Trump tariff impact absent from July CPI print

The inflation impact of Trump's tariffs fails to show in July's CPI print, leading investors to ramp up bets on a September Fed cut, and pushing global equity markets higher. Meanwhile, European leaders prepare for today's virtual talks with Presidents Trump and Zelenskyy - calling on the U.S. leader to safeguard Ukrainian territory and not bow to Putin's demands at Friday's Alaska summit. Software stocks on both sides of the Atlantic tumble - with SAP posting its worst day since the COVID-19 outbreak - as investors fret that AI could upend many of the world's biggest software companies.

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