U.S. Signals China Trade Talks in Final, Hardest Steps to a Deal By Bloomberg



(Bloomberg) — Two top economic advisers of President Donald Trump signaled talks with China to reach the first phase of a broad trade agreement are entering the final stages when the most contentious and complex issues are debated, with no guarantee still that another breakdown will be averted.

White House economic adviser Larry Kudlow told reporters late Thursday in Washington that “we are coming down to the short strokes” and are “in communication with them every single day.” Commerce Secretary Wilbur Ross, speaking Friday on Fox Business Network, confirmed there will be a high-level call today, adding that there’ll be a deal “in all likelihood.”

As U.S. stock futures advanced on optimism for the world’s largest economies, both officials added caveats, with Kudlow acknowledging a deal was close though “not done yet” and Ross saying “the devil is always in the details and we’re down to the last details now.”

Today’s call of top trade negotiations from both countries is a sign of progress. Still, the last stages of trade agreements are often where talks break down, and Trump still hasn’t publicly indicated his approval. The two sides were close to concluding a pact about six months ago, only for the U.S. to claim that China backed away from verbal commitments when the time came to sign the deal.

“You don’t really have the deal on anything, until you have the deal on everything,” Ross said. “So it’s not surprising that at the very last minute pieces are bouncing around. But I think the main thing is what the president said at the rally last night: China wants to make a deal. We think we’d like to make a deal if it’s the right deal — this will get made in all likelihood.”

Ross described phase one as “relatively limited in its scope. And what’s really being debated is how much limitation will there be on the scope of phase one relative to phase two or maybe phase three.”

The two sides have held working-level video conferences in recent days focused on issues ranging from the details and time line of Chinese purchases of U.S. agricultural goods such as pork and soybeans to commitments to curtail theft of intellectual property that Trump is demanding from China, according to people familiar with the discussions.

A U.S. demand that China spell out how it plans to reach as much as $50 billion in agricultural imports annually has been one sticking point as have discussions over what action the U.S. will take to roll back tariffs in return for a phase one deal, the people said. China has reiterated its position that removing existing tariffs is a precondition of reaching a deal.

Still, both countries have sent signals that they are intent on an agreement. China has resumed significant purchases of U.S. farm exports since Trump first announced plans for the phase one deal Oct. 11. On Thursday, Beijing also lifted a ban on American poultry that began in 2015, after the U.S. Department of Agriculture made a similar decision to allow Chinese poultry into the U.S.

“This is great news for both America’s farmers and China’s consumers,” Robert Lighthizer, the U.S. trade representative leading the discussions with China, said in a statement after the lifting of the Chinese ban was announced. The government estimates American producers will be able to export more than $1 billion worth of poultry to China annually, he said.

Separately, Kudlow said the president had not yet made a decision on whether to impose — or delay, as many expect — new auto tariffs on imported cars and parts from the European Union. The president received a report from Lighthizer’s office and “he is considering it”, Kudlow said.

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Mexican president welcomes Pelosi remarks on North American trade deal approval By Reuters



MEXICO CITY (Reuters) – Mexico’s president Andres Manuel Lopez Obrador on Friday welcomed remarks by U.S. House Speaker Nancy Pelosi that U.S. legislators were making progress in the ratification of the United States-Mexico-Canada Agreement (USMCA) trade deal.

Speaking at a regular news conference, Lopez Obrador said he supported the remarks Pelosi made on Thursday.

Lopez Obrador said he had sent a letter in which he pledged to uphold a new Mexican labor law boosting the rights of trade unions, and to ensure Mexican unions do not behave fraudulently.

U.S. Democratic lawmakers have expressed concerns that workers’ rights should be demonstrably strengthened in Mexico.

Lopez Obrador did not specify clearly to whom he had sent the letter, but appeared to be referring to U.S. lawmakers.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Fresh trade deal hopes gently lift dollar, Aussie By Reuters



By Tom Westbrook

SINGAPORE (Reuters) – The dollar and riskier trade-exposed currencies found some support on Friday as fresh hopes for a breakthrough in Sino-U.S. trade talks were tempered with caution.

White House economic adviser Larry Kudlow said late on Thursday that the two parties were getting close to a deal and the “mood music is pretty good”.

He offered no new details, but the sentiment was enough to reverse a little of the safe-haven Japanese yen’s overnight gain and to buoy the Australian and New Zealand dollars.

The yen fell 0.2% to 108.57 per dollar and dropped 0.3% on the rising .

The Australian dollar , which had tumbled on Thursday after an unexpected rise in the national unemployment rate, added 0.2% to $0.6795.

The New Zealand dollar rose 0.1% to $0.6388. China’s yuan rose 0.2% but remained just shy of strengthening past the 7-per-dollar level at 7.0076.

Against a basket of six major currencies () the greenback was steady at 98.140 as caution and the lack of concrete news in Kudlow’s remarks kept a lid on risk appetite.

“It may not be a game-changer,” said Terence Wu, a treasury strategist at OCBC Bank in Singapore. “Thus, we think any reversal in the risk-off trades may not see a good shelf-life.”

Mixed signals on trade negotiations have abounded in recent days while evidence of the damage the dispute is wreaking on the global economy has mounted.

The next scheduled economic updates are Eurozone trade and inflation data due at 1000 GMT and the New York Fed manufacturing survey due at 1330 GMT.

On Thursday, China’s commerce ministry said the two countries are holding “in-depth” discussions, while U.S. President Donald Trump said on Tuesday a deal was close.

But the Financial Times, citing unidentified people close to the talks, said an agreement may not be reached in time to avoid a new round of U.S. tariffs taking effect on Dec. 15.

Sub-par growth figures on Thursday from China and Japan, followed by lackluster updates in Britain and Europe underlined the potential downside if a deal falters.

Few are game to make a decisive call either way.

“Until we’ve got the word from Donald Trump, no-one’s really willing to get in front of it,” said Jason Wong, senior market strategist at BNZ in Wellington.

The British pound, meanwhile, sat near peaks scaled overnight.

Sterling touched a six-month high against the euro and gained on the dollar as expectations that Britain’s ruling Conservative Party might win a majority in a Dec. 12 election fueled optimism the Brexit impasse will finally end.

The pound stood at $1.2880 and at 0.8559 pence per euro in Asian trade. “Markets now appear to be priced for a high likelihood of a majority Conservative government,” RBC Chief Currency Strategist Adam Cole said in a note.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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ArcelorMittal Allowed to Complete $5.8 Billion Essar Deal By Bloomberg


© Reuters. ArcelorMittal Allowed to Complete $5.8 Billion Essar Deal

(Bloomberg) — ArcelorMittal won approval from India’s top court to complete its $5.8 billion purchase of a bankrupt steel mill, clearing the way for tycoon Lakshmi Mittal to enter the world’s second-biggest market.

The Supreme Court allowed Arcelor to make the payment for Essar Steel India Ltd. and set aside a bankruptcy appellate tribunal’s order that had given secured and unsecured creditors equal right over the sale proceeds. The lenders’ panel of a bankrupt company has discretion in the distribution of funds in insolvencies, a three-judge bench headed by Justice Rohinton F. Nariman said Friday.

The acquisition of Essar Steel India Ltd. will make Arcelor the fourth-biggest producer in a nation where the government is investing trillions of rupees in infrastructure. The verdict is likely to be the final approval in a more than yearlong battle by Arcelor to take over Essar. While companies can seek a review of decision by the same bench of judges, the success of review petitions is rare.

The world’s largest steelmaker, ArcelorMittal SA (AS:) and its partner Nippon Steel Corp. had offered to pay 420 billion rupees ($5.8 billion) in cash to creditors and pump another 80 billion rupees in the mill last year. While that offer was approved by a bankruptcy tribunal in March under the insolvency process, the payment was kept on hold by the Supreme Court after a dispute arose between lenders on the distribution of funds.

The ruling will set a precedent for other insolvencies that are awaiting resolution over the distribution of funds between different class of creditors.

India’s rupee, and creditors to Essar extended gains after the ruling. The rose 0.3% at 11:06 a.m., while State Bank Of India (NS:) added 4.2% and Canara Bank Ltd (NS:) surged as much as 7%.

The Supreme Court on Friday also said the timeline for insolvencies can be extended in exceptional cases.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. ‘getting close’ to trade deal with China: White house economic adviser


FILE PHOTO: Director of the National Economic Council Larry Kudlow speaks to the media at the White House in Washington, U.S., September 6, 2019. REUTERS/Joshua Roberts/File Photo

WASHINGTON (Reuters) – The United States is getting close to a trade agreement with China, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive discussions with Beijing.

Kudlow said the world’s two largest economies were in close touch via telephone, and an agreement could be reached soon.

“We’re getting close,” he told an event at the Council on Foreign Relations in Washington. “The mood music is pretty good.”

Reporting by Andrea Shalal; Editing by Sandra Maler



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China holds in-depth talks with U.S. on phase one of trade deal


BEIJING (Reuters) – China and the United States are holding in-depth discussions on a “phase one” trade agreement, and cancelling tariffs is an important condition to reach such a deal, the Chinese commerce ministry said on Thursday.

FILE PHOTO: Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly Song

The degree of tariff cancellation should fully reflect the importance of a phase one agreement, ministry spokesman Gao Feng told a regular briefing.

On Tuesday, U.S. President Donald Trump said a trade deal with China was “close,” but offered no details and warned that he would raise tariffs “substantially” on Chinese goods without such a deal.

Trump’s threat was a reference to previously announced tariffs of 15% on about $156 billion of Chinese consumer goods set to take effect on Dec. 15, according to trade experts and a source close to the White House.

Those tariffs would hit video game consoles, computer monitors, Christmas decorations and items given as gifts during the approaching festive season.

Last week, White House advisers said the Dec. 15 tariffs would probably be averted if a phase one trade deal was reached.

Highlighting the volatile state of play in the 16-month long trade war, officials of both sides had said last week they had a deal to roll back tariffs, only to have Trump deny any deal had been agreed.

Trump has used tariffs on billions of dollars of Chinese goods as his primary weapon in the trade war, which is aimed at forcing major changes in China’s trade and industrial policies.

The United States is demanding that China end the theft and forced transfer of American intellectual property and curb subsidies to state-owned enterprises, while granting U.S. companies more access to China’s markets.

Trump also wants China to vastly increase its purchases of U.S. farm products.

China and the United States were on the brink of a deal in May when Beijing backed away, prompting Trump to raise tariff rates and embark on new rounds of punitive duties.

If an interim deal is finished and signed, it is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15.

But China was also seeking cancellation of other U.S. tariffs put in place since July 2018.

Gao said last week that both countries must simultaneously cancel some tariffs on each other’s goods to strike a phase one pact.

Reporting by Gabriel Crossley; Writing by Stella Qiu and Ryan Woo; Editing by Clarence Fernandez



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China’s Jingye Group agrees outline deal to rescue British Steel


BEIJING/LONDON (Reuters) – China’s Jingye Group said on Monday it has reached a provisional deal to buy British Steel and promised to invest 1.2 billion pounds ($1.5 billion) over the next decade and save thousands of jobs.

FILE PHOTO: A general view shows the British Steel works in Scunthorpe, Britain, May 21, 2019. REUTERS/Scott Heppell/File Photo

An agreement is of major political significance as Britain prepares to elect a new government on Dec. 12. The lack of opportunities in northern England, where British Steel is based, is an election issue, as the social gap between north and south widens.

The deal has yet to be finalised, but Business Minister Andrea Leadsom said in a video clip she was optimistic it would be.

Jingye Group Chairman Li Ganpo said the ambition was to create a world-class group.

“We believe that this combination will create a powerful, profitable and sustainable business that will ensure the long-term future of thousands of jobs while producing the innovative high-quality steel products that the world needs,” he said in a statement.

The value of the deal was not disclosed. Earlier a BBC report saying a deal was imminent gave a figure of 70 million pounds ($90 million), while sources close to the talks said the price was likely closer to 50 million pounds.

Uncertainty over the future of British Steel has hung over its workforce for much of the year. It was put into compulsory liquidation in May after Greybull Capital, which bought it for one pound from Tata Steel (TISC.NS) in 2016, failed to secure funding to continue its operations.

Its closure would impact 5,000 jobs in Scunthorpe and a further 20,000 jobs in the supply chain.

British Steel, which makes high-margin, long steel products used in construction and rail, would give Jingye access to Europe’s large infrastructure market.

But it could face challenges as the European steel industry grapples with weak demand, high costs for energy and labor and exacting environmental standards.

British Steel did not respond to requests for comment.

A previous deal, announced in August, with Turkey’s military pension fund OYAK fell apart and on Monday the fund said the purchase was not commercially viable.

British commodities tycoon Sanjeev Gupta’s Liberty Steel Group has also expressed interest in buying British Steel.

EMBRACE CHINA

Henri Murison, director of the Northern Powerhouse Partnership, set up to boost the economy in the north of England, said a rescue, if finalised, would be “very welcome news”.

He said it was time to embrace cooperation with China, which is extending its international reach through its Belt and Road global development strategy. Chinese companies also own a steel plant in Serbia and its sole copper mine.

Leading trade union Unite welcomed the prospect of Chinese ownership, but cautioned there had been “a series of false dawns” for the company.

Jingye, which also operates hotels and real estate, employs 23,500 and has registered capital of 39 billion yuan ($5.58 billion), giving it the financial clout to invest.

Under the terms of the agreement, Jingye would acquire certain assets of British Steel from the Official Receiver, subject to regulatory approvals.

The assets include the steelworks at Scunthorpe and Teesside in northern England, as well as its European units FN Steel in the Netherlands and British Steel France.

FILE PHOTO: A British Steel works sign is seen in Scunthorpe, northern England, Britain, May 21, 2019. REUTERS/Scott Heppell/File Photo

Chinese ownership may be contentious, especially in the steel industry. The European Union (EU), which does not include Serbia, has agreed safeguards to protect its own steel industry from competition from cheap imports from China and elsewhere.

Britain has said it will leave the EU but has yet to agree a deal on its departure from the political and economic bloc.

John Cullen,  business recovery partner  at accountancy firm Menzies LLP, said selling the whole British Steel business “in the current trading climate would be no mean feat”.

Reporting by Min Zhang in Beijing, Barbara Lewis and Kate Holton in London, Ceyda Caglayan; editing by Guy Faulconbridge, Josephine Mason and Emelia Sithole-Matarise



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Oil Ends Week up After Swings on U.S.-China Trade Deal Odds By Investing.com


© Reuters.

By Barani Krishnan

Investing.com – It ain’t over til the Chinese lady sings. The tweaked saying might be most apt to reflect China’s influence now over world trade and global markets, as oil prices swung again Friday before ending the week higher on the odds of a U.S.-Sino trade deal happening.

West Texas Intermediate, the benchmark for New York-traded crude, and London’s , the global gauge for oil, moved as much as 3% between the highs and lows of the session in one of their wildest variances in a day since September.

At the end, settled up just 9 cents, or 0.2%, at $57.24 per barrel after swinging by $1.60. It settled the week up 1.9%.

crude settled up 22 cents, or 0.4%, at $62.51 after a swing of more than $1.80. It finished the week up 1.3%.

“Oil is making a series of daily reversals,” observed Olivier Jakob of Zug, Switzerland-based oil risk consultancy PetroMatrix.

“The headlines of Wednesday were about delays to a possible meeting between (U.S. President Donald) Trump and (Chinese President) Xi (Jinping). The headline yesterday morning was that a framework agreement had been found; the headline yesterday evening was that there was some internal resistance in the US administration for that agreement. Today we will surely get more contradictory headlines about China.”

True enough, Trump poured cold water on optimism that it was a matter of when and not if for a trade deal after remarks from Chinese commerce minister Gao Feng a day ago that Beijing and Washington have agreed to phase out their tit-for-tat tariffs.

“They’d like to have a rollback, I haven’t agreed to anything,” Trump told reporters Friday. “China would like to get somewhat of a rollback — not a complete rollback, because they know I won’t do it.”

For added measure, White House economic adviser Larry Kudlow said after Gao’s remarks on Thursday that “if there’s a phase one trade deal, there are going to be tariff agreements and concessions.”

In oil’s bigger picture, China was again a dominant factor, with figures showing Chinese crude imports in October reached a new record high of 10.7 million barrels per day, up 1.5 million from a year ago. On a three-month average, imports were 1.11 million higher than a year ago.

Also of significance, U.S. energy firms reduced the number of operating oil for a third week in a row. There are 684 oil rigs now, the lowest since April 2017, after drillers cut seven rigs this week, data from industry firm Baker Hughes showed.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Trump says China trade talks moving along nicely, but deal has to be right By Reuters


© Reuters. Containers are seen at the Yangshan Deep Water Port in Shanghai

WASHINGTON (Reuters) – U.S. President Donald Trump said on Saturday that trade talks with China were moving along “very nicely,” but the United States would only make a deal with Beijing if it was the right deal for America.

Trump told reporters at Joint Base Andrews before leaving for a visit to Tuscaloosa, Alabama, that the talks had moved more slowly than he would have liked, but China wanted a deal more than he did.

“The trade talks with China are moving along, I think, very nicely and if we make the deal that we want it will be a great deal and if it’s not a great deal, I won’t make it,” he said.

“I’d like to make a deal, but it’s got to be the right deal,” he said.

“China very much wants to make a deal,” Trump added. “They’re having the worst year they’ve had in 57 years. Their supply chain is all broken, like an egg, they want to make a deal, perhaps they have to make a deal, I don’t know, I don’t care, that’s up to them.”

Trump said there had been incorrect reporting about U.S. willingness to lift tariffs, which he said had brought in tens of billions of dollars for the United States and soon “literally hundreds of billions of dollars.”

“There was a lot of incorrect reporting, but you will see what I’m going to be doing,” he said.

“There’s a difference on tariffs, but we can always get tariffs,” he said.

“The level of tariff lift is incorrect,” Trump said in reference to news reports. He did not elaborate.

Officials from both countries said on Thursday that China and the United States had agreed to roll back tariffs already in place on each others’ goods in a “phase one” trade deal to end a damaging trade war, but the idea has been met with stiff opposition within some quarters of the Trump administration.

On Friday, Trump, in comments that hit stock prices and the dollar, said he had not agreed to a tariff rollback. “I haven’t agreed to anything,” he told reporters then.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Forex- U.S. Dollar Rises as Trade Deal Progresses  By Investing.com


© Reuters.

Investing.com – The U.S. dollar rose against haven currencies such as the yen and Swiss franc on Thursday but dipped against higher-yielders after reports that the U.S. and China have agreed to cancel trade tariffs, increasing hope that the two sides may sign a trade deal in the coming months.

It also rose against the euro and the British pound after comments from the EU Commission and the Bank of England underlined the weakness of the growth outlook in Europe.

Chinese Commerce Minister Gao Feng said Beijing and Washington have agreed to phase out tariffs imposed during their 16-month-long trade war. Canceling tariffs is vital to the phase one trade agreement, which both sides have agreed to do as negotiation progress is made, he added.

The two sides are working toward signing a deal this month but have yet to decide on a location for U.S. President Donald Trump and Chinese President Xi Jinping to meet. There was no immediate confirmation of Gao’s comments from the U.S. side on Thursday, although it was consistent with recent U.S. media reports, but that didn’t stop the offshore rate hitting a three-month high against the dollar.

“The trade war started with tariffs, and should end with the cancellation of tariffs,” Gao said at a news briefing.

The , which measures the greenback’s strength against a basket of six major currencies, jumped 0.2% to 97.930 as of 10:28 AM ET (14:28 GMT).

The gains were mostly against currencies such as the franc and the yen, with up 0.2% to 109.20. It edged lower against the and .

Elsewhere, sterling fell after the Bank of England cut growth forecasts, expecting the U.K. to grow at half the rate of 2018 due to slowing growth across the globe and the prolonged uncertainty over Brexit. The bank also hinted that it may cut interest rates soon if that uncertainty continues to depress output.

“If global growth failed to stabilize or if Brexit uncertainties remained entrenched, monetary policy might need to reinforce the expected recovery in U.K. GDP growth and inflation,” the bank said, after it left interest rates unchanged at 0.75%. For the first time in over a year, two policy makers dissented from the decision, pressing instead for an immediate rate cut.

was down 0.2% to 1.2817 while slipped 0.1% to $1.1053 after the European Commission cut its growth and inflation forecasts for the next two years.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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