China’s central bank added 20 tons of gold to its reserves in July, extending a run of monthly increases to two years. Spot gold climbed 1.8% to $4,316 an ounce. Institutional investors also increased holdings in gold ETFs, reinforcing bullish sentiment.

The United States imposed a 25% tariff on imported aluminum and aluminum products starting in March 2025, raised it to 50% in June, and in April shifted the assessment to a product’s full value rather than the aluminum content. Canada’s aluminum extrusion industry says the measures have already led to 500 job cuts, or 12.5% of the sector, with another 800 positions projected to be eliminated by year-end. The group also points to surging exports from Vietnam, Thailand, Turkey and the United Arab Emirates into Canada, alleging dumping and subsidies. Canadian extruders are lobbying Ottawa for antidumping action or tariff-rate quotas to curb imports.

The Alberta government said it will provide financial support to oilsands producers to encourage higher output and fill a proposed pipeline to the Pacific Coast capable of carrying a million barrels per day. The plan stems from a broader agreement between federal and provincial governments and five major oilsands companies—Suncor Energy, Canada Natural Resources, Cenovus Energy, Imperial Oil and ConocoPhillips. A central condition is the parallel development of the $16 billion Pathways carbon capture project. The pipeline is estimated to cost $35 billion to $44 billion and does not yet have final approvals or confirmed customers.

Aritzia reported fiscal 2025 first-quarter results with net income rising 176% year over year to C$117 million. Net revenue increased 43% to C$951 million, topping analysts’ estimate of C$922 million, while adjusted EPS came in at C$0.96 versus the C$0.88 forecast. Comparable sales grew 35%, with the U.S. accounting for 67% of the business. The company raised its fiscal 2027 net revenue outlook to C$4.55 billion to C$4.75 billion.

The Canadian dollar fell to 70.56 U.S. cents on Friday, its lowest level in about a year. Markets sharply raised expectations for U.S. rate hikes after the Fed’s June FOMC meeting, including an 88% probability of a hike in September, helping lift the U.S. dollar index 1.3% over the week. The Bank of Canada has held its policy rate at 2.25% for five straight decisions, widening the policy gap with the United States. The move has been reflected in the DXY, giving the dollar index clear short-term upward momentum.

US equity futures climbed and oil prices fell after President Donald Trump signed an interim agreement with Iran at the Palace of Versailles aimed at ending the war and reopening shipping through the Strait of Hormuz. The memorandum is in effect, a US official said, though it was unclear whether Iran had immediately taken steps to fully reopen the strait. WTI slid 1.9% to $75.33 a barrel and Brent fell more than 1.5%, while Nasdaq futures gained 1.5% and S&P 500 futures rose 0.8%. The move eased geopolitical tail risks and helped lift risk sentiment after the Federal Reserve’s hawkish hold.

GE Vernova Hitachi Nuclear Energy (GVH) and Montreal-based Velan Inc. signed a partnership agreement backed by the Ontario government to explore supplying nuclear components for small modular reactor (SMR) projects in Europe. Velan plans to build a new manufacturing facility in Ontario’s Durham Region to produce reactor integral isolation valves (RIIVs) and containment isolation valves (CIVs) for SMRs. Ontario Energy and Mines Minister Stephen Lecce said more than $600 billion in global SMR investment is expected in the decades ahead and linked the initiative to strengthening the province’s supply chain. The government said each new reactor built is expected to bring up to $70 million of new investment into Ontario.

The Federal Open Market Committee unanimously voted to keep its benchmark interest rate in a 3.5%-3.75% target range. The dot plot shows the median projected end-2026 rate rising to 3.75%, up from 3.4% in March, while the median 2026 core PCE inflation forecast was raised to 3.3% from 2.7%. Officials lowered the 2026 GDP growth forecast to 2.2%. The policy statement removed language about possible further rate adjustments and said the committee will deliver price stability.

Florida-based asset manager Polen Capital steered clear of Nvidia during the AI boom and instead concentrated on software names such as Adobe and Salesforce, helping drive its flagship growth fund’s assets from about US$14 billion to under US$2 billion, a drop of nearly 86%. Over the same period, Nvidia shares rose nearly 400% while the BVP Nasdaq Emerging Cloud Index fell 3%. The episode highlights a widening split between AI hardware winners and parts of the software sector, prompting investors to re-examine how traditional software valuations fit within the AI theme.