.8
2.18
4.7
0.90
4.7
4.15
4.5
0.74
4.4
Month
change %
24.10
6.80
6.87
8.20
2.97
2.94
8.26
2.53
-0.87
2.35
10.93
12.69
6.22
13.52
5.26
1.74
2.63
1.62
2.57
-2.15
Current
0.25-0.50
3.50
0.75
0.00
0.25
0.00-0.00
0.00-0.25
P/E MCap m
Stock
52 Week
High
Low
Yld
P/E MCap m
Japan ()
AstellasPh
1607.5 18.00
1804
1358 1.89 16.82 34508.83
Bridgestne
3693 17.00
4620
3089 3.60 11.59 29929.1
Canon
2946 23.00
3862
2780 4.84 16.97 39163.43
CntJpRwy
17600 250.00 22935 16305 0.67 10.52 36136.75
Denso
4107 -12.00
6047
3317 2.78 15.85 32505.13
EastJpRwy
9171 -22.00 12350
8388 1.35 15.36 35595.13
Fanuc
16915 15.00 22790 15300 2.75 24.97 34405.36
FastRetail
32400 -310.00 50700 25305 0.90 84.23 34254.82
Fuji Hvy Ind
3924 58.00
5223
3252 2.96 8.70 30083.18
Hitachi
477.60
6.90 754.60 400.00 2.39 10.62 23008.69
HondaMtr
2972 29.50
4142
2417 2.81 16.92 53658.59
JapanTob
4066 45.00
4850
3551 2.99 17.67 81052.52
KDDI
3219 65.00
3446
2519 1.63 20.21 84076.25
Keyence
73730 750.00 75820 50500 0.26 44681.81
MitsbCp
2164.5 14.00
2300
1565 2.19 -29.83 34304.02
MitsubEst
1864.5 26.50 2707.5
1724 0.82 31.12 25844.05
MitsubishiEle 1297.5 15.50 1409.5 947.00 1.98 13.03 27768.3
MitsuiFud
2131.5 18.50
3536 2031.5 1.25 19.05 21062.71
MitUFJFin
526.20 -7.40 841.80 425.80 2.76 11.35 74311.25
Mizuho Fin
178.20 -2.00 263.20 142.00 4.00 5.77 45089.64
Murata Mfg
13115 350.00 19820 10365 1.52 15.01 29446.15
NipponTT
4800 57.00
5419
4005 2.18 13.44 100295.96
Nissan Mt
1028
7.50 1321.5 893.10 3.88 8.89 44988.1
Nomura
458.50 -3.10 809.00 338.80 2.69 16.32 17468.81
Nppn Stl
2049 23.00
2608 1773.5 2.09 34.46 19408.04
NTTDCMo
2623
7.50
2946
1961 2.54 18.06 103491.08
Panasonic
1032
1.50
1466 799.00 1.42 16.32 25232.26
Seven & I
4756 52.00
5868
4051 1.31 32.22 42020.51
ShnEtsuCh
7140 98.00
7639
5160 1.46 20.46 30750.94
Softbank
6666 43.00
7012
4133 0.57 17.87 79772.78
Sony
3378 -3.00
3568
2199 0.48 35.65 42518.72
SumitomoF
3553 -25.00
5220 2766.5 4.01 6.73 50076.15
Takeda Ph
4896 55.00
6250
4098 3.49 26.12 38570.06
TokioMarine
4051 53.00
5030
3063 2.19 14.91 30586.38
Toyota
6014 97.00
7862
4917 3.32 8.93 200086.88
Mexico (Mex$)
AmerMvl
11.07 -0.12 15.12 10.40 2.42 24.99 25049.97
FEMSA UBD 180.29
0.19 183.05 28.35 1.34 39.27
WalMrtMex
43.27
0.22 47.44 39.26 1.33 27.00 38626.54
Netherlands ()
Altice
16.00 -0.40 22.44
9.98 - -15.00 15071.51
ASML Hld
97.29
0.47 100.50 70.54 0.66 38.62 47205.26
Heineken
78.79
0.90 86.95 68.94 1.28 27.93 50815.41
ING
10.83
0.02 13.88
8.30 2.84 9.18 47025.38
Unilever
41.22
0.62 43.11 34.23 2.87 24.72 79141.29
Norway (Kr)
DNB
102.70 -0.10 123.40 90.10 4.15 7.86 20512.15
Statoil
124.20 -2.30 150.20 97.25 5.48-190.34 49145.37
Telenor
133.60
0.20 173.40 116.80 5.31 145.50 24597.62
Qatar (QR)
QatarNtBk
157.00
1.90 169.80 122.50 2.01 12.77 36200.86
Russia (RUB)
Gzprm neft
134.07 -3.00 170.43 122.75 4.65 4.64 49566.18
Lukoil
3026.5 -33.50
3125 2040.1 4.55 10.91 40201.14
MmcNrlskNckl
9819 152.00 10067
7840 14.25 14.29 24265.52
Novatek
662.50 710.00 535.10 1.98 12.58 31413.96
Rosneft
339.95 -10.40 370.80 228.30 3.37 13.80 56264.88
Sberbank
147.71 -1.39 156.25 72.95 0.25 19.02 49795.69
Surgutneftegas
30.18 -1.22 41.16 29.12 3.07 16835.52
Saudi Arabia (SR)
AlRajhiBnk
54.50
0.50 62.75 44.70 2.48 12.85 23614.14
Natnlcombnk
34.50
0.90 56.00 33.10 4.36 7.73 18398.04
SaudiBasic
82.50
0.75 92.75 59.50 6.47 15.18 65992.95
SaudiTelec
57.25 69.75 54.25 6.78 13.98 30530.08
Singapore (S$)
DBS
15.30
0.10 18.25 13.01 3.85 9.16 28338.66
JardnMt US$
60.50 -0.28 63.71 45.00 2.33 11.24 43029.39
JardnStr US$
32.99
0.49 34.17 25.24 0.84 8.53 36546.02
OCBC
8.59
0.05
9.60
7.41 4.12 10.13 26387.72
SingTel
3.99
0.03
4.36
3.38 4.31 16.73 46722.33
UOB
18.80
0.03 20.78 16.80 3.66 9.86 22193.17
South Africa (R)
Firstrand
47.51 -0.20 52.49 34.08 3.40 15.48 19695.64
MTN Grp
119.77 -4.23 192.95 109.56 9.82 86.10 16322.34
Naspers N
2300 -23.56 2553.59 1654.06 0.17 87.71 74481.52
South Korea (KRW)
HyundMobis 288000 4000 293500 219000 1.12 17.21 25564.25
KoreaElePwr
58600 100.00 63700 47300 4.89 2.78 34303.65
SK Hynix
41150 1650 41150 25650 1.12 13.52 26491.57
SmsungEl
1569000 1000.00 1694000 1088000 1.24 - 202689.27
Spain ()
BBVA
5.30 -0.01
8.28
4.50 8.19 15.68 38435.2
BcoSantdr
3.86 -0.02
5.40
3.15 4.99 10.32 62386.17
CaixaBnk
2.19 -0.02
3.99
1.82 5.27 17.95 14519.16
Iberdrola
5.95 -0.02
6.71
4.80 0.49 16.44 42413.88
Inditex
32.98
0.17 35.38 26.60 1.22 38.96 115090.35
Repsol
11.56 -0.29 12.89
7.95 6.32 -10.53 18962.62
Telefonica
9.25 -0.09 12.57
7.45 7.77 -59.96 51506.74
Last
1.00
3.50
0.75
0.05
0.25
0.00
0.00-0.75
Mnth Ago
0.25-0.50
3.50
1.00
0.05
0.50
0.00-0.10
-1.25--0.25
Year Ago
0.00-0.25
3.50
0.75
0.05
0.50
0.00-0.10
0-0.25
Day
0.001
-0.002
-0.001
Change
Week
0.004
0.000
-0.001
Month
0.002
0.000
-0.001
0.000
0.000
-0.001
0.000
0.000
0.000
One
month
0.52444
-0.37414
0.26625
-0.81000
-0.07843
-0.37100
0.27000
0.46000
-0.42500
Three
month
0.85294
-0.32186
0.37594
-0.74640
-0.02021
-0.30300
0.39000
0.65000
-0.34500
Six
month
1.24444
-0.21200
0.52625
-0.64640
0.00886
-0.19900
0.54500
0.91000
-0.25500
One
year
1.55522
-0.07686
0.74919
-0.48380
0.10929
-0.06000
Short
7 Days
One
Three
Six
One
Sep 27
term
notice
month
month
month
year
Euro
-0.45 -0.35 -0.45 -0.35 -0.50 -0.35 -0.43 -0.28 -0.33 -0.18 -0.12 0.03
Sterling
0.18 0.28 0.22 0.32 0.34 0.44 0.47 0.62 0.65 0.80
Swiss Franc
Canadian Dollar
US Dollar
0.40 0.50 0.45 0.55 0.50 0.60 0.80 0.90 1.15 1.25 1.45 1.55
Japanese Yen
-0.40 -0.20 -0.40 -0.20 -0.70 -0.30 -0.40 -0.10 -0.20 0.10 -0.15 0.15
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.
COMMODITIES
Energy
Price*
Crude Oil
Oct
44.75
Brent Crude Oil
45.73
RBOB Gasoline
Sep
1.37
Heating Oil
Oct
1.45
Natural Gas
Oct
3.06
Ethanol
Uranium
Oct
24.40
Carbon Emissions
Diesel
Unleaded (95R)
Base Metals ( LME 3 Months)
Aluminium
1650.00
Aluminium Alloy
1570.00
Copper
4795.00
Lead
1961.00
Nickel
10605.00
Tin
19710.00
Zinc
2323.00
Precious Metals (PM London Fix)
Gold
1327.00
Silver (US cents)
1942.00
Platinum
1033.00
Palladium
691.00
Bulk Commodities
Iron Ore (Platts)
55.85
Iron Ore (The Steel Index)
56.20
GlobalCOAL RB Index
70.50
Baltic Dry Index
930.00
www.ft.com/commodities
Change
-0.82
-1.26
-0.02
0.04
0.05
0.00
-10.00
-15.00
-49.50
14.50
140.00
-15.00
36.00
-13.50
-2.00
-3.00
0.00
Oct
Oct
Oct
Price*
329.50
398.00
947.25
299.50
2283.00
2855.00
1997.00
152.10
604.60
23.06
69.84
204.80
106.55
130.85
53.03
Change
0.75
2.00
0.50
1.70
11.00
12.00
25.00
-0.75
6.00
-0.07
0.00
0.80
0.00
-1.55
0.00
Sep 26
349.03
83.86
183.51
231.14
13.15
5.83
0.36
3610.00
% Chg
Month
-3.79
-1.32
-1.89
-9.84
-1.12
0.00
-10.00
200.83
% Chg
Year
-3.51
-5.24
-6.49
-33.05
-2.09
-22.37
-29.41
58.96
Dec
Dec
Nov
Oct
Dec
Dec
Nov
Dec
Oct
Nov
Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.
Stock
52 Week
High
Low
Sweden (SKr)
AtlasCpcoB
229.50
0.10 233.20 162.60
Ericsson
58.10 -0.75 88.40 56.60
H&M
246.10
1.60 339.90 234.50
Investor
306.20 -3.00 331.70 256.80
Nordea Bk
83.35 -0.40 100.00 66.30
SEB
84.20 -0.25 95.20 67.75
SvnskaHn
115.10 -0.10 126.60 90.25
Swedbank
195.70 -2.00 201.40 150.80
Telia Co
38.20 -0.07 45.41 35.56
Volvo
96.20
0.20 100.20 72.20
Switzerland (SFr)
ABB
21.77 -0.10 22.20 15.94
CredSuisse
12.38 -0.42 25.31
9.76
Nestle
76.95
0.85 78.30 70.80
Novartis
78.10
0.10 92.25 67.00
Richemont
58.75 -0.40 86.75 55.85
Roche
243.50
1.40 281.40 229.90
Swiss Re
87.15 -0.85 99.75 82.30
Swisscom
467.10 -0.70 528.50 445.00
Syngent
425.60
0.30 433.30 288.50
UBS
12.93 -0.13 20.27 12.79
Zurich Fin
248.80 -3.10 272.90 194.70
Taiwan (NT$)
Chunghwa Telecom 112.00 125.50 97.30
Formosa PetChem
95.00 -0.40 100.50 72.50
HonHaiPrc
79.00
0.10 90.10 72.50
MediaTek
244.00
0.50 307.00 192.00
TaiwanSem
183.50
0.50 187.50 127.00
Thailand (THB)
PTT Explor
331.00 357.00 197.00
United Arab Emirates (Dhs)
Emirtestele
19.95 20.20 14.10
United Kingdom (p)
AscBrFd
2599 -26.00
3606
1910
AstraZen
5058 -41.00
5505
3680
Aviva
435.00 -3.10 522.50 290.00
Barclays
165.95 -2.15 259.50 121.10
BP
428.20 -3.80 464.40 249.44
BrAmTob
4898 13.00
5135
3505
BSkyB
847.50 13.00
1134 560.00
BT
387.00 -2.75 502.60 359.60
Compass
1478
7.00
1521
1008
Diageo
2215
4.00 2231.78
1708
GlaxoSmh
1637.5
4.00 1716.5 1227.5
Glencore
208.25 -1.50 213.40 66.67
HSBC
577.10
7.90 594.50 392.37
Imperial Brands
3980
7.50
4154
3323
LlydsBkg
54.64
0.39 78.02 47.10
Natl Grid
1093.5 14.50
1148 884.50
Prudential
1360.5 -15.50 1578.5 1045.99
RBS
174.60 -2.90 336.00 148.40
ReckittB
7210 27.00
7786
5788
RELX
1443 -7.00
1475 631.02
RioTinto
2460 -23.50
2621
1557
RollsRoyce
711.00 -1.00 875.50 497.00
RylDShlA
1800.5 -38.50 2127.4
1256
SABMill
4465 26.00 4590.8 3566.5
Shire
5143 23.00 5562.83 2707.19
StandCh
610.10 -15.60 791.80 373.40
Tesco
177.75
1.30 205.90 137.00
Vodafone
221.05
0.85 240.10 197.70
WPP
1787 10.00
1875
1204
United States of America ($)
21stC Fox A
24.10
0.31 31.40 22.66
3M
176.41
0.46 182.27 134.64
AbbottLb
41.89
0.21 46.38 36.00
Abbvie
64.35
0.28 68.12 45.45
Accenture
115.29
1.56 120.78 91.40
Adobe
109.05
1.79 109.14 71.27
AEP
66.02 -0.34 71.32 53.30
Aetna
114.96
0.03 123.57 92.42
Aflac
72.32
0.30 74.50 54.57
AirProd
149.00
0.65 157.84 114.64
Alexion
124.35 -0.16 193.45 110.56
Allegran
239.30
0.62 322.68 195.50
Allstate
68.85
0.46 70.38 56.03
Alphabet
811.48
8.83 819.06 617.84
Altria
63.23
0.20 70.15 53.68
Amazon
811.54 12.38 812.60 474.00
AmerAir
35.86
0.93 47.09 24.85
AmerExpr
64.20
0.78 77.85 50.27
AmerIntGrp
58.70
0.45 64.31 48.41
AmerTower
112.60 -0.09 118.26 83.07
Amgen
171.32 -2.21 176.85 130.09
Anadarko
57.78 -0.76 73.87 28.16
Anthem
125.08 149.87 115.63
Aon Cp
112.30
0.68 113.78 83.83
Apple
112.77 -0.11 123.82 89.47
ArcherDan
41.51 -0.39 47.03 29.86
Yld
P/E MCap m
2.65
6.30
3.65
3.23
6.82
4.98
3.87
5.41
3.88
3.00
25.95
14.08
23.59
-16.38
11.30
11.90
13.85
12.01
15.83
13.95
10378.58
20666.95
41659.24
16163.13
39120.35
21174.96
25381.81
25673.58
19169.33
18093.57
5.10
2.45
3.05
2.49
3.22
5.16
4.57
2.53
-
29.16 49591.11
-5.40 26611.39
31.11 246315.98
31.98 211033.85
19.68 31542.81
23.83 175956.82
7.12 32275.98
18.27 24887.31
35.07 40525.85
10.76 51205.6
28.28 38521.01
4.10
3.98
3.94
8.53
3.09
21.26 27637.3
16.56 28786.69
10.57 43546.43
17.39 12279.64
17.87 151357.45
Stock
52 Week
High
Low
AT&T
AutomData
Avago Tech
BakerHu
BankAm
Baxter
BB & T
BectonDick
BerkshHat
Biogen
BkNYMeln
BlackRock
Boeing
BrisMySq
CapOne
CardinalHlth
Carnival
Caterpillar
CBS
Celgene
CharlesSch
Charter Communications
ChevrnTx
Chubb
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil
Corning
Costco
CrownCstl
CSX
CVS
Danaher
Deere
Delphi
Delta
Devon Energy
DiscFinServ
Disney
DominRes
DowChem
DukeEner
DuPont
Eaton
eBay
Ecolab
Emerson
EOG Res
EquityResTP
Exelon
ExpScripts
ExxonMb
Facebook
Fedex
FordMtr
Franklin
GenDyn
GenElectric
GenMills
GenMotors
GileadSci
GoldmSchs
Halliburton
HCA Hold
Hew-Pack
HiltonWwde
HomeDep
Honywell
HumanaInc
IBM
IllinoisTool
Illumina
Intcntl Exch
Intel
Intuit
John&John
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft Heinz
Kroger
L Brands
LasVegasSd
LibertyGbl
41.52
0.38 43.89 31.85
88.73
0.54 96.00 76.65
169.56
2.87 179.42 111.53
47.90 -1.26 58.23 37.58
15.22
0.13 18.09 10.99
47.22
0.02 49.49 32.18
37.27
0.24 39.47 29.95
177.73
0.72 181.76 128.87
216700 540.00 226490 186900
311.82
2.00 333.65 223.02
39.52 -0.03 44.73 32.20
361.80
1.10 376.65 280.55
131.07
0.50 150.59 102.10
55.62
0.14 77.12 55.02
71.35
0.54 81.62 58.03
77.67
0.79 91.23 73.25
48.37
1.90 55.77 40.52
82.48
0.11 84.73 56.36
51.87
0.74 58.22 38.51
106.60
0.29 128.39 93.05
30.58
0.12 34.52 21.51
276.23
2.41 279.95 156.13
99.18
0.40 107.58 75.28
125.31
0.93 131.00 100.11
130.25 -0.09 148.99 121.87
31.46
0.39 31.95 22.46
46.20
0.31 56.46 34.52
105.96
0.69 110.35 81.87
42.43
0.38 47.13 39.33
54.35
0.20 69.80 51.22
73.54
0.43 75.38 61.40
66.23
0.42 68.36 52.34
39.33 -0.69 57.24 31.05
23.28
0.28 23.29 16.13
150.68 -0.51 169.73 138.57
95.72
0.11 102.82 75.71
29.73
0.02 30.53 21.33
90.48
0.56 106.67 86.50
77.27
0.67 82.64 61.58
83.08 -0.50 88.63 70.16
68.05 -0.71 88.89 55.59
38.89
0.85 52.77 32.60
38.06 -1.58 48.68 18.07
56.87
0.14 60.29 42.86
91.68 -0.28 120.65 86.25
76.23 -0.37 78.97 64.54
52.18
0.05 57.10 39.84
81.93 -0.23 87.75 65.50
66.70
0.18 75.72 47.11
63.15
0.25 68.20 46.19
31.91
0.24 32.81 21.52
119.62
0.69 124.60 98.62
51.55
0.12 56.82 41.25
88.28 -0.98 95.93 57.15
65.04
0.55 82.39 62.39
34.44 -0.39 37.70 25.09
70.59 -0.04 89.20 65.55
82.94 -0.12 95.55 71.55
128.41
1.10 131.98 85.72
176.26
0.92 176.60 119.71
12.00 -0.02 15.84 11.02
34.60
0.10 42.23 30.56
155.38
1.51 155.70 121.61
29.85
0.31 33.00 24.26
63.74 -0.16 72.95 53.53
31.76 -0.04 36.88 26.69
78.87 -1.76 111.11 76.67
162.54
1.06 199.90 138.20
40.72 -0.66 46.90 27.64
74.67 -0.24 83.69 60.07
15.29
0.27 15.30
8.91
23.00
0.05 26.27 16.16
126.58
1.13 139.00 109.62
115.92 -0.02 120.02 91.57
176.80
1.49 191.65 150.00
156.08
2.10 164.95 116.90
118.71
0.98 123.50 79.15
178.79
0.32 196.47 127.10
273.82 -0.23 287.02 223.49
36.94
0.29 38.05 27.68
109.93
0.95 116.97 85.61
118.67
0.89 126.07 89.90
44.19 -0.10 48.97 30.30
66.26
0.48 69.03 52.50
125.81
0.30 138.87 106.66
21.60 -0.18 32.89 11.20
88.95
0.42 90.54 68.18
29.95 -0.13 42.75 29.85
73.22 -0.12 101.11 60.00
56.72
0.26 58.65 34.88
33.33
0.08 47.40 26.16
Close
Prev
price
price
MTN Grp
119.77
124.00
Naspers N
2300.00
2323.56
Firstrand
47.51
47.71
CaixaBnk
2.19
2.21
Devon Energy
38.06
39.64
Deut Bank
10.55
10.55
FastRetail
32400.00 32710.00
Alexion
124.35
124.51
ITC
245.85
248.05
RBS
174.60
177.50
VertexPharm
87.26
88.29
BOC Hold
26.45
26.20
Cielo
32.00
32.00
Citic Ltd
11.20
11.24
ICICI Bk
260.00
262.55
AscBrFd
2599.00
2625.00
MollerMrsk
9655.00
9655.00
NovoB
296.20
296.20
Volvo
96.00
96.00
Gree Elec Apl
0.19
0.19
Based on the FT Global 500 companies in local currency
Day
Week
change change %
change change %
-4.23
-3.41 -12246.23
-99.0
-23.56
-1.01 -234746.00
-99.0
-0.20
-0.42
-4703.49
-99.0
-0.02
-0.81
-0.20
-8.4
-1.58
-3.99
-2.60
-6.4
0.00
0.00
-0.71
-6.3
-310.00
-0.95
-1960.00
-5.7
-0.16
-0.13
-7.38
-5.6
-2.20
-0.89
-13.00
-5.0
-2.90
-1.63
-9.10
-5.0
-1.03
-1.17
-4.43
-4.8
0.25
0.95
-1.20
-4.3
0.00
0.00
-1.43
-4.3
-0.04
-0.36
-0.50
-4.3
-2.55
-0.97
-11.60
-4.3
-26.00
-0.99
-114.00
-4.2
0.00
0.00
-415.00
-4.1
0.00
0.00
-12.60
-4.1
0.00
0.00
-4.00
-4.0
0.00
-0.52
-0.01
-4.0
Month
change %
-1.42
-3.46
1.67
-3.98
-14.04
-6.26
-8.20
-3.89
-3.13
-12.08
-9.96
1.73
-3.09
-10.83
5.99
-11.89
-3.88
-7.18
5.96
7.87
BOND INDICES
Since
16-12-2015
16-12-2008
16-12-2015
10-09-2014
05-03-2009
05-10-2010
15-01-2015
Yld
FT 500: BOTTOM 20
Close
Prev
price
price
ShenwanHong
0.21
0.20
Adobe
109.05
107.26
Fedex
176.26
175.34
Seven & I
4756.00
4704.00
BHPBilltn
21.50
21.55
KDDI
3219.00
3154.00
Takeda Ph
4896.00
4841.00
NipponTT
4800.00
4743.00
CSL
108.10
106.10
T-MobileUS
47.10
46.92
ChShenEgy
15.22
15.14
Glencore
208.25
209.75
Hew-Pack
15.29
15.02
SK Hynix
41150.00 39500.00
Bk Cent Asia
16000.00 16000.00
MitsbCp
2164.50
2150.50
Carnival
48.37
46.47
China Vanke
20.10
19.72
CrownCstl
95.72
95.61
Vale
17.44
17.44
Based on the FT Global 500 companies in local currency
Sep 27
US
US
US
Euro
UK
Japan
Switzerland
52 Week
High
Low
Finland ()
Nokia
5.01
0.03
7.11
4.48 3.08-138.38 32736.2
SampoA
39.90 -0.58 47.67 34.42 4.49 15.35 24964.86
France ()
Airbus Grpe
52.14 -0.35 68.50 48.07 2.40 14.47 45110.79
AirLiquide
94.28 -0.16 123.65 88.25 2.66 19.64 36483.72
AXA
18.64 -0.25 26.02 16.11 5.69 7.97 50597.2
BNP Parib
45.19 -0.24 58.17 35.27 4.93 8.76 63058.91
ChristianDior 158.90 -0.35 187.50 133.75 1.72 21.75 32332.81
Cred Agr
8.54 -0.09 11.93
6.79 6.77 6.96 26872.44
Danone
65.98
0.43 70.53 53.68 1.94 36.76 48455.67
EDF
10.38 -0.17 18.16
9.13 15.13 179.52 23398.89
Engie SA
13.54 -0.09 16.83 12.34 7.12 -7.24 36920.58
Esslr Intl
116.55
0.10 125.15 102.10 0.92 33.41 28461.71
Hermes Intl
362.15 -3.50 399.00 281.20 0.89 38.07 42808.15
LOreal
167.55
0.90 177.90 142.65 1.78 33.95 105291.2
LVMH
151.85
0.10 174.30 130.55 2.25 21.47 86328.23
Orange
13.76
0.24 16.98 12.38 3.73 21.47 40983.52
PernodRic
105.65 -0.15 110.25 88.00 1.46 34.24 31398.26
Renault
71.24
0.50 98.14 59.59 2.28 8.10 23588.91
Safran
63.10 -0.29 72.45 48.87 1.68 -72.38 29464.3
Sanofi
67.94
0.35 93.82 62.50 4.16 22.21 98060.15
Sant Gbn
37.99 -0.01 42.12 31.47 1.39 67.35 23605.95
Schneider
61.98 -0.31 63.59 45.32 2.65 29.48 41073.36
SFR Group
26.33 -0.47 46.23 19.51 - -37.88 12990.14
SocGen
30.63 -0.33 45.90 25.00 3.60 7.32 27694.89
Total
40.77 -0.96 47.40 35.21 5.40 30.26 114267.8
UnibailR
243.10
1.80 257.85 212.05 3.85 9.85 27033.9
Vinci
67.69 -0.01 69.80 55.70 2.62 18.26 45164.86
Vivendi
17.63 -0.08 22.73 14.87 15.65 16.52 25390.89
Germany ()
Allianz
130.20 -2.10 170.00 118.35 4.50 10.47 66623.45
BASF
72.36 -0.12 79.20 56.01 3.86 17.18 74416.21
Bayer
88.78 -0.42 127.25 83.45 2.71 17.32 82204.04
BMW
73.18 -0.55 104.85 63.38 3.64 8.06 49327.07
Continental
186.20 -0.30 231.90 162.05 1.94 13.24 41698.71
Daimler
61.50 -0.38 85.50 50.83 5.09 8.57 73670.37
Deut Bank
10.55 27.98 10.18 -1.86 16293.06
Deut Tlkm
14.93 -0.04 17.57 13.54 3.08 13.31 78184.01
DeutsPost
27.60
0.17 29.00 19.55 2.97 18.97 37478.44
E.ON
6.30 -0.06 10.24
6.24 7.65 -1.82 14106.25
Fresenius Med
78.23 -0.09 85.65 67.88 0.99 24.98 26831.2
Fresenius SE
70.89
0.11 73.55 52.39 0.75 27.45 43390.63
HenkelKgaA 103.45
0.35 104.70 76.12 1.35 23.13 30092.8
Linde
143.00 -0.15 169.70 113.50 2.03 25.00 29738.94
MuenchRkv
165.85 -0.90 193.65 140.90 4.30 10.82 29907.95
SAP
80.85
0.39 82.60 55.89 1.37 28.15 111213.27
Siemens
103.80
0.15 109.00 77.91 3.25 17.43 98790.73
Volkswgn
123.95 -2.65 146.50 95.00 0.09 -17.43 40954.41
Hong Kong (HK$)
AIA
51.90
0.70 51.95 36.85 1.20 35.72 80676.22
BOC Hold
26.45
0.25 29.70 18.82 3.73 13.24 36061.53
Ch OSLnd&Inv
27.00
0.30 28.25 20.45 2.19 7.50 38146.32
ChngKng
56.65
0.25 59.75 38.20 2.40 11.98 28091.94
Citic Ltd
11.20 -0.04 14.80 10.02 2.60 12.96 42014.19
Citic Secs
16.80
0.08 20.45 12.82 1.85 10.37 4935.77
CK Hutchison
99.00 -0.20 109.50 80.60 3.31 9.48 49273.78
CNOOC
9.30
0.06 10.20
6.41 5.11-164.04 53543.91
HangSeng
139.00 -0.50 148.90 121.10 3.98 18.08 34268.6
HK Exc&Clr
205.40
2.40 219.40 160.10 2.81 37.31 32428.42
MTR
42.60
0.70 44.50 33.10 2.42 25.96 32412.78
SandsCh
33.30
1.00 36.75 20.75 5.78 27.98 34654.34
SHK Props
118.50
1.80 123.30 79.00 2.83 10.80 44240.47
Tencent
215.80
2.80 220.80 125.30 0.21 52.22 263431.37
India (Rs)
Bhartiartl
314.80 -5.55 385.00 282.30 0.67 34.56 18931.57
HDFC Bk
1298.05
1.90 1318.45 928.00 0.70 28.04 49647.52
Hind Unilevr 897.30
4.70 954.00 766.40 1.57 52.47 29216.24
HsngDevFin
1418.9
6.45
1464 1011.45 1.08 22.05 33803.71
ICICI Bk
260.00 -2.55 292.70 180.75 1.74 16.47 22760.65
Infosys
1039.75
3.85 1279.3 1009.1 2.26 17.70 35929.73
ITC
245.85 -2.20 265.90 178.67 1.54 33.12 44754.75
L&T
1436.4 -29.30
1615 1016.05 1.03 29.10 20147.51
OilNatGas
247.55 -2.00 267.75 187.75 3.47 12.43 31862.7
RelianceIn
1110.5
3.30 1129.55 826.10 0.80 13.88 54181.87
SBI NewA
249.00 -2.65 271.60 148.25 1.00 23.70 29079.75
SunPhrmInds 770.15
4.00 933.95 704.00 0.37 31.33 27884.99
Tata Cons
2436.1 35.00
2770
2115 1.71 20.18 72215.44
Indonesia (Rp)
Bk Cent Asia
16000 16000 11300 0.95 21.73 30449.92
Israel (ILS)
TevaPha
192.00
0.60 259.30 187.80 2.56 35.33 51766.74
Italy ()
Enel
3.93
0.01
4.28
3.33 3.28 17.80 44714.69
ENI
12.31 -0.06 15.85 10.93 6.26 -4.71 50091.61
Generali
10.89 -0.05 18.09
9.76 6.37 9.58 19020.41
IntSPaolo
1.95 -0.03
3.30
1.52 6.93 14.15 34592.43
Luxottica
44.39
1.08 65.90 41.90 1.93 28.61 24050.65
Unicred
2.03 -0.04
6.17
1.70 5.43 7.83 14055.9
61522.8
52865.53
95462.94
37769.83
56916.17
47829.21
37909.3
76752
22047.4
26.98
9.59
19.81
7.30
-5.47
-3.62
Bid
yield
Mth's Spread
chge
vs
yield
US
Sep 27
High Yield US$
Navient Corporation
S*
F*
Bid
price
06/18
8.45
BB-
Ba3
BB
107.59
3.85
0.00
0.38
3.11
02/17
6.88
Caa1
97.50
0.00
0.00
Emerging US$
Mexico
Brazil
Russia
Peru
Peru
Colombia
Brazil
Poland
Turkey
Turkey
09/16
01/18
07/18
03/19
03/19
07/21
01/22
03/22
09/22
10/26
11.40
8.00
11.00
7.13
7.13
4.38
12.50
5.00
6.25
4.88
BBB+
BB
BB+
BBB+
BBB+
BBB
BB
BBB+
-
A3
Ba2
Ba1
A3
A3
Baa2
Ba2
A2
Baa3
Ba1
BBB+
BB
BBBBBB+
BBB+
BBB
BB
ABBBBBB-
106.80
105.13
115.83
128.75
114.01
112.75
110.33
117.38
110.46
103.82
1.49
3.86
2.08
1.95
2.60
2.64
9.90
2.80
4.30
4.45
0.03
-0.03
0.00
0.00
0.00
0.00
0.32
0.00
0.01
0.00
0.01
-0.31
0.12
0.00
0.20
0.00
-0.17
0.00
0.11
-0.04
0.44
3.12
1.34
1.21
0.84
1.52
8.78
1.68
3.18
2.89
Emerging Euro
Brazil
02/15
7.38
BBBBaa2
BBB 111.75
0.73
0.00
0.00
0.09
Mexico
07/17
4.25
BBB+
A3
BBB+ 111.13
1.50
0.00
0.00
0.75
Mexico
02/20
5.50
BBB+
A3
BBB+ 121.63
2.06
0.00
0.00
0.94
Bulgaria
09/25
5.75
BB+
BBB- 122.31
2.94
0.11
0.23
1.38
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.
VOLATILITY INDICES
Index
Day's
change
Markit IBoxx
ABF Pan-Asia unhedged
Corporates( )
Corporates($)
Corporates()
Eurozone Sov()
Gilts( )
Global Inflation-Lkd
Markit iBoxx Non-Gilts
Overall ($)
Overall( )
Overall()
Treasuries ($)
187.33
341.04
271.02
224.26
239.63
332.42
260.92
337.02
239.22
330.77
233.60
228.17
-0.13
0.23
0.12
0.08
0.19
0.36
-0.31
0.22
0.11
0.32
0.15
0.13
0.16
-0.93
-0.31
-0.03
0.17
-1.40
-0.34
-0.81
-0.24
-1.23
0.13
-0.24
8.10
15.54
8.64
6.14
6.36
15.88
9.48
14.27
6.31
15.41
5.85
5.25
-0.41
-0.99
-0.31
-0.06
-0.10
-1.63
-0.61
-0.86
-0.24
-1.40
-0.05
-0.24
10.98
16.53
8.64
7.13
7.24
15.10
6.49
14.74
6.31
15.01
6.63
5.25
FTSE
Sterling Corporate ()
Euro Corporate ()
Euro Emerging Mkts ()
Eurozone Govt Bond
122.65
111.05
917.17
118.68
0.34
0.17
28.54
0.06
-0.72
-0.11
3.40
-0.27
10.97
5.07
14.80
4.81
Index
Day's
change
Week's
change
Month's
change
Series
high
Series
low
369.26
85.00
70.05
111.86
-12.07
-1.98
-2.51
-3.89
35.21
7.21
2.21
10.86
40.34
7.01
-0.87
12.50
390.04
90.43
93.03
121.66
288.69
67.59
64.22
80.36
CREDIT INDICES
Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y
Month's
change
Year
change
Return
1 month
Return
1 year
Markit CDX
Emerging Markets 5Y
239.31
6.78
0.00
0.00
242.86
226.53
Nth Amer High Yld 5Y
Nth Amer Inv Grade 5Y
79.06
2.15
0.00
0.00
81.57
76.06
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Sep 26
Sep 26
Prev
return
stock
Market
stocks
Can 4.25%' 21
124.62
-0.446
-0.406
0.25
5.18
77549.97
7
Fr 2.25%' 20
114.42
-1.393
-1.377
0.39
20.31 213132.97
14
Swe 0.25%' 22
113.51
-1.674
-1.602
-0.33
29.20 225556.83
7
UK 2.5%' 20
370.10
-2.342
-2.295
-0.32
6.58 640863.27
27
UK 2.5%' 24
370.30
-2.082
-2.039
-0.58
6.82 640863.27
27
UK 2%' 35
275.80
-1.842
-1.806
-0.10
9.08 640863.27
27
US 0.625%' 21
104.90
-0.386
-0.375
0.88
35.84 1212443.40
37
US 3.625%' 28
138.03
0.277
-0.375
0.27
16.78 1212443.40
37
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.
Spread Spread
vs
vs
Bund T-Bonds
Australia
2.08
2.28
0.52 Italy
Austria
0.08
0.28 -1.48 Japan
Belgium
0.11
0.32 -1.45 Netherlands
Canada
1.06
1.27 -0.50 Norway
Denmark
-0.04
0.16 -1.60 Portugal
Finland
0.00
0.21 -1.56 Spain
France
0.17
0.37 -1.39 Switzerland
Germany
-0.21
0.00 -1.77 United Kingdom
Greece
8.28
8.49
6.72 United States
Ireland
0.35
0.55 -1.21
Data provided by SIX Financial Information & Tullett Prebon Information
Bid
Yield
1.26
-0.08
-0.14
1.15
3.40
0.98
-0.53
0.68
1.56
Spread Spread
vs
vs
Bund T-Bonds
1.47
0.13
0.06
1.36
3.60
1.19
-0.33
0.88
1.77
-0.30
-1.64
-1.70
-0.41
1.84
-0.58
-2.09
-0.88
0.00
Stock
52 Week
High
Low
Lilly (E)
80.15
0.63 88.48
Lockheed
246.75
1.22 266.93
Lowes
71.33
0.52 83.65
Lyondell
77.12
0.63 98.25
Marathon Ptl
41.69
0.21 59.99
Marsh&M
67.45
0.44 68.69
MasterCard
101.14 -0.03 102.23
McDonald's
116.79
0.26 131.96
McKesson
165.88
0.70 202.20
Medtronic
86.40
0.27 89.27
Merck
62.47
0.32 64.00
Metlife
43.68
0.28 52.45
Microsoft
57.60
0.70 58.70
Mnstr Bvrg
148.09
0.49 166.50
MondelezInt
43.16
0.44 47.42
Monsanto
102.41
0.28 114.26
MorganStly
31.41
0.38 35.74
MylanNV
40.96 -0.22 55.51
Netflix
97.24
2.68 133.27
NextEraE
127.33
1.10 131.98
Nike
54.68
0.28 68.20
NorfolkS
93.81
0.53 98.75
Northrop
218.05
1.05 224.12
NXP
82.57
0.04 98.09
Occid Pet
68.51 -0.82 78.48
Oracle
39.34
0.31 42.00
Pepsico
107.64
0.61 110.94
Perrigo
95.17 -0.56 167.92
Pfizer
33.71
0.07 37.39
Phillips66
79.35 -0.12 94.12
PhilMorris
99.09 -0.05 104.20
PNCFin
88.36
0.59 97.50
PPG Inds
102.03 -0.11 117.00
Praxair
116.92
0.49 125.00
Priceline
1451.93
4.78 1476.52
ProctGmbl
88.26
0.41 89.30
Prudntl
80.11
0.70 88.77
PublStor
224.66
0.71 277.60
Qualcomm
63.09
0.78 64.00
Raytheon
139.24
0.70 143.39
Regen Pharm 411.49
7.37 592.59
ReynoldsAm
47.87
0.06 54.48
S&P Global
126.77
1.84 128.40
Salesforce
70.14 -0.05 84.48
Schlmbrg
74.98 -0.61 83.97
Sempra Energy 109.39 -0.62 114.66
Shrwin-Will
281.07
0.76 312.48
SimonProp
214.57 -0.19 229.10
SouthCpr
25.54 -0.23 31.31
Starbucks
54.02 -0.02 64.00
StateSt
70.19
0.86 75.40
Stryker
116.94
0.73 123.55
Sychrony Fin
27.42
0.12 34.60
Target
68.38
1.16 84.14
TE Connect
63.84
0.35 67.99
Tesla Mtrs
205.93 -3.06 269.34
TexasInstr
69.19
0.77 72.58
TheTrvelers 114.30
0.36 119.32
ThrmoFshr
156.80
0.64 160.68
TimeWrnr
77.42
1.32 81.33
TJX Cos
75.14 -0.04 83.64
T-MobileUS
47.10
0.18 48.11
UnionPac
94.69
0.51 98.28
UPS B
109.66
0.82 111.83
USBancorp
42.74
0.27 44.58
UtdHlthcre
139.90
0.18 144.48
UtdTech
102.38
0.15 109.83
ValeroEngy
54.45
0.16 73.88
Verizon
52.44
0.29 56.95
VertexPharm
87.26 -1.03 134.71
VF Cp
56.22
0.40 73.81
Viacom
35.12
0.28 53.35
Visa Inc
82.15
0.34 83.79
Walgreen
81.18
0.50 95.74
WalMartSto
72.26
0.64 75.19
WellsFargo
44.99
0.11 56.34
Williams Cos
30.18 -0.18 44.51
Yahoo
43.02
0.73 44.92
Yum!Brnds
89.44 -0.08 91.99
Venezuela (VEF)
Bco de Vnzla 105.00
5.00 137.00
Bco Provncl
2400 100.00
4400
Mrcntl Srvcs
5050 50.00
6200
Yld
67.88
199.01
62.62
69.10
29.24
50.81
78.52
95.78
148.29
63.98
47.97
35.00
43.05
113.08
35.88
82.81
21.16
37.59
79.95
95.84
51.48
64.51
161.81
61.61
58.22
33.13
92.20
82.50
28.25
71.74
78.03
77.40
82.93
95.60
954.02
71.29
57.19
205.82
42.24
105.20
329.09
42.85
78.55
52.60
59.60
86.72
218.27
176.11
21.55
52.63
50.60
86.68
23.25
65.50
51.70
141.05
46.73
97.18
117.10
55.53
63.53
33.23
67.06
87.30
37.07
107.51
83.39
46.88
42.20
75.90
52.21
30.11
66.12
71.50
56.30
44.50
10.22
26.15
64.58
P/E MCap m
85.00
2200
4300
0.35
0.13 35.94
585.29
395.53
458.48
Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
ex-dividend
ex-capital redistribution
# price at time of suspension
Sep 27
US$
Cummins Inc.
Korea Electric Power Corporation
Archer Daniels Midland Company
SouthTrust Bank
FleetBoston Financial Corp.
SunTrust Banks, Inc.
Euro
Credit Agricole S.A.
Electricite de France (EDF)
B.A.T. Netherlands Fin B.V. (Re - British American Tobacco)
Philip Morris Intl, Inc.
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
B.A.T. Intl Fin plc (Re - British American Tobacco)
Red
date Coupon
Ratings
M*
Bid
yield
Day's
chge
yield
Mth's Spread
chge
vs
yield
US
F*
Bid
price
02/27
08/27
12/27
12/27
01/28
01/28
6.75
6.75
6.75
6.57
6.88
6.00
A+
AA
A
A
BBB
BBB+
A2
Aa2
A2
Aa3
Baa3
Baa1
A
AAA
A+
AA-
126.37
106.57
126.71
127.43
125.79
116.65
3.70
6.01
3.84
3.61
4.05
4.18
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
0.07
0.05
-0.09
0.08
0.06
0.04
2.14
4.45
2.28
2.05
-
03/27
03/27
03/29
05/29
2.63
4.13
3.13
2.88
BBB
A
AA
Baa2
A2
A3
A2
AAAA
104.98
122.21
124.21
121.76
2.09
1.91
1.04
1.03
0.00
0.00
0.00
0.00
0.14
0.00
0.03
0.03
0.53
0.35
-
07/15
0.94
NR
WR
NR
100.00
0.31
0.00
0.00
03/26
09/26
6.88
4.00
AA
A-
Aa2
A3
AA
A-
122.65
104.67
4.11
3.47
0.06
0.06
0.12
0.29
1.82
1.18
S*
Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M Moodys, F - Fitch.
Sep 27
Day Chng
Prev
52 wk high
52 wk low
VIX
13.40
-1.10
14.50
32.09
11.02
VXD
13.96
-0.86
14.82
30.36
10.30
VXN
15.63
-0.81
16.44
35.40
13.20
VDAX
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.
P/E MCap m
Ratings
M*
Red
date Coupon
Yld
Red
52 Week
Amnt
Change in Yield
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 1.75pc '17
100.52
0.10
25.00
42.86
11.11
-80.00 101.68 100.52
28.90
Tr 5pc '18
107.14
0.05
-16.67
-44.44
-54.55
-91.94 110.78 107.13
35.24
Tr 4.5pc '19
110.94
0.02
-33.33
-66.67
-71.43
-97.73 112.71 110.82
36.35
Tr 4.75pc '20
116.17
0.05
-16.67
-50.00
-44.44
-95.45 117.12 114.45
33.31
Tr 1.5pc '21
105.70
0.17
-15.00
-32.00
-22.73
-87.68 106.04
99.91
32.46
Tr 4pc '22
120.65
0.18
-18.18
-35.71
-25.00
-87.23 121.31 114.48
37.95
Tr 5pc '25
137.09
0.51
-7.27
-20.31
-3.77
-70.18 138.11 126.02
35.08
Tr 4.25pc '27
137.34
0.76
-5.00
-15.56
-1.30
-61.22 138.26 121.91
31.00
Tr 4.25pc '32
146.35
1.04
-4.59
-13.33
4.00
-54.59 148.92 124.00
35.44
Tr 4.25pc '36
152.39
1.22
-3.17
-11.59
7.02
-50.00 155.77 125.16
29.76
Tr 4.5pc '42
169.72
1.34
-3.60
-11.26
8.06
-46.61 174.65 134.26
26.64
Tr 3.75pc '52
170.53
1.29
-3.73
-11.64
9.32
-47.77 177.28 125.74
23.59
Tr 4pc '60
192.79
1.23
-3.91
-12.14
10.81
-49.59 201.27 136.28
23.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks.
Sep 27
Day's
chg %
0.04
0.24
0.41
0.30
0.96
0.51
Sep 27
98.40
190.43
230.90
200.58
371.11
192.79
Sep 27
314.06
738.24
484.28
955.56
665.86
Sep 27
0.13
0.69
1.13
Day's
chg %
0.07
1.60
0.43
1.98
1.48
Sep 26
0.15
0.73
1.18
Yr ago
1.12
1.80
2.22
Total
Return
2434.12
3545.72
4374.35
3753.50
5502.33
3703.64
Month
chg %
-0.22
0.55
0.09
0.70
0.49
Return
1 month
0.15
0.10
-0.36
-0.05
-2.40
-1.04
Year's
chg %
1.04
28.53
11.97
35.00
25.21
20 Yrs
45 Yrs
inflation 0%
Sep 27
Dur yrs Previous
Yr ago
Sep 27
Real yield
Up to 5 yrs
-2.05
2.60
-2.02
-0.78
-2.63
Over 5 yrs
-1.83
25.26
-1.76
-0.81
-1.85
5-15 yrs
-2.01
9.07
-1.96
-0.74
-2.13
Over 15 yrs
-1.81
30.35
-1.75
-0.82
-1.83
All stocks
-1.83
23.51
-1.77
-0.81
-1.86
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Total
Return
2431.20
5474.92
3713.64
6944.35
5007.44
Sep 27
1.33
1.25
Return
1 year
2.89
9.11
14.19
10.75
26.73
14.43
Yield
0.10
0.42
0.85
0.61
1.27
1.09
Return
1 month
-0.22
0.59
0.11
0.75
0.53
Return
1 year
2.86
29.35
13.27
35.59
26.21
Sep 26
1.38
1.30
Yr ago
2.41
2.40
inflation 5%
Dur yrs Previous
2.60
-2.60
25.35
-1.79
9.08
-2.08
30.40
-1.77
23.62
-1.80
Yr ago
-1.51
-0.84
-0.86
-0.84
-0.85
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
loss arising from the reliance on or use of the listed information. For all queries e-mail
ft.reader.enquiries@morningstar.com
18
FINANCIAL TIMES
Bid
(IRL)
Fund
Far East
Bid
$ 743.92
Fund
Bid
Fund
Bid
0.03
0.02
0.01 0.00
Generali Worldwide
Bank of America Cap Mgmt (Ireland) Ltd
(IRL)
$ 13.27
1.00
0.00 0.61
(JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Sterling Bond F
0.50
0.00
0.00 0.00
0.00
0.00 0.00
7.06
-0.15 3.48
-1.26
0.00 0.00
-1.83
-2.99
-0.20
-0.15
$ 4978.60
$ 4057.71
4.85
UK Multi-Strategy Managed
5.13
EU Multi-Strategy Managed
2.94
3.58
-83.67 0.00
$ 337.44
1.24
-0.04 0.00
(GSY)
Regulated
-
-1.13 0.00
-1.46 0.00
-1.48 0.00
-0.38 0.00
0.15
0.17
Amundi Funds
(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised
Bd. Euro Corporate AE Class - R - EUR 19.47
0.01 0.00
$ 27.86
0.05 0.00
-0.24 0.00
5.99 0.00
-1.40 0.00
-12.37 0.00
-6.33 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP 98.55
0.00 0.00
-6.49
-6.65 0.00
6.73
-0.08 0.00
0.54
0.01 0.00
BL-Equities Europe B
6125.50
-74.48 0.00
BL-Equities America B
$ 5851.93
-44.01 0.00
BL-Equities Japan B
15541.00
181.00 0.00
BL-Emerging Markets B
164.48
-2.09 0.00
BL-Global Equities B
767.08
-7.93 0.00
BL-Global 30 B
1433.79
-2.09 0.00
BL-Global 50 B
1719.59
-6.43
BL-Global 75 B
2332.02
-15.05 0.00
154.55
-1.43 0.00
-0.02 0.00
-0.13
-0.06 0.00
-0.11 0.00
-0.08 0.00
-0.30
(LUX)
$ 41.18
-0.42 0.00
Davis Global A
$ 30.68
-0.31 0.00
-0.12 0.00
-0.11 0.00
-0.18 0.00
25.09
-0.14 0.00
12.62
-0.09 0.00
12.27
-0.03 0.00
28.00 1.94
9.78
0.00 0.00
61.00 0.81
11.39
-0.03 4.00
-0.01 4.03
9.07
(IRL)
CG Asset Management Limited
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised
12.03
-0.01 3.59
-0.01 4.07
16.24
-0.08 0.00
9.21
9.96
0.00 0.00
(IRL)
Regulated
$ 391.14
-4.08 0.00
$ 16.86
15.48
-0.20 0.79
22.49
-0.34 0.00
-0.22
14.52
-0.26
465.85
-7.89 0.00
362.01
-7.40 0.00
$ 19.32
23.17
-0.24 0.00
(IRL)
14.66
-0.16 0.61
22.27
1.00
0.00 0.01
-0.27 0.00
$ 744.34
1.73
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
-0.19 0.00
(LUX)
-0.39 8.00
-0.70 1.11
-0.25 6.26
123.03
-0.12 0.00
-1.56 0.00
1075.18
-1.77 0.00
$ 91.82
0.06 7.92
$ 84.51
-0.15
(IRL)
Regulated
-
-6.04 0.00
$ 411.66
13.75 0.00
245.44
8.21 0.00
127.54
4.32 0.00
6.54 0.00
1.11 0.00
0.61 0.00
1.94 0.00
4.95 0.00
7.10
140.65
-2.36 0.00
105.10
-1.77 0.00
$ 103.55
-1.24
(LUX)
Regulated
3.86 0.00
23.3830
-0.1020 1.69
$ 123.55
-0.46 0.00
Europ.RealEstate Sec. IX
31.8653
-0.1389 0.00
122.76
-0.47 0.00
$ 10.8798
-0.0298
128.87
-0.48 0.00
$ 11.0070
-0.0302
$ 11.7447
0.0027 1.88
American Dynamic
$ 3592.51
19.81
American One
$ 3391.01
17.14 0.00
Bond Global
1430.61
-3.38 0.00
Eurocroissance
894.50
2.38
1297.88
-7.94
$ 26.44
0.25 0.00
-0.11 0.00
1127.53
0.20 1.00
$ 26.55
0.26 0.00
0.01 0.00
640.23
0.13 1.47
$ 84.74
0.81 0.00
5.58
-0.01 0.59
0.00 0.00
-0.47 0.00
9.67
0.01 2.20
0.01 2.95
$ 39.32
-0.38
-0.32 0.00
-0.14 1.15
-0.02 0.00
6.56
-0.06 0.00
0.11 0.00
$ 59.26
0.18 0.00
-0.01 3.25
0.00 3.25
1.44
0.01 1.77
0.06 3.51
(IRL)
$ 85.79
-0.53
46.50
-0.30 0.00
$ 14.1697
0.0034 0.00
1.6180
0.0020 2.53
5.33 0.00
UK
7.1770
-0.0410 1.25
5.82 2.75
0.11 0.00
0.0030 1.46
Monthly Share
0.0030 1.46
-0.03 0.00
-0.19 0.00
1.10
0.00
$ 22.47
-0.13
Invesco US Value Eq Fd A
$ 31.62
-0.39 0.00
$ 87.13
0.00
1.3610
0.0000 0.00
1.2120
-0.0030 1.67
Growth Strategy
1.6590
-0.0110 1.22
Aggressive Strategy
2.0890
-0.0230 0.00
$ 1.4330
-0.0090 0.00
Sterling Class
1.20
3.64
1.62
1.62 -0.02
3.19
3.19 -0.03
1.51
1.51 -0.01
1.44
1.44 -0.02
3.06
1.52
3.23
1.83
4.02
1.38
1.36
2.97
1.21
1.99
1.03
1.09
1.23
2.01
-0.62 0.00
2.08
2.08 -0.02
$ 14.37
-0.05 0.00
3.73
3.73 -0.02
(IRL)
(UK)
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
1.18
2.26
1.95
-0.03 1.56
2.21
1.63
9.44 0.00
-0.02 0.87
-0.27
9.40
-0.04 1.61
-0.16 0.00
0.40 0.00
0.11 0.00
122.32
-0.21 3.91
91.13
-0.40 0.34
0.55 0.00
-0.05 0.00
7.16
0.01 0.00
$ 97.53
0.57
-1.03 0.00
-0.08 0.00
-0.05 4.60
7.79
-0.07 1.20
17.12
0.08 1.11
Invesco Gilt A
-0.28 0.00
-0.02
0.01 0.79
9.84
$ 120.93
-1.49 0.00
$ 12.71
-0.09 0.07
$ 18.88
0.14 0.09
$ 20.13
0.26 0.00
$ 29.68
0.42 0.00
$ 55.17
0.36
$ 51.89
0.19 0.07
Corporate Bond A
$ 16.08
-0.13 0.00
Invesco UK Eqty A
-0.07 1.46
8.02
Global Basics X
Global Dividend A
Global Leaders A
Optimal Income A
Recovery A
UK Select A
(GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01
(GSY)
Regulated
Asset Management
0.39 8.56
-0.01 1.27
0.25 6.59
1.18
-0.02 0.76
0.28 6.41
0.56 5.13
0.36 6.60
(IRL)
0.41 0.00
0.03 0.00
11.73 0.00
11.89 0.00
-0.47 0.00
Euro Bond A F
Asset Management
40.12
-0.02 0.00
European Property A F
Global Bond A F
Global Brands A F
$ 104.04
0.44
$ 41.97
-0.04 0.00
Global Property A F
$ 29.39
0.08 0.00
Indian Equity A F
$ 39.07
-0.02 0.00
$ 46.95
0.31
US Dollar Liquidity A F
$ 13.03
0.00 0.00
US Growth A F
$ 72.28
0.45
US Growth AH F
US Growth AX F
US Property A F
$ 75.91
-0.01 0.00
-0.38 0.00
-0.24 0.00
143.93
-1.58 1.07
$ 325.94
-25.48
22.13
-0.21 0.54
Strategy Balanced-CHF/B
-1.00
Invesco
(LUX)
SFr 151.86
-0.74 0.00
157.01
-0.90
Strategy Balanced-USD/B
$ 133.32
-0.53
SFr 93.37
-0.69 0.00
Strategy Inc-CHF/B
Strategy Inc-EUR/B
SFr 120.66
161.98
3.06
0.01 0.00
$ 14.38
0.02 3.54
0.08
$ 13.32
0.02 0.71
0.46 0.00
0.06
-1.01 0.00
-0.30 0.00
-0.51 0.00
8.73
-0.05 0.00
45.26
-0.50
7.21
0.03 6.00
0.05 0.00
Invesco Energy A
-0.03
$ 17.44
-0.27 0.00
1.64 0.00
(LUX)
www.mirabaud.com, marketing@mirabaud.com
Regulated
132.99
-0.56 0.00
$ 113.28
-0.47 0.00
$ 188.52
1.17 0.00
129.98
-0.05
$ 99.98
0.65 0.00
$ 96.82
-1.01 0.00
Mir. - EqPanEuropeSm&Mid
117.66
-0.59 0.00
Mir. - Eq Spain A
25.55
-0.21 0.00
SFr 362.92
-3.21 0.00
$ 114.23
-0.02
-0.51 0.00
$ 109.37
0.10 0.00
$ 102.71
0.01
Harris Global Equity Fund R/A (USD) $ 245.71 245.71 -3.40 0.00
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 106.63 106.63 -0.90
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 105.71 105.71 -0.87
(IRL)
Loomis Sayles Multisector Income R/D (GBP) $ 12.61 12.61 -0.03 5.39
(IRL)
1096.28
-0.45 1.62
999.77
0.49
(IRL)
982.47
0.90
531.53
-1.07 3.52
$ 96.36
-0.04 3.26
1108.78
-2.21 4.07
$ 98.34
-0.04 2.59
Regulated
-
$ 150.84
(GSY)
Strategy Inc-USD/B
Strategy Balanced-EUR
117.20
$ 371.16
funds@gam.com, www.jbfundnet.com
Regulated
Strategy Growth-EUR
-0.53
18.92
(CYM)
Regulated
71.42
$ 85.05
GAM
$ 19.25
0.02 1.94
0.20
$ 45.45
Asian Property A F
$ 28.66
$ 61.40
Asian Equity A F
0.00
Invesco Bond A
US Advantage A F
-0.33 2.35
(LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised
-0.09 3.91
(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
0.11 0.00
2.72
Strategy Growth-CHF/B
1.26
-0.02
0.07 0.00
1.36
0.11 0.00
51.68
-0.02 1.22
50.31
$ 35.54
-0.04 1.04
NAV
-0.04 1.73
11.06 0.00
Invesco Stlg Bd A QD F
0.10 0.00
Dealing Daily
-0.08 0.00
2.55
www.invil.mu
NAV
Sterling Bond
-0.11
66.12
6.03 0.00
-0.04 2.68
-0.04 1.31
Asset Management
0.06 2.73
-0.2200 0.00
0.00 3.25
9.56
18.7200
0.30 0.00
2.00
North American
Conservative Strategy
0.06 0.00
-0.16 0.00
-0.04 0.00
4.45
9.67
12.19
-0.0270 0.00
(IRL)
-0.01 0.36
0.0009 4.47
15.00
4.8610
1.96
1.61
0.9297
International
High Income
-0.03 0.00
-0.01 0.00
0.05 7.01
0.00 0.29
0.06 0.00
6.79
12.62
9.03
1.48
9.82
-2.72 0.00
0.00 0.00
0.06 2.78
-0.0590 0.88
SFr 1177.13
Haussmann Cls D
32.46
0.07
9.38
8.6920
15.00 0.00
European
0.0020 2.90
19.00
0.0300 1.98
(IRL)
FCA Recognised
-4.63 0.00
1.6860
0.01 0.00
0.00 0.47
13.6000
(IRL)
FCA Recognised
2235.37
Lloydstrust Gilt
Haussmann Cls C
12.78
0.63
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
33.00 0.00
(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
$ 49.86
-0.05 0.00
(IRL)
0.00
0.94
Regulated
Invesco Management SA
SFr 116.44
(LUX)
7.50
www.dsmsicav.com
Regulated
Atlantas Sicav
(LUX)
-0.01 0.00
0.79
-8.55
-0.01
-47.28 0.00
-2.79 0.00
1398.34
0.77
-0.19 0.00
0.00 0.00
OEIC Funds
322.03
-0.21 0.00
-0.28
-0.01 0.00
0.22 2.06
-0.04 0.00
$ 2582.81
Bid
586.90
Haussmann Cls A
139.55
Fund
1.31
-0.04 0.00
17.39
Bid
Fund
-0.09 0.00
Ashmore Sicav
Haussmann
Regulated
CAM-GTF Limited
0.01 0.00
(IRL)
BONHOTE
0.64
Regulated
-0.22 0.00
Regulated
(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
36.11
Regulated
Davis Value A
(CYM)
Regulated
FCA Recognised
Arisaig Partners
-0.10
Bid
International Insurances
Fund
-13.93 0.00
(IRL)
Regulated
EnTrustPermal Ltd.
www.entrustpermal.com
Other International Funds
(JER)
Regulated
BlackRock UK Property
www.creditandorra.com
FCA Recognised
BlackRock
(LUX)
0.03 0.00
Algebris Investments
International Insurances
Regulated
Bond Funds
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Bid
5.10 0.00
Regulated
Fund
-0.01 0.00
19
FINANCIAL TIMES
Bid
92.15
-0.88 2.72
Fund
Bid
-0.54
Fund
Bid
Fund
Bid
Bid
Fund
Bid
Fund
Bid
-0.01 0.00
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1019.44
-11.58 0.00
0.81
0.00
(JER)
-0.02 0.00
-920.00 0.00
0.70
-0.01 3.16
0.03 0.00
-771.00 0.00
0.98
-0.02 0.47
0.66
-0.01 1.56
12.38
-1.80 0.00
Fund
Fund
Bid
Data Provided by
95.60
-0.91 3.35
248.95
-2.56 0.00
$ 103.84
-1.04 0.00
$ 97.47
-0.94 2.68
-1.67 0.00
$ 493.39
2.35 0.00
PCG B
170.78
-0.19 0.00
$ 107.21
-1.02 0.00
-1.85 0.00
14248.96
132.13 0.00
PCG C
168.18
-0.19 0.00
0.21 0.00
968.00 0.00
$ 108.78
-1.04 3.24
17.00
-0.21 0.00
88.05 0.00
0.01 0.00
-500.00 0.00
-0.02 1.69
www.morningstar.co.uk
165.47
-2.04 1.10
0.61 0.00
130.49 0.00
-41.19 0.00
0.63
0.00 2.84
174.29
-2.14 1.59
114.78
0.23 0.00
-0.57 0.00
-40.05 0.00
0.50
0.00 3.06
$ 166.49
-2.06 1.04
$ 120.98
1.83 0.00
-0.27
-40.61 0.00
0.60
-0.01
129.48
-2.58 0.00
63.04
0.69 0.00
-0.99 0.00
0.23 0.00
0.56
0.00 3.62
135.73
-2.72 0.00
-0.25 0.00
0.46
0.70
-0.01 2.20
$ 133.11
-2.66 0.00
0.48
0.46
0.00 10.43
$ 137.75
-2.75 0.00
-12.54
0.98
-0.01
23.71 0.00
$ 1078.58
Regulated
(IRL)
Regulated
100.19
-1.23
98.08
-1.20
$ 99.71
-1.23
113.33
-0.09 3.56
$ 130.40
-0.10 0.00
(IRL)
www.odey.com/prices
FCA Recognised
141.69
-1.84
-1.36 0.00
-0.34 0.00
$ 59.30
216.59
-1.81 0.00
9.93 0.00
$ 57.92
-0.15
Pictet-Security-I USD F
$ 210.02
-1.01 0.00
Pictet-Select-Callisto I EUR
102.91
-0.13 0.00
-8.85 0.00
140.21
0.00
Pictet-ST.MoneyMkt-I
187.11
-0.15 0.00
101391.05
-2.62 0.00
$ 175.86
-0.14 0.00
Pictet-ST.MoneyMkt-ICHF
SFr 123.47
0.00 0.00
162.10
-0.14 0.00
Pictet-ST.MoneyMkt-IUSD
$ 136.13
0.00 0.00
SFr 122.76
-1.51 0.00
Pictet-Timber-I USD F
$ 150.58
-1.41 0.00
SFr 120.75
-1.50 0.00
116.68
-0.09 0.00
$ 201.25
-2.01 0.00
190.43
-1.90 0.00
200.92
-2.00 0.00
$ 186.99
-1.86 0.00
115.34
-0.02 3.22
120.47
-0.02 3.35
114.61
-0.02 2.96
121.30
-0.02 3.11
$ 118.74
-0.02 2.91
$ 114.97
102.64
0.91 0.00
0.69 0.00
110.83
0.82 0.00
$ 143.22
-1.71 0.00
119.23
-1.45 0.00
133.75
-1.64 0.00
$ 1335.09
-13.88 0.00
0.75 0.00
$ 97.01
5.20 0.00
Optima Fd NAV
$ 85.75
0.03 0.00
-0.40 0.00
-2.45 0.00
$ 34.44
Platinum Fd Ltd
$ 86.77
-1.87 0.00
16.56
-0.36 0.00
$ 55.83
-0.90 0.00
$ 14.19
-0.03 0.00
$ 15.21
0.02 0.00
-0.14 0.00
-0.08 0.00
-0.09 0.00
(IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Crescent Global Short Term Income Fund $
Oasis Global Equity
0.00 1.22
7.77
$ 27.69
-0.21 0.33
-0.20 0.11
-0.05 1.37
$ 10.85
-0.01
$ 11.94
-0.04 0.00
-0.05 0.61
-0.01 1.61
(LUX)
235.23
-0.21 0.00
141.74
-0.73 0.00
$ 1235.91
-0.72 0.00
543.81
-1.06 0.00
214.32
-0.38 0.00
121.60
-0.22 0.00
$ 253.06
-0.37 0.00
4350.92
-47.28 0.00
(IRL)
FCA Recognised
284.08
-3.72
-0.78 0.00
SFr 189.00
0.90
SFr 162.20
0.70 0.54
-0.07
0.50
-1.92
-0.72
0.13
-0.10
(JER)
0.00 4.83
-1.31 1.62
-0.79 1.52
$ 1078.41
0.81
-7.50 0.00
-4.98 0.00
Unicapital Investments
-5.25 0.00
Investments III
-5.23 0.00
-0.0096 1.97
1.2517
-0.0036 3.24
2.1469
-0.0162 1.35
-0.0073 2.36
-0.0087 2.31
-1.19 0.00
0.9270
0.0025 3.64
889.60
-5.16 0.00
-1.90 0.00
UK Equity Fund
1.9914
-0.0081 2.87
813.30
-1.43 0.00
$ 152.30
-0.21 0.00
890.56
0.85 0.00
$ 191.46
-1.65 0.00
1.05 0.00
(LUX)
190.05
-1.78 0.00
$ 103.08
0.00 0.00
Pictet-Water-I EUR F
299.92
-2.40 0.00
$ 214.34
-2.01 0.00
78.48
-0.75
185.91
-1.42 0.00
-1.54 0.00
108.93
-0.06 0.00
-1.79
Flex-o-Rente (EUR)
$ 117.69
0.00
136.85
148.13
49.40
3.17 0.00
1.16 0.00
$ 142.02
2.86 0.00
$ 204.70
2.69
$ 171.75
-0.80 0.00
$ 109.46
0.70 0.00
$ 95.60
-0.13 0.00
-0.06 0.00
4.67 0.00
UK Corporate Bond
1777.29
3.78 0.00
Gilt
1809.27
7.23 0.00
1.43
-0.01 0.00
1.49
-0.01 0.00
1.34
-0.02 0.00
1.23
-0.02 0.00
1.18
0.00 0.00
1.15
0.00 0.00
0.94
0.01 0.00
1.14
0.01 0.00
www.stenhamassetmanagement.com
-0.84 0.00
(IRL)
Regulated
0.06 0.00
Pictet-USD Sov.ST.Mon.Mkt-I
Regulated
-1.02 0.00
Stenham Multi Strategy USD
$ 107.79
-1.69
$ 400.44
1.23
$ 115.94
0.34
$ 413.84
3.08
$ 152.74
1.07 0.00
108.52
-0.09 0.00
184.85
-1.14 0.00
1.44 0.00
0.50 0.00
$ 706.92
-10.47 0.00
-3.43 0.00
(IRL)
Regulated
$ 323.78 323.78 2.40 1.03
3.45
254.81
4.13
SFr 514.38
0.49 0.00
$ 113.87
-2.12 0.00
$ 81.81
-0.18 0.00
-1.58 0.00
$ 11.16
-0.14 1.71
$ 174.21
0.22
9.45
-0.10 0.00
$ 10.32
-0.08 0.00
9.70
302.31
-7.17 0.00
2.69 0.00
-3.18 0.00
-0.22 0.00
(IRL)
Regulated
7.78
0.40 0.00
(GSY)
5.05
$ 27.13
367.92 0.00
3.02
-0.03 4.88
36.47 0.00
2.54
-0.03 5.10
1.40 0.00
37.58 0.00
13232.85
-267.75 0.00
0.23 3.17
SWMC UK Fund B
11679.31
-94.22 0.00
0.24 2.96
-97.53 0.00
-161.44 0.00
0.21 3.31
0.05 0.00
0.04 0.00
-0.16 0.00
0.04 0.00
8.89
-0.13 0.00
-0.11 0.00
-0.13 0.00
-0.12 0.00
$ 19.63
-0.02 5.29
-0.13 0.44
8.62
0.00 4.99
13.86
-0.11 1.64
16.37
-0.08 0.33
0.01 4.94
-0.30 0.00
14416.00
24.37 0.00
RobecoSAM Sm.Energy/N
12.16
-0.15 0.00
$ 176.78
0.31 3.06
0.40
Japan I JPY
1683.07
253.18
-0.40 0.00
RobecoSAM Sm.Materials/A
151.28
-1.03 1.16
171.00
0.31 3.26
0.02 0.00
RobecoSAM Sm.Materials/N
150.91
-1.51 0.00
0.31 3.19
-2.15
162.42
-2.59 0.00
104.17
-1.05 0.00
21329.00
34.00 0.00
94.56
-0.75 1.08
115.01
0.20 3.22
-2.47 0.00
Global Opp.A
142.56
-1.09
6.28 0.00
-2.14 0.00
Global Opp.B
$ 144.84
-0.85 0.00
RobecoSAM S.HealthyLiv/B
177.20
-2.18 0.00
Global Opp.C
204.90
-1.41 2.70
RobecoSAM S.HealthyLiv/N
166.10
-2.03 0.00
Sequoia Equity A
137.98
-2.01 0.00
RobecoSAM S.HealthyLiv/Na
125.84
-1.12
Sequoia Equity B
$ 145.51
-2.00
Sequoia Equity C
185.15
-2.74
0.23 0.00
0.01 0.00
RobecoSAM S.Water/A
216.28
-1.54 0.97
RobecoSAM S.Water/N
180.28
-1.87 0.00
Regulated
Monument Growth 20/09/2016
-2.74 0.00
168.45
-1.61 0.00
-2.96 0.00
-2.54 3.17
-0.33
-1.17 3.33
$ 263.66
251.82
Pictet-Health-I USD
120.02
International D
4.49 0.00
178.28
2.75 0.00
International C
-1.29 0.00
-3.57 0.00
146.87
-3.51 0.00
-2.84 0.00
-7.74 0.00
-1.83 0.00
$ 481.70
279.99
$ 364.54
International A
International B
163.31
238.82
(LUX)
(GSY)
(IRL)
-2753.17
(LUX)
135.84
-1.77 0.00
Regulated
0.39 0.00
RobecoSAM Sm.Materials/Na
10931.83
$ 130.70
167.06
116.00
FCA Recognised
126.19
-0.74 0.00
263.00 0.00
11.97 0.00
13383.00
0.08 0.00
(CYM)
61.77
25872.00
0.24 2.96
210.27
Regulated
7.94 0.00
0.23 2.82
0.00 0.00
$ 366.16
102.00
305.00
$ 128.23
-0.09 0.00
4.93 0.00
-0.13 1.40
0.24 3.03
123.94
263.83
0.22 2.98
13.86
12.08 1.22
RobecoSAM Sm.Energy/A
23.45
128.31
125.06
1.86
$ 265.16
0.16 0.00
(LUX)
(IRL)
RobecoSAM
0.09 0.00
0.22 2.82
-0.49 0.00
123.58
0.60
$ 36.78
(IRL)
0.22 3.04
9.76
Tosca A USD
YMR N Growth
-0.05 0.00
(IRL)
waverton.investments@citi.com
FCA Recognised
593.56
0.05 0.00
-1.13 0.00
0.22 3.07
0.05 0.00
Healthcare Blue Chip Fund I USD Acc $ 10.79 10.79 -0.14 0.00
Pictet-EUR Bonds-I F
-0.10 0.00
www.toscafund.com
www.toscafund.com
Authorised Funds
9.43
(UK)
(IRL)
Guide to Data
European Multi-Sector
Regulated
Biotechnology I USD
Regulated
-22.38
(CYM)
Regulated
138.48
5.03
1.7851
Bridge Fund
-0.0011 4.37
(LUX)
Regulated
(CYM)
Regulated
382.09
Pictet-Agriculture-I EUR F
-1.64
0.46
0.41 0.00
-0.99
0.99
1.29
25.59 0.00
1.0408
Pictet-Biotech-I USD F
$ 2376.08
www.ram-ai.com
Other International Funds
-0.01 0.00
Northwest $ class
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
110.51
-2.16 3.65
81822.89
2893.89 0.00
65816.00
-1022.00 0.00
$ 642.83
-9.69 0.00
0.68
Prusik Asia A
$ 206.18
1.16 0.00
$ 162.43
1.10 0.00
(IRL)
www.rubricsam.com
Regulated
(IRL)
Regulated
-0.48 0.00
-9.84 0.00
(UK)
21 Lombard Street, London, EC3V 9AH
Client Services 0800 358 3012, Client Dealing 0800 358 3012
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC
UBS Global Emerging Markets Equity C Acc
Asset Management
0.62
0.00 1.33
Asset Management
Asset Management
20
FINANCIAL TIMES
FT explainer
Deutsche Bank
Share price ()
100
80
60
40
20
0
1991
95
2000
05
10
16
$43.5bn
Value of
collateralised loan
obligations priced
so far in 2016
%
Yield achieved by
highest-rated
tranches of
CLO deals
Analysis. Exchanges
Nasdaq + ISE
It has been known as the small, unheralded exchange from Chicago but at a
stroke CBOE Holdings has forced a reevaluation of its standing in the market.
The surprise $3.2bn deal to buy Bats
Global Markets is the largest in the
CBOEs 43-year history and momentarily draws the spotlight away from its
crosstown rival CME Group, the worlds
largest futures exchange.
And despite the low-key approach
from both sides, it is also a deal that
promises to redraw the exchange industry landscape in North America.
According to the companies managements, a combination is about putting
together the CBOEs popular and longcoveted dominance in trading Vix and
S&P 500 options with Bats acknowledged cutting-edge technology.
We are the product innovator in the
space, says Ed Tilly, chief executive of
CBOE.
Bats is the low-cost disrupter in
this space. Together, and with the data
spun off their exchanges, [this] feeds
perfectly into our growth and the industrys move into more sophisticated
strategies.
Yet as analysts and rival industry
executives are aware, it is a more transformational deal than that.
It moves CBOE out of the closeknit futures and options world of
Chicago, the self-styled trading capital of the world, and brings it for the
first time into the unfamiliar territory of
US and European cash equities,
exchange traded funds and foreign
exchange.
Kansas-based Bats, once a start-up
backed by global banks and launched by
a former high-speed trader, has
expanded, also through mergers and
acquisitions, to overtake Nasdaq in US
share trading with a 20 per cent market
share, second to the New York Stock
Exchange. It also has a fifth of all European equities. The group went public in
April.
CBOE is buying growth, scale and
diversification, says Richard Repetto,
an analyst at Sandler ONeill in New
York.
You can spread your revenues over a
smaller cost base. You dont have to
depend on any single set of products.
29.2
34.8
10.9
17
BOX 2.3
Bats
MIAX 5.8
NYSE
10
15
CBOE
CME
ICE
Bats
Nasdaq
Commodities
the exchange business, they are multibillion companies now . . . but clearly
there are cycles of consolidation that
occur and you have to remember there
are new entrants into the market.
But in one respect the deal resembles
the growth path taken by another US
exchange that went from start-up to one
of the worlds largest in just 16 years
ICE.
ICE has switched focus in recent years
to selling lucrative data to investors. It
has a mixture of equities, commodities
and futures on one platform. Some
think the new exchange will do the
same.
This opens the door for them to
charge a lot more for market data, says
Larry Tabb, co-founder of Tabb Group.
Bats has not monetised its market
data and infrastructure as significantly
as Nasdaq and NYSE. That is probably
worth the whole price of admission.
Additional reporting by Arash Massoudi in
London
Capital markets
Nickel prices rise after Philippine mine closures Luxembourg launches green bond platform
HENRY SANDERSON AND
HUDSON LOCKETT
21
FINANCIAL TIMES
TRADING POST
Jamie
Chisholm
With Wall Streets S&P 500 once again
easing back from record highs, there is
inevitable chat about whether this bull
run has reached its peak.
Time for another look at the handy
Bull Market Top Checklist provided
by Strategas, the New York-based
research boutique.
Of the nine factors it cites, only one
is flashing red, it believes, and that is
weakening upward earnings revisions.
The third-quarter results season will
start in a few weeks, so well soon see
how that plays out.
Other issues are more benign. Credit
spreads are not signalling angst and
rising real interest rates are not a
concern 5yr to 5yr break-even
expectations have deteriorated from
a year ago as the outlook on growth
has come in, Strategas says.
Next, initial public offering market
and M&A activity have not hit levels
that suggest building exuberance.
Market internals remain supportive
too. There is little sign of an erosion
of stocks making new highs or a
significant shift towards defensives
becoming the market leaders.
But arguably the most important
factor to note is that, unlike the last
two tops in 2000 and 2007, there is
scant evidence of speculative excess.
We have seen trundles higher but
no blow off top that might suggest
panic buying.
Retail participation in the market
rally continues to be conspicuous by
its absence, Strategas notes.
Inflows into equity funds compared
to bond funds still remain below levels
seen at prior peaks.
jamie.chisholm@ft.com
Sep 2015
2016
2.1
2.0
1.9
1.8
Sep
Steep falls for oil prices, lingering concerns about eurozone banks and some
encouraging US economic data left
stock markets struggling for a clear
direction as participants digested Hillary Clintons perceived victory in Mondays US presidential debate.
The dollar lost ground against the
majority of emerging market currencies
with the Mexican peso a notable gainer
on hopes that an election win for Mrs
Clinton would maintain the status quo
in terms of trade agreements with the
nation.
Gains for US and German government
bonds reflected the uncertain mood in
equity markets, although gold suffered
its first decline in seven sessions.
At midday in New York, the S&P 500
US equity barometer was up 0.3 per cent
at 2,153, recouping some of Mondays
0.9 per cent decline. Technology stocks
outperformed, helping the Nasdaq
Composite gain 0.6 per cent.
Consumer cyclical stocks found some
support from data showing that US consumer confidence had hit its highest
level for nine years in September,
according to the Conference Board.
We see this improvement as constructive for third-quarter spending
growth and . . . as further evidence of
the strength of the US consumer, said
Blerina Urui, economist at Barclays.
The pan-European Stoxx 600 index,
however, inched up less than 0.1 per
cent and the Xetra Dax in Frankfurt
shed 0.3 per cent as financials suffered
further losses, although Deutsche Bank
recovered from an early 3.5 per cent
2016
Sep
Day's
Indices
S & P 500
Close
change
2154.78
8.68
DJ Industrials
18184.30
89.47
Nasdaq Comp
5286.89
29.40
Russell 2000
1204.70
-8.35
13.40
-1.10
US 10 yr Treas Bd
1.56
-0.03
US 2 yr Treas Bd
0.74
Adam Samson
Bryce Elder
Jan
85
80
75
70
VIX
London
Sky advances after
21st Century Fox
takeover talk resurfaces
Joe Raedle/Reuters
Aug
Eli Lilly
Wall Street
Accelerating revenues
will gild Lillys shares,
predicts analyst
Markets update
The press verdict is that Hillary Clinton won but Donald Trump didnt lose
badly enough to really reduce the uncertainty, said Kit Juckes, strategist at
Socit Gnrale.
The market verdict is that the Mexican peso, the South African rand and the
Korean won all won, while the Japanese
yen was the loser.
The dollar hit a record high against
the peso in Asian trading within a
whisker of the 20 peso per dollar level
but subsequently fell back to 19.46,
down 2 per cent on the day.
David Rees at Capital Economics
noted that the pesos fortunes in recent
months had been closely tied with the
likelihood of Mr Trump becoming the
next US president.
That is hardly surprising, given that
Mr Trump has taken a particularly bellicose stance towards Mexico, he said.
And he has repeatedly talked about
pursuing more protectionist trade policies, which would be bad news for Mexicos open and US-dependent economy.
Elsewhere, the dollar was down 1.5
per cent against the rand and 0.9 per
cent versus the won. The US currency
was flat against the Canadian dollar at
C$1.3227.
But the euro was down 0.4 per cent at
$1.1210 while the dollar was less than 0.1
per cent higher against the yen at
100.39, leaving the dollar index up 0.2
per cent.
The US units broadly firmer tone
came in spite of a renewed rally for
Treasury bonds, which pushed the yield
on the 10-year note down 2 basis points
to 1.57 per cent.
The German 10-year Bund yield fell
3bp to minus 0.14 per cent.
Gold was down $10 at $1,326 a troy
ounce after rising 2.1 per cent over the
previous six days.
In the base metal arena, copper fell 1.1
per cent in London to $4,787 a tonne,
although supply concerns helped drive
nickel to a seven-week high.
0.39%
2016
Sep
2200
2180
2160
2140
2120
0.15%
6900
6800
6700
6600
Aug
2016
Sep
0.06%
1380
1360
1340
Aug
2016
Sep
1320
Aug
2016
0.84%
17.2
17.0
16.8
16.6
16.4
Sep
Trading Directory
Trading Directory
Trading Directory
Runs Daily
.....................................................................................................................................................................................................................................................................................................................................................................................................................
22
Analysis. Currencies
INSIGHT
Jonathan
Wheatley
Venezuela clutches at
straws in desperation
to avoid bond default
ow more than ever, investors in the highstakes poker game that is Venezuelas bond
market are focused on one question only: for
how much longer can the country put off what
many are convinced is an inevitable default?
In a broad sense, Caracas is already a serial defaulter. It
has defaulted on its people by denying them access to the
dollars they need for essential imports. It has defaulted on
its commercial partners, first by seizing their assets via
nationalisation, more recently by not paying their bills, so
the oil service companies it depends on to keep the petrodollars flowing have cut operations to a bare minimum.
It has even defaulted, in a partial and negotiated way, on
China, its one significant source of help in an increasingly
exasperated outside world. Beijing has lent the government an estimated $65bn, of which about $25bn has yet to
be repaid. In May, China agreed to accept only interest payments, putting off principal payments to a later date.
Only one of Venezuelas four groups of creditors is being
paid without fail, on the button, every time: its international bondholders.
To anyone left wondering why the leaders of the Bolivarian Revolution and 21st Century Socialism would make it a
priority to hand over scarce dollars to the running dogs of
western capitalism, even as their people riot for lack of
food and die for lack of medicines the answer is simple.
In a bond default, any assets outside Venezuela belonging to the government or to PDVSA, the national oil company, would become attachable, or liable to be seized by
Only one group
creditors. Not only would
PDVSAs overseas refineries of creditors is
disappear in a flash. Exports
paid without fail:
of crude, the governments
vital and only lifeblood, would its international
be catastrophically disrupted.
bondholders
It would be the end of the
world as adherents of
chavismo, the political movement founded by Hugo
Chvez, know it, and the apocalypse would not be orderly.
Those in power still hoping to engineer a transition next
year to a more acceptable form of chavismo-light assuming they can fend off the oppositions attempts to hold a
recall referendum would be cast into the void.
Hence the governments desperate clutching at any
straw to save it from the fall. The $7bn debt swap proposed
last week has been largely written off before it started, the
fact that no lawyers or investment bankers were prepared
to put their names to it being perhaps the least of its unappealing features. Kevin Daly of Aberdeen Asset Management, who holds some of the bonds covered by the offer,
says he will stick with what hes got. He will be one of many.
Yet even if the swap fails, it may not spell the end only
that Caracas will have to come up with something better.
While that moment is approaching, it is not here yet.
Orlando Ochoa, an economist who knows more than most
about the states finances, reckons the government will be
able to muddle through until next year. By the logic of the
chavistas, they would then be able to ditch the unpopular
president, Nicols Maduro, but still cling to power.
Such a transition would solve very little. Yet many
bondholders are still unfazed. A PDVSA bond maturing in
2017, on which a $2.3bn payment is due on November 2, is
trading at about 80 per cent of par hardly a sign of panic.
Even if Venezuela and PDVSA were to default, many
bond investors are confident of a healthy recovery value.
Venezuela, after all, has the worlds biggest proven oil
reserves. It is far from insolvent, just acutely illiquid.
How things pan out depends on the behaviour of Venezuelas other creditors. Its people have shown a remarkable capacity for suffering, perhaps because many of them
still believe chavismo has their interests at heart.
Its commercial partners have their eyes on the long
game. With Russian and Chinese oil companies still on the
ground, western service companies and the few surviving
oil majors have been reluctant to withdraw altogether.
That leaves China. Under the May agreement, it gave up
about $5bn in annual revenues from Venezuela. Many
believe its patience has run out, it is alarmed at the course of
events and would now support any government that can
make things better even if it is unclear if it would welcome
an opposition-led regime that might turn towards the west
andawayfromthetraditionalbackersofchavismo.
jonathan.wheatley@ft.com
economies, headed
by Brazil, Russia, India
and China.
ft.com/beyondbrics
Y Podcast The Hard
Currency podcast takes a
look at what is driving
the global currency
market. ft.com/podcasts
Y Lex Video Analysis
and opinion from the
team on the hot issues
affecting companies and
markets. ft.com/lexvideo
Calmer US waters
Brexit trumps Trump so far in volatility
Yen
FX options skew*
10
110
115
120
125
Feb
4
2016
Sep
Mexican peso
Against the dollar (peso per $)
20
19
18
0
120
100
80
60
40
Days before the election/referendum
20
I think we
are building
up a
crescendo
of political
risks on a
number of
different
frontiers
Pressure intensifies on
German bank groups
105
8
Capital markets
100
Dollar v sterling
ROGER BLITZ
17
March
2016
Sep
Photos: Getty
FT SPECIAL REPORT
www.ft.com/reports | @ftreports
elections, says Mr Redmayne.
Financial market instability in the
lead up to the UKs vote to leave the EU
had a knock-on effect in the yacht market and subsequent falls in sterling led
to a few charter cancellations from British customers. In spite of political
uncertainties, brokers are reporting
that the charter market has held
together surprisingly well.
For most its been a very good charter season despite the difficulties in the
eastern Mediterranean. Yachts simply
moved to the western Med, which has
enjoyed a good summer, says Jonathan
Beckett, chief executive of Burgess, the
yacht brokerage. The attempted coup
in Turkey, however, is not going to be
helpful.
Monte Carlo
buyers on the
hunt for luxury
bargains
Inside
Manufacturers remain
stuck in the doldrums
Tightening order books
give potential buyers
the advantage
Page 2
FINANCIAL TIMES
Sailing yacht
makers remain
stuck in the
doldrums
Sailing yacht
Sailing yacht
FT graphic Source: Superyacht Intelligence Agency Photo: Onne van der Wal
Deliveries
Richard Donkin
FT yachting correspondent
Michael Kavanagh
Commissioning editor
William Mathieson
The Superyacht Report editor
Steven Bird
Designer
Alan Knox
Picture editor
Simon de Burton
FT contributor
Contributors
FINANCIAL TIMES
Accessories
Sub-surface craft are
emerging as the
ultimate in onboard
accessories, says
Simon de Burton
FINANCIAL TIMES
On your marks:
a regatta for
classic yachts
held in Imperia,
Italy
Mauro Ujetto NurPhoto/
Corbis via Getty Images
The clubbable
businessman who
rescued Benetti
Profile Paolo Vitelli
Theyre
going to
have one, no
matter what.
Its a passion
a love
affair
The incident raised a number of questions for owners of yachts who also own
works of fine art and keep them aboard
their vessels. What authority do governments have to limit the movement of
certain culturally significant works?
How can owners of yacht-galleries avoid
the pitfalls of customs inspections? And
are yachts safe venues for world-class
works of art?
Legally, the question of jurisdiction is
complex, according to Tony Allen of
London law firm Hill Dickinson.
Both flag and port state, along with
the country from which it might be said
that any works of art have been wrongfully removed, could each take a legitimate interest if there were any imperfection in the ownership or tax status of
the artwork or the owners right to
remove the artwork from the country
concerned, Mr Allen says.
for customs; how they manage any situation, and their ability to immediately
access the correct documentation, can
help prevent unwanted disruption to
cruising, explains Helen Robertson, a former yacht
crew member who now
works as a conservator
with the National
Maritime Museum.
From personal
experience [as a
crew member], I
know that if the correct paperwork isnt
to hand, it can be difficult getting something
back once its seized.
But as Ms Robertson points
out, fine art is actually one of few assets
on board that can continue to appreciate in value. So it is imperative, from a
FT SPECIAL REPORT
Turkey
www.ft.com/reports | @ftreports
Erdogan
escalates
his master
phase
Inside
Page 3
Construction projects
continue at full speed
The government pins
hopes for growth on
crazy building plans
Page 2
Stronger still:
President
Tayyip Erdogan
introduced
emergency
powers after the
coup attempt
Bloomberg
Europes post-coup defence of the countrys democracy was not as strong as its
concern for restraint once Mr Erdogan
started the purge.
The row over visa liberalisation is
linked to the migrants deal, which
helped curtail the number of people
arriving in Europe on smuggler boats
across the Mediterranean. Turkey
insists that from October the bargain
gives its citizens the right to visa-free
travel in the EU.
Before agreeing to make such a concession, Europe is demanding that
Ankara rework its draconian anti-terror
legislation, arguing that these laws are
too broad and particularly severe on
non-governmental organisations and
journalists. In Turkeys view, the coup
attempt on top of a wave of deadly
bomb attacks claimed by Kurdish separatists and Isis shows that the time is
not right.
Even if the scope of Turkeys terror
laws is eventually narrowed, diplomats
say Mr Erdogans government will have
to accept US-style visa controls in the
EU to allow liberalisation to proceed. In
effect, this would require Turkey to
introduce biometric passports a process that would take considerable time.
As a result, the go-ahead for liberalisation would not take effect immediately.
There is some confidence in EU circles
that an October confrontation on the
visa-free question can be avoided the
argument being that there is no binding
date and that Ankara is still required to
move on the terror laws.
The efforts to ease tensions between
Brussels and Ankara, however, follow
Mr Erdogans post-coup engagement
with Vladimir Putin, the Russian president. Some EU officials see this as nothing more than a shortlived rapprochement between two uncompromising
strongmen. At the same time, European
leaders are keen to ensure the primacy
of their own relations with Turkey, a
Nato member engaged in military operations in Syria.
A basic economic calculation remains
that Ankara has more to gain in European markets than in Russia, particularly if the EU-Turkey customs union
deal, presently restricted to goods, is
widened to embrace agriculture, services and public procurement.
Its a good idea that [Turkey and
Russia] are mending fences, notes the
EU official But its not a recipe for the
future.
He knows
everything
but that
is not a
criticism.
He needs to
know
everything
Purge exacerbates
flight of the young
Students and academics
fear an increasingly
authoritarian state
Page 4
FINANCIAL TIMES
Turkey
Armed guard: a funeral for victims of the failed coup ILYAS AKENGIN/AFP/Getty Images
finance that you suspected of Gulenist
links because of the procedures.
NA: Members of this organisation are
hidden. The idea of the whole organisation is based on being clandestine, on
secrecy. In Islamic history there [are
those] who we call hashashin (assassins).
This is a concrete example of such a kind
of organisation.
MS: But over what period of time did
you identify these people and how?
NA: We realised that this small
number of people was managing other
hidden guys, hidden employees.
How did we know? We looked at their
relationship with some companies. For
example, these guys did public procurement from some special companies. If
you look at these companies in detail
you realise that [they] are related to the
Fethullah Gulen organisations holdings.
For a long time, everybody thought
OK, these are Muslim people, they
believe in God, they believe in the
Prophet, they are very humanitarian
people. But at the end of the day, everybody realised that this was not just a religious cult.
They are a huge, huge organisation.
They have companies, they have people
30
40
50
Electricity (131)
Airports (13)
ICT (1)
Roads (3)
Ports (8)
Natural gas (7)
10
20
30
40
IGA airport
Turk Telekom
Gebze-Izmir motorway
Enerjisa phases I and II
Turkcell
Vodafone Turkey
Kemerkoy and Yenikoy
thermal power plants
IS-TIM (Avea)
Third Bosphorus Bridge and
Northern Maramara highway
Ataturk Airport lease contract
Source: World Bank
Vaulting ambition:
the brand new Yavuz
Sultan Selim Bridge
OZAN KOSE/AFP/Getty Images
You do politics
by highways
[and] by water.
You make
commitments
and if you
cannot deliver
them, you do
not get reelected
FINANCIAL TIMES
Turkey
Right to work: citizenship would improve access to jobs in the formal labour market for Turkeys 2.7m Syrian migrant Chris McGrath/Getty Images
Others warn that the idea remains
contentious, especially given economic
uncertainty and an unemployment rate
that has risen to 10.2 per cent, according
to September figures from the Turkish
statistical institute.
Social acceptance of refugees in Turkey is extremely high we have been
living together for five years and we had
almost no problems, says Murat
Erdogan, head of the migration and politics research centre at Hacettepe University in Ankara. But it is a fragile
acceptance, he adds. Over a short
period of time, it is not easy to accept
granting citizenship to a group of people
who constitute more than 4 per cent of
the population.
While citizenship would improve the
access to jobs and public services for
Comment
FINANCIAL TIMES
Turkey
COMMENT
Elif Shafak
State of emergency: demonstrators in Ankara protest against the suspension of academics REUTERS/Umit Bektas
One Istanbul-based aid worker, who
declined to be named, believes that
among her generation of Turkish millennials the impulse to move abroad has
been brewing for some time.
Turkey was an illiberal democracy
before the coup attempt, and it is still an
illiberal democracy, she says. The only
thing that has gotten progressively
worse is the level of extremist violence.
Whether the [Kurdish armed separatist
group] PKK or Isis, the suicide bombings of the past two or three years are
unprecedented. After the 2013 antigovernment protests in Gezi Park that
were violently quashed, there has been
a sense among millennials that things
are getting bad in Turkey and we need to
move abroad.
Along with one engineering friend
who emigrated to Germany, the aid
worker says she has friends applying to
the US through the green card lottery.
At the same time, people who are dual
nationals and can leave at the drop of
the proverbial hat seem to be staying
put, she adds. I think for millennials it
Contributors
Mehul Srivastava
Turkey correspondent
Selin Bucak
Freelance journalist
Arthur Beesley
European diplomatic correspondent
Cordelia Jenkins
Commissioning editor
Geoff Dyer
US diplomatic correspondent
Steven Bird
Designer
James Fontanella-Khan
US M&A correspondent
Alan Knox
Picture editor
Laura Pitel
Freelance journalist