Business
European space authorities have completed an important step toward enlarging the bloc’s leading satellite communication system following extensive negotiations in Brussels over the past months. The European Commission officially announced the signing of a contract to expand 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, marking the transition of the Infrastructure for Resilience, Interconnectivity and Security by Satellite program from initial planning to 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.
In July, manufacturing activity within the Eurozone experienced a boost, 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. Readings above 50 indicate expansion. The final figure was slightly below the earlier estimate of 52.0. While production saw an uptick at the start of the third quarter, demand indicators revealed that the recovery was still uneven across the currency bloc.
In June 2026, the OECD economies experienced a deceleration in annual inflation from 4.6% in May to 4.2%. This reduction marked the end of three successive months of rising headline inflation. Consumer price growth slowed in 20 member countries and increased in six. Meanwhile, 12 economies saw inflation rates that remained stable or broadly stable. Among the OECD nations, nine countries reported inflation rates of 2% or less, including three where inflation stayed below 1%.
The UK economy remains outside recession, but softer investment and hiring have increased scrutiny of its growth outlook. EY expects gross domestic product to expand 0.9% in 2026 after raising its May projection by 0.1 percentage point. The firm forecasts 1.2% growth for 2027. Its central outlook assumes the Strait of Hormuz reopens by September, while shipping volumes remain below normal. Energy costs now sit at the center of the UK economic debate.
Wall Street posted broad gains as the Dow reached a record close and the Nasdaq advanced. Technology and communications firms delivered some of the strongest gains during the session. Meta Platforms and Alphabet were instrumental in pushing the S&P 500 communication services sector up by 4.3%. Amazon saw a 4.6% increase after its market capitalization surpassed $3 trillion for the first time. A fund tracking seven major technology firms gained nearly 4%. These positive movements contributed significantly to the overall upward momentum seen throughout trading hours. Oil prices declined as markets responded to recent developments involving the United States and Iran. Brent crude fell 4.7%, settling at $83.77 per barrel. President Donald Trump announced that the U.S. would postpone additional strikes against Iran and indicated that discussions would include reopening the Strait of Hormuz. Iran denied that formal negotiations had been scheduled. The drop in oil prices alleviated immediate inflation concerns and supported gains in stocks and government bonds. Falling oil prices bolster market confidence The 10-year Treasury yield decreased to roughly 4.68% during the trading session. This decline in yields benefited technology stocks, as lower financing costs tend to support growth-oriented companies. Investors remained attentive to the Federal Reserve and upcoming economic data. According to New York Federal Reserve President John Williams, inflation pressures are expected to ease gradually. Bond prices moved higher as yields fell, providing additional backing for U.S. equities. The positive trend extended beyond large-cap technology firms. The Russell 200