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Tech giants unite to support Apple in encryption fight with US
Technology industry leaders, including Alphabet Inc.'s Google, AT&T, Facebook Inc., and Microsoft Corporation submitted legal briefs urging a federal judge to support Apple Inc. which has been engaged in an encryption dispute with the US government. The entire Silicon Valley is opposing an order asking Apple to design a new software and implement other measures to enable access to an iPhone used by a San Bernardino shooter, saying it would compromise privacy and security. Apple argued such an order would lead to a risky precedent and jeopardize user security. Its industry allies filed amicus briefs to US District Judge Sheri Pym in Riverside, California to make their case. On the other hand, relatives of California shooting victims gave their own brief opposing the iPhone maker.
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Usd/sgd Trading in Range
USD/SGD last 1.3780-85, traded 1.3744-82 range so far
Pair may trade in range amid 1.3750-1.3850 intraday
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Canada says Toyota recalls 400,124 vehicles due to airbag issue
The government of Canada on Mondau said the Toyota Motor Corp was recalling 400,124 vehicles due to an issue with frontal airbags. The Japanese carmaker on Wednesday said it was expanding its worldwide recall involving potentially defective air bags by Takata Corp.
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Corn falls for First Time in 6 Sessions ahead of Usda Report
The most active corn futures fell 0.42 percent to $3.59 a bushel, having gained 0.42 percent in the previous session. U.S. Department of Agriculture to report latest supply and demand report on Wednesday. Traders and analysts expect the USDA to further increase its estimates for global corn and soybean inventories from February
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Yen Rises Against Majors
The Japanese yen strengthened against the other major currencies in the Asian session on Wednesday. The yen rose to a 1-week high of 159.51 against the pound and a 6-day high of 123.44 against the euro, from yesterday's closing quotes of 160.05 and 124.02, respectively. Against the Swiss franc and the U.S. dollar, the yen advanced to 8-day highs of 112.68 and 112.41 from yesterday's closing quotes of 113.03 and 112.62, respectively. Against the Australian, the New Zealand and the Canadian dollars, the yen climbed to a 5-day high of 83.35, a 6-day high of 75.74 and an 8-day high of 83.65 from yesterday's closing quotes of 83.77, 75.92 and 83.98, respectively. If the yen extends its uptrend, it is likely to find resistance around 155.00 against the pound, 122.00 against the euro, 112.00 against the franc, 110.00 against the greenback, 79.00 against the aussie, 73.00 against the kiwi and 81.00 against the loonie.
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China Inflation Accelerates To 2.3% In February
Consumer prices in China were up 2.3 percent on year in February, the National Bureau of Statistics said on Thursday. That exceeded forecasts for an increase of 1.8 percent, which would have been unchanged from the January reading. It also marked the fastest rate since July 2014. Ona monthly basis, CPI jumped 1.6 percent after adding 0.5 percent a month earlier. The bureau also reported that producer prices were down 4.9 percent on year - in line with expectations following the 5.3 percent contraction in the previous month. Producer prices have been mired in deflation for more than four years now.
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China Inflation Accelerates To 2.3% In February
Consumer prices in China were up 2.3 percent on year in February, the National Bureau of Statistics said on Thursday. That exceeded forecasts for an increase of 1.8 percent, which would have been unchanged from the January reading. It also marked the fastest rate since July 2014. Ona monthly basis, CPI jumped 1.6 percent after adding 0.5 percent a month earlier. The bureau also reported that producer prices were down 4.9 percent on year - in line with expectations following the 5.3 percent contraction in the previous month. Producer prices have been mired in deflation for more than four years now.
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Asian Markets Start the Week on a Higher Note, Gold supported Above $1250
All the Asian markets are opened on a higher note on the start of the new week on Monday as Wall Street booked a solid gain on last Friday and Gold erases previous losses against US dollar and currently remains well supported above $1250 mark. The Nikkei 225 index was trading 2.08% higher to 17,291.23 points on Monday morning in Tokyo, while the broader Topix index traded 1.42% higher at 1,378.61 points. Today Japan released core machinery orders with positive numbers at 15% month-on-month in January, the strongest rise in 22 months. USD/JPY remains well supported below 114.00 marks and trading around 113.92 levels. Shanghai Composite rising 0.70% to 2,830.08 points, while Hong Kong's Heng Seng index was trading 1.13% higher to 20,436.77 points. South Korea’s Kospi was trading 0.17% higher to 1974.77 points. Australia’s benchmark S&P/ASX 200 index was trading 0.71% higher to 5,203.70 points in Sydney while New Zealand's benchmark S&P/NZX 50 index was trading up 0.87% at an all-time high of 6,572.15 points on Monday afternoon in Wellington.
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Australia New Vehicle Sales Dip 0.1% In February
The total number of new vehicle sales in Australia was down a seasonally adjusted 0.1 percent on month in February, the Australian Bureau of Statistics said on Tuesday - coming in at 97,921. That follows the 0.4 percent increase in January. On a yearly basis, new car sales added 2.3 percent - slowing from 5.1 percent in the previous month. By category, sales of passenger vehicles fell 0.9 percent on month, while sports utility vehicles added 0.4 percent and other vehicles climbed 1.6 percent. By region, sales in the Northern Territory jumped 1.9 percent, while the Australian Capital Territory fell 1.3 percent.
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Volkswagen investors file $3.61 billion lawsuit in Germany
Around 300 institutional investors lodged a multi-billion euro lawsuit versus Volkswagen in Germany, saying the automaker violated its capital markets responsibility in the emissions scandal. The €3.256 billion ($3.61 billion) suit was submitted at a regional court in Braunschweig, which is filed by 278 investors worldwide, including CALPERS. TISAB, a law firm representing the institutional investors, said the lawsuit seeks to find out whether the carmaker failed to fulfill its job to the capital markets about the timetable between June 2008 and September 2015. A VW spokesperson could not provide a comment as the company had not seen the case.
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Australia Jobless Rate Slips To 5.8% In February
The unemployment rate in Australia dropped to a seasonally adjusted 5.8 percent in February, the Australian Bureau of Statistics said on Thursday. That beat forecasts for 6.0 percent, which would have been unchanged from the January reading. The Australian economy added 300 jobs in February to 11,884,000 - well shy of forecast for an increase of 12,000 following the 7,500 decline in the previous month. Full-time employment increased 15,900 to 8,192,600 and part-time employment decreased 15,600 to 3,691,500. Unemployment decreased 27,300 to 732,600. The number of unemployed persons looking for full-time work decreased 18,200 to 525,200 and the number of unemployed persons only looking for part-time work decreased 9,100 to 207,400. Monthly hours worked in all jobs decreased 2.0 million hours to 1,652.6 million hours. The participation rate was 64.9 percent - also below forecasts for 65.2 percent and down from 65.1 following a 0.1 percent downward revision. The labor force underutilization rate decreased 0.1 percent to 14.2 percent. The male labor force underutilization rate fell 0.1 percent to 12.3 percent. The female labor force underutilization rate fell 0.3 percent to 16.4 percent.
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Aud/usd Jump With another Aggressive Official Cny Fix
Strongest fix since Nov 2
AUD responded from 0.7645/50 area to 0.7681 top
Technically opens towards 0.7739 1 Jul 15 top, last quoted 0.7664/66
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Fxwirepro:nikkei225 Faces Strong Resistance Around 17300, Good to Buy at Dips
Major resistance - 17300
The index has recovered after making a low of 16711.It is currently trading around 17111.Short term trend is bullish as long as support 16500 holds.
Nikkei is struggling to beak above 17300 and any further bullishness can be seen only above 17300.On the higher side any break above 17300 will take the index to next level till 17520/17750/17900.
The index major support is around 16450 and break below targets 16000/15500.
Short term bullish invalidation only below 15500.
It is good to buy at dips around 17000 with SL around 16700 for the TP of 17300/17520/17750.
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Chinese mutual funds resort to commodities, reforms
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China's mutual fund industry is endeavoring to design investment instruments relative to local commodity futures, speculating the plans to overturn oversupply in the resource sector will bolster prices for raw materials. The funds seek to move out of fixed-income and stocks, which have no outright return in the light of turmoil last year, which led to more than 50% plunge on share markets and recording multi-year lows on bond yields. In August 2015, UBS-SDIC Fund Management unveiled the first Chinese mutual fund investing in domestic commodities, tied to silver futures on the Shanghai Futures Exchange.
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Japan Retail Sales Advance 0.5% In February
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Retail sales in Japan were up 0.5 percent on year in February, the Ministry of Economy, Trade and Industry said on Tuesday. That was well shy of expectations for an increase of 1.6 percent following the 0.2 percent decline in January. Sales from large retailers advanced an annual 2.2 percent, beating forecasts for 1.6 percent following the 0.9 percent gain in the previous month. On a monthly basis, retail sales slid a seasonally adjusted 2.3 percent - missing forecasts for a fall of 0.9 percent following the 0.4 percent contraction in January.
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Japan Industrial Production Slides 6.2% In February
Industrial production in Japan was down a seasonally adjusted 6.2 percent on month in February, the Ministry of Economy, Trade and Industry said in Wednesday's preliminary reading - marking the largest single-month decline in five years. The headline figure missed expectations for a decline of 5.9 percent following the 3.7 percent increase in January. On a yearly basis, industrial production fell 1.5 percent - beating forecasts for a decline of 1.7 percent following the 3.8 percent contraction in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it has been fluctuating indecisively.
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UK consumer confidence lags on Brexit, eurozone woes - survey
British consumers remain not that confident in over a year as they worry about the in/out referendum and the region's unsettled economic problems. A GfK survey showed the overall consumer sentiment indicator was still at zero in March from February, as well as its joint lowest since December 2014. Optimism among British people about the economy over the coming 12 months was 18 points lower from -12 in the previous year. GfK Head of Market Dynamics Joe Staton said interest rates and prices in the shops, the continuous eurozone crisis, and worries about looming UK exit seem to affect them amid reports about low inflation. Chancellor George Osborne has repeatedly cautioned the United Kingdom is facing a string of cocktail perils from the global economy.
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Usd/krw Opens at 1145, Then Bounce, As Usd Bid Returns
Improvement in exports saw current ccount surplus rise to a 13-month high Exports showed slight improvement, down 8.2% against a forecast -10.7%
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Fxwirepro: Usd/jpy falls Below 111.00 Mark As Japan’s Wage Data Came in Much Better Than Expected
USD/JPY is currently trading around 110.87 marks.
It made intraday high at 111.34 and low at 110.85 levels.
Today Japan released Labour cash earnings data with positive numbers at 0.9% m/m vs 0.0% previous release.
Intraday bias remains bearish for the moment.
Pair slips below 111.00 and confirms bearish trend for the moment.
A daily close below 111.14 will take the parity down towards 110.66, 109.62 and 108.36 levels.
On the top side, key resistance levels are seen at 111.79, 112.60, 113.43, 113.98 and 114.28 marks.
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3D Systems names former HP exec as CEO
3D Systems Corp, a 3D print maker, named Vyomesh Joshi, a former HP Inc. executive, as its president and chief executive. Joshi headed the printing business of HP, and he replaces Andy Johnson, who was serving as the interim president and CEO, the company said. 3D Systems has been struggling in the past 2 years, with its stock falling about 90% as investors raised questions about the viability of consumer 3D printers. Avi Reichental, its former chief executive, stepped down last year in a mutual agreement with the board.
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Nikkei Trades in Narrow Range , Good to Buy at Dips
Major Support - 15500
Major resistance - 16300
The index has made a low of 15533 and recovered till from that level. It is currently trading around 15857.Intra day trend is slightly bullish as long as support 15500 holds .
Any break below 15500 confirms minor weakness and decline till 15000/14750 is possible in short term.On the higher side minor resistance is around 15910 and break above targets 16300/16450.
The index short term resistance is around 16450 and break above targets 16800/17000/17300.
Short term bearish invalidation only above 17300.
It is good to buy at dips around 15700 with SL around 15500 for the TP of 16000/16300
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McDonald's Chairman Andrew McKenna to retire
Chairman Andrew McKenna of fast food chain McDonald's has decided not to join a re-election as a member of the board, the company said. McDonald's said it had named McKenna as Chairman Emeritus following his retirement and would elect a new independent chairman following the election of directors by shareholders at its annual meeting on May 26. McKenna had been part of the company since 1991.
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Usd/sgd Flat in Ny Trading, ahead of 1.3550
USD/SGD found solid resistance overnight, closes in NY at 1.3527
Pair rose 0.4% on Thursday
MAS policy review meeting to be held on Apr 14, no easing forecasted.
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Japan current account surplus rallies to 11-month peak
Japan's current account surplus recuperated in February, touching its highest in nearly a year, as profits from investments and loans almost doubled. Official figures showed the current account was at ¥2.434 trillion ($2.24 billion) from ¥520.8 billion ($80.39 billion) in January. Exports were at ¥5.643 trillion month-on-month, up 5.3%. Imports were at ¥5.218 trillion, down 9.5%. The surplus expanded to ¥1.733 trillion in February, the highest since March 2015. Trade balance recouped to ¥425.2 billion surplus.
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Fxwirepro: Japanese Yen Strengthens on the Back of Higher Than expected Core Machinery Orders
USD/JPY is currently trading around 107.98 marks.
It made intraday high at 108.32 and low at 107.87 levels. Today Japan released core machinery orders data with positive numbers.
Private sector machinery orders excluding ships and utility items fell a seasonally-adjusted 9.2% month-on-month in February, according to data released by Japan's Cabinet Office on Monday, after surging 15% in January. Analysts expected 11.9% decline in machinery orders in February.
A daily close below 107.68 will take the parity down towards 107.43, 107.09 and 105.72 levels.
On the top side, initial resistance levels are seen at 108.05, 109.68, 111.23, and 112.60 marks.
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Obama, Yellen evaluate outlook for economic growth
The White House said US President Barack Obama and Federal Reserve Chair Janet Yellen talked over views on US economic growth amidst improvement. White House spokesperson Josh Earnest mentioned the two leaders looked into the overall condition of the jobs market. Obama and Yellen, who met in the Oval Office, evaluated the measures espoused on during the former's term aimed at boosting the industry and safeguarding consumers. Earnest added both are concentrated on searching better opportunities for America's middle class people.
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Usd/idr to Open Higher Around 13160
Pair eyeing to test 13200 on NDFs rally
1 month NDFs traded 13190-13230 range overnight
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Saudi oil minister downplays prospect of oil output reduction
Saudi Arabia Oil Minister Ali al-Naimi, during a significant meeting in Doha, Qatar, dwindled hopes for the likelihood of oil producers capping their output. When asked about the matter, al-Naimi simply said people should forget this matter. Investors have previously awaited al-Naimi to discuss an output cap, which might be the first step to attaining a collective slash in reducing oil output.
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Usd/cad Tech Neutral in Asia Trading, Wti down 0.1%
Neutral momentum studies, 5, 10 & 20 daily & weekly MAs trend lower NY 1.2782 low & London 1.2897 high initial support/resistance
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Usd/jpy Bounce to 109.16 from Yesterday Low 107.75
USD1.1 bln option expiries 110.00 today, USD 1.847 bln tomorrow
Crude oil bounce post-Doha
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Fxwirepro: Japanese Yen Gains in Early Asia on Kuroda’s Comments
USD/JPY is currently trading around 109.11 marks. It made intraday high at 109.31 and low at 109.04 levels. Japan's trade surplus expanded from ¥242.8 billion in February to ¥775.0 billion last month, the highest since February 2011 but lower than the market forecast of a ¥834.6 billion surplus. In addition BOJ Kuroda said that, “He will scrutinise risks to economy, prices and won't hesitate taking more easing steps if needed to hit price target.” He added, “BOJ added negative rate policy to QQE to achieve inflation target at earliest date possible.” Intraday bias remains bearish till the time pair holds key resistance at 109.48 marks. A daily close below key support 108.68 will take the parity down towards 108.18, 107.43 and 105.72 levels. On the other side, a sustained break above 109.48 will take the parity towards 111.30/112.60 levels. On the top side, initial resistance levels are seen at 109.68, 111.30, and 112.60 marks respectively.
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Japanese exports slide for six consecutive months as yen surges
Japan's exports declined for sixth straight months last month, attributing it to disappointing demand for electronic parts, sluggish Chinese economic growth, and firmer yen. The Ministry of Finance said exports skidded 6.8% in March from 4.0% slide in February. Year-over-year, exports to the United States slid 5.1%, to Asia 9.7%, and China 7.1%. But exports to the European Union rose 12.1%, its highest since February 2011. The US dollar has erased about 10% versus the yen on speculations the Federal Reserve would slowly raise interest rates, prodding cautions from BOJ policymakers against investors on gliding the currency too swiftly.
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Usd/cnh Closes up 0.2& 6.4824 in Ny
Pair trade 6.4695-6.4824 offshore SHCOMP index down 2.3% on risk aversion, led by small caps drop
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China halts new registration of finance institutions - Caixin
China stopped the registration of new finance companies as authorities have begun restraining online finance, according to Caixin. Citing sources privy to the matter, entities with finance-related names can no longer register with the State Administration for Industry & Commerce. Instead, companies will first have to secure approvals from Chinese regulators. Clearing the Internet finance, which commenced on April 14 and will end by January 2016, seeks to eradicate fraudulent acts by some peer-to-peer lenders that endanger financial soundness nationwide. Caixin said the Chinese government will recall licenses for current finance companies that fail inspections during the process.
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Fxwirepro: Usd/jpy Breaks Key Support at 109.48, Japan’s Flash Manufacturing Pmi Data Eye
USD/JPY is currently trading around 109.38 marks.
It made intraday high at 109.49 and low at 109.27 levels.
Intraday bias remains neutral till the time pair holds key support at 109.48 marks.
A daily close below key support 109.48 will take the parity down towards 108.68, 107.86 and 105.72 levels.
On the other side, a sustained close above 109.89 will take the parity up towards 111.30/112.60 levels.
On the top side, initial resistance levels are seen at 109.88, 111.30, and 112.60 marks respectively.
Japan will release flash manufacturing PMI data at 0200 GMT. Market anticipates reading around 49.6 m/m vs 49.1 m/m previous release.
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Japan manufacturing hits lowest since 2013 on recent quakes
Japan's manufacturing sector tumbled the most since 2013 due to recent earthquakes that struck the country, based on official figures. Earlier this month, two major quakes hit Kyushu island, disrupting activity throughout the area. Exporters are also contending with a stronger Japanese yen. Markit reported the manufacturing purchasing managers index declined to 48 in April from 49.1 in March, the lowest since January 2013.
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Fxwirepro: Japanese Yen Recovers from 3 –week Low in Early Asia, Fomc and Boj in Focus for the Week
USD/JPY is currently trading around 111.35 marks.
It made intraday high at 111.88 and low at 111.25 levels. Intraday bias remains bearish till the time pair holds key resistance at 111.88 marks.
A sustained close above 112 will take the parity higher towards 112.60 and 113.42 levels.
Alternatively, a daily close below 109.89 will drag the parity down towards key supports at 109.48 and 107.87 levels respectively.
This week will be important as U.S. and Japan both will release monetary policy statements.
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Mitsubishi Motors keeps sustaining losses following rigged pollution data
Mitsubishi Motors Corp. shares continued suffering losses Monday as the automaker previously admitted manipulating fuel efficiency tests. Shares slid by around 2.6% following it sustained two-digit declines in the previous week. The Japanese automaker is scheduled to report annual results Wednesday despite reports it will postpone its release.
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Fxwirepro: Kiwi Rises Sharply Against Major Peers As Rbnz Stands Pat
AUD/NZD is trading around 1.0987 marks.
Pair made intraday high at 1.1064 and low at 1.0948 marks.
Today RBNZ left interest rates on hold after cutting the OCR to a record-low 2.25% just last month.
Intraday bias remains bearish till the time pair holds immediate resistance at 1.1062 marks.
A daily close below 1.1062 will take the parity down towards 1.0934 and 1.0890 marks respectively.
On the other side, a sustained close above 1.1062 will drag the parity higher towards 1.1123/1.1298/1.1317/1.1352/1.1590 levels.
We prefer to take short position in AUD/NZD around 1.1025, stop loss 1.1062 and target 1.0890 marks.
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Comcast Buys DreamWorks for $3.8 Billion, Aims to Dethrone Disney
Comcast Corporation's latest acquisition will surely give Walt Disney a run for its money. Comcast's entertainment division NBCUniversal inked a deal to purchase DreamWorks Animation Inc. for $3.8 billion. Comcast is the creator of hit movie Despicable Me and the Minions, while DreamWorks' roster include Shrek, Kung Fu Panda, Madagascar, and Casper the Friendly Ghost. Once the transaction is finalized, DreamWorks' beloved characters are expected to appear at Comcast's Universal Studios theme park. The Walt Disney Company is now facing tougher competition with Comcast's purchase. This also indicates that Comcast, the US' largest cable distributor, is adapting to consumers' shift to online content, leaving television behind. DreamWorks provides family-friendly content to Netflix.
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