Study the following information carefully and answer the given question. In a…

Concept: In word-code puzzles built from several coded sentences, a word's code is pinned down by comparing two statements that share exactly one common word besides the repeating word — the code shared by both statements' code sets must belong to the word they have in common. Repeating this pairwise common-word / common-code comparison isolates every code in turn.

Application:

1. 'market' is the only word common to all four statements. The single code common to all four code sets — {bx, fe, fm, xp}, {fm, xp, xe, kx}, {xi, xe, fm, fe}, {dx, bx, lx, fm} — is fm. So market = fm.

2. Statements 1 and 3 ('down cyber market report' / 'down market major watch') share only the words down and market. Their code sets {bx, fe, fm, xp} and {xi, xe, fm, fe} share only fm and fe. Since market = fm, the remaining shared code fe must belong to down.

3. Statements 1 and 4 ('down cyber market report' / 'smog report market today') share only the words report and market. Their code sets {bx, fe, fm, xp} and {dx, bx, lx, fm} share only bx and fm. Since market = fm, the remaining shared code bx must belong to report.

4. Statements 1 and 2 ('down cyber market report' / 'cyber watch order market') share only the words cyber and market. Their code sets {bx, fe, fm, xp} and {fm, xp, xe, kx} share only fm and xp. Since market = fm, the remaining shared code xp must belong to cyber.

Cross-check: Statement 1's full code set {bx, fe, fm, xp} covers down, cyber, market, report. With down = fe, cyber = xp, market = fm and report = bx, all four codes are used exactly once with no leftover or clash, confirming the mapping. So the word coded as 'xp' is cyber.