Most Asian stocks fell on Friday, extending recent losses as investors remained on edge over U.S. President Donald Trump’s tariff agenda. 

Japanese markets were by far the worst performers in the region, especially as hotter-than-expected inflation data from Tokyo ramped up bets on an early rate hike by the Bank of Japan.

Automobile and technology sectors clocked the biggest losses, with auto stocks still reeling from Trump’s announcement of 25% tariffs on the sector. Tech was dented by persistent losses in chipmakers, amid growing concerns of oversupply in the artificial intelligence data center industry. 

Regional markets took a weak lead-in from Wall Street, which fell for a second straight session on concerns over Trump’s tariffs. The U.S. The President is set to impose even more duties on April 2. 

U.S. stock index futures were muted in Asian trade, with focus turning to upcoming PCE price index data for more cues on U.S. inflation. 

Japanese stocks slide on hot CPI

Japan’s Nikkei 225 and TOPIX indexes were the worst performers in Asia on Friday, losing more than 2% each.

Losses in the two were driven chiefly by concerns over higher interest rates in the country, after Tokyo consumer price index inflation data read higher than expected for March, remaining above the BOJ’s 2% annual target.

This saw analysts begin factoring in a greater chance that the BOJ could raise rates by as soon as May, as it moves to curb inflationary pressures and wean the economy off monetary support. 

Asia stocks dip on auto, tech losses

Japanese stocks were also wallopped by persistent weakness in heavyweight auto stocks such as Toyota (NYSE:TM) Motor Corp (H:7203) and Honda Motor Co Ltd (TYO:7267). The country’s two biggest automakers slid nearly 5% each, extending steep losses from the prior session following Trump’s tariff announcement. 

Losses in major tech stocks also weighed.

South Korea’s KOSPI slid 1.7% on a similar trend, given that tech and chip stocks are among the heaviest on the index. Hyundai (OTC:HYMTF) Motor (KS:005380)- the world’s third-largest automaker by sales- slid 4.2%, while memory chip giant SK Hynix fell 3.5%. 

In Taiwan, TSMC (TW:2330)- the world’s biggest chipmaker- fell 0.9%, while electronics assembly giant Hon Hai Precision Industry Co Ltd (TW:2317) slid 3.4%. 

Tech stocks were slammed by growing questions over a supply glut in the AI data center industry- a key source of chip demand- after major investor Microsoft Corporation (NASDAQ:MSFT) was seen cancelling several data center leases. 

Broader Asian markets were less negative, with China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes losing about 0.2% and 0.4%, respectively. Hong Kong’s Hang Seng index fell 0.3%, but was on track to recoup all of its losses from earlier in the week. 

Chinese stocks have vastly outpaced their peers so far in 2025 amid growing optimism over the country’s AI capabilities, as well as more stimulus from Beijing. Focus is now on purchasing managers index data for March, due on Monday, for more cues.

Australia’s ASX 200 rose 0.2% before a Reserve Bank of Australia meeting next week, where the central bank is widely expected to keep rates unchanged. 

Singapore’s Straits Times index rose 0.1% after hitting a series of record highs this week, while futures for India’s Nifty 50 index pointed to a flat open. 

The S&P 500 closed lower Thursday as sentiment was hurt by the Trump administration’s announcement to impose tariffs on automobile imports just ahead of key inflation data.

At 4:00 p.m. ET (20:00 GMT), the Dow Jones Industrial Average fell 155 points, or 0.4%, the S&P 500 fell 0.4% and the NASDAQ Composite fell 0.5%.

Trump announces auto tariffs, car stocks slide 

Sentiment has been hit by U.S. President Donald Trump announcing he will impose 25% tariffs on all foreign-made cars and light trucks, effective April 2.

The move is expected to ramp up local automobile costs in the near-term, as manufacturers race to find new supply chains and shift more of their production into the U.S.

But the 25% tariff also heralds pain for U.S. automakers, given that a bulk of them operate factories outside the U.S., especially in Mexico. 

General Motors (NYSE:GM), Stellantis (NYSE:STLA) and Ford (NYSE:F) all traded lower, while U.S.-listed foreign automakers Toyota (NYSE:TM), Honda (NYSE:HMC) and Ferrari (NYSE:RACE) also fell. 

Trump’s auto tariff threat sparked renewed concerns over the economic impact of his tariff agenda, especially as he gears up to impose tariffs on several major U.S. trading partners, also on April 2, a date he has dubbed "liberation day". 

U.S. economic growth slows 

Worries that the trade duties will dent U.S. growth and potentially reignite inflation have weighed on U.S. equities in the first quarter of 2025.

Data released earlier Thursday showed that U.S. economic growth slowed in the fourth quarter, according to a final revision of government data that followed two earlier estimates.

Gross domestic product increased at an annualized rate of 2.4% during the period, compared to a rise of 3.1% in the July-September quarter, figures from the Commerce Department’s Bureau of Economic Analysis showed.

Economists had predicted that the number would remain unrevised at a prior estimate of 2.3%.

Lululemon to report, AMD falls on downgrade

On the earnings calendar, markets will keeping tabs on a quarterly report from athleisure wear company Lululemon Athletica (NASDAQ:LULU) after the closing bell.

Investors are tipped to pay particularly close attention to any comments executives from the group may give about the broader outlook for discretionary spending, with recent data indicating that shoppers are becoming more cautious due in part to possible economic headwinds from Trump’s tariffs.

Elsewhere, Winnebago (NYSE:WGO) stock rose over 8% after the manufacturer of motorhomes reported better-than-expected fiscal second-quarter revenue and a narrowed loss.

Robinhood Markets Inc (NASDAQ:HOOD) fell 1% after rolling out weather management and private banking services.

Advanced Micro Devices Inc (NASDAQ:AMD) fell 3% after Jefferies’ downgrade to hold from buy, citing competition concerns.

(Peter Nurse, Ambar Warrick contributed to this article.)

(Reuters) - Declines in auto stocks pushed European shares to a two-week low on Thursday after U.S. President Donald Trump announced plans to slap 25% import tariffs on all vehicles and foreign-made auto parts from next week.

The pan-European STOXX 600 was down 1% to hit its lowest point since March 14, as of 0806 GMT. The benchmark index for Germany, among the biggest auto suppliers of car and car parts to the United States, fell 1.4%.

Shares of Volkswagen (ETR:VOWG_p), the most vulnerable among German carmakers to tariffs due to its large supply base in Mexico and lack of U.S. production for its Audi and Porsche brands, dropped 3.6%.

Chrysler parent Stellantis (NYSE:STLA) slumped 6.4%, BMW (ETR:BMWG) fell 3.9%, Porsche slid 4.2%, while Volvo (OTC:VLVLY) Cars and car parts maker Continental shed about 2.5% each.

The STOXX 600 autos sector slumped more than 3.3%, on track to erase all of its gains seen this year.

Car industry stocks ranging from the U.S. to Asia were hit hard as the new levies could increase the cost of an average U.S. vehicle by thousands of dollars, given the intertwined manufacturing operations across Canada, Mexico and the United States.

Germany’s economy minister and its auto association slammed the newly announced U.S. tariffs, warning that they would harm both European and U.S. economies, and called for urgent negotiations to avert a spiralling trade war.

By Ankur Banerjee

SINGAPORE (Reuters) - The euro weakened to a three-week low on Thursday and the yen was steady against the dollar after U.S. President Donald Trump slapped a 25% tariff on imported cars and light trucks starting next week as the looming all-out trade war dims risk sentiment.

Investors worry that the trade duties will dent U.S. growth and potentially reignite inflation, although the prospect of narrower-than-feared tariffs has buoyed sentiment recently.

The currency market reaction to the auto tariffs was largely muted, with the euro down 0.07% at $1.0747 after touching a three-week low of $1.0733 in early trading. The yen was a shade stronger at 150.445 per dollar.

The dollar index, which measures the U.S. currency against six rivals, was at 104.61, close to the three-week high touched in the previous session.

The U.S. imported $474 billion of automotive products in 2024, including passenger cars worth $220 billion. Mexico, Japan, South Korea, Canada and Germany, all close U.S. allies, were the biggest suppliers.

"It’s hard not to interpret this as anything but a cue for higher prices and lower growth with a soft landing becoming more complicated," said Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities.

The Mexican peso weakened more than 0.5% to 20.2222 per U.S. dollar in Asian hours. The Canadian dollar was slightly weaker at 1.429 per U.S. dollar, having touched its strongest level since February 24 in the previous session.

Trump for now exempted auto parts that are compliant with the U.S.-Mexico-Canada Agreement on trade that he negotiated during his first term.

Kyle Rodda, senior financial market analyst at Capital.Com said the tariffs indicated the Trump administration’s shake-up of global trade would not necessarily end with an April 2 announcement of reciprocal tariffs, as previously hoped.

"This potentially drags out trade uncertainty even longer and raises the question of how radical a change to the global trade order is Trump trying to bring about," Rodda said.

Investor focus will now be on the reciprocal tariffs due to be announced next week. Trump indicated the measures may not be the like-for-like levies he has been pledging to impose.

The Australian dollar was slightly lower at $0.62925, while the New Zealand dollar was little changed at $0.57245.

“The ramp in demand from Google is driven by what we increasingly believe is a global capacity shortfall as its internal demand ramped amid its late August pullback from the market (which we highlighted in September 2024) stemming from an internal initiative to increase the utilization of its existing data center fleet,” the analyst said. “ As for Meta, the demand ramp comes as it is meaningfully increasing its data center capacity in support of Llama.”

On OpenAI, the firm checks indicate that the company is increasingly securing data center capacity directly from third parties, exemplified by its deal with CoreWeave. Additionally, OpenAI has significant long-term capacity ambitions, planning multiple Stargate projects, each ranging from 800MW to 1.5GW, potentially exceeding 6GW in total. To meet these needs, OpenAI is hiring talent from other hyperscalers with expertise in design, construction, and capacity planning, suggesting a move toward self-building data centers in the medium to long term.

Most Asian stocks fell on Thursday after U.S. President Donald Trump’s announcement of automobile tariffs ramped up concerns over his trade agenda. 

Major technology and chipmaking stocks also fell in tandem with their U.S. peers on growing concerns over a potential supply glut in data center and computing supply for the artificial intelligence industry. 

Japanese shares were the worst hit in Asia, given the Nikkei’s high concentration of automakers and tech, while Chinese markets were steady.

Hong Kong shares advanced on strength in local tech names, which have become increasingly disconnected from their U.S. and global peers in recent months, amid optimism over China’s AI prospects and more stimulus from Beijing.

Broader regional markets tracked overnight weakness in their U.S. peers, as Wall Street tumbled on Trump’s tariff threats. His 25% auto tariffs will take effect from April 2, with the U.S. President also expected to announce a host of other tariffs on that date. 

U.S. stock index futures fell marginally in Asian trade. 

Japan, Korea stocks fall the most on auto, tech losses

Japan’s Nikkei 225 index was the worst performer on Thursday, losing 1.1%, while South Korea’s KOSPI shed 1%.

The two were the worst performers in Asia, given their heavy exposure to automaking and tech stocks. Japan’s TOPIX index shed 0.7%.

Among major Asian automakers, Japan’s Honda (NYSE:HMC) Motor (TYO:7267), Nissan Motor Co., Ltd. (TYO:7201), and Toyota Motor Corp (H:7203) fell between 2.6% and 3.1%. South Korea’s Hyundai (OTC:HYMTF) Motor (KS:005380) sank 3.8% despite recently committing $21 billion towards growing its U.S. operations, which could help shield it from U.S. tariffs.

Trump’s auto tariff comments sparked renewed concerns over the impact of his trade and economic agenda. April 2 is expected to provide more clarity on this front, with Trump set to unveil reciprocal tariffs against major American trading partners next week.

Tech, chipmakers rattled by AI data center questions

Asian tech and chipmaking stocks sank on Thursday, with losses concentrated towards those with heavy exposure to the U.S. AI industry. This came after U.S. tech majors sank overnight, amid growing doubts over AI-driven demand and oversupply of data infrastructure. 

NVIDIA Corporation (NASDAQ:NVDA) suppliers TSMC (TW:2330) and Hon Hai Precision Industry Co Ltd (TW:2317) fell 1.8% and 2.4% in Taipei trade, while Japan’s Advantest Corp. (TYO:6857) slid nearly 7%. South Korea’s SK Hynix Inc (KS:000660) lost about 2%. 

Losses in tech stocks came in tandem with their U.S. peers, after TD Cowen said major AI investor Microsoft Corporation (NASDAQ:MSFT) had canceled several data center leases in the U.S. and Europe, raising concerns of a supply glut in the AI computing sector. Such a scenario could crimp demand for major chip and server makers, with Nvidia sliding nearly 6% on this notion on Wednesday.

Chinese stocks steady, Hong Kong rises 

Chinese markets were an outlier, with the mainland Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rising slightly. Hong Kong’s Hang Seng index rose 0.3%, with local tech stocks appearing to be increasingly insulated from headwinds faced by their U.S. peers. 

Optimism over China’s AI capabilities grew this week following new AI model updates from DeepSeek, as well as tech giants Tencent and Baidu (NASDAQ:BIDU). 

There are more jitters in the AI sector Wednesday after analysts at TD Cowen highlighted that their channel checks show Microsoft is canceling data center leases in the U.S. and Europe, following up on his earlier finding.

Across the AI sector, AI chip makers NVIDIA (NASDAQ:NVDA) and Broadcom Inc (NASDAQ:AVGO) are each down 5%, while AI server makers Dell Technologies Inc (NYSE:DELL) and Super Micro (NASDAQ:SMCI) are down 3% and 9%, respectively.

Specifically, analyst Michael Elias said that Microsoft (NASDAQ:MSFT) walked away from +2GW of capacity in both the U.S. and Europe in the last six months that was in the process of being leased and has both deferred and canceled existing data center leases in both the U.S. and Europe in the last month.  Elias first warned about Microsoft’s data center activity slowing in February.

The analyst views the pullback as being largely driven by the decision not to support incremental Open AI training workloads.

That being said, they still believe that the lease cancellations and capacity deferrals indicate an oversupply of data centers.

“As such, we believe the lease deferrals are intended to provide Microsoft with a medium-term runway of capacity in major markets to support cloud/inference workloads, with Microsoft canceling leases for capacity that exceeds its updated medium-term capacity needs,” the analyst commented.

On a positive note, Elias said that competitor Google (NASDAQ:GOOGL) is stepping in to backfill the capacity that Microsoft walked away from in international markets.  In the U.S., Meta (NASDAQ:META) is backfilling the capacity.

“The ramp in demand from Google is driven by what we increasingly believe is a global capacity shortfall as its internal demand ramped amid its late August pullback from the market (which we highlighted in September 2024) stemming from an internal initiative to increase the utilization of its existing data center fleet,” the analyst said. “ As for Meta, the demand ramp comes as it is meaningfully increasing its data center capacity in support of Llama.”

On OpenAI, the firm checks indicate that the company is increasingly securing data center capacity directly from third parties, exemplified by its deal with CoreWeave. Additionally, OpenAI has significant long-term capacity ambitions, planning multiple Stargate projects, each ranging from 800MW to 1.5GW, potentially exceeding 6GW in total. To meet these needs, OpenAI is hiring talent from other hyperscalers with expertise in design, construction, and capacity planning, suggesting a move toward self-building data centers in the medium to long term.

U.S. President Donald Trump said he will impose a 25% tariff on all foreign-made cars and light trucks on April 2, as he gears up to widen his tariff agenda on key industries and trading partners.

Shares of major U.S.-listed automakers slumped after Trump’s comments, while Wall Street also retreated.

“What we’re going to be doing is a 25% tariff on all cars that are not made in the United States... business is coming back to the United States so that they don’t have to pay tariffs... This will continue to spur growth like you haven’t seen before,” Trump said during an event at the White House on Wednesday.

Trump expects automakers worldwide to flock to the U.S. to build their cars. He also expects U.S. automakers to shift production back onto U.S. soil from countries such as Mexico and Canada.

Earlier this week, Hyundai (OTC:HYMTF) announced a $21 billion investment in the U.S., including $5.8 billion for a new steel plant in Louisiana, creating nearly 1,500 jobs. Hyundai plans to increase its U.S. production capacity by about 200,000 vehicles.

The administration said the tariffs are expected to generate $100 billion in new tariff revenue for the country. But they are expected to be borne by local importers- a scenario that could ramp up local car prices, disrupt supply chains and factor into stickier inflation.

Trump said he would ask Congress to pass a bill to make interest payments for cars made in the U.S. tax deductible.

Wall St, auto stocks slide on tariff jitters

Shares of General Motors Company (NYSE:GM), Ford Motor (NYSE:F), and Stellantis NV (NYSE:STLA) fell between 3% and 8% in aftermarket trade. Tesla Inc (NASDAQ:TSLA) steadied after falling over 5%.

Foreign automakers like Toyota Motor (NYSE:TM), Honda Motor (NYSE:HMC), and Ferrari NV (NYSE:RACE) fell anywhere from 1% to 3%.

Losses in automobile stocks came amid a broader rout on Wall Street, as investors fretted over the impact of Trump’s tariff agenda. The U.S. President is set to announce sweeping reciprocal tariffs against at least 15 countries on April 2, a date he has repeatedly touted as "liberation day."

Trump is also expected to impose tariffs on select commodity imports, and has threatened to impose tariffs on other key sectors such as semiconductors and pharmaceuticals.

But investors and policymakers- especially at the Federal Reserve- are growing increasingly concerned over the economic impact of Trump’s tariffs, especially in that they will crimp consumption and underpin inflation.

Ambar Warrick contributed to this report

JAKARTA (Reuters) - The Indonesian central bank said it is ready to intervene to stabilise the rupiah, which on Wednesday stayed close to its lowest levels since 1998 even as officials said market sentiment was positive and economic fundamentals were resilient.

There was positive sentiment in domestic stocks, bonds and the foreign exchange market, said Fitra Jusdiman, Bank Indonesia’s director of monetary and securities asset management.

He would not comment on whether the central bank had intervened on Wednesday, but said BI always monitored the market and was ready to step in to support the rupiah.

On Tuesday, the rupiah weakened past 16,600 per dollar to hit its lowest levels since the Asian financial crisis in 1998.

The rupiah was trading at 16,585 per dollar as of 0738 GMT on Wednesday, LSEG data showed.

The economy remains fundamentally resilient, Solikin M. Juhro, BI’s head of macroprudential policy, told reporters, citing economic growth of around 5%, low inflation and manageable foreign loans.

"Fundamentally, we remain well," he said, adding Indonesia is "totally different" and more resilient now than it was in 1998 during the Asian Financial Crisis.

Chief economic minister Airlangga Hartarto separately told reporters the country’s economic fundamentals remain strong despite the rupiah’s drop.

By Leika Kihara

TOKYO (Reuters) -The Bank of Japan must raise interest rates if persistent increases in food costs lead to broad-based inflation, Governor Kazuo Ueda said on Wednesday, signalling the bank’s resolve to continue weaning the economy off monetary support.

Ueda said Japan’s recent "very high" inflation was driven mostly by temporary factors such as rising import costs and food prices, which are likely to dissipate and thus not a reason to tighten monetary policy.

But there is a chance that sustained rises in food costs could push up prices for other goods and services, he said.

"If such moves lead to broad-based inflation across the economy, we must respond by raising interest rates," Ueda told parliament.

Ueda also said the BOJ will take "stronger steps" to whittle down monetary support if inflation overshoots its projections, signalling the chance of hiking rates sooner or more aggressively than initially expected.

Japan’s core consumer inflation hit 3.0% in February and has exceeded the central bank’s target for nearly three years, with recent rises driven largely by steady gains in food prices.

The BOJ has stressed the need to focus on underlying inflation, or the long-term price trend that strips away the effect of temporary factors, in deciding the timing and pace of further rate hikes.

Ueda said underlying inflation, which the BOJ determines by looking at various indicators, is heading towards but remains "just a bit" short of 2%.

"We expect underlying inflation to gradually converge toward 2% even when temporary rises in food prices disappear," as a tightening job market and improvements in the economy lead to sustained rises in wages and inflation, Ueda said.

"We are always vigilant to the possibility that underlying inflation could accelerate at a pace faster than we expect," Ueda said.

The impact of rising food prices on underlying inflation will likely be a key point of debate when the BOJ’s board issues fresh quarterly economic projections at its next policy meeting on April 30-May 1.

OVERSEAS UNCERTAINTIES

Another complication is U.S. President Donald Trump’s tariff policies, as higher levies on automobiles could deal a huge blow to Japan’s export-reliant economy, analysts say.

While prospects of higher wages will likely underpin consumption, the BOJ must also scrutinise how growing overseas uncertainties could affect consumer confidence, Ueda said.

The yield on the benchmark 10-year Japanese government bond (JGB) briefly hit 1.585% on Wednesday, the highest level since October 2008, due in part to market expectations of further rate hikes by the BOJ.

In judging whether underlying inflation is on course to hit 2%, the BOJ is focusing particularly on whether wages will keep rising at the current pace of around 3%, Ueda said.

"What’s important is for wage gains to be sustained and broaden," Ueda said, stressing the need to scrutinise whether bumper pay hikes offered by big firms will spread to smaller firms.

"It’s also important for wage gains to be properly reflected in services prices" and heighten long-term inflation expectations, he said.

A leading indicator of Japan’s service-sector inflation hit 3.0% in February, data showed on Wednesday, keeping alive expectations of further BOJ rate hikes.

The BOJ raised its short-term policy rate to 0.5% in January on the view Japan was on the cusp of sustainably achieving its 2% inflation target backed by solid wage gains.

Ueda has said the central bank will keep raising interest rates if prospects of higher wages lead to broader price hikes, not just for goods but also for services.

A Reuters poll this month showed many analysts expect the BOJ’s next rate hike to come in the third quarter, most likely in July.

Most Asian stocks rose on Wednesday, extending recent gains amid cooling concerns over the impact of U.S. President Donald Trump’s planned trade tariffs, while regional tech stocks tracked gains in their U.S. peers.

Australian shares were the best performers for the day after softer-than-expected inflation data furthered bets on more interest rate cuts by the Reserve Bank of Australia.

Hong Kong stocks recovered from Tuesday’s losses, while Japanese shares trimmed early gains after Bank of Japan Governor Kazuo Ueda warned that the central bank will raise rates further. 

Asian markets took some positive cues from Wall Street, which closed marginally higher on Tuesday on strength in major tech stocks. But uncertainty over Trump’s tariffs and weak consumer confidence data limited broader gains.

U.S. stock index futures rose marginally in Asian trade after Trump said in a Newsmax interview that he will probably be more lenient than reciprocal with his April 2 tariffs, but that he also did not want too many exceptions from his tariffs. 

Earlier reports suggesting that Trump’s upcoming tariffs will be less severe than expected helped buoy Asian markets this week, although investors still remained uncertain over just what their scope and impact will be. 

Australia stocks surge as CPI inflation cools 

Australia’s ASX 200 rose 0.7% after consumer price index inflation data read slightly below expectations for February, while underlying inflation also eased.

The inflation data came just a week after softer labor data, with both prints driving up some bets that the RBA will have enough headroom to cut interest rates further.

The central bank meets next week after cutting rates for the first time in nearly five years in Feb. 

The RBA had signaled a largely data-driven approach to further easing, with sticky inflation and a tight labor market being its two biggest considerations. Analysts at Capital Economics said the central bank will likely leave rates unchanged when it meets next week, but the softer inflation primes it to cut rates at least two more times this year. 

Hong Kong recovers, Japan trims gains on Ueda comments 

Broader Asian markets were largely upbeat, with Hong Kong’s Hang Seng index rising 0.6%, recovering a measure of recent losses as the index was slapped with profit-taking at three-year highs. Tech stocks also rose tracking their U.S. peers. 

Focus remained squarely on more cues on China’s artificial intelligence capabilities, as well as Beijing’s plans for more stimulus. The mainland Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell slightly amid fears of more U.S. trade measures against Beijing. 

Japan’s Nikkei 225 and TOPIX indexes rose 0.3% and 0.2%, respectively, trading well below intraday highs. The two trimmed early gains after the BOJ’s Ueda warned that the central bank will keep raising interest rates if the economy remains on track. 

Japanese corporate services price index data- a gauge of producer inflation- read mildly cooler than expected for Feb, but remained sticky at 3%, data showed on Wednesday.

Among other Asian markets, South Korea’s KOSPI rose 0.6% on strength in local chipmaking stocks, which tracked gains in their U.S. peers. 

Singapore’s Straits Times index rose 0.3% after notching a record high on Monday. Futures for India’s Nifty 50 index pointed to a slightly positive open, as a recent rebound in the index cooled.