Overview

• President Trump’s July 9 ultimatum triggered a China deal to speed rare-earth shipments and prompted Canada to repeal its digital services tax, averting immediate tariffs
• The US Senate narrowly approved a sweeping budget bill projected to add over $3 trillion to federal debt by 2034
• US benchmarks including the S&P 500 and Nasdaq reached all-time highs last week on renewed trade optimism
• European markets, which led earlier in the year after ECB rate cuts, have lost ground as investors rotate back into US technology stocks
• Attention now turns to June’s ISM manufacturing and services indices and Friday’s jobs report for fresh signals on growth and Fed policy