Economics
European Union and the Philippines reached a substantial free‑trade agreement that eliminated about 94% of tariffs, opening markets for goods including machinery, medicines and pork.
EU imports from China tripled EU exports, leaving a July trade deficit above €1 billion per day and heightened pressure in Brussels to curb the imbalance.
Central bankers warned that new jumps in oil and gas prices threatened to prolong inflation across major economies and would likely prompt further monetary tightening.
German economic research institutes doubled their growth forecasts, saying the economy had begun to recover, but analysts warned political reforms and temporary headwinds could threaten the rebound.
Scandinavian carrier SAS said higher fuel prices would cost the airline 3.3 billion kroner in the current fiscal year, citing rising jet-fuel costs.
