CAD: FX Exchange traded Option

• The S&P Global Canada services PMI ticked up just two tenths to 47.3 in July, making no notable progress in clawing back a drop from 51.1 in May as it holds close to the 47.1 averaged since 2H23.
• The press release notes both activity and new business fell for a second successive month, although at a slower pace of decline and with new work only falling marginally.
• Price components offered one of the least dovish components: "Wage costs nonetheless remained a key factor behind another steep increase in overall operating expenses in July. With fuel also reported to have risen in cost, overall input prices rose in July at a steep and accelerated rate, though to a level that remained lower than the average for the first half of the year.”
• “Firms sought to protect margins, wherever possible, by increasing their own charges to a greater degree than in June. Inflation however was low especially in the context of trends since the pandemic."

Source: S&P Global PMI

US Cash opening calls, still set for a positive open despite some unwind in Futures, Emini is still up ~25 points.

• Calls: SPX: 5,216.7 (+0.6%); $DJIA: 38,782 (+0.2%/+78pts); NDX: 17,999.6 (+0.6%).