➦ Trade deals or trade wars? Germany’s insoluble budget equation and tariffs diminishing carmakers’ reshoring prospects
EU-US deal gives the US an edge as the trade war starts to bite.

➦ 3.5% to 2035: Bridging the global infrastructure gap
Over the next decade, the global economy will need to invest nearly 3.5% of GDP per year (USD 4.2trn) to future-proof social, transport, energy and digital infrastructure against megatrends such as urbanization, supply chain disruptions and AI-driven digitalization.

➦ Angola: Fuel subsidy reforms spark civil unrest
On 4 July, as part of the Angolan government’s fuel subsidy reforms, diesel prices were increased by 33%.

➦ USA: Proceed with caution
International: Soft Spots and Strong Prints in Global GDP Data

➦ France’s fiscal challenges should have limited Eurozone impact
French political and fiscal uncertainties have resurfaced in the past week, with PM Bayrou calling for a confidence vote on September 8 in an effort to consolidate support for the government’s budget proposals.