tv Bloomberg Daybreak Europe Bloomberg January 27, 2023 1:00am-2:00am EST
alongside manus cranny in dubai, with the stories that set your agenda. >> dow shares plunge in late trade after reporting a miss on sales and a grim short-term outlook. the u.s. economy providing encouraging signs for the fed's fight against inflation. plus, lvmh report slowdown in fourth-quarter sales, slumping china demand. the luxury goods sales this year started well. restrictions have eased. we speak to the cfo on bloomberg today. good morning, dani. i hope you are in the louis vuitton shop buying those extra little trinkets to send to me. or did you help the meat-eating bond traders question mark good morning, it is friday, and nothing broke. i am relieved.
dani: i honestly thought we were going to say buying something for myself at louis vuitton, but i see, you want a little treat for your birthday. making an out of it. but look, the bond traders are holding well, doing shopping. at auction, even with the economic data and strong jobs market, bond market holding up well. manus: it is, and i just had one guest that said get ready for a second spike in inflation in the back half of the year which is very contrary to what we are seeing. mohamed el-erian says get in there, take that bond market by the scruff of the neck and teach them a lesson. take it away on equities. dani: it is hard to its plain what is going on. we had a big rally in the u.s. yesterday, 2% on nasdaq to end the day. the highest on the s&p 500 in a month. europe picking up the baton as
asia stocks rallying this morning. some of the worst performers of 2022 are doing the best to 2023, perhaps colors of a speculative market. tesla around nearly 11% yesterday, this is the thursday close, but boost comes from a great fourth-quarter. elon musk positive on the earnings call. and speaking of companies owned by the richest men, we had that report from the short seller, which adani has denied. adani has lost $7 billion of net worth this year. elon musk has added $19 billion. manus: we had a guest a little earlier. i will give you this thought, you want to lump up in mammoth stocks, which is microsoft, amazon, meta, alphabet and
apple. that is the best line i have heard, get yourself some mammoth stocks. jobs are grand, inflation rolling down, there is cracks in the inventory built, so you have this moment in the bond market where yields are popping slightly higher. we have course quite literally on bonds throughout the year, we have seen these get eaten up by every investor. primary dealers are scratching out of the dust. dollar-yen says blow up your truck, jgb trade wants to be long yen. are there cuts coming as companies in business is the lowest since 2009? i put bitcoin in just for the hell of it, down a quarter of a percent. why not? dani: let's get to some more top stories. we will talk chips. alex webb is in the studio. enda curran will discuss the u.s. gdp report and the reaction
from the fed. caroline qanon has lvmh earnings. and we have got the latest on the adani saga with pr in dubai. manus: intel plunged after the market closed, it missed. the chipped giant gave one of the gloomiest forecasts in its history. quicktake's alex webb is with us , a company in transition, just how dark are the clouds for intel? alex: near-term, they are looking pretty dark. the christmas quarter missed estimates. we have seen slowdown in pc sales, laptops as well, that's where a lot of intel's business comes from. a lot of electronics were bought during the pandemic when people had more disposable income. not as much spending on those devices. but the real pain for investors
was in the outlook. the revenue outlook of 10.5 to $11.5 billion, well short of the $14 billion analysts expected. back to levels not seen in more than a decade, so a lot of work for the ceo, as he tries to catch up with tsmc. that is the contract chipmaker that is leading the field in recent years. dani: thank you for coming in. it's a rare morning on daybreak, where we get you in the studios. speaking of the chips story, the u.s. is trying to block sales to china. we have this scoop about japan and the netherlands potentially joining. alex: it is deeper than that. they have crackdown on chip sales to china. the chinese response is, let's make some of these chips ourselves. the u.s. is trying to crackdown on the sale of equipment to make those chips. there is one company in particular, in the netherlands,
asml, the only company that makes extreme ultraviolet lithography machines, that allows you to make chips on a nanometer scale. they are trying to stop the sale not only of extreme lithography machines, but also deep ultraviolet machines, the previous generation. that makes it very hard for china to compete with foreign chipmakers. and also respects -- restricts their ability to do things like ai. dani: alex webb from our bloomberg quicktake team. a different u.s. torah, the economy beat expectations on in the last quarter of 2022, it slowed slightly but still expanding at a 2.9% annualized rate. for more, let's get to our chief economics correspondent, enda curran. it is not just the slowdown in consumption, some demand falling away, it seems like the fed
wants this mythical soft landing. enda: it speaks to the idea that they can pull off a soft landing. headline gdp at 2.9%, as you suggest, pretty good number given the pace of interest rate increases. but like you mentioned, consumer spending slowing to 2.1 percent, evidence that cost-of-living is hurting people. sellers cannot keep pace with the rate of inflation -- salaries cannot keep pace with the rate of inflation. the u.s. economy is slowing, but not enough to stop the fed from hiking yet. that's where the debate is that. a lot of people were saying by now, the u.s. economy would be heading toward a much to it landing, and the labor market would be softer. it is holding up, and gdp is holding up also. that is why the soft landing debate is live and well for now at least. manus: jobless claims and ballooning that soft landing narrative, thank you very much,
let see what core pce brings today. sales from lvmh slowed in the final quarter of 2022 in what was still a record year for the french luxury giant. let's get to bloomberg's caroline connan, very refreshing to get you up early on daybreak. key takeaways? caroline: i don't know if it is a mixed bag. clearly, the performance of the fashion and leather goods division was good in the fourth quarter, but perhaps not as good as previous quarters. plus 10% in organic sales the last three months of last year, plus 3% in the previous quarters. you had louis vuitton sales crossing 20 billion euros over the past year. so of course, still a good set
of earnings from lvmh. if you look at other divisions, winds and -- wines and spirits is up 4%, but below estimates for dom perignon. if you look at jewelry, bulgari, it is also up 3% but also below estimates. mainly because of china, in the last quarter of 2022, you still had restrictions because of covid. they are confident for the year going forward because you have china's reopening. but he also said last night in the analyst call that chinese tourists are not expected to come back in large numbers to europe until 2024. still a very good year for lvmh, which also became europe's most
valuable company last year, with a market cap of 400 billion euros. dani: caroline coming in hot with the ponds this morning, i will be thinking about that louis vuitton bag for sometime now. caroline connan giving us the latest on lvmh. we will have more this morning, talking to an analyst, and later, an exclusive interview with the lvmh cfo in the next half-hour. pershing square's bill ackman says brought acquisitions against adani group look credible. his tweets come as adani's companies explore legal action over what it calls maliciously mischievous accusations. pr sanjai is in mumbai for us. we are getting another day a price fraction -- price reaction
today. where do we stand now that ackman is joining the bearish voices against adani? pr: in last two sessions, adani group already lost $30 billion of wealth, hindenberg had come up with the 100 page report that alleged adani group companies -- including uae and where is that led to money laundering, and tax theft. the same day, adani enterprises is launching its fpo on 25 january. that is the same day the story landed. the cfo denied all the allegations. they said they had not contacted adani group for contact before publishing this report.
yesterday the market holiday, the group legal head, adopted legal recourse in the u.s. against hindenberg. we are waiting to watch today to add to that. bill ackman said the report is more credible. today, adani enterprises will reach out to retaliate investors -- retail investors for its fpo which is seeking to raise $2.5 billion. at this time, there is still interest because angel investors, including banks and life insurance, etc., have already bought shares and anchor invested a lot. manus: bill ackman saying it reminds him of his great short against herbalife that went on for five years i think, in total. that is pr sanjai joining dani and myself are mumbai.
coming up, the u.s. economy has posted mild slowdown, exactly as the fed wanted. economists see warning signs that suggest recession remains a risk in 2023. dani: plus, the u.k.'s chancellor of the exchequer will outline plans to tackle sluggish growth in a speech today. we will bring you more, and will be speaking to the man himself, jeremy hunt, afterwards on bloomberg television. don't miss that at 10:30 a.m. u.k. time. this is bloomberg. ♪
a while, and that medicine takes time to work through the system. so, i think people live deceleration is -- keep elective deceleration -- cumulative deceleration is the biggest risk. dani: mohamed el-erian things they should go another 50. joining us is marija vietmane a, senior multi-asset strategist at state street. we are in this period where we are trying to figure out what the fed will do, and the market seems willing to fight the fed. we had jobless claims at under 186 thousand, but the bond market holds a healthy auction. financial conditions are back at the level at which before the fed started hiking. do you also want to fight the fed? marija: good morning. i am more in the camp of inflation is still sticky. we've seen the peak, but the
question is how quickly inflation decelerates. and we have concerns there. because there are low interest rates before the fed started hiking, the fed increase in rates has made real economy slower. consumer balance sheets is still strong, debt servicing costs are not huge. corporates costs have not increased too much, so we think inflation will be stickier which means rates need to stay restrictive for longer. manus: bricks strict to for longer -- restrictive for longer, what does another 100 basis points do to risk in your view? marija: i will probably go very aggressive, like extra hundred basis points. i think fed will hike maybe terminal rate is 5, 5 and a quarter, then they will keep the
right there for longer. so i would fight this idea that we will have come towards the end of this year and they are expecting we will stay restrictive for longer. dani: translate that to me and what it means for your strategy. we've seen stocks rally, and zoom, tesla and all those types of names are up. how do you position them? marija: what intrigues me is this idea that we have seen peak in value stocks. value had a couple very good years on the expectation of economic recovery. now we are at the next stage where economy slows, so that is a massive challenge for value stocks. they do all at the bottom of the cycle, not the top. for growth stocks, the debate around terminal is we know we are close to peak rates, so growth stocks are not going to be punished with this multiple
compression we've seen the last year. so, it is all about earnings and where they will be defended better. so i am curious about the growth to value idea. manus: that's your call. i love what you say, to add insult to injury, stocks are not very cheap. and bonds offer an attractive yield. if we look at what has happened in these auction so far this year, in the u.s., they really have been gorged on. so if equities are expensive, if i lock in a bit of 10-year paper at this level, is that attractive to you? marija: that's exactly right. if we are talking about peak rates, that is probably better for bonds than stocks, because stocks still have to grapple with collapse in earnings that is coming. analysts are very optimistic that earnings will recover in
the second half of this year. to me, that is to optimistic. bonds do have value, yes. dani: tell me about the story in europe. why are we too optimistic now? at a time where hopes over the energy prices have brightened, and the economic outlook has brightened. marija: you are right, we are seeing quite a lot of positive earnings and economic revisions in europe exactly on the idea that energy crisis has been avoided. but the challenges have not. the european economy is still slowing. we still see consumer spending coming down. and inflation is still high. on our kind of thinking that european inflation is probably a good six months behind what's happening in the u.s. in terms of consistently slowing down. so, ecb needs to be aggressive. and economy is slowing, so that is not good.
i'm also worried about deeper global recession and potentially hard landing. that again is not great for european stocks. european stocks are very cyclical, manufacturing companies. manus: there has been a flow into european stocks. the largest inflow since june 2021, vanguard etf took in $700 million. when it comes to the dividend, you prefer dividend plays, and know you are going for growth over value as you outlined, but are your dividend plays centered in the u.s.? chevron came up with a massive buyback yesterday. what european buyback stories do you favor? what sectors, is an oil? -- is it oil? marija: oil still looks interesting. i was quoted as saying overall,
stocks are not too cheap. but we have seen with energy an huge inflow into energy stocks last year. we've seen valuations being a lot more extended. so, there is still opportunity. with war in ukraine, supply of oil is still restricted and energy companies are very cash rich. that something you want to see. other sectors that are interesting would be health care, staples, those defensive growth sectors, that is still interesting to us. we believe those sectors will have a better chance defending earnings in the downturn. so those two are interesting. actually, ironically, there is huge concentration of them in switzerland, potentially a good country to invest in europe. manus: well, i'm off to switzerland next week. we have a whole bunch of banks
details as soon as today. the joint effort will further undercut beijing's ambitions to build its domestic microchip capabilities. the u.s. economy beat expectations in the final quarter of 2022. gdp rose at an annualized pace of 2.9%, cooling from 3.2% in the third quarter. economists said there were warning signs in the data, especially weakening consumer demand that suggested u.s. recession remains a big risk this year. shares in adani group companies are lower today, extending a selloff that began after short seller hindenberg research published a report accusing the firms of fraud. indian markets were closed yesterday. adani enterprises lost as much as 6% in early trading in mumbai this morning, with some group stocks down as much as 15%. adani has firmly refuted the allegations, and bloomberg
understand the company plans to issue a further detailed response later today. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: simone, thank you so much. manus, those shares are getting pummeled, even worse than the wednesday selloff. you had hindenberg releasing another statement yesterday saying they stand by the report. manus: you got bill ackman at pershing square chipping in to the argument as well, saying the response from adani so far, is the same as he had when he was shorting
cranny in dubai and dani burger in london with the stories that set your agenda. dani: intel shares plunge in late trade after reporting a miss on sales and a grim short-term outlook. the u.s. economy post-smiled slowdown at the end of 2022, but beats expectations, providing encouraging signs for the fed fight against inflation. lvmh report slowdown in fourth-quarter sales after a slump in chinese demand, but the luxury giants has the year has started well with restrictions easing. we will speak with the cfo later this morning. breaking news, fancy a little bit of liqueur? manus: a little remy cointreau, i remember having it when i was very young. organic revenue drops 6%, but that is better than what we expected at 6.4%. revenue 437 million, a bit of a better level, confirming guidance for the full year.
so, remy, there you go, it's a brandy, maybe when i was drinking it it was more vintage. [laughter] dani: in the break i was trying to ask you what kind of alcohol cointreau is, that tells you how unsophisticated my pallet is -- palate is. manus: it is a pretty fine brandy maker, cognac sales were 300 million in the quarter. we should move on. to the u.k., to the chancellor. dani: let's go there. leigh-ann gerrans will save us. the uk's chancellor of the exchequer jeremy hunt is expected to outlined plans to tackle sluggish growth and economic inactivity in a speech today at later at bloomberg's european headquarters. let's get more from leigh-ann gerrans, let's not talk about
alcohol, let's talk about the u.k. what are we expecting? leanne: it's a friday night, and we know what that means for the cocktails. jeremy hunt, on the hunt for growth, dani, and the chancellor will set out his blueprint for economic growth as he sees it in this very building later this morning. according to my colleague, elliott wickham, he says jeremy hunt is really expected to disappoint his own members of the conservative party. because he is not going to bring in tax cuts, that is ahead of the spring budget. backbenchers have been calling for these cuts to texas, despite the mini-budget, which's all unfunded tax cuts. -- saw all those unfunded tax cuts and sent the economy spiraling. so he is still having that battle with backbenchers at the moment. manus: that's not going to go
down very well, that is the antithesis of what the tories are about. because the pardon of tax has widened, hasn't it, on this administration. leigh-ann gerrans in london, we will pick this up at midday. and we will talk to the u.k. chancellor of the exchequer, jeremy hunt's speech will be live, and then he will hop into the bloomberg studios after, that is at 10:30 a.m. u.k. time. exxon mobil, chevron, totalenergies, bp, reaped $200 billion collectively last year. despite economic slowdown, plunging gas prices and uncertainty over china's reopening, and a dimming outlook for 2023. what does it mean? let's get to the head of energy research at goldman sachs. thank you so much for being with us. if they managed to deliver $200
billion last year in that nightmare scenario that was 2023, oil went to $140 at one juncture, what is the consensus base year for earnings and buybacks? good morning. michele: the consensus is down this year, because there is an expectation that lower gas prices will translate into lower earnings for the industry. i'm not sure i agree, i think the outlook will remain strong. we expect the oil price will recover for the spring with the china's reopening. and we expect profits to remain very strong, also supported on an eps perspective by the exceptional share count reduction that comes with the enormous scale of the buyback in the sector. so we definitely retain a positive view on the energy sector, especially for the cheaper european names that are
trading at half the valuation of the u.s. big oils. dani: what is the political risk in buybacks? i was struck after chevron announced $75 billion worth of buybacks. the white house responded saying, that for a company that not too long ago said it was working hard to increase oil production, handing out $75 billion to executives and wealthy shareholders is an audit way to show it. will we get as congress fonts not just from the u.s., but from european governments, if buybacks is how oil majors plan to use extra cash? michele: there is two main uses for the oil majors for this extra cash. one is buyback, which is just a response. if you think of the europeans at five times pe, a buyback gives 20% return. until these names rerate materially, buybacks will remain
front and center. but the other area is higher energy capex. i was in dubai for the mena conference, and everywhere we are hearing about increases in capex, or oil and gas, but also for renewable energy including hydrogen and carbon capture. i estimate we will see across the big oils this year capex growth of 20%. yes, a lot of buybacks, but i also think [indiscernible] dani: but will we see pushback from governments? will that make them pause about doing buybacks? what are the political ramifications? michele: i think the political ramifications we have already largely seen in europe. it is called windfall taxes, and a third of european profits have been subject to windfall taxes in 2022 and 2023.
so, to a large extent, we have already seen a political pushback against it. but ultimately, companies need to rationally react to the market's input, and it is that with this low evaluation, buybacks are the most accurate intimate they have to grow eps. manus: on a relative basis, you have pointed out how europe is discounted relative to u.s. energy stocks. they are at a nearly 50% discount. is part of that narrative based on the windfall tax that has been levied on them? and does that discount pass off, and therefore i should be more allocated to european energy relative to u.s., or am i extrapolating too far? michele: no, you're right. the uncertainty around windfall tax was one of the big reasons the europeans lagged the u.s. in 2022. we have much more clarity now.
on top of it, european investors are reengage in with big energy companies, also with the view that they are heading in the right direction in terms of the sg and decarbonization. this year we will see major new esg legislation in europe, the eu cream taxonomy, which will quantify the percentage of capex in green activity. i think we look quite good, between 15 and 25% of capex of european big oil is green, it will allow rethinking from european esg investors who are underweight european oil. dani: yesterday, we also learned of eu was considering capping russian fuel, diesel at around $100 a barrel. not exactly a high price cap, fuel oil was more like $45 a cap. the impact will be? michele: i am not a believer in
price caps. i think they mostly don't work. when they were, they can lead to material market distortions. so far, we seem intact from the oil and gas cap. i think it will be the same on these ultimately. europe will no longer buy diesel starting from five november. but i don't think a price cut will be particularly successful in curbing russian exports. dani: ok, michele, thank you very much for joining us this morning. the head of energy research at home and -- at goldman sachs. record profits divided downturn at lvmh as shoppers splurge on luxury. we will dive into the data next. this is bloomberg. ♪
dani: sales growth at lvmh slowing in the final quarter of 2022 in what became a record year for the french luxury giant. with the ceo bernard arneault saying this year has started well. for more, we are joined by barclays' head of european luxury goods research. i have to fight every fiber in my being to not use the mixed bag pun. but what is your takeaway, can lvmh rally further after a very strong start given these earnings? carole: yes, definitely strong earnings. if you look at what they reported last night, it was indeed a mixed bag.
it was strong performance of the topline level but weaker on the earnings front. to come back to the numbers in more detail, in q4, revenue growth of plus 9% at the group level, above market petitions. and plus 10% in the core fashion and goods division. on the other hand, looking at earnings, operating profit was a bit weaker compared to what the market expected. in the core fashion and luxury goods division, compared to each to - -h2 last year, weaker profit margin. so, on the back of that, it was a mixed bag because you had china being much weaker in the first quarter than the market expected. manus: good morning, those bags are damned expensive. i live in dubai, we are just so
overexposed to the brand, it is almost like a primark bag. [laughter] what caught my eye, we have just watched the remy cointreau numbers pass over the tape. lvmh wines and spirits grew 4%, the expectation was 9%, this is deeply disappointing on that side. how important is wine and spirits to the business? or is it just a cash cow of louis vuitton they have got to absolutely focus on? carole: it is important, of course, but the core progress will be around fashion and leather goods. with discussions with investors last night, the key focus was around that division. it was good performance of the revenue level, but weaker a margin was a focus point -- ebitda margin was a focus point for the market. even if one division was weaker,
all eyes will be on passion and leather goods. dani: manus and i talk all the time about how tech has had to cut back on spending. it has happened to the banking sector. i wonder if we will look at a company like lvmh and say, perhaps they need to pull back, too. they have had higher spending on advertising and promotions in the second half. louis vuitton just launched a collaboration as well. is there a point at which these luxury goods companies have to pullback, like some of these other sectors? carole: that's a good question. at this stage, maybe not. of course, in the luxury space, having strong marketing investments is a key focus in the sector. so, it comes with a high level of expense is on communication, marketing, etc. having done such a big push in the second half last year for
lvmh in this division, maybe we have less reason for them to keep spending that much in h1 or h2 this year. maybe because the base was so high, you don't have to spend that much this year on marketing. manus: can you break down what you think the impact of china reopening will be? one, mainland spending, what you think that is for the overall luxury sector? who is best placed to take reward from that? and there is an evolution of travel, and we are presumed not to hit maximum terrorism from china until the backend of next year. can you disaggregate those two things for us and the impact on lvmh? carole: we are cautiously optimistic about the reopening of china. in our numbers, we publish our full year outlook earlier this year. we expect the china market to be up around 15% year-over-year on the ground.
that will be an improvement on a quarterly basis. q1 could be quite volatile because you had covid disruption still highly visible as of last month in december. but it seems like it is getting better and better at a faster pace. a weaker perspective for the first quarter, and then we are expecting of course, improvement from q2 on where's on the backs of the easy comps the sector has, because in q2 last year you had lockdowns in cities like shanghai. so it will be easier to deliver stronger growth. q3 and q4 should be quite good as the cup. -- the country reopens. so the market will get back on track. most of the spending will take place on the mainland. and gradually, you have spending abroad coming back to pace. for europe, it could take more
time for the chinese cohort, because we have to have flights back on track, passport being done, etc. but you have spending first of all in the mainland, and countries nearby china, then to a later stage they will be able to go in the west. dani: do you think they will be able to hang on to the american consumer? that was one of the stories of when china is off the map, because of weaker euro and stronger dollar, people were traveling to europe, buying louis vuitton and the extensive handbags, can that narrative endure? carole: so, the u.s. cohort was a big growth driver last year. in the report we published a few days ago, we feel we are most likely to see a soft landing, not a hard landing with the u.s. consumer. we expect to keep reporting
decent growth going forward. we don't see at this stage signs of slowing sharply. coming back to lvmh results last night, they flagged sephora had good results with the u.s. consumer base. so, the name is holding up well, despite concern around recession and macro headwinds. so i'm quite confident about the u.s. cohort. you have some normalization, but you won't have the drastic slowdown some people fear. manus: come visit us in dubai, i'll let you see the sheer spend on a volume we have never seen before in your life. carole: i'm not surprised. manus: i was a bit disingenuous, there is a lot of louis vuitton here, we will see you soon, great information. and i will give it to you, a mixed bag, finally, i have
let's get to our age investing editor who joins us now. the decision to leave his pay unchanged, where does that stack up relative to his rivals? >> they kept his pay unchanged despite the drop in the shares and also continuing regulatory issues following a raft of scandals the bank has had. a pay increase was off the table courtesy of the ceo himself, who asked this board, don't give me a raise because i have to continue reforms and my work is unfinished. at the same time, the bank refrained from cutting his pay despite the issues with profit. and the fact that there is work in progress. there is many things the ceo has to do. just earlier this month, it's been announced an overhaul of its mortgage business, which is shrinking.
there is a lot of work in that regard. as far as comparison with other ceos, we saw morgan stanley cut james gorman's pay despite the bank being one of the better performers arguably on wall street, notwithstanding the headwinds that are afflicting a lot of its rivals. at the same time, j.p. morgan is giving jb nyman -- jamie dimon's pay unchanged. one of the big ones yet to come is goldman sachs, with david solomon under pressure. we will have to see what the board does for him. dani: russell, along with it being the season where we learn about executive pay, it is the season for promotions. bloomberg large bank of america named 360 managing directors. this time around, more than half are women, or people of color. talk to me about bank of america's diversity efforts. >> this reflects a push across wall street to improve
diversity. there is certainly a lot of work to be done. bloomberg reported last year 18% of senior bankers on wall street are black. so there is a lot of work to be done. and in bank of america's case, this is the third year where underrepresented groups from the majority of the promotions to managing director. bank of america is making progress but there is work to be done. dani: that is much, that is bloomberg russell ward in tokyo. as we head to the end of the hour, a quick check of what adani stocks are doing because indian markets were closed yesterday. the selloff is continuing, total gas is tumbling 20%, power 5%, adani ports and special economic stock is falling 17.5%. we had ackmann adding fuel to the fire. manus: we know about his
ill-fated short sale a number of years ago on herbalife. he added that he found the report highly credible, extremely well researched. this is, of course, a real concern. adani group, thanks the report is maliciously mischievous and unresearched. jeremy hunt is in the bloomberg building. he will outline his plans to tackle sluggish growth. he will argue that the country can take advantage of brexit freedoms. ♪
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