Goldman Sachs outlines S&P500 reaction expected to jobs report - looks for NFP sweet spotChina signals policy support to bolster economy, rein in competition, accelerate AITrump says he is open to further tariff discussions with CanadaICYMI: China halts U.S.-bound corporate investment amid escalating trade tensions — NikkeiChina Caixin July 2025 Manufacturing PMI 49.5 (expected 50.3, prior 50.4)Australia Q2 PPI +0.7% q/q (prior +0.9%) & +3.4% y/y (prior +3.7%)Japan Finance Minister Kato says he is alarmed over FX moves, driven by speculatorsPBOC sets USD/ CNY reference rate for today at 7.1496 (vs. estimate at 7.2033)Japan’s economy minister urges caution on rates, calls for U.S. tariff reliefJapan July Final Manufacturing PMI 48.9 (prior 50.1)Swiss franc is holding its losses after Trump's 39% tariff rate announcementA senior US official says there is no final decision on trade with ChinaJapan June unemployment rate remains at 2.5%Trump has hammered Switzerland with a 39% tariff rateCanadian dollar little changed despite Trump ramping Canada tariff to 35% (from 25%)Trump signed an order raising tariff rate on Canada to 35%, from 25%New Zealand Building Consents June 2025: -6.4% m/m (vs. prior +10.3%)ICYMI - Trump extends Mexico trade deal deadline by 90 daysFed’s skating to where the puck is going—are you? Inflation says not time for cuts yetNew Zealand July consumer confidence down 4.1% m/m to 94.7 (prior 98.8)Prior to Trump US Com Sec Lutnick said 35% Canada tariff "surely in the cards"Investinglive Americas FX news wrap 31 Jul: Core PCE stays elevated at 2.8%.Stocks fall.Trump on Canada 35% tariff "Didn't like what Canada did on Palestinian state recognition"Major US stock indices give up gains. Close lower on the dayApple (AAPL) Q3 - even MOAR beats!Inflation surges even as the two political hacks on the Fed Board push for rate cutsAmazon Q3 2025 Earnings (April–June) - series of beatsAmazon and Apple both reported strong Q3 earnings after the U.S. close on Thursday, easily beating analyst expectations and providing solid forward guidance, reinforcing confidence in the resilience of Big Tech.Shortly after the earnings reports, President Trump announced a 35% tariff on Canadian goods, effective August 1. While the headline figure is eye-catching, the impact may be more modest: goods traded under the USMCA agreement remain exempt, as do energy products like oil. Still, the move is controversial given the U.S. already runs a manufacturing trade surplus with Canada, raising questions about the strategic rationale behind the hike.A broader list of new tariffs targeting other countries quickly followed. Among them, a staggering 39% levy on Swiss goods, which weighed on the Swiss franc. The full list of affected countries and products is due to take effect in seven days.From Japan, Finance Minister Shunichi Kato ramped up verbal intervention, criticising yen weakness as "driven by speculators." Kato, seen as more aggressive than his predecessor, repeated threats of possible intervention. However, his credibility is wearing thin—USD/JPY barely reacted, holding just above 150.70 after surging through 150 in the wake of yesterday’s Bank of Japan policy decision. Markets are increasingly treating Kato’s warnings as empty—the boy who cried wolf.In China, the S&P Global Manufacturing PMI fell to 49.5 in July, indicating a contraction in factory activity. The result surprised to the downside, coming in below the expected 50.3 and June’s 50.4. It only marginally outpaced the official NBS print of 49.3, released a day earlier, pointing to persistent weakness in Chinese industrial momentum.In FX, major currencies traded in narrow ranges as traders waited ahead of the U.S. nonfarm payrolls report, due at 8:30 a.m. ET. This article was written by Eamonn Sheridan at investinglive.com.