Well cover nafta, his relationship with trump and canada. Mark european equities are trading 30 minutes until the end of the session. If there are nerves ahead of the French Election, they are not showing and the currency and bond functions. Stocks are rising with betterthanexpected earnings from nestle and unilever. It currencies are rising against the dollar. Euro bes would the rising if investors were overly concerned about the response of the election . Ds are falling to the most ahead of sundays election. A lot can change in three days. Getting to some earnings, not as earlier it is the Worlds Largest publicly hedge trend faded manager. Quarter sincecond 2011. Investors of allocating capital its long only strategies and asset under management. 88rose to 88. 7 billion from point 9 billion. Hedge funds are recovering from a middling performance. Shares in that group are up by 4. 5 today. The 5250 index, this is the. Hread this is the spread the white line is a sterling. Sterling has declined since the referendum. This has been an inverse correlation. What were seeing right now is that half of this is a domestic focus. Is eclipsing it by the most on record. It isnt just because of the pound resurging. It is because of the heavy reliance on Mining Companies within the ftse 100. 9 of the index. So what has happened to the mining . Iron ore has been slumping. This is why you have the record the exportbetween heavy ftse 100 and the more domestic centric ftse 100. This is the bliss index which measures the Economic Health of the u. K. Economy. Looking at various gauges of wellbeing. It is rising a little bit today. Above a downward trend. Feeling more confident about the economy between the high and low range. To 90 minutes into the trading day in the u. S. What does it look like over there . Thee we have green on screen. Major averages are higher but we are not seeing major gains. And then the dow nasdaq. S p 500 up by. 3 . Ofwant to run through some the earnings. Financials are leading the gains today. And this is in due to the strength of earnings coming out. American express out after the close yesterday and it does appear to slowly be moving past the loss of the contract. If you look on it like for like basis, we saw a revenue up 6. 2 . Net income did fall but it was a smaller decline than estimated. Regional banks both reporting a Net Interest Margin that the estimates and blackstone, the Worlds Largest private equity m selling a proud amount selling an amount of holdings. Elsewhere, in terms of the movers that we are watching to the downside, we have Philip Morris international. Publiclys largest traded tobacco company. Price increases and new technology are failing to offset a decline in demand for cigarettes. The Company Earnings are coming in below estimates. It has invested 3 billion in reduced risk products. Thatll be a longerterm shift. Also tradedwill lower. Finally, a quick look at the vix versus the dollar. The bank for International Settlements at the dollar was a better proxy for Risk Appetite in the market that was the vix but both ofus them are telling the similar story. The vix has picked up a little theunder 15 today and dollar has been trending lower. So both of them are telling a story about decreased Risk Appetite recently within the market. Mark thank you. As we near the French Election, the first round, i want to remind our viewers about how the process works in france. They pick a head of state every five years and the direct an equal weight. In theory, a candidate could win on the first election but generally it has always gone to a second round. It is the two top against each other. The candidate to garners the most votes in round two is named president. This year, president ial voting will be held april 23 and may 7. The inauguration will take place 10 days after the second round of the election. Joining us now is caroline connan. What are the polls telling us today . Caroline the polls are actually telling us that macron could be gaining a bit of momentum. We had a poll this morning that showed he was at 25 . As you can see on the graphic. However, even if Marine Le Pen falls to the number three spot, it is still a big dispute fillon. Francois ho 30 of the electorate is still undecided. How will each candidate try to get some of the 30 . Caroline interestingly, as we approach this election, they are portion of undecided voters is decreasing. Two days ago we said it was 40 of the french voters were undecided and now it is around 30 . Calling this the crystallization of the votes. Meaning that some of the voters are considering the useful vote. If you look at the candidate in fifth position, we dont talk about him much, the socialist, it is interesting because he has between 7 8 but only 15 of if a percent so go to macron or melenchon, it could change the outcome. Mark every candidate will be in the spotlight tonight as they give 15 minute television interviews. What can we expect . Caroline initially, it was supposed to be a debate between 11 candidates is like we had a couple of weeks ago. But melenchon refused to produce a paid because he said it was too close to the first round. At this point in the election, they launch their own attacks rather than receiving attacks. So instead, the National Vote oneonedecided to do interviews, backtoback of the 11 candidates. The last chance of each of the candidates to convince melenchon. Thanks a lot. Connanas caroline reporting. We will have live coverage of the election. Join Francine Lacqua and david gura and Bloomberg News reporters from Campaign Events across the country. We will also have the latest with the reaction on london and new york. A big weekend. Vonnie lets check in now with the first word news with courtney donohoe. Courtney donohoe at the united nations, the investor wants iran to be the core of the middle east agenda, not israel. Nikki haley will use the Un Security Council monthly meeting as a chance to discuss irans role in yemen and syria. Full also bring up support for hezbollah. Nikki haley has accused the u. S. Of having an antiislambased bias. Trump and the italian Prime Minister will meet at the white house today. They will discuss the group of seven industrialized nations meeting in italy next month. The g7 nations had urged russia to pressure syria and governments to end their six year civil war and they blame syrias president s military for the chemical attack that killed more than 80 people. And russia, Vladimir Putin is taking advantage of mixed signals from the u. S. On it ukraine. He tightened his grip on two sanctions will likely stay in place. People close to the leadership in moscow say that prudent strategy in ukraine is to keep integrating the rebel region with russia. Meanwhile, Russian Diplomats say the white house seems uninterested. Nicola sturgeon doesnt think that the main Opposition Labor Party doesnt have a good chance in the upcoming general election. Speaking of parliament today, they discussed the idea of victory as high in the sky. Asola sturgeon refer to it complete on electability. Global news, 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. I am courtney donohoe. This is bloomberg. Up, we speak with neil jones, head of fx sales, on why he says the british pound will appreciate. He says the market is in the time of a trump dump. This is bloomberg. Vonnie live from bloomberg world headquarters, i am vonnie quinn. Mark we are counting you down to the european close. The French Election is this weekend. Joining usd trump here to pull everything out is neil jones. Silly things to talk about. A simple thing right away, the pounddollar with the 200 Day Moving Average. Had a guest earlier who said that in the nearterm, it could be a game changer for the sterling at we have upside, dont we . Neil yes. We are in the midst of this right now. The three main factors that help contribute to take us through the average one is the trump stump. There is a longdollar position. The second one is the short position moving away from the euro. Theitical land Political Landscape now switches. That is the element ahead of us. That is the potential risk. And out of left field this week the snap election. Nobody was expecting it. And the market is heavy short. Mark on our markets live function today, lets show our viewers. The Technical Analysis shows that the next move is equal to the width of the broken channel. As we know, we have been in that range from october to now. So there is a Technical Analysis where you might see a move to the upside. 130132 if there upside from there . Is potential further upside. It will be a process of the technical breakout. And it generates signals. Some of these are longheld positions. Some of them are prebrexit. But in technical indicators of these, with the macro fundamentals, this is the one that actually generates the position. So i would suggest that when the markets returned to reflect for that market position to remove, it will take us to 1. 35. 1. 3 five. S to go to vonnie lets move this to the european region. I want to point out to you and our viewers that there is a you news and here, i have pulled up the chart of inflation divergence. This is one of them. And you can see that yields are different between this. Anticipate you yields going in light the French Election . Ofl there is a little bit in the euro right now. Strong positioning. For we say the upside could get a political shift in mynce, on sunday, that is guess. The largest candidate right now is the undecided candidate of 30 . Some political analysis suggests that undecided it is more centrist. There is ais that highly undecided amount. We could get a big shock. This is somewhat similar to right now. Positions price with brexit. Will collapse in germany. Others will rise. And with a you and with a le pen victory, that would take it back to parity. Vonnie that is in a le pen victory . Do we stay around there . Neil we will get a shortterm rally. There will be some positioning of the euro that could possibly be positioned for a le pen victory. We will probably get it in the region of 1. 09 at a doubt it will go above 1. 10. And the decline of the euro will eventually happen. It will be fairly shortlived. Mark why will the longterm destruction of the euro . Why will that happen . Neil my sense of things is that the actual trump trade will come back into play. In the future, the long dollar trade will become attractive again. Markets are long dollar positions. I do think it is temporary. But i do think there will be a shift away from the current back to the mandate America First policy. They will focus on the job at hand. Making America Great again. My belief is that it will kick you will getce and more divergence. Again, you get economic outperformance in the state. And it will be underwhelming in euro land. And the political agenda in euro land will continue. The political differences are here to say. So protectionism and throw in the mix of brexit. Mark the yen has gone from chump to champ. It is only a few months ago that we were looking at 1. 20 and we are now at 1. 09. Have we reached the highs . A lot depends on political risk. Neil it does. And my belief is that if things go according to what will happen, there is further strikes to go. Because im going on what has happened previously in geopolitics, the protectionism mark you are predicting a surprise . Neil i am predicting that Marine Le Pen will go to the second round. Gets 32 30 3 , there is a surprise. That leads to a nervous few weeks ahead. Neil absolutely. My sense is that the 30 undecided, if you like, it has a chunk of Marine Le Pen voters. And it willtion manifest itself at the pole. It is different from what people say and what people do. My personal sense of things is that the French Election will prove it again. Sense, it will become very nervous. Vonnie what are you looking at . We have seen a lot of action in the libra. What is your favorite trade right now . It isgerterm destined for further weakness. I believe the dollar will longerterm outperform. So you most likely see the mexico go weaker as well. The America First policy, which will return, we will shift away from the current geopolitical concerns and we go back to the domestic front and things like fiscal stimulus will come into play. Nafta becomes a problem. Sit just that we revisit a weaker mexican peso. Goes,far as the chinese it is on the longerterm trajectory. There will be an outward investment from china. I do think we will call some weakness. Will become more attractive. So in the longerterm, looking at the dollar to outperform, particularly on things like mexican peso. Mark neil jones there. Vonnie still ahead, Justin Trudeau joins us for an conversation to talk about nafta and oil and much more. That is at 4 30 p. M. London time. This is bloomberg. Vonnie live from bloomberg world headquarters, i am vonnie quinn. Mark i am mark barton. The european close is a matter of minutes away. Time for a look at the bloomberg is is flash. The bloomberg is this flash. Shares of verizon are trading lower today. They have a deep subscriber loss in more than a decade. Analysts had forecast it again of almost three hundred thousand. The head of Japan Central Bank says the biggest threat to Global Growth is geopolitical risk. Even then, the bank of japan governor tells bloomberg that the risks can be handled. There are multiple geopolitical risks. But i do think there are world leaders, including the u. S. They are in a precarious situation in a good way. Mark governor kuroda also said the economy was doing much better than a year ago. We are four minutes away from the end of the thursday session. Justin trudeau is next. This is bloomberg. Did you know slow internet can actually hold your business back . Say goodbye to slow downloads, slow backups, slow everything. Comcast business offers blazing fast and reliable internet thats over 6 times faster than slow internet from the phone company. Say hello to internet speeds up to 250 mbps. And add phone and tv for only 34. 90 more a month. Call today. Comcast business. Built for business. Mark live from london and new york, this is the european close. Finishing the thursday session higher. Stocks up by. 25 today. Stocks were higher by nestle and unilever. Martell cognac reported thirdquarter sales that Beat Estimates led by growth in the american sales. By james whiskey in the United States. Further expanding the market in december by purchasing the majority stake in smooth amber spirit. Drop in asiathey where prohibition measures are threatening to hurt demand in india. Nod ricard. R no the takeover offer from kraft heinz unilever cited gains in the personal care businesses but sales unchanged in the food division. The Ice Cream Division was helped by new products such as incolate coated magnum pint a tub. This sets up a response in efficiency to the takeover. Shares up today. I love this chart. I might be tempted to do this chart. These stocks are notoriously volatile over the last couple of the last couple of years. The shanghai composite, 84 days without a loss of more than 1 . The longest stretch since the iskets of 1992, that phenomenal. For some investors, it is a sign that there is a floor under daily markets. Current resilience could be explained by Global Factors and equity volatility is dropping around the world this year. There hasnt been a drop on the shanghai composite in 84 days, the longest on record. There is your botc winner. Vonnie i cant wait for the next one. Little less of a safe haven trade today but just barely. The yen, we are seeing a little bit of weakness. The vix is below 15. Nothing toevated but write home about. Aboverude oil, trading 50. 50. 49. And the 10 year yield is back up to 2. 24 but it did get down opening yesterday or a few days ago. You can see that we are doing well in europes assets. The euro is higher. It is really a green day for europe. When it comes to bonds, yields are lower in all of these countries. Netherlands, austria pretty waitingk off and in mode. Abigail doolittle will have a look at some canadian assets ahead of the interview with our canadian Prime Minister. Take a look at the u. S. DollarCanadian Dollar. Year to date. It is basically flat. The lack of volatility over the last few years, there has been a decline and that was because of the big decline against the Canadian Dollar in 20142015. All of this is constructive to stocks. If you take a look at the , this is the s p 500 composite Stock Exchange index and we do see the beautiful uptrend in blue. And last year on the macro volatility, we do see that there was nice consolidation down, which perhaps suggests there are more stocks ahead there are more gains ahead. This index also recently put in a record high. Lets take a look at oil. Canada is one of the biggest exporters in the world of oil. Oil is very volatile. See in the pink, the 50 Day Moving Average has been put into action. In yellow, the 200 Day Moving Average. Most recently, the 200 Day Moving Average did access but we see oil in the recent volatility on fears of what is ahead relative to opec and u. S. Inventories and the like. Headingappear to be back down below. Itll be interesting to see if oil can find support on the 200 Day Moving Average with the yellow. It fascinating . Thank you for the focus on canadian assets because the canadian Prime Minister Justin Trudeau is next. Withing you an interview john micklethwait. You can also follow it on life go or on bloomberg tv. They will speak about nafta and oil and the pipelines that are meant to be americanbuilt. Justin trudeaus relationship with donald trump and domestic issues in canada from housing prices to the canadian economy. This is bloomberg. And newve from london york, i am mark barton. Vonnie this is the european close on bloomberg markets. Mark lets take a look at the biggest stories in the news right now. Two of the biggest highspeed trading firms are combining. Virtue financial are buying kc g. The deal will represent a major shift for virtue financials. Has six times as many workers. We talk with the executive later today. 2 00 p. M. Eastern time on bloomberg television. Monaco lets get straight to canada now. At the art gallery in ontario for a conversation with Justin Trudeau and john micklethwait. He set for good measure that we will get rid of nafta, once and for all. I think this is your first chance to give your reaction to this constructive dialogue. [laughter] would you like to take it away . Of theeau one fundamental things that canada knows and canadians know is that trade can be a tremendous driver of Economic Growth. One of the challenges that we have seen and the rise of populist or nationalist Politics Around the world in the past years is a reflection that trade hasnt always been great for everyone. Sometimes it has benefited only ,he top tier of an economy multinationals and not smaller businesses and there is a generalized anxiety amongst significant majorities in our populations across western economies that are anxious about their own economic wellbeing and their own future. Other,ries about the worries about Foreign Trade and investment are easy to point to as a challenge. The issue, however, it is that if you end up going down a highly protectionist it route and you end up creating barriers and tariff walls and what have you, you end up slowing down Economic Growth and everyone ends up suffering, including and especially the middle class. Get rid of trying to the milk substitutes that you give people. As we approach trade, we have to make the argument for it. We have to reassure people that we are being say or and responsible with trade and that there is ways to include everyone in trade, whether it is small or mediumsized businesses or agriculture. And any conversation around that starts with recognizing the facts. I understand how certain governors are speaking to certain constituencies on that. It is politics. A the same time, the u. S. Is 400 million dairy surplus with canada. So it is in canada that is the challenge here. Ourthe way we approach constructive relationship with the United States on trade and other things is to base both around the facts of the issues and a shared desire to see citizens on both of our sites succeed. The free and open trade between canada and the u. S. Creates millions of good jobs on both sides of the border. So we are not going to over react. We are going to lay out the facts and were going to have substantial conversations about how to improve and benefit both sides of the borders. Pays every canadian family several hundred dollars more in terms of their annual milk bill because of the measures you have. Surely the protection of the middle class on this one thing, you admit that donald trump has a point . Pm trudeau lets not returned we are in a global free market when it comes to agriculture. Every country it is an agriculture industry. A Management System that works very well here in canada. The americans and other countries choose to subsidize to the tunes of hundreds of millions of dollars if not theirns of dollars for Agriculture Industries including dairy. Different countries have different approaches and we are going to engage in a thoughtful, factbased conversation on how to move forward in ways that protect the consumers and our producers. John in this thoughtful discussion, maybe we could look at nafta. The danger toreat nafta. He came in making these big statements and at this moment it doesnt seem as though their race a way of getting rid of nafta. Veryudeau one of the first things that we did, and this isnt unique to this particular administration, any Incoming Administration needs to hear from canada how important the canadianu. S. Trade relationship is, because it is often overlooked or taken for granted i american politicians and lawmakers is that we did a really good job of highlighting how many good, middleclass jobs on both sides of the border particularly on the United States, depend on the free trade with canada. So the argument we have made about trade being good for everyone, about amplifying our success on both sides of the pass being auto great example of that. Have a relationship unlike just about anyone else in the world between two countries. And a lot of that is based on mutually beneficial trade policies. Your ambassador in washington says he thought the border tax would never happen. You think that is something that is now off the table . Pm trudeau not going to make predictions about what will come forward on the u. S. Side and policy side, but i know that we have made a very clear case that adding taxes or break elations a car crisscrossing six times, the amount of bureaucratic red tape and layers of impediments to jobs on either side would be really problematic. And a dont think people who are promoting the border tax within the American Congress have thought through some of the consequences. John do think this is an area where trump has overreached and maybe he is going back . Issuedeau i think the facing President Trump is that things a promise to do that were good for the middleclass. And that he would help people who felt they were not part of the economic success of their country. Of killing jobs because thickening the borders between canada and the u. S. Isnt something that trump is particularly interested in. Tpp. Talk to me about you havent said whether you want to continue with that. Is this something you think could be developed without america . Pm trudeau we are in favor of trade deals. We are in favor of progressive trade deals. Office, the to kennedy eq deal was in big trouble. It was basically stalled. A whole bunch of significant parties in and across europe had decided that it was a bad thing. And we had to go back to the drawing board and make it more progressive. Reassure people that there were still capacities to protect workers and the environment and labor rights and health benefits. Those kinds of things. So we are always looking for good trade deals in canada. I think as we move forward in world, we to be the are interested in continuing to grow our relationships with asia and look at how we can relationship growth john but not through tpp itself . Pm trudeau i know there are lots of discussions about whether there will be a tpp without the u. S. And we are just happy to be engaged in the discussions. Because we know that trade will benefit for both canadians and our trading partners. Ask you about trump . What have you learned about him so far . Pm trudeau i have learned that he listens. Unlike manyle it politicians. John it might be enough to leave that statement right there. [laughter] pm trudeau as politicians, we are trained to Say Something and stick with it. Where has he has shown that if he says one thing and then actually hears good counter arguments or reasons why he should shift his position, he will take a different position. If it is a better one. If the argument wins him over. And i think there is a challenge in that for electors but there is also an opportunity in that for people who engage with him, a try to work to achieve beneficial outcome. John do you think he has helped you identify yourself more clearly . You are often cited as antitrump now. Speak very i can hard for all the canadians in the room. We try to define ourselves on our terms. Say, well, a canadian is simply not an american is an easy shortcut. John you look around the world now and you have trump who is taking a protectionist stance. You have Prime Minister may talking about global citizenry being something she doesnt believe in. You look like the last liberal in some ways. A liberal in the anglosaxon way of being with free trade. And of them will, it is not a popular place to be. Pm trudeau canadians have understood that the world and lookingpenness for ways to Work Together rather than to antagonize each other is what has made us successful. And it has given us an incredibly Stable Society and economy and medical situation. In a world that is under certain strain. John do you feel he q have any natural allies out there . Pm trudeau there are a lot of people who are trying to solve the challenge that i am. How do you make the middleclass successful . An economy can only be strong if everyone feels like they have opportunities within it. And seeing the rise of populism and nationalism, it is in response to the fear that people are feeling. So my economic approach is to delay those fears. Seem to be the approaches that a lot of people we focus on do helping the little guy and how do we stop people feeling left out . The policy toolbox we choose to use may vary but we can find common ground. John do you have an idea why populism hasnt taken off in canada . Looking at some of the narratives coming out of the leadership campaigns of the other two major parties and you can see that there is. There is a strong drive towards populism. To use populist tools. Even in our election in 2015, we made i made, a conscious choice to try to draw people together to work on allaying fears rather than highlighting them and exacerbating them. That i was up against a government that ran on snitch lines against muslims and headscarf bans and a fear filled narrative. And canadians chose to reject that. Because there was a positive, inclusive solution based alternative on offer. Which worked in canada can and should work elsewhere. The mayor of london ran on a similar platform. Six months after we won. Out theren openness for citizens to have people pull out the best of them, rather than try to protect us from the worst within us. And i think that is a message that people are beginning to get around the world. John if you look at Economic Policy around the world, you mentioned the election, during the election you said you wanted to get rid of having 25 billion worth of deficits a four they disappear, this year you will run a 28 billion dollar deficit alone. What has changed . Pm trudeau if you want to do the mass, we committed to or we talked about 10 billion worth of deficit in in the first year. It became 30 billion but there were only 10 billion or 11 billion of new spending and it was the Economic Situation that fell out. And we had to question whether we stick with our plan of investing in infrastructure and education and research in putting more money in the pockets of the middleclass because we think it is all the more important now that the economy has gotten a little worse than we expected . Or do we pull back and we make cuts and not make the investments . And i think it was clear in the election that our proposal to infrastructure and research and in canadians again was not just what canadians wanted and chose but what was the right solution to move forward. Positive signs in terms of employment numbers and growth and Global Investment that we are drawing in. John i think you have an economy that is due to grow by 2. 6 this year, faster than anyone else in the g7 as you will doubtless point out to me. Isnt that a chance, an opportunity to return back to dealing with the deficit . Because you dont need a solution to that . Pm trudeau we have the lowest debtgdp ratio than anyone. We are in extremely healthy situations and we are doing well because we are back investing in the kinds of things that are making a difference in peoples lives. Whether it is Public Transit to get people from home and work more reliably. Investing for the first time in a long time 11 billion of the federal government can reengage in a National Housing strategy. To build affordable homes. In toronto, it is a poignant challenge. Or engaging in childcare because we know that ensuring that there are Childcare Options is a great way of benefiting our workforce by allowing more women to succeed. These are the kinds of things that we are doing. At because they are stimulative effect but because they have smart things to do in the short term and in the longterm in terms of pathways to growth that will be including the middleclass. John do you think of discovered that in for structure take longer than you first thought . You committed a lot to it that there hasnt been that much actual spending so far . Pm trudeau actually, we recognize that right away, that challenge of the fact that when you want to ramp up, there are the projects to determine and to establish. And we did have that built in. That is why the first phase of the upper structure investments where muchneeded upgrades and fixes that have been left aside because of lack of funds either to our wastewater and Water Infrastructure or to the Public Transit in terms of upgrading signals and getting more buses and rail cars on the tracks. The existing tracks. As a way of immediately getting people to work both literally working on the cars but also getting people to work more reliably from the suburbs into downtown. John what happens to the general longterm rate of growth in canada . When you look at the western world at the moment, everyone is struggling with this. Secular stagnation or any of those ideas, your talked a lot about innovation. What are the ideas that youve got that will make canada out do that . Pm trudeau one of the things that is at the root of the worries or anxieties that so many people have is that they see their jobs being replaced by automation and ai and robots and various innovations and improvements in the technology that surrounds the workplace. Of saying ok, how do we slow down the pace of throughon and protect would weour workforce, have chosen to do, and it was at the center of the most recent budget report a month ago, it was how do we prepare citizens, our workers, to be a part of the workplace in how our functions. So how are we both encouraging and k12th grade students to learn how to code. How are we encouraging access to technical and colleges and vocational schools for students so they are able to access that. And how do we take people in the workforce already who are looking at their industry and are saying wow, i need to change my industry or i need to get significantly more skills if im going to continue to have a job 10 years from now, getting them back into schools. Put a lot of money focused on reach raining and upscaling workers so that they can be part of the changes that are coming. John is there a country that you see as a model in that . Every leader around the world is beginning to grapple with this. Obama talked about this a great deal before he left and all of their europeans and all of the europeans are talking about this in the future. Who do think is the furthest ahead . Pm trudeau we can draw on lessons and snippets from a number of places but canada is already well down this path. We have some of the highest rates of secondary education in our workforce of any country. Investmentsendous in research universities. That silicon place valley loves to come and poach from. Part of the advantage is being able to draw in the best and the brightest. Stimulating Creative Environments for the stem graduates themselves to benefit. Why we are looking at improving our capacity to draw and Global Talent more rapidly. So looking to open up shop here, can bring people here to train up some john do you think donald trump stance on immigration as a bonus for you . Pm trudeau i think there might be some people but many times, when people ask whether canada would be flooded by immigrants victory, thatp happens every electoral cycle. People say oh, if this person wins, im moving to canada and nobody ends up actually moving. [laughter] pm trudeau it away, we keep hoping. John they mustve gone the opposite way with your election. [laughter] pm trudeau maybe some. But the idea that we can emphasize certain things that are canadas comparative advantage we do better with diversity than most countries in the world. And a lot of businesses are beginning to understand that the capacity to have diversity on your board or in your shop floor, whether it is a gender balance or whether it is a lot of different backgrounds coming together to solve challenging better growthes and Better Solutions and better innovation. John looking a long way forward, not next year, but 10 years away or at some point, do think governments will have to start creating makebelieve jobs in order to keep people employed . You cant do otherwise, being pushed out by automation . Pm trudeau that is a question a lot of folks are struggling with. I think what we see every time there is a big transformation, whether it was the Industrial Revolution with the steam engine, there was always worried was the Industrial Revolution with the steam engine and there was all that is where you were going to be no more jobs, and every transformation, yes. John there is always a delay, isnt it . Sometimes it is 10, 20 years before they do. Pm trudeau but i think at the same time looking at a delay that may have happened 100 years ago or 200 years ago is different from understanding the pace of change is so rapid that if we start and focus on that of course there will be challenges, and we know that as the workforce changes, but as we tool up our workforce to be more flexible, more open, more skilled in seeing where the opportunities are, we will be better positioned than anyone else in the world to draw on that. John housing seems to be a big topic here
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