Global Markets: U.S. House passed ‘big, beautiful bill’

Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

– The United States House of Representatives passed a 900-plus-page tax and spending package championed by President Donald Trump on Thursday by a vote of 218-214 with two Republicans voting against the package. Having already passed in the U.S. Senate, Trump will sign the bill into law later today in the midst of Independence Day celebrations. The new legislation will also increase spending on the military and border security while slashing the social safety net such as Medicaid and food stamps as well as closing rural hospitals. Democrats said they will make the bill’s spending cuts their centrepiece prior to mid-term elections in November 2026. Trump’s 90-day tariff pause is set to expire on July 9.

– Russia conducted its largest aerial attack on Ukraine earlier this morning, launching 550 drones and missiles and targeting Kyiv. In total, 23 people were injured and many buildings were damaged. Trump and Russian President Vladimir Putin spoke on the phone on Thursday with the former saying there was no progress towards ending the war. Trump is expected to speak to Ukrainian President Volodymyr Zelenskyy later today.

– The Food Price Index from the United Nations’ Food and Agriculture Organization was up 0.5 per cent month-to-month in June, rising to 128 points. The metric was 5.8 per cent higher than last year, but 20 per cent below its record-high in March 2022. The cereal price index dropped 1.5 per cent at 107.4 points, down 6.8 per cent from last year, but wheat prices increased. The vegetable oil price index was up 2.3 per cent at 155.7 points, 18.2 per cent above one year ago, with palm oil up five per cent. The meat price index set a record at 126 points, 6.7 per cent more than one year ago. The FAO also forecast global cereal production at a record 2.925 billion tonnes.

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