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1. Analysts worry over lack of pricing power in China
Travel has been one of few bright spots for the Chinese economy of late — particularly domestic tourism — but experts now worry flagging demand and an overall lack of pricing power for hotels could mean tourism in the country is "weakening faster than expected," CNBC reports.
Hilton, for example, saw revenue per available room fall from 1.3% year-over-year growth in the first quarter to a 2.2% decline in the second.
“While tourism is still a bright spot, [it] cannot escape this broad macro trend,” said Gary Ng, senior economist at Natixis.
2. Marriott raises full-year outlook, but Middle East drags on overall performance
Officials with Marriott International have increased their full-year RevPAR growth projections, up to a range of 3% to 3.5% compared to early expectations of 2% to 3%, but a sharp decline in performance in the Middle East has hurt profit projections.
Global RevPAR grew 3.4% year-over-year for the company in the quarter, but the metric was down 0.5% outside the U.S. largely due to a 43% decline in Middle East, the company said in its second-quarter earnings release.
3. Oil prices drop as US looks to return to negotiations with Iran
President Donald Trump's announcement that he was canceling a planned attack on Iran sent oil prices down early this morning, CNBC reports.
Brent crude fell 5% to $82.99 on the news.
“We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to,” Trump said on Truth Social.
4. Airline strike grounds flights across Canada
While the Canadian Union of Public Employees announced a tentative deal with WestJet this morning, it came after a brief strike disrupted hundred of flights across Canada.
The Wall Street Journal reports Canada's second largest airline had to cancel more than 300 flights early Sunday because of action taken by the union, which represents 4,400 flight attendants.
Union leaders did not release the full terms of the deal, which will now go up to a membership vote, NBC News reports.
5. US, Japan coordinate to prop up value of yen
U.S. and Japanese officials both confirmed the governments had coordinated on joint action Friday to boost the value of the yen, which hit a 40-year low compared to the dollar last week.
CNN reports American officials see the strength of the yen as vital for the global economy.
“We strongly support Japan’s decisive market and monetary steps to correct the substantial undervaluation of the yen,” U.S. Treasury Secretary Scott Bessent said.
International travel to Japan has thrived in recent years in part due to the devaluation of the currency, but the country's overall economy has struggled for the same reason.