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Low diesel inventories and refinery outages keep global refined fuel markets tight. In the U.S., diesel stockpiles have dwindled to levels rarely seen during summer. According to the U.S. Energy Information Administration, the distillate stocks for the week ending July 31 amounted to 107.2 million barrels, a decrease of 3.5 million barrels from the previous week. This figure is 5.1% below the same period last year and 16.1% below the comparable level in 2024. Since distillate stocks include diesel and heating oil, they serve as a key indicator of fuel availability.

Gold climbed for a third straight session on Tuesday, extending its rally from last week. Spot gold increased 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5. U.S. gold futures also rose 1.7% to $4,492.60. This upward move pushed prices above the seven-week high seen last week and marked a continued recovery that gained momentum following weaker U.S. employment data.

Denmark’s inflation rate for the year slowed to 1.7% in July from 1.9% in June. Consumer prices increased by 1.3% compared to the previous month, with the core inflation rate remaining steady at 2.3%. Price increases in the hospitality sector, especially restaurants and hotels, continued to significantly influence the overall index. Additionally, rentals of holiday homes contributed notably during the peak travel season. Service sector prices outpaced goods, with prices for restaurants and hotels increasing by 8.1% from the previous year. Transport costs rose 5.5%, while expenses related to information and communication climbed 4.6%.

Record summer heat is weighing on European productivity, agriculture, energy and transport. (AI-generated image) The primary driver behind the projected economic loss is a decrease in worker productivity during heatwaves, which the analysis estimates accounts for about 0.6% of EU GDP. Agriculture has also suffered considerably due to prolonged high temperatures and dry spells across key farming regions. The assessment suggests that agricultural output could decline between 3% and 7%. Additionally, disruptions in energy production, transport networks, and logistics further contribute to the overall economic impact, as elevated temperatures and reduced water levels interfere with normal operations. During the summer, Western Europe experienced record-breaking temperatures. According to Copernicus, June and July combined marked the hottest period ever recorded in the region, with an average temperature of 21.62°C. This temperature was 2.79°C above the 1991-2020 average. July also saw widespread dryness across much of western and central Europe, with parts of France, Germany, Austria, Hungary, and the Iberian Peninsula experiencing their lowest soil moisture levels since at least 1979. France’s GDP Faces the Largest Projected Decline France is expected to bear the most significant national economic impact according to the bank’s estimates. The combination of heat and drought could cut French GDP growth by roughly 1.4 percentage points in 2026, translating to an approximate 0.6% contraction in annual output. Italy and Spain are also among the most vulnerable major

South Korea is experiencing a surge in fresh produce prices as unprecedented heatwaves impact agricultural output and reduce vegetable availability. According to data from Korea Agro-Fisheries & Food Trade Corp., spinach hit 1,978 won per 100 grams on Aug. 7, representing an increase of 152.3% compared to the previous month. Meanwhile, ten cucumbers sold for 8,313 won, up by 54.8%. Blue lettuce prices rose by 41.7%, and zucchini climbed 46.6% to 1,504 won.

On Friday, European space authorities announced a significant growth in the bloc’s leading orbital communications network, following months of extensive multilateral negotiations in Brussels. The European Commission confirmed the signing of a contract to extend the IRIS2 satellite constellation, formalized through a binding implementation agreement with the SpaceRISE industrial consortium. This official signing marks the conclusion of detailed technical and financial discussions initiated in January 2026, transitioning the Infrastructure for Resilience, Interconnectivity and Security by Satellite program from its initial planning stage to full industrial deployment.

A historic current account surplus of $49.73 billion was achieved by South Korea in June, driven by a significant rise in semiconductor exports. The Bank of Korea announced a notable jump from the previous record of $38.61 billion set in May. This month also marked the continuation of a surplus streak that has now lasted for 38 consecutive months. The surge was largely fueled by robust goods exports, with technology shipments taking the lead in boosting international sales.

In July, the manufacturing sector within the Eurozone experienced a boost, with factory output reaching its fastest rate in nearly four and a half years. The S&P Global manufacturing PMI increased to 51.9 from 51.4 in June. A figure above 50 indicates expansion. The final data was slightly below the earlier projection of 52.0. As the third quarter commenced, production showed signs of improvement; however, demand signals pointed to an uneven recovery across the currency bloc.

EU-backed growth fund opens a new financing channel for European technology scaleups. The European Commission has allocated €1 billion to the initiative through Horizon Europe-backed funding. Initial capital contributions from founding investors will be made at the first closing, alongside the EU’s contribution. The €5 billion target represents the intended fundraising total rather than the amount already secured. No details have been disclosed about the first closing’s value. EQT might raise more or less than the stated target. The Commission’s investment will follow the same financial terms as those granted to other fund participants. The fund aims to back European tech firms in need of substantial late-stage and growth funding rounds. It will encompass companies based within EU member states and eligible Horizon Europe partner countries. Investment decisions will be made through a merit-based process managed by EQT, which will also oversee the portfolio and determine individual funding allocations. While the Commission and other investors will participate in governance, they will not have direct influence over specific deals. EQT obtained the management mandate following an open, competitive selection process. Focus on Strategic Technologies and Investment Range Eligible sectors include artificial intelligence, semiconductors, quantum technology, robotics and autonomous systems. The scope also covers energy, space, biotechnology, medical technology, agritech and advanced materials. The fund intends to invest approximately €100 million or more in selected companies, which may include follow-on funding after initial investment. Companies qualifying can start from Series B, provided they operate in an eligible country or plan to establish operations

The Euro area’s inflation rate, measured through the Harmonised Index of Consumer Prices, decreased to 2.8% from 3.2% in May. This drop was primarily supported by lower energy inflation, with food inflation reaching its lowest point in five years. Eurostat’s preliminary estimate for July placed inflation at 2.9%, only slightly above June’s figure. In that initial assessment, energy inflation was estimated at 10.0%, and core inflation remained steady at 2.5%.