:root{
    --white:#ffffff;
    --offwhite:#f5f4f1;
    --ink:#111110;
    --ink-soft:#2a2a28;
    --grey:#8b8b8b;
    --grey-soft:#c9c6c0;
    --line:rgba(17,17,16,.14);
    --line-strong:rgba(17,17,16,.3);
    --line-invert:rgba(255,255,255,.28);
    --pad-x:clamp(1rem,2.4vw,2.5rem);
    --gap:clamp(.5rem,.7vw,.75rem);
    --sec:clamp(4.5rem,8.5vw,10rem);
    --ease:cubic-bezier(.16,1,.3,1);
    --dur:.7s;
    --font:"Inter","Helvetica Neue",Helvetica,"Segoe UI",Roboto,Arial,"Noto Sans",sans-serif;
  }

  *,*::before,*::after{box-sizing:border-box;}
  html{-webkit-text-size-adjust:100%;}
  body{
    margin:0;
    font-family:var(--font);
    background:var(--paper,#fff);
    color:var(--ink);
    font-size:1rem;
    line-height:1.5;
    font-weight:400;
    -webkit-font-smoothing:antialiased;
    text-rendering:optimizeLegibility;
    overflow-x:hidden;
  }
  img{display:block;max-width:100%;}
  button{font-family:inherit;}
  h1,h2,h3,h4,p{margin:0;}

  /* ---------- layout primitives ---------- */
  .wrap{width:100%;max-width:1600px;margin:0 auto;padding-left:var(--pad-x);padding-right:var(--pad-x);}
  .grid12{display:grid;grid-template-columns:repeat(12,minmax(0,1fr));gap:var(--gap);}
  .section{padding-top:var(--sec);padding-bottom:var(--sec);}
  .section.tight-bottom{padding-bottom:calc(var(--sec) * .5);}
  .section.tight-top{padding-top:calc(var(--sec) * .5);}

  /* ---------- typography ---------- */
  .h-display{font-size:clamp(2.75rem,6.6vw,7.25rem);line-height:.94;letter-spacing:-.03em;font-weight:500;}
  .h-xl{font-size:clamp(2.1rem,4.4vw,4rem);line-height:1.02;letter-spacing:-.025em;font-weight:500;}
  .h-hero{font-size:clamp(1.8rem,3.4vw,3.5rem);line-height:1.08;letter-spacing:-.02em;font-weight:500;text-wrap:balance;}
  .h-card{font-size:clamp(1.35rem,1.8vw,1.9rem);line-height:1.15;letter-spacing:-.015em;font-weight:500;}
  .h-sub{font-size:clamp(1.15rem,1.3vw,1.45rem);line-height:1.2;letter-spacing:-.01em;font-weight:500;}
  .t-lg{font-size:clamp(1.08rem,1.35vw,1.5rem);line-height:1.32;letter-spacing:-.012em;}
  .t-base{font-size:clamp(.97rem,1vw,1.0625rem);line-height:1.6;letter-spacing:-.006em;}
  .t-sm{font-size:.875rem;line-height:1.35;letter-spacing:-.01em;}
  .muted{color:var(--grey);}
  .mono{font-variant-numeric:tabular-nums;}

  .ico{width:1.15em;height:1.15em;flex:0 0 auto;}
  .ico-sm{width:1em;height:1em;}

  :focus-visible{outline:2px solid currentColor;outline-offset:3px;}

  /* ---------- reveal ---------- */
  [data-reveal]{opacity:0;transform:translateY(26px);transition:opacity .9s var(--ease),transform .9s var(--ease);}
  [data-reveal].is-in{opacity:1;transform:none;}
  [data-clip]{clip-path:inset(0 0 100% 0);transition:clip-path 1.1s var(--ease);}
  [data-clip].is-in{clip-path:inset(0 0 0 0);}

  /* ---------- navbar ---------- */
  .navbar{position:relative;z-index:40;padding-top:1.25rem;padding-bottom:1.25rem;}
  .navbar.on-image{position:absolute;inset:0 0 auto 0;color:var(--white);}
  .nav-inner{display:flex;align-items:center;justify-content:space-between;gap:1rem;}
  .brand{display:flex;flex-direction:column;gap:2px;background:none;border:0;padding:0;color:inherit;cursor:pointer;text-align:left;text-decoration:none;}
  .brand-name{font-size:1.0625rem;font-weight:600;letter-spacing:.14em;line-height:1;}
  .brand-sub{font-size:.625rem;letter-spacing:.24em;text-transform:uppercase;color:currentColor;opacity:.62;}

  /* ---------- hero ---------- */
  .hero{position:relative;min-height:100vh;min-height:100svh;display:flex;flex-direction:column;color:var(--white);overflow:clip;}
  .hero-media{position:absolute;inset:0;z-index:0;}
  .hero-media img{width:100%;height:100%;object-fit:cover;}
  .hero-media::after{content:"";position:absolute;inset:0;background:linear-gradient(180deg,rgba(8,8,8,.55),rgba(8,8,8,.12) 34%,rgba(8,8,8,.2) 62%,rgba(8,8,8,.72));}
  .hero-content{position:relative;z-index:2;margin-top:auto;padding-bottom:clamp(1.75rem,3vw,3rem);}
  .hero-heading{max-width:62rem;}
  .hero-details{display:grid;grid-template-columns:repeat(12,minmax(0,1fr));gap:var(--gap);align-items:end;margin-top:clamp(2rem,5vw,4rem);font-size:.9375rem;}
  .hero-details .cell-name{grid-column:1 / span 5;}
  .hero-details .cell-tag{grid-column:6 / span 2;}
  .hero-details .cell-year{grid-column:8 / span 2;}
  .hero-details .cell-tag,.hero-details .cell-year{color:rgba(255,255,255,.72);}
  .brackets{display:inline-flex;gap:.28rem;}
  .brackets span{opacity:.9;}

  /* ---------- media frames ---------- */
  .media-frame{position:relative;overflow:clip;background:var(--offwhite);}
  .media-frame img{width:100%;height:100%;object-fit:cover;}
  .r-4-3{aspect-ratio:4/3;}
  .r-3-4{aspect-ratio:3/4;}
  .r-3-2{aspect-ratio:3/2;}
  .r-16-10{aspect-ratio:16/10;}

  /* ---------- featured stories ---------- */
  .stories{background:var(--offwhite);}
  .sec-top{display:grid;grid-template-columns:repeat(12,minmax(0,1fr));gap:var(--gap);align-items:end;}
  .sec-top .sec-title{grid-column:1 / span 8;}
  .sec-top .sec-count{grid-column:9 / span 1;align-self:end;color:var(--grey);}

  .stories-list{display:grid;grid-template-columns:1fr 1fr;gap:var(--gap);margin-top:clamp(2.5rem,5vw,4.5rem);}
  .story{display:flex;flex-direction:column;gap:1.1rem;background:none;border:0;padding:0;text-align:left;cursor:pointer;color:inherit;}
  .story:nth-child(2n){margin-top:clamp(2rem,5vw,5.5rem);}
  .story-media{position:relative;overflow:clip;background:var(--offwhite);aspect-ratio:3/2;}
  .story-media img{position:absolute;inset:0;width:100%;height:100%;object-fit:cover;transition:transform 1.1s var(--ease);}
  .story:hover .story-media img,.story:focus-visible .story-media img{transform:scale(1.04);}
  .story-foot{display:flex;align-items:flex-start;justify-content:space-between;gap:1rem;}
  .story-foot .meta{display:flex;flex-direction:column;gap:.3rem;}
  .story-desc{display:block;max-width:40rem;margin-top:.35rem;}
  .story-tags{display:flex;flex-wrap:wrap;gap:.4rem;margin-top:.35rem;}
  .story-tags > span{border:1px solid var(--line);color:var(--grey);font-size:.75rem;letter-spacing:-.01em;padding:.26rem .62rem;line-height:1.2;}

  /* ---------- categories / tabs ---------- */
  .cats{background:var(--white);}
  .cats-head{display:flex;flex-direction:column;gap:1rem;max-width:44rem;text-align:center;align-items:center;margin:0 auto clamp(2.5rem,5vw,4.5rem);}
  .cats-body{display:grid;grid-template-columns:repeat(12,minmax(0,1fr));gap:clamp(1.5rem,3vw,3rem);align-items:stretch;}
  .cats-menu{grid-column:1 / span 6;display:flex;flex-direction:column;align-self:center;}
  .cat-tab{
    display:flex;flex-direction:column;gap:.6rem;background:none;border:0;padding:1.35rem 0;margin:0;
    text-align:left;color:inherit;cursor:pointer;border-top:1px solid var(--line);
  }
  .cat-tab:last-child{border-bottom:1px solid var(--line);}
  .cat-tab .cat-desc{max-width:34rem;color:var(--grey);font-size:.9375rem;line-height:1.5;
    display:grid;grid-template-rows:0fr;transition:grid-template-rows .55s var(--ease),opacity .45s var(--ease);opacity:0;}
  .cat-tab .cat-desc span{overflow:hidden;}
  .cat-tab.is-active .cat-desc{grid-template-rows:1fr;opacity:1;}
  .cat-tab .cat-head{display:flex;align-items:center;gap:1rem;}
  .cat-tab .cat-num{font-size:.8125rem;color:var(--grey);font-variant-numeric:tabular-nums;width:1.75rem;}
  .cat-tab .cat-title{flex:1;transition:opacity .4s var(--ease);}
  .cat-tab:not(.is-active) .cat-title{opacity:.42;}
  .cat-bar{position:relative;height:1px;width:100%;background:var(--line);overflow:hidden;}
  .cat-bar i{position:absolute;inset:0;background:var(--ink);transform:scaleX(0);transform-origin:left;transition:transform .6s var(--ease);}
  .cat-tab.is-active .cat-bar i{transform:scaleX(1);}
  .cats-panes{grid-column:8 / span 5;position:relative;}
  .cat-pane{position:relative;overflow:clip;background:var(--offwhite);aspect-ratio:4/5;}
  .cat-pane img{position:absolute;inset:0;width:100%;height:100%;object-fit:cover;}
  .cat-pane[hidden]{display:none;}

  /* ---------- numbers ---------- */
  .numbers{background:var(--white);}
  .numbers-body{display:grid;grid-template-columns:repeat(12,minmax(0,1fr));gap:clamp(1.5rem,3vw,3rem);margin-top:clamp(2rem,4vw,3.5rem);}
  .numbers-left{grid-column:1 / span 5;}
  .numbers-media{display:grid;grid-template-columns:1fr 1fr;gap:var(--gap);}
  .numbers-media .media-frame{aspect-ratio:4/3;}
  .numbers-media .media-frame:nth-child(5){grid-column:1 / -1;aspect-ratio:16/7;}
  .numbers-right{grid-column:7 / span 6;display:flex;flex-direction:column;justify-content:center;}
  .number-item{display:grid;grid-template-columns:auto 1fr;gap:clamp(1.5rem,3vw,3rem);align-items:start;padding:1.75rem 0;border-top:1px solid var(--line);}
  .number-item:last-child{border-bottom:1px solid var(--line);}
  .number-figure{font-size:clamp(2.5rem,5vw,4.5rem);line-height:1;letter-spacing:-.03em;font-weight:500;color:var(--grey-soft);font-variant-numeric:tabular-nums;min-width:clamp(5rem,12vw,11rem);}
  .number-body{display:flex;flex-direction:column;gap:.6rem;max-width:34rem;}
  .number-body .lead{color:var(--grey);}

  /* ---------- news ---------- */
  .news{background:var(--offwhite);}
  .news-list{margin-top:clamp(2rem,4vw,3.5rem);display:flex;flex-direction:column;}
  .news-item-wrap{border-top:1px solid var(--line);}
  .news-item-wrap:last-child{border-bottom:1px solid var(--line);}
  .news-item{display:grid;grid-template-columns:repeat(12,minmax(0,1fr));gap:clamp(1rem,2.5vw,2rem);align-items:center;padding:1.75rem 0;background:none;border:0;text-align:left;color:inherit;cursor:pointer;width:100%;}
  .news-media{grid-column:1 / span 3;position:relative;overflow:clip;aspect-ratio:3/2;background:var(--offwhite);}
  .news-media img{width:100%;height:100%;object-fit:cover;transition:transform 1s var(--ease);}
  .news-item:hover .news-media img{transform:scale(1.05);}
  .news-content{grid-column:4 / span 8;display:flex;align-items:center;justify-content:space-between;gap:1.5rem;}
  .news-copy{display:flex;flex-direction:column;gap:.6rem;max-width:46rem;}
  .news-meta{display:flex;gap:1rem;color:var(--grey);font-size:.8125rem;}
  .news-title{font-size:clamp(1.05rem,1.6vw,1.5rem);line-height:1.25;letter-spacing:-.014em;font-weight:500;}
  .news-arrow{width:2.75rem;height:2.75rem;border:1px solid var(--line-strong);display:flex;align-items:center;justify-content:center;flex:0 0 auto;transition:background .4s var(--ease),color .4s var(--ease);}
  .news-item:hover .news-arrow{background:var(--ink);color:var(--white);}
  .news-arrow svg{transition:transform .4s var(--ease);}
  .news-item-wrap.is-open .news-arrow svg{transform:rotate(180deg);}
  .news-lead{max-width:52rem;margin-top:clamp(1.5rem,2.6vw,2.25rem);color:var(--ink-soft);}

  .news-body{display:grid;grid-template-rows:0fr;transition:grid-template-rows .55s var(--ease);}
  .news-item-wrap.is-open .news-body{grid-template-rows:1fr;}
  .news-body-inner{overflow:hidden;display:grid;grid-template-columns:repeat(12,minmax(0,1fr));gap:var(--gap);}
  .news-article{grid-column:4 / span 8;display:flex;flex-direction:column;gap:.9rem;padding-bottom:2.25rem;line-height:1.6;}
  .news-affect{font-size:clamp(1.05rem,1.3vw,1.35rem);line-height:1.32;letter-spacing:-.01em;font-weight:500;}
  .news-article p{color:var(--ink-soft);}
  .news-article ul{margin:0;padding-left:1.15rem;display:flex;flex-direction:column;gap:.45rem;color:var(--ink-soft);}
  .news-article li::marker{color:var(--grey);}
  .news-bullet-title{font-size:.9375rem;font-weight:500;}

  /* ---------- market data table ---------- */
  .market-data{background:var(--white);}
  .md-head{display:flex;flex-direction:column;gap:1rem;max-width:48rem;}
  .md-table-wrap{margin-top:clamp(2rem,4vw,3.5rem);overflow-x:auto;}
  .md-table{width:100%;border-collapse:collapse;font-size:clamp(.95rem,1.05vw,1.15rem);min-width:34rem;}
  .md-table th,.md-table td{text-align:left;padding:1.1rem 1rem 1.1rem 0;border-bottom:1px solid var(--line);}
  .md-table thead th{border-top:1px solid var(--line);font-weight:500;color:var(--grey);font-size:.8125rem;letter-spacing:.06em;text-transform:uppercase;}
  .md-table td:last-child,.md-table th:last-child{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap;padding-right:0;}
  .md-table tbody tr:hover td{background:rgba(17,17,16,.03);}

  /* ---------- final cta ---------- */
  .final-cta{position:relative;overflow:clip;color:var(--white);min-height:min(92vh,820px);display:flex;align-items:center;}
  .final-cta .bg{position:absolute;inset:0;z-index:0;}
  .final-cta .bg img{width:100%;height:100%;object-fit:cover;}
  .final-cta .bg::after{content:"";position:absolute;inset:0;background:linear-gradient(180deg,rgba(6,6,6,.55),rgba(6,6,6,.72));}
  .final-inner{position:relative;z-index:2;width:100%;display:flex;flex-direction:column;gap:clamp(2rem,4vw,3.5rem);}
  .final-bottom{display:flex;align-items:flex-end;justify-content:space-between;gap:2rem;flex-wrap:wrap;}

  /* ---------- subscribe ---------- */
  .subscribe{max-width:34rem;display:flex;flex-direction:column;gap:.9rem;}
  .subscribe-label{font-size:.8125rem;letter-spacing:.06em;text-transform:uppercase;opacity:.72;}
  .subscribe-row{display:flex;align-items:stretch;gap:.75rem;}
  .subscribe-field{flex:1;min-width:0;display:flex;border-bottom:1px solid rgba(255,255,255,.35);transition:border-color .3s var(--ease);}
  .subscribe-field:focus-within{border-color:var(--white);}
  .subscribe-input{flex:1;min-width:0;background:transparent;border:0;color:var(--white);font:inherit;font-size:1rem;padding:.85rem 0;}
  .subscribe-input::placeholder{color:rgba(255,255,255,.5);}
  .subscribe-input:focus{outline:none;}
  .subscribe-btn{background:var(--white);color:var(--ink);border:0;padding:0 1.5rem;font:inherit;font-size:.9375rem;font-weight:500;letter-spacing:.01em;cursor:pointer;white-space:nowrap;transition:opacity .25s var(--ease);}
  .subscribe-btn:hover{opacity:.85;}
  .subscribe-msg{min-height:1.3em;font-size:.9375rem;line-height:1.5;color:rgba(255,255,255,.9);}
  .subscribe.is-done .subscribe-row{display:none;}

  /* ---------- legal bar ---------- */
  .legal-bar{background:var(--offwhite);padding:1.4rem 0;}
  .legal-bar .wrap{display:flex;align-items:center;justify-content:space-between;gap:1rem 1.5rem;flex-wrap:wrap;}
  .legal-copy{color:var(--grey);font-size:.8125rem;}
  .legal-links{display:flex;align-items:center;flex-wrap:wrap;}
  .legal-link{background:none;border:0;border-left:1px solid var(--line);padding:.35rem 1rem;color:var(--ink-soft);font:inherit;font-size:.8125rem;letter-spacing:-.01em;cursor:pointer;text-decoration:none;display:inline-block;}
  .legal-links .legal-link:first-child{border-left:0;padding-left:0;}
  .legal-links .legal-link:last-child{padding-right:0;}
  .legal-link:hover{color:var(--ink);text-decoration:underline;text-underline-offset:4px;}

  /* ---------- legal sub pages ---------- */
  .subpage-head{border-bottom:1px solid var(--line);padding:1.1rem 0;}
  .subpage-head .wrap{display:flex;align-items:center;justify-content:space-between;gap:1rem;flex-wrap:wrap;}
  .back-link{display:inline-flex;align-items:center;gap:.5rem;color:var(--ink-soft);text-decoration:none;font-size:.9375rem;}
  .back-link:hover{color:var(--ink);text-decoration:underline;text-underline-offset:4px;}
  .back-link .ico{width:1em;height:1em;}
  .subpage{padding-top:clamp(2.5rem,5vw,4.5rem);padding-bottom:clamp(3.5rem,7vw,7rem);}
  .subpage h1{margin-bottom:1.5rem;}
  .prose{max-width:44rem;}
  .prose h2{font-size:clamp(1.05rem,1.4vw,1.35rem);font-weight:500;letter-spacing:-.01em;margin:2rem 0 .75rem;}
  .prose h2:first-child{margin-top:0;}
  .prose p{color:var(--ink-soft);line-height:1.75;margin:0 0 .9rem;}
  .prose ul{margin:0 0 1rem;padding-left:1.2rem;display:flex;flex-direction:column;gap:.45rem;color:var(--ink-soft);line-height:1.65;}
  .prose li::marker{color:var(--grey);}
  .prose strong{font-weight:500;color:var(--ink);}

  /* ---------- responsive ---------- */
  @media (max-width:1024px){
    .hero-details .cell-name{grid-column:1 / span 6;}
    .hero-details .cell-tag{grid-column:7 / span 3;}
    .hero-details .cell-year{grid-column:10 / span 3;}
    .numbers-left{grid-column:1 / span 12;}
    .numbers-right{grid-column:1 / span 12;margin-top:2rem;}
    .cats-menu{grid-column:1 / span 12;}
    .cats-panes{grid-column:1 / span 12;margin-top:1.5rem;}
    .cat-pane{aspect-ratio:16/10;}
  }
  @media (max-width:720px){
    .grid12,.sec-top{display:block;}
    .sec-top .sec-count{margin-top:.75rem;}
    .stories-list{grid-template-columns:1fr;gap:2rem;}
    .story:nth-child(2n){margin-top:0;}
    .numbers-media{margin-top:1rem;}
    .numbers-body{grid-template-columns:1fr;}
    .number-item{grid-template-columns:1fr;gap:.75rem;}
    .number-figure{min-width:0;}
    .news-item{grid-template-columns:1fr;gap:1rem;}
    .news-media{grid-column:1 / span 1;aspect-ratio:16/10;}
    .news-content{grid-column:1 / span 1;align-items:flex-start;}
    .news-body-inner{grid-template-columns:1fr;}
    .news-article{grid-column:1 / span 1;}
    .cats-body{display:grid;grid-template-columns:1fr;}
    .hero-details{display:flex;flex-wrap:wrap;gap:.75rem 1.5rem;}
    .final-bottom{flex-direction:column;align-items:flex-start;}
  }

  @media (prefers-reduced-motion:reduce){
    *,*::before,*::after{animation-duration:.001ms !important;transition-duration:.001ms !important;}
    [data-reveal]{opacity:1 !important;transform:none !important;}
    [data-clip]{clip-path:none !important;}
  }