Article 40TSW Wall Street closes lower amid fears over trade, oil and rates – as it happened

Wall Street closes lower amid fears over trade, oil and rates – as it happened

by
Martin Farrer (earlier) and Graeme Wearden (now)
from Economics | The Guardian on (#40TSW)

It's a very jittery start to the week amid the Khashoggi standoff, US-China trade tensions and concern about US borrowing costs. Follow all the action live

9.32pm BST

So ends another tense day in the markets.

It began with another day of losses in Asia, with China's market dropping to their lowest close since late 2014.

Related: May faces frantic 48 hours to save Brexit plan as talks stall

9.10pm BST

So much for the rally!

A late swirl of selling has sent Wall Street into the red at the closing bell.

US Closing Prices:#DOW 25250.55 -0.35%#SPX 2750.79 -0.59%#NDX 7068.67 -1.24%#VIX 21.29 -0.09%

The Dow closed down by 89 points after suffering a late-day slide. The Nasdaq lost 0.9% as tech stocks continue to struggle. Apple and Netflix retreat by 2%. The iShares MSCI Saudi Arabia ETF, a proxy for the Saudi stock market, declined by 2%. https://t.co/t5xNnoUeL7

8.55pm BST

Is volatility turning into the new normal? It's certainly more common than it used to be....

"If sudden market plunges out of nowhere seem to be happening more frequently than in the past, it's not just you" https://t.co/F60a8TCSF9 pic.twitter.com/JFf2nNQLmM

8.53pm BST

Here's a couple of photos from Wall Street today:

8.00pm BST

With one hour's trading to go, Wall Street is edging higher.

The Dow is now up 0.5%, or 122 points, at 25,462, and on track for its second 'up day' in a row.

7.26pm BST

The numbers are in.... America's budget deficit jumped by over $100bn in the last fiscal year, to nearly $780bn.

Higher defence and social security spending helped to drive up the deficit, even though the economy grew strongly too.

The U.S. recorded a $779 billion deficit in the fiscal year ending Sept. 30, an increase of $113 billion, as spending climbed while revenue remained nearly flat, the Treasury Department announced Monday.

Outlays grew by $127 billion, or 3.2%, while government receipts rose 0.4%, or $14 billion.

5.38pm BST

UK defence firm BAE Systems saw its shares fall today, as traders pondered the implications of the Khashoggi case.

Earlier, Donald Trump told reporters that the Saudi king had firmly denied being responsible for the journalist's disappearance - indeed, Trump suggested that rogue elements could be to blame (inside the Saudi consulate in Ankara?).

Ironically, it was UK defence giant BAE Systems that bore the brunt of the dispute, trading down 3.46% on the day, as a conflict with the oil producing country could threaten its 10 billion deal for 48 Typhoon jets.

The oil market was surprisingly placid about rising political tensions with Brent crude trading up 0.35% and WTI up 0.39%. Instead some investment went into gold and gold shares, notably Rangold and Anglo American.

5.21pm BST

Germany's stock market also had a better day, with the DAX gaining 90 points or 0.8%.

France ended slightly lower, though.

5.07pm BST

A day that started with blustery rain and deep puddles in the City of London has ended with a modest recovery.

The FTSE 100 has nudged its way back over the 7,000 point mark, gaining 33 points or 0.45% to finish at 7,029.

4.47pm BST

Wall Street is attempting to push higher, and add to Friday's recovery.

The Dow is now up 84 points, or 0.3%, while the Nasdaq is coming off its lows.

4.28pm BST

Last week's market sell-off was partly due to worries that the global economy is slowing.

And Capital Economics has added to those concerns, by predicting that the next recession could be closer than previously thought.

The next global downturn is likely to come much sooner than the current consensus anticipates - indeed, we think that world GDP growth is already peaking in this cycle and that it will slow relatively sharply in 2019-20.

The downturn itself is likely to be led by the US, where higher interest rates will begin to weigh on rate-sensitive sectors of the economy, and China, which is undergoing a structural slowdown.

3.39pm BST

The newswires are reporting that Janet Yellen, the former chair of the US Federal Reserve, has criticised Donald Trump for his attacks on her predecessor, Jerome Powell.

Nick Timiraos of the Wall Street Journal has the details:

Yellen on Trump's attacks last week: "It is not a desirable thing for a president to comment so explicitly on monetary policy.... Obviously presidents can speak out if they choose to and give their opinion about policy. There's no law against that. But I don't think it's wise."

Yellen: "I don't believe that President Trump's comments will change what the Fed is doing."

Yellen: "I am worried about the economy overheating."

Yellen: 3% growth feels great but because I don't think this is sustainable over the long run. Growth needs to slow. The Fed will need to be "skillful and lucky" to achieve a soft landing after 2019.

Yellen: We are seeing a tight labor market, but firms have more market power than they used to and are resisting wage increases. Global competition and outsourcing means labor's bargaining power is not enough to push this up at an aggressive pace.

Yellen: "This is an economy that is more or less at full employment." She's running through all of the labor market data--quits, difficulty of hiring workers, household confidence surveys--that girds her thesis. "There's not a vast pool likely of labor out there."

Yellen: Trade is a concern. The trade dispute with China looks to be escalating and could become more intense. I don't know what the endgame is. Many countries, not just US, are concerned about China's demand for technology transfer and restrictions they put on foreign investment

Yellen: For China, this is a negative and it is perhaps already showing up in their data. Many east Asian countries from Korea to Malaysia that supply Chinese goods could face repercussions. "It's a grave concern for those countries."

3.21pm BST

Back in New York, the sell-off is gathering momentum. The Nasdaq tech index is now down 1%.

2.55pm BST

Pharmaceuticals giant AstraZeneca has frozen investment in the UK until it knows what's happening with Brexit, according to the firm's chairman.

Leif Johansson told French newspaper Le Monde that the UK-Swedish firm has activated its contingency plans. It is now stockpiling medicines at national borders and has duplicated some of its UK operations in Sweden.

We have also stopped investing in the UK.

2.41pm BST

The chimes of the opening bell are ringing out across Wall Street, teeing up a fresh week's trading.

2.14pm BST

Back in London, the FTSE 100 has struggled back from his morning's six-month low. It's now up 19 points , or 0.3%, at 7015.

But the FTSE 250 index, which contains smaller UK companies, is having a worse day. It's down 199 points, or 1%, at 18,774, partly due to those nasty profit warnings from SuperDry and ConvaTec this morning.

2.02pm BST

The weak US retail sales growth in September has surprised City economics and investors - here's some early reaction:

Interesting retail sales print. Bounce in auto sales, but big dip in restaurant spending--at odds with consumer income growth.

Looks like return to trend after some overheating.

Bloomberg Eco Surprise Index hasn't been below zero in more than a year; may be changing. pic.twitter.com/E5xvEpMxUu

advanced report showing quite the downturn in retail food services spending pic.twitter.com/PbU0siMuwI

Retail sales in the #US disappoint markets points to the softer course of US economy

1.45pm BST

Just in: Americans spent less in restaurants and malls than expected last month.

US retail sales only rose by 0.1% in September, much weaker than the 0.6% growth which economists had expected.

Hmmm US retail sales miss in September.

Hurricane effects?

1.16pm BST

Two more top US executives have pulled out of Saudi Arabia's 'Davos in the desert' event, over the disappearance of Jamal Khashoggi.

Blackstone's Stephen Schwarzman and BlackRock's Larry Fink have both withdraw from the high-profile Saudi Arabian investment conference taking place later this month (with a shrinking guest list).

Bank of America's CFO says they are "still evaluating" whether to participate in the Saudi conference next week. Via @MoiseNoise

We should not be in league with a brutal dictatorship that beheads its own citizens for standing up for their rights, which rains down airstrikes on civilian areas in Yemen with no concern for innocent children, and that thinks it can assassinate dissident journalists in other countries with impunity. We must apply the same standards to countries such as Saudi Arabia, Israel and Egypt that we apply to Iran, Russia and Syria.

Where any of them abuse human rights and breach international humanitarian law, we must be prepared to call it out in the same measure, rather than treating it as one rule for our supposed friends and another for our supposed enemies.

Related: Britain must hold the Saudis to account for Jamal Khashoggi | Emily Thornberry

12.29pm BST

Just in: Bank of America has beaten Wall Street forecasts, which might calm some investors' nerves.

"Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pre-tax earnings in our company's history."

11.49am BST

More UK retail gloom:

11.38am BST

The US stock market is expected to lose ground when trading begins in three hours.

The futures market is indicating the Dow Jones industrial average will shed 106 points, or 0.4%, at the open.

11.24am BST

The main Asian stock markets have all closed in the red today.

Japan fell by almost 1.8%, Hong Kong lost 1.5%, Shanghai shed 1.4% and Australia finished 1% lower (our earlier summary has more details)

APAC Closing Prices:#ASX 5837.1 -0.99%#NIKKEI 22271.3 -1.87%#HSI 25445.06 -1.38%#HSHARES 10144.34 -1.50%#CSI300 3126.45 -1.40%

11.00am BST

The oil price is pushing higher this morning, amid rising tensions between Saudi and the US over the disappearance of journalist Jamal Khashoggi.

Related: Saudi Arabia to hit back in case of sanctions over Jamal Khashoggi

Related: How much damage can Saudi Arabia do to the global economy?

10.27am BST

Ouch. Germany's stock exchange has now overcome its technical issues, and traders are sending shares lower.

The DAX has dipped by 20 points, or 0.18%, to 11,503 points, a new 20-month low.

DAX -15.50% from peak and at its lowest level since February 2017

10.22am BST

The gold price has jumped by 1% today to $1,231 per ounce.

While the market's version of a "Red October " makes it way into the South China Sea, echoes of Octobers past are reverberating throughout global capital markets as risk off continues to linger with equity market look ever so fragile.

The US Treasury is set to release the semi-annual FX report. While China doesn't meet the historical criteria to be named a currency manipulator who is to say, President Trump, my not rewrite the requirements so that China's inclusion in the future is assured?

9.38am BST

The UK FTSE 100 has just hit a new six-month low, as its early gains fizzle out.

The blue-chip index of leading sharews in London is now down 27 points at 6968.

"There is a noticeable lack of bargain hunters on Monday morning as last Friday's rebound in select parts of the market fails to extend into the new working week.

The FTSE 100 was down 0.1% in early trading at 6,988 with investors clearly lacking confidence to snap up stocks whose share prices were badly damaged in last week's market sell-off.

9.17am BST

Pakistan's stock market has made a bad start to the new week, falling over 2% in early trading.

That follows a 4% tumble last week, as investors fretted about Pakistan's economic outlook.

Pakistan's stock markets tumbles yet again - index down 2% in biggest decline in Asia today. Its dropped by such a level or more only 10 times this year pic.twitter.com/SQ9Im7PtU5

9.02am BST

Germany's stock exchange has been hit by a technical glitch that has prevented trading getting underway.

The Financial Times explains:

The opening of trade in Deutsche Birse's stock market, the primary trading venue for German equities, was delayed on Monday by "technical problems".

Deutsche Birse's Xetrastock exchange, one of Europe's biggest, faced issues with its "trading infrastructure" which meant the "trading start will not take place according to the usual trading schedule."

8.50am BST

As feared, there's no recovery in Europe's stock market this morning.

The Stoxx 600 index, which tracks the largest European companies, has dropped by another 0.4% to a fresh 22-month low.

The Swiss franc and yen are stronger. Hard Brexit risks are mounting, global political risks are ever-present and equities and bond yields are lower ex-Italy.

The breakdown in Brexit talks, the disappearance of dissident Saudi journalist Jamal Khashoggi, the demise of the CSU in Bavarian elections, the impasse over Italy's budget and the worried tone coming from the IMF/World Bank meetings in Bali all combine to give financial markets an uncomfortable feel this morning.

8.25am BST

Shares in UK fashion group SuperDry have plunged by 20% after it shocked the City with a profits warning.

Profit warnings from Superdry blaming recent warm weather and currency. pic.twitter.com/AKY8yWaKGX

Convatec shares slump by a quarter after FTSE 250 medical equipment maker issues latest profit warning alongside departure of Paul Moraviec, its chief executive. Shares trading at fresh lows of 167p, versus float price of 225p. pic.twitter.com/BmjBJlEL69

8.22am BST

In London, the FTSE 100 index has opened 20 points higher (+0.3%), as traders try to put last week's losses behind them.

Artjom Hatsaturjants at City firm Accendo Markets says the pound's weakness is helping multinational companies:

The muted open comes after a negative start to the week in Asia, where concerns over rising US interest rates continued weighing on equities.

Brexit negotiations suffered another setback over the weekend, as PM Theresa May rejected key EU proposals over the Irish border, dealing a blow to negotiations to avert a hard Brexit. This has sent the GBP [the pound] sharply lower ahead of an EU leaders summit on Wednesday, helping FTSE's international names.

8.09am BST

After another day of losses, China's stock market has sunk to its lowest closing level in almost four years.

7.49am BST

A cocktail of risks are weighing on the markets, says Jasper Lawler of London Capital Group:

Concerns over higher US borrowing costs were the catalyst for last week's heavy sell off. However, there were plenty of other risk factors which were also dampening sentiment.

Those risk factors, including US- Sino trade tensions, Brexit, Italy's Budget proposal and now increased political tensions between the US and Saudi Arabia, are set to keep pressure on risk appetite this week.

7.37am BST

Good morning from a wet and grisly London.

Related: Bavaria election: Merkel's conservative allies humiliated

European Opening Calls:#FTSE 6997 +0.02%#DAX 11496 -0.24%#CAC 5074 -0.44%#MIB 19098 -0.82%#IBEX 8832 -0.79%

7.02am BST

The losses continue to mount up on financial markets amid uncertainty across the world about trade, rising US interest rates and now a potential clash between the US and Saudi Arabia over the fate of missing journalist Jamal Khashoggi.

The Saudi tension has sent the price of oil up and it's also been a rough night for the pound ahead of this week's crunch Brexit summit with sterling slipping. The yen meanwhile has strengthened a touch against the dollar.

6.52am BST

It will be fascinating to see where the price of oil goes this week. Brent futures have risen 1.255 today to $81.5 a barrel and that could rise to $100 according to one analyst.

Kazuhiko Fuji, senior fellow at the Japanese government thinktank, the Research Institute of Economy, Trade and Industry, said:

Oil prices could rise to $100 on worries about Saudi Arabia. People had thought the Saudis will make up for fall in Iran's output. If they are starting to use oil as their weapon, that will be a whole new chapter.

6.38am BST

Apologies - I jumpped the gun on the Aussie market. The final settlemtn pushed it deeper into the red to end down 58.6 points, or 0.99%, at 5837.1 points.

6.31am BST

Sears, the venerable US retailer, has gone into administration. It has filed for chapter 11 bankruptcy, according to a filing in a New York court, Reuters reports.

6.25am BST

The ASX200 is done for the day. It finishes down 46 points, or 0.79%, at 5,849 points.

6.21am BST

Saudi Arabia has threatened to retaliate against the world economy if western nations impose sanctions or similar if it emerges that the country's security forces murdered the journalist Jamal Khashoggi.

Related: How much damage can Saudi Arabia do to the global economy?

6.01am BST

We seem to have hit a fairly quiet spot in the trading day.

The ASX200 in Sydney is down around 1% and is due to close in a few minutes.

5.30am BST

Talking of China, it's worth revisiting comments by the country's central bank governor at the close of the IMF meeting in Bali on Sunday.

Yi Gang said China still had plenty of room for adjustment in interest rates and the reserve requirement ratio (RRR) in the face of any negative impact from trade tensions with the United States.

5.06am BST

Chris Weston of Pepperstone in Melbourne has weighed with some commentary, saying things could quite ugly on stock markets if data out of China - inflation, GDP and retail sales - disappoints later in the week.

After last week's volatility shock to markets, we start the week on a negative tone, with broad weakenss through Asia and the ASX 200 falling out of bed. The weekend news flow has centred on a lack of progress in the Brexit negotiations, a deterioration in Saudi/US relations, which have resulted in a 1.1% rally in crude, and the loss of majority for the CSU party in the German regional elections.

4.08am BST

Here are the latest scores, courtesy of IC Markets (although I think they've missed the minus sign off the Hang Seng price):

Asia UPDATE: #Nikkei 225 -1.50% #Hangseng 1.03%#KOSPI -0.47%#ASX200 -1.16%#SSEC -0.01%#STI -0.27%#Equities

3.58am BST

The pound is set for a volatile few days as the wrangling over Brexit intensifies ahead of the meeting of European leaders starting on Wednesday night. It sits at $1.31 at the moment after losing 0.3% today.

The key issue is how to prevent a hard border between Northern Ireland and the Republic. The EU wants the North to remain essentially bound by EU customs rules but that is facing pushback from Brexiters. Theresa May is hoping a temporary "backstop" can be put in place where the whole country remains in the customs deal for the time being.

In presuming to change the constitutional arrangements of the United Kingdom, the EU is treating us with naked contempt. Like some chess player triumphantly forking our king and our queen, the EU commission is offering the UK government what appears to be a binary choice. It is a choice between the break-up of this country, or the subjugation of this country, between separation or submission.

3.34am BST

Still with Australia and interesting to note that Shane Oliver, the high-profile chief economist at AMP, has suggested that he might have to revise downwards his forecasts on house prices.

He tweeted on Saturday that the auction results weren't good but his forecast of a peak to trough fall of 15% out to 2020 remained in place. But he told the AFR that he might hve to rethink that forecast on the downside.

...Domain auction clearances. Auction sales volumes running down 50% from year ago in both Sydney and Melbourne. All consistent with further falls in home prices ...our forecast remains for top to bottom falls of 15% out to 2020. Risk on downside. #ausecon pic.twitter.com/SY45iIYpzc

3.03am BST

In Australia the ASX200 has had a torrid morning. At one point it was down more than 1.5% but it has recovered at bit and is now at 5,829, a fall of 66 points or 1.1%.

The financial sector has been battered amid concern about the impact of the royal commission on the big four and the amount of compensation they will have to pay. Commonwealth is the worst performing, down more than 2%.

Banks' share prices have no floor. You have deteriorating housing market which will affect their balance sheets, rising interest rates will do the same. Banks' share price essentially depends on how bad the bust will be in Oz housing, especially NSW, VIC and WA #ausbiz https://t.co/QFQiohosMy

2.54am BST

The Chinese trading day has kicked off.

The Hang Seng is down nearly 1% while the Shanghai Composite is up a fraction.

2.49am BST

Another major factor in stock market losses this week has been the prospect of a full-blown US-China trade war. But calls for calm from leaders gathered at the IMF conference in Bali last week seem to have fallen on deaf ears.

The Chinese currency fell again against the dollar today. It's now at 6.92. That is sure to rattle Washington where there is a widespread view that beijing manipulates the currency to benefit exporters.

China is unlikely to let the yuan weaken past 7 per dollar any time soon, according to market observers https://t.co/1ENWIwgWuB pic.twitter.com/XIJjyL4jFu

2.18am BST

While the Ssudi government has come out fighting on the prospect of US sanctions in the Khashoggi case, the boss of the Saudi-owned Al-Arabiya satellite news network has gone a few steps further.

Turki Aldakhil paints an apocalyptic picture of world affairs if the US tries to get tough on the Saudis. He says the kingdom would respond by slashing oil output and would team up with Russia and stop buying US arms. The US would be "stabbing itself to death".

Imposing any type of sanctions on Saudi Arabia by the West will cause the kingdom to resort to other options, US President Donald Trump had said a few days ago, and that Russia and China are ready to fulfill Riyadh's military needs among others. No one can deny that repercussions of these sanctions will include a Russian military base in Tabuk, northwest of Saudi Arabia, in the heated four corners of Syria, Israel, Lebanon and Iraq.

At a time where Hamas and Hezbollah have turned from enemies into friends, getting this close to Russia will lead to a closeness to Iran and maybe even a reconciliation with it.

2.03am BST

The list of marquee speakers at the Future Investment Intiative conference in Saudi Arabia next week makes interesting reading because a few of them have now said they will not be going.

Jamie Dimon has pulled out along with the boss of Uber and the editor of the Economist, Zanny Minton-Beddoes, while US treasury secretary Steve Mnuchin is under pressure not to go. Watch this space for more.

1.45am BST

The rise in oil prices is gathering pace too.

Brent futures are up 1.3% to $81.54 a barrel.

1.42am BST

The sellers are gaining the upper hand in stock markets around Asia Pacific today. Hong Kong and China open later this morning. But this is how it's looking so far:

[CHART] Sellers continue to challenge the ASX 200 on Monday with the index making news session lows as lunch approaches #ausbiz Iress pic.twitter.com/q0XzlSZzgO

1.21am BST

Bill Ford, the chief executive of Ford, has become the latest high-profile business leader to pull out of the Future Investment Initiative conference in Riyadh later this month, Reuters reports.

He joins JP Morgan boss Jamie Dimon in announcing his withdrawal on Sunday. Neither cited a reason but it is suspected that the diplomatic standoff over the Khashoggi affair would be high on the list.

Related: Saudi Arabia to hit back in case of sanctions over Jamal Khashoggi

1.08am BST

Trading is under way in Japan and Korea. The Nikkei is off 1% and the Kospi is down 0.5% in Seoul.

That seems par for the course today given the poor start in Sydney, where it's now off 0.89% for the day. The question is whether the markets can bounce back or they are dragged lower by a compound of problems ...

1.01am BST

The price of Brent crude has risen this morning to $80.5 a barrel.

It's surely connected to the Saudi issue, so it's worth looking again at what the kingdom has said about possibly retaliating to external pressure over the Khashoggi affair.

The kingdom affirms its total rejection of any threats and attempts to undermine it, whether through economic sanctions, political pressure or repeating false accusations. The kingdom also affirms that if it is [targeted by] any action, it will respond with greater action.

Brent crude, the global oil benchmark, earlier this month hit a 4-year high above $85 a barrel. Oil Weapon? Saudi Arabia used its petroleum resources as a political weapon when it led an Arab oil embargo during the 1973 war between Israel and a coalition of Arab states. Since

watch the #BRENT crude opening price tomorrow to realize the Saudi deter.
we are not a warmongers but if the enemies starts to blackmail us we are ready to play the game
the #Saudi_Arabia never used an assassination and will never do it.
we are disappointed from our allies!!

12.33am BST

The standoff between Saudi Arabia and just about everyone else in the world over the disappearance of journalist Jamal Khashoggi looks like intensifying. The Saudis have promised pushback if Donald Trump carries out his threat of "severe Punishment" if the kingdom is found to have disposed of Khashoggi, as alleged by Turkey.

Now, Reuters report that JP Morgan Chase chief executive Jamie Dimon has cancelled plans to attend a Saudi Arabian investor conference later this month.

12.28am BST

In currencies, the US dollar has gained a bit today. That means the Aussie dollar is down slightly at US71.07 while the yen has slipped to 112.2. The pound is at $1.31.

12.21am BST

The benchmark ASX200 has slipped around 1% in the first few minutes.

The banks, as usual of late, have been sold with the financial sector down 1.47%. Same for resources which are down more than 1% but utilities are off 2%.

Local shares slide on the open to continue recent downward pressure. #ASX 200 -55pts or 0.95% to 5840 despite a rebound for Wall St on Friday. All sectors bar healthcare are in the red #ausbiz

#ASX200 deeply oversold. We should get back to at least 6102/6140 by early next week before a retest of Friday's low kicks off.

12.15am BST

More commentary on the Australian market from Michael McCarthy at CMC Markets. His thrust is that this week sees a lot of data from China including lending, retail sales and GDP which should give us a picture of where the superpower is heading, ie is it in good enough shape to survive a trade-war inspired downturn? There's also inflation and trade data from Japan, retail sales in the UK and in the US, retail sales, housing numbers and Fed minutes.

Here's what Michael says:

Australian investors face a challenge at this morning's opening. Despite positive moves for US shares and buoyant industrial commodities SPI futures were belted at the New York close, suffering a 51 point loss for the session. The first hour of trading may indicate whether this was an error or the beginning of further underperformance for Australian shares.

12.07am BST

Greg McKenna, the independent market strategist, says the markets narrative has been hijacked by the Saudi pushback and Brexit but reckons it's a close call on what direction things will take.

This is what he says in his morning note:

Much water to flow here especially for the Pound and oil prices. Looking back to Friday though and while stocks in the US rallied into the close it was a messy day and hardly a convincing bounce. Is it the bottom? Many think so and the medium-term charts recovered to hold channel bottoms. But we'll see.

12.04am BST

Good morning and welcome to the Guardian business live blog.

We're firing up a bit earlier than usual today because it looks like being an interesting session in Asia Pacific markets.

APAC Opening Calls:#ASX 5824 -1.03%#NIKKEI 22523 -0.83%#HSI 25693 -0.29%#NIFTY 10477 +0.09%#CSI300 3161 +0.37%

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