Have expressed regret you decided to leave it. What could persuade you to remain, and what Common Ground did you find in your talks today on this topic . Pres. Trump it wasnt a major topic. We talked about other things, including mostly trade. As drawn andeement as we signed was very unfair to the United States. It put economic penalties on us and made it very difficult for us in terms of business. It took away in one of our asset values. A want of our asset values. Alot of our wea are richsset valu businesses in order toes qualify by 2025. They dont kick in until 2030. Tandard inhe s russia in the 1990s, a dirty standard for the environment. It treated the United States very unfairly. I had no problem with the agreement they signed. In,ould conceivably go back but we are very strong in the environment. I feel very strongly about it. Commissioners are powerful in the sense that they want to have clean water, clean air, but we also want businesses that can compete. Paris accord would have taken away our competitive age edge. I am not going to let it happen. We havenister solberg strict regulations to reach our paris targets. We have very strong policies for the environment, environmental technologies. The United States now has a surplus in the economy towards norway. Pres. Trump one of the great assets of norway is water. They have tremendous hydropower. Your energy and electricity is produced by hydro. I wish we would do some of that. Hydropower is fantastic and a great asset you have. Thank you very much. A great honor. Julia that wraps up the press conference between the norwegian Prime Minister and president donald trump. It was a wideranging press conference, covering immigration. President trump reiterated the need for a border wall. Relationshiput the between russia and norway. He said you have to have a working relationship with other countries, even though the sanctions in crimea were wrong. Said that ultimately, there will be the Strongest Military the United States has ever seen. Also not great for russias progress. He was asked about whether he will meet with popular, and explain a bunch of other things, including how Hillary Clinton had been interviewed by the fbi and was done so over the fourth of july. Joe he brought up hillary in that election many times. It still appears to be on his mind. Julia unfortunate. He was holding his own. Not to bring against president s into it previous president s into it. President atching Trumps Press Conference with the Prime Minister of norway. Russia,tionship with looking very important to both of these countries. Of theou look at all talking points the president renfrew, you heard 8 ran through, you heard a number of them before. Strongin doesnt like a military and wants to do energy exploration. One of the things a little bit different was his talk about seeing what happens when it comes to the special counsel. He didnt believe an interview would be needed because there was no collusion. The president said he would be happy to sitdown with robert mueller, because there is no collusion. Now he said, there is no need for an interview. It seems that Robert Miller is wanting to sit down with the president. Mueller is wanting to sit down with the president. No open expression, i will sit down because i have nothing to hide. That was a different tone from the president. Most of the things were the same as what he said before. To this, what has been the official line from the white house, when asked about the possibility of interference . Luse the white house has said they dont believe the investigation is wanted because they have done nothing wrong. Wanted, because they have done nothing wrong. Time, they are more to havepy to cooperate a swift and fair investigation. The white house has said that they are fully cooperating, but when the president was asked about this last year, he seemed to sort of break away from that, saying, whens were they said he would be happy to sit down with Robert Miller robert mueller. The president said he would have to talk to his lawyers and doesnt see a need for an interview. A little bit of a shifting talking point from the white house. Well have to see what his aides say, to square the two things he has said that are not necessarily in line. Julia i am confused about immigration as well. There was a bipartisan meeting yesterday. It was suggested there was a plan in place. Reiterating he still wants that border wall, and without the border wall, daca is not ahappening. Where are we . Toluse the president said, i will sign anything you put in front of me if the democrats and republicans come together. Now he is saying, the border wall is the red line. A number of republicans dont think a wall along the southern border is the right way to secure the border. Given democrats are almost universally against the idea. He willident is saying sign anything that comes in front of me is different than what he said today, which is, i have to have a border wall, or no deal. The behind the scenes negotiations are going to be crucial for making sure both sides can come out of this with an agreement they can rally around. The president seems to be trying areaswing red lines on that are difficult for democrats to come around on. Today is going to make it for them to come harder is going to make it harder for them to come up with a deal before the government shuts down next week. Trump was open to a clean wall. Eal wtihouithout a ascribed tothat is the fact that trump doesnt seem no to many questions posed to him . Toluse we got a firsthand account of that when cameras were rolling for almost an hour as various members of congress presented their case to the president. The president was very open to a lot of different ideas, even those that were in contrast with one another. We can do that, lets make it happen, negotiate, we will work out a deal. The president is more of a big picture type of president , making a deal at the end and not getting into the fine points of policymaking. The of this may be president wants to look like he is above the fray. Will take the heat, i am not a politician like the rest of the people in the broom. In the room. I am happy to do the unpopular thing. Yesterday, in a room of politicians, he struck a bipartisan tone. In a room full of reporters, he drew a red line on a much more conservative side. Seem the final decision will be made by the president. He was saying what people wanted to hear. Julia the ultimate diplomat. Scarlet thank you, our bloomberg washington correspondent. One thing he discussed in the News Conference was the. Ossibility of the u. S withdrawal from nasdaq. Canadian government Officials Say there is an increasing likelihood of the u. S. Will draw. Withdraw. We will explore what is going on. This is bloomberg. Julia whatd you miss . Canadian Officials Say there is an increasingly good and increasing likelihood that the president will give sixmonth notice to withdraw from nafta. The white house has said there is no change on the president s position. Weak by 7 10 of 1 . The u. S. K about negotiating team. The canadians are getting increasingly nervous. The question is what prompted this. Escalations between canada and the United States over trade and lumber. We are heading into the sixth round of talks. The canadians are heavily nafta defenders speaking up to pressure donald trump not to abandon the pact altogether. They are hoping to spur that kind of thing, with the u. S. Chamber or other members of saying, you need to step back off the ledge. Josh, when do the next round of negotiations start . And how does about this set of the domestic into the United States factor into those negotiations . The 23rd through the 28th in montreal. They could go longer. There are a lot of disputes. U. S. And canada has said the other needs to add water to its wine if there is to be a deal. There are dueling versions on this case. Expected major adjustments would have to be made to raise hopes of getting a deal by march. Deal, eventill get a if it doesnt happen in montreal. Scarlet you also mentioned canadian officials said they were not sure how mexico would react to a withdraw notice. How much tension is there between mexico and canada when it comes to trade relations . Osh mexico and canada have been almost entirely united on many of the key u. S. Proposals. The question is what it will do if it gives notice that it will walk away. Said, we will not negotiate with a gun to our head, meeting they will not stay at the table if trump gives the withdrawal notice. They dontn say, know what the mexicans will do, but the canadians will stay at the table if the withdrawal notice is given. If he really does want a nafta deal and wants to give notice as a tactic, he will bet the mexicans wont walk away from the table. Julia we are showing the u. S. Net trade with mexico and canada. Mexico at the top and canada at the bottom. On the righthand side of the screen, you can see size relative to the other. The mexican number is way bigger than the canada number. Just to give you a sense of the mathematical issue here for canada, way worse than the mexicans. Youyou get any sense when were talking to these people on the Canadian Negotiating Team whether they believed the United States were willing to budge . Josh not in this round. In previous talks, the canadians have said their case is different and mexico, but they have a voided avoided throwing mexico under the bus, because President Trump has treated canada as a problem as well. U. S. Data tends to back up justin trudeau. It depends on which data you use. President trump is trying to solve problems with mexico and canada. Saying, that is not how you measure a trade deal. We will not help you change those numbers. Bloombergsnks to canadian government reporter, joining us from ottawa on canadian government Officials Saying that the increased likelihood of the president withdrawing from nafta is increasing. Julia the white house is saying the president s position has not changed. Were looking at bloombergs business biggest business stories. Pimco is cutting down on emerging market equities. Developingfiliates a nation stocks will produce annual average real returns of 6 during the next decade. Emerging markets will be betrayed of the decade. The trade of the decade. In a lawsuit, drivers say the f250 and f350, sold from 2011 2017, are spearing emissions up to 50 times the legal limit. Ford is the latest automaker accused of cheating emissions test. According to a university memo, he is heading to the university of dallas as deputy chief investment officer. His temporary replacement has managed harvards private equity portfolio since 2014. Scarlet our stock of the hour is a repeat offender. We have the owner of movie pass. Crypto was mentioned, shares are rising. Joestory mixes two of favorite things, moviepass and crypto. The man in charge of the helios and matheson, the Parent Company mentioned they were examining blocking technology. Technology, and they would become as an of complying with fec rules. They also made other comments that were interesting. Moviepass said it had surpassed 1. 5 million subscribers. It is a service where you pay a monthly fee and you can go and see as many movies as you want, as long as they are not amc theaters because they are not participating. Other theater chains have not been big fans. The company has a goal of 3 million subscribers by august. They have been growing pretty quickly. They also talked about having no more cash to burn within 60 days. Cash neutral to the overal business, also interesting. Bitcoinf you are a owner what is the crypto link . Julie there will be some sort of initial point offering. I can only guess at what that would be. There are situations where ipos make sense. Instead of your monthly fee, would you instead invest . I dont know exactly how it works. The mere mention was enough. Gettingo talked about more revenue for studios that are paying them for data. That would be a part of their kapstream. Their cash stream. Julia if i were ceo heading into earnings season, it would be thinking hard about how i could introduce this into the conversation. Joe you are leaving money on the table if you are not. You have to be thinking about that initial delivery. Julie hyman, thank you so much. This will not be the last time we talk about this company. Julie we will be speaking to pass the pass to movie later on in the program, at 4 40. Coming up, President Trump costs caused this stock to gyrate. The chart you cant miss, next. This is bloomberg. Julia i am julia chatterley. Whatd you miss . I have to show you this chart. Two different indices were put together. The oligarch index, the companys trump likes. Then, the drain the swamp index, the blue line, the companys trump trashed, disparaged, or threatened. Point, the oligarch index was trouncing the drain the swamp index, 15. 8 . Now look at it. Past 12 months. The oligarch index has gained 19. 5 . 42. 5 . He swamp, buy. E president hates it, joe who is in the swamp . Scarlet the tech companies. The market closes next. This is bloomberg. Julia what did you miss . Treasury. Ild day for m julia chatterley. Flu i am scarlet scarlet fu shery. You could say stocks are taking a good of a break after a relentless uptrend. The dow is up by 15 points. We have seent record high for the s p 500. Modestare looking at losses. modest losses to say the least. Scarlet lets talk about individual things here. Getting a boost after the islines upgraded, and united out for the fourth quarter. Sears holdings is up because of new financing. And it is in talks of getting 200 million more after holiday sales. Interesting that the retailer did not say where they got the additional funds from or who they are talking with. Limitedewelers portfolio declined after holiday sales dropped. Fell 5. 9 during that holiday sales. The news we have been talking about in the last hour, canadian officials increased up odds of the president withdrawing from nafta related companies, Railroad Companies as well as general motors, all trading lower today. Joe lets look at the Government Bond markets. Would sayk here, you not a whole lot of action here. Take, but bear in mind the 2. 55 is fairly high by recent standards because we have the selloff at the long end. Yieldlook at the 10 day 10 year yield. Bloomberg scope that officials in china were inclined buying. T of treasury the significance of this was because they were not going to buy it or dated not want to send a message this is causing a selloff during jittery times for the market with people in the the 10 years saying yield breaks at 2. 6 . There was a various strong bond option that people were still buying bonds. Julia scarlet knows exactly what i think of the chinese headline. You were saying that if you have one u. S. Treasury time you heard this rumor, moving onto currency. Lets look at dollars. ,loomberg scope once again official with the Canadian Administration sing the odds rising of trump leaving nafta. Sixmonth notice to with draw from nafta. You can see that spiked higher with the Canadian Dollar at that moment, it has since come back as the Canadian Dollar strengthens slightly. You can see bond markets also taking out the pricing, a rate hike possibility with next weeks meeting taking place. You what is going on with the dollar, slightly more aggressive. Immediatelyuse putting out a statement saying that the president s position on nafta has not changed, as weve been pointing out and saying, on the canadian side, it they are getting increasingly nervous. Cometiating tactic tables, lets get to the here. Who knows, and has caused a little bit of angst in the market here. Oil keeps merging higher, nearing 63 and . 50. Gold up modestly. We have production and inventory data. We look at a chart of oil, people are wondering if we will see 10 million in the u. S. Not quite, it fell a little bit. One point higher on the day, but , the price is the whole story, and pretty impressive moves. And those are todays market. For more on the gyrations on the market today, well bring in the cio, and congratulations on your new job. David visiting us because he is not based in new york. The 10 yearwith yield rising at 20 half percent. It is Still Holding about that level. Jeff is looking at 2. 63 as a real inflection point. We have had a lot of false starts, is this time different . That is a good question. Narratives emerge when prices start towhen prices move, we hear a narrative about china. You heard about it a lot of different times. I think that is probably not an actual driver of it. There are driving a large surplus, and there is limited places they can invest. Really, there is really limited purpose is to go limited places to go. It is flattening i think positioning, people are really overweighting that the position. Oil starts to rise, and that seems to break even. I think that caught people offsides. Joe one of the theories going around is that it was trading related to the tax bill. Tensions on relation to the tax appealing,it less does that seem like that is a plausible explanation for the marginal trading that we would see with the flattening that we have seen . That is a good question. Some markets like municipal weak today,are which were stronger in the fourth quarter. There is some validity to that tax reform basis. It is going to be interesting to see the positioning combined with the fact that, for a very long time, investors have been however many dots are in here. Now, it can catch people offsides, and what the fed projects comes true, it could catch people offsides and be behind the curve. It is Market Participants that the china, such as treasury headline. As a result of the tax overhaul, that at some point the markets, not only on the shortterm underpricing, and the impact the tax reform could have, but longerterm. We have seen a lot with analysts caught off guard with the how are this year, and you advising your investors at this moment . How should they be positioned and how should they protect themselves . I think it is difficult. One thing that is interesting is that equity markets are inexpensive buy. But that doesnt mean they are not going to get higher. There is a potential upside, and we look around Capital Markets and see bits of euphoria starting to happen in places like cryptocurrency, and i think there are scars from the financial crisis that have caught us asking if a pullback is coming. I think those scars have caused us to keep questioning when the selloff is going to happen. Interestingly, when there is a selloff, it has been popped quickly. Shorter term Government Bonds are looking fairly attractive for the first time in a long time. The twoyear yield is higher than the s p. Extent, people are saying does it make sense to get further out of the curve, are you being compensated for that at a time when people loaded up on a flat in her and there may be adverse outcomes with inflation . Aside from shortterm Government Bonds, anything else that is less euphoric . Banks priced up a little bit with the tax reform. I think there is potential upside with regulatory reform. Particularly, we are starting to of the continued theme smaller and midsized banks. Could play out, but naturally with banks, if we see , they have rallied, as we have seen. Julia david, great to chat with you. Thank you for that. And great tide, by the way. Barrel, what is that it take, we will have all the details next from new york. This is bloomberg. Mark i am Mark Crumpton with first world news. President trump invited norways leader to the white house and the leader a Great Customer for the purchase of u. S. Military equipment. The president was asked about Immigration Reform and whether a deal on backup could be achieved without an agreement on funding for border walls. President trump no, we need the wall for security. We need the wall for safety and for stopping the drugs from pouring in. I would imagine the people in the room, both democrat and republican, i believe it will come with a solution to the daca problem. Mark democrats have objected to , several have pledged to hold votes on generate 19 without protections for immigrants. Congresswoman wants treasury secretary Steven Mnuchin to examine the trump familys finances. In a letter today, the congresswoman and other thatratic leaders reported the president son a lot may have engaged in Money Laundering activities connected to deutsche bank. Immigration agents this morning rated more than 711 Convenience Stores in the u. S. Investigation,g officials calling it the largest operation against an employer under President Trump, with one saying it was the first of many. Irans fathers prime deal andon a nuclear north syria. Russia would defend the deal in which you run restricted its Nuclear Program in exchange for relief from crippling, international, economic sanctions. Irans Prime Minister said washington of destructive policies. Global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. I am Mark Crumpton. This is bloomberg. Extended gains today and more than three years, trading at 63 a barrel. Goodlly, they werent as as expecting. Joining us as global economist. Actually, it doesnt come down to the same extent as we were expecting. I would expect this to be a little sensitive about it. No one cares, they want to buy. The bloomberg expectations the bigger trend, crude inventories are down. Commercial inventories are down. People were expecting to see crude inventories beginning to rise. So actually what you are saying is dont believe bloomberg. Narratives,the second 2015, when it was super low, the u. S. Was a marginal producer. We would see a flood of new production, and i was essentially acting as a cap of any gains. The u. S. Still seems to be producing a lot, but why hasnt that mechanism kicked in . I think the mechanism is kicking in. We saw u. S. Oil production beginning to rise. In 2016, and now you see prices accelerate. The point is that it is not enough, it will be enough at some point, and the soft cap idea of u. S. Oil production. You will come down from 70 is what im trying to say. Little bit too little time. You need a little bit of time in a short cycle, but it is not t much of as short cycle that much of a short cycle. Julia are you saying that is further out . This morning at some other venue, the record for Oil Production in america, crude Oil Production, was 10 Million Barrels a day in the early 1970s. Will never go back there. Wetwo or three years time, may be over the old record in the next two months. Joe will offshore drilling move the needle at all . Drilling, then you pressing along the curve. For now, you could see oil continuing at these levels . A story about the u. S. Becoming a net cap supporter backa sent to mexico, pipelines. With this talk of the paris that potentially withdrawing from nafta, is that in jeopardy . The short answer is probably not. We dont know what the board border looksike like after nafta. These exports are growing, and we call them pipes on the walls. I would expect it to continue to grow. Going toap, texas gas a neighborhood that needs more energy and could only get it more expensively it so in all likelihood, it is going to continue to grow. About oil atalk 80 a barrel this year. It is funny you brought that up, we havent talked about oil for a little while, but he pointed out, we are structurally bullish. We dont need distractions to get to Rising Oil Price environment. If something falls over in the middle east, sure you can. Are going to call them after this. Our target for this year, on the average, 60. Level, United States share productions should continue to grow sufficiently. Everything works. There is a risk, and i think that risk is growing. Scarlet think so much for joining us today. Pullbacks and breakouts. Potential market changes coming this year. This is bloomberg. Scarlet it is now time for our weekly segment with abigail doolittle. Look at indepth charts. Abigail. Thanks, with me as frank. Happy new year. In the new year west seen some big we have not seen. We have not seen a 5 pullback going all the way back to 19 since the five. But you and the spot, but we have a 5 pullback are not . The answer to that is yes, if we have more weeks like last week. Last week, the snp was up 2. 6 . , i believe that it shows that the motion could be bringing back the picture now it if you look at the weekly chart of the s p 500, the first thing i want to look at is that we are getting close to the top of this channel for the last two years or so. Ifyou get closer to that, you get a break about that, it shows a little bit more exhaustion in the mix here. That could be a sign we will get a little bit more of a pullback . This is tough to see without the 5 pullback. The other part of the chart here is a weekly change in yellow. And small losses back in 2016 and 2015, some spikes and bear declines on the outside. That 2017 showed us that small, persistence gains are good for productions. We get large gains and losses to volatility. How soon do you want to see that pullback . I believe it is pointed to clusters. Wise, tech was at 37 , what do you expect to see sector wise this year . Financials. Most of the stocks on a relative , this is the etf versus technology, it has been doing that well, has it . I believe what this tells us is that along the way, there has been pockets of performance. 2013, the shows a. And the 10 year rate went doubled. We see periods of lower highs along the way. Theyre salivating at the prospect of higher rates in the next few months. I remain bullish on the financials, and they will take charge and take share of technology. I believe this trend is headed towards the upside. Hector financials. That seems to be view of many. But what about micro, what can you offer to our viewers . Here is lithium, a very goodlooking chart. Is the interesting part about leit. 60 one year. I think two reasons for this, one is that most of the game was in place from september, and we saw flatlining for the fourth quarter. During that timeframe, areas that were not doing well seem to get back into the picture. Like retail, energy. , but have their own areas we shouldnt forget about lithium because you could see the pattern in place now. It looks very similar those two other times were a. A financial breakout. Hereank, great to have you. Back to you. China and the bond, bold market. Details next. This is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Mark i am Mark Crumpton with first world news. Advocates rallied outside of the Supreme Court today, they gathered and heard arguments with efforts in ohio to trim their voting rolls to target people who have not voted in a wild. People in the process say that they probated voting activity to trigger purging. Today, justents this anthony kennedy, usually the Supreme Courts swing vote, said that the courts are trying to detect their voter rolls. Republicans in North Carolina are saying they will delay a decision to strike down on the states congressional maps. They said that the districting plan was violating the states constitutions and says it gives the gop an unfair advantage. Set to approve another set of districts by january 24. Director t i a cia director is outraged over the Russian Election meddling. At a Cybersecurity Conference in new york, he said he urged congress to pass a law requiring that at ei and cia to provide reports on possible foreign interference in advance of upcoming elections. In the meantime, a new report by of russiancrats interference concludes that some western democracies have responded with aggressive countermeasures, but that report critical of is also what it used as a lack of urgency from President Trump. The current president barely acknowledges the threat posed by mr. Puritans repented tax mr. To effectively counter this type of aggression. Republican on the committee signed on the report. There is an increasing likelihood that the United States will withdraw from nafta, the canadian loonie and mexican peso fell. The white house says President Trump has not changed his position on nafta. Global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. I am Mark Crumpton. This is bloomberg. Get a recap of todays market action. By 2016 standards, this is armageddon. It is all relative. There is a positive, and the s p 500 for the First Time Since 2017 do not rise to record high. Joe for the first time, no gains. Julia senior chinese officials have recommended slowing or halting treasury purchases. Afterreversing their most the expected demand of the 10 year treasury auction. More of the chinese angle i think i have made my views really clear. Good to have you with us, what you think . Great to be here. We think it is quite unlikely by theina decisionmaking that china is highly centralized, their advisory parties are much less centralized. That are opinions extremely unclear. Buys in that view of who buys treasuries as a weapon, but logic would strongly dictate against doing that. Caseally because it is a that the chinese really what hurt themselves, and it is not clear what else they can invest in. It is also likely that they are worried about trade war breaking out. They would react more countermeasures are then going all out and threatening Something Like a stop of sale of treasuries. Scarlet basically, dont panic just yet, this is just speculation at this point. Having said that, china is the biggest holder of u. S. Treasuries. Where are they concentrated, where do they have the most exposure if they are to start training. Where would we feel it . Typically, most Central Banks are already focused more on the short end of the curve, so we think the average duration is not much more than five years, probably less. In some sense, if they were to broadly, a luck with happen at the front end of the curve, but the front end of the curve is mostly driven by expectations rather than supply and demand. If they want to do damage, if they want to weaponize the u. S. Treasury trade, they do have enough of the back and we think butit the back iend too, it would have to be by design. Even if there is someone in the Chinese Government who says, no, we are serious, want to sell off and wield this weapon, could they even do that . Is there Something Else they could buy this size . Could they do that without massively destabilizing their own currency and crushing the value of their portfolio . Or are they essentially locked in regardless of what they want to do . Choice is the obvious presumably, from an acid point of view, all the other countries are fairly small. You get a group or budget of them together to maybe do some buying there, but again, it would not be easy. Which is part of the reason why we think it is unlikely to happen. The other question that you raise, of course they would. They work hard not to depreciate too much, and it took countermeasures there. They are in a much better position now than they were years ago. Hey dont want to go back julia it would be a heck of a hedge. Back to emerging markets, which is your a speciality, there is a steepness of the curve. Point, do you see a backup in yields . And go,u look at assets ok, maybe we need to cut out some of the enthusiasm here . The rule of thumb is that if ,ou get a hundred base points it suffers. If you get 50 or 60 points, depending on what some others do basisou get this sort of points, it is fine. , and we these big moves have seen two of them in the last couple of years. The second,ing, and the trump election, a shorter length, but extremely painful in the end. It is the type of move that you god, and treasuries will not up much. There is a pig growth already setting and right now, so it is not a keith right. I think to see that, it is not so much about china selling treasury, but more about inflation, it is a risk that keeps most markets awake at night. Dark, think you so much justrrencies mentioning the word. Mitch lowe joins us next. Get involved in the conversation. Send me a tweet. What you want me to know, what you want me to answer. This is bloomberg. Scarlet in the past week, at least for companies, including kodak, have seen their stock skyrocketed. Their link to cryptocurrencies or initial coin offerings. One company is moving pass. They to what considered in ico. Lets send it now to numbered editor cory johnson. What a crazy time we are seeing with the stocks that are moving with great drama here. Bitcoin,ntioned with where moving past with the business. Motion about this block channels. Theres three things we can do with the blockchain. We start tond as get to expand the entertainment offering to our subscribers, there is tracking of film and content and distributing content well beyond the theaters. Let me back up, tell us what movie pass is briefly. You are one of the founders of netflix, you build one of the most disruptive businesses in the history of entertainment. Is really netflix for the movie theaters. Over the last 18 years, the price of going to the theaters has almost doubled. Transactions has gone down. Consumers who grew up with subscriptions kind of talk themselves out of going to the movies when the prices go up, and there is a lot of risk in seeing a good movie, and so movie pass liberates you from that anxiety. Where you pay a monthly fee and you guys work it out in the back and somehow. That is they business model, blockchain fixes it how . There is a couple of places. One of the things with blockchain and cryptocurrencies is, where do i use it . Be amovie pass, it might great way to pay for it using cryptocurrency. Tracking what our customers do, for example, we could reward our customers for giving us reviews, recommending films, telling us more about information that helps us market products to them. Those are all different places of opportunity. The value of the marketplace and the Company Grows rose dramatically today, over 20 . Is your business more valuable today than it was yesterday . 20 more valuable . The public doesnt quite understand that we are on the verge of disrupting the whole way of not only when you go to movies but the distribution of content. Surely, day by day, consumers and investors are beginning to understand. Because it is getting better, but is it more valuable today, are you looking at the possibility of blockchain . There are so many Different Things were looking at and investing in. It is one of those hot things that we value. How far is this technology to being deployed in your business . We are not going to give dates or anything. Ballpark, a year or two . Finally, give me a sense of how big the businesses. We are buying one out of every 35 movie tickets this year. , we are going to be twice as big or as we are today. A few weeks we have added half a million subscribers, so the growth rate is excellent rating. Wayou found an interesting to increase your stock what has it done for your business . I focus on the business of creating a great product for our customer, so you would have to ask other people about reggae and how that might operate. But does it give you the capital that you need . It is one of the ways to raise money in this environment. If the investing world wasnt paying attention to your stock today, they certainly are now. Thank you very much, back to you guys in the studio. Julia cory, thank you for that. Canadas focus on the etf. From new york, this is bloomberg. Headlines now crossing the bloomberg on the nafta talks. Canadianshat the dont want to risk President Trump with the white house responding. The u. S. , canada, and mexico talksng a second round of that were already expected to take place. Just to give you a sense as far as all the other countries that are concerned. There are still planning to have 3 months out about the concern that is coming from the canadian side here. Scarlett. Scarlet one of the biggest things here and involves marijuana. A must see chart on this new space. Eric. Thank you, scarlet. Where going to look at the first ever marijuana etf. Look, this thing was basically a dead person until recently. Look at all those great bars, that is a lot of people excited with this atf etf. Nobody really paid attention to it, now it is an etf tracking stocks, and it is up to 350 million. Market, itys on the is on pace to get to a billion dollars in just under two months or you it would make it the second fastest etf to get to be. Point, just shy of gl glb. It comes down to performance. , up 25ing has jumped up percent this year, it makes it the number one performing etf to date. It is now at 33 sustained. However, i have seen this happen before. A hundred million of those flows are performance changers. It is something deeper to tap into, and i can show you this by looking at the canada etf, and it shows that the market that was really cap into up in canada, which has a lot less , a local investors here, this has 660 million. One of the things fascinating that the canada pot etf is when it first came out, it lost money quickly, and in the flows came in and stayed. That tells me you had investors who believe the story, and are really interesting in this theme and are going to stick around the longhaul. It is a compelling theme, despite the fact that it is a pot etf. Especially when we are looking at the other etf, the United States, they make this pivot to marijuana. It reminds me of companies who started adding crypto to their name. They have exploded as a result. Joe and there is more coming. It is just like gold. Apparently there is a junior pot company . There is junior marijuana korver lowers. Growers. They smell money, they smell green, forgive the pun. Indie, you get this kind of money, youre going to start reproducing. It is like a hit movie like iron man, they just go crazy with it. Scarlet there are going to splice and dice the market in different ways. There is talk that because of the name change, it is sneaky. The reason they havent gone through is because they couldnt get to hold stocks because custodians, tanks are worried that it is a legal, and i dont want to get sued and have legal problems. Has been rumors that they are at interested in being custodian. This could get a little bit more dramatic, but there are five or six pot etfs waiting approval. Julia i am talking about cannabis investment in the last week, to the extent that people are talking about potential complications of investment in the space and what it means for the etf. The returns,eing that erases all concerns. That is all that matters. Everybody lost their minds over bitcoin. Member i talked about how this is a good undercard, i think this is starting to compete with bitcoin in terms of conversation. Joe speaking of bitcoin, a lot of wouldbe sponsors of bitcoin would withdraw what is the story here . It seems that are different Regulatory Agency saying go ahead, have futures. What are their anxieties like . Forll these people who file Bitcoin Futures said, pull your filings. This was months ago. When futures were listening, that is when they refiled. Was it an amendment or did they just put it back in . Around it got crazy saying, hey, this is looking crazy. I think the sec got spooked a little bit and said that look, this is it going to happen andime soon, back off, lets refiled. My guess is that they just want to see below bit more of how this lays out before the filings come in. There have been 30 or 40 filings over the next six months. Becomes theof them gl be, and theyre going to print money. Etft could be a 10 billion in a year. There are 70 tech etfs. Julia eric, great to chat with you. Be sure to join us every wednesday for bloomberg etf iq. It is the first show focused on every wednesday, right here on bloomberg, with scarlet fu. Joe coming up, what you need to know for tomorrows trading day. This is bloomberg. Scarlet what did you miss. A rally. Joe the 2018 pause looks like a big sellout. Scarlet before the bell tomorrow. One of myco, favorite indicators at 8 30 p. M. Tomorrow. A. M. Also at 8 30 thats it for what you missed it boomer technologies is up next. Joe alisa im Alisa Parenti in washington, and you are watching bloomberg technology. Officialsovernment believe there is an increasing likelihood the United States will withdraw from the north American Free trade agreement. The canadian loonie and mexican peso fell on the reports that the white house says President Trump hasnt changed his position on nafta. Meanwhile, the president welcomed the norwegian Prime Minister to the white house today. He called norway a, quote, Great Customer for its purchases of u. S. Military equipment. Forident trump said funding a border wall with mexico must. Be part of any deal immigration agents raided nearly 100 7evleven Convenience Stores patrol and immigration agents raided nearly 100 7ele ven Convenience Stores. Sergey lavrov met with his irani and counterpart to discuss the situation his iranian