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US Economy Sheds 23K Jobs in July The US economy unexpectedly shed 23K jobs in July, compared with forecasts for an 80K increase. Employment figures for May and June were also revised sharply lower by a combined 103K. Meanwhile, the unemployment rate fell to 4.1% from 4.2% in June, below expectations of 4.2%.**Week Ahead - Aug 10th** Negotiations between Iran, the US, and GCC states on access to the Strait of Hormuz will continue to set energy prices and interest rate outlooks for the global economy. In the meantime, updates on the AI trade, which is undergoing heightened volatility, will feature earnings from Applied Materials, Cisco, and CoreWeave. The US will publish consumer inflation data as both the FOMC and financial markets are split on the Fed's rate decision next month. The US will also post the PPI, retail sales, and the Michigan Consumer Confidence Index. In Europe, the UK and Switzerland will post Q2 GDP figures, while the Eurozone will publish industrial production data. In Asia, Chinese monetary aggregates will be in focus, while Taiwan's GDP will unveil concrete figures on global chip production. Also, China and India will post inflation rates. For G10 monetary policy, rate decisions are due in Australia and Norway, while the BoJ will post July's Summary of Opinions. 8 min ago**S&P 500 Tests New Record** US stocks were mostly higher on Friday as soft jobs data dimmed risks of a rate hike by the Federal Reserve next month. The S&P 500 rose 0.3% to a record high, while Nasdaq 100 gained 0.9% and the Dow was flat. Non-farm payrolls unexpectedly fell by 23,000 from the previous month and wage growth fell, while both the unemployment and labor force participation rates fell, erasing concerns that a strong labor market was inflationary. Yields pulled back despite signals that the FOMC is more focused on the inflation side of the mandate, supporting credit sensitive equities amid the rebound for hyperscalers and banks this week. SpaceX extended yesterday's rebound even as $101 billion in its shares were unlocked from their post-IPO holds. Meanwhile, Sandisk and Western Digital gained 2% each following their earnings-spurred selloff yesterday, maintaining volatility in the chip-producing space. Also, Berkshire Hathaway shares were flat ahead of their earnings tomorrow. 4 hours ago**Canada Unemployment Rate Falls to 2-Year Low** The unemployment rate in Canada fell to 6.4% in July of 2026 from 6.5% in the previous month, under market expectations that it would remain unchanged, to mark the lowest jobless rate in two years. Net employment rose by 75,100, well above market expectations of a 15,000 increase, to mark a third straight rise in jobs. Meanwhile unemployment fell by 14,500 to 1,455,000. The unemployment rate fell to a record low of 5.2% for core-aged women, firmly below that for core-aged men (5.8%). Meanwhile, the youth unemployment rate fell to 12.6% from 12.7% in the previous month. The rise in net jobs and drop in unemployment corresponded to a 0.1 percentage point increase in the labor force participation rate to 65.1%, the highest so far this year. 5 hours ago**Mexico Inflation Rate Slows to Over 6-Year Low** Mexico's annual inflation rate eased to 3.12% in July from 3.37% in June, marking its lowest level since May 2020 and matching market expectations. The reading brought inflation closer to Banxico's 3% target, within a tolerance range of ±1 percentage point. There was a broad-based slowdown in prices, including for food and non-alcoholic beverages (0.78% vs 1.66% in June), housing and utilities (3.23% vs 3.34%), and transportation (3.21% vs 3.36%). Energy inflation also edged down to 1.16% from 1.39%, while services inflation eased to 4.36% from 4.49%, although it remained elevated. Slower price increases were also recorded for alcoholic beverages and tobacco (7.34% vs 7.66%), insurance and financial services (6.41% vs 6.74%), restaurants and hotels (6.37% vs 6.63%), education services (5.91% vs 5.93%), healthcare (4.80% vs 4.84%), and recreation, sport and culture (3.63% vs 3.73%). Annual core inflation rate fell to 3.95%, the lowest since April 2025. Monthly, the CPI was almost flat. 5 hours ago**Oil Fluctuates at End of Week** Crude oil traded around $77 per barrel on Friday, moving between gains and losses as investors weighed negotiations between Iran and Oman over the Strait of Hormuz against renewed geopolitical tensions. Optimism over a partial reopening of the strategic waterway faded as Iran reportedly sought to exclude US and Israeli vessels and impose fees on countries it considers hostile. The US, meanwhile, has pushed for unrestricted transit and a return to pre-war conditions, leaving the two sides seemingly far apart on the terms of any agreement. President Donald Trump maintained an optimistic tone, saying the conflict could end “pretty soon” and that discussions were progressing. However, reports of Iran attacking “hostile targets” in the strait following explosions near Qeshm Island added to concerns over shipping security. Separately, Iran-backed Houthi militants said they had carried out a “large-scale” attack against forces aligned with Yemen’s Saudi-backed government. 7 hours ago**World Food Prices Hit Highest Level Since 2023** The FAO Food Price Index rose 0.6% to 131.1 points in July 2026, the first increase in three months and reaching the highest level since January 2023. Sugar prices jumped 5.6%, amid concerns about the potential impacts of persistent hot and dry weather on crop yields in the EU and of El Niño-related weather conditions on production prospects in key producing countries in Asia. Also, cereals went up 3.4%, with wheat prices soaring 5.8% amid heightened concerns over continued disruptions to Black Sea export flows and damage to export infrastructure, as well as the impact of recent heatwaves on crop yields in several producing countries. Prices for vegetable oils increased 2% to June 2022-highs, reflecting higher palm and soy oil prices. On the other hand, meat prices decreased 2.8%, the first monthly decline in 2026, reflecting lower quotations across all meat categories except ovine meat. Dairy cost edged down 0.7% to the lowest since October 2023, led by butter and milk powders. 9 hours ago