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TUESDAY 6 OCTOBER 2020 WORLD BUSINESS NEWSPAPER EUROPE

World Markets

STOCK MARKETS

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CURRENCIES

Oct 5 prev

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$ per £ 1.298 1.293

£ per € 0.909 0.906

¥ per $ 105.645 105.355

¥ per £ 137.107 136.271

SFr per € 1.079 1.078

€ per $ 0.848 0.854

Oct 5 prev

£ per $ 0.771 0.773

€ per £ 1.101 1.104

¥ per € 124.581 123.419

£ index 77.426 76.959

SFr per £ 1.187 1.190

COMMODITIES

Oct 5 prev %chg

Oil WTI $ 39.34 37.05 6.18

Oil Brent $ 41.43 39.27 5.50

Gold $ 1903.05 1902.00 0.06

INTEREST RATES

price yield chg

US Gov 10 yr 107.77 0.75 0.06

UK Gov 10 yr 0.29 0.04

Ger Gov 10 yr -0.51 0.03

Jpn Gov 10 yr 101.07 0.02 0.01

US Gov 30 yr 117.93 1.56 0.09

Ger Gov 2 yr 105.36 -0.70 0.02

price prev chg

Fed Funds Eff 0.10 0.09 0.01

US 3m Bills 0.09 0.09 0.00

Euro Libor 3m -0.53 -0.53 0.00

UK 3m 0.06 0.06 0.00
Prices are latest for edition Data provided by Morningstar

Olaf Storbeck — Frankfurt

The chief executive of Deutsche Börse
wants to enlarge Germany’s Dax and
admit only profitable companies, part
of a far-reaching overhaul of the coun-
try’s leading stock market index trig-
gered by the Wirecard accounting
scandal.

Theodor Weimer yesterday announced
a series of reform proposals to revise the
membership rules and improve the
quality of companies listed in the blue-
chip Dax index.

The overhaul comes as German regu-
lators seek to avoid a repeat of the
supervisory failures that allowed Wire-
card to build up a €1.9bn hole in its
accounts before it fell into insolvency in
June, becoming the first sitting member
of the Dax to do so. When the once high-
flying payments company entered the

Dax in 2018, replacing German lender
Commerzbank, it displayed a lack of
basic corporate governance require-
ments. Wirecard’s supervisory board
did not have an audit committee, and it
repeatedly missed the statutory dead-
line for publishing its quarterly and
annual results.

Deutsche Börse yesterday proposed
that only profitable companies should
be admitted to the index, and said that
those that did not publish quarterly
reports on time should be expelled. It
also suggested increasing the number of
constituents, making it less exposed to
individual members.

“It is no secret that I personally would
welcome the expansion of the Dax 30 to
a Dax 40,” Mr Weimer said.

Selection criteria for the Dax focus
only on quantitative elements such as a
stock’s market capitalisation and liquid-

ity. With just 30 members, it is one of the
smallest blue-chip indices in Europe,
compared with 40 in Italy and France
and 100 in the UK.

Uwe Streich, equity strategist at Ger-
man public-owned lender LBBW, said
that the size of a country’s blue-chip
index was partly a function of the depth
of its stock market.

“In 1988, when the Dax was founded,
Germany had relatively few big listed
companies. Back then, having 30 con-
stituents was rather ambitious,” he said,
adding that today 50 Dax members
could be justified.

Large investors welcomed the idea.
“This would lower the relative weight of
the current constituents,” said Jürgen
Hackenberg, head of diversified equi-
ties at Union Investment, Germany’s
third-largest asset manager.
Lex page 20

Deutsche Börse pushes for Dax
overhaul after Wirecard debacle

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Analysis i PAGE 7

Asda sale ends Walmart’s
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Briefing

i Trump receives cocktail of medications
Doctors have administered Donald Trump a mix of
drugs to battle his Covid-19 infection that might not
have been given together before to an individual
patient.— REPORTS, PAGE 4; NOTEBOOK, PAGE 18

i Alibaba to take 10% stake in Dufry
China’s Alibaba plans to take a stake of up to 10 per
cent in Switzerland’s Dufry, the largest operator of
duty-free shops, as part of an emergency SFr700m
($766m) capital raising.— PAGE 5; LEX, PAGE 20

i Disney files suit amid China trade wars
Disney, Coca-Cola and Ford are
among more than 3,500 groups
that have filed lawsuits against
Washington over its tariffs
against China, showing the
breadth of discontent.— PAGE 4

i BMS to acquire MyoKardia for $13bn
Bristol-Myers Squibb is buying the drugmaker
MyoKardia for $13.1bn, at a more than 60 per cent
premium to Friday closing price, as it seeks to grow
its cardiovascular portfolio.— PAGE 6; LEX, PAGE 20

i Suga honeymoon ended by science spat
Yoshihide Suga is embroiled in his first dispute since
becoming Japan’s PM after he refused to confirm the
nomination of six professors to an advisory council,
in apparent retaliation for their views.— PAGE 2

i Paris on ‘maximum alert’ lockdown
France’s government has ordered the closure of bars
and cafés in Paris for two weeks after declaring the
city and its nearest suburbs to be zones of
“maximum alert” for coronavirus infections.— PAGE 3

i SMIC warns on hit from US curbs
Hong Kong-traded shares in China’s largest
chipmaker fell more than 5 per cent after it said US
curbs could hurt it, a development analysts say
imperils its quest to challenge foreign rivals.— PAGE 6

Datawatch

Perceptions differ
widely about each
country’s handling
of the virus. While
68 per cent of
Germans say their
government’s
response has
made them feel
prouder of their
country, only
29 per cent of
people in the US
said the same.

Response to Covid
People’s views on their country’s
handling of the pandemic (%)

Source: More In Common

Germany
Netherlands

Italy
Poland
France

UK
US

60 0 60

ProudDisappointed

Westminster Spring
Downing Street is facing its own
revolution — ROBERT SHRIMSLEY, PAGE 19

Masked crusader
Will Trump’s illness shift perception
of Covid deniers? — NOTEBOOK, PAGE 18

Chris Giles — London

The IMF has issued a rallying call to rich
countries to increase public investment
and spark a strong economic recovery
from the coronavirus pandemic.

Advanced economies should worry
less about their public debt, but instead
take advantage of historically low bor-
rowing costs to increase spending on
infrastructure maintenance immedi-
ately, the IMF said in a report published
yesterday.

Rich countries should also prepare
plans for subsequent new capital spend-
ing on digital infrastructure and green
technology, the fund said in a chapter of
its twice-yearly Fiscal Monitor.

The report marked a shift away from
the IMF’s normal concerns about public

finances in rich countries, although it
added: “Policymakers should ensure
that the amount and quality of public
investment are such as not to pose risks
by overly worsening debt dynamics.”

Paolo Mauro, deputy director of fiscal
affairs at the IMF, told the Financial
Times that the high level of uncertainty
in the global economy strengthened the
case for increasing public investment.

“You get a bigger bang for your buck
from public investment because invest-
ment by private firms is extremely low,”
he said.

Many countries have already begun to
increase spending in response to the
economic damage caused by the pan-
demic. The EU’s €750bn recovery fund
is designed to revive the continent’s
stricken economies, while the UK is

planning to increase public investment
by close to 1 per cent of national income.

The IMF estimated that increasing
public investment by 1 per cent of gross
domestic product was likely to increase
GDP by more than 2 per cent after two
years — a larger return than it had previ-
ously projected. This suggests there is
the scope to generate between 2m and
3m jobs in the EU, another 2m in the US
and more elsewhere, the fund said.

“The place to start is maintenance,
which is very labour intensive and can
address crumbling infrastructure,” Mr
Mauro said.

The IMF stressed that its strong back-
ing for public capital expenditure was
not about increasing spending for its
own sake.

Mr Mauro referred to the famous

suggestion by economist John Maynard
Keynes that workers should be
employed to dig holes in the ground and
fill them back in, simply as a means of
providing employment and thus boost-
ing consumer spending.

“We are certainly not talking about
digging holes,” he said.

“Investment provides an asset for the
country and is not wasteful. Right now,
we are not at the point of literally trying
to stimulate aggregate demand.”

Mr Mauro noted that the efficiency of
public investment was likely to drop if
spending was increased quickly, espe-
cially on new investment projects rather
than improving existing assets such as
roads or airports.
Editorial Comment page 18
Angus Deaton page 19

IMF loosens debt focus and urges
rich nations to ramp up spending
3 Borrowing costs at historic lows 3 Effort to spur recovery 3 Shift from previous stance

Overdue Bond
Cineworld hit
by film delay
A decision by Hollywood studio MGM to
pull the latest James Bond film has
brought down the curtain on all of Cine-
world’s British and American cinemas.

Shares in the chain, which also oper-
ates the Regal brand in the US and Pic-
turehouse in the UK, fell 36 per cent yes-
terday as investors took fright amid
fears that 45,000 jobs could be lost with
the cinema group closed indefinitely.

The delayed release of No Time to Die
— Daniel Craig’s final outing as James
Bond, right, which was due to begin
showing in cinemas on November 12 —
was the final straw for the company
after other expected blockbusters such
as the Marvel film Black Widow were
also delayed.
Report page 5

MGM/Universal Pictures/Eon/Danjaq/Nicola Dove

The IMF’s Paolo
Mauro said: ‘You
get a bigger bang
for your buck
from public
investment
because
investment by
private firms is
extremely low’

A new cold war
Gideon Rachman explores rising
US-China tensions — FT SERIES, PAGE 17

OCTOBER 6 2020 Section:FrontBack Time: 5/10/2020 - 19:08 User: nick.miller Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1

Page 2

2 ★ FINANCIAL TIMES Tuesday 6 October 2020

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Chloe Cornish — Tripoli

In Tripoli in Lebanon’s north, two bill-
boards bear a slogan that jars with the
cheery background: “We’re broke.”

It is unclear who paid for the posters
but their message is broadly true,
according to Riad Yumq, the city’s
mayor. The municipality — the econom-
ically stricken country’s poorest area —
is so cash-strapped, he said, that it “can-
not do its duties as it should”.

Lebanon is suffering the worst eco-
nomic crisis in its modern history. The
government defaulted on its foreign
debt in March, a third of the workforce
is jobless and the lira has lost 80 per cent
of its value since mass anti-government
protests erupted last year. A currency
collapse has caused spiralling inflation,
while a banking meltdown has blocked
people from accessing savings.

Lebanon’s wealth disparities are
stark. The Forbes 2020 rich list features
six billionaires in a country with an esti-
mated population of less than 5m.

“Lebanon has one of the highest con-
centrations of wealth and one of the
highest concentrations of billionaires in
the world,” said Vladimir Hlasny, an
economist for the UN regional economic
agency ESCWA.

Some 71 per cent of the country’s
wealth is owned by 10 per cent of the
adult population, according to ESCWA,
which last month estimated its poverty
rate had rocketed from 28 per cent in
2019 to 55 per cent in 2020. Lebanon has
the region’s second-highest Gini coeffi-
cient score — a measure of inequality —
after Saudi Arabia.

Few places symbolise the wealth gap
better than Tripoli, where smart apart-
ment buildings fade into stretches of
rundown neighbourhoods. The dilapi-
dated city, the country’s second-largest,
with 600,000 inhabitants, is the home-
town of the country’s two richest billion-
aires: former premier and current
Tripoli MP Najib Mikati and his brother
Taha, who made their fortunes abroad
in telecommunications.

Another son of Tripoli, Mustapha
Adib, briefly took the premiership after
the catastrophic explosion in Beirut in
July brought the country’s mismanage-
ment and misery to a head, although he

Second city Tripoli is one of

the country’s poorest areas

yet home to its richest citizens

former status is in its architecture;
streets lined by fading gems, including
an international exhibition complex
designed by Brazilian architect Oscar
Niemeyer, crumbling Ottoman build-
ings and a crusader-era castle.

“Politicians from Tripoli should have
been more aware to maintain Tripoli’s
importance,” said Mr Yumq. “Unfortu-
nately, that didn't happen.”

Data suggest the socio-economic situ-
ation in Tripoli was poor long before the
national crisis came to a head. A UNDP
study of the city five years ago found
that 57 per cent of Tripoli’s residents
were “deprived”.

Tripoli’s position on the Mediterra-
nean and close to Syria’s biggest cities
has long made it an arena for competing
interests, from Palestinian and pan-
Arab activists and militants in past dec-
ades to Islamist extremists more rec­-
ently. Such sporadic instability has
deterred investment and “made capital
a coward”, pointed out the mayor.

resigned last week after failing to corral
squabbling politicians into agreeing on a
new cabinet.

Today, business has slowed so much
that Toufic Dabboussi, president of
Tripoli’s chamber of commerce, said 89
per cent of its members had failed to pay
renewal fees this year.

Once powerful, the ancient city sat on
a key trade route stretching to Iraq. Its

Cycle of poverty:
political slogans
adorn a building
in Tripoli,
northern
Lebanon. Below,
boys play among
rundown homes
in the city
Mohamed Azakir/Reuters

‘What is
needed is a
proper plan
to be put
in place
by the
government’

said the Science Council received ¥1bn
($9.5m) a year in public funding and its
members were public servants.

The Science Council has about 2,000
members and its main role is to advise
the government on policy issues via a
range of committees.

The scandal broke as the Suga admin-
istration began the debate on a new fis-
cal stimulus to take effect next year.
Analysts suggest the package could be
about ¥15tn and include the extension
of coronavirus wage and rent subsidies
as well as new cash handouts to house-
holds.

It would be Japan’s third supplemen-
tary budget for the year to March 2021.

Several of the city’s super-wealthy,
including the Mikatis and Tripoli politi-
cian and businessman Mohammad
Safadi, have established philanthropic
foundations to support social projects
there, especially in education.

But an adviser to Najib Mikati, who
asked not to be named, said the chari-
ties could not lift Tripoli by themselves:
“No matter how much the Mikatis have
spent or the Safadis . . . it’s not enough.
What is needed is a proper plan to be put
in place by the government.”

Poverty and disillusion fuelled Tripol-
itans’ energetic participation in last
year’s protests, which felled the govern-
ment of Saad Hariri, causing the Leba-
nese to dub the city “the bride of the rev-
olution”. But in a sign of growing
despair, emigration is rising, with
human rights groups saying Lebanese
nationals have even crammed into
small boats alongside refugees from
Syria and elsewhere, smuggling them-
selves out of Tripoli’s port to Europe.

“My friends who couldn’t find [work]
already emigrated,” said Miriam
Mourad, a 25-year-old neuroscience
graduate. After eight months of unem-
ployment she secured a job with Tripoli
Entrepreneurs Club, a social enterprise-
supporting start-up, but she and her col-
leagues are the lucky ones, she said.

People in Tripoli say that since Leba-
non’s 15-year civil conflict ended in
1990, the focus of postwar prime minis-
ter Rafiq Hariri on developing the capi-
tal left their city neglected.

“We feel Lebanon stops after the
Chekka tunnel,” said Anas Shaar, chief
executive of Tripoli-based National
Flour Mills, referring to 30km south of
the city. So under-developed is local
infrastructure that his company had to
build its own road to connect the factory
to the transport network.

In the city’s old souk, furniture seller
Ali Zraik blamed globalisation: his fam-
ily business switched to buying cheaper
goods from Malaysia 20 years ago.

But the currency collapse makes
imports all but unaffordable. By August
2020, the cost of furnishings and house-
hold equipment had risen 664 per cent
on August 2019, according to the statis-
tics office. Mr Zraik said he had seen a 95
per cent slump in business.

But he also pointed to the politicians
on posters along the street. “Those pic-
tures you are seeing are all lies,” he said.
“You saw what happened, they [the pol-
iticians] destroyed Lebanon.”
See FT Opinion

INTERNATIONAL

Robin Harding — Tokyo

Yoshihide Suga has become embroiled
in his first scandal since becoming
Japan’s prime minister after refusing to
confirm the nomination of six profes-
sors to an advisory council, in apparent
retaliation for their political views.

The Science Council of Japan, an inde-
pendent public body that represents the
country’s academic community, has
demanded an explanation for the

unprecedented rejection of its candi-
dates by the prime minister’s office,
which has the formal power of appoint-
ment.

Rejection of the professors risks an
early end to the prime minister’s honey-
moon period and will highlight Mr
Suga’s reputation as a hard-nosed pow-
erbroker, undermining recent efforts to
soften his image.

Opinion polls have given Mr Suga
approval ratings of greater than 70 per
cent since he took over from Shinzo Abe
last month. But according to a poll by
the Japan News Network, the public said
he was wrong to reject the nominees by
a majority of 51 per cent to 24 per cent.

Appointments to a scientific body
should not be politicised, said Jun
Azumi, head of parliamentary affairs
for the opposition Constitutional Demo-
cratic party. Calling for ministers to
answer questions in the Diet, he said:
“Someone in the cabinet needs to
explain why Mr Suga has departed from
that.”

Candidates for the body are normally
chosen by the academic community and
waved through by the government, but
the prime minister’s office unexpect-
edly rejected six out of 105 candidates,
without giving any reasons.

The six rejected scholars included
three lawyers, two historians and one

theologian. Several were public oppo-
nents of the security law passed by Mr
Abe’s administration in 2015, which
allows Japan to come to the defence of
US forces if they are attacked.

One of the six, Takaaki Matsumiya, a
Ritsumeikan University law professor,
gave parliamentary testimony against a
conspiracy law passed by the Abe gov-
ernment in 2017. In comments to local
media, he described the decision to
reject appointees to the council as a
threat to academic freedom.

Opposition leaders said the decision
was against the law while Mr Suga’s gov-
ernment insisted it was legal. Katsu-
nobu Kato, the chief cabinet secretary,

Japan

Science spat ends Suga’s honeymoon
Prime minister refuses
to appoint six professors
to advisory council

Stefania Palma — Singapore

Indonesia has passed a bill that will
overhaul several dozen tax and labour
market laws as south-east Asia’s largest
economy strives to boost foreign
investment and counter the economic
impact of coronavirus.

The parliament rushed through the so-
called Omnibus law yesterday, the day
before a national strike begins against
the reforms called by unions, which say
they violate workers’ rights. The vote
had been scheduled for Thursday.

Joko Widodo, the president, has made
the law a priority to attract foreign
investment and revive the economy.

Fallout from the pandemic has
pushed Indonesia into recession. Eco-
nomic growth in the second quarter fell
5.32 per cent year on year, the biggest
drop since the Asian financial crisis.

The new law, the final draft of which
has not yet been made public, aims to
create jobs by reforming rules linked to
investment, intellectual property rights
and the labour market, which had
offered some of the world’s most gener-
ous severance payments.

Under the law, corporate income tax
will gradually drop from 22 to 20 per
cent by 2022 and income tax for domes-
tic dividends will be eliminated.

Wellian Wiranto, an economist at
lender OCBC, said the law could help
change regulation that has prevented

Indonesia from capitalising on the sup-
ply chain reshuffle prompted by trade
tensions between China and the US,
despite it being the largest market in
south-east Asia, rich in natural
resources and with a young population.
“Indonesia should have been one of the
top FDI destinations,” he said. “But that
hasn’t been the case”, partially because
labour laws kept competitiveness low.

But before the vote yesterday, 35 glo-
bal investors with $4.1tn in assets under
management wrote to the government
about the law. De­reg­ulation of environ-
mental protection could have “severe
environmental, hum­an rights and
labour-related repercussions that intro-
duce significant un­certainty and could
impact the attractiveness of Indonesian
markets” they said.

Robeco, Aviva Investors, Legal & Gen-
eral Investment Management and Sum-
itomo Mitsui Trust Asset Management
were among the signatories.

Said Iqbal, president of the Indone-
sian Trade Union Confederation, said
workers “refused” the law, which would
slash severance pay and have an impact
on the minimum wage.

“The Omnibus law is [an] attack to
the welfare of labour in Indonesia . . .
We will continue the struggle,” he said,
adding that unions would seek a judicial
review and go to the constitutional
court.

The law was passed a day before 2m
workers across the country were set to
begin the three-day strike. Staff in sec-
tors including textiles, motor, energy
and pharmaceuticals will hold the strike
within their workplaces to avoid risks of
viral contagion, Mr Said added.

Pandemic response

Indonesia
rushes labour
and tax reform
bill through

Middle East. Economic disparity

Billionaires and bankrupts show Lebanon divide

‘The Omnibus law is [an]
attack to the welfare of
labour in Indonesia . . . ’
Trade Union Confederation

Primrose Riordan and Nicolle Liu
Hong Kong
Jane Croft — London

Hong Kong’s bar association has
appealed to foreign judges not to aban-
don the city’s highest court in protest at
the national security law, saying their
absence would threaten the legal
system’s credibility in the eyes of the
international community.

Philip Dykes, the head of the associa-
tion, said serving on Hong Kong’s Court
of Final Appeal was a personal question
of conscience for foreign judges, but
their “high calibre” was “an ornament
to the justice system”.

Mr Dykes made the comments after
James Spigelman, a retired Australian
judge, resigned as a non-permanent
judge (NPJ) and as political pressure
builds in the UK on judges to stop serv-
ing in Hong Kong.

Robert Reed, the president of the UK
Supreme Court who also serves on the
Hong Kong court, said the role of British
judges was under review in light of the
new law.

Beijing’s decision to impose the
national security law on Hong Kong has

ignited concerns over whether the city’s
respected judiciary would remain inde-
pendent.

The law targets collusion, subversion
and foreign interference with punish-
ments of up to life in prison. It has been
criticised for removing the legal firewall
that separates Hong Kong from the rest
of China by allowing suspects to face
mainland courts.

There have also been fears that the
security law will undermine Hong
Kong’s claim to be Asia’s premier finan-
cial centre.

Analysts have warned that anything
that compromises the territory’s legal
system will spook international compa-
nies based in the city.

Mr Dykes, who sits on a committee of
lawyers and government officials who
recommend appointments of non-
permanent judges for confirmation by
the city’s chief executive, has pleaded
with judges from the UK, Australia and
Canada to continue serving.

“Lord Neuberger [a former president
of the UK’s Supreme Court who served
in Hong Kong as a non-permanent
judge] made a speech saying . . . the
NPJs are the canaries in the coal mine,”

Mr Dykes told the Financial Times.
“You know what the canaries do, they
drop dead at the first whiff of carbon
monoxide gas.”

Mr Dykes said Mr Spigelman’s resig-
nation and any further departures of
NPJs would lead to the international
community concluding that there was
something “seriously amiss” in Hong
Kong.

While other NPJs, such as Robert
French, a former Australian High Court

chief justice, said they would not resign,
one NPJ told the FT that they agreed
with Lord Reed that continued service
depended on how the national security
law was applied.

Two of the British judges who sit on
the Hong Kong Court of Final Appeal
have confirmed they are still members.
Nick Phillips, a former president of the
UK’s Supreme Court, confirmed to

the FT that he remained a member
of the court while Lennie Hoffmann,
who is a former law lord, said he was
not aware of any other imminent resig-
nations.

“I am at present scheduled to sit in the
[Court of Final Appeal] in November
and, Covid permitting, I shall come,”
Lord Hoffmann said.

No serving UK judge has been sched-
uled to sit in Hong Kong before Novem-
ber this year.

Yesterday the Hong Kong govern-
ment announced the appointment of
Patrick Hodge, a Scottish jurist and UK
Supreme Court deputy, to the city’s
Court of Final Appeal.

Carrie Lam, the city’s chief executive,
said NPJs helped “maintain a high
degree of confidence in [Hong Kong’s]
legal system”.

Pui-yin Lo, a barrister who specialises
in constitutional and human rights law,
said the reputation of the legal sector
was at stake if the territory failed to
recruit NPJs.

Foreign judges served “as the litmus
test” for Hong Kong’s common law
system to retain the respect of common
law jurisdictions, he said.

Security law

Hong Kong barristers plead with foreign judges to carry on

Their ‘high calibre
is an ornament to
the justice system’
Philip Dykes, HK bar association

MAKE A SMART INVESTMENT
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World Markets

STOCK MARKETS

Mar 30 prev %chg

S&P 500 2365.93 2361.13 0.20

Nasdaq Composite 5902.74 5897.55 0.09

Dow Jones Ind 20703.38 20659.32 0.21

FTSEuro�rst 300 1500.72 1493.75 0.47

Euro Stoxx 50 3481.67 3475.27 0.18

FTSE 100 7369.52 7373.72 -0.06

FTSE All-Share 4011.01 4011.80 -0.02

CAC 40 5089.64 5069.04 0.41

Xetra Dax 12256.43 12203.00 0.44

Nikkei 19063.22 19217.48 -0.80

Hang Seng 24301.09 24392.05 -0.37

FTSE All World $ 297.99 297.73 0.09

CURRENCIES

Mar 30 prev

$ per € 1.074 1.075

$ per £ 1.249 1.241

£ per € 0.859 0.866

¥ per $ 111.295 111.035

¥ per £ 139.035 137.822

€ index 89.046 89.372

SFr per € 1.069 1.072

Mar 30 prev

€ per $ 0.932 0.930

£ per $ 0.801 0.806

€ per £ 1.164 1.155

¥ per € 119.476 119.363

£ index 76.705 76.951

$ index 104.636 103.930

SFr per £ 1.244 1.238
COMMODITIES

Mar 30 prev %chg

Oil WTI $ 50.22 49.51 1.43

Oil Brent $ 52.98 52.54 0.84

Gold $ 1248.80 1251.10 -0.18

INTEREST RATES

price yield chg

US Gov 10 yr 98.87 2.38 0.00

UK Gov 10 yr 100.46 1.21 -0.03

Ger Gov 10 yr 98.68 0.39 -0.01

Jpn Gov 10 yr 100.45 0.06 0.00

US Gov 30 yr 100.14 2.99 0.01

Ger Gov 2 yr 102.58 -0.75 0.00

price prev chg

Fed Funds E� 0.66 0.66 0.00

US 3m Bills 0.78 0.78 0.00

Euro Libor 3m -0.36 -0.36 0.00

UK 3m 0.34 0.34 0.00
Prices are latest for edition Data provided by Morningstar

LAURA NOONAN — DUBLIN
JENNIFER THOMPSON — LONDON

AboastfulWhatsAppmessagehas cost
a London investment banker his job
and a £37,000 fine in the first case of
regulators cracking down on commu-
nications over Facebook’s popular
chatapp.

The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staff’scommunication.

Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
encryption system that cannot be
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-

Berrys after discussions with regulators.
Christopher Niehaus, a former Jeffer-

ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
tohisemployervoluntarily.

The FCA said Mr Niehaus had shared
confidential informationonthemessag-
ing system “on a number of occasions”
lastyearto“impress”people.

Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
as iPhone-loving staff spurn their work-
issuedBlackBerrys.

Bankers at two institutions said staff
are typically trained in how to use new

media at work, but banks are unable to
ban people from installing apps on their
privatephones.

Andrew Bodnar, a barrister at Matrix
Chambers, saidthecaseset“aprecedent
in that it shows the FCA sees these mes-
saging apps as the same as everything
else”.

Information shared by Mr Niehaus
included the identity and details of a
client and information about a rival of
Jefferies. In one instance the banker
boasted how he might be able to pay off
hismortgage ifadealwassuccessful.

Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tionofadisciplinaryprocess.

Jefferies declined to comment while
Facebook did not respond to a request
forcomment.
Additional reportingbyChloeCornish
Lombard page 20

Citywatchdog sends a clearmessage as
banker loses joboverWhatsAppboast

Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
to accept the proposals.
US budget Q&A and
Trump attack over health bill i PAGE 8

Shutdown risk as border
wall bid goes over the top

FRIDAY 31 MARCH 2017

Briefing

iUSbargain-hunters fuel EuropeM&A
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

iReport outlines longerNHSwaiting times
A report on how the health service can survive
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.— PAGE 4

iEmerging nations in record debt sales
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
planned or under construction
in London. Work began on
almost one tower a week
during 2016.— PAGE 4

iTillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9

iToshiba investors doubt revival plan
In a stormy three-hour meeting, investors accused
managers o�aving an entrenched secrecy culture
and cast doubt on a revival plan after Westinghouse
filed for Chapter 11 bankruptcy protection.— PAGE 16

iHSBCwoos transgender customers
The bank has unveiled a range of gender-neutral
titles such as “Mx”, in addition to Mr, Mrs, Miss or
Ms, in a move to embrace diversity and cater to the
needs of transgender customers.— PAGE 20

Datawatch

UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00

© THE FINANCIAL TIMES LTD 2017
No: 39,435 ★

Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai

Subscribe In print and online
www.ft.com/subscribenow
Tel: 0800 298 4708

For the latest news go to
www.ft.com

Recent attacks —
notably the 2011
massacre by
Anders Breivik in
Norway, the
attacks in Paris
and Nice, and the
Brussels suicide
bombings — have
bucked the trend
of generally low
fatalities from
terror incidents in
western Europe

Sources: Jane’s Terrorism and Insurgency Centre

Terror attacks in western Europe

Highlighted attack Others

Norway
Paris Nice

Brussels

A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11

WORLDBUSINESSNEWSPAPER

Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13

Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12

Lloyd’s of London chose Brus-
sels over “five or six” other
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rightsafterBrexit.

John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other

insurers to follow. Most of the
business written in Brussels
will be reinsured back to the
syndicates at its City of London
headquarters,picturedabove.

The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the

EU, with Dublin and Luxem-
bourg thought to be more likely
homes for the industry. But
Mr Nelson said the city won on
its transport links, talent pool
and “extremely good regula-
toryreputation”.
Lex page 14
Insurers set to follow page 18

Lloyd’s of Brussels Insurancemarket
to tapnew talent poolwithEUbase

AFP

JAMES BLITZ — WHITEHALL EDITOR

A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge inworkloadexpectedonceBritain
leaves the EU, customs authorities have
admittedtoMPs.

HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
intime“hascollapsed”.

Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
BritishportswhentheUKleavestheEU.

About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
tohit300m.

The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
whether Whitehall can implement a
host of regulatory regimes — in areas
ranging from customs and immigration
to agriculture and fisheries — by the
timeBritain leavestheEU.

Problems with CDS and other projects
essential toBrexit could force London to

adjust its negotiation position with the
EU, a Whitehall official said. “If running
our own customs system is proving
much harder than we anticipated, that
ought to have an impact on how we
press forcertainoptions inBrussels.”

In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a
complex programme” that needed to be
linked to dozens of other computer sys-
tems to work properly. In November,
HMRC assigned a “green traffic light” to
CDS, indicating it would be deliveredon
time. But last month, it wrote to the
committee saying the programme had
been relegated to “amber/red,” which
means there are “major risks or issues
apparent inanumbero£eyareas”.

HMRC said last night: “[CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessfuldelivery.”

HMRC’s letters to the select commit-
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
caused by Mrs May’s unexpected deci-
sionto leavetheEUcustomsunion.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18

HMRCwarns
customs risks
being swamped
byBrexit surge
3Confidence in IT plans ‘has collapsed’
3Fivefold rise in declarations expected

World Markets

STOCK MARKETS

Mar 31 prev %chg

S&P 500 2367.10 2368.06 -0.04

Nasdaq Composite 5918.69 5914.34 0.07

Dow Jones Ind 20689.64 20728.49 -0.19

FTSEuro�rst 300 1503.03 1500.72 0.15

Euro Stoxx 50 3495.59 3481.58 0.40

FTSE 100 7322.92 7369.52 -0.63

FTSE All-Share 3990.00 4011.01 -0.52

CAC 40 5122.51 5089.64 0.65

Xetra Dax 12312.87 12256.43 0.46

Nikkei 18909.26 19063.22 -0.81

Hang Seng 24111.59 24301.09 -0.78

FTSE All World $ 297.38 298.11 -0.24

CURRENCIES

Mar 31 prev

$ per € 1.070 1.074

$ per £ 1.251 1.249

£ per € 0.855 0.859

¥ per $ 111.430 111.295

¥ per £ 139.338 139.035

€ index 88.767 89.046

SFr per € 1.071 1.069

Mar 31 prev

€ per $ 0.935 0.932

£ per $ 0.800 0.801

€ per £ 1.169 1.164

¥ per € 119.180 119.476

£ index 77.226 76.705

$ index 104.536 104.636

SFr per £ 1.252 1.244
COMMODITIES

Mar 31 prev %chg

Oil WTI $ 50.46 50.35 0.22

Oil Brent $ 53.35 53.13 0.41

Gold $ 1244.85 1248.80 -0.32

INTEREST RATES

price yield chg

US Gov 10 yr 98.63 2.41 -0.01

UK Gov 10 yr 100.35 1.22 0.02

Ger Gov 10 yr 99.27 0.33 -0.01

Jpn Gov 10 yr 100.36 0.07 0.00

US Gov 30 yr 99.27 3.04 0.01

Ger Gov 2 yr 102.57 -0.75 0.00

price prev chg

Fed Funds E� 0.66 0.66 0.00

US 3m Bills 0.78 0.78 0.00

Euro Libor 3m -0.36 -0.36 0.00

UK 3m 0.34 0.34 0.00
Prices are latest for edition Data provided by Morningstar

ALEX BARKER — BRUSSELS
GEORGE PARKER — LONDON
STEFAN WAGSTYL — BERLIN

TheEUyesterdaytookatoughopening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangementsthatapplytoGibraltar.

European Council president Donald
Tusk’s first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.

The decision to add the clause giving
Spain the right to veto any EU-UK trade
deals covering Gibraltar could make the
300-year territorial dispute between
Madrid and London an obstacle to

ambitioustradeandairlineaccessdeals.
Gibraltar yesterday hit back at the

clause, saying the territory had “shame-
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause,pointingoutthat itonlyreflected
“thetraditionalSpanishposition”.

Senior EU diplomats noted that
Mr Tusk’s text left room for negotiators
to work with in coming months. Prime
minister Theresa May’s allies insisted
that the EU negotiating stance was
largely “constructive”, with one saying it
was “within the parameters of what we
were expecting, perhaps more on the
upside”.

Britishofficialsadmittedthat theEU’s
insistence on a continuing role for the
European Court of Justice in any transi-
tiondealcouldbeproblematic.

Brussels sees little room for compro-

mise. If Britain wants to prolong its
status within the single market after
Brexit, the guidelines state it would
require “existing regulatory, budgetary,
supervisory and enforcement instru-
mentsandstructures toapply”.

Mr Tusk wants talks on future trade
to begin only once “sufficient progress”
has been made on Britain’s exit bill and
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certainconditionsaremet.

Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation
afterBrexitwithatradedeal.
Reports & analysis page 3
Jonathan Powell, Tim Harford &
Man in the News: David Davis page 11
Henry Mance page 12

Brussels takes tough stance onBrexit
with Spainhandedveto overGibraltar

About 2.3m people will benefit from
today’s increase in the national living
wage to £7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
sta� — amounting to 341,000 people
aged 25 and over — earn less than the
new living wage and the increase is
expected to cost councils’ care services
£360m in the coming financial year.
Analysis i PAGE 4

Living wage rise to pile
pressure on care services

SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80

© THE FINANCIAL TIMES LTD 2017
No: 39,436 ★

Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai

Subscribe In print and online
www.ft.com/subscribenow
Tel: 0800 298 4708

For the latest news go to
www.ft.com

Censors and sensitivity
Warning: this article may be
upsetting — LIFE & ARTS


HOW DRIVERLESS
TECHNOLOGY IS
CHANGING AN
AMERICAN WAY OF LIFE

THE END
OF THE
ROAD
FT WEEKEND MAGAZINE

Escape the taper trap
How high earners can evade
a pension headache — FT MONEY

The lure of the exotic
Robin Lane Fox on the flair
of foreign flora — HOUSE & HOME

How To Spend It


Chic new lodgings
in Scotland
MAGAZINE

Art of persuasionMystery deepens
over disputed painting of JaneAusten

Austen’s descendants insist the Rice portrait depicts her as a girl — seemagazine Bridgeman Art Library

RALPH ATKINS — ZURICH
DUNCAN ROBINSON — BRUSSELS

Credit Suisse has been targeted by
sweeping tax investigations in the UK,
France and the Netherlands, setting
back Switzerland’s attempts to clean up
its imageasataxhaven.

The Swiss bank said yesterday it was
co-operating with authorities after its
offices inLondon,ParisandAmsterdam
were contacted by local officials
“concerningclient taxmatters”.

Dutch authorities said their counter-
parts in Germany were also involved,
while Australia’s revenue department
said itwas investigatingaSwissbank.

The inquiries threaten to undermine
efforts by the country’s banking sector
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp-
down on evaders, which resulted in
billionsofdollars infines.

The probes risk sparking an interna-
tional dispute after the Swiss attorney-
general’s office expressed “astonish-
ment” that it had been left out of the
actions co-ordinated by Eurojust, the
EU’s judicial liaisonbody.

Credit Suisse, whose shares fell 1.2 per
cent yesterday, identified itself as the
subject ofinvestigations in the Nether-
lands, France and the UK. The bank said

it followed “a strategy offull client tax
compliance” but was still trying to
gather informationabouttheprobes.

HM Revenue & Customs said it had
launched a criminal investigation into
suspected tax evasion and money laun-
dering by “a global financial institution
and certain ofits employees”. The UK
tax authority added: “The international
reach of this investigation sends a clear
message that there is no hiding place for
thoseseekingtoevadetax.”

Dutch prosecutors, who initiated the
action, said they seized jewellery, paint-
ings and gold ingots as part of their
probe; while French officials said their
investigation had revealed “several
thousand” bank accounts opened in
Switzerland and not declared to French
taxauthorities.

The Swiss attorney-general’s office
said it was “astonished at the way this
operation has been organised with the
deliberate exclusion of Switzerland”. It
demanded a written explanation from
Dutchauthorities.

In 2014, Credit Suisse pleaded guilty
in the US to an “extensive and wide-
ranging conspiracy” to help clients
evadetax. Itagreedtofinesof$2.6bn.
Additional reportingbyLauraNoonan in
Dublin, Caroline Binham and Vanessa
Houlder in London, andMichael Stothard
inParis

Credit Suisse
engulfed in
fresh taxprobe
3UK, France and Netherlands swoop
3Blow for bid to clean up Swiss image

FE
B

R
U

A
RY

4
2
0
17

THE RISE OF ECO-GLAM

390_Cover_PRESS.indd 1 19/01/2017 13:57

OCTOBER 6 2020 Section:World Time: 5/10/2020 - 18:30 User: sanjay.gohil Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1

Page 13

Tuesday 6 October 2020 ★ FINANCIAL TIMES 13

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES
52 Week

Stock Price Day Chg High Low Yld P/E MCap m
52 Week

Stock Price Day Chg High Low Yld P/E MCap m
52 Week

Stock Price Day Chg High Low Yld P/E MCap m
52 Week

Stock Price Day Chg High Low Yld P/E MCap m
52 Week

Stock Price Day Chg High Low Yld P/E MCap m
52 Week

Stock Price Day Chg High Low Yld P/E MCap m

Australia (A$)
ANZ 17.80 0.72 28.28 14.10 8.01 12.87 36300.6
BHPBilltn 36.14 1.02 41.47 24.05 4.99 14.25 76552.49
CmwBkAu 65.99 2.27 91.05 53.44 6.57 16.20 83998.29
CSL 289.21 4.54 342.75 234.00 0.88 47.75 94602.99
NatAusBk 18.19 0.70 29.23 13.20 8.13 18.27 43032.89
Telstra 2.83 0.06 3.94 2.76 3.55 18.39 24201.91
Wesfarmers 45.26 0.68 49.67 29.75 3.77 26.91 36900.03
Westpc 17.29 0.72 29.39 13.47 8.97 14.57 44901.95
Woolworths 37.13 0.64 43.96 32.12 2.79 40.04 33722.61
Belgium (€)
AnBshInBv 46.79 0.98 85.47 29.03 - - -
KBC Grp 43.21 0.48 73.56 33.44 - - -
Brazil (R$)
Ambev 12.66 0.13 19.58 10.36 4.17 20.96 35443.2
Bradesco 18.35 0.23 32.45 14.05 1.36 5.92 14480
Cielo 3.90 -0.03 9.07 3.23 2.14 14.11 1885.17
ItauHldFin 21.62 0.10 32.79 19.46 4.02 10.37 19072.91
Petrobras♦ 19.86 0.68 33.65 10.50 2.83 - 26298.06
Vale 59.52 1.20 63.88 32.45 3.49 40.33 55962.06
Canada (C$)
BCE♦ 55.49 0.04 65.45 46.03 5.99 19.94 37829.74
BkMontrl 78.41 1.01 104.75 55.76 5.24 10.65 38008.43
BkNvaS♦ 55.58 -0.51 76.75 46.38 6.34 10.10 50758.07
Brookfield 45.03 -0.04 60.48 31.35 1.40-327.57 53422.99
CanadPcR♦ 404.36 0.11 410.64 252.00 0.84 23.38 41313.29
CanImp♦ 100.64 0.92 115.96 67.52 5.64 11.95 33799.9
CanNatRs 21.28 0.48 42.57 9.80 7.69 693.11 18942.02
CanNatRy 142.39 0.46 143.71 92.01 1.60 27.56 76371.72
Enbridge 39.02 0.42 57.32 33.06 8.12 40.58 59572.63
GtWesLif 27.03 0.42 35.60 18.88 6.44 10.03 18903.37
ImpOil 15.57 0.01 35.80 10.27 5.78-380.37 8613.58
Manulife 19.15 0.26 27.78 12.58 5.66 9.55 28003.81
Nutrien♦ 53.87 2.39 67.37 34.80 4.66 26.48 23113.37
RylBkC 94.95 0.68 109.68 72.00 4.39 12.46 101883.54
Suncor En 15.96 0.01 45.12 14.02 9.71 -4.43 18350.1
ThmReut 107.34 0.68 109.99 75.91 1.92 24.61 40181.11
TntoDom 63.37 0.87 77.72 49.01 4.73 12.54 86172.46
TrnCan♦ 55.20 -0.71 76.58 47.05 5.41 12.86 39112.96
ValeantPh 30.80 -1.06 36.02 14.01 - -3.78 8158.48
China (HK$)
AgricBkCh 2.40 -0.02 3.50 2.40 8.73 3.79 9519.2
Bk China 2.40 - 3.39 2.38 9.18 3.79 25896.15
BkofComm 3.74 0.02 5.68 3.66 9.71 3.53 16896.02
BOE Tech 0.65 - 0.80 0.47 - -4.48 16.69
Ch Coms Cons 4.01 -0.04 6.63 3.99 6.69 3.71 2290.88
Ch Evrbrght 2.44 - 3.97 2.43 10.07 3.72 3991.77
Ch Rail Cons 5.33 - 9.99 5.26 4.53 3.54 1427.95
Ch Rail Gp 3.58 -0.06 5.05 3.45 4.12 3.19 1943.52
ChConstBk 4.98 -0.04 6.85 4.97 7.39 4.42 154487.36
China Vanke 23.65 - 34.75 21.65 5.10 5.84 5778.3
ChinaCitic 2.99 - 4.79 2.97 9.26 3.17 5741.54
ChinaLife 18.16 0.82 22.90 11.64 4.64 8.77 17436.24
ChinaMBank 36.65 0.10 43.40 29.80 3.77 8.90 21710.37
ChinaMob 49.50 0.05 70.00 45.20 6.93 8.34 130778.14
ChinaPcIns 22.10 0.20 32.50 17.90 6.31 6.76 7914.02
ChMinsheng 3.99 -0.07 6.06 3.98 10.69 3.12 4283.62
ChMrchSecs 21.61 -0.27 26.04 13.10 1.02 21.87 23550.02
Chna Utd Coms 4.85 -0.01 6.25 4.82 1.25 27.99 15310.73
ChShenEgy 13.70 -0.20 16.88 11.94 10.67 5.97 6007.78
ChShpbldng 4.34 -0.01 5.66 3.98 0.21-154.03 11651.24
ChStConEng 5.08 0.03 6.20 4.76 3.67 5.20 30771.06
ChUncHK 5.09 0.04 8.76 3.84 2.93 12.62 20095.93
CNNC Intl 4.39 -0.03 5.42 4.02 2.75 14.06 10033.18
CSR 3.16 0.08 6.10 3.03 5.47 7.42 1782.26
Daqin 6.37 -0.01 8.26 6.32 7.59 8.32 13905.06
Gree Elec Apl 0.10 0.00 0.37 0.01 - -0.03 4.40
GuosenSec 13.45 -0.20 16.14 10.38 1.50 22.25 16193.85
HaitongSecs 6.61 0.05 9.58 5.79 - 6.92 2908.02
Hngzh HikVDT 38.11 0.90 40.50 27.00 1.85 27.18 45299.3
Hunng Pwr 2.96 -0.03 4.24 2.24 5.36 23.39 1795.22
IM Baotou Stl 1.15 - 1.50 1.04 0.61-126.81 5348.7
In&CmBkCh 4.00 -0.02 6.11 3.96 7.57 4.29 44797.01
IndstrlBk 16.13 0.23 20.42 14.93 - 5.54 46456.17
Kweichow 1668.5 16.20 1828 960.10 1.03 47.45 307750.62
Midea 0.68 0.01 1.17 0.58 - -2.34 18.87
New Ch Life Ins 29.50 0.65 37.30 20.45 3.01 6.54 3936.26
PetroChina 2.24 -0.03 4.23 2.20 5.81 -28.23 6098.22
PingAnIns 80.10 0.60 101.00 69.00 2.98 10.28 76973.84
PngAnBnk 15.17 0.37 17.60 11.91 - 11.32 43224.57
Pwr Cons Corp 3.77 -0.05 4.88 3.40 3.68 8.24 6168.98
SaicMtr 19.13 - 25.39 16.90 6.59 12.09 32817.21
ShenwanHong 0.04 0.00 0.13 0.03 - -0.16 45.20
ShgPdgBk 9.39 -0.04 13.33 9.35 - 5.39 38747.56
Sinopec Corp 3.11 - 4.85 3.05 14.28 14.02 10238.29
Sinopec Oil 1.81 -0.01 2.59 1.67 - 48.60 3200.46
Denmark (kr)
DanskeBk 87.00 2.16 123.60 68.04 - - -
MollerMrsk 10155 203.00 10555 4976 - - -
NovoB 442.00 5.50 456.30 331.70 - - -

Finland (€)
Nokia 3.33 0.06 4.84 2.08 - - -
SampoA 35.68 1.28 42.46 21.34 - - -
France (€)
Airbus Grpe 65.80 1.18 139.40 48.12 - - -
AirLiquide 133.50 -1.65 143.90 94.86 - - -
AXA 15.92 0.26 25.62 11.84 - - -
BNP Parib 31.46 0.97 54.22 24.51 - - -
ChristianDior 362.80 12.00 484.60 252.40 - - -
Cred Agr 7.38 0.13 13.80 5.70 - - -
Danone 55.26 0.20 80.80 50.26 - - -
EDF 9.70 0.00 13.61 5.98 - - -
Engie SA 11.51 0.05 16.80 8.63 - - -
EssilorLuxottica 117.80 -0.70 145.00 86.76 - - -
Hermes Intl 752.60 6.20 788.20 516.00 - - -
LOreal 280.00 -1.20 297.20 196.00 - - -
LVMH 412.55 4.90 439.05 278.70 - - -
Orange 9.16 0.32 15.38 8.63 - - -
PernodRic 136.35 1.65 174.40 112.25 - - -
Renault 21.78 0.59 56.07 12.77 - - -
Safran 84.80 0.40 152.30 51.10 - - -
Sanofi 86.52 0.44 95.82 67.65 - - -
Sant Gbn 36.70 0.49 39.57 16.41 - - -
Schneider 107.55 0.85 108.90 61.72 - - -
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
SocGen 11.39 0.35 32.23 10.77 - - -
Total 28.86 0.65 50.93 21.12 - - -
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
Vinci 74.30 0.96 107.35 54.76 - - -
Vivendi 24.35 0.37 26.42 16.60 - - -
Germany (€)
Allianz 166.52 3.72 232.60 117.10 5.77 10.39 81919.37
BASF 53.34 1.31 72.17 37.36 6.19 46.47 57773.17
Bayer 46.77 1.84 78.34 43.87 5.99 -6.30 54183.93
BMW 64.03 1.67 77.06 36.60 5.32 8.82 45454.9
Continental 98.32 2.06 133.10 51.45 - -7.19 23189.37
Daimler 47.83 1.08 54.50 21.02 - -170.75 60342.36
Deut Bank 7.36 0.16 10.37 4.45 - -5.79 17938.04
Deut Tlkm 14.69 0.18 16.75 10.41 4.09 18.83 82483.27
DeutsPost 39.52 0.29 40.12 19.11 - 22.07 57625.88
E.ON 9.72 0.02 11.56 7.60 4.74 31.34 30269.28
Fresenius Med 72.04 1.42 81.10 53.50 - 16.44 25862.77
Fresenius SE 38.82 0.72 51.54 24.25 - 11.83 20695.97
HenkelKgaA 81.25 0.65 90.30 54.65 2.25 19.96 24892
Linde 199.50 -0.15 221.70 130.45 1.64 53.33 123595.9
MuenchRkv 221.90 5.70 284.20 141.10 4.42 16.48 36660.32
SAP 132.40 -0.36 143.32 82.13 1.19 34.65 191808.92
Siemens 107.32 1.44 110.88 53.02 3.64 18.95 107573.11
Volkswgn 146.80 3.30 185.00 99.16 - 14.02 51083.95
Hong Kong (HK$)
AIA 78.70 2.80 87.80 60.05 1.45 18.82 122806.56
BOC Hold 20.60 0.20 28.90 20.05 7.84 6.88 28102.98
Ch OSLnd&Inv 19.34 -0.06 31.00 19.02 4.79 4.67 27339.33
ChngKng 38.05 0.30 57.20 33.40 5.80 6.57 18133.31
Citic Ltd♦ 5.60 -0.09 10.74 5.57 7.66 3.11 21020.04
Citic Secs 17.32 0.10 21.45 12.60 3.32 12.76 5091.65
CK Hutchison 47.10 0.50 76.00 45.05 7.07 5.01 23435.84
CNOOC♦ 7.36 -0.09 14.04 6.24 11.17 6.95 42400.35
HangSeng 115.00 0.90 173.80 110.00 7.22 10.50 28369.09
HK Exc&Clr 366.00 4.20 397.80 206.00 1.93 46.71 59874.24
MTR♦ 37.90 -0.35 47.80 36.20 3.09 20.05 30212.95
SandsCh 29.60 -0.25 45.45 25.15 3.50 117.67 30896.67
SHK Props 99.00 0.20 124.00 87.60 4.87 7.39 37016.56
Tencent 525.00 13.50 564.00 314.60 0.24 42.56 649148.71
India (Rs)
Bhartiartl 424.45 -7.90 612.00 325.50 - -4.82 31595.21
HDFC Bk 1114.35 7.40 1305.5 738.75 - 22.05 83673.23
Hind Unilevr 2111.05 16.05 2614.3 1757.3 1.21 66.77 67676.78
HsngDevFin 1785.1 -5.55 2499.9 1473.45 1.00 13.88 43696.88
ICICI Bk 373.10 3.90 552.20 268.30 0.27 23.64 35104.13
Infosys 1048.7 31.05 1054.9 509.25 1.74 24.77 60947.3
ITC 169.25 -1.60 266.30 134.60 6.11 14.10 28415.56
L&T 896.95 -5.85 1491.95 661.00 3.18 15.79 17181.84
OilNatGas 69.20 0.05 149.65 50.00 10.18 4.04 11878.17
RelianceIn 2212.2 -13.05 2369.35 867.40 0.60 32.58 204106.7
SBI NewA 188.75 -1.55 351.00 149.45 - 7.65 22984.36
SunPhrmInds 523.10 16.20 564.75 312.00 1.12 169.90 17125.01
Tata Cons 2705.8 182.35 2728.1 1506.05 1.24 31.90 138534.63
Indonesia (Rp)
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26
Israel (ILS)
TevaPha 31.26 -0.58 46.45 23.05 - 870.77 9984.39
Italy (€)
Enel 7.39 -0.07 8.61 5.15 4.06 41.06 88646.74
ENI 6.69 0.19 14.42 6.26 12.23 -6.36 28670.63
Generali 12.07 0.14 19.63 10.20 4.14 10.40 22432.72
IntSPaolo 1.63 0.04 2.63 1.31 - 8.61 37101.42
Unicred 7.06 0.11 14.44 6.01 - -7.56 18599.18

Japan (¥)
AstellasPh 1509 -4.50 1987 1406 2.73 14.64 26593.19
Bridgestne 3385 69.00 4734 2861.5 3.95 13.76 22867.8
Canon 1734.5 36.00 3117 1676 7.12 24.76 21897.98
CntJpRwy 15615 915.00 23455 12380 0.99 15.36 30448.1
Denso 4776 105.00 5174 3021 3.01 -45.48 35621.42
EastJpRwy 6554 236.00 10555 5888 2.59 -49.88 23446.16
Fanuc 20430 140.00 22030 12020 1.15 64.38 39048.4
FastRetail 66790 290.00 70180 39910 0.74 70.17 67061
Fuji Hvy Ind 2111.5 75.00 3167 1671.5 4.87 20.07 15373.33
Hitachi 3650 142.00 4693 2524 2.68 17.85 33440.12
HondaMtr 2561.5 64.50 3259 2120 3.81 21.59 43920.44
JapanTob 1954 17.00 2555 1796.5 8.11 11.45 36991.82
KDDI 2655 -22.00 3451 2604 4.46 9.04 57907.12
Keyence 48290 910.00 50200 28905 0.32 60.51 111169.47
MitsbCp 2526 22.50 2960.5 2094.5 5.37 9.07 35524.05
MitsubEst 1646.5 48.50 2283 1291 2.06 14.37 21684.14
MitsubishiEle 1435 19.00 1658 1096.5 2.87 15.20 29165.93
MitsuiFud 1920 69.00 3035 1538 2.36 11.07 17799.45
MitUFJFin 428.80 8.90 603.00 380.00 5.97 17.84 55127.69
Mizuho Fin 1341 26.00 1731 1084 0.58 300.39 322318.42
Murata Mfg 6762 12.00 6950 4602 1.48 23.93 43255.22
NipponTT 2226 41.00 2908 2127 4.39 9.37 82191.85
Nissan Mt 386.80 14.30 714.80 311.20 2.66 -1.53 15453.39
Nomura 489.50 14.60 586.40 367.40 4.20 4.99 16187.21
Nppn Stl 1042 58.70 1786.5 798.10 4.94 5.28 9373.23
NTTDCMo 3876 -2.00 3895 2678 3.18 20.63 118454.89
Panasonic 890.20 20.70 1264 691.70 3.47 12.16 20674.53
Seven & I 3290 16.00 4485 2937.5 3.08 15.68 27605.6
ShnEtsuCh 13620 130.00 14305 8751 1.66 18.40 53717.14
Softbank 6750 227.00 7077 2609.5 0.67 -8.42 133524.99
Sony 7892 139.00 8920 5297 0.59 14.51 94204.89
SumitomoF 2997.5 56.00 4145 2507.5 6.49 18.96 38986.09
Takeda Ph 3650 29.00 4562 2894.5 5.07 46.42 54463.68
TokioMarine 4736 149.00 6317 4167 4.13 13.08 31470.22
Toyota 6909 18.00 8026 5771 3.26 9.25 213394.39
Mexico (Mex$)
AmerMvl 13.37 -0.06 16.82 12.33 2.54 33.76 28422.78
FEMSA UBD 121.07 -0.33 185.00 114.17 1.16 76.04 12270.39
WalMrtMex 52.01 0.04 62.71 47.76 1.55 29.16 42589.06
Netherlands (€)
Altice 4.11 0.01 6.86 2.26 - - -
ASML Hld 320.25 0.35 355.50 177.52 - - -
Heineken 76.48 0.44 105.00 68.82 - - -
ING 6.30 0.15 11.26 4.23 - - -
Unilever 52.34 -0.06 55.39 38.42 - - -
Norway (Kr)
DNB 131.65 3.05 178.10 94.26 - - -
Equinor 132.30 3.05 187.20 95.20 - - -
Telenor 159.55 2.25 185.90 130.75 - - -
Qatar (QR)
QatarNtBk 17.89 - 21.25 15.71 3.52 12.62 45383.1
Russia (RUB)
Gzprm neft 185.71 -3.02 272.68 158.17 8.49 8.05 58976.64
Lukoil 4745.5 -157.00 6810 3663 7.64 12.47 44107.51
MmcNrlskNckl 20150 -66.00 23656 13352 11.57 14.96 42774.79
Novatek 973.20 -3.20 1382.2 682.80 3.47 6.59 39639.58
Rosneft 324.00 -11.00 489.90 229.80 10.77 12.36 46063.6
Sberbank♦ 188.91 -2.03 270.80 172.15 - 5.33 54705
Surgutneftegas 35.13 -0.76 54.89 24.06 1.93 2.10 16833.73
Saudi Arabia (SR)
AlRajhiBnk 65.70 0.70 68.90 51.00 4.80 15.84 43789.5
Natnlcombnk 37.45 0.15 50.70 30.50 6.45 10.22 29952.81
SaudiBasic 88.30 0.60 95.00 61.90 5.23 -82.42 70623.06
SaudiTelec 102.40 2.00 106.00 72.30 4.10 18.22 54600.22
Singapore (S$)
DBS 20.58 0.21 26.80 16.65 6.27 11.17 38434.8
JardnMt US$♦ 42.04 2.13 59.68 37.37 4.30 -76.97 30592.51
JardnStr US$♦ 20.97 0.82 33.50 17.81 1.78 -25.27 23241.22
OCBC♦ 8.58 - 11.23 7.80 6.32 9.63 27800.03
SingTel 2.17 0.01 3.48 2.08 8.06 33.10 26062.53
UOB♦ 19.44 0.03 27.02 17.28 5.79 10.85 23871.08
South Africa (R)
Firstrand 40.90 -0.88 69.90 31.13 8.21 6.99 13928.98
MTN Grp 55.39 1.00 101.11 26.25 9.89 6.10 6336.48
Naspers N 2994.51 -5.49 3367.26 1843.8 0.27 24.85 79176.88
South Korea (KRW)
HyundMobis 236000 6000 268500 126000 1.70 10.32 19281.37
KoreaElePwr 20600 200.00 29500 15550 - -8.61 11366.59
SK Hynix 83200 -800.00 106000 65800 1.20 36.51 52060.5
SmsungEl 58700 500.00 62800 42300 2.41 18.72 301195.77
Spain (€)
BBVA 2.40 0.03 5.34 2.13 10.82 -34.33 18902.86
BcoSantdr 1.61 0.03 4.04 1.50 6.22 -3.29 31531.38
CaixaBnk 1.72 -0.01 2.94 1.50 4.08 9.16 12103.92
Iberdrola 10.70 -0.02 11.52 7.76 1.57 18.83 80124.56
Inditex 24.31 0.21 32.28 18.51 0.86 31.76 89346.47
Repsol 5.72 0.20 15.67 5.37 16.01 -1.19 10974.22
Telefonica 3.14 0.24 7.26 2.85 12.52-156.89 19724.01

Sweden (SKr)
AtlasCpcoB 372.40 8.00 388.30 223.20 - - -
Ericsson♦ 95.56 0.58 105.10 59.54 - - -
H & M 160.55 -1.25 214.35 98.13 - - -
Investor 579.80 6.20 591.40 370.10 - - -
Nordea Bk 70.65 1.76 86.73 48.00 - - -
SEB 81.42 1.26 104.90 59.80 - - -
SvnskaHn 75.82 0.84 113.80 71.80 - - -
Swedbank 144.46 1.56 162.70 99.14 - - -
Telia Co 37.00 0.87 44.90 30.29 - - -
Volvo 179.85 6.90 180.40 95.00 - - -
Switzerland (SFr)
ABB 23.94 0.31 24.69 14.11 3.34 37.18 56733.48
CredSuisse 9.48 0.22 13.80 6.18 1.49 5.66 25357.69
Nestle 109.80 -0.54 112.62 83.37 2.49 23.18 345757.8
Novartis 80.70 0.31 96.38 65.09 3.63 26.74 217610.46
Richemont 62.22 1.66 81.66 44.64 3.11 35.98 35499.88
Roche 318.80 0.90 357.85 265.75 2.86 21.03 244810.35
Swiss Re 70.04 1.14 117.05 52.68 8.31 -15.67 24305.95
Swisscom 495.60 0.70 577.80 446.70 4.50 15.55 28061.04
Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
UBS 10.57 0.20 13.28 7.00 3.29 8.94 44563.25
Zurich Fin 326.80 1.90 439.90 248.70 6.13 15.51 53744
Taiwan (NT$)
Chunghwa Telecom 107.00 - 123.50 103.00 8.36 24.62 28757.63
Formosa PetChem 80.50 - 107.00 66.10 3.70 870.04 26567.81
HonHaiPrc 77.70 -0.50 101.50 65.70 5.29 10.23 37318.89
MediaTek 611.00 -3.00 763.00 273.00 3.28 35.99 33652.46
TaiwanSem 432.50 -5.50 466.50 235.50 2.26 23.54 388549.13
Thailand (THB)
PTT Explor 32.25 - 47.75 23.60 6.61 18.33 29354.76
United Arab Emirates (Dhs)
Emirtestele 16.70 0.06 16.98 11.04 6.60 15.59 39539.88
United Kingdom (p)
AscBrFd 1921 7.00 2730 1554 2.41 21.49 19737.14
AstraZen 8409 -22.00 10120 5871 2.65 63.36 138210.94
Aviva 291.30 3.70 439.40 205.70 3.26 5.31 15172.1
Barclays 99.45 1.74 192.99 73.04 3.02 15.04 22023.69
BP 217.80 3.40 521.50 210.80 15.28 -2.48 56336.59
BrAmTob 2794 41.50 3507 2362.5 5.52 10.09 67606.39
BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
BT 100.30 1.60 212.25 1.02 15.35 4.60 12915.34
Compass 1177 16.50 2084 865.80 3.40 18.14 25121.44
Diageo♦ 2681.5 -1.50 3369.5 2050.6 2.61 44.77 87608.91
GlaxoSmh♦ 1449.8 5.20 1857 1328.19 5.52 10.91 92532.5
Glencore 163.72 1.96 264.12 109.76 4.88 -8.09 30649.26
HSBC 309.35 1.15 617.60 281.50 5.19-191.07 80496.67
Imperial Brands 1383 18.00 2072 1218 14.94 15.32 17118.32
LlydsBkg 26.99 -0.21 73.66 23.59 4.15 67.46 25239.71
Natl Grid 921.00 -5.60 1073.8 8.90 5.19 25.16 40120.42
Natwest Group 110.90 1.05 122.05 90.54 1.80 33.61 17222.29
Prudential 1135.5 7.50 1509 682.80 3.27 27.95 38127.79
ReckittB 7492 -180.00 8191.3 5130 2.33 -19.37 68471.1
RELX 1758.5 11.50 2109 1382.86 2.60 26.81 44090.94
RioTinto 4686.5 -7.50 5175 2954 6.52 13.14 81575.21
RollsRoyce 123.40 9.80 792.00 1.57 3.73 -0.41 2978.54
RylDShlA 957.60 24.50 2356 905.70 13.08 -7.99 57132.33
Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
StandCh 362.60 2.70 740.80 334.25 1.56 10.09 15514.16
Tesco 212.60 2.60 260.40 203.70 3.17 22.29 22591.06
Vodafone 107.68 4.86 169.46 92.76 7.12 -38.87 37276.11
WPP 648.60 23.00 1085.5 5.62 3.50 -3.49 10657.59
United States of America ($)
21stC Fox A 28.65 0.57 39.74 19.81 1.69 16.83 9844.68
3M 162.84 2.48 182.55 114.04 3.75 17.60 93796.53
AbbottLb 108.13 1.63 114.20 61.61 1.32 59.85 191447.41
Abbvie 87.43 1.31 101.28 62.55 5.41 18.21 154299.37
Accenture 223.55 1.15 247.82 137.15 1.13 27.87 148371.2
Adobe 484.54 5.55 536.88 255.13 - 60.89 232416.13
AEP 86.38 1.08 104.97 65.14 3.37 21.47 42856.91
Aetna - - - - - - -
Aflac 37.63 0.75 55.07 23.07 3.07 8.96 26825.04
AirProd♦ 300.30 4.26 310.74 167.43 1.75 33.17 66334.58
Alexion 115.26 3.71 121.50 72.67 - 29.26 25261.88
Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11
Allstate 93.95 0.93 125.92 64.13 2.33 6.73 29342.88
Alphabet 1479.43 23.83 1726.1 1008.87 - 30.99 444524.84
Altria♦ 39.42 0.45 51.78 30.95 8.95 -78.19 73260.81
Amazon 3174.99 49.99 3552.25 1626.03 - 116.171590317.13
AmerAir 12.92 -0.08 31.67 8.25 2.44 -1.51 6570.61
AmerExpr 103.23 1.62 138.13 67.00 1.75 20.35 83116.78
AmerIntGrp 29.19 0.97 56.42 16.07 4.61 -5.14 25145.26
AmerTower 238.15 -5.16 272.20 174.32 1.83 52.61 105633.47
Amgen 253.82 8.41 264.97 177.05 2.52 19.73 148660.79
Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Anthem 284.12 9.11 309.10 171.03 1.29 11.74 71458.01
Aon Cp 207.44 1.92 238.19 143.93 0.89 26.26 48053.55
Apple 115.18 2.16 137.98 53.15 0.71 33.251996828.13
ArcherDan 47.24 0.50 48.56 28.92 3.16 14.32 26250.93

AT&T 28.62 -0.06 39.70 26.08 7.60 16.61 203917.5
AutomData 140.85 2.18 182.32 103.11 2.62 23.53 60560.63
Avago Tech 365.50 8.67 378.96 155.67 3.32 63.78 147846.45
BakerHu 22.08 0.09 31.26 20.09 3.39 -1.35 11412.93
BankAm 24.63 0.42 35.72 17.95 3.07 11.33 213353.41
Baxter 80.27 1.44 95.19 69.10 1.18 42.69 40635.22
BB & T 54.24 0.75 55.66 40.68 3.52 16.82 41564.3
BectonDick 237.49 4.83 286.72 197.75 1.39 79.90 68840.88
BerkshHat 320181.08 2701.08 347400 239440 - 22.57 210649.05
Biogen 285.00 7.36 374.99 219.70 - 7.97 45119.34
BkNYMeln 35.41 0.67 51.60 26.40 3.68 7.30 31368.36
BlackRock 578.26 8.14 609.69 323.98 2.52 19.39 88174.38
Boeing 170.12 2.04 378.70 89.00 3.81 -32.20 96023.57
Booking Holdings 1683.85 -26.86 2094 1107.29 - 27.37 68951.35
BrisMySq 59.11 0.39 68.34 45.76 3.13-194.06 133747.59
CapOne 77.26 2.32 107.59 38.00 2.18-198.80 35279.68
CardinalHlth♦ 47.06 0.76 60.69 39.05 4.31 -3.55 13760.96
Carnival 14.95 -0.21 51.94 7.80 10.53 -3.43 10463.61
Caterpillar 153.33 3.39 156.25 87.50 2.82 19.49 83026.5
Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98
CharlesSch 37.72 0.05 51.65 28.00 1.95 15.02 48601.13
Charter Comms 638.21 17.98 640.00 345.67 - 58.26 130768.7
Chevron Corp 71.84 0.65 122.94 51.60 7.25 -14.74 134136.87
Chubb♦ 118.87 2.31 167.74 87.35 2.68 23.63 53653.86
Cigna 173.17 5.94 224.64 118.50 0.02 11.73 63588.13
Cisco 38.57 0.30 50.28 32.40 3.76 14.81 163262.05
Citigroup 45.00 1.34 83.11 32.00 4.76 7.39 93673.51
CME Grp 167.94 -0.56 225.36 131.80 2.00 24.12 60225.48
Coca-Cola 49.21 -0.15 60.13 36.27 3.46 22.10 211378.55
Cognizant 70.86 2.00 71.81 40.01 1.25 22.79 38423.18
ColgtPlm 78.00 0.60 80.10 58.49 2.33 24.84 66877.21
Comcast 45.54 0.39 47.74 31.71 2.03 17.41 207601.21
ConocPhil 33.89 0.82 67.13 20.84 4.85 15.72 36345.67
Corning 33.59 0.78 33.86 17.44 2.63 228.44 25588.07
Costco 357.67 2.66 363.67 271.28 0.78 40.76 157919.79
CrownCstl 167.09 -1.53 180.00 114.18 2.97 91.43 70122.37
CSX 77.72 0.57 81.40 46.81 1.35 19.89 59459.88
CVS 58.80 0.97 77.03 52.04 3.57 8.90 76951.11
Danaher 217.26 4.76 218.68 119.60 0.34 52.23 154126.16
Deere♦ 227.85 3.06 231.12 106.14 1.32 26.86 71402.44
Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67
Delta 31.76 0.01 62.48 17.51 3.99 -5.20 20258.33
Devon Energy 9.89 0.29 26.98 4.70 4.04 -1.58 3783.98
DiscFinServ 62.94 2.02 87.43 23.25 2.94 18.90 19284.62
Disney 123.28 0.73 153.41 79.07 0.75-134.91 222774.77
DominRes 80.59 0.79 90.89 57.79 4.84 118.03 67702.35
DowDupont 30.52 -0.65 48.38 30.06 4.01 -8.62 68559.76
DukeEner 91.82 0.24 103.79 62.13 4.32 31.00 67523.7
Eaton 104.99 2.34 106.07 56.42 2.88 26.87 42006.5
eBay 51.86 0.18 61.06 26.02 1.22 18.02 36292.34
Ecolab♦ 199.78 1.72 231.36 124.60 0.98 40.04 57014.83
Emerson 67.37 1.83 78.38 37.75 3.10 20.04 40259.77
EOG Res 35.89 1.08 89.54 27.00 3.62 56.94 20893.81
EquityResTP 55.40 0.31 89.55 49.62 4.44 17.47 20620.44
Exelon 36.54 0.60 50.54 29.28 4.28 12.84 35608.37
ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19
ExxonMb 33.43 0.45 73.12 30.11 10.93 18.95 141349.84
Facebook 263.35 3.41 304.67 137.10 - 30.65 633163.85
Fedex 258.64 3.44 260.96 88.69 1.06 50.28 67917.95
FordMtr 6.99 0.10 9.58 3.96 6.77 -12.32 27294.15
Franklin♦ 20.98 0.46 29.27 14.91 4.01 9.74 10392.58
GenDyn 142.49 2.00 190.08 100.55 3.13 12.05 40885
GenElectric 6.41 0.02 13.26 5.48 0.66 16.05 56064.82
GenMills 62.73 0.21 66.14 46.59 3.28 16.78 38320.44
GenMotors 31.10 0.64 38.96 14.33 3.85 28.19 44499.95
GileadSci 63.88 1.71 85.97 60.89 4.31-289.59 80082.15
GoldmSchs 201.68 1.78 250.46 130.85 2.60 14.58 69393.28
Halliburton 11.70 0.39 25.47 4.25 5.25 -2.41 10278.1
HCA Hold 129.30 2.25 151.97 58.38 1.00 12.70 43707.71
Hew-Pack♦ 19.30 0.21 23.93 12.54 3.59 9.20 26509.45
HiltonWwde 89.14 1.18 115.48 44.30 0.53 652.82 24718.66
HomeDep 281.43 2.12 292.95 140.63 2.01 26.04 302942.14
Honywell 168.36 2.75 184.06 101.08 2.20 19.72 118152.21
HumanaInc♦ 416.71 8.40 431.12 208.25 0.59 15.08 55127.64
IBM 121.91 1.34 158.75 90.56 5.59 13.16 108570.46
IllinoisTool♦ 197.63 5.78 203.18 115.94 2.27 27.67 62483.34
Illumina 319.06 10.63 404.20 196.78 - 65.05 46582.76
Intcntl Exch 101.21 -0.13 106.99 63.51 1.19 24.90 54945.62
Intel 51.70 0.69 69.29 43.63 2.62 9.08 219880.1
Intuit 330.52 8.63 360.00 187.68 0.63 48.30 86189.49
John&John 147.41 1.17 157.00 109.16 2.75 24.67 388104.51
JohnsonCn 42.14 0.55 44.41 22.78 2.59 41.36 31350.44
JPMrgnCh 98.73 1.74 141.10 76.91 3.83 12.65 300889.99
Kimb-Clark 148.41 0.98 160.16 110.66 2.97 18.97 50614.81
KinderM 12.60 0.29 22.58 9.42 8.44 171.38 28520.55
Kraft Heinz 30.82 0.35 36.37 19.99 5.45-183.39 37679.87
Kroger 34.41 0.34 37.22 23.71 1.85 12.81 26768.43
L Brands 32.72 -0.41 33.48 8.00 3.77 -12.47 9048.17
LasVegasSd 45.19 -0.96 74.29 33.30 5.42 97.78 34516.27
LibertyGbl 20.59 0.47 26.40 15.24 - -35.64 3752.98
Lilly (E) 146.40 1.19 170.75 101.36 1.99 22.74 140027.26

Lockheed 382.37 1.79 442.53 266.11 2.58 15.95 106888.49
Lowes 167.73 1.24 171.72 60.00 1.30 22.47 126755.83
Lyondell 75.21 2.97 98.91 33.71 5.87 11.80 25106.38
Marathon Ptl 29.15 0.88 69.65 15.26 8.00 -2.34 18967.77
Marsh&M 115.35 0.79 120.97 74.34 1.66 27.73 58428.16
MasterCard 341.39 2.56 367.25 199.99 0.45 45.02 338841.79
McDonald's 225.41 2.74 226.72 124.23 2.29 34.01 167724.43
McKesson 149.42 2.44 172.18 112.60 1.15 26.15 24234.39
Medtronic♦ 104.03 2.07 122.15 72.13 2.14 28.56 139741.32
Merck♦ 81.11 0.31 92.64 65.25 3.08 18.79 205146.74
Metlife 38.79 1.16 53.28 22.85 4.82 4.78 35205.41
Microsoft 208.87 2.68 232.86 132.52 1.00 34.521580655.67
Mnstr Bvrg 78.10 -1.46 87.05 50.06 - 35.07 41187.03
MondelezInt♦ 56.88 0.02 59.96 41.19 2.11 23.24 81239.17
Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
MorganStly 48.33 0.36 57.57 27.20 3.04 8.32 76204.86
MylanNV 15.30 0.41 23.11 12.75 - 27.48 7906.7
Netflix 514.46 11.40 575.37 257.01 - 82.74 226884.8
NextEraE 287.79 6.62 299.30 174.80 1.93 37.84 140915.73
Nike 128.39 1.75 130.38 60.00 0.78 76.44 159829.03
NorfolkS 215.39 2.73 224.99 112.62 1.83 25.51 59324.87
Northrop 312.94 -1.01 385.01 263.31 1.82 20.88 52171.5
NXP 130.73 3.34 139.59 58.41 1.21-2074.37 36502.98
Occid Pet 10.36 0.49 47.58 9.00 24.13 -0.76 9636.27
Oracle 59.53 0.70 62.60 39.71 1.69 18.41 179223.11
Pepsico 137.12 -0.94 147.20 101.42 2.98 26.64 189857.81
Perrigo 45.63 0.78 63.86 40.01 2.00 24.82 6227.56
Pfizer 36.82 0.44 40.97 27.88 4.22 13.85 204576.53
Phillips66 53.02 1.96 119.92 40.04 7.13 -18.16 23153.66
PhilMorris 75.53 1.07 90.17 56.01 6.51 15.40 117614.13
PNCFin 114.14 1.98 161.79 79.41 4.23 16.90 48452.8
PPG Inds 125.71 2.44 134.36 69.77 1.70 28.36 29664.71
Praxair 164.50 -0.99 169.75 140.00 2.34 37.33 47306.22
ProctGmbl 138.67 0.55 141.70 94.34 2.29 26.62 345235.8
Prudntl 65.91 2.03 97.24 38.62 6.69-101.21 26034.45
PublStor 230.00 -0.60 249.03 155.37 3.65 31.28 40203.77
Qualcomm 119.27 3.80 123.93 58.00 2.21 47.91 134562.63
Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
Regen Pharm 604.74 39.94 664.64 272.27 - 22.32 63221.59
S&P Global 364.67 1.69 379.87 186.06 0.71 32.72 87885.47
Salesforce 251.36 3.51 284.50 115.29 - 101.68 226475.36
Schlmbrg♦ 15.80 0.23 41.14 11.87 10.80 -0.95 21927.57
Sempra Energy 121.52 1.02 161.87 88.00 3.48 15.94 35150.84
Shrwin-Will 694.70 5.72 725.91 325.43 0.75 34.68 63252.2
SimonProp 68.36 0.16 158.40 42.25 9.68 11.44 20910.45
SouthCpr 46.94 1.31 49.19 23.43 3.13 29.59 36284.19
Starbucks 88.03 1.46 94.13 50.02 1.90 74.83 102907.07
StateSt 61.28 1.60 85.89 42.10 3.57 9.33 21594.05
Stryker♦ 212.59 4.29 226.30 124.54 1.11 48.08 79682.85
Sychrony Fin 28.15 0.69 38.18 12.15 3.28 8.20 16432.7
T-MobileUS 113.87 0.46 119.20 63.50 - 42.02 140949.3
Target 161.66 2.56 162.31 90.17 1.61 23.66 80832.5
TE Connect 101.20 2.84 103.20 48.62 1.93-283.38 33399.89
Tesla Mtrs 423.85 8.76 502.49 44.86 - 974.71 392843.08
TexasInstr 143.96 2.87 148.37 93.09 2.53 25.71 131854.69
TheTrvelers 111.49 2.91 145.21 76.99 3.12 15.10 28227.02
ThrmoFshr♦ 448.68 13.62 452.69 250.21 0.19 46.23 177493.05
TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
TJX Cos 57.32 -0.31 64.95 32.72 1.19 103.52 68662.32
UnionPac 199.72 3.37 205.78 105.08 2.04 23.62 135574.29
UPS B 168.55 1.59 171.98 82.00 2.46 31.90 119178.54
USBancorp 37.70 0.93 61.11 28.36 4.68 11.29 56789.87
UtdHlthcre 316.98 5.00 324.57 187.72 1.49 16.96 301237.43
UtdTech 86.01 -5.36 158.44 69.02 3.12 60.04 74498.84
ValeroEngy 42.57 1.84 101.99 31.00 9.28 15.83 17358.23
Verizon 59.59 0.35 62.22 48.84 4.34 12.28 246575.04
VertexPharm 267.70 6.90 306.08 166.06 - 32.22 69727.11
VF Cp 74.92 2.39 100.25 45.07 2.62 101.90 29192.48
ViacomCBS 28.45 0.48 43.04 10.10 3.32 12.48 16039.3
Visa Inc 202.37 0.91 217.35 133.93 0.60 36.63 341197.27
Walgreen 36.56 0.79 64.50 33.88 5.25 40.97 31680.49
WalMartSto 141.79 1.29 151.33 102.00 1.94 26.20 401797.83
WellsFargo 24.41 0.42 54.75 22.00 8.78 25.82 100570.35
Williams Cos 19.39 0.30 24.17 8.41 8.45 167.82 23530.9
Yum!Brnds 93.85 -1.32 115.17 54.95 1.99 26.83 28286.36
Venezuela (VEF)
Bco de Vnzla 14600 -400.00 16799.99 700.00 634.42 - 121.60
Bco Provncl 775000 - 787000 69000 - 38.16 190.80
Mrcntl Srvcs 800000-9500.00 815000 70000 0.02 12.78 111.21

Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
♦ ex-dividend
■ ex-capital redistribution
# price at time of suspension

FT 500: TOP 20

Close Prev Day Week Month
price price change change % change change % change %

Mizuho Fin 1341.00 1315.00 26.00 1.98 1202.50 868.2 -6.69
NTTDCMo 3876.00 3878.00 -2.00 -0.05 1163.50 42.9 35.10
Tata Cons 2705.80 2523.45 182.35 7.23 279.50 11.5 18.22
DiscFinServ 62.94 60.92 2.02 3.31 6.48 11.5 10.13
DukeEner 91.82 91.58 0.24 0.26 8.95 10.8 13.42
Anthem 284.12 275.01 9.11 3.31 27.06 10.5 2.91
EDF 9.70 9.70 0.00 -0.04 0.90 10.2 12.22
Softbank 6750.00 6523.00 227.00 3.48 586.00 9.5 6.46
Sychrony Fin 28.15 27.46 0.69 2.51 2.36 9.2 7.56
CapOne 77.26 74.94 2.32 3.10 5.93 8.3 4.33
Natl Grid 921.00 926.60 -5.60 -0.60 69.60 8.2 -98.89
Delphi 17.02 16.71 0.31 1.86 1.23 7.8 -4.22
AEP 86.38 85.30 1.08 1.26 5.73 7.1 9.31
WPP 648.60 625.60 23.00 3.68 41.20 6.8 -98.97
HCA Hold 129.30 127.05 2.25 1.77 7.94 6.5 -5.73
Nissan Mt 386.80 372.50 14.30 3.84 23.20 6.4 -8.44
HyundMobis 236000.00 230000.00 6000.00 2.61 14000.00 6.3 2.61
Continental 98.32 96.26 2.06 2.14 5.74 6.2 6.20
HsngDevFin 1785.10 1790.65 -5.55 -0.31 103.65 6.2 0.87
Telenor 159.55 157.30 2.25 1.43 8.95 5.9 7.95
Based on the FT Global 500 companies in local currency

FT 500: BOTTOM 20

Close Prev Day Week Month
price price change change % change change % change %

RollsRoyce 123.40 113.60 9.80 8.63 -25.85 -17.3 -99.46
Midea 0.68 0.67 0.01 1.49 -0.14 -17.1 -1.45
Bayer 46.77 44.94 1.84 4.08 -7.44 -13.7 -13.72
CaixaBnk 1.72 1.72 -0.01 -0.38 -0.18 -9.4 -15.88
Halliburton 11.70 11.31 0.39 3.45 -1.06 -8.3 -26.89
Suncor En 15.96 15.95 0.01 0.06 -1.30 -7.5 -21.10
BP 217.80 214.40 3.40 1.59 -16.65 -7.1 -99.15
PetroChina 2.24 2.27 -0.03 -1.32 -0.17 -7.1 -12.84
Takeda Ph 3650.00 3621.00 29.00 0.80 -275.00 -7.0 -5.15
AstellasPh 1509.00 1513.50 -4.50 -0.30 -113.00 -7.0 -6.96
ImpOil 15.57 15.56 0.01 0.03 -1.15 -6.9 -25.54
ChMinsheng 3.99 4.06 -0.07 -1.72 -0.29 -6.8 -14.22
TrnCan 55.20 55.91 -0.71 -1.27 -4.00 -6.8 -7.23
MTR 37.90 38.25 -0.35 -0.92 -2.60 -6.4 -5.24
Ch Rail Gp 3.58 3.64 -0.06 -1.65 -0.22 -5.8 -5.79
Renault 21.78 21.19 0.59 2.78 -1.32 -5.7 -10.92
Citic Ltd 5.60 5.69 -0.09 -1.58 -0.33 -5.6 -17.86
CNOOC 7.36 7.45 -0.09 -1.21 -0.43 -5.5 -11.84
ExxonMb 33.43 32.98 0.45 1.36 -1.88 -5.3 -14.35
LasVegasSd 45.19 46.15 -0.96 -2.08 -2.43 -5.1 -13.01
Based on the FT Global 500 companies in local currency

BONDS: HIGH YIELD & EMERGING MARKET

Day's Mth's Spread
Red Ratings Bid Bid chge chge vs

Oct 05 date Coupon S* M* F* price yield yield yield US
High Yield US$
HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 -

High Yield Euro
Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98

Emerging US$
Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34
Colombia 01/26 4.50 - Baa2 BBB- 110.63 2.27 0.00 0.02 2.02
Brazil 04/26 6.00 - Ba2 BB- 116.90 2.68 -0.01 -0.03 2.43
Poland 04/26 3.25 - A2 A- 112.75 0.87 0.00 0.00 0.62
Mexico 05/26 11.50 - Baa1 BBB- 146.50 2.55 0.00 -0.09 2.30
Turkey 10/26 4.88 - B2 BB- 92.10 6.48 0.02 -0.14 6.23
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80
Russia 06/28 12.75 - Baa3 BBB 171.89 2.46 0.03 0.02 -
Brazil 02/47 5.63 - Ba2 BB- 108.55 5.04 -0.01 0.01 -

Emerging Euro
Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56
Mexico 04/23 2.75 - Baa1 BBB- 105.47 0.57 0.00 -0.02 0.43
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.

BONDS: GLOBAL INVESTMENT GRADE

Day's Mth's Spread
Red Ratings Bid Bid chge chge vs

Oct 05 date Coupon S* M* F* price yield yield yield US
US$
FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Euro
Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Yen
Mexico 06/26 1.09 - Baa1 BBB- 95.95 1.84 -0.01 0.00 1.59
£ Sterling
innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
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

Oct 05 Rate Current Since Last Mnth Ago Year Ago
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50
US Prime 4.75 30-10-2019 5.25 5.25 4.25
US Discount 2.65 30-09-2019 2.75 2.75 1.75
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00
UK Repo 0.10 19-03-2020 0.25 0.75 0.25
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25

INTEREST RATES: MARKET

Over Change One Three Six One
Oct 05 (Libor: Oct 02) night Day Week Month month month month year
US$ Libor 0.08125 -0.001 -0.844 0.001 0.14000 0.23350 0.24475 0.35750
Euro Libor -0.58757 0.001 -0.162 0.000 -0.57114 -0.52771 -0.49600 -0.43971
£ Libor 0.04988 -0.004 -0.174 -0.001 0.04450 0.05613 0.07850 0.15100
Swiss Fr Libor 0.005 -0.79800 -0.77100 -0.72400 -0.59980
Yen Libor 0.003 -0.08133 -0.10417 -0.05400 0.04450
Euro Euribor -0.002 -0.52800 -0.50500 -0.47300 -0.44900
Sterling CDs - - - -
US$ CDs - - - -
Euro CDs - - - -

Short 7 Days One Three Six One
Oct 05 term notice month month month year
Euro -0.74 -0.44 -0.71 -0.41 -0.68 -0.38 -0.65 -0.35 -0.65 -0.35 -0.65 -0.35
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04
Swiss Franc - - - - - - - - - - - -
Canadian Dollar - - - - - - - - - - - -
US Dollar 0.07 0.37 -0.03 0.27 0.01 0.31 0.08 0.38 0.10 0.40 0.19 0.49
Japanese Yen -0.20 0.00 -0.35 -0.15 -0.20 0.10 -0.20 0.10 -0.25 0.05 -0.20 0.10
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

BOND INDICES

Day's Month's Year Return Return
Index change change change 1 month 1 year

Markit IBoxx
ABF Pan-Asia unhedged 216.11 -0.03 0.15 4.11 0.35 7.54
Corporates( £) 392.51 -0.13 -0.19 4.29 -0.43 4.18
Corporates($) 332.29 0.11 0.11 6.65 0.11 6.65
Corporates(€) 239.87 0.07 0.18 0.92 0.15 0.46
Eurozone Sov(€) 260.90 0.10 0.21 3.97 0.92 1.26
Gilts( £) 375.13 -0.24 -0.60 7.66 0.07 3.07
Global Inflation-Lkd 301.17 0.18 0.18 7.73 -1.05 7.65
Markit iBoxx £ Non-Gilts 382.19 -0.13 -0.21 4.32 -0.25 3.66
Overall ($) 283.08 0.03 0.03 8.04 0.03 8.04
Overall( £) 373.19 -0.21 -0.49 6.46 -0.02 3.12
Overall(€) 251.28 0.07 0.17 2.97 0.65 0.89
Treasuries ($) 264.80 -0.02 -0.02 9.34 -0.02 9.34

FTSE
Sterling Corporate (£) - - - - - -
Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73
Euro Emerging Mkts (€) 591.49 4.52 - - 2.09 26.15
Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64

CREDIT INDICES Day's Week's Month's Series Series
Index change change change high low

Markit iTraxx
Crossover 5Y 332.48 -8.09 -13.87 - 370.75 312.34
Europe 5Y 56.67 -1.41 -3.12 - 62.86 56.31
Japan 5Y 67.77 -0.52 -0.98 - 70.25 66.90
Senior Financials 5Y 74.25 -2.10 -5.07 - 82.84 74.25

Markit CDX
Emerging Markets 5Y 228.08 3.54 -10.87 - 245.71 224.54
Nth Amer High Yld 5Y 404.56 1.53 - - 412.45 403.03
Nth Amer Inv Grade 5Y 59.81 1.38 0.69 - 60.42 52.55
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

COMMODITIES www.ft.com/commodities
Energy Price* Change
Crude Oil† Oct 38.60 1.59
Brent Crude Oil‡ 41.43 2.32
RBOB Gasoline† Oct 1.18 0.06
Heating Oil† - -
Natural Gas† Oct 2.55 0.09
Ethanol♦ - -
Uranium† Jul 33.80 -
Carbon Emissions‡ - -
Diesel† - -
Base Metals (♠ LME 3 Months)
Aluminium 1779.00 18.00
Aluminium Alloy 1550.00 0.00
Copper 6535.00 -10.00
Lead 1761.50 -10.00
Nickel 14555.00 245.00
Tin 18035.00 165.00
Zinc 2329.50 14.00
Precious Metals (PM London Fix)
Gold 1903.05 1.05
Silver (US cents) 2386.50 24.50
Platinum 891.00 -7.00
Palladium 2312.00 -22.00
Bulk Commodities
Iron Ore 123.15 0.00
GlobalCOAL RB Index 61.15 -0.60
Baltic Dry Index 2071.00 51.00

Agricultural & Cattle Futures Price* Change
Corn♦ Dec 380.50 1.00
Wheat♦ Dec 584.25 11.00
Soybeans♦ Nov 1021.50 1.50
Soybeans Meal♦ Oct 347.50 -1.20
Cocoa (ICE Liffe)X Dec 1724.00 -4.00
Cocoa (ICE US)♥ Dec 2479.00 3.00
Coffee(Robusta)X Nov 1269.00 -33.00
Coffee (Arabica)♥ Dec 106.95 -2.45
White SugarX 372.00 -1.90
Sugar 11♥ 13.65 0.07
Cotton♥ Dec 66.48 0.63
Orange Juice♥ Nov 112.25 0.80
Palm Oil♣ - -
Live Cattle♣ Oct 108.20 0.00
Feeder Cattle♣ Oct 134.88 -
Lean Hogs♣ Oct 74.48 0.00

% Chg % Chg
Oct 02 Month Year

S&P GSCI Spt 347.65 0.15 -12.97
DJ UBS Spot 71.14 -1.72 -8.71
TR/CC CRB TR 156.66 -1.49 -14.36
M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05
UBS Bberg CMCI TR 13.20 4.85 -4.74
LEBA EUA Carbon 26.85 2.29 15.88
LEBA CER Carbon 0.29 1350.00 38.10
LEBA UK Power 1455.00 39.90 -54.46

Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.

BONDS: INDEX-LINKED

Price Yield Month Value No of
Oct 02 Oct 02 Prev return stock Market stocks

Can 4.25%' 21 105.05 -0.101 -0.114 -0.13 8.41 96542.95 8
Fr 0.10%' 21 103.80 -0.744 -0.738 0.04 11.35 241745.93 15
Swe 0.25%' 22 110.18 -0.711 -0.717 -0.01 26.51 198342.06 7
UK 1.875%' 22 110.37 -2.803 -2.881 -0.25 15.74 793565.44 28
UK 2.5%' 24 360.26 -2.924 -2.991 -0.24 6.82 793565.44 28
UK 2%' 35 303.91 -2.704 -2.746 -0.31 9.08 793565.44 28
US 0.625%' 21 - - - - - - -
US 3.625%' 28 136.86 -1.062 -1.073 -0.18 16.78 1603771.34 42
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS

Spread Spread
Bid vs vs

Yield Bund T-Bonds

Spread Spread
Bid vs vs

Yield Bund T-Bonds

Australia 0.92 - 0.28
Austria - - -
Canada 0.55 - -0.09
Denmark -0.42 - -1.06
Finland -0.32 - -0.96
Germany - - -
Ireland -0.21 - -0.85
Italy 0.30 - -0.34
Japan -0.02 - -0.66

Netherlands -0.63 - -
New Zealand 0.51 - -0.13
Norway 0.62 - -0.02
Portugal -0.17 - -
Spain 0.12 - -0.52
Sweden -1.45 - -2.09
Switzerland -0.50 - -1.14
United Kingdom - - -
United States 0.64 - 0.00

Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.

VOLATILITY INDICES

Oct 05 Day Chng Prev 52 wk high 52 wk low
VIX 28.70 1.07 27.63 85.42 11.42
VXD 27.64 0.05 27.59 71.05 2.47
VXN 35.87 -0.57 36.44 84.67 13.58
VDAX 27.62 -0.64 28.26 93.30 -
† CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
‡ Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT

Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld

Australia 11/22 2.25 104.39 0.18 -0.01 0.01 0.01 -0.45
05/32 1.25 103.61 0.92 -0.07 -0.02 0.00 -

Austria - - - - - - -
02/47 1.50 136.29 0.10 0.00 -0.01 -0.01 -0.19

Belgium 09/22 1.00 103.11 -0.61 0.00 0.00 -0.01 0.04
Canada 11/22 2.00 103.75 0.22 0.01 0.01 0.01 -1.26

06/30 1.25 106.55 0.55 0.01 0.03 0.00 -0.79
Denmark 11/22 0.25 101.81 -0.60 -0.01 0.01 0.00 0.21

11/29 0.50 108.55 -0.42 0.00 0.01 -0.01 0.10
Finland 04/23 1.50 105.56 -0.68 0.00 0.00 -0.01 0.01

04/31 0.75 111.50 -0.32 0.00 0.00 -0.01 -0.12
France 10/22 2.25 106.02 -0.65 0.00 0.00 -0.01 0.06

05/26 0.50 106.11 -0.56 0.00 -0.01 -0.02 -0.09
Germany - - - - - - -

02/23 1.50 105.36 -0.74 -0.01 -0.01 -0.01 0.07
02/26 0.50 106.75 -0.73 0.00 0.00 -0.01 0.01
08/50 0.00 102.99 -0.10 0.01 0.00 -0.01 -0.07

Greece 02/26 3.65 117.30 0.94 -0.03 -0.06 -0.06 -0.63
Ireland 10/22 0.00 101.15 -0.56 -0.01 -0.01 -0.02 -0.03

05/30 2.40 125.37 -0.21 0.00 0.00 -0.01 -0.30
05/30 2.40 125.37 -0.21 0.00 0.00 -0.01 -0.30

Italy 08/22 0.90 102.13 -0.27 -0.03 -0.06 -0.05 -0.21
02/25 0.35 101.10 0.09 -0.04 -0.08 -0.07 -0.26
05/30 0.40 100.90 0.30 -0.06 -0.12 -0.09 -
03/48 3.45 140.34 1.62 -0.05 -0.10 -0.07 -0.29

Japan 04/23 0.05 99.99 0.05 -0.01 0.01 0.00 -
04/25 0.05 100.05 0.04 -0.01 0.01 0.00 -
12/29 0.10 101.07 -0.02 -0.01 0.00 -0.01 -
12/49 0.40 94.96 0.59 -0.01 0.00 0.00 -

Netherlands 07/22 2.25 105.22 -0.67 -0.01 -0.01 -0.01 0.13
07/26 0.50 106.66 -0.63 0.00 -0.01 -0.01 -0.04

New Zealand 04/25 2.75 112.30 0.03 -0.02 0.06 0.00 -0.81
05/31 1.50 110.19 0.51 -0.02 0.04 0.00 -0.69
05/31 1.50 110.19 0.51 -0.02 0.04 0.00 -0.69

Norway 08/30 1.38 107.16 0.62 0.00 0.01 0.01 -
08/30 1.38 107.16 0.62 0.00 0.01 0.01 -

Portugal 10/22 2.20 105.66 -0.56 -0.02 0.01 -0.01 -0.11
02/26 3.30 118.79 -0.17 -0.02 -0.03 -0.02 -0.15

Spain 10/22 0.45 101.96 -0.49 -0.01 -0.02 -0.01 -0.07
10/29 0.60 104.36 0.12 -0.01 -0.03 -0.03 -0.06

Sweden 06/22 0.25 110.18 -0.73 0.01 0.01 -0.01 1.25
06/26 0.13 116.52 -1.28 -0.01 -0.03 -0.05 0.77
06/30 0.13 116.84 -1.45 -0.02 -0.05 -0.05 -

Switzerland 05/22 2.00 104.67 -0.82 0.00 -0.01 0.00 0.07
05/30 0.50 109.88 -0.50 0.01 0.00 0.00 0.17

United Kingdom - - - - - - -
07/22 0.50 100.95 -0.03 0.02 0.04 0.00 -0.34
07/26 1.50 108.88 -0.03 0.01 0.05 0.01 -0.30
07/47 1.50 116.40 0.82 0.03 0.10 0.05 -0.17

United States 03/22 0.38 100.34 0.14 0.00 0.00 0.01 -
03/25 0.50 101.10 0.25 0.01 0.02 0.01 -
02/30 1.50 107.77 0.64 0.01 0.03 0.01 -
02/50 0.25 117.93 - - - - -

Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.

GILTS: UK CASH MARKET

Red Change in Yield 52 Week Amnt
Oct 05 Price £ Yield Day Week Month Year High Low £m

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

Tr 1.5pc '21 100.44 0.01 -200.00 -133.33 -150.00 -97.87 101.38 100.44 32.84
Tr 4pc '22 105.71 -0.02 -33.33 -60.00 -75.00 -107.14 109.08 105.71 38.77
Tr 5pc '25 122.43 -0.07 -12.50 -36.36 -22.22 -125.93 125.74 121.74 35.84
Tr 1.25pc '27 108.01 0.07 40.00 600.00 133.33 -77.42 109.23 103.96 36.34
Tr 4.25pc '32 143.77 0.41 10.81 28.13 17.14 -31.67 148.26 137.84 38.71
Tr 4.25pc '36 153.54 0.61 7.02 19.61 8.93 -22.78 160.46 145.12 30.41
Tr 4.5pc '42 175.00 0.80 5.26 17.65 8.11 -14.89 186.37 162.55 27.21
Tr 3.75pc '52 181.44 0.83 5.06 16.90 7.79 -11.70 198.36 164.59 24.10
Tr 4pc '60 207.87 0.80 5.26 19.40 8.11 -9.09 231.12 186.33 24.12
Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.

GILTS: UK FTSE ACTUARIES INDICES

Price Indices Day's Total Return Return
Fixed Coupon Oct 03 chg % Return 1 month 1 year Yield
1 Up to 5 Years 89.68 -0.04 2489.90 -0.09 0.99 -0.07
2 5 - 10 Years 187.85 -0.12 3821.36 -0.02 2.12 0.09
3 10 - 15 Years 226.92 -0.20 4904.41 -0.05 2.98 0.38
4 5 - 15 Years 196.56 -0.16 4085.65 -0.04 2.34 0.24
5 Over 15 Years 397.42 -0.53 6505.28 0.16 4.04 0.76
7 All stocks 193.50 -0.30 4128.77 0.04 2.82 0.62

Day's Month Year's Total Return Return
Index Linked Oct 03 chg % chg % chg % Return 1 month 1 year
1 Up to 5 Years 305.02 -0.23 -0.25 -3.02 2512.26 -0.23 -1.31
2 Over 5 years 833.38 -0.77 1.76 -0.20 6295.84 1.80 0.16
3 5-15 years 520.01 -0.50 -0.13 -1.98 4136.74 -0.08 -1.28
4 Over 15 years 1096.54 -0.87 2.50 0.52 8067.36 2.54 0.76
5 All stocks 740.87 -0.72 1.58 -0.38 5699.04 1.62 0.15

Yield Indices Oct 03 Oct 02 Yr ago Oct 03 Oct 02 Yr ago
5 Yrs -0.08 -0.10 0.17 20 Yrs 0.79 0.77 0.96
10 Yrs 0.30 0.28 0.48 45 Yrs 0.73 0.71 0.86
15 Yrs 0.63 0.60 0.81

inflation 0% inflation 5%
Real yield Oct 03 Dur yrs Previous Yr ago Oct 03 Dur yrs Previous Yr ago
Up to 5 yrs -2.74 3.03 -2.81 -2.62 -3.11 3.03 -3.19 -3.10
Over 5 yrs -2.27 24.25 -2.30 -2.19 -2.29 24.30 -2.32 -2.21
5-15 yrs -2.82 9.67 -2.87 -2.79 -2.92 9.67 -2.97 -2.85
Over 15 yrs -2.20 29.37 -2.23 -2.13 -2.22 29.38 -2.25 -2.15
All stocks -2.28 22.41 -2.31 -2.20 -2.30 22.48 -2.33 -2.23
See FTSE website for more details www.ftse.com/products/indices/gilts
©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
Gilt Closing Prices information contained herein is proprietary to
Tradeweb; may not be copied or re-distributed; is not warranted to be
accurate, complete or timely; and does not constitute investment advice.
Tradeweb is not responsible for any loss or damage that might result from the use of this information.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
use of the listed information. For all queries e-mail [email protected]

Data provided by Morningstar | www.morningstar.co.uk

OCTOBER 6 2020 Section:Stats Time: 5/10/2020 - 18:29 User: gerry.white Page Name: MARKET DATA 2, Part,Page,Edition: USA, 13, 1

Page 14

14 ★ FINANCIAL TIMES Tuesday 6 October 2020

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield

Aberdeen Standard Capital (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised

Aberdeen Standard Capital Offshore Strategy Fund Limited

Bridge Fund £ 2.1060 - -0.0069 1.79

Global Equity Fund £ 2.9698 - -0.0154 1.10

Global Fixed Interest Fund £ 0.9491 - -0.0010 4.24

Income Fund £ 0.6048 - 0.0011 2.60

Sterling Fixed Interest Fund £ 0.8940 - -0.0015 3.01

UK Equity Fund £ 1.7685 - 0.0323 3.09

Aegon Asset Management UK ICVC (UK)
3 Lochside Crescent, Edinburgh, EH12 9SA
0800 358 3009 www.aegonam.com
Authorised Funds
Global Equity GBP B Acc £ 2.73 - 0.01 0.00

Aegon Asset Management Investment Company (Ireland) (IRL)
1 North Wall Quay Dublin 1, Ireland +35 3162 24493
FCA Recognised
Absolute Return Bond B GBP Acc 1143.01 - -0.03 1.61

High Yield Global Bond A GBP Inc 487.23 - 0.05 4.49

High Yield Global Bond B GBP Inc 1041.71 - 0.16 5.23

Global Equity Income B GBP Acc 1918.27 - -4.61 0.00

Global Equity Income B GBP Inc 1455.44 - -8.32 3.19

lobal Equity Market Neutral Fund - B Acc GBP £ 11.88 - -0.06 0.00

Global Sustainable Equity B Acc GBP £ 24.11 - 0.02 0.00

Global Sustainable Equity C Acc GBP £ 24.44 - 0.03 0.00

Inv Grd Gbl Bond A Inc GBH 615.11 - -1.64 1.81

Short Dated High Yld Bd B Acc GBP £ 10.62 - 0.00 0.00

Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.72 - 0.00 0.00

Strategic Global Bond A GBP Inc 1262.96 - -2.61 2.70

Strategic Global Bond B GBP Inc 717.27 - -1.43 3.45

Algebris Investments (IRL)
Regulated
Algebris Financial Credit I EUR € 178.64 - -0.25 0.00

Algebris Financial Credit R EUR € 155.63 - -0.23 0.00

Algebris Financial Credit Rd EUR € 106.02 - -0.15 4.97

Algebris Financial Income I EUR € 129.87 - 0.35 0.00

Algebris Financial Income R EUR € 120.52 - 0.33 0.00

Algebris Financial Income Rd EUR € 80.36 - 0.22 4.58

Algebris Financial Equity B EUR € 82.33 - 1.00 0.00

Algebris IG Financial Credit B EUR € 106.30 - 0.01 -

Algebris IG Financial Credit R EUR € 105.64 - 0.01 -

Algebris Global Credit Opportunities I EUR € 122.52 - -0.28 0.00

Algebris Global Credit Opportunities R EUR € 120.49 - -0.29 0.00

Algebris Global Credit Opportunities Rd EUR € 120.49 - -0.29 0.00

Algebris Core Italy I EUR € 106.40 - 0.15 0.00

Algebris Core Italy R EUR € 99.65 - 0.14 0.00

Algebris Allocation I EUR € 95.97 - 0.20 0.00

The Antares European Fund Limited
Other International

AEF Ltd Usd (Est) $ 593.88 - 5.03 0.00

AEF Ltd Eur (Est) € 556.01 - -1.54 0.00

Arisaig Partners
Other International Funds

Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 116.58 - 0.65 0.00

Arisaig Asia Consumer Fund Limited $ 115.52 - 0.72 0.00

Arisaig Global Emerging Markets Consumer Fund $ 14.65 - 0.17 0.00

Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 -

Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 -

Arisaig Latin America Consumer Fund $ 22.17 - 0.39 0.00

Artemis Fund Managers Ltd (1200)F (UK)
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis Corporate Bond I Acc £ 1.10 - 0.01 -

Artemis Target Return Bond I Acc £ 1.04 - 0.00 -

Fund Bid Offer D+/- Yield

Ashmore Investment Management Limited (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 87.43 - -0.34 5.35

Ashmore SICAV Emerging Market Frontier Equity Fund $ 145.89 - -0.24 1.61

Ashmore SICAV Emerging Market Total Return Fund $ 76.14 - -0.26 4.62

Ashmore SICAV Global Small Cap Equity Fund $ 174.10 - -0.53 0.03

EM Active Equity Fund Acc USD $ 134.03 - -0.66 0.00

EM Equity Fund Acc USD $ 120.78 - -0.70 0.00

EM Mkts Corp.Debt USD F $ 86.02 - -0.01 6.36

EM Mkts Loc.Ccy Bd USD F $ 72.53 - -0.19 5.09

EM Short Duration Fund Acc USD $ 114.56 - -0.54 0.00

Atlantas Sicav (LUX)
Regulated
American Dynamic $ 5580.62 5580.62 117.23 0.00

American One $ 5683.30 5683.30 129.73 0.00

Bond Global € 1510.42 1510.42 2.42 0.00

Eurocroissance € 1179.53 1179.53 19.72 0.00

Far East $ 1088.97 - -0.15 0.00

Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised

Bond Funds

Sterling Bond F £ 0.50 - 0.00 2.18

CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
Diversified Income 1 Units GBP Inc £ 1.51 1.51 0.00 0.03

Diversified Income 2 Units GBP Inc £ 1.46 1.46 0.00 0.03

Diversified Income 3 Units GBP Inc £ 1.47 1.47 0.01 0.03

CG Asset Management Limited (IRL)
25 Moorgate, London, EC2R 6AY
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
FCA Recognised

CG Portfolio Fund Plc

Absolute Return Cls M Inc £ 129.73 129.73 -0.43 1.43

Capital Gearing Portfolio GBP P £ 35089.44 35089.44 -139.44 0.52

Capital Gearing Portfolio GBP V £ 170.65 170.65 -0.68 0.20

Dollar Fund Cls D Inc £ 177.15 177.15 -1.04 1.78

Dollar Hedged GBP Inc £ 107.19 107.19 -0.08 1.77

Real Return Cls A Inc £ 214.87 214.87 -1.21 2.05

Chartered Asset Management Pte Ltd
Other International Funds

CAM-GTF Limited $ 291202.13 291202.13 2200.92 0.00

CAM GTi Limited $ 889.21 - 24.41 -

Raffles-Asia Investment Company $ 1.50 1.50 0.06 1.99

Dodge & Cox Worldwide Funds (IRL)
6 Duke Street,St.James,London SW1Y 6BN
www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised

Dodge & Cox Worldwide Funds plc - Global Bond Fund

EUR Accumulating Class € 14.77 - 0.05 0.00

EUR Accumulating Class (H) € 11.12 - 0.00 0.00

EUR Distributing Class € 11.60 - 0.04 3.83

EUR Distributing Class (H) € 8.70 - 0.00 3.93

GBP Distributing Class £ 12.81 - -0.05 3.89

GBP Distributing Class (H) £ 9.15 - 0.00 4.26

USD Accumulating Class $ 12.48 - 0.00 0.00

Dodge & Cox Worldwide Funds plc-Global Stock Fund

USD Accumulating Share Class $ 20.14 - 0.00 0.00

GBP Accumulating Share Class £ 25.61 - -0.10 0.00

GBP Distributing Share class £ 17.68 - -0.07 1.41

EUR Accumulating Share Class € 25.82 - 0.07 0.00

GBP Distributing Class (H) £ 9.83 - 0.00 1.16

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

USD Accumulating Share Class $ 25.75 - 0.01 0.00

GBP Accumulating Share Class £ 30.97 - -0.09 0.00

GBP Distributing Share Class £ 18.91 - -0.05 1.07

EUR Accumulating Share Class € 28.51 - 0.10 0.00

GBP Distributing Class (H) £ 10.69 - 0.00 1.12

Dragon Capital Group
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: [email protected]

Other International Funds

Vietnam Equity (UCITS) Fund A USD $ 21.26 - 0.15 0.00

Fund Bid Offer D+/- Yield

Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised
Ennismore European Smlr Cos NAV £ 121.77 - -0.16 0.00

Ennismore European Smlr Cos NAV € 133.51 - -0.91 0.00

Ennismore European Smlr Cos Hedge Fd
Other International Funds

NAV € 475.70 - -9.58 0.00

Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 179.78 - 1.60 0.00

Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares € 49.81 - -0.89 0.00

Smaller Cos Cls Two Shares € 32.90 - -0.53 0.00

Smaller Cos Cls Three Shares € 16.57 - -0.26 0.00

Smaller Cos Cls Four Shares € 21.29 - -0.34 0.00

FIL Investment Services (UK) Limited (1200)F (UK)
130, Tonbridge Rd, Tonbridge TN11 9DZ
Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181

OEIC Funds

Fidelity American Fund W-ACC-GBP £ 50.80 - 0.17 0.33

Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66

FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.01 - 0.01 -

Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.96 - 0.02 3.82

Fidelity Global Focus Fund W-ACC-GBP £ 30.10 - 0.25 0.22

Fidelity Global High Yield Fund Y-ACC-GBP £ 14.70 - 0.01 3.83

Fidelity Japan Fund W-ACC-GBP £ 4.63 - 0.07 0.61

Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.97 - 0.02 0.37

Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.09 - -0.01 0.75

Fidelity Special Situations Fund W-ACC-GBP £ 29.05 - 0.49 3.95

Short Dated Corporate Bond Fund Y ACC GBP £ 10.92 - 0.00 3.91

Fidelity Sustainable Water & Waste W Acc £ 1.04 - 0.02 -

Fidelity Sustainable Water & Waste W Inc £ 1.04 - 0.02 -

Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 -

Fidelity UK Select Fund W-ACC-GBP £ 2.99 - 0.06 2.50

Institutional OEIC Funds

Europe (ex-UK) Fund ACC-GBP £ 6.63 - 0.06 -

Findlay Park Funds Plc (IRL)
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
American EUR Unhedged Class € 122.89 - -1.38 -

American Fund USD Class $ 143.96 - -1.87 0.00

American Fund GBP Hedged £ 72.64 - -0.95 0.00

American Fund GBP Unhedged £ 111.28 - -2.04 0.00

Foord Asset Management
Website: www.foord.com - Email: [email protected]

FCA Recognised - Luxembourg UCITS

Foord International Fund | R $ 42.22 - 0.02 -

Foord Global Equity Fund (Lux) | R $ 15.08 - -0.12 -

Regulated

Foord Global Equity Fund (Sing) | B $ 18.45 - -0.13 0.00

Foord International Trust (Gsy) $ 42.00 - 0.02 0.00

Franklin Templeton International Services Sarl (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds

Franklin Emerging Market Debt Opportunities Fund Plc

Franklin Emg Mkts Debt Opp CHFSFr 13.92 - 0.00 10.87

Franklin Emg Mkts Debt Opp GBP £ 9.09 - -0.02 7.72

Franklin Emg Mkts Debt Opp SGD S$ 19.94 - -0.01 5.37

Franklin Emg Mkts Debt Opp USD $ 15.75 - -0.02 7.45

GAM
[email protected], www.funds.gam.com
Regulated
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 95.22 - -0.43 4.82

LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 95.32 - -0.56 -

Genesis Investment Management LLP
Other International Funds

Emerging Mkts NAV £ 7.21 - -0.16 0.00

HPB Assurance Ltd
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490

International Insurances

Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00

Holiday Property Bond Ser 2 £ 0.62 - -0.01 0.00

Fund Bid Offer D+/- Yield

Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR € 22.00 - -0.02 -

IVI European Fund GBP £ 26.53 - -0.21 -

Janus Henderson Investors (UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.janushenderson.com
Authorised Inv Funds
Janus Henderson Instl UK Idx Opps A Acc £ 0.85 - 0.01 -

Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds

Lloyds Investment Funds Limited

Euro High Income € 1.5360xd - 0.0010 2.33

High Income £ 0.8684xd - -0.0005 3.78

Sterling Bond £ 1.5910xd - -0.0020 2.16

Lloyds Multi Strategy Fund Limited

Conservative Strategy £ 1.2830 - -0.0030 0.00

Growth Strategy £ 1.7870 - -0.0080 0.00

Aggressive Strategy £ 2.4210 - -0.0150 0.00

Global USD Growth Strategy $ 1.7180 - -0.0070 0.00
Dealing Daily

M & G Securities (1200)F (UK)
PO Box 9038, Chelmsford, CM99 2XF
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Authorised Inv Funds
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.25 - 0.00 -

M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.53 - -0.02 -

M&G Charity Multi Asset Fund Inc £ 0.76 - 0.00 -

M&G Charity Multi Asset Fund Acc £ 83.33 - 0.95 -

MMIP Investment Management Limited (GSY)
Regulated

Multi-Manager Investment Programmes PCC Limited

UK Equity Fd Cl A Series 01 £ 2198.02 2234.80 185.86 0.00

Diversified Absolute Rtn Fd USD Cl AF2 $ 1618.37 - 50.85 0.00

Diversified Absolute Return Stlg Cell AF2 £ 1524.28 - 43.83 0.00

Global Equity Fund A Lead Series £ 1494.62 1499.51 48.24 -

Marwyn Asset Management Limited (CYM)
Regulated
Marwyn Value Investors £ 340.40 - -14.66 0.00

Milltrust International Managed Investments ICAV (IRL)
[email protected], +44(0)20 8123 8369 www.milltrust.com
Regulated
British Innovation Fund £ 123.94 - 23.92 0.00

MAI - Buy & Lease (Australia) A$ 123.94 - 21.42 0.00

MAI - Buy & Lease (New Zealand)NZ$ 98.28 - 0.99 0.00

Milltrust Global Emerging Markets Fund - Class A $ 100.98 - 0.33 0.00

The Climate Impact Asia Fund (Class A) $ 101.81 - 0.21 -

Milltrust International Managed Investments SPC
[email protected], +44(0)20 8123 8369, www.milltrust.com
Regulated
Milltrust Alaska Brazil SP A $ 61.80 - 0.74 -

Milltrust Laurium Africa SP A $ 78.67 - 0.74 -

Milltrust Singular ASEAN SP Founders $ 124.12 - -1.28 -

Milltrust SPARX Korea Equity SP A $ 136.90 - 0.47 -

Milltrust Xingtai China SP A $ 135.26 - 1.42 -

New Capital UCITS Fund PLC (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
www.newcapitalfunds.com
FCA Recognised

New Capital UCITS Funds

New Capital China Equity Fund $ 236.89 - 3.38 0.00

New Capital Dynamic European Equity Fund € 124.47 - 0.30 0.00

New Capital Dynamic UK Equity Fund £ 108.89 - 0.16 0.00

New Capital Global Alpha Fund £ 112.74 - -0.22 0.00

New Capital Global Equity Conviction Fund $ 179.57 - -0.85 0.00

New Capital Global Value Credit Fund $ 156.57 - -0.15 0.00

New Capital Japan Equity Fund ¥ 1448.22 - -12.47 0.00

Fund Bid Offer D+/- Yield

New Capital US Growth Fund $ 393.00 - -7.43 0.00

New Capital US Small Cap Growth Fund $ 174.52 - -1.51 0.00

New Capital Wealthy Nations Bond Fund $ 152.01 - -0.25 0.00

Oasis Crescent Management Company Ltd
Other International Funds

Oasis Crescent Equity Fund R 10.64 - 0.06 0.74

Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated

Oasis Crescent Global Investment Fund (Ireland) plc

Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.99 - 0.00 2.16

Oasis Crescent Global Equity Fund $ 31.47 - -0.23 0.50

Oasis Crescent Variable Balanced Fund £ 8.87 - -0.02 0.00

OasisCresGl Income Class A $ 10.95 - -0.01 2.70

OasisCresGl LowBal D ($) Dist $ 11.88 - -0.03 1.05

OasisCresGl Med Eq Bal A ($) Dist $ 12.79 - -0.04 0.37

Oasis Crescent Gbl Property Eqty $ 7.46 - 0.07 1.55

Omnia Fund Ltd
Other International Funds

Estimated NAV $ 595.25 - 11.14 0.00

Oryx International Growth Fund Ltd
Other International Funds

NAV (Fully Diluted) £ 9.10 - -0.52 0.00

Orbis Investments (U.K.) Limited (GBR)
28 Dorset Square, London, NW1 6QG
www.orbis.com 0800 358 2030
Regulated
Orbis OEIC Global Cautious Standard £ 9.89 - -0.03 0.03

Orbis OEIC Global Balanced Standard £ 13.90 - -0.10 0.00

Orbis OEIC Global Equity Standard £ 17.28 - -0.11 0.00

Orbis OEIC UK Equity Standard £ 6.43 - -0.04 0.00

Platinum Capital Management Ltd
Other International Funds

Platinum All Star Fund - A $ 136.11 - - -

Platinum Global Growth UCITS Fund $ 12.67 - 0.17 0.00

Platinum Essential Resources UCITS Fund SICAV USD Class E $ 6.83 - -0.03 0.00

Platinum Global Dividend UCITS Fund $ 52.65 - 0.09 0.00

Polar Capital Funds Plc (IRL)
Regulated
Automation & Artificial Intelligence CL I USD Acc $ 15.17 15.17 -0.20 0.00

Asian Financials I USD $ 381.32 381.32 2.28 0.00

Biotechnology I USD $ 34.67 34.67 -0.59 0.00

Emerging Market Stars I USD Acc $ 12.96 - -0.06 0.00

European Ex UK Inc EUR Acc € 10.47 10.47 0.01 0.00

Financial Opps I USD $ 10.92 - 0.04 2.45

GEM Income I USD $ 11.06 - -0.02 0.00

Global Convertible I USD $ 14.91 14.91 -0.02 0.00

Global Insurance I GBP £ 6.62 - 0.03 0.00

Global Technology I USD $ 76.14 - -1.28 0.00

Healthcare Blue Chip Fund I USD Acc $ 15.07 15.07 -0.15 0.00

Healthcare Opps I USD $ 56.78 - -0.31 0.00

Income Opportunities B2 I GBP Acc £ 2.05 2.05 -0.01 -

Japan Value I JPY ¥ 105.51 105.51 2.25 0.00

North American I USD $ 26.19 26.19 -0.21 0.00

UK Val Opp I GBP Acc £ 10.09 10.09 0.17 0.00

Fund Bid Offer D+/- Yield

Polar Capital LLP (CYM)
Regulated
European Forager A EUR € 172.79 - -2.41 0.00

Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 29/09/2020 £ 481.64 486.21 5.04 1.59

Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 156.24 - 1.20 4.98

Prusik Asia Emerging Opportunities Fund A Acc $ 157.49 - -0.77 0.00

Prusik Asia Fund U Dist. £ 206.64 - 0.27 0.00

Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 268.38 - -0.52 0.00

PCG C 262.32 - -0.51 0.00

Ram Active Investments SA
www.ram-ai.com
Other International Funds
RAM Systematic Emerg Markets Eq $ 184.93 184.93 -0.54 -

RAM Systematic European Eq € 440.60 440.60 -0.04 -

RAM Systematic Funds Global Sustainable Income Eq $ 116.27 116.27 0.28 0.00

RAM Systematic Long/Short Emerg Markets Eq $ 105.52 105.52 0.15 -

RAM Systematic Long/Short European Eq € 142.63 142.63 0.08 -

RAM Systematic North American Eq $ 325.13 325.13 -3.38 -

RAM Tactical Global Bond Total Return € 154.28 154.28 -0.03 -

RAM Tactical II Asia Bond Total Return $ 153.48 153.48 0.05 -

Ruffer LLP (1000)F (UK)
65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds

Authorised Corporate Director - Link Fund Solutions

LF Ruffer European C Acc 676.40 - -6.13 0.06

LF Ruffer European C Inc 123.43 - -1.12 0.10

LF Ruffer European O Acc 660.04 - -6.03 0.00

LF Ruffer Equity & General C Acc 441.85 - -3.59 0.20

LF Ruffer Equity & General C Inc 404.10 - -3.28 0.20

LF Ruffer Equity & General O Acc 431.20 - -3.53 0.00

LF Ruffer Equity & General O Inc 399.22 - -3.27 0.00

LF Ruffer Gold C Acc 332.75 - -8.19 0.00

LF Ruffer Gold C Inc 201.39 - -4.96 0.00

LF Ruffer Gold O Acc 324.61 - -8.01 0.00

LF Ruffer Japanese C Inc 153.08 - -0.97 0.09

LF Ruffer Japanese C Acc 328.95 - -2.08 0.09

LF Ruffer Pacific & Emerging Markets C Acc 359.15 - -2.87 0.87

LF Ruffer Pacific & Emerging Markets C Inc 97.88 - -0.78 0.88

LF Ruffer Pacific & Emerging Markets O Acc 350.16 - -2.82 0.55

LF Ruffer Total Return C Acc 482.72 - -1.27 0.87

LF Ruffer Total Return C Inc 312.39 - -0.82 0.88

LF Ruffer Total Return O Acc 471.04 - -1.26 0.87

LF Ruffer Total Return O Inc 304.66 - -0.82 0.88

RobecoSAM (LUX)
Tel. +41 44 653 10 10 http://www.robecosam.com/
Regulated
RobecoSAM Sm.Energy/A £ 23.94 - -0.38 1.27

RobecoSAM Sm.Energy/N € 22.06 - -0.19 0.00

RobecoSAM Sm.Materials/A £ 198.85 - -1.86 1.55

RobecoSAM Sm.Materials/N € 207.75 - -0.47 0.00

RobecoSAM Sm.Materials/Na € 135.48 - -0.31 1.55

RobecoSAM S.HealthyLiv/B € 231.66 - -0.18 0.00

RobecoSAM S.HealthyLiv/N € 223.78 - -0.16 0.00

RobecoSAM S.HealthyLiv/Na £ 167.67 - -1.31 1.39

RobecoSAM S.Water/A £ 294.99 - -0.95 1.44

RobecoSAM S.Water/N € 258.00 - 0.99 0.00

Rubrics Global UCITS Funds Plc (IRL)
www.rubricsam.com
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 136.56 - 0.00 0.00

Rubrics Global Credit UCITS Fund $ 17.40 - 0.00 0.00

Rubrics Global Fixed Income UCITS Fund $ 182.61 - -0.14 0.00

Fund Bid Offer D+/- Yield

Slater
Investments

Slater Investments Ltd (UK)
www.slaterinvestments.com; Tel: 0207 220 9460
FCA Recognised
Slater Growth 587.87 587.87 4.85 0.00

Slater Income A Inc 111.96 111.96 1.41 5.22

Slater Recovery 273.05 273.05 2.80 0.00

Slater Artorius 237.63 237.63 1.19 0.42

Stonehage Fleming Investment Management Ltd (IRL)
www.stonehagefleming.com/gbi
[email protected]
Regulated
SF Global Best Ideas Eq B USD ACC $ 223.67 - -1.86 0.00

SF Global Best Ideas Eq D GBP INC £ 262.36 - -3.56 0.10

Toscafund Asset Management LLP (UK)
www.toscafund.com
Authorised Funds
Aptus Global Financials B Acc £ 3.23 - 0.00 5.01

Aptus Global Financials B Inc £ 2.25 - -0.01 6.42

Toscafund Asset Management LLP
www.toscafund.com
Tosca A USD $ 321.86 - 44.14 -

Tosca Mid Cap GBP £ 144.18 - 26.67 -

Tosca Opportunity B USD $ 217.40 - 39.74 -

Pegasus Fund Ltd A-1 GBP £ 34.40 - 6.40 0.00

Troy Asset Mgt (1200) (UK)
65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds

Authorised Corporate Director - Link Fund Solutions

Trojan Investment Funds

Trojan Ethical O Acc 118.12 - -0.54 0.10

Trojan Ethical O Inc 117.89 - -0.54 0.09

WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector € 122.75 - 0.04 3.26

Zadig Gestion (Memnon Fund) (LUX)
FCA Recognised
Memnon European Fund - Class U2 GBP £ 188.31 - -1.47 0.00

Fund Bid Offer D+/- Yield

Data Provided by

www.morningstar.co.uk
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offer is made by Morningstar or this publication.

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OCTOBER 6 2020 Section:Stats Time: 5/10/2020 - 19:00 User: gerry.white Page Name: MANAGED FUNDS 4, Part,Page,Edition: EUR, 14, 1

Page 25

Tuesday 6 October 2020 ★ FINANCIAL TIMES 5

has a smartphone and [messaging app]
WeChat, so we can communicate and
build out production across the villages.”

Ms Chang’s involvement with tribal
designs is not the first time the Miao and
Dong craftspeople have attracted out-
side attention. Dutch collector Mieke
Gorter has assembled a rich array of
jewellery, accessories and costumes
from both tribes and organises tours of
the area with her local partner, Wu Zeng
Ou. Ms Gorter’s collection has been
exhibited in Rijswijk in the Netherlands.

“All the villages have different styles
and different jewellery to match. Some
wear simple costumes but with a lot of
jewellery,” she says. The jewellery
designs include head crowns, hairpins,
bracelets, earrings, necklaces (they
wear many at the same time), silver
combs, apron weights that are worn on
the back as a buckle, silver ornaments
on children’s hats, and ornaments on

girls aprons, and jackets, she adds. “Now
people make new jewellery for the Chi-
nese and foreign tourists — earrings,
brooches, bracelets, alpaca with
embroidery,” says Ms Gorter.

But as a clothing designer, Ms Chang’s
main focus has been textiles and cloth-
ing. By collaborating with the Tang’an
Dong Ethnic Eco-Museum in Guizhou,
she has benefited from an artisan work-
shop and dye facility the museum built
for her to use in the village. “They are
our local non-profit partner and liaison
with the artisans,” she says.

“In 2017, I received a grant from the
Smithsonian Institution [in Washington
DC] to create a training programme for
the artisans to begin hand-sewing the
clothes, so they could be made from
seed to button without electricity or fos-
sil fuels.”

As for the jewellery part: “Who knows
what the future holds?” says Ms Chang.

jewellery, opened her gallery in Italy last year specialising in
artistic jewellery. It hosts Japanese star jewellers, including
Kazumi Nagano. “I’m fascinated by the artists that work with
antique, ancient and traditional techniques, but exploring
their infinite possibilities and with unexpected and
absolutely contemporary results,” Ms Pedrosa says.

“That’s the case with Nagano. She was a Japanese painter
for many years before moving into artistic jewellery. She uses
origami to give shape to her pieces, but in a new and
unexpected way.” The artist’s work is in the permanent

A
n exhibition this summer at The Scottish Gallery
in Edinburgh, provided a showcase for art
jewellery by some of Japan’s leading female
jewellers. A Japanese Design helped draw
attention to this exotic jewellery niche. To this

day, it remains more popular overseas than in Japan.
The style of the pieces on show was as wide-ranging as the

designers’ skills. As gallery director Kirsty Sumerling
explains, the exhibition included “Miki Asai’s delicate
seashell and lacquer work, to Yoko Izawa’s feather-light,
hand-dyed nylon constructions, to the structural jewellery
from Etsuko Sonobe”.

International clients are drawn to Japanese designs
because of their use of “surprising” materials. “The hand-
dyed nylon used by Yoko Izawa allows her to create larger,
petal-like constructions that remain light and extremely
wearable,” says Ms Sumerling.

These designers each have a different starting point for
their work. “My work starts with a single line,” says Eriko
Unno, who is best-known for her cassette tape designs which
sell for between ¥50,000 and ¥300,000 ($475-$2,850).

“To give shape to the inspired image, I knit, twist,
entangle, and fold a single round wire, a thin ribbon-shaped
plate, or cassette tapes and threads to create a three-
dimensional object. These times are like a meditation for me
to ponder what I want to express,” she says.

“One day, I found old cassette tapes in the closet. Cassettes
I loved when I was young. I wanted to listen to the music
with nostalgia, but realised I had no device at home. I felt the
speed of change in our life. By creating works with cassette
tapes that contain impressive songs, I want to connect those
memories and industrial technology and life into my works.”

Ms Unno thinks of her pieces as jewellery rather than art,
despite their hybrid nature. “I would say it is jewellery,
because I think my work will only be completed when it
meets the wearer. People do sometimes collect my pieces just
to display,” she says.

From her base near Mount Fuji, she says: “In Japan, there
are still few people who think of jewellery as art. Most think
of jewellery as precious stones and metals. Some cannot
accept paying a lot for jewellery that does not use precious
metals and gems. I think this is due to the short history of
Japanese jewellery culture. The custom of wearing jewellery
began with the [late 19th-century] Meiji era. In Japan’s
jewellery world, it seems more difficult for females to be
independent and recognised than males,” she says.

Living in Denmark has helped Ms Unno’s contemporary,
Kaori Juzu, find her feet. “My pieces are art in a jewellery
form that people collect to both wear and display,” she says.

Based on the Baltic island of Bornholm, Ms Juzu sells
pieces through contemporary art jewellery galleries and
markets in Europe and the US for between €250 and
€2,800. She has upcoming exhibitions in Paris, Ireland,
the UK, Poland, the US and Japan.

“I have gained recognition in Denmark, even though I’m
not Danish,” she says. “The system to support artists in
Scandinavia is far better than Japan. I can’t find anything
that I can compare with the Danish system in Japan. In
Denmark and Europe, contemporary art jewellery has
gained recognition. In Japan, if it is not commercial, it is
difficult. Contemporary jewelleries are not yet ‘art’ enough.”

Several Japanese artists feature in galleries worldwide.
Thereza Pedrosa, who studied contemporary art and

Watches & Jewellery

collection at the Alice and Louis Koch Collection in Zurich
and in London’s Victoria and Albert Museum.

Equally original are the sculptural pieces by Kazuko
Nishibaya. “I describe my work as plain three-dimensional
sculptures in metal. In my design, the shape is important,
but just as important are the voids, the emerging interspaces
throughout the process of creation,” she says.

She does, however, have a problem with the term “art
jeweller”. “The word jewellery doesn’t translate into my
work,” she says. “For me, art and jewellery do not reside in
the same category, even though they share a similar process
of creation. Contemporary jewellery needs a new name, a
name of its own. ‘Wearable objects’ maybe.

“In my line of work you will find many more female than
male jewellers. I’d even say we are the majority. My teacher,
Minato Nakamura, is among them. Well known in Europe is
Etsuko Sonobe. Whereas in the academic world, you mainly
find male jewellers in prominent positions.”

Perhaps that explains why Yoshimi Kawabuchi from
Tokyo’s Gallery Deux Poissons is one of the few galleries in
Japan selling these pieces. Mr Kawabuchi works with
designers such as Kazuko Mitsushima (also on show in
Edinburgh) and opened the gallery in 2003. “Contemporary
jewellery is more popular in Europe, especially in Germany,”
he says. “Unfortunately, contemporary jewellery collectors
have hardly grown up in Japan.” Some of the artists he says

are popular in Japan, include Mitsushima, Sonobe,
Nagano and Môko Kobayashi.

Their works are among those sold by New
York gallery Charon Kransen Arts in the US
and beyond. Mr Kransen says “people are
attracted to the je ne sais quoi that makes
Japanese work so unique”. “Makers in
Japan take their time on whatever they

make. They understand that every process
deserves its specific rhythm and time. It shows

respect. In a way, there is a certain absence of
time in the work.”

Iowa-based Satomi Kawai is a Kransen artist. “My work
is not commercial jewellery using precious stones and metal
but contemporary art jewellery,” she says. Her pieces are in
permanent collections like the Alice and Louis Koch
Collection. A necklace belongs to the Olnick Spanu Collection
in New York. Another is with the Cominelli Foundation
Permanent Collection in San Felice del Benaco, Italy.

“My background as a contemporary jewellery artist is
not common in Japan. My art education started in the US
after I moved there in 1999,” Ms Kawai says. “Art
jewellery is not highly recognised or appreciated in
Japanese culture, compared to western culture. Not

many art jewellery galleries are available, even in Tokyo.”
As to the jewellery versus art question, for Mariko

Sumioka, what is important is that her pieces are worn. “My
jewellery is inspired by architectural forms, texture and
structures, and I often make them into box shapes inspired
by architecture, treasure or jewellery boxes,” she says. “The
stories told inside these miniature precious compositions are
unfinished — the wearer has to invent the rest. My work is
art jewellery. And I would like people to wear them.
Jewellery has to become part of someone’s fashion, lifestyle
and personality. I don’t like it sitting in the cabinet.”

Her materials include antique kimonos from her
grandmother’s house. (Prices range from £90 to £3,000).
She is currently participating in a virtual group exhibition at
the Mobilia Gallery in Massachusetts.

“I think it is much harder than in any other western
country to survive as an art jeweller in Japan because there is
not an established contemporary jewellery market here.
People prefer more commercial pieces to unique designs,”
she says.

Female designers take Japan to the world
Art jewellery Their unusual works
are proving more popular overseas
than at home, reports Liza Foreman

these elaborate handmade costumes
and jewellery, used for festivities, are
replaced by cheap imitations. “We try to
pay the villagers 20 per cent more than
the average living wage in the region,”
Ms Chang says. “They are self-sufficient
farmers and grow everything they need
to survive, so the amount they earn from
the collection is supplemental income.”

Alongside creating her clothing col-
lections, Ms Chang has worked for the
past few years to help the villagers sus-
tain and export some of their textile
skills and to stop the exodus of young
people to factories in China’s cities. In
return, she uses their traditional proc-
esses to find the most sustainable way of
making clothing — without using elec-
tricity, chemicals or fossil fuels. “We use
just three ingredients: sun, plants and
mountain water.”

While the traditional design processes
are unchanged for years, the creep of
modernity has happened in other ways.
“The government has built highways,
high-speed rail, a regional airport, inter-
net to the village, and running water into
every home,” says Ms Chang. “This has
allowed me to build a network of arti-
sans and a local economy to create a ver-
tical supply chain. Every villager now

For the past nine years, US womenswear
designer Angel Chang has been a part-
time resident of Guizhou province in
rural south-west China. It was there in
villages that she uncovered long-forgot-
ten artisans who now work with her on
the designer’s locally made contempo-
rary collections, which incorporate tra-
ditional tribal jewellery.

It all started in 2008, when the alum-
nus of luxury fashion brands Donna
Karan and Chloé visited an exhibition at
the Shanghai Museum featuring bejew-
elled ethnic costumes from the Miao
and Dong minorities.

Ms Chang set out to find the people
behind the pieces and travelled with an
interpreter down dirt roads to villages —
some did not even have a name — to
find men and women working in
huts with no electricity or light-
ing on exquisitely crafted
designs destined primarily for
their relatives.

“I found a Miao grandfather in
the village of Zhaoxing,” she says.
“He had a shop selling metal
jewellery to local villag-
ers and Chinese tourists.
After speaking to him, I
realised he had made all
the pieces himself in his
workshop.” He was not the
only one. More metalworkers and
jewellers were scattered across the
villages of Guizhou.

Working with the grandfather she met

in Zhaoxing, Ms Chang started repur-
posing local designs. “I first used a Miao
necklace [he had created], engraved
with mythological creatures, for my
pleated necklace gown included in Tho-
mas Erber’s exhibition Le Cabinet de
Curiosités in 2014,” she says.

The traditional costumes of Guizhou
make elaborate use of jewellery, with big
necklaces and silver headpieces adorn-
ing rich costumes. Ms Chang simplified
these for her collections. “The girls in
their traditional costume would wear
layers of chunky real silver necklaces to
show how much money their family
had,” says Ms Chang. “It was like adver-
tising her dowry to find a suitor during
village festivals.”

Another of Ms Chang’s bejewelled cre-
ations — which retail for between $400
and $1,500 — is a handmade cotton top
featuring shimmering medallions with
traditional imagery. “The medallions
are hand-pounded tin with mythologi-
cal creatures, dragons, lions, phoenixes
and dogs to protect the wearer from evil

spirits,” she

says. “I saw them in a museum in Kaili,
Guizhou province, and asked the
curator to find villagers in Qian-
dongnan [Miao and Dong autono-
mous prefecture] who could make them
for me,” she recalls.

For the villagers, these pieces are
more than decoration. “The Miao
believe there are spirits every-
where around them in nature —
in the rocks, trees, rivers,” says
Ms Chang.

Embedding jewellery in clothing
is a complicated process and effec-
tively makes the garments impossible to
clean. “I used jewellery as embroidery to
mimic the way they are used on their
traditional jackets,” says Ms Chang.
“This, however, was not very practical
as it was impossible to clean the garment
because the metal pieces were not
removable. “I learnt afterwards that the
traditional costumes are never cleaned
or washed in water. They are [coloured]
in indigo dye, a natural antiseptic, so the
costumes are able to survive decades
without ever needing to be washed.”

While the regional designs have long
intrigued Ms Chang, some local mining
practices worry her. “I have stopped

using metal because it is
too heavy and not prac-
tical for clothing,” she

says. “I saw the mining in the
mountains and did not want

to contribute to harming the
natural ecosystem.

“It is important for me to be able to
trace all the raw materials
used in my collection, so
now we make all our trims

(buttons, closures) out of
native-seed organic cotton

that we plant ourselves. There
is no plastic or metal used in the

latest collection.”
Her efforts to keep local traditions

alive are important. Artisanal skills such
as jewellery-making are under threat as

Tribal traditions embedded
in a contemporary look
Artisanal jewellery
Fashion designer
Angel Chang is helping
keep the skills of rural
Chinese minorities
alive. By Liza Foreman

Reinvention:
Angel Chang,
right, has
simplified the
elaborate tribal
designs in her
jewel dresses

Clockwise from left: brooch by Kaori Juzu; Satomi Kawai;
Miki Asai in her studio; Eriko Unno necklace; dark
brooch by Kazumi Nagano — Kaori Juzu; The Scottish Gallery; Eriko Unno;
Kazumi Nagano

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