August was shaped by a still-uneven economic backdrop, with persistent inflation, cautious central banks and renewed trade tensions.

In Canada, growth surprised to the upside and the labour market strengthened, but the tariff escalation with the United States has clouded the outlook for businesses.

In the United States, the economy remains resilient, although the labour market is softer and inflation is still too high for the Federal Reserve.

In Europe and the United Kingdom, activity continues to expand modestly while central banks remain focused on price pressures.

In China, the recovery remains uneven, with cautious domestic demand and exports still providing important support.

Finally, gold benefited from a more supportive environment for safe-haven assets, driven by monetary uncertainty, public debt concerns and geopolitical risks.