The collapse of U.S.-Canada trade talks strengthened the dollar and kept the South Korean won near 1,380 per dollar, although month-end exporter selling limited further weakness. Canada announced dollar-for-dollar retaliatory tariffs of up to 50% on more than 700 U.S. goods worth around $20 billion, including a 50% tariff on American steel and aluminum, after Washington imposed 50% duties on approximately $20 billion of Canadian goods. Canadian equity futures were little changed to down 0.1%, while stronger-than-expected results from Bank of Montreal, Scotiabank and National Bank supported financial stocks. Investors also awaited July PCE inflation data and Nvidia’s fiscal second-quarter results, while crude and gold prices fell amid Iran-Oman discussions over temporary shipping arrangements through the Strait of Hormuz. Waymo’s planned German expansion, proposed FDA leadership changes and Bitcoin’s rise above $81,000 were additional market-briefing themes.