MERZ: Linnemann will be appointed health minister.

Saudi Arabia is pursuing civilian nuclear power to diversify an oil-dependent economy and free more crude for export. Oil accounted for about 40% of GDP in 2022 and Riyadh has run fiscal deficits in nine of the past ten years; the U.S.–Iran war exposed risks of heavy oil reliance. If permitted to enrich uranium—whether from domestic sources or imports—Saudi Arabia could use nuclear fuel to meet rising power demand and conserve fossil-fuel reserves for export. The program is framed as part of Vision 2030 and the green-modernization push (Riyadh pledged in 2021 to source half of electricity from renewables by 2030), and leaders may view enrichment-capable civilian nuclear as a first step toward regional deterrence and higher geopolitical status. Prolonged negotiations with Washington have also been used to deepen ties; Riyadh has repeatedly threatened to partner with Russia or others if U.S. terms prove unacceptable.

Canada New Housing Price Index (NHPI) MoM -0.1% in June; prior -0.3%.