European Union — European Central Bank & Keir Starmer

European Union — European Central Bank: The European Union — European Central Bank researched the economic impact of heatwaves, finding that summer heatwaves reduce regional economic activity and can contribute to higher food prices and inflation.

Keir Starmer: Keir Starmer commented on school closures due to the heat, stating it is up to individual schools to decide, reflecting political discourse around the event.

European Union — European Central Bank: The European Union — European Central Bank (ECB) welcomed the US-Iran ceasefire, with President Christine Lagarde noting its potential to reopen the Strait of Hormuz. However, policymaker Joachim Nagel cautioned that it would not bring immediate relief to high euro zone inflation, influencing market expectations for future rate hikes.

Keir Starmer: Keir Starmer, UK Prime Minister, welcomed the US-Iran agreement and stressed the importance of restoring freedom of navigation in the Strait of Hormuz.

European Union — European Central Bank: The European Union — European Central Bank's policy decisions, particularly on interest rates, are being influenced by how rising crude oil costs affect wider inflation.