IN THIS ISSUE

• Macro Strategy — On Manufacturing Conditions, Part II: Manufacturing, led by policy initiatives and accelerating technological progress, is shifting to a greater domestic footprint—up the value chain, toward capital-intensive, technology-driven production.
  
  
• Market View — Top of Mind: China, the U.S., and Critical Minerals and Gold-cum-Soaring Sovereign Debt Levels: Geopolitical tensions and sovereign debt levels reinforce our conviction in gold and strategic minerals and metals as portfolio overlays.
  
  
• Thought of the Week — The $1.8 Trillion Question: Where Is the Budget Deficit Headed from Here?: While there's little doubt that America's finances are pressured given an ageing population, interest payments on rising debt and impact of the One Big Beautiful Bill Act, we could see a few factors working in Uncle Sam's favor.​