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Daily Pulse

Canada

Brookfield Property Partners LP is in talks to buy Waterside Plaza on the East Side of Manhattan for about $600 million, according to people with knowledge of the matter.

Bombardier Inc.'s edge over arch-rival Embraer SA didn't last long. Four days after the Canadian jetmaker completed its tie-up with Airbus SE, Embraer announced its own joint venture with Boeing Co., giving both regional jet makers deep-pocketed partners as they do battle at the low end of the commercial aircraft market.

Canada picked a consortium led by U.S. and Spanish construction firms as the front-runner to build a major new bridge between Detroit and Windsor.A group including Madrid-based Actividades de Construccion y Servicios SA, Texas-based Fluor Corp. and California-based AECOM, or their subsidiaries, was announced Thursday as the "preferred" bidder for the project in the Detroit-Windsor corridor, a key artery for trade between the U.S. and Canada. The Detroit-Windsor Bridge Authority, a Canadian government corporation, said key steps remain before construction of the Gordie Howe International Bridge can begin. Financial details, cost and construction schedule, for example, are set to be released in September.The bridge authority didn't specify the value of the contract, though the project was previously estimated at roughly C$4 billion ($3 billion). The bid was selected over two others: one consortium led by Montreal-based SNC-Lavalin Group Inc. and another that included Ottawa-based EllisDon Inc.

United-States

U.S. President Donald Trump fired the biggest shot yet in the global trade war by imposing tariffs on $34 billion of Chinese imports. China retaliated. Duties on Chinese goods started at 12:01 a.m. Friday in Washington, just after midday in China. Another $16 billion of goods could follow in two weeks, Trump earlier told reporters, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of U.S. goods imports from China in 2017.

A closely watched Alzheimer's drug from Biogen Inc. and Eisai Co. showed positive results in a large clinical trial, lifting shares of the U.S. pharmaceutical company and its Japanese partner.

Europe

German Defense Minister Donald Trump's twin attack on trade and European defense spending ahead of a NATO summit, saying it's "immature" to link the two topics.

German Chancellor Angela Merkel won the support of her Social Democratic coalition partner for a deal on migration policy that brought her own party bloc back from the brink of a split.

Asia

It may only be July, but Christmas is fast-approaching for U.S. retailers -- and the threat of an escalating trade war with China has industries that have so far been spared increasingly worried their goods will be next on the naughty list. President Donald Trump's threat to slap tariffs on at least another $200 billion in goods from China -- on top of the $34 billion that went into effect on Friday-- are ramping up fears that the all-important holiday-shopping season will be a casualty in the battle with America's largest trading partner.

The author

Michel Doucet

Michel Doucet

Vice-President and Portfolio Manager
After obtaining a Bachelor's degree from the Faculty of Social Sciences at the Université du Québec in Montréal and his Master’s degree, Michel Doucet began his career as a junior economist at the National Bank head office in Montreal. In 1992 he joined the institutional equities and fixed income group at Lévesque Beaubien Geoffrion as an economist and market analyst. Over the years, he has led various projects related to the North American and international economies as well as Canadian public finances. In 1996, the team of institutional economists to which he belongs was ranked first in Canada by Brendan Wood International. In August 1997, Mr. Doucet joined the personal services division of Lévesque Beaubien Geoffrion where he served as an economist, fixed income market analyst and vice president. In 2004, he joined the Desjardins Securities full service team as Vice President. He now occupies the roles of fixed income strategist, economist and portfolio manager. He manages the Securities Portfolio Advisory Group, advisor marketing and distribution of financial planning and insurance.