July was shaped by a mixed economic backdrop, with inflation moving lower in several major economies while central banks remained cautious.

In Canada, inflation eased and growth showed some signs of improvement, but new U.S. tariffs added pressure to the trade outlook.

In the United States, activity continued to expand, although job creation slowed and interest rates remained elevated.

In Europe and the United Kingdom, inflation moderated, but growth stayed fragile.

In China, the recovery remained uneven, with exports still playing an important role as domestic demand remained subdued.

Finally, oil returned to the spotlight as Middle East tensions, lower U.S. inventories and higher shipping risks pushed energy markets higher.