Market data Unit trusts & open-ended investment companies prices http://www.telegraph.co.uk/funds
Major price changes FTSE 100 Week on weekRatesMoneyNationwide Base Mortgage Rate 2.75pc
US Fed Funds 2.00-2.25pc
US Long Bonds Yld 2.03pc
European repo rate 1.25pc
European base rate 0.00pcTourist £1= Sterling £1= 1 Euro = 1 Dollar =Exchange rates Friday close£ > € Rate 1.1050 Change -0.08¢ £ > $ Rate 1.2274 Change +0.22¢Tourist rates for indication use only. http://www.travelex.co.uk*Copyright Baltic Exchange Information Services Ltd.Commodities summary Friday closePrice ChangeWorld market indices Friday closeIndex ChangeInflation Change on month YearÇ Gold per troy oz $1526.21 +27.82 +1.86pc
Ç Silver per oz £14.19 +0.29 +2.12pc
Ç Krugerrand £1233.42 +20.39 +1.68pc
Ç New Sovereign £286.79 +3.57 +1.26pc
Ç Maples £1236.27 +20.39 +1.68pc
È Platinum per oz £688.48 -1.80 -0.26pc
È Palladium per oz £1188.37 -22.36 -1.85pc
È Copper grade A £4590.60 -57.62 -1.24pc
È Tin high grade £12937.92 -243.60 -1.85pc
È Lead £1682.83 -3.02 -0.18pc
Ç Zinc special high grade £1830.29 +3.65 +0.20pc
È Aluminium high grade £1440.04 -2.18 -0.15pc
Ç Nickel £12766.82 +9.72 +0.08pc
Ç Baltic Dry Index* 2168.00 +50.00 +2.36pc
È Wheat per tonne £133.50 -2.00 -1.48pc
È Brent Crude Oct settlement $59.34 -0.58 -0.97pcBank Rate 0.75pc
Overnight 0.68pc
7 day 0.68pc
1 month 0.71pc
3 months 0.76pc
6 months 0.81pcÇ Australia All Ordinaries 6614.30 +21.30 +0.32pc
È Brazil Bovespa 97667.49 -2343.79 -2.34pc
Ç China Shanghai Composite 2897.43 +13.99 +0.49pc
È France CAC General 5326.87 -61.38 -1.14pc
È Germany DAX 11611.51 -135.53 -1.15pc
Ç Hong Kong Hang Seng 26179.33 +130.61 +0.50pc
Ç India S&P CNX500 8790.55 +71.30 +0.82pc
Ç Japan Nikkei 20710.91 +82.90 +0.40pc
È Russia RTS 1268.45 -14.18 -1.11pc
È Singapore Straits Times 3110.35 -17.39 -0.56pc
È Spain Madrid SE 866.63 -6.95 -0.80pc
È Switzerland SMI Index 9744.98 -60.52 -0.62pc
È USA Dow Jones 25628.90 -623.34 -2.37pc
È USA Nasdaq 7751.77 -239.62 -3.00pcAustralia Aus $ 1.7127 1.8118 1.6398 1.4761
Canada Can $ 1.5476 1.6305 1.4756 1.3283
Denmark Krone 7.8213 8.2402 7.4574 6.7133
Euro € 1.0523 1.1050 ... 0.9002
Hong Kong HK $ 9.0796 9.6265 8.7121 7.8427
India Rupee 77.1200 87.9621 79.6063 71.6625
Israel Shekels 3.8594 4.3109 3.9014 3.5121
Japan Yen 123.8600 130.0545 117.7001 105.9550
Kuwait Dinar ... 0.3733 0.3378 0.3041
New Zealand NZ $ 1.7788 1.9164 1.7344 1.5613
Norway Krone 10.4500 10.9756 9.9330 8.9418
Pakistan Rupee 180.7800 193.2007 174.8478 157.4000
Saudi Arabia Riyal 4.2780 4.6033 4.1659 3.7502
Singapore $ 1.5784 1.6994 1.5380 1.3845
South Africa Rand 17.4000 18.5529 16.7905 15.1150
Sweden Krona 11.2900 11.8198 10.6970 9.6296
Switzerland Franc 1.1461 1.2043 1.0898 0.9811
Thailand Baht 33.6000 37.7011 34.1198 30.7150
UAE Dirham 4.2048 4.5084 4.0801 3.6730
UK £ ... ... 0.9050 0.8147
USA $ 1.1651 1.2274 1.1108 ...RPI (1987=100) Jul 289.50 0.00 +2.80pc
RPIX (Target 2.5pc) Jul 290.00 -0.10 +2.7pc
CPI (2015=100 target 2pc) Jul 107.90 0.00 +2.10pc
Halifax house price index Jul 764.20 -0.2pc +4.1pcRisers 54 Volume Close Change
Ç NMC Health 1.28m 2157 16.53pc
Ç Sainsbury 8.52m 196¾ 7.84pc
Ç TUI AG 1.42m 803¾ 7.63pc
Ç ITV 15.30m 114⅞ 7.48pc
Ç Whitbread 0.58m 4276 4.37pc
Ç Ocado Group 0.90m 1200 4.26pc
Ç British Land 3.50m 496¾ 3.98pc
Ç Segro 2.30m 772¾ 3.82pc
Ç Persimmon 2.01m 1909½ 3.72pc
Ç Berkeley Gp Hdgs 0.64m 3969 3.66pc
Ç Smith (DS) 2.73m 324¼ 3.31pc
Ç DCC 0.25m 6782 3.29pc
Ç Flutter Entrtmt 0.39m 6720 3.23pc
Ç Fresnillo 1.75m 684⅜ 3.13pc
Ç Marks & Spen 6.96m 186¾ 3.01pc
Ç Ashtead Group 0.79m 2147 2.68pc
Ç Barratt Dev 3.39m 636 2.65pc
Ç Antofagasta 1.80m 812 2.63pc
Ç Mondi 1.12m 1576½ 2.57pc
Ç Next 0.33m 5766 2.56pc
Ç Taylor Wimpey 9.17m 147⅛ 2.44pc
Ç Land Secs 2.67m 759¾ 2.18pcFallers 46 Volume Close Change
È BHP Group 4.81m 1680⅜ -4.26pc
È Prudential 4.49m 1362½ -3.74pc
È Direct Line Ins 3.18m 287¾ -3.42pc
È BT Group 22.77m 159 -3.10pc
È Evraz 2.23m 481½ -2.92pc
È Schroders 0.34m 2638 -2.69pc
È Phoenix 1.08m 639⅝ -2.59pc
È Carnival 0.70m 3434 -2.55pc
È Rentokil Initial 5.71m 443⅞ -2.31pc
È Brit Amer Tob 1.48m 2961 -2.25pc
È Legal&Gen 17.24m 221¾ -2.16pc
È Croda Intl 0.28m 4580 -2.14pc
È Rio Tinto 2.26m 3924½ -2.01pc
È Intertek 0.30m 5364 -1.94pc
È Anglo Amer 4.53m 1666⅝ -1.87pc
È HSBC 32.59m 586⅜ -1.81pc
È Micro Focus Intl 0.92m 1569¼ -1.79pc
È Coca-Cola HBC 0.39m 2668 -1.77pc
È Scot Mort Inv Tst 1.62m 511 -1.64pc
È Imp Brands 1.49m 2055 -1.63pc
È Sage Group 2.74m 687⅝ -1.63pc
È Tesco 15.77m 212⅝ -1.62pcAXA Investment Managers UK
Limited
7 Newgate Street, London, EC1A 7NX
http://www.axaframlington.com Cust Svs: 0845 777 5511Amer Gwth Acc – 775.4 -7
Biotech Acc – 180.0 -2.8
Emerg Mkts Acc – 280.0 -3.2
European Acc – 939.7 -8.2
FinTech R Acc – 812.4 -4.3
Global Tech – 144.8 -0.8
Global Thematics R GBP Acc – 1688 -16
Health Acc – 2151 -19
Japan R GBP Acc – 582.0 -3.7
Managed Balanced Acc – 431.0 -1.4
Managed Income Acc – 174.0 -0.1
Managed Income Inc – 109.3 -0.1
Monthly Inc Inc – 239.4 +1
Monthly Inc Acc – 613.4 +2.6
Pan Euro HY Bond Acc – *166.2 +1.00
Pan Euro HY Bond Inc – *104.7 +0.70
UK Growth Acc – 328.8 +1.3
UK Select Opps R Inc – 1959 -2
UK Select Opps R Acc – 3637 -4
UK Smllr Cos Acc – 292.3 +0.8AXA IM Funds http://www.axa-im.co.ukBNY Mellon Fund Managers
Investors: 0800 614330 Brokers: 08085 660000
http://www.bnymellonim.co.uk,
[email protected]BNY Mellon Investment Funds (ICVC)
Sterling Income SharesInsight Corporate Bd 0% *95.95 -0.51
Insight Eq Inc Fund 0% *158.66 +0.33
Insight Eq Inc Booster 0% *107.54 +0.22
Insight Glob Abs Ret Inc 0% 114.00 -0.30
Insight Glob Multi-Strat Fd 0% *130.39 -0.39
Insight Inflat-Link Corp Bd 0% 108.88 -0.23
Long-Term Global Equity 0% 315.26 -2.37
Newton Asian Income 0% *214.66 -1.77
Newton Cont European 0% *282.49 -1.76
Newton Global Dyn Bd 0% *102.75 -0.08
Newton Glb High Yld Bd 0% *60.55 +0.03
Newton Glb Inc Stg Inc 0% *224.68 -1.45
Newton Glb Opps 0% *334.44 -1.38
Newton Intnl Bond 0% 271.18 -2.74
Newton Multi-Asset Bal 0% 211.86 -0.72
Newton Mult-Asset Div Ret 0% 157.74 +0.10
Newton Mult-Asset Gwth 0% 889.79 -1.84
Newton Oriental 0% *647.39 -4.75
Newton Real Return A 0% *120.43 -0.29
Newton UK Equity Fund 0% *883.24 +1.00
Newton UK Inc 0% *65.75 +0.08
Newton UK Opps 0% *340.57 +0.35
US Opps EUR Acc 0% 123.48 -1.28Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0345 850 0255Generation Fd 5.00 *797.9 +10.4
Sand Aire FENIX Bal Inc 5.00 *157.8 ...Consistent Unit Trust
Management Co Ltd
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818Opportunities Unit Tst Inc 0% *45.61 47.1 ...
Opportunities Unit Tst Acc 0% *121 125 ...
Practical Invest Inc 5.00 228 244.2 ...
Practical Invest Acc 5.00 1249 1338 ...Discretionary Unit Fund
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Maitland Discretionary Inc 3.00 2355.71 2509.2 +6.13Fidelity International
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181Unit TrustOpen World A Acc 3.00 188.7 ...Investment Funds (OEIC)Cash Fd Y – 100.05 ...
Cash Fd Y Accum.Units – 101.19 ...Income FundsEnhanced Inc Fd 3.50 97.78 ...
Extra Income Fd 3.50 28.17 ...
Moneybuilder Bal – 47.95 ...
Moneybuilder Inc – 37.76 ...Growth & Income FundsMoneybldr Div 3.50 238.8 ...Growth FundsAmerican 3.50 4606 ...
Amer Sp Sits 3.50 1718 ...
European 3.50 2551 ...
European Opps 3.50 510.2 ...
Global Special Sits 3.50 4255 ...
Japan 3.50 396.6 ...
Japan Smaller Cos 3.50 298.7 ...
Global Focus 3.50 2318 ...
Index UK A Acc – 110.0700 ...
Opps A Dis – 100.3 ...
Special Sits 3.50 3843 ...
South East Asia 3.50 1412 ...
UK Select Acc 3.50 317.8 ...
†CAR - Net income reinvestedFundsmith LLP
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
http://www.fundsmith.co.uk [email protected]Fundsmith Equity T Acc – 476.98 -3.39
Fundsmith Equity T Inc – 438.11 -3.11Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: http://www.janushenderson.comAsia Pac Cap Gwth A Acc 5.00 1157.0000 -4.00
Asian Dividend Income Inc 5.00 *105.9000 -0.30
Cautious Managed A Acc 5.00 *265.2000 +0.40
Cautious Managed A Inc 5.00 *144.5000 +0.20
China Opps A Acc 5.00 1443.0000 -2.00
Emerg Mkts Opps A Acc 5.00 198.1000 -1.20
European Growth A Acc† 5.25 235.5000 -1.80
European Sel Opps A Acc 5.00 1754.0000 -12.00
Fixed Int Mthly Inc A Inc 4.25 *22.5000 -0.01
Global Care Growth A Inc 4.50 337.2000 -2.80
Global Equity Inc A Inc† 5.25 61.2500 -0.39
Global Growth Acc 4.25 3489.0000 -21.00
Global Strategic Cap Acc† 5.00 *253.3000 -0.80
Global Technology A Acc 5.00 2096.0000 -21.00
Multi-Mgr Abs Ret A Acc 5.00 143.3000 +0.20
Multi-Mgr Active A Acc† 5.00 *230.4000 -0.60
Multi-Mgr Distbn A Inc 5.25 135.0000 -0.20
Multi-Mgr Divrsfd A Acc – 89.0000 -0.08
Multi-Mgr Inc&Gwth A Acc 5.00 181.8000 -0.30
Multi-Mgr Inc&Gwth A Inc 5.25 154.4000 -0.20Multi-Mgr Mangd A Acc† 5.00 *286.6000 -0.40
Multi-Mgr Mangd A Inc† 5.00 *278.6000 -0.50
Sterling Bond Acc† 4.25 *237.6000 -1.20
Sterling Bond Inc† 4.25 *68.0800 -0.35
Strategic Bond A Inc 4.00 *129.0000 -0.30
UK Absolute Return A Acc 5.00 155.8000 +0.20
UK Alpha A Acc† 5.25 139.4000 +0.90
UK & Irish Small Co A Acc 5.00 580.7000 +5.40
UK Equity Income A Inc 5.00 *533.1000 +1.10
UK Index A Acc – 633.3000 +1.70
UK Tracker A Acc – 286.4000 +0.30
US Growth A Acc 5.00 1354.0000 -10.00
†Available as an ISAJ.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770JPM America Eq A Acc 3.00 113.3000 -1.1000
JPM America Eq A Inc 3.00 113.3000 -1.1000
JPM Asia Growth A Acc 3.00 227.1000 -0.8000
JPM Asia Growth A Inc 3.00 124.9000 -0.4000
JPM Div Gth A Net ACC 3.00 275.1000 -0.2000
JPM Emg Euro Eq A Acc 3.00 231.4000 -1.6000
JPM Emg Euro Eq A Inc 3.00 49.2400 -0.3400JPM Emg Markets A Acc 3.00 247.4000 -2.1000
JPM Emg Markets A Inc 3.00 105.1000 -0.9000
JPM Emg Mkts Inc A Acc 3.00 *79.8000 -0.5000
JPM Emg Mkts Inc A Inc 3.00 *59.5000 -0.3700
JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 210.3000 +0.3000
JPM Euro Dyn (ex-UK) A Acc 3.00 222.1000 -1.7000
JPM Euro Dyn (ex-UK) A Inc 3.00 98.6700 -0.7800
JPM Europe A Acc 3.00 1497.0000 -11.0000
JPM Europe A Inc 3.00 81.6200 -0.5900
JPM Euro Smaller Co A Acc 3.00 752.4000 -6.7000
JPM Euro Smaller Co A Inc 3.00 97.1000 -0.8700
JPM Global Bd Opps A Grs Acc – *57.2900 -0.0400
JPM Global Bd Opps A Grs Inc – *49.7600 -0.0400
JPM Global Bond A Gross Acc 3.00 *284.5000 -0.8000
JPM Global Bond A Gross Inc 3.00 *218.1000 -0.6000
JPM Global Eq Inc £ Hdg A Acc 3.00 *88.6400 -0.0700
JPM Global Eq Inc £ Hdg A Inc 3.00 *57.0200 -0.0300
JPM Global Eq Inc Fd A Acc 3.00 *115.0000 -0.8000
JPM Global Eq Inc Fd A Inc 3.00 *89.6800 -0.6800
JPM Global HiYld Bd A Grs Acc 3.00 *116.4000 +0.1000
JPM Global HiYld Bd A Grs Inc 3.00 *35.6100 +0.0500
JPM Global HiYldBdAGrsMthInc 3.00 *35.6100 +0.0500
JPM Global Macro Fund A Acc 3.00 *68.9900 ...
JPM Global Macro Fund A Inc 3.00 *60.1500 ...
JPM Global Macro Opps A Acc 3.00 72.92 -0.01
JPM Global Macro Opps A Inc 3.00 72.26 -0.01
JPM Global Uncons Eq A Acc 3.00 1547.0000 -11.0000JPM Global Uncons Eq A Inc 3.00 114.6000 -0.9000
JPM Japan A Acc 3.00 500.2000 -1.3000
JPM Japan A Inc 3.00 120.3000 -0.4000
JPM Multi-Asset Income A Acc 3.00 *98.5800 +0.0700
JPM Multi-Asset Income A Inc 3.00 *64.0800 +0.0400
JPM Multi-Asset Inc A Mth Inc 3.00 *64.0600 +0.0500
JPM Multi-Man Gwth A Acc 3.00 1078.0000 -1.0000
JPM Multi-Man Gwth A Inc 3.00 979.1000 -1.0000
JPM Natural Res A Acc 3.00 609.6000 -4.8000
JPM Natural Res A Inc 3.00 42.1100 -0.3300
JPM Sterling Corp Bd A Grs Acc 3.00 *99.6500 -0.4500
JPM Sterling Corp Bd A Grs Inc 3.00 *58.1500 -0.2800
JPM UK Dynamic A Acc 3.00 *191.4000 +1.1000
JPM UK Dynamic A Inc 3.00 *145.0000 +0.7000
JPM UK Equity Core E Acc – *365.7000 +1.1000
JPM UK Equity Core E Inc – *60.1300 +0.1800
JPM UK Equity Gwth A Acc 3.00 145.9000 +0.7000
JPM UK Equity Gwth A Inc 3.00 127.9000 +0.6000
JPM UK Higher Inc A Acc 3.00 *1020.0000 +3.0000
JPM UK Higher Inc A Inc 3.00 *491.2000 +1.8000
JPM UK Sm Cos A Acc 3.00 474.5000 +4.4000
JPM UK Sm Cos A Inc 3.00 89.3900 +0.8300
JPM UK Strat Eq Inc A Acc 3.00 *175.3000 +1.1000
JPM UK Strat Eq Inc A Inc 3.00 *97.4600 +0.5800
JPM Uncons Bond A Acc 3.00 *72.9200 -0.0400
JPM Uncons Bond A Inc 3.00 *55.1700 -0.0300
JPM US Eq Inc £ Hdg A Inc 3.00 *121.8000 ...
JPM US Eq Inc A Acc 3.00 *211.6000 -1.3000JPM US Eq Inc A Inc 3.00 *165.6000 -1.0000
JPM US Select A Acc 3.00 197.7000 -1.5000
JPM US Select A Inc 3.00 194.3000 -1.6000
JPM US Sm Cap Gwth Fd A Acc 3.00 779.9000 -7.4000
JPM US Sm Cap Gwth Fd A Inc 3.00 204.2000 -2.0000Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000Jupiter Abslt Rtn – 49.98 -0.04
Jupiter Asian Fd – *883.81 -6.33
Jupiter Asian Inc Fd Acc – 145.77 -0.85
Jupiter Asian Inc Fd Inc – 127.97 -0.75
Jupiter China Acc – 125.41 -1.97
Jupiter China Inc – 119.22 -1.87
Jupiter Corp Bond Inc – 59.96 -0.20
Jupiter Dstrbtn Acc – *105.11 -0.17
Jupiter Dstrbtn Inc – *58.84 -0.10
Jupiter Dstrbtn & Grth Inc – 110.67 +0.10
Jupiter Eco Inc – 397.39 -2.33
Jupiter Emerg Euro Opps – *238.94 -1.09
Jupiter European – *2538.60 -15.48Jupiter Euro Inc Acc – 78.43 -0.46
Jupiter Euro Inc Inc – 50.71 -0.29
Jupiter Euro Special Sits – *424.29 -3.40
Jupiter Fin Opp – 750.77 -4.13
Jupiter Fund Of Inv Trusts – 257.56 -0.01
Jupiter Global Emg Acc – 63.89 -0.25
Jupiter Global Eq Inc Acc – 77.52 -0.37
Jupiter Global Eq Inc Inc – 65.92 -0.31
Jupiter Global Managed Acc – 287.26 -2.23
Jupiter Global Managed Inc – 274.35 -2.13
Jupiter Growth & Inc – 90.93 +0.16
Jupiter Income – *506.02 +1.37
Jupiter India Fd – *103.85 +1.04
Jupiter Int Financials – 114.37 -0.70
Jupiter Japan Inc Fd Acc – *123.72 -0.70
Jupiter Japan Inc Fd Inc – *93.45 -0.53
Jupiter Merlin Bal Prtfo Acc – 201.81 -0.51
Jupiter Merlin Bal Prtfo Inc – 136.62 -0.34
Jupiter Merlin Conserv Prtfo Acc – 62.49 -0.10
Jupiter Merlin Conserv Prtfo Inc – 52.15 -0.08
Jupiter Merlin Grth Prtfo Acc – 456.96 -1.54
Jupiter Merlin Grth Prtfo Inc – 444.10 -1.49
Jupiter Merlin Inc Prtfo Acc – *318.54 -0.31
Jupiter Merlin Inc Prtfo Inc – *138.06 -0.13
Jupiter Merlin WW Prtfo Acc – 331.31 -1.78
Jupiter Merlin WW Prtfo Inc – 331.29 -1.79
Jupiter Monthly Alt Inc Acc – *123.53 -0.04
Jupiter Monthly Alt Inc – *30.99 -0.01
Jupiter N.American Inc Acc – *179.86 -1.54
Jupiter N.American Inc Inc – *144.94 -1.24
Jupiter Responsible Inc Fd Acc – 112.34 +0.33
Jupiter Responsible Inc Fd Inc – 68.45 +0.20
Jupiter Strategic Bond Acc – *105.17 -0.31
Jupiter Strategic Bond Inc – *66.34 -0.20
Jupiter UK Growth – *281.65 +3.32
Jupiter UK Smaller Cos – *355.96 +0.74
Jupiter UK Special Sits Inc – 181.62 +0.66
Jupiter US Sm&Md Inst I Acc – 80.99 ...
Jupiter US Sm&Md Cap Ret Acc – 74.46 ...Marks & Spencer Unit Trust
Management Ltd
Kings Meadow, Chester, CH99 9UT
0870 333 1835High Income Inc – *112.4 112.4 ...
High Income Acc – *273.1 273.1 ...
UK Select Port Inc – 332.4 332.4 ...
UK Selection Port – 628.6 628.6 ...
UK 100 Co’s Fund Inc – 214.2 214.2 ...
UK 100 Co’s Fund Acc – 383.7 383.7 ...
W’wide Man Inc – *525.7 ...
W’wide Man Acc – *864.2 ...M & G Securities Ltd
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196Charibond Inc – *124.6 -0.15
Charibond Acc – *4140.6 -4.91
Charifund Inc – *1528.29 +4.1
Charifund Acc – *25246.31 +67.7
M&G Corp Bond A Inc 3.00 *41.22 -0.14
M&G Corp Bond A Acc 3.00 *74.46 -0.27
M&G Dividend A Inc 4.00 *55.51 +0.25
M&G Dividend A Acc 4.00 *673.4 +2.97
M&G Episode Grwth Stg A Dis 4.00 *54.85 +0.04
M&G Episode Income A Inc 4.00 *126.15 -0.41
M&G Episode Income A Acc 4.00 *173.69 -0.57
M&G Global Dividend A Inc 4.00 *212.25 -1.87
M&G Global Dividend A Acc 4.00 *302.67 -2.68
M&G Glbl Emrgng Mkts A Inc 4.00 263.91 -2.53
M&G Glbl Emrgng Mkts A Acc 4.00 294.24 -2.83
M&G Glbl High Yld Bd A Inc 3.00 *49.03 +0.04
M&G Glbl High Yld Bd A Acc 3.00 *137.38 +0.14M&G Global Macro Bd A Inc 3.00 *91.31 -0.74
M&G Global Macro Bd A Acc 3.00 *144.96 -1.17
M&G Global Themes A Inc 4.00 1008.36 -2.65
M&G Global Themes A Acc 4.00 1596.58 -4.22
M&G Managed Growth A Inc 4.00 107.65 -0.15
M&G Optimal Income A Inc 3.00 146.93 +0.07
M&G Optimal Income A Acc 3.00 214.56 +0.1
M&G Property Portfolio A Inc – 111.8 111.8 +0.01
M&G Recovery A Inc 4.00 *123.14 +0.8
M&G Recovery A Acc 4.00 *300.94 +1.96
M&G Strategic Corp Bd A Inc 3.00 75.94 -0.18
M&G Strategic Corp Bd A Acc 3.00 123.09 -0.29
M&G UK Inc Distribution A Inc 4.00 745.2 +2.01
M&G UK Inc Distribution A Acc 4.00 7274.18 +19.57
M&G UK Infl Lkd Corp A Inc 3.00 115.83 +0.02
M&G UK Infl Lkd Corp A Acc 3.00 121.03 +0.02
N.A.A.C.I.F. Inc – *85.22 -0.06
N.A.A.C.I.F. Acc – *8898.08 -6.78
†CAR - Net Income reinvested.Merian Global Investors
(formerly Old Mutual Global Investors)
For further information visit merian.com or contact
your financial adviser.Merian Corporate Bond Fund – 138.6 -0.60
Merian Eur (ExUK) Small Co – 16.3696 -0.082
Merian Global Emerging Mrkts - 14.8245 -0.186
Merian Global Equity – 278.4 -2.00
Merian Gold & Silver – 15.1645 -0.216
Merian North American Equity – 321.7 -2.70
Merian Strat Abs Return Bond – 10.1053 +0.007
Merian UK Alpha - 163.1 +0.70
Merian UK Equity Income – 160.2 +1.10
Merian UK Mid Cap – 282.4 +2.10
Merian UK Smaller Company – 260.8 +1.50Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848Global Bond Fund Inc – 103.2 ...
Mangd Eqty Grwth Fnd Acc – 102.1 ...
Mangd Grwth Fund Inc – 102.9 ...
Mangd Grwth Fund Acc – 102.9 ...
UK Eqty Fund Acc – 99.33 ...
UK Eqty Fund Inc – 99.33 ...Mid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on day(^) Name Init chge Sell Mid Buy on day Change
Initial charge:
This charge in percentage terms is included in the purchase
price of the units. It is levied by the unit trust manager to cover
administrative costs and commissions.
- Denotes Ex-dividend
(^) Name Init chge Sell Mid Buy on day Change
Business
Go-slow Germany
may need to cut
its debt break
S
chuld – the German word for
debt – has another rather
revealing meaning: it also
translates as “guilt”. It is a
telling insight into the
national psyche of Germany,
a country so averse to public sector
debt that balanced books are
enshrined in the constitution.
Extraordinary times for the German
economy and financial markets mean
that attitudes to debt are starting to
shift, however. While Chancellor
Angela Merkel is holding firm on her
balanced books policy, the case for
ditching “black zero” is gathering
momentum among economists and
business leaders.
German government debt levels are
well below most other advanced
nations at just above 60pc of GDP but
this fiscal prudence has faced a
backlash in recent months as the
country’s economy flounders.
Germany is teetering on the brink of
recession as its huge manufacturing
base grapples with a perfect storm of
trade tensions, Brexit uncertainty and
the global slump in car sales, its
flagship export. Its economy shrank in
the second quarter and leading
indicators suggest that confidence is
plunging and its factories are yet to
stage a recovery.
Some economists fear a “golden
decade” for the German economy is
drawing to a close and a serious slump
is taking hold. Joachim Lang, general
secretary of the BDI, an industrial
trade body, warned that the slump
could last years if the government does
not take action. The policy of “black
zero” should be reviewed and German
fiscal policy “must change”, he said.
Meanwhile, Robert Habeck, the
leader of the Greens, who have edged
‘There’s no lack of things to
spend on: Germany has
crumbling infrastructure
desperately in need of repair’
Demand for books to be balanced needs
rethink as recession looms, writes Tom Rees
into first place in some opinion polls,
called the balanced books approach
“voodoo fiscal policy”.
The country’s constitution was
changed in 2009 to include the
so-called debt brake to force its leaders
to aim for balanced books.
From 2016, German governments
have been prohibited from running a
deficit of more than 0.35pc of GDP
except in a deep economic crisis. The
country has recorded a budget surplus
for the past five years. This hawkish
fiscal stance has its origins in the
rebirth of modern Germany.
Reunification after the Cold War was
costly. Peer Steinbrueck, a former
finance minister, estimated the price
of redeveloping East Germany at about
€2 trillion. Then earlier this decade the
eurozone was brought to the brink by
the sovereign debt crisis as Greece,
Portugal, Ireland and Spain were
bailed out.
“It was a justifiable answer to what
back then looked like a pure debt
ECB’s efforts to revive the eurozone
economy have had the effect of
pushing down the cost of issuing
government debt to record lows.
Interest rates have been cut into
negative territory and quantitative
easing has also pushed down bond
yields. The slow recovery has left the
ECB’s policy in “crisis” mode. Markets
expect central banks to cut interest
rates further and reboot their QE
programmes amid growing fears of a
global downturn.
Recession fears have pushed the
yield on all German government
bonds into negative territory and
Berlin issued a 30-year bond paying no
interest for the first time last week.
The shift in attitudes towards debt is
not exclusive to Germany. Olivier
Blanchard, the former chief economist
at the International Monetary Fund,
has argued that there is now little
“fiscal cost” to issuing debt given that
interest rates are lower than growth.
Attitudes towards borrowing are
also changing in the US and UK.
Donald Trump’s tax cuts and surge in
spending have been financed with
higher deficits while Chancellor Sajid
Javid has said he is looking to capitalise
on record low borrowing costs.
“Now it might be a good point to
issue new debt but you always have to
think about the future and it could
switch again,” says Marius Clemens at
the German Institute for Economic
Research.
The pressure will mount if
Germany’s downturn deepens. “Black
zero” has been the standout
achievement of Merkel’s fiscal policy,
but economists and bond markets are
moving on – leaving Germany at risk
of being left behind.
crisis,” explains Carsten Brzeski, chief
Germany economist at ING. “Greece
and those countries with irresponsible
public finances get into trouble,
markets lose confidence, interest rates
go up. How can you tackle it? By
having sustainable public finances.”
He added that the higher costs of
Germany’s ageing economy were
another factor driving the caution.
Many economists believe there is
little reason for such stringent fiscal
policy when the economy is sliding
into recession.
Germany has now succeeded in
bringing its debt-to-GDP ratio down to
the 60pc target outlined in the
Maastricht treaty – an aim few have
achieved. A spending boost would be
too late to boost the economy in the
third quarter but could help stave off a
prolonged slump.
Renowned economist Paul Krugman
has said Germany has “a ruinous
obsession over public debt” and called
for the country to boost borrowing.
“There’s no lack of things to spend on:
Germany, like America, has crumbling
infrastructure desperately in need of
repair,” he wrote in the New York Times.
While the debt crisis still haunts the
eurozone, the effect of extreme
monetary policy at the European
Central Bank also lingers. Some
economists argue that Germany
should take advantage of record low
interest rates by issuing debt now. The
60
German debt
levels are 60pc
above GDP
0.35
The government
is told not to run
a deficit higher
than 0.35pc
€2tr
The price of
redeveloping
East Germany
30
Berlin has issued
a 30-year bond
paying no
interest
32 ***^ Monday 26 August 2019 The Daily Telegraph
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