Highlights of the Week – July 24

United States
• It was a light domestic data week with investors focused on politics, central banks, and international data. U.S. equities
set new records with the S&P 500 a mere 25 points from 2,500. while the dollar weakened broadly.
• China’s economy grew by 6.9% y/y in Q2 with broad-based gains. The robust headline, alongside consensusbeating
details helped shore up confidence in the evolving and decelerating economy.
• Despite the unchanged policies and dovish tone from the BoJ and ECB both the yen and euro strengthened.
• U.S. data was robust but not market-moving, with investors looking forward to FOMC and Q2 GDP next week.

Canada
• This week’s economic data continues to support the view that another Bank of Canada rate hike is coming in October.
• Retail spending data this week showed that consumers strengthened their grip on the growth baton. With retail
sales up 1.1% in real terms in May, second quarter consumer spending growth looks to exceed 3% (annualized).
• Overall economic growth is also on track for a gain of 3% or higher in the second quarter, firmly in line with the
Bank of Canada’s July forecast. Meanwhile, two of the Bank of Canada’s core inflation measures ticked up for the
first time in several months.

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