>> a very good morning, welcome to "bloomberg daybreak: australia." >> good evening, i vonnie quinn. the top stories is over, uso speaker kevin mccarthy says the house will as the debt ceiling increase by this week calling on president joe biden to negotiate two devoid -- to avoid a default. haidi: china trailing -- vonnie: wj report planning to review policies taking over the past decade as officials meet this week under the new governor. haidi: let's look at how markets are shaping up. it is a holiday disrupted trading week or australia as we get set for a public holiday on tuesday. we are watching a tepid start to the week. evaluations particularly when it

comes to the tech sector, questions as to whether we are seeing the exuberance a bit overblown, and we are also seeing some rethinking when it comes to earnings expectations now that we have had 25 percent of the s&p 500 reporting at 80% topping expectations. there is a revision when it comes to potential upside for a number of these stocks. this is what we are seeing when it comes to broader risk assets that we are watching. dollar-yen is one focus when it comes to ethics bears -- fx pairs in focus. it has been the favorite sentiment gauge and is in focus as we see it investors of interest over the route of the recent banking turmoil. the aussie dollar against the haven yen, we will see if it can bring out of that seven mark. vonnie: u.s. futures are pointed lower, just starting to trade down. uso speaker kevin mccarthy says the house will passes $1.5

trillion debt ceiling increase plan this week. he did not clarify if he is already secured that 218 republican votes he needs. for more let's bring in our correspondent. how close is kevin mccarthy to lighting up those votes? >> up or should we talk to today who is familiar with accounting, the counting of security votes, if you like, said they are not there yet, but progress has been made since friday, which was the last time we checked in in detail on this. mccarthy is dealing with a very slim republican majority in the house of representatives, and he can only afford to lose five defectors, so he is looking for 218 republican votes, and that will be the focus as the political week gets underway in

washington. haidi: is it likely to work against biden? he says he wants an unconditional debt ceiling increase. >> that is the gambit of the republicans in the house, and of course, you have to remember the senate is democratic-controlled, although there have been some voices including from senator joe manchin, the conservative democrat from west virginia that biden should show some flexibility. what mccarthy is trying to do here is rather than present a budget plan, which is what biden had been pressing the republicans for, is to come up with this alternative thing which is to say here is a debt ceiling increase which will be for about a year, but we are proposing all of these cuts including cuts to social

programs, and the democrats are basically livid about. vonnie: markets are looking toward the fomc next week, but how focused are they on the looming showdown here? >> there has been a lot of talk the markets are not focused enough on this risk, which we have seen before in similar risk situations or political risk situations if you like. it does seem there is increasingly a sense in the markets that this is something to watch, and it has been showing up in treasury markets, the various fields that parse where this may end up, and one of the factors also is we are down to looking at things like u.s. federal tax revenues by the irs, which could influence literally when the treasury will run out of money to service

america's debt. yes, that is starting to take shape. the talk has been about july or august being the crunchy date. it could be as early as june. you see we are talking about something that is very close on the horizon by any reasonable measure, and markets are starting to take note. haidi: our correspondent there in washington. geopolitical concerns are still top of mounting worries for investors. french president emmanuel macron's efforts to enlist china's help to broker peace in ukraine may be unraveling after an ambassador it raised soviet nations. let's bring in stephen engle who joins us in hong kong. these are extraordinary remarks and one that seems to go against the position taken by beijing. >> yes, and we need clarity

going forward, and some of these former eastern soviet bloc nations need clarity. they will be summoning their chinese investors to the countries. following these countries by the chinese ambassador to france to a french television network. he essentially said that these former soviet bloc countries do not have sovereign status as independent nations, a very inflammatory comment at a time when the french president had just come back from beijing and wants to have his foreign policy chief establish a framework for which they could possibly build peace talks between russia and ukraine with the aid of china's top implement -- diplomat. it puts the french in an awkward position, and the french foreign

ministry as put out a statement saying they read those comments from the ambassador from china with dismay, and they will be seeking clarity from beijing whether this is the actual policy, official policy coming from beijing toward these baltic states that were formerly under the soviet union. and as i said, those nations are up in arms because of these comments from the chinese and whether the chinese would be coming into any potential vstoxx as a broker between russia and ukraine in good faith. this is one to watch very closely before we head to the g7 summit. vonnie: we have heard from xi jinping himself who seems to be talking about self-reliance on the heels of the biden administration potentially limiting investment further by chinese companies -- american companies in china. >> that is the story i reported

last week. we are hearing joe biden is about to sign an executive order before the g7 summit and behind-the-scenes he is trying to gather support his move to bar or make it more difficult for american companies to invest in chinese technology companies in china in artificial intelligence, semi conductors, quantum computing, and essentially xi jinping is reacting to that. he gave a speech friday to a communist party gathering essentially again reiterating his push for self-reliance in key's, and that the government should support companies whether it is state backed companies or private companies to boost to their competitiveness and their ability to have self-reliance in these advanced semi conductors and advanced technologies if the united states is indeed going to

cut off china from access to the american i.t. it was fields -- in most fields. haidi: taking a look at what we're watching when it comes to the start of trading, bonded traders taking little solace in the market's recent calm. let's bring in garfield rentals. i'm wondering how interesting this week could get. >> that is a wildcard in a lot of ways. we will see if ueda can be less volatile than his predecessor. we had those meetings straddling the year end period last year. tweak your control and reimpose it. there is a lot at stake there. a lot of people have been betting that they will be forced to tweak. overall the expectation is that

they will leave settings as they are. what do they say going forward? what do they say about what would be the way in which it would look at unwinding some of the extreme easing they have got going? what would be the timetable? how will that fit in with everything going on internationally? vonnie: in the u.s. we have the two year at 418 with a lot of data this week. first quarter gdp reading, core expectations. will there be volatility in the bond market? >> the bond market is in this uneasy calm at the moment. the fed is in its quiet period leading into next week's fed meeting, and fed speakers at the end of last week were very clear to basically go away leaving

love, here sitting on the table when we get back is the 25 basis point height. with potentially another 25 basis point height -- hike for dessert in june. the bond markets are left with that, yes, there are 25 basis points coming, and you need strong data readings to get anybody thinking they would not: 25 basis wins. you would want strong readings to be sure another 25 in june is on the table because we will have so much data between then and now. that short term view is probably not changing. the question is what is going on with the longer term view? we have the situation where markets in general are basically saying to the fed you can hike in may and june, but the more you hike, the faster you will have to come down.

we have a lower fed funds rate priced in swaps and futures market for the end of the year from where we are now. if you go up, you have got to come back down. the fed is certain it is not coming down this year. that is the messaging from them. there is the underlying tension. the longer end, the 10 year yield has been resilient because it there is that strong expectation not just the economy will slow down, but it was slow down enough that a federal reserve that has been busy saying we are going to hike and then hold will have to turn around and cut, so that tension is at the back of everything. at the difficulty is with that strong messaging on what will happen in the may meeting, you could get a surprisingly calm week into a bonds unless we get strong data reads. haidi: there has been risk

appetite. if you look at tech evaluations at extremes, kind of range bound trading action we have seen. aussie-yen, is there a lot of bit of -- is there a lot of upside? >> there could be a bit of upside. it is gathering momentum out of china. that was a risk last week when iron ore drop toward the end of those last five days. if china is going well that helps to feed risk appetite. you were talking about tech evaluations as well. again, that message, yes, the fed is going to hike perhaps what we thought it would not. medium-term they will have to stop and consider coming down, so this is about as bad as it gets when it comes to the fed rate, and that is also helping to feed risk appetite. the idea that central banks, even if they are not done yet,

they are close to done. vonnie: garfield, thank you. to first word news now. several nations have ramped up efforts to evacuate consular workers from war-torn sudan. the ok and u.s. militaries have managed to airlift diplomats to safety well of country started to gain access to khartoum's airport. more than 420 people have died and 3700 others have been hurt amidst intense fighting between sudan's army and a militia. nhk reports prime minister kishida's ruling party wins in four out of five elections held on sunday. they kept the receipts previously held of the five and also picked up a fourth. the victories will further fueled speculation that he/she that may opt for a national

election after hosting the g7 summit in may. a poll says americans are serving on the prospect of a 2024 election rematch between president biden and former president donald trump. most of those surveyed said biden should not seek reelection , while 60% said trump should bow out of the race. biden is planning a formal announcement that he will run as early as this week. haidi: a chinese diplomat stoking anger in europe by questioning the sovereignty of ukraine and other x soviet states. we get analysis from the center for strategic and international studies. it investment solutions on the fed's next move, investors waiting for the release of crucial data this week. this is bloomberg. ♪

vonnie: you're watching "bloomberg daybreak: australia." will be on the lookout for cpi prince throughout asia. in australia the rba expects a 1.8% quarter on quarter rising cpi. a weaker reading could push the bank to keep its rates unchanged again. we would get inflation data from tokyo and singapore. on thursday gdp figures are expected to confirm the u.s. economy is showing resilience in the first quarter of the year even in the face of rate hikes and bank shocks. we will look at first quarter growth figures from south korea. on friday the new boj governor will deliver his first policy meeting as investors watch for any signs of tweaking or scrapping of the bank's a control stimulus. other economic data are ppi numbers from japan, china las vegas industrial profits and industrial numbers from japan and south korea. haidi: in the u.s. big tech earnings will have a dose of

reality falling impressive gains across the sector powered by ai, and analysts are expecting tech profits to register the biggest drop since 2009 with the businesses curbing spending on software, cloud, and advertising services. vonnie: our next guest says the u.s. market is currently pricing in one more fed rate hike with cuts coming in year's end. franklin templeton it investment solutions head up sustainable investments and portfolio manager kim strand. why is the market so disbelieving there will not be eight pivot? >> thanks for having me. at franklin templeton, i am part of the investment solutions team. i will speak to many markets, but we think that the markets have kind of been rolled into a

false sense of optimism. the data has been strong, the growth has been strong. earnings have been really great. our probability of a modest recession has increased since some of the banking turmoil in the u.s., and given that the data continues to stay strong. we think that the thought that the fed will aggressively cut to year end is misleading. they are saying we need to see inflation come down. that is the biggest crux of it is we feel inflation is high. it will come down and some of those easier to come down areas like goods, but in areas that like wages that is sticky and it will take longer. we believe what the fed is saying. it will hike and stay there until you see these areas of inflation coming down. vonnie: we get plenty of economic data at this week for the fed to chew over the following week including more consumer confidence data, eci

data, core pce, and then there is the banking turmoil. will the fed have to consider that at this meeting? >> i think they will have two. would result was the potential for severe risk that is diminished in the banking sector in the u.s., but we think it is chronic. we see leading indicators of lending standards coming down. not just the banking sector, but that will permeate through all parts of the economy, not in a severe way but chronically ripple through, so we do something the fed has to take into account. we have 80% of s & p earnings coming this week. at numbers themselves i am not surprised to see. the forward-looking guidance, or parts of the economy, tech coming through this week will be

a icai this is the point. we have had an almost 80% beat when it comes to 20% of the s&p 500 that is reported. is this because we have had missed pricing? >> i think it is a combination of things. expectations coming out of the last 1.5 years have been reset to very low levels. also just the way comparisons are sent from last year, rates riding from covid. i think it is a combination of factors, and i feel like we always say this, but it is important to look at what our management team is saying for the future, for the rest of this year. higher rates? what does that mean for companies globally and how does that ripple through this most recent lending standard and the economy? haidi: when you look at the big

tech surge, evaluations are looking pretty extreme. it investors do not seem to care for now. do you think there is over exuberance at the moment and what out of the tech space would you be looking at as good for long-term exposure it regardless of what happens in the next part of the economic cycle? >> we absolutely see exuberance in the tech markets particularly in the u.s. if you look at it relative to the rates expectations that we talked about earlier, it is not surprising to see those names really buoying the u.s. economy, and there are seven or eight tech stocks that have driven the upper performance in the s&p 500. if you peel back the onion, performance is actually been pretty poor. we do think there is a bit of over excitement in some of these

areas, but through a recession like we are forecasting those names should actually hold up, but there is excess in the system. as long as the fed continues to do what they are doing and inflation continues to remain sticky, we think some of that will come out. vonnie: we would get words from microsoft and amazon this week. our thanks to you. you can get a roundup of the stories you need to know to get your date going in today's edition of daybreak. terminal subscribers go to dayb. this is bloomberg. ♪

haidi: a check of the latest business flash headlines. nbc universal ceo is leaving his role after admitting an

inappropriate relationship with an employee. comcast said it agrees it would depart effective immediately. the company has not named a successor. bed, bath & beyond will close all of its stores and liquidate inventory over the next two months afterwards turnaround failed. he filed for chapter 11 bankruptcy on sunday but says it is searching for a buyer for all or some of its assets. it will begin liquidating its 480 branches immediately. speculators are getting ready to take on the bank of japan yet again as the new governor ueda gives his first policy meeting later this week. we will be getting a preview of that as well as the rest of the major event risks we are watching this week. thi

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haidi: we are setting up for a

should have between market speculators and the bank of japan yet again. the new governor ueda gearing up for his first policy meeting this week. let's bring in kathleen hays joining us now from tokyo. no policy change of any type expected from ueda, but you cannot blame the markets from thinking there is a chance especially given elevated inflation numbers. >> do you remember when we first heard this was the next boj governor? a lifetime academic, the first academic like this to become a boj governor. there was rampant speculation at the last meeting that even corona -- kuroda might start moving toward this. because ueda has been expressing support for the policies the last 10 years and the reluctance to move too quickly toward

normalization even looking at yield curve control. a news company reported over the weekend that they are going to start a review of the policies of the past 10 years and what to do with them. what seems to underscore the idea this is about taking your time, seeing what happens. 12 months well above the 2% target. clearly the messaging we have been getting is clearly is it sustainable? how quickly and how sustainably inflation as stated above 2% in japan. the cpi and the latest news last week using two -- easing to 2.3 percent but on the court rising to 3.1%. governor kuroda and this is what we will probably hear from ueda 's are going to stay there? is this driven by import cost,

commodity prices? what we need to see is stronger demand is going to push up inflation due to higher wages. at the wage negotiations look good, but we do not clearly see the demand. it is more about the higher costs, commodities, etc. the other reason to talk about what they are doing is the banking crisis. the story bloomberg news got last week is that is something they are weary of. it seems more likely not to a lot of people and has been shifting over the past month or two that the first chance we get any kind of two-week will be the june meeting, but this meeting is very important. but if they do surprise? that would be very big. the inflation forecast is supposed to come in at 1.6%. what if they make that a higher? that will be a small think that suggest they do see what is

going on. whatever ueda says of the press conference, at the messaging and communication it will be important. that is what people are counting on now, and you probably can still hope for some kind of something, a little more definite. vonnie: you will be back later on it was special guests and we will continue to talk about it. that is kathleen hays joining us from tokyo. to the first word news, developing president says manila and beijing emigrate to establish more lines of communication to resolve conflicts in the west philippine sea. as remarks come after talks with the chinese foreign minister. ahead of the meeting he had said the two countries should work together to promote peace in asia and assigned beijing as chipping away at washington's away in the country.

a company is trying to break technological barriers as beijing tribes to mobilize the technical sector. xi declared innovation led by companies is key to realizing high-level technology self-reliance. he said the key to growing private business lies removing institutional barriers and collaborating policy. house speaker kevin mccarthy says the house will passes one $5 trillion debt ceiling plan this week but refuses to say if he is already secured the 218 votes he needs. sources: bloomberg mccarthy has not lined up enough votes, but the effort is making progress. his proposal would stay involved a debt default until march of next year and trim 2.5 trillion dollars in spending over the next decade. he was supreme court blocked a texas judge las vegas restrictions on a widely used abortion pill from taking effect keeping the drug only available while a legal fight buzz word. the biden administration argued

the restrictions which were set to take effect at the end of credit would have created regulatory chaos and make it impossible to legally sell the pill across state lines. an iconic historian comedian barry humphries has died at the age of 89 after a career spending seven decades. he had been suffering complications following a hip replacement surgery. his family said he was completely himself until the very end, never losing his elliott mind, is unique with and generosity of spirit. haidi: my comments from a chinese ambassador absent a wave of anger through european nations and how it could potentially hamper emmanuel macron's efforts to end the war in ukraine. we will be discussing all of that next. this is bloomberg. ♪

vonnie: let's have a check of u.s. futures, we are looking at a lower opening although bear in mind we are in the early stages of trading futures right now. last week we did have a down week for the major indices a bit less than 1%. a huge week of earnings including the likes of microsoft, amazon.

in the morning we get a regional bank that we are all well aware of. haidi: geo political tensions always top of race. european states are reacting with fury to these comments from the chinese ambassador of france questioning the independence of x soviet states, and that is dealing another blow to the french president's efforts to enlist china possibly has helped to end the war in ukraine. our guest from the center of international and strategic studies, always wonderful to chat with you. this is a perplexing situation we are dealing with. give us your thoughts as to the comments from the ambassador, and i guess i am wondering does this have the support of beijing given china's official stance is different? >> the ambassador is famous for making very strident comments.

this last year he talked about the need for timely needs to be reeduc of the people's republic of china. he says a lot of different things. some chinese diplomats are very undiplomatic. do they do that on their own? sometimes yes, but sometimes coordinated. chinese foreign policy is sometimes funny, sometimes vinegar to push on different countries around the world to keep china and the headlines. china is in a global competition with the united states. you can see chinese diplomats are speaking more and more in every type of venue across europe, asia, international institutions, and this will not be the last time we hear a chinese diplomat talk this way. i am certain. haidi: when these comments are

made towards sovereignty, is this more targeted toward alluding to the situation with taiwan for example? when you look at comments like this, do you compare it to the commentary we get from the global times for example you read between the lines, and you know a lot of the time it is voicing some of what is being discussed at the upper echelons? >> certainly you do get individual diplomats who are trying to show how tough they are with no script sent from beijing, but it is hard to tell. you just had a chinese diplomats say filipinos should be concerned in case there is a war , what might happen to them. that does not send a great message to the philippines at a time when the ambassador is trying to court the philippines

and some of the verb relations and the filipino president is about to visit washington. i think a lot of this is this foreign policy is focused on their domestic audience, society as a whole. there is a person in beijing many of these diplomats are focused on impressing, xi jinping. vonnie: how much is the u.s. conferring with other countries when it comes to u.s.-china policy? >> i think the biden administration is a full court press with every region of the world with countries that have a long-standing relationship with the united states, those that are on the fence and those that appear closer to china bilaterally, regionally, globally, on economic, security, diplomatic issues. we could really see the biden administration is taking that part of the competition with

china that is about alignment to heart, and i am sure the secretary of state has been logging more miles than just about any american diplomat in a long time. occasionally the u.s. it feels needs to go out and front if it does not have unanimity with semiconductor restrictions, but in its mind it's at a bar forever -- bar for others, essentially the japanese, the dutch and others to follow along. vonnie: when we hear comments about sovereignty, how much is it china trying to turn between keeping russia happy without going too far and angering the united states? >> certainly china is sending signals to putin, washington, two countries on the fence, but

it is also sending messages back on to the most important audience, which is its public and own leadership, so sometimes it will say things that are quite strident, and you would think they are shooting themselves in the foot with a statement like this. on the other hand, you should not take that too seriously, given that the real audience may be at home. china has got very big ambitions abroad, but most important is political unity at home, and these kinds of statements help make officials connect back to beijing. haidi: how productive was the chinese prime minister's visit to the philippines? >> it is hard to judge the success or failure of the ambassador's efforts from a single trip.

certainly relations between china and the philippines are strained because of sovereignty claims, chinese economic coercion, chinese criticism. philippine military ties with the united states, and you will have to see over the long-term whether or not that type of diplomacy can it persuade some in the philippines that china wants is stable productive relationship. countries want to china and u.s. to have constructive foreign policy that they are strategic competition does not force others to choose economically or lead inevitably to some type of conflict. the extent to which the investor can provide that kind of reinsurance, we will have to see. let's see what marcos junior it does during his meetings in

washington and when the president from south korea visits as well. haidi: i thought the headline was great too that scolding is not a foreign policy, and it goes to the point that what you get from china is an airport and what you get from the united states is a lecture. do you think there is more truth than that, and what is more effective at this point? are we seeing motivations of buying what china is selling given the backdrop of debt concerns as well? >> china is the leading economic partner for most countries in the world in trade and increasingly in a variety of different kinds of technologies, and these countries do not want to sacrifice that relationship, but they also do not want war and conflict. countries in the region and elsewhere are deeply worried

about relations, and we have heard that increasingly from individual countries that one could relations from china including the president of south korea who says he is worried the prc is trying to change the status quo. you are seeing a balancing act both by the chinese and by others who are pushing back and trying to figure out how they can manage in a very difficult world that is not going back to an earlier era of globalization in the postwar period when security and economics were very clearly divided, and security issues were easily compartmentalized. things are much more complex and difficult for just about everybody. vonnie: what is emmanuel macron trying to do, and will he be successful? >> there is domestic politics but also french foreign policy.

europe's economic interests and those of france are not identical to the united states's , and he is trying to articulate that in france does not want the world to be directed toward. the way that he said that and articulated it during his trip to china stood out, and stood out quite clearly from ursula von der leyen speech and her actions was there and from chancellor souls -- scholz visit in the fall and others. michael -- macron and president biden consulted after they returned and they seem to try to paper over these differences. i do not think they were successful and that, but i think broadly speaking the u.s. has done a pretty good job of improving ties with countries

and the eu across the pond. china has helped in part because it has not taken a middle position on ukraine-russia, and european countries are very clear speaking of where they stand on the question of ukraine. vonnie: thank you so much for joining us, scott kennedy. be sure to tune into bloomberg radio to hear more from the day's big newsmakers and get in-depth analysis from the daybreak team now broadcasting live from our studio in hong kong. listen to the app or bloombergradio.com. plenty more ahead. stay with us. ♪ o, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com

vonnie: turning to the latest on bed, bath & beyond, the struggling retailer as filed for chapter 11 bankruptcy clearing the way for her to shut down hundreds of stores and lay off thousands of staff. su keenan joins us with more. the company is searching for a buyer for some or all of its assets. su: it is saying it may pivot away from the closures if a buyer is emerging. after months of weighing options to restructure a lot of debt and expressing serious doubts that it can continue to operate, the

struggling retailer finally pulled the trigger filing for chapter 11 in group c on sunday in new jersey. the move lets it beginning to liquidate hundreds of locations. 160 bed, bath & beyond stores and 120 buy buy baby stores and puts thousands of workers out of job. the company currently employs a staff of 14,000. among its initial request was to pay $76 million in employees benefits. at timing of the wind down will be swift. all sales at the remaining source are said to be complete and the properties vacated by the end of june. customers have been told that coupons will not be accepted after april 26, and for decades this was the big box retailer that was the place to go for

setting up your college dorm, buying baby gifts, wedding gifts or elevating a new home. unless a buyer emerges, and this is a retailer that has pulled off of you longshots in the past , it all comes to an end june 30. haidi: there were a series of comeback attempts. where did it go wrong? su: it failed to keep up with changing customer habits entrance and took on enormous levels of debt. some would say it watched a few lifelines -- botched a few lifelines. i got a lifeline that would have given it $1 billion under circumstances but it failed to meet stock-price minimums, and that put the stock in a downward spiral. cheers -- shares loss 86% when hudson bay agreed to a lifeline.

bed, bath & beyond was founded in the early 1970's and grew into one of the nation's biggest chain stores, and many believe this is not a case of a decline of the brick-and-mortar's versus the internet but the demise was at its own hands. if you talk to suppliers and analysts, former managers and staff's, they said decades of leadership teams made bad decisions that put the company little by little toward financial collapse. court documents show it has up to 50,000 creditors, total debt of more than $5 billion as of last november and exceeds its estimated assets of $4.4 billion. bny mellon with the claim of $1.8 million. haidi: su keenan, speaking of spiraling, iron ore prices falling just over 20% on this point. we are getting an update when it

comes to fortescue, 3.1 billion dollars in. it is lower, $17 73 against $18 68. we are watching the want for your cost essentially being maintained for the direct cost of production there. iron ore shipments for the third quarter at 46.3 million tons. also giving an update when it comes to aluminum and nickel output. so much of this has been to the downside and demand expected out of china as well as expectations we are going to see big players potentially worsening more of the glut. vonnie: it is a supply and demand issue not just for iron ore but many of the commodities. he was a check of the business flash headlines. at the new owner of silicon

valley bank has told financial times customers are still withdrawing deposits. last month for citizens agreed to by the lender and the president is calling for patients from investors. he attributed withdrawals to pent-up demand during the period when the fbi took svb into receivership. softbank was we arm will work with manufacturers to develop its new a semiconductor. it's newest ship is said to be more advanced. the product will be targeted to software developers and there are no plans to sell licenses. that is it for "bloomberg daybreak: australia." " daybreak asia" is next. this is bloomberg. ♪

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