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Europe shifts stance on ‘Frankenfoods’ Why Kherson retreat will not weaken Putin
BIG READ, PAGE 17 ALEXANDER BAUNOV, PAGE 19
as US inflation
as profits pledge fades
The office group has said it will
close “underperforming” US sites
in an effort to cut costs as it failed
to post a profit more than a year
falls to lowest
after going public.— PAGE 6
i Biden to meet Xi
The White House has said the US
and Chinese presidents will meet
since January
in person for the first time as
leaders ahead of the G20 summit
in Bali next week.— PAGE 2
INTERNATIONAL
Women voters claw back ground for Democrats told reporters, adding he hoped to have
conversations with his wife, Jill, about a
new presidential campaign between
Thanksgiving and Christmas.
“I don’t feel any hurry one way or
another to make that judgment . . . my
Concerns over abortion laws guess [is] it will be early next year,” he
said.
proved more important than In a statement yesterday following
many pollsters had predicted data that revealed October’s consumer
price index rising by 7.7 per cent, mark-
FT REPORTERS
Reaction
INTERNATIONAL
Zaporizhzhia
UKRAINE Zolota Balka nuclear
power plant
Dudchany
Mykolayiv
Dnipro river Kakhovka bridge
Kherson Antonivsky Nova Kakhovka
bridge
KHERSON
50km
‘Road dust’
INTERNATIONAL
Art collection
refusal to let the Ocean Viking dock at
an Italian port earlier despite repeated
appeals to Rome from the ship.
Vatican’s ex-aides seek €9mn over dismissal Foreign businesses avoid China import fair
AMY KAZMIN — ROME later found to have been used by the tion of its charitable donations wing. It THOMAS HALE — SHANGHAI tem was not set up to facilitate foreign despite the curbs and disruptions caus-
Holy See to invest about £300mn bet- realised well over £100mn in losses attendance at the fair, which applied its ed by the pandemic. In 2020, China
The Vatican’s former chief auditor and China has wrapped up a flagship
ween 2014 and 2018 in a luxury devel- when the London site involved was sold own Covid-19 protocols, including an briefly halted European salmon imports
his deputy, who were dismissed in 2017 import trade fair that sought to boost
opment in London. The deals were to Bain Capital recently for £186mn. entry requirement of a negative PCR after an outbreak was linked to Beijing’s
after trying to investigate the Catholic international access to its market,
authorised by the Vatican secretariat, of Becciu, once a close aide of the Pope, test within the past 24 hours. Xinfadi wholesale market. Covid cases
Church’s “off the books” Swiss bank although few foreigners attended amid
which Becciu was second-in-command. was stripped of his responsibilities in At a booth for Danish group Arla near ports have also obstructed trade.
accounts, have launched a €9.3mn legal strict anti-coronavirus measures that
Although Vatican authorities claimed 2020. He and nine others were indicted Foods Ingredients, Shanghai-based Asia Leufgen said Arla had recorded dou-
action against the Holy See. are constraining trade and travel.
there was “irrefutable evidence” against by the Vatican prosecutor last year for head Alexander Leufgen said some cus- ble-digit revenue growth in China this
Libero Milone and his number two, Fer- financial wrongdoing, including embez- The China International Import Expo in year and it remained an attractive mar-
ruccio Panicco, are claiming damages zlement and abuse of office in connec- Shanghai, one of the world’s largest ket. “One side-effect of Covid-19 has
for lost earnings, emotional distress and Pope Francis in tion with investments into the London trade events and a personal project of
Official trade data this been that health awareness [in China]
loss of reputation over how they were
2016 with Libero
Milone, then the property. Becciu has always denied any President Xi Jinping since its launch in week showed Chinese has increased,” he said.
forced from their jobs after being wrongdoing. His trial is ongoing. 2018, hosted more than half of the big- Official trade data this week showed
accused of misconduct. They were later
Vatican’s chief
auditor. Milone has Milone said his years at the Vatican gest multinationals, said organisers.
imports fell last month for Chinese imports, which boomed early in
publicly accused by the then powerful denied wrongdoing were the “most difficult” of his career. The event, held partly virtually last the first time since 2020 the pandemic, fell last month for the
Cardinal Giovanni Angelo Becciu of spy- Although he expected the assignment to year, comes at a pivotal moment as the first time since 2020, while exports also
ing on the private lives of their Holy See Milone at the time of his departure, they be “an opportunity to contribute to the economy faces intensifying pressure tomers from China and abroad had contracted, despite forecasts of a 4.5 per
superiors, including Becciu himself. then shelved the case but never publicly modernisation of the church”, he ran from the government’s zero-Covid poli- struggled to get into the event because of cent rise. The economy grew 3.9 per
Milone, a former head of Deloitte exonerated him. Milone, who has into resistance from powerful individu- cies, weakening trade data and mount- the measures. Arla was hosting an event cent in the third quarter, well below a
Italy, had been picked in 2015 to estab- always denied wrongdoing, said the epi- als uncomfortable with his efforts. ing scrutiny of its reopening prospects. for them downtown, he added. state target of 5.5 per cent for the year.
lish an auditor-general’s office for the sode destroyed his reputation. Milone said he initially met monthly While foreigners were largely absent “It’s a strict regime,” said Andreas Several foreign businesses had to att-
Holy See, as Pope Francis sought to “I’m put on the cross because I did the with the Pope to brief him but had been from the conference centre near Shang- Thorud, China director at the Norwe- end the fair remotely, via a video confer-
clean up the church’s financial affairs, right things,” Milone said this week. denied any papal audiences for the hai’s Hongqiao airport, almost 500,000 gian Seafood Council, adding that Nor- ence of almost entirely domestic media.
including management of millions of “There’s a small mafia in the Vatican entire year before he was forced out. He visited stalls of companies’ latest prod- wegian seafood exports to China were Yet at an opening address on Friday via
euros in charitable contributions from that tries to block any change . . . They had also found his office was bugged. ucts and technologies on display. up 4 per cent year on year by volume video link, Xi said China remained com-
Catholic faithful around the world. still live in the medieval era.” The Vatican declined to comment but Beijing still requires a week of hotel and 46 per cent in terms of value, mark- mitted to the “fundamental national
But Milone said he and his team were Since Milone’s departure, the Vatican said the Holy See’s promoter of justice, quarantine for overseas arrivals, and ing a record. policy of opening up to the world”.
stonewalled in their requests for details has suffered revelations over its finan- who is its chief prosecutor, reopened the unlike with previous events such as its Such growth highlights the appeal of Additional reporting by Wang Xueqiao in
of Vatican-owned Swiss bank accounts cial decisions, prompting a reorganisa- probe into Milone’s case in the spring. Winter Olympics, a “closed loop” sys- China’s market to foreign exporters Shanghai
Friday 11 November 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 11 November 2022
Truce over Moderna seeks to gain slice of revenues from BioNTech/Pfizer Covid jab with patented mRNA technology y COMPANIES
nears collapse
sites in a bid to cut costs and has failed
to post a profit more than a year after it
went public.
The group announced yesterday it
would shut about 40 “underperform-
ing” offices in the US. Taken together,
3 Exchange short of redemption funds the closures will cut almost 5 per cent
of WeWork’s total desk space and hit
Public Notice
Valley’s headcount reductions mark start of low-growth phase
planet, while also reversing a rapid back at pre-pandemic levels. Meta co-
INSIDE BUSINESS period of expansion. Twitter’s head- founder Mark Zuckerberg said he was
count had doubled in the space of five among the people to make this error.
TECHNOLOGY years. Meta’s had risen more than three- Yet besides misjudgment and weak
fold. management, there were also some
Richard A simplistic explanation is that the
good times simply led to weak manage-
strong incentives behind tech’s hiring
spurt. One was the race to attract scarce
Legal Notices Notice to Advertisers
Calls to the Financial Times Advertising Department Waters ment that has now been exposed by a
downturn in the economy. Blinded by a
engineering talent. According to some,
that left tech leaders such as Zuckerberg
may be monitored. growth spurt, the tech companies sim- with little choice but to ramp up their
ply failed to prepare for the inevitable hiring, even if they knew they would
F
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companies are entering a new, soared during the pandemic, jumping for tech companies to invest in new
low-growth phase, the arrival 19 per cent in 2020 and 28 per cent in projects that would not see a pay-off for
of mass job losses will look like an 2021. This year, by contrast, growth is many years. One venture capital inves-
important moment. The companies’ expected by analysts to fall back to 9 per tor who sits on a number of private tech
high growth rates, even as they reached cent, the same as it was in 2019. company boards said this kind of think-
massive size, seemed to defy economic Yet Big Tech’s hiring binge has actu- ing was pervasive.
gravity. Not anymore. ally accelerated Competitive concerns also played
Elon Musk’s precipitate move to axe into the downturn. One mistaken belief of their part, this investor says: companies
half of Twitter’s workforce, with the loss Leaving aside were worried that if they didn’t sink
of 3,700 jobs, came days before Face- Amazon, which executives was that the money into long-term bets that might
book parent Meta said it was sacking had a 1.6mn-strong pandemic jump in online determine the future of the tech indus-
Meta jobs cull underlines threat from TikTok potential offer emerged.
When the deal was announced, top
traditional long-only shareholders in
Aveva, including Canada-based Mawer
Investment management and M&G
Investments, said they planned to reject
Boss moderates metaverse it because it was an opportunistic bid
trying to take advantage of recent weak-
bet amid heightened scrutiny ness in the share price.
The takeover is due to be voted on by
from investors on spending shareholders next week. Schneider,
which aims to close the deal in the first
HANNAH MURPHY — SAN FRANCISCO quarter of 2023, will need to secure sup-
IAN JOHNSTON AND CRISTINA CRIDDLE
LONDON port from at least 75 per cent of minority
shareholders.
After 18 years of bumper growth, a new
reality dawned on Meta on Wednesday
as chief executive Mark Zuckerberg
It would only take about
announced a drastic retrenchment of 10% of the overall
his company’s workforce.
The job cuts — equal to about 13 per
shareholder base to reject
cent of its workforce, or 11,000 employ- it for the deal to be blocked
ees — speak to the competitive threats
that Meta, which owns Facebook, Insta- Given the French group cannot vote,
gram and WhatsApp, is facing from it would only take about 10 per cent of
deep-pocketed Chinese rival TikTok. the overall shareholder base to reject it
They are also the first sign that Zuck- for the deal to be blocked.
erberg has been forced to moderate his Aveva is one of Britain’s oldest tech-
costly bet on building a digital avatar- nology groups. Spun out of Cambridge
filled metaverse amid heightened scru- university in the 1960s, its software has
tiny from investors over spending. focused primarily on the energy, infra-
“The bubble has burst,” one former structure and manufacturing sectors —
Meta employee said. areas Schneider also covers — although
The job cuts are part of a cull in tech. it has expanded beyond that.
Groups that rely heavily on advertising The company is navigating a shift to
revenue have been hammered as rely more on subscription revenue,
brands slash budgets against a backdrop which analysts say could be challenging
of high inflation and the heavy cost of and take several years, but investors
capital. believe will be beneficial longer term.
According to Layoffs.fyi, a website Davidson Kempner said Aveva’s chief
that tracks tech companies’ job cuts, executive Peter Herweck, who joined 18
there have been more reductions in the Meta’s offices need to be there and so many products with offers to return for future positions Zuckerberg what projects and relationships,” said months ago on secondment from Sch-
first nine days of November than in any in London. that no one knows about. I’m not sur- were fretting over whether their places one employee, adding that even those neider, had “presided over poor com-
other month of 2022. Businesses prised that reality is now catching up would still be guaranteed, one of them ‘finally read who stayed were downtrodden. “It’s munication of the business model”.
Even with the headcount correction, reliant on ad with them.” said. the room totally brutal.” Schneider said last month it was still
Meta had more staff than it did last year, revenue have Others believe Zuckerberg acted In some cases, reductions appeared to There were signs that the cuts had pursuing a full takeover of Aveva, but
analysts noted, a sign of how rapidly the been hit hard as rationally in staffing up as fast as he be more based on cutting select roles and took appeased investors, who wiped more added that it could also decide to main-
company ballooned during its pan- brands reduce could and always realised he would and teams than low performers, accord- action’ than $89bn from the company’s market tain its 59 per cent ownership. “This is
demic boom. At the end of December budgets amid need to reckon with it at a later point. ing to two other insiders. capitalisation in late October after Meta not an absolute must-do deal for us,”
2021, the company had nearly 72,000 high inflation “It was a land grab for engineers. Eve- Of the areas targeted, recruitment Dan Ives, posted declining revenues. Meta shares said chief financial officer Hilary Maxon
staff; on Wednesday, the cuts shrank its and heavy ryone knew it was wasteful,” said Kevin was badly hit. Companies including Wedbush closed up more than 5 per cent on on an earnings call. Yesterday it said it
workforce of more than 85,000 to capital costs Landis, a tech investor at Firsthand Stripe and Twitter have focused their Wednesday. still believed its bid offered an “attrac-
around 74,000. Joshua Bratt/PA
Funds. “They absolutely knew they job cuts on recruiters as they have fro- Brent Thill, analyst at Jefferies, said tive certain cash value in a difficult trad-
“Meta laying off 11k people takes it were being wasteful, and they abso- zen hiring, meaning Meta’s recruiters he did not expect the job cuts to hurt ing environment”.
back to December 2011 levels. Wait, no lutely knew it was the right thing to do.” were also braced for losses. Meta’s revenue growth trajectory and At the moment the deal is a scheme of
— December 2021,” wrote Benedict A sombre Zuckerberg appeared “I think most of us on the recruiting was “encouraged by the potential for arrangement, a court-approved agree-
Evans, an independent tech analyst and before those who remained at an all- team had an idea we would be let go this positive earnings per share revisions for ment between Schneider and Aveva’s
former venture capitalist. hands meeting on Wednesday. morning,” Ryan Anderson, a Boston- the first time in 15 months”. shareholders. Schneider could switch to
Many investors and even some “I know there must be just a range of based recruiter who was let go from Others said the outlook remained an offer to get the deal done, which
employees have been critical of what different emotions. I want to say up Meta on Wednesday, wrote on LinkedIn. bleak. would involve buying Aveva’s shares
they perceive as Zuckerberg’s over- front that I take full responsibility for Zuckerberg acknowledged that Dan Ives, an analyst at Wedbush Secu- from the market. An offer is easier to
hiring in an effort to seize the spoils of this decision,” he said, according to a recruitment was “disproportionately rities, said Zuckerberg “finally read the pass because it only requires the major-
pandemic trends, including more online video of the meeting shared with NBC affected” and Meta was “restructuring room and took action”, which was a ity of minority shareholders to accept it,
communication and shopping. News. “And it was one of the hardest our business teams more substantially”. “step in the right direction” compared with 75 per cent needed in a
“They grew so quickly and were so calls that I’ve had to make.” Even Reality Labs, the augmented and However, Meta’s job cuts were “an scheme of arrangement.
lavish with perks,” said Zaven Nahape- Either way, the reckoning has left virtual reality division underpinning ominous sign of dark days ahead for Davidson Kempner said in the case of
tyan, a former senior engineering man- many current and former Meta workers Zuckerberg’s metaverse vision, suffered Zuckerberg & Co. The metaverse strat- an offer, Aveva chair Philip Aiken and
ager at Facebook who left in 2021 to reeling. cuts. egy remains a head-scratcher, and social the board needed to raise the price “to
found decentralised social media plat- One former employee described the For those who remain, confusion media headwinds are gathering”. deliver extra value from that switch”.
form Niche. mood internally as “big chaos”, adding: reigns. Additional reporting by Richard Waters in It called on Aiken to defend “the inter-
“There’s so many teams that did not “This is a complete shit show.” Interns “It is very unclear who takes over San Francisco ests of minority shareholders”.
Technology Tobacco
Foxconn undeterred by China disruption Longtime backers save Juul from bankruptcy
KATHRIN HILLE — BRUSSELS challenge for us. Not just Zhengzhou, beyond China. “There are other drivers OLIVER BARNES — LONDON Along with the cash injection, Juul will cuit Court of Appeals placed a stay on
but other plants and our competitors behind that, like geopolitics. Capacity cut 400 jobs, which amounts to about a the marketing denial order and the FDA
Foxconn, the world’s largest contract Juul Labs has secured a cash bailout
face the same challenge.” He said he reallocations for those reasons are more third of its workforce, and reduce its launched an additional review into its
electronics manufacturer, says the from two of its earliest investors and
hoped Beijing could change its policy as likely,” he said. operating spend by between 30 and 40 decision, allowing Juul to keep its prod-
bulk of its spending on production announced plans to cut jobs as part of a
the virus became less deadly. His comments came as the cost of per cent. ucts on the shelves.
facilities will continue to be in China, reorganisation aimed at bringing the
The remarks by the Taiwanese com- managing output under Beijing’s draco- The plan was first reported by the Before the FDA ruling, sales of Juul
despite the disruption at its plants Altria-backed e-cigarette group back
pany, China’s largest private-sector nian Covid-19 controls, along with rising Wall Street Journal. products were already in decline as pub-
caused by Beijing’s zero-Covid policy. from the brink of bankruptcy.
employer and exporter, were unusual, inflation, ate into Foxconn’s profitabil- In July, Juul’s products were banned lic concern mounted over its role in the
Foxconn chair Liu Young-way told in- because it normally avoids comments ity. The group’s gross margin, which Liu The vaping group had been considering by the US Food and Drug Administra- teen vaping epidemic.
vestors yesterday that the recent uphea- that could be deemed political. aims to increase to 10 per cent, fell to a Chapter 11 filing as its cash reserves tion for playing a role in the rise of Last year, Vuse Alto, a product
val at its 200,000-strong factory town in Liu downplayed the risk that the 6.16 per cent in the third quarter from dwindled in the face of falling sales and underage vaping. However, the DC Cir- made by rival R.J. Reynolds, a subsidi-
Zhengzhou, which led to some workers Zhengzhou disruption could allow 6.4 per cent in the previous quarter. pressure from regulators. ary of British American Tobacco, over-
scaling fences and walking home, was a rivals to snatch Apple orders from Fox- Foxconn’s net profit for the Septem- But longtime investors Riaz Valani, took Juul as the best-selling US vape
crisis created by the pandemic. conn. Although he conceded that the ber quarter was NT$38.8bn ($1.2bn), a 5 general partner at Global Asset Capital, product.
The hit to production of iPhones company needed to adjust its pandemic per cent increase on the same period last and Nicholas Pritzker, a San Francisco Altria, the cigarette maker behind the
forced a rare warning from Apple this management model, he said the largest year but below analysts’ expectations of real estate magnate who co-founded Marlboro brand in the US which owns
week of lower iPhone 14 Pro and iPhone portion of capital investment for next NT$41.3bn. Tao Capital, had agreed to throw the 35 per cent of Juul, cut the value of its
14 Pro Max shipments than anticipated, year would still flow to China, alongside The company said it expected reve- company a lifeline, said a person famil- stake in the vaping company to just
and customers experiencing longer wait investments in factories in Vietnam, nue to be flat in the current quarter and iar with the matter. The size of the bail- $450mn in July. Altria’s stake is worth
times to receive their products. India and Mexico. next year. While its consumer electron- out package has not been disclosed. 3.5 per cent of its original value. The
The higher transmissibility of the Liu said the need for reallocating ics business was likely to be weaker in “Today, Juul Labs has identified a Marlboro maker paid $12.8bn for a
virus and “the country’s dynamic zero- capacity in response to the pandemic 2023 than this year, cloud products, per- path forward, enabled by an investment stake in Juul in 2018.
Covid policy” were to blame, Liu said. would not drive diversification of the sonal computers and electronic parts of capital from some of our earliest The e-cigarette business will axe 400 In September, Altria ended its non-
“How to meet those requirements is a company’s manufacturing footprint would continue to drive growth, it said. investors,” the company said. jobs and cut spending by up to 40% compete agreement with Juul.
Friday 11 November 2022 ★ FINANCIAL TIMES 9
10 ★ FINANCIAL TIMES Friday 11 November 2022
Legal Notices Respiratory Syndrome. Doses delivered (bn) He said it would not be surprising if
over a But Moderna’s lawsuit was not the 6 Pfizer or BioNTech “found patents that
Covid-19 first in what promises to be a many-
party fight over who owns which pat-
5 could be applied to Moderna’s products,
and thus countersued Moderna for
vaccine’ ents in the world’s most lucrative vac- 4 infringement”.
cine. 3 But one person close to BioNTech said
CureVac had already sued BioNTech the founders would be reluctant to sue
in July, with its chief executive Franz 2 back — though may find they have to as
Werner Haas claiming BioNTech was 1 a public company accountable to inves-
‘The “standing a bit on our shoulders”, refer-
ring to patents including one related to
2021 22 23 tors.
Another possibility is that Pfizer and
potential manufacturing and one to how you Average price per dose ($)
40
BioNTech argue the pandemic is ongo-
damages at mRNA is delivered into the body.
BioNTech declined to comment. 35
ing, because the World Health Organi-
zation has not yet declared it over, so
stake here Pfizer said: “We remain confident in our
30
Moderna’s pledge should still stand.
[are fuelling intellectual property supporting the
BioNTech/Pfizer vaccine and will vigor- 25
Or, Contreras argued, the US govern-
ment could step in to facilitate a settle-
lawsuits], ously defend against the allegations of
20
ment to avoid potential barriers to prep-
with these the lawsuit.”
Moderna has been sued by Alnylam 15
arations for future pandemics.
Most legal experts expect the battles
vaccines Pharmaceuticals, Arbutus Biopharma 2021 22 23 to eventually conclude in a web of cross-
being and Genevant Sciences, which also lay
claim to the delivery mechanism used
* Based on Pfizer/BioNTech, Moderna,
AstraZeneca, J&J and Novavax
licences, which should ensure new vac-
cines and therapeutics get to patients.
distributed on the jab. Moderna said the companies’ Revenue from Covid shots Large pharmaceutical companies that
to billions claims were “unfounded” because its
vaccine does not infringe any “valid pat- $bn
lagged behind in the race for the vaccine
are now investing heavily in mRNA,
of people’ ents”.
2021
0
2022
10 20 30 40
including Sanofi, which bought Trans-
Aziz Burgy, a US patent litigator at late Bio for $3.2bn in 2021, and GSK,
Axinn Partners, said companies were Pfizer/ which is partnering with CureVac. They
BioNTech
looking at their intellectual property to may have to cough up royalties to who-
work out if they had any claims. “The Moderna Moderna
ever wins these battles, or be more likely
lawsuits have popped up recently in lawsuit set to partner with the mRNA leaders.
large part because of the potential dam- to cost Santos Rutschman said the battle was
ages at stake here, with these vaccines AstraZeneca Pfizer/ Podcast primarily “reputational”, enabling
being distributed to billions of people.” BioNTech The loneliness of Moderna and Pfizer and BioNTech to
up to 10% the long Covid
If Moderna wins, legal experts esti- J&J of revenues stake their claim in this new market.
employee. Could
mate it could be awarded damages long Covid be “We’re going to see a winner and the
worth anywhere from 1 per cent to 10 loser in the news. But I think both com-
Novavax 0 the world’s next
per cent of sales. big workplace panies actually are going to win at the
But Ana Santos Rutschman, a profes- health crisis? end of the day.”
sor of law at Villanova University who Revenues for Q3 and Q4 2022 are forecast ft.com/podcasts Additional reporting by Jamie Smyth in
Source: Airfinity
has written a book on Covid vaccines, New York
Pharmaceuticals
Trio of digital
US beats EU as magnet for green currency
investment, says Iberdrola funds face
FTX wipeout
STEVE JOHNSON
T
103
came in cooler than expected, setting the
stage for lower US Federal Reserve rate he sudden collapse of the US regulators are now investigating entire system now seems to depend on a
rises. 102 crypto exchange FTX raises relationships between FTX and few big personalities, trusted by thou-
The benchmark S&P 500 added serious questions about Alameda, including whether customer sands. Bankman-Fried is one. He built
4.1 per cent in early New York trading the state of the crypto eco- funds may have been misused. up a huge empire in a short period of
while the tech-heavy Nasdaq Composite 101 system. Without serious If customer funds have been lent out, time and has given lots of money to good
rose 5.7 per cent. changes in the way it works, it is hard to then unless Bankman-Fried succeeds in causes. He seemed an all-around good
In government bond markets, the yield seehowitcanbecomepartoftheexisting finding a buyer who will pay near full guy. So investors showed a remarkable
on the two-year Treasury, which is 100 mainstream financial system, let alone price (which appears a tall order), cus- willingness to back his ventures without
particularly sensitive to interest rate replace it as some would like to see. tomers of FTX’s international exchange the usual financial due diligence.
moves, slipped 30 basis points to 4.32 per
99
The crisis at FTX, and before that seem set to lose a substantial part of • Concentration. There are not many
cent. The yield on the benchmark 10-year crypto lender Celsius, Voyager, hedge their funds. Some — perhaps many, major crypto exchanges and banks, and
Treasury fell 28bp to 3.86 per cent. Mon Tue Wed Thu fund Three Arrows Capital and digital because FTX attracted retail traders those who run them all know each other
The bounce in markets came after the Source: Refinitiv
tokens terraUSD and luna, has little do and encouraged ordinary people to and invest in each other’s companies.
US consumer price index reading for with cryptocurrency as a technology. deposit their wages into its accounts — When they get on, everything is fine; but
October came in at 7.7 per cent, marking Rather, it exposes what financial will suffer hardship as a result. when they fall out, they can do immense
the smallest 12-month increase since but arrive at a higher than expected “The fact the Fed may slow down from systems look like when there are insuffi- FTX is far from the first crypto com- damage. It should not be possible for a
January and a sharp drop in the annual terminal rate. here means what could break out is a cient checks and balances. Crypto peo- tweet from Binance’s chief executive to
rate of inflation of 8.2 per cent in Former US Treasury secretary conversation not just about recession ple rail against central banks and regu- spur a run that brings down its largest
September. Economists had forecast an Lawrence Summers earlier this week said rather than inflation, but a conversation lators but they exist for good reasons. These problems will be rival; but that is what happened.
8 per cent rise. the terminal rate could hit “6 [per cent] or about maybe avoiding a recession Exactly what went wrong at FTX is painfully familiar to • Opacity. Crypto was supposed to
The dollar fell immediately after the more”. But markets now expect the Fed’s entirely,” Paulsen said. “Maybe we’ll have still unclear. Its chief executive, Sam improve the transparency of financial
CPI report, trading down 1.4 per cent benchmark interest rate to peak at a soft landing”. Bankman-Fried, insisted it was just a anyone studying the transactions. But crypto companies
against a basket of six peers. around 4.8 per cent in May 2023, having Across the Atlantic, the Stoxx Europe liquidity failure. But Binance, which history of financial panics such as FTX reveal very little about
The lower than expected readings ease previously predicted a peak of just over 600 added 2.7 per cent and London’s initially agreed to buy FTX to shore up their financial status — much less than
pressure on the Fed to maintain its policy 5 per cent in June. FTSE gained 1.2 per cent. liquidity, pulled out of the deal after would be expected of a conventional
of aggressive interest rate rises to “[The CPI numbers] will be a catalyst, I In Asia, Tokyo’s Topix shed 0.7 per cent, looking at its books. pany to fall amid token collapses, bank bank. The opacity of Bankman-Fried’s
combat inflation. think we’ll have a pretty good market the Hang Seng index in Hong Kong fell 1.7 There are reports that FTX has a runs and allegations over the use of companies, FTX and Alameda, was
Fed chair Jay Powell signalled earlier rally to the end of the year,” said Jim per cent and China’s CSI 300 of Shanghai- balance sheet hole of about $8bn. Unless customer funds. The failure of Celsius, worsened by a complex corporate struc-
this month that the central bank would Paulsen, chief investment strategist at and Shenzhen-listed stocks lost 0.7 per someone is prepared to commit a lot of Voyager and, in 2021, the crypto lender ture, intercompany transfers and the
slow the pace of monetary tightening The Leuthold Group. cent. George Steer and Hudson Lockett capital, FTX will eventually file for Cred, show similar characteristics. reported use of holdings of a native
bankruptcy. Investors are bracing Underlying these failures are four major token to boost the balance sheet.
themselves for the worst: Sequoia weaknesses in the crypto ecosystem: These problems will be painfully
Markets update Capital has already written down its • Interconnectedness between compa- familiar to anyone who has studied the
investment to zero. nies in the form of opaque crossholdings history of financial panics and banking
More worryingly, it appears that and circular lending practices such as crises. They seem to be endemic to
customer funds are compromised. rehypothecation. Rival crypto exchange financial systems. Crypto has shown it is
US Eurozone Japan UK China Brazil Indeed, it is hard to see how a balance Binance had a substantial holding of no different.
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa sheet hole of such size could have FTX’s native token, FTT. When it If crypto is to have a future as a main-
Level 3926.31 1704.26 27446.10 7375.34 3036.13 110082.81 developed unless the exchange had announced that it would sell its holding, stream financial product, it must now
% change on day 4.74 2.56 -0.98 1.08 -0.39 -3.08 been lending out customer funds. it sent people scurrying to sell FTT and accept the regulation and controls that
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ Reuters reported that FTX lent cus- pull their funds from FTX. make financial systems safe for inves-
Level 110.701 1.018 141.585 1.168 7.248 5.325 tomer funds to Alameda Research after • Too much reliance on personalities. tors, creditors and depositors.
% change on day 0.137 1.496 -3.213 2.636 0.142 3.147 it was hit hard by the failures of Three Crypto was supposed to eliminate the
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond Arrows Capital and Voyager in May this need for trust between people. “Don’t Frances Coppola is an independent
Yield 3.848 2.006 0.241 3.289 2.701 12.424 year. And the US justice department and trust, verify” was the mantra. But the financial commentator
Basis point change on day -26.200 -15.900 -1.280 -15.600 0.500 67.500
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 399.07 94.22 87.22 1715.25 21.32 3754.60
% change on day 3.88 1.69 1.62 2.18 2.75 -0.44
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
1680 7360
3840 1600
7040
1520
| | | | | | | | |
3520 || | | | | | | | | | | | | | | | || | 1440 || | | | | | | | | | | | | | | | || | 6720 | | | | | | | | | | |
Biggest movers
% US Eurozone UK
T Rowe Price 15.89 Asml Holding 9.84 Convatec 8.97
Mohawk Industries 15.35 Klepierre 8.06 Segro 8.45
Ups
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,926.31 19,806.73 7,375.34 14,146.09 2,402.23
27,446.10
3,577.03 6,826.15 26,401.25 2,202.47
18,206.28 12,172.26
Day 4.74% Month -7.33% Year -11.60% Day 3.19% Month -0.58% Year -2.42% Day 1.08% Month -2.10% Year 7.07% Day 3.51% Month 8.08% Year NaN% Day -0.98% Month -5.13% Year -10.02% Day -0.91% Month -3.63% Year -23.51%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
51,164.03 1,704.26 8,133.20
11,003.33 16,701.03
46,326.68 16,081.04 3,173.18
3,105.00
10,417.10 1,531.73 7,261.10
Day 6.28% Month -13.60% Year -27.03% Day 1.77% Month 6.20% Year 0.31% Day 2.56% Month -0.97% Year -2.50% Day 1.15% Month -2.23% Year -6.95% Day -1.70% Month -18.81% Year -35.58% Day 0.24% Month -2.24% Year 3.34%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
6,556.83
33,516.96 24,394.28
60,613.70
115,940.64 3,025.51 3,036.13
29,210.85 110,526.47 20,466.77 57,991.11
5,818.47
Day 3.08% Month -0.66% Year -3.18% Day -3.08% Month -1.19% Year 1.22% Day 1.96% Month 0.94% Year -0.20% Day 2.58% Month 8.37% Year -5.01% Day -0.39% Month -6.81% Year -15.99% Day -0.69% Month 1.66% Year 2.75%
Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 144073.49 143091.48 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26432.96 25735.44 Philippines Manila Comp 6167.57 6241.68 Taiwan Weighted Pr 13503.76 13638.81 Cross-Border DJ Global Titans ($) 409.79 392.16
Australia All Ordinaries 7145.70 7187.40 Czech RepublicPX 1245.41 1241.78 FTSE Italia Mid Cap 39769.93 38509.12 Poland Wig 54391.15 53294.45 Thailand Bangkok SET 1619.23 1622.45 Euro Stoxx 50 (Eur) 3848.82 3728.03
S&P/ASX 200 6964.00 6999.30 Denmark OMXC Copenahgen 20 1752.04 1719.04 FTSE MIB 24394.28 23780.07 Portugal PSI 20 5836.29 5790.16 Turkey BIST 100 4467.10 4467.10 Euronext 100 ID 1245.75 1216.92
S&P/ASX 200 Res 5638.70 5721.60 Egypt EGX 30 11756.56 11781.58 Japan 2nd Section 7228.27 7239.06 PSI General 4486.40 4408.47 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 9493.97 9078.20
Austria ATX 3178.12 3145.19 Estonia OMX Tallinn 1740.43 1736.60 Nikkei 225 27446.10 27716.43 Romania BET Index 11397.81 11257.25 UK FT 30 2489.50 2428.20 FTSE All World ($) 399.07 384.17
Belgium BEL 20 3671.80 3607.11 Finland OMX Helsinki General 10924.46 10795.74 S&P Topix 150 1666.55 1678.67 Russia Micex Index 2436.57 2445.30 FTSE 100 7375.34 7296.25 FTSE E300 1704.26 1661.67
BEL Mid 9555.74 9337.28 France CAC 40 6556.83 6430.57 Topix 1930.17 1935.49 RTX 1245.71 1212.57 FTSE 4Good UK 6666.96 6552.56 FTSE Eurotop 100 3345.58 3266.52
Brazil IBovespa 110082.81 113580.09 SBF 120 5044.27 4941.68 Jordan Amman SE 2436.53 2439.99 Saudi-Arabia TADAWUL All Share Index 11407.18 11486.53 FTSE All Share 4054.69 3994.13 FTSE Global 100 ($) 2448.63 2336.75
Canada S&P/TSX 60 1210.07 1172.88 Germany M-DAX 25270.81 24279.49 Kenya NSE 20 1669.31 1664.62 Singapore FTSE Straits Times 3173.18 3165.50 FTSE techMARK 100 6256.95 6133.37 FTSE Gold Min ($) 1556.91 1543.64
S&P/TSX Comp 19960.60 19344.25 TecDAX 3068.01 2942.06 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 337.60 337.60 USA DJ Composite 11161.20 10741.74 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1341.34 1400.47 XETRA Dax 14146.09 13666.32 Latvia OMX Riga 1112.17 1104.66 Slovenia SBI TOP - - DJ Industrial 33516.96 32513.94 FTSE Multinationals ($) 2481.08 2523.49
Chile S&P/CLX IGPA Gen 29172.05 28996.47 Greece Athens Gen 898.00 891.80 Lithuania OMX Vilnius 907.76 904.96 South Africa FTSE/JSE All Share 70710.27 69640.23 DJ Transport 14231.75 13502.72 FTSE World ($) 726.75 697.45
China FTSE A200 9808.99 9874.24 FTSE/ASE 20 2193.80 2177.26 Luxembourg LuxX 1440.63 1414.92 FTSE/JSE Res 20 69497.37 68375.13 DJ Utilities 935.85 895.05 FTSEurofirst 100 (Eur) 4493.01 4381.36
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 16081.04 16358.52 Malaysia FTSE Bursa KLCI 1449.74 1446.19 FTSE/JSE Top 40 64087.41 63027.83 Nasdaq 100 11461.51 10797.55 FTSEurofirst 80 (Eur) 5227.68 5063.76
Shanghai A 3182.12 3194.73 HS China Enterprise 5417.13 5534.76 Mexico IPC 51440.31 50545.76 South Korea Kospi 2402.23 2424.41 Nasdaq Cmp 11003.33 10353.18 MSCI ACWI Fr ($) 582.21 591.51
Shanghai B 289.53 290.75 HSCC Red Chip 3139.36 3181.80 Morocco MASI 10656.17 10686.41 Kospi 200 311.13 315.23 NYSE Comp 15182.08 14587.76 MSCI All World ($) 2509.77 2554.87
Shanghai Comp 3036.13 3048.17 Hungary Bux 43164.34 43973.77 Netherlands AEX 700.65 677.26 Spain IBEX 35 8133.20 8040.40 S&P 500 3926.31 3748.57 MSCI Europe (Eur) 1700.94 1701.36
Shenzhen A 2083.79 2104.41 India BSE Sensex 60613.70 61033.55 AEX All Share 949.11 918.20 Sri Lanka CSE All Share 8322.62 8293.50 Wilshire 5000 39156.41 37306.44 MSCI Pacific ($) 2432.08 2455.22
Shenzhen B 1115.60 1116.91 Nifty 500 15440.00 15567.25 New Zealand NZX 50 11091.93 11143.48 Sweden OMX Stockholm 30 2106.11 2033.12 Venezuela IBC 9281.77 9179.70 S&P Euro (Eur) 1726.69 1677.35
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 6966.84 7070.08 Nigeria SE All Share 43477.48 43461.60 OMX Stockholm AS 809.75 776.55 Vietnam VNI 947.24 985.59 S&P Europe 350 (Eur) 1746.85 1701.62
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7286.88 7045.20 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11120.49 10904.33 S&P Global 1200 ($) 2883.66 2767.81
Israel Tel Aviv 125 1936.00 1941.84 Pakistan KSE 100 42901.27 42265.36 Stoxx 50 (Eur) 3679.72 3597.93
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Nov 10 Currency Mid Change Mid Change Mid Change Nov 10 Currency Mid Change Mid Change Mid Change Nov 10 Currency Mid Change Mid Change Mid Change Nov 10 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 160.3840 0.3376 163.2956 2.7933 187.3120 5.2030 Indonesia Indonesian Rupiah 15687.5000 28.0000 15972.2976 268.1882 18321.3939 503.1965 Poland Polish Zloty 4.6059 -0.0830 4.6895 -0.0127 5.3792 0.0440 ..Three Month 0.8566 -0.0226 0.8714 -0.0096 - -
Australia Australian Dollar 1.5160 -0.0370 1.5435 -0.0139 1.7705 0.0035 Israel Israeli Shekel 3.4791 -0.0700 3.5422 -0.0170 4.0632 0.0249 Romania Romanian Leu 4.7920 -0.0938 4.8790 -0.0207 5.5966 0.0373 ..One Year 0.8571 -0.0227 0.8703 -0.0095 - -
Bahrain Bahrainin Dinar 0.3769 -0.0001 0.3837 0.0057 0.4402 0.0113 Japan Japanese Yen 141.5850 -4.7000 144.1553 -2.5463 165.3567 -1.0938 Russia Russian Ruble 60.7000 -0.8000 61.8019 0.1268 70.8913 0.9135 United States United States Dollar - - 1.0182 0.0153 1.1679 0.0300
Bolivia Bolivian Boliviano 6.9100 - 7.0354 0.1058 8.0702 0.2076 ..One Month 141.5845 -4.7010 144.1551 -2.5467 165.3562 -1.0947 Saudi Arabia Saudi Riyal 3.7595 -0.0010 3.8277 0.0565 4.3907 0.1118 ..One Month - - 1.0179 -0.1197 1.1680 0.0300
Brazil Brazilian Real 5.3247 0.1624 5.4214 0.2444 6.2188 0.3448 ..Three Month 141.5832 -4.7036 144.1546 -2.5478 165.3551 -1.0969 Singapore Singapore Dollar 1.3861 -0.0153 1.4113 0.0059 1.6188 0.0243 ..Three Month - - 1.0174 -0.1197 1.1683 0.0300
Canada Canadian Dollar 1.3338 -0.0142 1.3580 0.0062 1.5577 0.0239 ..One Year 141.5778 -4.7149 144.1515 -2.5542 165.3562 -1.1016 South Africa South African Rand 17.4388 -0.3387 17.7553 -0.0728 20.3667 0.1385 ..One Year - - 1.0156 -0.1196 1.1688 0.0299
Chile Chilean Peso 885.7750 -18.0500 901.8551 -4.5442 1034.4939 6.0760 Kenya Kenyan Shilling 121.8000 - 124.0111 1.8642 142.2498 3.6596 South Korea South Korean Won 1377.4500 12.7500 1402.4559 33.8690 1608.7198 55.8948 Vietnam Vietnamese Dong 24867.5000 0.5000 25318.9555 381.1131 29042.7509 747.8044
China Chinese Yuan 7.2477 0.0103 7.3793 0.1213 8.4646 0.2295 Kuwait Kuwaiti Dinar 0.3079 -0.0015 0.3134 0.0032 0.3595 0.0075 Sweden Swedish Krona 10.6176 -0.2353 10.8103 -0.0735 12.4002 0.0513 European Union Euro 0.9822 -0.0150 - - 1.1471 0.0125
Colombia Colombian Peso 4801.9050 -105.1850 4889.0790 -31.9871 5608.1318 24.5934 Malaysia Malaysian Ringgit 4.7005 0.0090 4.7858 0.0810 5.4897 0.1515 Switzerland Swiss Franc 0.9673 -0.0168 0.9849 -0.0020 1.1297 0.0100 ..One Month 0.9820 -0.0150 - - 1.1470 0.0125
Costa Rica Costa Rican Colon 614.2700 -3.5900 625.4213 5.8016 717.4040 14.3716 Mexico Mexican Peso 19.3643 -0.2283 19.7158 0.0675 22.6154 0.3221 Taiwan New Taiwan Dollar 31.8625 0.0020 32.4409 0.4897 37.2121 0.9596 ..Three Month 0.9814 -0.0150 - - 1.1467 0.0125
Czech Republic Czech Koruna 23.8541 -0.4058 24.2871 -0.0419 27.8591 0.2550 New Zealand New Zealand Dollar 1.6628 -0.0350 1.6930 -0.0096 1.9420 0.0101 Thailand Thai Baht 36.8800 0.0437 37.5495 0.6083 43.0720 1.1579 ..One Year 0.9796 -0.0149 - - 1.1456 0.0125
Denmark Danish Krone 7.3066 -0.1104 7.4392 0.0011 8.5334 0.0939 Nigeria Nigerian Naira 442.5000 - 450.5330 6.7727 516.7944 13.2955 Tunisia Tunisian Dinar 3.2425 -0.0431 3.3014 0.0064 3.7869 0.0484
Egypt Egyptian Pound 24.3894 0.0241 24.8322 0.3975 28.4843 0.7602 Norway Norwegian Krone 10.1125 -0.2417 10.2960 -0.0876 11.8103 0.0289 Turkey Turkish Lira 18.4935 -0.0977 18.8292 0.1850 21.5985 0.4444
Hong Kong Hong Kong Dollar 7.8465 -0.0027 7.9889 0.1174 9.1639 0.2327 Pakistan Pakistani Rupee 221.5000 -0.1450 225.5210 3.2448 258.6892 6.4903 United Arab Emirates UAE Dirham 3.6730 - 3.7397 0.0562 4.2897 0.1104
Hungary Hungarian Forint 393.9498 -7.2967 401.1014 -1.2879 460.0928 3.5342 Peru Peruvian Nuevo Sol 3.8560 -0.0609 3.9260 -0.0020 4.5034 0.0466 United Kingdom Pound Sterling 0.8562 -0.0226 0.8718 -0.0096 - -
India Indian Rupee 81.8025 0.3569 83.2875 1.6099 95.5369 2.8639 Philippines Philippine Peso 58.1950 0.1950 59.2515 1.0863 67.9658 1.9704 ..One Month 0.8563 -0.0226 0.8717 -0.0096 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Nov 10 Nov 09 Nov 08 Nov 07 Nov 04 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2489.50 2428.20 2440.20 2419.90 2404.60 0.00 2880.10 2152.10 Oil & Gas Producers 42.03 Gas Water & Multi -4.07 Life Insurance -16.76 FTSE 100 Price Change FTSE 100 Price Change
Nov 10 chge% Index Nov 09 Nov 08 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 41.44 Health Care Eq & Srv -5.31 Equity Invest Instr -16.98 3I Group PLC 1300 47.00 International Consolidated Airlines Group S.A. 136.62 6.64
FTSE 100 (100) 7375.34 1.08 6597.86 7296.25 7306.14 7340.15 3.70 1.72 15.74 248.91 7554.43 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 23.00 Mobile Telecomms -6.95 FTSE 250 Index -17.48 Admiral Group PLC 2085 98.50 Intertek Group PLC 4017 141.00
FTSE 250 (250) 19377.24 3.91 17334.57 18649.00 18697.89 23433.25 3.06 0.93 35.07 493.01 16083.44 FT 30 hourly changes Aerospace & Defense 12.54 Media -7.82 FTSE SmallCap Index -17.73 Airtel Africa PLC 119.90 0.40 Jd Sports Fashion PLC 116.35 8.90
FTSE 250 ex Inv Co (174) 19872.23 4.16 17777.38 19077.98 19138.90 24299.13 3.16 1.47 21.54 528.11 16833.78 8 9 10 11 12 13 14 15 16 High Low Mining 11.98 Travel & Leisure -7.93 Industrial Eng -18.38 Anglo American PLC 3132 74.50 Kingfisher PLC 236.90 10.70
FTSE 350 (350) 4094.38 1.50 3662.77 4033.95 4040.16 4206.30 3.60 1.62 17.16 133.01 8322.15 2428.2 2421.1 2421.3 2426.2 2425.9 2425.4 2466.8 2477.5 2483.8 2493.4 2416.8 Pharmace & Biotech 9.96 Beverages -8.78 Construct & Material -19.64 Antofagasta PLC 1351.5 52.50 Land Securities Group PLC 632.80 34.80
FTSE 350 ex Investment Trusts (271) 4028.08 1.40 3603.45 3972.61 3979.00 4095.59 3.67 1.71 15.91 133.46 4231.45 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Health Care 8.92 Oil Equipment & Serv -9.06 Fixed Line Telecomms -22.84 Ashtead Group PLC 5178 346.00 Legal & General Group PLC 246.80 10.50
FTSE 350 Higher Yield (131) 3492.51 0.22 3124.34 3484.80 3492.94 3295.42 5.13 1.78 10.94 150.01 7996.42 Basic Materials 5.03 Nonlife Insurance -9.20 Electronic & Elec Eq -24.74 Associated British Foods PLC 1537.5 28.50 Lloyds Banking Group PLC 43.30 0.74
FTSE 350 Lower Yield (219) 4286.91 2.84 3835.00 4168.70 4171.66 4883.17 2.05 1.19 40.97 89.16 5275.03 FT WILSHIRE 5000 INDEX SERIES Personal Goods 1.01 Software & Comp Serv -10.79 Leisure Goods -25.06 Astrazeneca PLC 11158 312.00 London Stock Exchange Group PLC 8072 184.00
FTSE SmallCap (240) 6137.13 2.20 5490.18 6005.10 6019.37 7518.49 3.43 0.46 63.81 191.19 10301.28 Electricity 0.63 Technology -10.86 Household Goods & Ho -26.36 Auto Trader Group PLC 571.00 17.00 M&G PLC 185.30 7.45
FTSE SmallCap ex Inv Co (127) 4899.32 2.26 4382.85 4791.08 4807.92 6301.82 3.61 2.41 11.48 144.72 8544.93 Nov 09 Nov 09 Banks 0.48 Tech Hardware & Eq -11.44 Chemicals -26.45 Aveva Group PLC 3145 15.00 Melrose Industries PLC 125.95 4.35
FTSE All-Share (590) 4054.69 1.52 3627.26 3994.13 4000.38 4187.58 3.60 1.59 17.49 131.55 8322.38 Beverages 31.66 Telecommunications -11.48 Real Est Invest & Tr -29.02
FT Wilshire 5000 38060.17 FT Wilshire Mid Cap 5191.40 Aviva PLC 437.40 11.10 Mondi PLC 1593.5 43.50
FTSE All-Share ex Inv Co (398) 3954.59 1.41 3537.71 3899.68 3906.06 4035.89 3.67 1.72 15.83 130.82 4217.84 FTSE 100 Index -0.12 Financial Services -11.55 Food & Drug Retailer -30.35
FT Wilshire 2500 4871.89 FT Wilshire Small Cap 4680.23 B&M European Value Retail S.A. 357.20 -16.90 National Grid PLC 1018 31.40
FTSE All-Share ex Multinationals (527) 1084.17 3.47 804.19 1047.85 1050.59 1344.85 3.86 1.24 20.85 36.31 2301.40 NON FINANCIALS Index -1.83 Financials -12.51 General Retailers -32.58
FT Wilshire Mega Cap 4836.71 FT Wilshire Micro Cap 4620.06 Bae Systems PLC 777.00 -23.60 Natwest Group PLC 240.00 3.00
FTSE Fledgling (82) 11407.34 0.17 10204.83 11388.03 11334.55 13538.43 3.76 4.73 5.62 331.42 24662.68 Utilities -2.89 Industrials -13.82 Real Est Invest & Se -32.80
FT Wilshire Large Cap 4895.73 Barclays PLC 157.00 2.60 Next PLC 5680 260.00
FTSE Fledgling ex Inv Co (32) 14942.66 0.62 13367.47 14849.95 14783.52 18418.08 3.44 7.95 3.66 432.38 31381.78 FTSE All{HY-}Share Index -3.64 Consumer Services -15.80 Industrial Transport -39.92
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Developments PLC 412.30 22.80 Ocado Group PLC 713.20 44.80
FTSE All-Small (322) 4279.39 2.09 3828.27 4191.87 4200.21 5233.70 3.45 0.71 41.04 132.87 9212.92 Consumer Goods -4.03 Food Producers -16.41 Automobiles & Parts -59.02
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Berkeley Group Holdings (The) PLC 3826 205.00 Pearson PLC 961.20 22.60
FTSE All-Small ex Inv Co (159) 3687.38 2.20 3298.67 3608.04 3619.66 4735.64 3.60 2.60 10.66 108.85 8145.08 Support Services -16.44 Industrial Metals & -79.48
mark. Copyright ©2022 Wilshire. All rights reserved. BP PLC 470.75 -11.35 Pershing Square Holdings LTD 2885 -10.00
FTSE AIM All-Share (759) 841.57 1.84 752.85 826.35 831.13 1243.90 1.62 1.52 40.52 11.82 987.62
British American Tobacco PLC 3316.5 -76.00 Persimmon PLC 1378 96.50
FTSE All-Share Technology (21) 1983.74 3.21 1593.32 1922.12 1911.50 2271.97 1.91 0.80 65.05 38.02 2871.11
British Land Company PLC 405.20 23.20 Phoenix Group Holdings PLC 567.00 15.60
FTSE All-Share Telecommunications (6) 1652.45 2.24 1327.23 1616.23 1642.59 1840.12 6.35 1.18 13.29 58.51 2460.53 FTSE GLOBAL EQUITY INDEX SERIES Bt Group PLC 120.35 4.50 Prudential PLC 929.60 27.20
FTSE All-Share Health Care (14) 14368.72 2.04 11540.79 14080.81 13860.30 13787.84 2.77 0.99 36.49 343.37 13278.65
Nov 10 No of US $ Day Mth YTD Total
YTD Gr Div Nov 10 No of US $ Day Mth YTD Total YTD Gr Div Bunzl PLC 3042 105.00 Reckitt Benckiser Group PLC 5680 -2.00
FTSE All-Share Financials (256) 4445.20 2.33 3570.33 4344.02 4352.58 4965.81 3.79 1.40 18.86 159.03 4939.59
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Burberry Group PLC 1975.5 3.50 Relx PLC 2377 53.00
FTSE All-Share Real Estate (55) 875.25 5.89 735.41 826.60 824.53 1182.65 3.96 4.51 5.60 28.87 917.92
FTSE Global All Cap 9522 654.26 -1.5 3.5 -22.8
-21.2 1047.26
2.4 Oil Equipment & Services 24 278.59 -2.8 10.7 19.1 514.70 23.4 4.2 Centrica PLC 83.30 5.72 Rentokil Initial PLC 562.80 21.80
FTSE All-Share Consumer Discretionary (85) 4573.96 2.91 3673.75 4444.59 4469.50 5583.52 2.32 1.04 41.39 101.72 4845.55
FTSE Global All Cap 9522 654.26 -1.5 3.5 -22.8
-21.2 1047.26
2.4 Basic Materials 394 566.07 -0.8 6.5 -15.8 1041.51 -12.3 5.0 Coca-Cola Hbc AG 2042 42.00 Rightmove PLC 548.80 28.40
FTSE All-Share Consumer Staples (24)19357.82 -0.03 15547.98 19363.55 19310.39 19139.86 3.94 1.16 21.98 617.01 17680.99
FTSE Global Large Cap 1907 584.27 -1.5 3.2 -23.0
-21.5 964.03
2.4 Chemicals 196 766.41 -0.8 6.7 -20.9 1354.62 -18.7 3.1 Compass Group PLC 1878 18.00 Rio Tinto PLC 5148 29.00
FTSE All-Share Industrials (84) 6382.91 3.48 5126.68 6168.11 6164.08 7348.57 2.24 1.36 32.80 131.14 7384.15
FTSE Global Mid Cap 2264 847.50 -1.6 4.4 -21.0
-19.5 1276.06
2.3 Forestry & Paper 20 250.20 -0.9 8.0 -18.0 504.08 -15.5 3.9 Convatec Group PLC 230.80 19.00 Rolls-Royce Holdings PLC 85.96 -2.66
FTSE All-Share Basic Materials (22) 8623.26 0.75 6926.10 8559.29 8646.80 7727.44 6.30 2.01 7.89 536.92 11753.16
FTSE Global Small Cap 5351 876.98 -1.8 3.5 -23.4
-22.0 1262.76
2.2 Industrial Metals & Mining 98 458.06 -1.0 8.7 -17.2 875.72 -13.0 8.2 Crh PLC 3295.5 107.50 Rs Group PLC 946.00 40.00
FTSE All-Share Energy (13) 8389.27 -2.64 6738.17 8616.34 8771.90 6181.29 3.58 2.74 10.17 301.53 10206.25
FTSE All-World 4171 384.17 -1.5 3.4 -22.7
-21.2 651.22
2.4 Mining 80 881.00 -0.5 4.7 -5.3 1716.96 0.4 6.4 Croda International PLC 7096 446.00 Sage Group PLC 759.40 24.40
FTSE All-Share Utilities (10) 8463.29 3.48 6797.61 8178.95 8096.45 8237.99 4.51 0.68 32.66 293.03 12785.77
FTSE World 2664 697.45 -1.6 3.9 -22.3
-20.8 1586.47
2.4 Industrials 803 470.06 -1.0 8.3 -21.7 749.34 -20.3 2.1 Dcc PLC 4623 70.00 Sainsbury (J) PLC 212.80 -5.60
FTSE All-Share Software and Computer Services (18) 2142.49 3.30 1720.82 2074.14 2062.39 2437.93 1.92 0.80 65.22 41.24 3280.83
FTSE Global All Cap ex UNITED KINGDOM In 9230 691.34 -1.5 3.3 -22.9
-21.4 1085.43
2.3 Construction & Materials 154 532.75 -1.0 6.7 -27.9 896.12 -26.4 2.3 Dechra Pharmaceuticals PLC 2840 178.00 Schroders PLC 451.00 33.70
FTSE All-Share Technology Hardware and Equipment (3) 4911.78 0.94 3945.08 4866.03 4856.61 6734.53 1.81 0.91 60.97 78.21 6348.07
FTSE Global All Cap ex USA 7712 459.44 -0.6 4.7 -23.4
-21.2 815.98
3.4 Aerospace & Defense 35 866.35 -0.9 14.3 7.9 1350.21 9.3 1.5 Diageo PLC 3722.5 98.00 Scottish Mortgage Investment Trust PLC 800.00 46.00
FTSE All-Share Telecommunications Equipment (1) 615.18 3.38 494.10 595.06 604.45 674.46 2.00 2.31 21.68 11.51 879.34
FTSE Global All Cap ex JAPAN 8117 683.23 -1.6 3.6 -22.7
-21.3 1103.22
2.4 General Industrials 76 227.47 -1.1 13.1 -18.0 401.69 -16.1 2.6 Endeavour Mining PLC 1692 39.00 Segro PLC 857.80 66.80
FTSE All-Share Telecommunications Service Providers (5) 2544.00 2.19 2043.31 2489.41 2530.07 2832.06 6.54 1.17 13.07 91.72 3448.18
FTSE Global All Cap ex Eurozone 8858 693.81 -1.6 2.8 -22.5
-21.0 1086.35
2.3 Electronic & Electrical Equipment 157 590.29 -0.4 7.8 -26.6 848.23 -25.5 1.6 Entain PLC 1356 51.50 Severn Trent PLC 2717 79.00
FTSE All-Share Health Care Providers (3)10927.33 0.33 8776.70 10891.78 10869.30 8703.21 0.53 4.48 41.86 58.27 10142.32
FTSE Developed 2180 640.17 -1.7 4.0 -22.4
-21.0 1031.60
2.2 Industrial Engineering 158 939.14 -0.9 12.4 -18.8 1492.20 -17.3 2.0 Experian PLC 2958 190.00 Shell PLC 2315 -68.50
FTSE All-Share Medical Equipment and Services (2) 5378.92 4.34 4320.28 5154.99 5178.09 6277.81 2.65 0.97 39.03 142.76 5195.83
FTSE Developed All Cap 5830 667.59 -1.7 4.0 -22.5
-21.1 1059.89
2.2 Industrial Transportation 133 863.31 -1.3 6.5 -22.3 1401.89 -20.0 3.5 F&C Investment Trust PLC 935.00 22.00 Smith & Nephew PLC 1056.5 26.50
FTSE All-Share Pharmaceuticals and Biotechnology (9)20569.32 1.95 16521.04 20176.85 19836.81 19550.98 2.80 0.98 36.32 492.51 17114.00
FTSE Developed Large Cap 834 599.88 -1.6 3.9 -22.6
-21.2 983.94
2.3 Support Services 90 493.43 -1.5 1.3 -30.5 734.02 -29.6 1.6 Flutter Entertainment PLC 11645 180.00 Smith (Ds) PLC 313.60 12.70
FTSE All-Share Banks (12) 3024.24 0.44 2429.04 3010.92 3021.04 2971.49 4.30 2.61 8.92 128.47 2676.32
FTSE Developed Europe Large Cap 220 351.64 -0.7 9.3 -21.8
-19.4 3.3 Consumer Goods
695.96 569 520.92 -1.5 2.1 -24.4 875.11 -22.9 2.5 Frasers Group PLC 778.00 39.00 Smiths Group PLC 1621.5 15.00
FTSE All-Share Finance and Credit Services (8)10953.81 2.66 8797.97 10669.92 10550.38 10114.46 1.90 2.05 25.59 208.86 14718.04
FTSE Developed Europe Mid Cap 355 527.12 -0.8 12.5 -31.6
-29.8 905.62
3.1 Automobiles & Parts 132 484.56 -3.6 -4.4 -37.3 783.39 -36.4 2.0 Fresnillo PLC 854.00 32.60 Smurfit Kappa Group PLC 3153 178.00
FTSE All-Share Investment Banking and Brokerage Services (31) 8604.68 5.39 6911.18 8164.60 8203.46 10756.66 5.13 1.72 11.37 387.97 12084.86
FTSE Dev Europe Small Cap 748 745.51 -1.1 12.4 -32.5
-30.7 1230.59
3.2 Beverages 72 730.81 -1.2 4.2 -9.3 1239.39 -7.7 2.3 Glaxosmithkline PLC 1408.2 1.00 Spirax-Sarco Engineering PLC 11880 600.00
FTSE All-Share Closed End Investments (192)11836.74 3.11 9507.13 11479.26 11484.88 14458.01 2.63 -1.15 -33.03 270.41 7398.06
FTSE North America Large Cap 234 804.14 -2.1 2.6 -22.9
-21.8 1206.84
1.8 Food Producers 134 694.03 -0.2 5.4 -11.6 1195.56 -9.7 2.5 Glencore PLC 501.20 -9.20 Sse PLC 1668.5 54.50
FTSE All-Share Life Insurance (6) 6475.53 3.31 5201.07 6267.97 6342.34 8389.40 4.73 1.08 19.55 294.59 7924.42
FTSE North America Mid Cap 423 1061.04 -2.1 3.3 -18.9
-17.6 1472.07
1.9 Household Goods & Home Construction 65 486.04 -0.3 6.1 -25.7 819.23 -23.8 2.9 Haleon PLC 279.60 -6.65 St. James's Place PLC 1153.5 80.00
FTSE All-Share Nonlife Insurance (7) 3581.83 2.19 2876.89 3505.08 3456.12 3530.93 4.03 1.24 20.04 130.27 7628.02
FTSE North America Small Cap 1333 1048.85 -2.5 2.8 -20.5
-19.5 1395.31
1.7 Leisure Goods 53 221.26 -2.5 -0.7 -30.5 312.86 -29.6 1.4 Halma PLC 2329 116.00 Standard Chartered PLC 562.80 -0.60
FTSE All-Share Real Estate Investment and Services (10) 2129.92 5.25 1710.73 2023.77 2018.85 2975.14 2.36 3.76 11.24 41.03 6351.04
FTSE North America 657 527.53 -2.1 2.7 -22.1
-21.1 809.36
1.8 Personal Goods 98 817.24 -0.7 3.8 -29.2 1256.43 -28.1 2.0 Harbour Energy PLC 368.10 -8.00 Taylor Wimpey PLC 104.05 6.07
FTSE All-Share Real Estate Investment Trusts (45) 2189.95 6.00 1758.94 2066.05 2060.84 2934.62 4.23 4.58 5.16 78.21 3308.69
FTSE Developed ex North America 1523 242.73 -0.6 6.9 -23.0
-20.8 464.31
3.2 Tobacco 15 947.62 -1.1 7.4 -1.4 2678.79 3.0 6.1 Hargreaves Lansdown PLC 891.40 62.60 Tesco PLC 227.90 -0.40
FTSE All-Share Automobiles and Parts (2) 1494.37 6.50 1200.26 1403.21 1411.61 4236.29 0.65 -53.35 -2.88 14.02 1554.66
FTSE Japan Large Cap 169 347.58 -1.0 2.2 -23.8
-21.9 510.92
2.5 Health Care 343 694.48 -0.8 6.2 -12.0 1106.16 -10.7 1.8 Homeserve PLC 1189 - Unilever PLC 4043 -27.00
FTSE All-Share Consumer Services (2) 3093.97 0.96 2485.04 3064.56 3070.24 2649.72 1.24 1.71 47.09 38.43 3924.69
FTSE Japan Mid Cap 340 485.56 -0.7 -0.8 -20.9
-18.9 677.78
2.6 Health Care Equipment & Services 133 1311.43 -1.3 2.6 -21.2 1608.10 -20.5 1.1 HSBC Holdings PLC 474.15 -2.55 Unite Group PLC 965.50 59.50
FTSE All-Share Household Goods and Home Construction (13) 8717.45 6.11 7001.76 8215.61 8081.45 13918.05 8.14 1.61 7.64 665.58 7802.86
FTSE Global wi JAPAN Small Cap 896 541.70 -0.5 -0.1 -22.1
-20.0 785.05
2.8 Pharmaceuticals & Biotechnology 210 472.70 -0.5 8.7 -4.9 809.41 -2.9 2.2 Imperial Brands PLC 2093 -60.00 United Utilities Group PLC 1022.5 35.30
FTSE All-Share Leisure Goods (2) 19029.01 6.83 15283.88 17812.42 17840.57 24594.82 3.55 1.59 17.67 831.45 21266.43
FTSE Japan 509 142.86 -1.0 1.6 -23.2
-21.3 235.13
2.6 Consumer Services 427 491.56 -2.4 -1.9 -30.2 701.46 -29.5 1.3 Informa PLC 558.00 7.40 Vodafone Group PLC 105.76 1.66
FTSE All-Share Personal Goods (4) 27875.52 2.00 22389.30 27329.88 27345.83 31062.20 1.86 2.81 19.14 402.68 21802.99
FTSE Asia Pacific Large Cap ex Japan 1088 615.76 0.0 -0.2 -26.1
-24.1 1121.52
3.4 Food & Drug Retailers 69 312.41 -1.1 11.2 -9.3 496.39 -7.3 2.4 Intercontinental Hotels Group PLC 4741 33.00 Whitbread PLC 2564 29.00
FTSE All-Share Media (11) 9484.35 2.46 7617.72 9256.73 9307.52 10036.00 2.34 1.45 29.47 221.42 6673.21
FTSE Asia Pacific Mid Cap ex Japan 868 893.84 0.2 3.1 -21.1
-18.8 1569.44
3.6 General Retailers 141 851.21 -2.6 -7.3 -33.4 1162.38 -32.9 1.1 Intermediate Capital Group PLC 1230.5 93.50 Wpp PLC 844.00 26.40
FTSE All-Share Retailers (22) 1849.19 4.38 1485.25 1771.58 1777.04 2837.76 2.74 3.63 10.06 45.23 2401.74
FTSE All-Share Travel and Leisure (29) 6336.51 2.58 5089.41 6176.85 6284.88 8238.60 0.63 -9.71 -16.24 40.16 6553.13 FTSE Asia Pacific Small Cap ex Japan 2115 508.43 0.6 1.7 -30.2
-28.3 867.52
3.2 Media 75 271.28 -4.4 0.8 -42.2 389.89 -41.6 1.4
FTSE All-Share Beverages (5) 28473.84 2.68 22869.86 27731.55 27784.55 29319.28 2.10 1.99 23.87 584.47 22819.43 FTSE Asia Pacific Ex Japan 1956 491.45 0.1 0.2 -25.7
-23.5 951.29
3.4 Travel & Leisure 142 424.60 -1.3 5.5 -17.2 619.57 -16.4 1.2
FTSE All-Share Food Producers (10) 5778.77 2.37 4641.44 5644.97 5551.25 6995.14 2.56 2.34 16.73 85.60 5565.61 FTSE Emerging All Cap 3692 661.43 -0.2 -0.8 -24.9
-22.5 1152.00
3.9 Telecommunication 89 129.32 -0.5 8.2 -12.8 304.47 -9.5 4.2 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 36025.90 -2.36 28935.59 36895.06 36499.65 27729.76 6.57 0.92 16.48 1728.22 33671.43 FTSE Emerging Large Cap 1073 605.61 -0.3 -1.7 -26.4
-24.1 1060.68
3.9 Fixed Line Telecommuniations 31 99.68 -0.9 9.6 -11.6 269.70 -7.5 5.2 Nov 10 Nov 09 Nov 08 Nov 07 Nov 04 Yr Ago
FTSE All-Share Construction and Materials (15) 7245.37 3.62 5819.40 6991.94 7009.63 8706.60 3.18 0.64 48.94 227.86 8837.55 FTSE Emerging Mid Cap 918 986.33 0.1 3.9 -14.2
-11.3 1728.82
4.0 Mobile Telecommunications 58 153.94 -0.3 7.4 -13.4 312.19 -10.6 3.7 Order Book Turnover (m) 99.23 553.62 71.78 256.01 256.01 256.01
FTSE All-Share Aerospace and Defense (7) 4971.33 -2.56 3992.91 5101.84 5036.56 4742.96 2.37 0.15 284.83 104.10 6063.49 FTSE Emerging Small Cap 1701 730.65 0.4 0.9 -24.6
-22.2 1218.42
3.4 Utilities 200 299.75 -0.5 4.3 -12.7 699.37 -10.3 3.5 Order Book Bargains 967596.00 650467.00 668103.00 823987.00 823987.00 823987.00
FTSE All-Share Electronic and Electrical Equipment (10)11111.60 4.68 8924.71 10615.24 10596.66 14071.54 1.58 1.98 31.99 159.06 10987.40 FTSE Emerging Europe 111 110.04 0.2 16.4 -73.5
-72.3 230.08
3.0 Electricity 142 342.52 -0.5 3.7 -11.2 786.96 -8.8 3.4 Order Book Shares Traded (m) 1614.00 1283.00 1450.00 1437.00 1437.00 1437.00
FTSE All-Share General Industrials (8) 5082.59 3.54 4082.28 4908.68 4898.24 5570.22 2.80 1.17 30.60 134.98 6703.89 FTSE Latin America All Cap 262 745.23 -2.0 2.6 5.112.8 1458.01
10.9 Gas Water & Multiutilities 58 288.90 -0.4 5.8 -16.2 697.73 -13.7 3.8 Total Equity Turnover (£m) 8466.44 7105.90 5437.91 5816.58 5816.58 5816.58
FTSE All-Share Industrial Engineering (5)16738.79 4.59 13444.40 16003.65 15988.16 20595.36 1.56 2.01 31.88 261.52 22484.72 FTSE Middle East and Africa All Cap 331 754.56 -0.1 1.9 -5.3-2.5 3.2 Financials
1381.62 853 247.73 -1.3 6.7 -17.4 475.78 -15.1 3.3 Total Mkt Bargains 1219137.00 871062.00 883794.00 1056704.00 1056704.00 1056704.00
FTSE All-Share Industrial Support Services (31)10073.94 4.85 8091.28 9608.40 9619.46 12010.99 1.88 1.69 31.36 182.30 11586.16 FTSE Global wi UNITED KINGDOM All Cap In 292 291.05 -1.8 7.1 -19.1
-16.5 3.7 Banks
593.59 270 192.55 -1.2 7.7 -14.9 412.25 -11.7 4.2 Total Shares Traded (m) 6371.00 5807.00 5947.00 6648.00 6648.00 6648.00
FTSE All-Share Industrial Transportation (8) 5662.29 6.33 4547.89 5325.13 5384.96 7016.60 2.06 3.42 14.21 98.14 5932.59 FTSE Global wi USA All Cap 1810 905.50 -2.2 2.6 -22.3
-21.3 1.7 Nonlife Insurance
1309.92 71 342.25 -0.8 9.5 -2.3 571.07 0.4 2.9 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)16753.13 0.15 511.19 16728.12 16103.00 20728.87 1.96 1.81 28.16 329.06 21161.70 FTSE Europe All Cap 1463 398.25 -0.7 10.1 -25.6
-23.4 3.2 Life Insurance
756.73 51 200.86 -1.1 4.2 -16.9 386.65 -13.8 4.2 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7700.54 0.21 6184.98 7684.66 7772.38 6269.54 6.78 2.01 7.33 517.27 11820.11 FTSE Eurozone All Cap 664 383.01 -0.5 12.1 -26.1
-23.9 3.2 Financial Services
722.51 211 406.81 -1.8 7.0 -18.5 617.38 -17.2 1.8
FTSE All-Share Precious Metals and Mining (5)10046.94 2.96 8069.58 9757.79 9664.97 21462.49 3.56 1.83 15.37 358.99 7083.44 FTSE EDHEC-Risk Efficient All-World 4171 443.97 -1.3 5.1 -18.7
-16.9 2.8 Technology
698.27 362 423.56 -1.9 -2.5 -37.6 552.59 -37.0 1.2
FTSE All-Share Chemicals (7) 13542.87 5.52 10877.48 12833.84 12907.19 19197.38 2.62 2.11 18.08 324.25 13573.28 FTSE EDHEC-Risk Efficient Developed Europe 575 290.96 -0.7 11.3 -29.6
-27.6 3.3 Software & Computer Services
511.24 186 631.68 -1.6 -6.2 -40.9 763.69 -40.7 0.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (12) 8143.98 -2.64 6541.15 8364.51 8515.46 5998.88 3.58 2.74 10.17 292.72 10275.28 Oil & Gas 131 409.67 -3.5 6.8 25.030.2 4.6 Technology Hardware & Equipment
835.48 176 380.32 -2.1 1.5 -33.6 534.09 -32.8 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 87 409.43 -3.7 6.0 28.934.6 857.17
4.8 Alternative Energy 20 172.38 0.0 9.6 -17.3 247.36 -17.0 0.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 142 229.66 -0.2 -2.3 -30.2 447.34 -28.3 3.4
Non Financials (334) 4978.81 1.29 4453.97 4915.35 4922.48 5025.89 3.55 1.64 17.14 156.96 8989.12 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 108 418.31 -0.9 4.4 -29.9 976.65 -27.9 4.0
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1907 584.27 -1.5 3.2 -23.0 964.03 -21.5 2.4
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 100 7290.32 7275.83 7281.22 7289.30 7287.19 7289.00 7289.21 7283.79 7282.20 7307.53 7263.74 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC¤cy=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 18676.96 18591.87 18558.72 18588.62 18612.05 18588.53 18577.91 18565.63 18621.43 18687.66 18545.07 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
FTSE SmallCap 6016.39 6007.28 6002.83 6004.18 6009.71 6005.22 6001.15 5998.02 6001.62 6016.39 5997.90 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 3992.48 3983.13 3984.49 3989.10 3988.96 3988.98 3988.69 3985.87 3986.83 3999.36 3976.58 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
Time of FTSE 100 Day's high:15:23:00 Day's Low09:19:45 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6826.15(12/10/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:15:23:00 Day's Low09:21:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3712.50(12/10/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
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For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 11 November 2022 ★ FINANCIAL TIMES 15
MARKET DATA
FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
ASML Hld 544.70 495.90 48.80 9.84 91.00 20.1 -0.18 Bradesco 12.88 13.27 -0.39 -2.94 -3.83 -22.9 -19.68 Nov 10 date Coupon S* M* F* price yield yield yield US Nov 10 date Coupon S* M* F* price yield yield yield US
DuPont 71.14 67.03 4.11 6.13 11.53 19.3 17.44 Perrigo 33.14 32.08 1.06 3.30 -6.50 -16.4 -18.19 High Yield US$ US$
Applied Materi. 102.65 94.38 8.27 8.76 16.35 18.9 -1.97 Petrobras 29.15 30.06 -0.91 -3.03 -4.22 -12.6 -16.23 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
Aptiv 108.56 97.47 11.09 11.37 16.94 18.5 4.25 Tesla Mtrs 190.30 177.59 12.71 7.15 -25.01 -11.6 -35.68 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Anglo American 3132.00 3057.50 74.50 2.44 476.00 17.9 10.54 DominRes 62.54 60.42 2.12 3.51 -6.69 -9.7 -27.01 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
BlackRock 746.10 669.62 76.48 11.42 112.29 17.7 4.48 Disney 89.92 86.75 3.17 3.66 -9.33 -9.4 -25.38 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Continental 59.82 55.54 4.28 7.71 8.42 16.4 4.18 Walt Disney 89.92 86.75 3.17 3.66 -9.33 -9.4 -25.38 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Ecolab 151.80 140.65 11.15 7.93 20.45 15.6 -11.80 ItauHldFin 23.06 23.65 -0.59 -2.49 -2.21 -8.7 2.25 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
SouthCpr 55.79 53.34 2.45 4.58 7.39 15.3 15.23 Nutrien 104.42 100.81 3.61 3.58 -9.41 -8.3 -11.38 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
CapOne 113.82 100.87 12.95 12.84 15.00 15.2 1.26 Equinor 362.95 374.85 -11.90 -3.17 -31.05 -7.9 -3.20 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
KLA Corp 362.11 337.52 24.59 7.28 47.67 15.2 -2.88 Chna Utd Coms 3.46 3.45 0.01 0.29 -0.29 -7.7 -3.35 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Adobe 326.85 298.87 27.98 9.36 40.92 14.3 -23.18 Shell PLC 2315.00 2383.50 -68.50 -2.87 -176.50 -7.1 3.34 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
IM Baotou Stl 2.12 1.93 0.19 9.84 0.26 14.0 -0.47 ANZ Bank 24.28 24.55 -0.27 -1.10 -1.70 -6.5 5.11 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Boeing 178.50 168.74 9.76 5.78 21.75 13.9 9.40 McKesson 375.05 386.22 -11.17 -2.89 -22.53 -5.7 1.20
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Analog Devices 157.11 148.23 8.88 5.99 19.09 13.8 -6.44 Cielo 5.18 5.43 -0.25 -4.60 -0.31 -5.6 -5.12
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
eBay 44.14 40.57 3.57 8.80 5.32 13.7 -6.24 WalMrtMex 74.47 73.90 0.57 0.77 -4.25 -5.4 3.47
Qualcomm 117.93 110.43 7.50 6.79 14.05 13.5 -20.06 CaixaBnk 3.19 3.27 -0.08 -2.57 -0.18 -5.4 7.00 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
NXP 164.44 154.72 9.72 6.28 19.59 13.5 -8.65 NatAusBk 31.00 31.66 -0.66 -2.08 -1.74 -5.3 0.26 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Autodesk 220.22 194.61 25.61 13.16 26.00 13.4 -1.39 PTT Explor 34.25 35.00 -0.75 -2.14 -1.75 -4.9 -6.76 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Lowes 203.85 186.63 17.22 9.23 24.03 13.4 -3.72 BP 470.75 482.10 -11.35 -2.35 -22.75 -4.6 5.45 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Nov 10 Rate Current Since Last Day's Month's Year Return Return Nov 10 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 3.00-3.25 21-09-2022 2.25-2.5 Index change change change 1 month 1 year VIX 23.10 -2.99 26.09 38.93 16.03 Nov 10 Price £ Yield Day Week Month Year High Low £m
US Prime 6.25 22-09-2022 5.50 Markit IBoxx VXD 22.34 -2.42 24.76 45.37 3.27 - - - - - - - - -
US Discount 3.25 22-09-2022 2.50 ABF Pan-Asia unhedged 189.49 0.73 1.23 -13.79 0.14 -13.74 VXN 29.47 -3.02 32.49 44.05 9.94 Tr 0.75pc '23 98.51 2.93 -4.25 5.40 -24.48 497.96 100.82 97.34 34.36
Euro Repo 0.53 01-11-2022 0.374 Corporates( £) 318.63 0.71 1.01 -19.50 6.76 -20.86 VDAX 21.87 -1.18 23.05 93.30 - Tr 0.125pc '24 96.45 3.12 -4.29 4.35 -28.28 447.37 99.44 94.34 35.55
UK Repo 3.00 02-11-2022 2.25 Corporates(€) 205.86 0.38 0.33 -14.77 0.52 -15.59 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 97.20 3.04 -4.70 0.00 -31.99 424.14 105.86 93.15 39.93
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 212.43 0.54 0.02 -16.51 0.74 -17.87 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 90.95 3.10 -4.62 -2.82 -32.02 400.00 98.77 86.33 35.32
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 276.80 1.52 1.07 -23.00 9.01 -24.73 Tr 1.25pc '27 91.28 3.27 -4.66 -3.25 -29.37 380.88 104.30 85.65 40.99
Overall( £) 283.27 1.28 1.02 -21.75 8.15 -23.37 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 85.27 3.26 -4.68 -4.68 -28.04 312.66 102.36 78.21 43.62
INTEREST RATES: MARKET Overall(€) 207.20 0.51 0.14 -16.00 0.72 -17.21 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 108.05 3.26 -5.51 -6.32 -27.39 243.16 135.62 98.13 40.33
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 107.95 3.50 -4.63 -7.65 -26.47 236.54 145.94 94.91 31.68
Nov 10 (Libor: Nov 09) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 99.98 2.92 0.02 0.05 0.26 2.74 Tr 4.5pc '42 113.32 3.57 -4.55 -7.75 -27.29 224.55 169.96 93.79 28.35
US$ Libor 3.81214 -0.003 0.753 0.020 3.87857 4.63000 5.15629 5.63286 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 79.37 3.86 -0.17 0.06 0.01 - Tr 3.75pc '52 106.89 3.38 -5.06 -8.15 -28.24 225.00 180.27 82.51 25.11
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 631.55 22.36 - - -10.92 -16.67 02/50 1.00 91.36 1.83 -0.13 0.16 -0.06 1.55 Tr 4pc '60 118.47 3.15 -5.69 -9.48 -30.62 228.13 213.01 87.32 25.13
£ Libor 0.18063 -0.005 0.000 -0.006 2.96160 3.46580 4.07140 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 87.84 2.63 -0.10 0.04 0.00 2.87 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 75.97 2.89 -0.08 -0.01 -0.05 2.54
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.000
-0.06005
1.41500
-0.03231
1.80200
0.04083
2.33300
0.04867
2.87400
Index change change change high low
Belgium 06/27 0.80 93.32 2.34 -0.08 0.06 0.03 2.78 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 74.72 3.08 -0.07 -0.02 -0.05 2.44
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 93.87 4.07 -0.02 0.20 0.08 2.92
US$ CDs 0.000 3.84000 4.50000 5.03000 Crossover 5Y 488.26 -37.04 -64.67 -153.40 688.92 488.26 Fixed Coupon Nov 10 chg % Return 1 month 1 year Yield
06/30 1.25 85.59 3.43 -0.04 0.14 0.01 1.93
Euro CDs 0.000 1.38000 1.70000 2.14000 Europe 5Y 99.57 -8.06 -14.05 -35.08 142.08 99.57 1 Up to 5 Years 81.82 0.34 2353.06 3.45 -4.19 3.15
12/48 2.75 86.80 3.53 -0.01 0.17 0.23 1.60
Japan 5Y 93.13 0.94 -7.82 -16.87 119.29 92.19 2 5 - 10 Years 150.68 1.15 3178.50 9.01 -13.63 3.28
Short 7 Days One Three Six One Denmark 11/29 0.50 87.87 2.40 -0.12 -0.07 -0.17 2.59
Senior Financials 5Y 108.55 -8.68 -15.04 -41.89 155.06 108.55 3 10 - 15 Years 162.16 1.87 3725.76 14.08 -20.39 3.48
Nov 10 term notice month month month year 11/52 0.25 55.90 2.30 -0.11 -0.09 -0.24 2.07
Markit CDX Finland 09/24 0.00 96.11 2.17 -0.07 0.15 0.16 2.85 4 5 - 15 Years 152.54 1.35 3310.67 10.38 -15.75 3.36
Euro 1.16 1.46 1.20 1.50 1.23 1.53 1.55 1.85 1.99 2.29 2.40 2.70 5 Over 15 Years 236.47 3.32 4047.17 26.88 -35.09 3.35
Emerging Markets 5Y 278.97 8.89 -17.23 -45.57 335.29 270.08 09/29 0.50 86.42 2.70 -0.10 0.06 0.03 2.95
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 141.38 1.72 3144.30 13.23 -21.16 3.34
Nth Amer High Yld 5Y 540.81 21.49 15.18 -52.31 625.47 501.79 France 05/28 0.75 91.52 2.40 -0.09 0.07 -0.01 2.70
US Dollar 3.50 3.70 3.65 3.85 3.74 3.94 4.40 4.60 4.93 5.13 5.12 5.32
Nth Amer Inv Grade 5Y 92.34 3.60 1.26 -10.21 110.98 87.58 05/48 2.00 82.29 3.00 -0.07 -0.03 -0.05 2.40
Japanese Yen -0.15 0.05 -0.20 0.00 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 86.94 2.09 -0.09 0.07 0.02 2.53
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Nov 10 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 56.13 2.10 -0.08 0.00 -0.04 2.11
1 Up to 5 Years 327.36 0.18 4.73 3.89 2760.77 4.73 5.07
Greece 01/23 3.50 100.45 1.43 0.07 0.45 0.12 1.69 2 Over 5 years 590.71 2.64 34.59 -34.63 4496.65 34.59 -34.37
01/28 3.75 98.38 4.10 -0.07 -0.01 -0.16 3.55 3 5-15 years 464.42 1.44 18.15 -14.23 3750.16 18.15 -13.59
Ireland - - - - - - - 4 Over 15 years 691.45 3.36 46.49 -42.61 5110.81 46.49 -42.46
05/26 1.00 95.75 2.27 -0.08 0.15 0.16 2.75 5 All stocks 553.03 2.27 29.09 -30.74 4293.87 29.09 -30.40
02/45 2.00 83.84 3.01 -0.08 -0.02 -0.05 2.47
Italy 02/25 0.35 94.49 2.93 -0.08 0.05 -0.35 3.12 Yield Indices Nov 10 Nov 09 Yr ago Nov 10 Nov 09 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 91.08 1.67 -0.03 0.01 -0.63 2.67 5 Yrs 3.15 3.32 0.64 20 Yrs 3.55 3.72 1.13
03/48 3.45 86.62 4.32 -0.08 -0.02 -0.23 2.73 10 Yrs 3.40 3.58 0.93 45 Yrs 3.04 3.24 0.87
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.03 0.04 -0.01 -0.01 0.01 -0.03 15 Yrs 3.56 3.73 1.08
Crude Oil† Dec 85.59 -0.24 Corn♦ Dec 661.25 -3.25 Nov 09 Nov 09 Prev return stock Market stocks
12/29 0.10 99.35 0.19 -0.04 -0.01 0.00 0.23
Brent Crude Oil‡ 94.22 1.57 Wheat♦ Dec 806.50 0.00 Can 4.25%' 26 110.62 1.536 1.576 -0.44 5.25 70933.17 8
12/49 0.40 77.04 1.42 -0.05 0.00 0.14 0.76 inflation 0% inflation 5%
RBOB Gasoline† Dec 2.56 0.02 Soybeans♦ Jan 1445.50 -6.50 Fr 0.25%' 24 103.54 -1.775 -1.784 0.57 17.92 250980.79 17
Netherlands 07/27 0.75 93.54 2.22 -0.10 0.07 0.03 2.71 Real yield Nov 10 Dur yrs Previous Yr ago Nov 10 Dur yrs Previous Yr ago
Natural Gas† Dec 5.98 0.12 Soybeans Meal♦ Dec 411.20 -6.40 Swe 1.00%' 25 125.09 -0.392 -0.372 0.48 35.38 217177.43 6
01/47 2.75 105.76 2.43 -0.08 -0.03 -0.06 2.39 Up to 5 yrs -1.68 1.47 -1.56 -3.74 -2.25 1.47 -2.14 -4.10
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Dec 2072.00 -26.00 UK 0.125%' 24 104.88 -3.343 -3.322 0.53 15.24 591801.52 31
Aluminium 2329.50 21.50 Cocoa (ICE US)♥ Dec 2520.00 -12.00 New Zealand 05/31 1.50 78.68 4.55 -0.10 0.11 0.32 2.01 Over 5 yrs -0.12 19.74 0.01 -2.51 -0.14 19.79 -0.01 -2.52
UK 2.50%' 24 379.54 -2.291 -2.255 0.68 6.82 591801.52 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Nov 1839.00 -9.00 09/40 2.50 116.44 2.51 -0.05 0.10 0.00 1.42 5-15 yrs -0.39 8.57 -0.23 -3.10 -0.48 8.57 -0.32 -3.19
UK 2.00%' 35 248.74 -0.130 0.012 3.58 9.08 591801.52 31
Copper 8280.00 199.00 Coffee (Arabica)♥ Dec 163.75 -1.40 Norway 08/30 1.38 85.91 3.47 -0.06 0.04 0.02 1.91 Over 15 yrs -0.07 25.98 0.06 -2.45 -0.08 25.99 0.05 -2.46
US 0.625%' 24 98.25 2.132 2.108 -0.03 40.98 1575441.96 47
Lead 2086.50 25.50 White SugarX 527.80 4.10 Poland 01/23 2.50 99.05 7.43 0.00 0.10 0.32 4.88 All stocks -0.14 17.10 -0.01 -2.52 -0.17 17.17 -0.04 -2.54
US 3.625%' 28 108.83 1.906 1.898 -0.49 16.78 1575441.96 47
Nickel 25000.00 250.00 Sugar 11♥ 19.33 -0.05 07/27 2.50 79.31 7.95 -0.11 -0.64 0.44 5.14 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 20200.00 600.00 Cotton♥ Dec 85.65 -0.85 04/47 4.00 56.33 8.18 -0.10 -0.40 1.41 4.66 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 2875.00 19.00 Orange Juice♥ Jan 211.70 -2.55 Portugal 04/27 4.13 106.69 2.50 -0.08 0.07 -0.04 2.79 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Dec 151.60 -1.45 Spain - - - - - - - Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1715.25 36.60 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 85.90 2.86 -0.09 0.02 -0.17 2.72 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2132.00 57.00 Lean Hogs♣ Dec 85.28 -0.30 10/46 2.90 90.41 3.50 -0.07 -0.07 -0.18 2.47 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 993.00 13.00 Spread Spread Spread Spread Sweden 06/30 0.13 114.79 -0.10 -0.03 -0.02 -0.08 1.68
Palladium 1888.00 18.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 119.62 2.07 -0.04 -0.01 -0.07 1.59 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Nov 09 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 116.59 0.85 -0.06 -0.08 -0.36 1.24 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 87.51 2.18 S&P GSCI Spt 639.64 -4.79 18.40 06/29 0.00 94.11 0.92 -0.04 -0.08 -0.32 1.24 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.86 1.77 -0.30 Netherlands 2.22 0.13 -1.94
Baltic Dry Index 1390.00 -3.00 DJ UBS Spot 116.06 -5.39 18.63 Austria 2.63 0.54 -1.53 New Zealand 4.55 2.46 0.39 United Kingdom 07/23 0.75 98.38 3.11 -0.03 0.32 -0.66 2.74 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 183.85 -3.75 TR/CC CRB TR 301.71 -3.46 27.80 Canada 3.43 1.34 -0.73 Norway 3.47 1.38 -0.69 07/27 1.25 90.46 3.47 -0.03 0.09 -0.94 2.90 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 2.40 0.31 -1.76 Portugal 2.50 0.41 -1.66 07/47 1.50 64.95 3.67 -0.17 -0.03 -0.80 2.70
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.70 0.61 -1.46 Spain 2.86 0.77 -1.30 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 2.09 0.00 -2.07 Sweden -0.10 -2.19 -4.26 03/25 0.50 90.95 4.54 -0.05 0.06 0.21 3.74
unless otherwise stated. Italy 1.67 -0.42 -2.49 Switzerland 0.92 -1.17 -3.24 02/30 1.50 83.49 4.16 0.01 0.07 0.19 2.82
Japan 0.19 -1.90 -3.97 United States 4.16 2.07 0.00 02/50 0.25 64.04 1.96 0.08 0.19 0.08 -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
16 ★ FINANCIAL TIMES Friday 11 November 2022
ARTS
N
Jafar Panahi
ot everything is as simple as AAAAA
conquering the film indus-
try. For Marvel, Ryan Coog- Retrograde
ler’s 2018 Black Panther was Matthew Heineman
a milestone after a decade AAAAE
of unbroken success. The movie quickly
became a cultural landmark too — a Causeway
comic-book epic hinged on black talent Lila Neugebauer
— and a billion dollar hit ($1.34bn, to be AAAEE
exact). But humanity is more vulnera-
ble than superheroism. Two years later,
in August 2020, the film’s gifted star,
Chadwick Boseman, died from a cancer increasing unease; local interpreters
he had kept private. Now the sequel, turning anxious; ever more downcast
Black Panther: Wakanda Forever, American troops dutifully wrecking
arrives with a freighted remit. How does computer equipment.
a crowd-pleaser double as an elegy? The result is at once fascinating and
Kudos to Coogler for wrangling the unbearable: a chronicle of a can kicked
impossible this gracefully. The death of forever down the road finally and
Boseman’s King T’Challa is the starting terribly coming to a halt. DL
point, tech-whizz kid sister Shuri (Leti- In UK cinemas now
tia Wright) dazed with grief. But it soon
becomes clear that the shadow of loss The soft-spoken yet gut-punching low-
will fall over the movie even when not budget drama Causeway stars Jennifer
directly addressed. As the plot rolls into Lawrence as Lynsey, a military veteran
motion, we realise this must be the newly returned from Afghanistan and
chassis of the movie Coogler first recovering from injuries and a serious
scripted for Boseman to star in. case of PTSD. Lynsey isn’t comfortable
Instead, T’Challa’s mother Ramonda Above: Letitia Wright in ‘Black Panther: Wakanda Forever’. Below: ‘Retrograde’ captures the final months of the US presence in Afghanistan — Tim Grucza/OTP being back in New Orleans: military
(Angela Bassett) appears before the service meant an escape from her boozy
international community. World lead- m o re t h a n Co ogler might have since 2010 have often required he be his mother Gloria (Linda Emond) and
ers tut about the dangerous potential of intended. But the postcolonial revenge own star, forever wry and unruffled. other domestic troubles. But with
lone African state Wakanda having a movie also goes in surprising directions, Here, though, even Panahi — at least as nowhere else to go, she bunks at the
monopoly on the super-metal vib- with a subtlety you don’t take for seen in the movie — grows frayed, family home while she recovers, taking
ranium. A glacial Bassett tells them granted in a film of this scale. And, like unnerved by his closeness to the border, a menial job cleaning pools.
what worries her: “The dangerous the original, the sequel has a knack of and by the villagers’ mounting hostility. A warm friendship starts to kindle
potential of you.” The zinger zings. meeting the real-world moment. But the hounded maestro is only half with James (Brian Tyree Henry,
And somewhere, the cursor flashes Visions of deluges have overtones of cli- the story. No Bears also returns to the superb), the garage owner Lynsey hires
again on an already long thesis about the mate crisis; a key scene suggests Coogler film Panahi is making by proxy in Tur- to fix a truck that seemingly belonged to
geopolitics of Marvel movies. But knows the Russian antiwar masterpiece key, another tale of two lovers with her absent brother. It transpires that
Coogler does better than window dress- Come and See. hopes of a border crossing. The world James is missing his sister, whose own
ing. As well as the fog of grief, the chill of And out of the water, the spectacle is might be inclined to look at the direc-
history pervades. US power has a cameo
but the movie turns mostly on relations
fine. Even in a less mournful context, no
second instalment could muster the
tor’s enduring career and simply cele-
brate the great god of cinema. Panahi
‘Wakanda Forever’ has
between Wakanda and the Talokan, a sheer novelty of Black Panther’s glee- himself offers a far darker sting in the little of the sense Marvel
sub-aquatic nation with a Mesoameri- ful Imax Afrofuturism. But as block- tail — seeming to indict the very act of
can back-story. buster, the movie still packs a bassy telling stories in the midst of tyranny. It sequels often have of the
Truth be told, the sight of massed gill-
men tips the scales into pulp silliness
punch, with little of the sense Marvel
sequels often have of the contractually
is one of many troubling ideas in a brave
and brilliant film, one that reminds us to
contractually obliged
prize the truth above all. DL glancing at their watches
In UK cinemas now
obliged glancing at their watches. absence is explained later on. They
It does also sprawl out of focus. A girl- The world already saw the scene that develop a surrogate sibling relationship,
genius undergrad from MIT is drawn opens Matthew Heineman’s bristling a bond seldom explored in such depth in
into the story, then left to loiter like a documentary Retrograde. It was an cinema. It’s novel too that, though the
work experience person between coffee apparent conclusion — the doomsday film acknowledges that James is black
runs. And even by Marvel’s over- chaos of Kabul airport in August 2021, and Lynsey white, their different back-
crowded standards, a cast is too big as the US military at last left Afghani- grounds don’t dominate the story.
when Lupita Nyong’o and Michaela Coel stan. Heineman stayed on with his As the title might suggest, Causeway is
become spare parts. But Wright, cru- crew. By then he had already been in the about in-between states of mind and
cially, is the ace in the pack. Her bruised country eight months. transitional points in life. As good-
gravity is what lets the movie finally And so his study of the end of an occu- hearted if, like the rest of us, moderately
strike a note of triumphant uplift with- pation rewinds to the start of that year, a flawed people, James and Lynsey want
out the awful clang of insincerity. dwindled American presence in Hel- to help each other get to the other side.
In the end, though, all roads lead mand province still training Afghan sol- Inevitably that results in missteps and
back to Boseman. If Black Panther diers to keep their own peace after an misunderstandings — the script is dia-
was one kind of watershed, Wakanda undated handover. History, of course, is grammatic in places — but director Lila
Forever can’t help being another. Trag- always circling. Among the Taliban, it is Neugebauer, making her feature debut,
edy has always been an easy win for pointed out, are many men who were elicits finely underplayed performances
Marvel, laying waste to worlds so that the babies of fathers killed during the from the cast.
chiselled heroes can gaze damp- 2001 invasion. Lawrence seems to be returning to
eyed into the middle distance. Now, real Heineman is best known for Cartel her roots here, in the kind of risky,
life has shocked the glib out of the Land, his film about the Mexican drug gritty, minimal-make-up indie cinema
operation. For the first time in the war, a project that, like Retrograde, that brought her acclaim at the begin-
company’s history, the tears actually married a widescreen aesthetic and ning of her career in films such as Win-
mean something. DL startling access. Here that access gets ter’s Bone. She also gets to demonstrate
In UK and US cinemas now close-up indeed once the exit is formal- how good she is at collaborating with
ised. With US decision-makers kept other performers, harmonising with
Behold the flourish of technique with pointedly off-camera, a multi-sided Henry and Emond for a series of
which fabled Iranian director Jafar Pan- portrait takes shape on the ground: gorgeous actorly duets. LF
ahi opens his new film No Bears. In an Afghan troops readying (or not) with In UK cinemas and on Apple TV Plus now
unnamed Turkish town, street vendors
criss-cross; finally we settle on a wait- Left: Iranian
ress; seamlessly, she becomes our focus. director Jafar
A wrenching drama takes flight in sec- Panahi’s new
onds. And then the spell is broken. An film ‘No Bears’
assistant wanders before the actors. He was filmed
speaks into the camera: “How was it?” illicitly. Below:
The question is put to Panahi himself, Brian Tyree
director too of this film-within-a-film, Henry and
stationed at a laptop in another country. Jennifer
This much comes with the tang of real- Lawrence in
ity. Panahi is banned from film-making ‘Causeway’
by the Iranian state, and No Bears is the Wilson Webb
Brussels is considering easing regulation on the technology during a year in which drought cut harvests
and the war reduced exports from Ukraine. But critics say it is an untested risk being pushed by ‘Big Ag’.
By Andy Bounds and Emiko Terazono
E
uropean fast-food consumers amounts of inputs are complicated to
demand long, straight chips, solve, she notes. “You need to start now
Europe’s new
which means European to actually address the problems that
potatoes need to be sizeable. are escalating. If you start five years
But this summer, Europe’s from now, it would be too late.”
weather had other ideas.
A punishing drought meant Dutch The global outlook
appetite for
farmer Hendrik Jan ten Cate was forced EU policymakers who support bioengi-
to spray water from a local canal on his neering also fear falling behind the rest
potatoes to prevent them shrinking. of the world in the technology race.
“Irrigation is very expensive. About More than 15 countries have set rules
10 per cent of my costs was water this that are open to gene editing in crops,
gene-edited
summer,” he says. “Farmers who could including China, India, Argentina and
not irrigate lost half their harvest.” Australia, according to Thorben Sprink
Ten Cate’s other outlays were up and colleagues at Germany’s Julius
25 per cent, he says, because of the high Kühn Institute, a federal research
price of gas. Fuel for tractors, fertilisers centre for cultivated plants. Many coun-
and pesticides all got more expensive. tries, including the US, Canada, Brazil
food
He can see only one answer if Europe- and Japan, do not differentiate gene
ans still want to eat home-produced editing from conventional breeding.
food: gene-edited crops, which are more More governments have been clarify-
resistant to drought and extreme heat. ing their regulatory regimes around
“Climate change is coming faster than gene editing over the past few years. The
we are developing new crops,” he says. UK is looking to ease its regulations
“We need new techniques. There is a big since departure from the EU: new
danger to food production in Europe.” legislation that would allow gene-edited
Gene editing is a form of genetic crops and animals to be developed and
engineering where genes can be deleted sold in England is to be debated in the
or added from the same or similar House of Lords, the second chamber of
species. It is distinct from genetic modi- parliament.
fication, which introduces DNA from India earlier this year announced that
foreign species. certain gene-edited crops would be
Proponents argue that gene editing is exempt from GMO rules. China, the glo-
the same as conventional plant breeding bal leader in crop gene-editing research
but simply accelerated, with greater with about 75 per cent of the world’s
accuracy. “If you introduce a foreign patents, introduced guidelines on com-
gene, it’s a GMO. If you just change the mercialising products that, according to
genetic letters within the organism, it’s analysts, reduce the approval time from
conventional-like,” says Petra Jorasch of about six years down to one or two.
lobby group Euroseeds, which repre- With the EU being a leading importer
sents plant breeders. “This is also what of agricultural products, including corn
you do with conventional breeding and soyabeans for animal feed, its poli-
methods.” cies on genetic engineering have a big
That is not how it is seen in Europe. impact on those of its trade partners.
The European Court of Justice, the EU’s That’s especially the case for develop-
highest court, decided in 2018 that gene ing countries that rely on income from
editing should come under GMO regula- the EU, says Elouafi at the FAO. “[With]
tion, where regulators must give high countries from the global south, if there
priority to potential risks. is a debate over gene editing [and
When GMO technology first arrived Dutch farmer whether it is] a GMO or not, they tend to
Hendrik Jan ten not use it even for their research
‘You need to start now to Cate says Europe
must turn to
programmes. They are so afraid to lose
the European market that they just stop
address the problems new techniques using it.”
to maintain It also holds back R&D, scientists
that are escalating. If you sustainable food warn. “Plant breeders are hesitant to
start five years from now, production
Marco Hofsté/FT
add breed varieties using genome edit-
ing if they’re not going to be able to sell
it would be too late’ it,” says Raffan.
in Europe in the 2000s it met fierce on her proposal this year. “This has been editing could go far beyond what can be including a soyabean that produces oil Gene blues
opposition in a region that prides itself the guiding principle for EU food policy expected from conventional breeding. with reduced saturated fat in the US, The campaign to bring gene editing to
on the quality and provenance of its GMO vs in the past and will always continue “We think that there needs to be proper and a tomato with an amino acid that Europe faces a steep obstacle: for the EU
food. Products were labelled “franken- Crispr to be so.” risk assessment. We think the current reduces blood pressure in Japan. to rule that the technology is on a par
foods” and trial fields were attacked by [regulatory] framework is appropriate,” Even with gene editing, creating a with conventional breeding would
protesters. Regulators tightened rules Pros and cons he says. crop which, for example, is drought require a qualified majority of member
so much that only one type of geneti- How gene editing differs Scientists have crossbred species to Molecular geneticist Michael Anto- resistant will take at least five years, states in favour.
cally modified wheat has ever been create more resilient crops for decades. niou at King’s College London warns according to scientists at the University However Germany, the biggest mem-
grown in the EU (although dozens of
from gene modification For example, researchers have pro- that gene-editing technology is not as of Calgary. ber, has already said it would remain
crops are now authorised for imports, duced a strain of wheat that combines precise as claimed, is not the equivalent This is because there are multiple neutral, which counts as a “no” vote.
mostly for animal feed). Gene editing, using techniques such as the high yield of one type with the solid to breeding and is no different to genetic genes and various genetic structures Germany’s coalition government con-
Now, the mood on gene editing in Crispr, is faster, simpler and more stem of another, which helps it resist modification. that affect a plant’s tolerance to tains the Green party and they control
Europe is shifting. In September, accurate than conventional genetic wind and rain. He fears unintended changes in the drought, and these need to be analysed, the agriculture ministry. “I don’t think
agriculture ministers from the 27 mem- modification. Advocates say gene editing does much gene’s biochemistry and its composi- changed and tested incrementally. we currently have a majority of member
ber states urged Brussels to speed up a the same, more effectively. It could, for tion. “You risk the possibility of creating Many advocates of the technology states,” says Jorasch of Euroseeds.
re-examination of GMO regulation. The Genetically example, help develop wheat that pro- new toxins and new allergens or adding acknowledge that while genetic engi- Lawmakers may be influenced by a
following month, the European Com- modified vides nutrients to the soil, says Pesonen, to known toxins and allergens,” he says. neering speeds up research and offers growing popular backlash against the
mission confirmed that it would issue a organisms: reducing the need for fertiliser. Martin Häusling, a German MEP who greater accuracy in the changes, it is not technology. A recent public consulta-
proposal to ease regulation for some Creating a GMO “They are fundamentally different to is the Green party’s spokesperson for a silver bullet. tion by the European Commission
gene-editing technologies in the second involves inserting a GMOs,” Pesonen says. “Imagine the agriculture, says there are other ways While disease resistance is “quite easy received 70,000 responses with 98 per
quarter of 2023. foreign gene into the improvement that we could get in the for farmers to tackle climate change, to target in response to editing”, says cent opposed to a policy change, as
The moves come during a year in DNA. This takes place at best-case scenario, both in terms of the such as crop rotation, soil improvement Sarah Raffan, a researcher focusing on NGOs urged members of the public to
which widespread drought cut harvests a random location. The GMO plants nutrients or the protein content and the techniques and naturally adapted seeds. gene editing of wheat at the UK’s Roth- write in, often providing canned
across Europe, with Spain losing half its take on characteristics associated with competitiveness.” He and other opponents also charge amsted Research institution, drought responses for them to use.
olive crop. The war in Ukraine has the new gene. Tests can clearly Hopes are also high for creating crops that gene-edited products will further resistance is a more “complex trait”. Other surveys have found that con-
reduced exports from a country known distinguish GM from non-GM plants that can withstand the effects of the strengthen the grip of “Big Ag”, the large “This one gene might add a little bit of sumers tend to have low awareness and
as the bread basket of Europe. The shifting climate. “If we could breed agricultural input companies, espe- drought resistance under certain condi- knowledge of gene-edited food. A
drought and conflict, combined with Crispr: The Crispr crops based on what we know on genet- cially seed providers such as Bayer, survey of more than 2,000 people by the
high energy costs, have driven up food component ics to be more drought tolerant, more Corteva and BASF. UK’s Food Standards Agency in July
prices and caused shortages in the identifies the saline tolerant, more heat tolerant, and Small-scale farmers will be left more The poor harvests 2021 found that only 20 per cent of
due to the summer
developing world. DNA to to produce more under certain condi- dependent on external inputs, such as drought across respondents said they were fairly or
“The situation has changed. We have be altered and tions, that definitely could help us in seeds, fertilisers and pesticides, he says. Europe have added very well informed on the subject.
to be able to produce a sufficient supply the Cas9 terms of both food security as well as “They are therefore also more vulnera- to pressure for a After being given information on gene
of food. We need to take advantage of enzyme acts adaptation to climate change,” says ble in terms of bad years, and the regulatory rethink editing and GMO technologies, 39 per
technology to adapt to climate change like scissors, snipping Ismahane Elouafi, chief scientist at the climate challenges.” cent of the respondents said they
and maintain biodiversity,” says Pekka out the unwanted UN Food and Agriculture Organization. However, supporters of the technol- tions, but you then need another gene thought gene-edited foods were fairly or
Pesonen, secretary-general of Copa-Co- strand. A new DNA strand is added Critics of the technology see this argu- ogy claim that gene-editing research for different things.” very safe to eat, while 30 per cent
geca, the EU farmers’ union. and enzymes repair it. ment as a canard. They say the Euro- and development is more accessible for There has been greater progress in thought they were fairly or very unsafe,
But fears of “frankenfoods” run deep. The techniques change the plant, pean Commission’s move is driven not small- and medium-sized players and gene editing to improve yields. Inari, a while 31 per cent said they did not know.
Environmentalists and activists say but the outcome is indistinguishable by science, but by agribusiness lobby- university research labs than GMO US agritech company set up in 2016, has The European Food Safety Agency,
agricultural companies have seized on from traditional breeding processes. It ing, and that the present regulatory development. been working on gene editing to which is responsible for risk assess-
climate change to foist untested tech- is also quicker and cheaper than regime should be maintained. They are Technological advances have made increase yields on wheat, corn and soya- ments, in October published a report
nology on the public. Solving hunger is a creating a new GMO also concerned about the potential lack gene editing relatively cheaper than beans as well as reducing the necessary finding that gene-editing techniques
seductive argument, they say, to win of transparency for consumers. that for GMOs, while some gene-editing water and nitrogen fertiliser. Its chief were lower risk than GMOs, less likely to
over politicians and sceptical popula- Christoph Then, of German NGO technologies are provided on open plat- executive Ponsi Trivisvavet, who over- cause unintended mutations or inter-
tions without evidence to back it up. Testbiotech, which warns on the risks of forms if they are for research purposes. saw a recent $124mn late-stage invest- fere with traditional plants.
“There is no reason to deregulate gene genetic engineering, says the intended Companies and research labs based ment round, describes gene editing as a Advocates hope information like this
editing,” says Mute Schimpf, food cam- and unintended changes caused by gene in countries that treat gene-edited “super powerful technology”. will make sceptical lawmakers think
paigner at NGO Friends of the Earth products in the same way as conven- Inari is targeting yield increases of up twice, and consider what sustaining the
Europe. “It is a new technology devel- Global regulatory landscape with GMOs tionally bred products do not have to to 20 per cent in corn, wheat and soya- ban on gene editing might mean for
oped in the last 10 years. We don’t know spend time and money dealing with the beans, with input reduction targets of farmers. Brussels is pushing ahead with
how it might impact on nature, on regulatory process. 40 per cent in water and nitrogen plans to slash pesticide use in half by
agriculture and how the consumer Lower costs and reduced lead times fertiliser for corn. Trivisvavet says the 2030, to reduce nitrogen pollution from
interest will be affected.” have attracted scientists and entrepre- start-up is almost there with its soya- farms — meaning less fertiliser — and to
Yet Europe is now an outlier among neurs to launch start-ups, which have bean yield targets, noting: “All of this cut methane emissions from animals,
large economies in treating gene-edited raised hundreds of millions of dollars can’t be done with the [conventional] measures likely to shrink the EU herd.
crops in the same way as GMOs, and from venture capital investors. Euro- technology.” Farmers say they are running out of
some lawmakers are beginning to seeds says 90 per cent of its members Inari has labs in the US and Belgium tools to maintain productivity. On his
believe the risks are outweighed by the are SMEs. and Trivisvavet wants the EU to move dried-out polder in the southern
potential benefits for farmers, for the faster on allowing gene editing. “If [the Netherlands, ten Cate, 45, wonders how
economy and for the environment. Not a silver bullet EU doesn’t] embrace this technology, long he can continue to grow his pota-
“Plants obtained with new genomic Despite expectations that gene-edited it’s going to be super tricky to address toes, onions, carrots and sugar beet.
techniques could help build a more crops could help mitigate the effects of [the effects of] climate change. We hope “We have to innovate if we want to
resilient and sustainable agri-food Legislation open towards gene editing climate change, the reality is they are that the EU will actually join forces with produce food in Europe,” he says.
system,” said Stella Kyriakides, Euro- Open legislation or positive statement being prepared still a pipe dream. the rest of the world,” she says. “Maybe we will become dependent on
pean commissioner for health and food Discussion ongoing with no decision being made Only a handful of gene-edited prod- Drought tolerance, yield increases, other countries if we do not adopt these
safety, when launching a consultation Source: Plant Physiology Strict GMO regulation for gene-edited products ucts have been approved for sale, and improving yields with smaller new technologies.”
18 ★ FINANCIAL TIMES Friday 11 November 2022
The FT View
FTX’s $8bn crunch exposes a dog-eat-dog cryptosphere
$6bn was FTT, with $2.2bn of it pledged whose value is determined by others’ The leading Binance’s position should worry
The near-collapse of as collateral against loans. Four days willingness to contribute more dollars exchange’s watchdogs and lawmakers, given both
later, FTX’s arch-rival, Binance, said it to it, prompting his Bloomberg inter- its sheer size, with more than 28mn
Bankman-Fried’s empire would sell its $580mn of FTT in light of viewer to suggest that this sounded
position
users, and its pugnacious attitude to
leaves Binance dominant the revelations. This spooked custom- much like a Ponzi scheme. should worry regulations. It has designed itself to be
ers, who withdrew as much as $6bn Critically, FTX customers are now fro- watchdogs and based everywhere, yet nowhere. The US
The trajectory from hero to zero can be from FTX in three days, eroding FTT’s zen out of their accounts. Equity inves- lawmakers, justice department is investigating it
swift and brutal, as Sam Bankman- value from $22 to $5. FTX appealed to tors, some of whom should have clearly given both its over money-laundering controls; Reu-
Fried can attest. The 30-year-old boss of Binance to rescue it on Tuesday. In a known better — including the Ontario sheer size and ters reported this week that Binance
FTX, who last year aspired to buy surprise to precisely no one, Binance Teachers’ Pension Plan, SoftBank and processed $8bn of transactions for Ira-
Goldman Sachs, this week saw his on- killed the deal less than two days later, BlackRock — are expressly not SBF’s top its pugnacious nian entities since 2018.
paper $24bn fortune crumble, as his citing inquiries by US securities and priority. It is, shockingly, the second attitude to Despite exchanges’ importance as a
crypto exchange suffered an $8bn futures watchdogs into FTX, and alleg- time this year, after Celsius Network’s regulations bridge between crypto and fiat
liquidity crunch. SBF marketed himself edly mishandled customer funds. FTX bankruptcy, that a Canadian pension currencies, and despite other crypto
as the friendly face of crypto, who was — limps on to find other white knights. fund has been burnt following a bad implosions this year, effective regula-
at least ostensibly — engaging with regu- Its travails leave many questions, not crypto bet. Pension funds have no busi- tion is still not in place. This needs to
lators, and attracting celebrities and least how an exchange, valued in Janu- ness investing customers’ retirement change, urgently.
blue-chip investors. His empire’s down- ary at $32bn, could suffer a liquidity savings in a market as volatile as crypto. CZ has mused, accurately, that FTX
fall leaves a dog-eat-dog cryptosphere crisis if correctly managed. One view is The saga leaves Binance’s Changpeng holds key lessons, including never using
that ordinary investors, regulators and that if a project is based on little more “CZ” Zhao as top dog, with the world’s a token you create as collateral. He is
politicians should treat with caution. than the greater-fool theory, quite aside biggest crypto exchange. CZ alleged as also correct to forecast that Binance’s
SBF’s woes began on November 2, from what seems like circular account- he sold FTT: “We won’t support people dominance will attract more regulatory
when CoinDesk revealed that his hedge ing, sooner or later the facade will come who lobby against other industry scrutiny. It is necessary but will only
fund, Alameda Research, was full of the crashing down. In April, SBF likened players behind their backs.” SBF later happen if watchdogs are empowered to
tokens FTX prints out of thin air, FTT. “yield farming” — a complex crypto addressed a “particular sparring part- police an area of finance that is
ft.com/opinion Of Alameda’s $14.6bn in assets, nearly lending practice FTX offered — to a box ner” on Twitter: “Well played, you won.” currently wreaking unnecessary havoc.
America refuse Banks must live up to their climate rhetoric Inflation analysis fails to
mention profiteering
to budge In response to your Big Read “Carney
clings to his green dream” (November
against urgent sustainable
development challenges including
harnessing the power and potential of
the financial sector, we won’t succeed
Paul Donovan’s Markets Insight
column (“Fed must be clear that
inflation is spurred by profits”,
10), we believe financial institutions climate. in averting climate disaster. Opinion, November 3) makes the
need to be held accountable for the It paints a dismal picture, showing It is no exaggeration to say the future important point that inflation is driven
John Burn-Murdoch voluntary initiatives they are a part of.
Too many companies are failing to
that only 20 per cent of financial
institutions currently publicly
of our world will be shaped by what
financial institutions do when it comes
by profit-taking, rather than wages or
commodity inputs, but he ignores two
live up to their rhetoric — or, in the acknowledge their impact on people to solving climate and societal crises — key factors. The current inflation crisis
worst cases, using empty words or and the planet, and less than 40 per and whether they are held accountable is linked to profiteering, but isn’t that a
US voters have never held lower opinions of the opposing party, unsubstantiated claims. Our new cent have disclosed long-term net zero for their actions. result of consolidation, mergers and a
leading to a calcification of politics as few cross the aisle Financial Systems Benchmark, targets. While significant efforts are Andrea Webster lack of competition? Oligopoly and the
published at the start of COP27, being made by some financial Financial Systems lead, concentration of markets allow
Average rating of opposing parties by Share of voters in national US elections assesses the performance of 400 of the institutions, frustration is high and World Benchmarking Alliance corporations to hike profits.
people who identify with the other party who switched between the main parties world’s largest financial institutions trust in the sector is low. Without Amsterdam, The Netherlands But inflation is mainly fuelled today
(0 = least favourable, 100 = most fav.) in consecutive elections (%) because of high aggregate demand, the
100 25 gross amount of capital in the system.
Democrats, as rated
by Democrats
Individual
surveys Glimmer of hope in Memo to PM: science Quantitative easing, near zero interest
rates and massive Covid stimulus
75 20
US-UAE energy deal needs a long-term strategy spending have allowed too many
Republicans, as rated
by Republicans 15
Smoothed average
The news that leading OPEC+ Long-term sustainable economic dollars, pounds and euros to chase the
50 countries are reaping colossal benefits growth is contingent on creating a available goods and services.
Reps, as rated 10 from the rise in oil prices (“Bumper thriving environment for the UK’s When governments “print extra
by Dems earnings raise pressure on oil majors to strongest economic catalysts: science, money” then inflation is the result.
25
Dems, as rated 5 help ease cost of living crisis”, Report, technology and innovation (“R&D David Shanet Clark
by Reps November 2) risks complicating statistical success must not be a cover Retired High School Economics Teacher
0 0 climate diplomacy in many ways. for cuts”, Opinion, November 4). Huntington, Cambridgeshire, UK
1980 2000 2020 1960 1980 2000 2020
First, the announcement of the As chancellor, Rishi Sunak was right
Sources: FT analysis of American National Election Studies, the Cooperative Election Study and CNN/Edison
exit poll. Left-hand chart based on prior work by John Sides, Chris Tausanovitch, and Lynn Vavreck
substantial payout to Saudi Aramco’s to commit to increasing public spending Did Keynes borrow from
shareholders might further increase on research and development to £20bn
Euripides for that quote?
T
the strain on the kingdom’s tense by 2024-25. The new prime minister
he past two years of Amer- bled from 40 per cent to 80. Essen- diplomatic relations with other oil has spoken warmly on R&D, Stephen Cerier (Letters, November 10)
ican life have been tumul- tially, US politics is calcifying. exporters. Not only has Saudi Arabia recognising its unique ability to power was right in pointing out that Ruchir
tuous by any country’s We see this stubborn polarisation been one of the biggest winners of the growth. Investment in science and Sharma’s Keynes quote (“Economists
standards. More than a playing out with specific issues, too. global supply crisis, but the kingdom is technology will tackle longstanding low see recession coming, so maybe it’s
million deaths in a mis- The repeal of Roe vs Wade was also the architect of the recent OPEC+ productivity through the creation of not”, Opinion, November 7) was
managed pandemic, a homegrown unquestionably a huge motivating fac- production cut, which caused new knowledge, ideas and processes. It actually something said by John
attack on the seat of government, a tor in vote choice this week, best illus- considerable diplomatic friction with will also help deliver better health Pentland Mahaffy. What Keynes wrote,
legislative decision that targeted mil- trated in Michigan where 14 per cent the US, among others. outcomes, a successful business to the editor of the New Statesman and
lions of women and inflation soaring of former Trump voters backed a bill Secondly, the bumps in the investment environment and more jobs. Nation, was: “The inevitable never
to a 40-year high, all while the former that creates a constitutional right to diplomatic road are compounded by terrorist acts that the party had Science is a long-term endeavour happens. It is the unexpected always.”
president looms on the sidelines. abortion. concerns about loss of emphasis on the provoked in the 1950s. Instead, it is that delivers long-term resilience. But what was Keynes’s source? It is
These sorts of things usually upend But in the same state’s race for gov- energy transition. There are using the sophistry that criminal acts Many of the innovations that saved well known that Keynes loved, and
politics, at minimum delivering a firm ernor, where the Democratic candi- widespread reports that around the were committed by a splinter group, lives and rescued economies during the much reflected on Greek tragedy,
rebuke of the incumbent, and in some date put abortion rights front and cen- world the appetite for the sorts of while hiding its original intention of Covid-19 pandemic, including the especially in relation to decision-
cases producing a complete realign- tre of her campaign, only half that investment needed to combat and overthrowing the regime behind technology underpinning mRNA making in conditions of uncertainty.
ment. Take the UK’s decision to leave number swung from red to blue. This manage climate change is declining. innocuous topics such as peace and vaccines, originated from basic Here he was most probably
the EU: within three years of the refer- suggests party allegiance comes first, Yet, the same day your article was gender. research breakthroughs made decades reminiscent of the final chorus of
endum, fully 40 per cent of British vot- even on such a key issue. published, a glimmer of hope — for Therefore, now that the vivid ago. With sustained investment, the Euripides’s Bacchae: “The gods have
ers had switched parties, no longer How can something that millions diplomats and climate experts alike — memories of the former leftists have UK can build on its position as a global many shapes. The gods bring many
feeling at home in their old tribe. are incensed about not have played a emerged from Abu Dhabi, where faded, even those who are critical of the hub for new world-leading innovation. things to their accomplishment. And
But the US appears immune to such bigger role? Because the rise in parti- President Joe Biden’s special co- government consider the JCP just like Without it, we will fall behind key what was most expected has not been
shifts. In an election that promised, san polarisation over recent decades ordinator Amos Hochstein and Sultan any other opposition and are not global competitors who are willing to accomplished. But god has found his
variously, a red wave of inflation-in- has come hand in hand with increased Al Jaber, UAE minister of industry and interested in Marxism. The general go further to discover the technologies way for what no man expected. So ends
duced anger, a blue backlash over sorting on issues. In 1980, attitudes to advanced technology and chief public reads new books that comment of the future. the play.”
abortion rights and a Trumpian abortion were virtually indistinguish- executive of the Abu Dhabi National on classics but not the key classics It is critical that progress does not Incidentally, this reminds us that
revival among Republican ranks, the able among Democrat and Republican Oil Company, agreed a deal to target themselves. After all, in the JCP of stall. The chancellor must use the economics is a moral (not a natural)
voters. But by 2020, Americans were $100bn in clean energy investment. today, even a member of parliament Autumn Statement on November 17 to science and different disciplines,
already much more neatly sorted into The strategic partnership between has never read The Communist recommit to a long-term plan to including the humanities, can teach the
The political landscape pro-choice Democrats and anti-choice
Republicans.
the US and UAE, which aims to
produce 100 gigawatts of clean energy
Manifesto, let alone Das Kapital. And
what of the people on the street?
support one of the UK’s greatest
strengths.
sort of practical wisdom that the classics
cherished and that decision-making in
seems almost perfectly It is this increasing attitudinal close- by 2035, could well become a major Most problematic is that the current Demis Hassabis the real world so often requires.
calibrated to keep ness within each party’s base, and the
growing distance between the two,
milestone in climate diplomacy.
Significantly, this energy deal does
trend is all about blind obedience to
Marx and lacks critical examination of
Founder and Chief Executive, DeepMind
Dame Sue Ion
Giovanni Farese
Professor of Economic History
results on a knife-edge that produces stalemates like we saw not overlook the emerging economies. his theory. Shinzo Koizumi, a classical Former Chair, UK Nuclear Innovation European University of Rome, Italy
this week, and there are no signs that Such an inclusive approach, co-led by economist, asserted the acceptance of Research Advisory Board
most stunning takeaway is not how the pace or direction of travel are set to the UAE, the host of COP28 next year, Marxism not because its theory was Jürgen Maier Sir Evelyn’s quip about
much has changed, but how little. change. Indeed, data also shows ideol- can be a model for reinvigorating the excellent but because it incited people Vice-chair, Northern Powerhouse
At the time of writing, less than five ogy increasingly trumping identity, as COP format. to envy others’ wealth and nobility. Partnership the NHS was so revealing
per cent of midterm voters have black, Hispanic and Asian voters in Anthony Harris The emergence of the ghost of Marx is Sir Mene Pangalos Sir Evelyn de Rothschild, whose death
changed allegiance since 2020. This is the US sort themselves into liberals Former British Ambassador to the UAE by no means unconnected with today’s Executive Vice President, you reported this week (“Adviser to
the second lowest amount of vote- and conservatives. Senior Executive Officer sharp confrontation between Biopharmaceuticals R&D, AstraZeneca royalty Rothschild dies aged 91”,
switching recorded in a US election One such shift was illustrated by Tysers Insurance Brokers ‘wokeism’ and populism. Sir Adrian Smith Report, November 9), was a prudent
since data collection began in 1952, Ron DeSantis’s success in the Florida Dubai, United Arab Emirates Takeo Tamashiro President, Royal Society custodian of his family’s bank.
narrowly beaten by the general elec- governor’s race, where the possible Tokyo, Japan Full list of signatories is at FT.com/Letters He “wouldn’t have traders in his
tion two years ago. Republican presidential candidate The ghost of Marx still shop” (as he used to say) — thus
Usually such political tumbleweed won historically blue Miami-Dade
stalks Japanese politics When annual reports start The free seat policy is one avoiding the fate of Barings — and
would imply apathy, but this uniquely county by 11 points on his way to didn’t sell his “shop” to Chase
American inertia is instead the result statewide victory. This was a 40-point I am a 35 and, according to Leo Lewis’s to feel like ‘boardwashing’ reason we’ll miss the ENO Manhattan, like the Flemings.
of voters feeling more strongly about swing in the six years since Hillary column, part of the “rich world’s first Cat Rutter Pooley clearly feels boards If the English National Opera moves to However, as was evident in his
politics than ever before. This renders Clinton won the county by 30 points in degrowthed cohort”. But I am highly do protest too much about their Manchester, where it may tread on the interview with you in 2017 (“Sir Evelyn
crossing the aisle unthinkable for all her 2016 tilt at the White House. sceptical whether the philosophy of corporate governance obligations toes of Opera North (Report, de Rothschild and wife Lynn on life,
but a tiny minority. If a week is a long time in politics, “degrowth” is really understood in (“Boards need to realise they don’t November 5), I trust the Royal Opera politics and chocolate”, FT Wealth,
In the early 1970s, when asked to then two years is an aeon. But the US Japan (“‘Degrowth’: Marxism is back always know best”, Opinion, will take up the ENO’s baton and October 20, 2017), he was occasionally
rate their feelings towards their politi- political landscape seems almost per- for the modern age”, November 7). November 8). But the norm is for provide free seats to young people and distanced from 21st-century Britain:
cal opponents from 0 (icy dislike) to fectly calibrated to keep results on a Japan is one of the rare countries 200-plus page annual reports, full to cheap seats to community groups so his comment that in today’s world “you
100 (positively glowing), Republicans knife-edge. With the parties fighting where a communist party is active overflowing with governance that the enjoyment of opera can be know the name of your doctor but not
and Democrats alike placed their over an ever-shrinking number of gen- despite adopting capitalism and being a statements, which invariably claim spread to those not normally able to the name of your bank manager”
rivals at just above 57. Hardly a warm uinely persuadable voters while the developed country. what a great job the board is doing. afford seats. I will sorely miss the ENO. reveals someone unaccustomed to
embrace, but cordial enough. ranks of die-hards continue to swell, This year marks exactly 100 years If overclaiming environmental, social Alternatively, Opera North could come the current reality of GP practices in
Since then, and especially in the past my prediction is that we’ll still be wait- since the Japanese Communist party and governance credentials is to London. the NHS . . .
two decades, that has fallen to a frosty ing up for the result long after polls was established. described as greenwashing, are we now Or, why not just leave things as they Charles Mercey
20. Simultaneously, the share of close in 2024. However, in the party’s centenary seeing instances of boardwashing? are. Employee of NM Rothschild and Sons,
Americans who say there are big dif- commemorative speeches, there was Barry T Gamble John Fisher 1985-2019
ferences between the parties has dou- john.burn-murdoch@ft.com no remorse for the murders and Banbury, Oxfordshire, UK London IG8, UK Tellisford, Somerset, UK
Friday 11 November 2022 ★ FINANCIAL TIMES 19
Opinion
Do not mistake Kherson retreat for a crack in Putin’s armour Hunt has a
choice between
Alexander
Vladimir Putin. After all, the Greek and
Argentine juntas collapsed after failed
so bad as to endanger Putin. In fact, the
Russian president had already survived
society are observing a startling paradox.
History puts Russia in a row of vast west-
elements in the Kremlin will look for a
compromise. Whether or not the retreat
politics and
Baunov military adventures, and unsuccessful
colonial wars led to the Carnation Revo-
lution in Portugal and the dismantling
several serious defeats: the invasion’s
opening “blitzkrieg” failed, and Russian
troops were forced to retreat from
ern colonial empires. But after its defeat
in the cold war, the collapse of the Soviet
Union and the economic hardships of the
is a military trap for Ukrainian troops, as
many fear, it is impossible for Moscow to
control the city and support forces cut
economics
of the Salazar-Caetano regime. around Kyiv and several other cities. 1990s, a growing number of Russians felt off from Russian supply lines by the
T
Other examples suggest we should be Russia lost the Moskva, the flagship of its they had been reduced to a colony ruled large Dnipro river. The word “negotia-
he order that Russian troops cautious: being defeated in Kuwait in Black Sea Fleet, and abandoned Snake by western forces. They now believe they tions”, once almost a taboo, is increas-
should withdraw from the 1991 did not bring down Saddam Hus- Island, its first successful capture from are casting off the yoke which so humili- ingly heard from Russian officials. BRITAIN
key city of Kherson — the sein, and Slobodan Milosevic’s national- the start of the war. After the hasty ated their country and “imposed” capi- Moscow may try to secure a formal
only regional centre they ist regime survived the routing of Serb talism upon it. recognition of its control over the rest of Chris
have managed to take since forces in Croatia and Bosnia. However, In the eyes of dissatisfied Russians, the occupied territories, and a cessation Giles
February — is the latest in a series of
major defeats for Moscow in Ukraine.
even if large-scale failures in Ukraine do
not bring down Putin, they may change
In Russia, the invasion is any form of resistance to the west is a
victory, almost regardless of the end
of Ukrainian offensives, in exchange for
the return of Kherson to Ukraine and an
Just two months ago, the Russian army the face of his regime. seen as a victory. It is as result. Even in retreat, they will console end to the bombardment of critical
W
was forced to flee from all its previously
occupied areas of the Kharkiv region.
Russia’s objectives in the war against
Ukraine are anything but clear. They
hard for the president to themselves with the thought of having
prevented Russia’s “further enslave-
infrastructure before the winter sets in.
But there are two problems with this hen you’re in a budget-
General Sergei Surovikin, who was have included “denazification” and lose the war as it is to win it ment”. This is why there is no direct link offer. One is the total lack of trust from ary hole, stop digging.
appointed commander of Russian “decommunisation”; ensuring the secu- between military setbacks and the Kyiv. The other is that it would endan- This has been the atti-
troops in Ukraine after the Kharkiv rity of inhabitants of the Donbas; the retreat from the outskirts of Kharkiv, weakening of Putin’s power. It is as diffi- ger Putin’s status as the challenger of the tude Jeremy Hunt has
withdrawal, has warned that “difficult demilitarisation and non-admission of another symbolically important target — cult for the president to lose this war as west. The risk is that this will push the adopted since being
decisions” may lie ahead. The loss of Ukraine to Nato; the return of formerly the bridge to Crimea — was attacked. it is to win it. Domestically, even the Russian president into a virtually end- appointed chancellor four weeks ago.
Kherson is all the worse because this Russian lands; the protection of the Rus- Other leaders might have already been invasion itself is a sort of victory. Mean- less war for its own sake, and even Ever since September’s “mini”
was one of four occupied Ukrainian sian language; and even the “saving” of toppled by such military failures, but not while, the passive majority can be con- tougher repression at home than he Budget, when financial markets lost
regions that the Kremlin announced it Ukrainian cities from gay parades. Putin. The fact is that Putin’s supporters vinced that any outcome is the best pos- might have first thought necessary. confidence in the health of the UK’s pub-
was annexing at the end of September. The lack of clearly defined objectives do not perceive the invasion of Ukraine sible one. And the critics will be silenced lic finances, it has been clear the coun-
From the start of the invasion, there makes the definition of victory uncer- as an act of aggression. For them, it’s a with repression, just as they are now. The writer is a senior fellow at the Carnegie try will pay a price for that mistake. The
has been speculation that military tain. But this ambiguity also makes the retaliation against the much more pow- There are signs that after retreating Endowment for International Peace and a government’s average borrowing cost
failure could lead to the downfall of criteria for defeat unclear — let alone one erful west. Researchers of Russian from Kherson, the more pragmatic former Russian diplomat has gone up from 1.1 per cent at the start
of the year to 3.8 per cent this week.
The vast majority of this increase
reflects global forces — rising inflation
Efi Chalikopoulou
and higher interest rates — but the mar-
Crypto’s future
kets are watching. They will be more
exacting in assessing UK budgetary
plans than for most other countries and
Hunt knows he must present a convinc-
ing case. In Thursday’s Autumn State-
may be divided,
ment he needs to demonstrate sustaina-
ble public finances, credible policy
measures, and borrowing and debt that
will be resilient to some further eco-
nomic shocks. This is why the chancel-
lor talks so frequently about “eye-water-
not dead
ingly” difficult decisions.
Chief among these choices is what bal-
ance to strike between tax increases and
spending cuts. It is almost certain that
he will opt for the relatively easy options
of allowing inflation to drag people into
higher tax brackets, rather than putting
up rates, and cutting some investment
pumped up by cheap fiat currency. expenditure — scheduled to be at histor-
FINANCE Indeed, the sector is a key example of ically high levels — instead of squeezing
how investor risk appetite has been hurt public services too much.
Gillian by central bank tightening (which, as I
Tett have noted before, is ironic given that
crypto was billed as a hedge against
central bank excess). And just as the
The Autumn Statement
Lehman collapse sparked a subprime will show if the chancellor
J
ust when it seemed that
rethink, FTX will cause a re-evaluation
of crypto. Recriminations loom.
can make ‘eye-wateringly’
cryptoland could not get any So does this mean that crypto will now difficult decisions
crazier — it has. Last week, Sam die? Not necessarily. But in the short
Bankman-Fried, the 30-year term, many mainstream investors and rehypothecating assets on a large scale. Ta k e B i n a n c e . T h i s w e e k C Z ogies themselves. Most notably, central Those are in the bag, but will not be
old wunderkind, oversaw an institutions will probably run away, This created concentrations of power announced a flurry of transparency bank digital currency, or CBDC, experi- enough to close the fiscal hole, which
empire worth more than $32bn, com- unless there is sweeping regulatory (which, in another irony, make a mock- initiatives, and criticised FTX for using ments are heating up, not least because, Treasury insiders put at a little over
posed of the FTX crypto brokerage and reform. For the FTX implosion has ery of crypto’s decentralised mantra). It its own token as collateral and lending as I was told last month, the government £50bn a year by 2027-28, when the econ-
Alameda fund. He was a sports sponsor, revealed that the sector has at least two also means customers may not recoup without proper reserves. But Binance of China (and, to a lesser extent, omyshouldbebacktoworkingnormally.
philanthropist and backed by main- big Achilles heels. their funds. Hence the panic, given the mostly operates offshore, and CZ says Europe) want CBDCs to displace private The remaining measures will reveal
stream financiers such as BlackRock. One is that it is fiendishly difficult to lack of any investor safety net — or he dumped FTT tokens because “we digital assets. whether Hunt has prioritised good eco-
Indeed, when I recently met “SBF” (as know what assets underpin digital lender of last resort — in crypto land. won’t support people who lobby against The retail version of CBDCs seems nomics or smart politics in this state-
he is known) at a conference, he was tokens (other than blind faith), since In theory, these problems could be other industry players” — presumably unlikely to fly any time soon. But many ment. Economics suggests he should
thronged by Wall Street and Washing- balance sheets are often opaque. FTX fixed if crypto were forced to adopt the with regulators. Welcome to another European and Asian central bankers front-load the extra pain, putting in
ton players. and Alameda used to be considered well same regulatory tenets around custody crazy plot twist that will (rightly) scare think wholesale CBDCs could be useful. place almost immediate spending cuts
No longer. This week SBF revealed capitalised. But last week a report sug- and transparency as fuddy-duddy fiat- institutional investors. And while the Federal Reserve is less and tax increases similar to the pro-
that FTX has seen $6bn in customer gested that their balance sheets were based finance. If so, mainstream inves- Yet it would be a mistake to assume enthusiastic, Jerome Powell, its chair, grammes followed by Norman Lamont
withdrawals, and tried (and failed) to padded by massive holdings of a digital tors might stay involved. bipartisan that this means all crypto is dead. One recently suggested he could accept and Ken Clarke in the early 1990s.
sell itself to his arch-rival Binance, the token called FTT, which none other congressional bills are already floating reason is that there is still a large pool of private-sector dollar stablecoins if (and That would not necessarily deepen
biggest crypto exchange. Unless he can than FTX itself had issued. that try to do just that. But these have players who use digital assets to evade only if) they were Fed-regulated. the coming recession, since the Bank of
plug a reported $8bn liquidity hole, FTX has not confirmed this. But what not been implemented yet, amid politi- government controls — whether due to Thus the crypto future could be England is there to moderate demand
bankruptcy looms. is clear is Binance’s head Changpeng cal gridlock. And, in practice, crypto libertarian ideologies, or to engage in bifurcated: one sphere of shady, and offset a fiscal contraction with inter-
This is the crypto version of the 2008 “CZ” Zhao later tweeted plans to drop players’ attitudes towards regulation is nefarious activities, or to move money offshore activity and another of sober, est rates that are lower than they other-
Lehman Brothers shock. Not because it his holdings of FTT, causing the token’s — at best — mixed. out of jurisdictions such as China. tightly controlled central bank experi- wise would be.
could cause the implosion of main- price to collapse — and sparking a down- FTX’s implosion is unlikely to change ments. This is certainly not what the With interest rates at 3 per cent, the
stream finance; the crypto universe is a ward spiral for SBF. Opacity is costly. this; after all tether remains the biggest libertarians who first launched the BoE has scope to loosen monetary pol-
mere $1tn in size today (a third of last
year) and its tokens mostly operate like
The second issue is custody, where
practices have long been a dangerous
Just as the Lehman collapse stablecoin today, even though US regu-
lators have repeatedly censured it for
crypto dream ever expected. But it
seems the most likely bet — unless there
icy if necessary because the immediate
budgetary tightening is sufficiently
chips in a casino (ie they can only be mess (as I also recently warned). The led to a subprime rethink, misleading balance sheet statements. is badly needed regulatory reform. aggressive. Let us be clear. The UK’s cen-
used there). But what the FTX saga has
done is unleash crypto contagion,
SBF empire was simultaneously a bro-
ker, proprietary trader, lender and cus-
the FTX saga is likely to Second, even as private sector crypto
assets shrivel in value, governments are
Either way, prepare for more twists. tral bank thinks a recession is needed to
tame inflation, but there is no need for it
further deflating a bubble previously todian for the crypto world, reportedly spark recriminations copying some of the underlying technol- gillian.tett@ft.com to be deep, so long as companies do not
seek to push prices up excessively and
workers moderate pay demands.
In this scenario, by the next election
(which has to be called by late 2024)
Politicians must shout about the benefits of skilled immigration inflation would probably be under con-
trolandtherewouldbescopeforaperiod
of faster than normal growth. Front-
loading the budgetary repair job would
have been the necessary step, instantly
made a powerful case for the economic try, against 29 per cent who said it had a the US, says AnnaLee Saxenian, a pro- has been urging the government to making UK economic policy credible.
SOCIETY benefits of skilled immigration, which negative one. That compares with 35 per fessor at University of California, Berke- attract more foreign workers. The There might even be some further gains
he himself personifies. Amid increasing cent positive and 41 per cent negative ley, who has written extensively about choice, he told the BBC, was between an to be enjoyed from financial markets
John talk of competition with China, popula- when the tracker survey was launched the culture of Silicon Valley. When they open free-trading nation and a “fortress looking favourably on prudence, fur-
Thornhill tion 1.4bn, von Ahn says: “China proba-
bly has more people in the 90th percen-
in 2015.
As has been well documented, skilled
struggled to access the “old, white
boys’” club on Sand Hill Road, which
Britain” — which was not the post-Brexit
country that he and many Brexit voters
ther lowering borrowing costs.
The problem with front-loading is it is
tile of intelligence than the entire popu- immigrants have had an enormous has historically controlled the west had wanted. terrible politics. Immediate tax rises
lation of the UK. I think the only way to impact on the west coast tech industry coast venture capital industry, they cre- Opening up the US to more skilled and spending cuts would be unpopular
I
compete with them is to be open to the in the US, particularly those from India ated their own professional networks. immigration tops the wishlist of reforms with Conservative MPs and across the
f you have ever completed a best minds in the world.” and China. According to a July report “Migration is a risk-taking activity,” advocated by the Economic Innovation country. Sorting out the public finances
Captcha security verification test The political debate about immigra- from the non-profit National Founda- she says. “They are a select group that Group, a Washington-based policy insti- would put the UK in a better position for
on a computer or are learning a tion in both the US and the UK is are gutsy, high skilled and often come to tute. For all the talk of American excep- the second half of the decade, but that’s
foreign language on the Duolingo dominated by those who rail against the the US to go to graduate school. We get tionalism, the US has become “very when Labour is likely to be in power.
app (options include Spanish,
Korean or High Valyrian from Game of
inflows of illegal immigrants across the
Rio Grande or the English Channel.
Rhetoric in the debate the elites.”
Sadly, the rhetoric on immigration
lazy” at renewing the lifeblood of that
exceptionalism by attracting talented
There is therefore a risk that Hunt
backloads difficult decisions to 2025
Thrones), then you probably have an Opinion polls show that many voters has turned ugly has turned ugly in both countries and immigrants, says John Lettieri, EIG’s and after and minimises the immediate
immigrant called Luis von Ahn to thank
for the experience.
share those concerns. But what is all too
often lost in that highly charged discus-
despite the advantages doors have been closing to skilled immi-
grants and foreign students. That has
president. “If necessary, we can frame
immigration as a ruthlessly self-inter-
political pain from fiscal consolidation.
If Labour wins the coming election, it
Born in Guatemala City, von Ahn sion are the real economic benefits that for host countries not passed unnoticed in Canada and ested policy. We can be acquisitional in inherits weak public finances and huge
moved to the US for university and has skilled immigrants bring to their host France, which have both been stepping terms of global talent,” he says. demands for better public services.
built his career in the country. As a countries. Yet there is increasing public tion for American Policy, foreign-born up efforts to woo would-be entrepre- However the debate is framed, there Financial markets might well think
computer scientist at Carnegie Mellon recognition and support for that argu- entrepreneurs founded 55 per cent of US neurs who might have otherwise gone to is a compelling argument in both the US that this government pledging that the
University, he created the reCaptcha ment, too. start-ups valued at more than $1bn. It is the US or UK. and the UK to welcome more skilled next one will run sustainable public
squiggly-letter fraud protection test In the UK, public attitudes towards a similar, if smaller scale, story in the The British government has intro- foreign workers. Increasing numbers of finances is not credible and, once again,
bought by Google in 2009. He then immigration have been warming since UK: 18 per cent of the fast-growing tech duced a skilled visa regime, which tech voters appear willing to listen. punish the UK. Hunt’s big choice there-
founded Duolingo, which now employs the Brexit vote of 2016. An Ipsos poll companies were created by a foreign- companies applaud, but it has not Politicians need to make the case fore is economics or politics. It will be
600 people and has a stock market published last month showed 46 per born founder, according to TechNation. changed perceptions that the country is more boldly. the making of this chancellor.
value of $3.1bn. cent of respondents thought immigra- Immigrants have long been a power- unwelcoming. Lord Simon Wolfson, a
On a recent trip to London, von Ahn tion had a positive impact on the coun- ful, risk-taking entrepreneurial force in Conservative peer who backed Brexit, john.thornhill@ft.com chris.giles@ft.com
20 ★ FINANCIAL TIMES Friday 11 November 2022
Centrica has tidied up its balance sheet Capital returns will resume
Twitter: @FTLex Liabilities (£bn) £m
Net (debt) / cash Other Buybacks Dividends
Technical pension deficit Total 500
400
Gross decommissioning*
FTX: the links between FTX customer
accounts and apparent lending to SBF’s 0
300
200
Twitter:
liquid state trading operation, Alameda Research. 100 pay off
Its foolishness likely caused this week’s 2017 2018 2019 2020 2021 2022 0
-2
It appears Sam Bankman-Fried has not run on FTX. SBF had better pull *Shareholders will receive parts in 2022 and 2023 expected* Elon Musk wants Twitter to become a
heard of blockchain’s record-keeping together all the records it can find. Sources: S&P Capital IQ and Bernstein lot more than a bird logo and a blue
capabilities. In a lengthy twitter thread -4 check mark. The self-proclaimed
yesterday, the crypto tycoon blamed
Centrica has lagged behind the market and peers “Chief Twit” wants to transform the
Total returns (rebased)
the collapse of his FTX exchange on a
clerical error. That looks odd.
Japan cars: -6 FTSE 100 utilities index 140
social media platform into a super app.
He has already taken some steps in
SBF tweeted that he mistakenly change of gear 120
100
that direction. Twitter last week filed
believed FTX customers had plenty of -8 FTSE 100 index registration paperwork that would
80
liquidity earlier this week to facilitate Everything we know about Japanese Full Year Full Year Full Year allow it to process payments.
60
withdrawals. He was not aware of carmakers is changing. A long- 2019 2020 2021 Musk can join the queue. Plenty of
40
leverage within the FTX system. He established pattern of yen weakness Centrica big US tech companies, with deeper
Half Year Half Year Half Year Half Year 20
could not have got it more wrong. boosting shares has not worked this pockets and bigger customer bases,
2019 2020 2021 2022 0
Panicked FTX account holders were year. Investors need a new strategy. 2017 2018 2019 2020 2021 2022 are trying to do the same thing — with
prevented from withdrawing their A weaker yen has meant higher FT graphic Source: Centrica *Oil and gas assets Source: Refinitiv little success.
assets this week. profits for Japan’s big three carmakers His inspiration is Tencent’s WeChat.
SBF insists FTX is illiquid but not Toyota, Honda and Nissan. The Centrica is a brave utility indeed. The boosted its profit outlook for this year. Britain clearly needs energy In China, the app is used for everything
insolvent. That is, its asset value formula still holds true for other UK energy group’s customers are It should make £1.5bn of net profits, up suppliers that the government need from messaging and gaming to food
exceeds that of liabilities. He seeks a exporters such as gaming. Nintendo facing rising energy costs, partly paid six times since 2021. not backstop. That helps explain why delivery and paying the rent.
multibillion-dollar cash infusion to just posted a record fiscal first-half net for out of the public purse. It asks the Trouble is, the extra money comes Centrica is throwing its long-suffering Moreover, it has some 1.3bn users.
bridge any cash gap. To some, giving profit in the six months to September. government for support to refurbish from its residual upstream and investors a sop. It has fixed its Twitter has just 238mn daily ones. But
FTX a lifeline at the moment might In the past year, the currency has the Rough gas storage field while power generation arms, as well as its balance sheet and has net cash. the conditions that gave rise to WeChat
seem absurd. Never mind its highly weakened from ¥113 to ¥146 against earning pots of money from the trading business. This is not expected The shares are still only on in China are unique and impossible to
opaque operations, severe regulatory the US dollar. Each ¥1 fall should commodity boom. to last. The commodity markets 3.4 times 2022 earnings. Total replicate in the US.
and legal risks are mounting. produce a more than ¥40bn operating Now it has decided to divert will retreat, eventually, and the returns to shareholders — which this WeChat launched in 2011 just as
But a template for taking on such a profit for Toyota. Yet while operating £250mn of its bumper 2022 profits production profiles of ageing nuclear year may amount to £430mn in smartphone sales in China were taking
risk might exist. Shares of Coinbase, earnings did improve for the trio, they into buying back stock. reactors and oil and gas will decline dividends and buybacks if the latter off. Most people who had never had a
the listed crypto exchange, have largely disappointed markets. Surely this waves a red rag to UK over time. is completed before year end — computer or internet connection at
dropped 80 per cent in price this year Toyota’s profit for the September chancellor Jeremy Hunt’s windfall tax At its core, Centrica is a retail energy should be a quarter of its net home skipped straight to the web via
as crypto trading volumes have quarter was significantly below market bull. Well, perhaps. But Centrica — supplier that needs investors with an earnings. That is historically low for mobile phone. Limited foreign
plummeted. But it clearly lists its client expectations. It also cut its production whose retail business has been eye on the long term. A disastrous push Centrica. competition enabled WeChat to thrive.
assets and liabilities and cash. target for the fiscal year to March. mopping up failed rivals and by the UK energy watchdog Ofgem to Profitable energy companies make On top of this, WeChat also has strong
Moreover, it is not explicitly or tacitly Though Honda managed to raise its provides long-term support for the increase competition in this arena led attractive targets for windfall taxes. support from Beijing, which sees it as a
lending out client funds, which FTX full-year outlook for operating profits, energy transition — has good reason to market failures, including Bulb, But the government would be unwise way to connect digitally with (or,
seems to have done. the forecast for the full year was still to keep shareholders onside. which required a government bailout to bash Centrica given its central role depending on your point of view, keep
Recall the financial crisis. JPMorgan below expectations. A trading update from Centrica worth about £4bn. in the energy system. tabs on) the country’s 1.4bn citizens.
bought Bear Stearns. Barclays took on Part of this poor showing has been In the US, consumers have long
Lehman Brothers. Mistakes were because of strategic hedging by relied on different apps for different
made. Private equity firm TPG carmakers, which have increased their functions. Creating a super app there
invested $1bn into bank Washington proportions of overseas production. premium is more than double. Supply- the US agrochemicals group. It makes herbicide glyphosate, the main would require overcoming entrenched
Mutual, shortly before it went belly-up. Instead of providing carmakers with chain disruptions and output cuts the herbicide Roundup, which US ingredient in Roundup. But it warned consumer behaviours. Twitter must
Wall Street has plenty of specialist record profits, this year’s yen collapse should soon narrow that valuation gap. courts have linked to cancer. The cost that glyphosate prices were already convince users of the merit of having
funds and strategic buyers that make exacerbates the rising costs of of eventual legal outcomes cannot be declining in the third quarter. all their personal data tracked by one
swashbuckling wagers during panics. imported raw materials and energy. priced accurately. Bayer has set aside Bayer is fighting market fears that app, no small feat when trust in Big
This week venture capital
powerhouse Sequoia wrote down its
Combined with chip supply
disruptions, these factors cloud the
Bayer: $16bn so far for Roundup legal action.
Bayer shares are below €51, almost
the expiry of patent protection on
important products will depress profit.
Tech has deteriorated.
Twitter’s small user base already
$214mn investment in FTX to zero. sector’s future. cropping up two-thirds of their peak in April 2015, a The group has some defensive must play catch-up to bigger rivals.
The Silicon Valley titan also noted, Nissan is also coping with changing year before its bid for Monsanto. They qualities. So, in theory, did the Facebook boasts nearly 2bn daily users
however, that in 2021 FTX had dynamics in its partnership with Sales rose more than 10 per cent in the trade on a forward price-to-earnings Monsanto deal. Bayer saw attractions and PayPal has more than 430mn
generated $250mn in operating profit. Renault. The two are renegotiating first nine months of the year. Ebitda ratio of less than seven, much lower in combining its expertise in herbicides active accounts. Meanwhile, less than a
How much of that comes from fees and their equity ties, in which Renault profits before special items jumped than rivals. The past couple of years with Monsanto’s strength in seeds. fifth of Twitter users are US based.
commissions, versus volatile trading owns 43 per cent of Nissan but Nissan more than a quarter. Nine-month have nevertheless been good for Bayer. But the legal liabilities that Monsanto Musk said Twitter “will do lots of
gain, is not clear. But the former could has a 15 per cent stake in Renault, results from Bayer on Tuesday showed The sharp rise in global food prices dragged in with it will continue to dumb things in coming months”. His
be the basis of a restructured FTX. adding uncertainty. the German pharmaceutical and has boosted demand for its seeds and brake any share price gains. It can super-app ambitions may well be one
During the financial crisis, distressed Shares of Nissan and Toyota are agrichemicals conglomerate’s resilience weed killers. Adjusted sales in the first support quarterly profits by keeping of them.
acquisitions occurred under a strong down more than 12 per cent this year, in the face of a downturn. nine months were up almost 17 per costs reined in. But the stock remains a
legal and regulatory regime that more than double the declines of the The strong figures, however, did not cent over the previous year in Bayer’s bet on unpredictable US court cases — Lex on the web
oversaw the process. Nothing that broader benchmark index. Yet shares hide the black legal cloud that still crop science division. and a dire warning to acquisitive CEOs For notes on today’s stories
substantial exists in cryptocurrency. of the trio trade at a premium to hangs over Bayer. This arises from its Bayer highlighted how sales growth to balance strategic imperatives with go to www.ft.com/lex
The immediate task is unravelling Volkswagen. For Toyota, that $63bn acquisition in 2018 of Monsanto, was driven by higher prices for the extensive due diligence.
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