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Short, verified market news summaries; every item names its source and publication date.
Dutch Central Bank Moves $10 Billion of Its Gold Reserves From the US and Canada to the UK
According to Al Jazeera, the Dutch central bank (DNB) said on Wednesday, September 2, 2026 (11 Shahrivar 1405), that it had moved part of its gold reserves from the United States and Canada to the United Kingdom to be, in the bank's words, "better prepared for severe crises." The relocated gold was valued at about 10.11 billion euros (about 11.73 billion dollars) at the end of 2025. The Netherlands holds a total of 612.4 tonnes of gold, worth about 72.2 billion euros (about 83.8 billion dollars), across four locations. Before the move, New York held 31.3 percent of the reserves, now reduced to 18.5 percent, while London's share rose from 18.1 to 32.1 percent. Al Jazeera reported the relocation came as tensions have risen between Europe and the US since the start of the US war in Iran in February this year, with President Donald Trump voicing displeasure at European allies' reluctance to join the war.
Al Jazeera
Ukrainian police dismantle crypto scam network earning $1 million a month
Ukraine's National Police, working with the country's Security Service, dismantled a large network of fake cryptocurrency investment platforms. According to ArzDigital, the network defrauded users in more than 20 countries and earned up to $1 million a month in illegal revenue. Based on initial reports from Ukrainian authorities, 62 victims have been identified so far, and the investigation continues to determine the exact scale of stolen assets and identify other victims. According to Ukrainian police, the operators built seemingly legitimate websites and advertised on Telegram to convince users to deposit funds, showing them a completely fabricated trading dashboard; when users requested withdrawals, the platform used a fake "additional verification" step to trick them into granting access to their wallets through so-called wallet-drainer tools.
ArzDigital
European Natural Gas Prices Hit Three Year High as TTF Contract Reaches €71.70 per Megawatt Hour
According to Eco Iran, citing the German business publication WirtschaftsWoche, European natural gas prices rose on Tuesday, 1 September 2026 (10 Shahrivar 1405), after reports of an attack on tankers in the Strait of Hormuz, with the front month TTF futures contract on the Amsterdam exchange climbing nearly 3 percent from the previous day to €71.70 per megawatt hour, the highest level since 2022, when prices briefly topped €300 per megawatt hour after Russian gas supplies were halted following the war in Ukraine. Norman Liebke, a commodities analyst at Germany's Commerzbank, said a one month extension of Qatari LNG delivery restrictions was a key driver of the increase. According to the comparison portal Verivox, gas prices for new customers in Germany have also risen noticeably, now standing at about 11 euro cents per kilowatt hour. Prices have climbed almost 40 percent over roughly the past three weeks, a rise tied to concern over a possible closure of the Strait of Hormuz as well as relatively low levels of European gas storage.
Eco Iran
Dutch Central Bank Moves Part of Its Gold Reserves From the US and Canada to Britain
The Dutch central bank (DNB) said on Wednesday, September 2, 2026 (11 Shahrivar 1405), according to IRNA, citing Bloomberg, that between March and August 2026 it moved about 86 tons of the roughly 313 tons of its gold reserves held in the United States and Canada from New York and Ottawa to London. With the shift, London now holds the largest share of the Dutch central bank's gold reserves. DNB President Olaf Sleijpen said in a statement that the move improves the tradability of the bank's gold reserves and, in response to rising instability and geopolitical tensions, strengthens its readiness for rapid access to the reserves in a crisis. Central bank gold held in London sits with the Bank of England, which holds more than $780 billion worth of gold bullion belonging to other monetary institutions. A few months earlier, the Bank of France had sold gold reserves it held in the United States and replaced them with reserves held in Paris.
Donya-e-Eqtesad, citing IRNA and Bloomberg
Eurozone Inflation Rises to 3.3 Percent in August, Highest in Three Years
Eurostat's flash estimate showed the euro area's annual inflation rate rose to 3.3 percent in August from 2.9 percent in July, according to Ecoiran, reported Tuesday, 10 Shahrivar 1405 (September 1, 2026). That is the highest level since September 2023, widening the gap with the European Central Bank's 2 percent target. The rise was driven mainly by a sharp increase in energy prices, while core inflation, which excludes energy and food, eased to 2.4 percent. Financial markets are now fully pricing in a 25 basis point ECB rate hike at the September 10 meeting, the report said, which would take the policy rate to 2.5 percent.
Ecoiran, citing Eurostat
European Gas Prices Jump 5 Percent to Three and a Half Year High as Iran US Tensions Escalate
According to Oilprice.com, Europe's benchmark natural gas price at the Dutch TTF hub jumped 5 percent in early Amsterdam trading on Monday, 9 Shahrivar 1405 (August 31, 2026), rising above 70 euros, about $81.20, per megawatt hour, the front month contract's highest level in more than three and a half years, since January 2023. According to Trading Economics, the benchmark remained above 70 euros on Tuesday as well. The resumption of US Iran strikes since Sunday night deepened concern over LNG supply from the Persian Gulf. Global oil prices also rose 3.6 percent over the same period. LNG tanker traffic through the Strait of Hormuz remains halted, even though some crude oil shipments through the route had partly resumed in recent weeks. Qatar also said last week it was extending the force majeure on its LNG deliveries by another month, a factor that, combined with the renewed fighting, pushed European gas prices higher at the start of this week.
Oilprice.com
Germany's Finance Minister Urges Trump to End the Iran War, Renews Call for an EU Windfall Tax on Oil Profits
German Finance Minister and Vice Chancellor Lars Klingbeil told public broadcaster ARD on Friday, 7 Shahrivar 1405 (August 28, 2026), that he wants US President Donald Trump to end what he called an "irresponsible" war against Iran before Trump's trip to the United States next week for the G20 finance ministers' meeting. According to ISNA, carried by Donya-e-Eqtesad, Klingbeil blamed Trump for rising fuel prices, saying "we feel it at the pumps." G20 finance ministers are set to meet Monday and Tuesday in Asheville, North Carolina, ahead of the group's leaders' summit in Miami; a US Treasury official separately confirmed Washington is working to coordinate G20 members around Iran sanctions. Klingbeil also repeated his earlier call for a unified European Union tax on oil companies' windfall profits, warning that such firms are exploiting crises and geopolitical tensions for large gains. The proposal is due to be discussed at an EU finance ministers' meeting in Dublin on September 19 (28 Shahrivar).
Donya-e-Eqtesad, citing ISNA
UK Police Seize Bitcoin Linked to Dark Web Markets
The financial investigations unit of Avon and Somerset Police in the UK has identified and seized digital assets worth more than 1.4 million dollars, including 20.21 bitcoin, traced to activity on the illegal dark web markets AlphaBay and Hansa between 2016 and 2019. Detective Anthony Davis of the unit said the case involved a now deceased individual accused of money laundering, and was uncovered by tracing transactions recorded on the blockchain. The seizure is the unit's largest operation since new digital wallet freezing powers took effect in April 2024.
Arzdigital
Netherlands Says It Will Miss Its Winter Gas Storage Target
Dutch gas network operator Gasunie said on Wednesday, 4 Shahrivar 1405 (August 26, 2026), that the Netherlands will not meet its target of storing 115 terawatt hours of natural gas ahead of winter. According to Oilprice.com, the target, roughly half the country's annual gas consumption, had been set based on the harshest winter the Netherlands has seen in 30 years. Gasunie said the shortfall does not necessarily mean the country's gas supply is at risk, but that without further policy action the Netherlands will be insufficiently prepared for a severe winter scenario. EU gas storage currently stands at 63 percent of capacity, below the five year average of 80 percent and below the roughly 76 percent level seen at this time last year. Oilprice.com said part of the shortfall is linked to a sharp drop in Qatari LNG exports caused by the Strait of Hormuz crisis.
Oilprice.com
France's Capital B Raises $24.5 Million to Expand Its Bitcoin Treasury
French Bitcoin treasury company Capital B said on Friday, 6 Shahrivar 1405 (August 28, 2026), that it raised 21 million euros, about $24.5 million, through a private share placement. According to Cointelegraph, the shares were priced at 0.58 euros each, bundled with warrants, and sold without pre emptive rights, with participation from Bitcoin developer Adam Back and asset manager TOBAM. Capital B said proceeds will go toward acquiring 270 additional Bitcoin, taking its total holdings to 3,415 BTC. If all issued warrants are exercised, the company could raise a further 135.8 million euros, about $158 million, in additional capital.
Cointelegraph
In the North Sea, Equinor and Aker BP Discover New Gas and Condensate Field
Norwegian companies Equinor and Aker BP have announced a gas and condensate discovery near the Balder field in the North Sea. According to Oilprice.com, citing Norway's Offshore Directorate, the exploration well was drilled 16 kilometers northwest of the Balder field and 205 kilometers west of Stavanger, with preliminary estimates putting the discovery's size between 0.1 and 2.1 million standard cubic meters of recoverable oil equivalent. The announcement was made on Monday, August 24, 2026 (2 Shahrivar 1405). Norway, which became the European Union and UK's largest gas supplier after most Russian gas to Europe was cut off, produces more than 4 million barrels of oil equivalent per day, split roughly evenly between oil and gas.
Oilprice.com
Six European countries call for a windfall tax on oil company profits
According to Ecoiran, citing Tasnim and a Euronews report published Tuesday, Shahrivar 3, 1405 (August 25, 2026), the finance ministers of Germany, Italy, Austria, Poland and Portugal, along with Spain's economy minister, sent a joint letter to Ireland's finance minister, who holds the EU's rotating presidency, calling for a windfall tax on oil company profits to be discussed at next month's EU finance ministers meeting in Dublin. The letter, obtained by Euronews, said oil company profits have surged amid the Middle East war, and the signatories called for using the EU's temporary 2022 windfall tax, imposed after Russia's invasion of Ukraine, as a model. German Finance Minister Lars Klingbeil said energy companies must not take advantage of consumers during the current crisis. The EU has not yet outlined any plan to impose such a tax.
EcoIran, citing Tasnim and Euronews
Goldman Sachs: Without a Gas Price Jump, Europe's Winter Storage Won't Fill Amid the Hormuz Crisis
Analysts at Goldman Sachs, in a note published over the weekend and carried by Bloomberg, said that if the Strait of Hormuz crisis persists and keeps Asian LNG prices elevated, European gas prices need to rise sharply by December 2026 for the continent's storage to fill for the coming winter, according to Oilprice.com. The note said that in a scenario where West Asian energy exports normalize only gradually through 2027, the Dutch TTF gas futures contract for December 2026 delivery would likely need to move above 100 euros per megawatt hour, 110 percent above Goldman's base case of 50 euros. The report said European gas storage is currently about 62 percent full, per data from Gas Infrastructure Europe, the lowest level for this time of year in nearly two decades. As of Monday morning, Shahrivar 2, 1405 (August 24, 2026), TTF gas was trading up 1.5 percent at 66.85 euros ($78) per megawatt hour.
Oilprice.com
UK Household Energy Bills Set to Rise 4% From October, Highest Since Summer 2023
According to Oilprice.com, citing energy consultancy Cornwall Insight and published Wednesday, 27 Mordad 1405 (August 19, 2026), the UK's household energy price cap for the October to December period is likely to rise 4%, taking the annual figure to 1,729 pounds (about 2,344 dollars), up from the current 1,663 pounds (2,254 dollars) and the highest level since July 2023. British energy regulator Ofgem is due to formally announce the period's price cap next week. Cornwall Insight said the increase stems from tightening global gas supply and gas restocking in Europe becoming harder and costlier because of the Iran war. UK energy bills had already risen 13% for the July 1 to September 30, 2026 period under the cap set in May. Official data released the same day showed the higher energy costs pushed UK inflation to 2.9% in July, the highest reading in four months.
Oilprice.com, citing Cornwall Insight
Romania Restarts Coal Plant to Offset Nuclear Shutdown Caused by Danube Drought
Romania's Ministry of Energy said on Tuesday, August 18, 2026 (27 Mordad 1405), that it has reconnected the roughly 300 megawatt Rovinari coal unit 4 to the national grid. The move offsets part of the power lost after the country's only nuclear plant, Cernavoda, went fully offline; its two 680 megawatt reactors normally supply about 20 percent of Romania's electricity. According to state operator Nuclearelectrica and AFP, the Danube river's lowest water level in 90 years made reactor cooling difficult and forced the shutdown. The low Danube water has also affected Hungary's Paks nuclear plant.
Oilprice.com, citing Nuclearelectrica and AFP
Grossi: Drone Attack Near Zaporizhzhia Plant Is the Most Serious Incident in Its History
According to ISNA, carried by Donya-e-Eqtesad on Tuesday, 18 August 2026 (27 Mordad 1405) at 18:37 Tehran time, International Atomic Energy Agency Director General Rafael Grossi said a drone exploded around 6 a.m. that day at a bus stop in Enerhodar used by staff traveling to the Zaporizhzhia nuclear plant. Per Tass, citing information the plant's management gave the IAEA team, the blast wounded 16 plant employees and contractors, including one killed and three severely injured. Grossi described the incident as "the most serious in the plant's history." The agency said it was also aware of attacks in the plant's industrial zone, though no damage affecting nuclear safety or security has been reported so far. Grossi called on the military commanders responsible to immediately halt such actions. Russian foreign ministry spokeswoman Maria Zakharova said Kyiv had previously refused to guarantee the safety of Grossi's planned visit to the facility on 20 and 21 August (29 and 30 Mordad).
Donya-e-Eqtesad, citing ISNA and Tass
EU Corporate Bankruptcies Hit Highest Level Since 2019 in Q2, Eurostat Says
According to Eurostat, the EU's statistics office, cited by Eghtesad News and carried by Donya-e-Eqtesad on Tuesday, 18 August 2026 (27 Mordad 1405), business bankruptcy declarations in the European Union rose 5.7 percent in the second quarter of 2026 from the first quarter, reaching their highest level since the first quarter of 2019, while new business registrations fell 0.5 percent. The eurozone fared worse: new registrations fell 0.1 percent while bankruptcies rose 6.9 percent. By sector, the sharpest rises in bankruptcies were in education and social activities, up 21.1 percent, transport, up 11.4 percent, and financial services, up 6.8 percent.
Donya-e-Eqtesad, citing Eurostat and Eghtesad News
French Labor Minister: Strait of Hormuz Closure Pushed Unemployment to a 6 Year High
French Labor Minister Jean-Pierre Farandou, in an interview with Journal du Dimanche published Sunday, 25 Mordad 1405 (August 16, 2026), reported by Ecoiran citing Fars News Agency, said France's unemployment rate rising to its highest level in nearly six years is a direct result of slower economic growth caused by the war in Iran and the closure of the Strait of Hormuz, compounded by this summer's heat waves and wildfires. Per data released by France's statistics agency INSEE on August 7 (17 Mordad), the unemployment rate reached 8.3% in the latest quarter, up from 8.1% in the prior period, the highest since 2020. Farandou said disruption to shipping through the Strait of Hormuz has sharply raised gas and fuel costs in Europe, putting heavy pressure on French economic activity. Al Jazeera, which also covered the data, said the rise in French unemployment is a serious warning for the entire eurozone and shows the regional crisis is affecting employment at the heart of Europe, beyond its impact on oil prices.
Ecoiran, citing Fars and Al Jazeera
UBS Reports 24-Fold Jump in Call Option Exposure to BlackRock's Bitcoin ETF
Swiss banking giant UBS, which manages more than $7 trillion in assets, increased its call-option exposure to BlackRock's iShares Bitcoin Trust (IBIT) by more than 24-fold in the second quarter of this year, according to a regulatory filing this week. Per CoinDesk, the bank held calls representing 1.95 million underlying IBIT shares as of June 30 (9 Tir 1405), up from just 80,000 shares three months earlier. The same filing shows UBS's direct IBIT holdings rose 12% to 407,890 shares, worth about $13.6 million, while its put-option exposure fell roughly 53% to 143,300 underlying shares. CoinDesk noted the filing does not specify whether the increase reflects client demand, dealer hedging, or the bank's own directional position.
CoinDesk
Binance to Halt Transfers With HTX and 10 Other Platforms
Crypto exchange Binance said Friday, August 14, 2026 (23 Mordad 1405), according to Arzdigital, that starting August 23, 2026 (1 Shahrivar 1405), it will halt all direct deposit and withdrawal transfers to and from HTX (formerly known as Huobi) and 10 other platforms. The report said the move follows European Union Council regulation 2848 of 2026, which bans transactions with 14 crypto and payment platforms, including HTX, EXMO and Exnode Pay. Users have nine days to complete pending transactions, and any assets sent after the deadline will be frozen and reviewed by Binance's compliance unit. The report said HTX has come under pressure over allegations it provided financial services to Russian payment networks, and the UK earlier froze the Panama based parent company's assets over links to a network known as A7. The UK's Financial Conduct Authority (FCA) has also filed a complaint against the exchange in London's High Court over allegedly unlawful crypto advertising. FCA director of market oversight Steve Smart said in a statement that HTX's conduct stands in stark contrast to the majority of firms working to comply with the regulator's regime.
Arzdigital
Romania Fully Shuts Down Its Only Nuclear Plant as Danube Water Levels Fall
Romania's Energy Ministry said on Thursday, August 13, 2026 (22 Mordad 1405), according to Mediafax, as carried by Ecoiran citing Tasnim, that the Cernavoda nuclear plant, Romania's only nuclear facility and normally the source of about 20 percent of the country's electricity, has been fully shut down. The ministry said the plant's first reactor unit was taken offline in late July due to a shortage of cooling water, and the second unit went offline the same Thursday. Cristian Bușoi, Romania's energy ministry secretary, said power supply to some large industrial consumers could be restricted in the worst case, but that this would have no impact on households, and that Romania is negotiating electricity imports from Ukraine and Bulgaria. About ten days earlier, Romanian authorities had tried to boost water flow to the plant with a controlled rock blast in the Danube riverbed, a measure that only bought the second reactor a few extra days of operation. Cernavoda produces about 10 million megawatt hours of electricity a year; its two CANDU reactors entered service in 1996 and 2007.
Ecoiran, citing Tasnim and Mediafax
France and Germany Power Prices Top 300 Euros a Megawatt Hour Amid Heat Wave and Wednesday's Solar Eclipse
According to Bourse News, citing Bloomberg, European power prices surged after a fresh heat wave and reduced solar output from Wednesday's solar eclipse on August 12, 2026 (21 Mordad 1405). Data from the European Power Exchange (EPEX Spot) showed French and German power prices topping 300 euros per megawatt hour between 8 and 9 p.m. local time that day, above the level for the same window on Tuesday. France's nuclear fleet, the backbone of Europe's power supply, has faced reduced output this year as high river water temperatures have kept some plants from using river water for cooling, while a jellyfish swarm off the country's northern coast has knocked out more than three gigawatts of capacity. E.ON CEO Leonard Birnbaum told Bloomberg Television on Wednesday that the drop in French nuclear output is being felt elsewhere in Europe too. The heat wave has also hit Danube-cooled reactors in Hungary and Romania, after the river's water level fell this month to its lowest in 90 years.
Bourse News, citing Bloomberg
Weak EV Demand Pushes Porsche Toward Ending Taycan Production by 2030
According to Germany's WirtschaftsWoche, as reported by Oilprice.com on Thursday, 22 Mordad 1405 (August 13, 2026), Porsche management and its works council have agreed in principle to end production of the fully electric Taycan by 2030. Porsche has not confirmed the report, instead pointing to July comments from CEO Michael Leiters that there were no immediate plans to discontinue the model. According to the report, Taycan sales, after launching in 2019 as Porsche's first fully electric production car, fell from 40,629 units in 2023 to 20,836 in 2024 and then 22 percent further to 16,339 in 2025. Porsche's global deliveries in the first half of 2026 fell 16 percent to 122,306 vehicles, with a 32 percent drop in China accounting for much of the decline. Porsche has separately announced plans to cut about 9,000 jobs by 2035.
Oilprice.com, citing ویرتشافتسوخه
UK Grid Operator Warns of Tighter Power Margins During Solar Eclipse
Britain's National Energy System Operator (NESO) issued a notice to the power market and generators on Wednesday, August 12, 2026 (21 Mordad 1405), according to Oilprice.com, to encourage actions to widen the system's safety margin between 18:00 and 20:00 local time that day, when a solar eclipse, coinciding with a widespread European heatwave and higher power demand, would block sunlight needed for solar generation. The estimated system margin shortfall for the period was put at about 1.2 gigawatts, against a current contingency requirement of 676 megawatts, with 1,000 megawatts of generation capacity also excluded from the available margin due to system constraints. The operator said the notice does not signal a risk of blackouts for customers, though a Maximum Generation Service instruction may be issued. Wednesday's total solar eclipse, Europe's first in three decades, was total across parts of Greenland, Iceland, Spain and Portugal and partial across most of Europe, including the UK, where up to 95% of the sun was obscured in Cornwall. Energy operators across Europe had prepared for a temporary drop in solar output during the event.
Oilprice.com
Norway's Sovereign Wealth Fund Posts Record $185 Billion Profit in First Half of 2026
Norges Bank Investment Management (NBIM) said on Wednesday, August 12, 2026 (21 Mordad 1405) that Norway's sovereign wealth fund, the Government Pension Fund Global (GPFG), posted a record profit of 1,753 billion Norwegian kroner ($185 billion) on its portfolio in the first half of 2026, more than double the profit for the same period last year. NBIM chief executive Nicolai Tangen said the result was driven by strong equity market returns, particularly from Asian technology stocks. The fund's investments returned a record 9.4% in Norwegian kroner in the first half of 2026, 0.22 percentage points above the benchmark index. The fund's value stood at 22,683 billion kroner ($2.39 trillion) at the end of June, up 1,416 billion kroner ($149 billion) from a year earlier. Equities made up 72.1% of the fund's value and fixed income 25.8%, with Nvidia, Apple and Microsoft its most valuable holdings. Created in the 1990s with Norway's oil and gas revenues, the fund is the world's largest sovereign wealth fund and holds an average of 1.5% of all listed companies globally.
Oilprice.com
Uniper's Profit More Than Doubles in First Half of 2026 as Germany Moves to Sell the Energy Giant
Germany's Uniper said on Tuesday, August 11, 2026 (20 Mordad 1405) that its adjusted net income for the first half of 2026 reached $448 million (388 million euros), more than double the $156 million (135 million euros) posted in the same period of 2025. According to Oilprice.com, the company also raised the lower end of its full year 2026 earnings forecast. Uniper CEO Michael Lewis said the company is now more resilient to outside shocks than in the past. The German government, which spent about $53 billion nationalizing Uniper in 2022 to prevent its collapse amid the energy crisis and the loss of Russian gas supplies, is now weighing a sale or an initial public offering of its 99 percent stake. According to the report, Norway's Equinor, Brookfield Asset Management, Czech firm EPH and Abu Dhabi's Taqa have all expressed interest in acquiring the stake.
Oilprice.com
STOXX 600 and Germany's DAX Hit Record Highs as European Corporate Profits Jump 22 Percent
According to a report by Donya-e-Eqtesad published Tuesday, August 11, 2026 (20 Mordad 1405), Europe's main stock indices, including the STOXX 600, Germany's DAX, Britain's FTSE and the French and Spanish benchmarks, have hit fresh record highs in recent weeks. Citing FactSet data, the report said European corporate earnings for the second quarter of 2026 could rise about 22 percent from a year earlier, which would mark the best performance since 2022. An index of European bank stocks has also gained more than 21 percent since the start of the calendar year. The report cited some investors' concern over the US market's heavy concentration in technology and artificial intelligence stocks as one reason for Europe's growing appeal to international investors.
Donya-e-Eqtesad
Zelensky Says Ukraine Has Presented US Negotiators a Plan to End the War With Russia
Ukrainian President Volodymyr Zelensky said early on Tuesday, August 12, 2026 (21 Mordad 1405) that Kyiv has presented US negotiators with proposals for a plan aimed at ending the war with Russia. According to Donya-e-Eqtesad, citing Tasnim, Zelensky said the United States could help defend Ukraine, particularly with air defense, and press Russia to prepare a plan to end the war rather than delay it. No further details of the plan's content have been released. Markets are watching the trajectory of Russia Ukraine peace talks closely given their potential effect on Russian energy sanctions and on global gold and energy prices.
Donya-e-Eqtesad, citing Tasnim
Heatwave Cuts France's Nuclear Output as Power Prices Jump 22 Percent
According to Oilprice.com, in a report published Tuesday, August 11, 2026 (20 Mordad 1405), France's day ahead power prices jumped as much as 21.8 percent on Tuesday morning local time to 142.5 euros ($164.39) per megawatt hour, according to LSEG data cited by Reuters. The spike followed a new heatwave that has curbed nuclear power generation in France, Europe's largest supplier of nuclear electricity. Data from French utility EDF showed the country's nuclear output would be cut by 7.3 gigawatts, or 12 percent of total capacity, on Wednesday, August 12 (21 Mordad), the fifth severe heatwave to hit France since June. Nuclear power makes up about 70 percent of France's electricity mix, and low water levels and elevated temperatures in rivers used to cool reactors have constrained output; a similar heatwave in mid July had already cut 6.4 gigawatts of French nuclear capacity. Oilprice.com said the heatwaves have also forced nuclear plants in Hungary and Romania to shut down reactors because of the lowest water levels on the Danube River in 90 years.
Oilprice.com, citing Reuters and LSEG
Unprecedented European Wildfires Set New Record; AccuWeather Estimates Major Economic Damage
Unprecedented wildfires across Europe have set a new record. According to Ecoiran, citing Shafaqna, in a report published Friday, August 7, 2026 (16 Mordad 1405), Jonathan Porter, chief meteorologist at AccuWeather, estimated the fires have caused between 15.6 and 19.1 billion euros (about $18 to $22 billion) in economic and overall losses. Porter said intense heat and prolonged drought have fueled dangerous fires in countries including France, Spain and Greece, burning more than 500,000 hectares of land so far. According to data from the European Forest Fire Information System (EFFIS), France and Spain have seen the most extensive fires, while more than 22,000 hectares have burned in the United Kingdom. Near Bordeaux, France, a historic fire forced the evacuation of more than 224,000 people from an area spanning 420 square kilometers.
EcoIran, citing citing Shafaqna and AccuWeather
Heatwave and Drought Push Europe's Energy Crisis Into New Phase as Brent-Diesel Spread Nears 20-Year High
According to Eghtesad Online, citing ISNA and Oilprice.com, an intense heatwave and drought across Europe are cutting refinery cooling efficiency, reducing nuclear and hydropower output, and raising the cost of shipping fuel on inland waterways. The Brent-ICE gasoil (diesel) spread topped $75 a barrel last Friday (August 1), near its highest level in 20 years, the report said. Citing Reuters, the report said output at Hungary's Paks nuclear plant, which supplies half the country's electricity, has fallen from 2,000 megawatts to just 240 megawatts, with Prime Minister Peter Magyar warning of the plant's first-ever full shutdown in its 44-year history if Danube water levels drop further. In the Alps, inflows into hydropower reservoirs are running about 50% below the 15-year average, and Norway has recorded its lowest snow reserves in two decades, leaving a 25-terawatt-hour energy shortfall.
Eghtesad Online, citing ISNA and Oilprice.com
Eurozone retail sales unexpectedly shrink 0.3 percent in June
According to official data from the European Union's statistics agency, Eurostat, released Thursday, August 6, 2026 (15 Mordad 1405), eurozone retail sales unexpectedly fell 0.3 percent in June from May, against economist expectations of a 0.1 percent rise. Sales had increased 0.4 percent in May. Sales of food, drinks and tobacco fell 0.5 percent and non-food products slid 0.4 percent, while sales of automotive fuel in specialized stores rose 1.5 percent. On a yearly basis, retail sales grew 0.7 percent, weaker than the prior month's 1.9 percent increase and economists' forecast of 1.0 percent growth. Across the European Union, retail sales edged down 0.1 percent monthly but rose 1.2 percent from a year earlier. The largest monthly declines were in Finland, Romania and Germany, while Luxembourg, Portugal, Croatia and Sweden posted the largest increases. ING economist Peter Vanden Houte said the data confirmed consumption was not a major driver of growth in the second quarter.
Daily Sabah
Germany tops Europe's minimum wage ranking by purchasing power as Turkey's real wage erodes under 17.8 percent inflation
According to the latest Eurostat data for the second half of 2026, Germany overtook Luxembourg to top Europe's minimum wage ranking measured by purchasing power parity (PPS), scoring 2,164 on the index, followed by the Netherlands, Belgium and Ireland. In nominal terms, however, Luxembourg still leads with a monthly minimum wage of 2,771 euros, while Bulgaria has the European Union's lowest at 620 euros. According to Bourse News, citing Euronews, only eight European countries raised their minimum wage between January and July 2026, while euro area inflation over the same period ran at 3.2 percent, eroding purchasing power for minimum wage earners in many countries. Turkey saw the sharpest real wage decline among the countries surveyed despite nominal increases, as inflation of 17.8 percent between December 2025 and June 2026 combined with an annual wage setting cycle; nearly 40 percent of Turkey's workforce earns the minimum wage, the highest share among the countries reviewed.
Bourse News
Death toll from Russia's missile attack on Kyiv rises to at least 17, with goods warehouses and a railway station hit
The death toll from Russia's missile and drone attack on Kyiv and the surrounding areas, carried out overnight on Tuesday, 4 August 2026 (13 Mordad 1405), has risen to at least 17. Ukrainian President Volodymyr Zelenskyy said on Wednesday that Russia had fired 24 ballistic missiles, four cruise missiles and 115 drones in the assault. According to Zelenskyy, the main targets were warehouse facilities belonging to civilian businesses, and infrastructure and a railway station were also struck, including a brewing company, construction materials warehouses and civilian logistics facilities. Ukraine's State Emergency Service reported clean up operations after what it described as a massive attack; warehouses in the city of Brovary and another warehouse in Bucha, where a fire broke out, were among the sites damaged. Zelenskyy said the shortage of missile interceptors was a direct cause of the casualties. Ukraine in turn struck on Wednesday with drones at the sorting centre of a warehouse belonging to Wildberries, Russia's largest online retailer, in the town of Aleksin in Tula oblast. The regional governor, Dmitry Milyaev, said other structures were also hit, including two apartment buildings.
Al Jazeera
Intesa Sanpaolo cuts its BlackRock bitcoin fund holding by 93.7% and triples its ethereum fund position
Intesa Sanpaolo, Italy's largest banking group, disclosed a wide reshuffle of its digital asset portfolio in its Form 13F filing to the US Securities and Exchange Commission for the period ending June 2026. According to the filing, the bank's direct holding in BlackRock's iShares Bitcoin Trust (IBIT) fell 93.7 percent, from 648,923 shares in the first quarter of the year to just 40,723 shares. Its call option positions also dropped 99.3 percent, while it opened new put option positions. By contrast, its allocation to BlackRock's ethereum fund rose 200 percent, from 116,200 to 349,600 shares, and the bank divested almost all of its holding in Bitwise's solana staking fund. The shift coincides with outflows from spot bitcoin exchange traded funds in the first half of 2026. It should be noted that 13F filings do not necessarily cover all off balance sheet holdings or complex derivatives, and the positions may form part of a broader hedging strategy. Bitcoin was trading at around $64,168 on Wednesday, 5 August 2026 (14 Mordad 1405).
Arzdigital
Russian ballistic missile attack on Kyiv kills one and injures 12
Kyiv's military administration said one person was killed and 12 others injured in a Russian ballistic missile attack on the Ukrainian capital early on Wednesday, August 5, 2026. According to the administration, the assault began after midnight and struck seven sites, with air raid alerts in place for more than an hour. Kyiv's mayor said a warehouse building near the city centre had been destroyed and that rescue teams had pulled two people from the rubble. In the surrounding Kyiv region, local authorities reported another person killed and 21 injured. The attack follows separate strikes in Ukraine and Russia earlier in the week in which at least 27 people were killed. Ukraine has spent recent months urging its allies to supply more US-made Patriot interceptors. The continuing five year war, particularly through Ukrainian drone strikes on Russian refineries, remains one of the factors shaping the global market for refined oil products.
Al Jazeera
European gas prices fell 4% as Hungary shut the Paks nuclear plant for the first time in 44 years
According to an OilPrice report on Monday, 3 August 2026 (12 Mordad 1405), European natural gas prices sank by 4% at the start of trading that day. The drop followed US President Donald Trump's announcement that he had called off a planned attack on Iranian energy sites and that talks would begin that week. Dutch TTF natural gas futures, Europe's benchmark contract, fell alongside a 5% slump in oil prices. European gas pared some of its losses by midday, however, as another heatwave lifted electricity demand. The heat and a lack of rainfall have pushed water levels on the Danube to their lowest in nearly 90 years, forcing Hungary and Romania to curb output at nuclear plants that draw on the river to cool their reactors. Hungarian Prime Minister Peter Magyar said on Sunday, 2 August, that the Paks Nuclear Power Plant would shut down on Monday because of the continued fall in the Danube's water level, the first such shutdown in 44 years. The same report notes that Qatari cargoes are not yet flowing freely out of the Persian Gulf through the Strait of Hormuz, and that Europe is losing the competition with Asia for spot LNG supply because Asian demand and prices are higher. European gas storage is also heading for its second lowest level for this time of year in 15 years, well below the five year average.
OilPrice.com
BP's second quarter profit more than doubles to $5.7 billion
BP said on Tuesday, 4 August 2026 (13 Mordad 1405), that its underlying replacement cost profit for the second quarter reached $5.7 billion. The measure, the closest metric to net profit and the one analysts watch most closely, stood at $3.2 billion in the previous quarter and $2.35 billion in the same period of 2025. The result also beat an average analyst consensus of $5 billion. The company said the surge mainly reflected higher liquids and gas realizations, including the impact of price lags, significantly stronger realized refining margins and stronger customer results, partly offset by higher exploration write-offs. BP added that its oil trading contribution for the second quarter and the first half was significantly higher than in the same periods of 2025. BP, like its European peers, has benefited from the jump in oil and gas prices and refining margins during the West Asia crisis. Shell reported last week that its own second quarter earnings had more than doubled from a year earlier, while Eni, TotalEnergies and Equinor also posted higher profits. Chief Executive Meg O'Neill said in the earnings release that the company needs to take a clear look at itself and stop what is holding it back.
Oilprice.com
Germany's energy demand falls 1.9% in the first half of 2026 as oil product use drops 8%
Preliminary data from Germany's Working Group on Energy Balances (AGEB), published on Tuesday 4 August 2026, show the country's energy demand fell 1.9% in the first half of 2026 as oil and gas prices surged. Oil product consumption dropped 8% over the period. The decline was sharpest in light heating oil, down more than 30%, and diesel, down close to 6%, while gasoline consumption fell only 0.6% and jet fuel 1%. Coal consumption rose 7% and natural gas consumption rose 1.3%. In total, hydrocarbons accounted for 75.9% of German energy consumption in the half year. Wind and solar together made up 22.2% of overall energy consumption, up from 20.9% a year earlier. In electricity generation, hydropower, wind and solar reached an all time high combined share of 58% in the first half, against 55.8% a year earlier, with most of the increase coming from wind while hydropower fell 7.7%.
Oilprice.com
BP to sell its Archaea biogas business in a further retreat from green energy
BP announced on Tuesday 4 August 2026 that it will offload Archaea, its US biogas business. According to Oilprice, the decision comes just days after the company confirmed its exit from the North Sea and is part of a shift back toward core oil and gas products at the London listed major. BP had previously told investors it planned to market assets across its operating regions as part of a restructuring overseen by new chief executive Meg O'Neill. The company acquired Archaea for $4.1 billion in 2022, but the business has since faced financial underperformance and slower than expected growth, forcing BP to reassess the asset's value. The announcement came alongside BP's second quarter 2026 underlying replacement cost profit of $5.7 billion.
Oilprice.com
Brussels Airlines posts a 70 million euro operating loss in the first half of 2026 as fuel costs climb
Brussels Airlines said on Tuesday, 4 August 2026 (13 Mordad 1405), that it recorded an adjusted loss before interest and taxes of 70 million euros ($80 million) for the first six months of 2026. Despite growth in passenger numbers and revenue, the loss was 50% worse than in the same period last year. The Belgian carrier flew 4.5 million passengers on 34,200 flights in the first half of the year, up 8.1% and 5.5% respectively from a year earlier. The airline said unrest in West Asia pushed oil prices higher and increased its fuel costs by 64 million euros compared with the first half of 2025. An Ebola outbreak in parts of East Africa also weakened travel demand, while strikes and protests in Belgium, including disruption at Brussels Airport and a work stoppage by air traffic controllers, reduced earnings by 3 million euros. Brussels Airlines said it will suspend plans to add two Airbus A330 aircraft to its long haul fleet in 2027, keeping that fleet at 11 aircraft. It cited weaker than expected profitability, repeated strikes in Belgium and geopolitical uncertainty.
Anadolu Agency
BP's underlying second quarter profit more than doubles to $5.7 billion
Britain's BP reported on Tuesday, 4 August 2026 (13 Mordad 1405) that its underlying replacement cost profit, the measure used as a proxy for net profit, reached $5.7 billion in the second calendar quarter (April to June 2026). That beat the $5 billion analysts had expected according to an LSEG-compiled consensus. BP had posted $2.35 billion in the same period last year and $3.2 billion in the first three months of 2026. The company's shares are up more than 27% so far this calendar year. The results follow a surge in oil and gas prices during the hostilities between the United States and Iran, a conflict that has severely disrupted shipping through the Strait of Hormuz, the waterway that normally carries around a fifth of the world's oil and natural gas. BP Chief Executive Meg O'Neill told CNBC on Tuesday that she understands the pressure households feel at the pump, but that the prices for the company's products track the global commodity price. She said BP is focused on reliability at both its upstream and refining assets and on maximising the availability of the products consumers need most, citing jet fuel and diesel. BP also said on Monday it had completed the sale of its Gelsenkirchen refinery and related businesses to the investment firm Klesch Group, a deal expected to lower the oil major's underlying operating expenditure by around $1 billion.
CNBC
France lowers the review threshold for foreign investment in strategic companies from 25% to 10%
The French government has tightened controls on foreign investment in strategic companies, lowering the ownership threshold that triggers state scrutiny from 25% to 10%. According to broadcaster BFMTV, reported on Monday, 3 August 2026 (12 Mordad 1405), Prime Minister Sebastien Lecornu signed a decree that was published on Sunday. Under the new rules, a non European investor seeking to acquire at least 10% of the voting rights in a listed French company operating in a strategic sector will face review by the Economy Ministry. Previously the review was triggered only at a stake of 25% or more. The Prime Minister's Office said the measure seeks to protect businesses and technologies key to French security and to guard against "opportunistic non European stakes" in a geopolitical context marked by strong tensions. Foreign investors must notify the Directorate General of the Treasury, and once a complete application is received the economy minister has 10 days to decide whether the transaction requires further examination. The decree follows a parliamentary report submitted to Lecornu on 20 July.
Anadolu Agency
An EU naval mission boards a sanctioned Russian tanker west of Sicily
Italy's Defence Ministry said on Sunday, 2 August 2026 (11 Mordad 1405), that the Italian led European Union naval mission boarded the tanker Toa Payoh, which is under EU sanctions, west of the island of Pantelleria near Sicily while it was sailing from Benin to Istanbul. Reuters reported the operation and Iranian business outlets relayed it. According to published reports, the vessel had presented itself last week as a Cameroon flagged tanker. An informed official said the EU naval mission does not have the authority to seize vessels during such inspections, meaning the Toa Payoh was not impounded. Documents gathered during the operation are still being reviewed, however, and may be passed to national authorities for further action if needed. The ship's captain initially did not cooperate with the EU team, which prompted a group of Italian military personnel to board. According to the Italian Defence Ministry, the inspection was supported by a Greek vessel and a Polish maritime patrol aircraft, lasted about two hours and ended without incident. Russia has not commented on the operation. It is the second EU action against Russian tankers in less than two weeks, after EU forces stopped and inspected another Russian tanker last month over the use of a false flag. The EU has sanctioned dozens of Russian vessels, saying they form part of a "shadow fleet" used to circumvent restrictions on Russian oil exports. Tighter inspections in the Mediterranean raise freight and insurance costs for sanctioned crude and, in turn, affect the discounts at which such cargoes sell.
Eghtesad Online, citing Reuters and Italian Ministry of Defense
Europe needs more than 660 billion euros a year of investment to bring power costs down
The European Union is seeking to cut its high energy costs and rebuild its industrial competitiveness through large scale investment in domestic power generation and renewables. According to a report published on Sunday, 2 August 2026, the International Energy Agency has said European electricity prices are now about 50 percent higher than in China and twice the level in the United States. The EU plans to raise the share of renewables from about 26 percent today to at least 42.5 percent by 2030, and to lift electricity to 46 percent of final energy consumption by 2040. Delivering that plan requires annual investment of more than 660 billion euros through to 2040. The European Commission estimates the path could cut roughly 260 billion euros a year from fossil fuel import costs, against the roughly 450 billion euros a year the bloc has spent on fossil fuel imports since the 2022 crisis. The current pressure traces back to the jump in energy prices after Russia's invasion of Ukraine in 2022. At the peak of that crisis, gas prices passed 260 euros per megawatt hour in August 2022, and Europe replaced long term pipeline contracts with more expensive liquefied natural gas imports. The shift hit energy intensive industries including chemicals, fertiliser, aluminium, steel, cement and paper. The need for cheap power has been sharpened further by the spread of artificial intelligence: the United States holds more than 50 percent of global data centre capacity, China about 30 percent and Europe only 12 percent.
Eghtesad Online
A heatwave forces Hungary's largest nuclear plant offline for the first time in 44 years
Hungary said on Sunday, 2 August 2026, that a heatwave has forced the shutdown of its largest nuclear power plant for the first time in 44 years. According to the report, scorching temperatures and drought have pushed the Danube river to record low water levels, disrupting the reactor cooling systems. Nuclear plants depend on a continuous intake of river water for cooling, and a sharp fall in water levels interrupts that cycle. The shutdown comes in weeks when unprecedented summer heat has been straining Europe's power grid. Lost nuclear output at the peak of the consumption season usually means substitution with fossil fuels and stronger demand for imported power and gas, a path that can feed through to energy prices across the continent.
Al Jazeera
A heatwave pushed European power prices to winter levels, with German power reaching 210 euros a megawatt hour on 23 June
An intense heatwave across Europe this summer has pushed electricity prices to levels normally seen in the cold winter months at the peak of heating demand. According to London Stock Exchange Group data reported on Sunday 2 August 2026 (11 Mordad 1405), the day ahead power price in Germany reached 210 euros per megawatt hour on 23 June 2026, while power contract prices in France and the United Kingdom rose to their highest levels since January 2025. The pressure has come from two directions. On the supply side, according to data from Kpler, when temperatures passed 40 degrees Celsius in parts of France, the country's nuclear output fell by more than 9 gigawatts over several days and 12 of its 57 reactors were affected, because the reactors rely on river water for cooling. According to the think tank Ember, nuclear plants supply about 23 percent and gas plants about 17 percent of the European Union's electricity; Rystad Energy reports that a typical gas plant can lose roughly 7 to 12 percent of its output at 30 degrees Celsius. The channel to Iran's market is the gas price: according to Bourse News, gas prices have approached their highest levels since the start of the Russia and Ukraine war in 2022 because of disruption to energy transit from West Asia following the US attack on Iran, and that has raised the cost of generating electricity in Europe.
Bourse News, citing Reuters and LSEG data
Hungary to shut its only nuclear power plant as the Danube falls to a record low
Hungarian Prime Minister Peter Magyar said the Paks Nuclear Power Plant in central Hungary would be powered down on Sunday, 2 August 2026, the first full shutdown in its 44 year history. Paks supplies nearly half of Hungary's electricity and draws cooling water for its reactors from the Danube River. Magyar said output had fallen to 965 megawatts on Friday, 31 July 2026, and to 240 megawatts overnight, far below the normal 2,000 megawatts. Low river levels have limited the ability of the plant's pumps to draw in enough water. A river level of minus 134cm at Paks forces a full shutdown, and the level is expected to fall as low as minus 144cm, far below the previous record of minus 98cm set in 2018. Months of heat and drought have lowered levels on several European rivers, and Hungary has placed more than 100 cities and villages under water use restrictions. The government has asked companies that use large volumes of water to cut consumption voluntarily. The event has also disrupted shipping, tourism, agriculture and industry in the country. Slovakia's Prime Minister Robert Fico said his country was closely monitoring the energy situation and was ready to help.
Al Jazeera
Shell posts best quarterly profit in four years with $9.84 billion adjusted earnings in Q2 2026
Britain's Shell reported on Thursday 30 July 2026 that its adjusted second quarter earnings reached $9.84 billion, above the $8.79 billion analyst consensus compiled by LSEG. That compares with $4.26 billion in the second quarter of 2025 and $6.92 billion in the first quarter of 2026, and is Shell's best quarterly result since the second quarter of 2022, when the company posted $11.47 billion. According to Shell's report, cash flow from operations reached $21.4 billion in the second quarter of 2026, while net debt fell to $41.75 billion from $52.6 billion at the end of the first quarter. Shell said it would maintain the pace of its share buyback programme at $3 billion over the next quarter and left its 2026 capital expenditure outlook unchanged at $24 billion to $26 billion. Chief Executive Wael Sawan said volatility had become the new normal and that high commodity prices provided a tailwind for the results. The jump in oil and gas prices during the regional war has lifted profits at the energy majors, which matters for Iran's market through the global oil price channel.
CNBC
Euro area growth beat expectations at 0.4% in the second quarter of 2026 while July inflation edged back up to 2.9%
Eurostat's flash estimate, reported on Saturday 1 August 2026, shows euro area gross domestic product rose 0.4 percent in the second quarter of 2026 from the previous quarter, above the 0.2 percent economists had expected and better than the flat reading of the first quarter. Across the European Union the rate rose from 0.1 percent to 0.5 percent. Annual growth also accelerated, to 1 percent in the euro area and 1.2 percent across the EU. Country performance was markedly uneven. Ireland posted the strongest quarterly growth at 3.9 percent and on its own added 0.1 percentage point to the bloc's growth, followed by Lithuania at 1.7 percent and Sweden at 1.4 percent. Spain grew 0.7 percent and Portugal 0.8 percent, while Belgium and Austria recorded no growth at all. Germany expanded 0.2 percent, down from 0.4 percent the previous quarter, with France and Italy each growing 0.2 percent. Price pressure has meanwhile returned. Eurostat's flash estimate puts euro area annual consumer inflation at 2.9 percent in July, up from 2.8 percent in June, with core inflation rising from 2.4 to 2.5 percent. Energy recorded the largest annual jump at 10 percent. Claus Vistesen of Pantheon Macroeconomics said the euro area economy outperformed forecasts despite the energy price shock caused by the US war against Iran.
Eghtesad Online, citing ISNA and preliminary Eurostat estimate
Spain deployed the military to Ceuta as Sanchez said about 60,000 people had entered, raising political tension across Europe
Spain deployed military personnel and police to its autonomous city of Ceuta on the north coast of Africa after a large influx of migrants from Morocco. Spanish Prime Minister Pedro Sanchez visited the enclave on Friday, 31 July 2026, and said about 60,000 people had entered Ceuta over the past few days, more than half the enclave's population. According to the enclave's president, at least 34 people died attempting to cross by land and sea; in later reports the same day, Al Jazeera and The Guardian put the toll at at least 57. Many drowned attempting the sea crossing, while others died in a crush at the breakwater near Tarajal beach. Spanish authorities reinforced the city with military and additional police, while Morocco deployed security forces and water cannon to push back the crowds. Reuters footage showed the remains of a burned bus and seven cars near the border after clashes between security forces and crowds. Ceuta authorities have linked the surge to a recent Spanish Supreme Court ruling barring the immediate return of migrants intercepted after arriving by sea without due process, a ruling that does not apply to those entering by land. Some migrant rights activists in Morocco have questioned that explanation, saying most migrants would have been unaware of the ruling. The events have raised political tension across Europe: France announced tighter checks at its borders, and Spain and Italy spoke of new measures to curb migration, including calls by senior politicians to suspend Spain from the Schengen free-travel area. Sanchez said his government was mobilising all available resources and would defend Ceuta "as if it were Madrid". He added that illegal immigration had fallen about 40 percent last year and that what had happened broke with that pattern. He said Moroccan authorities had expressed willingness to cooperate in facilitating repatriations.
Al Jazeera
Sainsbury's sold Argos to three retail veterans for 120 million pounds, a decade after buying it in a 1.3 billion pound deal
The supermarket chain Sainsbury's announced on Friday, 31 July 2026, that it has agreed to sell the Argos retail chain for £120 million so that it can concentrate on its core food business. The buyer is Swift Partners, a newly established company set up for the deal by three retail veterans: Richard Pennycook, who previously ran the Co-operative Group and turned around the Morrisons chain, Trevor Strain, another former Morrisons executive, and Matt Truman. Simon Roberts, Sainsbury's chief executive, said it would be "business as usual" for staff, customers and suppliers, adding that the agreement is a further step in the company's strategy: "Having rebuilt the core strengths of our food business, this agreement allows us to focus all our resources and investment on the significant opportunities ahead." Pennycook said he believes strongly in Argos's future, and that the company's combination of a strong digital business with standalone stores, stores inside Sainsbury's and local fulfilment centres gives it a distinctive position and an excellent platform for growth. Sainsbury's had bought Argos in early 2016 as part of its acquisition of Home Retail Group, along with brands including Habitat, in a £1.3 billion deal aimed at creating a combined food and non-food retailer to take on companies such as Amazon and John Lewis. Britain's second largest supermarket never lived up to that ambition, given the tight margins of the business and consumers watching their spending closely through the cost of living squeeze. Roberts had announced a "food first" strategy on becoming chief executive in 2020.
The Guardian
Britain set its autumn budget for 28 October as borrowing costs rise under the economic fallout of the Iran war
John Healey, Britain's chancellor of the exchequer, announced on Friday, 31 July 2026, that the country's autumn budget will be delivered on 28 October. He said Labour would stick to its fiscal rules in order to give businesses and households stability. Andy Burnham, Britain's new prime minister, has used his first two weeks in office to announce a series of policies, from a VAT cut on energy bills and lower business rates for pubs, clubs and live music venues to a cap on bus fares and a promise to give England's regional mayors a share of income tax. According to The Guardian, the UK government's borrowing costs on global financial markets have risen sharply in recent weeks, as the economic fallout from the Iran war weighs on activity, stokes inflation and adds to fiscal pressures for countries around the world. With annual borrowing elevated and the UK national debt at its highest level since the 1960s, investors warn that the government has limited room for manoeuvre in the public finances. Burnham has stuck to Labour's manifesto commitments, including ruling out increases in income tax, national insurance and VAT. Traders' unease over the possible appointment of Ed Miliband as chancellor eased with the choice of Healey and the retention of Rachel Reeves's fiscal rules, under which spending must be balanced by receipts. Even so, investors say the government faces a delicate balancing act that may lead Burnham to consider tax rises. The Times also reported that Healey, in a joint letter with the prime minister, instructed cabinet colleagues that any new announcement "must be funded from within existing budgets".
The Guardian
BP puts its North Sea oil business up for sale
BP formally launched a process on Friday 31 July 2026 to market its North Sea business. The UK-based supermajor said the aim is to simplify its portfolio and invest in high-return projects. The formal launch of a potential sale follows months of speculation that BP would divest part or all of its operations in the UK North Sea. BP said in a statement that the decision forms part of its ongoing portfolio review and reflects its disciplined approach to capital allocation. Chief executive Meg O'Neill said: "The North Sea remains integral to the UK's energy system. However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company." She added that the business has world-class people, resilient assets and a proud heritage, and that these are precisely the qualities that can attract an owner ready to back its next chapter. O'Neill, the first female chief executive of a Big Oil company, wrote earlier this month in a post marking her first 100 days that BP had begun simplifying its portfolio and cutting costs and would make "fewer, better choices" about where to invest. BP had remained the last supermajor to have neither sold nor combined its UK North Sea business in recent years. Shell and Equinor combined their oil and gas assets in a standalone company, Adura, while TotalEnergies merged its assets with NEO NEXT to create NEO NEXT+, in which the French supermajor holds a 47.5% interest.
OilPrice.com
Spain's interior ministry says about 49,000 migrants entered Ceuta in 24 hours as the army deploys to the border
Spain's interior ministry said that around 49,000 migrants entered the Spanish autonomous city of Ceuta in northern Morocco within just 24 hours, in one of the largest migration surges of recent years. The report was published early on Saturday 1 August 2026 (10 Mordad 1405). Alongside the Civil Guard and coast guard units, Madrid also deployed army forces to control the border. According to the broadcaster RTVE, citing Spain's interior ministry, the number of people returned to Morocco as of Friday 31 July had passed 48,300. Juan Jesús Vivas, the mayor of Ceuta, had earlier put arrivals at around 60,000 in a single day, an estimate higher than the ministry's official figure. French President Emmanuel Macron said four rapid-reaction units, along with aircraft and drones, had been deployed at the border with Spain. The surge coincided with Throne Day celebrations in Morocco, and the government in Rabat has so far taken no official position. Ceuta is one of the European Union's two land borders with Africa, and unrest there puts pressure on the management of the Schengen frontier.
Mehr News Agency
Europe heads into winter with gas stocks below average and renewed Asian competition for LNG
Donya-e-Eqtesad reports that Europe's energy market has entered a sensitive phase with only a few months left before the cold season, this time not because of a sudden cut in Russian gas but because of several overlapping factors: a slowdown in the filling of gas storage, intense competition with Asia for liquefied natural gas cargoes, the continuing war in Ukraine, and insecurity along West Asian energy transit routes. After the 2022 crisis, the European Union required member states to fill most of their storage capacity before winter. This year, although injection into storage continues, its pace has slowed and stock levels sit below the average of recent years. The main reasons cited are higher LNG prices, reduced global supply and competition for uncommitted cargoes, and on that basis many analysts doubt Europe's ability to reach its storage targets. The key difference this year is the return of Asian demand. Rising industrial activity, growth in electricity consumption and Asian countries' efforts to fill their own stocks have again intensified competition to buy LNG. In this market price determines where cargoes go, so Europe must pay more to attract each shipment, a cost that ultimately shows up in electricity, gas and industrial product prices.
Donya-e-Eqtesad
Ukraine replaces its defence minister and army chief within a week as the battle for Kostiantynivka intensifies
Ukraine has installed new political leadership at its defence ministry and new military leadership in its armed forces, following the unprecedented dismissal of Defence Minister Mykhailo Fedorov and Commander-in-Chief Oleksandr Syrskii within a week. Syrskii was dismissed on 21 July 2026 (30 Tir 1405). Russia meanwhile claimed to be advancing in the Sumy, Kharkiv and Donetsk regions. The focus of concern is Kostiantynivka in Donetsk, the southernmost of four "fortress cities" Russia pledged to capture by the end of the year. The Institute for the Study of War, a Washington-based think tank, estimated three weeks ago that Russian forces had a presence in just 37 percent of the city, mostly as "infiltrations" rather than firm control; its most recent assessment suggests that infiltration has spread to most of the city. Shortly before his dismissal, Syrskii had painted a more optimistic picture, putting the number of Russian infiltrators in the city at an estimated 145 and their losses at about 25 a day. Russia's overall rate of advance has nonetheless slowed. The same institute estimated Russian forces were capturing 16.6 square kilometres a day in the first half of 2025, falling to about 1 square kilometre a day in June this year, while in July it assessed Russia was losing territory at 1.6 square kilometres a day. Robert Brovdi, commander of Ukraine's Unmanned Systems Forces, said the number of Russian personnel involved in offensive operations along the front rose 12 percent this month against June and 18 percent against May, with Russian casualties up by similar proportions. Volodymyr Zelenskyy said he had received intelligence that Russia is preparing an "expanded mobilisation" to offset losses of 225,000 this year against recruitment of 221,000. Al Jazeera said it could not independently verify the Russian claims, which have in the past been inflated or premature.
Al Jazeera
Shell sells its stake in Cyprus's Aphrodite gas field to Hungary's MOL for $720 million
Shell announced on Friday, 31 July 2026, that it has agreed with Hungary's MOL Group to sell its wholly owned subsidiary BG Cyprus Ltd for $720 million, subject to customary adjustments and milestone linked contingent payments. BG Cyprus holds a 35% non operated interest in Cyprus Offshore Block 12, which contains the Aphrodite gas field, operated by Chevron's local subsidiary. Chevron, MOL and NewMed Energy, who will be the field's new co owners, are working toward a final investment decision to develop Aphrodite, and all the gas potentially produced there is expected to be sold to the Egyptian Natural Gas Holding Company (EGAS). Shell acquired the interest when it bought BG Group in early 2016. Cederic Cremers, Shell's Integrated Gas President, said the decision to exit was "driven by disciplined capital allocation and portfolio choices," as the company focuses on opportunities that strengthen its integrated LNG value chain. Gas discoveries offshore Cyprus have drawn interest from the majors in recent years; this week Eni and TotalEnergies took the final investment decision to develop the Cronos gas field in deep water offshore Cyprus, the country's first hydrocarbon development, expected to bring first gas to market in 2028.
OilPrice.com
Italy Became Europe's Top LNG Importer in July as German Gas Storage Fell to Its Lowest Since 2009
Italy became Europe's largest importer of liquefied natural gas in July 2026. Bloomberg reported on Friday, 31 July 2026, that Italian traders kept buying cargoes by making use of government incentives, while neighbouring countries held back on costly purchases and allowed storage levels to lag. According to Bloomberg ship-tracking data going back to 2017, this is the first time Italy has taken the top spot. War and supply disruptions in West Asia have caused European gas prices to roughly double so far this year, and European gas futures have added more than 30% in July alone. Italy's power sector is the most reliant on gas in Europe and its energy needs jumped during recent heat waves; the country's storage regulation also carries strict refilling targets and fines for missing them. Italy's gas storage sites are currently 75% full, below the five-year seasonal average but the highest among Europe's top markets. Germany's facilities are at 47%, the lowest share of utilised capacity for this time of year in records going back to 2009, while France's inventories are 56% full. According to Bloomberg, Goldman Sachs sees the possibility of prices reaching 100 euros a megawatt hour in December if the market remains tight, some 75% above current levels.
gCaptain, citing Bloomberg
CMA CGM's second quarter profit rises to $770 million as higher freight rates more than offset war driven costs
French shipping and logistics group CMA CGM, the world's third largest container carrier, published its second quarter 2026 results on Tuesday, 28 July 2026 (6 Mordad 1405). Quarterly revenue rose 19.2 percent year on year to $15.7 billion, EBITDA climbed 31 percent to $3.0 billion and the EBITDA margin reached 19.0 percent. Net income attributable to the group rose to $770 million from $520 million a year earlier. Shipping was the primary earnings driver: the company carried 6.33 million TEUs, or twenty-foot equivalent units, during the quarter, a 6 percent increase year on year, while shipping revenue jumped 22 percent to $10.0 billion. EBITDA for the shipping business surged 42.4 percent to $2.26 billion with margins improving to 22.7 percent. Logistics subsidiary CEVA Logistics generated $5.0 billion in quarterly revenue, up 8.5 percent, although its EBITDA fell 15.4 percent, and the "Other Activities" segment covering terminals and air cargo grew 47.6 percent to $1.48 billion. The company acknowledged that the conflict in West Asia raised operating costs through higher insurance premiums, vessel immobilisations and reduced cargo volumes on services calling at the region, but said those headwinds were more than offset by higher freight rates and the flexibility of its global network, and that it continues to deploy alternative multimodal corridors to serve Persian Gulf countries. Chairman and CEO Rodolphe Saadé said the group delivered solid results "against a backdrop of continued geopolitical instability." On the same day, CMA CGM and infrastructure investment firm Stonepeak completed the formation of United Ports LLC, a joint venture holding nine major container terminals across five countries, in which Stonepeak acquired a 25 percent stake through a $2.4 billion investment while CMA CGM retained operational control.
gCaptain
Portugal's inflation eased to 3% in July while core inflation rose to 2.56%
According to Statistics Portugal data published on Friday 31 July 2026, Portugal's annual inflation rate eased to 3% in July 2026. The picture beneath the headline points the other way, however: core inflation, which strips out volatile items, rose to 2.56% in July, up from 2.50% the previous month. In other words, underlying price pressure in the Portuguese economy is strengthening even as the headline rate comes down. Part of the fall in the headline rate came from energy: energy inflation eased to 8.67% in July from 9.12% the month before. The reading is read alongside the euro area flash inflation estimate released the same day, which showed euro area core inflation also rising unexpectedly, from 2.4% to 2.5%.
Trading Economics (data from Statistics Portugal)
BP launches sale of its North Sea business, ending some 60 years of production
BP announced on Friday 31 July 2026 that it has begun a process to market its North Sea business for a potential sale. The portfolio comprises five production hubs off the UK coast and employs about 1,100 people. A full divestment could bring to an end some 60 years of BP production in the North Sea. The move is part of a broad portfolio overhaul under new chief executive Meg O'Neill, a plan targeting $20 billion in asset disposals by 2027 to cut debt and simplify the company's structure. Bloomberg has estimated that a full sale of the unit could fetch around £2 billion (close to $2.7 billion). BP's chief executive said the UK has been the company's home for more than 100 years and will continue to play a role in its future. Upstream asset disposals by the oil majors are being followed closely in energy markets at a time when global crude prices are swinging under geopolitical pressure.
bp
Euro area inflation rose to 2.9% in July as core inflation unexpectedly climbed to 2.5%
Eurostat's flash estimate, published on Friday 31 July 2026, showed the euro area's annual inflation rate rose to 2.9% in July, up from 2.8% in June and in line with market expectations. More significant for the European Central Bank's policy path was core inflation: the measure, which strips out food, energy, alcohol and tobacco, rose to 2.5% in July, both above June's 2.4% and above the 2.4% consensus. The euro area consumer price index also rose 0.2% month on month in July, moving from 103.02 to 103.22 points, after falling 0.1% in June. The final July reading for euro area inflation is due on 19 August. The euro is one of the most actively traded currencies in Tehran's open market, and the ECB's rate path feeds through to the euro/dollar rate.
Trading Economics (data from Eurostat)
French producer price inflation eased to 2.6% in June, retreating from May's three year high
France's national statistics institute (INSEE) reported on Friday, 31 July 2026, that the country's domestic producer prices rose 2.6% in June 2026 from June a year earlier. The rate stood at a revised 3.1% in May, which was the highest level of French producer price inflation in three years. The Trading Economics forecast for June was 2.7%. On a monthly basis, producer prices fell 0.6% in June, after a revised minus 0.2% in May. French producer price inflation has averaged 1.89% since 1996, with an all time high of 29.5% in August 2022 and a record low of minus 8.2% in March 2024. The data was published on the same day that France's preliminary July consumer inflation accelerated from 1.8% to 2.1%. Easing producer inflation in June set against accelerating consumer inflation in July suggests the fresh price pressure is coming more from energy and services than from the industrial production chain.
Trading Economics (data from INSEE France)
Italy's consumer confidence rose to 94.2 points in July, with business confidence up to 89.6
Italy's National Institute of Statistics (ISTAT) reported on Friday, 31 July 2026, that the country's consumer confidence index rose to 94.2 points in July 2026 from 92.4 points in June. The market forecast was 92.5 points, so the reading came in above expectations. In the same release, Italy's business confidence index rose to 89.6 points in July from a revised 88.6 points, also beating the market expectation of 88.9 points. Italy's consumer confidence index has averaged 93.55 points since 1982, with a record low of 73.9 points in June 2012. On this index, a value of 100 indicates no change in consumer sentiment. Italy is the euro area's third largest economy, and a simultaneous improvement in household and business sentiment there, alongside the improvement in euro area business climate in July, is among the inputs into the European Central Bank's interest rate decisions. The data was published on a day when Italy's preliminary July inflation also rose, from 2.8% to 3.0%.
Trading Economics (data from ISTAT Italy)
Germany's unemployment rate rose to 6.4% in July as the jobless total passed 2.99 million
Germany's Federal Employment Agency reported on Friday, 31 July 2026, that the country's seasonally adjusted unemployment rate rose to 6.4% in July 2026 from 6.3% in June. The market had expected the rate to hold at 6.3%. According to the release, the number of registered unemployed increased by 6,000 in July to 2,993,000. Unemployment had fallen by 1,000 in June, and the market forecast for July was an increase of 5,000. Job vacancies stood at 648,240 in June, against 642,810 the previous month. Germany is the euro area's largest economy, and its labour market is one of the inputs into the European Central Bank's interest rate decisions. The data landed on the same day that France's preliminary July inflation accelerated to 2.1%, and one day after Germany's own preliminary July inflation was reported at 2.8%. A cooling labour market alongside accelerating energy inflation narrows the room for the European Central Bank's decisions.
Trading Economics (data from German Federal Employment Agency)
French inflation accelerated to 2.1% in July as energy inflation reached 12.4%
France's national statistics institute (INSEE) said in a preliminary estimate on Friday, 31 July 2026, that the country's annual inflation rate accelerated to 2.1% in July 2026. The rate was 1.8% in June, and markets had expected it to hold at that level. The main driver was faster growth in services prices (2.3% against 1.9% in June, particularly for accommodation and communication services) alongside a jump in energy inflation from 11.0% to 12.4%, attributed to higher gas and petroleum product prices. Working the other way, the decline in manufactured goods prices eased (minus 0.7% against minus 1.1%), while food inflation held steady at 0.9% and tobacco inflation was unchanged at 3.3%. On a monthly basis consumer prices rose 0.6%, rebounding from a 0.3% decline in June. The EU harmonised inflation rate also rose, to 2.4% from 2.0%, and increased 0.6% on the month. France is the euro area's second largest economy, and its 12.4% energy inflation reading, like Germany's energy inflation jump in the same month, shows the West Asia energy shock feeding into European prices. That bears on the European Central Bank's interest rate path and through it on the euro to dollar exchange rate. The final estimate of French July inflation is due on 14 August 2026.
Trading Economics (data from INSEE France)
Euro Area Unemployment Held at 6.3% in June for a Fourth Straight Month
Eurostat reported on Thursday, 30 July 2026, that the seasonally adjusted unemployment rate in the euro area held at 6.3% in June 2026 for a fourth consecutive month. Markets had expected the rate to reach a record low of 6.2%. The currency bloc's labour market has stayed stable even as energy costs and interest rates have risen in recent months following the outbreak of war in West Asia. The number of unemployed people rose by 69,000 from the previous month to 11.13 million. The unemployment rate for those aged under 25 fell to 14.8% from 14.9%. Among the largest euro area economies, the jobless rate rose in Germany, from 3.8% to 3.9%, and in Italy, from 5.3% to 5.7%. It was unchanged in France at 8.2%, and fell in Spain, from 10.2% to 10.1%, and in the Netherlands, from 3.9% to 3.8%. The euro area unemployment rate has averaged 9.13% since 1995, with a record low of 6.2% recorded in October 2024.
Trading Economics
German Inflation Accelerated to 2.8% in July as Energy Inflation Jumped From 3.4% to 8.3%
Germany's Federal Statistical Office said in a preliminary estimate on Thursday, 30 July 2026, that the country's annual inflation rate accelerated to 2.8% in July 2026, up from 2.3% in June. The reading came in above the market expectation of 2.7% and is the highest German inflation rate since April this year. The main driver was a sharp pickup in energy inflation, which jumped from 3.4% to 8.3%, attributed to higher oil prices following renewed tensions in West Asia. Working the other way, services inflation eased from 3.1% to 2.9%, and core inflation, which excludes energy and unprocessed food, edged down from 2.5% to 2.4%. The EU-harmonised inflation rate also rose to 2.8%, its highest level in three months and well above the European Central Bank's 2.0% target. The final estimate of German July inflation is due to be published on 12 August 2026.
Trading Economics
UK Annual House Price Growth Slowed to 1.8% in July
Nationwide Building Society reported in its house price index on Friday, 31 July 2026, that UK annual house price growth slowed to 1.8% in July, down from 2.2% in June. Prices were up just 0.1% month on month in July. In the same report, Nationwide said the average time a household spends in a home in the UK is 14 years, rising to 24 years for those who own their property outright and falling to 5 years in the private rented sector. It also found that three quarters of residential moves in 2024 and 2025 were between homes of the same tenure type. The trend over recent months has been uneven: UK annual house price growth was reported at 3% in April, 1.7% in May and 2.2% in June.
Nationwide Building Society
The euro area economy grew 0.4% in the second quarter, twice the market forecast
According to the flash estimate published on Thursday, 30 July 2026 (8 Mordad 1405), euro area gross domestic product grew 0.4 percent in the second quarter of 2026 from the previous quarter. The figure was a revised zero percent in the first quarter, and the market forecast was 0.2 percent. Compared with the same quarter a year earlier, the euro area economy was 1 percent larger, against a revised 0.5 percent in the first quarter and a market forecast of 0.5 percent. The euro area unemployment rate held unchanged at 6.3 percent in June. Among the region's larger economies, Germany grew 0.2 percent on the quarter and 0.9 percent on the year in the second quarter, France 0.2 percent quarterly and 0.7 percent annually, Italy 0.2 percent quarterly and 1 percent annually, and Spain 0.7 percent quarterly and 2.7 percent annually. The better than expected growth was recorded at a time when European energy prices have risen sharply since the start of the calendar year. Euro area growth and inflation are inputs into the European Central Bank's interest rate decisions and therefore among the factors affecting the euro to dollar exchange rate.
Trading Economics (data from Eurostat)
The Bank of England held its policy rate at 3.75% as the number of members voting to hike rose to three
The Bank of England held its policy rate unchanged at 3.75 percent on Thursday, 30 July 2026 (8 Mordad 1405), a decision in line with market expectations. The Monetary Policy Committee vote shows that of nine members, six voted to hold the rate and three voted to raise it, with no member calling for a cut. At the previous meeting, two members had voted to hike and seven to hold, so one further member has joined those favouring tighter policy. The Bank of England simultaneously published its Monetary Policy Report and the meeting minutes, and Governor Andrew Bailey delivered a speech the same day. The decision came a day after the US Federal Reserve held its rate in the 3.5 to 3.75 percent range, where three members likewise sought an increase. A tilt among major central banks toward tighter policy is one of the variables affecting the value of the dollar and the global gold price.
Trading Economics (data from Bank of England)
Jeep maker Stellantis swings to a second-quarter profit but its shares fall
Carmaker Stellantis, owner of brands including Jeep, Dodge, Fiat, Chrysler and Peugeot, said on Thursday, 30 July 2026, that it made a net profit of 293 million euros in the second quarter of 2026, against a loss of 1.87 billion euros a year earlier. The main driver was rising demand in North America. Adjusted operating income more than tripled in the April to June period, rising to 773 million euros from 213 million euros a year earlier, but it fell short of the 914 million euro consensus estimate from a Reuters analyst survey. Milan-listed shares fell more than 8 percent before paring losses, while the US-listed shares were down roughly 3 percent. Chief executive Antonio Filosa said US tariff costs are expected to add at least 1 billion euros to the company's costs this year, which is why production of some Jeep Cherokee trims is being deliberately limited. Industrial free cash flow stood at 1 billion euros at the end of June, while the adjusted operating income margin remained at 1.8 percent.
CNBC
Shell's second-quarter adjusted earnings more than doubled to $9.84 billion as refinery utilisation hit a record
Shell said on Thursday, 30 July 2026, that its adjusted earnings for the second quarter of 2026 reached $9.84 billion, more than double the $4.26 billion recorded in the same period last year and above analyst estimates in the $8.8 billion to $8.9 billion range. Shell said the jump reflected higher realised oil and gas prices, higher crude, fuel and LNG trading profits, surging chemicals margins and record refinery utilisation. The company's refinery utilisation was 102 percent from April to June, against 99 percent in the first quarter of 2026, mainly because of lower planned and unplanned maintenance. Its global indicative refining margin rose from $17 to $24 per barrel, and its global indicative chemical margin doubled from $139 to $270 per tonne. The results came despite lower LNG volumes caused by the impact of the West Asia conflict on production in Qatar. Shell's free cash flow reached $17.524 billion in the second quarter, against $6.531 billion in the same quarter of 2025. The company also announced $3 billion in share buybacks for the third quarter, the nineteenth consecutive quarter in which it has announced at least $3 billion of repurchases. Chief Executive Wael Sawan said the company's operational performance delivered very strong results during another quarter of severe disruption in global energy markets. Other large European majors including Eni, TotalEnergies and Equinor also saw profits jump from a year earlier.
Oilprice
NATO deploys Italian, Spanish and Turkish fighter jets to its eastern flank in Türkiye's first Estonia mission
NATO said in a statement on the evening of Thursday, 30 July 2026 (8 Mordad 1405) that the Italian Air Force, the Spanish Air and Space Force and the Turkish Air Force will deploy fighter jets to the alliance's eastern flank to reinforce air patrols. NATO said the aim is to assure allied deterrence, protect NATO airspace and strengthen the eastern flank as part of the alliance's air defence mission. Under the statement, Türkiye will deploy for the first time to Ämari Air Base in Estonia with about 80 personnel and five F-16 fighters. Four Italian Typhoon jets and more than 100 personnel will go to Šiauliai Air Base in Lithuania, and seven Spanish F-18 jets with 200 personnel will go to Mihail Kogălniceanu Air Base in Romania. An A400M aircraft for air-to-air refuelling and three NH-90 helicopters for counter-drone operations will also be stationed in Romania. These units will rotate in to replace Portuguese, Romanian and French forces. The deployment was announced a day after NATO said a Russian missile detonated on Polish territory and alliance jets were scrambled. Rising tension in eastern Europe reaches global markets, and Iran's trading partners, through European gas and energy prices and Black Sea trade routes.
Eghtesad Online, citing ISNA
NATO jets scrambled after a Russian missile detonated on Polish territory
NATO said on Thursday, 30 July 2026 (8 Mordad 1405) that F-16 fighter jets, along with an aerial refuelling aircraft and an airborne early warning plane, were scrambled after a Russian missile entered Polish airspace and crashed. An alliance spokesperson said NATO would continue to take all necessary measures to defend its territory. According to Polish authorities, the explosion created a wide crater in the eastern village of Tarnawa-Kolonia and caused no injuries or damage. Polish Prime Minister Donald Tusk, who travelled to the site, said everything indicated it was a Russian missile. Ukraine's Foreign Minister Andrii Sybiha called it a Russian Kh-101 cruise missile. NATO Secretary-General Mark Rutte described the incident as a reckless act by Russia. The missile was part of a barrage of ballistic missiles and drones launched by Russia at Ukraine overnight, killing at least eight civilians, including children, and injuring more than 50. Romania had also summoned Russia's ambassador on Monday after three drones entered its airspace. Repeated airspace violations along NATO's eastern flank are one channel that can keep a risk premium in European energy markets.
Al Jazeera
Araghchi warns Bulgaria over US military aircraft at Bezmer air base; Sofia says it does not intend to join the war
Seyed Abbas Araghchi, Iran's foreign minister, warned Bulgaria on Thursday, 30 July 2026 (8 Mordad 1405), over its agreement to a US request to station military aircraft at the Bezmer air base, speaking in response to a telephone call from Bulgarian Foreign Minister Velislava Petrova. The report was carried by the Tasnim news agency. Araghchi said the Bulgarian government's agreement to the request, which is stated to be for the support of military operations, is in Iran's view condemnable, unacceptable and contrary to the traditional and friendly relations between the two countries, and that it would be appropriate for Bulgaria to urgently reconsider the decision. Citing Article 3 of United Nations General Assembly Resolution 3314 on the definition of aggression, he said placing the territory of one state at the disposal of another for the purpose of committing an act of aggression against a third state constitutes an act of aggression. The Iranian minister added that any party taking part in any way in a military attack on Iran must accept responsibility for the consequences. In the same conversation, Bulgaria's foreign minister recalled the history of relations between the two countries and said Bulgaria does not intend to take part in the war, stressing its support for diplomacy and for reducing tension in the region. The call came a day after a similar conversation between Araghchi and the foreign minister of Cyprus about the use of foreign bases.
Eghtesad Online, citing Tasnim
Euro area business climate improved in July while consumer inflation expectations fell
Results of the European Commission's business and consumer surveys, published on Thursday, 30 July 2026, showed the euro area business climate indicator improved to minus 0.19 points in July 2026 from minus 0.36 points in June. The region's economic sentiment indicator also rose to 96.9 points in July, against 95.4 points in June and above the market forecast of 96 points. According to the data, industrial sentiment improved to minus 6.1 points from minus 7.5, and services sentiment to 4.7 points from 4.2. The consumer confidence indicator was confirmed at minus 15.9 points in the final July reading, against minus 17.6 points in June. In the same release, euro area consumer inflation expectations fell to 30.3 points in July from 34 points in June, and firms' selling price expectations declined to 17.7 points from 22.1. The euro area unemployment rate held unchanged at 6.3 percent in June. That combination, an improving business climate alongside cooling inflation expectations, is among the inputs into the European Central Bank's interest rate decisions and bears on the euro to dollar exchange rate.
Trading Economics (data from European Commission)
German economy grew 0.2 percent in the second quarter of 2026, with first-quarter growth revised up to 0.4 percent
Germany's Federal Statistical Office (Destatis) said on Thursday, 30 July 2026, that gross domestic product grew 0.2 percent in the second quarter of 2026 compared with the first quarter, after adjustment for price, seasonal and calendar variations. First-quarter 2026 growth was also revised in the release, to 0.4 percent from 0.3 percent. According to the office's provisional figures, exports rose in the second quarter compared with the previous quarter, while final consumption expenditure showed a subdued trend and capital formation declined. German gross domestic product at current prices was reported at 4,529.7 billion euros. Germany is the largest economy in the euro area and its growth record is one of the inputs into the European Central Bank's interest rate decisions. The figure was published alongside euro area second-quarter growth of 0.4 percent, which had been announced earlier the same day.
Statistisches Bundesamt (Destatis)
German inflation rose to 2.8 percent in July as energy prices climbed 8.3 percent year on year
Germany's Federal Statistical Office (Destatis) said on Thursday, 30 July 2026, in a provisional estimate that the country's inflation rate reached 2.8 percent in July 2026. The rate was 2.3 percent in June. The consumer price index rose 0.8 percent in July from June, and core inflation, excluding food and energy, is estimated at 2.4 percent. According to the release, energy prices in July were up 8.3 percent on July of the previous year, with the pace of increase accelerating significantly again. The figure was 3.4 percent in June and 6.6 percent in May. Food prices in July were 0.4 percent higher than a year earlier. Germany is the largest economy in the euro area, and the renewed acceleration in its energy prices shows the energy shock stemming from the conflict in West Asia feeding into European inflation. That bears on the European Central Bank's interest rate path and through it on the euro to dollar exchange rate. According to Sahmino data, the euro stood at 1.1474 against the dollar at 16:29 on Thursday, 30 July.
Statistisches Bundesamt (Destatis)
Bank of England holds rate at 3.75 percent as three of nine members vote for a hike
The Bank of England said on Thursday, 30 July 2026, that its Monetary Policy Committee voted by a majority of 6 to 3 at its meeting ending on 29 July to maintain Bank Rate at 3.75 percent. Three members voted to raise the rate by 0.25 percentage points to 4 percent. At the previous meeting two members had voted for an increase, and no member voted for a cut at this meeting. The monetary policy summary said that crude and refined energy prices have remained volatile and higher than before the regional conflict in West Asia began, and that the impact of the energy shock on the UK economy remains uncertain. The Bank stressed that monetary policy cannot influence energy prices but is being set so that the economic adjustment is consistent with the 2 percent inflation target. According to the report, UK consumer price inflation has fallen to 2.6 percent since the previous meeting, but is expected to rise later this year as higher energy prices continue to pass through. The Committee judged that risks to the inflation outlook are tilted to the upside. The next meeting decision is due on 17 September 2026.
Bank of England
BMW says it will cut several thousand jobs in Germany by the end of 2027
The carmaker BMW said on Wednesday, 29 July 2026, that it will cut several thousand jobs in Germany by the end of 2027 under a voluntary workforce adjustment programme. According to Reuters, a company spokesperson stressed that the programme is voluntary. The decision is the latest in a chain of workforce reductions among German carmakers, taken in response to falling profitability and weak demand in the global car market. Competitive pressure from Chinese manufacturers and the transition to electric vehicles have been cited as the main causes of the squeeze. BMW has a number of models present in the Iranian market, and developments at the carmaker reach the domestic market through imported cars and spare parts.
Donya-e-Eqtesad, citing Reuters
Euro area GDP grew 0.4 percent in the second quarter of 2026, the EU 0.5 percent
Eurostat, the statistical office of the European Union, said in a preliminary flash estimate published on Thursday 30 July 2026 that seasonally adjusted GDP rose 0.4 percent in the euro area and 0.5 percent in the EU in the second quarter of 2026 compared with the previous quarter. In the first quarter of 2026, GDP had remained stable in the euro area and had risen 0.1 percent in the EU. Compared with the second quarter of 2025, GDP increased 1.0 percent in the euro area and 1.2 percent in the EU, against 0.5 percent and 0.8 percent respectively in the previous quarter. Among member states with available data, Ireland recorded the highest quarterly increase at 3.9 percent, followed by Lithuania at 1.7 percent and Sweden at 1.4 percent. Belgium and Austria posted the lowest growth at 0.0 percent. Germany, France and Italy each grew 0.2 percent, while Spain grew 0.7 percent. In a separate release the same day, Eurostat said the euro area unemployment rate held at 6.3 percent in June 2026, stable against both May 2026 and June 2025, while the EU rate stood at 6.0 percent. The growth estimate is based on data from 19 member states covering 96 percent of euro area GDP and 94 percent of EU GDP, with the next estimate due on 14 August 2026.
Eurostat
Russian ballistic missiles hit Kyiv; Ukraine's Patriot interceptor shortage has worsened since the war on Iran began
Kyiv Mayor Vitali Klitschko said some non-residential sites in the city caught fire after Russia struck the Ukrainian capital with ballistic missiles. According to Al Jazeera, citing Kyiv Independent reporters on the ground, multiple explosions were heard in the city at 1:18am local time on Thursday (22:18 GMT on Wednesday), and Klitschko instructed people to seek shelter. Ukrainian President Volodymyr Zelenskyy had warned on Wednesday that a massive Russian attack was likely, and said the safety of Ukrainians depended on the willingness of allies to supply anti-missile defences. Returning from the United States, he said Donald Trump had agreed to give Ukraine licences to make Patriot missiles; his White House meeting with Trump lasted a little over an hour. The point that matters for energy and defence markets is that, according to Al Jazeera, only US Patriot systems are capable of shooting down Russian ballistic missiles, yet Ukraine is short of PAC-3 interceptors, a shortage that has worsened since the US and Israeli war on Iran began in February 2026. That same inventory squeeze sits behind the Pentagon's new contract with Lockheed Martin.
Al Jazeera
Arm's quarterly revenue rises 22% to a record $1.29 billion as data centre royalties more than double
Arm Holdings released the results of the first quarter of its fiscal year ending 2027 on Wednesday, 29 July 2026. Total revenue rose 22% from the same period a year earlier to $1.29 billion, a record quarterly figure for Arm and above analyst estimates of around $1.26 billion. Royalty revenue rose 22% in the quarter to $715 million and licensing revenue increased 23% to $574 million, both first-quarter records for the company. Royalties from data centres more than doubled from a year earlier. Arm attributed the growth to wider adoption of its version 9 architecture and its compute subsystems, along with higher royalty rates per chip. The company said customer demand for its artificial intelligence processors across the 2027 and 2028 fiscal years has passed $2 billion, double the $1 billion figure it reported last quarter. Arm shares fell about 8% after the results were published.
Arm
Russia's defence ministry says it struck two Ukrainian vessels in the Black Sea and the port of Mykolaiv
Russia's defence ministry said in the early hours of Wednesday 29 July 2026 that it had struck two Ukrainian vessels in the Black Sea as well as the port of Mykolaiv. According to the statement, the strikes used loitering munitions and attack drones and targeted Ukrainian military infrastructure. Mykolaiv is one of Ukraine's Black Sea ports, the waterway through which most of the country's grain exports move.
Eghtesad Online
France warns that renewed Persian Gulf tensions threaten regional security
Eghtesad Online reported in the early hours of Wednesday 29 July 2026 that France had issued a warning over escalating tensions in the Persian Gulf, saying a resumption of hostilities in the region would weaken the diplomatic progress achieved through the understanding between Iran and the United States and would threaten regional security. The Persian Gulf and the Strait of Hormuz are the main route for the region's exports of crude and refined products to world markets. European positions on the security of that waterway matter to the market because they feed into how insurers and vessel owners assess the risk of transiting the route. The warning was published alongside wider diplomatic activity, including a telephone conversation between Iran's foreign minister and the European Union's foreign policy chief on ways to reduce tensions in the region, also reported by the same outlet.
Eghtesad Online
European stocks edge higher on Tuesday, driven by earnings and another pullback in energy prices
European equity markets ended Tuesday, 28 July 2026 (6 Mordad 1405), modestly higher. According to Trading Economics data the same day, the Euro STOXX 50 added 0.2 percent to 6,294 points and the STOXX Europe 600 gained 0.4 percent to 647 points. The two stated drivers were corporate earnings and another pullback in energy prices. Among individual names, Unilever led the gains, surging 8.5 percent after raising its full year sales guidance. Mercedes-Benz rose 2.9 percent, Safran 3 percent and Orange 3.1 percent, while LVMH added 1 percent. On the downside, Barclays fell 5.6 percent after posting its balance sheet, and ASML extended recent losses with a 3 percent decline; the technology sector was under pressure globally on renewed concerns about AI related spending. The energy factor matters directly for Iran's market: the fall in oil prices that supported European shares is the same variable that has been easing in recent days as tension around the Strait of Hormuz cooled and US officials spoke of talks with Iran.
Trading Economics
EU charging network outpaces electric car sales growth, with public charging points reaching 1.1 million
According to a new analysis by Transport & Environment (T&E), the build-out of electric vehicle charging infrastructure in the European Union has run ahead of growth in electric car sales. By the end of 2025, drivers in the EU had access to 1.1 million public charging points, five times the 2020 figure. The expansion reflects the Alternative Fuels Infrastructure Regulation (AFIR), which sets a minimum public charging requirement for each member state: at least 1.3 kW of public charging capacity for every registered battery electric vehicle. Data from the end of March 2026 show every EU country except Malta has met that target, and total EU infrastructure exceeds the regulation's minimum by 180 percent. Meanwhile, the growth rate in battery electric vehicles slowed from 67 percent to 35 percent between 2023 and 2024, while the growth rate in charging points rose from 34 percent to 37 percent over the same period. The largest remaining gap concerns ultra fast chargers on major routes: in June 2026, 79 percent of the TEN-T core road network met the requirement for stations of at least 150 kW every 60 km.
Transport & Environment
European natural gas prices fall by up to 9 percent on Monday, dipping below 58 euros
European natural gas prices fell sharply on Monday, 27 July 2026, as the geopolitical risk premium was cut back. Dutch TTF benchmark contracts dropped by close to 9 percent in early trading, and the nearest expiring contract, down as much as 8.5 percent, briefly traded below 58 euros per megawatt hour. The move followed signals from Iranian officials of a conditional halt to attacks on commercial shipping and a simultaneous fall in crude oil prices. The easing of tensions strengthened expectations of smoother LNG cargo traffic and reduced the perceived risk of large scale rerouting of supply towards Asia. The underlying picture nonetheless remains fragile. European gas storage stands near 54 percent of capacity, below the five year norm, and on current estimates will miss the region's 80 percent refill target before winter. The 30 day average volume of LNG imports into Europe has also been running as much as 23 percent below the five year average.
Tradingpedia
ASML shares slide on a report that China has begun mass producing DUV lithography tools
Shares in the Dutch group ASML, the world's largest maker of chipmaking lithography machines, fell about 8.4 percent in Amsterdam on Monday, 27 July 2026, making it the heaviest drag on Europe's technology sector. The decline followed a report that a Shanghai based, state backed company has begun mass producing immersion deep ultraviolet (DUV) lithography tools. According to the report, the company plans to build about five systems this year and around 20 in 2027, well below the 131 immersion DUV systems ASML produced last year. Investors nonetheless read the news as an early sign of domestic substitution taking hold in China.
Bloomberg
European stock markets close higher on Monday as Germany's DAX gains 1.04 percent
European equity markets closed in positive territory on Monday, 27 July 2026, as investors weighed signs of easing tensions between the United States and Iran. The pan-European STOXX Europe 600 edged up 0.02 percent to 644.62 points, London's FTSE 100 rose 0.42 percent to 10,781.75 points, and Frankfurt's DAX 40 closed 1.04 percent higher at 25,361.03 points. Technology shares lagged during the session and capped the broader index's advance. The fall in oil prices after the United States and Iran halted their exchange of strikes over the weekend supported European consumer and transport stocks.
Anadolu Agency
European natural gas drops more than 7% Monday to below 59 euros as Iran and Oman discuss the Strait of Hormuz
European natural gas prices fell more than 7 percent on Monday, 27 July 2026 (5 Mordad 1405), to below 59 euros per megawatt hour, pulling back from a four-month high. According to Trading Economics data, the TTF benchmark stood at 58.54 euros the same day, down 7.28 percent from the previous session. The Dutch TTF hub contract is the benchmark for Europe's gas market. The driver is the easing of military tension. The United States has launched no further operations against Iran since late Friday, 24 July, after 13 consecutive nights of strikes, and Tehran said on Sunday, 26 July, that it had suspended its retaliatory operations. The pause coincided with talks between Iranian and Omani officials on shipping through the Strait of Hormuz, raising hopes that further disruption to the key energy transit route could be avoided. The same benchmark had reached close to 63 euros on Friday. Concerns over Europe's gas supply security nevertheless persist. European gas storage is 54.2 percent full, well below the 65 percent recorded a year earlier, and unusually hot weather has lifted electricity demand. For Iran, European gas prices have become one of the market's most precise gauges of Strait of Hormuz risk, on a waterway that also carries Iran's oil exports.
Trading Economics
The EU adopts its 21st sanctions package on Russia as Greece secures a one year exemption for shipping Russian LNG
The European Union agreed on Thursday, 23 July 2026, on its 21st package of sanctions against Russia. The package imposes new restrictions on the Russian banking sector. At the same time, following a request from Greece, the package includes a one year exemption with automatic renewal that allows European companies to continue transporting Russian liquefied natural gas to third countries, but only under contracts concluded before 24 February 2022. Under the arrangement, existing activities are preserved while European operators may not undertake new ones, effectively freezing transport volumes at current levels, and the EU Council will be able to review the exemption annually. Athens had argued that a full ban on transfer services for Russian LNG to third countries would do little to cut Moscow's revenue and would simply hand market share to non European competitors while reducing European oversight. For an Iranian audience the case is instructive because it shows how energy sanctions regimes are softened in practice through contractual carve outs.
Anadolu Agency
easyJet profit falls 70 percent on war driven fuel costs, with pre tax profit down to 85 million pounds
British low cost carrier easyJet said on Thursday, 23 July 2026, that its headline pre tax profit for the three months to the end of June fell 70 percent to 85 million pounds, from 286 million pounds a year earlier. Group revenue rose 2 percent over the period to 2.98 billion pounds, but fuel costs climbed 17 percent to 732 million pounds, an increase of 105 million pounds year on year. The airline said jet fuel prices for its unhedged requirement peaked at around $1,800 per tonne in April. Revenue per available seat kilometre fell 3 percent, passenger numbers were broadly flat at 25.8 million, and the load factor dropped 1.3 percentage points to 88.9 percent. easyJet said bookings weakened after the outbreak of the war and were only partly offset by strong demand from customers booking close to departure. The results show the other side of higher oil prices: the same surge that has lifted oil company earnings is weighing on the costs of fuel consuming industries.
Anadolu Agency
TotalEnergies' adjusted net income rose 68 percent to $6.03 billion in the second quarter of 2026
France's TotalEnergies reported on Thursday, 23 July 2026, adjusted net income of $6.03 billion for the second quarter of 2026, up 68 percent from $3.58 billion a year earlier and 12 percent higher than the $5.39 billion recorded in the first quarter. According to the results, the Refining and Chemicals segment posted adjusted net operating income of $1.8 billion, up 13 percent from the first quarter and more than four times the prior year figure. Cash flow from operations excluding working capital came in at $9.8 billion, up 14 percent from the previous quarter and 48 percent higher than in the second quarter of 2025. The company said higher oil prices, refining margins and trading performance offset lower production and weaker results from its liquefied natural gas business. The figures show how the Strait of Hormuz crisis and higher crude prices have lifted the earnings of the world's oil and refining majors, the same variable that shapes refining margins at Iran's listed refiners.
Anadolu Agency
EU fines Google 890 million euros, the heaviest penalty yet under the Digital Markets Act
The European Commission on Thursday, 23 July 2026 (1 Mordad 1405), imposed two separate penalties on Google totalling 890 million euros (about $1 billion), the heaviest fines yet issued under the EU's Digital Markets Act. The first, of 460 million euros, was for illegally promoting Google's own products, including Google Flights and Google Hotels, over rival services in search results. The second, of 430 million euros, followed a finding that Google had prevented app developers from informing consumers, free of charge, about purchasing options available outside the Google Play store. Teresa Ribera, the EU's competition chief, said: "The best products should succeed because they're better, not because they're owned by the company running the search engine." The Digital Markets Act, enforceable since 2024, designates the largest technology platforms as "gatekeepers" and allows the Commission to impose penalties of up to 10% of a company's global turnover. An EU official said this week's penalties amount to just 0.22% of Google's turnover. This is Google's first penalty under the law and exceeds the earlier fines on Apple (500 million euros) and Meta (200 million euros) in 2025. The Commission warned that the fines could grow further if Google fails to bring its practices into compliance within 60 days. The case stems from a non-compliance investigation opened in March 2024.
Türkiye Today
Wall Street Journal: US warns Ukraine against striking third country tankers in the Black Sea
The Wall Street Journal reported on Saturday, 25 July 2026, that the US administration has formally warned Ukraine that attacks on ships and oil infrastructure belonging to third countries in the Black Sea are unacceptable. According to the report, the warning followed a Ukrainian drone attack near the Russian port of Novorossiysk that damaged four tankers, one of them chartered by the US company Chevron. Chevron chief executive Mike Wirth spoke with administration officials this week about the situation in the Black Sea. Novorossiysk is the export terminal of the Caspian Pipeline Consortium, which carries about 2 percent of the world's daily oil supply, and Chevron holds stakes in the consortium and in Kazakhstan's Tengiz oil field. Ukraine's ambassador has also confirmed that Washington raised concerns over strikes that affected US oil interests. Disruption on this route, alongside the constrained traffic through the Strait of Hormuz, is a second front of pressure on global oil supply, a variable that bears directly on oil prices and Iran's foreign currency earnings.
Eghtesad Online
European stocks close higher on Friday; STOXX 600 rises 0.8 percent to 644.5
European equity indexes closed higher on Friday, 24 July 2026 (2 Mordad 1405). The STOXX Europe 600 rose 0.8 percent to 644.5 and the Euro STOXX 50 gained 1.1 percent to 6,281. According to Bloomberg, the main drivers were better-than-expected corporate earnings, including results from the software group SAP, and robust euro-area business activity data. Market reports said European stocks extended their gains later in the session after Reuters reported that Pakistan, in a China-initiated push, was exploring a path to resume the US and Iran talks. Friday's advance contrasted with declines in US markets the same day, where the Nasdaq fell 2.2 percent. For Iran's market, the direction of European equities matters mainly as a gauge of how much war and energy risk global markets are pricing, rather than as a direct channel.
Bloomberg
Wildfires in Spain and France force more than 250,000 people from their homes
According to an Al Jazeera report on Saturday, 25 July 2026, large uncontained wildfires in Spain and France have forced more than 250,000 people from their homes and holiday resorts. Spain has declared a national emergency and France has appealed for international help. Spain's interior ministry said the flames had ravaged nearly 10,000 hectares in the Madrid region and between 13,000 and 15,000 hectares in the neighbouring province of Avila, with a total of 70,000 people evacuated. Carlos Novillo, the Madrid regional government's emergency management chief, said the fire near the capital was at its peak and currently beyond the capacity of firefighters to contain. Prime Minister Pedro Sanchez said on Saturday that the priority was to save lives and that complex hours lay ahead. In France, authorities evacuated thousands of people from suburbs near Bordeaux on Saturday. Sophie Brocas, who heads the local administration of Nouvelle Aquitaine and the Gironde, said the areas of Le Haillan, Eysines and Merignac were being cleared. The Bordeaux region is famed for its vineyards and the city is one of the main transport hubs for tourists heading to Atlantic coast resorts, so the crisis has struck at the height of Europe's summer tourism season.
Al Jazeera