US dollar poised for biggest weekly gain since mid-January; yen falls ahead of BOJ

NEW YORK, March 15 – The dollar rose to a more than one-week high on Friday after a mixed batch of data showed the US economy remained stable with small pockets of weakness, suggesting the Federal Reserve could keep interest rates higher for longer or reduce the planned number of rate cuts this year.

The dollar index, which tracks the US currency against six major peers, was on pace to post a weekly gain of 0.7%, the largest since mid-January. The index was last flat at 103.43.

Data on Friday showed a solid US manufacturing sector, with output rebounding by 0.8% last month after a downwardly revised 1.1% decline in the prior month. Analysts at Citi, however, said in a research note that the rebound in February partly reflects the revisions lower to January output and the reversal of a “weather-related drag in January in non-durable goods manufacturing sectors.”

US consumer sentiment and inflation expectations were little changed in March, a survey showed on Friday. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 76.5 this month, compared to a final reading of 76.9 in February.

The survey’s reading of one-year inflation expectations, a measure tracked by the Fed, was unchanged at 3.0% in March. The survey’s five-year inflation outlook held steady as well at 2.9% for the fourth straight month.

The Fed is scheduled to meet next week and while it is not expected to make any interest rate moves, hotter-than-expected US producer and consumer price data this week has led traders to rein in bets on future cuts.

“Ahead of the meeting, there’s nothing to indicate that the Fed can afford to be dovish at this point,” said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey.

“That’s why we have Treasury yields going up and that’s why we have the dollar stronger. Gold fell as well. It’s all the standard correlations. So the Fed maybe gets higher for longer: they’re not being given any room to cut sooner than later.”

The rate futures market on Friday has priced in a 57% chance of the Fed cutting rates in June, compared to 71% on Monday, according to LSEG’s rate probability app. The market has also reduced the number of rate cuts it expects this year to less than three, from between three and four earlier this year.

Investors are also looking to a highly-anticipated meeting at the Bank of Japan next week.

The BOJ is close to ending eight years of negative interest rate policy, with internal preparations for an exit in the works since Kazuo Ueda took office as BOJ governor.

At the same time, Japan’s biggest companies agreed with labor unions to raise wages by the highest level in 33 years on Friday, reinforcing views the country’s central bank is poised to make a landmark shift away from negative interest rates.

The dollar continued to rise against the yen, up 0.5% at 149.02. On the week, the greenback rose 1.3%, on track for its biggest gain since mid-January.

The focus is also on other central bank decisions for signs of how quickly they will cut interest rates after a period of rapid rises to curb rampant inflation. The Bank of England and Swiss National Bank are due to meet next week.

The euro was slightly up at USD 1.0889. The European Central Bank council last week began a discussion on when to reduce its own rates, council member Olli Rehn said on Friday.

Sterling slipped 0.1% to USD 1.2737.

In cryptocurrencies, bitcoin prices fell as much as 7% in volatile trade from a record high touched on Thursday as risk sentiment took a hit. It was last down 0.3% at USD 70,483.

(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Iain Withers in London and Ankur Banerjee in Singapore, Editing by Chris Reese, Kirsten Donovan)

US equity funds attract inflows for third week in a row

March 15 – US equity funds drew inflows for a third consecutive week in the seven days to March 13, with investors optimistic about a rally on Wall Street and clinging to hopes of rate cuts this year, even as inflation proves stubborn.

According to data from the London Stock Exchange Group (LSEG), investors purchased USD 4.93 billion of US equity funds, the largest net weekly purchase since Feb 14.

Investor confidence has been bolstered by Wall Street’s record-breaking rally this year and recent remarks from Federal Reserve Chair Jerome Powell suggesting the central bank is close to being assured that inflation has eased enough to start reducing interest rates.

The S&P 500 touched a record high of 5189.26 last week and has gained about 8% so far this year.

Investors purchased US large-, small- and multi-cap funds worth a net USD 2.88 billion, USD 1.8 billion, and USD 771 million, respectively. However, mid-cap funds saw USD 584 million in net selling.

Tech and financials attracted the biggest inflows at a net USD 554 million and USD 389 million, respectively. Consumer discretionary witnessed a net USD 889 million exit.

Inflows to US bond funds slowed sharply to a net USD 3.81 billion from USD 10.54 billion in the prior week.

Demand for US general domestic taxable fixed income cooled to a net USD 1.76 billion from USD 4.65 billion, and for short/intermediate investment-grade funds to USD 1.64 billion from USD 4.21 billion.

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Kirsten Donovan)

Peak rates boost US demand for riskier form of corporate debt

March 15 (Reuters) – The US market for one of the riskiest types of corporate debt is resurging this year, as companies cater to investor demand for assets that can lock in high yields for several years ahead of an expected decline in interest rates.

Holders of these bonds, called junior subordinated debt, are among the last to be paid in case of a default and companies can defer interest payments.

The reward for such high risk is yields that exceed those of senior bonds, for maturities of up to 40 years, though issuers typically call, or redeem, the bonds in five or 10 years.

Like stocks, these hybrid bonds rank low in a company’s capital structure, but they resemble bonds with interest payments.

With the Federal Reserve widely expected to start cutting rates later this year, investors are scrambling to get their hands on securities that will pay the current levels of high interest for years to come.

To meet this demand, five companies this year have issued USD 4.6 billion of junior subordinated debt, and a sixth hit the market on Thursday. This pace is significantly faster than in the last two years, Barclays data shows, with USD 8 billion issued in full-year 2023.

Barclays’ analyst Bradford Elliott estimates sales of junior subordinated bonds could reach USD 15 billion to USD 20 billion this year. Investors have plowed in a net USD 1 billion into funds that invest in hybrid bonds since October, he noted.

The renewed interest is giving companies an additional financing option as debt comes due.

INCREASING ATTRACTIVENESS

A change in Moody’s rating methodology on Feb. 1 has made hybrid bonds more attractive for companies, bankers and analysts said.

Last month, Moody’s said it would start giving 50% equity credit when rating a company’s hybrid debt or count half of an issuer’s subordinated debt as equity capital, up from 25% previously. The move, in line with S&P and Fitch, means companies can reliably use hybrid bonds to raise more capital without hurting their credit ratings.

Among issuers of junior subordinated debt so far this year, NextEra Energy Capital NEE.N used some of the proceeds to refinance short-term commercial paper.

Energy Transfer, which owns and operates a diversified portfolio of energy assets, said it refinanced preferred shares, another type of hybrid bond that is riskier than junior subordinated debt.

Daniel Botoff, global head of debt capital market syndicate at RBC Capital Markets, said junior subordinated debt also had a tax advantage over preferred shares.

“It is more cost-efficient for companies to issue junior subordinated debt whose interest payments were tax-deductible to refinance taxable preferred stock that is becoming callable,” Botoff said.

STRONG DEMAND

With strong demand, the average credit spreads on corporate hybrid bonds, or the premium paid over Treasuries, tightened nearly 200 basis points since it peaked at 523 basis points in October, Elliott said.

The six companies that have issued subordinated bonds this year paid 6% to 8% in yields, just 150-200 basis points more than on their higher-ranked senior bonds.

In another sign of firm demand, Energy Transfer increased its offering in January to USD 800 million from an initial USD 500 million. It received USD 5 billion in orders, Informa Global Markets data showed.

Hybrid bonds are “sensitive to macro conditions,” said Tim Crawmer, global credit strategist at Payden & Rygel. “They have a higher correlation to improving credit quality and improving equity risk sentiment than they do to interest rates.”

(Reporting by Shankar Ramakrishnan; additional reporting by Davide Barbuscia; editing by Paritosh Bansal and Richard Chang)

Oil prices dip, but set for weekly gain of over 3%

HOUSTON, March 15 – Oil prices dipped on Friday, a day after topping USD 85 a barrel for the first time since November, but prices were expected to finish more than 3% higher for the week on rising demand from US refiners completing planned overhauls.

Brent crude oil futures slid 9 cents or 0.11% to USD 85.33 a barrel at 12:16 p.m. CDT (1716 GMT). US West Texas Intermediate (WTI) crude was down 17 cents or 0.21% to USD 81.09.

“Supplies are tightening” for motor fuels, said Phil Flynn, analyst at Price Futures Group. “Prices are at risk to go higher.”

But “there are worries the US Federal Reserve won’t be able to cut interest rates” because inflation remains above the central bank’s target of 2%, Flynn added.

Cuts in interest rates are seen as opportunities for demand growth in the United States.

Prices had been range-bound for much of the last month roughly between USD 80 to USD 84 a barrel. Then the International Energy Agency on Thursday raised its view on 2024 oil demand for a fourth time since November as Houthi attacks have disrupted Red Sea shipping.

World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. It forecasts a slight supply deficit this year should OPEC+ members sustain their output cuts having previously forecast a surplus.

US energy firms this week added the biggest number of oil and natural gas rigs in a week since September, with the oil rig count also rising to its highest in six months, energy services firm Baker Hughes said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, rose by seven to 629 in the week to March 15. Baker Hughes said oil rigs rose six to 510 this week, their highest since September, while gas rigs rose one to 116.

The gains this week have come despite the US dollar strengthening at its fastest pace in eight weeks. A stronger dollar makes crude more expensive for users of other currencies.

Also supporting prices were Ukrainian strikes on Russian oil refineries, which caused a fire at Rosneft’s biggest refinery in one of the most serious attacks against Russia’s energy sector in recent months.

“We’re continuing to tread water,” said John Kilduff, partner with Again Capital LLC said of Friday’s activity.

US crude oil stockpiles also fell unexpectedly last week as refineries ramped up processing while gasoline inventories slumped as demand rose, the Energy Information Administration said on Wednesday.

Lower interest rates cut consumer borrowing costs, which can boost economic growth and demand for oil.

In the US, some signs of slowing economic activity were seen as unlikely to spur the Federal Reserve to start cutting interest rates before June as other data on Thursday showed a larger-than-expected increase in producer prices last month.

(Reporting by Erwin Seba; Additional reporting by Noah Browning, Arathy Somasekhar, and Sudarshan Varadhan; Editing by Michael Perry, Jason Neely, David Gregorio, and Alexander Smith)

Oil dips on profit taking after price crosses USD 85

March 15 – Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in US crude and fuel inventories, drone strikes on Russian refineries, and a rise in energy demand forecasts buoyed prices.

Brent crude oil futures for May fell 41 cents, or 0.5%, to USD 85.01 a barrel at 1234 GMT, after crossing USD 85 a barrel for the first time since November on Thursday. US West Texas Intermediate (WTI) crude for April fell 32 cents, or 0.4%, to USD 80.94.

The International Energy Agency on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping.

World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. It forecasted a slight supply deficit this year after OPEC+ members extended cuts, from a surplus previously.

Also supporting oil prices, Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday, causing a fire at Rosneft’s biggest refinery in one of the most serious attacks against Russia’s energy sector in recent months.

US crude oil stockpiles fell unexpectedly last week as refineries ramped up processing while gasoline inventories slumped as demand rose, the Energy Information Administration (EIA) said on Wednesday.

On the demand side, China’s central bank is expected to leave a key policy rate unchanged when it rolls over maturing medium-term loans on Friday, a Reuters survey showed.

Lower interest rates cut consumer borrowing costs, which can boost economic growth and demand for oil.

In the United States, some signs of slowing economic activity were unlikely to spur the Federal Reserve to start cutting interest rates before June as other data on Thursday showed a larger-than-expected increase in producer prices last month.

(Reporting by Arathy Somasekhar in Houston; Editing by Stephen Coates)

Markets under pressure, China house prices eyed

March 15 – Asian markets are likely to come under downward pressure at the open on Friday, following the sharp rise in US bond yields and the dollar the previous day on the back of yet another hotter-than-expected US inflation report.

Wall Street’s late slide on Thursday – the S&P 500 and Nasdaq both shed 0.3% – could tempt investors to play safe ahead of the weekend and steer Asian equities away from what would be their seventh weekly rise in eight.

The MSCI Asia ex-Japan index would need to avoid falling 0.5% or more to notch a weekly gain. Japan’s Nikkei 225, on the other hand, goes into Friday’s session down more than 2% on the week and on track for its worst week this year.

The pullback in Japanese stocks should come as little surprise – the Nikkei hit a record high above 40,000 points last week and the Bank of Japan next week could deliver its first interest rate hike in 17 years.

The Asia and Pacific economic calendar on Friday includes South Korean trade figures and import and export prices, New Zealand’s manufacturing PMI for February, and Japan’s ‘tertiary index’ gauge of conditions in the services sector.

Japan watchers are also awaiting the findings of a preliminary survey of national wage round talks from labor union umbrella group Rengo. Sources have told Reuters that signs of strong wage growth could be the switch that flips the Bank of Japan into raising rates next week.

Japanese news agency Jiji reported on Thursday that the BOJ has started to make arrangements to end its negative interest rate policy next week.

The main indicator though will probably be Chinese house prices for the month of February. They fell at an annual rate of 0.7% in January, the biggest decline in almost a year, and have been declining almost every month since April 2022.

A turnaround in the embattled property sector is needed for the broader economy to get going again, and to convince investors that the market and economic nadir has passed.

Curiously, China’s economic surprises index this week rose to its highest level since October, begging the question: strong data, or lousy expectations to begin with? Maybe a bit of both.

A reasonably bullish case, however, could be made for Asian risk assets on Friday. Even though the US 10-year yield and dollar had their biggest rises in a month and Fed rate cut expectations were pared back, Wall Street only fell 0.3%.

Chipmakers and tech stocks across the region could also get a boost from Apple supplier Foxconn saying on Thursday that it expects a significant rise in revenue driven by booming demand for artificial intelligence servers.

Here are key developments that could provide more direction to markets on Friday:

– China house prices (February)

– Japan tertiary index (January)

– New Zealand manufacturing PMI (February)

(By Jamie McGeever)

Wall St ends down after PPI data and as chipmakers fall

NEW YORK, March 14 – US stocks dropped on Thursday, with chipmaker stocks extending losses for a second day, and as a jump in producer prices left investors wondering if the Federal Reserve might wait longer than expected to cut interest rates.

Data showed US producer prices increased more than expected in February as the cost of goods like gasoline and food surged.

Rate-sensitive utilities and real estate were the day’s weakest sectors, with real estate down 1.6% and utilities off 0.8%.

The Fed is expected to leave rates unchanged at its policy meeting next week. The market has trimmed the odds of a cut of at least 25 basis points at its June meeting to 62.9%, CME’s FedWatch Tool showed, down from 81.7% a week ago.

“If we take inflation as a whole, we’ve had relatively hot inflation readings the last two months now, yet the market has kind of powered higher,” said Tony Welch, chief investment officer of SignatureFD.

“Fed policy may not be as loose as the market wanted it to be this year, but the prospect of further tightening still remains a low probability.”

Nvidia shares fell 3.2%, while an index of semiconductors was down 1.8%. The index is down 3.5% for the week so far, with investors taking profits after recent sharp gains.

The Dow Jones Industrial Average fell 137.66 points, or 0.35%, to 38,905.66. The S&P 500 lost 14.83 points, or 0.29%, at 5,150.48 and the Nasdaq Composite dropped 49.24 points, or 0.3%, to 16,128.53.

The S&P 500 remains up about 8% for the year to date.

The small-cap Russell 2000 fell 2% on the day, underperforming the broader market.

“There’s nervousness about the market being very extended with a relatively narrow breadth. You can see the anxiety from the hotter PPI expressed in the Russell index of small and midcap names,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Other data showed US retail sales rebounded in February, rising 0.6%, but less than the 0.8% advance expected.

Shares of Robinhood Markets rose 5.2% after the trading app operator said its assets under custody rose 16% in February.

Volume on US exchanges was 13.1 billion shares, compared with the 12.1 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancers on the NYSE by a 3.77-to-1 ratio; on Nasdaq, a 3.08-to-1 ratio favored decliners.

The S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 57 new highs and 186 new lows.

(Reporting by Caroline Valetkevitch; Additional reporting by Sinead Carew in New York, Bansari Mayur Kamdar, and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai and Richard Chang)

US Treasury yields climb on strong February inflation data

WASHINGTON, March 14 – US Treasury yields climbed on Thursday following hotter-than-expected February inflation data, raising uncertainty about whether the Federal Reserve would cut interest rates later than June, as widely expected.

The benchmark 10-year note yield was last up 10.2 basis points (bps) at 4.294%, on track for its best daily gain since mid-February.

US two-year yields were up 6.5 bps on the day at 4.687%. Both the two-year and 10-year yields rose for the fourth consecutive day and touched two-week lows.

Data showed the producer price index rose 0.6% in February, exceeding forecasts of 0.3% and the previous month’s increase. This follows Tuesday’s surprisingly solid increase in the consumer price index for February.

Still, the data only slightly dented speculation in the futures markets that the Fed would ease in June for the first time since it began hiking the Fed funds rate from near-zero in March 2022.

The Fed holds a two-day policy meeting next week, in which it is expected to hold rates in the 5.25%-to-5.5% range until June. At least two more rate cuts are likely by year-end. The Fed is looking for data that gives them more confidence inflation is on a path to their 2% goal.

Traders in Fed funds futures reduced bets that the Fed will cut rates by June to 60.6%, from 66.7% on Wednesday, according to the CME Group’s FedWatch tool.

“This data really pushes back on the market pricing,” said Subadra Rajappa, head of US rates strategy at Societe Generale in New York.

“If you look at the market pricing of cuts, June really feels like a coin toss as opposed to a shoo-in now like it was over the last couple of weeks.”

In addition to February’s PPI data, initial jobless claims for the week ending March 9 also came in stronger than expected. There were 209,000 claims on the week, lower than the 218,000 expected.

Retail sales disappointed in February, meanwhile, ticking up 0.6% month over month versus an expected 0.8% increase.

“The one observation that we’ll add is the pace of retail sales during Q1 hints of the specter of stagflation – although it’s only a couple prints and insufficient to draw any broad-based conclusion,” Ian Lyngen, managing director and head of US rates strategy for BMO Capital Markets, said in a note.

“The knee-jerk response to the data was bond-bearish but the price action has faded and the theme of unchanged and quiet trading has re-emerged.”

In other maturities, the 30-year bond yield was last up 9.4 bps to 4.412%. Like the two- and 10-year, it also briefly touched its highest in two weeks.

The US yield curve, meanwhile, which measures the yield spread between two-year and 10-year notes steepened or narrowed its inversion on Thursday to minus 39.5 bps from minus 44.7 bps on Wednesday.

An inverted yield curve typically predicts an upcoming recession.

(Reporting by Matt Tracy; Editing by Richard Chang and Jonathan Oatis)

US dollar gains as strong economic data could reduce rate cuts this year

NEW YORK, March 14 – The US dollar advanced on Thursday, boosted by data showing hotter-than-expected producer prices last month and fewer people seeking unemployment claims, which suggested that the Federal Reserve could reduce the number of rate cuts this year.

The Bank of Japan has started to make arrangements to end its negative interest rate policy at the March 18-19 meeting, Jiji news agency reported. The yen firmed against both the dollar and euro after the report but it has since weakened versus the greenback.

Preliminary results of Japan’s spring wage negotiations are due on Friday, with several of the country’s biggest companies having already agreed to meet union demands for pay increases.

The dollar was last up 0.4% versus the yen at 148.29 yen, while the euro stayed lower against the Japanese unit, down 0.2% at 161.49.

The dollar index, which gauges the currency against six major peers, rose in three of the last four sessions. It was last up 0.6% at 103.36. For the week, the index was up 0.6%, on pace for its largest weekly gain since mid-January.

Data on Thursday showed the US producer price index for final demand rose 0.6% in February after advancing by an unrevised 0.3% in January. Economists had forecast the PPI climbing 0.3%.

In the 12 months through February, the PPI surged 1.6% after advancing 1.0% in January. The report followed data on Tuesday that consumer prices increased strongly for a second straight month in February.

A separate report from the Labor Department was also better-than-expected, showing that US initial claims for state unemployment benefits fell 1,000 to a seasonally-adjusted 209,000 for the week ended March 9. Economists had forecast 218,000 claims in the latest week.

“There is the possibility that the Fed next week raises the median dot for 2024 and 2025, which means fewer rate cuts,” said Thierry Albert Wizman, global FX and rates strategist, at Macquarie in New York.

“The US economy has stayed strong looks like through the first quarter and there has been some evidence that the disinflation trend is slowing.”

The Fed’s current dot plot, or the central bank’s interest rate forecast, showed three rate cuts for 2024, but that was released at the December meeting and inflation numbers since then have been sticky.

The US central bank’s policy meeting is set to run from March 19-20 and while the market is not expecting any change in interest rates, investors will be closely watching for revisions to the dot plot.

US rate futures have pared back the chances of a rate cut at the June meeting to 60%, from about 67% late on Wednesday, according to LSEG’s rate probability app. For 2024, the market is now pricing in less than three rate cuts, down from between three to four roughly two weeks ago.

Another piece of data on Thursday showed some deceleration in spending. US retail sales rose 0.6% last month and the numbers for January were revised lower to show sales tumbling 1.1% instead of 0.8% as previously reported.

Economists polled by Reuters had forecast retail sales in February, which are mostly goods and are not adjusted for inflation, rising 0.8% in February.

The retail sales report, however, has not dented the market’s growing conviction that the Fed’s rate-cutting cycle will be gradual.

In other currencies, the euro dropped 0.6% to USD 1.0885. There was no major European economic data on Thursday.

Sterling fell as well versus the dollar, sliding 0.5% to USD 1.2736.

In cryptocurrencies, bitcoin continued its upward march, hitting a record USD 73,803. It was last down 3.5% at USD 70,612. Exchange-traded bitcoin funds and optimism that the Fed will cut interest rates this year have boosted the biggest cryptocurrency.

(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Harry Robertson in London and Brigid Riley in Tokyo; Editing by Christopher Cushing, Elaine Hardcastle, and Sharon Singleton)

Gold retreats as dollar, yields firm on higher US inflation data

March 14 – Gold slid on Thursday after a larger-than-expected rise in February’s US producer price index (PPI) cooled expectations of early rate cuts by the Federal Reserve, boosting Treasury yields and the dollar.

Spot gold was down 0.6% at USD 2,161.39 per ounce as of 2:32 p.m. EDT (1832 GMT), moving away from a record peak of USD 2,194.99 hit on March 8.

US gold futures settled 0.6% lower at USD 2,167.5.

The dollar gained 0.6% against its rivals, making gold less attractive for other currency holders, while benchmark US 10-year note yields rose to a more than one-week high.

“I expect to see continued pressure (on gold), with all of the data showing the US economy is strong, the labor market still strong,” said Chris Gaffney, president of world markets at EverBank.

“It really makes investors question just how quickly the Fed’s going to decide to start cutting (rates).”

US producer prices increased more than expected in February amid a surge in the cost of goods like gasoline and food, which could fan fears that inflation is picking up again.

Higher inflation adds pressure on the Fed to keep interest rates elevated, weighing on non-yielding assets such as gold.

However, traders continue to bet on interest rate cuts in June, pricing in about a 60% chance, compared with 72% before the CPI data earlier this week, according to the CME Group’s FedWatch Tool.

The Fed is expected to hold rates steady at its policy meeting next week, but the focus will be on the “dot plot” projections.

“Gold is an uncertainty hedge, an inflation hedge with higher inflation and more uncertainty. I think that provides a good floor for precious metals pricing,” Gaffney added.

Spot platinum fell 0.8% to USD 930.95 per ounce, while palladium rose 0.8% to USD 1,067.79.

Silver slipped 0.8% to USD 24.83, after hitting a more than three-month high earlier in the session.

(Reporting by Anjana Anil in Bengaluru; Editing by Jan Harvey, Shailesh Kuber, and Shweta Agarwal)

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