Financial Times - 12.10.2026 — 2026-10-11

FINANCIAL TIMES

MONDAY 12 OCTOBER 2026

BIG READ, PAGE 21

Trump's midterm battle for rural America

UK £3.70; Republic of Ireland €4.10

KIMBERLY CLAUSING, PAGE 23

The smarter solution to taxing the rich

India protests 'Cockroaches' remain defiant

Young Indian protesters are detained by security forces in New Delhi yesterday while demonstrating after their leader Abhijeet Dipke was released from police custody.

The youth-led Cockroach Janta Party (CJP) vowed to step up its challenge to Narendra Modi's government after Dipke was freed by a court order. He had been arrested on a plane on Saturday as he arrived in the Indian capital ahead of mass protests.

The CJP is calling for the resignation of elections chief Gyanesh Kumar over a voter verification drive in which an estimated 130mn names, the equivalent of about 13 per cent of the electorate, were removed from rolls.

In response, the security forces turned Delhi into a fortress, filling it with barricades and tens of thousands of police and paramilitary personnel. More rallies urged page 6

Priyanshu Singh/Reuters

US threatens block on Kyiv's arms in push to halt Russian refinery attacks

\- Washington lobbies allies

• Europe pledges to press Moscow
• Trump claims energy ceasefire

CHRISTOPHER MILLER — KYIV

HENRY FOY — WARSAW

Donald Trump's administration is threatening to stop the procurement system that provides Ukraine with weapons in order to press Kyiv to halt its strikes on Russian energy infrastructure, according to officials in Europe.

The officials, who received calls from American officials over the weekend or were briefed on them, said the US was lobbying European capitals and Kyiv in an attempt to end the attacks on Russian oil refineries.

The White House declined to confirm or comment on the calls.

The US message included threats to cut off intelligence sharing and Purl – the Prioritised Ukraine Requirements List mechanism for procuring US weapons for Ukraine – the officials added.

“They are calling Kyiv . . . they are calling everyone [in Europe],” said one person who received a call from a US defence official.

Trump yesterday surprised Kyiv and its European allies by announcing that Ukraine and Russia had reached a partial ceasefire to halt attacks on each other's energy infrastructure.

"Effective immediately, there is an ENERGY CEASEFIRE in the War

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‘They are calling Kyiv . . . they are calling everyone [in Europe]’ Recipient of US message

between Russia and Ukraine. Both parties have agreed. Do not break it!" the US president wrote on Truth Social.

Ukrainian President Volodymyr Zelenskyy's office said it was unaware of any such deal. There was no immediate confirmation of a deal from Moscow.

Shortly before Trump made the claim, Zelenskyy had reiterated his own desire for such an agreement.

On Friday Trump announced he had done a deal with Vladimir Putin to release diesel on to the world market, in a bid to lower energy prices.

Zelenskyy criticised that deal this weekend, saying the “signals Russia received” from it indicated it “could simply keep attacking” and what was needed were “strong signals” from the US that it could not do so. Trump hit back, saying: "I suggest they [in Ukraine] get a new leader who can make a deal."

Zelenskyy challenged Trump to force Putin to halt the attacks for long enough for Ukraine to hold elections. Elections in wartime are “really difficult”, Zelenskyy told ABC News.

"Please tell Putin [to] give us two months, 60 days [of] total cease-fire . . . and we will organise elections."

Kyiv persisted with its air campaign against infrastructure deep inside Russia yesterday with a drone attack that shut down a data centre run by technology giant Yandex. It was the third strike on the company's facilities in four days.

Ukraine's European allies said they would seek to increase economic pressure on Russia in the wake of the diesel deal. Andrius Kubilius, EU defence commissioner, said it was time for the EU and Ukraine to “elaborate and implement an independent peace strategy” rather than work with the US.

Ursula von der Leyen, European Commission president, said after a call with Zelenskyy that EU leaders would discuss Kyiv's "funding needs for the year ahead and how to mobilise fresh global support" at a summit on Thursday.

Defence secretary Wes Streeting described Trump's diesel deal as a response to looming midterm US elections and called on Ukraine's allies not to "weaken" their resolve. "Let's be candid about this. Midterms are coming up; cost of living is an issue," he said.

Doubts on Russian diesel page 4

Defence chiefs targeted page 10

Rana Foroohar page 23

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Briefing

▶ AI borrowing slumps as investors grow wary of risk

AI-related debt issuance globally dropped to \$23bn in September, with debt raised to fund costly developments falling sharply as investors reassess the tech industry's risks following months of rampant borrowing.— PAGE 10

▶ Budget spending warning

John Healey will be at risk of losing bond investors' confidence with a "work of fiction" Budget if he fails to explain how he will fill a £35bn hole in his plans, the Institute for Fiscal Studies has warned.— PAGE 2

Kremlin's hand in Brexit

The 2016 Brexit vote was targeted by Russian “state-sponsored interference”, Andy Burnham has said, as he warned voters in France and Germany on attempts to influence their politics.— PAGE 2

▶ Debt pile weighs on China

Debt servicing payments alone are expected to account for 19.2 per cent of the public budget this year, curbing Beijing's capacity for a fiscal stimulus to revive flagging demand and boost growth.— PAGE 4

▶ Start-up attracts Nvidia

The US chip giant is in talks to buy or deepen its investment in Reflection AI, a developer of open-weight models the White House hopes will rival cheap Chinese alternatives.— PAGE 12

▶ Fears for student visas

Universities are revoking offers en masse made to applicants from countries including Pakistan and Nigeria as they fear a crackdown on visas will result in a ban on their recruiting from overseas.— PAGE 2

▶ Brussels outlays slashed

Ireland has cut €141bn from a proposed EU budget in an effort to find consensus among divided capitals on spending after rich countries led by Germany had demanded reductions.— PAGE 4

Pakistan cracks down

A state of emergency has been imposed in Khyber Pakhtunkhwa and governor's rule imposed, suspending the government led by the party of jailed former prime minister Imran Khan.— PAGE 6

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Treatment at home offers lifeline to NHS heart clinics

Oil chiefs pull out of energy conference after missile strikes on Riyadh airport

The NHS is a highly hospital-centric health system but a pioneering Barts scheme promises to save hundreds of lives and millions of pounds by treating patients with heart disease at home. Participants are moved more rapidly on to life-saving drugs, then monitored remotely by pharmacists so alterations can be made without a hospital stay. If targets go on being met, spending on admissions will fall and the way cleared to a big shift in how the NHS operates. Saving millions ▶ PAGE 3

AHMED AL OMRAN — JEDDAH

Several senior international oil executives called off plans to attend an energy conference in Riyadh this week after a missile attack on the capital's airport on Saturday that killed 12 people and injured more than 300.

Saudi Arabia blamed the Iran-backed Houthi movement in Yemen for the strike – the third on King Khalid International Airport in a week – calling it a “cowardly terrorist attack” that would be met with a decisive response.

Yesterday, in a fourth attack, a fire started in a different terminal at the airport after a cruise missile was intercepted, according to the Saudis.

As energy officials gathered at the Ritz-Carlton Hotel yesterday, the Houthis issued renewed warnings to airlines, workers and passengers not to use Saudi airports or airspace.

The airport in Riyadh remained closed yesterday and the embassies of the US, Germany and other countries have advised their citizens to avoid it.

The Houthis said they had attacked Riyadh's airport using ballistic missiles, cruise missiles and drones, as well as targeting Dammam airport and two Aramco oil sites in the Eastern Province.

The chief executives of ExxonMobil, TotalEnergies, Shell and BP were all due to attend the World Petroleum Council's energy congress but withdrew, two people with knowledge of the matter said.

"We made every effort to participate," BP said. "Due to travel disruption, we are unable to be there in person." Shell declined to comment while Exxon and TotalEnergies did not immediately respond to requests for comment.

The kingdom's flagship conference, the Future Investment Initiative, is also scheduled for this month and typically attracts top executives from around the world. Saudi officials said it would still take place.

The attacks are a fresh reminder of how the US-Israel war against Iran has triggered retaliation by Iran and its allies, spread violence across the Middle East and pushed up energy prices.

Saudi Arabia has been asking allies for defensive support. France said last month it would send soldiers, radars and defence systems to protect Yanbu oil terminal on the Red Sea. Saudi Arabia, Pakistan and Nato member Turkey last week said they had triggered a mutual defence pact for the first time. Additional reporting by Andrew England, Malcolm Moore and Peter Campbell Houthi strength on show page 4

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EU referendum

Russia ‘interfered’ in Brexit, says PM

Burnham tells French and German voters of Kremlin attempts to influence polls

JIM PICKARD

The 2016 Brexit vote was targeted by Russian “state-sponsored interference”, Andy Burnham has said, as he warned voters in France and Germany about Kremlin-backed attempts to influence their countries’ politics.

The prime minister, who has criticised Britain's decision to leave the EU more vocally in recent months, said politicians had woken up only slowly to the extent of foreign powers' meddling in the democratic process. “I asked the question coming to Downing Street, was there interference in the 2016 referendum from Russia? And I’ve had the clear answer that, yes, there was,” he said in an interview with The Rest Is Politics podcast released yesterday.

Voters in European democracies needed to be better informed about efforts from overseas to disrupt the political process, Burnham said.

"These things are important now to put clearly on the record and, I believe, help voters in Germany and France understand that some of this politics is instigated via our enemies, namely Russia," he said. Organisations including the Oxford Internet Institute have identified thousands of Russia-linked social media accounts that posted divisive anti-EU and anti-migrant messages in the run-up to the Brexit vote.

A 2020 report by parliament's cross-party intelligence and security committee criticised the UK government for failing to carry out a full assessment of any Russian attempts at interference in the referendum.

This was “in stark contrast” to allegations of Russian interference in the 2016 US presidential election, “where an intelligence community assessment was produced within two months of the vote”, the report noted.

At last month's Labour Party conference, Burnham said the Brexit settlement was harming the UK economy and promised a national debate about “options” for future relations ahead of a major UK-EU summit due next month.

“Brexit has done more harm than good,” he told the event in Liverpool.

Speaking on the podcast, hosted by ex-Conservative minister Rory Stewart and Alastair Campbell, former Labour press secretary, Burnham said Nigel Farage, Britain's most prominent Brexiter, had given the country "a decade of division and drift".

At the upcoming UK-EU summit he would argue for “closer integration” and greater collaboration on immigration, the prime minister added, noting that the “rupture in our [British] politics”

after Brexit was visible today in other European countries.

“Given what’s happening in Germany and France I think it’s really important for the UK to step to the fore and say, ‘Well, look, we went through this a decade ago when we saw this rupture in our politics and we’ve now got a decade of experience,’” he said.

After criticism of his stance on the row between the Premier League and Abu Dhabi-owned Manchester City Football Club, Burnham said he would publish details of his meetings relating to the United Arab Emirates' investment in Manchester.

Burnham was Greater Manchester mayor from May 2017 to June this year.

Reaccession process

Britain could be fast-tracked into EU, report argues

PETER FOSTER

Britain could rejoin the EU in the space of a single parliament if London and Brussels were politically aligned, according to a new report backed by a senior former bloc official and a leading member of the European parliament.

Pro-EU pressure group Best for Britain said fears that the UK reaccession process would be bitter and “take a decade” were overblown, citing Finland’s completion of its EU joining process in less than three years in the mid-1990s.

Ten years after Brexit, the possibility of the UK rejoining the EU was thrust back on to the political agenda by Andy Burnham last month, when the prime minister said Britain could “go all the way” to reversing the 2016 referendum.

In his speech to the Labour Party conference, Burnham warned that the current Brexit settlement was damaging the UK economy and promised a national debate about “options” for future relations ahead of a major UK-EU summit due to take place next month.

Ministers in London have not given details of how the government intends to hold the discussion, but Burnham's overture was quickly welcomed by several EU leaders, including France's President Emmanuel Macron and Spain's Prime Minister Pedro Sánchez.

Polling by YouGov after Burnham's speech found that 52 per cent of Britons would vote to rejoin the bloc, while 27 per cent would vote to stay out. More than one-fifth of 2016 “Leave” voters would now vote to rejoin, it found.

Rejoining the EU would require the British government to apply under Article 49 of the EU treaties, triggering a process during which London would need to negotiate across 35 different chapters of EU law.

Once agreed, membership must be unanimously approved by existing members of the bloc and then ratified in national parliaments.

The report, led by former trade department official Oliver Nicholls, said the combination of the UK's limited regulatory divergence from Brussels since Brexit, its strong market integration and shared values should lead to a much faster process than smaller, less-developed countries.

“Reports that accession would take a decade are wide off the mark,” it said. “The example of Finland proves that the process can be far quicker when there is

YouGov polling found 52% of Britons would vote to rejoin the EU. Right: Prime Minister Andy Burnham warned Brexit was damaging the UK economy

Brook Mitchell/Getty Images

a high degree of existing alignment and strong political will."

Issues likely to be contentious, such as whether the UK should join the Euro and the Schengen passport-free travel zone, were solvable, it added, noting several member states, including Sweden and Denmark, did not use the Euro. Ireland, which shares a common travel area with the UK, is outside Schengen and has shown no interest in joining.

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EU voters broadly back the UK's re-entry into the bloc, with the French among the most tentative

% of respondents who said they would support or oppose the UK rejoining the EU, Jun 2026

Nicholls said: “No country has ever walked this path as a former member, already closely aligned and sharing the EU’s values . . . with the political will, Britain could be back at the table within a single parliament.”

Source: European Council on Foreign Relations (ECFR)

His view was endorsed by European lawmaker Sandro Gozi, chair of the UK-EU Parliamentary Partnership Assembly, who said London would not begin any rejoining process “from scratch”.

"As a former member, and with much of the regulatory framework already in place, I personally do not see any serious reason why an application from the UK would not be achievable within one parliament," the MEP added.

Sir Jonathan Faull, the former senior EU Commission official who acted as Brussels' point person when the UK renegotiated the terms of its EU membership in 2015, welcomed the report as a “sober and useful contribution” to the Brexit debate.

The UK would enter any reaccession talks in a unique position because it bore the “imprint of decades of membership”, he said, adding: “The timetable would depend on the clarity and

'Reports that accession would take a decade are wide off the mark'

constancy of political will on both sides."

But others are more cautious. In a paper for the European Policy Centre think-tank this year, former MEP Andrew Duff warned that reaccession would take more than one parliament, partly so UK politics could demonstrate that any decision was not at risk of being reversed by a change of government.

“Accession for the UK can be swift but only if the UK is crystal clear that it wants full membership, with no cop-outs or opt-outs,” he wrote.

Even more sceptical was Lord Peter Ricketts, former UK national security adviser and ambassador to France, who said Finland was not a useful comparison.

"My instinct is that it will be a longer process, even if the political will is there. Britain is not Finland; we're a bigger economy.

"There will be big issues over Schengen, Europe and the size of UK contributions to the EU budget. I think it will be a difficult and long line-by-line negotiation because of the scale of the UK economy and what it means to have us back in again."

Budget

Healey must set out how he will fill £35bn hole, warns IFS

DELPHINE STRAUSS

John Healey risks losing bond investors' confidence and delivering a “work of fiction” Budget if he fails to explain how he will fill a £35bn hole in the UK government’s spending plans, the Institute for Fiscal Studies has warned.

The chancellor will need to find £35bn in tax rises or welfare cuts by 2030-31 if he wants to avoid real-terms cuts to some areas of public services, sustain growth in health budgets and bring defence spending to 3 per cent of GDP, the think-tank said today.

Even though official forecasts were likely to show Healey on course to meet his fiscal rules, higher inflation on top of many other pressures would have a corrosive effect on Whitehall departmental budgets, according to its analysis. Helen Miller, IFS director, said leaving tax and spending plans unchanged on October 28 would mean the government “making a choice for public services to be doing less or lower quality”, warning: “A do-nothing Budget is not an option.”

To retain credibility with bond investors, Healey must set overall spending envelopes “that he would be genuinely prepared to live within”, she added. “Simply pencilling in implicit cuts that he has no intention of delivering would make the Budget a work of fiction.”

Even before the Iran war, the plans Healey inherited from previous chancellor Rachel Reeves implied big productivity gains across the public sector, and a sharp squeeze in some areas of public services from 2028-2029 – a period for which departmental budgets have not been set.

Now public sector pay is rising faster than expected, and the higher inflation unleashed by the conflict is eroding the real value of non-pay budgets.

If the government wanted to offset all these pressures while continuing to lift health spending by 2.7 per cent a year, it would need to top up departmental budgets by £24bn in 2030-31, the IFS estimated. Meeting Healey's ambition to raise defence spending to 3 per cent of GDP would cost an extra £11bn in that year, the think-tank found.

A “credible set of plans” could mean a slower rise in health or defence spending, cuts to welfare or savings elsewhere, Miller said. But given the fragile sentiment in bond markets, borrowing more would not be sensible, and Healey could not simply defer decisions until a spending review next year, she added.

The IFS is, however, more optimistic about the outlook for public borrowing than many other forecasts, including estimates published last week by the FT.

It predicts the chancellor will have £20bn of “headroom” against his key fiscal rule of balancing the current budget by 2029-30 – a modest contraction from the March forecast of £24bn.

This borrowing prediction is based on economic forecasts by analysts at Barclays, who expect fewer increases in interest rates than market prices imply at present and resilient growth in GDP, helped by AI-related investment.

Healey will travel this week to Bangkok to attend a gathering of the IMF and World Bank. Ahead of the summit, he said the effects of the conflict in the Middle East were being felt worldwide but he would work to “keep trade moving, support families and businesses and make Britain’s economy stronger”.

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Study visas

Fear of ban leads universities to revoke overseas student offers

CHRIS SMYTH, WILF VALL AND AMY BORRETT

Universities are revoking offers en masse made to international applicants from countries including Nigeria and Pakistan as they fear the government's visa crackdown will result in a ban on their recruiting from overseas.

In the first half of this year, 10.5 per cent of study visa applications to the UK were ultimately withdrawn, up from 2.3 per cent in the same period last year and 0.4 per cent in 2023.

Some 40.9 per cent of prospective students from Pakistan had visa applications withdrawn in the first six months of this year, up from 3 per cent in the same period last year, according to FT analysis of Home Office data. International students are only able to apply for a study visa after receiving a university offer, meaning the visa application is withdrawn if the offer is later revoked.

While visa applications can be withdrawn for other reasons, universities said the main driver had been an increase in their revoking offers. They said this was in response to a doubling in the number of study visas being refused by the Home Office in the first six months of 2026 compared with the same period the year before, which has coincided with a tightening of rules around sponsoring overseas students.

Institutions where more than 5 per cent of prospective international students given offers have their visa applications rejected are now at risk of being banned from recruiting them, down from 10 per cent previously.

The rise in Home Office rejections of study visas has been driven by a bigger increase in refusals from nationalities that the government suspects of using the route to make asylum claims. This has been mirrored by universities withdrawing offers. About 15 universities are thought to have suspended recruitment from Pakistan this year, according to figures in the education sector. In addition, 22.7 per cent of study visa applications from Nigeria were withdrawn in the first half of this year, up from 4.5 per cent a year before. Bangladesh's rose from 7.1 per cent to 23.5 per cent and India's from 1.2 per cent to 5.2 per cent.

Study visa withdrawal rates hit 10.5% in the first half of the year

Data from Enroly, a company that processes visa applicants, suggests that refusal rates at almost half of universities are above the 5 per cent threshold that could result in their being banned from recruiting international students.

Jamie Arrowsmith, director of Universities UK International, which represents institutions recruiting abroad, said: "Visa processing has become markedly less predictable." He added: "Many refusals appear to rest on flawed, inconsistent and highly subjective reasoning, forcing universities to withdraw offers at scale to avoid breaching compliance thresholds."

Universities fear losing a crucial source of revenue. Vanessa Wilson, chief executive of University Alliance, a group of 20 universities, said: "This is going to result in restructures, which inevitably results in job losses, course closures, campus closures."

Universities cite examples of visas rejected because applicants had previously considered studying in other countries, or a PhD applicant could not name course modules, even though they do not exist for such research degrees.

Professor James Miller, vice-chancellor of the University of West of Scotland, and convener of Universities Scotland, said the Home Office had given “no real explanation [for the increase in refusals] other than concern about number of students claiming asylum”. He said some universities had “stopped recruiting from certain geographical areas to keep refusal rates below 5 per cent”.

The Home Office said that while international students “make a positive contribution” to Britain, “this must not be at the expense of recruiting responsibly, in turn protecting the integrity of our immigration system”, offering universities “support where needed to improve recruitment practices”.

Heart disease treatment at home will save NHS millions

Remote monitoring of seriously ill patients proves more effective than stays in hospital

SARAH NEVILLE

Patients with severe heart disease in London are being treated without leaving their living rooms under a pioneering NHS scheme that is on track to save millions of pounds and hundreds of lives, according to preliminary data.

Key to the new approach by Barts Health NHS Trust is moving participants far more rapidly on to high doses of life-saving drugs, then monitoring them remotely so adjustments can be made without a hospital visit.

The NHS is one of the most hospital-centric health systems in Europe. But a 10-year plan for the publicly funded health service, published by ministers in July last year, charted a course to bring services closer to patients' homes.

It has set a target that, over the coming decade, the share of expenditure on hospital care will fall, with proportionally greater investment in out-of-hospital care, part of a bigger shift in how the 78-year-old NHS operates.

More than 1mn Britons live with heart failure, a debilitating diagnosis that, left untreated, has a similar prognosis to lung cancer, said Christopher Primus, consultant cardiologist at Barts. Cases are set to nearly double by 2040.

While a range of drugs had transformed survival prospects over the past decade, services funded on the assumption that most patients would have a short life expectancy were now “overwhelmed", Primus said. Some people were waiting more than a year to secure the right combination of medication to stabilise their condition, he added.

The Structured Titration and Rapid Treatment for Heart Failure (STaRT-HF) service, established by Primus and fellow cardiologist Debashish Das, aims to have patients on the most important drugs in two weeks and the full range in no more than six weeks.

This is achieved by using pharmacists to review blood pressure and heart rate readings submitted daily to a secure online platform by patients. Das said: "It allows us to manage a large cohort of people in a shorter period of time", and to quickly spot if a patient's care needed to be escalated to a doctor.

Since the programme launched two years ago, a total of 445 patients have taken part, and it now has permanent funding.

None have died or required a hospital admission, figures that have impressed health service colleagues in south-west London so much that they are now working on similar provision themselves, Primus noted.

One satisfied customer of the Barts service is Michael Perkins, an administrator for a wholesale pharmaceutical company. A diagnosis of heart failure last year was “a bit of an ‘Oh my God’ moment” for the 51-year-old, since he had believed himself to be essentially fit, he said. His first thought was for his

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Pioneers: cardiologists Christopher Primus, right, and Debashish Das at Bart's hospital Charlie Bibby/FT

teenage son: "I want to see him grow up, get married."

Perkins was rapidly stabilised on a drug regime – the speed of treatment “helped me mentally”, he said – and although he has seen a cardiologist at Barts every few months, it was a relief to have avoided an inpatient stay.

During its first year the programme also saved £2mn through a reduction in inpatient admissions.

If extended to include the entire area covered by the local integrated care board, which plans services and allocates resources, estimates suggested that sum would increase to £5mn, Primus said.

“We are delivering [the service] entirely in their living room and the furthest that they have to go is for an occasional blood test at their local hospital” and to a nearby pharmacy to collect a new prescription, he said.

At 26 weeks after referral for treatment, fewer than half of people on the conventional hospital-centred pathway were receiving all the right drugs at the right doses. By contrast, more than 90 per cent of those on the rapid titration service were stabilised on the correct regimen after just 60 days, Primus said.

“They can go back to work. They can travel . . . And then we see that their hearts recover to the point where, at their first follow-up, they can be discharged in 50 per cent of cases,” he added.

Beccy Baird, senior fellow in health policy at the King's Fund, who is leading a study of out-of-hospital care for the think-tank, said her research had identified the difficulty of expanding new initiatives beyond the pilot stage.

Barriers to wider dissemination included cultural issues, such as a reluctance to challenge professional hierarchies, alongside practical ones, including the need for extra staff training

‘We are delivering [the service] entirely in their living room and the furthest they have to go is for an occasional blood test at hospital’

when care was being provided in a different location.

“We tend to privilege hospital care over everything else in the NHS,” she said, noting a failure of patient records to “talk” to one another posed another hindrance to closer working between hospitals and community services.

The final hurdle was that benefits and savings often accrued in different parts of the health system than the one committing the resources.

"The investment might be in pharmacy, and the time and the cost might be in pharmacy, but the benefits are seen in the hospital, and there's no way of really sharing that," she said.

However, such financial complexities aside, Perkins embodies the power of the approach as NHS leaders, with an eye to the ageing population, increasingly focus on how to deliver care in more patient-friendly and cost-effective ways.

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Economy

China's debt pile poses hurdle for stimulus

Beijing's mounting interest payments restrict capacity to revive domestic demand

JOE LEAHY — BEIJING

China's growing debt pile is constraining the government's capacity for a wide fiscal stimulus to revive flagging domestic demand and strengthen economic growth, studies of state finances show.

Debt servicing payments alone are expected to account for 19.2 per cent of the central government's general public budget this year, up from 12 per cent in 2014, according to a new study from US think-tank the Conference Board.

The problem is especially acute at the local government level, where debt interest payments have risen 16 per cent annually over the same period.

Together, central and local government debt interest payments are set to reach Rmb1.4tn (\$209bn) in 2026, up from about Rmb348bn in 2014.

“Debt servicing is becoming a material constraint on fiscal space at the local level,” said Yuhan Zhang, principal economist at the Conference Board’s China Center.

China's debt has grown rapidly as a result of its investment-driven growth model, which relies on state loans and incentives. Public debt-to-GDP is set to hit 122 per cent by the end of 2026, up

48 percentage points from its pre-pandemic level, according to Morgan Stanley analysts.

Beijing has vowed to do more to stimulate domestic demand, as a five-year property slowdown has hurt household and local government finances.

Economic growth slipped to 4.3 per cent in the second quarter, below the official full-year target range of 4.5 to 5 per cent, on the back of weakening retail sales and sharp falls in fixed-asset investment.

China unveiled measures including subsidies for mortgage interest payments and cuts to interest on a funding facility, days after the State Council called to “intensify” efforts to “implement countercyclical adjustments in macro policies". Chinese authorities have also increased efforts to claw back taxes on interest and dividends earned from offshore trusts.

But several analysts questioned the impact of the stimulus measures. Barclays called the moves “a nudge, not a game-changer”, while Goldman Sachs estimated they amounted to a “small” fiscal subsidy of up to Rmb100bn over five years. “The policy is likely to fall short of investor expectations,” said John Lam, head of China and Hong Kong property research at UBS, pointing to its housing value cap of Rmb1.5mn.

Economists say that if Beijing wanted to mount a determined stimulus, it could issue extra bonds from the central government, which is considered less indebted than local administrations.

The central government runs a fiscal deficit of 4 per cent, while the augmented deficit, a wider measure of state spending, is about 10 per cent of GDP, according to Goldman Sachs.

It has also had to transfer increasing amounts of revenue to lower authorities, which previously relied on land sales for growth.

“Spending on debt interest payments rose 341 per cent” between 2013 and 2025, according to the Washington-based Center for Strategic and International Studies, “faster than any other major budget category”.

Middle East. Regional conflict

Saudi attacks show Houthis' military strength

Iran-backed Yemeni rebels have become a well-equipped and effective fighting force

CHARLES CLOVER — LONDON

Lethal missile strikes on Riyadh's international airport over the past week have demonstrated the growing military power of Yemen's Houthi rebels, who have evolved from an insurgency into one of the Middle East's most formidable non-state armed forces.

The attack on Saturday, the third on the airport in a week, killed 12 people and wounded more than 300, part of a tit-for-tat military escalation by the Houthis against the beleaguered Saudis, who support Yemen's internationally recognised government.

The Houthis have also targeted Saudi oil infrastructure and seized more territory along Yemen's Red Sea coast in recent weeks, including the port of Mokha, and secured control over the entrance to the Red Sea by taking Perim Island in the strategic Bab al-Mandeb Strait – although the Saudi-backed Yemeni government forces have now launched a counteroffensive.

The Houthis announced a blockade on Saudi ports in July and have targeted Saudi ships attempting to sail through Bab al-Mandeb, strangling oil exports.

“Everyone continues to underestimate the Houthis’ military power,” said Farea al-Muslimi, a Yemen expert at London’s Chatham House think-tank, adding that Houthis were routinely dismissed as little more than “guys in flip-flops”. “Suddenly these guys in flip-flops can double or triple your winter heating bills.”

They had spent a decade building military capabilities with Iranian help and producing their own weapons, he said. "They were importing weapons from Africa a decade ago, and now they are manufacturing and supplying weapons to the people they used to buy from."

Having sat on the sidelines after the US and Israel launched their war against Iran in February, the Iran-backed Shia movement entered the Gulf conflict in earnest after Saudi forces struck Sana'a airport in July as a Houthi delegation was travelling to Iran for the funeral of its assassinated supreme leader.

The attack broke a truce between Riyadh and the Houthis that had largely held since 2022, and plunged the two

Smoke and flames rise after a Houthi attack on Riyadh's international airport last Thursday, one of three strikes on the facility in a week — Social media/Reuters

back into war that culminated with the Houthis' seizure of Mokha last month.

Yet analysts say the Houthis' success reflects not only their increasingly sophisticated weapons but also their superior organisation and the weakness of Yemen's Saudi-backed internationally recognised government.

The Houthi group's military foundations were laid when it captured Sana'a in September 2014, inheriting much of the Yemeni army's arsenal, including the Republican Guard's ballistic missiles and the navy's anti-ship weapons.

“They didn’t start from scratch; they had a foundation,” said Mohammed al-Basha, head of the Basha Report, a US security consultancy. The Houthis also acquired experienced officers, missile technicians and military units.

Iran's Islamic Revolutionary Guard Corps and Lebanon's Hizbollah provided training and technical expertise, while a generation of Houthi specialists subsequently travelled to Iran to improve their capabilities, particularly in anti-ship missiles and drone boats, which have been used against shipping in the Red Sea.

Al-Basha said the Houthis could now manufacture their Samad attack drones largely independently, using locally produced fibreglass and commercially sourced components, many imported from China. More sophisticated ballistic and cruise missiles, however, remain heavily dependent on Iranian components and technology, he added.

Their arsenal includes the Palestine-2 ballistic missile, which the Houthis describe as hypersonic and which al-Basha said was derived from Iran's Fattah family of ballistic missiles; the long-range Asef anti-ship ballistic missile; and Quds cruise missiles.

They also possess Iranian-designed Type 358 anti-aircraft hybrid drone-missiles, which have downed US and Israeli surveillance drones, and explosive-laden drone boats.

While the Houthis depend largely on Iran for their missile knowhow, they

'If they manage to keep that [Perim Island] foothold, that will make it easier for them to actually threaten shipping'

have also begun to rely on AI. According to a security report published by Anthropic, users in Houthi-controlled northern Yemen tried to exploit its Claude AI model to develop and refine sophisticated missile systems.

Their growing sophistication was demonstrated by the fall of the port of Mokha, the gateway to the Bab al-Mandab strait from the Yemeni side, where forces loyal to Tariq Saleh, a member of Yemen's Presidential Leadership Council and nephew of former president Ali Abdullah Saleh, collapsed within days.

Al-Muslimi said the Houthis had combined intelligence gathering, communications hacking and effective battlefield co-ordination to overwhelm their opponents, with support from Iranian IRGC advisers. He added that they had a far greater supply of artillery shells than their opponents.

Wolf-Christian Paes, an associate fellow at the International Institute for Strategic Studies and former member of the UN Panel of Experts on Yemen, argued that the government forces' weaknesses were more important than the Houthis' weapons.

Government commanders routinely inflate troop numbers through “ghost soldiers” who exist on payrolls but not on the battlefield, he said, while senior officers often delay or divert salaries.

The Houthis, by contrast, have better-trained commanders, stronger motivation and a cohesive political project, a number of analysts said.

"The recent successes that we've seen in the last four weeks or so have less to do with having great military equipment and more to do with the weakness of the other side," said Paes.

The capture of Mokha also will hamstring government forces, which had become increasingly effective at intercepting weapons shipments destined for Houthi territory, Paes added.

More tactically important, he said, was the seizure of Perim Island, inside Bab al-Mandab, and territory adjoining the strait. Paes said the advance would make it easier for the Houthis to launch explosive drone boats, although their anti-ship ballistic and cruise missiles could already reach maritime targets from inland launch sites.

“Control of this island is potentially quite important,” said Paes. “With drone boats, distance matters. If they manage to keep that foothold, that will make it easier for them to actually threaten shipping.”

Spending divide

Proposed EU budget slashed in push to win approval from richer states

PAOLA TAMMA — BRUSSELS

Ireland has cut €141bn from a proposed EU budget in an effort to find consensus among deeply divided capitals on the size and priorities of the bloc's spending.

The revised 2028-34 budget is 8 per cent smaller than the European Commission's original proposal in a sop to rich countries led by Germany, which had demanded “hundreds of billions” in cuts to secure their approval.

The €1.62tn proposal represents a 30 per cent increase on the bloc's 2021-27 budget. The common budget, which is agreed every seven years, is largely financed by EU countries' contributions based on the size of their economies.

Member states are racing to strike an agreement by the end of the year before elections in big countries including France, Italy and Poland next year that are set to derail future negotiations.

Ireland holds the rotating EU presidency, giving Dublin responsibility for leading the talks.

"The [budget proposal] will make savings on the initial Commission proposal, while representing an increase on the current [joint EU budget]," said Thomas Byrne, Ireland's EU minister, who is in charge of negotiations.

Dublin left funding for traditional policies – agriculture and regional funding

– largely uncut at €914bn, down from €946bn in the Commission's proposal. This would be an 11 per cent increase from the previous budget period.

Most of the cuts come from EU foreign policy and development aid, which fell from €190bn to €157bn.

Ireland also slashed funding for innovative companies and defence by 13 per cent, from €522bn to €456bn. This is still more than double the current budget period. It cut €9bn from the costs of running the EU administration.

But the cuts are unlikely to be sufficient for some.

"The Irish proposal is a disappointment and not even close to a landing zone," said one EU diplomat who described it as "unaffordable and financially not viable at all".

“By favouring policy priorities of the 20th century the proposal fails to prepare the EU for the 21st century,” the official added. “This [proposal] is no basis for an agreement among member states. We urgently need more financial realism and less financial La-La Land.”

Six countries that are net contributors to the budget, led by Germany, had demanded “hundreds of billions” in cuts, dismissing new joint borrowing and tepidly embracing EU-level taxes as a way to finance common spending.

But the majority of EU countries maintain that spending – especially on the bloc's traditional policies of agricultural subsidies and payouts to poorer regions, which make up two-thirds of the current budget – should remain at current levels. They are pushing for joint debt and higher contributions from member states to fund it.

Dublin's plan increases the amount of revenue expected to come from new EU-wide taxes to €55bn per year, and keeps all five of the bloc's new proposed taxes. EU leaders are set to discuss the proposed budget at a summit in Brussels on Thursday and Friday.

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Fuel supplies

Experts doubt whether Russia can fill Trump's diesel demands

ANASTASIA STOGNEI — BERLIN

VERITY RATCLIFFE — LONDON

Donald Trump's deal with Moscow to release Russian diesel to global markets is unlikely to offer meaningful relief to consumers in the US or elsewhere, according to analysts.

Russia has pledged to deliver 300,000, 500,000 and 1mn tonnes in October, November and December respectively to help ease diesel prices, which have surged in response to the US-Iran war. The move was immediately criticised by Ukraine President Volodymyr Zelenskyy as a “weak decision” that would embolden Vladimir Putin.

Diesel is in short supply as output from refineries in Russia and the Middle East has been stymied by conflict, and prices at the pump have soared.

But there are doubts over whether Russia can alleviate the crunch.

Ukraine's intensified strikes have knocked out as much as 45 per cent of Russia's refining capacity, according to some estimates, triggering the worst petrol shortages since the collapse of the Soviet Union and forcing Moscow to import fuel. Still, Russia has not suffered significant diesel shortages, and the amounts pledged for the first two months were “relatively small”, said Vladimir Nikitin, an analyst at Seala AI.

Most Russian passenger cars run on petrol, which the country produces in quantities roughly matching domestic demand. Diesel, mainly used by lorries and heavy machinery, has consistently been in surplus.

Sergey Vakulenko, former head of strategy at Gazprom Neft and now a fellow at the Carnegie Russia Eurasia Center in Berlin, said Russian refineries were currently producing roughly 5.8mn tonnes of diesel a month, with between 1.2mn and 2mn tonnes a month likely to be available for export.

Russia produces summer and winter-grade diesel, suitable for temperatures above minus 5C and as low as minus 35C respectively. As the country switches to winter fuel, remaining summer-grade stocks have little domestic use until spring.

Russia banned diesel exports by traders a year ago, extending the restrictions to producers this summer. Rail shipments to neighbouring countries under intergovernmental agreements were exempt, with Mongolia remaining the main buyer.

"The restrictions were not necessarily imposed because the country was facing an outright diesel shortage but rather to prevent potential domestic shortages amid refinery disruptions and elevated seasonal demand," said Sumit Ritolia, lead analyst at Kpler.

Carnegie's Vakulenko suggested that the export ban, in force for producers since July, had in practice operated more like a quota system, with some companies informally allowed to ship diesel under different customs codes.

Russia produces petrol for passenger cars matching domestic demand

Yet even if Russia exported half a million tonnes of diesel next month, it would be supplying only less than 4 per cent of global demand for the fuel, and yesterday, the head of the International Energy Agency called on its members to release more diesel reserves.

Countries yet to complete the releases committed to in March need to expedite their efforts and members should consider whether more was needed, IEA executive director Fatih Birol said.

The bigger question for Russian supply will be the 3mn tonnes that Trump said on Friday would be supplied based on the condition of refineries.

That will only be possible once refinery maintenance is complete and output returns to normal, analysts said, since the figure is close to Russia's historical monthly export volumes. In the years before 2025, Russia exported an average of 2.6mn tonnes of diesel a month by sea, according to Kpler, with Turkey and Brazil accounting for more than half of shipments.

"If strikes continue at the current pace, exporting such volumes without hurting the domestic market would become impossible," Nikitin said.

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INTERNATIONAL

South Asia

India's 'Cockroaches' urge more protests

Youth movement defiant after leader held as Modi clamps down on dissent

ANDRES SCHIPANI AND JYOTSNA SINGH

NEW DELHI

The leaders of India's youth-led Cockroach Janta Party have vowed to step up protests challenging to the government of Prime Minister Narendra Modi following the release of the movement's founder from police custody.

Amid protests in New Delhi, Abhijeet Dipke, founder of the upstart CJP, and two of his close associates were freed by a court yesterday. Dipke had been detained inside an airliner shortly after landing in the capital to join demonstrations the day before.

Dipke said protesters would “hit the streets again”. Delhi police had denied permission for the Saturday demonstration to demand the resignation of India’s elections chief and had tightened security across the Indian capital of more than 20mn.

“Narendra Modi is the biggest coward this country has ever seen,” Dipke told journalists. The prime minister has yet to comment on the protests.

The three leaders were released on condition they would maintain “peace and good behaviour” for a year. Dipke said he had not “signed any bond” agreeing not to protest.

"The government has made a big mistake by arresting our leaders and clamping down on democracy," Ajinkya Shinde, another CJP leader, said yesterday after calling for further protests and labelling the detentions "unlawful".

Delhi was turned into a fortress by security forces over the weekend – with barricades and tens of thousands of police – following a week of protests demanding the resignation of the head of the election commission, Gyanesh Kumar, over a controversial voter verification drive.

Police were seen dragging protesters and stuffing them into buses and cars. Senior members of the opposition, including former chief ministers of West Bengal, Mamata Banerjee, and Delhi, Arvind Kejriwal, were also detained as they headed to protest on Saturday.

“This is worse than the Emergency,” said Kejriwal, in a reference to 1975, when late former prime minister Indira Gandhi imposed a state of emergency under which civil liberties were suspended and opponents were jailed.

On Saturday, Shinde claimed “over 15,000” people “faced illegal detentions and police clampdowns” after Dipke called for elections chief Kumar’s removal. Delhi police did not reply to requests for comment.

Some demonstrators were detained at flash protests in central Delhi yesterday. "We are under a state of emergency. The government of India is at war with its own young citizens," said Saurav Das, one of the released CJP leaders.

Earlier, India's top court had ordered the government to restore the internet, ensure metro and rail services functioned normally, permit the free movement of people and stop detentions of those gathering peacefully.

The anger against what Kumar called an exercise to “purify” the electoral rolls, which removed an estimated 130mn names from the register, has turned into one of the biggest challenges to Modi since he rose to power in 2014.

Young dissenters and veteran politicians claim the voter deletions may have benefited Modi's Bharatiya Janata Party in some recent state elections.

Das said: “The country’s youth has been awakened. They are demanding accountability.”

Middle East. Elections

Israelis rush to get new settlements 'past starting line'

Netanyahu coalition speeds up

West Bank plans seen as death

knell for Palestinian state

JAMES SHOTTER — MA'ALE ADUMIM

For two decades, Israeli leaders shied away from advancing the controversial E1 settlement, wary of the international backlash if they pushed ahead with a project widely seen as the death knell for a viable Palestinian state.

But with an election this month, Benjamin Netanyahu's far-right government is doing just that. In August, ministers launched a tender for 1,200 housing units in the tranche of sun-blasted land outside Jerusalem. Two weeks ago, it opened another for a further 2,100 units – and set the opening date for bids just two days before the October 27 vote.

The tenders for E1 – which would cut the occupied West Bank in two, and separate it from East Jerusalem – are part of moves by Netanyahu's coalition that analysts say aim to stop a new administration from undoing its steps to tighten Israel's grip on the Palestinian territory.

Polls suggest the election is too close to call. But the best chance of ousting Netanyahu lies with a group of opposition parties led by the former general Gadi Eisenkot. They are mostly less hawkish on the West Bank than Netanyahu's far-right allies, some of whom are ultranationalist settlers.

"It's clear that the government is trying to create facts on the ground that will be very difficult for the next one to reverse," said Yonatan Mizrachi, of the Israeli rights group Peace Now. "This is their ideology, and they do not hide it."

The E1 tenders have been accompanied by a steady drumbeat of less high-profile but still highly strategic moves to advance Israeli settlements across the West Bank. At the same time, attacks on Palestinians by Jewish settlers have spiralled to record levels.

The finance ministry – headed by Bezalel Smotrich, himself an ultranationalist settler – recently submitted a request to allocate Shk36mn (\$11.7mn) for land registration in the West Bank and East Jerusalem. Peace Now has warned the move, which is illegal in occupied territories, will pave the way for a “massive land grab” by Israel.

In August, settlers returned to Kadim, one of four settlements in the north of the West Bank that were dismantled in 2005. Netanyahu's government has announced plans for 19 settlements in the north of the West Bank, one of the few parts of the territory where there is still relative contiguity between Palestinian areas. The West Bank settlements are illegal under international law.

"With these new settlements, Israel will be able to fragment the north of the West Bank, and encircle Jenin [a Palestinian city]," said Yehuda Shaul, co-director of Ofek, the Israeli centre for public affairs.

Smotrich has said E1 will “bury” the idea of a Palestinian state. At the inauguration of a new settlement in September, he said the coalition was “preparing the ground for a million settlers” — a third more than the 750,000 who live in the West Bank and East Jerusalem now. In February, he said the next government should “encourage the migration” of Palestinians from the West Bank.

Some claim settlements are necessary for Israel's security. But many believe they have a God-given right to the West Bank, which they refer to by the biblical names of Judaea and Samaria.

“We are returning to our homeland,” said Jeff Prawer, a tech worker from the settlement of Ma’ale Adumim, which overlooks the site of E1. “We’ve lived in this land for thousands of years.”

The blitz of settlement activity has been accompanied by an explosion of settler violence, with the number of attacks in 2026 on course to be the highest since the UN's humanitarian arm OCHA began collecting data.

According to OCHA, since Netanyahu's bloc took office in 2022, settlers have carried out 6,100 attacks on Palestinians and their property. More than 6,500 Palestinians and 132 communities have been displaced in whole or in part.

A web of military checkpoints has turned once-short journeys into hours-long trips. The proliferation of settlement outposts has cut off Palestinians from their land. Israel's withholding of Palestinian tax revenues has pushed the Palestinian Authority to the verge of bankruptcy, forcing it to pay workers a fraction of their salaries, and many schools to open just three days a week.

Moves to advance Israeli settlements across the West Bank, above, have risen along with attacks on Palestinians by Jewish settlers

Amir Levy/Getty Images

On Saturday, President Mahmoud Abbas postponed Palestinian legislative elections for another year citing “obstacles” imposed by Israel in Gaza, the West Bank and East Jerusalem.

Loui Ridi is a Palestinian-American whose house in the village of Qusra was besieged by settlers who cut off its electricity and water. After international outcry, the Israeli military belatedly forced the settlers to move. But it set up a checkpoint outside his house and restricted his family's ability to come and go for their "own protection" for 30 days. Those restrictions were eased but settlers continue to roam nearby.

'It's clear that the government is trying to create facts on the ground that will be very difficult for the next one to reverse'

"My sister is a school teacher and she is afraid to leave on her own," said Ridi. "The [Israel Defense Forces] is not doing its job to remove the settlers. We don't feel safe in our own houses."

Settler advocates claim violence is the doing of a small number of youths. “It’s antisemitic to call it settler violence,” said Chaim Silberstein, founder of the Jerusalem Center for Applied Policy, a rightwing think-tank, claiming a “maximum” of 300 “Jewish delinquents” were involved.

But rights groups say the number is far higher. Last week, the Israeli military itself said more than 100 settlers took part in a single attack on the village of Jalud to prevent a displaced Palestinian family from returning home.

Violent settlers operate in a climate of near-total impunity. The IDF rarely stops them and almost none is convicted. Human rights body Yesh Din found that, between 2005 and 2024, only 3 per cent of inquiries into offences by Israelis against Palestinians in the West Bank ended with convictions.

Diplomats said the extent to which a new government would change tack depended on its make-up. Polls suggest the most likely is a coalition led by Eisenkot, uniting the Zionist opposition.

Given the political climate in Israel — an August poll by the Jewish People Policy Institute found 55 per cent of Jewish Israelis favoured keeping control of all settlements — few observers expect a new government would significantly roll back projects already under way.

“What we see now is not a push to get things past the finishing line,” said Shaul. “The push is to get as much as possible past the starting line, so that even if there is a government of change after this election, it will be politically very, very difficult for them to undo.”

Islamabad takes control of province led by ex-PM Khan's party

Pakistan

HUMZA JILANI — ISLAMABAD

Pakistan has declared a state of emergency and imposed governor's rule in the province of Khyber Pakhtunkhwa, suspending the provincial government led by the party of imprisoned former prime minister Imran Khan.

Yesterday's move marked the biggest escalation yet by the military-backed government against Khan's Pakistan Tehreek-e-Insaf party (PTI) in its stronghold, a province of 40mn people that is at the centre of the country's security crisis.

Since early this month thousands of people have been demonstrating on a "long march" through Khyber Pakhtunkhwa to demand the former prime minister and international cricket star's release and to oppose the military's counter-insurgency tactics along the border with Afghanistan.

The government said its emergency order was needed because of the security situation in the province, where militants aligned with the Tehreek-e-Taliban Pakistan, an ideological cousin of the Afghan Taliban, have killed thousands of security personnel and civilians in recent years.

"The cabinet took a detailed review of the deteriorating law and order situation in Khyber Pakhtunkhwa and the circumstances arising from the provincial government's deliberate indifference in the war against terrorism," the office of Prime Minister Shehbaz Sharif stated.

"The cabinet proposed to the prime minister that he advise the president of the country to impose an emergency in the province of Khyber Pakhtunkhwa."

While Islamabad said the suspension was caused by worsening security and the provincial government's lack of action, statistics gathered by the Centre for Research and Security Studies, an Islamabad-based think-tank, suggest a fall in deaths of civilians and security personnel in Khyber Pakhtunkhwa.

Such killings totalled 485 in the first nine months of this year, down 16 per cent compared with the same period in 2025, according to the CRSS, which says overall deaths of civilians and security forces across Pakistan rose 9 per cent.

The office of President Asif Ali Zardari said he had followed the prime minister's advice on the emergency declaration, linking his decision to a “failure of negotiations” between the government and the province's PTI leadership.

The order puts control of the province under the governor, an official directly appointed by the federal government.

Pakistan's army would deploy forces to assist in administering the province and to protect public property and government installations, the interior ministry said. Talal Chaudhry, a junior interior minister, told the FT the move was a "routine measure".

Shortly after the emergency announcement, the account on social media site X for Junaid Akbar, a member of parliament and the president of the PTI's provincial chapter, said he and Sohail Afridi, the 37-year-old provincial chief minister who was leading the protest march, had been arrested.

"There is no option other than accepting our demands," Afridi said in a post on X hours before his government was suspended. "We will not back down."

Pakistan's armed forces did not respond to a request for comment.

Latin America

Mexico tourism hit by slump in US visitors

CHRISTINE MURRAY — MEXICO CITY

Mexico's beach destinations have suffered an unexpected slump this year, with international traffic at Cancún airport down almost 12 per cent annually in September, as a strong peso, insecurity and pungent seaweed pushed Americans to holiday elsewhere.

Mexico had been hoping for a bonanza tourism year while co-hosting the football World Cup, but international arrivals to its airports are down 1.9 per cent for January to August compared with a year earlier, with US passenger visits down 5.8 per cent. The largest drops were at beach destinations such as Puerto Vallarta, San José del Cabo and Cancún, according to government data.

A surge in Canadian holidaymakers shunning the US over President Donald Trump's trade war was not enough to offset the fall in Americans. By contrast, Spain and the Dominican Republic have received more US visitors.

The decline has further squeezed the country's economy, which has been pummelled by trade disputes with the US. GDP grew just 0.6 per cent in 2025 and is projected by the IMF to climb 1.2 per cent this year, pressuring President Claudia Sheinbaum who inherited Mexico's largest fiscal deficit since the 1980s.

"Mexico needs to revisit its strategy,"

Sargassum: Mexican sailors remove seaweed that is plaguing resorts in Quintana Roo state, Mexico

said Francisco Madrid, director of the Sustainable Tourism Advanced Research Center at the Universidad Anáhuac Cancún. "In the pandemic we won market share in a big way, [but] now that US demand is shrinking."

The drop in visitors is driven in part by Mexico's peso strengthening almost 12 per cent over the past 18 months because of high relative interest rates and US uncertainty under Trump.

Some of its most famous resorts have also been plagued by sargassum, a seaweed that is increasing as seas warm. Cancún suffered a record sargassum haul this year.

Nearby Tulum has become a cautionary tale with international arrivals to its airport down 40 per cent this year.

Tulum has also suffered from worsening security as cartels move in to access wealthy tourists.

Beach city Puerto Vallarta in western Mexico suffered a slump after images of roadblocks and billowing smoke towers circulated around the world in February when Mexican forces killed cartel boss Nemesio “El Mencho” Oseguera. International arrivals there are down 19 per cent in the year to August.

Mexico's government has blamed external factors like the cost of fuel for the fall in tourism.

Tourism accounted for more than 8 per cent of Mexico's GDP in 2024. Though overall foreign visitor numbers are up 7 per cent this year, that is skewed by cruises and day visitors at the US border, who spend far less on their trips.

Justice department

TV outlets probed over Trump pool 'boycott'

ELLA LEE — WASHINGTON

The US justice department is investigating five television networks over whether they violated federal antitrust law by pausing pooled coverage of President Donald Trump, deepening his administration's rift with the media.

The networks — ABC News, CBS News, CNN, Fox News and NBC News — temporarily refused to provide pool coverage of Trump's activities after he banned CNN and other outlets from the White House last month.

Emily Covington, a DoJ spokesperson, told the FT that members of the TV pool had “boycotted” covering such events.

“Group boycotts among commercial competitors can violate the Sherman Act,” a landmark antitrust law, she said in a statement. “The Antitrust Division is simply investigating to determine whether these news organisations have violated the antitrust laws.”

The five networks did not immediately respond to requests for comment.

Trump has long expressed contempt for the media, but he has increased pressure and escalated attacks on news outlets in his second presidency.

The president has launched lawsuits seeking billions of dollars in damages from outlets including the New York Times, BBC and The Wall Street Journal

---

'[The DoJ is determining] whether these news organisations have violated the antitrust laws'

over their reporting, and the Federal Communications Commission has opened probes into Disney's ABC over its programming decisions.

His ban of CNN, MS Now and Politico from the White House was challenged by the news outlets and temporarily blocked by a federal judge. The judge, Timothy Kelly, is weighing whether to extend indefinitely his order barring Trump's ban from taking effect. The FT is among more than four dozen news outlets and media advocacy groups that signed on to an amicus brief backing CNN, MS Now and Politico. Associated Press launched a separate legal battle last year after Trump blocked the news wire from attending certain White House events. The president banned the agency over its refusal to refer to the Gulf of Mexico as the Gulf of America.

Press advocacy organisations condemned the probe as an effort to pressure the networks into compliance.

“Depriving Trump of the attention he craves is not a competitive harm and, in any case, antitrust law has long recognised First Amendment exceptions even when there is anti-competitive impact,” said Seth Stern, chief of advocacy for the Freedom of the Press Foundation. José Zamora, a Committee to Protect Journalists director, wrote on social media: “The government should not use antitrust investigations to intimidate news outlets defending press access.” The antitrust investigation was first reported by the New York Times.

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Syria channels assets from Assad cronies into \$50bn fund

Holdings have become powerful tool for control over recovering economy

MALAIKA KANAANEH TAPPER

DAMASCUS

Syria's leaders have funnelled assets seized from Assad-era cronies into an opaque state-owned fund that is at the heart of the new government's efforts to reshape the country's tattered economy and attract foreign investment.

Created by President Ahmed al-Sharaa last year, the Syrian Sovereign Fund has taken control of a sprawling web of assets in every economic sector. Its holdings span state-owned property and companies confiscated from people linked to the ousted Assad regime, according to businesspeople and officials familiar with the matter.

The fund's assets were valued at \$50bn last year by the finance minister but it has not disclosed its holdings, finances or the identity of its director. Its interests range from factories and malls to real estate and stakes in banks – businesses that it says employ more than 40,000 workers.

A central player in Sharaa's drive to bring in funds from the Gulf, the fund has quickly become a powerful tool for control over Syria's economy, according to analysts and businesspeople. Its vast holdings give it leverage in every sector, while its officials decide who governs and invests in crucial areas.

The fund was the “most impactful” economically and “wealthiest entity in Syria for now”, said Thaer Laham, managing director of the Syrian Business Council. One person doing business with the fund said: “What’s the state today? It’s the ministries and the fund.”

The tourism minister chairs the fund, which reports directly to the president, and its director is Lebanese-Australian citizen Ibrahim Succarieh, according to three people who have met him. Succarieh, who does not appear on the fund's website, is under Australian sanctions for allegedly joining the al-Qaeda affiliate that preceded Sharaa's Hayat Tahrir al-Sham militant group, which ultimately overthrew the Assad regime.

The fund, which says it has more than 270 employees, declined to answer questions about its assets, revenues, management and transparency. But it said that “as a new institution in its establishment phase, the fund is building its governance step by step” and “working towards alignment” with a set of international practices for sovereign wealth funds.

Its goal was “to protect and grow assets that belong to the Syrian state” and to develop “strategic partnerships that bring capital, technology and expertise into Syria”, the fund said.

It has positioned itself as a major real estate actor, with a property arm headed by Mohamad al-Khayyat of the billionaire Syrian-Qatari al-Khayyat family, which has worked closely with the Trump family and White House, and signed major infrastructure and energy deals with Syria's government.

Foreign deals have been coming in, including a \$7bn real estate project with Emirati developer Arada and agreements with international companies such as Turkish supply chain business Tiryaki Agro and Saudi wire manufac-

Spreading the word: Syrian President Ahmed al-Sharaa leaves the lectern after delivering a speech during a parliamentary session in Damascus in July Mohammed al Rifai/EPA

turer Riyadh Cables Group to upgrade and manage its assets. It took a 25 per cent stake in a Syrian entity set up by Kuwaiti technology company Zain that had won a \$747mn licence to operate a mobile network.

The fund has also established new businesses, including the payment company working with Visa in Syria and a domestic car manufacturer. Arada, Zain and Riyadh Cables did not respond to requests for comment. Khayyat did not reply to a request for comment via his company and the FT was unable to reach Succarieh, who did not respond to questions sent via the fund.

The lack of transparency would not help build trust “between citizen and state”, but for Gulf investors the calculations were different, said Jihad Yazigi, editor of the Syria Report.

“Typically this type of entity, which is non-transparent, which manages such a huge amount of money, whose CEO has not been officially named – all of these raise a lot of question marks,” said Yazigi. However, he added, the Gulf investors being courted by the government “do not necessarily care about transparency” and might find it convenient “to deal with an institution that bypasses all the red tape”.

There is little public information about the assets seized from allies of former dictator Bashar al-Assad.

A state committee tasked with reclaiming illegally obtained assets has said the fund has been involved in managing 32 entities spanning trade, services and banking that had belonged to major Assad-era player Samer Foz, and a Damascus mall seized from businessmen Mohammad and Wassim Qattan. Foz and Wassim Qattan were placed under sanctions by the US and Europe for supporting Assad. After such takeovers, the companies' top managers were usually replaced while lower-level employees kept their jobs, people familiar with the matter said.

But the fund has run up against various complications surrounding the ownership of confiscated assets. It has struggled to change the registered own-

'What's the state today? It's the ministries and the fund'

ers of some companies, while former owners who lost assets under Assad have sought to reclaim stakes and some former proprietors have contested the seizures, according to people familiar with the matter.

In one case, the original developer of the Qattans' Damascus mall, which was taken from him under Assad and transferred to Wassim Qattan, petitioned for redress, according to the Damascus governorate. It said the fund had settled a deal with him. The fund told the FT "all returns belong to the Syrian state".

Foz and Wassim Qattan did not respond to requests for comment sent via social media and to Foz's publicly listed email.

The fund has announced public-private partnerships for investors to operate and in some cases upgrade its assets, which remain under the fund's control.

The fund holds real estate directly and also manages public land that belongs to government departments, according to a person with direct knowledge of its real estate deals.

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Companies & Markets

AI borrowing falls sharply as debt investors reassess risks

- Monthly issuance halves to \$23bn - Appetite tested after record run

AMELIA POLLARD AND EUAN HEALY

LONDON

LONDON

MICHELLE CHAN — NEW YORK

The amount of new debt that tech companies raised to help fund costly artificial intelligence developments fell sharply last month as investors reassessed the industry's risks following months of rampant borrowing.

AI-related debt issuance globally dropped to \$23bn in September, less than half the amount raised in the previous month, according to data compiled by Morgan Stanley, which covers both public bonds and private placement transactions. New financing has steadily fallen since the market hit a peak in

---

'Actual day-to-day financing is getting a little bit trickier. Everybody's being tapped and getting a bit tighter'

June, when companies raised a record \$113bn to help pay for infrastructure critical to the technology, including data centres and chips.

In the US investment-grade market, where blue-chip tech groups borrowed around \$306bn between January and August, AI-related bond issuance ground to a halt last month.

Morgan Stanley said the decline in new issuance was primarily caused by so much debt already being raised earlier this year. But there were also growing concerns among investors over whether such heavy investments would pay off in the long run, while data centre construction faced increasing political opposition.

The pullback comes as investors evaluate how much exposure they already have to AI and scrutinise some companies' growing debt loads and uncertain capital expenditure needs.

“Actual day-to-day financing is getting a little bit trickier,” John Aylward, the founder of London-based credit specialist Sona Asset Management, said at the FT and Latham & Watkins’ Private Capital Summit in London last week. “Everybody’s being tapped and everybody’s getting a bit tighter.”

Roughly \$466bn of AI-linked debt has been raised in 2026 so far, according to Morgan Stanley, up from \$101bn for the same period last year. The volume of new debt supply has allowed credit investors to demand higher yields to finance certain projects, which has in turn driven up borrowing costs.

The shift in investor sentiment is also set to test upcoming blockbuster deals to fund the purchase of advanced AI chips. Wall Street banks are assembling a \$60bn financing package for Broadcom and Anthropic, while SpaceX is in talks to raise \$40bn to purchase Nvidia chips, the FT has reported.

Meanwhile data centres across the US have begun to run up against local opposition. Residents are concerned about how the energy-intensive sites will affect water supply and air quality.

Oracle's massive data centre campus in New Mexico has become one flashpoint. About \$18bn of loans tied to the project are under strain after the site struggled to gain access to electricity.

Jordan Rieger, managing principal and head of European credit at Monarch Alternative Capital, said the slowdown in new financings could be a welcome opportunity for debt investors to reassess credit risk after they had been inundated by new issuance. "It's a healthy breathing opportunity to say: have we structured these facilities right?"

Additional reporting by Ramsay Hodgson

---

Unhedged Offshoring, automation and weaker bargaining power fuel US productivity-pay gap

Annual averages of quarterly data, through 2025. Labour share is an index, not a percentage Source: US Bureau of Labor Statistics; FT calculations

DAIRE MACFADDEN — NEW YORK

Since the 1970s, US businesses have become much more productive. After adjusting for inflation, they produce more than double the value per hour that they did in 1973. Workers' real hourly remuneration – wages and benefits, adjusted for price rises – has risen too, but by much less.

Workers are also receiving a smaller share of the value businesses produce. Their share of output fell from 63 per cent in 1973 to 55 per cent in 2025 (this does not mean the rest all went to profits; it also covers costs such as capital depreciation and taxes).

Offshoring may have shifted some labour-intensive tasks abroad, automation let equipment or software replace workers, and weaker bargaining power could have left workers with less leverage to capture the gains. But the specific causes will vary between industries and between higher- and lower-paid workers.

The accounting also matters. The productivity line is adjusted for prices of output; compensation is adjusted

A version of this article first appeared as the Unhedged newsletter. Sign up at ft.com/newsletters

for consumer prices. That difference explains much of the gap between the two lines before 2000. After 2000, the decline in labour share becomes a larger part of the story, according to the US Bureau of Labor Statistics.

The late-1990s IT investment boom shows how productivity can accelerate. The Covid-19 pandemic shows how measured productivity can jump not necessarily because companies are more efficient but because hours worked fell faster than output.

The next productivity boom may come from AI, which may already be chipping away at the bargaining power of workers in the most exposed sectors.

Russia steps up bid to kill defence chiefs, agencies warn

SAM JONES AND LAURA PITEL — BERLIN

SYLVIA PFEIFER — LONDON

Western intelligence agencies have warned Europe's defence bosses that Russia is stepping up efforts to assassinate them, prompting companies to increase personal security around their top executives.

With progress on the battlefield deadlocked in Ukraine and Russia's economy struggling, the Kremlin has ordered an expansion of sabotage and "hybrid" operations in Europe as it seeks to fatally weaken support for Kyiv.

Assassinations against European civilian targets – once considered taboo – are an increasingly prominent part of those plans, European intelligence services have told the FT.

The FT spoke with officials from five European intelligence agencies who said that chief executives and other senior employees at defence companies were being targeted by Kremlin operatives.

Executives at smaller companies are also in their sights, the people said. “The threat level has risen in Europe. To property but also to people,” said one senior European intelligence official.

Germany's domestic intelligence service (BfV) has significantly increased its outreach to “employees and management” at German defence companies, including recommending the use of privately contracted close-protection teams, a BfV official said.

Several defence executives, speaking on condition of anonymity, told the FT they had escalated their close-protection arrangements in the past six months on the specific advice of government security services. Others said they only used such measures when travelling outside of their home country.

"The main goal from the Russian perspective is still psychological," said one intelligence official. "Just by making people feel they might be a target, they are having their effect. They want individuals to think twice before doing business with Ukraine."

Security experts said they were fielding more enquiries from defence companies about how to protect their European employees. Claudine Fry, a London-based partner at Control Risks, a global strategic intelligence and security firm, said: "We are seeing increased interest in trying to understand how seriously to take the threat to executives and [how to take] active steps towards managing that threat."

---

Legal Notices

A class action has been commenced in the Federal Court of Australia against Virgin Australia, two former directors of Virgin Australia, a related entity of Virgin Australia, and Virgin Australia's insurers.

The class action has been commenced on behalf of investors who purchased:

\- unsecured Australian Dollar denominated notes that were issued by Virgin Australia on 26th November 2019; and

\- unsecured United States Dollar denominated notes that were issued by Virgin Australia on 7th November 2019.

If you are or may be a group member you can register to participate here: VAHnotesclassaction.com

For any questions in relation to the class action or registration, please use the below contact details:

vah.class.action@corrs.com.au (USA) +17405361573 (Aus.) +61485090268

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Automobiles. Defence tie-ups

Renault changes gear with tilt towards drones

---

French carmaker plans to bring mass production skills to development of new weapons

SARAH WHITE — PARIS

SEBASTIEN ASH — FRANKFURT

When engineers at Renault began examining if the French carmaker should branch into drones, they pulled apart devices from several manufacturers to see how they were built.

They were quickly stumped by processes and designs that were alien to their auto world – including innumerable small screws or high-spec materials – that needed simplifying if the drones were to be produced in far greater numbers and more cheaply as part of a rear-mament drive in France and elsewhere.

“We thought, wouldn’t it be a good idea to think about doing this carbon fibre part in plastic?” said Jean-Philippe Billai, who oversees industrial excellence at Renault. “The process is otherwise long and complicated on a large scale, whereas you can make moulds and get the parts out more quickly in plastic.”

The carmaker is one of a number of companies in the struggling auto sector seeking tie-ups in defence, from General Motors in the US to Volkswagen in Germany. Suppliers including Continental, Forvia and Valeo are doing the same.

Some have turned to defence collaborations to revive ailing factories or to help them diversify amid sluggish consumer demand. Others, including Renault, have been urged by governments to help accelerate national weapons manufacturing.

Renault seeks to bring mass production to drones, typically made in small runs by specialists, using techniques honed in an industry that turns out tens of millions of cars a year and which has been forced by constant crises to find new ways to cut costs.

In a tie-up with French defence electronics specialist Thales announced in June, Renault will co-produce its Toutatis drones and increase the current output 100 times over to 1,000 a month at full capacity, with production ready to go from 2027.

The drones are so-called loitering munitions equipped with a warhead that can take out an armoured vehicle or infantry, and advanced systems to ward off scrambling.

The companies jointly reverse-engineered the designs to “not only divide the costs but also divide the complexity”, Renault chief executive François Provost told reporters.

The revamped model will have 20 per cent fewer parts and 40 per cent fewer fixations, such as screws, though the price has not been disclosed. Cécilia Aguero, Thales' director of drone systems, said even simplifying the wiring of the drone's "quite cluttered innards" was a game-changer.

In another project Renault is working on with Turgis Gaillard dubbed “Chorus”, this time for a larger drone that can rival a long-range missile, the devices would cost €100,000 each, France’s defence procurement agency has said. The price for such drones would normally run at €1mn or much more, people in the industry said.

The companies are planning to expand capacity to make 600 a month.

The drone industry has become increasingly competitive, as conflicts in Ukraine and Iran highlight how ubiquitous they have become in war, incentivising manufacturers to update designs faster and produce more competitively.

Ukraine's TAF Industries, one of its most prolific drone makers, has lifted its production capacity for surveillance drones eightfold since 2023 to 80,000 units a month, according to founder Oleksandr Yakovenko. That includes simplifying designs with continuous feedback from the front lines.

European governments also want to be sure they can quickly produce drones in large numbers. Unlike conventional munitions, governments do not want to build large stockpiles of drones given the Ukraine war has shown the need for frequent upgrades to software and technology to avoid becoming obsolete.

Family-owned Schaeffler Germany, which makes bearings and other components for carmakers, signed a deal with French army supplier and drone maker Delair in June to help it with a "very quick and rapid ramp-up" of its manufacturing capabilities, said Rémy Triouleyre, the head of Schaeffler's

A model of the Toutatis drone, which will be co-produced with Thales

European business. Schaeffler was able to supply “high-precision components and systems” for large-scale production, he said, while also eventually assisting with the design of specialised machinery. The companies want to be able to produce 100 drones and interceptors a day by November, up from 10 a day now.

"We don't want to reinvent the wheel. We just want to reuse what we know, what we do [well] . . . and to tackle a new sector with that," Triouleyre said.

“You need a resilient supply chain. You need good products and you need a good manufacturing footprint. So from that perspective, all those challenges are the ones we have been facing for decades in the automotive industry.”

Carmakers and their suppliers are wary of overstretching themselves in an industry in which the desire for mass output is only just starting to be confirmed.

Encouraged by the French state, one of its shareholders, to look at drones, Renault has said it is only embarking on projects that make sense owing to the scale it can bring, and it wants to keep defence revenues at a low threshold. It faces its own challenges in its core auto business, as it looks to slice electric car production costs by 40 per cent and develop them in two years rather than three or four to keep up with Chinese rivals. Some Renault unions, particularly the leftist CGT, have objected to the defence pivot.

But its Chorus drone project with Tur-

gis Gaillard has already sparked interest

from Ukraine, Patrick Pailloux, the

head of France's defence procurement

agency, has said, adding that the designs

and methods involved could be

exported under licence.

Sources: UBS; Swiss Federal Council; Swiss parliament

UBS left to ponder nuclear option of Swiss exit

Bank's future in question over legislation that would force it to hold extra \$16bn of capital and hit international growth

Two of UBS's largest investors have already urged it to move its headquarters abroad — Fabrice Coffrini/AFP

SIMON FOY — LONDON

MERCEDES RUEHL — ZURICH

Three-and-a-half years after UBS acquired its stricken rival Credit Suisse in a state-orchestrated rescue, Switzerland's biggest bank is again confronting fundamental questions about its future.

Last month, the bank was dealt a crushing blow when the Swiss parliament's upper house backed a proposal that would force it to hold an extra \$16bn of capital.

The final proposals, designed to prevent a repeat of the 2023 crisis, still have to pass through the legislature's lower chamber. But UBS executives are resigned to losing the political battle. "Switzerland has spoken," said one person close to the bank's leadership.

The defeat has left UBS with few good options, from retaining billions of dollars of additional capital to shrinking its international operations. Or the nuclear choice: leaving the country altogether.

---

Leave Switzerland

Chair Colm Kelleher acknowledged publicly for the first time last month that UBS could reconsider its Swiss base if regulations proved too onerous.

Two of UBS's largest investors have already urged the bank to shift its headquarters from Switzerland if the reforms are rubber-stamped by the parliament's more left-leaning lower house.

Artisan Partners, a top-10 shareholder, wrote to the UBS board this month saying Switzerland was “no longer an attractive or desirable location” for the country’s largest lender – whose balance sheet significantly exceeds the size of the country’s economy. Cevian Capital, which owns 1.5 per cent, issued a similar warning last year.

Some investors have pointed to the US as a potential destination for relocation because of its less stringent capital framework, while others say a large Eurozone economy, such as Germany, could house the group. The UK is considered less viable as its capital requirements are closer to those in Switzerland.

Several governments have raised relocation with UBS over the past few years, according to a person familiar with the matter.

But leaving would carry significant costs. Morgan Stanley analysts estimate the government could impose an exit tax as high as \$10bn on UBS.

Swiss finance minister Karin Keller-Sutter, who has spearheaded the reforms, said last month that if UBS left the country it would be “much more expensive and legally very complex” than if it stomachs the new capital rules.

---

Do a deal

Rather than relocating on its own, UBS could pursue a deal with a foreign rival, allowing it to escape Switzerland's capital regime. One person familiar with the bank's thinking said that UBS would have more options once the integration of Credit Suisse was complete.

By then, the bank will have absorbed most of the costs of integrating its former rival and expects to be generating significantly higher profits, giving it greater financial flexibility to pursue a deal. It could then consider a transaction that “provided regulatory capital relief”, the person said.

One way of achieving this could be through a reverse takeover in which a smaller foreign bank acquires UBS in an all-share deal but UBS shareholders emerge with a majority stake.

Giulia Aurora Miotto, an analyst at Morgan Stanley, said such a structure could avoid the exit tax, but it would require a smaller bank to potentially cede control of the combined group.

There is also the possibility of a mega-merger with a Wall Street or European bank as a route out of Switzerland.

Some UBS insiders see Morgan Stanley – where Kelleher spent much of his career – as a potential partner with obvious synergies. “You would be combining the largest US wealth manager with the largest international one,” said a person familiar with the matter. There is no indication that any side is pursuing a transaction currently.

---

Split in two

Another option would be to split UBS in two, allowing its prized and highly profitable domestic business to remain Swiss while shifting its sprawling international operations outside the country's regulatory purview.

A senior executive at a rival European bank said this would be their preferred option if they were in UBS's position.

Under such a structure, a “Swiss UBS” with the domestic retail and corporate bank could remain based and regulated in Zurich. Its investment bank and overseas wealth businesses could sit under a separate foreign-domiciled parent.

Karin Keller-Sutter has warned UBS of the cost of leaving the country

However, analysts point out that much of UBS's overseas business – particularly its Asian wealth-management operations – is already booked directly through UBS's Swiss parent bank via foreign branches rather than subsidiaries, complicating a clean separation and limiting any capital benefit.

There appears to be little appetite within UBS for such an overhaul. A senior UBS employee told the FT that any alternative to remaining in Switzerland was more likely to “involve a radical move” rather than a restructuring.

---

Shrink in America

If implemented, the new capital rules would fall particularly heavily on UBS's US operations, by far its largest foreign subsidiary, with some industry observers saying the bank could consider offloading some or all of the business.

Under the proposals, the bank would have to cover 90 per cent of the value of its foreign units with common equity tier one capital at the parent bank, up from about 60 per cent currently. At present, UBS is also allowed to use cheaper additional tier one (AT1) debt to cover some of the requirement.

Morgan Stanley analysts pointed to the US unit's weak profitability, with margins below those of other parts of the group. "Holding significantly more capital because of [the reforms] could make the case for selling the [US business]," they said.

Johann Scholtz, an analyst at Morningstar, said UBS would probably regard maintaining a meaningful US investment banking presence as “strategically

---

Stay put and pay up

important", leaving US wealth management as the business with "the clearest economic rationale for separation" or a spin-off.

Capital debate has weighed on UBS stocks Share price and index rebased in € terms

But such a move would run directly against UBS's global ambitions. Goldman Sachs analysts describe the US, alongside Asia, as a key pillar of UBS's growth strategy in global wealth management.

Although UBS has estimated the additional required capital to be \$16bn, analysts believe the shortfall would be closer to \$6bn-\$8bn once excess capital at the parent bank is taken into account.

Chief executive Sergio Ermotti said last week that the bank needed a presence in the US “to be successful”, suggesting that shrinking substantially in the country was not a consideration.

The simplest – if costly – option for UBS would be to accept the higher capital requirements and continue running the group from Switzerland.

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The senior UBS employee said the bank was most likely to stay in Switzerland and adapt to the new rules, which would be phased in over several years.

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Scholtz at Morningstar said his “base case” was that UBS would meet the higher demands by retaining a higher proportion of earnings. “The requirement appears manageable and should not require an equity raise,” he added.

But that could have significant consequences. Morgan Stanley analysts said the 90 per cent requirement would represent “a significant constraint on UBS’s current and future strategy”, potentially limiting international expansion.

Kian Abouhossein, an analyst at JPMorgan Chase, estimates the proposal would knock half a percentage point off UBS's return on tangible equity – a key measure of bank profitability – in 2028, while operating under “the most stringent regulatory environment globally”.

For now, UBS has said its goal is “to continue operating successfully as a global bank from Switzerland” as it weighs its options.

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COMPANIES & MARKETS

Technology

Nvidia in talks to buy Reflection AI

'Acqui-hire' one option as chip giant seeks to deepen its investment in start-up

GEORGE HAMMOND AND MICHAEL ACTON

SAN FRANCISCO

GEORGE STEER — NEW YORK

ARASH MASSOUDI — LONDON

Nvidia is in talks to acquire or deepen its investment in US start-up Reflection AI, a developer of open-weight models that President Donald Trump's administration hopes will rival cheap Chinese alternatives, people with direct knowledge of the matter said.

Talks are at an early stage and a deal could take a number of shapes, including a so-called acqui-hire where Nvidia would hire staff and license technology without the drawn-out regulatory review that comes with a full acquisition, the people added.

Nvidia, one of Reflection's largest shareholders, may also opt for a further equity investment or a deal to provide it with more chips and computing power.

Nvidia has already invested \$800mn into Reflection, which is also backed by venture firms including Sequoia Capital and 1789 Capital, at which Trump's son Donald Trump Jr is a partner.

A deal could be reached in the coming weeks according to multiple people with knowledge of the matter, although they cautioned talks could fall apart. Deal terms under discussion could not be established but Reflection was last valued at \$25bn in a March funding round.

Reflection and Nvidia declined to comment.

Acqui-hires have become increasingly popular among Big Tech companies looking to avoid antitrust scrutiny of AI dealmaking. Nvidia used a similar format with chip designer Groq in a \$20bn deal in December. That deal attracted a lawsuit from jilted Groq employees last week.

Nvidia, the world's most valuable company, has been on an investment spree over the past two years in a bid to bolster the AI economy and shore up its position at the heart of it. The company already has an open-weight family of AI models known as Nemotron, but lacks a frontier-scale model of its own.

It has increasingly focused on fostering a market for open-weight models, which users can customise and run on their own hardware. They can be far cheaper for businesses to operate than the most advanced versions of OpenAI's ChatGPT or Anthropic's Claude.

In July, Jensen Huang, Nvidia's chief executive, led the industry in calling for a domestic open-weight “ecosystem” he said was essential for “creating opportunities for innovation and prosperity across the country”. In September, the \$5.5tn company agreed to acquire Hugging Face, a repository for millions of models and data sets, for \$13bn.

Reflection is considered a strategically significant asset for the US in its AI race with Chinese rivals such as DeepSeek. Last week it unveiled its first public, customisable AI product, which runs on Nvidia chips. Reflection claims the model is on a par with Z.ai's GLM-5.2, a leading Chinese competitor.

The group's founders Misha Laskin and Ioannis Antonoglou previously worked on Google's Gemini AI model.

Reflection has partnered with the Pentagon and the Department of Energy, and struck agreements to develop AI models for US allies such as South Korea.

Additional reporting by Stephen Morris

Market questions. Week ahead

US core inflation data to signal direction for rates

Will September inflation cement US interest rate policy for this year? A modest rise in the core reading of US consumer price inflation data this week could quash any remaining expectations of a rate rise from the Federal Reserve this month and may depress forecasts for a December increase.

On Wednesday, the Bureau of Labor Statistics is expected to report that headline inflation rose to 3.7 per cent in September from 3.4 per cent in August, according to a Reuters poll of economists. The core measure, which strips out the volatile food and energy sectors, is expected to rise modestly to 2.5 per cent from 2.4 per cent previously.

The Iran war has kept energy prices stubbornly high, resulting in stickier than expected inflation in August and a subsequent rate rise from the Fed at its September meeting. Brent crude, the international oil benchmark, has not fallen below \$100 a barrel since the start of September and is likely to be the primary driver of headline inflation.

Despite the rise expected in core inflation, analysts do not expect it to make the case for tighter monetary policy. Multiple members of the Fed's voting panel have indicated the central bank is in no rush to raise rates. Governor Chris Waller said last week that, while additional increases would be necessary, the Fed had “flexibility” in its timing.

“A modest increase in September core CPI would all but solidify policy rates remaining unchanged in October, but would still be an important input into a continued slowing trend of inflation. We think further modest monthly inflation readings will have officials keeping rates unchanged in December as well,” wrote economists at Citi.

Traders are pricing in just a 19 per cent chance that the Fed will raise rates in October. A quarter-point increase by its December meeting is fully priced in. Kate Duguid

---

How resilient is the UK economy?

Investors will closely scrutinise UK GDP figures for August on Thursday to assess how well activity is holding up against high energy prices and borrowing costs.

Economists polled by Reuters expect GDP to be unchanged in August after robust 0.4 per cent growth in July, which was boosted in part by volatile sectors such as hospitality, seen slowing down in August after the football World Cup

Shoppers at the Mall of America in Bloomington, Minnesota: economists expect headline inflation to have risen from $3.4\%$ in August to $3.7\%$ last month Ellen Schmidt/AP

lifted spending earlier in the summer.

The Office for National Statistics will also revise its monthly GDP estimates so far in 2026. Signs of continued economic resilience could reinforce expectations that the central bank will raise interest rates by a quarter of a percentage point in November.

Even a modest monthly contraction would leave the broader picture of resilience largely intact, analysts say, despite the war in the Middle East being in its eighth month and continuing to push up energy prices and borrowing costs.

Economic growth averaged 0.5 per cent in each of the first two quarters of this year, and is likely to have continued at 0.4 to 0.5 per cent in the third quarter, according to Thomas Pugh, chief economist at consulting firm RSM UK.

But “the outlook beyond the summer is more difficult”, he noted.

Annual inflation, which was 3.1 per cent in August, is expected to climb to about 4.5 per cent early next year, while rising unemployment and higher mortgage rates are set to squeeze household finances. Uncertainty ahead of the Budget on October 28 could also damp activity in the final quarter of the year.

Together, these pressures are likely to leave UK economic growth “at little more than a crawl in Q4 and into the new year”, Pugh said. Valentina Romei

'A modest increase in September core CPI would all but solidify policy rates remaining unchanged in October'

Citi economists

Is disinflation entrenched in China? China will release inflation and trade data on Wednesday, offering the latest look into how Asia's largest economy is handling deflationary pressures while the rest of the world struggles to contain price rises from the Iran war and higher borrowing costs from the bond sell-off.

The Chinese economy has been battling disinflationary pressures since around 2023, with the consumer price index falling 0.3 per cent year on year in July of that year.

A collapse in China's property market has hurt consumer confidence and dented long-term credit demand, with new bank loans shrinking by the largest amount on record in July. Consumer confidence has been weak, with the official National Bureau of Statistics indicator having been below 100 – meaning respondents are feeling pessimistic – since April 2022.

Beijing aimed for CPI to hit around 2 per cent this year but it is unlikely to reach that goal. The latest reading in August was 0.8 per cent and the median forecast from a Bloomberg poll of economists is for 1 per cent in September.

Although China is rapidly building AI infrastructure, this is not fuelling inflation as it is in the US because it does not face the same bottlenecks in areas such as power supply. Yields on 10-year Chinese government bonds remain stubbornly low, at around 1.68 per cent, having defied a deep global bonds sell-off.

“We believe the most inflationary phase of China's AI-related infrastructure and power build-out is likely behind us,” Barclays analysts wrote in a recent note. “Years of investment in energy, grid and digital infrastructure have left China relatively well positioned to accommodate growing AI-related demand.”

China's economy is benefiting from a surge in demand for AI products such as printed circuit boards and optical transceivers that Chinese manufacturers excel at producing in large quantities. Economists polled by Reuters expect exports to rise 25 per cent in September, with the trade surplus at \$117bn after \$120bn in August.

Policymakers have looked to shore up growth going into the final quarter to ensure the country hits its target for economic growth of 4.5 to 5 per cent for the year. William Sandlund

Financial services

JPMorgan sets out plans to double assets in Europe

HARRIET AGNEW — LONDON

JPMorgan Asset Management has outlined ambitious targets to double its assets under management in Europe to \$2tn in the next five years, in a bet that the continent's wealthy can drive growth at the investment division of the Wall Street bank.

“Europe is a very good place for us to continue to grow,” Patrick Thomson, chief executive of JPMorgan Asset Management for Emea, said in an interview. “Our three strategic priorities – active ETFs, alternatives and developing partnerships with the biggest wealth managers – are going to drive our growth.”

JPMorgan Asset Management has already doubled its assets in Europe over the past nine years from \$500bn to \$1tn, boosted by rising markets and inflows from new and existing clients.

Alongside BlackRock, JPMorgan established an early lead in Europe in the market for active exchange traded funds, which combine an ETF wrapper with active management rather than passively tracking an index.

Its European active ETF business has grown to \$60bn since its launch five years ago. Thomson said the products had further potential, with ETFs becoming the first point of entry into investing for mass affluent and younger investors.

Thomson said there were opportunities for investors in European equities and European fixed income, where volatility in government bonds makes for a

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'Active ETFs, alternatives and [partnerships with wealth managers] are going to drive our growth'

fertile environment, and in infrastructure, where there is huge demand for capital to invest in energy grids and transition.

More than 85 per cent of JPMorgan Asset Management's funds ranked above median over the 10 years to July 31, according to data from Morningstar Direct.

JPMorgan's ambitions come as Europe's asset management industry is forecast to grow 5.6 per cent a year to reach almost \$50tn by 2030, according to a PwC report.

PwC predicted the amount allocated to alternative assets in Europe – in investments such as private equity and venture capital – will grow from \$3.3tn in 2020 to \$7.7tn by 2030 as regulators seek to widen access to private markets.

"There's a significant effort by policymakers to move savers to investors," said Thomson.

The industry is increasingly split between scale providers such as JPMorgan, that offer a broad range of strategies, and specialist operators. Firms have sought scale and diversification, sometimes through mergers and acquisitions, in pursuit of cost efficiencies and new growth channels.

Scale was important “on the technology agenda,” said Thomson. The JPMorgan parent bank invests \$20bn a year in technology, while its asset management business invests \$600mn a year in its technology platform globally, and employs 1,400 engineers. “That’s an expensive commitment but we think it’s necessary,” he added.

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Technology. MiroMind

Chinese billionaire comes up against limits of building AI across borders

Chen struggles to combine US capital with Asian talent amid growing geopolitical tension

SUN YU — NEW YORK

Chen Tianqiao launched California-based AI start-up MiroMind last year, drawing on teams in Singapore, Beijing and Shanghai to develop a deep research agent.

But within months, the cross-border model began to unravel. After Beijing opened a review in January of Meta's acquisition of Manus, a Chinese AI start-up that had relocated to Singapore, over potential breaches of export controls, Chen shut MiroMind's China operation and cut its researchers off from the company's overseas code and data. He has since rebuilt its AI research operations in the US and Singapore.

Chen's experience highlights the challenges facing tech start-ups seeking to combine Chinese engineering talent with US capital and markets as geopolitical tensions and tightening regulations make the model difficult to sustain.

“You can no longer benefit from both systems without bearing the obligations that come with each,” said Chen Qiheng, a non-resident fellow at the Asia Society Policy Institute.

The Chinese billionaire's foray into AI marks his second entrepreneurial venture, more than two decades after founding Shanda, the online gaming company whose Nasdaq listing in 2004 made him China's wealthiest person.

He later reinvented himself as a global investor, with holdings including leading technology groups and a timber portfolio in Oregon, after relocating to Singapore in 2010 and then California in 2017. He has also donated hundreds of millions of dollars to neuroscience research worldwide.

ChatGPT's rapid adoption in 2023 convinced him that AI represented the "greatest discovery in human history" and offered him the chance to build a business again, Chen told the FT.

He began by launching a few AI application companies before founding MiroMind, which develops foundation models for scientific and industrial applications, in April 2025. Chen hired Dai Jifeng, a Tsinghua University professor and a prominent AI scientist, to assemble a research team in China to work alongside another in Singapore.

Within months, MiroMind launched an open-source agent capable of tackling complex tasks such as estimating the likelihood of Federal Reserve rate cuts. Successive versions achieved leading scores on benchmarks including BrowseComp, which tests an AI agent's ability to locate difficult-to-find information online.

But conditions shifted when Beijing launched an investigation into Manus's more-than-\$2bn sale to Meta, scrutinising whether technology developed by a Chinese-founded company remained subject to China's export control even after it had relocated overseas. Beijing later called off the transaction.

The intervention alarmed Chen, as MiroMind relied on a similar cross-border model. On January 16, MiroMind shut down its Beijing and Shanghai operations, a move Chen said was intended to create a “firewall” separating the company’s overseas operations from China. “The regulatory environment between the US and China had become much more sensitive, so we decided to be extra cautious and cut everything off,” he said.

Chinese authorities also contacted MiroMind following the Manus episode, as officials sought information from AI companies about potential technology transfers, according to people with knowledge of the matter. Chen told officials that MiroMind was incorporated in the US and differed from Manus.

Chen Tianqiao: shifted his recruiting focus to the US, poaching top talent

Although Dai had obtained an O-1 visa, which allows foreigners with extraordinary skills to work in the US, through MiroMind, he ultimately remained in China and founded his own AI start-up, joined by several core members of the Beijing team.

The split later escalated into a public dispute. Dai accused Chen of seeking to move technology and personnel from China to the US. Chen, in turn, alleged Dai had abandoned an agreed relocation to the US and used MiroMind's code and employees to establish a new company.

"I was once very willing to bring talents from across the world to work in the US," Chen said. "I was very disappointed about the incident and won't hire large language model researchers in China going forward."

Dai declined to comment.

Chen shifted his recruiting focus to the US, poaching top AI researchers from the likes of Meta and xAI.

Yet even lavish pay has not guaranteed hiring success for a company with limited name recognition in Silicon Valley. Chen said one candidate this year turned down an offer worth \$100mn in cash and stock annually.

“Money is not the only consideration for candidates at that level,” he said. “Anyone competing with us is almost certainly offering compensation on the same scale.”

Chen argued the company's biggest draw was the opportunity to help build LLM from the ground up – an experience researchers are unlikely to get at more established AI companies. He said he had invested about \$2bn of his own capital across his AI ventures and was prepared to commit another \$2bn if external funding did not materialise.

On the product front, Chen has shifted his focus from MiroMind to Apo-tex, a “heavy-duty solver” AI agent aimed at research-intensive scientific tasks such as drug discovery and gene therapy delivery system design.

He has set ambitious targets for the new product, which launched in June, saying he hopes it will generate \$1bn in contracted revenue by next June and become an industry-leading AI product by the end of next year. | Oct 08Regions & countries | No of stocks | US$ Indices | Daily %Chg | Month %Chg | YTD %Chg | US$ Total/Ret | YTD %Total/Ret | Gr Div Yield | FTSE Global Indices | Global | 10218 | 1253.18 | -0.65 | -1.34 | 11.89 | 2168.07 | 13.47 | 1.61 | Global Large Cap | 1742 | 1183.99 | -0.89 | -0.65 | 12.50 | 2107.62 | 14.02 | 1.48 | Global Mid Cap | 2461 | 1404.62 | 0.16 | -2.13 | 11.09 | 2305.05 | 12.88 | 2.03 | Global Small Cap | 6015 | 1307.01 | -0.45 | -4.15 | 8.86 | 2110.24 | 10.46 | 1.65 | Global ex Eurozone | 9613 | 1335.12 | -0.64 | -0.81 | 12.77 | 22582.62 | 14.26 | 1.52 | Global ex China | 7602 | 4238.43 | -0.53 | -1.22 | 12.82 | 7025.10 | 14.40 | 1.59 | Global ex US | 8673 | 797.85 | -1.04 | -4.77 | 9.71 | 1590.97 | 12.17 | 2.50 | Global ex UK | 9596 | 1330.97 | -0.86 | -1.19 | 12.19 | 2233.28 | 13.72 | 1.56 | Global ex Japan | 8968 | 1308.56 | -0.59 | -1.32 | 11.50 | 2201.06 | 13.03 | 1.58 | FTSE Regional Indices | Americas | 1987 | 1758.91 | -0.37 | 0.53 | 13.02 | 2740.43 | 14.10 | 1.19 | Asia Pacific | 6431 | 916.99 | -1.63 | -2.96 | 17.76 | 1653.64 | 19.98 | 2.04 | Asian ex Japan | 5081 | 1147.67 | -1.67 | -3.50 | 17.46 | 2280.22 | 19.55 | 2.08 | Europe | 1434 | 663.13 | -0.63 | -7.26 | 1.05 | 1428.59 | 3.76 | 2.94 | Europe ex UK | 1212 | 763.45 | -0.78 | -7.72 | 0.41 | 1587.99 | 3.11 | 2.87 | Eurozone | 605 | 688.63 | -0.76 | -8.00 | 1.03 | 1468.64 | 3.64 | 2.85 | Asian | 402 | 722.55 | -2.29 | -7.22 | 2.38 | 1611.18 | 6.35 | 4.72 | FTSE Developed Indices | Developed | 5370 | 1301.67 | -0.57 | -1.16 | 12.26 | 2225.32 | 13.76 | 1.52 | Developed ex North America | 3068 | 747.32 | -1.11 | -5.41 | 10.49 | 1510.86 | 13.14 | 2.57 | Oct 08Sector | No of stocks | US$ Indices | Daily %Chg | Month %Chg | YTD %Chg | US$ Total/Ret | YTD %Total/Ret | Gr Div Yield | Digital Information Services | Software & Computer Svcs | 527 | 3711.94 | -0.63 | 5.20 | 3.39 | 4519.58 | 3.88 | 0.54 | Media | 153 | 790.32 | 1.94 | -2.23 | -13.19 | 1137.39 | -12.52 | 1.06 | Technology | Semiconductors | 300 | 950.41 | -3.11 | 3.14 | 52.36 | 1041.04 | 53.04 | 0.54 | Tech Hardware & Equip | 766 | 7330.10 | -2.03 | 4.04 | 51.27 | 10395.18 | 51.97 | 0.53 | Technology | 1293 | 5711.25 | -1.51 | 4.47 | 28.95 | 6793.30 | 29.56 | 0.53 | Biotechnology | 216 | 1198.66 | -2.42 | -4.14 | 12.79 | 1222.22 | 13.14 | 0.29 | Telecommunications Equip | 112 | 576.92 | -2.44 | 0.59 | 72.57 | 667.71 | 73.99 | 0.77 | Telecommunications | 257 | 549.38 | -1.61 | -2.58 | 32.97 | 1357.29 | 35.44 | 1.96 | Telecommunications Sec Producers 145 | 435 | 435.85 | -0.44 | -0.65 | -0.60 | 975.59 | 2.46 | 3.62 | Electronic & Electrical Equip | 361 | 2097.75 | -1.20 | -1.18 | 22.91 | 3029.73 | 24.05 | 0.94 | Financials | Finance & Credit Services | 111 | 834.84 | 0.87 | -8.90 | -15.75 | 1309.97 | -14.64 | 1.57 | Financials | 1160 | 685.65 | -0.39 | -7.18 | 3.76 | 1343.40 | 6.44 | 2.91 | Life Insurance | 71 | 634.73 | -0.26 | -5.64 | 6.74 | 1331.89 | 10.20 | 3.46 | Banks | 497 | 504.08 | -1.01 | -8.00 | 8.06 | 1177.80 | 11.24 | 3.45 | Mortgage Real Estate Inv Tsts | 7 | 80.77 | 1.72 | -18.61 | -22.92 | 194.04 | -14.97 | 15.91 | Nonlife Insurance | 125 | 1034.39 | 1.03 | -4.55 | 0.10 | 1871.71 | 3.25 | 2.76 | Inv Banking & Brokerage Svcs | 349 | 1187.49 | 0.02 | -6.72 | -0.39 | 1913.92 | 1.08 | 1.74 | Transaction Processing Svcs | 55 | 144.54 | 0.85 | -1.32 | -3.10 | 151.69 | -2.44 | 0.86 | Real Estate | Real Estate | 642 | 874.44 | 0.23 | -6.94 | -4.18 | 1073.76 | -1.28 | 4.02 | Real Estate Inv & Svcs | 319 | 321.90 | 0.05 | -7.44 | -15.14 | 963.64 | -13.12 | 2.94 | Real Estate Investment Tsts | 323 | 520.30 | 0.28 | -6.78 | -0.09 | 1435.74 | 3.15 | 4.36 | Consumer Goods & Services | Consumer Digital Services | 94 | 338.29 | -0.72 | 5.10 | 3.57 | 341.14 | 3.85 | 0.32 | Consumer Discretionary | 1486 | 1165.50 | -0.12 | -2.73 | -6.96 | 1694.55 | -6.02 | 1.26 | Consumer Services | 70 | 1344.48 | 1.44 | -2.00 | -7.45 | 1331.89 | -6.74 | 1.80 | Consumer Staples | 612 | 970.61 | 1.47 | -2.26 | 2.45 | 1744.25 | 5.02 | 3.12 | Retailers | 263 | 1910.14 | -0.41 | -1.05 | 0.81 | 2630.95 | 1.46 | 0.83 | Pets Care Drug & Grocery Strs | 196 | 553.84 | 1.20 | -1.80 | -0.52 | 923.65 | 1.60 | 2.58 | Personal Goods & Real | 138 | 725.04 | -0.70 | -1.89 | -21.23 | 2139.89 | -19.98 | 2.29 | Leisure Goods | 153 | 627.11 | -1.04 | -2.87 | -3.23 | 900.59 | -1.95 | 1.50 | Travel & Leisure | 290 | 1098.04 | 0.92 | -5.14 | -9.21 | 1622.56 | -8.05 | 1.73 |

AMERICAS

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison

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WORLD MARKETS AT A GLANCE

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Change during previous day's trading (%)

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MARKET DATA

FTSE EuroFirst 0.97%

Nikkei | Sep 09 - Oct 09S&P 500 New York | Index | All World | 7636.36 | 7811.54 |

Day $\rightarrow$ 0.83% Month $\rightarrow$ -1.73% Year $\rightarrow$ 11.04% | Day | 1.65% | Month | 0.27% | Year | 6.85% | Bovespa | Sao Paulo | 185629.04 | 209066.90 | Country | Index | Latest | Previous | Australia | All Ordinaries | 8877.70 | 8823.20 | Australia | S&P ASX 200 | 6716.60 | 9660.90 | Australia | S&P ASX 200 Res | 7671.60 | 7677.40 | Austria | AIX | 6543.45 | 6560.57 | Belgium | BEL 20 | 5454.74 | 5399.40 | Belgium | BEL Mid | 6409.45 | 6352.88 | Brazil | Bovespa | 209066.90 | 206220.24 | Canada | S&P TSX 60 | 2099.30 | 2070.76 | Canada | S&P TSX Comp | 35664.62 | 35145.38 | Chile | SS&P/OLX IGPA GEN | 56920.02 | 56920.02 | China | China FSE A200 | 10884.90 | 10894.94 | China | China Shanghai A | 3998.45 | 3996.51 | China | China Shanghai B | 310.68 | 309.18 | China | China Shanghai Comp | 3813.70 | 3811.90 | China | Shenzhen A | 2479.39 | 2474.95 | China | Shenzhen B | 1161.30 | 1154.28 | Croatia | CROBEX | 4492.97 | 4490.61 | Cyprus | CSE M&P GEN | 307.76 | 305.30 | Day ↑ 13.8% | Month ↑ 12.76% | Year ↑ 4.771% | Country | Index | Latest | Previous | Czech Republic | Czech Republic P£ | 2576.77 | 2545.27 | Denmark | DMK Copenhagen 20 | 1518.17 | 1495.16 | Egypt | ESX 30 | 53265.20 | 53265.20 | Estonia | OMX Tallinn | 2232.88 | 2228.71 | Finland | OMX Helsinki General | 13964.55 | 13485.05 | France | French CAC40 | 7803.33 | 7729.69 | France | SBF 120 | 5919.23 | 5860.44 | Germany | M-OAX | 29889.90 | 29508.83 | Germany | Tec-Dax | 3978.41 | 3965.53 | Germany | XETRA Dax | 25987.27 | 24806.97 | Greece | Athens | 2559.18 | 2568.05 | Greece | FTSE/ASEA | 6547.03 | 6577.49 | Hong Kong | Hang Seng | 24211.35 | 23785.79 | Hong Kong | HS China Enterprises | 8147.87 | 8010.58 | Hong Kong | HSCC Red Chip | 4048.95 | 4029.81 | Hungary | Bux | 141671.00 | 137165.79 | India | BSE Sensex | 72472.33 | 71593.24 | Indonesia | Jakarta Comp | 6093.76 | 6031.28 |

Day $\rightarrow$ 0.95% Month $\searrow$ -2.00% Year $\searrow$ -2.96% | Country | Index | Latest | Previous | Ireland | ISED Overall | 13501.81 | 14563.78 | Israel | Tel Aviv 125 | 3925.79 | 3934.01 | Italy | FTSE Italia All-Share | 52297.09 | 51818.10 | Italy | FTSE Italia Mid Cap | 59718.63 | 59077.62 | Italy | FTSE MIB | 49746.31 | 49297.88 | Japan | Nikkei 225 | 69003.92 | 69042.11 | Japan | Topix | 4104.81 | 4091.46 | Kuwait | KSK Market Index | 8860.03 | 8860.03 | Latvia | OMX Riga | 980.42 | 977.66 | Lithuania | OMX Vilnius | 1504.65 | 1509.51 | Luxembourg | Luxi | 1774.13 | 1748.05 | Mexico | IPC Mexico City | 66060.52 | 64986.91 | Malaysia | FTSE Bursa KLD | 1608.45 | 1601.01 | Morocco | MASI | 16797.10 | 16749.18 | Netherlands | AEX | 1130.95 | 1121.20 | Netherlands | AEX All Share | 1534.71 | 1530.83 | New Zealand | NZX 50 | 13749.35 | 13691.85 | Nigeria | SE All Share | 246363.55 | 246042.50 | STOCK MARKET: BIGGEST MOVERS

EURO MARKETS

ACTIVE STOCKS

Hang Seng

0.50%

FTSE All World

Day ↗ 0.91% Month ↗ -4.10% Year ↗ 16.25% | Country | Index | Latest | Previous | Norway | Dolo All Share | 2480.48 | 2452.58 | Pakistan | KSE 100 | 167089.27 | 167441.91 | Philippines | Manila Comp | 5700.99 | 5610.39 | Poland | Wig | 157901.42 | 157654.56 | Portugal | PSI 20 | 9267.50 | 8347.56 | Portugal | PSI General | 6309.79 | 6354.43 | Romania | Romania BET Index | 33400.45 | 33557.95 | Russia | Russia Traded Index in USD | 988.10 | 988.10 | Saudi Arabia | TAHAROUL All Share Index | 10376.28 | 10376.28 | Singapore | FTSE Strata Times | 5401.89 | 5412.96 | Slovakia | SAX | 317.85 | 320.00 | Slovenia | SBI TOP | 3108.87 | 3104.27 | South Africa | FTSE/JSE All Share | 108524.77 | 107109.29 | South Africa | FTSE/JSE Res | 65660.55 | 64680.65 | South Africa | FTSE/JSE Top 40 | 100764.33 | 99406.91 | South Korea | Kospi | 6625.93 | 6678.93 | South Korea | Kospi 200 | 1044.52 | 1044.52 | Spain | Spain BRX 35 | 19033.10 | 18928.90 | \$ per €

Day ↗ 0.05% Month ↘ -3.49% Year ↘ -3.05% | ACTIVE STOCKS | stock traded m's | close price | Day's change | Intesa Sanpaolo | 50.75 | 6.12 | 0.06 | Stellantis | 33.99 | 4.00 | - | Banco Santander | 23.01 | 12.02 | 0.11 | Telefonica | 21.74 | 3.25 | -0.16 | Enel | 17.11 | 8.87 | 0.11 | Banco De Sabadell | 14.43 | 3.49 | - | Royal KPN | 13.79 | 3.88 | -0.07 | Telia Co | 11.32 | 43.40 | -1.69 | Iberdrola | 10.82 | 21.26 | 0.15 | Banco Bilbao Vizcaya Argentina | 9.50 | 23.11 | 0.09 | BIGGEST MOVERS | Close | Day's | Day's | AMERICA | ACTIVE STOCKS | stock traded m's | close price | Day's change | Nvidia | 42.22 | 229.48 | -1.00 | Intel | 38.17 | 105.57 | -1.51 | Tesla | 26.50 | 382.83 | 7.83 | Apple | 20.26 | 334.64 | -5.78 | Palantir | 19.25 | 205.79 | 7.01 | Amazon.com | 17.02 | 261.27 | 7.21 | Super Micro Computer | 16.48 | 41.13 | - | Moderna | 16.21 | 217.14 | - | Netflix | 12.57 | 70.85 | -0.72 | Comcast | 11.63 | 20.57 | -0.64 | BIGGEST MOVERS | Close | Day's | Day's | ACTIVE STOCKS | stock traded m's | close price | Day's change | Lloyds Big Gp | 99.87 | 1.02 | 0.01 | Haleon | 76.73 | 3.49 | 0.05 | Rolls-Royce | 62.77 | 13.85 | 0.18 | Vodafone | 49.22 | 1.18 | -0.06 | BP | 38.87 | 5.86 | 0.01 | Tesco | 38.17 | 5.04 | 0.03 | Taylor Wimpey | 26.50 | 0.73 | -0.01 | Barclays | 24.42 | 4.30 | 0.04 | Glencore | 23.54 | 5.85 | 0.16 | BT Group | 21.94 | 1.93 | -0.05 | BIGGEST MOVERS | Close | Day's | Day's | UK MARKET WINNERS & LOSERS | Country | Index | Latest | Previous | Sweden | DMX Stockholm 30 | 3258.14 | 3202.44 | Sweden | DMX Stockholm AS | 1122.11 | 1104.05 | Switzerland | SMI Index | 13787.40 | 13637.00 | Taiwan | Weighted Stock Index | 49313.44 | 49313.44 | Thailand | Bangkok SET | 1577.65 | 1570.61 | Türkiye | BIST 100 | 12265.98 | 12213.58 | UK | FTSE 100 | 10552.05 | 10441.60 | UK | FTSE 4Good UK | 9155.43 | 9060.32 | UK | FTSE All Share | 5693.90 | 5634.04 | UK | FTSE techMARK 100 | 9572.57 | 9420.03 | U.S.A. | Dow Jones Composite | 16137.50 | 16038.29 | U.S.A. | Dow Jones Industrial | 51654.95 | 51213.64 | U.S.A. | Dow Jones Transport | 19804.14 | 19809.07 | U.S.A. | Dow Jones Utilities | 410.03 | 406.60 | U.S.A. | Nasdaq 100 | 30983.15 | 30725.81 | U.S.A. | Nasdaq Composite | 27366.17 | 27193.34 | U.S.A. | NYSE Composite | 23039.10 | 23797.60 | U.S.A. | S&P 500 | 7811.54 | 7765.36 | ACTIVE STOCKS | stock traded m/s | close price | Day's change | Nippon Tel & Tel | 152.03 | 172.90 | 0.80 | Tokio Marine Hldgs | 94.66 | 525.70 | 7.60 | SoftBank Grp Corp | 72.26 | 5803.00 | -237.00 | SoftBank Corp | 69.85 | 242.00 | 0.70 | Mitsubishi UFJ | 34.40 | 3462.00 | -42.00 | Nissan Motor Co | 33.02 | 284.00 | 1.00 | Fujikura | 29.91 | 5413.00 | -99.00 | Nippon Steel | 28.20 | 629.40 | -1.90 | Tokyo Electric Power | 26.78 | 520.80 | 6.20 | Taiyo Yuden | 22.46 | 11135.00 | 180.00 | \$ per £ ¥ per \$

0.1264% | FTSE 100 | price(£) | % Chg week | % Chg ytd | Winners | Experian | 26.82 | 9.16 | -20.25 | Imperial Brands | 26.62 | 8.96 | -14.65 | The Sage Grp | 10.71 | 8.96 | -1.06 | RELX | 27.20 | 7.59 | -9.93 | Lon Stock Ex | 86.94 | 7.47 | -2.88 | Tesco | 5.04 | 7.42 | 14.03 | Haleon | 3.49 | 6.37 | -6.83 | JD Sports Fashion | 0.84 | 6.00 | 0.05 | Brit. Amer. Tobacco | 41.94 | 5.91 | -0.47 | Autotrader Group | 4.89 | 5.85 | -16.66 | Day $\gg$ 1.23% Month $\gg$ -3.07% Year $\gg$ -11.80%

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FT.COM/MARKETSDATA

£ per € | Company Name | Price | change | change% | Ups | Nomura Research Ins | 5613.00 | 272.00 | 5.09 | Trend Micro | 7587.00 | 355.00 | 4.91 | Screen Holdings | 16545.00 | 635.00 | 3.99 | Japan Tobacco | 7230.00 | 270.00 | 3.88 | Nintendo | 8146.00 | 295.00 | 3.76 | Downs | Fast Retailing Co | 71780.00 | -3020.00 | -4.04 | Renesas Elec | 3600.00 | -150.00 | -4.00 | Asahi Kasei | 1585.50 | -65.00 | -3.94 | SoftBank Grp Corp | 5803.00 | -237.00 | -3.92 | Murata Manufacturing Co | 7970.00 | -297.00 | -3.59 | Company Name | Price | change | change% | Ups | Crown Castle Int | 77.91 | 9.02 | 13.09 | Humana | 435.68 | 48.56 | 12.54 | Amer Tower | 179.75 | 13.02 | 7.81 | Oracle | 141.97 | 6.28 | 4.63 | Constellation Energy | 298.25 | 13.18 | 4.62 | Downs | T Mobile | 150.01 | -21.30 | -12.43 | AT&T | 22.16 | -2.71 | -10.90 | Verizon Comm | 41.33 | -5.02 | -10.83 | HP Inc | 30.28 | -2.16 | -6.66 | FMC Corp | 8.38 | -0.54 | -6.05 | Issuer/Loews | price | change | change% | Ups | Arcelor Mittal | 57.28 | 3.06 | 5.64 | Wolters Kluwer CVA | 75.00 | 3.22 | 4.49 | Capgemini | 115.05 | 4.20 | 3.79 | SAP | 191.46 | 6.84 | 3.70 | Sonova Holding | 264.60 | 9.20 | 3.60 | Downs | Deutsche Telekom | 24.70 | -2.13 | -7.94 | Telefonica | 3.25 | -0.16 | -4.61 | Telia Co | 43.40 | -1.69 | -3.75 | STMicroelectronics | 46.55 | -1.44 | -3.00 | OMV | 71.95 | -2.15 | -2.90 | BROSEET MOWERS | Close price | Day's change% | Day's change% | Ups | Morgan Advanced Materials | 2.90 | 0.25 | 9.43 | Oxford Nanopore Technologies | 2.13 | 0.13 | 6.27 | Trustpilot Group | 2.48 | 0.14 | 6.16 | RHI Magnesita | 28.70 | 1.65 | 6.10 | Baltic Classifieds Group | 1.99 | 0.11 | 5.84 | Downs | Airtel Africa | 2.90 | -0.19 | -6.27 | Vodafone | 1.18 | -0.06 | -4.86 | SSP Group | 1.80 | -0.08 | -4.10 | Pennon Group | 3.57 | -0.14 | -3.77 | Rightmove | 4.91 | -0.12 | -2.41 | Industry Sectors | price(£) | %Chg week | %Chg ytd | Winners | Finance & Credit Services | 13836.13 | 7.06 | -3.77 | Consumer Digital Services | 178.30 | 7.03 | -6.73 | Software & Computer Svcs | 1934.50 | 7.01 | -5.26 | Technology | 1694.47 | 6.90 | -4.94 | Tobacco | 45893.06 | 6.47 | -3.42 | Oil Gas & Coal | 11926.86 | 5.35 | 37.22 | Energy | 12539.40 | 5.31 | 37.26 | Real Estate Investment & Svcs | 1972.88 | 5.23 | -7.88 | Consumer Services | 4138.45 | 5.13 | -0.21 | Personal Care Drug & Grocery | 4630.42 | 4.86 | -1.90 | CURRENCIES | FTSE Small Cap | price(£) | % Chg week | % Chg yld | Winners | Tullow Oil | 0.11 | 35.38 | 74.55 | Kenmare Resources | 2.25 | 23.49 | -8.70 | Aston Martin Lagonda | 0.41 | 19.74 | -35.48 | Blackrock Latin American Inv Tst | 4.73 | 14.25 | 17.08 | Capita | 2.35 | 9.81 | -42.05 | ASA International | 2.45 | 8.41 | 29.29 | LSL Property Services | 2.64 | 6.45 | 0.38 | Future | 3.09 | 6.11 | -41.27 | EnQuest | 0.28 | 5.97 | 167.92 | Utilico Emerging Mkts | 2.96 | 4.96 | 10.04 | Losers | 1 | Pennon Group | 3.57 | -22.19 | 2 | Taylor Wimpey | 0.73 | -9.78 | 3 | Vistry Group | 2.19 | -9.44 | 4 | Unite Group | 4.23 | -8.20 | 5 | Bellway | 19.48 | -7.41 | 6 | Raspberry Pi Holdings | 6.64 | -7.26 | 7 | Inchcape | 6.87 | -7.17 | 8 | Hill & Smith | 30.50 | -6.73 | 9 | Travis Perkins | 5.50 | -6.07 | 10 | Metro Bank | 1.55 | -5.95 | Losers | The Smarter Web Company | 0.63 | -21.25 | 93.85 | Hostelworld Group | 0.89 | -11.00 | -28.80 | Geiger Counter | 0.50 | -9.09 | -16.67 | The Beauty Tech Group | 4.32 | -8.09 | 48.97 | Marshalls | 1.58 | -7.40 | -12.68 | Speedy Hire | 0.14 | -6.87 | -44.72 | ASOS | 4.66 | -6.43 | 64.37 | Baker Steel Resources Tst | 1.31 | -6.43 | 69.03 | Severfield | 0.37 | -5.82 | 28.72 | Ibstock | 0.77 | -5.57 | -44.70 | Losers | 93.85 | Alternative Energy | 39.37 | -11.40 79.06 | 28.80 | Techn Hardware & Equip | 134.12 | -7.26 121.36 | 16.67 | Hhold Goods & Home Const | 7916.78 | -6.42 -26.60 | 48.97 | Aerospace & Defense | 22672.47 | -5.04 12.93 | 12.68 | Telecomms Svc Providers | 3236.69 | -4.70 12.87 | 44.72 | Telecommunications | 2074.86 | -4.70 12.87 | 54.37 | Leisure Goods | 38567.31 | -4.64 -14.01 | 59.03 | Construction & Materials | 15781.05 | -3.68 15.25 | 28.72 | Banks | 8663.29 | -3.11 9.31 | 44.70 | Industrials | 11378.04 | -2.31 8.78 | FTSE ACTUARIES SHARE INDICES | Oct 09 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Weeks Mid | Closing Mid | Day's Change | Weeks Mid | Closing Mid | Argentine Peso | 1515.7864 | -3.4574 | -9.1043 | 1897.0543 | -5.6939 | -22.8496 | 2004.6795 | Australian Dollar | 1.4337 | -0.0035 | -0.0011 | 1.6052 | -0.0046 | -0.0131 | 1.8961 | Bahrainian Dinar | 0.3776 | 0.0004 | 0.0006 | 0.4228 | - | -0.0025 | 0.4995 | Bolivian Boliviano | 11.8650 | - | -0.0509 | 13.2673 | -0.0142 | -0.1547 | 15.6723 | Brazilian Real | 4.9868 | -0.0252 | -0.2451 | 5.5832 | -0.0342 | -0.3179 | 6.5953 | Canadian Dollar | 1.4275 | 0.0046 | 0.0041 | 1.5862 | 0.0035 | -0.0072 | 1.8879 | Chinese Peso | 978.2850 | -2.4350 | -7.3000 | 1095.2979 | -3.9021 | -16.4506 | 1203.8309 | Colombian Peso | 6.8822 | -0.0092 | -0.0131 | 7.4927 | 0.0184 | -0.0704 | 8.8508 | Colombian Peso | 3192.0400 | -32.8600 | -74.1600 | 3573.8081 | -40.6599 | -110.1390 | 4221.6327 | Costa Rican Colon | 454.0000 | -2.5000 | -3.5000 | 508.2987 | -3.3407 | -7.7158 | 600.4394 | Czech Republic | 21.7736 | 0.0020 | 0.1070 | 24.3770 | -0.0035 | -0.0505 | 28.7568 | Danish Krone | 6.6761 | 0.0068 | 0.0491 | 7.4745 | 0.0004 | - | 8.8294 | Egyptian Pound | 52.3700 | -0.0300 | 0.0600 | 58.6335 | -0.0965 | -0.3670 | 89.2619 | Hong Kong Dollar | 7.8479 | -0.0004 | 0.0005 | 8.7896 | -0.0089 | -0.0646 | 10.7783 | Hungarian Forint | 326.5875 | 0.1712 | 0.2330 | 365.6290 | -0.2000 | -2.4500 | 431.9190 | Indian Rupee | 96.7133 | -0.0550 | 0.4380 | 108.3003 | 0.1778 | -0.3102 | 127.9320 | DOLLAR | EURO | POUND | WeeksChange | Oct 09 | ClosingDay'sChange | Day'sChange | ClosingMid | Day'sChange | Day'sChange | ClosingMid | Day'sChange | ClosingMid | -15.5480 | Indonesian Rupiah | .7880.0000 | -15.0000 | 7.0000 | 20018.4480 | -38.2600 | -140.5090 | 23647.1950 | -21.6200 | -0.0048 | Israeli Shekel | 3.0634 | -0.0002 | 0.0101 | 3.4297 | -0.0039 | -0.0140 | 4.0515 | -0.0005 | - | Japanese Yen | 158.4150 | 0.2000 | 1.7400 | 177.3614 | 0.0341 | -0.4802 | 209.5118 | 0.2486 | - | Japanese Yen | 129.2000 | -0.1500 | -0.0500 | 145.2172 | -0.3237 | -1.1700 | 11.5388 | -0.2114 | -0.3382 | Kuwaiti Dinar | 0.3111 | 0.0001 | 0.0022 | 0.3483 | -0.0002 | -0.0001 | 0.4114 | 0.0001 | 0.0021 | Malaysian Ringgit | 4.0850 | -0.0085 | 0.0005 | 4.5736 | -0.0121 | -0.0333 | 4.4038 | -0.0090 | -0.1428 | Mexican Peso | 18.3825 | 0.3884 | 0.2355 | 20.5398 | 0.4133 | 0.1310 | 24.3009 | 0.5119 | -0.6328 | New Zealand Dollar | 1.7838 | -0.0009 | 0.0052 | 1.9971 | -0.0032 | -0.0089 | 2.3582 | -0.0014 | -105.505 | Nigerian Naira | 1330.7000 | -0.3800 | 0.5300 | 1489.8518 | -0.2208 | -9.9959 | 1759.9176 | -0.6357 | -58.010 | Norwegian Krone | 9.5717 | 0.0009 | 0.0360 | 10.7165 | -0.0015 | -0.1200 | 12.6591 | 0.1019 | -0.0529 | Pakistan Day | — | — | 0.6500 | 310.0453 | -0.3323 | -2.2626 | 366.2421 | -0.0277 | 0.0498 | Peruvian New Sol | 3.4558 | 0.0143 | 0.0181 | 3.8619 | 0.0119 | -0.0083 | 4.5705 | 0.0186 | -0.0493 | Philippine Peso | 62.8050 | -0.0500 | 0.2600 | 70.3155 | -0.1762 | -0.2280 | 83.0627 | -0.1253 | - | Tritish Krone | 3.9188 | 0.0102 | 0.0366 | 4.3872 | 0.0088 | 0.0588 | 6.1825 | 0.0131 | -0.4451 | Romanian Leu | 4.7710 | 0.0016 | 0.0274 | 5.3417 | -0.0046 | -0.0887 | 6.3100 | 0.0008 | 0.3563 | Russian Ruble | 84.7500 | -0.3000 | 1.0000 | 94.8862 | -0.4379 | 0.4245 | 12.0863 | -0.4052 | FTSE SECTORS: LEADERS & LAGGARDS

Year to date percentage changes | | £ Strtg | Day's chg % chg% | Euro Index | £ Strtg | Year ago | Div Cover | P/E ratio | YOX adj | Total Return | Oct | % chg% | Oct | % chg% | FTE 100 (100) | 105525.05 | 1.06 | 9712.56 | 10441.60 | 10458.50 | 9931.38 | 3.11 | 2.22 | 14.50 | 275.62 | 12436.78 | FTE 100 ex Investment Trusts (95) | 3447.91 | 1.07 | 3174.48 | 3411.52 | 3416.94 | 3251.79 | 3.15 | 2.09 | 15.14 | 91.25 | 33964.31 | FTE 250 (251) | 24213.78 | 1.13 | 22293.58 | 29348.88 | 24036.75 | 27420.38 | 3.17 | 2.71 | 11.64 | 613.71 | 22934.07 | FTE 250 ex Inc to (164) | 25050.63 | 1.37 | 23077.88 | 24727.54 | 24778.94 | 23006.14 | 3.20 | 1.69 | 18.45 | 663.64 | 24328.78 | FTE 350 (351) | 5755.61 | 1.07 | 5299.18 | 5694.94 | 5705.54 | 5409.23 | 3.12 | 2.27 | 14.12 | 149.82 | 13444.42 | FTE 350 ex Investment Trusts (259) | 5680.50 | 1.09 | 5230.03 | 5619.27 | 5628.40 | 5351.90 | 3.16 | 2.06 | 15.36 | 150.28 | 6670.47 | FTE 350 High Yield (134) | 5122.21 | 0.69 | 4716.01 | 5087.26 | 5073.12 | 4626.85 | 4.25 | 1.92 | 12.23 | 171.67 | 14241.24 | FTE 350 Low Yield (217) | 5700.36 | 1.50 | 5365.25 | 5665.25 | 5665.25 | 5326.25 | 3.24 | 1.74 | 12.43 | 176.45 | 16744.74 | FTE SmallCap (176) | 8135.25 | 0.83 | 7400.11 | 8068.06 | 8114.13 | 7537.89 | 4.04 | 1.57 | 15.75 | 233.65 | 15792.49 | FTE SmallCap ex Inc to (98) | 6770.51 | 0.92 | 6241.88 | 6717.43 | 6748.15 | 6260.89 | 3.85 | 0.52 | 50.44 | 171.11 | 13628.87 | FTE SmallCap Financials ex Inc to (13) | 148.00 | 0.79 | 143.51 | 147.84 | 148.01 | 150.06 | 5.42 | 1.54 | 11.96 | 7.00 | 202.21 | FTE All-Share (526) | 5683.90 | 1.06 | 5242.36 | 5634.04 | 5644.81 | 5350.38 | 3.13 | 2.26 | 14.14 | 148.42 | 13431.83 | FTE All-Share ex Inc to (355) | 5577.28 | 1.09 | 5135.00 | 5517.23 | 5526.33 | 5253.82 | 3.16 | 2.05 | 15.43 | 147.51 | 8484.87 | FTE Hedging (41) | 12882.41 | -0.25 | 11860.62 | 12915.12 | 12982.13 | 13293.04 | -5.03 | -1.14 | -1.75 | 310.26 | 31295.13 | FTE Hedging ex Inc to (21) | 17140.12 | -0.32 | 15780.88 | 1794.74 | 17132.51 | 24338.42 | 5.83 | -0.89 | -19.22 | 617.81 | 40663.98 | FTE All-Small (218) | 5642.74 | 0.81 | 5158.26 | 5597.47 | 5629.38 | 5246.47 | 4.08 | 1.21 | 20.20 | 161.59 | 14035.59 | FTE All-Small ex Inc to (117) | 5088.35 | 0.89 | 4684.94 | 5043.22 | 5085.32 | 4745.49 | 3.89 | 0.47 | 55.06 | 129.17 | 12948.33 | FTE All-Share (525) | 7777.53 | 0.88 | 7797.00 | 7797.00 | 7797.00 | 7657.00 | 2.98 | 1.75 | 10.98 | 10.80 | 9811.00 | FTE All-Share Technology (19) | 2064.50 | 4.00 | 1901.15 | 1985.46 | 1980.04 | 2154.29 | 2.40 | 1.83 | 27.71 | 43.38 | 12403.01 | FTE All-Share Telecommunications (5) | 2074.63 | -3.85 | 1910.11 | 2157.78 | 2197.71 | 1838.12 | 3.38 | 0.80 | 36.80 | 41.30 | 3925.35 | FTE All-Share Health Care (12) | 15961.92 | 1.01 | 14666.11 | 15801.73 | 16158.19 | 17767.22 | 2.47 | 2.43 | 16.66 | 360.33 | 16248.35 | FTE All-Share Financials (231) | 8213.27 | 1.05 | 7561.94 | 8128.25 | 8223.53 | 7738.99 | 3.64 | 2.97 | 9.23 | 268.27 | 10787.06 | FTE All-Share Real Estate (38) | 759.51 | 0.65 | 731.53 | 754.63 | 758.39 | 779.49 | 5.20 | 1.02 | 18.91 | 31.55 | 959.61 | FTE All-Share Consumer Discretionary (88) | 6021.19 | 0.67 | 5543.70 | 5693.42 | 5893.33 | 6097.31 | 2.42 | 2.12 | 19.48 | 122.51 | 6997.85 | FTE All-Share Consumer Staples (28) | 19978.22 | 0.94 | 18383.91 | 19791.32 | 19541.58 | 20159.15 | 4.07 | 1.41 | 17.43 | 573.98 | 21557.69 | FTE All-Share Industrials (80) | 11859.95 | 1.57 | 10391.64 | 11679.91 | 11777.36 | 10982.88 | 1.59 | 2.06 | 30.41 | 158.40 | 14816.50 | FTE All-Share Basic Materials (23) | 11485.80 | 2.39 | 10574.96 | 11787.33 | 11725.66 | 9108.88 | 2.58 | 2.93 | 19.08 | 292.22 | 18428.47 | FTE All-Share Services (2) | 12314.45 | -0.34 | 11667.23 | 12667.23 | 12667.23 | 12667.23 | 2.58 | 2.52 | 19.08 | 292.22 | 18428.47 | FTE All-Share Utilities (5) | 10867.71 | 0.03 | 10005.88 | 10864.11 | 108565.55 | 10509.92 | 3.78 | 1.52 | 17.35 | 289.41 | 19524.95 | FTE All-Share Software & Computer Socs (17) | 2233.25 | -4.05 | 2056.18 | 2146.39 | 2140.21 | 2341.56 | 2.42 | 1.82 | 22.60 | 51.75 | 3707.06 | FTE All-Share Tech Hardware & Equip (2) | 4404.25 | -0.17 | 4054.98 | 4411.60 | 4458.17 | 2276.41 | 0.00 | 0.00 | 40.45 | 0.00 | 6186.35 | FTE All-Share Telecoms Cx Providers (5) | 3231.79 | -3.85 | 2975.50 | 3361.31 | 3423.51 | 2863.35 | 3.38 | 0.80 | 36.80 | 64.34 | 5599.83 | FTE All-Share Healthcare Providers (2) | 10756.72 | 1.44 | 9930.73 | 10604.43 | 10705.79 | 8413.29 | 1.09 | 1.36 | 67.78 | 28.78 | 10250.29 | FTE All-Share Medical Equipment & Svcs (2) | 5208.58 | 2.22 | 4795.53 | 5095.44 | 5178.17 | 6125.00 | 2.79 | 2.12 | 16.90 | 145.18 | 5566.25 | FTE All-Share Pharmaceuticals & Biotech (8) | 22951.99 | 0.56 | 21168.32 | 27733.40 | 23235.00 | 25560.62 | 2.47 | 2.44 | 16.59 | 514.99 | 21077.14 | FTE All-Share Banks (13) | 8549.01 | 0.91 | 7671.05 | 8472.13 | 8637.55 | 7263.31 | 3.87 | 2.61 | 9.88 | 303.71 | 9320.29 | FTE All-Share Banking & Credit Services (7) | 21637.80 | -2.63 | 21637.80 | 21637.80 | 21637.80 | 21637.80 | -3.87 | -2.61 | 9.88 | 303.71 | 9320.29 | FTE All-Share Inv Banking & Brokerage Socs (3) | 12238.98 | 2.24 | 11268.33 | 11971.18 | 13239.01 | 13207.98 | 4.09 | 2.85 | 8.57 | 408.99 | 20296.95 | FTE All-Share Closed End Investments (171) | 15637.03 | 0.62 | 14396.98 | 15540.54 | 15638.97 | 14072.94 | 2.59 | 6.59 | 5.86 | 3068.68 | 10917.07 | FTE All-Share Life Insurance (5) | 7827.55 | 0.85 | 7206.88 | 7761.80 | 7805.83 | 8294.18 | 5.17 | 1.17 | 16.54 | 401.46 | 11862.39 | FTE All-Share Nonlife Insurance (4) | 6616.98 | 0.66 | 6092.24 | 6573.78 | 6605.96 | 5171.05 | 3.52 | 1.27 | 22.30 | 224.06 | 16230.88 | FTE All-Share Real Estate Inv & Socs (10) | 1883.23 | -0.21 | 1733.89 | 1887.29 | 1810.09 | 2060.18 | 2.34 | 1.77 | 24.13 | 42.58 | 1635.96 | FTE All-Share Real Estate Investment Trts (28) | 1886.41 | 0.78 | 1746.03 | 1881.80 | 1906.98 | 1926.13 | 5.62 | 0.97 | 18.32 | 84.31 | 3511.34 | FTE All-Share Automobiles & Parts (1) | 1043.58 | 12.76 | 960.62 | 925.48 | 931.59 | 1437.94 | 0.00 | 0.00 | -0.03 | 11933.33 | FTE All-Share Consumer Services (2) | 3889.15 | 1.47 | 3580.73 | 3832.86 | 3804.06 | 3889.56 | 2.17 | 1.77 | 26.08 | 84.26 | 5338.94 | FTE All-Share World Goods & Home Comit (8) | 6483.19 | -0.53 | 5986.05 | 6517.93 | 6654.20 | 6868.71 | 3.15 | 3.19 | 9.35 | 153.13 | 6813.70 | FTE All-Share Aerospace & Deformet (7) | 4210.73 | -1.22 | 2718.96 | 2838.96 | 2838.96 | 2838.96 | -3.15 | -0.99 | -0.99 | -0.99 | -0.99 | FTE All-Share Personal Goods (3) | 14400.81 | 1.81 | 13332.46 | 14222.71 | 14351.21 | 15672.83 | 0.26 | 11.75 | 32.56 | 37.50 | 12198.27 | FTE All-Share Media (9) | 12761.92 | 1.28 | 11749.88 | 12600.09 | 12427.76 | 12267.16 | 3.16 | 1.80 | 17.65 | 370.78 | 10067.40 | FTE All-Share Retailers (19) | 2736.04 | 1.30 | 2519.07 | 2700.95 | 2715.58 | 2591.68 | 2.74 | 2.63 | 13.91 | 9561.77 | FTE All-Share Travel & Leisure (24) | 9959.37 | 0.22 | 9169.58 | 9937.43 | 10082.56 | 9662.99 | 1.95 | 1.68 | 30.51 | 150.04 | 10902.45 | FTE All-Share Beverages (5) | 16568.62 | 0.87 | 15254.89 | 16402.94 | 16298.24 | 15618.32 | 3.23 | 1.55 | 20.06 | 189.93 | 14752.69 | FTE All-Share Food Producers (10) | 7670.43 | 0.05 | 7062.15 | 7668.22 | 7610.45 | 7566.92 | 2.83 | 1.96 | 18.05 | 115.21 | 8174.44 | FTE All-Share Tobacco (2) | 45890.14 | 0.99 | 42250.97 | 45540.85 | 44346.85 | 47515.58 | 5.88 | 1.30 | 13.06 | 2030.05 | 57708.14 | FTE All-Share Construction & Materials (16) | 16260.50 | 1.49 | 14921.30 | 15686.23 | 161376.96 | 14300.56 | 2.72 | 2.23 | 16.44 | 356.03 | 22307.15 | FTE All-Share Aerospace & Deformet (7) | 23700.94 | 1.22 | 21696.99 | 22696.99 | 22696.99 | 22696.99 | -3.87 | -0.99 | -0.99 | 12766.36 | FTE All-Share Electrical & Electrical Equip (12) | 17383.94 | 1.17 | 16014.57 | 17193.24 | 17248.70 | 14821.05 | 0.95 | 3.02 | 34.64 | 141.00 | 18231.50 | FTE All-Share General Industrials (6) | 5958.41 | 1.45 | 5485.90 | 5673.51 | 5673.88 | 5275.72 | 3.25 | 1.64 | 27.67 | 8845.58 | FTE All-Share Industrial Engineering B (8) | 15646.01 | 3.71 | 14405.26 | 15058.95 | 15254.90 | 15129.60 | 2.27 | 1.60 | 27.59 | 303.42 | 22566.19 | FTE All-Share Industrial Support Socs (26) | 10214.98 | 1.98 | 9404.90 | 10016.15 | 9966.23 | 10512.10 | 2.25 | 1.49 | 29.71 | 200.55 | 12800.62 | FTE All-Share Industrial Transportation (7) | 7020.82 | 2.00 | 6464.06 | 6863.07 | 6839.68 | 5999.34 | 3.89 | 1.79 | 14.36 | 224.75 | 9047.41 | FTE All-Share Precious Metals & Mining (5) | 31631.23 | 1.78 | 2912.82 | 31077.46 | 31267.39 | 32669.13 | 2.83 | 2.77 | 12.79 | 911.89 | 25132.50 | FTE All-Share Chemicals (7) | 9122.66 | 1.57 | 8389.21 | 8881.55 | 8872.86 | 7671.18 | 3.66 | 0.80 | 34.20 | 282.48 | 10358.41 | FTE All-Share Oil & Gas & Coal (13) | 11959.66 | 0.34 | 11011.24 | 11918.29 | 11400.73 | 8075.65 | 3.37 | 2.52 | 11.78 | 305.59 | 17782.02 | FTE All-Share Alternative Energy (1) | 1773.35 | 3.25 | 180.05 | 7.23 | 17.95 | 9.94 | 0.00 | 0.00 | -19.49 | 1779 | FTE All-Share Utilities (2) | 14276.99 | -0.61 | 13146.89 | 14168.49 | 14204.76 | 13847.44 | -0.44 | -0.04 | -0.04 | 337083 | FTE All-Share Financials ex Inv Co (60) | 1098.88 | 1.15 | 192.49 | 197.59 | 200.19 | 1903.33 | 3.99 | 2.72 | 10.75 | 2557 | FTE All-Share Gas Water & Multi-use (75) | 93909.33 | -0.20 | 8646.21 | 9409.33 | 9374.81 | 9258.32 | 4.11 | Oct 09 | DOLLAR | EURO | POUND | Closing Mid | Day's Change | Weeks Change | Closing Mid | Day's Change | Weeks Change | Closing Mid | Day's Change | Weeks Change | Saudi Riyal | 3.7558 | 0.0014 | 0.0013 | 4.2050 | -0.0029 | -0.0296 | 4.9872 | 0.0014 | -0.0070 | Singapore Dollar | 1.3158 | 0.0003 | 0.0034 | 1.3493 | -0.0011 | -0.0037 | 1.6945 | 0.0003 | 0.0028 | South African Rand | 16.5375 | -0.0891 | -0.0906 | 18.5154 | -0.1197 | -0.2395 | 21.8716 | -0.1195 | -0.1581 | South Korea Won | 1342.5000 | 4.3500 | -7.7500 | 1503.0630 | 3.2644 | -19.8940 | 1775.5235 | 5.6193 | -13.3553 | Swedish Krona | 10.0038 | 0.0183 | -0.0159 | 11.2000 | 0.0085 | -0.1093 | 13.2302 | 0.0232 | -0.0441 | Swiss Franc | 0.8314 | -0.0015 | 0.0028 | 0.9307 | -0.0027 | -0.0038 | 1.0895 | -0.0021 | 0.0018 | Taiwan Dollar | 31.9305 | - | 0.0295 | 35.7494 | -0.0383 | -0.2318 | 42.2296 | -0.0032 | -0.0344 | Thai Baht | 33.5350 | -0.1500 | -0.0325 | 37.5457 | -0.2084 | -0.3151 | 44.3517 | -0.2017 | -0.1202 | Tunisian Dinar | 3.0653 | 0.0009 | 0.0147 | 3.8647 | -0.0026 | -0.0468 | 5.8147 | 0.0009 | 0.0125 | Turkish Lira | 49.3422 | 0.1275 | 0.1975 | 55.2436 | 0.0037 | -1868 | 65.2576 | 0.1637 | 0.1482 | UAE Dirham | 3.6730 | 0.0002 | 0.0003 | 4.1123 | -0.0042 | -0.0032 | 4.8578 | - | -0.0080 | Pound Sterling | 0.7561 | 0.0001 | 0.0013 | 0.8466 | -0.0008 | -0.0048 | 1.0000 | - | - | United States Dollar | 1.0000 | - | - | 1.1198 | -0.0012 | -0.0035 | 1.225 | -0.0001 | -0.0023 | Vietnamese Dong | 25881.0000 | -18.5000 | -104.5000 | 28976.3670 | -51.7940 | -332.6790 | 34228.9170 | -27.0590 | -197.9730 | Euro | 0.8932 | 0.0010 | 0.0006 | 1.0000 | - | - | 1.1812 | 0.0011 | 0.0066 | Tech Hardware & Equip | 121.36 | Alternative Energy | 79.06 | Energy | 37.26 | Oil & Gas & Coal | 37.22 | Industrial Metals & Mining | 30.23 | Health Care Providers | 21.85 | Nonlife Insurance | 27.84 | Basic Materials | 26.20 | Industrial Transportation | 18.82 | Chemicals | 18.13 | Electronic & Electrical Equip. | 16.32 | Construction & Materials | 15.25 | Aerospace & Defense | 17.93 | General Industrials | 12.92 | Telecomms Soc Providers | 12.87 | Telecommunications | 12.87 | Closed End Investments | 11.64 | Banks | 5.31 | Electricity | 3.13 | 21.36 | Industrials | - | 79.06 | Media | - | 37.26 | Beverages | - | 37.22 | Financials | - | 30.23 | Financials as Inv Co. | - | 27.85 | Retailers | - | 27.84 | Utilities | - | 26.20 | Industrial Engineering | - | 18.82 | Biotechnology | - | 18.13 | Travel & Leisure | - | 16.32 | Food Producers | - | 15.25 | Gas Water & Multi-voltices | - | 12.93 | Consumer Services | - | 12.92 | Consumer Staples | - | 12.87 | Real Estate Investment Trusts | - | 12.87 | Consumer Discretionary | - | 11.94 | Personal Care Drug & Grocery | - | 9.31 | Real Estate | - | 9.13 | Industrial Support Services | - | FTSE GLOBAL INDICES

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UK RECENT RIGHTS ISSUES | 8.78 | Tobacco | -3.42 | 6.85 | Precious Metals & Mining | -3.64 | 6.13 | Finance & Credit Services | -3.77 | 5.02 | Technology | -4.94 | 4.98 | Software & Computer Svcs | -5.26 | 3.40 | Life Insurance | -5.63 | 3.27 | Consumer Digital Services | -6.73 | 2.67 | Investment Banking & Brokerage | -7.42 | 1.47 | Personal Goods | -7.61 | 1.42 | Real Estate Investment & Svcs. | -7.88 | -0.90 | Pharmaceuticals & Biotech | -10.05 | -1.24 | Health Care | -10.16 | -1.25 | Leisure Goods | -14.01 | -1.50 | Medical Equipment & Svcs | -14.96 | -2.20 | HOLD Goods & Home Const | -26.60 | Oct 08 | No of stocks | US$ Indices | US$ Daily %Chg | Daily %Chg | YTD %Chg | YTD %Chg | US$ Total Ret | US$ Total Ret | YTD % Ret | Div Yield | Regions & countries | Developed ex Canada | 5153 | 1308.62 | -0.61 | -1.00 | 12.45 | 2231.49 | 13.94 | 1.50 | Developed ex Europe | 4158 | 1538.18 | -0.57 | -0.08 | 14.41 | 2441.10 | 15.65 | 1.28 | Developed ex Eurozone | 4765 | 1401.65 | -0.56 | -0.56 | 13.30 | 2324.78 | 14.69 | 1.41 | Developed ex US | 3825 | 776.64 | -0.94 | -5.44 | 10.08 | 1558.65 | 12.63 | 2.52 | Developed ex UK | 5140 | 1302.23 | -0.55 | -0.95 | 12.60 | 2321.00 | 14.05 | 1.45 | Developed ex Japan | 4025 | 1370.41 | -0.50 | -1.13 | 11.85 | 2380.00 | 13.28 | 1.48 | Developed Asia Pacific | 2303 | 848.76 | -1.22 | -7.72 | 24.70 | 1532.17 | 27.23 | 2.14 | Developed Asia Pacific ex JapanB | 1106.97 | 1106.97 | -1.92 | -5.17 | 33.42 | 2438.32 | 36.06 | 2.28 | Developed Europe | 1212 | 678.85 | -0.62 | -7.14 | 0.98 | 1463.85 | 3.69 | 1.94 | Developed ex Europe ex UK | 996 | 683.98 | -0.78 | -7.57 | 0.30 | 1644.55 | 3.01 | 2.86 | Developed Eurozone | 605 | 684.08 | -0.76 | -8.02 | 0.82 | 1458.79 | 3.43 | 2.85 | Developed Europe ex Asia Pacific | 3515 | 749.09 | -1.13 | -5.39 | 10.48 | 1515.37 | 13.14 | 2.57 | FTSE Emerging IndICES | Emerging | 4848 | 1078.72 | -1.29 | -2.92 | 8.70 | 2102.08 | 10.92 | 2.43 | Emerging Asia Pacific | 4128 | 1212.40 | -1.52 | -2.61 | 9.52 | 2219.96 | 11.40 | 1.91 | Emerging Europe | 222 | 315.55 | -0.71 | -16.37 | 2.07 | 718.37 | 4.30 | 0.7 | Emerging Plus Korea | 5290 | 4301.61 | -1.52 | -3.09 | 18.00 | 7825.19 | 20.12 | 2.13 | Emerging Asia ex Poland/CEU | 2767 | 4887.67 | -1.58 | -2.52 | 16.76 | 3704.45 | 20.83 | 2.33 | Advanced Emerging | 1198 | 1581.31 | -1.02 | 0.88 | 45.13 | 3447.24 | 48.26 | 2.43 | Secondary Emerging | 3650 | 947.36 | -1.58 | -1.46 | 14.30 | 1660.19 | -12.63 | 2.43 | FTSE 100 SUMMARY

Effective 07.11.2025 | Oct 08 | No of stocks | US$ Indices | Daily %Chg | Month %Chg | YTD %Chg | US$ TotalRet | YTD %TotalRet | Gr Div Yield | Sector | Hlhold Goods & Home Const | 119 | 501.98 | 0.20 | -4.58 | -6.50 | 885.50 | -4.84 | 2.28 | Tobacco | 13 | 1410.17 | 2.92 | 5.02 | 14.29 | 4506.87 | 18.26 | 4.44 | Health Care | Health Care | 843 | 1154.31 | -1.02 | -1.17 | 4.05 | 1828.22 | 5.56 | 1.62 | Health Care Providers | 114 | 1768.74 | -0.61 | -2.65 | 8.43 | 2213.50 | 9.80 | 1.58 | Industrial Chemicals & Biotech | 531 | 1017.51 | 1.33 | -1.72 | 8.71 | 1779.86 | 10.55 | 1.83 | Medical Equipment & Svc | 198 | 1646.94 | -0.26 | 1.26 | -9.30 | 2021.29 | -8.54 | 1.01 | Agricultural Food & Beverages | Food Producers | 300 | 613.09 | 0.61 | -6.20 | -2.64 | 1102.93 | 0.14 | 3.30 | Beverages | 103 | 940.35 | 1.89 | -3.01 | 6.12 | 1513.21 | 8.42 | 2.99 | Energy | Energy | 376 | 716.35 | 2.30 | -0.55 | 33.89 | 1556.80 | 37.21 | 2.94 | Electricity | 252 | 643.04 | -0.33 | -4.32 | -0.82 | 1516.80 | 1.38 | 2.97 | Alternative Energy | 90 | 96.50 | 0.03 | -4.53 | 4.40 | 120.54 | 6.68 | 3.58 | Commercial Energy | 69 | 363.55 | -0.80 | -10.03 | -2.37 | 2573.88 | -2.44 | 0.41 | Oil Gas & Coal | 307 | 746.59 | 2.45 | -0.06 | 36.22 | 1689.73 | 39.79 | 3.05 | Gas Water & Multi-Utilities | 119 | 681.35 | 0.27 | -4.62 | 0.24 | 1723.63 | 3.08 | 3.69 | Utilities | 412 | 669.93 | -0.12 | -4.33 | -0.61 | 1604.77 | 1.70 | 3.06 | Transportation | Automobiles & Parts | 300 | 1039.18 | -0.85 | -3.07 | -14.53 | 1713.27 | -13.35 | 1.56 | Industrial Transportation | 384 | 1351.29 | 0.44 | -5.24 | 7.85 | 2365.03 | 10.00 | 2.39 | Industrials | Aerospace & Defense | 105 | 2681.82 | -0.06 | -8.29 | -5.44 | 4100.81 | -4.72 | 1.23 | Industrial Metals & Mining | 347 | 2296.16 | -1.94 | -4.01 | 17.81 | 3648.60 | 18.94 | 1.41 | Industrial Materials | 92 | 271.44 | -0.34 | -5.64 | -2.42 | 539.32 | -0.53 | 2.97 | Industrial Metals & Mining | 388 | 1048.56 | -1.39 | -9.76 | 15.39 | 2097.77 | 17.63 | 2.40 | Industrial Support Services | 232 | 2266.38 | 1.01 | -1.28 | -1.46 | 1860.73 | -0.32 | 1.33 | Industrials | 2102 | 1513.16 | -0.37 | -4.02 | 5.56 | 2422.32 | 8.88 | 1.50 | General Industrials | 202 | 932.69 | -0.81 | -2.57 | 14.03 | 1677.26 | 15.69 | 1.63 | Resources & Materials | Basic Materials | 1035 | 1015.49 | -0.58 | -7.99 | 10.77 | 1893.79 | 12.84 | 2.20 | Chemicals | 457 | 1071.19 | -0.50 | -1.75 | 15.82 | 1928.66 | 18.04 | 2.11 | Construction & Materials | 471 | 1343.45 | -0.87 | -4.51 | -4.97 | 2058.63 | -3.04 | 1.41 | Waste & Disposal Services | 41 | 404.15 | 0.23 | -3.25 | -1.80 | 446.70 | -0.73 | 1.32 | Precious Metals & Mining | 98 | 1407.93 | 0.82 | 13.37 | -0.91 | 2507.67 | 0.65 | 1.85 | Event

Rights Issue: 10 for 17 at 16.5p p.s., payable in full by Nov. 21 (xr 07.11.25).

Company Name Petra Diamonds Ltd

Data provided by ICE, www.ice.com

The prices listed are indicative and believed accurate at the time of publication. No offer is made by ICE or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. For further information contact newspapers@ice.com

UK COMPANY RESULTS | Close (p) | %Chg | InterCont'l Hotels | 12026.00 | 0.99 | Intl Cons Airlines | 415.90 | -0.98 | Intersink Group | 5690.00 | -- | Investec | 593.00 | 0.76 | Ithaca Energy | 285.40 | 2.07 | JD Sports Fashion | 84.50 | 0.57 | Kingfisher | 318.00 | -1.36 | Land Securities | 604.00 | 0.50 | Legal & General | 287.00 | 0.53 | Lion Finance | 12380.00 | 0.08 | Lloyds Big Gp | 101.60 | 0.99 | LondonMetric Prop | 172.20 | 0.12 | Lon Stock Ex | 8694.00 | 2.64 | M&G | 304.30 | -0.03 | Marks & Spen | 397.00 | 0.00 | Melrose Ind | 444.50 | 1.41 | Metlen Energy | 4127.83 | 1.95 | Nat'l Grid | 1147.00 | -0.48 | NatWest Group | 642.60 | 0.44 | Next | 14700.00 | 1.69 | Pearson | 1285.00 | 1.46 | Pershing Square Hldgs | 3778.00 | 1.18 | Polar CapTech | 702.00 | -0.50 | Prudential | 858.40 | 1.22 | Reckitt Benckiser | 5132.00 | 1.18 | RELX | 2720.00 | 4.82 | Rentokil Initial | 303.00 | 0.53 | Rio Tinto | 7126.00 | 1.16 | Rolls-Royce | 1385.20 | 1.33 | Sainsbury UJ | 335.60 | 0.96 | Scot Mort Inv Tst | 1636.50 | 0.83 | Segro | 919.20 | 1.23 | Severn Trent | 3094.00 | -0.06 | Shell | 3793.50 | 0.34 | Smith & Nephew | 1020.50 | 1.69 | Smiths Gp | 2730.00 | 0.74 | Sprax Group | 7270.00 | 3.64 | SSE | 2454.00 | 0.70 | Standard Chartered | 2119.00 | 0.52 | Standard Life | 848.50 | 1.19 | St. James's Place | 1037.50 | 1.72 | Tesco | 5530.90 | 0.98 | The Sage Grp | 1071.50 | 4.28 | Tritax Big Box | 139.70 | 0.58 | Unilever | 4673.50 | 1.03 | Utd. Utilities | 1423.00 | 0.49 | Vodafone | 118.35 | -4.86 | Weir | 2642.00 | 4.10 | Whitbread | 2478.00 | 1.35 | WPP | 385.90 | 3.65 | Close (p) | %Chg | 3i Group | 2402.00 | 2.13 | Aberdeen Group | 243.00 | 2.53 | Admiral | 3634.00 | - | Airtel Africa | 290.20 | -6.27 | Alliance Witan | 1403.00 | 0.43 | Anglo American | 4170.00 | 3.22 | Arotafagasta | 3770.00 | 4.58 | Assoc. Brit. Foods | 1835.00 | 0.05 | AstraZeneca | 11998.00 | 0.89 | Autotrader Group | 488.70 | 0.58 | Aviva | 677.00 | 0.65 | Babcock Intl | 913.20 | 0.95 | BAE Systems | 1860.00 | 1.28 | Balfour Beatty | 876.00 | 1.15 | Barclays | 429.55 | 0.85 | Barnett Redrow | 290.40 | -0.34 | BP | 586.30 | 0.26 | Brit. Amer. Tobacco | 4194.00 | 0.79 | British Land | 388.60 | 0.99 | BT Group | 192.75 | -2.38 | Bunzl | 2738.00 | 1.03 | Burberry | 1024.50 | 1.74 | Centrica | 147.35 | 0.24 | Coca-Cola Europec | 7875.00 | 1.16 | Coca-Cola HBC AG | 4282.00 | 0.66 | Compass | 2359.08 | 1.47 | Computacenter | 5550.00 | 1.19 | Convatec | 220.00 | 3.20 | Croda International | 3390.00 | 1.38 | DCC Energy | 6425.00 | -0.31 | Diageo | 1638.00 | 0.99 | Diploma | 7785.00 | 0.45 | easyJet | 680.00 | -0.15 | Endeavour Mining | 4126.00 | 1.30 | Experian | 2682.00 | 4.20 | F&C Inv Trust | 350.60 | 0.63 | Fresnillo | 2756.00 | 2.49 | Games Works | 16390.00 | 0.24 | Glencore | 584.80 | 2.80 | GSK | 1750.00 | 0.84 | Haleon | 348.20 | 1.42 | Halma | 3526.00 | 0.80 | Hiscox | 1847.00 | 1.37 | Howden Joinery | 762.50 | 1.94 | HSBC | 1395.80 | 1.10 | ICG | 1808.00 | 4.21 | IG Group | 995.00 | 3.32 | IMI | 3092.00 | 1.98 | Imperial Brands | 2662.00 | 1.84 | Informa | 895.80 | 0.52 | UK RECENT STOCK ADDITIONS | Close (p) | %Chg | Close (p) | %Chg | 1947 Oil & Gas | 9.60 | - | iForex Financial | 145.00 | - | Aimia | 141.00 | - | Mendell Helium | 3.90 | - | ATC Music Grp | 187.50 | - | Meridian Mining | 123.50 | 1.23 | Braware Solutions | 164.50 | - | Pathos Comms | 25.50 | - | Chaleit Holdings | 69.00 | - | Rift Helium | 6.40 | - | Coastal Africa Group | 200.00 | - | Serval Resources | 30.50 | - | Comish Metals | 104.50 | 0.48 | Sintana Energy | 21.00 | - | Dauch Corp | 426.00 | -0.47 | Sunbelt Rentals | 5642.00 | 0.32 | EDX Medical Group | 8.00 | 6.67 | Tapir Holdings | 48.50 | 10.23 | Halo Minerals | 8.25 | - | The Smarter Web Co | 63.00 | 3.81 | Company | Turnover(£) | Ashoka India Equity Inv Trust* | Fin - (-) | Fidelity Emerging Markets $* | Fin - (-) | JPMorgan Global Growth & Income | Fin - (-) | Netcall* | Fin 57.7m (48.0m) | Next 15 Group* | Int 299.4m (316.1m) | Pristine Capital | Int - (-) | Scancell | Int - (4.7m) | Schroder Japan Trust* | Fin - (-) | Tesco* | Int 37.4bn (36.0bn) | Volution Grp* | Fin 484.8m (419.1m) | EPS(p) | DIV(p) | Pay Day | XD | 0.750 (0.410) | 0.600 (0.500) | Oct 30 | Oct 08 | 32.000 (31.000) | 33.000 (26.000) | Dec 08 | Nov 12 | 8.350 (8.270) | 6.200 (5.750) | Oct 09 | Aug 27 | 0.930 (2.450) | 1.100 (0.940) | Feb 08 | Dec 24 | -3.400 (10.700) | 4.750 (4.750) | Nov 20 | Oct 15 | -0.110 (-0.060) | n/a (-n/a) | - | - | -1.730 (-1.260) | n/a (-n/a) | - | - | 6.790 (6.910) | 4.070 (2.850) | Oct 30 | Oct 01 | 16.900 (14.400) | 5.050 (4.800) | Nov 20 | Oct 15 | 31.500 (21.000) | 8.800 (7.400) | Dec 15 | Nov 19 | 52 Week

United Kingdom (USD)

FT GLOBAL 500: THE WORLD'S LARGEST COMPANIES | Stock | 52 Week | Price | +/Chg | High | Low | Yld | P/E | MV (lb) | Australia (AUD) | ANZ Group Holdings | 37.36 | -0.59 | 41.00 | 33.36 | 5.82 | 19.19 | 112.67 | BHP Group | 61.19 | -1.26 | 68.77 | 40.17 | 3.95 | 31.61 | 311.10 | Commonwealth Bank | 148.12 | -2.25 | 185.59 | 146.98 | 3.41 | 22.70 | 247.87 | CSL Ltd | 181.46 | -0.53 | 222.47 | 90.00 | 2.23 | 28.22 | 87.08 | Macquarie Group | 246.79 | -1.98 | 267.90 | 187.31 | 3.26 | 25.21 | 94.68 | National Australia Bank | 37.80 | -0.60 | 49.45 | 35.48 | 4.50 | 17.10 | 117.94 | Westfarmers | 76.04 | -0.26 | 94.70 | 70.80 | 2.92 | 30.01 | 86.33 | Westpac Banking | 33.71 | -0.53 | 43.32 | 33.46 | 4.57 | 16.78 | 115.30 | Belgium (EUR) | Attreuter-busch indev | 68.44 | 1.10 | 76.18 | 50.10 | 1.18 | 25.83 | 123.00 | Brazil (BRL) | Itau Unibanco Holding | 53.50 | 0.35 | 55.43 | 32.50 | 0.00 | 0.00 | 300.55 | Itau Unibanco Holding Prfd | 49.35 | 0.24 | 50.85 | 36.96 | 0.00 | 0.00 | 266.94 | Petroleo Brasileiro | 61.93 | 1.88 | 62.00 | 30.96 | 0.00 | 54.89 | 460.90 | Petroleo Brasileiro Prfd | 55.48 | 1.15 | 56.75 | 29.31 | 0.00 | 0.00 | 302.17 | Vale | 67.64 | -1.11 | 91.62 | 58.87 | 0.00 | 76.21 | 287.86 | Stock | Price | 52 Week | +Chg | High | Low | Yld | P/E | Finland (EUR) | Nordex Bank Abp | 16.69 | -0.14 | 18.11 | 13.76 | 0.00 | 12.01 | France (EUR) | Air Liquide | 167.94 | -0.68 | 189.80 | 154.86 | 2.00 | 32.18 | Airtus | 187.26 | -0.18 | 221.30 | 157.42 | 1.71 | 34.94 | AAA | 41.42 | -0.61 | 45.66 | 36.55 | 5.60 | 11.54 | BNP Paribas A | 89.20 | -2.20 | 113.82 | 65.12 | 6.50 | 9.32 | Compagnie de Saint-Gabou | 64.76 | 91.56 | 64.50 | 3.55 | 9.67 | Crédit Agricole | 16.21 | -0.31 | 20.40 | 15.37 | 0.00 | 7.44 | Doverne | 59.28 | 0.50 | 60.14 | 57.26 | 3.80 | 22.89 | Dassault Synthons | 21.59 | -0.02 | 30.36 | 15.82 | 1.25 | 23.99 | ENSE | 22.71 | -0.03 | 29.88 | 18.45 | 4.54 | 14.94 | EssilorLuxottica | 143.00 | -3.65 | 323.90 | 138.30 | 2.90 | 27.50 | Hermes International | 1262.50 | -17.50 | 2300.00 | 1255.00 | 1.43 | 28.74 | L'Oréal | 374.05 | -0.35 | 405.80 | 338.85 | 1.92 | 29.43 | LMVMI Met Hennessy | 380.90 | -7.55 | 654.70 | 376.00 | 3.41 | 17.42 | Safran | 310.80 | -8.60 | 366.50 | 262.60 | 1.08 | 40.89 | Sorfixi | 70.93 | -0.88 | 91.15 | 69.75 | 5.81 | 9.06 | Schneider Electric | 261.10 | 6.55 | 312.30 | 220.40 | 1.61 | 30.40 | TotalEnergies | 77.58 | 2.16 | 81.34 | 49.24 | 4.51 | 11.26 | VMCI | 106.95 | -1.05 | 143.15 | 104.25 | 4.72 | 12.36 | Argo Eagle Mines | 261.47 | 4.26 | 348.94 | 188.48 | 0.98 | 22.31 | 1332.1 | Ameriprise Coetz-Part | 77.87 | 0.76 | 95.15 | 68.30 | 1.10 | 26.76 | 71.48 | Bank of Montreal | 228.42 | -2.30 | 259.20 | 168.92 | 2.99 | 25.99 | 158.71 | Bank of Nova Scotia | 124.43 | 0.14 | 134.50 | 88.22 | 3.66 | 25.60 | 153.23 | Brookfield | 52.27 | -0.44 | 95.76 | 50.85 | 0.76 | 93.34 | 116.68 | Brookfield Asset Mgmt | 64.21 | 0.70 | 82.98 | 58.09 | 4.45 | 36.69 | 102.56 | Canadian Imperial Bank | 153.68 | -0.69 | 172.87 | 111.45 | 2.79 | 20.52 | 139.53 | Canadian National Railway | 166.23 | 1.24 | 185.25 | 126.05 | 2.20 | 29.27 | 100.42 | Canadian Natural | 69.84 | 2.04 | 72.35 | 41.67 | 3.58 | 17.03 | 143.98 | Canadian Pacific Kansas | 120.00 | 0.62 | 133.38 | 96.50 | 0.83 | 38.10 | 105.49 | Constellation Software | 2912.00 | 10.02 | 4081.71 | 2198.00 | 0.20 | 980.47 | 61.71 | Enbridge | 66.14 | 0.71 | 80.65 | 62.42 | 5.87 | 34.63 | 149.89 | Royal Dutch Financial | 169.00 | 0.00 | 180.00 | 130.00 | 0.00 | 100.00 | 100.00 | Royal Bank of Scotland | 270.87 | -1.95 | 306.38 | 200.82 | 2.60 | 24.60 | 376.45 | Shopify Inc. | 234.19 | -2.40 | 253.10 | 129.01 | 0.00 | 157.17 | 283.04 | Suncor Energy | 100.89 | 3.63 | 100.24 | 53.02 | 2.38 | 26.34 | 118.00 | TC Energy | 85.36 | 1.36 | 100.18 | 69.41 | 4.11 | 34.14 | 85.36 | The Toronto-Dominion Bank | 162.23 | -0.20 | 175.33 | 109.50 | 2.71 | 19.64 | 274.09 | Waste Connections | 220.02 | -1.26 | 251.45 | 203.46 | 0.91 | 53.02 | 55.46 | Germany (EUR) | adidas AG | 146.50 | -0.25 | 196.40 | 129.95 | 1.91 | 19.64 | Allianz | 413.40 | -3.90 | 454.60 | 338.80 | 4.14 | 14.45 | BASF | 51.77 | 0.59 | 55.05 | 41.48 | 4.35 | 28.45 | BMW | 52.18 | -1.48 | 97.92 | 52.36 | 8.43 | 4.39 | Deutsche Bank | 29.66 | -0.20 | 35.84 | 23.82 | 3.37 | 9.39 | Deutsche Bors | 292.60 | 0.40 | 298.90 | 200.10 | 1.44 | 44.40 | Deutsche Telekom AG | 28.83 | -0.16 | 54.36 | 23.53 | 3.73 | 13.62 | DHL Group | 54.99 | -0.46 | 58.90 | 39.37 | 3.49 | 17.78 | Daimen Technologics | 58.90 | -2.05 | 88.83 | 31.27 | 0.59 | 76.49 | Mercedes-Benz Group | 39.02 | -0.01 | 62.34 | 38.91 | 8.97 | 3.83 | Merck | 135.70 | -4.45 | 148.80 | 100.70 | 1.62 | 21.24 | Muenchen Bank | 519.00 | 2.40 | 575.60 | 437.40 | 4.62 | 24.79 | Porsche | 40.96 | -1.71 | 50.66 | 35.62 | 2.47 | 10.37 | Rheinmetall | 934.90 | 8.70 | 1966.00 | 900.20 | 1.23 | 56.63 | SAP | 184.62 | -3.00 | 244.30 | 127.50 | 1.35 | 30.07 | Siemens | 264.25 | -6.95 | 291.70 | 198.00 | 2.02 | 25.09 | Siemens Energy | 142.50 | -1.10 | 191.66 | 94.40 | 0.49 | 226.19 | Siemens Healthineers | 38.26 | -0.30 | 49.71 | 32.81 | 2.61 | 20.03 | Volkswagen | 66.90 | -3.15 | 110.20 | 67.50 | 7.77 | 5.03 | Volkswagen Privat (US$) | 66.60 | -3.14 | 109.15 | 67.02 | 7.90 | 5.01 | Kuwait Finance House | 0.77 | -0.00 | 0.85 | 0.77 | 3.13 | 23.00 | 15.14 | Mexico (MXN) | America Movil B | 20.20 | 0.05 | 24.49 | 17.48 | 2.67 | 0.00 | 1256.14 | Wal-Mart de Mexico | 47.25 | 0.49 | 63.97 | 44.80 | 2.46 | 0.00 | 824.34 | Netherlands (EUR) | Adyen | 861.60 | -5.60 | 1600.80 | 772.40 | 0.00 | 47.31 | 27.31 | ASML Holding | 1630.60 | 20.40 | 1741.00 | 812.60 | 0.48 | 81.90 | 632.91 | Heineken | 70.78 | 0.32 | 80.44 | 63.90 | 2.71 | 15.19 | 40.02 | ING Groep | 29.43 | -0.81 | 32.40 | 20.23 | 3.86 | 14.86 | 84.55 | Prosus N | 34.85 | -0.45 | 63.94 | 34.48 | 0.80 | 6.59 | 76.21 | The Magnum Ice Cream Co | 15.45 | 0.24 | 17.68 | 11.02 | 0.00 | 32.19 | 9.46 | Universal Music Group NV | 14.68 | 0.33 | 24.22 | 13.92 | 3.54 | 34.14 | 26.99 | Norway (NOK) | Stock | Price | +/-Chg | 52 Week | P/E | MV (bl) | High | Low | Yld | Shin-Etsu Chemical | 6112.00 | -113.00 | 7930.00 | 4366.00 | 2.22 | 24.22 | 12150.16 | SoftBank | 241.30 | 0.60 | 252.90 | 202.80 | 3.65 | 21.26 | 11594.75 | SoftBank Group | 6044.00 | -370.00 | 72655.00 | 3365.00 | 0.18 | 6.91 | 34489.56 | Sony Financial Group | 146.50 | -2.30 | 180.40 | 129.30 | 5.46 | 18.40 | 991.86 | Sony Group | 3709.00 | -37.00 | 4776.00 | 3643.00 | 0.94 | 617.75 | 22107.46 | Sumitomo Mitsui Financial | 3297.00 | -75.00 | 7290.00 | 3300.00 | 2.73 | 16.01 | 25064.62 | Takeda Pharmaceutical | 5816.00 | 50.00 | 6033.00 | 4102.00 | 3.51 | 60.11 | 3918.05 | Tokio Marine Holdings | 518.10 | 2.10 | 8468.00 | 501.00 | 3.15 | 27.82 | 15030.08 | Tokyo Electron | 12190.00 | -310.00 | 81260.00 | 11270.00 | 1.30 | 48.58 | 28526.60 | Toyota Motor | 2902.00 | 1.50 | 4000.00 | 2686.00 | 3.45 | 9.83 | 42354.65 | Kuwait (KWD) | Agricultural Bank China A | 7.02 | 0.05 | 8.68 | 5.79 | 3.70 | 9.00 | 22.41 | Bank of China A | 6.81 | 0.08 | 6.79 | 5.13 | 3.46 | 9.20 | 16.25 | Bank of Communications A | 7.83 | 0.08 | 7.77 | 6.37 | 4.30 | 7.25 | 453.40 | China Construction Bank A | 11.15 | 0.09 | 11.23 | 8.50 | 3.62 | 8.58 | 236.19 | China Life Insurance A | 35.94 | -0.76 | 51.92 | 32.32 | 2.72 | 6.59 | 748.40 | China Merchants Bank A | 41.71 | 0.45 | 43.79 | 35.28 | 4.83 | 7.32 | 860.43 | China Petroleum Chemical A | 5.48 | 0.20 | 8.11 | 4.43 | 3.96 | 20.92 | 531.77 | China Shenhua Energy A | 47.49 | -0.31 | 51.18 | 38.27 | 4.23 | 17.85 | 869.63 | China Yangtze Power A | 28.90 | 0.36 | 29.57 | 25.38 | 3.46 | 20.50 | 707.13 | OTIC Securities A | 25.40 | -0.46 | 30.63 | 23.77 | 3.30 | 12.96 | 309.89 | Cont Amurex Tech A | 266.75 | -4.36 | 468.75 | 285.74 | 1.25 | 17.77 | 1264.27 | East Money Information A | 17.28 | -0.51 | 27.08 | 17.22 | 0.58 | 22.59 | 273.41 | Fascsim Int'l Ind A | 55.69 | -2.51 | 84.95 | 47.35 | 1.76 | 31.29 | 1105.12 | IDBC A | 8.31 | 0.03 | 8.40 | 6.85 | 3.85 | 8.31 | 2.24 | Industrial Bank A | 18.24 | 0.19 | 21.90 | 16.44 | 5.84 | 5.27 | 386.01 | Jiangsu Hengpu Pharma A | 10.00 | 0.00 | 10.00 | 8.00 | 0.00 | 47.50 | 471.50 | Lia Finance Group A | 1255.78 | -2.83 | 1568.00 | 1151.01 | 4.14 | 19.11 | 1569.84 | Luxshare Precision Oil A | 49.43 | -1.00 | 81.78 | 44.57 | 0.51 | 21.15 | 355.79 | Middle Group A | 81.74 | 1.64 | 89.50 | 71.02 | 5.26 | 14.09 | 569.12 | PetroChina A | 11.59 | 0.38 | 13.69 | 8.04 | 4.40 | 13.48 | Ping An Insurance Group A | 52.67 | -0.62 | 74.88 | 46.90 | 5.18 | 6.86 | 561.47 | Postal Savings Bank China A | 5.49 | 0.03 | 6.13 | 4.76 | 4.16 | 7.52 | Shenzhen Mind Bio-Med A | 157.60 | -3.72 | 246.98 | 130.66 | 2.69 | 23.47 | 190.98 | Wuling Tian A | 70.14 | 0.08 | 122.96 | 68.68 | 7.35 | 30.41 | 272.26 | Zijin Mining Group A | 29.37 | -0.42 | 44.94 | 24.42 | 2.72 | 15.06 | 605.07 | Equinor Republic of Korea (KRW) | 410.70 | 7.20 | 426.00 | 226.40 | 3.59 | 211.70 | 981.88 | LG Energy Solution | 401000.00 | 10000.00 | 527000.00 | 206500.00 | 0.00 | 87.46 | 93834.00 | SAMSUNG BIOLOGICS | 1219000.00 | -58000.00 | 1987000.00 | 1003000.00 | 0.00 | 50.94 | 56428.67 | Samsung Electronics | 352000.00 | -6500.00 | 374500.00 | 90200.00 | 0.64 | 39.67 | 0.00 | Samsung Electronics Pref | 194000.00 | -4000.00 | 243500.00 | 70400.00 | 0.87 | 183.43 | 155660.01 | Samsung Epis | 345000.00 | -26500.00 | 773000.00 | 324500.00 | 0.00 | 269.60 | 8472.68 | SK hyrix | 1681000.00 | -42000.00 | 2987000.00 | 403000.00 | 0.18 | 27.09 | 0.00 | BioNTechHong Kong (HKD) | 92.06 | -3.19 | 124.00 | 79.52 | 0.00 | 44.05 | 23.28 | AIA Group | 69.25 | 0.45 | 92.15 | 68.00 | 2.86 | 117.17 | 716.51 | HKEX | 375.00 | -4.00 | 460.20 | 360.00 | 3.72 | 26.69 | 475.44 | Saudi Arabia (SAN) | ACWA Power | 164.90 | -6.20 | 252.60 | 154.50 | 0.28 | 66.76 | 126.39 | Al Rajhi Bank | 62.30 | -0.90 | 110.00 | 62.00 | 4.83 | 15.97 | 373.80 | Saudi Arabian Mining | 62.40 | -0.60 | 79.90 | 54.90 | 0.00 | 32.67 | 242.66 | Saudi Arabian Oil | 25.74 | -0.10 | 27.96 | 23.29 | 5.27 | 17.88 | 62.29 | Saudi Basic Industries | 45.80 | -0.76 | 62.50 | 45.70 | 5.68 | 5.33 | 137.40 | Saudi National Bank | 37.86 | -1.22 | 45.24 | 36.00 | 6.08 | 9.37 | 227.16 | STC Co | 42.60 | -0.40 | 45.38 | 41.14 | 5.16 | 14.34 | 213.00 | India (UNIV) | Bajra Finance | 954.00 | -10.10 | 1177.60 | 788.40 | 0.63 | 50.07 5839.56 | Brah Amrit Ltd | 1798.35 | -36.65 | 2174.70 | 1726.05 | 1.34 | 137.231210.12 | HCL Technologies | 1180.75 | -3.05 | 1770.00 | 1030.00 | 5.08 | 16.40 3024.16 | HEPC Bank | 692.60 | -11.20 | 1023.05 | 682.00 | 1.88 | 13.9910678.92 | Hindustan Unilever | 1842.20 | -25.80 | 2667.55 | 1827.10 | 2.23 | 42.12 4328.42 | ICICI Bank | 1354.00 | -3.00 | 1479.30 | 1187.55 | 0.89 | 21.43 9732.02 | Infosys | 994.15 | 2.05 | 1727.85 | 980.30 | 4.83 | 15.41 4034.54 | Korea Electric | 254.65 | -11.25 | 426.50 | 254.75 | 5.71 | 9.14 2183.28 | Kotrimi Mahindra Bank | 438.70 | -1.00 | 445.70 | 345.70 | 1.70 | 3.94 4384.14 | Lancor & Toubro | 3620.50 | -78.50 | 4440.00 | 3288.65 | 1.05 | 30.96 4981.43 | Life Insurance Corp | 379.50 | -6.60 | 396.60 | 382.65 | 2.64 | 13.34 4800.67 | Maruti Suzuki India | 11222.20 | -267.65 | 17371.60 | 11304.30 | 1.25 | 24.04 3528.29 | Reliance Industries | 1177.30 | -29.35 | 1611.20 | 1161.00 | 0.51 | 22.871531.86 | State Bank of India | 940.65 | -12.15 | 1234.80 | 857.30 | 1.84 | 10.82 8682.92 | Sun Pharmaceutical Inds | 1752.50 | -30.75 | 2047.55 | 1586.60 | 0.91 | 38.43 4204.74 | Tata Consultancy Svs | 2075.25 | -8.75 | 3336.70 | 1976.00 | 3.18 | 15.46 7508.44 | Singapore (SGD) | DBS Group Holdings | 73.85 | -3.64 | 79.05 | 51.80 | 4.31 | 19.23 | 210.03 | Overseas-Chinese Banking | 29.00 | -1.30 | 32.57 | 16.62 | 3.62 | 1779.14 | 130.94 | United Overseas Bank Ltd | 40.25 | -2.19 | 45.15 | 33.25 | 3.95 | 14.58 | 66.90 | Singapore (USD) | JOYY A | 80.85 | -0.48 | 81.70 | 54.24 | 6.65 | 323.40 | 52.79 | Sea /Singapore A | 92.89 | -1.77 | 193.48 | 77.05 | 0.00 | 35.05 | 50.76 | South Africa (TAR) | Agricultural Bank China | H-59 | 0.01 | 6.71 | 5.05 | 4.62 | 8.45 | 202.57 | Alibaba Group Holding | 104.30 | -1.10 | 179.00 | 88.65 | 0.99 | 125.66 | 207.75 | Bank of China | 6.03 | 0.04 | 6.14 | 4.11 | 4.58 | 8.15 | 504.24 | Bank of Communications H | 8.35 | 0.14 | 8.38 | 6.33 | 4.72 | 7.73 | 292.35 | BPO H | 72.90 | -1.65 | 113.40 | 71.40 | 0.56 | 20.36 | 268.52 | China CITIC Bank | 8.31 | 0.05 | 8.70 | 6.50 | 5.58 | 6.92 | 123.67 | China Construction Bank H | 9.66 | 0.04 | 9.90 | 7.18 | 4.89 | 7.43 | 23.24 | China Life Insurance H | 26.76 | -0.50 | 36.16 | 20.90 | 4.21 | 4.91 | 199.13 | China Merchants Bank H | 51.65 | 0.70 | 53.70 | 43.34 | 4.40 | 9.06 | 237.12 | China Petroleum Chemical H | 4.54 | 0.12 | 5.70 | 3.98 | 5.54 | 17.31 | 107.37 | China Shenhua Energy H | 43.42 | 0.18 | 49.62 | 37.54 | 5.35 | 15.91 | 146.65 | OTC Securities H | 23.54 | -0.46 | 32.50 | 23.24 | 4.16 | 12.01 | 80.60 | ICBC H | 7.57 | -0.01 | 7.77 | 5.56 | 4.95 | 7.57 | 656.60 | JCI com A | 105.20 | 0.30 | 137.20 | 95.80 | 3.73 | 15.27 | 262.63 | Meituan B | 69.40 | -0.75 | 108.00 | 63.65 | 0.00 | 18.07 | 388.39 | Midea Group H | 92.80 | 2.35 | 101.70 | 77.65 | 5.43 | 16.00 | 60.40 | NetEase | 186.50 | -2.00 | 244.80 | 168.80 | 2.47 | 17.61 | 590.05 | Norgo Spring H | 40.44 | 0.68 | 56.25 | 37.90 | 2.79 | 28.66 | 203.60 | PetroChina H | 9.83 | 0.24 | 12.22 | 7.05 | 5.98 | 11.43 | 207.40 | Ping An Insurance Group H | 51.30 | -0.20 | 74.70 | 50.00 | 6.13 | 6.68 | 382.06 | Prakti Savings Bank China H | 5.36 | -0.01 | 5.78 | 4.48 | 4.99 | 7.34 | 106.43 | Tencent Holdings | 411.40 | -9.20 | 681.00 | 411.00 | 1.29 | 16.62 | 3740.70 | Kimcoy B | 23.66 | -0.28 | 54.70 | 21.30 | 0.00 | 14.60 | 505.51 | China Mobile Group H | 31.28 | -1.08 | 46.98 | 26.58 | 2.94 | 16.04 | 187.34 | China (USD) | Full Truck Alliance | 8.33 | -0.02 | 13.50 | 7.46 | 2.77 | 277.67 | 155.36 | Futu Holdings A | 108.76 | -0.92 | 202.53 | 80.50 | 2.34 | 10.41 | 83.31 | PDD Holdings A | 78.26 | -0.24 | 139.41 | 71.94 | 0.00 | 31.30 | 444.41 | Denmark (DKK) | Indonesia (EUR) | Bank Central Asia | 6000.00 | -50.00 | 8750.00 | 4820.00 | 0.00 | 12.85 | 7396.50 | PT Bantu Renewables | 2660.00 | 190.00 | 10725.00 | 2300.00 | 0.15 | 0.00 | 558.71 | Italy (EUR) | Aiosicurazioni Generali | 41.02 | -0.60 | 46.24 | 31.76 | 4.00 | 16.88 | 62.95 | Enel | 8.76 | 0.03 | 10.31 | 8.18 | 5.59 | 23.67 | 87.03 | Eni | 24.88 | 0.65 | 25.02 | 14.54 | 4.42 | 17.65 | 75.34 | Ferrari | 342.80 | -2.35 | 422.40 | 269.00 | 0.87 | 49.61 | 60.77 | Intesa Sanpaolo | 6.06 | -0.18 | 6.94 | 4.81 | 6.20 | 26.35 | 107.16 | Stellantis | 4.00 | -0.12 | 10.49 | 3.61 | 0.00 | 5.38 | 11.59 | UniCredit SpA | 75.33 | -2.39 | 86.42 | 57.36 | 4.18 | 14.76 | 117.64 | Naspers N | 701.77 | -7.14 | 1295.72 | 690.05 | 0.72 | 83.19 | 522.77 | Spain (EUR) | Banco Santander | 11.91 | -0.35 | 13.12 | 8.10 | 1.71 | 13.09 | 173.37 | BRBA Spain | 23.02 | -0.41 | 25.57 | 15.39 | 3.41 | 88.54 | 126.86 | CaixaBank | 11.88 | -0.04 | 13.55 | 8.57 | 3.41 | 34.96 | 82.91 | Berdrola SA | 21.11 | 0.18 | 22.08 | 16.35 | 2.61 | 38.24 | 140.87 | Inditex | 52.84 | -0.50 | 59.42 | 46.07 | 2.68 | 119.82 | 164.68 | Sweden (SEK) | Atlas Copco A | 205.70 | -1.00 | 214.10 | 149.45 | 1.46 | 37.88 | 690.65 | Atlas Copco B | 179.70 | -0.60 | 186.05 | 134.00 | 1.67 | 33.09 | 280.49 | EOT | 276.00 | -3.50 | 383.00 | 259.00 | 1.81 | 445.88 | 360.72 | Investor B | 406.55 | -0.95 | 426.80 | 301.50 | 1.38 | 7.91 | 740.71 | Volvo B | 309.50 | -2.90 | 374.50 | 244.90 | 4.20 | 18.27 | 492.94 | Switzerland (CHF) | ABB | 78.80 | -1.08 | 89.14 | 53.78 | 1.19 | 30.42 | 143.66 | Alcon | 52.20 | -0.50 | 68.34 | 47.80 | 0.54 | 50.19 | 26.08 | Civian Financiere Richemont | 168.40 | -4.20 | 202.20 | 172.20 | 1.96 | 35.91 | 90.53 | Givaudan | 3409.00 | -9.00 | 3592.00 | 2566.00 | 2.11 | 38.29 | 31.48 | Holcim | 62.84 | -0.84 | 82.54 | 60.10 | 2.71 | 19.52 | 35.62 | Lonza Group | 563.40 | -13.80 | 587.80 | 454.60 | 0.89 | 63.09 | 39.57 | Nestle | 76.00 | 0.44 | 87.09 | 70.29 | 4.08 | 21.65 | 195.82 | Novartis | 117.72 | -2.30 | 132.68 | 97.05 | 3.14 | 38.60 | 239.54 | Roche Holding | 361.00 | -7.80 | 383.00 | 270.80 | 2.71 | 22.31 | 38.52 | Roche Holding Pref. | 352.70 | -7.30 | 375.80 | 291.00 | 2.78 | 21.80 | 247.79 | Sika | 170.85 | -2.90 | 197.60 | 120.35 | 2.17 | 26.28 | 27.42 | Swiss Re | 142.30 | -1.45 | 153.85 | 114.05 | 4.43 | 10.90 | 42.51 | UBS Group | 38.83 | -0.50 | 45.04 | 28.25 | 2.21 | 19.81 | 127.28 | Zurich Insurance Group | 572.80 | -0.20 | 626.00 | 521.00 | 5.24 | 17.91 | 86.62 | Canon | 4655.00 | 16.00 | 5033.00 | 3987.00 | 3.45 | 15.98 | 6110.99 | Chagas Pharmaceutical | 6107.00 | 6.00 | 10700.00 | 5914.00 | 2.16 | 23.18 | 10254.01 | Caterpillar | 2953.50 | -45.00 | 4178.00 | 2296.00 | 3.77 | 17.55 | 4940.19 | FAST RETAILING | 74800.00 | 20.00 | 86690.00 | 64580.00 | 1.20 | 23.31 | 22082.93 | Hiscoch | 5597.00 | -52.00 | 6039.00 | 4222.00 | 1.00 | 41.82 | 23056.93 | Honda Motor | 1712.50 | 29.00 | 1765.50 | 1238.00 | 4.09 | 16.15 | 7762.76 | HOYA | 25250.00 | -11.00 | 30400.00 | 21400.00 | 1.16 | 33.64 | 8379.32 | ITCHU | 2138.50 | -23.00 | 9959.00 | 1883.00 | 2.06 | 16.71 | 10946.43 | Japan Tobacco | 6960.00 | -30.00 | 7218.00 | 4836.00 | 3.91 | 24.22 | 13300.00 | KDDI | 2985.00 | 26.00 | 3121.00 | 2329.00 | 2.89 | 15.82 | 11941.65 | Kayacor | 80000.00 | -1500.00 | 67630.00 | 51510.00 | 0.69 | 43.58 | 19456.61 | Mitsubishi | 4580.00 | -86.00 | 6012.00 | 3483.00 | 2.72 | 21.76 | 11071.33 | Mitsubishi Heavy Grp | 3680.00 | -131.00 | 5288.00 | 3484.00 | 0.79 | 37.22 | 13410.02 | Mitsubishi U.S. Finl Grp | 3264.00 | -118.00 | 3813.00 | 22350.50 | 2.74 | 18.44 | 45946.46 | Da Chiba Finl | 4764.00 | -145.00 | 5145.00 | 3845.00 | 1.80 | 16.58 | 11848.65 | Mizuho Financial Group | 8350.00 | -254.00 | 8983.00 | 45650.00 | 1.80 | 16.60 | 20307.65 | Nintendo | 7951.00 | 76.00 | 14303.00 | 6544.00 | 2.06 | 15.14 | 10108.28 | NTT | 1721.00 | 160.00 | 181.00 | 142.60 | 3.14 | 13.65 | 15560.71 | Recruit Holdings | 17200.00 | 200.00 | 18215.00 | 6040.00 | 0.15 | 49.17 | 25237.07 | Hon Hai Precision | 249.00 | -3.00 | 314.00 | 187.50 | 2.88 | 18.30 | 3504.86 | MediaTek | 4690.00 | -145.00 | 5480.00 | 1130.00 | 1.14 | 70.89 | 7527.23 | Taiwan Semicon Mfg | 2550.00 | -35.00 | 2590.00 | 1375.00 | 1.02 | 38.4866127.54 | United Arab Emirates (AED) | United Kingdom (GBP) | 3i Group Plc | 24.02 | 0.50 | 44.97 | 18.25 | 3.52 | 4.45 | 24.57 | AstraZeneca | 119.98 | 1.06 | 157.32 | 98.92 | 1.99 | 24.04 | 106.09 | BAE Systems | 18.60 | 0.23 | 23.60 | 15.29 | 2.03 | 27.03 | 55.81 | Barclays | 4.30 | 0.04 | 5.54 | 3.54 | 2.68 | 9.81 | 57.43 | BP | 5.86 | 0.01 | 6.09 | 3.99 | 4.28 | 92.08 | British Amer Tobacco | 41.94 | 0.33 | 53.26 | 36.77 | 5.84 | 11.95 | 90.47 | Compass Group | 23.59 | 0.34 | 25.81 | 20.00 | 2.15 | 28.34 | 40.12 | Diageo | 16.38 | 0.16 | 19.04 | 12.96 | 2.31 | 27.74 | 36.49 | Experian | 26.82 | 1.08 | 37.07 | 22.03 | 1.93 | 21.56 | 23.59 | Glencore | 5.85 | 0.16 | 7.07 | 3.32 | 2.20 | 68.58 | COMMODITIES | INTEREST RATES: OFFICIAL | Rate | Current | Since | Last | US | Fed Funds | 3.75-4.00 | 16-09-2026 | 3.50-3.75 | US | Prime | 7.00 | 16-09-2026 | 6.75 | US | Discount | 4.00 | 16-09-2026 | 3.75 | Euro | Repo | 2.65 | 16-09-2026 | 2.40 | UK | Repo | 3.75 | 18-12-2025 | 4.00 | Japan | O'night Call | 1.25 | 18-09-2026 | 1.00 | Switzerland | SNB | 0.00 | 19-06-2025 | 0.25 | Stock | Price | +/-Chg | High | Low | Yld | P/E | MV (bl) | GSX | 17.50 | 0.14 | 22.82 | 15.92 | 4.00 | 12.40 | 75.54 | Haleon | 3.49 | 0.05 | 4.16 | 3.18 | 2.09 | 18.77 | 30.72 | HSBC Holdings | 13.96 | 0.15 | 16.10 | 9.59 | 3.99 | 15.26 | 239.17 | Lloyds Banking Group | 1.02 | 0.01 | 1.18 | 0.82 | 3.95 | 14.51 | 58.44 | London Stock Exchange Grp | 86.94 | 2.24 | 101.40 | 66.84 | 1.82 | 36.47 | 41.92 | National Grid | 11.47 | -0.06 | 14.29 | 10.86 | 4.23 | 17.51 | 57.66 | NatWest Group | 6.43 | 0.03 | 7.26 | 5.04 | 5.45 | 12.01 | 50.98 | Reckitt Benckiser Group | 51.32 | 0.60 | 65.23 | 36.64 | 4.22 | 10.96 | 32.53 | RELX | 27.20 | 1.25 | 35.39 | 19.91 | 2.53 | 24.16 | 47.41 | Rio Tinto | 71.26 | 1.04 | 91.17 | 49.70 | 4.89 | 15.36 | 89.44 | Rolls-Royce Holdings | 13.85 | 0.18 | 15.86 | 9.90 | 0.79 | 19.96 | 114.89 | Shell | 37.94 | 0.13 | 38.06 | 25.54 | 2.97 | 16.56 | 217.00 | Unilever | 46.73 | 0.47 | 55.42 | 36.44 | 3.53 | 12.75 | 100.68 | INTEREST RATES: MARKET | | Overnight | Change | OneMonth | ThreeMonth | SixMonth | OneYear | Day | Week | SOFR | 3.880 | -0.020 | 0.010 | 3.923 | 4.037 | 4.190 | 4.472 | EURIBOR | - | - | - | 2.414 | 2.642 | 2.936 | 3.213 | ESTR | 2.439 | 0.000 | -0.003 | 2.452 | 2.514 | 2.649 | 2.882 | SARION | -0.038 | 0.000 | -0.002 | -0.040 | -0.046 | -0.044 | -0.046 | SONIA | 3.733 | 0.000 | 0.000 | 3.768 | 3.946 | 4.134 | 4.460 | Rates are fixed at 11am UK time.

BONDS: TEN YEAR GOVT SPREADS | BONDS: TEN YEAR GOVT SPREADS | Bid Yield | Spread vs Bund | Spread vs Bond | Bid Yield | Spread vs Bund | Spread vs Bond | Austria | 3.65 | 0.18 | -1.60 | Italy | 4.42 | 0.95 | -0.83 | Australia | 5.28 | 1.81 | 0.03 | Japan | 3.00 | -0.47 | -2.25 | Belgium | 4.21 | 0.74 | -1.04 | Netherlands | 3.51 | 0.04 | -1.74 | Brazil | 12.63 | 9.16 | 7.38 | Poland | 6.25 | 2.78 | 1.00 | China | 1.69 | -1.78 | -3.56 | Portugal | 3.89 | 0.42 | -1.36 | Denmark | 3.29 | -0.18 | -1.96 | Spain | 4.00 | 0.53 | -1.25 | France | 4.75 | 1.28 | -0.50 | Sweden | 3.12 | -0.35 | -2.13 | Germany | 3.47 | 0.00 | -1.78 | UK | 5.38 | 1.91 | 0.13 | Ireland | 3.50 | 0.03 | -1.75 | US | 5.25 | 1.78 | 0.00 | Precious Metals | Gold | 4188.82 | 77.36 | Silver ($) | 60.90 | 1.74 | Platinum | 1686.90 | 46.55 | Palladium | 1151.39 | 27.06 | Iron Ore | 90.85 | 0.39 | Aim Holdings | 275.29 | -19.08 | 452.70 | 100.02 | 0.00 | 323.87 | 292.91 | United States (USD) | 3M Co | 163.58 | 1.46 | 184.90 | 139.34 | 1.91 | 28.85 | 84.36 | Abbott Laboratories | 98.49 | -0.24 | 135.12 | 81.97 | 2.56 | 31.77 | 170.43 | AbbVie | 272.42 | 1.06 | 274.94 | 190.75 | 2.54 | 76.95 | 481.40 | Accenture Plc A | 208.36 | 11.72 | 291.09 | 118.15 | 3.28 | 16.50 | 127.50 | Adobe | 241.05 | 8.28 | 363.70 | 190.12 | 0.00 | 13.44 | 93.82 | Aflac | 114.94 | 2.20 | 130.22 | 105.43 | 2.12 | 12.35 | 57.62 | Air Products & Chemicals | 276.38 | 0.26 | 314.87 | 229.11 | 2.60 | 29.33 | 61.99 | Autiva A | 163.23 | 2.60 | 193.45 | 110.81 | 0.00 | 43.53 | 66.48 | Alphabet A | 346.29 | -2.21 | 406.61 | 235.84 | 0.25 | 17.28 | 2043.77 | Alphabet C | 344.86 | -2.51 | 404.47 | 236.69 | 0.26 | 17.11 | 1066.04 | Altia Group | 71.42 | 2.04 | 77.06 | 54.70 | 6.22 | 14.91 | 119.25 | Amazon.com | 254.06 | -5.86 | 287.20 | 196.00 | 0.00 | 20.15 | 2740.37 | AMZN | 620.68 | -25.18 | 658.52 | 188.22 | 0.00 | 156.34 | 1013.24 | American Express | 127.27 | -1.53 | 159.58 | 115.53 | 2.11 | 21.02 | 68.59 | American International | 77.05 | 1.39 | 87.29 | 22.60 | 2.93 | 13.93 | 40.29 | American Tower | 166.73 | 0.55 | 196.08 | 160.06 | 4.24 | 22.87 | 77.69 | Ameriprise Financial | 498.08 | 8.52 | 572.56 | 422.37 | 1.36 | 11.89 | 44.09 | AMETEK Inc | 247.52 | -1.10 | 261.16 | 179.24 | 0.55 | 36.08 | 56.75 | Amgen | 407.44 | -5.64 | 447.03 | 288.00 | 2.47 | 25.12 | 220.28 | Amphend A | 85.32 | -2.23 | 178.52 | 76.74 | 0.59 | 40.63 | 210.40 | Analog Devices | 405.93 | -4.15 | 445.91 | 223.47 | 1.08 | 47.93 | 196.70 | Asn Plc A | 277.12 | 6.65 | 382.34 | 266.33 | 1.18 | 15.21 | 56.78 | Apollo Global Mgmt | 115.30 | -0.25 | 153.29 | 99.56 | 1.95 | 40.60 | 68.09 | Apple | 340.42 | 3.75 | 345.34 | 243.42 | 0.32 | 38.86 | 4986.15 | Applied Materials Inc | 509.57 | -11.08 | 739.67 | 203.40 | 0.42 | 43.63 | 404.39 | Agilent A | 280.12 | -1.17 | 738.01 | 266.84 | 0.00 | 21.45 | 85.28 | Aree Management | 116.26 | 0.51 | 161.19 | 95.80 | 4.84 | 53.33 | 26.04 | Arthur J gallagher | 127.79 | -0.56 | 173.88 | 105.50 | 1.39 | 16.88 | 48.82 | Arthur J. Gallagher | 234.05 | 6.95 | 310.35 | 190.75 | 1.20 | 38.37 | 59.99 | AT&T | 24.87 | 0.40 | 29.43 | 19.89 | 4.46 | 6.21 | 170.42 | Atlassian Corp A | 203.57 | 7.78 | 200.00 | 56.01 | 0.00 | 969.38 | 32.37 | Autodesk | 233.60 | -1.45 | 320.00 | 185.50 | 0.00 | 30.06 | 48.82 | Auto Data Processing | 270.73 | 6.73 | 292.80 | 188.16 | 2.51 | 24.68 | 107.28 | AutoZone | 2910.54 | 64.27 | 4146.42 | 2730.65 | 0.00 | 19.52 | 47.52 | Baker Hughes A | 56.30 | 0.89 | 70.41 | 43.92 | 1.63 | 17.87 | 55.89 | Bank of New York Mellon | 143.61 | 0.89 | 165.84 | 103.11 | 1.75 | 16.58 | 97.44 | Becton Dickinson | 182.75 | 2.59 | 213.08 | 140.11 | 2.30 | 31.51 | 49.78 | Berkeley Hathaway A | 76689.11 | 689.97 | 86102.81 | 68000.00 | 0.00 | 98.14 | 397.81 | Berkeley Hathaway B | 511.05 | 4.80 | 537.74 | 464.01 | 0.00 | 19.70 | 71431 | BlackRock Finance | 1065.35 | -4.28 | 1219.94 | 917.39 | 2.15 | 25.14 | 164.99 | Blackstone | 112.68 | 0.85 | 166.39 | 101.73 | 2.94 | 25.21 | 84.58 | Boeing | 75.23 | -0.68 | 84.92 | 46.74 | 1.21 | 129.71 | 68.69 | Brookfield | 107.72 | -0.54 | 125.47 | 178.77 | 0.00 | 17.29 | 148.75 | BraIL Corp | 53.61 | 0.09 | 65.22 | 46.12 | 2.39 | 12.18 | 374.88 | Booking Holdings | 159.97 | 4.10 | 5520.15 | 150.14 | 1.03 | 17.68 | 120.20 | Boston Scientific | 42.04 | 0.46 | 105.65 | 41.50 | 0.00 | 16.88 | 60.93 | Bristol Myers Squibb | 59.58 | -0.12 | 68.64 | 42.52 | 4.23 | 13.07 | 121.70 | Broadcom | 360.14 | -16.37 | 495.00 | 289.96 | 0.72 | 44.63 | 1719.18 | Cadence Design Systems | 348.84 | -7.28 | 416.69 | 262.75 | 0.00 | 68.94 | 96.07 | Capital One Financial | 199.40 | 3.49 | 258.63 | 174.24 | 1.60 | 10.99 | 122.33 | Carrier Global | 55.83 | 0.83 | 76.76 | 50.24 | 1.72 | 39.32 | 46.02 | Cavana A | 63.20 | 0.44 | 466.89 | 56.12 | 0.00 | 28.34 | 45.50 | Carepiral | 796.18 | -17.65 | 1073.46 | 489.34 | 0.82 | 34.11 | 365.98 | CROE Group A | 131.08 | 3.52 | 174.27 | 121.69 | 0.00 | 33.78 | 37.96 | Cencora | 321.35 | 4.10 | 377.54 | 244.82 | 0.75 | 23.75 | 61.32 | Charter Comms A | 109.67 | 2.71 | 278.10 | 104.91 | 0.00 | 2.92 | 12.57 | Cheniere Energy | 277.99 | -1.36 | 388.85 | 247.86 | 0.00 | 18.89 | 39.99 | Chipotle mexican Well | 211.55 | 6.40 | 217.78 | 146.49 | 3.37 | 20.30 | 417.97 | Chipotle Mexican Grill | 32.68 | 1.91 | 42.81 | 28.04 | 0.00 | 29.98 | 41.35 | Chubb | 343.78 | 9.08 | 365.91 | 265.30 | 1.19 | 96.30 | 123.63 | Cintas | 201.12 | 3.93 | 219.16 | 161.16 | 1.03 | 39.20 | 79.86 | Cisco Systems | 114.89 | -2.50 | 130.37 | 66.81 | 1.46 | 34.19 | 452.96 | Citigroup | 128.08 | 0.76 | 147.96 | 93.66 | 2.09 | 18.01 | 214.85 | Cloudflare Inc A | 341.89 | -1.08 | 370.35 | 158.83 | 0.00 | 585.47 | 110.30 | CME Group A | 276.44 | 6.17 | 329.16 | 218.31 | 4.09 | 23.33 | 99.40 | Cognizant Tech Sci A | 60.01 | 2.94 | 87.03 | 37.08 | 2.20 | 12.82 | 27.03 | Coinbase Global A | 172.00 | -6.45 | 402.16 | 139.11 | 0.00 | 44.44 | 38.32 | Colgate-Palmolive | 88.10 | 0.89 | 99.33 | 74.55 | 2.41 | 34.69 | 70.23 | Comcast A | 21.21 | 0.27 | 32.85 | 20.88 | 6.22 | 6.78 | 75.07 | ConocoPhillips | 134.19 | 4.35 | 141.62 | 85.57 | 2.50 | 17.75 | 161.21 | Constellation Energy | 285.07 | -14.52 | 412.70 | 228.63 | 0.60 | 27.84 | 101.00 | Constellation Software A | 27.49 | 0.06 | 45.89 | 26.38 | 0.00 | 17.62 | 25.46 | Compass | 152.83 | -10.42 | 271.78 | 77.39 | 0.73 | 68.84 | 131.65 | Corteva | 13.75 | -0.70 | 90.97 | 11.74 | 5.24 | 8.33 | 9.18 | Costco Wholesale | 947.92 | 5.67 | 1086.50 | 844.06 | 0.62 | 45.62 | 420.05 | Coupang A | 15.41 | 0.60 | 32.70 | 13.35 | 0.00 | 35.84 | 25.27 | CRH | 81.88 | 0.42 | 131.55 | 80.13 | 1.91 | 16.15 | 54.47 | CrowdStrike Holdings A | 263.01 | -2.43 | 786.00 | 174.14 | 0.00 | 65575.25 | 2693.31 |

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Data provided by ICE. www.ice.com | Bulk Commodities | Baltic Dry | 2917.00 | -56.00 | Richards ICE Futures | 127.75 | 0.65 | BONDS: GLOBAL INVESTMENT GRADE

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Tradeweb is not responsible for any loss or damage that might result from the use of this information. | Base Metals | Aluminium | 3057.00 | 6.50 | Copper | 14539.00 | 230.00 | Lead | 1888.00 | 28.00 | Nickel | 15670.00 | 117.00 | Tin | 52905.00 | 1458.00 | Zinc | 3809.00 | 90.50 | Energy | Price | Change | Brent Crude | 104.67 | -1.07 | Natural Gas | 3.20 | 0.04 | Light Crude Oil | 92.00 | 0.51 | 3.5 Fuel Oil | 590.54 | 18.23 | Euro Naphtha Oil | 898.62 | 31.45 | Tradeweb | Stock | Price | +/-Chg | High | Low | Yld | P/E | Vol (x) | ONEOK | 90.29 | 2.24 | 90.85 | 87.16 | 4.74 | 15.54 | 56.92 | Oracle | 135.69 | -7.67 | 322.54 | 114.50 | 1.47 | 20.94 | 410.29 | O'Reilly Automotive | 66.01 | 1.40 | 104.06 | 82.59 | 0.00 | 27.22 | 69.58 | Old Worldwide | 66.11 | 1.50 | 54.25 | 48.57 | 1.25 | 17.28 | 106.77 | PBG | 150.59 | 2.77 | 167.25 | 137.62 | 2.89 | 22.31 | 349.77 | PACCAR | 109.66 | 2.80 | 139.24 | 92.25 | 1.28 | 23.04 | 57.72 | Palantir Technologies A | 198.78 | 4.66 | 207.52 | 106.37 | 0.00 | 156.52 | 457.34 | Palo Alto Networks | 398.50 | -7.07 | 432.32 | 139.57 | 0.00 | 971.95 | 325.97 | Parker-Hannifin | 946.96 | -5.83 | 1099.94 | 715.37 | 0.84 | 32.78 | 119.42 | Paychex | 104.46 | 2.91 | 129.24 | 85.45 | 4.56 | 20.73 | 37.19 | PayPal Holdings | 55.02 | 0.07 | 79.22 | 38.46 | 1.02 | 10.32 | 47.07 | PepsiCo | 128.34 | 4.61 | 171.48 | 123.47 | 4.61 | 16.80 | 175.17 | Pfizer | 27.82 | -0.18 | 29.21 | 23.62 | 6.18 | 36.13 | 158.56 | Philip Morris Intl | 200.50 | 7.81 | 207.76 | 142.11 | 3.19 | 28.81 | 312.50 | Phillips 66 | 281.60 | 9.98 | 277.12 | 126.74 | 1.80 | 16.02 | 112.36 | PNC Financial Services Gp | 219.68 | 1.96 | 258.96 | 176.88 | 3.64 | 12.08 | 87.64 | Progressive | 218.73 | 4.61 | 245.64 | 169.20 | 0.18 | 10.95 | 127.10 | Prologis Inc | 129.29 | 1.99 | 153.35 | 111.03 | 3.31 | 28.60 | 122.67 | Prudential Financial | 113.53 | 1.17 | 127.72 | 91.89 | 4.93 | 10.24 | 39.17 | Public Storage | 265.52 | 3.53 | 335.55 | 256.54 | 4.20 | 27.14 | 53.35 | QUALCOMM | 170.00 | -0.50 | 259.63 | 180.00 | 0.00 | 10.00 | 100.00 | Qualcomm Group | 54.17 | 0.82 | 67.94 | 53.32 | 6.01 | 39.54 | 51.26 | Regeneron Pharma | 739.57 | -2.55 | 859.34 | 541.00 | 0.51 | 17.66 | 74.90 | Republic Services | 216.84 | 0.66 | 233.42 | 196.41 | 1.24 | 30.71 | 66.40 | Robinhood Markets A | 107.01 | -2.50 | 153.56 | 63.52 | 0.00 | 46.32 | 84.61 | Rubisco A | 45.52 | -0.89 | 141.95 | 33.88 | 0.00 | 32.28 | 30.50 | Roper Technologies | 364.23 | 5.66 | 521.28 | 305.96 | 1.00 | 15.11 | 36.02 | Ross Stores | 225.20 | -0.33 | 257.00 | 147.49 | 0.79 | 27.03 | 71.94 | Royal Caribbean Group | 281.41 | -0.91 | 356.38 | 222.22 | 1.95 | 104.61 | 75.47 | RTX | 184.32 | 4.06 | 226.88 | 155.64 | 1.58 | 32.06 | 248.42 | S&P Global | 402.73 | 7.55 | 552.25 | 381.61 | 0.96 | 24.50 | 118.72 | Salesforce | 227.80 | 3.24 | 269.11 | 146.32 | 0.77 | 20.82 | 187.48 | Schlumberger | 48.98 | 1.02 | 60.46 | 31.64 | 2.41 | 10.86 | 72.69 | Sempra | 80.08 | 0.39 | 101.04 | 76.21 | 3.28 | 23.21 | 52.36 | ServiceNow | 139.75 | 1.88 | 864.83 | 81.24 | 0.00 | 82.69 | 144.50 | Simon Property Group | 159.61 | 2.02 | 238.50 | 172.19 | 4.51 | 14.09 | 64.58 | Snowflake A | 343.40 | 10.55 | 394.56 | 118.00 | 0.00 | 111.49 | 121.15 | Snowflake B | 103.39 | -0.35 | 90.88 | 63.44 | 0.00 | 10.39 | 100.00 | Southern Co | 86.15 | 0.71 | 100.83 | 81.69 | 3.53 | 20.66 | 99.10 | Southern Copper | 198.66 | -1.91 | 223.88 | 119.25 | 1.99 | 29.83 | 167.74 | Spotify Technology | 526.42 | 13.50 | 700.12 | 405.00 | 0.00 | 236.06 | 108.38 | Starbucks Corp | 93.21 | -0.37 | 110.51 | 77.99 | 2.70 | 53.88 | 106.26 | Strategic A | 151.47 | -1.90 | 336.36 | 81.81 | 0.00 | 1.53 | 60.96 | Stryker | 276.97 | 1.57 | 392.55 | 267.00 | 1.27 | 28.47 | 106.24 | Synopsys | 497.75 | -4.92 | 539.48 | 362.55 | 0.00 | 86.27 | 95.39 | Targa Resources | 288.49 | 4.53 | 307.94 | 144.14 | 1.73 | 27.50 | 61.86 | Target | 154.76 | 3.84 | 170.75 | 83.44 | 3.00 | 15.99 | 70.31 | TE Connectivity | 214.31 | -1.52 | 252.56 | 190.27 | 1.46 | 20.85 | 62.05 | Tesla | 375.00 | -2.81 | 498.83 | 297.38 | 0.00 | 317.80 | 1481.08 | Texas Instruments | 286.20 | -0.78 | 334.03 | 152.73 | 2.11 | 43.60 | 263.20 | The Altstate | 230.63 | 6.68 | 277.22 | 168.08 | 1.87 | 4.56 | 58.32 | The Charles Schwab | 96.87 | 1.29 | 114.53 | 83.96 | 1.32 | 17.55 | 167.52 | The Citigroup | 281.03 | 2.52 | 312.18 | 238.51 | 2.22 | 11.83 | 74.26 | The Coca-Cola | 87.77 | 1.95 | 92.49 | 66.00 | 2.42 | 26.36 | 377.63 | The Kroger | 61.35 | -0.58 | 74.94 | 50.80 | 4.13 | 12.74 | 138.57 | The Emeryx | 321.03 | 6.03 | 377.77 | 289.66 | 1.00 | 29.34 | 77.33 | The TJAC Cos | 138.75 | -0.05 | 170.00 | 122.78 | 1.38 | 25.37 | 152.62 | The Willings Cos | 72.34 | 0.88 | 80.08 | 56.19 | 2.90 | 28.82 | 88.48 | Thermo Fisher Scientific | 651.98 | -10.08 | 694.33 | 435.27 | 0.29 | 35.03 | 241.07 | T-Mobile US | 171.31 | 3.66 | 231.02 | 160.81 | 2.47 | 17.88 | 183.76 | Trade Engines | 469.94 | 2.67 | 505.87 | 348.66 | 0.89 | 35.63 | 103.40 | TransDigm Group | 1089.30 | -6.91 | 1463.03 | 1071.25 | 0.00 | 33.04 | 60.21 | Travelers | 370.27 | 9.66 | 398.69 | 252.26 | 1.35 | 9.81 | 77.23 | Truist Financial | 46.18 | 0.60 | 56.20 | 40.78 | 4.50 | 10.47 | 56.41 | Uber Technologies | 70.24 | 1.79 | 100.35 | 65.41 | 0.00 | 15.20 | 143.47 | Union Pacific | 278.20 | 3.52 | 315.99 | 215.53 | 2.04 | 23.18 | 165.27 | United Parcel Service B | 94.13 | 1.84 | 122.41 | 80.00 | 6.97 | 17.50 | 70.54 | United Rentals | 1050.15 | 12.71 | 1179.18 | 701.59 | 0.73 | 25.20 | 65.36 | UnitedHealth Group | 370.95 | -5.03 | 461.62 | 255.97 | 2.50 | 23.78 | 332.96 | US Bancorp | 57.03 | 0.86 | 66.08 | 45.02 | 3.79 | 11.38 | 88.86 | Valero Energy | 443.80 | 19.70 | 428.99 | 155.29 | 1.08 | 18.50 | 127.78 | Verizon Communications | 61.35 | -0.58 | 74.94 | 50.80 | 8.11 | 12.97 | 138.57 | Vermilion Media Group A | 31.77 | 0.32 | 59.00 | 27.17 | 4.72 | 0.00 | 4.41 | Vertex Pharmaceuticals | 503.25 | -2.39 | 560.25 | 402.58 | 0.00 | 29.07 | 127.55 | Visa A | 375.10 | 3.00 | 385.57 | 293.89 | 0.71 | 31.87 | 639.21 | Vistra Inc. | 156.14 | -10.59 | 217.10 | 132.66 | 0.59 | 26.02 | 52.41 | Walmart | 110.56 | 2.40 | 135.16 | 96.88 | 0.90 | 39.91 | 877.15 | Walt Disney | 107.02 | 2.27 | 117.09 | 92.19 | 1.40 | 21.98 | 184.79 | Waste Management | 210.10 | 1.16 | 248.13 | 194.11 | 1.80 | 29.68 | 83.88 | Wells Fargo | 82.03 | 1.77 | 97.76 | 72.78 | 2.44 | 11.79 | 248.06 | Welltower | 223.04 | 1.92 | 255.20 | 163.75 | 1.52 | 96.97 | 160.75 | Workday A | 187.81 | 3.55 | 247.40 | 110.36 | 0.00 | 38.17 | 36.81 | WW Grainger | 1268.67 | 5.16 | 1419.91 | 906.52 | 0.79 | 32.29 | 59.76 | Yum Brands | 143.00 | 2.65 | 170.14 | 134.26 | 2.10 | 17.90 | 39.02 | Zscelta A | 73.08 | 1.53 | 148.30 | 68.77 | 2.90 | 11.92 | 30.20 | Agriculture | Price | Change | Corn | 502.25 | 2.00 | Wheat | 206.50 | -2.00 | Rapeseed | 501.00 | -11.25 | Sunflower Seed | 10285.00 | 35.00 | Soybeans | 1293.75 | 6.25 | Soybeans Meal | 366.00 | 5.30 | Cocoa (ICE Liffe) | 4233.00 | 59.00 | Cocoa (ICE US) | 5658.00 | -7.00 | Coffee (Robusta) | 3378.00 | -77.00 | Coffee (Arabica) | 354.40 | -1.40 | White Sugar | 541.10 | -14.60 | Sugar #11 | 20.30 | 0.15 | Cotton | 81.36 | 1.42 | Orange Juice | 146.85 | -3.10 | Maple Leaf | 4165.51 | 54.74 | Live Cattle | 222.90 | 1.03 | Feeder Cattle | 339.38 | 1.35 | Lean Hogs | 75.28 | -0.55 | Palm Oil (Malaysian) | 1136.00 | -11.50 | VOLATILITY INDICES

Sources: Energy: NYMEX. Base Metals: LME / London Metal Exchange. Corn, Wheat, Soybeans: CBOT. Live Cattle, Live Feeder, Lean Hogs: CME. | Stock | Price | +/-Chg | Crown Castle | $88.89 | -0.12 | CSX | 47.34 | 0.53 | Cummins | 520.40 | 3.08 | CVC Health | 87.80 | -0.15 | Danaher | 217.46 | -1.03 | Deere & Co | 652.58 | -4.29 | Del Technologies C | 574.55 | -4.41 | Diamondback Energy | 191.68 | 7.30 | Digital Realty Trust | 176.07 | -4.40 | Dominion Energy | 61.75 | 0.22 | DoorDash A | 191.71 | 0.47 | DR Horton | 135.82 | 2.54 | Duke Energy | 116.84 | 1.34 | Eaton Corp | 424.51 | -6.82 | Ecolab | 281.69 | 3.59 | Edwards Lifesciences Corp | 84.24 | -1.54 | Eastmore Health | 430.96 | -3.37 | Eli Lilly & Co | 1189.60 | -19.12 | Emerson Electric | 159.06 | -0.16 | EOG Resources | 148.51 | 4.30 | Equinix | 1011.16 | -20.61 | Exelon | 41.73 | 0.24 | ExxonMobil Hldgs | 168.50 | 4.45 | Fastenal | 50.49 | 0.66 | FedEx | 291.73 | 2.69 | Ferguson Ent | 216.73 | 1.67 | FICO/SSAC | 707.43 | 25.66 | Fiserv | 45.94 | 0.63 | Flutter Entertainment | 81.58 | 5.73 | Fortinet Inc | 189.10 | -0.18 | Freeport-McMoRan | 71.14 | -0.72 | Garmin | 268.44 | -7.72 | General Dynamics | 335.62 | 2.00 | GE Healthcare Tech | 64.22 | -0.45 | GE Vernova | 998.35 | 2.26 | General Dynamics | 329.90 | 3.27 | General Motors | 82.25 | 1.26 | GlaxoSmiths | 147.10 | 0.25 | Goldman Sachs Group | 882.59 | -4.62 | HCA Healthcare | 445.01 | 5.84 | Hilton Worldwide Holdings | 323.29 | 2.76 | Home Depot | 295.47 | 9.70 | Honeywell International | 206.60 | -1.51 | Howmet Aerospace | 222.56 | -0.19 | IBM | 226.61 | 6.10 | Illinois Tool Works | 264.71 | 3.56 | Intel | 107.08 | -6.04 | Interactive Brokers Gp A | 86.47 | -1.27 | Intercontinental Exchange | 155.35 | 2.76 | Intuitive Surgical | 415.41 | 0.89 | Johnson & Johnson | 256.48 | -1.97 | Johnson Controls Intl | 154.00 | -1.93 | JPMorgan Chase | 331.42 | 1.84 | Kenvue | 17.73 | 0.20 | Keurig Dr Pepper | 31.26 | 0.72 | Kimberly-Clark | 97.74 | 1.26 | Kinder Morgan P | 2.97 | 0.73 | KKR & Co | 89.56 | -0.11 | KLA | 136.72 | -0.11 | L3Harris Technologies | 236.92 | 3.29 | Lam Research | 320.59 | -8.92 | Linde | 481.70 | -2.28 | Lockheed Martin | 507.89 | 8.67 | Lowes | 188.89 | 7.31 | Lowesmon athletica | 92.68 | 0.80 | Marathon Petroleum | 463.34 | 21.08 | Marriott International A | 361.08 | 4.58 | Marsh | 176.67 | 3.01 | Marvell Technology | 274.66 | -10.02 | Mastercard A | 574.76 | 4.70 | McDonald's | 236.90 | 6.02 | McKesson | 930.25 | 19.92 | Medtronic | 87.75 | 2.24 | Merck & Co | 142.38 | -0.41 | Meta Platforms A | 720.89 | -0.42 | MetLife | 98.47 | 2.69 | Micron Technology | 1035.84 | -52.16 | Microsoft | 523.81 | -7.15 | Mondelez International A | 60.67 | 1.29 | Monster Beverage | 43.69 | 0.77 | Morgan Stanley | 458.69 | 9.08 | Motorola Solutions | 187.44 | -2.27 | MSCI Inc-A | 561.67 | 6.29 | Nasdaq | 92.37 | 0.44 | Netflix | 71.57 | 1.87 | Newmont Corp | 115.55 | 2.01 | NextEra Energy | 77.37 | 0.31 | NIKE B | 34.74 | 0.38 | Norfolk Southern | 316.99 | 3.79 | Northrop Grumman | 484.48 | 11.02 | Nu Holdings A | 15.38 | -0.20 | NVIDIA | 230.48 | -6.99 | NXP Semiconductors | 231.07 | -4.15 | Occidental Petroleum | 60.28 | 2.07 | Red Date | Coupon | Bid Price | Bid Yield | Daily | Weekly | US$ | Morgan Stanley | 30/01 | 4.00 | 97.62 | 4.57 | 0.13 | 0.17 | Trust Finl Corp | 28/06 | 4.12 | 99.43 | 5.12 | 0.00 | 0.09 | National Rural | 32/11 | 4.02 | 92.03 | 5.27 | 0.54 | 0.21 | Washington Gaslight Co | 36/03 | 5.78 | 97.97 | 5.02 | 0.00 | 0.00 | Northern States Power | 28/03 | 8.13 | 100.66 | 5.05 | 0.00 | 0.00 | Oklahoma Gas & Elec | 28/04 | 6.50 | 101.05 | 4.58 | -0.07 | -0.99 | Euro | Germany | 25/08 | 2.22 | 88.65 | 3.19 | 0.00 | -0.07 | Spain | 46/10 | 2.88 | 79.29 | 4.47 | 0.34 | -0.13 | Belgium | 47/06 | 1.50 | 57.66 | 4.90 | 0.20 | -0.23 | France | 48/05 | 2.00 | 58.05 | 5.30 | 0.18 | 0.13 | £ Sterling | United Kingdom | 46/12 | 4.25 | 80.63 | 5.91 | 0.42 | 0.42 | United Kingdom | 47/07 | 1.50 | 47.26 | 5.96 | 0.31 | 0.31 | BONDS: BENCHMARK GOVERNMENT | Oct 09 | Day Chg | Prev | 52 wk high | 52 wk low | VIX | 14.93 | -0.48 | 15.41 | 35.30 | 13.38 | VXD | 15.34 | -0.11 | 15.45 | 42.71 | 2.43 | VDAX | 18.08 | -1.26 | 19.34 | 35.58 | 13.53 | Red Date | Coupon | Bid Price | Bid Yield | Daily yield chg | Wkly yield chg | Mnthly yield chg | Year yield chg | Australia | 06/54 | 4.75 | 85.38 | 5.82 | -0.06 | 0.00 | 0.13 | 0.57 | 04/27 | 4.75 | 93.95 | 4.84 | -0.01 | 0.01 | 0.05 | 1.47 | Austria | 02/33 | 2.88 | 96.33 | 3.55 | 0.00 | 0.06 | 0.13 | 0.67 | 10/53 | 3.13 | 84.60 | 4.10 | 0.01 | 0.05 | 0.01 | 0.27 | Belgium | 06/54 | 3.25 | 74.98 | 4.98 | 0.00 | 0.04 | 0.19 | 0.70 | Canada | 06/27 | 1.00 | 99.01 | 2.82 | 0.00 | 0.00 | 0.03 | -0.18 | 12/55 | 2.75 | 74.96 | 3.93 | 0.00 | 0.03 | 0.13 | 0.15 | Denmark | 11/33 | 2.25 | 94.07 | 2.78 | 0.00 | 0.00 | 0.00 | 0.20 | 11/39 | 4.50 | 111.10 | 3.43 | -0.01 | 0.03 | 0.06 | 0.50 | Finland | 09/27 | 0.50 | 97.75 | 2.99 | 0.03 | 0.02 | 0.06 | 0.86 | 09/33 | 3.00 | 95.95 | 3.66 | -0.01 | 0.02 | 0.14 | 0.68 | France | 05/54 | 3.00 | 66.46 | 5.35 | -0.03 | -0.02 | 0.32 | 0.90 | 11/33 | 3.50 | 93.94 | 4.51 | -0.03 | -0.02 | -0.99 | -0.30 | Germany | 08/33 | 2.60 | 95.50 | 3.34 | -0.01 | 0.03 | 0.05 | 0.64 | 08/53 | 1.75 | 65.78 | 3.87 | -0.02 | 0.04 | -0.01 | 0.38 | Greece | 06/28 | 3.88 | 100.87 | 3.32 | 0.02 | -0.10 | 0.02 | 0.88 | 06/33 | 4.25 | 100.31 | 4.19 | -0.03 | 0.77 | 0.29 | 0.91 | Ireland | 10/32 | 0.35 | 82.75 | 3.59 | -0.44 | -0.14 | 0.61 | 0.96 | Italy | 12/27 | 2.63 | 99.33 | 3.27 | 0.01 | -0.06 | 0.17 | 1.02 | 03/34 | 4.13 | 93.41 | 4.33 | -0.03 | -0.03 | 0.29 | 1.02 | Netherlands | 01/54 | 2.00 | 68.87 | 3.88 | -0.01 | 0.03 | -0.02 | 0.28 | 07/33 | 2.50 | 94.47 | 3.43 | -0.03 | 0.00 | 0.06 | 0.63 | Poland | 04/28 | 2.75 | 97.36 | 4.56 | -0.04 | -0.02 | 0.12 | 0.72 | 10/33 | 6.00 | 99.47 | 6.09 | 0.00 | 0.01 | 0.18 | 1.16 | Portugal | 07/32 | 1.63 | 89.89 | 3.60 | -0.02 | -0.02 | 0.19 | 0.82 | Spain | 10/52 | 1.88 | 59.92 | 4.55 | -0.03 | 0.01 | 0.10 | 0.51 | 10/33 | 3.50 | 98.36 | 3.81 | -0.02 | 0.00 | 0.20 | 0.76 | Sweden | 11/33 | 1.75 | 96.30 | 2.50 | 0.00 | 0.00 | 0.00 | -0.14 | Switzerland | 03/36 | 2.50 | 117.77 | 0.32 | 0.00 | -0.02 | -0.22 | -0.82 | United Kingdom | 06/28 | 0.00 | 92.62 | 4.75 | 0.00 | 0.06 | 0.17 | 0.98 | 10/53 | 3.75 | 70.40 | 5.97 | -0.05 | 0.06 | 0.08 | 0.75 | United States | 11/33 | 4.50 | 96.12 | 5.16 | -0.03 | -0.01 | 0.42 | 1.19 | 11/53 | 4.75 | 87.51 | 5.66 | -0.05 | -0.01 | 0.32 | 0.83 | GILTS: UK CASH MARKET | Oct 09 | Price | Yield | Red Yield | Day | Week | High | Low | Tr 1.25pc '27 | 97.63 | 1.28 | 4.42 | 0.03 | -0.00 | 97.71 | 95.53 | Tr 0.875pc '29 | 88.94 | 0.98 | 4.85 | 0.06 | -0.19 | 91.00 | 0.01 | Tr 1pc '32 | 81.36 | 1.23 | 5.05 | 0.10 | -0.28 | 85.07 | 81.01 | Tr 4.25pc '36 | 91.60 | 4.64 | 5.40 | 0.19 | -0.57 | 99.39 | 91.15 | Tr 4.5pc '42 | 86.40 | 5.21 | 5.81 | 0.28 | -0.81 | 96.45 | 85.71 | Tr 3.75pc '52 | 71.15 | 5.27 | 5.95 | 0.33 | -0.75 | 81.50 | 70.51 | Tr 4pc '60 | 72.34 | 5.53 | 5.91 | 0.34 | -0.82 | 83.52 | 71.62 | Closing prices and highs & lows are in traded currency. Market capitalisations are in local currency. Highs & lows are based on a rolling 52 week period

GILTS: UK FTSE ACTUARIES INDICES | Price IndicesFixed Coupon | Oct 9 | Dayschg % | TotalReturn | MonthReturn | YearReturn | Yield | Up to 5 Years | 84.47 | 0.07 | 2652.46 | -0.04 | 0.90 | 4.83 | 5-10 Years | 141.27 | 0.23 | 3344.55 | -0.87 | -2.09 | 5.26 | 10-15 Years | 138.95 | 0.37 | 3652.78 | -1.20 | -3.95 | 5.64 | 5-15 Years | 138.97 | 0.27 | 3409.49 | -0.97 | -2.67 | 5.41 | Over 15 Years | 161.54 | 0.59 | 3224.23 | -0.93 | -7.33 | 5.90 | All stocks | 123.66 | 0.27 | 3038.36 | -0.60 | -2.49 | 5.59 | Index Linked | Oct 9 | Day's chg % | Month chg % | Year's chg % | Total Return | Return 1 Month | Return 1 Year | Up to 5 Years | 365.32 | 0.05 | 0.31 | 2.84 | 3188.09 | 0.32 | 3.67 | Over 5 Years | 464.95 | 0.49 | -0.45 | -2.78 | 3645.81 | -0.27 | -2.17 | 5-15 Years | 455.55 | 0.30 | -0.62 | 0.59 | 3828.25 | -0.41 | 1.35 | Over 15 Years | 462.46 | 0.69 | -0.27 | -5.99 | 3493.35 | -0.11 | -5.52 | All stocks | 464.06 | 0.39 | -0.28 | -1.64 | 3713.96 | -0.13 | -0.99 | Yield Indices | Oct 9 | Oct 8 | Yr Ago | 5 Yrs | 5.02 | 5.04 | 4.26 | 10 Yrs | 5.44 | 5.47 | 4.59 | 15 Yrs | 5.73 | 5.76 | 4.88 | 20 Yrs | 5.87 | 5.91 | 5.02 | 45 Yrs | 5.71 | 5.75 | 4.91 | Real Yield 0% Inflation | Oct 9 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 1.03 | 2.59 | 1.04 | 0.73 | Over 5 Years | 2.39 | 16.12 | 2.42 | 1.90 | 5-15 Years | 2.11 | 9.42 | 2.14 | 1.61 | Over 15 Years | 2.51 | 22.90 | 2.54 | 2.01 | All stocks | 2.33 | 13.22 | 2.36 | 1.86 | Real Yield 5% Inflation | Oct 9 | Dur Yrs | Previous | Yr Ago | Up to 5 Years | 0.81 | 2.59 | 0.81 | 0.43 | Over 5 Years | 2.37 | 16.12 | 2.40 | 1.88 | 5-15 Years | 2.06 | 9.42 | 2.09 | 1.54 | Over 15 Years | 2.50 | 22.90 | 2.53 | 2.00 | All stocks | 2.30 | 13.22 | 2.33 | 1.82 | FT

FINANCIAL TIMES

Energy Source

Profit. Power. Politics.

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Main Market | | Price +/- Wk Chg | 52 Week | Yld | P/E | Vol 000s | High | Low | Aerospace & Defence | BAE Systems■ | 1860.00 | -61.00 | 2360.00 | 1529.00 | 2.03 | 27.03 | 2231.57 | Chemring Group | 511.00 | -18.00 | 650.75 | 446.52 | 1.59 | 28.71 | 1566.64 | Automobiles & Parts | Ford Motors | 922.46 | 9.15 | 1319.04 | 841.76 | 4.92 | -5.13 | — | Banks | ANZ Group | 1960.87 | -4.99 | 2126.50 | 1753.25 | 5.85 | 19.10 | 3531.59 | Banco Santander | 1020.00 | 21.00 | 1122.00 | 709.00 | 1.69 | 13.24 | 140.69 | Bank of Nova Scotia▲ | 6653.07 | -237.03 | 7165.88 | 4733.33 | 3.63 | — | 745.98 | Barclays■ | 429.65 | -14.00 | 554.10 | 353.55 | 2.68 | 9.81 | 24422.67 | Canadian Imperial▲ | 8225.23 | -167.72 | 9198.88 | 5969.15 | 2.76 | — | 269.41 | HSBC■ | 1395.80 | -46.40 | 1610.00 | 959.29 | 3.99 | 15.26 | 18164.00 | Lion Finance Gp | 12380.00 | -880.00 | 14820.00 | 7320.00 | 2.56 | 8.44 | 106.21 | Lloyds Bnkg Gp■ | 101.60 | -2.40 | 117.90 | 81.82 | 3.95 | 14.51 | 99871.89 | NatWest Group | 642.60 | -20.20 | 726.00 | 504.41 | 5.45 | 12.01 | 10651.57 | OSB Group | 486.60 | -7.00 | 647.50 | 472.00 | 7.38 | 6.44 | 878.66 | Perm TSB Group | 253.97 | 1.97 | 291.66 | 182.42 | 0.61 | 6.61 | 84.00 | Royal Bank of CA | 14466.20 | -324.20 | 16187.03 | 10784.89 | 2.58 | — | 516.51 | Stand Chart | 2119.00 | -71.00 | 3364.00 | 1351.50 | 2.43 | 14.34 | 2812.32 | ...7.375%Pf | 107.50 | 2.75 | 128.84 | 102.00 | 6.86 | — | 38.67 | ..8.25%Pf | 118.75 | -1.25 | 143.80 | 114.25 | 6.95 | — | 42.17 | Toronto-Dominion▲ | 8654.02 | -258.81 | 9256.88 | 5880.62 | 2.69 | — | 1882.28 | Westpack | 1778.39 | -27.02 | 2275.39 | 1755.74 | 4.57 | 16.78 | 4907.84 | Elementis | 182.20 | 5.60 | 195.40 | 136.00 | 1.83 | -30.89 | 801.26 | Johnson Matthey | 2468.00 | 46.00 | 3245.25 | 2192.00 | 4.16 | -32.36 | 263.46 | Victrex | 942.00 | 25.00 | 1024.00 | 515.00 | 3.18 | 29.44 | 109.55 | Construction & Materials | Galliford Try Hldgs | 684.00 | -25.00 | 726.81 | 466.00 | 3.44 | 16.40 | 79.42 | Morgan Sindell* | 4086.00 | -138.00 | 5730.00 | 3938.00 | 3.99 | 10.98 | 138.16 | Electronic & Electrical Equip | discoverE Grp | 874.00 | 24.00 | 900.00 | 505.00 | 1.49 | 28.94 | 660.71 | Halma | 3528.00 | -72.00 | 4902.00 | 3268.00 | 0.70 | 35.79 | 484.39 | Morgan Adv Mat | 290.00 | 19.50 | 294.50 | 179.80 | 4.21 | 38.67 | 2678.87 | Oxford Instruments | 2958.00 | -144.00 | 3318.00 | 1682.00 | 0.80 | 34.96 | 106.67 | Renishaw | 5735.00 | -225.00 | 6030.00 | 3280.00 | 1.43 | 35.08 | 144.07 | TT Electronics | 181.00 | 5.20 | 197.80 | 93.00 | - | -6.35 | 213.06 | XP Power | 1950.00 | -90.00 | 2160.00 | 849.23 | - | -46.43 | 52.29 | Financial General | 3i Group | 2402.00 | 50.00 | 4497.00 | 1825.00 | 3.52 | - | - | Aberdeen Group | 243.00 | -0.20 | 265.00 | 179.60 | 6.01 | 11.25 | 2748.78 | Bridgepoint Group+ | 401.80 | 70.20 | 402.60 | 212.00 | 2.44 | 80.36 | 2534.77 | City of London Inv+ | 522.00 | -4.00 | 540.00 | 349.00 | 6.51 | 14.15 | 65.42 | Close Bros | 385.40 | -13.60 | 556.15 | 318.40 | - | -6.75 | 501.63 | ICG | 1808.00 | 45.00 | 2214.00 | 1424.87 | 4.81 | 10.84 | 1518.99 | Investec | 593.00 | -12.00 | 690.00 | 499.36 | 6.49 | 7.69 | 1645.51 | Jupiter | 173.60 | 4.40 | 214.50 | 137.20 | 3.46 | 9.04 | 950.43 | Liontrust | 301.50 | 7.50 | 358.00 | 223.00 | 6.30 | 19.58 | 136.46 | London Stock Exa | 8694.00 | 604.00 | 10140.00 | 6684.00 | 1.82 | 36.47 | 1334.89 | Rathbones Group | 1540.00 | 4.00 | 2500.00 | 1490.00 | 6.49 | 14.27 | 106.16 | S & U+ | 1880.00 | -30.00 | 2458.50 | 1620.00 | 6.17 | 9.63 | 4.24 | St James's Place | 1037.50 | -6.00 | 1575.50 | 1011.50 | 1.73 | 10.39 | 1388.07 | TP ICAP Group+ | 328.60 | 5.40 | 355.00 | 235.50 | 5.23 | 13.04 | 1677.10 | Vanquis Banking Gp | 69.70 | -1.40 | 132.00 | 67.00 | - | 21.78 | 600.85 | ---

AIM | | 52 Week | Vol000s | Price | +/- Wk Chg | High | Low | Yld | P/E | Aerospace & Defence | Cohort | 1208.00 | 2.00 | 1538.00 | 881.10 | 1.48 | 23.13 | 415.80 | Velocity Composites | 16.25 | -0.25 | 24.00 | 12.00 | — | -8.12 | 163.82 | Basic Resources (Ex Mining) | Cropper J | 680.00 | 20.00 | 710.00 | 250.00 | — | 22.08 | 16.35 | Construction & Materials | Accsys Tech | 55.40 | -1.60 | 79.84 | 54.60 | — | 24.51 | 78.32 | Electronic & Electrical Equip | Checkit | 16.00 | -0.50 | 27.00 | 12.35 | — | -6.15 | 422.68 | LPA | 82.00 | -5.50 | 92.00 | 34.00 | — | -31.06 | 16.63 | Thorpe FW | 250.00 | -12.00 | 320.00 | 240.00 | 2.94 | 10.54 | 51.56 | Financial General | Arbutfinot Banking | 800.00 | 5.00 | 955.00 | 755.00 | 6.88 | 7.33 | 5.14 | Investment Companies | | Price +/- Wk Chg | 52 Week | Yld | NAV | Dis(-)Prem | High | Low | Conventional (Ex Private Equity) | 3i Infra | 388.00 | 0.50 | 399.50 | 325.00 | 3.47 | 405.58 | -5.31 | Albf GVIT | 91.00 | — | 96.77 | 76.00 | 6.70 | 103.23 | -12.04 | Albf Sml | 1826.00 | 32.00 | 1835.00 | 1408.07 | 2.62 | 2005.63 | -10.47 | Aberdeen Asia Foc | 470.00 | 2.00 | 478.00 | 348.00 | 1.37 | 515.73 | -8.60 | Aberdeen Asian Inc Fund | 321.00 | -6.00 | 357.00 | 246.00 | 5.85 | 344.34 | -7.01 | Aberdeen Eq Inc | 448.00 | -1.00 | 473.00 | 359.25 | 5.16 | 446.32 | 1.37 | Aberdeen UK Smll | 533.00 | 1.00 | 544.00 | 441.50 | 2.63 | 565.55 | -6.90 | Alliance Witan | 1403.00 | 16.00 | 1409.00 | 1178.00 | 2.09 | 1467.56 | -4.95 | Allianz Tech | 764.00 | -11.00 | 789.00 | 480.75 | — | 828.82 | -8.31 | Artemis UK Future Lead | 389.50 | -2.50 | 405.00 | 321.00 | 3.96 | 443.55 | -13.17 | Aurora UK Alpha | 248.00 | -1.00 | 279.00 | 222.09 | 1.90 | 275.96 | -13.42 | AVI Japan | 179.50 | -4.00 | 194.00 | 154.50 | 1.23 | 186.01 | -2.99 | BG China Growth | 286.00 | -3.00 | 331.04 | 283.00 | 0.87 | 293.95 | -4.79 | BG Euro | 121.50 | 2.50 | 133.00 | 91.40 | 0.59 | 134.80 | -8.76 | BG Japan | 1076.00 | -20.00 | 1114.00 | 811.10 | 0.93 | 1197.07 | -9.17 | BG Shin | 179.00 | 1.00 | 182.00 | 123.05 | 0.39 | 198.77 | -9.31 | BG US Growth | 389.50 | 5.50 | 398.00 | 261.00 | — | 401.86 | -2.47 | Baillie Gifford UK | 218.00 | 3.00 | 231.00 | 180.12 | 2.84 | 237.76 | -9.84 | Bankers IT | 155.20 | 0.40 | 157.80 | 125.20 | 1.82 | 168.68 | -8.45 | Biotech Growth | 1400.00 | -82.00 | 1786.00 | 1050.00 | — | 1493.00 | -6.19 | BlckR Amer Sml | 283.00 | 4.00 | 289.55 | 208.85 | 5.26 | 278.92 | 0.94 | BlckR Energy & Res | 178.00 | 1.00 | 205.00 | 135.50 | 3.48 | 181.96 | -4.70 | BlckR Front | 189.00 | -3.00 | 208.00 | 164.50 | 4.03 | 188.33 | -1.45 | BlckR Gt Eur | 573.00 | -12.00 | 625.00 | 506.95 | 1.25 | 614.13 | -7.23 | BlckR I&G | 234.00 | 1.00 | 240.00 | 208.00 | 3.29 | 250.86 | -6.85 | BlckR Smrl | 265.50 | 2.50 | 288.40 | 230.80 | 2.98 | 305.34 | -14.41 | BlckR World Mining | 948.00 | 9.00 | 1076.00 | 628.00 | 2.53 | 956.06 | -3.09 | Brunner | 1560.00 | 2.00 | 1612.00 | 1336.00 | 1.73 | 1723.26 | -9.67 | Caledonia Inv | 386.00 | 1.00 | 402.00 | 312.00 | 1.99 | 603.89 | -35.14 | CanGen C$ | 2701.49 | -0.35 | 2958.28 | 2358.19 | 2.43 | 86.44 | -41.45 | City of Lon | 571.00 | 4.00 | 599.00 | 498.00 | 3.93 | 556.28 | 2.04 | City Natural Res G&I | 413.00 | 14.00 | 467.00 | 258.01 | 6.85 | 387.62 | 4.17 | CT Healthcare | 122.00 | -6.20 | 152.40 | 118.80 | 4.32 | 128.37 | -2.94 | CT MgdI | 131.00 | 0.50 | 135.00 | 115.00 | 6.11 | 127.92 | 1.49 | CT MgdG | 328.00 | — | 330.00 | 280.26 | — | 335.78 | -3.16 | CT Cp&I | 339.00 | -1.00 | 373.00 | 320.00 | 3.97 | 351.78 | -4.48 | CT UK HIT B | 107.00 | — | 120.00 | 92.00 | 5.57 | 112.40 | -5.04 | CT UK HIT Ord | 104.50 | -5.00 | 126.00 | 97.00 | 5.70 | 112.63 | -5.48 | Dunedin Inc | 306.00 | 1.00 | 323.00 | 275.00 | 6.58 | 329.59 | -7.84 | Edinburgh Inv | 833.00 | 19.00 | 867.00 | 737.60 | 3.84 | 891.04 | -7.99 | Edn Worldwide | 280.50 | -0.50 | 294.50 | 194.20 | — | 296.78 | -6.89 | The Euro SmlCo | 227.50 | -3.50 | 247.21 | 193.80 | 5.56 | 244.71 | -8.24 | F&C Inv Trust | 350.60 | 3.60 | 1332.00 | 325.80 | 1.21 | 380.68 | -8.99 | Fidelity Asian | 610.00 | -4.00 | 672.00 | 546.06 | 3.36 | 637.56 | -5.08 | Fidelity China | 245.50 | -2.00 | 339.00 | 239.50 | 3.67 | 260.70 | -6.82 | Fidelity Emer Mkts | 1522.00 | 22.00 | 1574.00 | 897.34 | 1.64 | 1660.32 | -8.90 | Fidelity Euro | 413.00 | -8.00 | 447.50 | 367.50 | 2.47 | 433.76 | -5.03 |

| | Price +/- Wk Chg | 52 Week | Yld | P/E | Vol 000s | High | Low | Food & Beverages | AEP Plantations | 196.40 | -0.80 | 229.00 | 124.00 | 3.10 | 11.22 | 246.19 | Assoc. Brit Foods | 1835.00 | 9.00 | 2359.00 | 1729.45 | 3.43 | 12.96 | 642.11 | Barr (AG)◆ | 552.00 | 10.00 | 715.32 | 538.00 | 3.46 | 13.06 | 341.05 | Fevara | 147.00 | 2.50 | 152.00 | 114.50 | 1.63 | 6.36 | 12.38 | Coca-Cola HBC | 4282.00 | 40.00 | 5195.00 | 3326.00 | 2.37 | 19.54 | 299.62 | Cranswick | 4985.00 | -15.00 | 5810.00 | 4775.00 | 2.26 | 16.85 | 243.61 | Diageo◆ | 1638.00 | 36.50 | 1903.91 | 1295.50 | 2.31 | 27.74 | 2822.61 | Greencore | 255.40 | 11.00 | 307.50 | 191.10 | 1.02 | 19.35 | 2553.74 | Kerry Group◆ | 7348.15 | -7.55 | 7646.35 | 5567.81 | 1.66 | 21.69 | 122.74 | Tate & Lyle | 559.00 | -0.50 | 580.00 | 319.40 | 3.54 | 25.41 | 1580.65 | Unilever◆ | 4673.50 | 190.00 | 5542.11 | 3644.00 | 3.53 | 12.75 | 3531.74 | Health Care Equip & Services | GN Store Nord | 1221.49 | 20.98 | 1429.97 | 984.75 | - | 15.88 | 380.27 | Smith&Neph+ | 1020.50 | 31.50 | 1426.59 | 980.40 | 2.94 | 18.72 | 1675.36 | House, Leisure & Pers Goods | Barratt Redrow+ | 290.40 | -27.80 | 410.29 | 235.40 | 2.07 | 21.35 | 6445.50 | Bellway | 1948.00 | -156.00 | 2890.00 | 1715.00 | 3.70 | 14.67 | 627.79 | Berkeley | 3170.00 | -78.00 | 4442.00 | 2796.00 | - | 9.56 | 404.21 | Burberry Group | 1024.50 | 14.00 | 1376.50 | 953.40 | - | - | 955.36 | Cairn Homes+ | 221.00 | -6.00 | 251.00 | 161.00 | 3.98 | 12.26 | 398.64 | Games Workshop | 16390.00 | -800.00 | 23540.00 | 14300.00 | 3.42 | 26.27 | 153.54 | Gleeson (MJ) | 272.00 | -16.00 | 435.00 | 221.00 | 1.84 | -81.93 | 33.34 | McBride | 176.20 | 1.60 | 214.10 | 107.60 | 1.76 | 9.95 | 266.35 | Philips | 1843.81 | 32.98 | 2413.42 | 1790.38 | 3.90 | -43.56 | 1951.30 | PZ Cussons | 96.50 | 1.50 | 114.00 | 65.09 | 3.83 | 20.53 | 339.13 | Vistry Group | 218.80 | -22.80 | 746.40 | 216.00 | - | 5.18 | 1941.70 | Bodycote◆ | 910.50 | - | 967.50 | 585.00 | 2.56 | 29.37 | 4770.45 | Goodwin◆ | 14220.00 | - | 28500.00 | 10820.00 | 2.32 | 19.26 | 24.06 | Hill & Smith | 3050.00 | -220.00 | 3345.00 | 1994.00 | - | 29.70 | 494.16 | IMI | 3092.00 | -38.00 | 3202.00 | 2244.00 | 1.14 | 24.88 | 371.75 | Melrose | 444.50 | -25.50 | 685.00 | 409.90 | 1.69 | 15.33 | 3487.87 | RHI | 2870.00 | 20.00 | 3390.00 | 1920.00 | 5.31 | 18.63 | 33.07 | Weir◆ | 2642.00 | 62.00 | 3580.00 | 2254.00 | 1.59 | 27.61 | 1052.60 | Industrial General | Coats Group | 85.10 | 4.65 | 98.10 | 73.15 | 2.96 | 19.04 | 3079.74 | Macfarlane | 84.90 | 0.80 | 93.80 | 59.80 | 4.31 | 21.28 | 174.34 | Smiths | 2730.00 | -86.00 | 2885.00 | 2088.00 | 1.78 | 4.34 | 6201.40 | Brineral | 237.00 | 3.00 | 249.00 | 265.11 | 2.55 | 32.73 | 73.02 | Fisher (J) | 426.00 | 11.00 | 554.00 | 358.00 | - | -48.97 | 74.44 | Insurance | Admiral Group | 3624.00 | 36.00 | 4128.00 | 2624.00 | 3.95 | 14.71 | 411.93 | Aviva+ | 677.00 | -1.40 | 740.60 | 590.60 | 5.94 | 25.17 | 3919.40 | Chesnara+ | 322.00 | -16.50 | 378.00 | 265.00 | 7.13 | -63.76 | 421.56 | Ecclesiastical Insurance | 130.25 | 3.25 | 155.00 | 125.50 | 6.62 | - | 41.29 | Hansard Global+ | 54.00 | 0.50 | 60.80 | 43.20 | 8.24 | 11.49 | 11.46 | Hiscox | 1847.00 | -14.00 | 1952.00 | 1288.00 | 2.12 | 13.52 | 1584.49 | Lancashire Hldgs | 646.50 | 8.00 | 695.00 | 549.00 | 2.60 | 7.07 | 245.81 | Legal & General | 287.00 | -0.20 | 318.10 | 217.20 | 7.63 | 28.73 | 14545.73 | Old Mutual+ | 60.20 | 1.60 | 78.80 | 55.40 | 7.22 | 6.68 | 130.24 | Prudential+ | 898.40 | -19.60 | 1238.00 | 867.40 | 2.34 | 7.71 | 7638.42 | Standard Life+ | 848.50 | -20.00 | 960.00 | 633.50 | 6.61 | -180.15 | 9476.22 | FINANCIAL TIMES | | Price +/- Wk Chg | 52 Week | Yld | P/E | Vol 000s | High | Low | BP Marsh | 655.00 | 7.00 | 710.00 | 613.00 | 5.54 | 4.94 | 10.37 | Burbond Capital | 266.00 | -2.40 | 880.50 | 249.20 | 3.55 | 12.13 | 165.27 | Premier Miton Group | 34.75 | -0.50 | 64.00 | 34.50 | 8.63 | 44.55 | 37.89 | Food & Beverages | Camellia | 5600.00 | 25.00 | 6300.00 | 4800.00 | 4.64 | -29.99 | 0.24 | Fevertree Drinks◆ | 858.50 | 25.00 | 973.00 | 711.00 | 2.03 | 45.71 | 2393.49 | Nichols | 1085.00 | - | 1200.00 | 880.00 | 3.59 | 18.49 | 13.85 | House, Leisure & Pers Goods | Churchill◆ | 355.00 | -5.00 | 460.00 | 271.00 | 5.92 | 8.94 | 6.46 | Frontier Dev◆ | 605.00 | 32.00 | 640.00 | 302.00 | - | 8.11 | 92.19 | Portmeirion | 47.50 | -2.50 | 118.00 | 46.60 | - | -1.05 | 0.50 | Sanderson Design Grp | 77.00 | 2.50 | 80.00 | 40.00 | 1.95 | 25.84 | 142.35 | Industrial Engineering | MS Intl | 1540.00 | -20.00 | 1800.00 | 1120.00 | 1.69 | 22.85 | 9.08 | | Price | +/- Wk Chg | 52 Week | Yld | NAV | Dist-1 Prem | High | Low | Fidelity Spec | 463.50 | 2.00 | 479.50 | 384.77 | 2.23 | 459.22 | -0.34 | Finsbury G&I | 792.00 | 29.00 | 875.00 | 706.25 | 2.65 | 836.85 | -5.87 | The Gbl Small Co | 190.40 | -0.20 | 198.60 | 162.72 | 1.65 | 199.11 | -4.91 | GRIT(susp) | 1.25 | — | 1.25 | 1.25 | — | 14.40 | -91.32 | Hansa | 332.00 | -2.00 | 346.00 | 250.00 | 1.33 | 558.38 | -40.25 | Hansa A | 334.00 | — | 340.00 | 244.00 | 1.32 | 558.38 | -40.07 | Hen FarEs | 268.50 | -4.50 | 281.50 | 229.00 | 9.33 | 253.56 | 6.65 | Hen High Inc | 200.00 | -1.00 | 214.00 | 173.25 | 5.56 | 208.20 | -4.71 | Hen Smir | 958.00 | 3.00 | 998.00 | 769.00 | 3.03 | 1044.43 | -9.11 | Herald | 2930.00 | -60.00 | 3290.73 | 2285.00 | — | 3399.01 | -13.82 | HICL Infra | 130.60 | -0.60 | 141.00 | 107.20 | 6.51 | 160.43 | -18.33 | Impax Env | 451.00 | -1.00 | 494.76 | 379.00 | 1.15 | 502.01 | -10.42 | IntBiotech | 1050.00 | -25.00 | 1235.00 | 798.00 | 2.98 | 1060.66 | -1.61 | Intl PP | 135.40 | — | 145.80 | 115.60 | 6.49 | 153.74 | -11.78 | Inv Asia Dragon Tst | 493.00 | -8.00 | 520.00 | 395.00 | 3.89 | 533.58 | -6.93 | Inv Bond Inc | 167.50 | -2.00 | 178.50 | 150.11 | 7.31 | 165.67 | 1.80 | JPM Amer IT | 1250.00 | 12.00 | 1258.00 | 1041.00 | 0.92 | 1290.19 | -4.20 | JPM Asia G&I | 580.00 | -26.00 | 652.00 | 426.00 | 5.69 | 581.84 | 1.41 | JPM China G&I | 250.00 | -8.00 | 313.00 | 250.00 | 4.56 | 266.62 | -8.33 | JPM Clavr | 928.00 | 4.00 | 986.00 | 799.98 | 3.93 | 951.38 | -3.11 | JPM Emrg EMEA | 234.50 | -0.50 | 310.00 | 196.00 | 0.26 | 68.72 | 228.60 | JPM Emrg | 169.00 | -1.40 | 181.20 | 126.20 | 4.45 | 183.31 | -6.96 | JPM Eur Disc | 606.00 | -5.00 | 666.00 | 548.00 | 2.64 | 652.82 | -8.44 | JPM Eur G&I | 135.00 | -5.40 | 153.00 | 124.50 | 4.03 | 140.56 | -2.85 | JPM Em Mk Div | 214.00 | — | 222.00 | 155.50 | 2.80 | 232.64 | -8.00 | JPM Gbl G&I | 612.50 | 3.00 | 641.00 | 529.60 | 4.05 | 630.85 | -3.44 | JPM India Gwth Inc | 836.00 | -5.00 | 1098.00 | 799.00 | 5.07 | 911.62 | -8.65 | JPM Japan | 833.00 | -9.00 | 867.00 | 668.00 | 1.04 | 913.55 | -8.51 | JPM UK Sm | 350.00 | 2.50 | 369.00 | 287.92 | 4.26 | 374.62 | -7.81 | JPM US Sml | 416.00 | -3.00 | 463.00 | 365.00 | 0.77 | 456.68 | -9.33 | Law Deb | 1206.00 | -22.00 | 1290.00 | 991.00 | 3.03 | 1185.04 | 2.23 | Lindsell Train | 580.00 | — | 750.00 | 529.50 | 4.83 | 6.52 | -11.92 | Lowland | 184.50 | — | 191.50 | 148.00 | 3.73 | 199.10 | -7.97 | Marwyn Val | 141.00 | — | 142.00 | 141.00 | 6.43 | 264.24 | -46.63 | Mercantile | 272.50 | -1.00 | 290.50 | 234.31 | 3.05 | 298.68 | -9.92 | Merch. Trst | 656.00 | 2.00 | 691.00 | 536.25 | 4.56 | 677.50 | -3.24 | Mid Wynd | 805.00 | 5.00 | 814.00 | 682.00 | 1.07 | 817.30 | -2.37 | Monks IT | 1682.00 | 34.00 | 1696.00 | 1366.00 | 0.05 | 1755.56 | -5.31 | Montanaro Eur | 176.50 | 1.00 | 189.00 | 142.00 | 0.88 | 192.11 | -9.81 | Murray Inc | 966.00 | 14.00 | 1036.00 | 854.66 | 4.24 | 1020.39 | -6.39 | Murray Intl | 356.50 | 1.50 | 376.00 | 296.50 | 3.59 | 354.07 | 0.95 | New Star IT | 138.00 | -1.00 | 148.00 | 111.00 | 2.57 | 202.72 | -31.92 | N. Atl Smir IT | 418.00 | -3.00 | 434.00 | 328.00 | 1.67 | 649.96 | -34.15 | Pac Horiz. | 1124.00 | -14.00 | 1262.00 | 719.00 | — | 1209.72 | -7.75 | Pers. Assets | 545.00 | 8.00 | 558.00 | 515.00 | 1.03 | 547.92 | -0.99 | Polar Health | 429.00 | 2.50 | 460.50 | 352.11 | 0.51 | 417.92 | 1.99 | Polar Fin. | 237.00 | -1.50 | 260.50 | 199.16 | — | 245.71 | -3.15 | Polar Tech. | 702.00 | -9.50 | 743.50 | 420.00 | — | 769.63 | -9.53 | IS YOUR SHARE PRICE BEING NOTICED?

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To advertise contact carol.ramsey@ft.com | | Price +/- Wk Chg | 52 Week | Yld | P/E | QD000s | High | Low | Leisure | ME Group | 112.80 | -5.00 | 195.94 | 98.50 | 7.44 | 7.52 | 815.13 | Media | Autotrader Grp | 488.70 | 27.00 | 828.80 | 418.60 | 2.37 | 14.30 | 4616.42 | Informa | 895.60 | 38.00 | 1000.00 | 719.00 | 2.51 | - | 17465.08 | ITV | 66.45 | -0.30 | 87.35 | 65.70 | 7.52 | 11.26 | 8129.44 | Pearson | 1285.00 | 63.00 | 1337.00 | 874.80 | 1.99 | 25.00 | 1596.69 | Reach | 47.50 | 1.20 | 73.70 | 39.00 | 12.42 | -1.13 | 1058.25 | Relx■ | 2720.00 | 192.00 | 3539.00 | 1991.00 | 2.53 | 24.16 | 2999.58 | Rightmove● | 490.50 | 38.00 | 700.00 | 391.40 | 2.19 | 17.46 | 4320.63 | STV Group | 100.00 | -3.00 | 124.50 | 95.60 | - | -9.26 | 21.80 | Anglo American | 4170.00 | 73.00 | 4348.00 | 2639.00 | 0.69 | -16.67 | 2034.96 | Antofagasta | 3770.00 | -32.00 | 4475.00 | 2496.00 | 1.57 | 36.99 | 1599.50 | BHP Group | 3261.00 | 47.00 | 3592.00 | 1971.00 | 3.91 | 22.28 | 909.62 | Ferrexpo | 31.92 | 0.74 | 87.23 | 25.22 | - | -1.11 | 255.58 | Fresnillo | 2756.00 | 60.00 | 4472.00 | 2000.00 | 4.06 | 19.41 | 792.47 | Glencorel | 584.60 | 23.20 | 707.20 | 332.20 | 2.20 | - | 23535.41 | Harmony♦ | 1256.97 | -46.54 | 1963.66 | 946.96 | 4.66 | 11.89 | 1585.95 | Rio Tintom | 7126.00 | 70.00 | 9117.00 | 4970.50 | 4.89 | 15.36 | 1525.56 | BP■ | 586.30 | 28.50 | 609.40 | 399.35 | 4.28 | - | 38870.65 | Capricorn | 428.00 | 1.00 | 450.00 | 181.80 | - | 20.22 | 7.33 | ExxonMobil Hldgs | 12826.00 | - | 12875.90 | 12709.50 | 2.43 | - | - | GeoPark | 867.26 | - | 876.34 | 861.21 | 0.80 | 13.99 | - | Helleniq Energy | 1565.29 | - | 1565.29 | 1521.27 | 3.25 | 6.35 | 454.10 | Imperial Oil C$ | 9388.46 | -122.88 | 10397.16 | 6229.98 | 1.96 | - | 167.32 | TC Energy Corp+ | 4534.79 | - | 4564.45 | 4510.42 | 4.10 | -23.99 | 573.42 | Pharmaceuticals & Biotech | AstraZeneca■ | 11998.00 | 128.00 | 15732.00 | 9892.00 | 1.99 | 24.04 | 4458.56 | Chemical Works | 2805.50 | - | 2805.50 | 2805.50 | 5.41 | 14.51 | - | GlaxoSmKline■ | 1750.00 | -29.50 | 2282.00 | 1592.00 | 4.00 | 12.40 | 6931.38 | Hikma Pharm | 1612.00 | 32.00 | 1865.00 | 1187.00 | 4.03 | 11.71 | 267.49 | REITs | British Land | 388.60 | 3.80 | 451.60 | 335.40 | 5.95 | - | - | Derwent London | 1763.00 | 14.00 | 2196.00 | 1469.33 | 4.65 | - | - | Great Portland Est | 303.20 | 2.40 | 377.00 | 270.00 | 2.70 | - | 0.00 | Land Securities | 604.00 | 3.00 | 726.00 | 525.00 | 6.82 | - | - | LondonMetric Prop | 172.20 | 0.20 | 216.20 | 170.20 | 7.29 | - | -19.67 | Primary Health Prop | 89.40 | 0.15 | 109.60 | 87.40 | 8.17 | - | - | Segro | 919.20 | 11.20 | 997.40 | 632.20 | 3.43 | - | - | Shaftesbury Capital | 135.30 | -0.50 | 155.10 | 124.10 | 3.18 | 7.24 | 2013.76 | Tritax Big Box | 139.70 | 0.80 | 175.00 | 138.50 | 5.91 | - | - | Real Estate Inv & Services | Grainger | 162.00 | 2.10 | 202.79 | 149.44 | 5.19 | - | - | Harworth Group● | 187.00 | - | 195.00 | 116.80 | 0.98 | 64.48 | 1074.46 | Helical | 177.00 | -3.00 | 236.25 | 170.50 | 1.48 | 36.65 | 142.12 | Mountview Estates | 8700.00 | 25.00 | 10200.00 | 8350.00 | 6.03 | 16.66 | - | Savills | 973.00 | -9.00 | 1142.00 | 791.46 | 2.42 | 18.71 | 398.82 | Sirius Real Estate | 88.40 | 1.70 | 113.00 | 85.85 | 6.13 | 6.89 | 3972.58 | Smart (J) | 115.00 | - | 140.00 | 106.00 | 2.83 | 8.80 | 15.00 | Retailers | Caffyns | 500.00 | - | 550.00 | 350.00 | 2.00 | -12.29 | - | | Price +/- Wk Chg | 52 Week | Yld | P/E | Vol 000s | High | Low | Media | Mission Group | 25.00 | -1.00 | 29.00 | 12.00 | - | -1.17 | 241.90 | Mining | Central Asia Metals▲ | 153.80 | 0.40 | 244.00 | 125.27 | 10.08 | -4.78 | 535.49 | Crism Therapeutics | 9.00 | -0.25 | 18.50 | 8.00 | - | -1.76 | 159.60 | Oil & Gas | BorSthnPet | 8.12 | -1.78 | 14.00 | 7.26 | - | -67.12 | 3507.42 | Pharmaceuticals & Biotech | Sareum Holdings# | 27.50 | -2.50 | 40.00 | 9.50 | - | -11.46 | - | Retailers | Boohoo Group | 24.50 | 0.25 | 29.50 | 10.30 | - | -3.17 | 1268.55 | CVS Group | 1173.00 | 33.00 | 1648.00 | 1062.00 | 0.77 | 48.07 | 144.32 | | Price +/- Wk Chg | 52 Week | Yld | NAV | Dis(-)Prem | High | Low | Rights & Iss IT | 2510.00 | -10.00 | 2520.00 | 1965.13 | 1.80 | 3005.13 | -19.48 | RIT Cap. | 2490.00 | 15.00 | 2645.00 | 1985.25 | 1.81 | 3198.50 | -22.93 | Ruffer Inv Pr | 290.50 | -4.00 | 319.00 | 281.26 | 2.12 | 301.52 | -2.86 | Schr AsiaPac | 838.00 | -17.00 | 892.00 | 641.35 | 1.55 | 922.66 | -8.44 | Schr AsiaTotal | 707.00 | -11.00 | 746.00 | 530.00 | 1.63 | 739.94 | -4.18 | Schroder Inc | 353.00 | -2.00 | 380.00 | 314.00 | 4.33 | 371.97 | -6.11 | Schr Japan | 388.00 | -2.00 | 402.53 | 276.00 | 3.44 | 423.28 | -8.09 | Schr Orient. | 453.00 | -6.00 | 478.00 | 317.00 | 2.91 | 474.61 | -3.83 | Schr UK Mid | 754.00 | -4.00 | 790.00 | 652.00 | 3.00 | 794.01 | -6.05 | Scot American | 555.00 | 3.00 | 572.00 | 480.10 | 2.95 | 598.93 | -7.36 | Scot Mortgage | 1636.50 | 46.50 | 1651.50 | 1015.74 | 0.28 | 1765.27 | -9.01 | Scot Oriental | 281.00 | 1.00 | 295.00 | 240.00 | 1.21 | 309.03 | -9.83 | Strategic Eq. | 401.50 | -8.50 | 415.00 | 330.00 | 1.12 | 446.35 | -10.98 | Temple Bar | 413.00 | 2.00 | 429.50 | 345.25 | 3.78 | 411.33 | -0.22 | Tetragon | 1107.71 | — | 1476.82 | 892.96 | 3.21 | — | — | TRIG | 76.10 | -1.30 | 80.50 | 63.20 | 9.92 | 101.39 | -25.31 | UIL | 211.00 | — | 211.90 | 111.90 | 3.79 | 287.42 | -26.98 | Utilico Emer Mkts | 296.00 | 14.00 | 302.00 | 243.00 | 3.27 | 326.38 | -9.61 | Worldwide Hlth | 308.00 | 0.50 | 401.50 | 322.52 | 0.65 | 388.70 | -5.94 | | Price | +/- Wk Chg | 52 Week | Yld | P/E | Vol 000s | High | Low | Dunelm Group | 799.50 | 19.50 | 1174.00 | 707.00 | 8.82 | 10.38 | 381.69 | Halfords Group | 262.00 | 4.00 | 276.10 | 123.80 | 3.44 | 17.24 | 1071.31 | Inchcape | 686.50 | -53.00 | 895.00 | 627.87 | 4.89 | 9.47 | 1568.46 | JD Sports | 84.50 | 4.78 | 102.60 | 63.98 | 1.50 | 9.79 | 9939.49 | Kingfisher* | 318.00 | -10.30 | 372.30 | 266.40 | 3.90 | 22.71 | 6787.00 | Marks & Spencer | 397.00 | 18.30 | 418.33 | 301.10 | 1.06 | 31.26 | 8478.08 | Saga | 765.00 | 4.00 | 799.00 | 234.50 | - | - | 194.94 | Sainsbury J | 335.60 | 12.30 | 380.30 | 293.70 | 4.08 | 19.40 | 15621.19 | Tesco | 503.80 | 34.80 | 516.20 | 411.70 | 2.93 | 18.32 | 38169.88 | CT PrivEq | 468.00 | -1.00 | 592.00 | 439.84 | 6.05 | 689.16 | -33.39 | HGCapital | 366.00 | -7.00 | 512.00 | 318.64 | 1.37 | 530.16 | -29.64 | HVPE | 3245.00 | -50.00 | 3500.00 | 2807.59 | — | 4518.00 | -28.40 | ICG Ent | 1390.00 | 20.00 | 1611.42 | 1288.31 | 3.02 | 2089.50 | -33.95 | Pantheon Int | 384.00 | -4.00 | 409.00 | 339.05 | — | 534.60 | -28.64 | Partners PE € | 580.74 | -10.10 | 945.52 | 569.45 | 10.20 | 11.58 | -39.55 | AEW UK REIT | 98.50 | -2.50 | 113.20 | 95.90 | 8.12 | 106.95 | -7.03 | TR Prop | 269.50 | -3.00 | 364.50 | 267.50 | 5.97 | 300.55 | -11.05 | VCTs | Bnd 2nd VT | 44.40 | — | 54.00 | 39.50 | 9.01 | 46.55 | -4.62 | Nthn 2 VCT | 53.00 | -1.50 | 56.50 | 47.00 | 5.66 | 55.40 | -4.33 | Nthn 3 VCT | 82.00 | — | 86.50 | 79.50 | 5.49 | 86.00 | -4.65 | Nthn Venture | 56.00 | — | 59.50 | 53.00 | 5.54 | 58.60 | -4.44 | Zero Dividend Preference Shares | Aberforth GV | 118.00 | — | 121.36 | 111.00 | — | 116.63 | 1.19 | Investment Companies - AIM | Crys Amber | 74.50 | -2.50 | 155.39 | 72.10 | — | 172.64 | -56.27 | Bunzl | 2738.00 | 124.00 | 2898.00 | 1981.00 | 2.73 | 19.42 | 1303.24 | Capita | 235.00 | 21.00 | 416.00 | 196.20 | - | -1.63 | 1943.47 | DCC Energy | 6425.00 | -10.00 | 6740.00 | 4188.00 | 3.37 | - | 954.92 | Diploma | 7785.00 | 10.00 | 7980.00 | 4970.00 | 0.81 | 56.45 | 374.56 | Essentra♦ | 115.00 | 3.00 | 117.80 | 78.40 | 1.83 | - | 1098.12 | Experian■ | 2682.00 | 225.00 | 3707.00 | 2203.00 | 1.93 | 21.56 | 3668.42 | Hays | 64.25 | -0.05 | 78.45 | 28.68 | 0.68 | -17.65 | 2781.64 | Howden Joinery | 762.50 | 10.00 | 981.00 | 713.00 | 2.89 | 15.50 | 1423.13 | Intertek | 5890.00 | 10.00 | 5900.00 | 3519.42 | 2.80 | 27.01 | 2314.48 | Johnson Service♦ | 137.90 | 1.00 | 172.10 | 123.80 | 3.63 | 14.83 | 875.83 | MITIE Group | 210.40 | 0.40 | 214.00 | 135.20 | 2.14 | 31.88 | 2690.08 | RS Group | 792.00 | 19.50 | 798.00 | 536.90 | 2.89 | 22.89 | 887.55 | Vp | 512.00 | -4.00 | 608.00 | 420.00 | 7.71 | -37.10 | 16.93 | Computacenter• | 5550.00 | 145.00 | 6045.00 | 2578.00 | 1.41 | 37.88 | 180.77 | NCC Group• | 151.60 | 6.00 | 161.60 | 107.20 | 3.07 | 27.07 | 1316.62 | The Sage Grp | 1071.50 | 88.10 | 1181.00 | 771.66 | 2.10 | 28.39 | 1956.37 | Triad Group | 380.00 | - | 430.00 | 236.00 | 2.37 | 38.31 | 0.12 | Telecommunications | Airtel Africa | 290.20 | -17.40 | 436.20 | 219.00 | 1.85 | 20.63 | 3593.50 | BT Group | 192.75 | -3.55 | 242.09 | 173.00 | 4.32 | 17.52 | 21944.81 | Telecom Plus | 852.00 | 40.00 | 1896.00 | 638.00 | 5.87 | 8.42 | 166.49 | Vodafone | 118.35 | -8.45 | 132.07 | 83.40 | 3.35 | -84.73 | 49223.14 | Tobacco | Brit Amer Tobacco■ | 4194.00 | 234.00 | 5326.00 | 3677.00 | 5.84 | 11.95 | 2780.53 | Imperial Brands | 2662.00 | 219.00 | 3632.04 | 2408.00 | 6.26 | 10.60 | 8833.83 | Travel & Leisure | easyJet | 680.00 | -0.60 | 683.80 | 332.60 | 1.94 | 10.33 | 2468.05 | FirstGroup | 190.80 | 9.40 | 222.60 | 152.10 | 3.77 | 8.92 | 1803.82 | Fullers 'A' | 716.00 | 8.00 | 780.00 | 572.00 | 2.96 | 18.26 | 11.13 | IntConti Hotels | 12026.00 | -115.00 | 13305.06 | 8762.00 | 1.17 | 32.40 | 310.50 | Int Cons Air | 415.90 | -25.30 | 492.90 | 332.70 | 1.62 | 6.89 | 11470.34 | Whitbread | 2478.00 | 38.00 | 3278.00 | 2098.00 | 3.91 | 20.10 | 386.82 | Drax Group● | 785.50 | -26.50 | 937.50 | 695.50 | 3.86 | 37.95 | 407.90 | National Grid■ | 1147.00 | 0.50 | 1428.50 | 1086.25 | 4.23 | 17.51 | 10713.20 | Pennon | 357.00 | -101.80 | 606.00 | 340.00 | 8.20 | 18.40 | 6716.39 | Severn Trent | 3094.00 | -24.00 | 3335.00 | 2381.00 | 4.07 | 25.05 | 426.19 | SSE | 2454.00 | 7.00 | 2767.50 | 1786.50 | 2.80 | 23.26 | 1014.52 | | 52 Week | Price +/- Wk Chg | High | Low | Yld | P/E | Vol 000s | Support Services | Christie● | 180.00 | - | 199.60 | 90.00 | 2.22 | 35.43 | 0.36 | LonSec | 3750.00 | - | 3900.00 | 2100.00 | 2.59 | 19.33 | - | NWF | 158.00 | 1.50 | 187.50 | 110.00 | 5.51 | 8.49 | 80.41 | Petards | 8.50 | - | 12.50 | 7.00 | - | -12.69 | 1.08 | Renew | 947.00 | -28.00 | 1016.00 | 821.00 | 2.15 | 15.36 | 66.04 | Tech - Software & Services | Oxford Metrics | 32.70 | -3.30 | 60.40 | 27.50 | 9.94 | -59.45 | 3519.93 | Travel & Leisure | Gaming Realms | 30.60 | -0.90 | 47.20 | 29.00 | - | 15.07 | 62.07 | Jet2♦ | 1407.00 | -25.00 | 1612.00 | 980.00 | 1.20 | 6.66 | 450.76 | ---

Guide to FT Share Service

All data is as of close of the previous business day. Company classifications are based on the ICB system used by FTSE. FSTE 100 constituents are shown in bold. Closing prices are shown in pence unless otherwise indicated. Highs & lows are based on intra-day trading over a rolling 52 week period. Price/earnings ratios (P/E) are based on latest annual reports and accounts and are updated with interim figures. P/E is calculated using the company's diluted earnings from continuing operations. Yields are based on closing price and on dividends paid in the last financial year and updated with interim figures. Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares. Net asset value per share (NAV) and split analytics are provided only as a guide. Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price. Discounts, premiums, gross redemption yield (GRY) and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV in pence.

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\- trading ex-dividend

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‡ FT Wilshire Global 500 company

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The FT Share Service is a paid-for print listing service and may not be fully representative of all LSE-listed companies. This service is available to all listed companies, subject to the Editors discretion. For new sales enquiries please email data@ft.com. For further information contact newspapers@ice.com

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Bid Offer +/- Yield 24m 36m Fund

Bid Offer +/- Yield 24m 36m Fund | Firm Name | McInroy & Wood | Fund Name | Smaller Companies Fund Inc | ISIN | GB00B8NC4D98 | Bid Price (01-09-2026) | 6923.50 | Yield (01-09-2026) | 1.21 | Change (01-09-2026) | 61.20 | CP Global Asset Management Pte.Ltd.

Candriam Investors Group | CP Multi-Strategy Fund | $ 466.99 | - | 0.23 | 0.00 | 11.90 | 13.23 | ---

MANAGED FUNDS SERVICE

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McInroy & Wood

(No text)

Bid Offer +/- Yield 24m 36m Fund

Bid Offer +/- Yield 24m 36m

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$\alpha$ lgebris INVESTMENTS | Algebris Core Italy I EUR | € | 239.06 | - | -3.53 | 0.00 | 26.10 | 18.59 | Algebris Core Italy R EUR | € | 220.50 | - | -3.26 | 0.00 | 25.17 | 17.71 | Algebris Financial Credit I EUR | € | 225.72 | - | -0.13 | 0.00 | 5.47 | 8.85 | Algebris Financial Credit I GBP | £ | 200.31 | - | -0.06 | 0.00 | 0.00 | 0.00 | Algebris Financial Credit I USD | $ | 208.88 | - | -0.07 | 5.86 | 0.00 | 0.00 | Algebris Financial Credit R EUR | € | 189.57 | - | -0.12 | 0.00 | 4.79 | 8.21 | Algebris Financial Equity B EUR | € | 370.54 | - | -1.02 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity R EUR | € | 299.92 | - | -0.83 | 0.00 | 28.23 | 29.62 | Algebris Financial Equity Fund B GBP | £ | 310.32 | - | -0.76 | 0.00 | 0.00 | 0.00 | Algebris Financial Equity Fund B USD | $ | 468.20 | - | -1.17 | 3.90 | 0.00 | 0.00 | Algebris Financial Income I EUR | € | 296.02 | - | -0.41 | 0.00 | 15.66 | 17.95 | Algebris Financial Income R EUR | € | 260.23 | - | -0.36 | 0.00 | 14.63 | 16.90 | Algebris Financial Income Fund I GBP | £ | 217.89 | - | -0.24 | 6.02 | 0.00 | 0.00 | Algebris Financial Income Fund I USD | $ | 248.98 | - | -0.28 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I EUR | € | 152.50 | - | 0.16 | 0.00 | 2.83 | 5.54 | Algebris Global Credit Opportunities R EUR | € | 146.08 | - | 0.15 | 0.00 | 2.29 | 5.02 | Algebris Global Credit Opportunities I GBP | £ | 152.12 | - | 0.15 | 0.00 | 0.00 | 0.00 | Algebris Global Credit Opportunities I USD | $ | 157.00 | - | 0.16 | 0.00 | 0.00 | 0.00 | Algebris IG Financial Credit I EUR | € | 118.02 | - | -0.12 | 0.00 | 3.74 | 6.68 | Algebris IG Financial Credit R EUR | € | 113.99 | - | -0.11 | 0.00 | 3.22 | 6.15 | Algebris Strategic Credit Fund R EUR | € | 113.57 | - | -0.11 | 0.00 | 2.31 | 4.66 | Algebris Global Equity Select B EUR | € | 152.46 | - | -1.48 | 0.00 | 8.44 | 11.42 | Algebris Global Equity Select R EUR | € | 144.82 | - | -1.41 | 0.00 | 7.05 | 9.99 |

Canaccord WEALTH

Chartered Asset Management Pte Ltd | CG Portfolio Fund PLC | Absolute Return M Inc | £ | 144.25 | - | 0.00 | 2.61 | 2.86 | 2.38 | Capital Gearing Portfolio GBP P | £ | 39528.49 | - | 0.00 | 1.95 | 2.82 | 2.27 | Capital Gearing Portfolio GBP V | £ | 192.28 | - | 0.00 | 1.94 | 2.84 | 2.28 | Dollar Fund Cis D Inc | £ | 153.04 | - | 0.00 | 2.82 | -1.10 | -2.24 | Dollar Hedged GBP Inc | £ | 92.57 | - | 0.00 | 2.54 | -0.01 | -0.63 | Real Return Cis A Inc | £ | 183.11 | - | 0.00 | 2.55 | -0.68 | -2.19 | UK Index-Linked Bond G Inc | £ | 105.11 | - | 0.00 | 2.10 | 0.77 | 0.00 | Other International Funds | CAM-GTF VCC | $ 477779.20 | 4777920 | 0.00 | 0.00 | 0.49 | 3.79 | CAM Gti VCC | $ 1755.82 | - | 0.00 | 0.00 | 20.88 | 4.69 | RAIC VCC | $ 1.90 | - | 0.00 | 0.00 | 8.97 | -1.66 | Canaccord Wealth International Multi Strategy Funds Limited | Balanced Strategy | £ | 1.19 | - | 0.00 | 0.00 | 11.50 | 11.12 | Balanced Strategy A | £ | 1.19 | - | 0.00 | 1.84 | 8.46 | 8.66 | Cautious Balanced Strategy | £ | 1.48 | - | 0.00 | 0.91 | 8.91 | 8.92 | Cautious Balanced Strategy A | £ | 1.06 | - | 0.00 | 1.84 | 6.58 | 7.09 | Growth Strategy | £ | 2.69 | - | -0.01 | 0.76 | 1.47 | 5.57 | Growth Strategy A | £ | 1.29 | - | 0.00 | 0.54 | 10.34 | 10.90 | High Growth Strategy GBP | £ | 3.98 | - | -0.02 | 0.24 | 14.60 | 14.77 | High Growth Strategy A | £ | 1.36 | - | -0.01 | 0.52 | 12.34 | 12.27 | High Income Bond Fund B Monthly | £ | 0.97 | - | 0.00 | 0.00 | 0.00 | 0.00 | High Income Bond Fund B Quarterly | £ | 0.98 | - | 0.00 | 0.00 | 0.00 | 0.00 | US$ Growth Strategy | $ | 2.56 | - | -0.01 | 0.21 | 14.30 | 14.62 | Dealing Daily. Initial Charge Nil for A classes and up to $2\%$ for other classes. | Authorised Inv Funds | EdenTree Global Impact Bond | 84.43 | - | 0.28 | 4.36 | -1.62 | -0.33 | EdenTree Green Impact Equity | 132.60 | - | 0.50 | 0.95 | 7.38 | 8.84 | EdenTree Green Impact Infrastructure | 76.02 | - | 0.42 | 6.91 | -3.86 | -7.00 | EdenTree Global Sustainable Government Bond | 94.74 | - | 0.33 | 3.23 | 0.00 | 0.00 | EdenTree Sustainable European Equity A | 473.10 | - | 3.40 | 1.94 | 10.49 | 12.31 | EdenTree Sustainable European Equity B | 478.50 | - | 3.50 | 0.00 | 10.49 | 12.31 | EdenTree Sustainable Global Equity A | 460.10 | - | 0.50 | 0.53 | 9.57 | 9.51 | EdenTree Sustainable Global Equity B | 464.40 | - | 0.40 | 0.95 | 9.54 | 9.50 | EdenTree Sustainable Managed Income A | 134.70 | - | 1.20 | 4.25 | 3.43 | 3.29 | EdenTree Sustainable Managed Income B | 146.10 | - | 1.30 | 4.22 | 3.90 | 3.70 | EdenTree Sustainable Short Dated Bond | 94.52 | - | 0.11 | 4.66 | -0.19 | 0.66 | EdenTree Sustainable Sterling Bond A | 82.59 | - | 0.32 | 5.21 | -1.61 | -0.17 | EdenTree Sustainable Sterling Bond B | 95.40 | - | 0.38 | 5.21 | -1.01 | 0.44 | EdenTree Sustainable UK Equity A | 249.70 | - | 3.40 | 1.82 | 5.01 | 3.90 | EdenTree Sustainable UK Equity B | 249.10 | - | 3.40 | 2.20 | 3.17 | 3.86 | EdenTree Sustainable UK Equity Opp A | 321.40 | - | 3.40 | 1.52 | 2.16 | 5.18 | EdenTree Sustainable UK Equity Opp B | 328.20 | - | 3.40 | 1.98 | 2.11 | 5.15 | www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg | International Mutual Funds | ASB Capital | Gate Village 5, Level 4, Unit 11, DIFC,Dubai United Arab Emirateswww.asbc.com | ASB SUKUK - ACC | $ 101.91 | - | 0.00 | 0.00 | 0.00 | 0.00 | ASB SUKUK - DIST | $ 94.08 | - | 0.00 | 0.50 | 0.00 | 0.00 | ASB State Street Global Equity | $ 125.11 | - | 0.00 | 0.00 | 0.00 | 0.00 | ASB Global Technology | $ 167.71 | - | 0.00 | 0.00 | 0.00 | 0.00 | ASB MENA Equity | $ 98.25 | - | 0.00 | 0.00 | 0.00 | 0.00 |

CP Capital Asset Management Limited | Other International Funds | American Dynamic | $ 9087.20 | - | 0.00 | 0.00 | 0.00 | 0.00 | American One | $ 11100.38 | - | 0.00 | 0.00 | 12.41 | 14.22 | Bond Global | € 1646.01 | - | 0.00 | 0.00 | 0.73 | 6.90 | Eurocroissance | € 1311.23 | - | 0.00 | 0.00 | 0.00 | 0.00 | Far East | $ 1267.36 | - | 0.00 | 0.00 | 0.00 | 0.00 |

ASB Capital | International Mutual Funds | CP Dual-Purpose Fund | $ | 217.88 | - | -0.06 | 0.00 | 0.00 | CP Global Alpha Fund | $ | 509.96 | - | -0.15 | 0.00 | 11.19 | CPS-Master Private Fund | $ | 616.61 | - | -0.02 | 0.00 | 11.01 | ---

CANDRIAM | Candriam Investors Group | (LUX) | FCA Recognised | Candriam Abs Ret Eqt Mkt Neutral-C Cap | € | 225.91 | - | 3.42 | 0.00 | 1.21 | 2.87 | Candriam Bds Euro High Yield Cap | € | 1422.05 | - | -2.77 | 0.00 | 3.90 | 5.97 | Candriam Bonds Gbl Hi Yield -C Cap | € | 283.81 | - | -0.28 | 0.00 | 3.59 | 5.71 | Candriam Bonds Glbl Infl Sh Dton-I-Cap | € | 164.42 | - | 0.00 | 0.00 | 2.37 | 3.01 | Candriam Bonds Total Return-C-Cap | € | 143.38 | - | 0.00 | 0.00 | 1.73 | 2.84 | Candriam Diversified Futures-I-Cap | € | 14303.13 | - | -73.74 | 0.00 | 1.43 | -1.29 | Candriam Eqts L Australia Cap A$ | A$ | 2333.49 | - | 11.34 | 0.00 | 7.81 | 8.34 | Candriam Eqts L Emerging Mkts Cap | € | 1584.15 | - | 0.00 | 0.00 | 27.77 | 21.76 | Candriam Equities L Biotech-C-Cap | € | 1278.73 | - | -24.48 | 0.00 | 23.20 | 23.33 | Candriam Equities L Europe Innov-R-Cap | € | 253.80 | - | -2.10 | 0.00 | -3.37 | 1.14 | Candriam Index Arbitrage -C-Cap | € | 1532.00 | - | 0.00 | 0.00 | 1.16 | 2.25 | Candriam Long Short Credit R-Cap | € | 120.54 | - | 0.00 | 0.00 | 2.99 | 3.84 | Candriam Risk Arbitrage-C-Cap | € | 2775.19 | - | 0.00 | 0.00 | 2.97 | 3.77 | Candriam Sust Bond Emerg Mkts I Dist | $ | 749.71 | - | 1.24 | 0.00 | 4.48 | 3.35 | Candriam Sust Bond Euro Corp R Cap | € | 110.00 | - | -0.12 | 0.00 | 2.50 | 4.27 | Candriam Sust GlbHighYield-I-Cap | € | 1236.61 | - | -0.85 | 0.00 | 2.98 | 4.78 | Candriam Eq Crl Econ-R-Cap | € | 158.61 | - | -0.01 | 0.00 | 4.22 | 6.18 | Candriam Eq Clmt Action I-Cap | € | 2131.82 | - | -14.13 | 0.00 | 12.27 | 11.32 | Candriam Sust Eq Emerging Mkts C-Cap | € | 193.23 | - | 0.00 | 0.00 | 25.10 | 18.21 | Candriam Sust Eq EMU-C-Cap | € | 213.31 | - | -2.74 | 0.00 | 8.17 | 9.57 | Candriam Sust Eurp S&M Caps-I-Cap | € | 2383.21 | - | -17.00 | 0.00 | 0.38 | 1.86 | Candriam Sust Eq World-C-Cap | € | 47.77 | - | -0.30 | 0.00 | 12.07 | 14.27 | NYLIM GF US High YieldCorp Bond-R-Cap | € | 171.77 | - | 0.03 | 0.00 | 5.36 | 7.10 | Other International Funds | Candriam Bds Euro Sh.Term Cap | € | 2179.10 | - | -1.77 | 0.00 | 2.08 | Candriam Bonds Credit Opportunities | € | 220.73 | - | -0.03 | 0.00 | 2.61 | Candriam Bonds Emerg Mkt-C-Cap | $ | 2989.13 | - | 2.88 | 0.00 | 6.44 | Candriam Equities L Eurp Opt Olt -I-Cap | € | 247.59 | - | -2.03 | 0.00 | 7.61 | Candriam Equities L Global Demg R Cap | € | 401.52 | - | -3.78 | 0.00 | 10.31 | Candriam Equities Onco impt-I-Cap | $ | 3479.99 | - | -44.37 | 0.00 | 7.99 | Candriam Equities L Robt&InnTech I Cap | $ | 8206.73 | - | -120.63 | 0.00 | 32.27 | Cantab Asset Management Ltd(UK)01223 522000www.cantabam.com | FCA Recognised | VT Cantab Balanced A GBP Acc | 142.07 | - | -0.06 | 1.80 | 9.87 | 9.28 | VT Cantab Moderate A GBP Acc | 139.49 | - | -0.01 | 2.12 | 9.08 | 8.08 | VT Cantab Sustainable Gbl Eq A GBP Acc | 169.71 | - | -0.27 | 1.37 | 8.72 | 9.01 | ---

Dodge & Cox® Worldwide Funds | Dodge & Cox Worldwide Funds | (IRL) | 48-49 Pall Mall, London SW1Y 5JG | www.dodgeandcox.com +44 0203 642 3370 | ECA Recognised | Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund | Emerging Markets Stock Fund A USD Acc | $ | 16.14 | - | -0.11 | 0.00 | 25.68 | Emerging Markets Stock Fund A GBP Acc | £ | 17.25 | - | -0.14 | 0.00 | 23.65 | Emerging Markets Stock Fund D GBP Dis | £ | 15.54 | - | -0.13 | 1.69 | 21.04 | Emerging Markets Stock Fund A EUR Acc | € | 17.48 | - | -0.15 | 1.51 | 23.80 | Dodge & Cox Worldwide Funds-Global Bond Funds | EUR Accumulating Class | € | 18.46 | - | 0.03 | 0.00 | 3.48 | 4.21 | EUR Accumulating Class (H) | € | 11.93 | - | 0.04 | 0.00 | 3.03 | 3.61 | EUR Distributing Class | € | 11.24 | - | 0.02 | 0.00 | -1.47 | -0.68 | EUR Distributing Class (H) | € | 7.20 | - | 0.02 | 5.05 | -1.99 | -1.29 | GBP Distributing Class | £ | 11.68 | - | 0.03 | 4.75 | -1.63 | -1.34 | GBP Distributing Class (H) | £ | 8.18 | - | 0.03 | 4.70 | -0.10 | 0.29 | USD Accumulating Class | $ | 14.94 | - | 0.05 | 0.00 | 5.03 | 5.60 | CHF Distributing Class (H) | Sfr | 7.33 | - | 0.03 | 0.00 | -4.30 | -3.74 | Dodge & Cox Worldwide Funds-Global Stock Funds | USD Accumulating Share Class | $ | 48.16 | - | -0.03 | 0.00 | 13.41 | 15.80 | GBP Accumulating Share Class | £ | 59.87 | - | -0.12 | 0.00 | 11.58 | 13.60 | GBP Distributing Share Class | £ | 38.27 | - | -0.08 | 0.00 | 8.94 | 11.97 | EUR Accumulating Share Class | € | 64.50 | - | -0.15 | 0.00 | 12.71 | 13.18 | GBP Distributing Share Class (H) | £ | 20.69 | - | -0.02 | 0.00 | 11.38 | 13.48 | USD Distributing Class | $ | 19.67 | - | -0.01 | 0.00 | 11.88 | 14.21 | CAD Accumulating Class | C$ | 64.62 | - | -0.23 | 0.00 | 15.28 | 17.36 | Dodge & Cox Worldwide Funds-US Stock Fund | USD Accumulating Share Class | $ | 58.47 | - | 0.24 | 0.00 | 10.98 | 14.17 | GBP Accumulating Share Class | £ | 68.74 | - | 0.18 | 0.00 | 9.19 | 12.01 | GBP Distributing Share Class | £ | 39.99 | - | 0.10 | 0.00 | 8.34 | 11.10 | EUR Accumulating Share Class | € | 67.61 | - | 0.17 | 0.00 | 8.37 | 12.17 | GBP Distributing Share Class (H) | £ | 22.06 | - | 0.09 | 0.00 | 9.61 | 12.71 | USD Distributing Class | $ | 21.39 | - | 0.09 | 0.00 | 10.13 | 13.23 | FIL Investment Services (1200)F | Beech Gate, Millfield Lane, Lower Kingswood, Tadworth KT20 GRP | Calfree:Private Clients 0800 414161 | Broker Dealings: 080 414 181 | OEIC Funds | Allocator World Fund W-Acc-GBP | £ | 4.38 | - | 0.01 | 0.98 | 15.85 | 15.96 | American Fund W-Acc-GBP | £ | 89.77 | - | -0.30 | 0.00 | 11.62 | 13.58 | American Special Sits W-Acc-GBP | £ | 29.16 | - | 0.25 | 0.41 | 7.07 | 9.14 | Asia Funds W-Acc-GBP | £ | 29.74 | - | 0.09 | 0.49 | 36.18 | 25.82 | Asia Pacific Opps W-Acc | £ | 3.31 | - | 0.04 | 0.69 | 11.09 | 7.55 | Asian Dividend Fund W-Acc-GBP | £ | 3.67 | - | 0.02 | 2.02 | 23.48 | 18.79 | Cash Fund W-Acc-GBP | £ | 1.22 | - | 0.00 | 3.86 | 0.00 | 0.00 | China Fund W-Accumulation-GBP | £ | 2.46 | - | 0.04 | 1.52 | 14.11 | 1.37 | Emerging Mkts NAV | 1660.32 | - | -19.18 | 0.00 | 0.00 | 0.00 | Enhanced Income Fund W-Inc-GBP | £ | 0.92 | - | 0.01 | 6.16 | -1.45 | -1.96 | European Fund W-Acc-GBP | £ | 31.21 | - | 0.30 | 1.50 | 6.13 | 8.84 | Global High Income Bond W-Acc-GBP | £ | 1.55 | - | 0.00 | 5.63 | 5.24 | 7.40 | Sustainable Euro Equity Fund W-ACC-GBP | £ | 7.05 | - | 0.09 | 1.19 | 8.78 | 9.96 | Sustainable Global Equity Fund W-ACC-GBP | £ | 43.94 | - | 0.22 | 0.30 | 7.91 | 8.90 | Japan Fund W-ACC-GBP | £ | 10.61 | - | -0.13 | 0.90 | 23.47 | 19.58 | Select 50 Balanced Fund PI-Acc-GBP | £ | 1.53 | - | 0.00 | 2.18 | 0.00 | 0.00 | Special Situations Fund W-ACC-GBP | £ | 73.18 | - | 0.81 | 2.27 | 18.33 | 20.23 | Short Dated Corp Bond Fund W-ACC-GBP | £ | 12.63 | - | 0.01 | 4.46 | 0.00 | 0.00 | Sustainable Water & Waste W-ACC-GBP | 126.60 | - | 0.00 | 0.00 | 7.94 | 1.31 | Sustainable Water & Waste W-INC-GBP | 124.00 | - | 0.00 | 0.00 | 0.00 | 0.00 | UK Select Fund W-ACC-GBP | £ | 4.64 | - | 0.07 | 1.74 | 6.05 | 8.63 | Global Dividend Fund W-ACC-GBP | £ | 4.58 | - | 0.04 | 2.49 | 12.64 | 14.94 | Global Enhanced W-ACC-GBP | £ | 3.52 | - | 0.03 | 4.21 | 13.19 | 14.36 | Global Special Sits W-ACC-GBP | £ | 92.05 | - | 0.12 | 0.20 | 18.41 | 17.69 | Index Emerging Markets P-ACC-GBP | £ | 2.90 | - | 0.01 | 1.58 | 25.86 | 20.18 | Index Europe ex UK Markets P-ACC-GBP | £ | 2.88 | - | 0.03 | 2.16 | 14.99 | 14.86 | Index Japan P-ACC-GBP | £ | 3.33 | - | -0.02 | 1.44 | 18.15 | 17.38 | Index Pacific ex Japan P-ACC-GBP | £ | 2.58 | - | 0.03 | 2.68 | 15.27 | 13.96 | Index Sterling Corp Bond Fund P-ACC-GBP | £ | 0.95 | - | 0.00 | 5.42 | 0.00 | 0.00 | Index UK P-ACC-GBP | £ | 2.47 | - | 0.03 | 2.70 | 16.39 | 16.52 | Index US P-ACC-GBP | £ | 6.37 | - | 0.00 | 0.83 | 16.58 | 18.09 | Index World P-ACC-GBP | £ | 4.74 | - | 0.01 | 1.12 | 16.76 | 17.60 | MoneyBuilder Balanced Fund W-Acc-GBP | £ | 0.78 | - | 0.01 | 2.95 | 0.00 | 0.00 | MoneyBuilder Dividend Fund W-Acc-GBP | £ | 1.61 | - | 0.01 | 3.68 | -0.89 | -1.54 | Sust. MoneyBuilder Inc Fd Fund W-ACC-GBP | £ | 14.11 | - | 0.05 | 4.49 | 3.28 | 5.58 | Multi Asset Alloc Adventurous Fd W-ACC-GBP | £ | 3.23 | - | 0.01 | 1.13 | 13.16 | 13.21 | Multi Asset Alloc Defensive Fd W-ACC-GBP | £ | 1.56 | - | 0.00 | 0.00 | 5.50 | 5.34 | Multi Asset Alloc Growth Fd W-ACC-GBP | £ | 2.57 | - | 0.01 | 1.12 | 10.38 | 10.40 | Multi Asset Alloc Strategic Fd W-ACC-GBP | £ | 2.02 | - | 0.00 | 1.17 | 7.05 | 7.55 | Multi Asset Balanced Inc Fd W-INC-GBP | £ | 1.02 | - | 0.00 | 0.00 | 2.78 | 2.54 | Multi Asset Inc & Growth Fund W-INC-GBP | £ | 1.31 | - | 0.00 | 2.61 | 9.83 | 8.18 | Multi Asset Income Fund W-INC-GBP | £ | 0.89 | - | 0.00 | 0.00 | 1.80 | 1.31 | Multi Asset Open Advent W-ACC-GBP | £ | 2.50 | - | 0.00 | 1.68 | 11.86 | 11.19 | Multi Asset Open Defen W-ACC-GBP | £ | 1.65 | - | 0.00 | 0.00 | 7.60 | 6.66 | Multi Asset Open GrowthFund W-ACC-GBP | £ | 2.33 | - | 0.00 | 1.81 | 11.32 | 10.65 | Multi Asset Open Strat. Fund W-ACC-GBP | £ | 1.96 | - | 0.00 | 2.41 | 9.03 | 8.29 | Open World Fund W-Acc-GBP | £ | 3.46 | - | 0.01 | 0.82 | 13.08 | 12.96 | Strategic Bond Fund P-Acc-GBP | £ | 1.36 | - | 0.00 | 2.51 | 3.35 | 5.54 | Index UK Gilt Fund P-Acc-GBP | £ | 0.76 | - | 0.00 | 4.56 | 1.45 | 1.79 | Sustainable Asia Equity Fund W-ACC-GBP | £ | 2.81 | - | 0.01 | 0.74 | 25.35 | 16.13 | Sust Multi Asset Balanced Fund W-ACC-GBP | £ | 1.22 | - | 0.01 | 1.29 | 0.00 | 0.00 | Sust Multi Asset Con. Fd W-ACC-GBP | £ | 1.08 | - | 0.01 | 0.00 | 0.00 | 0.00 | Sust Multi Asset Growth Fd W-ACC-GBP | £ | 1.35 | - | 0.01 | 1.13 | 0.00 | 0.00 | UK Opportunities Fund W-ACC-GBP | £ | 2.67 | - | 0.04 | 2.24 | 0.00 | 0.00 | UK Smaller Companies W-ACC-GBP | £ | 4.85 | - | 0.08 | 2.32 | 6.76 | 11.33 | SICO Capital KSA

Authorised Corporate Director-Waystone Management (UK) Limited | Troy Asset Management (1200) | (UK) | 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL | Order Desk and enquiries 0345 608 0950 | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | Fund | Bid | Offer +/- | Yield | 24m | 36m | ---

MANAGED FUNDS SERVICE

Fundsmith LLP (1200)F

PO Box 10846, Chelmsford Essex CM99 2BW 0330 123 1815

www.fundsmith.co.uk, enquiries@fundsmith.co.uk | Authorised Inv Funds | Fundsmith Equity T Acc | 718.91 | - | 8.25 | 0.00 | 0.74 | 4.20 | Fundsmith Equity T Inc | 648.86 | - | 7.45 | 0.00 | 14.63 | 13.87 |

HPB Assurance Ltd | International Insurances | Holiday Property Bond Ser 1 | £ | 0.49 | - | 0.00 | 0.00 | -0.28 | Holiday Property Bond Ser 2 | £ | 0.66 | - | 0.00 | 0.00 | 1.43 | ---

Janus Henderson INVESTORS

McInroy & Wood Portfolios Limited

Easter Alderston, Haddington EH41 3SF 01620 825867 | Authorised Inv Funds | Balanced Fund Acc | 6978.10 | - | 50.40 | 1.84 | 4.46 | 0.00 | Balanced Fund Inc | 6548.70 | - | 47.30 | 1.89 | 2.59 | 2.63 | Emerging Markets Fund ACC | 2346.90 | - | 8.60 | 1.73 | 2.64 | 0.00 | Emerging Markets Fund Inc | 2102.10 | - | 7.70 | 1.77 | 0.70 | -1.61 | Income Fund Acc | 3617.20 | - | 23.10 | 2.72 | 6.55 | 0.00 | Income Fund Inc | 3187.20 | - | 20.30 | 2.82 | 3.33 | 3.31 | Smaller Companies Fund Acc | 7277.80 | - | 89.70 | 1.27 | 4.46 | 0.00 | Smaller Companies Fund Inc | 6815.80 | - | 84.00 | 1.29 | 3.11 | 3.61 | Ministry of Justice Common Investment Funds | (UK) | Property & Other UK Unit Trusts | The Equity Idx Tracker Fd Inc | 2645.00 | - | 17.00 | 2.00 | 10.32 10.46 | Distribution Units | Purisima Investment Fds (CI) Ltd

Royal London

80 Fenchurch Street, London EC3M 4BY | Authorised Inv Funds | Janus Henderson Absolute Return Fund A Acc | 206.40 | - | 0.20 | 2.10 | 5.51 | 6.50 | Janus Henderson Asian Divi Inc Unit Trst Inc | 102.50 | - | 0.30 | 5.50 | 12.19 | 9.53 | Janus Henderson Cautious Mngd Fund A Acc | 348.80 | - | 3.70 | 3.90 | 6.51 | 8.64 | Janus Henderson Cautious Mngd Fund A Inc | 149.70 | - | 1.60 | 4.00 | 2.20 | 2.63 | Janus Henderson China Opp Fund A Acc | 1272.00 | - | 17.00 | 0.10 | 20.42 | 7.17 | Janus Henderson Emerging Markets Asia A Acc | 1839.00 | - | 9.00 | 0.00 | 25.49 | 20.45 | Janus Henderson Emerg. Mkts Opps Fnd A Acc | 306.10 | - | 1.30 | 0.00 | 19.52 | 15.13 | Janus Henderson European Focus A Acc | 577.10 | - | 7.70 | 0.10 | 0.00 | 0.00 | Janus Henderson Euro. Sel Opps Fund A Acc | 3082.00 | - | 36.00 | 0.30 | 10.88 | 11.44 | Janus Henderson Fixed Int Mthly Inc Fd Inc | 16.57 | - | 0.03 | 6.50 | -1.06 | -1.10 | Janus Henderson Global Equity Inc Fnd Inc | 86.30 | - | 0.39 | 2.60 | 8.69 | 8.21 | Janus Henderson Global Select Fund Acc | 6523.00 | - | -39.00 | 0.00 | 9.51 | 14.48 | Janus Henderson Global Sust Equity Fd A Inc | 716.20 | - | 2.70 | 0.00 | 9.27 | 12.26 | Janus Henderson Global Tech Ldrs Fnd A Acc | 7529.00 | - | -25.00 | 0.00 | 26.38 | 28.96 | Janus Henderson Instl UK Index Opps A Acc | 174.61 | - | 2.07 | 2.40 | 16.08 | 16.32 | Janus Henderson Multi-Asst Abs Rtn Fd A Acc | 190.60 | - | 0.60 | 2.10 | 4.92 | 4.73 | Janus Henderson Multi-Mgr Actv Fd A Acc | 337.30 | - | 0.00 | 1.70 | 8.22 | 8.68 | Janus Henderson Multi-Mgr Dist Fd A Inc | 136.10 | - | 0.20 | 2.60 | 3.11 | 2.86 | Janus Henderson Multi-Mgr Div. Fd A Acc | 104.90 | - | 0.20 | 3.20 | 6.39 | 7.28 | Janus Henderson Multi-Mgr Glbl Sel Fd A Acc | 448.80 | - | -0.50 | 0.00 | 9.78 | 11.14 | Janus Henderson MultiMglnlc&Gwth FdA Acc | 231.20 | - | 0.40 | 2.60 | 6.36 | 6.46 | Janus Henderson Multi-Mglnlc&Gwth Fd A Inc | 160.50 | - | 0.30 | 2.60 | 3.29 | 3.19 | Janus Henderson Multi-Mgr Mngd Fd A Acc | 404.90 | - | 0.00 | 1.40 | 7.59 | 8.06 | Janus Henderson Multi-Mgr Mngd Fd A Inc | 373.50 | - | 0.00 | 1.20 | 6.28 | 6.63 | Janus Henderson Sterling Bond Unit Trust Acc | 225.60 | - | 0.90 | 4.10 | 2.51 | 4.71 | Janus Henderson Sterling Bond Unit Trust Inc | 54.49 | - | 0.21 | 4.10 | -0.76 | 0.21 | Janus Henderson Strategic Bond Fund A Inc | 92.23 | - | 0.15 | 6.30 | -2.45 | -2.78 | Janus Henderson UK Alpha Fund A Acc | 195.90 | - | 3.00 | 0.90 | 11.05 | 15.10 | Janus Henderson UK Eq Inc & Growth Fd A Inc | 683.30 | - | 10.00 | 3.40 | 7.84 | 10.11 | Janus Henderson US Growth Fund A Acc | 3078.00 | - | -70.00 | 0.00 | 12.83 | 16.77 | Authorised Corporate Director-Waystone Management (UK) Limited | Global Total Fd PCG A | 709.49 | - | -1.76 | 0.41 | 14.55 | 17.95 | Global Total Fd PCG B | 698.38 | - | -1.74 | 0.00 | 14.46 | 17.88 | Global Total Fd PCG INT | 681.01 | - | -1.70 | 0.00 | 14.28 | 17.69 | Nutshell Asset Management Ltd | (IRL) | Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LEwww.nutshellam.com | Authorised Inv Funds | Nutshell Growth Fund Gbp Inst Founder | £ | 192.23 | - | -1.06 | 0.00 | 15.74 | 17.02 | Regulated | PCG B | 570.41 | - | -1.70 | 0.00 | 15.70 | PCG C | 550.24 | - | -1.64 | 0.00 | 15.44 | Royal London Sustainable Diversified A Inc | 286.30 | - | 0.20 | 1.55 | 4.49 | 6.04 | Royal London Sustainable World A Inc | 523.30 | - | -1.20 | 0.71 | 11.86 | 12.45 | Royal London Corporate Bond Mth Income | 75.11 | - | 0.26 | 4.64 | -0.66 | 0.57 | Royal London European Growth Trust | 283.90 | - | 3.70 | 1.15 | 8.76 | 9.40 | Royal London Sustainable Leaders A Inc | 996.90 | - | 11.40 | 1.50 | 6.89 | 6.82 | Royal London UK Growth Trust | 856.50 | - | 12.80 | 1.73 | 9.96 | 10.08 | Royal London UK Income With Growth Trust | 251.80 | - | 2.70 | 4.07 | 6.49 | 7.11 | Royal London US Growth Trust | 683.00 | - | 1.10 | 0.01 | 15.54 | 18.18 | Additional Funds Available

Please see www.royallondon.com for details

Ruffer LLP (1000) F

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

Order Desk and Enquiries: 0345 601 9610

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Authorised Inv Funds | Private Fund Mgrs (Guernsey) Ltd | (GSY) | Regulated | Monument Growth 06/10/2026 | £ | 612.77 | 618.47 | 0.00 | 1.05 | 3.09 | 2.98 | Authorised Corporate Director-Waystone Management (UK) Limited | WS Ruffer Total Return C Acc | 587.10 | - | 0.00 | 2.16 | 4.90 | 4.23 | WS Ruffer Total Return C Inc | 338.68 | - | 0.00 | 2.19 | 1.76 | 0.57 |

| Regulated | Oasis Crescent Global Eq Fd (USD) A (Dist) | $ | 56.13 | - | 0.04 | 0.00 | 17.97 | Oasis Crescent Global Inc Fd (USD) A Dist | $ | 9.95 | - | 0.00 | 0.00 | -0.63 | Oasis Crescent Low Equity Fund (USD) D Dist | $ | 15.92 | - | 0.01 | 0.00 | 9.26 | Oasis Crescent Med Equity Fd (USD) A Dist | $ | 18.63 | - | 0.01 | 0.00 | 11.30 | Oasis Crescent Prop Equity Fd (USD) A Dist | $ | 10.10 | - | -0.03 | 0.00 | 6.68 | Oasis Crescent Short Term Inc Fd (USD) A (Dist) | $ | 0.95 | - | 0.00 | 0.00 | 0.37 | Oasis Crescent Variable Fund (USD) A (Dist) | £ | 12.08 | - | -0.02 | 0.00 | 6.80 | SICO BSC BHRTelephone - +973 1751 5700Website - www.sicobank.com | (BHR) | Khaleej Equity Fund | $ | 570.76 | - | -33.51 | 0.00 | -3.81 | Sico Gulf Equity Fund | $ | 202.34 | - | 3.72 | 0.00 | 10.57 | SICO Capital KSA | (KSA) | Telephone - +966 11 521 3835Website - www.sicocapital.com | SICO Kingdom Equity Fund | SAR | 10.28 | - | -0.39 | 0.00 | 1.39 | - | SICO MENA Equity Fund | SAR | 21.34 | - | -0.39 | 0.00 | -1.37 | 4.80 | SICO Capital Money Market | SAR | 14.02 | - | -0.15 | 0.00 | - | - | Stonehage Fleming Investment Management Ltd | (IRL) | www.stonehagefleming.com/gbi enquiries@stonehagefleming.com |

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00 | SF Global Best Ideas Eq B USD Acc | $ | 298.34 | - | -1.18 | 0.00 | 4.09 | 6.18 | SF Global Best Ideas Eq D GBP Inc | £ | 342.21 | - | -1.54 | 0.00 | 2.44 | 4.19 |

Guide to FT Funds Data

The fund prices quoted on these pages are supplied by the fund operators, fund managers and fund administrators. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision. The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by ICE. The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds. The funds published on these pages are grouped together by fund management company. Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously quoted figure (not all funds update prices daily). Those designated \$ with no prefix refer to US dollars: Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses.

Prices of certain older insurance linked plans might be subject to capital gains tax on sales.

OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure. Different share classes are issued to reflect a different currency, charging structure or type of holder.

Bid price: Also called selling price. The price at which units in a unit trust are sold by investors.

Offer price: Also called buying price. The price at which units in a unit trust are bought by investors. Includes manager's initial charge.

Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same. Treatment of manager's periodic capital charge: 24 and 36 months: 24 and 36 month annualized performance figures calculated using the total gain (or loss) from that period. Performance formula is adjusted to consider the income distribution during the reference period.

Yield: Calculating using the fund's projected annual income, divided by the latest available net asset value.

The prices appearing in the newspaper are the most recent provided by the managers/operators. Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact data@ft.com for further information. For further queries contact newspapers@ice.com

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Could The Celebrity Traitors tempt workers back to the office?

Emma Jacobs

Office life

It's autumn: the time for coats and curling leaves but also, more excitingly, the now annual renewal of the return-to-office mandate. Over the past few years, bosses have tried all manner of things to get workers to spend more time commuting. Carrots: free coffees, lunches, travel subsidies; and sticks: monitoring, performance-review black marks and pay penalties.

But perhaps they have overlooked one trick: the office water cooler chat. The secret sizzle is surely this season's Celebrity Traitors, in which participants dubbed Faithfuls and Traitors engage in strategies of deception. When the Withnail and I actor Richard E Grant (who has, as one contestant put it, "unhinged uncle" energy) announced he was a Traitor, he triggered a national debate: is he an idiot or Machiavellian? It blazed through social media – and workplaces.

The test is the rhythm. The show is broadcast on Thursdays and Fridays. Is it enough to lure TWaTs (Tuesdays, Wednesdays and Thursdays) into the office on either side of the weekend? Or can they do just as well discussing Amol Rajan's coffin-lid-slamming departure on Teams?

In a fragmented media landscape where television vies with YouTube and TikTok for eyeballs, appointment viewing is rare. It has been 40 years since millions of us tuned in for Bobby Ewing's shower-scene return to Dallas. More recently, national conversations have been sparked by dramas including Netflix's Adolescence, about the manosphere, and ITV's Mr Bates vs The Post Office, which dealt with postmasters' miscarriage of justice.

But those trod politically and culturally fraught terrain – unlike the BBC's reality-TV contest set in a castle in the Scottish Highlands, which is very low stakes (except, seemingly, for the paranoid “hard man”, Ross Kemp). It also has broad age appeal, which is useful in a workplace that can span up to five generations. One colleague only got into it because his young daughter wanted to watch and now happily finds himself part of the zeitgeist and office chat. As Beth Johnson, professor of television and media studies at the University of Leeds, puts it, there is a strong social incentive to watch promptly, “because being part of the conversation is part of the pleasure”. (I have to confess to weaning myself on to it to participate.)

Isn't this ultimately what separates us from the chatbots? Analytical skills, certainly. Empathy, definitely. But also, the ability to get in a lather over a programme that will most certainly not feature on a carousel of life's highlights as we take our last breath.

Despite its bad reputation, small talk is useful. Jean Fox Tree, professor of psychology at the University of California, Santa Cruz, says: "Non-work conversations improve people's willingness to work with each other on a task in the future." All the better if this is a two- or five-way chat, rather than a monologue on presenter Maya Jama's poker face, or model Jerry Hall's unwillingness to dish the dirt on ex-husband Rupert Murdoch (or Mick Jagger, let's face it). People who were invited to participate in such conversations rather than listen in silence were more likely to engage in small talk the next time colleagues were chatting, says Fox Tree.

And it is far more constructive to discuss Claudia Winkleman's tartan trousers than grouse about a colleague.

This was reinforced for me after posting on LinkedIn recommendations for shows and films I've watched, books I've read and podcasts and music I've listened to. It started as a way to be normal on a platform heavy on AI-created career chat, thoughtfluencers and 10-point work lessons from putting a nappy on a baby. It turned into a fun way to forge connections as people have reciprocated with tips or

There is a strong incentive to watch promptly 'because being part of the conversation is part of the pleasure'

discussed plays and hidden gems.

Johnson observes that “social platforms expose viewers to a much wider interpretative community through memes, theories, clips, reactions. [They] amplify the sense that you are participating in a much larger collective audience.”

While Fox Tree's experiments were virtual – as with my ongoing LinkedIn experiment – in-person small talk matters too.

Nick Bloom, economics professor at Stanford, points to a number of primarily remote-working Silicon Valley companies having regular – typically monthly – face-to-face meetups, not just for work conversations but also to connect over sport, hobbies and kids. A paper he co-authored found that such office days increased workplace communication. In the week after an office visit, staff spent "36 additional minutes communicating with

colleagues . . . were more likely to report receiving manager feedback, and employee pairs randomly assigned as desk neighbours were 11 percentage points more likely to communicate afterward. In addition, monthly office days reduced attrition by a third".

So how about it? See you in the office kitchen on Monday?

Leadership

How Norman Foster made the classic architect studio go global

Celebrated founder has structured Foster + Partners in unusual ways to promote creativity, writes John Gapper

ord Norman Foster sits in the open-plan main studio of Foster + Partners by the River Thames at Battersea, recalling the way architects once worked. "It's probably easier to explain with a drawing," he says, leaning forward to his notebook to sketch in pencil how rolls of paper were fed to desks before personal computers.

Much has changed since Foster founded his own architectural practice in 1967 with his late wife Wendy. Foster + Partners has embraced the computer age and is a great deal bigger and more global. It has 1,300 architects (including trainees) among 2,400 employees, and its recent projects range from JPMorgan's skyscraper on Park Avenue in New York to a new art gallery in Shanghai.

“It started in a bedsit in Hampstead. 16b Hampstead Hill Gardens, first floor,” Foster recalls precisely of Team 4, the firm he co-founded with the late Lord Richard Rogers and others in 1963 before breaking away. Foster + Partners is the largest UK architectural firm and one of the world’s most prestigious, although smaller than global corporate practices such as Gensler and Arcadis.

The Foster practice was driven to expand after finding in the early 1990s that it was overdependent on the UK, which was in a property recession. Having started to work internationally with the Hong Kong head office of HSBC, by 2025 93 per cent of its revenues came from outside the UK. Projects in the Middle East contributed by far the most of any region.

Foster remains executive chair and the firm's guiding spirit. He is 91 but still energetic and spry, with no intention of retiring although succession is clearly a consideration. He is confident his practice will endure after he is gone. "Of course there will be differences, but succession has been long planned. There's an extraordinary depth of talent. It's like a chamber orchestra. It doesn't need me as the conductor."

One of his legacies will be the unusual way Foster + Partners works. The firm is an outlier among architectural practices and other professional services firms in operating globally and on a large range of projects without dividing itself by regions or specialisms. It is arranged in seven studios that work in parallel: the seventh was created this year.

“Anybody can do anything, anywhere, as long as they don't compete,” Foster summarises. The studios, initially comprising about 60 people each, were formed in 2004 to maintain the creativity of small teams within a large organisation. They also reflect Foster's nature. “I would go mad having to work just in one place [or] if I had to work on towers, towers, towers . . . that's ritualistic and bureaucratic and

Norman Foster attaches himself to a variety of projects being worked on by the different studios within the firm. Below: Foster + Partners' recent projects include JPMorgan's headquarters on Park Avenue in New York

Charlie Bibby/FT; Max Touhey/JPMorganChase

the opposite of what makes us all tick."

This makes Foster + Partners an interesting place to practise, but it also involves complexity. The studios have their own leadership and pitch individually for new business, although some clients (such as the late Steve Jobs for Apple's headquarters in California) come directly to Foster. Some projects end up being worked on as joint ventures between studios.

Stuart Latham, managing partner, says any internal tension over who does what is resolved by discussion, although “there is a danger of tripping over ourselves on occasion and sometimes we are not as elegant as we might be”. As the firm has grown, its studios, numbered one to seven, have expanded in size to between 150 and 300 people each.

The closest to an oversight body is a firm-wide design board, chaired by Foster, including full-time members along with the studio heads. But its purpose is architectural rather than managerial. Foster compares its methods to the "jury" tradition of reviews in architectural schools. "You show your work and explain it, and then people start throwing rocks," says Latham.

Foster has always liked shaking things up. He recalls insisting to the dean of the Yale School of Art and Architecture, where he studied in the early 1960s, that he needed help to design a tower: "I said, 'I don't know about tall buildings, I need an engineer.'" Foster + Partners now employs a range of design specialists, including about 370 structural and environmental engineers.

Foster hops around, attaching himself to a variety of projects being worked on by the different studios, currently including an Alpine village regeneration and a planned tower for JPMorgan in London. "The studio system and how you keep it alive is a learning curve . . .

---

'There's an extraordinary depth of talent. It's like a chamber orchestra. It doesn't need me as the conductor'

like most architects, I've had no business training. I've learnt it to a degree through trial and error."

The firm thrives on internal challenge, Foster says. "The organisation is hierarchical in terms of ownership but creatively, it's a horizontal line. Anybody can come as an intern and say, 'I think there's a better idea.'" But Foster's dominance is evident, both in his personal authority and partnership share: he and his family hold 9 per cent of the equity, with another third split among 240 partners.

Foster + Partners has been in and out of private equity hands: the UK firm 3i once held a 40 per cent stake but the Foster partners bought it back in 2014.

Hennick & Co, a Canadian family investment firm, holds a majority stake, which it took in 2021. "It's essentially a family . . . it has not changed the nature of the practice," he says of Hennick.

But Hennick's backing enables Foster + Partners to invest in expansion, including new offices and technology. The firm has been growing briskly: revenue in the year to April 30 2025 reached £571mn from £369mn the previous year and it has recently opened offices in Seoul and Miami. It has also worked on several big projects in the Middle East, including the King Salman international airport in Riyadh.

Foster has used his relationship with Hennick to reinforce his will. The investor supported him when he wanted to add a seventh studio. To his mind, it offered “more succession, more opportunity. I predict, in no time at all, there’ll be an eighth studio”.

Change means upheaval: the company has appointed a new studio head and moved the head of another one to a new role, leading research and innovation. Foster says he encountered “entrenched views” among some partners against adding a studio but found “a kindred voice [at] Hennick saying, ‘You’re absolutely right, Norman, we’ve got to work at this together.’”

Growth also keeps the firm youthful, one of Foster's obsessions. “He loves to see a young office. I think he'd be happy if he was the only person here over 40,” Latham observes. Some longer-serving partners have retired and the average age of employees is now 34. About half of its architects are fully qualified, with the rest in the long period of practical training the profession requires.

The founder remains in motion. He is resident in Switzerland but spends a week a month in London and another in Madrid, where he presides over his own foundation. He also crosses the world to the firm's offices and projects: his last trip took in Hong Kong, Shenzhen, Beijing, Shanghai and Baku.

Foster is “more active than he has been in ages . . . he is here and he keeps the rest of us on our toes,” Latham says. As he approaches his firm’s 60th anniversary, there is no sign of him letting go.

Work watch

More than translation: why languages matter at work

proficiency alone.

---

Ian Wylie

Brandishing a rolling pin during a messy session making fettuccine, tiramisu and Aperol spritzes at a culinary school in Rome, Frédéric Armandon explains why he has signed up for an immersive language tuition course. The French manager, who works for Italian eyewear group EssilorLuxottica, is uncomfortable about his inability to speak his employer's home language. "I have the feeling of playing for the same team but not wearing the jersey that would open promotions." Learning Italian, he adds, sends "a strong message" about his commitment.

Armandon is surrounded by executives, retirees and career changers, who have gathered from Europe and beyond at a zero-English course run by Zurich-based language company Education First (EF).

EF has evolved beyond its student-travel roots to operate language schools in more than 50 locations and through an AI learning platform. Participants pay €1,000-€1,500 for a week of language learning in Rome, and a little more in cities such as New York.

But in an era when ChatGPT, Google Translate and other AI-powered tools can teach languages, in-person courses seem a relic of the past. With so much technology at their disposal, why would workers bother learning a language at all?

Employers, educators and even technology companies argue that AI can handle translation but language skills are needed to build connection.

"Speaking another language still builds access, trust and credibility, but AI now handles much of the literal translation," says Laura Weis, human-AI strategy lead at advertising group WPP. "That makes cultural understanding, influence and relationship-building even more important."

Within many companies such as WPP, important conversations still happen outside the official language. People have to judge “how a message will land, what a community will trust and how a global idea should be adapted”, explains Weis.

Daniel Harris, managing director for the UK and Ireland at recruitment firm Robert Walters, says employers are looking for "cultural intelligence", the kind best developed through living abroad, rather than language

“AI is changing the value of foreign language skills by automating their routine elements,” he adds. Employers are looking for candidates who can “operate above simple translation” — those who can build relationships, understand cultural nuances and work across international markets.

Weis says learning a language or living abroad is valuable because it teaches people that “their own assumptions about trust, hierarchy, directness and professionalism are not universal”.

Minna Paunova, associate professor of management at ESCP Business School, argues that learning a language develops skills increasingly valued by organisations. Learners must tolerate uncertainty and misunderstandings, and resist the temptation to retreat into what they know. "It means spending a long time being incompetent," she says.

Josh Crossick, chief product officer at language-learning platform Preply, says technology is changing how people learn rather than why. Google recently launched Gemini-powered experiments that generate situational phrase packs, slang-heavy conversations and vocabulary based on photographs taken by learners. The British Council has introduced an AI-powered speaking coach that provides personalised feedback. Yet these tools are positioned as supplements to human interaction rather than replacements.

"Translation and connection are different things," says Crossick. When he lived in Spain, he says translation tools helped him navigate daily life but did not help him make friends, for example.

Valeria Murgich Lopez, a project manager in Spain, says improving her English has helped her develop workplace skills such as executive presentations and communicating more confidently with colleagues and clients.

Back in Rome, as the group laughs at each other's misshapen strips of pasta and stumbles through conversations in tentative Italian, it is clear the "exercise of learning together and making mistakes together creates good feelings", says EssilorLuxottica's Armandon. None of the participants has come simply to learn how to order an espresso. We are here for something that remains harder to translate.

'I don't feel the queen of anything to be honest'

Dame Carolyn McCall | chief executive, ITV

Former easyJet boss eyes future chair role as she says running the UK broadcaster has been harder and longer than expected as global streamers steal viewers

W

hen Dame Carolyn McCall was named the new boss of ITV in 2017, the Daily Mail crowned her “Queen of the “Her Queen of the FTSE”. The then 55-year-old had led easyJet into the UK’s FTSE 100 index and had grown the airline’s share price by more than 200 per cent over her seven years in charge.

“That was very nice of them,” she tells me, seeming genuinely touched. “I wonder if they’d call me that now.”

Possibly not. Her nearly nine years running Britain's only listed commercial broadcaster have been tough. Her toughest ever role? "It probably is, actually." Judging by the ITV share price, down by more than half since she took over, the stint so far has been a let-down. "I don't feel the queen of anything to be honest, I've never felt the queen of anything, but I do feel what we've done at ITV has been incredibly important."

McCall has run businesses – and effected important change – in three very different industries (the Guardian Media Group came before easyJet). A psychoanalyst might put those eclectic tastes, and her hunger for a challenge, down to a childhood in India, Singapore and Australia (with boarding school in the north of England). She dabbled after university with teaching, but found her tribe at GMG. "I loved [market] research . . . and I was really good at sales." The four decades since have been consistently eventful.

At ITV, the drama of its best-loved shows — from Mr Bates vs the Post Office to Love Island — has been outdone by the company's own story. McCall's tenure has coincided with a brutal reshaping of the global television industry, with streaming giants from Netflix to YouTube stealing ever-larger audience shares from old-style channels.

We are speaking in McCall's open-plan office area at ITV's White City headquarters (which, oddly, it shares with old rival the BBC). It is barely three months since the group announced its break-up. Sky is set to buy ITV's broadcast division (all linear channels, the ITVX streaming platform and the group's share of ITN and local news), leaving behind a rump production arm, ITV Studios.

The deal has been years in the making, but McCall knows it won't be quick to complete. "It's a historic transaction for this industry," she says. A two-phase competition review could last a year.

But she is quietly hopeful regulators will conclude it no longer makes sense to judge old-style terrestrial broadcasters in isolation from the rapidly ascending global streamers.

"[Media regulator] Ofcom . . . have seen . . . the pain in the numbers," says McCall. "They see how hard it is . . . advertising, overheads, competition, viewer numbers." Last year YouTube accounted for 15 per cent of overall viewing, and Netflix 9 per cent, both up 1 point, compared with ITV's 11 per cent, down 1 point, according to Ofcom. Advertising revenue fell 5 per cent.

If only the authorities had taken an enlightened view 16 years ago on “Project Kangaroo” — a plan to pool streaming technology across UK broadcasters. “It was a hugely missed opportunity,” says McCall. “They would have had a head start on technology.”

Like most legacy broadcasters, ITV suffered as Covid pushed Britons towards booming global streamers and geopolitical tensions raised inflation. "We've just been in a very negative cycle of cost of living, consumers not feeling confident, businesses therefore not feeling confident [and] that cyclical effect on advertising."

But macro issues alone do not explain why the ITV break-up seems to have gone down badly with investors. The share price is 20 per cent below where it was when the deal was announced in July.

Uncertainty is the short answer, she says. “It’s not just the length of the [review], it’s the risk. And as the months go on, the risk reduces. I think the share price should respond well to that.” The £950mn promised payout to shareholders will be a big inducement.

But some have said the sale price was too cheap. The headline number of £1.6bn is inflated by a £200mn cashless transfer of Sky assets and a potential £200mn payment that is linked to 2027 advertising sales and not guaranteed. McCall rebuts suggestions she failed to

---

'I have done a lot of CEO roles and think there will come a day where I say I don't want to be a CEO'

negotiate effectively. "What I haven't said before is that clearly we didn't only talk to Sky [and Sky owner] Comcast . . . We did have two other interested parties." She declines to name them, though says they were both media groups.

The talk of share prices brings us on to McCall's broader frustration with the stock market. Four years ago, she let it be known she was “totally fed up” with the market’s failure to give ITV credit for the long-term value of its production business. The blame, as she sees it, lies in UK pension funds’ abandonment of the British blue-chips they once anchored: barely 4 per cent of UK-listed equities are owned by UK pension funds, a tenth of the tally a few decades ago. “That figure is horrible, isn’t it? . . . Having access to public markets is important for us as a country. Really important. You can’t just rely on an alternative source of capital like private equity." Tax incentives should be changed, she says.

The root problem for ITV, of course, is that it is a classic legacy operator in a rapidly disrupting industry. How different from easyJet, itself an arch disrupter in an airline industry that was stuck in its ways.

A childlike smile spreads across McCall's face. "It was a fantastic place to be," she reminisces, the burden of ITV's challenges suddenly forgotten. As she relives the excitement of working until 2am or 3am, answering customer complaints herself and winning over pilots to improve on-time performance from under 50 per cent — "it should have been 80 per cent" — the affection she feels for her easyJet era, and its "massive cultural change", is obvious.

Could that progress be undermined now that Apollo – part of a private equity industry known for aggressive cost cutting – is acquiring the airline?

"The honest truth is I don't know. I hope not because it won't help private equity companies [reputationally]. With airlines, you have to be extremely careful. I mean, safety really has to be number one. You cannot take shortcuts . . . Safety lies with your people."

Getting people management right has always been McCall's special strength. At easyJet this meant “treating passengers as customers. Caring about them. Smiling.”

She has also been a keen moderniser, launching the easyJet app – “still the best app in the airline business” – and digitising the Guardian newspaper and the broader Guardian Media Group in the early 2000s.

Portrait by Anna Gordon

company in the world," she retorts. The division has grown nearly 40 per cent in the past eight years and McCall makes clear the company and investors want to see ITV Studios as a listed business. But she does point out the fragility of deal-making with a business that depends on retaining creative talent.

What about the media world beyond ITV? “Netflix is a brilliant company,” she says, but may itself become vulnerable. “They are now quite old . . . and so they’re probably thinking who’s going to disrupt us? Because there’ll be more disruption, especially with AI.”

And McCall herself? She admits the ITV job has been “much harder” than

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‘We’ve just been in a very negative cycle of cost of living and consumers not feeling confident’

she expected and has lasted twice as long. She is now 65 and is widely expected to exit the broadcaster once the Sky deal is complete.

I thought she'd leave it there, but to my surprise she opens up. "I have done a lot of CEO roles and I think there will come a day where I just say I don't want to be a CEO." Chairing a board appeals. During our conversation, she has praised Sir Mike Rake, the former easyJet chair, for the trust he put in her, as well as Myners, for his wise counsel. "If I was ever to be a chairman, which I anticipate I will want to be, I will be a good chairman because I've seen what not to do as well as what to do." Headhunters, take note: the Queen may yet be reanointed.

Describe your job in one sentence Busy, unpredictable, fun and full of complication.

What did you want to be when you were growing up? A policewoman.

What was your first paying job? I did risk analysis for a civil engineer.

What has been your best investment? Probably easyJet.

What has been your greatest achievement? Being a CEO in three very different companies. Other than my family and children obviously.

What is the most expensive thing you've ever bought? My car — a Mini. But a sporty Mini.

What is the biggest lesson you've learnt in your career? To be confident but not overconfident, and to listen.

What is your biggest concern? How long is the list? I'm very concerned about too many things.

What is your top tip for someone starting out in work today? Back yourself and really persevere. Don't take no for an answer and don't feel rejected because it is happening to everyone.

Who is your hero? Nelson Mandela.

What excites you about the future? I'm an optimistic person. There's a lot of change still ahead. AI is terrifying and exciting in equal measure.

What are you reading? Sorrow and Bliss but I've just finished The Correspondent by Virginia Evans, which is a brilliant book.

McCall describes establishing the endowment for the Scott Trust to fund the Guardian long term – an idea suggested by her then chair, the late Paul Myners – as “one of things I am most proud of in my career”.

"It's the second-largest TV production

But lest she leave the impression that, as the politically neutral head of a politically neutral organisation like ITV, she is displaying left-leaning sympathies, she goes on to deliver a cool verdict on Andy Burnham's new Labour government. Though she likes his “presence, charisma, mentality [and] optimism”, she bemoans the tendency to dream up new policies without being clear how they will be funded.

The net result: “Business confidence is not high and [companies] are protecting profit. And how do you protect profit? By not spending a lot of money on marketing or promotion . . . So that’s a vicious circle.”

Talking about financial stress, I want to know whether the future ITV – shrunk to the production business – will be big enough to survive on its own?

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The long- predicted decline in call centre jobs has finally begun

Falling employment can be attributed to reduced hirings as opposed to an increase in firings, write John Burn-Murdoch and Sarah O'Connor

his week we're taking a look at AI's early impact on call centre employment, one of the jobs thought to be most exposed to large language

models, and an example of an AI-exposed occupation with significant representation in lower and middle-income countries, making it a particularly useful bellwether for how AI might disrupt employment patterns not only within but between countries.

---

John writes

The trigger for this week's edition was a new study carried out by Caelan Wilkie-Rogers, an economist at the employment research firm Revelio Labs, whose fine-grained data on job-to-job moves has become a key underpinning of a lot of the most important work being done on AI's impacts on the labour market.

Wilkie-Rogers crunched millions of records from company headcounts and individual workers' professional profiles in dozens of countries to track what has been happening to employment in call centre roles since LLMs took off, finding that employment is down 5 per cent globally on its late 2023 peak. Most notably, this is true not only in aggregate and in high-income countries, but in most lower- and middle-income countries too. In the Philippines there are now 10 per cent fewer people employed in call centres than when ChatGPT launched, while Kenya has seen a 6 per cent drop in the past 18 months.

The timings of the declines in higher and lower-income countries are notable. In some richer countries these jobs were on the wane well before LLMs precisely because call centre jobs were outsourced to countries with lower labour costs. But the more recent downturn in both the global total and LMIC figures hints more strongly at a role for AI.

Call centre jobs were always earmarked as particularly vulnerable

to disruption from AI due to their strong emphasis on the kind of routine and clearly specified tasks AI excels at, and the weaker links between employer and employee in out-

sourced roles overseas make these especially vulnerable. But it's important to note that, as has consistently been the case in AI job displacement findings to date, Wilkie-Rogers found declines in employment are a story of reduced hiring, not increased firing (call centre lay-offs are actually down, just much less steeply than hires).

But equally if not more interesting than the decline in call centre headcount was the finding that if we shift our gaze to higher-paying white-collar roles in LMICs, even those theoretically heavily exposed to AI, employment here is still growing, often strongly. This looks to me like a possible sign that AI may be lowering the specialist skills threshold required for these roles, or another demonstration of the Jevons paradox in action as AI-induced efficiency gains unlock new demand.

Even within the broader customer service industry we see evidence that AI may be helping workers in LMICs move up the value chain: while employment in the most basic call centre jobs is down, it has risen for higher-paying jobs in areas such as client relations. But Revelio's job transitions data add an important nuance: the people moving into higher-value white-collar jobs in LMICs are generally not those leaving bottom-rung call centre jobs. Most people who leave call centre jobs move into similar or lower-paying roles.

To my mind, this slots into several recurring patterns. First, what seems to matter most for job displacement is not just task overlap with AI capabilities but also the status or security of an occupation. Lower-paid and outsourced roles are especially exposed, just as we've seen with gig work. Second, even in the most vulnerable roles where we do see declining employment, we're mainly seeing job displacement manifest as foregone hires, not lay-offs. And third, while we are seeing signs of AI displacing hiring in the most-exposed roles, the net impacts so far seem neutral to positive due to increased demand and possible benefits from lowered skill-barriers.

---

Sarah writes

The fact that the margin of displacement so far seems to be via entry, rather than exit, reminds me of the case of the Victorian bootmakers we explored recently (in sum: rather than bootmakers being turfed out of their jobs en masse when mechanisation arrived, the artisanal profession shrank as young people stopped entering it). That 19th century transition unfolded over a generation, but because staff turnover tends to be high in 21st century call centres, it makes sense that employers can downsize quietly through attrition.

It's another useful reminder that combing through statistics on job losses isn't necessarily the best way to scan for signs of AI disruption (though there have been some reports of actual AI-linked job losses in contact centres recently, such as in South Africa).

But the really big question is what fewer call centre jobs might mean for lower and middle-income economies that have come to rely on them (in the Philippines, for example, the outsourcing sector accounted for about 7.4 per cent of GDP in 2023, similar in magnitude to remittances). A recent paper from the World Bank and the International Labour Organization outlined the worst-case scenario. Its authors pointed out that call centre jobs and other entry-level office-based roles have traditionally acted as stepping stones to better things. White-collar automation, therefore, risks “closing off career pathways to upward mobility before they emerge, mirroring the logic of premature deindustrialization”.

But as you say, it's encouraging to see in the Revelio data that other white-collar roles in these economies – indeed, better-paying ones – are holding up so far. When we spoke to Krishn Kaushik, our Mumbai correspondent, he was optimistic about the outlook for higher-skilled job creation in India's "global capability centres", for example.

What we don't know, of course, is

But the really big question is what fewer call centre jobs might mean for lower and middle-income economies that have come to rely on them

A version of this article first appeared as the AI Shift newsletter. Sign up at ft.com/newsletters

whether those jobs can become alternative entry points for those young people no longer going into call centre work. Nor do we know whether AI might eventually come for these roles, too.

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John writes, plus a note on the latest AI maths breakthroughs

I agree with all of that. One important thing that comes through from this research (and echoes the US analysis by the Brookings Institution and Opportunity@Work that we covered a few months back) is that although graduate jobs and high-end knowledge work such as law and software often dominate headlines about AI job displacement, the evidence to date suggests it's what we might call light-blue-collar jobs – routine office support roles requiring little to no specialist knowledge, with call centre workers being perhaps the clearest example – where we're seeing the strongest evidence of AI-accelerated contractions in employment.

But another big AI story demonstrates how even extremely complex and specialist knowledge work roles can be heavily exposed to the same technology. I'm talking, of course, about OpenAI's announcement last week that an unreleased model has solved hundreds more mathematical problems. After the ructions caused by its rushed announcement of its solution to the Navier-Stokes problem last month, this time OpenAI consulted professional maths groups, published detailed results and documentation alongside the new discoveries, and I've not heard many murmurings about snoop-and-scoop plagiarism of human researchers' ongoing work on the same problems.

I strongly recommend browsing the stunned responses from career mathematicians as they pore over the solutions to problems they had been wrestling with for years now solved by AI in a few hours. I was struck by the similarities to what you heard from translators when reporting your book, Sarah: even if one's job remains intact, it can be disorienting and demoralising to witness the shift from doing the deep, stimulating work of pursuing problems in a way you choose, to being the person who checks AI outputs. It also raises the question of who will direct and assess AI mathematics in the future if a shock like this leads skills to atrophy and talent pipelines to narrow? Rest assured — this is a topic we'll be returning to in the weeks ahead.

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Nutritionist and

functional medicine

practitioner

Dr Anjali Mahto

Cosmetic Consultant

Dermatologist,

Self London

Dr Tamsin Lewis

Founder and

Longevity &

Emotional Health

Physician, Wellgevity

Dr Philippe Wolgen

Chief Executive Officer, MBA, MD,

Clinuvel

Rebecca Newman

Contributing Editor (Investigative Wellness), Financial Times, HTSI

FT BIG READ. US POLITICS

Losing the Republican majority in the upper chamber of Congress in the midterm elections would be bruising for the president. A vote in rural Iowa may determine his fate. By James Politi and Alex Rogers

S

topping for lunch in late September at the Polk City pub, smack in the centre of Iowa, Mike Pearson, a 42-year-old broadcaster for the agricultural community, says the political mood has been shifting quickly in the Midwestern state.

“I work with a lot of farmers, and I would have said back in February that Republicans were a lock in Iowa,” he says. “It was gung-ho, gung-ho, gung-ho all the way until about midsummer.”

But after diesel prices soared to over \$6 per gallon in the state on the back of the Iran war, Pearson started to detect some wariness about Donald Trump and his party – just ahead of the November midterm elections. Even, he says, among farmers who believe “in their hearts” that the president is “on their side”.

"The last three months have started to pull some scales from people's eyes," he adds. "The excitement that some Democrats and the left are feeling for some potential pick-ups in Iowa, I don't think it's unfounded."

Widespread Republican losses at the November 3 midterms – including in a crucial contest for a US Senate seat in Iowa – would be a damning rebuke of the president's tumultuous second term in office.

A decade after Trump exploded on to the political scene, voters in the Republican heartlands are now expressing disappointment with the president, while some of the party's candidates seek to distance themselves from him.

Democrats are already widely expected to win back control of the US House of Representatives, the lower chamber of the American legislature, which would repeat the historical pattern of presidents suffering a backlash in the midterm elections.

But a loss of the Republican majority in the US Senate would be far more bruising for Trump. Close races have sprung up in the Iowa heartland and neighbouring Kansas, as well as from the industrial state of Ohio to Texas and the Alaska frontier – all currently held by the president's party.

Such a scenario – which would mean worse midterm results for Trump compared to 2018 – seemed like a stretch at the start of the year. It requires a string of upsets by Democrats in deeply conservative states like Iowa that have backed Trump in the last three presidential elections.

But in recent weeks, the battle for the US Senate has turned into a momentous political brawl that is going down to the wire and could tip either way.

A rush of money is pouring into key battlegrounds from both Democrats and Republicans. From September 1 through to election day, political action committees, the main vehicle for campaign spending in the US, have reserved over \$1.4bn to advertise in Senate races, according to AdImpact, and that does not take into account canvassing operations, print mailers and radio adverts.

Practically, a loss of Republican control in Congress would place a significant straitjacket on Trump's ability to govern even for a president who believes in strong executive powers, exacerbating his status as a presidential "lame duck".

"All the things that we did . . . it could all be taken away," Trump warned during a rally in central Nebraska last week.

A Democratic Senate majority would be in a position to block key legislation as well as appointments to top government posts and judicial nominations, while opening up a new congressional path for investigations into the administration and the president's family.

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'The excitement that some Democrats and the left are feeling for . . . pick-ups in Iowa, I don't think it's unfounded'

"At this point, the question isn't whether Democrats will gain seats, but how many," Jessica Taylor, a Senate analyst at the non-partisan Cook Political Report, wrote last week in a note that predicts the Democrats will flip between two and six seats. They need to clinch four for a majority.

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'Iowans are hurting'

Democratic optimism has been buoyed by recent polling that shows the party's candidates gaining support in a swath of contests that would normally be out of reach for the centre-left.

Republicans currently hold 53 of the 100 seats in the Senate – compared to 47 for the Democrats. A 50-50 split would preserve the Republican majority because vice-president JD Vance would cast a tiebreaking vote.

In Iowa, Josh Turek, a 47-year-old Paralympian basketball player turned healthcare worker, is leading Ashley Hinson, his Trump-backed Republican rival and a sitting congresswoman, by

0.5 percentage points, according to the RealClearPolitics.com polling average. That suggests a big swing from Trump's 13 percentage point win in the state in 2024.

"Iowans are hurting, they're struggling and they are ready for change," the Democrat, who has described himself as a "prairie populist", told a small crowd of roughly two dozen voters, mostly women, who were in attendance at one his events designed for older people.

In the state, as in much of the rest of the country, inflation and its consequences are one of the main sources of pain for voters.

Fuel costs and the Iran war have pushed inflation further above its 2 per cent target, US mortgage rates have hit their highest level since 2023 and the US Federal Reserve is expected to increase borrowing costs still more before year-end.

Ben Hollingshead, the right-leaning manager of the Key Cooperative grain elevator near Polk City, says high prices are top of mind for farmers but cautions that they are not necessarily changing people's votes. "Everyone's got a different opinion on how we got there — it's not a broad brush," he says.

As early voting begins in the midterm races, the issue is rarely far away.

Nationally, “the map is expanding in all kinds of directions” in favour of the Democratic Party, says Margie Omero, a strategist and principal at GBAO, a polling and advisory company. As for the Republicans, “when it goes wrong, it all goes wrong . . . that’s why you’re seeing Republicans really worried not just in Iowa, but everywhere.”

Not all the indicators are pointing in the direction of a Democratic wave sweeping across America. Despite the surprising advances in Trump-friendly areas, Democrats have not yet secured a clear edge in a number of states that former vice-president Kamala Harris won in 2024, including Maine, New Hampshire and Minnesota, complicating their bid for a majority and forcing them on the defensive in some states they should be winning comfortably. In Michigan, which Trump won in 2024, Democrats are battling to keep one of their own seats in the face of a Republican challenger.

In midterm elections, voter turnout is lower than in presidential years, leaving both parties with the formidable task of drawing their own base voters to the polls. Trump has been especially successful at motivating those who participate infrequently in elections, but he has struggled to do so when he's not on the ballot.

In Iowa, Cordt Holub, a corn and soyabean farmer who supports Hinson and has featured in some of her ads, believes the race will be “extremely tight” but expects her to keep the Senate seat in Republican hands. “People are confident in what she’s done and what she’s going to do,” he says, adding, “I think that farmers in general and the majority of Iowans are still pretty Republican."

"A lot of these voters, especially the farmers and the ag people, a lot of them are unhappy with where the economy is at, writ large," said one Republican official. "But they still support what Trump is doing in the long term."

As recently as May, Trump had quipped that he did not “care about the midterms” as he weighed his next steps in the Iran war, which was already unpopular then and is even more so now.

But the US president has taken a much bigger interest in the November races recently. He is hitting the campaign trail regularly for events – mainly in conservative states – while Republicans are pouring millions of dollars of advertising into backing his preferred candidate Trump has learned.

candidates. Trump has also used US government funding for

US government funding is controversial campaign-style ads touting the administration's accomplishments.

“Having one or more chambers flip control would really put a damper on [Trump’s] agenda, I think it would be really impossible to get anything done,” one Republican official close to the White House says. “That’s why you’re seeing the president barnstorm the country the way that he’s doing for the next 30 days.”

In the scramble, Trump has

made promises that have at times strained credulity, such as providing \$5,000 for each adult US citizen if Republicans keep control of the legislature or ending the war in Iran after the elections.

He has also promoted big investment plans in battleground states, such as a new steel factory to be built in eastern Iowa. "Everyone is building their plants here, because they don't want to pay tariffs, it's really not that complicated," Trump said last month at an

Oval Office event, surrounded by Iowa Republicans including Hinson.

---

Talk to your base

As Republican Senate candidates battle for their political lives, their proximity to the president and his policies has turned into a glaring vulnerability. Some have distanced themselves from the White House – as much as they can without drawing Trump's wrath.

In Michigan, Mike Rogers the Repub

In Michigan, Mike Rogers, the Repub-

Losing control of Congress would place a straitjacket on Donald Trump's ability to govern. Below, from top: Iowa Democrat Josh Turek, broadcaster Mike Pearson and grain elevator manager Ben Hollingshead

Amir Prellberg/FT/Reuters

Trump

battles for

the Senate lican candidate for Senate, last week called for a halt to the US trade war with Canada, which has disproportionately hit his state, after calling for an end to the Iran conflict last month. “Canada is not our enemy. We need to end the tariff war — now,” Rogers said in a short video posted on X on October 5.

In audio leaked to Axios, Ken Paxton, Trump's handpicked Republican candidate for Senate in Texas, revealed his frustration with his lack of sway over Washington. "So many factors in this federal race are uncontrollable," he said when prompted about the Iran war. "I don't make the decisions and I don't . . . know what's behind some of the decisions."

During a debate for the US Senate seat in Maine, Republican Susan Collins questioned Trump's promise to visit the New England state to help her campaign. "I've heard nothing from his office and I'm not exactly his favourite senator," she said, adding: "I would say that he is not coming to Maine".

In her campaign, Hinson of Iowa has called for an end to the Iran war, and criticised Trump for allowing more beef imports this year – which drew anger from the cattle industry in the state. She has also cast herself as a model of bipartisanship, despite a voting record that is heavily aligned with the president and Republican leadership.

"There's going to be a couple of instances where she's going to take a little bit of a walk from Trump and just show that she's an independent voice and that she's going to ultimately represent Iowa, not just go there and

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‘These voters . . . are unhappy with where the economy is at, writ large. But they still support what Trump is doing’

vote for everything Trump does," one Republican official said, adding: "But she's still not running as an anti-Trump Republican."

During his event in Des Moines, Turek, Hinson's Democratic opponent, mocked her efforts. "She has been up there just supporting her party, supporting the tariffs, the war, the cuts to healthcare and food assistance and social security, just to get tax breaks to billionaires," he said. "Iowans know the difference."

Now, top Republicans have been forced to pump money into the state to prop her up. Senate Leadership Fund, the Super Pac aligned with Republican leader John Thune, said last month it would spend an additional \$20mn on Iowa. “I think it indicates we have a fight on our hands here,” said Ryan Rhodes, a conservative Republican who ran for a US House seat representing Iowa but dropped out in March.

If Republicans are successful in beating back the Democrats and hold the Senate, it will probably be because they have managed to portray their rivals as captive to the socialist left, which has been on the rise during Trump's second administration, including with Zohran Mamdani's ascent to New York City mayor.

In Michigan's Senate race, Democratic candidate Abdul El-Sayed is closely aligned with the progressive wing of the party after defeating a moderate in the party primary and is more vulnerable to such criticism.

But it is a harder case to make against other candidates in the Democratic field. Many, including Turek in Iowa, are steering away from contentious social issues and focusing their campaigns on cost-of-living problems where they can present a common front against Trump without splitting their own base.

James Talarico, the Democratic candidate in Texas, and Adam Hamilton, the Democratic candidate in Kansas, have put their religious faith at the heart of their campaigns, reinforcing their appeal to moderate and swing voters.

In Iowa at least, the prevailing factor in the contest remains the economic distress driven by rising costs during Trump's second term, which Republicans are struggling to escape. "We've been let down for almost two years, and it's just really disappointing to see that," says Amy Kenyon, a nurse in the area.

Even a small dip in turnout, or disappointment with Trump, in rural Iowa could determine the fate of the race — and American politics.

“Farmers in rural communities don’t like to be ignored politically, they also don’t like to be manipulated,” says Andrew Lehman, president of the Iowa Farmers Union, which has endorsed Turek. “They don’t like flowery language but no action, and I think that’s a growing sentiment.”

Additional reporting by Ian Hodgson

FINANCIAL TIMES

'Without fear and without favour'

ft.com/opinion

The collective global duty to safeguard time

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Agreeing a standard is crucial for infrastructure and space exploration

Who should decide what time it is on the Moon? That is the question facing the International Bureau of Weights and Measures (BIPM) — whose role is as fundamental to modern life as its public profile is obscure. Its mundane name hides its function as guardian of the measurement systems that underpin science and societies. From tomorrow, its members will meet in Versailles outside Paris for a crucial test of international collaboration in an age of geopolitical mistrust.

The BIPM's 69 members, including great and emerging world powers, will discuss profound changes to how we track time on earth and beyond, affecting areas from financial transactions to the quest to colonise other worlds. The body was created in 1875 to standardise measurements including the kilogramme, the metre and the second – and thus time on earth.

Timing and navigation have become increasingly political issues as the world's digital dependence raises the costs of disruption to both. Accidental outages and wartime sabotage have shown the vulnerabilities of existing methods such as the global positioning system that has become part of daily life, but relies on satellites housing ultraaccurate atomic clocks.

Interruptions to navigation and timing measurements threaten electronic systems vital in areas including communications, financial transactions and operating power plants. That has prompted a search by countries for more precise and secure technologies.

BIPM members will discuss a plan to replace the “leap second” — an adjustment applied to reconcile tiny differences in the time gauged by atomic clocks and which is calculated astronomically using the Earth’s slightly irregular rotation. The leap second, which has been added 27 times since 1972, is a pain because it requires changes to all timing-dependent infrastructure. The problem has intensified because Earth has been spinning faster since the mid-2010s, due partly to changes in its core, meaning a leap second might eventually have to be deducted rather than added.

That unprecedented alteration could play havoc with systems not adapted to deal with it. The proposal before BIPM members would replace the leap second with a leap hour, which might take 1,000 years or more to accumulate — and so in effect mean no further timing system adjustments would be required.

BIPM members will hold further discussions about efforts to set a standard time for the Moon — where time passes at 57 microseconds a day faster than on Earth due to gravitational effects flowing from the differences in mass.

The need for an agreed lunar time has been made more pressing by the new

Timing and navigation have become increasingly political issues as the world's digital dependence raises the costs of disruption to both

race not just to visit but to inhabit it. Both the US and China are aiming to land astronauts on the Moon in the next few years, with longer-term plans to build lunar bases. Countries and companies including SpaceX are exploring prospects for lunar mining for valuable materials.

Common timing for the Moon — and perhaps later, Mars — would be essential to any sustained future human presence there, helping ensure lunar communication network signals stay within allocated bandwidths and don't interfere with one another. A benchmarked lunar time would be crucial to navigation, too. The difference with Earth is enough for light waves used on communications systems to travel about 17km. Failing to adjust for that could lead to catastrophic failures in attempts to land spacecraft or track the location of astronauts.

BIPM member meetings have typically not been a venue for UN general assembly-style political warfare. Now would be a bad time for that to change.

Opinion Society

The problem with your AI therapist

Ben Hickey

Jemima Kelly

ou may have noticed some intriguing new language cropping up in conversations with friends and family recently. "Are you

sure this isn't your anxious voice talking?" a pal asked me a few months ago during an episode I will simply describe as a wobble (OK, minor meltdown). "I wonder what your honest voice might say instead." Heh?

She suggested that I might not be speaking from my wisest place (she was correct). We discussed the possibility that I was having a temporary freak-out (I was). She reminded me that, when we are feeling anxious, we can be poor at decision-making and figuring out whether the thing that's bothering us is a minor issue or, as the case usually seems at the time, an Extremely Major Issue that is going to make the rest of our lives miserable.

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What helped me wasn't chatbot psychobabble but having a friend there to speak to me

But it wasn't until after our conversation, when she sent me a screenshot showing two columns full of delightfully straightforward bullet points, that I realised this rather curious “anxious voice” versus “honest voice” dichotomy had come directly from what is surely the world's largest provider of mental health services: ChatGPT. The anxious voice “speaks from fear” and “wants one definitive answer”, the hive mind expounded, whereas the honest voice “speaks from values” — whatever that means — and “allows two truths to exist”.

It wasn't an entirely misguided framework, although I found some of it a bit off the mark, including the very idea of an “honest voice”. (Wouldn't “secure voice” have worked better?) To be fair to the chatbot (as one should always be), I definitely felt better and more level-headed after our conversation. But as I thought more about it, I realised that what had helped me was not so much the AI-generated psychobabble, but having a friend there to speak to me, with all her kindness, uncertainty and imperfection.

What bothered me was how attached my friend seemed to certain specific terms during our conversation, repeatedly deferring to them as some kind of authoritative backup for what she was saying. Because they had come from a machine and not a human being, they were delivered with none of the nuance or hesitancy that a real-life therapist might have spoken with and were therefore somehow being treated as the whole truth.

But the thing about words is that they can never fully capture the whole truth. There are usually several versions of the truth anyway, particularly when it comes to interpersonal dynamics, but the ever-obsequious chatbot forgets to tell you that, giving you too much confidence in your (and its) version. Further, there are certain experiences, feelings and energies that are ineffable and more elusive than the words that seek to tie them down.

And while language might be incredibly useful at helping us make sense of how we experience the world and ourselves and others, it starts to become unhelpful when we become so attached to words and labels that they begin to narrow and to warp our experience of reality. Language can become a barrier to genuine self-reflection and exploration, a way of keeping uncomfortable feelings safely locked up in the brain rather than encouraging further introspection and more embodied forms of healing.

Furthermore, words can themselves have a pathologising effect. Even before the dawn of chatbots, the explosion of interest in mental health issues and the sudden arrival into the mainstream of terms that would have once been reserved for the shrink's couch had begun to change the way people understand themselves. No, that man who just broke up with you is into you, he just has an avoidant attachment style (and he's probably a narcissist too). No, you're not just disorganised, you have ADHD. Indeed, it is so commonplace to be "neurodivergent" these days that it sometimes seems more neurodivergent not to be.

When I went back to my friend to ask her whether she was still finding her chatbot therapist as helpful as before, I was quite struck by her response. Increasingly, she told me, her experience is that it's "like eating cardboard covered in chocolate – it seems good but then I wake up after three hours and realise I'm not actually that well nourished". When she speaks to her real-life therapist, she told me, she realises "how not alive the chatbot is, and that feeling alive in a dynamic really matters".

In a study a year ago, 37 per cent of British adults had used an AI chatbot for mental health support. That figure is almost certainly higher now, and I'm sure it is helping many people. But it's worth remembering that an AI therapist simply does not possess the kind of "honest voice" that "allows two truths to exist" — and anyway, it can never go beyond its words.

Letters

jemima.kelly@ft.com

If you are not satisfied with the FT's response to your complaint, you can appeal to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

EU sustainability directive could sap the bloc's energy resilience

Martin Wolf's observation that the Iran shock has so far proved surprisingly manageable (Opinion, October 7) has raised a critical question: will Europe be able to preserve the supply flexibility needed to withstand the next crisis?

The EU's Corporate Sustainability Due Diligence Directive (CSDDD) risks weakening that flexibility. It requires covered companies, including foreign suppliers, to identify and address human rights and environmental

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How to unlock the value of low-rate mortgages

Email: letters.editor@ft.com

Include daytime telephone number and full address

Corrections: corrections@ft.com

Robert Armstrong (“My mortgage is a problem for the Fed, and for America”, Opinion, FT Weekend, October 3) describes his personal experience with the “lock-in” problem bedevilling the American housing market, thanks to the Federal Reserve’s past “quantitative easing” actions.

His bargain basement 30-year, 2.75 per cent mortgage makes it virtually impossible for him to move. "I'm locked into the place," he says. "Downsize when the kids leave? Move for a great job offer in another city? Nope."

There is an alternative that may allow Armstrong to sell his home to a happy new buyer and downsize, or take a new job, and still benefit from the economic value of his cheap mortgage. It's a classic financial concept, but a new idea when applied to mortgage loans: defeasance.

The remaining 21 per cent, a sizeable number we imagine, he could share in an agreed-upon fashion with his current lender.

With US Treasuries yielding 5 per cent, Armstrong could create a trust of Treasury securities to pay all the remaining payments on his old mortgage for about 79 per cent of the unpaid balance on his loan.

Defeasance is a real option if his current mortgage is held by a portfolio lender – like a credit union, bank or savings association – which has the power to agree to the defeasance. Unfortunately, legal issues preclude defeasance if his mortgage has been sold in a mortgage-backed security.

Email: letters.editor@ft.com

We explain how defeasance transactions are already occurring in the US in a recent article, “Unlocking the Value of Low-Rate Home Mortgages.”

Paul H Kupiec

Arthur F Burns Fellow,

American Enterprise Institute,

Washington DC, US

Alex J Pollock

Senior Fellow, Mises Institute,

Lake Forest, IL, US

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The SEC revised its quorum rules for a reason

The bleak and draconian picture of the SEC rules painted in Robin Wigglesworth's FT Alphaville column ("One person is now a quorum at the SEC", FT.com, October 5) obscures the

The US Securities and Exchange Commission's commitment to its mission remains unchanged, despite the departure of my good friend, Commissioner Hester Peirce.

Suggesting that the SEC is “hastily revamp[ing]” its quorum rule so that the remaining commissioners can “have their way” makes for a colourful comparison to fictional dystopian regimes but misleads readers about why the Commission revised its quorum rule and why it’s for the better.

Qatar has warned that it would stop supplying LNG to Europe if subjected to substantial penalties under the directive. American and Qatari energy officials have also jointly warned that CSDDD could undermine reliable, affordable supplies and discourage

impacts across their operations and supply chains. Although recently narrowed, its compliance obligations and potential penalties could still discourage energy suppliers from serving European markets.

They say the ‘whale that spouts the most is the one that gets harpooned’

In the Clinton administration, the SEC had only two Democratic commissioners. Reductions in Commission composition are neither new, nor evidence of institutional decay. The article also overlooks that commissioners are subject to strict federal government ethics rules, which mandate recusal under certain circumstances.

These recusals primarily affect enforcement decisions, not agency rulemaking as Wigglesworth suggests.

In 2015, Senator Elizabeth Warren heavily criticised the then SEC chair Mary Jo White for recusing herself from enforcement matters due to conflicts of interest, railing that her absence deadlocked the agency and let bad actors off the hook.

historical record that this is not the first time in the SEC's 92-year history where there were fewer than three commissioners.

The prior rule allowed the Commission to act under one commissioner. This rule change maintains that practice but clarifies that the Commission can establish a quorum if all but one commissioner is disqualified from a matter.

And one final note: Regent University announced in May 2026 that Peirce would be joining its faculty in November – far from an abrupt or unexpected departure.

Mark T Uyeda

Commissioner, US Securities and Exchange Commission,

Washington, DC, US

Without this change, a two-member Commission could be stymied from taking enforcement action against Wall Street firms – both sell-side investment banks and buy side – public companies and others solely for lack of a quorum. Well-resourced defendants would loudly proclaim lack of authority for the SEC attorneys litigating their cases. Allowing such persons to escape accountability hardly seems the outcome desired either by the investing public or your correspondent.

future investment. If suppliers choose other markets rather than accept CSDDD risks, Europe could face the next disruption with fewer supply options. Replacing lost oil, LNG or refined fuels requires more than finding another seller. Shipping, terminals, contracts and transport networks must also align. Greater European competition for replacement supplies would transmit higher costs worldwide.

While energy shocks can be

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Harold Wilson's 'white heat of technology' apparatchiks

It was very cheering to read Anjana Ahuja's well-deserved tribute to my old acquaintance Peter Jost, in her piece introducing FT readers to the discipline he identified, tribology or the science of how surfaces move against each other, creating friction and wear (“How tribology makes the economic world go round”, Opinion, October 7).

As a recruit to Harold Wilson's team of apparatchiks brought on board by the Labour prime minister's promise to harness "the white heat of technology" I witnessed Jost's evangelism that led to the commissioning of his 1966 report.

It was inspiring to hear him explain that, while the technology of lubrication is central to tribology, this amounts to more than bunging a squirt of oil between cogs and surfaces; it examines ways of reducing contacts, and of selecting or modifying materials used in moving parts that can exploit their natural “quasi-lubricating” nature, and the unexpected impact of design and location on the performance of lubricants.

In practice this requires analysis of a production process, or the operation of machinery that identifies first, where movement can be eliminated altogether - electronic controls rather than mechanical controls, for instance, which may eliminate the need for tribological engineering. Where contact movement cannot be avoided, Jost said you should incorporate "lubricant" materials - tin provides a lubricating character that can be added to alloys, for instance in bronze bearings that may require no liquid lubricants. The slipperiness of nylon is similarly exploited in appropriate parts.

I heard a wonderful example of a tribology consultant identifying (and curing) a serious problem at a steel cold-rolling mill. The mill managers had tried a succession of different proprietary rolling lubricant-slurries. Each had deteriorated quickly under loads. The consultant walked around the rolling line checking its geographical alignment. He seemed to be behaving like a Feng Shui guru.

The problem, as he explained it, was caused by the alignment of the backup rollers of the mill. These massive steel rollers maintain the effective rigidity of the much smaller working rollers (which have regularly to be removed and reground) as they are subject to enormous pressures rolling coils of steel.

The steel rollers had become magnetised because of their particular alignment with the earth's magnetic field, and generated strong electromagnetic forces of their own, which had partially decomposed the specialised rolling lubricants. The consultant helped identify and formulate a new, bespoke, lubricant that could withstand the unwelcome powers of the magnetic rollers.

Anthony Murray

Kingston on Thames, London K72, UK

absorbed, it is the access to diverse suppliers and adaptable logistics that helps contain their damage. As such, this should be a wake-up call. Before implementing CSDDD, EU leaders should reassess whether its remaining provisions could sacrifice the energy resilience on which European economic growth and prosperity depends.

Michael J Roman

Senior Fellow, American Council for Capital Formation, Washington, DC, US

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Where banking regulation offers a useful analogy

The prospective flotations of Anthropic and OpenAI offer a one-off opportunity to establish a wider governance regime for frontier AI (“Charles hosts summit on AI frontier risks”, Report, September 18).

Both companies have already accepted the principle that ordinary corporate governance is not enough. Anthropic is a public benefit corporation with a Long-Term Benefit Trust; OpenAI has retained foundation control of its public benefit corporation. Both recognise that the potential effects of frontier AI extend far beyond their shareholders.

Governments should build on that principle before these companies enter the public markets and their ownership structures become entrenched.

The aim should not be to regulate every AI company. It should be to establish a category of systemically important frontier AI institutions, with special obligations: independent safety oversight and model evaluation, mandatory reporting of serious incidents and threats, protected public-interest governance, and structured legal powers for government to delay deployment where exceptional risks justify it.

Banking offers a useful analogy. Systemically important banks remain private businesses, but their potential externalities justify special governance, stress-testing and supervision.

Public capital markets are a privilege as well as a source of finance. To allow these AI behemoths to float without addressing their wider responsibilities would be to squander a remarkable opportunity.

MP, Hereford and South Herefordshire, Hereford, UK

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A Trump whaling age adage

Ruchir Sharma explains the true state of the US economy well in his opinion piece (October 5).

That is contrary to the frequent trumpeting of wealth-for-all by President Donald Trump, and Sharma concludes with this about the forthcoming midterm elections: "Should the Republicans get swept aside this year, Trump — who rebuilt the GOP as a vessel of anti-incumbent anger — will have turned his party into a target."

That result would also prove true the old adage – the whale that spouts the most is the one that gets harpooned.

James Hanshaw

Zurich Switzerland

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Correction

\- The legends in a chart for ‘actual family size’ and ‘unfulfilled fertility’ were transposed in the Big Read on October 8.

How to pay for social care

Steve Webb

T

he UK prime minister's plans for social care face a formidable funding problem. A full-blown National Care Service would cost an

estimated £17bn a year by the mid 2030s. But savings from the new policy Andy Burnham announced on the state pension triple lock will only generate a fraction of this in the early years.

Meanwhile, other ways of raising money, such as a charge on estates — dubbed a “death tax” by critics — have been electorally toxic. And it is hard to think of a recent example where a party pledging to raise direct taxation has been successful in a UK general election.

But, in a report published today by analytics consultancy LCP, we set out a new approach to social care funding that could help Burnham achieve his objectives in a politically acceptable way.

It is estimated that about one in seven people will face lifetime care costs in excess of £100,000, potentially wiping out the value of their family home and lifetime savings – more in the case of severe dementia and other incapacitating conditions. Our proposal could protect people from such catastrophic care costs through the pooling of risk.

The idea builds on the model of opt-out automatic enrolment for workplace pensions – an approach that has been successful in getting more than 10mn people started on saving for the future.

In our model, everyone aged 40 or above – including those over pension age – would automatically be enrolled into paying a social care premium delivered through a 1 per cent increase in the standard rate of income tax. The maximum premium would be just over £30 per month.

In return, those who paid in would immediately start to qualify for a discount on their personal contribution to social care costs. In our model, one year of contributions would generate a 4 per cent discount, two years an 8 per cent discount and so on until those with twenty-five years in the system would qualify for completely free personal care, thereby insulating their home and savings from this risk.

As with automatic enrolment for pensions, those who were enrolled into the social care premium would be free to opt out. And our modelling allows for extensive opt-out – for example among those living in rented accommodation who might expect to have limited assets

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About one in seven people will face lifetime care costs in excess of £100,000, wiping out lifetime savings

in retirement and therefore access to free personal care in any case.

But even allowing for opt-outs, we estimate that this policy would generate around £3.5bn a year.

A huge attraction is that much of the cost of this policy falls years down the line, as those who are currently of working age do not make claims on the scheme until they are elderly and frail. In the meantime, the upfront revenue can achieve three things.

First, it can be used immediately to relax the draconian capital rules whereby anyone in England with more than £23,250 in assets gets no public funding to help with care costs (health and social care is devolved so the threshold in Scotland is currently higher, with more publicly funded care provided). An increase to £100,000 could be afforded using part of the revenue.

Second, the money can be used for prevention. We should not simply take as given the ever-increasing cost of social care for elderly people. There are many things that can be done to help delay the impact of conditions such as dementia, which can lead to onerous social care costs. Preventive health benefits the individual but also contributes to reducing pressure on the NHS so it can continue to be there when we need it most. Similarly, support for informal at-home care by friends and family members could be improved, reducing the cost of state provision.

All too often there is funding for sorting things out after they have gone wrong, but limited funding for measures to stop the slide. This policy delivers funds to improve the later-life prospects of those currently paying in, as well as those currently needing care.

Third, and crucially for the prime minister, the policy delivers money now to speed up the rollout of the proposed National Care Service.

Pooling the risk of catastrophic care costs is approached differently in different countries. In Japan, mandatory premiums for long-term care have been in place for more than two decades; Germany has had a mandatory system of social insurance for long-term care since the mid 1990s. But in the UK an opt-out system might be more politically feasible.

The current UK approach of expecting people to save six-figure sums (on top of often inadequate pension savings) on the off chance that they are the unlucky one is unrealistic. Enabling people to pay a modest premium to pool this risk with others is a constructive and politically feasible way in which the state can deliver what private markets have not.

The writer is a partner at LCP and was UK pensions minister from 2010 to 2015. The full paper can be found at lcp.com

Democrats need a foreign policy

POLITICS

Rana

Foroohar

F

oreign policy issues aren't usually top of mind for midterm voters. But this time is different. Cost of living and inflation are tied as the top issues of

concern for Americans. The Iran war itself ranks number three in one key poll, ahead of healthcare, ballooning federal debt or immigration. Voters have clearly made the connection that President Donald Trump's failures in the Middle East are directly tied to the prices they are paying at the pump.

Energy inflation is particularly pressing in key battleground states like Iowa, Alaska, Texas, Maine and Ohio, where people pay a relatively higher proportion of their take-home pay on things like gas, heating oil and electricity bills. This provides a big opportunity for Democrats, who are pressing home the connection between affordability and Trump's war in Iran. But it also opens a new challenge. If there is a blue wave in the midterms, and perhaps even a progressive president in 2028, what should a Democratic foreign policy look like?

This is an existential question for liberals, one that touches even bigger issues about what the Democratic Party stands for in the wake of Maga. Progressives rightly complain about Trump's incoherent tariff policies, tax cuts for rich people and companies, and unwinnable wars. But their own prescriptions are less clear. There is an ongoing debate about whether the party will pivot back towards Obama and Clinton-era centrism in response to Maga, or go down the more left-leaning route that has been carved out by the Bernie Sanders and Elizabeth Warren wing, and which may well triumph in key midterm elections focused on the cost of living.

In terms of how to deal with the rest of the world, this presents a particularly striking fork in the road. Foreign policy has too often been an elite project in the US. Policymakers have tended to be globalists who know a lot about the world, but less about how to sell free trade agreements, immigration policies or security alliances (and their costs) to domestic voters. The Biden administration started to connect some of those dots, with nascent conversations about “friendshoring,” a word that former Treasury secretary Janet Yellen first used with me at an Atlantic Council event in 2022, and proclamations by former national security adviser Jake Sullivan about the end of the neoliberal consensus the year after. But historically, it takes more than one administration to move the needle on policy.

There is now a robust debate taking place behind closed doors about how liberals should engage with other countries. Answers can't come soon enough, given that foreign policy is now a linchpin for so many domestic issues. The fate of the US bond markets depends on whether foreign creditors will keep buying US T-bills. The ability of America to stay competitive with China in areas like electric vehicles will hinge on rare earth mineral alliances with allies, and shared standards and supply chains with other countries. US technology companies that want access to European markets will have to play ball with Brussels. As Pax Americana fades away, US policymakers – and voters – will have to think a lot more about the rest of the world and how to deal with it, just like other countries do.

The key issue will, as always, be China. There are some centrist Demo-

Focusing on economics rather than culture when it comes to global relations is smart

crats who still imagine it might be possible to time warp back to the 2000s and pretend the last decade of tougher tariff policy never happened. But while voter views on China have softened slightly in recent years, double the percentage of Americans are distrustful of Beijing as they were twenty years ago (71 per cent in March 2026 versus 35 per cent in March 2005, according to Pew). Trump may end up being the least hawkish president on China in our lifetimes.

Still, smart Democrats (and Republicans) know America can't go it alone. Former Biden officials Kurt Campbell and Rush Doshi have written articles arguing that it will be possible for a future Democratic administration to forge new alliances in a post-neoliberal world with old allies. They advocate industrial and technological diplomacy via the building of shared supply chains and capacity in key industries (like electric vehicles) with US allies (the EU, but also Canada, Mexico, South Korea and Japan). Given that the French and Germans are advocating for greater EU action around unfair Chinese trade practices, and the Japanese, Koreans and other Asian nations are eager to forge new alliances, it's an opportune moment to be thinking about what the new world trade order could look like.

The idea of focusing on economics rather than culture when it comes to foreign policy is smart, particularly as Republican presidential contenders such as Marco Rubio are giving xenophobic speeches about “civilisational bonds” with Europe, even as both the US and Europe must ultimately pull in more immigrants to spur growth. But it will force liberals to take tough decisions about accepting money from top donors, like Big Tech companies, which will push back hard on the stronger AI regulation favoured by voters.

Democratic policymakers must buck that pressure. Foreign policy can no longer be an elite project. It must focus on the shared problems of workers at home – and abroad.

rana.foroohar@ft.com

There is a smarter way to tax the rich

Kimberly Clausing

A

dvocates for taxing the rich often have novel ideas about how to do so. Voters in California will soon cast ballots on a billionaires' wealth tax, a one-time levy of 5 per cent on residents with more than \$1bn in assets. Some Democrats in the US Senate champion “billionaires’ income taxes” that would tax unrealised capital gains. While these proposals have laudable aims, the former risks harming a mobile tax base and the latter poses serious constitutional challenges.

There is a better approach to consider: raising a tax that is already in place – the federal corporate income tax, now levied at a statutory rate of 21 per cent, though effective rates are far lower. Increasing the corporate tax rate by six to nine percentage points for fewer than 2 per cent of corporate taxpayers would reach more than 95 per cent of corporate taxable income. Alongside base-broadening reforms, a corporate tax increase could raise about \$4tn over a decade – about 0.9 per cent of GDP, according to the Penn Wharton Budget Model.

The case for a corporate tax increase is strong. It would achieve many of the goals sought by supporters of a billionaires' tax. It could also address both the populist impulses that brought Donald Trump to power and the increasingly fragile US fiscal situation – all without the underlying flaws of other proposals. Supporters of the Californian proposal stress that it is a one-time wealth tax which would avoid the risk of billionaires curtailing their residence or activities in California. However, many of those billionaires fear it will be levied again in the future.

This dynamic illustrates a broader problem with tax competition. When taxpayers can move to a place with different rules, their income is harder to tax.

A nationwide, federal approach relying on the corporate tax has more promise. Although corporate interests would oppose it, large majorities of voters are in favour of higher corporate taxes. And implementing “billionaires’ income taxes” across America would also face obstacles. Aside from winning the requisite votes in Congress, such taxes would encounter constitutional hurdles. The US Supreme Court is sceptical of wealth taxes, and at least four of the justices

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An increased corporate levy could meet important aims of our system in a time-tested fashion

appear similarly sceptical of taxing unrealised capital gains.

In contrast, the increased corporate tax could meet many important aims of our tax system in a time-tested fashion. First, the corporate tax as levied is steeply progressive, as shown by all major tax estimators, raising revenue disproportionately from those at the very top of the distribution. It also captures US equity income that would otherwise go untaxed – including that held by foreign investors, tax-exempt institutions (such as university endowments) and tax-exempt retirement accounts or pensions.

The corporate tax has large potential. Despite having the world's most successful public companies, the US raises much less from corporate tax (about 2 per cent of GDP less) than other rich countries. A modest increase on fewer than 2 per cent of US corporations can close nearly half the gap between what the US collects in corporate tax revenue and what peer nations manage.

Further, US adoption of international tax reforms to levy a higher minimum tax on the foreign income of US multinationals could counter offshoring incentives. This approach would better align US policy with international efforts to tackle tax competition. Such reforms provide a real response to offshoring, in contrast to Trump's regressive and disruptive tariff regime.

By concentrating the increase on the largest firms, the corporate tax can act as a pro-competition policy lever. It is also a flexible response to the challenges posed by the AI revolution. There is no need to predetermine the economic success of AI, which firms are AI firms, or how much AI adoption displaces labour. Instead, the corporate tax will tax excess profits wherever they arise, whether from AI deployment, the war in Iran or a profitable patent.

Finally, the corporate tax is not subject to the weaknesses of other taxes on capital. The federal corporate tax was ruled constitutional even before personal income tax was made constitutional (in 1913, by constitutional amendment).

All that remains is the will to tax the world's most profitable companies, something the coming years may well provide. Fiscal pressures will mean more revenue is needed. By both populist and policy criteria, the corporate tax is worth a close look.

The writer is the Eric M Zolt professor of tax law and policy at the UCLA School of Law and served in 2021-2022 as the deputy assistant secretary for tax analysis at the US Treasury

Why are our children not flourishing at school?

Anthony Seldon

E

ducation the world over was in crisis even before Covid hit. Now students are up in arms – literally in France, where hundreds of thousands of

young people have been protesting at the lack of investment in their education and worries about future jobs. Will this academic year see similar frustrations spill over on to the streets in schools and universities worldwide?

The catalyst is ubiquitous AI, which is detonating the tired system of factory education that has predominated since the last century. Based on passive learning and formulaic exams, this system has endured to the detriment of developing our young people's many faculties, including their entrepreneurial, scholarly, creative, artistic and communal as well as sporting talents.

Every era reimagines education in the light of changing technological, economic and social imperatives. For years, employers have been complaining bitterly about the skills of those arriving in the workplace. The time has come to address the problem. For five years the OECD has been working with the top education-performing countries internationally to develop a new model for education based on “human flourishing”, highlighting precisely the attributes that will be required in the age of AI.

The five competencies it now recommends are: acting in the world, understanding rather than mere knowledge, appreciating the world, behaving ethically and becoming adaptive problem solvers. Academic subjects and rigour will remain but there will be more space

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AI is detonating the tired system of factory education that has predominated since the last century

for independent inquiry, prioritising resilience and team problem solving, assessed to provide a much deeper profile of each pupil's capabilities. These are the skills required for students everywhere to use AI positively rather than to swallowed up by it.

Polling shows that only 9 per cent of 11 to 24-year-olds in the UK believe their schools and universities understand what is happening on AI and how extensively it is being used by students. The ignorance and lack of grip by those running these institutions is staggering. Parents speak of children giving up on school or college because the AI agents can coach them better at home with personalised teaching, detailed suggestions for improvement and precise instructions on how to get top grades in each subject.

This week a father asked me, “My daughter has a place at a top university but is refusing to go. She can’t see the point. What can I do?” “Nothing,” I responded. “If her school has done so little to encourage her curiosity and interest in her subject, you shouldn’t force her.” Not the answer he expected. But a student in his final year at a prestigious university sympathised, telling me that AI had told him and his friends the mark schemes for achieving top-class degrees and the minimal level of study they needed to put in, so they now had time for full-time jobs.

Is this the future? When schools and universities are only about passing exams and not places of enrichment, joy and belonging, it is not surprising that the young are voting with their feet. Meanwhile, academics everywhere complain that students arrive at university lacking genuine interest in their subjects, curiosity and appetite for independent thought.

Wellington College is now working with the OECD to introduce the new model for its own students and at partner state schools across the UK and internationally. The International Baccalaureate, the most respected curriculum and exam system in the world, has also fully embraced this new human flourishing model. The aim is for students to succeed as well or better at exams while offering a saner and more enriching system. To put humanity back at the heart of education is the best response to the blisteringly quick spread of this technology.

The writer, an educationalist and author, is founding director of Wellington College Education

The Patrick Jenkins Interview Carolyn McCall on why her role as ITV chief is her toughest yet WORK & CAREERS

What if AI prefers CVs written by AI?

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Pilita Clark Business Life

arlier this year, in the depths of summer, the Addleshaw Goddard law firm found itself in a slight pickle. In what was becoming a

familiar pattern, an advert it had placed for an IT job in its human resources department had drawn a slew of applications.

A year ago, only a couple of dozen people might have sent in a résumé for a position like this one. But AI has made the job of applying for a job much faster and easier, and this time 178 applications arrived.

The problem was, the longer it took to sift them, the higher the chance that good candidates would find work elsewhere. Like a lot of organisations, Addleshaw has been encouraging its managers to test ways that AI can safely improve its processes, so the firm's HR department decided to do an experiment. It would see how well an AI agent could assess the applications compared with humans.

An agent was duly set up, using the firm's internal Microsoft Copilot system, and told about the role that needed to be filled, as well as the experience applicants would need with certain HR systems and programming languages, and with AI itself. Humans at the firm sorted the applicants into a shorter pile of about a dozen and asked the agent to score them.

Kenneth Andersson

The agent whipped through this task and presented a list of what it deemed the top contenders. The humans did the same thing.

Alas, the two lists did not match. The agent was impressed by glossy applications from candidates who claimed to have achieved exceptional IT feats in record time at a previous employer, or worked on big projects despite scant levels of experience. In short, they were too good to be true — and smacked of having been written with the help of AI.

Katherine Rathbone, Addleshaw Goddard's head of HR, told me her team had theories on why this might have happened. For one thing, AI tools can make it a lot easier for candidates to tailor a CV to match a job

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“ The agent presented a list of its top contenders. The humans did the same thing. Alas, the two lists did not match ”

description. But that was not all. “One possible explanation is that, because AI capability was itself one of the criteria, the agent may have interpreted signs of AI use in producing the CV as evidence of AI capability,” she said.

There is another, more disturbing possibility. The AI agent may have actively preferred CVs purely because AI was involved in writing them.

If so, it would confirm the findings of an eye-catching working paper that has analysed the behaviour of AI hiring tools.

The researchers simulated what they said were realistic hiring processes for 24 jobs ranging from teachers and consultants to chefs and engineers. They discovered that candidates using the same AI large language model as the recruiter were between 23 per cent and 60 per cent more likely to be shortlisted than those who relied on CVs produced by a hapless human.

This human handicap was highest for business roles such as sales and accountancy and lowest for fields such as farming and automobiles.

The paper is still being revised for publication in a peer-reviewed journal, meaning some of its findings may change. But one of its authors, Jiannan

Xu, told me updated analyses continue to provide evidence that AI models “exhibit self-preferencing behaviour”.

That is disturbing news at a time when AI is already driving a dismal hiring arms race. On one side are job hopefuls who, convinced they are battling a wall of soulless recruitment tools, are fighting back with an explosion of AI applications that are swamping recruiters.

If AI is biased towards AI, it adds a fresh dimension of jeopardy. Imagine being the candidate using the wrong type of AI, or no AI at all.

Fortunately, Xu's paper suggests AI bias can be more than halved with two relatively simple strategies: telling models to ignore the origin of résumés and focus on their content, and using a number of assessment models to dilute the bias of any single tool.

Meanwhile at Addleshaw Goddard, I was pleased to learn that the successful candidate for the IT job was chosen by humans, and was not the one the agent ranked highest.

And as for using AI for recruitment, it is still a work in progress. The tools clearly have potential if used correctly, says Rathbone. "But human judgment remains important."

Lex.

Academic publishing is a study in fighting AI slop

Source: RELX annual reports

nshittification – the phenomenon of companies degrading their own products in the pursuit of profit – has reached the

ivory towers of academia. Publishers of scholarly research are inundated with papers, an increasing portion of which is of patchy quality. As with other sectors from social media to smart TVs, there's an opportunity for those who can fight the tide of slop.

Academic publishing, a \$22bn-revenue sector that encompasses Relx's Elsevier, listed Springer Nature, Informa's Taylor & Francis and countless smaller groups, is engaged in a battle of quantity versus quality. The industry has shifted away from charging customers to read and towards charging authors to publish. AI-penned articles are flooding in: submissions to one major journal are up more than two-fifths since ChatGPT appeared four years ago.

Trying to sort wheat from a mountain of chaff has increased costs for publishers, in terms of technology and human reviewers. Elsevier has increased its reviewers by more than a third to 1.9mn since 2022. That, plus fears that in the future every possible bit of knowledge will be spat out by Claude and its ilk, has dented share prices. Shares in Springer Nature remain below the €22.50 they were issued at two years ago.

Mergers could help by creating savings that offset the increased costs of quality control. The industry's biggest four account for two-fifths of articles published. That leaves plenty of scope to roll up the unwieldy long tail that includes university publishers and professional organisations such as IEEE. There have been a few, smaller transactions so far, such as Wylie's £337mn acquisition of Emerald Publishing in June. But Informa's decision last week to separate Taylor & Francis from its live events business may give dealmakers a boost.

Private equity can help, having already dipped a toe into the sector: Springer Nature was previously owned by firms including EQT and BC Partners. And the financials still look attractive. For players like Elsevier and Taylor & Francis, this is a cash-generative business boasting top line growth of around 4-5 per cent and operating margins between 30 and 40 per cent.

Granted, AI will generate valuable research, but original thought, especially in the humanities, is more likely to remain the preserve of humans. And even the cleverest frontier models will need to keep reading cutting-edge stuff, which could result in more licensing deals for the publishers. The industry is of more than academic interest.