The UK economy is avoiding recession, but new forecasts highlight increasing pressures from global energy disruptions. EY increased its growth forecast for 2026 to 0.9%, up from 0.8% in May. Its 2027 projection remains at 1.2%. This forecast assumes the Strait of Hormuz reopens by September with limited tanker traffic. EY’s downside scenario predicts 0.5% growth this year and a 0.2% decline in 2027.
Spokane wildfires force mass evacuations as crews defend homes and public infrastructure. Intense winds and dry vegetation pushed the eastern Washington fires from open land into residential zones on Spokane’s northern perimeter. The Old Trails Fire crossed the Spokane River and quickly reached neighborhoods in the northwest. Flames damaged homes, businesses, vehicles, and utility equipment across several communities. Infrared scans indicated potential damage to hundreds of additional structures, though officials had not yet confirmed these losses. Smoke from the fires spread over Spokane, reducing visibility near active fire zones. The Spokane County Sheriff’s Office announced that deputies arrested 37-year-old Aaron F. Farinacci Monday on suspicion of first-degree arson. The arrest is linked solely to the Old Trails Fire, which began near Old Trails Road and Euclid Avenue. A court will decide on the charges, and the arrest does not imply guilt. Investigations are ongoing into the causes of the Autumn Lane and Fairview fires. Authorities have not made any further arrests related to the wildfires in Spokane County.
U.S. stocks climbed as Big Tech gains and falling oil prices lifted market sentiment. Technology and communication services stocks fueled much of the market surge. Meta Platforms and Alphabet contributed to the 4.3% rise in the S&P 500 communication services sector, the strongest among all 11 sectors. Amazon’s stock jumped 4.6% after reaching a market value exceeding $3 trillion for the first time, following quarterly earnings. An exchange-traded fund tracking seven major technology firms gained nearly 4%, indicating robust demand for top growth stocks. The decline in crude oil prices also helped boost the market. Brent crude fell 4.7%, settling at $83.77 a barrel, after President Donald Trump announced the U.S. would delay new strikes against Iran. Trump also mentioned talks about reopening the Strait of Hormuz, though Iran disputed any scheduled negotiations. The falling oil prices eased inflation concerns and caused Treasury yields to dip during trading. Energy shares declined 1.2%, making the energy sector the weakest group of the day.
Michigan has reported its first two fatalities linked to the 2026 cyclosporiasis outbreak. The Michigan Department of Health and Human Services announced 11,234 cases as of Aug. 3. They also noted 193 hospitalizations through July 30. Medical records indicate both individuals had serious underlying health issues that may have been worsened by cyclosporiasis and dehydration. Authorities declined to provide additional details about the two victims.
UK solar capacity reached 22.8 gigawatts at the end of June 2026, marking a significant increase in deployment. The Department for Energy Security and Net Zero reported about 2.076 million installations nationwide. In June alone, developers added 27,391 systems, generating 132 megawatts. These figures are provisional and may be updated as more projects are included in the official dataset. The total includes rooftop arrays, commercial systems, and large solar farms. This milestone also establishes a baseline before the new plug-in solar regulations come into effect.
Austria experienced its highest temperature for July on July 31, when Wieselburg in Lower Austria hit 40.3 degrees Celsius. This surpassed the previous national July record of 39.7 degrees, set in Dellach im Drautal on July 27, 1983. GeoSphere Austria confirmed the new monthly peak as a severe heatwave intensified over eastern regions. The temperature did not reach Austria’s all-time record of 40.5 degrees, measured in Bad Deutsch-Altenburg in August 2013.
President Donald Trump announced that the United States would halt an attack on Iran if negotiators quickly reached an agreement. He emphasized that the deal should reopen the Strait of Hormuz and address Iran’s nuclear activities. Trump also stated that Israel supported efforts to finalize the arrangement. His declaration brought an end to preparations for another U.S. strike. As of Monday morning, officials had not released a signed agreement or detailed terms.
DR Congo expands its Ebola response as cases rise across five affected provinces. The cases now extend across 49 health zones in Ituri, North Kivu, South Kivu, Haut-Uélé, and Tshopo. During the latest seven-day period, 33 zones reported active transmission. They documented 641 cases and 282 deaths. Ituri remains the outbreak’s epicenter, with 3,176 infections, or 88% of the national total. Bunia recorded the highest number of cases. Other affected areas include Rwampara, Mongbwalu, Nizi, Lita, and Nyankunde, as health teams expanded tracing and testing efforts.
Australian lawmakers approved significant disability legislation in Parliament on Friday after intense debate across both chambers. The final approval came after the Senate passed the National Disability Insurance Scheme reform bill. This legislation establishes the legal basis for the National Disability Insurance Scheme Amendment Bill 2026. Managed by the National Disability Insurance Agency, the new law introduces strict assessment rules, enhances anti-fraud powers, and sets Ministerial pricing controls for regional providers.
Official data released on Friday confirms that the Canadian economy expanded by 0.3 per cent in May. This marks the continuation of a broader economic rebound into a second month and surpasses earlier government forecasts. Statistics Canada’s monthly Gross Domestic Product figures show real output increased in 13 of 20 major industrial sectors. Broad gains in goods-producing industries and sustained demand in services drove this growth. The actual monthly increase exceeded the preliminary estimate of 0.1 per cent, providing strong momentum for the economy after April’s revised growth of 0.6 per cent.
Global financial markets experienced increased risk aversion, pushing digital assets lower. Bitcoin dipped below the $63,000 level. Data from cryptocurrency exchange Binance shows that the leading token by market capitalization dropped 3.02% in 24 hours to $62,957.83. This decline continues a multi-session sell-off caused by volatility in tech stocks, macroeconomic pressures, and changing expectations for monetary policy. Bloomberg market data also indicates that a sharp decline in spot trading volumes was matched by a quick rise in long liquidations across derivative trading venues.
German public health officials reported an estimated 9,800 deaths linked to heat in Germany during the first seven months of 2026. This marks the highest mid-summer death toll since systematic records began in 2016. Data from the Robert Koch Institute shows that prolonged high temperatures from early April until July 19 caused record fatalities. The federal agency, under the Federal Ministry of Health, noted that the total for 2026 already exceeds the full-year death counts from any year in the past decade. Elderly populations, particularly those aged 75 and older, faced the highest risks during the heatwave.
On Wednesday, the British government announced an allocation of £8.4 billion ($11.2 billion) to support its Dreadnought-class nuclear submarine project. This funding aims to ensure the country’s long-term at-sea nuclear deterrent. An official statement from the Prime Minister’s Office confirmed that the investment will speed up the construction of four next-generation vessels. It will also preserve thousands of skilled jobs and apprenticeship opportunities over the next ten years. This strategic procurement is a significant capital commitment to maintain continuous maritime defense into the mid-21st century.
On Friday, search and rescue crews in southwestern Japan kept removing heavy debris despite severe weather, following a strong earthquake on Kyushu. Local authorities confirmed that the death toll has increased to 34. Rescue teams pulled more victims from collapsed buildings and commercial sites. The quake had a magnitude of 7.1—though the U.S. Geological Survey measured it at 6.8. It struck Kumamoto Prefecture at a shallow depth of 10 kilometers on Tuesday afternoon, causing widespread building collapses and ground shifts.
Consumers in Belgium gained little as July inflation surpassed expectations, with consumer prices growing faster than predicted. The national statistical agency Statbel reported an annual inflation rate of 3.56 percent in July, driven by increases in costs for utilities, recreation, and transport. Core inflation also rose to 3.13 percent, indicating broad price pressures across consumer goods and services. Energy products and commercial services were key factors behind the rise, with notable increases in airfares, hotel rates, and financial services. Belgium’s health index also increased to 3.22 percent, nearing thresholds for mandatory pay raises.
Regional environmental and public health concerns mounted across Western Europe on Thursday as massive wildfire smoke plumes spread across international borders. Official emergency disclosures published by Emirates News Agency confirmed that a fourth heatwave threatens France, Spain as wildfire smoke risks intensify, presenting severe operational challenges for emergency responders and municipal health authorities. Weather agencies in both nations warned that the incoming extreme heat will worsen existing fire conditions and expand large-scale civilian evacuations that have already displaced more than 300,000 residents and tourists across the Iberian Peninsula and southwestern France.
The company exceeded Wall Street expectations across profit figures and sales volume. Trading disclosures showed that Starbucks shares surged as the company’s efforts to regain third place pay off, leading to a better outlook for 2026. This lifted share prices by over five percent during extended trading on the Nasdaq. The Seattle-based specialty coffee retailer reported consolidated net revenues of $9.3 billion for the 13-week period ending June 28, 2026. The results were driven by an 8.1 percent increase in North American store sales and ongoing margin growth across key operations.
Dubai-based carrier flydubai announced a major expansion of its European flight network on Wednesday, increasing service frequencies to key Italian gateways to capture rising international travel demand. According to statements published by Emirates News Agency, flydubai strengthens operations in Italy with additional flight frequencies to Milan-Bergamo and Naples, deepening direct transport links between the United Arab Emirates and Southern Europe. Starting July 31, 2026, the airline will operate a double-daily service between Dubai International Airport and Milan-Bergamo Airport, while simultaneously expanding its flight schedule to Naples International Airport to a daily frequency.
This visit builds on growing trade connections between the UAE and Central European economies. Investments have increased in clean energy, automotive tech, and AI infrastructure. Official records show that UAE leaders discuss cooperation with European counterparts to extend diplomatic influence and develop resilient global supply chains. Strengthening ties with Slovakia helps the UAE diversify its international investments and boost economic corridors linking the Gulf with Central and Eastern Europe.
Emirates, the flagship airline, introduced a cryptocurrency checkout feature on Tuesday. This allows eligible passengers to book flights using digital assets through its website and mobile app. Emirates News Agency confirmed that Emirates and Crypto.com have partnered to offer a new payment method for flights. The agreement was initially signed in July 2025. The digital asset payment system is available to residents of the United Arab Emirates for both international and domestic flights paid for and settled in Emirati Dirhams (AED). Payments are processed via Crypto.com’s checkout portal, giving travelers instant access to their digital wallet balances during ticket purchases.