World
Bank of Canada holds at 2.25% as gasoline lifts inflation to 3.2%
The overnight rate stays at 2.25%. Consumer prices rose 3.2% in May, or 2.2% excluding gasoline.
Global
World
World
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World · Middle East
Brent settles at $84.73 after US strikes on Iran and a renewed naval blockade
WTI settled at $79.34, up 1.5 percent. Trump dropped a proposed 20 percent fee on cargo crossing Hormuz.
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World · Asia-Pacific
China consumer prices rose 1% in June while producer prices rose 4.1%
Consumer inflation slowed from 1.2% in May and missed forecasts. Producer prices grew at their fastest since 2022.
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World · Asia-Pacific
China's economy grew 4.3 percent in the second quarter, below Beijing's target
Growth slowed from 5 percent in the first quarter and missed the official 4.5 to 5 percent target range.
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World · Asia-Pacific
Container freight to North Europe is up about $3,000 a box in six weeks
Asia to North Europe is near $5,800 per forty-foot container. Drewry's index hit its highest since September 2024.
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World · Europe
The EU side of the 15% tariff deal with Washington took effect on July 1
The EU dropped all duties on US industrial goods. The US rate on most EU goods is a 15% all-inclusive ceiling.
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Economics
The US is paying about $24bn a week in interest on the federal debt
Interest cost $857bn in the first nine months of fiscal 2026, up 13 percent, as the deficit neared $1.4tn.
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World · Middle East
War risk cover for a Hormuz transit now runs 2% to 6% of a ship's value
Insuring a $100 million tanker through the strait can cost $6 million. Requests for quotes have dropped.
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Small Business
Importers have been paid about $71bn in tariff refunds, with an appeal still running
CBP has wired roughly $71 billion including interest through its CAPE system since the Supreme Court voided the IEEPA tariffs.
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World · Asia-Pacific
India's consumer inflation accelerated to 4.38% in June
Prices rose faster than the 4.30% economists expected, up from 3.93% in May, on food and transport.
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World
Japan set a 4% coupon on 30-year debt, up from 3.4% in January
The July 7 auction drew 2,070.0 billion yen of bids against 454.9 billion accepted, a cover ratio of 4.55.
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World · Asia-Pacific
Japan reported no yen intervention in the month to June 26
The Ministry of Finance posted zero for May 28 to June 26, after 11.73 trillion yen in the previous window.
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World · Asia-Pacific
New Zealand raises its cash rate to 2.50%, a first increase since 2023
The Monetary Policy Committee agreed on 25 basis points on July 8. Headline inflation is seen peaking at 3.9%.
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World · Middle East
Oil above $85 complicates the ECB rate decision due on July 23
Brent September futures traded above $85 on Wednesday, after trading closer to $70 last week.
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World · Middle East
Seven OPEC+ producers will add 188,000 barrels a day in August
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met by video on July 5 and agreed the increase.
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World · Middle East
US Treasury sanctions a financier it says holds assets for Iran's leader
OFAC designated Ali Ansari, a Saint Kitts holding company, and several Iranian exchange houses on July 10.
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