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In July 2026, South Korea’s vehicle exports hit a new high of US$6.24 billion, marking a 7.0% increase compared to the same month last year. This figure not only set a new record for July but also surpassed the previous July record of US$5.90 billion set in 2023. The Ministry of Trade, Industry and Resources reported positive results across exports, manufacturing, and domestic sales. Vehicle production grew by 11.3% to approximately 352,000 units, while domestic sales experienced a slight rise of 0.5%, reaching 139,000 vehicles.

Throughout recent weeks, diesel prices have remained persistently high across the United States and Europe, driven by tight inventory levels and refinery disruptions that have constrained the availability of refined fuel. On Monday, U.S. ultra-low sulfur diesel futures surged by 7.4% to reach $4.19 a gallon, marking the biggest single-day increase since July 13. By early Wednesday, the contract hovered around $4.28 a gallon. Meanwhile, European diesel refining margins stayed at historically elevated levels after nearly a 10% gain at the week’s start.

Gold continued its upward trajectory for a third straight session on Tuesday, extending its rebound from last week. The spot price of gold increased 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60. This movement pushed prices beyond the seven-week high recorded last week, signaling a recovery that gained momentum after weaker U.S. employment data was reported.

In July, official data revealed that Denmark’s inflation rate for the year slowed to 1.7% from 1.9% in June. According to Statistics Denmark, consumer prices saw an increase of 1.3% compared to the previous month. The core inflation rate remained steady at 2.3%, the same as in June. The index was notably influenced by rising costs in the hospitality sector, with restaurants and hotels contributing significantly. Additionally, holiday home rentals played a substantial role during the summer travel season.

Extreme heat and drought across Europe could remove about 1% from European Union economic output in 2026, according to an assessment by Triodos Bank. The estimated loss equals roughly €180 billion and comes during an already weak growth year. The European Commission forecast in May that EU gross domestic product would expand 1.1% in 2026. That baseline leaves little distance between projected growth and the economic damage estimated from this summer’s severe weather. Record summer heat is weighing on European productivity, agriculture, energy and transport. (AI-generated image)

Extreme heat in South Korea has sent vegetable prices sharply higher while livestock and aquaculture farms report major heat losses.

Last Friday, European space authorities sealed a significant deal to enhance the EU’s leading satellite communications system, following extensive multilateral negotiations in Brussels over several months. Confirming the development, the European Commission announced the signing of a contract to extend IRIS2 satellite constellation through a binding implementation agreement with the SpaceRISE industrial consortium. This formal agreement marks the conclusion of detailed technical and financial discussions that started in January 2026, transitioning the Infrastructure for Resilience, Interconnectivity and Security by Satellite program from its early planning stages into full industrial deployment.

South Korea’s current account surplus reached a record $49.73 billion in June as semiconductor exports surged. The Bank of Korea reported a sharp increase from the previous record of $38.61 billion in May. June also extended the country’s current account surplus streak to 38 consecutive months. Strong goods exports accounted for most of the increase, with technology shipments leading the expansion in overseas sales.

Eurozone manufacturing strengthened in July as factory output reached its fastest pace in nearly four and a half years. The S&P Global manufacturing PMI rose to 51.9 from 51.4 in June. A reading above 50 signals expansion. The final result stayed slightly below the earlier estimate of 52.0. Production improved at the start of the third quarter, but demand indicators showed that the recovery remained uneven across the currency bloc.

The European Union has formally established the Scaleup Europe Fund with a €5 billion fundraising target. The fund operates within the European Innovation Council Fund and focuses on strategic technology companies. EQT serves as investment manager and will select deals on commercial terms. The Commission expects the first investments within weeks. Fundraising will continue as EQT seeks additional commitments from public and private investors. EU-backed growth fund opens a new financing channel for European technology scaleups.