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In July 2026, global electric vehicle sales rose by 9% compared to the previous year, totaling 1.85 million units worldwide. The cumulative sales for the first seven months reached 11.5 million vehicles, representing a 4% increase from the same period in 2025. Europe led major EV markets in July as global electric vehicle demand continued to grow. Among the world’s leading EV markets, Europe experienced the most significant growth during July. Sales in the region climbed 33% from the previous year to approximately 450,000 vehicles. During the January through July span, EV sales across Europe increased by 28%.

In July 2026, South Korea’s vehicle exports surged by 7.0% year-on-year to reach US$6.24 billion, marking the highest monthly total ever recorded for July. Korean vehicle exports climbed in July as electric, hydrogen and hybrid shipments increased. Much of the export growth during this period was driven by eco-friendly vehicles, with their export value jumping 25.5% compared to the previous year. North America remained the primary destination for Korean auto exports, with shipments rising 18.0% to US$3.25 billion. Exports to the European Union increased by 23.5%, reaching US$880 million.

On Monday, U.S. ultra-low sulfur diesel futures jumped 7.4% to reach $4.19 a gallon, marking the largest single-day increase since July 13. By early Wednesday, the contract hovered around $4.28 a gallon. Meanwhile, European diesel refining margins remained elevated, with gains approaching 10% at the week’s start, reflecting ongoing tightness in supply and refinery issues. Diesel inventories in the U.S. have dropped to levels rarely seen during the summer months. Retail diesel prices have also remained significantly above earlier summer levels.

Gold continued its upward momentum for a third straight session on Tuesday, as bullion extended the rebound seen last week. The spot price increased by 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures climbed 1.7% to $4,492.60. This move pushed prices beyond the seven-week peak recorded last week and marked a continuation of the recovery that gained momentum following weaker U.S. employment figures.

Official data revealed that Denmark’s annual inflation rate decreased to 1.7% in July from 1.9% in June. Statistics Denmark reported that consumer prices increased by 1.3% from the previous month. The core inflation rate remained steady at 2.3%, matching the June figure. Notably, price hikes in restaurants and hotels continued to be significant drivers of the index. Additionally, holiday home rentals contributed substantially during the summer travel season.

According to a report by Triodos Bank, extreme heat and drought conditions across Europe could slash about 1% from the European Union’s economic output in 2026. This estimated loss, roughly €180 billion, occurs amid a year already characterized by sluggish growth. The European Commission forecast from May projected EU gross domestic product to grow by 1.1% in 2026. This baseline suggests little margin between the anticipated economic expansion and the potential damage from this summer’s severe weather patterns.

Fresh vegetable costs are climbing as extreme heat affects South Korea’s food sector. The Ministry of Agriculture, Food and Rural Affairs explained that sustained high temperatures have led to diminished supplies of heat-sensitive crops. Vegetables like spinach, cucumbers, and zucchini are especially vulnerable when temperatures remain elevated for long durations. This summer has also seen record-breaking weather across the nation. On Aug. 2, Yangsan recorded a temperature of 42.5 degrees Celsius, marking South Korea’s highest temperature since nationwide observations started in 1904. The heat has also inflicted heavy losses on livestock farms. As of Aug. 7, South Korea had reported 901,602 animal deaths, with chickens and ducks accounting for roughly 95% of the total. These losses are approximately 55% of those reported during the same period last year. Despite the overall impact, broiler chicken prices have remained relatively stable, with retail prices at 5,925 won per kilogram on Aug. 7, falling below 6,000 won for the first time since February. Extreme Heatwaves Affect Agriculture and Fish Stocks Aquaculture has also suffered substantial setbacks due to warming coastal waters. Fish farms have reported 864,497 deaths through Aug. 7, adding strain to the domestic seafood market. Auction prices for flounder between July 27 and Aug. 1 averaged 22,300 won per kilogram, showing a 2.29% increase from the previous week and a 13

European space authorities finalized a significant upgrade to the EU’s leading satellite communications system on Friday. The European Commission officially announced the signing of a contract to enhance IRIS2 satellite constellation through a binding implementation agreement with the SpaceRISE industrial consortium. This formal agreement marks the culmination of detailed technical and financial discussions that began in January 2026, transitioning the Infrastructure for Resilience, Interconnectivity and Security by Satellite program from planning into full industrial deployment. The main satellite network will expand from 282 to 348 active units, incorporating 330 satellites in higher low Earth orbit alongside 18 in medium Earth orbit. The initial satellite launches are scheduled for 2029, allowing participating EU member states to benefit from early sovereign connectivity shortly thereafter. This expansion directly addresses growing security concerns and the changing operational needs across Europe, raising secure governmental communication capacity by 60 percent within EU territory and by 54 percent worldwide.

The surge was primarily supported by robust goods exports, with technology shipments leading the overseas sales expansion. Semiconductor exports drove South Korea’s current account surplus to an all-time June record. For the first half of the year, the current account surplus totaled $191.01 billion, setting a new record for January to June. The growth in exports accelerated as global demand for semiconductors and other IT products bolstered the country’s trade results.

In July, Eurozone manufacturing experienced growth, with factory output reaching its fastest rate in nearly four and a half years. The S&P Global manufacturing PMI increased to 51.9 from 51.4 in June. A figure above 50 indicates expansion. Although the final number was slightly below the initial estimate of 52.0, production gains in the early third quarter contrasted with subdued demand signals, highlighting an uneven recovery within the currency bloc.