http://www.zerohedge.com/fullrss2.xml/news/italy-expected-cut-growth-forecasts-further en Shrinkflation – Real Inflation Much Higher Than Reported http://www.zerohedge.com/news/2017-06-28/shrinkflation-%E2%80%93-real-inflation-much-higher-reported <ul style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"> <li><strong>Shrinkflation - Real inflation much higher than reported and realised</strong></li> <li><strong>Shrinkflation is taking hold in consumer sector</strong></li> <li><strong>Important consumer, financial, monetary and economic issue being largely ignored by financial analysts, financial advisers, economists, central banks and the media.</strong></li> <li><strong>Food becoming more expensive as consumers get less for price paid</strong></li> <li><strong>A form of stealth inflation, few can avoid it</strong></li> <li><strong>Brexit is the scapegoat for shrinkflation by the media and companies</strong></li> <li><strong>Consumers blame retailers rather than&nbsp;central banks</strong></li> <li><strong>Gold hedge has doubled in value since 2007&nbsp;</strong><a href="http://www.goldcore.com/gold-blog/"><img src="http://cdn2.hubspot.net/hub/233034/file-1563615397-jpg/marsbars.jpg" width="296" height="170" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter" /></a><strong><br /></strong></li> </ul> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Editor: Mark O'Byrne</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Shrinkflation: no one left untouched</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">600 new words entered our official lexicon this week as the Oxford English Dictionary announced the latest new additions to their online records.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">One of the words reportedly up for consideration was shrinkflation. It did not make the final cut and as a result continues to be defined by the authority as ‘<em>a&nbsp;</em><em>portmanteau</em><em>, made from combining shrink: ‘</em><em>to become or make smaller in size’</em><em>, with the economic sense of inflation: ‘</em><em>a general increase in prices and fall in the purchasing value of money’.</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In order for a word to be accepted into the OED it must have been in use for at least five years. But the latest list suggests that this isn’t the case and exceptions can be made. The inclusion of ‘superbrat’, a word which is usually associated with the behaviour of John McEnroe in the 1970s, actually dates back to the the 1950s.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/RUSSIAN-DOLL-HEADER-IMAGE-.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/RUSSIAN-DOLL-HEADER-IMAGE--1024x663.png" width="1024" height="663" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10506" /><br /></a>Yet, shrinkflation continues to elude the world’s authority on the English language. This seems bizarre to us given both the word and the phenomenon and something consumers have been experiencing for a number of years.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Although it is understandable in the context of an important consumer, financial and economic issue which is being largely ignored by financial analysts, financial advisers, economists and the media.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">We first covered the shrinkflation phenomenon back in 2014 when we reported how&nbsp;&nbsp;<a href="http://www.goldcore.com/us/gold-blog/ecb-meets-to-tackle-deflation-while-ignoring-shrinkflation/" target="_blank">Dr. Philippa Malmgren had highlighted this ‘shrinkflation’</a>&nbsp;trend in a new book.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Shrinkflation: a new phenomenon?</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">As we mentioned last week, shrinkflation is a phenomenon that is not unique to the current financial crisis. In 1916 The Seattle Star ran a front-page story on the issue, ‘“[Inspectors] went from bakery to bakery Thursday checking up on the bread situation…And here is what they found: ten-cent loaves of bread have shrunk from 32 ounces to 22 ounces, and standard 5-cent loaves, that used to weigh 16 ounces, now average 11 ounces.”</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/GOOGLE-SEARCH-GRAPH-.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/GOOGLE-SEARCH-GRAPH--1024x345.png" width="1024" height="345" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10507" /></a><em><strong>Search Graph&nbsp;for Shrinkflation (Google)</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Granted, back in 1916 the word ‘shrinkflation’ was not in use but it had a place firmly in the economy. Use of the word shrinkflation has been picking up pace since at least 2012. We can see this by the examining the search history for the phrase on Google.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">You can clearly see a peak in the search for the term in November 2016. It was at this point when news of the newly designed Toblerone hit the British newspapers. Mondelez, Toblerone’s manufacturers had announced they would be reducing the bars from 170 grams to 150 grams in the UK which would affect the shape.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Mondelez’s justification for the change was due to an uptick in ‘many ingredients’ prices’, the company specifically blamed the drop of the euro against the Swiss franc in January, and an increase in cocoa prices over the last three years.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/COCOA-PRICES-GRAPH.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/COCOA-PRICES-GRAPH-1024x578.png" width="1024" height="578" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10508" /></a><em><strong>Cocoa Prices -&nbsp;<a href="http://moneyweek.com/chart-of-the-week-shrinkflation-hits-the-chocolate-market/">Money Week</a></strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">It’s not just Toblerone fans who are feeling the pinch on chocolate bars. Creme Eggs and Quality Street (other British high street favourites) have been shrinking, with price remaining the same.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Other household items and food prices have also been affected.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Brexit is the scapegoat</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Even though we can go back nearly 100 years to witness shrinkflation and see evidence of it in our household items and online searches, it is only in the last year that manufacturers and the media have managed to find a reason for its existence.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Brexit is being blamed - as it is being blamed for a number of woes being experienced in the UK at present.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Brexit seems to be bearing the brunt of the blame for the recent shrinkages, thanks to the impact of the referendum of the price of sterling. You don’t need to have a PhD in economics to understand the effect this has on prices.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">12 months since the vote sterling is still weak, it is 15% down against&nbsp;the US dollar, and 14% against&nbsp;the euro. Things are expected to get worse, with HSBC analysts expecting the pound to hit parity with the euro by the end of the year.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">There is little doubt that a weak currency will impact the cost of raw goods and materials which make up chocolate bars and other items. However shrinkflation existed even when the pound was strong.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>No sign of easing up</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In 2015 the&nbsp;<a href="https://www.irishtimes.com/news/consumer/shrinkflation-when-products-get-smaller-but-the-prices-don-t-1.2187869" target="_blank">Irish Times</a>&nbsp;reported on this very topic and referred to a 2014 Which? survey:</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>Aunt Bessie’</em><em>s Homestyle Chips were reduced in size from 750g to 700g, while a box of Surf with Essential Oils washing powder fell in size from 2kg to 1.61kg. In 2014 there was 750g of mixed vegetables in a Birds Eye</em><em>&nbsp;Select bag; today it is 690g. Cif Actifizz Multi-Purpose Lemon Spray and Domestos Spray Bleach Multipurpose Cleaner were reduced in size from 750ml last year to 700ml today…</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>‘The shrinkage does not end there. In previous years, Which? has recorded one- litre tubs of Carte D’</em><em>Or ice cream turning into 900ml tubs, while a litre of Innocent smoothies became 900ml. Magnum ice creams, which used to be 360ml, are now 330ml, and the size of a bar of Imperial Leather soap fell from 125g to 100g, a reduction of 20 per cent…</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>‘The list goes on. A packet of 48 Persil washing tablets turned into a packet of 40, a decline of 16.6 per cent, while 56 Pampers Baby Wipes used to be a packet of 63, an 11.1 per cent reduction.’</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">This was well before the EU referendum. It was impossible to blame a weak currency, instead this was and remains all about the impact of real inflation on consumer prices. This is despite having been told for years that inflation was very low.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><em><strong><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/FT-INFLATION-EXPECTATIONS-GRAPH-.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/FT-INFLATION-EXPECTATIONS-GRAPH--1024x702.png" width="1024" height="702" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10509" /></a>UK Inflation Expectations (FT)</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Inflation expectations are relatively low amongst households in the UK, EU and U.S.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Only now are we beginning to see both officials and individuals wake up to the presence of inflation in the UK. In May consumer prices accelerated faster than BoE expectations. They hit a four-year high of 2.9% and are expected to exceed 3% in the coming months.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In the UK, there are some concerns and dissent has increased in the BoE’s monetary policy committee (MPC) over the suitability of its record low interest rate policy in regard to rising inflationary pressures. It has been some time since we have seen any sign of concern regarding inflationary issues, from members of the MPC.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Meanwhile in households it looks like it has taken the appearance of a chocolate bar to drive the message home that businesses are experiencing price pressures. Unfortunately this has merely come out as anger towards companies rather than the central banks and governments who are ultimately responsible for this inflationary issue.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Unjust for consumers or time to take responsibility?</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Which? magazine and consumer action groups have tried to bring retailers to account for what are considered to be misleading practices.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In Ireland, the Consumer Association’s Chief Executive stated</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em><strong>“I don’t know if we can say consumers are being deliberately misled but they are being put in a position where it becomes very difficult to make informed decisions."</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">“I think the worst example of this is the widespread shrinking of products. The content gets smaller but the price and the packaging stays the same. These are price increases by stealth, and by any measure inflation of this nature is abnormal in the current environment. I think they are appalling.”</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">As we have seen with quantitative easing, bank bailouts and the overall financial crisis consumers seem to be relatively disinterested in fighting back against these practices that ultimately cost them more.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">A YouGov survey found that 46 per cent those polled would prefer to pay more for an item than see it shrink. Yet 36 per cent said they'd be satisfied if the pack got smaller, but the price stayed the same.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">The same survey run by YouGov Portion Sizes and Health found that firms risk losing over a third of their customer base if they cut pack sizes by 15 per cent.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">While there is uproar on Facebook pages about this topic, the concerns of some consumers are not being voiced by politicians, economists, central bankers or the media.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Depite the zeitgeist of the moment, this isn’t about retailers taking advantage of consumers. Shrinkflation is a very serious byproduct of a practice which has been going on for many years now.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Shrinkflation is just inflation in stealth mode and is the consequence of currency debasement on a scale that the world has never seen before.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">It brings the economy’s problems literally to the kitchen table.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">We are finally at a point where those who have so far been apparently untouched by the financial crisis i.e. the middle classes who still have jobs, they have seen their homes increase in value and they still go abroad twice a year, are beginning to see their cost of living increase.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">As are the working classes, pensioners and those on low salaries or fixed incomes.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">They will soon recognise that no one is left unharmed by the monetary and economic policies which followed the financial crisis.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Easy monetary policy is wealth ignorant. It gives little regard to how you spend your money and where you hold your cash. That’s why savers have to make room for those real assets which cannot be shrunk down and magicked away.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Investments such as gold and silver by their very nature are immune to the shrinkflation effect and are an important hedge against it.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Next time you’re considering that bar of Toblerone at the supermarket checkout, just imagine how much is missing compared to when you would have bought with the proceeds of your first payslip.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Then consider how much a bar of gold would have changed since then, the fact is that it hasn't.&nbsp;You would still have the same sized bar, with the same gold content and it is worth a lot more now.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/gold-chart-usd-10-years.jpg" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/gold-chart-usd-10-years.jpg" width="558" height="341" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-full wp-image-10390" /></a></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><em><strong>Gold in USD - 10 Years</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Gold is twice the price it was before the crisis in 2007. While many household goods and products are higher in price or the same price but a much smaller size.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Shrinkflation is happening and real inflation is much higher than is being reported or people realise.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Your purchasing power and your wealth can be preserved from the ravages of shrinkflation, just don’t expect it to happen courtesy of central banks and governments.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">News and&nbsp;Commentary</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a 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wp-image-5047" /></a></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="https://www.bloomberg.com/news/articles/2017-06-27/markets-may-have-nothing-left-to-fear-but-fearlessness-itself">Markets Have Nothing Left to Fear But Fearlessness Itself (Reuters)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://moneyweek.com/the-real-reason-central-bankers-dont-want-to-raise-interest-rates/">Real reason central bankers don’t want to raise interest rates (Moneyweek)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://news.goldseek.com/GoldSeek/1498572180.php">Brexit&nbsp;One Year Later, in Five Charts (Goldseek)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.safehaven.com/article/44561/londons-palladium-markets-metal-shortage-structure-and-irregular-appearance">London's Palladium Market's Metal Shortage, Structure, and Irregular Appearance (Safe Haven)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://news.goldseek.com/GoldSeek/1498658700.php%C2%A0">Why Institutional Investors Are Buying Gold Again (Goldseek)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="https://www.investing.com/analysis/gold-summer-doldrums-200197329%C2%A0">Gold Summer Doldrums (Investing.com)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Gold Prices (LBMA AM)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">28 Jun: USD 1,251.60, GBP 976.25 &amp; EUR 1,101.91 per ounce<br />27 Jun: USD 1,250.40, GBP 980.31 &amp; EUR 1,111.36 per ounce<br />26 Jun: USD 1,240.85, GBP 975.56 &amp; EUR 1,109.32 per ounce<br />23 Jun: USD 1,256.30, GBP 987.70 &amp; EUR 1,125.27 per ounce<br />22 Jun: USD 1,251.40, GBP 988.36 &amp; EUR 1,120.13 per ounce<br />21 Jun: USD 1,247.05, GBP 989.04 &amp; EUR 1,118.98 per ounce<br />20 Jun: USD 1,246.50, GBP 981.99 &amp; EUR 1,117.24 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Silver Prices (LBMA)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">28 Jun: USD 16.78, GBP 13.08 &amp; EUR 14.78 per ounce<br />27 Jun: USD 16.66, GBP 13.07 &amp; EUR 14.79 per ounce<br />26 Jun: USD 16.53, GBP 12.98 &amp; EUR 14.79 per ounce<br />23 Jun: USD 16.71, GBP 13.12 &amp; EUR 14.97 per ounce<br />22 Jun: USD 16.58, GBP 13.09 &amp; EUR 14.85 per ounce<br />21 Jun: USD 16.51, GBP 13.03 &amp; EUR 14.81 per ounce<br />20 Jun: USD 16.59, GBP 13.10 &amp; EUR 14.88 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><br />Recent Market Updates</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.goldcore.com/us/gold-blog/goldman-citi-turn-positive-gold-despite-mysterious-flash-crash/">-&nbsp;Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/worst-crash-lifetime-coming-year-next-jim-rogers/">-&nbsp;Worst Crash In Our Lifetime Coming – Jim Rogers</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/go-for-gold-win-a-beautiful-gold-sovereign-coin/">-&nbsp;Go for Gold – Win a beautiful Gold Sovereign coin</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/only-gold-lasts-forever/">-&nbsp;Only Gold Lasts Forever</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/your-future-wealth-depends-on-what-you-decide-to-keep-and-invest-in-now/">-&nbsp;Your Future Wealth Depends on what You Decide to Keep and Invest in Now</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/inflation-is-no-longer-in-stealth-mode/">-&nbsp;Inflation is no longer in stealth mode</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-dwindling-supply-james-rickards/">-&nbsp;James Rickards: Gold Will Start Heading Higher On “Dwindling” Supply</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/billionaires-invest-gold/">-&nbsp;Billionaires Invest In Gold</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/brexit-uk-election-impact-uk-housing/">-&nbsp;Brexit and UK election impact UK housing</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-trust-must-see-gold-charts-research/">-&nbsp;In Gold we Trust: Must See Gold Charts and Research</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/pension-funds-sovereign-wealth-funds-central-banks-stock-gold-amid-uncertainty/">-&nbsp;Pension Funds, Sovereign Wealth Funds, Central Banks “Stock Up” on Gold “Amid Uncertainty”</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/4-charts-show-gold-may-heading-much-higher/">-&nbsp;4 Charts Show Gold May Be Heading Much Higher</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-pounds-surges-1-5-1001oz-uk-political-turmoil-likely/">-&nbsp;Gold in Pounds Surges 1.5% To £1,001/oz – UK Political Turmoil Likely</a></strong></p> <div class="m_-928942620346942956content-border-top" style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"> <div class="m_-928942620346942956container"> <div class="m_-928942620346942956row"> <div class="m_-928942620346942956col-sm-8 m_-928942620346942956col-md-6 m_-928942620346942956middle-col"> <div class="m_-928942620346942956blog-post-inside m_-928942620346942956post-4043 m_-928942620346942956post m_-928942620346942956type-post m_-928942620346942956status-publish m_-928942620346942956format-standard m_-928942620346942956hentry m_-928942620346942956category-weekly-market-update"> <div class="m_-928942620346942956blog-post-text"> <p><strong>Important&nbsp;<span class="m_-928942620346942956il">Guides</span></strong></p> <p>For your perusal, below are our&nbsp;<span class="m_-928942620346942956m_5033479916755799273m_2111833215933341997il">most</span>&nbsp;<span class="m_-928942620346942956m_5033479916755799273m_2111833215933341997il">popular</span>&nbsp;<span class="m_-928942620346942956m_5033479916755799273m_2111833215933341997il">guides</span>&nbsp;in 2017:</p> <p><strong><a href="http://t.hsms10.com/e1t/c/*W1sFhNs6QLBySW4Rr0Hl90CHT-0/*N5MhbFRBkTqXW95dlRy194d-P0/5/f18dQhb0S5ft8X-f1rW8cCGTT51FcdHN5s9DSvWrM1ZW3MpzC43frry_W8r4Kht63lH28W1lQSSc8y_DL1W8z_p0c67hcl-W1qMTKP5xLd3bN8zTG51RBdNtW3L39B54P7Fz2W8rCHmp3PnStQVS9p0b63dhWbW8mp0Tc5x5KNkW7-XB_567h1CPW8r5PXz49z-4PN2MV0Xm5w8jDW1mw3yc59SFsZN4H-tjrQC5z2VPC2cV7gvpc4W4XYhBl2y9PQJW4sxqtN7h5hQFW28TbSB2Cg_LLW96LzRy5DkRJDW5BRXXj2y4Lc7N3Kd2SV_-Nf6W3brNsz66rKFTW2xH0xz1lcG1VVQBGcH5DQdGhN22JjmzdPgQwW9464-Y5GFs9DW4Rj6Nh6BzJrnN45Ly2MkwRN4W8qYMH51FnsVDW2X9_p02MVHnbN2GZdYq215_BW1J7MZd3mgJK7W4F32xR1JjtM5W4Bn5JG3ZzLH2W5jL56q7dkHC7W3VtW1b1MWhN-W1MKd944yqBfl111" target="_blank">Essential&nbsp;<span class="m_6690301754972839650m_5033479916755799273m_2111833215933341997il"><span class="m_6690301754972839650il">Guide</span></span>&nbsp;To Storing Gold In Switzerland</a></strong></p> <p><strong><a href="http://t.hsms10.com/e1t/c/*W1sFhNs6QLBySW4Rr0Hl90CHT-0/*W5Hh19S2J1j6jW1gxPj45yTRLt0/5/f18dQhb0S5fw8X-fbXW8cCGTT51FcdHN5s9DSvWrM1YW3MpzC43frry_W8r4Kht63lH28W1lQSSc8y_DL1W8z_p0c67hcl-W1qMTKP5xLd3bN8zTG51RBdNtW3L39B54P7Fz2W8rCHjG25x99KVwyMQc6PVJWyW625bx16Gj8TSW6bVy-525hjVhW83KHrF7J39qHN2m8DqKmmF0wW1jsTjn5VDnrHVbq5fx4TKc2lW6Rjg6t5Pk17jW2xZzRk8LpcPpW36k5sF4FnHNZW1mvfQB2BpzSjN1mT8mr2g4dYW5VZ-P_37vq3BW2--Tfh1w3GzfW5CkFpW6ZccdyW5vvKY_3N2S6fW3KRSNH8yxr7CW7YJp821cQlwRW63x06S1bBvW3W408wWR11rnNbV4Vjkz6NjfdLW55Fr2P5nn1d6W301cwV4GX00sW5hfR428jJDdkW4Cy2w54wj2JxVMFy4w4hyJQMV6N2-D1mPRd4N6YRN0Y4ZDMLD2LMBk7BT1f5Fq5PC03" target="_blank">Essential&nbsp;<span class="m_6690301754972839650m_5033479916755799273m_2111833215933341997il"><span class="m_6690301754972839650il">Guide</span></span>&nbsp;To Storing Gold In Singapore</a></strong></p> <p><strong><a href="http://t.hsms10.com/e1t/c/*W1sFhNs6QLBySW4Rr0Hl90CHT-0/*W7dc5x_8dXcz0W57pb-W8yRfPY0/5/f18dQhb0Sjv98X-fhGW8cCGTT51FcdHN5s9DSvWrBCVW3MpzC43frry_W8r4Kht63lH28W1lQSSc8y_DL1W8z0sTg7mCbb0W57V1HT7tVHF9W8Z32tg35s628W859LV685kgn-W5mG2963qCNtmW8hTG4j5Zh496W2d551v3pNnKLVLrb9R83_Pn-W7JCxGl81bhDKW7N_KqM11GBXTW41TlcR3TwTqzW19BjML1ks0KjW7RPZVs5-2sjBW7ZzDyK7GLjPjW2KH_vB6SdpRZW1hx1p11Gg3W9W6rwy5K1YZKs5W2gFslL6NqPjwW1tbMwf7n90PHW67SS1j224DVBW6SdFBY1S1FW8W1Th1-Q1X2dwGW1swLvy81myPRW1B9M4Q6SdHPtW7C3gqS89xKZ9W1Ms6WG19gjwJN42ktpLPs031VgkKmy5qqk_FW41Q13s3srYmmW2-yGlm4v9PYhVmLW2J4r5l5jW7fnqv3187HWVW794lJw3T7yBDW1Zq0mT90vVQHW7SNfQy7BfhjRN3QzSrFQN_TjVcGblm3cFvNY0" target="_blank">Essential&nbsp;<span class="m_6690301754972839650m_5033479916755799273m_2111833215933341997il"><span class="m_6690301754972839650il">Guide</span></span>&nbsp;to Tax Free Gold Sovereigns (UK)</a></strong></p> <p>Please share our research with family, friends and colleagues who you think would benefit from being informed by it.</p> </div> </div> </div> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/shrinkflation-%E2%80%93-real-inflation-much-higher-reported#comments Bank of England BOE Business Central Banks Consumer Association Consumer Confidence Consumer Prices Currency Economy Euro European Union Finance fixed flash Google Hedge Inflation Institutional Investors Ireland Jim Rogers John McEnroe Monetary Policy Monetary policy MPC Pound sterling Precious metals Purchasing Power Quantitative Easing Quantitative easing Reuters Silver as an investment Sovereigns Swiss Franc Switzerland United States dollar US Federal Reserve Wed, 28 Jun 2017 21:00:00 +0000 GoldCore 598814 at http://www.zerohedge.com Banks Rush To Announce Dividend, Buyback Plans After All Pass Fed's Stress Test, COF Needs To Resubmit Plan http://www.zerohedge.com/news/2017-06-28/banks-rush-announce-dividend-buyback-boosts-after-all-pass-feds-stress-test <p>One week after the <a href="http://www.zerohedge.com/news/2017-06-22/fed-stress-results-are-out-everyone-passes-third-year-row">Fed found that all 33 US major banks have passed </a>the stress test and would survive even a surge in the VIX to 70, moments ago the Fed released the details of the second part of the stress test - the capital distribution to shareholders - where as expected, it also had no complaints to any bank's capital plans except to <a href="http://www.zerohedge.com/news/2017-06-09/credit-card-defaults-surge-most-financial-crisis">advise Capital One</a>, the troubled credit card lender with the rising bad loan problem, to resubmit its plan.</p> <p>Discussing Capital On, the Fed said "<strong>the firm’s capital plan did not appropriately take into account the potential impact of the risks in one of its most material businesses. </strong>Further, the firm’s internal controls functions, including independent risk management, did not identify these material weaknesses in the firm’s capital planning practices. Therefore, senior management was not in a position to provide the firm’s board of directors with a reliable assessment upon which to determine the reasonableness of the capital plan."</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/600x-1%20%281%29.png"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/600x-1%20%281%29_0.png" width="500" height="395" /></a></p> <p>The Fed also said if Capital One doesn’t satisfactorily address these weaknesses by Dec. 28, then the Fed expects to object to Capital One’s resubmitted capital plan and it may restrict the firm’s capital distributions.</p> <p>COF stock is sliding as a result:</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/20170628_COF_0.jpg" width="500" height="256" /></p> <p>Analysts estimated before Wednesday’s results that the tests would open the way for banks to boost dividends and share buybacks by as much as half. <strong>That would translate to about $30 billion more cash in shareholders’ pockets <a href="https://www.bloomberg.com/news/articles/2017-06-28/capital-one-must-resubmit-plan-as-33-banks-ace-fed-stress-tests"></a></strong><a href="https://www.bloomberg.com/news/articles/2017-06-28/capital-one-must-resubmit-plan-as-33-banks-ace-fed-stress-tests">according to Bloomberg</a><strong><a href="https://www.bloomberg.com/news/articles/2017-06-28/capital-one-must-resubmit-plan-as-33-banks-ace-fed-stress-tests"></a>. </strong>The lenders typically start announcing their next dividends and total potential payouts within minutes after the central bank’s report.</p> <p>Still, as Bloomberg adds, Wednesday’s results show that banks across the industry have more room to raise dividends after stockpiling capital in the wake of 2008’s financial crisis - but also after the Fed softened how aggressively it measures their ability to withstand severe shocks. This year, authorities dropped one of the toughest components, the so-called qualitative review, for all but the biggest banks.</p> <p>The industry is counting on a further relaxation of rules as President Donald Trump appoints more business-friendly board members to the Fed, shifting the balance of power from regulators to shareholders. Earlier this month, Treasury Secretary Steven Mnuchin recommended that stress tests be performed every other year and that banks maintaining a sufficiently high level of capital be exempt from exams.</p> <p>Broadly, “the Fed is going easy on the banks this time around when it comes to capital,” Nejat Seyhun, a finance professor at the University of Michigan in Ann Arbor, said before results were posted. “There is a new administration in town and Chairperson Janet Yellen is trying her best to get along with President Trump and push back on interference from the politicians against the Fed’s independence.”</p> <p>So as one after another bank announces their capital return plans, here are the details on their various buybacks and dividend plans as they trickle in.</p> <p>Here are the buyback announcements:</p> <ul> <li>ALLY TO BUY BACK UP TO $760M OF SHARES</li> <li>AMERICAN EXPRESS TO BUY BACK UP TO $4.4B OF SHRS</li> <li><strong>BANK OF AMERICA PLANS TO BUY BACK SHARES UP TO $12B</strong></li> <li>CAPITAL ONE SEES BUYING BACK UP TO $1.80B SHRS</li> <li>CIT TO BUY BACK UP TO $225M IN SHARES<strong></strong></li> <li><strong>CITIGROUP TO BUY BACK UP TO $15.6B SHARES, BOOST DIV TO 32C/SHR</strong></li> <li>CITIZENS PROPOSES COMMON SHARE REPURCHASES OF UP TO $850M</li> <li>COMERICA PROPOSES COMMON SHARE BUYBACK UP TO $605M</li> <li>BB&amp;T: RECOMMENDATION OF UP TO $1.88B IN SHARE BUYBACK</li> <li>BANK OF NEW YORK MELLON TO BUY BACK UP TO $2.6B SHRS</li> <li>DISCOVER PLANS TO BUY BACK UP TO $2.23B OF STOCK</li> <li>FIFTH THIRD TO BUY BACK UP TO $1.16BN OF SHARES</li> <li><strong>JPMORGAN TO BUY BACK UP TO $19.4B SHRS</strong></li> <li>KEYCORP TO BUY BACK UP TO $800M OF SHARES</li> <li>MORGAN STANLEY REPORTS SHARE BUYBACK OF UP TO $5B</li> <li>PNC TO BUY BACK SHARES UP TO $2.7B</li> <li>REGIONAL FINANCIAL PLANS UP TO 1.47BN SHARE BUYBACK </li> <li>STATE STREET TO BUY BACK SHARES UP TO $1.4B</li> <li>WELLS FARGO PLAN INCL UP TO $11.5B SHARE BUYBACK FOR 4 QTRS</li> </ul> <p>And divdends:</p> <ul> <li>ALLY BOOSTS QTR DIV TO 12C-SHR FROM 8C, EST. 10C</li> <li>AMERICAN EXPRESS TO BOOST QTR DIV TO 35C/SHR FROM 32C, EST. 35C</li> <li>BK PLANS BOOSTS OF QTR DIV TO 24C/SHR FROM 19C, EST. 22C</li> <li>CITIZENS TO BOOST QTR DIV TO 18C/SHR, UP 29%</li> <li>CIT PLANS TO BOOST QTR DIV TO 16C/SHR STARTING IN Q3</li> <li>COMERICA PLANS TO BOOST QTR DIV BY 15%</li> <li>DISCOVER PLANS TO BOOST QTR DIV TO 35C/SHR FROM 30C, EST. 34C</li> <li>FIFTH THIRD BOOSTS QTR DIV TO 16C FROM 14C, AND TO 18X IN Q2 2018</li> <li>JPMORGAN BOOSTS DIV TO 56C/SHR FROM 50C/SHR</li> <li>KEYCORP TO CONSIDER DIV BOOST UP TO 12C/SHR FOR 2Q OF 2018</li> <li>PNC BOOSTS QTR DIV TO 75C/SHR, UP 36%</li> <li>REGIONAL FINANCIAL BOOSTS QTR DIV TO 9C/SHR FROM 7C/SHR</li> <li>STATE STREET BOOSTS QTR DIV TO 42C/SHR FROM 38C, EST. 40C</li> <li>WELLS FARGO SEES BOOST TO 3Q DIV TO 39C/SHR FROM 38C, EST. 38C</li> </ul> <p>And this is how the banks are responding:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/20170628_ccar.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/20170628_ccar_0.jpg" width="500" height="254" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="134" height="101" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/yellen%20smiling_0.jpg?1498682643" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/banks-rush-announce-dividend-buyback-boosts-after-all-pass-feds-stress-test#comments Business Buyback Capital One Corporate finance Dividend Donald Trump Economy Economy of New York City Finance Financial capital Investment Janet Yellen JPMorgan Chase Michigan Risk Management Share repurchase Shareholders SHR State Street Stock market Stress Test the University of Michigan University Of Michigan US Federal Reserve Wells Fargo Wed, 28 Jun 2017 20:44:26 +0000 Tyler Durden 598863 at http://www.zerohedge.com Rosen Slams Canadian Accountants: “Investors Are Being Swindled" http://www.zerohedge.com/news/2017-06-28/rosen-slams-canadian-accountants-%E2%80%9Cinvestors-are-being-swindled <p><!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:RelyOnVML /> <o:AllowPNG /> </o:OfficeDocumentSettings> </xml><![endif]--><!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:RelyOnVML /> <o:AllowPNG /> </o:OfficeDocumentSettings> </xml><![endif]--></p> <p><!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves /> <w:TrackFormatting /> <w:PunctuationKerning /> <w:ValidateAgainstSchemas /> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF /> <w:LidThemeOther>EN-US</w:LidThemeOther> 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Accent 6" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6" /> <w:LsdException Locked="false" Priority="19" QFormat="true" Name="Subtle Emphasis" /> <w:LsdException Locked="false" Priority="21" QFormat="true" Name="Intense Emphasis" /> <w:LsdException Locked="false" Priority="31" QFormat="true" Name="Subtle Reference" /> <w:LsdException Locked="false" Priority="32" QFormat="true" Name="Intense Reference" /> <w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title" /> <w:LsdException Locked="false" Priority="37" SemiHidden="true" UnhideWhenUsed="true" Name="Bibliography" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="TOC Heading" /> <w:LsdException Locked="false" Priority="41" Name="Plain Table 1" /> <w:LsdException Locked="false" Priority="42" Name="Plain Table 2" /> <w:LsdException Locked="false" Priority="43" Name="Plain Table 3" /> <w:LsdException Locked="false" Priority="44" Name="Plain Table 4" /> <w:LsdException Locked="false" Priority="45" Name="Plain Table 5" /> <w:LsdException Locked="false" Priority="40" Name="Grid Table Light" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Mention" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hashtag" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Unresolved Mention" /> </w:LatentStyles> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false" DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="375"> <w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal" /> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 2" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 3" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 4" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 5" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 6" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 7" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 8" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 1" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 2" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 3" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 4" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 5" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 6" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 7" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 8" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading" /> <w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5" /> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature" /> <w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header" /> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink" /> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong" /> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4" 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gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} --><!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; 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" 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QFormat="true" Name="heading 8" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9" /> <w:LsdException Locked="false" Priority="39" 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SemiHidden="true" UnhideWhenUsed="true" Name="footnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading" /> <w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5" /> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature" /> <w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header" /> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink" /> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong" /> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Balloon Text" /> <w:LsdException Locked="false" Priority="39" Name="Table Grid" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Theme" /> <w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text" /> <w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading" /> <w:LsdException Locked="false" Priority="61" Name="Light List" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 1" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1" /> <w:LsdException Locked="false" SemiHidden="true" Name="Revision" /> <w:LsdException Locked="false" Priority="34" QFormat="true" Name="List Paragraph" /> <w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote" /> <w:LsdException Locked="false" Priority="30" QFormat="true" Name="Intense Quote" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 2" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 3" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 4" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 5" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 6" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6" /> <w:LsdException Locked="false" Priority="19" QFormat="true" Name="Subtle Emphasis" /> <w:LsdException Locked="false" Priority="21" QFormat="true" Name="Intense Emphasis" /> <w:LsdException Locked="false" Priority="31" QFormat="true" Name="Subtle Reference" /> <w:LsdException Locked="false" Priority="32" QFormat="true" Name="Intense Reference" /> <w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title" /> <w:LsdException Locked="false" Priority="37" SemiHidden="true" UnhideWhenUsed="true" Name="Bibliography" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="TOC Heading" /> <w:LsdException Locked="false" Priority="41" Name="Plain Table 1" /> <w:LsdException Locked="false" Priority="42" Name="Plain Table 2" /> <w:LsdException Locked="false" Priority="43" Name="Plain Table 3" /> <w:LsdException Locked="false" Priority="44" Name="Plain Table 4" /> <w:LsdException Locked="false" Priority="45" Name="Plain Table 5" /> <w:LsdException Locked="false" Priority="40" Name="Grid Table Light" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Mention" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hashtag" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Unresolved Mention" /> </w:LatentStyles> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false" DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="375"> <w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal" /> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 2" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 3" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 4" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 5" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 6" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 7" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 8" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 1" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 2" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 3" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 4" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 5" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 6" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 7" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 8" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading" /> <w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5" /> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature" /> <w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header" /> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink" /> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong" /> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1" /> <w:LsdException 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gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} --><!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} --></p><p><a href="https://www.sprottmoney.com/Blog/rosen-slams-canadian-accountants-investors-are-being-swindled-peter-diekmeyer.html"><br /> </a></p> <!--[endif] --><!--[endif] --><p><a href="https://www.sprottmoney.com/Blog/rosen-slams-canadian-accountants-investors-are-being-swindled-peter-diekmeyer.html">Bill Morneau was one of the country’s top pension fund management professionals before he went into government. But when Canada’s Minister of Finance recently addressed Concordia University business students, not one asked about the country’s $4 trillion national debt, much of which is pension-related.</a></p> <p>That’s not surprising – because, as the Fraser Institute notes, nearly three quarters of those debts are not included in the federal and provincial&nbsp; governments’ financial statements. So Canadians have no clue how bad the country’s true financial situation is.</p> <p>This lax reporting is spread throughout the system, including public companies, says one expert. <br />“Investors are being systematically swindled out of large amounts of retirement savings,” says Al Rosen, a forensic accountant and co-author of Easy Prey Investors, a recently-released book that details shortfalls of Canada’s lax reporting standards.</p> <p><strong>Accounting scandals abound</strong></p> <p>“Investors mistakenly believe that their pension plans, mutual funds and other investments are safeguarded,” says Rosen. “In fact they are suffering losses that are monumental, compared to individual publicized scams.” </p> <p>A key challenge says Rosen relates to Canada’s use of International Financial Reporting Standards, which “assign excessive power and choice to corporate management, providing them the ability to inflate corporate profits.”</p> <p>Rosen cites a range of accounting scandals including Valeant, Nortel and Sino-Forest as examples of Canadian laxness. </p> <p>(In one famous fraud case, Bre-X, auditors couldn’t be bothered to check if the company’s gold mine, it’s only major asset, actually existed. External accountants instead essentially relied on a manager’s claim that he had “found gold” in the core samples he presented to a valuation firm, when they signed off on the statements).</p> <p><strong>Bucephalous: creative pension assumptions </strong></p> <p>Those problems aren’t restricted to Canada says Robert Medd, president of Bucephalus Research Partnership, which has produced research regarding “creative accounting” at Alcoa, Raytheon, UPS and a slew of other global businesses. </p> <p>“Pension deficits continue to grow,” says Medd. “Investors have yet to focus on the detailed assumptions used by managements and how they might affect pensions’ solvency, valuations and corporate strategies.” </p> <p>Medd says that assumptions about life expectancies, obligation discount rates and forecast returns are key areas that management can adjust to (legally) underfund corporate pension plans and thus boost company earnings. “In many cases, pension discount rates and forecast returns have fallen, but nowhere near enough,” says Medd. </p> <p>Medd cites lax independent auditors as enablers of the inconsistencies. “Given the small number of audit firms, actuarial tables and regulations, one would assume that the assumptions used would be similar,” says Medd. “However there are some startling outliers (and) expected returns have stayed high.</p> <p>Aggressive pension accounting strategies work particularly well because they enable managers and auditors to boost short-term fees and bonuses, and to simultaneously get out of dodge before the pension obligations become due. </p> <p><strong>Accounting lobby shields profession from litigation</strong></p> <p>According to Rosen the 1997 Hercules Supreme Court of Canada decision essentially handed widespread legal immunity to financial statement auditors who approved misleading reports. “In essence, investors are being told that they should not be using audited annual financial statements for their investment decisions.” </p> <p>The situation is roughly similar to that in the United States where provisions in the Private Securities Litigation Act, which was enacted under heavy pressure from the quiet, but exceptionally powerful accounting lobby, also make it very hard to sue auditors. (In recent years a spate of lawsuits against US auditors are attempting to reestablish a balance). </p> <p>Because Canadian accountants are a self-regulating profession, additional blame lies with the regulators says Rosen, but they too have been asleep at the switch.</p> <p>“(Canadian) Securities commissions (have) maintained their well- established practice of rarely investigating financial statement manipulations, deferring auditors to determine what is appropriate,” says Rosen. “As a result securities prosecutions have been uncommon, convictions rare, and penalties trivial.” </p> <p><strong>Morneau sets the (creative accounting) standard</strong></p> <p><strong>&nbsp;</strong>Finance Minister Bill Morneau, when asked by an Alt-Fin writer about Canada’s accounting practices, following the Concordia event, defended the government’s position by pointing out that similar practices are in place in other major economies. </p> <p>(One estimate of unfunded liabilities in the United States runs to more than $200 trillion).</p> <p>In all fairness, Morneau inherited many of Canada’s shifty accounting procedures from the Conservative Harper Government, when the Liberals took power in 2015.<br />That said, Morneau’s expertise on this issue and his position in government, make him a natural leader on this issue. </p> <p>By continuing to play along with those old practices, Canada’s Finance Minister is signaling to his Cabinet colleagues and to Canadian businesses that it is OK to cook the books. </p> <p>Until that changes: investors had better watch out.</p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="723" height="445" alt="" src="http://www.zerohedge.com/sites/default/files/images/user236978/imageroot/rosen.jpg?1498681418" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/rosen-slams-canadian-accountants-%E2%80%9Cinvestors-are-being-swindled#comments Accountant Accounting Audit Business Business economics Concordia University Conservative Harper Government Economy Financial accounting Financial statement Fraser Institute International Financial Reporting Standards Labor National Debt Nortel Politics Social Issues Supreme Court Wed, 28 Jun 2017 20:37:28 +0000 peterdiekmeyercontributor 598861 at http://www.zerohedge.com Airlines Fear "Chaos" As Trump Unveils Enhanced Security Protocols For Every Inbound US Flight http://www.zerohedge.com/news/2017-06-28/airlines-fear-chaos-trump-unveils-enhanced-security-protocols-every-inbound-us-fligh <p>Instead of instituting a widespread laptop ban on every US-inbound flight, the <strong>Trump administration will require nearly 200 airlines (and implicitly almost 300 airports) around the world to meet new heightened security protocols</strong>, or be barred from entry.</p> <p><img height="335" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_laptop1_0.jpg" width="600" /></p> <p><a href="http://thehill.com/business-a-lobbying/339893-us-rolls-out-new-aviation-security-measures-as-alternative-to-laptop-ban"><em>As The Hill reports, </em></a><strong>the U.S. is rolling out new aviation security measures for all international flights coming into the country instead of imposing a laptop ban,</strong> the Department of Homeland Security (DHS) announced Wednesday.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Passengers on U.S.-bound flights can expect to go through a more &ldquo;extensive screening process&rdquo; beginning as soon as this summer in some areas, according to senior officials. The enhanced procedures will impact 105 countries, 180 airlines and an average of 2,000 daily flights.</p> <p>&nbsp;</p> <p><strong>&ldquo;It is time that we raise the global baseline of aviation security. We cannot play international whack-a-mole with each new threat,&rdquo; </strong>DHS Secretary John Kelly said during a security conference on Wednesday.</p> <p>&nbsp;</p> <p><strong>&ldquo;Instead, we must put in place new measures across the board to keep the traveling public safe and make it harder for terrorists to succeed.&rdquo;</strong></p> <p>&nbsp;</p> <p>The administration&#39;s announcement comes after weeks of negotiations between the U.S. and Europe over whether to restrict large electronics on all U.S.-bound flights &mdash; a policy that currently only applies to 10 overseas airports.</p> </blockquote> <p><strong>The U.S. <span style="text-decoration: underline;">does not have jurisdiction over foreign airports</span>, but <span style="text-decoration: underline;">has authority over airlines</span> that have direct flights into the country.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The new measures include <strong>additional sniffer dogs, improved &ldquo;next-generation&rdquo; technology, more intensive screening,</strong> more vetting and a host of &ldquo;unseen&rdquo; efforts targeting passenger areas and around aircraft.</p> <p>&nbsp;</p> <p><strong>&ldquo;Carriers will be given specific direction on what they need to institute,&rdquo; </strong>said an official, who described the actions as &ldquo;raising the bar globally&rdquo; but said it was unlikely the measures would prove &ldquo;unduly disruptive&rdquo;.</p> </blockquote> <p>The administration imposed a laptop ban earlier this year on U.S.-bound flights from 10 airports in the Middle East and Africa, which the DHS said was necessary because terrorists have been pursuing innovative methods to smuggle bombs into commercial flights.</p> <p>The electronics restrictions at those airports can be lifted, however, if they comply with the new aviation security measures, senior officials said Wednesday.</p> <p><a href="https://www.ft.com/content/6d965872-5c23-11e7-9bc8-8055f264aa8b?emailId=59540afce30579000409b673&amp;segmentId=3d08be62-315f-7330-5bbd-af33dc531acb"><em>The FT concludes,</em></a> <strong>one European airline official predicted &ldquo;chaos, at least to begin with&rdquo;,</strong> saying there were questions over the cost of new security equipment and whether passengers transferring on their way to the US would need to be screened twice. But the official added:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;We&rsquo;re absolutely relieved that this is not a laptop ban, and that this is a worldwide measure, not one that is EU focused. A laptop ban would have caused fire hazards if they were packed in the hold, and those issues were never resolved.&rdquo;</p> </blockquote> <p><strong>But people close to major European airports played down the impact the new security measures would have,</strong> noting that they already have some of the most robust security in the world.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;From what we understand this would be just general enhanced screening,&rdquo;</strong> according to one industry spokesperson. &ldquo;It&rsquo;s something we have been preparing for already.&rdquo;</p> </blockquote> <p>US government officials see an <strong>&ldquo;urgent and evolving&rdquo; terror threat to airliners and terrorists are plotting &ldquo;multiple approaches&rdquo; to breach airline security.</strong> They say the new measures will counter risks previously tackled only in piecemeal fashion as they emerged, such as explosives concealed in underwear, shoes, liquids and most recently laptops.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="558" height="288" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170628_laptop.jpg?1498681578" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/airlines-fear-chaos-trump-unveils-enhanced-security-protocols-every-inbound-us-fligh#comments Airport Airport security Aviation Aviation law Department of Homeland Security Direct flight Electronics Electronics ban European Union Government heightened security protocols Islamic terrorism in the United States Middle East Middle East Politics Security Transatlantic aircraft plot security reaction Trump Administration United States Department of Homeland Security US government Wed, 28 Jun 2017 20:28:15 +0000 Tyler Durden 598860 at http://www.zerohedge.com "How Did It Go So Wrong" Goldman Asks, As It Slashes Oil Price Target http://www.zerohedge.com/news/2017-06-28/how-did-it-go-so-wrong-goldman-asks-it-slashes-oil-price-target <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>""Spot WTI oil prices at $43/bbl are now back to November pre-OPEC deal levels, down from $52/bbl just a month ago and vs. our prior 3-mo $55/bbl forecast. How did it go so wrong? </p> </blockquote> <p>&nbsp; &nbsp; &nbsp;&nbsp; <em>- Goldman Sachs</em></p> <p>Goldman has done it again.</p> <p>Shortly after Goldman's tech analyst came out with a bullish note on WTI, saying oil is now "<strong>shifting focus back onto ~51.67-51.81. Keeping a stop at 43.32 (Jun. 22nd high)</strong>...." and adding "daily oscillators are crossing upwards from the bottom of this recent range... this ultimately opens up potential to eventually re-test the 200-dma/Dec. ’16 downtrend up at 51.67-51.81. Reaching these pivots would still maintain the trend of lower/lows and lower highs that has been in place since January...."</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/wti.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/wti_0.jpg" width="500" height="369" /></a></p> <p>... Goldman's commodity analyst, Damien Courvalin came out and in a note which contains the infamous words "How did it go so wrong",&nbsp; cut Goldman's 3 month price target on WTI from $55.50 to $47.50 as "shale drilling ramp-up and large rebounds by Libya, Nigeria are expected to slow 2017 stock draws" crushing Goldman's man near-term bullish thesis.&nbsp; Courvalin also notes that prices will trade near $45/bbl until U.S. horizontal rig count lowers, stock draws increase or OPEC makes additional output cuts&nbsp; Goldman's suggestion is that to normalize inventories, OPEC should cut more than what Libya, Nigeria adding. </p> <p>"We have yet to see if the U.S., service sector can convert this unprecedented increase in drilling into production"</p> <p>And while Goldman cut its near -term price target, it keeps its long-term WTI price “anchor” at $50/bbl on ongoing shale productivity gains and cost deflation elsewhere. At least until that too is cut in the not too distant future.</p> <p>Here are the key sections from Courvalin's note:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Spot WTI oil prices at $43/bbl are now back to November pre-OPEC deal levels, down from $52/bbl just a month ago and vs. our prior 3-mo $55/bbl forecast. How did it go so wrong? </strong>The surprise over the past month was that two large US stock builds and the unexpected ramp-up in Libya and Nigeria reduced the confidence that inventories would normalize before the end of the OPEC deal. Concurrently, the steady increase in the US rig count and the six month drilling to production lag now imply that US production will be growing strongly by the end of the OPEC deal. This threatens to close the window of time for stocks to normalize before the OPEC cuts end and raises the concerns that OPEC will then ramp up production to defend market share.&nbsp; </p> <p>&nbsp;</p> <p>No longer being able to dissociate between the 2017 draws and the concerns of a surplus in 2018, Dec-17 oil prices could no longer act as the anchor and pivot for the forward curve and left the whole curve to return into contango. In fact, trading of the distinct 2017 vs. 2018 balances through long Dec-17 vs. short Dec-18 timespread positions likely precipitated this unraveling by offering producers too strong a price signal to ramp-up production this year. </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%201.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%201_0.jpg" width="500" height="201" /></a> </p> <p>&nbsp;</p> <p>Despite the market losing its pivot point, the other relative moves in oil prices during the recent sell-off have remained consistent with our fundamental framework: </p> <p>&nbsp;</p> <p>The threats of a surplus next year precipitated the decline of the 1-n year forward price to $45/bbl, which we discussed last month had to occur (albeit in our view only gradually), to slow the shale rebound</p> <p>The still ongoing draws have driven near-dated timespreads stronger over the past month, with no visible impact yet of the Libya/Nigeria recovery </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%202.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%202_0.jpg" width="500" height="231" /></a><strong> </strong></p> <p>&nbsp;</p> <p><strong>The new anchor is likely to be the price at which shale activity slows </strong></p> <p>&nbsp;</p> <p>The oil market is back to searching for an anchor and we believe that this will likely be for now the price at which shale activity slows. Until a month ago, the greater than seasonal March-May draws and the upcoming May OPEC meeting had helped rationalize the steady ramp up in US activity. Data since then has however shaken confidence that these draws were real and sustainable and the market must now address the shale response. Shale’s velocity is making it the marginal barrel today, pushing the burden of proof on determining once again at what price oil horizontal drilling activity will decline. </p> <p>&nbsp;</p> <p>Where does this leave us? We believe that prices have reached a level near $45/bbl at which US producers should start to adjust their drilling activity. Further, strengthening near-dated timespreads suggest that the draws we expect have yet to unravel. The threat of Libya/Nigeria production, the uncertainty on when and at what price level shale activity will slow and the shrinking window of time for the draws to normalize inventories before OPEC is tempted to ramp up all leave us cautious of calling for a sharp bounce in prices here.</p> </blockquote> <p>And the summary: </p> <ul> <li>The fast ramp-up in shale drilling and the unexpectedly n large rebound in Libya/Nigeria production are on track to slow the 2017 stock draws. This creates risks that the normalization in inventories will not be achieved by the time the OPEC cut ends next March. We expect this will leave prices trading near $45/bbl until there is evidence of (1) a decline in the US horizontal oil rig count, (2) sustained stock draws or (3) additional OPEC production cuts. Given that the market is now out of patience for large stock draws and increasingly concerned about next year’s balances, we believe that price upside will need to be front-end driven, coming from observable near-term physical tightness.</li> <li>Cyclically, we believe that the balance of risks is nonetheless shifting from the downside to the upside: (1) global inventories are still drawing and we continue to forecast a deficit this year, (2) net long positioning is back to its February 2016 low level, (3) production disruptions are at their lowest levels in 5 years and skewed to the upside, (4) OPEC can (and in our view should) act and cut more than what Libya/Nigeria are adding, (5) our demand forecast remains above consensus expectations, and finally (6) we have yet to see if the US service sector can convert this unprecedented increase in drilling into production and what inflationary pressures this will create. <strong>As a result, while we are lowering our 3-mo WTI forecast to $47.50/bbl from $55/bbl previously, it remains above the forward curve.</strong></li> <li>Structurally, however, ongoing productivity gains for shale and cost deflation elsewhere corroborate our $50/bbl long-term WTI price anchor. While this leaves risk to our 2018-19 $55/bbl forecast squarely skewed to the downside, the shale breakeven discovery process is still a work in progress given the opposing forces of productivity gains, cost inflation and the dynamic cost structure of shale.</li> </ul> <p>And the punchline of the whole report: </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>This leaves us cyclically bullish within a structurally bearish framework: </strong>the near-term price risks are now increasingly skewed to the upside while the low velocity deflationary forces of the New Oil Order are still at play.</p> </blockquote> <p>Good luck figuring out what that means. </p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="300" height="168" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/there%20will%20be%20blood_11.jpg?1498681096" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/how-did-it-go-so-wrong-goldman-asks-it-slashes-oil-price-target#comments Business Cartels Chronology of world oil market events Commodity markets Contango Energy crisis goldman sachs Goldman Sachs Market Share OPEC OPEC Organization of Petroleum-Exporting Countries Petroleum Petroleum industry Petroleum politics Price of oil Primary sector of the economy recovery World oil market chronology from Wed, 28 Jun 2017 20:25:55 +0000 Tyler Durden 598859 at http://www.zerohedge.com Dollar Dumped, Tech Stocks Pumped As Central Banker Bias Turns Tighter http://www.zerohedge.com/news/2017-06-28/dollar-dumped-tech-stocks-pumped-central-banker-bias-turns-tighter <p>More crappy data and every central banker in the world turning hawkish... BTFD you idiots!!</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/bT8CRi9k4bo" width="560"></iframe></p> <p>&nbsp;</p> <p>As we noted earlier... there&#39;s only one thing standing...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_last.jpg"><img height="378" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_last_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>Before the US cash open, The ECB desperately tried to jawbone back Draghi&#39;s comments from yesterday... it was met with an instant reaction lower (in Bund yields and EURUSD) but the rest of the day saw that reaction entirely erased...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD3_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p>The ECB chatter did impact US equities early on...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD12.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD12_0.jpg" style="width: 600px; height: 417px;" /></a></p> <p>&nbsp;</p> <p>Nasdaq was crazy today, with chaotic moves all over the place as every effort was made to ensure the tech-heavy index closed above the May close of 6198.5...</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD16.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD16_0.jpg" style="width: 600px; height: 324px;" /></a></p> <p>&nbsp;</p> <p>The bounce occurred right at the 50DMA...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD9.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD9_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>FANG Stocks bounced off the tech-wreck day lows...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD7.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD7_0.jpg" style="width: 600px; height: 316px;" /></a></p> <p>&nbsp;</p> <p>The entire equity complex saw v-shape recovery today.. which started at 10ET following dismal home sales data...NOTE - Dow, S&amp;P, Trannies, and Small Caps went nowhere after Europe closed, Nasdaq kept on running. Little selling pressure into the close...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD15.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD15_0.jpg" style="width: 600px; height: 335px;" /></a></p> <p>&nbsp;</p> <p>Nasdaq was unable to recover yesterday&#39;s losses and the S&amp;P ended unch from Monday&#39;s close...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD17.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD17_0.jpg" style="width: 600px; height: 336px;" /></a></p> <p>&nbsp;</p> <p>The driver of the panic-bid - simple - another huge short-squeeze at the open and lasted through the European close... (today was&nbsp; <strong>the biggest short-squeeze since the first day of March</strong>)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD4_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p>Banks were bid and Utes were offered today ahead of the stress test results...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD13.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD13_0.jpg" style="width: 600px; height: 390px;" /></a></p> <p>&nbsp;</p> <p>As rates and the yield curve has plunged in June, so the big banks have been bought...round-tripping today from the CAR results last week...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD14.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD14_0.jpg" style="width: 600px; height: 387px;" /></a></p> <p>&nbsp;</p> <p>Despite the manic buying in stocks, bonds limped only 1-2bps higher (with 2Y yields actually down 2bps on the day)...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD5_0.jpg" style="width: 600px; height: 313px;" /></a></p> <p>&nbsp;</p> <p>The Dollar Index extended its losses after Carney and Poloz comments in Sintra... the Dollar Index is now at pre-Fed-hike levels...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD6.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD6_0.jpg" style="width: 600px; height: 313px;" /></a></p> <p>&nbsp;</p> <p>Funnily enough USDJPY (green below) was deadstick as everything flew around in FX land<strong><em> (and Kuroda warned the world that &quot;there&#39;s no magic wand.&quot;)</em></strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD8.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD8_0.jpg" style="width: 600px; height: 317px;" /></a></p> <p>&nbsp;</p> <p>Poloz restating his bias towards higher rates sent CAD surging most since March 15th to its strongest since Feb 2017...<strong><em>&ldquo;The Poloz comments buttress the change in tone that we&rsquo;ve seen from the Bank over the past month,&rdquo;</em></strong> said&nbsp;Bipan Rai, Toronto-based senior foreign-exchange and macro strategist at Canadian Imperial Bank of Commerce.<em><strong> &ldquo;There&rsquo;s still some speculative shorts out there are being squeezed as a result.&rdquo;</strong></em></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_cad1.jpg"><img height="315" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_cad1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>Cable also extended yesterday&#39;s gains after Carney hinted at stimulus withdrawal... (biggest gain since April and strongest since the election)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD2_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>WTI and RBOB bounced notably after DOE inventory and production data...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD10.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD10_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>Gold and silver managed to close higher also as the dollar sank...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD11.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD11_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>Finally, as Bloomberg notes, <strong>high-beta stocks are no longer in sync with the S&amp;P 500, sending a cautionary signal to equity bulls. </strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD1.jpg"><img height="312" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD1_0.jpg" width="600" /></a></p> <p>The S&amp;P 500 High Beta Index turned south before each of the last two stock corrections. The high-beta index peaked in February 2011, more than two months before the S&amp;P 500&#39;s apex that March. Again in 2015, the high-beta index peaked about a month before the S&amp;P 500. In 2017, the high-beta index peaked in February yet has failed to recover with the broader market.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="600" height="50" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170628_EOD.jpg?1498677985" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/dollar-dumped-tech-stocks-pumped-central-banker-bias-turns-tighter#comments Beta Business CAD Economy European Central Bank Finance Fundamental analysis Investment Market trend Mathematical finance Money NASDAQ NASDAQ recovery S&P S&P 500 S&P 500 Index Stress Test US Federal Reserve Yield Curve Wed, 28 Jun 2017 20:02:27 +0000 Tyler Durden 598858 at http://www.zerohedge.com It Begins: WalMart Warns Truckers It Will No Longer Work With Them If They Move Goods For Amazon http://www.zerohedge.com/news/2017-06-28/it-begins-walmart-warns-truckers-it-will-no-longer-work-them-if-they-move-goods-amaz <p>The cold war between America's two largest retailers just turned hot. </p> <p>In a note this morning from Deutsche Bank's freight and logistics analyst Amit Mehrotra, he notes that&nbsp; the "WMT vs. AMZN battle is heating up" and points to a report by DV Velocity, according to which a well respected transportation industry consultant told attendees of a logistics conference that <strong>Walmart (WMT) is telling trucking companies that it will no longer do business with them if they continue moving goods for Amazon (AMZN). </strong></p> <p>This follows similar reports citing WMT’s “request” for its tech partners to stop using Amazon Web Services. </p> <p>The news, while suggestive perhaps of Walmart's growing desperation in its war with the retail juggernaut that is Amazon, has dramatic implications not only for the future of retail (and associated prices) but for one of the most important US industries: trucking, and the number of people it employes. </p> <p>According to Deutsche, these developments, "<strong>are likely to have significant implications for U.S. transportation companies, in our view, as Amazon and Walmart remain two of the largest users of truckload capacity. For reference Walmart represents about 14% of SWFT’s operating revenues and traditional retail accounts for about half of WERN's total sales (WMT around 4%)."</strong></p> <p>A map of Amazon's multiplying <a href="https://blog.taxjar.com/amazon-warehouse-locations/">fulfuillment centers is shown below.</a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/Amazon-Fulfillment-Centers-October-2016-1024x576.png"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/Amazon-Fulfillment-Centers-October-2016-1024x576_0.png" width="500" height="281" /></a></p> <p>And, as <a href="http://www.cnbc.com/2017/06/21/wal-mart-is-reportedly-telling-its-tech-vendors-to-leave-amazons-cloud.html">CNBC reported last week</a>, WalMart warned some tech companies that if they want Wal-Mart's business, they can't run applications on Amazon's cloud platform, Amazon Web Services, some tech companies told The Wall Street Journal. Wal-Mart uses some tech vendors' cloud apps that run on AWS, Wal-Mart spokesman Dan Toporek told the Journal, though he declined to say which apps or how many. But Toporek did acknowledge instances where Wal-Mart is pushing for AWS alternatives, the Journal reported Wednesday.&nbsp; </p> <p>Wal-Mart spokesman Toporek told CNBC in an email: "Our vendors have the choice of using any cloud provider that meets their needs and their customers' needs. It shouldn't be a big surprise that there are cases in which we'd prefer our most sensitive data isn't sitting on a competitor's platform." Wal-Mart doesn't appear to be alone in this push to leave AWS, either.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Other large retailers are reportedly requesting that service providers move away from AWS, the Journal said, citing technology vendors that work with retailers. Adding to the many growing conflicts of interest, Amazon has confirmed a number of retailers it competes with use AWS, for example GameStop. </p> <p>&nbsp;</p> <p>The battle between Wal-Mart and Amazon is only heating up, after Amazon announced plans last week to acquire brick-and-mortar grocery retailer Whole Foods. With Amazon stepping into Wal-Mart's turf in grocery, Wal-Mart has been trying to beef up its e-commerce presence.</p> </blockquote> <p>In light of AMZN's recent expansion with the purchase of WFM, one can see why WMT is starting to take it much more seriously. Perhaps Amazon's latest push (and WMT's lobbying effort) may explain why Trump decided to finally reignite his long-simmering war with AMZN CEO Jeff Bezos, when this morning he tweeted “The #AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes (which they should) is FAKE NEWS!” </p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">The <a href="https://twitter.com/hashtag/AmazonWashingtonPost?src=hash">#AmazonWashingtonPost</a>, sometimes referred to as the guardian of Amazon not paying internet taxes (which they should) is FAKE NEWS!</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/880049704620494848">June 28, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="640" height="378" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/amazon%20prime.jpg?1498661282" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/it-begins-walmart-warns-truckers-it-will-no-longer-work-them-if-they-move-goods-amaz#comments 3D publishing Amazon Web Services Amazon.com Cloud computing Computing E-commerce Economy of the United States Software Technology Wall Street Journal Walmart WMT Wed, 28 Jun 2017 19:54:02 +0000 Tyler Durden 598832 at http://www.zerohedge.com Planning To Sell Volatility? Goldman Explains Why It Will Buy From You http://www.zerohedge.com/news/2017-06-28/planning-sell-volatility-goldman-explains-why-it-will-buy-you <p>Other than buying Ethereum, one strategy has stood out in investing circles - selling US equity market volatility, and as Goldman notes, the <strong>profitability of vol-selling strategies has accelerated in the last year</strong>. With vol at record lows, and after a long-run of success, Goldman unveils its guide to selling volatility, why it&#39;s a good idea, and how to do it.</p> <p><em>Via Goldman Sachs,</em></p> <p><strong>We are increasingly asked whether flows into options and VIX selling strategies are pressuring options prices and dampening stock price moves. </strong>Indeed, when an investor sells an option, the Market Maker on the other side of the trade &ldquo;delta-hedges&rdquo; the portion of the trade where there is not a natural buyer. This &ldquo;delta-hedging&rdquo; dampens the volatility of the underlying asset from the time of the trade until expiry, all else equal. In this report, we explore the public data that is available to assess whether options and VIX ETP flows have the potential to contribute to the decline in implied and realized volatility. While a significant portion of the options market trades in OTC markets (where public data is sparse), we believe trends in OTC markets are consistent with our findings in the listed markets. <strong><em>In fact, based on our discussions with those that run systematic options strategies, much of OTC volume is recycled into the listed market and likely to influence publically available data.</em></strong></p> <h3><strong>Why are investors asking if options selling strategies are crowded?</strong></h3> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>1. <strong>Recent volatility is low and options selling returns are strong.</strong> Volatility has been low and <strong>volatility selling strategies have produced strong risk-adjusted returns over the past several years, accelerating in the past year.</strong></p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_goldmanvol1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_goldmanvol1_0.jpg" style="width: 600px; height: 439px;" /></a></p> <p>&nbsp;</p> <p>For example, selling 1-month VIX futures has yielded a total return of 197% over the past year (see Exhibit 2). The average 1-month realized volatility of the SPX has been 9.1% while the options market has priced in an expected (implied) volatility of 13.5%. A variety of options sellers have benefitted from lower volatility than was priced in.</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_goldmanvol2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_goldmanvol2_0.jpg" style="width: 600px; height: 462px;" /></a></p> <p>&nbsp;</p> <p>2. <strong>Low volatility environments tend to persist.</strong> Generalist investors recognize that volatility tends to stay low for an extended period of time. During the last cycle, SPX 3-month realized volatility was below 15 for nearly 4 years from Sept-2003 to July-2007. Volatility in this cycle has been below 15 for just over 1 year. The expectation for low volatility, but also fear of a cyclical pullback lead most of our questions to focus on selling covered calls (overwriting) rather than put or straddle selling strategies.</p> <p>&nbsp;</p> <p>3. <strong>Fear of crowded trades after Feb 2016 &ldquo;Factormaggedon&rdquo;.</strong> Investors have been particularly interested in understanding crowded factors since the significant moves in factors during February 2016. We believe the narrative of &ldquo;crowded strategies&rdquo; travels further than usual in markets where data is less well-understood and more difficult to track than other markets as they are more difficult to refute.</p> </blockquote> <h3><strong>Should investors sell volatility?</strong></h3> <p>We see an assessment of flows as only one part of assessing the risk-reward of an investment. <strong>The strength of the fundamentals behind the investment is of primary importance followed by valuation and crowding</strong>.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>1. Current fundamentals support low volatility environment.</strong> Our analysis of the correlation of volatility with major macro variables suggest that US GDP, ISM, Employment growth are consistent with low levels of volatility.</p> <p>&nbsp;</p> <p><strong>2. Equity Valuations have risen, but cash flow remains high. </strong>We find Free Cash Flow yield is the metric most closely tied to downside volatility risk for equities, whether used as a time series or cross-sectional signal. The FCF yield of the S&amp;P 500 (ex-Financials) of 4.1% is near 30 year median levels, suggesting there is not an unusually large probability of a large drawdown. Specifically, using our GS-EQMOVE model, that incorporates FCF yield and other macro variables, we estimate a 9% probability of a 1-month 5% down-move in the SPX in the current fundamental environment.</p> <p>&nbsp;</p> <p><strong>3. Volatility is a mean-reverting asset,</strong> but mind the gap (between implied and realized). It is true that volatility is near the bottom of its multi-decade range and will increase at some point; however, investors need a large increase to offset the significant carry cost associated with buying options. We believe option buying should be done selectively ahead of events that have the potential to drive volatility.</p> </blockquote> <p>And helpfully, Goldman explains...</p> <h3>Volatility selling for the Generalist: How do investors typically &ldquo;sell-volatility&rdquo;?</h3> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>1. Overwriting: </strong>Selling calls on stocks that one owns is the most common volatility selling strategy as it both reduces equity risk and collects income.</p> <p>&nbsp;</p> <p><strong>2. Put selling:</strong> Investors sell puts to collect income in exchange for agreeing to buy a stock if it falls below the strike price before expiration. They hold collateral (cash).</p> <p>&nbsp;</p> <p><strong>3. Straddle/Strangle selling: </strong>combining Overwriting with put selling to benefit from a range-bound stock.</p> <p>&nbsp;</p> <p><strong>4. Short-VIX strategies: </strong>There are a number of VIX related ETPs that aim to replicate specific systematic VIX futures selling strategies.</p> </blockquote> <p>And if you wondered what to buy (or sell)...</p> <p><strong>We use macro and fundamental data for S&amp;P 500 companies to estimate the probability of large moves in the SPX to evaluate whether options are &ldquo;overpriced&rdquo; or &ldquo;underpriced&rdquo; relative to the fundamental environment.</strong> In our methodology paper &ldquo;GS-EQMOVE: The probability of up and down,&rdquo; June 6, 2014, we show how this analysis can be used to improve index option selling strategies over time.</p> <p>Based on the current levels of ISM new orders, US Capacity Utilization, S&amp;P 500 FCF yield and Return on Equity, we estimate there is a 16% probability of a 5% up-move over a 1-month period and a 9% probability of a 5% down-move over a 1-month period.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_goldmanvol3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_goldmanvol3_0.jpg" style="width: 600px; height: 592px;" /></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Calls appear significantly undervalued</strong> implying less than a 2% probability of a 5% upmove. Calls appear more attractive than 95% of the observations over the past 20-years.</p> <p>&nbsp;</p> <p><strong>Puts appear slightly overvalued</strong> implying a 12% probability of a 5% down-move. The overvaluation of puts is smaller than normal with puts less overvalued than in 87% of the observations over the past 20 years.</p> </blockquote> <p><strong><em>We have one simple question - if Goldman is so willing to &#39;buy&#39; your vol, why are you &#39;selling&#39;?</em></strong></p> <p>&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="893" height="687" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170628_goldmanvol2.jpg?1498671898" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/planning-sell-volatility-goldman-explains-why-it-will-buy-you#comments Business Economy Finance goldman sachs Goldman Sachs Mathematical finance Money Options OTC S&P 500 S&P/ASX 200 VIX Technical analysis VIX Volatility Volatility Volatility arbitrage Wed, 28 Jun 2017 19:50:00 +0000 Tyler Durden 598844 at http://www.zerohedge.com In Bizarre Note, Quant Admits Blowing Up Clients, Then Says "Being Wrong No Reason To Change One's Stance" http://www.zerohedge.com/news/2017-06-28/bizarre-note-quant-admits-blowing-clients-then-says-being-wrong-no-reason-change-one <p>In what is by far the most entertaining research report of the day, Canaccord quant Martin Roberge, essentially admits and apologizes for blowing up the bank's energy client returns in 2017 (with an endless long oil reco), but then - in a bizarre follow up - says that while Canaccord overweight rating on energy has been "<strong>costly and like many investors, we feel like throwing in the towel on the group. However, being wrong is not a good reason enough to change one’s stance."</strong></p> <p>Actually, Robert, our gratitude for the best joke of the day aside, <strong>being wrong is always a good reason to change one's stance</strong>, unless of course you are long stocks, in which case being "wrong" simply means the Fed or some other central bank comes to bail you out the second markets "crash"by 5% or more. <strong><br /></strong></p> <p>And just to share some of the cheer, here are the key excerpts from Roberge's note, "<em>Mid-Week Market Observations"</em></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>What went wrong? </strong>The underperformance of energy stocks in 2017 has erased the outperformance in 2016. <strong>Our OW stance has been costly and like many investors, we feel like throwing in the towel on the group. However, being wrong is not a good reason enough to change one’s stance. </strong>After all, our OW stance has been predicated on four bullish factors: crude inventory draws, rebalancing world oil markets, a weak US$ and valuation of energy shares expanding from key historical supports. Except for the latter factor, most of these bullish elements are playing out. US commercial (and OECD) crude inventories should keep dwindling as long as gasoline inventories stay below their 26-week average (Figure 1). </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%201.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%201_0.jpg" width="500" height="593" /></a> </p> <p>&nbsp;</p> <p>Second, the extension of the 1.8 MMbbl/d OPEC/Non-OPEC production-cut agreement until next March is enough to rebalance world oil markets in 2017 and 2018 (Figure 2) according to the EIA. Third, the US$ has dipped to multi-week lows with no rebound in sight as long as the US economy lags world economic momentum and the US twin deficit deteriorates (Figure 3). </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%202-3.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%202-3_0.jpg" width="500" height="299" /></a> </p> <p>&nbsp;</p> <p>Last, NA energy stocks are bombed out, trading at a 41% P/BV discount to the market, a new all-time low (Figure 4). </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%204.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%204_0.jpg" width="500" height="599" /></a></p> </blockquote> <p>Ok so, the clients are all blown up but the analyst refuses to change his view. At least he offers the following <em>mea culpa, </em>although we doubt it will be of much use to those who listened to him all the way down.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Any precedents? </strong>As quants, <em><strong>we are vulnerable to breaks in historical relationships and this is exactly what happened in Q2. </strong></em>Only once in the last 30 years (in Q2/95) have we seen crude oil plunging in Q2 despite significant inventory draws. In fact, the decoupling in Q2 is more than a two-standard-deviation move. The regression line in Figure 5 shows that the 27M draw (5% decline) in inventories should have equated to a high double-digit increase in oil prices in Q2. Could the market see crude builds this summer? </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%205.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%205_0.jpg" width="500" height="564" /></a></p> <p><strong>This would be very unlikely given the recent relapse in oil prices. </strong>Figure 6 should remind investors that there is roughly a three-month lag between oil prices and US rig counts. As such, US Shale production should taper off this summer. Furthermore, the table at the bottom of Figure 5 shows that historically, crude inventory draws in Q2 tend to persist in H2. Looking at the last outlier in Q2/95, oil prices and TSX energy stocks rebounded 12.4% and 6.8%, respectively, in H2/95. </p> <p>&nbsp;</p> <p><strong>Other factors at work. </strong>It is hard to pinpoint THE factor behind the above disconnect. Many investors point to OPEC eventually losing its battle to US Shales, hence a persistent oil glut. However, not only is the extension of the OPEC/Non-OPEC production-cut agreement to March 2018 expected to balance world oil markets (Figure 2), but a further extension to December 2018 would likely be struck to guarantee balanced oil markets. Another explanation could be spec positioning. Entering Q2, the market was too optimistic with total net long positions (WTI + Brent) nearing ~400K contracts (Figure 7). <strong>Many of these long positions have now been liquidated to levels that matched prior interim oil-price bottoms.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%207.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%207_0.jpg" width="500" height="296" /></a></p> <p>&nbsp;</p> <p>On energy stocks, beyond weak oil prices, the craze for growth over value investing may explain the underperformance YTD. Despite growth being overvalued vs. value, and an abundance of earnings growers in 2017, investors (until this week) have kept pouring money in technology/growth stocks directly and indirectly through passive investing which is compounding growth outperformance. This is one parallel with the 1999 tech craze. But another important one is the decoupling between oil stocks’ relative EPS strength and relative price performance (Figure 8). Unfortunately, history shows that a market correction may be needed to change leadership. <strong>The correction in 2000 handsomely rewarded value and energy stocks. For this and all of the above, we are sticking to our energy OW where we believe massive short positions in Canadian oil stocks </strong>(Figure 9)<strong> represent pent-up buying power for the next time up.</strong></p> <p>&nbsp;</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/opco%209_0.jpg" width="500" height="302" /></p> </blockquote> <p>And there is your trading term du jour: "<strong>pent-up buying power for the next time up.</strong>"</p> <p>Quants, or rather their trading models such as this one, as a reminder, are taking over for flesh-and-bones investors. The above should serve as a preview of what happens to all other asset classes once things finally "break" relative to historical relationships. </p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="698" height="400" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/server%20rak.jpg?1498678432" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/bizarre-note-quant-admits-blowing-clients-then-says-being-wrong-no-reason-change-one#comments Business Cartels Chronology of world oil market events Crude Crude Oil Energy crisis Energy economics Joke of the Day OECD OPEC OPEC Organization of Petroleum-Exporting Countries Petroleum Petroleum industry Petroleum politics Price of oil Primary sector of the economy US Federal Reserve Value Investing World oil market chronology from Wed, 28 Jun 2017 19:34:54 +0000 Tyler Durden 598857 at http://www.zerohedge.com What They're Not Telling You About Trump's Fake Time Magazine Cover http://www.zerohedge.com/news/2017-06-28/what-theyre-not-telling-you-about-trumps-fake-time-magazine-cover <p>The media is having a field day today, bemused by the revelation that Trump has a fake Time Magazine cover of himself in 5 of his clubs. Mika, from The Morning Joe, had a grande time this morning, mocking and ridiculing the 'needy' President for this shocking revelation, saying 'this is your boss.'</p> <p>She prefaced his diatribe by saying 'Trump was so needy that he had not been on Time yet that he made is own', calling the Time cover 'phony', 'fake' and 'pathetic.'<br /> &nbsp;<br /> <a href="https://ibankcoin.com/flyblog/files/2017/06/trumptime.png"><img src="https://ibankcoin.com/flyblog/files/2017/06/trumptime-1024x768.png" width="400" height="464" class="alignnone size-large wp-image-70082" /></a><br /> <em>Fake Time Magazine cover of Trump</em></p> <p>Watch.</p> <p><iframe src="https://www.youtube.com/embed/9Sb_zCfqFUs" width="560" height="315" frameborder="0"></iframe></p> <p>The only problem with Mika's reporting is that it's false. Shocker, eh?</p> <p>Here's Trump on Time Magazine, 1989.<br /> <a href="https://ibankcoin.com/flyblog/files/2017/06/trumpcover1.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/trumpcover1.jpg" width="280" height="374" class="alignnone size-full wp-image-70069" /></a></p> <p>Why does Trump have a fake Time Cover in his clubs, when in fact there was a real one in existence? God only knows. It was probably done in jest, garnered a few laughs, and tossed up on his club walls to keep the meme going. The fact that this is news today, just after <a href="http://ibankcoin.com/zeropointnow/2017/06/26/cnn-exposed-in-undercover-sting-producer-admits-russia-story-fake-news-pushed-for-ratings/">CNN got busted</a> for admitting to publishing fake news, is probably not a coincidence.</p> <p>Here are some other Time Trump covers.</p> <p><a href="https://ibankcoin.com/flyblog/files/2017/06/timesign.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/timesign.jpg" width="419" height="559" class="alignnone size-full wp-image-70070" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/final-election-cover.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/final-election-cover.jpg" width="419" height="559" class="alignnone size-large wp-image-70071" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/trump-inauguration-cover.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/trump-inauguration-cover.jpg" width="419" height="559" class="alignnone size-large wp-image-70072" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/intcover0227lr.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/intcover0227lr.jpg" width="421" height="559" class="alignnone size-large wp-image-70073" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/trumpfinal.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/trumpfinal.jpg" width="419" height="559" class="alignnone size-large wp-image-70074" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/Trump-5.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/Trump-5.jpg" width="419" height="543" class="alignnone size-large wp-image-70075" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/Trump-1.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/Trump-1.jpg" width="419" height="543" class="alignnone size-large wp-image-70076" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/Trump-6.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/Trump-6.jpg" width="419" height="543" class="alignnone size-large wp-image-70077" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/Trump-8.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/Trump-8.jpg" width="419" height="543" class="alignnone size-large wp-image-70078" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/Trump-7.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/Trump-7.jpg" width="419" height="543" class="alignnone size-large wp-image-70079" /></a> <a href="https://ibankcoin.com/flyblog/files/2017/06/Trump-4.jpg"><img src="https://ibankcoin.com/flyblog/files/2017/06/Trump-4.jpg" width="419" height="543" class="alignnone size-large wp-image-70081" /></a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>Content originally published at <a href="http://ibankcoin.com/">iBankCoin.com</a></p> http://www.zerohedge.com/news/2017-06-28/what-theyre-not-telling-you-about-trumps-fake-time-magazine-cover#comments American people of German descent Business Deception Donald Trump Economy Fake news Internet culture Social engineering Time Magazine Trump: The Art of the Deal Wed, 28 Jun 2017 19:18:07 +0000 The_Real_Fly 598856 at http://www.zerohedge.com