HEADLINES

Producer Prices Declined in June After Short-Lived U.S.-Iran Pact

Canadian producer prices declined in June, marking the first month-over-month drop in five months, after a tentative accord between the U.S. and Iran led to lower energy prices.

Statistics Canada's industrial product price index declined 1.4% in June from the month before. Compared with the same month last year, the producer-price index rose 12.4%, representing the 21st straight month of an annual increase.

The June report reflects a reprieve in energy prices after the U.S. and Iran in June reached a tentative agreement to halt military attacks and allow oil-tanker traffic to resume in the Strait of Hormuz. The agreement was short-lived, however, with U.S. and Iranian attacks resuming this month. Recent crude-oil prices were roughly 30% higher compared with the start of the month.

Bank of Canada Seen 'More Likely' to Stay Put Amid Dueling Iran, Trade Wars

Canada Marks Opening of Gordie Howe Bridge Without U.S.

More than two decades of planning and construction for the $6.4-billion Gordie Howe International Bridge between Detroit and Windsor, culminated Friday in a ceremony attended by Ontario Premier Doug Ford, some federal ministers and no U.S. representatives, The Globe and Mail reported.

The ribbon cutting took place at the foot of the bridge, on the Canadian side.

Canada scrapped plans for a joint gathering after President Donald Trump announced plans to impose 50% tariffs on a variety of Canadian goods entering the U.S.

Trump took to social media while the ceremony was under way, saying that the cancellation of the joint event was "fine" because the U.S. had negotiated a better deal for the bridge. "We changed the terms of the Deal so that the United States of America now gets 50% of the Profit," he posted to Truth Social.

CN Rail Raises 2026 Volume Outlook as Second-Quarter Profit, Revenue Rise

Canadian National Railway boosted its full-year outlook, citing firmer freight demand and shifting economic conditions, as the railroad posted higher profit and revenue in the second quarter.

The Canadian railroad on Friday upgraded its forecasts for the year, noting shifts in freight expectations and broader economic conditions. CN Rail now expects low-single-digit growth in revenue ton miles, the rail industry's measure of freight volume, due to higher demand. That's up from a previous projection for flat volumes.

At the same time, the company cautioned that volatile macroeconomic conditions, geopolitical conflicts and global trade tensions pose heightened risks to freight demand.

The company's stock ended Friday's trading session down 0.6% at C$182.91.

CN Rail's 2Q Beat Seen Supporting Higher 2026 EPS Outlook

CN Rail Moves More Freight in 2Q but Faces Rising Costs

WSP Global Affirms Raised 51.50 Euros per Share Bid to Acquire Arcadis

WSP Global validated that it has made a fresh push to buy out Dutch engineering consultancy firm Arcadis as it looks to scale up capabilities in artificial intelligence, water management and data center design.

The sweetened proposal of 51.50 euros per Arcadis share represents a 45.8% premium over Arcadis' unaffected share price and comes after the Dutch firm rejected a lower offer in mid July and resisted formal deal talks, the company said Friday.

At that price, the deal values the group at around $5 billion.

WSP's Bid for Arcadis Seen as Strategic, Accretive Move

WSP's Bid for Arcadis Seen Boosting EMEIA Exposure

Statistics Canada Expects in June Factory Sales Drop, Wholesale Trade Jump

Statistics Canada said Friday that preliminary data suggests manufacturing sales declined in June while wholesale transactions rose.

The data-gathering agency said advance results suggests total manufacturing sales fell 0.1% in June, following four straight months of increases. Statistics Canada said the drop can be attributed to weakness in petroleum and coal. Excluding those two components, the data agency said manufacturing sales increased 2.2% from the prior month.

As for wholesale transactions, the data agency expects a 2.7% advance, reflecting higher sales in the machinery and equipment sector.

Statistics Canada said both estimates are subject to revision once official data for both indicators are published next month.

Chartwell Expands Development Pipeline With New Projects, Quebec Acquisition

Chartwell Retirement Residences is expanding its development pipeline through a series of new investments, including a completed acquisition in Quebec and four new seniors housing projects across Canada.

The Canadian retirement residence operator said it has started developing four residences in Quebec, Alberta and British Columbia, with a total of 828 suites offering a mix of seniors' apartments, independent living and memory living--designed for seniors living with Alzheimer's disease or other forms of dementia. The company expects to acquire 50% to 100% ownership once the developments reach stabilization, it said.

The developments come alongside a newly-acquired 50% stake in a 283-suite residence in Candiac, Quebec, with EMD-Batimo.

The company's shares rose 2.9% to C$22.92 on Friday.

TALKING POINT

Global Economy Picked Up Before Fresh Energy Hit

By Paul Hannon

Business activity in the U.S., Europe and parts of Asia picked up in July, an indication that the global economy was growing at a moderate pace before the fresh surge in energy prices triggered by the resumption of hostilities between the U.S. and Iran takes a toll.

In June, the U.S. and Iran signed a memorandum of understanding to reopen the Strait of Hormuz, leading to a big fall in energy prices toward prewar levels. However, the resumption of military action earlier this month has pushed energy costs sharply higher.

Surveys released by S&P Global on Friday pointed to a rebound in activity following the memorandum, although that might prove to be short-lived if hostilities continue.

S&P said its Purchasing Managers Index for the U.S.--which measures activity in the services and manufacturing sectors--rose to 53.6 in July from 51.9 in June to reach its highest level in eight months.

A reading below 50.0 points to a contraction, while a reading above that threshold points to an increase in activity.

Some of the July lift was due to the World Cup and may not be sustained, S&P said, while some headwinds may strengthen.

"Events over recent days in the Middle East will raise downside risks to the near-term outlook for the economy, hinting that July's upturn may not be the start of an improving trend," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

The PMI for the eurozone rose to 51.9 in July from 50.0 in June to reach its highest level in five months.

The surveys indicated that German business activity returned to growth in July, while French activity was close to stabilizing after months of decline.

New orders in the eurozone rose for the first time in five months and at the fastest pace since April 2023, suggesting the pickup may be sustained.

In the U.K., the composite PMI rose to its highest level in three months. There were also accelerations recorded in Japan and Australia.

The exception to the pattern was India, where activity slowed, although from a faster rate of expansion than had been recorded elsewhere.

"Renewed tensions in the Middle East have once again resulted in firms building buffers to manage the uncertainties around the longevity of the supply-side shock," said Pranjul Bhandari, chief economist for India at HSBC.

The conflict in the Middle East has had a more modest impact on growth than many economists had expected when the U.S. and Israel launched first attacks on Iran in late February.

That is because prices of oil and natural gas have risen less sharply than many anticipated given the scale of the reduction in supply through the strait.

Cushioning the blow, other oil producers have increased supply, a number of countries including China have drawn on reserves, and households and businesses have either cut back on energy use or switched to renewable sources.

However, the International Monetary Fund has warned those buffers are becoming depleted as the closure of the strait nears its fifth month.

The European Central Bank on Thursday warned that eurozone growth could be weaker and inflation higher than it expects if the conflict continues.

"Renewed disruption of energy supplies could increase energy prices further and for longer than currently expected," said ECB President Christine Lagarde. "This would weigh on real incomes, spending and investment."

Write to Paul Hannon at [paul.hannon@wsj.com]

Expected Major Events for Monday

05:00/JPN: May Indexes of Business Conditions - Revision

08:00/GER: Jul ifo Business Climate Index

08:30/UK: Jun Capital issuance statistics

10:00/UK: Jul CBI Distributive Trades Survey

12:30/US: Jun Advance Report on Durable Goods

14:30/US: Jul Texas Manufacturing Outlook Survey

23:01/UK: Jul Shop Price Monitor

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Monday

Agilysys Inc $(AGYS)$ is expected to report $0.18 for 1Q.

Alliance Resource Partners LP (ARLP) is expected to report $0.62 for 2Q.

Amkor Technology Inc $(AMKR)$ is expected to report $0.48 for 2Q.

Bank of Hawaii Corp $(BOH)$ is expected to report $1.45 for 2Q.

Bank of Marin Bancorp $(BMRC)$ is expected to report $0.52 for 2Q.

Brixmor Property Group Inc (BRX) is expected to report $0.24 for 2Q.

Brown & Brown Inc $(BRO)$ is expected to report $0.76 for 2Q.

CB Financial Services Inc $(CBFV)$ is expected to report $0.70 for 2Q.

COPT Defense Properties $(CDP)$ is expected to report $0.33 for 2Q.

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July 24, 2026 16:32 ET (20:32 GMT)

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