July’s $4.9B trade deficit was the sixth straight, tracking just below estimates of $4.7B but improving slightly versus June’s ~$6B…

… thanks to a 0.7% drop in imports, driven entirely by industrial machinery - which had a big June on the back of a $2B one-time shipment for an offshore oil project.

Exports jumped 0.9% due to a continued recovery in energy products and a rebound in vehicles, more than offsetting weakness in metal products…

… which were dragged lower by a 12% drop in precious metals and 31% decline in aluminum - the fourth straight as tariffs grip the category, down 45% Y/Y.

Despite that, U.S. exports jumped 5% in July - grinding higher for the fourth straight month…

… and nullifying the second straight drop in international exports, which fell 9% - led by a 29% decline in goods sent to the UK.

With trade talks progressing slowly, expect the monthly deficits to keep stacking.

With the weak GDP print on Friday, it should come as no surprise that labour productivity took a nosedive - falling 1% versus expectations for a 0.2% gain.

The productivity hit more than offset falling hourly wages in a challenging job market, sending unit labour costs up 0.4% versus Q1.

The apartment REITs are carving up their portfolios, with Boardwalk (BEI-U) divesting 134 units in Edmonton for $24M and scooping up 541 units in Quebec for $249M…

… and CAPREIT (CAR-U) shedding 368 units for $83M and adding 664 units for $214M across its footprint.

These deals are par for the course though, and won’t get the names moving the way rate cuts or a loosened grip on immigration could.

American Eagle’s Q2 results were the first data point since launching the Sydney Sweeney campaign and they didn’t disappoint - smoking estimates and coming with a full-year guide that sits well above the street.

With the stock nearly doubling since campaign launch, it’s clear that the impact is tangible…

… let’s see how much runway it has left.

Bird Construction (BDT) ran 13% on its $83M acquisition of Canada’s largest marine infra, land foundation and dredging company (FRPD). At 4.1x EV/EBITDA, management expects 7% year one accretion…

… with room for more beyond that, as Bird looks to grow FRPD’s existing business…

… which should help the company reach its 2027 margin targets - given the acquired platform operates with better economics.

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