FRIDAY 18 JULY 2025 EUROPE

The dilemma over using AI in universities Why Africa seems to like Trump
BIG READ, PAGE 17 DAVID PILLING, PAGE 18

Brussels offers Eye of the storm White House attacks on Powell

trigger fears over independence of central bank
Briefing
i Uber to buy 20,000 cars

US tit-for-tat
from Lucid in robotaxi push
The ride-hailer plans to acquire a
$300mn holding in electric-car
group Lucid amid a deal involving
a robotaxi fleet’s launch. Uber

car tariff cuts to

will buy some 20,000 cars from
Lucid and become its second-
largest shareholder.— PAGE 6

i UK voting age to fall

break impasse
Britain’s ruling Labour party is to
lower the voting age from 18 to 16
for all British elections as part of
an overhaul of the country’s
voting system pledged in last
year’s manifesto.— PAGE 3

3 EU considers tax on digital services i Senate backs aid cuts

The US Senate has approved $9bn
3 Trump 30% levies against bloc loom in spending cuts that will, if the
package is signed into law, hit
ANDY BOUNDS, HENRY FOY AND put a levy on the advertising revenues of public broadcasting and overseas
BARBARA MOENS — BRUSSELS digital services.” aid and gives a legislative victory
AIME WILLIAMS — WASHINGTON The US has a deficit in goods with the to Donald Trump.— PAGE 2
KANA INAGAKI — LONDON
EU but a surplus in services, making it
The EU has reverted to offering the US more vulnerable to retaliation in that i European asylum shift
tit-for-tat tariff reductions on cars, sector. Bernd Lange, chair of the Euro- An “extremely abrupt” dip in the
while preparing a list of potential levies pean parliament’s trade committee, number of Syrian asylum seekers
including on American digital services welcomed the move, pointing out that and Spain becoming the EU state
as part of possible retaliation if trade US tech groups “generate a lot of their with the most applications show a
talks with Washington fail. income in Europe and the US has an notable shift in the bloc’s asylum
Under the latest proposal from EU annual surplus in services of about system, a key agency says.— PAGE 3
negotiators, the bloc would drop its 10 $100bn”.
per cent duties on US car exports if the The latest EU offer on cars is a shift in i Swatch profits down 90%
Trump administration reduced its own approach after weeks of torturous talks First-half profits at the struggling
levies on the sector below 20 per cent. led by the German car industry. Swiss watchmaker, whose brands
The move is the latest attempt by Carmakers BMW, Mercedes-Benz, include Breguet, fell nearly 90 per
Brussels to address the biggest stum- and Volkswagen — as well as Swedish cent after sales declined in China,
bling block to an EU-US framework deal group Volvo Cars — had pushed for a strengthening investor pushback
to stabilise the transatlantic trading deal that would allow them to import a against the board.— PAGE 6
relationship after Donald Trump’s tariff vehicle to the US tariff-free for each
assault. The US president has said that vehicle they export out of America. i Citi steps up raids
he will hit the bloc with 30 per cent tar- But that idea has now been replaced Citi is stepping up its poaching of
iffs from August 1. by a proposal to offer a credit based on JPMorgan dealmakers, signalling
Two people familiar with the talks the US content of a company’s exports the ambitions of its new banking
said the US lowering its auto tariffs to a from the US that can then be applied to chief, Viswas Raghavan, after
total of 17.5 per cent was being actively the content that it is importing. curbs on hiring from his former
considered if the EU went to zero. Even if tariffs were lowered to below bank recently expired.— PAGE 8
The EU’s trade chief Maroš Šefčovič is 20 per cent, Håkan Samuelsson, chief
in Washington for discussions with his executive of Volvo Cars, said the com- i Syrian army pulls back
US counterparts, but if talks on goods pany would not be able to manage with- Syrian forces withdrew from the
fail, then the bloc is considering expand- out export credits. restive province of Sweida even as
ing the trade war to services. “It is Germany and Sweden who are Al Drago/Bloomberg
the country’s president hardened
The list would come on top of a pro- big exporters of cars to the US,” he said. his rhetoric against Israel, saying
posal for retaliation against €72bn of “No other country in Europe does this so Donald Trump’s administration has Trump had asked lawmakers whether House’s Office of Management and that it sought to foment “endless
annual US imports that EU countries are we are a bit alone in the EU.” cranked up its criticism of the Federal he should fire Powell. Budget, yesterday called the refurbish- chaos” in the region.— PAGE 4
already discussing, including tariffs on Other significant issues still remain Reserve’s $2.5bn refurbishment of its While Trump later backtracked, sta- ment “an outrageous cost overrun”,
Boeing aircraft and bourbon. unresolved in talks. The EU wants an headquarters, fuelling the US presi- bilising the dollar, the episode shows saying Trump was “offended”. i Spain warned over tie-up
A person familiar with the latest pro- exemption from future sectoral tariffs dent’s repeated attacks on Jay Powell, how the president’s intensifying criti- Powell has called these claims “inac- Brussels sent Madrid a legal
posal said it would include levies on dig- promised by Trump on pharmaceuti- the central bank chair, pictured above cism of Powell is affecting markets. curate” and said many of the features warning over its move to block a
ital services. cals and semiconductors. It has also last month. Trump, who has called Powell a laid out in the original plans had been banking merger between BBVA
Commission president Ursula von der rejected a proposed 17 per cent tariff on Investors are growing increasingly “numbskull” and “stubborn mule”, scrapped. and Banco Sabadell, a deal that
Leyen threatened this action in an inter- its agrifoods. The commission declined concerned over the Fed’s independ- wants the Fed chair to cut interest rates Report page 2 would create one of the region’s
view with the Financial Times in April, to comment. ence, with the dollar this week briefly by as much as 3 percentage points. Investors unnerved page 10 largest lenders.— PAGE 8
when she said: “An example is you could Global Insight page 3 dropping sharply on reports that Russ Vought, head of the White Katie Martin page 19

MI6 operatives and UK special forces

were named in leaked Afghan database
LUCY FISHER, ALISTAIR GRAY AND brigadier were also among scores of mil- column and other data in the compro-
DAVID SHEPPARD — LONDON
itary and government officials named in mised database.
MI6 operatives and British special the database as supporting applications This included reporting that the last
forces were among more than 100 UK from Afghans seeking UK sanctuary. known location of applicants was
government personnel named in the Matthew Savill, director of military among the data, an important detail
Trump risks sugar rush leaked database that put as many as sciences at think-tank Rusi who spent that could have aided the Taliban trac-
with Coke sweetener call 100,000 people in Afghanistan at risk almost two decades working at the Min- ing any person they wanted to target.
of Taliban reprisals. istry of Defence, said the names of Brit- At a hearing before a High Court judge
The real thing i PAGE 8 ish operatives should never have been yesterday, the MoD agreed to lift some
Email addresses for British personnel included in such a spreadsheet. of those restrictions. Jude Bunting KC,
were recorded in the case notes of “The identification of a named indi- representing the media organisations
Austria €4.60 Luxembourg €4.60 Afghans they were sponsoring for relo- vidual as employed in UK special forces that were gagged, told the court that
Bahrain Din1.9 Malta €4.20 cation to the UK, according to a person or the [intelligence] agencies is ordinar- since the enduring restrictions were
Belgium €4.60 Morocco Dh50 with direct knowledge of the matter. ily handled as at least secret,” he said. imposed, “significant information” had
Croatia €4.50 Netherlands €4.50 The identity of British spies and elite While a “super-injunction” was dis- been released that fell within the pro-
Cyprus €4.30 Poland Zl 26 special forces regiments — the Special charged this week, the High Court hibited categories.
Czech Rep Kc130 Portugal €4.30 Air Service, Special Boat Service and imposed another interim order that Defence secretary John Healey had
Denmark DKr47 Serbia NewD550
Special Reconnaissance Regiment — is prevented the media from reporting the already told parliament that “in a small
Egypt E£125 Slovenia €4.30
France €4.60 Spain €4.30
closely guarded to preserve their safety. full severity of the data breach. The number of cases” the “names of mem-
Germany €4.60 Switzerland SFr6.80 The UK personnel affected by the MoD sought, and obtained, a court bers of parliament, senior military offic-
Greece €4.30 Tunisia Din7.50 colossal data breach had been briefed, order that made it unlawful for the press ers and government officials were noted
Hungary Ft1480 Turkey TL210 the person said. A major general and a to describe the contents of a “case notes” as supporting the application”.
India Rup220 UAE Dh25
Italy €4.30

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2 ★ FINANCIAL TIMES Friday 18 July 2025

INTERNATIONAL

Trump tension Washington

White House steps up attack on Fed refurb Senate backs

$9bn in cuts
Senior official says $2.5bn the Fed and its independence. It’s just a on criticisms of Fed monetary policies. tle with potential economic conse- comes back to Treasury in the form of to foreign aid
and public
building that is being built really badly Trump has been criticising Powell for quences like the disruptions we briefly remittances”. The lack of remittance
cost of building work has and leading to massive cost overruns. months, insisting interest rates should saw in US Treasury and dollar markets income is largely down to the Fed’s
‘offended’ the president “It’s an outrageous cost overrun,” come down sharply from the 4.25-4.5 yesterday,” he said. Firing Powell would quantitative easing policies, where the

CLAIRE JONES — WASHINGTON

Vought said at a media breakfast brief-
ing, adding that the president “is a
builder” and was “offended” by the
per cent range.
Concerns over the Fed flared up on
Wednesday, briefly sending the dollar
lead to “dramatic fluctuations” that
would “seriously harm” the prospects of
working-class Americans.
US central bank bought several trillions
of dollars’ worth of US government debt
to stabilise markets and boost inflation.
broadcasting
Donald Trump’s administration scale of the project to refurbish the Mar- reeling, after news Trump had asked Asked about whether the administra- Powell sought to allay lawmakers’
cranked up criticism of the Federal riner S Eccles Building on the National Republican lawmakers whether he tion’s concerns over the renovations concerns over the Fed’s largesse in reno- MAXINE KELLY — LONDON
JOE MILLER — DETROIT
Reserve’s $2.5bn refurbishment of its Mall that was now $700mn over budget. should fire Powell unnerved investors. could lead to Powell’s dismissal, Vought vating its headquarters in a congres-
headquarters with a senior White House He said OMB officials hoped to make a The president later said such a move said Trump had repeatedly “said he’s sional hearing in June, saying several of The US Senate has approved a $9bn
official saying an “outrageous cost over- site visit in “the next week or so”. was “highly unlikely”. not likely to fire” the Fed chair, but that the features in the original plans had package of spending cuts that will hit
run” had “offended” the president. Vought’s latest attack on the Fed and Republican senator Thom Tillis yes- he still had the right to air viewpoints on been removed and denying the central public broadcasting and overseas aid
Russ Vought, head of the White its chair, Jay Powell, underscores how terday hit out at the attacks on the Fed’s the Fed’s policies. bank had pencilled in VIP elevators and and gives a legislative victory to US
House’s Office of Management and Trump and his allies are seeking to independence, which he described as Vought later added the Fed had “been special dining rooms for senior officials. President Donald Trump.
Budget, told reporters yesterday that exploit what they claim is a manage- “paramount”. “Terminating Chair- mismanaged for a number of years” as it Investors unnerved see Markets
“it’s not a metaphysical debate about ment failure, rather than focusing just man Powell risks a protracted legal bat- was “no longer providing profit that Katie Martin see Opinion Broadcasting institutions NPR and PBS
would lose federal funding if the pack-
age, which the Republican-led Senate
approved by 51 votes to 48 early yester-
Ukraine. Politics day morning, is signed into law.
The bill would also shut off funding
for foreign aid grants for the US Agency

Zelenskyy’s anti-corruption raids spur anger for International Development.

The measure still needs final approval
by the House of Representatives, which
was due to vote on it yesterday. The bill
must pass by a deadline of today.
The “rescissions” package represents
President’s critics and allies a small fraction of the purported
voice concerns of over-reach $190bn in savings identified by the so-
called Department of Government Effi-
and potential authoritarianism ciency, the initiative spearheaded by
Elon Musk. But progress on the legisla-
tion would be a sign that the push to cut
CHRISTOPHER MILLER — KYIV
government expenditure is set to out-
Anti-corruption raids on prominent last Musk’s public fallout with Trump.
Ukrainian figures and moves to favour While NPR and PBS have long been
loyalists in senior positions have led to criticised by right-leaning politicians in
accusations the government is sliding
into authoritarianism.
President Volodymyr Zelenskyy and
Research in The Lancet
his top aides face allegations they are found planned cuts could
using extraordinary powers to sideline
critics, muzzle civil society leaders and
cause more than 14mn
consolidate control. extra deaths by 2030
The outcry has grown since masked
officers from the State Bureau of Investi- the US for alleged liberal bias, several
gation (SBI) forced their way into the Republicans in Congress have expressed
home of anti-corruption campaigner concern about the impact of budget cuts
Vitaliy Shabunin in Kharkiv on Friday, on news services.
seizing phones, laptops and tablets. Nevada Republican Mark Amodei last
SBI investigators and armed agents month said he was worried about cuts to
also raided the home of former infra- public broadcasters that Americans rely
structure minister Oleksandr Kubra- on for “life-saving emergency alerts,
kov. Authorities said the searches were trusted news, and coverage on key
connected to corruption investigations. issues that connect communities across
Shabunin and Kubrakov labelled the our nation”.
raids politically motivated, adding the NPR chief executive Katherine Mayer
SBI had presented no court-issued war- yesterday urged House members to
rants and would not allow time for their President Volodymyr Zelenskyy travel abroad. Shabunin and Kubrakov the lawmaker and was fully co-operat- niuk of AntAC said. “They’re using the reject the legislation “which directly
lawyers to be present for the searches. has been accused of using the State both deny the charges against them. ing with law enforcement. mobilisation law and wartime secrecy to harms their communities and constitu-
Shabunin told the FT: “Zelenskyy is Bureau of Investigation to muzzle The SBI accused Shabunin, a co- A person close to Kubrakov said they crush critics, assuming the west is too ents, and could very well place lives at
using my case to send a message to two critics — FT montage/AFP/Getty Images founder and head of the board of the believed the searches amounted to distracted to notice.” risk”. She said: “Nearly 3-in-4 Ameri-
groups that could pose a threat to him. Kyiv-based Anti-Corruption Action “revenge” for a corruption probe this Relations between Zelenskyy and US cans say they rely on their public radio
The message is this: if I can go after committee, said the government had Centre (AntAC), of dodging the draft month into a Zelenskyy ally, deputy President Donald Trump appear back stations for alerts and news for their
Shabunin publicly — under the scrutiny “no authority” to reject Tsyvinsky and and misusing military funds, crimes prime minister Oleksiy Chernyshov. on track. Trump recently announced he public safety.”
of the media and despite public support the move did “not comply with the law”. punishable by up to 10 years in prison. Investigators believe Kubrakov may would sell arms to Nato countries which The rescissions bill includes sweeping
— then I can go after any one of you.” Also this month, the president nomi- Shabunin’s lawyer, Olena Shcherban, have blown the whistle on Chernyshov, would pass them to Ukraine. But the US cuts to foreign aid, including to global
Political allies and even detractors of nated first deputy prime minister Yulia said the case was built on a distortion of which the former has denied. Cherny- leader has abruptly changed his posi- health programmes, migration and ref-
Shabunin and Kubrakov condemned Svyrydenko to lead his cabinet, replac- his military record. “These weren’t tion before, and few in Kyiv believe he ugee assistance, and international disas-
the raids. “This is a straight-up, Russian- ing premier Denys Shmyhal. searches,” said Daria Kaleniuk, execu- has pivoted to their side for good. ter relief. It also removes funding for
style scenario of dividing society, which Svyrydenko is seen as an ally of Andriy tive director of AntAC. “They were
‘This is a straight-up, G7 ambassadors in Kyiv have main- operating expenses at the US Agency for
could lead to protests in the streets,” Yermak, Zelenskyy’s chief of staff. intimidation tactics. This wasn’t about Russian-style scenario of tained a public silence. “It’s really diffi- International Development. Last
said MP Oleksandra Ustinova, chair of As Ukraine tries to fight off Russia’s justice. It was about pressure.” cult to be critical of Ukraine” when it is month, research published in The Lan-
the Ukrainian parliament’s commission offensive, shore up US military support Shabunin and his supporters believe
dividing society, which under relentless Russian attack, one cet found planned cuts to the agency
on arms control and an adviser to the and reboot its government, activists, the move is retribution for AntAC’s could lead to protests’ ambassador said. A western diplomat in could cause more than 14mn extra
defence minister. independent media and western offi- investigations into high-level corrup- Kyiv who has worked closely with deaths by 2030.
The raids followed sanctions against cials in Kyiv have warned that what tion and its criticism of Zelenskyy’s cab- shov has denied accusations of taking Ukraine’s civil society said the cases of In a post on X shortly before the final
several politicians, including former began as a defence of sovereignty risks inet after it rejected Tsyvinsky’s part in a $24mn land fraud. Shabunin and Kubrakov “aren’t isolated vote, Senate minority leader Chuck
president Petro Poroshenko who lost a sliding into a crusade to reshape the appointment at the ESB. Shabunin said: “Zelenskyy feels vul- events”. “They fit a pattern: critics are Schumer attacked the “Trump-Maga-
re-election campaign to Zelenskyy in state in the ruling circle’s image. “Taking advantage of the war, Zelen- nerable. We blocked their top-priority being pushed aside, loyalists are Senate Republican . . . cuts [to] public
2019. Earlier this month, Zelenskyy’s Zelenskyy’s office declined to com- skyy is making his first, yet confident, draft law — an amnesty for corruption- shielded.” broadcasting that Americans need, and
cabinet opted not to appoint Oleksandr ment, but a person close to the presi- steps towards corrupt authoritarian- related crimes committed by arms sup- With US political attention turning their cuts to foreign aid that helps keep
Tsyvinsky, a detective with the National dent said the SBI’s cases were fact-based ism,” wrote the editorial board of pliers. And Nabu issued a notice of sus- inward and military aid becoming more Americans safe”.
Anti-Corruption Bureau (Nabu), to lead and dismissed any suggestions of politi- Ukrainian Truth, Ukraine’s most-read picion to deputy prime minister transactional, some officials in Kyiv John Thune, Schumer’s Republican
the Economic Security Bureau, which cal motivation. The SBI said its case online news outlet. Chernyshov, who belongs to Zelenskyy’s appear willing to test the limits. Kale- counterpart in the chamber, wrote
investigates economic crimes. Tsyvin- against Shabunin “is well-founded and Kubrakov’s case centres on allega- inner circle.” niuk said: “If the institutions meant to ahead of the vote: “We’ve got to look at
sky had been independently selected. supported” by a district court in Kyiv, tions he helped a Ukrainian lawmaker The government reshuffle has enforce checks and balances are turned all aspects of the federal budget and fig-
Anastasia Radina, an MP from Zelen- which ordered the campaigner not to embezzle about $350,000 in a scheme to prompted critics to accuse the adminis- into political tools, Ukraine risks losing ure out where we can root out waste,
skyy’s Servant of the People party and leave his place of military service and to purchase fertilisers in Belarus. He said tration of concentrating power in the the democratic core it fought to build fraud and abuse, and put this country
head of parliament’s anti-corruption relinquish documents allowing him to he has “absolutely no connection” with hands of a few. “This is revenge,” Kale- after 2014.” on a more sustainable fiscal path.”

Funds for Kyiv

Frozen Russian assets plan akin to expropriation, EU warned

MAKE A WISE LAURA DUBOIS AND PAOLA TAMMA Profits from the assets have been cash from Euroclear” without freeing it ing to people close to Euroclear, Russia
INVESTMENT BRUSSELS
declining as the European Central Bank from the liability of restitution against has confiscated €33bn in assets belong-
The EU’s plan to raise more money for lowered interest rates. That has the central bank of Russia, she said, add- ing to Euroclear clients that had been
Subscribe today at Ukraine by putting frozen Russian prompted the commission to propose ing this would result “clearly [in] a posi- immobilised at Euroclear’s Russian
ft.com/subscribetoday state funds into riskier investments shifting the cash into riskier asset classes tion that we cannot bear”. counterpart, the central securities
would amount to “expropriation”, the that might generate higher yields, but Discussions around the seizure of depository in Moscow.
institution holding the bulk of the also carry a greater risk of losses. Russia’s central bank assets have ebbed Euroclear, with assets in custody
assets has warned. Urbain warned someone would have and flowed since about €260bn were worth more than €40tn, is Europe’s
FINANCIAL TIMES 28821, Coslada, Madrid. Legal Deposit Number
(Deposito Legal) M-32596-1995; to cover such potential losses. “The sys- frozen in different jurisdictions in the largest central securities depository — a
Bracken House, 1 Friday Street, London EC4M 9BT.
Publishing Director, Roula Khalaf; Euroclear chief executive Valérie temic risk would certainly dramatically wake of Moscow’s full-scale invasion of key node of the financial market facili-
Subscriptions & Customer service Publishing Company, The Financial Times Limited,
Subscription offers: www.ft.com/subscription registered office as above. Local Representative office; Urbain said plans to reinvest cash gener- increase if we would have to go beyond Ukraine in February 2022. tating and settling trades by holding and
Contact: +44 207 775 6000, [email protected] C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN
1135-8262.
ated by the assets to yield higher profits the risk profile that we have and which is Euroclear faces more than 100 law- transferring assets.
Manage your personal account: mma.ft.com
Advertising UAE: Masar Printing & Publishing, P.O. Box 485100, could risk further retaliation from Mos- authorised by our supervisors,” she said. suits over immobilised Russian assets, “We should also certainly expect more
Tel: +44 20 7873 4000, [email protected]
Letters to the editor
Dubai. Editor in Chief: Roula Khalaf.
France: Publishing Director, Jonathan Slade, 46 Rue La
cow and undermine the central securi- Last year, Euroclear paid €4bn to including those belonging to oligarchs Russian retaliation in all sorts of forms,”
[email protected] Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01) ties depository’s key position in the Ukraine, and has paid out €1.8bn this and other sanctioned entities. Accord- Urbain said. She warned the only way
5376 8253; Commission Paritaire N° 0919 C 85347; ISSN
Executive appointments
Tel: +44 20 7873 4909 1148-2753. financial system. year, Urbain said. She added the EU’s such a scheme could be viable was that
www.exec-appointments.com Turkey: Dünya Süper Veb Ofset, Tuna Cad.Alkaya Sok. “If you increase the revenues, you plans to increase those amounts could “in case of any call for restitution from
No 11, Halkali/İstanbul.
Sweden: Responsible Publisher - Christer Norlander increase the risks. And so who is bearing involve creating a “special purpose vehi- the central bank of Russia, the assets are
Published by: The Financial Times Limited,
Bracken House, 1 Friday Street, London EC4M 9BT. © Copyright The Financial Times 2025.
that risk?” Urbain told the Financial cle” to which the Russian central bank gone, somebody is covering for the
Tel: +44 20 7873 3000; Fax: +44 20 7407 5700. Reproduction of the contents of this newspaper in any Times. assets would be transferred. amount”.
Editor: Roula Khalaf. manner is not permitted without the publisher’s prior
consent. ‘Financial Times’ and ‘FT’ are registered trade
The European Commission is consid- The SPV would be able to channel the Urbain announced Euroclear was
Germany: Demirören Media, Hurriyet AS-Branch
Germany, An der Brucke 20-22, 64546 Morfelden-
marks of The Financial Times Limited. ering how to extract more value from cash generated from the assets into risk- keen to further the EU’s initiatives to
Walldorf, +49 6105 327100. Responsible Editor, Roula The Financial Times and its journalism are subject to a some €191bn in Russian central bank ier investments and “hopefully, by tak- integrate the bloc’s fragmented capital
Khalaf. Responsible for advertising content, Jon Slade.
Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti,
self-regulation regime under the FT Editorial Code of assets stuck at Euroclear because of ing more risks, bring more revenues”. markets, something Brussels has been
Practice: www.ft.com/editorialcode
153, Monza, 20900, Milan. Tel. +39 039 28288201 western sanctions. Euroclear is rein- But Urbain warned at the same time pushing in order to tap into unused
Owner, The Financial Times Limited; Rappresentante e
Direttore Responsabile in Italia: I.M.D.Srl-Marco Provasi -
Reprints are available of any FT article with your
company logo or contact details inserted if required
vesting the cash arising from Russia’s that such a scheme would create “a lot of savings and improve financing for
Via G. Puecher, 2 20037 Paderno Dugnano (MI), Italy. (minimum order 100 copies). maturing assets — such as coupon pay- risks for Euroclear and for the European companies.
Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in
Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1
One-off copyright licences for reproduction of FT articles
are also available.
ments and redemptions — mainly markets globally”. Euroclear would offer a “single access
.comma 1, DCB Milano.
Spain: Bermont Impresion, Avenida de Alemania 12, CTC,
For both services phone +44 20 7873 4816, or email through central banks. The G7 is using “Legally speaking, the creation of an Valérie Urbain: concerned that point” for retail and institutional inves-
[email protected]
the returns to back a $50bn loan to Kyiv. SPV would mean an expropriation of the plan may stir Russian retaliation tors across the 27 member states.
Friday 18 July 2025 ★ FINANCIAL TIMES 3

INTERNATIONAL

Von der Leyen battles internal

National elections

UK to lower voting age to 16

in expected boost for Labour
revolt over EU’s €2tn budget JIM PICKARD AND ANNA GROSS
LONDON
cent who said they would choose the
populist Reform UK party, and 18 per
The voting age will be lowered to 16 for cent who would vote Green. National
Commissioners complain of secrecy amid anger at her ‘rubber-stamp’ approach all UK elections as part of an overhaul
of the country’s voting system, the
opinion polls put Reform at 29 per cent,
Labour at 23 per cent and the Greens at
Labour government announced. 10 per cent.
When asked in the Merlin Strategy
The plan to give the vote to younger poll to assess a list of politicians, the
teenagers, which featured in last year’s most popular was leftwing former
Labour manifesto, will bring national Labour leader Jeremy Corbyn, with 12
elections in line with polls in Scotland per cent of 16- to 18-year-olds strongly
and Wales. The voting age in England approving. They are also more likely
and Northern Ireland at present is 18. than the general population to vote for
The government said that young peo- independent candidates.
ple already contributed to society “by There have long been arguments that
working, paying taxes and serving in the votes at 16 would disproportionately
military” and deserved the right to vote benefit the Labour party. When Labour
on issues that affected them. lost the 2019 election, it overwhelmingly
Internationally, the move aligns the secured the 18-24 vote, winning 56 per
UK with Austria, Brazil, Argentina, cent to the Conservatives’ 21 per cent.
Ecuador and Cuba, where the age is As part of a package of proposed
already 16. It is also 16 in the Isle of Man, reforms that will lead to legislation later
Jersey and Guernsey. in this parliament, ministers will add
The majority of countries set the limit UK-issued bank cards to the list of eligi-
at 18, though Greece and Indonesia have ble voter ID that people can use to prove
it at 17, while it is 20 in Oman, Kuwait their identity at polling stations.
and Tonga, and 25 in the United Arab The government also plans to close a
Emirates. Extending the vote to 16- and loophole that allows foreign donors to
17-year-olds is widely expected to bene- influence UK political parties through
fit centre-left and leftwing parties more “shell companies” registered in the UK.
than those on the right. The government said it would roll out
A poll conducted of 500 people in the an “increasingly automated voter regis-
age group by Merlin Strategy for ITV tration system” to make it easier for
News found that about 33 per cent people to register to vote, reducing the
would vote Labour, followed by 20 per need to fill out details several times.

PM’s gamble

French government’s survival

pegged to budget deal with left
Brouhaha: Ursula von der Leyen outlines her spending plans in Brussels. ‘There is strong support. The collegial decision is taken’ — Olivier Matthys/EPA/Shutterstock

HENRY FOY, PAOLA TAMMA AND when the real negotiations with the missioner, who is tasked with selling the The budget would take up to two
BARBARA MOENS — BRUSSELS
member states start,” said a second sen- significantly enlarged budget to EU cap- years to negotiate, von der Leyen said
Ursula von der Leyen’s plan for the EU’s ior EU diplomat. itals, had “no clue” of the complex for- following the release of the proposal. LEILA ABBOUD — PARIS Among a raft of measures, he also said
biggest ever budget has sparked uproar Within hours of its publication, von mula that would determine how much The commission said that despite the he wanted to scrap two days of national
French premier François Bayrou has
inside the European Commission, with der Leyen’s home country of Germany each country would receive, according almost-doubling in size of the budget, holiday to generate an estimated €4.2bn
staked his government’s survival on
colleagues warning the president’s — the EU’s biggest member state — to a person involved in the discussions. member states’ contributions would not more revenue, an idea that prompted
striking a deal with the Socialist party,
ultra-centralised style has compro- rejected her budget proposal. “A com- Despite other commissioners making increase. Instead, the shortfall would be howls across the opposition. He sug-
betting he can offer concessions to con-
mised the €2tn cash call. prehensive increase in the EU budget is pleas for advanced notice of the budget made up by “own resources” or new EU gested cutting Easter Monday and Vic-
vince left-leaning MPs to pass a belt-
Prepared for months and largely kept unacceptable at a time when all mem- breakdown, they were given final fig- levies worth about €400bn. tory in Europe Day on May 8. Another
tightening budget.
secret from von der Leyen’s team of ber states are making significant efforts ures only in the minutes before a meet- These include taxes on big companies, pledge was to tighten eligibility for
commissioners, the draft 2028-2034 to consolidate their national budgets,” ing scheduled to sign it off. That meeting a fee on packages from third countries Allies say the veteran centrist, whose unemployment benefits, which has been
budget plan prompted rare internal the government said. “Therefore, we started four hours later than scheduled. and rises in tobacco taxes, as well government has no majority in parlia- done twice since 2019 under Macron.
opposition that forced significant con- will not be able to accept the commis- One commissioner asked von der as increases in existing sources of reve- ment, has no realistic option but to try to The country’s deficit ballooned to
cessions in the hours before publication. sion’s proposal.” Leyen during the meeting: “Why are we nue such as custom duties and value persuade Socialists to abstain and break 5.8 per cent of GDP last year, the second
The revolt has underscored the long- The budget’s final approval in Brus- just getting a debrief?” according to a added tax. the political gridlock over the budget. worst in the Eurozone after Slovakia.
bubbling resentment at her “rubber- sels was chaotic. A meeting of the heads third EU official. “They were basically Although that would, in theory, raise Marine Le Pen’s far-right Rassemble- The aim is to begin to narrow the deficit
stamp” approach towards the commis- asked to rubber-stamp this thing about €58bn in annual revenue, accord- ment National, the other key swing vot- to 4.6 per cent next year, although the
sion after years of private decision- . . . That is not the way you run the com- ing to the EU executive, it would still not ing bloc, is considered a less reliable overall national debt will continue to
making that critics say has made Brus-
‘Nobody knew what mission,” said a fourth official. cover the full increase in the budget’s negotiating partner since its MPs top- rise in the coming years. Analysts doubt
sels inflexible and prone to mis-steps. they were getting or As opposition mounted in the week size. “They live in their own world,” said pled Michel Barnier’s government last that Bayrou will hit the 2026 target.
“I have never seen it this bad,” said leading up to the proposal, von der one treasury official in a member state. year, despite winning budget conces- Borrowing costs have ticked higher
one senior diplomat from an EU mem-
what they were paying Leyen made several concessions. These Frustrations over von der Leyen’s cen- sions. “Our fate is firstly in the hands of and risk squeezing out other areas of
ber state who has worked on the past until the last minute’ included ringfencing €500bn in direct tralised style have long been simmering the Socialists,” said an adviser to Bay- government spending. Interest paid on
three budget negotiations. “Nobody subsidies to farmers and fishermen, among commissioners and civil serv- rou. “If we cannot get them on board, the national debt reached €44.5bn last
knew what they were getting or what of cabinets of the commissioners — reinstating a social spending fund, ants. Senior officials said von der Leyen then we’re dead for sure.” year, according to the finance ministry,
they were paying until the last minute.” known as Hebdo — to debate the final maintaining specific support for poorer and Björn Seibert, her chief of staff, have France will again be walking a tight- which is roughly the size of the defence
The €2tn spending plan, to be funded proposal began on Monday night and regions and doubling the threshold for a narrowed the circle of decision-making rope in the autumn to pass a budget for budget. Without a majority in the
by capitals and new taxes levied directly concluded just before midday on new corporate tax to a turnover of more in their second term. Dissenting voices 2026, given the political deadlock since assembly, Bayrou will have to use a con-
by the commission on companies, Wednesday. The talks were abruptly than €100mn. from her first five-year term, such as President Emmanuel Macron called stitutional clause to override lawmakers
tobacco and other items, will replace the postponed and restarted mid-discus- Von der Leyen rejected the criticism. France’s Thierry Breton and Denmark’s snap elections last year, only to lose to pass the budget. That then opens the
existing €1.2tn budget in 2028. sion throughout Tuesday, according to “I spoke to each and every commis- Margrethe Vestager, did not return. them and usher in an even more frac- government to a no-confidence vote in
The chaotic backroom negotiations, two people present, before continuing sioner, one after the next,” she said after Despite the unrest, only Hungarian tured assembly. the 577 member assembly.
and the numerous objections from com- until almost 2am and restarting at 8am the budget had been unveiled. “There commissioner Olivér Várhelyi formally Bayrou on Tuesday unveiled the out- Finance minister Éric Lombard told
missioners on everything from the scale on Wednesday. was a lot of contention . . . not everyone registered his dissent during Wednes- lines of a €44bn fiscal package for 2026 Bloomberg on Wednesday he was “con-
of new taxes to spending levels for “It is not surprising that a Hebdo on was satisfied.” Of senior EU officials she day’s meeting to approve the budget, that includes a spending freeze on all fident” the budget would be approved
poorer regions, had set the stage for bru- the budget lasts more than 15 hours. said: “The last four weekends, they have according to people briefed on the areas of government, excluding and that it was normal for the opposi-
tal talks with capitals, officials said. The What is surprising is that it is [the all been working . . . after midnight. discussion. defence, as well as on pensions and tion to resist initially, given the size of
budget, one of Brussels’ most complex evening before adoption],” said a second “This is a marathon to get there “In order to get something done, you social welfare benefits. the fiscal package.
negotiations, needs the unanimous sup- EU official. “The frustration is shared at because it is a huge budget . . . It is nor- need a pull-aside with Björn,” said a fifth
port of 27 member states. all levels of the commission.” mal that at the end there is a crunch EU official. “But that is not a way to run
“If it is this bad inside the commis- On the eve of the proposal, Piotr Ser- time. There is strong support. The colle- a European Commission.”
sion, who knows how bad it will get afin, von der Leyen’s own budget com- gial decision is taken.” Additional reporting by Laura Pitel Migration

Spain overtakes Germany as

Bloc’s precisely engineered trade vehicles face Trump monster truck top EU asylum destination
a degree of expectation which generally a shock to Brussels that EU negotiators his precious car industry could not LAURA DUBOIS — BRUSSELS the country, the EUAA said. The trend
GLOBAL INSIGHT leads to the real thing. tried to engage with their interlocutors emerge from contact with Trump could also be linked to the US’s clamp-
Germany is no longer the number one
The EU deal will probably do more for for weeks in their usual measured and unscathed, but the old instinct won out. down on immigration, including depor-
Alan Europe’s long-term economic engage- iterative fashion and still got clobbered Negotiations between Brussels and
destination for asylum seekers in the
EU after the end of the Assad regime led
tations of Venezuelans, it said.
Beattie ment with Indonesia than will Trump’s
supposed deal with Jakarta this week for
with the tariff threat.
During Trump’s first administration,
Washington are focusing on a blindingly
complex two-way deal for auto trade
to a drop in Syrians applying for pro-
For the past decade, Syrians had been
the largest group of asylum seekers in
tection in the bloc, a report confirms.
the US. The US version gave American the then commission president Jean- devised by the EU side which is having the EU, plus Norway and Switzerland,
exports zero-tariff access to the Indone- Claude Juncker moved at speed to some difficulty getting traction in Wash- The EU’s asylum system is undergoing a “but at the beginning of 2025 this trend

I
sian market while charging a 19 per cent defuse threats of tariffs by bamboozling ington. The literal is also metaphorical: “significant shift” following the fall of reversed with Syrian applications drop-
f there’s one thing US President duty on goods coming the other way. the president with specious offers to buy the EU builds precisely engineered vehi- Syria’s former president Bashar al-As- ping sharply”, the report says.
Donald Trump’s tariff vandalism The EU deal reflects its traditional cles of trade law only to find they are in a sad in December, according to an “Since February Germany has no
has done, it is to stress test trading trade machinery at work: a negotiating demolition derby with Trump at the unpublished report by the EU Agency longer been the top EU+ destination;
partners’ ability to make and exe- mandate from the member states pur-
The EU is displaying one wheel of a monster truck. for Asylum seen by the Financial Times. Spain, Italy and France all received
cute trade policy at speed. The lat- sued by the commission in years of of its unhelpful traditions, Meanwhile, the EU postponed one The Malta-based agency recorded more applications in May 2025,” the
est put under this pressure is the EU, painstaking detailed talks. When the EU thing that might impress Trump — the 64,000 asylum claims in the EU in May agency wrote.
which reacted with startled affront last had a problem with Indonesia, in the
an outsize obsession countermeasures it had prepared for — the latest period available — marking Italy now receives the second highest
weekend when Trump suddenly threat- form of the country’s restrictions on with its car industry Tuesday — in a bid to let the talks play a decline of nearly a quarter compared number of applications, with 12,300
ened its exports with a 30 per cent tariff. exports of nickel ore to build up its own out. Moderate and proportionate retali- with the same month in 2024. This was claims in May, down from 15,500 last
This last week has shown us one situa- processing industry, it engaged via the ation only after negotiation, rather than led by an “extremely abrupt” drop in year, a third of which were filed by Bang-
tion where the EU’s trade policy slow process of a WTO case. soyabeans and liquefied natural gas. It hitting the US hard and fast, is not going Syrian applications, which fell from ladeshis and Peruvians. In third place is
machine has worked with persistence The EU is discovering, though, that was a neat trick, but Trump’s dislike of to impress the president. Doing nothing roughly 16,000 in October last year to France with 11,900 claims, slightly
and precision. It has also revealed a this negotiate-and-litigate approach the EU means a similar approach might and watching Trump’s tariffs damage just 3,100 in May, the EUAA found. below last year’s 12,500, which were
more important one in which it is flail- doesn’t work with Trump. Even before not work again. the US economy would also be an In Germany, a destination popular driven by applications from Congolese
ing, the flaws in its institutional struc- Trump was elected, it seemed that try- The EU is also displaying one of its entirely reasonable strategy, but fear of with Syrians, overall asylum claims in fleeing conflict in their home country, as
ture being matched by a failure of imagi- ing to engage rationally with him on unhelpful traditions, an outsize obses- the hit to car exports is preventing that. May fell by about half to 9,900, from well as Afghans and Haitians.
nation about how to overcome them. trade would be like playing chess with sion with its car industry. It’s an old and The EU learning to do something for 18,700 filed the same month last year. Germany probably remains the coun-
First, the modest good news. After an angry rhino. This has proved to be an oft-repeated Brussels saying but it’s the first time at speed is not often an edi- Spain is now the country with the try with the largest population of asy-
almost exactly 10 years of negotiation, uncomfortably accurate metaphor. uncomfortably true: EU trade policy is fying spectacle, such as the shambolic highest number of asylum applications, lum seekers as it has accepted many
Brussels obtained a “political agree- Some European officials seem to have determined by Germany, German trade response to the sovereign debt crisis according to the report, with almost more than other nations in recent years.
ment” with Indonesia for a bilateral difficulty grasping that Trump viscer- policy is determined by manufacturing, from 2010 or the first few months of the 12,800 recorded in May, down from It granted 150,000 applications from
trade deal. This will widen its footprint ally dislikes the EU on principle. The German manufacturing is determined rush to procure Covid vaccines. Trump 16,300 last year. While the overall 2008 to 2024, compared with about
in east Asia. Such announcements can bloc is everything he isn’t: suprana- by the car industry, so EU trade policy is is unlikely to be impressed or intimi- number has declined, there had been an 50,900 in Spain, 40,000 in Italy and
cover up a lot of continued gaps in nego- tional, legalistic, multilateralist and ultimately determined by Volkswagen. dated by what he’s seen so far. increase of applications in Spain from 65,200 in France, according to Eurostat.
tiating positions with warm-words aspi- socially progressive — or, as he might The commission tried to tell German people fleeing Venezuela and the Additional reporting by Amy Kazmin in
ration, but a political agreement creates term it, “woke”. It should not have been Chancellor Friedrich Merz last month [email protected] “severe economic and political crisis” in Rome and Leila Abboud in Paris
4 ★ FINANCIAL TIMES Friday 18 July 2025

INTERNATIONAL

Sectarian clashes Infrastructure

Damascus accuses Israel as Syria pulls back Chinese

investment
Sharaa says neighbour “endless chaos”, and said Syria faced a Sharaa announced the moves hours day, as a previous one declared a day forces and Druze militias accused of kill- in Belt and
Road projects
choice between “open war with the after Israel escalated its campaign of air earlier collapsed. The latest ceasefire ings and rights violations.
wants ‘endless chaos’ amid Israeli entity” or handing security in strikes on Syria, bombing the defence appeared to be holding yesterday. In an effort to ease the crisis, Sharaa
forces’ exit from Sweida Sweida to factions from the country’s ministry in Damascus and carrying out The fighting and Israel’s strikes stressed in his address that the Druze

RAYA JALABI
MIDDLE EAST CORRESPONDENT
Druze minority.
“We are not those who fear
war . . . However, we prioritised the
another strike near the presidential pal-
ace in the capital. Israel began launching
air strikes against Syrian forces in Swe-
underscored Sharaa’s struggle to stabi-
lise and unify the fragile state eight
months after he led a rebel offensive
were integral to the Syrian state, and
“protecting your rights and freedom is
one of our priorities”.
hits record
ANDREW ENGLAND — LONDON interests of Syrians over chaos and ida on Monday after an eruption of that toppled dictator Bashar al-Assad. Syria had been holding talks with
JAMES SHOTTER — JERUSALEM
destruction,” Sharaa said during an fighting between Druze militias and Druze militias, which have been the Israel to ease tensions before the latest JOE LEAHY — BEIJING
Syrian government forces began with- address on state television in the early Bedouin tribes that escalated after Syr- dominant forces in Sweida, have refused outbreak of violence. Arab and Turkish
The value of Chinese companies’ new
drawing from the restive southern prov- hours of yesterday. “The optimal choice ian forces were drawn into the conflict. to be integrated into the nascent govern- officials have criticised Israel’s attacks
investment and construction contracts
ince of Sweida yesterday as President at this stage was to make a careful deci- Israel said it had intervened to protect ment’s new national security forces. in Syria, saying they undermine efforts
in countries that are part of President
Ahmed al-Sharaa sought to restore calm sion to protect the unity of our home- the Druze community, which it has Israel has used the security vacuum to to stabilise the country after the 14-year
Xi Jinping’s global Belt and Road Initia-
after days of sectarian clashes and land and the safety of its people, based actively sought to court, and to ensure seize a swath of territory in southern civil war.
tive has hit a record high this year, a
Israeli strikes against the Arab state. on the supreme national interest.” southern Syria areas near its border Syria and launch repeated strikes The US, which has in recent weeks
new study has found.
In a hardening of his rhetoric against Sweida residents and people familiar were demilitarised. against military infrastructure. recognised Sharaa’s government and
Syria’s southern neighbour, Sharaa with Sharaa’s decisions said government The Syrian government announced a Activists described scenes of carnage lifted Assad-era sanctions on Syria, has The expansion in overseas markets and
accused Israel of seeking to foment forces began withdrawing overnight. renewed ceasefire in Sweida on Wednes- in Sweida city, with both government sought to broker an end to the conflict. China’s increased engagement with
countries under its flagship infrastruc-
ture programme contrast starkly with
the approach of the US, where President
Economy. Growth Donald Trump is imposing bruising tar-
iffs on trading partners.
Chinese construction contracts and

Beijing wrestles with zero interest rate dilemma investments in BRI members totalled
$124bn in the first six months of the
year, greater than the total of $122bn for
the whole of last year, according to a
study by Australia’s Griffith University
and the Green Finance & Development
Precedents set by the west China is suffering deflation Center in Beijing.
and Japan as well as US tariffs Nominal growth has run below real growth for nine consecutive quarters (%) “The surge in Chinese engagement
7 this year is surprising, even against the
weigh heavily on central bank backdrop of steadily growing BRI activ-
ity since [the] Covid [pandemic],” said
6 Christoph Nedopil Wang, the study’s
CHENG LENG AND ARJUN NEIL ALIM Real GDP growth
HONG KONG author. “What sets 2025 apart is the
5 scale: multiple megadeals each exceed-
The release of China’s second-quarter ing $10bn.”
growth data this week embodied a 4 Wang said slow domestic growth and
dilemma for policymakers: real eco- Nominal GDP growth the need to diversify supply chains and
nomic expansion was strong and steady 3 markets due to the trade war sparked by
at 5.2 per cent but widespread falling Trump’s tariffs had prompted some Chi-
2023 2024 2025
prices meant nominal growth was much nese companies to look abroad, while
Source: National Bureau of Statistics of China
weaker, at 3.9 per cent. BRI countries saw “an opportunity to
Solid real growth reflects the expan- deepen ties with China amid shifting
sion of Chinese industry and exports —
Borrowing costs have tanked global geoeconomic dynamics”.
but nominal growth is what workers feel Corporate borrowing costs in the US and China (%) Launched in 2013, Xi has used the BRI
in their wage packets and companies see 7 to deepen China’s economic influence
on their revenue line. It also means US Baa-rated credit yield and trade ties with 150 countries, partic-
interest rates, when deflation is taken China average loan rate for enterprises ularly in the developing world.
into account, are much higher, leading 6 The surge in the first half brought the
to debate about whether China should total value of contracts and investments
follow the path of western nations and 5 under BRI to $1.3tn, the study found,
adopt a zero interest rate. comprising contracts worth about
“We don’t think that there is a consen- $775bn in construction and $533bn in
sus among politicians and policymakers 4 non-financial investments.
that zero interest rates in China could “China’s energy-related engagement
happen,” said Helen Qiao, Greater China 3 in 2025 was the highest in any period
chief economist at Bank of America Glo- 2015 2020 2025
since the BRI’s inception,” the study
bal Research. “But most policymakers, said, adding that the value of such
Sources: Moody’s Investors Service; People’s Bank of China; Plenum research
as well as the market and investors, are investment and construction contracts
gradually accepting the fact that inter- was highest in Africa at $39bn and cen-
est rates are going quite low.” Cost conscious: day reverse repo rate, following a series interest of their massive banking sav- ‘Without China economist at Crédit Agricole. tral Asia at $25bn.
Two precedents loom large for China, nominal growth, of gradual cuts, now stands at 1.4 per ings?” said one adviser familiar with the Households continue to build their pre- The study found oil and gas construc-
according to academics and state-affili- weaker than cent. “China still has significant space debate. “It’s not an economic question, a strong cautionary savings, with household tion contracts and investment surged to
ated policy experts. One is the zero solid real for public investment to reach its poten- but a political one.” policy deposits reaching a new record of a record high of about $44bn in the first
interest rate era in the US and Europe, growth, is what tial growth. A deeper rate cut, combined Some advisers argue the country Rmb147tn ($20tn) in June. half, with $20bn of work involving
post-2008, which is seen by some in Bei- Chinese workers with fiscal expansion, could help unlock already has a de facto zero interest rate stimulus, The prospect of a further rate cut has processing facilities in Nigeria.
jing as a profligate event that inflated feel in their that,” said Ma. regime, since Chinese banks — guided it’s hard to prompted many savers to lock in higher Kazakhstan received the most invest-
asset bubbles and destabilised markets. wage packets The yield on China’s 10-year govern- directly by the central bank on loan interest rates. At most Chinese banks, ment at $23bn, while Latin America
The other is Japan’s decades of stagna- AFP/Getty Images ment bond has been around 1.7 per cent, pricing — have steadily lowered borrow- escape the the interest rate on demand deposits is received its lowest value in 10 years.
tion after its real estate bubble burst in near historic lows, suggesting investor ing costs over the past few years, limit- ongoing 0.05 per cent, while one-year term Chinese contracts and investment in
1990. China’s own real estate slump has expectations of persistent disinflation. ing the impact of further cuts. deposits yield less than 2 per cent. wind, solar and waste-to-energy
dragged on since 2020. A second camp in Beijing opposes a “China’s monetary policy is already deflationary “It is evident right now that the low projects in BRI partners hit a record of
This divergence in views has become formal zero interest rate policy. Its big- very close to a zero interest rate policy,” spiral’ interest rates not only fall short of deliv- nearly $10bn, while its companies also
a block for policymaking, and the tim- gest concern is the banking sector. said Chen Long, co-founder of Beijing- ering the intended purposes such as continued to invest in coal and ploughed
ing of any shift may hinge on economic Lenders rely on the net interest margin, based consultancy Plenum. “For house- boosting consumption, but would also nearly $25bn into metals and mining.
and tariff decisions from the US, with the difference between their borrowing holds and enterprises, the interest rate exacerbate the very issues policymak- Other researchers also said their cal-
Beijing keen to hold policy firepower in and lending rates, for profitability. environment is currently about the ers sought to address,” said Richard Xu, culations showed an increase in BRI
reserve so it can respond. The average interest margin at same as that in the US when the Federal an analyst at Morgan Stanley. deals. US-based Rhodium Group said
One camp wants China to drop rates China’s top six state lenders fell to 1.48 Reserve conducted its zero interest rate Behind the scenes, the People’s Bank foreign direct investment by Chinese
fast, which would enable heavily per cent in the first quarter, its lowest policy.” of China has turned its attention entities in BRI countries was worth
indebted local governments to refi- level on record, compared with more Opponents also warn zero rates could towards scenario planning. It has qui- nearly $15.9bn in the first quarter, up 10
nance and boost public investment. “A than 2 per cent in 2021. distort the economy over the long run. etly sought guidance from European per cent from the same period last year.
zero interest rate should not be Zero interest rates would further “China is at a juncture with overcapacity institutions with experience in manag- Rebecca Ray, senior academic
unthinkable. Even if it can’t go all the compress bank margins at a time many problems on the supply side and lack of ing a prolonged low-rate environment. researcher at Boston University’s Global
way to zero, there’s still room to cut at already face deteriorating asset quality sufficient domestic consumption on the A larger question looms: can the Chi- Development Policy Center, which also
least 0.4 percentage points to align with and rising defaults in the property sec- demand side. Zero or negative rates nese economy afford the cost of delay? tracks the BRI, said the programme had
the fiscal plan,” said Gene Ma, head of tor. “The ultimate question, which one could further deteriorate the supply- “Without a strong policy stimulus, it’s shifted from sovereign lending to FDI as
China research at the Institute of Inter- would ask before making the decision demand imbalance, as investment hard to escape the ongoing deflationary it matured. “This shift may be benefi-
national Finance. [to adopt zero rates] is: what to do with would be more sensitive to rates than spiral,” said Larry Hu, China economist cial, as it avoids contributing to sover-
The central bank’s benchmark seven- millions of depositors who rely on the consumption,” said Zhi Xiaojia, chief at Macquarie in Hong Kong. eign debt problems,” Ray said.

Business survey Durban meeting

US companies in China decry overproduction South Africa shrugs off Bessent’s G20 absence
RYAN MCMORROW — BEIJING China’s overcapacity problems had neijuan, or “involution”, to denounce ROB ROSE AND MONICA MARK state department.” US President Donald payer money” and amount to “anti-
JOHANNESBURG
spread from primarily affecting indus- excessive price competition in some Trump has broadly sought to distance Americanism”.
Almost half of the big US companies
trial sectors such as steel to swaths of the sectors. China’s state council, or cabinet, South Africa played down the absence the US from international institutions, South Africa is battling to hold the
operating in China have been adversely
economy, including healthcare and con- on Wednesday called on the electric of US Treasury secretary Scott Bessent even as a rivalry with China deepens. G20 together under pressure from
affected by overcapacity in the coun-
sumer goods. vehicle industry to reduce “irrational at a meeting of G20 finance chiefs, say- Diplomatic relationships between Trump’s tariff war and wider ambiva-
try, according to a new survey, under-
Of the companies affected, 81 per cent competition” in prices, state news ing it viewed the world’s biggest econ- Africa’s most industrialised nation and lence towards multilateralism, and its
scoring deepening concerns about
said the overcapacity crisis was driving agency Xinhua reported. omy as still “committed” to the group- the US have also hit their lowest point in own diplomatic run-ins with the US.
sluggish demand and rising deflation-
down prices in their sectors. Companies More widely, the USCBC survey found ing as the gathering started in Durban. years under the Trump administration, Although trade issues do not nor-
ary pressures in the world’s second-
also reported shrinking profit margins. that 88 per cent of respondents were including tensions around top US mally dominate the G20 finance meet-
largest economy.
concerned about the state of the Chinese South Africa is the first African nation to officials repeatedly snubbing G20 meet- ings, the spillover from the tariff war
An annual survey by the US-China Busi- economy. Official data this week hold the rotating presidency of the G20, ings. had pushed such discussions to the top
ness Council found that overcapacity
‘Fewer than half of showed China’s GDP expanded 5.2 per whose relevance is coming under ques- In February, secretary of state Marco of the agenda, Godongwana said.
had hit 42 per cent of respondents, up respondents expressed cent year on year in the second quarter. tion amid faltering global co-operation. Rubio said attending a G20 meeting of “The US is a major player. You can’t
significantly from the 25 per cent that In nominal terms, which reflect actual Bessent skipped the first finance foreign ministers would “waste tax- ignore it, or the impact of its change in
reported an impact last year.
optimism about their market prices and include the impact of meeting in Cape Town in March and this policy on the G20, so it’s been quite a
This year was the first that overcapac- five-year outlook’ deflation, growth was slower at 3.9 per week sent Michael Kaplan, under-secre- challenge,” he said.
ity was among the 10 biggest challenges cent, according to Macquarie. tary for international affairs at the Godongwana said that there had been
to business since 2016, according to the “As investment and production drive Geopolitical tensions were also hurt- Treasury, to attend in his place. progress in the wider G20 group on
business lobby, which between March a larger share of China’s economic ing US companies in China. Surveyed Enoch Godongwana, South Africa’s issues such as debt restructuring for
and May polled 130 member compa- growth, concerns over overcapacity are American companies said tumultuous finance minister, told the Financial poorer African countries, and infra-
nies, more than half of which have intensifying,” the report said. US-China relations were a major chal- Times he did not view Bessent’s absence structure funding.
annual China sales exceeding $500mn. Overcapacity remains a sensitive lenge. Collectively, the issues have hit as a sign of waning appetite for partici- It was “still possible” that the Durban
Sean Stein, president of USCBC, said issue for Beijing. Chinese officials have business confidence. Fewer than half of pation in the G20. meetings would produce a communiqué
rewards were being reduced at a time of disputed complaints that its industrial respondents expressed optimism about In private discussions with Bessent, — an agreement on policies by all coun-
increasing risk. “It shouldn’t surprise policies and subsidies were flooding glo- their five-year outlook in the country. Godongwana said he felt the Treasury tries — rather than a chairman’s state-
the Chinese government that invest- bal markets with artificially low-priced More than a quarter of the surveyed secretary seemed to show “demonstra- ment summarising events, as in March,
ment is falling,” Stein said. goods. More recently, however, China’s groups were moving or considering ble commitment to the G20’’, adding, he said. “We have undoubtedly made
The group said the survey results, leadership has acknowledged the conse- moving operations out of China, up “though, of course, there might be a dif- Enoch Godongwana: ‘The US is a progress,” he added.
released on Wednesday, showed that quences of overcapacity, using the term from 19 per cent last year. ference between the Treasury and the major player. You can’t ignore it’ David Pilling see the FT View page
Friday 18 July 2025 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 18 July 2025

Tariff threat General Motors could be forced to rejig global manufacturing plans after South Korea hub faces high US levy y PAGE 9

Uber to launch Net earnings Japan’s record acquisitions streak

continues with $1bn Mitsubishi salmon catch
Swatch profits
drop 90% as
robotaxis in activist takes
legal action
tie-up with EV MERCEDES RUEHL

Swatch Group’s profits plunged almost

maker Lucid
90 per cent in the first half of the year
after sales slid in China, strengthening
investor pushback against the board of
the struggling Swiss watchmaker.
The group, whose brands include
Omega and Breguet, yesterday reported

3 Ride-hailing group to invest $300mn

net income of SFr17mn ($21mn), down
from SFr147mn a year earlier.
Swatch attributed a 7.1 per cent
3 Initial deal for 20,000 adapted SUVs decline in revenues to weak demand in
China, where sales fell more than 30 per
cent in its wholesale business and by
RAFE UDDIN — LONDON Volkswagen. Uber faces steep competi- 15 per cent in its retail business.
STEPHEN MORRIS — SAN FRANCISCO
tion from Alphabet and Amazon, which Chief executive Nick Hayek, who has
Uber plans to take a $300mn stake in US have more cash to invest. been at the helm of the Swiss group for
electric vehicle maker Lucid as part of a The fresh capital and commitment to 22 years, has come under mounting
deal that will see the ride-hailing plat- buy tens of thousands of vehicles pro- pressure from investors after presiding
form launch its first robotaxi fleet. vides relief for Lucid after a tumultuous over a roughly 50 per cent decline in its
The companies said yesterday that few years that saw it rack up almost shares over the past two years.
Uber would buy at least 20,000 vehicles $6bn in net losses in 2023 and 2024. Activist investor GreenWood Inves-
from Lucid and become the group’s sec- Lucid shares had soared by more than tors, which owns 0.5 per cent of Swatch’s
ond-largest shareholder after the Saudi 46 per cent by lunchtime in New York. shares and has been campaigning for a
Public Investment Fund (PIF). Founder Peter Rawlinson, the former strategic rethink, confirmed yesterday
Under the agreement, customised chief vehicle engineer at Tesla, stepped that it had initiated legal proceedings
versions of Lucid’s Gravity SUV, which down unexpectedly earlier this year and against the company.
uses technology from self-driving Marc Winterhoff was named interim Steven Wood, GreenWood’s founder,
start-up Nuro, will be rolled out over a chief executive. failed in his effort to secure a board seat
six-year period, starting in a large US Lucid stock is still down from its peak at the company’s annual meeting in
city next year. in 2021. The group had to be bailed out May, despite winning the support of
“Autonomous vehicles have enor- by PIF, which owns 58 per cent of the more than 60 per cent of Swatch’s so-
mous potential to transform our cities company after injecting a further $1.5bn called bearer shareholders.
in August last year. PIF is also the fifth- His campaign was in effect blocked by
largest owner of Uber, with 3.5 per cent, the Hayek family, who hold registered
‘This is a starting point for worth $6.6bn after a 50 per cent rise in Mitsubishi is making a bet on the increasing popularity of salmon with its Grieg Seafood deal — Esan Swan/FT shares with greater voting rights.
a longer and bigger the stock this year. Wood was deeply critical of the AGM’s
Uber’s commitment is worth roughly Japanese management is defying supply chain, in part by leveraging a “confusing procedures” and his firm has
relationship’ $2bn based on the cost of the vehicles
HARRY DEMPSEY
AND LEO LEWIS — TOKYO
the gloom in the rest of the global growing craving around the world for applied for a so-called conciliation pro-
Marc Winterhoff, Lucid and additional Nuro sensor kit. Mitsubishi Corporation has agreed a M&A market as it pursues growth, Japanese food. cedure on the basis that the meeting was
Nuro’s technology will be integrated $1bn takeover of salmon farms from with corporate governance Mitsubishi is making a bet on the wrongfully set up. Lawyers on both
for the better,” said Dara Khosrowshahi, during the vehicles’ assembly at Lucid’s Norway’s Grieg Seafood, as corporate reforms gathering momentum and increasing popularity of salmon. It sides will now try to find a resolution but
Uber’s chief executive. “We’re thrilled to factory in Arizona. Japan continues on a record-break- putting it under pressure to put requires significantly less feed than if they fail to do so, the issue may end up
partner with Nuro and Lucid on this Uber declined to comment on the ing M&A trail and increases its influ- its cash hoards to work. other animal proteins, such as being heard in court.
new robotaxi programme, purpose- financial terms of the deal. ence over global food supply chains. One M&A lawyer, who has worked chicken, pork or beef, and therefore “We are confirming that we have filed
built just for the Uber platform.” “This is a starting point for a longer with two of Japan’s largest food pro- has a substantially lower carbon foot- for a conciliation procedure concerning
Uber will also make a “significant” and bigger relationship . . . [It is] vali- The deal by the trading house’s Nor- ducers on recent deals, said there was print. Its production will be lifted 40 the election process of the bearer share-
investment in Nuro — which makes sen- dation by Uber,” Winterhoff said in an wegian subsidiary, Cermaq, for aqua- still a “significant” underlying per cent with the acquisition. holders’ representative at this year’s
sors and self-driving software — and interview. cultures in Norway and Canada, demand for more overseas acquisi- Japanese condiment groups Kik- Swatch AGM,” GreenWood said.
take a board seat. The size of the deal “Robotaxis are anticipated to be a will create the world’s second-largest tions, as companies continue to adjust koman and Kewpie have been build- Swatch said it had not yet “been
has not been disclosed, though it is very large topic, and up until now we salmon farming group, with annual to the shrinking domestic market ing large US factories to expand their served with a complaint or received a
understood to be in the “hundreds of haven’t played in [the market]. Now we production of 280,000 tonnes by with its increasingly strained house- reach into western markets, while request for a conciliation hearing” and
millions of dollars”, with the ride-hail- have a stepping stone.” 2027. hold budgets. Japanese restaurant operators have that it was “not aware of what is to be
ing app joining Nuro’s series E round, Dave Ferguson, Nuro’s co-founder, The transaction carries on a scorch- Some Japanese companies are hold- been on a furious overseas expansion conciliated”.
which has valued it at $6bn. said the 20,000 vehicles represented a ing streak of M&A involving Japanese ing back temporarily, said the lawyer, drive as their home market shrinks. GreenWood may also still request an
The deal is the most substantial yet “minimum vehicle commitment” and companies, after a first-half record of while they wait for more clarity on the Another Japanese trading house, extraordinary meeting as the legal proc-
for Khosrowshahi as he pivots the com- that it would provide an attractive “per 4,700 deals worth a total of ¥20.9tn US tariff situation “but in principle we Marubeni, announced last month it ess plays out. That would require the
pany towards self-driving taxis. Uber mile cost” — the metric by which ride- ($140bn), according to Tokyo-based have clients that are raring to go and was buying Bubbies, an Arizona- backing of 5 per cent of all Swatch share-
has also teamed up with Alphabet’s hailing platforms measure profitability consultancy Recof. That surpassed buy businesses in America and based mochi ice cream company, for holders, with Wood then able to ask for a
Waymo self-driving car unit in the US, — relative to other robotaxi providers. the entirety of last year, and just over Europe”, the person said. an undisclosed sum, as it aimed to tap separate vote among the company’s
China’s Baidu in Asia and the Middle “This is by no means going to be a subsi- half the deals were Japanese groups Japanese food companies have been into the $9bn US novelty ice cream bearer shareholders to be elected as
East and traditional carmakers such as dised product,” he said. reeling in foreign competitors. quietly strengthening their grip on the market. their representative.

Contracts & Tenders

Battle lines are being redrawn around customer data control
tic services, and it’s time to defend our- In a different corner of the software
BUSINESS INSIGHT selves.” The message: We don’t intend to world, Celonis, a start-up from Ger-
surrender higher value services without many, sued SAP earlier this year after it
TECHNOLOGY a fight. said it was blocked from extracting cus-
Software is in the front lines of this tomer data held by the larger software
Richard battle. Salesforce recently sent a tremor
through the industry when it blocked
concern. Celonis’ business, known as
process mining, turns on being able to
Waters other software companies from index-
ing or copying data from Slack, its chat
examine a customers’ operations in
detail to weed out inefficiencies — some-
app for office workers. Slack conversa- thing it can only do if it has access to all
tions contain a mountain of information of a business’s digital processes.

A
about what is going on inside busi- The forces that have provoked con-
s generative artificial intel- nesses, one that other AI companies flicts like these are likely to intensify if
ligence changes the way could mine for insights. AI agents become widely used. Many
people use technology, new Salesforce’s defence is one often heard companies — not just those in the tech
battle lines are being drawn from companies that throttle access to world — dream of offering their custom-
around the control of cus- their systems: it was only “reinforcing ers agents that draw on their services
tomer data. safeguards” to protect its customers. and data to automate activities.
This isn’t just an issue for tech busi- As some AI companies look to suck up Many customers might prefer to use
nesses: any company that holds critical data wholesale to train their latest mod- agents that can roam more freely, tap-
customer data controls a key input in els, a greater degree of wariness cer- ping into different software applications
the new AI economy. To some, charging tainly seems war- and data silos. For this to work, agents
for or outright blocking access to that ranted. But block- Blocking third-party apps would need to “talk” to other agents,
information is starting to seem like a ing third-party negotiating permissions and data
handy defensive strategy. apps that have that have been given access. How the rules of engagement
Last week, Bloomberg revealed that been given explicit explicit customer should be set is a question the tech
JPMorgan had proposed imposing fees customer permis- industry has barely begun to look at.
on fintech companies for accessing its sion looks like a permission looks like a There is one obvious-sounding solu-
customers’ bank accounts. The most clear competitive clear competitive barrier tion to all of this: for anything that
obvious target of such charges are the barrier, and a case involves data that belongs to customers,
payments apps that have eaten into a of lock-in designed to tie customers to a customers themselves should have the
profitable line of business for banks. single company’s services. ultimate say over who has access to it
But new data access fees would also This points to a wider disruption that and how it is used. In some industries,
put a stake in the ground at a time when could be about to hit software. Genera- such as banking, there have been
AI is threatening to disrupt digital serv- tive AI promises to bring new ways to attempts to enshrine that idea in regula-
ices of all kinds, including finance. AI access, collate and present information, tions. In others, it makes sense as a
could give rise, for instance, to any no matter where it comes from. In such default principle.
number of smart financial planning and a world, individual applications are In practice, life won’t be as simple,
advisory tools. These would only work, likely to matter less than they did. and switching costs often prevent cus-
though, if they had freedom to draw on Instead, generative AI-powered assist- tomers defecting when they are
all their users’ financial information, ants and agents could become a more unhappy with their suppliers. Lock-in
putting companies such as JPMorgan in important “front end” to software. comes in different forms and has long
position to act as gatekeepers. For companies that act as “systems of been baked into many tech business
Discussing the importance of cus- record” — holding important data on models. There’s no reason that should
tomer data in a letter to his bank’s behalf of customers — this presents an change with AI.
shareholders this year, CEO Jamie obvious threat. No one wants to be rele-
Dimon declared: “Banks provide fantas- gated to the status of back-end utility. [email protected]
Friday 18 July 2025 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Friday 18 July 2025

COMPANIES & MARKETS

Banks Retail

Brussels warns Madrid over BBVA deal Couche-Tard

drops $46bn
proposal to
EU says Spain’s decision
to block Sabadell merger
that these contravened EU rules on free-
dom of movement of capital.
tion from national governments seeking
to protect their own interests.
cians despite the potential deals being
looked upon favourably by the EU.
claims contravenes the bloc’s banking
regulations as well as rules on the free buy owner of
7-Eleven stores
The letter is a first step in proceedings European policymakers have said Several senior European bankers movement of capital.
contravenes its rules that have the potential to drag on for national governments have been hypo- have pointed to former Italian premier The commission said yesterday that
years and lead to Brussels referring critical by taking a protectionist Mario Draghi’s report on European Spain’s laws giving ministers power to
PAOLA TAMMA — BRUSSELS
BARNEY JOPSON — CUENCA Spain to the European Court of Justice approach while calling for European competitiveness to advocate for merg- intervene in mergers “impinge on the
ORTENCA ALIAJ — LONDON for an alleged breach of EU law. Spain ers and speeding up the integration of exclusive competences of the European
has two months to reply. capital markets across the region. Central Bank and national supervisors
The European Commission yesterday The Spanish economy ministry said
Spanish ministers’ powers Madrid last month blocked BBVA’s under the EU banking regulations”. It
LEO LEWIS AND HARRY DEMPSEY
TOKYO
sent Spain a legal warning over its move that the laws in question “have been in ‘impinge on the exclusive hostile takeover of Sabadell for at least said the powers were “unjustified Canada’s Alimentation Couche-Tard
to block a banking merger between force for several years and have been three years, imposing conditions on the restrictions to the freedom of establish-
BBVA and Banco Sabadell, a deal that applied on several occasions”. It added
competences of the [ECB] would-be acquirer that political oppo- ment and of capital movements”.
has withdrawn its record-breaking
$46bn proposal to acquire Japan’s
would create one of the region’s largest that it would respond to the commission and national supervisors’ nents say aim to scupper the deal. Spain has said it is up to the govern- Seven & i Holdings, bringing an end to
lenders. within two months and “continue to co- BBVA chair Carlos Torres Vila has ment “to determine whether there is its year-long campaign to pull the
In a letter of formal notice, the com- operate constructively with the Euro- integration and a banking union. said the bank will go ahead with its ten- any general interest that must also be 7-Eleven owner to the negotiating table
mission asked Madrid to review its deci- pean institutions to explain and clarify BBVA’s hostile bid for Sabadell and der offer to Sabadell shareholders in the protected”. on friendly terms.
sion to prevent the banks from combin- any legal or technical differences”. UniCredit’s move on Germany’s Com- coming weeks despite the decision. Carlos Cuerpo, Spain’s economy min-
ing for at least three years. The EU and member states have long merzbank last year fuelled optimism Brussels is taking issue with the fact ister, told Capital Radio last week that Couche-Tard, which owns the Circle K
It also demanded that Spain change or talked about building a European bank- about long-awaited consolidation in the the Spanish government is blocking the the government was“fully convinced chain, yesterday said a lack of “con-
drop laws that gave Madrid wide powers ing champion that can rival larger US European banking sector. But both have deal despite approval from the coun- that our regulations . . . are perfectly structive engagement” by Seven & i had
to intervene in bank mergers, arguing lenders, but there has been stiff opposi- struggled to win support from politi- try’s competition authority, a move it aligned with European regulations”. prompted it to withdraw the unsolicited
takeover proposal that would have
resulted in the largest foreign acquisi-
tion of a Japanese company.
Banks Shares in Seven & i fell 9.2 per cent
yesterday to ¥2,008, 22 per cent below

Citi expands the Couche-Tard offer price.

The withdrawal of Couche-Tard’s pro-

its poaching
posal closes a chapter that had electri-
fied the Tokyo stock market and rekin-
dled global investor hopes that a large

of JPMorgan and active market for takeovers of Japa-

nese companies was finally being estab-

dealmakers
lished.
Couche-Tard said in a letter to Seven
& i’s board: “There has been no sincere
or constructive engagement from 7 & i
that would facilitate the advancement
IVAN LEVINGSTON AND of any proposal.”
ARASH MASSOUDI — LONDON
AKILA QUINIO — NEW YORK
It added: “You have engaged in a cal-
culated campaign of obfuscation and
Citigroup is stepping up its poaching of
senior dealmakers from JPMorgan, sig-
nalling the ambitions of its new bank-
‘There has been no sincere
ing chief, Viswas Raghavan, after or constructive engagement
restrictions on hiring from his old bank
recently expired.
from 7 & i that would
facilitate [progress]’
Citi hired Raghavan as head of banking
in February 2024 to bolster its position delay, to the great detriment of 7 & i and
in investment banking, taking him from its shareholders.”
JPMorgan, where he had led the deal- The 2024 bid by the Canadian group,
making division. which placed a hefty 48 per cent pre-
Raghavan has hired at least five senior mium on the pre-bid value of the target
bankers from JPMorgan as he begins to company, had prompted large numbers
build out his team, including recruiting of event-driven hedge fund investors to
his former colleague Achintya Mangla hold the stock.
in a new position as Citi’s head of financ- Traders had predicted a heavy sell-off
ing for investment banking. of Seven & i’s shares, given the large
New York-based Citi said in an inter- number of hedge funds that had bought
nal memo it had hired JPMorgan’s two
senior bankers responsible for its inter- The real thing Donald Trump said Coca-Cola had
agreed to sweeten its signature soft
following the consumer,” said Ramon
Laguarta, Pepsi’s chief executive. “If
Wednesday, but had pared most of
their losses after Wall Street
the stock on the expectation that the
deal would ultimately succeed.

Coke says ‘can

national equity capital markets busi- drink with cane sugar in the US, in the consumer is telling us that they reopened yesterday. Coke shares “Some may guess there is a chance
ness. Aloke Gupte and Alex Watkins what could be a shift from its long-term prefer products that have sugar and were up 0.8 per cent. that Couche-Tard comes back with a
would leave JPMorgan, with Gupte set to use of high fructose corn syrup. they prefer products that have natural John Bode, chief executive of the hostile bid, but I’m not sure how much
become global co-head of equity capital
markets based in London, while Wat- do’ to Trump In a social media post, the US
president said he had been speaking to
ingredients, we will give the consumer
products that have sugar and have
Corn Refiners Association, said:
“Replacing high fructose corn syrup
conviction there will be behind that,”
said one Tokyo-based broker.

sugar request
kins would lead technology financing Coca-Cola about “using REAL Cane natural ingredients.” with cane sugar would cost That the bid emerged at all was widely
from San Francisco, the memo said. Sugar in Coke in the US, and they have US-produced Coca-Cola uses high American food manufacturing jobs, interpreted as evidence that Japan was
They join others to have made the agreed to do so”. He hailed it as a “good fructose corn syrup, a highly processed depress farm income and boost finally opening up to the possibility of
jump, including Drago Rajkovic, Citi’s move” by the Atlanta-based company, sweetener whose effects on health in imports of foreign sugar, all with no large-scale takeovers by foreign buyers.
co-head of M&A, and Sidharth Punshi, adding: “You’ll see. It’s just better.” comparison with other forms of added nutritional benefit.” Several of Seven & i’s largest share-
now leading Citi’s financial sponsors and Trump’s unexpected announcement Coke’s bottlers used cane sugar in holders have said the deal tested Japan’s
alternative assets group across Emea. inserted the White House into a long- US production until the 1980s and wider progress on corporate governance
Not all of Raghavan’s hires have come running debate about the effects on
‘The name sounds continue to use it in most foreign reform, transparency and attention to
from JPMorgan. The bank has also hired health of different types of sugar — and complex, but HFCS is production. In a social media post, shareholder interests.
James Manson-Bahr from Morgan has the potential to delight or alienate Coca-Cola said corn syrup was safe The two sides had agreed to work on a
Stanley and Ed Sankey from HSBC, who farmers in regions of the country
actually just a sweetener and had roughly the same calories solution to address competition author-
are both joining its equity capital mar- where he has strong support. made from corn’ as table sugar. The company added: ities’ fears. These included a possible
kets team in senior roles in London. Neither Trump nor Coca-Cola “The name sounds complex, but sale of 2,000 stores in the US where their
The hiring spree comes as Citi seeks to addressed questions about the sugars has long been a source of high fructose corn syrup (HFCS) — store footprint significantly overlapped.
boost returns at its investment bank, potential shift late on Wednesday, controversy. which we use to sweeten some of The Canadian group’s approach
notably with a push in leveraged including how Coca-Cola would source HFCS is derived from corn, whose our beverages — is actually just a prompted the Japanese retail group to
finance. The inflow of bankers from the volumes of cane sugar it would base of production is in Midwestern sweetener made from corn.” overhaul management, sell a stake in
JPMorgan is also part of a broader tussle need or whether any cane-based cola farm states such as Illinois, Iowa and Trump’s announcement comes as domestic general merchandise stores
for talent between the banks, with the would replace or complement current Nebraska in rural counties that largely his health secretary Robert F and draw up plans to list its US arm.
Wall Street rival poaching private drink ingredients. Coca-Cola said: “We voted for Trump in the 2024 Kennedy Jr pursues a broader Seven & i confirmed the end of talks
equity bankers Anthony Diamandakis appreciate President Trump’s presidential election. US sugarcane is crackdown on highly processed and the withdrawal of Couche-Tard’s
and Theodoros Giatrakos from Citi. enthusiasm for our iconic Coca-Cola principally grown in the warm Gulf foods. The White House this week proposal. “While we are disappointed
JPMorgan declined to comment. Citi brand. More details on new innovative Coast states of Florida and Louisiana, announced dozens of ice cream by ACT’s decision, and disagree with
declined to comment beyond confirm- offerings within our Coca-Cola product while additional cane sugar is imported companies, representing more than their numerous mischaracterisations,
ing the new hires, which were first range will be shared soon.” under a tariff quota system. 90 per cent of the ice cream volume we are not surprised,” Seven & i said.
reported by Bloomberg. Back to the future: Coca-Cola While Coke’s plans remained vague, Shares of Archer Daniels Midland sold in the US, had pledged to stop Since the initial proposal, there had
In second-quarter earnings this week used cane sugar in US production Trump’s statement rippled through the and Ingredion, two of the largest using certified artificial colours in been significant changes in the global
JPMorgan’s $2.5bn in investment bank- until the 1980s and still uses it in beverage industry. Rival soft-drink publicly traded corn processors, their frozen dairy products. economy, exchange rates and markets,
ing fees was more than double Citi’s. most foreign production maker PepsiCo was asked about it in an respectively plunged 6.3 per cent and Peter Wells and Gregory Meyer in New it said. Seven & i added that it remained
Additional reporting by Joshua Franklin in Howard Harrison / Alamy Stock Photo
earnings call yesterday. “We’re 8.9 per cent in after-hours trading on York committed to its own plan, which it
New York described as “concrete and actionable”.

Technology Technology

Meta settles Delaware data breaches case TSMC profits hit record level on AI demand
SUJEET INDAP Analytica gaining access to vast anticipated as the first Delaware trial KATHRIN HILLE — TAIPEI year to 30 per cent. But that outlook day that the impact of US President
WILMINGTON, DELAWARE
amounts of user information. The terms where a board faced potential liability implies a revenue contraction in the Donald Trump’s tariff policies was less
Meta has agreed to settle a lawsuit that of yesterday settlement were undis- for a company’s operational failures. Booming AI demand helped Taiwan final quarter of 2025. negative than expected. It also issued
had accused its directors of costing the closed but are expected to be filed with Such lawsuits have been typically dis- Semiconductor Manufacturing Com- “We become more conservative,” Wei guidance that was more cautious than
company billions of dollars by failing to the Delaware Court of Chancery in the missed, though in recent years, plain- pany to its highest quarterly net profit, said. analysts had anticipated.
prevent breaches of user data. coming weeks. tiffs’ lawyers have been more able to but the world’s largest chip manufac- TSMC said it was not seeing any The rapid appreciation of the New
A person familiar with the negotia- reach agreements with boards that did turer gave a more cautious outlook, cit- change in customer demand so far, but Taiwan dollar, which has gained 12 per
A lawyer representing company share- tions said that talks had been taking not want to face operational misconduct ing risks from US tariffs and foreign cent against the US dollar this year,
holders suing the social media group place for months and had continued allegations in open court. exchange volatility. is already eating into TSMC’s profitabil-
told a Delaware judge yesterday that the after the trial started. This person added Meta, which is controlled by Zucker- The Taiwanese ity. Nearly all of the company’s revenues
chipmaker has
parties had reached the deal on the sec- that Meta’s insurance policy for direc- berg, has faced a series of lawsuits in the TSMC reported NT$398.3bn raised its sales are in US dollars, while 75 per cent of its
ond day of a scheduled eight-day trial tors and officers would cover the cost. Delaware court in recent years. In the (US$13.5bn) in net earnings yesterday forecast but says cost of goods sold is incurred in its home
where some of its biggest executives and Jeff Zients, a Meta director between current case, the board had been for the second quarter, a 60.7 per cent dollar weakness country’s currency.
directors were due to testify. 2018 and 2020, who later served as chief accused of striking the FTC penalty in a jump year on year, along with a 39 per poses a threat TSMC forecast its gross margin would
The plaintiffs — a handful of pensions of staff to US President Joe Biden, testi- way that avoided personal culpability cent leap in revenues to NT$933.8bn. decrease to a level between 55.5 and 57.5
with small holdings in Meta — had fied on Wednesday. Marc Andreessen, for the Meta founder. Chief executive CC Wei attributed the pointed to the risk that US tariff policies per cent from 58.6 per cent in the second
alleged the Meta board had actively dis- the billionaire venture capitalist, who The lawsuit also accused Zuckerberg record results to “continued robust could affect consumers and that the quarter, as costs from the expansion of
regarded a 2012 agreement with the US has been a Meta director since 2008, of insider trading for selling some of his demand” for AI and high-performance weakening US dollar could undermine new plants in the US and the less favour-
Federal Trade Commission to safeguard was expected to take the stand yester- Meta shares with knowledge of the com- computing applications. growth and profitability. able exchange rate took their toll.
the data of Facebook users. day. Mark Zuckerberg and former chief pany’s user data mismanagement. The company said it expected reve- The cautious outlook comes after Earlier this year, TSMC raised its US
Meta in 2019 settled for $5bn with the operating officer Sheryl Sandberg were Meta declined to comment. Lawyers nues to increase by another 38 per cent ASML, the world’s sole supplier of the investment plans from a previous com-
FTC charges that inadequate data safety expected to appear in court next week. for the suing shareholders did not year on year in the current quarter and lithography machines needed for mak- mitment of $65bn to a new total of
policies led to the likes of Cambridge The showdown had been highly respond to a request for comment. raised its growth forecast for the full ing cutting-edge chips, said on Wednes- $165bn.
Friday 18 July 2025 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

GM’s South Korea plants leave US

Automobiles

Volvo Cars
reports cash
carmaker subject to Trump tariffs flow increase
despite loss
Detroit auto company is making big savings on labour costs but now faces prospect of 25% levy
KANA INAGAKI — LONDON
CHRISTIAN DAVIES AND
SONG JUNG-A — SEOUL Volvo Cars reported its first operating
KANA INAGAKI — LONDON loss since its 2021 listing — on US tariffs
and restructuring costs — although
General Motors is under pressure to
investors were cheered by the prospect
clarify its plans for the future of a key
of improving cash flow on the back of
manufacturing hub in South Korea, as
its turnaround plan.
the country’s trade talks with the
Trump administration to mitigate steep Shares in the Swedish group, owned by
car tariffs remain unresolved. China’s Geely, briefly rose by over 10 per
GM Korea’s two carmaking plants cent yesterday as its chief executive
produce affordable compact vehicles, pointed to its renewed focus on cash
principally for the North American flow.
market, accounting for nearly 17 per “It has been a continuous investing of
cent of the group’s US vehicle sales. too much cash and I think now it’s also
That puts the Detroit auto company at good for the market to hear that we’re
the heart of Donald Trump’s trade war, focusing on cash flow and that we have
with executives counting on Washing- our big investments behind us,” said
ton to strike a deal with Seoul that would chief executive Håkan Samuelsson in an
lower a 25 per cent tariff imposed in interview.
April. Volvo Cars reported an increase in
If talks fail, analysts say it would cash flow to SKr9.4bn in the second
require a rejig of GM’s global manufac- quarter compared with SKr3.9bn a year
turing footprint, following retreats from earlier.
Europe, Vietnam and Australia in the The carmaker recorded an operating
past decade. loss of SKr10bn ($1bn) for the April to
The company warned in May that June quarter, compared with a profit of
Trump administration tariffs could SKr8bn a year earlier and an average
reduce its adjusted profits by up to $5bn analyst estimate of a profit of SKr2.3bn,
this year, of which $2bn would be due to according to S&P Capital IQ. Revenue
tariffs imposed on vehicles imported also declined 8 per cent to SKr 93.5bn as
from South Korea. retail sales declined in markets includ-
“We’re very worried about the possi- ing Europe and China.
bility of GM’s exit from Korea,” said Ahn The results from Volvo Cars kick off
Kyu-baek, leader of GM Korea’s labour what analysts expect to be a challenging
union, which is threatening a walkout season for the automotive industry as
over pay and management’s plan to companies grapple with the fallout of US
close down local service centres and sell President Donald Trump’s trade war.
off underused land and assets. Earlier in the week, the company
GM Korea was established in 2002, warned of a one-off charge of SKr11.4bn
following the group's acquisition of the and said it had been unable to sell its
carmaking assets of the bankrupt new ES90 — built in China — profitably
Korean conglomerate Daewoo, in the in the US due to the 147.5 per cent tariff
aftermath of the Asian financial crisis of Trump has imposed on imports from
the late 1990s. China and of foreign-made cars. “It’s a
However, the business has long strug- sedan well-suited for the US market. But
gled with rising labour costs, as well as with the tariff situation, we don’t see a
overcapacity resulting from GM scaling path forward,” chief financial officer
back its global ambitions in the wake of Fredrik Hansson said.
the global financial crisis in 2008. In Volvo Cars has also struggled with
2018, GM Korea received a bailout from Future on operations, adding that it was hopeful are being extended with a new deadline ‘If the 25% between the Korean and US govern- software issues with its flagship EX90
the South Korean government in the the line: an tariffs would be reduced. of August 1. ments around trade policy.” SUV — which has led to delay of about
form of a capital injection from the assembly “The business we have over there is Kim Pil-soo, professor of auto engi- tariffs are GM is also vulnerable to tariffs affect- two years. Excluding the one-off charge,
state-owned Korea Development Bank worker at really strong. The vehicles have proba- neering at Daelim University in Seoul, maintained, ing its operations in Canada and Mexico, however, Bernstein analyst Harry Mar-
(KDB). GM Korea’s bly never been better in terms of what noted GM Korea had enjoyed limited where it makes about half the vehicles it tin noted that the company’s results
Ahn said General Motors had made a Bupyeong plant we’re bringing over. And I think there’s success in the South Korean market, GM Korea sells in the US. were “better than feared across all met-
commitment to stay in Korea for the in Incheon still a lot of opportunity there,” he said. with 85 per cent of its output sold in the can’t Analysts note that, as an American rics” including cash flow as it sold more
duration of the 10-year bailout deal. (below) A tariff deal has proved elusive, how- US. That has left it even more exposed to automaker importing large numbers of emissions credits in the second quarter
“They may not leave the country imme- Kim Hong-Ji/Reuters
ever. This month, Yeo Han-koo, South tariffs than fellow Korean carmakers survive vehicles from abroad, GM would have to than in all of 2024.
diately, but they seem to be preparing to Korea’s trade minister, repeated Seoul’s Hyundai and Kia, both of which have a and the weigh cost considerations against the Rival carmakers lagging behind in
leave in 2028 after their agreement with call for the removal of US tariffs on manufacturing presence in the US. risk of incurring the displeasure of a sales of electric vehicles have bought
the KDB expires,” he said. South Korean auto imports, after the “If the 25 per cent tariffs are main- factories Trump administration determined to credits from Volvo Cars to meet the EU’s
GM Korea declined to comment on two countries failed to reach an agree- tained, GM Korea can’t survive and the will be return auto manufacturing to the US. tough emissions regulations. Hansson
speculation about the company’s future. ment ahead of a US deadline. The talks factories will be closed,” said Kim. “If, But Lee Ho-geun, professor of future said the company did not expect to sell
It and the Korea Development Bank however, tariffs fall below 10 per cent, closed’ vehicles at Daeduk University in Dae- more carbon credits in the US due to
both declined to comment on the con- GM can absorb the shock by raising jeon, said that, with the cost of produc- changes in legislation under Trump.
tents of the 2018 bailout agreement. prices and cutting costs.” ing smaller cars up to 40 per cent higher The company has announced 3,000
Driven by the popularity of its com- Dan Levy, an equities analyst at Bar- in the US than in South Korea, GM could job cuts globally to save costs — which
pact Chevrolet Trax crossover and clays, wrote in a research note that, of be persuaded to maintain its Korean has led to a restructuring charge of
Trailblazer models in the US, GM the three big Detroit-based carmakers, presence even if steep tariffs were to Skr1.4bn in the second quarter. It is also
Korea sold 499,559 vehicles in 2024, its “GM would see the most negative remain — especially if they were to be increasing production in South Carolina
highest total since 2017 and a 6.7 per impact from an ‘unfavourable’ trade offered fresh inducements by Seoul. to offset tariffs and revealed on Wednes-
cent increase over the previous year, deal with South Korea”. Lee said that, while Korea still had its day it would start producing its XC60
despite domestic sales in Korea falling “We suspect [GM Korea’s] vehicles merits as a production base, “GM’s big- mid-size SUV in the US from late 2026.
by 36 per cent. are uneconomical with the current auto gest difficulties in doing business in Samuelsson said the company also
Overall sales have since declined by tariff policy, yet GM’s continued import Korea are unstable labour relations, hoped to recover market share in
more than 7 per cent in the first five of such vehicles is likely a reflection that increasing labour costs and regulatory Europe by increasing production of the
months of 2025 compared with the they expect a trade deal ahead with uncertainties”. EX30 electric car, which is now made at
same period last year. However, at a Korea,” he added. “We believe this deal But he added it would not “make eco- its Ghent plant in Belgium, as well as in
Bernstein Conference in late May, Paul could, however, take longer than nomic sense to produce small-size SUVs China, to address the EU’s higher tariffs
Jacobson, GM’s chief financial officer, expected.” in the US or Mexico, because wages are on imports of China-made EVs. The
said the company would not rush to A GM spokesperson said: “We con- too high in the US, and Mexico is not free group will launch its first long-range
make a long-term decision on its Korean tinue to monitor closely discussions from tariffs either”. plug-in hybrid in China later this year.

Automobiles. Development times

Renault learns from Chinese rivals with plans for speedy rollout of new EV models
French carmaker leverages its have yet to implement the speed prom- other legacy carmakers that follow, can house development of components are a long time from the Europeans, and of the risk that the end products will
ised by Renault. produce a continuous flow of vehicles among the factors that make this per- now we’re turning this around so we start to look similar. Haak stressed that
relatively small scale to focus “We have a chance in Renault to be that match China for speed and cost. formance possible. learn something from them,” said Guido Renault could still differentiate its cars
small in volume, very focused on our According to Alexandre Marian, part- “On all levels it helps them win,” Mar- Haak, Renault’s chief programme with exterior design as well as experi-
on nimbleness and simplicity markets . . . and be faster than the big ner at AlixPartners, not only can Chi- ian added. officer. ence inside the car.
Volkswagen or Stellantis,” said Cédric nese carmakers bring new cars to mar- Combemorel said the faster develop- A bigger challenge for Renault is “cul- “With the Chinese, you have a lot of
KANA INAGAKI — GUYANCOURT Combemorel, its deputy chief technol- ket at twice the speed, they can do so ment cycle also required fewer and sim- ture change” internally and among its very similar cars,” he said.
IAN JOHNSTON — PARIS ogy officer. with up to 50 per cent less investment pler parts. For example, including the suppliers, which will need to demon- “The most important thing is to
Renault is preparing more than 20 new Renault, which this week named while using parts that are 30 per cent number of vehicle colours, Renault also strate that their components are not understand your customer needs and
models that will each be developed in finance chief Duncan Minto as interim cheaper than their western competi- used to offer up to 220 options to con- only essential but can also be developed that is what should differentiate us. If
less than two years in one of the most chief executive and also lowered its tors. sumers — compared with just 15 for faster. we’re not doing that, we have lost it.”
ambitious projects as western carmak- annual guidance, will release an all- Tighter deadlines, faster decision- some Chinese brands. To accelerate the shift, Renault has
ers turn to fewer components and artifi- electric new Twingo next year, after two making, software development and in- “Frankly, the Chinese have learnt for invested €26mn to build a simulation
cial intelligence to match the engineer- years of development compared with centre just outside Paris that houses an
ing speed of Chinese rivals. the four it previously took. Chinese carmakers take half the time 8 tonne carbon-fibre pod to test proto- Legal Notices
The French group and other legacy After Twingo, it has more than 20 types of future vehicles on virtual roads
carmakers from Volkswagen and Nissan projects, including its new Dacia min- Product development duration (months) to save both time and cost.
to Stellantis are dismantling and study- icar, which it aims to launch in 2027. Manufacturing readiness For each new model, a so-called “dig-
ing vehicles made by BYD and other The Dacia minicar was developed in ital twin” is created so that designers
Chinese carmakers, hiring Chinese engi- just 16 months — a record for western and engineers anywhere in the world
Strategic Concept Design Product
neers and learning from joint venture brands and even faster than the Chinese Western and can work on vehicle development
phase phase validation validation 2 40
partners in China to compete against average development time of 18 to 20 Asian groups together virtually, and problems can be
6 6 8 18
new products that are cheaper and yet months. Both vehicles will be produced resolved before a physical prototype is
equipped with more advanced software. at its plant in Slovenia. created.
What sets Renault apart is its ability The strategy was developed by Luca Renault also uses artificial intelli-
to leverage its smaller scale, making it de Meo, who is to take over luxury group gence to monitor any risks that could
nimbler in adapting to market changes, Kering, but executives say Renault will cause disruptions to its supply chains —
Chinese
building a continuous flow of new elec- continue to find ways to execute his 2 4 6 6 2 20 which it claims has also helped to cut
groups
tric vehicles in half the time it histori- plans even after his departure. vehicle delivery times by 60 per cent.
cally took to build a car. Despite Renault’s optimism over exe- As western carmakers use the same
While other non-Chinese carmakers cuting its strategy, rival executives ques- methods to make vehicles as their Chi-
Source: Alix Partners
have announced similar ambitions, they tion whether the French group, and nese counterparts, some analysts warn
10 ★ FINANCIAL TIMES Friday 18 July 2025

COMPANIES & MARKETS

Currencies. Central bank independence Equities

Exchange
Trump’s escalating attacks bosses warn
on Fed unnerve investors IPOs ‘under
threat’ from
private capital
NIKOU ASGARI — LONDON

Exchange executives have warned that

public markets are “under threat” from
the rapid rise of private capital after a
slump in global stock listings.
The World Federation of Exchanges,
an umbrella group for exchanges
around the world, said the numbers
were a sign of complacency about the
“vitality and durability” of public mar-
kets.
“The fundamental role of public mar-
kets in supporting innovation, job crea-
tion, and equitable wealth distribution
is under threat,” WFE chief executive
Nandini Sukumar wrote in an open
letter yesterday signed by senior execu-
tives from 18 exchange groups, includ-
ing Nasdaq, Deutsche Börse and Hong
Kong Exchanges and Clearing.
WFE data showed that 1,133 initial
public offerings took place globally in
2024 compared with 1,459 in 2020 — a
22 per cent decline over five years.
The warning comes as politicians and
regulators globally are grappling with
how to revitalise their national stock
markets, many of which have faced a
lack of listings in recent years as compa-
nies choose to stay private for longer.
Earlier this week, UK chancellor
Rachel Reeves emphasised efforts to

of a risk-off in US assets, as opposed to laid out in the original plans — including In the frame: rose to multi-month highs on Wednes-
Declining liquidity and
Powell criticism lifts long-term valuations in public
purely just a dovish policy shock”. special elevators, beehives and roof ter- investors day as Trump’s meeting with lawmak-
inflation expectations and The Wall Street bank added: “The races — had been scrapped. broadly expect ers heightened concerns about the cen-
markets have ‘led to a
back-and-forth serves as an important “Attacking the independence of the Jay Powell will tral bank’s independence.
prompts swings in the dollar reminder of the volatile and uncertain central bank, or putting some sort of serve as chair of This move has been particularly pro- worrying dislocation’
US policy agenda that extends beyond hack there who is going to do some the US Federal nounced in longer-term break-even
KATE DUGUID — NEW YORK just trade and tariff policy.” sort of bidding on the interest rate, this Reserve until his rates, reflecting growing concerns that a boost London’s stock market by simpli-
IAN SMITH — LONDON Trump and his allies are attacking looks to me like Turkey,” said Desmond term ends next more pliant US central bank could fying the listing process for companies.
CLAIRE JONES — WASHINGTON
Powell on two fronts. The president, Lachman, of the American Enterprise May but fresh struggle to curb inflation in the years to Late last year, the EU introduced list-
President Donald Trump’s escalating who has referred to Powell as a “numb- Institute think-tank, referring to Turk- doubts have come. ings rules to make it easier to go public
attacks on the US Federal Reserve have skull”, has called on the Fed to slash ish President Recep Tayyip Erdoğan’s been raised Ten-year US break-evens climbed and more attractive for company execu-
rattled financial markets with investors rates by as much as 3 percentage points repeated sacking of central bank chiefs Al Drago/Bloomberg
above 2.4 per cent on Wednesday to tives to float their businesses.
increasingly concerned about risks to from their current level of 4.25 per cent for failing to cede to his calls for low their highest level since February. They The WFE said the rise of private capi-
the central bank’s independence and to 4.5 per cent. interest rates. were below 2.1 per cent as recently as tal and alternative assets such as crypto-
long-term ability to fight inflation. The Fed has, however, refrained from Investors broadly expect Powell will April. currencies, alongside declining public
The US dollar, a proxy for the health cutting rates, partially over concerns serve as chair until his term ends next “Part of the move higher in break- market liquidity and valuations, “has
of the world’s biggest economy, tumbled that Trump’s tariffs will stoke inflation. May but Trump’s assault on the Fed has evens at the long end has to do with the led to a worrying dislocation”, adding
1.2 per cent against a basket of peers on Senior administration officials are prompted speculation over whether the perception that you might have a more that the issue was most acute in Europe
Wednesday immediately after reports also claiming Powell has botched a president will nominate a successor who dovish Fed going forward,” said Durham and Asia.
saying the US president had asked a $2.5bn renovation of the central bank’s is more amenable to his preference for Abric, head of US inflation at Citadel Private equity groups globally are fac-
group of lawmakers whether he should Washington headquarters with Russell low interest rates. Securities. Inflationary pressure from ing a backlog of unsold assets and many
sack Fed chief Jay Powell. Vought, Office of Management and Analysts said fears that pressure on tariffs is also a factor. are rethinking their exit strategies as
It subsequently pared its losses in Budget director, alleging that the project the Fed could lead to lower rates was one Mark Dowding, chief investment they concede that the multiyear stagna-
trading during the session. was “grossly” mismanaged and “osten- factor pushing up market expectations officer for fixed income at RBC BlueBay tion in IPOs is unlikely to end soon.
Trump later insisted that it was tatious”. of long-term inflation in recent weeks. Asset Management, said worries over “Companies are staying private
“highly unlikely” he would imminently Powell has called these claims “inac- Market-based measures of expected Fed independence were helping to push longer or bypassing public markets
fire the Fed chair — steadying the dollar curate” and said many of the features inflation — known as break-even rates — break-evens higher. entirely,” said Sukumar. “Investors are
— but the incident highlighted how the “If Powell is ousted, then the assump- looking elsewhere.”
president’s intensifying criticism of Dollar swings on Fed worries Long-term borrowing costs rise tion is a new Fed chair [will be] nomi- Bankers had hoped for a listings ren-
Powell was affecting markets. nated in order to do Trump’s bidding by aissance this year but some high-profile
US Dollar index 30-year US Treasury yield (%)
“Even after pulling back, there is an cutting rates aggressively,” he added. deals have been derailed by the volatil-
increased chance that Trump will fire 99.0 5.0 The yield on 30-year Treasuries, espe- ity sparked by US President Donald
Powell . . . you can see it in the mar- 98.8 4.8 ‘There is an cially sensitive to the outlook for infla- Trump’s trade war — German medical
kets,” said Bill Campbell, a portfolio tion, has climbed above 5 per cent this technology company Brainlab and car
manager at bond-focused asset man- 98.6 4.6 increased week and the additional interest rate on parts retailer Autodoc delayed listings.
ager DoubleLine. 98.4 4.4 chance that the debt compared with short-dated The dearth of IPOs has come despite
Michael Feroli, JPMorgan’s chief US Treasuries is close to its highest since several stock market indices, including
economist, added in a note to clients 98.2 4.2 Trump will early 2022. Our global the FTSE 100 and S&P 500, hitting
that “the immediate crisis may have 98.0
4.0 fire Powell; Mike Riddell, a fund manager at team gives you record highs this year.
passed, though we doubt we are entirely Fidelity International, said the greater market-moving The WFE called on global policymak-
done with this saga”.
97.8
3.8 you can see interest rate being demanded on long- news and views, ers, regulators, companies and investors
Goldman Sachs noted that the market 97.6
reaction, which also included a brief 6am 8am 10am 12pm
Aug
2024
Jan
2025
Apr Jul
it in the term debt was “the reaction you’d
expect to see if the market was fretting
24 hours a day
ft.com/markets
to focus on reviving stock markets by
aligning public and private markets —
decline in equities, was “characteristic Source: FactSet • Jul 16, New York time Source: LSEG markets’ over central bank independence”. instead of seeing them as competitors.

Aerospace & defence Financials

Jet engine maker GE lifts outlook on Activist fund Elliott Management

easing US tariff tensions with China builds stake in Global Payments
PETER WELLS — NEW YORK Culp said the company would keep guided towards “low-double-digits” OLIVER BARNES — LONDON Although the stock has since rallied, three-way agreement means that it does
working with regulators. growth in April. its market capitalisation of $19bn not require a shareholder vote.
Jet engine maker GE Aerospace Activist hedge fund Elliott Manage-
Chief financial officer Rahul Ghai told Ghai told analysts that in the absence means the company is trading at seven But, as a large investor, the fund could
boosted its outlook for the remainder ment has built a sizeable stake in
analysts that the aerospace and defence of the US imposing reciprocal tariffs on times earnings — among the lowest lev- seek to influence how management and
of the year, expressing optimism that Global Payments as the payment
group still expected the net impact of China, there was “reduced risk” for els across the industry. the board go about integrating World-
easing trade tensions between the US processing group looks to win back
tariffs would be $500mn, unchanged engine and spare parts deliveries to the Conversely, shares in rival FIS, which pay into the wider business. Elliott and
and China should prevent a steep investors after its $24.2bn acquisition
from the company’s April prediction. world’s second-largest economy, an exited its 45 per cent stake in Worldpay Global Payments declined to comment.
drop-off for its business in the world’s of Worldpay caused shares to plunge to
GE boosted guidance for the remain- important growth market for GE. and bought Global Payments’ issuer Global Payments is among the pay-
second-largest economy. a 10-year low, said people familiar with
der of 2025, lifting its forecast ranges for Ghai said the situation gave them con- solutions business for $13.5bn as part of ment processing companies with legacy
the matter.
The rosy outlook accompanied an operating profit and free cash flow. fidence to increase their revenue out- the deal, soared on the day. technology systems that have been
announcement of a forecast-beating The Ohio-headquartered company look for its commercial engines divi- The investment comes as the Atlanta- To fund the deal, Global Payments cut worst hit by competition from software-
second quarter, aided by a big order said it forecast “mid-teens” percentage sion, which represents more than 70 per based payments group plots its future focused rivals such as Stripe, Adyen and
from Qatar Airways and reduced eco- growth in adjusted revenue, having cent of the company’s total revenue. after buying Worldpay earlier this year Toast.
nomic concerns, and a pledge for a 20 The US has reached trade deals with in its biggest acquisition to date as it
‘Certainly it’s not lost on As part of a wave of consolidation
per cent increase in capital returns to the UK, China, Vietnam and Indonesia, tries to expand its core business of us that the timing, across the sector in 2019, Global Pay-
shareholders over the medium term. though it has only produced a written processing payments for merchants. ments and rivals Fiserv and FIS each
Although US reporting season is in its agreement with Britain. The three-way, cash-and-shares
perhaps from a market struck their own megadeals, spending
early stages, the sense of pessimism has Culp commended the trade agree- acquisition with private equity group standpoint, wasn’t ideal’ more than $90bn between them.
receded among some businesses from ment between Washington and London, GTCR and financial technology com- But investor sentiment around most
three months ago as Trump has scaled which ensured that UK exports of jet pany Fidelity Information Services its capital returns target between 2025 of those acquisitions soured, leading
back some of his tariff plans. engines and other aerospace compo- came as a surprise to investors. and 2027 from $7.5bn to $7bn, reversing several of the deals to be unwound.
GE chief executive Larry Culp nents to the US would be tariff-free. It jarred with pledges from Global course on its promise to prioritise share At an investor conference in May, Glo-
extended sympathies to the families The company expects to increase cap- Payments’ management to focus on buybacks and dividends. bal Payments’ chief executive Cameron
and friends of those who died in Air ital returns to shareholders from 2024 divestments and returning cash to But the company has said it will boost Bready blamed the poor reaction to the
India’s fatal crash on June 12. to 2026 by 20 per cent to $24bn. The shareholders. its capital returns from 2028 onwards. It Worldpay acquisition on the deal land-
GE’s engines powered the Boeing company said it planned to return at Elliott’s demands and the size of its also announced plans to take on $7.7bn ing in the aftermath of President Donald
Dreamliner jet and Indian investigators’ least 70 per cent of free cash flow via div- stake could not be established. When worth of debt financing just as fears of Trump’s tariff policy upending markets.
preliminary report into the crash last idends and buybacks beyond 2026. the Worldpay deal was announced in an economic slowdown grow. “Certainly it’s not lost on us that the
week recommended no actions to be GE Aerospace expects to increase GE shares fell 2 per cent by midday April, shares in Global Payments fell Elliott cannot block the deal before it timing, perhaps from a market stand-
taken against GE and Boeing. capital returns to shareholders trading on Wall Street yesterday. 17.5 per cent on the day. closes because the structure of the point, wasn’t ideal,” Bready said.
Friday 18 July 2025 ★ FINANCIAL TIMES 11

COMPANIES & MARKETS

The day in the markets Bond vigilante fears

What you need to know
must not curb EU
3 Global stocks rise as strong US
defence ambitions
economic data cheers investors
Engineering company ABB jumps
3 Wall Street’s Nasdaq Composite index Share price (SFr)
hits record high
3 Yen slips as traders keep wary eye on
election that could tilt fiscal policy
55
Katharine Neiss
Global stocks rose yesterday as strong
American economic data cheered
50 Markets Insight
investors amid waning fears over the

A
independence of the US Federal Reserve.
US retail sales rose more than expected s Europe prepares to give. For some commentators, this should not be viewed as acceptable.
in June while jobless claims for the 45 increase investment in means politically difficult cuts in social Defence spending itself would be
previous week came in lower than defence, there are consid- spending. But making one-for-one cuts growth enhancing, even accepting this
expected. erable obstacles to achiev- to social spending is not necessary. is likely to be less than for other types of
Markets had been rattled on ing the target agreed by At a shade over 80 per cent, the EU as government spending. And a return to
Wednesday after reports that President 40 Nato members of spending 5 per cent of a whole has the lowest debt-to-GDP of the EU’s pre-pandemic average of 1.4
Donald Trump had asked a group of GDP a year on the sector by 2035. any large economy. China, Japan, the US per cent annual growth in real terms
lawmakers whether he should sack Fed Can the region’s leadership, for exam- and the UK all have higher — indeed would more than pay for the required
chair Jay Powell. ple, rise to the occasion and do what is much, much higher — debt-to-GDP increase to ensure Europe’s security.
The dollar fell sharply on the news but 35 blindingly obvious? Namely, deepen ratios than the EU. As former Italian prime minister and
then recovered later on Wednesday after integration to become more economi- Financial markets will want to see evi- European Central Bank president Mario
Jan Feb Mar Apr May Jun Jul
the president insisted that it was “highly 2025 cally independent and commit to credi- dence that any collective defence effort Draghi made clear in his recent report
unlikely” that he would imminently fire Source: LSEG
ble plans that meet the Nato aspiration. is structured appropriately so that it is on EU competitiveness, growth could be
the central banker. But one obstacle should not be seen as credible from a fiscal sustainability enhanced by tapping the benefits of the
Investor nerves appeared to have potentially holding back the plans — the point of view — that is, with efficiency single market more.
eased further yesterday with gauges of Jerome Powell with the dollar, equities products used in data centres. ABB’s financial market reaction. savings for joint procurement and, The IMF has estimated that reducing
market volatility back down, haven assets and short rates likely to fall but long rates share price climbed 9.9 per cent. The idea that a substantial increase in internal EU barriers to trade could boost
such as gold selling off and stocks rising. potentially surging,” said Jonas A sub-index of the Stoxx 600 that defence spending would trigger a productivity by a whopping 7 percent-
Wall Street’s blue-chip S&P 500 index Goltermann, deputy chief markets contains tech stocks ticked up 2.1 per cent. response by investors that would disci- The idea that a substantial age points — more than enough to cover
was 0.4 per cent higher by early economist at Capital Economics. London’s FTSE 100 rose 0.5 per cent pline governments not only risks feed- rise in military spending increased defence spending — while
afternoon trading in New York. “Long story short, it’s not a pretty with data showing that UK wage growth ing inaction but is erroneous. preserving key pillars of the social wel-
The tech-heavy Nasdaq Composite picture,” Goltermann added. slowed and payroll employment fell. While the political difficulties are real, would trigger a response fare system.
rose 0.8 per cent to hit an all-time high. Across the Atlantic, the broad Stoxx The yen slipped, falling 0.4 per cent the economic challenges are far from by investors is erroneous The points made here highlight that
After its sharp dip on Wednesday the Europe 600 index gained 1 per cent. against the strengthening dollar. The insurmountable. the barriers in Europe are not economic
dollar extended its rebound, rising 0.2 per Frankfurt’s Xetra Dax rose 1.5 per cent Japanese currency has been weakening To put things into context, the but political. These are often framed
cent against a basket of rival currencies. and Paris’s Cac 40 firmed 1.3 per cent. in recent weeks as investors keep a close Russian economy is about the same size crucially, a strategic plan to benefit around the unwillingness of member
“The market reaction [on Wednesday] Swiss engineering group ABB was eye on an election in the upper house as Italy’s. Russia’s GDP is just 10 per cent economically from the potential invest- states to relinquish sovereignty by dele-
provided a taste of what might be to among the leaders in Europe. The that could have an impact on fiscal policy. of EU GDP. Moreover, at about 450mn, ment spillovers. gating decision making to a collective.
come if President Trump followed company reported its highest quarterly Gold slipped 0.3 per cent to trade at the population of the EU is three times Managed well, the EU could issue But the current situation of sovereignty
through his threat to fire Fed chair order intake, boosted by its sales of $3,338 a troy ounce. Emily Herbert larger than that of Russia. more collective debt to help finance is an illusion.
Matching Russia’s defence spending — increased defence. The status of debt Member states, as illustrated perhaps
recently dialled up to 6 per cent of its would be akin to a sovereign, thus low- most prominently by Germany, are
Markets update GDP — would equate to about €120bn, ering borrowing costs. dependent on countries outside of
which is a very modest 0.6 per cent of At the same time, more collective Europe for growth, energy and security.
EU GDP. issuance would deepen the pool of capi- The irony therefore is that working
To put that number into context, gov- tal to drive economic growth at home. together to achieve a common goal of
US Eurozone Japan UK China Brazil ernments across the EU collectively Recall that, while more fiscal spend- security would significantly enhance
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa raised spending within a matter of ing was destabilising during the sover- the sovereignty of EU member states.
Level 6293.51 2168.46 39901.19 8972.64 3516.83 135173.54 months to more than 10 times that eign debt crisis, markets positively The economics are not standing in the
% change on day 0.48 1.02 0.60 0.52 0.37 -0.25 amount in the face of the Covid cri- embraced the increase in EU debt aimed way and financial markets are not likely
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ sis. When framed in this way, the num- at investment in the pandemic. to either.
Level 98.787 1.159 148.495 1.341 7.180 5.562 bers start to look more manageable. Finally, difficult trade-offs would be
% change on day 0.401 -0.086 0.030 0.149 0.029 -0.186 If more is spent on defence out of a made significantly easier if Europe sim- Katharine Neiss is deputy head of global
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond fixed budget, then from a debt sustaina- ply grew faster. The current Eurozone economics and chief European economist at
Yield 4.446 2.673 1.554 4.745 1.659 13.540 bility perspective, something else has to run rate of below 1 per cent GDP growth PGIM Fixed Income
Basis point change on day -2.450 -1.200 -1.740 1.700 0.000 -5.700
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 610.06 69.00 67.17 3323.80 37.87 4262.30
% change on day 0.77 0.70 1.19 -0.63 -1.00 -1.00
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
6400 2200 9120

6240 8960
6080 2160
8800
5920
| | | | | | | |
5760 || | | | | | | | | | | | | | | | | | |
2120 || | | | | | | | | | | | | | | | | | | 8640 | | | | | | | | | | | |

May 2025 Jul May 2025 Jul May 2025 Jul

Biggest movers
% US Eurozone UK
Pepsico 6.34 Legrand 8.65 Diploma 6.44
Snap-on 5.61 Schneider Electric 7.82 Whitbread 3.21
Ups

Albemarle 5.25 Ses 4.92 Ashtead 3.12

First Solar 3.78 Asml Holding 4.12 Intermediate Capital 3.03
Oracle 3.76 Acs Const. 3.84 Melrose Industries 2.92
%
Elevance Health -11.33 Publicise -5.70 Easyjet -4.91
Abbott Laboratories -6.19 Novo Nordisk -2.21 Endeavour Mining -2.69
Downs

Molina Healthcare -5.04 Hermes Intl -1.32 British American Tobacco -1.55
Ansys -4.69 Galp Energia -1.15 Anglo American -1.26
Micron Technology -4.08 Bay.motoren Werke -0.78 Astrazeneca -1.19
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Aerospace & defence

US trade representative urges start-ups

to fill gap in military manufacturing
JOE MILLER — DETROIT were helping reshore manufacturing executive orders aimed at speeding up
and had led General Motors to invest procurement across government.
President Donald Trump’s administra-
$4bn in domestic output and move the Investors and start-up executives
tion has called on Silicon Valley’s
production of two car models made in gathered in Detroit were enthusiastic.
defence, space and energy start-ups to
Mexico back to the US. “I’ve seen a real difference . . . partic-
help restore the US’s industrial base
His comments come just weeks after ularly with the leadership in the
and reduce its trade deficit as it pre-
the passing of President Trump’s flag- Pentagon now, a real willingness to want
pares to spend billions of dollars on
ship tax and spending bill, which start- to support industry, to support the
military hardware.
ups cheered for increasing funding for defence sector, and to work with
“A country without robust manufactur- non-traditional . . . companies,” said
ing is hardly a country at all,” US trade Christian Garrett, an investor at 137
representative Jamieson Greer told the
‘If you fail to correct this Ventures, which has backed groups
Reindustrialize conference in Detroit, status quo, it means we’re such as SpaceX, Palantir and Anduril.
where hundreds of start-ups had gath- Louis Mosley, head of software com-
ered to pitch their wares to venture capi-
all just complicit in the pany and government contractor Pal-
talists and government officials. loss of our industrial base’ antir’s UK arm, who is presenting at the
“We have a $1.2tn trade deficit in conference in Detroit said: “The animal
goods . . . and it is financed by the larg- defence technology, nuclear power and spirits, the momentum, are extremely
est debt burden of any country ever,” he artificial intelligence. strong.”
said. The bill allocated $25bn to fund the Mosley added: “The geopolitical envi-
“If you fail to correct this status quo, it US’s planned “Golden Dome” missile- ronment has darkened significantly,
means that we’re all just complicit in the defence system and set aside almost and . . . you’re starting to see big banks
loss of our industrial base, even more $30bn for shipbuilding and naval tech- as well change their [environmental,
than we’ve already lost it.” nology, among other projects, which is social, and governance] policies, which
In his first speech for months, Greer expected to benefit start-ups along with historically have prevented them
claimed broad tariffs the White House traditional defence companies. from supporting a lot of activity in
imposed on the US’s trading partners The president has separately signed defence.”
12 ★ FINANCIAL TIMES Friday 18 July 2025

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.08% -0.086% -0.231% -0.29% -1.41%

0.48% 0.79% 0.43% 0.52% 1.02% 0.60% 0.52% 0.149% 0.030%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jun 18 - - Index All World Jun 18 - Jul 17 Index All World Jun 18 - Jul 17 Index All World Jun 18 - Jul 17 Index All World Jun 18 - Jul 17 Index All World Jun 18 - Jul 17 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
6,275.73 27,213.47 24,281.86 3,192.29
39,901.19
8,972.64
26,541.39 8,843.47 38,885.15 2,972.19
5,980.87 23,317.81
Day 0.48% Month 5.19% Year 12.62% Day 0.57% Month 2.88% Year 19.50% Day 0.52% Month 1.68% Year 9.71% Day 1.51% Month -0.73% Year NaN% Day 0.60% Month 4.17% Year -3.31% Day 0.19% Month 8.34% Year 11.38%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
20,813.08 24,498.95 4,161.43
2,168.46 13,923.20 13,994.50 23,710.69
19,701.21 56,729.57 56,491.05 2,141.82 3,920.81
Day 0.79% Month 7.04% Year 16.10% Day 0.15% Month -0.15% Year 5.30% Day 1.02% Month 0.85% Year 6.23% Day 0.78% Month -0.82% Year 26.18% Day -0.08% Month 1.83% Year 38.20% Day 0.71% Month 6.45% Year 19.29%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
3,516.83
44,315.88 7,808.81 40,128.70
138,840.02 39,418.61 3,388.81 82,259.24
42,515.09 135,113.96 7,656.12 81,444.66
Day 0.43% Month 5.27% Year 7.87% Day -0.25% Month -2.62% Year 4.45% Day 1.29% Month 1.03% Year 3.19% Day 0.92% Month 0.50% Year 16.76% Day 0.37% Month 3.78% Year 18.16% Day -0.45% Month 0.58% Year 1.93%

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 2072838.03 2027274.12 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 42672.00 42277.74 Philippines Manila Comp 6295.55 6337.48 Taiwan Weighted Stock Index 23113.28 23042.90 Cross-Border DJ Global Titans ($) 773.71 770.23
Australia All Ordinaries 8890.80 8816.40 Czech Republic
PX 2186.50 2169.74 FTSE Italia Mid Cap 55429.13 54856.20 Poland Wig 106624.69 105470.67 Thailand Bangkok SET 1198.11 1157.63 Euro Stoxx 50 (Eur) 5376.94 5298.07
S&P/ASX 200 8639.00 8561.80 Denmark OMXC Copenahgen 20 1721.12 1737.21 FTSE MIB 40128.70 39762.52 Portugal PSI 20 7695.57 7694.04 Turkey BIST 100 10348.37 10121.52 Euronext 100 ID 1586.18 1566.07
S&P/ASX 200 Res 5308.00 5304.30 Egypt EGX 30 33473.77 33934.63 Japan 2nd Section 7228.27 7239.06 PSI General 5018.19 5033.02 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 15716.26 15620.68
Austria ATX 4486.49 4441.09 Estonia OMX Tallinn 2061.27 2063.48 Nikkei 225 39901.19 39663.40 Romania BET Index 19686.94 19397.17 UK FT 30 3160.20 3139.90 FTSE All World ($) 610.06 606.88
Belgium BEL 20 4530.00 4479.55 Finland OMX Helsinki General 10623.87 10605.37 S&P Topix 150 2459.62 2442.87 Russia Micex Index 2436.57 2445.30 FTSE 100 8972.64 8926.55 FTSE E300 2168.46 2146.66
BEL Mid 10807.67 10699.80 France CAC 40 7822.00 7722.09 Topix 2839.81 2819.40 RTX 1245.71 1212.57 FTSE 4Good UK 7954.51 7916.50 FTSE Eurotop 100 4205.98 4163.34
Brazil IBovespa 135173.54 135510.99 SBF 120 5940.83 5867.60 Jordan Amman SE 2408.69 2397.75 Saudi-Arabia TADAWUL All Share Index 11038.74 11095.41 FTSE All Share 4876.74 4850.40 FTSE Global 100 ($) 4424.84 4401.38
Canada S&P/TSX 60 1626.68 1615.08 Germany M-DAX 31014.83 30721.24 Kenya NSE 20 2496.77 2504.40 Singapore FTSE Straits Times 4161.43 4132.25 FTSE techMARK 100 7553.18 7456.72 FTSE Gold Min ($) 3173.73 3188.29
S&P/TSX Comp 27308.68 27152.97 TecDAX 3957.83 3891.70 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 296.30 296.30 USA DJ Composite 13912.54 13845.43 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1603.91 1627.94 XETRA Dax 24370.93 24009.38 Latvia OMX Riga 888.37 889.47 Slovenia SBI TOP - - DJ Industrial 44444.84 44254.78 FTSE Multinationals ($) 4350.21 4347.02
Chile S&P/CLX IGPA Gen 41112.25 40967.71 Greece Athens Gen 1982.01 1958.56 Lithuania OMX Vilnius 1207.48 1207.68 South Africa FTSE/JSE All Share 97353.34 97064.25 DJ Transport 15955.45 15820.34 FTSE World ($) 1121.06 1114.98
China FTSE A200 10564.86 10512.22 FTSE/ASE 20 4979.79 4918.03 Luxembourg LuxX 1609.16 1588.67 FTSE/JSE Res 20 79358.93 78983.82 DJ Utilities 1055.83 1054.52 FTSEurofirst 100 (Eur) 5990.09 5917.95
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 24498.95 24517.76 Malaysia FTSE Bursa KLCI 1520.94 1511.50 FTSE/JSE Top 40 89613.00 89296.26 Nasdaq 100 23079.64 22907.97 FTSEurofirst 80 (Eur) 7326.44 7223.37
Shanghai A 3686.35 3672.62 HS China Enterprise 8853.10 8861.39 Mexico IPC 56590.31 56503.04 South Korea Kospi 3192.29 3186.38 Nasdaq Cmp 20894.78 20730.49 MSCI ACWI Fr ($) 921.11 920.25
Shanghai B 260.14 259.86 HSCC Red Chip 4151.77 4178.52 Morocco MASI 18818.05 18824.28 Kospi 200 431.64 431.16 NYSE Comp 20560.71 20485.74 MSCI All World ($) 4035.77 4031.20
Shanghai Comp 3516.83 3503.78 Hungary Bux 100655.18 99833.93 Netherlands AEX 914.47 902.11 Spain IBEX 35 13994.50 13885.70 S&P 500 6293.51 6263.70 MSCI Europe (Eur) 2165.05 2176.93
Shenzhen A 2244.99 2218.59 India BSE Sensex 82259.24 82634.48 AEX All Share 1212.26 1194.32 Sri Lanka CSE All Share 18876.85 18884.96 Wilshire 5000 42053.18 41446.59 MSCI Pacific ($) 3310.16 3317.50
Shenzhen B 1252.26 1242.19 Nifty 500 23419.70 23472.50 New Zealand NZX 50 12905.41 12754.59 Sweden OMX Stockholm 30 2555.63 2512.32 Venezuela IBC 398146.56 397903.50 S&P Euro (Eur) 2394.72 2363.83
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 7287.02 7192.02 Nigeria SE All Share 97343.42 98255.72 OMX Stockholm AS 975.83 961.75 Vietnam VNI 1490.13 1507.99 S&P Europe 350 (Eur) 2213.29 2192.41
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 11250.91 11147.09 Norway Oslo All Share 1863.30 1861.36 Switzerland SMI Index 11961.87 11910.81 S&P Global 1200 ($) 4457.34 4438.12
Israel Tel Aviv 125 3063.98 3073.62 Pakistan KSE 100 138665.50 136379.97 Stoxx 50 (Eur) 4515.82 4473.05
(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 LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jul 17 %Chg %Chg Jul 17 %Chg %Chg Jul 17 %Chg %Chg Jul 17 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Nvidia 91.8 172.94 1.57 Rolls-royce Holdings 141.8 1010.00 21.60 Asml Holding 517.2 651.60 25.80 Disco 3009.5 46970.00 890.00 Diploma 5220.00 6.1 23.4 Ocado 279.00 15.1 -7.7 Mobico 32.78 20.8 -56.2 Nonlife Insurance 4675.33 3.2 18.2
Tesla 75.0 321.85 0.18 Astrazeneca 133.3 10312.00 -124.00 Novartis N 452.7 100.06 -1.91 Lasertec 2547.7 17260.00 -865.00 Associated British Foods 2158.00 4.8 5.6 Integrafin Holdings 368.00 12.4 6.5 Videndum 105.00 19.3 -28.1 Tobacco 43291.90 2.4 27.6
Ansys 70.7 374.30 -18.42 Unilever 128.4 4432.00 -23.00 Abb Ltd N 345.8 55.85 5.03 Advantest 1645.6 11705.00 -90.00 Hiscox Ltd 1280.00 4.3 18.2 Genus 2420.00 10.3 56.1 Secure Trust Bank 1015.00 11.3 180.4 Aerospace & Defense 19196.88 2.1 66.2
Advanced Micro Devices 26.5 160.26 0.18 Hsbc Holdings 125.6 932.70 14.30 Schneider Electric 248.7 239.95 17.40 Tokyo Electron 1301.0 27770.00 -120.00 Experian 4059.00 4.0 17.8 Jupiter Fund Management 128.80 7.3 48.6 Funding Circle Holdings 138.00 10.8 3.0 Automobiles & Parts 1307.40 2.1 12.6
Palantir 25.1 152.14 1.23 British American Tobacco 125.1 3813.00 -60.00 Novo Nordisk B A/s 217.4 56.81 -1.29 Fujikura 1144.3 8016.00 61.00 Polar Capital Technology Trust 386.00 3.6 10.8 Apax Global Alpha 137.00 6.5 -3.5 Norcros 302.00 9.8 17.5 Support Services 11274.14 2.0 6.9
Coinbase Global 22.3 410.52 12.32 Diageo 124.2 1913.50 15.00 Unicredit 196.3 57.96 0.62 Seven & I Holdings Co., 1094.0 2007.50 -202.50 Standard Chartered 1333.00 3.6 34.8 Lancashire Holdings 622.00 6.0 -5.6 Dfs Furniture 175.50 6.4 25.4 Food Producers 7697.69 1.9 2.2
Meta Platforms 21.7 699.74 -3.17 Shell 102.5 2609.00 1.00 Siemens Ag Na O.n. 173.9 224.15 7.00 Softbank . 969.0 10695.00 245.00 Int Consolidated Airlines S.a. 384.00 3.3 26.5 Foresight Solar Fund 91.40 5.8 18.7 Manchester & London Investment Trust 872.00 6.2 21.1 Gas Water & Multiutilities index 6525.34 1.8 10.0
Apple 20.9 209.95 -0.21 Natwest 94.8 496.50 7.50 Stellantis 173.8 8.17 0.17 Ryohin Keikaku Co., 913.4 6629.00 -109.00 Beazley 912.50 3.1 11.8 Trustpilot 267.40 5.6 -13.2 Chesnara 266.00 5.8 15.8 Banks 6188.61 1.8 25.6
Alphabet 19.8 182.48 -0.49 Easyjet 94.0 500.00 -25.80 Nestle N 171.4 82.32 -0.10 Mitsubishi Heavy Industries, 768.4 3237.00 -53.00 Aviva 635.20 3.0 35.5 Baltic Classifieds 374.50 5.2 18.9 Anglo-eastern Plantations 890.00 5.2 36.1 Personal Goods 17287.07 1.3 10.7
Microsoft 18.0 510.08 4.46 National Grid 89.8 1050.00 5.00 Richemont N 156.7 154.74 -5.84 Socionext 653.5 2728.50 164.50 Rolls-royce Holdings 1010.00 3.0 76.7 Fidelity China Special Situations 270.50 4.8 21.3 Puretech Health 138.80 5.0 -7.6 Life Insurance 7114.75 1.3 29.4
Intermediate Capital 2106.00 3.0 0.3 Playtech 390.00 4.4 -45.5 Vietnam Holding 372.00 4.9 -8.1 Mobile Telecommunications 2550.36 1.2 28.2
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
The Sage 1259.00 2.9 -1.1 Bloomsbury Publishing 528.00 4.3 -21.7 Abrdn Eur Logistics Income 65.00 4.8 10.5 Equity Investment Instruments 12894.78 1.2 5.5
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Pepsico 143.93 8.58 6.34 Ocado 279.00 43.50 18.47 Abb Ltd N 55.85 5.03 9.89 Sumco 1240.00 81.50 7.03 Barratt Redrow 377.30 -11.2 -14.2 Coats 72.00 -12.6 -23.7 Mcbride 133.40 -15.8 26.4 Household Goods 10217.71 -5.2 -6.2
Snap-on 330.57 17.56 5.61 Diploma 5220.00 316.00 6.44 Schneider Electric 239.95 17.40 7.82 Socionext 2728.50 164.50 6.42 Convatec 241.60 -8.5 9.2 B&m Eur Value Retail S.a. 232.50 -12.1 -36.6 Xp Power 847.00 -11.0 -35.1 Chemicals 7076.51 -3.6 -0.9
Albemarle 74.11 3.70 5.25 Frasers 678.50 33.50 5.19 Asml Holding 651.60 25.80 4.12 Cyberagent 1578.50 76.00 5.06 Jd Sports Fashion 84.50 -6.8 -11.9 Ssp 170.70 -9.6 -5.9 Topps Tiles 36.00 -8.9 -5.3 Pharmaceuticals & Biotech. 20047.70 -2.7 0.0
First Solar 173.13 6.31 3.78 Renishaw 2970.00 120.00 4.21 Atlas Copco Ab Ser. A 14.37 0.46 3.34 Sumitomo Pharma Co. 1070.00 49.00 4.80 Croda Int 2877.00 -6.0 -15.0 Rhi Magnesita N.v. 2880.00 -7.4 -11.7 Severfield 33.00 -8.3 -35.8 General Retailers 4373.38 -2.0 -6.3
Oracle 250.38 9.08 3.76 Dunelm 1187.00 46.00 4.03 Atlas Copco Ab Ser. B 12.56 0.40 3.27 M3 1907.00 82.00 4.49 Easyjet 500.00 -5.4 -11.5 Paypoint 770.00 -6.7 -1.3 Eurocell 150.00 -8.0 -12.3 Industrial Transportation 3768.69 -1.6 0.4
Persimmon 1174.00 -5.0 -2.0 Ocean Wilsons (holdings) Ld 1400.00 -6.4 7.7 Aptitude Software 287.00 -6.8 -15.6 Mining 17308.85 -1.4 70.5
Downs Downs Downs Downs
Wpp 413.80 -4.5 -50.0 Aston Martin Lagonda Global Holdings 76.70 -6.2 -28.0 Gore Street Energy Storage Fund 60.30 -6.6 22.7 Industrial Metals 5361.49 -1.3 -7.7
Elevance Health 305.52 -39.04 -11.33 Coats 72.00 -10.10 -12.30 Richemont N 154.74 -5.84 -3.64 Seven & I Holdings Co., 2007.50 -202.50 -9.16
Intercontinental Hotels 8552.00 -4.3 -14.1 Auction Technology 471.50 -5.6 -14.3 Gulf Marine Services 19.02 -6.5 26.0 General Industrials 6972.59 -1.3 -6.8
Abbott Laboratories 123.58 -8.16 -6.19 Ocean Wilsons (holdings) Ld 1400.00 -80.00 -5.41 Nordea Bank Abp 12.15 -0.34 -2.68 Lasertec 17260.00 -865.00 -4.77
Haleon 358.80 -3.6 -4.9 Watches Of Switzerland 355.00 -5.6 -36.6 Liontrust Asset Management 365.00 -6.4 -23.3 Food & Drug Retailers 4429.02 -1.0 -0.3
Molina Healthcare 205.17 -10.89 -5.04 Easyjet 500.00 -25.80 -4.91 Novo Nordisk B A/s 56.81 -1.29 -2.21 Tokyo Electric Power 515.00 -11.50 -2.18
Mondi 1167.50 -3.5 -2.1 Vistry 589.40 -5.1 3.0 Fuller, Smith & Turner 554.00 -5.5 -10.6 Real Estate Investment Trusts 2060.42 -0.8 2.9
Ansys 374.30 -18.42 -4.69 Premier Foods 187.60 -5.80 -3.00 Volvo, Ab Ser. A 23.35 -0.48 -2.00 Mazda Motor 848.20 -16.50 -1.91
Antofagasta 1821.50 -3.3 14.6 Wh Smith 1026.00 -5.0 -13.7 Essentra 105.40 -5.2 -20.8 Beverages 17627.05 -0.6 -15.6
Micron Technology 111.68 -4.75 -4.08 Endeavour Mining 2172.00 -60.00 -2.69 Volvo, Ab Ser. B 23.34 -0.46 -1.93 Toray Industries 980.00 -17.60 -1.76
Smith & Nephew 1119.50 -3.1 12.9 Victrex 698.00 -4.1 -35.1 Carr's 138.50 -5.1 18.4 Oil & Gas Producers 8196.71 -0.6 3.8
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
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jul 17 Currency Mid Change Mid Change Mid Change Jul 17 Currency Mid Change Mid Change Mid Change Jul 17 Currency Mid Change Mid Change Mid Change Jul 17 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 1259.2473 9.7127 1459.1511 10.1296 1688.5876 14.9094 Indonesia Indonesian Rupiah 16330.0000 60.0000 18922.3710 54.8736 21897.7463 105.0342 Poland Polish Zloty 3.6714 0.0033 4.2542 0.0005 4.9232 0.0100 ..Three Month 0.7458 -0.0008 0.8637 -0.0016 - -
Australia Australian Dollar 1.5437 0.0072 1.7887 0.0070 2.0700 0.0120 Israel Israeli Shekel 3.3613 0.0023 3.8949 -0.0004 4.5073 0.0082 Romania Romanian Leu 4.3780 0.0051 5.0730 0.0020 5.8707 0.0134 ..One Year 0.7460 -0.0009 0.8623 -0.0016 - -
Bahrain Bahrainin Dinar 0.3770 0.0000 0.4368 -0.0004 0.5055 0.0005 Japan Japanese Yen 148.4950 0.0450 172.0684 -0.0815 199.1244 0.2843 Russia Russian Ruble 78.0500 -0.2000 90.4403 -0.3022 104.6611 -0.1501 United States United States Dollar - - 1.1587 -0.0009 1.3409 0.0015
Bolivia Bolivian Boliviano 6.9100 - 8.0070 -0.0062 9.2660 0.0104 ..One Month 148.4945 0.0440 172.0681 -0.0820 199.1237 0.2830 Saudi Arabia Saudi Riyal 3.7510 0.0001 4.3465 -0.0033 5.0299 0.0058 ..One Month - - 1.1585 -0.1807 1.3410 0.0015
Brazil Brazilian Real 5.5623 -0.0104 6.4452 -0.0170 7.4587 -0.0055 ..Three Month 148.4935 0.0419 172.0677 -0.0829 199.1225 0.2805 Singapore Singapore Dollar 1.2862 0.0005 1.4904 -0.0006 1.7247 0.0026 ..Three Month - - 1.1580 -0.1807 1.3411 0.0015
Canada Canadian Dollar 1.3756 0.0016 1.5939 0.0006 1.8445 0.0042 ..One Year 148.4897 0.0343 172.0659 -0.0864 199.1237 0.2769 South Africa South African Rand 17.8463 -0.0450 20.6793 -0.0683 23.9309 -0.0333 ..One Year - - 1.1561 -0.1807 1.3412 0.0015
Chile Chilean Peso 967.1850 1.3450 1120.7243 0.6890 1296.9467 3.2607 Kenya Kenyan Shilling 129.2000 -0.0500 149.7103 -0.1743 173.2507 0.1280 South Korea South Korean Won 1392.4500 6.8500 1613.4994 6.6899 1867.2058 11.2761 Vietnam Vietnamese Dong 26153.5000 -6.5000 30305.4180 -31.0744 35070.6147 30.7218
China Chinese Yuan 7.1798 0.0021 8.3195 -0.0040 9.6277 0.0136 Kuwait Kuwaiti Dinar 0.3057 - 0.3542 -0.0003 0.4099 0.0005 Sweden Swedish Krona 9.7652 0.0048 11.3155 -0.0033 13.0947 0.0211 European Union Euro 0.8630 0.0007 - - 1.1572 0.0022
Colombia Colombian Peso 4017.3900 -20.6200 4655.1467 -27.5272 5387.1212 -21.5557 Malaysia Malaysian Ringgit 4.2490 0.0040 4.9235 0.0008 5.6977 0.0118 Switzerland Swiss Franc 0.8051 0.0008 0.9329 0.0002 1.0795 0.0023 ..One Month 0.8628 0.0007 - - 1.1571 0.0022
Costa Rica Costa Rican Colon 502.5000 -0.2400 582.2712 -0.7307 673.8273 0.4366 Mexico Mexican Peso 18.7660 0.0195 21.7451 0.0057 25.1643 0.0544 Taiwan New Taiwan Dollar 29.4080 0.0300 34.0765 0.0083 39.4347 0.0846 ..Three Month 0.8623 0.0007 - - 1.1568 0.0022
Czech Republic Czech Koruna 21.2497 0.0018 24.6230 -0.0170 28.4947 0.0345 New Zealand New Zealand Dollar 1.6888 0.0010 1.9568 -0.0004 2.2645 0.0039 Thailand Thai Baht 32.5250 -0.0100 37.6883 -0.0409 43.6144 0.0357 ..One Year 0.8604 0.0007 - - 1.1555 0.0022
Denmark Danish Krone 6.4408 0.0050 7.4633 0.0000 8.6368 0.0164 Nigeria Nigerian Naira 1531.8000 - 1774.9713 -1.3791 2054.0672 2.3108 Tunisia Tunisian Dinar 2.9057 0.0037 3.3670 0.0017 3.8964 0.0094
Egypt Egyptian Pound 49.4033 0.0199 57.2460 -0.0214 66.2474 0.1012 Norway Norwegian Krone 10.3228 0.0261 11.9615 0.0210 13.8424 0.0506 Turkey Turkish Lira 40.2845 0.0307 46.6796 -0.0006 54.0195 0.1020
Hong Kong Hong Kong Dollar 7.8485 -0.0015 9.0944 -0.0087 10.5244 0.0099 Pakistan Pakistani Rupee 284.9500 - 330.1854 -0.2565 382.1037 0.4299 United Arab Emirates UAE Dirham 3.6731 - 4.2561 -0.0033 4.9254 0.0055
Hungary Hungarian Forint 344.2503 -0.2503 398.8995 -0.6001 461.6224 0.1842 Peru Peruvian Nuevo Sol 3.5472 -0.0046 4.1103 -0.0085 4.7566 -0.0008 United Kingdom Pound Sterling 0.7457 -0.0008 0.8641 -0.0016 - -
India Indian Rupee 86.0800 0.1337 99.7451 0.0776 115.4290 0.3090 Philippines Philippine Peso 57.2750 0.1850 66.3673 0.1630 76.8029 0.3342 ..One Month 0.7458 -0.0008 0.8640 -0.0016 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jul 17 Jul 16 Jul 15 Jul 14 Jul 11 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 3160.20 3139.90 3139.90 3139.90 3120.00 0.00 3160.20 2631.50 Aerospace & Defense 66.37 Gas Water & Multi 9.79 Consumer Services 1.60 FTSE 100 Price Change FTSE 100 Price Change
Jul 17 chge% Index Jul 16 Jul 15 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 0.00 0.00 Fixed Line Telecomms 34.82 FTSE 100 Index 9.78 Industrial Transport 1.19 3I Group PLC 4244 34.00 International Consolidated Airlines Group S.A. 384.00 3.50
FTSE 100 (100) 8972.64 0.52 8087.59 8926.55 8938.32 8187.46 3.41 1.80 16.29 183.44 10164.97 P/E Ratio net - - - - - 0.00 0.00 0.00 Life Insurance 29.09 FTSE All{HY-}Share Index 9.15 Software & Comp Serv 1.19 Admiral Group PLC 3314 34.00 Intertek Group PLC 4880 -4.00
FTSE 250 (250) 21766.43 0.76 19619.42 21601.86 21690.46 21093.34 3.40 1.75 16.81 411.70 19763.70 FT 30 hourly changes Telecommunications 27.73 Financial Services 8.82 Media 1.16 Airtel Africa PLC 188.10 2.50 Jd Sports Fashion PLC 84.50 1.68
FTSE 250 ex Inv Co (166) 22752.46 0.82 20508.18 22568.15 22667.21 22135.21 3.48 1.65 17.43 445.11 21133.00 8 9 10 11 12 13 14 15 16 High Low Tobacco 27.49 Industrial Eng 8.36 Technology 0.89 Alliance Witan PLC 1254 8.00 Kingfisher PLC 277.90 4.90
FTSE 350 (350) 4926.53 0.55 4440.59 4899.80 4907.88 4531.60 3.41 1.79 16.35 99.75 11058.13 - - - - - - - - - - - Industrials 26.95 Construct & Material 6.90 Health Care 0.35 Anglo American PLC 2197 -28.00 Land Securities Group PLC 571.50 -0.50
FTSE 350 ex Investment Trusts (261) 4867.51 0.53 4387.39 4841.91 4849.20 4469.74 3.45 1.75 16.56 100.13 5654.56 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Banks 25.45 NON FINANCIALS Index 6.26 Electricity 5.43 Antofagasta PLC 1821.5 -14.50 Legal & General Group PLC 254.90 2.40
FTSE 350 Higher Yield (137) 4132.49 0.40 3724.86 4115.84 4112.77 3843.17 4.91 1.45 14.03 111.66 10877.69 Mobile Telecomms 23.02 Food & Drug Retailer 5.88 Pharmace & Biotech -0.22 Ashtead Group PLC 4825 146.00 Lloyds Banking Group PLC 78.20 1.80
FTSE 350 Lower Yield (213) 5250.29 0.69 4732.41 5214.11 5235.86 4773.16 1.83 2.76 19.80 70.71 6845.35 FT WILSHIRE 5000 INDEX SERIES Leisure Goods 20.40 FTSE SmallCap Index 5.69 Travel & Leisure -0.66 Associated British Foods PLC 2158 46.00 London Stock Exchange Group PLC 10855 -
FTSE SmallCap (194) 7233.29 0.40 6519.80 7204.74 7229.17 6922.16 3.81 0.77 34.09 151.80 13419.95 Electronic & Elec Eq 18.85 Equity Invest Instr 5.68 Household Goods & Ho -0.93 Astrazeneca PLC 10312 -124.00 Londonmetric Property PLC 192.20 0.20
FTSE SmallCap ex Inv Co (103) 6157.89 0.43 5550.48 6131.66 6154.65 5934.15 3.75 0.57 46.83 132.97 11882.69 Jul 16 Jul 16 Nonlife Insurance 18.21 FTSE 250 Index 5.55 Tech Hardware & Eq -1.98 Auto Trader Group PLC 827.20 4.40 M&G PLC 257.20 1.20
FTSE All-Share (544) 4876.74 0.54 4395.71 4850.40 4858.53 4489.24 3.42 1.78 16.49 98.79 11053.83 Financials 16.14 Support Services 5.31 Personal Goods -2.04
FT Wilshire 5000 62577.20 FT Wilshire Mid Cap 7210.35 Aviva PLC 635.20 1.80 Marks And Spencer Group PLC 335.60 5.10
FTSE All-Share ex Inv Co (364) 4781.12 0.53 4309.52 4756.01 4763.26 4392.43 3.46 1.74 16.64 98.38 5639.17 Electricity 14.18 General Retailers 4.57 Chemicals -2.99
FT Wilshire 2500 8052.18 FT Wilshire Small Cap 6320.34 Babcock International Group PLC 1066 -2.00 Melrose Industries PLC 536.00 15.20
FTSE All-Share ex Multinationals (491) 1364.02 0.91 1020.72 1351.74 1353.70 1225.24 3.50 1.89 15.14 28.19 3217.23 Automobiles & Parts 12.66 Oil & Gas Producers 3.73 Basic Materials -5.08
FT Wilshire Mega Cap 8532.38 FT Wilshire Micro Cap 5360.49 Bae Systems PLC 1899 38.50 Mondi PLC 1167.5 -8.50
FTSE Fledgling (42) 13363.96 0.14 12045.75 13345.05 13364.02 12106.98 6.60 -1.60 -9.48 132.62 31158.11 Health Care Eq & Srv 11.22 Oil & Gas 3.47 Mining -5.09
FT Wilshire Large Cap 8304.90 Barclays PLC 351.20 8.60 National Grid PLC 1050 5.00
FTSE Fledgling ex Inv Co (21) 21373.89 -0.12 19265.59 21399.94 21444.09 19136.52 5.05 -3.84 -5.16 338.21 48616.49 Real Est Invest & Se 10.92 Real Est Invest & Tr 2.97 Beverages -15.68
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Redrow PLC 377.30 2.60 Natwest Group PLC 496.50 7.50
FTSE All-Small (236) 5034.86 0.39 4538.23 5015.30 5032.07 4810.74 3.88 0.67 38.32 103.92 11969.88 Utilities 10.77 Consumer Goods 2.75 Industrial Metals & -16.40
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Beazley PLC 912.50 0.50 Next PLC 12175 -10.00
FTSE All-Small ex Inv Co (124) 4653.70 0.42 4194.67 4634.45 4651.65 4476.08 3.78 0.44 60.30 99.86 11366.38 Food Producers 2.41 Oil Equipment & Serv -44.84
mark. Copyright ©2025 Wilshire. All rights reserved. Berkeley Group Holdings (The) PLC 3616 8.00 Pearson PLC 1053 4.00
FTSE AIM All-Share (571) 768.93 -0.41 693.09 772.10 771.03 786.80 2.00 1.91 26.17 8.30 949.92
BP PLC 397.25 1.25 Pershing Square Holdings LTD 4162 62.00
FTSE All-Share Technology (18) 2764.95 0.25 2492.22 2758.17 2755.73 2581.95 1.61 1.69 36.67 41.84 4209.96
British American Tobacco PLC 3813 -60.00 Persimmon PLC 1174 4.00
FTSE All-Share Telecommunications (6) 1634.16 0.51 1472.97 1625.94 1610.47 1316.19 3.94 0.85 29.97 20.50 2949.91 FTSE GLOBAL EQUITY INDEX SERIES Bt Group PLC 197.85 1.75 Phoenix Group Holdings PLC 643.50 -2.50
FTSE All-Share Health Care (11) 14019.21 -0.76 12636.37 14127.25 14156.92 15730.72 2.74 1.56 23.31 240.51 13858.03
Jul 16 No of US $ Day Mth YTD Total
YTD Gr Div Jul 16 No of US $ Day Mth YTD Total YTD Gr Div Bunzl PLC 2300 26.00 Polar Capital Technology Trust PLC 386.00 8.50
FTSE All-Share Financials (242) 6804.34 1.20 6133.17 6723.69 6727.54 5355.36 3.74 2.21 12.12 164.46 8525.60
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 154.10 0.90 Prudential PLC 919.40 4.40
FTSE All-Share Real Estate (44) 792.82 0.38 747.57 789.83 795.67 867.17 4.77 1.57 13.33 23.19 943.18
FTSE Global All Cap 10016 1018.69 0.1 2.6 9.4
10.7 1725.72
1.8 Basic Materials 401 612.60 -0.5 0.4 11.3 1228.11 13.2 3.0 Coca-Cola Europacific Partners PLC 7120 110.00 Reckitt Benckiser Group PLC 4982 -24.00
FTSE All-Share Consumer Discretionary (73) 6024.18 0.58 5429.96 5989.69 6024.71 5611.42 2.74 1.59 22.93 99.12 6800.89
FTSE Global Large Cap 1832 947.06 0.1 2.8 9.8
11.0 1652.56
1.7 Chemicals 189 776.54 -0.5 -1.0 5.4 1472.73 7.0 2.5 Coca-Cola Hbc AG 3952 26.00 Relx PLC 3990 1.00
FTSE All-Share Consumer Staples (27)19456.13 -0.15 17537.00 19484.51 19425.19 17750.55 4.13 1.34 18.10 430.55 19993.15
FTSE Global Mid Cap 2393 1191.92 0.1 1.6 9.3
10.7 1907.99
2.2 Forestry & Paper 14 240.03 -0.1 3.7 -1.1 535.14 0.7 3.9 Compass Group PLC 2493 -2.00 Rentokil Initial PLC 347.00 6.10
FTSE All-Share Industrials (81) 10638.14 1.75 9588.80 10454.86 10524.73 8481.80 1.68 2.10 28.35 117.75 13026.03
FTSE Global Small Cap 5791 1192.22 0.3 3.3 6.7
7.9 1812.79
1.9 Industrial Metals & Mining 114 533.60 -0.6 4.0 14.9 1121.30 16.9 3.6 Convatec Group PLC 241.60 0.20 Rightmove PLC 789.60 11.40
FTSE All-Share Basic Materials (21) 6548.19 -0.34 5902.28 6570.73 6566.55 7798.08 4.33 1.92 12.00 144.14 10091.81
FTSE All-World 4225 606.88 0.1 2.6 9.7
11.0 1089.02
1.8 Mining 84 1017.39 -0.3 -0.1 19.6 2202.00 21.6 3.1 Croda International PLC 2877 23.00 Rio Tinto PLC 4429.5 31.00
FTSE All-Share Energy (13) 8453.81 0.13 7619.93 8442.55 8484.93 9314.98 4.85 1.50 13.80 206.78 11498.97
FTSE World 2488 1114.98 0.1 2.6 9.6
10.9 2682.97
1.8 Industrials 858 721.08 0.0 2.2 13.0 1211.37 14.3 1.7 Dcc PLC 4704 14.00 Rolls-Royce Holdings PLC 1010 21.60
FTSE All-Share Utilities (8) 9639.81 0.26 8688.95 9614.97 9604.57 8843.27 4.14 1.73 13.99 231.84 16571.83
FTSE Global All Cap ex UNITED KINGDOM In 9766 1079.40 0.1 2.8 9.2
10.4 1790.53
1.8 Construction & Materials 156 863.69 -0.6 1.9 14.4 1534.40 15.9 1.7 Diageo PLC 1913.5 15.00 Sage Group PLC 1259 17.50
FTSE All-Share Software and Computer Services (16) 3005.79 0.25 2709.31 2998.40 2995.58 2804.72 1.60 1.76 35.35 45.84 4840.42
FTSE Global All Cap ex USA 8356 650.67 -0.4 0.7 15.0
17.3 1256.97
2.8 Aerospace & Defense 41 1673.76 -0.1 5.3 38.8 2713.26 39.9 1.0 Diploma PLC 5220 316.00 Sainsbury (J) PLC 288.80 4.20
FTSE All-Share Technology Hardware and Equipment (2) 2808.10 0.13 2531.11 2804.49 2842.78 3762.52 2.74 -8.36 -4.36 0.00 3944.35
FTSE Global All Cap ex JAPAN 8617 1070.14 0.1 2.9 9.5
10.8 1827.89
1.8 General Industrials 76 441.26 0.2 5.8 21.2 825.57 22.5 1.6 Easyjet PLC 500.00 -25.80 Schroders PLC 392.00 2.60
FTSE All-Share Telecommunications Equipment (1) 444.79 0.21 400.91 443.88 445.24 407.29 0.00 0.00 118.08 0.00 659.79
FTSE Global All Cap ex Eurozone 9410 1077.08 0.2 2.9 8.3
9.4 1779.46
1.7 Electronic & Electrical Equipment 188 849.66 0.0 3.1 9.2 1271.74 10.3 1.4 Endeavour Mining PLC 2172 -60.00 Scottish Mortgage Investment Trust PLC 1067.5 17.00
FTSE All-Share Telecommunications Service Providers (5) 2546.50 0.52 2295.32 2533.41 2508.13 2041.15 4.08 0.84 29.17 33.06 4208.22
FTSE Developed 1967 1025.96 0.1 2.6 9.4
10.6 1745.28
1.7 Industrial Engineering 168 1433.45 0.1 2.6 12.1 2410.38 13.7 1.9 Entain PLC 955.40 13.20 Segro PLC 652.80 2.20
FTSE All-Share Health Care Providers (1)11335.28 2.04 10217.18 11108.57 11184.14 12216.91 1.96 1.14 44.98 115.87 10771.42
FTSE Developed All Cap 5425 1053.86 0.1 2.6 9.2
10.4 1765.98
1.7 Industrial Transportation 145 958.36 -0.2 -0.3 2.6 1694.20 4.7 3.2 Experian PLC 4059 55.00 Severn Trent PLC 2639 -26.00
FTSE All-Share Medical Equipment and Services (2) 5681.07 1.51 5120.70 5596.65 5627.82 5619.93 2.46 1.60 25.45 89.38 5872.30
FTSE Developed Large Cap 679 988.99 0.1 2.8 9.4
10.6 1710.17
1.6 Support Services 84 661.32 0.4 -2.9 -1.9 1024.25 -1.0 1.5 F&C Investment Trust PLC 1148 16.00 Shell PLC 2609 1.00
FTSE All-Share Pharmaceuticals and Biotechnology (8)19984.45 -0.89 18013.21 20164.67 20203.03 22573.88 2.76 1.56 23.18 344.89 17791.55
FTSE Developed Europe Large Cap 191 524.93 -0.7 -0.9 18.9
21.9 1138.58
3.0 Consumer Goods 556 625.34 0.6 -0.9 1.7 1126.43 3.3 2.5 Fresnillo PLC 1460 -12.00 Smith & Nephew PLC 1119.5 23.00
FTSE All-Share Banks (11) 6106.83 1.83 5504.45 5997.00 6007.03 4253.35 4.40 2.51 9.06 183.12 6326.09
FTSE Developed Europe Mid Cap 313 799.91 -0.9 -1.2 20.5
23.7 1506.75
3.4 Automobiles & Parts 135 684.32 1.1 -0.5 -8.4 1178.50 -7.1 1.8 Games Workshop Group PLC 16260 50.00 Smiths Group PLC 2356 36.00
FTSE All-Share Finance and Credit Services (7)14776.07 0.02 13318.58 14772.58 14753.93 12752.02 1.48 1.24 54.19 158.29 20833.89
FTSE Dev Europe Small Cap 701 1065.96 -0.7 1.7 24.0
27.2 1924.91
3.1 Beverages 70 688.64 0.3 -1.1 2.2 1256.55 3.9 3.2 Glaxosmithkline PLC 1413 -8.50 Spirax-Sarco Engineering PLC 6145 125.00
FTSE All-Share Investment Banking and Brokerage Services (33)14141.79 0.96 12746.86 14007.18 13902.63 11133.59 3.29 2.44 12.48 276.28 22379.65
FTSE North America Large Cap 180 1404.36 0.3 4.1 7.2
8.0 2191.65
1.1 Food Producers 132 652.71 0.3 -3.1 7.0 1217.91 9.5 3.2 Glencore PLC 303.30 -3.45 Sse PLC 1849 5.00
FTSE All-Share Closed End Investments (180)13176.73 0.80 11876.99 13072.61 13127.58 12486.76 2.77 2.53 14.28 199.64 8900.58
FTSE North America Mid Cap 405 1493.55 0.4 2.2 6.6
7.6 2178.74
1.8 Household Goods & Home Construction 57 589.83 0.4 -2.4 -6.2 1059.39 -4.9 2.7 Haleon PLC 358.80 -1.20 St. James's Place PLC 1195 6.50
FTSE All-Share Life Insurance (6) 7241.06 0.47 6526.81 7206.95 7237.50 5838.27 5.02 0.57 35.27 243.89 10267.42
FTSE North America Small Cap 1231 1419.05 0.6 3.8 2.5
3.3 1969.29
1.4 Leisure Goods 54 389.19 0.7 -0.3 24.5 570.03 25.2 1.0 Halma PLC 3244 58.00 Standard Chartered PLC 1333 29.00
FTSE All-Share Nonlife Insurance (5) 5265.22 0.54 4745.87 5236.79 5162.59 4142.23 4.23 1.94 12.20 143.78 12156.60
FTSE North America 585 884.07 0.3 3.7 7.1
7.9 1413.49
1.3 Personal Goods 97 879.80 0.0 0.5 -0.5 1427.75 0.8 2.3 Hikma Pharmaceuticals PLC 1995 21.00 Taylor Wimpey PLC 109.90 2.20
FTSE All-Share Real Estate Investment and Services (9) 2544.57 0.95 2293.57 2520.65 2528.80 2316.79 1.90 1.87 28.13 38.97 8086.63
FTSE Developed ex North America 1382 347.86 -0.6 -0.4 16.1
18.6 724.78
2.9 Tobacco 11 1526.31 1.0 0.9 35.4 5131.27 38.8 4.4 Hiscox LTD 1280 6.00 Tesco PLC 412.10 4.50
FTSE All-Share Real Estate Investment Trusts (35) 1881.57 0.26 1695.97 1876.64 1892.09 2133.14 5.36 1.55 12.03 60.50 3262.86
FTSE Japan Large Cap 146 497.10 0.0 -1.9 5.5
6.8 776.46
2.3 Health Care 342 742.85 0.8 -1.2 -0.7 1244.12 0.6 2.0 Howden Joinery Group PLC 819.50 5.00 Unilever PLC 4432 -23.00
FTSE All-Share Automobiles and Parts (2) 1314.10 0.82 1184.47 1303.39 1313.05 1099.92 4.73 -3.34 -6.34 41.98 1502.66
FTSE Japan Mid Cap 340 654.54 0.2 -0.5 11.0
12.7 2.7 Health Care Equipment & Services
979.96 122 1311.75 0.0 -1.9 -7.3 1656.81 -6.6 1.3 HSBC Holdings PLC 932.70 14.30 Unite Group PLC 794.00 5.00
FTSE All-Share Consumer Services (2) 4109.59 -0.08 3704.23 4112.92 4140.89 3603.41 1.95 1.62 31.68 80.27 5520.32
FTSE Global wi JAPAN Small Cap 913 757.21 0.0 0.7 13.7
15.7 1184.43
2.8 Pharmaceuticals & Biotechnology 220 526.91 1.2 -0.8 3.6 961.48 5.3 2.5 Imi PLC 2186 52.00 United Utilities Group PLC 1098.5 -10.00
FTSE All-Share Household Goods and Home Construction (10) 8459.32 0.76 7624.90 8395.16 8490.82 11650.86 4.17 1.27 18.83 167.25 8502.97
FTSE Japan 486 201.95 0.0 -1.6 6.6
7.9 353.84
2.4 Consumer Services 401 821.64 -0.5 1.5 7.8 1210.27 8.5 1.0 Imperial Brands PLC 2913 -13.00 Vodafone Group PLC 82.00 0.10
FTSE All-Share Leisure Goods (3) 43184.29 0.29 38924.64 43060.77 42698.53 28550.12 3.66 0.57 47.81 1079.81 54017.19
FTSE Asia Pacific Large Cap ex Japan 1109 864.49 -0.2 3.1 14.1
16.0 1699.94
2.4 Food & Drug Retailers 61 358.97 0.3 -0.4 21.0 609.57 22.7 2.2 Informa PLC 845.80 7.40 Weir Group PLC 2674 58.00
FTSE All-Share Personal Goods (3) 14818.12 1.81 13356.48 14554.45 14686.47 10246.85 4.01 0.36 69.27 12.58 12431.26
FTSE Asia Pacific Mid Cap ex Japan 1034 1214.12 -0.6 2.8 10.8
12.7 2297.39
2.8 General Retailers 137 1514.95 -0.8 1.1 4.7 2120.18 5.1 0.7 Intercontinental Hotels Group PLC 8552 -52.00 Whitbread PLC 3121 97.00
FTSE All-Share Media (9) 12259.81 0.72 11050.52 12172.14 12234.90 12709.41 4.02 1.65 15.07 280.52 9257.75
FTSE Asia Pacific Small Cap ex Japan 2626 677.18 -0.2 3.0 10.0
11.5 1231.11
2.1 Media 67 532.41 -0.1 1.1 16.8 790.68 17.6 1.0 Intermediate Capital Group PLC 2106 62.00 Wpp PLC 413.80 2.10
FTSE All-Share Retailers (20) 2528.78 1.16 2279.35 2499.86 2514.88 2502.59 2.80 2.37 15.04 47.19 3545.20
FTSE All-Share Travel and Leisure (24) 9349.34 0.42 8427.13 9310.25 9349.91 7565.20 1.77 1.72 32.83 111.66 10007.47 FTSE Asia Pacific Ex Japan 2143 687.63 -0.2 3.1 13.7
15.7 1436.79
2.5 Travel & Leisure 136 618.97 -0.2 4.1 6.3 938.94 7.2 1.5
FTSE All-Share Beverages (5) 17702.21 0.94 15956.09 17537.72 17492.07 20773.32 3.51 1.64 17.35 326.90 15242.51 FTSE Emerging All Cap 4591 909.36 0.0 2.8 11.2
13.3 1717.95
2.7 Telecommunication 77 169.27 0.1 -0.2 16.0 447.84 19.0 3.7
FTSE All-Share Food Producers (10) 7961.55 0.58 7176.23 7915.31 7923.80 8269.73 2.64 2.55 14.87 116.47 8252.04 FTSE Emerging Large Cap 1153 849.44 0.0 2.9 12.7
14.8 1615.98
2.6 Fixed Line Telecommuniations 27 128.32 0.0 -1.6 21.0 401.26 24.8 4.4 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 43291.97 -1.29 39021.70 43859.08 43300.72 28952.45 6.15 0.89 18.18 1379.30 50684.84 FTSE Emerging Mid Cap 1105 1249.54 -0.2 2.1 6.9
9.0 2374.95
3.1 Mobile Telecommunications 50 203.17 0.2 0.5 13.6 456.53 16.2 3.3 Jul 17 Jul 16 Jul 15 Jul 14 Jul 11 Yr Ago
FTSE All-Share Construction and Materials (15)13475.00 1.08 12145.84 13331.61 13357.74 12161.90 2.83 2.22 15.92 231.83 17903.33 FTSE Emerging Small Cap 2333 936.13 -0.1 2.7 4.3
6.0 1675.75
2.5 Utilities 210 393.40 0.0 0.8 12.2 1009.96 14.5 3.2 Order Book Turnover (m) 73.09 130.85 138.65 88.54 88.54 88.54
FTSE All-Share Aerospace and Defense (8)20093.09 2.07 18111.12 19685.29 19819.92 11319.66 1.05 2.58 36.99 152.79 25501.67 FTSE Emerging Europe 170 179.55 -0.4 6.0 17.6
21.4 419.92
3.5 Electricity 151 448.23 -0.2 0.9 11.2 1124.72 13.1 2.9 Order Book Bargains 719288.00 897528.00 740881.00 701518.00 701518.00 701518.00
FTSE All-Share Electronic and Electrical Equipment (11)13760.53 1.66 12403.20 13535.22 13605.31 12358.63 1.42 2.13 32.97 121.94 14227.78 FTSE Latin America All Cap 236 736.25 -0.1 -2.9 21.7
26.0 1727.60
7.0 Gas Water & Multiutilities 59 381.46 0.3 0.5 14.9 1032.66 18.0 3.8 Order Book Shares Traded (m) 2881.00 1827.00 1581.00 1603.00 1603.00 1603.00
FTSE All-Share General Industrials (6) 5608.64 0.03 5055.41 5606.88 5630.28 6015.41 3.16 1.63 19.41 108.09 8103.81 FTSE Middle East and Africa All Cap 353 870.85 -0.2 5.4 12.0
14.5 1756.51
3.4 Financials 858 392.74 0.2 2.3 14.5 824.87 16.8 2.8 Total Equity Turnover (£m) 3425.32 4059.16 3695.15 3148.48 3148.48 3148.48
FTSE All-Share Industrial Engineering (5)13980.89 2.02 12601.83 13704.42 13684.84 14713.90 2.33 2.39 17.97 214.47 19942.63 FTSE Global wi UNITED KINGDOM All Cap In 250 421.93 -0.2 -0.9 15.6
18.0 951.52
3.5 Banks 282 316.61 -0.3 3.2 20.7 766.92 24.0 3.7 Total Mkt Bargains 1246709.00 1457223.00 1302188.00 1278569.00 1278569.00 1278569.00
FTSE All-Share Industrial Support Services (27)10878.82 1.39 9805.74 10729.26 10782.75 10829.89 2.11 1.48 32.05 173.07 13299.02 FTSE Global wi USA All Cap 1660 1496.13 0.4 3.8 6.3
7.1 2251.43
1.2 Nonlife Insurance 74 577.06 0.4 -1.6 12.9 1043.96 15.4 2.6 Total Shares Traded (m) 14621.00 13919.00 9977.00 11494.00 11494.00 11494.00
FTSE All-Share Industrial Transportation (9) 5738.58 2.77 5172.53 5583.81 5709.28 6181.04 2.44 2.84 14.43 45.02 6276.65 FTSE Europe All Cap 1443 594.78 -0.8 -0.6 19.6
22.6 1238.79
3.1 Life Insurance 49 277.82 -0.3 -0.3 12.4 596.91 15.4 4.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)15902.97 1.27 544.56 15702.93 15502.89 25004.67 2.35 3.94 10.79 255.05 21267.14 FTSE Eurozone All Cap 606 617.97 -1.1 -0.2 25.0
28.3 1277.24
3.0 Financial Services 219 698.26 0.8 3.6 11.2 1106.40 12.2 1.3 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (10) 5790.15 -0.34 5219.02 5809.90 5796.04 7091.19 4.48 2.03 11.01 126.85 10102.58 FTSE EDHEC-Risk Efficient All-World 4225 615.36 0.1 1.4 10.1
11.8 1037.05
2.4 Technology 383 1030.52 0.1 6.5 11.3 1374.58 11.8 0.7
FTSE All-Share Precious Metals and Mining (3)16378.52 -1.85 14762.96 16686.42 16773.06 10688.02 2.53 1.18 33.40 265.21 12551.10 FTSE EDHEC-Risk Efficient Developed Europe 504 443.13 -0.7 -0.9 22.8
26.1 855.83
3.4 Software & Computer Services 177 1477.60 0.1 2.8 13.1 1816.56 13.5 0.6
FTSE All-Share Chemicals (7) 7625.94 0.79 6873.72 7565.82 7683.65 9248.46 4.04 0.92 26.80 214.52 8372.78 Oil & Gas 139 425.15 -0.8 -0.9 6.1
8.3 4.1 Technology Hardware & Equipment
972.18 206 961.51 0.0 10.1 9.7 1388.08 10.2 0.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (12) 8216.78 0.13 7406.28 8206.07 8247.34 9050.51 4.85 1.50 13.77 201.09 11591.83 Oil & Gas Producers 88 411.74 -0.7 -0.9 6.1
8.4 4.4 Alternative Energy
970.59 26 174.08 -1.5 3.1 42.3 252.11 42.7 0.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil Equipment & Services 25 330.06 -0.7 -1.8 -0.7
1.4 4.1 Real Estate Investment & Services
685.29 134 288.09 -0.4 2.4 11.7 603.71 13.9 2.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment Trusts 100 475.34 0.8 -0.3 4.4 1240.13 6.6 3.9
Non Financials (302) 5517.94 0.29 4973.66 5502.11 5513.70 5373.21 3.29 1.58 19.21 103.17 10928.47 liable for any loss arising from the reliance on or use of the listed information.
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/ For all queries e-mail [email protected]
mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
FTSE 100 8346.75 8346.27 8341.27 8359.65 8345.95 8336.98 8331.93 8356.28 8354.92 8365.15 8326.83 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 Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 20434.41 20439.13 20429.32 20430.92 20434.39 20407.98 20379.30 20419.95 20447.74 20491.99 20378.45 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
FTSE SmallCap 6630.05 6633.65 6631.83 6633.16 6641.41 6635.72 6632.59 6632.47 6639.74 6647.90 6624.73 please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
FTSE All-Share 4538.91 4538.92 4536.30 4544.82 4538.74 4533.75 4530.53 4542.93 4543.24 4547.23 4528.35
Time of FTSE 100 Day's high:14:14:00 Day's Low12:51:45 FTSE 100 2010/11 High: 8313.67(07/05/2024) Low: 7446.29(17/01/2024)
Time of FTSE All-Share Day's high:14:14:00 Day's Low12:52:00 FTSE 100 2010/11 High: 4522.99(07/05/2024) Low: 4072.19(17/01/2024)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing AFC Energy Int 0.017 0.408 11.644L 9.456L 1.190L 1.110L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Coats Group Int 705.400 704.000 111.000 106.200 0.037 0.038 1.37200 0.93000 Nov 13 3.600 2.900
There are currently no rights offers by any companies listed on the LSE. Cropper (James) Pre 99.343 102.968 6.688L 5.261L 55.100L 41.800L 0.00000 0.00000 - 0.000 3.000
Frasers Group Pre 4925.600 5317.000 379.400 501.000 67.500 86.800 0.00000 0.00000 - 0.000 0.000
Gore Street Energy Storage Fund Pre 6.184 5.659L 1.220 1.100L 1.00000 1.50000 Aug 15 2.000 3.500
Ilika Pre 0.074 0.020 7.217L 5.766L 3.540L 3.030L 0.00000 0.00000 - 0.000 0.000
Invesco Asia Dragon Trust Pre 21.859L 6.884 26.330L 8.340 0.00000 6.90000 - 7.800 14.100
Ocado Group Int 674.000 595.400 173.100L 139.700L 75.500 16.600L 0.00000 0.00000 - 0.000 0.000

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 18 July 2025 ★ FINANCIAL TIMES 13

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Dr ing hc f porsche pref. 41.97 -0.10 75.00 39.58 5.33 12.42 22152.19 Tokyo electron 27770 -120.00 32200 16560 1.91 26.38 88199.88 Londonstockexchangegroup 10855 - 12185 9312 1.11 84.80 76849.93 Deere♦ 495.52 -12.21 533.78 340.20 1.25 23.84 134200.22 Norfolk southern 266.85 6.53 277.60 201.63 2.10 17.53 60159.6
Anz group holdings 30.45 0.33 32.80 26.22 5.45 13.67 58851.31 Infineon technologies 38.15 0.74 39.43 23.17 0.89 41.47 57729.89 Toyota motor 2520.5 11.00 3220 2183 3.41 6.52 268098.43 National grid 1050 5.00 1103.5 909.80 5.23 17.56 69017.47 Dell technologies c 122.99 -0.58 147.66 66.25 1.56 17.86 41782.14 Northrop grumman 522.43 2.73 555.57 426.24 1.64 19.84 75192.06
Bhp group 39.11 - 46.23 33.25 6.25 10.56 128602.29 Mercedes-benz group n 51.91 0.32 64.87 45.60 9.89 5.91 57919.27 Mexico (Mex$) Relx 3990 1.00 4205 3369 1.50 38.70 97915.54 Digital realty tst. 174.86 1.88 198.00 129.95 2.90 158.79 58891.36 Nu holdings a 14.00 0.15 16.15 9.01 - 30.63 52733.97
Commonwealth bk.of aus. 180.80 3.23 192.00 124.89 2.63 30.29 195999.19 Merck kgaa 111.55 1.10 177.00 108.10 1.91 17.77 16705.65 America movil b 16.30 -0.09 17.25 13.76 2.81 37.12 52478.47 Rio tinto 4429.5 31.00 5474 4024.5 7.83 7.84 74486.06 Dominion energy 57.65 0.48 61.97 48.07 4.81 21.43 49163.38 Nvidia 173.38 2.01 173.64 86.62 0.02 55.71 4230350
Csl 248.39 0.94 313.55 228.61 1.62 27.83 77912.96 Muenchener ruck. 573.00 3.20 615.80 421.70 2.54 16.74 86743.48 Walmart de mexico 'v' 54.00 -3.30 67.34 51.58 3.83 18.67 50202.49 Rolls-royce holdings 1010 21.60 1010 423.40 - 33.81 114418.29 Doordash a 234.32 -0.18 248.74 99.32 - 285.51 93419 Nxp semiconductors 223.45 2.87 296.08 148.09 1.89 23.43 56449.88
Goodman group 34.44 0.28 39.43 25.01 0.89 71.15 45315.35 Sap 265.80 5.85 283.50 176.72 0.79 104.83 378373.62 Shell (lon) 2609 1.00 2947.06 2269.92 4.10 15.38 206845.61 Duke energy 117.77 -0.02 125.27 105.20 3.67 18.81 91537.57 O reilly automotive 92.45 1.21 97.22 68.44 - 2.18 5291.89
Netherlands (€)
Macquarie group 224.57 1.91 242.90 160.00 2.87 23.04 55446.53 Siemens 226.00 8.85 244.85 150.68 1.99 25.34 209501.74 Unilever (uk) 4432 -23.00 5034 4311 3.29 19.88 145711.41 Eaton 376.99 14.10 379.99 231.85 1.06 36.62 147516.19 Occidental ptl. 43.51 0.88 64.76 34.79 2.15 16.95 42814.69
Adyen 1551.6 40.20 1869.2 957.40 - 54.80 56648.94
National aus.bank 38.70 0.43 41.68 31.13 4.36 17.30 76789.61 Siemens healthineers 46.59 0.48 58.48 41.21 3.95 25.86 60896.32 United States () Ecolab 267.71 -0.01 274.17 220.96 0.95 35.06 75931.27 Old dominion fgt.lines 163.28 2.45 233.26 144.90 0.67 29.49 34505.21
Asml holding 650.20 24.40 895.50 508.40 0.94 30.34 296719.25
Rio tinto 111.10 0.58 130.99 100.75 6.43 9.50 26716.58 Volkswagen 93.20 0.70 116.70 81.50 9.35 5.19 31868.33 3m 157.97 0.41 159.47 101.77 1.86 18.94 85016.51 Edwards lifesciences 76.29 0.15 88.61 58.93 - 30.34 44751.71 Oneok 80.37 1.20 118.07 75.48 5.17 15.11 50596.44
Heineken 76.30 0.92 91.10 63.58 2.17 45.83 50925.84
Wesfarmers 83.40 0.68 85.90 66.25 2.43 35.54 61282.41 Volkswagen pref. 90.60 0.48 114.20 78.86 9.62 5.04 21647.99 Abbott laboratories 121.31 -10.43 141.23 99.71 1.92 15.16 211059.56 Elevance health 307.48 -37.07 567.26 297.26 2.23 11.52 69470.37 Oracle 248.56 7.26 251.60 118.86 0.69 54.79 698163.53
Ing groep 19.57 0.30 19.87 14.24 5.47 10.26 68525.66
Westpac banking 33.70 0.40 35.27 27.51 4.48 17.20 74705.98 Hong kong () Abbvie 190.69 0.11 218.66 163.81 3.43 78.44 336835.39 Eli lilly 784.38 -5.42 972.53 677.09 0.72 61.43 743384.89 Paccar 93.57 -1.82 118.81 84.65 1.37 13.67 49120.45
Prosus 49.03 0.68 49.27 29.95 0.13 17.93 135156.21
Belgium (€) Aia group 67.65 -0.30 74.60 48.60 2.60 12.98 91625.01 Accenture class a 281.96 2.29 398.35 273.19 2.09 21.83 191270.65 Emerson electric 143.29 2.99 143.90 90.06 1.53 39.86 80600.63 Palantir technologies a 153.44 2.53 153.91 21.23 - 642.16 347220.34
Universal music group 26.92 0.01 29.19 19.93 1.81 24.90 57212.01
Anheuser-busch inbev 58.36 0.76 63.04 44.89 1.35 19.15 121534.86 China mobile 87.35 -0.30 89.50 68.50 5.99 11.82 230478.85 Adobe (nas) 365.18 3.41 587.75 332.01 - 22.65 154909.36 Energy transfer (nys) units 17.48 0.04 21.45 14.60 7.64 12.74 59970.32 Palo alto networks 197.29 4.70 208.39 142.01 - 112.94 131552.97
Wolters kluwer 141.10 2.05 181.30 134.20 1.49 32.63 38997.25
Cnooc 18.24 -0.28 22.25 15.50 8.09 5.46 103511.3 Advanced micro devices 159.68 -0.40 174.05 76.48 - 112.19 258905.82 Enterprise prds.ptns.lp. 31.33 -0.17 34.63 27.37 6.96 11.29 67951.72 Parker-hannifin 718.46 8.24 723.17 488.45 0.94 26.61 91803.38
Brazil (R$) Norway (Kr)
Hsbc holdings - - - - - - - Aflac 101.09 -0.35 115.50 92.44 2.14 15.13 54653.81 Eog res. 118.03 0.20 138.18 102.52 3.26 10.52 64416.51 Paychex 143.37 1.12 161.24 121.33 2.91 27.99 51640.54
Itau unibanco holding pn 35.57 0.38 38.62 27.11 6.53 9.74 34087.51 Equinor 264.40 0.40 304.70 233.00 5.58 7.80 65488.05
Meituan 125.50 1.40 217.00 100.10 - 19.26 88433.63 Agilent techs.♦ 115.50 2.07 153.84 96.43 0.84 28.34 32809.48 Equinix reit 770.55 4.91 994.03 701.41 2.36 77.50 75373.93 Paypal holdings 73.46 0.49 93.66 55.85 - 15.89 71442.26
Petroleo brasileiro on 34.13 -0.26 44.00 30.84 15.97 8.82 45665.61
Tencent holdings 517.00 0.50 547.00 349.00 0.69 21.92 603764.99 Saudi Arabia (SR) Agnico-eagle mns. (nys) 117.76 -1.95 126.76 69.72 1.41 24.12 59209.91 Exxon mobil 111.93 -0.30 126.34 97.80 3.60 14.29 482377.87 Pepsico 144.83 9.48 180.91 127.60 3.89 20.50 198574.82
Vale on 54.36 -0.04 65.35 48.77 8.81 6.82 44359.81
Xiaomi 56.15 -1.15 61.45 15.36 - 52.44 153362.43 Acwa power 236.20 -1.30 496.82 231.94 0.20 88.57 48267.09 Air prds.& chems.♦ 292.07 3.08 341.14 243.69 2.53 40.51 64998.49 Fair isaac 1553 16.25 2402.52 1477.12 - 64.38 37802.64 Pfizer 24.76 0.15 31.54 20.92 7.26 16.40 140769.65
Canada (C$) Al rajhi bank 94.50 -0.40 104.00 80.10 1.37 18.11 100775.8 Fedex 227.90 -0.85 313.67 194.30 2.52 13.47 54604.59 Pg&e 13.28 0.12 21.72 12.97 0.55 11.72 35516.31
India (Rs) Airbnb a 138.76 2.05 163.93 99.88 - 33.90 59889.12
Agnico eagle mines 162.27 -1.52 175.33 99.05 1.41 24.16 59314.17 Saudi arabian mining 54.50 - 57.40 39.00 - 62.02 56503.15 Ferguson enterprises♦ 218.58 1.31 226.63 146.00 1.49 27.18 43099.83 Philip morris intl. 179.29 -3.99 186.69 106.35 3.10 27.18 279060.18
Adani enterprises 2616.6 8.10 3258 2025 0.05 81.21 35083.98 Alibabagroupholdingadr1:8 117.94 2.21 148.43 73.87 0.90 16.13 281411.11
Alimentation couche tard 73.00 4.68 85.53 65.95 1.07 18.08 50313.47 Saudi arabian oil 24.42 -0.18 29.00 24.08 5.40 14.711575526.48 Ferrari 502.10 -3.20 509.13 391.54 0.55 50.79 89898.16 Phillips 66 124.68 1.01 150.12 91.01 3.83 27.03 50797.65
Axis bank 1159.8 -8.60 1318.6 933.50 0.09 12.29 41787.68 Allstate ord shs 190.39 -5.23 213.18 162.27 2.05 12.52 50418.6
Bank of montreal 157.13 1.46 157.16 109.02 4.00 14.59 82273.9 Saudi basic industries 55.10 -0.30 83.40 54.00 6.40 589.95 44069.43 Fidelity nat.info.svs. 80.44 1.09 91.98 66.51 1.91 49.32 42262.78 Pnc finl.svs.gp. 194.86 0.93 216.26 145.12 3.39 13.26 77080.19
Bajaj finance♦ 923.30 1.55 8629.95 886.00 4.08 3.29 66654.14 Alphabet 'c' 183.70 -0.07 208.70 142.66 0.45 19.731009786.81
Bk.of nova scotia♦ 75.46 0.11 80.14 60.68 5.62 15.82 68206.27 Saudi telecom 41.70 -0.10 48.30 36.40 4.35 17.78 55586.65 Fiserv 167.38 1.67 238.59 154.17 - 28.52 92801.13 Procter & gamble 154.91 1.18 180.43 151.90 2.70 23.67 363193.01
Bharti airtel 1929.9 -6.70 2045.8 1422.6 0.43 32.91 136635.32 Alphabet a 182.59 -0.39 207.05 140.53 0.46 19.621065018.31
Brookfield a 92.77 2.75 93.27 58.35 0.51 223.86 111143.81 The saudi national bank 37.18 0.12 38.45 31.90 7.81 10.04 59473.74 Ford motor 11.17 -0.08 14.85 8.44 6.98 8.60 43607.1 Progressive ohio 244.22 -2.24 292.99 208.13 2.08 15.85 143167.54
Hcl technologies 1543.9 -18.90 2002.35 1302.75 3.66 23.02 48671.32 Altria group 57.86 -1.00 61.26 47.57 7.25 9.34 97465.58
Brookfield a (nys) 67.75 1.96 67.81 42.21 0.51 224.88 111649.57 Fortinet 105.05 1.61 114.82 54.57 - 41.61 80403.17 Prologis reit 107.83 -2.34 132.57 85.35 3.75 25.88 100058.26
Hdfc bank 1986.9 -9.40 2027.1 1588.05 1.06 20.65 176990.94 Singapore (S$) Amazon.com 223.71 0.52 242.52 151.61 - 35.07 2374984.2
Canadian imp.bk.com.♦ 100.17 0.78 100.58 67.01 3.73 12.59 68462.93 Freeport-mcmoran 44.08 0.10 52.61 27.66 1.41 34.77 63300.53 Prudential finl. 102.48 0.28 130.55 90.38 5.32 15.56 36277.92
Hindustan unilever 2509.8 -7.80 3035 2136 1.79 52.93 68506.09 Dbs group holdings 46.68 0.56 46.97 32.70 4.73 11.98 103031.03 Amer.elec.pwr. 105.69 0.20 110.48 89.91 3.56 19.64 56460.41
Canadian national ry. 140.45 -0.31 168.88 130.02 2.42 19.81 63966.33 Ge aerospace 261.39 -4.79 272.80 150.20 0.59 39.69 278742.8 Public storage 284.77 -0.78 369.99 256.60 4.38 27.19 49957.58
Icici bank 1418.7 -7.70 1471.6 1153 0.76 19.20 117608.49 Oversea-chinese bkg. 17.08 0.12 17.93 13.75 5.01 10.42 59738.09 American express 313.74 1.84 329.14 220.43 0.97 21.09 219802.75
Canadian natural res. 42.68 0.35 52.15 34.92 5.12 12.07 64902.29 Ge vernova 573.57 12.40 581.27 150.01 0.05 79.32 156547.18 Qualcomm 153.30 -0.77 200.00 120.80 2.30 15.06 168323.4
Infosys 1583.5 -24.40 2006.45 1307 2.85 21.75 76420.67 United overseas bank 36.78 0.09 39.20 29.00 4.75 10.29 47638.63 American intl.gp. 80.55 -0.45 88.07 69.00 2.06 18.91 46420.52
Canadianpacific kansascity♦ 110.64 0.02 119.20 94.60 0.68 27.05 74112.18 General dynamics♦ 300.72 0.72 316.90 239.20 1.99 20.09 80712.09 Quanta services 394.07 4.95 396.03 227.08 0.10 61.18 58426.25
Itc♦ 423.95 -0.65 528.50 390.15 3.49 24.44 61649.77 SLOVAKIA () American tower 223.00 -0.36 243.56 172.51 3.02 34.73 104394.83
Constellation software 5000.01 23.03 5300 3920 0.11 100.05 77029.45 General motors 53.36 0.18 61.24 38.96 0.93 7.17 51302.16 Realty income 56.74 -0.05 64.88 50.71 5.79 49.65 51240.76
Kotak mahindra bank 2170.8 -8.60 2301.9 1679.05 0.10 18.64 50142.26 Tatra banka 23000 - 23000 20000 9.64 7.70 1616.64 Ameriprise finl. 533.99 9.15 582.05 385.74 1.15 17.47 50847.96
Enbridge 61.79 -0.12 65.62 49.16 5.93 23.05 97944.16 Gilead sciences 109.06 -0.80 119.96 70.78 2.95 22.05 135656.69 Regeneron pharms. 552.58 4.65 1211.2 476.49 0.17 13.52 58655.46
Larsen & toubro 3474 -29.80 3963.5 2965.3 0.84 30.38 55506.49 South Korea (KRW) Amgen 298.26 -0.76 346.85 253.30 3.18 26.17 160376.23
Manulife financial 42.25 0.56 46.42 32.87 3.85 16.12 52461.93 Goldman sachs gp. 711.00 2.18 726.00 437.37 1.72 15.89 218164.07 Republic svs.'a' 239.71 -1.64 258.75 188.82 0.99 34.80 74908.66
Lifeinsurancecorporationofindia 928.25 -4.40 1222 715.30 0.68 11.65 68206.06 Amphenol 'a' 101.49 0.94 101.68 54.77 0.62 47.42 122983.89
Royal bank of canada 182.26 1.63 183.11 145.58 3.18 14.51 186901.83 Hyundai motor 210000 2500 267500 175800 2.89 4.25 30880.2 Hca healthcare 361.28 -1.30 417.14 289.98 0.78 15.44 86914.54 Roper technologies 546.06 0.83 595.17 499.47 0.59 37.90 58709.86
Maruti suzuki india 12476 -88.00 13680 10725 1.05 25.85 45567.92 Analog devices 241.54 0.93 247.73 158.65 1.56 65.38 119863.79
Shopify subd.vtg.shs.'a' 172.03 7.91 183.53 72.36 - 97.87 152593.2 Lg energy solution 317000 6000 444000 266000 - -71.89 53271.57 Hess 148.26 0.71 161.69 123.79 1.36 19.79 45858.26 Ross stores 130.12 1.02 163.60 122.36 1.22 19.08 42558.42
Ntpc 342.65 0.20 448.45 292.80 2.52 16.10 38598.55 Apollo global management 155.83 3.12 189.49 95.11 1.23 26.18 89053.09
Suncor energy 53.48 -0.09 58.58 43.59 4.14 11.15 47530.09 Samsung biologics 1070000 37000 1209000 821000 - 69.41 54692.22 Hilton worldwide hdg. 271.78 -1.69 279.46 196.04 0.23 41.33 64602.03 Royal caribbean group 344.28 5.05 347.08 130.08 0.51 26.96 93492.8
Oil & natural gas 243.87 1.02 345.00 205.00 5.79 8.09 35640.69 Apple 210.65 0.49 260.10 169.21 0.49 31.583146233.24
Tc energy♦ 65.64 -0.60 71.12 54.49 5.43 16.36 49625.03 Samsung electronics 66700 2000 86900 49900 2.20 13.31 283557.64 Home depot 357.30 -0.10 439.37 326.31 2.54 24.16 355487.77 Rtx 151.01 0.84 151.83 102.62 1.73 42.63 201742.38
Reliance industries 1476.4 -9.20 1593.9 1114.85 0.36 26.82 232102.07 Applied mats. 193.47 -1.34 233.32 123.74 0.83 23.44 155259.33
Thomson reuters 288.19 -0.80 299.24 214.51 1.10 42.37 94394.58 Sk hynix 269500-26500.00 306500 144700 0.34 9.36 140900.31 Honeywell intl. 238.13 1.25 242.77 179.36 1.93 26.35 153042.08 S&p global 526.77 2.41 545.39 427.14 0.73 39.83 161560.36
State bank of india 829.00 -2.70 899.00 680.00 1.73 9.12 85949.27 Arch cap.gp. 88.54 -0.54 116.47 82.49 - 8.74 33178.89
Toronto-dominion bank♦ 101.64 0.35 102.45 73.22 4.07 10.55 127120.42 Spain (€) Humana♦ 226.83 0.27 406.46 212.45 1.62 15.41 27376.9 Salesforce 259.40 1.45 369.00 230.00 0.63 40.44 247986.78
Sun pharm.industries♦ 1703.4 2.40 1960.35 1553.05 0.85 33.17 47479.43 Ares management a 181.21 1.29 200.49 110.63 2.24 102.00 38955.36
Waste connections 249.41 -0.88 284.73 237.56 0.69 71.82 46850.95 Banco santander 7.29 0.12 7.55 3.80 2.59 9.32 125740.51 Illinois tool works 257.01 0.19 279.13 214.66 2.38 21.78 75303.2 Schlumberger 34.52 -0.07 50.94 31.11 3.34 11.26 46951.83
Tata consultancy svs. 3209.2 -23.90 4592.25 3056.05 1.89 22.86 134888.09 Arista networks 111.52 3.22 396.90 59.43 - 45.29 140060.36
China (HK$) Bbv.argentaria 12.77 0.08 13.90 8.46 5.16 7.45 85280.6 Arthur j gallagher 312.46 2.54 351.23 267.00 0.81 46.41 80021.01 Intel 23.00 0.31 37.16 17.67 1.13 -4.94 100293.61 Sempra 76.34 1.10 95.77 61.90 3.41 16.15 49767.07
Tata motors 681.70 2.70 1179 535.75 0.46 10.03 29156.86
Agricultural bk.of chin. 'h'♦ 5.38 -0.12 5.84 3.28 7.29 6.38 21070.85 Caixabank 7.41 -0.01 7.80 4.53 1.95 9.21 60806.13 At&t 26.90 -0.05 29.19 18.14 4.29 15.89 193561.7 Interactive brokers group a 59.64 0.19 60.38 25.92 1.74 7.91 6498.3 Servicenow 963.20 -3.77 1198.09 678.66 - 125.80 199365.93
Bank of china 'h' 4.64 -0.06 4.80 3.25 8.75 5.50 49437.49 Indonesia (Rp) Iberdrola 15.59 -0.01 16.79 11.64 3.62 26.01 116348.03 Intercontinental ex. 181.17 0.37 183.99 142.29 1.05 36.11 103923.87 Sherwin-williams 339.42 -0.44 400.42 308.84 0.90 30.88 85058.85
Atlassian 'a' 194.16 3.71 326.00 135.29 - -113.27 32083.95
Bank of comms.'h' 7.32 -0.12 7.62 5.08 8.66 5.61 32654.16 Ammanmineralinternasional 8100 -125.00 12450 4500 - 81.30 35970.49 Inditex 42.32 0.46 56.34 41.84 2.38 23.24 152835.13 International bus.mchs. 281.74 -0.19 296.16 181.81 2.46 46.36 261843.54 Simon property group 162.39 0.92 190.14 136.34 5.28 24.89 53006.86
Autodesk 291.35 1.88 326.62 223.03 - 62.28 62348.9
Byd 'h' 123.80 1.30 159.27 67.60 2.88 7.15 58100.88 Bank central asia 8525 - 10950 7275 3.61 18.25 63712.18 Sweden (SKr) Intuit♦ 753.96 3.24 790.60 532.65 0.54 61.31 210313.49 Southern 93.14 -0.16 94.45 80.46 3.21 21.50 102365.99
Automatic data proc. 302.67 2.40 329.93 244.65 2.02 29.79 122862.26
Cgn power 'h' 2.81 -0.03 3.63 2.31 3.84 11.40 3996.91 Bank mandiri 4720 30.00 7550 4250 - 7.64 26707.3 Intuitive surgical 517.08 4.44 616.00 413.82 - 72.87 185330.91 Southern copper 96.25 -0.41 118.64 74.11 2.12 20.63 76632.91
Atlas copco a 162.55 5.25 200.20 130.00 1.74 26.91 55889.41 Autozone 3702.82 20.20 3916.81 2894.02 - 23.35 62141.32
China citic bank 'h'♦ 7.51 -0.06 8.12 4.26 7.77 5.66 14240.3 Bank rakyat indonesia 3890 10.00 5575 3360 3.56 9.86 35741.84 Iqvia holdings 161.89 3.25 252.88 134.65 - 21.26 28006.97 Spotify technology 707.77 2.22 785.00 288.07 - 112.62 144885.53
Atlas copco b 142.15 4.50 175.00 115.75 1.99 23.54 22721.24 Bank of america 46.49 0.46 49.31 33.07 2.28 13.36 350119.26
China con.bank 'h' 8.31 -0.08 8.56 5.23 8.23 5.73 254553.86 Barito renewables energy 7725 25.00 12100 4170 0.08 476.73 63288.91 Jd com adr 1:2 32.27 0.63 47.82 24.13 - 7.63 45062.89 Starbucks 92.54 0.03 117.46 72.73 2.65 32.39 105162.46
Eqt 335.00 -3.80 384.80 214.70 1.01 47.17 42340.53 Bank of new york mellon 97.20 1.71 97.43 60.93 1.96 15.26 69540.21
China life insurance 'h'♦ 18.70 0.02 20.60 10.06 3.84 4.09 17729.49 Chandra asri pacific 9675 100.00 11225 5275 0.06 - 51255.5 Johnson & johnson 163.45 -1.33 169.99 140.68 3.15 17.50 393272.68 Stryker♦ 389.16 -1.71 406.19 314.93 0.88 50.62 148538.03
Investor a 293.00 4.80 325.00 246.90 1.65 20.55 37408.32 Becton dickinson 179.98 1.71 251.99 163.33 2.30 33.57 51583.6
China merchants bank 'h' 51.10 - 56.75 27.95 4.43 8.07 29890.44 Ireland () Investor b 292.80 4.25 326.60 247.00 1.66 20.53 54628.71 Berkshire hathaway 'a'704705.02-2975.98 812855609578.55 - 12.05 382654.12 Jp morgan chase & co.♦ 287.63 1.81 296.40 190.90 1.82 13.59 799348.17 Synopsys 576.03 4.83 604.83 365.74 - 66.33 89376.58
China ptl.& chm. 'h' 4.30 -0.03 5.47 3.69 9.33 9.25 13156.23 Aon class a 353.40 -1.16 412.97 295.79 0.79 29.40 76313.17 Volvo a 264.20 -5.40 344.40 221.20 3.06 11.51 12038.28 Berkshire hathaway 'b' 469.94 -1.37 542.07 406.11 - 12.06 629675.26 Kenvue 21.84 -0.01 25.17 17.85 3.88 37.54 41904.22 T-mobile us 227.29 -1.46 276.49 173.74 1.40 21.36 258345.84
China shenhua en.co.'h'♦ 31.90 -0.25 37.35 28.30 8.17 10.06 13727.67 Crh public limited 92.35 -0.54 110.97 74.03 1.60 18.87 62425.61 Volvo b 264.10 -5.20 344.40 220.80 3.06 11.51 42960.74 Blackrock 1102 19.76 1112.13 773.74 1.93 25.77 170728.65 Keurig dr pepper 33.72 0.51 38.28 30.12 2.79 29.50 45791.51 Target 103.55 2.21 167.40 87.35 4.32 11.33 47048.94
China telecom 'h'♦ 5.69 -0.01 6.98 4.08 5.17 13.73 10060.84 Johnson controls intl. 108.56 1.28 108.95 64.31 1.42 31.57 71437.62 Switzerland (SFr) Blackstone 170.68 4.76 200.96 115.66 2.40 49.79 124536.32 Kimberly-clark 127.43 -0.20 150.45 124.10 4.01 16.71 42284.51 Te connectivity 178.76 2.38 179.00 116.30 1.51 37.41 53009.17
Indl&coml.boc.'h'♦ 6.14 -0.08 6.48 4.06 8.38 5.63 67900.72 Trane technologies 443.33 6.35 444.54 298.15 0.81 35.15 98870.57 Block a 86.96 0.58 99.26 55.00 - 22.33 48675.16 Kinder morgan 27.42 -0.49 31.48 19.68 4.36 22.75 60928.9 Tesla 321.77 0.10 488.54 182.00 - 176.99 1036406.5
Abb ltd n 52.10 4.69 54.00 37.25 1.64 27.81 119330.67
Petrochina 'h'♦ 7.11 -0.05 7.57 5.07 7.15 6.95 19113.7 Italy (€) Alcon (swx) ord shs 69.68 0.90 87.00 67.34 0.32 37.03 43250.85 Boeing 229.16 -0.74 233.61 128.88 - -12.28 172787.44 Kkr and co. ord. shs. 145.91 2.86 170.40 86.15 0.50 60.54 129604.64 Texas instruments 216.52 -0.12 221.69 139.95 2.55 39.47 196702.37
Pinganinsurance(group)ofchina'h' 51.50 -0.35 59.80 32.65 5.29 7.16 48869.21 Enel 7.89 0.02 8.29 6.24 5.28 12.16 92925.59 Givaudan 'n' 3772 12.00 4690 3440 1.71 33.71 43263.26 Booking holdings 5672.98 14.85 5839.41 3180 0.66 34.05 184600.69 Kla 933.03 -0.46 942.34 551.33 0.70 32.67 123385.22 Thermo fisher scientific 421.56 5.25 627.88 385.46 0.39 23.80 159134.45
Postal savings boc.'h' 5.81 -0.04 5.95 3.89 8.25 6.23 14698.92 Eni 14.15 -0.06 14.91 11.01 6.71 18.97 51587.97 Holcim 63.12 0.98 63.84 35.63 4.22 12.71 44445.91 Boston scientific 104.04 0.85 107.53 71.88 - 73.10 153921.6 Kraft heinz 27.98 0.40 36.53 25.44 5.94 12.30 33115.51 Thomson reuters (nys) 210.04 -1.19 218.42 150.01 1.10 42.47 94633.86
Zijin mining group 'h' 20.25 -0.30 21.50 13.52 1.67 13.46 15451.87 Generali 31.40 0.40 35.25 21.63 3.90 13.45 56388.46 Lonza group 570.00 0.20 616.00 467.80 0.67 67.18 49724.29 Bristol myers squibb 48.25 1.08 63.33 41.20 5.25 17.33 98182.47 L3harris technologies 264.32 0.66 266.39 193.09 1.84 30.18 49413.47 Tjx 121.93 0.58 135.85 107.71 1.21 27.57 136208.06
Denmark (kr) Intesa sanpaolo 4.93 0.04 5.10 3.15 6.33 10.15 101613.03 Nestle 'n' 76.79 -0.09 95.08 72.82 3.72 19.27 245762.34 Broadcom 286.77 5.96 287.78 128.50 0.82 123.021348814.37 Lam research 100.63 0.26 102.19 56.32 0.92 26.98 128711.25 Trade desk cl.a 83.14 2.01 141.53 42.96 - 97.59 37255.79
Novo nordisk 'b' 424.00 -9.60 942.40 380.00 2.60 18.64 223173.24 Stellantis 8.17 0.17 19.29 7.27 18.15 4.64 27427.12 Novartis 'r' 93.34 -1.78 102.72 81.10 3.56 17.49 244920.76 Cadence design sys. 318.13 3.55 330.09 221.56 - 77.72 86862.85 Lennar 'a' 109.83 0.40 179.39 98.42 1.94 7.53 24996.35 Transdigm group 1578.25 3.65 1588 1176.31 - 51.24 88645.42
Unicredit 57.96 0.62 61.56 30.95 4.56 9.89 104615.13 Richemont n 144.35 -5.45 187.55 112.80 1.83 25.01 96391.5 Capital one finl. 218.32 1.70 221.95 128.23 1.14 17.66 83646.59 Linde (nys) 460.65 0.98 487.49 408.65 1.28 32.18 216839.23 Travelers cos. 260.25 8.06 277.83 202.95 1.68 13.64 58780.57
Finland (€)
Japan (¥) Roche holding 257.00 0.80 313.80 231.90 3.55 26.21 224282.48 Carrier global 76.17 0.74 83.32 54.22 1.08 48.88 65301.29 Lockheed martin 470.20 -1.27 618.95 418.88 2.85 19.51 110165.96 Truist financial 44.85 0.49 49.06 33.56 4.82-227.19 58726.27
Nordea bank (hel) 12.15 -0.34 13.32 9.66 7.49 8.90 48851.66
Roche holdings 'b' 272.60 1.00 333.60 244.00 3.35 27.80 36126.91 Caterpillar 417.08 4.20 419.90 267.30 1.38 19.58 196459.75 Lowe's companies 217.42 0.82 287.01 206.39 2.12 17.91 121847.55 Uber technologies 90.70 -0.06 97.72 54.84 - 15.29 189658.49
France (€) Canon 4029 27.00 5274 3704 3.89 24.07 36187.98
Sika 203.50 2.00 284.40 178.10 1.54 27.57 40565.85 Cencora 295.50 -2.34 309.35 218.65 0.75 32.92 57273.87 Marathon petroleum 173.73 1.36 183.31 115.10 2.08 23.03 53372.26 Union pacific 227.98 -3.20 258.07 204.66 2.42 19.77 136212.49
Airbus 185.28 4.28 185.28 124.72 0.95 33.95 169344.9 Chugai pharm. 6920 120.00 8655 5806 1.43 29.06 78245.6
Swiss re 143.15 1.50 153.65 97.00 4.09 15.41 53124.33 Centene 29.45 -0.96 80.59 29.23 - 4.18 14654.41 Marriott intl.'a' 272.70 -0.90 307.52 204.55 0.96 29.86 74691.47 United parcel ser.'b' 99.13 -0.50 148.15 90.55 6.84 13.93 72734.37
Axa 41.59 0.25 42.98 30.96 4.57 13.35 106462.91 Daiichi sankyo 3588 114.00 6257 3036 1.73 22.31 45772.11
Ubs group 28.85 0.44 32.88 20.66 2.60 17.73 96404.63 Charles schwab 92.53 1.27 93.35 61.01 1.15 26.99 167809.42 Marsh & mclennan 211.41 -0.57 248.00 207.21 1.95 24.97 104167.58 United rentals 816.00 17.53 896.98 525.91 0.85 20.37 53039.21
Bnp paribas 77.15 1.07 81.58 54.63 5.82 8.32 100318.5 Denso 1960.5 -5.50 2549.5 1568.5 3.37 13.10 38432.09
Zurich insurance group 555.80 -1.20 625.20 448.20 4.43 16.06 101042.83 Charter comms.cl.a 383.53 3.91 437.06 304.76 - 10.30 54441.28 Marvell technology 72.62 1.77 127.48 47.09 0.33-126.91 62731.38 Unitedhealth group 289.45 -3.04 630.73 248.88 3.01 11.66 262571.8
Christian dior 451.20 1.60 702.50 414.80 2.75 16.35 94457.93 Fast retailing 44520 10.00 55310 35140 1.10 31.82 95405.21
Cheniere en. 231.96 0.45 257.65 167.66 0.84 16.37 51445.36 Mastercard 552.86 -2.67 594.71 428.86 0.51 37.32 498313.88 Us bancorp 44.99 -0.70 53.98 35.18 4.60 10.72 70087.87
Credit agricole 15.98 0.14 17.78 12.34 6.36 8.09 56030.03 Hitachi 4236 33.00 4448 2584 1.05 32.40 130694.57 Taiwan (NT$)
Chevron 150.43 0.51 168.96 132.04 4.56 16.55 262710.04 Mcdonalds 299.77 0.87 326.32 246.12 2.38 25.47 214345.36 Valero energy 144.48 1.29 167.78 99.00 3.12 47.46 45251.9
Danone 67.68 0.16 77.18 57.80 2.97 22.57 53358.8 Honda motor 1494 -8.50 1693 1156 4.94 6.75 53121.76 Hon hai precn.ind. 164.00 1.50 221.50 112.50 3.03 14.61 77470.21
Chipotle mexn.grill 53.34 -0.04 66.74 44.46 - 45.44 71868.4 Mckesson 710.66 -5.08 737.89 464.42 0.40 26.60 88764.06 Verizon communications 41.01 -0.25 47.36 37.59 6.83 9.40 172887.53
Dassault systemes 32.30 0.61 41.17 30.18 0.69 37.38 50192.26 Hoya 18330 155.00 21935 14345 0.90 30.57 42354.54 Mediatek♦ 1390 -20.00 1575 981.00 3.93 23.11 75704.05
Chubb 275.81 -1.79 306.91 252.16 1.37 12.79 110524.16 Medtronic 89.10 -0.68 96.25 77.94 3.38 25.17 114274.63 Vertex pharms. 468.99 -0.56 519.88 377.85 - -210.59 120435.31
Engie 19.38 -0.02 20.14 14.00 7.06 12.28 54688.1 Itochu 7583 19.00 8118 5873 2.46 12.79 80933.48 Taiwan semicon.mnfg. 1130 - 1160 780.00 1.30 24.61 996458.7
Cigna 301.62 -4.20 370.83 262.03 1.97 16.18 80575.55 Mercadolibre 2405.75 0.60 2645.22 1579.78 - 56.97 121965.21 Visa 'a' 349.78 -0.13 375.51 252.70 0.66 33.84 598459.8
Essilorluxottica 244.20 1.30 298.00 189.00 1.55 49.57 130571.62 Japan tobacco 4338 51.00 4595 3453 4.52 42.48 58426.2 United Arab Emirates (Dhs) Cintas 220.30 6.28 229.24 179.87 0.73 48.02 88900.73 Merck & company 82.24 -0.19 128.73 73.31 3.99 11.51 206507.21 Walmart 95.24 0.09 105.30 66.67 0.94 36.62 760021.51
Hermes intl. 2394 -26.00 2957 1888 0.60 56.89 292120.23 Kddi 2455.5 29.50 2682.5 2120.5 2.96 15.74 69249.87
Abu dhabi nat.energy co. 3.33 -0.03 3.60 2.53 1.09 53.46 101932.89 Cisco systems♦ 68.35 0.98 69.78 44.50 2.36 27.79 270646.08 Meta platforms a 702.36 -0.55 747.90 442.65 0.30 26.431524927.58 Walt disney♦ 121.37 1.55 124.69 80.10 0.81 23.84 218192.47
Lair lqe.sc.anyme.pourletudeetlepxtn. 173.98 0.84 187.12 153.42 1.60 31.74 116457.47 Keyence 55940 340.00 72870 49780 0.60 34.37 91619.5
Adnoc gas 3.33 - 3.69 2.84 5.09 13.04 69582.84 Citigroup 92.29 2.27 92.56 53.51 2.49 14.03 172373.14 Metlife 76.90 0.31 89.05 65.21 2.95 12.09 51619.45 Waste management 224.75 -1.11 242.58 196.59 1.42 32.58 90441.19
L'oreal 364.05 0.05 413.20 316.30 1.73 31.84 225395.47 Mitsubishi 2886 26.00 3388 2257 3.06 10.50 78175.17
Emirates telecom. 18.22 -0.18 19.00 15.82 4.64 11.04 43139.9 Cme group 278.85 1.32 290.79 193.25 3.91 27.00 100485.3 Microchip tech. 74.44 0.01 96.98 34.13 2.53-7162.95 40173.37 Wells fargo & co 80.15 0.24 83.95 50.15 2.01 13.88 260822.72
Lvmh 476.85 1.25 762.70 436.55 2.60 19.87 276758.6 Mitsubishi heavy inds. 3237 -53.00 3720 1250 0.74 44.21 73541.17
International holdings 400.00 -0.50 418.00 400.00 - 67.74 238879.39 Coca cola 69.76 0.49 74.38 60.62 2.93 26.97 300265.65 Micron technology 113.01 -3.42 129.85 61.54 0.43 25.39 126472.33 Welltower 157.30 -0.25 158.55 105.54 1.73 86.03 102864.03
Safran 283.80 3.80 286.20 184.70 0.74 139018.25 Mitsubishi ufj finl.gp. 1971.5 1.50 2239.5 1200 2.33 11.74 160217.45
United Kingdom (p) Coinbase global a 407.05 8.85 415.96 142.58 - 73.65 85972.65 Microsoft 512.95 7.33 513.00 344.79 0.64 38.163812523.38 Williams 57.86 -0.62 63.45 40.41 3.46 29.94 70552.71
Saint gobain 100.35 3.41 106.65 70.26 2.01 18.54 57857.85 Mitsui 2983 -2.00 3749 2365.5 3.22 8.44 58371.18
3i group♦ 4244 34.00 4403.75 2750 1.53 8.15 55396.32 Colgate-palm. 87.72 0.06 109.30 85.32 2.37 23.92 71148.32 Mondelez international cl.a 69.40 1.93 76.06 53.95 2.75 24.83 89853.71 Workday class a 230.08 3.35 294.00 199.81 - 127.32 49843.46
Sanofi 83.54 0.34 110.88 81.50 4.37 17.22 118405.7 Mizuho finl.gp. 4107 43.00 4503 2392.5 2.96 11.53 69524.26
Astrazeneca 10312 -124.00 13388 9573.51 2.36 26.78 214424.82 Comcast a♦ 34.75 0.35 45.31 31.44 3.77 8.24 129399.4 Monolithic pwr.sys. 717.10 3.07 959.64 438.86 0.77 18.41 34334.51 Ww grainger 1017.13 -22.52 1227.66 893.99 0.84 25.14 48862.12
Schneider electric 239.75 17.20 273.00 171.50 1.40 31.79 160049.62 Murata manufacturing 2151 18.00 3759 1825.5 2.54 19.17 28434.75
Bae systems 1899 38.50 1998.5 1127 1.63 29.63 76745.66 Conocophillips 92.28 0.77 118.40 79.88 3.51 11.26 116650.86 Monster beverage 58.92 0.27 64.45 43.32 - 37.31 57459.52 Zoetis a 151.68 0.14 200.33 139.70 1.23 26.21 67529.16
Totalenergies 52.97 -0.12 63.98 47.65 5.78 9.88 139780.05 Nintendo 12985 290.00 13905 6520 1.33 44.42 113562.67
Barclays 351.20 8.60 352.00 196.44 2.39 9.37 66603.66 Constellation brands 'a' 170.33 2.21 261.06 159.35 2.53-355.42 30023.43 Moody's 503.31 3.08 531.93 378.71 0.72 41.87 90545.47
Vinci 124.40 1.70 130.10 96.26 3.46 15.42 84207.37 Nippon telg. & tel. 150.40 0.20 161.70 135.20 3.59 10.49 91712.08
Bp 397.25 1.25 472.25 329.20 6.07 -74.97 84729.01 Constellation energy 307.23 -0.97 352.00 155.60 0.49 31.16 96291.22 Morgan stanley 140.61 0.82 145.16 90.94 2.68 15.87 225583.32 Closing prices and highs & lows are in traded currency (with variations for that
Oriental land 3095 88.00 4629 2755 0.50 44.38 37525.81
Germany (€) British american tobacco 3813 -60.00 3904 2450 6.18 28.04 112190.2 Copart 46.23 0.25 64.38 45.52 - 30.49 44696.63 Motorola solutions 418.28 1.99 507.82 385.17 1.03 33.58 69817.54 country indicated by stock), market capitalisation is in USD. Highs & lows are
Recruit holdings 8050 106.00 11895 6050 0.30 33.46 84784
Adidas 206.50 -1.00 263.80 175.30 0.33 37.28 43070.68 Compass group 2493 -2.00 2853 2167 1.85 37.46 56744.89 Costco wholesale 951.82 0.45 1078.24 793.00 0.50 54.29 422109.52 Mplx 50.26 -0.21 54.87 39.95 7.47 11.17 51305.52 based on intraday trading over a rolling 52 week period.
Shin-etsu chemical 4662 48.00 6874 3425 2.29 17.46 62318.95
Allianz 345.00 2.90 378.50 238.30 3.87 14.17 154377.18 Diageo 1913.5 15.00 2677 1820 4.28 14.86 57099.83 Crowdstrike holdings a 472.01 1.56 517.98 200.81 - -671.66 117647.78 Msci 577.40 5.27 642.45 486.74 1.19 38.22 44674.49 ♦ ex-dividend
Softbank 218.40 1.10 230.90 173.85 4.09 19.95 70306.93
Basf 42.53 0.51 55.06 37.40 7.74 52.91 43984.9 Experian 4059 55.00 4072 3049 1.07 42.50 50013.55 Crown castle 104.31 0.52 120.92 84.20 6.23 -11.14 45422.71 Nasdaq 89.67 0.63 90.84 62.21 1.11 39.06 51481.49 ■ ex-capital redistribution
Softbank group 10695 245.00 10900 5730 0.43 6.97 105872.92
Bmw 83.84 -0.62 91.78 62.96 6.93 8.18 58483.52 Glaxosmithkline 1413 -8.50 1678.68 1242.5 4.32 18.57 77382.83 Csx 34.28 1.02 37.10 26.22 1.49 19.64 64387.16 Netease adr 1:5 133.26 0.65 135.32 75.85 2.00 18.51 84377.02 # price at time of suspension
Softbank p-1 pref. 3772 -1.00 3930 3654 - - -
Bmw pref. 77.35 -0.50 85.35 59.40 7.54 7.55 5324.36 Glencore 303.30 -3.45 465.00 205.00 3.42 -29.22 48505.42 Cummins 344.85 -0.72 387.90 260.02 2.15 16.35 47504.78 Netflix 1256.91 6.60 1341.15 587.04 - 57.18 534904.78
Sony group 3633 93.00 4035 2210 0.53 19.31 150458.01
Deutsche boerse 263.60 -1.50 294.30 176.30 1.40 25.34 57515.5 Haleon 358.80 -1.20 419.50 329.50 1.73 22.85 43228.13 Cvs health 63.42 -0.38 72.51 43.56 4.36 14.57 80227.53 Newmont 57.00 -1.45 61.17 36.86 1.82 12.50 63440.83
Sumitomo mitsui finl.gp. 3609 12.00 4140 2560.5 2.94 10.71 94406.98
Deutsche post 39.04 0.47 44.27 30.96 4.59 14.09 54285.05 Hsbc holdings 932.70 14.30 950.20 610.89 5.36 11.04 218192.54 D r horton 131.71 0.20 199.85 110.44 1.10 9.61 40457.31 Nextera energy 75.15 0.38 86.10 61.72 2.92 27.09 154706.13
Takeda pharmaceutical 4412 37.00 4573 3852 4.40 33.63 47269.76
Deutsche telekom 30.63 0.40 35.91 23.47 2.43 12.91 176981.73 Lloyds banking group 78.20 1.80 79.19 47.43 3.71 12.61 62944.64 Danaher♦ 194.27 0.97 281.70 171.00 0.60 36.24 139033.13 Nike 'b' 72.96 0.86 90.62 52.28 2.25 22.76 86183.21
Tokio marine holdings 5958 117.00 6293 4046 2.50 9.57 77597.03

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Barito renewables energy 7725.00 7700.00 25.00 0.32 1600.00 26.6 22.13 Atlassian 'a' 192.30 190.45 1.85 0.97 -30.44 -12.9 -3.02 Jul 17 date Coupon S* M* F* price yield yield yield US Jul 17 date Coupon S* M* F* price yield yield yield US
Advanced micro devices 160.26 160.08 0.18 0.11 21.67 15.8 26.08 Elevance health 305.52 344.55 -39.04 -11.33 -1.81 -11.8 -18.77 High Yield US$ US$
Alibaba group holding adr 116.35 115.73 0.62 0.54 11.90 12.1 1.10 Centene 29.49 30.41 -0.93 -3.04 -2.68 -10.9 -46.33 Petrobras Global Fin BV (PGF) 05/26 8.00 BB- Ba1 BB 103.58 6.03 0.06 0.76 1.65 Truist Financial Corporation 01/28 6.00 A- A3 A 101.11 5.52 -0.12 0.00 -
1:8 Sk hynix 269500.00 296000.00 -26500.00 -8.95 -1000.00 -9.3 8.67 High Yield Euro Nicor Gas Company 02/28 6.00 A Aa3 AA- 103.88 4.96 -0.05 0.57 -
Alimentation couche tard 77.76 68.32 9.44 13.82 -1.09 12.0 8.76 Stellantis 8.17 8.00 0.17 2.16 -1.01 -9.2 -4.29 Turkiye 02/26 10.00 - - B 86.06 39.82 0.11 -0.39 35.49 National Rural Utilities Cooperative Fin Corporation 02/28 3.00 A- A2 A 95.76 4.75 -0.07 0.12 0.42
Daiichi sankyo 3588.00 3474.00 114.00 3.28 264.00 11.8 2.75 Crowdstrike holdings a 468.75 470.45 -1.70 -0.36 -43.06 -8.7 -4.71 Washington Gas Light Company 03/28 6.00 A- WR A 103.02 5.60 -0.08 0.16 -
Coinbase global a 410.52 398.20 12.32 3.09 24.35 9.8 61.47 Micron technology 111.68 116.43 -4.75 -4.08 -5.81 -8.6 -7.17 Emerging US$ Oklahoma Gas and Electric Company 04/28 6.00 A- A3 A 103.85 4.98 -0.05 0.01 -
Trade desk cl.a 82.96 81.13 1.83 2.25 5.50 9.7 22.60 Hcl technologies 1543.90 1562.80 -18.90 -1.21 -111.20 -7.8 -10.39 Turkey 03/21 5.00 - WR NR - - - - - Verizon Communications Inc. 04/28 6.00 BBB+ Baa1 A- 105.76 4.67 -0.04 0.28 -
Samsung electronics 66700.00 64700.00 2000.00 3.09 3700.00 9.3 13.11 Abbott laboratories 123.58 131.74 -8.16 -6.19 -1.48 -7.2 -6.69 Turkey 09/21 9.00 - - NR - - - - -
Poland 04/26 3.00 A- A2 A- 99.13 4.48 -0.03 0.09 0.15 Euro
Tesla 321.85 321.67 0.18 0.05 25.79 8.8 1.67 Novo nordisk 'b' 424.00 433.60 -9.60 -2.21 -21.95 -6.9 -14.88 Spain 10/46 2.00 - Baa1 A- 85.51 3.91 0.00 0.11 -
Abb ltd n 52.10 47.41 4.69 9.89 -0.51 8.7 6.92 Uber technologies 90.22 90.75 -0.53 -0.58 -5.89 -6.6 6.37 Mexico 05/26 11.00 BBB Baa2 BBB- 105.75 4.34 0.10 -0.23 -
Brazil 01/27 10.00 - Ba2 BB 95.17 14.25 0.01 0.25 9.92 Netherlands 01/47 2.00 - NR AAA 92.11 3.27 0.00 0.13 -
Ge vernova 577.54 561.17 16.37 2.92 25.40 7.8 18.17 Humana 221.67 226.56 -4.89 -2.16 -10.14 -6.3 -8.23 Belgium 06/47 1.00 - NR AA- 65.98 3.95 -0.01 0.14 -
Pepsico 143.93 135.35 8.58 6.34 0.87 7.0 11.29 Nordea bank (hel) 12.15 12.49 -0.34 -2.68 -0.48 -6.3 -3.57 Brazil 01/27 10.00 - Ba2 BB 95.17 14.25 0.01 0.25 9.92
Colombia 02/27 8.00 BB+ Baa2 BB+ 100.69 7.90 0.92 0.79 - France 05/48 2.00 - Aa2 AA- 70.18 4.02 0.00 0.15 -
Schneider electric 239.95 222.55 17.40 7.82 -2.90 6.4 8.09 Walmart de mexico 'v' 54.85 57.30 -2.45 -4.28 -1.18 -6.2 -10.23
Peru 08/27 4.00 BBB Baa1 BBB 99.55 4.35 0.22 0.13 0.02 Yen
Palantir technologies a 152.14 150.91 1.23 0.81 7.78 6.3 10.04 Accenture class a 279.01 279.67 -0.66 -0.24 -17.73 -6.2 -10.62
Peru 08/27 4.00 BBB Baa1 BBB 99.55 4.35 0.22 0.13 0.02 Japan 03/55 1.00 - A1 A 67.25 3.09 -0.07 0.22 -
Brookfield a (nys) 66.46 65.79 0.67 1.02 3.22 6.2 14.64 China citic bank 'h' 7.51 7.57 -0.06 -0.79 -0.43 -6.1 -0.93
Oracle 250.38 241.30 9.08 3.76 5.49 6.2 20.28 Agilent techs. 114.10 113.43 0.67 0.59 -7.87 -5.9 -1.71 Emerging Euro £ Sterling
Nvidia 172.94 171.37 1.57 0.91 8.49 6.2 19.98 Novartis 'r' 93.34 95.12 -1.78 -1.87 -4.09 -5.9 -3.14 Brazil 01/27 10.00 - Ba2 BB 95.17 14.25 0.01 0.25 9.92 United Kingdom 12/46 4.00 - Aa3 AA- 85.65 5.39 0.00 0.18 -
Brookfield a 90.88 90.02 0.86 0.96 4.41 6.2 14.64 Chipotle mexn.grill 52.65 53.38 -0.74 -1.38 -2.56 -5.9 2.41 Bulgaria 03/28 3.00 - Baa1 BBB 101.58 2.38 0.00 0.02 -1.95 United Kingdom 07/47 1.00 - Aa3 AA- 50.39 5.37 0.00 0.18 -
Shopify subd.vtg.shs.'a' 166.02 164.12 1.90 1.16 7.63 6.1 13.84 Ford motor 11.14 11.24 -0.10 -0.92 -0.59 -5.9 6.86 Mexico 11/47 8.00 - Baa2 BBB- 82.60 9.95 0.01 0.04 - Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 11/47 8.00 - Baa2 BBB- 82.60 9.95 0.01 0.04 - close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Blackstone 168.32 165.92 2.40 1.45 7.24 6.1 23.96 Based on the FT Global 500 companies in local currency
Based on the FT Global 500 companies in local currency Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jul 17 Rate Current Since Last Day's Month's Year Return Return Jul 17 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 4.25-4.50 18-12-2024 4.75-5.00 Index change change change 1 month 1 year VIX 16.81 -0.35 17.16 65.73 10.62 Jul 17 Price £ Yield Day Week Month Year High Low £m
US Prime 7.50 19-12-2024 7.75 Markit IBoxx VXD 16.13 -0.31 16.44 64.54 1.31 - - - - - - - - -
US Discount 4.50 19-12-2024 5.00 ABF Pan-Asia unhedged 236.44 -0.13 -0.51 7.57 0.58 11.12 VXN 19.01 -0.53 19.54 52.17 15.05 - - - - - - - - -
Euro Repo 2.40 23-04-2025 2.65 Corporates( £) 373.62 -0.14 -0.40 3.17 0.15 4.21 VDAX 18.10 -1.29 19.38 93.30 - - - - - - - - - -
UK Repo 4.50 20-03-2025 5.00 Corporates(€) 239.46 0.03 0.30 2.12 0.39 5.36 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 99.70 4.15 0.73 0.97 1.22 -9.19 99.70 97.20 40.34
Japan O'night Call 0.50 23-01-2025 0.00-0.10 Eurozone Sov(€) 226.59 0.10 -0.45 0.14 -0.65 2.47 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 98.35 3.27 0.62 0.93 -0.30 -18.25 98.36 94.31 41.18
Switzerland Libor Target 0.25 21-03-2025 0.5 Gilts( £) 271.58 -0.10 -1.19 1.28 -0.99 -1.00 Tr 1.25pc '27 95.16 3.77 0.53 1.07 -0.26 -5.99 95.29 92.20 41.95
Overall( £) 290.24 -0.10 -0.98 1.75 -0.70 0.31 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 88.34 3.87 0.52 1.31 0.78 -1.02 102.33 84.88 44.64
INTEREST RATES: MARKET Overall(€) 225.85 0.08 -0.22 0.67 -0.32 3.25 Red Bid Bid Day chg Wk chg Month Year Tr 1pc '32 81.72 4.23 0.24 1.20 1.93 6.82 83.39 78.22 36.80
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 95.97 4.74 0.21 1.28 2.60 13.40 103.89 93.73 32.42
Jul 17 (Libor: Jul 16) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 06/54 4.75 95.31 5.06 -0.01 0.03 0.21 0.38 Tr 4.5pc '42 91.67 5.24 0.19 1.35 3.56 16.96 103.90 90.56 29.02
US$ Libor 5.06157 0.010 0.000 0.002 4.96018 4.85372 4.68213 6.04143 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Austria 02/33 2.90 100.67 2.80 -0.02 0.00 0.04 -0.08 Tr 3.75pc '52 76.14 5.45 0.18 1.30 4.01 20.04 90.77 75.13 25.70
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 827.86 9.42 - - 9.30 -3.84 10/53 3.15 90.28 3.71 0.00 0.06 0.12 0.52 Tr 4pc '60 77.88 5.42 0.00 1.12 3.83 20.44 94.47 76.78 25.72
Swiss Fr Libor -0.77860 0.009 0.000 -0.002 -0.77540 -0.75300 -0.70280 -0.55320 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Belgium 06/54 3.30 86.60 4.10 -0.01 0.05 0.16 0.59 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.09217 -0.001 0.000 0.000 -0.06005 -0.02617 0.07165 0.04867 Canada 09/27 2.75 99.84 2.83 -0.03 0.14 0.20 -0.60
CREDIT INDICES Day's Week's Month's Series Series
Euro Euribor
US$ CDs
0.000
0.010
-0.37300
4.41000
-0.33000
4.45000
-0.24200
4.47000
-0.10900
Index change change change high low
12/33 3.25 98.37 3.48 -0.02 0.21 0.30 0.13 GILTS: UK FTSE ACTUARIES INDICES
12/55 2.75 79.79 3.89 -0.02 0.21 0.32 0.56
Euro CDs -0.010 1.99000 2.04000 2.10000 Markit iTraxx Price Indices Day's Total Return Return
Denmark 11/33 2.25 99.18 2.36 -0.03 -0.01 0.00 -0.04
Crossover 5Y 278.68 -7.80 0.93 -17.59 437.08 275.82 Fixed Coupon Jul 17 chg % Return 1 month 1 year Yield
Short
7 Days One Three Six One Europe 5Y 54.19 -1.74 0.88 -3.36 87.59 52.83 Finland 04/27 1.38 99.08 1.92 -0.02 -0.01 -0.01 -0.86
09/33 3.00 101.01 2.86 -0.02 0.00 0.03 -0.04 1 Up to 5 Years 84.85 -0.03 2577.28 0.29 4.60 3.85
Jul 17 term
notice month month month year Japan 5Y 60.88 -0.88 -1.13 -3.75 95.67 54.75 2 5 - 10 Years 146.58 -0.04 3317.71 -0.17 2.10 4.35
Euro 1.71 2.01
1.82 2.12 1.84 2.14 1.89 2.19 1.95 2.25 1.97 2.27 Senior Financials 5Y 57.69 -2.15 0.24 -4.26 95.69 56.93 France 02/28 0.75 96.52 2.13 -0.02 -0.01 0.00 -0.69
3 10 - 15 Years 146.92 -0.08 3657.39 -0.99 -1.73 4.90
Sterling 0.45 0.55 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 11/33 3.50 102.32 3.18 -0.02 0.03 0.11 0.15
Markit CDX 4 5 - 15 Years 145.04 -0.05 3391.32 -0.44 0.83 4.59
US Dollar 4.24 4.44 4.28 4.48 4.31 4.51 4.35 4.55 4.37 4.57 4.28 4.48 05/54 3.00 80.38 4.18 0.00 0.06 0.16 0.64
Emerging Markets 5Y 157.95 0.62 2.58 -11.38 229.96 151.19 5 Over 15 Years 172.03 -0.12 3279.76 -2.72 -8.49 5.34
Japanese Yen - - - - - - -0.30 0.10 -0.20 0.20 -0.15 0.25 Germany 10/27 1.30 98.87 1.82 -0.03 -0.03 -0.02 -0.65
Nth Amer High Yld 5Y 324.56 -0.42 12.16 -23.13 475.96 308.57 7 All stocks 127.67 -0.06 3067.15 -0.81 -0.52 4.94
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/33 2.60 100.58 2.52 -0.02 0.02 0.05 0.13
Nth Amer Inv Grade 5Y 51.93 -0.15 1.85 -4.16 80.96 49.50 08/53 1.80 74.63 3.18 0.01 0.06 0.11 0.57
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Greece 06/28 3.88 104.51 2.25 -0.03 -0.01 0.02 -0.51 Index Linked Jul 17 chg % chg % chg % Return 1 month 1 year
06/33 4.25 107.75 3.13 -0.01 0.02 0.09 -0.15 1 Up to 5 Years 351.19 -0.07 -0.11 3.11 3034.45 -0.11 3.57
Ireland 10/32 0.35 84.67 2.71 -0.02 0.00 0.03 -0.01 2 Over 5 years 459.56 -0.32 -2.72 -12.01 3569.12 -2.61 -11.31
Italy 12/27 2.65 101.29 2.09 -0.03 -0.02 -0.01 -0.97 3 5-15 years 446.62 -0.24 -1.25 -4.27 3712.46 -1.02 -3.29
03/34 4.20 106.62 3.31 -0.01 0.03 0.07 -0.33 4 Over 15 years 461.22 -0.41 -4.17 -17.67 3455.23 -4.17 -17.20
10/53 4.50 101.96 4.38 0.01 0.06 0.12 0.11 5 All stocks 456.04 -0.28 -2.23 -9.37 3615.06 -2.14 -8.72
Japan 01/28 0.07 98.38 0.72 0.06 0.10 0.10 0.29
09/33 0.80 95.63 1.37 -0.01 0.08 0.12 0.43 Yield Indices Jul 17 Jul 16 Yr ago Jul 17 Jul 16 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 09/53 1.80 77.02 3.02 -0.06 0.03 0.23 0.86 5 Yrs 4.04 4.03 3.91 20 Yrs 5.28 5.27 4.48
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of Netherlands 07/33 2.50 98.82 2.67 -0.02 0.01 0.04 0.00 10 Yrs 4.64 4.63 4.09 45 Yrs 5.22 5.21 4.37
01/54 2.00 75.39 3.35 0.02 0.09 0.15 0.53 15 Yrs 5.06 5.06 4.35
Crude Oil† Aug 65.33 -0.19 Corn♦ Jul 417.25 -0.25 Jul 16 Jul 16 Prev return stock Market stocks
Brent Crude Oil‡ 66.35 -0.45 Wheat♦ Jul 524.50 -0.25 New Zealand 09/40 2.50 120.80 3.17 0.00 -0.03 0.04 0.43
Can 4.25%' 26 104.78 0.742 0.760 0.10 5.25 70689.92 8
Norway 08/33 3.00 94.02 3.88 -0.01 0.01 0.09 0.42 inflation 0% inflation 5%
RBOB Gasoline† Aug 2.07 0.00 Soybeans♦ Jul 1029.50 1.75 Fr 1.85%' 27 103.19 0.265 0.287 0.12 24.56 272461.70 17
Poland 07/28 7.50 108.17 4.54 0.01 0.04 -0.11 -0.74 Real yield Jul 17 Dur yrs Previous Yr ago Jul 17 Dur yrs Previous Yr ago
Natural Gas† Jul 3.75 0.22 Soybeans Meal♦ Jul 269.90 -1.20 Swe 0.12%' 27 129.05 0.775 0.780 0.32 29.02 163106.99 5
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Jul 6155.00 -31.00 10/33 6.00 104.83 5.26 0.02 0.03 -0.10 -0.20 Up to 5 yrs 0.90 2.50 0.87 0.34 0.66 2.51 0.62 0.28
UK 1.250%' 27 101.71 0.516 0.526 -0.13 14.17 514558.62 34
Aluminium 2624.50 -32.50 Cocoa (ICE US)♥ Jul 9165.00 -196.00 Portugal 07/32 1.65 93.27 2.72 -0.01 0.00 0.05 -0.09 Over 5 yrs 2.09 16.89 2.07 1.07 2.04 16.96 2.02 1.05
- - - - - - -
Aluminium Alloy 2400.00 800.00 Coffee(Robusta)X Jul 3770.00 -35.00 Spain 05/29 3.50 104.16 2.36 -0.02 -0.01 0.02 -0.48 5-15 yrs 1.67 9.47 1.65 0.65 1.57 9.49 1.54 0.58
UK 2.00%' 35 238.30 1.517 1.506 -0.48 9.08 514558.62 34
Copper 9852.00 -58.00 Coffee (Arabica)♥ Jul 302.50 -7.00 10/33 3.55 103.72 3.03 -0.01 -0.01 0.05 -0.08 Over 15 yrs 2.25 23.70 2.23 1.18 2.22 23.72 2.21 1.17
US 0.625%' 32 93.03 1.685 1.745 -0.12 48.10 1737639.98 48
Lead 2027.00 -22.50 White SugarX 471.70 -13.00 10/52 1.90 64.63 4.07 0.00 0.06 0.13 0.33 All stocks 2.05 14.26 2.03 1.04 2.00 14.33 1.98 1.02
US 3.625%' 28 106.41 1.242 1.333 0.33 16.72 1737639.98 48
Nickel 16210.00 -5.00 Sugar 11♥ 16.31 -0.40 Sweden 11/33 1.75 96.55 2.21 0.00 0.01 0.06 0.16 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 34400.00 -945.00 Cotton♥ Jul 67.63 0.56 11/45 0.50 67.11 2.60 0.00 0.02 0.09 0.45 ©2024 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 2927.50 8.50 Orange Juice♥ Jul 223.00 -8.30 Switzerland 03/36 2.50 120.94 0.48 0.00 0.02 0.03 -0.06 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Aug 213.60 4.40 United Kingdom 06/28 4.50 101.67 3.88 0.03 0.02 0.08 -0.17 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 3271.75 -46.95 Feeder Cattle♣ - - BONDS: TEN YEAR GOVT SPREADS 01/34 4.63 100.81 4.51 0.01 0.04 0.13 0.44 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 3598.00 -61.00 Lean Hogs♣ Jul 113.10 0.78 10/53 3.75 75.42 5.47 0.00 0.05 0.19 0.90 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 1333.00 -59.00 Spread Spread Spread Spread United States 12/27 3.88 100.04 3.86 -0.07 0.03 0.16 -0.33
Palladium 1119.00 30.00 % Chg % Chg Bid vs vs Bid vs vs All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
11/33 4.50 101.16 4.33 -0.04 0.10 0.22 0.16
Bulk Commodities Jul 16 Month Year Yield Bund T-Bonds Yield Bund T-Bonds 11/53 4.75 95.68 5.04 0.00 0.14 0.24 0.67
at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 94.71 1.23 S&P GSCI Spt 543.14 3.44 -6.17 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 5.06 - - Japan 0.72 - -
Baltic Dry Index 1489.00 -32.00 DJ UBS Spot 102.02 2.03 1.02 Austria 2.80 0.28 -1.53 Netherlands 2.67 0.15 -1.67 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 96.80 5.45 TR/CC CRB TR 343.51 1.32 22.21 Canada 3.89 - - Norway 3.88 1.36 -0.46 use of the listed information. For all queries e-mail [email protected]
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 2.36 -0.16 -1.97 Portugal 2.72 0.20 -1.61
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.86 0.34 -1.47 Spain 4.07 - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 2.52 0.00 -1.81 Sweden 2.60 - -
unless otherwise stated. Italy 3.31 0.79 -1.02 United States 5.04 - -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
14 ★ FINANCIAL TIMES Friday 18 July 2025

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Data Provided by
Smaller Cos Cls Four Shares € 25.54 - 0.25 0.00 Janus Henderson Fixed Interest Monthly Income Fund Inc 17.49 - 0.00 4.98 TM New Court Equity Growth Fund - Inc £ 25.02 - 0.00 0.27
Janus Henderson Global Select Fund Acc 5572.00 - -4.00 0.00
Janus Henderson Global Equity Income Fund A Inc 72.03 - 0.17 2.90
Janus Henderson Global Sustainable Equity Fund A Inc 626.90 - 3.20 0.00
Janus Henderson Global Technology Leaders Fund A Acc 5097.00 - 3.00 0.00
Janus Henderson Instl UK Index Opportunities A Acc £ 1.45 - 0.00 2.61
Janus Henderson Multi-Asset Absolute Return Fund A Acc 178.60 - -0.10 1.88
Purisima Investment Fds (UK) (1200)F (UK)
3rd Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL
Janus Henderson Multi-Manager Active Fund A Acc 293.60 - 0.70 1.69
Order Desk and Enquiries: 0345 922 0044 www.morningstar.co.uk
Janus Henderson Multi-Manager Distribution Fund A Inc 128.30 - 0.00 3.38 Authorised Inv Funds
Janus Henderson Multi-Manager Diversified Fund A Acc 96.75 - 0.02 3.72 Data as shown is for information purposes only. No offer
Authorised Corporate Director - Waystone Management (UK) Limited is made by Morningstar or this publication.
Janus Henderson Multi-Manager Global Select Fund Acc 372.40 - 0.60 0.51
Global Total Fd PCG A 572.26 - 1.58 0.19
Janus Henderson Multi-Manager Income & Growth Fund A Acc 210.50 - 0.10 3.44
Global Total Fd PCG B 563.76 - 1.55 0.00
Janus Henderson Multi-Manager Income & Growth Fund A Inc 151.20 - 0.10 3.51
Global Total Fd PCG INT 550.19 - 1.51 0.00
Janus Henderson Multi-Manager Managed Fund A Acc 357.60 - 0.80 3.29
Janus Henderson Multi-Manager Managed Fund A Inc 334.10 - 0.70 1.69

Algebris Investments (IRL) Canaccord International Fund Managers Limited (JER) CP Global Asset Management Pte. Ltd.
Janus Henderson Sterling Bond Unit Trust Acc
Janus Henderson Sterling Bond Unit Trust Inc
222.20
55.99
-
-
-0.20 3.51
-0.06 3.58 Guide to Data
Janus Henderson Strategic Bond Fund A Inc 97.42 - 0.11 3.96
Regulated Third Floor, No 1 Grenville Street, St Helier, Jersey, JE2 4UF www.cpglobal.com.sg, Email: [email protected] FIL Investment Services (UK) Limited (1200)F (UK) Troy Asset Mgt (1200) (UK)
Janus Henderson Absolute Return Fund A Acc 196.40 - 0.10 2.25 The fund prices quoted on these pages are
Algebris Financial Credit I EUR € 218.83 - -0.21 0.00 +44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) International Mutual Funds Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP 3rd Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL
Janus Henderson UK Alpha Fund A Acc 167.50 - 0.20 - Purisima Investment Fds (CI) Ltd (JER) supplied by the operator of the relevant fund.
Algebris Financial Credit R EUR € 185.32 - -0.18 0.00 Canaccord Wealth International Investment Funds Limited CP Multi-Strategy Fund $ 413.21 - -0.11 - Callfree: Private Clients 0800 414161 Order Desk and Enquiries: 0345 608 0950
Janus Henderson UK Equity Income & Growth Fund A Inc 577.50 - 0.50 3.91 Regulated Details of funds published on these pages,
Algebris Financial Credit Rd EUR € 96.09 - -0.09 5.93 Euro High Income € 1.2481 - 0.0003 2.50 Broker Dealings: 0800 414 181 Authorised Inv Funds
Janus Henderson US Growth Fund A Acc 2677.00 - 13.00 0.00 PCG B 458.16 - -0.91 0.00 including prices, are for the purpose of
Algebris Financial Income I EUR € 269.06 - 0.45 0.00 High Income £ 0.6555 - -0.0004 3.77 OEIC Funds Authorised Corporate Director - Waystone Management (UK) Limited
PCG C 443.19 - -0.89 0.00 information only and should only be used as a
Algebris Financial Income R EUR € 239.16 - 0.40 0.00 Sterling Bond £ 1.2883 - -0.0010 2.06 Index Sterling Corporate Bond Fund P-ACC-GBP £ 0.93 - 0.00 4.61 Trojan Investment Funds guide. The Financial Times Limited makes no
Algebris Financial Income Rd EUR € 128.38 - 0.21 4.16 Sustainable Multi Asset Balanced Fund W-ACC-GBP £ 1.10 - 0.01 2.08
Canaccord Wealth International Multi Strategy Funds Limited Trojan Ethical Global Inc O Acc 119.39 - -0.91 2.47 representation as to their accuracy or
Algebris Financial Equity B EUR € 308.08 - 0.96 0.00 Balanced Strategy A £ 1.0323 - -0.0007 1.24 American Fund W-ACC-GBP £ 78.31 - 0.25 0.00 Trojan Ethical Global Inc O Inc 109.09 - -0.83 2.51 completeness and they should not be relied
Algebris Financial Equity R EUR € 252.44 - 0.78 0.00 Balanced Strategy £ 1.0330 - -0.0007 0.75 Cash Fund W-ACC-GBP £ 1.16 - 0.00 4.77 Trojan Ethical O Acc 147.44 - -0.54 1.26 upon when making an investment decision.
Algebris IG Financial Credit I EUR € 116.93 - 0.01 0.00 Cautious Balanced Strategy A £ 0.9614 - 0.0002 1.89
CP Capital Asset Management Limited Emerging Mkts NAV £ 7.21 - -0.16 1.85 Trojan Ethical O Inc 143.32 - -0.52 1.27
www.cpgbl.com, email: [email protected] Sustainable Emerg Mkts Equity Fund A-ACC Shares £ 1.52 - 0.01 -
Algebris IG Financial Credit R EUR € 113.63 - 0.01 0.00 Growth Strategy A £ 1.0821 - -0.0019 - LGT Wealth Management (CI) Limited (JER) Trojan Ethical Income O Acc 159.45 - -1.47 2.60 The sale of interests in the funds listed on these
International Mutual Funds
Algebris Global Credit Opportunities I EUR € 150.61 - -0.12 0.00 High Growth Strategy A £ 1.1026 - -0.0021 0.45 Sustainable Global Equity Fund W-ACC-GBP £ 38.23 - -0.01 0.32 IFC1, The Esplanade, St Helier, Jersey, JE1 4BP Trojan Ethical Income O Inc 124.64 - -1.14 2.66 pages may, in certain jurisdictions, be restricted
CPS Master Private Fund $ 561.48 - -0.27 -
Algebris Global Credit Opportunities R EUR € 145.26 - -0.12 0.00 Cautious Balanced Strategy £ 1.3470 - 0.0003 0.00 Japan Fund W-ACC-GBP £ 7.47 - 0.06 1.18 FCA Recognised Trojan Fund O Acc 429.51 - -1.57 1.18 by law and the funds will not necessarily be
CP Global Alpha Fund $ 457.51 - -0.35 -
Algebris Global Credit Opportunities Rd EUR € 111.49 - -0.09 6.15 Growth Strategy £ 2.2679 - -0.0040 0.00 Select 50 Balanced Fund PI-ACC-GBP £ 1.33 - 0.00 1.86 Volare Offshore Strategy Fund Limited Trojan Fund O Inc 339.34 - -1.24 1.36 available to persons in all jurisdictions in which
CP Dual-Purpose Fund $ 194.14 - -0.23 - Special Situations Fund W-ACC-GBP £ 59.00 - 0.01 2.80 the publication circulates. Persons in any doubt
Algebris Core Italy I EUR € 181.70 - -0.49 0.00 High Growth Strategy £ 3.2371 - -0.0061 0.00 Bridge Fund £ 2.3472 - -0.0012 2.06 Trojan Global Income O Acc 182.11 - -1.11 2.92
Algebris Core Italy R EUR € 169.15 - -0.46 0.00 US$ Growth Strategy $ 2.1975 - -0.0022 0.00 Short Dated Corporate Bond Fund W-ACC-GBP £ 12.16 - 0.00 4.53 Global Equity Fund £ 3.8752 - 0.0040 1.04 Trojan Global Income O Inc 140.76 - -0.85 2.98 should take appropriate professional advice.
Algebris Strategic Credit Fund R EUR € 114.76 - -0.01 0.00 Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Sustainable Water & Waste W-ACC-GBP £ 1.27 - 0.00 0.68 Global Fixed Interest Fund £ 0.7603 - -0.0001 4.57 Trojan Income O Acc 387.33 - -3.00 2.73 Data collated by Morningstar. For other
Algebris Strategic Credit Fund RD EUR € 108.18 - -0.01 2.12 Sustainable Water & Waste W-INC-GBP £ 1.24 - 0.00 0.68 Income Fund £ 0.6792 - -0.0005 2.97 Trojan Income O Inc 177.64 - -1.37 2.79
queries contact [email protected]
Algebris Sust. World B € 129.01 - 0.04 0.00 UK Select Fund W-ACC-GBP £ 4.39 - 0.02 1.75 Sterling Fixed Interest Fund £ 0.6895 - 0.0000 4.77 +44 (0)207 873 4211.
Algebris Sust. World R € 124.52 - 0.03 0.00 Global Enhanced Income W-ACC-GBP £ 3.09 - 0.01 4.28 UK Equity Fund £ 1.8905 - -0.0121 3.29
Index UK Gilt Fund P-ACC-GBP £ 0.75 - 0.00 4.02 The fund prices published in this edition along
Sustainable Multi Asset Conservative Fund W-ACC-GBP £ 1.01 - 0.00 2.90 with additional information are also available
Sustainable Multi Asset Growth Fund W-ACC-GBP £ 1.16 - 0.01 1.73 Ram Active Investments SA on the Financial Times website, www.ft.com/
CG Asset Management Limited (IRL) www.ram-ai.com funds. The funds published on these pages are
20 King Street, London EC2V 8EG Other International Funds Troy Asset Mgt (1100) (IRL) grouped together by fund management
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 RAM Systematic Emerg Markets Eq $ 301.37 301.37 -0.16 - 35 Shelbourne Road, Ballsbridge, Dublin 4, Dublin, D04 A4E0, Ireland company.
FCA Recognised Order Desk and enquiries: +353 (0) 1400 5300
Marwyn Asset Management Limited (CYM) RAM Systematic European Eq € 677.54 677.54 -1.23 -
CG Portfolio Fund Plc Regulated Authorised Inv Funds Prices are in pence unless otherwise indicated.
RAM Systematic Funds Global Sustainable Income Eq $ 204.77 204.77 0.06 0.00
Absolute Return Cls M Inc £ 138.00 138.62 0.04 2.68 Marwyn Value Investors £ 329.72 - -6.14 0.00 RAM Systematic Long/Short European Eq € 190.41 190.41 0.64 - Management Company - Waystone Management Company (IE) Limited The change, if shown, is the change on the
Capital Gearing Portfolio GBP P £ 37952.75 38162.01 14.20 1.99 Trojan Funds (Ireland) Plc previously quoted figure (not all funds update
Capital Gearing Portfolio GBP V £ 184.57 185.59 0.07 1.99
Trojan (Ireland) O GBP Acc £ 1.73 1.73 0.00 -
prices daily). Those designated $ with no prefix
Dollar Fund Cls D Inc £ 152.14 152.60 0.54 2.99 refer to US dollars. Yield percentage figures (in
Trojan Ethical (Ireland) X GBP Acc £ 1.24 1.24 0.01 0.00
Dollar Hedged GBP Inc £ 93.33 93.61 0.32 2.61 Dodge & Cox Worldwide Funds (IRL) Tuesday to Saturday papers) allow for buying
48-49 Pall Mall, London SW1Y 5JG. Trojan Income (Ireland) O GBP Acc £ 1.74 1.74 0.00 0.00
Real Return Cls A Inc £ 182.93 183.48 0.46 2.67 expenses. Prices of certain older insurance
www.dodgeandcox.com +44 (0)203 642 3370 Trojan Global Equity (Ireland) O GBP Acc £ 6.37 6.37 0.01 0.29
UK Index-Linked Bond G Inc £ 103.56 103.70 -0.01 2.11 linked plans might be subject to capital gains
FCA Recognised Trojan Global Income (Ireland) O GBP Acc £ 1.20 1.20 0.01 0.00
Ruffer LLP (1000)F (UK) tax on sales.
Dodge & Cox Worldwide Funds - Emerging Markets Stock Fund
3rd Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL
Emerging Markets Stock Fund A USD Acc $ 11.13 - 0.04 0.00 Order Desk and Enquiries: 0345 601 9610 Guide to pricing of Authorised Investment
Artemis Fund Managers Ltd (1200)F (UK)
Emerging Markets Stock Fund A GBP Acc £ 11.73 - 0.01 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds Funds: (compiled with the assistance of the
Authorised Inv Funds
Emerging Markets Stock Fund Class D GBP Dis £ 10.79 - 0.00 1.88 Authorised Corporate Director - Waystone Management (UK) Limited IMA. The Investment Association, Camomile
Artemis Smart GARP UK Equity Fund Class/Acc 3642.07 - -0.52 2.66
Emerging Markets Stock Fund Class A EUR Acc € 11.62 - 0.00 0.00 WS Ruffer Diversified Rtrn C Acc 106.04 - 0.00 0.63 Court 23 Camomile Street, London EC3A 7LL.
Findlay Park Funds ICAV (IRL)
Aretmis Corporate Bond Fund/Acc GBP 113.41 - -0.11 5.09
Dodge & Cox Worldwide Funds - Global Bond Fund
Riverside One,Sir John Rogerson's Quay,Dublin 2,D02 X576,Ireland WS Ruffer Diversified Rtrn C Inc 102.21 - 0.00 0.64 Tel: +44 (0)20 7831 0898.)
Artemis SmartGARP European Equity Fund Class/Acc GBP 770.05 - -1.26 2.64 EUR Accumulating Class € 17.21 - -0.02 0.00 Tel: 020 7968 4900 WS Ruffer Equity & General C Acc 676.82 - 0.99 1.56
Artemis Smart GARP Global Emergin Equity Fund Class/Ac 231.03 - 0.91 - EUR Accumulating Class (H) € 11.82 - 0.01 0.00 FCA Recognised WS Ruffer Equity & General C Inc 593.26 - 0.87 1.58 OEIC: Open-Ended Investment Company.
EUR Distributing Class € 11.11 - -0.02 4.78 American EUR Unhedged Class € 196.37 - 0.76 0.00 WS Ruffer Gold C Acc 458.55 - 15.00 0.40 Similar to a unit trust but using a company
Artemis Smart GARP Global Equity Fund Class/ Acc GBP 529.04 - 1.38 2.48
EUR Distributing Class (H) € 7.57 - 0.01 4.48 American Fund USD Class $ 227.77 - 0.46 0.00 WS Ruffer Gold C Inc 274.87 - 9.00 0.42 rather than a trust structure.
Artemis Global Income Fund I Inc 174.78 - 0.64 2.57
Artemis Global Select Fund I Acc 193.61 - 0.05 0.25 GBP Distributing Class £ 11.82 - -0.01 - American Fund GBP Hedged £ 110.01 - 0.22 0.00 McInroy & Wood Portfolios Limited (UK) WS Ruffer Total Return C Acc 565.81 - 2.65 1.29
GBP Distributing Class (H) £ 8.38 - 0.01 4.46 American Fund GBP Unhedged £ 170.03 - 0.36 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 WS Ruffer Total Return C Inc 336.78 - 1.58 1.31 Different share classes are issued to reflect a
Artemis Short-Dn Strat Bond 127.31 - 0.05 4.65
USD Accumulating Class $ 14.44 - 0.02 0.00 Authorised Inv Funds different currency, charging structure or type of
Artemis High Income Fund I Inc 75.51 - 0.00 5.53
CHF Distributing Class (H) SFr 7.92 - 0.01 4.51 Balanced Fund Acc £ 62.54 - -0.39 1.83 holder.
Artemis Income Fund I Inc 318.15 - 0.21 3.42
Dodge & Cox Worldwide Funds -Global Stock Fund Balanced Fund Inc £ 60.16 - -0.37 1.87
Artemis Monthly Distribution Fund I Inc 86.32 - 0.08 4.09
Emerging Markets Fund Acc £ 22.22 - 0.09 2.06 Selling price: Also called bid price. The price
Artemis Positive Future Fund/ Acc GBP 63.23 - 0.34 0.06 USD Accumulating Share Class $ 40.49 - 0.10 0.00
Candriam Investors Group (LUX) Emerging Markets Fund Inc £ 20.36 - 0.07 2.16 at which units in a unit trust are sold by
Artemis Strategic Assets I Acc 96.39 - 0.09 4.30 GBP Accumulating Share Class £ 49.64 - 0.01 0.00
FCA Recognised Income Fund Acc £ 31.75 - -0.13 2.44 investors.
Artemis Strategic Bond I Q Acc 119.59 - 0.07 4.56 GBP Distributing Share class £ 32.21 - 0.01 -
Candriam Abs Ret Eqt Mkt Neutral-C-Cap € 220.06 - -0.30 0.00 Income Fund Inc £ 28.98 - -0.12 3.21
EUR Accumulating Share Class € 52.26 - -0.02 0.00
Artemis UK Select Fund Class I Acc 1256.23 - 1.85 1.83
Candriam Bonds Euro High Yield - C - ACCU € 1413.31 - -0.73 0.00 Smaller companies Fund Acc £ 62.63 - -0.05 1.36
Buying price: Also called offer price. The price
GBP Distributing Class (H) £ 17.66 - 0.04 1.20
Artemis UK Smaller Cos I Acc 2512.23 - -2.78 1.77
Candriam Bonds Glb Hi Yield -C-Cap € 282.99 - -0.05 0.00 Smaller Companies Fund Inc £ 59.68 - -0.05 1.40
at which units in a unit trust are bought by
Artemis UK Special Sits I Acc 1070.80 - 2.06 2.06 USD Distributing Class $ 16.73 - 0.04 - investors. Includes manager’s initial charge.
Candriam Bonds Glbl Infl Sh Dtion-I-Cap € 163.86 - 0.23 0.00
Artemis US Extended Alpha I Acc 459.91 - 2.05 0.00 CAD Accumulating Class C$ 52.28 - -0.02 -
Candriam Bonds Total Return - C - Cap € 141.66 - 0.13 0.00
Artemis US Select I Acc 432.38 - 1.62 0.00
Candriam Diversified Futures-I-Cap * € 12877.54 - -63.08 0.00
Dodge & Cox Worldwide Funds-U.S. Stock Fund Single price: Based on a mid-market valuation
Artemis US Smlr Cos I Acc 376.60 - 2.74 0.00
Candriam Eqts L Australia Cap A$ 2286.19 - 22.14 0.00
USD Accumulating Share Class $ 52.45 - 0.19 0.00 of the underlying investments. The buying and
GBP Accumulating Share Class £ 60.81 - 0.08 0.00 selling price for shares of an OEIC and units of a
Candriam Eqts L Emerging Mkts Cap € 1033.01 - 1.78 0.00
GBP Distributing Share Class £ 35.65 - 0.04 0.84 single priced unit trust are the same.
Candriam Equities L Biotecth-C-Cap $ 855.39 - 17.04 0.00
EUR Accumulating Share Class € 58.45 - 0.04 0.00 Ministry of Justice Common Investment Funds (UK)
Candriam Equities L Europe Innov-R-Cap € 256.83 - -2.59 0.00
GBP Distributing Class (H) £ 20.04 - 0.07 0.80 Property & Other UK Unit Trusts Treatment of manager’s periodic capital
Candriam Index Arbitrage-C - Cap € 1524.87 - -0.72 0.00
USD Distributing Class $ 19.33 - 0.06 0.82 The Equity Idx Tracker Fd Inc 2280.00 - -1.00 2.28
charge: The letter C denotes that the trust
Candriam Long Short Credit-R - Cap € 117.54 - 0.02 0.00 Fundsmith LLP (1200)F (UK) SICO BSC (c) (BHR)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Distribution Units +973 17515031.
deducts all or part of the manager’s/operator’s
Atlantas Sicav Candriam Risk Arbitrage - C - Cap € 2697.97 - 0.38 0.00
(LUX)
www.fundsmith.co.uk, [email protected] www.sicobank.com periodic charge from capital, contact the
Regulated Candriam Sust Bond Emerg Mkts-I-DIST $ 772.32 - -0.24 7.25 manager/operator for full details of the effect of
Authorised Inv Funds Khaleej Equity Fund $ 616.15 - 7.61 0.00
American Dynamic $ 8617.94 - 0.70 0.00 Candriam Sust Bond Euro Corp-R-Cap € 110.07 - 0.03 0.00 this course of action.
Fundsmith Equity T Acc 697.26 - -0.65 0.23 SICO Kingdom Equity Fund $ 36.33 - 1.57 0.00
American One $ 9531.06 - -32.47 0.00 Candriam Sust Bond GlobalHighYield-I-Cap € 1235.71 - -0.10 0.00
Fundsmith Equity T Inc 631.50 - -0.58 0.23 SICO Gulf Equity Fund $ 197.33 - 2.01 0.00
Bond Global € 1602.05 - 2.77 - Candriam Sust Eq Cirl Econ-R-Cap $ 146.89 - -0.60 0.00 Exit Charges: The letter E denotes that an exit
Eurocroissance € 1396.82 - 4.73 0.00 Candriam Sust Eq Climt Action- I - Cap $ 1782.03 - -4.37 0.00 charge may be made when you sell units,
Far East $ 1109.42 - 3.14 0.00 Candriam Sust Eq Emerging Mkts-C-Cap € 128.31 - 0.12 0.00 contact the manager/operator for full details.
Candriam Sust Eq EMU-C-Cap € 199.10 - -2.30 0.00
Candriam Sust Eq Eurp S&M Caps-I-Cap € 2415.96 - -4.45 0.00 Time: Some funds give information about the
Candriam Sust Eq World -C-Cap € 38.39 - 0.10 0.00 timing of price quotes. The time shown
NYLI GF US High Yield Corp Bond R $ 165.58 - 0.01 0.00 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

Dragon Capital
Candriam Investors Group www.dragoncapital.com
hours; ♦ 1101 to 1400 hours; ▲ 1401 to 1700
Other International Funds Nutshell Asset Management Ltd (IRL)
hours; # 1701 to midnight. Daily dealing prices
Fund information:[email protected] Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London, WC2N 6LE
Candriam Bds Euro Sh.Term Cap € 2169.68 - 0.73 0.00
Other International Funds www.nutshellam.com
are set on the basis of the valuation point, a
Candriam Bonds Credit Opportunities € 216.87 - 0.01 0.00
Vietnam Equity (UCITS) Fund A USD $ 34.67 - 0.36 0.00 Authorised Inv Funds
short period of time may elapse before prices
Candriam Bonds Emerging Markets - C - ACCU $ 2866.30 - -2.58 0.00
Nutshell Growth Fund GPB Institutional Founder £ 171.5132 - -0.5449 0.00 become available. Historic pricing: The letter H
Candriam Equities L Eurp Opt Qlit-I-Cap € 223.65 - -1.59 0.00
Guinness Global Investors Stonehage Fleming Investment Management Ltd (IRL) denotes that the managers/operators will
Guinness Global Equity Income Y GBP Dist £ 22.20 - 0.10 2.09 www.stonehagefleming.com/gbi
Candriam Equities L Global Demg-R-Cap € 322.18 - 0.11 0.00 normally deal on the price set at the most recent
Guinness Global Innovators Y GBP Acc £ 40.01 - -0.02 0.00 [email protected]
Blue Whale Investment Funds ICAV (IRE) Candriam Equities L Onco-I-Cap $ 2579.33 - 17.42 0.00
Regulated
valuation. The prices shown are the latest
Guinness Sustainable Global Equity Y GBP Acc £ 11.50 - -0.02 -
www.bluewhale.co.uk, [email protected] Candriam Equities L Robt& InnvTech-I-Cap $ 5143.88 - -18.67 0.00 SF Global Best Ideas Eq B USD ACC $ 293.22 - -1.23 0.00
available before publication and may not be the
FCA Recognised - Ireland UCITS current dealing levels because of an intervening
SF Global Best Ideas Eq D GBP INC £ 332.11 - -1.37 0.00
Blue Whale Growth USD T $ 16.98 - 0.03 - 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
HPB Assurance Ltd
Cantab Asset Management Ltd (UK)
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
managers/operators deal at the price to be set
01223 522000 at the next valuation.
International Insurances
www.cantabam.com
FCA Recognised Holiday Property Bond Ser 1 £ 0.48 - -0.02 0.00
Investors can be given no definite price in
VT Cantab Balanced A GBP Acc £ 1.21 - 0.00 1.70 Holiday Property Bond Ser 2 £ 0.63 - -0.01 0.00
advance of the purchase or sale being carried
VT Cantab Moderate A GBP Acc £ 1.23 - 0.00 2.00 out. The prices appearing in the newspaper are
VT Cantab Sustainable Glbl Eq A GBP Acc £ 1.49 - 0.01 1.50 the most recent provided by the managers/
EdenTree Investment Management Ltd (UK)
operators. Scheme particulars, prospectus, key
Sunderland, SR43 4AU, 0800 358 3010 Oasis Crescent Global Investment Funds (UK) ICVC (UK)
Authorised Inv Funds
features and reports: The most recent
Regulated
EdenTree Global Sustainable Gov Bond £ 0.98 - 0.00 -
particulars and documents may be obtained
Oasis Crescent Global Equity Fund USD A (Dist) $ 41.70 - 0.18 0.42
EdenTree Short Dated Bond Cls B 96.45 - -0.05 3.47
free of charge from fund managers/operators. *
Oasis Crescent Global Income Fund USD A (Dist) $ 10.29 - 0.00 3.28
Indicates funds which do not price on Fridays.
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 13.78 - 0.04 0.96
Chartered Asset Management Pte Ltd Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 15.51 - 0.05 0.65 Superfund Asset Management GmbH Charges for this advertising service are based
Brown Advisory Funds plc (IRL) Other International Funds Oasis Crescent Global Property Equity Fund USD A (Dist) $ 9.47 - 0.04 1.16 www.superfund.com, +43 (1) 247 00
http://www.brownadvisory.com Tel: 020 3301 8130
on the number of lines published and the
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.95 - 0.00 3.48 Other International Funds
FCA Recognised
CAM-GTF VCC $ 376056.77 376056.77 9728.48 - classification of the fund. Please contact
Oasis Crescent Variable Fund GBP A (Dist) £ 10.27 - -0.02 0.46 Other International Funds
Global Leaders Fund USD C $ 31.54 - -0.07 0.00
CAM GTi VCC $ 780.49 - -32.39 - [email protected] or call +44 (0)20 7873 3132 for
Superfund Green Gold $ 1138.13 - 5.76 0.00
Global Leaders Sustainable Fund USD C $ 18.67 - -0.03 -
RAIC VCC $ 1.64 1.64 0.03 2.06 further information.
Superfund Green Silver $ 898.99 - -1.18 0.00
Global Sustainable Total Return Bond GBP B £ 9.61 - 0.02 3.86
Regulated
Global Sustainable Total Return Bond USD B $ 10.66 - 0.02 0.00
Superfund Green US$ $ 563.78 - -0.87 0.00
US Equity Growth Fund USD B $ 72.15 - -0.06 0.00
Superfund Black Blockchain EUR € 24.05 - -0.57 0.00
US Flexible Equity Fund USD B $ 37.64 - 0.08 0.00
Janus Henderson Investors (UK) Superfund Gold Silver & Mining EUR € 14.46 - -0.16 0.00
US Mid-Cap Growth Fund USD C $ 23.95 - 0.07 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Private Fund Mgrs (Guernsey) Ltd (GSY)
US Small Cap Blend Fund USD B $ 25.30 - 0.12 0.00 www.janushenderson.com Regulated
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Friday 18 July 2025 ★ FINANCIAL TIMES 15
16 ★ FINANCIAL TIMES Friday 18 July 2025

ARTS

Buddy comedy that goes beyond the cringe

This week’s new film releases There are stormy seas, stormier emo-
tions and florid dialogue (“You know,
reviewed by Jonathan Romney there is no stopped clock of the

T
heart . . . ”) that might have worked on
he style is known these days the page but here goes down about as
as “cringe comedy”, but easily as stale soda bread. Shot by Dam-
with US comic Tim Robin- ien Elliott, Four Letters is handsomely
son, you don’t just cringe — mounted, and it’s certainly hard to resist
you recoil in a convulsive those wild widescreen coastal pano-
squirm. Robinson’s TV series I Think You ramas. The film just about holds up
Should Leave specialised in a comedy of while in its early where-is-this-going
misjudged behaviour that essentially stage, but its preciousness exerts a terri-
took the embarrassment factor of The ble chokehold in the last over-extended
Fast Show’s “I’ll get my coat” routine and 40 minutes.
pushed it to a dysfunctional extreme. Byrne and Bonham Carter are good
Now Robinson hits the big screen in value in their fond, prickly parental
the debut feature of writer-director bickering, Skelly briskly makes the
Andrew DeYoung. Friendship is a com- most of a one-note force-of-nature
prehensive dismantling of the Holly- role, but O’Shea never quite shakes off
wood buddy comedy in its suggestion the expression of an anxious antelope.
that if you put two men (or more) in a It’s a swirling symphony of sea and rug-
room together, their worst qualities are ged knitwear — and, fundamentally,
bound to emerge. luxury tosh.
The setting is a drab American town, In UK cinemas now
Clovis, home to suburban couple the
Watermans: Tami (Kate Mara), a florist The title The Ballad of Suzanne Césaire
recovering from cancer, and Craig (Rob- demands to be taken in its proper musi-
inson), who works for a glumly cynical cal sense. This succinct, elliptical fea-
“digital innovations” company. He is the ture by American filmmaker and visual
kind of superficially chipper dullard artist Madeleine Hunt-Ehrlich is not so
that no one in the office can stand and much about its subject as it is a cine-
no one at home particularly notices. matic song or poem for her. Suzanne
Then he meets new neighbour Austin, Césaire was a Martiniquais writer, activ-
a moustachioed TV weatherman played ist and committed surrealist whose lit-
by Paul Rudd. Austin is friendly, laid- erary reputation, we learn, rests on
back and has his own dad-punk band. seven essays written in the early 1940s.
How could bromance not spark She destroyed much of her other writ-
instantly? And how could it not, just as ing; as actress Zita Hanrot says to cam-
instantly, go catastrophically wrong? Friendship of a startled, permanently nauseous Above: Tim era, “We are making a film about an art-
Much about Friendship feels familiar. Andrew DeYoung turtle, an impression accentuated by Robinson, left, ist who didn’t want to be remembered.”
Rudd has long specialised in spoofing AAAEE Craig’s outsize carapace of a wind- and Paul Rudd
his image as the handsome nice guy that
everyone likes; here he pushes that a Harvest
cheater (made by apocryphal brand
Ocean View Dining, which specialises in
in ‘Friendship’;
left, Caleb
In ‘Friendship’, Tim
touch further, making Austin’s Athina Rachel Tsangari shades of off-puke beige). Landry Jones in Robinson has the look of
approachable glamour itself a screech- AAAAE Robinson’s facial reactions are galva- ‘Harvest’
ing expression of mid-life naffness. nising in their sheer desolation: eager- a startled, permanently
Tache and all, Austin is just a notch
away from Rudd’s TV doofus in Anchor-
Four Letters of Love
Polly Steele
to-please smiles that ripple with resent-
ment and paranoia; double-takes
nauseous turtle
man — and some of Friendship’s better AAEEE stretched to reveal fleeting micro-
jokes revolve around his supposedly glances of stunned idiocy. The comedy Hunt-Ehrlich’s film is a musical con-
prestigious job being just as fertile in The Ballad of Suzanne eventually hits a bedrock of sublime juring of Césaire’s memory — which was
humiliation as Craig’s. Césaire awfulness, then keeps drilling till there’s eclipsed by the fame of her husband, the
By contrast with Rudd’s knowingly Madeleine Hunt-Ehrlich nowhere to go — just as Craig digs poet and politician Aimé Césaire. With
threadbare cool, Robinson plays up the AAAEE himself ever deeper into the same its sensuous, stately but spare dance
shambling grotesquerie. He has the look agonising hole. interludes, it is partly an evocation of
the Césaires’ wartime Martinique, even
while it highlights and defuses its own
If Robinson didn’t so completely Adapted by Irish novelist Niall Williams artifice. The lush Caribbean lawns and
inhabit Craig’s awfulness — and if the from his own 1997 bestseller, Polly foliage we see are manicured parkland,
film didn’t unmask so many supposedly Steele’s Four Letters of Love is a lush, as signalled by a sign reading “Filming
well-balanced other characters as them- cosy piece of Sunday teatime romanti- Today: Park Closed” — chiming with
selves irredeemable — Friendship would cism. Set in Dublin and western Ireland Suzanne’s belief that the image of tropi-
seem unutterably cruel. In fact, far from in the 1970s, it’s a turbulent saga of two cal nature camouflaged the reality of
letting us off the hook by allowing us to families and their anguish, in which des- colonialism. Crew members and clap-
laugh with Craig, DeYoung makes us tiny, Yeats’s poetry and a whimsical perboards are visible, and the leads
suffer with him — middle-aged male splash of magical realism contrive to (Hanrot, Motell Foster, Josué Gutierrez)
viewers especially. Craig is forever try- bring two young people together: rebel- are manifestly themselves as much as
ing to persuade Tami and their son to lious free spirit Isabel (Ann Skelly) and they are playing the Césaires and surre-
come to the cinema and see “the new careworn Nicholas (Fionn O’Shea). alism founder André Breton.
Marvel”. Some of us, on gazing into Nicholas’s father (Pierce Brosnan, What we hear of Suzanne’s prose
Friendship’s satirical mirror, might wish donning his noblest distant gaze) is a doesn’t come across so much as
they’d chosen that option instead. strait-laced civil servant one day surrealist, rather by turns enigmatic,
In UK and US cinemas now prompted by a parallelogram of light on declarative, critically trenchant; she
his desk to quit work, grow his hair like sounds very contemporary in her
There are wicker masks and plentiful an Old Testament prophet and become analysis of literary privilege (“make
violence in Athina Rachel Tsangari’s a roving painter who haunts the shores Proust a farmworker from Martinique, I
rural drama Harvest, but this isn’t folk in windswept oilskins. Island girl Isabel doubt he would have written In Search of
horror in any familiar sense. More accu- meanwhile flees convent school with a Lost Time”).
rate might be folk theatre of cruelty, like dashing, feckless beau while her father, With poised, atmospheric camer-
a bacchanalian happening staged on the a teacher and blocked poet (Gabriel awork by Alex Ashe, and Sabine McCa-
borderlands between Glastonbury and Byrne), smiles knowingly, and her lla’s music ranging from drumming to a
Hades. mother (Helena Bonham Carter, cappella harmonies, this is not quite a
Scripted by Tsangari and Joslyn indomitably impish) tut-tuts from the portrait, very much not a biography,
Barnes, Harvest is based on Jim Crace’s depths of what resembles the cover more an alluring sketch of a sensibility
novel about a village facing apocalyptic illustration for a Classic Irish Kitchen and a provocative style of thought.
turmoil in an unspecified historical cookbook. In UK cinemas now
period. The director ramps up the
unspecified: sometimes the pre-indus- Left: Motell
trial setting feels medieval, but wildly Foster and
diverse costumes and decor suggest Zita Hanrot
much later eras, possibly even an eclec- in ‘The Ballad
tically patched-together post-catastro- of Suzanne
phe future. Ultimately, we’re simply in Césaire’, a
the wilder realms of the imagination — musical tribute
and as a leading light of Greek cinema’s to the writer
hugely eccentric 21st-century new and activist;
wave, Tsangari (Attenberg, Chevalier) is below, from left,
no stranger to those realms. Helena Bonham
The locale, at least, is recognisably Carter, Gabriel
Scottish, a village ruled benignly by a Byrne and Fionn
kilted laird, Kent (Harry Melling), O’Shea in Irish
whose former steward Walter (Caleb romance ‘Four
Landry Jones) has essentially gone Letters of Love’
native, embracing the land down to a
penchant for lovingly chomping tree
bark. The community is thrown into cri-
sis, first by the appearance of three out-
siders, instantly treated to the very
rough justice that is the traditional
way here; then by the arrival of Kent’s
cousin (Frank Dillane), a patrician
smoothie committed to the art of the
hostile takeover.
Things turn ugly, but the film revels in
wild beauty: photographed by Sean
Price Williams, this is a rich reaping of
images variously echoing Constable,
Turner, Millet, Bruegel. Landry Jones,
moustaches abristle, makes a pensive,
touching Walter, muttering sotto voce
as he doggedly confronts the inexorable.
Other casting brings a new perspective
to Crace’s story: with a visiting map-
maker played by Arinzé Kene and one of
the outsiders by Thalissa Teixeira, the
story acquires a racial dimension, evok-
ing perennial British xenophobia.
Whether or not Harvest entirely suc-
ceeds, on Crace’s terms or on its own, it’s
an audacious, savage carnival of a film.
In UK cinemas now
Friday 18 July 2025 ★ FINANCIAL TIMES 17

FT BIG READ. ARTIFICIAL INTELLIGENCE

While universities grapple with the pace of change, technology companies have moved quickly
to offer higher education institutions — and their students — their own bespoke AI products.
By Cristina Criddle and Andrew Jack

Chatbots in the classroom

F
or students in Lynn Rogoff’s
business communications
class, their final assessment is
not just a matter of developing
entrepreneurial pitches. In
addition, the undergraduate class must
defend them in a live, on-camera grill-
ing by their professors and peers.
This is a “perfect exercise for the real
world”, says the New York Institute of
Technology professor. But it is also a test
of whether the students have fully
ingested the information — or relied too
heavily on artificial intelligence. “The
more novel and unique the proposition
is, the harder it is for [them] to use AI,”
she adds.
Rogoff’s approach is just one of the
ways professors are responding to the
emergence and rapid uptake of genera-
tive AI and the disruption it can cause.
Some educators have embraced the
technology, while others have sought to
ban it entirely. But as professors and
administrators struggle to find the right
balance, they must factor in its ubiqui-
tous use by their students.
More than a quarter of prompts by
US-based college-age users put into
ChatGPT, the world’s most popular large
language model (LLM), are for educa-
tional purposes, according to internal
research from OpenAI, the product’s
maker.
Chatbots can be a helpful research
tool. But some students are using the
technology to do their work for them,
educators say. Plagiarism is one of the
top concerns raised in a survey of mem-
bers of the Digital Education Council, a
global network of universities. Other
issues were ethical concerns, the deval-
uation of degrees and the complexity of
integrating AI into existing data and
tech systems. ‘Careless In April, Massachusetts-based North- ChatGPT EDU accounts. Separately, it marketing and business texts to avoid University write their essays on their laptops, some
Some students are also becoming deployment eastern University, became one of the has launched an MBA course specifi- plagiarism detection. responses to of them will cheat by using AI, the solu-
more crafty, using complementary soft- first institutions to strike a deal with cally designed to help business leaders “There are legitimate worries that AI models such tion is to make them put the laptops
ware such as word spinners — which of these tools Anthropic. navigate AI-powered tools and comes AI systems may provide a crutch for as ChatGPT away and hand write the essays, as I
change the order, or nature, of words — in schools is For Javed Aslam, the university’s AI with access to a custom-built AI chatbot students, stifling the development of have diverged, did with earlier generations of my
to help them evade plagiarism or AI actually chief, it was Anthropic’s focus on that acts as a tutor. foundational skills needed to support with some students.”
detectors. more responsible AI use and its willingness to Rollins College, a private liberal arts higher-order thinking,” the authors institutions Other universities that have returned
In some colleges and universities, pro- adapt models to the college’s needs that college in Florida, has redesigned concluded. embracing the to in-person, handwritten exams,
fessors have taken to asking students to harmful than won the institution’s business. courses and assignments in computer Charlotte Probstel, a student in bio- tools via include the University of Cambridge’s
submit the instructions they feed to the not doing “We could have gotten [off the rack] science to help students “demonstrate medical engineering at Imperial College partnerships human, social and political sciences
AI alongside written assignments. anything enterprise-level access to one of the agency and take ownership of their London, says AI has been helpful in cod- with tech department, Georgia State University
But while institutions grapple with many possible vendors,” says Aslam. work”, says Daniel Myers, an associate ing and “as a tutor” for exams when the companies while and University of California Berkeley.
the challenges of detecting AI and draft-
at all’ “We didn’t want that. We really wanted professor in the subject. professor was unavailable. others focus on Some educators have other reasons to
ing policies on its use, technology com- a partner that we could actually work For example, in a programming class, But its overall benefits “really cracking down be nervous about the growing presence
panies have moved quickly to offer their with to create educational offerings.” students write an interactive fictional depends on the students”, she says. on cheating of AI in universities. Many worry that
own solution: bespoke AI products for Other institutions have taken differ- story that uses ChatGPT to generate “Many students use it as a teleportation FT montage/Getty
increasing allocation to AI products
education. ent factors into consideration. Emlyon responses to user inputs. They are device to travel from the start to the end. could lead to the possible displacement
Some of them have been refining the Business School, one of the highest- allowed to use AI for coding, but they It should be used as a map instead, one of teachers and professors as part of
models that underpin AI chatbots for ranking in Europe, is one of the colleges have to create the setting, events, that the students learn to read.” cost-saving measures.
teaching purposes as they seek to win that is partnering with Mistral, which is prompts that drive the story, and think An Oxford undergraduate, who asked Faculty, students and staff at Califor-
market share through early adoption by headquartered in Paris. about the design of the program and the to remain anonymous as they have not nia State University held protests
the next generation of employees. “We chose Mistral AI because we features they want to add. disclosed using AI in their essays, says throughout the spring to oppose budget
San Francisco-based Anthropic is sell- share the ambition of technological sov- “The result is that students end up the technology had a negative impact on cuts and the institution’s dream of
ing an educational version of Claude, its ereignty and digital autonomy in France pushing themselves further and doing resilience and the capacity of students becoming “the largest AI-powered uni-
AI assistant, which it says is designed to and Europe, which are essential for the more work than they would for a tradi- to work through problems. “The availa- versity system”.
better assist learning through tweaks continent’s economic and strategic tional programming problem that has bility of an easy way out causes me to be Following the backlash, the university
that guide students rather than provid- development, but also to defend the eth- one correct answer,” says Myers. less committed to solving things on my says it is “taking a comprehensive and

H
ing answers or offering templates for ics associated with these technologies,” own,” they admit, adding that they try measured approach to its AI strategy
essays. OpenAI is also testing its own says Nicolas Pejout, director of strategy owever, several recent to “avoid relying on it” completely. and to working closely with faculty to
version of a similar education tool that and development at Emlyon. studies have suggested that Technology companies argue that AI navigate this new terrain”.
guides students, according to people Right now, uptake appears more generative AI has a nega- can open up learning opportunities for Yet current cohorts of students are
close to the company. advanced in the US than in European tive effect on learning. students with diverse abilities, includ- also concerned about the effects of AI on
Tech leaders say AI can be an aid for countries. In the UK, for example, a In autumn 2023, Whar- ing those who struggle with reading. their own future job prospects.
learning, rather than a way to avoid it. Financial Times analysis of official ton’s Bastani led a study that tested “There are lots of students for whom On one front, rapidly evolving AI
“Before calculators, how math tests access to AI tools among more than 100 three cohorts of students in Turkey: one reading does not come as easily or as is changing the workplace, with
were scored looked really different [and universities found that the majority of with textbooks and traditional study, naturally, and for them, they get left some roles disappearing altogether.
we] expect that we’re going to see some- them had none at all. another using standard ChatGPT and behind,” says Ben Gomes, a senior vice- Anthropic chief executive Dario Amo-
thing really similar with the advent of And rather than using specialised the final group used a version of Chat- president in education and learning at dei has previously warned that AI has
AI,” says Daniela Amodei, co-founder educational versions, those that have GPT designed to give hints or help Google. “AI provides an avenue for those the potential to eliminate half of all
and president of Anthropic. access to AI tools were more likely to rather than answers. students to do a lot better through audio entry-level white-collar jobs.
“It’s really much more about explain- lean towards free products or existing The research, published in July 2024, and other things that are very natural.” But multiple students the FT spoke to,
ing, like, ‘How did you come to this con- software agreements, such as with found that when doing practice tests, He adds that AI “shouldn’t hold [stu- who asked to remain anonymous, also
clusion? What’s the supporting evi- Microsoft, which gives access to its AI both AI tools led to increased perform- dents] back” but rather help them worry about being perceived negatively
dence? What are the citations?’ And I assistant Copilot 365 alongside products ance. However, when students using “make that leap to the next level”. as the AI generation. One of them
think that that’s a place where AI can be such as Excel, PowerPoint and Teams. AI tools were tested without access to “In the past, calculators and comput- expressed anxiety about being “guinea
a powerful companion versus sort of a The amounts budgeted for AI tools the technology, the standard ChatGPT ers automated knowledge [but] AI pigs” for the AI pilots taking place
replacement for actually doing critical ranged from less than £100 to £45,000 cohort performed 17 per cent worse might be the automation of skills — before the impact of the technology on
thinking work.” a year. The total amount spent by 20 than those who used traditional meth- when I don’t know how to summarise an learning is fully known.
Many universities are intrigued, sign- universities since 2023 is just over ods. The performance of those using the essay, or do a math problem,” says Jason Unemployment for recent college
ing strategic deals or co-operating on £250,000, according to a freedom of specialised AI tool was about the same Hausenloy, a mathematics student at graduates in the US has been on a steady
research projects with tech companies. information request by the FT. as the control group. Berkeley, who is taking a sabbatical to rise since the release of generative AI
Oxford university has signed a deal with In the US, some institutions have To others, there is concern about the work on AI safety. tools, and is currently at 5.8 per cent.
OpenAI, while the University of Michi- taken a more full-throated approach to risk of “cognitive offloading” — delegat- “Social media marked the end of Oxford Economics, a research com-
gan is working with Google. In Europe, AI. Harvard Business School, for exam- ing thinking to the technology — as stu- the era of boredom; AI is the end of the
‘The result pany, found that since mid-2023, 85 per
French start-up Mistral AI, which has an ple, provides all MBA students with dents increasingly turn to AI as a substi- era of confusion.” [in using cent of the rise in unemployment is con-

T
open-source ethos, has partnerships tute for higher-order skills, those that AI] is that centrated in new market entrants who
with several French, Italian and British Science students tend to be more early require complex judgments such as here is a broader problem students end cannot find work. It found “signs that
business schools. adopters of AI for educational purposes analysis or creation. with the education sector’s entry-level positions are being displaced
But with evidence emerging that gen- A study, published in January, investi- use of AI: a lack of clarity on up pushing by artificial intelligence at higher rates.”
% of Claude.ai student conversations that are related themselves
erative AI may have a negative impact to a subject area, relative to US university enrolment
gated the relationship between AI tool best practices, or of guide- The number of new entry-level jobs
on learning, and with little regulation or in their specific disciplines usage and critical thinking skills of Brit- lines and levels of regula- further and in the UK has fallen by nearly a third
research into best practices, some aca- 40
ish participants, across a range of age tion to foster a more level playing field. doing more since the launch of ChatGPT, according
demics are warning against rushing Computer science groups. “Younger participants exhibited Some educators have sought a return to job site Adzuna, whose analysis of
through AI policies. higher dependence on AI tools and to traditional assessments, in which stu- work than postings found that entry-level vacan-
% using Claude.ai

30
“Careless deployment of these tools in lower critical thinking scores compared dents hand write essays without access they would cies represent around a quarter of the
schools is actually more harmful than
20
to older participants,” said Michael Ger- to any technology. for a overall jobs market.
not doing anything at all,” says Hamsa lich, a professor at SBS Swiss Business “It is critical that students make This is forcing students to question
Bastani, associate professor of opera- Social sciences/history
Natural sciences/maths
School who led the study. connections and understand larger inte-
traditional whether a university or college degree is
tions, information and decisions at the 10
Engineering Humanities
Business
Anthropic’s own research, analysing grative concepts, not just regurgitate programming still worth it. “Students are graduating
Wharton School, part of the University Education Psychology Health professions about 600,000 queries to Claude in edu- ‘facts’,” says Patrick Kirch, professor problem with this mountain of debt with the
of Pennsylvania. 0 cational institutions, showed nearly half of anthropology at the University of that has expectation of long careers,” says Berke-
“You’re better off just taking your tra- 0 5 10 15 20 of student prompts sought “direct” Hawai’i at Mānoa, who has been teach- ley’s Hausenloy. “But if white-collar jobs
ditional methods rather than throwing a % of US bachelor degrees answers with minimal interaction, as ing for half a century. one correct are declining, the fundamental calculus
bunch of money [at AI].”
Source: Anthropic: ‘How University Students Use Claude’ (Apr 2025)
well as some explicit requests to rewrite “Since it appears that if I let students answer’ of going to college changes.”
18 ★ FINANCIAL TIMES Friday 18 July 2025

The FT View
Japan’s troubling fiscal laxity
in the chamber, just as it did in last Octo- stabilising fiscal situation: Japan’s gross The failure of Japanese government bonds to their
Politicians are offering ber’s election for the more powerful debt still amounts to a startling 235 per the ruling LDP highest level since 2008. The stability of
lower house. That would put huge pres- cent of GDP, but inflation is eroding the long-term bond prices has been ques-
handouts just as bond sure on Prime Minister Shigeru Ishiba to burden even as it boosts tax revenues.
and leading
tioned since 30-year JGB yields lurched
yields are pushing higher resign and might even end the LDP’s Ishiba has rejected the calls for a tax opposition higher in May.
long run in government. cut, suggesting in May that Japan’s parties to offer Voters are upset by the failure of
Given how long Japan had to battle to This is a crucial moment for the “extremely poor” finances were in even credible policies incomes to keep pace with rising living
emerge from deflation, the nation’s poli- world’s fourth-largest economy. Tokyo worse shape than those of Greece before to address the costs. But tax cuts or handouts will do
ticians can perhaps be forgiven for is labouring to manage the tricky transi- its 2009 debt crisis. But Tokyo is far less country’s nothing to stem inflation caused by yen
struggling to respond appropriately to tion away from its deflation-era uncon- vulnerable than Greece was to interna- weakness that makes imports more
an election in which voters’ leading con- ventional monetary policy, when its tional sentiment; at the end of last year challenges is expensive. They may even fuel it by
cern is rising prices. Yet opposition already anaemic economic growth is foreign investors held only 12 per cent of dangerous stimulating demand. Nor will they do
party promises to scrap or cut the 10 per threatened by US President Donald outstanding government bonds, while anything to tackle Japan’s bigger chal-
cent consumption tax charged on most Trump’s upending of the global trading an extraordinary 46 per cent was in the lenges, such as its slow-burn demo-
goods and services, and the ruling bloc’s order. Trump’s threat of a 25 per cent hands of the BoJ. The prime minister’s graphic crisis, the rise of an assertive
rival offers of cash handouts — both tariff on imports from Japan has also portrayal of himself as a pillar of fiscal China, the unreliability of its US ally and
headline pledges ahead of Sunday’s deepened worries about the health of rectitude is undermined by the LDP’s its reliance on imported fossil fuels.
upper house election — are worrying the alliance between Washington and own campaign pledge to give every citi- The failure of the LDP and leading
signs of fiscal looseness ahead in a coun- Tokyo, a bulwark of regional stability zen a handout of ¥20,000 ($134) — dou- opposition parties to offer credible poli-
try that still has a mountain of debt. since the 1950s. ble that for children and those on low cies to address those challenges is dan-
Sunday’s voting for just over half the Opposition parties argue that cutting incomes — at a cost estimated at ¥3.5tn. gerous: witness the emergence as a
248 seats in the Diet’s House of Council- or scrapping the consumption tax Still, Japan must tread carefully to political force in this election of the
lors matters much more than usual for would support growth and ease strains retain confidence and keep its borrow- anti-foreigner, anti-globalist Sanseito
such elections. Polls suggest the long- on households after three years of con- ing affordable. Worries about political party. Whoever comes out top after
governing coalition led by the Liberal sumer price inflation above the Bank of uncertainty and the populist campaign Sunday’s poll must look beyond quick
ft.com/opinion Democratic party could lose its majority Japan’s 2 per cent target. They can cite a pledges this week sent yields on 10-year fixes and populist giveaways.

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policy may benefit China Brazil’s oil ambitions are a bet against net zero
Ann Kiernan COP30 President André Corrêa do New analysis by the International five years, risking the locking in of neutrality expected of the role. It
Lago’s recent defence of Petrobras’s Institute for Sustainable Development, stranded assets while ignoring Brazil’s weakens confidence in the process at a
oil expansion (“Brazil’s UN climate WWF-Brazil, and the World enormous clean energy potential. moment when global ambition must be
talks chief defends oil expansion by Benchmarking Alliance reveals that There is a better path. Not developing upheld and the UAE consensus
state-controlled Petrobras”, Report, up to 85 per cent of the new fields that any new fields would actually increase implemented — not eroded.
July 7) ignores economic and climate Petrobras plans to develop would be the net present value of Petrobras’ Brazil has the chance to lead. A
reality. unprofitable in a 1.5°C-aligned world. existing portfolio — if oil demand falls credible transition plan — one that
While differentiated pathways are The analysis finds that these assets faster than in business-as-usual redirects Petrobras toward clean
necessary for an equitable energy only make economic sense in a scenarios. energy — would send a powerful signal
transition aligned with the Paris goals, future where global warming exceeds COP30 is an opportunity for Brazil of climate leadership ahead of COP30
Brazil’s plan to increase its oil and gas 2.4C — well beyond the Paris to show what transitioning away from in Belém.
production by 20 per cent over the Agreement’s limits. oil and gas means in practice. Yet the Vicky Sins
next five years does nothing to advance Petrobras’s plans to invest nearly COP president’s endorsement of oil Climate Lead, World Benchmarking
that goal. In fact, it bets on its failure. $100bn in oil and gas over the next expansion risks undermining the Alliance, Amsterdam, The Netherlands

UK saves 18,500 Afghans Strategic restraint is not BBC activities rank low on
I t i s e a s y t o m o c k T r u m p ’s from torture or death weakness but rationality the list of national needs
David approach. But in at least two areas, his
Africa policy is worth taking seriously.
The front page headline in
Wednesday’s newspaper (“UK secretly
Your article (“Trump tariffs reap
$50bn as the world chickens out”,
I enjoyed Mark Damazer’s article (“The
BBC’s constant cornucopia of trouble”,
Pilling First, his transactional diplomacy.
In eastern DR Congo, home to a wealth
relocated Afghans after data leak put
them in peril of Taliban,” Report, July
Report, July 17) suggests that America’s
trading partners have failed to retaliate
Opinion, July 5) but he seemed to avoid
the main issue affecting its future.
of minerals and one of the world’s 16) has the wrong approach. out of timidity. I would propose that The BBC is funded by what is in
longest-running conflicts, the negoti- According to the article, “the UK their restraint may also reflect sound effect a tax. Nearly everyone has to pay

D
ating tactics of Massad Boulos, government has moved about 18,500 economic logic. it and small, poor households pay the
onald Trump has not gone Trump’s senior adviser for Africa and Afghans affected by the data breach in Since David Ricardo articulated the same amount as large, rich ones. At a
out of his way to endear father-in-law of Trump’s daughter Britain,” most of whom were “already theory of comparative advantage, time when the public purse is empty,
himself to Africans. He Tiffany, has gone down well. Boulos eligible under an existing route”. economists have understood that the BBC’s activities, now mainly
has slashed life-saving has managed to pull off a tentative Though it seems that only a minority of tariffs distort trade and reduce overall focused on entertainment, must come
aid, threatened crushing peace agreement between Rwanda these fellow humans have actually welfare. Retaliatory tariffs make low down in the hierarchy of national
tariffs and banned many of them and DR Congo, in which the outlines arrived in the UK, surely the matters worse, turning an already needs. How do they rank alongside
from travelling to the US. He has of a minerals-for-security deal are government (and the operationals negative-sum game into an even untreated sickness, delayed justice,
praised the president of Liberia (offi- taking shape. involved) should be congratulated in costlier one. In short, both sides lose. crumbling infrastructure, unbuilt
cial language English) for his beautiful No one should put too much faith in what must have been an extremely For many countries, especially those housing and so on?
English, suggested that neither a process driven almost entirely by difficult project — moving that many whose exports to the US account for a In any case, the BBC’s programmes,
Lesotho nor the Democratic Republic commercial interest. On the other endangered people from a country significant share of GDP, retaliation for those who choose them, could
of Congo really exist and turned the hand, any progress towards peace is without its government knowing. would be disproportionately damaging. easily be funded today by direct
history of apartheid on its head by better than none. And this approach The headline could have been, “UK In such cases, negotiating, absorbing payments or from advertising revenue.
insisting that the real victims in South could yet yield other surprises in other saves 18,500 Afghans from torture or Individual incentives to vote for some short-term pain, or pursuing John Brisby
Africa are white. conflicts. death.” increased outlays are severely skewed alternative strategies often makes Ascot, UK
Still, with the exception of South The second area is Trump’s dictum The fact that this happened because because for many people the marginal more sense than entering a spiral that
Africa, many people across Africa — somewhat countermanded by puni- of a security breach does not lessen the benefits are positive, the marginal cost history — and theory — warns us Cyber crime is not limited
seem to like the US president. In a poll tive tariffs on countries like Lesotho humanitarian benefit to those people, minimal or zero. That is completely out against.
of 24 countries, the Pew Research and Madagascar — of trade not aid. who would otherwise face a lifetime of of line with the reality for the country Viewed through that lens, strategic to organised threat actors
Center found that two of the top three This has been a mantra in Africa itself risk inside Afghanistan. As the article as a whole. Hence, excess spending. restraint is not weakness but The arrest of British teenagers for the
approval ratings for Trump were at least since Nana Akufo Addo, acknowledges, this admittedly dire UK Politicians are rational in delivering rationality. spate of retail attacks may seem
African. In Nigeria, Africa’s most pop- former president of Ghana, said in security breach only added to other this — it’s what Britain votes for. Jonathan McGrain surprising, but it highlights how cyber
ulous nation, and Kenya, 79 per cent 2016 that Africa wanted a “fair chance “collaborator” data sources which the Fixing this requires individuals to Richboro, Pennsylvania, US aggression isn’t the exclusive domain of
to trade”, not sympathy or aid. Taliban already possesses. consider marginal costs versus adversary nation states and organised
The end of easy access to the Ameri- Fears about a “far-right backlash” in marginal benefits and aligning Rise of the Brics provides crime (“Four arrested over M&S, Har-
Beijing might not be can market, which accounts for only
about 5 per cent of total African trade,
the UK should be filed in the trash can,
outweighed by the (belated) fulfilment
individuals’ marginal costs with those
for society as a whole (rather like “the a multilateral corrective rods and Co-op hacks”, Report, July 11).
Cyber crime isn’t limited to well-
rushing to fill the gap left should stir greater urgency in putting of a duty of care to those who assisted polluter must pay” principle). The Your editorial on the recent Brics funded, organised threat actors: it’s
on aid, but it has seized the African Continental Free Trade
Area into proper effect. If African
British troops in Afghanistan, at
considerable risk to themselves and
route to this is a negative income tax.
We won’t get to that point until we
summit in Rio (“The Brics lose their
clout”, Leader, July 10) makes some
accessible to nearly anybody, it’s
lucrative, learnable, and it’s spreading
the opportunity on trade economies can produce goods that their families. have a fiscal crisis. We won’t have long valid points but also misreads the fast. Organisations must evolve their
other African countries want — and The internal debate about the super- to wait. significance of the expanded Brics club. strategies and tools as fast as cyber
and 64 per cent of respondents respec- there is no reason, for example, why injunction seems over-egged, given Paul Mortimer-Lee Brics was originally founded as a criminals. If you’re only thinking about
tively expressed confidence in Trump Lesotho can’t sell its clothes on the that many thousands of lives needed Research Fellow, NIESR club for co-ordination in areas other how to defend against the threats of
“to do the right thing regarding world same continent — that would be an such secrecy. Purchase, NY, US than security among emerging today, you’re already too late.
affairs”. excellent start on the journey to trad- Mark & Ana Hudson economies, and that remains its Rex Booth
One poll in two countries is hardly ing themselves to higher incomes. Blandford, Dorset, UK AI threatens extinction primary focus. The Rio summit Chief Information Security Officer (CISO),
conclusive. But we do know that On aid, the manner in which declaration text was dominated by SailPoint, Austin, Texas, US
Trump’s leadership style is familiar. Trump’s administration slashed The problem is too much for lesser used languages themes such as trade, finance, climate
Many of his actions, from appointing assistance overnight has been brutal.
spending, not too little tax AI is the bubble in the economy — it is change, global health, scientific co- Should the Post Office face
relatives to key positions to circulating It will cost lives. Yet it has not elicited devouring resources for data centres operation and others.
his own merchandise, are common in much complaint from Africa, where Robert Shrimsley blames “tax-resistant (expected to be close to a third of Irish But as armed conflicts multiply charges over IT scandal?
a continent where “big men” have all many leaders know they relied too voters” for Britain’s fiscal mess while electricity by 2026), mines our data across the world, Brics is getting Sir Wyn Williams’ preliminary report
too often triumphed over institutions. heavily on foreign assistance — and arguing that public services have been and copyright rights are trampled aside inexorably pulled deeper into into the Post Office Horizon IT scandal
And Trump’s blunt honesty is seen by most citizens blame their own govern- “hollowed out” and that welfare by UK and US big tech (“Google strikes questions of geopolitics and security. It (Report, July 9) has revealed that at
some as less hypocritical than the ments for decrepit health systems. payments are not “overly generous” $3bn hydro power deal with Brookfield is hardly surprising that its priorities least 13 people were driven to suicide
pious do-goodery and coded finger- Africa’s increasingly politicised young (“Britain is living beyond its means”, renewables division”, Report, July 16). reflect the interests of its members by the oppressive and erroneous
wagging of more earnest international populations should hold them to Opinion, July 20). He refers to Jeremy However its impact on lesser used rather than their various domestic prosecutions brought by the Post
interlocutors. account if they do not now step up. Hunt’s “unaffordable tax cuts” but languages, such as the growing Cornish political systems. Office. Is there not a case for a
Still, when it comes to dialling up None of this is to say that Trump’s talks about “essential” spending. language needs calling out as it could The same is the case for the G7, the corporate manslaughter charge to be
executive power, Trump can take a policy on Africa is either coherent or The tone of the article sums up why be an extinction event. Currently we club of major global north states. brought against the Post Office and
few lessons from some African coun- positive. It is neither. If anything, Britain is in a fiscal mess. There is an see autocorrect (the essence of AI) Looking for a completely objective similar charges to be laid against senior
terparts. The US president has hinted it has made China appear the more endless shopping list of “priorities,” erase our language in front of our eyes treatment of the world’s various crises executives?
at a third term. At 92, Paul Biya, presi- reliable partner. Beijing may not be with total spending’s share of GDP the as it enforces English as the correction. would be futile in both groupings. Jason Nisse
dent of Cameroon since 1982, is cur- rushing to fill the gap left by American highest it has been, outside recession, The double think of AI would call this a But the rise of Brics provides an CEO, The Nisse Consultancy
rently going for his eighth, after heed- aid, but it has seized the opportunity since the second world war, and the tax hallucination; what it actually is, is a important multilateral corrective in a London N5, UK
ing “the numerous and persistent on trade, offering tariff-free access take shooting up to record levels also. disregard of the 2014 protected world dominated by the US for the past
calls” from his citizens to continue to 53 African countries on virtually Britain’s dire fiscal problem is not minority status of our language. three decades but now transitioning
running his country (into the ground). all goods. insufficient tax, but too much This erosion of hard fought for rights away from both unipolarity and Correction
And as for gift-taking, Trump has Another recent poll, by Afrobarom- spending. by lazy scaled up AI is seen in race, multilateralism.
nothing on King Mswati III, head of eter, showed that China has now With 35 per cent of the adult gender and ethnicity and is called out Such a corrective will inevitably c Chinese telecoms group Huawei
state and real-life absolute monarch surpassed the US as the most popular population paying no income tax, 40 to by Karen Hao in her seminal come with its own flaws and blind sold its submarine cable maker
of Eswatini, who accepted multiple country on the continent. The ulti- 45 per cent receiving at least one publication Empire of AI and needs spots. But a stable transition requires it. to a Chinese-led joint venture that
Rolls-Royces for himself, his mother mate winner of Trump’s Africa Second welfare benefit, and almost a fifth of much more attention before AI leads to Sarang Shidore was renamed HMN Tech.
and for multiple wives. (Trump, on policy may be Xi Jinping. workers in the public sector, the a different narrative on truth. Director, Global South Program An article on July 17 incorrectly
wife number three, is slacking in that political pressure for more spending Tim James Quincy Institute for Responsible Statecraft stated that the unit was still owned
department too.) [email protected] and to resist cuts is overwhelming. Penzance, Cornwall, UK Washington DC, US by Huawei.
Friday 18 July 2025 ★ FINANCIAL TIMES 19

Opinion
A new cold war with China won’t help the US Trump’s Fed
pantomime
Stephen
influence as it once did with the Soviet
Union. America’s closest allies never
court partners. But they cannot control
US politics, much less global percep-
pay off. Now Trump has eviscerated
them and added fossil-fuel incentives to
— promising to bring thousands of well-
paid jobs and $2.3bn in investment. But
is not amusing
Wertheim wished to form an anti-China bloc
before Trump took office. Now he’s
offering most of them slimmer benefits
tions. Of 100 countries surveyed by
the Democracy Perception Index in
April, more than three-quarters judge
boot. The US will remain a petrostate for
the foreseeable future. Green-minded
Americans will have to focus innovation
an anti-China backlash among residents
is stymying the project. Such sentiment
is hardly surprising given the bipartisan
investors
at greater risk. US military power China more favourably than the US. on next-generation capabilities, like messages emanating from Washington

N
retains its appeal for the countries Trump fares worse than either Chinese geothermal energy, that leapfrog Bei- that the US must “decouple” or “de-
o one, perhaps not even most directly threatened by China, and President Xi Jinping or Russian Presi- jing’s many advantages. risk” from China. Interdependence cre-
Donald Trump, knows Trump’s Pentagon intends to bolster dent Vladimir Putin. Last year the US quadrupled tariffs on ates vulnerabilities, but it can still bring MARKETS
where US policy towards US forces in Asia. Yet his tariffs and In addition, by the end of Trump’s Chinese EVs to 100 per cent, in effect opportunities.
China is heading. But threats undercut one of America’s key term in 2029, China will be even more banning them. Yet if American carmak- Thankfully, US domestic politics does Katie
Trump’s second term has
created significant unknowns, whether
historical advantages: predictable rela-
tionships that won’t be upended in a fit
ers fail to produce affordable EVs com-
parable to BYD’s, at what point should
not require leaders to pose as overzeal-
ous China hawks to win. Trump tri-
Martin
it’s what US tariff rates will be in a few
months or what’s in store for America’s
of political pique.
If all that remains is cold material cal-
If competition fractures the costs to consumers and the climate
take precedence? Even the Soviet Union
umphed in 2024 after vowing to save
TikTok; Joe Biden and Kamala Harris

B
military alliances. There are some new culus, China will fare well. Seventy per the world into two spheres, partnered with Italian automaker Fiat reaped no discernible benefit from
and notable knowns, too — namely
Washington’s willing concession of glo-
cent of countries now conduct more
trade — in most cases twice as much —
it may not be clear which to design Lada sedans for the Soviet
masses. On cars and more, Washington
being the most tough-on-China Dem-
ocrats since the cold war. After all, only
ond vigilantes might have to
cancel their summer plans
bal leadership in clean energy to Beijing, with China than with America. If US- side is containing the other should welcome Chinese firms’ invest- one-third of Americans see China as an if Donald Trump keeps up
ratified by Trump’s “big, beautiful bill,” China competition intensifies further, ment in the US by forming joint ven- enemy, and the public ranks avoiding his reckless assault on the
which guts US federal efforts to promote fracturing the world into two separate essential in preventing the worst effects tures with US manufacturers, from armed conflict as a paramount task. Federal Reserve, in favour of
renewables. All this should prompt a economic and technological spheres, it of climate change. The Biden adminis- which everyone would profit. Despite the turn against China over the maintaining their role as a force field
rethink of the pursuit of full-spectrum may not be clear which side is “contain- tration opted to invest in domestic Yet this will not happen if China is past decade, the country has never been around the world’s most important
rivalry with China that much of official ing” the other. Washington should work renewable capacity, while expanding seen as a mortal enemy rather than a gripped by cold war-style fervour. Polit- central bank.
Washington envisions. In the world harder to prevent such a split — and to US oil and gas production, rather than competitor and sometime partner. In ical elites should stop trying to will it Trump’s distrust of this sober institu-
after Trump, a cold war-like posture will coexist, not just compete, with China. decarbonise more rapidly by importing 2022, a Chinese battery company, into existence. tion has long been clear. He is, at his
be both less warranted and less feasible. Some American observers grasp the Chinese solar panels, batteries and Gotion, agreed to build a factory in Big core, a real estate guy, skewed towards
Trump is damaging the US’s already problem and prescribe more forward- EVs. But those domestic investments Rapids, Michigan — a town in a county The writer is author of ‘Tomorrow, the the supposed benefits of nice low bor-
tenuous ability to contain China’s global leaning policies to outmatch China and required more time and resources to Trump won with 64 per cent of the vote World: The Birth of US Global Supremacy’ rowing costs. Along with high taxes on
imports, these are the two pillars of his
economic worldview.
So it has been bracing, and norm-
Ellie Foreman-Peck
busting, if somewhat predictable, to

Politics faces
witness his constant volley of insults
hurled at “numbskull” Fed chair Jay
Powell over recent months. Powell has,
Trump said on Wednesday, been “terr-
ible” in the role. “I’m surprised he was

its own
appointed,” the president said — a curi-
ous assertion given he was the man who
gave him the job, not, as he appears to
believe, his nemesis Joe Biden.
Investors have grown accustomed to
the drip, drip, drip of insults, threats

AI reckoning
and legal acrobatics deployed by Trump
and his administration, aimed at oust-
ing Powell and appointing a yes man
instead. For his part, Powell has kept a
dignified demeanour, betraying a fiery
determination to stay in position until
his term’s bitter end next May, and to
stick on the Fed board beyond that.
so, a recent survey showed advertised Under him, the Fed has held rates at a
BRITAIN graduate roles in the UK 33 per cent little over 4.25 per cent all year, despite
lower than last year, although other Trump’s desire to see them at 1 per cent
Robert factors are at play.
Shrimsley In the face of so much uncertainty, it
is often simplest to focus on the immed-
iate problems, such as putting the UK on
Were the president
the right side of the AI revolution. Min- to follow through

A
t the recent away day for
isters talk of advances in health, defence
and education and of the expertise of
on firing Powell, the
cabinet ministers, Peter UK research and universities. Kyle is dollar would get smoked
Kyle, the science and tech- also looking at how the UK can exploit
nology secretary, gave a its treasure trove of data from the public A 2023 government study identified debt for degrees that offer lower earn- Labour has decided it must be an — a rate typically seen only in times of
presentation on artificial services, to ensure that the proceeds the jobs most exposed to AI. Now a new ings. The notion of a generation enthusiast for AI, probably a wise call crisis that would make the US, in theory,
intelligence which included the exam- and benefits remain in Britain. cross-Whitehall exercise is under way. betrayed will grow. What might voters since Luddism rarely works. But it must one of the cheapest places on earth to
ple of a well-known financial services But it is worth considering the indus- A lasting fall in white-collar employ- demand in terms of protection — and also offer answers for how to protect the borrow money.
firm dispensing with thousands of trial revolution analogy even if imper- ment could have far-reaching political how will it be funded? electorate from this tech transition. Largely, this has been pantomime
staff — even as its revenue was climbing fect. Over several decades society was consequences. By mapping at-risk At the most dramatic end of predic- The challenges go beyond jobs. stuff. Trump wants to fire Powell, he
sharply. transformed, leading to the emergence professions on to constituencies, the tion, this shift could hollow out the mid- Advances in data, image analysis and can’t fire Powell, he doesn’t want to fire
His warning was that this would be of an industrial working class; to myriad pollster James Kanagasooriam notes dle-class, which has embedded political surveillance will confront leaders with Powell after all. On and on it goes. The
widely repeated. Though such savings social, industrial and educational that the greatest effects will be felt in stability by broadening the cohort of ever more trade-offs between civil liber- latest wheeze appears to be an effort to
and productivity gains would be wel- reforms; the gradual enfranchisement well-heeled, southern seats. This pros- people with assets and a sense of a stake ties and public order. And the technol- shove him out based on concerns over
comed in public services, the impact of the adult population; and the replace- pect, of imperilled white-collar workers in society who felt their interests aligned ogy is burrowing into democracy — not the costs of renovating Fed buildings.
of AI on the labour market is con- ment of the Liberals by the new party, while blue-collar jobs are more secure, with the establishment and the system. only through faked content. Internal All this grandstanding is rather car-
centrating minds at the top. Morgan Labour. Perhaps most significantly, it inverts the past impact of industrial rev- How would this demographic change Labour polling found that a quarter of toonish and, for Trump, a useful distrac-
McSweeney, the prime minister’s strate- established a growing middle class that olutions and could create a new class of reorientate political parties? voters had used ChatGPT for informa- tion from other problems, in this case
gist and chief of staff, talks up The Tech- became the essential bulwark of both economic losers. Look no further than the current rise tion during the last election. political heat emanating from files relat-
nological Republic, a self-serving but liberal democracy and capitalism. The implications could include more of populist parties to see how lost con- It may yet be that alarm is overblown ing to the late sex offender Jeffrey
insightful book by the CEO and general One does not need to accept the extreme concentrations of wealth, tentment changes politics — and their and that AI creates new jobs as it wipes Epstein, which the president seems
counsel of Palantir. It argues that AI analogy in full to recognise the profound fewer well-paid jobs and changes to advance has preceded AI. The tradi- out others, although the pace of change suddenly keen for everyone to forget.
must be linked to national needs, fret- impacts for democratic politics this the size and shape of the tax base. tional right has already fractured and is also central to the challenge. For all the slapstick, however, inves-
ting that too many industry pioneers are time around. The first seeds of populism Students may eschew taking on hefty the left is fraying. The Conservatives But major shifts always feed through tors are not amused. This week, when
driven by their own technological and can be detected in the shift from heavy are no longer the party of the content, to politics. What if the next revolt comes Trump turned up the heat yet again,
financial interests rather than society’s. industry, leading to the decline of once- and Nigel Farage’s Reform UK party from the liberal establishment? When indicating to Republican lawmakers
Senior figures around government
compare the likely impact to the first
proud manufacturing towns and com-
munities. This has also hastened
A lasting fall in embraces leftwing economics. There is a
cohort looking for alternative solutions
the winners upon whom the structures
of society and democracy rely become
that Powell’s days in the job are num-
bered, markets snarled in response,
industrial revolution. There are too Labour’s shift from its traditional role as white-collar employment and losing trust in the state. Now imag- the losers, old certainties can fade shoving down the dollar and raising
many unknowns to accept this at face
value. Estimates of the AI jobs shakeout
the party of the unionised working class.
All can see a shock coming but there is
could have far-reaching ine the voters of the establishment,
those not used to losing out, shifting into
very fast. long-term borrowing costs in a move
that says “leave our guy alone”. Message
vary wildly, though few are cheery. Even so little we can predict about its nature. consequences the discontented column. [email protected] received, Trump backed down again.
It is just possible that the president
does not quite grasp what is at stake here
but the message from markets is clear: if
youfollowthroughonthis,thedollarwill

Disinformation warriors are ‘grooming’ chatbots get smoked, both in terms of its value
and its centrality in global finance. Real-
life borrowing costs will explode higher
as markets anticipate a new Fed chair
who will do Trump’s bidding and slash
roiled the Eurosceptics. But they would searches had increased to almost 69 per dence that malign individuals, organis- time they unthinkingly repeat prop- interest rates despite signs that the
TECHNOLOGY doubtless jump on the accompanying cent since Google launched its AI Over- ations and states are attempting to aganda,” wrote the researchers Sophia inflationary impact of his trade tariffs is
disclaimer: “As AI-generated answers views in May 2024. AI-generated sum- “groom” generative AI models. A report Freuden, Nina Jankowicz and Gary finally starting to bite. It is not even in
John may be inaccurate, please make your maries at the top of search results last month from the UK think-tank Marcus. Trump’s interest to force this through,
Thornhill own verification and assessment by
reading the full articles listed in the
mean fewer readers click through to
the source links below. That has sapped
Royal United Services Institute found
that Russian hackers were actively
Vidhya Ramalingam, chief executive
of the tech start-up Moonshot, argues
nor to pick an alternative man for the job
(all the supposed candidates are male)
answers.” organic traffic to news sites, falling from exploring ways of injecting propaganda it will be hard to eradicate the problem to act as a back-seat driver until Powell’s
Most of those articles were from a peak of 2.3bn to 1.7bn and causing or biased material into the training data at source because of the ever-shifting time is up. There are zero upsideshere.

I
Agence France-Presse, one of 15 compa- conniptions among many publishers. of generative AI models to skew their nature of the technology. She suggests Powell does not set interest rates on
s the EU a good thing? Rows have nies behind the consortium that How accurate these AI summaries are output. “This tactic represents a shift the only imperfect solution is to teach his own, but alongside a broad commit-
raged over that question for many includes Deutsche Welle, El País and is questionable. In December, the BBC from targeting audiences directly to people to spot manipulative content tee of his peers. Nonetheless, the chair’s
years so I turned to the newly Romania’s RFI and is backed by the EU subtly shaping the tools these audiences and techniques themselves. “We need to voice rings more loudly than other rate-
launched ChatEurope for a fresh commission. The eurobot’s underlying use,” the report concluded. get ahead of it through public educa- setters. An unserious successor can
take.
This artificial intelligence-powered
technology is run by the French AI
company Mistral. Its goal is to deliver
There is evidence of How this can be done has been high-
lighted by the American Sunlight
tion,” she tells me. To that end, Moon-
shot has helped run “prebunking” pub-
exert enormous influence on everything
from rates, to the Fed’s balance sheet, to
chatbot, which promises to provide answers “free from algorithmic manip- malign organisations Project, which estimated that Russia’s lic awareness campaigns with Google to emergency swap lines, to its staff. Even
users with trusted information about
Europe in seven languages in real time,
ulation or political interference” in the
age of AI-generated content.
attempting to inject Pravda network has been pumping out
3mn propaganda articles a year, ampli-
more than 120mn people in Europe.
Just as we have all painfully grown
assuming Powell stays in post (fingers
crossed), we could still be in for a rough
had a definitive, though somewhat one- The eurobot’s launch highlights how propaganda into AI models fied on X, Telegram and Bluesky. Later wary of the dark sides of the internet, ride if the president plumps for a clown-
sided, answer. The EU had brought sig- generative AI chatbots are increasingly research showed that OpenAI’s Chat- social media and messaging apps, so we ish replacement in 2026.
nificant benefits to member states and becoming the welcome mat to the info- protested to the US tech giant Apple GPT-4o model cited Pravda content in will now have to develop a duly critical For now, the bond market is one of the
citizens, it replied, particularly in eco- sphere thanks to the explosive growth about a false headline in an iPhone noti- response to five out of seven prompts on take on chatbot output, too. It will be few things holding Trump back from
nomic integration and consumer rights. in their usage. Similarweb found that fication automatically generated by contested subjects. Better forms of fact- up to our own internal sense checker to the brink. For those investors, reacting
It had also regulated technology, OpenAI’s ChatGPT referred users to Apple Intelligence. The AI-powered checking and reasoning will be needed buzz when spotting partial content on to every outburst may feel like a waste
enforced fair competition and enhanced news websites 25mn times between summary suggested that the BBC was to root out that problem. the EU or Russian disinformation. As of time but it performs an essential serv-
cyber security. January and May this year, compared reporting that a high-profile murder “In the meantime, systems of naive the eurobot advises: please make your ice in telling the president what he does
No mention there of any thornier with 1mn the previous year. suspect in the US had shot himself, mimicry and regurgitation, such as the own verification. not like to hear: “No.”
issues, such as national sovereignty or However, Similarweb also noted that which was untrue. AIs we have now, are soiling their own
democratic accountability, that have so the proportion of “zero-click” news Moreover, there is increasing evi- futures (and training databases) every [email protected] [email protected]
20 ★ FINANCIAL TIMES Friday 18 July 2025

Richard Waters
Battle lines are being redrawn
around customer data control
Z BUSINESS INSIGHT

Broadband’s diminutive Altnets’ dash for cash the 2 per cent gain at J&J, which

Starling and barbarians have begun Aggregate fundraising by alternative

networks (£bn)
perhaps has benefited from not being
weighed down by consumer health.
to gather at BT’s gate Kenvue has attracted the attention of
Monzo take a 8 not one but three activist investors:
Starboard Value, Third Point Capital

transatlantic Taking on incumbents is tough. Just

ask the UK’s hundred or so alternative
network providers duking it out
6 and Toms Capital Investment
Management. This week, the company
abruptly replaced its CEO Thibaut
flight of fancy against dominant BT’s Openreach to
provide full fibre broadband services.
4 Mongon and said it would undertake a
strategic review of the business.
Can this week’s £2.3bn fundraising by The rationale for the demerger of
CityFibre, the biggest of these so-called 2 Kenvue was simple. The group owns
altnets, help rejig the landscape? some of the biggest and most
Altnets have made decent inroads on recognisable consumer brands in the
0
BT’s turf, reaching 16.4mn premises at US. The business is slow growing and

B
the end of last year, according to the 2020 21 22 23 24 25* low margin, but it generates steady
Source: Enders Analysis • * Year to date
ritish digital bank Starling Independent Networks Cooperative cash flow.
is named after a bird with Association, a trade group. Openreach, Two years on, things haven’t quite
talents for mimicry and by comparison, counts 19mn. increase, especially if altnets continue worked out as expected. In its
miraculous changes of Starling admitted it would struggle to compete on credit cards — Ged Noonan/Alamy But rolling out networks is a to join forces. CityFibre itself is a prospectus in 2023, Kenvue said it
direction. The name felt painfully capital-intensive business. consolidator, using shares to buy up thought its industry would grow at a
appropriate this week as the £2.5bn Slowing momentum Funding is always welcome but doesn’t smaller rivals, while Netomnia and compound annual rate of between
company — which last year described
An abundance of banks last long as they burn through cash. Brsk last year teamed up to give a 3 and 4 per cent through 2025. Instead,
Annual change in customer base (%) Number of commercial depository
the UK as its “natural home” — said it CityFibre’s raising brings total combined network of 1.5mn premises sales grew at a CAGR of less than 1 per
might copy its fintech peers by 200 institutions in the US (’000) investment in altnets to around £20bn passed, and aims to hit 3mn by the end cent between 2021 and 2024. This year
pursuing a US expansion and 6 since 2020, yet last year the sector was of the year. they have slumped further, and are
potential New York listing. still in the red to the tune of more than Consolidation suits government goals down 4 per cent year on year in both
150 5
Domestic rivals Monzo, Revolut £1bn, calculates Enders Analysis. too; the aim is to unleash competition, the first and second quarters of 2025.
and OakNorth are already variously Starling 4 Spending continues even after the not a wave of bankruptcies. Indeed, it Kenvue’s troubles are, at least in
trying to crack the US retail or infrastructure is in place: customers is not for nothing that the UK part, related to its industry. Consumers
business banking markets. The 100 have to be lured in and then connected. government has chipped in to fund are more cautious, and retailers are
3
appeal is understandable but so far Enders Analysis reckons altnets need raisings by altnets, including the latest actively reducing their inventory levels
none have convincingly shown why 2 an ebitda margin of 35 per cent or more CityFibre round. Altnets have proved in response.
50
they can succeed where flocks of to be cash flow positive, after taking they can build out networks. If they Kenvue’s interim chief executive
European predecessors have failed. 1 account of outlays that don’t appear on can muster the scale and customers to Kirk Perry will now need to attempt a
JPMorgan’s second-quarter results Monzo the income statement, such as some sustain them, then maybe BT will have turnaround. But the broader lesson for
0 0
highlighted the attraction, showing customer acquisition costs. cause to sweat. investors in consumer groups is that
2020 21 22 23 24 25 2015 17 19 21 23 25
an enviable 36 per cent return on Demand isn’t living up to promise changes in corporate structure only go
Source: company filings Source: FDIC
equity in its consumer banking arm, either. While the idea of competition is so far in creating value. For the cash
branded Chase. US banks benefit every bit as attractive to consumers as register to ring, the underlying
from a huge market and features like
higher card interchange fees that
bank with out-of-date tech that it can
overhaul.
NatWest, HSBC and Barclays — are
healthier than when fintechs were
it is to regulators, the reality is that
switching providers is a hassle. Besides,
Kenvue drama shows businesses need to perform well —
or end up in a predator’s shopping
make payments activities That may be easier than acquiring its getting off the ground. Fifth-placed one consequence of competition was that not all spin-offs basket themselves.
structurally more profitable.
However, the American market is
own licences and would give it an
opportunity to show off its other
Santander is in expansion mode with
the purchase of TSB.
that the incumbents spruced up their
act. BT accelerated its snails’ pace
are created equal
also viciously competitive. Beside big business, namely selling its core Transatlantic migrants can fly both rollout of Openreach and brought in
Under the counter
beasts like Chase, newcomers face banking software to other lenders. ways. Chase UK recently started aggressive pricing to retail providers Corporate spin-offs are all the rage. Kenvue share price since spin-off
from Johnson & Johnson (rebased)
thousands of smaller lenders. Even assuming UK fintechs fail to offering credit cards — a product upgrading to full fibre. Ofcom, The oft-cited argument for breaking up
Some may look old-fashioned but conquer the world, they may benefit where Starling has previously approving the pricing in May 2023, a company is that it unlocks hidden Colgate-Palmolive Kenvue
they benefit from local reputations from a bit of diversification. admitted that it would struggle to conceded it gave stiffer competition to value. But, as an asset class, carve-outs Johnson & Johnson
and decades of customer inertia. OakNorth has carved out a more compete because of the high cost of altnets but was not a barrier. have a patchy record. 140
Besides which, the US has its own specific niche lending to mid-sized reward programmes. Still, BT investors fancy its chances The drama at Kenvue is a case in
ecosystem of well-funded native companies but there is a limit to how JPMorgan chief Jamie Dimon gave a of repelling the altnets. The shares are point. The company, home to Tylenol 120
fintechs. Chime’s annual advertising quickly that it can grow in the UK polite nod to challengers after up by about a third since the telecoms painkillers, Band-Aid, Listerine
spend is almost as large as Starling’s without veering into reckless lending. reporting those bumper results on regulator gave it that green light, mouthwash and Neutrogena, has had a 100
entire operating budget. UK neobanks have done well to go Tuesday, noting the “quite capable roughly double the gains on the rough ride since its demerger from
Monzo has already abandoned one from unknown start-ups to profitable and quite smart” fintech folks broader FTSE 100. Johnson & Johnson in May 2023. 80
US push while Revolut shelved its businesses but customer growth is seeking to “take big chunks” out of Even a cashed-up CityFibre is Its shares are down about a fifth
first attempt to acquire a US banking slowing and gaining domestic share will his business. But the smaller animals unlikely to put BT in a lather. The since its debut, giving it a market value
60
licence. Starling, meanwhile, is only get harder. should be more scared of Dimon than upstart is far behind in terms of scale, of $42bn. That compares with an
reportedly looking to buy an existing The traditional big four — Lloyds, he is of them. reaching 4.5mn premises. Still, the 8.5 per cent rise at rival consumer 2023 2024 2025
Source: LSEG
competitive pressure is likely to goods company Colgate-Palmolive and

CROSSWORD No 18,110 by XELA

       ACROSS

1 Provided sustenance or a cover for the

head (6)
  4 Consequences of exploit led by one
politician (6)
 8 Musician requiring help on middle part
of album (7)
  9 Supporting a plan, as company
directors often are? (2,5)
11 Popular, fresh comedic art (10)
12 Commotion excessively overwhelming
   daughter (2-2)
13 Fashionable, regularly admired low-
budget film? (5)
14 Was an MC matched on record? (8)
    16 Bit of wit? It breaks up dull experts
talking (8)
18 Lights surrounding the far edge of the
city (5)
   20 Good, clear feature of crosswords? (4)
21 Business group against rampant
tourism (10)
23 Where adventurous drivers may go,
  travelling far with food (3-4)
24 Republican entertained by excellent
moralising (7)
25 Old city in the centre of Benin had
  character (6)
26 Teach guys to run (6)
Solution 18,109 JOTTER PAD DOWN
$ $ 7 & ) %
$ 1 7 ( 1 1 $ $ 7 / $ 5 * (
1 Speck of snow beginning to fall above
: 7 ' . , ' $ 8 ;
Windermere? (5)
2 Lack of harmony in club never ceased
$ 6 + 7 5 ( ( * 6 $ 7 , (
in the end (7)
5 ( ( $ / ( 3 + 7
3 Renewed inactivity mostly calling for
' $ 5 . : ( % 0 $ 3 / (
immediate attention (9)
6 ( $ ( 2 ( 5
5 Mad fella in charge (5)
$ % 5 $ & $ ' $ % 5 $ 6 Messenger and mailmen periodically
6 ' 2 . , 5 1 carrying letters (7)
$ % < 6 6 1 $ & ( / / ( 7 Exhaustion that is primarily
< $ & ( 5 % + 5 / accompanied by inflammation (9)
( $ 6 ( / ; 8 ; 2 5 , $ / 10 Instant money from abroad injected
5 ( , 7 2 5 5 9 , into extremely stupid calamity (6,3)
6 3 $ 1 1 ( 5 * 5 8 < ( 5 ( 13 New pub on fire? This might help with
7 ' $ + 6 5 flare-up (9)
15 Lumber on around eastern metropolis
(9)
Scan the QR code to 17 French intellectual drawn in by
access FT crosswords splendid erotica (7)
over the last 30 days 19 Take out vanilla flavouring (7)
— cryptic, Polymath, 21 Orchestra position in church broadcast
Weekend and Sunday (5)
puzzles — or go to 22 App customer absorbs first section of
ft.com/crosswordapp how-to guide (5)