World Markets
STOCK MARKETS
Nov 1 prev %chg
S&P 500 3060.63 3037.56 0.
Nasdaq Composite 8361.42 8292.36 0.
Dow Jones Ind 27305.47 27046.23 0.
FTSEurofirst 300 1565.53 1555.35 0.
Euro Stoxx 50 3620.17 3604.41 0.
FTSE 100 7302.42 7248.38 0.
FTSE All-Share 4022.74 3993.46 0.
CAC 40 5761.89 5729.85 0.
Xetra Dax 12961.05 12866.79 0.
Nikkei 22850.77 22927.04 -0.
Hang Seng 27100.76 26906.72 0.
MSCI World $ 2233.53 2237.31 -0.
MSCI EM $ 1041.98 1041.50 0.
MSCI ACWI $ 534.41 535.18 -0.CURRENCIES
Nov 1 prev
$ per € 1.117 1.
$ per £ 1.295 1.
£ per € 0.863 0.
¥ per $ 108.150 108.
¥ per £ 140.044 139.
SFr per € 1.101 1.
€ per $ 0.895 0.Nov 1 prev
£ per $ 0.772 0.
€ per £ 1.159 1.
¥ per € 120.798 120.
£ index 79.514 79.
SFr per £ 1.276 1.COMMODITIESNov 1 prev %chg
Oil WTI $ 55.75 54.18 2.
Oil Brent $ 61.23 59.62 2.
Gold $ 1510.95 1492.10 1.INTEREST RATES
price yield chg
US Gov 10 yr 130.01 1.73 0.
UK Gov 10 yr 148.74 0.58 0.
Ger Gov 10 yr -0.39 0.
Jpn Gov 10 yr 119.23 -0.18 -0.
US Gov 30 yr 111.98 2.22 0.
Ger Gov 2 yr 105.94 -0.66 0.price prev chg
Fed Funds Eff 2.04 2.13 -0.
US 3m Bills 1.54 1.62 -0.
Euro Libor 3m -0.44 -0.44 0.
UK 3m 0.81 0.80 0.
Prices are latest for edition Data provided by MorningstarST E FA N I A PA L M A A N D J O E L E A H Y
BANGKOKMalaysia has rejected an offer from
Goldman Sachsof “less than $2bn” in
compensation ver the 1MDB scandalo
as the country’s prime ministersticks
tohisdemandfor$7.5bn.
“Goldman Sachs has offered something
like less than $2bn,” Mahathir Moha-
mad told the Financial Times in an
interviewyesterday. “We are not satis-
fied with that amount so we are still
talking to them... If they respond
reasonably we might not insist on
getting that $7.5bn.”
Mr Mahathir said the government
had also contacted Deutsche Bank and
UBS over their dealings with1MDB, the
state investment fund at the centre of
one of the biggest alleged frauds in the
nation’s history.The fund’s losses from the alleged
bribery and corruption scheme helped
topple thegovernment of former prime
minister Najib Razak last year and
returnMr Mahathir to power.
Goldman helped 1MDB, founded by
Mr Najib, to raise $6.5bn in bonds.
Malaysia has accused two former Gold-
man bankers of bribingofficials to
secure the bank’s involvement in the
bond issues, from which it allegedly
earned $600m in fees. Malaysia has
demanded $7.5bn in compensation
from Goldman for ensuing losses.
Goldman declined to comment.
Malaysia is also trying to recoup $1bn
from asettlement hat Jho Low, thet
Malaysian financier allegedly at the
heart of the candal, strucks this week
with the USDepartment of Justice.
“The amount [Mr Low embezzled
from 1MDB] is much bigger,” saidMr Mahathir. “If he had the full amount
we would be very happy... We are still
going after the rest of the money.”
Mr Mahathir said Malaysia was not
negotiating, or in contact, with Mr Low,
who admitted no guilt in the DoJ settle-
ment.Mr Mahathir said Malaysia was in
contact with other banks aboutidenti-
fying funds belonging to 1MDB.
The attorney-general’s office was in
contact with UBS — which wasrepri-
manded y the Swiss regulator twob
years ago for 1MDB-related transac-
tions, he said — as well as Deutsche Bank
— which is facing a USinvestigationover
whether it violated money-laundering
orbriberylaws in the course of raising
$1.2bn for 1MDB in 2014.
Deutsche Bank and UBS declined to
comment.
Additional reporting by Stephen Morris in
London and Olaf Storbeck in FrankfurtMalaysia spurns ‘less than $2bn’ offer
from Goldman over 1MDB scandal
© THE FINANCIAL TIMES LTD 2019
No: 40,237★
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Milan, Madrid, New York, Chicago, San
Francisco, Orlando, Tokyo, Hong Kong, Singapore,
Seoul, Dubai, Doha
Person in the NewsiPAGE 11Tavares’ tenacity drives
PSA’s Fiat Chrysler pushSATURDAY 2 NOVEMBER/SUNDAY 3 NOVEMBER 2019
Europe edition
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Austria €4.90 Malta €4.
Bahrain Din2.20 Morocco Dh
Belgium €4.90 Netherlands €4.
Bulgaria Lev8.75 Norway NKr
Croatia Kn31 Oman OR2.
Cyprus €4.30 Pakistan Rupee
Czech Rep Kc130 Poland Zl 25
Denmark DKr49 Portugal €4.
Egypt E£50 Qatar QR
Finland €5.70 Romania Ron
France €4.90 Russia €5.
Germany €4.90 Serbia RSD
Gibraltar £4.00 Slovak Rep €4.
Greece €4.30 Slovenia €4.
Hungary Ft1500 South Africa R
India Rup260 Spain €4.
Italy €4.30 Sweden SKr
Latvia €7.59 Switzerland SFr7.
Lebanon LBP9000 Tunisia Din9.
Lithuania €5.00 Turkey TL
Luxembourg €4.90 UAE Dh23.
North Macedonia Den
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B R E N DA N G R E E L E Y A N D P E T E R W E L L S
NEW YORK
The US economy added more jobs than
expected in October, defying predic-
tions that a year of slowing manufactur-
ing growth would prevent American
consumers from opening their wallets
and companies from continuing to hire.
The picture of a robust consumer
appeared to justify the Federal Reserve’s
decision to pause interest rates after its
latest easing of monetary policy this
week. It pushed US stocks further into
record territory.
Investors shrugged offa separate sur-
vey that showed that manufacturing in
the US, while improved slightly from the
previous month, continued to contract,
as their focus remained firmly on con-
sumer spending, which accounts for
more than two-thirds of the economy.
Yesterday’s jobs report was “emblem-
atic of an economy in which the con-
sumer remains strong, with strong lev-
els of income, job opportunity [and] net
worth,” said Rick Rieder, chief invest-
ment officer for global fixed income at
BlackRock. President Donald Trump
declared in a tweet: “This is far greater
than expectations. USA ROCKS!”
Non-farm payrolls rose by 128,
last month, on top of an upwardly-
revised 180,000 in September, ccord-a
ing to the US labour department. Thatbeat median forecasts among econo-
mists for the addition of 89,000 jobs,
according to a Refinitiv poll.
In another encouraging sign, average
hourly earnings growth held steady at
3 per cent in October, with September’s
number revised higher from 2.9 per
cent. he unemployment rate ticked upT
as expected, from 3.5 per cent, which
had been the lowest point since Decem-
ber 1969, to 3.6 per cent.
The October data underlined eco-
nomic growth figures released by the US
commerce department on Wednesday
that showed that personal consumption
expendituresgrew at a rate of 2.9 per
cent. Household buying ontinuedcacross all categories, from automobiles
and furniture to clothing and meals out.
The S&P 500 reached a new closing
highafter the Fed meeting on Wednes-
day. At lunchtime in New York yester-
day, it was up 0.7 per cent, on course for
a third record.
The Institute for Supply Manage-
ment’s monthly survey showedthe US
manufacturing sector had again con-
tracted in October, although it recorded
a month-to-month improvement for
the first time in seven months.US man-
ufacturers have been wary of making
big purchases, holding off as they moni-
tor Washington’s trade war with Beijing.
Stock markets ages 13 & 14pobs growth fires up US economyJ
3 Hiring remains robust 3 Data support Fed’s pause on rates 3 Stocks extend record rally
Horse-trading
India looks for
German boost
Narendra Modi, India’s prime minister,
welcomes Angela Merkel, the German
chancellor, to a summit at Hyderabad
House in New Delhi.
With bilateral trade hitting $22bn in
2018, Germany is India’s largest trading
partner in Europe. The country’s invest-
ments in India are focused on tradi-
tional industries, from transportation to
construction, prompting Ms Merkel and
Mr Modi to prioritise future collabora-
tion on next-generation technologies.
The leaders also committed to
tackling climate change on the day that
a pollution emergency was declared for
the Delhi area.
Smog-filled Delhi age 4p
Michael Kappeler/Dpa
Strong spending
by consumers in
October bucked
a year of slowing
manufacturing
growth