BOC Governor MACKLEM said global imbalances are worsening and may be increasing financial stability risks.

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France’s private-sector contraction eased in June as output declines in both manufacturing and services moderated. S&P GLOBAL MARKET INTELLIGENCE’s preliminary composite PMI rose to 47.6, a two-month high. Manufacturing PMI was 50.7, the strongest in two months; services PMI improved to 47.4, a three-month high but still in contraction. New orders fell for a seventh month, though the decline was the smallest since February; export orders posted a steep drop, the second-fastest since Dec 2024. Employment stabilised after a sharp fall in May and business confidence rose for the first time since January. Input-cost pressures eased for the first time since February and some firms cut prices, reducing output price inflation. S&P GLOBAL MARKET INTELLIGENCE senior chief economist Joe Hayes said the PMI rebound offers some relief after Q1 GDP was revised down to show QoQ contraction. He added that softer survey price indicators, partly reflecting a recent decline in global oil, may signal easing inflationary pressure, but shipping uncertainty in the Strait of Hormuz still clouds the outlook.