June confirmed a more contrasted economic environment, with markets navigating cautious central banks, persistent trade tensions and still-elevated volatility across certain commodities.

In Canada, activity remains uneven despite stronger-than-expected labour market data.

In the United States, growth continues to hold up, although the Fed remains restrictive amid persistent price pressures.

In Europe, higher energy costs are weighing on confidence and complicating the growth outlook.

In the United Kingdom, the economy remains uneven, with resilient services, a softer labour market and restrictive financial conditions.

In China, industrial activity is showing better signals, but domestic demand remains cautious.

Finally, copper remains supported by limited supply, low inventories and demand linked to electrification.