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Datawatch
Education levels
Syrians seeking
refuge in Europe
may be more
5
10
15 qualified for jobs
than people coming
from countries such
as Ethiopia and
Afghanistan.
However, their time
spent in education
still lags behind
that of people from
the countries they
seek refuge in
* For latest year available
FINANCIAL TIMES
INTERNATIONAL
GLOBAL INSIGHT
Migrant crisis
BRUSSELS
We need a
rock-solid
system of
registering
them when
they arrive
EU official
Thomas de Maizire
Arrivals board:
a refugee at
Hamburgs main
railway station.
Below: Thomas
de Maizire
Adam Berry/Getty
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Emergency gives
Turkey bargaining
power with wary EU
FINANCIAL TIMES
Alex
Barker
FINANCIAL TIMES
INTERNATIONAL
Syriza victory
fails to allay
fears over Greek
bailout reforms
Many EU officials are doubtful the
overhauled government can deliver
HENRY FOY ATHENS
PETER SPIEGEL BRUSSELS
Front page:
newspapers in
Athens
yesterday with
the results of
Sundays general
election
Michalis Karagiannis/Reuters
Golden Dawn 18
Pasok 17
Syriza 145
KKE 15
To Potami 11
Anel 10
Union of
Centrists 9
Now we
have an
enthusiastic
dynamic
prime
minister
with a
popular
mandate
Anthimos
Thomopoulos,
Piraeus Bank
partys Left Platform of anti-bailout dissenters, its fragility is another cause for
concern.
Syriza, which has already fractured
once this year, bringing down Mr
Tsiprass premiership, is still far from
united and is riddled with mistrust.
For all his electoral success, the prime
minister is increasingly seen as aloof by
party faithful, who accuse him of failing
to seek consensus before agreeing to the
bailout.
The internal Group of 53 faction, now
the ideological leftwing of the party, is
still smarting from being cut out of certain decisions surrounding the bailout,
and may seek to slow the pace of reform.
Pockets of resistance to the MoU
(bailout) also remain within Syriza,
said Mr Rahman.
As the government progresses with
difficult fiscal and bank reforms needed
to conclude the first review by the end of
the year, the risk of defections . . . will
grow.
Editorial Comment page 8
FINANCIAL TIMES
INTERNATIONAL
Socialist direction
Party mouthpiece
Peoples Daily
labels Asias
richest man
immoral for
moving assets
Investors dismayed by
edict as planned overhaul
of SEO sector falters
JAMIL ANDERLINI BEIJING
Politics. US visit
Protocol
For the Chinese,
one of the most
important aspects
of the trip is that
it is a state visit,
with a 21-gun
salute and a
formal state
dinner. Beijing
sees this as a sign
that China is
being treated with
respect and as
one of the worlds
great powers.
Talking
points
On the
diplomatic
agenda
Cyber crime
Xi Jinping,
then Chinas
vice-president,
meets Barack
Obama at the
White House in
February 2012
Susan Walsh/AP
Religious tolerance
Islam and fears over Muslim jihadis stir debate among Republican presidential hopefuls
DEMETRI SEVASTOPULO WASHINGTON
FINANCIAL TIMES
FINANCIAL TIMES
INTERNATIONAL
India
Russia
Russia is to deploy 2,000 military personnel to its new air base near the Syrian port city of Latakia, signalling for
the first time the scale of Moscows
involvement in the conflict-torn country.
Carry trade:
a farm labourer
in Amritsar.
Arun Jaitley,
finance minister,
left, says stocks
of grain are high
Roberto Schmidt/AFP/Getty
UK politics
FINANCIAL TIMES
2.5m
End of the
rice age
20%
Agricultural arrow
According to some, the politics and protectionism behind Japans relationship
with rice defining features of the way
the ruling Liberal Democratic party has
maintained power and the country has
been governed since the second world
war are already in flux. The public
may see Prime Minister Shinzo Abes
new national security law, passed last
week after the biggest protests Japan has
seen since the 1960s, as his most radical
bid at reform. But the changes he may
have in store for agriculture could be far
more profound, analysts say.
Earlier this year, Mr Abes party
forced the JA-Zenchu union to waive its
right to supervise and audit farming
groups a move intended to dilute the
power of the union. The idea, considered to be among the reforms that make
up the third arrow of Abenomics,
could give greater autonomy to co-operatives. The government has also relaxed
some of the limits on corporate farm
ownership and created ways to merge
small holdings into larger ones. Mr Abe
may seek to expand the policy.
JAs control over the distribution of
Japans crops gives it a stranglehold on
farming. Breaking that is likely to
remain a priority for the prime minister.
Despite its enduring status as the sole
symbol of Japans self-sufficiency in
food, and the rescuer of a nation from
postwar hunger, the rice industry has
fewer defenders than in the past. The
demographics of the rice industry,
whose average age is 70, are working
against it. About 64 per cent of Japans
farmers grow a crop that represents just
21 per cent of the countrys agricultural
output by value, says the Canon Institute for Global Studies.
Japanese consumers may be wealthy
enough to shun imports that have been
20-30 per cent cheaper. But former agriculture ministry sources say even they
have begun to notice the absurdity of a
system which funnels billions of their
taxes into subsidies that cause more
fields to lie empty and inflate prices.
The beef and wheat lobbies, say government insiders, now wield more influence at the top levels of government. It
has finally become acceptable to ques-
An industry exposed
For others, not least Mr Abe, the falling
rice price helps uncover the long-term
manipulations by the industry lobby. It
may also offer a chance for Japan to
approach global trade, especially ongoing negotiations on the Trans Pacific
Partnership (TPP), with lighter baggage
than in the past, diplomats say. If Californian rice remains more expensive
than domestic rice, as seems likely if
drought conditions persist in California,
Japanese rice farmers should be less
worried about imports.
The underlying economics of rice is in
25
1800
Japanese
1600
20
1400
12
15
1200
1000
10
Californian
Chinese
2001
2005
10
600
2014
400
0
2010
800
1960
70
80
90
2000
13
1970
80
90
2000
10 13
Sources: Canon Institute for Global Studies; Ministry of Agriculture, Forestry and Fisheries; National Tax Agency
perilous shape. Japanese domestic rice cows and pigs would be consuming
prices have trended steadily lower since some of the most expensive feedstock in
2003. As Prof Honma and others point the world, but, in theory, their output
out, if the Japanese rice market had ever would not drag rice prices any lower.
been allowed to respond to supply and
The irony here, says Mr Yamashita, is
demand, domestic rice prices would that Japans government has talked
have fallen sooner and deeper than they enthusiastically about promoting Japaalready have.
nese rice as an export product an
The current difference between Japa- option that would be considerably easnese and Californian rice, as defined by ier if prices were allowed to continue
the average price of a 60kg bag, may falling to settle at a level where it is comonly amount to a few hundred yen. But petitive with Californian rice.
that difference, says Kazuhito YamashThere is also debate over how many
ita, a former agricultural ministry legitimate members JA has it claims
employee and research director at the 4.6m from 3.94m farming households.
Canon Institute for Global Studies, is sig- Mr Yamashita, Prof Honma and others
nificant.
say many of those members are retired,
It shows, he says, that despite JAs and many may be illegally claiming
long-term efforts to maintain high membership to secure tax exemptions
prices, keep inefficient farms afloat and and lucrative deals on the sale of farmensure the size of its membership, the land.
rice price is becoming immune to supThe difference between the real
port as the fundamentals desert it.
number of farming households and JA
A key gauge of the ferocity of Japans members is a real wonder, says Prof
rice protectionism, says Mr Yamashita, Honma. But JAs membership is the
is the high tariffs on imported rice. Two source of its political power. The distordecades ago, Japan grudgingly agreed to tions that have been created are defian import quota of 770,000 tonnes a nitely destructive.
year of rice. This opening of the marJAs power will begin to ebb as prices
ket, however, was mostly verbal: the continue to fall, he says, but the group
rice arrived from the US and China, but has mounted protests against the TPP.
barely any of it was ever released on to Earlier this year, JA mobilised some 10m
the market. With the total bill for this to sign a petition arguing that Japan
exercise now approaching $3bn since should not sacrifice the interests of its
1995, a lot of the rice degraded to the rice farmers during the TPP talks.
point where it was only usable as animal
But analysts say that it was musclefeed. The rest was sent abroad as aid.
flexing by a stumbling giant. In the past,
The true purpose of all this, says Mr says Koichi Nakano, a professor of poliYamashita, has been the growth of JAs tics at Sophia University in Tokyo, the
influence. Prices have been protected political influence of the JA was part of a
to ensure that millions of small rice three-way pact between itself, the ruling
farmers all commission-generating LDP and the Keidanren business lobby.
members of JA, with votes that can As farmers have retired and the power
swing elections are not forced to stop of the rural vote has declined, the pact
farming.
has now begun to fall apart.
Since the 1970s, Japan has
JA and the agricultural lobby have
effectively paid farmers
actually grown weaker as a direct
not to grow rice, the soresult of Mr Abes political strength
called set-aside pro- Proportion of farmers and the demise of the [opposition]
Democratic Party of Japan, says
who grow rice, but the
Y2tn industry represents Prof Nakano. To have political
just 21% of Japans
power, you have to have a credible
agricultural output threat that you will switch your vote
to another party, but they cannot use
that with Abe.
The effect, he adds, is that Mr Abe
may be in a stronger position than any
of his predecessors either to push
through further agricultural reforms or,
more immediately, sign up to a TPP deal
without a damaging backlash in the
rural ballot-boxes.
64%
FINANCIAL TIMES
Letters
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Greek politics does not fit into a rightleft spectrum typical of western
Europe. It is much more of a clientelist
system in which rent-seeking groups
are bought off with tax breaks, favourable regulation and guaranteed jobs.
One such group is Greeces wealthy
oligarch class, which includes shipowners and their generous tax privileges.
Early on, Syriza identified those oligarchs as targets for reform. In practice, it has done almost nothing to
move against them. The symbolism of
Mr Tsiprass decision to spend the summer staying at the villa of a wealthy
shipowner, commuting to work by helicopter, was all too clear.
If Mr Tsipras wants to carve out a legacy as a radical moderniser, rather
than a charismatic but ultimately ineffectual populist, he needs to reorient
Syrizas reforming enthusiasm towards
attacking rent-seeking throughout the
Greek economy. The latest iteration of
the Greek bailout is his blueprint: it
commits Athens to an array of policies
including ending tax breaks for the
shipping industry, tightening the definition of farmers to prevent the
abuse of agricultural subsidies and
compelling doctors and pharmacists to
use cheaper generic pharmaceuticals.
It would be a remarkable, and
frankly improbable, achievement but
the prize for Mr Tsipras if he succeeds
will be immense. Mr Tsiprass role in
the Greek crisis so far has been largely
destructive. He has spread uncertainty
and damaged the economy by capricious oppositionism and by calling an
ultimately pointless referendum.
With this election, he has a chance to
show he will be something other than
the latest of a long line of failed Greek
politicians. The coming few months
could be Mr Tsiprass final opportunity
to make a lasting contribution to
addressing his countrys deep-seated
problems. He should seize it.
Volkswagen makes a
monumental blunder
No one accidentally installs software designed to fool the regulator
The phrase cutting corners does not
do justice to the gravity of the charge.
What German carmaker Volkswagen
stands accused of is closer to outright
deceit. VW has admitted to fitting half
a million diesel cars with code that
tricked regulators into under-recording noxious emissions. Usually when a
company runs foul of environmental
law, the crime is an accident, stemming
from some combination of irresponsibility or inattention. But no one installs
software as clever as this by accident.
The toxic gas in question is nitrous
oxide, or Nox, a pollutant that causes
smog, respiratory illness and increased
death from heart and lung diseases.
Poisons like Nox and small particulate
matter account for tens of thousands of
early deaths a year. They are the classic
negative externality, imposing costs
outside of the production process.
Without firm and well-enforced regulatory standards, competition would
lead to ever more pollution.
As well as posing harsh questions of
its governance, VWs alleged misconduct draws uncomfortable attention to
the technological future of diesel.
Europes automobile industry has long
favoured diesel, in large part because of
environmental advantages in terms of
carbon emissions and fuel efficiency.
These have led countries such as Britain to skew their tax system in its
favour, so much so that over a third of
its car fleet now runs off the fuel, compared with just 7.4 per cent in 1994.
But in terms of emissions of Nox and
fine particulate matter, diesel engines
are dirtier, one reason that the world
beyond Europe has remained so averse
to their use. VWs misconduct appears
motivated by a strategic need to promote diesel as an all-round winner. Its
defeat software activated controls
over Nox emissions only when the software detected that the engine was
being tested. Otherwise, it could run
Registration was no
help in determining
US voters intentions
Sir, The letter from Joseph Colomer on
the Corbyn primary (September 18)
reminded me of a personal experience
during my time as hon sec of the
British American Parliamentary Group
(the largest in parliament).
After attending our annual
conference between the US Congress
and the UK parliament in Washington
DC, I spent a week on holiday in San
Francisco where there was an election
campaign in progress to elect a
member of the US House of
Representatives. I was invited to take
part in the Democrat campaign. For
this purpose, I was given a list of
registered Democrats to visit to
confirm their support for the
Democratic candidate, together with
questions and answers to help me deal
with queries. Imagine my
consternation on finding that at least
half the people on my list had little or
no interest in politics, let alone in
voting for a particular candidate. It
seems that being a registered Democrat
or Republican is not a helpful guide to
voting intention.
In the UK, by contrast, members of
political parties are usually ready to
vote for the candidate selected by their
party. There seems no point in
comparing and contrasting two very
different political systems.
Eric Deakins
London NW1, UK
Where the
streets have no
( fixed) name
New Delhi
Notebook
by Victor Mallet
FINANCIAL TIMES
Comment
Corbyn is simply one more variable in the Brexit debate
POLITICS
Janan
Ganesh
We must
compromise
with evil in Syria
FOREIGN AFFAIRS
Gideon
Rachman
Kingsley
Moghalu
OPINION
Nick
Butler
10
FINANCIAL TIMES
BUSINESS LIFE
The network
risk shared by
vicars and top
accountants
Andrew Hill
Onmanagement
The global
structures
of the
Big Four
are more
fragile than
the Church
of Englands
The great-grandson of
Roches founder discusses
corporate governance and
pharmaceuticals M&A
with Andrew Ward
Start-ups
The patient
capital
approach
WiFi Yes
Plug sockets No
Open 7am-11pm
Privacy AAAAA
11
FINANCIAL TIMES
ARTS
Exhilarating drama,
irresistible Jane
THEATRE
Jane Eyre
aaaae
Sarah Hemming
Its a girl. These are not the words that
open Charlotte Bronts great novel, but
they do open Sally Cooksons inspired
reworking for stage. Its a move both
bold and true: for the condition of being
female boxes Jane in throughout her
life. Her desire for freedom, her irrepressible intelligence and fearless honesty drive this witty, impassioned,
spring-heeled staging that takes liberties with the text, but keeps faith with
its spirit and its irresistible heroine.
By retaining a period feel (bonnets,
top hats, corsets) but playing out on
Michael Vales stylised set of ladders
and platforms, it escapes the sometimes deadening hand of costume
drama, expresses the novels continuing appeal to all rebellious souls
and embeds some of the storys psychological undercurrents in the very look
of the staging. Fire and ice recur
throughout the novel: here the lighting
blushes red or freezes blue as we experience, with Jane, feelings that surge
through her.
That this is a beloved, much shared
story is expressed in the ensemble telling, with a wonderfully versatile group
of actors bustling about to switch character (including a droll dog from Craig
Edwards) and to propel the story forward through dynamic physical
sequences and live music.
We bundle through Janes experiences her miserable childhood with
her cruel aunt, the deprivations of
Lowood school and her period as governess at Thornfield Hall, where she
meets Mr Rochester (the marvellously
sonorous and moody Felix Hayes). One
DA N C E
aaaaa
Clement Crisp
Inspired:
Madeleine
Worrall as
Jane Eyre.
Below right:
Steven McRae
and Sarah Lamb
in Romeo and
Juliet
Manuel Harlan
Alice Pennefather
C L A S S I CAL M U S I C
aaaae
Richard Fairman
When he received the award for
Lifetime Achievement at the Gramophone Awards last week Bernard
Haitink said ruefully that he had never
felt so old. Other conductors in their
eighties have kept working Pierre
Notorious
aaaee
Guy Dammann
The idiosyncrasies of operatic dramaturgy have often led to a reliance on
well-known stories when composing
new works. This new Gothenburg Opera
commission, by Hans Gefors and librettist Kerstin Perski, is based on Alfred
Hitchcocks 1946 thriller Notorious. The
film is already markedly operatic, both
in its clever use of the postwar context to
fuel the fires of the love triangle between
an American agent (Cary Grant), the
beautiful daughter of an exposed Nazi
THEATRE
Martyr
aaaee
Ian Shuttleworth
Marius von Mayenburgs most recent
plays have examined major social issues
directly rather than through semidetached fables. In Stck Plastik, it was
casual middle-class exploitation of
domestic labour. Here, in a 2012 piece
now given its British premiere in a coproduction between the Unicorn and the
Actors Touring Company, the topics are
fundamentalismandtolerance.
Both Germany and Britain are experiencing rising levels of anti-Islamism;
however, von Mayenburg makes a point
of showing our own conduct to us. When
teenager Benjamin refuses to participate
in swimming lessons at school, it is
Mats Bcker
12
FINANCIAL TIMES
Noxious admissions
VWs share prices fell a fifth on news that US regulators have detected
manipulation in engine emmisions tests. The impact could be far worse
if the issue extends to Europe, the groups largest market
North America
Dialog/Atmel:
sailing into the wind
Container ships, commodities,
computer chips the industry matters
little, so long as it is cyclical and needs
lots of capital. Logic dictates that deals
should be done in the lower part of the
cycle, when assets are cheap. In
practice, deals are done near the top, at
Panglossian prices. Anyone who flouts
this perverse convention risks
shareholders wrath. Dialog
Semiconductor demonstrated this
yesterday. A jittery market marked its
shares down 19 per cent after it
announced it would pay $4.6bn in cash
and shares for the chipmaker Atmel.
The procyclicality of chip mergers is
extreme. In 2000 and 2006, there were
$53bn and $70bn in deals, many times
the levels of a few years before,
Dealogics data show. Each frenzy was
closely followed by 70 per cent declines
in the Philadelphia semiconductor
index, the industry yardstick. So the
fact that there have been $96bn in semi
deals this year is, inevitably, a bit hard
on the nerves. Indeed, the last big deal
announced Intels purchase of Altera
precisely coincides with the June
peak in the Philly index. It has fallen
nearly a fifth since.
Still, the Dialog slapdown calls for a
specific explanation. The $10.42 per
share headline price based on
Dialogs undisturbed price is a stout
42 per cent premium. Had the offer
been made in late June, it would have
carried no premium at all. Thats the
power of buying against the cycle.
The issue, instead, is where the deals
touted benefits come from. Dialog
specialises in chips controlling power
use in mobile devices, and has a
sideline in Bluetooth communication.
Atmel makes microprocessors, onechip computers that control devices
from dishwashers to cars, and has a
specialisation in WiFi-enabled secure
communication among machines. The
pitch is that the combination will be a
one-stop shop for the internet of
things. (This phrase, familiar to chip
investors, refers to a happy future in
which a great many semis are sold.)
This vision may be spot on. As
concerns the share price in the near
future, though, that matters not a bit.
In a down cycle, investors require
concrete cost savings, not a pitch about
one and one making three. The $150m
1010
1010
slama ad
LOW
Delhi
Kolkat
17
33
mbai
Ya
1010
Colombo
Forecasts by
Low single
digit
Hon Hai:
the point of Sharp
Unit
sales
JOTTER PAD
Rev
Est profit
growth margin
Mid to high
single digit
Unit
sales
Revenues
Rev
Est profit
growth margin
Revenues
Asia Pacific
Double
digit
Russian gold:
rouble relief
For most miners, gold is a miserable
business to be in. Average gold prices
are uncomfortably close to production
costs. One bright spot is Russia: miners
there incur about three-quarters of
their production costs in roubles.
The Russian currency has fallen
40 per cent against the dollar this year,
sustaining margins despite weaker gold
prices. So owning a Russia-focused gold
miner, preferably one whose shares
trade on an international stock
Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bangkok
HIGH
25
Barcelona
eoul
eij
26
Beijing
LOW Berlin
okyo
Brussels
27
Budapest
1010
Sha hai
Buenos Aires
Chicago
1010
Copenhagen
aipei
Dallas
31
ong Kong
Delhi
oi
1000
Dubai
Dublin
LOW
32
Edinburgh
M
k
B
Frankfurt
Geneva
i Minh City
Ho
Hamburg
Hong Kong
Brunei
uala
1 L mpu
Istanbul
2
Jakarta
Si apore
Johannesburg
Karachi
12
3
Kuala Lumpur
Kuwait
3
Lisbon
London
Los Angeles
Wind speed Luxembourg
in KPH Madrid
Revenues
South America
Sun
Shower
Thunder
Thunder
Sun
Thunder
Cloudy
Shower
Sun
Cloudy
Sun
Rain
Fair
Fair
Sun
Fair
Cloudy
Shower
Shower
Shower
Fair
Fair
Sun
Sun
Sun
Thunder
Sun
Sun
Rain
Rain
Rain
Sun
41
16
24
34
26
25
19
15
22
16
26
15
34
34
39
15
16
14
18
15
31
27
34
26
37
31
43
22
15
28
13
29
Malta
Manila
Melbourne
Mexico City
Montreal
Moscow
Mumbai
Munich
Nairobi
New York
Oslo
Paris
Perth
Prague
Rio
Rome
San Francisco
Seoul
Shanghai
Singapore
Stockholm
Sydney
Taipei
Tokyo
Toronto
Vancouver
Venice
Vienna
Washington
Wellington
Yangon
Zurich
Sun
Thunder
Shower
Fair
Sun
Sun
Cloudy
Shower
Fair
Cloudy
Shower
Shower
Sun
Fair
Sun
Sun
Sun
Sun
Fair
Shower
Shower
Shower
Rain
Sun
Sun
Fair
Sun
Sun
Cloudy
Rain
Thunder
Shower
CROSSWORD
No. 15,042 Set by JASON
US housing:
lording over
Europe*
Unit
sales
1000
HIGH
Rev
Est profit
growth margin
Revenues
4.4m 123bn 5%
1010
1020
Unit
sales
ACROSS
1 Don or postgrads official
record (3,5)
6 Start to buy pure spread (6)
9 Alice married one of these
breaking sugar daddys heart
(6)
10 Finished Scripture and gym?
Im off (8)
11 Often trite image that is
indicative of a big ego! (4)
12 Scattered queue tear along
this? (6,4)
14 Furious old bird (8)
16 Fine lubricant is something to
battle with pointlessly (4)
18 In short, like some crosswords
before long (4)
19 Dogged son was in debt
beforehand (8)
21 Take the plunge and hike to
Barking with tent (3,3,4)
22 Artist concerned with being
thin on the ground (4)
24 Dash up to cafe for what suits
you (3,2,3)
26 Without basis claim supporters
overcome by beer (6)
28
32
12
24
22
20
31
17
28
23
12
16
26
19
33
25
21
30
27
31
14
16
31
27
22
16
22
20
24
11
32
17
13
London Stock
Exchange
Volkswagen
Lululemon
Euro/Dollar
Greek stocks
(ATG)
FTSE
Eurofirst 300
2-year US
Treasury
Brent
crude
2.17
2,444
18.6%
132.20
1.87%
$53.90
0.9%
$1.1206
0.6%
693.54
1%
1,411.37
4bp
0.71%
2.2%
$48.49
Short
View
3 Move triggers sell-off in UK insurers shares 3 Swiss group warns on Chinese losses
RALPH ATKINS ZRICH
DAN DOMBEY LONDON
spend more time with his family. Overall, Zurich Insurance expected its general insurance business to report an
operating loss of about $200m for the
third quarter.
In the light of the deterioration in the
general insurance performance, we
have terminated the discussions about a
possible offer for RSA, said Zurich.
The Swiss insurers explanations were
partially plausible, said Stefan Schrmann, an analyst at Vontobel in Zrich.
But clearly Zurich was aware of a cautious view by the market about the
deal.
Zurich Insurance said results of its
due diligence investigation into RSA had
been in line with its expectations. We
had not found anything that would have
Clearly
Zurich was
aware of
a cautious
view by the
market about
the deal
Ubers impact
Taxi loans group eyes
move to go private
Uber, the ride-hailing service, may be on
the cusp of new big disruption: driving a
Nasdaq-listed New York taxi finance
company out of the public markets,
writes Ben McLannahan.
Medallion Financial trades under the
symbol TAXI in New York, with big
investors including BlackRock and
Morgan Stanley backing its business
supplying loans to yellow-cab drivers to
buy licences, or medallions. Since
peaking at a market capitalisation of
almost $400m in 2013, Medallion has
lost more than half of its value even as
profits have continued to climb.
Andrew Murstein, chief executive,
blamed a misunderstanding that the
rise of Uber would squeeze licensed
drivers, triggering big losses within
Medallions $309m portfolio of loans.
The damage has been so great that
Medallion is considering taking itself
private. Weve been thinking a lot about
it, said Mr Murstein, grandson of the
Medallion founder.
The fall in Medallion shares is
mirrored by a fall in the price of
medallions, the pieces of tin that give the
owner the right to pick up passengers on
the streets of New York, in secondary
markets. They change hands for about
$700,000, down a third from 2013.
Jennifer
Hughes
There is a joke among Hong Kong investors that the further away from Beijing a commentator may be, the more
certain the opinion on China.
By that measure, Argentines should be the most definite
in their views. But those in New York and London cannot
be far behind, and they are almost unanimous in their negativity. Their view was only reinforced by the Federal
Reserves apparent reference to Chinas slowdown in its
decision not to raise interest rates last week. A growing
number also refuse to trust Chinese data and prefer their
own estimates resulting in still-lower numbers.
That Chinas economy is slowing and its data-collection
in need of improvement is not disputed. Its previous overreliance on industry is clear and its data analysis is still that
of an emerging market. In particular, its consumer data are
poor compared with simpler measures of factory output
and power generation.
However, on some of the consumer-related numbers,
China does not look quite so dire. In August, retail sales
were up 11 per cent year-on-year, and airline passenger
numbers rose by a tenth. Cinema box-office receipts were
45 per cent higher. At the same time, the number of big cities recording rising house prices hit a 12-month peak. Sales
of 4G mobile phone contracts are rising almost 200 per
cent, according to Bernstein a rate only ever bettered by
South Korea, the world leader in mobile internet adoption.
Those numbers do not suggest that growth is a long way
below the reported, if doubted, 7 per cent nor that consumers are worried about it. While the 4G adoption rate
will have been boosted by the fact that China Mobiles 3G
standard is barely usable, those faster smartphones will
only increase ecommerce further muddying old indicators such as new store counts, which do not capture the
online-to-offline market.
None of this is to say that Chinas economy is not slowing, only that like the proverbial elephant whose form
the blind men tried to extrapolate solely from the bit they
were holding it does not look the same from all points.
Investors seeking to understand China better should
perhaps do so from closer range and remember that not
every data set necessarily points down.
4G mobile
subscriptions
20
1500
15
1000
10
500
5
0
Jan
2015
jennifer.hughes@ft.com
Dreamstime
Legg Mason...............................................20
Lennar............................................................21
Lufthansa.....................................................14
Lululemon....................................................21
Micron Technology................................21
Mitsui Sumitomo.....................................14
Morgan Stanley........................................13
O2.......................................................................4
OppenheimerFunds...............................20
Panasonic.....................................................14
Partner Re...................................................14
Passport Capital.........................................1
Petropavlovsk............................................12
Phoenix Group..........................................14
Piraeus Bank................................................3
Polymetal......................................................12
Polyus Gold.................................................12
ProSiebenSat.1...........................................16
QS Investors..............................................20
RSA Group.......................................13,14,21
Research Affiliates.................................20
Rio Tinto.......................................................17
Automobiles................................................15
Roche..............................................................10
Banks..............................................................21
Rotork.............................................................21
Financial Services...................................20
Sharp...............................................................12
Financials............................................1,17,20
Shire.................................................................21
Insurance.................................................1314
Sky....................................................................16
Mining.............................................................17
Telecoms......................................................14
State Street................................................20
People
Uber.................................................................13
Ashcroft, Lord.............................................6
VTL.................................................................20
Bieler, Paula..................................................2
Valeant...........................................................13
Bush, Jeb........................................................4
Vanguard.....................................................20
Cameron, David..........................................6
Vesuvius........................................................21
Carson, Ben...................................................4
Volkswagen.............................................8,15
Chauhan, Ashish......................................17
Walt Disney.................................................16
Christie, Chris..............................................4
WisdomTree..............................................20
Graham, Lindsey........................................4
Yahoo.............................................................16
Hague, William............................................6
Yanmar............................................................7
Hester, Stephen........................................13
Zurich Insurance................................13,14
Huber, Berthold........................................15
Sectors
Jaitley, Arun.................................................6
Ka-shing, Li...................................................4
Kerimov, Said.............................................12
Kerner, Mike...............................................13
Kerry, John....................................................4
Modi, Narendra...........................................6
Mondale, Leo.............................................14
Murstein, Andrew....................................13
Obama, Barack...........................................4
Osborne, George........................................6
Ptsch, Hans Dieter...............................15
Rajan, Raghuram.......................................6
Sanders, Bernie.....................................4,13
Schulz, Martin..............................................3
Tayyip Erdogan, Recep.........................2
Terryn, Kristof...........................................13
Thomopoulos, Anthimos.......................3
Trump, Donald............................................4
Tsipras, Alexis.............................................3
Tusk, Donald................................................2
Winterkorn, Martin.................................15
Yellen, Janet..............................................22
Week 39
Jul
Rising numbers of
airline passengers
and 4G mobile
phone subscribers
suggest that
Chinas economic
slowdown does
not look the same
from all points
14
FINANCIAL TIMES
COMPANIES
INSIDE BUSINESS
Insurance
FINANCE
Glitch in insurance
M&A comes as deals
look less attractive
Investors were
largely relieved
Zurich would no
longer be paying
over the odds
for a mid-tier
British insurer
Adrian Moser/Bloomberg
News
Withdrawal. Aftermath
Oliver
Ralph
Stephen Hester:
RSA chief had
been widely
expected to step
down in the
event of a
takeover by
Zurich
Telecoms
15
FINANCIAL TIMES
COMPANIES
VW woes cast
doubts over
chief s place in
driving seat
Rocky road
EU regime
Failure to act raises
uncomfortable question
Q&A
VW is also still reeling from a leadership battle that forced the resignation of
Ferdinand Pich, its patriarch and
chairman, in April.
Mr Winterkorn emerged the victor in
that tussle, and earlier this month VW
tried to draw a line under the episode by
announcing it intended to extend his
contract until 2018. Now, his tenure
could be at risk.
Mr Winterkorn is an accomplished
engineer and prides himself on knowing
every tiny detail of VWs cars.
The alleged cheating identified by the
EPA dates back to the 2009, two years
after he took the top manager role at
VW. Important vehicle engineering
decisions are usually taken at VWs
headquarters in Germany.
Either Winterkorn knew about [the
cheating] and should resign, or he didnt
know, and should resign anyway, says
Ferdinand Dudenhffer, automotive
expert at the University of DuisburgEssen.
This is bad stuff. It smells of lack of
control, hubris and denial, says Arndt
Ellinghorst, analyst at Evercore ISI.
70
Volkswagen
Apr
2015
65
Sep
% share
Other carmakers
100
3.2
80
3.0
2.8
2.6
40
2.4
20
Volkswagen
2010
11
12
This latest saga may help catalyse further management changes at VW.
The EPA disclosed on Friday that VW
admitted certain diesel cars contained
defeat devices, and on Sunday, Mr Winterkorn said he was deeply sorry the
company had broken the trust of customers and the public.
He said he had ordered an external
investigation, adding: We do not and
will not tolerate violations of any kind of
our internal rules or of the law. VW
declined to comment further yesterday,
saying its investigation was continuing.
Following Mr Pichs departure, VW
no longer has a strong chairman that
could swiftly force management
changes. VWs supervisory board,
which decides on the hiring and firing of
top management, is being temporarily
led by Berthold Huber, a trade unionist.
Hans Dieter Ptsch, VW finance
director, is preparing to take on the
chairmans job but not until an extraordinary general meeting in November.
The EPA case seems likely to further
harm VWs sales in the US. VW broke
ground on a new US plant in Chattanooga, Tennessee, in 2009, which
became emblematic of its desire to
finally crack the US market after an earlier attempt in the 1970s foundered.
Initially, VW won new US customers
80
75
60
13
2.2
0
14
15
2.0
2011
12
*Includes Toyota, GM, Ford, Daimler, Fiat Chrysler, BMW, Honda, Peugeot and Renault
13
14
15
16
FINANCIAL TIMES
COMPANIES
Technology
Disney invests
in virtual reality
start-up Jaunt
European, Chinese and
US media groups join
in $65m fundraising
TIM BRADSHAW SAN FRANCISCO
Yahoos 15 per cent stake was once its prize asset, but a year after Alibaba listed in New York, it has become a prize problem Krisztian Bocsi/Bloomberg
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may be monitored.
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subject to the then current terms and conditions of
insertion of advertisements in FT publications.
A copy of the terms and conditions of insertion of
advertisements in FT publications can be obtained from
+44 (0)20 7873 3000, or viewed at
www.FT.com/advertising
17
FINANCIAL TIMES
COMPANIES
Mining
Diamond groups
look for China
to regain sparkle
De Beers and Rio Tinto
say recovery of crucial
market will lift prices
JENNIFER HUGHES HONG KONG
mainly by the US, which is still responsible for more than a third of the $80bn
market.
Without much new supply and without any demographic changes from
here, the market conditions are in place
for a favourable long-term outlook, Mr
Davies argued.
Some dealers and polishers had been
caught out by unexpectedly sharp slowdown in new store openings on the Chinese mainland after enjoying years of
strong demand.
According to De Beers, diamond jewellery sales in China over the past five
years rose at a compound annual rate of
14 per cent, compared with a 5 per cent
growth rate in the US.
China has become such a big part of
the industry, Mr Davies said.
A small change in demand there has
a bigger effect that at any point in the
past.
Tighter financing conditions have
taken their toll, with banks under
greater regulatory pressure and increasingly wary of lending to the relatively
opaque diamond businesses.
Average prices for top quality 1 carat
stones have dropped about 13 per cent
in the past year, according to the Rapaport group, whose diamond pricing is
widely used in the industry.
Martin Rapaport, chairman of the
group, said prices of rough stones might
need to fall a further 20 per cent to
restore profitability for the mid-market.
He called on the big miners to take
the lead.
Theyre going to need to sell to someone so theyre going to have to adjust
their pricing, Mr Rapaport said.
There has to be a healthy price
differential between rough and polished
to ensure reasonable level of profitability and activity when China does
come back.
18
FINANCIAL TIMES
MARKET DATA
WORLD MARKETS AT A GLANCE
FT.COM/MARKETSDATA
Nasdaq Composite
0.54%
0.30%
FTSE 100
0.68%
0.08%
Nikkei
Hang Seng
-1.96%
0.99%
-0.75%
$ per
$ per
-0.26%
-1.582%
-0.641%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE
Index
Aug 22 - Sep 21
S&P 500
All World
New York
2,035.73
1,968.65
Day 0.54%
Month -3.32%
Day 0.68%
New York
IPC
Nasdaq Composite
4,841.88
All World
13,737.00
Year -2.10%
4,877.49
Index
Aug 22 - Sep 21
S&P/TSX COMP
Toronto
Aug 22 - Sep 21
FTSE 100
13,739.21
6,403.45
Year -9.99%
Day 0.08%
Mexico City
43,593.76
43,036.59
per
-0.959%
0.475%
All World
London
Month -1.09%
Year -10.49%
All World
Month -0.74%
Year 5.71%
New York
16,990.69
16,495.79
Day 0.68%
Country
Month -2.95%
Year -4.57%
Latest
Year -4.77%
Bovespa
Day 0.99%
So Paulo
47,201.21
Month -0.97%
Year 0.84%
CAC 40
All World
4,630.99
4,585.50
45,719.64
Month 3.16%
Latest
Previous
Day 1.09%
Country
Month -4.14%
Index
Year 2.79%
23135.37
32553.28
21514.90
4594.31
18432.27
1247.85
1491.91
2063.64
4257.27
5713.99
562.98
487.44
1442.57
1669.45
43565.05
9200.22
427.32
661.79
5712.05
30410.39
624.26
32760.95
10555.28
5194.30
5170.50
2869.70
2240.83
3418.37
5721.12
47264.08
803.73
13646.90
435.10
18538.51
8448.34
9246.86
3245.08
302.62
3097.89
1755.83
1041.06
1264.14
1717.24
Index
Year -18.39%
Month -1.81%
stock
traded m's
Apple
19.5
Facebook Class A
12.4
Hospira
11.8
Netflix
8.0
Amazon.com
6.5
Tesla Motors
5.7
Bank Of America
4.0
Dow Chemical
3.9
Jpmorgan Chase & Co.
3.8
Biogen Common Stock
3.8
close
price
114.30
95.69
89.95
101.84
546.50
268.88
15.66
44.12
61.51
302.13
Day's
change
0.85
1.29
-0.01
-0.78
6.24
8.26
0.10
0.81
0.57
-12.54
BIGGEST MOVERS
Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France
All World
Seoul
1,876.07
Day -1.96%
Madrid
Month -12.37%
Year 13.73%
Hang Seng
Day -1.57%
Hong Kong
Month -6.90%
Day -0.75%
Milan
Month -4.40%
2,882.27
Year -10.49%
Shanghai Composite
Day 0.09%
Shanghai
Month -4.24%
Year 11.76%
BSE Sensex
Mumbai
27,607.82
3,507.74
21,755.42
21,746.17
Singapore
3,009.78
21,756.93
Year -10.41%
FTSE MIB
Year -4.34%
22,757.47
Day 0.10%
Month 2.62%
26,192.98
Day 1.12%
Country
Month 0.04%
Index
Philippines
Poland
Portugal
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
Year 3.73%
Latest
Day 1.89%
Previous
7092.41
51437.66
5134.58
2349.25
7170.96
1700.47
808.69
7365.98
2882.27
266.56
653.84
50737.14
35474.71
45379.92
1964.68
236.72
9856.80
7104.37
1465.23
488.85
8782.27
Country
7131.91
51303.79
5075.14
2324.32
7113.40
1710.84
816.56
7470.19
2879.59
264.71
658.31
51044.58
35972.29
45616.07
1995.95
241.12
9847.20
7107.87
1453.11
484.72
8739.22
Taiwan
Thailand
Turkey
UAE
UK
USA
Venezuela
Vietnam
Month -13.86%
Index
Year 35.51%
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 -0.10%
Previous
8307.04
1392.73
75099.03
4505.32
2735.00
6108.71
5578.88
3365.51
3761.17
5910.26
16495.79
8120.68
567.11
4340.90
4841.88
10079.67
1968.65
20793.27
13263.35
572.12
Country
8462.14
1390.32
74980.56
4479.05
2748.20
6104.11
5573.55
3365.68
3763.99
5866.85
16384.58
8036.37
564.99
4323.86
4827.23
10031.60
1958.03
20678.74
13536.73
566.25
Month -5.12%
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 -3.31%
Latest
Previous
222.65
3189.90
884.58
5274.22
259.33
1411.37
2803.32
1252.75
899.12
2526.50
1442.85
459.39
3965.09
4264.77
394.04
1630.69
1370.58
2203.70
1416.73
1447.46
1797.90
3067.81
222.12
3157.30
875.91
5280.99
260.01
1397.57
2773.83
1253.18
877.58
2531.10
1463.31
460.52
3923.42
4230.24
398.77
1652.88
1397.08
2227.51
1406.99
1435.04
1795.50
3022.88
LONDON
ACTIVE STOCKS
stock
traded m's
Sabmiller
153.3
Glencore
133.1
Rsa Insurance
132.3
Sky
125.9
Hsbc Holdings
123.1
Astrazeneca
102.9
Lloyds Banking
95.8
Bp
94.6
Royal Dutch Shell
93.6
British American Tobacco
88.6
close
price
3575.50
119.00
403.30
1020.00
495.10
4379.00
74.23
333.55
1577.50
3558.50
Day's
change
-2.93
-7.00
-104.10
-4.60
5.99
22.83
1.52
0.82
-4.50
17.09
BIGGEST MOVERS
Close
price
Day's
change
Day's
chng%
808.00
1435.00
1550.00
1490.00
1223.00
41.50
55.00
40.00
37.00
28.49
5.41
3.99
2.65
2.55
2.37
403.30
101.10
71.60
139.70
175.10
-104.10
-9.90
-6.50
-11.00
-11.50
-20.43
-8.92
-8.32
-7.30
-6.16
Ups
Paypal Holdings Common Stock
Marathon Oil
Tesla Motors
Owens Illinois
Cabot Oil & Gas
Close
price
Day's
change
Day's
chng%
34.17
16.35
268.88
22.10
24.13
1.25
0.51
8.26
0.67
0.64
3.80
3.22
3.17
3.13
2.72
Ups
Nmc Health
Kier
Synergy Health
Genus
Hargreaves Lansdown
Downs
Mallkrodt
Chesapeake Energy
Lam Research
Biogen Common Stock
Biomarin Pharmaceuticals
75.54
8.57
68.27
302.13
125.83
-6.56
-0.39
-2.95
-12.54
-4.82
-7.99
-4.35
-4.14
-3.99
-3.69
Downs
Rsa Insurance
Petra Diamonds
Premier Oil
Kaz Minerals
Rotork
Based on the constituents of the S&P500 and the Nasdaq 100 index
Index
1,964.68
18,070.21
Year NaN%
Ibex 35
2.87%
3,156.54
Day -0.13%
Country
-0.72%
Aug 22 - Sep 21
Kospi
Tokyo
9,948.51
Day 0.33%
Paris
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
Month 3.36%
Latest
Argentina
Australia
Index
Day 0.07%
Gold $
20,033.52
10,271.70
1,411.37
Index
Aug 19 - Sep 18
Nikkei 225
Frankfurt
10,124.52
Europe
1,427.13
Index
Aug 22 - Sep 21
Xetra Dax
9,856.80
Day 0.30%
ASIA
Index
6,104.11
Month 1.98%
per $
EURO MARKETS
ACTIVE STOCKS
stock
traded m's
Volkswagen Ag Vzo O.n.
2233.7
Daimler Ag Na O.n.
557.1
Nestle N
415.7
Santander
409.5
Telefonica
373.1
Intesa Sanpaolo
364.4
Bbva
335.0
Novartis N
333.4
Roche Gs
307.5
Bay.motoren Werke Ag St
307.4
close
price
162.40
72.28
67.50
5.05
11.30
3.08
7.72
85.79
236.46
85.71
Day's
change
0.00
0.00
0.00
0.00
-0.01
0.00
0.02
0.00
0.00
0.00
stock
traded m's
Toyota Motor
738.5
Mitsubishi Ufj Fin,.
722.9
Mizuho Fin,.
719.0
Sumitomo Mitsui Fin,.
590.7
Nippon Telegraph And Telephone
450.2
Softbank .
426.2
Kddi
422.8
Mitsui & Co.,
312.1
Thb Dai-ichi Life Insurance ,
303.9
Nissan Motor Co.,
279.5
close
price
7234.00
744.00
233.40
4699.50
4333.00
6270.00
2747.50
1509.50
1882.00
1140.00
Day's
change
-104.00
-24.30
-4.40
-154.50
-57.50
26.00
115.50
-44.00
-125.00
-28.00
BIGGEST MOVERS
Close
price
Day's
change
Day's
chng%
BIGGEST MOVERS
109.75
59.51
14.51
63.45
56.09
3.50
1.70
0.40
1.67
1.46
71.65
15.19
5.81
18.14
1.76
-2.35
-0.39
-0.12
-0.33
-0.03
Ups
Essilor Intl.
Akzo Nobel
Eni
Thales
Danone
Downs
Renault
Peugeot
Arcelormittal
Gas Natural
B. Sabadell
TOKYO
ACTIVE STOCKS
Close
price
Day's
change
Day's
chng%
3.29
2.94
2.83
2.70
2.67
Ups
Kddi
Pioneer
Seven & I Holdings Co.,
Jtekt
Mitsubishi Motors
2747.50
281.00
5158.00
1839.00
982.00
115.50
10.00
92.00
19.00
8.00
4.39
3.69
1.82
1.04
0.82
-3.18
-2.54
-2.02
-1.79
-1.62
Downs
Nksj Holdings,.
Thb Dai-ichi Life Insurance ,
Jfe Holdings,.
Ms&ad Insurance Holdings,.
T&d Holdings, .
3526.50
1882.00
1781.00
3308.00
1433.00
-239.50
-125.00
-101.50
-179.00
-75.50
-6.36
-6.23
-5.39
-5.13
-5.00
Sep 21
price(p)
%Chg
week
%Chg
ytd
7.0
-12.8
2.5
0.9
21.5
-2.8
25.9
12.6
13.0
-25.3
0.3
18.3
FTSE 250
Winners
Spire Healthcare
Centamin
Ocado
Allied Minds
Genus
Udg Healthcare
Entertainment One
Ao World
Onesavings Bank
Nmc Health
Drax
Hunting
364.80
65.05
346.80
515.00
1490.00
532.50
294.40
162.90
400.40
808.00
278.00
427.50
19.8
14.1
9.8
9.0
9.0
8.3
8.2
8.1
7.5
6.4
6.0
5.9
11.5
10.4
-13.3
42.5
19.1
39.1
-8.7
-18.6
86.7
75.7
-39.6
-19.6
FTSE SmallCap
Winners
Xaar
Soco Int
Standard Life Eur Private Equity Trust
Oxford Biomedica
Wanton
Town Centre Securities
Findel
Energy Assets
Blackrock Commodities ome Investment Trust
Vitec (the)
Standard Life Uk Smaller Companies Trust
Development Securities
-6.8
-60.2
32.1
-24.2
-24.5
-20.5
-25.8
2.5
-16.3
-7.2
25.2
-3.2
Losers
Premier Farnell
Rotork
Premier Oil
Fisher (james) & Sons
Petra Diamonds
Kaz Minerals
Evraz
Elementis
Galliford Try
Enterprise Inns
Interserve
Redrow
104.75
175.10
71.60
956.50
101.10
139.70
65.25
216.00
1675.00
108.50
564.50
467.60
-23.5
-16.4
-13.5
-12.1
-10.3
-8.5
-7.9
-7.1
-6.9
-6.2
-6.0
-5.5
-40.5
-24.7
-57.2
-19.6
-47.9
-45.8
-57.8
-17.5
30.1
-5.3
1.3
58.2
Losers
Ferrexpo
Aquarius Platinum Ld
Imagination
Kenmare Resources
Brammer
Braemar Shipping Services
Centaur Media
Ashley (laura) Holdings
Raven Russia Ltd
The Eur Investment Trust
Jpmorgan Eur Investment Trust
Charles Taylor
FTSE 100
Winners
Sabmiller
Randgold Resources Ld
British American Tobacco
Associated British Foods
Hargreaves Lansdown
United Utilities
Hikma Pharmaceuticals
Reckitt Benckiser
Coca-cola Hbc Ag
Aberdeen Asset Management
Unilever
Imperial Tobacco
Sep 21
price(p)
%Chg
week
%Chg
ytd
3575.50
3820.00
3558.50
3175.00
1223.00
890.00
2490.00
5839.00
1388.00
323.00
2628.00
3354.00
22.6
5.4
4.8
4.3
4.2
4.0
3.7
3.5
3.4
3.4
3.4
3.1
Losers
Rsa Insurance
Glencore
Mondi
Rio Tinto
Antofagasta
Rolls-royce Holdings
Johnson Matthey
Kingfisher
Ashtead
Bae Systems
Inmarsat
Vodafone
403.30
119.00
1387.00
2274.50
565.50
696.50
2522.00
347.60
964.50
438.10
999.50
217.40
-20.4
-7.0
-6.2
-5.1
-4.2
-3.6
-3.1
-3.1
-2.9
-2.8
-2.7
-2.6
Sep 21
price(p)
%Chg
week
%Chg
ytd
14190.29
43317.21
8264.90
24073.01
6730.62
15894.73
12405.02
7013.74
5578.37
15787.24
3284.77
1472.38
9.8
3.9
3.8
2.4
2.2
1.7
1.5
1.5
1.4
1.0
0.9
0.8
0.5
6.8
1.6
-2.2
0.0
-3.1
-2.3
7.4
-8.8
23.5
7.6
17.8
Losers
Industrial Metals
642.63
Forestry & Paper
14939.87
Nonlife Insurance
2306.24
Industrial Engineering
7348.61
Mining
9493.38
Chemicals
10151.51
Industrial Transportation
2702.57
Aerospace & Defense
4208.14
Fixed Line Telecommunication 4731.46
Construction & Materials
4961.85
Mobile Telecommunications
4981.88
Electronic & Electrical Equip.
4005.86
-7.8
-6.2
-4.0
-3.6
-2.7
-2.6
-2.5
-2.4
-2.0
-1.5
-1.5
-1.1
-57.7
32.1
19.2
-16.8
-33.4
-10.2
-4.3
-11.4
3.6
20.3
-0.5
-0.6
Sep 21
price(p)
%Chg
week
%Chg
ytd
543.50
158.00
216.00
9.00
209.25
316.25
181.25
555.00
66.00
619.00
342.50
267.50
6.8
6.8
6.5
6.5
5.7
5.5
5.4
5.2
5.2
4.7
4.4
4.3
41.0
-47.9
-1.4
71.4
23.0
16.3
-19.2
23.3
-26.2
4.3
23.3
20.5
Industry Sectors
Winners
Beverages
Tobacco
Food Producers
Personal Goods
Health Care Equip.& Services
Oil Equipment & Services
Pharmaceuticals & Biotech.
Media
Gas Water & Multiutilities
Household Goods
Real Estate Investment Trusts
Software & Computer Services
29.75
7.15
223.00
2.18
275.50
435.50
77.00
26.63
40.50
705.50
230.00
243.00
-48.0
-14.3
-12.3
-10.7
-8.9
-7.4
-7.2
-5.3
-5.3
-5.2
-5.1
-5.1
-43.9
-51.5
-2.6
-32.7
-19.3
6.7
18.5
-9.7
-14.7
-7.5
1.2
-2.8
CURRENCIES
Sep 21
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
9.3854
1.4006
0.3771
6.9000
3.9848
1.3249
683.0400
6.3691
2993.9500
532.3000
24.1675
6.6644
7.8333
7.7500
277.1416
65.7338
Day's
Change
0.0073
0.0168
-0.0002
0.0826
0.0152
6.9900
0.0048
12.7000
-0.0500
0.3739
0.1057
0.0205
0.0000
4.7324
-0.0312
EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
10.5069
-0.1625
14.5361
-0.0855
1.5679
-0.0064
2.1692
0.0117
0.4221
-0.0071
0.5840
-0.0042
7.7245
-0.1256
10.6867
-0.0713
4.4610
0.0214
6.1717
0.0876
1.4832
-0.0068
2.0520
0.0100
764.6598
-4.4791 1057.8943
3.8390
7.1302
-0.1105
9.8645
-0.0583
3351.7119 -40.0421 4637.0382
-11.1433
595.9071
-9.7450 824.4277
-5.5795
27.0554
-0.0145
37.4307
0.3332
7.4607
-0.0011
10.3218
0.0958
8.7693
-0.1192
12.1322
-0.0490
8.6761
-0.1410
12.0033
-0.0800
310.2586
0.3399 429.2377
4.5140
73.5886
-1.2319 101.8086
-0.7281
Sep 21
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
Mid
14457.5000
3.9360
120.5250
120.5249
120.5248
120.5238
105.3500
0.3023
4.2665
16.6683
1.5833
199.2500
8.2166
104.3450
3.1910
46.4700
Day's
Change
82.5000
0.0345
0.5700
0.5697
0.5695
0.5676
0.2000
0.0008
0.0595
0.1650
0.0242
0.2300
0.1010
-0.0100
0.0525
EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
16185.1058 -169.2740 22391.8529
-20.7770
4.4063
-0.0324
6.0961
0.0131
134.9271
-1.5451 186.6695
-0.3570
134.9270
-1.5453 186.6692
-0.3574
134.9271
-1.5452 186.6690
-0.3579
134.9269
-1.5455 186.6692
-0.3593
117.9388
-1.6899 163.1664
-0.7770
0.3384
-0.0046
0.4682
-0.0020
4.7763
-0.0100
6.6080
0.0487
18.6600
-0.1156
25.8158
0.0850
1.7725
-0.0013
2.4522
0.0214
223.0594
-3.3648 308.5990
-1.7007
9.1984
-0.0346
12.7259
0.0726
116.8137
-1.9105 161.6098
-1.0940
3.5723
-0.0581
4.9422
-0.0330
52.0229
-0.7860
71.9729
-0.3984
Sep 21
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
Mid
3.7431
3.9469
66.2173
3.7504
1.4103
13.4823
1174.7000
8.3515
0.9720
32.5255
35.8000
1.9651
3.0011
3.6723
0.6457
0.6456
Day's
Change
0.0500
0.0590
0.4623
0.0154
0.2234
11.8500
0.1545
0.0115
0.1630
0.2850
0.0212
0.0141
-0.0004
0.0043
0.0043
EURO
Closing
Mid
4.1903
4.4185
74.1299
4.1986
1.5788
15.0933
1315.0707
9.3495
1.0881
36.4121
40.0779
2.1999
3.3597
4.1112
0.7228
0.7228
POUND
Day's
Closing
Day's
Change
Mid
Change
-0.0112
5.7972
0.0393
-0.0047
6.1129
0.0512
-0.6793 102.5575
0.0363
-0.0683
5.8086
-0.0388
-0.0082
2.1843
0.0094
0.0087
20.8813
0.2089
-7.8983 1819.3786
6.3347
0.0238
12.9349
0.1546
-0.0046
1.5054
0.0079
-0.4065
50.3756
-0.0820
-0.3273
55.4471
0.0743
-0.0116
3.0436
0.0127
-0.0386
4.6480
-0.0091
-0.0672
5.6877
-0.0385
-0.0069
-0.0069
-
Sep 21
..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
0.6456
0.6455
6.3013
22470.0000
0.8933
0.8932
0.8931
0.8923
Day's
Change
0.0043
0.0043
0.0113
-5.0000
0.0143
0.0143
0.0143
0.0143
EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.7227
-0.0069
0.7221
-0.0069
1.1195
-0.0182
1.5488
-0.0103
1.1194
-0.4396
1.5488
-0.0103
1.1193
-0.4396
1.5487
-0.0103
1.1185
-0.4397
1.5486
-0.0103
7.0542
-0.1019
9.7594
-0.0476
25155.0811 -414.6771 34801.6134
-240.1213
1.3835
0.0130
1.3834
0.0130
1.3833
0.0130
1.3828
0.0130
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
Sep 21 chge%
Index
Sep 18
Sep 17
ago yield% Cover
FTSE 100 (100)
6108.71
0.08 6599.55 6104.11 6186.99 6773.63 3.97 1.44
FTSE 250 (250)
16893.31 -0.34 18250.71 16950.73 17043.45 15744.61 2.51 2.14
FTSE 250 ex Inv Co (211)
18413.92 -0.36 19893.50 18479.58 18589.91 17007.57 2.53 2.23
FTSE 350 (350)
3413.87
0.00 3688.18 3413.82 3455.23 3678.66 3.71 1.52
FTSE 350 ex Investment Trusts (311) 3391.91
0.01 3664.45 3391.68 3433.60 3661.47 3.74 1.52
FTSE 350 Higher Yield (107)
3115.16 -0.07 3365.47 3117.23 3158.44 3681.69 5.52 1.18
FTSE 350 Lower Yield (243)
3388.96
0.07 3661.27 3386.57 3423.86 3315.32 1.86 2.57
FTSE SmallCap (294)
4551.50 -0.17 4917.22 4559.47 4579.09 4419.22 2.80 1.72
FTSE SmallCap ex Inv Co (158)
4170.94 -0.21 4506.08 4179.52 4191.33 3904.00 2.71 2.47
FTSE All-Share (644)
3365.51 -0.01 3635.94 3365.68 3405.53 3613.37 3.67 1.53
FTSE All-Share ex Inv Co (469)
3329.64
0.00 3597.18 3329.57 3370.05 3584.27 3.72 1.54
FTSE All-Share ex Multinationals (579) 1170.23
0.03 1047.84 1169.85 1179.33 1109.11 2.70 2.05
FTSE Fledgling (107)
7787.39
0.01 8413.12 7786.39 7776.36 6968.27 2.38 0.80
FTSE Fledgling ex Inv Co (55)
11004.06 -0.02 11888.25 11006.38 10995.22 8602.63 2.36 0.54
FTSE All-Small (401)
3159.58 -0.16 3413.45 3164.79 3177.49 3055.84 2.78 1.67
FTSE All-Small ex Inv Co Index (213) 3117.75 -0.20 3368.26 3123.92 3132.22 2895.17 2.70 2.40
FTSE AIM All-Share Index (837)
739.82 -0.31
799.27
742.09
740.73
759.77 1.42 1.12
FTSE Sector Indices
Oil & Gas (18)
6034.15
Oil & Gas Producers (11)
5696.23
Oil Equipment Services & Distribution (7)16525.33
Basic Materials (31)
3341.13
10873.11
Chemicals (8)
Forestry & Paper (1)
16302.15
Industrial Metals & Mining (2)
680.36
Mining (20)
9098.48
Industrials (117)
4274.95
Construction & Materials (13)
5171.06
Aerospace & Defense (9)
4378.08
General Industrials (6)
3507.38
Electronic & Electrical Equipment (11) 5177.77
Industrial Engineering (14)
7847.98
Industrial Transportation (8)
4044.07
Support Services (56)
6408.94
17151.38
Consumer Goods (40)
Automobiles & Parts (1)
6399.18
Beverages (6)
14228.33
Food Producers (10)
8331.54
Household Goods & Home Construction (13)13200.99
Leisure Goods (2)
5598.36
Personal Goods (6)
20959.32
Tobacco (2)
43317.29
Health Care (20)
9100.73
Health Care Equipment & Services (8) 6881.13
Pharmaceuticals & Biotechnology (12)12313.63
Consumer Services (98)
4764.99
Food & Drug Retailers (7)
2819.21
General Retailers (33)
2993.78
Media (23)
7109.81
Travel & Leisure (35)
8253.90
Telecommunications (7)
3757.39
Fixed Line Telecommunications (5) 4800.26
Mobile Telecommunications (2)
4974.34
Utilities (8)
7919.31
Electricity (3)
8397.25
Gas Water & Multiutilities (5)
7372.39
Financials (284)
4469.47
Banks (9)
3795.94
Nonlife Insurance (10)
2660.62
Life Insurance/Assurance (11)
7357.74
Index- Real Estate Investment & Services (22) 3142.80
Real Estate Investment Trusts (25) 2972.52
General Financial (32)
7799.81
Equity Investment Instruments (175) 7403.60
Non Financials (360)
3891.63
Technology (21)
1321.90
Software & Computer Services (14) 1648.22
Technology Hardware & Equipment (7) 1494.12
-0.12
-0.13
0.03
-2.03
-0.12
0.51
-8.10
-2.45
-0.28
-0.28
-0.20
-0.45
-1.10
-1.71
0.27
-0.03
0.17
-0.55
-0.13
0.98
0.58
-0.26
0.14
0.05
0.54
1.47
0.45
0.11
1.11
-0.13
0.45
-0.31
0.10
-0.32
0.36
0.36
1.12
0.16
0.17
0.69
-4.43
0.57
-0.34
0.15
0.24
-0.19
-0.07
-0.45
-0.05
-0.81
6519.00
6153.93
17853.17
3609.60
11746.78
17612.05
735.02
9829.56
4618.45
5586.56
4729.87
3789.20
5593.81
8478.58
4369.01
6923.91
18529.52
6913.36
15371.59
9000.99
14261.71
6048.19
22643.43
46797.90
9831.99
7434.04
13303.05
5147.87
3045.73
3234.33
7681.10
8917.11
4059.31
5185.97
5374.03
8555.64
9071.98
7964.77
4828.60
4100.95
2874.40
7948.95
3395.33
3211.37
8426.53
7998.49
4204.33
1428.12
1780.65
1614.17
6041.67
5703.71
16520.82
3410.39
10885.66
16219.87
740.32
9327.25
4287.02
5185.49
4386.68
3523.38
5235.17
7984.87
4033.14
6410.94
17122.11
6434.43
14247.52
8250.92
13125.19
5612.81
20929.26
43296.92
9051.50
6781.22
12258.11
4759.65
2788.22
2997.75
7077.77
8279.24
3753.77
4815.56
4956.60
7890.52
8304.32
7360.32
4461.87
3770.06
2784.01
7315.94
3153.48
2968.10
7780.82
7417.36
3894.26
1327.93
1649.05
1506.29
6256.82
5909.76
16909.99
3471.02
11092.61
16548.97
818.50
9486.22
4342.51
5263.36
4449.35
3564.18
5251.68
8128.83
4086.12
6489.91
17267.91
6697.63
14363.31
8346.54
13265.69
5527.88
21094.98
43540.36
9001.22
6794.88
12180.93
4781.33
2804.32
3012.26
7090.37
8331.66
3762.20
4859.29
4946.35
7914.20
8339.51
7379.97
4531.91
3861.51
2794.77
7493.94
3141.84
2958.19
7873.68
7445.15
3935.05
1330.17
1654.00
1507.13
8871.29
8393.91
23060.57
5206.50
10871.63
12599.78
1467.14
15387.21
4377.97
4143.42
5146.59
3386.93
4856.60
10471.74
4155.18
6303.98
16045.74
8039.51
14379.60
7606.84
10137.25
5054.41
21103.53
41249.15
9550.42
6058.14
13127.58
4313.44
2991.02
2670.38
6488.45
7105.96
3481.58
4545.10
4544.43
8782.04
9684.85
8086.89
4660.56
4552.71
2184.33
7496.63
2607.58
2582.36
6725.02
7411.15
4219.95
1151.55
1255.99
1432.65
P/E
ratio
17.54
18.61
17.72
17.72
17.57
15.38
20.97
20.83
14.92
17.82
17.50
18.11
52.71
78.30
21.51
15.46
62.72
X/D
adj
203.92
345.34
380.29
106.16
106.40
140.30
60.52
95.49
86.22
103.41
103.70
25.96
129.44
157.30
65.61
63.51
6.06
Total
Return
4752.20
11688.84
12992.51
5354.11
2739.03
4994.65
3574.15
6194.29
5964.59
5339.41
2733.27
1981.43
13946.24
19146.61
5521.42
5648.86
792.39
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
6086.75 6111.43 6137.99 6131.78 6135.58 6167.19 6142.82 6114.87 6130.63 6168.60 6086.75
FTSE 250
16879.00 16885.00 16933.27 16935.14 16938.78 17009.40 16980.16 16899.91 16930.50 17009.62 16877.34
FTSE SmallCap
4556.81 4554.81 4558.65 4558.35 4559.41 4561.01 4559.58 4552.73 4552.60 4562.08 4551.15
FTSE All-Share
3355.59 3366.51 3379.85 3377.19 3379.00 3395.24 3383.58 3368.45 3376.38 3395.51 3355.59
Time of FTSE 100 Day's high:11:59:30 Day's Low07:03:00 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015)
Time of FTSE All-Share Day's high:11:59:00 Day's Low07:03:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
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
Amount
Latest
Issue
paid
renun.
price
up
date
High
Low
Stock
There are currently no rights offers by any companies listed on the LSE.
FT 30 INDEX
General Retailers
Fixed Line Telecomms
Electronic & Elec Eq
Support Services
Telecommunications
Food Producers
Beverages
Industrials
Health Care Eq & Srv
Tech Hardware & Eq
Mobile Telecomms
Equity Invest Instr
Personal Goods
Health Care
Oil Equipment & Serv
Pharmace & Biotech
Industrial Transport
Financials
+or-
Life Insurance
FTSE All{HY-}Share Index
NON FINANCIALS Index
Food & Drug Retailer
FTSE 100 Index
Gas Water & Multi
Chemicals
Utilities
Aerospace & Defense
Banks
Industrial Eng
Electricity
Oil & Gas
Automobiles & Parts
Oil & Gas Producers
Basic Materials
Mining
Industrial Metals &
-4.45
-4.73
-5.01
-5.71
-7.04
-9.19
-9.77
-10.49
-11.16
-12.72
-13.49
-15.05
-19.94
-20.41
-20.54
-27.99
-31.77
-52.46
No of
stocks
7593
6959
1362
1661
4570
3023
2527
7266
5630
6338
2088
5644
885
205
310
717
319
397
1480
716
1372
174
305
776
479
490
441
1371
931
1949
477
458
1014
97
243
213
327
1963
1384
634
3014
1004
3023
515
US $
indices
445.96
457.95
392.26
599.42
634.34
260.01
460.52
456.83
421.43
455.66
418.36
440.33
386.09
337.32
511.58
731.43
420.42
642.39
659.60
282.59
225.90
312.66
456.92
490.24
129.38
541.56
738.07
489.87
429.14
594.86
565.32
739.56
605.89
295.06
656.38
705.66
340.12
486.29
388.14
360.49
5424.02
8565.03
312.56
280.29
Day
%
-1.1
-1.1
-1.2
-1.1
-0.8
-1.2
-1.3
-1.2
-0.6
-1.1
-1.3
-1.3
-1.3
-1.5
-0.7
-0.2
-1.6
-1.6
-1.4
-1.6
-0.9
-1.3
-1.2
-0.7
-1.3
1.0
1.0
1.6
1.0
0.3
0.2
0.4
0.8
-0.5
-1.5
-0.1
-0.8
-1.6
-1.2
-1.8
-1.4
-1.8
-0.9
-0.6
Mth
%
-6.0
-6.0
-6.2
-5.5
-4.8
-6.1
-6.2
-5.9
-5.4
-5.6
-6.4
-6.2
-6.5
-6.3
-4.5
-2.9
-6.6
-5.9
-5.3
-6.5
-6.2
-9.3
-9.8
-8.3
-9.4
-2.6
-1.6
-2.4
-2.5
-3.3
-3.6
-2.3
-2.8
-0.1
-6.5
-4.6
-6.5
-6.5
-5.5
-5.6
-6.6
-7.0
-5.3
-4.2
YTD
Total
%
retn
-5.1 606.64
-5.4 611.90
-5.9 545.64
-2.9 779.23
-2.8 800.48
-5.4 373.12
-5.2 887.17
-5.1 612.87
-5.8 608.11
-5.8 625.46
-4.6 573.19
-4.2 596.83
-5.1 536.03
-4.6 529.13
2.3 730.46
6.2 1017.07
-5.5 550.01
-5.3 789.13
-4.2 788.01
-5.4 378.96
-3.2 349.59
2.5 387.39
7.5 548.17
4.6 606.84
3.5 180.22
-12.0 805.60
-8.4 1059.31
-8.3 693.70
-11.6 678.54
-13.7 845.33
-13.6 808.15
-14.1 1046.43
-14.4 830.47
-5.3 429.67
-27.2 961.37
-8.3 1045.32
-5.3 533.78
-4.5 619.63
-2.5 590.56
-2.2 555.01
-7.9 6784.64
-7.8 10751.69
-2.2 417.82
0.6 407.57
UK COMPANY RESULTS
closing
Price p
3.86
3.80
2.36
1.19
0.64
0.51
0.40
-0.38
-0.46
-0.94
-1.18
-1.33
-2.42
-2.55
-2.73
-2.77
-2.84
-3.88
Company
21st Century Technology
Allergy Therapeutics
Belgravium Technologies
Castleton Technology
CDialogues
CEPS
DP Poland
Dunedin Income Growth Inv Trust
DX (Group)
Finsbury Food Group
French Connection Group
Nasstar
New Star Investment Trust
Sainsbury (J)
FTSE 100
Closing Day's
Price Change FTSE 100
3I Group PLC
Aberdeen Asset Management PLC
Admiral Group PLC
Anglo American PLC
Antofagasta PLC
Arm Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
Astrazeneca PLC
Aviva PLC
Babcock International Group PLC
Bae Systems PLC
Barclays PLC
Barratt Developments PLC
Bg Group 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
Diageo PLC
Direct Line Insurance Group PLC
Dixons Carphone PLC
Easyjet PLC
Experian PLC
Fresnillo PLC
G4S PLC
Gkn PLC
Glaxosmithkline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
Hikma Pharmaceuticals PLC
HSBC Holdings PLC
Imperial Tobacco Group PLC
Inmarsat PLC
Intercontinental Hotels Group PLC
International Consolidated Airlines Group S.A.
Intertek Group PLC
Intu Properties PLC
Itv PLC
Johnson Matthey PLC
Kingfisher PLC
471.30
323.00
1526
694.90
565.50
952.00
964.50
3175
4379
456.00
908.00
438.10
254.90
651.50
990.40
1076
333.55
3558.5
814.50
413.50
1746
1361
1190
3506
226.20
1388
1029
1862
1768.5
365.00
419.30
1749
1058
597.00
237.70
272.30
1289.5
119.00
608.00
1223
2490
495.10
3354
999.50
2328
594.50
2433
316.50
248.90
2522
347.60
4.50
-8.20
7.00
-25.10
-14.00
-8.50
-16.50
36.00
9.00
3.30
-3.50
-2.30
1.65
-0.50
5.00
-22.00
0.10
-12.50
2.00
-1.50
7.00
-17.00
-3.00
46.00
-2.20
14.00
-3.00
-11.00
4.00
1.00
-3.30
6.00
3.00
-13.00
0.60
-1.50
4.50
-7.00
22.00
45.00
4.45
29.00
11.00
-20.00
-6.00
-8.00
-0.50
2.20
-24.00
-3.50
Closing Day's
Price Change
1237
248.00
74.23
2444
492.90
474.30
374.90
1387
159.30
855.10
7605
192.50
1130
2085
1380
3820
5839
1068
2274.5
696.50
319.50
1577.5
1596
462.00
403.30
3575.5
513.50
231.60
2875
2106
4795
1020
1165
1062
757.50
1446
878.00
692.10
397.80
201.70
176.50
2038
1211
2628
890.00
217.40
1235
4651
4223
1366
2.60
1.52
52.00
1.80
-3.50
-0.60
7.00
2.70
3.90
45.00
-0.30
7.00
8.00
11.00
-43.00
43.00
3.00
-25.00
4.50
0.60
-4.50
-3.00
2.30
-106.20
-24.50
0.50
3.30
14.00
8.00
50.00
-3.00
21.00
-2.50
18.00
5.50
-30.60
-2.10
2.80
1.85
7.00
-14.00
12.00
7.00
0.65
-10.00
-7.00
87.00
11.00
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
5.512
4.715
41.955
43.23
4.568
4.431
6.053
4.048
5.312
8.834
9.202
1.942
1.744
297.5
256.166
75.8
6.628
312
175.708
84
5.006
12667
12684
Pre-tax
0.008L
0.35L
1.084
0.654
0.214
0.05L
1.251L
3.058L
1.29
1.389
0.312
0.295
1.927L
1.074L
26.866
9.984L
55.7L
24.8
6.576
8.482
3.9L
7.9L
1.218L
0.421L
2.984
3.971
433
290L
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)
0.38L
0.02
0.005L
0.24L
0.217
1.76
1.16L
7.73
9.9
5.8
7.9L
0.1L
0.49
18L
0.02L
0.16
0.22
4.24
0.227
3.27
2.09L
7.76
70.2L
6.7
4L
0.3L
0.11
17.9
Div(p)
1.753
4
1.67
5
2.575
2
0.75
5.5556
Pay day
Oct 30
Nov 16
Dec 10
Jan 2
Total
4.3
6
2.5
17.3
5.95
4
1
17.456
Issue
date
08/11
Issue
price(p)
120.00
Sector
AIM
Stock
code
GLOO
Stock
Gloo Networks PLC
Close
price(p)
126.00
+/-1.00
High
127.00
Low
120.00
Mkt
Cap (m)
3225.6
19
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
HaitongSecs
Hngzh HikVDT
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
27.72
23.85
73.62
90.20
30.47
5.56
38.66
30.85
24.50
-0.68
-0.61
-2.21
-0.37
-0.59
-0.09
-0.54
-0.90
-0.32
37.25
35.87
96.69
102.43
39.71
6.74
46.95
40.07
36.00
98.61
57.69
0.31
0.34
119.65
66.00
78.75
36.53
19.44
25.14
37.74
25.91
8.93
20.28
-0.03
-0.49
0.30
0.02
0.37
20.29
33.23
46.27
32.66
21.15
29.07
54.63
0.36
71.36
1.15
58.78
0.68
41.29
0.46
199.10
5.28
95.13
1.10
27.37
0.42
76.80
2.09
52.59
1.48
32.35 -0.06
43.08
1.03
20.77
0.35
31.65 -0.61
72.73
0.32
34.70
0.65
53.34
0.59
52.38
0.72
45.32
1.34
301.52 -17.61
60.20
85.57
72.97
48.64
247.56
107.32
45.05
88.89
66.14
37.70
55.76
24.20
47.10
83.87
42.98
54.47
57.89
63.86
347.84
46.43
64.01
52.60
32.21
172.01
83.10
25.01
68.81
47.43
29.30
40.55
18.91
31.44
68.05
30.89
39.45
47.75
41.95
125.50
3.06
3.53
5.61
1.78
10.30
3.43
11.94
7.54
5.53
4.75
28.20
18.50
93.10
29.95
7.52
16.42
6.25
12.50
10.74
6.30
10.06
9.70
10.36
9.29
0.22
12.02
3.87
4.73
14.38
199.30
1.93
34.25
5.71
40.05
10.82
8.11
17.32
0.20
14.97
5.13
9.72
-0.02
-0.01
-0.08
-0.08
-0.06
0.12
0.39
-0.05
-0.04
-0.65
-0.46
0.95
-0.90
-0.14
0.12
0.06
-0.26
0.39
0.07
-0.14
0.54
-0.26
0.09
0.00
-0.24
0.05
-0.02
-0.13
-0.13
-0.01
-0.35
-0.15
-0.35
0.01
0.23
0.02
-0.01
-0.06
-0.12
0.88
4.55
5.68
8.61
4.78
17.00
5.65
17.70
12.30
7.98
7.40
41.00
26.85
118.00
47.10
11.88
40.00
10.74
24.40
20.19
12.52
16.00
14.38
20.70
15.15
0.45
27.90
7.50
7.10
21.42
290.00
2.68
56.55
11.04
62.90
17.50
20.00
29.18
0.49
19.17
7.79
14.23
211.70
10670
378.50
4.60
80.00
11.00
218.00
16450
415.00
139.20
10530
244.50
Stock
FT 500: TOP 20
Week
change change %
2.75
39.5
642.00
21.9
1.14
10.6
4.01
9.5
2.70
8.6
0.81
8.5
6.75
8.2
23.79
8.1
3.20
8.0
5.45
7.7
2.00
7.6
5.02
7.3
0.65
6.7
15.15
6.6
3.88
6.6
1.85
6.5
1.45
6.4
6.15
6.4
3350.00
6.4
53.90
6.4
Month
change %
0.93
18.99
6.80
-6.87
9.25
3.21
4.94
3.78
7.65
4.27
7.43
4.82
13.60
-9.35
3.31
4.36
3.23
-1.94
-9.22
-3.92
Current
0.00-0.14
3.25
0.75
0.05
0.50
0.00-0.03
0.00-0.25
P/E MCap m
2.14
2.36
4.24
2.74
2.01
3.09
2.62
7.93
0.91
0.91
5.77
0.89
1.76
2.22
4.16
1.90
2.60
1.69
3.12
1.47
3.51
2.87
6.16
4.21
3.22
9.12
16.12 48500.78
20.30 40577.15
10.72 60053.26
9.82 74902.87
11.86 33700.25
9.03 32775.31
37.78
41126
7.91
35232
39.10 26555.06
39.10 26555.06
46.56 46717.29
37.43 38350.84
29.21 94115.01
12.64 86538.77
-54.45 22146.29
37.95 41916.12
23.52 27532.82
7.90 23720.42
-21.56 32507.64
24.91 131404.55
28.24 26503.72
18.90
35226
10.25 37021.98
31.20 110330.73
13.15 25075.35
12.42 39562.15
86.32 32903.46
115.05
63.00
96.83
74.59
136.85
55.10
22.66
10.07
21.55
7.41
50.75
36.00
66.70
141.80
141.10
50.08
80.17
126.70
4.83
3.96
1.87
3.37
1.71
3.37
2.89
3.06
1.77
1.04
0.66
1.61
2.11
4.35
1.85
4.00
3.52
9.67
12.88
28.48
10.55
15.04
9.64
21.85
38.99
15.97
-5.87
23.76
30.85
20.16
26.36
9.44
23.12
11.78
6.21
39.10
23.15
19.80
50.10
11.64
14.28
97.50
7.60
123.20
162.00
29.95
25.10
93.25
104.50
1.03
4.61
2.26
1.47
2.30
3.48
6.67
3.79
2.10
2.94
7.05
3.17
0.27
19.39 66378.58
9.92 32604.87
6.70 30472.15
12.96 30179.99
6.91 54126.22
6.95 4503.71
4.14 51545.05
7.37 48276.4
10.57 35868.41
32.43 28800.08
13.11 26527.87
15.38 28944.56
9.68 38974.46
39.15 162301.28
332.50
842.10
707.15
975.00
247.70
932.65
294.00
1401
221.25
796.45
220.15
748.00
2345
0.99
0.77
1.49
1.20
3.61
3.43
1.71
0.95
4.24
1.12
1.45
0.17
1.55
24.61
26.46
42.41
21.57
12.16
19.43
27.71
25.17
10.18
10.82
10.47
30.45
24.61
11000
186.40
52 Week
High
Low
Yld
P/E MCap m
Japan ()
AstellasPh
1650 -17.00
2047
1482 1.77 25.84 30561.53
Bridgestne
4247.5 -80.00
5182
3328 2.75 11.30 28791.23
Canon
3600 -78.00
4539
3172 4.32 17.79 40027.91
CntJpRwy
18715 -870.00 24800 13320 0.62 13.63 32139.47
Denso
5635 -77.00
6548 4500.5 1.90 17.18 41529.97
EastJpRwy
10150 -275.00 12815
7623 1.15 21.23 33211.41
Fanuc
20200 -585.00 28575 17635 3.06 19.08 34679.94
FastRetail
46160-1245.00 61970 35655 0.70 39.84 40818.31
Fuji Hvy Ind
4386 -39.00 4827.5
3050 1.51 11.99 28624.48
Hitachi
641.70 -9.90 939.90 620.00 1.67 11.44 25856.66
HondaMtr
3799 -54.50
4499
3239 2.25 13.05 57368.32
JapanTob
4009.5 -161.50
4848
3101 2.62 16.90 66850.06
KDDI
2747.5 115.50
3375
2041 2.00 46.14 61633.29
Keyence
55710 -940.00 70100 42660 0.38 26.56 28237.88
MitsbCp
2127.5 -81.00
2837 1942.5 2.74 9.72 28201.32
MitsubEst
2419 -59.50
2975 2151.5 0.56 48.56 28038.61
MitsubishiEle
1169 -29.00
1718
1103 2.43 10.18 20925.17
MitsuiFud
3186 -62.00
3879 2854.5 0.76 26.99 26332.2
MitUFJFin
744.00 -24.30 936.80 546.20 2.35 6.92 87879.91
Mizuho Fin
233.40 -4.40 280.40 178.10 3.38 7.06 48295.69
Murata Mfg
16645 -740.00 22220 10800 1.14 20.00 31257.66
NipponTT
4333 -57.50
5066 3001.5 2.02 16.94 82119.28
Nissan Mt
1140 -28.00
1350 917.40 2.81 9.87 42962.89
Nomura
733.00 -21.70 909.20 576.20 1.72 10.26 23358.23
Nppn Stl
237.00 -10.80 350.50 227.10 2.26 9.32 18775.88
NTTDCMo
2200 -17.00 2873.5 1612.5 2.87 20.32 74933.92
Panasonic
1326.5 -29.00 1853.5
1130 1.06 56.19 27126.63
Seven & I
5158 92.00
5998 3794.5 1.40 26.28 38116.53
ShnEtsuCh
6387 -204.00
8529
6059 1.52 20.99 23007.51
Softbank
6270 26.00
8760
6001 0.62 9.34 62758.04
Sony
3115 -109.50
3970
1782 0.78 -52.20 32777.12
SumitomoF
4699.5 -154.50
5770
3823 2.90 10.16 55398.73
Takeda Ph
5642 -64.00
6657 4337.5 3.10 -29.51 37163.75
TokioMarine
4416 -174.50
5504
3102 2.09 13.91 27887.36
Toyota
7234 -104.00
8783
5710 2.69 10.52 206125.59
Mexico (Mex$)
AmerMvl
14.99
0.12 17.53 13.48 1.83 38230.18
FEMSA UBD 149.37 -0.77 154.14 116.20 0.77 28.23 32065.74
WalMrtMex
41.50
0.17 41.90 28.26 1.34 31.58 43527.53
Netherlands ()
Altice
23.85 -0.18 143.20 20.61 - -136.03 20010.98
ASML Hld
80.60
1.13 104.85 68.29 0.85 26.49 39100.14
Heineken
73.68
0.70 77.77 54.03 1.30 26.07 47511.22
ING
12.99
0.23 16.00
9.68 28.13 56248.51
Unilever
35.91
0.52 42.75 28.75 3.16 21.63 68933.87
Norway (Kr)
DNB
115.30
0.30 143.00 100.90 3.39 8.25 22856.23
Statoil
122.00
0.80 181.70 113.90 6.07 -9.62
47345
Telenor
162.40
0.70 186.10 128.90 2.41 22.62 29676.12
Qatar (QR)
QatarNtBk
185.00 -0.50 237.00 159.90 4.02 11.90 35546.08
Russia (RUB)
Gzprm neft
139.15 -0.35 166.94 113.73 6.06 7.11 49747.99
Lukoil
2318 -85.80 3297.7
1913 3.04 11.89 29774.8
MmcNrlskNckl
11028 -72.00 12247
6766 12.57 13.25 26354.63
Novatek
622.40 -9.40 646.30 390.12 9.78 30.20 28539.33
Rosneft
250.30 -5.70 294.20 183.95 6.10 7.02 40060.9
Sberbank
75.98
0.48 80.98 47.21 5.15 24769.73
Surgutneftegas
34.13 -0.08 39.80 21.82 2.06 1.26 18411.39
Saudi Arabia (SR)
AlRajhiBnk
55.37 -0.21 73.50 48.40 3.47 13.64 23991.11
Natnlcombnk
52.81 -0.85 72.75 48.80 12.27 28086.75
SaudiBasic
76.79 -0.66 136.50 70.25 6.89 9.48 61425.45
SaudiTelec
62.25
0.25 76.50 52.75 5.97 11.61 33196.46
Singapore (S$)
DBS
17.24 -0.09 21.50 17.20 3.47 18.66 30591.53
JardnMt US$
47.00 67.88 45.02 2.98 10.27 32837.57
JardnStr US$
27.00 -0.01 37.03 26.11 0.98 9.72 30242.77
OCBC
9.01
0.01 10.92
8.63 4.12 8.55 25876.37
SingTel
3.75 -0.05
4.57
3.58 4.62 14.93 42394.13
UOB
19.16 -0.20 25.05 18.51 3.77 9.45 21768.18
South Africa (R)
Firstrand
52.14 -0.45 58.47 40.27 3.86 12.49 21693.63
MTN Grp
175.85 -4.51 257.93 161.10 7.74 9.64 24070.92
Naspers N
1723.51 -19.45 2029.97 1130.01 0.29 42.89 53619.96
South Korea (KRW)
HyundMobis 207500-2500.00 271500 185500 1.50 10.04 16875.78
KoreaElePwr
47400 -100.00 53100 38750 1.0996492.04 25903.72
SK Hynix
34800 -950.00 51700 30300 0.89 5.23 21566.75
SmsungEl
1150000-40000.00 1510000 1033000 1.85 8.49 126593.64
Spain ()
BBVA
7.72
0.02
9.91
7.21 1.02 11.88 54521.27
BcoSantdr
5.05
0.00
7.91
4.95 11.60 10.74 80986.47
CaixaBnk
3.63 -0.03
5.00
3.51 1.08 23.37 23434.53
Iberdrola
5.92
0.00
6.49
5.11 2.57 15.44 42004.13
Inditex
30.28
0.39 32.54 19.29 1.30 35.14 105631.78
Repsol
10.72 -0.09 19.39 10.65 14.88 16489.99
Telefonica
11.30 -0.01 14.31 10.76 3.47 17.76 61535.33
39.64
87.17
16.43
43.14
126.10
9.82
49.84
16.47
76.65
76.65
16.08
229.00
117.05
121.40
21.87
10.20
82.23
49.50
43.66
69.58
29.51
52.03
31.85
36.92
180.70
39.65
17.32
3.36
12.98
14.40
2.00
34.74
4.82
Stock
71190.41
70238.55
109379
56879.74
41590.48
85334.52
39297.06
82668.67
32399.47
17349.65
25288.58
39708.72
22880.39
30471.75
32303.56
79946.44
81397.27
44168
21424.07
40319.21
26028.63
28961.19
24675.23
38409.47
38357.15
21948.53
31100.23
43260.31
28229.26
32946.13
76015.94
41939.63
58626.39
28426.89
56091.28
33120.39
38210.88
Last
0.14
3.25
0.75
0.15
0.50
0.03
0.00-0.75
Mnth Ago
0.00-0.25
3.25
0.75
0.05
0.50
0.00-0.10
0.00-0.25
Year Ago
0.00-0.25
3.25
0.75
0.25
0.50
0.00-0.10
0.00-0.25
Day
0.000
0.000
0.000
Change
Week
0.003
0.000
0.000
Month
0.000
0.000
0.000
0.000
0.000
0.001
0.000
0.000
0.000
One
month
0.19580
-0.11500
0.50756
-0.79400
0.02929
-0.10200
0.51000
0.18000
-0.13500
Three
month
0.31920
-0.04000
0.58625
-0.72700
0.07786
-0.03700
0.60000
0.30000
-0.06500
Six
month
0.52640
0.02357
0.75125
-0.67100
0.12014
0.03600
0.78500
0.49000
-0.00500
One
year
0.82455
0.13957
1.05213
-0.55900
0.23114
0.15400
Short
7 Days
One
Three
Six
One
Sep 21
term
notice
month
month
month
year
Euro
-0.25 -0.10 -0.20 -0.10 -0.21 -0.06 -0.15 0.00 -0.08 0.07 0.07 0.22
Sterling
0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18
Swiss Franc
Canadian Dollar
US Dollar
0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90
Japanese Yen
-0.10 0.00 -0.15 -0.05 -0.35 -0.10 -0.20 0.00 -0.15 0.05 -0.05 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
46.21
Brent Crude Oil
48.39
RBOB Gasoline
Sep
1.40
Heating Oil
Sep
1.51
Natural Gas
Sep
2.57
Ethanol
Uranium
Sep
36.75
Carbon Emissions
Diesel
Sep
121.25
Unleaded
Oct
Base Metals ( LME 3 Months)
Aluminium
1620.00
Aluminium Alloy
1715.00
Copper
5284.50
Lead
1685.00
Nickel
9890.00
Tin
15120.00
Zinc
1663.50
Precious Metals (PM London Fix)
Gold
1133.25
Silver (US cents)
1518.00
Platinum
972.00
Palladium
602.00
Bulk Commodities
Iron Ore (Platts)
57.70
Iron Ore (The Steel Index)
57.10
GlobalCOAL RB Index
49.75
Baltic Dry Index
978.00
www.ft.com/commodities
Change
1.29
0.79
0.04
0.02
-0.04
0.00
0.00
-1.00
5.00
51.50
1.50
190.00
-50.00
-14.50
-8.25
-8.00
-16.00
-9.00
0.00
0.00
-0.50
18.00
Oct
Nov
Oct
Oct
Oct
Oct
Price*
375.25
484.50
870.50
308.90
2216.00
3316.00
1533.00
117.35
341.40
11.11
59.60
122.40
495.75
135.93
185.30
71.20
Change
-2.25
-3.00
2.00
-0.50
8.00
11.00
-23.00
-0.85
-2.00
0.11
0.07
0.60
-4.50
0.00
-2.75
0.00
Sep 18
362.65
88.30
196.68
2284.71
261.64
13.43
7.51
0.51
1401.00
% Chg
Month
2.08
-1.01
0.81
-2.78
-0.22
-0.27
6.25
181.89
% Chg
Year
-37.81
-26.08
-29.75
-36.25
-30.99
30.84
325.00
-64.79
Dec
Dec
Nov
Oct
Dec
Dec
Sep
Dec
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
188.90
1.70 270.00 165.20
Ericsson
78.75
0.45 120.00 77.45
H&M
316.60
4.00 368.50 269.60
Investor
297.40
3.30 363.40 219.30
Nordea Bk
97.80
1.65 115.50 82.40
SEB
94.90
0.35 111.50 82.30
SvnskaHn
127.50
1.30 426.00 114.10
Swedbank
195.10
2.20 223.90 166.20
TeliaSonera
46.46 -0.41 55.85 44.37
Volvo
85.70 -0.20 120.50 71.00
Switzerland (SFr)
ABB
17.67
0.16 22.31 16.75
CredSuisse
25.04
0.01 28.94 18.57
Nestle
74.00
0.55 77.00 64.15
Novartis
94.25
0.90 103.20 78.60
Richemont
75.70 -0.35 92.25 66.40
Roche
258.60
1.30 295.80 238.80
Swiss Re
84.85
1.10 96.95 69.25
Swisscom
487.00 -0.40 587.50 483.40
Syngent
330.60 -1.40 435.20 273.20
UBS
18.79
0.12 22.57 13.58
Zurich Fin
254.80 -7.30 334.60 254.10
Taiwan (NT$)
Chunghwa Telecom
97.50 -1.00 99.80 90.00
HonHaiPrc
84.20 -1.30 102.50 77.90
TaiwanSem
129.50 -2.00 155.00 112.50
Thailand (THB)
PTT Explor
256.00
3.00 398.00 240.00
United Arab Emirates (Dhs)
Emirtestele
14.10 -0.15 15.85
9.41
United Kingdom (p)
AscBrFd
3175 36.00
3293
2407
AstraZen
4379
9.00 4931.68
3746
Aviva
456.00
3.30 578.68 446.00
Barclays
254.90
1.65 289.90 204.05
BG
990.40
5.00
1420 780.55
BP
333.55
0.10 499.25 252.55
BrAmTob
3558.5 -12.50
3894 3231.5
BSkyB
850.50 -12.00 954.00 782.50
BT
413.50 -1.50 481.75 351.90
Compass
1029 -3.00 1223.36 924.41
Diageo
1768.5
4.00
2055 1592.5
GlaxoSmh
1289.5
4.50
1645 1247.5
Glencore
119.00 -7.00 361.10 118.10
HSBC
495.10
4.45 674.57 478.35
ImpTob
3354 29.00
3413 2482.72
LlydsBkg
74.23
1.52 89.35 70.90
Natl Grid
855.10
3.90 965.00 806.40
Prudential
1380 11.00 1761.5
1287
RBS
319.50
0.60 414.00 300.30
ReckittB
5839 43.00
6300
4895
RELX
1068
3.00
1199 921.50
RioTinto
2274.5 -25.00
3280 2107.78
RollsRoyce
696.50
4.50
1061 684.50
RylDShlA
1577.5 -4.50 2420.5 1542.5
SABMill
3575.5 -24.50 3787.5
2773
Shire
4795 50.00
5870 3448.28
StandCh
692.10 -30.60
1242 690.20
Tesco
176.50
1.85 252.52 155.40
Vodafone
217.40
0.65 258.00 179.10
WPP
1366 11.00
1616
1091
United States of America ($)
3M
140.18
0.56 170.50 130.60
AbbottLb
43.28 -0.05 51.74 39.28
Abbvie
60.84 -0.38 71.60 52.06
Accenture
98.37
0.84 105.37 73.98
Ace
101.37
1.45 117.89 96.00
Actavis
298.98 -2.94 317.72 201.91
Adobe
82.58
1.33 87.25 58.51
AEP
55.50
0.02 65.38 51.58
Aetna
118.29
2.14 134.40 71.81
Aflac
57.66
0.51 65.10 51.41
AirProd
134.89
0.29 158.20 118.20
Alexion
161.93 -4.65 208.88 150.06
Allstate
58.55
0.98 72.87 54.12
Altria
54.48
0.43 56.70 44.59
Amazon
546.50
6.24 580.57 284.00
AmerAir
43.62
0.13 56.20 28.10
AmerExpr
76.84
0.89 94.89 71.71
AmerIntGrp
58.13
0.35 64.93 48.56
AmerTower
90.44 -0.06 105.20 87.95
Amgen
149.54 -1.05 181.81 127.67
Anadarko
66.28
0.81 106.58 58.10
Aon Cp
90.31
1.00 107.08 78.26
Apple
114.30
0.85 134.54 92.00
ArcherDan
43.53
0.30 53.91 41.63
AT&T
32.54 -0.01 36.45 30.97
AutomData
79.97
0.96 90.23 64.29
Avago Tech 127.41 -0.18 150.50 68.75
Yld
P/E MCap m
1.57
4.28
3.06
3.00
5.81
4.96
3.24
5.77
6.40
3.47
17.74
25.31
24.47
4.36
11.14
10.67
16.59
13.42
14.51
22.12
8826.19
31164.13
62742.34
27319.23
47211.65
24658.28
28575.94
25823.25
24088.43
16652.35
2.86
2.82
2.77
1.67
3.17
5.10
4.63
3.31
4.09
-
16.47 42079.74
10.76 42207.23
16.84 242738.28
24.51 259574.68
29.46 40653.7
24.32 186916.37
36.13 32360.58
14.67 25954.27
19.46
31613
14.46 74406.89
10.44 39426.07
52 Week
High
Low
Yld
P/E MCap m
54.92
1.45 70.45 44.11
15.66
0.10 18.48 14.60
36.25 43.44 34.50
35.73
0.43 41.90 34.50
139.13
0.80 154.98 112.15
195945 3745 229374 190007
302.13 -12.54 480.18 265.00
39.30
0.44 45.45 35.06
311.09
2.22 382.84 275.00
136.14
0.05 158.83 115.14
63.05 -1.29 70.54 47.55
52.69
0.27 57.70 34.50
74.66
1.10 92.10 67.73
83.98
0.35 91.91 71.72
52.52
0.45 54.05 33.11
72.22
0.36 107.12 70.23
43.02
0.31 63.95 40.75
120.73 -1.89 140.72 83.16
28.96
0.51 35.72 23.35
78.55
0.81 125.70 69.58
141.64
0.02 170.68 85.75
25.57
0.03 30.31 22.49
50.68
0.39 60.95 46.60
91.30
0.90 100.87 75.94
39.14
0.16 44.87 36.56
62.50
0.67 69.35 42.94
63.15
0.46 71.56 50.84
58.02
0.60 64.99 49.33
48.80
0.44 81.00 41.10
17.66
0.04 25.16 15.42
142.91
1.10 156.85 117.03
77.90
0.49 89.44 74.45
28.44
0.28 37.99 24.47
100.27
1.24 113.65 77.40
86.45
0.24 92.92 70.12
78.91 -0.63 98.23 76.76
77.53 -0.12 90.57 58.23
47.27
0.60 51.06 30.12
93.55
1.36 95.51 82.04
52.89
0.63 66.75 50.92
103.25
0.41 122.08 78.54
69.13
0.13 80.89 65.53
44.12
0.81 54.33 35.11
69.78
0.33 89.97 67.27
48.21
0.68 76.61 47.37
53.22
0.29 73.82 49.21
26.00 -0.02 29.35 19.50
113.27
0.72 118.46 97.78
24.36
0.27 30.92 22.66
45.24
0.13 65.94 44.03
76.73
0.47 105.90 68.15
72.77
0.66 82.53 60.44
30.78 -0.14 38.93 29.55
84.07
0.15 94.61 68.06
73.46
0.78 97.56 66.55
95.69
1.29 99.24 70.32
145.81
0.51 185.19 130.01
14.35
0.07 16.77 10.44
38.58
0.07 59.43 38.25
139.66
0.42 153.76 114.73
24.96
0.16 28.68 19.37
56.96
0.39 59.87 47.43
30.78
0.27 39.00 24.62
107.81 -0.63 123.37 85.95
183.25
2.31 218.77 171.26
663.93
3.01 713.33 490.91
37.80
0.42 66.99 30.93
82.54
0.06 95.49 43.91
26.59
0.05 41.10 24.85
24.19
0.23 31.60 20.72
115.95
0.83 123.80 86.35
97.89 -0.15 107.41 82.89
188.79
0.90 219.79 121.04
146.21
1.70 195.00 140.62
84.57 -0.21 100.14 78.79
203.71 -5.17 242.37 145.12
231.74
3.48 246.39 193.42
29.12
0.10 37.90 24.87
86.06
0.57 109.21 77.96
93.26 -0.13 109.49 81.79
40.67
0.17 54.52 38.48
61.51
0.57 70.61 50.07
108.23
0.38 119.01 99.57
30.64
0.26 44.71 28.50
88.19 -0.11 91.32 53.33
36.67 -0.06 39.43 25.42
92.40
0.47 95.78 64.47
44.89 -0.37 65.83 40.00
48.88
0.18 58.66 39.95
88.64
0.15 92.85 60.58
204.56
1.25 213.34 166.28
69.33
1.14 76.25 49.85
1.22
1.26
5.65
2.73
1.66
1.70
2.60
2.37
2.30
0.97
1.71
1.66
1.93
3.82
1.37
0.82
5.37
0.03
3.11
0.16
2.09
3.20
2.28
1.61
5.89
2.45
1.04
3.55
2.29
1.23
0.54
3.02
1.27
0.75
1.86
1.73
3.55
3.64
4.49
3.88
3.85
1.10
1.86
4.01
0.81
2.85
3.97
3.75
0.59
3.77
1.46
1.85
3.59
2.98
4.03
0.39
1.29
1.80
2.45
1.81
2.01
0.59
3.10
2.26
0.87
3.15
1.15
3.01
2.42
2.63
3.13
5.79
2.45
0.96
1.80
5.05
2.20
2.81
1.39
93.59 23938.66
16.95 163459.39
11.66 19775.79
13.11 26207.26
35.11 29252.69
18.21 159059.33
20.76 71051.68
15.91 43485.04
15.94 50905.25
18.78 92506.47
59.89 105136.05
30.21 29453.71
10.72 40497.74
23.62 27616.01
28.21 31127.98
12.55 43522.12
18.78 19118.45
46.41 95441.91
30.79 38100.47
12.31 147810.25
17.82 36471.64
14.76 129417.27
12.34 152538.96
26.21 30837.13
23.31 170259.14
25.58 38095.58
25.75 56843.31
17.41 123648.62
36.76 60186.61
8.93 21650.01
27.01 62807.18
52.19 26000.06
14.40 28098.19
24.48 111749.53
24.17 59087.54
12.20 25895.6
17.53 22045.55
21.20 37598.48
16.82 47176.52
11.11 23023.37
21.79 174271.33
24.00 41085.47
13.18 51095.46
21.09 48031.7
14.62 43622.24
11.69 24880.35
11.03 31673.93
28.30 33425.1
20.10 46886.33
12.76 29725.74
30.81 42137.93
31.11 26494.27
11.55 26516.29
28.07 56808.71
13.27 306287.7
99.29 216234.19
38.09 41173.75
15.78 55921.75
10.52 23678.03
16.40 45071.43
49.23 251956.39
28.43 34156.29
11.53
48688
11.56 158222.55
11.02 79323.61
33.52 192464.19
22.48 32305.24
17.17 34269.95
10.92 47814.8
37.22 23886.44
22.79 148892.81
17.82 76526.72
22.68 27981.62
9.89 143217.06
17.27 30960.11
63.23 29476.84
24.13 25604.62
12.54 138436.48
59.80 23724.06
16.68 258246.85
15.19
26601
11.27 227468.12
62.14 39425.49
43.65 67160.95
45.49 52233.16
19.44 17811.04
24.16 26830.99
15.37 35797.58
-30.75 12342.59
46.73 98261.03
18.45 63522.57
23.60 64665.89
Stock
BakerHu
BankAm
Baxter
BB & T
BectonDick
BerkshHat
Biogen
BkNYMeln
BlackRock
Boeing
BrisMySq
Broadcom
CapOne
CardinalHlth
Carnival
Caterpillar
CBS
Celgene
CharlesSch
ChevrnTx
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil
Corning
Costco
CrownCstl
CSX
CVS
Danaher
Deere
Delphi
Delta
DirectTV
DiscFinServ
Disney
DominRes
DowChem
DukeEner
DuPont
Eaton
eBay
Ecolab
EMC
Emerson
EOG Res
EquityResTP
Exelon
ExpScripts
ExxonMb
Facebook
Fedex
FordMtr
Franklin
GenDyn
GenElectric
GenMills
GenMotors
GileadSci
GoldmSchs
Google
Halliburton
HCA Hold
Hew-Pack
HiltonWwde
HomeDep
Honywell
HumanaInc
IBM
IllinoisTool
Illumina
Intcntl Exch
Intel
Intuit
John&John
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft
Kroger
L Brands
LasVegasSd
LibertyGbl
Lilly (E)
Lockheed
Lowes
Close
Prev
price
price
DirectTV
93.55
92.19
Firstrand
52.14
52.59
MTN Grp
175.85
180.36
Naspers N
1723.51
1742.96
VertexPharm
120.89
124.16
NTTDCMo
2200.00
2217.00
E.ON
7.72
7.72
KDDI
2747.50
2632.00
Glencore
119.00
126.00
IM Baotou Stl
3.87
3.82
RioTinto
2274.50
2299.50
UBS
18.67
18.67
HiltonWwde
24.19
23.96
Citic Secs
15.32
15.66
NipponTT
4333.00
4390.50
TokioMarine
4416.00
4590.50
Biogen
302.13
314.67
Siemens
81.32
81.32
Ericsson
78.30
78.30
CharlesSch
28.96
28.45
Based on the FT Global 500 companies in local currency
Day
Week
change change %
change change %
1.36
1.48
-0.45
-0.86
-5117.86
-99.0
-4.51
-2.50 -17092.15
-99.0
-19.45
-1.12 -166740.49
-99.0
-3.27
-2.63
-13.96
-10.4
-17.00
-0.77
-242.50
-9.9
0.00
0.00
-0.85
-9.9
115.50
4.39
-272.00
-9.0
-7.00
-5.56
-8.90
-7.0
0.05
1.31
-0.24
-5.8
-25.00
-1.09
-123.00
-5.1
0.00
0.00
-1.00
-5.1
0.23
0.96
-1.28
-5.0
-0.34
-2.17
-0.80
-5.0
-57.50
-1.31
-225.50
-4.9
-174.50
-3.80
-213.00
-4.6
-12.54
-3.99
-14.10
-4.5
0.00
0.00
-3.74
-4.4
0.00
0.00
-3.45
-4.2
0.51
1.79
-1.27
-4.2
Month
change %
0.42
0.86
-3.38
6.41
-3.51
-19.94
-9.61
-15.14
-24.94
-14.57
-1.75
-6.55
-1.33
-21.92
-12.81
-18.12
2.07
-2.97
-5.35
-6.50
BOND INDICES
Since
16-12-2008
16-12-2008
18-02-2010
10-09-2014
05-03-2009
05-10-2010
03-08-2011
5.65
34.77
Yld
FT 500: BOTTOM 20
Day
change change %
0.88
9.95
-24.50
-0.68
0.12
1.02
0.14
0.30
-0.35
-1.01
-0.06
-0.58
0.15
0.17
0.00
0.00
1.31
3.13
0.00
0.00
-0.65
-2.25
0.70
0.96
-0.26
-2.45
3.25
1.34
-1.29
-2.00
0.39
1.31
0.10
0.42
-0.78
-0.76
-940.00
-1.66
-5.25
-0.58
Close
Prev
price
price
Sinopec Oil
9.72
8.84
SABMill
3575.50
3600.00
Ch Rail Cons
11.94
11.82
Williams Cos
46.28
46.14
New Ch Life Ins
34.25
34.60
Ch Coms Cons
10.30
10.36
Lilly (E)
88.64
88.49
ValeantPh
319.13
319.13
T-MobileUS
43.15
41.84
Richemont
76.05
76.05
ChinaLife
28.20
28.85
Heineken
73.68
72.98
CSR
10.36
10.62
SBI NewA
245.25
242.00
BrisMySq
63.05
64.34
Inditex
30.28
29.89
Ch OSLnd&Inv
23.95
23.85
Netflix
101.84
102.62
Keyence
55710.00 56650.00
SunPhrmInds
899.95
905.20
Based on the FT Global 500 companies in local currency
Sep 21
US
US
US
Euro
UK
Japan
Switzeland
52 Week
High
Low
Finland ()
Nokia
6.19 -0.11
7.87
SampoA
44.47
0.70 49.40
France ()
Airbus Grpe
55.00
0.58 67.88
AirLiquide
105.35
2.05 123.95
AXA
21.94
0.40 25.24
BNP Parib
53.69
0.71 61.00
ChristianDior 165.65
1.30 195.35
Cred Agr
11.10
0.09 14.49
Danone
56.09
1.46 67.74
EDF
16.92
0.04 26.12
Essilor Intl
109.75
3.50 121.10
Esslr Intl
109.75
3.50 121.10
GDF Suez
17.56
0.67 20.57
Hermes Intl
324.50
3.10 365.55
LOreal
150.20
3.45 181.30
LVMH
152.15
1.50 176.60
Nmrcble-SFR
45.14
0.22 60.01
Orange
14.14
0.16 16.45
PernodRic
92.66
1.29 117.75
Renault
71.65 -2.35 100.25
Safran
69.63
0.03 71.35
Sanofi
89.43
1.55 101.10
Sant Gbn
41.26
0.41 44.84
Schneider
53.55
0.69 75.29
SocGen
41.03
0.59 48.77
Total
40.82
0.05 51.74
UnibailR
227.10
4.10 262.00
Vinci
59.03
0.88 60.35
Vivendi
21.49
0.04 24.83
Germany ()
Allianz
139.15
2.15 170.15
BASF
68.31
0.99 97.22
Bayer
118.15
3.10 146.45
BMW
84.40 -1.31 123.75
Continental
185.75 -6.45 234.25
Daimler
71.25 -1.03 96.07
Deut Bank
25.45
0.26 33.42
Deut Tlkm
16.03
0.29 17.63
DeutsPost
23.90
0.22 31.19
E.ON
7.75
0.03 15.46
Fresenius Med
72.61
2.38 82.32
Fresenius SE
65.09
0.83 66.56
HenkelKgaA
78.67
1.26 99.44
Linde
146.55
2.50 195.55
MuenchRkv
166.85
2.55 206.50
SAP
58.13
0.57 70.81
Siemens
82.53
1.21 106.35
Volkswgn
133.70 -27.65 254.50
Hong Kong (HK$)
AIA
42.70 -0.50 58.20
BOC Hold
23.90 -0.25 33.70
Ch OSLnd&Inv
23.95
0.10 34.05
ChngKng
60.60 -1.85 77.55
Citic Ltd
14.42 -0.12 16.40
Citic Secs
15.32 -0.34 40.50
CK Hutchison 103.50 -0.10 174.90
CNOOC
8.38 -0.30 14.22
HangSeng
145.40
0.40 162.10
HK Exc&Clr 186.40 -1.10 311.40
MTR
35.15 40.00
SandsCh
27.80 -0.70 49.30
SHK Props
105.00 -0.70 137.60
Tencent
133.80 -1.50 171.00
India (Rs)
Bhartiartl
352.30 -4.60 452.45
HDFC Bk
1052.95
3.20
1128
Hind Unilevr 790.70 -7.15 981.00
HsngDevFin
1207.3
0.25 1402.3
ICICI Bk
279.30
1.45 393.40
Infosys
1104.65
0.20
2336
ITC
314.25 -3.75 409.95
L&T
1550.25
9.65 1893.8
OilNatGas
238.95 -0.25 429.00
RelianceIn
878.10 -17.30 1067.85
SBI NewA
245.25
3.25 336.00
SunPhrmInds 899.95 -5.25 1200.8
Tata Cons
2551.05 -0.20 2839.7
Indonesia (Rp)
Bk Cent Asia
12175 -100.00 15600
Israel (ILS)
TevaPha
250.10 -1.50 275.90
Italy ()
Enel
3.98
0.10
4.50
ENI
14.41
0.30 19.34
Generali
16.31
0.25 19.21
IntSPaolo
3.16
0.08
3.65
Luxottica
61.20
2.55 67.80
Unicred
5.72
0.01
6.61
4.85 17.78
4.53 10.87
5.78 11.03
1.41 9.64
0.73 20.62
4.44 10.53
3.47 18.15
1.53 18.22
3.24 212.24
4.09 11.45
1.21 16.32
3.20 13.01
5.90 13.43
4.22 10.99
3.37 34.66
3.25 16.79
3.78 12.44
4.72 17.17
95.76
Bid
yield
Mth's Spread
chge
vs
yield
US
Sep 21
High Yield US$
Windstream Services, LLC
S*
F*
Bid
price
11/17
7.88
BB-
B2
BB
104.88
5.46
-0.01
-0.83
4.77
02/17
6.88
Caa1
97.50
0.00
0.00
Emerging US$
Peru
Mexico
Brazil
Russia
Peru
Brazil
Turkey
Poland
Colombia
Turkey
05/16
09/16
01/18
07/18
03/19
01/21
03/21
04/21
07/21
04/26
8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
4.25
BBB+
BBB+
BB+
BB+
BBB+
BB+
ABBB
-
A3
A3
Baa3
Ba1
A3
Baa3
Baa3
A2
Baa2
Baa3
BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-
121.00
110.15
106.90
120.36
116.98
99.34
106.05
112.45
103.56
93.08
1.23
0.92
4.79
3.43
2.10
5.01
4.43
2.72
3.72
5.17
0.00
-0.06
0.55
-0.01
0.00
0.07
-0.01
0.00
-0.01
0.00
0.00
0.29
0.37
-0.54
-0.30
0.40
-0.19
-0.10
-0.17
-0.23
0.53
0.22
4.09
2.74
0.61
3.52
2.93
1.23
2.23
2.98
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
0.80
Mexico
02/20
5.50
BBB+
BBB+ 109.30
3.20
0.00
0.01
1.71
Bulgaria
09/25
5.75
BB+
BBB- 113.67
4.12
0.00
0.22
1.92
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
Month's
change
Year
change
Return
1 month
Return
1 year
Markit IBoxx
ABF Pan-Asia unhedged
Corporates( )
Corporates($)
Corporates()
Eurozone Sov()
Gilts( )
Global Inflation-Lkd
Markit iBoxx Non-Gilts
Overall ($)
Overall( )
Overall()
Treasuries ($)
171.38
293.94
250.14
210.28
223.41
288.86
247.55
294.58
225.31
287.88
219.25
216.81
0.44
0.71
0.60
0.35
0.77
0.87
0.77
0.69
0.51
0.81
0.60
0.50
0.64
0.49
0.48
0.01
0.93
0.59
0.78
0.47
0.14
0.56
0.62
-0.05
-3.87
0.14
-0.14
-1.14
0.78
1.13
-1.31
0.37
0.51
0.90
0.34
0.81
0.17
-0.18
0.48
-0.75
-0.06
0.72
-0.48
-0.03
0.14
0.49
-0.20
-0.05
-4.14
5.40
-0.14
0.56
4.48
9.46
-1.06
5.74
0.51
8.28
3.29
0.81
FTSE
Sterling Corporate ()
Euro Corporate ()
Euro Emerging Mkts ()
Eurozone Govt Bond
110.51
106.06
824.26
112.99
-0.31
-0.16
13.15
-0.26
-1.22
-1.23
-1.11
-0.53
0.34
-2.35
-12.70
1.13
Index
Day's
change
Week's
change
Month's
change
Series
high
Series
low
308.12
76.10
60.09
84.10
0.00
-
-3.59
-
-4.59
-
310.70
77.19
69.98
85.18
308.12
76.10
48.09
84.10
CREDIT INDICES
Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y
Markit CDX
Emerging Markets 5Y
352.30
0.41
2.14
10.13
396.59
278.35
Nth Amer High Yld 5Y
387.97
-5.20
-12.68
6.32
426.92
337.73
Nth Amer Inv Grade 5Y
79.78
-1.16
-2.18
3.24
87.98
60.22
Nth AmerHiVol 5Y
0.00
0.00
0.00
0.00
100.00
100.00
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 18
Sep 18
Prev
return
stock
Market
stocks
Can 4.25%' 21
129.74
-0.472
-0.397
0.74
5.18
71066.31
7
Fr 2.25%' 20
114.03
-0.594
-0.534
0.65
20.31 206487.20
14
Swe 0.25%' 22
107.91
-0.789
-0.704
0.45
30.88 217433.90
6
UK 2.5%' 16
UK 2.5%' 24
342.12
-0.855
-0.782
1.11
6.82 483767.52
25
UK 2%' 35
234.79
-0.836
-0.796
1.36
9.08 483767.52
25
US 0.625%' 21
101.86
0.303
0.343
0.28
35.84 1084194.65
36
US 3.625%' 28
133.48
0.817
0.343
-0.18
16.78 1084194.65
36
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
Bid
vs
vs
Yield Bund T-Bonds
1.89
0.33
0.85
1.66
2.57
1.99
0.03
1.89
2.19
1.21
-0.36
0.16
0.97
1.89
1.31
-0.66
1.20
1.51
-0.30
-1.86
-1.34
-0.54
0.38
-0.20
-2.17
-0.31
0.00
Lyondell
Marathon Ptl
Marsh&M
MasterCard
McDonald's
McGraw Hill
McKesson
Medtronic
Merck
Metlife
Microsoft
Mnstr Bvrg
MondelezInt
Monsanto
MorganStly
MylanNV
Netflix
News Corp A
NextEraE
Nike
NorfolkS
Northrop
NXP
Occid Pet
Oracle
Pepsico
Perrigo
Pfizer
Phillips66
PhilMorris
PNCFin
PPG Inds
Praxair
Prec Cast
Priceline
ProctGmbl
Prudntl
PublStor
Qualcomm
Raytheon
Regen Pharm
ReynoldsAm
Salesforce
Schlmbrg
Shrwin-Will
SimonProp
SouthCpr
Starbucks
StateSt
Stryker
Sychrony Fin
Target
TE Connect
Telsa Mtrs
TexasInstr
TheTrvelers
ThrmoFshr
TimeWrnr
TimeWrnrC
TJX Cos
T-MobileUS
UnionPac
UPS B
USBancorp
UtdHlthcre
UtdTech
ValeroEngy
Verizon
VertexPharm
VF Cp
Viacom
Visa Inc
Walgreen
WalMartSto
Wellpoint
WellsFargo
Williams Cos
Yahoo
Yum!Brnds
Venezuela ()
Bco de Vnzla
Bco Provncl
Mrcntl Srvcs
Yld
P/E MCap m
86.98
46.72
53.63
93.40
97.67
93.12
202.91
70.54
51.53
46.88
44.16
134.72
42.96
87.78
33.29
48.41
101.84
26.50
97.88
116.09
79.95
170.48
89.66
67.19
36.73
93.67
175.86
32.70
79.99
81.99
88.87
93.80
105.52
229.24
1309.99
70.45
76.95
209.05
54.44
104.87
541.57
42.51
71.64
73.32
248.02
185.35
27.21
57.38
69.83
99.77
30.79
77.93
61.42
268.88
47.44
100.91
125.93
69.46
190.30
71.72
43.15
88.94
99.34
41.47
122.71
91.79
60.45
44.68
120.89
71.45
44.99
70.83
87.69
63.57
128.71
51.55
46.28
31.36
79.75
1.29
0.63
0.54
1.25
0.62
0.90
-0.82
0.21
-0.60
0.36
0.68
0.12
0.11
-0.32
0.26
-1.18
-0.78
0.19
0.59
1.04
1.00
1.50
-0.42
0.35
0.35
0.62
-2.71
-0.15
1.40
0.77
1.44
0.61
0.39
0.49
15.52
0.51
1.12
2.08
-0.02
0.32
-8.79
0.67
0.24
0.78
1.37
1.35
0.08
0.54
0.83
0.55
0.23
1.31
0.07
8.26
-0.36
1.25
0.15
-0.18
0.79
0.36
1.31
1.16
1.02
0.30
0.24
0.72
0.54
0.11
-3.27
0.83
-0.69
1.04
1.20
0.23
0.94
0.51
0.14
0.62
-0.40
115.40
60.38
59.99
99.18
101.88
109.13
243.61
79.50
63.62
58.23
50.05
155.83
48.58
126.00
41.04
76.69
129.29
39.27
112.64
117.72
117.64
176.83
114.00
95.15
46.71
100.76
215.73
36.46
86.38
90.25
100.52
118.95
134.06
249.12
1395
93.89
94.30
217.99
78.53
113.36
605.93
44.14
78.46
105.18
294.35
206.31
33.31
59.32
81.26
105.34
36.40
85.81
73.73
286.65
59.99
110.49
141.25
91.34
194.22
76.93
43.43
124.52
114.40
46.26
126.21
124.45
71.50
51.73
143.45
77.83
81.23
76.92
97.30
90.97
129.96
58.77
61.38
52.62
95.90
70.06
37.32
48.66
69.64
87.50
73.96
160.10
55.54
45.69
44.49
39.72
88.93
31.83
87.68
30.40
44.80
45.08
22.81
90.33
79.27
72.10
118.24
53.81
64.83
35.14
76.48
142.38
27.51
57.33
75.27
76.69
85.78
100.99
186.17
990.69
65.02
74.05
162.34
52.59
92.96
320.06
28.14
51.04
68.01
202.01
162.43
23.41
35.39
64.21
77.87
23.76
58.72
51.03
181.40
41.47
90.83
107.33
66.82
128.78
58.58
24.26
79.31
93.64
38.10
80.72
87.17
42.53
38.06
96.43
61.75
36.32
48.80
58.39
61.50
81.84
46.44
40.07
29.00
65.81
118.00
4000
-
5.00
-
143.95
4400
-
27.00
840.00
-
31878.65
31948.88
-
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 21
US$
Wachovia Corporation
Merrill Lynch & Co., Inc.
Korea Electric Power Corporation
Archer Daniels Midland Company
SouthTrust Bank
FleetBoston Financial Corp.
Euro
Goldman Sachs Group, Inc. (The)
Credit Agricole S.A.
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
08/26
09/26
08/27
12/27
12/27
01/28
6.82
6.22
6.75
6.75
6.57
6.88
A
BBB+
A+
A
A+
BBB+
A3
Baa3
Aa3
A2
Aa3
Baa3
A+
AAAA
A+
A-
126.04
114.53
99.20
120.88
118.89
118.78
4.56
4.58
6.97
4.56
4.59
4.89
0.00
0.00
0.00
0.00
0.00
0.00
0.30
0.10
-0.16
0.31
0.16
0.20
2.37
2.38
-
06/26
03/27
03/29
05/29
2.88
2.63
3.13
2.88
ABBB
AA
A3
Baa3
A3
A2
A
AAA
103.99
93.32
107.71
105.05
2.45
3.33
2.44
2.43
0.00
0.00
0.00
0.00
0.30
0.17
0.36
0.33
0.25
-
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-
124.80
106.73
3.94
3.26
-0.07
-0.09
0.17
0.03
1.74
1.07
S*
Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M Moodys, F - Fitch.
Sep 21
Day Chng
Prev
52 wk high
52 wk low
VIX
21.28
-1.00
22.28
53.29
10.88
VXD
20.30
-1.06
21.36
56.32
7.04
VXN
22.91
-0.69
23.60
46.72
11.15
VDAX
23.61
-1.03
24.64
29.94
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.
52 Week
High
Low
Ratings
M*
Red
date Coupon
Stock
Red
52 Week
Amnt
Change in Yield
Sep 21
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 2pc '16
100.50
0.49
-2.00
2.08
4.26
-30.99 101.97 100.50
0.32
Tr 1.75pc '17
101.63
0.52
6.12
6.12
0.00
-50.94 102.68 101.58
0.29
Tr 5pc '18
110.58
0.66
4.76
3.13
-1.49
-54.79 113.65 110.45
0.35
Tr 4.5pc '19
112.17
0.92
4.55
3.37
-4.17
-46.51 115.07 111.71
0.36
Tr 4.75pc '20
115.64
1.14
2.70
2.70
-5.00
-40.93 119.04 114.68
0.33
Tr 1.5pc '21
100.40
1.42
2.90
2.90
2.16
-32.06 142.92 100.01
0.04
Tr 4pc '22
115.62
1.46
3.55
3.55
-0.68
-33.64 119.85 112.69
0.38
Tr 5pc '25
128.16
1.76
2.92
2.33
0.00
-30.43 134.70 123.14
0.35
Tr 4.25pc '27
124.15
2.01
2.55
2.55
1.52
-26.37 131.90 117.44
0.31
Tr 4.25pc '32
126.50
2.33
2.19
2.64
3.56
-20.48 136.85 118.96
0.35
Tr 4.25pc '36
128.42
2.47
2.07
2.49
4.22
-19.02 140.37 119.89
0.28
Tr 4.5pc '42
138.16
2.55
2.00
2.82
4.94
-17.74 153.16 127.45
0.26
Tr 3.75pc '52
129.72
2.51
2.03
2.87
5.02
-19.55 145.21 115.33
0.22
Tr 4pc '60
140.85
2.48
2.06
2.90
5.98
-19.74 159.23 123.64
0.21
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.
Day's
chg %
-0.08
-0.29
-0.49
-0.33
-0.82
-0.45
Sep 21
98.27
178.91
207.26
185.41
296.69
171.93
Sep 21
310.44
572.79
430.86
706.13
530.46
Sep 21
1.22
1.91
2.31
Day's
chg %
-0.13
-1.41
-0.70
-1.70
-1.22
Sep 18
1.18
1.86
2.26
Yr ago
1.82
2.51
2.84
Total
Return
2360.25
3226.22
3789.62
3362.23
4270.36
3205.60
Month
chg %
0.31
-3.39
-0.64
-4.47
-2.85
Return
1 month
0.04
-0.18
-0.59
-0.27
-2.53
-1.10
Year's
chg %
-2.26
11.64
1.78
16.66
10.22
20 Yrs
45 Yrs
inflation 0%
Sep 21
Dur yrs Previous
Yr ago
Sep 21
Real yield
Up to 5 yrs
-0.72
2.62
-0.77
-1.10
-1.49
Over 5 yrs
-0.79
23.38
-0.85
-0.27
-0.83
5-15 yrs
-0.70
9.83
-0.77
-0.43
-0.83
Over 15 yrs
-0.81
29.00
-0.86
-0.25
-0.83
All stocks
-0.79
20.27
-0.85
-0.28
-0.84
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Total
Return
2360.52
4220.99
3266.24
5109.31
3957.44
Sep 21
2.49
2.50
Return
1 year
2.62
6.32
9.19
7.13
12.96
7.67
Yield
0.99
1.63
2.00
1.73
2.48
2.22
Return
1 month
0.31
-3.34
-0.62
-4.40
-2.81
Return
1 year
-0.91
12.55
3.11
17.36
11.19
Sep 18
2.45
2.45
Yr ago
3.00
3.07
inflation 5%
Dur yrs Previous
2.64
-1.54
23.48
-0.89
9.85
-0.90
29.05
-0.89
20.43
-0.90
Yr ago
-1.94
-0.32
-0.57
-0.28
-0.34
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
20
FINANCIAL TIMES
Equities
Stephen
Foley
Enticing bargains
beckon in closed-end
bond fund shares
$50m
Value of Goldman
Sachs Asset
Managements ETF
at launch
$1
tn
Value of assets
managed on
behalf of investors
by GSAM
1200
Savings fund*
Stabilisation fund*
Total revenue
(actual)
JOSEPH COTTERILL
1000
800
600
400
200
0
2005
08
10
12
14
100
Forecasts
80
60
40
20
0
2010
12
14
16
18
The
importance
of a
sovereign
wealth fund
is being a
cornerstone
of a fiscal
framework
Capital markets
Capital markets
21
FINANCIAL TIMES
TRADING POST
Michael
Hunter
The Federal Reserves inaction last
week remains the driver of sentiment,
at least for now. But attention will soon
turn towards potential action at other
central banks, not least in Sweden,
where the Riksbank faces a further
test of its monetary policy mettle.
It has taken rates more deeply into
negative territory than any other
central bank in the developed world,
reversing a series of rate increases
made in 2010-11.
The about-face came as the effects
of the wider, global financial crisis
proved more stubborn than it
expected. There are warnings from
analysts that the Riksbank could have
further to go.
Our base case for the Riksbank is
another 10 basis points rate cut in
December combined with an extended
asset purchase programme, Arne
Lohmann Rasmussen, at Danske Bank,
said. The decision by the Fed to delay
rate hikes puts pressure on the
Riksbank. The krona has strengthened
markedly over the past month . . . It is
now clearly stronger than assumed by
the Riksbank.
Meanwhile, Denmark will make its
next rate call on Thursday. While its
currency, the krone, has weakened and
inflation remains robust by
Scandinavian standards, the run lower
in oil prices poses a direct threat to its
national economy.
We expect that the Norges Bank
will cut its benchmark rate by 25bp
[this week], said Danske. But it was
hard to predict.
More Scandinavian rate drama could
lie ahead.
michael.hunter@ft.com
Rebased
Jan
Danish krone
Swedish krona
2015
Sep
104
102
100
98
London
Takeover talk boosts
Smith & Nephew
Bryce Elder
Smith & Nephew was among
yesterdays gainers as takeover
speculation was given another airing.
S&N added 1.8 per cent to 11.65 on
talk of interest from Johnson & Johnson,
whose DePuy orthopaedic subsidiary
was pushed to number three in the
market for knee implants by Zimmers
purchase of Biomet.
At a medical technology conference
second-largest US homebuilder by
market valuation reported better than
expected third-quarter profits on the
back of new home sales.
The Miami-based company reported
profits of $223.3m or 96 cents a share in
the three months ended in August,
compared with $177.8m or 78 cents a
share in the year-ago period. Revenues
rose 24 per cent to $2.5bn.
Analysts had forecast earnings of 79
cents a share, on sales of $2.4bn.
The company said that orders of
homes climbed 10 per cent in the third
quarter to 6,495, while deliveries
increased 16 per cent to 6,318 homes.
Shares of Lennar rose 2 per cent to
$52.73.
Micron Technology shares gained 2
per cent to $15.82 after analysts at
Barclays initiated coverage on the stock
with an overweight rating and a price
target of $20.
Recent weak demand and pricing
trends in memory chips called Dram,
dynamic random-access memory, have
weighed on the stock.
Now analysts argue that the nearterm risk is already priced in and that
price trends should improve in 2016 as
demand from PCs and handsets picks
up.
US stocks began the week on the front
foot following the late sell-off last week
after the Federal Reserve left interest
rates unchanged.
At midday, the S&P 500 rose 0.6 per
cent to 1,970.15, the Dow Jones
Industrial Average gained 0.7 per cent to
16,499.90 and the Nasdaq Composite
climbed 0.4 per cent to 4,847.33.
Mamta Badkar
70
65
60
55
50
Jan
2015
Sep
Close
change
1968.65
10.62
DJ Industrials
16495.79
111.21
Nasdaq Comp
4841.88
14.65
Russell 2000
1204.70
-8.35
21.28
-1.00
US 10 yr Treas Bd
2.19
0.06
US 2 yr Treas Bd
0.70
0.03
VIX
view that the bank stood ready to modify its quantitative easing programme
should economic turbulence merit fresh
action.
His remarks came hard on the heels of
weekend comments from John Williams, president of the San Francisco
Fed, who said last weeks decision by the
central bank to stand pat on interest
rates was a close call.
The prospect of further policy divergence between the eurozone and the US
helped drive the euro down 0.9 per cent
against the dollar to $1.1209. That move
helped push the dollar index which
measures the US currency against a basket of peers up 1 per cent to 95.82.
The firmer tone of the dollar and
0.59%
2000
1950
1900
1850
Aug
Lululemon Athletica
Wall Street
Lululemon jumps on
new chapter hopes
Markets update
2015
Sep
0.30%
6400
6200
6000
Aug
2015
Sep
5800
1.12%
1450
1400
1350
Aug
2015
Sep
1300
Aug
2015
1.89%
3300
3200
3100
3000
2900
Sep
Trading Directory
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22
Renminbi. Volatility
INSIGHT
George
Magnus
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
Global concerns
Renminbi and stocks
Apr 2006: President
Hu Jintao relaxes some
capital controls and slightly
loosens exchange rate policy
ahead of meetings with
US President George W. Bush
Xi Jinping
Rmb
per $
6.0
6.5
7.0
7.5
8.0
8.5
1
2005
06
07
08
09
10
11
12
13
14
15
I dont think
China had
any idea just
how many
people there
are out
there who
think their
economy is
collapsing
Chris Wood,
CLSA
Shanghai
Composite
(1,000)
Commodities
HENRY SANDERSON
AND NEIL HUME
FT SPECIAL REPORT
Inside
Central bank needs to
price in political risk
Turkey, once described
as Europes Bric, has
lost its golden glow
Page 2
Is EM the only
acronym that matters?
How currencies have
been badly affected by
the dollar bull run
Page 2
State in need of
financial guidance
Nigerias post-election
optimism fades as fiscal
policy remains unclear
Page 3
FINANCIAL TIMES
President plays
catch up on policy
as polls show a
big fall in support
Indonesia
Turkey Government
is putting off what it
knows will be painful
structural reforms,
writes Andrew Finkel
Only one
acronym
matters
now: EM
Currencies
The Indonesian rupiah has fallen 13 per cent against the dollar Dimas Ardian/Bloomberg
11.3 per cent, the Turkish lira by more
than 22 per cent, the Indonesian rupiah
by 14 per cent. On the official exchange
rate, Nigerias naira had fallen by 7.5 per
cent. But Nigeria has resorted to a series
of measures to defend the naira following two devaluations, creating a black
market for the currency. The black market rate is much weaker, says Mr Thin.
Political risk is one reason why traders short certain currencies, which
explains some of the weakness in the
lira, the naira and the peso. The falling
oil price is another, and one that has
weighed particularly heavily on Nigeria.
Since late last year, there has been no
two-way FX market in Nigeria, says
Luis Costa, an EM strategist at Citigroup.
The central bank in Nigeria has been
reluctant to allow some depreciation of
the naira as a response to the abrupt
collapse in oil prices.
On the other hand, Turkey is an
energy importer and so benefits from
cheaper oil, while Mexico, the third-biggest oil producer in the Americas, is
hedged against oil price fluctuation.
Indonesia is dependent on commodity exports and is a net oil importer. Its
per capita income is low, though inflation is above target, and FX strategists
think it has reasonable democratic
Elizabeth Durno
Christina Madden
Sub-editors
Contributors
Gideon Rachman
Chief foreign affairs commentator
Maggie Fick
West Africa correspondent
Andrew Finkel
Freelance journalist in Istanbul
Jude Webber
Mexico and Central America
correspondent
Adam Jezard
Commissioning editor
Steven Bird
Designer
Andy Mears
Picture editor
FINANCIAL TIMES
When it comes to
corruption, words
can be blown
away by the wind
Mexico
Nigeria Post-election
optimism fades as
fiscal policy plans
remain unclear,
writes Maggie Fick
FINANCIAL TIMES
Mexico
bus company, for example, had an average chargeback rate of 8 per cent but
this fell to to 1.2 per cent after about
three months, the time it takes the software to understand fraud patterns.
Were on the verge of launching alliances with almost all the banks here for
us to be their [anti-fraud] software. The
banks realised we were doing it better
than them. Such statements may
sound cocky, but the 28-year-old chief
executive brims with a millennials
assurance: We are the technology.
Mr Crdenas grew up in the business
world, working from the age of 10 in his
fathers electronic sales business. He
and his friends were, by his own admission mirreyes (my kings the pampered children of the well-off elite).
Canada, where he moved when he was
18, not only taught him about technology but also the need to generate value.
Mexicans, he says, focus on making
money fast and avoiding risk because of
cultural pressure not to fail.
Conektas big-name backers include
investment companies Jaguar Ventures,
500 Startups and, through a syndicate
companies owned by some of the countrys most powerful firms. Last year,
oBilet booked about 1m inter-city coach
tickets, representing 10m in turnover.
With Turks making 200m journeys a
year, they believe there is room to grow.
The figures attracted two backers:
Earlybird, a venture capital firm that
runs its 95m Digital East Fund from
Istanbul; and the Turkish angel investor, Aslanoba Capital. Mr Yilmaz and Mr
Gurocak say they now have enough
working capital for five years and still
retain 70 per cent of the original shares.
They have taken on more staff and plan
to expand the business into the Balkans.
The success of oBilet would seem to be
a confirmation of Turkeys bustling
entrepreneurial culture. Small and
medium-sized enterprises account for
99.9 per cent of all businesses and produce 53 per cent of value added in the
whole economy, according to 2014
figures published by the European Commission.
Yet, while Turkish workers in Europe
are known for repatriating savings into
mom and pop stores or other family
businesses, such as taxi services or
cafs, graduates still come under pressure to seek a steady, well-paid job.
The ecosystem that nurtures entrepreneurial talent is still in its early
stages, said Cem Sertoglu, a partner in
FINANCIAL TIMES
Extreme volatility
saps sentiment
Markets
Mint countries
Indonesia
Nigeria
8
6
4
2
0
-2
-4
-6
-8
-10
-12
Bric countries
Turkey
Mexico
India
China
Brazil
Russia
... and most of the Mint economies are getting richer ...
GDP per capita at purchasing power parity As % of US (2015-16=forecasts)
Mexico
Indonesia
1990
2000
10
16
Turkey
Nigeria
1990
2000
10
16
36
34
32
30
28
26
11
10
9
8
7
6
20
18
16
14
12
35
34
33
32
31
1990
2000
10
16
1990
2000
10
16
5.2
1971
29.9
2013
31.5
2012
2.9
1971
79.3
2012
0.7
1975
5.1
1971
10.4
2005
2.8
2007
2.9
2014
Vegetable fats
$19.4bn
Natural gas
$17.7bn
Coal
$17.4bn
2.2
2007
2.6
2014
Petroleum oils
$79bn
Natural gas
$10.9bn
Propane and
butane
$1.6bn
Motor vehicles
$7.3bn
Iron/steel bars
$6.3bn
Articles of apparel
$5.9bn
2.9
2007
3.5
2014
61%
75%
81%
23%
Mexico 39
Turkey 55
FT graphic Sources: IMF; World Bank; Unctad; Transparency International * Refers to quality of logistic infrastructure and services
Indonesia 114
Nigeria 170
189
FINANCIAL TIMES