On Friday, the European Commission completed a significant expansion of the European Union’s leading satellite communications system, marking the end of months of commercial negotiations with the SpaceRISE industrial consortium. The newly signed implementation agreement allows the Infrastructure for Resilience, Interconnectivity and Security by Satellite (IRIS²) program to move from planning to full industrial deployment. This formal deal increases the planned satellite fleet to 348 spacecraft, aimed at bolstering sovereign connectivity, defense, and emergency response functions across member nations.

South Korea’s record June current account surplus was powered by strong semiconductor exports. The total current account surplus for the first half of the year reached $191.01 billion, setting a new record for January to June periods. This compares with $47.87 billion during the same span in the previous year. The six-month total also beat South Korea’s earlier full-year record of $123.05 billion in 2025. The data highlight the remarkable growth in exports during the first half, with semiconductors playing a crucial role in boosting overseas sales.

Eurozone manufacturing output accelerated in July while new orders and exports stayed weak. The survey’s output index rose from 51.7 to 52.9, reaching its peak since March 2022. Production growth outpaced the overall manufacturing conditions, but companies relied heavily on work received in previous months. New orders grew only marginally and lagged behind the pace of production. Export orders declined once more, with decreases in France, Spain, Italy, and Austria outweighing gains elsewhere in the currency zone.

The European Union has launched the Scaleup Europe Fund with a target of €5 billion, aimed at strategic technology firms. The European Commission finalized the legal procedures for the fund on August 4, integrating it into the European Innovation Council Fund. Managed by EQT, the fund now has the authority to make independent investments on market terms. The Commission anticipates initial investments will be made within the next few weeks, with ongoing efforts to raise additional capital toward reaching the €5 billion goal.

OECD inflation eased to 4.2% in June as energy price growth slowed across member economies. Energy prices largely contributed to the monthly slowdown. The OECD energy inflation rate dropped four percentage points to 11.7% year on year, down from 15.8% in May. Out of the 37 countries with available data, 24 experienced a decline in energy inflation, although 10 saw increases. Six countries still reported rates exceeding 15%. Despite the broad retreat, energy continued to be a significant factor in annual price growth, although it contributed less to the overall headline inflation.