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Inflation slowed to 2.8% in Canada in June (3 min read)
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Canada’s annual inflation only rose 2.8% in June, down from the 3.4% increase in May. The decrease aligns with the Bank of Canada’s forecast that inflation would ease to around 3% by mid-year. Falling gasoline prices contributed mostly to the slowdown while the significant increase in food prices kept inflation elevated. Despite the headline inflation within the Bank of Canada’s target for the first time in over 2 years, the bank still predicts a longer timeframe for inflation to reach 2%.

Goldman Sachs cuts probability of US recession (2 min read)
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Goldman Sachs' Chief Economist, Jan Hatzius, has reduced the probability of a US recession within the next 12 months from 25% to 20%. The bank's confidence in avoiding a recession came from recent data showing slowing inflation, which suggests that bringing inflation down to an acceptable level won't require an economic downturn. Economic activity has remained resilient despite expectations of a hard landing due to the Fed's rate hikes. Some decelerations are expected in the coming quarters but the economy will continue to grow, albeit slower.

US retail sales rose moderately (4 min read)

Retail sales in the US increased by 0.2% in June, lower than expectations. Although there was a slight decline in sales, consumer spending remained strong in other areas. The core retail sales which excludes automobiles, gasoline, building materials, and food services, continue to rise at 0.6% in June. May’s core retail sales data was also revised higher to an increase of 0.3% instead of the 0.2% previously reported. The main factors that were supporting the spending included a tight labor market, wage gains, pandemic savings, and decreasing inflation.

US bank shares jump on interest income and deals optimism (3 min read)
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Several major US banks such as Bank of America and BNY Mellon also reported higher profits in the second quarter due to increased interest rates. However, concerns still remain as consumer spending slows, loan growth decelerates, and deposit costs rise. Despite the challenges, signs of a revival in investment banking and expectations of increased M&A activity have boosted confidence in big US banks. Most large US bank stocks, including the ones that did not report a profit, spiked in the range of 5% to 13% on Tuesday.

Netflix remains best-positioned amid Hollywood strikes (4 min read)
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A new report by Moody's says movie theater chains will get hit the hardest as Hollywood faces labor strikes while streaming companies like Netflix are in a better position. The strikes involve unions representing actors and writers who are demanding better pay and protections related to streaming. The strikes could last a long time and affect cinema operators like AMC and Cineworld the most as they depend heavily on new movies. However, this disruption in the long run could lead to higher costs for the streaming industry and affect subscription growth.

Microsoft stock pops after it announces A.I. subscription for Microsoft 365 (2 min read)

Microsoft shares surged by 5.8% after the company revealed a new subscription service for artificial intelligence (AI) in Microsoft 365. Users can pay an additional $30 per month for the use of generative AI with tools like Teams, Excel, and Word. The subscription also includes Copilot, an AI assistant that assists across Microsoft 365 programs. Microsoft’s new subscription service will likely heat up the race among tech giants as they compete on providing consumer-driven generative AI tools.

The First $1 Billion Single Stock ETF (2 min read)
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The Direxion Daily TSLA Bull 1.5X Shares (TSLL) has become the first US-listed single-stock ETF to reach $1 billion in AUM. This achievement is remarkable considering the fund launched less than a year ago with just $168 million in AUM. TSLL's success is due to Tesla's stock price rise and strong investor interest in the ETF. Although the ETF's price has decreased since its inception, it has still gained significantly more than Tesla stock from the low point, which demonstrates the appeal of single-stock ETFs.

Year to Date ETF Inflows (Table Chart)
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This table chart highlights the year-to-date US-listed ETF flows by ETFs, asset classes, and the best performers. The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) accumulated the most assets this year along with a list of S&P 500 and Nasdaq 100 ETFs. Most of the outflows were in small-cap, healthcare, and short-term treasury ETFs. In terms of asset class flows, US equity is still taking the lead, followed by international equity. The best-performing ETFs were all crypto-related as the industry surges on several bullish news this year.

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