Schlumberger (SLB.N) shares rose 6.6% after Q2 profit fell 26% YoY but beat expectations; North America revenue jumped 36% YoY, helping offset geopolitical pressures in the Middle East.

Mitsubishi UFJ Financial Group analyst Derek Halpenny said a sustained surge in energy prices, especially if a US‑Iran conflict intensifies, could put downward pressure on the euro and pound. Higher natural gas prices would hit household incomes and likely damp consumer spending and economic growth. He noted that while market rate expectations for the Fed, ECB and BoE are converging, investors may view the US economy as better able to withstand tighter policy.

Preliminary France July services PMI 49.8 vs 47.5 expected; seven-month high. Services demand rose for the first time since November, offsetting a softer manufacturing print, but the overall economy remains in contraction with the decline now limited. Private-sector employment fell again and business sentiment stayed weak; input and output price inflation slowed for a second month. S&P Global warned renewed oil and gas market tension — amid rising US‑Iran friction — raises uncertainty over inflation and borrowing costs, increases the likelihood of further ECB tightening, and therefore intensifies downside risks to the French economy.