tv Bloomberg Surveillance Bloomberg February 2, 2021 4:00am-5:00am EST
♪ francine: short interest in gamestop plummets. the rally runs into a roadblock. bp earnings fell short. covid-19 gets the oil majors feel share in margins. the chief investor says the company is supportive of the energy transition. deutsche bank's debt trading outpaces wall street ahead of thursday's results. good morning, everyone, and welcome to bloomberg surveillance. i'm francine lacqua. quite a lot going on in the markets.
the focus of the last 10 days, and a lot of people have been saying it's been a fun 10 days to follow the markets, understanding these shortselling. they are changing in terms of the narrative compared to what we saw yesterday but global stocks are climbing on renewed hope for stimulus. there has been progress on vaccinations. i'm also looking at silver pulling back. a bit of support for the pound given what we have seen from the number of vaccinations and the speed by which the u.k. is vaccinated. i'm looking forward to our conversation shortly but let's get straight to the bloomberg first word news. leigh-ann: angela merkel is reiterating all germans will be able to get a vaccine by the end of -- she says europe's largest economy should have enough supply. merkel has come under fire after
pushing for the eu to take the lead on hearing vaccines. president joe biden has held stimulus talks with senate republicans that one of them described as very productive. the president's press secretary says he intends to continue pushing for a large relief bill and will bypass the gop if he needs to. president biden plan includes $1.6 trillion. president joe biden says the u.s. could impose sanctions on myanmar if the military does not give up power in a coup. the u.s. is calling for their release, saying any moves away from democracy will result in new restrictions. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans.
this is bloomberg. francine: thank you. let's get straight to the top story and gamestop continues to fall after hours, following a 30% plunge during normal hours. joining us now to discuss is dani burger. it has been a pretty volatile, extremely interesting 10 days to look at the market street have the shorts been washed out? dani: that has been absolutely fascinating. it seems like to a large degree, shorts have been exiting. are they completely washed out? it does not look that way so far. to put it in context, according to s3 partners, 130% of shares floated were shorted. as of dated the compiled monday, that figure looks to be about 50%. if you take away some of the synthetic longs which are caused when a share is borrowed and then borrowed again so you have two long for every short, that goes down to around 30%.
a lot of shorts exiting, but 30% is still pretty high compared to the typical s&p 500 or russell 2000 stock. we certainly could see more pressure to cover those shorts. francine: we learned robinhood has raised $2.4 billion. in how much trouble are they in? dani: that extra capital helps them but if anything, this does show costs at robinhood have been rising ahead of what they had planned for a may ipo. be it costs for things like collateral or customer service. this is something investors will have to keep in mind. people familiar tell bloomberg they are still looking at an ipo or perhaps going public through something like a spac. this episode might encourage them even more to ipo. that's because this money they raised gets converted into equity when they do go public so that my pressure them to finally
go ahead and list. francine: thank you. dani burger with the ins and outs of what we have been witnessing. let's take more with mark cudmore. congratulations on a great blog. it has been fast-moving in a frenzy for markets. as the dust settles a little bit, what do you think will be the main takeaway of the week that was? mark: i think first of all, this dynamic is not over. i think we are in a consolidation phase right now. there's talk about what they might target next. do they move into other asset classes? i think the overall theme is this idea of heavy retail participation in certain assets is likely to be with us for the months ahead. maybe not to the extreme scenario is last week because hedge funds are going to be ore careful -- more
careful. the smartest people in the markets know this is a dynamic. they will not leave themselves vulnerable. i tried to speak to as many portfolio managers and almost everyone says they are completely reassessing the whole view around holding shorts generally. it means they will no longer be as keen to hold shorts that they know our consensus trades. the consequences will be with us for some time to come. francine: we also spoke to carson yesterday, take a listen. >> this to me does not seem like it is a legal issue. to me, what might be more interesting -- i have talked about how we were short gsx and that seemed like an engineered squeeze by some hedge funds. if anything, some very smart, sophisticate hedge funds have been playing the squeeze game for a while. kind of like the same ones and up getting into these squeezy names and then it squeezes. >> hang on.
do you think it was hedge funds squeezing out melvin and andrew left of citron, or do you think it was day traders on reddit? >> initially, no. the point i am making is this effectively what happened to gamestop, a democratization of this tactic. i have wondered, especially as we were getting squeezed on gsx, i wondered is there coordination with these hedge funds? what wouldn't surprise me -- i don't think you can look at the reddit message boards and people saying i am going to buy calls and say that is courted native trading to the extent. it rises to manipulation, but may some attempts are looking at the hedge funds that have been employing this tactic for some time and really asking, ok, constitutes coordination? did they cross the life? francine: carson speaking to
erik schatzker. this was something we were talking about earlier. exactly what does it mean for future short squeezes? do you draw a parallel between silver and gamestop? it is two wildly different markets. hedge funds are also positioned completely differently. mark: i draw real parallel. i think it is a mistake to go after silver. that can work in the very short-term but silver is a market that is massively oversupplied. gamestop was a market where there was 140% shorts. a market where there is a lag in getting that demand in terms of the supply where much of the transactions require physical delivery and that takes time to get it in the format that is needed. there is plenty in silver around the world this is not a market that is lacking supply. while there can be short-term
squeezes, it cannot be sustainable. i think that was a wrong market to move into. a lot of sympathy for carson block. obviously, reddit was a big part of this last week with the idea that hedge funds set on the sidelines passively letting redditors bully that my love market seems crazy to me. of course hedge funds were involved in both sides of the trade. i have no idea whether they were the main part where the minor part but to assume it was just main street versus wall street is a binary issue is just ridiculous. francine: is there anything regulators will look at? i don't know carson block -- it feels like there's a big accusation. these guys coordinating. mark: this a big difference between are they involved in this trade and squeezing people in terms of, hey, they see this short is very large, they buy the stock.
that's a valid reason to buy the stock. that is a normal fundamental reason. there is no manipulation, no coordination. i think of a hedge funds sees that redditors are talking about this and get them to trade, that is no problem. it's a very big issue if you think there's genuinely a bunch of institutions that are gathering deliberately to target a certain price at a certain time. that is a very different story. i have no reason to substantiate that and i am not sure that is what block was trying to imply. he says that hedge funds are not a passive part of this. an important distinction between hedge funds doing something illegal and nothing carson block was careful to say he didn't think anything was illegal. the idea that they were getting bullied around by redditor, no.o hedge funds were buying these short stocks as well. francine: mark cudmore. coming up, a swedish appliance
joining us now for his first interview of the day is jonas samuelson, chief executive of electrolux. thank you for joining us. it seems like you are clearly benefiting from people staying at home deciding it is time to upgrade their washing machine or other appliances. what happens when people get out more? jonas: i think the trend of spending more time at home and working from home will be a long-term positive for us and for the industry. our focus on really driving useful innovation for people's daily lives at home. we expect that to be a continuing positive contribution over the long run. francine: are you expecting to keep on this trend even when the pandemic is over? jonas: i think the very high demand we have seen in the last few quarters and we expect to see during the first half of this year most likely will normalize as people start to travel and eat out more, but we
do see an enduring trend of working more from home, spending more time at home and using our appliances more frequently. i think that is where our strategy is for that trend. francine: give me a sense about, what would you say your performance in the fourth quarter is? you managed to gain market share from rivals. jonas: our focus is the gross sales that are more innovative, more sustainable, and premium brand products. there, we have gained market share input and much most of our main markets. at the same time, we have left lower segments that are less profitable for us. overall, we have gained market share where we put our strategic focus. francine: i know you mentioned component availability as a restraining factor, but what are the underlying reasons for this? jonas: there is constrained
across the board but at a high level. we are operating at very high levels and supply chains are strained. whether it is from ocean freight logistics, steel availability, certain electronic components. we are seeing the entire supplier network and value chain network operating in very high levels with a fair amount of constraint to meet those high levels of consumer demand. francine: is there anything you can do to deal with it more directly? we are trying to be quite proactive, but so far we have been successful at operating at a high level. but these are these natural capacity limits in the system and i think what we are seeing is in container freight for example. francine: when you look at the next six to eight weeks, six to seven months, how does brexit
fair compared to everything else? do you have concerns about getting stuff into the country? jonas: there are some backlogs and logistics flows but honestly in the big theme of things, it is not a big factor for us now that agreements are in place and we don't have excessive duties or anything like that for our category. it is a strange situation, but as we discussed, true for a lot of our business right now. of course, it is exacerbated by the increased exit of the u.k. from the european union. francine: another chief executive to solve all problems would you have a limited amount of time. what are your top three priorities in the next seven months? jonas: i think it is to really keep supply our customers, our consumers. our products are essential for daily life. it is our responsibility to make
sure we ship them. that is the first. second, to do that in a safe way. the pandemic is still ongoing and we have been very successful to operate in a safe way. thirdly, to continue to execute on our strategy. to continue to innovate in meaningful ways and doing that in a sustainable way. reducing the footprint on the planet. i think we are doing that in a really good way and we expect to continue to do that throughout the pandemic. francine: mr. samuelson, when you look at trade concerns and some the things you were explaining to me, makes it harder and selling goods, do you expect a new stance from the biden administration? will that be helpful for business? jonas: it is difficult to predict exactly,, but at this point we are operating well in the international flows and trade flows in and out of the u.s.
so, i think the constraints we are seeing right now are not specifically policy driven. it is more a question of the natural limitation to supply availability we are seeing. we are hopeful for strong economic policies, but that is about it for now. francine: thank you so much, jonas samuelson, electrolux chief executive officer. coming up, we get exclusively from the bp chief executive bernard learning after the company's earnings shows big oil is suffering from the effects of the pandemic. this is bloomberg. ♪
♪ >> share prices are down across the entire sector and that is because of covid now that we've got vaccines being rolled out, things are looking better and our share prices probably up 40% or 50% from the lows of last year. in regards to strategy, the shareholders, think they are very supportive. if anything over the holidays, i think there is a growing strengthening around the belief in the strategy. francine: that was bp chief executive bernard looney speaking exclusively to anna edwards about the shift to the
climate friendly after the company posted earnings that fell short of expectations. let's get to the bloomberg business flash with leigh-ann gerrans. leigh-ann: robinhood's biggest backers are plowing money into the trading app at an unprecedented pace. investors have poured nearly 3.5 billion dollars into the firm in a matter of days, including $2.4 billion announced yesterday. the cash comes as robinhood's easing restrictions on certain trades that outraged customers. deutsche bank is beating wall street with a 20% jump in debt trading, double the average of 10%, at wall street's biggest banks. the german lenders traded 1.4 trillion euros in the final quarter of last year, with liens on the unit to drive growth. the pandemic is hitting oil giant bp with its fourth-quarter sales falling short of expectations.
it managed to eke out a modest profit, but it was just a fraction of what it made before the pandemic. refining weighing down the company's performance but ceo bernard looney is predicting better days in 2021. carson block of muddy waters, the short-sellers seller famous for targeting chinese firms, is recognizing familiar behavior in the rally of shares like gamestop. to him, it looks less like the product of reddit-driven traders, and more like hedge funds targeting other hedge funds with a short squeeze. >> this is effectively what happened with gamestop, a democratization of this tactic. i have wondered, especially as we were getting squeezed on gsx, i wonder, is there coordination with these hedge funds? leigh-ann: that is your bloomberg business flash. francine? francine: the focus is on the markets and gamestop.
pausing for breath is how one market participant said. the focus is not only on that because things could move quickly, but the focus is on the pound after we saw a bit of bullishness on pound sterling because of the efforts of vaccinating quickly. the investor frenzy -- silver showing signs of fatigue. what is instead is optimism about possible, for example, possible stimulus lifting the market overall. coming up, shares surging as much as 29% under the london trading debut. this is bloomberg. ♪
let's take a look at the stocks on the move in europe this morning, including moonpig, surging. here is dani burger. i keep hearing the sound of the moonpig ads from 10 years ago. dani: it's hard to get it out of your head. it is clearly still relevant considering moonpig rallying 23% on its ipo. it shows what a good environment it is, especially if you are moonpig, a company that does well in a pandemic. that is a greeting card/gift company. right now at 430 pence, ipo at around 350. airbus is the biggest gainer on the stoxx 600, up 6.5 percent. this is back to the old, classical, south side action here. airbus gained projections in terms of building out more airplanes. morgan stanley says they have room to produce even more, so that has the street excited.
bp, one of the big decliners today, down about 3%, issuing their earnings today, a miss for a lot of therefore cute statistics, including things like weak trading, weak oil and gas. the pain for bp down nearly 3%, goes to show that the pandemic effects are long-lasting on big oil. francine: thank you so much, dani burger with a roundup of main stocks we are watching. let's get to first word news with leigh-ann gerrans. leigh-ann: the u.s. has hit a new milestone in its vaccine rollout. more americans have received the jab than have tested positive for covid-19. as of yesterday afternoon, 26.5 million americans have taken one or both doses, slightly higher than the 26.3 million who have tested positive for the disease. the u.s. is giving about 1.3
million doses a day. president biden says the u.s. could reinstate sanctions on myanmar if the military does not give up power. it seized control in a coup yesterday morning. the u.s. is calling for their release, saying any moves away from democracy will result in new restrictions. new york and northeastern u.s. are facing their heaviest snowstorms for the winter so far. while the front of the storm is easing, it is expected to drop several more inches overnight. if the forecast holds, the storm will earn a spot in the top 10 worst storms to hit new york city going back as far as 1869. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm leigh-ann gerrans. this is bloomberg. francine? francine: the investor frenzy
that drove wild gains in everything from gamestop to silver looks like it could be showing signs of fatigue. the metal is lower today after margin requirements were raised. we have been asking guests what they make of the market moves these past few days. >> the reason it is happening is because there is a lot of cash out there moving. >> a few hedge funds are probably reluctant to short small-cap stocks right now. >> i want to do whatever we can do to help the retail investors. >> the investor that gets caught in the updraft on that and doesn't understand that investing looks like it is all going up, you have just told me it is down 34% today. did the person who took the last buy understand it could happen that quickly echo >> in -- that quickly? >> long-term investors have the
benefit of those returns compounding. when you are speculating, you are in essence buying a lottery ticket. >> i would like to think under the new administration there is more social motility, more enforcement. >> we are quite worried and concerned about it. francine: joining us to talk about the markets is the global head of economics across -- thank you so much for joining us. when you look at the market over the last 10 days, it has been pretty crazy as we try to figure out the repercussions and what happens next. there are a million angles we could talk about. as it had an impact on how you see the markets overall? >> absolutely. i think this was unprecedented. we have seen a lot of known unknowns, and moves in the last year or so. i think this is part of the booms and bust cycles that we
have seen in the last year. i think this will come to pass because typically when stocks do rally, and you have a lot of retail, investors making money quickly, we see this need for profit taking. when you have losses being affected on the small investors, the propensity to buy more appears very quickly come and then people move on to something else. so i suspect that this trend clearly creates dislocation and distortions, but i am skeptical on its ability to be sustained over the medium-term. francine: i guess in the shorter term, before the medium-term where you see it kind of abating, do you see -- i don't know if you recall it frenzy, but retail investors on wall street -- can they target other names, or can they target things like silver?
could he go to oil? kokou: i don't think so because in a particular stock it is easy to identify short interests, and the institution will cover their shorts to avoid massive losses because in theory the losses could be quite significant. when you go into bigger, more established markets, i think it is very difficult to corner a market in the same way and magnitude. there is another important point, that for one dollar but by a really -- by retail investor, there is another institutional investor trying to front run or take advantage of dislocation. you also have algorithmic trading, a strategy that will look for momentum's and target stocks, so it takes a snowball effect. once people are aware of these trends, i don't think it will
create the same amount of surprise and take the sort of panic buying as it did in the first round, as it did in the first few stocks. francine: for the record, you don't see anything systemic? kokou: no, absolutely night -- absolutely not because the market has purely gone through these excitements and distortions in the past, but ultimately these forces balance out and investors typically will adjust their portfolio to avoid being taken off guard, and i think this is what is already starting to occur. francine: when markets stabilize a little bit, or we go to something a bit more normal -- i'm not sure what normal is anymore -- do we focus back on inflation? what will be the main driver? is there a link to inflation or do we ignore expectations and focus on the trends accelerated
by the pandemic? kokou: that is a good question. i think inflation and inflation expectations have been going up. the central banks have the fed in particular said they were happy to let inflation mouth above the 2% target. there has been so much leveraged by governments, by corporates, that the system has been looking to create a generic inflation to effectively deal with this massive amount of debt. the second interesting theme is really this green transition, climate transition agenda by the biden administration, with the $1.9 trillion plan. same thing in europe, same thing in china. this is creating a new source of growth for companies, from materials, commodities, electric , utilities, etc. this is where we are seeing a real allocation of cash capital, and this is something that could
be a megatrend over the next few months and years. francine: thank you so much, kokou agbo-bloua stays with us. we will talk more about the correlation of the vaccine delivery and the recovery. coming up, angela merkel promises all germans a first shot of the vaccine by the end of september. even though germany remains behind the u.s. and the vaccine rolled out. we will bring you the very latest on that next. this is bloomberg. ♪
francine. deutsche bank is beating wall street with a 20% jump in debt trading, double the average increase of 10% of wall street's five biggest banks. sources say traders raked in 1.4 billion euros in the final quarter of last year. as the ceo, christian sewing, means on -- to drive growth. bp fourth-quarter results shorting -- falling short of expectations. it was just a fraction of what it made before the pandemic. refining way down in the company's performance, but ceo bernard laney is predicting better days in 2021. and siemens energy is cutting 7800 jobs, roughly 1/6 of its gas and power division. it is the latest sign that the worldwide shift to green energy is impending the fossil fuel business. -- is upending the fossil fuel
business. in include 3000 positions in germany and about half as many in the u.s. that is your bloomberg business flash. francine? francine: let's get the latest on the vaccine rollout. chancellor merkel has promised all germans a first shot at the covid vaccine -- of the covid vaccine by the end of september. meanwhile, the commission president, ursula von der leyen, trying to deflect blame for a controversial plan to correlate -- joining us from brussels is maria tadeo. first of all, good morning to you. ursula von der leyen facing her biggest crisis yet. do people believe when she said it was not really me, it was someone else's, or does it make her look worse? maria: they don't, and it makes her look worse. and that is a problem for ursula von der leyen. you could say this is almost a
perfect storm hitting her this week. a lot of this is not new. there has been criticism that her communication style is problematic. this is someone who is very controlling about the way she comes across, but in a way that perhaps doesn't help her, it hinders her because it makes her look attached from everyone else. there is the criticism that she is still looking at european politics from a very german perspective, and the reference that you mentioned about a trade commissioner, a friend of the show who is very well respected and very well-regarded in brussels, a comment that was made not by ursula von der leyen, by her spokesman yesterday, saying this was an issue at the irish border. it is problematic. it does not come from the president, it is from dg trade. it also made her look worse, the idea that the president should take responsibility for the good and the bad. and really comes down to ursula
von der leyen. it is almost like she is reflecting on the health commissioner -- he is deflecting on the health commissioner, the trade commissioner. she is defending the management of the vaccination rollout, she is defending her reputation. she says if you want to judge me, wait until my term as commission president ends, wait until i am done. there is question whether she is intending to leave or she was considering that. she is clearly not. francine: it is all forgotten if she achieves the vaccination target, and a 70% vaccination target by the -- is that achievable? maria: if you look at the numbers and the way the europeans are vaccinating, and the problems with pfizer and astrazeneca, it is clear 70% will not be achieved by the summer. you are looking at a few months
away from doubt. but ursula von der leyen and the condition -- and the commission are clinging to this number because they believe it is achievable. if she gets through all of this, everything around the astrazeneca fallout will be forgiven. they are saying that they will scale up, max out, and i would say they are rivaled but they do believe it is attainable. if you get 70%, all of this will be to some extent forgiven and forgotten and ursula von der leyen can say in the end it did not work. francine: maria tadeo in brussels with the very latest. still with us is kokou agbo-bloua. when you look at the vaccination plan, and the longer-term term doesn't have an impact on how citizens view the european union, and is this going to play out in -- is it just noise at the moment that will be fixed when people have the vaccines? kokou: i think this is an
excellent point. it is significant that the european union would get this right. to use a quote from a 1933 inaugural address -- from the inaugural address of franklin delano roosevelt, "there is nothing to fear but fear itself when you look at financial markets, it has acted as a bridge between -- bridging the gap between the short-term and the reality of the hardship and the end game. but there is always light at the end of the tunnel. it is important to make sure it is not an oncoming train, and if the vaccination process gets impaired, the credibility of the eurozone and the government and the confidence, the structure that it could entail could be quite dramatic for the economy. francine: what does it mean for
the way markets are actually pricing it? i know there is light at the end of the tunnel come as you put it, but is there a danger that these vaccines will be short limited? in three months, are there new strains that may the vaccine will not be able to comment or we need to get vaccinated again because it is very short lasting? kokou: this is the risk scenario of a never ending look of a vaccine and virus sort of battle, if you will, through darwinism and natural selection. but this is why time is of the essence. so far all those strains can still be cured or treated and prevented from expanding with the current vaccine and the current technology. what is interesting is the logistical infrastructure that is put in place where the vaccination is going quite exponential. even if you had a new strain that was resistant, it is
possible to envision a situation where a new vaccine can be created within a couple of months, and then the distribution this time will be a lot more effective than the first time around. francine: very quickly, are you expecting inflation in 2020 12 surprise markets? -- in 2021 two surprise markets? kokou: short-term what we go through, it might bounce back, but it is only to be sustained in the outlook cap -- short-term inflation, i don't think it is a short-term concern. francine: thank you so much. kokou agbo-bloua there, from societe generale. coming up, deutsche bank's debt trading job beats wall street. more on the numbers next. this is bloomberg. ♪
francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. this is what the market is looking at, or at least positioned as. global stocks climbing on hopes for stimulus. let's bring the board up so we get a full market check. there seems to be progress on vaccinations, and there also seems to be receding concerns about volatile retail trading, silver pulling back from an eight-year high. there was a bit of a move on pound after, by any metric, the european union is doing very well after the vaccine rollout. and there was a pivot to 36.93. wall street with a 20% jump on debt trading, doubling the average of 10% of wall street's five biggest banks. ceo christian sewing liens on the unit to drive growth. we are joined by steve aronson.
this is a great bloomber scoop. -- this is a great bloomberg scoop. thank you for bringing it on tv. what will that mean for what christian sewing focuses on next? steve: i think it is a big boost for christian sewing, with an effort on the dead trading unit -- on the debt trading unit. if he continued to show market share gains, that validates his claims that it has turned a corner. i think it is really important for him. francine: does it have an implication for cost cuts? does it have an application for the overall strategy going forward? steve: it is a good question. you would think if a debt trading unit is so successful that they would hire people there, even though they have a very high et. they have set on the record that they don't really want to throw more resources at the unit, they
are trying to make more money with what is already there. so i don't think so, but i mean, if revenue becomes more than they expect -- continues to grow more than they expect, that opens up possibilities to cut costs. francine: what else are we expecting from earnings later this week? kokou: that trait -- steve: debt trading obviously, that is going to be a big focus, cost-cutting continues to be a very strong focus at the bank. they have given themselves a target for the year, for 2020, and we will have to see if they manage that or exceed that. if they are going to do better than the target. and they have said they want to reach a pretext profit for the year. there may even be a small net profit for the first time since 2014, so that is going to be another question we are going to ask on that day. francine: stephen, thank you so
much. let's take a look at some of the other things we are watching out for today. in russia, a court hearing is scheduled for russian opposition leader alexey navalny, who faces a prison sentence. in a few minutes' time, we will get an update on the euro area economy. national figures pointing to a much milder hit to gdp. also, fourth-quarter numbers from u.s. tech giants amazon and alphabet. in the next hour, tom keene joins me out of new york. we will look at the market, we will look at silver futures. we will also look at pound. this is bloomberg. ♪
francine: short interest in gamestop plummets, and so do shares. the silver rally also runs into a roadblock. bp earnings fall short. covid-19 hits the oil major's fuel sales and margins. the chief executive tells us that investors are supportive of the company's energy transition strategy. and deutsche bank's debt trading jump outpaces wall street. that's a bloomberg scoop ahead of thursday's results. good morning and welcome to "bloomberg surveillance." as always, tom and francine from london and new york. we look at silver, gamestop, and we also look at pound because we spoke to jane foley yesterday, and that was the beginning of a more police bet on pound, and this has everything to do -- a more bullish bets on pound, and this has everything to do with the vaccine rollout. tom: we will cover that today, but, francine, have futures up 33. we will do a data check. with it, bond yields up,