>> welcome to daybreak: australia.

i am haidi stroud-watts in sydney. >> and i am yvonne in hong kong. happy new year. the top stories, japan's northwest hit by dozens of aftershocks after a powerful earthquake brings down buildings , triggering a tsunami and killing at least four people. haidi: iran sends a worship to the red sea after who the rebel boats were destroyed. yvonne: higher borrowing costs taking some heat out of australia's housing market with price growth cooling further in december. haidi: that is one of the elements we are watching in terms of how property developers , construction related companies traded today as we get into the new year. happy new year to all viewers. the bank of australia december manufacturing pmi will be one of the things we are watching in terms of the rating to get started this year. we are seeing a further

deterioration of conditions. the rating for december, falling to 47.6, worsening from 47.8. the composite number we are waiting for as well as taking a look at what that services number potentially looks like. the index falling to the lowest rating since may 2020, output falling to the lowest since that month as well. the 13th consecutive month of contraction. new orders, a little bit of optimism versus the prime month. the highest rating since october 2023, but that headline number well below the level that signifies expansion, under 50 signifying a contraction. take a look at asian markets as we get into the tepid trading conditions for the new year. we are watching the impact of the home price growth story, further signs of cooling in australia, rising borrowing

costs taking some heat out of the market, which has been surprisingly resilient. futures falling about .3%. wall street's final session, seeing stocks taking a breather, still near the all-time highs and questions of evaluations. the aussie dollar holding steady at 68.12. the greenback taking quite a few hits going into the end of next year and we will be getting some analysis in terms of what to expect for 2024. kiwi stocks modestly higher. we are watching the picture when it comes to the dollar-yen, given the latest the are watching without earthquake and tsunami warning as well. yvonne: tracking the breaking news over the weekend. a little bit of strength into the again, but japanese market are closed until january 4, so we will see if there is any

reaction to markets and japanese related assets outside tokyo. authorities are warning there may be further aftershocks following monday's powerful earthquake. the 7.6 quake killed at least four people and triggered a widespread tsunami warning. joining us from tokyo is bloomberg's isabel reynolds. this was a powerful tremor, followed by dozens of aftershocks. tell us the latest. what do we know in terms of casualties so far? isabel: some reports are saying four, some five, and several others slightly injured. obviously we are just coming into the morning light so there may be things people are going to discover now that they were not able to find yesterday. a lot of mobile phones were down in the region yesterday so people may not have been able to contact emergency services.

this is a remote area, a peninsula in the northwest coats of the japan sea side of japan and is relatively little populated, so that could mean there could be a number of casualties we see overall was fairly limited in the end. haidi: what are we seeing in terms of impact on local infrastructure? isabel: that has been extreme lee serious in terms of local broadcasters and social media. buildings have been crushed, in some cases people trapped underneath, which must have been frightening. we are seeing local trains have stopped, roads have been destroyed, so it will be hard to get emergency services in and out in some areas. the most important issue is the energy issue. we have seen that one plant has been taken off-line.

there were two nuclear plants in the area, so this could play into the future of how people look at whether to restart those plants. yvonne: you mentioned the energy impact of it seeing these pictures brings us flashbacks of what happened in 2011 and with fukushima. is this a much different situation? i know it is early, but what are some officials saying right now? isabel: the reports say that even though the one plant, they have been unable to bring in some external electricity supply, but they are still able to continue the cooling process for their spent fuel, so we should not see any situation like the fukushima plant in 2011. one of the big issues is this area has one of the largest

nuclear plants in japan and in the region. bringing that plant online is a big part of japan's energy plan going forward. due to this quake and the fact this area is now known to be prone to these huge quakes, local people will be a lot less willing to see it go back online and that could interfere with japan's lands -- plans going forward for energy and climate change policy. yvonne: let's get the latest when it comes to geopolitics. iran has sent a warship to the red sea after the u.s. navy sank three houthi boats in a confrontation on sunday. the move could be seen as a challenge to the u.s. led maritime task force established to halt attacks by the toronto back troubles. the u.s. navy says it was fired on as the houthis attacked a danish owned container ship.

immersed said on sunday it was halting transit through the red sea for 48 hours to assess the security situation. israel is pulling thousands of troops out of gaza, shifting the nature of its war to more targeted operations. it follows u.s. pressure to reduce civilian casualties and the need to return reserve soldiers after nearly three months of combat. withdrawals will begin this week. top israeli officials say the war against hamas will continue for many months. israel's supreme court has overturned a law aimed at weakening judges' powers in a blow to prime minister benjamin netanyahu. eight judges voted to overturn, with seven in favor of keeping the law, which would have barred them from voiding government decisions. the law was part of a populace overhaul which split the nation, with thousands taking to the streets to protest the plant changes. ukraine said it shot down almost 90 russian drones on new year's eve as the war grinds toward a

third-year. it followed russian missile attacks that killed at least 30 people in ukraine. moscow said it would seek revenge for a missile strike on a border city that killed at least 24 people. a series of tit-for-tat aerial assaults have intensified recently with the ground conflict in a stalemate. xi jinping has told president biden that their country should strive for a peaceful come existence in a new year's day letter commemorating diplomatic ties. xi noted that china-u.s. relations have contributed to global stability. ties between both countries have studied since xi and biden met in san francisco last november. haidi: chinese president has pledged to strengthen momentum and job creation. he also acknowledged domestic headwinds. it was a finely balanced message but there was an admission of the vulnerabilities. >> it is something we don't hear

much from xi, any concession to the headwinds facing china's economy. that was something hard to ignore over last year. you have the housing sector issues, youth unemployment hitting a record high before we stopped getting those numbers themselves. you have that element of concession, but it's also about how xi plans to respond to those issues. that was a focus of the speech as well. there was a pledge to strengthen the economy, a pledge to create more jobs, especially for those youth. better opportunities for young people in terms of career direction. a little grandstanding, but you might expect that when you have an address going out to more than a billion people. xi taking the time to reflect on more homegrown achievements over 2023. there was a locally made cruiseship, space programs, and

the issues of the advancements in the aviation sector. one of those was the passenger jet that made its way to hong kong at the end of last year. yvonne: we are still seeing signs of weakness in the economy. pmi numbers in december still looking quite weak and adding more pressure to do more. annabelle: that was a big focus of the speech as well, or rather the numbers being focused in terms of the economic issues facing the country. the pmi rating, we had the big contraction in factory activity data. reading a flat 49, the expectation had been 49.6. a little better numbers for the line in yellow that rose to 50.4. these services activity, you are continuing to see that in contraction territory. the focus is on policymakers and

xavier becerra to that. -- and xavier becerra in to that. the bank says there could be higher odds of a rate cut. a lot of economists said the actions and availability for policymakers on the monetary side is more restricted, that it is more likely to come from the fiscal response, especially given china is likely to target the 5% growth goal for this year. haidi: tricky elections he might be concerned about. some domestic political challenges too. annabelle: absolutely. we had the taiwan election and he did reflect on that, saying unification will come. there is also the u.s. election at the end of this year in november. when you look at the u.s. side, it is that tech rivalry continuing to develop between the countries. january 1 was when we saw that

restricted on the exports of manufacturing gear for the semi conductor injury -- industry taking effect. this is being led by the biden administration. key allies to watch, the netherlands, japan. we understand some countries got a head start on the restrictions, so what we heard from sources is asml, which produces euv lithography machines, very key to the chipmaker manufacturing process, they stopped some exports of three machines that had been in process, at the request of the biden administration. at the end of last year it was the story of huawei that managed to produce the phone rivaling apple's iphone, done with a chip made possible with the use of asml's machines. that tells you we did see china stockpiling those machines before the restrictions took

effect. it is the response of how countries are trying to limit china's developments in this field. haidi: happy new year, but a lot of the same tensions, a lot of the same risks for markets and investors and challenges for china. we have much more to calm. this is bloomberg. ♪

yvonne: take a look at the week ahead as we begin a new year. we caught the australia pmi coming at 47.6, a bit of a disappointment. further contractions from the previous month. we have pmi readings across asia, along with singapore's fourth quarter and full year growth figures. fed minutes on a wednesday and i sme fashion numbers out of the u.s.. you have initial jobless claims, pmi's out of japan, singapore, and hong kong, then jobs day friday in the u.s., so we get inflation prints elsewhere. thailand, taiwan. it is a jampacked week even though we are just coming off the first few days of the new year. let's bring in vishnu, head of economics and strategy at a bank.

to get back to a year ago, consensus was the u.s. was going to go into recession, china was going to bounceback post-covid, and buy treasuries. all of those were pretty much dead wrong. what do you think we have learned from last year? >> that it's ok to be wrong and we are probably going to be wrong again. i am just not sure that, if given enough runway to play out, famously the variable transmissions of the record u.s. tightening, surely we can't be sitting too smug about having averted a so-called recession. one of the reasons is the legs, the other being the fact that post-pandemic, there has been a huge decoupling between manufacturing and services. one may not recognize a recession in its true form.

increasingly people are shifting to the notion of looking at the delta, the change in the jobs number, rather than any particular level of unemployment. that is something to look out for the next six to nine months. the china story was never going to become compelling to start with. discussion was going on earlier about these stumbling at geopolitics remains to watch. a lot has changed but not much has changed you are saying there are still some risks that are mispriced, especially the soft landing. the title of your book is acrophobia, fear of heights. are you signaling we are about to see a massive hangover after the risk rally we have seen? vishnu: i am of this position, i suppose. it also reflects my highly nervous energy.

one of the things about this elevated levels -- we take a lot of solace in the fact that the fed is done tightening, without enough concentration for the level of interest rates that would have some rollover effect. the very high valuations that are meeting this heightened level of interest rates would suggest it is actually constructed for some kind of misstep or accident or slip on the way. one particular bugbear is the current state of affairs where you see yields coming down and equities going higher is the euphoria about the soft landing, cases of the immaculate disinflation, if you must. the trouble with that is we are also of the view that the fed is going to cut a lot more than they suggest. the only differences is, we

think you will find soft spots beginning to tug at the fed's panic string and that's why they are going to start cutting fiercely, in which case the soft landing notion and yields coming down would not coincide with a risk on rally. it would be quite the reverse. it is a distinction with a difference in how we view the trajectory of yields and policy rates. haidi: you are not a natural optimist, i think i can say. do you find any positivity around the rest of the world? might china see a rebound? is there more to gain? is there anything you are positive about? vishnu: you put me in a spot there. i am almost forced to say no, i am the kind of pessimist that you cannot flog out of his

gloomy views. in terms of what's positive, the biggest picture for me is the half-full version of the decoupling between manufacturing and services. the bottom in manufacturing is already taking shape -- famous last words. you would probably find toward the end of this year, we are in a good position where manufacturing starts lifting itself, not because of burgeoning demand but the fact there has been so much inventory drawdown and so much downside in a soft position in the manufacturing sector, so that would begin to show some relief. even as pessimistic as i am, suggesting that is going to be a more discernible and emphatic downturn, the silver lining is the manufacturing lift would mean we would mistake this for a compressed cycle and a near v-shaped rebound, while it is

the decoupling playing out in a slightly different way. that is one slight bright spot, led by semiconductors, the cascading effect on some manufacturers downstream means manufacturing begins to see some relief. from my point of view, more structural than cyclical because of the credit update. the outperformance is perhaps going to be tempered rather than boosted. haidi: i want to end on geopolitical risk. it is going to be quite the election year just about everywhere, kicking off with taiwan and rounding out with the u.s. election in november, but also indonesia, venezuela, mexico, south sudan, pakistan. what sort of risk are you assigning to politics this year? vishnu: the good news is, there is so much risk swirling out there, i guess politics will not

have to take all the downside. that is the silver lining. the biggest risks would come about in terms of u.s.-china relations. on what level it sustains. the other one is the ongoing conflicts, what the terms of engagement would be. as a last point in stressing the elevated level of tensions, particularly the simmering nature of it, is a de-escalation of some conflict might not be the be all, end all. the terms of engagement could change very rapidly and be harder to predict. haidi: what a conversation to start off the new year. always appreciate your time and insights. you can get a round up of the stories you need to know to get your year going in today's

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yvonne: one to update you on the latest when it comes to the earthquake yesterday in northwestern japan. we are hearing the major fire that broke out in a city has appeared to spread across several buildings. we are getting insights that more than 50 buildings in that city have caught fire and a multistory building in the city has fallen over. that is the latest. firefighters are still tackling these fires in wajima this

morning. you talk about the aftermath of the extent of this damage, this is still ongoing, a fluid situation. this is one of many things, not including the 50 aftershocks felt after this massive earthquake in japan. haidi: continuing to really watch for the aftereffects in so many ways, including the impact on infrastructure we are seeing play out. the tsunami warning is still in effect. it was downgraded

>> take a look when it comes to trading early in this part of the new year. the dollar closing out its worst year since the onset of the pandemic, 2020.

these u.s. rate bets are continuing to bite when it comes to the brazilians of king dollar on these expectations the fed will lower interest rates in 2024, whichever camp you are in as far as the timing goes. the kiwi dollar is flat, 63-23, quite a bit of stability for the aussie dollar. we are watching the yen, given ongoing developments and the tsunami warning following the quake. we are monitoring for the infrastructure as well as human related developments continue to play out. we saw reporting of a multistory building collapsing and firefighters and emergency personnel tackling blazes with more than 50 buildings in the area on fire. we continue to monitor that. japanese markets are still closed going into the start of

this week. dollar-yen trading just shy of 140 one. watching china pmi, that has finally balanced, the televised speech from xi jinping talking about the challenges for the chinese economy and one example of that is, the worst contraction in six months which suggests further weakness to come for the chinese economy. let's bring in the president of prestige economic joining us. it has been a wild ride when it comes to fx but let's start with king dollar. do you see any respite when it comes to how fed bets are piling up in this market? >> in the short term we could see leveling off but as we look ahead to 2024, there could be more weakness in the cards because the forecasts are not just for rate cuts this year but also for rate cuts in 2025.

i think you will potentially see by the end of the year and even weaker dollar against most major currencies. haidi: if you look at the underperformance, even against the weakening u.s. dollar of a lot of asian currencies, taking a look at a third straight year of declines for asian currencies according to the asia dollar index. are there outperformer is for you into 2024 in this region? >> i think there are lots of questions around the japanese yen and what we could see in the year ahead. do we see changes in policy that could give the yen uplift against the greenbacks? we could see that but broadly, most major currencies are likely to make gains against the greenback this year as we see rate cuts likely come to fruition by the mid-year or so.

and we see a number of rate cuts this year and next year. haidi: what about commodities currencies? the uplift in the aussie dollar, could that be sustained if we get more signs of life from the chinese economy? >> absolutely. later in the year, there is more upside for commodity prices. there is upside at the beginning of the year will the second half when rate cuts come in, we think there will be a number of commodities that see upsides. there is industrial metals and for crude oil prices, upside potential and as you mentioned, if we see further strengthening in the chinese economy, the chinese commodity demand will see uplifted prices as well. for 2024, the second half and 2025, there is significant upside potential.

haidi: could we see further support for pressures? >> i'm sorry, could you ask again? haidi: could we see further support for precious metals given the outlook of the dollar and the fed? >> it is a mixed bag for precious metals. there is more upside for gold prices. palladium prices have been under pressure. they often trade more like industrial metals at times and they see more pressure in the second half of the year on the upside. and in 2025 as well. i would watch for pops and palladium prices but platinum and silver, we expect prices to move higher through the year but gold prices will be more in focus as we consider all of the precious and platinum metals. haidi: let me take the conversation through to energy

markets as well. there was a great deal of volatility for crude. does that carry through to this year? >> for the upside here, i think the global growth picture in the first half of the year, there is maybe more weakness. by the second half of the year, the upside for global growth will likely gain momentum and in 2025, even more so. the u.s. summer driving season will likely support prices in the midyear. i don't think we will have a wild year like 2023 but for 2024, there is upside and midyear, driven by the u.s. summer demand and in the latter half and next year, the global growth picture beginning to turn a bit rosier as we back off from a strong greenback and high interest rates, providing general uplift for the global economy which will be the

biggest macro driver not just for crude but all industrial commodities. haidi: and when it comes to natural gas? >> it is a mixed bag. in the united states, we talk about natural gas, we talk about inventories being high. there is more dependence on natural gas from powergen then there has been in the past but high inventories could see a u.s. natural gas price be lower in 2024. if we see global demand pick up in the second half of the year, we could see later in the year some uplift from where we are in the earlier part of the year but we could be at or below where we were even for last year. i think there will be more upside in 2025 for henry hub and lng prices compared to 2024. haidi: always great to chat with

you. happy new year to you, jason. former u.s. targets her -- treasury secretary larry summers says inflation risks are underestimated. he said a 2% target for price expansion may no longer be viable. >> we basically have an outcome that was closer to transitory's prediction. inflation came down. with policy, that is what their opponents were insisting on. interest rates far beyond what they were recommended, beyond what the fed was predicting as of almost any date in the recent past. the record is a bit ambiguous. yes, absolutely, there have been important supply elements. i have always stressed that we were never and 8% or 7% inflation country and because of

bottlenecks, a variety of prices went up, adding to inflation, and they would then come down, subtracting from inflation. i'm not sure we are a 2% target inflation country in any durable sense. i look for example at the 5.2% wage increase, the federal government just gave, strike activity that is more than it has been in a decade, still tight labor markets, potential geopolitical risks in commodity markets, the fact that house prices have started to turn back up and i'm far from sure where we will go on inflation. so to declare that proverbial soft landing to have taken place seems to me to be premature. so i think we are still in an

ambiguous situation. i have been saying on your show for close to a year now that there are three possibilities, that the economy turns down quickly, that the economy achieves the proverbial soft landing, and in a sense, we don't ever achieve a secure landing and inflation never really gets down to target and even re-accelerates. obviously we didn't see the hard landing in 2023. i was never as sure as many people were that that would come because as you also know, i have been arguing that neutral interest rates have gone up, so policy is not as contractionary as many people expect and that the impact of interest rates are lower than many people have expected. so i'm not terribly surprised that we haven't seen a recession

in 2023. and i think there are risks, looking at some of the credit figures for the next while. we may achieve that soft landing. i would certainly say it looks better and more likely that it did -- than it did six or eight months ago. i always said soft landings were the triumph of hope over experience, but occasionally hope may triumph over experience. i think there is still a risk that the market is underestimating that we are not going to quite make as much progress as it -- on inflation as people hope, and there is not going to be quite as much room for fed easing as people hope. you know, david, the movement we have seen towards fed easing has driven a big increase in stock

prices, a big loosening in financial conditions. and i think if that kind of thing were to keep going, it really would raise a lot of questions about price stability. so i think the fed will have to be very careful going forward, as chairman powell has recognized. >> we look at these questions because they are interesting historically and to give us direction for the future. as you look at the risks, what about the symmetry? some are concerned we have a bigger risk of recession if we tight policy than we do with inflation running away. where do you put the balance of risk between recession by overly restrictive policy, as opposed to letting inflation get ahead of us? >> i think they are both very real risks. i'm a little surprised by the view that puts primary emphasis on the recession risk, given what has happened to financial

conditions in the last two months. the stock market has taken off again. house prices are now rising at a 6%-7% annual rate. long-term interest rates, and with them, mortgage rates have come down substantially. i think that in a way, we have already seen a substantial easing of financial conditions, and so i think we had better be a bit careful with respect to the inflation prospect. and that's continues to be a source of concern for me. haidi: former treasury secretary larry summers speaking to david westin. yvonne: plenty more to come on daybreak australia. this is bloomberg. ♪

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haidi: house price growth slowed in australia according to property consultancy. rising borrowing costs worsening affordability combined to take the heat out of the market. we know particularly across city -- certain cities, there is resilience. does this suggest we are in the middle or at the start of a new trend? >> it is hard to predict mere --

predict. nobody thought property prices would go crazy. it boils down to supply. sydney is the bellwether and some muted gains in september, 0.2%. it is affordability, it is so expensive and rates are getting high, 4.35% is the cash rate. this is crimped people's ability to borrow and their willingness to spend. you look at cities like brisbane , they have seen gains of 1% plus. these are states where mining is strong. this has supported prices, commodity prices have been well supported as well. the rba is probably done as we know, hitting after 2024. the conversation tending towards cuts. logic has seen more supply coming on -- corelogic has seen more supply coming on. stock has increased but the

market is tight on the supply side. yvonne: you mentioned the supply side. can we see any improvement this year? >> it is not looking good. kpmg says construction in 2023 was 42% of what it was in 2018 so this is the opposite of what australia needs. the construction industry dealing with the same pressures as everybody else, rates are high, inflation is high, building costs are high. this conspires against traditional supply. throw into the mix that australia had a record immigration in 2023, more than 600,000 arrivals, more than 1500 people per day coming into the country at culling at home. they need somewhere to live. we are seeing a rental crisis. this is pushing prices up. we reported last month brookfield blackstone and large investors are interested in building more supply and australia, the government is easing restrictions.

but building the sheer volume of new housing stock australia needs will take time. haidi: paul allen in sydney with a look at the property sector. in urban china, the slide in home sales accelerating. ringing the bell, at the top of the hour we talked about property pretty close to the top of the list of challenges. >> it's a long list but it is the property sector focus that is key here because the measures we see to try to address the sliding prices hasn't worked as yet. we didn't get that through the latest data readings. this one, tracking numbers from the 100 biggest real estate companies in china, key takeaways, the slide extended in december. the value of new-home sales was down more than a third compared to 12 months prior. that takes the contraction on a for your basis down more than 15% on the year so worse than

what economists expected for that reading. we have seen measures like lower down payments. that changes the definitions for the so-called non-luxury homes. so buyers are still cautious and that plays into the expectations around rate cuts building over the course of next year. we can't rule out the chances of a pboc rate cut in early january. growth has continued to slide. yvonne: the pboc, they have predictions on chances of a rate cuts. how soon could we see one? >> they are adding to the view from anz because they are calling on the measure that comes through as early as january, looking at official pmi numbers from sunday. contractions in the nonmanufacturing side, the

reading worse than expected. in manufacturing, 49, the expectation had been 49.6. in services or construction, picking up but it was more of that fiscal support that came through for those beleaguered property developers as opposed to a healthier private sector, where consumers are coming back into purchase properties. it does add to the chance of a pboc rate cut in early january if you look at what they are expecting. bloomberg intelligence says we could see a 10 basis point reduction in january. they are seeing further 20 basis points of cuts over the course of the year and that would be to complement fiscal stimulus. can't forget the fiscal side, given that that is expected to flow strongly over the first quarter. yvonne: i think those bets are piling up. we will see. thank you. the pboc, what they are

thinking. plenty more ahead on daybreak. this is bloomberg. ♪

haidi: you are watching daybreak australia. the top stories, saudi arabia's public investment fund was the most active sovereign investor last year. singapore's gic and tamasek,

showing the pif deployed more than $31 billion in 2023. state owned funds invested 125 million dollars last year, down by a fifth from the previous 12 months. the decline was led by gic which invested 46% less. chinese automaker byd sold over 526 thousand fully electric vehicles in the fourth quarter. tesla will need a record showing ticket -- to retain its number one status. in total byd sold more than 3 million electric and hybrid vehicles in 2023, almost as many as in the previous five years combined. the u.s. is cutting them -- the number of electric vehicle models eligible for a consumer tax credit as vehicles taken from january. the criteria have/the number of qualifying models to 13 from 24. this excludes ev's that use

battery components made by chinese manufacturing. yvonne: we are watching the latest when it comes to the earthquake in japan. good news from nhk, the tsunami warning has been lifted for part of the country after the devastating earthquake. we are still trying to assess the extent of the damage in terms of casualties. at least four people have been killed according to some reports, and of course the extent of damage to infrastructure, there were these fires that broke out in a city this morning where firefighters still are tackling those blazes. more than 50 billion -- 50 buildings have caught fire. haidi: thankfully, a fairly low number of fatalities. four deaths confirmed as of 1:30 a.m. local time tuesday according to the prefectural government of ishikawa.

the powerful earthquake, followed by aftershocks and a tsunami warning, which you talked about earlier, and a number of the after effects still being felt including those fires reported just in this hour. the tsunami warning was issued for almost the entire west coast after the earthquake hit. areas as far north as ho kato, -- hokkaido, urged to evacuate to higher ground. you can see footage of the office spaces and residential spaces that we saw in the wake of the earthquake. nuclear reactors have been checked. no abnormalities have been found. we are seeing disruptions across transportation, train services suspended, roads and airport runways closed. many power plants across the region have been impacted. mobile phone service is affected, which has a massive

impact when it comes to help people, businesses, civilians are navigating their way through the emergency. we have had reports of injuries across ishikawa prefecture. so we continue to monitor the latest when it comes to the japan earthquake as well as the lifting of the tsunami warning for part of japan. take a look at what we are watching when it comes to markets in this early part of the new year. we are seeing snb futures off by 0.3%. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh

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