- The Bank of Canada left its policy rate unchanged at 1.75%.
- Canadian housing starts increased to 245,700 (24.8% M/M) in June.
- Alberta starts increased 42.7% to 30,100
- Foreign buyers bought 2.5 of every 100 homes sold in Vancouver during March to May 2019, down 81% from 13.2 of 100 in 2016.
- Trump Administration forecasts the budget deficit for the full year (ending Sept) will top $1 trillion ($779 billion last year).
- California approved a $21 billion fund to help utility companies pay the claims on future wildfires sparked by their equipment.
- Utility companies and ratepayers will evenly split the cost of supporting the fund
- Fed Reserve Chair Powell has pledged to “act as appropriate” to defend a threatened economic expansion; market futures indicate over 80% probability of a rate cut on July 31st.
- US has approved a $2 billion arms sale to Taiwan to “maintain a credible defensive capability”.
China US Trade
- The Chinese trade surplus with the United States increased 11% Y/Y in June to $29.92 billion.
- China’s June imports from the US fell 31.4% Y/Y; exports to the US fell 7.8% Y/Y.
- Overall Chinese exports are down 1.3% Y/Y and imports are down 7.3% Y/Y in June.
- Global supply of oil exceeded world demand by 900,000 barrels/day in the first half of 2019 due to weaker consumption.
- Iranian oil production decreased to 2.28 million barrels/day in June, its lowest since
- June Chinese crude oil imports increased 15.2% Y/Y to 288.9 million barrels to meet demand for new large-scale refineries.
- Passwords made up of 21 characters are virtually indecipherable taking upwards of 100,000 centuries to crack (cannot be a proper sentence or series of numbers)
- To test your password strength, go to http://passfault.com/
- Illegal cannabis in Canada was an average of $4.72/gram cheaper than legal cannabis in Q2.
- The price gap increased 19.2% during Q2
- Illegal cannabis became cheaper dropping to $5.93 in Q2 (down 4.8% Q/Q)
- Legal cannabis reached $10.65 (up 4.3% Q/Q)
- France is set to implement a 3% tax on large global tech companies targeting 30 companies, including Facebook and Google; US is launching an investigation into the tax.
- American households are set to spend more on back-to-school gadgets than computers for the first time. Total back-to-school spending is expected to be $27.8 billion ($519 per household).
- Turkish President has dismissed the head of the Turkish central bank amid a disagreement on Turkey’s economic policy.
- Amidst severe drought conditions, some Indian hospitals are forced to purchase water from private sources to conduct surgeries.