Daily Pulse
One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.
Michel Doucet
Vice-President and
Portfolio Manager
July 18, 2025
Canada
Canadian officials are open to considering limits on softwood lumber exports to the US to resolve trade friction, according to Premier David Eby. The goal of a quota deal would be to stabilize access to affordable building materials for Americans and secure jobs for Canadian workers, Eby said. US complaints about Canadian softwood lumber go back decades, with American lumber producers claiming Canadian sawmills are unfairly subsidized, which Canada denies.
Gross issuance of government of Canada bonds and treasury bills is expected to rise to C$612 billion this fiscal year, according to the Department of Finance. The debt demands exceed the previous record set during the Covid-19 pandemic in fiscal year 2020-21, when the government spent billions on transfers to households and businesses.
United States
PepsiCo maintained its annual outlook and reported sales growth that beat Wall Street estimates, citing strong international growth. United Airlines narrowed its profit range for this year, saying the outlook has become more predictable than in the first six months, a period punctuated by flight disruptions, trade tensions and fighting in the Middle East. General Electric Co. boosted its full-year financial guidance and topped Wall Street’s profit estimates for the second quarter after rebounding demand in the aviation market softened the impact of a global trade war.
President Donald Trump was diagnosed with chronic venous insufficiency after experiencing leg swelling, though physicians said he is in “excellent health,” the White House announced Thursday.
Europe
The EU approved fresh sanctions on Russia over its war against Ukraine including a lower oil price cap and curbs on fuels made from Russian petroleum. About 20 more banks will also be cut off the SWIFT payments system and face a full transaction ban.
Burberry’s sales fell less than expected, as the fashion brand begins to deliver on its turnaround plan under new CEO Joshua Schulman.
Asia
China’s rare-earth products exports jumped in June, pointing to a potential pickup in magnet supplies following government curbs that served as Beijing’s most powerful trade weapon against Trump.
Japan’s inflation eased to 3.3% in June, just below expectations but still well above the BOJ’s target.