tv Bloomberg Markets Americas Bloomberg June 28, 2021 10:00am-11:00am EDT
>> from the financial centers of the world, this is bloomberg markets with alix steel and guy johnson. guy: p.m. london, 10:00 a.m. to the trading day from london i am guy johnson. in new york, alix steel. welcome to bloomberg markets. alex, i'm calling this market the do-nothing market because you to sit on the sideline, continued to climb higher, values doing well, growth has come back, summer is coming, it is the first day of wimbledon. what do you think?
alix: it is the sleepy move in the markets. going nowhere and if you take a look, you can see the s&p pretty much flat. tech outperform or is about the reflation bets of being paired out of the market yet again. that continues to be the narrative. yields go nowhere, modest bed when you have yields down by about three basis points. cable rain is the only thing kind of peeking out again against the dollar, maybe you will be able to lift some of the curbs you guys have. to me, it is in search of a catalyst. guy: we need something to happen in the markets. i wouldn't go to sleep. there are plenty of things going on elsewhere. alix: i sleep all the time. i wake up when there is trading to be done. guy: i think wimbledon is going to be interesting, there is a summer of sport coming up. the weather is getting better, here it is hot over there. and putting the things out there
because i think genuinely they will have a meeting for impact. perils up on friday. if you are looking for a catalyst, that could be it. we continue with fed's speech. -- fed speak. mike mckee has been following the remarks and looking ahead to the big number. didn't we hear from williams? is there anything new? mike: i'm getting in the mood for wimbledon, i will let you pay for strawberries and cream. nothing newsmaking from john williams. he said a lot last week. we know where the fed is at at this point and what they are looking for. what they are looking for as many more months of data. this is what we are going to get on friday. this is the big number everybody wants to see. what happens with payroll friday? the consensus is higher, 700000 and dropped a 5.6% and unemployment.
the number a lot of people will be watching her average hourly wages. they will jump to three point 6% from 2%. does that mean inflation? everybody freaked out last week. with that big three point 9% jump in the personal consumption expenditure index which was the highest since 2008. everybody at least for the equity bonding markets who did not do anything during the reaction to that. the reason for that is we are still nowhere near the average the fed wants. 2% inflation and at 1.6 present -- 1.6%. it will take it a few months to get it a few months to get to 2%. on friday, does this average hourly wage number go up? even if it does come in the leisure and hospitality space, we see it is back to approximately where it was supposed to be. if it continued on trend through the pandemic. it didn't.
it dropped off, now we see reflate ink. i think someone said that earlier rather than inflating. alix: great to have you back. you usually have pink pants, so we are missing out. wages and infrastructure bill. republican senators now say president biden assures us that he is not linking a bipartisan infrastructure plan to a larger tax and spending bill. it will now allow negotiations to move along. republican senator in one of the lead negotiators for the gop said he was glad for the presidents clarification. >> i was glad the present clarify his or marks because it was inconsistent with everything we had been told all along. we were all blindsided by the comments the previous day which where that somehow these two bills were connected. i'm glad they have been delayed. it is clear we can move forward with a bipartisan bill that is broadly popular, notched among congress but the american people. alix: for where we go from here,
emery joins us from washington. what is the process going forward? >> we haven't seen inc. to paper publicly of what this bill would look like, but they are aligned. what you heard on the sunday shows from some of these top republicans that are part of the bipartisan deal is that they were worried about what the president said when he said he would only vote for it if it came in tandem with a larger reconciliation bill, and those are things like family planning, medicare, higher taxes. they said they didn't like the linkage. on saturday, the president made it clear that it was not his intent that he would veto this bill. it looks like things are back on track. but it is in the details in terms of what does this look like when we see it written pen to paper. the other thing you need to consider is what does this mean for the democrats? nancy pelosi already set her chamber will not even consider the bipartisan infrastructure
deal, the heart infrastructure deal, until the senate also works and passes the larger reconciliation through budget reconciliation a larger plan. potentially, if the democrats into the president need to start looking to the progressive left in order to get his bipartisan deal through, he is going to have to somehow appease them as well. it is going to be interesting. i think the next few weeks are all going to be infrastructure weeks here in d.c. alix: annamarie joining us there. delta is the most common in california and the spread underscores the danger of the highly contagious train to those who have not been vaccinated. what are we going to watch when it comes to the delta variant in the u.s. in california western mark -- western europe. max: it is important to watch. the thing to keep in mind is that what we know about it -- we
are a little bit behind. there is not enough sequencing and it is not evenly distributed. there are lots of states where you see fewer positive cases being sequenced. we are probably behind where delta is in the u.s. and even more worldwide. we are talking about the countries that are on among the least vaccinated. in terms of that threat, very clear and as it becomes the dominant strain in the u.s. and elsewhere, seem to what extent it poses a greater risk not just of infection but whether there is worse outcomes. guy: great stuff. going to keep an eye on the numbers with the lack of sequencing. the u.k. financial wash dog finance markets from operating in the country. it is the latest site of a crackdown on the crypto markets
happening around the world. japan as well making big moves. eddie joining me now onset. can you walk me through the details and make sure we understand what is happening here? can you explain the logic to me that you get a crackdown and crypto goes up? eddie: what we need to understand is the u.k. authorities are taking a hard line. they are going after a subsidiary wanting to operate in the u.k.. they are banning them and saying look, you are going to need written consent if you want operate in the u.k. the second thing is the u.k. has been taking a hard line. the u.k. is known -- governor andrew bailey has said people could use all of their money. the fca -- it is not a major surprise. i don't think the crypto state today is trading off of this
news. it was already in the market. alix: wonderful to see you. coming up, i say sleepy, guy says we are just waiting for a catalyst. there has been low conviction in the markets. what is the narrative in the coming months? writing it down with -- breaking it down with julie biel. this is bloomberg. ♪
stay low. overall, volatility is really calm. what do you do? what is the catalyst? julie joins us now. what is going to be the next catalyst? julie: the next catalyst continues to be people watching what is going on with the fed. it feels like we are all trying to sift through teal leaves. it is like looking over a text message from a boyfriend over brunch. we are looking for exactly what the minutia of the body language is. it makes sense, because some it hinges on that valuations and the tech sector. it's connected to so many aspects, and the date of the fed is using is pretty murky. the employment data is pretty murky. we don't have great labor force participation among women. still have high employment benefits and so there are people that are hesitant to come back into the labor pool. that makes it hard for them. guy: that's a great description. we've got a lot of noise, not
much signal. we don't know which way we are going to go. is this a do-nothing market? are we sitting with what we've got, you look at what is going on around you, waiting for the signal. at the moment, what do you do? julie: for us, we are long-term investors. the average. his five years. we do a lot of sitting on our hands because -- the average. -- the average period is five years. keeping track of what is going on with covid in the delta variant is going to be an important aspect because it means we might have a resurgence in the fall or winter. you want to be in line with quality businesses that can stay and generate solid earnings. alix: what is the risk to the quality businesses? is it on the demand or cost pressure side? julie: it's important to focus
on businesses that have strong pricing power because we don't know how inflation is going to filter the system. some of these patches are transient. lumber prices are starting to retreat, which is great. but the chips shortage is probably going to continue for a year or two. you want businesses that have completely differentiated business and that customers, be they businesses or consumers, are willing to more for it. it he protect yourself when there are high levels of inflation. guy: what are the companies doing with labor wage inflation? that is something you alluded to that wing to pay attention to. are you picking companies that are investing in capital goods that are struggling with wages, therefore they invest? do they have the ability to pass on higher wages? for many businesses, that is a huge part of what they do. julie: when we look at businesses, we try to think about what are the variable costs and were the fixed costs?
we want businesses that can adapt to any kind of environment. a good company is old dominion freight. their structure is their network density. it is completely differentiated. people come to rely on the high level of service, so even if there are high levels of wage increase, the company has been able to put in price increases throughout its history. not just in high inflationary environments, they have been able to consistently price on top of that. that is a function of being able to deliver great value to customers. alix: when it comes, that is an old-school part of the economy. it's the growth stocks like big tech that have done well. is it hard to own them now? and is there way to capitalize on that thesis without having to buy those stocks? julie: technology continues to be a place that disruption is happening and there are still great opportunities for us to invest in. if you look at insurance, how many of us have had a great
experience with insurance in the last five years? zero. it is a space that is so right for disruption. piercing lots of new and exciting companies that are coming to the floor -- we are seeing lots of new and exciting companies that are coming to the floor. but we don't how great they are going to be at underwriting and how profitable they will be. duck creek technologies is helping these legacy instructor companies modernize their infrastructure and architecture so that they can compete against these tech companies. that is a way to play disruption without having to gamble on a completely brand-new way of underwriting. guy: to come back to the question of technology, a lot of people have big chunks of their portfolio in tech stocks. they continue to do so. to be honest, as i sit back now into look at what has happened, the two are in a can in terms of the way they have been performing this year. he talked about the delta variant at the be getting of the
conversation. if i start to think that the doves of variant is making a comeback, that we are going to have a tough winter, how do i want to reposition? you talked about having a five-year time horizon. but by looking at what is happening in the fall and i'm getting concerned, how do i reposition my portfolio? julie: you continue to focus on businesses that are not going to begin pins on a strongly reopening economy. i'm continuing to stay away from travel and leisure not just because i think -- it's hard to say exactly when full leisure travel is going to come back. but his business travel going to come back to the levels we expect? it is hard to say. i don't think i'll be going to the same amount of conferences as i used to. that sector is pretty impaired and i am staying away from it. that will only be exasperated of delta rears its ugly head. i'm focusing on businesses that don't need a strong reopening economy. i want a little leverage, but not a lot.
i don't want to be dependent on everything going back to normal. alix: i think the bar of travel is high. what you do about the energy sectors? they are cyclicals, the value, some say there is some fundamental growth in both of those businesses. what do you think? julie: in general, we try not to be focused on cyclicals. with banks, it is hard to have a strong level of differentiation in the banks. i would prefer to service the banks so a company like encino that helps smaller midsized banks compete against the behemoths -- if you look at goldman sachs in a jp morgan, the people they are hiring are not people like me. they are tech engineers. they need to have moderate infrastructure to be able to compete against them. encino helps them do that. guy: this is what jamie talks about his concern around fintec h. julie biel, portfolio manager.
alix: it is time for the bloomberg business flash. a look at some of the biggest stories in the news right now. ubs will currently allow as many as two thirds of its employees to have a hybrid model of working from home. it is an attempt for the swiss bank to be more competitive in recruitment. many u.s. banks have taken a more hard-line approach. blackstone is increasing its bet on logistics. the private equity group has
agreed to buy the warehouse properties for about $2.4 billion and went about 25 will warehouses. new responses to the ash seneca cobit vaccine improved with a larger, longer gap of up to 45 weeks between doses researching the university of oxford also says that their shaft -- third shot boosts immune levels even higher. countries have concern -- raise concern. that is the business flash. what i find interesting about that is that during the race for vaccinations versus the delta variant, 10 weeks is a long time. if you don't get strong amenity to response to the second dose, that is a big gap. -- immunity response to the second dose, that is a big gap . guy: with the delta variant, you need both shots if you want to
go on holiday, you have to have both shots. this is quite useful in terms of thinking about the third shot, not the second. that is where i think people need to start focusing their attention. certainly the research talks about that in terms of the third shot. it is going to be -- what this stew is you get a big response six months after you get your first and second. that speaks to what is going to happen. alix: you need to have the right kind of supply. you could, in theory have -- help the supply for the second shot in the third. guy: if you want to go on holiday, that is crazy. alix: you aren't going on holiday. guy: people in this country -- there is an age thing that is going to become problematic because all of the older generations have had the second shot but the younger ones haven't.
that may cause tension. i'm not a grandparent. i have my second shot, let's not go too far. and tell you in regeneron reported the first successful -- intellia and regeneron reported the first successful trials. dave wilson is here to explain -- what is that? dave: it is crisper. it is the ability to cut-and-paste dna sequences. two of its developers when the nobel prize in chemistry last year for their work. now you have this company coming out with early-stage study results on a treatment for a liver disease that involves a buildup of protein. it is tied into genetics. we are talking about first stage study. by all accounts, it was very
positive. he had a press release out of intellia talking about disease causing proteins. 87%, that is how much this year and that causes this issue was reduced. we are talking about half a dozen patients, so it is early days. but no serious adverse effects from this treatment. it is a matter of taking the technology out of the land -- lab and bringing it to the biotechnology industry. it is the first step and arguably a validation for the technology and not just this particular treatment. alix: not going to affect the rest of the sector? dave: absolutely. you talk about countries like beam therapeutics, crispr, there is that name again.
one of the scientists was recommended for the nobel prize as well as -- the there. there is another company that is working on a drug-based version which would be an alternative. that stock is down in response to the results. definitely seeing shares move in response to this data. alix: really appreciate you. coming up, historic move. weinberg -- perella weinberg partners going public. we are speaking to peter weinberg and andrew bednar. the outlook for the market. what are they noticing? what are the trends? we will break that all down. a quick check on the markets, nothing. maybe a small bid to the bond market. a little lower, but that is the
alix: live from new york, this is bloomberg markets. it has been 15 years in the making. perella weinberg listed on the nasdaq the respect sponsored by betsy cohen and delivered a big profit in the first quarter with revenue climbing 84%. the firm is not in hyper growth. joining us now is peter weinberg and andrew bednar. also with us, sonali. peter committed been 15 years, why now?
peter: thank you for having us. 15 years, it is been quite a journey. the question of why we want to be a public company is because we are ready. we've come this far, we are structurally ready with respect to our firm. we are ready, we believe with our leadership and our people and most importantly is that we are ready with respect to the growth opportunity that we want to pursue. being public helps us achieve that goal. sonali: this is day one for you going public, or day two. what is weinberg supposed to be in 10 or 15 years? peter: we have a lot of opportunity in sticking to our knitting. if you look at our business, chic advisory business -- within that, -- strategic advisory business. we have a number of different
things we feel that in each of our businesses and each of our industry groups and in our regions, we have a lot of growth opportunity. we don't want to be a different firm in 10 years. we want to be the same firm but to be further developed. sonali: you've recently became copresident of this company. you chose us back to go public after all this time desk chose a spac to go public after all this time. what are some of the issues and what are some of the opportunities? andrew: we've been a participant in the spac market for well over a decade. we have to currently. we advise client on potential transactions every day, and we chose the spac route 4 own business to go up. we see it as a change to market structure. it is not a product or fad or a hype it it is change to the way
in which companies in need of capital engage with investors. it is also a way in which public investors can engage differently with issuers into those in need of capital. this is transformational. we think spacs will be around for a long time. we are hopeful that it will be an additional avenue that our clients and others will consider as they think of vaccine growth capital. sonali: i weinberg is also an advisor to the board of holdings. -- perella weinberg is also an advisor to the board of holdings did how are some of these spacs going to change to please investors? andrew: there is already quite a lot of innovation in the spac market. you're getting fine-tuning of the original idea of the model spark is when information that was led that ops for in the
structure versus an opt out structure where when you see the transaction, if you don't like the transaction, you can get your $10 back. the spark model is different. it doesn't have the same opportunity cost of capital it is quite attractive. going forward, your of other innovations coming that a very favorable to issuers. again, is accessing capital. those shares which are typically the most aloof -- elusive part of the structure are getting reworked and advantageous way for issuers. we see that as good of element for our clients. alix: we are here in studio and in person, this is rare for us. i am into state and how you are looking at return to office. best interested -- i am interested in how you are looking at return to office. peter: we don't feel like we had to put the hammer down and tell everybody to come in tomorrow.
we are taking it one step at a time. we are putting a toe in the water. i believe will be back labor day but it will not be the same as it was. it will be more remote. our business has been quite good through the pandemic, so we have learned how to set up the firm in that environment. i think we take it one step at a time as we return to the office. sonali: andrew, he sent a memo that i had obtained in the market that you don't need to be in the office five days a week. it looks a key geyser being more flexible than some of your wall street peers. -- it looks like you guys are being more flexible than some of your wall street force -- peers. andrew: people are looking for
flexibility. we want to design the work of the future which is going to have lex ability as a hallmark. we want people to have the ability to achieve their full potential at the office as well as outside of the office so you'll see when we designed the workplace in the future because we don't think work is just a place to go. it is going to be summing that you do. the flexibility will be in everything we do as we redesign and reimagine the future. sonali: peter, i love your opinion on whether you think wall street might be going to harden employees. your family has ran goldman sachs for so much of its existence. they are one of the companies that are asking people to come back five days a week. do you think after this pandemic that this needs to change? peter: as i mentioned, every company has its own cadence. goldman sachs is doing what they are doing. i'm sure it's been well considered. that suits them.
i don't think it's one-size-fits-all. alix: last question, this is looking forward in terms of growth. there's been a lot of activity in europe, particularly from some of the private equity guys. where you guys going to be most aggressive in expanding your business in hiring? andrew: we've had a simple mission since we started, and that is we help our clients address complex and strategic financial challenges. we will expand into new industries in product lines and service lines as well as geographically. we have a terrific team on the ground in europe who actually started the european the -- business the day we started in new york in 2006. my copresident runs that business. we run it together, globally. but he is on the ground in europe and i am on the ground in new york and we are very coordinated. alix: thanks so much, we appreciate you coming to the studio. peter weinberg and andrew bednar
>> this is bloomberg markets. coming up myron brilliant head of international affairs. 12:30 in new york. 5:30 in london. this is bloomberg. let's check in on the bloomberg first word news. and self order, rescue workers are digging for a fifth day in the rubble of a collapse, -- condo will doing -- condo but
the thing -- condo building. in london, dozens of firefighters are fighting this cloud of black smoke rising from the station. authorities say four cars in a telephone boxing are on fire. the foreign scientist at a wuhan lab speaks out. what is become the world's most notorious lab just weeks before the first known cases of covid emerged in central china. the australian biologist wonders if she missed something. >> there was no chatter of anything. yeah, nothing strange from my point of view going on at that point that would make you say something is going on. >> there has been speculation the virus linked from the wuhan
lab. the uss question whether the facility was safe. the faa wants more testing for the updated version of the long haul 777 jet. they want to fix issues that triggered the plane to move without pilots. it remains fully focused on safety. global news 24 hours a day. this is bloomberg. guy: thank you. a few things disable the 777x. the faa is going to be significantly more involved in this process. they had a flight on december 8 -- made a flight incident on that day. there is not this kind of
automatic alignment that was problematic in terms of production after the certification of the max. this is a problem. you talk to guys like tim clark and this is a plane he really needs. they are phasing out the a380. this is a super wide, super long-haul aircraft. this business model is built on that. it is going to be interesting if they continue to have delays. they go down to the 787 350 route. alix: if the takes a pause, to other airline regulatory bodies kind of follow? or can they do summing different? guy: the faa -- this is a u.s. aircraft. generally, others will follow. that has changed, the narrative will have changed as a result of what happened with the max. it often takes a different line with the chinese in particular. the faa is going to take lead on
this. it is not automatic. that's the problem with the vax, it was an automatic process. like the max, this is an upgrade from an older -- a stretch that is different kinds of things done. they are not happy. they are going to make it clear. they are all over this one. they're going to make sure the aircraft is safe. there's a lot going on in the space. united has a big announcement tomorrow, kind of happening roughly now. they are buying 200 aircraft bodies from airbus and boeing. they will buy the max from boeing, we think 50 of the long-haul -- ultra long-range version of the a320 one from airbus. sheila kahyaoglu joining us now.
the buy rating on boeing. let's start over the united angle. how are these new aircraft going to be rolled into the fleet? what impact will they have in terms of economics? sheila: 200 seems like a huge number from united. some are warranted. we look at united, it is about 15.8 years old. the average u.s. domestic fleet is about 10 years old. it is no wonder they are going to refresh their fleets. we think they are going to focus on one international, to fleet dynamics, and focus on esg. if you have new aircraft, if you swap out your 757 four max's and e3 20s, it is mormon -- it is more environmentally friendly. we are seeing in the domestic market is the fleet is going to
expand over all of the carriers, both legacy and low-cost carriers about 4% now until 2023. of that, it is low-cost carriers that are getting an infusion of capital. the legacy carriers like delta and united are only growing their fleets in line with traffic. guy: the thing that stands out to me is the 321. this is what they already -- this is what jetblue are going to be using to fly across the atlantic in august. what they are going for is a single fleet. they gave a lot of max's which means you can have commonality across a wide range of things. but they need these xlr's because boeing doesn't have anything else that can compete. how big a problem is that?
would this be in all boeing odor -- order if they have to make a compete with the xlr? sheila: united has a very mixed fleet. jetblue is all airbus. it is somewhat not surprising that united does not go over commonality given the size of their fleet is large and they already don't have it. one thing that takes people by surprise the xlr is actually only 5% of the backlog. it is quite surprising given how much news flow it gets. what does help us commonality for other airlines. they match up their e3 20's with the xlr for specific routes. it is only for transatlantic or specific routes. you wouldn't use it jfk to boston. alix: in terms of why they are buying, i know you mentioned they are going to have to
replace some of their fleet. is it replacement? is it adding new planes because they get more business? or how much of it is esg focused where they need a new type of plane to help their emissions? sheila: it is mainly replacement. we look united fleet, it has about 460 aircraft. we think about 250 of those should be retired in the near term. it is no wonder the aircraft order amount is 200. it is purely replacement and with that goes along the esg angle. the masses are going to be 15% more fuel-efficient than the prior generation aircraft. it's a bit of both. guy: can i cut back to the issue of the xlr? one of the big questions that everybody is asking is are they going to build a new airplane to compete with it. are they, should they? is that a good idea? is this a wake-up call that
maybe dave calhoun does need to make something that competes with this aircraft? sheila: that's a great question. it could take a long time to discuss in this segment. we recently conducted a survey of airline ceos and executives about what boeing should do. to our surprise, the airline ceos were not giving us a wish list. this is two years ago. in fact, they are taking the view of it might be better to wait. if you come out with a aircraft today, it will be launched in 2030. that gives you maybe a 10 year timeframe -- run on the aircraft. why not wait till 2040 when the engine technology is truly there and have a third-year run like you are meant to. dave calhoun is in the top position. it doesn't essentially make financial sense to come up with an aircraft to chase after 5% of the backlog at the xlr house. then again, you've had issues
with the recent aircraft like the 777x. so he is between a rock and a hard place. guy: does it accelerate boeing's decision to build an all-new body? sheila: i think does it -- i think the decision to build a new body means you need the technology to warrant the billion-dollar investment. i'm not sure the technology is there. if you were to wants and thing today, would it be considered an intra-america just a temporary fix or 2030 to 2040 until the technology is truly there, whether it is hydrogen or composite wings and you have a more engine efficient engine. alix: my question on united for tomorrow. the strategy meeting in 2018 did not please investors and analysts. what are you watching tomorrow?
sheila: three things. one is what are they thinking on international? domestic in the u.s. is maybe 20% of 2019 levels, so the narrowbody -- the domestic market has recovered. it is what we are going to see an international. they were exposed to asia versus other legacy characters -- carriers in the u.s.. they sink on international? second is cost. cost is big for airlines. given that they've taken a lot of cost out, is the structural cost that is taken or variable cost coming back? with fuel costs back to key levels, they are still 40% below that. salaries, what are they going to see? a focus on cost and what cost structure look like. third, esg is a big focus for all airlines in the space. united is going to lead there
>> it is time for the bloomberg business bust. operations in china have almost all vehicles -- the electric carmaker sold affixed to address a safety issue is more did -- more than tweeted 85,000 cars. the autopilot system can be activated automatically and lead to crashes. 2 million people watch movies at amc theaters in the u.s. between thursday and sunday.
that is the busiest weekend since the company closed its theaters in march of 2020. that is also up -- eight make record -- a post pandemic record. alix: i'm excited for fast and furious nine. i was a helen mirren fan. guy: that's a good reason. if i'm going out, i don't want to sit in a dark room and not talk to anyone. i can do that at home. i want to go out and be in a social environment. going to the movies, less so. alix: you can watch a movie at home and not have your kids talk to you? i get 85,000 questions from my daughter. guy: that's true i get that from my wife.
who's that? anyway, coming up, the european close. this is bloomberg. ♪ look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds.
♪ guy: 30 minutes to the close here in europe. what do you need to know out of europe? europe's patchwork of travel rules gets even more complicated. portugal and spain imposing quarantine restrictions on on vaccinated u.k. arrivals. angela merkel wants to do the whole thing across the whole of europe. travel stocks under pressure today. ubs looking to allow 60% plus of its stock -- staff to work from home. marco checks out of burberry. the french could maker's
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