Europe’s extreme summer heat and drought could cut EU economic output by about 1% in 2026, according to new analysis from Triodos Bank. The estimated loss equals roughly €180 billion and is close to the European Commission’s current growth forecast for the bloc. In May, the Commission projected EU gross domestic product would rise 1.1% this year. The comparison shows the scale of the weather-related damage estimated in the bank’s analysis.
U.S. stocks ended modestly higher Wednesday as long-term Treasury yields fell sharply. The S&P 500 rose 16.22 points, or 0.21%, to 7,707.98, ending a three-session losing streak. The Dow Jones Industrial Average gained 119.65 points, or 0.22%, to close at 53,463.05. The Nasdaq Composite added 41.38 points, or 0.16%, finishing at 26,331.09. Falling government bond yields helped major indexes recover after several sessions of pressure from rising borrowing costs. Bond prices climbed after the U.S. Treasury Department announced larger liquidity support buybacks for longer-dated government debt. Starting September 9, the maximum purchase size will increase from $2 billion to at least $4 billion per operation. The change covers nominal coupon securities in the 10-to-20-year and 20-to-30-year maturity sectors. The increased amounts will remain in effect through November 4. The department said strong volumes of high-quality offers supported the decision to increase liquidity operations in those sectors.
WHO incident manager Thierno Baldé said the three-month timeline depends on securing the resources required for the response. The agency has received about $69.3 million of the $115 million it says it needs, or roughly 60%. Teams added more than 400 treatment beds during the past two weeks. They also deployed 100 additional epidemiologists and more than 500 community health workers for surveillance and contact tracing. The response requires vehicles, ambulances, medical supplies and personnel across a growing affected area. Transmission has reached Bas-Uélé, making it the sixth affected province. As of Aug. 12, Ituri accounted for 85% of confirmed cases and 79% of reported deaths nationwide. Officials said 70% to 80% of new cases had no known link to existing patients. Health teams are expanding surveillance to identify cases faster and transfer patients into treatment centers. Bas-Uélé’s first confirmed case had traveled from Haut-Uélé before symptoms began on Aug. 4.
Indonesia’s Meteorology, Climatology and Geophysics Agency, known as BMKG, located the earthquake at 0.65 degrees south latitude and 98.32 degrees east longitude. Its intensity data showed the strongest reported shaking in North Tapanuli, where residents experienced intensity IV. Several areas in West Sumatra also recorded noticeable tremors. The earthquake reached communities in Padang, Padang Pariaman, Pariaman, West Pasaman and Agam.
Residents across other parts of Sumatra also reported shaking after the magnitude 6.1 earthquake. The National Disaster Mitigation Agency, or BNPB, said the earthquake had no potential to generate a tsunami. Residents in South Nias felt weak shaking for about three to five seconds. Local disaster offices began monitoring affected areas after the tremor, while the initial national bulletin provided no confirmed casualty or damage figures.
The latest figures deepen concerns raised days earlier as infections and deaths continued climbing across eastern DRC. United Nations humanitarian chief Tom Fletcher said the virus was killing one person every 30 minutes. The outbreak has expanded at an exceptional pace since authorities formally announced it in May. Confirmed infections had already surpassed the total recorded during the 2018 to 2020 outbreak by late July, making the current epidemic the country’s largest by case count.
News
On August 12, 2026, a total solar eclipse crossed the Russian Arctic. It then swept into the North Atlantic and continued toward Europe. State Space Corporation Roscosmos said the eclipse began over Russia’s remote northern regions at about 17:00 GMT. The Moon’s shadow moved across Greenland and Iceland before reaching Spain and northeastern Portugal near sunset. Totality appeared only inside a narrow corridor. Surrounding regions across Europe, North America and Africa experienced a partial solar eclipse.
The latest figures deepen concerns raised days earlier as infections and deaths continued climbing across eastern DRC. United Nations humanitarian chief Tom Fletcher said the virus was killing one person every 30 minutes. The outbreak has expanded at an exceptional pace since authorities formally announced it in May. Confirmed infections had already surpassed the total recorded during the 2018 to 2020 outbreak by late July, making the current epidemic the country’s largest by case count.
Business
U.S. stocks ended modestly higher Wednesday as long-term Treasury yields fell sharply. The S&P 500 rose 16.22 points, or 0.21%, to 7,707.98, ending a three-session losing streak. The Dow Jones Industrial Average gained 119.65 points, or 0.22%, to close at 53,463.05. The Nasdaq Composite added 41.38 points, or 0.16%, finishing at 26,331.09. Falling government bond yields helped major indexes recover after several sessions of pressure from rising borrowing costs. Bond prices climbed after the U.S. Treasury Department announced larger liquidity support buybacks for longer-dated government debt. Starting September 9, the maximum purchase size will increase from $2 billion to at least $4 billion per operation. The change covers nominal coupon securities in the 10-to-20-year and 20-to-30-year maturity sectors. The increased amounts will remain in effect through November 4. The department said strong volumes of high-quality offers supported the decision to increase liquidity operations in those sectors.
Eco-friendly vehicles provided the strongest lift to South Korea’s auto exports during the month. Their export value increased 25.5% from a year earlier to US$2.59 billion. Electric and hydrogen vehicle exports rose 31.9% to US$940 million. Hybrid exports advanced 22.2% to US$1.65 billion. By contrast, exports of internal combustion engine vehicles fell 3.1% to US$3.65 billion. Eco-friendly models accounted for about 41.5% of the country’s total automobile export value in July.
Diesel prices remained elevated on Wednesday as tighter refined-product supplies kept pressure on fuel markets in the United States and Europe. U.S. ultra-low sulfur diesel futures jumped 7.4% on Monday to settle at $4.19 a gallon. That marked the contract’s biggest daily gain since July 13. Early Wednesday trading put the contract near $4.28 a gallon, while European diesel refining margins remained at historically high levels after rising nearly 10% on Monday.
Europe’s extreme summer heat and drought could cut EU economic output by about 1% in 2026, according to new analysis from Triodos Bank. The estimated loss equals roughly €180 billion and is close to the European Commission’s current growth forecast for the bloc. In May, the Commission projected EU gross domestic product would rise 1.1% this year. The comparison shows the scale of the weather-related damage estimated in the bank’s analysis.
Denmark’s annual consumer price inflation eased to 1.7% in July from 1.9% in June, with core inflation remaining steady at 2.3%. Restaurants and hotels were the main contributors to July inflation, with higher holiday home rental prices driving the increase in that category. Goods prices were lower by 0.7% compared to a year earlier, while services prices rose by 3.8%. The EU harmonised inflation rate for Denmark fell to 1.6% in July, down from 1.8% in June.
Gold advanced for a third consecutive session on Tuesday as bullion extended its rebound from last week. Spot gold gained 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest level since June 5. U.S. gold futures climbed 1.7% to $4,492.60. The move pushed prices above the seven-week peak recorded last week and continued a recovery that accelerated after weaker U.S. employment data.
Fresh vegetable prices have surged in South Korea as prolonged extreme heat reduced shipments and damaged farm output nationwide. Korea Agro-Fisheries & Food Trade Corp. data showed spinach at 1,978 won per 100 grams on Aug. 7, up 152.3% from a month earlier. Ten cucumbers cost 8,313 won, an increase of 54.8%. Blue lettuce rose 41.7%, while a zucchini climbed 46.6% to 1,504 won.
BRUSSELS / RankWire.AI / – European space authorities finalized a major expansion of the bloc’s flagship orbital communications network on Friday following months of multilateral commercial negotiations in Brussels. Official announcements from the European Commission confirmed that the EU Commission signs contract to expand IRIS2 satellite constellation…
Technology
The valuation shift reflects broader recalibrations across international financial markets as institutional managers re-evaluate capital commitments tied to artificial intelligence infrastructure. While competing hyperscale computing enterprises including Alphabet and Tesla accelerated capital investments toward data centers, robotics, and autonomous transport networks, Apple maintained disciplined expenditure controls over consecutive fiscal quarters. Market participants increasingly view Apple’s disciplined spending approach as a operational buffer, allowing the firm to expand its proprietary Apple Intelligence software ecosystem without incurring high infrastructure depreciation costs. Trading patterns across major equity benchmarks highlighted diverging sentiment between hardware component suppliers and consumer technology platforms. Nvidia shares experienced increased selling pressure alongside wider pullbacks across semiconductor equities, as investors scrutinized the timeline for financial returns on massive artificial intelligence data center investments. The Philadelphia Semiconductor Index recorded notable weekly declines as market participants reassessed elevated valuation multiples across pure-play chipmakers. Despite persistent demand for graphics processing units, concerns surrounding energy supply constraints, macroeconomic interest rate trajectories, and capital expenditure intensity weighed on semiconductor equity prices.
Automotive
The restructuring strategy, formally named the Future Package, was negotiated between the executive leadership of Porsche and the General Works Council in coordination with the metalworkers union IG Metall and the employers association Südwestmetall. Executives emphasized that workforce reductions will be executed through socially responsible mechanisms, including expanded partial retirement programs, voluntary severance packages, and natural demographic attrition. Management explicitly ruled out compulsory redundancies through 2035, while extending existing site guarantees for five years. In exchange for labor concessions, the automaker committed 2.1 billion euros in capital investments dedicated to upgrading its assembly plant in Stuttgart-Zuffenhausen and its research facility in Weissach.