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“It’s not in my habit to agree with The Wall Street Journal, but Donald, they point out that even though you’re a very smart guy, this is a very dumb thing to do,” Trudeau said.

The German insurer, which owns asset manager Pimco, saw operating profit climb 11 per cent to €4.17 billion, lifted by its property and casualty business. Analysts had estimated €3.89 billion.