In today’s briefing:
- Activity’s Tariff Hangover In Q2
- CX Daily: China’s Surging Auto Sales Mask an Industry in Crisis
- Canada: Policy Rate Held At 2.75% (Consensus 2.75%) in Jul-25
Activity’s Tariff Hangover In Q2
- GDP growth broadly beat expectations again in Q2 on both sides of the tariff disruption. Euro area growth slowed by less, while the US rebounded vigorously.
- Temporal distortions to demand didn’t open up slack as European supply growth stays stagnant. Surveys suggest it won’t appear in Q3 either as demand growth rebounds.
- Underlying US GDP growth may have slowed, but the extent is modest and questionable. Rolling resilience should keep delaying rate cuts, preventing them from occurring.
CX Daily: China’s Surging Auto Sales Mask an Industry in Crisis
- Autos / In Depth: China’s surging auto sales mask an industry in crisis
- Temple /: Faith, greed, and power: The unraveling of the Shaolin kingdom
- Ports /: Cosco tipped to join revamped bid for CK Hutchison’s global ports
Canada: Policy Rate Held At 2.75% (Consensus 2.75%) in Jul-25
- The Bank of Canada held its policy rate at 2.75% as expected, but disappointed dovish expectations. The decision reflects competing inflation and growth pressures.
- Underlying inflation has risen to 2.5-3.0%, remaining well above the 2% target due to persistent cost pressures. This has shifted the Bank’s priority toward price stability over accommodation.
- Future rate cuts require both economic deterioration and contained tariff-related cost pressures. The Bank’s scenario-based approach reflects unprecedented trade policy uncertainty.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.
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