Canada's prime minister Carney said Canada will not agree to a trade deal with the U.S. 'at all costs'.

Li Auto-W (02015.HK) reports Q2 results on Wednesday. A Visible Alpha survey of analysts expects a RMB1.52 bln net loss (≈$226.1 mln) versus a RMB1.09 bln profit a year earlier, with revenue seen at RMB25.17 bln, down 17% YoY. After gross margin fell to 7.9% in Q1, investors will watch whether Q2 margin rises above 10% as a signal of an earnings inflection. Jefferies says ongoing refreshes of core L-series models should support volume recovery and margin improvement; deliveries fell 11.5% YoY in Q2, and the market will monitor whether Li Auto can restore YoY delivery growth in Q3. Jefferies expects the updated L6 to drive the recovery, projecting L6 monthly sales to rise from a H1 average of ~5,000 to about 10,000 in September; launches of new L9 and L8 complete the L-series refresh. On pure-electric plans, i8 has underperformed while lower-priced i6 has become the primary volume model; management comments on i6 order momentum, profitability and timing/rollout of the upcoming i9 will be key to judging whether EVs can become a second growth engine.

加拿大S&P/TSX综合指数跌至日内低点，现跌0.3%。