Wall Street Breakfast FM Radio March 4, 2024

Weak U.S. economic data and Fed governor's speech on FridayMonetary easing expectations in the market are heating upU.S., European and Japanese stocks got off to a good start in March, the S&P Nasdaq** hit a new all-time high, and the Dow Jones** still fell for the whole week. Chip stocks outperformed for two daysNvidiaclosed up 4%.**Market capitalization surpassed $2 trillion for the first time, AMD rose more than 5%, hitting a record high, Broadcom rose more than 7%, and TSMC rose more than 4%. Meta rose 25%, a two-day record high; Apple hit a four-month low. Dell rose nearly 32% after the earnings report. Thunderstorm regional bank New York Community Bank (NYCB) fell nearly 26%.

Japanese stocks continue to hit record highs; The pan-European stock index hit a record high after a week, German stocks hit a record high on the eighth day, and ASML rose 27% to an all-time high, Volkswagen closed down 5% after the earnings report.

After the release of the ISM Manufacturing IndexU.S. TreasuriesJump, the yield dived, falling more than 10 basis points from the daily high, hitting a new low in more than two weeks; The U.S. dollar index, which hit a new intraday high in more than a week, turned lower. Bitcoin rose more than 20% in the week.

To a high in nearly four months, it rose more than 3% for the week, and U.S. oil once rose more than 3%, rising above $80 for the first time in nearly four months. **Record revenue, closing up 2% to record the largest increase in two and a half months. London aluminum rose to a four-week high for four consecutive years, up nearly 3% for the week, London copper for two consecutive yang, still falling for the whole week, and London lead fell for four consecutive years, down 3% for a week.

In the Chinese market, A-shares continued, the Shenzhen Component Index closed up more than 1%, the turnover of the two cities exceeded one trillion again, the 30-year treasury bond ** fell more than 1%, the Hang Seng Technology Index rose more than 1%, and Meituan Hong Kong stocks rose nearly 11%. U.S.-listed Chinese concept stocks**,China Concept Stock Indexclosed up 1%.Entering the Year of the Dragon, it is rising every week, Xpeng Motors rose 55%, Li Auto fell 51%。After the release of the U.S. ISM index, the offshore yuan narrowed its decline and recovered 721。

In 2024China's National People's Congress and the National People'sComing soonThe Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) opened on the afternoon of Monday, March 4, and lasted for six days.

National Standing SessionConsideration and adoption of the action planPromote the renewal of equipment and the trade-in of consumer goods on a new scale；Shanghai Spring Festival Consumption Season: The maximum subsidy for new cars is 10,000 yuan, and the maximum subsidy for buying appliances is 1,000 yuan.

ChinaFebruaryOfficial Manufacturing PMIfor, a slight decrease from JanuaryNon-manufacturing PMIforto accelerate expansion; FebruaryCaixin Manufacturing PMIfor 509，Expanded for four months in a row

February is low seasonNew energy vehicle companiesTranscript:Wenjie won the sales championship for a second time, and the ideal delivery volume has exceeded 20,000, and many car companiesRing on monthDouble-digitSlideThe war is back: Nine car companies announced price cuts in one day**, with a maximum discount of 470 thousand.

United StatesThe ISM manufacturing index unexpectedly fell in Februaryto a seven-month low47.8. Contracted for 16 consecutive months, new orders and employment shrank, but customer inventories fell for three consecutive months. Germany, the largest economy, dragged downEurozoneManufacturing PMI contracted for 20 consecutive months

Federal ReserveSemi-Annual Monetary Policy Report: Remain highly aware of inflation risks and warn of financial stability vulnerabilities; Fed Governor Waller hinted at a reverse "reversal operation" (QT)., I hope to see the Fed's holdings of institutional MBS fall to zero, the proportion of short-term bonds in the balance sheet increases, the yield of U.S. bonds dives, ** rises, and the U.S. stock index hits a record high.

JapanManufacturing PMI is now contracting by the most in three yearsJapanese stocks continued to hit record highs；**Called Japan**Consider officially declaring that deflation has been defeatedHowever, the governor of the Bank of Japan hinted on Friday that the March rate hike may be out of play, saying that the inflation target has not been achieved and focusing on the results of the spring fight.

OPEC+ countries such as Saudi ArabiaThe voluntary reduction period was extended until the end of June this yearRussia has pledged to focus more on reducing production rather than reducing exports.

U.S. regional bank NYCBThunderstorm again:There were significant deficiencies in internal controls, and the loss in the fourth quarter increased tenfold after revision, wrote down $2.4 billion in goodwill, and the stock price fell more than 30%.

European stocks: Europe's STOXX 600 index rose 06%, up 007%。Germany's DAX 30 index rose 032%, up 181%。France's CAC 40 index rose 009%, down 041%。Britain's FTSE 100 index rose 069%, down 031%。

A shares: The Shanghai Composite Index closed at 302702 points, up 039%。The Shenzhen Component Index closed at 943475 points, up 112%。The GEM index closed at 182403 points, up 094%。

Bond marketBy the end of the bond market, the yield on the benchmark US 10-year Treasury note was around 418%, down about 7 basis points in the day, and about 7 basis points in the whole week; The two-year Treasury yield is around 453%, down about 9 basis points in the day, and about 16 basis points in the whole week.

commodity: WTI closed up nearly 2 in April2% at 79$97 barrel, up about 32%；Brent closed up about 2 in May00% to 83$55 barrel, up about 34%。COMEX closed up 2 in April00% to 2095$70 an ounce, up 2 for the week33%。LME aluminum closed up $17 at $2,245 tons, up nearly 3% for the week. LME copper closed up $10 at $8,504 tonnes, down 075%。LME lead closed down $24 at $2,034 tonnes, down nearly 3% for the week.

Domestic macro

The Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) opened on the afternoon of Monday, March 4, and lasted for six days. Shanghai Securities News: Five highlights of the National Two Sessions in 2024. The National Standing Committee deliberated and approved the Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods. The meeting pointed out that promoting the renewal of equipment and the trade-in of consumer goods on a new scale is a major decision made by focusing on the overall situation of China's high-quality development. YesPromote the renewal and transformation of equipment in key industries, equipment in the field of construction and municipal infrastructure, transportation equipment, old agricultural machinery, education and medical equipment, etc., in an orderly manner, and actively carry out the trade-in of old and new consumer goods such as automobiles and home appliancesto form a scale effect of upgrading. The meeting emphasized that it is necessary to thoroughly implement the spirit of the important instructions on the integrated development of the Yangtze River Delta, and further enhance the innovation ability, industrial competitiveness and development level of the Yangtze River Delta region. The Political Bureau of the Communist Party of China conducted the twelfth collective study on new energy technology and China's energy security. **When presiding over the study, it was pointed out that the construction of a charging infrastructure network system should be accelerated to support the rapid development of new energy vehicles. He emphasized that we should focus on key areas and major needs of energy, strengthen joint research on key core technologies, and strengthen the transformation and application of scientific research achievements. China's official manufacturing PMI was 49 in February1. The non-manufacturing PMI is 514。SubjectAffected by the Spring Festival holidayIn February, it was in the off-season due to holidaysManufacturing PMIIt was slightly lower than in January1 percentage point; Manufacturing PMI expansion accelerated in February, up 07 percentage points; China's economy continues to expand overall. China's Caixin manufacturing PMI was 50 in February9，Expanded for four months in a row。The Caixin manufacturing PMI edged up 0.0 in February from January1 percentage point, higher than the boom and wither line for the first time since the second half of 2021, indicating that the prosperity of the manufacturing industry continues to improve. China's central bank: instruct major payment institutions to increase the limit for a single transaction of mobile payment by foreign visitors to China from US$1,000 to US$5,000. Ministry of Housing and Urban-Rural Development: Accelerate the start of construction of affordable housing projects. The relevant person in charge of the Ministry of Housing and Urban-Rural Development said that it is necessary to grasp the construction of the project, vigorously promote the start of affordable housing projects, strengthen the supervision of project quality and safety, and introduce the implementation measures and related supporting policies for the planning and construction of affordable housing as soon as possible. In February, the sales of the top 100 real estate companies plummeted, and the director of the Ministry of Housing and Urban-Rural Development called for a "rational view". China Construction News issued an article saying that there will be deviations in the current overall real estate market trend based on the local data of the top 100 real estate companies, and it is necessary to further analyze and judge the situation of new and second-hand houses, top 100 real estate companies and other real estate companies. Two departments: By 2025, it will have about 500 million kilowatts of distributed new energy and about 12 million charging piles. The National Energy Administration issued the "Guiding Opinions on the High-quality Development of Distribution Networks under the New Situation". The United States is also looking for an excuse to restrict Chinese cars, hyping up "data networking poses a threat". * Urge the US to stop discriminating against and suppressing Chinese companies. **Spokesman Mao Ning said that the popularity of Chinese cars in the world is not due to so-called unfair practices, but to technological innovation and excellent quality formed in the fierce market competition. This politicization of economic and trade issues will only hinder the development of the U.S. auto industry. Cui Dongshu of the China Passenger Car Association: In January, China accounted for 66% of the world's new energy vehicle share. Cui Dongshu, secretary general of the passenger association, said in a document that in January 2024, China's automobile sales will reach 6.71 million units, and new energy vehicles will reach 1.06 million units. In January, China's NEV exports were super strong, and they performed well in Southeast Asia and Europe. Shanghai Spring Festival Consumption Season: The maximum subsidy for new cars is 10,000 yuan, and the maximum subsidy for buying appliances is 1,000 yuan. Shanghai continues to extend the subsidy policy for cars and home appliances in 2023. People's ** Article: The Connotation, Characteristics and Development Focus of the New Quality Productive Forces. The article points out that speeding up the development of new quality productive forces is an objective requirement for the liberation and development of productive forces in the new era and new journey, and is an inevitable choice for promoting the iterative upgrading of productive forces and realizing modernization. The IPO is "strict", and 55 IPOs have been terminated during the year, and 33 fines have been issued within two months. Domestic companies

The "report card" of new energy vehicle companies in February: Wenjie won the sales championship for a second time, and the month-on-month decline became a keyword. February coincided with the traditional Spring Festival sales off-season, and the overall growth of the auto market slowed down. The delivery volume of Wenjie and Ideal exceeded 20,000, but failed to continue the previous momentum。In February, the delivery volume of all Wenjie products decreased by nearly 36% month-on-month compared with January, but increased by 503% year-on-year; Li Auto's deliveries increased by 21% year-on-year8%, down 35% month-on-month. BYD's new energy vehicle sales in February were 12230,000 units, down 368%, down 393%。* The war resumed, and 9 car companies announced price cuts one after another within a day**, with a maximum discount of 470,000, experts: more intense is to come. Geely, SAIC Volkswagen, Feifan, Chery, Zhiji, Hyundai, BYD, Changan, and Tesla all announced price cuts on March 1, ranging from 5% to 15%, and ** from a few thousand yuan to tens of thousands of yuan. Ideal released the first pure electric vehicle MEGA, with a unified price of 55980,000 units, with a target of 8,000 vehicles per month. Ideal said that with the full delivery of several new cars in March, the company's delivery volume will reach 50,000 units in March, and the overall delivery volume will exceed 100,000 units in the first quarter. The fifth car-t** in China is coming: CARsgen Pharmaceutical** new drug for multiple myeloma was approved. CARsgen's Zevogene autoleucel injection became the first approved CAR-T product since the black box warning, indicating that regulators still believe that the benefits of CAR-T products for patients still far outweigh the risks. TSMC's future leader surfaced, and Mi Yujie, the soul of R&D, was promoted to executive vice president and co-operating officer. The industry believes that TSMC Chairman Liu Deyin will retire after the shareholders' meeting this year, President Wei Zhejia will take over as chairman, and the two co-operating directors of Mi Yujie and Qin Yongpei will jointly assist President Wei Zhejia in the future. Xinhua Asset refuted rumors: The rumors with Vanke are untrue, and the two sides maintain normal business cooperation. Recently, it was reported that Vanke's management traveled to Beijing to negotiate the extension of non-standard debt with certain lenders. As of the end of 2022, the total borrowing amount of Xinhua Asset Management, one of Vanke's major borrowers, was about 97$8.2 billion, and the earliest maturity date of the loan is December 25, 2024. A number of Vanke's onshore bonds fell on Friday, of which "22 Vanke 05" fell 67%。Overseas macro

The ISM manufacturing index in the United States unexpectedly fell to a seven-month low of 47 in February8. New orders and employment have shrunk. The ISM manufacturing index rose from 49 in January1 to 478, not as expected to rise to 495，16 consecutive months50 below the watershed of prosperity and droughtIn the contraction zone, the longest contraction since 2002. However, in the sub-indicatorsCustomer inventory has been declining for three consecutive monthsISM, which released the data, believes that this is good for new orders and production growth in the future. Manufacturers in the survey commented on a more positive note, with some saying "demand is finally picking up" and others noting that they are "selling more". Fed No. 3: There is no need to tighten policy further, interest rates will be cut later this year. New York Fed President Williams said inflation still needs to fall to 2% and that three rate cuts this year is "a good starting point". Waller, the "popular voting committee", spoke, the US bond yield dived, ** rose sharply, and the US stock index hit a record high. Waller said he would like to see two key developments in the Fed's portfolio: a reduction in institutional MBS holdings to zero, and an increase in the share of short-term debt in Treasury holdings. Waller is hinting at a reverse "twist operation (QT)" that will be implemented, according to the commentary。As the liquidity crisis looms, Waller offers a "solution" to the Fed's desire to increase the proportion of short-term US debt, and "buy short-term debt and reduce MBS to zero" can inject liquidity while avoiding a significant expansion of the balance sheet. The Federal Reserve's semi-annual monetary policy report: still highly concerned about inflation risks and warning of financial stability vulnerabilities. The report argues that the severe stress on the banking system since March last year has subsided, but some risk areas still need to be monitored. Upward pressure on asset valuations persists, with real estate having a higher price-to-earnings ratio relative to rent. Borrowing from non-financial corporations and households continues to grow at a slower pace than nominal GDP growth, and the debt-to-GDP ratio is now near its lowest level in 20 years. Vulnerabilities posed by leverage in the financial sector remain significant. While banks' regulatory risk-based capital ratios have remained stable and generally increased, for some banks, the fair value of their fixed-rate assets has declined considerably relative to regulatory capital. Germany, the largest economy, dragged down, Eurozone manufacturing PMIAtrophy for 20 consecutive months。Germany's manufacturing PMI deteriorated most in four months in February. However, forward-looking indicators such as new orders and purchasing activity point to a slowdown in the recession in manufacturing activity in the eurozone in February. Demand for goods slowed for four consecutive months, with factory orders falling at the slowest pace since March last year. Eurozone CPI growth slowed to 2 in February6%, and core inflation growth slowed to 31%, the growth rate was slightly higher than expected. February's core CPI, which excludes food and energy, cooled for the seventh consecutive month and remained above expectations of 29%, of which service inflation is still sticky, with a year-on-year growth rate of 39%。After the CPI announcement, Goldman Sachs postponed the expected start of the ECB's interest rate cut this year from April to June. Japan's manufacturing PMI has contracted the most in three years, Japanese stocks continue to hit record highs, and the Nikkei 225 index is approaching the 40,000-point mark. Wall Street investment banks generally believe that despite the long-term downturn in the Japanese economy, the rally in Japanese stocks is largely supported by the outlook for corporate earnings, a weaker yen and monetary easing by the Bank of Japan. The biggest impetus for the current round of Japanese stocks came from the improvement of corporate governance, and Nvidia's earnings report became a catalyst for Japanese stocks to hit a record highJapan** is considering officially declaring that it has defeated deflation。The market is focused on the timing of the next rate hike by the Bank of Japan, which will be the first since 2007, once Japan announces that it has overcome deflation. However, the governor of the Bank of Japan also hinted on Friday that the March interest rate hike may not be a joke, believing that the inflation target has not yet been achieved, and focusing on the results of the spring fight. Dalio: The U.S. doesn't have much of a bubble. Dalio, the founder of hedging giant Bridgewater, pointed out that according to his bubble indicator, the current U.S. stock market is at a valuation level of 52% of the quantile value, and the U.S. stock market is not too much of a bubble, and the tech Big Seven are not overvalued. The market is not as speculative as it was during the dot-com bubble in the 90s. OPEC+ has extended voluntary production cuts until the end of June this year。Saudi Arabia, the United Arab Emirates, Iraq, Russia and other OPEC+ agreement countries issued their own statements show that they have extended the current nominal total of 2 million barrels per day of joint production cuts until the middle of this year, of which Saudi Arabia has voluntarily cut half of the scale. RussiaPromised, passedmoreMultiple placesFocus on production cutsInstead of reducing exportsto strengthen the impact on restriction. India**: Rice production in 2023-24 will fall for the first time in eight years. The Indian Meteorological Department (IMD) has released ** that temperatures in India will be above normal until May. This will pose a threat to crop yields, further increasing the risk of India extending the ban on rice exports.

Overseas companies

The U.S. regional bank New York Community Bank (NYCB) has another thunderstorm: there are major deficiencies in internal control, and losses have skyrocketed tenfold in the fourth quarter. At the end of January, after announcing an unexpected fourth-quarter loss due to a provision for bad debts in commercial real estate, NYCB disclosed that it found problems in the loan review processWrite-down of $2.4 billion in goodwilland the fourth quarter resultsAmendmentsThe loss in the fourth quarter increased by 2$600 million expanded to $27$100 million。Musk's latest interview: AI is developing at an unprecedented speed, and he hopes that humanoid robots will "treat humans" well. Tesla CEO Elon Musk remains skeptical of the safety of artificial intelligence (AI) as always. The good thing about AI, he said, is that productivity will increase dramatically. However, humanity is "on the verge of the greatest technological revolution ever." Musk sued OpenAI and its CEO Ultraman, demanding that GPT be open sourced. Musk accused OpenAI of violating the original purpose of technology for the benefit of mankind, saying that OpenAI has actually become a closed-source subsidiary of Microsoft. Musk said that contrary to the OpenAI founding agreement,GPT-4 is not for the benefit of humanity, but as a proprietary technology for profit。Musk also mentioned last year's OpenAI's "palace fight" drama. He believes that OpenAI's board of directors has changed, and the new members are no longer scientists and researchers who support and have a deep understanding of technological innovation. Tesla is raising the price of the Model Y by $1,000 for the U.S. long-range version. Volkswagen's stock price fell more than 7% intraday due to declining demand for electric vehicles and intensifying competition, which expected revenue growth to slow this year. Supermicrocomputer, an AI concept stock, will be included in the S&P 500 index. S&P Dow Jones Indices announced the inclusion of SMCI and DEX Outdoor (DECK) in the S&P 500 index, replacing Whirlpool (WHR) and Zion Bank. The first technology IPO of the U.S. stock market this year: "American Tieba" Reddit plans to value $6.5 billion. The valuation is a significant downward adjustment from Reddit's $10 billion private placement valuation in 2021. Reddit's IPO is not only a big bet on the company's future, but also a test of the current increasingly dynamic environment in the US IPO market. Dell spoilers Nvidia B200 will be released next year, energy consumption is as high as 1000W, the ultimate benefit of AI is energy? Musk said at the end of last year that there is a shortage of chips in the United States, and there will be a shortage of transformers in a year, and there will be a power shortage in about two years. Nvidia CEO Jensen Huang: AI may pass human testing within five years. By some definitions, artificial general intelligence could be on the horizon, Huang said. He also said that under other definitions, artificial general intelligence may be far away, as scientists still disagree on how the human brain works. 1、Computing power|The National Data Bureau and other three departments have recently listened to the opinions and suggestions of national hub node enterprises, data transmission demand enterprises, and telecom operators, and studied the establishment of a public transmission channel dedicated to national hub nodes, so as to effectively improve the transmission efficiency of the "Eastern Data and Western Computing" network. In the next step, the three departments will guide telecom operators to strengthen innovation and exploration, and will pilot the opening of "public transmission channels" of "eastern data and western computing" between some hub nodes in the near future

Comments: Guolian** believes that the computing power network is a key infrastructure to support the high-quality development of the digital economy, and the provincial metropolitan optical transmission network and computing power network of the three major operators are expected to accelerate technological upgrades, add high-quality links, and expand the scale of expansion. Driven by AI application innovation, the long-term demand for core computing power such as servers, switches, and optical modules will increase.

Huawei Hongmeng|On March 2, the Shenzhen Municipal Bureau of Industry and Information Technology and the Shenzhen Municipal Government Service and Data Administration jointly issued the "Shenzhen 2024 Action Plan for Supporting the Development of Open Source HarmonyOS Native Applications", with specific goals including: to achieve more than 10% of the national total number of HarmonyOS native applications in Shenzhen by 2024; Shenzhen's main vertical areas have achieved full coverage of HarmonyOS native applications; HarmonyOS development courses have entered major universities and training institutions in Shenzhen, and the number of qualified HarmonyOS developers accounts for more than 15% of the country's total.

Comments: Huawei recently said that the number of HarmonyOS ecological devices has grown from 700 million to 800 million in only 5 months, and more than 200 head applications have accelerated the native development of HarmonyOS, and it is expected that by the end of this year, 5000 applications will complete the native development of HarmonyOS. Guodu** believes that Huawei HarmonyNext is no longer compatible with Android OS, which will prompt more App manufacturers to adapt, migrate, and develop. Open source HarmonyOS is also expected to meet the needs of various vertical industries for independent and controllable and intelligent connection of all things. The HarmonyOS market is huge, and software development and outsourcing vendors are expected to deeply benefit from the accelerated development of HarmonyOS.

AI chips|According to reports, Intel recently held an FPGA Vision webinar and announced the relaunch of the Altera brand, making it a new independent FPGA company. Altera, which was once the world's second-largest FPGA vendor, will further diversify its product portfolio to address the $55 billion market opportunity of FPGAs, including by creating FPGAs with integrated AI capabilities.

Comments: FPGA is the core computing power chip of data center and cloud computing, which has good application scenarios in edge computing and cloud, which can improve the efficiency of algorithm operation. At the same time, it also has better performance than GPU in terms of power consumption. As the amount of data to be processed by systems such as data centers and high-performance computing continues to rise, the demand for FPGAs will grow dramatically. According to Gartner, the global FPGA market is expected to reach $12.5 billion in 2025, and AI will be one of the main downstream markets. At present, domestic FPGAs are still in the early stage of development, and with the rapid outbreak of the AI industry and the drive of new changes in the industry, domestic companies in related fields are expected to usher in development opportunities.

Hydrogen energy|Recently, the team of Professor Wang Jianchuan and Professor Wei Zidong of Chongqing University proposed a self-reinforcing strategy to prepare a proton exchange membrane, which is composed of a self-reinforcing matrix of perfluorosulfonic acid nanofibers. This proton exchange membrane is capable of a proton conductivity of up to 11s cm, far more than other commercial proton exchange membranes. The proton exchange membrane has the characteristics of high mechanical strength and low swelling rate, and has excellent performance in hydrogen fuel cells, and is expected to be used in high-performance hydrogen fuel cell vehicles.

Comments: Hydrogen fuel cell is a power generation device that directly converts the chemical energy of hydrogen and oxygen into electrical energy. Due to its abundant fuel gas, high efficiency, no noise and no pollution, it is in line with the policy trend of energy conservation and ecological environmental protection, and the development trend of the industry is improving.

Lithium niobate|According to reports, a few days ago, the team of Wang Cheng, an associate professor at City University of Hong Kong, collaborated with researchers from Chinese University of Hong Kong to use lithium niobate as a platform to develop a microwave photonic chip with faster processing speed and lower energy consumption, which can use optics for ultrafast analog electronic signal processing and computing. The findings were published in the new issue of Nature. According to reports, the chip is not only 1,000 times faster than traditional electronic processors in speed, but also consumes less energy. Its wide range of applications covers 5G and 6G wireless communication systems, artificial intelligence, computer vision, and image processing.

Comments: Lithium niobate is also known as "optical silicon", its importance is comparable to silicon in integrated circuits, and the optical loss of this material is extremely low. Compared with the silicon-based scheme (silicon photonics) and indium phosphide schemes, the electro-optical coefficient of lithium niobate scheme is significantly higher than that of indium phosphide, while silicon has no direct electro-optical coefficient, so lithium niobate modulator is a key device in large-capacity optical fiber transmission network and high-speed optoelectronic information processing system. The lithium niobate solution has the advantages of high bandwidth, low insertion loss, and high extinction ratio, and the technical route can be expected in the future.

The second meeting of the 14th National Committee of the Chinese People's Political Consultative Conference was held in Beijing

Sohu financial report. Eurozone Sentix Investor Confidence Index for March.

Holzmann, a member of the ECB's Governing Council, speaks.

End of the full text**Wall Street news, welcome**APP to see more.