Nervous Futures Erase Early Losses With All Eyes On Yields

US fairness futures had been flat on Thursday, reversing earlier modest losses, with Asia and Europe each solidly within the inexperienced after days of losses as world markets steadied because of bonds halting their rout as traders appeared forward to extra weak labor market information tomorrow. As of seven:45am, S&P 500 futures had been unchanged at 4,298 and the yield on 10-year Treasuries was flat 4.71%. The greenback was regular whereas commodities prolonged their losses dragged by Energy. WTI has misplaced ~$10 in six buying and selling periods, -10.8%, and is nearly unchanged on the yr after breaching $95 late final week. Today’s macro information focus consists of Jobless Claims and Job Cuts; there are two Fed audio system and bulletins on the subsequent wave of bond auctions. Tomorrow we get the Sept NFP which in response to JPM “may mean more than next week’s CPI.”

In premarket buying and selling, Clorox falls as a lot as 4.1% after the cleaning-products maker mentioned preliminary internet gross sales dropped by 23%-28% within the quarter ended Sept 30 after a cyberattack that disrupted manufacturing. Prior to the assault, disclosed in mid-August, Clorox had been anticipating “mid-single-digits” natural gross sales progress within the quarter. MaxCyte proprietor of a platform used within the cell remedy market, slumps 22% after the corporate posted preliminary third-quarter income that upset as buyer demand wanes. It’s London shares slumped 30%. Rivian Automotive falls as a lot as 8% after the electric-vehicle maker introduced plans to concern $1.5 billion in convertible debt and reported preliminary third-quarter income. Here are another notable premarket movers:

  • BioXcel Therapeutics (BTAI) falls 6.4% after Truist Securities analyst Robyn Karnauskas downgraded the biotech agency to carry from purchase.
  • Cambium Networks’ (CMBM) shares are plummeting 32%, after the wi-fi networking infrastructure firm reported preliminary third-quarter income that prompted a minimum of two analyst downgrades.
  • Ceridian HCM Holding Inc. (CDAY) shares are up 2.1% after Needham upgraded the human capital administration software program firm to purchase from maintain.
  • Clorox (CLX) — the cleaning-products maker reeling from a cyberattack that disrupted manufacturing — falls 4.4% after saying preliminary internet gross sales dropped by 23%-28% within the quarter ended Sept. 30.
  • Nanobiotix ADRs (NBTX) sink 20% after the corporate mentioned 10 deaths occurred inside 180 days of enrollment of a dose-expansion trial for its investigational remedy for sufferers with regionally superior head and neck most cancers.
  • Orchard Therapeutics ADRs (ORTX) surge 97% after Japan’s Kyowa Kirin agreed to accumulate the UK biopharmaceutical firm for $387.4 million, or $16 per American depository share.
  • UWM Holdings Corp. (UWMC) shares are up 2.8% after BTIG upgraded the mortgage finance firm to purchase from impartial.

Investor sentiment stays fragile after a painful selloff spiked volatility throughout markets this week pushed by US bond yields soared to multi-year highs. Weekly US jobless claims information is due later right this moment, and the month-to-month payrolls report can be launched on Friday, which may cement bets on a November price hike. Currently, swaps worth a one-in-four probability of a Fed transfer subsequent month.

“Friday’s payrolls data, and next week’s inflation number will decide whether the 10-year Treasury yield goes up to 5% or down to 4.5%,” Societe Generale strategist Kenneth Broux mentioned. The next-than-forecast jobs quantity may set off “another wave of dollar-buying and bond-selling,” he added.

Despite nascent indicators of market calm, strategists stay skeptical in regards to the long-term financial toll of higher-for-longer rates of interest. Echoing related issues from JPM and Goldman, in a single day Barclays analysts wrote in a be aware that world bonds are doomed to maintain falling except a sustained hunch in equities revives the enchantment of fixed-income belongings.  

“There is no magic level of yields that, when reached, will automatically draw in enough buyers to spark a sustained bond rally,” analysts led by Ajay Rajadhyaksha mentioned. “In the short term, we can think of one scenario where bonds rally materially. If risk assets fall sharply in the coming weeks.”

European shares rose to session highs, with the Stoxx 600 rising 0.5% after a three-day decline.  Among particular person movers in Europe, Alstom SA shares plunged 35% after the French prepare maker slashed its monetary steerage as a consequence of delays on UK contracts and an increase in inventories. Here are the most important European movers:

  • Pandora shares jumped as a lot as 10% in Copenhagen buying and selling after the jewellery maker offered new monetary targets, indicating increased progress charges and profitability over the subsequent three years.
  • SMA Solar shares soar as a lot as 17%, most since June, after the maker of photovoltaic methods boosted its gross sales forecast for the third time this yr. Oddo additionally upgraded the German agency to outperform.
  • Sandoz shares achieve as a lot as 5.6% after the maker of copycat medicines that was spun off from Novartis will get a brand new obese ranking at Morgan Stanley, an outperform advice at ZKB, and is began with a purchase at Berenberg based mostly on its encouraging biosimilar pipeline.
  • Redcare Pharmacy shares achieve as a lot as 6.8% after the German on-line pharmacy reported what analysts mentioned was “strong growth” in its preliminary third-quarter outcomes.
  • Imperial Brands positive factors as a lot as 1.9% after the cigarette maker introduced a buyback of as a lot as £1.1 billion. The information may assist the inventory rally from current lows, with UK regulatory issues trying “overdone,” in response to Citi.
  • Alstom shares plunge as a lot as 38%, falling to the bottom degree since 2005, after the French rail-equipment maker slashed its free money movement forecast on a soar in inventories.
  • Metro Bank shares slumped as a lot as 29% to a file low after Bloomberg News reported the UK lender has employed Morgan Stanley to discover a possible capital elevate.
  • Cofinimmo falls as a lot as 6.2% after an providing of shares within the Belgian actual property agency costs by way of BNP Paribas, ING, Belfius/Kepler and KBC at €60 apiece, representing about 7% low cost to final shut.

Earlier within the session, Asian shares rebounded after a three-day slide that pushed the regional benchmark right into a technical correction, as danger sentiment improved following an easing of this week’s selloff in US Treasuries. The MSCI Asia Pacific Index climbed 1.5%, essentially the most in 5 weeks, pushed by positive factors within the monetary and know-how teams. Equity benchmarks in Japan and Taiwan had been among the many prime performers within the area. US shares superior in a single day after information exhibiting job positive factors cooled, serving to ease fears over the Federal Reserve’s coverage path and halting the current surge in bond yields. Oil fell essentially the most in additional than a yr in a single day, serving to reduce concern over inflation.

  • Hang Seng initially lagged amid very mild information movement and the continued absence of mainland contributors, whereas the newest Hong Kong PMI information printed at a deeper-than-previous contraction. However, the momentum finally picked up in Hong Kong amid the brightened temper throughout regional counterparts and after Sunac China’s offshore debt restructuring plans obtained courtroom approval.
  • Australia’s ASX 200 was optimistic following principally improved commerce information and with the positive factors led by yield-sensitive sectors together with actual property and tech.
  • Nikkei 225 outperformed on discount shopping for with the index set to snap a five-day shedding streak.
  • KOSPI gained as contributors shrugged off the firmer-than-expected CPI information which the BoK expects to stabilise into year-end.

In FX, the Bloomberg Dollar Spot Index pared an earlier fall to rise 0.1% forward of preliminary jobless claims information due Thursday

  • EUR/USD pared earlier positive factors to commerce little modified on the day
  • GBP/USD snapped Wednesday’s achieve, falling 0.1% to 1.2119
  • USD/JPY dropped 0.1% to 148.98 after hitting the day’s low of 148.26

In charges, Treasuries steadied, with the benchmark 10-year be aware reversing an earlier transfer increased to commerce round 4.71%, some 4bps decrease on the day, and properly off 16-year highs hit this week. European authorities bonds edged decrease; 10-year gilt yields rose 5 foundation factors to 4.63% whereas 10-year bund yields had been 4 foundation factors increased at 2.95% German and UK long-end yields are up by 5bps and 4bps respectively. US 5s30s unfold exceeds 17bp, widest since May, whereas 2s10s inversion lessens additional. Front-end swaps worth in round 7bp of rate-hike premium for Fed’s November coverage assembly, down from round 9bp at Monday’s shut. Dollar IG issuance slate consists of MuniFin 3Y; two debtors priced mixed $1b on Wednesday as issuers paid 5bps in new-issue concession on order books that had been 5.9 occasions coated.

In commodities, oil costs add to Wednesday’s sharp decline, with WTI falling 1.2% to commerce close to $83.30. Spot gold is up 0.1%.

Bitcoin is subdued however stays north of $27,500 with worth motion uneventful.

Today’s US financial information slate consists of September Challenger job cuts (7:30am), August commerce stability and preliminary jobless claims (8:30am). Scheduled Fed audio system embody Mester (9am), Kashkari (10:40am), Barkin (11:30am), Daly (12pm) and Barr (12:15pm).

Market Snapshot

  • S&P 500 futures little modified at 4,294.50
  • STOXX Europe 600 up 0.5% to 442.16
  • MXAP up 1.1% to 154.02
  • MXAPJ up 0.6% to 482.08
  • Nikkei up 1.8% to 31,075.36
  • Topix up 2.0% to 2,263.76
  • Hang Seng Index up 0.1% to 17,213.87
  • Shanghai Composite up 0.1% to three,110.48
  • Sensex up 0.7% to 65,692.31
  • Australia S&P/ASX 200 up 0.5% to six,925.49
  • Kospi little modified at 2,403.60
  • German 10Y yield little modified at 2.94%
  • Euro up 0.1% to $1.0515
  • Brent Futures up 0.1% to $85.93/bbl
  • Gold spot up 0.0% to $1,821.90
  • U.S. Dollar Index little modified at 106.72

Top Overnight News

  1. Taiwan’s headline CPI climbs to +2.93% in Sept (up from +2.53% in Aug and above the Street’s +2.5% forecast) whereas core eases to +2.48% (down from +2.57% in Aug). South Korea’s core CPI was flat M/M and inline w/the Street at +3.3%, however the headline quantity rose to +3.7%, up from +3.4% in Aug and forward of the Street’s +3.5% forecast. WSJ   
  2. Belgium’s intelligence service has been monitoring Alibaba’s essential logistics hub in Europe for espionage following suspicions Beijing has been exploiting its rising financial presence within the west. FT
  3. UK building exercise fell greater than anticipated in September and posted its largest slide since May 2020, pushed by a steep downturn in housing, in response to a intently watched survey. FT
  4. Germany’s commerce numbers for Aug fall wanting expectations, with exports -1.2% (vs. the Street -0.6%) and imports -0.4% (vs. the Street +0.5%). RTRS  
  5. Vladimir Putin’s cupboard is popping to more and more irregular revenue-raising measures to fund a speedy rise in protection spending, which has tripled since Russia’s full-scale invasion of Ukraine. The Russian authorities has mentioned it goals to spend a staggering Rbs10.8tn ($108bn) on protection subsequent yr, thrice the quantity allotted in 2021, the final yr earlier than the invasion, and 70 per cent greater than was deliberate for this yr. FT
  6. Ukrainian president Volodymyr Zelenskyy has mentioned he’s assured he nonetheless has broad US backing regardless of “strange” voices in Congress and the exclusion of extra support for Kyiv from a US spending deal. FT
  7. Deficits abruptly matter – it’s been a long time since traders needed to grapple with elevated spending/debt pushing Treasury yields increased, however that is now a rising a part of the current narrative. WSJ
  8. JPMorgan Chase has stepped up the tempo at which it’s securitising billions of {dollars} of its mortgage portfolio in anticipation of proposed new US capital necessities for giant banks, in response to folks acquainted with the matter. FT
  9. Amazon and Microsoft’s cloud providers face a UK antitrust probe into whether or not they made it laborious for patrons to change or combine suppliers. BBG

A extra detailed take a look at world markets courtesy of Newsquawk

APAC shares traded increased as danger belongings discovered reprieve after yields eased again from current peaks following weak US ADP jobs information and a hunch in oil costs. ASX 200 was optimistic following principally improved commerce information and with the positive factors led by yield-sensitive sectors together with actual property and tech. Nikkei 225 outperformed on discount shopping for with the index set to snap a five-day shedding streak. KOSPI gained as contributors shrugged off the firmer-than-expected CPI information which the BoK expects to stabilise into year-end. Hang Seng initially lagged amid very mild information movement and the continued absence of mainland contributors, whereas the newest Hong Kong PMI information printed at a deeper-than-previous contraction. However, the momentum finally picked up in Hong Kong amid the brightened temper throughout regional counterparts and after Sunac China’s offshore debt restructuring plans obtained courtroom approval.

Top Asian News

  • Alibaba’s (9988 HK) logistics arm in Liege, Belgium is underneath scrutiny from Belgian intelligence over using delicate information, in response to FT.
  • Sunac China’s (1918 HK) offshore debt restructuring plans obtained approval from a Hong Kong courtroom.
  • US Commerce Secretary Raimondo mentioned TikTookay poses nationwide safety dangers, whereas she hopes to make some chips funding bulletins this fall, in response to Reuters.
  • Taiwan is to probe 4 corporations accused of serving to Huawei construct chip vegetation though Taipei mentioned no violations of US commerce sanctions have been confirmed to date, in response to Nikkei.
  • Apple (AAPL) provider Foxconn (2317 TW) says This autumn is predicted to develop considerably in comparison with Q3; with H2 a conventional peak season for the ICT trade, operations will ramp up sequentially. New product launch in September led to a robust income progress in comparison with prev. quarter, however the income skilled a decline YoY as a consequence of a excessive base. In Q3 for cloud and networking merchandise, as a consequence of conservative clients pull-in income skilled a decline YY. For September, as a consequence of rising allocations in sensible client electronics merchandise and rising cargo in auto parts, income for parts and different merchandise confirmed vital progress YY, in response to Reuters.

European bourses are uneven however in the end commerce flat on the time of writing in what has up to now been a session void of incremental macro information. Sectors in Europe are blended, with outperformance within the Travel & Leisure sector as airways welcome yesterday’s pullback in crude costs. Conversely, to the draw back, Energy names lag. US futures noticed broad-based losses with sentiment turning bitter because the European money open, coinciding with a slight rise in yields.

Top European News

  • ECB’s Kazimir mentioned September EZ core inflation confirmed ECB expectations and reiterated that he believes the final price hike was the ultimate one. He mentioned we have to be satisfied we’re on the prime of the speed cycle based mostly on information obtainable in December and March conferences, and when requested what would set off a December hike, mentioned this isn’t a situation I’d like. He added we’re trajectory of declining inflation, and inflation decline is taking considerably longer. Kazimir added we should always not for the time being use different instruments reminiscent of stability sheet till we’re sure we don’t have to hike charges additional, in response to Reuters.
  • ECB’s de Guindos mentioned the present degree of rates of interest to assist tame inflation; including “we’re data dependent”. He added it’s untimely to debate price cuts.
  • Low water ranges after current dry climate are stopping cargo vessels from crusing absolutely loaded on the Rhine river in Germany, with surcharges added to traditional freight charges, in response to merchants cited by Reuters.
  • BoE Monthly Decision Maker Panel information – September 2023: One-year forward CPI inflation expectations elevated barely to 4.9% in September, up from 4.8% in August. Three-year forward CPI inflation expectations remained flat at 3.2% in September. Expected year-ahead wage progress remained unchanged at 5.1% on a three-month shifting common foundation, although the one month studying for September at 5.2% was 0.2 proportion factors increased than in August.


  • DXY index stays comparatively contained between 106.500-840 confines and the Buck stayed broadly softer awaiting Challenger Layoffs, jobless claims and NFP on Friday for the subsequent main basic driver.
  • Antipodeans narrowly outperform with the AUD gleaning help from a wider-than-expected commerce surplus.
  • Pound was flagging even earlier than a extra contractionary than feared UK building PMI. Cable stays capped by the ten DMA and retreated in the direction of 1.2100.
  • Fix demand and exporter provide underpinned the Yen on the best way from sub-149.00 to 148.27, and earlier than the upturn in yields.

Fixed Income

  • Having bounced additional Wednesday’s lows, bonds are exhibiting traits of fatigue and a reversion to the bear pattern that was in place earlier than their midweek reprieve.
  • Bunds have regrouped after their retreat to 127.21 and are again above par alongside Eurozone friends bar Bonos.
  • Gilts are underwater following a reverse from 92.37 to 91.94, no matter a deeper than anticipated contraction within the UK building PMI.
  • T-notes are lagging inside a 107-09/106-31+ vary forward of Challenger Layoffs, jobless claims, commerce and one other busy slate of Fed orators.
  • France offered EUR 9.94bln vs exp. EUR 9-10.5bln 3.50% 2033, 2.50% 2043, and three.00% 2054 OAT.
  • Spain offered EUR 6.44bln vs exp. EUR 5.5-6.5bln 3.50% 2029, 2.35% 2033 and 1.00% 2042 Bono.


  • Crude futures stay on the backfoot following yesterday’s mammoth decline which noticed each contracts settle decrease by over USD 5/bbl apiece.
  • Dutch TTF is softer regardless of a twist within the Australian LNG saga by which unions are more likely to vote to renew strikes at Chevron amenities after Australia’s Offshore Alliance mentioned Chevron reneged on dedication given to FWC
  • Spot gold is flat intraday awaiting tomorrow’s US labour market report, with the yellow metallic uneventful inside yesterday’s USD 1,815.50-30.39/oz parameters.
  • Australian Union Representative mentioned members are more likely to vote to renew strikes at Chevron (CVX) amenities in conferences commencing later tonight, in response to Reuters. Australia’s Offshore Alliance mentioned Chevron reneged on the dedication given to FWC to include suggestions into Co’s EBA’s for Wheatstone and Gorgon amenities; members known as a gathering at 19:00 tonight for all members on a day shift or off-facility.
  • Turkish Energy Minister mentioned the Iraq-Turkey pipeline is operational as of Wednesday and no impediment to delivery oil to world markets; when requested about oil flows began on the pipeline, and added that Turkey stands able to ship incoming oil, by way of NTV.
  • Russia’s President Putin ordered to contemplate the introduction of regulated gas oil costs through the heating season, by way of Tass.


US Event Calendar

  • 07:30: Sept. Challenger Job Cuts +58.2% YoY, prior 266.9%
  • 08:30: Sept. Initial Jobless Claims, est. 210,000, prior 204,000
  • 08:30: Sept. Continuing Claims, est. 1.67m, prior 1.67m
  • 08:30: Aug. Trade Balance, est. -$59.8b, prior -$65b

Central Bank Speakers

  • 09:00: Fed’s Mester Speaks at Chicago Payments Symposium
  • 10:40: Fed’s Kashkari Moderates Q&A at Conference
  • 11:30: Fed’s Barkin Speaks on Economic Outlook
  • 12:00: Fed’s Daly Speaks at Economic Club of New York
  • 12:15: Fed’s Barr Speaks on Cyber Risk within the Banking Sector

DB’s Jim Reid concludes the in a single day wrap

Morning from Berlin. I almost did not get right here as I used to be held at airport safety for half-hour as my bag repeatedly set off their alarm after they swabbed it. I bought my bag fully emptied and turned the wrong way up, was given a full physique search, bought interrogated about the place I used to be going, the place I lived and the place I labored. The solely factor they did not ask me is why bonds hold promoting off? I can solely assume the children spilt some gunk or glue on my bag leaving some suspicious residue.

With a lot aid and simply earlier than final name, they gave me the all clear and let me go. Relief additionally prolonged throughout monetary markets yesterday, as after a fraught begin we noticed bonds and equities rally again following a tricky few days. However, the restoration accelerated with dangerous employment information, so the reply to easy methods to get out of the current rout was clearly the return of dangerous information is sweet information.

Things appeared very totally different an hour after we went to print yesterday. The bond rout had intensified at an alarming price, which given current strikes is a powerful factor to say, particularly given the time of the day. At this level, the 30yr Treasury yield surpassed 5%, while the 10yr Treasury yield hit an intraday excessive of 4.88%, which we haven’t seen since 8 August 2007, the day earlier than BNP Paribas froze €1.6bn value of funds as a consequence of points amongst US subprime mortgages. That’s typically taken to be one of many first tremors of the worldwide monetary disaster, so in some methods you would say the 10yr yield was lastly again to ranges seen previous to the GFC. But after reaching these highs within the European morning, we then had a pointy reversal of greater than -10bps intraday, with the 10yr yield ending the session -6.3bps decrease at 4.73%, which has been adopted by an additional -2.3bps fall in a single day to 4.71% this morning. Meanwhile, 2yr yields (-9.8bps) noticed their largest decline since late August. And 30yr yields closed at 4.86% after poking their head above 5% for the primary time since 2007 for only a few minutes.

There had been additionally violent strikes elsewhere, none extra so than oil, with Brent Crude down -5.62% to $85.81/bbl, its largest day by day decline in over a yr. Bear in thoughts it was solely final Friday that Brent closed at $95.31/bbl, so its losses for the week already stand at -9.97% over simply three days to date. If that holds, it will be the worst weekly efficiency for oil because the banking turmoil again in March. That pattern decrease is in step with different cyclical commodities over current days, and copper (-0.88%) fell to a 4-month low as properly yesterday.

Back to the bond turnaround, the place the rally from the London breakfast yield highs bought additional legs after some weaker-than-expected information on the US labour market, because the ADP’s report of personal payrolls confirmed simply +89k jobs had been added in September (vs. +150k anticipated). That’s the weakest quantity since January 2021, and raised issues about what which may imply for tomorrow’s jobs report, even when the correlation has been weak month-to-month between the 2. They may very well be shifting in the identical basic course although, and bear in mind the payrolls pattern over current months has been decisively decrease, with the 3-month common now standing at a post-pandemic low of +150k. Shortly after ADP, we then bought the ISM providers for September, which got here in broadly as anticipated at 53.6 (vs. 53.5 anticipated). However, the brand new orders subcomponent fell to its lowest to date in 2023, at simply 51.8. For markets, the weak information led traders to dial again the probabilities of one other price hike from the Fed this yr, which fell from 52% beforehand to 42% by the shut yesterday.

That mentioned, whilst Treasuries managed to rally, we bought contemporary proof yesterday about how the current rise in charges was already filtering via to the true economic system. For occasion, information from the Mortgage Bankers Association confirmed the 30yr fastened mortgage price was as much as 7.53% within the week ending September 29. That’s a rise of 12bps on the earlier week, and the best they’ve been since 2000. Furthermore, the index of house buy purposes fell to contemporary “not since 1995” lows.

Yields additionally opened at new highs in Europe as properly, with the 10yr bund yield buying and selling above 3% for the primary time since 2011. But as with the US, they got here off these highs through the session, with yields on 10yr bunds (-4.9bps), OATs (-5.1bps) and BTPs (-7.5bps) all falling again. Even so, that wasn’t a lot assist for European equities, and the STOXX 600 fell one other -0.14% on the day to a contemporary 6-month low.

US equities managed to put up a a lot better efficiency and shut across the highs for the session. The S&P 500 managed to realize +0.81%, its strongest advance in almost three weeks, with a lot of the improve coming within the ultimate hour or two of the US session. Megacap tech shares led the best way, because the NASDAQ (+1.35%) and the Magnificent Seven (+2.21%) noticed stronger advances. The S&P 500’s advance was a broad one, although vitality shares (-3.36%) suffered amidst the oil weak point. Small caps additionally underperformed, with the Russell 2000 index solely up a modest +0.11%, leaving it -1.83% down YTD.

That restoration has continued in Asia in a single day, with equities posting a really robust efficiency. For occasion in Japan, the Nikkei (+1.67%) is presently on monitor to finish a run of 5 consecutive declines, with its finest day by day efficiency since August, while the TOPIX (+2.00%) is on monitor for its finest efficiency of 2023 to date. Elsewhere, the KOSPI (+0.76%) and the Hang Seng (+0.76%) have additionally posted an honest advance, while markets in mainland China stay closed for a vacation. Looking ahead, US fairness futures are regular this morning, with these on the S&P 500 up +0.03%.

Looking at yesterday’s different information, US manufacturing unit orders had been stronger than anticipated in August, with a +1.2% achieve (vs. +0.3% anticipated). However, Euro Area retail gross sales in August had been worse than anticipated, with a -1.2% contraction (vs. -0.5% anticipated). Otherwise, the ultimate composite PMI numbers had been barely higher than the preliminary flash prints, with the Euro Area quantity at 47.2 (vs. flash 47.1) and the US quantity at 50.2 (vs. flash 50.1).

To the day forward now, and information releases from the US embody weekly preliminary jobless claims and the August commerce stability. Over in Europe, there’s additionally French industrial manufacturing for August, and the September building PMIs from Germany and the UK. From central banks, we’ll hear from the Fed’s Mester, Kashkari, Barkin, Daly and Barr, ECB Vice President de Guindos, and the ECB’s Kazimir, Lane and Nagel, together with BoE Deputy Governor Broadbent.


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