There was little time spent celebrating the passing of the One Big Beautiful Bill as President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals (they’re at 3 still). “They’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” he added before heading off to go play golf.
Futures linked to Canada's benchmark index fell as concerns over U.S. trade deals ahead of the looming deadline weighed on sentiment. European shares also dropped, pressured by uncertainty around the same deadline. In Asia, mainland China stocks edged higher, with the Shanghai index closing at a nine-month high on signs of easing Sino-U.S. trade tensions, while Hong Kong shares slipped. Japan’s Nikkei ended slightly higher, lifted by chip-related stocks tracking Wall Street’s previous session gains. Gold prices rebounded and were headed for a weekly gain, supported by a weak dollar and safe-haven inflows. Oil prices edged lower as Iran reaffirmed its commitment to nuclear non-proliferation, while OPEC+ producers are expected to agree on a supply increase this weekend. Anecdotally, yesterday was the first time in a long time where I felt pleasantly surprised by the cost of gas at the pump (Premium in the $1.50 range in Halton region, not bad)
Company/Sector Specific News
As of 1pm yesterday, US markets have been closed so things are a bit dead beyond analysis on the impact the BBB may have on US society and Federal deficit
Toronto Blue Jays: After completing a 4 game sweep of the New York Yankees the Toronto Blue Jays now find themselves in sole possession of 1st place in the AL East
Real Estate: Greater Toronto Area-home sales ticked 2.4 per cent lower in June compared with a year earlier as 6,243 properties changed hands, while new listings rose but home sales rose for a third straight month in June but sales were up 8.1 per cent from May on a seasonally adjusted month-over-month basis, as the housing market "continued to show signs of recovery."
Alcohol: China spared major cognac producers Pernod Ricard, LVMH and Remy Cointreau from new duties of up to 35% on EU brandy announced, provided they sell at a minimum price.
A.I.: The European Union's landmark rules on artificial intelligence will be rolled out according to the legal timeline in the legislation, the European Commission said, dismissing calls from some companies and countries for a pause
Chart(s) of the day
Can you even trust data anymore if people aren’t betting crypto on it