Bonds & Stocks
Wall Street traders sent stocks lower as bond yields rose, with signs of persistent price pressures underscoring the Federal Reserve’s challenge in cutting rates to prevent further weakness in the jobs market. At the end of a solid month for equities, S&P 500 dropped from a record, led by losses in tech shares.
Economy
What was once too much of a nuisance for the US to regulate became too big of an economic force to ignore any longer. A US trade provision dating to the 1930s, which eventually cleared the way for more than a billion small parcels every year, ended Friday. While winners and losers are emerging, the extra time, paperwork and money are gumming up the gears of global e-commerce and adding a fresh layer of confusion in President Donald Trump’s reordering of international trade.
World
The Canadian economy contracted for the first time in nearly two years as the trade war with the US pummeled exports and business investment. Canada’s gross domestic product shrank at a 1.6% annualized pace in the second quarter.