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Eco-friendly vehicles lead July export gains
The ministry linked the July export increase to more operating days and continued overseas demand for eco-friendly vehicles and SUVs. Major automakers shifted summer vacation schedules from July in 2025 to August in 2026. That change increased the number of working days during the month. Higher production followed the same calendar effect, with output rising 11.3% year on year to 352,000 vehicles. June production had reached 394,000 vehicles, an increase of 11.6% from a year earlier.
South Korea’s domestic auto market posted a smaller increase than exports and production. Vehicle sales rose 0.5% from July 2025 to 139,000 units. Eco-friendly vehicles accounted for 84,000 domestic sales, or about 60% of the market. Electric vehicle sales increased 47.5% to 36,000 units. Eco-friendly models therefore represented about three of every five vehicles sold domestically during July. Total domestic vehicle sales remained close to their level in the same month a year earlier.

North America and Europe post strong increases
The auto results formed part of a broader increase in South Korean exports during July. Total goods exports reached US$98.89 billion, the second-highest monthly value on record and up 62.8% from a year earlier. Automobiles c

U.S. retail diesel averaged $5.257 a gallon on August 10, compared with $5.348 a week earlier. Prices remained well above the $4.578 average recorded on July 6. The U.S. Energy Information Administration reported that distillate inventories fell 3.5 million barrels during the week ended July 31. Stocks reached 107.2 million barrels, compared with 110.6 million a week earlier. The total was 5.1% below a year earlier and 16.1% below the comparable level two years ago.

The estimated loss equals roughly €180 billion and is close to the European Commission’s current growth forecast for the bloc. In May, the Commission projected EU gross domestic product would rise 1.1% this year. The comparison shows the scale of the weather-related damage estimated in the bank’s analysis. Triodos Bank assessed four main channels: labour productivity, agriculture, energy production, and transport and logistics. It estimated lower labour productivity could reduce EU GDP by about 0.6%, making it the largest single factor. The bank also expects EU agricultural output to fall 3% to 7% because of heat and drought. Reduced power generation, higher electricity prices and transport disruptions add to the estimated economic damage across Europe.

Denmark’s annual consumer price inflation eased to 1.7% in July from 1.9% in June, with core inflation remaining steady at 2.3%. Restaurants and hotels were the main contributors to July inflation, with higher holiday home rental prices driving the increase. Goods prices were lower by 0.7% compared to a year earlier, while services prices rose by 3.8%. The EU harmonised inflation fell to 1.6% in July, down from 1.8% in June. Denmark’s net price index rose 2.6% year over year in July, easing from 2.7% in June.

Gold advanced for a third consecutive session on Tuesday as bullion extended its rebound from last week. Spot gold gained 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest level since June 5. U.S. gold futures climbed 1.7% to $4,492.60. The move pushed prices above the seven-week peak recorded last week and continued a recovery that accelerated after weaker U.S. employment data.

Fresh vegetable prices have surged in South Korea as prolonged extreme heat reduced shipments and damaged farm output nationwide. Korea Agro-Fisheries & Food Trade Corp. data showed spinach at 1,978 won per 100 grams on Aug. 7, up 152.3% from a month earlier. Ten cucumbers cost 8,313 won, an increase of 54.8%. Blue lettuce rose 41.7%, while a zucchini climbed 46.6% to 1,504 won. The Ministry of Agriculture, Food and Rural Affairs linked the increases to persistent high temperatures affecting heat-sensitive vegetables. Spinach, cucumbers and zucchini grow better in cooler conditions, while extreme heat can slow growth and reduce marketable output.

Under the terms of the revised agreement, the main satellite constellation will grow from 282 planned orbital units to 348 active spacecraft. The expanded network architecture integrates 330 satellites positioned in higher low Earth orbit alongside 18 spacecraft deployed in medium Earth orbit, with optional orbital elements reserved for specialized mission support. The implementation agreement confirms the definitive timeline for satellite manufacturing, launch procurement, secure ground segment construction, and operational connectivity service delivery. The primary constellation schedule establishes initial satellite launches for 2029, enabling early sovereign connectivity capabilities for participating member states shortly thereafter.

Headline inflation across OECD economies eased to 4.2% in June 2026 from 4.6% in May, ending three straight monthly increases. The measure tracks annual changes in consumer prices across the group’s member countries. Inflation declined in 20 economies, increased in six and remained stable or broadly stable in 12. Nine OECD countries recorded inflation at or below 2%, including three where the rate stood below 1%. Energy prices drove much of the monthly easing. OECD energy inflation fell four percentage points to 11.7% year on year, after reaching 15.8% in May.

The latest slide followed a sharp Tuesday retreat that exceeded the 4% decline reported earlier in the session. Brent settled 5.3% lower at $79.36 a barrel, its first close below $80 since July 13. WTI settled 5.7% lower at $75.77. Both contracts reached their lowest closing levels in three weeks. The Tuesday losses extended Monday’s drop, when Brent fell 7% and WTI declined 5.1%.

Oil prices surged on July 29, pushing Brent crude above $90 a barrel as renewed Middle East fighting and tighter U.S. inventories lifted global benchmarks. Brent futures settled at $90.74, up $6.65, or 7.9%. West Texas Intermediate gained $5.20, or 6.6%, to $84.46. Both contracts posted their strongest daily advances in several weeks. The contracts had already gained more than 20% during July as regional supply disruptions affected energy markets.