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Europe’s extreme summer heat and drought could cut EU economic output by about 1% in 2026, according to new analysis from Triodos Bank. The estimated loss equals roughly €180 billion and is close to the European Commission’s current growth forecast for the bloc. In May, the Commission projected EU gross domestic product would rise 1.1% this year. The comparison shows the scale of the weather-related damage estimated in the bank’s analysis.

Fresh vegetable prices have surged in South Korea as prolonged extreme heat reduced shipments and damaged farm output nationwide. Korea Agro-Fisheries & Food Trade Corp. data showed spinach at 1,978 won per 100 grams on Aug. 7, up 152.3% from a month earlier. Ten cucumbers cost 8,313 won, an increase of 54.8%. Blue lettuce rose 41.7%, while a zucchini climbed 46.6% to 1,504 won.

Under the terms of the revised agreement, the main satellite constellation will grow from 282 planned orbital units to 348 active spacecraft. The expanded network architecture integrates 330 satellites positioned in higher low Earth orbit alongside 18 spacecraft deployed in medium Earth orbit, with optional orbital elements reserved for specialized mission support. The implementation agreement confirms the definitive timeline for satellite manufacturing, launch procurement, secure ground segment construction, and operational connectivity service delivery. The primary constellation schedule establishes initial satellite launches for 2029, enabling early sovereign connectivity capabilities for participating member states shortly thereafter.

Headline inflation across OECD economies eased to 4.2% in June 2026 from 4.6% in May, ending three straight monthly increases. Energy prices drove much of the monthly easing, with OECD energy inflation falling four percentage points to 11.7% year on year. Food inflation also moderated in June, falling by 0.2 percentage point to 3.4%, while core inflation declined by the same margin to 3.6%. Across G7 economies, annual headline inflation dropped to 3.0% in June from 3.5% in May, with a 5.2-point decline in energy inflation accounting for most of the change. Euro area annual inflation fell to 2.8% in June from 3.2% in May, supported by lower energy inflation.

Oil prices extended their decline on Wednesday, deepening a selloff that pushed both major benchmarks to three-week lows. Brent crude futures fell 92 cents, or 1.2%, to $78.44 a barrel by 3:30 a.m. GMT. U.S. West Texas Intermediate futures dropped $1.07, or 1.4%, to $74.70. Brent had fallen more than 12% for the week. WTI had lost more than 11% over the same period.

Oil prices surged on July 29, pushing Brent crude above $90 a barrel as renewed Middle East fighting and tighter U.S. inventories lifted global benchmarks. Brent futures settled at $90.74, up $6.65, or 7.9%. West Texas Intermediate gained $5.20, or 6.6%, to $84.46. Both contracts posted their strongest daily advances in several weeks. The contracts had already gained more than 20% during July as regional supply disruptions affected energy markets.

June delivered the second-highest monthly installation count recorded in the UK. Only March 2026 ranked higher, with 28,782 installations. Solar capacity increased by 2.2 gigawatts, or 10.9%, during the 12 months through June. The country also recorded 269,000 installations during 2025, the highest annual total to date. Most systems installed that year were on homes, businesses and other buildings. Utility-scale projects also continued to raise the country’s overall solar generation capacity.

The financial framework allocates capital across four principal program pillars to transform the upstream petroleum landscape. According to official disclosures issued by the Prime Minister’s Office, the government designated 28,534 crore rupees specifically for offshore seismic data acquisition, processing, and high-resolution interpretation. This data segment includes 12,000 crore rupees for basin-wide two-dimensional seismic surveys, 12,534 crore rupees for three-dimensional seismic coverage, and 4,000 crore rupees to modernize the National Data Repository using artificial intelligence tools. The structured allocation ensures comprehensive mapping of unexplored frontier basins and erstwhile restricted maritime zones across the eastern and western sea boards.

The monthly economic expansion was led primarily by a 1.0 per cent rise in the mining, quarrying, and oil and gas extraction sector, marking its second straight month of sector-wide growth. Increased production across Alberta bitumen sites and deferred routine spring maintenance enabled higher crude oil extraction volumes throughout May. Support activities for oil and gas extraction surged by 9.8 per cent, recording its seventh consecutive monthly expansion. Additionally, transportation and warehousing output grew by 0.3 per cent, supported by increased pipeline throughput carrying natural gas to export markets and higher domestic freight movements.

Precious metal values declined during Tuesday trading sessions as a stronger United States dollar increased purchasing costs for international buyers while financial institutions awaited the outcome of a critical central bank meeting. Official market reports published by Emirates News Agency confirmed that gold slips as firm dollar weighs; focus turns to Fed meeting perspectives across global commodity exchanges. Spot gold values retreated 0.7 percent to reach $4,045.89 per ounce following a brief advance of up to 1 percent recorded during Monday sessions. United States gold futures contracts for August delivery experienced a downward adjustment of 0.8 percent to settle at $4,046.20 per ounce. Concurrently, broader precious metals experienced downward pressure as spot silver declined 2 percent to $57.23 per ounce, platinum dropped 0.9 percent to $1,605.93, and palladium slid 1.6 percent to $1,270.97.