Contracting manufacturing exports and a pullback in oil and base metal prices will hurt Canada
Real GDP in Q2 slightly weaker than anticipated
But Canada is expected to escape unscathed because of its status of net exporter of natural resources
Little evidence of long-term scarcity
Canada benefits from inflation advantage, says CIBC World Markets
Unlikely that Canadian economy will accelerate given view that U.S. economy will continue to slow
Offsets from commodity prices and further appreciation in the housing market will be moderating factors
But TD Economics reports that Canada's strong diversification will help prevent it from feeling the full effects of a U.S. slowedown
Any downturn will prove to be "mild and transitory," TD says
Japan's Nikkei to out-perform U.S. stock market for third consecutive year