Eurozone Macro: S&P Global’s eurozone composite PMI jumped to 51.9 in July from 50.0 in June, with services at a five-month high and manufacturing at a three-month high—signaling a bounce in demand even as geopolitics stays a wildcard. UK Growth Pulse: The UK PMI also returned to expansion, with the composite output index at 52.1 and services at 51.8, helped by a brief oil-price easing and stronger hospitality activity. Fed Watch: Fed Chair Kevin Warsh reiterated the push to get inflation back to 2%, but the July decision remains hard to read as inflation and hiring signals swing. Market Risk-Off: A sell-off hit US stocks as Iran-war oil pressure and tariff fears collided with the AI trade, sending the S&P 500 and Nasdaq lower. Tech/AI Compute: AMD launched “Helios” to bundle GPUs, CPUs, networking and software, while Intel’s AI-driven outlook helped lift sentiment. Energy & Power: FERC warned PJM stakeholders it could impose reforms if governance changes aren’t agreed by end-September. Business/Regional: South Korea’s GDP grew 0.6% QoQ in Q2, driven by semiconductor exports, and Korea’s top financial groups posted record first-half profits as trading activity surged. Policy/Trade: BASF warned revised EU carbon rules could still weaken investment in energy-intensive manufacturing. Digital & Media: TelevisaUnivision said US ad revenue fell 29% in Q2, expecting political ads to help in Q3. Crypto: Crypto project shutdowns accelerated in 2026 as liquidity and user retention deteriorated.