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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Welcome to the day Break Gasia podcast. I'm Doug Prisner.

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Speaker 2: We begin in China where French President Emmanuel Macron met

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Speaker 2: earlier with Chinese President Chi Jinping. Now this meeting took

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Speaker 2: place as Paris is trying to rebalance its economic ties

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Speaker 2: with Beijing. Here is Bloomberg China correspondent minmin Low.

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Speaker 3: Just judging from the tone coming out of these state

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Speaker 3: media commentaries so far, it's been heavily covered in China

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Speaker 3: presidency calling the meeting candid and constructive and fruitful. There

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Speaker 3: has been a range of cooperative agreements signed covering areas

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Speaker 3: like natural resources, like agriculture, food, education, investments. I think

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Speaker 3: the key focus for Macron is really to deepen trade

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Speaker 3: and investment ties, where he called for more Chinese investment,

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Speaker 3: saying that needs to be a clearer framework framework to

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Speaker 3: attract Chinese investments. He also warned against supply chain disruption,

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Speaker 3: and that was likely a reference to China's disruption of

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Speaker 3: the rare of access for European countries, although some of

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Speaker 3: those restrictions had been lifted, but it spooked many European

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Speaker 3: partners about over reliance on China. He also urged China

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Speaker 3: to extend its domestic consumption, saying that the one of

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Speaker 3: the worst ways to deal with the trading balance is

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Speaker 3: to start a trade war. And I think a key

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Speaker 3: focus for him is to correct the trading balance, given

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Speaker 3: that Franz still has about fifteen billion dollars in goods

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Speaker 3: trade deficit in twenty twenty four.

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Speaker 2: That was Bloomberg China correspondent min Min Low. Now today

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Speaker 2: across the Asia Pacific equity markets are somewhat mixed. A

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Speaker 2: key question looming is on FED policy, not just the

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Speaker 2: high probability of a rate cut next week, but the

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Speaker 2: Fed's outlook for next year. And that's where we begin

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Speaker 2: our conversation with Charu Chanaana Chief Investment just at Saxo.

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Speaker 2: She spoke with Bloomberg TV host April Hong and Paul Allen.

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Speaker 4: Talk to us about why you saying maybe next year

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Speaker 4: will be even better for risk and Asia in particular.

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Speaker 5: Absolutely.

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Speaker 6: Okay, so let's take the broader picture. First, it does

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Speaker 6: seem like we're getting that rate cut from the Fed,

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Speaker 6: and then going into next year if at all, you know,

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Speaker 6: the probability seems to be getting higher for and hast

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Speaker 6: led fed and that does mean that we could get

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Speaker 6: some more rate cuts going into next year. I mean,

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Speaker 6: of course, the market's already looking at three rate cuts

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Speaker 6: for next year. I've seen predictions of about one hundred

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Speaker 6: basis points of rate cuts as well. It's about three

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Speaker 6: to four rate cuts next day looks very very likely.

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Speaker 6: And on top of that, of course, the tech volatility

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Speaker 6: has gone out, but that has not really kind of

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Speaker 6: questioned the kind of k pix that has been going

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Speaker 6: on in this AI theme. Right, if that continues, especially

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Speaker 6: from the big hyperscalers that do have the ability to

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Speaker 6: in some ways fund it as well, I do think,

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Speaker 6: of course the dispersion would continue and the broadening of

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Speaker 6: the AI team would continue in the US. But overall,

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Speaker 6: both of these macro dynamics are extremely positive for Asia

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Speaker 6: because if we do get that continued AIKPEX, the hardware

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Speaker 6: backbone off that AI cycle really rests in Asia, and

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Speaker 6: we've seen that theme play out in Taiwan and Korea.

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Speaker 5: I think it could spread out to some of the other.

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Speaker 6: Names as well, beyond the big names that have already

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Speaker 6: rallied quite strongly this year. Japan has been a huge

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Speaker 6: participation in Asia, and as I think with the volatility

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Speaker 6: in tech, as investors look to kind of shift away

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Speaker 6: from hype to the real fundamentals, I think the real

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Speaker 6: fundamentals are in Asia. When the US hyperscalers continue to

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Speaker 6: spend with really little insights into where they monetize it,

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Speaker 6: I think that spending continues to benefit Asia who do

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Speaker 6: continue to get strong order books on the back of

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Speaker 6: that spending. And then you club that with FED rate

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Speaker 6: cuts a softer dollar. Potentially all of those are very positive.

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Speaker 4: For ratio on the FED rate cuts you say three

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Speaker 4: or four n year. How much does that matter whether

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Speaker 4: we see this first half or second half? And to

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Speaker 4: what extent is it realistic to expect very dubbish fed

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Speaker 4: under potentially a fair chair hazard. Yes, given he's one man,

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Speaker 4: there are other people on the board.

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Speaker 6: Right exactly, and I think we will start to get

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Speaker 6: a reflection of that within this month as well as

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Speaker 6: to how divided the FED boat is getting. We've already

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Speaker 6: got some meetings we've seen that division play out, but

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Speaker 6: certainly I think this December meeting is even more important

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Speaker 6: because we still have a kind of a data blackout.

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Speaker 6: Even though the government shutdown is over, we haven't had

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Speaker 6: the most recent data for the FED to really judge where.

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Speaker 5: Things are going.

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Speaker 6: We've had obviously some political influence playing a part as well,

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Speaker 6: So the division is certainly getting much more starker within

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Speaker 6: the FED, and that will be a theme going into

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Speaker 6: next year as well. But I think within the first

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Speaker 6: half of the year, even if we do not substantially

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Speaker 6: get those rate cuts, certainly depending on where the labor

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Speaker 6: market is going, I think there is a chance that

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Speaker 6: we might get another one at the end of the

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Speaker 6: first quarter if the trend in the labor market sustains

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Speaker 6: to point towards more weakness. But I think the market

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Speaker 6: obviously reacts a little bit faster than the actual rate

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Speaker 6: cut itself, so I think that potential expectations of rate

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Speaker 6: cuts would also continue to support the markets.

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Speaker 7: Charie, do you see dollar weakness becoming a major theme

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Speaker 7: in twenty twenty six as we see divergence between major

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Speaker 7: central banks, particularly the FED, And how's that informing your

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Speaker 7: investment strategy?

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Speaker 6: It certainly seems like I mean, we've obviously seen a

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Speaker 6: lot of the dollar weakness this year as well, but

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Speaker 6: going into next year, I think it will be a

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Speaker 6: dual story of both yes, the FED rate cuts, but

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Speaker 6: also with those federates cuts, I think the fiscal situation

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Speaker 6: in the US will also continue to play a big part.

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Speaker 6: I think we might see, you know, this pivot towards

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Speaker 6: a much more fiscal spending, which could raise concerns for

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Speaker 6: the long end in the US, and that obviously again

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Speaker 6: points towards you know, the weaker dollar. We've seen global

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Speaker 6: central banks trying to obviously diversify their reserves as well

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Speaker 6: move away from the US dollar. So it does not

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Speaker 6: still spell the end of the US dollar to me,

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Speaker 6: because we know that you know, eighty eight percent of

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Speaker 6: FX transactions one side is still the US dollar even

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Speaker 6: within trade. I mean, of course we've got a little

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Speaker 6: bit more relevance for the Chinese renmen we in this region,

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Speaker 6: but I think globally again, US dollar continues to dominate

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Speaker 6: in a very significant manner, which is very difficult to

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Speaker 6: overtake by any other, you know, single currency, or even

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Speaker 6: for by goal for that matter.

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Speaker 5: So I think the dominance really stays.

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Speaker 6: But at the margin, these fiscal concerns also continue to

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Speaker 6: be a negative for the US all the next year.

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Speaker 5: In addition to of course the FED rate cuts.

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Speaker 7: Well, I know you say that while we're waiting on

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Speaker 7: these right cuts, while we're potentially waiting out and AI

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Speaker 7: polls as well, you like to look for assets that

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Speaker 7: pay you well during times of waiting. So can you

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Speaker 7: give us some ideas in that regard?

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Speaker 6: Absolutely, I think with the yields you know going down

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Speaker 6: as well, especially on the short end, I think it

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Speaker 6: is really important for investors who have parked cash, you know,

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Speaker 6: I think to understand that one your heels are going down.

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Speaker 6: Plus two, I think we're also still in an environment

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Speaker 6: of sticky inflation, so that also continues to erode the

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Speaker 6: purchasing power for cash. So I think obviously it is

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Speaker 6: very important to understand where you can get some of

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Speaker 6: those better yields if you are an income seeking investor particularly,

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Speaker 6: and in that case, I think it is next year

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Speaker 6: could be a story where we see a lot of

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Speaker 6: these dividend plays, you know, like reads for example, you

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Speaker 6: know an income other income plays very much and focus

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Speaker 6: given of course, because of the volatility in EA, you

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Speaker 6: want a little bit of a defensive balance in your portfolios.

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Speaker 6: Because of high concentration of techniques even in indices, you

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Speaker 6: want to balance your portfolios with something more defensive, but

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Speaker 6: also because you know, there are income seeking investors who

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Speaker 6: want to continue to generate steady income.

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Speaker 5: Also just quickly if you can.

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Speaker 4: When it comes to currencies, what are you saying China

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Speaker 4: is thinking about guiding the vermintya because it seems to

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Speaker 4: make sense that it would be stronger. And then how

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Speaker 4: does that square with what India is thinking when it

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Speaker 4: comes to the currency.

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Speaker 6: Yes, two very divergent parts there. Avivial certainly, I think.

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Speaker 6: So when we talk about China all year, we've seen

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Speaker 6: that intent from China that they do not mind a

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Speaker 6: stronger Chinese you man now right, it is a signal

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Speaker 6: for them of a stronger economy as well.

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Speaker 5: And given that.

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Speaker 6: You know, they do want to kind of, you know,

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Speaker 6: be structurally stronger, strategically independent from the global economy, I

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Speaker 6: think it was very important for them to continue to

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Speaker 6: show that strength. But of course the pace of appreciation

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Speaker 6: in the Chinese yuan has I think obviously given I

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Speaker 6: mean we got that signal yesterday that that's not something

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Speaker 6: they're comfortable with. So my sense is here that they

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Speaker 6: might slow down the pace of appreciation, but they're not going.

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Speaker 5: To potentially reverse it at this point.

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Speaker 6: Whereas when you talk about India, obviously it has been

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Speaker 6: you know, the Indian rupee has been extremely weak, and

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Speaker 6: that also comes from I would say a policy stance

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Speaker 6: or an intent to kind of be a bigger player

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Speaker 6: in the global export or the global trade arena. I

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Speaker 6: think the weaker rupee could help them there, and that

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Speaker 6: might be the intention behind it. But again I would

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Speaker 6: say that they might slow down the pace of the

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Speaker 6: fall of the rupee, but I don't potentially see them

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Speaker 6: reversing that trend.

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Speaker 4: Okay, talking about trend reversals, the yen obviously this year

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Speaker 4: has been coming under a lot of pressure.

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Speaker 5: What is twenty twenty six it is going to look like?

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Speaker 4: I think part of the outrageous predictions that ZA actually

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Speaker 4: has is yes, whate hundred to the dollar.

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Speaker 6: Yes, but just to put it right now in outrageous

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Speaker 6: predictions are not our baseline predictions.

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Speaker 5: It's just something fun we.

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Speaker 6: Like to do to obviously, you know, encourage some level

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Speaker 6: of debate. But also I think there is a clear

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Speaker 6: intent to try to look at some of the blind

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Speaker 6: spots in your portfolios. You know, certainly this is not

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Speaker 6: our BAUS case, and it's not like we are telling

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Speaker 6: our clients that you should premire for a dollar yen

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Speaker 6: going two hundred. But what we've come up with, like

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Speaker 6: as a set of ten predictions, which talk about the

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Speaker 6: risks that investors might have ignored. So we take the

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Speaker 6: trends that are on ready in place, and we take

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Speaker 6: them one or two steps further to really.

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Speaker 5: Spark that thinking.

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Speaker 6: You know, what if I'm exposed to this kind of

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Speaker 6: a risk in my portfolio, or what if I'm missing

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Speaker 6: this kind.

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Speaker 5: Of an opportunity in my portfolio.

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Speaker 6: So, talking particularly about dollar yen, that is not a

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Speaker 6: trend reversal. For sure, that has been a t and

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Speaker 6: that's ongoing for some time. Right, we're still very close

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Speaker 6: to these record low levels, despite the fact that we

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Speaker 6: are expecting now the market is expecting now the boj

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Speaker 6: to high crates later this month, and that goes to

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Speaker 6: say a lot of things. One of course, that the

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Speaker 6: interest rate differential for Japanese bonds, which are obviously the

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Speaker 6: yields are rising but still so low that the interest

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Speaker 6: rate differential to the rest of the world are quite high,

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Speaker 6: and I think that continues to pressure the end. But

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Speaker 6: also the fiscal situation again very much what we talked

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Speaker 6: about for the US as well. Now we do have

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Speaker 6: an intent to be you know, fiscally more accommodative, even

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Speaker 6: more accommodative, i should say, in Japan, and that kind

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Speaker 6: of raises, you know, some concerns when you have two

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Speaker 6: thirty percent of you know, GDP debt, So I think

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Speaker 6: that kind of does raise some concerns. Again, it's not

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Speaker 6: something that will immediately come to them, because a lot

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Speaker 6: of debt is held by the BOJ itself in Japan,

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Speaker 6: but I think it's something that continues to concern investors.

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Speaker 6: And of course the carry trade itself remains quite attractive still.

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Speaker 6: But things really start to turn if we see FED

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Speaker 6: cutting aggressively next. Yeah, I don't think the buj's small

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Speaker 6: steps of rate hikes could really reverse the situation rapidly.

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Speaker 6: But if the FED really triggers like those hundred basis

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Speaker 6: points of rate cut and a very dabbash policy, we

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Speaker 6: could see dollar yet moving lower in that.

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Speaker 2: That's Charu Chanana, chief investment strategist at Saxo, speaking with

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Speaker 2: Bloomberg TV host April Hong and Paul Allen here on

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Speaker 2: the Daybreak Asia podcast. Welcome back to the Daybreak Asia Podcast.

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Speaker 2: I'm Doug Chrisner. Today, a bipartisan group of US senators

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Speaker 2: introduced a bill to block in Video from selling its

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Speaker 2: h two hundred and Blackwell chips to China.

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Speaker 3: Now.

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Speaker 2: The bill intends to codify existing US restrictions on exports

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Speaker 2: of advanced semiconductors to the Chinese market. It will also

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Speaker 2: halt export lice, instance, for sales of chips to adversaries

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Speaker 2: for at least thirty months. Here is Gene Monster. He

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Speaker 2: is co founder and managing partner of Deepwater Asset Management.

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Speaker 8: If we don't sell those self some form of chips

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Speaker 8: to China, they'll just go and create their own and

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Speaker 8: we can benefit in the near term of having them

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Speaker 8: dependent on our platform. If you think of like Nvidia,

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Speaker 8: for example, it's.

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Speaker 3: Not just the chip.

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Speaker 8: They have a Kuda development platform, and so getting their

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Speaker 8: developers based on that does give the US some form

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Speaker 8: of leverage in terms of how the technology rolls out

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Speaker 8: in the years to come.

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Speaker 2: Today's shares in Nvidia were a little changed in the

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Speaker 2: US session. Overall, the equity market state side struggle to

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Speaker 2: gain any traction in front of next week's FED decision.

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Speaker 2: Let's take a closer look with James Thorn. He is

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Speaker 2: chief market strategist at Wellington Altist Private Wealth. He joins

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Speaker 2: us from Toronto. Jim, thanks for being here. I think

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Speaker 2: it's fair to say that markets right now are largely

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Speaker 2: betting on the FED cutting interest rates next week by

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Speaker 2: twenty five bay points. But it's fair to point out

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Speaker 2: that policymakers have rarely been so divided if we focus

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Speaker 2: on the weakness in the labor market. Are you expecting

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Speaker 2: a cut?

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Speaker 1: Yes, I am. I think the larger question is, you

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Speaker 1: know what is what economists would say is what's the

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Speaker 1: terminal rate or where does the FED stop cutting? Is

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Speaker 1: it going to be a two seventy five? Is it

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Speaker 1: going to be a three twenty five? But one thing

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Speaker 1: we know as investors is that you know in twenty

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Speaker 1: twenty six liquidity is coming into the market, which should

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Speaker 1: be good for risk assets.

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Speaker 2: So as we know, some members of the FED have

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Speaker 2: highlighted the risk of sticky inflation. On Wednesday. Just the

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Speaker 2: other day, we learned from the ISM that prices of

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Speaker 2: services and materials on an annual basis are holding in

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Speaker 2: at around three percent, and some of the other inflation

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Speaker 2: readings that we have seen recently show inflation still above

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Speaker 2: the fed's two percent target. I'm wondering if that's a

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Speaker 2: concern for.

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Speaker 1: You, you know, because I look at first, I recognize

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Speaker 1: that shelter is one of the driving components of CPI

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Speaker 1: and PCE, and we know that's lagged. And if we

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Speaker 1: put market based indicators into both of those variables, there

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Speaker 1: is no inflation problem. And then you know, service inflation

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Speaker 1: has always been sticky since I've been in the business

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Speaker 1: for thirty years, so you know, you know, what the

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Speaker 1: FED can do in terms of its monetary policy is

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Speaker 1: really affect the business the interst rate sensitive sectors of

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Speaker 1: the economy, and I agree with Secretary Present that, you know,

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Speaker 1: the interesst rate sensitive sector and the economy is in

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Speaker 1: a recession, specifically housing, and so they need to.

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Speaker 2: Cut There's also been some debate as to whether or

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Speaker 2: not lower interest rates can have a meaningful impact on

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Speaker 2: improving the labor market. Maybe we need to consider some

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Speaker 2: of the other forces that have contributed to a restructuring

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Speaker 2: and I'm thinking of AI in particular. Perhaps the labor

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Speaker 2: market is not as sensitive to changes in rate policy

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Speaker 2: as it once was.

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Speaker 1: That's a fair point, and you know, in these recoveries

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Speaker 1: where you know, technology recovery driven recoveries, labor lags. And

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Speaker 1: I think there is some conversations or some indication coming

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Speaker 1: under the FED that they indicate that the real risk

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Speaker 1: is in the labor market and we need to give

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Speaker 1: support to the interest rate sensitive sector and wait to

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Speaker 1: see if President Trump's supply side policies kick in and

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Speaker 1: all that investment that is supposedly coming in because of terrorists,

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Speaker 1: and if that happens. The interesting thing about it is

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Speaker 1: that we're not going to go back to you know,

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Speaker 1: secular stagnation and deflation. And the FED can be right

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Speaker 1: in basically saying that the neutral rate is somewhere around

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Speaker 1: two seventy five to three percent. But if they tightened

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Speaker 1: too much, as and they contracted the balance sheet too much,

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Speaker 1: as happened after the Second World War, you could get

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Speaker 1: a real gross scare in debt and deflation really come back.

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Speaker 1: And once you get those expectations going the other way,

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Speaker 1: it's really hard to put the genie back in the bottle.

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Speaker 2: So I'm speaking to you from Toronto. Maybe we can

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Speaker 2: talk a little bit about the trade relationship between the

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Speaker 2: US and Canada. Today, President Trump signaled the US could

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Speaker 2: withdraw entirely from the us MCA and renegotiate large parts

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Speaker 2: of that trade accord with both Canada and Mexico sometime

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Speaker 2: next year. Jim, I'm wondering from your point of view,

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Speaker 2: does the USMCA need to be restructured.

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Speaker 1: Yeah, it has to be restructured, yes, And you know,

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Speaker 1: let's be honest the you know, and this is how

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Speaker 1: I frame it is that, you know, irrespective of President Trump,

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Speaker 1: because interest payments on debt in the United States are

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Speaker 1: greater than military expenditures, we have to or the Americans

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Speaker 1: have to adjust. So let's realize that and figure out

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Speaker 1: what we're going to do. And so when you think

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Speaker 1: about it, what Canada has to do is they have

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Speaker 1: to basically start exporting their one you know, competitive advantage, right,

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Speaker 1: which is natural resources. And so those areas of the

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Speaker 1: economy that were protected under the USMCA, for example, autos. Really,

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Speaker 1: you know, we have to be honest with ourselves and

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Speaker 1: to say that Canada doesn't really have a competitive advantage there, right,

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Speaker 1: I mean in Ontario where I live in Toronto, right

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Speaker 1: with Premier Doug Ford, I'm sorry, you know, electricity prices

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Speaker 1: in Ontario are too high. So you know, Canada has

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Speaker 1: needs to do the structural adjustment, just like the United States.

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Speaker 1: So I think we have to be honest and see

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Speaker 1: how is Canada in the United States going to create

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Speaker 1: a relationship where they both can be stronger. And I

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Speaker 1: really think that Prime Minister Carney and President Trump in

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Speaker 1: his cabinet understand that. So to me, it's not as

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Speaker 1: as scary as some people would bring up.

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Speaker 2: You mentioned natural resources, and in Canada, I think of

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Speaker 2: the energy complex being a big part of that story.

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Speaker 2: So when we consider the hunger that we have now

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Speaker 2: for power, in particular to drive some of these AI

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Speaker 2: data centers, this seems to represent a big opportunity for Canada.

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Speaker 2: The question is whether there will be cooperation.

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Speaker 1: Yes, and I think the only thing that needs has

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Speaker 1: to happen is it takes time. Right Canada has you know,

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Speaker 1: I lived in the States for twenty five years. Canada

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Speaker 1: has neglected its core competency, which is now to resources.

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Speaker 1: So you just don't open a mine, just don't build

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Speaker 1: a pipeline, You just don't build a nuclear reactor. You know, Doug,

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Speaker 1: Back in the fifties and sixties, Canada was a world

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Speaker 1: leader in nuclear power. And nuclear technology. So it just

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Speaker 1: takes time. And yes, so and I agree with Prime

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Speaker 1: Minister Carneia on this. You know, pipelines are boring because

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Speaker 1: really what Canada needs to do is stop exporting its

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Speaker 1: natural resources and start processing it and using those natural

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Speaker 1: resources to create a diversified economy, which would mean AI

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Speaker 1: and I think that's the next step. So we need time.

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Speaker 1: But at the same point in time, Look, I mean

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Speaker 1: and Canada and the United States, it's we're family. We fight,

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Speaker 1: but at the same point in time, we will grow

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Speaker 1: together in this new environment. And Canada can really help

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Speaker 1: by bringing resources and critical materials and energy and natural

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Speaker 1: resource to the forefront. So I am very constructive on

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Speaker 1: what's going forward. And you know, as Prime Minister Carney

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Speaker 1: said it, the Council and Foreign Relations we have to adjust.

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Speaker 1: We're dealing with the reckoning and so but that takes time.

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Speaker 1: But you know, if you understand that there's lots of

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Speaker 1: opportunities all over the place to take advantage of that.

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Speaker 2: What about the processing of rare earth minerals. This is

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Speaker 2: an industry that China really dominates. And can you imagine

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Speaker 2: a world where Canada steps up and begins developing a

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Speaker 2: more robust infrastructure for processing rare earths.

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Speaker 1: Yes, when you think about the problem that Canadians have

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Speaker 1: had in the past, it's been that they do not

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Speaker 1: want to process natural resources because of the pollution. And

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Speaker 1: I really think that Canada really needs to have an

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Speaker 1: honest conversation with themselves. You know, let's talk about the

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Speaker 1: tanker ban on the on the west coast of uh Canada.

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Speaker 1: Yet you know, tankers flow freely on the east coast.

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Speaker 1: Think about all the pipelines that we've had. So I

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Speaker 1: think what's happened is we've had a decade of what

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Speaker 1: I would call virtue ce doing that has really cost

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Speaker 1: Canada standard of living. And so we're in the early

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Speaker 1: phases of shifting. And what I would say to you

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Speaker 1: is is Mark Kearney is a very smart man. He

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Speaker 1: is a you know, a world class central banker. But

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Speaker 1: don't forget he you know, cut his teeth in the

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Speaker 1: private sector with Goldman Sachs and and later on in Brookfield.

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Speaker 1: So he understands it. But it's you know, it's one

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Speaker 1: thing for you and I to talk about it, but

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Speaker 1: he's got to play the political battlefield up in Canada

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Speaker 1: to get everything going and he only has a minority

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Speaker 1: government right now, so I think he he has a

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Speaker 1: handle on what's happening, but he's got to move a

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Speaker 1: lot of the chess pieces and so it's going to

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Speaker 1: take time. But power is going to go south. You know,

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Speaker 1: we're going to have a few industries that are going

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Speaker 1: to get hard because they were protected by USMCA. But

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Speaker 1: when you have an economy that is resource rich, you know,

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Speaker 1: in the long run, we're going to be okay. So

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Speaker 1: Canada has what the world wants. We've just got to

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Speaker 1: get our act together and start getting it to the

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Speaker 1: world market and moving forward with long duration infrastructure projects

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Speaker 1: and saying to the world's the global capital markets, you know,

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Speaker 1: we're open for business and the rules aren't going to change.

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Speaker 2: So we've talked a little bit about the relationship between

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Speaker 2: Canada and the US, and we're well aware of the

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Speaker 2: tension between China and the US. So I'm wondering whether

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Speaker 2: you see opportunities for Canada to strengthen its relationship with China.

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Speaker 1: I think the two countries will co exis, but I

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Speaker 1: don't think there will be significant strengthening. I think the

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Speaker 1: Teutonic plates that are happening right now is negotiations between

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Speaker 1: President Trump and mister Putin and also mister she I

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Speaker 1: really think that the powers to be are going to

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Speaker 1: come to some agreement, a peace dividend, as you will say,

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Speaker 1: I will call it, so that we can get a

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Speaker 1: period of time where we can all grow out of

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Speaker 1: this debt mess that we're in. So no, but I

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Speaker 1: would honest, but I want to say, look, if you know,

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Speaker 1: with Premier Smith and Alberta, we build the pipeline to

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Speaker 1: the West coast and we ship you know, oil to

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Speaker 1: China or to Asia. I think there is going to

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Speaker 1: be a global trading relationship, but I don't think it's

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Speaker 1: going to be anything more than that.

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Speaker 2: Okay, Chim, well leave it there. Always a pleasure, Thank

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Speaker 2: you so very much. James Thorn is the chief market

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Speaker 2: Strategist at Wellington Altis Private Wealth. Joining from Toronto, Canada.

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Speaker 2: Here on the Daybreak Asia Podcast. Thanks for listening to

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Speaker 2: today's episode of the Bloomberg Daybreak Asia Edition podcast. Each weekday,

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Speaker 2: we look at the story shaping markets, finance, and geopolitics

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Speaker 2: in the Asia Pacific. You can find us on Apple, Spotify,

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Speaker 2: the Bloomberg Podcast YouTube channel, or anywhere else you listen.

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Speaker 2: Join us again tomorrow for insight on the market moves

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Speaker 2: from Hong Kong to Singapore and Australia. I'm Doug Risner,

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Speaker 2: and this is Bloomberg