financial times europe - 27 03 2020

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Briefing

i China bans foreigners over virus fearsBeijing has said it will temporarily suspend visitsfrom almost all foreigners amid fears thosereturning after the country eased its travel curbswere sparking a second wave of virus cases.— PAGE 2

i VW urges ECB to buy commercial paperThe biggest carmaker told the FT that the centralbank should send “clear signals” and buy the paper,short-term debt that often matures in as little as sixor nine months, “as soon as possible”.— PAGE 6

i Trump pushed to use wartime lawAn act under which he can compel the manufactureof certain goods has taken centre stage as criticsaccuse Donald Trump of not doing enough in thevirus fight.— PAGE 3; EDITORIAL COMMENT, PAGE 16

i Wallenberg warns of lost generationSwedish industrialist JacobWallenberg has warned thatgovernments risk depressionand social unrest unless theyweigh the economic threat ofthe virus more heavily.— PAGE 8

i Pensioners to fund Putin packageMeasures introduced by the Russian president tosoften the economic blow of the coronaviruspandemic will be partly funded by a levy on bankdeposits, tapping middle-class nest eggs.— PAGE 3

i Catalonia and Madrid clash over curbsA big surge of coronavirus cases in Catalonia hasincreased tension between the north-eastern regionand the Spanish government, which is being pushedto shut down almost the entire economy.— PAGE 4

i Orange juice pips other commoditiesFrozen concentrated orange juice, traded in NewYork, has been the best performing commodity thisyear, according to Bloomberg data, rising 25 percent to $1.214 a pound since January.— PAGE 10

Datawatch

FRIDAY 27 MARCH 2020 WORLD BUSINESS NEWSPAPER EUROPE

World Markets

STOCK MARKETS

Mar 26 prev %chg

S&P 500 2593.48 2475.56 4.76

Nasdaq Composite 7675.52 7384.30 3.94

Dow Jones Ind 22377.56 21200.55 5.55

FTSEurofirst 300 1265.16 1235.83 2.37

Euro Stoxx 50 2829.80 2800.14 1.06

FTSE 100 5815.73 5688.20 2.24

FTSE All-Share 3179.75 3102.98 2.47

CAC 40 4543.58 4432.29 2.51

Xetra Dax 10000.96 9874.26 1.28

Nikkei 18664.60 19546.63 -4.51

Hang Seng 23352.34 23527.19 -0.74

MSCI World $ 1785.99 1742.61 2.49

MSCI EM $ 836.54 801.66 4.35

MSCI ACWI $ 427.57 416.27 2.71

CURRENCIES

Mar 26 prev

$ per € 1.083 1.083

$ per £ 1.176 1.176

£ per € 0.921 0.921

¥ per $ 111.435 111.435

¥ per £ 131.048 131.048

SFr per € 1.060 1.060

€ per $ 0.923 0.923

Mar 26 prev

£ per $ 0.850 0.850

€ per £ 1.086 1.086

¥ per € 120.712 120.712

£ index 74.497 74.742

SFr per £ 1.150 1.150

COMMODITIES

Mar 26 prev %chg

Oil WTI $ 22.81 24.49 -6.86

Oil Brent $ 26.38 27.39 -3.69

Gold $ 1605.45 1605.75 -0.02

INTEREST RATES

price yield chg

US Gov 10 yr 0.81 -0.01

UK Gov 10 yr 0.40 -0.05

Ger Gov 10 yr 102.91 -0.37 -0.10

Jpn Gov 10 yr 0.00 -0.03

US Gov 30 yr 130.32 1.37 0.02

Ger Gov 2 yr 105.17 -0.66 -0.05

price prev chg

Fed Funds Eff 1.58 1.55 0.03

US 3m Bills 0.00 0.01 -0.01

Euro Libor 3m -0.31 -0.32 0.01

UK 3m 0.55 0.54 0.01Prices are latest for edition Data provided by Morningstar

JAMES PICKFORD ANDNICHOLAS MEGAW — LONDON

Banks are pressing for a full suspensionof the housing market after the UKgovernment told buyers and sellersto delay transactions because of thecoronavirusoutbreak.

In talks between lenders and ministers,banks have expressed concern aboutthe impact of the pandemic on valua-tions. They are also concerned aboutgranting credit when the economy is infreefall, accordingtoseniorbankers.

The banks have told ministers it hasbecome impossible to survey proper-ties, according to people briefed on thediscussions. Bank call centres have alsobeen inundated with anxious home-ownersseekingmortgageholidays.

A government spokesman said buy-ers and renters “should, as far as possi-

ble, delay moving home while emer-gency measures are in place to fightcoronavirus. If moving is unavoidablefor contractual reasons, people mustfollow advice on social distancing tominimisethespreadof thevirus.”

UK Finance, the industry body, haswritten to lenders saying it is seeking“urgent clarification” over the future ofthe market, “particularly as physicalproperty valuations are no longer possi-ble”. A number of banks and specialistlenders have already withdrawn newmortgages to focus on existing custom-ers and reduce pressure on call centresthatare lowonstaff.

Lloyds Banking Group and Barclays,two of the UK’s biggest lenders, are tem-porarily pulling many of their mort-gages.Lloydshasstoppedofferingmort-gages or remortgages through brokersunless the customer has a deposit of at

least 40 per cent of the value of theproperty.

Barclays told brokers it would nolonger offer mortgages for customerswho did not have a deposit of at least40 per cent, but it would continue tooffer remortgaging deals. Bankers werekeen to point out that the withdrawal ofmortgage products did not signal theywere running short of financing, as hap-penedin2008whenmarkets froze.

David Hollingworth, director at bro-ker L & C Mortgages, said lenders weremoving to cut the flow of new businessas they dealt with thousands of requestsfor mortgage payment delays. “The pur-chase market will effectively go intocold storage,” he said. “You’re just notable togooutandbuyahouseevenif thevendorwantedyoutocomearound.”

Additional reporting by Jim Pickard andStephen Morris

UK banks call for house sale freeze ascredit and virus fears hamper moves

© THE FINANCIAL TIMES LTD 2020No: 40,359 ★

Printed in London, Liverpool, Glasgow, Dublin,Frankfurt, Milan, Madrid, New York, Chicago, SanFrancisco, Orlando, Tokyo, Hong Kong, Singapore,Seoul, Dubai, Doha

Analysis i PAGE 4

Infections ravage Italiandoctors and hospitals

Working from home World leaderson screen to discuss economy threat

Leaders of the G20 major economies hold an online summit to discuss the coronavirus crisisyesterday Reports, Pages 2-4; Corporate impact, Pages 6-9; Markets, Pages 10-11; Big Read, 5;Editorial Comment, Page 16; Opinion, Page 17; Lex, Page 18 — Gary Ramage/AFP via Getty

Austria €3.90 Malta €3.70Bahrain Din1.8 Morocco Dh45Belgium €3.90 Netherlands €3.90Bulgaria Lev7.50 Norway NKr40Croatia Kn29 Oman OR1.60Cyprus €3.70 Pakistan Rupee350Czech Rep Kc105 Poland Zl 20Denmark DKr38 Portugal €3.70Egypt E£45 Qatar QR15Finland €4.70 Romania Ron17France €3.90 Russia €5.00Germany €3.90 Serbia NewD420Gibraltar £2.90 Slovak Rep €3.70Greece €3.70 Slovenia €3.70Hungary Ft1200 Spain €3.70India Rup220 Sweden SKr39Italy €3.70 Switzerland SFr6.20Latvia €6.99 Tunisia Din7.50Lithuania €4.30 Turkey TL19Luxembourg €3.90 UAE Dh20.00North Macedonia Den220

Prior to theannouncement ofan enforcedlockdown in theUK, only half ofBritons werefollowing officialadvice to stay athome. Aboutthree-quartersare washing theirhands moreas a result ofcoronavirus fears

Changing habits % of respondents

Source: Ipsos Mori

Mar 13 2020 Mar 23

Washing handsStaying at home

Working from homeOnline banking

Online groceriesUsing an online GPOrdering takeaway

Wearing surgicalmasks

0 20 40 60 80

BRENDAN GREELEY — WASHINGTONMAMTA BADKAR ANDCOLBY SMITH — NEW YORK

More than 3m Americans filed a claimfor unemployment benefits last week, arecord high that offers the firstnationwide picture of the damage tothe US economy from the coronavirusshutdown.

According to data released by thelabour department yesterday, claimsrose to 3.3m for the week ending Satur-day, from 282,000 the previous week.The data eclipsed consensus expecta-tions of 1.7m, showing the staggeringscale of job losses in the first full week ofclaims since cities and states began torestrict public gatherings and, in somecases,orderresidents tostayhome.

“Nearly every state providing com-mentscitedtheCovid-19virus impacts,”the labour department said. Hotels andrestaurants had been hit particularlyhard, states said, as well as entertain-ment, transportation, manufacturing,

healthcare and social assistance.“It’s just disastrous on so many

levels,” said Torsten Slok, chief econo-mist at Deutsche Bank Securities. Theclaims data show the cost-cutting thatcompaniesaredoingalreadyhasseriousconsequences, both for growth and forthe labourmarket,headded.

It is by far the largest single-week risein unemployment claims since thedepartmentbeganpublishingrecords in1967. The previous one-week highscame in October 1982, at 695,000, andMarch2009,at665,000.

“This is an impossible-to-comprehend number. We just wiped outa year-and-a-half of job growth,” saidMartha Gimbel, an economist atSchmidt Futures. “The most importantthing to remember is that this is anundercountofpeoplesuffering.”

The claims data only reflect peopleable to apply for an unemploymentinsurance benefit. Others may not qual-ify, had hours cut or could not get intostate systems when labour agency web-sites crashed. Economists at OxfordEconomics have predicted 15m to 20mjoblosses incomingweeks.

The US unemployment rate had beenat 3.5 per cent prior to the outbreak, ahalf-century low. Mr Slok said thisweek’s job losses alone could add 2 per-centagepoints.

In an interview with NBC yesterday,Jay Powell, chairman of the FederalReserve, said the US “may well” be inrecessionalready.

Mohamed El-Erian, chief economicadviser at Allianz, said the jobs datahighlighted “the ferocity of the suddenstophittingtheUSeconomy”.

“We’re living through a generation-definingmoment,”headded.

Jobless claimssurge to 3.3mrecord in US3 First picture of coronavirus damage3 Weekly total dwarfs 1.7m expected

Coronavirus: theeconomic cure

3 Higher public debt levels should be the norm — MARIO DRAGHI, PAGE 17

3 The global hunt for a coronavirus drug — BIG READ, PAGE 15

3 Trump’s response to the pandemic is hurting the US — EDWARD LUCE, PAGE 3

US jobless claimsInitial unemployment claims(weekly data, 000s)

Source: Refinitiv

0

500

1,000

1,500

2,000

2,500

3,000

1967 80 90 2000 10 20

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CORONAVIRUS

CHRISTIAN SHEPHERD — BEIJINGSTEFANIA PALMA — SINGAPORE

Beijing said it would temporarily sus-pend visits from almost all foreignnationals amid mounting fears thatthose returning to China after the coun-try eased its travel restrictions weresparkingasecondwaveofcases.

The new measures, announced byChina’s foreign ministry yesterday,would prevent entry by almost all hold-ers of visas and residence permits start-ing on Saturday. A small number of dip-lomatic visa holders would be exempt,theministrysaid.

In its announcement, the ministrysaid it had “no alternative” to the newrestriction given the mixed response to

the pandemic in other countries. It didnot mention which countries it believedwereat fault.

Beijing told a group of global healthofficials this week it had been forced torethink policies after the moderation ofits lockdown triggered an influx of over-seas travellers who may be carrying thevirus, according to Anthony Fauci, amember of the White House’s coronavi-rus taskforce.

“Our Chinese colleagues are very con-cerned,” said Mr Fauci, who said thefears were raised on a call organised bythe World Health Organization. “Theyhave very, very few [new] cases, butwhat they’re starting to see as they’rerelaxing the constraints on travel is thatthey’regetting importedcases.”

Last week, China for the first timereported it had recorded no new Cov-id-19 cases from local transmissions andbegan easing its internal travel restric-

tions, includingtoandfromHubeiprov-ince, the origin of the coronavirus out-break.

The Chinese figures, which include anofficial tally of 81,285 cases, do notinclude positive tests of people who donot exhibit symptoms, casting doubt onsomeof itsdata.

Still, Beijing’s move to ban foreignersreturning to China raises concerns theglobal lockdownmaynotbesufficient tosnuff out the outbreak since it threatensto flare up once restrictions are lifted.President Donald Trump has expressedhope of ending lockdowns in the US byEaster. China said that, other than theexemption for diplomats, those seekingexemptions — including people whoneed to come to China for urgenthumanitarian reasons — must apply forawaiver inadvance.

Singapore, which is also fighting a sec-ond wave of infections, is to unleash a

S$48.6bn($33.8bn)stimuluspackagetocounter the economic fallout from coro-navirus.

Along with the measures introducedin February, the programme announcedyesterday takes the overall relief plan toS$55bn and is aimed at protecting jobsandsupportingbusinesses.

“We are facing an unprecedented cri-sis of a highly complex nature,” saidHengSweeKeat,ministerof financeanddeputy prime minister. “In economicterms alone, this will likely be the worstcontractionsince independence.”

A surge in imported cases from west-ern countries has more than doubledthe number of patients in Singapore to631overthepastweek.

The island nation plans to finance thescheme with current and past reserves.Halimah Yacob, Singapore’s president,said: ““Our current crisis is unparalleledinmodernhistory.”

Travel curbs

China to bar most foreign nationalsBeijing fears loosening ofrestrictions might causesecond wave of infections

ARTHUR BEESLEY — DUBLINDELPHINE STRAUSS — LONDON

When the Irish economy hit the rocks inthe financial crisis more than a decadeago, JimLahiff felt “really lucky”tokeepthe hotel night porter job he has heldsince1984.

But any illusion he could ride out thecoronavirus pandemic was shatteredwhen the hotel in the south-easterntownofWexfordshut lastFriday.

“In the crash we took a pay cut and wemanaged to get through it without beinglaidoff,”saidMrLahiff.

But the coronavirus downturn was asabrupt as it was severe. Many workerswould struggle to get by on a weeklywelfare payment from the government,he added. “It’s not substantial enoughfor a lot of people, especially with fami-lies. It’s justnotgoingtocut it.”

Mr Lahiff’s experience echoes that ofhundreds of thousands of workers inIreland, still recovering from the 2008global financial crisis, and millionsmoreworldwide.

With social distancing measures hit-ting some of the most labour-intensive,low-wage parts of the service sectorhardest, economists predict a dramaticsurge inglobalunemployment.

Kristalina Georgieva, IMF managingdirector, warned this week the worldfaced a recession “at least as bad as dur-ing the global financial crisis or worse”.In the worst-case scenario put forwardby the International Labour Organiza-tion, nearly 25m people globally couldlose their jobs. That compares with 22mjob losses during a crisis in 2008, whichunfoldedoveramuchlongerperiod.

Job losses are materialising at speed.The US labour department revealedyesterday that more than 3m Ameri-cans filed a claim for unemploymentbenefits last week, a record high. In theprevious week, the number of claimstotalled282,000.

Germany expects 2.4m people todraw on state funds under its Kurzarbeit

scheme, which subsidises wages forworkers who would otherwise lose theirjobs, compared with 1.4m at the heightof thepost-crisis recession.

Only last month, Ireland was in fullemployment with a 4.8 per cent joblessrate and an estimated 2.36m people atwork. Now it faces the eliminationwithin weeks of as many jobs as weregainedoverseveralyears in thereboundfromthelastcrisis.

“Ireland created about 330,000 jobsover the last five years. Some of ourearly estimates suggest that between250,000 and 350,000 people would findthemselves out of work as a result of theCovid outbreak,” said Neil Gibson, econ-omistatEYIreland.

Coronavirus job losses have multi-plied at a dizzying rate: 20,000 privatechildcare jobs were lost when the gov-ernment closed schools; 50,000 bar jobswhen pubs shut; 70,000 restaurant jobsin the closure of that sector this week. Afurther200,000retail lossesare feared.

Under a job protection schemeunveiled this week, the governmentcould pay 70 per cent of wages in privatecompanies hit by the pandemic. Theproposal, the government estimates,couldcost€3.7bninthenext12weeks.

“We’ve had a tsunami of temporarylay-offs since this began and . . . it’s onlygoing to get worse,” said John Douglas,head of the Mandate union for retail andbarstaff.

In struggling industries that justabout survived the last crash, the losseshave been immediate. Paul Fitzpatrick,a journalist at a county Cavan regionalnewspaper published since 1846, waslaid off last week. “I thought it would betightbutnot this,”hesaid.

“The company has done well to main-tain our jobs over the years. The indus-try has been struggling, especially localpapers, for so long that you kind of getimmune to it. We thought we were overtheworstof it.”

The downturn came as a shock to

Dalata, thecountry’sbiggesthotelgroupwhich has 44 sites in Ireland and theUK. Just a month ago Pat McCann, chiefexecutive and founder, said there hadbeen “no material impact” on its busi-ness from Covid-19. Now Mr McCannhas laid off “in or around half” of the5,000 workers in the business. “Unfor-tunately we’ve had to let a sizeablenumber of people go,” he said. “Every-thing was relatively OK until Italy gothit. Then we could see the very suddendeclinealmostovernight.”

Tim Herlihy, a house manager in ahotel in the southern city of Cork, wasput on a three-day week after a sharpdecline in business. “Within one weekthe whole thing fell apart . . . You can’tblametheemployer,”hesaid.

“I’ll have to go into the bank lookingfor a mortgage break. I’ll have to sign onto the social welfare for the first time in38 years and we’ll have to watch whatwe’re buying week to week until wecomeouttheotherside.”

Downturn. Struggling industries

Ireland reels from mounting job lossesFull employment recorded

only last month but country

now faces severe decline

Little cheer:a boarded-upand temporarilyshut pub inDublin. Some50,000 bar jobswere lost whenthe governmentclosed pubsPaul Faith/AFP/Getty

MARTIN ARNOLD — FRANKFURT

European Commission presidentUrsula von der Leyen has taken a swipeat EU governments for initially “look-ing out for themselves” and imposingequipment bans and border restric-tions inthefaceof thepandemic.

Speaking to MEPs yesterday, Mrs vonder Leyen criticised the actions of gov-ernments who failed to respond to callsfor medical supplies from Italy andimposed export bans on equipment toothermemberstates.

“When Europe needed all for one, toomany favoured an all for me . . . Toomany initially refused to share theirumbrella. It was not long before somefelt the consequences of their own unco-ordinatedaction,”shesaid.

The commission earlier this monthcondemned the actions of Germanywhich initially restricted the export ofmedical supplies to other EU countries.Italy also had a call for help and assist-ance go unheeded until Brussels wasforced to step in. Poland’s governmentcame under fire for imposing a strict no-foreigners rule that led to thousands ofkilometresof tailbacksonitsborders.

Her criticism underscores the pres-sure for European governments to co-ordinate action across a number ofareas. It came ahead of a video confer-ence of EU leaders yesterday, at whichthey were expected to discuss measuresannounced by the European CentralBanklateonWednesday.

The ECB gave itself an unprecedentedlevel of flexibility in its plan to buy€750bn in additional bonds to containthe financial fallout from the coronavi-rus pandemic, which analysts say couldleave itopento legalchallenges.

Almost all constraints that applied tothe ECB’s previous asset-purchase pro-grammes have been removed or signifi-cantly loosened, according to the legaldecision detailing the ECB’s latest plan,which was published on Wednesdaynight intheofficial journalof theEU.

The details of the new programmesupport the declaration by ChristineLagarde, the ECB’s president, who saidon Twitter after it was announced lastweek: “There are no limits to our com-mitmenttotheeuro.”

Describing the decision as “a bomb-shell”, Pictet Wealth Management strat-egist Frederik Ducrozet said: “There is a

risk that the ECB faces legal risks and apolitical backlash down the road.” Buthe added that it “strengthens the ECB’squasi-fiscal support to the most vulner-ablesovereignstates”.

Crucially, a self-imposed limit to buyno more than a third of any country’seligible bonds will not apply to the extra€750bn of bonds it has committed tobuy this year in response to the corona-

virus crisis under its Pandemic Emer-gencyPurchaseProgramme.

This so-called issuer limit was put inplace to ensure that the ECB does notbuy so many bonds that it is accused ofdirectly funding national governments,which isagainstEUlaw.

The question of whether to raise theissuer limits divided the ECB’s govern-ing council last week. One camp thatincluded the German and Dutch centralbank chiefs argued against even saying

it was considering lifting the limits,while another more dovish group pro-posed immediately raising the limits toremove any doubts among investorsabout the central bank’s remaining fire-power. Ultimately, it said it would con-siderraisingthe limits ifneeded.

The limits were cited by the EuropeanCourt of Justice as one of the justifica-tions for its 2018 ruling that the ECB’sasset-purchase programme was legalafter it was challenged in the Germanconstitutional court for being “mone-taryfinancing”ofgovernments.

While its bond purchases are stillbound by a rule requiring them to bemade in proportion to the relative sizeof each country’s economy and its con-tribution to ECB capital, the centralbankgave itselfplentyofwriggleroom.

“Purchases under the PEPP shall beconducted in a flexible manner allowingfor fluctuations in the distribution ofpurchase flows over time, across assetclasses and among jurisdictions,” theECBsaid inthisweek’sdecision.

The central bank also expanded thecriteria for eligible securities under thenew programme to securities with amaturityofmorethan70days.

European Commission

Von der Leyen accuses EU states of ‘looking out for themselves’

Cases so far

Russia’s Gazprom quarantines 20workers at Bovanenkovo gasfield

Russian gas producer Gazprom has quarantined 20employees at a gasfield that provides supplies toEurope, after workers showed symptoms of coronavi-rus followingcontactwithaninfectedperson.

Gazprom said production at the massive Bovanenk-ovo field, which supplies the Nord Stream pipeline, wascontinuing as normal. The workers were isolated aftercoming into contact with a person carrying the virus onaflight fromMoscow10daysago.

Airbnb platform to help healthcarestaff find free accommodation

Saudis halt talks with Pakistanon number of pilgrims to Mecca

Saudi Arabia has halted discussions with Islamabad onthe number of Pakistani pilgrims permitted to performthe annual Hajj pilgrimage to Mecca in August, amidconcernsoverthevirus.

A senior Pakistani government official yesterday toldthe FT Saudi authorities had said: “We [the Saudi gov-ernment] are in no shape to have a formal agreementwith you [Pakistan] as conditions are so uncertain duetothecoronavirus.”

Airbnb has launched a platform to link medical staff andcharity workers helping with the coronavirus outbreak tofree accommodation provided by hosts around the world.

510,108and 22,993 deaths as at 17.26 GMT, March 26Source: Johns Hopkins University

Read more at ft.com/coronavirus

CORONAVIRUS

ROUND-UP

Xi calls for concerted G20 action toprepare ground for global recovery

China called on G20 nations yesterday to remove tradebarriers and cut tariffs to help the global economyrecover fromthepandemic.

“G20nationsshouldadopt jointmeasures . . . tosenda signal that will boost morale for a global economicrecovery,” President Xi Jinping told a video summit ofthegrouping, theCCTVstatebroadcasterreported.

China would do more to support the provision ofessentialgoods, thepresidentwasreportedassaying.

Parties to civil war in Yemen agreeceasefire after appeal from UN chief

Warring parties in Yemen have agreed to a ceasefire inan effort to protect the conflict-ravaged country fromthethreatofcoronavirus.

On the fifth anniversary of the Saudi-led coalition’sintervention in the impoverished nation’s civil war, therebel Houthi movement and the ousted governmentagreed late on Wednesday to a call from AntónioGuterres, the UN secretary-general, for an immediatecessationofhostilities.

Ursula von derLeyen: ‘WhenEurope needed allfor one, too manyfavoured an all forme [approach]’

‘Whatthey’restarting tosee asthey’rerelaxing theconstraintson travel, isthat they’regettingimportedcases’

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World Markets

STOCK MARKETS

Mar 30 prev %chg

S&P 500 2365.93 2361.13 0.20


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 1.238COMMODITIES

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


LAURA NOONAN — DUBLINJENNIFER THOMPSON — LONDON

AboastfulWhatsAppmessagehas costa London investment banker his joband a £37,000 fine in the first case ofregulators cracking down on commu-nications over Facebook’s popularchatapp.

The fine by the Financial ConductAuthority highlights the increasingproblem new media pose for companiesthat need to monitor and archive theirstaff’scommunication.

Several large investment banks havebanned employees from sending clientinformation over messaging servicesincluding WhatsApp, which uses anencryption system that cannot beaccessed without permission from theuser. Deutsche Bank last year bannedWhatsApp from work-issued Black-

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

ies banker, passed confidential clientinformation to a “personal acquaint-ance and a friend” using WhatsApp,according to the FCA. The regulator saidMr Niehaus had turned over his devicetohisemployervoluntarily.

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

Several banks have banned the use ofnew media from work-issued devices,but the situation has become trickier asbanks move towards a “bring your owndevice” policy. Goldman Sachs hasclamped down on its staff’s phone billsas iPhone-loving staff spurn their work-issuedBlackBerrys.

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

media at work, but banks are unable toban people from installing apps on theirprivatephones.

Andrew Bodnar, a barrister at MatrixChambers, saidthecaseset“aprecedentin that it shows the FCA sees these mes-saging apps as the same as everythingelse”.

Information shared by Mr Niehausincluded the identity and details of aclient and information about a rival ofJefferies. In one instance the bankerboasted how he might be able to pay offhismortgage ifadealwassuccessful.

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

Jefferies declined to comment whileFacebook did not respond to a requestforcomment.Additional reportingbyChloeCornishLombard page 20

Citywatchdog sends a clearmessage asbanker loses joboverWhatsAppboast

Congressional Republicans seeking toavert a US government shutdown afterApril 28 have resisted Donald Trump’sattempt to tack funds to pay for a wallon the US-Mexico border on tostopgap spending plans. They fearthat his planned $33bn increase indefence and border spending couldforce a federal shutdown for the firsttime since 2013, as Democrats refuseto accept the proposals.US budget Q&A andTrump attack over health bill i PAGE 8

Shutdown risk as borderwall bid goes over the top

FRIDAY 31 MARCH 2017

Briefing

iUSbargain-hunters fuel EuropeM&AEurope has become the big target for cross-borderdealmaking, as US companies ride a Trump-fuelledequity market rally to hunt for bargains across theAtlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

iReport outlines longerNHSwaiting timesA report on how the health service can survivemore austerity has said patients will wait longer fornon-urgent operations and for A&E treatment whilesome surgical procedures will be scrapped.— PAGE 4

iEmerging nations in record debt salesDeveloping countries have sold record levels ofgovernment debt in the first quarter of this year,taking advantage of a surge in optimism towardemerging markets as trade booms.— PAGE 15

i London tower plans break recordsA survey has revealed that arecord 455 tall buildings areplanned or under constructionin London. Work began onalmost one tower a weekduring 2016.— PAGE 4

iTillerson fails to ease Turkey tensionsThe US secretary of state has failed to reconciletensions after talks in Ankara with President RecepTayyip Erdogan on issues including Syria and theextradition of cleric Fethullah Gulen.— PAGE 9

iToshiba investors doubt revival planIn a stormy three-hour meeting, investors accusedmanagers o�aving an entrenched secrecy cultureand cast doubt on a revival plan after Westinghousefiled for Chapter 11 bankruptcy protection.— PAGE 16

iHSBCwoos transgender customersThe bank has unveiled a range of gender-neutraltitles such as “Mx”, in addition to Mr, Mrs, Miss orMs, in a move to embrace diversity and cater to theneeds of transgender customers.— PAGE 20

Datawatch

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


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Recent attacks —notably the 2011massacre byAnders Breivik inNorway, theattacks in Parisand Nice, and theBrussels suicidebombings — havebucked the trendof generally lowfatalities fromterror incidents inwestern Europe

Sources: Jane’s Terrorism and Insurgency Centre

Terror attacks in western Europe

Highlighted attack Others

NorwayParis Nice

Brussels

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

WORLDBUSINESSNEWSPAPER

Trump vs the ValleyTech titans need to minimisepolitical risk — GILLIAN TETT, PAGE 13

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

Lloyd’s of London chose Brus-sels over “five or six” othercities in its decision to set up anEU base to help deal with the expected loss of passportingrightsafterBrexit.

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

insurers to follow. Most of thebusiness written in Brusselswill be reinsured back to thesyndicates at its City of Londonheadquarters,picturedabove.

The Belgian capital had notbeen seen as the first choice forLondon’s specialist insurancegroups after the UK leaves the

EU, with Dublin and Luxem-bourg thought to be more likelyhomes for the industry. ButMr Nelson said the city won onits transport links, talent pooland “extremely good regula-toryreputation”.Lex page 14Insurers set to follow page 18

Lloyd’s of Brussels Insurancemarketto tapnew talent poolwithEUbase

AFP

JAMES BLITZ — WHITEHALL EDITOR

A computer system acquired to collectduties and clear imports into the UKmay not be able to handle the hugesurge inworkloadexpectedonceBritainleaves the EU, customs authorities haveadmittedtoMPs.

HM Revenue & Customs told a parlia-mentary inquiry that the new systemneeded urgent action to be ready byMarch 2019, when Brexit is due to becompleted, and the chair of the probesaid confidence it would be operationalintime“hascollapsed”.

Setting up a digital customs systemhas been at the heart of Whitehall’sBrexit planning because of the fivefoldincrease in declarations expected atBritishportswhentheUKleavestheEU.

About 53 per cent of British importscome from the EU, and do not requirechecks because they arrive through thesingle market and customs union. ButTheresa May announced in January thatBrexit would include departure fromboth trading blocs. HMRC handles 60mdeclarations a year but, once outside thecustoms union, the number is expectedtohit300m.

The revelations about the system,called Customs Declaration Service, arelikely to throw a sharper spotlight onwhether Whitehall can implement ahost of regulatory regimes — in areasranging from customs and immigrationto agriculture and fisheries — by thetimeBritain leavestheEU.

Problems with CDS and other projectsessential toBrexit could force London to

adjust its negotiation position with theEU, a Whitehall official said. “If runningour own customs system is provingmuch harder than we anticipated, thatought to have an impact on how wepress forcertainoptions inBrussels.”

In a letter to Andrew Tyrie, chairmanof the Commons treasury select com-mittee, HMRC said the timetable fordelivering CDS was “challenging butachievable”. But, it added, CDS was “acomplex programme” that needed to belinked to dozens of other computer sys-tems to work properly. In November,HMRC assigned a “green traffic light” toCDS, indicating it would be deliveredontime. But last month, it wrote to thecommittee saying the programme hadbeen relegated to “amber/red,” whichmeans there are “major risks or issuesapparent inanumbero£eyareas”.

HMRC said last night: “[CDS] is ontrack to be delivered by January 2019,and it will be able to support frictionlessinternational trade once the UK leavesthe EU . . . Internal ratings are designedto make sure that each project gets thefocus 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 ratingchange, but some MPs believe it wascaused by Mrs May’s unexpected deci-sionto leavetheEUcustomsunion.Timetable & Great Repeal Bill page 2Scheme to import EU laws page 3Editorial Comment & Notebook page 12Philip Stephens & Chris Giles page 13JPMorgan eye options page 18

HMRCwarnscustoms risksbeing swampedbyBrexit surge3Confidence 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


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 1.244COMMODITIES

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


ALEX BARKER — BRUSSELSGEORGE PARKER — LONDONSTEFAN WAGSTYL — BERLIN

TheEUyesterdaytookatoughopeningstance in Brexit negotiations, rejectingBritain’s plea for early trade talks andexplicitly giving Spain a veto over anyarrangementsthatapplytoGibraltar.

European Council president DonaldTusk’s first draft of the guidelines,which are an important milestone onthe 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 givingSpain the right to veto any EU-UK tradedeals covering Gibraltar could make the300-year territorial dispute betweenMadrid and London an obstacle to

ambitioustradeandairlineaccessdeals.Gibraltar yesterday hit back at the

clause, saying the territory had “shame-fully been singled out for unfavourabletreatment by the council at the behest ofSpain”. Madrid defended the draftclause,pointingoutthat itonlyreflected“thetraditionalSpanishposition”.

Senior EU diplomats noted thatMr Tusk’s text left room for negotiatorsto work with in coming months. Primeminister Theresa May’s allies insistedthat the EU negotiating stance waslargely “constructive”, with one saying itwas “within the parameters of what wewere expecting, perhaps more on theupside”.

British officialsadmittedthat theEU’sinsistence on a continuing role for theEuropean Court of Justice in any transi-tiondealcouldbeproblematic.

Brussels sees little room for compro-

mise. If Britain wants to prolong itsstatus within the single market afterBrexit, the guidelines state it wouldrequire “existing regulatory, budgetary,supervisory and enforcement instru-mentsandstructures toapply”.

Mr Tusk wants talks on future tradeto begin only once “sufficient progress”has been made on Britain’s exit bill andcitizen rights, which Whitehall officialsbelieve means simultaneous talks arepossible if certainconditionsaremet.

Boris Johnson, the foreign secretary,reassured European colleagues at aNato summit in Brussels that Mrs Mayhad not intended to “threaten” the EUwhen she linked security co-operationafterBrexitwithatradedeal.Reports & analysis page 3Jonathan Powell, Tim Harford &Man in the News: David Davis page 11Henry Mance page 12

Brussels takes tough stance onBrexitwith Spainhandedveto overGibraltar

About 2.3m people will benefit fromtoday’s increase in the national livingwage to £7.50 per hour. But the risewill pile pressure on English councils,which will have to pay care workers alot more. Some 43 per cent of caresta� — amounting to 341,000 peopleaged 25 and over — earn less than thenew living wage and the increase isexpected to cost councils’ care services£360m in the coming financial year.Analysis i PAGE 4

Living wage rise to pilepressure on care services

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


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Censors and sensitivityWarning: 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 trapHow high earners can evade a pension headache — FT MONEY

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

How To Spend It

Chic new lodgings in ScotlandMAGAZINE

Art of persuasionMystery deepensover disputed painting of JaneAusten

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

RALPH ATKINS — ZURICHDUNCAN ROBINSON — BRUSSELS

Credit Suisse has been targeted bysweeping tax investigations in the UK,France and the Netherlands, settingback Switzerland’s attempts to clean upits imageasataxhaven.

The Swiss bank said yesterday it wasco-operating with authorities after itsoffices inLondon,ParisandAmsterdamwere contacted by local officials“concerningclient taxmatters”.

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

The inquiries threaten to undermineefforts by the country’s banking sectorto overhaul business models and ensurecustomers meet international taxrequirements following a US-led clamp-down on evaders, which resulted inbillionsofdollars 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 theactions co-ordinated by Eurojust, theEU’s judicial liaisonbody.

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

it followed “a strategy offull client taxcompliance” but was still trying togather informationabouttheprobes.

HM Revenue & Customs said it hadlaunched a criminal investigation intosuspected tax evasion and money laun-dering by “a global financial institutionand certain ofits employees”. The UKtax authority added: “The internationalreach of this investigation sends a clearmessage that there is no hiding place forthoseseekingtoevadetax.”

Dutch prosecutors, who initiated theaction, said they seized jewellery, paint-ings and gold ingots as part of theirprobe; while French officials said theirinvestigation had revealed “severalthousand” bank accounts opened inSwitzerland and not declared to Frenchtaxauthorities.

The Swiss attorney-general’s officesaid it was “astonished at the way thisoperation has been organised with thedeliberate exclusion of Switzerland”. Itdemanded a written explanation fromDutchauthorities.

In 2014, Credit Suisse pleaded guiltyin the US to an “extensive and wide-ranging conspiracy” to help clientsevadetax. Itagreedtofinesof$2.6bn.Additional reportingbyLauraNoonan inDublin, Caroline Binham and VanessaHoulder in London, andMichael StothardinParis

Credit Suisseengulfed infresh taxprobe3UK, France and Netherlands swoop3Blow for bid to clean up Swiss image

FEBR

UARY

4 2017

THE RISE OF ECO-GLAM

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

MARCH 27 2020 Section:World Time: 26/3/2020 - 18:40 User: john.conlon Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1


Friday 27 March 2020 ★ FINANCIAL TIMES 3

CORONAVIRUS

W ithin 48 hours, America’s coronavirusinfections will surpass China’s total. TheUS will probably replace Italy as the centreof the pandemic. At just the moment Brit-ain dropped its flirtation with “herd

immunity”,DonaldTrumpisembracing it.This makes America exceptional on two counts. First, it

is the only nation whose leader questions the trade-offbetween economic growth and saving lives. Second, Amer-ica is lackingaclearpolicy. Its federal systemoffersamenuof epidemiological options. Viruses pay no heed to democ-racyorautocracy.Theydothriveonconfusion.

Covid-19 has given Mr Trump licence to air alt-sciencetheories. Every day he airs homegrown ideas of how todefeat the disease. This includes a cocktail of anti-malariadrugs, the imminence of a “miracle” vaccine, predictionsthe virus will wash away by itself, change-of-season opti-mismandadrip-dripofscepticismaboutsocialdistancing.

The sight of experts around him is meant to reassure.Their look of strained reticence prompts thoughts of sap-pers navigating a minefield. Muammer Gaddafi used tostage accompaniments like this. It takes some getting usedto in America. More than half the country says it approvesof how Mr Trump is handling the epidemic. Such pollsshould come with a health warning. Ratings for leadersacross the west have risen sharply — as tends to happen intheearlystagesofanexternal threat.

Rumours of Mr Trump’s re-election are thus premature.Polls show Joe Biden beating him by an average of 7 per-centage points in a presidential election. That lead has notnarrowed in the pastthree weeks. But the gulfbetween the federal gov-ernment and the largeststates iswidening.

Such mixed signallingposes two threats to theUS. The first is an à lacarte grade of serious-ness. Some states, such asNew York, California, Washington and Connecticut, areenforcing lockdowns. Most are Democratic. ExceptionsincludeOhioandMaryland,withRepublicangovernors.

Others, such as Texas and Florida, are taking a far morerelaxed approach, making it easier for the virus to spread.The fact that Florida is packed with retirees from NewYork was until this week treated with remarkable insouci-ance. Before Tuesday Florida put no barriers to stoppingthe flow of people south nor 14-day quarantines for thosewho have made the trip. One of America’s great strengths—its laboratoriesofdemocracy—isbecominga liability.

Mr Trump’s timing is menacing. He wants to lift federalrestrictions by Easter, which is in about two weeks. Thatcoincidesalmostexactlywiththeexpectedpeakof theepi-demic in New York, the centre of the US outbreak. Nostate, including New York, has to follow Mr Trump’s lead.Nor are the majority of Americans likely to cram on to aer-oplanesagainstscientificadvice.

Buthe isgivingdissentersanalternativepath.Thebattleagainst socially communicable disease is as strong as itsweakest link. America’s president is making it muchweaker. He is also politicising social behaviour. Liberalswant to shut down the economy to stop his re-election, hesays.Conservativesmust thereforedotheopposite.

Mr Trump’s ambivalence is also hurting New York andotherviralhubs.UndertheDefenseProductionAct,hecandirect the private sector to make what is lacking — ventila-tors, protective gear and surgical equipment — then sendthe materials to where they are most needed. Mr Trump isrefusingonthegroundsthathe isnota“shippingclerk”.

Material is going to the highest bidders, who are not nec-essarily those most in need. Mr Trump’s passivity reflectswhathe ishearingfromchiefexecutivesratherthangover-nors, who know what their hospitals lack. States are com-peting with each other for scarce goods. Another of Amer-ica’s great strengths, its vibrant private sector, is thereforebecomingaweakness.

Thesecondthreat is toAmerica’sglobalpower.Thevirusoriginated in China but it will probably do more damage tothe US. It is China, not the US, that is shipping ventilatorstoEurope,AfricaandAsia.China’s face-maskdiplomacy isbreathtakinglyopportunistic.But itmeetsaneed.

America’s abdication of leadership is an act of self harm,which threatens to make it an object of mockery. There arenodo-oversonpandemics.ToborrowfromTalleyrand,MrTrump’sresponsetothecoronavirus isworse thanacrime.It isamistake.

[email protected]

GLOBAL INSIGHT

WASHINGTON

EdwardLuce

The wrong kindof Americanexceptionalism

Material is going tothe highest bidders,who are notnecessarily thosemost in need

KIRAN STACEY — WASHINGTONANDREW EDGECLIFFE-JOHNSONNEW YORKRICHARD WATERS — SAN FRANCISCO

Alittle-usedpieceofwartimelegislationhas taken centre stage in the battlebetween Donald Trump and critics whoaccuse the president of not doingenoughtofightcoronavirus.

As supplies of equipment such as pro-tective masks and hospital ventilatorshave run low, senior Democrats andeven some Republicans have criticisedthe president’s reluctance to use theDefense Production Act, under whichhe can compel companies to make cer-tainproducts.

On Wednesday, 100 national securityexperts called for Mr Trump to use theact immediately, warning the privatesector “lacks the ability to processincoming requests, prioritise the mosturgent needs and co-ordinate withother companies without more con-certedgovernment involvement”.

US unions added their voice yester-day. “The administration’s currentpiecemeal efforts to increase the pro-duction of N95 masks and ventilatorshave not worked and quite frankly willnot work,” said Richard Trumka, presi-dent of the American Federation ofLabor and Congress of Industrial Organ-izations.

Their intervention comes after simi-lar warnings from Joe Biden, the front-runner in the Democratic presidentialprimaries, and Andrew Cuomo, the gov-ernorofNewYork.

The act, which was passed in 1950during the Korean war, enables the fed-eral government in effect to take overpartsof the industrialbase.

Under the terms of the act, an admin-istration can compel companies to pri-oritise government contracts over pri-vate ones, make them send equipmentto certain areas ahead of others, andprovide loans and grants to encouragecertainformsofmanufacturing.

Mr Trump has given Alex Azar, thehealth secretary, the authority to imple-ment the act. But while the Pentagon, inparticular, regularly uses the act tomake sure suppliers prioritise certaincontracts, Mr Trump has been reluctantto use it for coronavirus because he sayscompanies are already doing all theycan and he does not want to nationalisepartsofUSbusiness.

Largecompaniesagree.Ford, which isworking with 3M and GE to make venti-lators and respirators, told the FinancialTimes: “We continue to pursue theseefforts voluntarily, and while we areco-ordinating closely with the federalgovernment, we are not being askedto manufacture medical equipment

under the Defense Production Act.”Other companies have also said they

will convert manufacturing processes tomake products that can help fight thedisease, from General Motors makingventilators to Pernod Ricard, the drinkscompany, producing hand sanitiser.Neil Bradley, chief policy officer at theUS Chamber of Commerce, said: “Noone has identified anything that couldbedonerightnowthat isnotbeingdone.If you invoke it to tell a company to dowhat they are already doing, all you aredoing iscreatingconfusion.”

Many smaller companies, however,say they want stronger guidance from the Trump administration on exactlywhat isneededandwhere it shouldgo.

“Everyone wants to help, but there’s alot of chaos out there,” said Carl Bass, amanufacturing expert and the formerchief executive of the design softwarecompanyAutodesk.

“It needs government leadership.This government is putting $1tn into

economic recovery but they’re leaving itto open auctions around medical equip-ment.”

Blankie Tails, a US company whichmakes blankets in the shape of mer-maid tails and Disney princess dresses,is now using its network of suppliers inChina to source suppliers and storagespacetosupplymasksandventilators totheNewYorkStategovernment.

Hattie Grace Elliot, its founder, said:“Time is ticking . . . It would be great ifwe could have [the DPA] but in themeantime you’ve just got to keep mov-ingforwardanddowhatyoucando.”

Defence officials say they are lookingat using certain provisions within theact to provide loans and grants to com-panies that could manufacture masksandothermedicalequipment.

But they insist they are not planningto use more heavy-handed powers totake over parts of the defence industrialbaseunlessmandatedtodoso.

Ellen Lord, the under-secretary for

acquisition at the defence department,said: “[Mr Trump] is talking aboutbroadly using DPA to take over privateindustry — that’s what he has clearlysaidhe isnotgoingtodo.”

Other departments seem moreambivalent about whether to use suchpowers or not. On Tuesday PeterGaynor, the administrator of the Fed-eral Emergency Management Agency,said on Tuesday his agency would usethe act to buy “about 60,000 [coronavi-rus] testkits”.

But later that day, a spokesperson forFema said: “At the last minute we wereable toprocure thetestkits fromthepri-vatemarketwithoutevokingtheDPA.”

But the reality is that the more thepresident continues to talk of control-ling coronavirus as being akin to a wareffort, the stronger the calls are likely tobecome for him to use the powers avail-able toawartimepresident.Additional reporting by Katrina Manson inWashington and Joshua Chaffin in New York

Trump urged to use wartime actto convert manufacturing outputPressure builds on president to compel private sector to prioritise government contracts

HENRY FOY — MOSCOW

Measures introduced by Russian presi-dent Vladimir Putin to soften the eco-nomic blow of the coronavirus pan-demic will be partly funded by a levyon bank deposits, tapping nest eggsheld by the country’s pensioners andmiddle-classhouseholds.

The Kremlin’s decision contrasts withother governments, which haveannounced large rescue packages tohelp companies and taxpayers weathera sudden loss in revenues or incomesbut in doing so have refrained fromincreasing taxes. Russia has outlinedhandouts to families, tax holidays for

small businesses and reductions inemployers’ statecontributions.

Mr Putin announced the scheme in asolemn national address on Wednesdaythat signalled a shift in his attitudetowards the spreading respiratory dis-ease caused by the Sars-Cov-2 virus.After insisting forweeks that thediseasewas “under control” the Russian leadersaid it was “impossible to stop” the virusspreading inthecountry.

Mr Putin pledged that just “1 percent” of depositors would be affected byhis decision to fund the measuresthrough a tax on interest earned fromdeposits worth more than Rbs1m($12,900). But the measures will affect

millions of Russians, including pension-ers using savings to supplement smallstatepensions.

At the start of this year, 55.3 per centof all Russian bank deposits were worthmore than Rbs1m, according to datafrom the country’s Deposit InsuranceAgency, which covers 234.2m deposi-tors, both individuals and companies.Previously, deposit interests wereexemptfromtaxation.

The DIA statistics imply that “a largeamount of deposits will be taxed”, saidLuis Saenz, co-head of equities at BCSGlobalMarkets inLondon.

The measure, which will impose a 13per cent tax on interest earned on the

deposits, comes despite two years ofbudget surpluses in Russia, a nationalwealth fund worth about $150bn andforeignreservesof$570bn.

Svetlana, an 82-year-old pensionerfrom Moscow, said she had amassed hersavings to pay for a carer, her funeralandagravestone.

“This incredibly upsets me,” she said.“Everyone in my circle, my friends andacquaintances, everyone has Rbs1m.We live off the interest from this depositaddedtoourpension.”

“We would love to see money takenfrom the rich instead of the poor,” Svet-lana said. “But what can we do? Theydecidedtotakemoneyfromus.”

Kremlin

Russia offsets cost of pandemic with tax on bank deposits

NEIL MUNSHIWEST AFRICA CORRESPONDENT

A10-minutecoronavirustest thatcostsless than a dollar to produce is beingrushed into trialling by a Senegaleseresearch institute working with aBritishcompany.

The prototype being produced byDakar-based diaTropix and Mologic ofthe UK, which uses technology similarto a home pregnancy kit, began a valida-tion process yesterday and the testcould be rolled out by June if the trialsaresuccessful.

While the pocket-sized test would bemade widely available, it is aimed atstemming the spread of the virus inAfrica in particular. Only about 2,400caseshavebeenreportedacross thecon-

tinent, but many health experts believeits fragile health systems could leave itparticularly vulnerable. Testing iswidely viewed as key to containing out-breaks.

Joe Fitchett, Mologic medical direc-tor, said that while many companieswere working on virus diagnostics, “thedifference we are trying to make here isto ensure this is not a commercialopportunity.

“This will be made available at cost ofgoods to low-income settings. That’s afundamental difference that most oth-erswillnotbedoing.”

DiaTropix, which is run by leadingvirologist Amadou Sall, is affiliated withDakar’s Institut Pasteur, which createdone of the world’s first yellow fever vac-cines. Along with Mologic, it has the

capacity to produce 8m of the new testsayearandplans tooffer themdirectly togovernments, the World Health Organi-zation and the Global Alliance for Vac-cinesandImmunisation.

The test, to be trialled at laboratoriesin Senegal, the UK and the Chinese cityof Wuhan where the pandemic began,employs a saliva-based virus antigentest and a blood-based antibody test. Itproduces an easily readable result — alineappears if thepatient ispositive.

Mr Fitchett conceded that the trade-off for increased speed, low cost andease of use would probably be a drop inperformance but said it would beimportant to determine whether thedrop was meaningful, which was some-thing the prototype testing processwouldhelpthemunderstand.

Africa

Quick and cheap test for virus begins trialsLEO LEWIS AND KANA INAGAKI — TOKYO

Panic buying has left many of Tokyo’sstore shelves empty after a record risein new coronavirus cases prompted thecity’s governor to ask residents to stayathomethisweekend.

Yuriko Koike, whose overnightannouncement came less than 24 hoursafterTokyoandtheInternationalOlym-pic Committee agreed to postpone thesummer Games, warned that theworld’s biggest city could be on courseforan“explosivespike” innewcases.

On Wednesday, there were 41 newinfections in Tokyo, a record one-dayrise after 17 cases were reported onTuesday and 16 on Monday. There are212cases intotal inTokyo.

Ms Koike, citing medical experts,

requested that residents work fromhome and refrain from dining out in theevenings. She also called on universitiesto delay the start of classes from earlyApril, thestartof thenewschoolyear forJapan.

“Inorder toavoidanexplosivegrowthin infections, the co-operation of every-one is critical. We ask that each of youact with a sense of urgency,” Ms Koikesaid.

After Ms Koike’s appeal, Tokyo resi-dents rushed to hoard preserved foodsuch as instant noodles and pasta. Oneof Japan’s largest retailers said it wouldincrease supplies in anticipation ofanothersurge indemand.

Japan has taken a different approachto many other countries in its battleagainst thevirus.Until recently, it tested

very selectively, arguing it had to focusonthecritically ill.

But 1,300 infections in a population of127m have raised questions overwhether its strategywasasuccessor justdisguisingthebreadthof thecrisis.

“We are not heading for an immediatelockdown,” Ms Koike said. “But concernhas risen this week about an explosionin infections and we are now entering acriticalphase.”

Her decision to stop short of declaringthe kind of lockdown imposed in othercountries came as Japan’s foreign minis-try raised its warning level, advisingagainst non-essential travel outside thecountry. Prime minister Shinzo Abe,however, has not declared a state ofemergency, meaning shops, restaurantsandbarshaveremainedopen.

Japan

Panic buying hits Tokyo as spike fears grow

Changing gear:a GeneralMotors plant inMichigan. Thecar companysays it willconvert itsmanufacturingprocessesto makeventilatorsPaul Sancya/AP

Grim: VladimirPutin outlined aplan that wouldsee pensionernest eggs tappedto help funda rescue package

MARCH 27 2020 Section:World Time: 26/3/2020 - 18:36 User: john.conlon Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1



CORONAVIRUS

MILES JOHNSON AND DAVIDE GHIGLIONEROMEFEDERICA COCCO — LONDON

As Italy’s doctors and medical staffstrive to save the lives of Covid-19patients, they are also fighting anotherbattle: toavoid infectingthemselves.

“Things are very bad, I’m desperate,”said an intensive-care doctor in Brescia,Lombardy, Italy’s worst-hit region. Ather hospital, where staff are using snor-kellingmasksbought fromleisuregoodschain Decathlon to hook up patients tooxygen, protection equipment for doc-torsandnurseshasrunout.

“I think we all have it here but theywon’t test us, even if we display symp-toms, which allows the spread to con-tinue,” the doctor told the FT. “They arenot testing the medical staff because weare understaffed and they can’t quaran-tine us. If things go on this way, this willnever end because we will continue tospreadthediseaseandtogetsick.”

Italy’s medical system, one of the bet-ter-resourced in Europe, is stretched tobreaking point. More than 7,500 peoplehave died. So far 5,211 medical workersin Italy have had the virus, equivalent to8 per cent of all diagnosed cases in thecountry at the start of this week. Ofthose, 33 have died, according to theIstituto Superiore di Sanità, the sciencearmofthehealthservice.

“The first thing to do is to protecthealthcare workers, to make sure theyarenottheonesspreadingthevirus.Ourdoctors have been sent to warunarmed,” saidFilippoAnelli,presidentof Italy’s national doctors’ association.“The dead do not make a noise. Yet thenames of our dead friends, our col-leagues, put here in black and white,makeadeafeningnoise.”

The latest doctor to die was VincenzaAmato, head of public health for Ber-

gamo, the city in Lombardy with thehighestnumberofcases.

A group of doctors from the Papa Gio-vanni XXIII hospital in the city wrote ajointarticle intheNEJMmedical journallast week saying their hospital was“highlycontaminated”.

“We are learning that hospitals mightbe the main Covid-19 carriers, as theyare rapidly populated by infectedpatients, facilitating transmission touninfectedpatients,” theysaid.

“Health workers are asymptomaticcarriers or sick without surveillance;some might die, including young peo-ple . . . Older patients are not beingresuscitated and die alone withoutappropriate palliative care, while thefamily isnotifiedoverthephone.”

Giorgio Gori, mayor of Bergamo,admitted healthcare workers hadbecome sick “during the first phasewhen they were initially exposed to thevirus because of the lack of protectiveequipment”. But authorities “actedquickly and now the situation is undercontrol”.

Mr Gori believes that, for all thedeaths in hospitals, many more peopleare succumbing to the virus at homewithout medical treatment. Officialdeath statistics for the city, he said, werefar higher than previous years andhigher than the official numberscountedashavingdiedfromthevirus.

“The ratio is four to one,” he said. “Foreachpersonwhoisdeceasedwithadiag-nosis of coronavirus, there are threeothers for whom this is not ascertainedbutwhodieofpneumonia.”

Bergamo’s hospital doctors are callingfor more patients to be treated at homeand for separate buildings inside hospi-tals to be established for the infected,meaning the risk of hospital contamina-tion is reduced and help can be givenmore quickly and efficiently. “We needdedicated Covid-19 hospital pavilionsand operators, separated from virus-freeareas.”

The problem is nationwide. AntonioMagi, president of Rome’s doctors’ asso-

ciation, said 84 doctors in the Italiancapital had been infected, accountingfor about 13 per cent of the total numberofcases there.

“We are flexible and we are all makingbig sacrifices,” said Francesca Rapetti,an anaesthetist in an intensive-care unitat San Martino hospital in Genoa.“Unfortunately we are also quite scared:we cannot work calmly.” Lack of protec-tiveequipmentaddstothestress.

Italy has rushed to recruit more doc-tors, urging retired professionals toreturn to the front line and letting medi-cal students graduate early. Yet someare torn between the desire to help andthe risks. Gianpiero D’Antonio, a 25-year-old doctor from Potenza in south-ern Italy, has already been offered sev-eral jobs in Covid-19 departments inhospitalsacross thecountry.

“The risk of getting sick is very high,”he said. “For me it would be a greatopportunity to start working in such achallenging situation but, before takingany job, I have to think about it threetimes.”

Hospitals. Transmission risk

Italy medics’fight for life

gets personalWith 33 health workers dying,

fear of sickness hampers push

to recruit additional doctors

‘I think weall have ithere butthey won’ttest us,even if wedisplaysymptoms’Brescia doctor

DANIEL DOMBEY — MADRID

A surge of coronavirus cases in Catalo-nia has increased tension between theregion and the Spanish government,which is being pressed to shut downalmosttheentireeconomy.

As of yesterday there were about 11,500confirmed cases in Catalonia, with1,000 people in intensive care and 670dead. The figures mark a drastic deteri-oration since March 16, the day after thelockdown, when there were fewer than1,000 cases in Catalonia, only 33 peoplein intensivecareandjust12deaths.

Theworstaffectedpartof theregionisaround the town of Igualada, an hour’sdrive from Barcelona. Catalan authori-ties say the death rate there is the equiv-alent of 63.1 per 100,000 inhabitants.The rate in Madrid, the worst-hit regionin Spain in absolute terms, is 27.9, and inLombardy, northern Italy, until now thecentreof theoutbreakinEurope,41.6.

The regional authority on Wednesdaytightened restrictions in and aroundIgualada, banning people from leavinghomeforanythingbutessentialwork.

But the central government said yes-terday the ban lacked force under thestate of alert it invoked to deal with theemergency, and which largely suspendsthedevolvedsystemofgovernment.

Pedro Sánchez, the prime minister,said the lockdown measures were suffi-cientandheldouthopethespreadof thevirus would soon peak. “The Spanishgovernment continues to follow WorldHealth Organization recommendationsat all times and . . . has adopted themost drastic measures in Europe andthestrictest intheworld,”hisofficesaid.

The clash is just the latest between MrSánchez’s government and the Catalanadministration, which at one pointcalled for the region to be sealed off tofight the virus. This week it demandedthat Madrid “ban all movement outside[the home] — on foot, in private vehi-cles, or by any means of public, private,collectiveor individual transport”.

Under the state of alert, people areallowed to travel to work in areas suchas construction, although almost allshops other than grocers and pharma-cistshavebeenclosed.

Spain

Catalonia andMadrid clashover controlmeasures

The World Health Organization hassaid it has “started to see someencouraging signs” in Europe, wherethe pandemic has claimed nearly12,000 lives.

The international body said that thecontinent had reported more than220,000 cases and 11,987 deathsassociated with Covid-19. That is sixout of every 10 cases and seven out ofevery 10 deaths.

“While the situation remains veryserious, we are starting to see someencouraging signs,” said Hans Kluge,WHO regional director for Europe.

He pointed to a slightly lower rate ofincrease in cases in Italy, which has thehighest number of cases in Europe.

As many countries go through aperiod of lockdown, Dr Kluge said:“Soon we will be able to determinethe degree to which the measures putin place in many countries are havingan impact.”Philip Georgiadis

EuropeWHO takesheart fromslower rateof casesin Italy

Desperate: the intensive care unit in a Brescia hospital. Some staff use snorkel masks for protection — Claudio Furlan/LaPresse/AP

MARCH 27 2020 Section:World Time: 26/3/2020 - 18:16 User: john.conlon Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1


Friday 27 March 2020 ★ † FINANCIAL TIMES 5

MARCH 27 2020 Section:Ad Page Time: 26/3/2020 - 16:03 User: william.baxter_mag Page Name: AD FT1, Part,Page,Edition: EUR, 5, 1



HANNAH MURPHY — SAN FRANCISCO

Regulators have stepped in to clear up acase of mistaken identity on WallStreet, suspending the shares of ZoomTechnologies, a small Chinese com-pany that investors were confusingwith Zoom, the video-calling app thathas seen spectacular growth during thecoronaviruspandemic.

The Securities and Exchange Commis-sion said yesterday that it was haltingtrading in the Beijing tech group, whichuses the ticker ZOOM, until April 8 overconcerns that investors were “confusingthis issuer with a similarly named Nas-daq-listed issuer . . . which has seen arise in share price during the ongoingCovid-19pandemic”.

Zoom Video Communication, a Sili-con Valley videoconferencing app thatfloated in April 2019, has experienced an explosion in popularity as millionsconfined to their homes under nationallockdowns have used it to host groupmeetingsaswellassocialcatch-ups.

The value of its shares has more thandoubled since the beginning of the year,giving it a market capitalisation of$40.3bn.

Meanwhile, Zoom Technologies’stock has risen tenfold since the begin-ning of the year — including a dramaticrally last Friday followed by a suddendrop — although its valuation is a fartinier$31.3m.

The Chinese company was also sus-pended because it has failed to issue anypublic disclosures since 2015, the SECsaid, raising questions over its financesand whether it even has any continuingoperations. The company voluntarilydelisted from the Nasdaq exchange in2014, filingsshow.

The SEC added that “unsolicited cus-tomer quotations for its common stockare quoted by broker-dealers . . . underthe ticker symbol ZOOM” on an inter-dealer quotation system operated byOTCMarketsGroup.

It is not the first time the small group— a Delaware corporation — has bene-fited from its larger namesake: its stockalso jumped more than 80 per cent onthedayofZoom’s2019 listing.

“The commission cautions broker-dealers, shareholders, and prospectivepurchasers that they should carefullyconsider the foregoing informationalong with all other currently availableinformation and any information sub-sequently issued by the company,” theSECsaid.

US regulatorsZoom in onmistakenidentity case

JOE MILLER — FRANKFURTROBERT SMITH — LONDON

Volkswagen has called on the EuropeanCentralBanktospeedupitsplanstobuyshort-term corporate debt to help com-paniesrideout thecoronaviruscrisis.

The world’s largest carmaker told theFinancial Times the ECB should send“clear signals” and buy commercialpaper — a form of short-term debt thatoften matures in as little as six or ninemonths—“assoonaspossible”.

VW is one of the Europe’s most regu-larcorporate issuersofsuchdebt.

“There’s a lot of pressure on theincoming money flow,” said Frank Wit-ter, chief financial officer. “We have

different diversified funding sourcesavailable, but not all of them are as liq-uidastheywere.”

VW closed all its European plants lastweek as the motor industry, with theexception of China, came to an almostcomplete standstill. Large corporationsaccount fora fractionof the€1.4tneuro-zone commercial paper market, whichis usually used by banks, but access tosuch debt can be vital for companieslooking to plug short-term liquiditygaps, a common consequence of the dis-ruptioncausedbycoronavirus.

Mr Witter’s plea comes after the ECBannounced last week €750bn of extraasset purchases to contain the financialfallout from the coronavirus pandemic.The central bank pledged to make non-financial commercial paper “eligible forpurchase” under the programme.

However, while it started buying sover-eign and corporate bonds yesterday, it isstill ironing out the technical and legaldetails for buying non-financial com-mercial paper, and has yet to put thatpartof theschemeintoeffect.

“Providing funding opportunities issomething essential in this crisis,”MrWittersaid.“Theearlier, thebetter.”

VW has the capacity to issue up to€15bn of this debt in the eurozone mar-ket, with another €5bn earmarked forshort-term debt in a separate market inBelgium. The group’s ringfenced finan-cial services arm has an additional com-mercial paper programme with a€2.5bn limit. Companies that typicallyrely on commercial paper could drawdown credit lines with banks, a form ofstandby financing that businesses canturntoat timesofstress.

Mr Witter said that VW, which has yetto tap available credit lines in excess of€20bn, said the company consideredthat facility “a back-up” for when capi-talmarketsareshut.

US rivals GM and Ford have eachdrawn down about $16bn from theirrespective credit facilities to shore uptheir finances inthefaceofsupply-chaindisruption and factory closures. The USFederal Reserve announced last weekthat it would begin buying commercialpaper, restarting a facility last invokedduringthe2008financialcrisis.

Mr Witter’s plea comes just a fewweeks after VW reported a 17 per centrise in pre-tax earnings in 2019 to€18.4bn with net cash flows of almost€11bnin itsautomotivedivision.

He said that the group had not yetdecided to scrap its substantiallyincreased dividend of €6.50 per share,but would “have to monitor the situa-tion,asdevelopmentsareprogressing”.Additional reporting by Martin Arnold

VW urges ECBto act quicklyon purchasingcorporate debt3 Carmaker cites liquidity pressures3 Increase of dividend under review

‘We have diversifiedfunding sources available,but not all of them are asliquid as they were’

Gillian Tett Fed tapped Fink’s BlackRock again as its experience and database make it a natural partner y OPINION

ALICE HANCOCK AND ANTONIA CUNDYLONDON

High-end restaurants, includingsome with Michelin stars, are deliv-ering stripped down versions of theirmenus in UK cities as they attempt tofind ways to sell fine dining throughthecoronavirus lockdown.

More than 100 restaurants have con-tacted Supper, the delivery servicespecialising in upmarket London res-taurants, as they battle to maintainrevenuesduringtheshutdown.

Dishes available for delivery rangefrom sous vide miso cod created bychefs who normally work on privatejets, to a £135 dim sum menu fromMayfair restaurant Hakkasan. Sup-per’s customers typically spendbetween£90and£120perorder.

Daniel Hulme, a former private-jetchef,hasspent£100,000developingablast chilling system that allows hischefs to prepare dishes to a point

where customers can reheat and fin-ish them to “Michelin star quality”with a set of provided gels and gar-nishes.Twocoursescost£49.95.

The service is in stark contrast tomany people’s experience in obtain-ing food during the crisis — grocery delivery slots are sold out and house-holds are having to head to busy,understockedsupermarkets.

Campbell Mickel, head chef andfounder of the Bib Gourmand restau-rant Merienda in Edinburgh, said heviewed the delivery service as “a kindof public service”. He said the restau-rant had moved from a small dishtasting menu to more “hearty food”,such as boeuf bourguignon, as it waseasier forcustomerstodishup.

“We prepare it 95 per cent the[same] way including the cooking,package it,anddeliver,”headded.

Supper said it had added more than2,000 customers since March 20 andwasprocessing inexcessof200orders

a day. It has a waiting list of about 40restaurants, while it has turned away60 that did not meet its criteria,including high street chains or localkebabshops.

Peter Georgiou, Supper’s chief exec-utive, said the stay-at-home economywas“adouble-edgedsword”.

After the enforced closure of UKrestaurants a week ago, 40 of the 80restaurants on Supper’s books shutdown. “One moment we’re doing a lotof business, at another we’re losingrestaurants that don’t want their staffonsiteatall,”hesaid.

The coronavirus outbreak hassparked a boom in meal delivery butfew services have been able to repli-cate theexperienceof finedining.

“Uber Eats and Deliveroo are fan-tastic companies but . . a lot of the bet-terrestaurantsdon’twanttousethosedelivery services because it doesn’tturn out as their chefs want it.” saidMrHulme.

Posh nosh High-end eateries adopt strippeddown home-delivered menus to navigate crisis

S ilicon Valley’s preferredmodel of innovation — iteratefast, scale up rapidly — hasmet an adversary it can’t out-race.

The Sars-Cov-2 virus moves evenfaster and, in some places, has hit anexponential growth curve. As the techindustry rushes to make a dent in thishealth crisis, it is facing a test of some ofits most cherished ways of doing busi-ness — as well as its relationship withcustomersandusersaroundtheworld.

The can-do spirit and creativityunleashedbythepublichealthcrisishascertainly been heart-warming. Socialmedia sites and mobile app stores, theopen platforms on which crowdsourcedinnovationthrive,areawashwith ideas.

The Facebook page for Open SourceCovid-19 Medical Supplies, for instance,has brought an outpouring of designsfor essential medical gear. Much of it isprotective equipment for people in thefront lines of the battle against the virus,to be produced on home 3D printersclosetowhere it ismostneeded.

Ad hoc alliances are being formed toelevatemakeshiftdesigns likethese intomore robust supply lines. Carbon, a SanFrancisco-based 3D printing company,is trying to harness the customers whohave installed 1,000 of its industrial-grademachines.

Among its designs is a swab for coro-

New spirit of co-operation brings dangers for Silicon Valley

navirus tests that can be made fromresin used in dental labs. Ellen Kullman,CEO, says that more than 300 peoplejoined a webinar this week to learn howto turn 3D printing machines to use forthisandotherdesigns.

Protective gear and testing equip-ment are in short supply, and some liveswill undoubtedly be saved by initiativeslike this. But doing anything at a scalethat will bring a real flattening in theCovid-19 morbidity — and mortality —curves isadifferentmatter.

Sometimes, only government will do.Centralised authorities are needed topick the best ideas to back, provide vali-dation and certification, and commandthe resources on a scale that will make areal difference. Silicon Valley traces itsorigins to a close relationship with gov-ernment — specifically, the defencebuild-up duringthe cold war. Aseries of similarlytight public/pri-vate partnerships,needed to deal withthe health emer-gency, will test theValley’s ability tomeet a serious need, while retaining themethodsandvalues itholdsdear.

The first results of this new spirit ofco-operation have probably been clear-est in the information realm — specifi-cally, when it comes to the collectionand dissemination of reliable informa-tion about the nature and spread of thevirus,andwaysto limit therisks.

App Stores, for instance, weredesigned to act as open platforms foranyone with a bright idea. But a searchin Google’s Play store for anything coro-navirus-related offers only a link to theWorld Health Organization, along withapps from the Centers for Disease Con-trol and the Federal Emergency Man-

agement Agency. Apple’s App Store isonly slightly less restrictive, lettingthrough a handful of vetted apps frommedical researchers for tracking coro-navirussymptoms.

One of the most valuable locations onthe internet, the Google homepage, nowacts as a quasi-public service announce-ment, its single outbound link connect-ing to a trove of official coronavirusinformation.

Searches for anything related to thepandemic bring special advice boxes,with most links leading back to the CDCand the WHO. A company that rose toprominence by finding relevance in the“long tail” of the internet has defaulted,at a time of global crisis, to being a con-duit for government-generated infor-mationandadvice.

This highlights just how serious a testthe tech industry faces as it aligns itselfwith government to solve the currentcrisis, while at the same time defendingits values and protecting user rights likeprivacyandfreedomofspeech.

The nature of a pervasive health scaremakesthishard.Suppressingthespreadof Covid-19 has already forced a limita-tion of freedoms — though Western gov-ernments have tried to do this throughsocialpressureratherthancoercion.

The next phase, when it comes, islikely to involve attempts to partiallyreopen the economy while still regulat-ing individualmovement.

As China’s successful efforts to limitrenewed outbreaks of the virus haveshown, this is likely to require collectinginformation about individuals thoughtto pose a risk, such as where they havebeen and who they have had contactwith. For the big tech platforms, stuffedwith this kind of personal data, thiscouldposethebiggestchallenge.

[email protected]

INSIDE BUSINESS

TECHNOLOGY

RichardWaters

One of the most valuablelocations on the internet,the Google homepage,now acts as a quasi-publicservice announcement

Despite the rise in home delivery, few services have been able to replicate the fine dining experience — Getty/Mint Images

Contracts & Tenders

Businesses For Sale

Business for Sale, Business Opportunities, Business Services,Business Wanted, Franchises

Runs Daily.........................................................................................................................................................................................................................................................................

Classified Business AdvertisingUK: +44 20 7873 4000 | Email: [email protected]

MARCH 27 2020 Section:Companies Time: 26/3/2020 - 19:00 User: nick.miller Page Name: Comp&Mkts1, Part,Page,Edition: USA, 6, 1



COMPANIES

ERIC PLATT ANDANDREW EDGECLIFFE-JOHNSON

WeWork burnt through $1.4bn in the final three months of 2019, nearly allthe cash its principal backer SoftBankprovided, as costs from opening newbuildings and laying off thousands ofemployeesmounted.

Thecompanysaid itendedtheyearwith$4.4bn of cash and commitments,according to a letter Sandeep Mathrani,WeWork chief executive, and MarceloClaure, executive chairman, sent tobondholders yesterday and seen by theFinancialTimes.

SoftBank injected $1.5bn of cash intoWeWork in October in a bailout thatgave it control of the group, but prom-ises of more funding have been throwninto doubt as SoftBank threatened towalkawayfromasharepurchasedeal.

The letter from Mr Mathrani and

Mr Claure showed that WeWork gener-ated $3.5bn in revenues in 2019, up90 per cent from a year before. How-ever, it did not include the full-year orquarterly loss. WeWork in Novemberdisclosed that it had lost $2.2bn duringthefirstninemonthsof2019.

The cash burn figure underscored thestrain on the company’s finances, evenbefore the coronavirus outbreak. Whilethe business has closed only a handful oflocations, investors and employees fearthat its tenants could soon begin cancel-ling leasesenmasse.

“We want to reiterate that WeWorkhas a strategic plan and a sound finan-cial position,” Mr Mathrani and MrClaurewrote.

“Webelievethisprovidesusthefinan-cial resources and liquidity to executeour plan through 2024, including man-aging the challenges and volatility pre-sentedbyCovid-19.”

The year-end cash position revealedyesterday represented a sharp deterio-ration from the $6.9bn in cash and com-mitments the company said it had at theendofNovember.

The $4.4bn figure for Decemberincluded $1.3bn of cash WeWork had onits balance sheet, as well as $800m ofrestricted capital. It said it also had$2.2bn of cash it could draw down froma debt financing finalised with SoftBanklast year, and $100m it was still owedfrom the Japanese group for one of itsjointventures.

SoftBank warned this month that itcould back out of its deal to buy $3bn ofWeWork shares from existing investors,a transaction the board thought was allbut done. WeWork disclosed that a fur-ther $1.1bn of new funding it hadexpected fromSoftBank hadbeenput indoubt, given the financing was tied tothat tenderoffer.

Technology

WeWork bleeds $1.4bn of cash in last quarterOLIVER RALPH — LONDONDEMETRI SEVASTOPULO — WASHINGTON

The chairman of Lloyd’s of London saidthe insurance industry could be “injeopardy” if it was forced to pay out forCovid-19 claims that it never intendedtocover.

Insurers have said that infectious dis-eases are excluded from most businessinterruption policies, prompting furyfromcustomers facinghuge losses.

Lawmakers in the US want the indus-try to soften its stance and pay out any-way. But speaking to the FinancialTimes, Bruce Carnegie-Brown said anymove along those lines would have seri-ousconsequences.

“Fundamentally the insurance indus-try relies on contracts,” the Lloyd’schairman said. “We pay out from thepremiums we collect, and if we haven’tcollected premiums for covers like coro-

navirus, it would put the industry injeopardy to be paying claims for thoserisks.”

In theUS,abipartisangroupof18 law-makers in the House of Representativeshas urged insurance companies to rec-ognise the losses that businesses — par-ticularly small ones — face from the eco-nomicfalloutofcoronavirus.

In a letter to trade associations repre-senting insurance companies, the law-makers urged them to “work with yourmember companies and brokers to rec-ognise financial loss due to Covid-19 aspart of policyholders’ business inter-ruptioncoverage”.

In the UK, the parliament’s Treasurycommittee yesterday wrote to the Asso-ciation of British Insurers askingwhether the industry would be flexibleoverbusiness interruption.

Mr Carnegie-Brown said: “We willwork very hard to try to make sure that

customers benefit from the policies thatthey’ve got but it will be difficult to payout if customers have not specificallyboughtprotection.”

He added that Covid-19 would causeclaims on more than a dozen types ofpolicy, and total payouts could matchthose forabignaturalcatastrophe.

Mr Carnegie-Brown said it was tooearly to put a figure on the size of poten-tial claims, but added that it would be a“large loss event” for the market. Largenatural disasters typically cost insurersmanybillionsofdollars.

The crisis has hit Lloyd’s balancesheet. Its solvency ratio, which is ameasure of capital available as a propor-tion of the minimum required, hasfallen from 238 per cent at the end ofDecember to 205 per cent last weekbecauseof financialmarketvolatility.

Mr Carnegie-Brown said the solvencyratiowas“stillverycomfortable”.

Insurance

Lloyd’s flags up ‘large loss event’ risk to sector

RICHARD MILNENORDIC AND BALTIC CORRESPONDENT

Jacob Wallenberg has warned govern-ments to weigh the economic threatfrom the virus more heavily or riskdepression, social unrest, and a lostgeneration.

The Swedish industrialist, whosefamily vehicle has controlling stakes incompanies from telecoms equipment

maker Ericsson to bank SEB, said poli-cymakers must protect the vulnerablebut not lose sight of the impact of con-tainment measures on businesses, fromlocalrestaurants tomultinationals.

If the crisis went on for long, unem-ployment could hit 20 per cent to 30 percent while economies could contract bythesame,hesaid.

“There will be no recovery. There willbe social unrest. There will be violence.There will be socio-economic conse-quences: dramatic unemployment. Citi-zens will suffer dramatically: some willdie,otherswill feelawful.”

Mr Wallenberg said he wanted to start

a debate about the long-term conse-quencesof thecrisis.

“I am dead scared of the conse-quences to society. I want to put theview: what else can we do? Right now,we’re justgoingononepath . . . Wehaveto weigh the risks of the medicine affect-ing the patient drastically. How doestomorrow look? One of these days thereis a tomorrow. We have to prepare our-selvesaswell.”

Sweden is an outlier, keeping schoolsand borders open and making fewerrestrictions than other European coun-tries. There has been a debate aboutwhether the economic costs of certain

restrictions outweigh the health bene-fits. Mr Wallenberg said the debate hadbeen very much “business versus life”,but he wanted to take a “life versus life”perspective. Elderly people should beprotected more, perhaps by beingplacedinmandatoryquarantine.

There should be a parallel discussion

on how to return to a vibrant societywith a rich cultural offering and livelyrestaurants, and a need to think aboutthenextgeneration.

Mr Wallenberg said that his call for adebate on what happened after “theacute phase of the crisis” was backedby European Round Table for Industry,50 industrialists who represent compa-nieswithrevenuesof€2tn.

“Authorities are all working very hardto help society. They are not lookingaround the corner as much. They arenot taking the longer-term perspective.This is something that is very importantforsocietyandfortheEU,”hesaid.

Industrials

Wallenberg warns on long-term job lossesSwedish magnate saysprotracted economic crisisrisks sparking social unrest

HANNAH MURPHY — SAN FRANCISCO ,DANIEL THOMAS AND MARK DI STEFANOLONDON

At9ameverydayintheUK,hundredsofthousands of children stand in front ofthe televisions in their living rooms tojump like kangaroos or learn to doplanks as fitness instructor Joe Wickstakes them — and often their parents —throughtheirpaces.

On Monday, the first day of the coun-try’s lockdown, Mr Wicks’s exerciseclass attracted about 869,000 live view-ers. By Tuesday the number hadclimbed closer to 1m, with his popular-ity spreading globally as he interspersedhis easy exercises with shout-outs tokids fromNewYorktoJamaica.

Now dubbed the “nation’s PEteacher”, Mr Wicks has doubled his fol-lower count on YouTube, where some ofhis video posts now have more than 4mviews, earning him a name as one of thebreakoutstarsof thecoronaviruscrisis.

“It’s a little bit of fun, a little bit of silli-ness at a time when people are stressedand worried,” Mr Wicks said, talkingfrom his west London home. “I am thebusiest man in the world. I am so firedup . . . It’samazing. I’maTVchannel!”

While celebrities and influencershave traditionally broadcast aspira-tional content relating to fashion andtravel, now, with travel bans and noevents to dress up for, social media plat-forms are producing more everydaystars: DJs live-streaming from their bed-rooms, teachers hosting classes overYouTube and chefs broadcasting cook-ingtutorialsonInstagramLive.

Mr Wicks is one of a group of peoplewhohavebuiltuphugeglobalonline fol-lowings and household-name status inrecentweeks,as themillionsconfinedtotheir homes search for entertainment,escapismandeducationonline.

For many, the new-found clout offersthem a strong foothold in the lucrative$8bn influencer marketing industry,with social media platforms offering agrowing range of ways to generate reve-nue. These include creating sponsoredcontent for businesses for a fee, whichcan be in the thousands of dollars, oreven accepting tips — a feature Insta-gramisweighingonintroducing.

“There is a switch in influencer con-tent online,” said Scott Guthrie, a con-sultant at Luxmoore Consulting and co-chair of the influencer marketing panelat theCharteredInstituteofPublicRela-tions, citing cooking, fitness andhumour as the most popular categoriesfor people searching for a sense of “com-munity”atatimeofsocialdistancing.

Though social platforms have been

faced with severe advertising head-winds during the recent downturn, asmarketers slash their budgets amidfierce new economic pressures, theyhave also been reporting unprece-dentedspikes intraffic.

On Tuesday, for instance, Facebooksaid in a blog post that users had beenspending 70 per cent more time acrossits apps in Italy since the crisis tookhold, while Instagram and FacebookLiveviewstherehaddoubled inaweek.

Some platforms are trying to generatenew revenue streams from influenceractivity — a move that could help to off-set the financial hit felt by popular crea-tors whose usual brand sponsors areretreatingamidthecrisis.

Instagram is exploring ways to allowusers to tip the influencers on its plat-form, sources familiar with the planstoldtheFinancialTimes.

Meanwhile, Twitch announced onTuesday that it was partnering withevents site Bandsintown to allow musi-cians to monetise live-streamed per-formances via paid fan subscriptionsand online tips. Patreon, which allowsartists to charge “patrons” for a sub-scription to their live streams, said thatit had garnered 30,000 new creators inthefirst threeweeksofMarchalone.

As households in quarantine try tostay healthy, fitness gurus are fast

becoming social media’s standout win-ners. The topic is currently the number-one driver of views on YouTube, whilethis month in the UK, views of home-exercise videos rose more than 200 percent compared with the daily averagefor JanuaryandFebruarythisyear.

But educational content — typicallyvirtual lessons provided by teachers —has also gained traction: 24,000 peoplehave registered their interest in a live-streamedFacebook“Spellathon”onFri-day from a Leighton Buzzard-basedteachercalledEnglishwithHolly.

Meanwhile, global views for cookingshows are soaring, rising 45 per cent inthe first three months of 2020 from thesame time last year, according toYouTube. Michelin-star chef MassimoBottura, for instance, has hosted a showcalled Kitchen Quarantine every night at8pm on Instagram TV since his Modenarestaurant Osteria Francescana wasforced to shut down this month. Thevideos have been streamed hundreds ofthousandsof times.

Proponents argue that the new classof influencer may boost the reputationof the industry, which is often criticisedfor its shallowness and for attractingfraudsterswhopayfor fakefollowings.

Young people are even beginning tolook to influencers as “a trustworthysource of news”, Mr Guthrie said. The

WorldHealthOrganizationandtheUK’sDepartment for International Develop-ment have partnered with influencerson Instagram, TikTok and YouTube tospread messages about social distanc-ing, handwashing and detecting Cov-id-19misinformation, forexample.

“Peopleareturningto[influencers] intough times; this is legitimising thevalue they can have,” said Neil Waller,chief executive and co-founder of influ-encermarketingagencyWhalar.

Still, bad behaviours have emergedamong more opportunistic players,including some wellness influencersreportedly spreading harmful informa-tion about virus-preventing supple-ments, or exploiting the pandemic toselloverpricedproductsandservices.

Some believe influencers will be rela-tively insulated from the advertisingdownturn, since their content is cheapandeasytomake.

For now, some of the more spontane-ous coronavirus stars say they arefocusedonbuildingonlinecommunitiesasahobby,ratherthanmakingmoney.

“You rediscover old books, oldrecords, thepleasureofcooking foryourfamily. It’s the chance for us to buildsomething special, that’s why we aredoing it,”MrBottura, thechef, said.

“The virus has taken everything fromus,except freetimeandtechnology.”

Technology. Social media

Viral-influencers power ahead under lockdownQuarantines are creating

household celebrities in fields

from exercise to education

UK children jointhe ‘nation’s PEteacher’ JoeWicks for anexercise session.The fitnessinstructor hasdoubled hisfollower counton YouTube,where some ofhis videos havemore than 4mviews — Charlie Bibby/FT

RICHARD MILNE — OSLO

A little-known Norwegian hedge fundmanager is taking over as chief execu-tive of the world’s largest sovereignwealth fund just as the coronavirus cri-sispresents itwith itssternest test.

Norway’s central bank said yesterdaythat Nicolai Tangen, who founded Lon-don-based hedge fund AKO Capital in2005,wouldsucceedYngveSlyngstadasheadof theoil fundinSeptember.

The fund, which was founded in 1996to safeguard and manage Norway’s oilrevenues, has amassed $930bn in assetsand, on average, owns 1.4 per cent ofevery listedcompanyglobally.

Oystein Olsen, Norway’s central bankgovernor, who led the search for thechief, defended the choice of a hedgefund figure to lead an organisation bet-ter known for tracking stock marketindicesratherthanmakingbigbets.

“There are differences in allocationand size but there’s a high equity shareintheoil fund,”hesaid.

Espen Henriksen, an oil fund expertat BI business school in Oslo, said MrTangen had been “phenomenally suc-cessful” with his hedge fund but it was“a surprise that the governor has chosena stock picker and hedge fund managerto head a de facto index fund. You haveto trust that the board has done a goodjobandthathe isaquick learner”.

The challenge facing Mr Tangen, wholives in London but will move to Oslo,was underlined as the fund revealed it

was facing one of its worst quarters onrecord with a 16 per cent drop this yearafter the pandemic hit stock markets.Under Mr Slyngstad, the fund’s assetsalmostquintupled.

Knut Kjaer, the fund’s first chief, saidthat Mr Tangen was the “best possibleperson” to take over the job and“uniquelywellqualified”.

Unlike in the 2008-09 financial crisis,Norway has been hard hit by coronavi-rus and a sharp fall in oil prices. Unem-ployment has more than quadrupled inthe past two weeks. Its governmentcould end up withdrawing a recordamount from the fund this year, even asitsvaluedeclines,analystsbelieve.

Mr Tangen, who will pay tax in Nor-way, told the Financial Times that thebiggest challenge facing the fund wasthat “financial markets are movingfaster than ever before” at the sametime as big technological shifts and theriseofpopulisminpolitics.

“I don’t think financial markets haveever been more exciting,” he added.There were “very big similarities” inhow his hedge fund and the oil fundwere“runandmeasureperformance”.

Mr Slyngstad said the oil fund wouldneed to buy equities soon as part of itsrebalancing rules after its equity sharefell to 65 per cent of total assets, againstits target of 70 per cent. Closing that gapwould implypurchasesofabout$50bn.

Mr Henriksen voiced some surprisethat a wealthy hedge fund manager wastaking a position that last year paid MrSlyngstadabout$630,000.

Mr Tangen said that “for the Norwe-gian sovereign wealth fund, it’s particu-larly important to get the intrinsic moti-vation going. The fund is working for ahigher purpose than just working in anormalbank”,hesaid.

Financials

Norway’s oilfund pickschief to steerway throughtesting times

‘The virushas takeneverythingfrom us,except freetime andtechnology’

‘You have to trust thatthe board has done agood job and [Tangen] isa quick learner’

‘There will be no recovery.There will be social unrest.There will be violence’Jacob Wallenberg

MARCH 27 2020 Section:Companies Time: 26/3/2020 - 17:45 User: cathy.pryor Page Name: CONEWS1, Part,Page,Edition: EUR, 7, 1



COMPANIES

ROBIN WIGGLESWORTH, LAURENCEFLETCHER AND ORTENCA ALIAJ

Earlier this year, Ray Dalio, the hedgefund magnate, admitted that he and histeam at Bridgewater Associates were“dumb shits” when it came to pandem-ics. The best they could do was to ridestraight throughthecoronavirus-triggeredmarket turbulence.

“It would be a mistake to whipsawourselves by overriding our process toreact to the most recent headlines,”Bridgewater told investors inFebruary.

A month later, Bridgewater’s flagshipPure Alpha hedge fund was nursinga 14 per cent loss for the year to March18, and a more aggressive version of thefund was down 21 per cent. Mr Dalioadmitted that — despite a carefully nur-tured image as an economic soothsayer—hehadsimplygot itwrong.

“We did not know how to navigate thevirus and chose not to because we didn’tthink we had an edge in trading it,” hesaid at the time. “So we stayed in ourpositions and in retrospect we shouldhavecutall risk.”

The hedge fund industry’s pitch isthat it aims to make money in mostmarket conditions and protect inves-tors’ capital in a downturn. This wascalled into question during the 2008financial crisis when the average hedgefundlost18percent—substantiallybet-ter than equity markets — but a big dropnonetheless.

In the decade since then the industryoverall has put in a lacklustre perform-ance. Record-low interest rates and amultiyear bull market induced by cen-tral banks pumping money into the sys-tem have favoured cheap index-track-ingfunds.

For years, hedge fund managers havecraved more volatility. The industry’sproponents predicted it would prove itsmettle with renewed turbulence. In

spite of the grim reasons for the prevail-ing market chaos and the human andeconomic toll the pandemic is exacting— those seeking more volatility nowhavetheirwish.

Initially the hedge fund industry asa whole fared fairly well during the tur-bulence. The average hedge fund lost1.4 per cent in February, according toHFR, even though markets whipsawed.But the early resilience faded as turmoildeepened, blowing up even previouslyreliable trades. Hedge funds are down8.6 per cent in March, and nearly 10 percent for theyear,HFRsaid.

This setback comes at a precarioustime.Hedgefundshavealreadysuffered

investor outflows for 13 of the past17 quarters — with buoyant marketshelping keep the industry’s assets undermanagement steady at about $3tn —and the number of firms has shrunk forfiveconsecutiveyears.

Many of those that remain are lessprofitable. A spell of disappointingreturns has made the 2 per cent man-agement fee and 20 per cent perform-ance fee structure the exception ratherthantherule.

The turmoil provides an opportunity— and for many managers, a last chance— to prove their worth, say investorsand industry insiders. But many fear itis most likely to bring a 2008-style mass

cull of hedge funds — with smaller onesparticularly vulnerable — and reshape itinprofoundways.

“What is happening now is epic,” saidMark Connors, a former hedge fundmanager who now works on CreditSuisse’s prime brokerage desk. “Theindustry will not be the same after this,”he added, predicting that many fundswill fallbythewayside,while thebigwillbecomebigger.

There have already been casualties,such as Malachite Capital Management;and some Manikay Partners funds arereturning capital to investors. Manyothers are nursing their biggest lossessincethe2008crisisandare flummoxed

by the day-to-day challenges of trying tonavigate themarkets.

“It feels like strapping on a flak jacketand jumping on hand grenades going offevery day,” said the head of one UShedge fund. “And it feels like I’ve lostsomebodyparts.”

In their moment of reckoning, hedgefunds are facing constraints on theirstyle of investing as some Europeancountries ban short selling, the practiceofbettingonfallingprices.

“You can’t blame short sellers justbecause some industries [or] compa-nies are doing very badly these days,”said Lionel Melka, fund manager atHOMA Capital. “Throwing the ther-

mometer in the bin does not decreaseyourfever.”

There has been a wide dispersion inperformance across hedge fund strate-gies, between individual managers, andeven within multi-strategy funds. Moststrategies have suffered at least onestretchofstomach-churning losses.

Two weeks ago, hedge funds that seekto profit from slight discrepanciesbetween almost identical US Treasuries,or Treasury bonds and Treasuryfutures, were hammered when thesespreads widened instead of narrowed,threatening to set off an avalanche offailures.

The strategy is popular becauseof its usual steadiness, and as a resultof that, firms use heaps of leverage toboost returns. However, when thenormal correlations break down andall assets sell off together — as theydid two weeks ago — things can quicklyturnugly.

Fund managers said that the FederalReserve’s aggressive monetary easinghas stanched the bleeding, but notbefore some of the biggest names got

hit, including Citadel and MillenniumManagement. More recently, the painhas been acute among traditional long/short equity hedge funds that buy andsell stockshavealsosuffered.

Lastweekitconstituteda“hedgefunddeleveraging Armageddon”, accordingto Yin Luo of Wolfe Research. Event-driven funds that trade company merg-erswerealsoamongthevictims.

Quantitative managers that use com-puters to capture market trends havealso disappointed. Trend-followingstrategies gained 18 per cent in 2008 buthave largely struggled since then. If theydo not prove their worth now, “there isno reason for them to survive”, said onebig investor.

Ontheotherhand, someglobalmacrofunds,whichmakebetsonbigeconomictrends, have managed to profit from therecent bout of volatility more thanmost. Brevan Howard Asset Manage-ment and Caxton Associates havechalked up double-digit gains this yearthanks to bets on rising bond prices,accordingto investors.

Given the turbulent markets, manyinvestors will be evaluating their hedgefund allocations, and the result is likelytobemoreoutflows.

Simon Lack, a hedge fund allocator atJPMorgan turned critic of the industry,said: “If they just lose a bit less thanstocks, then I think a lot of investors willask,what is thepoint?”

Virus delivers shock to hedge fund sectorManagers’ ability to weather all conditions was called into question in 2008 and is being put to the test once more

Sector under pressurePerformance (%)

-30 -20 -10 0

Hedge fund industry

Equity hedge funds

Market-neutral funds

Merger arbitrage

Global macro

Relative value arbitrage

Emerging markets

Credit hedge funds

Source: Hedge Fund Research

MarchYear to date

Return index

0

50

100

150

200

250

1995 2000 05 10 15 20

HFRI

Vanguard Balanced Fund index

Number of hedge funds globally (’000)

0

2

4

6

8

10

2000 05 10 15 19

Funds have fallenfor five consecutive years

Industryparticipantswho had beenyearning forgreatervolatility arehaving to dealwith what theywanted

‘What is happeningnow is epic. The industrywill not be the sameafter this’

‘It feels like strapping ona flak jacket and jumpingon hand grenades goingoff every day’

14%Loss sustained byPure Alpha hedgefund for the yearto March 18

18%Hit to the averagehedge fund duringthe 2008 financialcrisis

NICHOLAS MEGAW AND PHILIP STAFFORDLONDON

Dutch lender ABN Amro will take a$200m hit to its profits after marketturmoil left the bank on the hook whena customer was unable to stump upextramoneyneededtokeeptrading.

The customer, which ABN did not iden-tify, had been unable to meet margincalls required to keep trading US futuresand options amid the wild swings ofrecentweeks.

ABN, which remains majority-ownedby the Dutch government, said that ithad been forced to close out the posi-

tions of the customer and saddled withthe loss. The loss is equivalent to almost10percentof thebank’sannualprofits.

The disclosure sent shares in ABNdown 5 per cent in early afternoon trad-ing, worse than the 2 per cent drop inEurope’s broader Stoxx 600 index. Thetrading loss, which came in ABN’s clear-ing arm, is one of the biggest hits yet to abank from the turbulence unleashed bythecoronavirusoutbreak.

ABN’s clearing arm earns much of itsprofits sitting between exchanges andclearing houses, charging customers afee to provide the capital that tradersare obliged to set aside if their bets sour.But banks are left exposed if a customercan no longer meet the demands fromtheclearinghousetosettle failedtrades.

The Dutch bank’s clearing arm proc-esses more than 20m securities andderivatives deals per day for customersincluding high-frequency traders andmarket makers, many of which arebasedintheNetherlandsandChicago.

The market mayhem has alreadyinflicted lossesonsometradingfirms.

Last week Ronin Capital, a Chicago-based proprietary trader, collapsedafter it was unable to meet margin callson its futures and bond trades. Its mainclearing house, the CME Group, said ithadauctionedoffRonin’sportfolios.

The intense volatility, which has seenclosely watched benchmarks such asthe Vix volatility index suddenly rise,has also hurt the ability of proprietarytraders,or those firmstradingwiththeirownmoney, tooperate.

ABN, which has been majority ownedby the Dutch state since its bailout dur-ing the 2008-09 financial crisis, hadalready been under pressure from thestart of the virus pandemic because ofitsheavyexposuretotheenergysector.

In February, it announced a secondreview of its corporate and investmentbanking business in as many years. Ithad suffered a sharp increase in baddebts among customers in the offshoreoil and gas sector, even before the recentcollapse incrudeprices.

Traders have in recent weeks urgedregulators to loosen rules aroundoptions trading in light of the recent vol-atility, arguing that they can suddenlybe left with having to stump up muchmore money when the notional value ofoptions decline. On Monday, industrygroup FIA Epta warned that some trad-ers could pull back from markets as aresult.

Banks

ABN takes $200m hit afterstumping up for client’s loss

The market mayhem hasinflicted losses — RoninCapital, a proprietarytrader, collapsed last week

MARCH 27 2020 Section:Companies Time: 26/3/2020 - 18:24 User: cathy.pryor Page Name: CONEWS2, Part,Page,Edition: EUR, 8, 1



MARKETS & INVESTING

EMIKO TERAZONO

Consumers fearful of contractingcoronavirus have been boosting theirimmune systems the old-fashionedway—byloadinguponorange juice.

Frozen concentrated orange juice,traded in New York, is the bestperforming of all commodities this year,according to Bloomberg data, rising 25percent to$1.214apoundsincethestartof January.

US shoppers have rushed to stock upon the staple, analysts said, as fears overlabour shortages in factories and trans-portationhavealsogivenpricesa lift.

“There is plenty of orange juicearound but it’s a bit like toilet paper —there’s no shortage but people havebeenrushingtobuyit,”saidNeilMurrayat IHS Markit’s Agribusiness Intelli-gence.

Jack Scoville at commodity brokersPrice Futures Group in Chicago saidprices had been boosted by worries oversupply-chainglitches.

“Tradersarewondering ifworkersarearound to man the plants in Florida andinBrazil,”hesaid.“Inaddition, therearenot enough tankers or containers

around for shipping the product to buy-ers.”

The jumpinorange juicepricescomesevenas themarkethasbeen languishingamid a rise in production in Brazil, thelargestproducerandexporter,andFlor-ida, saidIHS.

On the demand side, too, consump-tion has been waning over the past fewyears as shoppers switch to water andotherdrinkswith lowersugarcontents.

Arabica coffee, the higher grade bean,has also experienced a sharp upswing,

up 24 per cent from a week ago to $1.277apoundinNewYork.

The commodity had sold off duringthe early stages of the viral outbreak onconcerns of falling demand in cafés andcoffee chains but analysts said the focushad turned to securing supplies amidrising logistical risks.

“Everyone in the supply chain istrying to get their hands on stock,” saidCarlos Mera, analyst at Rabobank,noting strong demand from importers androasters.

On the retail end, too, demand hasbeen solid. In the UK, for example,consumers have turned to fuelling theircaffeine addiction by buying coffee andbeans from retailers. In the week toMarch 14, retail sales were up 30 percent compared with the previous yearand up 8 per cent over the previousweek,accordingtoNielsendata.

Wholesale coffee buyers havebeenspookedbycallsamongportwork-ers in Brazil, the largest producer andexporterofcoffeebeans, tocloseports.

While this has yet to materialise,companies and importers were stockingup in case the flow of coffee dries up,saidanalysts.

Commodities

Orange juice price performance pips allrivals as consumers dash for vitamins

LEO LEWIS — TOKYO

Market turbulence, an old investmentproverb and orders to work from homedue to coronavirus have lured recordnumbers of Japanese people to openonline trading accounts and dive intothe stock market — in many cases forthefirst time.

The surge of new accounts in March —four times the average monthly rate inthe case of Matsui Securities — hasbrought as many as 250,000 new inves-tors into the market across Japan’s fivelargest online trading houses. Most ofthe new account holders, said brokers,areagedbetween30and50yearsold.

The temptation of bargain prices inJapan’s stock market — the benchmarkTopix is down 20 per cent this year —has also prompted existing online bro-kerage customers to revive dormantaccounts, triggering a deluge of phonecalls to helplines from customers askinghowtoreset long-forgottenpasswords.

SBI, Japan’s largest online brokerage,said it expected new accounts to hit arecord high of between 120,000 and130,000 in March — or several times themonthlyaverage.

The sharp increase in new accounts,said analysts, was testament to Japaneseretail investors’ penchant for contrariantrades. In the first two weeks of March,foreign funds sold a net ¥833bn($7.5bn) of Japanese shares but individ-ualsboughtanet¥726bn.

Mizuho Securities strategist Masa-toshi Kikuchi said a number of marketadages had reasserted themselves dur-

ing the volatility caused by the corona-viruspandemic.

One belief among retail investors inJapan is that amateurs can beat profes-sionals over a longer timeframe. Thatmade them natural buyers during thehugefallsearlier inMarch.

“Japanese individual investors havebeen markedly contrarian, having notbelieved in the ongoing bull market forsometime,”saidMrKikuchi.

New account openings at AU

Kabu.com were about twice the averagepaceduringMarch,saidaspokesman.

Rakuten Securities, Japan’s second-largest online brokerage with 4m cus-tomers, expected a record 130,000 newsign-ups inMarch.

Oki Matsumoto, chief executive ofMonex, said the online trading platformexpected about 8,000 new accounts willhave been opened by the end of March— roughly twice the average monthlypace. It has about 2m accounts but onlyhalfof themtraderegularly.

“Because the market dropped off alot, there were a lot of people who saw itas an opportunity,” said Mr Mat-sumoto. “A lot of them were new butsomeof themwerepeoplewhohadbeenout of the market for a long time andwerecomingback.”

Over the past two weeks, retail inves-tors’ stock trading volumes have beenabout two or three times higher thanaverage,accordingtothreebrokerages.

Local investors in recent weeks havealso piled into so-called “hibernation”stocks, which reflects a theory that thespread of the virus may convince corpo-rate Japan to make its structures moreaccommodatingtotelecommuting.

Equities

Trading turbulence entices Japaneseretail investors to dive into stocks

‘Japanese investors havebeen markedly contrarian,having not believed inthe ongoing bull market’

Shoppers have rushed to stock up onorange juice since the crisis started

FastFTOur globalteam gives youmarket-movingnews and views,24 hours a dayft.com/fastft

JOE RENNISON

The financial storm unleashed bycoronavirus has ripped bond exchangetraded funds from their moorings, pro-viding the first big test of a market thathasgrowndramatically inrecentyears.

Investors have flocked into fixedincome ETFs, which sell shares under-pinned by corporate debt to give simple,speedy ways to bet on a market that canotherwisebetrickytoaccessandtrade.

But a deep sell-off earlier this monthcreated big dislocations between theprices of bond ETFs and the value of thebondsbehindthem.

These discounts became so wide thatsome predicted investors would losefaith in the fund structure altogetherand dump their holdings — furtherdamagingdebtmarketconditions.

Then, the US Federal Reserve steppedin. On Monday, the central bankannounced that it would begin to buy corporate debt to quell the crisis —including bond ETFs. And it pickedBlackRock, one of the biggest providersin the $1.1tn market, to manage thepurchases.ETFpricessurged.

So what went wrong?

Corporate bond prices tumbled in earlyMarch but fixed income ETFs fell evenfurther, resulting in extraordinarydiscrepancies between the price of ETFsandtheirassets.

For example, the price of BlackRock’s$35bn-in-assets investment grade bondETF — known by its ticker LQD — hashistorically bounced around within 50centspershareof its“netassetvalue”,orthevalueof thebonds itholds.

Butrecently it slid tomorethan$6pershare below its NAV, the biggest dis-count since the depths of the 2008financialcrisis.

A host of other ETFs that track junkbonds, municipal debt, bank loans andeven US government bonds have alsotraded at extraordinary discounts totheirNAVs.

As markets rebounded on Mondayfollowing the Fed’s move, the price ofLQD soared to more than $5 per shareabove its NAV, the biggest premiumsince the ETF’s creation in 2002. Othersmirroredthemove.

Why are big swings a problem?

ETFs are designed to mimic the marketsthey claim to track. Some analysts andinvestors argue that the product isfundamentally flawed if it fails at thatbasic task — and no longer accuratelyreflects the movements of the underly-ingsecurities.

The biggest fear is that this couldcause investors to lose trust in bondETFs entirely, pouring fuel on the fire ofasell-off intheunderlyingmarket.

What stops this from happening?

When ETF prices drift from the value of

the underlying holdings, marketmakers — known as “authorisedparticipants” in the industry jargon —normally swoop in to close the gap bycreatingorredeemingshares intheETF.

Creation is when an AP buys bondsand hands them over to the ETF pro-vider in exchange for a set amount of shares. Redemption is when it givesbackshares inexchangefor thebonds.

In theory, thepriceof the fundandthevalue of the debt it holds should be thesame. So, if the ETF value drops belowthe value of the underlying bonds, APscan buy the cheaper ETF shares andexchange them for the underlyingbonds.

When conditions are reversed, theycan buy the cheaper underlying bondsand turn them into ETF shares. Most ofthe time, this arbitrage keeps an ETF’spriceanditsNAVinline.

So when prices diverge, which oneis correct?Fund proponents say that, despite gapsdisplayed on trading screens, the priceof the ETF is not higher or lower thanthe true value of the debt. Instead, theETFs reflect the real value and it is thebondmarket that isdysfunctional.

“In our view, this is not an ETFdynamic occurring right now but a bondmarketdynamicandtheETFis showingyou in real time how conditions areevolving,” said Steve Laipply, US head ofBlackRock’s iShares fixedincomeETFs.

APs say that, if they were to redeemshares and try to sell the bonds in themarket, the price they would get wouldbethesameastheETF.

They argue that the prices reflectedby bond indices are inaccurate becausetheyhavebecomestale, reflectingassetsthat have seen little or no tradingactivity.

“It’s a market structure problem,”saidReggieBrowne,aprincipalatGTS,amarketmaker.

Investors complain that the ease oftrading debt has drastically deterio-rated in the midst of rapid outflowsfrombondfunds.

Instead, investors have used ETFs toconduct broad trading against theindex, making them a better gauge ofthe“true”market.

What happens next?

The Fed will buy investment grade cor-porate bonds with a maturity of fiveyearsor less.Thecentralbank’sdecisionto include ETFs in its purchases hasbeen taken as a nod to the products’widespreaduseamongfundmanagers.

It has also been seen as a potentialbackdoor for the Fed to influence longerdatedcorporatedebtheldbytheETFs—extendingitsswayoverborrowingcosts.

Some investors say the medicine isalready working. LQD has taken inflowsof more than $1bn each day this week,according to Bloomberg data, while itspricehasrebounded.

ETFs are “likely moving faster thancorporate bonds”, said Viktor Hjort,global head of credit strategy at BNPParibas. “I think we will start to seesomestabilityemerge.”

US central bank’s decision to

purchase debt funds releases

pressure at a critical time

‘This is notan ETFdynamicoccurringright nowbut a bondmarketdynamic’

BlackRock hasbeen pickedby the Fed tomanage its bondETF buyingGabriella Angotti-Jones/Bloomberg

Fixed income. Trading dislocations

Fed buying helps bond ETFsrise to biggest challenge

PHILIP STAFFORD AND TOMMYSTUBBINGTON — LONDONRICHARD HENDERSON — NEW YORK

Global index providers have delayedupdates to some of the most importantstock and bond indices amid concernthat forcing investors to follow suitcouldtrigger freshmarket turmoil.

S&P Dow Jones Indices, FTSE Russelland ICE Data Services have all post-poned updates to benchmarks, whichwould normally be rebalanced at theend of the month to reflect changingmarketprices.

Analysts said index providers arenervous about compelling index-track-ing investors to buy or sell large quanti-ties of bonds at a time when the creditworthiness of many borrowers wasuncertainandpriceswerevolatile.

“The securities moves this monthhave been so extreme that they areafraidarebalancingwill forcetrillionsofindexed and passive money to 'adjust'their portfolios,” said Jim Bianco ofBiancoResearch.

FTSE Russell said it would postponethe March month-end rebalances for itsmonthly total return indices but planstoresumetheoperation inApril.

The provider, which is owned by theLondon Stock Exchange Group, said itwould incorporate March’s turnover inApril’snumbers.

ICE Data Services said it would post-

pone the regular month-end rebalanc-ing of its bond indices, which was due totake place on March 31 until the follow-ing month. The delay applies to morethan 5,000 fixed income benchmarksrun by ICE, some in partnership withBank of America, which track morethan$77tnofdebtaroundtheworld.

The decision was made “given thecontinued disruption in the markets,and after careful consideration of feed-back received in response to our consul-tationwithstakeholders”, ICEsaid.

Earlier in the week, S&P said it wouldpostpone until the end of April theMarch rebalancings for most of its S&Pand Dow Jones equity indices because ofmarketvolatility.

The changes had been due to comeinto effect before US markets opened onMonday. Most of the quarterly indexrebalancings due at the end of Marchwillberescheduleduntil June, it said.

Peter Chatwell, head of multi-assetstrategy at Mizuho, said it looked likeindex providers were aware that, ifinstitutions were forced to rebalancetheir portfolios in illiquid markets,passive funds would have to sell thebonds which have just lost their“investmentgrade”rating.

“In reality, however, this probablymeans that the advantage is once againwith the active manager. Active moneycan sell the downgraded bonds at theirdiscretion while passive managers willbe forced to postpone for a month,” hesaid.

Cross asset

Benchmarkindex updatesdelayed amidturmoil fears

The decision was made‘given continued disruptionin the markets and afterconsideration of feedback’

Gaps emerge between ETF prices and the valueof the assets they holdBlackRock iShares LQD investment-grade bond exchange traded fund($ per share minus net asset value)

Source: Bloomberg

-10

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0

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MARCH 27 2020 Section:Markets Time: 26/3/2020 - 18:19 User: stephen.smith Page Name: MARKETS1, Part,Page,Edition: EUR, 9, 1



Carson BlockMarkets Insight

T here is one sure-fire featureof crises — lawyers andlobbyists from big compa-nies descend on capitalcities to try to enact their

clients’ listsofprotectionist fantasies.Soit has gone with the recent imposition ofshort-selling bans in South Korea, Italy,France,Greece,Spainandothers.

Not only are these bans solutions insearch of problems but, worse, theyharmmarkets.

Many of these big companies — let uscall them corporate socialists, orCorpSocs — surely understand that thevast majority of selling during this mar-ket rout has been from investors withlongpositions.

It is almost amusing to those of us inthe short-seller community that any-body thinks we have enough capital toputreal sellingpressureonthemarket.

During the recovery from the globalfinancial crisis, numerous short-sellersshut down and, right now, the two larg-est dedicated short-selling firms in theworldeachmanagemuchless than$2bnin assets. Contrast that to FidelityInvestments, which manages about$2.5tnof long-onlyassets.

Moreover, banning short-sellingreduces the ability of large long-biasedinvestors to take risk, because itremovestheirability tohedge.

Say, for example, that a long-biasedinvestor with a strong belief in FiatChrysler’s ability to manage throughthis crisis wanted to increase its expo-sure by shorting a basket of rival auto-makers.

In this way, the investor would be abletoneutralisemuchof the“beta”,ormar-ket movements, of its position in FiatChrysler. However, if you take away theability of these long investors to hedge

their long positions in times of extrememovement such as these, the hypotheti-cal investor above might sell part — orall—of its longposition.

If further proof were needed that ban-ning shorts is a dumb idea, it has beenshown empirically that restrictionsimposesignificantcostsonmarkets.

In 2012, three economists at the Fed-eral Reserve Bank of New York pub-lished the results of their research intoshort-selling bans imposed in 2008 and2011. They concluded that, not only didthe bans have “little impact on stockprices”, but that they “lowered marketliquidityandincreasedtradingcosts”.

Since the last crisis, the CorpSocs gottheir tax breaks, talked up their stocksand made their management teams fab-ulously wealthy with representationfrom law firms like Wachtell, Lipton,Rosen & Katz, where the partners’hourly rates exceed some people’smonthlyearnings.

At the same time, many of them com-plainedaboutshortsbecause, it seemed,we were the only ones who saw the follyof their short-termist and selfish ethos.Now their unbridled greed is blowing upand they want government help whilestill trying to muzzle those whose job itis toexposewhat liesbeneath.

Investors, however, benefit from theawareness of risks that short-sellersprovide. Short-sellers have warned foryears, for example, about the fragility

created by companies issuing hugeamounts of debt to fund buybacks andtakeovers. Shorts have warned for yearsabout China — and I have personallybeen warning about the pandemic riskChinaposes foroveradecade.

We see risks better than most policy-makers and investors because it is ourjob to see risk. In contrast, the deca-dence of the post-crisis period saw someof the greatest gains flow to those whoburied their heads in the sand and wil-fullyoverlookedrisk.

This is the crowd that took its cuefrom ex-Citigroup CEO Chuck Prince:“As long as the music is playing, you’vegot togetupanddance.”

Short-selling is akin to the freedom ofexpressionandtheability tocriticise thepowerful thathas formedthebedrockofourdemocracies for twocenturies.

Inanera inwhichcompanies’massivelegal budgets are often able to keep reg-ulators at bay, short-sellers are one ofthe few forces holding short-termist —or even lawbreaking — managementteamsaccountable.

In December of last year, my firm saidNMC Health was a fraud; it has sinceemergedthattheformerFTSE100com-pany has at least $4bn in concealeddebts. Our exposures of other listedfrauds has led to seven delistings by reg-ulatorsovertheyears.

Those pushing for bans on shorts aredriven either by wilful ignorance or adesire to further entrench corporatesocialism as the overarching principle ofourcapitalist system.ThemoreCorpSocis allowed to drive capitalism, the morevoterswill turnagainstcapitalism.

Carson Block is an activist short-seller andthe founder and chief investment officer ofMuddy Waters Capital

Short-selling bansare handouts tocorporate socialists

Short-selling is akin to thefreedom of expression thathas formed the bedrockof our democracies

Boeing and the airlines led US marketstowards a third straight gain after the USSenate voted through a $58bn rescuepackage for the aviation industry.

Carnival and Royal Caribbean Cruises,among the year’s worst performers, alsorebounded, even though it was not clearimmediately whether the cruise industrywould be eligible for federal aid.

“We think cruise lines will survive theCovid crisis from an operational andliquidity perspective, either with existingfunding or future stimulus,” saidMacquarie, which saw rebuildingcustomer confidence as the biggestchallenge for the industry. “[G]iven theoperating cash flow picture for the sector,export credit financing already in placefor new builds and a strongly oversoldposition today, cruise line shares havesubstantial upside.”

Healthcare distributor Henry Scheingained after saying it had starteddelivering Covid-19 pinprick tests.

Bristol-Myers Squibb climbed after theFood and Drug Administration approvedits multiple sclerosis treatment Zeposia,which was a key asset acquired last yearas part of its $74bn Celgene takeover.

ViacomCBS slid after parent companyNational Amusements was forced toamend borrowing terms due to a fall inshares of the broadcaster that it hadpledged as collateral. Bryce Elder

Wall Street LondonEurozone

Umicore missed out on an afternoonmarket rally after the Belgian specialistchemicals group cancelled its dividendand warned that autocatalyst plantsoutside Asia had been closed temporarily.

Analysts said the production lines wereproviding about a quarter of group salesand worried that the shutdown mayaffect Umicore’s rechargeable batterymaterials business, which is widelyexpected to be its main growth driverbeyond 2022.

UBS estimated that Umicore hadenough liquidity to pay fixed cash costsfor a year if operating cash flow fell tozero.

The biggest fallers in recent weeks ledthe way yesterday in the wider marketswith French bank Natixis leading theStoxx Europe 600 gainers as creditquality fears eased.

Airbus followed its state-assisted USpeers higher, even after saying it wascutting wing production for the nextthree weeks.

The jet maker was helped by a reportthat Germany may order as many as 90Eurofighter jets, which also buoyed keysuppliers such as Safran.

Renault rose amid speculation thatMitsubishi might take a stake.

Valora, the Swiss operator of retailkiosks, faded after unexpectedlyscrapping its dividend. Bryce Elder

Rentokil Initial led the FTSE 100 gainerson the back of a Goldman Sachs upgradeto “buy”.

Wednesday’s profit warning from thepest control specialist gave investors anattractive entry point for a business thatwas likely to emerge stronger from thecurrent crisis, the broker said.

Recent sterling weakness was apositive for earnings yet the shares weretrading at a significant discount both totheir historical valuation and those of USpeers Rollins and ServiceMaster, it said.

Barratt Developments led a rally forthe housebuilders after being added toBank of America’s “buy” list.

The paralysis in the housing marketwould cut sector earnings by 28 per centthis year and make dividends uncertainbut balance sheets should be secure, saidthe broker, which also advised buyingPersimmon and Taylor Wimpey.

British Land slipped after setting outthe terms of rent holidays for its tenantsat a cost of £43m, or about 8.5 per cent ofthe annualised total.

Smaller peer Capital & Counties edgedhigher after suspending a share buybackbut making no reference to its dividend.

Intu, the shopping centre developer,slipped towards a record low afterwarning that by Wednesday it hadreceived just 29 per cent of rent due thisquarter. Bryce Elder

3 Wall Street heading for third straightday of gains despite record jobless claims3 Loosening of ECB bond-buying rulessends yields on eurozone debt lower3 Oil prices retreat amid worries overplummeting demand for crude

Global stocks continued to rally yesterdayas efforts by policymakers to tackleCovid-19 appeared to overshadowworrying data showing how the pandemicwas taking its toll on economies.

Not even figures revealing record highUS jobless claims was enough to curbappetite for Wall Street stocks, whichwere on track for a third consecutive dayof rises by midday yesterday.

The S&P 500 index climbed 4 per centdespite more than 3m people filing claimsfor unemployment benefits last week inthe US, according to data released by thelabour department.

“The US jobless claims number is way,way worse than the consensus estimate,”said Neil Birrell, chief investment officerat Premier Miton. “That shows the hugeshock that the economy is suffering.”

The “numbers were almost as awful asmany had feared”, added Seema Shah,chief strategist at Principal GlobalInvestors. “Over the next few weeks,jobless claim numbers will give us a goodidea if the US can expect a V-shapedrecovery or a U-shaped recovery.”

The tech-leaning Nasdaq Compositerose 3.7 per cent yesterday and the DowJones Industrial Average gained morethan 5 per cent.

Giving the Dow a lift was a strongbounce back for Boeing stock. WithinWashington’s forthcoming stimulus

package, the aerospace group wasreported to be significant beneficiary.

In Europe, the loosening of rulescurbing the central bank’s ability to buybonds from some countries helped debton the continent rally, reducing financingcosts for nations hit hardest bycoronavirus such as Italy and Spain.

Following the news, the yield on Spain’s10-year bond fell 30 basis points whilethe equivalent Italian debt slid 35bp.

Stocks in the region also staged a laterally with the composite Stoxx Europe600 index rising 2.6 per cent.

In commodities, gold augmented its

rise above $1,600 an ounce, hitting $1,642yesterday but oil prices retreated.

Concerns about reduced demand forcrude has been weighing on the sectorfor months. “Global isolation measuresare leading to an unprecedented collapsein oil demand, which we now forecast willfall by 10.5mb/d [million barrels a day] inMarch and by 18.7mb/d in April,” saidGoldman Sachs.

Brent crude, the internationalbenchmark, sank 3.9 per cent to $26.33 abarrel while WTI, the US marker, tumbledmore than 8 per cent to $22.52 a barrel.Ray Douglas

What you need to know

European debt rallies after ECB removes limits on bond buying10-year yield (%)

Source: Refinitiv

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Jan 2020 Mar

Italian bonds

Spanish bonds

The day in the markets

Markets update

US Eurozone Japan UK China BrazilStocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp BovespaLevel 2593.48 1265.16 18664.60 5815.73 2764.91 77748.82% change on day 4.76 2.37 -4.51 2.24 -0.60 3.73Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $Level 100.263 1.083 111.435 1.176 7.100 5.057% change on day -0.779 0.000 0.000 0.000 0.000 0.000Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bondYield 0.814 -0.366 0.003 0.395 2.682 7.855Basis point change on day -1.290 -10.100 -2.890 -4.500 -0.100 -141.900World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)Level 291.14 26.38 22.81 1605.45 13.97 2297.80% change on day 3.22 -4.11 -5.78 -0.02 2.50 0.89Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index

| | | | | | | | | | | | | | | | | | | |

Jan 2020 Mar1920

2560

3200

3840

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Jan 2020 Mar960

1280

1600

1920

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Jan 2020 Mar3840

5120

6400

7680

Biggest movers% US Eurozone UK

Ups

Occidental Petroleum 21.00Synchrony Fin 18.97Carnival 17.97Coty 17.19Valero Energy 17.05

Natixis 23.13Airbus 20.46Safran 12.12Ucb 10.47Gecina 10.25

Rentokil Initial 17.47Legal & General 14.89Standard Life Aberdeen 14.62Meggitt 13.49Ashtead 13.07

%

Dow

ns

Viacomcbs -5.94Jm Smucker (the) -2.84Carmax -2.54Analog Devices -2.45Tyson Foods -2.20

Prices taken at 17:00 GMT

Klepierre -8.02Publicise -6.05Telecom Italia -4.96Ses -4.63Telefonica -3.90Based on the constituents of the FTSE Eurofirst 300 Eurozone

M&g -6.58British Land -3.77Royal Bank Of Scotland -3.11Bhp -3.09Royal Dutch Shell -3.06

All data provided by Morningstar unless otherwise noted.

MARKETS & INVESTING

MARCH 27 2020 Section:Markets Time: 26/3/2020 - 18:51 User: stephen.smith Page Name: MARKETS2, Part,Page,Edition: EUR, 10, 1



MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)S&P 500

4.76%

Nasdaq Composite

3.94%

Dow Jones Ind

5.55%

FTSE 100

2.24%

FTSE Eurofirst 300

2.37%

Nikkei

-4.51%

Hang Seng

-0.74%

FTSE All World $

3.22%

$ per €

No change

$ per £

No change

¥ per $

No change

£ per €

No change

Oil Brent $ Sep

-3.05%

Gold $

-0.02%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparisonAMERICAS EUROPE ASIAFeb 27 - - Index All World Feb 27 - Mar 26 Index All World Feb 27 - Mar 26 Index All World Feb 27 - Mar 26 Index All World Feb 27 - Mar 26 Index All World Feb 27 - Mar 26 Index All World

S&P 500 New York3,116.39

2,593.48

Day 4.76% Month -16.95% Year -8.17%

Nasdaq Composite New York

8,980.787,675.52

Day 3.94% Month -14.69% Year -0.39%

Dow Jones Industrial New York26,957.59

22,377.56

Day 5.55% Month -17.14% Year -12.94%

S&P/TSX COMP Toronto17,041.92

13,525.06

Day 2.94% Month -20.64% Year -16.29%

IPC Mexico City

43,045.6836,257.32

Day 2.03% Month -15.21% Year -15.39%

Bovespa São Paulo

105,718.29

77,748.82

Day 3.73% Month -26.51% Year -18.48%

FTSE 100 London

7,042.475,815.73

Day 2.24% Month -18.05% Year -19.80%

FTSE Eurofirst 300 Europe1,577.03

1,265.16

Day 2.37% Month -20.29% Year -15.35%

CAC 40 Paris5,684.55

4,543.58

Day 2.51% Month -20.07% Year -14.39%

Xetra Dax Frankfurt12,774.88

10,000.96

Day 1.28% Month 16.15% Year NaN%

Ibex 35 Madrid

9,316.80

7,033.20

Day 1.31% Month -26.33% Year -23.41%

FTSE MIB Milan

23,422.54

17,369.38

Day 0.73% Month -25.96% Year -17.96%

Nikkei 225 Tokyo22,605.41

18,664.60

Day -4.51% Month -17.43% Year -11.02%

Hang Seng Hong Kong

26,696.4923,352.34

Day -0.74% Month -13.53% Year -18.47%

Shanghai Composite Shanghai

2,987.93 2,764.91

Day -0.60% Month -8.24% Year -9.14%

Kospi Seoul

2,076.77

1,686.24

Day -1.09% Month -19.84% Year -21.38%

FTSE Straits Times Singapore3,117.52

2,487.56

Day -0.71% Month -21.43% Year -22.04%

BSE Sensex Mumbai40,281.20

29,946.77

Day 4.94% Month -25.66% Year -20.79%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous

Argentina Merval 26886.96 26338.03Australia All Ordinaries 5135.20 5006.20

S&P/ASX 200 5113.30 4998.10S&P/ASX 200 Res 3641.00 3629.40

Austria ATX 2056.49 2017.93Belgium BEL 20 3004.43 2919.64

BEL Mid 7146.45 7061.24Brazil IBovespa 77748.82 74955.57Canada S&P/TSX 60 825.79 802.55

S&P/TSX Comp 13525.06 13139.23S&P/TSX Div Met & Min 323.51 337.02

Chile S&P/CLX IGPA Gen 16419.95 14798.57China FTSE A200 9765.24 9824.23

FTSE B35 9000.71 8988.96Shanghai A 2897.51 2914.98Shanghai B 219.08 220.56Shanghai Comp 2764.91 2781.59Shenzhen A 1780.04 1794.38Shenzhen B 817.26 822.72

Colombia COLCAP 1046.18 923.53Croatia CROBEX 2013.05 2011.29

Cyprus CSE M&P Gen 68.46 68.68Czech Republic PX 801.57 807.65Denmark OMXC Copenahgen 20 1027.87 993.08Egypt EGX 30 9912.98 9865.67Estonia OMX Tallinn 1030.13 1032.21Finland OMX Helsinki General 7748.15 7597.21France CAC 40 4543.58 4432.29

SBF 120 3565.47 3475.19Germany M-DAX 21426.13 20762.04

TecDAX 2592.21 2543.12XETRA Dax 10000.96 9874.26

Greece Athens Gen 573.35 552.45FTSE/ASE 20 1388.21 1332.49

Hong Kong Hang Seng 23352.34 23527.19HS China Enterprise 9447.56 9529.49HSCC Red Chip 3512.74 3564.18

Hungary Bux 32994.30 32690.45India BSE Sensex 29946.77 28535.78

Nifty 500 6993.85 6724.00Indonesia Jakarta Comp 4338.90 3937.63Ireland ISEQ Overall 5196.71 4970.20Israel Tel Aviv 125 1191.77 1188.85

Italy FTSE Italia All-Share 18850.84 18675.86FTSE Italia Mid Cap 28984.27 28126.31FTSE MIB 17369.38 17243.68

Japan 2nd Section 5318.96 5412.81Nikkei 225 18664.60 19546.63S&P Topix 150 1161.85 1191.33Topix 1399.32 1424.62

Jordan Amman SE 1668.18 1675.47Kenya NSE 20 1873.47 1887.17Kuwait KSX Market Index 6633.44 6603.51Latvia OMX Riga 895.17 894.59Lithuania OMX Vilnius 601.32 598.69Luxembourg LuxX 894.68 897.21Malaysia FTSE Bursa KLCI 1328.09 1324.50Mexico IPC 36257.32 35536.70Morocco MASI 9891.77 10167.92Netherlands AEX 482.99 475.40

AEX All Share 684.09 673.60New Zealand NZX 50 9632.47 9264.38Nigeria SE All Share 21729.48 21741.16Norway Oslo All Share 754.81 745.80Pakistan KSE 100 27267.20 27228.80

Philippines Manila Comp 5401.58 5027.76Poland Wig 41165.44 40144.28Portugal PSI 20 4013.65 3955.62

PSI General 2789.36 2750.29Romania BET Index 7622.75 7621.00Russia Micex Index 2489.97 2452.69

RTX 1017.03 981.69Saudi-Arabia TADAWUL All Share Index 6326.92 6208.65Singapore FTSE Straits Times 2487.56 2505.47Slovakia SAX 319.61 317.77Slovenia SBI TOP 873.85 -South Africa FTSE/JSE All Share 45062.92 43278.25

FTSE/JSE Res 20 36528.13 35694.89FTSE/JSE Top 40 41123.82 39493.22

South Korea Kospi 1686.24 1704.76Kospi 200 229.34 232.89

Spain IBEX 35 7033.20 6942.40Sri Lanka CSE All Share 4571.63 4874.73Sweden OMX Stockholm 30 1470.89 1446.56

OMX Stockholm AS 546.41 535.84Switzerland SMI Index 9203.98 8989.16

Taiwan Weighted Pr 9736.36 9644.75Thailand Bangkok SET 1091.96 1080.03Turkey BIST 100 116840.94 116315.98UAE Abu Dhabi General Index 3770.73 3921.38UK FT 30 2259.30 2174.30

FTSE 100 5815.73 5688.20FTSE 4Good UK 5359.25 5241.39FTSE All Share 3179.75 3102.98FTSE techMARK 100 4661.66 4510.57

USA DJ Composite 7358.00 6975.88DJ Industrial 22377.56 21200.55DJ Transport 8049.11 7724.87DJ Utilities 746.02 697.96Nasdaq 100 7753.55 7469.62Nasdaq Cmp 7675.52 7384.30NYSE Comp 10447.86 9961.38S&P 500 2593.48 2475.56Wilshire 5000 26067.69 24878.58

Venezuela IBC 89857.35 90145.86Vietnam VNI 694.21 690.25

Cross-Border DJ Global Titans ($) 305.01 294.22Euro Stoxx 50 (Eur) 2829.80 2800.14Euronext 100 ID 881.91 861.01FTSE 4Good Global ($) 6543.83 6313.42FTSE All World ($) 291.14 282.05FTSE E300 1265.16 1235.83FTSE Eurotop 100 2456.61 2408.06FTSE Global 100 ($) 1664.85 1611.11FTSE Gold Min ($) 1736.72 1698.28FTSE Latibex Top (Eur) 4440.00 4432.20FTSE Multinationals ($) 1740.56 1707.86FTSE World ($) 516.99 500.23FTSEurofirst 100 (Eur) 3334.12 3268.92FTSEurofirst 80 (Eur) 3886.92 3822.45MSCI ACWI Fr ($) 427.57 416.27MSCI All World ($) 1785.99 1742.61MSCI Europe (Eur) 1297.97 1256.45MSCI Pacific ($) 2204.23 2062.69S&P Euro (Eur) 1278.11 1268.36S&P Europe 350 (Eur) 1281.06 1266.50S&P Global 1200 ($) 2069.97 1999.40Stoxx 50 (Eur) 2706.26 2668.36

(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERSAMERICA LONDON EURO MARKETS TOKYOACTIVE STOCKS stock close Day's

traded m's price changeApple 64.9 253.78 8.26Boeing 64.4 183.75 25.02Amazon.com 44.1 1917.86 32.02Microsoft 35.4 153.47 6.55Nvidia 19.0 259.70 14.08Facebook 16.4 160.38 4.17Alphabet 15.9 1144.94 43.32Advanced Micro Devices 15.7 46.93 2.30Alphabet 15.0 1143.22 40.73Micron Technology 13.8 44.81 2.31

BIGGEST MOVERS Close Day's Day'sprice change chng%

UpsOccidental Petroleum 14.52 2.52 21.00Synchrony Fin 19.82 3.16 18.97Carnival 18.35 2.80 17.97Coty 6.31 0.93 17.19Valero Energy 46.39 6.76 17.05

DownsViacomcbs 13.87 -0.88 -5.94Jm Smucker (the) 102.20 -2.99 -2.84Carmax 62.26 -1.62 -2.54Analog Devices 92.05 -2.31 -2.45Tyson Foods 61.80 -1.39 -2.20

ACTIVE STOCKS stock close Day'straded m's price change

Bp 304.7 337.00 -2.40Royal Dutch Shell 297.2 1414.20 -42.80Hsbc Holdings 276.7 497.90 -12.00Glaxosmithkline 266.6 1501.20 11.60Astrazeneca 239.6 6882.00 -36.00Diageo 221.1 2684.00 171.50British American Tobacco 218.9 2733.50 156.00Vodafone 199.8 123.60 6.50Royal Dutch Shell 194.0 1374.00 -43.40Unilever 177.2 4023.50 46.00


UpsBakkavor 107.40 32.30 43.01Mccarthy & Stone 73.60 16.80 29.58National Express 208.60 33.70 19.27Mitchells & Butlers 196.00 29.40 17.65Rentokil Initial 399.50 59.40 17.47

DownsVirgin Money Uk 67.94 -5.90 -7.99M&g 140.60 -9.90 -6.58Biffa 190.60 -11.40 -5.64Aston Martin Lagonda Global Holdings 270.00 -16.00 -5.59Stagecoach 77.60 -3.70 -4.55


Royal Dutch Shella 669.9 15.79 -0.30Sap Se O.n. 605.1 103.96 4.96Total 490.6 33.00 0.15Asml Holding 475.7 249.00 4.10Lvmh 455.3 363.70 0.20Airbus 434.0 72.29 12.28Allianz Se Na O.n. 417.7 157.96 1.00Siemens Ag Na O.n. 358.4 76.73 0.28Daimler Ag Na O.n. 328.7 29.59 -0.18Basf Se Na O.n. 324.0 43.07 0.24


UpsNatixis 3.85 0.72 23.13Airbus 72.29 12.28 20.46Safran 91.92 9.94 12.12Ucb 76.00 7.20 10.47Gecina Nom. 131.20 12.20 10.25

DownsKlepierre 19.78 -1.72 -8.02Publicise Sa 24.36 -1.57 -6.05Telecom Italia 0.37 -0.02 -4.96Ses 5.72 -0.28 -4.63Telefonica 4.28 -0.17 -3.90


Softbank . 1906.7 3778.00 -392.00Toyota Motor 809.2 6718.00 -201.00Fast Retailing Co., 797.1 43800.00 -6640.00Sony 595.1 6400.00 -100.00Mitsubishi Ufj Fin,. 415.6 439.20 -9.50Tokyo Electron 401.5 20320.00 -850.00Takeda Pharmaceutical 349.7 3233.00 -112.00Kddi 340.6 3262.00 20.00Ntt Docomo,. 319.9 3305.00 123.00Nippon Telegraph And Telephone 318.7 2587.50 84.50


UpsNichirei 2749.00 156.00 6.02Oji Holdings 565.00 29.00 5.41Ntt Docomo,. 3305.00 123.00 3.87Nippon Suisan Kaisha, 511.00 18.00 3.65Meiji Holdings Co., 7400.00 260.00 3.64

DownsFast Retailing Co., 43800.00 -6640.00 -13.16Tokyo Tatemono Co., 1079.00 -158.00 -12.77Nippon Steel & Sumitomo Metal 955.80 -129.20 -11.91Marubeni 550.10 -73.50 -11.79Tokyu Fudosan Holdings 540.00 -66.00 -10.89

Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index

Mar 26 %Chg %ChgFTSE 100 price(p) week ytdWinnersCarnival 1235.00 67.5 -66.1Jd Sports Fashion 516.40 61.7 -37.9Intercontinental Hotels 3799.50 59.3 -27.3Whitbread 3248.00 54.3 -33.7Meggitt 337.40 51.2 -48.4Standard Life Aberdeen 258.00 45.4 -23.2Prudential 1084.00 43.2 -26.0Royal Dutch Shell 1374.00 43.1 -39.2Bp 337.00 40.0 -29.9Crh 2220.00 39.2 -28.4Intermediate Capital 936.50 39.2 -42.9Royal Dutch Shell 1414.20 38.6 -37.3

LosersOcado 1244.00 -13.3 -1.2Unilever 4023.50 -7.3 -7.4Johnson Matthey 1900.00 -6.2 -37.3Morrison (wm) Supermarkets 179.55 -5.8 -11.3Severn Trent 2261.00 -5.7 -10.1Croda Int 4336.00 -5.0 -15.0Land Securities 587.00 -3.3 -40.9Reckitt Benckiser 5970.00 -3.3 -3.7Hargreaves Lansdown 1460.00 -2.4 -25.6Sainsbury (j) 205.70 -2.1 -11.4British Land 354.60 -1.3 -43.6Pearson 518.00 -0.4 -20.3

Mar 26 %Chg %ChgFTSE 250 price(p) week ytdWinnersNational Express 208.60 98.7 -56.0Mitchells & Butlers 196.00 94.4 -57.1William Hill 70.00 90.7 -64.2Mccarthy & Stone 73.60 82.0 -50.8Airtel Africa 52.65 75.5 -33.2Wh Smith 1171.00 67.2 -55.4Marston's 43.72 66.5 -66.3Energean Oil & Gas 598.00 66.1 -35.6Wetherspoon ( J.d.) 908.50 62.4 -45.9Aston Martin Lagonda Global Holdings 270.00 60.7 -50.7Provident Fin 253.30 59.8 -45.4Gvc Holdings 507.40 56.8 -44.8

LosersBiffa 190.60 -28.2 -29.3Vesuvius 327.00 -11.1 -35.9Capita 37.50 -10.5 -77.7Contourglobal 155.00 -9.9 -26.2Hiscox Ltd 921.50 -7.4 -35.6Hill & Smith Holdings 1068.00 -7.1 -28.6Marks And Spencer 108.45 -6.5 -49.8hcape 455.80 -6.2 -35.8Hastings Holdings 175.90 -2.4 -2.3Puretech Health 215.00 -2.3 -32.2Weir 745.00 -1.7 -50.9Dechra Pharmaceuticals 2346.00 -1.7 -20.1

Mar 26 %Chg %ChgFTSE SmallCap price(p) week ytdWinnersRestaurant 47.00 97.5 -71.8Luceco 76.80 74.5 -41.4The Gym 136.00 72.2 -54.1Superdry 130.00 70.6 -74.4Halfords 88.35 70.4 -48.1Arrow Global 133.00 66.8 -50.0Marston's 43.72 66.5 -66.3Standard Life Investments Property ome Trust Ld 83.00 66.0 -9.6Topps Tiles 41.20 64.8 -45.1On The Beach 227.40 62.4 -53.5Low & Bonar 8.30 58.1 -33.9Sqn Asset Finance ome Fund 26.50 56.8 -67.8

LosersAsa Int 111.25 -36.1 -Mitie 64.95 -31.3 -55.2Biffa 190.60 -28.2 -29.3Brown (n) 17.90 -25.4 -88.8Petra Diamonds 1.19 -23.0 -86.5Mears 137.50 -21.0 -55.1Rps 40.00 -20.0 -77.0Zotefoams 180.00 -18.0 -59.1Aa 17.00 -13.1 -70.7Renewi 22.55 -12.9 -36.7Newriver Reit 62.00 -12.7 -69.2U And I 85.80 -12.4 -51.5

Mar 26 %Chg %ChgIndustry Sectors price(p) week ytdWinnersAutomobiles & Parts 3530.87 49.1 -Oil & Gas Producers 5254.94 39.3 -Life Insurance 5856.71 34.0 -Construction & Materials 5137.28 31.0 -Travel & Leisure 5902.96 28.8 -Oil Equipment & Services 4048.68 24.1 -General Financial 9733.61 21.8 -Equity Investment Instruments 8924.56 20.5 -Index - Technology Hardware & Equipment 1608.99 20.4 -Support Services 7305.32 19.7 -Electricity 7798.38 19.6 -9.0Mining 13979.18 19.2 -

LosersPersonal Goods 33409.13 -5.4 -Chemicals 9590.10 -3.3 -28.5Food & Drug Retailers 3816.45 -1.8 -Gas Water & Multiutilities 5056.34 0.8 -6.8Pharmaceuticals & Biotech. 15654.68 1.4 -Tobacco 28321.37 2.8 -Fixed Line Telecommunication 1582.30 2.8 -Mobile Telecommunications 2800.41 4.6 -Household Goods 14621.73 5.2 -Banks 2762.62 5.4 -Electronic & Electrical Equip. 7541.60 8.0 -Industrial Engineering 9638.97 8.0 -

Based on last week's performance. †Price at suspension.

CURRENCIES

DOLLAR EURO POUNDClosing Day's Closing Day's Closing Day's

Mar 26 Currency Mid Change Mid Change Mid Change






Mar 26 Currency Mid Change Mid Change Mid ChangeArgentina Argentine Peso 64.0479 - 69.3797 - 75.3203 -Australia Australian Dollar 1.6788 - 1.8186 - 1.9743 -Bahrain Bahrainin Dinar 0.3771 - 0.4084 - 0.4434 -Bolivia Bolivian Boliviano 6.9100 - 7.4852 - 8.1262 -Brazil Brazilian Real 5.0565 - 5.4774 - 5.9464 -Canada Canadian Dollar 1.4336 - 1.5529 - 1.6859 -Chile Chilean Peso 847.7200 - 918.2907 - 996.9189 -China Chinese Yuan 7.1002 - 7.6913 - 8.3498 -Colombia Colombian Peso 4096.0000 - 4436.9824 - 4816.8977 -Costa Rica Costa Rican Colon 576.0150 - 623.9669 - 677.3938 -Czech Republic Czech Koruna 25.4424 - 27.5604 - 29.9203 -Denmark Danish Krone 6.8944 - 7.4684 - 8.1079 -Egypt Egyptian Pound 15.7521 0.0377 17.0634 0.0408 18.5245 0.0443Hong Kong Hong Kong Dollar 7.7533 - 8.3987 - 9.1178 -Hungary Hungarian Forint 326.4806 - 353.6593 - 383.9412 -India Indian Rupee 75.9000 - 82.2185 - 89.2584 -

Indonesia Indonesian Rupiah 16500.0000 - 17873.6121 - 19404.0248 -Israel Israeli Shekel 3.6250 - 3.9268 - 4.2630 -Japan Japanese Yen 111.4350 - 120.7117 - 131.0476 -..One Month 111.4348 -0.0005 120.7116 -0.0002 131.0474 -0.0004..Three Month 111.4345 -0.0011 120.7116 -0.0003 131.0472 -0.0009..One Year 111.4335 -0.0031 120.7114 -0.0006 131.0474 -0.0017Kenya Kenyan Shilling 106.1000 - 114.9326 - 124.7736 -Kuwait Kuwaiti Dinar 0.3127 - 0.3387 - 0.3677 -Malaysia Malaysian Ringgit 4.3850 - 4.7500 - 5.1568 -Mexico Mexican Peso 24.3905 - 26.4210 - 28.6832 -New Zealand New Zealand Dollar 1.7216 - 1.8649 - 2.0246 -Nigeria Nigerian Naira 381.5000 - 413.2590 - 448.6441 -Norway Norwegian Krone 10.8990 - 11.8063 - 12.8172 -Pakistan Pakistani Rupee 161.5500 - 174.9986 - 189.9828 -Peru Peruvian Nuevo Sol 3.4896 - 3.7800 - 4.1037 -Philippines Philippine Peso 51.1100 - 55.3648 - 60.1054 -

Poland Polish Zloty 4.2278 - 4.5798 - 4.9719 -Romania Romanian Leu 4.4635 - 4.8350 - 5.2490 -Russia Russian Ruble 78.9469 - 85.5190 - 92.8416 -Saudi Arabia Saudi Riyal 3.7555 - 4.0681 - 4.4165 -Singapore Singapore Dollar 1.4484 - 1.5690 - 1.7033 -South Africa South African Rand 17.4135 - 18.8631 - 20.4783 -South Korea South Korean Won 1229.9500 - 1332.3405 - 1446.4215 -Sweden Swedish Krona 10.1798 - 11.0272 - 11.9714 -Switzerland Swiss Franc 0.9783 - 1.0597 - 1.1505 -Taiwan New Taiwan Dollar 30.3025 - 32.8251 - 35.6357 -Thailand Thai Baht 32.8100 - 35.5414 - 38.5846 -Tunisia Tunisian Dinar 2.9061 - 3.1480 - 3.4176 -Turkey Turkish Lira 6.4595 - 6.9972 - 7.5964 -United Arab Emirates UAE Dirham 3.6731 - 3.9788 - 4.3195 -United Kingdom Pound Sterling 0.8503 - 0.9211 - - -..One Month 0.8504 0.0000 0.9211 0.0000 - -

..Three Month 0.8505 0.0000 0.9209 0.0000 - -

..One Year 0.8507 -0.0001 0.9203 0.0000 - -United States United States Dollar - - 1.0832 - 1.1760 -..One Month - - 1.0831 -0.0927 1.1761 0.0000..Three Month - - 1.0828 -0.0927 1.1762 0.0000..One Year - - 1.0820 -0.0927 1.1763 -0.0001Venezuela Venezuelan Bolivar Fuerte - - - - - -Vietnam Vietnamese Dong 23605.0000 - 25570.0850 - 27759.5028 -European Union Euro 0.9231 - - - 1.0856 -..One Month 0.9230 0.0000 - - 1.0856 0.0000..Three Month 0.9227 0.0000 - - 1.0854 0.0000..One Year 0.9219 0.0000 - - 1.0848 0.0000

Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata

FTSE ACTUARIES SHARE INDICES UK SERIESwww.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total

Mar 26 chge% Index Mar 25 Mar 24 ago yield% Cover ratio adj ReturnFTSE 100 (101) 5815.73 2.24 4990.13 5688.20 5446.01 7194.19 5.65 1.39 12.75 88.14 5451.97FTSE 250 (250) 15380.71 3.78 13197.28 14819.91 14172.73 18893.74 4.24 1.80 13.14 85.55 12029.86FTSE 250 ex Inv Co (187) 15802.67 4.01 13559.34 15193.27 14520.28 19925.73 4.60 1.46 14.90 81.04 12633.26FTSE 350 (351) 3226.52 2.49 2768.49 3148.26 3013.67 3986.01 5.42 1.44 12.81 43.93 6032.75FTSE 350 ex Investment Trusts (287) 3175.69 2.48 2724.87 3098.85 2966.25 3942.76 5.54 1.40 12.91 44.29 3064.11FTSE 350 Higher Yield (107) 2695.11 1.24 2312.52 2662.21 2538.16 3620.25 8.03 1.25 9.95 50.25 5497.20FTSE 350 Lower Yield (244) 3524.38 3.70 3024.06 3398.62 3266.02 3987.17 2.95 1.93 17.59 31.11 4125.47FTSE SmallCap (265) 4233.28 2.10 3632.33 4146.33 3936.28 5430.73 5.38 1.13 16.40 34.02 6602.31FTSE SmallCap ex Inv Co (146) 3295.15 2.23 2827.38 3223.32 3037.59 4490.67 6.86 0.57 25.37 20.73 5400.70FTSE All-Share (616) 3179.75 2.47 2728.36 3102.98 2969.58 3932.56 5.42 1.43 12.89 42.73 6005.68FTSE All-Share ex Inv Co (433) 3107.41 2.48 2666.28 3032.34 2901.87 3863.95 5.56 1.38 13.01 42.93 3045.36FTSE All-Share ex Multinationals (542) 935.39 3.84 665.21 900.77 855.87 1143.42 4.80 1.39 14.97 6.03 1840.83FTSE Fledgling (98) 6513.14 2.30 5588.54 6366.88 6193.41 9212.72 5.44 0.15 125.82 51.27 13136.24FTSE Fledgling ex Inv Co (43) 7114.90 1.57 6104.88 7004.99 6879.21 11014.28 9.65 -0.90 -11.47 48.24 14106.60FTSE All-Small (363) 2921.24 2.11 2506.54 2860.92 2719.74 3767.95 5.38 1.08 17.24 23.46 5844.71FTSE All-Small ex Inv Co (189) 2447.89 2.21 2100.39 2395.05 2260.22 3349.48 6.95 0.51 28.40 15.43 5082.20FTSE AIM All-Share (736) 678.75 2.53 582.40 661.99 631.79 910.27 2.12 1.33 35.43 2.12 775.02

FTSE Sector IndicesOil & Gas (12) 5412.47 -2.01 4644.12 5523.23 5111.56 9223.33 9.76 1.33 7.70 127.00 5853.41Oil & Gas Producers (8) 5267.10 -2.10 4519.39 5380.17 4980.05 8913.87 9.72 1.34 7.70 125.00 5903.56Oil Equipment Services & Distribution (4) 4133.63 7.16 3546.82 3857.52 3509.92 11313.06 13.20 0.91 8.32 0.00 3553.14Basic Materials (23) 4675.37 -0.86 4011.66 4715.80 4518.74 6495.36 7.60 2.10 6.27 130.20 5505.09Chemicals (7) 10341.09 0.94 8873.08 10244.96 10077.74 14528.37 3.38 2.00 14.78 33.37 9787.56Forestry & Paper (1) 17031.76 4.56 14613.95 16288.58 15514.69 20366.87 5.20 2.08 9.24 0.00 20115.80Industrial Metals & Mining (2) 2631.45 -2.00 2257.89 2685.17 2662.72 6166.81 20.97 1.06 4.52 261.34 3359.65Mining (13) 13382.17 -1.34 11482.45 13563.66 12957.80 18523.51 7.99 2.15 5.83 417.29 8326.84Industrials (99) 4523.09 5.79 3881.00 4275.70 4090.92 5010.97 3.28 1.32 23.16 18.77 4973.85Construction & Materials (14) 5337.28 5.99 4579.61 5035.50 4877.17 5754.74 3.79 0.47 56.24 96.05 6131.98Aerospace & Defense (9) 3993.07 3.64 3426.22 3852.68 3567.95 4761.95 3.38 1.02 29.12 12.86 4542.47General Industrials (7) 3818.59 4.86 3276.51 3641.54 3547.68 4345.94 4.27 0.89 26.35 0.00 4703.21Electronic & Electrical Equipment (10) 8824.79 6.77 7572.03 8265.33 8202.18 8295.82 1.65 1.83 33.03 7.90 8408.67Industrial Engineering (12) 10497.14 0.67 9006.97 10427.51 10260.40 12798.63 3.26 1.64 18.72 0.97 13540.55Industrial Transportation (6) 2556.31 2.81 2193.42 2486.44 2368.90 3474.20 9.46 0.81 13.08 0.00 2586.05Support Services (41) 6946.51 7.69 5960.39 6450.67 6135.36 7484.95 2.83 1.86 18.93 21.05 7652.01Consumer Goods (42) 16608.64 4.65 14250.90 15870.69 15495.18 19610.04 4.94 1.67 12.12 185.64 13720.10Automobiles & Parts (2) 3548.96 6.47 3045.15 3333.37 2957.72 6250.42 3.07 2.23 14.58 0.00 3628.24Beverages (6) 20830.01 6.29 17873.01 19596.66 18761.05 24685.32 2.72 2.12 17.32 195.72 15741.53Food Producers (10) 6400.56 5.64 5491.94 6058.82 5523.25 7317.01 2.88 2.07 16.78 12.57 5873.80Household Goods & Home Construction (14)12229.65 5.18 10493.54 11627.20 11363.23 13936.75 4.35 2.12 10.82 22.66 9639.94Leisure Goods (2) 11634.33 -3.67 9982.73 12077.29 10692.23 8701.25 4.37 1.48 15.50 109.33 12063.19Personal Goods (6) 28879.11 1.36 24779.46 28490.84 28363.17 32527.92 3.51 2.72 10.47 220.67 21158.98Tobacco (2) 28321.42 4.98 24300.94 26978.91 26811.93 35743.74 8.83 1.05 10.83 710.53 21974.76Health Care (17) 11088.70 0.21 9514.56 11065.80 10872.35 10986.28 3.86 1.00 26.00 181.51 9475.13Health Care Equipment & Services (8) 6134.05 0.12 5263.27 6126.74 6086.42 6917.71 2.27 1.97 22.40 7.87 5550.12Pharmaceuticals & Biotechnology (9) 15551.05 0.22 13343.44 15517.49 15228.37 15181.26 4.03 0.94 26.45 279.28 11939.61Consumer Services (86) 3938.40 4.84 3379.30 3756.41 3550.94 4977.79 3.89 1.63 15.72 23.19 3986.17Food & Drug Retailers (5) 3964.54 4.17 3401.74 3805.80 3767.30 4096.62 2.74 1.35 27.04 0.00 4892.07General Retailers (27) 1639.56 2.70 1406.81 1596.47 1502.49 2163.28 3.55 1.70 16.55 2.90 2043.25Media (18) 6925.46 4.45 5942.33 6630.15 6241.61 7925.87 3.85 1.59 16.31 14.15 4592.14Travel & Leisure (36) 5798.24 7.03 4975.13 5417.27 5010.01 8739.23 4.84 1.74 11.91 90.68 5960.04Telecommunications (6) 1803.22 3.91 1547.24 1735.29 1676.53 2292.35 7.35 0.02 596.92 0.00 2382.83Fixed Line Telecommunications (3) 1640.35 0.00 1407.49 1640.38 1648.05 2676.85 10.88 1.45 6.33 0.00 1792.88Mobile Telecommunications (3) 2796.17 5.47 2399.23 2651.04 2520.59 3187.55 6.01 -0.95 -17.43 0.00 3309.26Utilities (8) 7217.43 4.69 6192.86 6894.08 6473.58 7120.78 5.94 0.51 33.31 33.74 9642.66Electricity (3) 7780.68 5.36 6676.14 7384.91 6804.85 7334.40 6.72 -0.37 -40.20 129.12 13685.66Gas Water & Multiutilities (5) 6682.47 4.49 5733.83 6395.17 6038.32 6682.26 5.71 0.81 21.55 7.47 8828.83Financials (308) 3853.18 2.10 3306.19 3773.82 3603.38 4725.50 5.44 1.55 11.86 60.31 3996.52Banks (10) 2725.47 -0.70 2338.57 2744.65 2672.00 3691.75 7.75 1.40 9.21 79.59 2325.64Nonlife Insurance (8) 3061.35 3.73 2626.76 2951.16 2821.97 3611.81 4.77 1.60 13.14 30.72 5933.91Life Insurance/Assurance (7) 5963.57 7.82 5116.99 5530.90 4978.04 7655.92 6.08 1.77 9.30 50.25 6550.63Real Estate Investment & Services (18) 2112.33 1.62 1812.47 2078.62 1966.25 2517.36 2.86 2.18 16.04 6.27 6004.10Real Estate Investment Trusts (41) 2174.83 1.27 1866.09 2147.55 2092.32 2643.26 5.06 -0.23 -86.91 37.39 3059.51General Financial (41) 8218.68 3.82 7051.96 7916.25 7430.78 8479.98 3.62 1.81 15.28 43.28 10305.05Equity Investment Instruments (183) 8954.91 2.45 7683.68 8741.07 8369.97 10070.67 3.13 2.86 11.19 64.69 5255.37Non Financials (308) 3792.09 2.61 3253.77 3695.65 3539.71 4703.41 5.41 1.39 13.31 47.89 6269.93Technology (15) 1681.04 2.24 1442.40 1644.27 1553.51 2118.92 4.02 0.83 29.79 13.03 2322.41Software & Computer Services (13) 1822.48 2.09 1563.76 1785.20 1671.21 2361.34 4.20 0.76 31.19 13.43 2662.47Technology Hardware & Equipment (2) 3661.29 4.05 3141.54 3518.87 3696.79 2996.52 1.87 2.76 19.33 43.15 4523.78

Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/dayFTSE 100 5537.17 5584.67 5582.88 5616.32 5583.72 5578.33 5677.62 5679.50 5735.38 5815.73 5504.55FTSE 250 14568.57 14735.53 14708.88 14818.84 14821.41 14828.89 15000.37 15012.74 15222.85 15380.71 14546.89FTSE SmallCap 4130.55 4120.64 4123.91 4131.25 4122.71 4131.23 4161.18 4180.23 4206.51 4233.28 4115.06FTSE All-Share 3027.30 3053.59 3052.01 3070.60 3055.97 3054.00 3104.40 3106.06 3138.30 3179.75 3013.25Time of FTSE 100 Day's high:16:46:09 Day's Low08:23:45 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020)Time of FTSE All-Share Day's high:16:46:09 Day's Low08:24:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020)Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of theLondon Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

FT 30 INDEX

Mar 26 Mar 25 Mar 24 Mar 23 Mar 20 Yr Ago High LowFT 30 2259.30 2174.30 2056.30 1901.60 2033.80 0.00 3314.70 1337.80FT 30 Div Yield - - - - - 0.00 3.93 2.74P/E Ratio net - - - - - 0.00 19.44 14.26FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35FT 30 hourly changes

8 9 10 11 12 13 14 15 16 High Low2174.3 2164.2 2166.1 3120.5 2168.3 2160.2 2198.2 2208.5 2230.1 2259.3 2108.6

FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30

FX: EFFECTIVE INDICES

Mar 25 Mar 24 Mnth Ago Mar 26 Mar 25 Mnth Ago

Australia - - -Canada - - -Denmark - - -Japan - - -New Zealand - - -Norway - - -

Sweden - - -Switzerland - - -UK 74.50 74.74 80.89USA - - -Euro - - -

Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FTSE SECTORS: LEADERS & LAGGARDS

Year to date percentage changesGas Water & Multi -11.93Food & Drug Retailer -11.93Personal Goods -12.33Pharmace & Biotech -13.61Utilities -14.45Health Care -15.74Electronic & Elec Eq -18.61Tech Hardware & Eq -21.81Consumer Goods -22.32Electricity -22.80Household Goods & Ho -22.94Tobacco -23.03Mobile Telecomms -23.82Nonlife Insurance -25.35Beverages -25.46Telecommunications -26.99Equity Invest Instr -27.28

Chemicals -27.35Forestry & Paper -29.11Food Producers -30.19Banks -30.96FTSE 100 Index -31.18NON FINANCIALS Index -32.22Technology -32.28Health Care Eq & Srv -32.32FTSE All{HY-}Share Index -32.39Financials -32.87Software & Comp Serv -33.05Industrial Eng -33.44Aerospace & Defense -33.74Industrials -33.91Fixed Line Telecomms -33.95Real Est Invest & Tr -33.99FTSE SmallCap Index -34.04Support Services -34.18

Real Est Invest & Se -34.39Basic Materials -35.79Media -35.82Financial Services -36.49Leisure Goods -37.03Mining -37.04FTSE 250 Index -37.89Construct & Material -39.20Consumer Services -39.42Industrial Metals & -39.85General Retailers -40.12Industrial Transport -40.79Life Insurance -43.41Oil & Gas Producers -51.21Oil & Gas -51.33Travel & Leisure -52.52Automobiles & Parts -53.92Oil Equipment & Serv -59.55

FTSE GLOBAL EQUITY INDEX SERIES

Mar 25 No of US $ Day Mth YTD Total YTD Gr DivRegions & countries stocks indices % % % retn % Yield

Mar 25 No of US $ Day Mth YTD Total YTD Gr DivSectors stocks indices % % % retn % Yield

FTSE Global All Cap 8921 475.75 2.8 -22.0 -25.3 721.29 -24.9 3.1FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3 624.68 0.2 2.5FTSE Global Large Cap 1772 435.47 2.6 -20.2 -23.3 679.64 -22.9 3.1FTSE Global Mid Cap 2191 580.34 3.2 -26.3 -30.0 828.49 -29.8 3.0FTSE Global Small Cap 4958 586.47 3.5 -28.4 -32.2 806.30 -32.0 2.9FTSE All-World 3963 282.05 2.7 -21.3 -24.4 452.42 -24.1 3.1FTSE World 2597 500.23 2.7 -21.5 -24.7 1077.31 -24.3 3.1FTSE Global All Cap ex UNITED KINGDOM In 8618 500.43 2.7 -21.7 -24.8 745.14 -24.5 2.9FTSE Global All Cap ex USA 7135 381.55 4.6 -22.1 -26.4 628.38 -26.1 3.9FTSE Global All Cap ex JAPAN 7567 486.74 2.4 -22.7 -25.8 745.34 -25.4 3.1FTSE Global All Cap ex Eurozone 8270 499.43 2.8 -21.9 -25.0 741.87 -24.6 2.9FTSE Developed 2172 458.44 2.6 -21.3 -24.3 701.00 -23.9 3.0FTSE Developed All Cap 5647 474.23 2.6 -22.0 -25.2 715.18 -24.8 3.0FTSE Developed Large Cap 884 433.60 2.4 -20.2 -23.1 674.59 -22.7 3.0FTSE Developed Europe Large Cap 234 283.08 3.6 -21.5 -26.3 518.61 -25.8 4.5FTSE Developed Europe Mid Cap 355 431.12 3.1 -27.6 -31.8 693.19 -31.6 4.0FTSE Dev Europe Small Cap 695 576.80 3.3 -31.2 -35.8 893.97 -35.6 4.0FTSE North America Large Cap 253 541.72 1.1 -20.3 -22.3 779.97 -21.9 2.5FTSE North America Mid Cap 409 666.43 2.6 -26.9 -29.6 885.50 -29.3 2.5FTSE North America Small Cap 1313 647.56 3.2 -29.0 -32.2 831.86 -31.9 2.4FTSE North America 662 350.57 1.4 -21.5 -23.6 515.83 -23.3 2.5FTSE Developed ex North America 1510 202.54 4.8 -20.9 -25.5 359.42 -25.2 4.0FTSE Japan Large Cap 182 325.73 7.6 -13.0 -17.9 446.78 -17.9 2.8FTSE Japan Mid Cap 327 487.63 5.8 -13.3 -22.4 635.75 -22.4 2.6FTSE Global wi JAPAN Small Cap 845 527.64 5.1 -13.4 -24.2 712.52 -24.1 2.7FTSE Japan 509 135.72 7.2 -13.0 -18.8 208.49 -18.8 2.8FTSE Asia Pacific Large Cap ex Japan 922 563.67 4.5 -19.5 -22.4 956.76 -22.1 3.4FTSE Asia Pacific Mid Cap ex Japan 852 590.04 5.0 -27.6 -31.9 960.84 -31.6 4.1FTSE Asia Pacific Small Cap ex Japan 1814 379.01 4.7 -26.9 -30.2 603.56 -30.0 4.0FTSE Asia Pacific Ex Japan 1774 435.95 4.6 -20.2 -23.3 786.04 -22.9 3.5FTSE Emerging All Cap 3274 585.58 4.0 -22.0 -25.9 942.82 -25.6 3.6FTSE Emerging Large Cap 888 572.89 3.9 -20.3 -24.4 928.64 -24.1 3.4FTSE Emerging Mid Cap 903 645.65 4.7 -29.9 -33.7 1037.30 -33.4 4.7FTSE Emerging Small Cap 1483 526.57 4.0 -28.2 -30.4 811.57 -30.1 4.2FTSE Emerging Europe 75 272.52 1.3 -32.2 -38.1 490.82 -37.9 8.5FTSE Latin America All Cap 242 534.03 7.9 -40.8 -45.8 896.24 -45.5 4.2FTSE Middle East and Africa All Cap 329 464.79 4.1 -26.4 -32.6 787.80 -31.9 4.9FTSE Global wi UNITED KINGDOM All Cap In 303 234.85 4.3 -28.3 -34.3 439.97 -33.6 5.8FTSE Global wi USA All Cap 1786 597.63 1.4 -22.0 -24.3 831.30 -24.0 2.4FTSE Europe All Cap 1433 325.63 3.4 -23.7 -28.4 573.64 -28.0 4.5FTSE Eurozone All Cap 651 312.21 3.1 -23.3 -28.2 547.68 -28.0 4.2FTSE EDHEC-Risk Efficient All-World 3963 312.62 3.3 -24.4 -27.8 462.95 -27.5 3.2FTSE EDHEC-Risk Efficient Developed Europe 589 242.42 2.8 -24.5 -28.3 397.38 -28.0 4.0Oil & Gas 150 196.95 5.8 -36.0 -45.9 353.60 -45.3 7.8Oil & Gas Producers 104 188.24 6.2 -35.7 -46.7 345.30 -46.1 8.0

Oil Equipment & Services 36 148.67 4.3 4.3 -44.5 240.86 -43.9 7.8Basic Materials 351 363.30 3.8 3.8 -29.3 602.78 -28.8 4.4Chemicals 159 533.06 3.0 3.0 -28.9 874.58 -28.8 3.8Forestry & Paper 20 191.85 4.5 4.5 -31.0 354.41 -30.8 4.9Industrial Metals & Mining 93 236.45 5.6 5.6 -37.5 394.62 -37.0 5.6Mining 79 543.12 4.4 4.4 -25.5 926.47 -24.2 5.1Industrials 745 326.87 4.6 4.6 -27.2 496.28 -26.9 2.7Construction & Materials 147 393.86 5.4 5.4 -29.0 625.61 -28.8 3.1Aerospace & Defense 37 558.55 11.0 11.0 -37.6 837.54 -37.4 2.9General Industrials 64 164.45 4.1 4.1 -27.9 273.13 -27.3 3.4Electronic & Electrical Equipment 140 384.77 4.4 4.4 -24.4 529.74 -24.3 2.2Industrial Engineering 145 607.30 5.0 5.0 -26.8 915.37 -26.6 3.1Industrial Transportation 126 559.85 2.5 2.5 -26.1 855.67 -25.8 2.9Support Services 86 392.50 2.3 2.3 -22.2 563.89 -22.1 1.8Consumer Goods 547 396.11 3.7 3.7 -22.4 627.54 -22.1 3.2Automobiles & Parts 132 276.17 7.2 7.2 -27.5 426.65 -27.3 4.3Beverages 66 526.73 3.1 3.1 -25.6 843.38 -25.2 3.1Food Producers 131 569.82 2.4 2.4 -16.4 918.37 -16.3 2.6Household Goods & Home Construction 60 389.90 1.2 1.2 -23.0 614.63 -22.6 3.2Leisure Goods 43 200.64 2.5 2.5 -17.2 273.44 -17.1 1.4Personal Goods 102 718.21 4.4 4.4 -20.3 1057.65 -20.1 2.2Tobacco 13 729.55 3.6 3.6 -26.8 1750.75 -25.8 8.0Health Care 282 496.91 2.1 2.1 -18.7 755.90 -18.1 2.3Health Care Equipment & Services 96 909.49 4.2 4.2 -22.4 1088.76 -22.3 1.2Pharmaceuticals & Biotechnology 186 341.61 1.0 1.0 -16.8 550.59 -16.1 2.9Consumer Services 452 444.27 1.1 1.1 -20.3 618.03 -20.1 1.7Food & Drug Retailers 66 230.46 0.2 0.2 -21.8 342.39 -21.5 3.0General Retailers 148 784.05 0.3 0.3 -13.4 1051.14 -13.2 1.1Media 88 288.29 0.4 0.4 -25.0 403.15 -24.8 1.8Travel & Leisure 150 351.65 4.7 4.7 -32.1 499.63 -31.7 2.7Telecommunication 95 128.49 2.0 2.0 -19.9 269.68 -19.4 5.2Fixed Line Telecommuniations 41 104.61 0.4 0.4 -22.7 245.70 -22.0 6.1Mobile Telecommunications 54 140.41 4.1 4.1 -15.8 258.76 -15.7 3.9Utilities 190 251.47 3.4 3.4 -20.9 537.10 -20.4 4.2Electricity 133 281.16 2.8 2.8 -21.0 592.18 -20.5 4.1Gas Water & Multiutilities 57 255.11 4.7 4.7 -20.6 562.08 -20.1 4.4Financials 862 182.89 4.5 4.5 -30.9 324.35 -30.5 4.4Banks 281 137.46 4.1 4.1 -35.7 266.66 -35.2 6.0Nonlife Insurance 73 224.91 2.2 2.2 -27.1 345.97 -26.9 2.9Life Insurance 58 163.36 7.7 7.7 -32.3 283.12 -32.1 4.6Financial Services 211 275.57 5.3 5.3 -25.6 399.15 -25.3 2.2Technology 289 303.17 0.0 0.0 -15.7 385.71 -15.5 1.5Software & Computer Services 149 523.15 -0.5 -0.5 -13.9 623.43 -13.9 0.8Technology Hardware & Equipment 140 228.75 0.6 0.6 -17.7 309.19 -17.4 2.4Alternative Energy 10 108.20 5.0 5.0 -14.5 151.55 -14.5 1.4Real Estate Investment & Services 158 278.26 6.1 6.1 -24.6 498.58 -24.4 3.8Real Estate Investment Trusts 81 351.11 4.7 4.7 -29.2 752.45 -28.6 5.2Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2

The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please seewww.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock ExchangeGroup companies and is used by FTSE International Limited under licence.

FTSE 100 SUMMARY

Closing Day'sFTSE 100 Price Change

Closing Day'sFTSE 100 Price Change

3I Group PLC 814.80 57.80Admiral Group PLC 2316 148.00Anglo American PLC 1396 5.60Antofagasta PLC 765.20 25.00Ashtead Group PLC 1856 214.50Associated British Foods PLC 1911 59.00Astrazeneca PLC 6882 -36.00Auto Trader Group PLC 437.50 42.30Aveva Group PLC 3576 76.00Aviva PLC 277.00 18.30Bae Systems PLC 537.60 14.00Barclays PLC 107.98 2.20Barratt Developments PLC 478.10 50.60Berkeley Group Holdings (The) PLC 3695 80.00Bhp Group PLC 1275.4 -40.60BP PLC 337.00 -2.40British American Tobacco PLC 2733.5 156.00British Land Company PLC 354.60 -13.90Bt Group PLC 131.28 -0.28Bunzl PLC 1502 39.50Burberry Group PLC 1394 39.50Carnival PLC 1235 115.00Centrica PLC 43.05 -0.93Coca-Cola Hbc AG 1747 0.50Compass Group PLC 1242 123.00Crh PLC 2220 162.00Croda International PLC 4336 56.00Dcc PLC 5176 168.00Diageo PLC 2684 171.50Easyjet PLC 652.40 1.60Evraz PLC 250.50 -3.80Experian PLC 2480 185.00Ferguson PLC 5480 394.00Flutter Entertainment PLC 7410 -70.00Fresnillo PLC 751.80 -13.20Glaxosmithkline PLC 1501.2 11.60Glencore PLC 132.14 -1.72Halma PLC 1973 141.00Hargreaves Lansdown PLC 1460 63.00Hikma Pharmaceuticals PLC 1868 68.00HSBC Holdings PLC 497.90 -12.00Imperial Brands PLC 1344.2 0.40Informa PLC 480.50 18.50Intercontinental Hotels Group PLC 3799.5 369.50Intermediate Capital Group PLC 936.50 78.00International Consolidated Airlines Group S.A. 231.50 1.40Intertek Group PLC 4928 269.00Itv PLC 72.08 6.36Jd Sports Fashion PLC 516.40 -2.80Johnson Matthey PLC 1900 -32.00Just Eat Takeaway.Com N.V. 6495 50.00

Land Securities Group PLC 587.00 -13.40Legal & General Group PLC 215.60 27.95Lloyds Banking Group PLC 37.56 0.83London Stock Exchange Group PLC 7326 -42.00M&G PLC 140.60 -9.90Meggitt PLC 337.40 40.10Melrose Industries PLC 109.35 8.85Mondi PLC 1386.5 60.50Morrison (Wm) Supermarkets PLC 179.55 5.85National Grid PLC 941.70 36.60Next PLC 4508 177.00Nmc Health PLC 938.40 -Ocado Group PLC 1244 3.50Pearson PLC 518.00 17.60Pennon Group PLC 1095 74.00Persimmon PLC 2079 129.00Phoenix Group Holdings PLC 664.70 42.50Polymetal International PLC 1305.5 34.00Prudential PLC 1084 57.50Reckitt Benckiser Group PLC 5970 220.00Relx PLC 1770 52.50Rentokil Initial PLC 399.50 59.40Rightmove PLC 489.20 41.40Rio Tinto PLC 3750 -70.00Rolls-Royce Holdings PLC 405.20 8.20Royal Bank Of Scotland Group PLC 132.50 -4.25Royal Dutch Shell PLC 1374 -43.40Royal Dutch Shell PLC 1414.2 -42.80Rsa Insurance Group PLC 441.50 17.10Sage Group PLC 600.00 12.40Sainsbury (J) PLC 205.70 4.00Schroders PLC 2637 133.00Scottish Mortgage Investment Trust PLC 565.00 -5.50Segro PLC 790.00 3.20Severn Trent PLC 2261 111.00Smith & Nephew PLC 1402.5 -12.50Smith (Ds) PLC 296.40 17.30Smiths Group PLC 1143 24.50Smurfit Kappa Group PLC 2400 100.00Spirax-Sarco Engineering PLC 8420 -65.00Sse PLC 1392.5 75.50St. James's Place PLC 801.00 49.60Standard Chartered PLC 481.00 7.60Standard Life Aberdeen PLC 258.00 32.90Taylor Wimpey PLC 131.70 7.40Tesco PLC 234.20 12.70Unilever PLC 4023.5 46.00United Utilities Group PLC 889.60 60.40Vodafone Group PLC 123.60 6.50Whitbread PLC 3248 239.00Wpp PLC 566.20 23.20

UK STOCK MARKET TRADING DATA

Mar 26 Mar 25 Mar 24 Mar 23 Mar 20 Yr Ago- - - - - -

Order Book Turnover (m) 80.97 55.41 213.94 191.75 191.75 191.75Order Book Bargains 1456772.00 1758541.00 2164039.00 2095621.00 2095621.00 2095621.00Order Book Shares Traded (m) 2574.00 2852.00 2843.00 4893.00 4893.00 4893.00Total Equity Turnover (£m) 7874.40 6830.89 10092.94 16804.53 16804.53 16804.53Total Mkt Bargains 1721431.00 2036937.00 2454282.00 2405619.00 2405619.00 2405619.00Total Shares Traded (m) 5442.00 5412.00 5723.00 8209.00 8209.00 8209.00† Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.(c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believedaccurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant norguarantee that the information is reliable or complete. The FT does not accept responsibility and will not beliable for any loss arising from the reliance on or use of the listed information.For all queries e-mail [email protected]

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

UK RIGHTS OFFERS

Amount LatestIssue paid renun. closingprice up date High Low Stock Price p +or-There are currently no rights offers by any companies listed on the LSE.

UK COMPANY RESULTS

Company Turnover Pre-tax EPS(p) Div(p) Pay day TotalADVFN Int 3.748 4.265 0.402L 0.214L 1.560L 0.840L 0.00000 0.00000 - 0.000 0.000Arbuthnot Banking Group Pre 76.564 71.905 7.011 6.780 41.200 134.500L 0.00000 20.00000 - 16.000 35.000Bigblu Broadband Pre 62.088 55.351 8.252L 15.166L 13.900L 25.800L 0.00000 0.00000 - 0.000 0.000Catalyst Media Group Int 0.013 0.013 0.321 0.408 1.530 1.980 0.00000 5.00000 - 0.000 63.000Intelligent Ultrasound Group Pre 5.916 5.313 4.560L 3.621L 2.370L 3.590L 0.00000 0.00000 - 0.000 0.000IOG Pre 0.000 0.000 15.029 5.644L 5.100 4.600L 0.00000 0.00000 - 0.000 0.000JPMorgan Smaller Companies Investment Trust Int 48.628 36.200L 62.200 45.510L 0.00000 0.00000 - 5.500 5.400Jubilee Metals Group Int 25.403 8.327 6.563 0.762 0.350 0.060 0.00000 0.00000 - 0.000 0.000Online Blockchain Int 0.044 0.026 0.144L 0.276L 1.660L 3.190L 0.00000 0.00000 - 0.000 0.000Sareum Holdings Int 0.000 0.000 0.691L 0.907L 0.020L 0.030L 0.00000 0.00000 - 0.000 0.000Tandem Group Pre 38.837 32.511 2.507 1.872 40.500 32.300 0.00000 2.89000 - 1.560 4.310Thorpe (F W) Int 57.412 52.669 7.364 8.778 5.040 6.140 1.46000 1.43000 Apr 21 5.560 5.430

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier.For more information on dividend payments visit www.ft.com/marketsdata

UK RECENT EQUITY ISSUES

Issue Issue Stock Close Mktdate price(p) Sector code Stock price(p) +/- High Low Cap (£m)03/23 0.69 SYME Supply@ME Capital PLC 1.10 - 0.25 0.25 36030.403/06 80.00 AIM FRP FRP Advisory Group PLC 71.50 -3.00 83.17 70.00 16981.303/06 3.00 MMM Mining Minerals & Metals PLC 3.50 - 0.00 0.00 111.602/27 195.00 AIM SPEC Inspecs Group PLC 162.50 -3.50 199.00 160.00 11496.1

§Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/irFor a full explanation of all the other symbols please refer to London Share Service notes.

MARCH 27 2020 Section:Stats Time: 26/3/2020 - 18:29 User: peter.bailey Page Name: MARKET DATA 1, Part,Page,Edition: EUR, 11, 1



MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES52 Week

Stock Price Day Chg High Low Yld P/E MCap m52 Week





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

Australia (A$)ANZ 16.70 0.13 29.30 14.10 10.35 7.24 28212.42BHPBilltn 30.67 -0.63 42.33 24.05 5.97 11.87 53816.49CmwBkAu 61.80 -0.60 91.05 53.44 7.59 12.43 65164.52CSL 301.99 17.63 342.75 189.14 0.89 46.04 81674.35NatAusBk 16.14 0.35 30.00 13.20 12.18 8.56 28351.11Telstra 3.16 - 4.01 2.87 4.31 16.04 22386.16Wesfarmers 34.77 1.36 47.42 29.75 6.89 18.64 23482.66Westpc 16.02 0.17 30.05 13.47 12.68 7.82 34463.78Woolworths 36.73 0.31 43.96 30.06 2.82 29.70 27593.21Belgium (€)AnBshInBv 42.40 0.61 92.71 29.03 - - -KBC Grp 48.51 1.76 73.56 33.44 - - -Brazil (R$)Ambev 12.98 1.33 20.77 10.36 2.86 16.06 40387.93Bradesco 19.58 0.27 35.89 15.46 1.93 8.26 15612.54Cielo 4.99 -0.01 9.84 3.97 11.49 7.69 2681.09ItauHldFin 22.05 0.40 32.79 19.46 6.47 7.41 21621.72Petrobras 14.87 0.32 33.65 10.50 3.64 6.04 21886.55Vale 41.46 0.61 57.36 32.45 - 12.10 43329.26Canada (C$)BCE♦ 55.48 1.95 65.45 46.03 5.83 16.22 34985.45BkMontrl 72.01 2.34 106.51 55.76 5.59 8.39 32129.58BkNvaS 59.33 2.08 76.75 46.38 5.83 8.96 50208.54Brookfield 63.43 2.15 90.72 47.02 1.36 12.46 46370.82CanadPcR♦ 303.43 4.03 365.69 252.00 1.01 17.77 28944.7CanImp 84.10 2.46 115.96 67.52 6.60 7.58 26114.41CanNatRs 15.41 1.14 42.57 9.80 9.79 4.37 12760.32CanNatRy♦ 106.77 0.77 127.96 92.01 1.98 18.66 53183.02Enbridge 42.43 1.85 57.32 33.06 7.03 14.21 59930.14GtWesLif 24.52 0.91 35.60 18.88 6.86 8.93 15844.42ImpOil♦ 15.57 0.56 40.59 10.27 5.44 4.21 8042.37Manulife 17.59 0.82 27.78 12.58 5.87 6.98 23864.35Nutrien 46.27 2.64 73.32 34.80 5.14 15.10 18482.49RylBkC 88.44 3.32 109.68 72.00 4.56 10.20 87845.77Suncor En 19.39 0.28 46.00 14.02 8.63 5.90 20723.02ThmReut 86.40 0.14 109.99 75.91 2.32 184.96 29981.87TntoDom 61.98 2.38 77.96 49.01 4.62 10.00 78392.6TrnCan 61.26 2.50 76.58 47.05 4.96 13.82 40100.7ValeantPh 30.80 -1.06 36.02 14.01 - -12.48 8158.48China (HK$)AgricBkCh 2.98 -0.01 3.77 2.69 6.06 4.87 11814.47Bk China 2.92 -0.02 3.84 2.71 6.58 4.62 31493.82BkofComm 4.62 -0.09 6.73 4.20 6.74 4.50 20862.87BOE Tech 0.60 0.01 1.06 0.58 - 25.21 15.40Ch Coms Cons 5.11 -0.10 8.46 4.73 4.81 4.21 2918.08Ch Evrbrght 2.88 0.05 3.93 2.65 5.80 4.56 4709.64Ch Rail Cons 7.86 0.01 10.76 7.30 2.77 5.70 2104.89Ch Rail Gp 3.65 - 7.39 3.45 3.64 4.58 1980.71ChConstBk 6.26 -0.07 7.21 5.55 5.09 5.81 194112.94China Vanke 25.15 -0.50 35.60 21.65 4.32 7.09 5118.54ChinaCitic 3.74 -0.02 5.20 3.37 6.38 3.97 7178.86ChinaLife 15.12 -0.10 22.90 11.64 1.10 12.71 14511.41ChinaMBank 34.70 -0.55 42.75 29.80 2.82 9.51 20546.76ChinaMob 56.55 0.45 81.00 45.20 5.19 10.27 149342.44ChinaPcIns 22.60 -0.15 34.75 17.90 4.60 6.99 8089.75ChMinsheng 5.50 - 6.15 4.91 6.53 4.39 5902.25ChMrchSecs 16.64 -0.16 19.75 14.74 1.51 21.91 13403.07Chna Utd Coms 5.28 -0.08 7.48 5.00 0.96 35.41 15762.64ChShenEgy 13.78 -0.06 18.30 11.96 6.83 5.79 6040.37ChShpbldng 4.14 -0.07 7.10 4.05 0.21 229.55 10660.98ChStConEng 5.19 -0.08 6.72 4.93 3.07 5.94 30154.95ChUncHK 4.45 -0.12 10.50 3.84 3.19 11.82 17561.79CNNC Intl 4.43 -0.03 6.56 4.32 2.57 16.20 9711.75CSR 3.97 0.05 8.07 3.60 3.93 9.12 2238.16Daqin 6.79 -0.11 8.85 6.69 6.71 7.45 14217.26Gree Elec Apl 0.09 0.00 0.37 0.01 - -0.03 4.13GuosenSec 11.31 -0.09 14.33 10.38 1.01 19.53 13061.86HaitongSecs 7.16 -0.07 11.30 6.50 2.17 8.86 3148.67Hngzh HikVDT 28.32 -0.53 40.09 23.55 2.01 23.13 32269.02Hunng Pwr 2.72 0.07 5.22 2.24 3.95 21.73 1648.99IM Baotou Stl 1.14 -0.02 1.95 1.10 0.59 24.73 5086.09In&CmBkCh 5.20 -0.09 6.11 4.81 5.00 5.83 58211.9IndstrlBk 16.19 0.36 20.66 14.93 4.05 5.57 43443.52Kweichow 1064.92 -15.18 1241.61 775.00 1.30 34.45 188410.24Midea 0.71 0.04 1.65 0.61 6.46 -2.72 19.69New Ch Life Ins 23.90 -0.05 46.95 20.45 3.35 5.44 3187.72PetroChina 2.57 -0.06 5.32 2.20 5.38 10.87 6993.65PingAnIns 76.00 0.25 101.00 69.00 2.58 8.30 73003.68PngAnBnk 13.06 0.19 17.60 11.60 1.05 8.76 35694.55Pwr Cons Corp 3.90 -0.10 6.25 3.64 2.38 8.74 6121.4SaicMtr 20.09 -0.44 30.30 17.46 5.95 8.49 33058.35ShenwanHong 0.04 0.00 0.13 0.04 - -2.38 47.47ShgPdgBk 10.23 0.08 13.33 9.82 3.25 5.31 40491.9Sinopec Corp 3.61 -0.04 6.40 3.20 11.15 8.95 11879.31Sinopec Oil 2.03 -0.04 3.35 1.90 - 97.25 3443.12Denmark (kr)DanskeBk 75.36 1.38 130.80 68.04 - - -MollerMrsk 6050 384.00 10555 4976 - - -NovoB 384.00 19.35 447.70 310.15 - - -

Finland (€)Nokia 2.87 0.03 5.29 2.08 - - -SampoA 27.60 -0.49 43.04 21.34 - - -France (€)Airbus Grpe 72.29 12.28 139.40 48.12 2.19 15.52 61328.7AirLiquide 109.90 1.60 140.70 94.86 2.13 25.04 56342.17AXA 16.36 -0.09 25.62 11.84 7.96 26.82 42841.17BNP Parib 30.98 0.98 54.22 25.10 9.36 5.44 41942ChristianDior 345.80 8.20 498.20 252.40 1.65 23.10 67615.77Cred Agr 7.46 0.02 13.80 5.70 8.89 6.23 23298.74Danone 58.56 2.44 82.38 50.26 3.22 18.05 43524.06EDF 7.77 0.27 13.61 5.98 3.87 13.56 26136.12Engie SA 10.60 0.02 16.80 9.33 6.87 33.07 27962.97EssilorLuxottica 109.65 -2.40 145.00 86.76 1.81 35.06 51975.12Hermes Intl 671.40 15.20 725.60 516.00 0.66 49.94 76779.83LOreal 254.60 0.80 278.50 196.00 1.47 37.39 153929.75LVMH 363.70 0.20 439.05 278.70 1.60 28.52 198969.23Orange 11.47 0.04 15.38 8.84 5.93 16.62 33036.39PernodRic 135.25 2.40 179.50 112.25 0.97 25.41 38886.71Renault 19.37 1.06 64.20 12.77 17.81 2.35 6204.35Safran 91.92 9.94 152.30 51.10 1.92 18.93 42540.79Sanofi 77.70 0.90 95.06 67.65 3.84 27.96 105534.15Sant Gbn 22.38 0.67 39.57 16.41 5.77-115.17 13201.86Schneider 81.78 3.08 105.50 61.72 2.79 20.56 51564.28SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81SocGen 17.68 0.38 32.23 13.01 11.95 5.92 16341.77Total 33.00 0.15 51.44 21.12 7.74 10.43 93009.89UnibailR 190.00 0.35 236.45 177.35 5.80 17.44 22215.04Vinci 75.86 1.20 107.35 54.76 3.29 14.17 49815.63Vivendi 19.27 0.54 26.69 16.60 2.52 52.19 24734.92Germany (€)Allianz 157.96 1.00 232.60 117.10 5.47 8.97 71382.36BASF 43.08 0.24 74.61 37.36 7.14 16.55 42857.03Bayer 51.74 0.05 78.34 44.86 5.20 -36.90 55062.15BMW 47.30 0.55 78.30 36.60 7.11 6.55 30844.8Continental 68.77 1.75 157.40 51.45 6.63 -66.92 14899.43Daimler 29.59 -0.18 60.00 21.02 10.55 8.15 34286.02Deut Bank 6.34 -0.10 10.37 4.45 1.67 -3.01 14189.68Deut Tlkm 11.97 -0.02 16.75 10.41 5.62 21.13 61749.64DeutsPost 24.21 0.47 35.00 19.11 4.56 12.24 32427.91E.ON 9.25 0.39 11.56 7.60 4.46 35.68 26474.7Fresenius Med 57.54 1.54 81.10 53.50 1.95 14.26 18975.57Fresenius SE 34.47 0.87 52.82 24.25 2.23 10.65 16878.43HenkelKgaA 64.35 1.55 90.30 54.65 2.73 13.27 18109.59Linde 156.10 -0.05 208.60 130.45 1.95 16.05 90120.8MuenchRkv 186.80 0.40 284.20 141.10 4.76 10.15 29202.81SAP 103.96 4.96 129.60 82.13 1.39 38.11 138347.29Siemens 76.73 0.28 119.90 58.77 4.56 13.05 70649.95Volkswgn 127.00 3.60 185.00 99.16 3.63 4.96 40596.23Hong Kong (HK$)AIA 67.60 -0.50 88.50 60.05 1.14 19.68 105402.1BOC Hold 21.55 -0.25 35.90 20.30 6.25 7.84 29386.83Ch OSLnd&Inv 23.50 -0.55 31.30 21.80 3.51 6.02 33208.14ChngKng 39.05 0.10 72.50 33.40 4.46 5.16 18602.18Citic Ltd 7.97 -0.48 12.28 7.40 4.72 4.75 29903.63Citic Secs 14.44 -0.04 19.72 12.60 2.52 13.40 4243.25CK Hutchison 50.15 0.15 86.45 45.05 5.80 5.37 24943.17CNOOC 7.58 -0.07 15.14 6.24 8.44 5.63 43649.59HangSeng 132.10 -2.40 212.60 124.40 5.28 11.22 32574.01HK Exc&Clr 231.80 -0.20 286.20 206.00 2.76 33.32 37706.3MTR 40.55 0.15 55.75 38.00 2.71 18.74 32207.46SandsCh 30.05 -0.25 45.45 25.15 6.05 17.28 31350.49SHK Props 100.60 0.95 142.00 89.90 4.28 7.08 37599.28Tencent 381.80 1.80 420.00 312.20 0.24 41.05 470423.54India (Rs)Bhartiartl 470.70 41.60 568.85 291.69 - -9.23 33833.08HDFC Bk 901.10 44.35 1305.5 738.75 0.79 20.07 65098.67Hind Unilevr 2194.9 106.75 2308.2 1650 1.03 74.01 62602.97HsngDevFin 1733.25 87.20 2499.9 1473.45 1.24 13.98 39545.05ICICI Bk 330.25 13.35 552.20 268.30 0.29 24.21 28161.12Infosys 643.00 36.80 847.00 509.25 2.78 17.41 36079.87ITC 156.40 9.05 310.00 134.60 3.47 13.60 25329.49L&T 838.00 72.25 1607 661.00 2.03 12.94 15497.37OilNatGas 64.75 3.20 178.90 50.00 11.05 3.10 10732.24RelianceIn 1066.2 -16.05 1617.55 875.65 0.58 15.88 89050.42SBI NewA 192.75 2.85 373.80 173.55 - 13.70 22664.32SunPhrmInds 338.30 -9.35 484.25 315.05 0.77 21.50 10694.27Tata Cons 1790.95 40.65 2296.2 1506.05 1.69 21.96 88541.94Indonesia (Rp)Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26Israel (ILS)TevaPha 28.64 -0.56 59.33 21.75 - -2.12 8634.84Italy (€)Enel 6.28 -0.02 8.61 5.15 4.28 26.15 69150.81ENI 8.71 -0.01 16.06 6.26 9.26 13.14 34292.79Generali 12.66 0.21 19.63 10.20 6.91 9.24 21527.73IntSPaolo 1.63 0.01 2.63 1.31 11.60 6.79 30935.84Unicred 8.30 -0.13 14.44 6.42 3.12 4.01 20087.44

Japan (¥)AstellasPh 1595.5 -61.50 1987 1375 2.23 14.94 26656.62Bridgestne 3253 -157.00 4734 2861.5 4.84 8.76 20834.21Canon♦ 2373.5 -105.50 3338 2035 6.63 15.81 28408.37CntJpRwy 17530 -620.00 26255 14340 0.78 8.37 32406.16Denso 3555 -78.00 5225 3021 3.58 15.25 25137.03EastJpRwy 8238 -162.00 10935 7060 1.88 10.43 27939.22Fanuc 14865 -500.00 22060 12020 2.14 38.41 27217.06FastRetail 43800-6640.00 70230 39910 1.01 30.25 41692.7Fuji Hvy Ind 2205 -46.50 3184 1876 6.43 9.93 15219.93Hitachi 3132 -75.00 4693 2524 2.62 16.55 27186.45HondaMtr 2528 -66.00 3259 2120 4.03 10.32 41093.83JapanTob 1944.5 -118.50 2808 1862 7.69 9.53 34899.26KDDI 3262 20.00 3451 2353.5 3.07 13.00 68948.07Keyence 33800 -750.00 40520 28905 0.27 44.10 73768.74MitsbCp 2403.5 -60.50 3218 2148.5 5.20 7.37 34295.78MitsubEst 1614.5 -80.50 2283 1291 1.95 18.80 20155.71MitsubishiEle 1339 8.00 1658 1096.5 2.72 13.87 25800.71MitsuiFud 1826 -109.00 3035 1538 2.48 10.95 16046.22MitUFJFin 439.20 -9.50 603.00 380.00 5.26 7.41 53530.85Mizuho Fin 133.80 -1.00 177.50 108.40 5.10 47.58 30488.77Murata Mfg 5236 -274.00 6920 4304 3.51 66.24 31753.4NipponTT 2587.5 84.50 2908 2153 3.34 12.60 90575.58Nissan Mt 380.40 -20.70 966.00 356.20 9.96 10.95 14408.04Nomura 467.80 -22.20 586.40 330.70 3.79 -5.25 14665.84Nppn Stl 955.80 -129.20 2081 857.00 5.15 5.07 8151.1NTTDCMo 3305 123.00 3338 2257.5 3.17 19.84 98918.12Panasonic 827.20 -15.70 1264 691.70 3.57 7.23 18211.44Seven & I 3577 -23.00 4485 3113 2.69 14.71 28454.28ShnEtsuCh 10230 -630.00 13945 8751 2.02 13.85 38250.64Softbank 3778 -392.00 6045 2609.5 0.86 8.75 70851.33Sony 6400 -100.00 8113 4637 0.57 13.55 73154.04SumitomoF 2883 -67.50 4167 2507.5 6.31 9.12 35526.12Takeda Ph 3233 -112.00 4699 2894.5 5.48-121.96 45734.44TokioMarine 5148 126.00 6317 4167 3.54 11.05 32800.1Toyota 6718 -201.00 8026 5771 2.98 8.54 196713.95Mexico (Mex$)AmerMvl 15.29 0.10 16.82 12.69 1.39 14.12 28126.81FEMSA UBD 150.40 0.46 192.50 127.25 1.96 12.71 13326.56WalMrtMex 54.06 -0.69 60.13 47.76 2.05 20.83 38702.15Netherlands (€)Altice 3.65 -0.03 6.86 1.85 - 3.43 4104.16ASML Hld 249.00 4.10 294.40 162.52 0.81 48.73 114812.62Heineken 73.94 0.94 105.00 68.82 2.10 22.93 46135.12ING 6.00 0.01 12.14 4.23 10.89 5.40 25311.24Unilever 43.24 0.77 57.77 38.42 3.53 12.59 68411.42Norway (Kr)DNB 114.00 5.00 178.10 94.26 - - -Equinor 123.65 -0.65 203.90 95.20 - - -Telenor 149.30 4.45 190.80 130.75 - - -Qatar (QR)QatarNtBk 17.60 -0.63 21.25 15.71 3.03 13.67 44638.18Russia (RUB)Gzprm neft 181.50 1.30 272.68 148.83 10.63 2.34 54425.64Lukoil 4700 110.00 6810 3663 6.18 4.15 41248.86MmcNrlskNckl 20100 170.00 23656 13352 12.40 11.10 40289.54Novatek 918.20 -4.00 1382.2 682.80 3.30 2.76 35314.06Rosneft 316.20 11.45 489.90 229.80 9.51 4.38 42448.03Sberbank 188.07 -0.01 270.80 172.15 9.88 4.01 51425.08Surgutneftegas 32.25 2.59 54.89 24.06 2.34 2.67 14594.07Saudi Arabia (SR)AlRajhiBnk 54.00 0.90 76.90 51.00 6.63 12.84 35947.28Natnlcombnk 34.15 0.90 64.40 30.50 6.15 9.41 27279.99SaudiBasic 69.00 1.80 128.00 61.90 5.90 15.10 55119.15SaudiTelec 82.80 0.10 117.40 72.30 4.62 15.15 44095.32Singapore (S$)DBS 19.06 -0.36 28.64 16.65 6.29 7.72 33683.58JardnMt US$ 47.50 2.21 66.69 42.59 3.31 11.53 34801.02JardnStr US$ 22.30 0.19 40.00 17.81 1.40 8.47 24711.4OCBC 8.75 -0.14 12.19 7.80 5.48 8.35 26584.02SingTel 2.52 -0.08 3.56 2.19 6.94 28.05 28409.45UOB 19.73 -0.29 27.97 17.28 5.32 7.80 22879.32South Africa (R)Firstrand 43.20 3.10 71.79 31.13 7.50 7.03 13916.19MTN Grp 39.35 3.14 114.43 26.25 14.50 7.17 4257.96Naspers N 2577.68 124.70 3750.01 1843.8 0.30 21.36 64726.83South Korea (KRW)HyundMobis 167000-2500.00 268500 126000 2.94 7.59 12906.32KoreaElePwr 18400 -400.00 31650 15550 - -6.65 9603.76SK Hynix 80700-3800.00 106000 62400 1.82 10.16 47766SmsungEl 47800 -850.00 62800 40850 2.91 13.45 232005.87Spain (€)BBVA 3.28 0.02 5.68 2.56 7.61 4.61 23687.73BcoSantdr 2.46 -0.01 4.68 1.93 6.45 8.02 44256.7CaixaBnk 1.87 0.07 3.00 1.56 8.74 7.57 12109.96Iberdrola 9.11 -0.02 11.35 7.60 3.70 18.74 63658.55Inditex 24.00 0.50 32.28 18.51 2.57 21.42 81026.53Repsol 7.65 0.28 15.67 5.92 11.50 7.36 12977.56Telefonica 4.28 -0.17 7.65 3.53 8.98 13.49 24052.6

Sweden (SKr)AtlasCpcoB 283.20 2.70 350.40 223.20 - - -Ericsson 75.60 -1.10 96.74 59.54 - - -H & M 130.00 -4.04 214.35 98.13 - - -Investor 441.50 6.00 568.60 370.10 - - -Nordea Bk♦ 56.74 0.66 86.73 48.00 - - -SEB♦ 69.16 -0.44 104.90 59.80 - - -SvnskaHn♦ 86.06 0.60 113.80 71.80 - - -Swedbank 114.70 0.75 169.70 109.85 - - -Telia Co 35.00 -0.84 44.90 30.29 - - -Volvo 117.80 2.00 175.10 95.00 - - -Switzerland (SFr)ABB 18.37 1.06 24.69 14.11 3.99 43.71 40701.26CredSuisse 8.66 0.50 14.14 6.18 2.84 8.49 22631.26Nestle 98.70 2.09 113.20 83.37 2.30 34.12 300246.56Novartis 76.92 2.36 96.38 65.09 3.22 28.76 198717.85Richemont 55.12 0.04 87.44 44.64 3.41 21.90 29410.86Roche 297.40 2.05 351.60 255.95 2.62 21.23 213576.76Swiss Re 71.40 2.06 117.05 52.68 6.95 59.84 23895.22Swisscom 513.60 3.00 577.80 446.70 3.84 17.74 27195.62Syngent 453.40 0.90 471.20 402.50 - 39.22 43035.76UBS 9.53 0.49 13.81 7.00 6.72 9.82 37608.35Zurich Fin 338.00 8.30 439.90 248.70 5.10 14.09 51689.17Taiwan (NT$)Chunghwa Telecom 107.50 -0.50 123.50 103.00 3.88 25.29 27520.01Formosa PetChem 79.70 0.40 119.00 66.10 5.61 31.82 25054.7HonHaiPrc 71.00 -0.50 101.50 65.70 5.25 8.61 32481.54MediaTek 343.50 4.50 464.00 273.00 2.44 27.96 18024.15TaiwanSem♦ 280.00 0.50 366.00 227.00 2.58 24.48 239600.87Thailand (THB)PTT Explor 31.25 - 50.25 23.60 6.55 9.31 27204.83United Arab Emirates (Dhs)Emirtestele 13.74 -0.70 17.80 11.04 5.56 13.84 32532.47United Kingdom (p)AscBrFd 1911 59.00 2730 1554 2.37 17.20 17791.58AstraZen 6882 -36.00 8227.88 5626 3.34 52.68 102496.65Aviva 277.00 18.30 439.40 3.87 10.83 4.78 13073.21Barclays 107.98 2.20 192.99 73.04 6.48 10.04 21668.42BP 337.00 -2.40 583.40 4.69 9.85 17.75 78987.58BrAmTob 2733.5 156.00 3507 34.85 7.28 10.18 59934.57BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72BT 131.28 -0.28 231.50 102.90 11.73 6.02 15317.93Compass 1242 123.00 2150 20.62 3.10 17.77 24020.75Diageo♦ 2684 171.50 3633.5 2050.6 2.55 20.92 79460.27GlaxoSmh♦ 1501.2 11.60 1857 1328.19 5.33 16.44 86820.37Glencore 132.14 -1.72 2334.5 1.41 11.89 24.03 22415.61HSBC 497.90 -12.00 687.70 432.80 8.27 9.59 117399.54Imperial Brands♦ 1344.2 0.40 2651 1258.2 14.39 12.71 15076.47LlydsBkg 37.56 0.83 73.66 29.82 8.68 12.52 31834.13Natl Grid 941.70 36.60 1073.8 8.90 5.03 22.05 37171.94Prudential 1084 57.50 1532.78 682.80 4.55 10.65 32982.28RBS 132.50 -4.25 266.10 2.23 4.15 8.01 18645.41ReckittB 5970 220.00 8191.3 5130 2.86 18.60 49440.26RELX 1770 52.50 2109 1382.86 2.38 22.96 40223.56RioTinto 3750 -70.00 5039 2954 6.43 6.05 59147.7RollsRoyce 405.20 8.20 945.60 300.00 2.89 -3.23 8862.42RylDShlA 1414.2 -42.80 2637.5 3.04 10.78 6.94 76454.92Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13StandCh 481.00 7.60 742.60 400.80 3.43 38.74 18648.44Tesco 234.20 12.70 332.67 203.70 2.46 17.49 22550.53Vodafone 123.60 6.50 195.65 0.99 6.44 -18.70 38771.44WPP 566.20 23.20 1085.5 450.00 10.60 10.17 8430.41United States of America ($)21stC Fox A 25.34 1.20 39.74 19.81 1.73 11.06 8737.453M 134.50 2.96 219.75 114.04 3.80 19.40 77345.92AbbottLb 74.83 4.08 92.45 61.61 1.58 42.62 131957.71Abbvie 73.34 5.43 97.86 62.55 5.43 33.86 108299.18Accenture 162.21 10.39 216.39 137.15 1.27 23.82 107348.63Adobe 317.01 11.10 386.75 255.13 - 58.11 153200.86AEP 79.09 5.80 104.97 65.14 3.23 19.23 39133.85Aetna - - - - - - -Aflac 37.66 0.93 57.18 23.07 2.71 9.72 27209.78AirProd 197.85 6.70 257.01 167.43 2.08 26.19 43661.24Alexion 85.50 1.03 141.86 72.67 - 9.00 18929.77Allergan 174.87 5.87 202.22 114.27 1.60 -6.59 57532.58Allstate 87.32 4.32 125.92 64.13 2.14 12.20 27671.32Alphabet 1144.94 43.32 1530.74 1008.87 - 26.24 343361.99Altria 36.28 1.91 57.88 30.95 8.52 40.88 67421.55Amazon 1917.86 32.02 2185.95 1626.03 - 93.89 954730.74AmerAir 17.00 1.61 35.24 10.01 2.25 5.03 7240.87AmerExpr 99.52 9.35 138.13 67.00 1.53 12.61 80412.17AmerIntGrp 27.20 1.48 58.66 16.07 4.49 13.97 23757.08AmerTower 215.23 15.97 258.62 174.32 1.60 62.65 95327.69Amgen 195.28 2.14 244.99 166.30 2.77 15.72 115177.48Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54Anthem♦ 229.03 12.66 312.48 171.03 1.31 14.60 57791.12Aon Cp 163.27 0.12 238.19 143.93 0.98 28.95 37810.41Apple 253.78 8.26 327.85 170.27 1.06 22.511110409.31ArcherDan 34.20 1.50 47.20 28.92 3.86 17.07 19079.75

AT&T 29.97 1.57 39.70 26.08 6.50 14.08 215277.68AutomData 130.99 8.40 182.32 103.11 2.22 26.07 56554.93Avago Tech 242.41 24.86 331.58 155.67 3.97 41.29 96914.58BakerHu 22.08 0.09 31.26 20.09 3.40 47.09 11412.93BankAm♦ 22.47 1.37 35.72 17.95 2.68 8.69 196001.99Baxter 78.44 4.87 95.00 69.10 0.93 28.39 39787.23BB & T 54.24 0.75 55.66 40.68 3.26 12.85 41564.3BectonDick♦ 213.74 10.14 286.72 197.75 1.29 87.24 57960.55BerkshHat 274070 3311 347400 239440 - 17.40 191608.64Biogen 301.90 16.92 374.99 215.78 - 10.82 52549.92BkNYMeln 32.81 1.17 53.61 26.40 3.34 8.93 29038.54BlackRock 447.53 46.15 576.81 323.98 2.78 18.09 69289.97Boeing 183.75 25.02 398.66 89.00 3.97-184.81 103479.22BrisMySq 52.62 3.27 68.34 42.48 2.97 15.94 118790.22CapOne 60.66 8.32 107.59 38.00 2.52 5.64 27747.18CardinalHlth 44.68 2.43 60.69 39.05 3.81 -3.51 13036.89Carnival 18.35 2.80 56.04 7.90 9.91 4.67 9679.91Caterpillar 108.22 3.55 150.55 87.50 3.18 10.74 59529.94Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98CharlesSch 34.81 0.64 51.65 28.00 1.75 13.46 44773.17Charter Comms 445.21 24.44 546.54 343.15 - 67.32 93483.4Chevron Corp 75.09 5.82 127.34 51.60 5.96 11.29 141118.5Chubb 108.00 6.20 167.74 87.35 2.62 14.31 48945.85Cigna 163.82 7.00 224.64 118.50 0.02 15.29 60927.85Cisco 39.28 1.61 58.26 32.40 3.33 15.67 166581.77Citigroup 45.97 4.11 83.11 32.00 3.86 6.39 96454.61CME Grp 172.24 15.91 225.36 131.80 1.63 31.72 61743.98Coca-Cola 45.07 3.46 60.13 36.27 3.37 25.12 193362.74Cognizant 49.37 1.68 74.85 40.01 1.55 14.02 27086.21ColgtPlm 62.14 2.25 77.41 58.49 2.61 24.12 53131.55Comcast 35.22 1.65 47.74 31.71 2.12 14.02 160025.25ConocPhil 31.55 0.61 69.60 20.84 3.69 4.52 34109.73Corning♦ 21.17 0.92 35.34 17.44 3.52 16.55 16144.67Costco 283.61 2.75 325.26 233.05 0.81 37.00 125238.65CrownCstl 136.81 8.85 168.75 114.18 3.14 72.40 57015.07CSX 57.82 1.29 80.73 46.81 1.55 14.46 44738.73CVS 54.90 1.26 77.03 51.72 3.48 17.17 71595.76Danaher 136.08 6.94 169.19 119.60 0.47 42.19 94743.95Deere 136.18 7.69 181.99 106.14 2.03 14.76 42708.77Delphi 10.57 0.72 26.82 5.39 1.53 5.10 909.78Delta 35.31 4.21 63.44 19.10 3.93 5.23 22601.72Devon Energy♦ 7.52 0.36 35.39 4.70 4.31 3.15 2889.71DiscFinServ 42.86 5.41 92.98 23.25 3.65 5.08 13215.35Disney 106.76 6.03 153.41 79.07 1.46 21.55 192748.63DominRes 73.09 5.75 90.89 57.79 4.68 56.32 61249.44DowDupont 30.52 -0.65 48.38 30.06 10.05 7.87 68559.76DukeEner 80.22 5.51 103.79 62.13 4.43 17.55 58827.09Eaton 77.00 2.40 105.78 56.42 3.46 14.36 31680.65eBay 29.45 1.08 42.00 26.02 1.69 15.80 23444.58Ecolab 159.36 7.58 211.24 124.60 1.10 32.05 45922.2Emerson 47.88 0.27 78.38 37.75 3.91 13.52 29294.95EOG Res 39.60 -0.09 107.89 27.00 2.28 8.06 23049.38EquityResTP 57.97 3.40 89.55 49.62 3.69 28.52 21561.73Exelon 35.98 1.43 51.18 29.28 3.80 15.91 35042ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19ExxonMb 39.04 1.75 83.49 30.11 8.26 11.89 165224.3Facebook 160.38 4.17 224.20 137.10 - 28.10 385833.5Fedex 126.56 8.25 199.32 88.69 1.87 397.73 33063.77FordMtr 5.48 0.09 10.56 3.96 10.46 14.34 21323.19Franklin 17.62 0.83 35.82 15.29 5.29 7.91 8755.33GenDyn 132.75 10.75 193.76 100.55 2.67 12.48 38448.03GenElectric 8.22 0.66 13.26 5.90 0.46 430.41 71809.92GenMills 49.73 2.08 60.00 46.59 3.58 15.72 30143.29GenMotors 22.83 1.34 41.90 14.33 6.35 3.90 32624.12GileadSci♦ 71.66 2.00 85.97 60.89 3.28 35.42 90221.03GoldmSchs 166.26 11.13 250.46 130.85 2.12 7.78 57172.45Halliburton 7.66 0.89 32.30 4.25 8.98 5.90 6735.72HCA Hold♦ 100.63 8.03 151.97 58.38 1.47 10.56 34060.12Hew-Pack 16.71 1.33 23.93 12.54 3.49 8.88 23892.47HiltonWwde 77.91 5.66 115.48 44.30 0.73 25.83 21614.62HomeDep 196.70 14.94 247.36 140.63 2.36 21.51 214566.46Honywell 135.84 6.19 184.06 101.08 2.30 16.63 96799.56HumanaInc 285.21 16.20 385.00 208.25 0.72 15.88 37683.04IBM 110.87 5.02 158.75 90.56 5.49 13.49 98497.8IllinoisTool 147.99 4.46 190.85 115.94 2.62 20.43 47188.72Illumina 267.93 19.61 380.76 196.78 - 42.93 39385.71Intcntl Exch 79.79 5.27 101.93 63.51 1.22 26.28 44159.78Intel 54.76 3.50 69.29 42.86 2.17 13.44 234208.52Intuit 232.98 0.40 306.89 187.68 0.76 42.87 60688.84John&John 125.66 6.26 154.50 109.16 2.81 25.08 331284.02JohnsonCn 26.99 0.86 44.65 22.78 3.42 22.52 20621.63JPMrgnCh 96.82 5.09 141.10 76.91 3.25 10.00 297622.42Kimb-Clark♦ 119.07 2.71 149.23 110.66 3.28 21.40 40657.68KinderM 14.60 0.87 22.58 9.42 5.88 17.00 33069.93Kraft Heinz 24.28 1.32 33.78 19.99 7.17 -2.87 29655.58Kroger 27.82 -0.13 36.84 20.70 1.90 15.54 22268.34L Brands 14.27 0.34 29.02 8.00 9.55 11.99 3946.13LasVegasSd 52.29 4.94 74.29 33.30 5.23 16.83 39933.08LibertyGbl 17.29 0.45 28.62 15.24 - -28.31 3139.32Lilly (E) 131.20 9.26 147.87 101.36 1.82 30.55 125563.44Lockheed♦ 347.21 27.54 442.53 266.11 2.30 17.82 97812.67

Lowes 90.59 6.87 126.73 60.00 2.07 26.16 69435.01Lyondell 53.19 1.09 98.91 33.71 7.36 5.82 17741.78Marathon Ptl 24.48 3.37 69.65 15.26 7.99 5.53 15899.86Marsh&M 88.26 1.40 119.88 74.34 1.84 31.46 44471.51MasterCard 260.30 3.82 347.25 199.99 0.36 40.47 258811.42McDonald's 168.85 5.87 221.93 124.23 2.62 23.22 125864.94McKesson♦ 125.43 4.19 172.18 111.71 1.20 -40.44 22192.38Medtronic 93.37 7.09 122.15 72.13 2.02 29.78 125131.18Merck♦ 71.72 3.50 92.64 65.25 2.93 20.99 181901.2Metlife 32.33 2.59 53.28 22.85 5.08 4.55 29608.72Microsoft 153.47 6.55 190.70 115.52 1.09 30.121167300.03Mnstr Bvrg 56.08 2.42 70.52 50.06 - 29.53 30109.14MondelezInt 47.32 1.21 59.96 41.19 2.04 20.12 67806.86Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29MorganStly 36.33 2.34 57.57 27.20 3.28 8.11 58101.72MylanNV 15.70 0.77 28.88 12.75 - 182.75 8101.4Netflix 352.33 9.94 393.52 252.28 - 96.10 154604.75NextEraE 223.51 13.24 283.35 174.80 2.08 35.17 109286.32Nike 85.65 6.64 105.62 60.00 0.96 32.94 106407.75NorfolkS 144.51 4.11 219.88 112.62 2.21 15.88 40090.74Northrop 320.41 32.05 385.01 263.29 1.43 27.30 53712.61NXP 85.95 1.09 139.59 58.41 1.25 60.85 24043.17Occid Pet 14.52 2.52 68.83 9.00 20.57 10.79 12998.67Oracle 49.58 3.64 60.50 39.71 1.67 17.53 156354.69Pepsico 116.04 3.54 147.20 101.42 3.10 13.90 161242.76Perrigo 46.76 2.01 63.86 40.17 1.63 27.22 6365.28Pfizer 31.29 1.54 44.56 27.88 4.33 11.46 173585.62Phillips66 56.21 5.71 119.92 40.04 5.77 5.95 24701.25PhilMorris 69.30 3.23 90.17 56.01 5.92 16.93 107824.7PNCFin 96.07 4.02 161.79 79.41 3.97 9.01 41185.64PPG Inds 86.39 0.68 134.36 69.77 2.15 17.89 20380.31Praxair 164.50 -0.99 169.75 140.00 2.21 14.16 47306.22Priceline 1905.64 -1.38 2067.99 1612.41 - 17.15 92937.2ProctGmbl 104.81 3.89 128.09 94.34 2.50 67.08 258823.36Prudntl 57.28 5.67 106.40 38.62 6.50 6.43 22740.16PublStor 176.07 -0.47 266.76 155.37 4.34 21.81 30748.33Qualcomm 67.72 4.64 96.17 55.79 3.25 21.67 77406.86Raytheon 155.80 11.02 233.48 103.00 2.22 13.97 43381.11Regen Pharm 437.00 7.22 518.00 271.37 - 26.67 47270.66S&P Global 241.07 13.88 312.94 186.06 0.84 31.58 58024.39Salesforce 152.29 5.23 195.72 115.29 - 184.14 136299.55Schlmbrg 15.56 0.96 48.88 11.87 11.41 -2.39 21543.06Sempra Energy 124.01 9.99 161.87 88.00 2.92 15.43 36258.13Shrwin-Will 457.91 6.25 599.95 325.43 0.89 32.20 42037.5SimonProp 65.00 2.66 186.40 43.52 12.04 9.14 19945.96SouthCpr 28.41 0.91 44.82 23.43 5.37 15.59 21961.29Starbucks 70.34 4.53 99.72 50.02 1.88 25.98 82558.18StateSt 49.46 0.08 85.89 42.10 3.72 10.24 17525.78Stryker 164.53 11.48 226.30 124.54 1.15 33.82 61628.85Sychrony Fin 19.82 3.16 38.18 12.15 4.09 3.79 12159.11T-MobileUS 82.30 3.13 101.35 63.50 - 23.06 70525.57Target 94.32 3.28 130.24 70.03 2.49 16.66 47250.73TE Connect 65.92 2.43 101.00 48.62 2.45 15.87 21997.7Tesla Mtrs 538.74 -0.51 968.99 176.99 - -120.11 97695.97TexasInstr 103.71 4.55 135.70 93.09 2.83 20.16 96862.61TheTrvelers♦ 95.65 3.47 155.09 76.99 3.17 11.26 24393.71ThrmoFshr 279.67 7.99 342.26 250.21 0.25 32.97 111540.34TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69TJX Cos 47.99 3.91 64.95 32.72 1.61 20.79 57740.79UnionPac 139.87 6.96 188.96 105.08 2.35 18.80 96546.87UPS B 97.43 2.93 125.31 82.00 3.71 17.76 68425.88USBancorp 34.14 2.11 61.11 28.59 4.28 8.22 51935.86UtdHlthcre 246.42 11.93 306.72 187.72 1.53 18.78 233744.23UtdTech 103.77 7.58 158.44 69.02 2.52 18.24 89881.93ValeroEngy 46.39 6.76 101.99 31.00 7.20 8.81 18950.4Verizon 52.06 2.12 62.22 48.84 4.44 14.02 215313.07VertexPharm 216.18 6.09 249.85 163.68 - 27.42 56048.68VF Cp 60.31 2.26 100.25 45.07 2.84 20.53 23807.32ViacomCBS 13.87 -0.88 53.71 10.10 4.96 1.88 7784.8Visa Inc 168.03 6.25 214.17 133.93 0.55 34.54 286654.75Walgreen 44.45 3.01 64.50 40.52 3.67 11.98 39376.55WalMartSto 107.13 -2.27 128.08 96.53 1.79 23.62 303421.86WellsFargo 30.43 1.46 54.75 25.11 5.77 6.87 124440.38Williams Cos♦ 14.53 1.14 29.55 8.41 9.72-507.62 17626.68Yum!Brnds 73.15 0.28 119.72 54.95 2.11 21.17 22005.15Venezuela (VEF)Bco de Vnzla 2400 299.00 2639 250.00 566.89 - 123.67Bco Provncl 130000 3000 210000 12200 - 9.07 198.08Mrcntl Srvcs 130000 - 210000 21000 0.02 3.07 111.84

Closing prices and highs & lows are in traded currency (with variations for thatcountry indicated by stock), market capitalisation is in USD. Highs & lows arebased 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 Monthprice price change change % change change % change %

Carnival 18.35 15.55 2.80 17.97 9.05 97.3 -44.48Boeing 183.75 158.73 25.02 15.76 81.86 80.3 -40.26Halliburton 7.66 6.77 0.89 13.07 3.05 66.1 -58.15Safran 91.92 81.98 9.94 12.12 36.42 65.6 -30.52Delphi 10.57 9.85 0.72 7.31 4.09 63.1 -20.86DiscFinServ 42.86 37.45 5.41 14.45 15.86 58.7 -38.06Williams Cos 14.53 13.39 1.14 8.51 5.28 57.1 -24.09Delta 35.31 31.10 4.21 13.54 11.82 50.3 -28.87Tesla Mtrs 538.74 539.25 -0.51 -0.09 177.52 49.1 -30.75Aflac 37.66 36.73 0.93 2.53 12.39 49.0 -19.33HCA Hold 100.63 92.60 8.03 8.67 32.50 47.7 -21.75Total 33.00 32.85 0.15 0.46 10.50 46.7 -19.60KinderM 14.60 13.73 0.87 6.34 4.62 46.3 -28.68Marathon Ptl 24.48 21.11 3.37 15.96 7.73 46.1 -52.80AmerAir 17.00 15.39 1.61 10.43 5.35 45.9 -23.71L Brands 14.27 13.93 0.34 2.44 4.48 45.8 -37.62AmerIntGrp 27.20 25.72 1.48 5.75 8.42 44.8 -39.64SimonProp 65.00 62.34 2.66 4.27 20.08 44.7 -50.80Avago Tech 242.41 217.55 24.86 11.43 74.54 44.4 -15.28Prudential 1084.00 1026.50 57.50 5.60 327.20 43.2 -99.28Based on the FT Global 500 companies in local currency

FT 500: BOTTOM 20

Close Prev Day Week Monthprice price change change % change change % change %

Kroger 27.82 27.94 -0.13 -0.45 -6.10 -18.0 -3.30Walgreen 44.45 41.44 3.01 7.26 -8.36 -15.8 -6.86GenMills 49.73 47.65 2.08 4.37 -8.02 -13.9 -4.81WalMartSto 107.13 109.40 -2.27 -2.07 -15.45 -12.6 -5.93Kimb-Clark 119.07 116.36 2.71 2.33 -15.28 -11.4 -14.05Franklin 17.62 16.79 0.83 4.94 -2.18 -11.0 -23.62ProctGmbl 104.81 100.92 3.89 3.85 -12.64 -10.8 -12.76SBI NewA 192.75 189.90 2.85 1.50 -22.45 -10.4 -41.02AEP 79.09 73.29 5.80 7.91 -9.20 -10.4 -19.00Regen Pharm 437.00 429.78 7.22 1.68 -48.00 -9.9 -5.11GileadSci 71.66 69.66 2.00 2.87 -7.76 -9.8 -4.18Swedbank 114.70 113.95 0.75 0.66 -11.50 -9.1 -25.30BectonDick 213.74 203.60 10.14 4.98 -20.98 -8.9 -13.78DominRes 73.09 67.34 5.75 8.54 -7.17 -8.9 -16.00AT&T 29.97 28.40 1.57 5.53 -2.88 -8.8 -19.31Lilly (E) 131.20 121.94 9.26 7.59 -11.89 -8.3 -1.61Target 94.32 91.04 3.28 3.60 -8.50 -8.3 -15.17ColgtPlm 62.14 59.89 2.25 3.76 -5.55 -8.2 -14.78Telefonica 4.28 4.45 -0.17 -3.90 -0.38 -8.1 -31.02Midea 0.71 0.67 0.04 5.97 -0.06 -7.8 -29.70Based on the FT Global 500 companies in local currency

BONDS: HIGH YIELD & EMERGING MARKET

Day's Mth's SpreadRed Ratings Bid Bid chge chge vs

Mar 26 date Coupon S* M* F* price yield yield yield USHigh Yield US$MGM Resorts Intl 03/22 7.75 BB- Ba3 BB 90.50 13.40 -5.43 10.83 13.01

High Yield EuroAldesa 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 - - 0.34Brazil 01/22 12.50 BB- Ba2 BB- 108.55 7.26 -1.05 2.53 6.87Brazil 01/23 2.63 BB- Ba2 BB- 95.75 3.80 -0.01 -0.40 1.29Poland 03/23 3.00 A- A2 A- 100.62 2.83 0.01 -0.21 0.58Turkey 03/23 3.25 - Ba3 BB 88.50 6.59 -0.30 0.91 4.34Mexico 01/25 3.60 BBB+ A3 BBB 106.70 2.16 -0.02 -0.30 0.88Colombia 01/26 4.50 BBB- Baa2 BBB 99.50 4.60 -0.73 2.15 3.91Russia 05/26 4.75 - - BBB 105.49 3.74 -0.45 1.39 -Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80

Emerging EuroBrazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19Mexico 02/22 1.88 BBB+ A3 BBB 99.94 1.91 -0.07 1.86 1.52Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; allother London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

BONDS: GLOBAL INVESTMENT GRADE

Day's Mth's SpreadRed Ratings Bid Bid chge chge vs

Mar 26 date Coupon S* M* F* price yield yield yield USUS$Truist Financial Corporation 01/28 6.00 BBB+ A3 A+ 112.13 4.16 0.11 1.47 -Barclays plc 01/28 4.34 BBB Baa2 A 95.20 5.09 0.58 2.35 -The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 99.44 5.09 0.03 2.46 -Washington Gas Light Company 03/28 6.85 BBB+ A3 A 116.64 4.35 -0.10 1.69 -BP Capital Markets 11/28 3.72 A- A1 A 96.34 4.23 0.07 2.00 -Barclays Bank plc 01/29 4.50 A A1 A+ 94.74 5.25 2.78 2.27 -EuroElectricite 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+ 105.59 0.24 0.05 0.46 -YenMexico 06/26 1.09 BBB+ A3 BBB 98.94 1.27 0.01 0.53 -£ Sterlinginnogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40innogy 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 Londonclose. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL

Mar 26 Rate Current Since Last Mnth Ago Year AgoUS Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50US Prime 4.75 30-10-2019 5.25 5.25 4.25US Discount 2.65 30-09-2019 2.75 2.75 1.75Euro Repo 0.00 16-03-2016 0.00 0.00 0.00UK Repo 0.10 19-03-2020 0.25 0.75 0.25Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10Switzerland 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 OneMar 26 (Libor: Mar 25) night Day Week Month month month month yearUS$ Libor 0.20125 0.023 -0.057 0.034 0.95913 1.26700 1.06763 0.98750Euro Libor -0.56086 0.002 0.003 0.009 -0.44557 -0.30771 -0.25271 -0.19171£ Libor 0.06300 -0.003 -0.137 0.009 0.24750 0.55288 0.69000 0.81013Swiss Fr Libor 0.004 -0.80300 -0.70460 -0.60060 -0.46060Yen Libor 0.002 -0.14967 -0.07833 -0.05050 0.05950Euro Euribor -0.004 -0.45800 -0.36900 -0.29800 -0.17600Sterling CDs 0.000 0.75000 0.83000 0.89500US$ CDs 0.000 2.45000 2.56000 2.65000Euro CDs - - - -

Short 7 Days One Three Six OneMar 26 term notice month month month yearEuro -0.74 -0.44 -0.78 -0.48 -0.64 -0.34 -0.52 -0.22 -0.52 -0.22 -0.45 -0.15Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04Swiss Franc - - - - - - - - - - - -Canadian Dollar - - - - - - - - - - - -US Dollar 0.12 0.42 0.20 0.50 0.72 1.02 1.03 1.33 0.80 1.10 0.76 1.06Japanese Yen -0.60 0.10 -0.60 0.10 -0.90 0.10 -0.90 0.10 -0.60 0.40 -0.35 0.65Libor 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 ReturnIndex change change change 1 month 1 year

Markit IBoxxABF Pan-Asia unhedged 198.68 0.59 -4.71 -4.29 -4.35 0.90Corporates( £) 347.18 0.23 -9.61 -7.75 -10.47 -2.29Corporates($) 284.41 1.08 -11.82 -8.72 -11.82 -8.72Corporates(€) 220.37 -0.06 -8.01 -7.28 -8.53 -4.21Eurozone Sov(€) 248.94 -0.35 -3.65 -0.79 -3.69 3.44Gilts( £) 371.61 -0.33 1.28 6.65 1.70 9.54Global Inflation-Lkd 267.27 0.84 -6.87 -4.39 -6.48 -2.27Markit iBoxx £ Non-Gilts 348.62 0.05 -7.10 -4.84 -7.64 -0.17Overall ($) 265.50 0.19 -3.06 1.33 -3.06 1.33Overall( £) 360.92 -0.22 -1.37 2.96 -1.27 6.46Overall(€) 238.76 -0.27 -4.41 -2.16 -4.53 1.34Treasuries ($) 262.10 -0.32 2.63 8.22 2.63 8.22

FTSESterling Corporate (£) - - - - - -Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73Euro Emerging Mkts (€) 483.30 6.01 - - -17.49 15.55Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64

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

Markit iTraxxCrossover 5Y 513.99 -17.24 - - 743.22 513.99Europe 5Y 84.94 -3.64 - - 131.25 84.94Japan 5Y 125.50 -0.08 - - 188.33 120.70Senior Financials 5Y 97.72 -4.38 - - 150.83 97.65

Markit CDXEmerging Markets 5Y 300.90 -45.68 - - 421.25 300.90Nth Amer High Yld 5Y 655.75 -67.76 -82.98 - 866.45 553.71Nth Amer Inv Grade 5Y 104.87 -3.07 - - 150.81 104.87Websites: 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* ChangeCrude Oil† Apr 23.49 -0.74Brent Crude Oil‡ 26.38 -1.13RBOB Gasoline† Mar 0.54 -0.02Heating Oil† - -Natural Gas† Apr 1.69 0.03Ethanol♦ - -Uranium† Apr 24.85 -0.50Carbon Emissions‡ - -Diesel† - -Base Metals (♠ LME 3 Months)Aluminium 1545.50 -2.50Aluminium Alloy 1200.00 0.00Copper 4808.50 -64.00Lead 1686.50 38.00Nickel 11215.00 -120.00Tin 14000.00 -235.00Zinc 1862.00 13.00Precious Metals (PM London Fix)Gold 1605.45 -0.30Silver (US cents) 1396.50 34.00Platinum 722.00 38.00Palladium 2045.00 90.00Bulk CommoditiesIron Ore 85.95 -1.10GlobalCOAL RB Index 80.00 10.00Baltic Dry Index 569.00 -13.00

Agricultural & Cattle Futures Price* ChangeCorn♦ May 345.25 -4.50Wheat♦ May 578.25 -1.50Soybeans♦ May 878.00 -4.50Soybeans Meal♦ May 325.60 4.90Cocoa (ICE Liffe)X May 1802.00 -28.00Cocoa (ICE US)♥ May 2238.00 -12.00Coffee(Robusta)X May 1237.00 -19.00Coffee (Arabica)♥ May 127.30 -2.05White SugarX 352.80 14.30Sugar 11♥ 11.53 0.05Cotton♥ May 52.62 -0.88Orange Juice♥ May 121.55 1.15Palm Oil♣ - -Live Cattle♣ Apr 108.53 0.00Feeder Cattle♣ Apr 129.08 -1.00Lean Hogs♣ Apr 65.18 0.00

% Chg % ChgMar 25 Month Year

S&P GSCI Spt 269.73 -28.33 -38.32DJ UBS Spot 63.64 -13.60 -22.41TR/CC CRB TR 135.94 -22.97 -29.60M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05UBS Bberg CMCI TR 11.07 -18.09 -26.11LEBA EUA Carbon 23.51 -4.62 5.43LEBA CER Carbon 0.24 26.32 0.00LEBA UK Power 3376.00 81.02 23.98

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 ofMar 25 Mar 25 Prev return stock Market stocks

Can 4.25%' 21 105.78 0.782 0.701 -1.12 5.18 81099.58 8Fr 0.10%' 21 100.30 -0.223 -0.185 -1.62 7.57 228061.27 15Swe 0.25%' 22 110.37 -1.091 -1.101 -1.33 31.92 186414.90 7UK 1.875%' 22 111.73 -2.376 -2.359 -0.71 15.74 722277.33 28UK 2.5%' 24 359.21 -2.411 -2.385 -0.62 6.82 722277.33 28UK 2%' 35 290.05 -2.272 -2.285 -1.95 9.08 722277.33 28US 0.625%' 21 98.93 1.459 1.352 -2.15 35.84 1490660.80 42US 3.625%' 28 128.69 0.054 0.068 -1.90 16.78 1490660.80 42Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total marketvalue. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to paramount.

BONDS: TEN YEAR GOVT SPREADS

Spread SpreadBid vs vs

Yield Bund T-Bonds

Spread SpreadBid vs vs

Yield Bund T-Bonds

Australia - - -Austria 0.02 - -Belgium 0.86 - -Canada 0.92 1.23 -Denmark - - -Finland 0.19 0.49 -France 0.85 - -Germany -0.31 0.00 -Greece 2.53 - -

Italy 1.48 1.79 -Japan - - -Netherlands -0.30 - -Norway 0.77 - -Portugal 0.64 - -Spain 0.83 1.13 -Switzerland -0.26 0.04 -United Kingdom - - -United States - - -

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

VOLATILITY INDICES

Mar 26 Day Chng Prev 52 wk high 52 wk lowVIX 59.02 -4.93 63.95 85.42 11.03VXD 61.16 -4.06 65.22 71.05 2.47VXN 56.45 -4.54 60.99 84.67 13.58VDAX 57.24 -0.16 57.40 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 YearDate Coupon Price Yield yield yield chg yld chg yld

Australia - - - - - - -12/21 2.00 102.96 0.29 0.00 -0.22 -0.38 -1.13

Austria 10/25 1.20 106.55 0.02 0.05 0.00 0.55 0.1502/47 1.50 120.93 0.65 0.16 0.04 0.43 -0.38

Belgium 09/22 1.00 103.36 -0.37 0.00 0.01 0.23 0.0206/47 1.60 118.02 0.86 0.06 0.01 0.42 -0.51

Canada 09/22 1.00 100.83 0.66 0.02 -0.09 -0.64 -0.8206/30 1.25 103.20 0.92 0.02 -0.16 -0.27 -

Denmark - - - - - - -11/21 3.00 105.61 -0.41 0.04 0.25 0.31 0.17

Finland 09/22 1.63 104.79 -0.30 0.03 0.12 0.34 0.1109/29 0.50 102.91 0.19 0.03 -0.10 0.50 -

France 04/22 3.00 107.23 -0.45 -0.01 0.05 0.21 -0.0305/25 0.50 103.31 -0.14 0.01 -0.09 0.40 -0.0305/48 2.00 128.60 0.85 0.06 0.03 0.42 -0.43

Germany 09/22 1.50 105.17 -0.60 0.03 0.15 0.12 -0.0602/26 0.50 105.69 -0.45 0.03 0.03 0.23 -0.1608/29 0.00 102.91 -0.31 0.04 -0.05 0.24 -08/50 0.00 96.08 0.13 0.08 0.04 0.17 -

Greece 02/26 3.65 109.05 2.53 -0.12 -1.59 1.41 -1.2802/26 3.65 109.05 2.53 -0.12 -1.59 1.41 -1.28

Ireland 03/22 0.80 102.08 -0.25 -0.02 0.13 0.28 0.0305/30 2.40 119.86 0.40 0.00 -0.17 0.52 -0.27

Italy 08/22 0.90 100.79 0.56 -0.02 -1.01 0.62 -0.5402/25 0.35 96.76 1.04 -0.01 -0.75 0.68 -05/30 0.40 89.83 1.48 -0.08 -0.69 1.15 -03/48 3.45 120.26 2.44 0.02 -0.35 0.54 -1.02

Japan - - - - - - -09/22 0.10 100.75 -0.20 0.00 -0.03 0.01 0.0003/26 0.10 101.20 -0.10 0.01 -0.02 0.12 0.1009/47 0.80 110.05 0.41 -0.01 0.00 0.11 -0.09

Netherlands 07/22 2.25 106.38 -0.50 0.02 0.06 0.18 -0.0207/25 0.25 102.92 -0.30 0.02 -0.04 0.30 -0.09

New Zealand - - - - - - -05/21 6.00 105.81 0.84 0.02 -0.23 -0.39 -1.12

Norway 05/21 3.75 104.00 0.29 0.09 0.08 -1.10 -0.9802/26 1.50 104.17 0.77 -0.01 0.02 -0.46 -0.69

Portugal 04/21 3.85 104.16 -0.10 -0.02 -0.19 0.46 0.1702/26 3.30 115.36 0.64 -0.04 -0.40 0.71 -0.11

Spain 04/22 0.40 101.01 -0.08 -0.01 -0.29 0.38 0.0710/29 0.60 97.92 0.83 -0.03 -0.37 0.65 -

Sweden - - - - - - -06/22 3.50 108.49 -0.38 0.01 0.06 0.04 -0.06

Switzerland 05/22 2.00 105.97 -0.73 0.04 0.12 0.13 0.0306/29 0.00 102.48 -0.26 0.05 0.09 0.58 0.16

United Kingdom - - - - - - -07/22 0.50 100.96 0.09 -0.02 -0.25 -0.29 -0.5609/25 2.00 110.16 0.13 -0.04 -0.39 -0.20 -0.6407/47 1.50 115.57 0.86 0.01 -0.47 -0.09 -0.62

United States - - - - - - -09/22 1.88 103.71 0.39 -0.04 -0.27 -0.78 -1.8102/26 1.63 105.39 0.69 0.04 -0.38 -0.53 -1.6311/47 2.75 130.32 1.42 0.03 -0.57 -0.39 -1.45

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

GILTS: UK CASH MARKET

Red Change in Yield 52 Week AmntMar 26 Price £ Yield Day Week Month Year High Low £m

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

Tr 2pc '20 100.62 0.07 0.00 -46.15 -89.86 -89.55 103.82 100.00 32.53Tr 1.5pc '21 101.16 0.09 12.50 -43.75 -83.64 -86.15 101.58 100.78 32.84Tr 4pc '22 107.56 0.11 10.00 -50.00 -71.79 -82.81 109.81 107.11 38.39Tr 5pc '25 123.70 0.18 -10.00 -66.04 -52.63 -76.92 126.04 121.74 35.49Tr 1.25pc '27 107.76 0.18 -21.74 -71.88 -52.63 -80.22 108.63 100.93 23.73Tr 4.25pc '32 144.13 0.51 -10.53 -46.32 -16.39 -58.20 148.26 133.58 35.86Tr 4.25pc '36 154.21 0.66 -9.59 -41.07 -15.38 -52.17 160.46 139.13 30.11Tr 4.5pc '42 176.85 0.79 -7.06 -38.76 -15.05 -47.33 186.37 154.03 26.95Tr 3.75pc '52 187.29 0.72 -6.49 -42.86 -20.88 -51.02 198.36 152.65 23.87Tr 4pc '60 218.16 0.64 -5.88 -44.83 -24.71 -54.93 231.12 170.06 23.89Gilts 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 ReturnFixed Coupon Mar 26 chg % Return 1 month 1 year Yield1 Up to 5 Years 90.32 0.00 2477.68 0.50 1.58 0.142 5 - 10 Years 187.44 0.29 3778.57 1.18 5.17 0.223 10 - 15 Years 226.66 0.68 4831.64 1.19 8.29 0.514 5 - 15 Years 196.17 0.44 4033.61 1.13 5.97 0.365 Over 15 Years 403.56 1.06 6542.96 3.82 17.98 0.717 All stocks 195.07 0.62 4118.40 2.22 10.18 0.63

Day's Month Year's Total Return ReturnIndex Linked Mar 26 chg % chg % chg % Return 1 month 1 year1 Up to 5 Years 304.81 0.03 -0.57 -1.55 2485.79 -0.56 -0.172 Over 5 years 792.46 2.59 -3.27 2.89 5976.20 -3.23 3.323 5-15 years 505.51 0.98 -1.21 2.05 4006.54 -1.17 2.884 Over 15 years 1034.22 3.20 -4.02 3.14 7600.91 -3.99 3.425 All stocks 708.18 2.27 -2.95 2.39 5433.45 -2.91 2.94

Yield Indices Mar 26 Mar 25 Yr ago Mar 26 Mar 25 Yr ago5 Yrs 0.05 0.07 0.66 20 Yrs 0.83 0.89 1.5210 Yrs 0.39 0.45 1.06 45 Yrs 0.58 0.62 1.4215 Yrs 0.71 0.78 1.38

inflation 0% inflation 5%Real yield Mar 26 Dur yrs Previous Yr ago Mar 26 Dur yrs Previous Yr agoUp to 5 yrs -2.11 2.66 -2.09 -2.28 -2.70 2.68 -2.69 -2.68Over 5 yrs -2.03 24.57 -1.93 -1.91 -2.05 24.63 -1.95 -1.945-15 yrs -2.41 10.19 -2.31 -2.16 -2.51 10.19 -2.42 -2.26Over 15 yrs -1.98 29.69 -1.88 -1.89 -2.00 29.71 -1.89 -1.91All stocks -2.03 21.90 -1.93 -1.92 -2.06 22.01 -1.96 -1.95See FTSE website for more details www.ftse.com/products/indices/gilts©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSEGilt Closing Prices information contained herein is proprietary toTradeweb; may not be copied or re-distributed; is not warranted to beaccurate, 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 accurateat the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, norMorningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT norMorningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on theuse of the listed information. For all queries e-mail [email protected]

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

MARCH 27 2020 Section:Stats Time: 26/3/2020 - 18:29 User: peter.bailey Page Name: MARKET DATA 2, Part,Page,Edition: EUR, 12, 1



MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield

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

Aberdeen Standard Capital Offshore Strategy Fund LimitedBridge Fund £ 1.7811 - 0.0645 2.24Global Equity Fund £ 2.3943 - 0.1175 1.39Global Fixed Interest Fund £ 0.8249 - 0.0089 5.36Income Fund £ 0.5302 - 0.0177 -Sterling Fixed Interest Fund £ 0.8228 - -0.0009 3.27UK Equity Fund £ 1.5334 - 0.0755 4.96

Algebris Investments (IRL)RegulatedAlgebris Core Italy I EUR Acc € 83.52 - 3.58 -Algebris Allocation Fund - Class I EUR € 79.06 - -0.79 0.00Algebris Core Italy Fund - Class R EUR € 78.45 - 3.36 0.00Algebris Financial Credit Fund - Class I EUR € 137.93 - 2.33 0.00Algebris Financial Credit Fund - Class R EUR € 120.53 - 2.02 0.00Algebris Financial Credit Fund - Class Rd EUR € 84.35 - 1.42 5.03Algebris Financial Income Fund - Class I EUR € 108.26 - 8.01 0.00Algebris Financial Income Fund - Class R EUR € 100.93 - 7.46 0.00Algebris Financial Income Fund - Class Rd EUR € 68.86 - 5.09 4.80Algebris Financial Equity Fund - Class B EUR € 75.80 - 10.01 0.00Algebris Macro Credit Fund - Class I EUR € 104.32 - 0.77 0.00Algebris Macro Credit Fund - Class R EUR € 102.69 - 0.75 0.00Algebris Macro Credit Fund - Class Rd EUR € 102.69 - 0.75 0.00Algebris IG Financial Credit R EUR Acc € 88.03 - -1.00 -Algebris IG Financial Credit B EUR Acc € 88.30 - -1.00 -

The Antares European Fund LimitedOther InternationalAEF Ltd Usd (Est) $ 554.06 - -37.74 -AEF Ltd Eur (Est) € 519.49 - -36.69 0.00

Arisaig PartnersOther International FundsArisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 76.17 - 1.41 -Arisaig Asia Consumer Fund Limited $ 74.25 - 1.62 -Arisaig Global Emerging Markets Consumer Fund $ 9.18 - 0.31 -Arisaig Global Emerging Markets Consumer UCITS € 12.86 - 0.02 -Arisaig Global Emerging Markets Consumer UCITS STG £ 14.95 - -0.30 -Arisaig Latin America Consumer Fund $ 17.81 - 0.58 -

Artemis Fund Managers Ltd (1200)F (UK)57 St. James's Street, London SW1A 1LD 0800 092 2051Authorised Inv FundsArtemis Corporate Bond I Acc £ 0.94 - 0.01 -Artemis Target Return Bond I Acc £ 0.98 - 0.01 -

Ashmore Investment Management Limited (LUX)2 rue Albert Borschette L-1246 LuxembourgFCA RecognisedAshmore SICAV Emerging Market Debt Fund $ 71.71 - 2.89 -Ashmore SICAV Emerging Market Frontier Equity Fund $ 123.14 - 2.27 -Ashmore SICAV Emerging Market Total Return Fund $ 64.11 - 1.98 -Ashmore SICAV Global Small Cap Equity Fund $ 104.70 - 3.62 0.03EM Active Equity Fund Acc USD $ 104.91 - 3.19 -EM Equity Fund Acc USD $ 84.81 - 3.16 -EM Mkts Corp.Debt USD F $ 72.41 - 1.76 6.66EM Mkts Loc.Ccy Bd USD F $ 65.10 - 1.22 -EM Short Duration Fund Acc USD $ 86.13 - 1.07 -

Atlantas Sicav (LUX)RegulatedAmerican Dynamic $ 3710.74 3710.74 -231.34 -American One $ 3644.07 3644.07 -234.70 -Bond Global € 1466.77 1466.77 -24.86 -Eurocroissance € 864.95 864.95 -13.36 0.00Far East $ 757.50 - -6.30 -

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

Bond FundsSterling Bond F £ 0.47 - 0.00 -

CCLA Investment Management Ltd (UK)Senator House 85 Queen Victoria Street London EC4V 4ETAuthorised Inv FundsDiversified Income 1 Units GBP Inc £ 1.39 1.39 0.03 -Diversified Income 2 Units GBP Inc £ 1.34 1.34 0.03 -Diversified Income 3 Units GBP Inc £ 1.35 1.35 0.03 -


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

CG Portfolio Fund PlcAbsolute Return Cls M Inc £ 121.35 121.35 1.03 -Capital Gearing Portfolio GBP P £ 32762.34 32762.34 291.36 -Capital Gearing Portfolio GBP V £ 159.33 159.33 1.42 -Dollar Fund Cls D Inc £ 182.97 182.97 0.16 -Dollar Hedged GBP Inc £ 100.63 100.63 -0.13 1.86Real Return Cls A Inc £ 217.87 217.87 0.46 2.15

Chartered Asset Management Pte LtdOther International FundsCAM-GTF Limited $ 246851.50 246851.50 -18482.45 -CAM GTi Limited $ 697.51 - -26.30 0.00Raffles-Asia Investment Company $ 1.38 1.38 -0.02 2.17

Cheyne Capital Management (UK) LLPOther International FundsCheyne European Event Driven Fund (M) € 144.16 - -0.70 -

price updated (D) daily, (W) weekly, (M) monthly

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

Dodge & Cox Worldwide Funds plc - Global Bond FundEUR Accumulating Class € 13.32 - 0.11 -EUR Accumulating Class (H) € 9.38 - 0.16 -EUR Distributing Class € 10.74 - 0.09 -EUR Distributing Class (H) € 7.54 - 0.13 -GBP Distributing Class £ 12.01 - 0.09 -GBP Distributing Class (H) £ 7.93 - 0.14 -USD Accumulating Class $ 10.46 - 0.19 -

Dodge & Cox Worldwide Funds plc-Global Stock FundUSD Accumulating Share Class $ 16.11 - 0.56 -GBP Accumulating Share Class £ 22.32 - 0.54 0.00GBP Distributing Share class £ 15.54 - 0.38 -EUR Accumulating Share Class € 22.22 - 0.54 -GBP Distributing Class (H) £ 7.97 - 0.26 1.56

Dodge & Cox Worldwide Funds plc-U.S. Stock FundUSD Accumulating Share Class $ 20.08 - 0.41 -GBP Accumulating Share Class £ 26.31 - 0.26 0.00GBP Distributing Share Class £ 16.20 - 0.16 -EUR Accumulating Share Class € 23.93 - 0.25 -GBP Distributing Class (H) £ 8.50 - 0.16 1.13

Dragon Capital Group1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, VietnamFund information, dealing and administration: [email protected]

Other International FundsVietnam Equity (UCITS) Fund A USD $ 15.67 - 0.65 -

Ennismore Smaller Cos Plc (IRL)5 Kensington Church St, London W8 4LD 020 7368 4220FCA RecognisedEnnismore European Smlr Cos NAV £ 128.45 - 0.08 0.00Ennismore European Smlr Cos NAV € 140.17 - 3.07 0.00

Ennismore European Smlr Cos Hedge FdOther International FundsNAV € 500.14 - -30.32 0.00

Equinox Fund Mgmt (Guernsey) Limited (GSY)RegulatedEquinox Russian Opportunities Fund Limited $ 179.22 - -18.96 -

Euronova Asset Management UK LLP (CYM)RegulatedSmaller Cos Cls One Shares € 39.94 - -0.33 0.00Smaller Cos Cls Two Shares € 26.69 - -0.22 0.00Smaller Cos Cls Three Shares € 13.34 - -0.11 0.00Smaller Cos Cls Four Shares € 17.29 - -0.15 0.00

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

OEIC FundsFidelity American Fund W-ACC-GBP £ 40.68 - -0.48 0.64Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.55FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.59 - 0.00 3.40Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.71 - 0.01 3.71Fidelity Global Focus Fund W-ACC-GBP £ 22.37 - 0.16 0.38Fidelity Global High Yield Fund Y-ACC-GBP £ 12.22 - 0.19 -Fidelity Japan Fund W-ACC-GBP £ 3.85 - 0.11 0.66Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.10 - 0.09 0.47Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 0.97 - 0.00 -Fidelity Special Situations Fund W-ACC-GBP £ 25.46 - 0.81 2.49Short Dated Corporate Bond Fund Y ACC GBP £ 10.44 - 0.03 3.69Fidelity Sustainable Water & Waste W Acc £ 0.82 - 0.01 -Fidelity Sustainable Water & Waste W Inc £ 0.82 - 0.01 -Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14


Fidelity UK Select Fund W-ACC-GBP £ 2.53 - 0.07 2.07

Institutional OEIC FundsEurope (ex-UK) Fund ACC-GBP £ 5.28 - 0.05 -

Findlay Park Funds Plc (IRL)30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900FCA RecognisedAmerican Fund USD Class $ 110.46 - 0.80 0.00American Fund GBP Hedged £ 56.28 - 0.39 0.00American Fund GBP Unhedged £ 93.92 - 0.86 0.00

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

FCA Recognised - Luxembourg UCITSFoord International Fund | R $ 38.16 - 0.94 -Foord Global Equity Fund (Lux) | R $ 11.21 - 0.28 -

RegulatedFoord Global Equity Fund (Sing) | B $ 13.76 - 0.34 -Foord International Trust (Gsy) $ 37.89 - 0.93 -

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

Franklin Emerging Market Debt Opportunities Fund PlcFranklin Emg Mkts Debt Opp CHFSFr 15.89 - -0.29 9.82Franklin Emg Mkts Debt Opp GBP £ 10.40 - 0.00 6.99Franklin Emg Mkts Debt Opp SGD S$ 22.38 - -0.25 5.18Franklin Emg Mkts Debt Opp USD $ 17.48 - -0.29 6.99

[email protected], www.funds.gam.comRegulatedLAPIS GBL TOP 50 DIV.YLD-Na-D £ 91.17 - 2.86 -LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 86.16 - 2.13 -

Genesis Investment Management LLPOther International FundsEmerging Mkts NAV £ 7.21 - -0.16 0.00

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

International InsurancesHoliday Property Bond Ser 1 £ 0.51 - -0.01 0.00Holiday Property Bond Ser 2 £ 0.64 - 0.00 0.00

Intrinsic Value Investors (IVI) LLP (IRL)1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210FCA RecognisedIVI European Fund EUR € 18.25 - 0.40 -IVI European Fund GBP £ 22.42 - 0.65 -

Janus Henderson Investors (UK)PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832www.janushenderson.comAuthorised Inv FundsJanus Henderson Instl UK Idx Opps A Acc £ 0.78 - 0.01 -

Kames Capital ICVC (UK)Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA0800 358 3009 www.kamescapital.comAuthorised FundsKames Global Equity GBP B Acc £ 2.02 - 0.11 0.22

Kames Capital VCIC (IRL)1 North Wall Quay, Dublin 1, Ireland +35 3162 24493FCA RecognisedAbsolute Return Bond B GBP Acc 1085.35 - 0.04 1.98High Yield Global Bond A GBP Inc 403.71 - 5.86 3.64High Yield Global Bond B GBP Inc 859.75 - 12.48 4.39Kames Global Equity Income B GBP Acc 1589.92 - 71.53 0.00Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19Kames Global Equity Market Neutral Fund - B Acc GBP £ 10.30 - 0.10 0.00Kames Inv Grd Gbl Bond A Inc GBH 548.59 - 4.55 1.73Global Sustainable Equity B Acc GBP £ 16.26 - 0.90 0.00Global Sustainable Equity C Acc GBP £ 16.45 - 0.91 0.00Short Dated High Yld Bd B Acc GBP £ 9.12 - 0.08 0.00Short Dated High Yld Bd C Acc GBP (Hdg) £ 9.20 - 0.09 0.00Strategic Global Bond A GBP Inc 1053.92 - 11.51 1.01Strategic Global Bond B GBP Inc 598.27 - 6.54 1.76

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

Lloyds Investment Funds LimitedEuro High Income € 1.4390 - -0.0020 2.76High Income £ 0.8045 - -0.0003 4.14Sterling Bond £ 1.4400 - -0.0010 2.39

Lloyds Multi Strategy Fund LimitedConservative Strategy £ 1.1380 - 0.0190 0.00Growth Strategy £ 1.5310 - 0.0600 0.00Aggressive Strategy £ 2.0270 - 0.1000 0.00


Global USD Growth Strategy $ 1.3510 - 0.0720 0.00Dealing Daily

M & G Securities (1200)F (UK)PO Box 9038, Chelmsford, CM99 2XFwww.mandg.co.uk/charities Enq./Dealing: 0800 917 4472Authorised Inv FundsM&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.23 - 0.00 -M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 41.29 - -0.01 -M&G Charity Multi Asset Fund Inc £ 0.69 - 0.03 -M&G Charity Multi Asset Fund Acc £ 73.19 - 3.05 -

MMIP Investment Management Limited (GSY)Regulated

Multi-Manager Investment Programmes PCC LimitedUK Equity Fd Cl A Series 01 £ 2678.37 2710.53 -291.52 0.00Diversified Absolute Rtn Fd USD Cl AF2 $ 1653.22 - -8.59 0.00Diversified Absolute Return Stlg Cell AF2 £ 1577.80 - -9.47 0.00Global Equity Fund A Lead Series £ 1491.22 1496.14 -84.52 0.00

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

Milltrust International Managed Investments ICAV (IRL)[email protected], +44(0)20 8123 8369 www.milltrust.comRegulatedBritish Innovation Fund £ 100.02 - 3.18 0.00MAI - Buy & Lease (Australia) A$ 102.52 - 2.25 0.00MAI - Buy & Lease (New Zealand)NZ$ 97.29 - 0.06 0.00Milltrust Global Emerging Markets Fund - Class A $ 68.52 - -2.23 0.00The Climate Impact Asia Fund (Class A) $ 95.42 - -4.58 -

Morgens Waterfall Vintiadis.co IncOther International FundsPhaeton Intl (BVI) Ltd (Est) $ 513.91 - -25.87 0.00

New Capital UCITS Fund PLC (IRL)Leconfield House, Curzon Street, London, W1J 5JBwww.newcapitalfunds.comFCA Recognised

New Capital UCITS FundsNew Capital China Equity Fund $ 156.93 - 6.93 -New Capital Dynamic European Equity Fund € 99.61 - 6.27 -New Capital Dynamic UK Equity Fund £ 91.15 - 5.75 -New Capital Global Alpha Fund £ 96.33 - 3.12 -New Capital Global Equity Conviction Fund $ 120.30 - 8.84 -New Capital Global Value Credit Fund $ 137.86 - 1.30 0.00New Capital Japan Equity Fund ¥ 1019.28 - 42.32 -New Capital US Growth Fund $ 256.55 - 19.93 -New Capital US Small Cap Growth Fund $ 112.63 - 9.04 0.00New Capital Wealthy Nations Bond Fund $ 130.35 - 0.79 0.00

Northwest Investment Management (HK) Ltd11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220Other International FundsNorthwest China Opps Class T $ $ 2953.12 - 122.47 0.00Northwest Feilong Class T $ $ 2079.06 - 73.88 0.00Northwest Fund Class T $ $ 2726.11 - 110.69 0.00Northwest Warrant Class A $ $ 1330.60 - 12.11 0.00

Oasis Crescent Management Company LtdOther International FundsOasis Crescent Equity Fund R 9.59 - 0.26 1.09

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

Oasis Crescent Global Investment Fund (Ireland) plcOasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.98 - 0.00 -Oasis Crescent Global Equity Fund $ 26.02 - 0.36 -Oasis Crescent Variable Balanced Fund £ 8.32 - 0.20 0.12OasisCresGl Income Class A $ 10.37 - 0.01 -OasisCresGl LowBal D ($) Dist $ 10.72 - 0.11 1.02OasisCresGl Med Eq Bal A ($) Dist $ 11.33 - 0.11 0.42Oasis Crescent Gbl Property Eqty $ 6.46 - 0.22 -


Omnia Fund LtdOther International FundsEstimated NAV $ 646.42 - -55.04 0.00

Oryx International Growth Fund LtdOther International FundsNAV (Fully Diluted) £ 9.10 - -0.52 0.00

Orbis Investments (U.K.) Limited (GBR)28 Dorset Square, London, NW1 6QGwww.orbis.com 0800 358 2030RegulatedOrbis OEIC Global Cautious Standard £ 9.32 - 0.05 -Orbis OEIC Global Balanced Standard £ 12.53 - 0.16 0.00Orbis OEIC Global Equity Standard £ 14.18 - 0.24 0.00Orbis OEIC UK Equity Standard £ 5.68 - 0.27 0.00

Pictet Asset Management (Europe) SA (LUX)15, Avenue J.F. Kennedy L-1855 LuxembourgTel: 0041 58 323 3000FCA RecognisedPictet-Absl Rtn Fix Inc-HI EUR € 105.45 - 0.03 0.00Pictet-Asian Equities Ex Japan-I USD F $ 264.06 - 4.44 0.00Pictet-Asian Local Currency Debt-I USD F $ 166.73 - 2.59 0.00Pictet-Biotech-I USD F $ 793.60 - 11.22 0.00Pictet-CHF Bonds I CHF SFr 482.92 - 0.73 0.00Pictet-China Index I USD $ 142.92 - 4.43 0.00Pictet-Clean Energy-I USD F $ 88.83 - 3.31 0.00Pictet-Digital-I USD F $ 380.02 - 7.01 0.00Pictet-Em Lcl Ccy Dbt-I USD F $ 153.90 - 1.79 0.00Pictet-Emerging Europe-I EUR F € 316.99 - -1.00 0.00Pictet-Emerging Markets-I USD F $ 535.09 - 5.76 0.00Pictet-Emerging Markets Index-I USD F $ 227.06 - 12.34 0.00Pictet-Emerging Corporate Bonds I USD $ 114.55 - -1.00 0.00Pictet-Emerging Markets High Dividend I USD $ 103.56 - 1.72 0.00Pictet-Emerging Markets Sust Eq I USD $ 81.82 - 1.51 0.00Pictet-EUR Bonds-I F € 604.54 - -2.81 0.00Pictet-EUR Corporate Bonds-I F € 201.24 - 0.25 0.00Pictet-EUR Government Bonds I EUR € 172.95 - -0.65 0.00Pictet-EUR High Yield-I F € 241.24 - 4.93 0.00Pictet-EUR Short Mid-Term Bonds-I F € 134.51 - -0.02 0.00Pictet-EUR Short Term HY I EUR € 109.16 - 0.43 0.00Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.35 - -0.01 0.00Pictet-Euroland Index IS EUR € 128.64 - 3.60 0.00Pictet-Europe Index-I EUR F € 164.21 - 5.01 0.00Pictet-European Equity Selection-I EUR F € 517.53 - 17.88 0.00Pictet-European Sust Eq-I EUR F € 238.12 - 5.95 0.00Pictet-Global Bds Fundamental I USD $ 122.01 - 0.42 0.00Pictet-Global Bonds-I EUR € 191.43 - -0.29 0.00Pictet-Global Defensive Equities I USD $ 154.79 - 4.74 -Pictet-Global Emerging Debt-I USD F $ 386.04 - 11.11 0.00Pictet-Global Env.Opport-I EUR € 205.05 - 4.38 0.00Pictet-Global Megatrend Selection-I USD F $ 259.79 - 8.19 0.00Pictet-Global Sust.Credit HI EUR € 144.58 - 1.52 0.00Pictet-Greater China-I USD F $ 635.62 - 9.50 0.00Pictet-Health-I USD $ 271.73 - 5.75 0.00Pictet-SmartCity-I EUR € 169.23 - 4.71 0.00Pictet-India Index I USD $ 81.14 - 3.08 0.00Pictet-Indian Equities-I USD F $ 403.26 - 40.44 0.00Pictet-Japan Index-I JPY F ¥ 16142.64 - 1098.54 0.00Pictet-Japanese Equities Opp-I JPY F ¥ 9567.52 - 270.58 0.00Pictet-Japanese Equity Selection-I JPY F ¥ 13895.68 - 391.38 0.00Pictet-LATAM Lc Ccy Dbt-I USD F $ 110.95 - 0.73 0.00Pictet-Multi Asset Global Opportunities-I EUR € 119.59 - 2.52 0.00Pictet-Nutrition-I EUR € 196.21 - 2.67 0.00Pictet-Pacific Ex Japan Index-I USD F $ 332.21 - 17.87 0.00Pictet-Premium Brands-I EUR F € 172.63 - 9.47 0.00Pictet-Russia Index I USD $ 67.97 - 1.15 0.00Pictet-Russian Equities-I USD F $ 62.91 - -0.17 0.00Pictet-Security-I USD F $ 244.61 - 10.13 0.00Pictet-Small Cap Europe-I EUR F € 1046.53 - 43.21 0.00Pictet-ST Emerg Local Currency Debt-I USD F $ 93.35 - 1.02 0.00Pictet-ST.MoneyMkt-I € 138.06 - 0.00 0.00Pictet-ST.MoneyMkt JPY I USD ¥ 100739.74 - -19.67 0.00Pictet-ST.MoneyMkt-ICHF SFr 119.83 - -0.01 0.00Pictet-ST.MoneyMkt-IUSD $ 145.43 - 0.01 0.00Pictet-Timber-I USD F $ 130.71 - 5.74 0.00Pictet-US High Yield-I USD F $ 142.31 - 1.60 0.00Pictet-USA Index-I USD F $ 227.56 - 19.57 0.00Pictet-USD Government Bonds-I F $ 762.33 - -1.21 0.00Pictet-USD Short Mid-Term Bonds-I F $ 140.72 - 0.40 0.00Pictet-USD Sov.ST.Mon.Mkt-I $ 109.48 - 0.01 0.00Pictet-Water-I EUR F € 330.07 - 8.51 0.00

Platinum Capital Management LtdOther International FundsPlatinum All Star Fund - A $ 135.67 - - -Platinum Global Growth UCITS Fund $ 9.35 - 0.52 -Platinum Essential Resources UCITS Fund SICAV USD Class E $ 6.22 - 0.40 -Platinum Global Dividend UCITS Fund $ 45.02 - 2.43 -


Polar Capital Funds Plc (IRL)RegulatedAutomation & Artificial Intelligence CL I USD Acc $ 10.15 10.15 0.74 -Asian Financials I USD $ 291.59 291.59 11.93 -Biotechnology I USD $ 22.42 22.42 1.38 0.00Emerging Market Stars I USD Acc $ 8.72 - 0.34 -European Ex UK Inc EUR Acc € 9.34 9.34 0.64 0.00Financial Opps I USD $ 8.82 - 0.72 -GEM Income I USD $ 8.70 - 0.35 -Global Convertible I USD $ 11.74 11.74 0.19 -Global Insurance I GBP £ 5.89 - 0.34 -Global Technology I USD $ 49.95 - 3.43 -Healthcare Blue Chip Fund I USD Acc $ 11.48 11.48 0.29 0.00Healthcare Opps I USD $ 40.05 - 2.67 -Income Opportunities B2 I GBP Acc £ 1.75 1.75 0.05 -Japan Value I JPY ¥ 94.05 94.05 5.28 -North American I USD $ 19.41 19.41 0.38 -UK Absolute Equity I GBP £ 14.93 14.93 0.12 0.00UK Val Opp I GBP Acc £ 8.54 8.54 0.49 0.00

Polar Capital LLP (CYM)RegulatedEuropean Forager A EUR € 196.48 - -12.25 0.00

Private Fund Mgrs (Guernsey) Ltd (GSY)RegulatedMonument Growth 24/03/2020 £ 391.86 395.68 11.06 -

Prusik Investment Management LLP (IRL)Enquiries - 0207 493 1331RegulatedPrusik Asian Equity Income B Dist $ 135.72 - 6.41 -Prusik Asia Emerging Opportunities Fund A Acc $ 104.08 - 4.15 0.00Prusik Asia Fund U Dist. £ 156.85 - 6.35 -

Purisima Investment Fds (CI) Ltd (JER)RegulatedPCG B 183.81 - 12.04 0.00PCG C 179.85 - 11.78 0.00

Ram Active Investments SAwww.ram-ai.comOther International FundsRAM Systematic Emerg Markets Eq $ 133.78 - 5.04 -RAM Systematic European Eq € 338.30 - 10.03 -RAM Systematic Funds Global Sustainable Income Eq $ 93.29 - 2.92 -RAM Systematic Long/Short Emerg Markets Eq $ 106.91 - -0.12 -RAM Systematic Long/Short European Eq € 133.28 - -0.17 -RAM Systematic North American Eq $ 245.46 - 2.06 -RAM Tactical Global Bond Total Return € 143.93 - 0.40 -RAM Tactical II Asia Bond Total Return $ 142.98 - 0.62 -

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

Authorised Corporate Director - Link Fund SolutionsLF Ruffer European C Acc 508.50 - 20.57 0.80LF Ruffer European C Inc 92.89 - 3.76 -LF Ruffer European O Acc 496.97 - 20.08 0.42LF Ruffer Equity & General C Acc 412.15 - -0.23 0.55LF Ruffer Equity & General C Inc 377.69 - -0.21 0.56LF Ruffer Equity & General O Acc 402.84 - -0.25 0.22LF Ruffer Equity & General O Inc 372.96 - -0.23 0.24LF Ruffer Gold C Acc 204.24 - 8.19 0.00LF Ruffer Gold C Inc 123.61 - 4.95 -LF Ruffer Gold O Acc 199.55 - 7.99 0.00LF Ruffer Japanese C Inc 120.81 - 7.93 -LF Ruffer Japanese C Acc 259.43 - 17.02 0.54LF Ruffer Pacific & Emerging Markets C Acc 310.35 - 8.18 1.48LF Ruffer Pacific & Emerging Markets C Inc 85.30 - 2.25 -LF Ruffer Pacific & Emerging Markets O Acc 303.05 - 7.97 1.17LF Ruffer Total Return C Acc 456.37 - 20.51 1.51LF Ruffer Total Return C Inc 296.32 - 13.31 1.54LF Ruffer Total Return O Acc 446.02 - 20.02 1.51LF Ruffer Total Return O Inc 289.44 - 12.99 1.54

RobecoSAM (LUX)Tel. +41 44 653 10 10 http://www.robecosam.com/RegulatedRobecoSAM Sm.Energy/A £ 17.46 - 0.60 -RobecoSAM Sm.Energy/N € 15.75 - 0.46 -RobecoSAM Sm.Materials/A £ 156.46 - 5.87 1.73RobecoSAM Sm.Materials/N € 160.09 - 5.21 0.00RobecoSAM Sm.Materials/Na € 104.40 - 3.40 1.65RobecoSAM S.HealthyLiv/B € 193.96 - 2.66 -RobecoSAM S.HealthyLiv/N € 186.63 - 2.57 -RobecoSAM S.HealthyLiv/Na £ 142.23 - 2.68 -


RobecoSAM S.Water/A £ 225.11 - 6.94 -RobecoSAM S.Water/N € 192.82 - 4.98 -

Rubrics Global UCITS Funds Plc (IRL)www.rubricsam.comRegulatedRubrics Emerging Markets Fixed Income UCITS Fund $ 131.21 - 0.72 -Rubrics Global Credit UCITS Fund $ 15.91 - 0.08 -Rubrics Global Fixed Income UCITS Fund $ 178.95 - -0.13 -Q Rubrics India Fixed Income UCITS Fund $ 10.67 - 0.10 0.00Rubrics India Fixed Income UCITS Fund $ 92.77 - 1.05 0.00

SlaterInvestments

Slater Investments Ltd (UK)www.slaterinvestments.com; Tel: 0207 220 9460FCA RecognisedSlater Growth 441.26 441.26 21.40 0.00Slater Income A Inc 101.16 101.16 6.67 0.00Slater Recovery 212.99 212.99 8.06 0.00Slater Artorius 175.03 175.03 10.04 -

Stonehage Fleming Investment Management Ltd (IRL)www.stonehagefleming.com/[email protected] Global Best Ideas Eq B USD ACC $ 163.08 - 3.33 -SF Global Best Ideas Eq D GBP INC £ 210.39 - 4.68 -

Toscafund Asset Management LLP (UK)www.toscafund.comAuthorised FundsAptus Global Financials B Acc £ 2.61 - 0.08 5.19Aptus Global Financials B Inc £ 1.86 - 0.06 -

Toscafund Asset Management LLPwww.toscafund.comTosca A USD $ 340.91 - -2.27 -Tosca Mid Cap GBP £ 267.95 - -46.53 -Tosca Opportunity B USD $ 408.63 - -67.52 -Pegasus Fund Ltd A-1 GBP £ 64.40 - -11.09 0.00

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

Authorised Corporate Director - Link Fund Solutions

Trojan Investment Funds

Trojan Ethical O Acc 105.51 - 1.67 0.00Trojan Ethical O Inc 105.37 - 1.66 0.00

WA Fixed Income Fund Plc (IRL)RegulatedEuropean Multi-Sector € 107.38 - 0.75 -

Yuki International Limited (IRL)Tel +44-20-7269-0207 www.yukifunds.comRegulated

Yuki Mizuho Umbrella FundYuki Mizuho Japan Dynamic Growth ¥ 5072.00 - -16.00 0.00Yuki Japan Low Price ¥ 28481.00 - -587.00 -

Yuki Asia Umbrella FundYuki Japan Rebounding Growth Fund JPY Class ¥ 21921.00 - -256.00 0.00Yuki Japan Rebounding Growth Fund USD Hedged Class $ 897.94 - -10.18 0.00

Zadig Gestion (Memnon Fund) (LUX)FCA RecognisedMemnon European Fund - Class U2 GBP £ 153.22 - 3.71 0.00


Data Provided by

www.morningstar.co.ukData as shown is for information purposes only. Nooffer is made by Morningstar or this publication.

Guide to Data

The fund prices quoted on these pages are supplied by the operator of the relevant fund. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision. The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by Morningstar. For other queries contact [email protected] +44 (0)207 873 4211. The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds. The funds published on these pages are grouped together by fund management company. Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously quoted figure (not all funds update prices daily). Those designated $ with no prefix refer to US dollars. Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses. Prices of certain older insurance linked plans might be subject to capital gains tax on sales. Guide to pricing of Authorised Investment Funds: (compiled with the assistance of the IMA. The Investment Management Association, 65 Kingsway, London WC2B 6TD. Tel: +44 (0)20 7831 0898.) OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure. Different share classes are issued to reflect a different currency, charging structure or type of holder. Selling price: Also called bid price. The price at which units in a unit trust are sold by investors. Buying price: Also called offer price. The price at which units in a unit trust are bought by investors. Includes manager’s initial charge. Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same. Treatment of manager’s periodic capital charge: The letter C denotes that the trust deducts all or part of the manager’s/operator’s periodic charge from capital, contact the manager/operator for full details of the effect of this course of action. Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details. Time: Some funds give information about the timing of price quotes. The time shown alongside the fund manager’s/operator’s name is the valuation point for their unit trusts/OEICs, unless another time is indicated by the symbol alongside the individual unit trust/OEIC name. The symbols are as follows: ✠ 0001 to 1100 hours; ♦ 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to midnight. Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available. Historic pricing: The letter H denotes that the managers/operators will normally deal on the price set at the most recent valuation. The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation or a switch to a forward pricing basis. The managers/operators must deal at a forward price on request, and may move to forward pricing at any time. Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation. Investors can be given no definite price in advance of the purchase or sale being carried out. The prices appearing in the newspaper are the most recent provided by the managers/operators. Scheme particulars, prospectus, key features and reports: The most recent particulars and documents may be obtained free of charge from fund managers/operators. * Indicates funds which do not price on Fridays. Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact [email protected] or call +44 (0)20 7873 3132 for further information.

MARCH 27 2020 Section:Stats Time: 26/3/2020 - 18:49 User: peter.bailey Page Name: MANAGED FUNDS 4, Part,Page,Edition: EUR, 13, 1


14 FINANCIAL TIMES Friday 27 March 2020

ARTS

Kim Rossi Stuart as Dario Maltese

A new series on TV and streamed showsthat are perfect for lockdown

For years our TV catnip was Montalbano.Mypartner isArgentineandalthoughhehaslivedinLondonfordecades,heisstillmoreathomeinsouthernclimes,while Ilive between London and Venice. So twohours on BBC4 noodling around Sicily —that languorous, seaside gourmet para-dise with amenable mafiosi for kicks —wasano-braineronaFridaynight.

Until we discovered Maltese: The MafiaDetective (on Channel 4’s WalterPresents video on demand service).This too is Sicily, but not as we knew itfrom Montalbano. The villains are dead-lier (when a small child is gunned downyou know they’re not playing forlaughs); the heroes more tortured; thelandscape exhilaratingly strange. Imag-ine The Sweeney directed by Antonioniwith a touch of Wong Kar-wai and youhaveanideaof thisnoirish delizia.

Set in the 1970s, in the Sicilian portcity of Trapani, Maltese is ostensibly aclassic police procedural. Divorced,depressed cop returning to his home-town to chase away the baddies? Check.Adorable small daughter who begs himto stop risking his neck? Check. Policechief whose crookedness is over-telegraphed every time our hero stepsintohisoffice?Check.

But who gives a fig? Maltese is so styl-ish it gets away with every one of its gorymurders. Each of these underlines thatwe are in the land of slow TV. Expect tospend long, breath-held seconds track-ing the bloodstains to the bathroom inone episode; watching a corrupt senatordrag himself across a deserted noon-bright piazza as a lone thug shoots himagain and again in another. Despite theviolence, it’s a pace designed to calm our21st-century jitters.

Then there’s Trapani. Who knew thisregion on the west coast of Sicily was a

cinematographer’s paradise, with itssun-bleached, stony, flower-cloakedhills, deserted salt pans and derelictmodernist architecture? Through everyepisode, the sea shimmers in and outlikeascene-stealingextra.Ofcourseourhero is regularly lost in Felliniesqueflashbacks to a beachy teenage loveaffair. But what nerve to chuck in a flockof paddling nuns just to linger on theimage of their faded black habits flap-pingabovetheaquamarinewaters.

Inland life is just as gorgeous. Much ofMaltese is shot from above, so the city’snarrow, dusty streets, with their ram-shackle rooftops and battered Fiats,become a captivating geometry ofcrooked angles and offset lines. So dark— remember, Sicily is Caravaggio coun-try — it’s barely visible at times, the chi-aroscuro creates memorable episodessuch as a gunfight on a stairwell whereonly the barrel flashes tells us where theactors are. Like the protagonists, wedon’t know who has won until the bodycountat theend.

Exemplary acting compensates forthe humdrum plotting. It helps thatamid a police station staffed by slouchyscruffbags, our leading man (playedby Kim Rossi Stuart) has a lean,long-limbed form that rocks a suit sonattily I’m thinking of offering all kindsof favours if my chap is prepared toput on a tie now and then. Little wonderthey shoot Rossi Stuart so often fromthe back; his coat-hanger-sharp shoul-ders convey suppressed emotion

more eloquently than most actors’ eyes.But Commissario Maltese is more

than a pretty face. It’s impossible not tobuy into the character’s dark, vulnera-ble allure as he segues from unphoto-genic rage with the stronzi who refuse tograss on their bosses, to tenderly uncer-tain passion as he falls in love with ElizaRipstein, the town’s newspaper photog-rapher. Played by German actress RikeSchmid, Ripstein is at once waifish andballsy, while her chemistry with RossiStuart ishotter thanVesuvius.

Eros Pagni, playing the Machiavellianprocurator general, wipes the floor witheveryone. Pagni is a legendary Italianactor whose Willie Loman once reducedme to tears despite the fact that it was inItalian and I don’t like Arthur Miller.Here he is impeccably sinister in hisbespoke suits and Hades-deep voice.Shout-out too to the set designers whoconsistently nail 1970s bourgeois Italyin all its stuffy, mismatched elegance.Pagni’s vast desk, for example, is sand-wichedbetweennaff faux-leatherchairsand an antique tapestry that should beintheUffizi.

Hats off also to the show’s culinaryringmaster. Forget the pasta and sea-food combos that colonised Montalb-ano’s menus. This is Sicilian cucina forgrown-ups. Maltese and the deputyprocurator plot over vino and Moroccancouscous while his daughter meets thenew girlfriend in a restaurant so glitzyyou wonder if our hero’s on the take.Andmyvegananimais still reeling fromthe spleen sandwich — yup, oozingentrails in a panino — the cops snack onas they walk along the sun-hazed water-front. Overall, the temptations to startbrowsing post-Covid flights to Palermoaretoomanyto list.

For now, though, we’re on the sofa,with fizzy water (even Latins canchange their spots). And despite thelack of a tie I’m grateful to my chap whoputs up with the volume at full blastbecause otherwise I can’t understandthe Italian — scattershot, dialect-rich,snarled from the side of the mouth — and I’m too proud to read the Englishsubtitles.Alla prossima.

Rachel Spence

channel4.com/programmes/maltese-the-mafia-detective

Tantalising blend of crime and style

Thriller: Paapa Essiedu,left, and Ewart JamesWalters in the RSC’s‘Hamlet’. Below: SheridanSmith in ‘Funny Girl’Manuel Harlan; Johan Persson

the mother, Kendra, yet everything elseabout the play is overcooked, from thearrival of a Black Lives Matter-style cell-phone video of the arrest to a contre-temps between Kendra and an olderblack policeman from other side of thetracks (“Ain’t no American dream forus,” he snarls). When accused of racism,his white colleague splutters, “You’rereally going to go there?”, to which Ken-dra replies, “We’ve been there for awhile.” It feels like that for us, too, evenafter just90minutes.

Where Kenny Leon’s Netflix produc-tion scores is in how it is shot: filmed in astudio that resembles a stage, withquick-cut Steadicam and sparing, inci-sive use of music and brief video flash-backs, American Son has a taut intimacythatrivals thebest liveshows.

Though the production values comefrom another era — literally — the sameapplies to an archive performance onBroadwayHD ($8.99 a month for morethan 300 shows; free trial), EugeneO’Neill’s A Moon for the Misbegottenrecorded for US TV in the mid-1970s.Though in blood and bone a stage play,this chamber piece, focused on the rela-tionship between a booze-soddenBroadway actor, Jim Tyrone, and theIrish countrywoman who may or maynot love him, works superlatively onscreeninthis lightly trimmedversion.

Describing the production as legen-dary undersells it: starring ColleenDewhurst and Jason Robards, thisrevival of a 1957 production ignited afrenzy on Broadway in 1973 and is still

cited by misty-eyed O’Neill aficionados.The video quality is woozy and thesound cuts out for 15-second intervals,yet it isanoverwhelmingexperience.

O’Neill based Jim on his dipsomaniacbrother Jamie, and as a depiction of howalcohol eats people alive it is unsparing.Robards — who had his own troubleswith the drink — seems at first glance agentleman of the old school, all floridgestures and courtly graces, until younotice that the thespian strut is more ofa stumble (“Water? That’s somethingpeoplewashwith, isn’t it?”hegrunts).

Opposite him as they flirt awkwardlyin the moonlight, Dewhurst is bothmaternal and girlish, bright-eyed yetalso grimly sure that happiness willnever reach her. As Robards launcheson a self-lacerating aria about how hewas too drunk to attend his ownmother’s funeral, you see her freeze like

W ith European countriesin increasingly tightlockdown and NewYork at a standstill,these are dark times for

theatre inmorewaysthanone.What to do, if you’re a drama lover

desperate for a fix, or keen to supportthe industry in its hour of need? Untilnow theatre has lagged behind operaand dance in making itself available dig-itally, but even so the past decade hasseen a technological revolution. In addi-tion to globally popular cinema broad-casts conducted by the likes of NT Live(from the National Theatre in London),various companies have vied to cornerthe market in online drama streaming,both liveandas-live.

Let’s divide them into three: specialistsubscription platforms such as DigitalTheatre, BroadwayHD, Marquee TVand Globe Player, which film live stageproductions in the UK and US and makethem available online; back-catalogueservices such as Google Play, which offerarchive TV adaptations of plays andmusicals, some historic; and streaminggiants such as Netflix, which havedipped a toe into reimagining stageddramaasscreenentertainment.

Eager to experiment, I started withMarquee TV (£8.99 a month; £69.99annually for 400+ shows; free trial) andthe RSC’s acclaimed touring Hamletstarring Paapa Essiedu, which I caughtlive at London’s Hackney Empire in2018. Then, I was entranced byEssiedu’s electrifying onstage presence;encountering him again on a laptopplugged into my TV, it’s a relief to findthatnoneof that isbluntedorblurred.

Director Simon Godwin sets the pro-duction in a contemporary west Africa— the ensemble is largely made up ofblack British actors — with the conceitthat the Prince has been studyingabroad, before being dragged back

home by his father’s unexpected death.Foraplaythatcantake its time,ata fleetthree hours this must be one of the leastponderous versions in recent memory.The cast is young and the sharp comedyof Shakespeare’s tragedy glints danger-ously (it helps that the live audience isquickto laugh).

This is Essiedu’s show: loping aroundlike a wildcat testing the bars of his cage,he flits between sardonic laughter andfrantic grief. He may not have thedolour of some other Hamlets, but as henegotiates Shakespeare’s verse heresembles a young jazz musicianexploring the outer reaches of hisinstrument. Not every cast member isas finelystrung—ClarenceSmith’sClau-dius could have more menace, andTanya Moodie’s Gertrude seems under-powered — but in this version it hardlyseems to matter. Stockpile popcornalongsidepasta: this is Hamletasthriller.

Given the cash it splashes on every-thing else, Netflix (from £5.99/$8.99 amonth) has shown itself surprisinglyreluctant to collaborate with theatre-makers. One exception is ChristopherDemos-Brown’s contemporary Ameri-can drama American Son, seen on Broad-way in 2018 and adapted for the plat-formlastyear.

We open in a dank downtown policeprecinct in South Florida; a mother ispacing the room, desperate for news ofher missing son. She is black, her sonmixed-race; the dim-witted officer han-dling the case is white. Radios cracklewith news of a traffic stop; have shotsbeenfired?

If you think you know where all this isgoing, don’t bother to look away now:you do. Though Demos-Brown’s script ismeticulously crafted, it’s so freightedwith baggage it is a wonder it madeit through the stage door, never mindon to a streaming platform. KerryWashington is gut-wrenchingly sad as

Where to finddrama in a crisis

stone. When he finally subsides into herlap, the scene resembles — in José Quin-tero’sstaging—aRenaissancePietà.

After all that, particularly if you’reself-isolating, you might be in need of apick-me-up — perhaps somethingalcohol-free? Why not reach for FunnyGirl (Digital Theatre, £9.99 a month, or£7.99 for individual productions), a2018 recording of Sheridan Smith’s turnasmusical starFannyBrice?

Originally staged at London’s pocket-sized Menier Chocolate Factory in2015, the show won fine reviews beforeSmith pulled out after suffering per-sonal issues. Returning to it two yearslater, she finds a disconcerting amountof pathos in a comedy that couldseembantamweight.

Relating the real-life adventures of anearly 20th-century Brooklyn hooferwho became Broadway’s biggest star,the piece is effervescently staged in a

somewhat metatheatrical productionby Michael Mayer — all stylised foot-lights and backcloths painted like therazziest of Victorian auditoriums. It alsomoves along at a nice clip, especiallywhen it comes to the musical numbers(“IfaGirl isn’tPretty”,“People”).

It’s whenever Smith appears thatthings really perk up: brassy and ebul-lient, broadcasting mischievous grins,she resembles the kind of bath toy thatis forever bobbing to the surface. Whenshe first catches sight of Nick, the manwho will become her lover — a smooth-as-satin Darius Campbell — her voicedrops at least seven octaves: “gooooooor-geous”. And when it comes to the repriseof “Don’t Rain on My Parade” (“I’mgonna live and live now / Get what Iwant, Iknowhow”),Smithsingsas ifnotjust her career, but her life, hangs in thebalance.Ananthemforourtimes.

Theatres and streaming services are making classic stageproductions available digitally. By Andrew Dickson

BingeWatch

Gut-wrenching:from left, KerryWashington,Steven Pasqualeand JeremyJordanin ‘AmericanSon’

As Hamlet, PaapaEssiedu resembles ayoung jazz musicianexploring the outerreaches of his instrument

MARCH 27 2020 Section:Features Time: 26/3/2020 - 17:58 User: david.cheal Page Name: ARTS LON, Part,Page,Edition: EUR, 14, 1



FT BIG READ. MEDICAL SCIENCE

A vaccine is at least 18 months away, believe scientists. But pharmaceutical groups are now adaptingexisting treatments to help slow the outbreak, amid intense political scrutiny of their work.

By Hannah Kuchler, Kana Inagaki and Sarah Neville

ible resources and financial costs whenyou’ll never get repaid if the virus is suc-cessfullycontained?”

Even if a drug succeeds, there will bepolitical pressure to price it affordably.Rising Pharmaceuticals, a genericmaker of chloroquine, almost doubledthe price to $7.66 per 250mg pill in theUS in January, as the coronavirus out-breakraged inChina.Thismonth,as thecrisis hit the US, it cut the price to itsprevious level.

AbbVie, maker of the HIV drug com-bination, will allow generics makers tomanufacture the drug, relinquishing itsintellectual property claims, in a movethatshouldmakeitcheaper.

Drugmakers will need to make largeinvestments to increaseproductionfast.Kenneth Kaixin, director of the TuftsCenter for the study of drug develop-ment, says: “You don’t want to invest alot in manufacturing before you knowyou are going to have a drug on the mar-ket. [Yet] you want to make sure you can manufacture as much as needed,perhaps hundreds of thousands ofdoses.”

Once a drug is ready to sell, govern-ments are likely to compete to put theircitizens first. Already, there are reportsthat the White House tried to buy Ger-man vaccine maker CureVac, with Ber-lintryingto findwaystokeepitathome.The UK has banned the “parallelexport” of three drugs: Kaletra, chloro-quine and hydroxychloroquine, sowholesalers cannot buy drugs intendedforUKpatientsandsell themelsewhere.

Some believe the pharmaceuticalbusiness model simply does not workfor pandemics, because diseases willalways compete for resources withblockbuster drugs that people take foryears.

Emergent Biosolutions takes a differ-ent approach: it specialises in making“rescue therapies” for unlikely events,selling the only antidotes to smallpox,anthrax and botulism to US and alliedgovernments to stockpile in case of bio-terrorism. It is now working on an anti-bodytreatment forCovid-19.

“What differentiates us from justabout any other pharma company isthat they want an immediate return,within six to 12 months, and we take alittle bit of a longer view,” says RobertKramer, chief executive of the specialitypharmaceuticalscompany.

Despite the obstacles, finding drugsthat can be repurposed to help corona-virus patients’ recovery is one of theonly hopes for their health, their fami-lies—andultimately, theeconomy.

Dennis DeBusschere, who leads Ever-core’s portfolio strategy team, is closelywatching when medications might beready, because he believes they are keytogettingthosepeoplecurrently in lock-down back outside to spend again. Evenif the virus continues to spread, havingmedications available would take someof thefearoutof infection.

“You may want to go on vacationagain, actually go to a restaurant, to themovies,”hesays.

Additional reporting by Wang Xueqiao

From the briefing room at the WhiteHouse, President Donald Trump lastweek told the watching nation that the“beauty” of drugs like chloroquine isthey can be taken safely. But while thedrug has been approved to treatmalaria, it can cause acute poisoning.

Within days, patients in Nigeria,Vietnam and the US were hospitalisedfor overdosing on chloroquine. Onecouple in Arizona imbibed the unsafefish food version of the compound —and the man died.

Mr Trump, inset, has persisted,tweeting charts from studies that

experts believe are inadequate to basesuch a decision on. But a pandemic is notfought on anecdotes. Anthony Fauci,head of the National Institute of Allergyand Infectious Diseases and a memberof the coronavirus task force, saidthe studies were not controlledclinical trials. “Anecdotal reportsmay be true, but they areanecdotal,” he said on March 21.

Senator Patty Murray, theranking Democrat on the health,education, labour and pensionscommittee, says: “It’s irresponsible forPresident Trump to get ahead of theexperts on something like this withreckless guesswork. We have to makesure we are following the science andgetting people reliable information, notshooting from the hip and creating new

TreatmentsTrump criticised over‘reckless guesswork’

I t is just 14 days since doctors atNorthwell Health, the largesthealthcare provider in New YorkCity,decidedtotakethesearchforacoronavirus drug into their own

hands. Many of their Covid-19 patientswerenotgettingbetter—andsomeweregettingworse.

Two of the hospitals’ scientists calledtheir contacts at US biotech companiesGilead and Regeneron to offer to testtheir potential treatments: an antiviralcalled remdesivir and an anti-inflam-matory called Kevzara, developed forEbola and rheumatoid arthritis respec-tively. Clinicians, researchers and regu-lators scrambled to set up the clinicaltrials, which usually take months, andfour days later, two patients took theirfirstdosesof theexperimentaldrugs.

“The patients were very, very sick,”saysKevinTracey,presidentof theFein-stein Institutes, the research arm ofNorthwell Health. “After 30 years ofdoing research, it was one of the proud-est days of my life to know patients weregetting treated with these drugs thatmay help them.” The hospital hopes thedrugs will stop the replication of thevirus and reduce inflammation in thelungs.

As the global pandemic spreads —recorded cases have more than doubledover the past week to almost 500,000,with more than 22,000 deaths — no onecanaffordtowait the18months itmighttake to find a vaccine. Northwell is oneof many hospitals across the globe run-

ning clinical trials on drugs that weredeveloped for other diseases, fromEbola to malaria to arthritis, but whichearly studies suggest could offer somehopetoCovid-19patients.

Doctors are desperate for evidence ofwhatworks. Inthenextmonth, theywilllearn more as some key trials in Chinaareduetopublishpreliminaryresults.

Yet the desire from politicians andinvestors for a miracle cure has led to amaelstrom of misinformation aboutdrugs for the virus. Just as Northwellwas dosing its first patients, PresidentDonald Trump said the Food and DrugAdministration had approved the anti-malarials chloroquine and hydroxy-chloroquine for use against Covid-19.This turned out to be wrong, with fatalconsequences. The FDA is just collect-ingevidenceonwhethertheywork.

Christos Kyratsous, vice-president ofresearch in infectious diseases at Regen-eron, says anecdotal evidence fromChina is a reason to be “optimistic” thatKevzara, developed with Sanofi, willhelp Covid-19 patients suffering fromacuterespiratorydistresssyndrome.

“The challenge now is finding the bestand quickest way to see if it is effectivein the clinic,” he adds. “That’s very, veryimportant, because if you can get mean-ingful data, and if the data is positive, wecan expand access to something likethis,which isgoingtobe lifesaving.”

Drug options

Scientists are investigating three maintypes of drugs. The first are antivirals tostop the virus from replicating. Treat-ment guidelines compiled by the Chi-nese government during the outbreakinclude HIV drug combination Kaletra,which US biotech AbbVie recentlywaived its patents on so it can be madeavailable as a generic; antimalarialssuch as chloroquine, which genericdrugmakers are gearing up to manufac-ture at scale; and favipiravir, an anti-fludrugfromJapan’sFujifilm.

The second category is anti-inflam-matories that treat the lungs after theimmune system is overwhelmed.Regeneron and Sanofi have partneredon Kevzara, while Roche has started atrial on Actemra, approved for use onrheumatoidarthritis in100countries.

The third group are antibody-basedtreatments, derived either from recov-ered Covid-19 patients or developed inlabs, tobegiventotheseriously illorasatemporary prophylactic for healthcareworkers. Eli Lilly has paired up withCanadian start-up AbCellera to work onantibodies developed from one of thefirst US Covid-19 patients, while Japan’sTakeda is developing a new drugderived from the blood plasma of otherswhohavesurvivedthevirus.

Analysts are eagerly awaiting datafrom early trials into Gilead’s remdesi-vir, an antiviral drug that the California-based biotech developed for Ebola, buthas also been shown to work againstother coronaviruses in animal studies.Umer Raffat, a biotech analyst at USbank advisory firm Evercore, says evi-dence could be published in the nextcoupleofweeks.

designed to prevent bias. A study inChina released on Tuesday found thedrughadnoimpact.

Early results from clinical trials inChina fuelled enthusiasm for a secondantiviral — favipiravir — after reports offaster recovery times for patients thattook the drug. Junji Okada, president ofFujifilm Toyama Chemical, the unit thatproduces the branded version Avigan,says the company is responding to afloodof inquiries fromacross theworld.

“Our sense of mission became biggerand bigger as it became clear that Avi-gan may be effective,” Mr Okada says.“We have made the preparations so thatwecanincreaseproduction ifneeded.”

Refining the product

Antibody-based treatments could beimportant for helping the hardest hitand those key workers that need to stayhealthy. With New York City now thecentreof thecrisis intheUS,withalmost300 deaths, the wider state is set to starttesting plasma from recovered patientsin a trial with the seriously ill. But mostdrugmakers are looking at refining theprocess to create a concentrated andpurified product, or creating artificialantibodies, often developed in mice.Their products will have to go throughclinical trials, likely to take manymonths.

AbCellera was working on a testproject on influenza and another coro-navirus with the US Defense AdvancedResearch Projects Agency when Cov-id-19 emerged. It rapidly switched topreparing its antibody-finding platformfor the new virus. After taking bloodsamples it was able to generate almost6m immune cells from just one patientfor antibodies, using an AI-based plat-form that can screen down to the indi-vidual cell and allows them to find moreantibody-secreting cells. Researchershave narrowed it down to the 500 mostpotent against Covid-19 and partneredwith Eli Lilly for the first human trials ofthedrugbyJuly.

“Every day between now and the firsthuman testing is mapped out and pre-cious,” says Daniel Skovronsky, chiefmedicalofficerofEliLilly.

Takeda began looking at plasma-derived therapies after they provedeffective in reducing mortality duringthe outbreaks of both severe acute res-piratory syndrome (Sars) in 2002-03and Middle East respiratory syndrome(Mers) in 2009. But the treatment willnot be widely available — the plasmawill need to be donated by recoveredpatients. It is not yet known how manypeople could be treated with the plasmafromasinglerecoveredpatient.

Another obstacle is that all the drugsbeing tested have potentially seriousside-effects: remdesivir may cause liverdamage, Avigan can cause birth defects,and Regeneron and Sanofi’s Kevzarawork by suppressing the immune sys-tem—but itcouldpotentiallygotoofar.

Rajeev Venkayya, president ofTakeda’s vaccine business, says theindustry is facing a new challenge. “It isunprecedented,” he says. “[But] what isvery different is the opportunity wehave with the tools and technologiesthat can help us to address this in waysthatwedidn’thave inthepast.”

Investment focus

Drugmakers face similar challenges tovaccine developers: by the time theyhave the evidence they need, the newvirusmayhavedisappeared.Butat leastit is now clear that Covid-19 is likely tobea longer-termproblem.

“When it becomes a global health cri-sis, it is easy for companies like us tomake decisions to invest . . . There is aconcern for wellbeing, patients, soci-ety,” says Dr Skovronsky. “But when itfirst emerges and there are five or 10patients, is it worth spinning out incred-

problems for patients.”Bruce Lewenstein, professor of

science communication at Cornell,says hailing a drug as a sure bet too

soon had already led to a run onchloroquine, depriving people

who need it, such as patientswith lupus, and could make itharder to persuade people to

participate in trials for whatcould turn out to be better

therapies.“You need to have spokespeople

who are being honest and trustworthyabout what they know and about whatthey don’t know,” he says. “PresidentTrump, clearly, deeply believes in hisown expertise and his own ability tomake judgments about many, manydifferent complicated things.”

“It has by far the best prospects,” MrRaffat says. His optimism stems fromthe drug’s ability to disable the machin-ery that helps the virus replicate, whichis similar to that found in Ebola, but theearly data may not be “spectacular”, iftoo many of the patients took it too lateintheprogressionof theirdisease.

Andre Kalil, an investigator in a large,remdesivir trial, which plans to recruit400 patients and is sponsored by the USNational Institutes of Health, says theyare making patients take the drugwithin 72 hours of diagnosis. Dr Kalilran a clinical trial during the 2014 Ebolaoutbreak. He believes they moved tooslowlytosetupatrial then.

“This is a fight against time. We needto move as fast as possible,” he says. “Wehave no idea what works or does not atthis point. There are zero therapies spe-cificallyagainstcoronavirus.”

Timing was also important in an earlystudy published last week of the HIVdrug combination which was dismissedas disappointing, though survival rateswere better when patients had taken theantiviraldrugearlier inthedisease.

The antimalarial chloroquine doeshave two clear advantages over remde-sivir: it is a generic, so is likely to be farcheaper; and it is a pill, when remdesiviris delivered by an intravenous infusion,so would probably need to be given inhospital. But studies in France andChina, hailed by Mr Trump, are smalland did not follow the recommendedprotocols of a randomised control trial,

‘This is a fight againsttime. We need to move asfast as possible. We haveno idea what works ordoes not at this point’

The hunt for adrug to treatcoronavirus

NorthwellHealth Labs,above, is testingremdesivir,developed totreat Ebola, andKevzara, whichtacklesrheumatoidarthritis, for useagainstCovid-19.Below: an Ebolapatient beingtreated in theDemocraticRepublic ofCongo — FT montage

AntiviralsDrugs designedfor treatment ofEbola, HIV, flu andmalaria. They tryto stop thereplication ofcoronavirus byinterfering withenzymes that helpit copy itself. Theyare believed to bemost useful in theearlier stages ofthe disease. Thevirus uses thesame machinery tocopy itself asEbola, givingsome expertshope that Gilead’sEbola drugremdesivir mayhelp patients.

Drug groups to tackle Covid-19

Anti-inflammatoriesDesigned forconditions such asarthritis. Severalgroups areinvestigating thepotential of IL6inhibitors, whichlower theproduction ofinflammatoryproteins calledcytokines. Theyare most useful inthe latter stages ofthe disease, whensome patientssuffer from acuterespiratorydistress syndromewhen immunesystems becomeoverwhelmed.

AntibodiesDrugs derivedfrom Covid-19patients’ immuneresponse. Theyreproduce theantibodies ofpatients’ immunesystems tosupport peoplewith less robustresponses. Plasmafrom recoveredpatients is beinginfused into theseriously ill. Butdrugmakers aim torefine the process,strengthening thepotency of theantibodies orcreating artificialones that will bemore effective.

MARCH 27 2020 Section:Features Time: 26/3/2020 - 18:41 User: alistair.hayes Page Name: BIGPAGE, Part,Page,Edition: USA, 15, 1



We call on leaders to putclimate and biodiversityat the top of the agendaIt is time to harness our fears, buildhope and drive action to build resilientsocieties on the longer term.

The world has been plunged into anextraordinary crisis. We share a deepconcern for the human cost that Covid-19 is inflicting and express a profoundsense of solidarity with the mostvulnerable communities. We fullysupport the emergency measuresneeded to save lives and protect theeconomy.

This pandemic is teaching us howmuch we depend on each other for ourhealth systems, food systems andsupply chains. We are all on this planettogether. And the planet is in the midstof a deeper and longer-term crisisrooted in a number of interconnectedglobal challenges. Humanity hascrossed planetary boundaries.International co-operation is the bestoption to resolve future existentialthreats. Like Covid-19, climate change,biodiversity loss, and financial collapsedo not observe national borders. Thesethreats must be managed throughsystemic and collective action.Countries are stronger together.

How leaders decide to stimulate theeconomy and allocate capital inresponse to the crisis will eitheramplify these threats or mitigate them.The risk is making nearsighteddecisions that increase emissions andcontinue to degrade nature. It is time toinvest in nature, phase out fossil fuels,move to a circular economy andaccelerate the transition to resilientlow-carbon economies.

We call on leaders to have thecourage, wisdom and foresight to seizethe opportunity to make theireconomic recovery planstransformative for people and nature.In so doing, they will secure a path tonet zero emissions by 2050 to meet theParis Agreement, transform our foodsystems and rebuild our relationshipwith nature.

That is why it is so important thatclimate and biodiversity stay at the topof the agenda, and that leaders leverageevery opportunity to keep upmomentum and make progress at theUnited Nations nature, climate andbiodiversity summits later this year.

This is the moment to rise to the

challenge to emerge from thisemergency with a global economicreset. Ensuring the health andprosperity of people and the planet ispossible if we make bold decisionstoday so that future generations cansurvive and thrive in a better world.Carlos Manuel RodriguezMinister of Environment, Costa RicaA global call from the PlanetaryEmergency PartnershipFor the full letter and list of signatories goto www.ft.com/letters

In many ways, Covid-19is the true invisible handHow interesting that JonathanGuthrie’s “Get ready for the $4.5tntakeover” (March 26) should quoteMatt Kilcoyne of the Adam SmithInstitute as a proponent of economiclibertarianism, sighing at Covid-19’snecessitation of state intervention inwhole sectors of business.

In many ways, Covid-19 is the trueinvisible hand. Yet unlike AdamSmith’s invisible hand, whereindividuals, guided by their own self-interest, produce optimal marketefficiency; Covid-19’s invisible handseems to be guiding us, through ourcollective interest, towards a renewal ofcommunity.

Mr Guthrie’s analysis is compelling.It would seem that society is waking upto the idea that our only defenceagainst our human fragility is

interdependence. Also compellingis his prescription that businessesshould use this opportunity to accruegoodwill by helping customers throughthis crisis.

Who knows, perhaps the invisiblehand that is Covid-19 will forcebusinesses to make this turn towardscommunity. Perhaps, after the fog ofthis virus has lifted, the onlycorporations left standing will be thosewith cultures that prioritise theircommunities (shareholders, customersand staff).Patrick KellyChief Executive,The Mizen Group,New York, NY, US

Question that tappedinto deep knowledgeThirty-five years ago, Andrew Grovefound himself “wandering in the valleyof death”, leading Intel’s huge butfloundering memory chip business.Eventually he asked his chairman,Gordon Moore, one of Intel’s founders,an empowering question. “If we gotkicked out and the board brought in anew chief executive, what would hedo?”

Moore replied without hesitation:“He would get us out of [memorychips]”. They did just that, overcomingpain to transform Intel into the world’sleading microprocessor company.

Intel succeeded because Grove’squestion tapped into deep knowledge.It helped to overcome groupthink,status quo bias, loss aversion and a hostof other well-understood social andpsychological behaviours that usuallyleave us unable to discuss big problemsespecially when change is needed. Andhe was blessed with an environment inwhich his question could be asked andanswered in safety.

Many businesses face an existentialcrisis framed by Covid-19 and theclimate emergency. What if theirleaders were to create the conditions toempower their boards and otherinternal forums to answer thatquestion safely, before listening — withcare and respect — to no-holds-barredanswers and discussing theirimplications? Is there a morepenetrating question for our times?Anthony FitzsimmonsChairman,Reputability,London WC2, UK

While much of the world hunkersdown at home, hiding from thecoronavirus, let’s go on a vicariousarchaeological adventure to a farmer’sfield in the south of Mexico.

Rancher Jacinto Gómez knew therewere some impressive ruins on hisland, in a corner of the state ofChiapas that is home to the Zapatistarebels who staged an armed uprisingin 1994. But he had no idea his cattlewere grazing on the site of a long-lost,ancient Maya city which would turnout to be the capital of a kingdomcomplete with pyramids and palaces.

That year, as modern-day Mayarebels used the arrival of the NorthAmerican Free Trade Agreement toseize towns in protest at what theyconsidered centuries of oppression,the lost kingdom of Sak Tz’i’ came tothe attention of scholars.

Archaeologists found inscriptions atother sites referencing a kingdomwhose name translates as “white dog”.The problem was they couldn’t find it.

A decade was to pass before the clueturned up unexpectedly. A graduatearchaeology student, WhittakerSchroder, was scouting for a topic forhis dissertation when a local seller ofcarnitas (Mexican pulled pork) triedto flag him down.

A vegetarian, Mr Schroder ignoredhim, but the man persisted.Eventually, just before he was due toleave, the student relented, only todiscover that the vendor wanted toshow him an ancient 2ft-by-4ft carvedstone tablet bearing inscriptions aboutgods, a mythical water serpent and a

king, as well as the image of a dancingroyal figure at its base, dressed as arain god. His friend, Mr Gómez, haddiscovered it on his land and thoughtit might be thousands of years old.

Mr Gómez was right. And the tabletprovided the missing piece of thepuzzle, pointing to the ancient city’slocation. Several years of painstakingnegotiations led to the permission toexcavate. The findings, written up inDecember in the Journal of FieldArchaeology, were this monthannounced by Brandeis Universityand Brown University, where theproject’s leaders, anthropologyprofessors Charles Golden andAndrew Scherer are based.

Mexico’s president Andrés ManuelLópez Obrador, who has a ranch nearspectacular Maya ruins in Palenque, acouple of hours away, is a staunchdefender of the country’s indigenousheritage. The discovery of Sak Tz’i’ —located in the small modern-day townof Lacanjá Tzeltal — closes what ProfGolden called “a gaping hole in themap of this ancient landscape”.

Scholars are now seeking to unravelthe kingdom’s place in the Mayaworld. A kind of city state, it is smallerand less spectacular than Palenque orother famous ruins. Some of its relicshave been looted. But it opens awindow into two-millennia-oldgeopolitics and the mystery of howSak Tz’i’ managed to survive andthrive in the face of local wars.

Laser scanning of the area (calledLidar, or light detection and ranging)will help flesh out the extent of the

footprint of the ruins. “There aremore surprises, we’ve just scratchedthe surface,” said Prof Scherer.

Indeed, while Sak Tz’i’ probablydates from the 7th or 8th century AD,it appears to be sitting on preclassicalearthen platforms previouslyunknown to archaeologists that coulddate back as far as 750BC.

Preserving the Maya culture andheritage while providing opportunitiesfor indigenous people in Mexico’spoorest state has been one of MrLópez Obrador’s central goals. OneMaya teacher, Pedro Uc, last yearlamented to me that “there’s a lot ofinterest in dead Maya and not livingMaya. They reduce us to folklore.” MrGómez himself felt the Maya “are notvalued as much as before”.

Many locals, himself included, areenrolled in one of Mr López Obrador’sflagship social programmes, whichpays people to plant trees. But thepresident’s planned “Maya train”railway, which will traverse theYucatán peninsula is a huge point ofdiscussion among locals andarchaeologists alike, Prof Golden said.

Mr López Obrador maintains he willplough ahead with the controversialproject, despite the expectedcatastrophic impact of the spreadingcoronavirus on Mexico’s economy.The pandemic is also likely to delaythe resumption of excavations thisJune. But, for now, Sak Tz’i’ offers acloistered world some tantalisingarmchair travel.

[email protected]

A lost Mayakingdom foundon a farmer’ssmallholding

MexicoNotebook

by Jude Webber

With tens of thousands of casualtiesfrom Covid-19, and a severe economiccrisis, many politicians are literallyoverwhelmed. Yet we are writing abouta third crisis: the climate.

The spending necessary to solve theshort-run economic crisis will amountto a decade of ordinary discretionaryspending or ordinary budgetaryreforms. It is vital that this money bespent in a way that is efficient, fair,non-corrupt — and of lasting value. Ifall is spent saving airlines, oil andcarmaking companies, we will havewasted an opportunity to transitiontowards an environmentallysustainable future.

As we write, millions of professorsand students are taking a crash coursein distance education. Universitiesacross the world are functioning quitewell despite empty classrooms.Hopefully, the lecture halls will soon

again teem with life but there will be apermanent effect. Digital learningplatforms and student-centred learningare here to stay.

Similarly, travel will reboundsomewhat but not to the same level.We have learnt that meetings — evenconferences — can be virtual and stillrewarding. The big airlines have beenin trouble for a long time and somerestructuring is inevitable. This is thecreative destruction that crises entail,which Schumpeter described as thefundamental force of progress.

Governments across the globe willspend colossal sums of money to avoidrecession. Instead of spending it on thevested interests and their strandedassets, they should look to the futureand start rebuilding our economies tobe energy efficient and powered bysustainable renewable energy.

Policies have driven industrial

learning curves making solar and windelectricity the cheapest generation inmost parts of the world. Governmentspending to invigorate the economymay now drive down the cost oftechnologies substituting fossil fuelswith renewable electricity in othersectors, and even producing fuels fromelectricity.

The opportunity to manage severalcrises jointly will not appear again. Theyear ahead of us may be a globalturning point marking the start of anew era in future history books.Tomas KåbergerProfessor of Renewable Energy andAffiliate Professor of Industrial EnergyPolicy,Chalmers University of Technology,Gothenburg, SwedenThomas SternerProfessor of Environmental Economics,University of Gothenburg, Sweden

Unique chance to manage several crises jointly

Letters

FRIDAY 27 MARCH 2020

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OPINION ON FT.COMPhilip StephensThe superficial conclusion is that coronaviruswill be a gift to populists and authoritarianswww.ft.com/opinion

‘I do feel a lot better since I passed iton, thanks’

The world’s most populous country,China, appears to have Covid-19 undercontrol; now the second most populousis battling to contain it. India has put1.4bn inhabitants under quarantine —probably the largest exercise in history.Its struggle to contain the outbreak isemblematicofspecialchallenges facingmuch of the developing world. Itsresponsewill carry lessons forothers.

Over the past week, Indian stateshave enacted progressively stricterlaws, especially on travel. All flightshave been cancelled, and the country’sbustling long distance rail network hasfallen silent. While it is far from alonein having been slow to tackle the virus,India’s abrupt, dramatic lockdownrisksalreadybeingtoo late.

Though authorities quicklyrestricted entry to travellers from cer-tain countries, their initial reliance onairport screening was ineffectiveagainst a disease whose symptoms cantake two weeks to manifest. This wascompounded by the original policy ofonly testing patients with symptoms:as of Sunday, fewer than 20,000 peoplehad been tested and fewer than 600had tested positive. The discovery lastweek of three infected patients with noknown connection to travellers sug-gests the disease is already being trans-mittedamongthepopulation.

Heavy-handed measures may alsohave done as much harm as good. Theclosure of public transport in cities hascomplicated life for medical staff. A“people’s curfew” last week triggeredan exodus of workers from cities suchas Mumbai to home villages before raillines were shut. If Covid-19 has spreadfrom urban centres to the countryside,overstretched healthcare infrastruc-turemaycollapseunderthestrain.

ManyproblemsIndiawill face inpre-venting the spread of the pandemic areshared by countries from Indonesia toBrazil to Nigeria. Procedures taken for

granted in western countries areextremely difficult to apply. Handwashing relies upon access to runningwater which is lacking in much of Indiaand large parts of Africa. Where availa-ble, water is often in limited supply.Soap is a luxury for millions who strug-gle toput foodontheplate.

Social distancing is also unlikely tobe feasible. India’s population densityis 450 people to every square kilome-tre, similar to, say, Rwanda andBurundi. That means cramped livingconditions, ideal for the spread of coro-navirus. Many inhabitants, especiallyin the informal economy, live precari-ously. They have little choice but tocontinue working and risk exposure tocoronavirus. Guaranteed incomeschemes are almost unthinkably diffi-cult to implement intheglobalsouth.

India and other developing countrieswill have to tailor measures to realities.In Liberia, for example, the experienceof Ebola has taught people to leavebuckets of disinfectant outside publicplaces and private homes. The messen-ger can be as important as the message.In west Africa, information aboutEbola was effective only when deliv-ered by traditional leaders because oflack of trust in the government. Largesections of India’s population, includ-ing many Muslims, are suspicious ofthe Modi government. Considerationshould be given to which conduits aremostsuitedforprovidingadvice.

Western countries’ experiences withCovid-19 are already harrowing, withmedical systems stretched beyondbreaking point. Yet Italy, Europe’sworst affected country, has just overfour doctors per 1,000 people. Indiahas less than one. The average for sub-Saharan Africa is even lower. Withoutthe very best health responses, andoutside help, the impact of the pan-demic on the emerging world couldprove immeasurablyworse.

Developing states cannot rely on measures used in Europe and the US

India’s battle shows thestruggle of global south

Donald Trump wants the US back openforbusinessbyEaster—April 12.Nevermind that experts including AnthonyFauci, one of the key members of theWhite House coronavirus task force,believe that casesofCovid-19mightnoteven peak before May. The presidentdid not say what calculation under-pinned his target: “I just thought it wasa beautiful day.” Yet it is easy to imag-ine that in the run-up to an election —one that might hinge on how hisadministration is perceived to havedealt not just with the health crisis butwith the recession that will result — MrTrump wants to get the markets andUSgrowthbackupagain,andfast.

Many countries are grappling withsimilar issues. But Mr Trump’s seem-ingly random target date for gettingpeople back to work not only runs con-trary to what health experts say isneededtoslowthespreadofthevirus:astrict shelter-at-home policy. It mightleave the US vulnerable to a dangeroussecond wave of infections and furthereconomiccontraction.

Thevirusoutbreakisexposingweak-nesses in US governance, the economy,and social protections that have beenbuilding fordecades.Yetwhenitcomesto the World Health Organization’swarning this week that the world’s larg-est economy has the “potential” tobecome the new centre of the pan-demic, the Trump administrationmustshoulderagoodpartof theblame.

The White House lacks a coherentstrategy or message for containing thevirus. The president frequently contra-dicts his own health experts in pressbriefings. The administration has alsotaken a haphazard approach to public-private partnerships. Companiesacross many industries have beenlargely left to make their own decisionsabout when and how to help, and whatparts of the moving target of recom-mendationstheyshould implement.

Mr Trump has also left local andstate leaders largely on their own todecide on when to shut schools andoffices and order quarantines. Theresult is a patchwork of approaches,and competition between local leadersforscarcebutvitalmedical resources.

Governor Andrew Cuomo of NewYork recently noted that the federalgovernment had provided only 400ventilators to a state in need of 30,000.Without explicitly criticising the presi-dent in the midst of a national crisis, hesuggested that perhaps the federal gov-ernment should choose the thousandsof people who were going to die as aresultof theshortageofequipment.

New York City’s large and densely-packed population means that it hasbecome the US centre of the coronavi-rus. As the number of cases doubles inthe city roughly every three days, MrCuomo has presented a reassuringlydifferent leadership style to Mr Trump.

In his regular news conferences, hehas thoughtfully communicated facts,health recommendations and eco-nomic guidance for New Yorkers,based on up-to-the-minute consulta-tions with a variety of experts. In NewYork, the governor suggested, thatmight mean that younger people whoare less vulnerable to coronavirus areallowed back to work earlier than oth-ers. But he noted tailored responseswere needed: what works for New York“maynotworkforTulsa”.

Regional nuances are worth reflect-ing on. But at a national level, a consist-ent message from a president whorespects scientific experts and under-stands what is best for the real econ-omy — and not just Wall Street — is cru-cial tocontainingthesignificanthealth,business and labour costs from thepandemic. Sadly, such a message isunlikely to come from Mr Trump. Thatis a major risk, not only for the US, butalsotheworld.

World’s most advanced economy poised to be epicentre of pandemic

A fumbled White Houseresponse to the virus

This is a disease that mustbe beaten everywhereMartin Wolf (“This pandemic is anethical challenge”, March 25)brilliantly summarises the case forhuman solidarity in combatingcoronavirus. The combination of weakinternational co-operation, “mycountry first” populism, and disjointedand delayed national action hasallowed a containable epidemic tomutate into a pandemic healthdisaster. It is vital that political leadersact now — and act decisively — on thelessons of the last few months.

The first lesson is that prevention isbetter than cure — and nowhere is thatbasic truth more evident than in sub-Saharan Africa. We can only guess atthe humanitarian disaster there ifcontainment fails. Half the populationhas no access to even the most basicmodern healthcare.

It is not just the poorest countriesthat are at risk. How do you contain apandemic that takes root inovercrowded refugee settlements, suchas those that are home to the Rohingyacommunity in Bangladesh? How dopeople protect themselves and theirfamilies in densely populated urbanslums in Jakarta or Lagos that lackclean water and sanitation?

We know from the experience ofSouth Korea and other countries inEast Asia what a successful battle planagainst coronavirus looks like. Whatwe need now is a properly resourcedglobal plan that will get the testing kits,the technical support, protectiveclothing and vital equipment where itcan make a difference before it is toolate — and that means in the next fewweeks. To its credit, the World Bankhas moved swiftly to put in place a$6bn fast-track facility to strengthenhealth systems. The UN is alsolaunching a $2bn appeal, which donorgovernments must support.

The practical reasons forinternational co-operation are ascompelling as the moral imperative. Ifthe world fails to contain coronavirusoutbreaks in the poorest countries, andamong refugees, the virus will continueto circulate around our interconnectedworld. This is a disease which must bebeaten everywhere, or it will be beatennowhere.Kevin WatkinsChief Executive,Save the Children

Can we never credit Russiawith altruistic motives?The FT has been a beacon of sense andbalance amid the often febrile Covid-19reporting. In particular, you have calledfor a global, all-for-one, one-for-allinternational co-operation.

It was therefore sad to read “Putinflexes soft power muscles with medicalairlift to Italy” (March 24), in whichNatalie Tocci, director of the Rome-based Institute for InternationalAffairs, is quoted as saying: “Russianeeds a quick win, so it wants to actfast. It does what Russia always does,which is seize low-hanging fruit.”

So much, then, for not politicisingthe global threat. Or does that applyonly when Russia is not involved?David C SpeedieCharlottesville, VA, US

MARCH 27 2020 Section:Features Time: 26/3/2020 - 18:40 User: alistair.hayes Page Name: LEADER USA, Part,Page,Edition: USA, 16, 1


Friday 27 March 2020 ★ † FINANCIAL TIMES 17

Opinion

FINANCE

GillianTett

is our common humanity. That is whythe strategy to tackle the human andeconomic cost of this scourge must beglobal in design and application. Healthis a worldwide public good. It requiresglobalactionguidedbyglobalsolidarity.

But Covid-19 has exposed our darkunderbelly. We desperately need global-level leadership to tackle swiftly pan-demics such as this, and in a way that isinstitutionalisedratherthanadhoc.

A good place to start is with the WorldHealth Organization. As countries withthe resources focus on fighting the pan-demic through their national institu-tions, the WHO must be empoweredand resourced to co-ordinate responsesglobally and directly to assist govern-ments indevelopingcountries.

Meanwhile, the G20 must providecollective leadership for a co-ordinated

per cent of national output and is amajor source of hard currency. It will bepushed to the brink as its business isupended by the pandemic. Shortage ofhard currency will then make it all butimpossible to source essential medicalsupplies and equipment from abroad.Thecostof servicingourdebts isalreadyoften more than our annual healthbudgets.

This grim reality is not unique to Ethi-opia. It is shared by most African coun-tries. But if they do not take appropriatemeasures to tackle the pandemic, nocountry intheworld issafe.

Covid-19 teachesus thatweareall glo-bal citizens connected by a single virusthat recognises none of our natural orman-made diversity: not the colour ofour skin, nor our passports, or the godswe worship. For the virus, what matters

population that lacks access to cleanwater. Even social distancing is hard toimplement. Our lifestyle is deeply com-munal, with extended families tradi-tionally eating meals from the sameplate. Weather cycles dictate our agri-

culture — planting, weeding and har-vesting. The slightest disruption canspelldisaster, further jeopardisingaten-uousfoodsupplyandfoodsecurity.

TakeEthiopianAirlines, thecountry’slargest company, which accounts for 3

unsustainable and potentially counter-productive. A virus that ignores borderscannotbetackledsuccessfully likethis.

We can defeat this invisible andvicious adversary — but only with globalleadership. Without that, Africa maysuffer the worst, yet it will not be the last. We are all in this together, and wemustworktogethertotheend.

Fragile and vulnerable at the best oftimes, African economies are staring atan abyss. Let me illustrate this with thesituation inmyowncountry.

Ethiopia has made steady progress inthe provision of health services over thepast two decades. But nothing has pre-pared us for the threats posed by Cov-id-19. Access to basic health servicesremains the exception rather than thenorm. Washing hands is often an unaf-fordable luxury for the half of the

T here is a serious flaw inthe strategy to deal withthe coronavirus pandemic.Advanced economies areunveiling unprecedented

economic stimulus packages. Africancountries, by contrast, lack the where-withal to make similarly meaningfulinterventions. Yet if the virus is notdefeated in Africa, it will only bounce backtotherestof theworld.

That is why the current strategy ofuncoordinated country-specific meas-ures, while understandable, is myopic,

If Covid-19 is not beaten in Africa, it will come back to haunt the world

This has exposed our darkunderbelly. We desperately

need global leadership totackle pandemics

could realistically remain in businessonly if the debt raised to keep peopleemployed during that time were even-tuallycancelled.

Either governments compensate bor-rowers for their expenses, or those bor-rowers will fail and the guarantee will bemade good by the government. If moralhazard can be contained, the former isbetter for the economy. The secondroute is likely to be less costly for thebudget. Both cases will lead to govern-ments absorbing a large share of theincome loss caused by the shutdown, ifjobsandcapacityaretobeprotected.

Public debt levels will have increased.But the alternative — a permanentdestruction of productive capacity andtherefore of the fiscal base — would bemuch more damaging to the economyand eventually to government credit.We must also remember that given thepresent and probable future levels ofinterest rates, such an increase in gov-ernment debt will not add to its servic-ingcosts.

In some respects, Europe is wellequipped to deal with this extraordi-

Since in this way they are becoming avehicle forpublicpolicy, thecapital theyneed to perform this task must be pro-vided by the government in the form ofstate guarantees on all additional over-drafts or loans. Neither regulation norcollateral rules should stand in the wayof creating all the space needed in bankbalance sheets for this purpose. Fur-thermore, the cost of these guaranteesshould not be based on the credit risk ofthecompanyreceivingthem,butshouldbe zero regardless of the cost of fundingof thegovernmentthat issues them.

Companies, however, will not draw onliquidity support simply because creditis cheap. In some cases, for exam-ple businesses with an order backlog,their losses may be recoverable andthen they will repay debt. In other sec-tors, thiswillprobablynotbethecase.

Such companies may still be able toabsorb this crisis for a short period oftime and raise debt to keep their staff inwork. But their accumulated losses riskimpairing their ability to invest after-wards. And, were the virus outbreakand associated lockdowns to last, they

ernments have already introduced wel-come measures to channel liquidity tostruggling businesses. But a more com-prehensiveapproachisneeded.

While different European countrieshave varying financial and industrialstructures, the only effective way toreach immediately into every crack ofthe economy is to fully mobilise theirentire financial systems: bond markets,mostly for large corporates, bankingsystems and in some countries even thepostal system for everybody else. And ithas to be done immediately, avoidingbureaucratic delays. Banks in particularextend across the entire economy andcan create money instantly by allowingoverdraftsoropeningcredit facilities.

Banks must rapidly lend funds at zerocost to companies prepared to save jobs.

must eventually be absorbed, wholly orin part, on to government balancesheets. Much higher public debt levelswill become a permanent feature of oureconomies and will be accompanied byprivatedebtcancellation.

It is the proper role of the state todeploy its balance sheet to protect citi-zens and the economy against shocksthe private sector is not responsible forand cannot absorb. States have alwaysdone so in the face of national emergen-cies. Wars — the most relevant prece-dent — were financed by increases inpublic debt. During the first world war,in Italy and Germany between 6 and 15per cent of war spending in real termswas financed from taxes. In Austria-Hungary, Russia and France, none ofthe continuing costs of the war werepaid out of taxes. Everywhere, the taxbase was eroded by war damage andconscription. Today, it is by the pan-demic’s human distress and the shut-down.

The key question is not whether buthow the state should put its balancesheet to good use. The priority must notonlybeprovidingbasic incomefor thosewho lose their jobs. We must protectpeople from losing their jobs in the firstplace. If we do not, we will emerge fromthis crisis with permanently loweremployment and capacity, as familiesand companies struggle to repair theirbalancesheetsandrebuildnetassets.

Employment and unemploymentsubsidies and the postponement oftaxes are important steps that havealready been introduced by many gov-ernments. But protecting employmentandproductivecapacityata timeofdra-matic income loss requires immediateliquidity support. This is essential forall businesses to cover their operatingexpenses during the crisis, be they largecorporations or even more so small andmedium-sized enterprises and self-employed entrepreneurs. Several gov-

We mustmobilise

as if for war

global response. There is no time towaste: millions of lives are at risk. Build-ing on what has been announced byinternational financial institutions, theG20 must launch a global fund to pre-vent the collapse of Africa’s health sys-tems. The institutions need to establisha facility to provide budgetary supportto the continent. The issue of resolvingAfrica’sdebtburdenisalsourgent.

Finally, all of Africa’s developmentpartners must ensure that their devel-opment aid budgets remain ringfencedand are not diverted to domestic priori-ties. This is where true humanity andsolidarity must be demonstrated. Ifsuchaidwereevernecessary inAfrica, itisnowmorethaneverbefore.

The writer is prime minister of Ethiopia andthe 2019 Nobel Peace prize laureate

nary shock. It has a granular financialstructure able to channel funds to everypart of the economy that needs it. It hasa strong public sector able to co-ordi-nate a rapid policy response. Speed isabsolutelyessential foreffectiveness.

Faced with unforeseen circum-stances, a change of mindset is as neces-sary in this crisis as it would be in timesof war. The shock we are facing is notcyclical. The loss of income is not thefault of any of those who suffer from it.The cost of hesitation may be irreversi-ble. The memory of the sufferings ofEuropeans in the 1920s is enough of acautionarytale.

The speed of the deterioration of pri-vate balance sheets — caused by an eco-nomic shutdown that is both inevitableand desirable — must be met with equalspeed in deploying government balancesheets, mobilising banks and, as Euro-peans, supporting each other in the pur-suit of what is evidently a commoncause.

The writer is a former president of theEuropean Central Bank

ment or consultancy skills, none has thecombinationonBlackRock’sscale.

For the key thing to understand aboutthecannyMrFinkis thathehasnotonlyspent the past decade building a highlyvisible asset management company, hehas also quietly used the Maiden Laneexperience to make FMA dominant inits consultancy space. It has 280 staff,and has quietly worked for numerouspublic institutions, including the UKTreasuryandEuropeanCentralBank.

As a result BlackRock has extensive“expertise with purchasing largeamounts of all relevant types of corpo-rate debt issuance and corporate bondsin the secondary market”, as the NewYork Fed notes. In plain English, Black-Rock’s experience and data base make ita natural Fed partner — if it can managethosepotentialconflictsof interest.

Can it? Both sides insist so. BlackRockofficials stress that its asset managerand consultancy units are separated bystrict Chinese walls. Fed officials pointout that BlackRock’s mandate is only a

need in terms of manpower and skills.Consider, again, corporate debt. The

Fed says it will only buy investmentgrade credit, to limit possible losses.But, as Scott Minerd of Guggenheimpoints out, “There are approximately$1tn worth of investment-grade corp-orate bonds that are in danger of being

downgraded”. Indeed, $36bn of Forddebthasalreadybecomejunk.

Fedofficialshopetheycanoffset theserisks by using a $30bn Treasury fund toabsorb future losses. But it is also imper-ative to have external managers, giventhat the Fed has never exposed itself tosuch credit risk. And while numerousfinancial groups have asset manage-

as it happens a BlackRock-run ETF,called LQD, is the biggest of this type.The price of LQD, like other ETFs, hasalreadyralliedsincetheannouncement.If the Fed does a broad ETF programme,LQD will probably be part of that mix.This leaves some BlackRock rivals mut-tering about conflicts of interest — andnon-American regulators causticallypointing out that since 2008 Mr Finkhas been adept in persuading US regula-tors to refrain from sweeping regulatoryreformsonassetmanagers, suchashis.

Fair enough. But the problem the Fedfaces is that it does not have the luxuryof operating in peacetime; it is fighting awar to stop a financial freeze. Thank-fully, the White House is letting Fed offi-cials experiment as flexibly as they didin 2008, contrary to earlier fears amongpolicy veterans such as Hank Paulson,the former US Treasury secretary, thattheFed’shandswouldbetied.

However, even with this freedom,Fed officials face a practical problem:they do not have all the resources they

Tuesday, it again tapped BlackRock’sFinancial Markets Advisory, its consul-tancy arm, again to run three vehiclesthe Fed will create to buy corporate debtfrom the primary and secondary mar-kets, and also commercial mortgage-backedsecurities.

Is this replay a smart move by theFed? The answer depends on if you havea wartime or peacetime perspective. Incalm market times, as existed a monthago (remember that?), Tuesday’sannouncementwould lookveryodd.

Never mind that the Fed has usedBlackRock before, or that Mr Fink isfabulously well-connected. What ismorenotable is thatBlackRockreceivedthis mandate without a contest. Moreo-ver,hisassetmanagement firmhassucha humungous footprint that it will inevi-tablycollidewiththoseFedvehicles.

Take the $140bn world of investmentgrade US corporate bond exchangetraded funds. On Monday the Fedpledged to invest in some ETFs to sup-port corporate funding flows. However,

T his month, Wall Streetwatchers might feel as ifthey are living in Ground-hog Day. Now, as in 2008,markets are melting down.

Once again, the US Federal Reserve is frantically innovating to stop a financialfreeze. And, as these wild policy experi-ments unfold, a familiar figure is alsoback in the frame: Larry Fink, chiefexecutive of BlackRock, the $7tn assetmanagementbehemoth.

Twelve not-so-long years ago, the Fedturned to BlackRock to manage thethree Maiden Lane vehicles that it cre-ated to hold assets from the defunctinsurer AIG and also Bear Stearns. On

Why the Fed returned to BlackRock’s canny Finkshort-term contract, and thus will bereviewed soon. Most important, the$2tn stimulus bill in Congress stipulatesthatdetailsofFed’sactionsmustbepub-lishedafteraseven-daylag.

If honoured, this should providetransparency about trades and Black-Rock’s fees, in a welcome contrast towhat happened in 2008. “We’ve learntfrom the past,” insists one Fed official.“Wewon’trepeat themistakes.”

Maybe so. But 2008 also shows thatdecisions that seem sensible in the heatof war can spark furious political back-lash later. If Fed officials, and Mr Fink,want to minimise these risks, it will becrucial to maintain transparency andconduct proper beauty parades whennormality returns. If, or when, wereturn to that point, US regulators willthen need to ask another question: whydid they let the asset managementworld become so concentrated that theever-presentMrFinkreignssupreme?

[email protected]

Decisions that seemsensible in the heat of

conflict can spark a furiouspolitical backlash later

AbiyAhmed

Higher public debt levelswill become a featureand be accompanied byprivate debt cancellation,writes Mario Draghi

FT seriesCoronavirus: the economic cure

Either states compensateborrowers, or they will failand the guarantee will be

made good by the state

T he coronavirus pandemic isa human tragedy of poten-tially biblical proportions.Many today are living infear of their lives or mourn-

ing their loved ones. The actions beingtaken by governments to prevent ourhealth systems from being over-whelmed are brave and necessary. Theymustbesupported.

But those actions also come with ahuge and unavoidable economic cost.While many face a loss of life, a greatmany more face a loss of livelihood. Dayby day, the economic news is worsen-ing. Companies face a loss of incomeacrossthewholeeconomy.Agreatmanyare already downsizing and laying offworkers.Adeeprecession is inevitable.

The challenge we face is how to actwith sufficient strength and speed toprevent the recession from morphinginto a prolonged depression, madedeeper by a plethora of defaults leavingirreversible damage. It is already clearthat the answer must involve a signifi-cant increase in public debt. The loss ofincome incurred by the private sector —and any debt raised to fill the gap —

MARCH 27 2020 Section:Features Time: 26/3/2020 - 18:31 User: alistair.hayes Page Name: COMMENT USA, Part,Page,Edition: USA, 17, 1



In Asia, the coronavirus outbreak hassuppressed demand for most luxurypurchases. An exception has been high-end Singapore residential properties.

Sales of new homes including condosalmost tripled last month. Forinvestors chasing havens, but notinterested in an another house, localdevelopers’ stocks offer an alternative.

Singaporeans’ buying led the 187 percent rise in the number of purchases,offsetting a steep drop of mainlandChinese buyers — the biggest foreignacquirers in the city-state’s residentialmarket. They have been deterred bytravel bans both by China’s lockdowns,but also by Singapore entry bans. AllChinese visitors and foreigners with arecent travel history to China sinceJanuary have kept away. Virtual-hometours have not made up for that fall.

For local investors, there are few safeplaces left for their cash. The StraitsTimes benchmark index is off almost aquarter this year, near 2009 lows. TheSingapore dollar is at its weakest in adecade against the US currency.Pent-up demand for homes from thegovernment’s two-year-long curbs tocontrol prices has only encouragedlocals to splurge on housing.

Shares in the big local developers,including CapitaLand, UOL Group andCity Developments, have suffered thisyear. An expected slowdown in theiroffice and retail-leasing business aswell as hotel portfolios has hurt. Thelatter — which also runs Singapore’slargest hotel group — is down morethan a third this year.

Yet much has now been priced in.The trio has staged a partial recovery.Even so, City Developments’ shareshave hit near three-year lows at 12times forward earnings. Low borrowingcosts coupled with a weak local dollarshould start bringing back foreigninvestors as lockdowns ease in Asia.

A longer-lasting change may alsoresult from people spending so muchtime locked away given current social

Singapore housing:a place for shelter

restrictions. That should put a higherpriority on buying one’s dream home,long after the outbreak has passed.

Rishi Sunak garnered praise for thespeed and scale of proposals to keepUK business alive. Pledges to pay thebulk of wages were followed by supportfor the self-employed yesterday. Taxand rates holidays have been offered.Big creditworthy businesses look wellplaced. They will have access to“unlimited” funding from a new Bankof England commercial paper facility.

What about the little guys? SMEs canaccess £330bn of government-backed

UK SMEs/CBILS:faulty powers

loans via the banking system. Thecatch for the owners is that some bankswant personal guarantees beforeagreeing to funds. Many SMEs do notknow how much they need to borrow.

The Coronavirus BusinessInterruption Loan Scheme (CBILS)allows non-financial businesses withunder £45m in sales to apply for up to£5m in credit. The government willguarantee 80 per cent of those newbalances to lenders. CBILS is effectivelyan extension of the Enterprise FinanceGuarantee scheme (EFG) launched inthe wake of the financial crisis. Underthat, the government guaranteed75 per cent of loans made. EFG uptakehas been just £3.3bn to 30,000businesses since 2009. A far cry fromMr Sunak’s headline-grabbing figure.

Interest due on loans made under

CBILS will be covered by thegovernment for the first year.Thereafter responsibility for bothinterest and principal falls on businessowners. Only a tiny proportion offunds, up to £250,000 per business,can be lent unsecured. One smallconsolation is that primary residenceswill not be accepted as security.

Business owners who accept loansmay not lose their homes. But theycould still be saddled with debts.Another issue is lending banks mustshow they have done everything torecover debts to access guarantees.That could mean hounding businessowners and further insolvencies.

Government intentions to saveBritain’s small businesses are right.Unless the tools to do that beginworking, for many it will be too late.

The 2010s could be defined as an erawhen every last stream of cash flowwas transformed into a debt security.The 2020s may be about desperatelyunwinding those relationships.

Casinos have been a highly lucrativebusiness for centuries. But, the landthey sit on in Las Vegas and across theUS has turned into an even betteractivity. There are now three listedgaming real estate investment trusts.

These Reits thrived by acting as tax-advantaged landlords which collectrent from the likes of Caesars Palace inLas Vegas. The shutdown of casinosand most physical spaces in Americahas demonstrated that not even thesteadiest payment flow packaged intodebt can be considered risk-free.

Gaming and Leisure Properties, ViciProperties, and MGM Properties had acollective enterprise value in Februarygreater than $50bn. Today their shareprices are down between 30 and 45 percent. Their tenants will have short-term revenue approaching zero. TheReits are highly leveraged with totaldebt-to-ebitda ratios above 4 times.

Still, gaming companies have plentyof near-term liquidity to meet fixedcosts. Moreover, lease payments owedto gaming Reits are senior obligations.

Landlords and their casino tenantshave some tough decisions ahead.Yesterday, restaurant chainCheesecake Factory said it would deferpaying its April rent, in what could be atrend among retail companies trying topreserve liquidity. Analysts at NomuraInstinet speculate gaming Reits couldrelax collections of rent in exchange forequity in gaming companies.

In an extreme scenario, the gamingoperator and gaming Reit could merge,so operators would no longer have topay rent. That arrangement was thenorm when casinos just owned the landunderneath slot machines.

Advocates of Reits will argue theirinventions have led to incrementalcapital flowing into deserving sectors.While that may be true, it is equallytrue the leverage they created throughthe financial sector was unnecessary.

US casino property:know when to fold ’em

UK companies are getting two months’extra leeway from regulators to publishtheir results. Chief executives may feelrelieved. Investors, less so. For them,the real issue is the slew of Covid-19updates. These are intended to showhow financially resilient listedcompanies are. But levels of detail vary.

There are caveats to this criticism.Auditors cannot get into their offices,never mind those of their clients. Thepandemic is moving fast, as aregovernment responses. It is sensible todelay results.

Covid-19 statements are appearing intheir place, triggered by regulationsrequiring timely publication of “insideinformation”. These sometimesprovide useful insights. But the updateshave become a standard category ofstock market disclosure in just over afortnight, without standards applyingto what is disclosed.

Some statements have beenunhelpfully vague. If Associated BritishFoods, Next and Dixons Carphone — toname three — are able to do the sumson lost revenues from closed stores andpencil in savings, so can others.

Dixons is a model. Perhaps theelectrical goods retailer has more toshout about, with plenty of headroomon its loan covenants. But it has notshied away from telling investors shutstores will cost it £400m in lost sales.

Dixons also gave a glimpse of whatgovernment support means forcorporate bottom lines: some £200min saved salaries and rates, and about£200m from tax deferrals — togethernearly one quarter of last year’soperating expenses.

Lost earnings and bailouts are justtwo pieces of the resilience jigsaw.There are other elements. First,borrowings. Will net debt to ebitdabreach loan covenants? And how welldo earnings, discounted for thepandemic, cover interest costs? Second,how much self-help can companiesapply? Operating expenses, whichshould drop anyway, can be cut. Mostbusinesses are suspending dividendstoo. Third, liquidity. What gross cashand credit lines does the business have?

Lex suspects the less detail acompany gives, the more likely it is tobe facing difficulties. The FinancialConduct Authority should set out

Coronavirus resilience/FCA: muffled reports

guidelines on the information Covid-19statements should contain. It shouldnudge shaky businesses into publishingupdates. The market has worked outthey look stretched. The question isthis: what are they doing about it?

CROSSWORDNo. 16,436 Set by BRADMAN

JOTTER PAD

ACROSS 1 Being such may mean getting

materiel dished, I suspect, explosive got rid of (13)

9 Day before long getting wind (7)10 One enabling others to get a feel

for language (7)11 Non-expert engaging church

historian (5)12 Stick applied around backside

gets one collapsing (9)13 Put down the German male by old

entrance (8)15 Old film report of country (6)18 Tree is cut, chopped up by front of

forest (6)19 It would be most useful if death

and sin were destroyed (8)22 Dining out, social worker becomes

angry (9)24 Office assistant embraced by

friend of important bishop (5)25 What is sharp – that includes a

knife (7)26 Report of maybe escaped eagle in

city (7)27 Alert horse ye’d get trained – one

of these running in the Derby? (5-4-4)DOWN 1 Unintelligent president was

in charge, making one slightly depressed (7)

2 Stars – some croon dreadfully (9) 3 Crazy little room overlooking US

city (5) 4 Girl coming to London maybe

showing desirable bodily feature (8)

5 Destroy old city to the north with attack (3,3)

6 Hurried from temporary accommodation in home counties, looking embarrassed (9)

7 Indian city – old Greek city is less quiet (5)

8 British bird – a hunting type of creature (6)

14 Practising for examination (5,4)16 Evolved ape – mortal or immortal?

(9)17 The old man doing nothing,

having minimal energy? Here’s something to suck (8)

18 Bird going round lake is quail (6)20 One on the prowl beginning

to end gets people gossiping perhaps (7)

21 Awful fear that is brought by magical creature no longer? (6)

23 Was resident turning vulgar over time? (5)

24 Hidden in gap, a certain type of horse (5)

Solution 16,435

W i n d s p e e d s i n K P H Scale:x = 55.5y = 50.5

HIGH

LOWLOW LOW

OCCLUDED FRONT LINE

WARM FRONT LINE

COLD FRONT LINE

ISOBAR BRUSH FRONT SYMBOLS

PRESSURE LABELS

1 0 4 0 1 0 4 0

1 0 3 0

1 0 3 0

LOW

1 0 3 0

1 0 3 0

1 0 2 0

1 0 2 0

1 0 2 0

1 0 2 0

1 0 1 01 0 1 0

1 0 1 0

1 0 1 0

1 0 1 0

1 0 1 0

1 0 0 0 1 0 0 0

9 9 0 9 9 0

9 8 0 9 8 0

9 7 0 9 7 0

9 6 0 9 6 0

9 5 0 9 5 0

9 4 0 9 4 0

xxNAMExx

HIGH

Malta Shower 16Manila Sun 35Miami Fair 30Milan Cloudy 15Montreal Sun 10Moscow Fair 15Mumbai Sun 34Munich Sun 15Naples Shower 14New York Shower 19Nice Cloudy 15Nicosia Shower 20Oslo Cloudy 9Paris Fair 14Prague Sun 15Reykjavik Cloudy 2Riga Sun 13Rio Sun 29Rome Cloudy 15San Francisco Fair 15Singapore Thunder 31Stockholm Sun 11Strasbourg Sun 16Sydney Fair 23Tokyo Drizzle 20Toronto Sun 10Vancouver Rain 9Vienna Sun 15Warsaw Sun 14Washington Cloudy 23Zagreb Cloudy 15Zurich Sun 14

Amsterdam Sun 13Ankara Cloudy 16Athens Shower 15Bahrain Fair 27Barcelona Fair 15Beijing Sun 14Belfast Cloudy 11Belgrade Fair 15Berlin Sun 15Brussels Sun 13Budapest Sun 17Cairo Sun 28Cardiff Sun 13Chicago Rain 11Cologne Sun 19Copenhagen Sun 10Delhi Cloudy 27Doha Sun 27Dubai Sun 30Dublin Cloudy 10Edinburgh Cloudy 8Frankfurt Sun 19Geneva Fair 14Hamburg Sun 14Helsinki Fair 9Hong Kong Fair 27Istanbul Cloudy 12Lisbon Sun 18London Sun 12Los Angeles Sun 18Luxembourg Sun 15Madrid Fair 12

Today’s temperatures

Forecasts byWind speed

in KPH

8

1616

9

10

12

18 12

20

17

16

16

14

15

13

99

9

15

14

16

1613

1415

14

14

18

1514

17

15

17 23

20

17

Lex on the webFor notes on today’s breakingstories go to www.ft.com/lex

Twitter: @FTLex

Hyped up for years, 5G wirelesstechnology was supposed to givesluggish smartphone sales a shot inthe arm this year. The globalpandemic has put paid to that. Unlesslockdowns end and supply chains fireback up soon, new launches will haveto go on hold until 2021.

This may be a problem for Apple. Aworldwide drop in phone sales lastyear spurred the US gadgets giant toraise prices, lifting revenues at thesame time. Demand for a new 5Gmodel due this autumn was expectedto drive up sales by volume too.

Without a rollout of 5G phones,consumers may continue to avoidupgrading their handsets.

In 2019, smartphone sales fell 2 percent by volume, according to data

from technology research firm Gartner.It expected a resurgence this year,largely because of new 5G models.Gartner predicted sales would rise3 per cent on the previous year in 2020to 1.57bn.

If sales fall back 2 per cent instead,shipments will dip to 1.49bn.

There is little Apple can do. Thecompany has been praised for its rapidand responsible response to thepandemic. It closed stores quickly andwhile launching the iPad Pro andMacs. Further launches will be moredifficult.

Even if the crisis abates by theautumn, mass production would needto begin in a month for a new model tobe ready in time.

The company cannot make up lost

sales in other arms of its businesseither. Services are in high demand asbored customers sit at home. Theyhit a sales record in the three monthsto the end of December and should aprint a fresh record in the nextquarter. But at $13bn, they are just aquarter of iPhone sales. iPhone saleswill not seize up, even without a new5G phone. About a third of iPhonesare due an upgrade according toanalysts at Wedbush.

Perhaps some consumers will optfor last year’s model instead. It maynot boast novel bells and whistles,but iPhone revenue growth in the lastquarter was the best in a year,proving iPhone 11’s popularity.

Not every customer is waiting for a5G phone.

FT graphic Sources: Gartner: company

Global smartphone shipmentsMillion

0

200

400

600

800

1,000

1,200

1,400

1,600

2018 2019 Gartner2020 forecast

Lex 2020forecast

Greater China

EmergingAsia-Pacific

North America

Western Europe

Latin America

Sub-SaharanAfrica

Rest ofthe world

Apple net salesQ1 2020 (%)

iPhone60.9

Services13.8

Wearables10.9

Mac7.8

iPad 6.5

Apple: 5G shockGlobal smartphone shipments have stalled in the past year as users opt to hang on to old models for longer,but 5G could change that. Apple, which derives most of its revenues from iPhone sales, is expected to see asales boost if a new 5G model is popular. But its rollout is likely to be delayed by the pandemic.

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